Growth of $10,000 (July 1, 2010 to March 31, 2017)


Fund Performance as of March 31, 2017

Total Return Avg. Annual Return
Year-to-date 1 year 3 years 5 years Since Inception (7/1/10)
Fund Benchmark: S&P 500 6.07% 17.17% 10.37% 13.3% 15.5%
Castle Focus Fund Investor Class (MOATX) 4.7% 11.5% 5.94% 7.02% 8.38%
Castle Focus Fund Class C (CASTX) with Load 4.43% 9.43% 4.89% 5.96% 7.31%
Castle Focus Fund Class C (CASTX) without load 4.43% 10.43% 4.89% 5.96% 7.31%

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. You may obtain performance data current to the most recent month-end by calling 703-260-1921.

The expense ratio excluding acquired fund expenses for the Investor Share Class is 1.34% (2.34% for Class C). The expense ratio including acquired fund expenses for the Investor Share Class is 1.36% (2.36% for Class C). Effective November 1, 2016 the Adviser has contractually agreed to waive Services Agreement fees by 0.24% of its average daily net assets through October 31, 2017. The Services Agreement fee waiver will automatically terminate on October 31, 2017 unless it is renewed by the Adviser. The Adviser may not terminate the fee waiver before October 31, 2017. The total expense ratio excluding the Services Agreement fee waiver for the Investor Share Class is 1.60% (2.60% for Class C). If you redeem Class C Shares of the Fund (for purchases made before November 1, 2016), your redemption may be subject to a 1.00% Contingent Deferred Sale Charge if the shares are redeemed less than one year after the original purchase of the Class C Shares.