American Pension Investors Trust NPORT-P Yorktown Capital Appreciation Fund (Apr 2022 report)

Yorktown

Growth

Fund

Schedule

of

Investments

April

30,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

95.64%

Communications

—

3.69%

Gray

Television,

Inc.

33,850‌

$

626,902‌

Liberty

Media

Corp.

-

Liberty

SiriusXM,

Class

A

(a)

11,700‌

489,411‌

SoftBank

Corp.

-

ADR

27,800‌

321,924‌

Take-Two

Interactive

Software,

Inc.

(a)

2,400‌

286,824‌

Tegna,

Inc.

27,600‌

608,580‌

2,333,641‌

Consumer

Discretionary

—

9.31%

D.R.

Horton,

Inc.

3,600‌

250,524‌

Etsy,

Inc.

(a)

2,300‌

214,337‌

Evolution

AB

-

ADR

2,400‌

246,768‌

Evolution

AB

2,600‌

271,808‌

Hermes

International

-

ADR

3,800‌

467,856‌

LCI

Industries

4,800‌

467,136‌

Li

Ning

Co.

Ltd.

58,700‌

467,908‌

Lithia

Motors,

Inc.,

Class

A

1,050‌

297,286‌

LKQ

Corp.

11,350‌

563,300‌

Moncler

SpA

7,700‌

408,306‌

Open

House

Co.

Ltd.

9,100‌

353,455‌

Pool

Corp.

1,100‌

445,742‌

PulteGroup,

Inc.

9,100‌

380,016‌

Scotts

Miracle-Gro

Co.

(The)

2,150‌

223,450‌

Tractor

Supply

Co.

2,800‌

564,060‌

Zhongsheng

Group

Holdings

Ltd.

40,300‌

268,597‌

5,890,549‌

Consumer

Staples

—

2.57%

Five

Below,

Inc.

(a)

2,400‌

377,040‌

ITOCHU

Corp.

-

ADR

7,900‌

474,711‌

Keurig

Dr

Pepper,

Inc.

6,700‌

250,580‌

Performance

Food

Group

Co.

(a)

10,650‌

524,513‌

1,626,844‌

Financials

—

7.26%

Arthur

J.

Gallagher

&

Co.

2,800‌

471,772‌

Brown

&

Brown,

Inc.

3,500‌

216,930‌

Charles

Schwab

Corp.

(The)

3,100‌

205,623‌

Credit

Acceptance

Corp.

(a)

1,400‌

717,500‌

Interactive

Brokers

Group,

Inc.,

Class

A

7,250‌

431,810‌

Intercontinental

Exchange,

Inc.

1,900‌

220,039‌

KKR

&

Co.,

Inc.

9,700‌

494,409‌

LPL

Financial

Holdings,

Inc.

3,400‌

638,758‌

Marsh

&

McLennan

Cos.,

Inc.

1,400‌

226,380‌

Raymond

James

Financial,

Inc.

6,450‌

628,617‌

Tradeweb

Markets,

Inc.,

Class

A

4,850‌

345,271‌

4,597,109‌

Health

Care

—

12.51%

Abiomed,

Inc.

(a)

1,550‌

444,199‌

Bio-Techne

Corp.

1,200‌

455,628‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Shares

Fair

Value

Catalent,

Inc.

(a)

3,950‌

$

357,712‌

Charles

River

Laboratories

International,

Inc.

(a)

1,800‌

434,718‌

Chemed

Corp.

1,100‌

540,529‌

Cooper

Cos.,

Inc.

(The)

1,240‌

447,690‌

Danaher

Corp.

850‌

213,460‌

Encompass

Health

Corp.

4,600‌

316,618‌

Genmab

A/S

-

ADR

(a)

10,100‌

355,318‌

Globus

Medical,

Inc.,

Class

A

(a)

6,400‌

423,808‌

Hologic,

Inc.

(a)

3,100‌

223,169‌

ICON

PLC

(a)

2,450‌

554,214‌

Insulet

Corp.

(a)

2,150‌

513,829‌

LHC

Group,

Inc.

(a)

2,100‌

348,285‌

Lifco

AB,

Class

B

(a)

22,900‌

488,176‌

Lonza

Group

AG

-

ADR

8,400‌

494,256‌

PerkinElmer,

Inc.

3,250‌

476,483‌

Repligen

Corp.

(a)

2,150‌

338,066‌

Sonova

Holding

AG

-

ADR

6,780‌

490,533‌

7,916,691‌

Industrials

—

16.59%

ASSA

ABLOY

AB

-

ADR

27,300‌

343,161‌

C.H.

Robinson

Worldwide,

Inc.

2,400‌

254,760‌

Cognex

Corp.

5,100‌

344,913‌

Danaos

Corp.

9,000‌

735,660‌

Expeditors

International

of

Washington,

Inc.

2,600‌

257,582‌

Fluidra

SA

9,800‌

269,960‌

Franklin

Electric

Co.,

Inc.

6,000‌

419,640‌

Fujitec

Co.

Ltd.

-

ADR

22,700‌

492,860‌

Generac

Holdings,

Inc.

(a)

1,500‌

329,070‌

Graco,

Inc.

4,600‌

285,292‌

HEICO

Corp.

3,200‌

451,936‌

IDEX

Corp.

2,200‌

417,604‌

Ingersoll

Rand,

Inc.

9,700‌

426,412‌

Investment

AB

Latour

24,350‌

652,516‌

J.B.

Hunt

Transport

Services,

Inc.

1,500‌

256,275‌

Landstar

System,

Inc.

2,250‌

348,525‌

NIBE

Industrier

AB

28,800‌

285,826‌

Old

Dominion

Freight

Line,

Inc.

900‌

252,108‌

Prysmian

SpA

14,400‌

474,128‌

Rollins,

Inc.

7,300‌

244,842‌

Saia,

Inc.

(a)

3,000‌

617,880‌

Techtronic

Industries

Co.

Ltd.

-

ADR

3,500‌

234,710‌

Teledyne

Technologies,

Inc.

(a)

900‌

388,395‌

Toro

Co.

(The)

3,200‌

256,416‌

Trimble,

Inc.

(a)

8,000‌

533,600‌

UniFirst

Corp.

1,900‌

327,370‌

Wabtec

Corp.

2,800‌

251,748‌

Xylem,

Inc.

4,350‌

350,175‌

10,503,364‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Shares

Fair

Value

Materials

—

10.49%

Ball

Corp.

4,100‌

$

332,756‌

Berry

Plastics

Group,

Inc.

(a)

7,950‌

447,982‌

CCL

Industries,

Inc.,

Class

B

8,000‌

348,785‌

Commercial

Metals

Co.

16,000‌

656,000‌

Crown

Holdings,

Inc.

4,800‌

528,192‌

Givaudan

SA

-

ADR

6,000‌

476,160‌

Kingspan

Group

PLC

-

ADR

4,650‌

454,119‌

Nucor

Corp.

1,650‌

255,387‌

Nutrien

Ltd.

6,300‌

618,975‌

Rio

Tinto

PLC

-

ADR

3,100‌

220,472‌

Sibanye

Stillwater

Ltd.

-

ADR

23,000‌

316,020‌

Symrise

AG

-

ADR

15,300‌

453,033‌

Tokai

Carbon

Co.

Ltd.

24,600‌

203,990‌

Trex

Co.,

Inc.

(a)

5,000‌

290,950‌

UFP

Industries,

Inc.

6,300‌

487,431‌

Vulcan

Materials

Co.

3,200‌

551,328‌

6,641,580‌

Real

Estate

—

4.52%

Aedifica

SA

2,550‌

304,161‌

Alexandria

Real

Estate

Equities,

Inc.

2,850‌

519,156‌

CBRE

Group,

Inc.,

Class

A

(a)

6,700‌

556,368‌

FirstService

Corp.

2,300‌

287,247‌

Life

Storage,

Inc.

1,700‌

225,233‌

STORE

Capital

Corp.

16,300‌

463,409‌

WP

Carey,

Inc.

6,300‌

508,851‌

2,864,425‌

Technology

—

28.70%

Adobe,

Inc.

(a)

550‌

217,772‌

Advantest

Corp.

5,800‌

401,837‌

CDW

Corp.

2,200‌

358,996‌

Ciena

Corp.

(a)

9,300‌

513,081‌

CMC

Materials,

Inc.

3,000‌

536,730‌

Concentrix

Corp.

2,700‌

425,196‌

CyberArk

Software

Ltd.

(a)

3,100‌

487,134‌

Descartes

Systems

Group,

Inc.

(The)

(a)

8,200‌

509,630‌

Entegris,

Inc.

5,400‌

601,506‌

EPAM

Systems,

Inc.

(a)

1,300‌

344,487‌

ExlService

Holdings,

Inc.

(a)

5,500‌

748,825‌

FactSet

Research

Systems,

Inc.

1,600‌

645,584‌

Fortinet,

Inc.

(a)

2,300‌

664,723‌

Garmin

Ltd.

2,200‌

241,428‌

Gartner,

Inc.

(a)

2,600‌

755,430‌

Genpact

Ltd.

11,200‌

451,024‌

Globant

S.A.

(a)

2,300‌

496,777‌

KLA

Corp.

1,500‌

478,890‌

Lasertec

Corp.

2,100‌

286,697‌

Logitech

International

S.A.

7,500‌

489,750‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Shares

Fair

Value

MAXIMUS,

Inc.

5,300‌

$

386,264‌

Monolithic

Power

Systems,

Inc.

1,300‌

509,912‌

Nintendo

Co.

Ltd.

-

ADR

9,700‌

552,706‌

Paycom

Software,

Inc.

(a)

1,550‌

436,278‌

Paylocity

Holdings

Corp.

(a)

2,550‌

483,557‌

Qualys,

Inc.

(a)

4,700‌

640,516‌

Skyworks

Solutions,

Inc.

2,100‌

237,930‌

Soitec

S.A.

(a)

4,820‌

879,159‌

SPS

Commerce,

Inc.

(a)

6,300‌

753,669‌

SS&C

Technologies

Holdings,

Inc.

5,100‌

329,766‌

SYNNEX

Corp.

4,000‌

400,360‌

Teleperformance

-

ADR

1,350‌

240,786‌

Teradyne,

Inc.

2,300‌

242,558‌

Tokyo

Electron

Ltd.

-

ADR

4,400‌

467,676‌

Tyler

Technologies,

Inc.

(a)

1,650‌

651,272‌

United

Microelectronics

Corp.

-

ADR

29,100‌

231,636‌

Universal

Display

Corp.

2,300‌

293,779‌

Veeva

Systems,

Inc.,

Class

A

(a)

1,250‌

227,438‌

WNS

Holdings

Ltd.

-

ADR

(a)

7,000‌

548,590‌

18,169,349‌

Total

Common

Stocks

(Cost $45,239,167)

60,543,552‌

Total

Investments

—

95.64%

(Cost

$45,239,167)

60,543,552‌

Other

Assets

in

Excess

of

Liabilities 

—

 4.36%

2,760,843‌

Net

Assets

—

100.00%

$

63,304,395‌

(a)

Non-income

producing

security.

ADR

-

American

Depositary

Receipt

Yorktown

Capital

Appreciation

Fund

Schedule

of

Investments

April

30,

2022

-

(Unaudtied)

Shares

Fair

Value

COMMON

STOCKS

—

96.59%

Communications

—

12.81%

Airbnb,

Inc.,

Class

A

(a)

1,200‌

$

183,852‌

Alphabet,

Inc.,

Class

A

(a)

85‌

193,986‌

Blade

Air

Mobility,

Inc.,

Class

A

(a)

37,645‌

324,123‌

Endeavor

Group

Holdings,

Inc.,

Class

A

(a)

7,000‌

159,250‌

Iridium

Communications,

Inc.

(a)

6,507‌

232,365‌

Nextdoor

Holdings,

Inc.,

Class

A

(a)

37,750‌

170,252‌

Opendoor

Technologies,

Inc.

(a)

26,540‌

185,515‌

Roku,

Inc.

(a)

1,395‌

129,596‌

Sea

Ltd.,

Class

A

-

ADR

(a)

1,765‌

146,071‌

Shopify,

Inc.,

Class

A

(a)

435‌

185,667‌

Trade

Desk,

Inc.

(The),

Class

A

(a)

3,580‌

210,934‌

Z

Holdings

Corp.

-

ADR

21,600‌

168,048‌

2,289,659‌

Consumer

Discretionary

—

11.62%

2U,

Inc.

(a)

24,050‌

240,019‌

Amazon.com,

Inc.

(a)

75‌

186,422‌

Coursera,

Inc.

(a)

10,100‌

189,981‌

D.R.

Horton,

Inc.

3,400‌

236,606‌

DraftKings,

Inc.,

Class

A

(a)

11,560‌

158,141‌

Etsy,

Inc.

(a)

1,566‌

145,936‌

Genius

Sports

Ltd.

(a)

39,600‌

151,272‌

MercadoLibre,

Inc.

(a)

204‌

198,620‌

Pool

Corp.

535‌

216,793‌

Tesla,

Inc.

(a)

240‌

208,982‌

Wayfair,

Inc.,

Class

A

(a)

1,880‌

144,647‌

2,077,419‌

Consumer

Staples

—

4.17%

Archer-Daniels-Midland

Co.

3,275‌

293,309‌

Beyond

Meat,

Inc.

(a)

4,480‌

165,222‌

Kroger

Co.

(The)

5,300‌

285,988‌

744,519‌

Energy

—

5.56%

EOG

Resources,

Inc.

2,128‌

248,465‌

Occidental

Petroleum

Corp.

3,580‌

197,222‌

Phillips

66

3,226‌

279,888‌

SolarEdge

Technologies,

Inc.

(a)

1,075‌

269,191‌

994,766‌

Financials

—

9.77%

American

Express

Co.

1,650‌

288,272‌

Blackstone

Group

LP

(The)

2,315‌

235,135‌

CME

Group,

Inc.

990‌

217,147‌

Coinbase

Global,

Inc.,

Class

A

(a)

1,195‌

134,688‌

Intercontinental

Exchange,

Inc.

2,100‌

243,201‌

Nasdaq,

Inc.

1,395‌

219,531‌

Nu

Holdings

Ltd,

Class

A

(a)

28,700‌

172,487‌

Yorktown

Capital

Appreciation

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudtied)

Shares

Fair

Value

Silvergate

Capital

Corp.,

Class

A

(a)

2,014‌

$

235,557‌

1,746,018‌

Health

Care

—

11.37%

Align

Technology,

Inc.

(a)

445‌

129,010‌

CVS

Health

Corp.

2,558‌

245,900‌

Exact

Sciences

Corp.

(a)

3,095‌

170,380‌

GoodRx

Holdings,

Inc.,

Class

A

(a)

10,430‌

141,326‌

Intellia

Therapeutics,

Inc.

(a)

2,620‌

128,459‌

Intuitive

Surgical,

Inc.

(a)

900‌

215,370‌

Regeneron

Pharmaceuticals,

Inc.

(a)

480‌

316,373‌

Royalty

Pharma

PLC,

Class

A

5,370‌

228,655‌

Teladoc

Health,

Inc.

(a)

6,300‌

212,688‌

Thermo

Fisher

Scientific,

Inc.

443‌

244,943‌

2,033,104‌

Industrials

—

9.47%

AeroVironment,

Inc.

(a)

3,564‌

286,261‌

Archer

Aviation,

Inc.,

Class

A

(a)

69,620‌

320,948‌

Deere

&

Co.

588‌

221,999‌

Elbit

Systems

Ltd.

1,030‌

220,801‌

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

13,064‌

198,181‌

Teledyne

Technologies,

Inc.

(a)

567‌

244,689‌

Trimble,

Inc.

(a)

3,000‌

200,100‌

1,692,979‌

Materials

—

2.39%

Linde

PLC

730‌

227,731‌

Vale

SA

-

ADR

11,790‌

199,133‌

426,864‌

Real

Estate

—

0.95%

Redfin

Corp.

