Funds & Performance

Yorktown Funds Annualized Performance(%) Quarter End June 30, 2021

Yorktown Funds Annualized Performance(%) Month End August 31, 2021

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 0.53 3.63 2.84 3.22 - 2.23
Multi-Sector Bond APIIX no 4/01/2010 3.56 13.76 3.41 5.69 4.71 5.30
Capital Income AFAAX no 7/01/2004 7.87 24.39 8.56 9.16 7.52 7.30
Master Allocation APMAX no 5/31/2013 10.21 37.39 10.87 11.10 - 8.21
Growth APGRX no 5/31/2013 10.99 42.12 18.09 17.10 - 12.44
Small Cap Fund YOVIX no 5/9/2016 16.35 61.54 16.31 16.66 - 16.90

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 Ultimus Fund Distributors, 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, 1.13%; Multi-Asset Income Fund Class L, 1.63%; Multi-Asset Income Fund, Class C, 1.63%; Multi-Asset Income Fund Institutional Class, 0.63%; Growth Fund Class A, 1.45%; Growth Fund Class L, 2.45%; Growth Fund Institutional Class, 1.45%; Capital Income Fund Class A, 1.56%; Capital Income Fund Class L, 2.31%; Capital Income Fund Institutional Class, 1.31%; Master Allocation Fund Class A, 2.54%; Master Allocation Fund Class L, 3.29%; Master Allocation Fund Institutional Class, 2.29%.

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, 1.09%, Multi-Asset Income Fund Class L, 1.59%, Multi-Asset Income Fund Class C, 1.59%, Multi-Asset Income Fund Institutional Class, 0.59% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.53%, Capital Income Fund Class L, 2.28%, Capital Income Fund Institutional Class, 1.29% plus acquired fund fees and expenses of 0.03%; Master Allocation Fund Class A, 1.31%, Master Allocation Fund Class L, 2.06%, Master Allocation Fund Institutional Class, 1.06% plus acquired fund fee and expenses of 1.23%. 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 0.90%, 1.90%, 0.90%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective May 31, 2019, 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, 1.96%; Class L, 2.71%; Institutional Class, 1.71%. As of the most recent prospectus, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.48%, Class L, 2.23%, Institutional Class, 1.23%. For the Yorktown Small Cap Fund, the net annual expense ratio takes into account contractual management fee waivers that are in effect until May 6, 2021 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 0.31 3.05 2.02 2.30 128 2.07
Multi-Asset Income AFFIX no 7/01/2004 2.96 12.65 2.40 4.65 3.67 4.64
Capital Income AFDDX no 7/01/2004 7.38 23.19 7.50 8.07 6.45 6.24
Master Allocation APILX no 3/19/2009 9.69 36.06 9.76 9.99 6.95 11.16
Growth APITX no 6/14/1985 10.45 43.59 16.89 15.91 10.88 8.54
Small Cap Fund YOVLX no 5/9/2016 15.77 59.89 15.15 15.49 - 15.74

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 Ultimus Fund Distributors, 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, 1.13%; Multi-Asset Income Fund Class L, 1.63%; Multi-Asset Income Fund, Class C, 1.63%; Multi-Asset Income Fund Institutional Class, 0.63%; Growth Fund Class A, 1.45%; Growth Fund Class L, 2.45%; Growth Fund Institutional Class, 1.45%; Capital Income Fund Class A, 1.56%; Capital Income Fund Class L, 2.31%; Capital Income Fund Institutional Class, 1.31%; Master Allocation Fund Class A, 2.54%; Master Allocation Fund Class L, 3.29%; Master Allocation Fund Institutional Class, 2.29%.

