Advisory Firm Description Yorktown Management & Research Company, Inc. ("Yorktown Management", “Adviser” or the "Firm") was organized as a corporation in the state of Maryland in 1984. The Firm is a fee-only registered investment advisory firm The Firm has been registered as an investment adviser with the U.S, Securities and Exchange Commission (the “SEC”) since 1985. The Adviser is controlled, as a result of stock ownership, by David D. Basten. Types of Advisory Services INVESTMENT ADVISORY SERVICES Yorktown Management provides investment supervisory services to clients, which are designed to meet the unique financial needs of each client. We manage all accounts on a discretionary basis. Progress toward the client's goals is monitored periodically. When opening an investment management account, the advisory representative obtains the necessary information to assist the client in determining the suitability of an investment program This includes helping the client assess his or her risk tolerance and setting appropriate investment objectives (e.g., lower volatility, medium volatility, higher volatility, etc.). An advisory representative of Yorktown Management then suggests investment portfolio alternatives to meet the client’s objectives, factoring in the current investment and economic conditions. Clients are under no obligation to accept recommendations by the advisor or authorize transactions through the advisor. Yorktown Management does not undertake to provide clients with legal, tax or accounting advice and clients are advised to consult their own attorneys and accountants for any such advice. Laddered Bond Portfolios Yorktown Management offers sub-advised discretionary investment management services for SMAs structured as laddered bond portfolios (“LBP”). Yorktown Management manages the LBP according to a customized fixed income strategy that is individually tailored to meet the cash flow needs of each SMA according to the SMA’s investment guidelines. FUND MANAGEMENT In 1985, Yorktown Management become the investment adviser to the Yorktown Funds (the “Trust”), each a series of American Pension Investors Trust. 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 SEC under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. Yorktown Management is the investment adviser and administrator of each Fund and Ultimus Fund Distributors, LLC (the “Distributor”) is the distributor of each Fund. Yorktown Management & Research Company, Inc. provides investment advisory and administrative services for the Funds pursuant to Investment Advisory and Administrative Services Agreements (“Advisory Agreements”) with the Trust. 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. 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 Capital Appreciation Fund, Master Allocation Fund and Small Cap Fund each have a 12b-1 fee of 0.25% annually. The Multi-Sector 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 (Multi-Sector 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. 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. 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. Client Assets Under Management As of December 31, 2022 the Firm had $753 million of total assets under management, all of which is managed on a discretionary basis.