Funds & Performance

Yorktown Funds Annualized Performance(%) Quarter End September 30, 2017

Yorktown Funds Annualized Performance(%) Month End November 30, 2017

FUND PERFORMANCE


Institutional Class
YORKTOWN FUND TICKER FEE INCEPTION YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE INCEPTION
Short Term Bond APIBX no 5/31/2013 4.41 4.78 1.41 1.96
Multi-Asset Income APIIX no 4/01/2010 8.54 11.53 4.49 5.01 6.32
Capital Income AFAAX no 7/01/2004 12.37 15.43 5.93 8.33 4.42 7.23
Master Allocation APMAX no 5/31/2013 11.13 13.20 5.07 6.71
Growth APGRX no 5/31/2013 20.22 19.14 9.20 9.49
Small Cap Fund YOVIX no 5/9/2016 4.33 14.22 17.78
Mid Cap Fund YWBIX no 5/10/2016 1.14 3.63 4.58

The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-544-6060.

As disclosed in the prospectus, (1) the maximum front end load for the Yorktown Short Term Bond Fund is 2.25%, A Share is 2.25%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

As of May 31, 2017, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 2.52%; Multi-Asset Income Fund Class L, 3.02%; Multi-Asset Income Fund, Class C, 3.02%; Multi-Asset Income Fund Institutional Class, 2.02%; Growth Fund Class A, 1.48%; Growth Fund Class L, 2.48%; Growth Fund Institutional Class,1.48%; Capital Income Fund Class A, 1.63%; Capital Income Fund Class L, 2.38%; Capital Income Fund Institutional Class, 1.38%; Master Allocation Fund Class A, 2.60%; Master Allocation Fund Class L, 3.35%; Master Allocation Fund Institutional Class, 2.35%.

As of May 31, 2017, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.13%, Multi-Asset Income Fund Class L, 1.63%, Multi-Asset Income Fund Class C, 1.63, Multi-Asset Income Fund Institutional Class, 0.63% plus acquired fund fees and expenses of 1.39%; Growth Fund Class A, 1.44%, Growth Fund Class L, 2.44%, Growth Fund Institutional Class, 1.44% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.52%, Capital Income Fund Class L, 2.27%, Capital Income Fund Institutional Class, 1.27% plus acquired fund fees and expenses of 0.11%; Master Allocation Fund Class A, 1.19%, Master Allocation Fund Class L, 1.94%, Master Allocation Fund Institutional Class, 0.94% plus acquired fund fee and expenses of 1.41%. These funds do not use fee waivers at this time.

As of May 31, 2017, amended October 16, 2017, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 1.20%, 2.20%, 1.20%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective October 16, 2017, so that the Fund’s ratio of total annual operating expenses is limited to 0.89% for Class A Shares, 1.89% for Class L Shares, and 0.89% for Institutional Class Shares.

As of May 31, 2017, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.36%; Class L, 3.11%; Institutional Class, 2.11%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 2.55%; Class L, 3.30%; Institutional Class, 2.30%. As of May 31, 2017, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.40%, Class L, 2.15%, Institutional Class, 1.15%. The net annual operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.50%, Class L, 2.25%, Institutional Class, 1.25%. For the Yorktown Small Cap and Mid Cap Funds, the net annual expense ratio takes into account contractual management fee waivers that are in effect until May 6, 2021.

Class L
YORKTOWN FUND TICKER FEE INCEPTION YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE INCEPTION
Short Term Bond AFMMX no 7/01/2004 3.61 3.78 0.43 0.73 -2.18 2.19
Multi-Asset Income AFFIX no 7/01/2004 7.74 10.38 3.43 3.96 7.03 5.32
Capital Income AFDDX no 7/01/2004 11.54 14.29 4.88 7.25 3.40 6.18
Master Allocation APILX no 3/19/2009 10.30 12.08 4.03 7.76 12.18
Growth APITX no 6/14/1985 19.31 17.93 8.09 11.08 4.22 7.83
Small Cap Fund YOVLX no 5/9/2016 3.60 13.05 16.61
Mid Cap Fund YWBLX no 5/10/2016 0.48 2.75 3.65

The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-544-6060.

