Funds & Performance

Yorktown Funds Annualized Performance(%) Quarter End March 31, 2019

Yorktown Funds Annualized Performance(%) Month End April 30, 2019

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 1.97 2.51 3.84 1.55 1.94
Multi-Asset Income APIIX no 4/01/2010 9.00 3.46 8.48 3.51 5.70
Capital Income AFAAX no 7/01/2004 4.57 3.37 8.26 4.91 12.31 6.90
Master Allocation APMAX no 5/31/2013 10.52 -1.91 6.43 3.22 5.27
Growth APGRX no 5/31/2013 14.24 -0.97 10.02 5.85 7.81
Small Cap Fund YOVIX no 5/9/2016 12.91 2.11 11.34
Mid Cap Fund YWBIX no 5/10/2016 12.53 -14.99 -2.50

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 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 the most recent prospectus, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.15%; Multi-Asset Income Fund Class L, 1.65%; Multi-Asset Income Fund, Class C, 1.65%; Multi-Asset Income Fund Institutional Class, 0.65%; Growth Fund Class A, 1.40%; Growth Fund Class L, 2.40%; Growth Fund Institutional Class, 1.40%; Capital Income Fund Class A, 1.45%; Capital Income Fund Class L, 2.20%; Capital Income Fund Institutional Class, 1.20%; Master Allocation Fund Class A, 2.56%; Master Allocation Fund Class L, 3.31%; Master Allocation Fund Institutional Class, 2.31%.

As of the most recent prospectus, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.11%, Multi-Asset Income Fund Class L, 1.61%, Multi-Asset Income Fund Class C, 1.61, Multi-Asset Income Fund Institutional Class, 0.61% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.39%, Capital Income Fund Class L, 2.14%, Capital Income Fund Institutional Class, 1.14% plus acquired fund fees and expenses of 0.06%; Master Allocation Fund Class A, 1.24%, Master Allocation Fund Class L, 1.99%, Master Allocation Fund Institutional Class, 0.99% plus acquired fund fee and expenses of 1.32%. These funds do not use fee waivers at this time.

As of the most recent prospectus, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 0.98%, 1.98%, 0.98%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective May 31, 2018, 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 the most recent prospectus, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.26%; Class L, 3.01%; Institutional Class, 2.01%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 2.14%; Class L, 2.89%; Institutional Class, 1.89%. As of the most recent prospectus, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.45%, Class L, 2.20%, Institutional Class, 1.20%. The net annual operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.35%, Class L, 2.10%, Institutional Class, 1.10%. For the Yorktown Small Cap and Mid Funds, the net annual expense ratio takes into account contractual management fee waivers that are in effect until May 6, 2021 for Small Cap and January 31, 2021 for Mid Cap, per the prospectus.

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 1.78 1.38 2.82 0.53 6.93 2.05
Multi-Asset Income AFFIX no 7/01/2004 8.62 2.40 7.48 2.48 9.79 4.94
Capital Income AFDDX no 7/01/2004 4.29 2.35 7.18 3.86 11.19 5.85
Master Allocation APILX no 3/19/2009 10.33 -2.87 5.37 2.20 10.18 10.31
Growth APITX no 6/14/1985 13.86 -2.80 8.90 4.78 13.11 7.57
Small Cap Fund YOVLX no 5/9/2016 12.61 1.11 10.22
Mid Cap Fund YWBLX no 5/10/2016 12.30 -15.82 -3.43

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 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 the most recent prospectus, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.15%; Multi-Asset Income Fund Class L, 1.65%; Multi-Asset Income Fund, Class C, 1.65%; Multi-Asset Income Fund Institutional Class, 0.65%; Growth Fund Class A, 1.40%; Growth Fund Class L, 2.40%; Growth Fund Institutional Class, 1.40%; Capital Income Fund Class A, 1.45%; Capital Income Fund Class L, 2.20%; Capital Income Fund Institutional Class, 1.20%; Master Allocation Fund Class A, 2.56%; Master Allocation Fund Class L, 3.31%; Master Allocation Fund Institutional Class, 2.31%.

