# EDGAR Filing Document

**Accession Number:** 0000764859
**File Stem:** 0001580642-26-003297
**Filing Date:** 2026-5
**Character Count:** 685026
**Document Hash:** 7ea8d2e22ba22353ce42cd2cf0ca01c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003297.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001580642-26-003297

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 36

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**EFFECTIVENESS DATE**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN PENSION INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000764859

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04262
- **FILM NUMBER:** 261022679

**BUSINESS ADDRESS:**
- **STREET 1:** 106 ANNJO COURT
- **STREET 2:** SUITE A
- **CITY:** FOREST
- **STATE:** VA
- **ZIP:** 24551
- **BUSINESS PHONE:** 434-846-1361

**MAIL ADDRESS:**
- **STREET 1:** 106 ANNJO COURT
- **STREET 2:** SUITE A
- **CITY:** FOREST
- **STATE:** VA
- **ZIP:** 24551
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN PENSION INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000764859

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-96538
- **FILM NUMBER:** 261022678

**BUSINESS ADDRESS:**
- **STREET 1:** 106 ANNJO COURT
- **STREET 2:** SUITE A
- **CITY:** FOREST
- **STATE:** VA
- **ZIP:** 24551
- **BUSINESS PHONE:** 434-846-1361

**MAIL ADDRESS:**
- **STREET 1:** 106 ANNJO COURT
- **STREET 2:** SUITE A
- **CITY:** FOREST
- **STATE:** VA
- **ZIP:** 24551

## Series and Classes Contracts Data

### Yorktown Growth Fund (Series ID: S000008424)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000023126 | Class L Shares      | APITX           |
| C000023127 | Class A Shares      | AFGGX           |
| C000127241 | Institutional Class | APGRX           |

### Yorktown Short Term Bond Fund (Series ID: S000008426)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000023131 | Class L Shares      | AFMMX           |
| C000023132 | Class A Shares      | APIMX           |
| C000127242 | Institutional Class | APIBX           |

### Yorktown Multi-Sector Bond Fund (Series ID: S000008428)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000023135 | Class L Shares             | AFFIX           |
| C000023136 | Class A Shares             | APIUX           |
| C000085545 | Institutional Class Shares | APIIX           |

### YORKTOWN SMALL-CAP FUND (Series ID: S000053763)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000169010 | Class A             | YOVAX           |
| C000169012 | Class L             | YOVLX           |
| C000169013 | Institutional Class | YOVIX           |

### Yorktown Treasury Advanced Total Return Fund (Series ID: S000069169)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000221013 | Institutional Class | AATRX           |

?xml version='1.0' encoding='ASCII'?

**As filed with the Securities and Exchange Commission on May 27, 2026**

**Securities Act of 1933 File No.: 002-96538**

**Investment Company Act of 1940 File No.: 811-04262**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT**<br> ***UNDER***<br> ***THE SECURITIES ACT OF 1933*** | ☒ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 92** |  |
| **And** |  |
| **REGISTRATION STATEMENT**<br> ***UNDER*** |  |
| ***THE INVESTMENT COMPANY ACT OF 1940*** | ☒ |
| **Amendment No. 94** |  |
| **(Check appropriate box or boxes.)** |  |

---

**AMERICAN PENSION INVESTORS TRUST**

**(Exact name of Registrant as Specified in Charter)**

**106 Annjo Court, Suite A**

**Forest, VA 24551**

**(Address of Principal Executive Office)**

**Registrant's Telephone Number, including Area Code: (434) 846-1361**

**David D. Basten**

**106 Annjo Court, Suite A**

**Forest, VA 24551**

**(Name and Address of Agent for Service)**

**Maggie Bull, Esq.**

**Ultimus Fund Solutions, LLC**

**225 Pictoria Drive, Suite 450**

**Cincinnati, OH 45246**

**David C. Mahaffey, Esq.**

**Sullivan & Worcester LLP**

**1666 K Street, NW**

**Washington, DC 20006**

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b)

☒ on May 31, 2026 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on (date) pursuant to paragraph (a)(3)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of rule 485

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

![](logo.jpg)

**The Yorktown Funds** 

**each a series of American Pension Investors Trust**

---

| | | | |
|:---|:---|:---|:---|
| | **Ticker Symbols** | **Ticker Symbols** | **Ticker Symbols** |
| <br>**Yorktown Funds** | <br>**Class A** | <br>**Class L** | **Institutional**<br>**Class** |
| **Yorktown Growth Fund** | **AFGGX** | **APITX** | **APGRX** |
| **Yorktown Short Term Bond Fund** | **APIMX** | **AFMMX** | **APIBX** |
| **Yorktown Bond Fund\*** | **APIUX** | **AFFIX** | **APIIX** |
| **Yorktown Small Cap Fund** | **YOVAX** | **YOVLX** | **YOVIX** |
| **Yorktown Treasury Advanced Total Return Fund\*\*** | **(None)** | **(None)** | **AATRX** |

---

\* Formerly, Yorktown Multi-Sector Bond Fund.

\*\* Shares of the Yorktown Treasury Advanced Total Return Fund are not currently being offered for sale.

Yorktown Funds offers five mutual fund series in this prospectus (each, a "Fund," and together, the "Funds"). Each Fund offers you a separate investment, with its own investment objective and policies.

**PROSPECTUS DATED MAY 31, 2026**

**Like all mutual fund shares, the U.S. Securities and Exchange Commission has not approved or disapproved the shares offered in this prospectus or determined whether this prospectus is accurate or complete. Anyone who tells you otherwise is committing a crime.**

**t** **able of contents**

**Section 1 \| Fund Summaries**

This section provides you with an overview of each Fund, including investment objectives, fees and expenses, and historical performance information.

---

| | |
|:---|:---|
| **1** | Yorktown Growth Fund |
| **9** | Yorktown Short Term Bond Fund |
| **16** | Yorktown Bond Fund |
| **24** | Yorktown Small Cap Fund |
| **31** | Yorktown Treasury Advanced Total Return Fund |

---

**Section 2 \| Additional Information About Investment Strategies and Related Risks**

This section sets forth additional information about the Funds.

---

| | |
|:---|:---|
| **35** | Investment Objectives and Strategies of Each Fund |
| **41** | Principal Investment Risks |
| **48** | Non-Principal Strategies and Risks |
| **48** | Portfolio Holdings Disclosure |

---

**Section 3 \| Who Manages Your Money**

This section gives you a detailed discussion of our Investment Adviser and Portfolio Managers.

---

| | |
|:---|:---|
| **49** | The Investment Adviser |
| **50** | The Portfolio Managers |

---

**Section 4 \| How You Can Buy and Sell Shares**

This section provides the information you need to move money into or out of your account.

---

| | |
|:---|:---|
| **51** | What Share Classes We Offer |
| **53** | How to Reduce Your Sales Charge |
| **57** | How to Buy Shares |
| **60** | How to Sell Shares |

---

**Section 5 \| General Information**

This section summarizes the Funds' distribution policies and other general Fund information.

---

| | |
|:---|:---|
| **67** | Dividends, Distributions and Taxes |
| **68** | Net Asset Value |
| **69** | Fair Value Pricing |
| **69** | Frequent Trading |
| **70** | Acquired Fund Fees and Expenses |
| **71** | Distribution and Service Plans |
| **72** | General Information |
| **75** | Cost Basis |
| **75** | Privacy Policy |

---

**Section 6 \| Financial Highlights**

This section provides each Fund's financial performance for the past five years.

**Section 7 \| For More Information**

This section tells you how to obtain additional information relating to the Funds.

**Section 1 \| FUND SUMMARIES**

**Yorktown Growth Fund**

**Investment Objective –** Growth of capital.

**Fees and Expenses**

**This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Yorktown Funds. More information about these and other discounts is available from your financial professional and in the "How to Reduce Your Sales Charge" Section on page 53 of the Fund's prospectus. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder Fees (Fees paid directly from your investment)**

---

| | | | |
|:---|:---|:---|:---|
| | <br>**Class A**<br>**AFGGX** | <br>**Class L**<br>**APITX** | **Institutional**<br>**Class**<br>**APGRX** |
| **Maximum sales charge (load) imposed on purchases<br> (as percentage of offering price)** | **5.75%** |  |  |
| **Maximum deferred sales charges (load)<br> (as a percentage of the lesser of original purchase price or redemption proceeds)** | **0.50%<sup>(1)</sup>** |  |  |
| **Maximum Account fee (for accounts under $500)** | **$25/yr** | **$25/yr** | **$25/yr** |

---

**Annual Fund Operating Expenses**

**(Expenses that you pay each year as a percentage of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
| | <br>**Class A**<br>**AFGGX** | <br>**Class L**<br>**APITX** | **Institutional**<br>**Class**<br>**APGRX** |
| **Management Fee** | **0.90%** | **0.90%** | **0.90%** |
| **Distribution/Service (12b-1 Fees)** | **0.00%** | **1.00%** | **0.00%** |
| **Other Expenses<sup>(2)</sup>** | **0.38%** | **0.38%** | **0.38%** |
| **Total Annual Fund Operating Expenses<br> (before fee waivers and/or expense reimbursements)** | **1.28%** | **2.28%** | **1.28%** |
| **Fee Waivers and/or Expense Reimbursements<sup>(3)</sup>** | **(0.02)%** | **(0.02)%** | **(0.02)%** |
| **Total Annual Fund Operating Expenses<sup>(3)</sup>** | **1.26%** | **2.26%** | **1.26%** |

---

(1) Large purchases of Class A shares (greater than $1 million) are generally subject to a CDSC of 0.25% if the shares are redeemed during the first 12 months after purchase, unless the dealer, at its discretion, has waived the commission advance paid by Ultimus Fund Distributors, LLC (the "Distributor").

(2) "Other Expenses" include 0.01% of interest expense.

(3) 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, 2026, so that the Fund's ratio of total annual operating expenses is limited to 1.25% for Class A Shares, 2.25% for Class L Shares, and 1.25% for Institutional Class Shares until at least May 31, 2027 . Pursuant to the expense limitation agreement, the Adviser has agreed to waive or limit its fees and assume other expenses of the Fund (excluding acquired fund fees and expenses, brokerage fees, taxes, borrowing costs such as interest and dividend expenses on securities sold short, and other extraordinary expenses not incurred in the ordinary course of business) so that the Fund's ratio of total annual operating expenses is limited to the limits listed above. The Adviser is entitled to the reimbursement of fees waived or reimbursed by the Adviser to the Fund subject to the limitations that the reimbursement is made only for fees and expenses incurred not more than three years prior to the date of reimbursement, and the reimbursement may not be made if it would cause the Fund's annual expense limitations to be exceeded. The reimbursement amount may not include any additional charges or fees, such as interest accruable on the reimbursement account. Further, any recoupments will be subject to any lower expenses limitations that have been later implemented by the Board. The expense limitation agreement may be terminated only by the Board of Trustees of the Trust (the "Board") by providing 60 days' notice, or if the Adviser ceases to serve as adviser to the Fund.

**Example:**

**The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same (taking into account the expense limitation agreement for the one-year period). Although your actual costs may be higher or lower, based on these assumptions your costs would be:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A (AFGGX) Shares:** | **$696** | **$956** | **$1235** | **$2030** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class L (APITX) Shares:** | **$229** | **$710** | **$1218** | **$2614** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Institutional Class (APGRX) Shares:** | **$128** | **$404** | **$700** | **$1543** |

---

**Portfolio Turnover**

**The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio.**

**Principal Investment Strategies**

The Growth Fund invests in securities that, in the opinion of Yorktown Management & Research Company, Inc. (the "Adviser"), offer the opportunity for growth of capital.

The Growth Fund can include stocks of any size, within any sector, and at times the Adviser may emphasize one or more particular sectors. The Growth Fund may also invest in other U.S. and foreign securities, including securities convertible into common stock and securities issued through private placements, and securities issued by investment companies ("Underlying Funds"). Underlying Funds are open-end mutual funds, closed-end funds, Business Development Companies ("BDC's"), unit investment trusts, that seek capital growth or appreciation by investing primarily in common stock or convertible securities and that are not affiliated with the Fund or its Adviser. The Growth Fund may also invest in long-, intermediate- or short-term bonds and other fixed-income securities (or in Underlying Funds that invest primarily in such securities) whenever the Adviser believes that such securities offer a potential for capital appreciation, such as during periods of declining interest rates. In addition, the Growth Fund may invest in exchange traded funds ("ETFs"), including ETFs that represent interests in a portfolio of common stocks or fixed income securities seeking to track the performance of a securities index or similar benchmark. The Fund's investments in any one sector may exceed 25% of its net assets. As of February 28, 2026, over 25% of the Fund's assets were invested in securities within the technology and industrial sectors.

The Adviser may sell a security or redeem shares of an Underlying Fund given a variety of circumstances, such as: when an investment no longer appears to the Adviser to offer the potential to achieve the Growth Fund's investment objective; when an investment's performance does not meet the Adviser's expectations; when an investment opportunity arises that the Adviser believes is more compelling; to realize gains or limit losses; or to raise cash to meet shareholder redemptions or to pay expenses.

The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions. When the Fund takes a defensive position, the Fund's assets may be held in cash and/or invested in money market mutual funds, money market instruments, including repurchase agreements or other short-term securities considered by the Adviser to be of a defensive nature. When the Fund is invested in this manner, it may not achieve its investment objective.

**Principal Investment Risks**

**General Risks.** There is a risk that you could lose all or a portion of your investment in the Fund. The value of your investment in the Fund will go up and down with the prices of the securities in which the Fund invests.

**Equity Security Risk.** Prices of equity securities generally fluctuate more than those of other securities, such as debt securities. Market risk, the risk that prices of securities will decrease because of the interplay of

market forces, may affect a single issuer, industry or sector of the economy or may affect the market as a whole.

**Company Risk.** The Fund may invest in securities that involve certain special circumstances that the Adviser believes offer the opportunity for long-term capital appreciation. These investments may involve greater risks of loss than investments in securities of well-established companies with a history of consistent operating patterns.

**Investment Company Risk.** Any investment in an open-end or closed-end investment company involves risk and, although the Fund invests in a number of Underlying Funds, this practice does not eliminate investment risk. The value of shares of an Underlying Fund will go up and down in response to changes in the value of its portfolio holdings.

**Underlying Fund Risk.** None of the Underlying Funds are or will be affiliated with the Fund or the Adviser. Therefore, investment decisions by the investment advisers of the Underlying Funds are made independently of the Fund and the Fund's Adviser. The investment adviser of one Underlying Fund may be purchasing securities of the same issuer whose securities are being sold by the investment adviser of another Underlying Fund. The result of this would be an indirect expense to the Fund without accomplishing any investment purpose. The risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by underlying funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of underlying funds to achieve their respective investment objectives. The Fund bears Underlying Fund fees and expenses indirectly.

**Closed-End Fund Risk.** Shares of closed-end funds frequently trade at a price per share that is less than the net asset value per share. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease or that when the Fund seeks to sell shares of a closed-end fund it can receive the net asset value of those shares.

**Business Development Companies Risk.** Business Development Companies ("BDC's") are a specialized form of closed-end fund that invest generally in small developing companies and financially troubled businesses. BDC's invest in private companies and thinly traded securities of public companies, including debt instruments. Generally, little public information exists for private and thinly traded companies and there is a risk that investors may not be able to make fully informed investment decisions. Many debt investments in which a BDC may invest will not be rated by a credit rating agency and will be below investment grade quality. Risks faced by BDC's include: competition for limited BDC investment opportunities; the liquidity of a BDC's private investments; uncertainty as to the value of a BDC's private investments; risks associated with access to capital and leverage; and reliance on the management of a BDC. A Fund's investments in BDC's are similar and include portfolio company risk, leverage risk, market and valuation risk, price volatility risk and liquidity risk.

**Exchange Traded Fund Risk.** ETFs are not managed in the traditional sense, using economic, financial and market analysis, and the adverse financial situation of an issuer will not directly result in its elimination from the index. In addition, investments in ETFs involve risks similar to investments in closed-end funds including, but not limited to, the possibility that the shares of ETFs may trade at a market discount.

**Debt Security Risk.** The values of debt securities held by the Fund are affected by rising and declining interest rates. In general, debt securities with longer term maturities tend to fall more in value when interest rates rise than debt securities with shorter terms. A debt security is also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default, and therefore it may lose value if the issuer is unable to pay interest or repay principal when it is due.

**Junk Bonds or High Yield, High Risk Securities Risk.** Bonds rated below investment grade (i.e., BB or lower by S&P or Ba or lower by Moody's) are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities.

**Foreign Securities Risk.** The 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. The value of the Fund's investment may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. There may be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle.

**Emerging Market Risk.** There are greater risks involved in investing in emerging market countries and/or their securities markets. Generally, economic structures in these countries are less diverse and mature than those in developed countries, and their political systems are less stable. Investments in emerging markets countries may be affected by national policies that restrict foreign investment in certain issuers or industries.

**Small-Cap Company Risk.** The Fund's investments in small-cap companies may involve greater risks than investments in larger, more established issuers. Smaller companies generally have narrower product lines, more limited financial resources and more limited trading markets for their stock, as compared with larger companies. Their securities may be less well-known and trade less frequently and in more limited volume than the securities of larger, more established companies.

**Growth Style Risk.** The price of equity securities rises and falls in response to many factors, including the historical and prospective earnings of the issuer of the stock, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. The Growth Fund may invest in securities of companies that the Adviser believes have superior prospects for robust and sustainable growth of revenues and earnings. These may be companies with new, limited or cyclical product lines, markets or financial resources, and the management of such companies may be dependent upon one or a few key people. The stocks of such companies can therefore be subject to more abrupt or erratic market movements than stocks of larger, more established companies or the stock market in general.

**Convertible Securities Risk.** A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive the interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion or exchange, such securities ordinarily provide a stream of income with generally higher yields than common stocks of the same or similar issuers, but lower than the yield on non-convertible debt. The value of a convertible security is a function of (1) its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege and (2) its worth, at market value, if converted into or exchanged for the underlying common stock. Convertible securities are typically issued by smaller capitalized companies whose stock prices may be volatile. The price of a convertible security often reflects such variations in the price of the underlying common stock in a way that non-convertible debt does not.

**Sector Emphasis Risk.** The Fund, from time to time, may invest 25% or more of its assets in one or more sectors subjecting the Fund to sector emphasis risk. This is the risk that the Fund is subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector the Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors.

● Technology Sector Risk. The technology sector can be significantly affected by rapid obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, government regulation, and general economic conditions.

● Industrial Sector Risk. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.

**The Fund's Past Performance**

**The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's Class L Share performance from year to year and by showing how the Fund's Class L Share average annual returns for 1-, 5-, and 10- year periods compare with those of a broad measure of market performance. The past performance of the Fund's Class L Shares (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.yorktownfunds.com and by calling toll-free 888-933-8274.**

**Year-By-Year Annual Returns – Class L Shares (APITX)**

**(for calendar years ending on December 31)**

![](pro_002.jpg)

During the period covered by the bar chart, the highest return on Class L Shares for a quarter was 20.18% (quarter ended June 30, 2020) and the lowest return for a quarter was (18.33)% (quarter ended June 30, 2022). Year to date total return for Class L Shares as of March 31, 2026 was (0.57)%.

**Average Annual Total Returns**

**(for periods ending on December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Ten Years** |
| **Return Before Taxes** **- Class L Shares (APITX)** | **10.90%** | **3.81%** | **8.70%** |
| **Return After-Taxes on Distributions<sup>(1)</sup>** | **10.90%** | **2.92%** | **6.95%** |
| **Return After-Taxes on Distributions and Sale of Fund Shares<sup>(1)</sup>** | **6.45%** | **2.84%** | **6.66%** |
| **MSCI ACWI Total Return Index<sup>(2)</sup><br> (reflects no deduction for fees, expenses or taxes)** | **22.87%** | **11.70%** | **12.28%** |
|  | **One Year** | **Five Years** | **Ten Years** |
| **Return Before Taxes** **- Class A Shares (AFGGX)** | **5.46%** | **3.60%** | **9.14%** |
|  | **One Year** | **Five Years** | **Ten Years** |
| **Return Before Taxes** **- Institutional Class Shares (APGRX)** | **11.94%** | **4.83%** | **9.80%** |

---

(1) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-Tax Returns are shown for only Class L Shares. After-tax returns for Class A and Institutional Class Shares will vary.

(2) The
 MSCI ACWI Total Return Index is a globally diversified market capitalization-weighted index
 that represents the performance of large- and mid-cap stocks across both developed and emerging
 markets. It is designed to capture approximately 85% of the global equity market capitalization.
 The "Total Return" aspect means it includes reinvested dividends.

**Management**

**Investment Adviser –** Yorktown Management & Research Company, Inc.

**Portfolio Managers –** David D. Basten, President and Chief Investment Officer, has served as Portfolio Manager to the Fund since its inception in 1985. David M. Basten, Portfolio Manager, has acted as Portfolio Manager to the Fund since 2005. Brentz East, Securities Analyst, has acted as Portfolio Manager to the Fund since 2011.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the

Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your sales person to recommend the Fund over another investment. Ask your sales person or visit your financial intermediary's website for more information.

Institutional Class Shares are sold without an initial front-end sales charge so that the full amount of your purchase is invested in the Fund.

Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional Shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker.

**Yorktown Short Term Bond Fund**

**Investment Objective –** The Fund's investment objective is to seek income consistent with the preservation of capital.

**Fees and Expenses**

**This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Yorktown Funds. More information about these and other discounts is available from your financial professional and in the "How to Reduce Your Sales Charge" Section on page 53 of the Fund's prospectus. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees<br> (Fees paid directly from your investment)** | **Shareholder Fees<br> (Fees paid directly from your investment)** | **Shareholder Fees<br> (Fees paid directly from your investment)** | **Shareholder Fees<br> (Fees paid directly from your investment)** |
|  |  |  | **Institutional** |
|  | **Class A** | **Class L** | **Class** |
| | **APIMX** | **AFMMX** | **APIBX** |
| **Maximum sales charge (load) imposed on purchases<br> (as percentage of offering price)** | **2.25%** |  |  |
| **Maximum deferred sales charge (load)<br> (as a percentage of the lesser of original purchase price or redemption proceeds)** | **0.50%<sup>(1)</sup>** |  |  |
| **Maximum Account fee (for accounts under $500)** | **$25/yr** | **$25/yr** | **$25/yr** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  |  |  | **Institutional** |
|  | **Class A** | **Class L** | **Class** |
| | **APIMX** | **AFMMX** | **APIBX** |
| **Management Fee** | **0.70%** | **0.70%** | **0.70%** |
| **Distribution/Service (12b-1 Fees)** | **0.00%** | **0.65%** | **0.00%** |
| **Other Expenses** | **0.30%** | **0.30%** | **0.30%** |
| **Total Annual Fund Operating Expenses<br> (before fee waivers and/or expense reimbursements)** | **1.00%** | **1.65%** | **1.00%** |
| **Fee Waivers and/or Expense Reimbursements<sup>(2)</sup>** | **(0.21)%** | **(0.21)%** | **(0.21)%** |
| **Total Annual Fund Operating Expenses<sup>(2)</sup>** | **0.79%** | **1.44%** | **0.79%** |

---

(1) Large purchases of Class A shares (greater than $250,000) are generally subject to a CDSC of 0.25% if the shares are redeemed during the first 12 months after purchase, unless the dealer, at its discretion, has waived the commission advance paid by Ultimus Fund Distributors, LLC (the "Distributor").

(2) 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, 2026, so that the Fund's ratio of total annual operating expenses is limited to 0.79% for Class A Shares, 1.44% for Class L Shares, and 0.79% for Institutional Class Shares until at least May 31, 2027 . Pursuant to each of these expense limitation agreements, the Adviser has agreed to waive or limit its fees and assume other expenses of the Fund (excluding interest, taxes, brokerage commissions and other expenditures capitalized in accordance with generally accepted accounting principles or other extraordinary expenses not incurred in the ordinary course of business) so that the Fund's ratio of total annual operating expenses is limited to the limits listed above. The Adviser is entitled to the reimbursement of fees waived or reimbursed by the Adviser to the Fund subject to the limitations that the reimbursement is made only for fees and expenses incurred not more than three years prior to the date of reimbursement, and the reimbursement may not be made if it would cause the Fund's annual expense limitations to be exceeded. The reimbursement amount may not include any additional charges or fees, such as interest accruable on the reimbursement account. Further, any recoupments will be subject to any lower expenses limitations that have been later implemented by the Board. The expense limitation agreement may be terminated only by the Board of Trustees of the Trust (the "Board") by providing 60 days' notice, or if the Adviser ceases to serve as adviser to the Fund.

**Example:**

**The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same (taking into account the expense limitation agreement for the one-year period). Although your actual costs may be higher or lower, based on these assumptions your costs would be:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A (APIMX) Shares:** | **$304** | **$516** | **$745** | **$1403** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class L (AFMMX) Shares:** | **$147** | **$500** | **$877** | **$1937** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Institutional Class (APIBX) Shares:** | **$81** | **$298** | **$532** | **$1206** |

---

**Portfolio Turnover**

**The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 39% of the average value of its portfolio.**

**Principal Investment Strategies**

Under normal circumstances, the Short Term Bond Fund invests at least 80% of its assets in fixed income securities that, in the Adviser's opinion, offer the opportunity for income consistent with preservation of capital. The Fund's portfolio will have an average aggregate maturity of not more than three years.

The Adviser exercises a flexible strategy in the selection of various types of debt (or fixed income) investments and is not limited by investment style, sector or asset class. The fund seeks to provide diversification by allocating the Fund's investments among various areas of the fixed income markets.

The Fund primarily invests in the investment grade debt securities of various types. Such investments primarily include (but not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;■ Corporate debt of U.S. and foreign (including emerging market) issuers that are denominated in U.S. Dollars

&nbsp;&nbsp;&nbsp;&nbsp;■ Mortgage-backed and other asset-backed securities, including privately issued mortgage-related securities and commercial mortgage-backed securities (privately issued mortgage-related securities are limited to not more than 5% of the Fund's total assets)

&nbsp;&nbsp;&nbsp;&nbsp;■ Securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises

&nbsp;&nbsp;&nbsp;&nbsp;■ Bonds of foreign government issuers (including its agencies) payable in U.S. dollars

&nbsp;&nbsp;&nbsp;&nbsp;■ Inflation linked investments

&nbsp;&nbsp;&nbsp;&nbsp;■ Taxable municipal bonds and/or tax-exempt municipal bonds.

Although the Short Term Bond Fund invests primarily in investment-grade debt securities (as designated by S&P, Moody's or Fitch) it may invest a portion of its net assets in securities rated below investment grade. Normally we would expect the majority of these investments to be rated in the top tier of below investment grade (i.e. BB designations by S&P). Additionally, the Fund may invest a portion of its net assets in any one or a combination of the following types of fixed income securities including (but not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;■ Preferred stock, baby bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ High-yield debt securities (commonly referred to as "lower-rated" or "junk" bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ Senior loans, including bridge loans, assignments, and participations

&nbsp;&nbsp;&nbsp;&nbsp;■ Non-rated securities for S&P, Moody's or Fitch

&nbsp;&nbsp;&nbsp;&nbsp;■ Convertible securities, including convertible bonds and preferred stocks

The Fund attempts to manage interest rate risk through its management of dollar-weighted average modified duration of the securities it holds in its portfolio. Under normal conditions, the Fund's portfolio will have an average aggregate maturity of not more than three years. The Fund also attempts to manage risk through credit analysis with a focus on company assets, free cash flow, capital stock, earnings, economic prospects and debt structure. While not limited by these factors the goal of all investments is to provide a reasonable amount of income with the barbell of capital preservation and how they interact within the portfolio. To this end, the Fund does not attempt to purchase securities with a plan to quickly turnover those assets.

The Adviser may sell a security given a variety of circumstances, such as: when an investment no longer appears to the Adviser to offer the potential to achieve the Fund's investment objective; when an investment's performance does not meet the Adviser's expectations; when an investment opportunity arises that the Adviser believes is more compelling; to realize gains or limit losses; or to raise cash to meet shareholder redemptions or to pay expenses.

The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions. When the Fund takes a defensive position, the Fund's assets may be held in up to 100% cash and/or invested in money market mutual funds, money market instruments, including repurchase agreements or other short-term securities considered by the Adviser to be of a defensive nature. When the Fund is invested in this manner, it may not achieve its investment objective.

**Principal Investment Risks**

**General Risks.** There is a risk that you could lose all or a portion of your investment in the Fund. The value of your investment in the Fund will go up and down with the prices of the securities in which the Fund invests.

**Debt Security Risk.** The values of debt securities held by the Fund are affected by rising and declining interest rates. In general, debt securities with longer term maturities tend to fall more in value when interest rates rise than debt securities with shorter terms. A debt security is also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default, and therefore it may lose value if the issuer is unable to pay interest or repay principal when it is due.

**Junk Bonds or High Yield, High Risk Securities Risk.** Bonds rated below investment grade (i.e., BB or lower by S&P or Ba or lower by Moody's) are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities.

**Foreign Securities Risk.** The 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. The value of the Fund's investment may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. There may be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle.

**The Fund's Past Performance**

**The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The bar chart does not reflect sales loads. If it did, the annual total returns shown would be lower. Updated performance information is available at www.yorktownfunds.com and by calling toll-free 888-933-8274.**

**Year-By-Year Annual Returns – Class A Shares (APIMX)**

**(for calendar years ending on December 31)**

![](pro_003.jpg)

During the period covered by the bar chart, Class A Shares' highest return for a quarter was 4.29% (quarter ended June 30, 2020) and the lowest return for a quarter was (4.04)% (quarter ended March 31, 2020). Class A Shares' year to date total return as of March 31, 2026 was 0.16%.

**Average Annual Total Returns**

**(for periods ending on December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Ten Years** |
| **Return Before Taxes** **- Class A Shares (APIMX)** | **3.51%** | **1.82%** | **2.78%** |
| **Return After-Taxes on Distributions<sup>(1)</sup>** | **1.96%** | **0.77%** | **1.69%** |
| **Return After-Taxes on Distributions and Sale of Fund Shares<sup>(1)</sup>** | **2.05%** | **0.93%** | **1.65%** |
| **Bloomberg U.S. Aggregate Bond Index<sup>(2)</sup><br> (reflects no deductions for fees, expenses or taxes)** | **7.30%** | **(0.36)%** | **2.01%** |
|  | **One Year** | **Five Years** | **Ten Years** |
| **Return Before Taxes** **- Class L Shares (AFMMX)** | **5.01%** | **1.57%** | **2.17%** |
|  | **One Year** | **Five Years** | **Ten Years** |
| **Return Before Taxes** **- Institutional Class Shares (APIBX)** | **5.50%** | **2.22%** | **2.98%** |

---

(1) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-Tax Returns are shown for only Class A Shares. After-tax returns for Class L and Institutional Class Shares will vary.

(2) 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 frequently use the index as a stand-in for measuring the performance of
the U.S. bond market.

**Management**

**Investment Adviser –** Yorktown Management & Research Company, Inc.

**Portfolio Managers –** David D. Basten, President and Chief Investment Officer, has served as Portfolio Manager to the Fund since its inception in 1997. David M. Basten, Portfolio Manager, has acted as Portfolio Manager to the Fund since 2005. John P. Tener, Portfolio Manager, has acted as Portfolio Manager to the Fund since 2019.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your sales person to recommend the Fund over another investment. Ask your sales person or visit your financial intermediary's website for more information.

Institutional Class Shares are sold without an initial front-end sales charge so that the full amount of your purchase is invested in the Fund.

Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional Shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker.

**Yorktown Bond Fund**

**Investment Objective –** Current income with limited credit risk.

**Fees and Expenses**

**This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Yorktown Funds. More information about these and other discounts is available from your financial professional and in the "How to Reduce Your Sales Charge" Section on page 53 of the Fund's prospectus. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees <br> (Fees paid directly from your investment)** | **Shareholder Fees <br> (Fees paid directly from your investment)** | **Shareholder Fees <br> (Fees paid directly from your investment)** | **Shareholder Fees <br> (Fees paid directly from your investment)** |
|  |  |  | **Institutional** |
|  | **Class A** | **Class L** | **Class** |
| | **APIUX** | **AFFIX** | **APIIX** |
| **Maximum sales charge (load) imposed on purchases<br> (as percentage of offering price)** | **5.75%** |  |  |
| **Maximum deferred sales charge (load)<br> (as a percentage of the lesser of original purchase price or redemption proceeds)** | **0.50%<sup>(1)</sup>** |  |  |
| **Maximum Account fee (for accounts under $500)** | **$25/yr** | **$25/yr** | **$25/yr** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  |  |  | **Institutional** |
|  | **Class A** | **Class L** | **Class** |
| | **APIUX** | **AFFIX** | **APIIX** |
| **Management Fee** | **0.40%** | **0.40%** | **0.40%** |
| **Distribution/Service (12b-1 Fees)** | **0.50%** | **1.00%** | **0.00%** |
| **Other Expenses** | **0.25%** | **0.25%** | **0.25%** |
| **Acquired fund fees and expenses** | **0.01%** | **0.01%** | **0.01%** |
| **Total Annual Fund Operating Expenses** | **1.16%** | **1.66%** | **0.66%** |
| **Fees waived and/or expenses reimbursed** | **0.00%** | **0.00%** | **0.00%** |
| **Total annual fund operating expenses after waiving fees and/or reimbursing expenses** | **1.16%** | **1.66%** | **0.66%** |

---

(1) Large purchases of Class A shares (greater than $1 million) are generally subject to a CDSC of 0.25% if the shares are redeemed during the first 12 months after purchase, unless the dealer, at its discretion, has waived the commission advance paid by Ultimus Fund Distributors, LLC (the "Distributor").

**Example:**

**The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.**

**Although your actual costs may be higher or lower, based on these assumptions your costs would be:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A (APIUX) Shares:** | **$686** | **$922** | **$1177** | **$1903** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class L (AFFIX) Shares:** | **$169** | **$523** | **$902** | **$1965** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Institutional Class (APIIX) Shares:** | **$67** | **$211** | **$368** | **$822** |

---

**Portfolio Turnover**

**The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 46% of the average value of its portfolio.**

**Principal Investment Strategies**

The Bond Fund invests in securities that, in the Adviser's opinion, offer the opportunity for current income with limited credit risk.

The Adviser exercises a flexible strategy in the selection of investments and is not limited by investment style or asset class, provided, however, that at least 80% of the Bond Fund's net assets are invested in debt securities. The Bond Fund may invest in debt securities, including U.S. Government securities, corporate bonds and structured notes; common stock of U.S. and foreign issuers and in other U.S. and foreign securities, including securities convertible into common stock and securities issued through private placements; securities issued by investment companies and ETFs, some of which may be affiliated with the Adviser; real estate investment trusts and other issuers that invest, deal, or otherwise engage in transactions in real estate; and other instruments.

The Adviser invests directly in equity or debt securities when it believes attractive investment opportunities exist. In deciding whether to invest in a debt security, the Adviser focuses on the maturity of the obligations and the credit quality of the security, including the underlying rating of insured bonds. When the Adviser believes there is a falling interest rate environment, the Bond Fund generally will purchase longer maturity obligations. Similarly, when the Adviser believes there is a rising interest rate environment, the Bond Fund generally will purchase shorter maturity obligations. Although the Adviser considers ratings in determining whether securities

convertible into common stock or debt securities are appropriate investments for the Bond Fund, such securities may include investments rated below investment grade, commonly known as "junk bonds." When investing in equity securities, the Adviser looks for companies with favorable income-paying history and that have prospects for income payments to continue to increase.

When investing in Underlying Funds, the Adviser considers, among other things, the Underlying Funds' past performance and their investment objectives and policies, the investment style, reputation and quality of their investment advisers and the Underlying Funds' size and cost structure. The Adviser selects ETFs in which to invest based on a number of factors, including an analysis of their past performance, market sector and liquidity. Through direct investments and indirect investments in Underlying Funds, and ETFs, the Bond Fund may have significant exposure to foreign securities, including high yield securities, emerging market securities, small-cap securities and specific sectors of the market.

The Adviser may sell a security or redeem shares of an Underlying Fund given a variety of circumstances, such as: when an investment no longer appears to the Adviser to offer the potential to achieve the Bond Fund's investment objective: when an investment's performance does not meet the Adviser's expectations; when an investment opportunity arises that the Adviser believes is more compelling; to realize gains or limit losses; or to raise cash to meet shareholder redemptions or to pay expenses.

The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions. When the Fund takes a defensive position, the Fund's assets may be held in cash and/or invested in money market mutual funds, money market instruments, including repurchase agreements or other short-term securities considered by the Adviser to be of a defensive nature. When the Fund is invested in this manner, it may not achieve its investment objective.

**Principal Investment Risks**

**General Risks.** There is a risk that you could lose all or a portion of your investment in the Fund. The value of your investment in the Fund will go up and down with the prices of the securities in which the Fund invests.

**Equity Security Risk.** Prices of equity securities generally fluctuate more than those of other securities, such as debt securities. Market risk, the risk that prices of securities will decrease because of the interplay of market forces, may affect a single issuer, industry or sector of the economy or may affect the market as a whole.

**Company Risk.** The Fund may invest in securities that involve certain special circumstances that the Adviser believes offer the opportunity for long-term capital appreciation. These investments may involve greater risks of loss than investments in securities of well-established companies with a history of consistent operating patterns.

**Investment Company Risk.** Any investment in an open- end investment company involves the risk that the value of shares of the investment company will go up and down in response to changes in the value of its portfolio holdings. In addition, the Fund will indirectly bear the fees and expenses of the underlying investment company.

**Closed-End Fund Risk.** Shares of closed-end funds frequently trade at a price per share that is less than the net asset value per share. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Funds will ever decrease or that when the Fund seeks to sell shares of a closed-end fund it can receive the net asset value of those shares.

**Exchange Traded Fund Risk.** ETFs and index funds are not managed in the traditional sense, using economic, financial and market analysis, and the adverse financial situation of an issuer will not directly result in its elimination from the index. In addition, investments in ETFs involve risks similar to investments in closed-end funds including, but not limited to, the possibility that the shares of ETFs may trade at a market discount.

**Leverage Risk.** Leveraging may exaggerate the effect on the net asset value of any increase or decrease in the market value of the Fund's portfolio securities. Money borrowed will be subject to interest and other costs, which may not be recovered by appreciation of the securities purchased.

**Debt Security Risk.** The values of debt securities held by the Fund are affected by rising and declining interest rates. In general, debt securities with longer term maturities tend to fall more in value when interest rates rise than debt securities with shorter terms. A debt security is also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default, and therefore it may lose value if the issuer is unable to pay interest or repay principal when it is due.

**Investment Grade Securities Risk.** Debt securities are rated by national bond ratings agencies. Securities rated BBB by S&P or Baa by Moody's are considered investment grade securities, but are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, and are considered to lack outstanding investment characteristics.

**Junk Bonds or High Yield, High Risk Securities Risk.** Bonds rated below investment grade (i.e., BB or lower by S&P or Ba or lower by Moody's) ("junk bonds") are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities. They are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. The retail secondary market for these "junk bonds" may be less liquid than that of higher rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating the Fund's net asset value. The Fund investing in "junk bonds" may also be subject to greater credit risk because it may invest in debt securities issued in connection with corporate restructuring by highly leveraged issuers or in debt securities not current in the payment of interest or principal or in default.

**Foreign Securities Risk.** The 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. The value of the Fund's investment may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. There may be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle.

**Emerging Market Risk.** There are greater risks involved in investing in emerging market countries and/or their securities markets. Generally, economic structures in these countries are less diverse and mature than those in developed countries, and their political systems are less stable. Investments in emerging markets countries may be affected by national policies that restrict foreign investment in certain issuers or industries.

**Small-Cap Company Risk.** The Fund's investments in small-cap companies may involve greater risks than investments in larger, more established issuers. Smaller companies generally have narrower product lines, more limited financial resources and more limited trading markets for their stock, as compared with larger companies. Their securities may be less well-known and trade less frequently and in more limited volume than the securities of larger, more established companies.

**Real Estate Investment Trust Risk.** Investments in real estate investment trusts and other issuers that invest, deal, or otherwise engage in transactions in or hold real estate or interests therein expose the Fund to risks similar to investing directly in real estate and the value of these investments may be affected by changes in the value of the underlying real estate, the creditworthiness of the issuer of the investments, and changes in property taxes, interest rates and the real estate regulatory environment.

**Convertible Securities Risk.** A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive the interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion or exchange, such securities ordinarily provide a stream of income with generally higher yields than common stocks of the same or similar issuers, but lower than the yield on non-convertible debt. The value of a convertible security is a function of (1) its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege and (2) its worth, at market value, if converted into or exchanged for the underlying common stock. Convertible securities are typically issued by smaller capitalized companies whose stock prices may be volatile. The price of a convertible security often reflects such variations in the price of the underlying common stock in a way that non-convertible debt does not.

**Privately Placed Securities Risk.** Investments in privately placed securities involve a high degree of risk. The issuers of privately placed securities are not typically subject to the same regulatory requirements and oversight to which public issuers are subject, and there may be very little public information available about the issuers and their performance. In addition, because the Fund's ability to sell these securities may be significantly restricted, they may be deemed illiquid and it may be more difficult for the Fund to sell them at an advantageous price and time. Because there is generally no ready public market for these securities, they may also be difficult to value and the Fund may need to determine a fair value for these holdings under policies approved by the Trust's Board of Trustees (the "Board").

**Credit Liquidity and Volatility Risk.** The markets for credit instruments have experienced periods of extreme illiquidity and volatility. General market uncertainty and consequent repricing risk have, in the past, led to market imbalances of sellers and buyers, which in turn resulted in significant valuation uncertainties in a variety of debt securities and significant and rapid value declines in certain instances. Under those kinds of conditions, valuation of some of the Funds' fixed income securities could be uncertain and/or result in sudden and significant value declines in its holdings. In addition, future illiquidity and volatility in the credit markets may directly and adversely affect the setting of dividend rates.

**Underlying Fund Risk.** None of the Underlying Funds are or will be affiliated with the Fund or the Adviser. Therefore, investment decisions by the investment advisers of the Underlying Funds are made independently of the Fund and the Fund's Adviser. The investment adviser of one Underlying Fund may be purchasing securities of the same issuer whose securities are being sold by the investment adviser of another Underlying Fund. The result of this would be an indirect expense to the Fund without accomplishing any investment purpose. The risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by underlying funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of underlying funds to achieve their respective investment objectives. The Fund bears Underlying Fund fees and expenses indirectly.

**The Fund's Past Performance**

**The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The bar chart does not reflect sales loads. If it did, the annual total returns shown would be lower. Updated performance information is available at www.yorktownfunds.com and by calling toll-free 888-933-8274.**

**Year-By-Year Annual Returns – Institutional Class Shares (APIIX)**

**(for calendar years ending on December 31)**

![](pro_004.jpg)

During the period covered by the bar chart, Institutional Class Shares' highest return for a quarter was 9.00% (quarter ended March 31, 2019) and the lowest return for a quarter was (17.42)% (quarter ended March 31, 2020). Institutional Class Shares' year to date total return as of March 31, 2026 was (0.02)%.

**Average Annual Total Returns**

**(for periods ending on December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Ten Years** |
| **Return Before Taxes** **- Institutional Class Shares (APIIX)** | **6.94%** | **2.20%** | **4.41%** |
| **Return After-Taxes on Distributions<sup>(1)</sup>** | **5.03%** | **0.44%** | **2.41%** |
| **Return After-Taxes on Distributions and Sale of Fund Shares<sup>(1)</sup>** | **4.07%** | **0.89%** | **2.56%** |
| **Bloomberg U.S. Aggregate Bond Index<sup>(2)</sup>** **<br> (reflects no deduction for fee, expenses or taxes)** | **7.30%** | **(0.36)%** | **2.01%** |
|  | **One Year** | **Five Years** | **Ten Years** |
| **Return Before Taxes** **- Class A Shares (APIUX)** | **0.35%** | **0.52%** | **3.28%** |
|  | **One Year** | **Five Years** | **Ten Years** |
| **Return Before Taxes** **- Class L Shares (AFFIX)** | **6.02%** | **1.18%** | **3.36%** |

---

(1) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-Tax Returns are shown for only Institutional Class Shares. After-tax returns for Class A and Class L Shares will vary.

(2) 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 frequently use the index as a stand-in for measuring the performance of the U.S. bond market.

**Management**

**Investment Adviser –** Yorktown Management & Research Company, Inc.

**Portfolio Managers –** David D. Basten, President and Chief Investment Officer, has served as Portfolio Manager to the Fund since its inception in 1997. David M. Basten, Portfolio Manager, has acted as Portfolio Manager to the Fund since 2005. John P. Tener, Portfolio Manager, has acted as Portfolio Managers to the Fund since 2019.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your sales person to recommend the Fund over another investment. Ask your sales person or visit your financial intermediary's website for more information.

Institutional Class Shares are sold without an initial front-end sales charge so that the full amount of your purchase is invested in the Fund.

Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional Shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker.

**Yorktown Small Cap Fund**

**Investment Objective –** The Fund seeks to achieve long term capital appreciation.

**Fees and Expenses**

**This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in one or more Yorktown Funds. More information about these and other discounts is available from your financial professional and in the "How to Reduce Your Sales Charge" Section on page 53 of the Fund's prospectus. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder Fees**

**(Fees paid directly from your investment)**

---

| | | | |
|:---|:---|:---|:---|
| | <br>**Class A**<br>**YOVAX** | <br>**Class L**<br>**YOVLX** | **Institutional**<br>**Class**<br>**YOVIX** |
| **Maximum sales charge (load) imposed on purchases<br> (as percentage of offering price)** | **5.75%** |  |  |
| **Maximum deferred sales charges (load)<br> (as a percentage of the lesser of original purchase price or redemption proceeds)** | **0.50%<sup>(1)</sup>** |  |  |
| **Maximum Account fee (for accounts under $500)** | **$25/yr** | **$25/yr** | **$25/yr** |

---

**Annual Fund Operating Expenses**

**(Expenses that you pay each year as a percentage of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
| | <br>**Class A**<br>**YOVAX** | <br>**Class L**<br>**YOVLX** | **Institutional**<br>**Class**<br>**YOVIX** |
| **Management Fee** | **0.90%** | **0.90%** | **0.90%** |
| **Distribution/Service (12b-1 Fees)** | **0.25%** | **1.00%** | **0.00%** |
| **Other Expenses** | **0.87%** | **0.86%** | **0.86%** |
| **Total Annual Fund Operating Expenses<br> (before fee waivers and/or expense reimbursements)** | **2.02%** | **2.76%** | **1.76%** |
| **Fee Waivers and/or Expense Reimbursements<sup>(2)</sup>** | **(0.42)%** | **(0.41)%** | **(0.41)%** |
| **Total Annual Fund Operating Expenses<sup>(2)</sup>** | **1.60%** | **2.35%** | **1.35%** |

---

(1) Large purchases of Class A shares (greater than $1 million) are generally subject to a CDSC of 0.25% if the shares are redeemed during the first 12 months after purchase, unless the dealer, at its discretion, has waived the commission advance paid by Ultimus Fund Distributors, LLC (the "Distributor").

(2) 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, 2026, so that the Fund's ratio of total annual operating expenses is limited to 1.60% for Class A Shares, 2.35% for Class L Shares, and 1.35% for Institutional Class Shares until at least May 31, 2027 . Pursuant to the expense limitation agreement, the Adviser has agreed to waive or limit its fees and assume other expenses of the Fund (excluding interest, taxes, brokerage commissions and other expenditures capitalized in accordance with generally accepted accounting principles or other extraordinary expenses not incurred in the ordinary course of business) so that the Fund's ratio of total annual operating expenses is limited to the limits listed above. The Adviser is entitled to the reimbursement of fees waived or reimbursed by the Adviser to the Fund subject to the limitations that the reimbursement is made only for fees and expenses incurred not more than three years prior to the date of reimbursement, and the reimbursement may not be made if it would cause the Fund's annual expense limitations to be exceeded. The reimbursement amount may not include any additional charges or fees, such as interest accruable on the reimbursement account. Further, any recoupments will be subject to any lower expenses limitations that have been later implemented by the Board. The expense limitation agreement may be terminated only by the Board by providing 60 days' notice, or if the Adviser ceases to serve as adviser to the Fund.

**Example:**

**The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same (taking into account the expense limitation agreement for the one-year period). Although your actual costs may be higher or lower, based on these assumptions your costs would be:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A (YOVAX) Shares:** | **$728** | **$1134** | **$1564** | **$2756** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class L (YOVLX) Shares:** | **$238** | **$818** | **$1423** | **$3060** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Institutional Class (YOVIX) Shares:** | **$137** | **$514** | **$916** | **$2039** |

---

**Portfolio Turnover**

**The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 81% of the average value of its portfolio.**

**Principal Investment Strategies**

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 Total Return 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. Typically, the Fund invests in approximately 50-200 stocks that pass the Adviser's stringent quantitative and fundamental criteria. The Fund's investments in any one sector may exceed 25% of its net assets. As of February 28, 2026, over 25% of the Fund's assets were invested in securities within the technology sector.

The Adviser believes that the Fund is best able to achieve long-term capital appreciation through investments in securities of a core group of businesses and to hold such securities for the long term. The Fund will invest in listed marketable securities, generally, but not exclusively, equity and equity related securities that are traded on U.S. exchanges.

In selecting securities for the Fund, the Adviser utilizes a quantitative fundamental approach combined with a robust risk/reward assessment to consistently identify securities with asymmetrically favorable profiles, which it believes are inefficiently priced by the market relative to their potential upside.

Generally, in determining whether to sell a security, the Adviser uses the same type of analysis that it uses in buying securities. For example, the Adviser may sell a security if it deteriorates in its multi factor fundamental model, drops out of the top tier reward/risk ratio rankings, or is believed to have excess risk. The Adviser may also sell a security to reduce the Fund's holding in that security, take advantage of more attractive investment opportunities, or to raise cash.

**Principal Investment Risks**

**General Risks.** There is a risk that you could lose all or a portion of your investment in the Fund. The value of your investment in the Fund will go up and down with the prices of the securities in which the Fund invests.

**Equity Security Risk.** Prices of equity securities generally fluctuate more than those of other securities, such as debt securities. Market risk, the risk that prices of securities will decrease because of the interplay of market forces, may affect a single issuer, industry or sector of the economy or may affect the market as a whole.

**Company Risk.** The Fund may invest in securities that involve certain special circumstances that the Adviser believes offer the opportunity for long-term capital appreciation. These investments may involve greater risks of loss than investments in securities of well-established companies with a history of consistent operating patterns.

**Small Company Risk.** Small company securities tend to be less liquid and more difficult to sell than those issued by larger companies. Small company stocks can be more volatile and may underperform the market or become out of favor with investors. Small company securities may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets, fewer product lines, and limited managerial and financial resources, resulting in volatile stock prices and a limited ability to sell them at a desirable time or price.

**Growth Investment Risk.** The Fund often invests in companies after assessing their growth potential. Securities of growth companies may be more volatile than other stocks. If the Portfolio Manager's perception of a company's growth potential is not realized, the securities purchased may not perform as expected, reducing the Fund's return. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, "growth" stocks may perform differently from the market as a whole and other types of securities.

**Management Risk.** The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results.

**Sector Emphasis Risk.** The Fund, from time to time, may invest 25% or more of its assets in one or more sectors subjecting the Fund to sector emphasis risk. This is the risk that the Fund is subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector the Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors.

● **Technology Sector Risk.** The technology sector can be significantly affected by rapid obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, government regulation, and general economic conditions.

**The Fund's Past Performance**

**The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1-year, 5-year and Since Inception periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.yorktownfunds.com and by calling toll-free 888-933-8274.**

**Year-By-Year Annual Returns – Institutional Class Shares (YOVIX)**

**(for calendar years ending on December 31)**

![](pro_005.jpg)

During the period covered by the bar chart, Institutional Class Shares' highest return for a quarter was 27.62% (quarter ended June 30, 2020) and the lowest return for a quarter was (26.45)% (quarter ended March 31, 2020). Institutional Class Shares' year to date total return as of March 31, 2026 was (6.72)%.

**Average Annual Total Returns**

**(for periods ending on December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Since<br> Inception<br> 5/9/2016** |
| **Return Before Taxes - Institutional Class Shares (YOVIX)** | **9.64%** | **4.35%** | **9.37%** |
| **Return After-Taxes on Distributions<sup>(1)</sup>** | **9.64%** | **3.76%** | **8.52%** |
| **Return After-Taxes on Distributions and Sale of Fund Shares<sup>(1)</sup>** | **5.71%** | **3.31%** | **7.42%** |
| **MSCI ACWI Total Return Index<sup>(2)</sup>**<br> **(reflects no deduction for fee, expenses or taxes)** | **22.87%** | **11.70%** | **12.75%** |
|  | **One Year** | **Five Years** | **Since<br> Inception<br> 5/9/2016** |
| **Return Before Taxes - Class A Shares (YOVAX)** | **3.09%** | **2.87%** | **8.45%** |
|  | **One Year** | **Five Years** | **Since<br> Inception**<br> **5/9/2016** |
| **Return Before Taxes - Class L Shares (YOVLX)** | **8.54%** | **3.31%** | **8.29%** |

---

(1) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-Tax Returns are shown for only Institutional Class Shares. After-tax returns for Class A and Class L Shares will vary.

(2) The
 MSCI ACWI Total Return Index is a globally diversified market capitalization-weighted index
 that represents the performance of large- and mid-cap stocks across both developed and emerging
 markets. It is designed to capture approximately 85% of the global equity market capitalization.
 The "Total Return" aspect means it includes reinvested dividends.

**Management**

**Investment Adviser –** Yorktown Management & Research Company, Inc.

**Portfolio Manager** **–** David D. Basten, President and Chief Investment Officer, has served as Portfolio Manager to the Fund since 2024. David M. Basten, Portfolio Manager, has acted as Portfolio Manager to the Fund since 2024. Brentz East, Securities Analyst, has acted as Portfolio Manager to the Fund since 2024.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your sales person to recommend the Fund over another investment. Ask your sales person or visit your financial intermediary's website for more information.

Institutional Class Shares are sold without an initial front-end sales charge so that the full amount of your purchase is invested in the Fund.

Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional Shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker.

**Yorktown Treasury Advanced Total Return Fund**

**Investment Objective –** Current income, capital appreciation, while limiting credit risk to achieve a total return net of inflation.

**Fees and Expenses**

**This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Yorktown Treasury Advanced Total Return Fund. More information about these and other discounts is available from your financial professional. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder Fees**

**(Fees paid directly from your investment)**

---

| | |
|:---|:---|
| | **Institutional**<br>**Class**<br>**AATRX** |
| **Maximum sales charge (load) imposed on purchases<br> (as percentage of offering price)** |  |
| **Maximum deferred sales charges (load)<br> (as a percentage of the lesser of original purchase price or redemption proceeds)** |  |
| **Maximum Account fee (for accounts under $500)** | **$25/yr** |

---

**Annual Fund Operating Expenses**

**(Expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| | **Institutional**<br>**Class**<br>**AATRX** |
| **Management Fee** | **0.40%** |
| **Distribution/Service (12b-1 Fees)** | **0.00%** |
| **Other Expenses<sup>(1)</sup>** | **0.68%** |
| **Total Annual Fund Operating Expenses<br> (before fee waivers and/or expense reimbursements)** | **1.08%** |
| **Fee Waivers and/or Expense Reimbursements<sup>(2)</sup>** | **(0.58)%** |
| **Total Annual Fund Operating Expenses<sup>(2)</sup>** | **0.50%** |

---

(1) "Other Expenses" are based on estimated amounts for the current fiscal year.

(2) 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, 2026, so that the Fund's ratio of total annual operating expenses is limited to 0.50% for Institutional Class Shares until at least May 31, 2027 . Pursuant to the expense limitation agreement, the Adviser has agreed to waive or limit its fees and assume other expenses of the Fund (excluding acquired fund fees and expenses, brokerage fees, taxes, borrowing costs such as interest and dividend expenses on securities sold short, and other extraordinary expenses not incurred in the ordinary course of business) so that the Fund's ratio of total annual operating expenses is limited
to the limit listed above. The Adviser is entitled to the reimbursement of fees waived or reimbursed by the Adviser to the Fund subject
to the limitations that the reimbursement is made only for fees and expenses incurred not more than three years prior to the date of
reimbursement, and the reimbursement may not be made if it would cause the Fund's annual expense limitations to be exceeded. The
reimbursement amount may not include any additional charges or fees, such as interest accruable on the reimbursement account. Further,
any recoupments will be subject to any lower expenses limitations that have been later implemented by the Board. The expense limitation
agreement may be terminated only by the Board of Trustees of the Trust (the "Board") by providing 60 days' notice,
or if the Adviser ceases to serve as adviser to the Fund.

