Funds & Performance

Yorktown Funds Annualized Performance(%) Quarter End March 31, 2018

Yorktown Funds Annualized Performance(%) Month End May 31, 2018

FUND PERFORMANCE

Quarterly 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 0.05 3.15 1.97 — — 1.82
Multi-Asset Income APIIX no 4/01/2010 -1.37 4.54 5.40 3.63 — 5.98
Capital Income AFAAX no 7/01/2004 -1.39 10.16 5.98 6.81 5.69 7.16
Master Allocation APMAX no 5/31/2013 -0.93 10.66 4.79 — — 6.82
Growth APGRX no 5/31/2013 -0.32 18.02 8.23 — — 9.73
Small Cap Fund YOVIX no 5/9/2016 1.80 11.05 — — — 16.54
Mid Cap Fund YWBIX no 5/10/2016 -3.16 1.96 — — — 4.83

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 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 -0.16 2.12 0.98 0.55 -0.70 2.10
Multi-Asset Income AFFIX no 7/01/2004 -1.54 3.46 4.35 2.60 6.88 5.13
Capital Income AFDDX no 7/01/2004 -1.63 9.07 4.92 5.75 4.65 6.11
Master Allocation APILX no 3/19/2009 -1.20 9.53 3.73 6.05 — 11.87
Growth APITX no 6/14/1985 -0.53 16.89 7.15 9.07 6.24 7.88
Small Cap Fund YOVLX no 5/9/2016 1.55 9.97 — — — 15.37
Mid Cap Fund YWBLX no 5/10/2016 -3.39 0.93 — — — 3.85

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 -1.56 3.48 — — — 9.88
Multi-Asset Income AFFCX 1% 5/06/2016 -2.53 2.49 — — — 9.88

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 0.06 3.09 1.97 1.53 0.30 3.40
Short Term Bond APIMX 2.25% 7/02/1997 -2.17 0.78 -0.01 0.35 -0.29 3.40
Multi-Asset Income APIUX no 7/02/1997 -1.45 4.03 4.87 3.11 7.44 5.66
Multi-Asset Income APIUX 5.75% 7/02/1997 -7.10 -1.98 2.82 1.89 6.80 5.66
Capital Income APIGX no 4/13/1988 -1.46 9.88 5.55 6.34 5.20 6.78
Capital Income APIGX 5.75% 4/13/1988 -7.13 3.57 3.49 5.09 4.58 6.78
Master Allocation APIFX no 3/19/2009 -1.00 10.37 4.37 6.65 — 12.47
Master Allocation APIFX 5.75% 3/19/2009 -6.70 4.03 2.33 5.39 — 11.73
Growth AFGGX no 7/01/2004 -0.28 18.02 8.21 10.16 7.30 7.82
Growth AFGGX 5.75% 7/01/2004 -5.99 11.23 6.09 8.87 6.66 7.82
Small Cap YOVAX no 5/9/2016 1.71 10.80 — — — 16.29
Small Cap YOVAX 5.75% 5/9/2016 -4.16 4.44 — — — 12.71
Mid Cap YWBAX no 5/10/2016 -3.26 1.49 — — — 4.47
Mid Cap YWBAX 5.75% 5/10/2016 -8.80 -4.32 — — — 1.25

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.

YTD 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 0.49 2.44 1.75 1.85 — 1.85
Multi-Asset Income APIIX no 4/01/2010 -0.10 5.36 5.30 4.40 — 6.02
Capital Income AFAAX no 7/01/2004 -0.50 7.76 6.04 6.85 5.00 7.14
Master Allocation APMAX no 5/31/2013 0.48 10.65 4.38 6.44 — 12.41
Growth APGRX no 5/31/2013 0.27 13.35 7.82 9.52 — 9.52
Small Cap YOVIX no 5/9/2016 8.72 21.74 — — — 18.84
Mid Cap YWBIX no 5/10/2016 -3.52 7.18 — — — 4.24

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 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 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 0.19 1.57 0.80 0.88 -1.71 2.10
Multi-Asset Income AFFIX no 6/30/2004 -0.51 4.24 4.25 3.36 6.89 5.14
Capital Income AFDDX no 6/30/2004 -0.92 6.68 4.98 5.79 3.97 6.09
Master Allocation APILX no 3/18/2009 0.18 9.82 3.75 5.84 — 11.81
Growth APITX no 6/14/1985 -0.20 12.14 6.73 8.41 5.06 7.85
Small Cap YOVLX no 5/9/2016 8.31 20.52 — — — 17.66
Mid Cap YWBLX no 5/10/2016 -3.85 6.24 — — — 3.29

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 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 -0.50 4.27 — — — 9.61
Multi-Asset Income AFFCX 1% 5/06/2016 -1.48 3.28 — — — 9.61

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 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 0.52 2.33 1.78 1.87 -0.72 3.39
Short Term Bond APIMX 2.25% 7/02/1997 -1.71 0.06 -0.22 0.68 -1.31 3.39
Multi-Asset Income APIUX no 7/02/1997 -0.30 4.78 4.78 3.88 7.44 5.67
Multi-Asset Income APIUX 5.75% 7/02/1997 -6.01 -1.21 2.72 2.66 6.80 5.67
Capital Income APIGX no 4/13/1988 -0.63 7.48 5.63 6.39 4.52 6.77
Capital Income APIGX 5.75% 4/13/1988 -6.34 1.31 3.56 5.13 3.90 6.77
Master Allocation APIFX no 3/18/2009 0.48 10.65 4.38 6.44 — 12.41
Master Allocation APIFX 5.75% 3/18/2009 -5.31 4.27 2.34 5.18 — 11.68
Growth AFGGX no 6/30/2004 0.28 13.34 7.81 9.51 6.12 7.77
Growth AFGGX 5.75% 6/30/2004 -5.46 6.80 5.71 8.22 5.50 7.77
Small Cap YOVAX no 5/9/2016 8.66 21.51 — — — 18.61
Small Cap YOVAX 5.75% 5/9/2016 2.38 14.54 — — — 15.25
Mid Cap YWBAX no 5/10/2016 -3.63 6.90 — — — 3.91
Mid Cap YWBAX 5.75% 5/10/2016 -9.15 0.73 — — — 0.96

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 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.