As disclosed in the prospectus, (1) the maximum front end load for the Yorktown Short Term Bond Fund is 2.25%, A Share is
2.25%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

As of May 31, 2017, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund
Class A, 2.52%; Multi-Asset Income Fund Class L, 3.02%; Multi-Asset Income Fund, Class C, 3.02%; Multi-Asset Income Fund Institutional Class, 2.02%; Growth Fund Class A, 1.48%; Growth Fund Class L, 2.48%; Growth Fund Institutional Class,1.48%; Capital Income Fund Class A, 1.63%; Capital Income Fund Class L, 2.38%; Capital Income Fund Institutional Class, 1.38%; Master Allocation
Fund Class A, 2.60%; Master Allocation Fund Class L, 3.35%; Master Allocation Fund Institutional Class, 2.35%.

As of May 31, 2017, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset
Income Fund Class A, 1.13%, Multi-Asset Income Fund Class L, 1.63%, Multi-Asset Income Fund Class C, 1.63, Multi-Asset Income Fund Institutional Class, 0.63% plus acquired fund fees and expenses of 1.39%; Growth Fund Class A, 1.44%, Growth Fund Class L, 2.44%, Growth Fund Institutional Class, 1.44% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.52%, Capital Income Fund Class L, 2.27%, Capital Income Fund Institutional Class, 1.27% plus acquired fund fees and
expenses of 0.11%; Master Allocation Fund Class A, 1.19%, Master Allocation Fund Class L, 1.94%, Master Allocation Fund Institutional Class, 0.94% plus acquired fund fee and expenses of 1.41%. These funds do not use fee waivers at this time.

As of May 31, 2017, amended October 16, 2017, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 1.20%, 2.20%, 1.20%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective October 16, 2017, so that the Fund’s ratio of total annual operating expenses is limited to 0.89% for Class A Shares, 1.89% for Class L Shares, and 0.89% for Institutional Class Shares.

As of May 31, 2017, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.36%; Class
L, 3.11%; Institutional Class, 2.11%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 2.55%; Class L, 3.30%; Institutional Class, 2.30%. As of May 31, 2017, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.40%, Class L, 2.15%, Institutional Class, 1.15%. The net annual operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.50%, Class L, 2.25%, Institutional Class, 1.25%. For the
Yorktown Small Cap and Mid Cap Funds, the net annual expense ratio takes into account contractual management fee waivers that are in effect until May 6, 2021.

Class C
YORKTOWN FUND TICKER FEE INCEPTION YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE INCEPTION
Multi-Asset Income AFFCX no 5/06/2016 7.81 10.52 13.65
Multi-Asset Income AFFCX 1% 5/06/2016 6.81 9.52 13.65

The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-544-6060.

As disclosed in the prospectus, (1) the maximum front end load for the Yorktown Short Term Bond Fund is 2.25%, A Share is
2.25%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

As of May 31, 2017, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund
Class A, 2.52%; Multi-Asset Income Fund Class L, 3.02%; Multi-Asset Income Fund, Class C, 3.02%; Multi-Asset Income Fund Institutional Class, 2.02%; Growth Fund Class A, 1.48%; Growth Fund Class L, 2.48%; Growth Fund Institutional Class,1.48%; Capital Income Fund Class A, 1.63%; Capital Income Fund Class L, 2.38%; Capital Income Fund Institutional Class, 1.38%; Master Allocation Fund Class A, 2.60%; Master Allocation Fund Class L, 3.35%; Master Allocation Fund Institutional Class, 2.35%.