**Example:**

**The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same (taking into account the expense limitation agreement for the one-year period). Although your actual costs may be higher or lower, based on these assumptions your costs would be:**

---

| | | |
|:---|:---|:---|
| | **1 Year** | **3 Years** |
| **Institutional Class (AATRX) Shares:** | **$51** | **$286** |

---

**Portfolio Turnover**

**The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the expense example, reduce the Fund's performance. This is a new Fund without an operating history, so portfolio turnover information is not yet available. Expected annual turnover may be well over 100% of the average value of the portfolio on an annual basis. Transaction frequency varies but once every two to eight months is a reasonable estimate.**

**Principal Investment Strategies**

The Fund seeks to achieve its objective by investing under normal conditions in U.S. Treasury securities (bills, notes, and bonds) and other direct obligations of the U.S. Treasury that are guaranteed as to payment of principal and interest by the full faith and credit of the U.S. government. Dividends paid by the Fund that are attributable to interest on such obligations are generally exempt from state and local income tax. The Fund may invest in certain zero coupon securities that are U.S. Treasury notes and bonds that have been stripped of their unmatured interest coupon receipts or interest in such U.S. Treasury securities or coupons. The Fund may purchase U.S. Treasury STRIPS ("Separate Trading of Registered Interest and Principal of Securities") that are created when coupon payments and the principal payment are stripped from outstanding Treasury bond by a Federal Reserve bank.

The Fund will implement its principal investment strategy by investing 80%+ of its assets in interest-only and principal-only U.S. Treasury securities. The fund's dollar-weighted average maturity will vary and be managed in a manner to take advantage of market conditions. The Fund will not change this investment policy unless it gives shareholders at least 60 days' advance written notice.

**Principal Investment Risks**

The Fund's main risks are listed below in alphabetical order, not in order of importance.

**Debt Security Risk.** The value of the debt securities held by the Fund are affected by rising and declining interest rates. In general, debt securities with longer-term maturities tend to fall more in value when interest rates rise than debt securities with shorter terms. A debt security is also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default, and therefore it may lose value if the issuer is unable to pay interest or repay principal when it is due.

**General Risks.** There is a risk that you could lose all or a portion of your investment in the Fund. The value of your investment in the Fund will go up and down with the prices of the securities in which the Fund invests.

**Income Risk.** There is a chance that the Fund's income will decline because of falling interest rates. Interest risk is generally high for short-term bond funds, so investors should expect the Fund's monthly income to fluctuate.

**Interest Rate Risk.** There is a risk that bond prices will decline due to rising interest rates. Interest rate risk is expected to be low because the Fund invests primarily in short-term bonds whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

**Manager Risk.** There is a risk that poor security section will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

**New Fund Risk.** The Fund is new and has limited performance history for investors to review.

**Portfolio Turnover Risk.** Active and frequent trading of the Fund's portfolio securities may lead to higher transaction costs and may result in a greater number of taxable transactions than would otherwise be the case, which could negatively affect the Fund's performance. A high rate of portfolio turnover is 100% or more.

**Treasury STRIPS Risk.** Treasury STRIPS are fixed income securities that are sold at a significant discount to face value and offer no interest payments because they mature at par. These securities are more sensitive to changes in interest rates than coupon-bearing securities with the same maturity date. We expect the Fund will be required to distribute income dividends to shareholders, however, because Treasury STRIPS do not pay interest and are purchased at an "original issue discount," the Fund does not receive cash interest payments on the STRIPS in which it invests. As a result, the Fund may need to liquidate assets, at potentially inopportune times, to satisfy its income dividend distribution requirements.

**Zero-Coupon U.S. Treasury Bond Risk.** Zero-coupon U.S. Treasury bonds often rise dramatically in price when stock prices fall. Zero-Coupon U.S. Treasury bonds can move up significantly when the Fed cuts rates aggressively and can easily fall significantly if the Fed raises interest rates. Because of their sensitivity to interest rates, Zero-Coupon U.S. Treasury bonds have incredibly high Interest Rate Risk.

**Performance Information**

As of the date of this Prospectus, the Fund has not yet commenced operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns, and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund. Updated performance information will be available on the Fund's website at **www.yorktownfunds.com** or by calling shareholder services at (888) 933-8274.

**Management**

**Investment Adviser –** Yorktown Management & Research Company, Inc.

**Portfolio Managers –** Mr. David D. Basten, Mr. David M. Basten, Mrs. Brentz East, and Mr. John P. Tener have served as the portfolio managers to the Fund since commencement of the Fund's operations.

There are no material conflicts between management of the Fund's investments and the investments of other accounts managed by the Portfolio Managers.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your sales person to recommend the Fund over another investment. Ask your sales person or visit your financial intermediary's website for more information.

**Section 2 \| ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RELATED RISKS**

**Investment Objectives and Strategies of Each Fund**

**Yorktown Growth Fund (the "Growth Fund")**

**Investment Objective:** Growth of capital.

**Principal Investment Strategies:**

The Growth Fund invests in securities that, in the opinion of Yorktown Management & Research Company, Inc. (the "Adviser"), offer the opportunity for growth of capital.

The Growth Fund may invest in the common stock of U.S. and foreign issuers that the Adviser believes have superior prospects for robust and sustainable growth of revenues and earnings, with a focus on companies that dominate their market, are establishing a new market, or are undergoing dynamic change. The Growth Fund can include stocks of any size, within any sector, and at times the Adviser may emphasize one or more particular sectors. The Growth Fund may also invest in other U.S. and foreign securities, including securities convertible into common stock and securities issued through private placements, and securities issued by investment companies ("Underlying Funds"), including open-end mutual funds, closed-end funds, unit investment trusts, private investment companies (hedge funds) and foreign investment companies, that seek capital growth or appreciation by investing primarily in common stock or convertible securities. The Growth Fund may also invest in long-, intermediate- or short-term bonds and other fixed-income securities (or in Underlying Funds that invest primarily in such securities) whenever the Adviser believes that such securities offer a potential for capital appreciation, such as during periods of declining interest rates. In addition, the Growth Fund may invest in ETFs and similar securities that represent interests in a portfolio of common stocks or fixed income securities seeking to track the performance of a securities index or similar benchmark. The Growth Fund may also invest in; real estate investment trusts and other issuers that invest, deal, or otherwise engage in transactions in real estate; and other instruments.

The Adviser invests directly in equity or debt securities when it believes attractive investment opportunities exist. Although the Adviser considers ratings in determining whether securities convertible into common stock or debt securities are appropriate investments for the Growth Fund, such securities may include investments rated below investment grade, commonly known as "junk bonds." When investing in Underlying Funds, the Adviser considers, among other things, the Underlying Funds' past performance and their investment objectives and policies, the investment style, reputation and quality of their investment advisers and the Underlying Fund's size and cost structure. The Adviser selects ETFs in which to invest based on a number of factors, including an analysis of their past performance, market sector and liquidity. Through direct investments and indirect investments in Underlying Funds, and ETFs, the Growth Fund may have significant exposure to foreign securities, including emerging market securities, small-cap securities and specific sectors of the market.

The Fund's Adviser will purchase issues for the Fund which it believes have capital growth potential due to factors such as:

&nbsp;&nbsp;&nbsp;&nbsp;■ rapid growth in demand in existing markets;

&nbsp;&nbsp;&nbsp;&nbsp;■ expansion into new markets;

&nbsp;&nbsp;&nbsp;&nbsp;■ new product introductions;

&nbsp;&nbsp;&nbsp;&nbsp;■ reduced competitive pressures;

&nbsp;&nbsp;&nbsp;&nbsp;■ cost reduction programs;

&nbsp;&nbsp;&nbsp;&nbsp;■ changes in management; and

&nbsp;&nbsp;&nbsp;&nbsp;■ other fundamental changes which may result in improved earnings growth or increased asset values.

The Adviser may sell a security when:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the fundamentals of the company decline;

&nbsp;&nbsp;&nbsp;&nbsp;(2) the security reaches a target price or price-to-earnings ratio; or

&nbsp;&nbsp;&nbsp;&nbsp;(3) the Adviser determines to reallocate assets to a security with superior capital growth potential.

The Adviser may sell a security or redeem shares of an Underlying Fund given a variety of circumstances, such as: when an investment no longer appears to the Adviser to offer the potential to achieve the Growth Fund's investment objective; when an investment's performance does not meet the Adviser's expectations; when an investment opportunity arises that the Adviser believes is more compelling; to realize gains or limit losses; or to raise cash to meet shareholder redemptions or to pay expenses.

Pending investment, for liquidity or when the Adviser believes market conditions warrant a defensive position, the Fund may temporarily hold cash or invest all or a portion of its assets in money market mutual funds or money market instruments, including repurchase agreements. During periods when the Fund takes a defensive position, it will not be pursuing its principal investment strategies and will not be seeking to achieve its investment objective.

**Yorktown Short Term Bond Fund (the "Short Term Bond Fund")**

**Investment Objective:** The Fund's investment objective is to seek income consistent with the preservation of capital.

**Principal Investment Strategies:**

Under normal circumstances, the Short Term Bond Fund invests at least 80% of its assets in fixed income securities that, in the Adviser's opinion, offer the opportunity for income consistent with preservation of capital. The Fund's portfolio will have an average aggregate maturity of not more than three years.

The Adviser exercises a flexible strategy in the selection of various types of debt (or fixed income) investments and is not limited by investment style, sector or asset class. The fund seeks to provide diversification by allocating the Fund's investments among various areas of the fixed income markets.

The Fund primarily invests in the investment grade debt securities of various types. Such investments primarily include (but not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;■ Corporate debt of U.S. and foreign issuers (including emerging market) that are denominated in U.S. Dollars

&nbsp;&nbsp;&nbsp;&nbsp;■ Mortgage-backed and other asset-backed securities, including privately issued mortgage-related securities and commercial mortgage-backed securities (privately issued mortgage-related securities are limited to not more than 5% of the Fund's total assets)

&nbsp;&nbsp;&nbsp;&nbsp;■ Securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises

&nbsp;&nbsp;&nbsp;&nbsp;■ Bonds of foreign government issuers (including its agencies) payable in U.S. dollars

&nbsp;&nbsp;&nbsp;&nbsp;■ Inflation linked investments

&nbsp;&nbsp;&nbsp;&nbsp;■ Exchange traded funds with similar investment strategies and objectives

&nbsp;&nbsp;&nbsp;&nbsp;■ Taxable municipal bonds and/or tax-exempt municipal bonds Although the Short Term Bond Fund invests primarily in investment-grade debt securities (as designated by S&P, Moody's or Fitch) it may invest a portion of its net assets in securities rated below investment grade. Normally we would expect the majority of these investments to be rated in the top tier of below investment grade (i.e. BB designations by S&P). Additionally, the Fund may invest a portion of its net assets in any one or a combination of the following types of fixed income securities (but not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;■ Preferred stock, baby bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ High-yield debt securities (commonly referred to as "lower-rated" or "junk" bonds)

&nbsp;&nbsp;&nbsp;&nbsp;■ Senior loans, including bridge loans, assignments, and participations

&nbsp;&nbsp;&nbsp;&nbsp;■ Non-rated securities for S&P, Moody's or Fitch

&nbsp;&nbsp;&nbsp;&nbsp;■ Convertible securities, including convertible bonds and preferred stocks the fund attempts to manage interest rate risk through its management of dollar-weighted average modified duration of the securities it holds in its portfolio. Under normal conditions, the Fund's portfolio will have an average aggregate maturity of not more than three years. The Fund also attempts to manage risk through credit analysis with a focus on company assets, free cash flow, capital stack, earnings, economic prospects and debt structure. While not limited by these factors the goal of all investments is to provide a reasonable amount of income with the barbell of capital preservation and how they interact within the portfolio. To this end, the fund does not attempt to purchase securities with an attempt to quickly turnover those assets.

The Adviser may sell a security or redeem shares of an Underlying Fund given a variety of circumstances, such as: when an investment no longer appears to the Adviser to offer the potential to achieve the Short Term Bond Fund's investment objective; when an investment's performance does not meet the Adviser's expectations; when an investment opportunity arises that the Adviser believes is more compelling; to realize gains or limit losses; or to raise cash to meet shareholder redemptions or to pay expenses.

The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions. When the Fund takes a defensive position, the Fund's assets may be held in up to 100% cash and/or invested in money market mutual funds, money market instruments, including repurchase agreements or other short term securities considered by the Adviser to be of a defensive nature. When the Fund is invested in this manner, it may not achieve its investment objective.

**Yorktown Bond Fund (the "Bond Fund")**

**Investment Objective:** Current income with limited credit risk.

**Principal Investment Strategies:**

The Bond Fund invests in securities that, in the Adviser's opinion, offer the opportunity for current income with limited credit risk.

The Adviser exercises a flexible strategy in the selection of investments and is not limited by investment style or asset class, provided, however, that at least 80% of the Bond Fund's net assets are invested in debt securities. The Bond Fund may invest in debt securities, including U.S. Government securities and corporate bonds; common stock of U.S. and foreign issuers and in other U.S. and foreign securities, including securities convertible into common stock and securities issued through private placements; securities issued by Underlying Funds and ETFs, some of which may be affiliated with the adviser; real estate investment trusts and other issuers that invest, deal, or otherwise engage in transactions in real estate; and other instruments.

The Adviser invests directly in equity or debt securities when it believes attractive investment opportunities exist. In deciding whether to invest in a debt security, the Adviser focuses on the maturity of the obligations and the credit quality of the security, including the underlying rating of insured bonds. When the Adviser believes there is a falling interest rate environment, the Bond Fund generally will purchase longer maturity obligations. Similarly, when the Adviser believes there is a rising interest rate environment, the Bond Fund generally will purchase shorter maturity obligations. Although the Adviser considers ratings in determining whether securities convertible into common stock or debt securities are appropriate investments for the Bond Fund, such securities may, in rare instances, include investments rated below investment grade, commonly known as "junk bonds." When investing in equity securities, the Adviser looks for companies with favorable income-paying history and that have prospects for income payments to continue to increase.

Credit Risk is always present in an income producing security. To manage such risk, the Adviser considers ratings, if any, the payment history of the security, the underlying strength of the issuer to determine the likelihood of continued payments, the overall levels of debt being serviced by the issuer, the future growth prospects for the issuer, and the possible effects of outside market forces.

When investing in Underlying Funds, the Adviser considers, among other things, the Underlying Funds' past performance and their investment objectives and policies, the investment style, reputation and quality of their investment advisers and the Underlying Funds' size and cost structure. The Adviser selects ETFs in which to invest based on a number of factors, including an analysis of their past performance, market sector and liquidity. Through direct investments and indirect investments in Underlying Funds, and ETFs, the Bond Fund may have significant exposure to foreign securities, including emerging market securities, small-cap securities and specific sectors of the market.

The Adviser may sell a security or redeem shares of an Underlying Fund given a variety of circumstances, such as: when an investment no longer appears to the Adviser to offer the potential to achieve the Bond Fund's investment objective: when an investment's performance does not meet the Adviser's expectations; when an investment opportunity arises that the Adviser believes is more compelling; to realize gains or limit losses; or to raise cash to meet shareholder redemptions or to pay expenses.

Pending investment, for liquidity or when the Adviser believes market conditions warrant a defensive position, the Fund may temporarily hold cash or invest all or a portion of its assets in money market mutual funds or money market instruments, including repurchase agreements. During periods when the Fund takes a defensive position, it will not be pursuing its principal investment strategies and will not be seeking to achieve its investment objective.

**Yorktown Small Cap Fund (the "Small Cap Fund")**

**Investment Objective:** The Fund seeks to achieve long term capital appreciation.

**Additional Investment Strategies:**

The Fund seeks to achieve its investment objective of long-term capital appreciation by investing primarily in common stock of U.S. small cap companies. Under normal market circumstances, the Fund invests at least 80% of its net assets in common stock of U.S. companies that were small cap companies at the time of purchase.

Generally, U.S. companies are companies organized in the U.S. and that trade in U.S. securities markets. Additionally, if the Fund changes its 80% investment policy, the Fund will notify shareholders at least 60 days before the change, and will change the name of the Fund.

A portion of the Fund's assets may be held in cash or cash-equivalent investments consisting of U.S. Government securities, money market funds, short-term instruments, commercial paper and other high quality money market instruments in response to either pending investment of cash balances, for liquidity purposes in anticipation of possible redemptions or for temporary defensive purposes in an attempt to respond to adverse market, economic, political or other conditions. These securities typically offer less potential for gains than other types of securities, thus while the Fund is investing for temporary defensive purposes, it may not meet its investment objective.

**Yorktown Treasury Advanced Total Return Fund (the "Advanced Total Return Fund")**

**Investment Objective:** Current income, capital appreciation while limiting credit risk to achieve a total return net of inflation.

**Principal Investment Strategies:**

The Fund continuously monitors political, economic, and monetary factors, such as interest rate outlooks, trends and technical factors, such as the shape of the yield curve, in combination with the stated objective of a Fund to determine an appropriate maturity profile for the Fund's investment portfolio. The Adviser then principally reacts to events as they occur for securities that satisfy the maturity profile of a Fund and provide the greatest potential return relative to the price volatility of the U.S. Treasury security market.

The Adviser may sell a debt security if:

&nbsp;&nbsp;&nbsp;&nbsp;■ Revised economic forecasts or interest rate outlook requires a repositioning of the portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;■ The security subsequently fails to meet the Adviser's investment criteria;

&nbsp;&nbsp;&nbsp;&nbsp;■ A more attractive security is found or funds are needed for another purpose; or

&nbsp;&nbsp;&nbsp;&nbsp;■ The Adviser believes that the security has reached its appreciation potential.

The fund's investments can include temporary defensive positions in cash and cash equivalents.

**Principal Investment Risks**

**General Risks.** There is a risk that you could lose all or a portion of your investment in a Fund. The value of your investment in a Fund will go up and down with the prices of the securities in which a Fund invests. There is no assurance that a Fund will meet its investment objective. For more information relating to the risks of investing in the Funds, please see the Trust's Statement of Additional Information ("SAI").

An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in a Fund is subject to one or more of the principal risks identified in the following table. The identified principal risks are discussed in more detail in the disclosure that immediately follows the table. Before you decide whether to invest in a Fund, carefully consider these risk factors and special considerations associated with investing in the Fund.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Yorktown<br> Growth Fund** | **Yorktown<br> Short Term<br> Bond Fund** | **Yorktown<br> Bond Fund** | **Yorktown<br> Small Cap Fund** | **Yorktown<br> Treasury<br> Advanced<br> Total Return<br> Fund** |
| **Business Development Companies Risk** | **X** |  |  |  |  |
| **Closed-End Fund Risk** | **X** |  | **X** |  |  |
| **Company Risk** | **X** |  | **X** | **X** |  |
| **Convertible Securities Risk** | **X** |  | **X** |  |  |
| **Credit Liquidity and Volatility Risk** |  |  | **X** |  |  |
| **Debt Security Risk** | **X** | **X** | **X** |  | **X** |
| **Emerging Market Risk** | **X** |  | **X** |  |  |
| **Equity Security Risk** | **X** |  | **X** | **X** |  |
| **Exchange Traded Fund Risk** | **X** |  | **X** |  |  |
| **Foreign Securities Risk** | **X** | **X** | **X** |  |  |
| **Growth Investment Risk** |  |  |  | **X** |  |
| **Growth Style Risk** | **X** |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Yorktown<br> Growth Fund** | **Yorktown<br> Short Term<br> Bond Fund** | **Yorktown<br> Bond Fund** | **Yorktown<br> Small Cap Fund** | **Yorktown<br> Treasury<br> Advanced<br> Total Return<br> Fund** |
| **Income Risk** |  |  |  |  | **X** |
| **Interest Rate Risk** |  |  |  |  | **X** |
| **Investment Company Risk** | **X** |  | **X** |  |  |
| **Investment Grade Securities Risk** |  |  | **X** |  |  |
| **Junk Bonds or High Yield, High Risk Securities Risk** | **X** | **X** | **X** |  |  |
| **Leverage Risk** |  |  | **X** |  |  |
| **Management Risk** |  |  |  | **X** |  |
| **Manager Risk** |  |  |  |  | **X** |
| **New Fund Risk** |  |  |  |  | **X** |
| **Portfolio Turnover Risk** |  |  |  |  | **X** |
| **Privately Placed Securities Risk** |  |  | **X** |  |  |
| **Real Estate Investment Trust Risk** |  |  | **X** |  |  |
| **Sector Emphasis Risk** | **X** |  |  | **X** |  |
| **Small-Cap Company Risk** | **X** |  | **X** |  |  |
| **Small Company Risk** |  |  |  | **X** |  |
| **Treasury STRIPS Risk** |  |  |  |  | **X** |
| **Underlying Fund Risk** | **X** |  | **X** |  |  |
| **Zero-Coupon U.S. Treasury Bond Risk** |  |  |  |  | **X** |

---

**Business Development Companies Risk.** Business Development Companies ("BDC's") are a specialized form of closed-end fund that invest generally in small developing companies and financially troubled businesses. BDC's invest in private companies and thinly traded securities of public companies, including debt instruments. Generally, little public information exists for private and thinly traded companies and there is a risk that investors may not be able to make fully informed investment decisions. Many debt investments in which a BDC may invest will not be rated by a credit rating agency and will be below investment grade quality. Risks faced by BDC's include: competition for limited BDC investment opportunities; the liquidity of a BDC's private investments; uncertainty as to the value of a BDC's private investments; risks associated with access to capital and leverage; and reliance on the management of a BDC. A Fund's investments in BDC's are similar and include portfolio company risk, leverage risk, market and valuation risk, price volatility risk and liquidity risk.

**Closed-End Fund Risk.** Shares of closed-end funds frequently trade at a price per share that is less than the net asset value per share. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Funds will ever decrease or that when a Fund seeks to sell shares of a closed-end fund it can receive the net asset value of those shares.

**Company Risk.** A Fund may invest in securities that involve certain special circumstances (including bankruptcy) that the Adviser believes offer the opportunity for long-term capital appreciation. These investments may involve greater risks of loss than investments in securities of well-established companies with a history of consistent operating patterns. There is always a risk that the Adviser will not properly assess the potential for an issuer's future growth, or that an issuer will not realize that potential. Additionally, investments in securities of companies being restructured involve special risks, including difficulty in obtaining information as to the financial condition of such issuers and the fact that the market prices of such securities are subject to above-average price volatility.

**Convertible Securities Risk.** A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive the interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion or exchange, such securities ordinarily provide a stream of income with generally higher yields than common stocks of the same or similar issuers, but lower than the yield on non-convertible debt. The value of a convertible security is a function of (1) its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege and (2) its worth, at market value, if converted into or exchanged for the underlying common stock. Convertible securities are typically issued by smaller capitalized companies whose stock prices may be volatile. The price of a convertible security often reflects such variations in the price of the underlying common stock in a way that non-convertible debt does not.

**Credit Liquidity and Volatility Risk.** The markets for credit instruments have experienced periods of extreme illiquidity and volatility. General market uncertainty and consequent repricing risk have, in the past, led to market imbalances of sellers and buyers, which in turn resulted in significant valuation uncertainties in a variety of debt securities and significant and rapid value declines in certain instances. Under those kinds of conditions, valuation of some of the Funds' fixed income securities could be uncertain and/or result in sudden and significant value declines in its holdings. In addition, future illiquidity and volatility in the credit markets may directly and adversely affect the setting of dividend rates.

**Debt Security Risk.** The values of debt securities held by a Fund are affected by rising and declining interest rates. In general, debt securities with longer-term maturities tend to fall more in value when interest rates rise than debt securities with shorter terms. A debt security is also subject to credit risk, which is the possibility that

the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default, and therefore it may lose value if the issuer is unable to pay interest or repay principal when it is due.

The Fund may be subject to heightened levels of interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates. If interest rates rise, a Fund's yield may not increase proportionately, and the maturities of fixed income securities that have the ability to be prepaid or called by the issuer may be extended. Changing interest rates may have unpredictable effects on the markets and a Fund's investments. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities. A Fund may be exposed to heightened interest rate risk as interest rates rise from historically low levels. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by a Fund.

**Emerging Market Risk.** There are greater risks involved in investing in emerging market countries and/or their securities markets. Generally, economic structures in these countries are less diverse and mature than those in developed countries, and their political systems are less stable. Investments in emerging markets countries may be affected by national policies that restrict foreign investment in certain issuers or industries. The small size of their securities markets and low trading volumes can make investments illiquid, more difficult to value and more volatile than investments in developed countries and such securities may be subject to abrupt and severe price declines. As a result, a Fund investing in emerging market countries may be required to establish special custody or other arrangements before investing.

**Equity Security Risk.** Prices of equity securities generally fluctuate more than those of other securities, such as debt securities. Market risk, the risk that prices of securities will decrease because of the interplay of market forces, may affect a single issuer, industry or sector of the economy or may affect the market as a whole. A Fund may experience a substantial or complete loss on an individual stock. At different times, a Fund's performance may be especially subject to the performance of the specific industries and sectors that are selected by the Adviser. Some of a Fund's portfolio securities may not be widely traded and a Fund's position in such securities may be substantial in relation to the market for such securities. Accordingly, it may be difficult or impossible for a Fund to dispose of such securities at a desired time or price and the Fund may lose money as a result of any such sales.

**Exchange Traded Fund Risk.** ETFs and index funds are not managed in the traditional sense, using economic, financial and market analysis, and the adverse financial situation of an issuer will not directly result in its elimination from the index. In addition, investments in ETFs involve risks similar to investments in closed-end funds including, but not limited to, the possibility that the shares of ETFs may trade at a market discount.

**Foreign Securities Risk.** 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. The value of a Fund's investment may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. There may be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle.

**Growth Investment Risk.** The Fund often invests in companies after assessing their growth potential. Securities of growth companies may be more volatile than other stocks. If the Portfolio Manager's perception of a company's growth potential is not realized, the securities purchased may not perform as expected, reducing the Fund's return. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, "growth" stocks may perform differently from the market as a whole and other types of securities.

**Growth Style Risk.** The price of equity securities rises and falls in response to many factors, including the historical and prospective earnings of the issuer of the stock, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. The Growth Fund may invest in securities of companies that the Adviser believes have superior prospects for robust and sustainable growth of revenues and earnings. These may be companies with new, limited or cyclical product lines, markets or financial resources, and the management of such companies may be dependent upon one or a few key people. The stocks of such companies can therefore be subject to more abrupt or erratic market movements than stocks of larger, more established companies or the stock market in general.

**Income Risk.** There is a chance that the Fund's income will decline because of falling interest rates. Interest risk is generally high for short-term bond funds, so investors should expect the Fund's monthly income to fluctuate.

**Industrial Sector Risk.** The industrial sector can be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, tariffs and trade barriers, and tax and governmental regulatory policies. "Industrials" is a broad category, which includes, but is not limited to, commercial and professional services, capital goods, and transportation companies. Declines in the demand for, or prices of, industrials generally would be expected to contribute to declines in the value of such securities held in the Fund's portfolio. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment.

**Interest Rate Risk.** There is a risk that bond prices will decline due to rising interest rates. Interest rate risk is expected to be low because the Fund invests primarily in short-term bonds whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

**Investment Company Risk.** Other than Short Term Bond Fund, each Fund invests in a number of Underlying Funds. For the Bond Fund, Underlying Funds may include investment companies affiliated with the Adviser. Any investment in an open-end or closed-end investment company involves investment risk. The value of shares of an Underlying Fund will go up and down in response to changes in the value of its portfolio holdings. The value of equity securities held by an Underlying Fund rises and falls in response to many factors, including the historical and prospective earnings of the issuer of the stock, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Debt securities held by an Underlying Fund are vulnerable to credit risk and interest rate fluctuations. When interest rates rise, the price of debt securities falls. In general, debt securities with longer term maturities tend to fall more in value when interest rates rise than debt securities with shorter terms.

For Funds other than the Bond Fund, none of the Underlying Funds (except Yorktown Funds) are or will be affiliated with the Funds or their Adviser. Therefore, investment decisions by the investment advisers of the Underlying Funds are made independently of the Funds and the Funds' Adviser.

The investment adviser of one Underlying Fund may be purchasing securities of the same issuer whose securities are being sold by the investment adviser of another Underlying Fund. The result of this would be an indirect expense to a Fund without accomplishing any investment purpose.

Some of the Underlying Funds also could incur more risks than others. For example, they may trade their portfolios more actively (which results in higher brokerage costs) or invest in companies whose securities are more volatile. In addition, they may engage in investment practices that entail greater risks. In particular, the Underlying Funds may: invest in securities of foreign issuers, including securities of emerging markets, which may be more volatile and less liquid than other securities; invest in illiquid securities; invest in warrants; lend their portfolio securities; sell securities short; borrow money for investment purposes; invest 25% or more of their total assets in one industry; and enter into options, futures and forward currency contracts.

Investing in the Funds also involves certain additional expenses and certain tax consequences that would not be present in a direct investment in the Underlying Funds. You should recognize that you may invest directly in the Underlying Funds and that, by investing in the Underlying Funds indirectly through a Fund, you will bear not only your proportionate share of the expenses of a Fund (including operating costs and investment advisory and administrative fees) but also indirectly similar expenses of the Underlying Funds. When an Index Security or Enhanced Index Product is an investment company security, these risks also apply.

**Investment Grade Securities Risk.** Debt securities are rated by national bond ratings agencies. Securities rated BBB by S&P or Baa by Moody's are considered investment grade securities, but are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, and are considered to lack outstanding investment characteristics.

**Junk Bonds or High Yield, High Risk Securities Risk.** Bonds rated below investment grade (i.e., BB or lower by S&P or Ba or lower by Moody's) ("junk bonds") are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities. They are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. The retail secondary market for these "junk bonds" may be less liquid than that of higher rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating a Fund's net asset value. A Fund investing in "junk bonds" may also be subject to greater credit risk because it may invest in debt securities issued in connection with corporate restructuring by highly leveraged issuers or in debt securities not current in the payment of interest or principal or in default.

**Leverage Risk.** Leveraging may exaggerate the effect on the net asset value of any increase or decrease in the market value of a Fund's portfolio securities. Money borrowed will be subject to interest and other costs, which may not be recovered by appreciation of the securities purchased.

**Management Risk.** The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results.

**Manager Risk.** There is a risk that poor security section will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

**New Fund Risk.** The Fund is new and has limited performance history for investors to review.

**Portfolio Turnover Risk.** Active and frequent trading of the Fund's portfolio securities may lead to higher transaction costs and may result in a greater number of taxable transactions than would otherwise be the case, which could negatively affect the Fund's performance. A high rate of portfolio turnover is 100% or more.

**Privately Placed Securities Risk.** Investments in privately placed securities involve a high degree of risk. The issuers of privately placed securities are not typically subject to the same regulatory requirements and oversight to which public issuers are subject, and there may be very little public information available about the issuers and their performance. In addition, because a Fund's ability to sell these securities may be significantly restricted, they may be deemed illiquid and it may be more difficult for a Fund to sell them at an advantageous price and time. Because there is generally no ready public market for these securities, they may also be difficult to value and a Fund may need to determine a fair value for these holdings under policies approved by the Trust's Board.

**Real Estate Investment Trust Risk.** Investments in real estate investment trusts and other issuers that invest, deal, or otherwise engage in transactions in or hold real estate or interests therein expose a Fund to risks similar to investing directly in real estate and the value of these investments may be affected by changes

in the value of the underlying real estate, the creditworthiness of the issuer of the investments, and changes in property taxes, interest rates and the real estate regulatory environment.

**Sector Emphasis Risk.** The Fund, from time to time, may invest 25% or more of it assets in one or more sectors subjecting it to sector emphasis risk. This is the risk that the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector the Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Sectors possess particular risks that may not affect other sectors.

**Small-Cap Company Risk.** A Fund's investments in small-cap companies may involve greater risks than investments in larger, more established issuers. Smaller companies generally have narrower product lines, more limited financial resources and more limited trading markets for their stock, as compared with larger companies.

Their securities may be less well-known and trade less frequently and in more limited volume than the securities of larger, more established companies. In addition, small-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. Consequently, the prices of small company stocks tend to rise and fall in value more frequently than the stocks of larger companies. Although investing in small-cap companies offers potential for above-average returns, the companies may not succeed and the value of their stock could decline significantly.

**Small Company Risk.** Small company securities tend to be less liquid and more difficult to sell than those issued by larger companies. Small company stocks can be more volatile and may underperform the market or become out of favor with investors. Small company securities may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets, fewer product lines, and limited managerial and financial resources, resulting in volatile stock prices and a limited ability to sell them at a desirable time or price.

**Technology Sector Risk.** Technology companies are generally subject to the risks of rapidly changing technologies; short product life cycles; fierce competition; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market patterns; evolving industry standards; and frequent new product introductions. Technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Technology company stocks, especially those which are internet-related, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.

**Treasury STRIPS Risk.** Treasury STRIPS are fixed income securities that are sold at a significant discount to face value and offer no interest payments because they mature at par. These securities are more sensitive to changes in interest rates than coupon-bearing securities with the same maturity date. We expect the Fund will be required to distribute income dividends to shareholders, however, because Treasury STRIPS do not pay interest and are purchased at an "original issue discount," the Fund does not receive cash interest payments on the STRIPS in which it invests. As a result, the Fund may need to liquidate assets, at potentially inopportune times, to satisfy its income dividend distribution requirements.

**Underlying Fund Risk.** Investment decisions by the investment advisers of the Underlying Funds are made independently of a Fund and the Fund's Adviser. The investment adviser of one Underlying Fund may be purchasing securities of the same issuer whose securities are being sold by the investment adviser of another Underlying Fund. The result of this would be an indirect expense to the Fund without accomplishing any investment purpose. The risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by underlying funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of underlying funds to achieve their respective investment objectives. Each Fund bears Underlying Fund fees and expenses indirectly. Each Fund may invest in shares of

the same Underlying Funds as other funds in the Yorktown funds complex. However, the Funds collectively and their affiliates together are generally restricted as to the percentage of an Underlying Fund's total outstanding voting shares they may own, unless the Underlying Fund complies with exemptive rules from the U.S. Securities and Exchange Commission (the "SEC") permitting, under certain conditions, investment companies such as the Funds and their affiliates to acquire an Underlying Fund's voting shares in excess of such restrictions. Accordingly, to the extent that a Fund invests in Underlying Funds in excess of those limitations, the investment risk to the Fund of such investments will increase.

**Zero-Coupon U.S. Treasury Bond Risk.** Zero-coupon U.S. Treasury bonds often rise dramatically in price when stock prices fall. Zero-Coupon U.S. Treasury bonds can move up significantly when the Fed cuts rates aggressively and can easily fall significantly if the Fed raises interest rates. Because of their sensitivity to interest rates, Zero-Coupon U.S. Treasury bonds have incredibly high Interest Rate Risk.

**Non-Principal Strategies and Risks**

**Portfolio Turnover**

The Funds, directly or indirectly, may engage in active and frequent trading of portfolio securities. If a Fund does trade in this way, it may incur increased transaction costs, which can lower the actual return on your investment. Active trading may also increase short-term capital gains and losses, which may affect the taxes you have to pay.

**Portfolio Holdings Disclosure**

A description of the policies and procedures employed by the Funds with respect to the disclosure of Fund portfolio holdings is available in the Funds' Statement of Additional Information ("SAI").

**Section 3 \| WHO MANAGES YOUR MONEY**

This section gives you a detailed discussion of our Investment Adviser and Portfolio Managers.

**The Investment Adviser**

Yorktown Management & Research Company, Inc., located at 106 Annjo Court, Suite A, Forest, Virginia 24551, serves as each Fund's investment adviser. Services provided by the Adviser include the provision of a continuous investment program for each Fund and supervision of all matters relating to the operation of each Fund. Among other things, the Adviser is responsible for making investment decisions and placing orders to buy, sell or hold particular securities, furnishing corporate officers and clerical staff and providing office space, office equipment and office services.

The Adviser has served as the investment adviser to each Fund since its inception. The Adviser was organized in 1984 and is controlled by David D. Basten. The Portfolio Managers of each Fund are responsible for the day-to-day management of each Fund's portfolio.

For its services, the Adviser receives a monthly fee from each Fund, calculated at an annual rate of the average daily net assets for each Fund. For the most recent fiscal year, the Funds paid the following fees to the Adviser as a percentage of average daily net assets:

---

| | |
|:---|:---|
| **Fund** | **Fee** |
| **Growth Fund** | **0.79%** |
| **Short Term Bond Fund** | **0.50%** |
| **Bond Fund** | **0.40%** |
| **Small Cap Fund** | **0.49%** |
| **Treasury Advanced Total Return Fund** | **N/A** |

---

**The Portfolio Managers**

**All Funds**

Mr. David D. Basten is the Adviser's Chief Investment Officer and a Portfolio Manager for the Funds, having served in that capacity since commencement of each Fund's operations, except that he has served in that capacity with respect to the Small Cap Fund since 2024. Mr. David D. Basten is President and Director of the Adviser, Managing Partner of Waimed Enterprises, LLC and partner of Downtown Enterprises.

Mr. David M. Basten has served as Portfolio Manager since 2005, except that he has served in that capacity with respect to the Small Cap Fund since 2024, and prior to that held various positions at the Adviser, including as a securities analyst.

**Growth Fund and Small Cap Fund**

In addition to Mr. David D. Basten and Mr. David M. Basten, Mrs. Brentz East serves as Portfolio Manager on the Growth Fund and the Small Cap Fund.

**Short Term Bond Fund and Bond Fund**

In addition to Mr. David D. Basten and Mr. David M. Basten and Mr. John P. Tener serve as Portfolio Managers on the Short Term Bond Fund and the Bond Fund.

**Treasury Advanced Total Return Fund**

In addition to Mr. David D. Basten and Mr. David M. Basten, Mrs. Brentz East, and Mr. John P. Tener have served as Portfolio Manager on the Treasury Advanced Total Return Fund since commencement of the Treasury Advanced Total Return Fund's operations.

A discussion regarding the basis for the Board's approval of the Funds' investment advisory contract with the Adviser is available in the Funds' [Semi-Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000764859/000139834425018997/fp0095067-2_ncsrsixbrl.htm) dated July 31, 2025.

**Section 4 \| HOW YOU CAN BUY AND SELL SHARES**

This section provides the information you need to move money into or out of your account.

**What Share Classes We Offer**

**Share Class Alternatives.** Each Fund offers investors three different classes of shares, Class A Shares, Class L Shares, or Institutional Class Shares. The different classes of shares represent investments in the same portfolio of securities, but the classes are subject to different expenses and may have different share prices. When you buy shares be sure to specify the class of shares in which you choose to invest and are eligible. Because each share class has a different combination of sales charges, expenses and other features, you should consult your financial adviser to determine which class best meets your financial objectives.

**Sales Charges — Class A Shares**

Class A Shares of the Funds are sold at the offering price, which is the net asset value plus an initial maximum sales charge. Sales charges for all funds except the Short Term Bond Fund are set forth below:

**Sales Charge as a % of**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Investment** | <br>**Offering**<br>**Price** | <br>**Net Amount**<br>**Invested** | **Dealer**<br>**Commission**<br>**as a % of**<br>**offering price** |
| **Less than $25,000** | **5.75%** | **6.10%** | **5.00%** |
| **$25,000 but less than $50,000** | **5.00%** | **5.26%** | **4.25%** |
| **$50,000 but less than $100,000** | **4.50%** | **4.71%** | **3.75%** |
| **$100,000 but less than $250,000** | **3.50%** | **3.63%** | **2.75%** |
| **$250,000 but less than $500,000** | **2.50%** | **2.56%** | **2.00%** |
| **$500,000 but less than $750,000** | **2.00%** | **2.04%** | **1.60%** |
| **$750,000 but less than $1 million** | **1.50%** | **1.53%** | **1.20%** |
| **$1 million and above** | **0.00%** | **0.00%** | **0.00%** |

---

Class A sales charges applicable to the Bond Fund are:

**Sales Charge as a % of**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Investment** | <br>**Offering**<br>**Price** | <br>**Net Amount**<br>**Invested** | **Dealer**<br>**Commission**<br>**as a % of**<br>**offering price** |
| **Less than $25,000** | **5.75%** | **6.10%** | **5.00%** |
| **$25,000 but less than $50,000** | **5.00%** | **5.26%** | **4.25%** |
| **$50,000 but less than $100,000** | **4.50%** | **4.71%** | **3.75%** |
| **$100,000 but less than $250,000** | **3.50%** | **3.63%** | **2.75%** |
| **$250,000 and above** | **0.00%** | **0.00%** | **0.00%** |

---

Class A Sales charges applicable to the Short Term Bond Fund are:

**Sales Charge as a % of**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Investment** | <br>**Offering**<br>**Price** | <br>**Net Amount**<br>**Invested** | **Dealer**<br>**Commission**<br>**as a % of**<br>**offering price** |
| **Less than $100,000** | **2.25%** | **2.30%** | **2.00%** |
| **$100,000 but less than $250,000** | **1.75%** | **1.78%** | **1.50%** |
| **$250,000 and above** | **0.00%** | **0.00%** | **0.00%** |

---

**<u>Finders Fee</u>**

For the Growth Fund and Small Cap Fund, the Distributor, from its own resources and not as a sales load deducted from the value of the shares purchased, may pay authorized dealers a commission advance on purchases of Class A shares over $1 million calculated as follows:

---

| | |
|:---|:---|
| Greater than $1 million | 0.25% |

---

For the Bond Fund, the Distributor, from its own resources and not as a sales load deducted from the value of the shares purchased, may pay authorized dealers a commission advance on purchases of Class A shares over $250,000 calculated as follows:

---

| | |
|:---|:---|
| Greater than $250,000 | 0.25% |

---

For the Short Term Bond Fund, the Distributor, from its own resources and not as a sales load deducted from the value of the shares purchased, may pay authorized dealers a commission advance on purchases of Class A shares over $250,000 calculated as follows:

---

| | |
|:---|:---|
| Greater than $250,000 | 0.25% |

---

**<u>Contingent Deferred Sales Charge ("CDSC")</u>**

For large purchases of Class A shares received prior to February 18, 2020, where a commission advance has been paid to the selling dealer, a CDSC of 0.50% will be charged to the shares if they are redeemed during the first 18 months after purchase. The CDSC generally applicable to redemptions of large-scale purchases of Class A shares made within 18 months after purchase will not be imposed on redemptions of shares purchased through an omnibus account with certain financial intermediaries, such as a bank or other financial institution, where no sales charge payments were advanced for purchases made through these entities.

For large purchases of Class A shares received February 18, 2020, and after, where a commission advance has been paid to the selling dealer, a CDSC of 0.25% will be charged to the shares if they are redeemed during the first 12 months after purchase. The CDSC generally applicable to redemptions of large-scale purchases of Class A shares made within 12 months after purchase will not be imposed on redemptions of shares purchased through an omnibus account with certain financial intermediaries, such as a bank or other financial institution, where no sales charge payments were advanced for purchases made through these entities.

The Funds reserve the right to waive the sales charge on certain Class A Shares in order to qualify the Funds for inclusion in brokerage platforms, wrap programs and fund supermarkets. The Board has approved this waiver.

No sales charge is imposed on Class A Shares received from reinvestment of dividends or capital gain dividends, or purchased by persons repurchasing shares they redeemed within the last 180 days (see "Repurchase of Class A Shares" below).

**Sales Charges — Class L Shares**

Class L Shares are sold without an initial front-end sales charge so that the full amount of your purchase is invested in the Fund. Class L Shares are subject to a 12b-1 Distribution and Service Fee as described later in this Prospectus.

**Sales Charges — Institutional Class Shares**

Institutional Class Shares are sold without an initial front-end sales charge so that the full amount of your purchase is invested in the Fund. Institutional Class Shares are sold without an initial front-end sales charge so that the full amount of your purchase is invested in the Fund.

**How to Reduce Your Sales Charge**

**Class A Shares Quantity Discounts**

Investors purchasing Class A Shares may, under certain circumstances described below, be entitled to pay reduced or no sales charges. A person eligible for a reduced sales charge includes an individual, his or her spouse and children under 21 years of age and any corporation, partnership or sole proprietorship which is 100% owned, either alone or in combination, by any of the foregoing; a trustee or other fiduciary purchasing for a single trust or for a single fiduciary account, or a "company" as defined in Section 2(a)(8) of the 1940 Act.

As used herein, "Participating Funds" refers to investment companies advised by the Adviser as determined from time to time by the Board.

Investors must notify the Funds or their authorized dealer at the time of the purchase order whenever a quantity discount is applicable to purchases and may be required to provide the Funds, or their authorized dealer, with certain information or records to verify eligibility for a quantity discount. Such information or records may include account statements or other records for shares of the Funds or other Participating Funds in all accounts (e.g., retirement accounts) of the investor and other eligible persons, as described above, which may include accounts held at the Funds or at other authorized dealers. Upon such notification, an investor will pay the lowest applicable sales charge. Shareholders should retain any records necessary to substantiate the purchase price of the shares, as the Funds and authorized dealers may not retain this information.

Quantity discounts may be modified or terminated at any time. For more information about quantity discounts, investors should contact the Funds, their authorized dealer or the Distributor.

**Volume Discounts.** The size of investment shown in the Class A Shares sales charge table applies to the total dollar amount being invested by any person in shares of the Funds, or in any combination of shares of the Funds and shares of other Participating Funds, although other Participating Funds may have different sales charges.

**Cumulative Purchase Discount.** The size of investment shown in the Class A Shares sales charge table may also be determined by combining the amount being invested in shares of the Participating Funds plus the current offering price of all shares of the Participating Funds currently owned.

**Letter of Intent.** A Letter of Intent provides an opportunity for an investor to obtain a reduced sales charge by aggregating investments over a 13-month period to determine the sales charge as outlined in the Class A Shares sales charge table. The size of investment shown in the Class A Shares sales charge table includes purchases of shares of the Participating Funds in Class A Shares over a 13-month period based on the total amount of intended purchases plus the current offering price of all shares of the Participating Funds previously purchased and still owned. An investor may elect to compute the 13-month period starting up to 90 days before the date of execution of a Letter of Intent. Each investment made during the period receives the reduced sales charge applicable to the total amount of the investment goal. The Letter of Intent does not preclude a Fund (or any other Participating Fund) from discontinuing the sale of its shares. The initial purchase must be for an amount equal to at least 5% of the minimum total purchase amount of the level selected. If trades not initially made under a Letter of Intent subsequently qualify for a lower sales charge through the 90-day backdating provisions, an adjustment will be made at the expiration of the Letter of Intent to give effect to the lower sales charge. Such adjustment in sales charge will be used to purchase additional shares. The Fund initially will escrow shares totaling 5% of the dollar amount of the Letter of Intent to be held by Shareholder Services in the name of the shareholder. In the event the Letter of Intent goal is not achieved within the specified period, the investor must pay the difference between the sales charge applicable to the purchases made and the reduced sales charge previously paid. Such payments may be made directly to the Distributor or, if not paid, the Distributor will liquidate sufficient escrowed shares to obtain the difference.

**Front-End Sales Charges and CDSC Waiver**

Class A Shares may be offered without front-end sales charges or a CDSC to the following individuals and institutions:

&nbsp;&nbsp;&nbsp;&nbsp;■ Clients of a financial intermediary that have entered into an agreement with the Distributor and have been approved by the Distributor to offer fund shares to self-directed investment brokerage accounts that may or may not charge a transaction fee;

&nbsp;&nbsp;&nbsp;&nbsp;■ Any government entity that is prohibited from paying a sales charge or commission to purchase mutual fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;■ All of employees of financial intermediaries under arrangements with the Distributor (this also applies to spouses and minor children under the age of 21 of those mentioned);

&nbsp;&nbsp;&nbsp;&nbsp;■ Fund Trustees, former Trustees, employees of affiliates of the Yorktown Funds and other individuals who are affiliated with any Yorktown Fund (this also applies to any spouse, parents, children, siblings, grandparents, grandchildren and in-laws of those mentioned);

&nbsp;&nbsp;&nbsp;&nbsp;■ Participants in certain employer-sponsored retirement plans. The availability of this pricing may depend upon the policies and procedures of your specific financial intermediary; consult your financial adviser;

&nbsp;&nbsp;&nbsp;&nbsp;■ Non-discretionary and non-retirement accounts of bank trust departments or trust companies, but only if they principally engage in banking or trust activities;

&nbsp;&nbsp;&nbsp;&nbsp;■ Clients of an adviser or subadviser to any Yorktown Fund with investments of $25,000 or more in the Yorktown Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Investments of $5 million or more in Yorktown Funds by corporations purchasing shares for their own account, credit unions, or bank trust departments and trust companies with discretionary accounts which they hold in a fiduciary capacity.

In order to receive Class A shares without a front-end sales charge or a CDSC, you must notify the appropriate Fund of your eligibility at the time of purchase. Due to operational limitations at your financial intermediary, a sales charge or a CDSC may be assessed; please consult your financial representative.

**Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Effective May 31, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;**■** Wells
 Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's
 employee account linking rules. Legacy accounts and positions receiving affiliate discounts
 prior to the effective date will continue to receive discounts. Going forward employees of
 affiliate businesses will not be offered NAV.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 purchased through reinvestment of dividends and capital gains distributions when purchasing
 shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 purchased through a rollover from another 529 plan.

&nbsp;&nbsp;&nbsp;&nbsp;■ Recontribution(s)
 of distributed funds are only allowed during the NAV reinstatement period as dictated by
 the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.**

● Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

&nbsp;&nbsp;&nbsp;&nbsp;■ Effective
 May 31, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate
 with the client's personal accounts based on Social Security Number. Previously established
 SEP and SIMPLE IRAs may still be aggregated as a group plan.

&nbsp;&nbsp;&nbsp;&nbsp;■ Effective
 May 31, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored
 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans)
 accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated
 with other retirement plan accounts under a different Tax ID or personal accounts. For purposes
 of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs,
 SAR-SEPs or Keogh plans.

&nbsp;&nbsp;&nbsp;&nbsp;■ Gift
 of shares will not be considered when determining breakpoint discounts

**Repurchase of Class A Shares**

You may repurchase any amount of Class A Shares of any Fund at NAV (without the normal front-end sales charge), up to the limit of the value of any amount of Class A Shares (other than those which were purchased with reinvested dividends and distributions) that you redeemed within the past 180 days. In effect, this allows you to reacquire Class A Shares that you may have had to redeem, without re-paying the front-end sales charge. Such repurchases may be subject to special tax rules. To exercise this privilege, the Trust must receive your purchase order within 180 days of your redemption. In addition, you must notify Shareholder Services when you send in your purchase order that you are repurchasing shares. The Fund reserves the right to modify or terminate this arrangement at any time.

Additional information regarding the waiver of sales charges may be obtained by calling the Trust at (800) 544-6060, or Shareholder Services at (888) 933-8274. All account information is subject to acceptance and verification by the Funds' Distributor.

Clear and prominent information regarding sales charges of the Funds and the applicability and availability of discounts from sales charges is available free of charge through the Trust's web site at www.yorktownfunds.com, which provides links to the prospectus and SAI containing the relevant information. You may also call the Trust at (800) 544-6060 or Shareholder Services at (888) 933-8274 for this information. All account information is subject to acceptance and verification by the Fund's Distributor.

The Trust reserves the right in its sole discretion to withdraw all or any part of the offering of shares of a Fund when, in the judgment of the Trust's management, such withdrawal is in the best interest of the Fund. An order to purchase shares is not binding on, and may be rejected by, the Trust until it has been confirmed in writing by the Trust and payment has been received.

**How to Buy Shares**

**Purchase and Sale of Fund Shares**

You may purchase, redeem or exchange shares of the Fund on any business day, which is any day the New York Stock Exchange is open for business. You may purchase, redeem or exchange shares of the Fund either through a financial advisor or directly from the Fund. The minimum initial investment in the Fund's Class A and Class L Shares is $1,000, and the minimum for additional investments is none. 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. 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. The Fund shares are redeemable on any business day by contacting your financial adviser, or by written request to the Fund, by telephone, or by wire transfer.

**Initial Purchase Methods.** To open an account, you must submit a completed New Account Application in good order. Initial investments may be funded via federal funds wire transfer, Automated Clearing House (ACH), or check drawn on a U.S. financial institution. The Fund offers its shares at the NAV next determined after an order is received in good order on a Business Day. The Fund reserves the right to reject any purchase order or payment method at its sole discretion.

**Purchase Requests in Good Order**

A purchase request will be considered to be in "good order" only if it includes all of the following:

● A completed and signed account application (for new accounts).

● The exact dollar amount of the investment.

● For existing accounts, the account number and the name(s) exactly as registered on the account.

● Payment in U.S. dollars, payable to the Fund.

● Any documentation reasonably required by the Fund or its transfer agent to verify the identity or authority of the purchaser, if applicable.

Requests that are incomplete, unclear, or submitted without the required documentation may be delayed or rejected. The Fund and its transfer agent are not responsible for delays or losses due to requests that are not received in good order.

You may obtain application forms for the purchase of Class A, Class L, or Institutional Class Shares of the Funds by contacting the shareholder services department ("Shareholder Services") of Ultimus Fund Solutions, LLC (the "Transfer Agent"), the Funds' transfer agent, at the address or telephone number shown below.

Send completed applications and purchase requests to:

Regular Mail:

Yorktown Funds

c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246

-or-

Overnight Mail:

Yorktown Funds

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Phone:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888) 933-8274

Shares are sold at their offering price, which is based upon the net asset value per share next computed after receipt and acceptance of the order by Shareholder Services, plus any applicable sales charge.

The minimum initial investment in each Fund's Class A and Class L Shares is $1,000, and the minimum for additional investments is none.

**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.** With the exception of the Treasury Advanced Total Return Fund, the minimum initial investment in each Fund's Institutional Class Shares is $1,000,000, and the minimum for additional investments is $100,000, unless otherwise waived as described below. The minimum initial investment in the Treasury Advanced Total Return Fund's Institutional Class Shares is $100,000 and the minimum for additional investments is $100,000.

An exception to these minimums is granted for investments made pursuant to special plans or if approved by the Distributor. The Adviser may also approve waivers of the minimum purchase amount if, in its opinion, to do so would be in the best interests of a Fund's shareholders. If you purchase Shares of a Fund from certain broker-dealers, banks or other authorized third parties, Shareholder Services will be deemed to have received your purchase order when that third party has received your order. The Trust and the Distributor reserve the right to reject any purchase order and to discontinue offering Shares of a Fund for purchase.

**Additional Investments.** You may purchase additional Shares of a Fund at any time by mail, wire, or automatic investment. Each additional mail purchase request must contain:

&nbsp;&nbsp;&nbsp;&nbsp;■ your name;

&nbsp;&nbsp;&nbsp;&nbsp;■ the name on your account(s);

&nbsp;&nbsp;&nbsp;&nbsp;■ your account number(s);

&nbsp;&nbsp;&nbsp;&nbsp;■ the name of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;■ a check made payable to the applicable Fund

Checks should be sent to the applicable Fund at the address listed under the heading "How to Invest" (above) in this prospectus. To send a bank wire, call Shareholder Services at (888) 933-8274 to obtain instructions.

**Automatic Investment Plan ("AIP").** Shareholders may purchase shares through an Automatic Investment Plan ("AIP"), which provides for regular, periodic purchases in accordance with the shareholder's instructions and the transfer agent's procedures. With the shareholder's authorization, the transfer agent will process AIP purchases in the amount and frequency selected by the shareholder. There is no minimum investment amount required to participate in the AIP. Shareholders may change or terminate AIP instructions at any time

by contacting the transfer agent. Only bank accounts maintained at U.S. financial institutions may be used. The Fund and/or the transfer agent may modify, suspend, or terminate the AIP at any time.

**Customer Identification and Verification.** In compliance with the USA PATRIOT Act of 2001, the Transfer Agent will verify certain information on your account application as part of the Trust's Anti-Money Laundering Program. As requested on the account application, you should supply your full name, date of birth, social security number and permanent street address. Mailing addresses containing only a P.O. Box will not be accepted. This information will be verified to ensure the identity of all persons opening a mutual fund account. The Trust is required by law to reject your new account application if the required identifying information is not provided. Please contact Shareholder Services at (888) 933-8274 if you need additional assistance when completing your account application.

In certain instances, the Trust is required to collect documents to fulfill its legal obligation. Documents provided in connection with your application will be used solely to establish and verify a customer's identity. Attempts to collect the missing information required on the application will be performed by either contacting you or, if applicable, your broker. If this information is unable to be obtained within a timeframe established in the sole discretion of the Trust, your application will be rejected. Upon receipt of your application in proper form (meaning that it is complete and contains all necessary information, and has all supporting documentation such as proper signature guarantees, IRA rollover forms, etc.), or upon receipt of all identifying information required on the application, your investment will be received and your order will be processed at the next-determined NAV. However, the Trust reserves the right to close your account at the next-determined NAV if they are unable to verify your identity. Attempts to verify your identity will be performed within a timeframe established in the sole discretion of the Trust. If the Trust is unable to verify your identity, the Trust reserves the right to liquidate your account at the next-determined NAV and remit proceeds to you via check. The Trust reserves the further right to hold your proceeds until your original check clears the bank. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications.

**Anti-Money Laundering Program.** Customer identification and verification is part of the Trust's overall obligation to deter money laundering under federal law. The Trust has adopted an Anti-Money Laundering Compliance Program designed to prevent the Trust from being used for money laundering or the financing of terrorist activities. In this regard, if the Trust is unable to verify your identity, as required by anti-money laundering laws, we may refuse to open your account or may delay opening your account pending verification of your identity. If we subsequently are unable to verify your identity, we may close your account without further notice and return to you the value of your shares at the next calculated net asset value. The Trust has appointed an officer of Northern Lights Compliance Services, an affiliate of Ultimus Fund Distributors, LLC, the Trust's principal underwriter, to serve as AML Officer and to oversee the implementation of the Trust's Anti-Money Laundering Compliance Program.

**Investing by Wire.** Once you have completed an application and the Transfer Agent has verified certain information on your account application form, you may purchase Class A Shares of a Fund by requesting your bank to wire funds directly to the Transfer Agent. To invest by wire please call Shareholder Services at (888) 933-8274 for instructions. Your bank may charge you a fee for this service. Be sure to include your name and account number in the wire instructions that you provide your bank. Once your account is opened, you may make additional investments using the wire procedure described above.

