Yorktown Small Cap Fund 20

[Pages:2]Yorktown Small Cap Fund

1Q 20

MORNINGSTARTM RATING

Overall (5 star)

Small Blend

628 funds in category

The Fund had the following ratings as of 3/31/20, respectively: (1) for YOVAX: 3 yr, 5 stars; Overall, 5 stars; (2) for YOVLX: 3 yr, 4 stars; Overall, 4 stars; (3) YOVIX: 3 yr, 5 stars; Overall, 5 stars. The number of funds in each respective category were: 3 yr, 628; Overall, 628. Morningstar ratings are based on risk-adjusted returns and do not take into account the effect of sales charges and loads. See additional information on next page. ? 2019 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.

SUB ADVISOR

Sapphire Star Capital is an SEC registered boutique asset manager with over 100 Million in AUM specializing in systematic equity and equity derivative solutions ranging across the market capitalization spectrum.

CHARACTERISTICS

Assets

$19,867,080

Objective

Long-Term Capital Appreciation

Morningstar Category

Small Blend

MORNINGSTAR STYLE BOX

SMALL MEDIUM LARGE

VALUE

BLEND GROWTH

SPECIFICATIONS

Class I (YOVIX)

Class A (YOVAX)

Incep. 5/09/16

5/09/16

Class L (YOVLX)

5/09/16

AVERAGE ANNUAL TOTAL RETURNS (%) AS OF 3/31/2020

Class Ticker

YTD

1 Year

3 Year

5 Year

10 Year Inception

I3

YOVIX -26.45

-20.64

-3.45

--

--

2.07

A1,3 YOVAX -26.57

-20.85

-3.69

--

--

1.82

A2,3 YOVAX -30.79

-25.37

-5.57

--

--

0.28

L3

YOVLX -26.69

-21.46

-4.42

--

--

1.03

1 without sales charge 2 with sales charge 3 Inception Date 5/9/2016

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.

INVESTMENT STRATEGY

The Fund seeks to achieve its investment objective by investing in U.S. listed securities with market capitalization within the range of the targeted benchmark, the Russell 2000 Growth Index. Under normal circumstances, the Fund invests at least 80% of its assets (plus the amount of any borrowings for investment purposes) in small cap companies. At any given time, the Fund may hold up to 15% of its assets in American Depositary Receipts (ADRs). Typically, the Fund invests in approximately 40-60 stocks that pass the Investment Manager's stringent quantitative and fundamental criteria.

GROWTH OF $10,000: 5/9/2016 - 3/31/2020

$20k 18 16 14 12 10

8 6 4

2

0

05-16

08-16

11-16 02-17

05-17 08-17 11-17 02-18 05-18 08-18

11-18

02-19 05-19 08-19 11-19 02-20

Principal

Income

Russell 2000 Value TR

Russell 2000 Growth TR

Source: Morningstar: Assuming Class A Load Waived (YOVAX)

Notes + 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 1-800-544-6060.

Annual Operating Expenses: Per the most recent prospectus, (1) Fund total operating expense ratios are:

Class A, 1.96%; Class L, 2.71%; Institutional Class, 1.71% and (2) Fund net annual operating expense ratios are: Class A, 1.48%, Class L, 2.23%, Institutional Class, 1.23%. The net annual expense ratio takes into account contractual management fee waivers that are in effect until May 6, 2021.

Russell 2000 Growth Index is an index measuring the performance of approximately 2,000 small-cap companies in the Russell 3000 index, which is made

up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States. You cannot invest directly in an index.

Investing involves risk, including loss of principal. There is no guarantee that this, or any investment strategy, will succeed. Small and mid-cap investing involves greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased

The Fund is distributed by Unified Financial Securities, LLC.

10034803-UFD-4/15/2020

Yorktown Sales Desk: 800.544.6060, Option 1

Yorktown Small Cap Fund

MAXIMUM SALES CHARGE

Class A: 2.25% initial sales charge Class L: No CDSC. No Front or back-end

load; offers the client complete liquidity

MANAGEMENT TEAM

Michael Borgen, Sapphire Founder, became Portfolio Manager on 10/16/2017 ? B.S. in Finance University of Nevada ? M.S. in Economics University of Nevada ? Senior Portfolio Manager at Navallier &

Associates from 1995-2014 ? Founded Sapphire Star Capital in 2015

James O'Leary, CFA, Co-Portfolio Manager

HOLDINGS AS OF 3/31/2020

Name FABRINET WINGSTOP INC. AUDIOCODES LTD. CHESAPEAKE UTILITIES CORP MORNINGSTAR INC. REPLIGEN CORP. CASH TECHTARGET NOVANTA INC. CHOICE HOTELS INTL INC. MUELLER INDUSTRIES INC NV5 HOLDINGS INC FTI CONSULTING FIRST AMERICAN FINANCIAL NEOGENOMICS, INC. PAYCOM SOFTWARE INC EVERTEC INC SINOVAC BIOTECH LTD DOUGLAS DYNAMICS INC AMERICA'S CAR-MART INC VIAVI SOLUTIONS INC FEDERATED INV-B GETTY REALTY CORP LITHIA MOTORS INC-CL A IRIDIUM COMMUNIC WORLD FUEL SERVICES CORP NEOGEN CORP. SCHWEITZER-MAUDU KNIGHT SWIFT TRANS HLDGS MERITAGE HOMES C SHAKE SHACK INC ARGO GROUP INTER MANTECH INTL-A

1Q 20

%

%

4.45 OUTFRONT MEDIA

1.46

4.17 MAIN STREET CAPITAL CORP

1.28

4.09 TRINET GROUP INC

1.27

3.93 TTEC HOLDINGS INC

1.20

3.86 ANI PHARMACEUTICALS INC

0.83

3.84 MESA LABORATORIES INC

0.82

3.78 ELLINGTON FINANCIAL INC

0.72

3.73 ELDORADO RESORTS INC

0.70

3.70 ARES COMM REAL ESTATE

0.67

3.51 LATTICE SEMICOND CORP

0.45

3.15 MAGIC SOFTWARE ENTERPRISE

0.40

3.03 PERION NETWORK LTD

0.37

2.82 CRACKER BARREL

0.34

2.65 SPARTAN MOTORS INC

0.32

2.64 SMITH MICRO SOFTWARE

0.32

2.54 LPL FINANCIAL HOLDINGS

0.27

2.53 CHIMERA INVESTMENT CORP

0.23

2.44 CLEAN HARBORS

0.12

2.18

2.13 INDUSTRY GROUPS 3/31/2020

2.07 Name 1.95 Information Technology 1.89 Consumer Discretionary 1.89 Industrials 1.87 Financials 1.86 Health Care 1.85 Communication Services

% 23.21 15.97 14.58 13.19 12.42

5.97

1.74 Utilities

3.93

1.68 Real Estate

3.35

1.65 Energy

1.86

1.58 Materials

1.74

1.56 Cash

3.78

1.46

Total 100.0

Notes + Important Disclosures

competitive threat.

The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life sub accounts, 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 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 is distributed by Unified Financial Securities, LLC.

10034803-UFD-4/15/2020

Yorktown Sales Desk: 800.544.6060, Option 1

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