As of May 31, 2017, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.13%, Multi-Asset Income Fund Class L, 1.63%, Multi-Asset Income Fund Class C, 1.63, Multi-Asset Income Fund Institutional Class, 0.63% plus acquired fund fees and expenses of 1.39%; Growth Fund Class A, 1.44%, Growth Fund Class L, 2.44%, Growth Fund Institutional Class, 1.44% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.52%, Capital Income Fund Class L, 2.27%, Capital Income Fund Institutional Class, 1.27% plus acquired fund fees and expenses of 0.11%; Master Allocation Fund Class A, 1.19%, Master Allocation Fund Class L, 1.94%, Master Allocation Fund Institutional Class, 0.94% plus acquired fund fee and expenses of 1.41%. These funds do not use fee waivers at this time.

As of May 31, 2017, amended October 16, 2017, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 1.20%, 2.20%, 1.20%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective October 16, 2017, so that the Fund’s ratio of total annual operating expenses is limited to 0.89% for Class A Shares, 1.89% for Class L Shares, and 0.89% for Institutional Class Shares.

As of May 31, 2017, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.36%; Class
L, 3.11%; Institutional Class, 2.11%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 2.55%; Class L, 3.30%; Institutional Class, 2.30%. As of May 31, 2017, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.40%, Class L, 2.15%, Institutional Class, 1.15%. The net annual operating expense
ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.50%, Class L, 2.25%, Institutional Class, 1.25%. For the
Yorktown Small Cap and Mid Cap Funds, the net annual expense ratio takes into account contractual management fee waivers
that are in effect until May 6, 2021.

Class A
YORKTOWN FUND TICKER FEE INCEPTION YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE INCEPTION
Short Term Bond APIMX no 7/02/1997 4.43 4.82 1.41 1.74 -1.19 3.47
Short Term Bond APIMX 2.25% 7/02/1997 2.06 2.45 -0.57 0.55 -1.77 3.47
Multi-Asset Income APIUX no 7/02/1997 8.16 11.03 3.97 4.49 7.62 5.79
Multi-Asset Income APIUX 5.75% 7/02/1997 1.94 4.58 1.94 3.26 6.98 5.79
Capital Income APIGX no 4/13/1988 12.14 15.05 5.47 7.83 3.93 6.81
Capital Income APIGX 5.75% 4/13/1988 5.69 8.44 3.41 6.55 3.31 6.81
Master Allocation APIFX no 3/19/2009 10.91 12.81 4.60 8.34 12.76
Master Allocation APIFX 5.75% 3/19/2009 4.52 6.33 2.56 7.07 11.98
Growth AFGGX no 7/01/2004 20.27 19.14 9.18 12.20 5.27 7.68
Growth AFGGX 5.75% 7/01/2004 13.35 12.27 7.05 10.88 4.65 7.68
Small Cap YOVAX no 5/9/2016 4.25 14.01 17.56
Small Cap YOVAX 5.75% 5/9/2016 -1.73 7.46 12.67
Mid Cap YWBAX no 5/10/2016 0.76 3.34 4.22
Mid Cap YWBAX 5.75% 5/10/2016 -5.02 -2.64 -0.12

The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-544-6060.

As disclosed in the prospectus, (1) the maximum front end load for the Yorktown Short Term Bond Fund is 2.25%, A Share is 2.25%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

As of May 31, 2017, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 2.52%; Multi-Asset Income Fund Class L, 3.02%; Multi-Asset Income Fund, Class C, 3.02%; Multi-Asset Income Fund Institutional Class, 2.02%; Growth Fund Class A, 1.48%; Growth Fund Class L, 2.48%; Growth Fund Institutional Class,1.48%; Capital Income Fund Class A, 1.63%; Capital Income Fund Class L, 2.38%; Capital Income Fund Institutional Class, 1.38%; Master Allocation Fund Class A, 2.60%; Master Allocation Fund Class L, 3.35%; Master Allocation Fund Institutional Class, 2.35%.