**Investing by Mail.** For initial purchases, the account application should be completed, signed and mailed to the Transfer Agent, together with your check payable to the applicable Fund. Please be sure to specify the class of shares in which you wish to invest. For subsequent purchases, include with your check the tear-off stub from a prior purchase confirmation, or otherwise identify the name(s) of the registered owner(s) and tax identification number(s).

**Right of Refusal.** The Trust may reject or cancel any purchase orders, including exchanges, for any reason.

**Automated Clearing House (ACH) Purchases**

Shareholders may purchase shares of the Fund through the Automated Clearing House ("ACH") network from a U.S. domestic bank or other U.S. domestic financial institution. All payments must be made in U.S. dollars.

**Initial and Subsequent Purchases by ACH**

ACH may be used for both initial and subsequent investments. To establish ACH instructions, shareholders must provide the required banking information on the Account Application (or other documentation acceptable to the Fund or its transfer agent).

**Bank Account Requirements**

The designated bank account must be maintained at a U.S. domestic financial institution. The name(s) and registration on the bank account must exactly match the name(s) and registration on the Fund account. The bank account must be owned and controlled by the shareholder(s). ACH transfers initiated from a third-party bank account will not be accepted.

**Right to Reject / Good Order**

The Fund and its transfer agent reserve the right to reject any ACH purchase request that is not received in "good order." A request is in "good order" when all required information, authorizations, and documentation have been received in proper form and are acceptable to the Fund or its transfer agent.

Each Fund may limit the amount of purchase and refuse to sell shares to any person.

**Returned Check/NSF Fee.** If your check or electronic payment does not clear, you will be responsible for any loss or expense incurred by the Fund or its Transfer Agent, as well as any applicable fees. A $25 fee will be charged to defray bank charges and processing costs associated with the returned payment. The Fund reserves the right to redeem shares from your account to cover any unpaid amounts.

You may be prohibited or restricted from making future purchases in such Fund. Checks must be made payable to the Fund in which you wish to invest. Each Fund and its transfer agent may refuse any purchase order for any reason.

**Unacceptable Forms of Payment.** The Funds generally do not accept cash equivalents for the purchase of shares, including, but not limited to: cash, cashier's checks, bank official checks, certified checks, bank money orders, third-party checks (except for properly endorsed IRA transfer and rollover checks), counter checks, starter checks, traveler's checks, money orders, credit card checks, cryptocurrency, or payments drawn on non-U.S. financial institutions.

Each Fund has authorized certain broker-dealers and other financial institutions (including their designated intermediaries) to accept on its behalf purchase and sell orders. A Fund is deemed to have received an order when the authorized person or designee accepts the order, and the order is processed at the net asset value next calculated thereafter. It is the responsibility of the broker-dealer or other financial institution to transmit orders promptly to the Fund's Transfer Agent.

**How to Sell Shares**

**Payment for Shares and Good Funds Policy.** The Fund accepts payment for shares by check, Automated Clearing House ("ACH") transfer, or wire transfer. All purchase orders are subject to acceptance by the Fund and will be executed at the next net asset value ("NAV") calculated after the order is received in good order.

Payments made by check or ACH may be subject to a collection period to ensure that funds have cleared and are received in "good funds." The Fund and its Transfer Agent reserve the right to delay the disbursement of redemption or exchange proceeds from shares purchased by check or ACH for up to **10 business days** (or longer, if necessary) to allow the payment to clear.

During this period, the proceeds of newly purchased shares are not available for redemption or exchange. This policy does not apply to purchases made by wire transfer, which are generally considered good funds upon receipt.

If a check or ACH payment does not clear, the purchase order will be cancelled, and the investor will be responsible for any resulting loss incurred by the Fund or its Transfer Agent, as well as any applicable fees.

**Redemption Proceeds**

Redemption proceeds are typically sent on the next business day after a request is received in good order. As permitted by federal law, the Fund may delay payment for up to seven calendar days. The Fund also reserves the right to delay payment for shares recently purchased by check or via Automated Clearing House (ACH) until the payment has cleared, which may take up to 10 business days (or longer, if necessary). Proceeds are generally paid by check, wire transfer, or ACH, as elected by the shareholder.

**Redemption Requests in Good Order**

A redemption request will be considered to be in "good order" only if it includes all of the following:

● The name of the Fund and the account number

● The exact dollar amount or number of shares to be redeemed

● The name(s) of the registered account owner(s), exactly as they appear on the account

● Signature(s) of all registered owner(s)

● Any required signature guarantee or medallion signature guarantee, if applicable

● Any documentation reasonably required by the Fund or its transfer agent to verify the identity or authority of the person(s) requesting the redemption

Redemption requests that are incomplete, unclear, unsigned, or submitted without the required documentation or signature guarantees may be delayed or rejected. The Fund and its transfer agent are not responsible for processing delays or losses resulting from requests not received in good order.

You may sell your Class A, Class L, or Institutional Class Shares in three different ways:

&nbsp;&nbsp;&nbsp;&nbsp;■ by mailing a written redemption request for a check or wire representing the redemption proceeds to Shareholder Services;

&nbsp;&nbsp;&nbsp;&nbsp;■ by making a telephone request for redemption by check (provided that the amount to be redeemed is not more than $100,000 and the check is being sent to the record address for the account, which has not changed in the prior three months); or

&nbsp;&nbsp;&nbsp;&nbsp;■ by making a telephone request for redemption proceeds to be wired to a predesignated bank.

**Redemptions by Mail.** A written request for redemption must include the name of the Fund, the class of shares, your account number, the exact name(s) in which your shares are registered, the number of shares or the dollar amount to be redeemed and mailing or wiring instructions.

Send written requests for redemption to:

Regular Mail:

Yorktown Funds

c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246

-or-

Overnight Mail:

Yorktown Funds

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**Federal and State Income Tax Withholding (IRAs and Other Retirement Accounts).** Distributions from IRAs and other retirement accounts may be subject to federal income tax withholding and, where applicable, state income tax withholding. Federal income tax generally will be withheld from IRA distributions unless you elect otherwise on the applicable request form. If you do not make a withholding election, withholding will be applied in accordance with applicable law and IRS rules. State income tax withholding may also apply depending on your state of residence and applicable state law. Withholding is not a determination of your actual tax liability.

Upon timely receipt by Shareholder Services of a redemption request in "good order," as described below, the shares will be redeemed at the net asset value per share computed at the close of regular trading on the NYSE on that day. Redemption requests received after the close of regular trading will be executed at the net asset value per share next computed.

**Medallion Signature Guarantee Requirements**

To protect shareholders and the Fund from potential fraud, the Fund and/or its transfer agent (the "Transfer Agent") may require a signature guarantee, including a Medallion Signature Guarantee ("MSG"), in certain circumstances. An MSG is a stamped certification from an eligible guarantor institution that verifies the authenticity of a signature and the authority and capacity of the person signing.

The Fund and/or the Transfer Agent may require an MSG in situations including, but not limited to, the following:

● The redemption amount exceeds **$100,000** (or such other threshold as may be established by the Fund and/or the Transfer Agent);

● Proceeds are requested to be mailed to an address or sent to a bank account that was changed or added within the past 30 calendar days;

● Proceeds are requested to be made payable to a person or entity other than the registered account owner;

● Proceeds are requested to be sent to a financial institution account that is not in the shareholder's name;

● The account registration or ownership is being changed;

● Instructions are submitted by mail with alternate delivery instructions, special handling, or other non-standard processing; or

● Any other circumstance in which the Fund or the Transfer Agent reasonably determines that additional documentation or verification is appropriate.

An MSG must be obtained from an eligible guarantor institution that participates in a recognized Medallion Signature Guarantee program (STAMP, SEMP, or MSP). These institutions typically include banks, savings associations, credit unions, and broker-dealers. A notary seal is not an acceptable substitute for an MSG.

Shareholders should contact the Transfer Agent in advance if they are unsure whether an MSG will be required. The Fund and/or the Transfer Agent reserves the right, in its discretion, to waive or require an MSG and to reject any signature guarantee that it deems unacceptable.

Signature guarantees from a notary public are not acceptable. Other supporting legal documents may be required from corporations or other organizations, fiduciaries or persons other than the stockholder of record making the redemption request.

**Telephone Transactions**

You may purchase, exchange, or redeem Fund shares by calling (888) 933-8274. Telephone transaction privileges are automatically available for new accounts unless you decline them on your account application or later revoke them by written instruction to the Fund or its Transfer Agent.

Telephone instructions, if received in good order before the applicable cut-off time, will be processed at the Fund's next determined net asset value ("NAV"). Redemption proceeds will be sent promptly to your address of record by check or to your bank account of record by ACH or wire transfer. Telephone redemptions are generally limited to **$100,000** per account. Requests for amounts above this limit must be submitted in writing and must include a Medallion Signature Guarantee.

During periods of heavy market activity or other unusual conditions, you may experience difficulty reaching the Fund or its Transfer Agent. Please allow additional time to place your transaction. The Fund or its Transfer Agent will not be held liable for any loss if you are unable to reach them to place a telephone transaction.

The Fund and its Transfer Agent use reasonable procedures to verify the authenticity of telephone instructions. These may include requiring an account number, a personal identification number (PIN) if applicable, recording of calls, and/or written confirmations. If these procedures are followed, neither the Fund nor its Transfer Agent will be responsible for any loss, liability, cost, or expense arising from unauthorized or fraudulent telephone instructions.

If you own an IRA, you will be asked to make an election regarding federal and applicable state income tax withholding at the time of a redemption.

For your protection, telephone redemptions may be restricted for 30 days following a change of address or banking information. The Fund may also require a signature guarantee or other documentation for certain transactions.

The Fund reserves the right to modify, suspend, or terminate the telephone transaction privilege at any time, with or without notice.

**Wire Redemptions.** Wire redemptions by telephone may be made only if the bank is a member of the Federal Reserve System or has a correspondent bank that is a member of the System. If the account is with a savings bank, it must have only one correspondent bank that is a member of the Federal Reserve System. If a shareholder decides to change the bank account to which proceeds are to be wired, the change must be effected by filling out and submitting in advance the appropriate form that is available from Shareholder Services.

**Wire Fee.** A fee of **$15** will be charged for each wire transfer of redemption proceeds. This fee will be deducted directly from your account and is subject to change without notice. Your bank or any intermediary institution may also charge a separate fee for receiving the wire. The Fund and its transfer agent are not responsible for any delays or additional fees imposed by the receiving bank or any intermediary institution.

**Electronic Services and Online Account Transactions**

The Fund, through its transfer agent (the "Transfer Agent"), may make available to shareholders certain electronic services and online account access (collectively, "Online Services") through the Fund's website (the "Website"). These Online Services may include, but are not limited to, the ability to access account information, conduct transactions, and consent to the electronic delivery of Fund documents. The Fund does not permit new accounts to be opened through the Website. New accounts must be established by submitting a completed application by mail or through other available methods described in this Prospectus.

**1. Eligibility for Online Access**

Online Services are available only to shareholders with an existing account who have established online access by accepting the applicable online user agreement. Certain Online Services may require that banking instructions (including Automated Clearing House ("ACH") instructions) be established and accepted by the Transfer Agent.

**2. Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, you will be required to provide your name, address, date of birth, and other identifying information. You may also be asked to provide a copy of your driver's license or other identifying documents. If your identity cannot be verified as required by law, the Fund reserves the right to reject your application, restrict transactions, or close your account.

**3. Online Transactions**

All online transaction requests are subject to the terms of this Prospectus. To receive the net asset value ("NAV") determined for the current business day, transaction requests must be received in good order by the Fund (or its authorized agent) prior to the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time). Requests received after this time will receive the next business day's NAV.

● Purchases. Purchases may be made online via the Automated Clearing House ("ACH") network for accounts with ACH instructions on file and accepted by the Transfer Agent. Please note that proceeds from the redemption of shares recently purchased by ACH may be delayed for up to 10 business days to ensure that the purchase has cleared.

● Redemptions. For risk management purposes, online redemptions are generally limited to $100,000 per account per day. This limit may be lower if the Fund requires a Medallion Signature Guarantee ("MSG") at a

threshold below this amount, in which case the most restrictive limit will apply. All redemption requests exceeding the applicable online limit must be submitted in writing and must include a valid MSG if required.

**4. Limitation of Liability**

Your use of the Fund's Online Services is at your own risk. The Fund and its service providers (including the Transfer Agent) do not guarantee the security or uninterrupted availability of the Website. Access may be delayed, limited, or unavailable for reasons including, but not limited to, periods of peak demand, market volatility, system maintenance, or failures of hardware, software, or network connections.

It is your responsibility to maintain an alternative method for placing transactions (such as by telephone or mail). To the extent permitted by applicable law, neither the Fund, the Transfer Agent, the Fund's distributor, nor their respective affiliates will be liable for any losses, damages, costs, or expenses arising from any delay, error, or failure to process your transaction request, or for any unauthorized access to your account, due to system unavailability, technical failures, security breaches, or any other cause or circumstance beyond the reasonable control of the Fund or its agents.

See "How to Buy Shares," "Exchange Privileges," and "How to Sell Shares" for additional information regarding transaction requirements and other applicable restrictions.

**Systematic Withdrawal Plan ("SWP").** Shareholders may redeem shares through a Systematic Withdrawal Plan ("SWP"), which provides for regular, periodic redemptions in accordance with the shareholder's instructions and the transfer agent's procedures. With the shareholder's authorization, the transfer agent will process SWP redemptions in the amount and frequency selected by the shareholder. Shareholders may change or terminate SWP instructions at any time by contacting the transfer agent. The Fund and/or the transfer agent may modify, suspend, or terminate the SWP at any time.

**Other Information.** Redemption proceeds are typically sent on the next business day after a request is received in good order. As permitted by federal law, the Fund may delay payment for up to seven calendar days. The Fund also reserves the right to delay payment for shares recently purchased by check or via Automated Clearing House (ACH) until the payment has cleared, which may take up to 10 business days (or longer, if necessary). Proceeds are generally paid by check, wire transfer, or ACH, as elected by the shareholder. There will be no such delay for redemptions following investments paid for by federal funds wire or by certified check. If checks representing redemption proceeds are returned "undeliverable" or remain uncashed for six months, such checks shall be canceled and such proceeds shall be reinvested in the Funds at the NAV per share determined as of the date of cancellation of such checks. No interest will accrue on amounts represented by uncashed distribution or redemption checks.

Other supporting legal documents may be required from corporations or other organizations, fiduciaries or persons other than the stockholder of record making the redemption request. If there is a question concerning the redemption of Fund shares, contact Shareholder Services.

**Suspension of Redemptions.** The right of redemption may be suspended or the date of payment postponed (a) when trading on the New York Stock Exchange (NYSE) is restricted, as determined by applicable rules and regulations of the SEC; (b) when the NYSE is closed for other than customary weekend and holiday closings; (c) when the SEC has by order permitted such suspension; or (d) during an emergency, as determined by the SEC, as a result of which it is not reasonably practicable for the Fund to dispose of securities or to determine the value of its net assets.

**Rights Reserved by the Funds.** Each Fund and its agents reserve the right at any time to: (i) reject or cancel all or any part of any purchase or exchange order; (ii) modify any terms or conditions related to the purchase,

redemption or exchange of shares of any Fund; (iii) reject or cancel any request to establish a Systematic Purchase Plan or Systematic Redemption Plan; (iv) modify or terminate any sales charge waivers or exceptions; and (v) suspend, change or withdraw all or any part of the offering made by this prospectus.

**Section 5 \| GENERAL INFORMATION**

This section summarizes the Funds' distribution policies and other general Fund information.

**Dividends, Distributions and Taxes**

**Dividends and Other Distributions.** Each Fund declares and pays dividends from its net investment income (including dividends from Underlying Funds) and distributes any net capital gains realized from the sale of its portfolio securities (including shares of Underlying Funds) at least annually. Unless Shareholder Services receives written instructions to the contrary from a shareholder before the record date for a distribution, the shareholder will receive that distribution in additional Fund shares of the distributing class at their NAV on the reinvestment date.

**Taxation of Shareholders.** Dividends and other distributions by a Fund to its shareholders, other than tax-exempt entities (including individual retirement accounts and qualified retirement plans), are taxable to them regardless of whether the distributions are received in cash or reinvested in additional Fund shares. Dividends from a Fund's net income (generally consisting of net investment income, plus the excess of net short-term capital gain over net long-term capital loss) generally are taxable as ordinary income (except as mentioned below), whereas distributions of a Fund's net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) are taxable as long-term capital gains, regardless of how long the shareholder held its shares. In addition to the federal income tax, certain individuals, trusts, and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income; or (ii) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). The Fund's distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of Fund shares is includable in such shareholder's investment income for purposes of this NII tax.

A Fund's dividends attributable to "qualified dividend income" (i.e., dividends it receives on stock of most U.S. corporations and certain foreign corporations with respect to which the Fund satisfies certain holding period, debt-financing, and other restrictions, including dividends from any Underlying Fund attributable to dividends from such corporations with respect to which the Underlying Fund satisfies those restrictions) ("QDI") generally are subject to federal income tax at the rates applicable to net long-term capital gain, including a 20% maximum rate, for individual shareholders who satisfy those restrictions with respect to their shares on which the Fund dividends were paid. If a Fund's QDI is at least 95% of its gross income (as specially computed), the entire dividend will qualify for that treatment. A portion of a Fund's dividends — not exceeding the aggregate dividends it receives from domestic corporations only — also may be eligible for the dividends-received deduction allowed to corporations, subject to similar restrictions. However, dividends a corporate shareholder deducts pursuant to the dividends-received deduction are subject indirectly to the federal alternative minimum tax.

Non-corporate taxpayers generally may deduct 20% of "qualified business income" derived either directly or through partnerships or S corporations. For this purpose, "qualified business income" generally includes ordinary real estate investment trusts ("REIT") dividends and income derived from master limited partnership ("MLP") investments. Non-corporate shareholders can claim the qualified business income deduction with respect to REIT dividends received by a Fund or an underlying Fund if the fund and underlying Fund meets certain holding period and reporting requirements. There is currently no mechanism for a Fund, to the extent it or an underlying fund invests in MLPs, to pass through to non-corporate shareholders the character of income

derived from MLP investments so as to allow such shareholders to claim this deduction. It is uncertain whether future legislation or other guidance will enable a Fund to pass through to non-corporate shareholders the ability to claim this deduction.

Distributions to you of a Fund's net capital gain, including gain it realizes on the redemption of any Underlying Fund's shares it held for more than one year and distributions from any Underlying Fund of the latter's net capital gain, also are subject to a 20% maximum federal income tax rate for individual shareholders.

The portion of the dividends a Fund pays that is attributable to interest earned on its investments that are direct U.S. Government obligations generally are not subject to state and local income taxes. Each Fund advises its shareholders of the tax status of distributions following the end of each calendar year.

A redemption of Fund shares will result in taxable gain or loss to the redeeming shareholder, depending on whether the redemption proceeds are more or less than the shareholder's adjusted basis in the redeemed shares. An exchange of a Fund's shares for shares of another Fund will have similar tax consequences. Capital gain recognized on a redemption or exchange of Fund shares held for more than one year will be long-term capital gain and will be subject to federal income tax, for an individual shareholder, at the maximum 20% rate mentioned above.

The foregoing only summarizes some of the important federal income tax considerations generally affecting the Funds and their shareholders; see the SAI for a further discussion. Because other federal, state, or local tax considerations may apply, investors are urged to consult their tax advisors.

**Net Asset Value**

The offering price of each Fund's Shares is based upon the Fund's net asset value ("NAV") per share, plus any applicable sales charges. NAV per share is determined as of the close of trading on the New York Stock Exchange ("NYSE") (generally, 4:00 p.m. Eastern time) on each business day that the NYSE is open. The NAV per share is computed by adding the total value of a Fund's investments and other assets (including dividends accrued but not yet collected) attributable to a Fund's Class A, Institutional Class, Class L Shares or Class C Shares of Bond Fund, subtracting any liabilities (including accrued expenses) attributable to a Fund's Class A, Institutional Class, Class L Shares or Class C Shares of Bond Fund, and then dividing by the total number of the applicable class's shares outstanding. Due to the fact that different expenses may be charged against shares of different classes of a Fund, the NAV of the different classes may vary. Class C Shares of Bond Fund is described in a separate Prospectus.

Shares of open-end Underlying Funds are valued at their respective NAV under the 1940 Act. The Underlying Funds generally value securities in their portfolios for which market quotations are readily available at their current market value (generally the last reported sales price) and all other securities and assets at fair value pursuant to methods established in good faith by the valuation designee of the Underlying Fund. Money market funds with portfolio securities that mature in 397 days or less may use the amortized cost to value their securities or penny-rounding methods to compute their price per share. Securities that are listed on U.S. exchanges (other than exchange traded funds ("ETFs")) are valued at the last sales price on the day the securities are valued or, lacking any sales on such day, at the previous day's closing price. ETFs are valued at the last sales price on the ETFs primary exchange on the day the securities are valued or, lacking any sales on such day, either at the value assigned by a nationally recognized third-party pricing service or at the previous day's closing price. Securities listed on NASDAQ are valued at the NASDAQ Official Closing Price. U.S. Treasury securities and corporate bonds are priced at an evaluated mean of the last bid and asked prices available prior to valuation. Other securities traded in the OTC market are valued at the last bid price available prior to valuation.

The Board of Trustees has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, subject to its oversight. Securities for which market quotations are unavailable or unreliable are valued at fair value as determined in good faith by the valuation designee pursuant to its valuation policies and procedures, which have been approved by the Board of Trustees.

Debt securities having 60 days or less remaining to maturity generally are valued at their amortized cost.

Events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the NAV of Fund shares is determined, such as foreign securities trading on foreign exchanges that close before the time the NAV of Fund shares is determined, may be reflected in the Trust's calculations of net asset values for certain Funds when the Trust deems that the event or circumstance would materially affect such Fund's net asset value. Such events or circumstances may be company specific, such as an earnings report, country or region specific, such as a natural disaster, or global in nature. Such events or circumstances also may include price movements in the U.S. securities markets.

The effect of fair value pricing as described above is that securities may not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board believes reflects fair value. As such, fair value pricing is based on subjective judgments and it is possible that the fair value may differ materially from the value realized on a sale. This policy is intended to assure that each Fund's net asset value fairly reflects security values as of the time of pricing. Also, fair valuation of a Fund's securities can serve to reduce arbitrage opportunities available to traders seeking to take advantage of information available to them that is not the basis of Trust valuation actions, but there is no assurance that fair value pricing policies will prevent dilution of a Fund's NAV by those traders.

If a security or securities that a Fund owns are traded after the NYSE is closed (for example, on an after-hours market) the value of the Fund's assets may be affected on days when the Fund is not open for business. In addition, trading in some of a Fund's assets may not occur on days when the Fund is open for business.

**Fair Value Pricing**

The Funds employ fair value pricing selectively to ensure greater accuracy in their daily NAV and to prevent dilution by frequent traders or market timers who seek to take advantage of temporary market anomalies. The Adviser has developed procedures which utilize fair value pricing when reliable market quotations are not readily available or the Funds' pricing service, if applicable, does not provide a valuation (or provides a valuation that in the judgment of the Adviser to a Fund does not represent the security's fair value), or when, in the judgment of the Adviser, events have rendered the market value unreliable. Valuing securities at fair value involves reliance on judgment. Fair value determinations are made in good faith in accordance with procedures adopted by the Adviser and approved by the Board of Trustees. There can be no assurance that a Fund will obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its NAV per share. The Board of Trustees has designated the Adviser as its "valuation designee" under Rule 2a-5 of the 1940 Act, subject to its oversight.

Requests to purchase and sell shares are processed at the NAV next calculated after we receive your order in proper form.

**Frequent Trading**

The Funds are intended to be used as long-term investments. The Trust discourages frequent purchases, redemptions or exchanges of Fund shares and does not accommodate such trading. "Market-timers" who engage in frequent purchases, redemptions or exchanges over a short period of time can disrupt a Fund's

investment program and create additional transaction costs that are borne by all shareholders of a Fund. The Board has adopted policies and procedures to detect and prevent frequent purchases, redemptions or exchanges of Fund shares by shareholders, and seeks to apply these policies and procedures to all shareholders. Although such policies and procedures may not be successful in detecting or preventing excessive short-term trading in all circumstances, the Trust's policies and procedures provide that each of the Funds may temporarily suspend or terminate purchase, redemption or exchange transactions by any investors, potential investors, groups of investors or shareholders who engage in short-term trading activity that may be disruptive to the Trust or any of its Funds. It may be difficult to identify whether particular orders placed through banks, broker-dealers, investment representatives or other financial intermediaries may be excessive in frequency and/or amount or otherwise disruptive to the Funds when such trading activity takes place at the level of omnibus accounts established in the Trust's name by such financial intermediaries. Accordingly, the Trust's policies and procedures seek to consider all trades placed in a combined order through an omnibus account by a financial intermediary as part of a group to determine whether such trades may be rejected in whole or in part.

The Funds or the Underlying Funds may invest in foreign securities, and may be subject to the risks associated with market timing and short-term trading strategies to a greater extent than funds that do not. Securities trading in foreign markets may present time zone arbitrage opportunities when events affecting portfolio securities' values occur after the close of the foreign markets but prior to the close of the U.S. markets. The Funds and the Underlying Funds have adopted policies and procedures designed to adjust closing market prices of foreign securities under certain circumstances to reflect their fair value as of the valuation time. To the extent that the Funds or the Underlying Funds do not accurately value foreign securities as of the Fund's valuation time, investors engaging in price arbitrage may cause dilution in the value of the Fund's shares held by other shareholders. The Funds or the Underlying Funds may invest in small capitalization equity securities. Because such securities may be infrequently traded, short-term traders may seek to trade shares of the Funds in an effort to benefit from their understanding of the value of these securities (referred to as price arbitrage). Any successful price arbitrage also may cause dilution in the value of the shares of the Funds held by other shareholders.

**Acquired Fund Fees and Expenses**

An SEC rule adopted in 2006, requires the Trust to report total expense ratios in its prospectus fee tables that account for both the expenses that a Fund pays directly out of its assets (sometimes called "direct expenses"), and the expense ratios of the Underlying Funds (including business development companies ("BDC's")) in which the Fund invests (often called "acquired fund fees" or "indirect expenses"). The disclosure of the Fund's indirect expenses in the Fund's fee table is contained in the acquired fund fees and expenses (AFFEs) line item.

This disclosure is designed to provide investors with a better understanding of the actual costs of investing in a Fund that invests in other funds, which have their own expenses that may be as high, or higher, than the acquiring Fund's expenses.

**Direct Fund Expenses:** Expenses and fees such as management fees and custody fees typically accrue daily and are paid monthly. These expenses are borne directly by the Fund and reduce the Fund's net assets, thus detracting from total return.

**Indirect Fund Expenses:** AFFEs are not accrued daily, nor are they paid directly from the Fund's net assets. They reflect the Fund's pro rata share of fees and expenses incurred by investing in acquired funds. AFFEs are reflected in the prices of the acquired funds, and thus are included in the total returns of the Fund.

**Are AFFEs reflected in a Fund's financial statements?**

No. Because acquired fund fees and expenses are not borne directly by the Fund, they will not be reflected in the expense information in the Fund's financial statements or the Fund's financial highlights included in the Fund's reports to shareholders.

**Distribution and Service Plans**

The Adviser or Distributor, out of its own resources and without additional cost to the Funds or their shareholders, may provide additional cash payments or non-cash payments to intermediaries who sell shares of the Funds. Such payments and compensation are in addition to the service fees paid by the Funds. These additional cash payments are generally made to intermediaries that provide shareholder servicing, marketing support and/or access to sales meetings, sales representatives and management representatives of the intermediary. Cash compensation may also be paid to intermediaries for inclusion of the Funds on a sales list, including a preferred or select sales list, in other sales programs or as an expense reimbursement in cases where the intermediary provides shareholder services to Fund shareholders. The Adviser or Distributor may also pay cash compensation in the form of finder's fees that vary depending on the Fund and the dollar amount of shares sold.

**Rule 12b-1 Fees**

The Board has adopted a Plan of Distribution for each Fund's Class L Shares, Class A Shares of five of the Funds and Class C Shares of Bond Fund (the "12b-1 Plan"). Pursuant to the 12b-1 Plan, the Funds may finance from the assets of Class L Shares certain activities or expenses that are intended primarily to result in the sale of shares of such class. Each Fund finances these distribution and service activities through payments made to the Distributor. The fee paid to the Distributor by each Fund is computed on an annualized basis reflecting the average daily net assets of a class, equal to 1.00% for Class L Share expenses. The Distributor has contractually agreed to limit the 12b-1 payment to 0.65% for Class L Shares of the Short Term Bond Fund through May 31, 2025. Because these fees are paid out of Class L Shares' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges.

The 12b-1 Plan also covers the Class A Shares of the Bond Fund and Small Cap Fund. Pursuant to the 12b-1 Plan, those Funds may finance from the assets of their Class A Shares certain activities or expenses that are intended primarily to result in the sale of shares of such class. The Funds finance these distribution and service activities through payments made to the Distributor. For Bond Fund, the fee paid to the Distributor by the Funds is computed on an annualized basis reflecting the average daily net assets of a class, equal to a maximum of 0.50% for Class A Share expenses. For the Small Cap Fund, the fee paid to the Distributor by the Fund is computed on an annualized basis reflecting the average daily net assets of a class, equal to a maximum of 0.25% for Class A Share expenses. Because these fees are paid out of a Class A Shares' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges. The Funds may voluntarily reduce the rate of 12b-1 fees charged from time to time.

In addition to paying fees under the 12b-1 Plan, the Funds may pay service fees to intermediaries such as banks, broker-dealers, financial advisors or other financial institutions, including affiliates of the Adviser or Distributor, for sub-administration, sub-transfer agency and other shareholder services associated with shareholders whose shares are held of record in omnibus, other group accounts or accounts traded through registered securities clearing agents.

**Payments to Financial Intermediaries**

From time to time, the Adviser and/or its affiliates, at their discretion, may make payments to certain affiliated or unaffiliated financial intermediaries to compensate them for the costs associated with making shares of the Funds available to their customers or registered representatives, including costs for providing a Fund with "shelf space" and/or placing a Fund on a preferred or recommended fund list. For purposes of this discussion, "Financial Intermediaries" include affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a similar arrangement with the Funds and/or their affiliates. These payments are sometimes characterized as "revenue sharing" payments and are made out of the Adviser's and/or its affiliates' own legitimate profits or other resources, and are not paid by the Funds. These arrangements may apply to any or all shares, including shares sold or held through programs such as retirement plans, qualified tuition programs, fund supermarkets, fee-based advisory or wrap fee programs, bank trust programs, and insurance (e.g., individual or group annuity) programs. To the extent permitted by SEC and FINRA rules and other applicable laws and regulations, the Adviser and/or its affiliates may pay or allow other promotional incentives or payments to Financial Intermediaries. For more information please see "Payments to Financial Intermediaries" in the Funds' SAI.

The level of payments to individual Financial Intermediaries varies in any given year and may be negotiated on the basis of sales of Fund shares, the assets of the Funds that are attributable to investments by customers of the Financial Intermediary or the quality of the Financial Intermediary's relationship with the Adviser and/or its affiliates. These payments may be more or less than the payments received by the Financial Intermediaries from other mutual funds and may influence a Financial Intermediary to recommend or offer certain funds or share classes over other investment alternatives. In certain instances, the payments could be significant and may cause a conflict of interest for your Financial Intermediary. Any such payments will not change the net asset value or price of a Fund's shares.

The Adviser and/or its affiliates currently have "revenue sharing" arrangements with several Financial Intermediaries.

Please contact your Financial Intermediary for information about any payments it may receive in connection with the sale of Fund shares, as well as information about any fees and/or commissions it charges.

**General Information**

**Small Account Fees**

Due to the relatively higher cost of maintaining small accounts, the Funds may deduct $25 per year from your account if your account has a value of less than $500 or may redeem the shares in your account if your account has a value of less than $25. If a Fund elects to redeem such shares, it will notify you of its intention to do so, and provide you with the opportunity to increase the amount invested to $500 or more within 30 days of notice. If you bring your account balance up to the required minimum no account fee or involuntary redemption will occur. The Fund will not close your account if it falls below the required minimum solely because of a market decline. The Fund reserves the right to waive this fee or redemption requirement.

The Funds may eliminate duplicate mailings of portfolio materials to shareholders who reside at the same address, unless instructed to the contrary. Investors may request that a Fund send these documents to each shareholder individually by calling Shareholder Services at (888) 933-8274.

**Automatic Investment Plan ("AIP")**

Shareholders may purchase shares through an Automatic Investment Plan ("AIP"), which provides for regular, periodic purchases in accordance with the shareholder's instructions and the transfer agent's procedures. With the shareholder's authorization, the transfer agent will process AIP purchases in the amount and frequency selected by the shareholder. There is no minimum investment amount required to participate in the AIP. Shareholders may change or terminate AIP instructions at any time by contacting the transfer agent. Only bank accounts maintained at U.S. financial institutions may be used. The Fund and/or the transfer agent may modify, suspend, or terminate the AIP at any time.

**Systematic Withdrawal Plan ("SWP")**

Shareholders may redeem shares through a Systematic Withdrawal Plan ("SWP"), which provides for regular, periodic redemptions in accordance with the shareholder's instructions and the transfer agent's procedures. With the shareholder's authorization, the transfer agent will process SWP redemptions in the amount and frequency selected by the shareholder. Shareholders may change or terminate SWP instructions at any time by contacting the transfer agent. The Fund and/or the transfer agent may modify, suspend, or terminate the SWP at any time.

**Exchange Privileges**

You may exchange Shares of any Fund for the identical Class Shares of any other Fund. If you exchange Class A Shares that you purchased without a sales charge or with a lower sales charge into a Fund with a sales charge or with a higher sales charge, the exchange is subject to a sales charge equal to the difference between the lower and higher applicable sales charges. If you exchange Class A Shares into a Fund with the same, lower or no sales charge there is no sales charge for the exchange. Additionally, the amount of your exchange must meet any initial or subsequent purchase minimums applicable to the Fund into which you are making the exchange.

You may also exchange your Fund shares into the Federated Prime Cash Obligations Fund, which is an unaffiliated, separately managed, money market mutual fund. There is no sales charge for the exchange. This exchange privilege is offered as a convenience to you. For an exchange into the Federated Prime Cash Obligations Fund, you must first receive that Fund's prospectus. The exchange privilege must also be selected on your account application form.

You may place exchange orders in writing with Shareholder Services, or by telephone, if a written authorization for telephone exchanges is on file with Shareholder Services. All permitted exchanges will be effected based on the NAV per share of each Fund that is next computed after receipt by Shareholder Services of the exchange request in "good order." An exchange request is considered in "good order" only if the dollar amount or number of shares to be purchased is indicated and the written request is signed by the registered owner and by any co-owner of the account in exactly the same name or names used in establishing the account. Other supporting legal documents may be required from corporations or other organizations, fiduciaries or persons other than the stockholder of record making the exchange request.

The exchange privilege may be modified or terminated at any time upon 60 days' written notice to shareholders. Before making any exchange, you should contact Shareholder Services or your broker to obtain more information about exchanges. For tax purposes, an exchange is treated as a redemption of one Fund's shares and a subsequent purchase of the other Fund's shares. Any capital gain or loss on the exchanged shares should be reported for income tax purposes. The price of the acquired shares will be their cost basis for those purposes.

The Board of the Trust has approved a Code of Ethics (the "Code") for the Funds and Adviser. The Funds' Distributor has also adopted a Code of Ethics which governs its activities as a Distributor. These Codes govern the personal activities of persons who may have knowledge of the investment activities of the Funds, requires that they file regular reports concerning their personal securities transactions, and prohibits activities that might result in harm to the Fund. The Board is responsible for overseeing the implementation of the Codes. The Funds have filed copies of each Code with the U.S. Securities and Exchange Commission ("SEC"). Copies of the Codes of Ethics may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. The Codes are also available on the SEC's EDGAR database at the SEC's web site. Copies of this information can be obtained, after paying a duplicating fee, by electronic request, or by writing the SEC's Public Reference Section, Washington, DC 20549-0102.

**Account Statements and Transaction Confirmations**

You will receive periodic account statements summarizing all account activity, including purchases, redemptions, exchanges, and any reinvested dividends or capital gains. Additionally, a transaction confirmation will be sent for each financial transaction that occurs in your account, except for those taking place on a recurring basis, such as through an automatic investment plan or for dividend and capital gain distributions. For recurring transactions, the details will appear on your periodic account statement, serving as confirmation for such activity.

It is your responsibility to carefully review all transaction confirmations and account statements for accuracy immediately upon receipt. You must contact the Fund or its Transfer Agent in writing or by telephone promptly within 60 days of the date of the statement or confirmation that first reflects the disputed item. If you fail to provide timely notification within this 60-day period, you will be deemed to have ratified all account activity set forth therein, and the Fund and its agents will not be liable for any losses that may result from your failure to report the issue.

**Uncashed Checks and Automatic Dividend and Capital Gain Reinvestment**

If you elect to receive your dividend and capital gain distributions via check, ACH, or wire, and the distribution amount is $50 or less, then the amount will be automatically reinvested as additional shares into your account.

For non-retirement and non-educational accounts, any dividend and capital gain distributions sent by check which are not cashed within 180 days will be reinvested into your account at the current day's NAV. When reinvested, those amounts are subject to market risk like any other investment.

Your distribution option will automatically be converted to having all dividends and capital gain distributions reinvested into your account as additional shares if any of the following occur:

&nbsp;&nbsp;&nbsp;&nbsp;1. Postal
or other delivery service is unable to deliver mail or checks to the address of record thereby designating your account as "lost";

&nbsp;&nbsp;&nbsp;&nbsp;2. Dividends
and capital gain distributions checks are not cashed within 180 days; or

&nbsp;&nbsp;&nbsp;&nbsp;3. Bank
account of record is no longer valid.

For non-retirement and non-educational accounts, redemption proceeds sent by check which are not cashed within 180 days will be reinvested into your account at the current day's NAV. When reinvested, redemption proceeds are subject to market risk like any other investment.

**Cost Basis**

For those securities defined as "covered" under current Internal Revenue Service ("IRS") cost basis tax reporting regulations, the Funds are responsible for maintaining accurate cost basis and tax lot information for tax reporting purposes. The Funds are not responsible for the reliability or accuracy of the information for those securities that are not "covered." The Funds and their service providers do not provide tax advice. You should consult independent sources, which may include a tax professional, with respect to any decisions you may make with respect to choosing a tax lot identification method.

Federal law requires that mutual fund companies report their shareholders' cost basis, gain/loss, and holding period to the IRS on the fund's shareholders' Consolidated Form 1099s when "covered" securities are sold. Covered securities are any regulated investment company and/or dividend reinvestment plan shares acquired on or after January 1, 2012. The Trust has chosen the average cost method as its standing (default) cost basis method for all shareholders. Under this method, the Funds will average the cost of all shares held by a shareholder for tax reporting purposes. Each shareholder has the option to elect a different cost basis method by notifying the Fund in writing. A tax lot identification method is the way the Funds will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. The Funds' standing tax lot identification method is the method covered shares will be reported on your Consolidated Form 1099 if you do not select a specific tax lot identification method.

Shareholders may, however, choose a method other than a Fund's standing method at the time of their purchase or upon sale of covered shares. Shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

**Privacy Policy**

The following is a description of the Funds' policies regarding disclosure of nonpublic personal information that you provide to the Fund or that the Fund collects from other sources. In the event that you hold shares of the Fund through a broker-dealer or other financial intermediary, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with nonaffiliated third parties.

**Categories of Information the Fund Collects.** The Fund collects the following nonpublic personal information about you:

&nbsp;&nbsp;&nbsp;&nbsp;■ Information the Fund receives from you on or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social security number, assets, income and date of birth); and

&nbsp;&nbsp;&nbsp;&nbsp;■ Information about your transactions with the Fund, its affiliates, or others (such as your account number and balance, payment history, parties to transactions, cost basis information, and other financial information).

**Categories of Information the Fund Discloses.** The Fund does not disclose any nonpublic personal information about its current or former shareholders to unaffiliated third parties, except as required or permitted by law. The Fund is permitted by law to disclose all of the information it collects, as described above, to its service providers (such as the Fund's custodian, administrator and transfer agent) to process your transactions and otherwise provide services to you.

**Confidentiality and Security.** The Fund restricts access to your nonpublic personal information to those persons who require such information to provide products or services to you. The Fund maintains physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

**Section 6 \| FINANCIAL HIGHLIGHTS**

**The financial highlights table is intended to help you understand each Fund's financial performance for the past five years (or inception date, as applicable). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). Information for the years ended January 31, 2026, January 31, 2025, January 31, 2024 and January 31, 2023 have been audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' Annual Report which is available upon request. Information for the year ended January 31, 2022 was audited by the predecessor auditor.** 

**Yorktown Growth Fund – Institutional Class FINANCIAL HIGHLIGHTS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **For a share outstanding throughout each year** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $20.59 | $17.95 | $16.48 | $17.92 | $19.69 |
| Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | (0.11) | 0.01 | 0.04 | —<sup>(2)</sup> | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.48 | 2.70 | 1.43 | (1.44) | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 2.37 | 2.71 | 1.47 | (1.44) | 0.75 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.07) |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on security transactions |  |  |  |  | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (0.07) |  |  | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $22.96 | $20.59 | $17.95 | $16.48 | $17.92 |
| Total return | 11.51% | 15.14% | 8.92% | (8.04)% | 2.45% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's omitted) | $48570 | $50352 | $33985 | $29704 | $26805 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.28% | 1.31% | 1.49% | 1.46% | 1.37% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.17% | 1.00% | 1.01% | 1.00% | 1.04% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | (0.51)% | 0.06% | 0.21% | 0.01% | (0.33)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 38% | 52% | 40% | 78% | 54% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 per share.

**YORKTOWN GROWTH FUND – Class A FINANCIAL HIGHLIGHTS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **For a share outstanding throughout each year** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $18.96 | $16.54 | $15.18 | $16.51 | $18.31 |
| Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | (0.10) | 0.02 | 0.03 | —<sup>(2)</sup> | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.28 | 2.47 | 1.33 | (1.33) | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 2.18 | 2.49 | 1.36 | (1.33) | 0.72 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.07) |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on security transactions |  |  |  |  | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (0.07) |  |  | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $21.14 | $18.96 | $16.54 | $15.18 | $16.51 |
| Total return (excludes sales charge) | 11.50% | 15.10% | 8.96% | (8.06)% | 2.48% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's omitted) | $8793 | $8714 | $12253 | $7511 | $9544 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.28% | 1.31% | 1.49% | 1.46% | 1.37% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.17% | 1.00% | 1.01% | 1.00% | 1.04% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | (0.51)% | 0.14% | 0.21% | 0.03% | (0.33)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 38% | 52% | 40% | 78% | 54% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 per share.

**YORKTOWN GROWTH FUND – Class L FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **For a share outstanding throughout each year** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $13.14 | $11.53 | $10.69 | $11.74 | $13.80 |
| Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment (loss)<sup>(1)</sup> | (0.20) | (0.11) | (0.08) | (0.10) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.57 | 1.72 | 0.92 | (0.95) | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.37 | 1.61 | 0.84 | (1.05) | 0.46 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on security transactions |  |  |  |  | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  |  |  |  | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $14.51 | $13.14 | $11.53 | $10.69 | $11.74 |
| Total return | 10.43% | 13.96% | 7.86% | (8.94)% | 1.38% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's omitted) | $40417 | $37853 | $34583 | $30790 | $37380 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 2.28% | 2.31% | 2.49% | 2.46% | 2.37% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 2.17% | 2.00% | 2.01% | 2.00% | 2.04% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment (loss) to average net assets | (1.51)% | (0.91)% | (0.79)% | (0.97)% | (1.33)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 38% | 52% | 40% | 78% | 54% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

**YORKTOWN BOND FUND – Institutional Class FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **For a share outstanding throughout each year** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $9.10 | $9.01 | $8.97 | $10.13 | $10.36 |
| Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment (loss)<sup>(1)</sup> | 0.42 | 0.42 | 0.42 | 0.42 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.17 | 0.06 | 0.01 | (1.18) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.59 | 0.48 | 0.43 | (0.76) | 0.15 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.40) | (0.39) | (0.39) | (0.40) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.40) | (0.39) | (0.39) | (0.40) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $9.29 | $9.10 | $9.01 | $8.97 | $10.13 |
| Total return | 6.69% | 5.51% | 5.02% | (7.47)% | 1.46% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's omitted) | $236636 | $194221 | $146035 | $119412 | $157188 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.65% | 0.69% | 0.70% | 0.67% | 0.61% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.56% | 4.61% | 4.83% | 4.59% | 3.85% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 46% | 34% | 43% | 29% | 26% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

**YORKTOWN BOND FUND – Class A FINANCIAL HIGHLIGHTS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **For a share outstanding throughout each year** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $8.55 | $8.49 | $8.47 | $9.60 | $9.83 |
| Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment (loss)<sup>(1)</sup> | 0.35 | 0.35 | 0.36 | 0.35 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.17 | 0.06 | 0.01 | (1.12) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.52 | 0.41 | 0.37 | (0.77) | 0.10 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.36) | (0.35) | (0.35) | (0.36) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.35) | (0.35) | (0.36) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $8.71 | $8.55 | $8.49 | $8.47 | $9.60 |
| Total return (excludes sales charge) | 6.23% | 4.95% | 4.54% | (8.04)% | 1.04% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's omitted) | $19456 | $23386 | $26974 | $37765 | $55430 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.15% | 1.19% | 1.20% | 1.17% | 1.11% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.06% | 4.11% | 4.32% | 4.09% | 3.35% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 46% | 34% | 43% | 29% | 26% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

**YORKTOWN BOND FUND – Class L FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **For a share outstanding throughout each year** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $7.91 | $7.88 | $7.89 | $8.97 | $9.22 |
| Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.28 | 0.28 | 0.29 | 0.29 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.16 | 0.07 | 0.01 | (1.05) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.44 | 0.35 | 0.30 | (0.76) | 0.04 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.32) | (0.32) | (0.31) | (0.32) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.32) | (0.32) | (0.31) | (0.32) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $8.03 | $7.91 | $7.88 | $7.89 | $8.97 |
| Total return | 5.74% | 4.47% | 4.01% | (8.47)% | 0.43% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's omitted) | $102104 | $111982 | $124083 | $146927 | $194587 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.65% | 1.69% | 1.70% | 1.67% | 1.61% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.56% | 3.61% | 3.83% | 3.59% | 2.85% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 46% | 34% | 43% | 29% | 26% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

**YORKTOWN SHORT TERM BOND FUND – Institutional Class FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **For a share outstanding throughout each year** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $4.16 | $4.09 | $3.99 | $4.18 | $4.27 |
| Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.16 | 0.13 | 0.11 | 0.07 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.06 | 0.06 | 0.09 | (0.19) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.22 | 0.19 | 0.20 | (0.12) | (0.03) |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.14) | (0.12) | (0.10) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.14) | (0.12) | (0.10) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $4.24 | $4.16 | $4.09 | $3.99 | $4.18 |
| Total return | 5.49% | 4.67% | 5.13% | (2.94)% | (0.73)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's omitted) | $101039 | $90679 | $113859 | $157921 | $179974 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers or recoupments | 1.00% | 0.99% | 0.96% | 0.92% | 0.87% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.79% | 0.82% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.74% | 3.16% | 2.72% | 1.86% | 1.46% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 39% | 35% | 24% | 21% | 41% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

**YORKTOWN SHORT TERM BOND FUND – Class A**

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **For a share outstanding throughout each year** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $3.87 | $3.82 | $3.73 | $3.91 | $4.00 |
| Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.15 | 0.12 | 0.10 | 0.07 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.06 | 0.05 | 0.09 | (0.18) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.21 | 0.17 | 0.19 | (0.11) | (0.03) |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.14) | (0.12) | (0.10) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.14) | (0.12) | (0.10) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $3.94 | $3.87 | $3.82 | $3.73 | $3.91 |
| Total return (excludes sales charge) | 5.65% | 4.47% | 5.22% | (2.88)% | (0.78)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's omitted) | $6591 | $7800 | $8727 | $9322 | $11820 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers or recoupments | 1.00% | 0.99% | 0.96% | 0.92% | 0.87% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.79% | 0.82% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.74% | 3.16% | 2.71% | 1.86% | 1.46% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 39% | 35% | 24% | 21% | 41% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

**YORKTOWN SHORT TERM BOND FUND – Class L**

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **For a share outstanding throughout each year** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $3.48 | $3.44 | $3.37 | $3.54 | $3.63 |
| Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.11 | 0.09 | 0.07 | 0.04 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.06 | 0.05 | 0.08 | (0.17) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.17 | 0.14 | 0.15 | (0.13) | (0.05) |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.12) | (0.10) | (0.08) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.12) | (0.10) | (0.08) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $3.53 | $3.48 | $3.44 | $3.37 | $3.54 |
| Total return | 5.00% | 3.99% | 4.49% | (3.54)% | (1.48)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's omitted) | $70182 | $112250 | $135020 | $178718 | $355628 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers or recoupments | 1.65% | 1.64% | 1.61% | 1.57% | 1.52% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.44% | 1.47% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.08% | 2.51% | 2.07% | 1.15% | 0.81% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 39% | 35% | 24% | 21% | 41% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

**YORKTOWN SMALL CAP FUND – Institutional Class**

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **For a share outstanding throughout each year** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $16.74 | $14.92 | $14.35 | $16.88 | $17.43 |
| Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | (0.10) | (0.05) | —<sup>(2)</sup> | 0.05 | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.17 | 1.87 | 0.61 | (1.53) | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.07 | 1.82 | 0.61 | (1.48) | 0.32 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on security transactions |  |  |  | (1.05) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  |  | (0.04) | (1.05) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $17.81 | $16.74 | $14.92 | $14.35 | $16.88 |
| Total return | 6.39% | 12.20% | 4.21% | (8.36)% | 1.34% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's omitted) | $23464 | $19039 | $19113 | $31437 | $44971 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.76% | 1.83% | 1.77% | 1.53% | 1.38% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.35% | 1.30% | 1.19% | 1.17% | 1.16% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | (0.59)% | (0.30)% | —%<sup>(3)</sup> | 0.30% | (0.28)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 81% | 104% | 176% | 110% | 49% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 per share.

<sup>(3)</sup> Amount is less than 0.005% per share.

**YORKTOWN SMALL CAP FUND – Class A**

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **For a share outstanding throughout each year** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $16.41 | $14.66 | $14.12 | $16.67 | $17.26 |
| Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | (0.13) | (0.09) | (0.04) | 0.01 | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.14 | 1.84 | 0.59 | (1.51) | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.01 | 1.75 | 0.55 | (1.50) | 0.28 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on security transactions |  |  |  | (1.05) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  |  | (0.01) | (1.05) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $17.42 | $16.41 | $14.66 | $14.12 | $16.67 |
| Total return (excludes sales charge) | 6.15% | 11.94% | 3.92% | (8.59)% | 1.12% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's omitted) | $1858 | $2040 | $1977 | $827 | $944 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 2.02% | 2.08% | 2.13% | 1.78% | 1.63% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.60% | 1.55% | 1.44% | 1.42% | 1.41% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | (0.84)% | (0.56)% | (0.29)% | 0.05% | (0.53)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 81% | 104% | 176% | 110% | 49% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

**YORKTOWN SMALL CAP FUND – Class L FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **For a share outstanding throughout each year** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of year | $15.30 | $13.77 | $13.35 | $15.94 | $16.67 |
| Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment (loss)<sup>(1)</sup> | (0.24) | (0.19) | (0.14) | (0.10) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.06 | 1.72 | 0.56 | (1.44) | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.82 | 1.53 | 0.42 | (1.54) | 0.14 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on security transactions |  |  |  | (1.05) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  |  |  | (1.05) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $16.12 | $15.30 | $13.77 | $13.35 | $15.94 |
| Total return | 5.36% | 11.11% | 3.15% | (9.25)% | 0.31% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's omitted) | $9826 | $9935 | $9845 | $3601 | $3220 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 2.76% | 2.83% | 2.88% | 2.53% | 2.38% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 2.35% | 2.30% | 2.19% | 2.17% | 2.16% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (1.59)% | (1.31)% | (1.04)% | (0.70)% | (1.28)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 81% | 104% | 176% | 110% | 49% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

**Appendix A**

**Intermediary-Defined Sales Charge Waiver Policies**

The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Yorktown Fund shares.

Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the Yorktown Funds or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Yorktown Fund shares directly from the fund or through another intermediary to receive these waivers or discounts.

**Fund Purchases through Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

**Front-end sales load waivers on Class A shares available at Raymond James**

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased in an investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

&nbsp;&nbsp;&nbsp;&nbsp;■ Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;■ A shareholder in the Fund's Class C or L shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**CDSC Waivers on Classes A and C shares available at Raymond James**

&nbsp;&nbsp;&nbsp;&nbsp;■ Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;■ Return of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares acquired through a right of reinstatement.

**Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent**

&nbsp;&nbsp;&nbsp;&nbsp;■ Breakpoints as described in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;■ Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;■ Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Fund Purchases through Janney Montgomery Scott LLC ("Janney")**

Effective May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC ("Janney") brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end sales charge\* waivers on Class A shares available at Janney**

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;■ Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares acquired through a right of reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;■ Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures.

**CDSC waivers on Class A and C shares available at Janney**

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold upon the death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold as part of a systematic withdrawal plan as described in the fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased in connection with a return of excess contributions from an IRA account.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 72 as described in the fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares acquired through a right of reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares exchanged into the same share class of a different fund.

**Front-end sales charge\* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent**

&nbsp;&nbsp;&nbsp;&nbsp;■ Breakpoints as described in the fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;■ Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;■ Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

\* Also referred to as an "initial sales charge."

**Fund Purchases through Robert W. Baird & Co. ("Baird")**

Effective June 15, 2020, shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

**Front-End Sales Charge Waivers on Investors A-shares Available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchase by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased using the proceeds of redemptions from a Yorktown Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

&nbsp;&nbsp;&nbsp;&nbsp;■ A shareholder in the Fund's Investor C and L shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

&nbsp;&nbsp;&nbsp;&nbsp;■ Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored
retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

**CDSC Waivers on Investor A and C shares Available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold due to death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares bought due to returns of excess contributions from an IRA Account

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund's prospectus

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold to pay Baird fees but only if the transaction is initiated by Baird

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares acquired through a right of reinstatement

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations**

&nbsp;&nbsp;&nbsp;&nbsp;■ Breakpoints as described in this prospectus

&nbsp;&nbsp;&nbsp;&nbsp;■ Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Yorktown Funds assets held by accounts within the purchaser's household at Baird. Eligible Yorktown Funds assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

&nbsp;&nbsp;&nbsp;&nbsp;■ Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of Yorktown Funds through Baird, over a 13-month period of time

**Fund Purchases through Stifel, Nicolaus & Company, Incorporated ("Stifel")**

Effective July 1, 2020, shareholders purchasing Fund shares through a Stifel platform or account or who own shares for which Stifel or an affiliate is the broker-dealer of record are eligible for the following additional sales charge waiver.

**Front-end Sales Load Waiver on Class A Shares**

&nbsp;&nbsp;&nbsp;&nbsp;■ Class C shares that have been held for more than seven (7) years will be converted to Class A shares of the same Fund pursuant to Stifel's policies and procedures

All other sales charge waivers and reductions described elsewhere in the Fund's Prospectus or SAI still apply.

**Section 7 \| FOR MORE INFORMATION**

Shareholders may direct general inquiries to the Trust at the address or telephone number listed below. Inquiries regarding shareholder account information should be directed to Shareholder Services at the address or telephone number listed below.

**TRUST**

Yorktown Funds

106 Annjo Court, Suite A

Forest, Virginia 24551

(800) 544-6060

**SHAREHOLDER SERVICES**

Yorktown Funds

c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246

(888) 933-8274

For Overnight Deliveries:

Yorktown Funds

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

You can obtain more information about the Funds in:

\* the SAI dated May 31, 2026, which contains detailed information about the Funds, particularly their investment policies and practices. You may not be aware of important information about the Funds unless you read both this prospectus and the SAI. The current SAI is on file with the SEC and is incorporated into this prospectus by reference (that is, the SAI is legally part of this prospectus).

To request a copy of the current SAI or copies of the Funds' most recent Annual and Semi-Annual Reports, without charge, or for other inquiries, please contact us:

---

| | |
|:---|:---|
| **By Mail:** | Yorktown Funds |
|  | c/o Ultimus Fund Solutions, LLC |
|  | 225 Pictoria Drive, Suite 450 |
|  | Cincinnati, OH 45246 |
| **By Telephone:** | (800) 544-6060 |
| **By Internet:** | www.yorktownfunds.com |

---

Additional information about each Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In each Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find each Fund's annual and semi-annual financial statements.

Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov and copies of this information may also be obtained for the cost of a duplicating fee by sending an e-mail request to publicinfo@sec.gov.