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, 1.09%, Multi-Asset Income Fund Class L, 1.59%, Multi-Asset Income Fund Class C, 1.59%, Multi-Asset Income Fund Institutional Class, 0.59% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.53%, Capital Income Fund Class L, 2.28%, Capital Income Fund Institutional Class, 1.29% plus acquired fund fees and expenses of 0.03%; Master Allocation Fund Class A, 1.31%, Master Allocation Fund Class L, 2.06%, Master Allocation Fund Institutional Class, 1.06% plus acquired fund fee and expenses of 1.23%. 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 0.90%, 1.90%, 0.90%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective May 31, 2019, 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, 1.96%; Class L, 2.71%; Institutional Class, 1.71%. As of the most recent prospectus, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.48%, Class L, 2.23%, Institutional Class, 1.23%. For the Yorktown Small Cap Fund, the net annual expense ratio takes into account contractual management fee waivers that are in effect until May 6, 2021 per the prospectus.

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 3.02 12.68 2.39 4.65 - 5.24
Multi-Asset Income AFFCX 1% 5/06/2016 2.02 11.68 2.39 4.65 - 5.24

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 A Share is 2.25%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Ultimus Fund Distributors, 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, 1.13%; Multi-Asset Income Fund Class L, 1.63%; Multi-Asset Income Fund, Class C, 1.63%; Multi-Asset Income Fund Institutional Class, 0.63%; Growth Fund Class A, 1.45%; Growth Fund Class L, 2.45%; Growth Fund Institutional Class, 1.45%; Capital Income Fund Class A, 1.56%; Capital Income Fund Class L, 2.31%; Capital Income Fund Institutional Class, 1.31%; Master Allocation Fund Class A, 2.54%; Master Allocation Fund Class L, 3.29%; Master Allocation Fund Institutional Class, 2.29%.

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, 1.09%, Multi-Asset Income Fund Class L, 1.59%, Multi-Asset Income Fund Class C, 1.59%, Multi-Asset Income Fund Institutional Class, 0.59% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.53%, Capital Income Fund Class L, 2.28%, Capital Income Fund Institutional Class, 1.29% plus acquired fund fees and expenses of 0.03%; Master Allocation Fund Class A, 1.31%, Master Allocation Fund Class L, 2.06%, Master Allocation Fund Institutional Class, 1.06% plus acquired fund fee and expenses of 1.23%. 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 0.90%, 1.90%, 0.90%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective May 31, 2019, 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, 1.96%; Class L, 2.71%; Institutional Class, 1.71%. As of the most recent prospectus, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.48%, Class L, 2.23%, Institutional Class, 1.23%. For the Yorktown Small Cap Fund, the net annual expense ratio takes into account contractual management fee waivers that are in effect until May 6, 2021 per the prospectus.

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 0.56 3.61 2.95 3.27 2.27 3.33
Short Term Bond APIMX 2.25% 7/02/1997 -1.65 1.28 2.17 2.80 1.66 3.33
Multi-Asset Income APIUX no 7/02/1997 3.30 13.14 2.90 5.18 4.17 5.31
Multi-Asset Income APIUX 5.75% 7/02/1997 -2.60 6.58 0.90 3.93 3.56 5.31
Capital Income APIGX no 4/13/1988 7.77 24.12 8.33 8.86 7.10 6.86
Capital Income APIGX 5.75% 4/13/1988 1.58 16.99 6.21 7.58 6.47 6.86
Master Allocation APIFX no 3/19/2009 10.05 37.09 10.60 10.80 7.61 11.82
Master Allocation APIFX 5.75% 3/19/2009 3.71 29.19 8.43 9.49 6.97 11.28
Growth AFGGX no 7/01/2004 11.00 35.27 18.09 17.09 12,01 9.45
Growth AFGGX 5.75% 7/01/2004 4.59 43.54 15.78 15.72 11.34 9.45
Small Cap YOVAX no 5/9/2016 16.19 61.09 16.03 16.38 - 16.63
Small Cap YOVAX 5.75% 9.52 51.87 13.76 15.01 - 15.30

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 Ultimus Fund Distributors, 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, 1.13%; Multi-Asset Income Fund Class L, 1.63%; Multi-Asset Income Fund, Class C, 1.63%; Multi-Asset Income Fund Institutional Class, 0.63%; Growth Fund Class A, 1.45%; Growth Fund Class L, 2.45%; Growth Fund Institutional Class, 1.45%; Capital Income Fund Class A, 1.56%; Capital Income Fund Class L, 2.31%; Capital Income Fund Institutional Class, 1.31%; Master Allocation Fund Class A, 2.54%; Master Allocation Fund Class L, 3.29%; Master Allocation Fund Institutional Class, 2.29%.

