UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04262
AMERICAN PENSION INVESTORS TRUST
(Exact name of Registrant as Specified in Charter)
106 Annjo Court, Suite A, Forest, Virginia 24551
(Address of Principal Executive Office) (Zip Code)
Registrant’s Telephone Number, including Area Code: (434) 846-1361
(Name and Address of Agent for Service)
David D. Basten
President
American Pension Investors Trust
106 Annjo Court, Suite A
Forest, Virginia 24551
Copy to:
David C. Mahaffey, Esq.
Sullivan & Worcester LLP
1666 K Street, NW
Washington, DC 20006
Date of fiscal year end: January 31
Date of reporting period: July 31, 2023
Item 1. | Report to Shareholders. |
(a)
YORKTOWN GROWTH FUND
YORKTOWN CAPITAL APPRECIATION FUND
YORKTOWN MULTI-SECTOR BOND FUND
YORKTOWN SHORT TERM BOND FUND
YORKTOWN MASTER ALLOCATION FUND
YORKTOWN SMALL CAP FUND
SEMI-ANNUAL REPORT DATED JULY 31, 2023 |
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this report. Any representation to the contrary is a criminal offense.
CONTENTS
Financial Statements | |
Schedule of Investments | |
Growth Fund | 1-4 |
Capital Appreciation Fund | 5-6 |
Multi-Sector Bond Fund | 7-18 |
Short Term Bond Fund | 19-31 |
Master Allocation Fund | 32 |
Small Cap Fund | 33-34 |
Statements of Assets and Liabilities | 35-38 |
Statements of Operations | 39-40 |
Statements of Changes in Net Assets | 41-46 |
Financial Highlights | |
Growth Fund | 47-49 |
Capital Appreciation Fund | 50-52 |
Multi-Sector Bond Fund | 53-56 |
Short Term Bond Fund | 57-59 |
Master Allocation Fund | 60-62 |
Small Cap Fund | 63-65 |
Notes to the Financial Statements | 66-82 |
Expense Examples | 83-85 |
Liquidity Risk Management Program | 86 |
Other Information | 87 |
Board Approval of Investment Advisory & Sub Advisory Agreements | 87-90 |
Privacy Notice | 91-92 |
Yorktown Growth Fund
SCHEDULE OF INVESTMENTS
July 31, 2023
(Unaudited)
Fund Holdings (as a percentage of net assets)
Technology | 27.19% |
Industrials | 17.80% |
Consumer Discretionary | 14.91% |
Materials | 12.80% |
Health Care | 8.88% |
Financials | 7.73% |
Consumer Staples | 2.76% |
Energy | 2.65% |
Communications | 2.30% |
Real Estate | 1.22% |
Utilities | 0.70% |
Other | 1.06% |
100.00% |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.94% | ||||||||
Communications — 2.30% | ||||||||
Gravity Co. Ltd. - ADR(a) | 5,100 | $ | 392,700 | |||||
Nexstar Media Group, Inc. | 1,600 | 298,752 | ||||||
Take-Two Interactive Software, Inc.(a) | 3,400 | 519,996 | ||||||
Trade Desk, Inc. (The), Class A(a) | 5,700 | 520,182 | ||||||
1,731,630 | ||||||||
Consumer Discretionary — 14.91% | ||||||||
BorgWarner, Inc. | 6,350 | 295,275 | ||||||
Boyd Gaming Corp. | 5,300 | 362,096 | ||||||
Compagnie Financiere Richemont SA - ADR | 25,900 | 416,472 | ||||||
Copart, Inc.(a) | 4,700 | 415,433 | ||||||
D.R. Horton, Inc. | 3,600 | 457,272 | ||||||
Driven Brands Holdings, Inc.(a) | 16,000 | 413,920 | ||||||
Etsy, Inc.(a) | 3,250 | 330,363 | ||||||
Evolution AB - ADR | 2,600 | 320,060 | ||||||
Evolution AB | 2,600 | 320,597 | ||||||
Fox Factory Holding Corp.(a) | 2,200 | 246,180 | ||||||
Huazhu Group Ltd. - ADR | 7,100 | 341,084 | ||||||
Kering SA - ADR | 5,350 | 307,358 | ||||||
LCI Industries | 4,800 | 654,096 | ||||||
Li Ning Co. Ltd. | 58,700 | 353,756 | ||||||
Lithia Motors, Inc., Class A | 2,100 | 652,113 | ||||||
MasterBrand, Inc.(a) | 40,650 | 502,027 | ||||||
Open House Co. Ltd. | 9,100 | 345,658 | ||||||
Patrick Industries, Inc. | 3,700 | 320,235 | ||||||
PHINIA, Inc.(a) | 1,270 | 36,030 | ||||||
Pool Corp. | 1,410 | 542,483 | ||||||
PulteGroup, Inc. | 9,100 | 767,949 | ||||||
RH(a) | 1,300 | 504,621 | ||||||
Skyline Champion Corp.(a) | 4,400 | 306,504 | ||||||
Taylor Morrison Home Corp.(a) | 7,400 | 358,308 | ||||||
THOR Industries, Inc. | 3,325 | 384,004 | ||||||
Tractor Supply Co. | 2,800 | 627,172 | ||||||
Vipshop Holdings Ltd. - ADR(a) | 17,500 | 329,525 | ||||||
Vista Outdoor, Inc.(a) | 11,000 | 333,300 | ||||||
11,243,891 | ||||||||
Consumer Staples — 2.76% | ||||||||
Bunge Ltd. | 3,200 | 347,744 | ||||||
Five Below, Inc.(a) | 2,400 | 500,016 | ||||||
Pan Pacific International Holdings Corp. - ADR | 14,300 | 280,423 | ||||||
Performance Food Group Co.(a) | 4,300 | 256,968 | ||||||
Seven & I Holdings Co., Ltd. - ADR | 15,250 | 316,285 | ||||||
Simply Good Foods Co. (The)(a) | 9,800 | 379,358 | ||||||
2,080,794 | ||||||||
Energy — 2.65% | ||||||||
Civitas Resources, Inc. | 4,600 | 344,356 | ||||||
HF Sinclair Corp. | 6,100 | 317,749 | ||||||
Matador Resources Co. | 4,000 | 222,520 | ||||||
Ovintiv, Inc. | 16,500 | 760,485 | ||||||
Vitesse Energy, Inc. | 14,170 | 356,942 | ||||||
2,002,052 |
1
YORKTOWN GROWTH FUND
SCHEDULE OF INVESTMENTS, Continued
Shares | Fair Value | |||||||
Financials — 7.73% | ||||||||
AllianceBernstein Holding LP | 7,250 | $ | 233,378 | |||||
Carlyle Group, Inc. (The) | 10,600 | 377,890 | ||||||
Deutsche Boerse AG - ADR | 31,000 | 592,720 | ||||||
Evercore Partners, Inc., Class A | 2,375 | 320,767 | ||||||
Franklin Resources, Inc. | 9,600 | 280,704 | ||||||
Houlihan Lokey, Inc., Class A | 3,850 | 384,423 | ||||||
Jefferies Financial Group, Inc. | 10,700 | 393,653 | ||||||
KKR & Co., Inc. | 9,700 | 575,986 | ||||||
LPL Financial Holdings, Inc. | 3,400 | 779,824 | ||||||
Raymond James Financial, Inc. | 6,450 | 709,951 | ||||||
Stifel Financial Corp. | 4,900 | 311,346 | ||||||
StoneX Group, Inc.(a) | 1,700 | 156,417 | ||||||
Tradeweb Markets, Inc., Class A | 4,850 | 396,682 | ||||||
Worldline S.A. - ADR(a) | 15,900 | 314,343 | ||||||
5,828,084 | ||||||||
Health Care — 8.88% | ||||||||
Align Technology, Inc.(a) | 1,725 | 651,860 | ||||||
Charles River Laboratories International, Inc.(a) | 1,800 | 377,172 | ||||||
Genmab A/S - ADR(a) | 16,600 | 686,576 | ||||||
Globus Medical, Inc., Class A(a) | 6,400 | 385,728 | ||||||
Hologic, Inc.(a) | 4,600 | 365,332 | ||||||
ICON PLC(a) | 2,450 | 615,954 | ||||||
Insulet Corp.(a) | 2,150 | 595,013 | ||||||
Masimo Corp.(a) | 1,950 | 238,485 | ||||||
Medpace Holdings, Inc.(a) | 1,800 | 455,706 | ||||||
Merck KGaA - ADR | 8,450 | 298,285 | ||||||
Penumbra, Inc.(a) | 1,850 | 561,216 | ||||||
QIAGEN N.V.(a) | 6,100 | 285,602 | ||||||
QuidelOrtho Corp.(a) | 5,000 | 436,800 | ||||||
Repligen Corp.(a) | 2,150 | 368,854 | ||||||
Sonova Holding AG - ADR | 6,780 | 375,951 | ||||||
6,698,534 | ||||||||
Industrials — 17.80% | ||||||||
A.P. Moller - Maersk A/S - ADR | 36,500 | 373,395 | ||||||
Ashtead Group PLC - ADR | 1,450 | 429,722 | ||||||
Atkore, Inc.(a) | 3,800 | 602,946 | ||||||
Camtek Ltd.(a) | 3,500 | 166,635 | ||||||
Core & Main, Inc., Class A(a) | 13,300 | 420,413 | ||||||
Disco Corp. - ADR | 37,500 | 702,000 | ||||||
DSV A/S - ADR | 3,850 | 384,230 | ||||||
Expeditors International of Washington, Inc. | 2,600 | 330,980 | ||||||
Fluidra SA | 15,600 | 345,142 | ||||||
Franklin Electric Co., Inc. | 6,000 | 592,920 | ||||||
Generac Holdings, Inc.(a) | 4,800 | 737,760 | ||||||
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - ADR | 3,400 | 308,040 | ||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR | 1,750 | 333,130 | ||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR | 1,070 | 302,799 | ||||||
IES Holdings, Inc.(a) | 5,400 | 309,528 | ||||||
Ingersoll Rand, Inc. | 9,700 | 633,119 | ||||||
J.B. Hunt Transport Services, Inc. | 1,500 | 305,910 | ||||||
Kuehne & Nagel International AG - ADR | 6,200 | 386,849 | ||||||
Landstar System, Inc. | 2,250 | 458,077 | ||||||
Mueller Industries, Inc. | 2,500 | 202,650 | ||||||
NIBE Industrier AB | 28,800 | 259,201 | ||||||
Old Dominion Freight Line, Inc. | 1,300 | 545,337 | ||||||
Prysmian SpA | 14,400 | 574,005 | ||||||
Regal Rexnord Corp. | 2,300 | 359,214 | ||||||
Rollins, Inc. | 7,300 | 298,059 | ||||||
Saia, Inc.(a) | 2,540 | 1,074,776 | ||||||
Techtronic Industries Co. Ltd. - ADR | 5,700 | 324,273 | ||||||
Teledyne Technologies, Inc.(a) | 900 | 346,077 | ||||||
TopBuild Corp.(a) | 1,300 | 356,109 | ||||||
Toro Co. (The) | 3,200 | 325,280 | ||||||
WESCO International, Inc.(a) | 3,600 | 632,052 | ||||||
13,420,628 | ||||||||
Materials — 12.79% | ||||||||
Advanced Drainage Systems, Inc. | 3,100 | 378,169 |
2
YORKTOWN GROWTH FUND
SCHEDULE OF INVESTMENTS, Continued
Shares | Fair Value | |||||||
Albemarle Corp. | 2,850 | $ | 604,998 | |||||
Berry Global Group, Inc. | 7,950 | 521,281 | ||||||
CF Industries Holdings, Inc. | 4,300 | 352,944 | ||||||
Commercial Metals Co. | 8,700 | 497,814 | ||||||
Franco-Nevada Corp. | 2,400 | 350,016 | ||||||
Givaudan SA - ADR | 5,100 | 343,458 | ||||||
Gold Fields Ltd. - ADR | 22,750 | 351,942 | ||||||
James Hardie Industries PLC - ADR | 12,300 | 364,080 | ||||||
Kingspan Group PLC - ADR | 4,650 | 371,933 | ||||||
Livent Corp.(a) | 7,700 | 189,574 | ||||||
Louisiana-Pacific Corp. | 5,050 | 384,457 | ||||||
Mitsui & Co. Ltd. - ADR | 675 | 530,901 | ||||||
Nutrien Ltd. | 6,300 | 434,007 | ||||||
Rio Tinto PLC - ADR | 4,900 | 326,095 | ||||||
Southern Copper Corp. | 6,300 | 550,872 | ||||||
Steel Dynamics, Inc. | 3,550 | 378,359 | ||||||
Tenaris S.A. - ADR | 11,300 | 378,437 | ||||||
Ternium S.A. - ADR | 8,275 | 369,479 | ||||||
Trex Co., Inc.(a) | 8,300 | 573,862 | ||||||
UFP Industries, Inc. | 6,300 | 647,388 | ||||||
UFP Technologies, Inc.(a) | 1,700 | 330,931 | ||||||
Westlake Chemical Corp. | 3,050 | 419,375 | ||||||
9,650,372 | ||||||||
Real Estate — 1.22% | ||||||||
CBRE Group, Inc., Class A(a) | 6,700 | 558,177 | ||||||
FirstService Corp. | 2,300 | 360,249 | ||||||
918,426 | ||||||||
Technology — 27.19% | ||||||||
Advantest Corp. - ADR | 3,800 | 524,780 | ||||||
Amkor Technology, Inc. | 13,800 | 401,442 | ||||||
Arista Networks, Inc.(a) | 2,450 | 379,970 | ||||||
ASE Technology Holding Co. Ltd. - ADR | 39,600 | 317,988 | ||||||
ASM International NV - ADR | 810 | 385,228 | ||||||
Capgemini SE - ADR | 8,200 | 297,004 | ||||||
CDW Corp. | 2,200 | 411,554 | ||||||
Cirrus Logic, Inc.(a) | 4,700 | 379,760 | ||||||
Concentrix Corp. | 2,700 | 224,748 | ||||||
CyberArk Software Ltd.(a) | 3,100 | 514,631 | ||||||
Dassault Systemes SE - ADR | 7,750 | 332,552 | ||||||
Descartes Systems Group, Inc. (The)(a) | 8,200 | 638,534 | ||||||
Dlocal Ltd., Class A(a) | 19,800 | 300,366 | ||||||
Doximity, Inc., Class A(a) | 9,600 | 343,008 | ||||||
Entegris, Inc. | 3,900 | 427,869 | ||||||
ExlService Holdings, Inc.(a) | 4,500 | 634,275 | ||||||
Fortinet, Inc.(a) | 9,900 | 769,428 | ||||||
Genpact Ltd. | 11,200 | 404,208 | ||||||
Globant S.A.(a) | 2,100 | 366,933 | ||||||
Infineon Technologies AG - ADR | 11,700 | 515,268 | ||||||
KLA Corp. | 1,500 | 770,925 | ||||||
Lasertec Corp. | 2,100 | 316,988 | ||||||
Logitech International S.A. | 7,500 | 520,350 | ||||||
MarketAxess Holdings, Inc. | 1,100 | 296,142 | ||||||
MKS Instruments, Inc. | 3,500 | 382,095 | ||||||
Monolithic Power Systems, Inc. | 1,300 | 727,337 | ||||||
Paycom Software, Inc.(a) | 1,000 | 368,760 | ||||||
Paylocity Holdings Corp.(a) | 2,550 | 578,467 | ||||||
Power Integrations, Inc. | 3,500 | 339,990 | ||||||
PTC, Inc.(a) | 2,800 | 408,268 | ||||||
Qualys, Inc.(a) | 4,700 | 652,360 | ||||||
Science Applications International Corp. | 3,250 | 394,355 | ||||||
SPS Commerce, Inc.(a) | 4,900 | 883,911 | ||||||
STMicroelectronics NV - ADR | 9,400 | 504,592 | ||||||
Super Micro Computer, Inc.(a) | 3,125 | 1,032,094 | ||||||
SYNNEX Corp. | 2,700 | 266,517 | ||||||
TDK Corp. - ADR | 7,500 | 288,788 | ||||||
Teleperformance - ADR | 3,700 | 267,806 | ||||||
Teradyne, Inc. | 3,000 | 338,820 | ||||||
Tokyo Electron Ltd. - ADR | 6,600 | 495,264 | ||||||
Tyler Technologies, Inc.(a) | 1,650 | 654,440 | ||||||
United Microelectronics Corp. - ADR(a) | 42,900 | 322,179 | ||||||
Veeva Systems, Inc., Class A(a) | 1,650 | 336,963 | ||||||
WNS Holdings Ltd. - ADR(a) | 7,000 | 483,770 | ||||||
Zoom Video Communications, Inc., Class A(a) | 4,100 | 300,735 | ||||||
20,501,462 |
3
YORKTOWN GROWTH FUND
SCHEDULE OF INVESTMENTS, Continued
Shares | Fair Value | |||||||
Utilities — 0.71% | ||||||||
OGE Energy Corp. | 6,800 | $ | 245,820 | |||||
RWE AG - ADR | 6,600 | 284,846 | ||||||
530,666 | ||||||||
Total Common Stocks | ||||||||
(Cost $51,945,392) | 74,606,539 | |||||||
CONTINGENT VALUE RIGHTS — 0.00% | ||||||||
Health Care — 0.00% | ||||||||
ABIOMED, Inc.(a)(b) | 1,550 | — | ||||||
Total Contingent Value Rights | ||||||||
(Cost $—) | — | |||||||
Total Investments — 98.94% | ||||||||
(Cost $51,945,392) | 74,606,539 | |||||||
Other Assets in Excess of Liabilities — 1.06% | 797,936 | |||||||
Net Assets — 100.00% | $ | 75,404,475 |
(a) | Non-income producing security. |
(b) | Security is being fair valued in accordance with the Trust’s fair valuation policies and represents 0% of the Fund’s net assets. |
ADR — American Depositary Receipt
The accompanying notes are an integral part of these financial statements.
4
Yorktown Capital Appreciation Fund
SCHEDULE OF INVESTMENTS
July 31, 2023
(Unaudited)
Fund Holdings (as a percentage of net assets)
Technology | 34.61% |
Communications | 20.46% |
Consumer Discretionary | 14.68% |
Health Care | 13.05% |
Industrials | 9.05% |
Financials | 6.65% |
Other | 1.50% |
100.00% |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.50% | ||||||||
Communications — 20.46% | ||||||||
Airbnb, Inc., Class A(a) | 1,632 | $ | 248,374 | |||||
Alphabet, Inc., Class A(a) | 1,700 | 225,624 | ||||||
Endeavor Group Holdings, Inc., Class A(a) | 7,000 | 165,200 | ||||||
Grab Holdings Ltd., Class A(a) | 52,000 | 199,160 | ||||||
Iridium Communications, Inc.(a) | 3,850 | 202,317 | ||||||
Roblox Corp., Class A(a) | 6,780 | 266,115 | ||||||
Spotify Technology S.A.(a) | 1,630 | 243,538 | ||||||
Trade Desk, Inc. (The), Class A(a) | 3,580 | 326,711 | ||||||
Uber Technologies, Inc.(a) | 7,080 | 350,177 | ||||||
2,227,216 | ||||||||
Consumer Discretionary — 14.68% | ||||||||
Amazon.com, Inc.(a) | 1,500 | 200,520 | ||||||
Chewy, Inc.(a) | 3,650 | 123,735 | ||||||
Coupang, Inc., Class A(a) | 8,410 | 152,641 | ||||||
DraftKings, Inc., Class A(a) | 11,560 | 367,377 | ||||||
Etsy, Inc.(a) | 1,566 | 159,184 | ||||||
Genius Sports Ltd.(a) | 43,600 | 341,824 | ||||||
MercadoLibre, Inc.(a) | 204 | 252,562 | ||||||
1,597,843 | ||||||||
Financials — 6.65% | ||||||||
Intercontinental Exchange, Inc. | 2,100 | 241,080 | ||||||
Nu Holdings Ltd., Class A(a) | 31,700 | 252,332 | ||||||
Robinhood Markets, Inc., Class A(a) | 17,900 | 230,194 | ||||||
723,606 | ||||||||
Health Care — 13.05% | ||||||||
Agilon Health, Inc.(a) | 7,925 | 151,764 | ||||||
Exact Sciences Corp.(a) | 6,360 | 620,355 | ||||||
Intuitive Surgical, Inc.(a) | 900 | 291,960 | ||||||
Royalty Pharma PLC, Class A | 5,370 | 168,511 | ||||||
Teladoc Health, Inc.(a) | 6,300 | 187,551 | ||||||
1,420,141 | ||||||||
Industrials — 9.05% | ||||||||
AeroVironment, Inc.(a) | 1,994 | 189,948 | ||||||
Elbit Systems Ltd. | 1,030 | 218,597 | ||||||
Kratos Defense & Security Solutions, Inc.(a) | 13,064 | 197,136 | ||||||
Teledyne Technologies, Inc.(a) | 567 | 218,029 | ||||||
Trimble, Inc.(a) | 3,000 | 161,400 | ||||||
985,110 | ||||||||
Technology — 34.61% | ||||||||
Adyen NV - ADR(a) | 10,975 | 203,147 | ||||||
ASML Holding N.V. - ADR | 283 | 202,744 | ||||||
Bill.com Holdings, Inc.(a) | 1,340 | 167,956 | ||||||
CrowdStrike Holdings, Inc., Class A(a) | 1,160 | 187,526 | ||||||
Global-e Online Ltd.(a) | 6,530 | 294,176 | ||||||
Intuit, Inc. | 439 | 224,636 | ||||||
Nano Dimension Ltd. - ADR(a) | 57,800 | 179,180 | ||||||
NVIDIA Corp. | 1,065 | 497,664 | ||||||
PagerDuty, Inc.(a) | 6,650 | 172,368 | ||||||
PayPal Holdings, Inc.(a) | 2,220 | 168,320 | ||||||
Snowflake, Inc., Class A(a) | 1,120 | 199,035 | ||||||
StoneCo Ltd., Class A(a) | 15,700 | 227,493 | ||||||
Synopsys, Inc.(a) | 720 | 325,296 | ||||||
Teradyne, Inc. | 1,854 | 209,391 | ||||||
Veeva Systems, Inc., Class A(a) | 760 | 155,207 | ||||||
Workday, Inc., Class A(a) | 900 | 213,417 |
5
YORKTOWN CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS, Continued
Shares | Fair Value | |||||||
Zoom Video Communications, Inc., Class A(a) | 1,890 | $ | 138,632 | |||||
3,766,188 | ||||||||
Total Common Stocks/Investments — 98.50% | ||||||||
(Cost $9,568,548) | 10,720,104 | |||||||
Other Assets in Excess of Liabilities — 1.50% | 163,613 | |||||||
Net Assets — 100.00% | $ | 10,883,717 |
(a) | Non-income producing security. |
ADR — American Depositary Receipt
The accompanying notes are an integral part of these financial statements.