(a)

15,260‌

170,149‌

Technology

—

26.11%

Adyen

NV

-

ADR

(a)

10,975‌

182,953‌

Bill.com

Holdings,

Inc.

(a)

1,340‌

228,751‌

Block,

Inc.,

Class

A

(a)

2,011‌

200,175‌

Cipher

Mining,

Inc.

(a)

65,300‌

197,859‌

CrowdStrike

Holdings,

Inc.,

Class

A

(a)

1,160‌

230,562‌

Global-e

Online

Ltd.

(a)

6,530‌

147,186‌

Intuit,

Inc.

439‌

183,831‌

MasterCard,

Inc.,

Class

A

550‌

199,859‌

Materialise

NV

-

ADR

(a)

10,650‌

166,140‌

Mynaric

AG

-

ADR

(a)

19,270‌

202,335‌

Nano

Dimension

Ltd.

-

ADR

(a)

57,800‌

164,152‌

NVIDIA

Corp.

1,065‌

197,526‌

PagerDuty,

Inc.

(a)

6,650‌

189,990‌

Palantir

Technologies,

Inc.,

Class

A

(a)

15,876‌

165,110‌

PayPal

Holdings,

Inc.

(a)

2,220‌

195,205‌

Signify

Health,

Inc.,

Class

A

(a)

11,400‌

157,320‌

Splunk,

Inc.

(a)

1,710‌

208,654‌

StoneCo

Ltd.,

Class

A

(a)

15,700‌

147,894‌

Yorktown

Capital

Appreciation

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudtied)

Shares

Fair

Value

Synopsys,

Inc.

(a)

720‌

$

206,489‌

Teradyne,

Inc.

1,854‌

195,523‌

Twilio,

Inc.,

Class

A

(a)

1,550‌

173,321‌

Unity

Software,

Inc.

(a)

2,250‌

149,423‌

Visa,

Inc.,

Class

A

950‌

202,474‌

Workday,

Inc.,

Class

A

(a)

900‌

186,030‌

Zoom

Video

Communications,

Inc.,

Class

A

(a)

1,890‌

188,187‌

4,666,949‌

Utilities

—

2.37%

NextEra

Energy

Partners

LP

2,988‌

199,180‌

NextEra

Energy,

Inc.

3,150‌

223,713‌

422,893‌

Total

Common

Stocks

(Cost $18,796,126)

17,265,319‌

Total

Investments

—

96.59%

(Cost

$18,796,126)

17,265,319‌

Other

Assets

in

Excess

of

Liabilities 

—

 3.41%

609,687‌

Net

Assets

—

100.00%

$

17,875,006‌

(a)

Non-income

producing

security.

ADR

-

American

Depositary

Receipt

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

April

30,

2022

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

70.09%

Communications

—

3.71%

CCO

Holdings

LLC,

4.50%,

6/1/2033

(a)

$

1,000,000‌

$

820,000‌

DIRECTV

Holdings

LLC,

5.88%,

8/15/2027

(a)

750,000‌

707,344‌

Hughes

Satellite

Systems

Corp.,

5.25%,

8/1/2026

250,000‌

243,442‌

Lamar

Media

Corp.,

3.63%,

1/15/2031

500,000‌

435,775‌

Level

3

Financing,

Inc.,

4.25%,

7/1/2028

(a)

2,000,000‌

1,693,320‌

Liberty

Interactive

LLC,

8.50%,

7/15/2029

1,000,000‌

901,840‌

Liberty

Interactive

LLC,

8.25%,

2/1/2030

2,000,000‌

1,769,560‌

Magallanes,

Inc.,

5.14%,

3/15/2052

(a)

1,000,000‌

893,374‌

Prosus

NV,

MTN,

3.06%,

7/13/2031

(a)

500,000‌

394,994‌

Scripps

Escrow

II,

Inc.,

3.88%,

1/15/2029

(a)

500,000‌

445,082‌

United

States

Cellular

Corp.,

6.70%,

12/15/2033

2,540,000‌

2,628,773‌

Univision

Communications,

Inc.,

6.63%,

6/1/2027

(a)

500,000‌

501,870‌

Univision

Communications,

Inc.,

4.50%,

5/1/2029

(a)

1,000,000‌

898,780‌

Verizon

Communications,

Inc.,

2.85%,

9/3/2041

500,000‌

390,816‌

VMED

OC

UK

Financing

PLC,

4.75%,

7/15/2031

(a)

1,000,000‌

859,335‌

13,584,305‌

Consumer

Discretionary

—

4.22%

Carnival

Corp.,

7.20%,

10/1/2023

1,000,000‌

1,011,205‌

Carnival

Corp.,

4.00%,

8/1/2028

(a)

1,000,000‌

901,490‌

Carnival

Corp.,

6.00%,

5/1/2029

(a)

1,000,000‌

898,990‌

Ford

Motor

Co.,

3.25%,

2/12/2032

500,000‌

407,168‌

Ford

Motor

Credit

Co.,

LLC,

3.38%,

11/13/2025

1,000,000‌

961,365‌

Ford

Motor

Credit

Co.,

LLC,

2.90%,

2/10/2029

2,000,000‌

1,667,890‌

Hyundai

Capital

America,

2.38%,

10/15/2027

(a)

500,000‌

445,911‌

L

Brands,

Inc.,

6.88%,

11/1/2035

2,000,000‌

1,958,110‌

LGI

Homes,

Inc.,

4.00%,

7/15/2029

(a)

500,000‌

414,215‌

Marriott

International,

Inc.,

2.75%,

10/15/2033

500,000‌

411,382‌

Marriott

Ownership

Resorts,

Inc.,

4.50%,

6/15/2029

(a)

1,000,000‌

881,230‌

QVC,

Inc.,

4.75%,

2/15/2027

2,000,000‌

1,793,480‌

Rent-A-Center,

Inc.,

6.38%,

2/15/2029

(a)

500,000‌

431,910‌

Royal

Caribbean

Cruises

Ltd.,

4.25%,

7/1/2026

(a)

500,000‌

453,255‌

Stellantis

NV,

5.25%,

4/15/2023

200,000‌

203,628‌

Tenneco,

Inc.,

5.13%,

4/15/2029

(a)

500,000‌

488,093‌

Wolverine

World

Wide,

Inc.,

4.00%,

8/15/2029

(a)

1,000,000‌

851,170‌

WW

International,

Inc.,

4.50%,

4/15/2029

(a)

500,000‌

396,255‌

Yum!

Brands,

Inc.,

3.63%,

3/15/2031

1,000,000‌

860,846‌

15,437,593‌

Consumer

Staples

—

5.18%

Anheuser-Busch

Cos.,

LLC,

4.70%,

2/1/2036

(a)

100,000‌

99,089‌

Central

Garden

&

Pet

Co.,

4.13%,

4/30/2031

(a)

500,000‌

429,540‌

Constellation

Brands,

Inc.,

2.25%,

8/1/2031

500,000‌

415,081‌

Constellation

Brands,

Inc.,

4.50%,

5/9/2047

500,000‌

467,744‌

Coty,

Inc.,

5.00%,

4/15/2026

(a)

1,000,000‌

951,175‌

JBS

Finance

Luxembourg

SaRL,

3.63%,

1/15/2032

(a)

500,000‌

427,500‌

JBS

USA

LUX

SA,

3.75%,

12/1/2031

(a)

250,000‌

220,371‌

Kraft

Heinz

Foods

Co.,

6.50%,

2/9/2040

411,000‌

452,423‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Kraft

Heinz

Foods

Co.,

5.00%,

6/4/2042

(a)

$

300,000‌

$

289,259‌

Kraft

Heinz

Foods

Co.,

5.00%,

6/4/2042

500,000‌

482,099‌

Kraft

Heinz

Foods

Co.,

4.38%,

6/1/2046

1,000,000‌

877,601‌

Kraft

Heinz

Foods

Co.,

4.88%,

10/1/2049

1,000,000‌

932,896‌

Land

O'

Lakes,

Inc.,

7.25%,

Perpetual

(a)

3,500,000‌

3,670,800‌

Land

O'

Lakes,

Inc.,

8.00%,

Perpetual

(a)

2,000,000‌

2,013,000‌

Louis

Dreyfus

Co.

BV,

5.25%,

6/13/2023

2,200,000‌

2,229,524‌

Molson

Coors

Beverage

Co.,

4.20%,

7/15/2046

1,000,000‌

858,945‌

Natura

Cosmeticos

SA,

4.13%,

5/3/2028

(a)

500,000‌

449,010‌

New

Albertsons

LP,

7.75%,

6/15/2026

500,000‌

532,500‌

Performance

Food

Group,

Inc.,

4.25%,

8/1/2029

(a)

500,000‌

445,107‌

Pilgrim's

Pride

Corp.,

4.25%,

4/15/2031

(a)

1,000,000‌

913,785‌

Reynolds

American,

Inc.,

7.00%,

8/4/2041

500,000‌

546,036‌

Turning

Point

Brands,

Inc.,

5.63%,

2/15/2026

(a)

850,000‌

810,343‌

Vector

Group

Ltd.,

5.75%,

2/1/2029

(a)

500,000‌

439,578‌

18,953,406‌

Financials

—

37.84%

AgTexas

Farm

Credit

Services,

5.75%,

Perpetual

(a),(b)

1,000,000‌

1,040,000‌

American

AgCredit

Corp.,

5.25%,

Perpetual

(a),(b)

1,000,000‌

913,750‌

AmTrust

Financial

Services,

Inc.,

6.13%,

8/15/2023

2,000,000‌

1,994,507‌

Assurant,

Inc.,

7.00%,

3/27/2048

(b)

1,000,000‌

1,034,355‌

Assured

Guaranty

Municipal

Holdings,

Inc.,

6.40%,

12/15/2066

(a)

2,000,000‌

2,025,500‌

Assured

Guaranty

US

Holdings,

Inc.,

3.21%,

12/15/2066

(3MO

LIBOR

+

238.0bps)

(b)

2,000,000‌

1,622,500‌

Athene

Holding

Ltd.,

6.15%,

4/3/2030

2,000,000‌

2,107,576‌

BAC

Capital

Trust

XIII,

4.00%,

Perpetual

(3MO

LIBOR

+40.0bps)

(b)

282,000‌

232,306‌

BAC

Capital

Trust

XIV,

4.00%,

Perpetual

(3MO

LIBOR

+

40.0bps)

(b)

2,000,000‌

1,658,140‌

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

6.13%,

Perpetual

(USSW5

+

387.0bps)

(b)

1,000,000‌

931,250‌

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

Series

9,

6.50%,

Perpetual

(H15T5Y

+

519.2bps)

(b)

4,900,000‌

4,759,125‌

Bank

of

America

Corp.,

4.38%,

Perpetual

(b)

2,000,000‌

1,775,000‌

Bank

of

Nova

Scotia

(The),

4.90%,

Perpetual

(H15T5Y

+

455.1bps)

(b)

1,000,000‌

983,660‌

Barclays

PLC,

4.84%,

5/9/2028

2,000,000‌

1,970,222‌

Barclays

PLC,

5.09%,

6/20/2030

(3MO

LIBOR

+

305.4bps)

(b)

1,500,000‌

1,472,761‌

Barclays

PLC,

7.75%,

Perpetual

(USSW5

+

484.2bps)

(b)

1,000,000‌

1,011,250‌

BBVA

Bancomer

S.A.,

5.13%,

1/18/2033

(H15T5Y

+

265.0bps)

(b)

3,000,000‌

2,813,685‌

BNP

Paribas

SA,

6.63%,

Perpetual

(USSW5

+

414.9bps)

(a),(b)

4,000,000‌

4,044,354‌

Brighthouse

Financial,

Inc.,

4.70%,

6/22/2047

2,642,000‌

2,275,742‌

Charles

Schwab

Corp.

(The),

Series

E,

4.63%,

Perpetual

(3MO

LIBOR

+

331.5bps)

(b)

400,000‌

396,560‌

Citadel

LP,

4.88%,

1/15/2027

(a)

3,000,000‌

2,947,551‌

Citigroup,

Inc.,

4.70%,

Perpetual

(SOFR

+

323.4bps)

(b)

500,000‌

455,250‌

Citizens

Financial

Group,

Inc.,

Series

C,

6.38%,

Perpetual

(3MO

LIBOR

+

315.7bps)

(b)

1,500,000‌

1,458,750‌

Commerzbank

AG,

7.00%,

Perpetual

(USISDA05

+

522.8bps)

(b)

2,000,000‌

1,978,000‌

Cowen,

Inc.,

7.25%,

5/6/2024

(a)

4,000,000‌

4,102,436‌

Credit

Suisse

Group

AG,

5.10%,

Perpetual

(H15T5Y

+

329.3bps)

(a),(b)

500,000‌

433,750‌

Credit

Suisse

Group

AG,

7.25%,

Perpetual

(USSW5

+

433.2bps)

(a),(b)

3,000,000‌

2,926,050‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Discover

Financial

Services,

Series

C,

5.50%,

Perpetual

(3MO

LIBOR

+

307.6bps)

(b)

$

1,334,000‌

$

1,206,776‌

Enstar

Finance

LLC,

5.50%,

1/15/2042

(b)

500,000‌

465,878‌

Enstar

Group

Ltd.,

4.95%,

6/1/2029

5,000,000‌

5,077,530‌

Everest

Reinsurance

Holdings,

Inc.,

2.89%,

5/15/2037

(3MO

LIBOR

+

238.5bps)

(b)

3,000,000‌

2,789,625‌

FedNat

Holding

Co.,

7.75%,

3/15/2029

2,400,000‌

2,460,000‌

Fifth

Third

Bancorp,

Series

J,

4.14%,

Perpetual

(3MO

LIBOR

+

312.9bps)

(b)

4,000,000‌

3,895,000‌

Fifth

Third

Bancorp,

5.10%,

Perpetual

(3MO

LIBOR

+

303.3bps)

(b)

1,000,000‌

973,750‌

GATX

Corp.,

Class

B,

4.00%,

6/30/2030

2,000,000‌

1,920,365‌

Global

Atlantic

Financial

Co.,

4.70%,

10/15/2051

(a),(b)

1,000,000‌

909,360‌

Goldman

Sachs

Group,

Inc.

(The),

Series

P,

5.00%,

Perpetual

(3MO

LIBOR

+

287.4bps)

(b)

4,000,000‌

3,798,000‌

Hartford

Financial

Services

Group,

Inc.

