497

AMERICAN PENSION INVESTORS TRUST

FILED VIA EDGAR

October 30, 2018

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re: American Pension Investors Trust

File No. 811-04262

Ladies and Gentlemen:

On behalf of American Pension Investors Trust (the “Registrant”) and pursuant to Rule 497 under the Securities Act of 1933 (the “Securities Act”), the purpose of this filing is to submit an exhibit containing interactive data format Risk/Return Summary information using the eXtensible Business Reporting Language (XBRL). The XBRL files reflect the risk/return summary information in the Prospectus of the Registrant, as filed with the Securities and Exchange Commission pursuant to Rule 497(e) under the Securities Act on June 12, 2018 (accession number 0001398344-18-014875).

Please contact the undersigned at 513-587-4262 if you have any questions concerning this filing.

Very truly yours,

/s/ Maggie Bull

Maggie Bull

Assistant Secretary

XML

Document and Entity Information	Oct. 12, 2018
Document And Entity Information
Document Type	497
Document Period End Date	Jan. 31, 2018
Registrant Name	AMERICAN PENSION INVESTORS TRUST
Central Index Key	0000764859
Amendment Flag	false
Document Creation Date	Oct. 12, 2018
Document Effective Date	Oct. 12, 2018
Prospectus Date	May 31, 2018

XML

Oct. 12, 2018

Yorktown Short Term Bond Fund

SUPPLEMENT

dated October 12, 2018 to the

Summary Prospectus

dated May 31, 2018 for

Yorktown Short Term Bond Fund and the

STATUTORY PROSPECTUS

dated May 31, 2018 for

The Yorktown Funds

(Class A, Class L and Institutional Class Shares)

Effective October 12, 2018, the primary benchmark for the Yorktown Short Term Bond Fund will be the ICE BofAML U.S. Corporate & Government, 1-3 Years Index. The Summary and Statutory Prospectuses of the Yorktown Funds are hereby amended to reflect the following information:

The section appearing under the heading "Section 1 – Fund Summaries – Yorktown Short Term Bond Fund – The Fund's Past Performance – Average Annual Total Returns for the Fund" on page 5 of the Summary Prospectus and page 23 of the Statutory Prospectus is hereby replaced in its entirety as follows:

"Average Annual Total Returns for the Fund

(for the periods ended December 31, 2017)

	One Year	Five Years	Ten Years
Return Before Taxes – Class A Shares (APIMX)	2.35%	0.29%	-1.45%
Return After-Taxes on Distributions (1)	1.11%	-1.20%	-2.36%
Return After-Taxes on Distributions and Sale of Fund Shares (1)	1.32%	-0.46%	-1.43%
Bloomberg Barclays U.S. Aggregate Index (2), (3)
(reflects no deductions for fees, expenses or taxes)	3.54%	2.10%	4.01%
ICE BofAML U.S. Corporate & Government, 1-3 Years Index (3)
(reflects no deductions for fees, expenses or taxes)	0.86%	0.86%	1.86%
	One Year	Five Years	Ten Years
Return Before Taxes - Class L Shares(AFMMX)	3.67%	0.48%	-1.85%
	One Year	Five Years	Inception 5/31/2013
Return Before Taxes – Institutional Class Shares (APIBX)	4.69%	N/A	1.91%

(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 Barclays U.S. Aggregate Index is an index comprised of approximately 6,000 publicly traded bonds including U.S. govt, mortgage-backed, corporate and Yankee bonds with an average maturity of approximately 10 years. The index is weighted by the market value of the bonds included in the index. This Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, govt-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-through), ABS, and CMBS. This index represents asset types which are subject to risk, including loss of principal.

