Beginning Date: January 2016 End Date: February 2018 Managers in Zephyr: Benchmark:
Manager Performance January 2016 - February 2018 (Single Computation) 11200 11000 10800 10600 10400 10200 10000 9800 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Feb 2018 Performance Table January 2016 - February 2018. Single Computation Portfolio Performance vs. Return Return Std Dev Return Return Info Ratio Significance Level Explained Variance Tracking Error 4.67 10.40 1.73 3.18 7.13 2.73 97.51 59.65 1.17 2.84 6.25 1.31 1.34 2.97 2.00 95.54 76.00 0.67 1.87 4.10 1.50 0.37 0.82 0.63 77.69 96.54 0.59 4.04 8.96 1.79 2.54 5.69 2.39 96.80 76.81 1.06 1.96 4.29 1.54 0.46 1.01 0.75 81.02 97.90 0.61
Manager Performance - 1 Year March 2017 - February 2018 (Single Computation) 11000 10800 10600 10400 10200 10000 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017 Jul 2017 Aug 2017 Sep 2017 Oct 2017 Nov 2017 Dec 2017 Feb 2018 Performance Table March 2017 - February 2018. Single Computation Return Portfolio Performance Return Std Dev Return Return vs. Info Ratio Significance Level Explained Variance Tracking Error 3.27 3.27 0.83 2.61 2.61 4.05 92.29 42.53 0.65 1.40 1.40 0.59 0.74 0.74 2.82 89.17 85.75 0.26 0.51 0.51 1.11-0.14-0.14-0.32 59.97 97.93 0.44 2.15 2.15 1.10 1.50 1.50 2.40 87.44 73.60 0.62 0.79 0.79 1.14 0.13 0.13 0.28 58.61 98.93 0.47
Upside / Downside January 2016 - February 2018 (Single Computation) 300 250 200 150 Upside% 100 50 0-50 -100-100 -50 0 50 100 150 200 250 300 Upside / Downside Table January 2016 - February 2018 (Single Computation) Downside% # of Months Average Return Up Down Up Down Average Return Up Down Market Market Month 1-Year Market Benchmark Best Worst Best Worst Up Capture Down Capture R-Squared 22 4 0.52-0.38 0.51 0.09 1.72-0.69 7.62 3.27 205.1-56.0 59.65 21 5 0.33-0.18 0.35-0.03 1.51-0.36 5.03 1.40 139.7 19.1 76.00 18 8 0.35-0.29 0.35-0.29 1.23-0.95 3.11 0.51 140.7 176.7 96.54 21 5 0.50-0.37 0.55-0.16 1.34-0.99 6.83 2.15 221.2 97.3 76.81 18 8 0.37-0.31 0.37-0.31 1.25-0.99 2.98 0.79 147.5 185.1 97.90 18 8 0.25-0.16 0.25-0.16 0.78-0.57 2.39 0.66 100.0 100.0 100.00
Risk / Return Table Summary Statistics: January 2016 - February 2018 Return Std Dev Downside Risk Beta vs. Market Alpha R-Squared R-Squared vs. Style Sharpe Ratio Tracking Error Observs. 4.67 1.73 1.18 1.4010 2.53 59.65 59.60 2.3441 1.1652 26 2.84 1.31 0.72 1.1933 1.03 76.00 45.72 1.6997 0.6665 26 1.87 1.50 1.05 1.5440-0.44 96.54 15.62 0.8371 0.5897 26 4.04 1.79 1.27 1.6463 1.54 76.81 24.41 1.9110 1.0617 26 1.96 1.54 1.08 1.5979-0.44 97.90 12.63 0.8704 0.6131 26 1.50 0.95 0.66 1.0000 0.00 100.00 11.95 0.9273 0.0000 26 Correlation Matrix: Returns vs. January 2016 - February 2018 1) 2) 3) 4) 5) 6) (1) (2) (3) (4) (5) (6) 1.00 0.86 1.00 0.76 0.83 1.00 0.86 0.83 0.85 1.00 0.74 0.83 0.99 0.83 1.00 0.77 0.87 0.98 0.88 0.99 1.00
Yorktown Short Term Bond Fund Average Annual Total Returns as of 2/28/2018 Class Symbol 1 Year 3 Year* 5 Year* 10 Year* Inception* A 1,4 APIMX 3.34 2.00 1.57 0.12 3.41 A 2,4 APIMX 1.03-0.01 0.38-0.47 3.41 L 5 AFMMX 2.38 1.00 0.59-0.88 2.12 Institutional 3 APIBX 3.14 1.99 - - 1.86 Average Annual Total Returns as of 12/31/2017 Class Symbol 1 Year 3 Year* 5 Year* 10 Year* Inception* A 1,4 APIMX 4.72 2.62 1.49-0.86 3.44 A 2,4 APIMX 2.35 0.61 0.29-1.45 3.44 L 5 AFMMX 3.67 1.60 0.48-1.85 2.15 Institutional 3 APIBX 4.69 2.60 - - 1.91 1 w/o Sales Charge 2 with Sales Charge 3 Inception Date 5/31/2013 4 Inception Date 7/2/1997 5 Inception Date 7/1/2004 *The Fund's investments changed as of 1/1/2016 to a true duration investment grade bond portfolio. The performance data 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. The maximum front end load for all funds as disclosed in the prospectus is 2.25%. Per the most current prospectus, the Yorktown Short Term Bond Fund total annual operating expenses before fee waivers for the Class A, Class L and Institutional share class 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 Intitutional class shares. Gross Expense Ratios for Funds in this zephyr: LDLFX, 0.50%; PSDTX, 0.40%; VCSH, 0.07%; PIMSX, 0.75%; VCSH, 0.07%. Performance shown prior to APIBX inception on 5/31/13 uses extended performance for the longest standing share class (A share) and is net of fees. Investing involves risk, including loss of principal. The values of debt securities held by the Fund are affected by rising and declining interest rates. You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund's prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund's prospectus by calling 1-800-544-6060. Distributed by Unified Financial Securities, LLC (member FINRA)