(The),

2.63%,

2/12/2047

(3MO

LIBOR

+

212.5bps)

(a),(b)

2,000,000‌

1,762,139‌

Icahn

Enterprises

LP,

Class

B,

4.38%,

2/1/2029

250,000‌

216,135‌

ILFC

E-Capital

Trust

I,

4.05%,

12/21/2065

(USD

CMT

30YR

+

155.0bps)

(a),(b)

2,250,000‌

1,760,625‌

ILFC

E-Capital

Trust

I,

4.05%,

12/21/2065

(USD

CMT

30YR

+

155.0bps)

(b)

590,000‌

461,675‌

ILFC

E-Capital

Trust

II,

4.30%,

12/21/2065

(H15T30Y

+

180.0bps)

(a),(b)

1,000,000‌

805,000‌

ING

Groep

NV,

4.25%,

Perpetual

(H15T5Y

+

286.2bps)

(b)

1,000,000‌

790,000‌

ING

Groep

NV,

5.75%,

Perpetual

(H15T5Y

+

432.2bps)

(b)

1,000,000‌

960,835‌

Intesa

Sanpaolo

SpA,

5.71%,

1/15/2026

(a)

3,000,000‌

2,988,845‌

Investar

Holding

Corp.,

5.13%,

12/30/2029

(a),(b)

1,000,000‌

996,733‌

JPMorgan

Chase

&

Co.,

Series

V,

4.29%,

Perpetual

(3MO

LIBOR

+

332.0bps)  

(b)

5,000,000‌

4,950,000‌

JPMorgan

Chase

&

Co.,

Series

HH,

4.60%,

Perpetual

(SOFR+

312.5bps)

(b)

1,000,000‌

926,800‌

JPMorgan

Chase

&

Co.,

Series

I,

4.71%,

Perpetual

(3MO

LIBOR

+

347.0bps)

(b)

681,000‌

672,919‌

Liberty

Mutual

Group,

Inc.,

3.95%,

5/15/2060

(a)

500,000‌

405,859‌

Liberty

Mutual

Group,

Inc.,

4.30%,

2/1/2061

(a)

500,000‌

378,225‌

Lincoln

National

Corp.,

2.83%,

5/17/2066

(3MO

LIBOR

+

235.8bps)

(b)

1,000,000‌

847,500‌

Lincoln

National

Corp.,

3.10%,

4/20/2067

(3MO

LIBOR

+

204.0bps)

(b)

2,000,000‌

1,639,200‌

Lloyds

Banking

Group

PLC,

7.50%,

Perpetual

(USSW5

+

476.0bps)

(b)

3,000,000‌

3,065,610‌

Lloyds

Banking

Group

PLC,

7.50%,

Perpetual

(USSW5

+

449.6bps)

(b)

2,000,000‌

2,060,200‌

Macquarie

Bank

Ltd.,

3.62%,

6/3/2030

(a)

1,000,000‌

899,362‌

Massachusetts

Mutual

Life

Insurance

Co.,

3.38%,

4/15/2050

(a)

1,000,000‌

803,619‌

Nationwide

Mutual

Insurance

Co.,

4.35%,

4/30/2050

(a)

1,000,000‌

888,452‌

Nordea

Bank

Abp,

3.75%,

Perpetual

(a),(b)

1,000,000‌

820,000‌

Ohio

National

Financial

Services,

Inc.,

5.80%,

1/24/2030

(a)

4,000,000‌

3,996,912‌

Ohio

National

Financial

Services,

Inc.,

6.63%,

5/1/2031

(a)

1,000,000‌

1,030,661‌

OneMain

Finance

Corp.,

5.38%,

11/15/2029

2,000,000‌

1,798,520‌

Oppenheimer

Holdings,

Inc.,

5.50%,

10/1/2025

500,000‌

500,175‌

Pacific

LifeCorp,

3.35%,

9/15/2050

(a)

500,000‌

403,570‌

PartnerRe

Finance

II,

Inc.,

2.85%,

12/1/2066

(3MO

LIBOR

+

232.5bps)

(b)

500,000‌

455,938‌

Principal

Financial

Group,

Inc.,

3.55%,

5/15/2055

(3MO

LIBOR

+

304.4bps)

(b)

2,000,000‌

1,925,000‌

Provident

Financing

Trust,

7.41%,

3/15/2038

1,680,000‌

1,925,566‌

Radian

Group,

Inc.,

6.63%,

3/15/2025

2,250,000‌

2,293,349‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Regions

Financial

Corp.,

5.75%,

Perpetual

(H15T5Y

+

542.6bps)

(b)

$

500,000‌

$

511,250‌

Reinsurance

Group

of

America,

Inc.,

3.49%,

12/15/2065

(3MO

LIBOR

+

266.5bps)

(b)

3,194,000‌

2,874,600‌

SBL

Holdings,

Inc.,

5.13%,

11/13/2026

(a)

2,000,000‌

1,988,253‌

SBL

Holdings,

Inc.,

6.50%,

Perpetual

(H15T5Y

+

562.0bps)

(a),(b)

1,393,000‌

1,225,840‌

SBL

Holdings,

Inc.,

7.00%,

Perpetual

(H15T5Y

+

558.0bps)

(a),(b)

1,000,000‌

898,750‌

Standard

Chartered

PLC,

4.30%,

Perpetual

(a),(b)

500,000‌

415,000‌

Standard

Life

Aberdeen

PLC,

4.25%,

6/30/2028

1,550,000‌

1,527,922‌

Truist

Financial

Corp.,

Series

M,

5.13%,

Perpetual

(3MO

LIBOR

+

278.6bps)

(b)

2,000,000‌

1,845,600‌

UniCredit

SpA,

7.83%,

12/4/2023

(a)

3,000,000‌

3,154,638‌

UniCredit

SpA,

5.86%,

6/19/2032

(USISDA05

+

370.3bps)

(a),(b)

2,000,000‌

1,906,606‌

UniCredit

SpA,

5.46%,

6/30/2035

(H15T5Y

+

475.0bps)

(a),(b)

500,000‌

451,700‌

Unifin

Financiera

SAB

de

CV

Sociedad

Financiera

de

Objeto

Multiple,

Entidad

No

Regulada,

8.38%,

1/27/2028

(a)

1,000,000‌

612,000‌

Voya

Financial,

Inc.,

5.65%,

5/15/2053

(3MO

LIBOR

+

358.0bps)

(b)

2,000,000‌

1,992,510‌

WT

Holdings,

Inc.,

7.00%,

4/30/2023

1,000,000‌

996,742‌

WT

Holdings,

Inc.,

5.50%,

4/30/2028

(a)

1,000,000‌

895,000‌

Zions

Bancorp,

5.80%,

Perpetual

(3MO

LIBOR

+

380.0bps)

(b)

1,000,000‌

985,262‌

138,571,411‌

Health

Care

—

1.50%

Jazz

Securities

DAC,

4.38%,

1/15/2029

(a)

500,000‌

461,262‌

Organon

Finance

1

LLC,

4.13%,

4/30/2028

(a)

1,000,000‌

931,400‌

Perrigo

Co.

PLC,

5.30%,

11/15/2043

1,000,000‌

827,342‌

Perrigo

Finance

Unlimited

Co.,

3.15%,

6/15/2030

1,000,000‌

899,071‌

Perrigo

Finance

Unlimited

Co.,

4.90%,

12/15/2044

2,000,000‌

1,600,528‌

Viatris,

Inc.,

3.85%,

6/22/2040

1,000,000‌

779,727‌

5,499,330‌

Industrials

—

7.27%

ADT

Security

Corp.

(The),

4.13%,

8/1/2029

(a)

1,000,000‌

850,765‌

ADT

Security

Corp.

(The),

4.88%,

7/15/2032

(a)

3,500,000‌

2,968,770‌

Air

Canada

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.13%,

5/15/2025

(a)

1,236,891‌

1,198,258‌

American

Airlines

Pass

Through

Trust,

Series

2013-2,

Class

A,

4.95%,

1/15/2023

1,202,840‌

1,195,399‌

American

Airlines

Pass

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

1,000,000‌

904,968‌

American

Airlines,

Inc.

Pass

Through

Trust,

Series

2015-1,

Class

B,

3.70%,

5/1/2023

959,158‌

938,450‌

Dycom

Industries,

Inc.,

4.50%,

4/15/2029

(a)

1,000,000‌

913,715‌

General

Electric

Co.,

4.10%,

Perpetual

(b)

600,000‌

456,000‌

General

Electric

Co.,

Series

D,

4.16%,

Perpetual

(3MO

LIBOR

+

333.0bps)

(b)

500,000‌

474,310‌

Prime

Security

Services

Borrower

LLC,

Class

B,

5.75%,

4/15/2026

(a)

2,000,000‌

1,920,960‌

Seaspan

Corp.,

6.50%,

4/26/2026

2,000,000‌

2,045,000‌

Seaspan

Corp.,

5.50%,

8/1/2029

(a)

1,000,000‌

884,250‌

Stena

International

SA,

5.75%,

3/1/2024

(a)

3,730,000‌

3,672,600‌

Textron

Financial

Corp.,

2.24%,

2/15/2042

(3MO

LIBOR

+

173.5bps)

(a),(b)

2,400,000‌

2,012,904‌

Triton

Container

International

Ltd.,

3.25%,

3/15/2032

500,000‌

426,797‌

Union

Pacific

Corp.,

2.95%,

3/10/2052

1,000,000‌

768,134‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Union

Pacific

Corp.,

3.50%,

2/14/2053

$

500,000‌

$

424,188‌

United

Airlines

Pass

Through

Trust,

Series

2016-2B,

Class

B,

3.65%,

10/7/2025

614,583‌

574,740‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

830,000‌

801,988‌

United

Airlines

Pass

Through

Trust,

Series

2016-2,

Class

A,

3.10%,

4/7/2030

762,121‌

685,377‌

United

Airlines,

Inc.,

4.38%,

4/15/2026

(a)

50,000‌

48,325‌

US

Airways

Pass

Through

Trust,

Series

2011-1,

Class

A,

7.13%,

10/22/2023

374,446‌

380,190‌

US

Airways

Pass

Through

Trust,

Series

2012-2,

Class

A,

4.63%,

6/3/2025

1,667,753‌

1,602,508‌

ZipRecruiter,

Inc.,

5.00%,

1/15/2030

(a)

500,000‌

468,165‌

26,616,761‌

Materials

—

3.35%

Alcoa

Nederland

Holding

BV,

5.50%,

12/15/2027

(a)

1,000,000‌

996,145‌

Ball

Corp.,

2.88%,

8/15/2030

1,000,000‌

842,490‌

Bemis

Co.,

Inc.,

2.63%,

6/19/2030

500,000‌

440,076‌

Canpack

SA,

3.88%,

11/15/2029

(a)

500,000‌

430,052‌

Coeur

Mining,

Inc.,

5.13%,

2/15/2029

(a)

1,000,000‌

803,765‌

Commercial

Metals

Co.,

3.88%,

2/15/2031

500,000‌

441,405‌

Domtar

Corp.,

6.25%,

9/1/2042

1,000,000‌

714,087‌

Freeport-McMoRan,

Inc.,

5.25%,

9/1/2029

1,000,000‌

1,003,535‌

Glencore

Funding

LLC,

2.63%,

9/23/2031

(a)

500,000‌

417,968‌

Kinross

Gold

Corp.,

6.88%,

9/1/2041

2,845,000‌

2,996,741‌

Mosaic

Co.

(The),

5.45%,

11/15/2033

1,000,000‌

1,064,982‌

Reynolds

Group

Issuer,

Inc.,

4.00%,

10/15/2027

(a)

1,000,000‌

873,905‌

Unigel

Luxembourg

SA,

8.75%,

10/1/2026

(a)

1,000,000‌

1,037,395‌

WRKCo,

Inc.,

3.00%,

6/15/2033

250,000‌

218,102‌

12,280,648‌

Real

Estate

—

0.55%

Iron

Mountain,

Inc.,

4.88%,

9/15/2029

(a)

1,000,000‌

917,850‌

Iron

Mountain,

Inc.,

5.25%,

7/15/2030

(a)

1,000,000‌

918,270‌

SBA

Communications

Corp.,

3.88%,

2/15/2027

(a)

200,000‌

190,040‌

2,026,160‌

Technology

—

2.39%

Broadcom,

Inc.,

4.15%,

11/15/2030

500,000‌

474,205‌

Broadcom,

Inc.,

4.15%,

11/15/2030

500,000‌

474,205‌

Broadcom,

Inc.,

2.60%,

2/15/2033

(a)

1,000,000‌

804,478‌

Broadcom,

Inc.,

3.50%,

2/15/2041

(a)

1,000,000‌

778,966‌

HP,

Inc.,

6.00%,

9/15/2041

2,538,000‌

2,645,675‌

Kyndryl

Holdings,

Inc.,

2.05%,

10/15/2026

(a)

1,000,000‌

873,917‌

Kyndryl

Holdings,

Inc.,

3.15%,

10/15/2031

(a)

1,000,000‌

777,884‌

NCR

Corp.,

5.13%,

4/15/2029

(a)

1,000,000‌

954,155‌

Nielsen

Finance

LLC,

4.75%,

7/15/2031

(a)

1,000,000‌

946,675‌

8,730,160‌

Utilities

—

4.08%

AEP

Texas,

Inc.,

Series

I,

2.10%,

7/1/2030

500,000‌

423,045‌

Appalachian

Power

Co.,

Series

Z,

3.70%,

5/1/2050

1,000,000‌

837,350‌

Dayton

Power

&

Light

Co.

(The),

3.95%,

6/15/2049

1,000,000‌

908,869‌

Dominion

Energy,

Inc.,

4.35%,

Perpetual

(b)

1,000,000‌

918,300‌

Duke

Energy

Progress

LLC,

2.50%,

8/15/2050

1,000,000‌

716,379‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Kentucky

Utilities

Co.,

3.30%,

6/1/2050

$

1,000,000‌

$

810,996‌

NextEra

Energy

Capital

Holdings,

Inc.,

3.03%,

10/1/2066

(3MO

LIBOR

+

206.7bps)

(b)

2,750,000‌

2,351,250‌

NRG

Energy,

Inc.,

4.45%,

6/15/2029

(a)

1,000,000‌

960,104‌

Pacific

Gas

and

Electric

Co.,

4.25%,

3/15/2046

500,000‌

383,084‌

Pacific

Gas

and

Electric

Co.,

3.50%,

8/1/2050

500,000‌

349,263‌

PPL

Capital

Funding,

Inc.,

Series

A,

3.66%,

3/30/2067

(3MO

LIBOR

+

266.5bps)

(b)

2,000,000‌

1,749,024‌

Southern

California

Edison

Co.,

Series

B,

4.88%,

3/1/2049

1,000,000‌

971,194‌

Topaz

Solar

Farms

LLC,

5.75%,

9/30/2039

(a)

934,222‌

950,543‌

Vistra

Operations

Co.