(3) Effective October 12, 2018, the Fund's primary benchmark index was changed from the Bloomberg Barclays U.S. Aggregate Index to the ICE BofAML U.S. Corporate & Government, 1-3 Years Index because the adviser has determined that the ICE BofAML U.S. Corporate & Government, 1-3 Years Index more closely aligns with the investment strategies of the Fund. The ICE BofAML U.S. Corporate & Government, 1-3 Years Index covers the U.S. investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities, with a remaining term to final maturity less than 3 years."

XML

Label

Element

Value

Risk Return Abstract

rr_RiskReturnAbstract

Document Type

dei_DocumentType

497

Document Period End Date

dei_DocumentPeriodEndDate

Jan. 31, 2018

Registrant Name

dei_EntityRegistrantName

AMERICAN PENSION INVESTORS TRUST

Central Index Key

dei_EntityCentralIndexKey

0000764859

Amendment Flag

dei_AmendmentFlag

false

Document Creation Date

dei_DocumentCreationDate

Oct. 12, 2018

Document Effective Date

dei_DocumentEffectiveDate

Oct. 12, 2018

Prospectus Date

rr_ProspectusDate

May 31, 2018

Yorktown Short Term Bond Fund

Risk Return Abstract

rr_RiskReturnAbstract

Prospectus Supplement Text Block

APIT_ProspectusSupplementTextBlock

SUPPLEMENT

dated October 12, 2018 to the

Summary Prospectus

dated May 31, 2018 for

Yorktown Short Term Bond Fund and the

STATUTORY PROSPECTUS

dated May 31, 2018 for

The Yorktown Funds

(Class A, Class L and Institutional Class Shares)

Effective October 12, 2018, the primary benchmark for the Yorktown Short Term Bond Fund will be the ICE BofAML U.S. Corporate & Government, 1-3 Years Index. The Summary and Statutory Prospectuses of the Yorktown Funds are hereby amended to reflect the following information:

The section appearing under the heading "Section 1 – Fund Summaries – Yorktown Short Term Bond Fund – The Fund's Past Performance – Average Annual Total Returns for the Fund" on page 5 of the Summary Prospectus and page 23 of the Statutory Prospectus is hereby replaced in its entirety as follows:

"Average Annual Total Returns for the Fund

(for the periods ended December 31, 2017)

	One Year	Five Years	Ten Years
Return Before Taxes – Class A Shares (APIMX)	2.35%	0.29%	-1.45%
Return After-Taxes on Distributions (1)	1.11%	-1.20%	-2.36%
Return After-Taxes on Distributions and Sale of Fund Shares (1)	1.32%	-0.46%	-1.43%
Bloomberg Barclays U.S. Aggregate Index (2), (3)
(reflects no deductions for fees, expenses or taxes)	3.54%	2.10%	4.01%
ICE BofAML U.S. Corporate & Government, 1-3 Years Index (3)
(reflects no deductions for fees, expenses or taxes)	0.86%	0.86%	1.86%
	One Year	Five Years	Ten Years
Return Before Taxes - Class L Shares(AFMMX)	3.67%	0.48%	-1.85%
	One Year	Five Years	Inception 5/31/2013
Return Before Taxes – Institutional Class Shares (APIBX)	4.69%	N/A	1.91%

(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 Barclays U.S. Aggregate Index is an index comprised of approximately 6,000 publicly traded bonds including U.S. govt, mortgage-backed, corporate and Yankee bonds with an average maturity of approximately 10 years. The index is weighted by the market value of the bonds included in the index. This Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, govt-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-through), ABS, and CMBS. This index represents asset types which are subject to risk, including loss of principal.

(3) Effective October 12, 2018, the Fund's primary benchmark index was changed from the Bloomberg Barclays U.S. Aggregate Index to the ICE BofAML U.S. Corporate & Government, 1-3 Years Index because the adviser has determined that the ICE BofAML U.S. Corporate & Government, 1-3 Years Index more closely aligns with the investment strategies of the Fund. The ICE BofAML U.S. Corporate & Government, 1-3 Years Index covers the U.S. investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities, with a remaining term to final maturity less than 3 years."