# EDGAR Filing Document

**Accession Number:** 0000764859
**File Stem:** 0001580642-26-003604
**Filing Date:** 2026-6
**Character Count:** 19040
**Document Hash:** 789b63f521b8f080bb70adcf4fb6d2d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003604.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001580642-26-003604

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-96538
- **FILM NUMBER:** 261068874

**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 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 Small Cap Fund**<br> **a series of American Pension Investors Trust** | ![(YORKTOWN LOGO)](yo001_v1.jpg) |
| **Class A (YOVAX) \| Class L (YOVLX) \| Institutional Class (YOVIX)** | **SUMMARY PROSPECTUS** |
|  | DATED May 31, 2026 |

---

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders, and other information about the Fund online at https://www.yorktownfunds.com/all-fund-literature/. You may also obtain this information about the Fund at no cost by calling (888) 933-8274 or by sending an email request to info@yorktownfunds.com. The Fund's full prospectus and Statement of Additional Information, each dated May 31, 2026, are incorporated by reference into this summary prospectus.

**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<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)** |
|  | <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%** | <br>**None** | <br>**None** |
| **Maximum deferred sales charges (load)** |  |  |  |
| **(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** | **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** |
| **(Expenses that you pay each year as a percentage of the value of your investment)** | **(Expenses that you pay each year as a percentage of the value of your investment)** | **(Expenses that you pay each year as a percentage of the value of your investment)** | **(Expenses that you pay each year as a percentage of the value of your investment)** |
|  |  |  | **Institutional** |
|  | **Class A** | **Class L** | **Class** |
|  | **YOVAX** | **YOVLX** | **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** |  |  |  |
| **(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%** |

---

The Yorktown Funds<sub>1</sub>

(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.**

 **2** 

**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 Yorktown Funds<sub>3</sub>

**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)**

![(BAR GRAPH)](yo002_v1.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)%.

 **4** 

**Average Annual Total Returns<br> (for periods ending on December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**One Year** | <br>**Five Years** | **Since 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>** |  |  |  |
| **(reflects no deduction for fee, expenses or taxes)** | **22.87%** | **11.70%** | **12.75%** |
|  |  |  | **Since Inception** |
|  | **One Year** | **Five Years** | **5/9/2016** |
| **Return Before Taxes - Class A Shares (YOVAX)** | **3.09%** | **2.87%** | **8.45%** |
|  |  |  | **Since Inception** |
|  | **One Year** | **Five Years** | **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.

The Yorktown Funds<sub>5</sub>

**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.

**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. 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 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.

 **6**