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Multi-Sector Bond Fund

Fact Sheet
Prospectus
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Asset Class

Bond

Morningstar Category

Multisector Bond

Fund Benchmark

Bloomberg U.S. Agg Bond Index
Overview
Fund Information
Performance
Holdings
Distributions
Literature
Commentary

Overview

Investment Objective

The Fund seeks current income with limited credit risk.

Fund Description

The Yorktown Multi-Sector Bond Fund is a globally diversified portfolio that seeks a high level of current income with limited credit risk. The Fund invests primarily in a broad range of bonds including investment-grade and non-investment grade debt (U.S. and foreign). The Fund’s portfolio emphasizes credit diversification to reduce portfolio volatility, and tactically allocates risk across sectors and credit qualities while considering duration exposure. The Fund may be appropriate for investors seeking current income, total return, and limited credit risk.

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

Current income from investment-grade and non-investment-grade debt

U.S. and foreign securities

Seeks to reduce portfolio volatility through diversification

Fund Information

Fund Share Class Data

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Investment minimums for the Institutional Share Class purchased in a Fee Based Account, through an
advisor, are $1,000 minimum initial investment or $100 minimum investment on a monthly basis.

Read important information about results and other investment disclosures below.

Yields & Expenses

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: 04/01/2010

Class L inception: 07/01/2004

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This fund experienced a significant change in its investment strategy as of April 01, 2020.

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 as of April 01, 2020.

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 as of April 01, 2020.

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 2023 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

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.

Small- 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.

An investment in an exchange-traded fund (ETF) generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange traded) that has the same investment objectives, strategies, and policies. The price of an ETF can fluctuate up or down, and the Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs may be subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchanges officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Investments in real estate investment trusts (“REITs”) and real-estate related securities involve special risks associated with an investment in real estate, such as limited liquidity and interest rate risks and may be more volatile than other securities. In addition, the value of REITs and other real estate-related investments is sensitive to changes in real estate values, extended vacancies of properties and other environmental and economic factors.

Diversification does not ensure a profit or guarantee against loss.

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.

Performance Information

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 800-544-6060.

As of the most recent prospectus, the operating expense ratios for the Yorktown Multi-Sector Bond Fund are as follows: Class A, 1.11%; Class L, 1.61%; Institutional Class, 0.61%. The Fund does not use fee waivers at this time.

The Bloomberg U.S. Aggregate Bond Index, is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.

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

As of the most recent prospectus, the operating expense ratios for the Yorktown Multi-Sector Bond Fund are as follows: Class A, 1.11%; Class L, 1.61%; Institutional Class, 0.61%. The Fund does not use fee waivers at this time.

Annual Operating Expenses

Per the most recent prospectus, (1) Fund total operating expense ratios are: Class A, 1.63%; Class L, 2.38%; Institutional Class, 1.38% and (2) Fund net annual operating expense ratios are: Class A, 1.41%, Class L, 2.16%, Institutional Class, 1.16%. The net annual expense ratio takes into account contractual management fee waivers that are in effect until May 31, 2023.

Annual Operating Expenses

As of the May 31, 2022 prospectus, Fund total operating expense ratios are: Class A, 1.37%; Class L, 2.37%; Institutional Class, 1.37%. 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, 2022, 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, 2023.

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 before fee waivers are: Class A, 0.87%; Class L, 1.52%; Institutional Class, 0.87% and (2) In addition, the Adviser has entered into a one-year contractual expense limitation agreement with the Trust, effective May 31, 2022, so that the Fund’s ratios of total annual operating expenses are limited to: Class A, 0.84%; Class L, 1.49%; Institutional Class, 0.84% until at least May 31, 2023.