The Trust's SEC 1940 Act file number is: 811-04262

**PRIVACY NOTICE**

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| | |
|:---|:---|
| **FACTS** | **WHAT DOES AMERICAN PENSION INVESTORS TRUST ("YORKTOWN FUNDS") DO WITH YOUR PERSONAL INFORMATION?** |

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---

| | |
|:---|:---|
| **WHY?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do. |

---

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| | | | |
|:---|:---|:---|:---|
| **WHAT?** | The types of information we collect and share depend on the product or service you have with us. This information can include your: | The types of information we collect and share depend on the product or service you have with us. This information can include your: | The types of information we collect and share depend on the product or service you have with us. This information can include your: |
|  |  | ● | Social Security Number |
|  |  | ● | Assets |
|  |  | ● | Retirement Assets |
|  |  | ● | Transaction History |
|  |  | ● | Checking Account History |
|  |  | ● | Purchase History |
|  |  | ● | Account Balances |
|  |  | ● | Account Transactions |
|  |  | ● | Wire Transfer Instructions |
| | When you are *no longer* our customer, we continue to share your information as described in this Notice. | When you are *no longer* our customer, we continue to share your information as described in this Notice. | When you are *no longer* our customer, we continue to share your information as described in this Notice. |

---

---

| | |
|:---|:---|
| **HOW?** | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Yorktown Funds chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| ***Reasons we can share your personal information.*** | ***Does Yorktown<br> Funds share?*** | ***Can you limit<br> this sharing?*** |
| **For our everyday business purposes –** <br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | Yes | No |
| **For our marketing purposes –**<br> to offer our products and services to you. | Yes | No |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences. | Yes | No |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We don't share |
| **For non-affiliates to market to you** | No | We don't share |

---

---

| | |
|:---|:---|
| **Questions?** | **Call 888-933-8274** |

---

● Open an account

● Provide account information

● Give us your contact information

● Make deposits or withdrawals from your account

● Make a wire transfer

● Tell us where to send the money

● Tell us who receives the money

● Show your government-issued ID

● Show your drivers' license

● Sharing for affiliates' everyday business purposes-information about your creditworthiness.

● Affiliates from using your information to market to you.

● Sharing for non-affiliates to market to you.

● *Yorktown Management & Research, Inc., is an affiliate of Yorktown Funds.* 

● *Yorktown Funds does not share with non-affiliates so they can market to you.* 

● *Yorktown Funds does not jointly market.* 

Not part of the prospectus

![](logo.jpg)

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| | |
|:---|:---|
| **The Yorktown Bond Fund\*** | **The Yorktown Bond Fund\*** |
| **a series of American Pension Investors Trust** | **a series of American Pension Investors Trust** |
|  | **Ticker Symbol** |
|  | **Class C** |
| **Yorktown Bond Fund** | **AFFCX** |
| This prospectus relates only to Class C Shares of the Yorktown Bond Fund. The Trust offers other Funds and share classes in a different prospectus. | This prospectus relates only to Class C Shares of the Yorktown Bond Fund. The Trust offers other Funds and share classes in a different prospectus. |

---

\* Formerly, Yorktown Multi-Sector Bond Fund

**PROSPECTUS DATED MAY 31, 2026**

**Like all mutual fund shares, the U.S. Securities and Exchange Commission has not approved or disapproved the shares offered in this prospectus or determined whether this prospectus is accurate or complete. Anyone who tells you otherwise is committing a crime.**

**Table of Contents**

**Section 1 \| Fund Summary**

This section provides you with an overview of the Fund, including the investment objective, fees and expenses, and historical performance information.

**Section 2 \| Additional Information About Investment Strategies and Related Risks**

This section sets forth additional information about the Fund.

---

| | |
|:---|:---|
| **9** | Investment Objectives and Strategies |
| **10** | Principal Investment Risks |
| **13** | Non-Principal Strategies and Risks |
| **13** | Portfolio Holdings Disclosure |

---

**Section 3 \| Who Manages Your Money**

This section gives you a detailed discussion of our Investment Adviser and Portfolio Managers.

---

| | |
|:---|:---|
| **14** | The Investment Adviser |
| **14** | The Portfolio Managers |

---

**Section 4 \| How You Can Buy and Sell Shares**

This section provides the information you need to move money into or out of your account.

---

| | |
|:---|:---|
| **15** | How To Buy Shares |
| **18** | How To Sell Shares |

---

**Section 5 \| General Information**

This section summarizes the Fund's distribution policies and other general Fund information.

---

| | |
|:---|:---|
| **21** | Dividends, Distributions and Taxes |
| **22** | Net Asset Value |
| **23** | Fair Value Pricing |
| **23** | Frequent Trading |
| **24** | Acquired Fund Fees and Expenses |
| **24** | Distribution and Service Plans |
| **26** | General Information |
| **27** | Cost Basis |
| **28** | Privacy Policy |

---

**Section 6 \| Financial Highlights**

This section provides the Fund's financial performance for the past five years.

**Section 7 \| For More Information**

This section tells you how to obtain additional information relating to the Fund.

**Section 1 \| FUND SUMMARY**

**Yorktown Bond Fund**

**Investment Objective** – Current income with limited credit risk.

**Fees and Expenses**

**This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | |
|:---|:---|
| **Shareholder Fees <br> (fees paid directly from your investment)** | **Shareholder Fees <br> (fees paid directly from your investment)** |
| | **Class C<br> AFFCX** |
| **Maximum sales charge (load) imposed on purchases<br> (as percentage of offering price)** | **None** |
| **Maximum deferred sales charge (load)<br> (as a percentage of the lesser of original purchase price or redemption proceeds)** | **1.00%<sup>(1)</sup>** |
| **Maximum Account fee (for accounts under $500)** | **$25/yr** |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment.)** | **Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment.)** |
| | **Class C<br> AFFCX** |
| **Management Fee** | **0.40%** |
| **Distribution/Service (12b-1 Fees)** | **1.00%** |
| **Other Expenses** | **0.25%** |
| **Acquired fund fees and expenses** | **0.01%** |
| **Total Annual Fund Operating Expenses** | **1.66%** |

---

(1) Shares are generally subject to a CDSC of 1.00% if the shares are redeemed during the first 13 months after purchase, unless the dealer, at its discretion, has waived the commission advance paid by the Distributor.

**Example:**

**The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.**

**Although your actual costs may be higher or lower, based on these assumptions your costs would be:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class C (AFFCX) Shares:** | **$269** | **$523** | **$902** | **$1965** |

---

**You would pay the following expenses if you did not redeem your shares:**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class C (AFFCX) Shares:** | **$169** | **$523** | **$902** | **$1965** |

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**Portfolio Turnover**

**The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 46% of the average value of its portfolio.**

**Principal Investment Strategies**

The Bond Fund invests in securities that, in the Adviser's opinion, offer the opportunity for current income with limited credit risk.

The Adviser exercises a flexible strategy in the selection of investments and is not limited by investment style or asset class, provided, however, that at least 80% of the Bond Fund's net assets are invested in debt securities. The Bond Fund may invest in debt securities, including U.S. Government securities, corporate bonds and structured notes; common stock of U.S. and foreign issuers and in other U.S. and foreign securities, including securities convertible into common stock and securities issued through private placements; securities issued by investment companies and exchange-traded funds ("ETFs"), some of which may be affiliated with the Adviser; real estate investment trusts and other issuers that invest, deal, or otherwise engage in transactions in real estate; and other instruments.

The Adviser invests directly in equity or debt securities when it believes attractive investment opportunities exist. In deciding whether to invest in a debt security, the Adviser focuses on the maturity of the obligations and the credit quality of the security, including the underlying rating of insured bonds. When the Adviser believes there is a falling interest rate environment, the Bond Fund generally will purchase longer maturity obligations. Similarly, when the Adviser believes there is a rising interest rate environment, the

Bond Fund generally will purchase shorter maturity obligations. Although the Adviser considers ratings in determining whether securities convertible into common stock or debt securities are appropriate investments for the Bond Fund, such securities may include investments rated below investment grade, commonly known as "junk bonds." When investing in equity securities, the Adviser looks for companies with favorable income-paying history and that have prospects for income payments to continue to increase.

When investing in Underlying Funds, the Adviser considers, among other things, the Underlying Funds' past performance and their investment objectives and policies, the investment style, reputation and quality of their investment advisers and the Underlying Funds' size and cost structure. The Adviser selects ETFs in which to invest based on a number of factors, including an analysis of their past performance, market sector and liquidity. Through direct investments and indirect investments in Underlying Funds and ETFs, the Bond Fund may have significant exposure to foreign securities, including high yield securities, emerging market securities, small-cap securities and specific sectors of the market.

The Adviser may sell a security or redeem shares of an Underlying Fund given a variety of circumstances, such as: when an investment no longer appears to the Adviser to offer the potential to achieve the Bond Fund's investment objective: when an investment's performance does not meet the Adviser's expectations; when an investment opportunity arises that the Adviser believes is more compelling; to realize gains or limit losses; or to raise cash to meet shareholder redemptions or to pay expenses.

The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions. When the Fund takes a defensive position, the Fund's assets may be held in cash and/or invested in money market mutual funds, money market instruments, including repurchase agreements or other short term securities considered by the Adviser to be of a defensive nature. When the Fund is invested in this manner, it may not achieve its investment objective.

**Principal Investment Risks**

**General Risks.** There is a risk that you could lose all or a portion of your investment in the Fund. The value of your investment in the Fund will go up and down with the prices of the securities in which the Fund invests.

**Equity Security Risk.** Prices of equity securities generally fluctuate more than those of other securities, such as debt securities. Market risk, the risk that prices of securities will decrease because of the interplay of market forces, may affect a single issuer, industry or sector of the economy or may affect the market as a whole.

**Company Risk.** The Fund may invest in securities that involve certain special circumstances that the Adviser believes offer the opportunity for long-term capital appreciation. These investments may involve greater risks of loss than investments in securities of well-established companies with a history of consistent operating patterns.

**Investment Company Risk.** Any investment in an open-end investment company involves the risk that the value of shares of the investment company will go up and down in response to changes in the value of its portfolio holdings. In addition, the Fund will indirectly bear the fees and expenses of the underlying investment company.

**Closed-End Fund Risk.** Shares of closed-end funds frequently trade at a price per share that is less than the net asset value per share. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Funds will ever decrease or that when the Fund seeks to sell shares of a closed-end fund it can receive the net asset value of those shares.

**Exchange Traded Fund Risk.** ETFs and index funds are not managed in the traditional sense, using economic, financial and market analysis, and the adverse financial situation of an issuer will not directly result in its elimination from the index. In addition, investments in ETFs involve risks similar to investments in closed-end funds including, but not limited to, the possibility that the shares of ETFs may trade at a market discount.

**Leverage Risk.** Leveraging may exaggerate the effect on the net asset value of any increase or decrease in the market value of the Fund's portfolio securities. Money borrowed will be subject to interest and other costs, which may not be recovered by appreciation of the securities purchased.

**Debt Security Risk.** The values of debt securities held by the Fund are affected by rising and declining interest rates. In general, debt securities with longer term maturities tend to fall more in value when interest rates rise than debt securities with shorter terms. A debt security is also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default, and therefore it may lose value if the issuer is unable to pay interest or repay principal when it is due.

**Investment Grade Securities Risk.** Debt securities are rated by national bond ratings agencies. Securities rated BBB by S&P or Baa by Moody's are considered investment grade securities, but are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, and are considered to lack outstanding investment characteristics.

**Junk Bonds or High Yield, High Risk Securities Risk.** Bonds rated below investment grade (i.e., BB or lower by S&P or Ba or lower by Moody's) are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities.

**Foreign Securities Risk.** The 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. The value of the Fund's investment may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. There may be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle.

**Emerging Market Risk.** There are greater risks involved in investing in emerging market countries and/or their securities markets. Generally, economic structures in these countries are less diverse and mature than those in developed countries, and their political systems are less stable. Investments in emerging markets countries may be affected by national policies that restrict foreign investment in certain issuers or industries.

**Small-Cap Company Risk.** The Fund's investments in small-cap companies may involve greater risks than investments in larger, more established issuers. Smaller companies generally have narrower product lines, more limited financial resources and more limited trading markets for their stock, as compared with larger companies. Their securities may be less well-known and trade less frequently and in more limited volume than the securities of larger, more established companies.

**Real Estate Investment Trusts.** Investments in real estate investment trusts and other issuers that invest, deal, or otherwise engage in transactions in or hold real estate or interests therein expose the Fund to risks similar to investing directly in real estate and the value of these investments may be affected by changes in the value of the underlying real estate, the creditworthiness of the issuer of the investments, and changes in property taxes, interest rates and the real estate regulatory environment.

**Convertible Securities Risk.** A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a

different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive the interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion or exchange, such securities ordinarily provide a stream of income with generally higher yields than common stocks of the same or similar issuers, but lower than the yield on non-convertible debt. The value of a convertible security is a function of (1) its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege and (2) its worth, at market value, if converted into or exchanged for the underlying common stock. Convertible securities are typically issued by smaller capitalized companies whose stock prices may be volatile. The price of a convertible security often reflects such variations in the price of the underlying common stock in a way that non-convertible debt does not.

**Privately Placed Securities Risk.** Investments in privately placed securities involve a high degree of risk. The issuers of privately placed securities are not typically subject to the same regulatory requirements and oversight to which public issuers are subject, and there may be very little public information available about the issuers and their performance. In addition, because the Fund's ability to sell these securities may be significantly restricted, they may be deemed illiquid and it may be more difficult for the Fund to sell them at an advantageous price and time. Because there is generally no ready public market for these securities, they may also be difficult to value and the Fund may need to determine a fair value for these holdings under policies approved by the Trust's Board of Trustees (the "Board").

**Credit Liquidity and Volatility Risk.** The markets for credit instruments have experienced periods of extreme illiquidity and volatility. General market uncertainty and consequent repricing risk have, in the past, led to market imbalances of sellers and buyers, which in turn resulted in significant valuation uncertainties in a variety of debt securities and significant and rapid value declines in certain instances. Under those kinds of conditions, valuation of some of the Funds' fixed income securities could be uncertain and/or result in sudden and significant value declines in its holdings. In addition, future illiquidity and volatility in the credit markets may directly and adversely affect the setting of dividend rates.

**Underlying Fund Risk.** The risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by underlying funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of underlying funds to achieve their respective investment objectives. The Fund bears Underlying Fund fees and expenses indirectly.

**The Fund's Past Performance**

**The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1-year, 5-year and Since Inception periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The bar chart does not reflect sales loads. If it did, the annual total returns shown would be lower. Updated performance information is available at www.yorktownfunds.com and by calling toll-free 888-933-8274.**

**Year-By-Year Annual Returns – Class C Shares (AFFCX)**

**(for calendar years ending on December 31)**

![](pro2_002.jpg)

During the period covered by the bar chart, Class C Shares' highest return for a quarter was 8.68% (quarter ended March 31, 2019) and the lowest return for a quarter was (17.64)% (quarter ended March 31, 2020). Class C Shares' year to date total return as of March 31, 2026 was (0.28)%.

**Average Annual Total Returns**

**(for periods ending December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Since Inception<br> 5/6/2016** |
| **Return Before Taxes – Class C Shares (AFFCX)** | **5.01%** | **1.18%** | **3.07%** |
| **Return After-Taxes on Distributions<sup>(1)</sup>** | **3.23%** | **(0.43)%** | **1.25%** |
| **Return After-Taxes on Distributions and Sale of Fund Shares<sup>(1)</sup>** | **2.94%** | **0.19%** | **1.60%** |
| **Bloomberg U.S. Aggregate Bond Index<sup>(2)</sup> (reflects no deduction for fee, expenses or taxes)** | **7.30%** | **(0.36)%** | **1.71%** |

---

(1) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-Tax Returns are shown for only Class C Shares. After-tax returns for other classes will vary.

(2) 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 frequently use the index as a stand-in for measuring the performance of the U.S. bond market.

**Management**

**Investment Adviser** – Yorktown Management & Research Company, Inc.

**Portfolio Managers** – David D. Basten, President and Chief Investment Officer, has served as Portfolio Manager to the Fund since its inception in 1997. David M. Basten, Portfolio Manager, has acted as Portfolio Manager to the Fund since 2005. John P. Tener, Portfolio Manager, has acted as Portfolio Managers to the Fund since 2019.

**Purchase and Sale of Fund Shares**

You may purchase, redeem or exchange shares of the Fund on any business day, which is any day the New York Stock Exchange is open for business. You may purchase, redeem or exchange shares of the Fund either through a financial advisor or directly from the Fund. The minimum initial investment in the Fund's Class C Shares is $1,000, and the minimum for additional investments is none.

There are no minimums for purchases or exchanges through employer-sponsored retirement plans. The Fund shares are redeemable on any business day by contacting your financial adviser, or by written request to the Fund, by telephone, or by wire transfer.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its distributor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your sales person to recommend the Fund over another investment. Ask your sales person or visit your financial intermediary's website for more information.

**Section 2 \| ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RELATED RISKS**

**Investment Objectives and Strategies**

**Investment Objective:** Current income with limited credit risk.

**Principal Investment Strategies:**

The Bond Fund invests in securities that, in the Adviser's opinion, offer the opportunity for current income with limited credit risk.

The Adviser exercises a flexible strategy in the selection of investments and is not limited by investment style or asset class, provided, however, that at least 80% of the Bond Fund's net assets are invested in debt securities. The Bond Fund may invest in debt securities, including U.S. Government securities and corporate bonds; common stock of U.S. and foreign issuers and in other U.S. and foreign securities, including securities convertible into common stock and securities issued through private placements; securities issued by Underlying Funds and ETFs, some of which may be affiliated with the Adviser; real estate investment trusts and other issuers that invest, deal, or otherwise engage in transactions in real estate; and other instruments.

The Adviser invests directly in equity or debt securities when it believes attractive investment opportunities exist. In deciding whether to invest in a debt security, the Adviser focuses on the maturity of the obligations and the credit quality of the security, including the underlying rating of insured bonds. When the Adviser believes there is a falling interest rate environment, the Bond Fund generally will purchase longer maturity obligations. Similarly, when the Adviser believes there is a rising interest rate environment, the Bond Fund generally will purchase shorter maturity obligations. Although the Adviser considers ratings in determining whether securities convertible into common stock or debt securities are appropriate investments for the Bond Fund, such securities may, in rare instances, include investments rated below investment grade, commonly known as "junk bonds." When investing in equity securities, the Adviser looks for companies with favorable income-paying history and that have prospects for income payments to continue to increase.

Credit Risk is always present in an income producing security. To manage such risk, the Adviser considers ratings, if any, the payment history of the security, the underlying strength of the issuer to determine the likelihood of continued payments, the overall levels of debt being serviced by the issuer, the future growth prospects for the issuer, and the possible effects of outside market forces.

When investing in Underlying Funds, the Adviser considers, among other things, the Underlying Funds' past performance and their investment objectives and policies, the investment style, reputation and quality of their investment advisers and the Underlying Funds' size and cost structure. The Adviser selects ETFs in which to invest based on a number of factors, including an analysis of their past performance, market sector and liquidity. Through direct investments and indirect investments in Underlying Funds and ETFs, the Bond Fund may have significant exposure to foreign securities, including emerging market securities, small-cap securities and specific sectors of the market.

The Adviser may sell a security or redeem shares of an Underlying Fund given a variety of circumstances, such as: when an investment no longer appears to the Adviser to offer the potential to achieve the Bond Fund's investment objective: when an investment's performance does not meet the Adviser's expectations; when an investment opportunity arises that the Adviser believes is more compelling; to realize gains or limit losses; or to raise cash to meet shareholder redemptions or to pay expenses.

Pending investment, for liquidity or when the Adviser believes market conditions warrant a defensive position, the Fund may temporarily hold cash or invest all or a portion of its assets in money market mutual funds or money market instruments, including repurchase agreements. During periods when the Fund takes a defensive position, it will not be pursuing its principal investment strategies and will not be seeking to achieve its investment objective.

**Principal Investment Risks**

**General Risks.** There is a risk that you could lose all or a portion of your investment in the Fund. The value of your investment in the Fund will go up and down with the prices of the securities in which the Fund invests. There is no assurance that the Fund will meet its investment objective. For more information relating to the risks of investing in the Fund, please see the Trust's Statement of Additional Information ("SAI").

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

**Equity Security Risk.** Prices of equity securities generally fluctuate more than those of other securities, such as debt securities. Market risk, the risk that prices of securities will decrease because of the interplay of market forces, may affect a single issuer, industry or sector of the economy or may affect the market as a whole. The Fund may experience a substantial or complete loss on an individual stock. At different times, the Fund's performance may be especially subject to the performance of the specific industries and sectors that are selected by the Adviser. Some of the Fund's portfolio securities may not be widely traded and the Fund's position in such securities may be substantial in relation to the market for such securities. Accordingly, it may be difficult or impossible for the Fund to dispose of such securities at a desired time or price and the Fund may lose money as a result of any such sales.

**Company Risk.** The Fund may invest in securities that involve certain special circumstances (including bankruptcy) that the Adviser believes offer the opportunity for long-term capital appreciation. These investments may involve greater risks of loss than investments in securities of well-established companies with a history of consistent operating patterns. There is always a risk that the Adviser will not properly assess the potential for an issuer's future growth, or that an issuer will not realize that potential. Additionally, investments in securities of companies being restructured involve special risks, including difficulty in obtaining information as to the financial condition of such issuers and the fact that the market prices of such securities are subject to above-average price volatility.

**Investment Company Risk.** Any investment in an open-end or closed-end investment company involves risk and, although the Fund may invest in investment companies affiliated with the Adviser, this practice does not eliminate investment risk. The value of shares of investment companies will go up and down in response to changes in the value of its portfolio holdings. The value of equity securities held by investment companies rises and falls in response to many factors, including the historical and prospective earnings of the issuer of the stock, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Debt securities held by investment companies are vulnerable to credit risk and interest rate fluctuations. When interest rates rise, the price of debt securities falls. In general, debt securities with longer term maturities tend to fall more in value when interest rates rise than debt securities with shorter terms.

Some of the investment companies also could incur more risks than others. For example, they may trade their portfolios more actively (which results in higher brokerage costs) or invest in companies whose securities are more volatile. In addition, they may engage in investment practices that entail greater risks. In particular, the investment companies may: invest in securities of foreign issuers, including securities of emerging markets, which may be more volatile and less liquid than other securities; invest in illiquid securities; invest in warrants;

lend their portfolio securities; sell securities short; borrow money for investment purposes; invest 25% or more of their total assets in one industry; and enter into options, futures and forward currency contracts.

Investing in the Fund also involves certain additional expenses and certain tax consequences that would not be present in a direct investment in other investment companies. You should recognize that you may invest directly in the investment companies and that, by investing in the investment companies indirectly through a Fund, you will bear not only your proportionate share of the expenses of the Fund (including operating costs and investment advisory and administrative fees) but also indirectly similar expenses of the investment companies.

**Closed-End Fund Risk.** Shares of closed-end funds frequently trade at a price per share that is less than the net asset value per share. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease or that when the Fund seeks to sell shares of a closed-end fund it can receive the net asset value of those shares.

**Exchange Traded Fund Risk.** ETFs and index funds are not managed in the traditional sense, using economic, financial and market analysis, and the adverse financial situation of an issuer will not directly result in its elimination from the index. In addition, investments in ETFs involve risks similar to investments in closed-end funds including, but not limited to, the possibility that the shares of ETFs may trade at a market discount.

**Leverage Risk.** Leveraging may exaggerate the effect on the net asset value of any increase or decrease in the market value of the Fund's portfolio securities. Money borrowed will be subject to interest and other costs, which may not be recovered by appreciation of the securities purchased.

**Debt Security Risk.** The values of debt securities held by the Fund are affected by rising and declining interest rates. In general, debt securities with longer -term maturities tend to fall more in value when interest rates rise than debt securities with shorter terms. A debt security is also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default, and therefore it may lose value if the issuer is unable to pay interest or repay principal when it is due.

The Fund may be subject to heightened levels of interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates. If interest rates rise, the Fund's yield may not increase proportionately, and the maturities of fixed income securities that have the ability to be prepaid or called by the issuer may be extended. Changing interest rates may have unpredictable effects on the markets and the Fund's investments. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities. The Fund may be exposed to heightened interest rate risk as interest rates rise from historically low levels. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

In addition, the Fund investing directly or indirectly in debt securities may be subject to the following risks:

**Investment Grade Securities Risk.** Debt securities are rated by national bond ratings agencies. Securities rated BBB by S&P or Baa by Moody's are considered investment grade securities, but are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, and are considered to lack outstanding investment characteristics.

**Junk Bonds or High Yield, High Risk Securities Risk.** Bonds rated below investment grade (i.e., BB or lower by S&P or Ba or lower by Moody's) ("junk bonds") are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities. They are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. The retail secondary market for these "junk bonds" may be less liquid than that of higher rated securities and adverse conditions could make it difficult at

times to sell certain securities or could result in lower prices than those used in calculating the Fund's net asset value. The Fund investing in "junk bonds" may also be subject to greater credit risk because it may invest in debt securities issued in connection with corporate restructuring by highly leveraged issuers or in debt securities not current in the payment of interest or principal or in default.

**Foreign Securities Risk.** The 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. The value of the Fund's investment may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. There may be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle.

**Emerging Market Risk.** There are greater risks involved in investing in emerging market countries and/or their securities markets. Generally, economic structures in these countries are less diverse and mature than those in developed countries, and their political systems are less stable. Investments in emerging markets countries may be affected by national policies that restrict foreign investment in certain issuers or industries. The small size of their securities markets and low trading volumes can make investments illiquid, more difficult to value and more volatile than investments in developed countries and such securities may be subject to abrupt and severe price declines. As a result, the Fund investing in emerging market countries may be required to establish special custody or other arrangements before investing.

**Small-Cap Company Risk.** The Fund's investments in small-cap companies may involve greater risks than investments in larger, more established issuers. Smaller companies generally have narrower product lines, more limited financial resources and more limited trading markets for their stock, as compared with larger companies. Their securities may be less well-known and trade less frequently and in more limited volume than the securities of larger, more established companies. In addition, small-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. Consequently, the prices of small company stocks tend to rise and fall in value more frequently than the stocks of larger companies. Although investing in small-cap companies offers potential for above-average returns, the companies may not succeed and the value of their stock could decline significantly.

**Real Estate Investment Trust Risk.** Investments in real estate investment trusts and other issuers that invest, deal, or otherwise engage in transactions in or hold real estate or interests therein expose the Fund to risks similar to investing directly in real estate and the value of these investments may be affected by changes in the value of the underlying real estate, the creditworthiness of the issuer of the investments, and changes in property taxes, interest rates and the real estate regulatory environment.

**Convertible Securities Risk.** A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive the interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion or exchange, such securities ordinarily provide a stream of income with generally higher yields than common stocks of the same or similar issuers, but lower than the yield on non-convertible debt. The value of a convertible security is a function of (1) its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege and (2) its worth, at market value, if converted into or exchanged for the underlying common stock. Convertible securities are typically issued by smaller capitalized companies whose stock prices may be volatile. The price of a convertible security often reflects such variations in the price of the underlying common stock in a way that non-convertible debt does not.

**Privately Placed Securities Risk.** Investments in privately placed securities involve a high degree of risk. The issuers of privately placed securities are not typically subject to the same regulatory requirements and oversight to which public issuers are subject, and there may be very little public information available about the issuers and their performance. In addition, because the Fund's ability to sell these securities may be significantly restricted, they may be deemed illiquid and it may be more difficult for the Fund to sell them at an advantageous price and time. Because there is generally no ready public market for these securities, they may also be difficult to value and the Fund may need to determine a fair value for these holdings under policies approved by the Trust's Board of Trustees (the "Board").

**Credit Liquidity and Volatility Risk.** The markets for credit instruments have experienced periods of extreme illiquidity and volatility. General market uncertainty and consequent repricing risk have, in the past, led to market imbalances of sellers and buyers, which in turn resulted in significant valuation uncertainties in a variety of debt securities and significant and rapid value declines in certain instances. Under those kinds of conditions, valuation of some of the Fund's fixed income securities could be uncertain and/or result in sudden and significant value declines in its holdings. In addition, future illiquidity and volatility in the credit markets may directly and adversely affect the setting of dividend rates.

**Underlying Fund Risk.** Investment decisions by the investment advisers of the Underlying Funds are made independently of the Fund and the Fund's Adviser. The investment adviser of one Underlying Fund may be purchasing securities of the same issuer whose securities are being sold by the investment adviser of another Underlying Fund. The result of this would be an indirect expense to the Fund without accomplishing any investment purpose. The risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by underlying funds and that the ability of the Fund to achieve its investment objective will depend upon the ability of underlying funds to achieve their respective investment objectives. The Fund bears Underlying Fund fees and expenses indirectly. The Fund may invest in shares of the same Underlying Funds as other funds in the Yorktown funds complex. However, the Fund and its affiliates together are generally restricted as to the percentage of an Underlying Fund's total outstanding voting shares they may own, unless the Underlying Fund complies with exemptive rules from the U.S. Securities and Exchange Commission (the "SEC") permitting, under certain conditions, investment companies such as the Fund and its affiliates to acquire an Underlying Fund's voting shares in excess of such restrictions. Accordingly, to the extent that the Fund invests in Underlying Funds in excess of those limitations, the investment risk to the Fund of such investments will increase.

**Non-Principal Strategies and Risks**

**Portfolio Turnover**

The Fund, directly or indirectly, may engage in active and frequent trading of portfolio securities. If the Fund does trade in this way, it may incur increased transaction costs, which can lower the actual return on your investment. Active trading may also increase short-term capital gains and losses, which may affect the taxes you have to pay.

**Portfolio Holdings Disclosure**

A description of the policies and procedures employed by the Fund with respect to the disclosure of Fund portfolio holdings is available in the Fund's SAI.

**Section 3 \| WHO MANAGES YOUR MONEY**

This section gives you a detailed discussion of our Investment Adviser and Portfolio Managers

**The Investment Adviser**

Yorktown Management & Research Company, Inc., located at 106 Annjo Court, Suite A, Forest, Virginia 24551, serves as the Fund's investment adviser. Services provided by the Adviser include the provision of a continuous investment program for the Fund and supervision of all matters relating to the operation of the Fund. Among other things, the Adviser is responsible for making investment decisions and placing orders to buy, sell or hold particular securities, furnishing corporate officers and clerical staff and providing office space, office equipment and office services.

The Adviser has served as the investment adviser to the Fund since its inception. The Adviser was organized in 1984 and is controlled by David D. Basten. The Portfolio Managers of the Fund are responsible for the day-to-day management of the Fund's portfolio.

For its services, the Adviser receives a monthly fee from the Fund, calculated at an annual rate of the average daily net assets for the Fund. For the most recent fiscal year, the Fund paid fees to the Adviser of 0.40% as a percentage of average daily net assets.

**The Portfolio Managers**

Mr. David D. Basten is the Adviser's Chief Investment Officer and a Portfolio Manager for the Fund, having served in that capacity since commencement of the Fund's operations. Mr. David D. Basten is President and Director of the Adviser, Managing Partner of Waimed Enterprises, LLC and partner of Downtown Enterprises.

Mr. David M. Basten has served as Portfolio Manager since 2005 and prior to that held various positions at the Adviser, including as a securities analyst.

In addition to Mr. David D. Basten and Mr. David M. Basten, Mr. John P. Tener serves as Portfolio Manager on the Fund. Mr. Tener has served as Portfolio Manager since 2019 and prior to that was a Portfolio Manager for Atlantic Capital Management from 2013 through April 2019.

A discussion regarding the basis for the Board's approval of the Fund's investment advisory contract with the Adviser is available in the Fund's [Semi-Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000764859/000139834425018997/fp0095067-2_ncsrsixbrl.htm) dated July 31, 2025.

**Section 4 \| HOW YOU CAN BUY AND SELL SHARES**

This section provides the information you need to move money into or out of your account.

**Class C Shares**

Class C shares are sold at net asset value without an initial sales charge. This means that 100% of your initial investment is placed into shares of the Fund. However, Class C shares of the Fund pay an annual 12b-1 shareholder servicing fee of 0.25% of average daily net assets and an additional distribution fee of 0.75% per annum of average daily net assets.

In order to recover commissions paid to dealers on investments in Class C shares, shareholders will be charged a contingent deferred sales charge ("CDSC") of 1.00% of up to the total value of their redemption if they redeem shares within thirteen (13) months from the date of purchase. No CDSC is charged on reinvested dividends or capital gains, amounts purchased more than thirteen months prior to the redemption, increases in the value of the shares owned, upon the event of the death of the shareholder (unless the account is held in joint name and the survivor liquidates the shares) or shares placed in qualified plans employing a third party administrator.

*Class C Shares will be converted to Class A Shares in the following instances:*

&nbsp;&nbsp;&nbsp;&nbsp;■ Beginning July 21, 2021, Class C shares positions will convert to Class A shares after 8 years; or if Class C shares held in an account with a third-party broker of record are transferred to an account with the Distributor after July 21, 2021, those Class C shares accounts will be converted to Class A shares accounts in the month following the transfer.

The Trust reserves the right in its sole discretion to withdraw all or any part of the offering of shares of the Fund when, in the judgment of the Trust's management, such withdrawal is in the best interest of the Fund. An order to purchase shares is not binding on, and may be rejected by, the Trust until it has been confirmed in writing by the Trust and payment has been received.

**How to Buy Shares**

**Initial Purchase Methods**

To open an account, you must submit a completed New Account Application in good order. Initial investments may be funded via federal funds wire transfer, Automated Clearing House (ACH), or check drawn on a U.S. financial institution. The Fund offers its shares at the NAV next determined after an order is received in good order on a Business Day. The Fund reserves the right to reject any purchase order or payment method at its sole discretion.

**Purchase Requests in Good Order**

A purchase request will be considered to be in "good order" only if it includes all of the following:

● A completed and signed account application (for new accounts).

● The exact dollar amount of the investment.

● For existing accounts, the account number and the name(s) exactly as registered on the account.

● Payment in U.S. dollars, payable to the Fund.

● Any documentation reasonably required by the Fund or its transfer agent to verify the identity or authority of the purchaser, if applicable.

Requests that are incomplete, unclear, or submitted without the required documentation may be delayed or rejected. The Fund and its transfer agent are not responsible for delays or losses due to requests that are not received in good order.

You may obtain application forms for the purchase of Class C Shares of the Fund by contacting the shareholder services department ("Shareholder Services") of Ultimus Fund Solutions, LLC (the "Transfer Agent"), the Fund's transfer agent, at the address or telephone number shown below.

Send completed applications and purchase requests to:

Regular Mail:

Yorktown Bond Fund

c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246

-or-

Overnight Mail:

Yorktown Bond Fund

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Phone:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888) 933-8274

Shares are sold at their offering price, which is based upon the net asset value per share next computed after receipt and acceptance of the order by Shareholder Services, plus any applicable sales charge.

The minimum initial investment in Class C Shares is $1,000, and the minimum for additional investments is none.

**Additional Investments.** You may purchase additional Class C Shares of the Fund at any time by mail, wire, or automatic investment. Each additional mail purchase request must contain:

&nbsp;&nbsp;&nbsp;&nbsp;■ your name;

&nbsp;&nbsp;&nbsp;&nbsp;■ the name on your account(s);

&nbsp;&nbsp;&nbsp;&nbsp;■ your account number(s);

&nbsp;&nbsp;&nbsp;&nbsp;■ the name of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;■ a check made payable to the applicable Fund

Checks should be sent to the Fund at the address listed under the heading "How to Invest" (above) in this prospectus. To send a bank wire, call Shareholder Services at (888) 933-8274 to obtain instructions.

**Automatic Investment Plan ("AIP").** Shareholders may purchase shares through an Automatic Investment

Plan ("AIP"), which provides for regular, periodic purchases in accordance with the shareholder's instructions and the transfer agent's procedures. With the shareholder's authorization, the transfer agent will process AIP purchases in the amount and frequency selected by the shareholder. There is no minimum investment amount required to participate in the AIP. Shareholders may change or terminate AIP instructions at any time by contacting the transfer agent. Only bank accounts maintained at U.S. financial institutions may be used. The Fund and/or the transfer agent may modify, suspend, or terminate the AIP at any time.

**Customer Identification and Verification.** In compliance with the USA PATRIOT Act of 2001, the Transfer Agent will verify certain information on your account application as part of the Trust's Anti-Money Laundering Program. As requested on the account application, you should supply your full name, date of birth, social security number and permanent street address. Mailing addresses containing only a P.O. Box will not be accepted. This information will be verified to ensure the identity of all persons opening a mutual fund account. The Trust is required by law to reject your new account application if the required identifying information is not provided. Please contact Shareholder Services at (888) 933-8274 if you need additional assistance when completing your account application.

In certain instances, the Trust is required to collect documents to fulfill its legal obligation. Documents provided in connection with your application will be used solely to establish and verify a customer's identity. Attempts to collect the missing information required on the application will be performed by either contacting you or, if applicable, your broker. If this information is unable to be obtained within a timeframe established in the sole discretion of the Trust, your application will be rejected. Upon receipt of your application in proper form (meaning that it is complete and contains all necessary information, and has all supporting documentation such as proper signature guarantees, IRA rollover forms, etc.), or upon receipt of all identifying information required on the application, your investment will be received and your order will be processed at the next-determined NAV. However, the Trust reserves the right to close your account at the next-determined NAV if they are unable to verify your identity. Attempts to verify your identity will be performed within a timeframe established in the sole discretion of the Trust. If the Trust is unable to verify your identity, the Trust reserves the right to liquidate your account at the next-determined NAV and remit proceeds to you via check. The Trust reserves the further right to hold your proceeds until your original check clears the bank. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications.

**Anti-Money Laundering Program.** Customer identification and verification is part of the Trust's overall obligation to deter money laundering under federal law. The Trust has adopted an Anti-Money Laundering Compliance Program designed to prevent the Trust from being used for money laundering or the financing of terrorist activities. In this regard, if the Trust is unable to verify your identity, as required by anti-money laundering laws, we may refuse to open your account or may delay opening your account pending verification of your identity. If we subsequently are unable to verify your identity, we may close your account without further notice and return to you the value of your shares at the next calculated net asset value. The Trust has appointed an officer of Northern Lights Compliance Services, an affiliate of Ultimus Fund Distributors, LLC, the Trust's principal underwriter, to serve as AML Officer and to oversee the implementation of the Trust's Anti-Money Laundering Compliance Program.

**Investing by Wire.** Once you have completed an application and the Transfer Agent has verified certain information on your account application form, you may purchase Class A Shares of the Fund by requesting your bank to wire funds directly to the Transfer Agent. To invest by wire please call Shareholder Services at (888) 933-8274 for instructions. Your bank may charge you a fee for this service. Be sure to include your name and account number in the wire instructions that you provide your bank. Once your account is opened, you may make additional investments using the wire procedure described above.

**Investing by Mail.** For initial purchases, the account application should be completed, signed and mailed to the Transfer Agent, together with your check payable to the applicable Fund. Please be sure to specify the class of shares in which you wish to invest. For subsequent purchases, include with your check the tear-off stub from a prior purchase confirmation, or otherwise identify the name(s) of the registered owner(s) and tax identification number(s).

**Right of Refusal.** The Trust may reject or cancel any purchase orders, including exchanges, for any reason.

**Other Purchase Information.** 

**Automated Clearing House (ACH) Purchases**. Shareholders may purchase shares of the Fund through the Automated Clearing House ("ACH") network from a U.S. domestic bank or other U.S. domestic financial institution. All payments must be made in U.S. dollars.

**Initial and Subsequent Purchases by ACH**. ACH may be used for both initial and subsequent investments. To establish ACH instructions, shareholders must provide the required banking information on the Account Application (or other documentation acceptable to the Fund or its transfer agent).

**Bank Account Requirements**. The designated bank account must be maintained at a U.S. domestic financial institution. The name(s) and registration on the bank account must exactly match the name(s) and registration on the Fund account. The bank account must be owned and controlled by the shareholder(s). ACH transfers initiated from a third-party bank account will not be accepted.

**Right to Reject / Good Order**. The Fund and its transfer agent reserve the right to reject any ACH purchase request that is not received in "good order." A request is in "good order" when all required information, authorizations, and documentation have been received in proper form and are acceptable to the Fund or its transfer agent.

The Fund may limit the amount of purchase and refuse to sell shares to any person.

**Returned Check/NSF Fee.** If your check or electronic payment does not clear, you will be responsible for any loss or expense incurred by the Fund or its Transfer Agent, as well as any applicable fees. A $25 fee will be charged to defray bank charges and processing costs associated with the returned payment. The Fund reserves the right to redeem shares from your account to cover any unpaid amounts.

You may be prohibited or restricted from making future purchases in such Fund. Checks must be made payable to the Fund in which you wish to invest. The Fund and its transfer agent may refuse any purchase order for any reason.

**Unacceptable Forms of Payment**. The Funds generally do not accept cash equivalents for the purchase of shares, including, but not limited to: cash, cashier's checks, bank official checks, certified checks, bank money orders, third-party checks (except for properly endorsed IRA transfer and rollover checks), counter checks, starter checks, traveler's checks, money orders, credit card checks, cryptocurrency, or payments drawn on non-U.S. financial institutions.

The Fund has authorized certain broker-dealers and other financial institutions (including their designated intermediaries) to accept on its behalf purchase and sell orders. The Fund is deemed to have received an order when the authorized person or designee accepts the order, and the order is processed at the net asset value next calculated thereafter. It is the responsibility of the broker-dealer or other financial institution to transmit orders promptly to the Fund's transfer agent.

**Payment for Shares and Good Funds Policy.** The Fund accepts payment for shares by check, Automated Clearing House ("ACH") transfer, or wire transfer. All purchase orders are subject to acceptance by the Fund and will be executed at the next net asset value ("NAV") calculated after the order is received in good order.

Payments made by check or ACH may be subject to a collection period to ensure that funds have cleared and are received in "good funds." The Fund and its Transfer Agent reserve the right to delay the disbursement of redemption or exchange proceeds from shares purchased by check or ACH for up to **10 business days** (or longer, if necessary) to allow the payment to clear.

During this period, the proceeds of newly purchased shares are not available for redemption or exchange. This policy does not apply to purchases made by wire transfer, which are generally considered good funds upon receipt.

If a check or ACH payment does not clear, the purchase order will be cancelled, and the investor will be responsible for any resulting loss incurred by the Fund or its Transfer Agent, as well as any applicable fees.

**How to Sell Shares**

**Redemption Proceeds**. Redemption proceeds are typically sent on the next business day after a request is received in good order. As permitted by federal law, the Fund may delay payment for up to seven calendar days. The Fund also reserves the right to delay payment for shares recently purchased by check or via Automated Clearing House (ACH) until the payment has cleared, which may take up to 10 business days (or longer, if necessary). Proceeds are generally paid by check, wire transfer, or ACH, as elected by the shareholder.

**Redemption Requests in Good Order**. A redemption request will be considered to be in "good order" only if it includes all of the following:

● The name of the Fund and the account number

● The exact dollar amount or number of shares to be redeemed

● The name(s) of the registered account owner(s), exactly as they appear on the account

● Signature(s) of all registered owner(s)

● Any required signature guarantee or medallion signature guarantee, if applicable

● Any documentation reasonably required by the Fund or its transfer agent to verify the identity or authority of the person(s) requesting the redemption

Redemption requests that are incomplete, unclear, unsigned, or submitted without the required documentation or signature guarantees may be delayed or rejected. The Fund and its transfer agent are not responsible for processing delays or losses resulting from requests not received in good order.

You may sell your Class C Shares in three different ways:

&nbsp;&nbsp;&nbsp;&nbsp;■ by mailing a written redemption request for a check or wire representing the redemption proceeds to Shareholder Services;

&nbsp;&nbsp;&nbsp;&nbsp;■ by making a telephone request for redemption by check (provided that the amount to be redeemed is not more than $100,000 and the check is being sent to the record address for the account, which has not changed in the prior three months); or

&nbsp;&nbsp;&nbsp;&nbsp;■ by making a telephone request for redemption proceeds to be wired to a predesignated bank.

**Redemptions by Mail.** A written request for redemption must include the name of the Fund, the class of shares, your account number, the exact name(s) in which your shares are registered, the number of shares or the dollar amount to be redeemed and mailing or wiring instructions.

Send written requests for redemption to:

Regular Mail:

Yorktown Funds

c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246-0707

**Federal and State Income Tax Withholding (IRAs and Other Retirement Accounts)**. Distributions from IRAs and other retirement accounts may be subject to federal income tax withholding and, where applicable, state income tax withholding. Federal income tax generally will be withheld from IRA distributions unless you elect otherwise on the applicable request form. If you do not make a withholding election, withholding will be applied in accordance with applicable law and IRS rules. State income tax withholding may also apply depending on your state of residence and applicable state law. Withholding is not a determination of your actual tax liability.

Upon timely receipt by Shareholder Services of a redemption request in "good order," as described below, the shares will be redeemed at the net asset value per share computed at the close of regular trading on the NYSE on that day. Redemption requests received after the close of regular trading will be executed at the net asset value per share next computed.

**Medallion Signature Guarantee Requirements.** To protect shareholders and the Fund from potential fraud, the Fund and/or its transfer agent (the "Transfer Agent") may require a signature guarantee, including a Medallion Signature Guarantee ("MSG"), in certain circumstances. An MSG is a stamped certification from an eligible guarantor institution that verifies the authenticity of a signature and the authority and capacity of the person signing.

The Fund and/or the Transfer Agent may require an MSG in situations including, but not limited to, the following:

● The redemption amount exceeds **$100,000** (or such other threshold as may be established by the Fund and/or the Transfer Agent);

● Proceeds are requested to be mailed to an address or sent to a bank account that was changed or added within the past 30 calendar days;

● Proceeds are requested to be made payable to a person or entity other than the registered account owner;

● Proceeds are requested to be sent to a financial institution account that is not in the shareholder's name;

● The account registration or ownership is being changed;

● Instructions are submitted by mail with alternate delivery instructions, special handling, or other non-standard processing; or

● Any other circumstance in which the Fund or the Transfer Agent reasonably determines that additional documentation or verification is appropriate.

An MSG must be obtained from an eligible guarantor institution that participates in a recognized Medallion Signature Guarantee program (STAMP, SEMP, or MSP). These institutions typically include banks, savings associations, credit unions, and broker-dealers. A notary seal is not an acceptable substitute for an MSG.

Shareholders should contact the Transfer Agent in advance if they are unsure whether an MSG will be required. The Fund and/or the Transfer Agent reserves the right, in its discretion, to waive or require an MSG and to reject any signature guarantee that it deems unacceptable.

**Telephone Transactions.** You may purchase, exchange, or redeem Fund shares by calling (888) 933-8274. Telephone transaction privileges are automatically available for new accounts unless you decline them on your account application or later revoke them by written instruction to the Fund or its Transfer Agent.

Telephone instructions, if received in good order before the applicable cut-off time, will be processed at the Fund's next determined net asset value ("NAV"). Redemption proceeds will be sent promptly to your address of record by check or to your bank account of record by ACH or wire transfer. Telephone redemptions are generally limited to $100,000 per account. Requests for amounts above this limit must be submitted in writing and must include a Medallion Signature Guarantee.

During periods of heavy market activity or other unusual conditions, you may experience difficulty reaching the Fund or its Transfer Agent. Please allow additional time to place your transaction. The Fund or its Transfer Agent will not be held liable for any loss if you are unable to reach them to place a telephone transaction.

The Fund and its Transfer Agent use reasonable procedures to verify the authenticity of telephone instructions. These may include requiring an account number, a personal identification number (PIN) if applicable, recording of calls, and/or written confirmations. If these procedures are followed, neither the Fund nor its Transfer Agent will be responsible for any loss, liability, cost, or expense arising from unauthorized or fraudulent telephone instructions.

If you own an IRA, you will be asked to make an election regarding federal and applicable state income tax withholding at the time of a redemption.

For your protection, telephone redemptions may be restricted for **30 days** following a change of address or banking information. The Fund may also require a signature guarantee or other documentation for certain transactions.

**Wire Redemptions.** Wire redemptions by telephone may be made only if the bank is a member of the Federal Reserve System or has a correspondent bank that is a member of the System. If the account is with a savings bank, it must have only one correspondent bank that is a member of the Federal Reserve System. If a shareholder decides to change the bank account to which proceeds are to be wired, the change must be effected by filling out and submitting in advance the appropriate form that is available from Shareholder Services.

**Wire Fee**. A fee of $**15** will be charged for each wire transfer of redemption proceeds. This fee will be deducted directly from your account and is subject to change without notice. Your bank or any intermediary institution may also charge a separate fee for receiving the wire. The Fund and its transfer agent are not responsible for any delays or additional fees imposed by the receiving bank or any intermediary institution.

**Electronic Services and Online Account Transactions.** The Fund, through its transfer agent (the "Transfer Agent"), may make available to shareholders certain electronic services and online account access (collectively, "Online Services") through the Fund's website (the "Website"). These Online Services may include, but are not limited to, the ability to access account information, conduct transactions, and consent to the electronic delivery of Fund documents. The Fund does not permit new accounts to be opened

through the Website. New accounts must be established by submitting a completed application by mail or through other available methods described in this Prospectus.

**1.** **Eligibility for Online Access** 

Online Services are available only to shareholders with an existing account who have established online access by accepting the applicable online user agreement. Certain Online Services may require that banking instructions (including Automated Clearing House ("ACH") instructions) be established and accepted by the Transfer Agent.

**2.** **Customer Identification Program** 

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, you will be required to provide your name, address, date of birth, and other identifying information. You may also be asked to provide a copy of your driver's license or other identifying documents. If your identity cannot be verified as required by law, the Fund reserves the right to reject your application, restrict transactions, or close your account.

**3.** **Online Transactions** 

All online transaction requests are subject to the terms of this Prospectus. To receive the net asset value ("NAV") determined for the current business day, transaction requests must be received in good order by the Fund (or its authorized agent) prior to the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time). Requests received after this time will receive the next business day's NAV.

● Purchases. Purchases may be made online via the Automated Clearing House ("ACH") network for accounts with ACH instructions on file and accepted by the Transfer Agent. Please note that proceeds from the redemption of shares recently purchased by ACH may be delayed for up to 10 business days to ensure that the purchase has cleared.

● Redemptions. For risk management purposes, online redemptions are generally limited to $100,000 per account per day. This limit may be lower if the Fund requires a Medallion Signature Guarantee ("MSG") at a threshold below this amount, in which case the most restrictive limit will apply. All redemption requests exceeding the applicable online limit must be submitted in writing and must include a valid MSG if required.

**4.** **Limitation of Liability** 

Your use of the Fund's Online Services is at your own risk. The Fund and its service providers (including the Transfer Agent) do not guarantee the security or uninterrupted availability of the Website. Access may be delayed, limited, or unavailable for reasons including, but not limited to, periods of peak demand, market volatility, system maintenance, or failures of hardware, software, or network connections.

It is your responsibility to maintain an alternative method for placing transactions (such as by telephone or mail). To the extent permitted by applicable law, neither the Fund, the Transfer Agent, the Fund's distributor, nor their respective affiliates will be liable for any losses, damages, costs, or expenses arising from any delay, error, or failure to process your transaction request, or for any unauthorized access to your account, due to system unavailability, technical failures, security breaches, or any other cause or circumstance beyond the reasonable control of the Fund or its agents.

See "How to Buy Shares," "Exchange Privileges," and "How to Sell Shares" for additional information regarding transaction requirements and other applicable restrictions.

**Systematic Withdrawal Plan ("SWP")**. Shareholders may redeem shares through a Systematic Withdrawal Plan ("SWP"), which provides for regular, periodic redemptions in accordance with the shareholder's instructions and the transfer agent's procedures. With the shareholder's authorization, the transfer agent will process SWP redemptions in the amount and frequency selected by the shareholder. Shareholders may change or terminate SWP instructions at any time by contacting the transfer agent. The Fund and/or the transfer agent may modify, suspend, or terminate the SWP at any time.

**Other Information.** Redemption proceeds are typically sent on the next business day after a request is received in good order. As permitted by federal law, the Fund may delay payment for up to seven calendar days. The Fund also reserves the right to delay payment for shares recently purchased by check or via Automated Clearing House (ACH) until the payment has cleared, which may take up to 10 business days (or longer, if necessary). Proceeds are generally paid by check, wire transfer, or ACH, as elected by the shareholder. There will be no such delay for redemptions following investments paid for by federal funds wire or by certified check. If checks representing redemption proceeds are returned "undeliverable" or remain uncashed for six months, such checks shall be canceled and such proceeds shall be reinvested in the Fund at the NAV per share determined as of the date of cancellation of such checks. No interest will accrue on amounts represented by uncashed distribution or redemption checks.

Other supporting legal documents may be required from corporations or other organizations, fiduciaries or persons other than the stockholder of record making the redemption request. If there is a question concerning the redemption of Fund shares, contact Shareholder Services.

**Suspension of Redemptions.** The right of redemption may be suspended or the date of payment postponed (a) when trading on the New York Stock Exchange (NYSE) is restricted, as determined by applicable rules and regulations of the SEC; (b) when the NYSE is closed for other than customary weekend and holiday closings; (c) when the SEC has by order permitted such suspension; or (d) during an emergency, as determined by the SEC, as a result of which it is not reasonably practicable for the Fund to dispose of securities or to determine the value of its net assets.

**Rights Reserved by the Funds.** Each Fund and its agents reserve the right at any time to: (i) reject or cancel all or any part of any purchase or exchange order; (ii) modify any terms or conditions related to the purchase, redemption or exchange of shares of any Fund; (iii) reject or cancel any request to establish a Systematic Purchase Plan or Systematic Redemption Plan; (iv) modify or terminate any sales charge waivers or exceptions; and (v) suspend, change or withdraw all or any part of the offering made by this prospectus.

**Section 5 \| GENERAL INFORMATION**

This section summarizes the Fund's distribution policies and other general Fund information

**Dividends, Distributions And Taxes**

**Dividends and Other Distributions.** The Fund declares and pays dividends from its net investment income (including dividends from Underlying Funds) and distributes any net capital gains realized from the sale of its portfolio securities (including shares of Underlying Funds) at least annually. Unless the Trust receives written instructions to the contrary from a shareholder before the record date for a distribution, the shareholder will receive that distribution in additional Fund shares of the distributing class at their NAV on the reinvestment date.

**Taxation of Shareholders.** Dividends and other distributions by the Fund to its shareholders, other than tax-exempt entities (including individual retirement accounts and qualified retirement plans), are taxable to them regardless of whether the distributions are received in cash or reinvested in additional Fund shares. Dividends from the Fund's net income (generally consisting of net investment income, plus the excess of net short-term capital gain over net long-term capital loss) generally are taxable as ordinary income (except as mentioned below), whereas distributions of the Fund's net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) are taxable as long-term capital gains, regardless of how long the shareholder held its shares. In addition to the federal income tax, certain individuals, trusts, and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income; or (ii) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). The Fund's distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of Fund shares is includable in such shareholder's investment income for purposes of this NII tax.

The Fund's dividends attributable to "qualified dividend income" (i.e., dividends it receives on stock of most U.S. corporations and certain foreign corporations with respect to which the Fund satisfies certain holding period, debt-financing, and other restrictions, including dividends from any Underlying Fund attributable to dividends from such corporations with respect to which the Underlying Fund satisfies those restrictions) ("QDI") generally are subject to federal income tax at the rates applicable to net long-term capital gain, including a 20% maximum rate, for individual shareholders who satisfy those restrictions with respect to their shares on which the Fund dividends were paid. If the Fund's QDI is at least 95% of its gross income (as specially computed), the entire dividend will qualify for that treatment. A portion of the Fund's dividends — not exceeding the aggregate dividends it receives from domestic corporations only — also may be eligible for the dividends-received deduction allowed to corporations, subject to similar restrictions. However, dividends a corporate shareholder deducts pursuant to the dividends-received deduction are subject indirectly to the federal alternative minimum tax.

Distributions to you of the Fund's net capital gain, including gain it realizes on the redemption of any Underlying Fund's shares it held for more than one year and distributions from any Underlying Fund of the latter's net capital gain, also are subject to a 20% maximum federal income tax rate for individual shareholders.

The portion of the dividends the Bond Fund pays that is attributable to interest earned on its investments that are direct U.S. Government obligations generally are not subject to state and local income taxes. The Fund advises its shareholders of the tax status of distributions following the end of each calendar year.

A redemption of Fund shares will result in taxable gain or loss to the redeeming shareholder, depending on whether the redemption proceeds are more or less than the shareholder's adjusted basis in the redeemed shares. An exchange of the Fund's shares for shares of another Fund will have similar tax consequences. Capital gain recognized on a redemption or exchange of Fund shares held for more than one year will be long-term capital gain and will be subject to federal income tax, for an individual shareholder, at the maximum 20% rate mentioned above.

The foregoing only summarizes some of the important federal income tax considerations generally affecting the Fund and its shareholders; see the SAI for a further discussion. Because other federal, state, or local tax considerations may apply, investors are urged to consult their tax advisors.

**Net Asset Value**

The offering price of the Fund's Shares is based upon the Fund's net asset value ("NAV") per share, plus any applicable sales charges. NAV per share is determined as of the close of trading on the New York Stock Exchange ("NYSE") (generally, 4:00 p.m. Eastern time) on each business day that the NYSE is open. The NAV per share is computed by adding the total value of the Fund's investments and other assets (including dividends accrued but not yet collected) attributable to the Fund's Class A, Class C, Institutional Class or Class L Shares, subtracting any liabilities (including accrued expenses) attributable to the Fund's Class A, Class C, Institutional Class or Class L Shares, and then dividing by the total number of the applicable class's shares outstanding. Due to the fact that different expenses may be charged against shares of different classes of the Fund, the NAV of the different classes may vary. Class A, Institutional Class and Class L Shares are described in a separate Prospectus.