As of the most recent prospectus, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.11%, Multi-Asset Income Fund Class L, 1.61%, Multi-Asset Income Fund Class C, 1.61, Multi-Asset Income Fund Institutional Class, 0.61% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.39%, Capital Income Fund Class L, 2.14%, Capital Income Fund Institutional Class, 1.14% plus acquired fund fees and expenses of 0.06%; Master Allocation Fund Class A, 1.24%, Master Allocation Fund Class L, 1.99%, Master Allocation Fund Institutional Class, 0.99% plus acquired fund fee and expenses of 1.32%. These funds do not use fee waivers at this time.

As of the most recent prospectus, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 0.98%, 1.98%, 0.98%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective May 31, 2018, 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 the most recent prospectus, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.26%; Class L, 3.01%; Institutional Class, 2.01%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 2.14%; Class L, 2.89%; Institutional Class, 1.89%. As of the most recent prospectus, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.45%, Class L, 2.20%, Institutional Class, 1.20%. The net annual operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.35%, Class L, 2.10%, Institutional Class, 1.10%. 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 8.68 2.38 7.23
Multi-Asset Income AFFCX 1% 5/06/2016 7.68 1.40 7.23

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 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 the most recent prospectus, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.15%; Multi-Asset Income Fund Class L, 1.65%; Multi-Asset Income Fund, Class C, 1.65%; Multi-Asset Income Fund Institutional Class, 0.65%; Growth Fund Class A, 1.40%; Growth Fund Class L, 2.40%; Growth Fund Institutional Class, 1.40%; Capital Income Fund Class A, 1.45%; Capital Income Fund Class L, 2.20%; Capital Income Fund Institutional Class, 1.20%; Master Allocation Fund Class A, 2.56%; Master Allocation Fund Class L, 3.31%; Master Allocation Fund Institutional Class, 2.31%.

As of the most recent prospectus, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.11%, Multi-Asset Income Fund Class L, 1.61%, Multi-Asset Income Fund Class C, 1.61, Multi-Asset Income Fund Institutional Class, 0.61% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.39%, Capital Income Fund Class L, 2.14%, Capital Income Fund Institutional Class, 1.14% plus acquired fund fees and expenses of 0.06%; Master Allocation Fund Class A, 1.24%, Master Allocation Fund Class L, 1.99%, Master Allocation Fund Institutional Class, 0.99% plus acquired fund fee and expenses of 1.32%. These funds do not use fee waivers at this time.

As of the most recent prospectus, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 0.98%, 1.98%, 0.98%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective May 31, 2018, 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 the most recent prospectus, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.26%; Class L, 3.01%; Institutional Class, 2.01%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 2.14%; Class L, 2.89%; Institutional Class, 1.89%. As of the most recent prospectus, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.45%, Class L, 2.20%, Institutional Class, 1.20%. The net annual operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.35%, Class L, 2.10%, Institutional Class, 1.10%. 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 2.10 2.42 3.82 1.53 8.00 3.35
Short Term Bond APIMX 2.25% 7/02/1997 -0.23 0.12 3.01 0.34 737 3.35
Multi-Asset Income APIUX no 7/02/1997 8.77 2.91 8.01 3.00 10.32 5.53
Multi-Asset Income APIUX 5.75% 7/02/1997 2.56 -3.02 5.90 1.79 9.67 5.53
Capital Income APIGX no 4/13/1988 4.49 3.13 7.92 4.50 11.81 6.66
Capital Income APIGX 5.75% 4/13/1988 -1.53 -2.79 5.81 3.27 11.15 6.66
Master Allocation APIFX no 3/19/2009 10.45 -2.15 6.09 2.82 10.80 10.92
Master Allocation APIFX 5.75% 3/19/2009 4.11 -7.78 4.02 1.61 10.14 10.26
Growth AFGGX no 7/01/2004 14.20 -1.02 10.02 5.83 14.27 7.20
Growth AFGGX 5.75% 7/01/2004 7.61 -6.70 7.86 4.59 13.59 7.20
Small Cap YOVAX no 5/9/2016 12.77 1.86 11.08
Small Cap YOVAX 5.75% 5/9/2016 6.25 -4.01 8.83
Mid Cap YWBAX no 5/10/2016 12.47 -15.16 -2.79
Mid Cap YWBAX 5.75% 5/10/2016 6.00 -20.03 -4.76

