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Short Term Bond Fund

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Asset Class

Bond

Morningstar Category

Short Term Bond

Fund Benchmark

ICE BofA 1-3 Yr Corp. Govt. & Mortgage
Overview
Fund Information
Performance
Holdings
Distributions
Literature
Commentary

Overview

Investment Objective

The Fund seeks income consistent with the preservation of capital.

Fund Description

The Fund is a portfolio that invests in debt securities of various types. The Fund is generally appropriate for conservative, income-oriented investors with an aim to maintain principal stability.

Management Team
Barry D. Weiss, CFA
Portfolio Manager
John Tener, CFA
Portfolio Manager
David M. Basten
Managing Director
David D. Basten
President & CIO

Why Invest

Conservative fixed income management

U.S.-dollar denominated debt only

Constructed to reduce possible impact of rate movements

Fund Information

Fund Share Class Data

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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.

*NAV: Net asset value is the value of an entity’s assets minus the value of its liabilities, often in relation to open-end, mutual funds, hedge funds, and venture capital funds. Shares of such funds registered with the U.S. Securities and Exchange Commission are usually bought and redeemed at their net asset value.

**YTD Performance: Year-to-date return refers to the profit (or loss) generated by an investment during the year. YTD return is calculated by subtracting the starting value from the current value and dividing it by the starting value. The figure can be multiplied by 100 to convert it into a percentage.

The minimum initial investment in the Fund’s Class A and Class L Shares is $1,000, and the minimum for additional investments is $100. The minimum initial investment in the Fund’s Institutional Class Shares is $1,000,000, and the minimum for additional investments is $100,000. There are no minimums for purchases or exchanges through employer-sponsored retirement plans.

Overall Morningstar rating based on risk adjusted returns out of 522 Short-Term Bond funds as of 9/30/2024.

Read important information about results and other investment disclosures below.

Yields & Expenses

* Unsubsidized Yield reflects income earned during a 30-day period, after the deduction of the fund’s gross expenses.

Fees - Class A

* Finder’s Fee. See Prospectus or call the Sales Desk.

Fees - Class I

  • No Load Share Class

Fees - Class L

  • No CDSC
  • No Front or Back End Sales Charges

Performance

Class A inception: 07/02/1997

Class I inception: 05/31/2013

Class L inception: 07/01/2004

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This fund experienced a significant change in its investment strategy and/or legal structure as of January 1, 2016, finalized on December 20, 2016.

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.

The 3YR, 5YR and 10YR returns are annualized. SINCE INCEPTION returns are annualized when the time period from the Fund’s inception to the “As of” date is greater than 12 months.

The Fund Benchmark's SINCE INCEPTION returns are based on the oldest share class' inception date.

Read important information about results and other investment disclosures below.

This fund experienced a significant change in its investment strategy and/or legal structure as of January 1, 2016, finalized on December 20, 2016.

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.

The 3YR, 5YR and 10YR returns are annualized. SINCE INCEPTION returns are annualized when the time period from the Fund’s inception to the “As of” date is greater than 12 months.

The Fund Benchmark's SINCE INCEPTION returns are based on the oldest share class' inception date.

Read important information about results and other investment disclosures below.

*Calendar year performance is not net of any applicable sales charge.

This fund experienced a significant change in its investment strategy and/or legal structure as of January 1, 2016, finalized on December 20, 2016.

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.

Read important information about results and other investment disclosures below.

Holdings

Top 10 Portfolio Holdings

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Holdings subject to change. Current and future holdings subject to risk.

Distributions

Literature

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Commentary

Email: info@yorktownfunds.com
Phone: (800) 544-6060

© Copyright 2024 Yorktown Management & Research Co.

Email: info@yorktownfunds.com • Phone: (800) 544-6060

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Important Disclosures

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 800-544-6060.

Important Risk Information

Investing involves risk, including loss of principal.  There is no guarantee that this, or any, investment strategy will succeed.  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.

A Fund’s direct or indirect investments in foreign securities, including depositary receipts, involve risks not associated with investing in U.S. securities that can adversely affect the Fund’s performance. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets.

Diversification does not ensure a profit or guarantee against loss.

Performance Information

Per the most current prospectus, (1) Fund total operating expense ratios are: Class A, 0.96%; Class L, 1.61%; Institutional Class, 0.96% until at least May 31, 2025. (2) In addition, the Adviser has entered into contractual expense limitation agreement with the Trust so that the Fund’s ratio of total annual operating expenses are limited to 0.79% for Class A shares and Institutional Class shares and 1.44% for Class L Shares until at least May 31, 2025.

The ICE BofA U.S. Corporate & Government, 1-3 Years Index covers the U.S. investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities, with a remaining term to final maturity less than 3 years. Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.

The Morningstar Rating

Morningstar ratings are based on risk-adjusted returns and do not take into account the effect of sales charges and loads. © 2024 Morningstar, Inc. All Rights Reserved. The information contained: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The Fund had the following ratings based on risk-adjusted returns in the Short-Term Bond category as of 6/30/24, respectively: (1) for APIMX: 3 yr, 3 stars; 5 yr, 3 stars; 10 yr, 3 stars; Overall, 3 stars; (2) for AFMMX: 3 yr, 2 stars; 5 yr, 2 star; 10 yr, 1 star; Overall, 2 star; (3) APIBX: 3 yr, 3 stars; 5 yr, 3 stars; 10 yr, 2 Stars; Overall, 3 stars. Number of funds in the category: 3 yr, 522; 5 yr, 482; 10 yr, 354; Overall, 522.

Yorktown Funds are distributed by Ultimus Fund Distributors, LLC (member FINRA/SIPC). Yorktown Funds and Ultimus Fund Distributors, LLC are not affiliated.

Check the background of Ultimus Fund Distributors, LLC on FINRA’s BrokerCheck: brokercheck.finra.org.

Annual Operating Expenses

Per the most recent prospectus, (1) Fund total operating expense ratios are: Class A, 2.18%; Class L, 2.93%; Institutional Class, 1.82% and (2) Fund net annual operating expense ratios are: Class A, 1.69%, Class L, 2.44%, Institutional Class, 1.44%. The net annual expense ratio takes into account contractual management fee waivers that are in effect until May 31, 2025.

Annual Operating Expenses

As of the May 31, 2024 prospectus, Fund total operating expense ratios are: Class A, 1.39%; Class L, 2.39%; Institutional Class, 1.39%. In the interest of limiting expenses of the Fund, the Adviser has entered into a contractual expense limitation agreement with the Trust, effective May 31, 2024, 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, 2025.

Annual Operating Expenses

Per the most recent prospectus, Fund total operating expense ratios are: Class A, 2.68%; Class L, 3.43%; Institutional Class, 2.43%. The Fund does not use fee waivers at this time.

Annual Operating Expenses

Per the most current prospectus, (1) Fund total operating expense ratios are: Class A, 0.96%; Class L, 1.61%; Institutional Class, 0.96% until at least May 31, 2025. (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 0.79% for Class A shares and Institutional Class shares and 1.44% for Class L Shares until at least May 31, 2025.