Shares of open-end Underlying Funds are valued at their respective NAV under the 1940 Act. The Underlying Funds generally value securities in their portfolios for which market quotations are readily available at their current market value (generally the last reported sales price) and all other securities and assets at fair value pursuant to methods established in good faith by the valuation designee of the Underlying Fund. Money market funds with portfolio securities that mature in 397 days or less may use the amortized cost to value their securities or penny-rounding methods to compute their price per share. Securities that are listed on U.S. exchanges (other than exchange traded funds ("ETFs")) are valued at the last sales price on the day the securities are valued or, lacking any sales on such day, at the previous day's closing price. ETFs are valued at the last sales price on the ETFs primary exchange on the day the securities are valued or, lacking any sales on such day, either at the value assigned by a nationally recognized third-party pricing service or at the previous day's closing price. Securities listed on NASDAQ are valued at the NASDAQ Official Closing Price. U.S. Treasury securities and corporate bonds are priced at an evaluated mean of the last bid and asked prices available prior to valuation. Other securities traded in the OTC market are valued at the last bid price available prior to valuation. The Board of Trustees has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, subject to its oversight. Securities for which market quotations are unavailable or unreliable are valued at fair value as determined in good faith by the valuation designee pursuant to its valuation policies and procedures, which have been approved by the Board of Trustees.

Debt securities having 60 days or less remaining to maturity generally are valued at their amortized cost.

Events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the NAV of Fund shares is determined, such as foreign securities trading on foreign exchanges that close before the time the NAV of Fund shares is determined, may be reflected in the Trust's calculations of net asset values for the Fund when the Trust deems that the event or circumstance would materially affect the Fund's net asset value. Such events or circumstances may be company specific, such as an earning report, country or region specific, such as a natural disaster, or global in nature. Such events or circumstances also may include price movements in the U.S. securities markets.

The effect of fair value pricing as described above is that securities may not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the valuation designee believes reflects fair value. As such, fair value pricing is based on subjective judgments and it is possible that the fair value may differ materially from the value realized on a sale. This policy is intended to assure that the Fund's net asset value fairly reflects security values as of the time of pricing. Also, fair valuation of the Fund's securities can serve to reduce arbitrage opportunities available to traders seeking to take advantage of information available to them that is not the basis of Trust valuation actions, but there is no assurance that fair value pricing policies will prevent dilution of the Fund's NAV by those traders.

If a security or securities that the Fund owns are traded after the NYSE is closed (for example, on an after-hours market) the value of the Fund's assets may be affected on days when the Fund is not open for business. In addition, trading in some of the Fund's assets may not occur on days when the Fund is open for business.

**Fair Value Pricing**

The Fund employs fair value pricing selectively to ensure greater accuracy in its daily NAV and to prevent dilution by frequent traders or market timers who seek to take advantage of temporary market anomalies. The Adviser has developed procedures which utilize fair value pricing when reliable market quotations are not readily available or the Fund's pricing service, if applicable, does not provide a valuation (or provides a valuation that in the judgment of the Adviser to the Fund does not represent the security's fair value), or when, in the judgment of the Adviser, events have rendered the market value unreliable. Valuing securities at fair value involves reliance on judgment. Fair value determinations are made in good faith in accordance with procedures adopted by the Adviser and approved by the Board of Trustees. There can be no assurance that the Fund will obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its NAV per share. The Board of Trustees has designated the Adviser as its "valuation designee" under Rule 2a-5 of the 1940 Act, subject to its oversight.

Requests to purchase and sell shares are processed at the NAV next calculated after we receive your order in proper form.

**Frequent Trading**

The Fund is intended to be used as long-term investments. The Trust discourages frequent purchases, redemptions or exchanges of Fund shares and does not accommodate such trading. "Market-timers" who engage in frequent purchases, redemptions or exchanges over a short period of time can disrupt the Fund's investment program and create additional transaction costs that are borne by all shareholders of the Fund. The Board has adopted policies and procedures to detect and prevent frequent purchases, redemptions or exchanges of Fund shares by shareholders, and seeks to apply these policies and procedures to all shareholders. Although such policies and procedures may not be successful in detecting or preventing excessive short-term trading in all circumstances, the Trust's policies and procedures provide that each of the Fund may temporarily suspend or terminate purchase, redemption or exchange transactions by any investors, potential investors, groups of investors or shareholders who engage in short-term trading activity that may be disruptive to the Trust or the Fund. It may be difficult to identify whether particular orders placed through banks, broker-dealers, investment representatives or other financial intermediaries may be excessive in frequency and/or amount or otherwise disruptive to the Fund when such trading activity takes place at the level of omnibus accounts established in the Trust's name by such financial intermediaries. Accordingly, the Trust's policies and procedures seek to consider all trades placed in a combined order through an omnibus account by a financial intermediary as part of a group to determine whether such trades may be rejected in whole or in part.

The Fund or the Underlying Funds may invest in foreign securities, and may be subject to the risks associated with market timing and short-term trading strategies to a greater extent than funds that do not. Securities trading in foreign markets may present time zone arbitrage opportunities when events affecting portfolio securities' values occur after the close of the foreign markets but prior to the close of the U.S. markets. The Fund and the Underlying Funds have adopted policies and procedures designed to adjust closing market prices of foreign securities under certain circumstances to reflect their fair value as of the valuation time. To the extent that the Fund or the Underlying Funds do not accurately value foreign securities as of the Fund's valuation time, investors engaging in price arbitrage may cause dilution in the value of the Fund's shares held by other shareholders. The Fund or the Underlying Funds may invest in small capitalization equity securities. Because such securities may be infrequently traded, short-term traders may seek to trade shares of the Fund in an effort to benefit from their understanding of the value of these securities (referred to as price arbitrage). Any successful price arbitrage also may cause dilution in the value of the shares of the Fund held by other shareholders.

**Acquired Fund Fees and Expenses**

An SEC rule adopted in 2006, requires the Trust to report total expense ratios in its prospectus fee tables that account for both the expenses that the Fund pays directly out of its assets (sometimes called "direct expenses"), and the expense ratios of the underlying funds (including business development companies (BDC's)) in which the Fund invests (often called "acquired fund fees" or "indirect expenses").

The disclosure of the Fund's indirect expenses in the Fund's fee table is contained in the acquired fund fees and expenses (AFFEs) line item. This disclosure is designed to provide investors with a better understanding of the actual costs of investing in the Fund that invests in other funds, which have their own expenses that may be as high, or higher, than the acquiring Fund's expenses.

**Direct Fund Expenses:** Expenses and fees such as management fees and custody fees typically accrue daily and are paid monthly. These expenses are borne directly by the Fund and reduce the Fund's net assets, thus detracting from total return.

**Indirect Fund Expenses:** AFFEs are not accrued daily, nor are they paid directly from the Fund's net assets. They reflect the Fund's pro rata share of fees and expenses incurred by investing in acquired funds. AFFEs are reflected in the prices of the acquired funds, and thus are included in the total returns of the Fund.

**Are AFFEs reflected in the Fund's financial statements?**

No. Because acquired fund fees and expenses are not borne directly by the Fund, they will not be reflected in the expense information in the Fund's financial statements or the Fund's financial highlights included in the Fund's reports to shareholders.

**Distribution And Service Plans**

The Adviser or Distributor, out of its own resources and without additional cost to the Fund or its shareholders, may provide additional cash payments or non-cash payments to intermediaries who sell shares of the Fund. Such payments and compensation are in addition to the service fees paid by the Fund. These additional cash payments are generally made to intermediaries that provide shareholder servicing, marketing support and/or access to sales meetings, sales representatives and management representatives of the intermediary. Cash compensation may also be paid to intermediaries for inclusion of the Fund on a

sales list, including a preferred or select sales list, in other sales programs or as an expense reimbursement in cases where the intermediary provides shareholder services to Fund shareholders. The Adviser may also pay cash compensation in the form of finder's fees that vary depending on the Fund and the dollar amount of shares sold.

**Rule 12b-1 Fees**

The Board has adopted a Plan of Distribution for the Fund's Class C Shares (the "12b-1 Plan"). Pursuant to the 12b-1 Plan, the Bond Fund may finance from the assets of Class C Shares certain activities or expenses that are intended primarily to result in the sale of shares of such class. The Fund finances these distribution and service activities through payments made to the Distributor. The fee paid to the Distributor by the Fund is computed on an annualized basis reflecting the average daily net assets of a class, equal to 1.00% for Class C Share expenses. Because these fees are paid out of Class C Shares' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges.

In addition to paying fees under the 12b-1 Plan, the Fund may pay service fees to intermediaries such as banks, broker-dealers, financial advisors or other financial institutions, including affiliates of the Adviser or Distributor, for sub-administration, sub-transfer agency and other shareholder services associated with shareholders whose shares are held of record in omnibus, other group accounts or accounts traded through registered securities clearing agents.

**Payments to Financial Intermediaries**

From time to time, the Adviser and/or its affiliates, at their discretion, may make payments to certain affiliated or unaffiliated financial intermediaries to compensate them for the costs associated with making shares of the Fund available to their customers or registered representatives, including costs for providing the Fund with "shelf space" and/or placing the Fund on a preferred or recommended fund list. For purposes of this discussion, "Financial Intermediaries" include affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a similar arrangement with the Fund and/or its affiliates. These payments are sometimes characterized as "revenue sharing" payments and are made out of the Adviser's and/or its affiliates' own legitimate profits or other resources, and are not paid by the Fund. These arrangements may apply to any or all shares, including shares sold or held through programs such as retirement plans, qualified tuition programs, fund supermarkets, fee-based advisory or wrap fee programs, bank trust programs, and insurance (e.g., individual or group annuity) programs. To the extent permitted by SEC and FINRA rules and other applicable laws and regulations, the Adviser and/or its affiliates may pay or allow other promotional incentives or payments to Financial Intermediaries. For more information please see "Payments to Financial Intermediaries" in the Fund's SAI.

The level of payments to individual Financial Intermediaries varies in any given year and may be negotiated on the basis of sales of Fund shares, the assets of the Fund that are attributable to investments by customers of the Financial Intermediary or the quality of the Financial Intermediary's relationship with the Adviser and/or its affiliates. These payments may be more or less than the payments received by the Financial Intermediaries from other mutual funds and may influence a Financial Intermediary to recommend or offer certain funds or share classes over other investment alternatives. In certain instances, the payments could be significant and may cause a conflict of interest for your Financial Intermediary. Any such payments will not change the net asset value or price of the Fund's shares.

The Adviser and/or its affiliates currently have "revenue sharing" arrangements with several Financial Intermediaries.

Please contact your Financial Intermediary for information about any payments it may receive in connection with the sale of Fund shares, as well as information about any fees and/or commissions it charges.

**General Information**

**Small Account Fees**

Due to the relatively higher cost of maintaining small accounts, the Fund may deduct $25 per year from your account if your account has a value of less than $500 or may redeem the shares in your account if your account has a value of less than $25. If the Fund elects to redeem such shares, it will notify you of its intention to do so, and provide you with the opportunity to increase the amount invested to $500 or more within 30 days of notice. If you bring your account balance up to the required minimum no account fee or involuntary redemption will occur. The Fund will not close your account if it falls below the required minimum solely because of a market decline. The Fund reserves the right to waive this fee or redemption requirement.

The Fund may eliminate duplicate mailings of portfolio materials to shareholders who reside at the same address, unless instructed to the contrary. Investors may request that the Fund send these documents to each shareholder individually by calling Shareholder Services at (888) 933-8274.

**Automatic Investment Plan ("AIP").** Shareholders may purchase shares through an Automatic Investment Plan ("AIP"), which provides for regular, periodic purchases in accordance with the shareholder's instructions and the transfer agent's procedures. With the shareholder's authorization, the transfer agent will process AIP purchases in the amount and frequency selected by the shareholder. There is no minimum investment amount required to participate in the AIP. Shareholders may change or terminate AIP instructions at any time by contacting the transfer agent. Only bank accounts maintained at U.S. financial institutions may be used. The Fund and/or the transfer agent may modify, suspend, or terminate the AIP at any time.

**Systematic Withdrawal Plan ("SWP")**. Shareholders may redeem shares through a Systematic Withdrawal Plan ("SWP"), which provides for regular, periodic redemptions in accordance with the shareholder's instructions and the transfer agent's procedures. With the shareholder's authorization, the transfer agent will process SWP redemptions in the amount and frequency selected by the shareholder. Shareholders may change or terminate SWP instructions at any time by contacting the transfer agent. The Fund and/or the transfer agent may modify, suspend, or terminate the SWP at any time.

**Exchange Privileges**

You may exchange your Fund shares into the Federated Prime Cash Obligations Fund, which is an unaffiliated, separately managed, money market mutual fund. There is no sales charge for the exchange. This exchange privilege is offered as a convenience to you. For an exchange into the Federated Prime Cash Obligations Fund, you must first receive that Fund's prospectus. The exchange privilege must also be selected on your account application form.

You may place exchange orders in writing with Shareholder Services, or by telephone, if a written authorization for telephone exchanges is on file with Shareholder Services. All permitted exchanges will be effected based on the NAV per share of the Fund that is next computed after receipt by Shareholder Services of the exchange request in "good order." An exchange request is considered in "good order" only if the dollar amount or number of shares to be purchased is indicated and the written request is signed by the registered owner and by

any co-owner of the account in exactly the same name or names used in establishing the account. Other supporting legal documents may be required from corporations or other organizations, fiduciaries or persons other than the stockholder of record making the exchange request.

The exchange privilege may be modified or terminated at any time upon 60 days' written notice to shareholders. Before making any exchange, you should contact Shareholder Services or your broker to obtain more information about exchanges. For tax purposes, an exchange is treated as a redemption of one Fund's shares and a subsequent purchase of the other Fund's shares. Any capital gain or loss on the exchanged shares should be reported for income tax purposes. The price of the acquired shares will be their cost basis for those purposes.

The Board of Trustees of the Trust has approved a Code of Ethics (the "Code") for the Fund and Adviser. The Fund's Principal Underwriter has also adopted a Code of Ethics which governs its activities as an Underwriter. These Codes govern the personal activities of persons who may have knowledge of the investment activities of the Fund, requires that they file regular reports concerning their personal securities transactions, and prohibits activities that might result in harm to the Fund. The Board is responsible for overseeing the implementation of the Codes. The Fund has filed copies of each Code with the U.S Securities and Exchange Commission ("SEC"). Copies of the Codes of Ethics may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. The Codes are also available on the SEC's EDGAR database at the SEC's web site (www.sec.gov). Copies of this information can be obtained, after paying a duplicating fee, by electronic request (publicinfo@sec.gov), or by writing the SEC's Public Reference Section, Washington, DC 20549-0102.

**Account Statements and Transaction Confirmations.** You will receive periodic account statements summarizing all account activity, including purchases, redemptions, exchanges, and any reinvested dividends or capital gains. Additionally, a transaction confirmation will be sent for each financial transaction that occurs in your account, except for those taking place on a recurring basis, such as through an automatic investment plan or for dividend and capital gain distributions. For recurring transactions, the details will appear on your periodic account statement, serving as confirmation for such activity.

It is your responsibility to carefully review all transaction confirmations and account statements for accuracy immediately upon receipt. You must contact the Fund or its Transfer Agent in writing or by telephone promptly within 60 days of the date of the statement or confirmation that first reflects the disputed item. If you fail to provide timely notification within this 60-day period, you will be deemed to have ratified all account activity set forth therein, and the Fund and its agents will not be liable for any losses that may result from your failure to report the issue.

**Uncashed Checks and Automatic Dividend and Capital Gain Reinvestment.** If you elect to receive your dividend and capital gain distributions via check, ACH, or wire, and the distribution amount is $50 or less, then the amount will be automatically reinvested as additional shares into your account.

For non-retirement and non-educational accounts, any dividend and capital gain distributions sent by check which are not cashed within 180 days will be reinvested into your account at the current day's NAV. When reinvested, those amounts are subject to market risk like any other investment.

Your distribution option will automatically be converted to having all dividends and capital gain distributions reinvested into your account as additional shares if any of the following occur:

&nbsp;&nbsp;&nbsp;&nbsp;1. Postal
 or other delivery service is unable to deliver mail or checks to the address of record thereby
 designating your account as "lost";

&nbsp;&nbsp;&nbsp;&nbsp;2. Dividends
 and capital gain distributions checks are not cashed within 180 days; or

&nbsp;&nbsp;&nbsp;&nbsp;3. Bank
 account of record is no longer valid.

For non-retirement and non-educational accounts, redemption proceeds sent by check which are not cashed within 180 days will be reinvested into your account at the current day's NAV. When reinvested, redemption proceeds are subject to market risk like any other investment.

**Cost Basis**

For those securities defined as "covered" under current Internal Revenue Service ("IRS") cost basis tax reporting regulations, the Fund is responsible for maintaining accurate cost basis and tax lot information for tax reporting purposes. The Fund is not responsible for the reliability or accuracy of the information for those securities that are not "covered." The Fund and its service providers do not provide tax advice. You should consult independent sources, which may include a tax professional, with respect to any decisions you may make with respect to choosing a tax lot identification method.

Federal law requires that mutual fund companies report their shareholders' cost basis, gain/loss, and holding period to the IRS on the fund's shareholders' Consolidated Form 1099s when "covered" securities are sold. Covered securities are any regulated investment company and/or dividend reinvestment plan shares acquired on or after January 1, 2012. The Trust has chosen the average cost method as its standing (default) cost basis method for all shareholders. Under this method, the Fund will average the cost of all shares held by a shareholder for tax reporting purposes. Each shareholder has the option to elect a different cost basis method by notifying the Fund in writing. A tax lot identification method is the way the Fund will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. The Fund's standing tax lot identification method is the method covered shares will be reported on your Consolidated Form 1099 if you do not select a specific tax lot identification method.

Shareholders may, however, choose a method other than the Fund's standing method at the time of their purchase or upon sale of covered shares. Shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them by the Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

**Privacy Policy**

The following is a description of the Fund's policies regarding disclosure of nonpublic personal information that you provide to the Fund or that the Fund collects from other sources. In the event that you hold shares of the Fund through a broker-dealer or other financial intermediary, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with nonaffiliated third parties.

**Categories of Information the Fund Collects.** The Fund collects the following nonpublic personal information about you:

&nbsp;&nbsp;&nbsp;&nbsp;■ Information the Fund receives from you on or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social security number, assets, income and date of birth); and

&nbsp;&nbsp;&nbsp;&nbsp;■ Information about your transactions with the Fund, its affiliates, or others (such as your account number and balance, payment history, parties to transactions, cost basis information, and other financial information).

**Categories of Information the Fund Discloses.** The Fund does not disclose any nonpublic personal information about its current or former shareholders to unaffiliated third parties, except as required or permitted by law. The Fund is permitted by law to disclose all of the information it collects, as described above, to its service providers (such as the Fund's custodian, administrator and transfer agent) to process your transactions and otherwise provide services to you.

**Confidentiality and Security.** The Fund restricts access to your nonpublic personal information to those persons who require such information to provide products or services to you. The Fund maintains physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

**Section 6 \| FINANCIAL HIGHLIGHTS**

**The financial highlights table is intended to help you understand the Fund's financial performance for the past five years (or inception date, as applicable). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). Information for the years ended January 31, 2026, January 31, 2025, January 31, 2024 and January 31, 2023 have been audited by Cohen & Company, Ltd., the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, are included in the Fund's Annual Report, which is available upon request. Information for the year ended January 31, 2022 was audited by the predecessor auditor.** 

**Yorktown Bond FUND – Class C**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **For a share outstanding throughout each year** |  |  |  |  |  |
| Net asset value, beginning of year | $7.72 | $7.70 | $7.72 | $8.78 | $9.03 |
| Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.28 | 0.28 | 0.29 | 0.28 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.15 | 0.06 | -<sup>(2)</sup> | (1.02) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.43 | 0.34 | 0.29 | (0.74) | 0.04 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.32) | (0.32) | (0.31) | (0.32) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.32) | (0.32) | (0.31) | (0.32) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $7.83 | $7.72 | $7.70 | $7.72 | $8.78 |
| Total return (excludes sales charge) | 5.72% | 4.46% | 3.98% | (8.41)% | 0.45% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's omitted) | $1401 | $3927 | $5441 | $6862 | $12400 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.65% | 1.69% | 1.70% | 1.67% | 1.61% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.56% | 3.61% | 3.82% | 3.59% | 2.85% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 46% | 34% | 43% | 29% | 26% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 per share.

**Appendix A**

**Intermediary-Defined Sales Charge Waiver Policies**

The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Yorktown Fund shares.

Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the Yorktown Funds or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Yorktown Fund shares directly from the fund or through another intermediary to receive these waivers or discounts.

**Fund Purchases through Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

**Front-end sales load waivers on Class A shares available at Raymond James**

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased in an investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

&nbsp;&nbsp;&nbsp;&nbsp;■ Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;■ A shareholder in the Fund's Class C or L shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**CDSC Waivers on Classes A and C shares available at Raymond James**

&nbsp;&nbsp;&nbsp;&nbsp;■ Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;■ Return of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares acquired through a right of reinstatement.

**Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent**

&nbsp;&nbsp;&nbsp;&nbsp;■ Breakpoints as described in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;■ Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;■ Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Fund Purchases through Janney Montgomery Scott LLC ("Janney")**

Effective May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC ("Janney") brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end sales charge\* waivers on Class A shares available at Janney**

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;■ Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares acquired through a right of reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;■ Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures.

**CDSC waivers on Class A and C shares available at Janney**

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold upon the death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold as part of a systematic withdrawal plan as described in the fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased in connection with a return of excess contributions from an IRA account.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 72 as described in the fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares acquired through a right of reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares exchanged into the same share class of a different fund.

**Front-end sales charge\* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent**

&nbsp;&nbsp;&nbsp;&nbsp;■ Breakpoints as described in the fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;■ Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;■ Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

\* Also referred to as an "initial sales charge."

**Fund Purchases through Robert W. Baird & Co. ("Baird")**

Effective June 15, 2020, shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

**Front-End Sales Charge Waivers on Investors A-shares Available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchase by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares purchased using the proceeds of redemptions from a Yorktown Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

&nbsp;&nbsp;&nbsp;&nbsp;■ A shareholder in the Fund's Investor C and L shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

&nbsp;&nbsp;&nbsp;&nbsp;■ Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

**CDSC Waivers on Investor A and C shares Available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold due to death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares bought due to returns of excess contributions from an IRA Account

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund's prospectus

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares sold to pay Baird fees but only if the transaction is initiated by Baird

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares acquired through a right of reinstatement

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations**

&nbsp;&nbsp;&nbsp;&nbsp;■ Breakpoints as described in this prospectus

&nbsp;&nbsp;&nbsp;&nbsp;■ Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Yorktown Funds assets held by accounts within the purchaser's household at Baird. Eligible Yorktown Funds assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

&nbsp;&nbsp;&nbsp;&nbsp;■ Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of Yorktown Funds through Baird, over a 13-month period of time

**Fund Purchases through Stifel, Nicolaus & Company, Incorporated ("Stifel")**

Effective July 1, 2020, shareholders purchasing Fund shares through a Stifel platform or account or who own shares for which Stifel or an affiliate is the broker-dealer of record are eligible for the following additional sales charge waiver.

**Front-end Sales Load Waiver on Class A Shares**

&nbsp;&nbsp;&nbsp;&nbsp;■ Class C shares that have been held for more than seven (7) years will be converted to Class A shares of the same Fund pursuant to Stifel's policies and procedures

All other sales charge waivers and reductions described elsewhere in the Fund's Prospectus or SAI still apply.

**Section 7 \| FOR MORE INFORMATION**

Shareholders may direct general inquiries to the Trust at the address or telephone number listed below. Inquiries regarding shareholder account information should be directed to Shareholder Services at the address or telephone number listed below.

**TRUST**

Yorktown Funds

106 Annjo Court, Suite A

Forest, Virginia 24551

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) 544-6060

**SHAREHOLDER SERVICES**

Yorktown Funds

c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246-0707

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888) 933-8274

For Overnight Deliveries:

Yorktown Funds

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

You can obtain more information about the Fund in:

the SAI dated May 31, 2026, which contains detailed information about the Fund, particularly its investment policies and practices. You may not be aware of important information about the Fund unless you read both this prospectus and the SAI. The current SAI is on file with the SEC and is incorporated into this prospectus by reference (that is, the SAI is legally part of this prospectus).

Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

To request a copy of the current SAI or copies of the Fund's most recent Annual and Semi-Annual Reports, without charge, or for other inquiries, please contact us:

---

| | |
|:---|:---|
| **By Overnight Mail:** | Regular/Express Mail<br> Yorktown Bond Fund<br> P.O. Box 46707<br> Cincinnati, OH 45246<br>- or-<br>Overnight Mail<br> Yorktown Bond Fund<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246 |
| **By Telephone:** | (800) 544-6060 |
| **By Internet:** | www.yorktownfunds.com |

---

Reports and other information about the Fund are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov and copies of this information may also be obtained for the cost of a duplicating fee by sending an e-mail request to publicinfo@sec.gov.

**PRIVACY NOTICE**

---

| | |
|:---|:---|
| **FACTS** | **WHAT DOES AMERICAN PENSION INVESTORS TRUST ("YORKTOWN FUNDS") DO WITH YOUR PERSONAL INFORMATION?** |

---

---

| | |
|:---|:---|
| **WHY?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do. |

---

---

| | | | |
|:---|:---|:---|:---|
| **WHAT?** | The types of information we collect and share depend on the product or service you have with us. This information can include your: | The types of information we collect and share depend on the product or service you have with us. This information can include your: | The types of information we collect and share depend on the product or service you have with us. This information can include your: |
|  |  | ● | Social Security Number |
|  |  | ● | Assets |
|  |  | ● | Retirement Assets |
|  |  | ● | Transaction History |
|  |  | ● | Checking Account History |
|  |  | ● | Purchase History |
|  |  | ● | Account Balances |
|  |  | ● | Account Transactions |
|  |  | ● | Wire Transfer Instructions |
| | When you are *no longer* our customer, we continue to share your information as described in this Notice. | When you are *no longer* our customer, we continue to share your information as described in this Notice. | When you are *no longer* our customer, we continue to share your information as described in this Notice. |

---

---

| | |
|:---|:---|
| **HOW?** | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Yorktown Funds chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| ***Reasons we can share your personal information.*** | ***Does Yorktown<br> Funds share?*** | ***Can you limit<br> this sharing?*** |
| **For our everyday business purposes –** <br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | Yes | No |
| **For our marketing purposes –**<br> to offer our products and services to you. | Yes | No |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences. | Yes | No |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We don't share |
| **For non-affiliates to market to you** | No | We don't share |

---

---

| | |
|:---|:---|
| **Questions?** | **Call 888-933-8274** |

---

● Open an account

● Provide account information

● Give us your contact information

● Make deposits or withdrawals from your account

● Make a wire transfer

● Tell us where to send the money

● Tell us who receives the money

● Show your government-issued ID

● Show your drivers' license

● Sharing for affiliates' everyday business purposes-information about your creditworthiness.

● Affiliates from using your information to market to you.

● Sharing for non-affiliates to market to you

● *Yorktown Management & Research, Inc., is an affiliate of Yorktown Funds.* 

● *Yorktown Funds does not share with non-affiliates so they can market to you.* 

● *Yorktown Funds does not jointly market.* 

Not part of the prospectus

**THE YORKTOWN FUNDS**

**each, a series of American Pension Investors Trust**

106 Annjo Court, Suite A

Forest, Virginia 24551

(434) 846-1361

(800) 544-6060

**STATEMENT OF ADDITIONAL INFORMATION**

May 31, 2026

This Statement of Additional Information ("SAI") sets forth information regarding Class A, Class L and Institutional Class Shares of the following Yorktown Funds (each, a series of American Pension Investors Trust (the "Trust")) and Class C Shares of the Yorktown Bond Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ticker Symbols** | **Ticker Symbols** | **Ticker Symbols** | **Ticker Symbols** |
| <br>**Yorktown Funds** | **Class A** | **Class L** | **Institutional <br> Class** | **Class C** |
| Yorktown Growth Fund (the "Growth Fund"), | AFGGX | APITX | APGRX | (None) |
| Yorktown Short Term Bond Fund (the "Short Term Bond Fund"), | APIMX | AFMMX | APIBX | (None) |
| Yorktown Bond Fund\* (the "Bond Fund"), | APIUX | AFFIX | APIIX | AFFCX |
| Yorktown Small Cap Fund (the "Small Cap Fund") and | YOVAX | YOVLX | YOVIX | (None) |
| Yorktown Treasury Advanced Total Return Fund (the "Treasury Advanced Total Return Fund")\*\*; | (None) | (None) | AATRX | (None) |

---

(each a "Fund" and collectively, the "Funds").

\* Formerly, Yorktown Multi-Sector Bond Fund.

\*\* Shares of the Treasury Advanced Total Return Fund are not currently being offered for sale.

This SAI is not a prospectus. It should be read in conjunction with the current Class A, Class L and Institutional Class Shares prospectus of the Funds, dated May 31, 2026, as may be supplemented or revised from time to time, and the Class C Share prospectus of the Bond Fund dated May 31, 2026, as may be supplemented or revised from time to time. Yorktown Management & Research Company, Inc. (the "Adviser") is the investment adviser and administrator of each Fund and Ultimus Fund Distributors, LLC (the "Distributor") is the distributor of each Fund. This SAI and the prospectuses to which it relates apply to Class A, L and Institutional Shares of the Funds, and Class C Shares of the Bond Fund.

This SAI is incorporated by reference into the Funds' Class A, Class L and Institutional Class prospectus and into the Bond Fund's Class C Share prospectus. In other words, this SAI is legally part of each of the Funds' Class A, C, L and Institutional Class prospectuses. Although this SAI is not a prospectus, it contains information in addition to that set forth in each prospectus. It is intended to provide additional information regarding the activities and operations of the Funds.

You may obtain, without charge, the current prospectuses, SAI, annual report, and semi-annual report of the Funds by contacting the Trust at:

Yorktown Funds

Regular/Express Mail

P.O. Box 46707

Cincinnati, OH 45246

-or-

Overnight Mail

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| GENERAL | 1 |
| FUNDAMENTAL INVESTMENT RESTRICTIONS | 1 |
| NON-FUNDAMENTAL INVESTMENT RESTRICTIONS | 4 |
| INVESTMENT POLICIES AND RISKS | 5 |
| MANAGEMENT OF THE TRUST | 13 |
| PRINCIPAL SECURITIES HOLDERS | 18 |
| INVESTMENT ADVISER AND ADVISORY AGREEMENT | 23 |
| ADDITIONAL INFORMATION ABOUT PORTFOLIO MANAGERS | 25 |
| OTHER SERVICE PROVIDERS | 25 |
| DISTRIBUTION OF FUND SHARES | 26 |
| PAYMENTS TO FINANCIAL INTERMEDIARIES | 27 |
| PORTFOLIO TRANSACTIONS | 28 |
| CAPITAL STOCK AND DIVIDENDS | 29 |
| PRICING AND ADDITIONAL PURCHASE AND EXCHANGE INFORMATION | 30 |
| TAXATION | 31 |
| OTHER INFORMATION | 34 |
| FINANCIAL STATEMENTS | 35 |
| Appendix A: Description of Commercial Paper and Bond Ratings | 36 |
| Appendix B: Hedging Strategies | 38 |
| Appendix C: Proxy Voting PolicY | 43 |

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**GENERAL**

The Trust was organized as a Massachusetts business trust in January 1985 under the name American Pension Investors Trust, and it is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company.

Each Fund is a separate investment portfolio, or series, of the Trust. Each Fund currently offers three or four classes of share, depending on the Fund. This SAI relates to the Share Classes described below:

**Class A Shares** have a maximum front-end sales charge and no deferred sales charge ("CDSC"). Class A Shares of Growth Fund and Short Term Bond Fund have no distribution (i.e., 12b-1) fee. Class A Shares of Small Cap Fund have a 12b-1 fee of 0.25% annually. The Bond Fund has a 12b-1 fee of 0.50% annually. For large purchases of Class A shares received February 18, 2020 and after, where a commission advance has been paid to the selling dealer, a CDSC of 0.25% will be charged to the shares if they are redeemed during the first 12 months after purchase. The CDSC generally applicable to redemptions of large-scale purchases of Class A shares made within 12 months after purchase will not be imposed on redemptions of shares purchased through an omnibus account with certain financial intermediaries, such as a bank or other financial institution, where no sales charge payments were advanced for purchases made through these entities.

**Class C Shares (Bond Fund Only)** have no up-front sales charges, but are subject to deferred sales charges. Class C Shares also charge an ongoing 12b-1 fee of 1.00% annually. Class C Shares may charge a deferred sales charge of 1.00% if shares are redeemed within 13 months after purchase. Class C shares positions will convert to Class A shares after 8 years; or if Class C shares held in an account with a third-party broker of record are transferred to an account with the Distributor, those Class C shares accounts will be converted to Class A shares accounts in the month following the transfer.

**Institutional Class Shares** have no sales charges, no deferred sales charges and no distribution (i.e., 12b-1) fees. However, Institutional Class Shares are offered only through investment advisers and consultants, other select investment professionals, and directly through the Distributor. The minimum initial investment in Institutional Class Shares is $1 million except for the Treasury Advanced Total Return Fund, which is $100,000. Subsequent investments must be at least $100,000. The Distributor may grant exceptions to the minimums.

**Class L Shares (except for the Short Term Bond Fund)** have no sales charges and no deferred sales charges, but do charge an ongoing distribution (i.e., 12b-1) fee at a maximum annual rate of 1.00%. Class L Shares of the Short Term Bond Fund pay a fee of 0.65%.

Each class of shares is substantially the same, as they all represent interests in the same portfolio of securities and differ only to the extent that they bear different sales charges and expenses.

The Trust is authorized to issue an unlimited number of shares of beneficial interest without par value of separate series and separate classes. Shares of each Fund, when issued, are fully paid, non-assessable, fully transferable, redeemable at the option of the shareholder and have equal dividend and liquidation rights and non-cumulative voting rights. Shareholders are entitled to one vote for each full share held, and a proportionate fractional vote for each fractional share held, and will vote in the aggregate, and not by series or class, except as otherwise expressly required by law or when the Board determines that the matter to be voted on affects the interest of shareholders of a particular series or class.

The investment objective of a Fund may not be changed without the affirmative vote of a majority of the Fund's "outstanding voting securities," as defined in the 1940 Act. Certain other investment restrictions that apply to a Fund may not be changed without shareholder approval, as indicated below. All other investment policies and restrictions, unless otherwise indicated, may be changed by the Board without shareholder approval. The following information supplements the discussion of each Fund's investment objective and policies found in the applicable prospectus.

Whenever an investment policy or restriction states a maximum percentage of a Fund's assets that may be invested in any security or other asset or sets forth a policy regarding quality standards, that percentage shall be determined, or that standard shall be applied, immediately after the Fund's acquisition of the security or other asset. Accordingly, any later increase or decrease resulting from a change in the market value of a security or in the Fund's net or total assets will not cause the Fund to violate a percentage limitation, except for those relating to borrowing or illiquid securities. Similarly, any later change in quality, such as a rating downgrade or the delisting of a warrant, will not cause the Fund to violate a quality standard.

**FUNDAMENTAL INVESTMENT RESTRICTIONS**

The following investment restrictions are fundamental and, like the Funds' investment objectives, may not be changed with respect to a Fund without the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of a Fund or (2) 67% or more of the

shares of a Fund present at a shareholders' meeting if more than 50% of the outstanding shares of a Fund are represented at the meeting in person or by proxy.

**All Funds**

**All Funds except the Small Cap Fund**

A Fund will not as a matter of fundamental policy:

1. Purchase any security if, as a result of such purchase, more than 5% of the value of the Fund's total assets would be invested in the securities of a single issuer or the Fund would own or hold more than 10% of the outstanding voting securities of that issuer, except that up to 25% of the value of the Fund's total assets may be invested without regard to this limitation and provided that this limitation does not apply to securities issued or guaranteed by the U.S. government or its agencies or instrumentalities ("U.S. Government securities") or to securities issued by other open-end investment companies;

2. Purchase any security if, as a result of such purchase, 25% or more of the value of the Fund's total assets would be invested in the securities of issuers having their principal business activities in the same industry; provided, however, that (a) the Short Term Bond Fund will invest at least 25% of its total assets in securities issued by other open-end investment companies, and (b) this limitation does not apply to U.S. government securities;

3. Purchase or sell real estate; except that the Growth Fund may invest in the securities of companies whose business involves the purchase or sale of real estate;

4. Purchase or sell commodities or commodity contracts including futures contracts, except that all Funds other than the Growth Fund may purchase or sell interest rate, stock index and foreign currency futures contracts and options thereon, may engage in transactions in foreign currencies and may purchase or sell options on foreign currencies for hedging purposes; or

5. Make loans, except when (a) purchasing a portion of an issue of debt securities; (b) engaging in repurchase agreements; or (c) engaging in securities loan transactions limited to one-third of the Fund's total assets (5% of the Fund's total assets with respect to the Growth Fund).

For purposes of Item 2, above, relating to industry concentration, the Funds do not treat investments in securities of other investment companies as subject to the industry concentration restrictions.

**Growth Fund**

The following additional fundamental investment restrictions apply only to the Growth Fund. The Fund may not:

1. Purchase any security if, as a result of such purchase, more than 5% of the value of the Fund's total assets would be invested in the securities of issuers which at the time of purchase had been in operation for less than three years, except U.S. Government securities or securities issued by open-end investment companies and index securities (for this purpose, the period of operation of any issuer shall include the period of operation of any predecessor issuer or unconditional guarantor of such issuer);

2. Purchase participations or other direct interests in oil, gas or other mineral exploration or development programs;

3. Make short sales of securities or purchase securities on margin, except for such short-term credits as may be necessary for the clearance of purchases of portfolio securities;

4. Borrow money, except as a temporary measure for extraordinary or emergency purposes, and then only from banks in amounts not exceeding the lesser of 10% of the Fund's total assets (valued at cost) or 5% of its total assets (valued at market) and, in any event, only if immediately thereafter there is asset coverage of at least 300%;

5. Invest in puts, calls, straddles, spreads or any combinations thereof, except that a Fund may write covered call options as described below;

6. Mortgage, pledge or hypothecate securities, except in connection with the borrowings permitted under restriction (4) above and then only where the market value of the securities mortgaged, pledged or hypothecated does not exceed 15% of the Fund's assets (valued at cost), or 10% of its net assets (valued at market);

7. Underwrite securities issued by other persons;

8. Invest in issuers for the purpose of exercising management or control;

9. Purchase or retain the securities of any issuer if, to the knowledge of the Trust's management, the officers or Trustees of the Trust and the officers and directors of the Adviser who each own beneficially more than 0.50% of the outstanding securities of such issuer together own beneficially more than 5% of such securities;

10. Issue securities or other obligations senior to the Fund's shares of beneficial interest;

11. Purchase any securities that would cause more than 2% of the value of the Fund's total assets at the time of such purchase to be invested in warrants that are not listed on the New York Stock or American Stock Exchanges, or more than 5% of the value of its total assets to be invested in warrants whether or not so listed, such warrants in each case to be valued at the lesser of cost or market, but assigning no value to warrants acquired by the Fund in units with or attached to debt securities; or

12. Purchase any security if, as a result of such purchase, more than 10% of the value of the Fund's total assets would be invested in illiquid securities (including repurchase agreements and time deposits maturing in more than seven days) or foreign securities which are not publicly traded in the United States.

**Short Term Bond Fund and Bond Fund**

The following additional fundamental investment restrictions apply only to the Short Term Bond Fund and the Bond Fund. Neither Fund may:

1. Borrow money, except (a) from a bank in an amount not in excess of one-third of the Fund's net assets or, (b) by engaging in reverse repurchase agreements;

2. Underwrite securities issued by other persons, except to the extent that, in connection with the disposition of portfolio securities, the Fund may be deemed an underwriter under federal securities laws; or

3. Issue senior securities, provided that the Fund's use of options, futures contracts and options thereon and currency-related contracts will not be deemed senior securities for this purpose, and further provided that the Fund will not be deemed to have issued senior securities under circumstances that are specifically exempted from such classification by the 1940 Act.

For purposes of item 1 above, the 1940 Act permits a fund to borrow money from any bank provided that immediately after any such borrowing there is an asset coverage of at least 300 percent for all borrowings, and provided further that in the event such asset coverage should fall below 300 percent, the fund will, within three days thereafter, reduce the amount of borrowings so that the asset coverage is at least 300 percent.

**Treasury Advanced Total Return Fund**

The following additional fundamental investment restrictions apply only to the Treasury Advanced Total Return Fund. The Fund may not:

1. Underwrite securities issued by other persons, except to the extent that, in connection with the disposition of portfolio securities, the Fund may be deemed an underwriter under federal securities laws; or

2. Issue senior securities. This limitation is not applicable to activities that may be deemed to involve the issuance or sale of a senior security by the Fund, provided that the Fund's engagement in such activities is consistent with or permitted by the 1940 Act, the rules and regulations promulgated thereunder or interpretations of the SEC or its staff.

**Small Cap Fund**

The following additional fundamental investment restrictions apply only to the Small Cap Fund. The Fund will not:

1. Engage in borrowing except as permitted by the 1940 Act, any rules and regulations promulgated thereunder or interpretations of the SEC or its staff.

2. Issue senior securities. This limitation is not applicable to activities that may be deemed to involve the issuance or sale of a senior security by the Fund, provided that the Fund's engagement in such activities is consistent with or permitted by the 1940 Act, the rules and regulations promulgated thereunder or interpretations of the SEC or its staff.

3. Purchase or sell real estate directly. This limitation is not applicable to investments in marketable securities which are secured by or represent interests in real estate. This limitation does not preclude the Fund from holding or selling real estate acquired as a result of the Fund's ownership of securities or other instruments, investing in mortgage-related securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts);

4. Purchase or sell commodities unless acquired as a result of ownership of securities or other investments to the extent permitted under the 1940 Act and the regulations of any other agency with authority over the Funds. This limitation does not preclude the Fund from purchasing or selling options or futures contracts, from investing in securities or other instruments backed by commodities or from investing in companies that are engaged in a commodities business or have a significant portion of their assets in commodities.; or

5. Make loans to other persons, except (a) by loaning portfolio securities, (b) by engaging in repurchase agreements, (c) by purchasing non publicly offered debt securities, (d) by purchasing commercial paper, or (e) by entering into any other lending arrangement permitted by the 1940 Act, any rules and regulations promulgated thereunder or interpretation of the SEC or its staff. For purposes of this limitation, the term "loans" shall not include the purchase of a portion of an issue of publicly distributed bonds, debentures or other debt securities.

6. Invest more than 25% of its total assets in a particular industry or group of industries. This limitation is not applicable to investments in obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities or repurchase agreements with respect thereto, or investments in other investment companies.

7. Act as underwriter of securities issued by other persons. This limitation is not applicable to the extent that, in connection with the disposition of portfolio securities (including restricted securities), the Fund may be deemed an underwriter under certain federal securities laws or in connection with investments in other investment companies.

8. With respect to 75% of the Fund's total assets, purchase securities of any issuer (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities or shares of other investment companies), if, as a result, (i) more than 5% of its total assets would be invested in the securities of such issuer; or (ii) acquire more than 10% of the outstanding voting securities of any one issuer.

For purposes of Item 6, above, relating to industry concentration, the Fund does not treat investments in securities of other investment companies as subject to the industry concentration restrictions.

**NON-FUNDAMENTAL INVESTMENT RESTRICTIONS**

The following investment limitations may be changed for any Fund by the vote of the Board and without shareholder approval.

**All Funds**

No Fund may purchase or otherwise acquire the securities of any investment company (except in connection with a merger, consolidation or acquisition of substantially all of the assets or reorganization of another investment company) if, as a result, the Fund and all of its affiliates would own more than 3% of the total outstanding stock of that company, except as provided under "Investments in Other Investment Companies" in the prospectus.

In addition, the open-end and closed-end investment companies and, for all Funds except the Short Term Bond Fund, unit investment trusts, in which a Fund invests (the "underlying funds") may, but need not, have the same investment objective, policies or limitations as the Fund. Although the Funds may, from time to time, invest in shares of the same underlying fund, the percentage of each Fund's assets so invested may vary, and the Adviser will determine whether such investments are consistent with the investment objective and policies of each particular Fund.

**Short Term Bond Fund and Bond Fund**

The Short Term Bond Fund and the Bond Fund may not:

1. Invest more than 15% of its net assets in illiquid securities, a term that means securities that cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the securities and includes, among other things, repurchase agreements maturing in more than seven days;

2. Make short sales of securities or purchase securities on margin, except (a) for such short-term credits as may be necessary for the clearance of the purchases of portfolio securities and (b) in connection with the Fund's use of options, futures contracts and options on future contracts; or

3. Borrow money, except from banks for temporary purposes and for reverse repurchase agreements, and then in an aggregate amount not in excess of 10% of the Fund's total assets, provided the Fund may not purchase securities while borrowings in excess of 5% of the Fund's total assets are outstanding.

Except with respect to Fund policies concerning borrowing and illiquid securities, if a percentage restriction is adhered to at the time of an investment, a later increase or decrease in percentage resulting from changes in values or assets will not constitute a violation of such restriction. With respect to the limitation on illiquid securities, in the event that a subsequent change in net assets or other circumstances cause the Fund to exceed its limitation, the Fund will take steps to bring the aggregate amount of illiquid instruments back within the limitations as soon as reasonably practicable. With respect to the limitation on borrowing, in the event that a subsequent change in net assets or other circumstances cause the Fund to exceed its limitation, the Fund will take steps to bring the aggregate amount of borrowing back within the limitations as soon as reasonably practicable.

**INVESTMENT POLICIES AND RISKS**

The following supplements the information contained in the prospectuses concerning the Funds' investment policies and risks.

**Short Term Bond Fund and Bond Fund**

**Reverse Repurchase Agreements.** The Short Term Bond Fund and Bond Fund may each enter into reverse repurchase agreements with banks and broker-dealers up to an aggregate value of not more than 10% of its total assets. Such agreements involve the sale of securities held by a Fund subject to the Fund's agreement to repurchase the securities at an agreed-upon date and price reflecting a market rate of interest. Such agreements are considered to be borrowings and may be entered into only for temporary or emergency purposes. Rule 18f-4 under the 1940 Act permits a Fund to enter into reverse repurchase agreements, provided that the Fund treats the reverse repurchase agreements as either (1) borrowings subject to the asset coverage requirements under the 1940 Act or (2) derivatives transactions under Rule 18f-4 (see "Regulation of Derivatives and Certain Other Transactions" below).

**All Funds**

**Repurchase Agreements.** Each Fund may invest in repurchase agreements with U.S. banks and dealers secured by U.S. Government securities. A repurchase agreement is a transaction in which a Fund purchases a security from a bank or recognized securities dealer and simultaneously commits to resell that security to the bank or dealer at an agreed-upon date and price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased security. The Fund maintains custody of the underlying security prior to its repurchase; thus, the obligation of the bank or securities dealer to pay the repurchase price on the date agreed to is, in effect, secured by such security. If the value of such security is less than the repurchase price, the other party to the agreement shall provide additional collateral so that at all times the collateral is at least equal to the repurchase price.

Although repurchase agreements carry certain risks not associated with direct investments in securities, the Short Term Bond Fund and Bond Fund intend to enter into repurchase agreements only with banks and dealers believed by the Adviser to present minimum credit risks in accordance with guidelines established by the Board. The Adviser will review and monitor the creditworthiness of such institutions under the Board's general supervision. To the extent that the proceeds from any sale of collateral upon a default in the obligation to repurchase were less than the repurchase price, the Fund would suffer a loss. If the other party to the repurchase agreement petitions for bankruptcy or otherwise becomes subject to bankruptcy or other liquidation proceedings, there might be restrictions on the Fund's ability to sell the collateral and the Fund could suffer a loss.

**Bank Obligations.** Each Fund may invest in instruments (including certificates of deposit and bankers' acceptances) of U.S. banks and savings associations that are insured by the Federal Deposit Insurance Corporation. A certificate of deposit is an interest-bearing negotiable certificate issued by a bank against funds deposited in the bank. A bankers' acceptance is a short-term draft drawn on a commercial bank by a borrower, usually in connection with an international commercial transaction. Although the borrower is liable for payment of the draft, the bank unconditionally guarantees to pay the draft at its face value on the maturity date. To the extent a Fund invests more than $100,000 in a single bank or savings and loan association, the investment is not protected by federal insurance. The underlying funds may invest in similar instruments.

**Commercial Paper.** Each Fund may invest in commercial paper. Commercial paper represents short-term unsecured promissory notes issued in bearer form by bank holding companies, corporations and finance companies. The commercial paper purchased by the Funds consists of direct obligations of domestic issuers that, at the time of investment, are (i) rated "Prime-1" by Moody's Investors Service, Inc. ("Moody's") or "A-1" by S&P Global Ratings, a division of The McGraw-Hill Companies, Inc. ("S&P"), (ii) issued or guaranteed as to principal and interest by issuers or guarantors having an existing debt security rating of "Aa" or better by Moody's or "AA" or

better by S&P or (iii) securities that, if not rated, are, in the opinion of the Adviser, of an investment quality comparable to rated commercial paper in which the Funds may invest. See Appendix A to this SAI for more information on ratings assigned to commercial paper. The underlying funds may invest in similar instruments.

**Illiquid Securities.** Each Fund may invest in illiquid securities either directly or indirectly through underlying funds. A Fund or an underlying open-end fund may invest in securities for which no readily available market exists ("illiquid securities") or securities the disposition of which would be subject to legal restrictions (so-called "restricted securities") and repurchase agreements maturing in more than seven days. An underlying closed-end fund may invest without limit in such securities. A considerable period may elapse between a decision to sell such securities and the time when such securities can be sold. If, during such a period, adverse market conditions were to develop, a Fund or an underlying fund might obtain a less favorable price than prevailed when it decided to sell.

Pursuant to Rule 22e-4 under the 1940 Act, a Fund may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Each Fund has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4. The 15% limits are applied continuously.

**Short Sales.** Each Fund may invest in underlying funds that sell securities short. In a short sale, the underlying fund sells securities that it does not own, making delivery with securities "borrowed" from a broker. The underlying fund is then obligated to replace the borrowed securities by purchasing them at the market price at the time of replacement. This price may or may not be less than the price at which the securities were sold by the underlying fund. Until the securities are replaced, the underlying fund is required to pay to the lender any dividends or interest that accrue during the period of the loan. In order to borrow the securities, the underlying fund may also have to pay a premium that would increase the cost of the securities sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out.

An underlying fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the fund replaces the borrowed security. A short sale of a security involves the risk of a theoretically unlimited increase in the market price of the security, which could result in an underlying fund's inability to cover the short position or a theoretically unlimited loss for the underlying fund. The underlying fund will realize a gain if the security declines in price between those dates. The amount of any gain will be decreased and the amount of any loss increased by the amount of any premium, dividends or interest the fund may be required to pay in connection with the short sale. In addition, certain underlying funds may engage in short sales "against the box." A short sale is "against the box" if at all times when the short position is open the Fund or underlying fund owns an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities sold short.

**Lending of Portfolio Securities.** Each Fund may lend a portion of its portfolio securities constituting up to 5% of its net assets to brokers, dealers, banks or other institutional investors, provided that (1) the loan is secured by cash or equivalent collateral equal to at least 100% of the current market value of the loaned securities and maintained with the Fund's custodian while portfolio securities are on loan and (2) the borrower pays the Fund an amount equivalent to any dividends or interest received on such securities. The Fund may pay reasonable administrative and custodial fees in connection with a loan and may pay a negotiated portion of the interest earned on the cash or equivalent collateral to the borrower or placing broker. Although a Fund does not have the right to vote securities on loan, the Fund could terminate the loan and regain the right to vote if the vote was considered important. Any underlying fund also may lend its portfolio securities pursuant to similar conditions in an amount not in excess of one-third of its total assets. Loans of securities involve a risk that the borrower may fail to return the securities or may fail to provide additional collateral. In order to minimize these risks, each Fund will make loans of securities only to firms deemed creditworthy by the Adviser and only when, in the judgment of the Adviser, the consideration that the Fund will receive from the borrower justifies the risk.

**Foreign Securities.** Each Fund may invest directly or indirectly through an investment in an underlying fund in foreign securities including common stocks, preferred stock and common stock equivalents issued by foreign companies. Investments in foreign securities involve risks relating to political and economic developments abroad as well as those that may result from the differences between the regulation to which U.S. issuers are subject and that applicable to foreign issuers. These risks may include expropriation, confiscatory taxation, withholding taxes on dividends and interest, limitations on the use or transfer of an underlying fund's assets and political or social instability or diplomatic developments. These risks often are heightened to the extent an underlying fund invests in issuers located in emerging markets or a limited number of countries.

Individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Securities of many foreign companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Moreover, the underlying funds generally calculate their net asset values and complete orders to purchase, exchange or redeem shares only on days when the New York Stock Exchange ("NYSE") is open. However, foreign securities in which the underlying funds may invest may be listed primarily

on foreign stock exchanges that may trade on other days (such as U.S. holidays and weekends). As a result, the net asset value of an underlying fund's portfolio may be significantly affected by such trading on days when the Adviser does not have access to the underlying funds and shareholders do not have access to the Funds.

Additionally, because foreign securities ordinarily are denominated in currencies other than the U.S. dollar, changes in foreign currency exchange rates will affect an underlying fund's net asset value, the value of dividends and interest earned, gains and losses realized on the sale of securities and net investment income and capital gain, if any, to be distributed to shareholders by the underlying fund. If the value of a foreign currency rises against the U.S. dollar, the value of the underlying fund's assets denominated in that currency will increase; correspondingly, if the value of a foreign currency declines against the U.S. dollar, the value of the underlying fund's assets denominated in that currency will decrease. The exchange rates between the U.S. dollar and other currencies are determined by supply and demand in the currency exchange markets, international balances of payments, government intervention, speculation and other economic and political conditions. The costs attributable to foreign investing that an underlying fund must bear frequently are higher than those attributable to domestic investing. For example, the costs of maintaining custody of foreign securities exceed custodian costs related to domestic securities.

Investment income and gains realized on foreign securities in which the funds may invest may be subject to foreign withholding or other taxes that could reduce the return on these securities. Tax treaties between the United States and foreign countries, however, may reduce or eliminate the amount of foreign taxes to which the funds would be subject.

**Depository Receipts.** Each Fund may invest in foreign equity or debt securities directly or through the use of American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and other similar securities convertible into securities of foreign companies. ADRs are securities, typically issued by a U.S. financial institution, that evidence ownership interests in a security or a pool of securities issued by a foreign issuer and deposited with the depositary. ADRs may be sponsored or unsponsored. A sponsored ADR is issued by a depositary that has an exclusive relationship with the issuer of the underlying security. An unsponsored ADR may be issued by any number of U.S. depositaries. Holders of unsponsored ADRs generally bear all the costs associated with establishing the unsponsored ADR. The depositary of an unsponsored ADR is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through to the holders of the unsponsored ADR voting rights with respect to the deposited securities or pool of securities. A Fund may invest in either type of ADR. EDRs are receipts typically issued by a European bank evidencing ownership of the underlying foreign securities. To the extent an ADR or EDR is issued by a bank unaffiliated with the foreign company issuer of the underlying security, the bank has no obligation to disclose material information about the foreign company issuer. Foreign fixed income securities include corporate debt obligations issued by foreign companies and debt obligations of foreign governments or international organizations. This category may include floating rate obligations, variable rate obligations and Yankee dollar obligations (U.S. dollar denominated obligations issued by foreign companies and traded on foreign markets).

**Investments in Other Investment Companies.** Each Fund may invest in shares of the same Underlying Funds as other Funds in the Yorktown Funds complex. However, the Funds collectively and their affiliates together are generally restricted as to the percentage of an Underlying Fund's total outstanding voting shares they may own, unless the Underlying Fund complies with exemptive rules from the U.S. Securities and Exchange Commission (the "SEC") permitting, under certain conditions, investment companies such as the Funds and their affiliates to acquire an Underlying Fund's voting shares in excess of such restrictions. Accordingly, to the extent that a Fund invests in Underlying Funds in excess of those limitations, the investment risk to the Fund of such investments will increase.

The underlying funds in which the Funds may invest include new funds and funds with limited operating history. Underlying funds may, but need not, have the same investment objectives, policies and limitations as the Funds. For example, although a Fund will not borrow money for investment purposes, it may invest all of its assets in underlying funds that borrow money for investment purposes (i.e., engage in the speculative activity of leveraging).

If an underlying fund submits a matter to shareholders for vote, each Fund will either vote the shares (i) in accordance with instructions received from Fund shareholders or (ii) in the same proportion as the vote of all other holders of such securities.

The SEC has adopted revisions to the rules permitting funds to invest in other investment companies to streamline and enhance the regulatory framework applicable to fund of funds arrangements. While Rule 12d1-4 permits more types of fund of fund arrangements without an exemptive order, it imposes conditions, including limits on control and voting of acquired funds' shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures.