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 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 the most recent prospectus, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.15%; Multi-Asset Income Fund Class L, 1.65%; Multi-Asset Income Fund, Class C, 1.65%; Multi-Asset Income Fund Institutional Class, 0.65%; Growth Fund Class A, 1.40%; Growth Fund Class L, 2.40%; Growth Fund Institutional Class, 1.40%; Capital Income Fund Class A, 1.45%; Capital Income Fund Class L, 2.20%; Capital Income Fund Institutional Class, 1.20%; Master Allocation Fund Class A, 2.56%; Master Allocation Fund Class L, 3.31%; Master Allocation Fund Institutional Class, 2.31%.

As of the most recent prospectus, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.11%, Multi-Asset Income Fund Class L, 1.61%, Multi-Asset Income Fund Class C, 1.61, Multi-Asset Income Fund Institutional Class, 0.61% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.39%, Capital Income Fund Class L, 2.14%, Capital Income Fund Institutional Class, 1.14% plus acquired fund fees and expenses of 0.06%; Master Allocation Fund Class A, 1.24%, Master Allocation Fund Class L, 1.99%, Master Allocation Fund Institutional Class, 0.99% plus acquired fund fee and expenses of 1.32%. These funds do not use fee waivers at this time.

As of the most recent prospectus, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 0.98%, 1.98%, 0.98%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective May 31, 2018, 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 the most recent prospectus, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.26%; Class L, 3.01%; Institutional Class, 2.01%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 2.14%; Class L, 2.89%; Institutional Class, 1.89%. As of the most recent prospectus, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.45%, Class L, 2.20%, Institutional Class, 1.20%. The net annual operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.35%, Class L, 2.10%, Institutional Class, 1.10%. 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 2.47 2.55 3.69 1.55 2.00
Multi-Asset Income APIIX no 4/01/2010 10.80 4.69 8.56 3.88 5.84
Capital Income AFAAX no 7/01/2004 7.23 5.04 8.80 5.16 10.84 7.04
Master Allocation APMAX no 5/31/2013 14.21 1.37 7.31 4.04 5.78
Growth APGRX no 5/31/2013 19.70 4.90 11.70 7.30 8.55
Small Cap YOVIX no 5/9/2016 17.14 5.76 12.39
Mid Cap YWBIX no 5/10/2016 15.70 -13.24 -1.52

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%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

As of the most recent prospectus, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.15%; Multi-Asset Income Fund Class L, 1.65%; Multi-Asset Income Fund, Class C, 1.65%; Multi-Asset Income Fund Institutional Class, 0.65%; Growth Fund Class A, 1.40%; Growth Fund Class L, 2.40%; Growth Fund Institutional Class, 1.40%; Capital Income Fund Class A, 1.45%; Capital Income Fund Class L, 2.20%; Capital Income Fund Institutional Class, 1.20%; Master Allocation Fund Class A, 2.56%; Master Allocation Fund Class L, 3.31%; Master Allocation Fund Institutional Class, 2.31%.

As of the most recent prospectus, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.11%, Multi-Asset Income Fund Class L, 1.61%, Multi-Asset Income Fund Class C, 1.61, Multi-Asset Income Fund Institutional Class, 0.61% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.39%, Capital Income Fund Class L, 2.14%, Capital Income Fund Institutional Class, 1.14% plus acquired fund fees and expenses of 0.06%; Master Allocation Fund Class A, 1.24%, Master Allocation Fund Class L, 1.99%, Master Allocation Fund Institutional Class, 0.99% plus acquired fund fee and expenses of 1.32%. These funds do not use fee waivers at this time.