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, 1.09%, Multi-Asset Income Fund Class L, 1.59%, Multi-Asset Income Fund Class C, 1.59%, Multi-Asset Income Fund Institutional Class, 0.59% plus acquired fund fees and expenses of 0.04%; Capital Income Fund Class A, 1.53%, Capital Income Fund Class L, 2.28%, Capital Income Fund Institutional Class, 1.29% plus acquired fund fees and expenses of 0.03%; Master Allocation Fund Class A, 1.31%, Master Allocation Fund Class L, 2.06%, Master Allocation Fund Institutional Class, 1.06% plus acquired fund fee and expenses of 1.23%. 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 0.90%, 1.90%, 0.90%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective May 31, 2019, 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, 1.96%; Class L, 2.71%; Institutional Class, 1.71%. As of the most recent prospectus, the net annual operating expense ratios for the Yorktown Small Cap Fund by share class are: Class A, 1.48%, Class L, 2.23%, Institutional Class, 1.23%. For the Yorktown Small Cap Fund, the net annual expense ratio takes into account contractual management fee waivers that are in effect until May 6, 2021 per the prospectus.


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 0.75 2.31 2.68 2.00 2.21
Multi-Sector Bond APIIX no 4/01/2010 4.57 9.72 2.93 4.97 5.52 5.31
Capital Appreciation AFAAX no 7/01/2004 10.87 19.85 9.13 9.13 8.62 7.39
Master Allocation APMAX no 5/31/2013 14.33 30.27 10.66 10.88 8.52
Growth APGRX no 5/31/2013 16.68 35.29 18.35 17.00 12.85
Small Cap YOVIX no 5/9/2016 21.25 50.26 14.16 16.37 17.23

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 is 2.25%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

Per the most current prospectus, for the Yorktown Short Term Bond Fund (1) Fund total operating expense ratios are: Class A, 0.88%; Class L, 1.53%; Institutional Class, 0.88% until at least May 31, 2022. (2) In addition, the Adviser has entered into a contractual expense limitation agreement with the Trust so that the Fund’s ratio of total annual operating expenses are limited to 0.84% for Class A shares and Institutional Class shares and 1.49% for Class L Shares until at least May 31, 2022.

Per the most recent prospectus, the operating expense ratios for the Yorktown Multi-Sector Bond Fund are as follows: Class A, 1.13%; Class L, 1.63%; Class C, 1.63%; Institutional Class, 0.63%. The Fund does not use fee waivers at this time.

Per the most recent prospectus, for the Yorktown Capital Appreciation Fund (1) Fund total operating expense ratios are (1) Class A 1.79%; Class L 2.54%; Institutional 1.54% and (2) Fund net annual operating expense ratios are: Class A 1.26%; Class L 2.01% Institutional 1.01%. In the interest of limiting expenses of the Fund, the Adviser has entered into a contractual expense limitation agreement with the Trust, effective March 31, 2021, so that the Fund’s ratio of total annual operating expenses is limited to 1.24% for Class A Shares, 1.99% for Class L Shares, and 0.99% for Institutional Class Shares excluding acquired fund fees and expenses until at least May 31, 2022.

Per the most recent prospectus, for the Yorktown Master Allocation Fund (1) Fund total operating expense ratios are: Class A, 3.10%; Class L, 3.85%; Institutional Class, 2.85% and (2) Fund adjusted annual operating expense ratios are: Class A, 1.80%, Class L, 2.55%, Institutional Class, 1.55% plus acquired fund fee and expenses of 1.30%. The Fund does not use fee waivers at this time.

