APIBX Fees and Costs — Yorktown Short Term Bond Fund, Institutional Class
Data updated: 2026-09-29
The net expense ratio is 0.79%: a 0.70% management fee plus 0.30% other expenses, less a 0.21% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 39%.
APIBX Fees and Expenses
Annual operating expenses and sales charges of APIBX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.30% |
| Gross expense ratio | 1.00% |
| Fee waiver | −0.21% |
| Net expense ratio | 0.79% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
APIBX Costs Over Time
On $10,000 invested in APIBX, assuming 5% a year before costs, total costs come to $496 over 5 years, cutting the return by 0.83% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.79%) | $83 | $259 | $451 |
| Lost growth on money paid in costs | $0 | $13 | $45 |
| Total costs | $83 | $272 | $496 |
| Value after costs | $10,417 | $11,304 | $12,267 |
| Impact on return, per year | 0.83% | 0.83% | 0.83% |
APIBX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending January 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $132.9M
- Portfolio turnover (prospectus): 39%
- Securities lending: none during the year
APIBX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES LLC | $15.0M | 15.77% |
| STEPHENS INC. | $14.0M | 14.73% |
| STIFEL NICOLAUS & COMPANY | $12.0M | 12.60% |
| HILLTOP SECURITIES INC. | $11.7M | 12.25% |
| COLLIERS SECURITIES LLC | $10.2M | 10.69% |
| BARCLAYS CAPITAL INC | $8.6M | 9.05% |
| MORGAN STANLEY & CO. INC. | $8.0M | 8.39% |
| DAIWA CAPITAL MARKETS AMERICA INC | $5.7M | 6.03% |
| RBC CAPITAL MARKETS | $5.5M | 5.79% |
| TD SECURITIES (USA) LLC | $4.5M | 4.71% |
Yorktown Short Term Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| APIBX | Institutional Class | 0.79% | none |
| APIMX | Class A | 0.79% | 2.25% |
| AFMMX | Class L | 1.44% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.