6
Yorktown Multi-Sector Bond Fund
SCHEDULE OF INVESTMENTS
July 31, 2023
(Unaudited)
Fund Holdings (as a percentage of net assets)
Corporate Bonds and Notes | 49.09% |
Asset Backed Securities | 28.92% |
U.S. Government & Agencies | 15.10% |
Collateralized Loan Obligations | 5.82% |
Other | 1.07% |
100.00% |
Principal | Fair Value | |||||||
CORPORATE BONDS AND NOTES — 49.09% | ||||||||
Communications — 4.22% | ||||||||
CCO Holdings LLC, 5.00%, 2/1/2028 (a) | $ | 1,000,000 | $ | 925,051 | ||||
CCO Holdings LLC, 4.25%, 2/1/2031 (a) | 1,000,000 | 822,992 | ||||||
CCO Holdings LLC, 4.50%, 6/1/2033 (a) | 1,000,000 | 792,200 | ||||||
DIRECTV Holdings LLC, 5.88%, 8/15/2027 (a) | 1,250,000 | 1,129,530 | ||||||
Lamar Media Corp., 3.63%, 1/15/2031 | 500,000 | 419,020 | ||||||
Level 3 Financing, Inc., 4.25%, 7/1/2028 (a) | 2,000,000 | 1,417,952 | ||||||
Prosus NV, MTN, 3.06%, 7/13/2031 (a) | 500,000 | 392,775 | ||||||
Scripps Escrow II, Inc., 3.88%, 1/15/2029 (a) | 500,000 | 416,160 | ||||||
United States Cellular Corp., 6.70%, 12/15/2033 | 2,540,000 | 2,205,736 | ||||||
Univision Communications, Inc., 4.50%, 5/1/2029 (a) | 1,000,000 | 866,176 | ||||||
Verizon Communications, Inc., 2.85%, 9/3/2041 | 1,000,000 | 703,478 | ||||||
VMED OC UK Financing PLC, 4.75%, 7/15/2031 (a) | 1,000,000 | 845,020 | ||||||
Vodafone Group PLC, 4.13%, 6/4/2081 (H15T5Y + 276.7bps) | 1,000,000 | 796,067 | ||||||
Warnermedia Holdings, Inc., 5.14%, 3/15/2052 | 1,000,000 | 813,378 | ||||||
12,545,535 | ||||||||
Consumer Discretionary — 3.03% | ||||||||
Carnival Corp., 4.00%, 8/1/2028 (a) | 2,000,000 | 1,780,016 | ||||||
Carnival Corp., 6.00%, 5/1/2029 (a) | 1,000,000 | 899,789 | ||||||
Ford Motor Co., 3.25%, 2/12/2032 | 500,000 | 395,767 | ||||||
Ford Motor Credit Co., LLC, 3.38%, 11/13/2025 | 1,000,000 | 935,878 | ||||||
Ford Motor Credit Co., LLC, 2.90%, 2/10/2029 | 2,000,000 | 1,671,858 | ||||||
LGI Homes, Inc., 4.00%, 7/15/2029 (a) | 500,000 | 420,631 | ||||||
Marriott International, Inc., 2.75%, 10/15/2033 | 500,000 | 397,309 | ||||||
Marriott Ownership Resorts, Inc., 4.50%, 6/15/2029 (a) | 1,000,000 | 867,820 | ||||||
Wolverine World Wide, Inc., 4.00%, 8/15/2029 (a) | 1,000,000 | 786,500 | ||||||
Yum! Brands, Inc., 3.63%, 3/15/2031 | 1,000,000 | 858,073 | ||||||
9,013,641 | ||||||||
Consumer Staples — 3.41% | ||||||||
Anheuser-Busch Cos., LLC, 4.70%, 2/1/2036 (a) | 100,000 | 97,042 | ||||||
Central Garden & Pet Co., 4.13%, 4/30/2031 (a) | 500,000 | 417,869 | ||||||
Constellation Brands, Inc., 2.25%, 8/1/2031 | 500,000 | 405,013 | ||||||
Constellation Brands, Inc., 4.50%, 5/9/2047 | 500,000 | 430,174 |
7
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Coty, Inc., 5.00%, 4/15/2026 (a) | $ | 1,000,000 | $ | 965,851 | ||||
JBS Finance Luxembourg Sarl, 3.63%, 1/15/2032 (a) | 500,000 | 414,500 | ||||||
JBS USA LUX SA, 5.50%, 1/15/2030 (a) | 1,000,000 | 968,120 | ||||||
JBS USA LUX SA, 3.75%, 12/1/2031 (a) | 250,000 | 212,815 | ||||||
Kraft Heinz Foods Co., 5.00%, 6/4/2042 (a) | 300,000 | 281,061 | ||||||
Kraft Heinz Foods Co., 5.00%, 6/4/2042 | 500,000 | 468,434 | ||||||
Kraft Heinz Foods Co., 4.38%, 6/1/2046 | 1,000,000 | 848,578 | ||||||
Kraft Heinz Foods Co., 4.88%, 10/1/2049 | 1,000,000 | 911,933 | ||||||
Land O’ Lakes, Inc., 7.25%, Perpetual (a) | 2,000,000 | 1,589,200 | ||||||
Molson Coors Beverage Co., 4.20%, 7/15/2046 | 1,000,000 | 822,103 | ||||||
Performance Food Group, Inc., 4.25%, 8/1/2029 (a) | 500,000 | 444,609 | ||||||
Pilgrim’s Pride Corp., 4.25%, 4/15/2031 | 1,000,000 | 865,897 | ||||||
10,143,199 | ||||||||
Financials — 22.52% | ||||||||
American Express Co., 3.55%, Perpetual (H15T5Y + 285.40bps) | 1,000,000 | 841,534 | ||||||
Assurant, Inc., 7.00%, 3/27/2048 | 1,000,000 | 975,244 | ||||||
Assured Guaranty Municipal Holdings, Inc., 6.40%, 12/15/2066 (1MO LIBOR + 221.50bps)(a),(b) | 2,000,000 | 1,792,997 | ||||||
Banco Bilbao Vizcaya Argentaria S.A., 6.13%, 2/16/2049 (USSW5 + 387.0bps)(b) | 800,000 | 693,085 | ||||||
Banco Bilbao Vizcaya Argentaria S.A., Series 9, 6.50%, 3/25/2167 (H15T5Y + 519.2bps)(b) | 1,000,000 | 954,700 | ||||||
Bank of America Corp., 4.38%, 4/27/2170 (H15T5Y + 276.0bps)(b) | 2,000,000 | 1,757,995 | ||||||
Barclays PLC, 4.84%, 5/9/2028 | 2,000,000 | 1,865,304 | ||||||
Barclays PLC, 5.09%, 6/20/2030 (3MO LIBOR + 305.4bps)(b) | 1,500,000 | 1,390,696 | ||||||
Barclays PLC, 7.75%, 9/15/2168 (USSW5 + 484.2bps)(b) | 1,000,000 | 999,200 | ||||||
BBVA Bancomer S.A., 5.13%, Perpetual (H15T5Y + 265.0bps)(b) | 2,000,000 | 1,741,500 | ||||||
BNP Paribas SA, 6.63%, Perpetual (USSW5 + 414.9bps)(a),(b) | 4,000,000 | 3,900,000 | ||||||
Brighthouse Financial, Inc., 4.70%, 6/22/2047 | 2,642,000 | 2,037,689 | ||||||
Citadel Finance LLC, 3.38%, 3/9/2026 (a) | 2,000,000 | 1,810,924 | ||||||
Citigroup, Inc., 3.88%, Perpetual (H15T5Y + 341.7bps)(b) | 1,000,000 | 872,900 | ||||||
Citigroup, Inc., 4.15%, Perpetual (H15T5Y + 300.0bps)(b) | 2,000,000 | 1,680,000 | ||||||
Citigroup, Inc., 4.70%, Perpetual (SOFR + 323.4bps)(b) | 1,000,000 | 890,400 | ||||||
Citizens Financial Group, Inc., Series C, 6.38%, Perpetual (3MO LIBOR + 315.7bps)(b) | 2,000,000 | 1,785,013 | ||||||
Discover Financial Services, Series C, 5.50%, Perpetual (3MO LIBOR + 307.6bps)(b) | 1,334,000 | 1,032,654 | ||||||
Drawbridge Special Opportunities Fund LP, 3.88%, 2/15/2026 (a) | 2,000,000 | 1,787,058 | ||||||
Enstar Finance LLC, 5.50%, 1/15/2042 (H15T5Y + 400.60bps)(b) | 500,000 | 389,200 | ||||||
FedNat Holding Co., 7.75%, 3/15/2029 (c) | 2,400,000 | 450,000 |
8
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Fifth Third Bancorp, 8.57%, Perpetual (3MO LIBOR + 303.3bps)(b) | $ | 1,000,000 | $ | 947,821 | ||||
Fifth Third Bancorp, Series J, 8.67%, Perpetual (3MO LIBOR + 312.9bps)(b) | 1,000,000 | 980,850 | ||||||
GATX Corp., Class B, 4.00%, 6/30/2030 | 2,000,000 | 1,827,614 | ||||||
Global Atlantic Financial Co., 4.70%, 10/15/2051 (H15T5Y + 379.60bps)(a),(b) | 1,000,000 | 721,607 | ||||||
Goldman Sachs Group, Inc. (The), Series P, 8.21%, 11/10/2069 (3MO LIBOR + 287.4bps)(b) | 3,000,000 | 2,978,557 | ||||||
ING Groep NV, 4.25%, Perpetual (H15T5Y + 286.20bps)(b) | 1,000,000 | 702,286 | ||||||
ING Groep NV, 5.75%, Perpetual (H15T5Y + 432.2bps)(b) | 1,000,000 | 898,585 | ||||||
Intesa Sanpaolo SpA, 5.71%, 1/15/2026 (a) | 2,000,000 | 1,931,953 | ||||||
JPMorgan Chase & Co., Series HH, 4.60%, Perpetual (SOFR+ 312.5bps)(b) | 1,000,000 | 947,500 | ||||||
Liberty Mutual Group, Inc., 3.95%, 5/15/2060 (a) | 500,000 | 351,721 | ||||||
Liberty Mutual Group, Inc., 4.30%, 2/1/2061 (a) | 1,000,000 | 623,011 | ||||||
Lloyds Banking Group PLC, 7.50%, Perpetual (USSW5 + 476.0bps)(b) | 2,500,000 | 2,438,550 | ||||||
Lloyds Banking Group PLC, 7.50%, Perpetual (USSW5 + 449.6bps)(b) | 2,000,000 | 1,895,500 | ||||||
Macquarie Bank Ltd., 3.62%, 6/3/2030 (a) | 1,000,000 | 843,815 | ||||||
Massachusetts Mutual Life Insurance Co., 3.38%, 4/15/2050 (a) | 1,000,000 | 712,437 | ||||||
Nationwide Mutual Insurance Co., 4.35%, 4/30/2050 (a) | 1,000,000 | 756,289 | ||||||
Nordea Bank Abp, 3.75%, Perpetual (H15T5Y + 260.20bps)(a),(b) | 1,000,000 | 768,942 | ||||||
OneMain Finance Corp., 5.38%, 11/15/2029 | 2,000,000 | 1,734,526 | ||||||
Pacific LifeCorp, 3.35%, 9/15/2050 (a) | 500,000 | 348,180 | ||||||
PNC Financial Services, 6.25%, Perpetual (H15T7Y + 280.8bps)(b) | 1,000,000 | 916,922 | ||||||
SBL Holdings, Inc., 5.13%, 11/13/2026 (a) | 2,000,000 | 1,784,008 | ||||||
SBL Holdings, Inc., 6.50%, Perpetual (H15T5Y + 562.0bps)(a),(b) | 1,393,000 | 794,010 | ||||||
SBL Holdings, Inc., 7.00%, Perpetual (H15T5Y + 558.0bps)(a),(b) | 1,000,000 | 627,500 | ||||||
Standard Chartered PLC, 4.30%, Perpetual (H15T5Y + 313.50bps)(a),(b) | 2,000,000 | 1,566,800 | ||||||
Truist Financial Corp., Series M, 5.13%, Perpetual (3MO LIBOR + 278.6bps)(b) | 1,800,000 | 1,444,050 | ||||||
UBS Group AG, 4.38%, Perpetual (H15T5Y + 331.3bps)(a),(b) | 1,000,000 | 748,550 | ||||||
UBS Group AG, 7.00%, Perpetual (USSW5 + 434.4bps)(a),(b) | 1,000,000 | 981,350 | ||||||
UniCredit SpA, 5.86%, 6/19/2032 (USISDA05 + 370.3bps)(a),(b) | 2,000,000 | 1,839,355 | ||||||
UniCredit SpA, 5.46%, 6/30/2035 (H15T5Y + 475.0bps)(a),(b) | 500,000 | 436,731 | ||||||
Unifin Financiera SAB de CV Sociedad Financiera de Objeto Multiple, Entidad No Regulada, 8.38%, 1/27/2028 (a)(c) | 1,000,000 | 51,192 |
9
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
US Bancorp, 5.30%, Perpetual (TSFR3M + 317.56bps)(b) | $ | 500,000 | $ | 440,275 | ||||
Wells Fargo & Co, Series EE, 7.63%, Perpetual (H15T5Y + 360.6bps)(b) | 500,000 | 515,320 | ||||||
Wells Fargo & Co., 6.07%, 1/15/2027 (3MO LIBOR + 50.0bps) | 2,000,000 | 1,909,052 | ||||||
Wells Fargo & Co., Series BB, 3.90%, Perpetual (H15T5Y + 345.3bps)(b) | 1,000,000 | 899,825 | ||||||
67,012,777 | ||||||||
Health Care — 0.99% | ||||||||
Jazz Securities DAC, 4.38%, 1/15/2029 (a) | 500,000 | 445,007 | ||||||
Organon Finance 1 LLC, 4.13%, 4/30/2028 (a) | 1,000,000 | 897,187 | ||||||
Perrigo Finance Unlimited Co., 4.40%, 6/15/2030 | 1,000,000 | 896,871 | ||||||
Viatris, Inc., 3.85%, 6/22/2040 | 1,000,000 | 711,722 | ||||||
2,950,787 | ||||||||
Industrials — 5.68% | ||||||||
ADT Security Corp. (The), 4.13%, 8/1/2029 (a) | 1,000,000 | 868,580 | ||||||
Air Canada, 3.88%, 8/15/2026 (a) | 1,000,000 | 928,900 | ||||||
Air Canada Pass Through Trust, Series 2020-2A, Class A, 4.13%, 5/15/2025 (a) | 1,093,808 | 1,028,360 | ||||||
American Airlines Pass Through Trust, Series 2021-1, Class B, 3.95%, 7/11/2030 | 910,000 | 789,898 | ||||||
Burlington Northern Santa Fe LLC, 4.45%, 1/15/2053 | 2,000,000 | 1,821,673 | ||||||
Canadian Pacific Railway Co., Class B, 2.45%, 12/2/2031 | 1,000,000 | 875,443 | ||||||
CSX Corp., 5.50%, 4/15/2041 | 1,000,000 | 1,015,059 | ||||||
Dycom Industries, Inc., 4.50%, 4/15/2029 (a) | 1,000,000 | 904,527 | ||||||
Norfolk Southern Corp., 5.05%, 8/1/2030 | 500,000 | 498,980 | ||||||
Norfolk Southern Corp., 4.55%, 6/1/2053 | 1,000,000 | 892,369 | ||||||
Seaspan Corp., 5.50%, 8/1/2029 (a) | 1,000,000 | 816,370 | ||||||
Triton Container International Ltd., 3.25%, 3/15/2032 | 500,000 | 387,949 | ||||||
Union Pacific Corp., 3.20%, 5/20/2041 | 1,000,000 | 785,321 | ||||||
Union Pacific Corp., 2.95%, 3/10/2052 | 1,000,000 | 688,844 | ||||||
Union Pacific Corp., 3.50%, 2/14/2053 | 1,000,000 | 769,494 | ||||||
United Airlines Pass Through Trust, Series 2016-2B, Class B, 3.65%, 10/7/2025 | 528,935 | 492,766 | ||||||
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.88%, 1/15/2026 | 646,363 | 624,144 | ||||||
United Airlines Pass Through Trust, Series 2016-2, Class A, 3.10%, 4/7/2030 | 709,259 | 605,499 | ||||||
United Airlines, Inc., 4.38%, 4/15/2026 (a) | 50,000 | 47,393 | ||||||
US Airways Pass Through Trust, Series 2011-1, Class A, 7.13%, 10/22/2023 | 294,978 | 295,276 | ||||||
US Airways Pass Through Trust, Series 2012-2, Class A, 4.63%, 6/3/2025 | 1,435,600 | 1,353,542 | ||||||
ZipRecruiter, Inc., 5.00%, 1/15/2030 (a) | 500,000 | 426,710 | ||||||
16,917,097 | ||||||||
Materials — 1.93% | ||||||||
Alcoa Nederland Holding BV, 5.50%, 12/15/2027 (a) | 1,000,000 | 971,053 | ||||||
Ball Corp., 2.88%, 8/15/2030 | 1,000,000 | 826,049 | ||||||
Bemis Co., Inc., 2.63%, 6/19/2030 | 500,000 | 413,873 |
10
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Berry Global, Inc., 5.63%, 7/15/2027 (a) | $ | 1,000,000 | $ | 976,427 | ||||
Canpack SA, 3.88%, 11/15/2029 (a) | 500,000 | 402,283 | ||||||
Commercial Metals Co., 3.88%, 2/15/2031 | 500,000 | 434,535 | ||||||
Domtar Corp., 6.25%, 9/1/2042 | 1,000,000 | 610,266 | ||||||
Reynolds Group Issuer, Inc., 4.00%, 10/15/2027 (a) | 1,000,000 | 901,545 | ||||||
WRKCo, Inc., 3.00%, 6/15/2033 | 250,000 | 203,400 | ||||||
5,739,431 | ||||||||
Real Estate — 0.67% | ||||||||
Iron Mountain, Inc., 4.88%, 9/15/2029 (a) | 1,000,000 | 902,920 | ||||||
Iron Mountain, Inc., 5.25%, 7/15/2030 (a) | 1,000,000 | 904,901 | ||||||
SBA Communications Corp., 3.88%, 2/15/2027 (a) | 200,000 | 184,434 | ||||||
1,992,255 | ||||||||
Technology — 3.02% | ||||||||
Broadcom, Inc., 4.15%, 11/15/2030 | 1,000,000 | 919,904 | ||||||
Broadcom, Inc., 4.15%, 11/15/2030 | 500,000 | 459,952 | ||||||
Broadcom, Inc., 2.60%, 2/15/2033 (a) | 1,000,000 | 779,461 | ||||||
Broadcom, Inc., 3.50%, 2/15/2041 (a) | 1,000,000 | 745,408 | ||||||
HP, Inc., 6.00%, 9/15/2041 | 2,500,000 | 2,542,859 | ||||||
Jabil, Inc., 3.00%, 1/15/2031 | 1,000,000 | 850,045 | ||||||
Juniper Networks, Inc., 2.00%, 12/10/2030 | 500,000 | 387,775 | ||||||
Juniper Networks, Inc., 5.95%, 3/15/2041 | 700,000 | 680,806 | ||||||
Kyndryl Holdings, Inc., 2.05%, 10/15/2026 | 1,000,000 | 871,527 | ||||||
Kyndryl Holdings, Inc., 3.15%, 10/15/2031 | 1,000,000 | 748,630 | ||||||
8,986,367 | ||||||||
Utilities — 3.62% | ||||||||
AEP Texas, Inc., Series I, 2.10%, 7/1/2030 | 500,000 | 409,509 | ||||||
Appalachian Power Co., Series Z, 3.70%, 5/1/2050 | 1,000,000 | 746,429 | ||||||
Dayton Power & Light Co. (The), 3.95%, 6/15/2049 | 1,000,000 | 778,850 | ||||||
Dominion Energy, Inc., 4.35%, Perpetual (H15T5Y + 319.5bps)(b) | 1,000,000 | 863,400 | ||||||
Duke Energy Progress LLC, 2.50%, 8/15/2050 | 1,000,000 | 618,039 | ||||||
Kentucky Utilities Co., 3.30%, 6/1/2050 | 1,000,000 | 716,059 | ||||||
NRG Energy, Inc., 4.45%, 6/15/2029 (a) | 1,000,000 | 890,190 | ||||||
Pacific Gas and Electric Co., 4.25%, 3/15/2046 | 500,000 | 352,330 | ||||||
Pacific Gas and Electric Co., 3.50%, 8/1/2050 | 500,000 | 324,396 | ||||||
Pinnacle West Capital Corp., 1.30%, 6/15/2025 | 2,000,000 | 1,837,101 | ||||||
Southern California Edison Co., Series B, 4.88%, 3/1/2049 | 1,000,000 | 892,488 | ||||||
Topaz Solar Farms LLC, 5.75%, 9/30/2039 FIXED(a) | 883,719 | 853,584 | ||||||
Union Electric Co., 3.90%, 4/1/2052 | 750,000 | 609,772 | ||||||
Vistra Operations Co. LLC, 4.38%, 5/1/2029 (a) | 1,000,000 | 883,776 | ||||||
10,775,923 | ||||||||
Total Corporate Bonds and Notes | ||||||||
(Cost $168,541,871) | 146,077,012 | |||||||
ASSET BACKED SECURITIES — 28.92% | ||||||||
ACC Auto Trust, Series 2021-A, Class B, 1.79%, 4/15/2027 (a) | 2,000,000 | 1,977,721 | ||||||
ACC Trust, Series 2022-1, Class C, 3.24%, 10/20/2025 (a) | 1,000,000 | 958,714 |
11
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
American Credit Acceptance Receivables Trust, Series 2019-3, Class F, 5.42%, 5/12/2026 (a) | $ | 550,000 | $ | 549,288 | ||||
American Credit Acceptance Receivables Trust, Series 2021-2, Class E, 2.54%, 7/13/2027 (a) | 2,000,000 | 1,862,121 | ||||||
American Credit Acceptance Receivables Trust, Series 2021-3, Class E, 2.56%, 11/15/2027 (a) | 3,000,000 | 2,778,395 | ||||||
American Credit Acceptance Receivables Trust, Series 2021-4, Class E, 3.12%, 2/14/2028 (a) | 1,000,000 | 923,605 | ||||||
Amur Equipment Finance Receivables LLC, Series 2022-1A, Class E, 5.02%, 12/20/2028 (a) | 750,000 | 665,249 | ||||||
CarNow Auto Receivables Trust, Series 2021-1A, Class D, 3.64%, 2/17/2026 (a) | 1,000,000 | 981,156 | ||||||
Carvana Auto Receivables Trust, Series 2020-N1A, Class E, 5.20%, 7/15/2027 (a) | 1,000,000 | 963,177 | ||||||
Carvana Auto Receivables Trust, Series 2021-N3, Class E, 3.16%, 6/12/2028 (a) | 2,250,000 | 1,974,139 | ||||||
Carvana Auto Receivables Trust, Series 2021-N4, Class E, 4.53%, 9/11/2028 (a) | 1,500,000 | 1,355,343 | ||||||
Carvana Auto Receivables Trust, Series 2022-N1, Class E, 6.01%, 12/11/2028 (a) | 1,250,000 | 1,133,768 | ||||||
CCG Receivables Trust, Series 2020-1, Class D, 2.68%, 12/14/2027 (a) | 1,281,000 | 1,238,558 | ||||||
Continental Credit Card ABS, Series 2019-1A, Class C, 6.16%, 8/15/2026 (a) | 3,000,000 | 2,881,647 | ||||||
Continental Finance Credit Card ABS Master Trust, Series 2021-A, Class C, 4.02%, 12/17/2029 (a) | 1,000,000 | 865,523 | ||||||
CPS Auto Receivables Trust, Series 2019-C, Class E, 4.30%, 7/15/2025 (a) | 1,819,662 | 1,803,141 | ||||||
CPS Auto Receivables Trust, Series 2022-A, Class E, 4.88%, 4/16/2029 (a) | 1,000,000 | 887,540 | ||||||
Dell Equipment Finance Trust, Series 2021-1, Class B, 0.71%, 5/22/2026 (a) | 850,000 | 843,412 | ||||||
Dell Equipment Finance Trust, Series 2021-2, Class C, 0.94%, 12/22/2026 (a) | 1,055,000 | 1,015,237 | ||||||
Dext ABS LLC, Series 2020-1, Class A, 1.46%, 2/16/2027 (a) | 769 | 769 | ||||||
DLLST LLC, Series 2022-1A, Class A3, 3.40%, 1/21/2025 (a) | 770,000 | 759,069 | ||||||
Donlen Fleet Lease Funding, Series 2021-2, Class A2, 0.56%, 12/11/2034 (a) | 654,776 | 639,339 | ||||||
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18%, 10/15/2026 | 223,505 | 222,522 | ||||||
DT Auto Owner Trust, Series 2020-2A, Class D, 4.73%, 3/16/2026 (a) | 500,000 | 492,859 | ||||||
DT Auto Owner Trust, Series 2021-2A, Class E, 2.97%, 7/17/2028 (a) | 1,000,000 | 935,922 | ||||||
DT Auto Owner Trust, Series 2021-4A, Class E, 3.34%, 7/17/2028 (a) | 1,000,000 | 881,082 | ||||||
DT Auto Owner Trust, Series 2022-1A, Class E, 5.53%, 3/15/2029 (a) | 1,000,000 | 937,407 |
12
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Encina Equipment Finance LLC, Series 2022-1A, Class D, 6.00%, 1/15/2030 (a) | $ | 1,000,000 | $ | 959,458 | ||||
Enterprise Fleet Financing LLC, Series 2021-1, Class A3, 0.70%, 12/21/2026 (a) | 600,000 | 566,674 | ||||||
Enterprise Fleet Financing LLC, Series 2021-3, Class A2, 0.77%, 8/20/2027 (a) | 520,873 | 501,899 | ||||||
Enterprise Fleet Financing LLC, Series 2021-3, Class A2, 4.38%, 7/20/2029 (a) | 470,585 | 461,361 | ||||||
Exeter Automobile Receivables Trust, Series 2021-4A, Class E, 4.02%, 1/17/2028 (a) | 2,000,000 | 1,772,878 | ||||||
Exeter Automobile Receivables Trust, Series 2021-1A, Class E, 2.21%, 2/15/2028 (a) | 1,155,000 | 1,058,705 | ||||||
Exeter Automobile Receivables Trust, Series 2021-2A, Class E, 2.90%, 7/17/2028 (a) | 1,000,000 | 903,091 | ||||||
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56%, 7/17/2028 | 1,000,000 | 955,106 | ||||||
Exeter Automobile Receivables Trust, Series 2021-3A, Class E, 3.04%, 12/15/2028 (a) | 1,000,000 | 887,620 | ||||||
Exeter Automobile Receivables Trust, Series 2022-1A, Class E, 5.02%, 10/15/2029 (a) | 2,000,000 | 1,776,475 | ||||||
First Investors Auto Owner Trust, Series 2019-2A, Class F, 5.69%, 7/15/2026 (a) | 2,000,000 | 1,978,636 | ||||||
First Investors Auto Owner Trust, Series 2021-2A, Class D, 1.66%, 12/15/2027 (a) | 840,000 | 754,755 | ||||||
Flagship Credit Auto Trust, Series 2018-3, Class E, 5.28%, 12/15/2025 (a) | 2,000,000 | 1,976,454 | ||||||
Flagship Credit Auto Trust, Series 2021-3, Class D, 1.65%, 9/15/2027 (a) | 1,000,000 | 885,263 | ||||||
Flagship Credit Auto Trust, Series 2021-2, Class E, 3.16%, 9/15/2028 (a) | 1,150,000 | 968,133 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class E, 2.98%, 4/15/2027 (a) | 1,270,000 | 1,200,355 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2021-2, Class E, 3.35%, 10/15/2027 (a) | 500,000 | 454,562 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2022-1, Class D, 3.07%, 5/15/2028 (a) | 1,000,000 | 921,809 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2022-2, Class C, 5.75%, 8/15/2028 (a) | 1,000,000 | 978,653 | ||||||
GCI Funding I LLC, Series 2021-1, Class A, 2.38%, 6/18/2046 (a) | 803,528 | 681,679 | ||||||
Global SC Finance VII Srl, Series 2020-1A, Class A, 2.17%, 10/17/2040 (a) | 342,724 | 305,860 | ||||||
GLS Auto Receivables Issuer Trust, Series 2019-3A, Class D, 3.84%, 5/15/2026 (a) | 3,000,000 | 2,950,312 | ||||||
GLS Auto Receivables Issuer Trust, Series 2021-1A, Class E, 3.14%, 1/18/2028 (a) | 2,750,000 | 2,592,613 | ||||||
GLS Auto Receivables Issuer Trust, Series 2021-3A, Class E, 3.20%, 10/16/2028 (a) | 1,000,000 | 902,928 |
13
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
GLS Auto Receivables Issuer Trust, Series 2021-4A, Class E, 4.43%, 10/16/2028 (a) | $ | 1,000,000 | $ | 916,233 | ||||
GLS Auto Receivables Issuer Trust, Series 2022-1A, Class E, 5.64%, 5/15/2029 (a) | 1,000,000 | 927,065 | ||||||
Helios Issuer LLC, Series 2021-A, Class B, 3.15%, 2/20/2048 (a) | 759,853 | 594,437 | ||||||
HERO Funding Trust, Series 2021-1A, Class B, 4.00%, 9/20/2051 (a) | 358,946 | 321,653 | ||||||
ITE Rail Fund Levered LP, Series 2021-3A, Class A, 2.21%, 6/28/2051 (a) | 911,723 | 788,335 | ||||||
Loanpal Solar Loan Ltd., Series 2021-3GS, Class C, 3.50%, 12/20/2047 (a) | 882,534 | 560,015 | ||||||
Loanpal Solar Loan Ltd., Series 2021-2GS, Class C, 3.50%, 3/20/2048 (a) | 934,696 | 590,637 | ||||||
Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/2045 (a) | 1,944,454 | 1,841,682 | ||||||
Mosaic Solar Loan Trust, Series 2021-1A, Class D, 3.71%, 12/20/2046 (a) | 705,631 | 609,510 | ||||||
Octane Receivables Trust, Series 2021-2A, Class A, 1.21%, 9/20/2028 (a) | 768,923 | 740,733 | ||||||
Octane Receivables Trust, Series 2022-2A, Class D, 7.70%, 2/20/2030 (a) | 1,000,000 | 999,770 | ||||||
OneMain Financial Issuance Trust, Series 2018-2A, Class A, 3.57%, 3/14/2033 (a) | 710,117 | 700,971 | ||||||
Prestige Auto Receivables Trust, Series 2020-1A, Class E, 3.67%, 2/15/2028 (a) | 1,365,000 | 1,320,481 | ||||||
Purchasing Power Funding LLC, Series 2021-A, Class C, 2.53%, 10/15/2025 (a) | 1,000,000 | 995,979 | ||||||
Reach Financial LLC, Series 2022-1A, Class A, 3.76%, 11/15/2029 (a) | 364,712 | 360,813 | ||||||
Reach Financial LLC, Series 2022-2A, Class A, 6.63%, 5/15/2030 (a) | 315,695 | 315,549 | ||||||