Per the most current prospectus, Fund total operating expense ratios for the Yorktown Growth Fund are: Class A, 1.46%; Class L, 2.46%; Institutional Class, 1.46%. In the interest of limiting expenses of the Fund, the Adviser has entered into a contractual expense limitation agreement with the Trust, effective March 31, 2021, so that the Fund’s ratio of total annual operating expenses is limited to 0.99% for Class A Shares, 1.99% for Class L Shares, and 0.99% for Institutional Class Shares until at least May 31, 2022.

Per the most recent prospectus, for the Yorktown Small Cap Fund (1) Fund total operating expense ratios are: Class A, 1.93%; Class L, 2.68%; Institutional Class, 1.68% and (2) Fund net annual operating expense ratios are: Class A, 1.45%, Class L, 2.20%, Institutional Class, 1.20%. The net annual expense ratio takes into account contractual management fee waivers that are in effect until May 31, 2022.

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 0.47 1.80 1.85 2.05 1.69 2.06
Multi-Sector Bond AFFIX no 6/30/2004 3.79 8.56 1.90 3.94 4.47 4.64
Capital Income AFDDX no 6/30/2004 10.16 18.62 8.03 8.03 7.54 6.34
Master Allocation APILX no 3/18/2009 13.55 28.97 9.53 9.77 8.40 11.31
Growth APITX no 6/14/1985 15.97 33.94 17.14 15.81 12.55 8.64
Small Cap YOVLX no 5/9/2016 20.43 48.78 13.02 15.22 16.06

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.

Per the most current prospectus, for the Yorktown Short Term Bond Fund (1) Fund total operating expense ratios are: Class A, 0.88%; Class L, 1.53%; Institutional Class, 0.88% until at least May 31, 2022. (2) In addition, the Adviser has entered into a contractual expense limitation agreement with the Trust so that the Fund’s ratio of total annual operating expenses are limited to 0.84% for Class A shares and Institutional Class shares and 1.49% for Class L Shares until at least May 31, 2022.

Per the most recent prospectus, the operating expense ratios for the Yorktown Multi-Sector Bond Fund are as follows: Class A, 1.13%; Class L, 1.63%; Class C, 1.63%; Institutional Class, 0.63%. The Fund does not use fee waivers at this time.

Per the most recent prospectus, for the Yorktown Capital Appreciation Fund (1) Fund total operating expense ratios are (1) Class A 1.79%; Class L 2.54%; Institutional 1.54% and (2) Fund net annual operating expense ratios are: Class A 1.26%; Class L 2.01% Institutional 1.01%. In the interest of limiting expenses of the Fund, the Adviser has entered into a contractual expense limitation agreement with the Trust, effective March 31, 2021, so that the Fund’s ratio of total annual operating expenses is limited to 1.24% for Class A Shares, 1.99% for Class L Shares, and 0.99% for Institutional Class Shares excluding acquired fund fees and expenses until at least May 31, 2022.

Per the most recent prospectus, for the Yorktown Master Allocation Fund (1) Fund total operating expense ratios are: Class A, 3.10%; Class L, 3.85%; Institutional Class, 2.85% and (2) Fund adjusted annual operating expense ratios are: Class A, 1.80%, Class L, 2.55%, Institutional Class, 1.55% plus acquired fund fee and expenses of 1.30%. The Fund does not use fee waivers at this time.

Per the most current prospectus, Fund total operating expense ratios for the Yorktown Growth Fund are: Class A, 1.46%; Class L, 2.46%; Institutional Class, 1.46%. In the interest of limiting expenses of the Fund, the Adviser has entered into a contractual expense limitation agreement with the Trust, effective March 31, 2021, so that the Fund’s ratio of total annual operating expenses is limited to 0.99% for Class A Shares, 1.99% for Class L Shares, and 0.99% for Institutional Class Shares until at least May 31, 2022.