**Open-End Funds.** Each Fund may purchase shares of open-end funds that impose a front-end sales load ("Load Fund Shares") and shares of open-end funds that do not impose a front-end sales load. An open-end fund is currently permitted under the rules of the Financial Industry Regulatory Authority ("FINRA") to impose front-end sales loads as high as 8.5% of the public offering price (9.29% of the net amount invested), provided that it does not also impose an asset-based sales charge. The Adviser anticipates, however, investing substantially all of each Fund's assets in funds that impose no front-end sales load. Where an underlying fund imposes a sales load, the Adviser, to the extent possible, seeks to reduce the front-end sales load imposed by purchasing shares pursuant to (I) letters of intent, permitting it to obtain reduced front-end sales loads by aggregating its intended purchases over time; (ii) rights of accumulation,

permitting it to obtain reduced front-end sales loads as it purchases additional shares of an underlying fund; and (iii) rights to obtain reduced front-end sales loads by aggregating its purchases of several funds within a family of mutual funds. In addition to any front-end sales load imposed by an open-end fund, the open-end fund may be subject to annual distribution and service fees of up to 1.00% of the fund's average daily net assets. Each Fund also may purchase shares of open-end funds that impose contingent deferred sales charges ("CDSC") or redemption fees. In the event that a Fund purchases and then redeems its investment in an underlying fund on a short-term basis, the Fund may pay a CDSC or redemption fee. To the extent that a Fund invests more than 5% of its total assets in any one underlying fund or more than 10% of its total assets in all underlying funds, the Fund will comply with Rule 12d1-3 under the 1940 Act, which imposes limitations on the aggregate amount of sales charges and service fees that may be imposed by the Fund and an underlying fund.

Although open-end fund shares are redeemable by a Fund upon demand to the issuer, under certain circumstances, an open-end fund may determine to make a payment for redemption of its shares to the Fund wholly or partly by a distribution in kind of securities from its portfolio, in lieu of cash, in conformity with the rules of the SEC. In such cases, the Fund may hold securities distributed by an open-end fund until the Adviser determines that it is appropriate to dispose of such securities. Such disposition generally will entail additional costs to the Fund.

**Closed-End Funds.** The Funds may purchase shares of closed-end funds. Shares of closed-end funds are typically offered to the public in a one-time initial public offering by a group of underwriters who retain a spread or underwriting commission of between 4% and 6% of the initial public offering price. Such securities are then listed for trading on the NYSE, the American Stock Exchange or the Nasdaq Stock Market ("Nasdaq") or, in some cases, may be traded in other over-the-counter ("OTC") markets. Because the shares of closed- end funds cannot be redeemed upon demand to the issuer like the shares of an open-end investment company (such as a Fund), investors seek to buy and sell shares of closed-end funds in the secondary market.

The Funds generally will purchase shares of closed-end funds only in the secondary market. Each Fund will incur normal brokerage costs on such purchases similar to the expenses the Fund would incur for the purchase of equity securities in the secondary market. The Funds may, however, also purchase securities of a closed-end fund in an initial public offering when, in the opinion of the Adviser, based on a consideration of the nature of the closed-end fund's proposed investments, the prevailing market conditions and the level of demand for such securities, they represent an attractive opportunity for growth of capital. The initial offering price typically will include a dealer spread, which may be higher than the applicable brokerage cost if the Fund purchased such securities in the secondary market.

The shares of many closed-end funds, after their initial public offering, frequently trade at a price per share which is less than the net asset value per share, the difference representing the "market discount" of such shares. This market discount may be due in part to the investment objective of long-term appreciation, which is sought by many closed-end funds, as well as to the fact that the shares of closed-end funds are not redeemable by the holder upon demand but rather are subject to the principles of supply and demand in the secondary market. A relative lack of secondary market purchasers of closed-end fund shares also may contribute to such shares' trading at a discount to their net asset value.

Each Fund may invest in shares of closed-end funds that are trading at a discount or a premium to net asset value. There can be no assurance that the market discount on shares of any closed-end fund purchased by a Fund will ever decrease. In fact, it is possible that this market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such closed-end funds, thereby adversely affecting the net asset value of the Fund's shares. Similarly, there can be no assurance that any shares of a closed-end fund purchased by a Fund at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund.

A closed-end fund may issue senior securities (including preferred stock and debt obligations) or borrow money for the purpose, and with the effect, of leveraging the closed-end fund's common shares in an attempt to enhance the current return to such closed-end fund's common shareholders. A Fund's investment in the common shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on its investment, but at the same time may be expected to exhibit more volatility in market price and net asset value than an investment in shares of investment companies without a leveraged capital structure. The Funds will only invest in common shares of closed-end funds and will not invest in any senior securities issued by closed-end funds.

**Business Development Companies.** Business Development Companies ("BDC's) are a specialized form of closed-end fund that invest generally in small developing companies and financially troubled businesses. BDCs are subject to the Investment Company Act of 1940 (the "1940 Act"); however, BDCs are exempt from many of the regulatory constraints imposed by the 1940 Act. The 1940 Act imposes certain restraints upon the operations of a BDC. For example, BDCs generally are required to invest at least 70% of their total assets primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high quality debt investments that mature in one year or less. BDC's invest in private companies and thinly traded securities of public companies, including debt instruments and may have concentrated portfolios. Generally, little public information exists for private and thinly traded companies and there is a risk that investors may not be able to make fully informed investment decisions. Less mature and smaller private companies involve greater risk than well-established and larger publicly- traded companies. Investing in debt involves risk that the issuer may default on its payments or declare bankruptcy. Many debt investments in which a BDC may invest will

not be rated by a credit rating agency and will be below investment grade quality. These investments have predominantly speculative characteristics with respect to an issuer's capacity to make payments of interest and principal. BDCs may not generate income at all times. Additionally, limitations on asset mix and leverage may restrict the way that BDCs raise capital. Risks faced by BDCs include: competition for limited BDC investment opportunities; the liquidity of a BDC's private investments; uncertainty as to the value of a BDC's private investments; risks associated with access to capital and leverage; and reliance on the management of a BDC. A Fund's investments in BDC's are similar and include portfolio company risk, leverage risk, market and valuation risk, price volatility risk and liquidity risk.

**Index Securities and Enhanced Index Products.** Each Fund may invest in Index Securities and Enhanced Index Products. Index Securities, including exchange traded funds such as Standard & Poor's Depositary Receipts™, iShares MSCI funds™, or iShares Core U.S. Aggregate Bond ETF™, represent interests in a portfolio of common stocks or fixed income securities designed to outperform the price and dividend yield performance of a broad-based equity or fixed income securities index, such as the Standard & Poor's 500 Composite Stock Price Index or the Bloomberg U.S. Aggregate Bond Index. Index Securities are traded on an exchange like shares of common stock. The value of an Index Security fluctuates in relation to changes in the value of the underlying portfolio of securities. However, the market price of Index Securities may not be equivalent to the pro rata value of the index they track. Index Securities are subject to the risks of an investment in a broad-based portfolio of common stocks. Index Securities are considered investments in other investment companies.

Enhanced Index Products represent a portfolio of leveraged instruments, including equity index swaps, short sales, futures and options contracts, and stock indices, that engage in strategies such as short sales of securities in an effort to achieve investment results that will outperform the performance of a specific securities index or benchmark on a daily basis. Such benchmarks generally consist of a percentage return above or below that of a recognized securities index, such as 200% of the performance of the S&P 500 Index, NASDAQ 500 Index, or other such index, or 200% of the inverse (opposite) performance of such indices. If the Enhanced Index Product meets its objective, the value of its shares will tend to increase or decrease on a daily basis by 200% of the value of any increase in the underlying index, depending on whether the underlying index is based on inverse performance. When the value of the underlying index declines, the value of the Enhanced Index Fund's shares should also decrease or increase on a daily basis by a percentage of the value of any decrease in the underlying index.

Enhanced Index Products are subject to the risk that the manager may not be able to cause the Enhanced Index Product's performance to match or exceed that of the Enhanced Index Product's benchmark on a daily basis. In addition, because the Enhanced Index Product is tracking the performance of its benchmark on a daily basis, mathematical compounding may prevent the Enhanced Index Product from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Tracking error may cause the Enhanced Index Product's performance to be less than expected.

To the extent that an Index Security or Enhanced Index Product is an investment company, investors in the Funds will bear not only their proportionate share of the expenses of a Fund (including operating costs and investment advisory and administrative fees) but also indirectly similar expenses of the Index Security or Enhanced Index Product.

**Investments in Private Investment Companies.** The Funds may invest in the securities of private investment companies, including "hedge funds." As with investments in other investment companies, if a Fund invests in a private investment company, the Fund will be charged its proportionate share of the advisory fees and other operating expenses of such company. These fees, which can be substantial, would be in addition to the advisory fees and other operating expenses incurred by the Fund. In addition, private investment companies are not registered with the SEC and may not be registered with any other regulatory authority. Accordingly, they are not subject to certain regulatory requirements and oversight to which registered issuers are subject. There may be very little public information available about their investments and performance. Moreover, because sales of shares of private investment companies are generally restricted to certain qualified purchasers, such shares may be illiquid and it could be difficult for a Fund to sell its shares at an advantageous price and time. Additionally, many hedge funds employ lock-ups, restrictions on redemption timing and redemption amounts, management incentives, and other restrictive features that may cause additional risk to the Fund. Finally, because shares of private investment companies are not publicly traded, a fair value for a Fund's investment in these companies typically will have to be determined under policies approved by the Board of Trustees.

**Leverage.** The Funds may engage in leverage. Leveraging by a Fund may exaggerate the effect on net asset value of any increase or decrease in the market value of a Fund's portfolio. Money borrowed for leveraging will be subject to interest and related costs that may or may not be recovered by appreciation of the securities purchased. A Fund may be required to maintain minimum average balances in connection with such borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate. There can be no certainty that a Fund will be able to borrow money when the Adviser seeks to do so or that it will be able to do so on advantageous terms.

**Warrants.** Each Fund may invest directly or indirectly through an investment in an underlying fund in warrants. Warrants are instruments that provide the owner with the right to purchase a specified security, usually an equity security such as common stock, at a specified price (usually representing a premium over the applicable market value of the underlying equity security at the time of the

warrant's issuance) and usually during a specified period of time. Moreover, they are usually issued by the issuer of the security to which they relate. While warrants may be traded, there is often no secondary market for them. A Fund may invest in publicly traded warrants only. To the extent that the market value of the security that may be purchased upon exercise of the warrant rises above the exercise price, the value of the warrant will tend to rise. To the extent that the exercise price equals or exceeds the market value of such security, the warrants will have little or no market value. If warrants remain unexercised at the end of the specified exercise period, they lapse and a Fund's investment in them will be lost. A Fund may not invest more than 5% of its net assets in warrants.

**Preferred Stock.** Each Fund may invest in preferred stock. Preferred stock pays dividends at a specified rate and generally has preference over common stock in the payment of dividends and the liquidation of the issuer's assets, but is junior to the debt securities of the issuer in those same respects. Unlike interest payments on debt securities, dividends on preferred stock are generally payable at the discretion of the issuer's board of directors. Shareholders may suffer a loss of value if dividends are not paid. The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. Under normal circumstances, preferred stock does not carry voting rights.

**Convertible Securities.** Each Fund may invest directly or indirectly through an investment in an underlying fund in a convertible security, which is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the dividends paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible debt securities in that they ordinarily provide a stable stream of income with generally higher yields than those of common stocks of the same or similar issuers. Convertible securities rank senior to common stock in a corporation's capital structure but are usually subordinated to comparable nonconvertible securities. While no securities investment is without some risk, investments in convertible securities generally entail less risk than the issuer's common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security. Convertible securities have unique investment characteristics in that they generally (1) have higher yields than common stocks, but lower yields than comparable nonconvertible securities, (2) are less subject to fluctuation in value than the underlying stock since they have fixed income characteristics and (3) provide the potential for capital appreciation if the market price of the underlying common stock increases.

The value of a convertible security is a function of its "investment value" (determined by its yield comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value. The conversion value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the conversion value decreases as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. In addition, a convertible security generally will sell at a premium over its conversion value determined by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed income security.

A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by a Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party.

**Senior Securities.** Each Fund may utilize various investment techniques that may give rise to an obligation of the Fund to make a future payment. The SEC has stated it would not raise senior security concerns with regard to certain such investments, provided a fund maintains segregated assets or an offsetting position in an amount that covers the future payment obligation. Such investment techniques include, among other things, when-issued securities, futures and forward contracts, short options positions and repurchase agreements.

**When-Issued Securities.** Each Fund may enter into commitments to purchase securities on a when-issued basis. When a Fund purchases securities on a when-issued basis, it assumes the risks of ownership at the time of the purchase, not at the time of receipt. However, the Fund does not have to pay for the obligations until they are delivered to it, and no interest accrues to the Fund until they are delivered. This is normally seven to 15 days later, but could be longer. Use of this practice could have a leveraging effect on the Fund. When the Fund commits to purchase a when-issued security, it will segregate cash or appropriate liquid securities, in an amount at least equal in value to the Fund's commitments to purchase when-issued securities. The Fund may sell the securities underlying a when-issued purchase, which may result in capital gains or losses. Rule 18f-4 under the 1940 Act permits the Funds to invest in securities on a when-issued or forward-settling basis, or with a non-standard settlement cycle, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that a Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). A when-issued, forward-settling, or non-standard settlement cycle security that does not satisfy the Delayed-Settlement Securities Provision is treated as a derivatives transaction under Rule 18f-4. See "Regulation of Derivatives and Certain Other Transactions" below.

**Debt Securities.** The Funds and the underlying funds may invest in debt securities rated above or below investment grade. Investment grade debt securities are those that at the time of purchase have been assigned one of the four highest ratings by S&P or Moody's or, if unrated, are determined by the underlying fund's investment adviser to be of comparable quality. This includes debt securities rated "BBB" by S&P or "Baa" by Moody's. Moody's considers securities rated "Baa" to have speculative characteristics. Changes in economic conditions or other circumstances are more likely to lead to a weakened capacity for such securities to make principal and interest payments than is the case for higher grade debt securities. Debt securities rated below investment grade (commonly referred to as "junk bonds"), which include debt securities rated "BB," "B," "CCC" and "CC" by S&P and "Ba," "B," "Caa," "Ca" and "C" by Moody's, are deemed by these agencies to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal and may involve major risk exposure to adverse conditions. Debt securities rated lower than "B" may include securities that are in default or face the risk of default with respect to principal or interest.

Ratings of debt securities represent the rating agencies' opinions regarding their quality and are not a guarantee of quality. Subsequent to its purchase by an underlying fund, the rating of an issue of debt securities may be reduced below the minimum rating required for purchase by that fund. Credit ratings attempt to evaluate the safety of principal and interest payments and do not evaluate the risks of fluctuations in market value. Also, rating agencies may fail to make timely changes in credit ratings in response to subsequent events, so that an issuer's current financial condition may be better or worse than the rating indicates. The ratings of S&P and Moody's are described in detail in Appendix A of this SAI.

Lower rated debt securities generally offer a higher current yield than that available from higher grade issues. However, lower rated securities involve higher risks, in that they are especially subject to adverse changes in general economic conditions and in the industries in which the issuers are engaged, to changes in the financial condition of the issuers and to price fluctuation in response to changes in interest rates.

Accordingly, the yield on lower rated debt securities will fluctuate over time. During periods of economic downturn or rising interest rates, highly leveraged issuers may experience financial stress that could adversely affect their ability to make payments of principal and interest and increase the possibility of default. In addition, the market for lower rated securities has expanded rapidly in recent years, and its growth has paralleled a long economic expansion. In the past, the prices of many lower rated debt securities declined substantially, reflecting an expectation that many issuers of such securities might experience financial difficulties. As a result, the yields on lower rated debt securities rose dramatically, but such higher yields did not reflect the value of the income stream that holders of such securities expected, but rather the risk that holders of such securities could lose a substantial portion of their value as a result of the issuers' financial restructuring or default. The market for lower rated debt securities may be thinner and less active than that for higher quality securities, which may limit an underlying fund's ability to sell such securities at their fair value in response to changes in the economy or the financial markets. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the values and liquidity of lower rated securities, especially in a thinly traded market.

**Structured Notes.** Structured notes are interests in entities organized by investment banking firms for the purpose of restructuring the investment characteristics of instruments and securities, such as bonds and derivatives. The restructuring involves the deposit with, or purchase by, the entity of specified instruments and securities and the issuance by that entity of securities (structured notes) backed by, or representing interests in, the underlying instruments and securities. The extent of the payments made with respect to structured notes is dependent on the extent of the cash flow on the underlying instruments and securities.

The risks associated with investing in a structured note are primarily the risks associated with investing in the underlying instruments and securities. The risks will also depend upon the comparative subordination of the class of security held by the Fund, relative to the likelihood of a default on the underlying instruments and securities. To the extent that the Fund is exposed to default, the Fund's investment in structured notes may involve risks similar to those of high-yield debt securities. In addition to the market and credit risk of the underlying securities and instruments, a Fund is also exposed to the credit risk of the issuing investment banking firm.

Structured notes typically are sold in private placement transactions, and there generally is no active trading market for structured notes and they may be difficult to value. To the extent structured notes are deemed to be illiquid, they will be subject to a Fund's restrictions on investments in illiquid securities.

The investment banking firms that organize the entities receive fees in connection with organizing the entity and arranging for the placement of the structured notes. A Fund will indirectly pay its portion of these fees in addition to the fees associated with the creation and marketing of the underlying instruments and securities. If an active investment management component is combined with the

underlying instruments and securities held by the entity, there may be ongoing advisory fees which the Fund's shareholders would indirectly pay.

**Zero Coupon Securities.** The Funds and the underlying funds may invest in zero coupon securities and payment-in-kind securities. Zero coupon securities pay no interest to holders prior to maturity and payment-in-kind securities pay interest in the form of additional securities. However, a portion of the original issue discount on the zero coupon securities, and the "interest" on payment-in-kind securities, must be included in the Fund's or the underlying fund's income. Accordingly, to continue to qualify for tax treatment as a RIC and to avoid a certain excise tax, these funds may be required to distribute as a dividend an amount that is greater than the total amount of cash they actually receive. These distributions must be made from a fund's cash assets or, if necessary, from the proceeds of sales of portfolio securities. A Fund will not be able to purchase additional income-producing securities with cash used to make such distributions, and its current income ultimately may be reduced as a result. Zero coupon and payment-in-kind securities usually trade at a deep discount from their face or par value and will be subject to greater fluctuations of market value in response to changing interest rates than debt obligations of comparable maturities that make current distributions of interest in cash.

**Hedging Strategies.** Each Fund may engage directly or indirectly through an investment in an underlying fund in certain hedging strategies involving options, futures and forward currency exchange contracts. A Fund may also hedge currency risks associated with investments in foreign securities and in particular may hedge its portfolio through the use of forward foreign currency contracts. The objective of a hedging strategy is to protect a profit or offset a loss in a portfolio security from future price erosion or to assure a definite price for a security, stock index, futures contract, or currency. A Fund's ability to use options, futures and forward foreign currency contracts may be limited by market conditions, regulatory limits and tax considerations. These hedging strategies are described in detail in Appendix B of this SAI.

There are transactional costs connected with using hedging strategies. In addition, the use of hedging strategies involves certain special risks, including: (1) imperfect correlation between the hedging instruments and the securities or market sectors being hedged; (2) the possible lack of a liquid secondary market for closing out a particular instrument; (3) the need for additional skills and techniques beyond normal portfolio management; and (4) the possibility of losses resulting from market movements not anticipated by the Adviser.

When engaging in hedging strategies, a Fund will be required to maintain appropriate margin coverage with the counterparty to the transaction. The Trust has adopted policies and procedures to address these issues. With respect to margin coverage, a Fund would maintain coverage equal to the amount that would be payable by the fund if the fund were to exit the derivatives transaction at such time, marked-to-market on a daily basis.

**Regulation of Derivatives and Certain Other Transactions.** Rule 18f-4 under the 1940 Act permits a Fund to enter into "derivatives transactions" and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. "Derivatives transactions" include: (1) any swap, security-based swap, futures contract, forward contract, option, any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions, if the Fund treats these transactions as derivatives transactions under Rule 18f-4; and (4) when-issued or forward-settling securities and non-standard settlement cycle investments, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Rule 18f-4 permits a fund to enter into derivatives transactions notwithstanding the restrictions under Section 18, provided that the fund either: (1) adopts and implements a derivatives risk management program ("DRMP"), adheres to a limit on leverage risk based on value-at-risk ("VaR") and complies with board oversight and reporting requirements or (2) satisfies the conditions of the limited derivatives user exception. A fund that is a limited derivatives user is not required to adopt a DRMP, adhere to the VaR limit or comply with the board oversight and reporting requirements. To rely on the limited derivatives user exception, a fund must adopt and implement policies and procedures reasonably designed to manage its derivatives risks and limit its derivatives exposure to 10% of its net assets.

**Foreign Currency Transactions.** Each Fund may, either directly or indirectly through an investment in an underlying fund, use forward or foreign currency contracts to protect against uncertainty in the level of future foreign currency exchange rates. When the Fund purchases or sells a security denominated in a foreign currency, it may be required to settle the purchase transaction in the relevant foreign currency or to receive the proceeds of the sale in the relevant foreign currency. In either event, the Fund will be obligated to acquire or dispose of the foreign currency by selling or buying an equivalent amount of U.S. dollars. To effect the conversion of the amount of foreign currency involved in the purchase or sale of a foreign security, the Fund may purchase or sell such foreign currency on a "spot" (i.e., cash) basis.

In connection with its portfolio transactions in securities traded in the foreign currency, a Fund may enter into forward contracts to purchase or sell an agreed-upon amount of a specific currency at a future date that may be any fixed number of days from the date of the contract agreed upon by the parties at a price set at the time of the contract. The effect of such transactions would be to fix a U.S. dollar price for the security to protect against a possible loss resulting from an adverse change in the relationship between the U.S. dollar

and the subject foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received, the normal range of which is three to fourteen days. Although such contracts tend to minimize the risk of loss due to a decline in the value of the subject currency, they tend to limit commensurately any potential gain that might result should the value of such currency increase during the contract period. These foreign currency transactions are described in detail in Appendix B of this SAI.

**Cybersecurity Risk**. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Fund's adviser, and/or other services providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder's ability to exchange or redeem Fund shares may be affected.

**MANAGEMENT OF THE TRUST**

**Trustees and Officers.** The Trust is governed by a Board of Trustees. The Board elects officers who are responsible for the day-to-day operations of the Funds and who execute policies authorized by the Board. The names and ages of the Trustees and officers of the Trust, together with information as to their principal occupations during the past five years, are listed below, as well as information regarding the experience, qualifications, attributes and skills of the Trustees. The address of each Trustee and officer is 106 Annjo Court, Suite A, Forest, Virginia, 24551. A Trustee who is considered an "interested person," as defined in Section 2(a)(19) of the 1940 Act, as well as those persons affiliated with any investment manager or adviser to a Fund, and the principal underwriter, and officers of the Trust, are noted.

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| **INTERESTED TRUSTEES (1)** |  |
| **Name of Trustee:** | David D. Basten (2) |
| **Birth Year:** | 1951 |
| **Positions held with Trust and Tenure:** | President and Chairman of the Board, Trustee since 1985. |
| **Number of Funds in Complex Overseen** | 5 |
| **Principal Occupation(s) for the last Five (5) Years:** | President, Director and Portfolio Manager, Yorktown Management & Research Company, Inc.; Managing Partner, WAIMED Enterprises, LLC (real estate and travel services); Managing Partner, Mid-Atlantic Construction, LLC. He is the father of David M. Basten. |
| **Other Directorships Held by Trustee:** |  |

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|:---|:---|
| **Name of Trustee:** | David M. Basten (2) |
| **Birth Year:** | 1977 |
| **Positions held with Trust and Tenure:** | Trustee since 2008; Vice President and Assistant Secretary |
| **Number of Funds in Complex Overseen** | 5 |
| **Principal Occupation(s) for the last Five (5) Years:** | Portfolio Manager and Director of Marketing, Yorktown Management & Research Company, Inc. He is the son of David D. Basten. |
| **Other Directorships Held by Trustee:** |  |

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|:---|:---|
| **INDEPENDENT TRUSTEES** |  |
| **Name of Trustee:** | Mark A. Borel |
| **Birth Year:** | 1952 |
| **Positions held with Trust and Tenure:** | Trustee since 1985 |
| **Number of Funds in Complex Overseen** | 5 |
| **Principal Occupation(s) for the last Five (5) Years:** | President, Borel Construction Company, Inc.; President, Borel Properties, Inc. (real estate); Partner, JBO, LLC (real estate); Partner, JAMBO International (commercial real estate); Partner, Jamborita, LLC (commercial real estate); Partner, Neighbors Place Restaurant; Partner, The HAB Company, LC (real estate); Partner, Piedmont Professional Investments, LLC (real estate); Partner, New London Development Company (real estate); Partner, Stud Muffins, LLC (real estate); Partner, Oakhill Apartments (real estate); Partner, Braxton Park, LLC (real estate); Partner, Bootleggers Lynchburg (restaurant); Partner, Bootleggers Partner, LLC; Manager, Humble, LLC (real estate); Manager, Humble, II, LLC (real estate); Manager, Humble, III, LLC (real estate); Partner, 2302 Bedford Restaurant, LLC dba Small Batch (restaurant); Member, 1007 Commerce Street, LLC dba My Dog Duke's Diner (restaurant); President, Town Center Association (property owners association); President, Jefferson Square Association (property owners association). |
| **Other Directorships Held by Trustee:** |  |

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|:---|:---|
| **Name of Trustee:** | Stephen B. Cox |
| **Birth Year:** | 1948 |
| **Positions held with Trust and Tenure:** | Trustee since 1995 |
| **Number of Funds in Complex Overseen** | 5 |
| **Principal Occupation(s) for the last Five (5) Years:** | Retired |
| **Other Directorships Held by Trustee:** |  |

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|:---|:---|
| **Name of Trustee:** | G. Edgar Dawson III |
| **Birth Year:** | 1956 |
| **Positions held with Trust and Tenure:** | Trustee since 1995, Lead Independent Trustee |
| **Number of Funds in Complex Overseen** | 5 |
| **Principal Occupation(s) for the last Five (5) Years:** | Shareholder and Vice President, Petty, Livingston, Dawson, & Richards, P.C. (law firm); Officer and Director, Boonsboro Country Club Corporation. |
| **Other Directorships Held by Trustee:** |  |

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|:---|:---|
| **Name of Trustee:** | Ryan M. Gordon |
| **Birth Year:** | 1975 |
| **Positions held with Trust and Tenure:** | Trustee since 2025 |
| **Number of Funds in Complex Overseen** | 5 |
| **Principal Occupation(s) for the last Five (5) Years:** | Owner, Occupational Health Clinic. |
| **Other Directorships Held by Trustee:** |  |

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|:---|:---|
| **OFFICERS WHO ARE NOT TRUSTEES** |  |
| **Name of Officer:** | David D. Jones |
| **Birth Year:** | 1957 |
| **Positions held with Trust and Tenure:** | Chief Compliance Officer since February, 2008. Secretary since 2010. |
| **Principal Occupation(s) for the last Five (5) Years:** | Co-founder and Managing Member, Drake Compliance, LLC (compliance consulting); founder and controlling shareholder, David Jones & Associates (law firm), 1998 to 2015. |

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| **Name of Officer:** | M. Dennis Stratton |
| **Birth Year:** | 1962 |
| **Positions held with Trust and Tenure:** | Treasurer and Chief Financial Officer, August 2025 to present; Controller April 1989 – August 2025 |
| **Principal Occupation(s) for the last Five (5) Years:** | Chief Financial Officer, Yorktown Management & Research Company, Inc., August 2025 to present; Controller, Yorktown Management & Research Company, Inc., April 1989 – August 2025 |

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| **Name of Officer:** | Matthew J. Miller |
| **Birth Year:** | 1976 |
| **Positions held with Trust and Tenure:** | Vice President since 2018 |
| **Principal Occupation(s) for the last Five (5) Years:** | Vice President, Relationship Management, Ultimus Fund Solutions, LLC (December 2015 to present). |

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| **Name of Officer:** | Maggie Bull |
| **Birth Year:** | 1965 |
| **Positions held with Trust and Tenure:** | Assistant Secretary since 2018 |
| **Principal Occupation(s) for the last Five (5) Years:** | Vice President, Senior Managing Counsel, Ultimus Fund Solutions, LLC ("Ultimus"), August 2022 to present; Vice President, Senior Legal Counsel, Ultimus, January 2020 to August 2022. |

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(1) Trustees of the Trust serve a term of indefinite length until their resignation or removal and stand for re-election by shareholders only as and when required by the 1940 Act. Officers of the Trust serve one-year terms, subject to annual reappointment by the Board.

(2) Mr. David D. Basten and Mr. David M. Basten are considered to be "interested persons" (as defined in the 1940 Act) of the Trust by virtue of their positions with the Trust's investment adviser and as officers of the Trust.

**Additional Information about the Trustees**

The Board of Trustees believes that each Trustee's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Trustees lead to the conclusion that the Trustees possess the requisite experience, qualifications, attributes and skills to serve on the Board. The Board of Trustees believes that the Trustees' ability to review critically, evaluate, question and discuss information provided to them; to interact effectively with the Adviser, other service providers, legal counsel and independent public accountants; and to exercise effective business judgment in the performance of their duties as Trustees, support this conclusion. The Board of Trustees has also considered the contributions that each Trustee can make to the Board and the Trust.

As described in the table above, the Independent Trustees have served as such for a considerable period of time which has provided them with knowledge of the business and operation of the Funds and the Trust. In addition, the following specific experience, qualifications, attributes and/or skills apply as to each Trustee: David D. Basten, executive experience with investment advisory, broker dealer firms and other businesses; David M. Basten, executive experience in marketing, sale and distribution of securities; Mark A. Borel, executive experience in real estate development and other domestic and foreign businesses; Stephen B. Cox, executive experience in medical device business and various charitable organizations; G. Edgar Dawson, legal experience as a practicing attorney in a law firm; and Ryan M. Gordon, owner of an occupational health clinic. References to the experience, qualifications, attributes or skills of the Trustees are pursuant to requirements of the Securities and Exchange Commission and the appointment of Mr. Dawson as Lead Independent Trustee, do not constitute holding out of the Board or any Trustee as having special expertise or experience, and shall not impose any greater responsibility or liability on any such Trustee or on the Board by reason thereof.

**Board Structure**

The Board of Trustees is responsible for overseeing the management and operations of the Trust and the Funds. The Board consists of four Independent Trustees and two Trustees who are interested persons of the Trust. David D. Basten, who is an interested person of the Trust, serves as Chair of the Board and the Board has appointed G. Edgar Dawson, III as the Lead Independent Trustee. As such, Mr. Dawson works with Mr. David D. Basten to set the agendas for the Board and Committee meetings, chairs meetings of the Independent Trustees, and generally serves as a liaison between the Independent Trustees and the Trust's management between Board meetings. The Board of Trustees has two standing committees: the Audit Committee and the Nominating Committee. Each of the Audit and Nominating Committees is chaired by an Independent Trustee and composed of all of the Independent Trustees.

The Audit Committee consists of Messrs. Borel, Cox and Dawson. The members of the Audit Committee are not "interested" persons of the Trust (as defined in the 1940 Act). The primary responsibilities of the Trust's Audit Committee are, as set forth in its charter, to make recommendations to the Board as to: the engagement or discharge of the Trust's independent auditors (including the audit fees charged by auditors); the supervision of investigations into matters relating to audit matters; the review with the independent auditors of the results of audits; and addressing any other matters regarding audits. The Audit Committee met once during the last fiscal year.

The Nominating Committee consists of Messrs. Borel, Cox and Dawson, each of whom is an independent member of the Board. The primary responsibilities of the Nominating Committee are to make recommendations to the Board on issues related to the composition and operation of the Board, and to communicate with management on those issues. The Nominating Committee does not have a policy on shareholder nominations. The Nominating Committee also evaluates and nominates Board member candidates. The Nominating Committee did not meet during the last fiscal year.

The Board holds four regular meetings each year to consider and act upon matters involving the Trust and the Funds. The Board also may hold special meetings to address matters arising between regular meetings. The Independent Trustees also regularly meet outside the presence of management and are advised by independent legal counsel. These meetings may take place in person or by telephone. Through the Audit Committee, the Independent Trustees consider and address important matters involving the Funds, including those presenting conflicts or potential conflicts of interest for Trust management. The Board of Trustees has determined that its committees help ensure that the Funds have effective and independent governance and oversight. Given the Adviser's sponsorship of the Trust, that investors have selected the Adviser to provide overall management to the Funds, and Mr. David D. Basten's senior leadership role within the Adviser, the Board elected him Chairman. The Board reviews its structure regularly and believes that its leadership structure, including having two thirds of Independent Trustees, coupled with the responsibilities undertaken by Mr. David D. Basten as Chair and Mr. Dawson as Lead Independent Trustee, is appropriate and in the best interests of the Trust, given its specific characteristics. The Board of Trustees also believes its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Fund management.

**Board Oversight of Risk**

An integral part of the Board's overall responsibility for overseeing the management and operations of the Trust is the Board's oversight of the risk management of the Trust's investment programs and business affairs. The Funds are subject to a number of risks, such as investment risk, credit risk, valuation risk, operational risk, and legal, compliance and regulatory risk. The Trust, the Adviser and the other service providers have implemented various processes, procedures and controls to identify risks to the Funds, to lessen the

probability of their occurrence and to mitigate any adverse effect should they occur. Different processes, procedures and controls are employed with respect to different types of risks. These systems include those that are embedded in the conduct of the regular operations of the Board and in the regular responsibilities of the officers of the Trust and the other service providers.

The Board of Trustees exercises oversight of the risk management process through the Board itself and through the Audit Committee. In addition to adopting, and periodically reviewing, policies and procedures designed to address risks to the Funds, the Board of Trustees requires management of the Adviser and the Trust, including the Trust's Chief Compliance Officer ("CCO"), to report to the Board and the Audit Committee on a variety of matters, including matters relating to risk management, at regular and special meetings. The Board and the Audit Committee receive regular reports from the Trust's independent public accountants on internal control and financial reporting matters. On at least an annual basis, the Independent Directors meet separately with the Fund's CCO outside the presence of management, to discuss issues related to compliance. Furthermore, the Board receives a quarterly report from the Fund's CCO regarding the operation of the compliance policies and procedures of the Trust and its primary service providers. The Board also receives quarterly reports from the Adviser on the investments and securities trading of the Funds, including their investment performance, as well as reports regarding the valuation of the Funds' securities. In addition, in its annual review of the Funds' advisory agreements, the Board reviews information provided by the Adviser relating to its operational capabilities, financial condition and resources. The Board also conducts an annual self-evaluation that includes a review of its effectiveness in overseeing the number of funds in the Trust and the effectiveness of its committee structure.

The Board recognizes that it is not possible to identify all of the risks that may affect a Fund or to develop processes, procedures and controls to eliminate or mitigate every occurrence or effect. The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role.

The following table shows the amount of equity securities in the Funds owned by the Trustees and/or Portfolio Managers as of December 31, 2025:

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| | | |
|:---|:---|:---|
| **Name** | **Dollar Range of<br> Equity Securities Owned (Fund)** | **Aggregate Dollar Range of<br> Equity Securities in the Funds** |
| **INTERESTED TRUSTEES:** | **INTERESTED TRUSTEES:** |  |
| David D. Basten | Over $1,000,000 (Growth Fund) | Over $1,000,000 |
|  | $100,001 to $1,000,000 (Small Cap Fund) |  |
| David M. Basten | $100,001 to $1,000,000 (Growth Fund) | $100,001 to $1,000,000 |
|  | $100,001 to $1,000,000 (Small Cap Fund) |  |
| **INDEPENDENT TRUSTEES:** | **INDEPENDENT TRUSTEES:** |  |
| Mark A. Borel | $10,001 to $50,000 (Growth Fund) | $10,001 to $50,000 |
|  | $1 to $10,000 (Short Term Bond Fund) |  |
|  | $1 to $10,000 (Bond Fund) |  |
|  | $10,001 to $50,000 (Small Cap Fund) |  |
| Stephen B. Cox | $50,001 to $100,000 (Growth Fund) | $50,001 to $100,000 |

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| | | |
|:---|:---|:---|
| G. Edgar Dawson, III | $10,001 to $50,000 (Growth Fund) | $10,001 to $50,000 |
|  | $10,001 to $50,000 (Small Cap Fund) |  |
| Ryan M. Gordon |  |  |

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| | | |
|:---|:---|:---|
| **Name** | **Dollar Range of<br> Equity Securities Owned (Fund)** | **Aggregate Dollar Range of<br> Equity Securities in the Funds** |
| **PORTFOLIO MANAGERS:** | **PORTFOLIO MANAGERS:** |  |
| Brentz East | $50,001 to $100,000 (Growth Fund) | $50,001 to $100,000 |
|  | $1 to $10,000 (Short Term Bond Fund) |  |
|  | $1 to $10,000 (Bond Fund) |  |
|  | $10,001 to $50,000 (Small Cap Fund) |  |
| John P. Tener | $1 to $10,000 (Growth Fund) | $1 to $10,000 |

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Because the Adviser and other outside parties perform substantially all of the services necessary for the operation of the Trust and the Funds, the Trust requires no employees. No officer, Trustee or employee of the Adviser currently receives any compensation from the Trust for acting as a Trustee or officer.

The Trust pays each Trustee who is not an "interested person" of the Trust $5,000 for his attendance at each meeting of the Board. There are no pension or retirement benefits accrued as part of the Trust's expenses and there are no estimated annual benefits to be paid upon retirement. The following table shows the fees paid to the Trustees during the fiscal year ended January 31, 2026, for their services to the Trust:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Trustee** | **Aggregate**<br> **Compensation**<br> **From the Trust** | **Pension or Retirement**<br> **Benefits Accrued As**<br> **Part of Fund Expenses** | **Estimated Annual**<br> **Benefits Upon<br> Retirement** | **Total Compensation From**<br> **Fund and Fund Complex**<br> **Paid to Directors** |
| Mark A. Borel | $20000 |  |  | $20000 |
| Stephen B. Cox | $20000 |  |  | $20000 |
| G. Edgar Dawson III\* | $20000 |  |  | $20000 |
| Ryan M. Gordon | $20000 |  |  | $20000 |

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\* For the current year, G. Edgar Dawson III will be paid $6,250 per meeting.

**Policies Concerning Personal Investment Activities.** The Trust, the Adviser and the Distributor have each adopted a Code of Ethics, pursuant to Rule 17j-1 under the 1940 Act that permits investment personnel, subject to their particular Code of Ethics, to invest in securities, including securities that may be purchased or held by the Fund, for their own accounts. The Codes of Ethics are on file with, and can be reviewed and copied at, the SEC Public Reference Room in Washington, D.C. In addition, the Codes of Ethics are also available on the EDGAR Database on the SEC's Internet website at http://www.sec.gov.

**Portfolio Holdings Disclosure.** The Trust has adopted policies and procedures that govern the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Fund. The policies and procedures are intended to prevent unauthorized disclosure of Fund portfolio holdings information and have been approved by the Board. The policies permit disclosure of non-public portfolio holdings information to selected parties only when such party has a legitimate business purpose and a duty of confidentiality by agreement or by law. The Trust and/or the Adviser will seek to monitor a recipient's use of non-public portfolio holdings information provided under these agreements and, when appropriate, use their best efforts to enforce the terms of such agreements. Such parties include the Trust's service providers (e.g., the Fund's Investment Adviser, custodian, fund accountants and independent accountants, legal counsel, proxy voting services and pricing services), who generally need access to such information in the performance of their contractual duties and responsibilities and are subject to duties of confidentiality by agreement or by law, including a duty to not trade on the non-public information.

The Trust has the following ongoing arrangements to make available information about the Trust's portfolio investments. Third party service providers are described in greater detail under the heading "Other Service Providers" in this SAI.

● The Adviser has access to each Fund's complete portfolio holdings on a daily basis to manage each Fund's portfolio and vote proxies of the Funds.

● The Trust's custodian, Argent Institutional Trust Company, legal counsel, Sullivan & Worcester, LLP, and pricing servicers, Refinitiv Limited, IHS Markit Group Holdings Limited and Intercontinental Exchange, Inc., may receive confirmation of portfolio activity within one business day of a trade.

● The Trust may provide its independent registered public accounting firm, Cohen & Company, Ltd., complete year-end portfolio holdings within one week of the Trust's year-end.

● Lastly, the Trust may disclose portfolio holdings information on a monthly or quarterly basis to several rating and ranking organizations on the condition that such information will be used only in connection with developing a rating, ranking or research product for the Funds. The Trust may provide its complete month-end portfolio holdings to Morningstar and Lipper within fifteen days of month-end, and the Trust may provide its complete quarter-end portfolio holdings to Standard and Poor's and Thomson Financial within fifteen days of quarter-end.

The Trust's policy provides a process for approving the addition of a new service provider or rating, ranking and research organization as an authorized recipient of the Trust's non-public portfolio holdings. The Trust may determine to add a recipient under the policy only if it is determined by the Trust's Principal Executive Officer, Principal Financial Officer or Chief Compliance Officer that the standards under the Trust's policy have been met prior to such disclosure. According to Trust policy, no disclosure of portfolio

holdings is made unless it is determined that such disclosure is in the best interests of the Trust and any applicable Fund, and there are no conflicts of interest that would prevent such disclosure.

In no event does the Trust or the Adviser receive any direct or indirect compensation or other consideration from any third party in connection with the disclosure of information concerning a Fund's portfolio holdings. The Trust's Chief Compliance Officer will report any material violations of these policies to the Board at its next regularly scheduled meeting. It is a violation of the Amended and Restated Code of Ethics of the Trust and the Adviser for any covered person to release non-public information concerning the Trust portfolio holdings to any party other except in the normal course of his or her duties on behalf of the Trust.

Disclosure of each Fund's complete portfolio holdings is required to be made within sixty days of the end of each fiscal quarter: (i) in the Annual Report and Semi-Annual Report to shareholders; and (ii) in the quarterly holdings reports filed on Form N-PORT. These reports are available, free of charge, on the SEC's Electronic Data Gathering and Retrieval ("EDGAR") database on its website at http://www.sec.gov.

**Proxy Voting Policies.** The Trust is required to disclose information concerning each Fund's proxy voting policies and procedures to shareholders. The Board has delegated to the Adviser responsibility for decisions regarding proxy voting for securities held by the applicable Fund. The Adviser will vote such proxies in accordance with its proxy policies and procedures, which have been reviewed by the Board, and which are found in Appendix C of this SAI. Any material changes to the proxy policies and procedures will be submitted to the Board for approval. The Funds' proxy voting record for the most recent 12-month period ended June 30, 2025 is available (1) without charge, upon request by calling Yorktown Funds at (800) 544-6060 and (2) on the SEC's website at http://www.sec.gov.

**PRINCIPAL SECURITIES HOLDERS**

As of May 1, 2026, the following persons were the only persons who were record owners (or to the knowledge of the Trust, beneficial owners) of 5% or more of the shares of the Funds. The Trust believes that most of the shares referred to below were held by the persons indicated in accounts for their fiduciary, agency or custodial customers.

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **% of Class** |
| Growth Fund | CHARLES SCHWAB & CO<br> INC/SPECIAL CUSTODY ACCT <br> FBO CUSTOMERS <br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST <br> SAN FRANCISCO, CA 94104-4122 | 23.87% |
| Growth Fund | LPL FINANCIAL/OMNIBUS<br> CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO, CA 92121 | 12.97% |
| Growth Fund | RAYMOND JAMES OMNIBUS<br> FOR MUTUAL FUNDS/<br> ATTN MUTUAL FUND RECONCILIATION 14G<br> 880 CARILLON PKWY <br> SAINT PETERSBURG, FL 33716 | 9.77% |
| Growth Fund | NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 9.11% |
| Growth Fund | PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY, NJ 07399-0002 | 8.63% |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Name and Address** | **Share Class** | **% of Class** |

---

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| | | |
|:---|:---|:---|
| Growth Fund | RAYMOND JAMES OMNIBUS<br> FOR MUTUAL FUNDS/<br> ATTN MUTUAL FUND RECONCILIATION 14G <br> 880 CARILLON PKWY <br> SAINT PETERSBURG, FL 33716 | 27.13% |
| Growth Fund | PERSHING LLC <br> 1 PERSHING PLAZA<br> JERSEY CITY, NJ 07399-0002 | 10.23% |
| Growth Fund | CHARLES SCHWAB & CO<br> INC/SPECIAL CUSTODY ACCT <br> FBO CUSTOMERS <br> ATTN MUTUAL FUNDS<br> 211 MAIN ST <br> SAN FRANCISCO, CA 94105 | 7.22% |
| Growth Fund | LPL FINANCIAL/OMNIBUS<br> CUSTOMER ACCOUNT <br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR <br> SAN DIEGO, CA 92121 | 6.23% |

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **% of Class** |
| Growth Fund | RAYMOND JAMES OMNIBUS<br> FOR MUTUAL FUNDS/<br> ATTN MUTUTAL FUND RECONCILIATION 14G <br> 880 CARILLON PKWY <br> SAINT PETERSBURG, FL 33716 | 57.83% |
| Growth Fund | NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 9.67% |
| Growth Fund | CHARLES SCHWAB & CO<br> INC/SPECIAL CUSTODY ACCT <br> FBO CUSTOMERS <br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST <br> SAN FRANCISCO, CA 94104-4122 | 7.83% |
| Growth Fund | MUTUAL FUND OPERATIONS<br> FBO PROJECT NATIONAL<br> 95 CHRISTOPHER COLUMBUS DR<br> JERSEY CITY, NJ 07302-2978 | 7.45% |
| Growth Fund | LPL FINANCIAL/OMNIBUS<br> CUSTOMER ACCOUNT <br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR <br> SAN DIEGO, CA 92121 | 6.02% |

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **% of Class** |
| Short Term Bond Fund | CHARLES SCHWAB & CO<br> INC/SPECIAL CUSTODY ACCT<br> FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | 30.44% |

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| | | |
|:---|:---|:---|
| Short Term Bond Fund | RAYMOND JAMES OMNIBUS<br> FOR MUTUAL FUNDS/<br> ATTN MUTUTAL FUND RECONCILIATION 14G<br> 880 CARILLON PKWY<br> SAINT PETERSBURG, FL 33716 | 21.57% |
| Short Term Bond Fund | LPL FINANCIAL/OMNIBUS<br> CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO, CA 92121 | 19.95% |
| Short Term Bond Fund | PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY, NJ 07399-0002 | 13.21% |
| Short Term Bond Fund | AMERICAN ENTERPRISE INV SVCS<br> 707 2ND AVENUE SOUTH<br> MINNEAPOLIS, MN 55402 | 5.64% |

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **% of Class** |
| Short Term Bond Fund | RAYMOND JAMES OMNIBUS<br> FOR MUTUAL FUNDS/<br> ATTN MUTUTAL FUND RECONCILIATION 14G<br> 880 CARILLON PKWY <br> SAINT PETERSBURG, FL 33716 | 31.90% |
| Short Term Bond Fund | LPL FINANCIAL/OMNIBUS<br> CUSTOMER ACCOUNT <br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR <br> SAN DIEGO, CA 92121 | 25.29% |
| Short Term Bond Fund | CHARLES SCHWAB & CO<br> INC/SPECIAL CUSTODY ACCT <br> FBO CUSTOMERS <br> ATTN MUTUAL FUNDS<br> 211 MAIN ST <br> SAN FRANCISCO, CA 94105 | 24.70% |
| Short Term Bond Fund | PERSHING LLC <br> 1 PERSHING PLAZA<br> JERSEY CITY, NJ 07399-0002 | 6.36% |

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **% of Class** |
| Short Term Bond Fund | CHARLES SCHWAB & CO<br> INC/SPECIAL CUSTODY ACCT<br> FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4122 | 29.03% |
| Short Term Bond Fund | LPL FINANCIAL/OMNIBUS<br> CUSTOMER ACCOUNT <br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR <br> SAN DIEGO, CA 92121 | 23.36% |
| Short Term Bond Fund | RAYMOND JAMES OMNIBUS<br> FOR MUTUAL FUNDS/<br> ATTN MUTUTAL FUND RECONCILIATION 14G<br> 880 CARILLON PKWY<br> SAINT PETERSBURG, FL 33716 | 20.21% |

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| | | |
|:---|:---|:---|
| Short Term Bond Fund | PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY, NJ 07399-0002 | 12.37% |
| Short Term Bond Fund | NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 5.35% |

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **% of Class** |
| Bond Fund | CHARLES SCHWAB & CO<br> INC/SPECIAL CUSTODY ACCT<br> FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 101 MONTGOMERY ST<br> SAN FRANCISCO, CA 94104-4122 | 25.76% |
| Bond Fund | PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY, NJ 07399-0002 | 16.33% |
| Bond Fund | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103 | 13.57% |
| Bond Fund | RAYMOND JAMES OMNIBUS<br> FOR MUTUAL FUNDS/<br> ATTN MUTUTAL FUND RECONCILIATION 14G<br> 880 CARILLON PKWY<br> SAINT PETERSBURG, FL 33716 | 9.95% |
| Bond Fund | NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 7.44% |
| Bond Fund | LPL FINANCIAL/OMNIBUS<br> CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO, CA 92121 | 5.96% |
| Bond Fund | AMERICAN ENTERPRISE INV SVCS<br> 707 2ND AVENUE SOUTH<br> MINNEAPOLIS, MN 55402 | 5.69% |

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **% of Class** |
| Bond Fund | RAYMOND JAMES OMNIBUS<br> FOR MUTUAL FUNDS/<br> ATTN MUTUTAL FUND RECONCILIATION 14G<br> 880 CARILLON PKWY<br> SAINT PETERSBURG, FL 33716 | 35.56% |
| Bond Fund | PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY, NJ 07399-0002 | 11.72% |

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| | | |
|:---|:---|:---|
| Bond Fund | LPL FINANCIAL/OMNIBUS<br> CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO, CA 92121 | 9.74% |
| Bond Fund | CHARLES SCHWAB & CO<br> INC/SPECIAL CUSTODY ACCT<br> FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | 9.20% |
| Bond Fund | NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 6.49% |

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **% of Class** |
| Bond Fund | RAYMOND JAMES OMNIBUS<br> FOR MUTUAL FUNDS/<br> ATTN MUTUTAL FUND RECONCILIATION 14G<br> 880 CARILLON PKWY <br> SAINT PETERSBURG, FL 33716 | 27.01% |
| Bond Fund | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103 | 22.75% |
| Bond Fund | NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310 | 21.15% |
| Bond Fund | LPL FINANCIAL/OMNIBUS<br> CUSTOMER ACCOUNT <br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR <br> SAN DIEGO, CA 92121 | 7.65% |

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **% of Class** |
| Bond Fund | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103 | 74.25% |
| Bond Fund | RBC CAPITAL MARKETS LLC/MUTUAL FUND OMNIBUS PROCESSING<br> ATTN MUTUAL FUND OPS MANAGER<br> 250 NICOLLET MALL, SUITE 1400<br> MINNEAPOLIS, MN 55401-1931 | 22.73% |

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **% of Class** |
| Small Cap Fund | PERSHING LLC <br> 1 PERSHING PLAZA<br> JERSEY CITY, NJ 07399-0002 | 45.23% |
| Small Cap Fund | LPL FINANCIAL/OMNIBUS<br> CUSTOMER ACCOUNT <br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR <br> SAN DIEGO, CA 92121 | 7.20% |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Name and Address** | **Share Class** | **% of Class** |

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| | | |
|:---|:---|:---|
| Small Cap Fund | PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY, NJ 07399-0002 | 17.95% |
| Small Cap Fund | CHARLES SCHWAB & CO<br> INC/SPECIAL CUSTODY ACCT<br> FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | 8.87% |
| Small Cap Fund | LPL FINANCIAL/OMNIBUS<br> CUSTOMER ACCOUNT <br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR <br> SAN DIEGO, CA 92121 | 5.15% |

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| | | |
|:---|:---|:---|
| **Fund** | **Name and Address** | **% of Class** |
| Small Cap Fund | LPL FINANCIAL/OMNIBUS<br> CUSTOMER ACCOUNT <br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR <br> SAN DIEGO, CA 92121 | 70.84% |
| Small Cap Fund | PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY, NJ 07399-0002 | 6.85% |
| Small Cap Fund | CHARLES SCHWAB & CO<br> INC/SPECIAL CUSTODY ACCT <br> FBO CUSTOMERS <br> ATTN MUTUAL FUNDS<br> 211 MAIN ST <br> SAN FRANCISCO, CA 94105 | 5.13% |

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As of May 1, 2026, the Trustees and officers of the Trust, in aggregate, owned of record or beneficially less than 1% of the shares of the Funds.

**INVESTMENT ADVISER AND ADVISORY AGREEMENT**

Yorktown Management & Research Company, Inc., the Adviser, located at 106 Annjo Court, Suite A, Forest, Virginia 24551, provides investment advisory and administrative services for the Funds pursuant to Investment Advisory and Administrative Services Agreements ("Advisory Agreements") with the Trust. The Adviser is controlled, as a result of stock ownership, by David D. Basten. Mr. Basten is a Trustee and officer of the Trust.

Each Advisory Agreement provides that, subject to overall supervision by the Board, the Adviser shall act as investment adviser and shall manage the investment and reinvestment of the assets of each Fund, obtain and evaluate pertinent economic data relative to the investment policies of each Fund, place orders for the purchase and sale of securities on behalf of each Fund, and report to the Board periodically to enable them to determine that the investment policies of each Fund and all other provisions of its Advisory Agreement are being properly observed and implemented. Under the terms of each Advisory Agreement, the Adviser is further obligated to cover basic administrative and operating expenses including, but not limited to, office space and equipment, executive and clerical personnel, telephone and communications services and to furnish supplies, stationery and postage relating to the Adviser's obligations under the Advisory Agreement.

Each Advisory Agreement provides that it will remain in effect and may be renewed from year to year with respect to each Fund, provided that such renewal is specifically approved at least annually by the vote of a majority of the outstanding voting securities of that Fund, or by the Board, including a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" of any such party (by vote cast in person at a meeting called for that purpose). Any approval of the Advisory Agreement or the renewal thereof with respect to a Fund shall be effective to continue the Advisory Agreement with respect to that Fund notwithstanding that (a) the Advisory Agreement or the renewal thereof has not been approved by any other Fund or (b) the Advisory Agreement or renewal has not been approved by the vote of a majority of the outstanding voting securities of the Trust as a whole.

Each Advisory Agreement provides that the Adviser will not be liable for any error of judgment or mistake of law or for any loss suffered by a Fund in connection with the performance of the Advisory Agreement, except a loss resulting from willful misfeasance, bad faith

or gross negligence on the part of the Adviser in the performance of its duties or from reckless disregard of its duties and obligations thereunder. Each Advisory Agreement may be terminated as to a Fund, without penalty, by the Board or by the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of that Fund, on 60 days' written notice to the Adviser or by the Adviser on 60 days' written notice to the Trust. The Advisory Agreement may not be terminated by the Adviser unless another investment advisory agreement has been approved by the Fund in accordance with the 1940 Act. The Advisory Agreement terminates automatically upon assignment (as defined in the 1940 Act).

**Advisory Fees Paid to the Adviser.** Under the Advisory Agreements, the Adviser receives a fee, calculated daily and payable monthly, for each Fund as follows:

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| | |
|:---|:---|
| **Name of Fund** | **Investment Advisory Fee** |
| Yorktown Bond Fund | 0.40% |
| Yorktown Growth Fund | 0.90% |
| Yorktown Short Term Bond Fund | 0.70% |
| Yorktown Small Cap Fund | 0.90% |
| Yorktown Treasury Advanced Total Return Fund | 0.40% |

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Pursuant to the terms of each Advisory Agreement, the Adviser pays all expenses incurred by it in connection with its activities thereunder, except the cost of securities (including brokerage commissions, if any) purchased for a Fund. The services furnished by the Adviser under each Advisory Agreement are not exclusive, and the Adviser is free to perform similar services for others.

For the fiscal year ended January 31, 2026, the Funds paid to the Adviser advisory fees in the following amounts:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Contractual<br> Fees** | **Fees<br> Waived** | **Actual<br> Fees Paid** |
| Growth Fund | $822800 | $99781 | $723019 |
| Short Term Bond Fund | $1305970 | $377465 | $928505 |
| Bond Fund | $1438087 | $0 | $1438087 |
| Small Cap Fund | $279627 | $126972 | $152655 |
| Treasury Advanced Total Return Fund | N/A | N/A | N/A |

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For the fiscal year ended January 31, 2025, the Funds paid to the Adviser advisory fees in the following amounts:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Contractual<br> Fees** | **Fees<br> Waived** | **Actual<br> Fees Paid** |
| Growth Fund | $795524 | $275819 | $519705 |
| Short Term Bond Fund | $1652169 | $404618 | $1247551 |
| Bond Fund | $1280071 | $0 | $1280071 |
| Small Cap Fund | $272119 | $160425 | $111694 |
| Treasury Advanced Total Return Fund | N/A | N/A | N/A |

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For the fiscal year ended January 31, 2024, the Funds paid to the Adviser advisory fees in the following amounts:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Contractual<br> Fees** | **Fees<br> Waived** | **Actual<br> Fees Paid** |
| Growth Fund | $719684 | $347286 | $372398 |
| Short Term Bond Fund | $2072093 | $335703 | $1736390 |
| Bond Fund | $1172676 | $0 | $1172676 |
| Small Cap Fund | $279881 | $189860 | $90021 |
| Treasury Advanced Total Return Fund | N/A | N/A | N/A |

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In addition to the advisory fees, the Trust and the Funds are obligated to pay certain expenses that are not assumed by the Adviser or the Distributor. These expenses include, among others, securities registration fees, compensation for non-interested Trustees, interest expense, taxes, brokerage fees, commissions and sales loads, custodian charges, accounting fees, transfer agency fees, certain distribution expenses pursuant to a plan of distribution adopted in the manner prescribed under Rule 12b-1 under the 1940 Act, if any, legal expenses, insurance expenses, association membership dues and the expense of reports to the shareholders, shareholders' meetings and proxy solicitations. The Trust and the Funds are also liable for nonrecurring expenses as may arise, including litigation to which the Trust or a Fund may be a party.