Regatta VI Funding Ltd., Series 2016-1A, Class CR2, 7.74%, 4/20/2034 (3MO LIBOR + 215.0bps)(b) | 1,000,000 | 979,272 | ||||||
Regatta XVIII Funding Ltd., Series 2021-1A, Class C, 7.32%, 1/15/2034 (3MO LIBOR + 175.0bps)(a),(b) | 1,000,000 | 974,748 | ||||||
Santander Drive Auto Receivables Trust, Series 2022-3, Class A3, 3.40%, 12/15/2026 | 820,270 | 810,774 | ||||||
Sapphire Aviation Finance I Ltd., Series 2018-1A, Class C, 7.39%, 3/15/2040 (a) | 3,268,837 | 507,323 | ||||||
SCF Equipment Leasing LLC, Series 2019-2A, Class B, 2.76%, 8/20/2026 (a) | 1,000,000 | 967,768 | ||||||
SCF Equipment Leasing LLC, Series 2021-1A, Class E, 3.56%, 8/20/2032 (a) | 750,000 | 672,785 | ||||||
TAL Advantage VII LLC, Series 2020-1A, Class A, 2.05%, 9/20/2045 (a) | 702,500 | 618,451 | ||||||
Textainer Marine Containers Ltd., Series 2021-3A, Class A, 1.94%, 8/20/2046 (a) | 1,016,000 | 835,860 | ||||||
Towd Point Asset Trust, Series 2021-SL1, Class A2, 6.07%, 11/20/2061 (1MO LIBOR + 70.0bps)(a),(b) | 554,969 | 552,874 | ||||||
Trinity Rail Leasing 2021 LLC, Series 2021-1A, Class B, 3.08%, 7/19/2051 (a) | 500,000 | 406,182 |
14
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, 9/20/2045 (a) | $ | 759,167 | $ | 656,387 | ||||
TRP LLC, Series 2021-2, Class B, 3.08%, 6/19/2051 (a) | 950,000 | 794,595 | ||||||
United Auto Credit Securitization Trust, Series 2021-1, Class E, 2.58%, 6/10/2026 (a) | 3,250,000 | 3,166,116 | ||||||
United Auto Credit Securitization Trust, Series 2022-1, Class E, 5.00%, 11/10/2028 (a) | 1,000,000 | 900,861 | ||||||
US Auto Funding LLC, Series 2021-1A, Class C, 2.20%, 5/15/2026 (a) | 1,125,000 | 1,058,758 | ||||||
US Auto Funding LLC, Series 2021-1A, Class E, 6.32%, 9/15/2028 (a) | 500,000 | 304,239 | ||||||
USQ Rail II LLC, Series 2021-3, Class B, 2.98%, 6/28/2051 (a) | 500,000 | 414,210 | ||||||
Westlake Automobile Receivables Trust, Series 2021-3A, Class E, 3.42%, 4/15/2027 (a) | 1,000,000 | 924,798 | ||||||
Total Asset Backed Securities | ||||||||
(Cost $93,929,093) | 86,051,846 | |||||||
U.S. GOVERNMENT & AGENCIES — 15.10% | ||||||||
Fannie Mae, Pool #BP2175, 3.00%, 2/1/2035 | 253,842 | 237,681 | ||||||
Fannie Mae, Pool #FS2989, 2.00%, 8/1/2037 | 932,656 | 825,476 | ||||||
Fannie Mae, Pool #MA4915, 5.00%, 2/1/2038 | 908,093 | 902,230 | ||||||
Fannie Mae, Pool #BR2084, 1.90%, 6/1/2051 (b) | 697,264 | 628,962 | ||||||
Fannie Mae, Pool #MA4354, 1.50%, 6/1/2051 | 878,391 | 677,014 |
Fannie Mae, Pool #BT3256, 2.50%, 7/1/2051 | 898,387 | 759,878 | ||||||
Fannie Mae, Pool #BT1339, 2.50%, 7/1/2051 | 1,740,993 | 1,472,176 | ||||||
Fannie Mae, Pool #BT1314, 2.50%, 7/1/2051 | 579,132 | 490,257 | ||||||
Fannie Mae, Pool #BQ7422, 2.50%, 8/1/2051 | 862,670 | 729,384 | ||||||
Fannie Mae, Pool #CB2670, 3.00%, 1/1/2052 | 937,541 | 821,115 | ||||||
Fannie Mae, Pool #FS1428, 4.00%, 4/1/2052 | 1,728,643 | 1,615,900 | ||||||
Fannie Mae, Pool # MA4732, 4.00%, 9/1/2052 | 954,664 | 891,926 | ||||||
Fannie Mae, Pool #CB5536, 5.00%, 1/1/2053 | 1,945,992 | 1,908,434 | ||||||
Fannie Mae, Pool #MA4932, 3.00%, 1/1/2053 | 971,562 | 850,974 | ||||||
Fannie Mae, Pool #MA4918, 5.00%, 2/1/2053 | 968,247 | 946,258 | ||||||
Fannie Mae, Pool #MA4941, 5.00%, 3/1/2053 | 984,193 | 962,359 | ||||||
Fannie Mae, Pool #MA5009, 5.00%, 5/1/2053 | 985,081 | 962,709 | ||||||
Fannie Mae, Pool #MA5071, 5.00%, 7/1/2053 | 1,993,338 | 1,948,068 | ||||||
Federal Agricultural Mortgage Corp., 3.05%, 6/29/2032 | 500,000 | 449,449 | ||||||
Federal Farm Credit Bank, 2.13%, 5/21/2040 | 1,000,000 | 662,793 | ||||||
Federal Farm Credit Bank, 1.95%, 8/13/2040 | 1,000,000 | 645,322 | ||||||
Federal Farm Credit Bank, 2.07%, 12/21/2040 | 500,000 | 324,186 | ||||||
Federal Home Loan Bank, 2.01%, 7/16/2040 | 1,000,000 | 648,514 |
15
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Federal Home Loan Mortgage Corp., 1.75%, 7/27/2035 | $ | 1,500,000 | $ | 1,076,478 | ||||
Freddie Mac, Pool #RD5138, 5.00%, 1/1/2033 | 884,552 | 879,566 | ||||||
Freddie Mac, Pool #SB8509, 2.00%, 1/1/2036 | 688,387 | 613,003 | ||||||
Freddie Mac, Pool #QO0931, 4.00%, 10/1/2037 | 604,545 | 583,362 | ||||||
Freddie Mac, Pool #RB5135, 2.00%, 10/1/2041 | 870,356 | 735,645 | ||||||
Freddie Mac, Pool #RB5182, 4.00%, 9/1/2042 | 936,785 | 888,431 | ||||||
Freddie Mac, Pool #RA2314, 3.50%, 3/1/2050 | 369,038 | 338,236 | ||||||
Freddie Mac, Pool #RA2657, 3.50%, 5/1/2050 | 778,934 | 713,648 | ||||||
Freddie Mac, Pool #SD0430, 2.50%, 8/1/2050 | 617,636 | 525,372 | ||||||
Freddie Mac, Pool #QC3907, 2.50%, 7/1/2051 | 850,134 | 718,780 | ||||||
Freddie Mac, Pool #QC5859, 3.00%, 8/1/2051 | 818,626 | 717,723 | ||||||
Freddie Mac, Pool #SD8267, 5.00%, 11/1/2052 | 950,987 | 930,141 | ||||||
Freddie Mac, Pool #QF5251, 5.50%, 1/1/2053 | 944,562 | 938,837 | ||||||
Freddie Mac, Pool #SD8288, 5.00%, 1/1/2053 | 965,189 | 943,283 | ||||||
Freddie Mac, Pool #SD2334, 5.00%, 2/1/2053 | 976,754 | 956,384 | ||||||
Freddie Mac, Pool #SD8297, 4.00%, 2/1/2053 | 1,955,308 | 1,826,100 |
Freddie Mac, Pool #SD8305, 4.00%, 3/1/2053 | 976,763 | 912,217 | ||||||
Freddie Mac, Pool #SD2642, 5.50%, 4/1/2053 | 975,835 | 969,847 | ||||||
Freddie Mac, Pool #SD8322, 4.50%, 5/1/2053 | 985,715 | 944,144 | ||||||
Freddie Mac, Pool #QG3333, 5.00%, 5/1/2053 | 1,995,160 | 1,949,849 | ||||||
Freddie Mac, Pool #SD8323, 5.00%, 5/1/2053 | 987,464 | 965,795 | ||||||
Freddie Mac, Pool #SD8323, 5.00%, 5/1/2053 | 981,315 | 959,029 | ||||||
United States Treasury Note, 0.75%, 3/31/2026 | 5,000,000 | 4,469,141 | ||||||
Total U.S. Government & Agencies | ||||||||
(Cost $48,681,099) | 44,916,076 | |||||||
COLLATERALIZED LOAN OBLIGATIONS — 5.82% | ||||||||
Apex Credit CLO Ltd., Series 2018-1A, Class B, 7.21%, 4/25/2031 (3MO LIBOR + 160.0bps)(a),(b) | 1,190,000 | 1,144,657 | ||||||
Apex Credit CLO Ltd., Series 2018-2A, Class C2R, 8.19%, 10/20/2031 (3MO LIBOR + 260.0bps)(a),(b) | 420,000 | 405,775 | ||||||
Atrium XII, Series 2012-A, Class CR, 7.26%, 4/22/2027 (3MO LIBOR + 165.0bps)(a),(b) | 2,500,000 | 2,476,937 | ||||||
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class BRR, 7.74%, 4/20/2034 (3MO LIBOR + 215.0bps)(a),(b) | 250,000 | 243,422 |
16
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Benefit Street Partners CLO XXV Ltd., Series 2021-25A, Class C, 7.02%, 1/15/2035 (3MO LIBOR + 215.0bps)(a),(b) | $ | 1,000,000 | $ | 977,351 | ||||
Carlyle Global Market Strategies CLO, Series 2017-1A, Class BR, 7.79%, 4/20/2031 (3MO LIBOR + 220.0bps)(a),(b) | 1,000,000 | 968,371 | ||||||
Carlyle Global Market Strategies CLO, Series 2016-3A, Class CRR, 7.79%, 7/20/2034 (3MO LIBOR + 220.0bps)(a),(b) | 375,000 | 367,040 | ||||||
Hildene TruPS Financials Note Securitization Ltd., Series 2019-2A, Class A2, 7.83%, 5/22/2039 (3MO LIBOR + 245.0bps)(a),(b) | 3,000,000 | 2,850,000 | ||||||
HPS Loan Management Ltd., Series 2010A-16, Class BRR, 7.64%, 4/20/2034 (3MO LIBOR + 205.0bps)(a),(b) | 1,000,000 | 978,705 | ||||||
HPS Loan Management Ltd., Series 2010A-16, Class X, 6.49%, 4/20/2034 (3MO LIBOR + 90.0bps)(a) | 571,429 | 571,165 | ||||||
Madison Park Funding XXI Ltd., Series 2016-21A, Class BRR, 7.77%, 10/15/2032 (3MO LIBOR + 220.0bps)(a),(b) | 1,000,000 | 987,508 | ||||||
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class C, 7.47%, 7/17/2034 (3MO LIBOR + 190.0bps)(a),(b) | 1,000,000 | 977,339 |
Palmer Square CLO Ltd., Series 2022-1A, Class C, 7.38%, 4/20/2035 (TSFR3M + 205.0bps)(a),(b) | 1,000,000 | 976,237 | ||||||
Rockford Tower CLO Ltd., Series 2019-2A, Class CR, 7.38%, 8/20/2032 (3MO LIBOR + 200.0bps)(a),(b) | 1,000,000 | 977,442 | ||||||
Symphony CLO Ltd., Series 2016-17A, Class BR, 6.77%, 4/15/2028 (3MO LIBOR + 120.0bps)(a) | 1,000,000 | 999,316 | ||||||
Venture CLO Ltd., Series 2018-31A, Class C1, 7.54%, 4/20/2031 (3MO LIBOR + 195.0bps)(a),(b) | 1,000,000 | 944,435 | ||||||
Wind River CLO Ltd., Series 2016-1KRA, Class CR2, 7.92%, 10/15/2034 (3MO LIBOR + 235.0bps)(a),(b) | 500,000 | 472,374 | ||||||
Total Collateralized Loan Obligations | ||||||||
(Cost $17,697,329) | 17,318,074 | |||||||
Total Investments — 98.93% | ||||||||
(Cost $328,849,392) | 294,363,008 | |||||||
Other Assets in Excess of Liabilities — 1.07% | 3,179,647 | |||||||
Net Assets — 100.00% | $ | 297,542,655 |
(a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total fair value of these securities as July 31, 2023 was $159,093,371, representing 53.47% of net assets. |
17
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
(b) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of July 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. |
(c) | In default |
PIK — Payment-in-kind security
MTN — Medium Term Note
The accompanying notes are an integral part of these financial statements.
18
Yorktown Short Term Bond Fund
SCHEDULE OF INVESTMENTS
July 31, 2023
(Unaudited)
Fund Holdings (as a percentage of net assets)
Corporate Bonds and Notes | 46.26% |
Asset Backed Securities | 30.94% |
U.S. Government & Agencies | 15.25% |
Collateralized Loan Obligations | 6.87% |
Other | 0.68% |
100.00% |
Principal | Fair Value | |||||||
CORPORATE BONDS AND NOTES — 46.26% | ||||||||
Communications — 1.42% | ||||||||
Expedia Group, Inc., 5.00%, 2/15/2026 | $ | 213,000 | $ | 211,196 | ||||
NBN Co. Ltd., MTN, 1.45%, 5/5/2026 (a),(b) | 1,000,000 | 900,760 | ||||||
Verizon Communications, Inc., 6.42%, 5/15/2025 (3MO LIBOR + 110.0bps)(a) | 2,000,000 | 2,016,484 | ||||||
Verizon Communications, Inc., 6.09%, 3/20/2026 (SOFR + 79.0bps) | 1,000,000 | 1,010,670 | ||||||
4,139,110 | ||||||||
Consumer Discretionary — 3.23% | ||||||||
eBay, Inc., 1.40%, 5/10/2026 | 500,000 | 452,555 | ||||||
Ford Motor Credit Co., LLC, 3.38%, 11/13/2025 | 1,000,000 | 935,878 | ||||||
General Motors Financial Co., Inc., 1.20%, 10/15/2024 | 1,000,000 | 948,136 | ||||||
General Motors Financial Co., Inc., 3.80%, 4/7/2025 | 1,000,000 | 971,257 | ||||||
General Motors Financial Co., Inc., 1.25%, 1/8/2026 | 1,000,000 | 901,553 | ||||||
General Motors Financial Co., Inc., 1.50%, 6/10/2026 | 1,000,000 | 891,614 | ||||||
Hyundai Capital America, 1.00%, 9/17/2024 (b) | 500,000 | 472,812 | ||||||
Kia Corp., 1.00%, 4/16/2024 (b) | 1,000,000 | 965,481 | ||||||
Nissan Motor Acceptance Co., LLC, 1.13%, 9/16/2024 (b) | 500,000 | 470,974 | ||||||
Nissan Motor Co. Ltd., 3.52%, 9/17/2025 (b) | 2,000,000 | 1,888,718 | ||||||
Volkswagen Group of America Finance LLC, 0.88%, 11/22/2023 (b) | 500,000 | 492,161 | ||||||
9,391,139 | ||||||||
Consumer Staples — 1.51% | ||||||||
7-Eleven, Inc., 0.80%, 2/10/2024 (b) | 1,000,000 | 973,126 | ||||||
JBS USA LUX SA, 5.13%, 2/1/2028 (b) | 1,000,000 | 971,418 | ||||||
JDE Peet’s NV, 1.38%, 1/15/2027 (b) | 250,000 | 218,101 | ||||||
Mitsubishi Corp., 1.13%, 7/15/2026 (b) | 500,000 | 443,538 | ||||||
Mondelez International Holdings Netherlands BV, 1.25%, 9/24/2026 (b) | 1,000,000 | 881,270 | ||||||
Viterra Finance BV, 2.00%, 4/21/2026 (b) | 1,000,000 | 896,641 | ||||||
4,384,094 | ||||||||
Financials — 22.53% | ||||||||
AerCap Ireland Capital, 3.50%, 1/15/2025 | 2,000,000 | 1,930,977 | ||||||
AerCap Ireland Capital DAC, 1.65%, 10/29/2024 | 1,000,000 | 945,230 | ||||||
Air Lease Corp., 0.80%, 8/18/2024 | 1,000,000 | 948,172 | ||||||
Air Lease Corp., 1.88%, 8/15/2026 | 500,000 | 448,298 | ||||||
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/2025 | 1,800,000 | 1,734,893 | ||||||
Antares Holdings LP, 3.95%, 7/15/2026 (b) | 1,500,000 | 1,322,276 | ||||||
Athene Global Funding, 1.20%, 10/13/2023 (b) | 1,000,000 | 989,055 |
19
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Athene Global Funding, 2.75%, 6/25/2024 (b) | $ | 1,250,000 | $ | 1,209,169 | ||||
Athene Global Funding, 5.86%, 8/19/2024 (SOFR + 56.0bps)(a),(b) | 1,000,000 | 985,834 | ||||||
Athene Global Funding, 6.02%, 1/7/2025 (SOFR + 71.5bps)(a),(b) | 1,000,000 | 979,752 | ||||||
Aviation Capital Group LLC, 4.38%, 1/30/2024 (b) | 925,000 | 911,960 | ||||||
Aviation Capital Group LLC, 1.95%, 1/30/2026 (b) | 1,000,000 | 898,972 | ||||||
Avolon Holdings Funding Ltd., 2.13%, 2/21/2026 (b) | 2,000,000 | 1,794,796 | ||||||
Banco Santander SA, 2.75%, 5/28/2025 | 1,000,000 | 946,609 | ||||||
Banco Santander SA, 5.15%, 8/18/2025 | 1,000,000 | 987,235 | ||||||
BPCE SA, 2.38%, 1/14/2025 (b) | 500,000 | 471,810 | ||||||
Brighthouse Financial Global Funding, MTN, 6.06%, 4/12/2024 (SOFR +76.0bps)(a),(b) | 1,000,000 | 992,757 | ||||||
Capital One Financial Corp., 5.99%, 12/6/2024 (SOFR + 69.0bps)(a) | 1,000,000 | 986,317 | ||||||
Citigroup, Inc., 6.07%, 6/9/2027 (SOFR + 77.0bps)(a) | 1,000,000 | 992,178 | ||||||
CNO Global Funding, 1.75%, 10/7/2026 (b) | 500,000 | 443,476 | ||||||
Equitable Financial Life Global Funding, 1.40%, 7/7/2025 (b) | 1,000,000 | 915,299 | ||||||
Equitable Financial Life Global Funding, 1.00%, 1/9/2026 (b) | 500,000 | 445,120 | ||||||
Equitable Financial Life Global Funding, 1.70%, 11/12/2026 (b) | 1,000,000 | 876,906 | ||||||
F&G Global Funding, 0.90%, 9/20/2024 (b) | 500,000 | 467,713 | ||||||
GA Global Funding Trust, 1.00%, 4/8/2024 (b) | 1,000,000 | 958,134 | ||||||
GA Global Funding Trust, 1.63%, 1/15/2026 (b) | 1,000,000 | 894,444 | ||||||
GE Capital International Funding Co., 3.37%, 11/15/2025 | 200,000 | 189,816 | ||||||
Goldman Sachs Group, Inc. (The), 6.11%, 3/9/2027 (SOFR + 81.0bps)(a) | 1,000,000 | 986,836 | ||||||
Goldman Sachs Group, Inc. (The), 6.22%, 10/21/2027 (SOFR + 92.0bps)(a) | 2,000,000 | 1,968,642 | ||||||
HSBC Holdings PLC, 4.25%, 3/14/2024 | 1,000,000 | 988,192 | ||||||
HSBC Holdings PLC, 4.25%, 8/18/2025 | 1,313,000 | 1,269,387 | ||||||
HSBC Holdings PLC, 6.53%, 9/12/2026 (3MO LIBOR + 138.0bps)(a) | 1,500,000 | 1,510,593 | ||||||
Huntington Bancshares, Inc., 2.63%, 8/6/2024 | 1,000,000 | 966,963 | ||||||
ING Groep NV, 6.31%, 4/1/2027 (SOFR + 101.0bps)(a) | 2,000,000 | 1,970,257 | ||||||
Intesa Sanpaolo SpA, 3.25%, 9/23/2024 (b) | 4,000,000 | 3,856,455 | ||||||
Jackson Financial, Inc., 1.13%, 11/22/2023 | 1,000,000 | 985,372 | ||||||
JPMorgan Chase & Co., 4.08%, 4/26/2026 (SOFR + 132.0bps)(a) | 1,000,000 | 976,945 | ||||||
JPMorgan Chase & Co., 6.19%, 4/22/2027 (SOFR + 88.5bps)(a) | 2,000,000 | 1,999,536 | ||||||
JPMorgan Chase & Co., 6.48%, 2/24/2028 (SOFR + 118.0bps)(a) | 1,000,000 | 1,004,429 | ||||||
Lloyds Banking Group PLC, 4.58%, 12/10/2025 (b) | 250,000 | 241,145 | ||||||
Met Tower Global Funding, MTN, 1.25%, 9/14/2026 (b) | 1,000,000 | 877,030 | ||||||
Mitsubishi UFJ Financial Group, Inc., 1.41%, 7/17/2025 | 1,000,000 | 922,345 |
20
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Mitsubishi UFJ Financial Group, Inc., 0.95%, 7/19/2025 (H15T1Y + 55.0bps)(a) | $ | 1,000,000 | $ | 951,269 | ||||
Nomura Holdings, Inc., 1.65%, 7/14/2026 | 1,000,000 | 886,023 | ||||||
Nordea Bank Abp, MTN, 1.50%, 9/30/2026 (b) | 1,000,000 | 881,165 | ||||||
Pricoa Global Funding I, MTN, 1.20%, 9/1/2026 (b) | 500,000 | 441,497 | ||||||
Principal Life Global Funding II, MTN, 1.50%, 11/17/2026 (b) | 1,000,000 | 872,208 | ||||||
Protective Life Global Funding, MTN, 1.30%, 9/20/2026 (b) | 500,000 | 437,748 | ||||||
Royal Bank of Canada, MTN, 6.01%, 1/21/2027 (SOFR + 71.0bps)(a) | 1,000,000 | 985,713 | ||||||
Santander Holdings USA, Inc., 3.50%, 6/7/2024 | 2,500,000 | 2,441,739 | ||||||
Santander UK PLC, 5.00%, 11/7/2023 (b) | 1,000,000 | 995,331 | ||||||
Security Benefit Global Funding, MTN, 1.25%, 5/17/2024 (b) | 1,000,000 | 955,780 | ||||||
SMBC Aviation Capital Finance DAC, 1.90%, 10/15/2026 (b) | 1,000,000 | 883,341 | ||||||
Societe Generale SA, 5.00%, 1/17/2024 (b) | 2,000,000 | 1,985,250 | ||||||
Societe Generale SA, 4.25%, 4/14/2025 (b) | 3,000,000 | 2,893,866 | ||||||
Societe Generale SA, 6.35%, 1/21/2026 (SOFR + 105.0bps)(a),(b) | 500,000 | 499,047 | ||||||
Societe Generale SA, MTN, 1.79%, 6/9/2027 (H15T5Y + 100.0bps)(a),(b) | 1,000,000 | 883,148 | ||||||
Sumitomo Mitsui Financial Group, Inc., 1.47%, 7/8/2025 | 500,000 | 461,829 | ||||||
Sumitomo Mitsui Financial Group, Inc., 6.18%, 1/14/2027 (SOFR + 88.0bps)(a) | 1,000,000 | 989,035 | ||||||
Sumitomo Mitsui Trust Bank Ltd., MTN, 0.85%, 3/25/2024 (b) | 1,000,000 | 968,266 | ||||||
65,603,580 | ||||||||
Health Care — 1.51% | ||||||||
Highmark, Inc., 1.45%, 5/10/2026 (b) | 500,000 | 446,603 | ||||||
McKesson Corp., Class B, 1.30%, 8/15/2026 | 1,000,000 | 895,125 | ||||||
PerkinElmer, Inc., 0.85%, 9/15/2024 | 1,260,000 | 1,191,319 | ||||||
Viatris, Inc., 1.65%, 6/22/2025 | 1,000,000 | 925,462 | ||||||
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/2024 | 1,000,000 | 947,583 | ||||||
4,406,092 | ||||||||
Industrials — 5.58% | ||||||||
Air Canada Pass Through Trust, Series 2013-1, Class A, 4.13%, 5/15/2025 (b) | 1,066,463 | 1,002,651 | ||||||
Air Canada Pass Through Trust, Series 2017-1, Class B, 3.70%, 7/15/2026 (b) | 510,582 | 474,507 | ||||||
Air Canada Pass Through Trust, Series 2020-2, Class A, 5.25%, 10/1/2030 (b) | 233,152 | 227,361 | ||||||
American Airlines Pass Through Trust, Series 2014-1, Class A, 3.70%, 10/1/2026 | 1,748,835 | 1,603,823 | ||||||
Ashtead Capital, Inc., 1.50%, 8/12/2026 (b) | 1,000,000 | 880,132 | ||||||
Boeing Co. (The), 1.43%, 2/4/2024 | 1,100,000 | 1,074,889 | ||||||
Boeing Co. (The), 2.20%, 2/4/2026 | 1,000,000 | 923,246 | ||||||
British Airways Pass Through Trust, Series 2013-1, Class A, 4.63%, 6/20/2024 (b) | 566,724 | 559,339 | ||||||
CNH Industrial Capital LLC, 1.88%, 1/15/2026 | 1,000,000 | 917,036 | ||||||
Penske Truck Leasing Co. LP, 1.20%, 11/15/2025 (b) | 1,000,000 | 897,591 |
21
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Penske Truck Leasing Co. LP, 1.70%, 6/15/2026 (b) | $ | 1,000,000 | $ | 888,459 | ||||
Stanley Black & Decker, Inc., 2.30%, 2/24/2025 | 1,000,000 | 949,950 | ||||||
Triton Container International Ltd., 1.15%, 6/7/2024 (b) | 1,000,000 | 953,157 | ||||||
Triton Container International Ltd., 2.05%, 4/15/2026 (b) | 1,000,000 | 882,982 | ||||||
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.88%, 1/15/2026 | 646,363 | 624,144 | ||||||
United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027 | 682,833 | 680,302 | ||||||
United Airlines Pass Through Trust, Series 2016-1, Class A, 3.45%, 7/7/2028 | 683,407 | 602,423 | ||||||
US Airways Pass Through Trust, Series 2012-2, Class A, 4.63%, 6/3/2025 | 42,823 | 40,376 | ||||||
US Airways Pass Through Trust, Series 2013-1, Class A, 3.95%, 11/15/2025 | 1,233,053 | 1,163,491 | ||||||
Vontier Corp., 1.80%, 4/1/2026 | 1,000,000 | 895,560 | ||||||
16,241,419 | ||||||||
Materials — 2.16% | ||||||||
Berry Global, Inc., 1.57%, 1/15/2026 | 1,000,000 | 907,244 | ||||||
Berry Global, Inc., 1.65%, 1/15/2027 | 2,000,000 | 1,737,328 | ||||||
Graphic Packaging International LLC, 1.51%, 4/15/2026 (b) | 1,000,000 | 893,901 | ||||||
Sealed Air Corp., 1.57%, 10/15/2026 (b) | 1,000,000 | 885,617 | ||||||
Sherwin-Williams Co. (The), 4.05%, 8/8/2024 | 1,000,000 | 983,357 | ||||||
Silgan Holdings, Inc., 1.40%, 4/1/2026 (b) | 1,000,000 | 887,991 | ||||||
6,295,438 | ||||||||
Real Estate — 1.24% | ||||||||
American Tower Corp., 1.60%, 4/15/2026 | 500,000 | 450,819 | ||||||
SBA Tower Trust, Series 2019-1, Class C, 2.84%, 1/15/2025 (b) | 1,500,000 | 1,429,382 | ||||||
SBA Tower Trust, 1.84%, 10/15/2051 (b) | 2,000,000 | 1,725,782 | ||||||
3,605,983 | ||||||||
Technology — 4.01% | ||||||||
Arrow Electronic, Inc., 4.00%, 4/1/2025 | 1,000,000 | 971,007 | ||||||
Broadcom, Inc., 3.63%, 10/15/2024 | 2,000,000 | 1,949,165 | ||||||
DXC Technology Co., 1.80%, 9/15/2026 | 500,000 | 440,324 | ||||||
Global Payments, Inc., 1.20%, 3/1/2026 | 1,000,000 | 894,577 | ||||||
Jabil, Inc., 1.70%, 4/15/2026 | 1,000,000 | 900,671 | ||||||
Juniper Networks, Inc., 1.20%, 12/10/2025 | 1,000,000 | 901,078 | ||||||
Kyndryl Holdings, Inc., 2.05%, 10/15/2026 | 1,205,000 | 1,050,190 | ||||||
Marvell Technology, Inc., 1.65%, 4/15/2026 | 1,000,000 | 905,537 | ||||||
Microchip Technology, Inc., 0.98%, 9/1/2024 | 1,000,000 | 949,421 | ||||||
Oracle Corp., 1.65%, 3/25/2026 | 1,000,000 | 912,813 | ||||||
Qorvo, Inc., 1.75%, 12/15/2024 (b) | 500,000 | 468,692 | ||||||
Western Union Co. (The), 1.35%, 3/15/2026 | 1,000,000 | 894,161 | ||||||
Wipro IT Services LLC, 1.50%, 6/23/2026 (b) | 500,000 | 447,301 | ||||||
11,684,937 | ||||||||
Utilities — 3.07% | ||||||||
AES Corp. (The), 1.38%, 1/15/2026 | 1,000,000 | 904,402 | ||||||
Ameren Corp., 1.95%, 3/15/2027 | 500,000 | 448,652 | ||||||
American Electric Power Co., Inc., 2.03%, 3/15/2024 | 1,000,000 | 976,224 | ||||||
Duke Energy Corp., 4.30%, 3/15/2028 | 1,000,000 | 964,880 |
22
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Edison International, 4.70%, 8/15/2025 | $ | 500,000 | $ | 489,765 | ||||
Enel Finance International NV, 2.65%, 9/10/2024 | 1,000,000 | 965,062 | ||||||
Enel Finance International NV, 1.38%, 7/12/2026 (b) | 1,000,000 | 889,204 | ||||||
Eversource Energy, 1.40%, 8/15/2026 | 500,000 | 444,352 | ||||||
NextEra Energy Capital Holdings, Inc., 2.94%, 3/21/2024 | 1,000,000 | 982,045 | ||||||
NextEra Energy Capital Holdings, Inc., 1.88%, 1/15/2027 | 1,000,000 | 897,869 | ||||||
Southern Co. (The), 4.48%, 8/1/2024 | 1,000,000 | 985,429 | ||||||
8,947,884 | ||||||||
Total Corporate Bonds and Notes | ||||||||
(Cost $142,876,312) | 134,699,676 | |||||||
ASSET BACKED SECURITIES — 30.94% | ||||||||