As of May 31, 2017, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset
Income Fund Class A, 1.13%, Multi-Asset Income Fund Class L, 1.63%, Multi-Asset Income Fund Class C, 1.63, Multi-Asset Income
Fund Institutional Class, 0.63% plus acquired fund fees and expenses of 1.39%; Growth Fund Class A, 1.44%, Growth Fund
Class L, 2.44%, Growth Fund Institutional Class, 1.44% plus acquired fund fees and expenses of 0.04%; Capital Income Fund
Class A, 1.52%, Capital Income Fund Class L, 2.27%, Capital Income Fund Institutional Class, 1.27% plus acquired fund fees and
expenses of 0.11%; Master Allocation Fund Class A, 1.19%, Master Allocation Fund Class L, 1.94%, Master Allocation Fund Institutional
Class, 0.94% plus acquired fund fee and expenses of 1.41%. These funds do not use fee waivers at this time.

As of May 31, 2017, amended October 16, 2017, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 1.20%, 2.20%, 1.20%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective October 16, 2017, so that the Fund’s ratio of total annual operating expenses is limited to 0.89% for Class A Shares, 1.89% for Class L Shares, and 0.89% for Institutional Class Shares.

As of May 31, 2017, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.36%; Class
L, 3.11%; Institutional Class, 2.11%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class
A, 2.55%; Class L, 3.30%; Institutional Class, 2.30%. As of May 31, 2017, the net annual operating expense ratios for the Yorktown
Small Cap Fund by share class are: Class A, 1.40%, Class L, 2.15%, Institutional Class, 1.15%. The net annual operating expense
ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.50%, Class L, 2.25%, Institutional Class, 1.25%. For the
Yorktown Small Cap and Mid Cap Funds, the net annual expense ratio takes into account contractual management fee waivers
that are in effect until May 6, 2021.


Institutional Class
YORKTOWN FUND TICKER FEE INCEPTION YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE INCEPTION
Short Term Bond APIBX no 5/31/2013 4.66 5.64 1.87 1.94
Multi-Asset Income APIIX no 4/01/2010 9.72 12.05 5.10 5.37 6.33
Capital Income AFAAX no 7/01/2004 16.22 18.75 6.43 8.95 4.89 7.41
Master Allocation APMAX no 5/31/2013 15.18 16.83 5.41 7.30
Growth APGRX no 5/31/2013 26.10 26.82 9.35 10.29
Small Cap YOVIX no 5/9/2016 9.88 13.29 19.64
Mid Cap YWBIX no 5/10/2016 2.00 2.71 4.64

The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less
than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance
data current to the most recent month end may be obtained by calling 1-800-544-6060.

As disclosed in the prospectus, (1) the maximum front end load for the Yorktown Short Term Bond Fund is 2.25%, A Share is
2.25%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

As of May 31, 2017, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund
Class A, 2.52%; Multi-Asset Income Fund Class L, 3.02%; Multi-Asset Income Fund, Class C, 3.02%; Multi-Asset Income Fund Institutional Class, 2.02%; Growth Fund Class A, 1.48%; Growth Fund Class L, 2.48%; Growth Fund Institutional Class,1.48%;
Capital Income Fund Class A, 1.63%; Capital Income Fund Class L, 2.38%; Capital Income Fund Institutional Class,
1.38%; Master Allocation Fund Class A, 2.60%; Master Allocation Fund Class L, 3.35%; Master Allocation Fund Institutional Class, 2.35%.

As of May 31, 2017, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset
Income Fund Class A, 1.13%, Multi-Asset Income Fund Class L, 1.63%, Multi-Asset Income Fund Class C, 1.63, Multi-Asset Income
Fund Institutional Class, 0.63% plus acquired fund fees and expenses of 1.39%; Growth Fund Class A, 1.44%, Growth Fund
Class L, 2.44%, Growth Fund Institutional Class, 1.44% plus acquired fund fees and expenses of 0.04%; Capital Income Fund
Class A, 1.52%, Capital Income Fund Class L, 2.27%, Capital Income Fund Institutional Class, 1.27% plus acquired fund fees and
expenses of 0.11%; Master Allocation Fund Class A, 1.19%, Master Allocation Fund Class L, 1.94%, Master Allocation Fund Institutional Class, 0.94% plus acquired fund fee and expenses of 1.41%. These funds do not use fee waivers at this time.