LLC,

4.38%,

5/1/2029

(a)

1,000,000‌

908,740‌

WEC

Energy

Group,

Inc.,

2.62%,

5/15/2067

(3MO

LIBOR

+

211.3bps)

(b)

2,000,000‌

1,716,420‌

14,954,561‌

Total

Corporate

Bonds

and

Notes

(Cost $272,618,091)

256,654,335‌

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

19.30%

ACC

Trust,

Series

2022-1,

Class

C,

3.24%,

10/20/2025

(a)

1,000,000‌

952,124‌

American

Credit

Acceptance

Receivables

Trust,

Series

2019-2,

Class

E,

4.29%,

6/12/2025

(a)

2,000,000‌

2,014,269‌

American

Credit

Acceptance

Receivables

Trust,

Series

2019-3,

Class

F,

5.42%,

5/12/2026

(a)

550,000‌

552,282‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-2,

Class

E,

2.54%,

7/13/2027

(a)

1,000,000‌

947,267‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-3,

Class

E,

2.56%,

11/15/2027

(a)

3,000,000‌

2,807,332‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-4,

Class

E,

3.12%,

2/14/2028

(a)

1,000,000‌

953,616‌

Amur

Equipment

Finance

Receivables

LLC,

Series

2022-1A,

Class

E,

5.02%,

12/20/2028

(a)

750,000‌

715,078‌

CarNow

Auto

Receivables

Trust,

Series

2021-1A,

Class

D,

3.64%,

2/17/2026

(a)

1,000,000‌

961,838‌

Carvana

Auto

Receivables

Trust,

Series

2019-2A,

Class

E,

5.01%,

4/15/2026

(a)

750,000‌

753,204‌

Carvana

Auto

Receivables

Trust,

Series

2020-N1A,

Class

E,

5.20%,

7/15/2027

(a)

1,000,000‌

994,707‌

Carvana

Auto

Receivables

Trust,

Series

2021-N3,

Class

E,

3.16%,

6/12/2028

(a)

2,250,000‌

2,129,177‌

Carvana

Auto

Receivables

Trust,

Series

2021-N4,

Class

E,

4.53%,

9/11/2028

(a)

1,500,000‌

1,400,250‌

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

E,

6.01%,

12/11/2028

(a)

1,250,000‌

1,209,014‌

Conn's

Receivables

Funding

LLC,

Series

2021-A,

Class

B,

2.87%,

5/15/2026

(a)

1,000,000‌

972,295‌

Continental

Credit

Card

ABS,

Series

2019-1A,

Class

C,

6.16%,

3/15/2023

(a)

3,000,000‌

2,970,997‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2021-A,

Class

C,

4.02%,

12/17/2029

(a)

1,000,000‌

944,646‌

CPS

Auto

Receivables

Trust,

Series

2019-C,

Class

E,

4.30%,

9/15/2023

(a)

2,000,000‌

2,008,644‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

CPS

Auto

Receivables

Trust,

Series

2022-A,

Class

E,

4.88%,

4/16/2029

(a)

$

1,000,000‌

$

954,719‌

DT

Auto

Owner

Trust,

Series

2020-2A,

Class

D,

4.73%,

3/16/2026

(a)

500,000‌

505,740‌

DT

Auto

Owner

Trust,

Series

2019-3A,

Class

E,

3.85%,

8/17/2026

(a)

2,750,000‌

2,753,985‌

DT

Auto

Owner

Trust,

Series

2021-2A,

Class

E,

2.97%,

7/17/2028

(a)

1,000,000‌

928,316‌

DT

Auto

Owner

Trust,

Series

2021-4A,

Class

E,

3.34%,

7/17/2028

(a)

1,000,000‌

915,924‌

DT

Auto

Owner

Trust,

Series

2022-1A,

Class

E,

5.53%,

3/15/2029

(a)

1,000,000‌

958,830‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/18/2025

(a)

1,155,000‌

1,100,328‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

E,

4.02%,

1/17/2028

(a)

2,000,000‌

1,901,558‌

Exeter

Automobile

Receivables

Trust,

Series

2021-2A,

Class

E,

2.90%,

7/17/2028

(a)

1,000,000‌

945,214‌

Exeter

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.04%,

12/15/2028

(a)

1,000,000‌

945,338‌

First

Investors

Auto

Owner

Trust,

Series

2019-2A,

Class

F,

5.69%,

10/16/2023

(a)

2,000,000‌

2,001,854‌

Flagship

Credit

Auto

Trust,

Series

2018-3,

Class

E,

5.28%,

12/15/2025

(a)

2,000,000‌

2,027,550‌

Flagship

Credit

Auto

Trust,

Series

2021-2,

Class

E,

3.16%,

9/15/2028

(a)

1,150,000‌

1,067,986‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-1,

Class

E,

2.98%,

4/15/2027

(a)

1,270,000‌

1,201,255‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-2,

Class

E,

3.35%,

10/15/2027

(a)

500,000‌

480,547‌

Global

SC

Finance

VII

Srl,

Series

2020-1A,

Class

A,

2.17%,

10/17/2040

(a)

412,608‌

384,606‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2019-3A,

Class

D,

3.84%,

5/15/2026

(a)

3,000,000‌

2,978,258‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-1A,

Class

E,

3.14%,

1/18/2028

(a)

2,000,000‌

1,904,920‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

E,

4.43%,

10/16/2028

(a)

1,000,000‌

939,281‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-3A,

Class

E,

3.20%,

10/16/2028

(a)

1,000,000‌

914,665‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2022-1A,

Class

E,

5.64%,

5/15/2029

(a)

1,000,000‌

962,687‌

Helios

Issuer

LLC,

Series

2021-A,

Class

B,

3.15%,

2/22/2048

(a)

850,241‌

738,248‌

HERO

Funding

Trust,

Series

2021-1A,

Class

B,

4.00%,

9/20/2051

(a)

446,779‌

421,155‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-3GS,

Class

C,

3.50%,

12/20/2047

(a)

985,419‌

845,713‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-2GS,

Class

C,

3.50%,

3/20/2048

(a)

1,000,000‌

886,348‌

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A2,

4.06%,

1/15/2045

(a)

980,190‌

932,221‌

METAL

Cayman

LLC,

Series

2017-1,

Class

B,

6.50%,

10/15/2042

(a)

3,702,368‌

1,099,422‌

Mosaic

Solar

Loan

Trust,

Series

2021-1A,

Class

D,

3.71%,

12/20/2046

(a)

926,947‌

874,243‌

Pawnee

Equipment

Receivables

LLC,

Series

2019-1,

Class

E,

3.80%,

1/15/2026

(a)

467,000‌

451,407‌

Purchasing

Power

Funding

LLC,

Series

2021-A,

Class

C,

2.53%,

10/15/2025

(a)

1,000,000‌

971,104‌

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

3.21%,

4/20/2034

(a),(b)

1,000,000‌

989,976‌

Regatta

XVIII

Funding

Ltd.,

Series

2021-1A,

Class

C,

2.79%,

1/15/2034

(a),(b)

1,000,000‌

990,405‌

Sapphire

Aviation

Finance

I

Ltd.,

Series

2018-1A,

Class

C,

7.39%,

3/15/2040

(a)

2,962,439‌

683,420‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

SCF

Equipment

Leasing

LLC,

Series

2021-1A,

Class

E,

3.56%,

8/20/2032

(a)

$

750,000‌

$

707,058‌

Textainer

Marine

Containers

Ltd.,

Series

2021-3A,

Class

A,

1.94%,

8/20/2046

(a)

1,136,000‌

1,009,260‌

Trinity

Rail

Leasing

2021

LLC,

Series

2021-1A,

Class

B,

3.08%,

7/19/2051

(a)

500,000‌

445,515‌

Triton

Container

Finance

VIII

LLC,

Series

2020-1A,

Class

A,

2.11%,

9/20/2045

(a)

865,417‌

790,699‌

TRP

LLC,

Series

2021-2,

Class

B,

3.08%,

6/19/2051

(a)

950,000‌

856,707‌

United

Auto

Credit

Securitization

Trust,

Series

2021-1,

Class

E,

2.58%,

6/10/2026

(a)

1,000,000‌

971,953‌

US

Auto

Funding

LLC,

Series

2019-1A,

Class

D,

8.06%,

11/15/2025

(a)

3,000,000‌

3,031,484‌

US

Auto

Funding

LLC,

Series

2021-1A,

Class

C,

2.20%,

5/15/2026

(a)

1,125,000‌

1,062,980‌

US

Auto

Funding

LLC,

Series

2021-1A,

Class

E,

6.32%,

9/15/2028

(a)

500,000‌

474,305‌

USQ

Rail

II

LLC,

Series

2021-3,

Class

B,

2.98%,

6/28/2051

(a)

500,000‌

449,417‌

Westlake

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.42%,

4/15/2027

(a)

1,000,000‌

934,904‌

Total

Asset

Backed

Securities

(Cost $77,289,610)

70,678,245‌

Principal

Amount

Fair

Value

FOREIGN

BONDS

—

0.23%

Mexican

Government

International

Bond,

3.50%,

2/12/2034

1,000,000‌

847,540‌

Total

Foreign

Bonds

(Cost $995,374)

847,540‌

Principal

Amount

Fair

Value

U.S.

GOVERNMENT

&

AGENCIES

—

3.57%

Fannie

Mae,

Pool

#BP2175,

3.00%,

2/1/2035

629,302‌

620,809‌

Fannie

Mae,

Pool

#BR2084,

1.91%,

6/1/2051

(b)

820,022‌

780,406‌

Fannie

Mae,

Pool

#BT1339,

2.50%,

7/1/2051

1,854,769‌

1,697,382‌

Fannie

Mae,

Pool

#BT3256,

2.50%,

7/1/2051

949,612‌

869,062‌

Fannie

Mae,

Pool

#BQ7422,

2.50%,

8/1/2051

984,367‌

904,370‌

Federal

Agricultural

Mortgage

Corp.,

3.05%,

6/29/2032

500,000‌

479,347‌

Federal

Farm

Credit

Bank,

2.13%,

5/21/2040

1,000,000‌

781,988‌

Federal

Farm

Credit

Bank,

1.95%,

8/13/2040

1,000,000‌

756,250‌

Federal

Farm

Credit

Bank,

2.07%,

12/21/2040

500,000‌

382,867‌

Federal

Home

Loan

Bank,

2.01%,

7/16/2040

1,000,000‌

765,115‌

Federal

Home

Loan

Mortgage

Corp.,

1.75%,

7/27/2035

1,500,000‌

1,223,304‌

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

967,953‌

870,833‌

Freddie

Mac,

Pool

#RA2314,

3.50%,

3/1/2050

437,508‌

426,621‌

Freddie

Mac,

Pool

#RA2657,

3.50%,

5/1/2050

957,726‌

934,589‌

Freddie

Mac,

Pool

#SD0430,

2.50%,

8/1/2050

751,671‌

689,358‌

Freddie

Mac,

Pool

#QC3907,

2.50%,

7/1/2051

968,810‌

886,770‌

Total

U.S.

Government

&

Agencies

(Cost $15,323,486)

13,069,071‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Principal

Amount

Fair

Value

COLLATERALIZED

LOAN

OBLIGATIONS

—

5.87%

Apex

Credit

CLO

Ltd.,

Series

2018-1A,

Class

B,

2.78%,

4/25/2031

(3MO

LIBOR

+

160.0bps)

(a),(b)

$

1,190,000‌

$

1,184,764‌

Apex

Credit

CLO

Ltd.,

Series

2018-2A,

Class

C2R,

3.66%,

10/20/2031

(a)

420,000‌

416,810‌

Atrium

XII,

Series

2012-A,

Class

CR,

2.79%,

4/22/2027

(3MO

LIBOR

+

165.0bps)

(a),(b)

2,500,000‌

2,478,707‌

Benefit

Street

Partners

CLO

X

Ltd.,

Series

2016-10A,

Class

BRR,

3.21%,

4/20/2034

(a),(b)

250,000‌

247,596‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

C,

3.19%,

1/15/2035

(a),(b)

1,000,000‌

989,748‌

Carlyle

Global

Market

Strategies

CLO,

Series

2017-1A,

Class

BR,

3.26%,

4/20/2031

(a),(b)

1,000,000‌

992,622‌

Carlyle

Global

Market

Strategies

CLO,

Series

2016-3A,

Class

CRR,

3.26%,

7/20/2034

(a),(b)

375,000‌

371,357‌

Connecticut

Avenue

Securities

Trust,

Series

2021-R03,

Class

1B1,

3.04%,

12/25/2041

(a),(b)

1,000,000‌

908,566‌

Hildene

TruPS

Financials

Note

Securitization

Ltd.,

Series

2019-2A,

Class

A2,

2.93%,

5/22/2039

(3MO

LIBOR

+

245.0bps)

(a),(b)

3,000,000‌

3,000,000‌

HPS

Loan

Management

Ltd.,

Series

2010A-16,

Class

BRR,

3.11%,

4/20/2034

(a),(b)

1,000,000‌

990,308‌

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

BRR,

3.24%,

10/15/2032

(a),(b)

1,000,000‌

990,048‌

Madison

Park

Funding

XXXVIII

Ltd.,

Series

2021-38A,

Class

C,

2.94%,

7/17/2034

(a),(b)

1,000,000‌

988,825‌

Palmer

Square

CLO

Ltd.,

Series

2022-1A,

Class

C,

2.52%,

4/20/2035

(a),(b)

1,000,000‌

992,080‌

Rockford

Tower

CLO

Ltd.,

Series

2019-2A,

Class

CR,

2.16%,

8/20/2032

(3MO

LIBOR

+

200.0bps)

(a),(b)

1,000,000‌

991,986‌

Venture

CLO

Ltd.,

Series

2018-31A,

Class

C1,

3.01%,

4/20/2031

(a),(b)

1,000,000‌

978,867‌

Wellfleet

CLO

Ltd.,

Series

2016-1A,

Class

CR,

3.06%,

4/20/2028

(3MO

LIBOR

+

200.0bps)

(a),(b)

3,000,000‌

2,974,950‌

Zais

CLO5

Ltd.,

Series

2016-2A,

Class

B,

4.34%,

10/15/2028

(3MO

LIBOR

+

330.0bps)

(a),(b)

2,000,000‌

1,994,962‌

Total

Collateralized

Loan

Obligations

(Cost $21,596,302)

21,492,196‌

Total

Investments

—

99.06%

(Cost

$387,822,863)

362,741,387‌

Other

Assets

in

Excess

of

Liabilities 

—

 0.94%

3,433,791‌

Net

Assets

—

100.00%

$

366,175,178‌

(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

April

30,

2022

was

$196,408,382,

representing

53.64%

of

net

assets.

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

April

30,

2022.

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.

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

April

30,

2022

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

58.02%

Communications

—

1.25%

AT&T,

Inc.,

0.92%,

3/25/2024

(SOFR

+

64.0bps)

(a)

$

1,000,000‌

$

999,539‌

Expedia

Group,

Inc.,

5.00%,

2/15/2026

213,000‌

217,885‌

NBN

Co.

Ltd.,

MTN,

1.45%,

5/5/2026

(b)

1,000,000‌

906,443‌

Verizon

Communications,

Inc.,

1.61%,

5/15/2025

(3MO

LIBOR

+

110.0bps)

(a)

2,000,000‌

2,023,692‌

Verizon

Communications,

Inc.,

1.07%,

3/20/2026

(SOFR

+

79.0bps)

(a)

1,389,000‌

1,385,503‌

5,533,062‌

Consumer

Discretionary

—

6.39%

American

Honda

Finance

Corp.,

MTN,

1.50%,

1/13/2025

1,000,000‌

952,744‌

AutoNation,

Inc.,

3.50%,

11/15/2024

4,000,000‌

3,972,898‌

eBay,

Inc.,

1.40%,

5/10/2026

500,000‌

455,446‌

Ford

Motor

Co.,

4.35%,

12/8/2026

1,000,000‌

961,125‌

Ford

Motor

Credit

Co.,

LLC,

1.38%,

8/3/2022

(3MO

LIBOR

+

108.0bps)

(a)

110,000‌

109,831‌

Ford

Motor

Credit

Co.,

LLC,

1.74%,

2/15/2023

(3MO

LIBOR

+

123.5bps)

(a)

250,000‌

248,447‌

Ford

Motor

Credit

Co.,

LLC,

2.30%,

2/10/2025

1,000,000‌

929,910‌

Ford

Motor

Credit

Co.,

LLC,

3.38%,

11/13/2025

1,000,000‌

961,365‌

General

Motors

Financial

Co.,

Inc.,

1.95%,

1/5/2023

(3MO

LIBOR

+

99.0bps)

(a)

750,000‌

750,428‌

General

Motors

Financial

Co.,

Inc.,

1.20%,

10/15/2024

1,000,000‌

939,702‌

General

Motors

Financial

Co.,

Inc.,

1.25%,

1/8/2026

1,000,000‌

895,810‌

General

Motors

Financial

Co.,

Inc.,

1.50%,

6/10/2026

1,000,000‌

891,489‌

General

Motors

Financial

Co.,

Inc.,

1.32%,

2/26/2027

(SOFR

+

104.0bps)

(a)

500,000‌

488,547‌

Hyatt

Hotels

Corp.,

1.30%,

10/1/2023

500,000‌

486,012‌

Hyundai

Capital

America,

1.25%,

9/18/2023

(b)

1,000,000‌

970,552‌

Hyundai

Capital

America,

4.30%,

2/1/2024

(b)

1,000,000‌

1,009,195‌

Hyundai

Capital

America,

0.88%,

6/14/2024

(b)

500,000‌

469,944‌

Hyundai

Capital

America,

1.00%,

9/17/2024

(b)

500,000‌

465,853‌

Kia

Corp.,

1.00%,

4/16/2024

(b)

1,000,000‌

953,684‌

Marriott

International,

Inc.,

3.75%,

3/15/2025

2,000,000‌

2,007,110‌

Nissan

Motor

Acceptance

Co.,

LLC,

1.13%,

9/16/2024

(b)

500,000‌

465,190‌

Nissan

Motor

Acceptance

Corp.,

1.66%,

9/28/2022

(3MO

LIBOR

+

69.0bps)

(a),(b)

2,000,000‌

1,998,078‌

Nissan

Motor

Acceptance

Corp.,

1.25%,

3/8/2024

(3MO

LIBOR

+

64.0bps)

(a),(b)

805,000‌

801,341‌

Nissan

Motor

Co.