321 Henderson Receivables I LLC, Series 2007-1A, Class A1, 5.54%, 3/15/2042 (1MO LIBOR + 20.0bps)(a),(b) | 2,138,443 | 2,087,516 | ||||||
321 Henderson Receivables I LLC, Series 2004-A, Class A1, 5.69%, 9/15/2045 (1MO LIBOR + 35.0bps)(a),(b) | 188,965 | 187,099 | ||||||
ACC Trust, Series 2022-1, Class B, 2.55%, 2/20/2025 (b) | 1,000,000 | 984,545 | ||||||
Access Group, Inc., Series 2013-1, Class A, 5.68%, 2/25/2036 (1MO LIBOR + 50.0bps)(a),(b) | 241,244 | 235,221 | ||||||
American Credit Acceptance Receivables Trust, Series 2020-1, Class D, 2.39%, 3/13/2026 (b) | 351,405 | 348,984 | ||||||
American Credit Acceptance Receivables Trust, Series 2021-2, Class D, 1.34%, 7/13/2027 (b) | 2,250,000 | 2,140,114 | ||||||
American Credit Acceptance Receivables Trust, Series 2021-3, Class D, 1.34%, 11/15/2027 (b) | 2,455,000 | 2,312,572 | ||||||
American Credit Acceptance Receivables Trust, Series 2021-4, Class D, 1.82%, 2/14/2028 (b) | 1,250,000 | 1,183,225 | ||||||
BHG Securitization Trust, Series 2021-A, Class A, 1.42%, 11/17/2033 (b) | 429,757 | 401,648 | ||||||
Brazos Education Loan Authority, Inc., Series 2021-1, Class A1B, 5.99%, 11/25/2071 (1MO LIBOR + 58.0bps)(a) | 1,345,785 | 1,350,521 | ||||||
Capital Automotive REIT, Series 2022-1A, Class A1, 3.35%, 3/15/2052 (b) | 946,667 | 824,692 | ||||||
CarMax Auto Owner Trust, Series 2020-4, Class D, 1.75%, 4/15/2027 | 1,000,000 | 934,792 | ||||||
CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28%, 7/15/2027 | 1,625,000 | 1,492,790 | ||||||
CarMax Auto Owner Trust, Series 2021-2, Class D, 1.55%, 10/15/2027 | 1,000,000 | 918,792 | ||||||
CarMax Auto Owner Trust, Series 2021-3, Class D, 1.50%, 1/18/2028 | 750,000 | 670,717 | ||||||
CarMax Auto Owner Trust, Series 2021-4, Class D, 1.48%, 3/15/2028 | 2,209,000 | 1,945,552 |
23
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
CarMax Auto Owner Trust, Series 2022-1, Class D, 2.47%, 7/17/2028 | $ | 500,000 | $ | 453,015 | ||||
Carvana Auto Receivables Trust, Series 2019-4A, Class D, 3.07%, 7/15/2025 (b) | 221,530 | 219,708 | ||||||
Carvana Auto Receivables Trust, Series 2020-P1, Class D, 1.82%, 9/8/2027 | 1,000,000 | 895,951 | ||||||
Carvana Auto Receivables Trust, Series 2021-N2, Class D, 1.27%, 3/10/2028 | 538,463 | 515,494 | ||||||
Carvana Auto Receivables Trust, Series 2022-N1, Class D, 4.13%, 12/11/2028 (b) | 2,231,000 | 2,090,630 | ||||||
Carvana Auto Receivables Trust, Series 2022-P2, Class D, 6.28%, 5/10/2029 | 1,000,000 | 989,432 | ||||||
CCG Receivables Trust, Series 2020-1, Class D, 2.68%, 12/14/2027 (b) | 2,500,000 | 2,417,170 | ||||||
CLI Funding LLC, Series 2020-1A, Class A, 2.08%, 9/18/2045 (b) | 1,417,000 | 1,235,002 | ||||||
CLI Funding LLC, Series 2020-3X, Class A, 2.07%, 10/18/2045 | 136,333 | 118,773 | ||||||
CLI Funding LLC, Series 2022-1A, Class A1, 2.72%, 1/18/2047 (b) | 871,467 | 744,337 | ||||||
Continental Finance Credit Card ABS Master Trust, Series 2020-1A, Class A, 2.24%, 12/15/2028 (b) | 500,000 | 483,501 | ||||||
Continental Finance Credit Card ABS Master Trust, Series 2021-A, Class A, 2.55%, 12/17/2029 (b) | 1,000,000 | 920,840 | ||||||
CPS Auto Receivables Trust, Series 2021-D, Class C, 1.59%, 12/15/2027 (b) | 1,000,000 | 962,096 | ||||||
CPS Auto Receivables Trust, Series 2022-A, Class D, 2.84%, 4/16/2029 (b) | 3,000,000 | 2,780,597 | ||||||
Credit Acceptance Auto Loan Trust, Series 2020-3A, Class C, 2.28%, 2/15/2030 (b) | 1,050,000 | 1,020,557 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C, 1.63%, 9/16/2030 (b) | 1,500,000 | 1,396,860 | ||||||
Crossroads Asset Trust, Series 2021-A, Class C, 1.44%, 1/20/2026 (b) | 625,000 | 613,106 | ||||||
Crossroads Asset Trust, Series 2021-A, Class D, 2.52%, 1/20/2026 (b) | 500,000 | 480,251 | ||||||
Dell Equipment Finance Trust, Series 2021-2, Class D, 1.21%, 6/22/2027 (b) | 500,000 | 471,703 | ||||||
Dell Equipment Finance Trust, Series 2023-2, Class C, 6.06%, 1/22/2029 (b) | 523,000 | 521,105 | ||||||
Dividend Solar Loans LLC, Series 2017-1, Class B, 5.25%, 3/22/2038 (b) | 911,646 | 786,759 | ||||||
Drive Auto Receivables Trust, Series 2020-1, Class D, 2.70%, 5/17/2027 | 78,328 | 77,186 | ||||||
DT Auto Owner Trust, Series 2019-4A, Class D, 2.85%, 7/15/2025 (b) | 259,438 | 256,726 | ||||||
DT Auto Owner Trust, Series 2020-2A, Class C, 3.28%, 3/16/2026 (b) | 167,680 | 166,531 | ||||||
DT Auto Owner Trust, Series 2021-3A, Class D, 1.31%, 5/17/2027 (b) | 2,000,000 | 1,818,340 | ||||||
DT Auto Owner Trust, Series 2022-1A, Class D, 3.40%, 12/15/2027 (b) | 1,000,000 | 937,557 |
24
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
ECMC Group Student Loan Trust, Series 2018-2A, Class A, 5.98%, 9/25/2068 (1MO LIBOR + 80.0bps)(a),(b) | $ | 306,722 | $ | 299,350 | ||||
Edsouth Indenture No. 6 LLC, Series 2014-2, Class A, 5.86%, 5/25/2039 (1MO LIBOR + 68.0bps)(a),(b) | 289,169 | 285,237 | ||||||
Encina Equipment Finance LLC, Series 2021-1A, Class C, 1.39%, 6/15/2027 (b) | 500,000 | 488,111 | ||||||
Exeter Automobile Receivables Trust, Series 2019-1A, Class D, 4.13%, 12/16/2024 (b) | 10,180 | 10,171 | ||||||
Exeter Automobile Receivables Trust, Series 2020-2A, Class D, 4.73%, 4/15/2026 (b) | 59,004 | 58,633 | ||||||
Exeter Automobile Receivables Trust, Series 2019-3A, Class E, 4.00%, 8/17/2026 (b) | 1,000,000 | 981,601 | ||||||
Exeter Automobile Receivables Trust, Series 2021-1A, Class D, 1.08%, 11/16/2026 | 500,000 | 475,231 | ||||||
Exeter Automobile Receivables Trust, Series 2021-1A, Class E, 2.21%, 2/15/2028 (b) | 2,000,000 | 1,833,256 | ||||||
Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69%, 6/15/2029 | 1,020,000 | 1,016,835 | ||||||
First Investors Auto Owner Trust, Series 2021-1A, Class D, 1.62%, 3/15/2027 (b) | 500,000 | 465,922 | ||||||
First Investors Auto Owner Trust, Series 2021-2A, Class D, 1.66%, 12/15/2027 (b) | 3,000,000 | 2,695,555 | ||||||
Flagship Credit Auto Trust, Series 2019-2, Class D, 3.53%, 5/15/2025 (b) | 255,433 | 251,872 | ||||||
Flagship Credit Auto Trust, Series 2019-3, Class C, 2.74%, 10/15/2025 (b) | 19,912 | 19,883 | ||||||
Flagship Credit Auto Trust, Series 2020-2, Class C, 3.80%, 4/15/2026 (b) | 60,104 | 59,918 | ||||||
Ford Credit Auto Owner Trust, Series 2021-1, Class D, 2.31%, 10/17/2033 (b) | 1,272,000 | 1,116,536 | ||||||
Ford Credit Auto Owner Trust, Series 2021-2, Class D, 2.60%, 5/15/2034 (b) | 750,000 | 651,113 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2020-1, Class D, 2.60%, 1/15/2026 (b) | 385,716 | 384,143 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class D, 1.32%, 3/15/2027 (b) | 550,000 | 524,471 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2021-2, Class D, 1.92%, 9/15/2027 (b) | 1,500,000 | 1,397,208 | ||||||
GCI Funding I LLC, Series 2021-1, Class A, 2.38%, 6/18/2046 (b) | 803,527 | 681,679 | ||||||
Global SC Finance Srl, Series 2020-2A, Class A, 2.26%, 11/19/2040 (b) | 691,289 | 618,021 | ||||||
GLS Auto Receivables Issuer Trust, Series 2019-4A, Class C, 3.06%, 8/15/2025 (b) | 462,869 | 458,173 | ||||||
GLS Auto Receivables Issuer Trust, Series 2020-1A, Class C, 2.72%, 11/17/2025 (b) | 760,695 | 752,342 |
25
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
GLS Auto Receivables Issuer Trust, Series 2021-4A, Class D, 2.48%, 10/15/2027 (b) | $ | 1,500,000 | $ | 1,382,831 | ||||
GM Financial Consumer Automobile Receivables Trust, Series 2020-3, Class D, 1.91%, 9/16/2027 | 500,000 | 480,588 | ||||||
Golden Credit Card Trust, Series 2021-1A, Class B, 1.44%, 8/15/2028 (b) | 1,000,000 | 877,752 | ||||||
Goodgreen Trust, Series 2017-1A, Class A, 3.74%, 10/15/2052 (b) | 31,901 | 28,159 | ||||||
Goodgreen Trust, Series 2017-2A, Class A, 3.26%, 10/15/2053 (b) | 72,019 | 63,535 | ||||||
Goodgreen Trust, Series 2021-1A, Class A, 2.66%, 10/15/2056 (b) | 211,049 | 174,368 | ||||||
Helios Issuer LLC, Series 2021-A, Class A, 1.80%, 2/20/2048 (b) | 408,803 | 307,768 | ||||||
HERO Funding Trust, Series 2017-1A, Class A2, 4.46%, 9/20/2047 (b) | 34,283 | 30,926 | ||||||
Hilton Grand Vacations Trust, Series 2020-AA, Class C, 6.42%, 2/25/2039 (b) | 603,356 | 589,803 | ||||||
HPEFS Equipment Trust, Series 2021-1A, Class D, 1.03%, 3/20/2031 (b) | 1,000,000 | 970,854 | ||||||
Hyundai Auto Receivables Trust, Series 2020-B, Class C, 1.60%, 12/15/2026 | 1,000,000 | 957,951 | ||||||
InStar Leasing III LLC, Series 2021-1A, Class A, 2.30%, 2/15/2054 (b) | 441,710 | 368,541 | ||||||
ITE Rail Fund Levered LP, Series 2021-1A, Class A, 2.25%, 2/28/2051 (b) | 446,281 | 381,094 | ||||||
Loanpal Solar Loan Ltd., Series 2021-2GS, Class A, 2.22%, 3/20/2048 (b) | 723,669 | 523,928 | ||||||
Longtrain Leasing III LLC, Series 2015-1A, Class A1, 2.98%, 1/15/2045 (b) | 165,986 | 159,118 | ||||||
Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/2045 (b) | 1,944,454 | 1,841,682 | ||||||
Mosaic Solar Loan Trust, Series 2021-3A, Class B, 1.92%, 6/20/2052 (b) | 149,461 | 102,186 | ||||||
Navient Student Loan Trust, Series 2018-BA, Class A2A, 3.61%, 12/15/2059 (a),(b) | 34,070 | 32,921 | ||||||
Nelnet Student Loan Trust, Series 2012-2A, Class A, 5.98%, 12/26/2033 (1MO LIBOR + 80.0bps)(a),(b) | 271,507 | 267,852 | ||||||
Nelnet Student Loan Trust, Series 2021-DA, Class AFL, 6.06%, 4/20/2062 (3MO LIBOR + 69.0bps)(a),(b) | 325,346 | 321,895 | ||||||
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 4/20/2062 (a),(b) | 566,913 | 507,580 | ||||||
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class ABR3, 6.52%, 2/14/2031 (3MO LIBOR + 120.0bps)(a),(b) | 1,000,000 | 981,293 | ||||||
Pawnee Equipment Receivables LLC, Series 2020-1, Class B, 1.84%, 1/15/2026 (b) | 1,000,000 | 991,340 | ||||||
Pawnee Equipment Receivables LLC, Series 2020-1, Class C, 2.24%, 2/17/2026 (b) | 750,000 | 731,978 | ||||||
Pawnee Equipment Receivables LLC, Series 2022-1, Class A2, 4.84%, 2/15/2028 (b) | 585,108 | 582,182 |
26
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Purchasing Power Funding LLC, Series 2021-A, Class A, 1.57%, 10/15/2025 (b) | $ | 951,281 | $ | 948,223 | ||||
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11%, 12/15/2025 | 17,690 | 17,607 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-2, Class D, 2.22%, 9/15/2026 | 34,913 | 34,310 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64%, 11/16/2026 | 91,614 | 89,435 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-4, Class D, 1.48%, 1/15/2027 | 250,000 | 242,466 | ||||||
Santander Revolving Auto Loan Trust, Series 2019-A, Class D, 3.45%, 1/26/2032 (b) | 1,000,000 | 940,156 | ||||||
SCF Equipment Leasing LLC, Series 2019-2A, Class A2, 2.47%, 4/20/2026 (b) | 181,830 | 179,323 | ||||||
SCF Equipment Leasing LLC, Series 2021-1A, Class C, 1.54%, 2/2/2030 (b) | 200,000 | 186,195 | ||||||
SLM Private Credit Student Loan Trust, Series 2004-B, Class A3, 5.88%, 3/15/2024 (3MO LIBOR + 33.0bps)(a) | 5,168 | 5,163 | ||||||
SLM Private Credit Student Loan Trust, Series 2005-A, Class A4, 5.86%, 12/15/2038 (3MO LIBOR + 31.0bps)(a) | 233,506 | 225,285 | ||||||
SLM Private Credit Student Loan Trust, Series 2006-A, Class A5, 5.84%, 6/15/2039 (3MO LIBOR + 29.0bps)(a) | 104,165 | 99,409 | ||||||
SMB Private Education Loan Trust, Series 2016-B, Class A2A, 2.43%, 2/17/2032 (b) | 14,196 | 13,703 | ||||||
SMB Private Education Loan Trust, Series 2017-A, Class A2A, 2.88%, 9/15/2034 (b) | 47,738 | 45,797 | ||||||
Sunrun Demeter Issuer LLC, Series 2021-A, Class A, 2.27%, 1/30/2057 (b) | 926,348 | 738,566 | ||||||
Sunrun Vulcan Issuer LLC, Series 2021-A, Class A, 2.46%, 1/30/2052 (b) | 1,823,264 | 1,495,742 | ||||||
TAL Advantage VII LLC, Series 2020-1A, Class A, 2.05%, 9/20/2045 (b) | 921,680 | 811,408 | ||||||
Textainer Marine Containers Ltd., Series 2020-1A, Class A, 2.73%, 8/21/2045 (b) | 1,689,107 | 1,538,374 | ||||||
Tidewater Auto Receivables Trust, Series 2020-AA, Class D, 2.31%, 3/15/2027 (b) | 1,000,000 | 986,547 | ||||||
TIF Funding II LLC, Series 2021-1A, Class A, 1.65%, 2/20/2046 (b) | 803,750 | 669,760 | ||||||
Trillium Credit Card Trust II, Series 2021-1A, Class C, 2.42%, 10/26/2029 (b) | 1,000,000 | 885,524 | ||||||
Trinity Rail Leasing LLC, Series 2019-2A, Class A2, 3.10%, 10/18/2049 (b) | 685,000 | 624,920 | ||||||
Trinity Rail Leasing LLC, Series 2020-2A, Class A1, 1.83%, 11/19/2050 (b) | 1,057,052 | 960,859 | ||||||
Trinity Rail Leasing LLC, Series 2021-1A, Class A, 2.26%, 7/19/2051 (b) | 921,183 | 779,983 | ||||||
United Auto Credit Securitization Trust, Series 2021-1, Class E, 2.58%, 6/10/2026 (b) | 1,000,000 | 974,190 |
27
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
United Auto Credit Securitization Trust, Series 2022-1, Class D, 2.85%, 6/10/2027 (b) | $ | 1,000,000 | $ | 953,945 | ||||
Verizon Master Trust, Series 2021-1, Class A, 0.50%, 5/20/2027 | 500,000 | 479,414 | ||||||
Vivint Solar Financing VII LLC, Series 2020-1A, Class B, 3.22%, 7/31/2051 (b) | 1,144,285 | 856,979 | ||||||
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65%, 2/17/2026 (b) | 1,000,000 | 965,094 | ||||||
Westlake Automobile Receivables Trust, Series 2022-1A, Class D, 3.49%, 3/15/2027 (b) | 1,000,000 | 953,670 | ||||||
World Omni Select Auto Trust, Series 2021-A, Class D, 1.44%, 11/15/2027 | 2,000,000 | 1,790,547 | ||||||
Total Asset Backed Securities | ||||||||
(Cost $96,746,582) | 90,067,987 | |||||||
U.S. GOVERNMENT & AGENCIES — 15.25% | ||||||||
Fannie Mae, Pool #FM7007, 4.00%, 10/1/2033 | 864,458 | 838,624 | ||||||
Fannie Mae, Pool #MA4023, 3.50%, 1/1/2035 | 940,989 | 888,877 | ||||||
Fannie Mae, Pool #MA4038, 3.00%, 4/1/2035 | 228,821 | 211,144 | ||||||
Fannie Mae, Pool #MA4095, 2.00%, 8/1/2035 | 977,451 | 870,410 | ||||||
Fannie Mae, Pool #MA4797, 4.00%, 11/1/2037 | 844,299 | 814,715 | ||||||
Fannie Mae, Pool #MA4915, 5.00%, 2/1/2038 | 908,093 | 902,230 | ||||||
Fannie Mae, Pool #CA8902, 2.50%, 2/1/2041 | 774,895 | 677,787 | ||||||
Fannie Mae, Pool #MA4364, 2.00%, 5/1/2041 | 826,728 | 700,927 | ||||||
Fannie Mae, Pool #MA4961, 5.00%, 3/1/2043 | 953,103 | 937,955 | ||||||
Fannie Mae, Pool #MA4988, 5.00%, 4/1/2043 | 963,172 | 947,864 | ||||||
Fannie Mae, Pool #BM4676, 4.00%, 10/1/2048 | 975,172 | 931,598 | ||||||
Fannie Mae, Pool #CA5970, 2.50%, 6/1/2050 | 768,962 | 651,359 | ||||||
Fannie Mae, Pool #CA6951, 2.50%, 9/1/2050 | 691,992 | 587,743 | ||||||
Fannie Mae, Pool #FM7195, 2.50%, 9/1/2050 | 843,968 | 716,220 | ||||||
Fannie Mae, Pool #MA4191, 2.00%, 11/1/2050 | 765,403 | 600,440 | ||||||
Fannie Mae, Pool #FM5316, 2.00%, 12/1/2050 | 1,595,776 | 1,299,411 | ||||||
Fannie Mae, Pool #MA4235, 2.00%, 1/1/2051 | 795,691 | 624,198 | ||||||
Fannie Mae, Pool #CB0397, 3.00%, 5/1/2051 | 713,627 | 628,580 | ||||||
Fannie Mae, Pool #FM8361, 2.50%, 8/1/2051 | 817,910 | 691,905 | ||||||
Fannie Mae, Pool #BT9111, 1.85%, 9/1/2051 | 942,393 | 846,014 | ||||||
Fannie Mae, Pool #FS1428, 4.00%, 4/1/2052 | 1,791,340 | 1,674,508 | ||||||
Fannie Mae, Pool #MA4732, 4.00%, 9/1/2052 | 954,664 | 891,926 | ||||||
Fannie Mae, Pool #QE9380, 4.50%, 9/1/2052 | 946,409 | 906,718 |
28
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Fannie Mae, Pool #MA4918, 5.00%, 2/1/2053 | $ | 968,247 | $ | 946,258 | ||||
Fannie Mae, Pool #BX7767, 5.50%, 3/1/2053 | 1,910,977 | 1,899,251 | ||||||
Fannie Mae, Pool #MA5054, 4.00%, 6/1/2053 | 992,905 | 927,296 | ||||||
Freddie Mac, Pool #SB8229, 4.50%, 5/1/2038 | 1,905,811 | 1,868,474 | ||||||
Freddie Mac, Pool #RB5135, 2.00%, 10/1/2041 | 870,356 | 735,645 | ||||||
Freddie Mac, Pool #QA5121, 2.50%, 12/1/2049 | 1,011,913 | 859,524 | ||||||
Freddie Mac, Pool #RE6081, 2.00%, 1/1/2051 | 778,643 | 610,613 | ||||||
Freddie Mac, Pool #RE6085, 1.50%, 2/1/2051 | 1,698,528 | 1,270,413 | ||||||
Freddie Mac, Pool #8C0119, 1.51%, 9/1/2051 | 896,396 | 792,023 | ||||||
Freddie Mac, Pool #SD8230, 4.50%, 6/1/2052 | 923,926 | 885,227 | ||||||
Freddie Mac, Pool #SD1087, 3.50%, 6/1/2052 | 956,078 | 867,609 | ||||||
Freddie Mac, Pool #QE2792, 4.00%, 6/1/2052 | 980,413 | 917,072 | ||||||
Freddie Mac, Pool #QE9380, 5.00%, 9/1/2052 | 904,253 | 884,259 | ||||||
Freddie Mac, Pool #SD8267, 5.00%, 11/1/2052 | 950,987 | 930,141 | ||||||
Freddie Mac, Pool #SD8306, 4.50%, 2/1/2053 | 971,648 | 930,672 | ||||||
Freddie Mac, Pool #QF8790, 5.50%, 3/1/2053 | 926,128 | 921,692 | ||||||
Freddie Mac, Pool #QG1666, 5.00%, 3/1/2053 | 996,939 | 976,024 | ||||||
Freddie Mac, Pool #SD3437, 5.00%, 4/1/2053 | 1,981,951 | 1,937,376 | ||||||
Freddie Mac, Pool #SD2642, 5.50%, 4/1/2053 | 975,835 | 969,847 | ||||||
Freddie Mac, Pool #SD2757, 5.00%, 5/1/2053 | 985,077 | 963,266 | ||||||
United States Treasury Note, 0.75%, 8/31/2026 | 5,000,000 | 4,469,141 | ||||||
Total U.S. Government & Agencies | ||||||||
(Cost $47,759,849) | 44,402,976 | |||||||
COLLATERALIZED LOAN OBLIGATIONS — 6.87% | ||||||||
Ares XXXIIR CLO Ltd., Series 2014-32 RA, Class A1B, 6.52%, 5/15/2030 (3MO LIBOR + 120.0bps)(a),(b) | 1,000,000 | 976,062 | ||||||
ArrowMark Colorado Holdings, Series 2017-6A, Class A2, 6.62%, 7/15/2029 (3MO LIBOR + 145.0bps)(a),(b) | 1,000,000 | 990,465 | ||||||
Benefit Street Partners CLO XXV Ltd., Series 2021-25A, Class A2, 6.97%, 1/15/2035 (3MO LIBOR + 140.0bps)(a),(b) | 1,000,000 | 975,774 | ||||||
Carlyle Global Market Strategies CLO Ltd., Series 2013-4A, Class A2RR, 6.72%, 1/15/2031 (3MO LIBOR + 115.0bps)(a),(b) | 825,000 | 808,385 |
29
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Carlyle Global Market Strategies CLO Ltd., Series 2017-1A, Class A1R, 6.59%, 4/20/2031 (3MO LIBOR + 100.0bps)(a),(b) | $ | 995,462 | $ | 986,423 | ||||
Carlyle Global Market Strategies CLO Ltd., Series 2019-1A, Class A1AR, 6.67%, 4/20/2031 (3MO LIBOR + 108.0bps)(a),(b) | 250,000 | 247,944 | ||||||
Carlyle US CLO Ltd., Series 2020-2A, Class A1R, 6.75%, 1/25/2035 (3MO LIBOR + 114.0bps)(a),(b) | 1,000,000 | 995,435 | ||||||
Cedar Funding VII CLO Ltd., Series 2018-7A, Class A2, 6.72%, 1/20/2031 (3MO LIBOR + 113.0bps)(a),(b) | 625,000 | 608,064 | ||||||
Cedar Funding XII CLO Ltd., Series 2020-12A, Class XR, 6.61%, 10/25/2034 (3MO LIBOR + 100.0bps)(a),(b) | 1,000,000 | 999,850 | ||||||
Columbia Cent CLO Ltd., Series 2021-31A, Class X, 6.59%, 4/20/2034 (3MO LIBOR + 100.0bps)(a),(b) | 1,100,000 | 1,099,527 | ||||||
Goldentree Loan Management US CLO 5 Ltd., Series 2018-3A, Class AJ, 6.89%, 4/20/2030 (3MO LIBOR + 130.0bps)(a),(b) | 1,000,000 | 982,270 | ||||||
Goldentree Loan Management US CLO 6 Ltd., Series 2019-6A, Class BR, 7.13%, 4/20/2035 (TSFR3M + 180.0bps)(a),(b) | 1,000,000 | 988,701 | ||||||
Hildene TruPS Financials Note Securitization, Series 2019-2A, Class A1, 7.14%, 5/22/2039 (3MO LIBOR + 176.0bps)(a),(b) | 1,785,436 | 1,731,872 | ||||||
ICG US CLO Ltd., Series 2014-1A, Class A1A2, 6.79%, 10/20/2034 (3MO LIBOR + 120.0bps)(a),(b) | 1,000,000 | 985,746 | ||||||
Madison Park Funding XXI Ltd., Series 2016-21A, Class ABRR, 6.97%, 10/15/2032 (3MO LIBOR + 140.0bps)(a),(b) | 1,000,000 | 994,170 | ||||||
Morgan Stanley Eaton Vance CLO, Series 2022-16A, Class A2, 6.96%, 4/15/2035 (TSFR3M + 165.0bps)(a),(b) | 1,000,000 | 986,789 | ||||||
Oaktree CLO Ltd., Series 2019-3A, Class A1R, 6.79%, 10/20/2034 (3MO LIBOR + 120.0bps)(a),(b) | 1,000,000 | 991,619 | ||||||
Rockford Tower CLO Ltd., Series 2019-2A, Class AR, 6.48%, 8/20/2032 (3MO LIBOR + 110.0bps)(a),(b) | 1,000,000 | 987,473 | ||||||
Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class BR, 7.12%, 4/15/2030 (3MO LIBOR + 155.0bps)(a),(b) | 2,000,000 | 1,984,788 | ||||||
Voya CLO Ltd., Series 2016-3A, Class XR, 6.27%, 10/18/2031 (3MO LIBOR + 70.0bps)(a),(b) | 22,500 | 22,500 |
30
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
Principal | Fair Value | |||||||
Voya CLO Ltd., Series 2020-3A, Class AR, 6.74%, 10/20/2034 (3MO LIBOR + 115.0bps)(a),(b) | $ | 675,000 | $ | 666,434 | ||||
Total Collateralized Loan Obligations | ||||||||
(Cost $20,248,591) | 20,010,291 | |||||||
Total Investments — 99.32% | ||||||||
(Cost $307,631,334) | 289,180,930 | |||||||
Other Assets in Excess of Liabilities — 0.68% | 1,966,325 | |||||||
Net Assets — 100.00% | $ | 291,147,255 |
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of July 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. |
(b) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total fair value of these securities as July 31, 2023 was $151,445,424, representing 52.02% of net assets. |
MTN — Medium Term Note
The accompanying notes are an integral part of these financial statements.
31
Yorktown Master Allocation Fund
SCHEDULE OF INVESTMENTS
July 31, 2023
(Unaudited)
Fund Holdings (as a percentage of net assets)
Growth Funds | 49.82% |
Small Cap Funds | 44.39% |
Capital Appreciation Funds | 5.10% |
Other | 0.69% |
100.00% |
Shares | Fair Value | |||||||
INVESTMENT COMPANIES — 99.31%(a) | ||||||||
Growth Funds— 49.82% | ||||||||
Yorktown Growth Fund, Institutional Class | 385,553 | $ | 6,897,545 | |||||
Small Cap Funds— 44.39% | ||||||||
Yorktown Small Cap Fund, Institutional Class ARS | 413,825 | 6,145,297 | ||||||
Capital Appreciation Funds— 5.10% | ||||||||
Yorktown Capital Appreciation Fund, Institutional Class | 26,377 | 706,649 | ||||||
Total Investments — 99.31% | ||||||||
(Cost $8,814,561) | 13,749,491 | |||||||
Other Assets in Excess of Liabilities — 0.69% | 94,896 | |||||||
Net Assets — 100.00% | $ | 13,844,387 |
(a) | Affiliated issuer. |
The accompanying notes are an integral part of these financial statements.