As of May 31, 2017, amended October 16, 2017, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 1.20%, 2.20%, 1.20%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective October 16, 2017, so that the Fund’s ratio of total annual operating expenses is limited to 0.89% for Class A Shares, 1.89% for Class L Shares, and 0.89% for Institutional Class Shares.

As of May 31, 2017, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.36%; Class
L, 3.11%; Institutional Class, 2.11%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class
A, 2.55%; Class L, 3.30%; Institutional Class, 2.30%. As of May 31, 2017, the net annual operating expense ratios for the Yorktown
Small Cap Fund by share class are: Class A, 1.40%, Class L, 2.15%, Institutional Class, 1.15%. The net annual operating expense
ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.50%, Class L, 2.25%, Institutional Class, 1.25%. For the
Yorktown Small Cap and Mid Cap Funds, the net annual expense ratio takes into account contractual management fee waivers
that are in effect until May 6, 2021.

Class L
YORKTOWN FUND TICKER FEE INCEPTION YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE INCEPTION
Short Term Bond AFMMX no 6/30/2004 3.73 4.48 0.87 0.51 -2.08 2.17
Multi-Asset Income AFFIX no 6/30/2004 8.75 10.84 4.03 4.30 7.05 5.33
Capital Income AFDDX no 6/30/2004 15.17 17.58 5.37 7.87 3.87 6.36
Master Allocation APILX no 3/18/2009 14.15 15.69 4.36 8.35 12.38
Growth APITX no 6/14/1985 24.94 25.51 8.26 11.76 4.76 7.94
Small Cap YOVLX no 5/9/2016 8.91 12.19 18.44
Mid Cap YWBLX no 5/10/2016 1.15 1.84 3.69

The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less
than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance
data current to the most recent month end may be obtained by calling 1-800-544-6060.

As disclosed in the prospectus, (1) the maximum front end load for the Yorktown Short Term Bond Fund is 2.25%, A Share is
2.25%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

As of May 31, 2017, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund
Class A, 2.52%; Multi-Asset Income Fund Class L, 3.02%; Multi-Asset Income Fund, Class C, 3.02%;
Multi-Asset Income Fund Institutional Class, 2.02%; Growth Fund Class A, 1.48%; Growth Fund Class L, 2.48%; Growth Fund Institutional Class,1.48%; Capital Income Fund Class A, 1.63%; Capital Income Fund Class L, 2.38%; Capital Income Fund Institutional Class, 1.38%; Master Allocation Fund Class A, 2.60%; Master Allocation Fund Class L, 3.35%; Master Allocation Fund Institutional Class, 2.35%.

As of May 31, 2017, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset
Income Fund Class A, 1.13%, Multi-Asset Income Fund Class L, 1.63%, Multi-Asset Income Fund Class C, 1.63, Multi-Asset Income
Fund Institutional Class, 0.63% plus acquired fund fees and expenses of 1.39%; Growth Fund Class A, 1.44%, Growth Fund
Class L, 2.44%, Growth Fund Institutional Class, 1.44% plus acquired fund fees and expenses of 0.04%; Capital Income Fund
Class A, 1.52%, Capital Income Fund Class L, 2.27%, Capital Income Fund Institutional Class, 1.27% plus acquired fund fees and
expenses of 0.11%; Master Allocation Fund Class A, 1.19%, Master Allocation Fund Class L, 1.94%, Master Allocation Fund Institutional Class, 0.94% plus acquired fund fee and expenses of 1.41%. These funds do not use fee waivers at this time.

As of May 31, 2017, amended October 16, 2017, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 1.20%, 2.20%, 1.20%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective October 16, 2017, so that the Fund’s ratio of total annual operating expenses is limited to 0.89% for Class A Shares, 1.89% for Class L Shares, and 0.89% for Institutional Class Shares.

