Funds Overview

Funds & Performance

Yorktown Funds employ a powerful, time-tested
investment approach across an array of strategies.

FUNDS OVERVIEW

An Introduction to Yorktown Funds

Each Yorktown Fund stays true to its objective while maintaining strategic diversification. Each Fund seeks to deliver superior, consistent returns while managing risk. We invest in what we believe to be superior companies with open-ended opportunities and competitive advantages in each category, while eliminating those that lag. The entire process requires inclusion of new and developing areas of strength in the global market place.

Short Term Bond Fund

as of 6/30/2021 subject to change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Learn More

(Sector Weightings %)

Class A: APIMX, Class L: AFMMX, Class I: APIBX

(Credit Rating Summary %)

Class A: APIMX, Class L: AFMMX, Class I: APIBX

Bond Position: 99.52%

Multi-Sector Bond Fund

as of 6/30/2021 subject to change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Learn More

(Asset Allocation %)

Class A: APIUX, Class L: AFFIX, Class I: APIIX

(Fixed Income Breakdown %)

Class A: APIUX, Class L: AFFIX, Class I: APIIX

Growth Fund (Sector Weightings %)

as of 6/30/2021

subject to change . . . . . . . . . . . . . . . . . Learn More

Class A: AFGGX, Class L: APITX, Class I: APGRX

Small Cap Fund (Sector Weightings %)

as of 6/30/2021 subject to change . . . . . . . . . . . . . . . . . Learn More

Class A: YOVAX, Class L: YOVLX, Class I: YOVIX

Capital Appreciation Fund (Sector Weightings %)

as of 6/30/2021 subject to change . . . . . . . . . . . . . . . . . Learn More

Class A: APIGX, Class L: AFDDX, Class I: AFAAX

Master Allocation Fund (Funds Weightings %)

as of 6/30/2021 subject to change . . . . . . . . . . . . . . . . . Learn More

Class A: APIFX, Class L: APILX, Class I: APMAX

IMPORTANT DISCLOSURES

Legal Information

You should carefully consider the investment objectives, potential risks, management fees, charges and expenses of the Funds before investing. The Funds’ prospectus contains this and other information about the Funds and should be read carefully before investing. You may obtain a current copy of the Funds’ prospectus by calling 800-544-6060.

Past performance is no guarantee of future results. The investment return and principal value of an investment in the Funds will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. There is no guarantee that this, or any, investing strategy will be successful.

Distributed by Ultimus Fund Distributors, LLC.

Small Cap and Mid Cap investing involve greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat.

Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investments in emerging markets.

The Fund itself has not been rated by an independent rating agency. Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Nationally Recognized Statistical Rating Organizations (NRSRO’s) including Standard & Poor’s, Moody’s, Fitch, Kroll, Morningstar DBRS, A.M. Best, and Egan-Jones. This breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. This breakdown is provided by Yorktown Management & Research. When calculating the credit quality breakdown, the manager selects the middle rating when three or more rating agencies rate a security. When two agencies rate a security, the higher of the two ratings is used, and one rating is used if that is all that is provided. A rating of BB and below would represent below investment-grade. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Diversification does not ensure a profit or guarantee against loss.

Fixed income investments are affected by a number of risks, including fluctuation in interest rates, credit risk, and prepayment risk. In general, as prevailing interest rates rise, fixed income securities prices will fall.

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%.

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%; 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%; 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 Capital Income Fund total Operating expense ratios are (1) Class A 1.76%; Class L 2.51%; Institutional 1.51% and (2) Fund adjusted annual operating expense ratios are: Class A 1.48%; Class L 2.23% Institutional 1.23% plus acquired fund fees an expenses of 0.04%. In the interest of limiting expenses of the Fund, the Adviser has entered into a contractual expense limitation agreement with the Trust, effective June 30, 2020, so that the Fund’s ratio of total annual operating expenses is limited to 1.44% for Class A Shares, 2.19% for Class L Shares, and 1.19% for Institutional Class Shares until at least June 30, 2021.

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%, 1.55%, 0.90%, respectively. In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective through May 31, 2021, so that the Fund’s ratio of total annual operating expenses is limited to 0.89% for Class A Shares, 1.19% 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.

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