32
Yorktown Small Cap Fund
SCHEDULE OF INVESTMENTS
July 31, 2023
(Unaudited)
Fund Holdings (as a percentage of net assets)
Technology | 20.44% |
Industrials | 16.78% |
Financials | 14.29% |
Consumer Discretionary | 12.47% |
Energy | 11.53% |
Health Care | 5.96% |
Materials | 4.40% |
Real Estate | 2.64% |
Consumer Staples | 2.20% |
Communications | 1.36% |
Other | 7.93% |
100.00% |
Shares | Fair Value | |||||||
COMMON STOCKS — 92.07% | ||||||||
Communications — 1.36% | ||||||||
Iridium Communications, Inc. | 7,800 | $ | 409,890 | |||||
Consumer Discretionary — 12.47% | ||||||||
Arcos Dorados Holdings, Inc., Class A | 73,000 | 824,900 | ||||||
BorgWarner, Inc. | 13,400 | 623,100 | ||||||
Buckle, Inc. (The) | 6,400 | 233,984 | ||||||
Chico’s FAS, Inc.(a) | 81,000 | 494,100 | ||||||
Dick’s Sporting Goods, Inc. | 4,800 | 676,800 | ||||||
PHINIA, Inc.(a) | 2,680 | 76,031 | ||||||
Target Hospitality Corp(a) | 30,000 | 383,100 | ||||||
Winnebago Industries, Inc. | 6,400 | 440,320 | ||||||
3,752,335 | ||||||||
Consumer Staples — 2.20% | ||||||||
BJ’s Wholesale Club Holdings, Inc.(a) | 10,000 | 663,100 | ||||||
Energy — 11.53% | ||||||||
Canadian Solar, Inc.(a) | 9,900 | 357,984 | ||||||
Matador Resources Co. | 5,500 | 305,965 | ||||||
Northern Oil and Gas, Inc. | 25,600 | 1,007,872 | ||||||
Permian Resources Corp., Class A | 56,500 | 660,485 | ||||||
Range Resources Corp. | 13,400 | 421,162 | ||||||
SandRidge Energy, Inc. | 28,500 | 486,780 | ||||||
VAALCO Energy, Inc. | 51,000 | 226,950 | ||||||
3,467,198 | ||||||||
Financials — 14.29% | ||||||||
American Equity Investment Life Holding Co. | 12,400 | 665,508 | ||||||
Bank OZK | 6,700 | 292,991 | ||||||
First BanCorp. | 44,000 | 653,400 | ||||||
Genworth Financial, Inc., Class A(a) | 122,000 | 714,920 | ||||||
LPL Financial Holdings, Inc. | 5,000 | 1,146,800 | ||||||
StoneX Group, Inc.(a) | 3,200 | 294,432 | ||||||
United Community Banks, Inc. | 18,200 | 529,074 | ||||||
4,297,125 | ||||||||
Health Care — 5.96% | ||||||||
Catalyst Pharmaceuticals, Inc.(a) | 40,500 | 560,115 | ||||||
DocGo, Inc.(a) | 33,900 | 284,421 | ||||||
Repligen Corp.(a) | 4,400 | 754,864 | ||||||
Sinovac Biotech Ltd.(a)(b) | 74,893 | 193,973 | ||||||
1,793,373 | ||||||||
Industrials — 16.78% | ||||||||
Alaska Air Group, Inc.(a) | 9,100 | 442,533 | ||||||
FTI Consulting, Inc.(a) | 2,600 | 455,416 | ||||||
Knight-Swift Transportation Holdings, Inc. | 7,600 | 461,700 | ||||||
Mueller Industries, Inc. | 14,700 | 1,191,582 | ||||||
Novanta, Inc.(a) | 6,500 | 1,149,850 | ||||||
NV5 Global, Inc.(a) | 8,000 | 876,400 | ||||||
Terex Corp. | 8,000 | 469,040 | ||||||
5,046,521 |
33
YORKTOWN SMALL CAP FUND
SCHEDULE OF INVESTMENTS, Continued
Shares | Fair Value | |||||||
Materials — 4.40% | ||||||||
Alpha Metallurgical Resources, Inc. | 2,900 | $ | 502,338 | |||||
Cleveland-Cliffs, Inc.(a) | 46,500 | 820,725 | ||||||
1,323,063 | ||||||||
Real Estate — 2.64% | ||||||||
Matson, Inc. | 8,500 | 794,410 | ||||||
Technology — 20.44% | ||||||||
Amkor Technology, Inc. | 16,500 | 479,985 | ||||||
Jabil, Inc. | 7,000 | 774,690 | ||||||
Kulicke & Soffa Industries, Inc. | 7,300 | 437,124 | ||||||
Lattice Semiconductor Corp.(a) | 10,400 | 945,776 | ||||||
Perion Network Ltd.(a) | 30,300 | 1,108,677 | ||||||
Rambus, Inc.(a) | 24,600 | 1,540,206 | ||||||
Sanmina Corp.(a) | 14,000 | 860,440 | ||||||
6,146,898 | ||||||||
Total Common Stocks/Investments — 92.07% | ||||||||
(Cost $19,888,994) | 27,693,913 | |||||||
Other Assets in Excess of Liabilities — 7.93% | 2,385,161 | |||||||
Net Assets — 100.00% | $ | 30,079,074 |
(a) | Non-income producing security. |
(b) | Illiquid security. Security is being fair valued in accordance with the Trust’s fair valuation policies and represents 0.65% of the Fund’s net assets. |
The accompanying notes are an integral part of these financial statements.
34
YORKTOWN FUNDS
Statements of Assets and Liabilities
July 31, 2023
(Unaudited)
Growth | Capital | Multi- | ||||||||||
Assets: | ||||||||||||
Investments in unaffiliated issuers at value (identified cost of $51,945,392, $9,568,548, and $328,849,392, respectively) | $ | 74,606,539 | $ | 10,720,104 | $ | 294,363,008 | ||||||
Total investments | 74,606,539 | 10,720,104 | 294,363,008 | |||||||||
Cash | 751,759 | 168,526 | 1,517,601 | |||||||||
Dividends and interest receivable | 22,111 | 1,055 | 2,226,800 | |||||||||
Receivable for securities sold | — | — | 1,209,750 | |||||||||
Reclaims receivable | 25,519 | 2,583 | 19,592 | |||||||||
Receivable for shareholder purchases | 103,086 | 1,349 | 19,788 | |||||||||
Other assets | 28,180 | 27,603 | 52,617 | |||||||||
Total assets | 75,537,194 | 10,921,220 | 299,409,156 | |||||||||
Liabilities: | ||||||||||||
Payable for shareholder redemptions | 54,657 | 4,619 | 372,844 | |||||||||
Payable for securities purchased | — | — | 1,176,713 | |||||||||
Accrued distribution fees | 26,253 | 5,685 | 129,911 | |||||||||
Accrued advisory fees | 33,963 | 5,407 | 101,053 | |||||||||
Accrued accounting service and transfer agent fees | 11,503 | 10,513 | 32,124 | |||||||||
Other accrued expenses | 6,343 | 11,279 | 53,856 | |||||||||
Total liabilities | 132,719 | 37,503 | 1,866,501 | |||||||||
Net assets | $ | 75,404,475 | $ | 10,883,717 | $ | 297,542,655 |
35
YORKTOWN FUNDS
STATEMENTS OF ASSETS AND LIABILITIES, Continued
Growth | Capital | Multi- | ||||||||||
Shares of beneficial interest (unlimited number of shares authorized; no par value) | ||||||||||||
Institutional Class: Shares outstanding | 1,833,883 | 109,283 | 14,942,412 | |||||||||
Net assets | $ | 32,800,116 | $ | 2,928,226 | $ | 130,294,939 | ||||||
Net asset value per share | $ | 17.89 | $ | 26.79 | $ | 8.72 | ||||||
Class A: Shares outstanding | 655,728 | 56,541 | 3,545,489 | |||||||||
Net assets | $ | 10,804,371 | $ | 1,453,987 | $ | 29,175,491 | ||||||
Net asset value per share | $ | 16.48 | $ | 25.72 | $ | 8.23 | ||||||
Maximum offering price per share(a) | $ | 17.49 | $ | 27.29 | $ | 8.73 | ||||||
Class L: Shares outstanding | 2,754,236 | 272,144 | 17,277,847 | |||||||||
Net assets | $ | 31,799,988 | $ | 6,501,504 | $ | 132,256,877 | ||||||
Net asset value per share | $ | 11.55 | $ | 23.89 | $ | 7.65 | ||||||
Class C: Shares outstanding | 777,368 | |||||||||||
Net assets | $ | 5,815,348 | ||||||||||
Net asset value per share | $ | 7.48 | ||||||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 56,242,468 | $ | 13,752,377 | $ | 532,427,035 | ||||||
Accumulated earnings (deficit) | 19,162,007 | (2,868,660 | ) | (234,884,380 | ) | |||||||
Net assets applicable to outstanding shares of beneficial interest | $ | 75,404,475 | $ | 10,883,717 | $ | 297,542,655 |
(a) | Based on maximum initial sales charge of 5.75%. |
36
YORKTOWN FUNDS
STATEMENTS OF ASSETS AND LIABILITIES, Continued
Short Term | Master | Small Cap | ||||||||||
Assets: | ||||||||||||
Investments in unaffiliated issuers at value (identified cost of $307,631,334, $— and $19,888,994, respectively) | $ | 289,180,930 | $ | — | $ | 27,693,913 | ||||||
Investments in affiliated issuers at value (identified cost of $—, $8,814,561 and $—, respectively) | — | 13,749,491 | — | |||||||||
Total investments | 289,180,930 | 13,749,491 | 27,693,913 | |||||||||
Cash | 1,059,211 | 211,037 | 2,370,775 | |||||||||
Dividends and interest receivable | 1,256,499 | 981 | 10,002 | |||||||||
Receivable for shareholder purchases | 2,594 | — | 1,311 | |||||||||
Other assets | 46,792 | 20,718 | 30,227 | |||||||||
Total assets | 291,546,026 | 13,982,227 | 30,106,228 | |||||||||
Liabilities: | ||||||||||||
Payable for shareholder redemptions | 81,064 | 108,199 | 5,013 | |||||||||
Accrued distribution fees | 86,618 | 5,113 | 3,328 | |||||||||
Accrued advisory fees | 143,967 | 3,498 | 7,358 | |||||||||
Accrued accounting service and transfer agent fees | 25,354 | 10,995 | 10,168 | |||||||||
Other accrued expenses | 61,768 | 10,035 | 1,287 | |||||||||
Total liabilities | 398,771 | 137,840 | 27,154 | |||||||||
Net assets | $ | 291,147,255 | $ | 13,844,387 | $ | 30,079,074 |
37
YORKTOWN FUNDS
STATEMENTS OF ASSETS AND LIABILITIES, Continued
Short Term | Master | Small Cap | ||||||||||
Shares of beneficial interest (unlimited number of shares authorized; no par value) | ||||||||||||
Institutional Class: Shares outstanding | 31,901,116 | 333,816 | 1,713,326 | |||||||||
Net assets | $ | 127,101,581 | $ | 6,386,082 | $ | 25,446,683 | ||||||
Net asset value per share | $ | 3.98 | $ | 19.13 | $ | 14.85 | ||||||
Class A: Shares outstanding | 2,278,677 | 113,106 | 56,848 | |||||||||
Net assets | $ | 8,482,602 | $ | 1,908,154 | $ | 829,613 | ||||||
Net asset value per share | $ | 3.72 | $ | 16.87 | $ | 14.59 | ||||||
Maximum offering price per share(a) | $ | 3.81 | $ | 17.90 | $ | 15.48 | ||||||
Class L: Shares outstanding | 46,283,043 | 390,936 | 276,629 | |||||||||
Net assets | $ | 155,563,072 | $ | 5,550,151 | $ | 3,802,778 | ||||||
Net asset value per share | $ | 3.36 | $ | 14.20 | $ | 13.75 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 327,820,079 | $ | 10,299,426 | $ | 24,800,850 | ||||||
Accumulated earnings (deficit) | (36,672,824 | ) | 3,544,961 | 5,278,224 | ||||||||
Net assets applicable to outstanding shares of beneficial interest | $ | 291,147,255 | $ | 13,844,387 | $ | 30,079,074 |
(a) | Based on maximum initial sales charge of 5.75% (2.25% for the Short Term Bond Fund). |
The accompanying notes are an integral part of these financial statements.
38
YORKTOWN FUNDS
Statements of Operations
For the Six Months Ended July 31, 2023
(Unaudited)
Growth | Capital | Multi- | ||||||||||
Investment income | ||||||||||||
Dividends from unaffiliated issuers (net of foreign taxes withheld of $50,022, $1,793, and $–, respectively) | $ | 452,908 | $ | 6,266 | $ | — | ||||||
Interest | 16,158 | 16,561 | 8,013,962 | |||||||||
Total income | 469,066 | 22,827 | 8,013,962 | |||||||||
Expenses | ||||||||||||
Investment advisory fees | 339,804 | 29,738 | 582,774 | |||||||||
Distribution fees | ||||||||||||
Class A | — | 1,655 | 80,011 | |||||||||
Class L | 147,325 | 29,003 | 679,861 | |||||||||
Class C | — | — | 30,836 | |||||||||
Transfer agent fees | 39,322 | 23,012 | 155,608 | |||||||||
Accounting service fees | 32,702 | 31,269 | 46,959 | |||||||||
Registration fees | 24,631 | 24,316 | 35,834 | |||||||||
Professional fees | 17,118 | 17,686 | 32,441 | |||||||||
Trustee fees | 9,067 | 1,028 | 38,717 | |||||||||
Shareholder reports | 7,415 | 5,203 | 19,211 | |||||||||
Custodial fees | 5,787 | 3,463 | 16,562 | |||||||||
Line of credit fees | 4,125 | 5,099 | 8,851 | |||||||||
Insurance | 2,754 | 401 | 13,543 | |||||||||
Interest expense | 1 | 5 | 140 | |||||||||
Miscellaneous | 16,421 | 9,553 | 72,173 | |||||||||
Total operating expenses | 646,472 | 181,431 | 1,813,521 | |||||||||
Less expenses waived by investment adviser | (158,405 | ) | (66,996 | ) | — | |||||||
Net operating expenses | 488,067 | 114,435 | 1,813,521 | |||||||||
Net investment income (loss) | (19,001 | ) | (91,608 | ) | 6,200,441 | |||||||
Realized & Change in Unrealized Gain (Loss) on Investments | ||||||||||||
Net realized gain (loss) from security transactions in unaffiliated issuers | 127,670 | — | (10,420,039 | ) | ||||||||
Net realized gain (loss) from foreign currency | (81 | ) | 153 | — | ||||||||
Change in unrealized appreciation on investments in unaffiliated issuers | 5,703,925 | 1,939,092 | 2,386,749 | |||||||||
Change in unrealized appreciation (depreciation) on foreign currency | (35 | ) | 202 | — | ||||||||
Net realized and change in unrealized gain (loss) on investments | 5,831,479 | 1,939,447 | (8,033,290 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 5,812,478 | $ | 1,847,839 | $ | (1,832,849 | ) |
39
YORKTOWN FUNDS
STATEMENTS OF OPERATIONS, Continued
Short Term | Master | Small Cap | ||||||||||
Investment income | ||||||||||||
Dividends from unaffiliated issuers (net of foreign taxes withheld of $–, $– and $846, respectively) | $ | — | $ | — | $ | 134,010 | ||||||
Interest | 5,577,418 | 10,273 | 52,575 | |||||||||
Total income | 5,577,418 | 10,273 | 186,585 | |||||||||
Expenses | ||||||||||||
Investment advisory fees | 1,110,481 | 19,981 | 144,348 | |||||||||
Distribution fees | ||||||||||||
Class A | — | 2,497 | 969 | |||||||||
Class L | 539,064 | 26,540 | 17,988 | |||||||||
Transfer agent fees | 107,656 | 25,011 | 28,429 | |||||||||
Accounting service fees | 43,422 | 31,431 | 31,256 | |||||||||
Registration fees | 30,594 | 24,406 | 23,818 | |||||||||
Professional fees | 35,276 | 17,928 | 13,853 | |||||||||
Trustee fees | 43,157 | 1,474 | 4,849 | |||||||||
Shareholder reports | 10,996 | 4,197 | 6,200 | |||||||||
Custodial fees | 17,966 | 2,629 | 1,904 | |||||||||
Line of credit fees | 9,549 | 5,210 | 3,425 | |||||||||
Insurance | 16,008 | 621 | 1,538 | |||||||||
Interest expense | 2,801 | — | — | |||||||||
Miscellaneous | 90,148 | 7,309 | 9,773 | |||||||||
Total operating expenses | 2,057,118 | 169,234 | 288,350 | |||||||||
Less expenses waived by investment adviser | (173,166 | ) | — | (81,508 | ) | |||||||
Net operating expenses | 1,883,952 | 169,234 | 206,842 | |||||||||
Net investment income (loss) | 3,693,466 | (158,961 | ) | (20,257 | ) | |||||||
Realized & Change in Unrealized Gain (Loss) on Investments | ||||||||||||
Net realized gain (loss) from security transactions in unaffiliated issuers | (2,891,674 | ) | — | 2,844,128 | ||||||||
Net realized loss from security transactions in affiliated issuers | — | (173,942 | ) | — | ||||||||
Change in unrealized appreciation (depreciation) on investments in unaffiliated issuers | 2,648,715 | — | (2,194,723 | ) | ||||||||
Change in unrealized appreciation on investments in affiliated issuers | — | 1,024,906 | — | |||||||||
Net realized and change in unrealized gain (loss) on investments | (242,959 | ) | 850,964 | 649,405 | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 3,450,507 | $ | 692,003 | $ | 629,148 |
The accompanying notes are an integral part of these financial statements.
40
YORKTOWN FUNDS
Statements of Changes in Net Assets
Growth Fund | Capital Appreciation Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Operations: | ||||||||||||||||
Net investment loss | $ | (19,001 | ) | $ | (297,216 | ) | $ | (91,608 | ) | $ | (125,233 | ) | ||||
Net realized gain (loss) from security transactions | 127,589 | (2,789,490 | ) | 153 | (3,909,457 | ) | ||||||||||
Change in unrealized appreciation (depreciation) on investments | 5,703,890 | (3,118,750 | ) | 1,939,294 | (2,679,010 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 5,812,478 | (6,205,456 | ) | 1,847,839 | (6,713,700 | ) | ||||||||||
Distributions: | ||||||||||||||||
From earnings: | ||||||||||||||||
Institutional Class | — | — | — | (6,748 | ) | |||||||||||
Class A | — | — | — | (4,167 | ) | |||||||||||
Class L | — | — | — | (21,710 | ) | |||||||||||
— | — | — | (32,625 | ) | ||||||||||||
Capital Transactions — Institutional Class: | ||||||||||||||||
Proceeds from shares sold | 2,981,655 | 13,191,196 | 3,126,089 | 2,042,283 | ||||||||||||
Reinvestment of distributions | — | — | — | 6,054 | ||||||||||||
Amount paid for shares redeemed | (2,468,630 | ) | (8,495,469 | ) | (2,925,390 | ) | (6,914,881 | ) | ||||||||
Total Institutional Class | 513,025 | 4,695,727 | 200,699 | (4,866,544 | ) | |||||||||||
Capital Transactions — Class A: | ||||||||||||||||
Proceeds from shares sold | 3,455,145 | 204,974 | 8,380 | 171,671 | ||||||||||||
Reinvestment of distributions | — | — | — | 3,934 | ||||||||||||
Amount paid for shares redeemed | (1,060,321 | ) | (1,416,160 | ) | (101,057 | ) | (457,418 | ) | ||||||||
Total Class A | 2,394,824 | (1,211,186 | ) | (92,677 | ) | (281,813 | ) | |||||||||
Capital Transactions — Class L: | ||||||||||||||||
Proceeds from shares sold | 1,267,276 | 2,726,845 | 59,742 | 560,558 | ||||||||||||
Reinvestment of distributions | — | — | — | 21,428 | ||||||||||||
Amount paid for shares redeemed | (2,587,564 | ) | (5,729,629 | ) | (364,141 | ) | (1,839,013 | ) | ||||||||
Total Class L | (1,320,288 | ) | (3,002,784 | ) | (309,019 | ) | (1,257,027 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 1,587,561 | 481,757 | (200,997 | ) | (6,405,384 | ) | ||||||||||
Total increase (decrease) in net assets | 7,400,039 | (5,723,699 | ) | 1,646,842 | (13,151,709 | ) |
41
YORKTOWN FUNDS
STATEMENTS OF CHANGES IN NET ASSETS, Continued
Growth Fund | Capital Appreciation Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | $ | 68,004,436 | $ | 73,728,135 | $ | 9,236,875 | $ | 22,388,584 | ||||||||
End of period | $ | 75,404,475 | $ | 68,004,436 | $ | 10,883,717 | $ | 9,236,875 | ||||||||
Share Transactions — Institutional Class: | ||||||||||||||||
Shares sold | 183,211 | 847,773 | 133,241 | 86,023 | ||||||||||||
Shares issued in reinvestment of distributions | — | — | — | 302 | ||||||||||||
Shares redeemed | (152,094 | ) | (541,080 | ) | (120,825 | ) | (300,598 | ) | ||||||||
Total Institutional Class | 31,117 | 306,693 | 12,416 | (214,273 | ) | |||||||||||
Share Transactions — Class A: | ||||||||||||||||
Shares sold | 232,923 | 13,208 | 373 | 6,036 | ||||||||||||
Shares issued in reinvestment of distributions | — | — | — | 204 | ||||||||||||
Shares redeemed | (72,033 | ) | (96,591 | ) | (4,294 | ) | (17,823 | ) | ||||||||
Total Class A | 160,890 | (83,383 | ) | (3,921 | ) | (11,583 | ) | |||||||||
Share Transactions — Class L: | ||||||||||||||||
Shares sold | 119,905 | 262,931 | 2,931 | 25,144 | ||||||||||||
Shares issued in reinvestment of distributions | — | — | — | 1,191 | ||||||||||||
Shares redeemed | (246,150 | ) | (566,045 | ) | (17,565 | ) | (84,842 | ) | ||||||||
Total Class L | (126,245 | ) | (303,114 | ) | (14,828 | ) | (58,507 | ) |
42
YORKTOWN FUNDS
STATEMENTS OF CHANGES IN NET ASSETS, Continued
Multi-Sector Bond Fund | Short Term Bond Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 6,200,441 | $ | 13,569,852 | $ | 3,693,466 | $ | 5,824,780 | ||||||||
Net realized loss from security transactions | (10,420,039 | ) | (6,764,527 | ) | (2,891,674 | ) | (3,113,814 | ) | ||||||||
Change in unrealized appreciation (depreciation) on investments | 2,386,749 | (40,214,850 | ) | 2,648,715 | (20,164,635 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | (1,832,849 | ) | (33,409,525 | ) | 3,450,507 | (17,453,669 | ) | |||||||||
Distributions: | ||||||||||||||||
From earnings: | ||||||||||||||||
Institutional Class | (3,052,185 | ) | (5,427,874 | ) | (2,059,257 | ) | (2,461,027 | ) | ||||||||
Class A | (778,389 | ) | (1,778,651 | ) | (141,822 | ) | (184,142 | ) | ||||||||
Class L | (3,175,632 | ) | (6,348,109 | ) | (2,207,769 | ) | (3,198,560 | ) | ||||||||
Class C | (147,701 | ) | (353,420 | ) | ||||||||||||
(7,153,907 | ) | (13,908,054 | ) | (4,408,848 | ) | (5,843,729 | ) | |||||||||
Capital Transactions — Institutional Class: | ||||||||||||||||
Proceeds from shares sold | 29,220,616 | 24,874,529 | 12,841,806 | 81,361,752 | ||||||||||||
Reinvestment of distributions | 2,801,449 | 4,865,644 | 1,987,295 | 2,329,635 | ||||||||||||
Amount paid for shares redeemed | (17,864,825 | ) | (50,510,145 | ) | (45,354,474 | ) | (98,914,521 | ) | ||||||||
Total Institutional Class | 14,157,240 | (20,769,972 | ) | (30,525,373 | ) | (15,223,134 | ) | |||||||||
Capital Transactions — Class A: | ||||||||||||||||
Proceeds from shares sold | 702,060 | 1,925,191 | 1,203,171 | 2,447,388 | ||||||||||||
Reinvestment of distributions | 619,007 | 1,436,896 | 141,395 | 181,859 | ||||||||||||
Amount paid for shares redeemed | (8,822,069 | ) | (14,853,967 | ) | (2,156,239 | ) | (4,618,262 | ) | ||||||||
Total Class A | (7,501,002 | ) | (11,491,880 | ) | (811,673 | ) | (1,989,015 | ) | ||||||||
Capital Transactions — Class L: | ||||||||||||||||
Proceeds from shares sold | 4,888,102 | 18,949,612 | 9,720,829 | 28,870,732 | ||||||||||||
Reinvestment of distributions | 2,798,618 | 5,683,269 | 2,099,982 | 3,023,119 | ||||||||||||
Amount paid for shares redeemed | (17,939,755 | ) | (49,498,702 | ) | (34,338,680 | ) | (192,845,596 | ) | ||||||||
Total Class L | (10,253,035 | ) | (24,865,821 | ) | (22,517,869 | ) | (160,951,745 | ) | ||||||||
Capital Transactions — Class C: | ||||||||||||||||
Proceeds from shares sold | 5,700 | 140,914 | ||||||||||||||
Reinvestment of distributions | 76,611 | 204,215 | ||||||||||||||
Amount paid for shares redeemed | (922,385 | ) | (4,539,162 | ) | ||||||||||||
Total Class C | (840,074 | ) | (4,194,033 | ) | ||||||||||||
Net decrease in net assets resulting from capital share transactions | (4,436,871 | ) | (61,321,706 | ) | (53,854,915 | ) | (178,163,894 | ) | ||||||||
Total decrease in net assets | (13,423,627 | ) | (108,639,285 | ) | (54,813,256 | ) | (201,461,292 | ) |
43
YORKTOWN FUNDS
STATEMENTS OF CHANGES IN NET ASSETS, Continued
Multi-Sector Bond Fund | Short Term Bond Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | $ | 310,966,282 | $ | 419,605,567 | $ | 345,960,511 | $ | 547,421,803 | ||||||||
End of period | $ | 297,542,655 | $ | 310,966,282 | $ | 291,147,255 | $ | 345,960,511 | ||||||||
Share Transactions — Institutional Class: | ||||||||||||||||
Shares sold | 3,357,339 | 2,771,344 | 3,224,109 | 20,558,617 | ||||||||||||
Shares issued in reinvestment of distributions | 321,712 | 534,536 | 499,777 | 582,579 | ||||||||||||
Shares redeemed | (2,053,139 | ) | (5,502,567 | ) | (11,401,268 | ) | (24,614,480 | ) | ||||||||
Total Institutional Class | 1,625,912 | (2,196,687 | ) | (7,677,382 | ) | (3,473,284 | ) | |||||||||
Share Transactions — Class A: | ||||||||||||||||
Shares sold | 85,426 | 224,633 | 322,182 | 657,669 | ||||||||||||
Shares issued in reinvestment of distributions | 75,208 | 166,794 | 38,048 | 48,648 | ||||||||||||
Shares redeemed | (1,073,682 | ) | (1,709,717 | ) | (579,269 | ) | (1,228,748 | ) | ||||||||
Total Class A | (913,048 | ) | (1,318,290 | ) | (219,039 | ) | (522,431 | ) | ||||||||
Share Transactions — Class L: | ||||||||||||||||
Shares sold | 635,044 | 2,300,837 | 2,890,019 | 8,465,365 | ||||||||||||
Shares issued in reinvestment of distributions | 365,547 | 708,515 | 625,405 | 891,752 | ||||||||||||
Shares redeemed | (2,340,651 | ) | (6,086,030 | ) | (10,216,890 | ) | (56,724,620 | ) | ||||||||
Total Class L | (1,340,060 | ) | (3,076,678 | ) | (6,701,466 | ) | (47,367,503 | ) | ||||||||
Share Transactions — Class C: | ||||||||||||||||
Shares sold | 762 | 17,599 | ||||||||||||||
Shares issued in reinvestment of distributions | 10,233 | 25,889 | ||||||||||||||
Shares redeemed | (122,893 | ) | (566,634 | ) | ||||||||||||
Total Class C | (111,898 | ) | (523,146 | ) |
44
YORKTOWN FUNDS
STATEMENTS OF CHANGES IN NET ASSETS, Continued
Master Allocation Fund | Small Cap Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (158,961 | ) | $ | (294,427 | ) | $ | (20,257 | ) | $ | 83,025 | |||||
Net realized gain (loss) from security transactions | (173,942 | ) | (1,274,247 | ) | 2,844,128 | (4,110,646 | ) | |||||||||
Long-term capital gain distributions from investment companies | — | 453,693 | — | — | ||||||||||||
Change in unrealized appreciation (depreciation) on investments | 1,024,906 | (1,647,706 | ) | (2,194,723 | ) | 40,037 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 692,003 | (2,762,687 | ) | 629,148 | (3,987,584 | ) | ||||||||||
Distributions: | ||||||||||||||||
From earnings: | ||||||||||||||||
Institutional Class | — | (324,784 | ) | — | (2,076,994 | ) | ||||||||||
Class A | — | (169,607 | ) | — | (56,892 | ) | ||||||||||
Class L | — | (442,586 | ) | — | (246,756 | ) | ||||||||||
— | (936,977 | ) | — | (2,380,642 | ) | |||||||||||
Capital Transactions — Institutional Class: | ||||||||||||||||
Proceeds from shares sold | 1,717,122 | 231,668 | 3,521,982 | 11,992,554 | ||||||||||||
Reinvestment of distributions | — | 323,481 | — | 2,024,420 | ||||||||||||
Amount paid for shares redeemed | (1,061,911 | ) | (1,144,859 | ) | (10,018,282 | ) | (21,877,201 | ) | ||||||||
Total Institutional Class | 655,211 | (589,710 | ) | (6,496,300 | ) | (7,860,227 | ) | |||||||||
Capital Transactions — Class A: | ||||||||||||||||
Proceeds from shares sold | 2,617 | 765,618 | 3,813 | 120,169 | ||||||||||||
Reinvestment of distributions | — | 165,247 | — | 56,890 | ||||||||||||
Amount paid for shares redeemed | (500,578 | ) | (535,996 | ) | (27,877 | ) | (148,063 | ) | ||||||||
Total Class A | (497,961 | ) | 394,869 | (24,064 | ) | 28,996 | ||||||||||
Capital Transactions — Class L: | ||||||||||||||||
Proceeds from shares sold | 190,547 | 1,775,816 | 385,962 | 1,055,904 | ||||||||||||
Reinvestment of distributions | — | 441,004 | — | 245,370 | ||||||||||||
Amount paid for shares redeemed | (517,288 | ) | (967,567 | ) | (279,720 | ) | (372,989 | ) | ||||||||
Total Class L | (326,741 | ) | 1,249,253 | 106,242 | 928,285 | |||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (169,491 | ) | 1,054,412 | (6,414,122 | ) | (6,902,946 | ) | |||||||||
Total increase (decrease) in net assets | 522,512 | (2,645,252 | ) | (5,784,974 | ) | (13,271,172 | ) |
45
YORKTOWN FUNDS
STATEMENTS OF CHANGES IN NET ASSETS, Continued
Master Allocation Fund | Small Cap Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | $ | 13,321,875 | $ | 15,967,127 | $ | 35,864,048 | $ | 49,135,220 | ||||||||
End of period | $ | 13,844,387 | $ | 13,321,875 | $ | 30,079,074 | $ | 35,864,048 | ||||||||
Share Transactions — Institutional Class: | ||||||||||||||||
Shares sold | 94,221 | 12,961 | 251,715 | 839,419 | ||||||||||||
Shares issued in reinvestment of distributions | — | 18,906 | — | 149,514 | ||||||||||||
Shares redeemed | (60,277 | ) | (60,081 | ) | (728,452 | ) | (1,462,675 | ) | ||||||||
Total Institutional Class | 33,944 | (28,214 | ) | (476,737 | ) | (473,742 | ) | |||||||||
Share Transactions — Class A: | ||||||||||||||||
Shares sold | 167 | 42,422 | 277 | 7,790 | ||||||||||||
Shares issued in reinvestment of distributions | — | 10,936 | — | 4,268 | ||||||||||||
Shares redeemed | (32,864 | ) | (31,903 | ) | (1,958 | ) | (10,151 | ) | ||||||||
Total Class A | (32,697 | ) | 21,455 | (1,681 | ) | 1,907 | ||||||||||
Share Transactions — Class L: | ||||||||||||||||
Shares sold | 14,918 | 111,429 | 29,275 | 74,685 | ||||||||||||
Shares issued in reinvestment of distributions | — | 34,507 | — | 19,443 | ||||||||||||
Shares redeemed | (38,479 | ) | (66,288 | ) | (22,330 | ) | (26,409 | ) | ||||||||
Total Class L | (23,561 | ) | 79,648 | 6,945 | 67,719 |
The accompanying notes are an integral part of these financial statements.