Ltd.,

3.04%,

9/15/2023

(b)

1,100,000‌

1,089,768‌

Nissan

Motor

Co.

Ltd.,

3.52%,

9/17/2025

(b)

2,000,000‌

1,933,921‌

QVC,

Inc.,

4.38%,

3/15/2023

2,636,000‌

2,639,414‌

Starbucks

Corp.,

1.20%,

2/14/2024

(SOFR

+

42.0bps)

(a)

500,000‌

500,528‌

28,348,332‌

Consumer

Staples

—

0.77%

7-Eleven,

Inc.,

0.80%,

2/10/2024

(b)

1,000,000‌

953,485‌

JDE

Peet's

NV,

1.38%,

1/15/2027

(b)

250,000‌

218,381‌

Mitsubishi

Corp.,

1.13%,

7/15/2026

(b)

500,000‌

452,352‌

Mondelez

International

Holdings

Netherlands

BV,

1.25%,

9/24/2026

(b)

1,000,000‌

900,377‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Viterra

Finance

BV,

2.00%,

4/21/2026

(b)

$

1,000,000‌

$

897,407‌

3,422,002‌

Financials

—

32.78%

AerCap

Ireland

Capital,

3.50%,

1/15/2025

2,000,000‌

1,925,523‌

AerCap

Ireland

Capital

DAC,

1.65%,

10/29/2024

1,000,000‌

933,166‌

AIG

Global

Funding,

0.65%,

6/17/2024

(b)

1,000,000‌

941,911‌

Air

Lease

Corp.,

2.25%,

1/15/2023

250,000‌

249,139‌

Air

Lease

Corp.,

0.80%,

8/18/2024

1,000,000‌

930,593‌

Air

Lease

Corp.,

1.88%,

8/15/2026

500,000‌

446,552‌

Allied

World

Assurance

Co.

Holdings

Ltd.,

4.35%,

10/29/2025

1,800,000‌

1,791,758‌

Ally

Financial,

Inc.,

3.05%,

6/5/2023

500,000‌

499,349‌

Antares

Holdings

LP,

6.00%,

8/15/2023

(b)

3,000,000‌

3,045,948‌

Antares

Holdings

LP,

3.95%,

7/15/2026

(b)

1,500,000‌

1,378,428‌

Athene

Global

Funding,

1.20%,

10/13/2023

(b)

500,000‌

483,977‌

Athene

Global

Funding,

2.75%,

6/25/2024

(b)

1,250,000‌

1,221,029‌

Athene

Global

Funding,

0.84%,

8/19/2024

(SOFR

+

56.0bps)

(a),(b)

1,000,000‌

983,900‌

Athene

Global

Funding,

1.00%,

1/7/2025

(SOFR

+

71.5bps)

(a),(b)

1,000,000‌

986,974‌

Aviation

Capital

Group

LLC,

1.95%,

1/30/2026

(b)

1,000,000‌

894,436‌

Avolon

Holdings

Funding

Ltd.,

2.13%,

2/21/2026

(b)

2,000,000‌

1,793,287‌

Banco

Santander

Chile,

2.70%,

1/10/2025

(b)

150,000‌

143,890‌

Banco

Santander

SA,

1.36%,

4/12/2023

(3MO

LIBOR

+

112.0bps)

(a)

1,200,000‌

1,207,928‌

Banco

Santander

SA,

2.75%,

5/28/2025

1,000,000‌

957,076‌

Banco

Santander

SA,

5.18%,

11/19/2025

400,000‌

407,406‌

Bank

of

America

Corp.,

MTN,

1.17%,

12/1/2026

(3MO

LIBOR

+

65.0bps)

(a)

3,212,000‌

3,073,097‌

Bank

of

Ireland

Group

PLC,

4.50%,

11/25/2023

(b)

3,465,000‌

3,494,443‌

Bank

of

Nova

Scotia

(The),

0.83%,

3/2/2026

(SOFR

+

54.5bps)

(a)

2,000,000‌

1,977,948‌

Barclays

PLC,

MTN,

1.84%,

5/16/2024

(3MO

LIBOR

+

138.0bps)

(a)

1,000,000‌

1,006,466‌

Barclays

PLC,

MTN,

4.34%,

5/16/2024

(3MO

LIBOR

+

140.0bps)

(a)

2,000,000‌

2,016,880‌

BGC

Partners,

Inc.,

3.75%,

10/1/2024

4,000,000‌

3,963,555‌

BPCE

SA,

2.04%,

9/12/2023

(3MO

LIBOR

+

124.0bps)

(a),(b)

1,430,000‌

1,442,364‌

BPCE

SA,

2.38%,

1/14/2025

(b)

500,000‌

478,537‌

Brighthouse

Financial

Global

Funding,

MTN,

1.04%,

4/12/2024

(SOFR

+76.0bps)

(a),(b)

1,000,000‌

1,002,496‌

Canadian

Imperial

Bank

of

Commerce,

MTN,

1.75%,

7/28/2022

(a)

171,000‌

171,012‌

Capital

One

Financial

Corp.,

2.60%,

5/11/2023

1,000,000‌

998,022‌

Capital

One

Financial

Corp.,

0.97%,

12/6/2024

(SOFR

+

69.0bps)

(a)

1,000,000‌

996,858‌

Citadel

Finance

LLC,

3.38%,

3/9/2026

(b)

2,000,000‌

1,867,009‌

Citigroup,

Inc.,

1.05%,

6/9/2027

(SOFR

+

77.0bps)

(a)

1,000,000‌

973,850‌

Citizens

Financial

Group,

Inc.,

4.30%,

12/3/2025

3,000,000‌

3,023,783‌

CNO

Global

Funding,

1.75%,

10/7/2026

(b)

500,000‌

451,758‌

Credit

Agricole

SA,

2.20%,

4/24/2023

(3MO

LIBOR

+

102.0bps)

(a),(b)

1,000,000‌

1,004,605‌

Credit

Suisse

Group

AG,

2.04%,

6/12/2024

(3MO

LIBOR

+

124.0bps)

(a),(b)

4,000,000‌

4,019,808‌

Danske

Bank

A/S,

MTN,

1.86%,

9/12/2023

(3MO

LIBOR

+

106.0bps)

(a),(b)

2,000,000‌

2,006,727‌

Danske

Bank

A/S,

3.88%,

9/12/2023

(b)

3,000,000‌

3,013,574‌

Danske

Bank

A/S,

1.17%,

12/8/2023

(a),(b)

500,000‌

492,962‌

Drawbridge

Special

Opportunities

Fund

LP,

3.88%,

2/15/2026

(b)

2,000,000‌

1,889,848‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/2025

(b)

1,000,000‌

933,028‌

Equitable

Financial

Life

Global

Funding,

1.00%,

1/9/2026

(b)

500,000‌

450,253‌

Equitable

Financial

Life

Global

Funding,

1.70%,

11/12/2026

(b)

1,000,000‌

909,104‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

F&G

Global

Funding,

0.90%,

9/20/2024

(b)

$

500,000‌

$

467,218‌

F&G

Global

Funding,

1.75%,

6/30/2026

(b)

500,000‌

456,118‌

First

Horizon

National

Corp.,

3.55%,

5/26/2023

1,000,000‌

1,001,173‌

GA

Global

Funding

Trust,

1.00%,

4/8/2024

(b)

1,000,000‌

949,145‌

GA

Global

Funding

Trust,

1.63%,

1/15/2026

(b)

1,000,000‌

911,925‌

GE

Capital

International

Funding

Co.,

3.37%,

11/15/2025

200,000‌

198,256‌

Goldman

Sachs

Group,

Inc.

(The),

0.90%,

12/6/2023

(SOFR

+

62.0bps)

(a)

1,000,000‌

994,968‌

Goldman

Sachs

Group,

Inc.

(The),

1.09%,

3/9/2027

(SOFR

+

81.0bps)

(a)

1,000,000‌

976,953‌

Goldman

Sachs

Group,

Inc.

(The),

1.10%,

9/10/2027

(SOFR

+

82.0bps)

(a)

500,000‌

486,380‌

Goldman

Sachs

Group,

Inc.

(The),

1.20%,

10/21/2027

(SOFR

+

92.0bps)

(a)

2,000,000‌

1,961,816‌

Goldman

Sachs

Group,

Inc.

(The),

1.40%,

2/24/2028

(SOFR

+

112.0bps)

(a)

1,000,000‌

982,978‌

HSBC

Holdings

PLC,

4.25%,

3/14/2024

1,000,000‌

1,006,236‌

HSBC

Holdings

PLC,

1.49%,

5/18/2024

(3MO

LIBOR

+

100.0bps)

(a)

1,000,000‌

1,001,631‌

HSBC

Holdings

PLC,

0.73%,

8/17/2024

(a)

200,000‌

192,604‌

HSBC

Holdings

PLC,

4.25%,

8/18/2025

1,313,000‌

1,315,957‌

HSBC

Holdings

PLC,

2.18%,

9/12/2026

(3MO

LIBOR

+

138.0bps)

1,500,000‌

1,508,243‌

Huntington

Bancshares,

Inc.,

2.63%,

8/6/2024

1,000,000‌

982,105‌

ING

Groep

NV,

1.29%,

4/1/2027

(SOFR

+

101.0bps)

(a)

2,000,000‌

1,968,741‌

Intesa

Sanpaolo

SpA,

3.25%,

9/23/2024

(b)

4,000,000‌

3,922,425‌

Jackson

Financial,

Inc.,

1.13%,

11/22/2023

(b)

1,000,000‌

965,170‌

JPMorgan

Chase

&

Co.,

1.17%,

4/22/2027

(SOFR

+

88.5bps)

(a)

2,000,000‌

1,958,115‌

JPMorgan

Chase

&

Co.,

1.48%,

2/24/2028

(SOFR

+

118.0bps)

(a)

1,000,000‌

989,136‌

JPMorgan

Chase

&

Co.,

MTN,

1.96%,

6/22/2028

(a)

365,000‌

364,199‌

KeyCorp

Capital,

1.71%,

7/1/2028

(3MO

LIBOR

+

74.0bps)

(a)

1,000,000‌

958,297‌

Lloyds

Banking

Group

PLC,

1.33%,

6/15/2023

(H15T1Y

+

110.0bps)

(a)

500,000‌

499,032‌

Lloyds

Banking

Group

PLC,

4.58%,

12/10/2025

(b)

250,000‌

251,198‌

Macquarie

Group

Ltd.,

1.53%,

11/28/2023

(3MO

LIBOR

+

102.0bps)

(a),(b)

2,651,000‌

2,656,542‌

Macquarie

Group

Ltd.,

2.32%,

3/27/2024

(3MO

LIBOR

+

135.0bps)

(a),(b)

2,000,000‌

2,011,914‌

Macquarie

Group

Ltd.,

4.88%,

6/10/2025

(b)

285,000‌

288,014‌

Met

Tower

Global

Funding,

MTN,

1.25%,

9/14/2026

(b)

1,000,000‌

898,537‌

Metropolitan

Life

Global

Funding

I,

MTN,

0.85%,

1/13/2023

(SOFR

+

57.0bps)

(a),(b)

500,000‌

500,554‌

Metropolitan

Life

Global

Funding

I,

0.60%,

1/7/2024

(SOFR

+

32.0bps)

(a),(b)

1,000,000‌

996,136‌

Mitsubishi

UFJ

Financial

Group,

Inc.,

1.41%,

7/17/2025

1,000,000‌

923,470‌

Mitsubishi

UFJ

Financial

Group,

Inc.,

0.95%,

7/19/2025

(a)

1,000,000‌

940,055‌

Mizuho

Financial

Group,

Inc.,

1.88%,

7/16/2023

(3MO

LIBOR

+

84.0bps)

(a)

975,000‌

975,573‌

NatWest

Markets

PLC,

1.94%,

9/29/2022

(SOFR

+

166.2bps)

(a),(b)

1,000,000‌

1,004,452‌

Nomura

Holdings,

Inc.,

1.65%,

7/14/2026

1,000,000‌

898,899‌

Nordea

Bank

Abp,

1.45%,

8/30/2023

(3MO

LIBOR

+

94.0bps)

(a),(b)

1,000,000‌

1,005,286‌

Nordea

Bank

Abp,

MTN,

1.50%,

9/30/2026

(b)

1,000,000‌

898,277‌

Park

Aerospace

Holdings

Ltd.,

4.50%,

3/15/2023

(b)

2,500,000‌

2,508,862‌

Pricoa

Global

Funding

I,

MTN,

1.20%,

9/1/2026

(b)

500,000‌

448,620‌

Principal

Life

Global

Funding

II,

MTN,

1.50%,

11/17/2026

(b)

1,000,000‌

902,256‌

Protective

Life

Global

Funding,

MTN,

1.30%,

9/20/2026

(b)

500,000‌

448,684‌

Royal

Bank

of

Canada,

MTN,

0.99%,

1/21/2027

(SOFR

+

71.0bps)

(a)

1,000,000‌

984,487‌

Royal

Bank

of

Scotland

Group

PLC,

5.13%,

5/28/2024

1,000,000‌

1,018,694‌

Royal

Bank

of

Scotland

Group

PLC,

2.52%,

6/25/2024

(3MO

LIBOR

+

155.0bps)

(a)

3,000,000‌

3,019,291‌

Santander

Holdings

USA,

Inc.,

3.50%,

6/7/2024

2,500,000‌

2,486,788‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Santander

UK

PLC,

5.00%,

11/7/2023

(b)

$

1,000,000‌

$

1,017,240‌

Security

Benefit

Global

Funding,

MTN,

1.25%,

5/17/2024

(b)

1,000,000‌

948,400‌

SMBC

Aviation

Capital

Finance

DAC,

1.90%,

10/15/2026

(b)

1,000,000‌

866,718‌

Societe

Generale

SA,

5.00%,

1/17/2024

(b)

3,345,000‌

3,395,213‌

Societe

Generale

SA,

4.25%,

4/14/2025

(b)

3,000,000‌

2,972,317‌

Societe

Generale

SA,

1.33%,

1/21/2026

(SOFR

+

105.0bps)

(a),(b)

500,000‌

491,237‌

Societe

Generale

SA,

MTN,

1.79%,

6/9/2027

(a),(b)

500,000‌

441,843‌

Standard

Chartered

PLC,

3.95%,

1/11/2023

(b)

1,250,000‌

1,255,778‌

Standard

Chartered

PLC,

1.21%,

11/23/2025

(SOFR

+

93.0bps)

(a),(b)

254,000‌

252,171‌

Stifel

Financial

Corp.,

4.25%,

7/18/2024

3,000,000‌

3,031,069‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

1.88%,

10/16/2023

(3MO

LIBOR

+

80.0bps)

(a)

1,000,000‌

1,003,907‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

1.47%,

7/8/2025

500,000‌

463,213‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

1.16%,

1/14/2027

(SOFR

+

88.0bps)

(a)

1,000,000‌

994,235‌

Sumitomo

Mitsui

Trust

Bank

Ltd.,

MTN,

0.85%,

3/25/2024

(b)

1,000,000‌

952,705‌

Sumitomo

Mitsui

Trust

Bank

Ltd.,

MTN,

0.72%,

9/16/2024

(SOFR

+

44.0bps)

(a),(b)

2,000,000‌

1,988,223‌

TCF

National

Bank,

6.25%,

6/8/2022

1,000,000‌

1,003,361‌

Toronto-Dominion

Bank

(The),

MTN,

0.87%,

9/10/2026

(SOFR

+

59.0bps)