**ADDITIONAL INFORMATION ABOUT PORTFOLIO MANAGERS**

Mr. David D. Basten and Mr. David M. Basten serve as portfolio managers to all the Funds. Mrs. Brentz East serves as a portfolio manager to all the Funds except the Short Term Bond Fund and Bond Fund. Mr. John Tener serves as portfolio manager to all the Funds except the Growth Fund and Small Cap Fund. Mr. David D. Basten has served as a portfolio manager since commencement of each Fund's operations. Mr. David M. Basten has served as a portfolio manager since 2005. Mrs. Brentz East has served as a portfolio manager since 2011. Mr. John P. Tener has served as portfolio manager since 2019. The table below provides information as of January 31, 2026, regarding other accounts, in addition to the Funds, for which the portfolio managers have day-to-day management responsibilities.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment<br> Companies** | **Registered Investment<br> Companies** | **Other Pooled<br> Investment Vehicles** | **Other Pooled<br> Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| <br>**Portfolio Manager** | **Number of<br> Accounts** | **Total<br> Assets** | **Number of<br> Accounts** | **Total<br> Assets** | **Number of<br> Accounts\*** | **Total<br> Assets** |
| David D. Basten | 0 | $0 | 0 | $0 | 0 | $0 |
| David M. Basten | 0 | $0 | 0 | $0 | 0 | $0 |
| Brentz East | 0 | $0 | 0 | $0 | 0 | $0 |
| John P. Tener | 0 | $0 | 0 | $0 | 0 | $0 |

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**\*** None of the other accounts managed by the portfolio managers are subject to a performance-based advisory fee.

**Conflicts of Interest.** Mr. David D. Basten manages certain personal and family accounts for which he receives no compensation for his services in such capacity. The management of "other accounts" may give rise to potential conflicts of interest in connection with the management of a Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as a Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio manager could favor one account over another. Another potential conflict could include the portfolio manager's knowledge about the size, timing and possible market impact of Fund trades, whereby the portfolio manager could use this information to the advantage of other accounts and to the disadvantage of a Fund. However, Mr. Basten is subject to the Adviser's Code of Ethics, which seeks to address potential conflicts of interest that may arise in connection with management of personal accounts, including family accounts.

**Compensation.** Mr. David D. Basten is a Portfolio Manager, the President and a Director of the Adviser. Mr. David M. Basten is a Portfolio Manager of the Adviser and is Director of Marketing. Mrs. East is a Portfolio Manager of the Adviser and is a Securities Analyst. Mr. Tener is Portfolio Manager of the Adviser and Securities Analysts. Mr. Basten and Mrs. East each have an ownership interest in the Adviser and, therefore, receive a portion of its profits. Mr. Basten, Mrs. East, and Mr. Tener are each also paid a fixed base salary and are eligible to receive employee benefits, including, but not limited to, health care and other insurance benefits and participation in the Adviser's qualified retirement plan.

**Ownership of Securities by Portfolio Managers.** The Trustee table provided above provides information as of December 31, 2025, of the value, within the indicated range, of shares of beneficially owned by the portfolio managers in each Fund.

**OTHER SERVICE PROVIDERS**

**Custodian.** Pursuant to a Custodian Agreement with the Trust, Argent Institutional Trust Company (the "Custodian"), 7 Easton Oval, Columbus, Ohio 43219, acts as the custodian of the Funds. The Custodian holds cash, securities and other assets of the Funds as required by the 1940 Act.

**Accounting and Pricing Services.** Ultimus Fund Solutions, LLC provides the Trust with fund accounting, financial administration, and fund administration services.

For the past three fiscal years ended January 31, Ultimus earned the following fees from the Funds for providing certain transfer agency, fund accounting, fund administration, and compliance support services:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2026** | **2025** | **2024** |
| Growth Fund | $134613 | $120178 | $104390 |
| Short Term Bond Fund | $139733 | $126702 | $120466 |
| Bond Fund | $264112 | $248539 | $226974 |
| Small Cap Fund | $117715 | $107120 | $93641 |
| Treasury Advanced Total Return Fund\* | $N/A | $N/A | $N/A |

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\* The Treasury Advanced Total Return Fund is not yet operational.

**Transfer Agent.** Pursuant to a Transfer Agent Agreement with the Trust, Argent Institutional Trust Company (the "Transfer Agent") acts as the Trust's transfer and dividend disbursing agent. The Transfer Agent is located at 1715 N West Shore Blvd, Suite 750, Tampa, Florida 33607. The Transfer Agent provides certain shareholder and other services to the Trust, including furnishing account and transaction information and maintaining shareholder account records. The Transfer Agent is responsible for processing orders and payments for share purchases. The Transfer Agent mails proxy materials (and receives and tabulates proxies), shareholder reports, confirmation forms for purchases and redemptions and prospectuses to shareholders. The Transfer Agent disburses income dividends and capital distributions and prepares and files appropriate tax-related information concerning dividends and distributions to shareholders.

**Distributor.** Ultimus Fund Distributors, LLC (the "Distributor"), 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves as the principal underwriter and national distributor for the shares of the Funds pursuant to a Distribution Agreement (the "Distribution Agreement"). The Distributor is registered as a broker-dealer and is a member of the Financial Industry Regulatory Authority ("FINRA"). The offering of the Funds' shares is continuous. The Distributor may receive Rule 12b-1 Distribution and Service Fees from the Funds, as described in the prospectus and this SAI.

**Independent Registered Public Accounting Firm.** The Trust's independent registered public accounting firm, Cohen & Company, Ltd., audits the Funds' annual financial statements. Cohen & Co. Advisory, LLC, an affiliate of Cohen & Company, Ltd., prepares the Funds' tax returns. Cohen & Company, Ltd. is located at 1835 Market Street, Suite 310, Philadelphia, PA 19103.

**DISTRIBUTION OF FUND SHARES**

The Distributor acts as distributor of shares of the Funds under the Distribution Agreement, which requires the Distributor to use its best efforts to sell shares of the Funds. Shares of the Funds are offered continuously. As compensation for its services rendered to the Funds, the Adviser pays the Distributor a monthly fee based on the daily average net assets of the Funds. As distributor of Fund shares, the Distributor may spend such amounts as it deems appropriate on any activities or expenses primarily intended to result in the sale of the Funds' shares or the servicing and maintenance of shareholder accounts, including compensation to employees of the Distributor; compensation to and expenses, including overhead and telephone and other communication expenses, of the Distributor and selected dealers who engage in or support the distribution of shares or who service shareholder accounts; the costs of printing and distributing prospectuses, statements of additional information, and reports for other than existing shareholders; the costs of preparing, printing and distributing sales literature and advertising materials; and internal costs incurred by the Distributor and allocated by the Distributor to its efforts to distribute shares of the funds, such as office rent, employee salaries, employee bonuses and other overhead expenses.

The Distributor also may pay certain banks, fiduciaries, custodians for public funds, investment advisers and broker-dealers a fee for administrative services in connection with the distribution of Fund shares. Such fees would be based on the average net asset value represented by shares of the Distributor's customers invested in a Fund. This fee is in addition to any commissions these entities may receive from the Distributor out of the fees it receives pursuant to a distribution plan, and, if paid, will be reimbursed by the Adviser and not a Fund.

**Plan of Distribution.** The Board has adopted a Plan of Distribution for each Share Class offered by the Trust (the "12b-1 Plan"). Pursuant to the 12b-1 Plan, Funds offering certain Share Classes may finance from the assets of a particular class certain activities or expenses that are intended primarily to result in the sale of shares of such class, provided that the categories of expenses are approved in advance by the Board and the expenses paid under the Plan were incurred within the preceding 12 months and accrued while the 12b-1 Plan is in effect. Each Fund finances these distribution and service activities through payments made to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets, the Adviser ("Firms") and/or the Distributor. The fee paid to Firms and/or the Distributor by each Fund is computed on an annualized basis reflecting the average daily net assets of a class.

For Bond Fund, the fee paid to the Distributor by the Funds is computed on an annualized basis reflecting the average daily net assets of a class, equal to a maximum of 0.50% for Class A Share expenses. For the Small Cap Fund, the fee paid to the Distributor by the Funds is computed on an annualized basis reflecting the average daily net assets of a class, equal to a maximum of 0.25% for Class A Share expenses.

Class C Shares of each Fund that offers such shares pay a maximum distribution and service fee of 1.00% of the Fund's Class C Shares' average daily net assets. Class L Shares of each Fund pay a maximum distribution and service fee of 1.00% of the Fund's Class L Shares' average daily net assets.

Payments for distribution expenses under the 12b-1 Plans are subject to Rule 12b-1 under the 1940 Act. Rule 12b-1 defines distribution expenses to include the cost of "any activity which is primarily intended to result in the sale of shares issued by the Trust." Rule 12b-1 provides, among other things, that an investment company may bear such expenses only pursuant to a plan adopted in accordance with

Rule 12b-1. In accordance with Rule 12b-1, the 12b-1 Plans provide that a report of the amounts expended under the 12b-1 Plans, and the purposes for which such expenditures were incurred, will be made to the Board for their review at least quarterly. The 12b-1 Plan provides that they may not be amended to increase materially the costs which shares of a Fund may bear for distribution pursuant to the 12b-1 Plan without shareholder approval, and that any other type of material amendment must be approved by a majority of the Board, including a majority of the Trustees who are neither "interested persons" (as defined in the 1940 Act) of the Trust nor have any direct or indirect financial interest in the operation of the 12b-1 Plan or in any related agreement (the "12b-1 Trustees"), by vote cast in person at a meeting called for the purpose of considering such amendments.

Shareholder servicing fees are paid to certain service providers ("Service Organizations") for providing one or more of the following services to customers: (i) aggregating and processing purchase and redemption requests and placing net purchase and redemption orders with the Distributor; (ii) processing dividend payments from a Fund; (iii) providing sub-accounting or the information necessary for sub-accounting; (iv) providing periodic mailings to customers; (v) providing customers with information as to their positions in the applicable Fund; (vi) responding to customer inquiries; and (vii) providing a service to invest the assets of customers.

In approving these Plans, the Board considered factors deemed to be relevant, including that as the size of each Fund increases, each Fund should experience economies of scale and greater investment flexibility. The Board also considered the compensation to be received by Firms and the Distributor under the Plans and the benefits that would accrue to the Adviser as a result of the Plans in that the Adviser receives advisory fees that are calculated based upon a percentage of the average net assets of each Fund, which fees would increase if the Plans were successful and the Funds attained and maintained significant asset levels.

The Board has concluded that there is a reasonable likelihood that the 12b-1 Plan will benefit each Fund. The 12b-1 Plan is subject to annual re-approval by a majority of the 12b-1 Trustees and is terminable at any time with respect to a Fund by a vote of a majority of the 12b-1 Trustees or by vote of the holders of a majority of the applicable classes' outstanding shares of a Fund. Any agreement entered into pursuant to the 12b-1 Plan with a Service Organization is terminable with respect to a Fund without penalty, at any time, by vote of a majority of the 12b-1 Trustees, by vote of the holders of a majority of the applicable classes' outstanding shares of a Fund, by the Distributor or by the Service Organization. An agreement will also terminate automatically in the event of its assignment. As long as the 12b-1 Plan is in effect, the nomination of the Trustees who are not interested persons of the Trust (as defined in the 1940 Act) must be committed to the discretion of the 12b-1 Trustees.

During the period it is in effect, the 12b-1 Plan obligates the Funds to pay fees to Firms and the Distributor as compensation for the distribution and service activities of the Distributor and other financial intermediaries, not as reimbursement for specific expenses incurred. Thus, even if Firms' or the Distributor's expenses exceed the fees they receive, the Funds will not be obligated to pay more than those fees and, if Firms' or the Distributor's expenses are less than such fees, they may retain the full fee and realize a profit or pay them to the Adviser to cover its "allocated costs," as discussed below.

For the past three fiscal years ended January 31, the following aggregate distribution fees were paid to the Distributor by each Fund:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2026** | **2025** | **2024** |
| Growth Fund | $375347 | $363968 | $315685 |
| Short Term Bond Fund | $556451 | $1366712 | $1009779 |
| Bond Fund | $1197931 | $803814 | $1522925 |
| Small Cap Fund | $103897 | $105879 | $64193 |
| Treasury Advanced Total Return Fund\* | N/A | N/A | N/A |

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\* The Treasury Advanced Total Return Fund is not yet operational.

The Adviser, in its capacity as the Fund's investment adviser, has an indirect financial interest in the operation of the 12b-1 Plan. David D. Basten and David M. Basten, who are interested persons of the Trust, have an indirect interest in the operation of the 12b-1 Plan by virtue of their positions with the Adviser.

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

The Adviser and/or its affiliates, at their discretion, may make payments from their own resources and not from Fund assets to affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a similar arrangement with a Fund and/or its affiliates. These additional payments may be made to Financial Intermediaries to compensate them for the costs associated with making shares of the Funds available to their customers or registered representatives, including costs for providing a Fund with "shelf space" and/or placing a Fund on a preferred or recommended fund list.

The Adviser and/or its affiliates may also make payments from their own resources to Financial Intermediaries for costs associated with the purchase of products or services used in connection with sales and marketing, participation in and/or presentation at conferences or

seminars, sales or training programs, client and investor entertainment and other sponsored events. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law.

Revenue sharing payments may be negotiated based on a variety of factors, including the level of sales, the amount of Fund assets attributable to investments in the Funds by Financial Intermediaries' customers, a flat fee or other measures as determined from time to time by the Adviser and/or its affiliates. A significant purpose of these payments is to increase the sales of Fund shares, which in turn may benefit the Adviser through increased fees as Fund assets grow.

**PORTFOLIO TRANSACTIONS**

Subject to policies established by the Board, the Adviser is responsible for the execution of each Fund's portfolio transactions and the allocation of brokerage transactions. In effecting portfolio transactions, the Adviser seeks to obtain the best net results for each Fund. This determination involves a number of considerations, including the economic effect on the Fund (involving both price paid or received and any commissions and other costs), the efficiency with which the transaction is effected where a large block is involved, the availability of the broker to stand ready to execute potentially difficult transactions, and the financial strength and stability of the broker. Such considerations are judgmental and are weighed by the Adviser in determining the overall reasonableness of brokerage commissions paid. Purchases from underwriters include an underwriting commission or concession and purchases from dealers serving as market makers include the spread between the bid and asked price. Where transactions are made in the over-the-counter market, the Funds will deal with the primary market makers unless more favorable prices are obtainable elsewhere.

Under the 1940 Act, a mutual fund must sell its shares at the price (including sales load, if any) described in its prospectus, and current rules under the 1940 Act do not permit negotiations of sales loads. Currently, an open-end fund is permitted to impose a front-end sales load of up to 8.5% of the public offering price, provided it does not also impose an asset-based sales charge. The Adviser takes into account the amount of the applicable sales load, if any, when it is considering whether or not to purchase shares of an underlying fund. The Adviser anticipates investing a significant portion of the assets of each Fund in underlying funds that impose no front-end sales load. Where an underlying fund imposes a sales load, the Adviser, to the extent possible, seeks to reduce the sales load imposed by purchasing shares pursuant to (i) letters of intent, permitting purchases over time; (ii) rights of accumulation, permitting it to obtain reduced sales charges as it purchases additional shares of an underlying fund; and (iii) rights to obtain reduced sales charges by aggregating its purchases of several funds within a "family" of mutual funds. The Adviser also takes advantage of exchange or conversion privileges offered by any "family" of mutual funds.

A factor in the selection of brokers to execute the Funds' portfolio transactions is the receipt of research, analysis, advice and similar services. To the extent that research services of value are provided by brokers with or through whom the Adviser places the Funds' portfolio transactions, the Adviser may be relieved of expenses that it might otherwise bear. Research services furnished by brokers through which a Fund effects securities transactions may be used by the Adviser in advising other Funds, and, conversely, research services furnished to the Adviser by brokers in connection with other Funds the Adviser advises may be used by the Adviser in advising a Fund. Research and other services provided by brokers to the Adviser or the Funds is in addition to, and not in lieu of, services required to be performed by the Adviser under its Advisory Agreement.

For the fiscal year ended January 31, 2026, the Adviser directed $74,403,399, $51,516,736, and $25,101,733 in portfolio transactions on behalf of the Growth Fund, Small Cap Fund, and Bond Fund, respectively, to brokers chosen because they provided research services, for which the Growth Fund, Small Cap Fund, and Bond Fund paid $76,655, $68,966, and $15,900 respectively, in commissions. The Adviser directed no portfolio transactions on behalf of the Short Term Bond Fund to brokers chosen because they provided research services (and therefore such Fund paid no related commissions) for the fiscal year ended January 31, 2026.

The Funds reserve the right to pay brokerage commissions to brokers affiliated with the Trust or with affiliated persons of such persons. Any such commissions will comply with applicable securities laws and regulations. In no instance, however, will portfolio securities be purchased from or sold to the Adviser or any other affiliated person. Since the Funds' inception, no brokerage commissions have been paid to such affiliated persons.

The Trust expects that purchases and sales of money market instruments will usually be principal transactions, and purchases and sales of other debt securities may be principal transactions. Thus, the Funds will normally not pay brokerage commissions in connection with those transactions. Money market instruments are generally purchased directly from the issuer, an underwriter or market maker for the securities and other debt securities may be purchased in a similar manner. Purchases from underwriters include an underwriting commission or concession and purchases from dealers serving as market makers include the spread between the bid and asked price. Where transactions are made in the over-the-counter market, the Funds will deal with the primary market makers unless more favorable prices are obtainable elsewhere.

Investment decisions for each Fund are made independently of each other in light of differing considerations. However, the same investment decision may occasionally be made for more than one Fund. In such cases, simultaneous transactions are inevitable.

Purchases or sales are then averaged as to price and allocated between the Funds as to amount according to a formula deemed equitable to the Funds. While in some cases this practice could have a detrimental effect upon the price or quantity of the security as far as a Fund is concerned, or upon its ability to complete its entire order, in other cases it is believed that coordination and the ability to participate in volume transactions will be beneficial to a Fund.

The policy of the Trust with respect to brokerage is reviewed by the Board from time to time. Because of the possibility of further regulatory developments affecting the securities exchanges and brokerage practices generally, the foregoing practices may be modified.

For the fiscal years ended January 31, 2026, 2025, and 2024, the Funds paid the following amounts in brokerage commissions:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2026** | **2025** | **2024** |
| Growth Fund | $76797 | $81446 | $72520 |
| Short Term Bond Fund | N/A | N/A | N/A |
| Bond Fund | $15900 | N/A | N/A |
| Small Cap Fund | $68966 | $79787 | $281680 |
| Treasury Advanced Total Return Fund | N/A | N/A | N/A |

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**Portfolio Turnover.** The portfolio turnover rate may vary greatly from year to year for any Fund and will not be a limiting factor when the Adviser deems portfolio changes appropriate. Variations in turnover rate from year to year may be due to market conditions, fluctuating volume of shareholder purchases and redemptions or changes in the Adviser's investment outlook. The annual portfolio turnover rate is calculated by dividing the lesser of a Fund's annual sales or purchases of portfolio securities (exclusive of purchases or sales of securities whose maturities at the time of acquisition were one year or less) by the monthly average value of the securities in the Fund during the year. Each Fund's portfolio turnover rate for the fiscal years ended January 31, 2026, 2025, and 2024 is shown in the table below.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2026** | **2025** | **2024** |
| Growth Fund | 38% | 52% | 40% |
| Short Term Bond Fund | 39% | 35% | 24% |
| Bond Fund | 46% | 34% | 43% |
| Small Cap Fund<sup>(1)</sup> | 81% | 104% | 176% |
| Treasury Advanced Total Return Fund | N/A | N/A | N/A |

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<sup>(1)</sup> The higher portfolio turnover rate in 2024 and 2025 is a result of tax loss harvesting.

**CAPITAL STOCK AND DIVIDENDS**

The Trust is authorized to issue an unlimited number of shares of beneficial interest without par value of separate series and separate classes. Shares of each Fund, when issued, are fully paid, non-assessable, fully transferable, redeemable at the option of the shareholder and have equal dividend and liquidation rights and non-cumulative voting rights. The shares of each series of the Trust will be voted separately except when an aggregate vote of all series is required by the 1940 Act.

Each series or class shall have such preference, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, terms and conditions of redemption and other characteristics as the Board may determine in a written instrument.

Shares have no preemptive rights and only such conversion or exchange rights as the Board may grant in their discretion. When issued for payment as described in the prospectuses, shares will be fully paid and non-assessable. Each class of shares in the Fund bear pro- rata the same expenses and are entitled equally to the Fund's dividends and distributions except as follows. Each class will bear the expenses of any distribution and/or service plans applicable to such class. In addition, each class may incur differing transfer agency fees and may have different sales charges. Standardized performance quotations are computed separately for each class of shares. The differences in expenses paid by the respective classes will affect their performances.

Shareholders are entitled to one vote for each full share held, and a proportionate fractional vote for each fractional share held, and will vote in the aggregate, and not by series or class, except as otherwise expressly required by law or when the Board determines that the matter to be voted on affects the interest of shareholders of a particular series or class. Shares of the Funds do not have cumulative voting rights, which means that the holders of more than 50% of the shares voting for the election of Trustees can elect all of the Trustees if they choose to do so. In such event, the holders of the remaining shares will not be able to elect any person to the Board. Shares will be maintained in open accounts on the books of the Transfer Agent.

Upon the Trust's liquidation, all shareholders of a series would share pro-rata in the net assets of such series available for distribution to shareholders of the series, but, as shareholders of such series, would not be entitled to share in the distribution of assets belonging to any other series.

A shareholder will automatically receive all income dividends and capital gain distributions in additional full and fractional shares of the applicable Fund at its net asset value as of the date of payment unless the shareholder elects to receive such dividends or distributions in cash. The reinvestment date normally precedes the payment date by about seven days although the exact timing is subject to change. Shareholders will receive a confirmation of each new transaction in their account. The Trust will confirm all account activity, and transactions made as a result of the Automatic Investment Plan.

**Rule 18f-3 Plan.** The Board has adopted a Rule 18f-3 Multiple Class Plan on behalf of the Trust for the benefit of each of its series. The key features of the Rule 18f-3 Plan are as follows: (i) shares of each class of a Fund represent an equal pro rata interest in the Fund and generally have identical voting, dividend, liquidation, and other rights, preferences, powers, restrictions, limitations qualifications, terms and conditions, except that each class bears certain specific expenses and has separate voting rights on certain matters that relate solely to that class or in which the interests of shareholders of one class differ from the interests of shareholders of another class; (ii) subject to certain limitations described in the prospectuses, shares of a particular class of a Fund may be exchanged for shares of the same class of another Fund.

**PRICING AND ADDITIONAL PURCHASE AND EXCHANGE INFORMATION**

**Determining Net Asset Value.** Each Fund determines its net asset value per share ("NAV") as of the close of regular trading (generally, 4:00 p.m., eastern time) on the NYSE on each business day, which is defined as each Monday through Friday when the NYSE is open. Currently, the NYSE is closed on New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

NAV is computed by adding the total value of a Fund's investments and other assets (including dividends accrued but not yet collected) attributable to a Fund's particular share Class, subtracting any liabilities (including accrued expenses) attributable to a Fund's particular share Class, and then dividing by the total number of the applicable class' shares outstanding. Due to the fact that different expenses may be charged against shares of different classes of a Fund, the NAV of the different classes may vary.

Foreign security prices are expressed in their local currency and translated into U.S. dollars at current exchange rates. Any changes in the value of forward contracts due to exchange rate fluctuations are included in the determination of net asset value. Foreign currency exchange rates are generally determined prior to the close of trading on the NYSE. Occasionally, events affecting the value of foreign securities and such exchange rates occur between the time at which they are determined and the close of trading on the NYSE. When events materially affecting the value of such securities or exchange rates occur during such time period, the securities will be valued at their fair value as determined in good faith by the valuation designee.

For more information on calculation of NAV, see "Determining Net Asset Value" in the Fund's prospectuses.

**Purchase and Exchange of Shares.** When shares of a Fund are initially purchased, an account is automatically established for the shareholder. Any shares of that Fund subsequently purchased or received as a distribution are credited directly to the shareholder's account. No share certificates are issued. Shareholders will receive at least 60 days' notice of any termination or material modification of the exchange privilege described in the applicable prospectus, except no notice need be given if, under extraordinary circumstances, either redemptions are suspended under the circumstances described below or a Fund temporarily delays or ceases the sale of its shares because it is unable to invest amounts effectively in accordance with the Fund's investment objective, policies and restrictions.

**Telephone Transactions.** Shareholders may initiate three types of transactions by telephone: telephone exchanges; telephone redemptions by wire; and telephone redemptions by check. Once a telephone transaction request has been placed, it cannot be revoked. The telephone redemptions by wire privilege must be elected by you when you fill out your initial application or you may select that option later by completing the appropriate form(s) that is available from Shareholder Services. The telephone exchange privilege and telephone redemptions by check privilege are available to shareholders of the funds automatically, unless declined in the application or in writing.

The Funds will employ reasonable procedures to confirm that instructions received by telephone (including instructions with respect to changes in addresses) are genuine, such as requesting personal identification information that appears on an account application and recording the telephone conversation. A shareholder will bear the risk of loss due to unauthorized or fraudulent instructions regarding his or her account, although the Funds may be liable if reasonable procedures are not employed.

**Undeliverable Mail.** If the U.S. Postal Service cannot deliver a check representing the payment of a distribution to a shareholder, or if any such check remains uncashed for six months, the check(s) will be reinvested in shares of the distributing fund at their then-current NAV per share and all future distributions to that shareholder will be reinvested in fund shares.

**TAXATION**

Interest and other income received by the Fund with respect to foreign securities may give rise to withholding and other taxes imposed by foreign countries. Tax treaties or conventions between certain countries and the United States may reduce or eliminate such taxes. If, as of the close of a taxable year, more than 50% of the value of the Fund's assets consists of certain foreign stock or securities, the Fund will be eligible to elect to pass through to investors the amount of certain qualifying foreign income and similar taxes paid by the Fund during that taxable year. This means that investors would be considered to have received as additional income their respective shares of such foreign taxes, but may be entitled to either a corresponding tax deduction in calculating taxable income, or, subject to certain limitations, a credit in calculating federal income tax. The Fund (or its administrative agent) will notify you if it makes such an election and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

**Taxation of the Funds – General**

The following is only a summary of certain additional federal income tax considerations generally affecting the Funds and their shareholders that are not described in the prospectuses. No attempt is made to present a detailed explanation of the federal, state, local or foreign tax treatment of the Funds or their shareholders, and the discussion here and in the prospectuses is not intended to be a substitute for careful tax planning.

The following general discussion of certain federal income tax consequences is based on the Internal Revenue Code of 1986, as amended (the "Code") and regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

Each Fund is treated as a separate corporation for federal income tax purposes and intends to continue to qualify for treatment as a RIC. By doing so, it will be relieved of federal income tax on the part of its net income (consisting generally of net investment income, plus the excess of net short-term capital gain over net long-term capital loss) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), including distributions thereof it receives from an underlying fund, that it distributes to its shareholders.

To continue to qualify for treatment as a RIC, a Fund must distribute annually to its shareholders at least 90% of its net income (which includes dividends, taxable interest and the excess of net short-term capital gains over net long-term capital losses, less operating expenses) ("Distribution Requirement") and must meet several additional requirements. With respect to each Fund, these requirements include the following: (1) the Fund must derive at least 90% of its gross income each taxable year from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of securities or foreign currencies and other income (including gains from options, futures or forward contracts) derived with respect to its business of investing in securities or those currencies and net income derived from interests in qualified publicly traded partnerships ("Income Requirement"); and (2) at the close of each quarter of the Fund's taxable year, (a) at least 50% of the value of its total assets must be represented by cash and cash items, U.S. Government securities, securities of other RICs and other securities, with these other securities limited, in respect of any one issuer, to an amount that does not exceed 5% of the value of the Fund's total assets and that does not represent more than 10% of the issuer's outstanding voting securities, and (b) not more than 25% of the value of its total assets may be invested in securities (other than U.S. Government securities or securities of other RICs) of any one issuer or two or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships ("Diversification Requirements").

If a Fund failed to qualify for treatment as a RIC for any taxable year, (1) it would be taxed as an ordinary corporation on the full amount of its taxable income for that year without being able to deduct the distributions it makes to its shareholders and (2) the shareholders would treat all those distributions, including distributions of net capital gain, as dividends possibly taxable as "qualified dividend income," which would be taxable at the rate for net long- term capital gain – currently, a maximum of 20%) to the extent of the Fund's earnings and profits. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying for RIC treatment.

Each Fund will be subject to a nondeductible 4% excise tax ("Excise Tax") to the extent it fails to distribute by the end of any calendar year at least 98% of its ordinary income for that year and capital gain net income for the one-year period ending on October 31 of that year, plus certain other amounts.

**Taxation of Investments in Underlying Funds**

The Funds invest, and intend to continue to invest, only in underlying funds that intend to qualify for treatment as RICs. If an underlying fund failed to qualify for that treatment, it would be subject to federal income tax on its income and gains and might adversely affect the Fund's ability to satisfy the Diversification Requirements and thereby its ability to qualify as a RIC. No assurance can be given, however, that an underlying fund will qualify for treatment as a RIC.

A Fund's redemption of shares it holds in an underlying fund will result in taxable gain or loss to the Fund, depending on whether the redemption proceeds are more or less than its adjusted basis in the redeemed shares (which normally includes any sales charge paid on them); an exchange of an underlying fund's shares for shares of another underlying fund normally will have similar tax consequences. However, if a Fund disposes of an underlying fund's shares ("original shares") within 90 days after its purchase thereof and subsequently reacquires shares of that underlying fund or acquires shares of another underlying fund on which a sales charge normally is imposed ("replacement shares"), without paying the sales charge (or paying a reduced charge) due to an exchange privilege or a reinstatement privilege, then (1) any gain on the disposition of the original shares will be increased, or the loss thereon decreased, by the amount of the sales charge paid when those shares were acquired and (2) that amount will increase the adjusted basis in the replacement shares that were subsequently acquired. In addition, if a Fund purchases shares of an underlying fund within thirty days before or after redeeming other shares of that fund at a loss, all or part of that loss will not be deductible and instead will increase the basis in the newly purchased shares ("wash sale rule").

**Taxation of Shareholders**

Dividends and other distributions a Fund declares in October, November, or December generally are taxable to its shareholders as though received on December 31 if paid to them during the following January. Accordingly, those distributions will be taxed to the shareholders for the taxable year in which that December 31 falls.

As noted in the prospectuses, certain dividends from a Fund's net ordinary income (*i.e.*, "qualified dividend income"), whether paid in cash or reinvested in additional Fund shares, are taxed to individual shareholders at the 20% maximum rate applicable to net long-term capital gain. A portion of a Fund's dividends also may be eligible for the dividends-received deduction allowed to corporations. It is not anticipated that any part of the distributions by the Bond Fund (which invests exclusively in debt securities and thus receives no dividend income) will be eligible for that rate or that deduction.

Redemptions and exchanges of a Fund's shares may be taxable transactions for federal and state income tax purposes. If you hold your shares as a capital asset, the gain or loss that you realize will be capital gain or loss and will be long-term or short-term, generally depending on how long you hold your shares. If Fund shares are sold at a loss after being held for six months or less, the loss will be treated as long-term, instead of short-term, capital loss to the extent of any capital gain distributions received on those shares. If a shareholder purchases Fund shares within thirty days before or after redeeming other shares of that Fund at a loss, the wash sale rule will apply. If shares are purchased shortly before the record date for any dividend or capital gain distribution, the investor will pay full price for the shares and receive some portion of the price back as a taxable distribution.

**Qualified Retirement Plans.** An investment in Fund shares may be appropriate for individual retirement accounts (including "Roth IRAs"), tax-deferred annuity plans under section 403(b) of the Code, self-employed individual retirement plans (commonly referred to as "Keogh plans"), simplified employee pension plans, savings incentive match plans for employees and other qualified retirement plans (including section 401(k) plans). Dividends and capital gain distributions received on Fund shares held by any of these accounts or plans are automatically reinvested in additional Fund shares, and taxation thereof is deferred until distributed by the account or plan. Investors who are considering establishing such an account or plan may wish to consult their attorneys or other tax advisers with respect to individual tax questions. The option of investing in these accounts or plans through regular payroll deductions may be arranged with the Distributor and the employer.

**Taxation of Particular Investments**

**Zero Coupon and Payment-In-Kind Securities.** A Fund or an underlying fund may acquire zero coupon securities or other securities issued with original issue discount ("OID"), such as "stripped" U.S. Treasury securities. As a holder of those securities, a Fund or an underlying fund annually must include in its income the OID that accrues on the securities during the taxable year, even if it receives no corresponding payment on them during the year. Similarly, it must include in its gross income securities it receives as "interest" on payment-in-kind securities. Because each underlying fund annually must distribute substantially all of its investment company taxable income, including any accrued OID and other non-cash income, to satisfy the Distribution Requirement and avoid imposition of the Excise Tax, it may be required in a particular year to distribute as a dividend an amount that is greater than the total amount of cash it actually receives. Those distributions will be made from its cash assets or from the proceeds of sales of portfolio securities, if necessary. It may realize capital gains or losses from those sales, which would increase or decrease its net income and/or net capital gain.

**Foreign Income and Gains.** Dividends and interest a Fund or an underlying fund receives, and gains it realizes, may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield and/or total return on its securities. Tax conventions between certain countries and the United States may reduce or eliminate these foreign taxes, however, and many foreign countries do not impose taxes on capital gains in respect of investments by foreign investors.

A Fund or an underlying fund may invest in the stock of "passive foreign investment companies" ("PFICs"). A PFIC is any foreign corporation (with certain exceptions) that, in general, meets either of the following tests: (1) at least 75% of its gross income for the

taxable year is passive or (2) an average of at least 50% of its assets produce, or are held for the production of, passive income. Under certain circumstances, a Fund or an underlying fund will be subject to federal income tax on a portion of any "excess distribution" it receives on the stock of a PFIC or of any gain from disposition of that stock (collectively "PFIC income"), plus interest thereon, even if the fund distributes the PFIC income as a taxable dividend to its shareholders. The balance of the PFIC income will be included in the fund's investment company taxable income and, accordingly, will not be taxable to it to the extent it distributes that income to its shareholders. Distributions thereof will not be eligible for the 20% maximum federal income tax rate on individuals' "qualified dividend income" mentioned above.

If a Fund or an underlying fund invests in a PFIC and elects to treat the PFIC as a "qualified electing fund" ("QEF"), then in lieu of the foregoing tax and interest obligation, the Fund or underlying fund will be required to include in income each year its *pro rata* share of the QEF's annual ordinary earnings and net capital gain — which it probably would have to distribute to satisfy the Distribution Requirement and avoid imposition of the Excise Tax — even if the Fund or an underlying fund did not receive those earnings and gain from the QEF. In most instances it will be very difficult, if not impossible, to make this election because some of the information required to make this election may not be easily obtainable.

A Fund or an underlying fund may elect to "mark to market" its stock in any PFIC. "Marking-to-market," in this context, means including in ordinary income each taxable year the excess, if any, of the fair market value of the PFIC's stock over the underlying fund's adjusted basis therein as of the end of that year. Pursuant to the election, a Fund or an underlying fund also would be allowed to deduct (as an ordinary, not capital, loss) the excess, if any, of its adjusted basis in PFIC stock over the fair market value thereof as of the taxable year-end, but only to the extent of any net mark-to-market gains with respect to that stock the underlying fund included in income for prior taxable years under the election. A Fund's or an underlying fund's adjusted basis in each PFIC's stock subject to the election would be adjusted to reflect the amounts of income included and deductions taken thereunder.

Section 988 of the Code also may apply to forward currency contracts and options on foreign currencies. Under section 988 each foreign currency gain or loss generally is computed separately and treated as ordinary income or loss. In the case of overlap between sections 1256 (see below) and 988, special provisions determine the character and timing of any income, gain or loss.

**Hedging Strategies (Underlying Funds).** The use of hedging strategies, such as writing (selling) and purchasing options and futures contracts and entering into forward contracts, involves complex rules that will determine for income tax purposes the amount, character and timing of recognition of the gains and losses an underlying fund realizes in connection therewith. Gains from the disposition of foreign currencies (except certain gains that may be excluded by future regulations), and gains from options, futures and forward contracts an underlying fund derives with respect to its business of investing in securities or those currencies, will be treated as qualifying income under the Income Requirement.

Certain futures, foreign currency contracts and "nonequity" options (*i.e.*, certain listed options, such as those on a "broad-based" securities index) in which the underlying funds may invest will be "section 1256 contracts." Section 1256 contracts an underlying fund holds at the end of each taxable year, other than section 1256 contracts that are part of a "mixed straddle" with respect to which the underlying fund has made an election not to have the following rules apply, must be "marked-to-market" (that is, treated as sold for their fair market value) for federal income tax purposes, with the result that unrealized gains or losses will be treated as though they were realized. Sixty percent of any net gain or loss recognized on these deemed sales, and 60% of any net realized gain or loss from any actual sales of section 1256 contracts, will be treated as long-term capital gain or loss, and the balance will be treated as short-term capital gain or loss. Section 1256 contracts also may be marked-to-market for purposes of the Excise Tax.

Code section 1092 (dealing with straddles) also may affect the taxation of certain hedging instruments in which an underlying fund may invest. That section defines a "straddle" as offsetting positions with respect to actively traded personal property; for these purposes, options, futures and forward contracts are personal property. Under that section, any loss from the disposition of a position in a straddle generally may be deducted only to the extent the loss exceeds the unrealized gain on the offsetting position(s) of the straddle. In addition, these rules may postpone the recognition of loss that otherwise would be recognized under the mark-to-market rules discussed above. The regulations under section 1092 also provide certain "wash sale" rules, which apply to transactions where a position is sold at a loss and a new offsetting position is acquired within a prescribed period, and "short sale" rules applicable to straddles. If an underlying fund makes certain elections, the amount, character and timing of recognition of gains and losses from the affected straddle positions would be determined under rules that vary according to the elections made. Because only a few of the regulations implementing the straddle rules have been promulgated, the tax consequences of straddle transactions are not entirely clear.

If a Fund or an underlying fund has an "appreciated financial position" — generally, an interest (including an interest through an option, futures or forward contract or short sale) with respect to any stock, debt instrument (other than "straight debt") or partnership interest the fair market value of which exceeds its adjusted basis — and enters into a "constructive sale" of the position, the fund will be treated as having made an actual sale thereof, with the result that it will recognize gain at that time. A constructive sale generally consists of a short sale, an offsetting notional principal contract or futures or forward contract an underlying fund or a related person enters into with respect to the same or substantially identical property. In addition, if the appreciated financial position is itself a short sale or such a contract, acquisition of the underlying property or substantially identical property will be deemed a constructive sale. The foregoing will

not apply, however, to any transaction by a Fund or an underlying fund during any taxable year that otherwise would be treated as a constructive sale if the transaction is closed within 30 days after the end of that year and the Fund or underlying fund holds the appreciated financial position unhedged for 60 days after that closing (*i.e.*, at no time during that 60-day period is the fund's risk of loss regarding that position reduced by reason of certain specified transactions with respect to substantially identical or related property, such as having an option to sell, being contractually obligated to sell, making a short sale, or granting an option to buy substantially identical stock or securities).

**COST BASIS**

For those securities defined as "covered" under current Internal Revenue Service ("IRS") cost basis tax reporting regulations, the Funds are responsible for maintaining accurate cost basis and tax lot information for tax reporting purposes. The Funds are not responsible for the reliability or accuracy of the information for those securities that are not "covered." The Funds and their service providers do not provide tax advice. You should consult independent sources, which may include a tax professional, with respect to any decisions you may make with respect to choosing a tax lot identification method.

Federal law requires that mutual fund companies report their shareholders' cost basis, gain/loss, and holding period to the IRS on the fund's shareholders' Consolidated Form 1099s when "covered" securities are sold. Covered securities are any regulated investment company and/or dividend reinvestment plan shares acquired on or after January 1, 2012. The Trust has chosen the average cost method as its standing (default) cost basis method for all shareholders. Under this method, the Funds will average the cost of all shares held by a shareholder for tax reporting purposes. Each shareholder has the option to elect a different cost basis method by notifying the Fund in writing. A tax lot identification method is the way the Funds will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. The Funds' standing tax lot identification method is the method covered shares will be reported on your Consolidated Form 1099 if you do not select a specific tax lot identification method.

Shareholders may, however, choose a method other than a Fund's standing method at the time of their purchase or upon sale of covered shares. Shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

**OTHER INFORMATION**

The Trust is an entity of the type commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of the Trust. The Declaration of Trust states that no shareholder as such shall be subject to any personal liability whatsoever to any person in connection with Trust property or the acts, omissions, obligations or affairs of the Trust. It also states that every written obligation, contract, instrument, certificate, share, other security of the Trust or undertaking made or issued by the Trustees may recite, in substance, that the same is executed or made by them not individually, but as Trustees under the Declaration of Trust, and that the obligations of the Trust under any such instrument are not binding upon any of the Trust's Trustees or shareholders individually, but bind only the Trust estate, and may contain any further recital which they or he may deem applicable, but the omission of such recital shall not operate to bind the Trustees or shareholders individually.

The Declaration of Trust further provides that the Trust shall indemnify and hold each shareholder harmless from and against all claims and liabilities to which such shareholder may become subject by reason of his being or having been a shareholder, and shall reimburse such shareholder for all legal and other expenses reasonably incurred by him in connection with any such claim or liability. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Trust would be unable to meet its obligations.

The prospectuses relating to the Funds and this SAI do not contain all the information included in the Trust's registration statement filed with the SEC under the Securities Act of 1933 and the 1940 Act with respect to the securities offered hereby, certain portions of which have been omitted pursuant to the rules and regulations of the SEC. The registration statement, including the exhibits filed therewith, may be examined at the offices of the SEC in Washington, D.C. or by visiting the SEC's web site at http://www.sec.gov.

Statements contained in the prospectuses and this SAI as to the contents of any contract or other documents referred to are not necessarily complete, and in each instance reference is made to the copy of such contracts or other documents filed as an exhibit to the registration statement, each such statement being qualified in all respects by such reference.

**FINANCIAL STATEMENTS**

The [Annual Report to shareholders of the Funds for the fiscal year ended January 31, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000764859/000139834426006435/fp0097657-2_ncsrixbrl.htm), which includes the financial statements and financial highlights, as filed with the SEC, is hereby incorporated by reference.

**APPENDIX A: DESCRIPTION OF COMMERCIAL PAPER AND BOND RATINGS**

DESCRIPTION OF MOODY'S SHORT-TERM DEBT RATINGS

Prime-1. Issuers (or supporting institutions) rated Prime-1 ("P-1") have a superior ability for repayment of senior short-term debt obligations. P-1 repayment ability will often be evidenced by many of the following characteristics: leading market positions in well- established industries; high rates of return on funds employed; conservative capitalization structure with moderate reliance on debt and ample asset protection; broad margins in earnings coverage of fixed financial charges and high internal cash generation; well- established access to a range of financial markets and assured sources of alternate liquidity.

Prime-2. Issuers (or supporting institutions) rated Prime-2 ("P-2") have a strong ability for repayment of senior short-term debt obligations. This will normally be evidenced by many of the characteristics cited above but to a lesser degree. Earnings trends and coverage ratios, while sound, may be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternate liquidity is maintained.

DESCRIPTION OF S&P COMMERCIAL PAPER RATINGS

A. Issues assigned this highest rating are regarded as having the greatest capacity for timely payment. Issues in this category are delineated with the numbers 1, 2 and 3 to indicate the relative degree of safety.

A-1. This designation indicates that the degree of safety regarding timely payment is strong. Those issues determined to possess extremely strong safety characteristics are denoted with a plus (+) sign designation.

A-2. Capacity for timely payment on issues with this designation is satisfactory. However, the relative degree of safety is not as high as for issues designated A-1.

DESCRIPTION OF MOODY'S LONG-TERM DEBT RATINGS

Aaa. Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edged". Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

Aa. Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they comprise what are generally known as high-grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risk appear somewhat larger than the Aaa securities.

A. Bonds which are rated A possess many favorable investment attributes and are considered as upper-medium-grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present which suggest a susceptibility to impairment some time in the future.

Baa. Bonds which are rated Baa are considered as medium-grade obligations (i.e., they are neither highly protected nor poorly secured). Interest payments and principal security appear adequate for the present, but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Ba. Bonds which are rated Ba are judged to have speculative elements; their future cannot be considered as well-assured. Often the protection of interest and principal payments may be very moderate, and thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

B. Bonds which are rated B generally lack characteristics of the desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Caa. Bonds which are rated Caa are of poor standing. Such issues may be in default or there may be present elements of danger with respect to principal or interest.

Ca. Bonds which are rated Ca are present obligations which are speculative in a high degree. Such issues are often in default or have other marked shortcomings.

C. Bonds which are rated C are the lowest rate Class D of bonds, and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

Note: Moody's applies numerical modifiers 1, 2 and 3 in each generic rating classification from Aa to B. The modifier 1 indicates that the Company ranks in the higher end of its generic rating category; the modifier 2 indicates amid-range ranking; and the modifier 3 indicates that the company ranks in the lower end of its generic rating category.

DESCRIPTION OF S&P CORPORATE DEBT RATINGS

AAA. Debt rated AAA has the highest rating assigned by S&P. Capacity to pay interest and repay principal is extremely strong.

AA. Debt rated AA has a very strong capacity to pay interest and repay principal and differs from the higher rated issues only in small degree.

A. Debt rated A has a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

BBB. Debt rated BBB is regarded as having an adequate capacity to pay interest and repay principal. Whereas it normally exhibits adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for debt in this category than in higher rated categories.

BB, B, CCC, CC, and C. Debt rated BB, B, CCC, CC and C is regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. BB indicates the lowest degree of speculation and C the highest degree of speculation. While such debt will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

BB. Debt rated BB has less near-term vulnerability to default than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to inadequate capacity to meet timely interest and principal payments. The BB rating category is also used for debt subordinated to senior debt that is assigned an actual or implied BBB- rating.

B. Debt rated B has a greater vulnerability to default but currently has the capacity to meet interest payments and principal repayments. Adverse business, financial, or economic conditions will likely impair capacity or willingness to pay interest and repay principal. The B rating category is also used for debt subordinated to senior debt that is assigned an actual or implied BB or BB- rating.

CCC. Debt rated CCC has a currently identifiable vulnerability to default, and is dependent upon favorable business, financial and economic conditions to meet timely payment of interest and repayment of principal. In the event of adverse business, financial or economic conditions, it is not likely to have the capacity to pay interest and repay principal. The CCC rating category is also used for debt subordinated to senior debt that is assigned an actual or implied B or B- rating; CC. The rating CC is typically applied to debt subordinated to senior debt that is assigned an actual or implied CCC rating.

C. The rating C is typically applied to debt subordinated to senior debt which is assigned an actual or implied CCC-debt rating. The C rating may be used to cover a situation where a bankruptcy petition has been filed, but debt service payments are continued.

CI. The rating CI is reserved for income bonds on which no interest is being paid.

D. Debt rated D is in payment default. The D rating category is used when interest payments or principal payments are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period. The D rating also will be used upon the filing of a bankruptcy petition if debt service payments are in jeopardy.

**APPENDIX B: HEDGING STRATEGIES**

GENERAL DESCRIPTION OF HEDGING STRATEGIES

The Adviser may engage in a variety of strategies ("Hedging Strategies") involving the use of certain financial instruments, including options, futures contracts (sometimes referred to as "futures") and options on futures contracts to attempt to hedge a Fund's portfolio. The Adviser may also hedge currency risks associated with these Funds' investments in foreign securities through the use of forwarding foreign currency contracts. An underlying fund may also engage in Hedging Strategies.

Hedging Strategies are used to hedge against price movements in one or more particular securities positions that the Fund owns or intends to acquire. Hedging Strategies on stock indices, in contrast, generally are used to hedge against price movements in broad equity market sectors in which the Fund has invested or expects to invest. Hedging Strategies on debt securities may be used to hedge either individual securities or broad fixed income market sectors.

The use of Hedging Strategies is subject to applicable regulations of the SEC, the several options and futures exchanges upon which they are traded, the Commodity Futures Trading Commission ("CFTC") and various state regulatory authorities. In addition, the Funds' ability to use Hedging Strategies will be limited by tax considerations.

SPECIAL RISKS OF HEDGING STRATEGIES

The use of Hedging Strategies involves special considerations and risks, as described below. Risks pertaining to particular instruments are described in the sections that follow:

(1) Successful use of most Hedging Strategies depends upon the Adviser's ability to predict movements of the overall securities and interest rate markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular hedging strategy adopted will succeed.

(2) There might be imperfect correlation, or even no correlation, between price movements of a Hedging Strategy and price movements of the investments being hedged. For example, if the value of an instrument used in a short hedge increased by less than the decline in value of the hedged investment, the hedge would not be fully successful. Such a lack of correlation might occur due to factors unrelated to the value of the investments being hedged, such as speculative or other pressures on the markets in which hedging instruments are traded. The effectiveness of Hedging Strategies on indices will depend on the degree of correlation between price movements in the index and price movements in the securities being hedged.

(3) Hedging Strategies, if successful, can reduce risk of loss by wholly or partially offsetting the negative effect of unfavorable price movements in the investments being hedged. However, Hedging Strategies can also reduce opportunity for gain by offsetting the positive effect of favorable price movements in the hedged investments. For example, if a Fund entered into a short hedge because the Adviser projected a decline in the price of a security in the Fund's portfolio, and the price of that security increased instead, the gain from that increase might be wholly or partially offset by a decline in the price of the hedging instrument. Moreover, if the price of the hedging instrument declined by more than the increase in the price of the security, the Fund could suffer a loss. In either such case, the Fund would have been in a better position had it not hedged at all.

(4) A Fund might be required to maintain assets as "cover," maintain segregated accounts or make margin payments when it takes positions in hedging instruments involving obligations to third parties (i.e., hedging instruments other than purchased options). If the Fund were unable to close out its positions in such hedging instruments, it might be required to continue to maintain such assets or accounts or make such payments until the positions expired or matured. These requirements might impair the Fund's ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or require that the Fund sell a portfolio security at a disadvantageous time. The Fund's ability to close out a position in an instrument prior to expiration or maturity depends on the existence of a liquid secondary market or, in the absence of such a market, the ability and willingness of the opposite party to the transaction to enter into a transaction closing out the position. Therefore, there is no assurance that any hedging position can be closed out at a time and price that is favorable to the Fund.

COVER FOR HEDGING STRATEGIES

The Funds will not use Hedging Strategies for speculative purposes or for purposes of leverage, although an underlying fund may do so. Hedging Strategies, other than purchased options, expose the Funds to an obligation to another party. The Funds will not enter into any such transactions unless they own either (1) an offsetting ("covered") position in securities or other options or futures contracts or (2) cash, receivables and short-term debt securities, with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (1) above.

Assets used as cover or held in a segregated account cannot be sold while the position in the corresponding instrument is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of a Fund's assets to cover segregated accounts could impede portfolio management or the Fund's ability to meet redemption requests or other current obligations.

OPTIONS ACTIVITIES

Each Fund, either directly or through an underlying fund, may write (i.e., sell) call options ("calls") if the calls are "covered" throughout the life of the option. A call is "covered" if the fund owns the optioned securities. When a fund writes a call, it receives a premium and gives the purchaser the right to buy the underlying security at anytime during the call period (usually not more than nine months in the case of common stock) at a fixed exercise price regardless of market price changes during the call period. If the call is exercised, the fund will forego any gain from an increase in the market price of the underlying security over the exercise price. Each Fund also is authorized to write covered call options, but has no intention of doing so during the current fiscal year.

Each Fund, either directly or through an underlying fund, may purchase a call on securities only to effect a "closing transaction," which is the purchase of a call covering the same underlying security and having the same exercise price and expiration date as a call previously written by the fund on which it wishes to terminate its obligation. If the fund is unable to effect a closing transaction, it will not be able to sell the underlying security until the call previously written by the fund expires (or until the call is exercised and the fund delivers the underlying security).

Each Fund, either directly or through an underlying fund, may also may write and purchase put options ("puts"). When a fund writes a put, it receives a premium and gives the purchaser of the put the right to sell the underlying security to the fund at the exercise price at any time during the option period. When a fund purchases a put, it pays a premium in return for the right to sell the underlying security at the exercise price at any time during the option period. An underlying fund also may purchase stock index puts, which differ from puts on individual securities in that they are settled in cash based on the values of the securities in the underlying index rather than by delivery of the underlying securities. Purchase of a stock index put is designed to protect against a decline in the value of the portfolio generally rather than an individual security in the portfolio. If any put is not exercised or sold, it will become worthless on its expiration date.

A fund's option positions may be closed out only on an exchange that provides a secondary market for options of the same series, but there can be no assurance that a liquid secondary market will exist at any given time for any particular option. In this regard, trading in options on certain securities (such as U.S. Government securities) is relatively new, so that it is impossible to predict to what extent liquid markets will develop or continue. Closing transactions may be effected with respect to options traded in the OTC markets (currently the primary markets for options on debt securities) only by negotiating directly with the other party to the option contract or in a secondary market for the option if such market exists. Although the funds will enter into OTC options with dealers that agree to enter into, and that are expected to be capable of entering into, closing transactions with the fund, there can be no assurance that the fund would be able to liquidate an OTC option at a favorable price at any time prior to expiration. In the event of insolvency of the contra-party, the fund may be unable to liquidate an OTC option. Accordingly, it may not be possible to effect closing transactions with respect to certain options, which would result in the fund having to exercise those options that it has purchased in order to realize any profit. With respect to options written by the fund, the inability to enter into a closing transaction may result in material losses to the fund. For example, because the fund must maintain a covered position with respect to any call option it writes on a security or stock index, the fund may not sell the underlying security or invest any cash, U.S. Government securities or short-term debt securities used to cover the option during the period it is obligated under such option. This requirement may impair the fund's ability to sell a portfolio security or make an investment at a time when such a sale or investment might be advantageous.

An underlying fund's custodian, or a securities depository acting for it, generally acts as escrow agent as to the securities on which the fund has written puts or calls, or as to other securities acceptable for such escrow so that no margin deposit is required of the fund. Until the underlying securities are released from escrow, they cannot be sold by the fund.

In the event of a shortage of the underlying securities deliverable on exercise of an option, the Options Clearing Corporation ("OCC") has the authority to permit other, generally comparable securities to be delivered in fulfillment of option exercise obligations. If the OCC exercises its discretionary authority to allow such other securities to be delivered, it may also adjust the exercise prices of the affected options by setting different prices at which otherwise ineligible securities may be delivered. As an alternative to permitting such substitute deliveries, the OCC may impose special exercise settlement procedures.

In view of the risks involved in using the options strategies described above, each Fund that engages directly in options activities has adopted the following investment guidelines to govern its use of such strategies; these guidelines may be modified without shareholder vote:

(1) a Fund will write only covered options and each such option will remain covered so long as the Fund is obligated under the option;

(2) a Fund will not write call or put options having aggregate exercise prices greater than 25% of its net assets; and

(3) a Fund may purchase a put or call option, including any straddles or spreads, only if the value of its premium, when aggregated with the premiums on all other options held by the Funds, does not exceed 5% of the Fund's total assets.

The Funds' activities in the option markets may result in a higher portfolio turnover rate and additional brokerage costs; however, the Funds also may save on commissions by using options as a hedge rather than buying or selling individual securities in anticipation of or as a result of market movements.

FUTURES CONTRACTS

A Fund or an underlying fund may enter into futures contracts for the purchase or sale of debt securities and stock indexes. A futures contract is an agreement between two parties to buy and sell a security or an index for a set price on a future date. Futures contracts are traded on designated "contract markets" that, through their clearing corporation, guarantee performance of the contracts.

Generally, if market interest rates increase, the value of outstanding debt securities declines (and vice versa). Entering into a futures contract for the sale of debt securities has an effect similar to the actual sale of securities, although sale of the futures contract might be accomplished more easily and quickly. For example, if an underlying fund holds long-term U.S. Government securities and it anticipates a rise in long-term interest rates (and therefore a decline in the value of those securities), it could, in lieu of disposing of those securities, enter into futures contracts for the sale of similar long-term securities. If rates thereafter increase and the value of the fund's portfolio securities thus declines, the value of the fund's futures contracts would increase, thereby protecting the fund by preventing the net asset value from declining as much as it otherwise would have. Similarly, entering into futures contracts for the purchase of debt securities has an effect similar to the actual purchase of the underlying securities, but permits the continued holding of securities other than the underlying securities. For example, if an underlying fund expects long-term interest rates to decline, it might enter into futures contracts for the purchase of long-term securities so that it could gain rapid market exposure that may offset anticipated increases in the cost of securities it intends to purchase while continuing to hold higher-yield short-term securities or waiting for the long-term market to stabilize.