46
Yorktown Growth Fund
FINANCIAL HIGHLIGHTS
| Institutional Class | |||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 16.48 | $ | 17.92 | $ | 19.69 | $ | 16.48 | $ | 14.67 | $ | 19.37 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income (loss)(1) | 0.03 | — | (2) | (0.07 | ) | (0.10 | ) | (0.03 | )(3) | (0.04 | )(3) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 1.38 | (1.44 | ) | 0.82 | 5.23 | 2.99 | (2.03 | ) | ||||||||||||||||
Total income (loss) from investment operations | 1.41 | (1.44 | ) | 0.75 | 5.13 | 2.96 | (2.07 | ) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
From net realized gain on security transactions | — | — | (2.52 | ) | (1.92 | ) | (1.15 | ) | (2.63 | ) | ||||||||||||||
Total distributions | — | — | (2.52 | ) | (1.92 | ) | (1.15 | ) | (2.63 | ) | ||||||||||||||
Net asset value, end of year/period | $ | 17.89 | $ | 16.48 | $ | 17.92 | $ | 19.69 | $ | 16.48 | $ | 14.67 | ||||||||||||
Total return | 8.56 | %(4) | (8.04 | )% | 2.45 | % | 31.70 | % | 20.28 | % | (10.41 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 32,800 | $ | 29,704 | $ | 26,805 | $ | 25,611 | $ | 28,514 | $ | 20,181 | ||||||||||||
Ratio of expenses to average net assets before waivers | 1.47 | %(5) | 1.46 | % | 1.37 | % | 1.46 | % | 1.46 | %(6) | 1.45 | %(6) | ||||||||||||
Ratio of net expenses to average net assets | 1.00 | %(5) | 1.00 | % | 1.04 | % | 1.33 | % | 1.46 | %(6) | 1.45 | %(6) | ||||||||||||
Ratio of net investment income (loss) to average net assets | 0.38 | %(5) | 0.01 | % | (0.33 | )% | (0.58 | )% | (0.17 | )% | (0.21 | )% | ||||||||||||
Portfolio turnover rate | 17 | %(4) | 78 | % | 54 | % | 94 | % | 43 | % | 61 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Amount is less than $0.005 per share. |
(3) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
47
YORKTOWN GROWTH FUND
FINANCIAL HIGHLIGHTS, Continued
Class A | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 15.18 | $ | 16.51 | $ | 18.31 | $ | 15.44 | $ | 13.80 | $ | 18.40 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income (loss)(1) | 0.03 | — | (2) | (0.07 | ) | (0.09 | ) | (0.02 | )(3) | (0.02 | )(3) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 1.27 | (1.33 | ) | 0.79 | 4.88 | 2.81 | (1.95 | ) | ||||||||||||||||
Total income (loss) from investment operations | 1.30 | (1.33 | ) | 0.72 | 4.79 | 2.79 | (1.97 | ) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
From net realized gain on security transactions | — | — | (2.52 | ) | (1.92 | ) | (1.15 | ) | (2.63 | ) | ||||||||||||||
Total distributions | — | — | (2.52 | ) | (1.92 | ) | (1.15 | ) | (2.63 | ) | ||||||||||||||
Net asset value, end of year/period | $ | 16.48 | $ | 15.18 | $ | 16.51 | $ | 18.31 | $ | 15.44 | $ | 13.80 | ||||||||||||
Total return (excludes sales charge) | 8.56 | %(4) | (8.06 | )% | 2.48 | % | 31.63 | % | 20.33 | % | (10.42 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 10,804 | $ | 7,511 | $ | 9,544 | $ | 9,991 | $ | 8,835 | $ | 8,487 | ||||||||||||
Ratio of expenses to average net assets before waivers | 1.47 | %(5) | 1.46 | % | 1.37 | % | 1.46 | % | 1.46 | %(6) | 1.45 | %(6) | ||||||||||||
Ratio of net expenses to average net assets | 1.00 | %(5) | 1.00 | % | 1.04 | % | 1.33 | % | 1.46 | %(6) | 1.45 | %(6) | ||||||||||||
Ratio of net investment income (loss) to average net assets | 0.38 | %(5) | 0.03 | % | (0.33 | )% | (0.57 | )% | (0.15 | )% | (0.13 | )% | ||||||||||||
Portfolio turnover rate | 17 | %(4) | 78 | % | 54 | % | 94 | % | 43 | % | 61 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Amount is less than $0.005 per share. |
(3) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
48
YORKTOWN GROWTH FUND
FINANCIAL HIGHLIGHTS, Continued
Class L | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 10.69 | $ | 11.74 | $ | 13.80 | $ | 12.13 | $ | 11.16 | $ | 15.60 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment loss(1) | (0.03 | ) | (0.10 | ) | (0.20 | ) | (0.20 | ) | (0.14 | )(2) | (0.17 | )(2) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.89 | (0.95 | ) | 0.66 | 3.79 | 2.26 | (1.64 | ) | ||||||||||||||||
Total income (loss) from investment operations | 0.86 | (1.05 | ) | 0.46 | 3.59 | 2.12 | (1.81 | ) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
From net realized gain on security transactions | — | — | (2.52 | ) | (1.92 | ) | (1.15 | ) | (2.63 | ) | ||||||||||||||
Total distributions | — | — | (2.52 | ) | (1.92 | ) | (1.15 | ) | (2.63 | ) | ||||||||||||||
Net asset value, end of year/period | $ | 11.55 | $ | 10.69 | $ | 11.74 | $ | 13.80 | $ | 12.13 | $ | 11.16 | ||||||||||||
Total return | 8.04 | %(3) | (8.94 | )% | 1.38 | % | 30.35 | % | 19.13 | % | (11.29 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 31,800 | $ | 30,790 | $ | 37,380 | $ | 35,192 | $ | 27,129 | $ | 23,097 | ||||||||||||
Ratio of expenses to average net assets before waivers | 2.47 | %(4) | 2.46 | % | 2.37 | % | 2.46 | % | 2.46 | %(5) | 2.45 | %(5) | ||||||||||||
Ratio of net expenses to average net assets | 2.00 | %(4) | 2.00 | % | 2.04 | % | 2.33 | % | 2.46 | %(5) | 2.45 | %(5) | ||||||||||||
Ratio of net investment loss to average net assets | (0.62 | )%(4) | (0.97 | )% | (1.33 | )% | (1.57 | )% | (1.16 | )% | (1.17 | )% | ||||||||||||
Portfolio turnover rate | 17 | %(3) | 78 | % | 54 | % | 94 | % | 43 | % | 61 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
49
Yorktown Capital Appreciation Fund
FINANCIAL HIGHLIGHTS
Institutional Class | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 22.42 | $ | 32.29 | $ | 34.01 | $ | 32.98 | $ | 30.49 | $ | 43.67 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income (loss)(1) | (0.14 | ) | (0.07 | ) | (0.01 | ) | 0.41 | 0.58 | (2) | 1.00 | (2) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 4.51 | (9.73 | ) | (1.67 | ) | 1.00 | 2.48 | (3.01 | ) | |||||||||||||||
Total income (loss) from investment operations | 4.37 | (9.80 | ) | (1.68 | ) | 1.41 | 3.06 | (2.01 | ) | |||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | — | — | (0.04 | ) | (0.38 | ) | (0.52 | ) | (0.94 | ) | ||||||||||||||
From net realized gain on security transactions | — | (0.07 | ) | — | — | (0.05 | ) | (10.23 | ) | |||||||||||||||
Total distributions | — | (0.07 | ) | (0.04 | ) | (0.38 | ) | (0.57 | ) | (11.17 | ) | |||||||||||||
Net asset value, end of year/period | $ | 26.79 | $ | 22.42 | $ | 32.29 | $ | 34.01 | $ | 32.98 | $ | 30.49 | ||||||||||||
Total return | 19.49 | %(3) | (30.32 | )% | (4.96 | )% | 4.40 | % | 10.12 | % | (4.01 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 2,928 | $ | 2,171 | $ | 10,047 | $ | 10,570 | $ | 12,092 | $ | 8,906 | ||||||||||||
Ratio of expenses to average net assets before waivers | 3.06 | %(4) | 2.07 | % | 1.44 | % | 1.52 | % | 1.47 | %(5) | 1.28 | %(5) | ||||||||||||
Ratio of net expenses to average net assets | 1.68 | %(4) | 1.03 | % | 1.01 | % | 1.17 | % | 1.47 | %(5) | 1.28 | %(5) | ||||||||||||
Ratio of net investment income (loss) to average net assets | (1.25 | )%(4) | (0.29 | )% | (0.03 | )% | 1.29 | % | 1.82 | % | 2.51 | % | ||||||||||||
Portfolio turnover rate | — | %(3) | 130 | % | 162 | % | 228 | % | 46 | % | 126 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
50
YORKTOWN CAPITAL Appreciation FUND
FINANCIAL HIGHLIGHTS, Continued
Class A | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 21.54 | $ | 31.11 | $ | 32.83 | $ | 31.85 | $ | 29.47 | $ | 42.59 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income (loss)(1) | (0.17 | ) | (0.14 | ) | (0.10 | ) | 0.31 | 0.49 | (2) | 0.84 | (2) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 4.35 | (9.36 | ) | (1.61 | ) | 0.97 | 2.39 | (2.89 | ) | |||||||||||||||
Total income (loss) from investment operations | 4.18 | (9.50 | ) | (1.71 | ) | 1.28 | 2.88 | (2.05 | ) | |||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | — | — | (0.01 | ) | (0.30 | ) | (0.45 | ) | (0.84 | ) | ||||||||||||||
From net realized gain on security transactions | — | (0.07 | ) | — | — | (0.05 | ) | (10.23 | ) | |||||||||||||||
Total distributions | — | (0.07 | ) | (0.01 | ) | (0.30 | ) | (0.50 | ) | (11.07 | ) | |||||||||||||
Net asset value, end of year/period | $ | 25.72 | $ | 21.54 | $ | 31.11 | $ | 32.83 | $ | 31.85 | $ | 29.47 | ||||||||||||
Total return (excludes sales charge) | 19.41 | %(3) | (30.51 | )% | (5.20 | )% | 4.14 | % | 9.82 | % | (4.21 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 1,454 | $ | 1,302 | $ | 2,241 | $ | 2,714 | $ | 3,328 | $ | 3,744 | ||||||||||||
Ratio of expenses to average net assets before waivers | 3.31 | %(4) | 2.32 | % | 1.69 | % | 1.77 | % | 1.72 | %(5) | 1.53 | %(5) | ||||||||||||
Ratio of net expenses to average net assets | 1.93 | %(4) | 1.28 | % | 1.26 | % | 1.42 | % | 1.72 | %(5) | 1.53 | %(5) | ||||||||||||
Ratio of net investment income (loss) to average net assets | (1.50 | )%(4) | (0.60 | )% | (0.28 | )% | 1.03 | % | 1.59 | % | 2.19 | % | ||||||||||||
Portfolio turnover rate | — | %(3) | 130 | % | 162 | % | 228 | % | 46 | % | 126 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
51
YORKTOWN CAPITAL Appreciation FUND
FINANCIAL HIGHLIGHTS, Continued
Class L | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 20.08 | $ | 29.24 | $ | 31.07 | $ | 30.18 | $ | 27.95 | $ | 41.01 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income (loss)(1) | (0.23 | ) | (0.30 | ) | (0.34 | ) | 0.08 | 0.24 | (2) | 0.50 | (2) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 4.04 | (8.79 | ) | (1.49 | ) | 0.91 | 2.27 | (2.76 | ) | |||||||||||||||
Total income (loss) from investment operations | 3.81 | (9.09 | ) | (1.83 | ) | 0.99 | 2.51 | (2.26 | ) | |||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | — | — | — | (0.10 | ) | (0.23 | ) | (0.57 | ) | |||||||||||||||
From net realized gain on security transactions | — | (0.07 | ) | — | — | (0.05 | ) | (10.23 | ) | |||||||||||||||
Total distributions | — | (0.07 | ) | — | (0.10 | ) | (0.28 | ) | (10.80 | ) | ||||||||||||||
Net asset value, end of year/period | $ | 23.89 | $ | 20.08 | $ | 29.24 | $ | 31.07 | $ | 30.18 | $ | 27.95 | ||||||||||||
Total return | 18.97 | %(3) | (31.06 | )% | (5.89 | )% | 3.32 | % | 9.02 | % | (4.95 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 6,502 | $ | 5,763 | $ | 10,100 | $ | 9,982 | $ | 9,634 | $ | 11,483 | ||||||||||||
Ratio of expenses to average net assets before waivers | 4.06 | %(4) | 3.07 | % | 2.44 | % | 2.52 | % | 2.47 | %(5) | 2.28 | %(5) | ||||||||||||
Ratio of net expenses to average net assets | 2.68 | %(4) | 2.03 | % | 2.01 | % | 2.17 | % | 2.47 | %(5) | 2.28 | %(5) | ||||||||||||
Ratio of net investment income (loss) to average net assets | (2.25 | )%(4) | (1.35 | )% | (1.03 | )% | 0.27 | % | 0.84 | % | 1.36 | % | ||||||||||||
Portfolio turnover rate | — | %(3) | 130 | % | 162 | % | 228 | % | 46 | % | 126 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
52
Yorktown Multi-Sector Bond Fund
FINANCIAL HIGHLIGHTS
Institutional Class | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 8.97 | $ | 10.13 | $ | 10.36 | $ | 10.96 | $ | 10.46 | $ | 11.15 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income(1) | 0.21 | 0.42 | 0.40 | 0.46 | 0.53 | (2) | 0.55 | (2) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.24 | ) | (1.18 | ) | (0.25 | ) | (0.62 | ) | 0.48 | (0.76 | ) | |||||||||||||
Total income (loss) from investment operations | (0.03 | ) | (0.76 | ) | 0.15 | (0.16 | ) | 1.01 | (0.21 | ) | ||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.22 | ) | (0.40 | ) | (0.38 | ) | (0.44 | ) | (0.51 | ) | (0.48 | ) | ||||||||||||
Total distributions | (0.22 | ) | (0.40 | ) | (0.38 | ) | (0.44 | ) | (0.51 | ) | (0.48 | ) | ||||||||||||
Net asset value, end of year/period | $ | 8.72 | $ | 8.97 | $ | 10.13 | $ | 10.36 | $ | 10.96 | $ | 10.46 | ||||||||||||
Total return | (0.27 | )%(3) | (7.47 | )% | 1.46 | % | (1.18 | )% | 9.95 | % | (1.84 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 130,295 | $ | 119,412 | $ | 157,188 | $ | 150,520 | $ | 239,870 | $ | 246,831 | ||||||||||||
Ratio of net expenses to average net assets | 0.70 | %(4) | 0.67 | % | 0.61 | % | 0.62 | % | 0.59 | %(5) | 0.59 | %(5) | ||||||||||||
Ratio of net investment income to average net assets | 4.80 | %(4) | 4.59 | % | 3.85 | % | 4.69 | % | 4.99 | % | 5.16 | % | ||||||||||||
Portfolio turnover rate | 25 | %(3) | 29 | % | 26 | % | 56 | % | 66 | % | 48 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
53
YORKTOWN MULTI-SECTOR BOND FUND
FINANCIAL HIGHLIGHTS, Continued
Class A | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 8.47 | $ | 9.60 | $ | 9.83 | $ | 10.42 | $ | 9.98 | $ | 10.65 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income(1) | 0.18 | 0.35 | 0.33 | 0.39 | 0.46 | (2) | 0.48 | (2) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.22 | ) | (1.12 | ) | (0.23 | ) | (0.59 | ) | 0.44 | (0.72 | ) | |||||||||||||
Total income (loss) from investment operations | (0.04 | ) | (0.77 | ) | 0.10 | (0.20 | ) | 0.90 | (0.24 | ) | ||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.20 | ) | (0.36 | ) | (0.33 | ) | (0.39 | ) | (0.46 | ) | (0.43 | ) | ||||||||||||
Total distributions | (0.20 | ) | (0.36 | ) | (0.33 | ) | (0.39 | ) | (0.46 | ) | (0.43 | ) | ||||||||||||
Net asset value, end of year/period | $ | 8.23 | $ | 8.47 | $ | 9.60 | $ | 9.83 | $ | 10.42 | $ | 9.98 | ||||||||||||
Total return (excludes sales charge) | (0.47 | )%(3) | (8.04 | )% | 1.04 | % | (1.65 | )% | 9.28 | % | (2.22 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 29,175 | $ | 37,765 | $ | 55,430 | $ | 74,402 | $ | 91,242 | $ | 103,030 | ||||||||||||
Ratio of net expenses to average net assets | 1.20 | %(4) | 1.17 | % | 1.11 | % | 1.12 | % | 1.09 | %(5) | 1.09 | %(5) | ||||||||||||
Ratio of net investment income to average net assets | 4.30 | %(4) | 4.09 | % | 3.35 | % | 4.17 | % | 4.50 | % | 4.66 | % | ||||||||||||
Portfolio turnover rate | 25 | %(3) | 29 | % | 26 | % | 56 | % | 66 | % | 48 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
54
YORKTOWN MULTI-SECTOR BOND FUND
FINANCIAL HIGHLIGHTS, Continued
Class L | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 7.89 | $ | 8.97 | $ | 9.22 | $ | 9.80 | $ | 9.41 | $ | 10.08 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income(1) | 0.14 | 0.29 | 0.26 | 0.32 | 0.38 | (2) | 0.40 | (2) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.20 | ) | (1.05 | ) | (0.22 | ) | (0.55 | ) | 0.43 | (0.68 | ) | |||||||||||||
Total income (loss) from investment operations | (0.06 | ) | (0.76 | ) | 0.04 | (0.23 | ) | 0.81 | (0.28 | ) | ||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.18 | ) | (0.32 | ) | (0.29 | ) | (0.35 | ) | (0.42 | ) | (0.39 | ) | ||||||||||||
Total distributions | (0.18 | ) | (0.32 | ) | (0.29 | ) | (0.35 | ) | (0.42 | ) | (0.39 | ) | ||||||||||||
Net asset value, end of year/period | $ | 7.65 | $ | 7.89 | $ | 8.97 | $ | 9.22 | $ | 9.80 | $ | 9.41 | ||||||||||||
Total return | (0.77 | )%(3) | (8.47 | )% | 0.43 | % | (2.12 | )% | 8.81 | % | (2.81 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 132,257 | $ | 146,927 | $ | 194,587 | $ | 222,020 | $ | 291,009 | $ | 288,428 | ||||||||||||
Ratio of net expenses to average net assets | 1.70 | %(4) | 1.67 | % | 1.61 | % | 1.62 | % | 1.59 | %(5) | 1.59 | %(5) | ||||||||||||
Ratio of net investment income to average net assets | 3.80 | %(4) | 3.59 | % | 2.85 | % | 3.68 | % | 3.99 | % | 4.16 | % | ||||||||||||
Portfolio turnover rate | 25 | %(3) | 29 | % | 26 | % | 56 | % | 66 | % | 48 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
55
YORKTOWN MULTI-SECTOR BOND FUND
FINANCIAL HIGHLIGHTS, Continued
Class C | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 7.72 | $ | 8.78 | $ | 9.03 | $ | 9.61 | $ | 9.24 | $ | 9.90 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income(1) | 0.14 | 0.28 | 0.26 | 0.32 | 0.37 | (2) | 0.40 | (2) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.20 | ) | (1.02 | ) | (0.22 | ) | (0.55 | ) | 0.42 | (0.67 | ) | |||||||||||||
Total income (loss) from investment operations | (0.06 | ) | (0.74 | ) | 0.04 | (0.23 | ) | 0.79 | (0.27 | ) | ||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.18 | ) | (0.32 | ) | (0.29 | ) | (0.35 | ) | (0.42 | ) | (0.39 | ) | ||||||||||||
Total distributions | (0.18 | ) | (0.32 | ) | (0.29 | ) | (0.35 | ) | (0.42 | ) | (0.39 | ) | ||||||||||||
Net asset value, end of year/period | $ | 7.48 | $ | 7.72 | $ | 8.78 | $ | 9.03 | $ | 9.61 | $ | 9.24 | ||||||||||||
Total return (excludes sales charge) | (0.78 | )%(3) | (8.41 | )% | 0.45 | % | (2.14 | )% | 8.78 | % | (2.71 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 5,815 | $ | 6,862 | $ | 12,400 | $ | 18,282 | $ | 25,342 | $ | 24,354 | ||||||||||||
Ratio of net expenses to average net assets | 1.70 | %(4) | 1.67 | % | 1.61 | % | 1.62 | % | 1.59 | %(5) | 1.59 | %(5) | ||||||||||||
Ratio of net investment income to average net assets | 3.80 | %(4) | 3.58 | % | 2.85 | % | 3.68 | % | 3.99 | % | 4.16 | % | ||||||||||||
Portfolio turnover rate | 25 | %(3) | 28 | % | 26 | % | 56 | % | 66 | % | 48 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
56
Yorktown Short Term Bond Fund
FINANCIAL HIGHLIGHTS
Institutional Class | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 3.99 | $ | 4.18 | $ | 4.27 | $ | 4.25 | $ | 4.16 | $ | 4.22 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income(1) | 0.05 | 0.07 | 0.06 | 0.08 | 0.12 | (2) | 0.12 | (2) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | — | (0.19 | ) | (0.09 | ) | 0.02 | (3) | 0.08 | (0.07 | ) | ||||||||||||||
Total income (loss) from investment operations | 0.05 | (0.12 | ) | (0.03 | ) | 0.10 | 0.20 | 0.05 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.08 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||
Total distributions | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.08 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||
Net asset value, end of year/period | $ | 3.98 | $ | 3.99 | $ | 4.18 | $ | 4.27 | $ | 4.25 | $ | 4.16 | ||||||||||||
Total return | 1.20 | %(4) | (2.94 | )% | (0.73 | )% | 2.43 | % | 5.00 | % | 1.32 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 127,102 | $ | 157,921 | $ | 179,974 | $ | 207,543 | $ | 193,049 | $ | 179,638 | ||||||||||||
Ratio of expenses to average net assets before waivers or recoupments | 0.96 | %(5) | 0.92 | % | 0.87 | % | 0.88 | % | 0.89 | %(6) | 0.90 | %(6) | ||||||||||||
Ratio of net expenses to average net assets | 0.85 | %(5) | 0.85 | % | 0.85 | % | 0.89 | % | 0.89 | %(6) | 0.89 | %(6) | ||||||||||||
Ratio of net investment income to average net assets | 2.67 | %(5) | 1.86 | % | 1.46 | % | 2.00 | % | 2.87 | % | 2.89 | % | ||||||||||||
Portfolio turnover rate | 13 | %(4) | 21 | % | 41 | % | 41 | % | 62 | % | 66 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | The amount shown for a share outstanding throughout the year does not accord with the change in aggregate gains and losses in the portfolio of securities during the year due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the year. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
57
YORKTOWN SHORT TERM BOND FUND
FINANCIAL HIGHLIGHTS, Continued
Class A | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 3.73 | $ | 3.91 | $ | 4.00 | $ | 3.98 | $ | 3.90 | $ | 3.97 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income(1) | 0.05 | 0.07 | 0.06 | 0.08 | 0.11 | (2) | 0.11 | (2) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | — | (0.18 | ) | (0.09 | ) | 0.02 | (3) | 0.08 | (0.07 | ) | ||||||||||||||
Total income (loss) from investment operations | 0.05 | (0.11 | ) | (0.03 | ) | 0.10 | 0.19 | 0.04 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.08 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||
Total distributions | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.08 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||
Net asset value, end of year/period | $ | 3.72 | $ | 3.73 | $ | 3.91 | $ | 4.00 | $ | 3.98 | $ | 3.90 | ||||||||||||
Total return (excludes sales charge) | 1.29 | %(4) | (2.88 | )% | (0.78 | )% | 2.59 | % | 5.07 | % | 1.15 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 8,483 | $ | 9,322 | $ | 11,820 | $ | 12,176 | $ | 26,090 | $ | 21,891 | ||||||||||||
Ratio of expenses to average net assets before waivers or recoupments | 0.96 | %(5) | 0.92 | % | 0.87 | % | 0.88 | % | 0.89 | %(6) | 0.90 | %(6) | ||||||||||||
Ratio of net expenses to average net assets | 0.85 | %(5) | 0.85 | % | 0.85 | % | 0.89 | % | 0.89 | %(6) | 0.89 | %(6) | ||||||||||||
Ratio of net investment income to average net assets | 2.67 | %(5) | 1.86 | % | 1.46 | % | 2.06 | % | 2.85 | % | 2.90 | % | ||||||||||||
Portfolio turnover rate | 13 | %(4) | 21 | % | 41 | % | 41 | % | 62 | % | 66 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | The amount shown for a share outstanding throughout the year does not accord with the change in aggregate gains and losses in the portfolio of securities during the year due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the year. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
58
YORKTOWN SHORT TERM BOND FUND
FINANCIAL HIGHLIGHTS, Continued
Class L | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 3.37 | $ | 3.54 | $ | 3.63 | $ | 3.63 | $ | 3.56 | $ | 3.63 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income(1) | 0.03 | 0.04 | 0.03 | 0.05 | 0.06 | (2) | 0.07 | (2) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | — | (0.17 | ) | (0.08 | ) | — | 0.09 | (0.06 | ) | |||||||||||||||
Total income (loss) from investment operations | 0.03 | (0.13 | ) | (0.05 | ) | 0.05 | 0.15 | 0.01 | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.05 | ) | (0.08 | ) | (0.08 | ) | ||||||||||||
Total distributions | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.05 | ) | (0.08 | ) | (0.08 | ) | ||||||||||||
Net asset value, end of year/period | $ | 3.36 | $ | 3.37 | $ | 3.54 | $ | 3.63 | $ | 3.63 | $ | 3.56 | ||||||||||||
Total return | 1.03 | %(3) | (3.54 | )% | (1.48 | )% | 1.55 | % | 4.30 | % | 0.29 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 155,563 | $ | 178,047 | $ | 355,628 | $ | 356,117 | $ | 341,987 | $ | 163,409 | ||||||||||||
Ratio of expenses to average net assets before waivers or recoupments | 1.61 | %(4) | 1.57 | % | 1.52 | % | 1.60 | % | 1.89 | %(5) | 1.90 | %(5) | ||||||||||||
Ratio of net expenses to average net assets | 1.50 | %(4) | 1.50 | % | 1.50 | % | 1.61 | % | 1.89 | %(5) | 1.89 | %(5) | ||||||||||||
Ratio of net investment income to average net assets | 2.02 | %(4) | 1.15 | % | 0.81 | % | 1.29 | % | 1.81 | % | 1.87 | % | ||||||||||||
Portfolio turnover rate | 13 | %(3) | 21 | % | 41 | % | 41 | % | 62 | % | 66 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
59
Yorktown Master Allocation Fund
FINANCIAL HIGHLIGHTS
Institutional Class | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 18.06 | $ | 22.92 | $ | 24.39 | $ | 20.96 | $ | 24.87 | $ | 32.21 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income (loss)(1),(2) | (0.17 | ) | (0.31 | ) | (0.18 | ) | (0.23 | ) | (0.18 | ) | 0.40 | |||||||||||||
Net realized and unrealized gain (loss) on investments | 1.24 | (3.43 | ) | (0.16 | ) | 4.65 | 2.33 | (3.29 | ) | |||||||||||||||
Total income (loss) from investment operations | 1.07 | (3.74 | ) | (0.34 | ) | 4.42 | 2.15 | (2.89 | ) | |||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | — | — | — | — | (0.05 | ) | (0.09 | ) | ||||||||||||||||
From net realized gain on security transactions | — | (1.12 | ) | (1.13 | ) | (0.99 | ) | (6.01 | ) | (4.36 | ) | |||||||||||||
Total distributions | — | (1.12 | ) | (1.13 | ) | (0.99 | ) | (6.06 | ) | (4.45 | ) | |||||||||||||
Net asset value, end of year/period | $ | 19.13 | $ | 18.06 | $ | 22.92 | $ | 24.39 | $ | 20.96 | $ | 24.87 | ||||||||||||
Total return | 5.92 | %(3) | (16.03 | )% | (1.95 | )% | 21.31 | % | 9.01 | % | (8.39 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 6,386 | $ | 5,415 | $ | 7,521 | $ | 8,773 | $ | 8,455 | $ | 16,397 | ||||||||||||
Ratio of net expenses to average net assets(4) | 2.10 | %(5) | 1.68 | % | 1.39 | % | 1.55 | % | 1.37 | % | 1.06 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | (1.95 | )%(5) | (1.64 | )% | (0.69 | )% | (1.08 | )% | (0.73 | )% | 1.38 | % | ||||||||||||
Portfolio turnover rate | 41 | %(3) | 35 | % | 5 | % | 4 | % | 27 | % | 24 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Does not include expenses of the investment companies in which the Fund invests. |
(5) | Annualized. |
The accompanying notes are an integral part of these financial statements.
