While diversification manages risk, allocation is the strategic use of diversification to meet investment goals.

ANNUALIZED PERFORMANCE (%) VS. BENCHMARK INDICES
as of December 31, 2016
YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR
PORTFOLIO MODEL (Class L)
Preservation 3.50 -2.18 1.27 1.57 2.22
Conservative 3.77 -2.38 2.15 2.90 3.71
Balanced 3.46 -2.65 2.68 3.52 4.07
Moderate 2.33 -4.18 3.09 3.86 3.95
Growth 0.51 -6.50 3.70 4.32 3.64
All-Equity -0.02 -6.37 4.30 4.86 3.72
INDEX
DJ Conservative Relative Risk Index 5.57 4.77 3.54 3.22 4.68
MSCI World Free GTR USD 5.31 0.13 7.19 8.52 5.39
S&P 500 Composite Total Return 7.66 5.61 11.16 13.38 7.75
Source: Thomson Reuters

PORTFOLIOS MODEL
FACT SHEET

As of May 31, 2016 the class L share operating expense ratios for the API Model Portfolios comprised of API Funds are as follows: Moderate Model, 2.06%; Growth Model, 2.16%; All-Equity Model, 2.25%; Preservation Model, 1.91%; Conservative Model, 1.93%; Balanced Model, 1.99%. The operating expense ratios for the listed portfolios is the dollar weighted average of the underlying expense ratios for the underlying funds and is not an additional fee.

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.

S&P 500 Composite Total Return is an unmanaged market capitalization weighted price index composed of 500 widely held common stocks listed on the New York Stock Exchange, American Stock Exchange and Over-The-Counter market. The index includes dividends reinvestments. Effective January 1, 1988 Standard & Poor's calculates the Total Return - return including reinvestment of dividends - on the S&P 500 Index on a daily basis. The value of the index varies with the aggregate value of the common equity of each of the 500 companies. The stocks represented by the index involve investment risks which may include the loss of principal invested.

The Dow Jones Conservative Relative Risk Indexes are made up of underlying indexes. Each Dow Jones Relative Risk Index consists of multiple subindexes that represent stocks, bonds and cash. The subindexes in turn contain large numbers of components. Currently, Dow Jones equity indexes make up the stock component and Barclays indexes make up the bond and cash components. The indexes are designed to measure portfolios at five different risk levels: conservative, moderately conservative, moderate, moderately aggressive and aggressive. To reflect these risk levels, the indexes allocate differently among the underlying stock, bond and cash subindexes.

The MSCI World Free GTR USD is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. As of May 2005 the MSCI World Index consisted of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States.

Photo: View Above The Blue Ridge Parkway

Photo: Mabry Mill, Meadows of Dan, VA

Photo: Shenandoah National Park

Photo: Montpelier, Orange, VA

Photo: The Natural Bridge of Virginia

Photo: Appomattox Court House National Park

Photo: Shenandoah National Park

Photo: Shenandoah National Park

API Funds and Portfolios 2303 Yorktown Avenue Lynchburg, VA 24501 434.846.1361 800.544.6060 (toll free)
API Shareholder Services: 888.933.8274

Distributed by Unified Financial Securities, LLC. (Member FINRA)

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You should carefully consider the investment objectives, potential risks, management fees, charges and expenses of the Fund before investing. The Fund's prospectus contains this information 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 800-544-6060. Past performance is no guarantee of future results. The investment return and principal amount 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.

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