A stock index futures contract may be used to hedge an underlying fund's portfolio with regard to market risk as distinguished from risk relating to a specific security. A stock index futures contract does not require the physical delivery of securities, but merely provides for profits and losses resulting from changes in the market value of the contract to be credited or debited at the close of each trading day to the respective accounts of the parties to the contract. On the contract's expiration date, a final cash settlement occurs. Changes in the market value of a particular stock index futures contract reflect changes in the specified index of equity securities on which the contract is based.

There are several risks in connection with the use of futures contracts. In the event of an imperfect correlation between the futures contract and the portfolio position that is intended to be protected, the desired protection may not be obtained and the fund may be exposed to risk of loss. Further, unanticipated changes in interest rates or stock price movements may result in a poorer overall performance for the fund than if it had not entered into futures contracts on debt securities or stock indexes.

In addition, the market prices of futures contracts may be affected by certain factors. First, all participants in the futures market are subject to margin deposit and maintenance requirements. Rather than meeting additional margin deposit requirements, investors may close futures contracts through offsetting transactions that could distort the normal relationship between the securities and futures markets. Second, from the point of view of speculators, the deposit requirements in the futures market are less onerous than margin requirements in the securities market. Therefore, increased participation by speculators in the futures market may also cause temporary price distortions.

Positions in futures contracts may be closed out only on an exchange or board of trade that provides a secondary market for such futures. Although the Funds intend to purchase or sell futures only on exchanges or boards of trade where there appears to be an active secondary market, there is no assurance that a liquid secondary market on an exchange or board of trade will exist for any particular contract at any particular time. In such event, it may not be possible to close a futures position, and in the event of adverse price movements, the Funds would continue to be required to make variation margin deposits.

As is the case with options, the Funds' activities in the futures markets may result in a higher portfolio turnover rate and additional transaction costs in the form of added brokerage commissions; however, the Funds also may save on commissions by using futures contracts as a hedge rather than buying or selling individual securities in anticipation of or as a result of market movements.

In view of the risks involved in using the futures strategies that are described above, each of these Funds has adopted the following investment guidelines to govern its use of such strategies; these guidelines may be modified without shareholder vote.

(1) a Fund will not purchase or sell futures contracts or related options if, immediately thereafter, the sum of the amount of initial margin deposits on the Fund's existing futures positions and related options and premiums paid for related options would exceed 5% of the Fund's total assets; and

(2) futures contracts and related options will not be purchased if immediately thereafter more than 30% of the Fund's total assets would be so invested.

OPTIONS ON FUTURES CONTRACTS

A Fund or an underlying fund may purchase and write (sell) put and call options on futures contracts. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), at a specified exercise price at any time during the option period. When an option on a futures contract is exercised, delivery of the futures position is accompanied by cash representing the difference between the current market price of the futures contract and the exercise price of the option. A fund may purchase put options on futures contracts in lieu of, and for the same purpose as, a sale of a futures contract. It also may purchase such put options in order to hedge a long position in the underlying futures contract in the same manner as it purchases "protective puts" on securities.

Each Fund, either directly or indirectly through an underlying fund, also may purchase put options on interest rate and stock index futures contracts. As with options on securities, the holder of an option on a futures contract may terminate its position by selling an option of the same series. There is no guarantee that such closing transactions can be effected. An underlying fund is required to deposit initial margin and variation margin with respect to put and call options on futures contracts written by it pursuant to brokers' requirements similar to those applicable to futures contracts described above and, in addition, net option premiums received will be included as initial margin deposits.

In addition to the risks that apply to all options transactions, there are several special risks relating to options on futures contracts. The ability to establish and close out positions on such options will be subject to the development and maintenance of a liquid secondary market. There can be no certainty that liquid secondary markets for all options on futures contracts will develop. Compared to the use of futures contracts, the purchase of options on futures contracts involves less potential risk to an underlying fund because the maximum amount at risk is the premium paid for the options (plus transaction costs). However, there may be circumstances when the use of an option on a futures contract would result in a loss to the fund when the use of a futures contract would not, such as when there is no movement in the prices of the underlying securities. Writing an option on a futures contract involves risks similar to those arising in the sale of futures contracts, as described above.

FORWARD AND FOREIGN CURRENCY CONTRACTS

A Fund or an underlying fund may use forward or foreign currency contracts to protect against uncertainty in the level of future foreign currency exchange rates. The Funds will not speculate with forward currency contracts or foreign currency exchange rates.

A Fund or an underlying fund may enter into forward currency contracts with respect to specific transactions. For example, when a Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency, or the Fund anticipates the receipt in a foreign currency of dividend or interest payments on a security that it holds or anticipates purchasing, the Fund may desire to "lock in" the U.S. dollar price of the security or the U.S. dollar equivalent of such payment, as the case may be, by entering into a forward contract for the purchase or sale, for a fixed amount of U.S. dollars or foreign currency, of the amount of foreign currency involved in the underlying transaction. The Fund will thereby be able to protect itself against a possible loss resulting from an adverse change in the relationship between the currency exchange rates during the period between the date on which the security is purchased or sold, or on which the payment is declared, and the date on which such payments are made or received. These contracts are traded in the interbank market conducted directly between currency traders (usually large commercial banks) and their customers. A forward contract generally has no deposit requirement, and no commissions are charged at any stage for trades. Although such contracts tend to minimize the risk of loss due to a decline in the value of the subject currency, they tend to limit commensurately any potential gain that might result should the value of such currency increase during the contract period.

A Fund or an underlying fund may hedge by using forward currency contracts in connection with portfolio positions to lock in the U.S. dollar value of those positions, to increase the Fund's exposure to foreign currencies that the Adviser believes may rise in value relative to the U.S. dollar or to shift the Fund's exposure to foreign currency fluctuations from one country to another. For example, when the Adviser believes that the currency of a particular foreign country may suffer a substantial decline relative to the U.S. dollar or another currency, it may enter into a forward contract to sell the amount of the former foreign currency approximating the value of some or all of the Fund's portfolio securities denominated in such foreign currency. This investment practice generally is referred to as "cross- hedging" when another foreign currency is used.

The precise matching of the forward amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date the forward contract is entered into and the date it matures. Accordingly, it may be necessary for the Fund to purchase additional foreign currency on the spot (that is, cash) market (and bear the expense of such purchase) if the market value of the security is less than the amount of foreign currency the Fund is obligated to deliver and if a decision is made to sell the security and make delivery of the foreign currency. Conversely, it may be necessary to sell on the spot market some of the foreign currency received upon the sale of the portfolio security if the market value of the security exceeds the amount of foreign currency the Fund is obligated to deliver. The projection of short-term currency market movements is extremely difficult and the successful execution of a short-term hedging strategy is highly uncertain. Forward contracts involve the risk that anticipated currency movements will not be accurately predicted, causing the Fund to sustain losses on these contracts and transaction costs. The Fund may enter into forward contracts or maintain a net exposure on such contracts only if (1) the consummation of the contracts would not obligate the Fund to deliver an amount of foreign currency in excess of the value of the Fund's portfolio securities or other assets denominated in that currency or (2) the Fund maintains cash, U.S. Government securities or liquid, high-grade debt securities in a segregated account in an amount not less than the value of the Fund's total assets committed to the consummation of the contract which value must be marked to market daily. Under normal circumstances, consideration of the prospect for currency parties will be incorporated into the longer term investment decisions made with regard to overall diversification strategies. However, the Adviser believes that it is important to have the flexibility to enter into such forward contracts when it determines that the best interests of the Fund will be served.

At or before the maturity date of a forward contract requiring the Fund to sell a currency, the Fund may either sell a portfolio security and use the sale proceeds to make delivery of the currency or retain the security and offset its contractual obligation to deliver the currency by purchasing a second contract pursuant to which the Fund will obtain, on the same maturity date, the same amount of the currency that it is obligated to deliver. Similarly, the Fund may close out a forward contract requiring it to purchase a specified currency by entering into a second contract entitling it to sell the same amount of the same currency on the maturity date of the first contract. The Fund would realize a gain or loss as a result of entering into such an offsetting forward currency contract under either circumstance to the extent the exchange rate or rates between the currencies involved moved between the execution dates of the first contract and the offsetting contract.

The cost to the Fund of engaging in forward currency contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions then prevailing. Because forward currency contracts are usually entered into on a principal basis, no fees or commissions are involved. The use of forward currency contracts does not eliminate fluctuations in the prices of the underlying securities the Fund owns or intends to acquire, but it does fix a rate of exchange in advance. In addition, although forward currency contracts limit the risk of loss due to a decline in the value of the hedged currencies, at the same time they limit any potential gain that might result should the value of the currencies increase.

Although each Fund values its assets daily in terms of U.S. dollars, it does not intend to convert its holdings of foreign currencies into U.S. dollars on a daily basis. The Fund may convert foreign currency from time to time and investors should be aware of the costs of currency conversion. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency to the Fund at one rate, while offering a lesser rate of exchange should the Fund desire to resell that currency to the dealer.

**APPENDIX C: PROXY VOTING POLICY**

**Yorktown Management & Research Company, Inc.**

**PROXY VOTING**

RESPONSIBILITY TO VOTE PROXIES

The Adviser shall be responsible for voting the proxies of securities held in client accounts for whom the Adviser exercises discretionary authority.

RESPONSIBLE PERSON

The Chief Compliance Officer shall be responsible for voting proxies.

WRITTEN PROXY VOTING POLICIES AND PROCEDURES

The Adviser has adopted written Proxy Voting Policies and Procedures. A copy of these Procedures shall be given to all clients for whom the Adviser votes proxies, at the time the client engages the Adviser, and not later than thirty days after any amendment, or alteration to the Policies and Procedures is adopted.

REPORTING OF PROXY VOTES

The Adviser shall ensure that all proxy votes on behalf of the Funds are filed via EDGAR filing within the time periods required under applicable law.

AUTHORITY TO ENGAGE THIRD PARTY PROXY VOTING SERVICES

The Adviser may engage third party service providers to vote client proxies and provide reports to clients.

**PART C: OTHER INFORMATION**

**<u>Item 28. Exhibits</u>**

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| (a)(1) | [Declaration of Trust of American Pension Investors Trust (the "Trust" or the "Registrant") dated January 23, 1985 is incorporated herein by reference to Exhibit 1 of Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the U.S. Securities and Exchange Commission (the "SEC") via EDGAR Accession No. 0000898432-96-000418 on September 30, 1996.](http://www.sec.gov/Archives/edgar/data/764859/000089843296000418/0000898432-96-000418.txt) |
| (a)(2) | [Amendment dated February 18, 1997 to the Registrant's Declaration of Trust dated January 23, 1985 is incorporated herein by reference to Exhibit (1)(b) of Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-97-000240 on April 16, 1997.](http://www.sec.gov/Archives/edgar/data/764859/000089843297000240/0000898432-97-000240.txt) |
| (a)(3) | [Amended and Restated Certificate of Designation, dated July 24, 2009, is incorporated herein by reference to Exhibit (a)(3) of Post-Effective Amendment No. 88 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-22-002867 on May 27, 2022.](https://www.sec.gov/Archives/edgar/data/764859/000158064222002867/ex99a_3.htm) |
| (a)(4) | [Amended and Restated Certificate of Designation, dated May 24, 2012, is incorporated by reference to Exhibit 99-a(4) of Post-Effective Amendment No. 55 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001193125-12-252136 on May 30, 2012.](http://www.sec.gov/Archives/edgar/data/764859/000119312512252136/d347862dex99a4.htm) |
| (a)(5) | [Amended and Restated Certificate of Designation, dated April 20, 2016, is incorporated herein by reference to Exhibit 99(a)(5) of Post-Effective Amendment No. 65 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001193125-16-569695 on April 29, 2016.](http://www.sec.gov/Archives/edgar/data/764859/000119312516569695/d185741dex99a5.htm) |
| (a)(6) | [Amended and Restated Certificate of Designation, dated June 16, 2022, is incorporated herein by reference to Exhibit 99(a)(6) of Post-Effective Amendment No. 89 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-23-002954 on May 30, 2023.](https://www.sec.gov/Archives/edgar/data/764859/000158064223002954/ex99a6.htm) |
| (b)(1) | [By-Laws of the Registrant are incorporated herein by reference to Exhibit (2)(a) of Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-96-000418 on September 30, 1996.](http://www.sec.gov/Archives/edgar/data/764859/000089843296000418/0000898432-96-000418.txt) |
| (b)(2) | [Amendment dated September 16, 1988 to the Registrant's By-Laws is incorporated herein by reference to Exhibit (2)(b) of Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-96-000418 on September 30, 1996.](http://www.sec.gov/Archives/edgar/data/764859/000089843296000418/0000898432-96-000418.txt) |
| (c) | [Instrument defining the rights of holders of the Registrant's shares of beneficial interest is incorporated herein by reference to Exhibit (4) of Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-96-000418 on September 30, 1996.](http://www.sec.gov/Archives/edgar/data/764859/000089843296000418/0000898432-96-000418.txt) |
| (d)(1)(i) | [Investment Advisory Agreement dated August 18, 2017, between the Registrant and Yorktown Management & Research Company, Inc. on behalf of each of its series portfolios is incorporated herein by reference to Post-Effective Amendment No. 74 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001398344-18-004924 on March 30, 2018.](http://www.sec.gov/Archives/edgar/data/764859/000139834418004924/fp0032125_ex9928d1.htm) |

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| (d)(1)(ii) | [Amendment dated May 31, 2021 to the Investment Advisory Agreement between the Registrant, on behalf of each of its series portfolios, and Yorktown Management & Research Company, Inc. is incorporated herein by reference to Exhibit (d)(1)(ii) of Post-Effective Amendment No. 88 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-22-002867 on May 27, 2022.](https://www.sec.gov/Archives/edgar/data/764859/000158064222002867/ex99d_1ii.htm) |
| (d)(2)(i) | [Expense Limitation Agreement, dated May 31, 2024 between Yorktown Management & Research Company, Inc. and the Registrant, on behalf of the Yorktown Bond Fund (formerly, Yorktown Multi-Sector Bond Fund), Yorktown Growth Fund, Yorktown Short Term Bond Fund and Yorktown Treasury Advanced Total Return Fund, is incorporated herein by reference to Exhibit (d)(2)(i) of Post-Effective Amendment No. 90 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-24-002853 on May 28, 2024.](https://www.sec.gov/Archives/edgar/data/764859/000158064224002853/ex99d2i.htm) |
| (d)(2)(ii) | [Expense Limitation Agreement, dated May 31, 2024 between Yorktown Management & Research Company, Inc. and the Registrant, on behalf of the Yorktown Small Cap Fund, is incorporated herein by reference to Exhibit (d)(2)(ii) of Post-Effective Amendment No. 90 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-24-002853 on May 28, 2024.](https://www.sec.gov/Archives/edgar/data/764859/000158064224002853/ex99d2ii.htm) |
| (d)(2)(iii) | [Expense Limitation Agreement, dated May 31, 2025 between Yorktown Management & Research Company, Inc. and the Registrant, on behalf of the Yorktown Small Cap Fund, Yorktown Bond Fund (formerly, Yorktown Multi-Sector Bond Fund), Yorktown Growth Fund, Yorktown Short Term Bond Fund and Yorktown Treasury Advanced Total Return Fund is incorporated herein by reference to Exhibit (d)(2)(iii) of Post-Effective Amendment No. 91 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-24-002853 on May 30, 2025.](https://www.sec.gov/Archives/edgar/data/764859/000158064225003371/api-yorktown_exd2iii.htm) |
| (e)(1)(i) | [Distribution Agreement dated July 1, 2025, between the Registrant and Ultimus Fund Distributors, LLC is filed herewith.](ex-e1i.htm) |
| (e)(2) | [Form of Dealer Agreement with Ultimus Fund Distributors, LLC is incorporated herein by reference to Exhibit (e)(3) of Post-Effective Amendment No. 87 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-21-002526 on May 27, 2021.](https://www.sec.gov/Archives/edgar/data/764859/000158064221002526/ex99e_3.htm) |
| (f) | Not Applicable. |
| (g) | [Custody Agreement dated February 1, 2013 between the Registrant and The Huntington National Bank is incorporated herein by reference to Post-Effective Amendment No. 74 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001398344-18-004924 on March 30, 2018.](http://www.sec.gov/Archives/edgar/data/764859/000139834418004924/fp0032125_ex9928g.htm) |
| (g)(1) | [Consent to Assignment to Successor Custodian Agreement dated September 10, 2025 between the Registrant and the Argent Institutional Trust Company, is filed herewith.](ex-g1.htm) |
| (h)(1) | [Mutual Fund Services Agreement dated February 12, 2016, between the Registrant and Ultimus Asset Services, Inc. regarding Transfer Agency Services is incorporated herein by reference to Post-Effective Amendment No. 74 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001398344-18-004924 on March 30, 2018.](http://www.sec.gov/Archives/edgar/data/764859/000139834418004924/fp0032125_ex9928h1.htm) |

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|:---|:---|
| (h)(2)(i) | [Master Services Agreement, dated January 1, 2021, between Registrant and Ultimus Fund Solutions, LLC regarding Fund Accounting, Fund Administration, and Transfer Agency services is incorporated herein by reference to Exhibit (h)(2) of Post-Effective Amendment No. 87 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-21-002526 on May 27, 2021.](https://www.sec.gov/Archives/edgar/data/764859/000158064221002526/ex99h_2.htm) |
| (h)(2)(ii) | [Amendment dated May 31, 2021 to the Master Services Agreement dated January 1, 2021 between Registrant and Ultimus Fund Solutions, LLC is incorporated herein by reference to Exhibit (h)(2)(ii) of Post-Effective Amendment No. 88 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-22-002867 on May 27, 2022.](https://www.sec.gov/Archives/edgar/data/764859/000158064222002867/ex99h_2ii.htm) |
| (h)(2)(iii) | [Amended Transfer Agent and Shareholder Services Fee Letter dated March 27, 2024 to the Master Services Agreement dated January 1, 2021 between Registrant and Ultimus Fund Solutions, LLC is incorporated herein by reference to Exhibit (h)(2)(iii) of Post-Effective Amendment No. 90 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-24-002853 on May 28, 2024.](https://www.sec.gov/Archives/edgar/data/764859/000158064224002853/ex99h2iii.htm) |
| (h)(2)(iv) | [Addendum dated March 27, 2024 to the Master Services Agreement dated January 1, 2021 between Registrant and Ultimus Fund Solutions, LLC is incorporated herein by reference to Exhibit (h)(2)(iv) of Post-Effective Amendment No. 90 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-24-002853 on May 28, 2024.](https://www.sec.gov/Archives/edgar/data/764859/000158064224002853/ex99h2iv.htm) |
| (i) | [Opinion and Consent of Counsel, Sullivan & Worcester LLP- is incorporated herein by reference to Exhibit 99(i) of Post-Effective Amendment No. 65 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001193125-16-569695 on April 29, 2016.](http://www.sec.gov/Archives/edgar/data/764859/000119312516569695/d185741dex99i.htm) |
| (i)(2) | [Opinion and Consent of Counsel, Sullivan & Worcester LLP, dated April 20, 2018 is incorporated herein by reference to Exhibit 99(i) of Post-Effective Amendment No. 77 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001398344-18-008269 on May 30, 2018.](http://www.sec.gov/Archives/edgar/data/764859/000139834418008269/fp0033672_ex9928i2.htm) |
| (i)(3) | [Opinion and Consent of Counsel, Sullivan & Worcester LLP is incorporated herein by reference to Exhibit 99(i) of Post-Effective Amendment No. 85 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001398344-20-018265 on September 8, 2020.](https://www.sec.gov/Archives/edgar/data/764859/000139834420018265/fp0055669_ex9928i3.htm) |
| (j)(1) | [Consent of Independent Registered Public Accounting Firm, Cohen & Company, Ltd., is filed herewith.](ex-j1.htm) |
| (j)(2) | <u>[Consent of the Registrant's predecessor independent registered public accounting firm, BBD, LLP, is incorporated herein by reference to Exhibit 99(j)(2) of Post-Effective Amendment No. 89 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-23-002954 on May 30, 2023.](https://www.sec.gov/Archives/edgar/data/764859/000158064223002954/ex99j2.htm)</u> |
| (k) | Not Applicable. |
| (l) | [Contribution Agreement dated March 12, 1985 between the Registrant and American Pension Investors, Inc. is incorporated herein by reference to Exhibit (13) of Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-96-000418 on September 30, 1996.](http://www.sec.gov/Archives/edgar/data/764859/000089843296000418/0000898432-96-000418.txt) |

---

---

| | |
|:---|:---|
| (m)(1) | [Amended and Restated Plan of Distribution pursuant to Rule 12b-1 dated March 27, 2024 and Appendix A thereto is incorporated herein by reference to Exhibit (m)(1) of Post-Effective Amendment No. 90 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-24-002853 on May 28, 2024.](https://www.sec.gov/Archives/edgar/data/764859/000158064224002853/ex99m1.htm) |
| (m)(2) | [Amended and Restated Plan of Distribution pursuant to Rule 12b-1 dated March 27, 2024 and Appendix A thereto relating to the Yorktown Small Cap Fund is incorporated herein by reference to Exhibit (m)(2) of Post-Effective Amendment No. 90 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-24-002853 on May 28, 2024.](https://www.sec.gov/Archives/edgar/data/764859/000158064224002853/ex99m2.htm) |
| (m)(3) | [Rule 12b-1 Plan Limitation Agreement dated March 27, 2024, relating to the Yorktown Short Term Bond Fund, between the Registrant and Ultimus Fund Distributors, LLC, is incorporated herein by reference to Exhibit (m)(3) of Post-Effective Amendment No. 90 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-24-002853 on May 28, 2024.](https://www.sec.gov/Archives/edgar/data/764859/000158064224002853/ex99m3.htm) |
| (n)(1) | [Amended and Restated Multiple Class Plan pursuant to Rule 18f-3 dated February 8, 2016 and Amended and Restated Schedule A thereto is incorporated herein by reference to Exhibit 99(n) of Post-Effective Amendment No. 64 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001193125-16-473239 on February 22, 2016.](http://www.sec.gov/Archives/edgar/data/764859/000119312516473239/d68853dex99n.htm) |
| (n)(2) | [Second Amended and Restated Multiple Class Plan pursuant to Rule 18f-3, dated September 8, 2021, is incorporated herein by reference to Exhibit 99(n)(2) of Post-Effective Amendment No. 89 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-23-002954 on May 30, 2023.](https://www.sec.gov/Archives/edgar/data/764859/000158064223002954/ex99n2.htm) |
| (o) | Reserved. |
| (p)(1) | [Code of Ethics revised as of April 1, 2015 for the Registrant and Yorktown Management & Research Company, Inc. is incorporated herein by reference to Post-Effective Amendment No. 78 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001398344-20-011746 on May 20, 2020.](http://www.sec.gov/Archives/edgar/data/764859/000139834420011241/fp0053822_ex9928p.htm) |
| (p)(2) | [Code of Ethics of Sapphire Star Capital LLC is incorporated herein by reference to Post-Effective Amendment No. 79 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001398344-20-011746 on May 29, 2020.](https://www.sec.gov/Archives/edgar/data/764859/000139834420011746/fp0053903_ex9928p1.htm) |
| (p)(3) | [Code of Ethics of Ultimus Fund Distributors, LLC is incorporated herein by reference to Exhibit (p)(2) of Post-Effective Amendment No. 87 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001580642-21-002526 on May 27, 2021.](https://www.sec.gov/Archives/edgar/data/764859/000158064221002526/ex99p_2.htm) |

---

<u>**Item 29. Persons Controlled By or Under Common Control with Registrant**</u>

None.

<u>**Item 30. Indemnification**</u>

Section 5.1 of Article V of the Declaration of Trust provides that no Trustee, officer, employee or agent of the Trust as such shall be subject to any personal liability whatsoever to any person in connection with Trust Property or the affairs of the Trust, save only that to which they would be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of their duties, or by reason of their reckless disregard of their obligations and duties with respect to such person; and all persons shall look solely to the Trust Property for satisfaction of claims of any nature arising directly or indirectly in connection with the affairs of the Trust. Section 5.1 also provides that if any Trustee, officer, employee or agent, as such, of the Trust is made party to any suit or proceeding to enforce any such liability of the Trust, he shall not, on account thereof, be held to any personal liability.

Section 5.2 of Article V of the Declaration of Trust provides that no Trustee, officer, employee or agent of the Trust shall be liable to the Trust, its Shareholders, or to any Shareholder, Trustee, officer, employee, or agent thereof for any action or failure to act (including without limitation the failure to compel in any way any former or acting Trustee to redress any breach of Trust), except for his own bad faith, willful misfeasance, gross negligence or reckless disregard of the duties involved in the conduct of his office.

Paragraph (a) of Article VI of the By-Laws indemnifies Trustees or officers of the Trust against losses sustained in a legal action by virtue of such person's position with the Trust. Such person must have been acting in good faith and in a manner which the person reasonably believed to be in, or not opposed to, the best interests of the Trust, and in the case of a criminal proceeding, not unlawful.

The provisions of paragraph (a) do not cover losses sustained in actions brought by or on behalf of the Trust. The provisions of paragraph (b) are similar to those of paragraph (a) but cover losses sustained in actions brought by or in the right of the Trust itself. The required standard of conduct is the same, except that no indemnification may be made if the indemnitee is adjudged liable of negligence or misconduct unless a court determines the indemnitee is entitled to indemnification.

Paragraph (c) of Article VI allows a Trustee or officer to be indemnified against expenses actually and reasonably incurred without a determination as to the standard of conduct required in paragraphs (a) and (b) if the indemnitee is successful on the merits of an action. Paragraph (d) provides that if such a determination is necessary, it must be made either by a majority vote of Trustees who were disinterested and not parties to the action or by independent legal counsel.

Paragraph (e) of Article VI provides that expenses in defending an action may be paid in advance if the prospective indemnitee undertakes to repay the expenses if he or she is not found to be entitled to indemnification. A majority of disinterested, non-party Trustees or independent legal counsel must determine that there is reason to believe that the prospective indemnitee ultimately will be found entitled to indemnification before such payment may be made.

Paragraph (f) of Article VI provides that agents and employees of the Trust who are not Trustees or officers may be indemnified under the above-mentioned standards at the discretion of the Board.

Paragraph (g) of Article VI provides that indemnification pursuant to that Article is not exclusive of other rights, continues as to a person who has ceased to be a Trustee or officer and inures to heirs, executors and administrators of such a Person.

Paragraph (h) of Article VI provides that "nothing in the Declaration or in these By-Laws shall be deemed to protect any Trustee or officer of the Trust against any liability to the Trust or to its Shareholders to which such Person would otherwise be subject by reason of willful malfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Person's office."

Paragraph (i) of Article VI provides that the Trust may purchase insurance for any persons against liability but that "insurance will not be purchased or maintained by the Trust if the purchase or maintenance of such insurance would result in the indemnification of any Person in contravention of any rule or regulation and/or interpretation of the Securities and Exchange Commission."

Paragraph 9 of the Investment Advisory and Administrative Services Agreement (the "Agreement") dated December 28, 1990, provides that except as may be determined by applicable legal standards, Yorktown Management & Research Company, Inc. (the "Adviser") shall have no liability to the Trust, or its shareholders or creditors, for any error in business judgment, or for any loss arising out of any investment, or for any other act or omission in performance of its obligations to the Trust pursuant to the Agreement except (1) for actions and omissions constituting violations of the Investment Company Act of 1940, as amended (the "1940 Act"), the Securities Act of 1933, as amended (the "1933 Act") or other federal securities laws, (2) in circumstances where the Adviser has failed to conform to reasonable business standards, and (3) by reason of its willful misfeasance, bad faith or reckless disregard of its duties and obligations.

Paragraph 9 of the Investment Advisory and Administrative Services Agreements dated September 30, 1992 and May 31, 1997, respectively, provides that the Adviser not be liable for any error of judgment or mistake of law, for any loss arising out of any investment, or in any event whatsoever, provided that nothing herein shall be deemed to protect, or purport to protect, the Adviser against any liability to the Trust or to the security holders of the Trust to which it would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties hereunder, or by reason of reckless disregard of its obligations and duties hereunder. No provision of this Agreement shall be construed to protect any Trustee or officer of the Trust, or Investors, from liability in violation of Section 17(h), 17(i), or 36(b) of the 1940 Act.

Paragraph 9 of the Distribution Agreement dated December 31, 2019 between Ultimus Fund Distributors, LLC (the "Distributor") provides that the Distributor agrees to indemnify and hold harmless the Trust and each person who has been, is, or may hereafter be a trustee, director, officer, employee, shareholder or control person of the Trust against any loss, damage or expense (including the reasonable costs of investigation) reasonably incurred by any of them in connection with any claim or in connection with any action, suit or proceeding to which any of them may be a party, which arises out of or is alleged to arise out of or is based upon any untrue statement or alleged untrue statement of a material fact, or the omission or alleged omission to state a material fact necessary to make the statements not misleading, on the part of the Distributor or any agent or employee of the Distributor or any other person for whose acts the Distributor is responsible, unless such statement or omission was made in reliance upon written information furnished by the Trust. The Distributor likewise agrees to indemnify and hold harmless the Trust and each such person in connection with any claim or in connection with any action, suit or proceeding which arises out of or is alleged to arise out of the Distributor's failure to exercise reasonable care and diligence with respect to its services, if any, rendered in connection with investment, reinvestment, automatic withdrawal and other plans for Shares. The term "expenses" for purposes of this and the next paragraph includes amounts paid in satisfaction of judgments or in settlements which are made with the Distributor's consent. The foregoing rights of indemnification shall be in addition to any other rights to which the Trust or each such person may be entitled as a matter of law.

The Registrant undertakes to carry out all indemnification provisions of its Declaration of Trust, By-Laws, and the above-described contracts in accordance with Investment Company Act Release No. 11330 (September 4, 1980) and successor releases.

Insofar as indemnification for liability arising under the 1933 Act may be provided to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the 1933 Act, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment of the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**<u>Item 31. Business and Other Connections of Investment Adviser</u>**

Information regarding the officers and directors of the Trust's investment adviser, Yorktown Management & Research Company, Inc., is included in its current <u>Adviser's Uniform Application for Investment Adviser Registration (Form ADV)</u> filed with the SEC (Registration number 801-23441) and is incorporated herein by reference.

**<u>Item 32. Principal Underwriters</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ultimus Fund Distributors, LLC ("UFD") is underwriter and distributor for the Registrant's shares. As such, UFD is obligated to offer shares of the Funds only upon orders received therefor. The Fund continuously offers shares. UFD also serves as underwriter or distributor for the following other registered investment companies:

Axxes Private Markets Fund

Axxes Opportunistic Credit Fund

Beacon Pointe Multi-Alternative Fund

Booster Income Opportunities Launch

Bruce Fund, Inc.

Caldwell & Orkin Funds, Inc.

Cantor Fitzgerald Infrastructure Fund

Cantor Fitzgerald Variable Insurance Trust

Cantor Fitzgerald Commodity Strategy Trust

Cantor Select Portfolios Trust

Capitol Series Trust

CAZ Strategic Opportunities Fund

Centaur Mutual Funds Trust

Chesapeake Investment Trust

CM Advisors Family of Funds

Commonwealth International Series Trust

Conestoga Funds

Connors Funds

CYBER HORNET TRUST

Dynamic Alternatives Fund

Eubel Brady & Suttman Mutual Fund Trust

Exchange Place Advisors Trust

Fairway Private Equity & Venture Capital Opportunities Fund

Fairway Private Markets Fund

Flat Rock Enhanced Income Fund

Flat Rock Core Income Fund

Flat Rock Opportunity Fund

HC Capital Trust

Hussman Investment Trust

James Advantage Funds

James Mutual Funds

Lind Capital Partners Municipal Credit Income Fund

MidBridge Private Markets Fund

MSS Series Trust

New Age Alpha Funds Trust

New Age Alpha Variable Funds Trust

Oak Associates Funds

OneAscent Capital Opportunities Fund

Papp Investment Trust

Peachtree Alternative Strategies Fund

PennantPark Enhanced Income Fund

Plumb Funds

Private Debt & Income Fund

Prospect Enhanced Yield Fund

Sardis Credit Opportunities Fund

Schwartz Investment Trust

Segall Bryant & Hamill Trust

The Cutler Trust

The Investment House Funds

Ultimus Managers Trust

Unified Series Trust

Valued Advisers Trust

VELA Funds

Volumetric Fund

Waycross Independent Trust

WesMark Funds

Williamsburg Investment Trust

XD Fund Trust

83 Investment Group Income Fund

(b) ---

| | | |
|:---|:---|:---|
| **Name** | **Position with Distributor** | **Position with Registrant** |
| Kevin M. Guerette | President | None |
| Melvin Van Cleave | Chief Information Security Officer | None |
| Stephen L. Preston | Senior Vice President, Chief Compliance Officer and Anti-Money Laundering Compliance Officer | None |
| Gregory Evans | Assistant Chief Compliance Officer and FINOP | None |
| Douglas K. Jones | Vice President | None |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable.

**<u>Item 33. Location of Accounts and Records</u>**

With the exceptions noted below, Yorktown Management and Research Company, Inc., 106 Annjo Court, Suite A, Forest, Virginia 24551, maintains the books, accounts and records required to be maintained pursuant to Section 31(a) of the 1940 Act and the rules promulgated thereunder.

Ultimus Fund Distributors, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, maintains the books, accounts and records required to be maintained pursuant to Rule 31(a)-1(d) under the 1940 Act.

Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, maintains the books, records and accounts required to be maintained pursuant to Rule 31a-1(b)(2)(iv) under the 1940 Act.

Drake Compliance, LLC, 2205 W Magnolia Avenue, San Antonio, Texas 78201, maintains certain records of the Trust required to be maintained pursuant to Rule 38a-1 under the 1940 Act.

**<u>Item 34. Management Services</u>**

None.

**<u>Item 35. Undertakings</u>**

None.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 (the "Securities Act") and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act, and the Registrant has duly caused this Post-Effective Amendment No. 92 to the Registrant's Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Forest, Commonwealth of Virginia on the 27<sup>th</sup> day of May, 2026.

---

| |
|:---|
| **AMERICAN PENSION INVESTORS TRUST** |
| /s/ David D. Basten |
| David D. Basten<br> President (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Act, this Amendment to the Registrant's Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ David D. Basten | Trustee and President | May 27, 2026 |
| David D. Basten | (Principal Executive Officer) |  |
| /s/ David M. Basten | Trustee | May 27, 2026 |
| David M. Basten |  |  |
| /s/ Mark A. Borel<sup>\*1</sup> | Trustee | May 27, 2026 |
| Mark A. Borel |  |  |
| /s/ Stephen B. Cox<sup>\*1</sup> | Trustee | May 27, 2026 |
| Stephen B. Cox |  |  |
| /s/ G. Edgar Dawson III<sup>\*1</sup> | Trustee | May 27, 2026 |
| G. Edgar Dawson III |  |  |
| /s/ Ryan M. Gordon<sup>\*2</sup> | Trustee | May 27, 2026 |
| Ryan M. Gordon |  |  |
| /s/ M. Dennis Stratton | Treasurer (Principal Financial Officer) | May 27, 2026 |
| M. Dennis Stratton |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ David D. Basten |
|  | David D. Basten |
|  | as Attorney-in-Fact |

---

<sup>1</sup> Pursuant to the powers of attorney incorporated herein by reference to [Post-Effective Amendment No. 40 to the Registrant's Registration Statement on Form N-1A](https://www.sec.gov/Archives/edgar/data/764859/000119312506197971/d485bpos.htm) (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001193125-06-197971 on September 27, 2006.

<sup>2</sup> [Pursuant to power of attorney filed herewith.](poa.htm)

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| (e)(1)(i) | [Distribution Agreement dated July 1, 2025, between the Registrant and Ultimus Fund Distributors, LLC.](ex-e1i.htm) |
| (g)(1) | [Consent to Assignment to Successor Custodian Agreement dated September 10, 2025 between the Registrant and the Argent Institutional Trust Company.](ex-g1.htm) |
| (j)(1) | [Consent of Independent Registered Public Accounting Firm, Cohen & Company, Ltd.](ex-j1.htm) |
|  | [Power of Attorney for Ryan Gordan dated May 27, 2026.](poa.htm) |

---

## Ex-99.E

**Exhibit (e)(1)(i)** 

Certain information has been excluded from the Distribution Agreement on the following pages because (i) it is not material and (ii) would be competitively harmful if publicly disclosed.

**<u>DISTRIBUTION AGREEMENT</u>**

This Agreement, made as of July 1, 2025, by and among American Pension Investors Trust, a Massachusetts business trust (the "Fund"), Yorktown Management & Research Company, Inc., a Maryland Corporation (the "Adviser"), and Ultimus Fund Distributors, LLC, an Ohio limited liability company (the "Distributor").

WHEREAS, the Fund is registered as an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "Act"); and

WHEREAS, the Adviser serves as the investment adviser to the Fund; and

WHEREAS, the Distributor is a broker-dealer registered with the Securities and Exchange Commission (the "SEC") and a member of The Financial Industry Regulatory Authority ("FINRA"); and

WHEREAS, the Fund, the Adviser and the Distributor are desirous of entering into an agreement providing for the distribution by the Distributor of shares of beneficial interest (the "Shares") of each series or share class of shares of the Fund (the "Series");

NOW, THEREFORE, in consideration of the promises and agreements of the parties contained herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment.</u> 

The Fund hereby appoints the Distributor as its exclusive agent for the distribution of the Shares, and the Distributor hereby accepts such appointment under the terms of this Agreement. While this Agreement is in force, the Fund shall not sell any Shares except on the terms set forth in this Agreement. Notwithstanding any other provision hereof, the Fund may terminate, suspend or withdraw the offering of Shares whenever, in its sole discretion, it deems such action to be desirable.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Sale and Repurchase of Shares.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor will have the right, as agent for the Fund, to enter into dealer agreements with responsible investment dealers, and to sell Shares to such investment dealers against orders therefor at the public offering price (as defined in subparagraph 2(d) hereof) stated in the Fund's effective Registration Statement on Form N-1A under the Act and the Securities Act of 1933, as amended, including the then current prospectus and statement of additional information (the "Registration Statement"). Upon receipt of an order to purchase Shares from a dealer with whom the Distributor has a dealer agreement, the Distributor will promptly cause such order to be filled by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor will also have the right, as agent for the Fund, to sell such Shares to the public against orders therefor at the public offering price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor will also have the right to take, as agent for the Fund, all actions which, in the Distributor's reasonable judgment, are necessary to carry into effect the distribution of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The public offering price for the Shares of each Series shall be the respective net asset value of the Shares of that Series then in effect, plus any applicable sales charge determined in the manner set forth in the Registration Statement or as permitted by the Act and the rules and regulations of the SEC promulgated thereunder. In no event shall any applicable sales charge exceed the maximum sales charge permitted by the Rules of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The net asset value of the Shares of each Series shall be determined in the manner provided in the Registration Statement, and when determined shall be applicable to transactions as provided for in the Registration Statement. The net asset value of the Shares of each Series shall be calculated by the Fund or by another entity on behalf of the Fund. The Distributor shall have no duty to inquire into or liability for the accuracy of the net asset value per Share as calculated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On every sale, the Fund shall receive the applicable net asset value of the Shares promptly, but in no event later than the third business day following the date on which the Distributor shall have received an order for the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon receipt of purchase instructions, the Distributor will transmit such instructions to the Fund or its transfer agent for registration of the Shares purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Nothing in this Agreement shall prevent the Distributor or any affiliated person (as defined in the Act) of the Distributor from acting as the Distributor or distributor for any other person, firm or corporation (including other investment companies) or in any way limit or restrict the Distributor or any such affiliated person from buying, selling or trading any securities for its or their own account or for the accounts of others from whom it or they may be acting; provided, however, that the Distributor expressly represents that it will undertake no activities which, in its reasonable judgment, will adversely affect the performance of its obligations to the Fund under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Distributor, as agent of and for the account of the Fund, may repurchase the Shares at such prices and upon such terms and conditions as shall be specified in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Sale of Shares by the Fund.</u> 

The Fund reserves the right to issue any Shares at any time directly to the holders of Shares ("Shareholders"), to sell Shares to its Shareholders or to other persons at not less than net asset value and to issue Shares in exchange for substantially all the assets of any corporation or trust or for the shares of any corporation or trust.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Basis of Sale of Shares.</u> 

The Distributor does not agree to sell any specific number of Shares. The Distributor, as agent for the Fund, undertakes to sell Shares on a best efforts basis only against orders therefor.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Rules of FINRA, etc.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor will conform to the Rules of FINRA and the securities laws of any jurisdiction in which it sells, directly or indirectly, any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor will require each dealer with whom the Distributor has a dealer agreement to conform to the applicable provisions hereof and the Registration Statement with respect to the public offering price of the Shares, and neither the Distributor nor any such dealers shall withhold the placing of purchase orders so as to make a profit thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund agrees to furnish to the Distributor sufficient copies of any agreements, plans or other materials it intends to use in connection with any sales of Shares in reasonably adequate time for the Distributor, on behalf of the Fund, to file and clear them with the proper authorities before they are put in use, and not to use them until so filed and cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor, at its own expense, will qualify as dealer or broker, or otherwise, under all applicable state or federal laws required in order that Shares may be sold in such States as may be mutually agreed upon by the parties.

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| | | |
|:---|:---|:---|
| (e) | (e) | The Distributor shall not make, or permit any representative, broker or dealer to make, in connection with any sale or solicitation of a sale of the Shares, any representations concerning the Shares except those contained in the then current prospectus and statement of additional information covering the Shares and in printed information approved by the Fund as information supplemental to such prospectus and statement of additional information. Copies of the then effective prospectus and statement of additional information and any such printed supplemental information will be supplied by the Fund to the Distributor in reasonable quantities upon request. |
| 6. | <u>Records to be Supplied by the Fund.</u> | <u>Records to be Supplied by the Fund.</u> |

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The Fund shall furnish to the Distributor copies of all information, financial statements and other papers which the Distributor may reasonably request for use in connection with the distribution of the Shares, and this shall include, but shall not be limited to, one certified copy, upon request by the Distributor, of all financial statements prepared for the Fund by independent public accountants.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Fees and Expenses.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund will not bear any costs or expenses incurred with respect to distribution of shares except to the extent the Fund is permitted to do so by applicable law. As compensation for the services rendered to the Fund pursuant to this Agreement the Adviser shall pay the Distributor fees determined as set forth on Exhibit A to this Agreement. Such fees are to be billed monthly and shall be due and payable upon receipt of the invoice. Upon any termination of this Agreement and before the end of any month, the fee for the part of the month before such termination shall be equal to the fee normally due for the full monthly period and shall be payable upon the date of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the performance of its obligations under this Agreement, the Distributor will pay only the costs incurred in qualifying as a broker or dealer under state and federal laws and in establishing and maintaining relationships with the dealers selling the Shares. All other costs in connection with the offering of the Shares will be paid by the Adviser (except to the extent the Fund is permitted to do so by applicable law, in which case such costs will be paid by the Fund to the extent so permitted) in accordance with agreements between the Fund and the Distributor as permitted by applicable laws, including the Act and rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor may from time to time employ or associate with such person or persons as may be appropriate to assist the Distributor in the performance of this Agreement. Such person or persons may be officers and employees who are employed or designated as officers by both the Distributor and the Fund. The Distributor shall pay the compensation of such person or persons for such employment and no obligation will be incurred by or on behalf of the Fund in such respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor will render, after the close of each month in which services have been furnished, a statement reflecting all of the charges for such month payable by the Adviser or the Fund hereunder. Charges remaining unpaid after thirty (30) days shall bear interest in finance charges equivalent to, in the aggregate, the Prime Rate (as publicly announced by U.S. Bank, N.A., from time to time) plus [ **REDACTED** ] per year and all costs and expenses of effecting collection of any such sums, including reasonable attorney's fees, shall be paid to the Distributor by the party responsible for payment of such charges.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Indemnification of the Fund.</u> 

The Distributor agrees to indemnify and hold harmless the Fund and each person who has been, is, or may hereafter be a trustee, director, officer, employee, shareholder or control person of the Fund against any loss, damage or expense (including the reasonable costs of investigation) reasonably incurred by any of them in connection with any claim or in connection with any action, suit or proceeding to which any of them may be a party, which arises out of or is alleged to arise out of or is based upon any untrue statement or alleged untrue statement of a material fact, or the omission or alleged omission to state a material fact necessary to make the statements not misleading, on the part of the Distributor or any agent or employee of the Distributor or any other person for whose acts the Distributor is responsible, unless such statement or omission was made in reliance upon written information furnished by the Fund. The Distributor likewise agrees to indemnify and hold harmless the Fund and each such person in connection with any claim or in connection with any action, suit or proceeding which arises out of or is alleged to arise out of the Distributor's failure to exercise reasonable care and diligence with respect to its services, if any, rendered in connection with investment, reinvestment, automatic withdrawal and other plans for Shares. The term "expenses" for purposes of this and the next paragraph includes amounts paid in satisfaction of judgments or in settlements which are made with the Distributor's consent. The foregoing rights of indemnification shall be in addition to any other rights to which the Fund or each such person may be entitled as a matter of law.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification of the Distributor.</u> 

The Fund agrees to indemnify and hold harmless the Distributor and each person who has been, is, or may hereafter be a director, officer, employee, shareholder or control person of the Distributor against any loss, damage or expense (including the reasonable costs of investigation) reasonably incurred by any of them in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or negligence, including clerical errors and mechanical failures, on the part of any of such persons in the performance of the Distributor's duties or from the reckless disregard by any of such persons of the Distributor's obligations and duties under this Agreement, for all of which exceptions the Distributor shall be liable to the Fund. The Fund will advance attorneys' fees or other expenses incurred by any such person in defending a proceeding, upon the undertaking by or on behalf of such person to repay the advance if it is ultimately determined that such person is not entitled to indemnification.

In order that the indemnification provisions contained in this Paragraph 9 shall apply, it is understood that if in any case the Fund may be asked to indemnify the Distributor or any other person or hold the Distributor or any other person harmless, the Fund shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the Distributor will use all reasonable care to identify and notify the Fund promptly concerning any situation which presents or appears likely to present the probability of such a claim for indemnification against the Fund. The Fund shall have the option to defend the Distributor and any such person against any claim which may be the subject of this indemnification, and in the event that the Fund so elects it will so notify the Distributor, and thereupon the Fund shall take over complete defense of the claim, and neither the Distributor nor any such person shall in such situation initiate further legal or other expenses for which it shall seek indemnification under this Paragraph 9. The Distributor shall in no case confess any claim or make any compromise in any case in which the Fund will be asked to indemnify the Distributor or any such person except with the Fund's written consent.

Notwithstanding any other provision of this Agreement, the Distributor shall be entitled to receive and act upon advice of counsel (who may be counsel for the Fund or its own counsel) and shall be without liability for any action reasonably taken or thing reasonably done pursuant to such advice, provided that such action is not in violation of applicable federal or state laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Termination and Amendment of this Agreement.</u> 

This Agreement shall automatically terminate, without the payment of any penalty, in the event of its assignment. This Agreement may be amended only if such amendment is approved (i) by the Distributor, (ii) by the Adviser, (iii) either by action of the Board of Trustees of the Fund or at a meeting of the Shareholders of the Fund by the affirmative vote of a majority of the outstanding Shares, and (iv) by a majority of the Trustees of the Fund who are not interested persons of the Fund, of the Adviser or of the Distributor by vote cast in person at a meeting called for the purpose of voting on such approval.

Any of the Fund, the Adviser or the Distributor may at any time terminate this Agreement on sixty (60) days written notice delivered or mailed by registered mail, postage prepaid, to the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Effective Period of this Agreement.</u> 

This Agreement shall take effect on the date referenced above, and shall remain in full force and effect for a period of two (2) years from the date of its effectiveness (unless terminated automatically as set forth in Paragraph 10), and from year to year thereafter, subject to annual approval (i) by the Distributor, (ii) by the Adviser, (iii) by the Board of Trustees of the Fund or a vote of a majority of the outstanding Shares, and (iv) by a majority of the Trustees of the Fund who are not interested persons of the Fund, of the Adviser, or of the Distributor by vote cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;12. <u>New Series.</u> 

The terms and provisions of this Agreement shall become automatically applicable to any additional series of the Fund established during the initial or renewal term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Successor Investment Fund.</u> 

Unless this Agreement has been terminated in accordance with Paragraph 10, the terms and provisions of this Agreement shall become automatically applicable to any investment company which is a successor to the Fund as a result of reorganization, recapitalization or change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Limitation of Liability.</u> 

It is expressly agreed that the obligations of the Fund hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Fund, personally, but bind only the trust property of the Fund. The execution and delivery of this Agreement have been authorized by the Trustees of the Fund and signed by an officer of the Fund, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Severability.</u> 

In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Questions of Interpretation.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by the laws of the State of Indiana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the Act shall be resolved by reference to such term Or provision of the Act and to interpretation thereof, if any, by the United States courts or in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC issued pursuant to said Act. In addition, where the effect of a requirement of the Act, reflected in any provision of this Agreement is revised by rule, regulation or order of the SEC, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Notices.</u> 

Any notices under this Agreement shall be in writing, addressed and delivered or mailed postage paid to the other parties, with a copy to the Fund's counsel, at such address as such other parties may designate for the receipt of such notice. Such notice will be effective upon receipt. Until further notice to the other parties, it is agreed that the address of each party for this purpose shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to the Fund, to:

American Pension Investor's Trust

106 Annjo Court, Suite A

Forest, VA 24551

Attn: President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Adviser, to:

Yorktown Management & Research Company, Inc.

106 Annjo Court, Suite A

Forest, VA 24551

Attn: President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If to the Distributor, to:

Ultimus Fund Distributors, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Attn: General Counsel

&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Execution</u> 

This Agreement may be executed by one or more counterparts, each of which shall be deemed an original, but all of which together will constitute one in the same instrument.

IN WITNESS WHEREOF, the Fund, the Adviser and the Distributor have each caused this Agreement to be signed in triplicate on their behalf, all as of the day and year first above written.

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| | | | |
|:---|:---|:---|:---|
| AMERICAN PENSION INVESTORS TRUST | AMERICAN PENSION INVESTORS TRUST |  |  |
| By: | /s/ David D. Basten | Date | July 1, 2025 |
| Print Name: | David D. Basten |  |  |
| Title: | President |  |  |
| YORKTOWN MANAGEMENT & RESEARCH COMPANY, INC. | YORKTOWN MANAGEMENT & RESEARCH COMPANY, INC. | YORKTOWN MANAGEMENT & RESEARCH COMPANY, INC. | YORKTOWN MANAGEMENT & RESEARCH COMPANY, INC. |
| By: | /s/ David D. Basten | Date: | July 1, 2025 |
| Print Name: | David D. Basten |  |  |
| Title: | President |  |  |
| ULTIMUS FUND DISTRIBUTORS, LLC | ULTIMUS FUND DISTRIBUTORS, LLC |  |  |
| By: | <br>/s/ Kevin Guerette |  |  |
| Print Name: | Kevin Guerette | Date | July 1, 2025 |
| Title: | President |  |  |

---

**Exhibit A** 

**Distribution Fee Letter** 

**For**

**American Pension Investors Trust**

This Fee Letter applies to the Services provided by **Ultimus Fund Distributors, LLC** ("**Distributor**") to **American Pension Investors Trust** (the "**Fund**" or the "**Trust**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Fees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** **[REDACTED]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** **[REDACTED]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Out-Of-Pocket Expenses [REDACTED]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Payment of Marketing Expenses** 

To the extent consistent with the Fund's offering documents, the Distributor will allocate up to [**REDACTED**] of underwriter concession retained and actually received by the Distributor to be used for distribution related activities on behalf of the Fund. Distribution services include any activities or expenses primarily intended to result in the sale of the Funds' shares or the servicing and maintenance of shareholder accounts, including, but not limited to, compensation to employees; compensation to and expenses, including overhead and telephone and other communication expenses, of firms and/or the Distributor, and selected dealers who engage in or support the distribution of shares or who service shareholder accounts; the costs of printing and distributing prospectuses, statements of additional information, and reports for other than existing shareholders; the costs of preparing, printing and distributing sales literature and advertising materials; and internal costs incurred by firms or the Distributor and associated by firms or the Distributor to efforts to distribute shares of the Fund such as office rent, employee salaries, employee bonuses and other overhead expenses.

Notwithstanding the foregoing, in no event will the Distributor be required to pay any expenses in the event that the Distributor determines, in its reasonable opinion, that such payment would violate applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** This Fee Letter shall renew for successive 1-year periods (each a "**Renewal Term**") subject to annual approval of such continuance by the Board of the Trust, including the approval of a majority of the
Trustees of the Trust who are not interested persons of the Trust or of Distributor by vote cast in person at a meeting called for the
purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Amendment** 

The parties may only amend this Fee Letter by written amendment signed by both parties.

Except as set forth in this Amendment, the Distribution Agreement is unaffected and shall continue in full force and

effect in accordance with its terms. If there is a conflict between this Amendment and the Distribution Agreement, the terms of this Amendment will prevail.

**Signatures are located on the next page.**

The parties duly executed this Distribution Fee Letter as of July 1, 2025.

**AMERICAN PENSION INVESTORS TRUST**

By: <u>/s/ David D. Basten</u>_____________________________ Date: <u>July 1, 2025</u>

Print Name: David D. Basten

Title: President

**YORKTOWN MANAGEMENT & RESEARCH COMPANY, INC.**

By: <u>/s/ David D. Basten</u>_____________________________ Date: <u>July 1, 2025</u>

Print Name: David D. Basten

Title: President

**ULTIMUS FUND DISTRIBUTORS, LLC**

By: <u>/s/ Kevin Guerette</u>_______________________________ Date: <u>July 1, 2025</u>

Print Name: Kevin Guerette

Title: President

## Ex-99.G

**Exhibit (g)(1)**

**REQUEST FOR CONSENT TO ASSIGNMENT TO SUCCESSOR CUSTODIAN**

Dear Client,

Thank you for being a client of The Huntington National Bank. We have valued the opportunity to serve as your custodian and are grateful for our relationship with you.

We are writing to inform you of an important change to your account(s). As part of our ongoing commitment to provide high-quality services and ensure the long-term stability and scalability of our custodial operations, Huntington has entered into an agreement to assign its institutional custodial responsibilities to Argent Institutional Trust Company ("Argent").

Huntington is requesting your consent to assign its duties to Argent as successor custodian pursuant to your existing custody agreement with us. **Please complete the attached Consent to Assignment form using your electronic signature through DocuSign.**

Please be assured that this assignment will not impact or result in any changes to your custody fees under your current agreement. The terms of your existing custody agreement with Huntington will be honored by Argent if you consent to the assignment. For additional information about Argent, please visit them on line at https://argentIinancial.corn/.

To ensure continuity of service, we would appreciate a response at your earliest convenience and no later than August I, 2025. Because Huntington will no longer offer custody services after the transition to Argent, **if we do not receive your consent by August 1, 2025, Huntington will provide you with a custody termination notice pursuant to the terms and conditions of your existing custody agreement.**

In the coming months, you will receive further communication from Huntington and Argent regarding the transition. We intend to make the transition to Argent as easy as possible for you.

We thank you for the trust and confidence you have placed in Huntington and its staff over the years and for being a valued customer of Huntington. We are confident that Argent will continue to provide the excellent service you have been accustomed to. If you have any questions regarding the information contained in this correspondence, please reach out to your Huntington Relationship Manager.

Sincerely,

The Huntington National Bank

**CONSENT TO ASSIGNMENT TO SUCCESSOR CUSTODIAN**

In connection with the assignment of the institutional custody business of the Huntington National Bank ("Huntington") to Argent Institutional Trust Company. ("Argent"), the undersigned, on behalf of the institutional custody client listed below ("Client"), hereby consents to the assignment of its institutional custody account agreement from Huntington to Argent. Client agrees this consent may be executed electronically.

Client Name: <u>American Pension Investors Trust</u>

Authorized Signer's

Name: <u>David D. Basten</u>

Signature: <u>/s/ David D. Basten</u>

Date: <u>September 10, 2025</u>

Address: <u>106 Annjo Court, Suite A, Forest, VA 24551</u>

Thank you and we appreciate your prompt response.

## Ex-99.J

**Exhibit (j)(1)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated March 31, 2026, relating to the financial statements and financial highlights of American Pension Investors Trust comprising Yorktown Growth Fund, Yorktown Bond Fund (formerly, Yorktown Multi-Sector Bond Fund), Yorktown Short Term Bond Fund, and Yorktown Small Cap Fund, which are included in Form N-CSR for the year ended January 31, 2026, and to the references to our firm under the headings "Financial Highlights" in the Prospectus, and "Portfolio Holdings Disclosure" and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

May 26, 2026

![](cohenfooters.jpg)

## Exhibit 99.4

**AMERICAN PENSION INVESTORS TRUST**

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned trustee and/or officer of American Pension Investors Trust (the "Trust"), a business trust organized under the laws of The Commonwealth of Massachusetts, hereby constitutes and appoints David D. Basten, his true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, to sign for him and in his name, place and stead, and in the capacity indicated below, to sign any and all registration statements and all amendments thereto relating to the offering of the Trust's shares under the provisions of the Investment Company Act of 1940 and/or the Securities Act of 1933, each such Act as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, acting alone, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand and seal as of the date set forth below.

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| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Ryan Gordon | &nbsp;&nbsp;5/8/2026 |
| &nbsp;&nbsp;Ryan Gordon | &nbsp;&nbsp;Date |

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