60
YORKTOWN MASTER ALLOCATION FUND
FINANCIAL HIGHLIGHTS, Continued
Class A | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 15.94 | $ | 20.45 | $ | 21.92 | $ | 18.98 | $ | 23.06 | $ | 30.21 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income (loss)(1),(2) | (0.17 | ) | (0.32 | ) | (0.22 | ) | (0.25 | ) | (0.23 | ) | 0.14 | |||||||||||||
Net realized and unrealized gain (loss) on investments | 1.10 | (3.07 | ) | (0.12 | ) | 4.18 | 2.16 | (2.92 | ) | |||||||||||||||
Total income (loss) from investment operations | 0.93 | (3.39 | ) | (0.34 | ) | 3.93 | 1.93 | (2.78 | ) | |||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | — | — | — | — | — | (0.01 | ) | |||||||||||||||||
From net realized gain on security transactions | — | (1.12 | ) | (1.13 | ) | (0.99 | ) | (6.01 | ) | (4.36 | ) | |||||||||||||
Total distributions | — | (1.12 | ) | (1.13 | ) | (0.99 | ) | (6.01 | ) | (4.37 | ) | |||||||||||||
Net asset value, end of year/period | $ | 16.87 | $ | 15.94 | $ | 20.45 | $ | 21.92 | $ | 18.98 | $ | 23.06 | ||||||||||||
Total return (excludes sales charge) | 5.83 | %(3) | (16.26 | )% | (2.17 | )% | 20.95 | % | 8.76 | % | (8.61 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 1,908 | $ | 2,325 | $ | 2,544 | $ | 2,676 | $ | 2,650 | $ | 3,727 | ||||||||||||
Ratio of net expenses to average net assets(4) | 2.35 | %(5) | 1.93 | % | 1.64 | % | 1.80 | % | 1.62 | % | 1.31 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | (2.20 | )%(5) | (1.89 | )% | (0.94 | )% | (1.33 | )% | (1.01 | )% | 0.48 | % | ||||||||||||
Portfolio turnover rate | 41 | %(3) | 35 | % | 5 | % | 4 | % | 27 | % | 24 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Does not include expenses of the investment companies in which the Fund invests. |
(5) | Annualized. |
The accompanying notes are an integral part of these financial statements.
61
YORKTOWN MASTER ALLOCATION FUND
FINANCIAL HIGHLIGHTS, Continued
Class L | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 13.47 | $ | 17.63 | $ | 19.18 | $ | 16.83 | $ | 21.24 | $ | 28.43 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment loss(1),(2) | (0.19 | ) | (0.38 | ) | (0.34 | ) | (0.35 | ) | (0.38 | ) | (0.19 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.92 | (2.66 | ) | (0.08 | ) | 3.69 | 1.98 | (2.64 | ) | |||||||||||||||
Total income (loss) from investment operations | 0.73 | (3.04 | ) | (0.42 | ) | 3.34 | 1.60 | (2.83 | ) | |||||||||||||||
Distributions | ||||||||||||||||||||||||
From net realized gain on security transactions | — | (1.12 | ) | (1.13 | ) | (0.99 | ) | (6.01 | ) | (4.36 | ) | |||||||||||||
Total distributions | — | (1.12 | ) | (1.13 | ) | (0.99 | ) | (6.01 | ) | (4.36 | ) | |||||||||||||
Net asset value, end of year/period | $ | 14.20 | $ | 13.47 | $ | 17.63 | $ | 19.18 | $ | 16.83 | $ | 21.24 | ||||||||||||
Total return | 5.42 | %(3) | (16.88 | )% | (2.91 | )% | 20.11 | % | 7.92 | % | (9.33 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 5,550 | $ | 5,582 | $ | 5,903 | $ | 5,807 | $ | 5,601 | $ | 6,883 | ||||||||||||
Ratio of net expenses to average net assets(4) | 3.10 | %(5) | 2.68 | % | 2.39 | % | 2.55 | % | 2.37 | % | 2.06 | % | ||||||||||||
Ratio of net investment loss to average net assets | (2.95 | )%(5) | (2.64 | )% | (1.69 | )% | (2.08 | )% | (1.82 | )% | (0.72 | )% | ||||||||||||
Portfolio turnover rate | 41 | %(3) | 35 | % | 5 | % | 4 | % | 27 | % | 24 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Does not include expenses of the investment companies in which the Fund invests. |
(5) | Annualized. |
The accompanying notes are an integral part of these financial statements.
62
Yorktown Small Cap Fund
FINANCIAL HIGHLIGHTS
Institutional Class | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 14.35 | $ | 16.88 | $ | 17.43 | $ | 12.23 | $ | 11.19 | $ | 11.48 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income (loss)(1) | — | (2) | 0.05 | (0.05 | ) | — | (2) | 0.02 | (3) | 0.01 | (3) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 0.50 | (1.53 | ) | 0.37 | 5.21 | 1.17 | (0.20 | ) | ||||||||||||||||
Total income (loss) from investment operations | 0.50 | (1.48 | ) | 0.32 | 5.21 | 1.19 | (0.19 | ) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | — | — | — | (0.01 | ) | — | (0.02 | ) | ||||||||||||||||
From net realized gain on security transactions | — | (1.05 | ) | (0.87 | ) | — | (0.15 | ) | (0.08 | ) | ||||||||||||||
Total distributions | — | (1.05 | ) | (0.87 | ) | (0.01 | ) | (0.15 | ) | (0.10 | ) | |||||||||||||
Net asset value, end of year/period | $ | 14.85 | $ | 14.35 | $ | 16.88 | $ | 17.43 | $ | 12.23 | $ | 11.19 | ||||||||||||
Total return | 3.48 | %(4) | (8.36 | )% | 1.34 | % | 42.61 | % | 10.69 | % | (1.59 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 25,447 | $ | 31,437 | $ | 44,971 | $ | 45,375 | $ | 33,286 | $ | 25,741 | ||||||||||||
Ratio of expenses to average net assets before waivers | 1.68 | %(5) | 1.53 | % | 1.38 | % | 1.63 | % | 1.55 | %(6) | 1.63 | %(6) | ||||||||||||
Ratio of net expenses to average net assets | 1.17 | %(5) | 1.17 | % | 1.16 | % | 1.15 | % | 1.15 | %(6) | 1.15 | %(6) | ||||||||||||
Ratio of net investment income (loss) to average net assets | (0.01 | )%(5) | 0.30 | % | (0.28 | )% | (0.03 | )% | 0.13 | % | 0.10 | % | ||||||||||||
Portfolio turnover rate | 76 | %(4) | 110 | % | 49 | % | 50 | % | 36 | % | 42 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Amount is less than $0.005 per share. |
(3) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
63
YORKTOWN SMALL CAP FUND
FINANCIAL HIGHLIGHTS, Continued
Class A | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 14.12 | $ | 16.67 | $ | 17.26 | $ | 12.13 | $ | 11.13 | $ | 11.43 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment income (loss)(1) | (0.02 | ) | 0.01 | (0.10 | ) | (0.04 | ) | (0.01 | )(2) | 0.02 | (2) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 0.49 | (1.51 | ) | 0.38 | 5.17 | 1.16 | (0.23 | ) | ||||||||||||||||
Total income (loss) from investment operations | 0.47 | (1.50 | ) | 0.28 | 5.13 | 1.15 | (0.21 | ) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | — | — | — | — | — | (0.01 | ) | |||||||||||||||||
From net realized gain on security transactions | — | (1.05 | ) | (0.87 | ) | — | (0.15 | ) | (0.08 | ) | ||||||||||||||
Total distributions | — | (1.05 | ) | (0.87 | ) | — | (0.15 | ) | (0.09 | ) | ||||||||||||||
Net asset value, end of year/period | $ | 14.59 | $ | 14.12 | $ | 16.67 | $ | 17.26 | $ | 12.13 | $ | 11.13 | ||||||||||||
Total return (excludes sales charge) | 3.33 | %(3) | (8.59 | )% | 1.12 | % | 42.29 | % | 10.39 | % | (1.77 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 830 | $ | 827 | $ | 944 | $ | 703 | $ | 343 | $ | 280 | ||||||||||||
Ratio of expenses to average net assets before waivers | 1.93 | %(4) | 1.78 | % | 1.63 | % | 1.88 | % | 1.80 | %(5) | 1.88 | %(5) | ||||||||||||
Ratio of net expenses to average net assets | 1.42 | %(4) | 1.42 | % | 1.41 | % | 1.40 | % | 1.40 | %(5) | 1.40 | %(5) | ||||||||||||
Ratio of net investment income (loss) to average net assets | (0.26 | )%(4) | 0.05 | % | (0.53 | )% | (0.30 | )% | (0.10 | )% | 0.20 | % | ||||||||||||
Portfolio turnover rate | 76 | %(3) | 110 | % | 49 | % | 50 | % | 36 | % | 42 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
64
YORKTOWN SMALL CAP FUND
FINANCIAL HIGHLIGHTS, Continued
Class L | ||||||||||||||||||||||||
For the | For the Year Ended January 31, | |||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
For a share outstanding throughout each year/period | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 13.35 | $ | 15.94 | $ | 16.67 | $ | 11.81 | $ | 10.91 | $ | 11.28 | ||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Net investment loss(1) | (0.06 | ) | (0.10 | ) | (0.22 | ) | (0.13 | ) | (0.10 | )(2) | (0.10 | )(2) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.46 | (1.44 | ) | 0.36 | 4.99 | 1.15 | (0.19 | ) | ||||||||||||||||
Total income (loss) from investment operations | 0.40 | (1.54 | ) | 0.14 | 4.86 | 1.05 | (0.29 | ) | ||||||||||||||||
Distributions | ||||||||||||||||||||||||
From net realized gain on security transactions | — | (1.05 | ) | (0.87 | ) | — | (0.15 | ) | (0.08 | ) | ||||||||||||||
Total distributions | — | (1.05 | ) | (0.87 | ) | — | (0.15 | ) | (0.08 | ) | ||||||||||||||
Net asset value, end of year/period | $ | 13.75 | $ | 13.35 | $ | 15.94 | $ | 16.67 | $ | 11.81 | $ | 10.91 | ||||||||||||
Total return | 3.00 | %(3) | (9.25 | )% | 0.31 | % | 41.15 | % | 9.68 | % | (2.56 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s omitted) | $ | 3,803 | $ | 3,601 | $ | 3,220 | $ | 2,292 | $ | 1,128 | $ | 856 | ||||||||||||
Ratio of expenses to average net assets before waivers | 2.68 | %(4) | 2.53 | % | 2.38 | % | 2.63 | % | 2.55 | %(5) | 2.63 | %(5) | ||||||||||||
Ratio of net expenses to average net assets | 2.17 | %(4) | 2.17 | % | 2.16 | % | 2.15 | % | 2.15 | %(5) | 2.15 | %(5) | ||||||||||||
Ratio of net investment loss to average net assets | (1.01 | )%(4) | (0.70 | )% | (1.28 | )% | (1.05 | )% | (0.88 | )% | (0.87 | )% | ||||||||||||
Portfolio turnover rate | 76 | %(3) | 110 | % | 49 | % | 50 | % | 36 | % | 42 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
65
YORKTOWN FUNDS
Notes to the Financial Statements
July 31, 2023
(Information as of and for the six months ended July 31, 2023 is unaudited)
1. | Organization |
American Pension Investors Trust (the “Trust”) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each of the Yorktown Funds is a series of the Trust. The accompanying financial statements include the Growth Fund, Capital Appreciation Fund, Multi-Sector Bond Fund, Short Term Bond Fund, Master Allocation Fund and Small Cap Fund (collectively the “Funds”), each a diversified series of the Trust (except for the Master Allocation Fund which is non-diversified). Each Fund offers Class A, Class L and Institutional Class shares. In addition, the Multi-Sector Bond Fund also offers Class C shares.
The Growth Fund’s investment objective is growth of capital. The Capital Appreciation Fund’s investment objective is to seek to achieve high current income, as well as growth of capital and income. The Capital Appreciation Fund and Growth Fund invest primarily in the common stock of U.S. and foreign issuers, securities issued by investment companies (“Underlying Funds”), including open-end mutual funds, closed-end funds, business development companies, unit investment trusts, and foreign investment companies, long-, intermediate- or short-term bonds and other fixed-income securities, and index securities (“Index Securities”), including exchange-traded funds (“ETFs”) and similar securities that represent interests in a portfolio of common stocks or fixed income securities seeking to track the performance of a securities index or similar benchmark.
The Multi-Sector Bond Fund’s investment objective is current income with limited credit risk. The Multi-Sector Bond Fund invests primarily in debt securities, including U.S. Government securities, corporate bonds and structured notes, common stock of U.S. and foreign issuers, securities issued by Underlying Funds, and Index Securities.
The Short Term Bond Fund’s investment objective is to seek income consistent with the preservation of capital. Under normal circumstances, the Short Term Bond Fund invests at least 80% of its assets in fixed income securities that, in the opinion of Yorktown Management & Research Company, Inc., the Funds’ investment adviser (the “Adviser”), offer the opportunity for income consistent with preservation of capital. The Short Term Bond Fund’s portfolio will have an average aggregate maturity of not more than three years.
The Master Allocation Fund’s investment objective is long term capital appreciation and current income. Under normal conditions, the Adviser seeks to achieve the Master Allocation Fund’s investment objective by investing in a variety of equity and debt securities. The Adviser currently invests Master Allocation Fund assets in securities
66
YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
1. | Organization, continued |
issued by other Underlying Funds managed by the Adviser, but reserves the right to invest Master Allocation Fund assets in other equity and debt securities as it deems appropriate in seeking to achieve the Master Allocation Fund’s investment objective.
The Small Cap Fund’s investment objective is to seek to achieve long term capital appreciation. Under normal conditions, the Adviser and Sapphire Star Capital, LLC, the Small Cap Fund’s sub-adviser, seek to achieve the Small Cap Fund’s investment objective by investing at least 80% of its assets (plus the amount of any borrowings for investment purposes) in the common stock of U.S. small capitalized (“small cap”) value companies. The Small Cap Fund may also invest in securities issued by Underlying Funds, and Index Securities, including ETFs and similar securities that represent interests in a portfolio of common stocks or fixed income securities seeking to track the performance of a securities index or similar benchmark.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”.
2. | Significant Accounting Policies |
Portfolio Valuation
The Funds’ investments in Underlying Funds are valued daily at their respective closing net asset values in accordance with the 1940 Act. Securities that are listed on U.S. exchanges (other than ETFs) are valued at the last sales price on the day the securities are valued or, lacking any sales on such day at the previous day’s closing price. ETFs are valued at the last sales price on the ETF’s primary exchange on the day the securities are valued or, lacking any sales on such day, either at the value assigned by a nationally recognized third-party pricing service or at the previous day’s closing price. Securities listed on NASDAQ are valued at the NASDAQ Official Closing Price. U.S. Treasury securities and corporate bonds are valued at an evaluated mean of the bid and ask prices. The Board of Trustees has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, subject to its oversight. Securities for which market quotations are unavailable or unreliable are valued at fair value as determined in good faith by the valuation designee pursuant to its valuation policies and procedures, which have been approved by the Board of Trustees.
67
YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies, continued |
The Funds utilize various methods to measure the fair value of their investments on a recurring basis. Generally accepted accounting principles establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
● | Level 1—Unadjusted quoted prices in active markets for identical assets that the Funds have the ability to access. |
● | Level 2—Observable inputs other than quoted prices included in Level 1 that are observable for the asset, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
● | Level 3—Unobservable inputs for the asset, to the extent relevant observable inputs are not available, representing a Fund’s own assumptions about the assumptions a market participant would use in valuing the asset, and would be based on the best information available. |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
68
YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies, continued |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of July 31, 2023, in valuing the Funds’ assets carried at fair value.
Growth Fund
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 74,606,539 | $ | — | $ | — | $ | 74,606,539 | ||||||||
Contingent Value Rights | — | — | — | (a) | — | |||||||||||
Total | $ | 74,606,539 | $ | — | $ | — | $ | 74,606,539 |
(a) | Consists of the holding: ABIOMED, Inc. |
Capital Appreciation Fund
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 10,720,104 | $ | — | $ | — | $ | 10,720,104 | ||||||||
Total | $ | 10,720,104 | $ | — | $ | — | $ | 10,720,104 |
Multi-Sector Bond Fund
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Backed Securities | $ | — | $ | 86,051,846 | $ | — | $ | 86,051,846 | ||||||||
Collateralized Loan Obligations | — | 17,318,074 | — | 17,318,074 | ||||||||||||
Corporate Bonds and Notes | — | 146,077,012 | — | 146,077,012 | ||||||||||||
U.S. Government & Agencies | — | 44,916,076 | — | 44,916,076 | ||||||||||||
Total | $ | — | $ | 294,363,008 | $ | — | $ | 294,363,008 |
Short Term Bond Fund
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Backed Securities | $ | — | $ | 90,067,987 | $ | — | $ | 90,067,987 | ||||||||
Collateralized Loan Obligations | — | 20,010,291 | — | $ | 20,010,291 | |||||||||||
Corporate Bonds and Notes | — | 134,699,676 | — | $ | 134,699,676 | |||||||||||
U.S. Government & Agencies | — | 44,402,976 | — | $ | 44,402,976 | |||||||||||
Total | $ | — | $ | 289,180,930 | $ | — | $ | 289,180,930 |
Master Allocation Fund
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investment Companies | $ | 13,749,491 | $ | — | $ | — | $ | 13,749,491 | ||||||||
Total | $ | 13,749,491 | $ | — | $ | — | $ | 13,749,491 |
69
YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies, continued |
Small Cap Fund
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 27,499,940 | $ | — | $ | 193,973 | $ | 27,693,913 | ||||||||
Total | $ | 27,499,940 | $ | — | $ | 193,973 | $ | 27,693,913 |
See schedules of investments for breakdown of sectors in which the Funds invest.
Following is a reconciliation of assets in which significant inputs (Level 3) were used in determining fair value for the Small Cap Fund:
Asset Category | Balance as of | Realized gain | Purchases | Sales | Change in | Balance as | ||||||||||||||||||
Common Stocks | $ | 387,946 | $ | — | $ | — | $ | — | $ | (193,973 | ) | $ | 193,973 |
The following provides quantitative information about the Small Cap Fund’s significant Level 3 fair value measurements as of July 31, 2023:
Quantitative Information about Significant | ||||||||||
Asset Category | Fair Value as | Valuation | Unobservable | Amount or | ||||||
Common Stocks | $ | 193,973 | Market Approach | Transaction Price | $ | 2.59 | ||||
Discount for Lack of Marketability(a) | 20 | % |
(a) | Significant increases and decreases in the unobservable inputs used to determine fair value of Level 3 assets could result in significantly higher or lower fair value measurements. An increase to the unobservable input would result in a decrease to the fair value. A decrease to the unobservable input would have the opposite effect. |
The significant unobservable inputs that may be used in the fair value measurement of the Funds’ investments in common stock, corporate bonds and convertible corporate bonds for which market quotations are not readily available include: broker quotes, discounts from the most recent trade or “stale price” and estimates from trustees (in bankruptcies) on disbursements. A change in the assumption used for each of the inputs listed above may indicate a directionally similar change in the fair value of the investment.
70
YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies, continued |
Security Transactions and Investment Income
Security transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses from security transactions are reported on an identified-cost basis for both financial statement and federal income tax purposes. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income and expenses are recorded on an accrual basis. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date.
Dividends and Distributions
Each Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.
Repurchase Agreements
The Funds may invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until maturity of the repurchase agreement. Provisions of the repurchase agreements and procedures adopted by the Board of Trustees require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. A custody agreement in connection with the Master Repurchase Agreement defines eligible securities for collateral in relation to each repurchase agreement. Under the Master Repurchase Agreement, if the counterparty defaults and the value of the collateral declines or if the counter-party enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
71
YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies, continued |
Class Net Asset Values and Expenses
All income and expenses not attributable to a particular class, and realized and unrealized gains are allocated to each class proportionately for purposes of determining the net asset value of each class. Certain shareholder servicing and distribution fees are allocated to the particular class to which they are attributable. Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund’s relative net assets or another appropriate basis.
The Funds currently offer Class A shares which include a front-end sales charge (load). The maximum front-end sales charge is 2.25% for the Short Term Bond Fund and 5.75% for the remaining Funds. Class A shares may be purchased without a front-end sales charge under certain circumstances. A contingent deferred sales charge of 1.00% is generally imposed on redemptions of Class C shares made within 13 months from the date of purchase.
Other
In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.
3. | Principal Risks |
In the normal course of business the Funds may trade securities, including structured notes, where the risk of potential loss exists due to such things as changes in the market (market risk), the size of the companies it invests in (small company risk), or failure or inability of the other party to a transaction to perform (credit and counterparty risk). Structured notes are hybrid securities that generally combine both debt and equity characteristics into a single note form. The risks of investing in structured notes include unfavorable price movements in the underlying security or index and the credit risk of the issuing financial institution. There may be no guarantee of interest payments or return of principal with structured notes, and structured notes may be less liquid than other investments held by a Fund.
Market Risks—The Funds’ investments in securities expose the Funds to various risks such as, but not limited to, interest rate and equity risks.
72
YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
3. | Principal Risks, continued |
Interest rate risk is the risk that fixed income securities, as well as structured notes, will decline in value because of changes in interest rates. Generally, as interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.
The market value of equities, such as common stocks and preferred securities, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.
Small Company Risks—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 may often have narrow markets, fewer product lines, and limited managerial and financial resources.
Credit and Counterparty Risks—The Funds will be exposed to credit risk due to the entities with whom they trade. A Fund could lose money if the issuer or guarantor of a fixed income security or structured note is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.
Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.
73
YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
3. | Principal Risks, continued |
Sector Risk—If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund’s portfolio will be adversely affected. As of July 31, 2023, the Growth Fund and the Capital Appreciation Fund had 27.19% and 34.61%, respectively, of the value of its net assets invested in stocks within the Technology sector.
4. | Investment Advisory and Accounting Services Agreements |
The Adviser, whose principal stockholder is also a trustee of the Trust, serves as the Funds’ investment adviser and manager. For its services, the Adviser receives a fee, calculated daily and payable monthly, at an annual rate as follows:
Growth Fund | 1.00% |
Capital Appreciation Fund | 0.60% |
Multi-Sector Bond Fund | 0.40% |
Short Term Bond Fund | 0.70% |
Master Allocation Fund | 0.30%(a) |
Small Cap Fund | 0.90% |
(a) | The management fee has two components: (i) a fee on Yorktown Fund Assets (investments in affiliated Yorktown Funds) and (ii) a fee on Other Assets. The advisory fee for Yorktown Fund Assets is 0.30% of the average daily Yorktown Fund Assets of the Master Allocation Fund. The fee for Other Assets is 1.00% of the average daily Other Assets of the Master Allocation Fund. |
In the interest of limiting expenses of the Funds, the Adviser has entered into a contractual expense limitation agreement with the Trust. Pursuant to the expense limitation agreement, the Adviser has agreed to waive or limit its fees and assume other expenses of the Funds (excluding acquired fund fees and expenses, brokerage fees, taxes, borrowing costs such as interest and dividend expenses on securities sold short, and other extraordinary expenses not incurred in the ordinary course of business) so that the ratio of total annual operating expenses is limited as shown below:
Class A | Class L | Class C | Institutional | |
Growth Fund | 0.99% | 1.99% |
| 0.99% |
Short Term Bond Fund | 0.84% | 1.49% |
| 0.84% |
Small Cap Fund | 1.40% | 2.15% |
| 1.15% |
74
YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
4. | Investment Advisory and Accounting Services Agreements, continued |
Prior to June 1, 2023, the Capital Appreciation Fund’s ratio of total annual operating expenses was limited to 1.24% for Class A shares, 1.99% for Class L shares and 0.99% for Institutional Class shares.