(a)

1,000,000‌

984,972‌

Truist

Bank,

1.18%,

5/15/2027

(3MO

LIBOR

+

67.0bps)

(a)

1,500,000‌

1,441,148‌

UBS

AG/London,

0.73%,

8/9/2024

(SOFR

+

45.0bps)

(a),(b)

1,000,000‌

992,182‌

Wells

Fargo

&

Co.,

1.54%,

1/15/2027

(3MO

LIBOR

+

50.0bps)

(a)

2,000,000‌

1,905,346‌

WT

Holdings,

Inc.,

7.00%,

4/30/2023

(b)

3,000,000‌

2,990,226‌

145,357,171‌

Health

Care

—

1.69%

HCA,

Inc.,

5.00%,

3/15/2024

2,000,000‌

2,048,132‌

Highmark,

Inc.,

1.45%,

5/10/2026

(b)

500,000‌

453,590‌

McKesson

Corp.,

Class

B,

1.30%,

8/15/2026

1,000,000‌

898,706‌

PerkinElmer,

Inc.,

0.85%,

9/15/2024

500,000‌

468,935‌

Perrigo

Finance

Unlimited

Co.,

3.90%,

12/15/2024

2,250,000‌

2,216,411‌

Viatris,

Inc.,

1.65%,

6/22/2025

500,000‌

459,341‌

Zimmer

Biomet

Holdings,

Inc.,

1.45%,

11/22/2024

1,000,000‌

947,340‌

7,492,455‌

Industrials

—

5.21%

Air

Canada

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.13%,

5/15/2025

(b)

1,205,968‌

1,168,302‌

Air

Canada

Pass

Through

Trust,

Series

2017-1,

Class

B,

3.70%,

7/15/2026

(b)

657,407‌

626,308‌

American

Airlines

Pass

Through

Trust,

Series

2014-1,

Class

B,

4.38%,

10/1/2022

47,421‌

47,335‌

American

Airlines

Pass

Through

Trust,

Series

2013-2,

Class

A,

4.95%,

1/15/2023

477,699‌

474,744‌

American

Airlines

Pass

Through

Trust,

Series

2014-1,

Class

A,

3.70%,

10/1/2026

1,902,926‌

1,814,419‌

Ashtead

Capital,

Inc.,

1.50%,

8/12/2026

(b)

1,000,000‌

890,770‌

Boeing

Co.

(The),

1.43%,

2/4/2024

1,100,000‌

1,057,772‌

Boeing

Co.

(The),

2.20%,

2/4/2026

1,000,000‌

913,188‌

British

Airways

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.63%,

6/20/2024

(b)

879,757‌

879,556‌

CNH

Industrial

Capital

LLC,

1.88%,

1/15/2026

1,000,000‌

930,360‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Daimler

Trucks

Finance

North

America

LLC,

1.03%,

12/13/2024

(SOFR

+

75.0bps)

(a),(b)

$

1,000,000‌

$

996,549‌

Delta

Air

Lines

Pass

Through

Trust,

Series

2015-1,

Class

B,

4.25%,

7/30/2023

67,843‌

67,678‌

General

Electric

Co.,

MTN,

0.70%,

5/5/2026

(3MO

LIBOR

+

38.0bps)

(a)

975,000‌

953,797‌

PACCAR

Financial

Corp.,

MTN,

1.10%,

5/11/2026

500,000‌

455,869‌

Penske

Truck

Leasing

Co.

LP,

1.20%,

11/15/2025

(b)

1,000,000‌

909,117‌

Penske

Truck

Leasing

Co.

LP,

1.70%,

6/15/2026

(b)

1,000,000‌

907,602‌

Stanley

Black

&

Decker,

Inc.,

2.30%,

2/24/2025

1,000,000‌

971,386‌

Triton

Container

International

Ltd.,

0.80%,

8/1/2023

(b)

555,000‌

534,575‌

Triton

Container

International

Ltd.,

1.15%,

6/7/2024

(b)

1,000,000‌

942,404‌

Triton

Container

International

Ltd.,

2.05%,

4/15/2026

(b)

1,000,000‌

910,007‌

United

Airlines

Pass

Through

Trust,

Series

2014-2,

Class

B,

4.63%,

9/3/2022

1,198,986‌

1,203,965‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

830,000‌

801,988‌

United

Airlines

Pass

Through

Trust,

Series

2016-1,

Class

A,

3.45%,

7/7/2028

762,556‌

698,492‌

United

Parcel

Service,

Inc.,

1.42%,

4/1/2023

(3MO

LIBOR

+

45.0bps)

(a)

2,030,000‌

2,034,487‌

US

Airways

Pass

Through

Trust,

Series

2012-2,

Class

A,

4.63%,

6/3/2025

49,748‌

47,802‌

US

Airways

Pass

Through

Trust,

Series

2013-1,

Class

A,

3.95%,

11/15/2025

1,019,222‌

966,173‌

Vontier

Corp.,

1.80%,

4/1/2026

1,000,000‌

890,680‌

23,095,325‌

Materials

—

1.63%

Berry

Global,

Inc.,

0.95%,

2/15/2024

1,000,000‌

954,775‌

Berry

Global,

Inc.,

1.57%,

1/15/2026

1,000,000‌

910,391‌

Berry

Global,

Inc.,

1.65%,

1/15/2027

2,000,000‌

1,774,895‌

Glencore

Funding

LLC,

1.63%,

4/27/2026

(b)

1,000,000‌

905,916‌

Graphic

Packaging

International

LLC,

1.51%,

4/15/2026

(b)

1,000,000‌

902,709‌

Sealed

Air

Corp.,

1.57%,

10/15/2026

(b)

1,000,000‌

884,342‌

Silgan

Holdings,

Inc.,

1.40%,

4/1/2026

(b)

1,000,000‌

895,181‌

7,228,209‌

Real

Estate

—

1.04%

American

Tower

Corp.,

1.60%,

4/15/2026

500,000‌

454,691‌

SBA

Tower

Trust,

Series

2019-1,

Class

C,

2.84%,

1/15/2025

(b)

1,500,000‌

1,456,686‌

SBA

Tower

Trust,

1.63%,

5/15/2051

(b)

1,000,000‌

923,068‌

SBA

Tower

Trust,

1.84%,

10/15/2051

(b)

2,000,000‌

1,788,566‌

4,623,011‌

Technology

—

5.42%

Arrow

Electronic,

Inc.,

4.00%,

4/1/2025

1,000,000‌

1,001,580‌

Broadcom,

Inc.,

3.63%,

10/15/2024

2,000,000‌

2,000,271‌

Broadcom,

Inc.,

4.25%,

4/15/2026

80,000‌

82,924‌

Dell

International

LLC/EMC

Corp.,

5.45%,

6/15/2023

(b)

118,000‌

120,606‌

Dell

International

LLC/EMC

Corp.,

4.00%,

7/15/2024

2,700,000‌

2,716,059‌

DXC

Technology

Co.,

1.80%,

9/15/2026

500,000‌

447,506‌

Global

Payments,

Inc.,

1.20%,

3/1/2026

500,000‌

449,488‌

HP,

Inc.,

2.20%,

6/17/2025

1,000,000‌

951,198‌

Jabil,

Inc.,

1.70%,

4/15/2026

1,000,000‌

903,250‌

Juniper

Networks,

Inc.,

1.20%,

12/10/2025

500,000‌

456,055‌

Kyndryl

Holdings,

Inc.,

2.05%,

10/15/2026

(b)

500,000‌

436,958‌

Leidos,

Inc.,

2.95%,

5/15/2023

1,725,000‌

1,716,783‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Marvell

Technology,

Inc.,

1.65%,

4/15/2026

$

500,000‌

$

455,751‌

Microchip

Technology,

Inc.,

2.67%,

9/1/2023

1,000,000‌

990,880‌

Microchip

Technology,

Inc.,

0.97%,

2/15/2024

1,000,000‌

953,760‌

Microchip

Technology,

Inc.,

0.98%,

9/1/2024

(b)

1,000,000‌

939,163‌

Oracle

Corp.,

1.65%,

3/25/2026

500,000‌

452,288‌

Qorvo,

Inc.,

1.75%,

12/15/2024

(b)

500,000‌

472,298‌

Seagate

HDD

Cayman,

4.88%,

3/1/2024

1,610,000‌

1,620,047‌

Seagate

HDD

Cayman,

4.75%,

1/1/2025

2,622,000‌

2,605,599‌

Western

Union

Co.

(The),

2.85%,

1/10/2025

3,000,000‌

2,913,423‌

Western

Union

Co.

(The),

1.35%,

3/15/2026

1,000,000‌

906,760‌

Wipro

IT

Services

LLC,

1.50%,

6/23/2026

(b)

500,000‌

449,962‌

24,042,609‌

Utilities

—

1.84%

AES

Corp.

(The),

1.38%,

1/15/2026

500,000‌

448,460‌

Ameren

Corp.,

1.95%,

3/15/2027

500,000‌

457,443‌

American

Electric

Power

Co.,

Inc.,

2.03%,

3/15/2024

1,000,000‌

974,135‌

Enel

Finance

International

NV,

2.65%,

9/10/2024

1,000,000‌

976,368‌

Enel

Finance

International

NV,

1.38%,

7/12/2026

(b)

1,000,000‌

895,818‌

Eversource

Energy,

1.40%,

8/15/2026

500,000‌

452,061‌

NextEra

Energy

Capital

Holdings,

Inc.,

0.82%,

3/1/2023

(SOFR

+

54.0bps)

(a)

500,000‌

499,471‌

NextEra

Energy

Capital

Holdings,

Inc.,

1.88%,

1/15/2027

1,000,000‌

914,374‌

Pacific

Gas

and

Electric

Co.,

1.70%,

11/15/2023

500,000‌

485,911‌

Pinnacle

West

Capital

Corp.,

1.30%,

6/15/2025

2,000,000‌

1,851,515‌

PPL

Electric

Utilities

Corp.,

0.61%,

6/24/2024

(SOFR

+

33.0bps)

(a)

200,000‌

198,834‌

8,154,390‌

Total

Corporate

Bonds

and

Notes

(Cost $266,608,968)

257,296,566‌

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

30.72%

321

Henderson

Receivables

I

LLC,

Series

2006-4A,

Class

A1,

0.75%,

12/15/2041

(1MO

LIBOR

+

20.0bps)

(a),(b)

79,313‌

79,262‌

321

Henderson

Receivables

I

LLC,

Series

2007-1A,

Class

A1,

0.60%,

3/15/2042

(1MO

LIBOR

+

20.0bps)

(a),(b)

2,551,195‌

2,500,899‌

321

Henderson

Receivables

I

LLC,

Series

2004-A,

Class

A1,

0.90%,

9/15/2045

(1MO

LIBOR

+

35.0bps)

(a),(b)

407,489‌

403,944‌

ACC

Trust,

Series

2021-1,

Class

B,

1.43%,

7/22/2024

(b)

1,000,000‌

995,769‌

ACC

Trust,

Series

2022-1,

Class

B,

2.55%,

2/20/2025

(b)

1,000,000‌

966,472‌

Access

Group,

Inc.,

Series

2013-1,

Class

A,

0.96%,

2/25/2036

(1MO

LIBOR

+

5.0bps)

(a),(b)

382,152‌

376,191‌

American

Credit

Acceptance

Receivables

Trust,

Series

2018-2,

Class

D,

4.07%,

7/10/2024

(b)

574,257‌

576,113‌

American

Credit

Acceptance

Receivables

Trust,

Series

2019-2,

Class

D,

3.41%,

6/12/2025

(b)

1,190,720‌

1,192,740‌

American

Credit

Acceptance

Receivables

Trust,

Series

2020-1,

Class

D,

2.39%,

3/13/2026

(b)

2,500,000‌

2,485,292‌

American

Credit

Acceptance

Receivables

Trust,

Series

2020-3,

Class

C,

1.85%,

6/15/2026

(b)

1,000,000‌

996,322‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

American

Credit

Acceptance

Receivables

Trust,

Series

2021-2,

Class

D,

1.34%,

7/13/2027

(b)

$

2,250,000‌

$

2,140,554‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-3,

Class

D,

1.34%,

11/15/2027

(b)

2,455,000‌

2,309,695‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-4,

Class

D,

1.82%,

2/14/2028

(b)

1,250,000‌

1,189,257‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2018-1,

Class

D,

3.82%,

3/18/2024

300,000‌

301,392‌

Amur

Equipment

Finance

Receivables

VIII

LLC,

Series

2020-1A,

Class

A2,

1.68%,

8/20/2025

(b)

68,256‌

68,115‌

Applebee's/IHOP

Funding

LLC,

Series

2019-1A,

Class

A2I,

4.19%,

6/5/2049

(b)

1,980,000‌

1,964,823‌

BHG

Securitization

Trust,

Series

2021-A,

Class

A,

1.42%,

11/17/2033

(b)

698,647‌

672,011‌

Brazos

Education

Loan

Authority,

Inc.,

Series

2021-1,

Class

A1B,

1.25%,

11/25/2071

(a)

1,817,774‌

1,800,596‌

Brazos

Student

Finance

Corp.,

Series

2009-1,

Class

AS,

2.72%,

12/27/2039

(3MO

LIBOR

+

250.0bps)

(a)

112,148‌

113,460‌

Brex

Commercial

Charge

Card

Master

Trust,

Series

2021-1,

Class

A,

2.09%,

7/15/2024

(b)

1,000,000‌

988,847‌

Capital

Automotive

REIT,

Series

2022-1A,

Class

A1,

3.35%,

3/15/2052

(b)

996,667‌

932,442‌

CarMax

Auto

Owner

Trust,

Series

2020-4,

Class

D,

1.75%,

4/15/2027

1,000,000‌

946,048‌

CarMax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/2027

1,125,000‌

1,045,584‌

CarMax

Auto

Owner

Trust,

Series

2021-2,

Class

D,

1.55%,

10/15/2027

1,000,000‌

949,398‌

CarMax

Auto

Owner

Trust,

Series

2021-3,

Class

D,

1.50%,

1/18/2028

750,000‌

697,193‌

CarMax

Auto

Owner

Trust,

Series

2021-4,

Class

D,

1.48%,

3/15/2028

1,290,000‌

1,195,863‌

CarMax

Auto

Owner

Trust,

Series

2022-1,

Class

D,

2.47%,

7/17/2028

500,000‌

472,969‌

Carvana

Auto

Receivables

Trust,

Series

2019-2A,

Class

D,

3.28%,

1/15/2025

(b)

380,000‌

380,767‌

Carvana

Auto

Receivables

Trust,

Series

2019-4A,

Class

D,

3.07%,

7/15/2025

(b)

461,000‌

460,079‌

Carvana

Auto

Receivables

Trust,

Series

2020-P1,

Class

D,

1.82%,

9/8/2027

1,000,000‌

938,192‌

Carvana

Auto

Receivables

Trust,

Series

2021-N2,

Class

D,

1.27%,

3/10/2028

1,000,000‌

963,535‌

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

D,

4.13%,

12/11/2028

(b)

2,231,000‌

2,188,197‌

CCG

Receivables

Trust,

Series

2019-1,

Class

B,

3.22%,

9/14/2026

(b)

1,750,000‌

1,758,804‌

CCG

Receivables

Trust,

Series

2019-2,

Class

C,

2.89%,

3/15/2027

(b)

1,000,000‌

994,209‌

CCG

Receivables

Trust,

Series

2020-1,

Class

D,

2.68%,

12/14/2027

(b)

2,500,000‌

2,360,633‌

CLI

Funding

LLC,

Series

2020-1A,

Class

A,

2.08%,

9/18/2045

(b)