As of the most recent prospectus, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 0.98%, 1.98%, 0.98%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective May 31, 2018, 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 the most recent prospectus, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.26%; Class L, 3.01%; Institutional Class, 2.01%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 2.14%; Class L, 2.89%; Institutional Class, 1.89%. As of the most recent prospectus, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.45%, Class L, 2.20%, Institutional Class, 1.20%. The net annual operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.35%, Class L, 2.10%, Institutional Class, 1.10%. For the Yorktown Small Cap and Mid Funds, the net annual expense ratio takes into account contractual management fee waivers that are in effect until May 6, 2021 for Small Cap and January 31, 2021 for Mid Cap, per the prospectus.

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 2.29 1.70 2.65 0.55 5.65 2.07
Multi-Asset Income AFFIX no 6/30/2004 10.41 3.76 7.47 2.85 8.75 5.03
Capital Income AFDDX no 6/30/2004 6.85 4.01 7.72 4.11 9.74 5.99
Master Allocation APILX no 3/18/2009 13.89 0.34 6.22 3.00 9.08 10.56
Growth APITX no 6/14/1985 19.19 3.76 10.54 6.21 11.98 7.70
Small Cap YOVLX no 5/9/2016 16.75 4.73 11.27
Mid Cap YWBLX no 5/10/2016 15.70 -13.24  — -1.52

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%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

As of the most recent prospectus, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.15%; Multi-Asset Income Fund Class L, 1.65%; Multi-Asset Income Fund, Class C, 1.65%; Multi-Asset Income Fund Institutional Class, 0.65%; Growth Fund Class A, 1.40%; Growth Fund Class L, 2.40%; Growth Fund Institutional Class, 1.40%; Capital Income Fund Class A, 1.45%; Capital Income Fund Class L, 2.20%; Capital Income Fund Institutional Class, 1.20%; Master Allocation Fund Class A, 2.56%; Master Allocation Fund Class L, 3.31%; Master Allocation Fund Institutional Class, 2.31%.

As of the most recent prospectus, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.11%, Multi-Asset Income Fund Class L, 1.61%, Multi-Asset Income Fund Class C, 1.61, Multi-Asset Income Fund Institutional Class, 0.61% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.39%, Capital Income Fund Class L, 2.14%, Capital Income Fund Institutional Class, 1.14% plus acquired fund fees and expenses of 0.06%; Master Allocation Fund Class A, 1.24%, Master Allocation Fund Class L, 1.99%, Master Allocation Fund Institutional Class, 0.99% plus acquired fund fee and expenses of 1.32%. These funds do not use fee waivers at this time.

As of the most recent prospectus, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 0.98%, 1.98%, 0.98%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective May 31, 2018, 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 the most recent prospectus, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.26%; Class L, 3.01%; Institutional Class, 2.01%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 2.14%; Class L, 2.89%; Institutional Class, 1.89%. As of the most recent prospectus, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.45%, Class L, 2.20%, Institutional Class, 1.20%. The net annual operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.35%, Class L, 2.10%, Institutional Class, 1.10%. 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 10.51 3.76 7.63
Multi-Asset Income AFFCX 1% 5/06/2016 9.51 2.77 7.63

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%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

As of the most recent prospectus, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.15%; Multi-Asset Income Fund Class L, 1.65%; Multi-Asset Income Fund, Class C, 1.65%; Multi-Asset Income Fund Institutional Class, 0.65%; Growth Fund Class A, 1.40%; Growth Fund Class L, 2.40%; Growth Fund Institutional Class, 1.40%; Capital Income Fund Class A, 1.45%; Capital Income Fund Class L, 2.20%; Capital Income Fund Institutional Class, 1.20%; Master Allocation Fund Class A, 2.56%; Master Allocation Fund Class L, 3.31%; Master Allocation Fund Institutional Class, 2.31%.

As of the most recent prospectus, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.11%, Multi-Asset Income Fund Class L, 1.61%, Multi-Asset Income Fund Class C, 1.61, Multi-Asset Income Fund Institutional Class, 0.61% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.39%, Capital Income Fund Class L, 2.14%, Capital Income Fund Institutional Class, 1.14% plus acquired fund fees and expenses of 0.06%; Master Allocation Fund Class A, 1.24%, Master Allocation Fund Class L, 1.99%, Master Allocation Fund Institutional Class, 0.99% plus acquired fund fee and expenses of 1.32%. These funds do not use fee waivers at this time.

