APIIX Fees and Costs — Yorktown Multi-Sector Bond Fund, Institutional Class Shares
Data updated: 2026-09-29
The net expense ratio is 0.66%: a 0.40% management fee plus 0.25% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $16K in broker commissions, 0.0044% of average net assets, and portfolio turnover was 46%.
APIIX Fees and Expenses
Annual operating expenses and sales charges of APIIX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.25% |
| Gross expense ratio | 0.66% |
| Fee waiver | — |
| Net expense ratio | 0.66% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
APIIX Costs Over Time
On $10,000 invested in APIIX, assuming 5% a year before costs, total costs come to $418 over 5 years, cutting the return by 0.70% 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 0.66%) | $69 | $217 | $378 |
| Trading costs (broker commissions) | $0 | $1 | $3 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $70 | $229 | $418 |
| Value after costs | $10,430 | $11,347 | $12,344 |
| Impact on return, per year | 0.70% | 0.70% | 0.70% |
APIIX 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): 0.0044%
- Total broker commissions: $16K
- Bought from dealers (principal trades, not a cost): $212.1M
- Portfolio turnover (prospectus): 46%
- Securities lending: none during the year
APIIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| AXIOM CAPITAL MANAGEMENT, INC. | $16K | 100.00% |
APIIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STEPHENS INC. | $29.3M | 20.46% |
| WELLS FARGO SECURITIES LLC | $27.2M | 18.96% |
| HILLTOP SECURITIES INC. | $17.3M | 12.09% |
| MORGAN STANLEY & CO. INC. | $14.6M | 10.21% |
| CANTOR FITZGERALD & CO. | $13.4M | 9.36% |
| ACADEMY SECURITIES, INC. | $10.4M | 7.25% |
| COLLIERS SECURITIES LLC | $9.5M | 6.61% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $9.0M | 6.28% |
| STIFEL NICOLAUS & COMPANY | $7.0M | 4.91% |
| J.P. MORGAN SECURITIES LLC | $5.5M | 3.87% |
Yorktown Multi-Sector 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 |
|---|---|---|---|
| APIIX | Institutional Class Shares | 0.66% | none |
| APIUX | Class A | 1.16% | 5.75% |
| AFFCX | Class C | 1.66% | none |
| AFFIX | Class L | 1.66% | 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.