Per the most recent prospectus, for the Yorktown Small Cap Fund (1) Fund total operating expense ratios are: Class A, 1.93%; Class L, 2.68%; Institutional Class, 1.68% and (2) Fund net annual operating expense ratios are: Class A, 1.45%, Class L, 2.20%, Institutional Class, 1.20%. The net annual expense ratio takes into account contractual management fee waivers that are in effect until May 31, 2022.

Class C
YORKTOWN FUND TICKER FEE INCEPTION YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE INCEPTION
Multi-Sector Bond AFFCX no 5/06/2016 3.88 8.63 1.93 3.94 5.23
Multi-Sector Bond AFFCX 1% 5/06/2016 2.88 7.63 1.93 3.94 5.23

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 is 2.25%, and (2) the maximum front end load for all other Yorktown Funds is 5.75%.

Distributed by Unified Financial Securities, LLC.

Per the most current prospectus, for the Yorktown Short Term Bond Fund (1) Fund total operating expense ratios are: Class A, 0.88%; Class L, 1.53%; Institutional Class, 0.88% until at least May 31, 2022. (2) In addition, the Adviser has entered into a contractual expense limitation agreement with the Trust so that the Fund’s ratio of total annual operating expenses are limited to 0.84% for Class A shares and Institutional Class shares and 1.49% for Class L Shares until at least May 31, 2022.

Per the most recent prospectus, the operating expense ratios for the Yorktown Multi-Sector Bond Fund are as follows: Class A, 1.13%; Class L, 1.63%; Class C, 1.63%; Institutional Class, 0.63%. The Fund does not use fee waivers at this time.

Per the most recent prospectus, for the Yorktown Capital Appreciation Fund (1) Fund total operating expense ratios are (1) Class A 1.79%; Class L 2.54%; Institutional 1.54% and (2) Fund net annual operating expense ratios are: Class A 1.26%; Class L 2.01% Institutional 1.01%. In the interest of limiting expenses of the Fund, the Adviser has entered into a contractual expense limitation agreement with the Trust, effective March 31, 2021, so that the Fund’s ratio of total annual operating expenses is limited to 1.24% for Class A Shares, 1.99% for Class L Shares, and 0.99% for Institutional Class Shares excluding acquired fund fees and expenses until at least May 31, 2022.

Per the most recent prospectus, for the Yorktown Master Allocation Fund (1) Fund total operating expense ratios are: Class A, 3.10%; Class L, 3.85%; Institutional Class, 2.85% and (2) Fund adjusted annual operating expense ratios are: Class A, 1.80%, Class L, 2.55%, Institutional Class, 1.55% plus acquired fund fee and expenses of 1.30%. The Fund does not use fee waivers at this time.

Per the most current prospectus, Fund total operating expense ratios for the Yorktown Growth Fund are: Class A, 1.46%; Class L, 2.46%; Institutional Class, 1.46%. In the interest of limiting expenses of the Fund, the Adviser has entered into a contractual expense limitation agreement with the Trust, effective March 31, 2021, so that the Fund’s ratio of total annual operating expenses is limited to 0.99% for Class A Shares, 1.99% for Class L Shares, and 0.99% for Institutional Class Shares until at least May 31, 2022.

Per the most recent prospectus, for the Yorktown Small Cap Fund (1) Fund total operating expense ratios are: Class A, 1.93%; Class L, 2.68%; Institutional Class, 1.68% and (2) Fund net annual operating expense ratios are: Class A, 1.45%, Class L, 2.20%, Institutional Class, 1.20%. The net annual expense ratio takes into account contractual management fee waivers that are in effect until May 31, 2022.