1,664,500‌

1,527,222‌

CLI

Funding

LLC,

Series

2020-3X,

Class

A,

2.07%,

10/18/2045

163,833‌

150,715‌

CLI

Funding

LLC,

Series

2022-1A,

Class

A1,

2.72%,

1/18/2047

(b)

972,800‌

898,914‌

Conn's

Receivables

Funding

LLC,

Series

2020-A,

Class

A,

1.71%,

6/16/2025

(b)

19,892‌

19,877‌

Conn's

Receivables

Funding

LLC,

Series

2021-A,

Class

A,

1.05%,

5/15/2026

(b)

861,609‌

860,864‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2020-1A,

Class

A,

2.24%,

12/15/2028

(b)

500,000‌

477,080‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2021-A,

Class

A,

2.55%,

12/17/2029

(b)

1,000,000‌

1,001,265‌

CPS

Auto

Receivables

Trust,

Series

2020-B,

Class

C,

3.30%,

4/15/2026

(b)

698,359‌

700,289‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

CPS

Auto

Receivables

Trust,

Series

2021-D,

Class

C,

1.59%,

12/15/2027

(b)

$

1,000,000‌

$

949,744‌

CPS

Auto

Receivables

Trust,

Series

2022-A,

Class

D,

2.84%,

4/16/2029

(b)

3,000,000‌

2,783,845‌

Credit

Acceptance

Auto

Loan

Trust,

Series

2019-1A,

Class

C,

3.94%,

6/15/2028

(b)

59,892‌

59,957‌

Credit

Acceptance

Auto

Loan

Trust,

Series

2020-1A,

Class

C,

2.59%,

6/15/2029

(b)

1,500,000‌

1,469,677‌

Credit

Acceptance

Auto

Loan

Trust,

Series

2020-3A,

Class

C,

2.28%,

2/15/2030

(b)

1,050,000‌

1,005,651‌

Credit

Acceptance

Auto

Loan

Trust,

Series

2021-3A,

Class

C,

1.63%,

9/16/2030

(b)

500,000‌

466,963‌

Crossroads

Asset

Trust,

Series

2021-A,

Class

C,

1.44%,

1/20/2026

(b)

625,000‌

601,262‌

Crossroads

Asset

Trust,

Series

2021-A,

Class

D,

2.52%,

1/20/2026

(b)

500,000‌

474,995‌

Dell

Equipment

Finance

Trust,

Series

2020-2,

Class

D,

1.92%,

3/23/2026

(b)

500,000‌

493,944‌

Dell

Equipment

Finance

Trust,

Series

2021-2,

Class

D,

1.21%,

6/22/2027

(b)

500,000‌

478,863‌

Diamond

Resorts

Owner

Trust,

Series

2018-1,

Class

A,

3.70%,

1/21/2031

(b)

432,873‌

432,802‌

Dividend

Solar

Loans

LLC,

Series

2017-1,

Class

B,

5.25%,

3/22/2038

(b)

1,135,631‌

1,108,572‌

Drive

Auto

Receivables

Trust,

Series

2018-2,

Class

D,

4.14%,

8/15/2024

173,667‌

174,365‌

Drive

Auto

Receivables

Trust,

Series

2018-5,

Class

D,

4.30%,

4/15/2026

96,010‌

96,789‌

Drive

Auto

Receivables

Trust,

Series

2019-1,

Class

D,

4.09%,

6/15/2026

69,377‌

69,859‌

Drive

Auto

Receivables

Trust,

Series

2019-3,

Class

D,

3.18%,

10/15/2026

420,000‌

420,526‌

Drive

Auto

Receivables

Trust,

Series

2020-1,

Class

D,

2.70%,

5/17/2027

110,000‌

109,438‌

DT

Auto

Owner

Trust,

Series

2019-2A,

Class

D,

3.48%,

2/18/2025

(b)

1,000,000‌

1,003,363‌

DT

Auto

Owner

Trust,

Series

2019-4A,

Class

D,

2.85%,

7/15/2025

(b)

500,000‌

493,820‌

DT

Auto

Owner

Trust,

Series

2020-2A,

Class

C,

3.28%,

3/16/2026

(b)

500,000‌

500,114‌

DT

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.50%,

2/16/2027

(b)

4,000,000‌

3,758,644‌

DT

Auto

Owner

Trust,

Series

2021-3A,

Class

D,

1.31%,

5/17/2027

(b)

2,000,000‌

1,845,456‌

DT

Auto

Owner

Trust,

Series

2022-1A,

Class

D,

3.40%,

12/15/2027

(b)

1,000,000‌

960,405‌

ECMC

Group

Student

Loan

Trust,

Series

2018-2A,

Class

A,

1.47%,

9/25/2068

(1MO

LIBOR

+

80.0bps)

(a),(b)

360,888‌

359,684‌

Edsouth

Indenture

No.

6

LLC,

Series

2014-2,

Class

A,

1.35%,

5/25/2039

(a),(b)

409,205‌

405,151‌

Encina

Equipment

Finance

LLC,

Series

2021-1A,

Class

C,

1.39%,

6/15/2027

(b)

500,000‌

478,222‌

Evergreen

Credit

Card

Trust,

Series

2019-2,

Class

C,

2.62%,

9/15/2024

(b)

500,000‌

501,195‌

Exeter

Automobile

Receivables

Trust,

Series

2018-4A,

Class

D,

4.35%,

9/16/2024

(b)

218,188‌

220,085‌

Exeter

Automobile

Receivables

Trust,

Series

2019-1A,

Class

D,

4.13%,

12/16/2024

(b)

231,378‌

233,235‌

Exeter

Automobile

Receivables

Trust,

Series

2019-2A,

Class

D,

3.71%,

3/17/2025

(b)

1,985,202‌

1,992,412‌

Exeter

Automobile

Receivables

Trust,

Series

2020-2A,

Class

D,

4.73%,

4/15/2026

(b)

70,000‌

70,979‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

D,

1.08%,

11/16/2026

500,000‌

477,583‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/18/2028

(b)

1,000,000‌

952,665‌

First

Investors

Auto

Owner

Trust,

Series

2019-2A,

Class

D,

2.80%,

12/15/2025

(b)

1,460,000‌

1,446,609‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

First

Investors

Auto

Owner

Trust,

Series

2021-1A,

Class

D,

1.62%,

3/15/2027

(b)

$

500,000‌

$

472,787‌

First

Investors

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.66%,

12/15/2027

(b)

3,000,000‌

2,801,886‌

Flagship

Credit

Auto

Trust,

Series

2019-2,

Class

D,

3.53%,

5/15/2025

(b)

305,000‌

303,146‌

Flagship

Credit

Auto

Trust,

Series

2019-3,

Class

C,

2.74%,

10/15/2025

(b)

260,000‌

259,794‌

Flagship

Credit

Auto

Trust,

Series

2020-2,

Class

C,

3.80%,

4/15/2026

(b)

250,000‌

251,340‌

Ford

Credit

Auto

Owner

Trust,

Series

2021-1,

Class

D,

2.31%,

10/17/2033

(b)

1,272,000‌

1,167,333‌

Ford

Credit

Auto

Owner

Trust,

Series

2021-2,

Class

D,

2.60%,

5/15/2034

(b)

750,000‌

681,962‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2019-1,

Class

D,

3.27%,

6/16/2025

(b)

750,000‌

752,755‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2020-1,

Class

D,

2.60%,

1/15/2026

(b)

500,000‌

492,585‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-1,

Class

D,

1.32%,

3/15/2027

(b)

550,000‌

532,396‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.92%,

9/15/2027

(b)

1,500,000‌

1,431,474‌

GCI

Funding

I

LLC,

Series

2021-1,

Class

A,

2.38%,

6/18/2046

(b)

920,667‌

834,765‌

Global

SC

Finance

Srl,

Series

2020-2A,

Class

A,

2.26%,

3/18/2030

(b)

838,635‌

782,460‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2019-4A,

Class

C,

3.06%,

8/15/2025

(b)

1,000,000‌

995,665‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2020-1A,

Class

C,

2.72%,

11/17/2025

1,500,000‌

1,490,502‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

D,

2.48%,

10/15/2027

(b)

1,500,000‌

1,429,515‌

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-3,

Class

D,

1.91%,

9/16/2027

500,000‌

487,199‌

Golden

Credit

Card

Trust,

Series

2021-1A,

Class

B,

1.44%,

8/15/2028

(b)

1,000,000‌

913,357‌

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052

(b)

38,569‌

37,249‌

Goodgreen

Trust,

Series

2017-2A,

Class

A,

3.26%,

10/15/2053

(b)

86,703‌

80,567‌

Goodgreen

Trust,

Series

2021-1A,

Class

A,

2.66%,

10/15/2056

(b)

263,113‌

243,211‌

Helios

Issuer

LLC,

Series

2021-A,

Class

A,

1.80%,

2/22/2048

(b)

444,656‌

393,585‌

HERO

Funding

Trust,

Series

2017-1A,

Class

A2,

4.46%,

9/20/2047

(b)

43,588‌

43,479‌

HPEFS

Equipment

Trust,

Series

2021-1A,

Class

D,

1.03%,

3/20/2031

(b)

1,000,000‌

954,624‌

Hyundai

Auto

Receivables

Trust,

Series

2020-B,

Class

C,

1.60%,

12/15/2026

1,000,000‌

960,538‌

InStar

Leasing

III

LLC,

Series

2021-1A,

Class

A,

2.30%,

2/15/2054

(b)

470,394‌

431,845‌

ITE

Rail

Fund

Levered

LP,

Series

2021-1A,

Class

A,

2.25%,

2/28/2051

(b)

474,203‌

432,787‌

KnowledgeWorks

Foundation,

Series

2010-1,

Class

A,

1.45%,

2/25/2042

(3MO

LIBOR

+

95.0bps)

(a)

457,015‌

457,104‌

Kubota

Credit

Owner

Trust,

Series

2019-1A,

Class

A4,

2.50%,

3/16/2026

(b)

2,000,000‌

2,013,601‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-2GS,

Class

A,

2.22%,

3/20/2048

(b)

827,430‌

748,946‌

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A1,

2.98%,

1/15/2045

(b)

169,807‌

167,279‌

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A2,

4.06%,

1/15/2045

(b)

2,940,571‌

2,796,664‌

Master

Credit

Card

Trust

II,

Series

2020-1A,

Class

C,

2.59%,

9/21/2024

(b)

1,000,000‌

992,076‌

Mosaic

Solar

Loan

Trust,

Series

2021-3A,

Class

B,

1.92%,

6/20/2052

(b)

183,428‌

165,319‌

Navient

Student

Loan

Trust,

Series

2018-BA,

Class

A2A,

3.61%,

12/15/2059

(b)

53,114‌

53,127‌

Nelnet

Student

Loan

Trust,

Series

2012-2A,

Class

A,

1.47%,

12/26/2033

(a),(b)

368,730‌

367,236‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Nelnet

Student

Loan

Trust,

Series

2021-DA,

Class

AFL,

1.28%,

4/20/2062

(a),(b)

$

437,283‌

$

432,301‌

Nelnet

Student

Loan

Trust,

Series

2021-A,

Class

APT1,

1.36%,

4/20/2062

(b)

760,332‌

705,111‌

Octagon

Investment

Partners

XXI

Ltd.,

Series

2014-1A,

Class

ABR3,

1.60%,

2/14/2031

(a),(b)

1,000,000‌

992,382‌

Pawnee

Equipment

Receivables

LLC,

Series

2019-1,

Class

C,

2.61%,

10/15/2024

(b)

1,000,000‌

975,263‌

Pawnee

Equipment

Receivables

LLC,

Series

2019-1,

Class

D,

2.86%,

10/15/2024

(b)

1,180,000‌

1,144,654‌

Pawnee

Equipment

Receivables

LLC,

Series

2020-1,

Class

B,

1.84%,

1/15/2026

(b)

1,000,000‌

969,073‌

Pawnee

Equipment

Receivables

LLC,

Series

2020-1,

Class

C,

2.24%,

2/17/2026

(b)

750,000‌

721,623‌

PFS

Financing

Corp.,

Series

2019-C,

Class

B,

2.42%,

10/15/2024

(b)

1,000,000‌

999,256‌

PFS

Financing

Corp.,

Series

2020-E,

Class

A,

1.00%,

10/15/2025

(b)

750,000‌

724,613‌

PFS

Financing

Corp.,

Series

2021-A,

Class

B,

0.96%,

4/15/2026

(b)

1,000,000‌

943,782‌

Planet

Fitness

Master

Issuer

LLC,

Series

2018-1A,

Class

A2II,

4.67%,

9/5/2048

(b)

926,400‌

915,639‌

Purchasing

Power

Funding

LLC,

Series

2021-A,

Class

A,

1.57%,

10/15/2025

(b)

2,000,000‌

1,932,278‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-1,

Class

C,

4.11%,

12/15/2025

70,000‌

70,617‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-2,

Class

D,

2.22%,

9/15/2026

50,000‌

49,507‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-3,

Class

D,

1.64%,

11/16/2026

100,000‌

97,656‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-4,

Class

D,

1.48%,

1/15/2027

250,000‌

243,868‌

Santander

Revolving

Auto

Loan

Trust,

Series

2019-A,

Class

D,

3.45%,

1/26/2032

(b)

1,000,000‌

976,626‌

SCF

Equipment

Leasing

LLC,

Series

2019-2A,

Class

A2,

2.47%,

4/20/2026

(b)

661,654‌

658,863‌

SCF

Equipment

Leasing

LLC,

Series

2021-1A,

Class

C,

1.54%,

10/21/2030

(b)

200,000‌

187,897‌

SLM

Private

Credit

Student

Loan

Trust,

Series

2004-B,

Class

A3,

1.16%,

3/15/2024

(a)

218,365‌

217,531‌

SLM

Private

Credit

Student

Loan

Trust,

Series

2005-A,

Class

A4,

1.14%,

12/15/2038

(a)

311,546‌

305,418‌

SLM

Private

Credit

Student

Loan

Trust,

Series

2006-A,

Class

A5,

1.12%,

6/15/2039

(a)

130,352‌

124,826‌

SLM

Student

Loan

Trust,

Series

2003-14,

Class

A6,

0.56%,

7/25/2025

81,752‌

81,641‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2A,

2.43%,

2/17/2032

(b)

30,802‌

30,132‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/2034

(b)

90,778‌

89,827‌

Sunrun

Demeter

Issuer

LLC,

Series

2021-A,

Class

A,

2.27%,

1/30/2057

(b)

992,655‌

902,909‌

Sunrun

Vulcan

Issuer

LLC,

Series

2021-A,

Class

A,

2.46%,

1/30/2052

(b)

1,909,993‌

1,761,883‌

TAL

Advantage

VII

LLC,

Series

2020-1A,

Class

A,

2.05%,

9/20/2045

(b)

1,093,880‌

1,010,059‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Textainer

Marine

Containers

Ltd.,

Series

2020-1A,

Class

A,

2.73%,

8/21/2045

(b)

$

2,071,549‌

$

1,975,803‌

TIF

Funding

II

LLC,

Series

2021-1A,

Class

A,

1.65%,

2/20/2046

(b)

903,125‌

809,112‌

Towd

Point

Asset

Trust,

Series

2021-SL1,

Class

A2,

1.29%,

11/20/2061

(a),(b)

805,319‌

799,654‌

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-1A,

Class

A,

1.35%,

5/25/2033

(b)

1,000,000‌

936,063‌

Transportation

Finance

Equipment

Trust,

Series

2019-1,

Class

D,

2.57%,

1/25/2027

(b)

1,500,000‌

1,474,328‌

Trillium

Credit

Card

Trust

II,

Series

2021-1A,

Class

C,

2.42%,

10/26/2029

(b)

1,000,000‌

925,502‌

Trinity

Rail

Leasing

LLC,

Series

2019-2A,

Class

A2,

3.10%,

10/18/2049

(b)