As of May 31, 2017, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.36%; Class
L, 3.11%; Institutional Class, 2.11%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class
A, 2.55%; Class L, 3.30%; Institutional Class, 2.30%. As of May 31, 2017, the net annual operating expense ratios for the Yorktown
Small Cap Fund by share class are: Class A, 1.40%, Class L, 2.15%, Institutional Class, 1.15%. The net annual operating expense
ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.50%, Class L, 2.25%, Institutional Class, 1.25%. For the
Yorktown Small Cap and Mid Cap Funds, the net annual expense ratio takes into account contractual management fee waivers
that are in effect until May 6, 2021.

Class C
YORKTOWN FUND TICKER FEE INCEPTION YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE INCEPTION
Multi-Asset Income AFFCX no 5/06/2016 8.74 10.87 12.73
Multi-Asset Income AFFCX 1% 5/06/2016 7.74 9.87 12.73

The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less
than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance
data current to the most recent month end may be obtained by calling 1-800-544-6060.

As disclosed in the prospectus, (1) the maximum front end load for the Yorktown Short Term Bond Fund is 2.25%, A Share is
2.25%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

As of May 31, 2017, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 2.52%; Multi-Asset Income Fund Class L, 3.02%; Multi-Asset Income Fund, Class C, 3.02%; Multi-Asset Income Fund Institutional Class, 2.02%; Growth Fund Class A, 1.48%; Growth Fund Class L, 2.48%; Growth Fund Institutional Class,1.48%; Capital Income Fund Class A, 1.63%; Capital Income Fund Class L, 2.38%; Capital Income Fund Institutional Class, 1.38%; Master Allocation Fund Class A, 2.60%; Master Allocation Fund Class L, 3.35%; Master Allocation Fund Institutional Class, 2.35%.

As of May 31, 2017, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset
Income Fund Class A, 1.13%, Multi-Asset Income Fund Class L, 1.63%, Multi-Asset Income Fund Class C, 1.63, Multi-Asset Income
Fund Institutional Class, 0.63% plus acquired fund fees and expenses of 1.39%; Growth Fund Class A, 1.44%, Growth Fund
Class L, 2.44%, Growth Fund Institutional Class, 1.44% plus acquired fund fees and expenses of 0.04%; Capital Income Fund
Class A, 1.52%, Capital Income Fund Class L, 2.27%, Capital Income Fund Institutional Class, 1.27% plus acquired fund fees and
expenses of 0.11%; Master Allocation Fund Class A, 1.19%, Master Allocation Fund Class L, 1.94%, Master Allocation Fund Institutional Class, 0.94% plus acquired fund fee and expenses of 1.41%. These funds do not use fee waivers at this time.

As of May 31, 2017, amended October 16, 2017, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 1.20%, 2.20%, 1.20%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective October 16, 2017, so that the Fund’s ratio of total annual operating expenses is limited to 0.89% for Class A Shares, 1.89% for Class L Shares, and 0.89% for Institutional Class Shares.

As of May 31, 2017, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.36%; Class
L, 3.11%; Institutional Class, 2.11%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class
A, 2.55%; Class L, 3.30%; Institutional Class, 2.30%. As of May 31, 2017, the net annual operating expense ratios for the Yorktown
Small Cap Fund by share class are: Class A, 1.40%, Class L, 2.15%, Institutional Class, 1.15%. The net annual operating expense
ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.50%, Class L, 2.25%, Institutional Class, 1.25%. For the
Yorktown Small Cap and Mid Cap Funds, the net annual expense ratio takes into account contractual management fee waivers
that are in effect until May 6, 2021.