The Adviser is entitled to the reimbursement of fees waived or reimbursed 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 applicable 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. The expense limitation agreement may be terminated only by the Board of Trustees by providing 60 days’ notice, or if the Adviser ceases to serve as adviser to the Funds. Further, any recoupments will be subject to any lower expense limitations that have been later implemented by the Board of Trustees. During the six months ended July 31, 2023, the Adviser contractually waived fees and reimbursed expenses of $158,405, $66,996, $173,166 and $81,508 in the Growth Fund, Capital Appreciation Fund, Short Term Bond Fund and Small Cap Fund, respectively. As of July 31, 2023, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:
Amount | Recoupable | |||||||
Growth Fund | $ | 254,354 | January 31, 2025 | |||||
283,176 | January 31, 2026 | |||||||
| 158,405 | July 31, 2026 | ||||||
Short Term Bond Fund | 92,315 | January 31, 2025 | ||||||
313,940 | January 31, 2026 | |||||||
| 173,166 | July 31, 2026 | ||||||
| ||||||||
Small Cap Fund | 71,026 | January 31, 2024 | ||||||
| 114,894 | January 31, 2025 | ||||||
140,942 | January 31, 2026 | |||||||
81,508 | July 31, 2026 |
The Adviser has retained a sub-adviser to provide portfolio management and related services to the Small Cap Fund. The sub-adviser receives a fee from the Adviser (not the Small Cap Fund) for these services.
Ultimus Fund Solutions, LLC (“Ultimus”) provides certain transfer agency, fund accounting, fund administration, and compliance support services for the aforementioned Funds.
75
YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
5. | Distribution Plan and Fees |
The Trust has adopted Rule 12b-1 Plans of Distribution providing for the payment of distribution and service fees to Ultimus Fund Distributors, LLC, the Funds’ distributor. Class A shares of the Capital Appreciation Fund, Master Allocation Fund and Small Cap Fund pay a fee of 0.25% of each Class A shares’ average daily net assets for distribution fees. Class A shares of the Multi-Sector Bond Fund pay a fee of 0.50% of the Class A shares’ average daily net assets for distribution fees. Class L shares of each of the Funds, except Short Term Bond Fund, pay a fee of 1.00% of each Class L shares’ average daily net assets. Of this amount, 0.75% represents distribution fees and 0.25% represents shareholder servicing fees. Class L shares of the Short Term Bond Fund pay a fee of 0.65% of Class L share’s average daily net assets. Class C shares of Multi-Sector Bond Fund pay a fee of 1.00% of Class C share’s average daily net assets. Of this amount, 0.75% represents distribution fees and 0.25% represents shareholder servicing fees.
During the six months ended July 31, 2023, the distributor retained the following amounts in sales commissions from the sales of Class A shares of the Funds:
Growth Fund | $ | 290 | ||
Capital Appreciation Fund | 6 | |||
Multi-Sector Bond Fund | 933 | |||
Short Term Bond Fund | 147 | |||
Master Allocation Fund | 4 | |||
Small Cap Fund | 3 |
During the six months ended July 31, 2023, the distributor received the following amounts in contingent deferred sales charges related to redemptions of Class A and Class C shares of the Funds:
Multi-Sector Bond Fund, Class C | $ | 18 |
76
YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
6. | Investment Activity |
For the six months ended July 31, 2023, purchases and sales of investment securities, other than short-term investments and U.S. Government securities, were as follows:
Purchases | Sales | U.S. | U.S. | |||||||||||||
Growth Fund | $ | 13,463,967 | $ | 11,598,939 | $ | — | $ | — | ||||||||
Capital Appreciation Fund | — | — | — | — | ||||||||||||
Multi-Sector Bond Fund | 36,733,803 | 59,680,676 | 35,123,192 | 14,387,870 | ||||||||||||
Short Term Bond Fund | 5,451,554 | 74,779,463 | 34,484,749 | 14,521,221 | ||||||||||||
Master Allocation Fund | 5,390,000 | 5,475,000 | — | — | ||||||||||||
Small Cap Fund | 23,344,569 | 29,741,031 | — | — |
7. | Line of Credit |
The Funds entered into a short-term credit agreement (“Line of Credit”) with Huntington National Bank (“Huntington”), expiring on May 24, 2024. Under the terms of the agreement, each of the Funds may borrow up to the lesser of 30% of a Fund’s daily market value or $25 million at an interest rate equal to the Term Secured Overnight Financing Rate plus 130 basis points. The purpose of the agreement is to meet temporary or emergency cash needs, including redemption requests that might otherwise require the untimely disposition of securities. Huntington receives an annual facility fee of 0.125% on $25 million as well as an additional annual fee of 0.125% on any unused portion of the credit facility, invoiced quarterly, for providing the Line of Credit. The Funds will not borrow money, except (a) from a bank, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings of a Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 15% of a Fund’s total assets at the time when the borrowing is made. To the extent that the line of credit is utilized, it will be collateralized by securities in the Funds’ portfolios.
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YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
7. | Line of Credit, continued |
As of July 31, 2023, the Funds had no outstanding borrowings under this Line of Credit.
Fund | Average | Weighted | Number | Interest | Maximum | |||||||||||||||
Growth Fund | $ | 7,703 | 6.09 | % | 1 | $ | 1 | $ | 7,703 | |||||||||||
Capital Appreciation Fund | 30,542 | 6.09 | % | 1 | 5 | 30,542 | ||||||||||||||
Multi-Sector Bond Fund | 140,007 | 6.20 | % | 6 | 140 | 338,867 | ||||||||||||||
Short Term Bond Fund | 1,278,508 | 6.19 | % | 13 | 2,801 | 8,788,504 |
(a) | Averages based on the number of days outstanding. |
(b) | Number of Days Outstanding represents the total days during the six months ended July 31, 2023, that a Fund utilized the Line of Credit. |
8. | Federal Income Tax Information |
Each of the Funds is a separate taxable entity and intends to continue to qualify for the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and is required to make the requisite distributions to its shareholders which will relieve it from Federal income or excise taxes. Therefore, no provision has been recorded for Federal income or excise taxes. Under current tax law, capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Required fund distributions are based on income and capital gain amounts determined in accordance with federal income tax regulations, which differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the composition of net assets and distributions for tax purposes may differ from amounts reflected in the accompanying financial statements. These differences are primarily due to differing treatment for losses deferred with respect to wash sales, and excise tax regulations. For financial reporting purposes, capital accounts and distributions to shareholders are adjusted to reflect the tax character of permanent book/tax differences.
FASB Accounting Standard Codification “Accounting for Uncertainty in Income Taxes”, Topic 740 requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination
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YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
8. | Federal Income Tax Information, continued |
by tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds’ 2023 tax returns, in addition to the Funds’ previous three open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and Commonwealth of Virginia; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
At July 31, 2023, the gross unrealized appreciation and depreciation on investments owned by the Funds, based on cost for federal income tax purposes, were as follows:
Growth | Capital | Multi-Sector | ||||||||||
Tax cost of investments | $ | 52,064,957 | $ | 9,569,188 | $ | 328,849,392 | ||||||
Gross unrealized appreciation | 22,964,970 | 2,148,851 | 539,714 | |||||||||
Gross unrealized depreciation | (423,388 | ) | (997,935 | ) | (35,026,098 | ) | ||||||
Net unrealized appreciation/(depreciation) on investments | $ | 22,541,582 | $ | 1,150,916 | $ | (34,486,384 | ) |
Short Term | Master | Small Cap | ||||||||||
Tax cost of investments | $ | 307,631,334 | $ | 9,084,194 | $ | 24,413,813 | ||||||
Gross unrealized appreciation | 73,138 | 4,665,297 | 3,859,861 | |||||||||
Gross unrealized depreciation | (18,523,542 | ) | — | (579,761 | ) | |||||||
Net unrealized appreciation/(depreciation) on investments | $ | (18,450,404 | ) | $ | 4,665,297 | $ | 3,280,100 |
The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions and wash sales.
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YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
8. | Federal Income Tax Information, continued |
As of January 31, 2023, the Funds’ most recent fiscal year end, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Growth | Capital | Multi-Sector | ||||||||||
Undistributed ordinary income | $ | — | $ | — | $ | 1,056,956 | ||||||
Undistributed long-term capital gains | — | — | — | |||||||||
Accumulated earnings | — | — | 1,056,956 | |||||||||
Accumulated capital and other losses | (3,487,156 | ) | (3,927,955 | ) | (190,081,447 | ) | ||||||
Unrealized appreciation/(depreciation) on investments | 16,837,657 | (788,176 | ) | (36,873,133 | ) | |||||||
Unrealized depreciation on foreign currency | (972 | ) | (368 | ) | — | |||||||
Total accumulated earnings/(deficit) | $ | 13,349,529 | $ | (4,716,499 | ) | $ | (225,897,624 | ) |
Short Term | Master | Small Cap | ||||||||||
Undistributed ordinary income | $ | 786,314 | $ | — | $ | 47,480 | ||||||
Undistributed long-term capital gains | — | — | — | |||||||||
Accumulated earnings | 786,314 | — | 47,480 | |||||||||
Accumulated capital and other losses | (15,401,678 | ) | (787,433 | ) | (873,228 | ) | ||||||
Unrealized appreciation/(depreciation) on investments | (21,099,119 | ) | 3,640,391 | 5,474,824 | ||||||||
Total accumulated earnings/(deficit) | $ | (35,714,483 | ) | $ | 2,852,958 | $ | 4,649,076 |
The tax character of distributions paid for the fiscal year ended January 31, 2023, were as follows:
Growth Fund | Capital | Multi-Sector | ||||||||||
Distributions paid from: | ||||||||||||
Ordinary income | $ | — | $ | — | $ | 13,908,054 | ||||||
Long-term capital gains | — | 32,625 | — | |||||||||
Total distributions paid | $ | — | $ | 32,625 | $ | 13,908,054 |
Short Term | Master | Small Cap | ||||||||||
Distributions paid from: | ||||||||||||
Ordinary income | $ | 5,843,729 | $ | — | $ | 108 | ||||||
Long-term capital gains | — | 936,977 | 2,380,534 | |||||||||
Total distributions paid | $ | 5,843,729 | $ | 936,977 | $ | 2,380,642 |
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YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
8. | Federal Income Tax Information, continued |
At January 31, 2023, the Funds had accumulated capital loss carryforwards as follows:
Not Subject to Expiration | ||||||||||||
Short-Term | Long-Term | Total | ||||||||||
Growth Fund | $ | 3,487,156 | $ | — | $ | 3,487,156 | ||||||
Capital Appreciation Fund | 3,899,778 | — | 3,899,778 | |||||||||
Multi-Sector Bond Fund | 84,769,767 | 105,311,680 | 190,081,447 | |||||||||
Short Term Bond Fund | 7,622,194 | 7,779,484 | 15,401,678 | |||||||||
Master Allocation Fund | 220,465 | 543,129 | 763,594 | |||||||||
Small Cap Fund | 873,228 | — | 873,228 |
To the extent that a Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryforward utilization in any given year may be subject to Internal Revenue Code limitations.
Under current tax law, net investment losses after December 31 and capital losses realized after October 31 of the Funds’ fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. As of January 31, 2023, the following Funds had Qualified Late Year Ordinary Losses:
Growth Fund | $ | — | ||
Capital Appreciation Fund | 28,177 | |||
Multi-Sector Bond Fund | — | |||
Short Term Bond Fund | — | |||
Master Allocation Fund | 23,839 | |||
Small Cap Fund | — |
9. Transactions with Affiliates
The Master Allocation Fund invests in other mutual funds which are managed by the Adviser. Transactions with affiliates during the six months ended July 31, 2023 were as follows:
Affiliated Fund Name | Value on | Purchases/ | Sales/ | Realized Gain | ||||||||||||
Growth Fund | $ | 6,235,368 | $ | 340,000 | $ | (250,000 | ) | $ | 23,651 | |||||||
Capital Appreciation Fund | 365,774 | 2,675,000 | (2,550,000 | ) | 105,848 | |||||||||||
Small Cap Fund | 6,382,385 | 2,375,000 | (2,675,000 | ) | (303,441 | ) | ||||||||||
Total | $ | 12,983,527 | $ | 5,390,000 | $ | (5,475,000 | ) | $ | (173,942 | ) |
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YORKTOWN FUNDS
NOTES TO the FINANCIAL STATEMENTS, Continued
9. | Transactions with Affiliates, continued |
Affiliated Fund Name | Change in | Value on | Shares | Dividend | Long-Term | |||||||||||||||
Growth Fund | $ | 548,526 | $ | 6,897,545 | 385,553 | $ | — | $ | — | |||||||||||
Capital Appreciation Fund | 110,027 | 706,649 | 26,377 | — | — | |||||||||||||||
Small Cap Fund | 366,353 | 6,145,297 | 413,825 | — | — | |||||||||||||||
Total | $ | 1,024,906 | $ | 13,749,491 | 825,755 | $ | — | $ | — |
The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund under Section 2(a)(9) of the 1940 Act. At July 31, 2023, the Master Allocation Fund, as record shareholder, did not own more than 25% of the outstanding shares of the Funds.
10. | Subsequent Event |
On August 18, 2023, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Reorganization”) whereby the Capital Appreciation Fund and the Master Allocation Fund were reorganized into the Small Cap Fund and Growth Fund.
Target Fund | Acquiring Fund | |||
Capital Appreciation Fund | Small Cap Fund | |||
Master Allocation Fund | Growth Fund |
The votes cast with respect to the Reorganization proposal were as follows:
Capital Appreciation Fund
For: 228,383 (87.70%) | Against: 4,183 (1.61%) | Abstain: 27,846 (10.69%) |
Master Allocation Fund
For: 462,761 (98.21%) | Against: 376 (0.08%) | Abstain: 8,059 (1.71%) |
Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no additional items requiring adjustment of the financial statements or additional disclosure.
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Expense Examples (Unaudited)
Yorktown Funds
As a shareholder in a Yorktown Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Each example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period February 1, 2023 to July 31, 2023.
Actual Expenses
The first line for each class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each class in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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Beginning | Ending | Expenses | Annualized | |
Growth Fund | ||||
Institutional Class | ||||
Actual | $ 1,000.00 | $ 1,085.60 | $ 5.17 | 1.00% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.84 | 5.01 | 1.00% |
Class A | ||||
Actual | 1,000.00 | 1,085.60 | 5.17 | 1.00% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.84 | 5.01 | 1.00% |
Class L | ||||
Actual | 1,000.00 | 1,080.40 | 10.32 | 2.00% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,014.88 | 9.99 | 2.00% |
Capital Appreciation Fund | ||||
Institutional Class | ||||
Actual | 1,000.00 | 1,194.90 | 9.14 | 1.68% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,016.46 | 8.40 | 1.68% |
Class A | ||||
Actual | 1,000.00 | 1,194.10 | 10.50 | 1.93% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,015.22 | 9.64 | 1.93% |
Class L | ||||
Actual | 1,000.00 | 1,189.70 | 14.55 | 2.68% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,011.50 | 13.37 | 2.68% |
Multi-Sector Bond Fund | ||||
Institutional Class | ||||
Actual | 1,000.00 | 997.30 | 3.47 | 0.70% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.32 | 3.51 | 0.70% |
Class A | ||||
Actual | 1,000.00 | 995.30 | 5.94 | 1.20% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.84 | 6.01 | 1.20% |
Class L | ||||
Actual | 1,000.00 | 992.30 | 8.40 | 1.70% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,016.36 | 8.50 | 1.70% |
Class C | ||||
Actual | 1,000.00 | 992.20 | 8.40 | 1.70% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,016.36 | 8.50 | 1.70% |
Short Term Bond Fund | ||||
Institutional Class | ||||
Actual | 1,000.00 | 1,012.00 | 4.24 | 0.85% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.58 | 4.26 | 0.85% |
Class A | ||||
Actual | 1,000.00 | 1,012.90 | 4.24 | 0.85% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.58 | 4.26 | 0.85% |
Class L | ||||
Actual | 1,000.00 | 1,010.30 | 7.48 | 1.50% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,017.36 | 7.50 | 1.50% |
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Beginning | Ending | Expenses | Annualized | |
Master Allocation Fund | ||||
Institutional Class | ||||
Actual | $ 1,000.00 | $ 1,059.20 | $ 10.72 | 2.10% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,014.38 | 10.49 | 2.10% |
Class A | ||||
Actual | 1,000.00 | 1,058.30 | 11.99 | 2.35% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,013.14 | 11.73 | 2.35% |
Class L | ||||
Actual | 1,000.00 | 1,054.20 | 15.79 | 3.10% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,009.42 | 15.45 | 3.10% |
Small Cap Fund | ||||
Institutional Class | ||||
Actual | 1,000.00 | 1,034.80 | 5.90 | 1.17% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.99 | 5.86 | 1.17% |
Class A | ||||
Actual | 1,000.00 | 1,033.30 | 7.16 | 1.42% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,017.75 | 7.10 | 1.42% |
Class L | ||||
Actual | 1,000.00 | 1,030.00 | 10.92 | 2.17% |
Hypothetical (5% return before expenses) | 1,000.00 | 1,014.03 | 10.84 | 2.17% |
(a) | The dollar amounts shown as “Expenses Paid” are equal to the Funds’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181) and divided by 365 (to reflect the one-half year period). |
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Liquidity Risk Management Program (Unaudited)
The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of a Liquidity Program Administrator (LPA) comprised of the Trust’s Liquidity Risk Management Program Committee, which includes representatives from the Funds’ investment adviser and liquidity consultant. The LPA is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The LPA updated its assessment of each Fund’s liquidity risk profile, considering additional data gathered in the 12 months ended November 30, 2022 and the adequacy and effectiveness of the liquidity risk management program’s operations since its inception on December 1, 2018 (the “Review Period”) in order to prepare a written report for the Board of Trustees (the “Report”) for consideration at its meeting held on June 7, 2023.
During the Review Period, none of the Funds experienced unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period, the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. None of the Funds had a significant amount of illiquid investments and none required a determination as to a highly liquid investment minimum. The Report concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.
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Other Information (Unaudited)
Proxy Voting Policies and Procedures
Both (i) a description of the policies and procedures that the Trust uses to determine how to vote proxies relating to the Funds’ portfolio securities and (ii) information regarding how the Trust voted proxies relating to the Funds’ portfolio securities during the most recent twelve month period ended June 30th are available without charge, upon request, by calling the Trust at (800) 544-6060, or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Quarterly Portfolio Schedules
The Trust files each Fund’s complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT reports are available on the SEC’s website at http://www.sec.gov or on the Funds’ website at http://www.yorktownfunds.com.
Board Approval of Investment Advisory & Sub Advisory Agreements (Unaudited)
Yorktown Management & Research Company, Inc. (“Yorktown”)
The renewal of the investment advisory agreement (the “IA Agreement”) between the Trust and Yorktown on behalf of the Yorktown Growth Fund, Yorktown Capital Appreciation Fund, Yorktown Multi-Sector Bond Fund, Yorktown Short Term Bond Fund, Yorktown Master Allocation Fund and Yorktown Small Cap Fund (each a “Fund” and together the “Funds”), was approved by the Board of Trustees (“the Board”), including a majority of the Trustees who are not interested persons of the Trust or any person who is a party to the Agreement, at an in-person meeting held on March 29, 2023. The Trust’s Board considered the factors generally described below prior to approving the Agreement.
Fund legal counsel first reviewed the Trustees duties and responsibilities in approving and/or renewing advisory agreements. Counsel drew the Board’s attention to a letter sent by his firm on behalf of the Trustees to the Adviser seeking certain information as required under Section 15(c) of the Investment Company Act, and generally reviewed the Adviser’s response to the letter, copies of which were included in the Board’s book of materials.
Counsel then guided the Board through each of the five considerations a board must review in renewing an investment advisory agreement: (1) the nature, extent, and quality of the services to be provided by the investment adviser; (2) the investment performance of the fund and the investment adviser; (3) the costs of the services to be provided and profits to be realized by the investment adviser and its affiliates from the relationship with the fund; (4) the extent to which economies of scale would be realized as the fund grows; and (5) whether fee levels reflect these economies of scale for the benefit of fund investors.
In addition to the five factors discussed above, and to further assist the Board in making its determination as to whether the IA Agreement should be renewed, the Board had requested and received the following information: The information request letter from legal counsel and the Adviser’s responses to the letter; the Adviser’s latest Form ADV, and
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the Adviser’s financial statements, each of which were reviewed by D.D. Basten during the discussions. In addition, the Board received a description of the compensation received by the Adviser from the Funds, both in the aggregate and in relation to fees charged by other advisers to similar funds, profitability information and information relating to the Adviser’s policies and procedures regarding best execution, trade allocation, and soft dollar arrangements. Further, the Board received a variety of materials providing comparative data relating to the Funds and the services provided to the Funds by the Adviser. The materials prepared by the Adviser were provided to the Trustees in advance of the meeting. After fully discussing and reviewing the materials described above, the Trustees concluded that the materials were adequate and reasonable and moved on the next consideration.
The Board then discussed the nature, extent and quality of the Adviser’s services to the Funds. In particular, the Board noted with approval the Adviser’s commitment to maintaining certain targeted expense ratios for the Funds, its efforts in providing comprehensive and consistent investment management to the Funds, and its efforts to maintain ongoing regulatory compliance for the Funds. The Board noted that it reviewed, on a quarterly basis, performance and management reports relating to the Funds, and those prior reviews were incorporated into the Board’s current considerations. The Board further noted that the Adviser also had assumed the obligation to provide certain operational services to the Funds. The Board discussed the operations of the Funds and agreed, with the Independent Trustees separately concurring, that the Funds had received adequate and appropriate investment management, compliance and operational services. The Board then discussed and noted with approval the personnel enhancements made by the Adviser during the year.
The Board next reviewed information relating to the average overall expense ratios of competing funds versus the overall expense ratios of the Funds. After full review of the materials presented, the related discussions, and careful consideration, the Independent Trustees agreed that the fees charged by the Adviser under the IA Agreement appeared to be fair and reasonable at the present time in light of the services provided to the Funds and that breakpoints were not needed given the current asset levels of the Funds.
The Board next considered the investment performance of each Fund and the Adviser’s performance. The Board generally approved of each Fund’s performance. Further, the Board noted with approval that the Adviser did not succumb to “style drift” in its management of each Fund’s assets, and that each Fund was committed to maintaining its investment mandate, even if that meant underperformance during periods when that style was out of favor. The Board noted with approval the Adviser’s ongoing efforts to maintain such consistent investment discipline. The Board also noted with approval that because the Adviser’s business was currently devoted exclusively to serving the Funds, the Adviser did not appear to realize any extraordinary ancillary benefits or profits deriving from its relationship with the Funds.
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The Board also reviewed information relating to the average overall expense ratios of competing funds versus the overall expense ratios of the Funds. The Board noted with approval that the overall expense ratios of the Funds appeared to be in line with the average of peers.
The Independent Trustees then met separately with Fund counsel and the Chief Compliance Officer to discuss the IA Agreements. At the end of their discussion, the Independent Trustees recalled the Interested Trustees and announced that they were prepared to vote on the Agreement.
After careful discussion and consideration, the Board, including the separate concurrence of the independent Trustees, unanimously cast an affirmative vote, and determined that the renewal of the IA Agreement would be in the best interests of each Fund’s shareholders. In approving the IA Agreement, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the IA Agreement renewal.
The Board next considered the renewal of the sub-investment advisory agreement between Yorktown and Sapphire Star Capital (“SSC”) on behalf of the Yorktown Small Cap Fund.
Mr. D.D. Basten drew the Board’s attention to the separate board materials relating to the renewal and provided by SSC.
Mr. Mahaffey informed the Trustees that the duties and responsibilities in renewing a sub-advisory agreement were essentially the same as in renewing the advisory agreement with Yorktown. Mr. A. Basten then generally reviewed the materials provided by SSC, copies of which were included in the Board’s book of materials.
The Board then discussed the nature, extent and quality of SSC’s services to the Small Cap Fund. In particular, the Board noted with approval SSC’s commitment to providing comprehensive and consistent investment management to the Fund, and its efforts to maintain ongoing regulatory compliance for the Fund. The Board noted that it reviewed, on a quarterly basis, performance and management reports relating to the Fund, and those prior reviews were incorporated into the Board’s current considerations. The Board discussed the operations of the Fund and agreed with the Independent Trustees separately concurring that the Fund had received adequate and appropriate investment management and compliance services.
The Board discussed SSC’s current fee structure. The Board also reviewed the fees charged by SSC in light of the fees charged to other similar funds. After full review of the materials presented, the related discussions, and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Yorktown under the IA Agreement appeared to be fair and reasonable at the present time in light of the services provided to the Fund, and the fees paid to SSC from those fees appeared to be fair and reasonable.
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The Board next considered the investment performance of the Fund and SSC’s performance. Messrs. D.D. Basten addressed the performance of the Fund and gave his views as to the reasons behind the Fund’s performance.
After careful discussion and consideration, the Board, including the separate concurrence of the independent Trustees, unanimously cast an affirmative vote, and determined that the renewal of the Sub-Advisory Agreement would be in the best interests of the Small Cap Fund’s shareholders. In approving the Sub-Advisory Agreement, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Sub-Advisory Agreement renewal.
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Privacy Notice
FACTS | WHAT DOES AMERICAN PENSION INVESTORS TRUST (“YORKTOWN FUNDS”) DO WITH YOUR PERSONAL INFORMATION? | ||
WHY? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do. | ||
WHAT? | The types of information we collect and share depend on the product or service you have with us. This information can include your:
● Social Security Number ● Assets ● Retirement Assets ● Transaction History ● Checking Account History ● Purchase History ● Account Balances ● Account Transactions ● Wire Transfer Instructions When you are no longer our customer, we continue to share your information as described in this Notice. | ||
HOW? | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Yorktown Funds chooses to share; and whether you can limit this sharing. | ||
Reasons we can share your personal information. | Does Yorktown Funds share? | Can you limit this sharing? | |
For our everyday business purposes — | Yes | No | |
For our marketing purposes — | Yes | No | |
For joint marketing with other financial companies | No | We don’t share | |
For our affiliates’ everyday business purposes — | Yes | No | |
For our affiliates’ everyday business purposes — | No | We don’t share | |
For non-affiliates to market to you | No | We don’t share | |
Questions? | Call 888-933-8274 |
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Who we are | |
Who is providing this Notice? | Yorktown Funds |
What we do | |
How does Yorktown Funds protect your personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse or your nonpublic personal information. |
How does Yorktown Funds collect your personal information? | We collect your personal information, for example, when you
● Open an account ● Provide account information ● Give us your contact information ● Make deposits or withdrawals from your account ● Make a wire transfer ● Tell us where to send the money ● Tell us who receives the money ● Show your government-issued ID ● Show your driver’s license We also collect your personal information from other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only:
● Sharing for affiliates’ everyday business purposes-information about your creditworthiness. ● Affiliates from using your information to market to you. ● Sharing for non-affiliates to market to you. State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and non-financial companies.
● Yorktown Management & Research, Inc., is an affiliate of Yorktown Funds. |
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies.
● Yorktown Funds do not share with non-affiliates so they can market to you. |
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products to you.
● Yorktown Funds do not jointly market. |
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SHAREHOLDER SERVICES
Yorktown Funds
c/o Ultimus Fund Solutions, LLC
P.O. Box 46707
Cincinnati, Ohio 45246-0707
(888) 933-8274
For Overnight Deliveries:
Yorktown Funds
c/o Ultimus Fund Solutions, LLC
225 Pictoria Drive, Suite 450
Cincinnati, Ohio 45246
EXECUTIVE OFFICES
Yorktown Funds
106 Annjo Court, Suite A
Forest, Virginia 24551
(800) 544-6060
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd.
1835 Market Street, 3rd Floor
Philadelphia, PA 19103
This report is submitted for the general
information of the shareholders of the Trust.
The report is not authorized for distribution to
prospective investors in the Trust unless preceded
or accompanied by an effective Prospectus.
www.yorktownfunds.com
Yorktown-SAR-23
(b) Not applicable.
Item 2. | Code of Ethics. |
Not applicable to semi-annual reports.
Item 3. | Audit Committee Financial Expert. |
Not applicable to semi-annual reports.
Item 4. | Principal Accountant Fees and Services. |
Not applicable to semi-annual reports.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable to the Registrant.
Item 6. | Schedule of Investments. |
Not applicable. This schedule is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to the Registrant.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not applicable to the Registrant.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to Registrant.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. | Controls and Procedures. |
(a) | Based on their evaluation of Registrant’s disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant’s President and Chief Financial Officer have concluded that Registrant’s disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant’s officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above and have been reasonably designed and are functioning as intended to ensure that all relevant and required information is recorded, processed, summarized and reported in this report on Form N-CSR. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable to Registrant.
Item 13. | Exhibits |
(a)(1) | The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR. |
(a)(2) | The certification required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto as an exhibit. |
(a)(3) | Not applicable to Registrant. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AMERICAN PENSION INVESTORS TRUST | ||||
Date: | October 5, 2023 | |||
/s/ David D. Basten | ||||
David D. Basten | ||||
President |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Date: | October 5, 2023 | |||
/s/ David D. Basten | ||||
David D. Basten | ||||
President |
Date: | October 5, 2023 | |||
/s/ Charles D. Foster | ||||
Charles D. Foster | ||||
Chief Financial Officer |