685,000‌

645,090‌

Trinity

Rail

Leasing

LLC,

Series

2020-2A,

Class

A1,

1.83%,

11/19/2050

(b)

1,487,482‌

1,406,063‌

Trinity

Rail

Leasing

LLC,

Series

2021-1A,

Class

A,

2.26%,

7/19/2051

(b)

969,334‌

875,114‌

United

Auto

Credit

Securitization

Trust,

Series

2020-1,

Class

C,

2.15%,

2/10/2025

(b)

148,567‌

148,592‌

United

Auto

Credit

Securitization

Trust,

Series

2021-1,

Class

E,

2.58%,

6/10/2026

(b)

1,000,000‌

971,953‌

United

Auto

Credit

Securitization

Trust,

Series

2022-1,

Class

D,

2.85%,

6/10/2027

(b)

1,000,000‌

959,977‌

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

B,

3.22%,

7/31/2051

(b)

1,183,992‌

1,045,730‌

Wendy's

Funding

LLC,

Series

2019-1A,

Class

A2I,

3.78%,

6/15/2049

(b)

105,513‌

103,588‌

Westlake

Automobile

Receivables

Trust,

Series

2020-1A,

Class

C,

2.52%,

4/15/2025

(b)

100,000‌

100,128‌

Westlake

Automobile

Receivables

Trust,

Series

2020-1A,

Class

D,

2.80%,

6/16/2025

(b)

2,000,000‌

1,982,673‌

Westlake

Automobile

Receivables

Trust,

Series

2020-3A,

Class

D,

1.65%,

2/17/2026

(b)

1,000,000‌

969,245‌

Westlake

Automobile

Receivables

Trust,

Series

2022-1A,

Class

D,

3.49%,

3/15/2027

(b)

1,000,000‌

968,578‌

World

Financial

Network

Credit

Card

Master

Trust,

Series

2019-B,

Class

A,

2.49%,

4/15/2026

250,000‌

250,452‌

World

Financial

Network

Credit

Card

Master

Trust,

Series

2019-C,

Class

A,

2.21%,

7/15/2026

391,000‌

391,744‌

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

D,

1.44%,

11/15/2027

2,000,000‌

1,872,527‌

Total

Asset

Backed

Securities

(Cost $141,160,027)

136,236,076‌

Principal

Amount

Fair

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

0.21%

Freddie

Mac

Structured

Agency

Credit

Risk

Debit,

Series

2022-DNA2,

Class

M1A,

1.56%,

2/25/2042

(a),(b)

908,341‌

901,518‌

Total

Collateralized

Mortgage

Obligations

(Cost $908,340)

901,518‌

Principal

Amount

Fair

Value

U.S.

GOVERNMENT

&

AGENCIES

—

4.34%

Fannie

Mae,

Pool

#MA4023,

3.50%,

1/1/2035

1,039,129‌

1,036,543‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Fannie

Mae,

Pool

#MA4038,

3.00%,

4/1/2035

$

248,085‌

$

241,023‌

Fannie

Mae,

Pool

#CA8902,

2.50%,

2/1/2041

854,332‌

796,732‌

Fannie

Mae,

Pool

#MA4364,

2.00%,

5/1/2041

917,380‌

826,303‌

Fannie

Mae,

Pool

#CA6951,

2.50%,

9/1/2050

778,946‌

713,748‌

Fannie

Mae,

Pool

#FM7195,

2.50%,

9/1/2050

911,678‌

837,265‌

Fannie

Mae,

Pool

#MA4191,

2.00%,

11/1/2050

1,647,421‌

1,436,403‌

Fannie

Mae,

Pool

#FM5316,

2.00%,

12/1/2050

1,780,745‌

1,579,286‌

Fannie

Mae,

Pool

#MA4235,

2.00%,

1/1/2051

848,959‌

740,135‌

Fannie

Mae,

Pool

#BR4529,

2.00%,

2/1/2051

903,817‌

801,653‌

Fannie

Mae,

Pool

#CB0397,

3.00%,

5/1/2051

827,983‌

784,752‌

Fannie

Mae,

Pool

#FM8361,

2.50%,

8/1/2051

942,949‌

862,807‌

Fannie

Mae,

Pool

#BT9111,

1.85%,

9/1/2051

971,380‌

917,958‌

Federal

Home

Loan

Bank,

2.00%,

2/25/2036

1,000,000‌

830,773‌

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

967,953‌

870,833‌

Freddie

Mac,

Pool

#QA5121,

2.50%,

12/1/2049

1,140,797‌

1,046,278‌

Freddie

Mac,

Pool

#RE6081,

2.00%,

1/1/2051

835,430‌

727,612‌

Freddie

Mac,

Pool

#RE6085,

1.50%,

2/1/2051

1,817,148‌

1,521,403‌

Freddie

Mac,

Pool

#QC3907,

2.50%,

7/1/2051

1,937,621‌

1,773,541‌

Freddie

Mac,

Pool

#8C0119,

1.51%,

9/1/2051

951,892‌

885,533‌

Total

U.S.

Government

&

Agencies

(Cost $21,847,577)

19,230,581‌

Principal

Amount

Fair

Value

COLLATERALIZED

LOAN

OBLIGATIONS

—

6.25%

Apidos

CLO

XX,

Series

2015-20A,

Class

A1RA,

2.14%,

7/16/2031

(3MO

LIBOR

+

110.0bps)

(a),(b)

3,000,000‌

2,988,444‌

Ares

XXXIIR

CLO

Ltd.,

Series

2014-32

RA,

Class

A1B,

1.71%,

5/15/2030

(a),(b)

1,000,000‌

990,814‌

ArrowMark

Colorado

Holdings,

Series

2017-6A,

Class

A2,

2.49%,

7/15/2029

(3MO

LIBOR

+

145.0bps)

(a),(b)

1,000,000‌

992,473‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

A2,

2.44%,

1/15/2035

(a),(b)

1,000,000‌

991,890‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2013-4A,

Class

A2RR,

2.19%,

1/15/2031

(a),(b)

825,000‌

810,665‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2017-1A,

Class

A1R,

2.03%,

4/20/2031

(a),(b)

1,000,000‌

996,722‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2019-1A,

Class

A1AR,

2.14%,

4/20/2031

(a),(b)

250,000‌

248,713‌

Carlyle

US

CLO

Ltd.,

Series

2020-2A,

Class

A1R,

2.32%,

1/25/2035

(a),(b)

1,000,000‌

988,801‌

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A2,

2.19%,

1/20/2031

(a),(b)

625,000‌

618,277‌

Cedar

Funding

XII

CLO

Ltd.,

Series

2020-12A,

Class

XR,

2.18%,

10/25/2034

(a),(b)

1,000,000‌

1,001,358‌

Columbia

Cent

CLO

Ltd.,

Series

2021-31A,

Class

X,

2.06%,

4/20/2034

(a),(b)

1,600,000‌

1,599,352‌

Goldentree

Loan

Management

US

CLO

5

Ltd.,

Series

2018-3A,

Class

AJ,

2.36%,

4/20/2030

(3MO

LIBOR

+

130.0bps)

(a),(b)

1,000,000‌

991,135‌

Goldentree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

BR,

2.04%,

4/20/2035

(a),(b)

1,000,000‌

993,187‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Hildene

TruPS

Financials

Note

Securitization,

Series

2019-2A,

Class

A1,

2.24%,

5/22/2039

(3MO

LIBOR

+

176.0bps)

(a),(b)

$

1,879,358‌

$

1,846,469‌

HPS

Loan

Management

Ltd.,

Series

2010A-16,

Class

X,

1.96%,

4/20/2034

(a),(b)

809,524‌

809,177‌

ICG

US

CLO

Ltd.,

Series

2014-1A,

Class

A1A2,

2.26%,

10/20/2034

(a),(b)

1,000,000‌

991,543‌

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

ABRR,

2.44%,

10/15/2032

(a),(b)

1,000,000‌

993,385‌

Morgan

Stanley

Eaton

Vance

CLO,

Series

2022-16A,

Class

A2,

2.43%,

4/15/2035

(a),(b)

1,000,000‌

993,561‌

Northwoods

Capital

XVII

Ltd.,

Series

2018-17A,

Class

A,

2.20%,

4/22/2031

(3MO

LIBOR

+

106.0bps)

(a),(b)

3,000,000‌

2,971,380‌

Oaktree

CLO

Ltd.,

Series

2015-1A,

Class

A1R,

1.93%,

10/20/2027

(a),(b)

88,197‌

88,130‌

Oaktree

CLO

Ltd.,

Series

2019-3A,

Class

A1R,

2.26%,

10/20/2034

(a),(b)

1,000,000‌

991,715‌

OZLM

XII

Ltd.,

Series

2015-12A,

Class

A1R,

1.35%,

4/30/2027

(3MO

LIBOR

+

105.0bps)

(a),(b)

48,412‌

48,385‌

Rockford

Tower

CLO

Ltd.,

Series

2019-2A,

Class

AR,

1.26%,

8/20/2032

(3MO

LIBOR

+

110.0bps)

(a),(b)

1,000,000‌

988,903‌

Sound

Point

CLO

VIII-R

Ltd.,

Series

2015-1RA,

Class

BR,

2.59%,

4/15/2030

(a),(b)

2,000,000‌

1,989,980‌

Voya

CLO

Ltd.,

Series

2016-3A,

Class

XR,

1.74%,

10/18/2031

(3MO

LIBOR

+

70.0bps)

(a),(b)

135,000‌

135,000‌

Voya

CLO

Ltd.,

Series

2020-3A,

Class

AR,

2.21%,

10/20/2034

(3MO

LIBOR

+

115.0bps)

(a),(b)

675,000‌

669,748‌

Total

Collateralized

Loan

Obligations

(Cost $27,855,029)

27,729,207‌

Total

Investments

—

99.54%

(Cost

$458,379,941)

441,393,948‌

Other

Assets

in

Excess

of

Liabilities 

—

 0.46%

2,051,605‌

Net

Assets

—

100.00%

$

443,445,553‌

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

April

30,

2022.

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

April

30,

2022

was

$258,004,072,

representing

58.18%

of

net

assets.

MTN

-

Medium

Term

Note

Yorktown

Master

Allocation

Fund

Schedule

of

Investments

April

30,

2022

-

(Unaudited)

Shares

Fair

Value

INVESTMENT

COMPANIES

—

96.57%

(a)

Capital

Appreciation

Funds—

33.88%

Yorktown

Capital

Appreciation

Fund,

Institutional

Class

185,745‌

$

5,026,269‌

Growth

Funds—

32.81%

Yorktown

Growth

Fund,

Institutional

Class

306,294‌

4,867,017‌

Small

Cap

Funds—

29.88%

Yorktown

Small

Cap

Fund,

Institutional

Class

292,320‌

4,431,571‌

Total

Investment

Companies

(Cost $10,794,057)

14,324,857‌

Total

Investments

—

96.57%

(Cost

$10,794,057)

14,324,857‌

Other

Assets

in

Excess

of

Liabilities 

—

 3.43%

508,668‌

Net

Assets

—

100.00%

$

14,833,525‌

(a)

Affiliated

issuer.

Yorktown

Small

Cap

Fund

Schedule

of

Investments

April

30,

2022

-

(Unaudited)

+

Shares

Fair

Value

COMMON

STOCKS

—

98.31%

Communications

—

4.13%

TechTarget,

Inc.

(a)

26,000‌

$

1,750,060‌

Consumer

Discretionary

—

12.99%

Buckle,

Inc.

(The)

11,400‌

354,084‌

Dick's

Sporting

Goods,

Inc.

9,000‌

867,780‌

Kohl's

Corp.

12,200‌

706,136‌

Lithia

Motors,

Inc.,

Class

A

4,700‌

1,330,711‌

OneWater

Marine,

Inc.,

Class

A

8,900‌

290,941‌

Sleep

Number

Corp.

(a)

6,200‌

251,472‌

Wingstop,

Inc.

12,100‌

1,110,296‌

Winnebago

Industries,

Inc.

11,200‌

595,616‌

5,507,036‌

Consumer

Staples

—

3.91%

B&G

Foods,

Inc.

25,900‌

697,487‌

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

14,900‌

958,815‌

1,656,302‌

Financials

—

17.19%

Bank

OZK

12,800‌

491,776‌

Cowen

Group,

Inc.,

Class

A

16,000‌

365,600‌

First

BanCorp.

65,000‌

884,650‌

LPL

Financial

Holdings,

Inc.

8,800‌

1,653,256‌

Meta

Financial

Group,

Inc.

10,000‌

436,500‌

Northfield

Bancorp,

Inc.

40,100‌

524,909‌

PennantPark

Investment

Corp.

(b)

86,300‌

638,620‌

Stifel

Financial

Corp.

7,700‌

476,245‌

United

Community

Banks,

Inc.

29,800‌

898,172‌

Wintrust

Financial

Corp.

10,500‌

916,860‌

7,286,588‌

Health

Care

—

8.83%

Intellia

Therapeutics,

Inc.

(a)

14,700‌

720,741‌

Repligen

Corp.

(a)

7,900‌

1,242,196‌

Sinovac

Biotech

Ltd.

(a)(c)

74,893‌

484,558‌

Tenet

Healthcare

Corp.

(a)

14,500‌

1,051,395‌

Twist

Bioscience

Corp.

(a)

8,500‌

245,140‌

3,744,030‌

Industrials

—

17.98%

Alaska

Air

Group,

Inc.

(a)

13,000‌

707,070‌

FTI

Consulting,

Inc.

(a)

4,600‌

725,466‌

Knight-Swift

Transportation

Holdings,

Inc.

10,500‌

502,845‌

Mueller

Industries,

Inc.

23,766‌

1,286,929‌

Novanta,

Inc.

(a)

10,200‌

1,312,740‌

NV5

Global,

Inc.

(a)

13,400‌

1,605,320‌

Safe

Bulkers,

Inc.

129,500‌

532,245‌

Shyft

Group,

Inc.

(The)

14,700‌

374,409‌

TriNet

Group,

Inc.

(a)

6,500‌

576,550‌

7,623,574‌

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

April

30,

2022

-

(Unaudited)

Shares

Fair

Value

Materials

—

6.32%

Cleveland-Cliffs,

Inc.

(a)

69,000‌

$

1,758,810‌

Huntsman

Corp.

27,100‌

917,877‌

2,676,687‌

Real

Estate

—

4.15%

Matson,

Inc.

14,900‌

1,281,698‌

Newmark

Group,

Inc.,

Class

A

39,400‌

478,710‌

1,760,408‌

Technology

—

22.81%

Amkor

Technology,

Inc.

31,300‌

588,753‌

AudioCodes

Ltd.

39,000‌

917,670‌

Jabil,

Inc.

12,100‌

698,533‌

Kulicke

&

Soffa

Industries,

Inc.

10,700‌

496,587‌

Lattice

Semiconductor

Corp.

(a)

19,600‌

941,584‌

Magic

Software

Enterprises

Ltd.

34,300‌

592,361‌

Morningstar,

Inc.

6,500‌

1,645,995‌

Perion

Network

Ltd.

(a)

57,000‌

1,201,560‌

Power

Integrations,

Inc.

11,600‌

928,000‌

Rambus,

Inc.

(a)

46,400‌

1,155,824‌

TTEC

Holdings,

Inc.

6,800‌

501,908‌

9,668,775‌

Total

Common

Stocks

(Cost $36,502,928)

41,673,460‌

Total

Investments

—

98.31%

(Cost

$36,502,928)

41,673,460‌

Other

Assets

in

Excess

of

Liabilities 

—

 1.69%

717,711‌

Net

Assets

—

100.00%

$

42,391,171‌

(a)

Non-income

producing

security.

(b)

Business

Development

Company

(c)

Illiquid

security.

Security

is

being

fair

valued

in

accordance

with

the

Trust's

fair

valuation

policies

and

represents

1.14%

of

the

Fund's

net

assets.