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 0.80 -0.06 2.69 2.97 2.67 3.31
Short Term Bond APIMX 2.25% 7/02/1997 -1.42 2.21 1.92 2.50 2.07 3.31
Multi-Sector Bond APIUX no 7/02/1997 4.27 9.15 2.43 4.47 4.99 5.32
Multi-Sector Bond APIUX 5.75% 7/02/1997 -1.68 2.84 0.44 3.24 4.36 5.32
Capital Appreciation APIGX no 4/13/1988 10.69 19.55 8.86 8.83 8.20 6.91
Capital Appreciation APIGX 5.75% 4/13/1988 4.34 12.68 6.72 7.55 7.56 6.91
Master Allocation APIFX no 3/18/2009 14.08 29.94 10.37 10.58 9.07 11.97
Master Allocation APIFX 5.75% 3/18/2009 7.51 22.48 8.22 9.28 8.42 11.44
Growth AFGGX no 6/30/2004 16.74 35.36 18.34 16.99 13.68 9.67
Growth AFGGX 5.75% 6/30/2004 10.00 27.56 16.03 15.62 13.01 9.67
Small Cap YOVAX no 5/9/2016 21.08 49.92 13.89 16.12 16.96
Small Cap YOVAX 5.75% 5/9/2016 14.12 41.26 11.68 14.76 15.67

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.

Per the most current prospectus, for the Yorktown Short Term Bond Fund (1) Fund total operating expense ratios are: Class A, 0.88%; Class L, 1.53%; Institutional Class, 0.88% until at least May 31, 2022. (2) In addition, the Adviser has entered into a contractual expense limitation agreement with the Trust so that the Fund’s ratio of total annual operating expenses are limited to 0.84% for Class A shares and Institutional Class shares and 1.49% for Class L Shares until at least May 31, 2022.

Per the most recent prospectus, the operating expense ratios for the Yorktown Multi-Sector Bond Fund are as follows: Class A, 1.13%; Class L, 1.63%; Class C, 1.63%; Institutional Class, 0.63%. The Fund does not use fee waivers at this time.

Per the most recent prospectus, for the Yorktown Capital Appreciation Fund (1) Fund total operating expense ratios are (1) Class A 1.79%; Class L 2.54%; Institutional 1.54% and (2) Fund net annual operating expense ratios are: Class A 1.26%; Class L 2.01% Institutional 1.01%. In the interest of limiting expenses of the Fund, the Adviser has entered into a contractual expense limitation agreement with the Trust, effective March 31, 2021, so that the Fund’s ratio of total annual operating expenses is limited to 1.24% for Class A Shares, 1.99% for Class L Shares, and 0.99% for Institutional Class Shares excluding acquired fund fees and expenses until at least May 31, 2022.

Per the most recent prospectus, for the Yorktown Master Allocation Fund (1) Fund total operating expense ratios are: Class A, 3.10%; Class L, 3.85%; Institutional Class, 2.85% and (2) Fund adjusted annual operating expense ratios are: Class A, 1.80%, Class L, 2.55%, Institutional Class, 1.55% plus acquired fund fee and expenses of 1.30%. The Fund does not use fee waivers at this time.

Per the most current prospectus, Fund total operating expense ratios for the Yorktown Growth Fund are: Class A, 1.46%; Class L, 2.46%; Institutional Class, 1.46%. In the interest of limiting expenses of the Fund, the Adviser has entered into a contractual expense limitation agreement with the Trust, effective March 31, 2021, so that the Fund’s ratio of total annual operating expenses is limited to 0.99% for Class A Shares, 1.99% for Class L Shares, and 0.99% for Institutional Class Shares until at least May 31, 2022.

Per the most recent prospectus, for the Yorktown Small Cap Fund (1) Fund total operating expense ratios are: Class A, 1.93%; Class L, 2.68%; Institutional Class, 1.68% and (2) Fund net annual operating expense ratios are: Class A, 1.45%, Class L, 2.20%, Institutional Class, 1.20%. The net annual expense ratio takes into account contractual management fee waivers that are in effect until May 31, 2022.