As of the most recent prospectus, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 0.98%, 1.98%, 0.98%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective May 31, 2018, 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 the most recent prospectus, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.26%; Class L, 3.01%; Institutional Class, 2.01%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 2.14%; Class L, 2.89%; Institutional Class, 1.89%. As of the most recent prospectus, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.45%, Class L, 2.20%, Institutional Class, 1.20%. The net annual operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.35%, Class L, 2.10%, Institutional Class, 1.10%. 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 2.64 2.72 3.66 1.54 6.70 3.37
Short Term Bond APIMX 2.25% 7/02/1997 0.30 0.42 2.86 0.35 6.07 3.37
Multi-Asset Income APIUX no 7/02/1997 10.61 4.30 8.04 3.37 9.27 5.59
Multi-Asset Income APIUX 5.75% 7/02/1997 4.29 -1.71 5.91 2.15 8.63 5.59
Capital Income APIGX no 4/13/1988 7.10 4.77 8.45 4.75 10.35 6.73
Capital Income APIGX 5.75% 4/13/1988 0.93 -1.26 6.33 3.52 9.70 6.73
Master Allocation APIFX no 3/18/2009 14.11 1.12 6.97 3.64 9.68 11.18
Master Allocation APIFX 5.75% 3/18/2009 7.55 -4.69 4.87 2.42 9.03 10.53
Growth AFGGX no 6/30/2004 19.61 4.80 11.65 7.28 13.13 7.49
Growth AFGGX 5.75% 6/30/2004 12.71 -1.22 9.47 6.01 12.46 7.49
Small Cap YOVAX no 5/9/2016 17.03 5.52 12.15
Small Cap YOVAX 5.75% 5/9/2016 10.26 -0.55 9.94
Mid Cap YWBAX no 5/10/2016 15.65 -13.40 -1.79
Mid Cap YWBAX 5.75% 5/10/2016 9.00 -18.41 -3.73

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%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

As of the most recent prospectus, the operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.15%; Multi-Asset Income Fund Class L, 1.65%; Multi-Asset Income Fund, Class C, 1.65%; Multi-Asset Income Fund Institutional Class, 0.65%; Growth Fund Class A, 1.40%; Growth Fund Class L, 2.40%; Growth Fund Institutional Class, 1.40%; Capital Income Fund Class A, 1.45%; Capital Income Fund Class L, 2.20%; Capital Income Fund Institutional Class, 1.20%; Master Allocation Fund Class A, 2.56%; Master Allocation Fund Class L, 3.31%; Master Allocation Fund Institutional Class, 2.31%.

As of the most recent prospectus, the adjusted annual operating expense ratios for the Yorktown Funds by fund and share class are: Multi-Asset Income Fund Class A, 1.11%, Multi-Asset Income Fund Class L, 1.61%, Multi-Asset Income Fund Class C, 1.61, Multi-Asset Income Fund Institutional Class, 0.61% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.39%, Capital Income Fund Class L, 2.14%, Capital Income Fund Institutional Class, 1.14% plus acquired fund fees and expenses of 0.06%; Master Allocation Fund Class A, 1.24%, Master Allocation Fund Class L, 1.99%, Master Allocation Fund Institutional Class, 0.99% plus acquired fund fee and expenses of 1.32%. These funds do not use fee waivers at this time.

As of the most recent prospectus, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L, and Institutional shares are 0.98%, 1.98%, 0.98%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective May 31, 2018, 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 the most recent prospectus, the total operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 2.26%; Class L, 3.01%; Institutional Class, 2.01%. The total operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 2.14%; Class L, 2.89%; Institutional Class, 1.89%. As of the most recent prospectus, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.45%, Class L, 2.20%, Institutional Class, 1.20%. The net annual operating expense ratios for the Yorktown Mid Cap Fund by share class are: Class A, 1.35%, Class L, 2.10%, Institutional Class, 1.10%. 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.