Class A
YORKTOWN FUND TICKER FEE INCEPTION YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE INCEPTION
Short Term Bond APIMX no 7/02/1997 4.69 5.46 1.88 1.52 -1.09 3.45
Short Term Bond APIMX 2.25% 7/02/1997 2.33 3.06 -0.12 0.32 -1.67 3.45
Multi-Asset Income APIUX no 7/02/1997 9.20 11.46 4.55 4.83 7.64 5.79
Multi-Asset Income APIUX 5.75% 7/02/1997 2.92 5.05 2.50 3.59 7.01 5.79
Capital Income APIGX no 4/13/1988 15.94 18.42 5.98 8.46 4.40 6.89
Capital Income APIGX 5.75% 4/13/1988 9.27 11.62 3.91 7.18 3.79 6.89
Master Allocation APIFX no 3/18/2009 14.90 16.49 4.95 8.94 12.96
Master Allocation APIFX 5.75% 3/18/2009 8.28 9.79 2.90 7.66 12.19
Growth AFGGX no 6/30/2004 26.17 26.84 9.36 12.89 5.81 7.96
Growth AFGGX 5.75% 6/30/2004 18.91 19.57 7.22 11.57 5.19 7.96
Small Cap YOVAX no 5/9/2016 9.73 13.11 19.39
Small Cap YOVAX 5.75% 5/9/2016 3.43 6.62 14.95
Mid Cap YWBAX no 5/10/2016 1.52 2.33 4.26
Mid Cap YWBAX 5.75% 5/10/2016 -4.30 -3.59 0.38

The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less
than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance
data current to the most recent month end may be obtained by calling 1-800-544-6060.

As disclosed in the prospectus, (1) the maximum front end load for the Yorktown Short Term Bond Fund is 2.25%, A Share is
2.25%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

As of May 31, 2017, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund
Class A, 2.52%; Multi-Asset Income Fund Class L, 3.02%; Multi-Asset Income Fund, Class C, 3.02%; Multi-Asset Income Fund Institutional Class, 2.02%; Growth Fund Class A, 1.48%; Growth Fund Class L, 2.48%; Growth Fund Institutional Class,1.48%; Capital Income Fund Class A, 1.63%; Capital Income Fund Class L, 2.38%; Capital Income Fund Institutional Class, 1.38%; Master Allocation
Fund Class A, 2.60%; Master Allocation Fund Class L, 3.35%; Master Allocation Fund Institutional Class, 2.35%.

As of May 31, 2017, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset
Income Fund Class A, 1.13%, Multi-Asset Income Fund Class L, 1.63%, Multi-Asset Income Fund Class C, 1.63, Multi-Asset Income
Fund Institutional Class, 0.63% plus acquired fund fees and expenses of 1.39%; Growth Fund Class A, 1.44%, Growth Fund
Class L, 2.44%, Growth Fund Institutional Class, 1.44% plus acquired fund fees and expenses of 0.04%; Capital Income Fund
Class A, 1.52%, Capital Income Fund Class L, 2.27%, Capital Income Fund Institutional Class, 1.27% plus acquired fund fees and
expenses of 0.11%; Master Allocation Fund Class A, 1.19%, Master Allocation Fund Class L, 1.94%, Master Allocation Fund Institutional Class, 0.94% plus acquired fund fee and expenses of 1.41%. These funds do not use fee waivers at this time.

As of May 31, 2017, amended October 16, 2017, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 1.20%, 2.20%, 1.20%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective October 16, 2017, so that the Fund’s ratio of total annual operating expenses is limited to 0.89% for Class A Shares, 1.89% for Class L Shares, and 0.89% for Institutional Class Shares.

As of May 31, 2017, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.36%; Class
L, 3.11%; Institutional Class, 2.11%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class
A, 2.55%; Class L, 3.30%; Institutional Class, 2.30%. As of May 31, 2017, the net annual operating expense ratios for the Yorktown
Small Cap Fund by share class are: Class A, 1.40%, Class L, 2.15%, Institutional Class, 1.15%. The net annual operating expense
ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.50%, Class L, 2.25%, Institutional Class, 1.25%. For the
Yorktown Small Cap and Mid Cap Funds, the net annual expense ratio takes into account contractual management fee waivers
that are in effect until May 6, 2021.