American Pension Investors Trust NPORT-P Yorktown Growth Fund (Oct 2022 report)

Yorktown

Growth

Fund

Schedule

of

Investments

October

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

96.16%

Communications

—

2.98%

Gray

Television,

Inc.

17,350‌

$

245,503‌

M3,

Inc.

-

ADR

18,000‌

266,940‌

Nexstar

Media

Group,

Inc.

1,600‌

274,080‌

Take-Two

Interactive

Software,

Inc.

(a)

2,400‌

284,352‌

Tegna,

Inc.

27,600‌

576,288‌

1,647,163‌

Consumer

Discretionary

—

9.38%

Boyd

Gaming

Corp.

5,300‌

306,128‌

Compagnie

Financiere

Richemont

SA

-

ADR

25,900‌

251,230‌

Copart,

Inc.

(a)

2,350‌

270,297‌

D.R.

Horton,

Inc.

3,600‌

276,768‌

Etsy,

Inc.

(a)

3,250‌

305,207‌

Evolution

AB

2,600‌

243,223‌

Fortune

Brands

Home

&

Security,

Inc.

4,550‌

274,456‌

Hermes

International

-

ADR

3,800‌

491,530‌

JD.com,

Inc.

-

ADR

(a)

5,100‌

190,179‌

Kering

SA

-

ADR

5,350‌

245,351‌

LCI

Industries

4,800‌

509,328‌

Li

Ning

Co.

Ltd.

58,700‌

303,607‌

Lithia

Motors,

Inc.,

Class

A

1,050‌

208,058‌

Open

House

Co.

Ltd.

9,100‌

324,366‌

PulteGroup,

Inc.

9,100‌

363,909‌

Tractor

Supply

Co.

2,800‌

615,356‌

5,178,993‌

Consumer

Staples

—

2.71%

Darling

Ingredients,

Inc.

(a)

3,850‌

302,148‌

Dollar

General

Corp.

1,175‌

299,684‌

Five

Below,

Inc.

(a)

2,400‌

351,240‌

Keurig

Dr

Pepper,

Inc.

6,700‌

260,228‌

Seven

&

I

Holdings

Co.,

Ltd.

-

ADR

15,250‌

281,972‌

1,495,272‌

Energy

—

1.81%

OMV

AG

-

ADR

7,400‌

340,141‌

Sabine

Royalty

Trust

3,050‌

256,017‌

Texas

Pacific

Land

Corp.

175‌

403,177‌

999,335‌

Financials

—

10.81%

AllianceBernstein

Holding

LP

6,850‌

257,765‌

BlackRock,

Inc.

430‌

277,741‌

Brown

&

Brown,

Inc.

5,050‌

296,890‌

Carlyle

Group,

Inc.

(The)

10,600‌

299,768‌

Charles

Schwab

Corp.

(The)

4,500‌

358,515‌

Credit

Acceptance

Corp.

(a)

1,400‌

651,868‌

Deutsche

Boerse

AG

-

ADR

31,000‌

502,200‌

KKR

&

Co.,

Inc.

9,700‌

471,711‌

LPL

Financial

Holdings,

Inc.

3,400‌

869,210‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Shares

Fair

Value

Marsh

&

McLennan

Cos.,

Inc.

2,000‌

$

322,980‌

Raymond

James

Financial,

Inc.

6,450‌

762,003‌

Stifel

Financial

Corp.

4,900‌

303,163‌

Tradeweb

Markets,

Inc.,

Class

A

4,850‌

267,138‌

XP,

Inc.,

Class

A

(a)

17,950‌

329,024‌

5,969,976‌

Health

Care

—

11.09%

Abiomed,

Inc.

(a)

1,550‌

390,724‌

Bio-Techne

Corp.

1,200‌

355,512‌

Catalent,

Inc.

(a)

3,950‌

259,633‌

Charles

River

Laboratories

International,

Inc.

(a)

1,800‌

382,050‌

Danaher

Corp.

1,200‌

302,004‌

Genmab

A/S

-

ADR

(a)

10,100‌

388,951‌

Globus

Medical,

Inc.,

Class

A

(a)

6,400‌

428,800‌

ICON

PLC

(a)

2,450‌

484,708‌

Insulet

Corp.

(a)

2,150‌

556,441‌

LHC

Group,

Inc.

(a)

2,100‌

350,910‌

Masimo

Corp.

(a)

1,950‌

256,620‌

Medpace

Holdings,

Inc.

(a)

1,800‌

399,564‌

Merck

KGaA

-

ADR

8,450‌

274,963‌

Penumbra,

Inc.

(a)

1,850‌

317,220‌

QIAGEN

N.V.

(a)

6,100‌

265,716‌

Repligen

Corp.

(a)

2,150‌

392,354‌

Sonova

Holding

AG

-

ADR

6,780‌

320,084‌

6,126,254‌

Industrials

—

13.85%

AMERCO

540‌

310,603‌

Ashtead

Group

PLC

-

ADR

1,450‌

304,108‌

C.H.

Robinson

Worldwide,

Inc.

2,400‌

234,528‌

Danaos

Corp.

4,600‌

260,820‌

Expeditors

International

of

Washington,

Inc.

2,600‌

254,410‌

Fluidra

SA

15,600‌

211,606‌

Franklin

Electric

Co.,

Inc.

6,000‌

491,640‌

Generac

Holdings,

Inc.

(a)

1,500‌

173,865‌

Ingersoll

Rand,

Inc.

9,700‌

489,850‌

J.B.

Hunt

Transport

Services,

Inc.

1,500‌

256,605‌

Keyence

Corp.

700‌

265,142‌

Kuehne

&

Nagel

International

AG

-

ADR

6,200‌

264,027‌

Landstar

System,

Inc.

2,250‌

351,495‌

NIBE

Industrier

AB

28,800‌

229,773‌

Old

Dominion

Freight

Line,

Inc.

1,300‌

356,980‌

Prysmian

SpA

14,400‌

469,330‌

Rollins,

Inc.

7,300‌

307,184‌

Saia,

Inc.

(a)

3,000‌

596,580‌

SiteOne

Landscape

Supply,

Inc.

(a)

2,250‌

260,708‌

Techtronic

Industries

Co.

Ltd.

-

ADR

5,150‌

244,677‌

Teledyne

Technologies,

Inc.

(a)

900‌

358,182‌

Toro

Co.

(The)

3,200‌

337,376‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Shares

Fair

Value

United

Parcel

Service,

Inc.,

Class

B

1,500‌

$

251,655‌

Wabtec

Corp.

3,950‌

368,456‌

7,649,600‌

Materials

—

9.90%

Anglo

American

PLC

-

ADR

34,350‌

517,998‌

Berry

Plastics

Group,

Inc.

(a)

7,950‌

376,194‌

CF

Industries

Holdings,

Inc.

2,600‌

276,276‌

Commercial

Metals

Co.

8,700‌

395,850‌

Franco-Nevada

Corp.

2,400‌

296,592‌

Givaudan

SA

-

ADR

6,000‌

358,320‌

Kingspan

Group

PLC

-

ADR

4,650‌

232,500‌

Louisiana-Pacific

Corp.

5,050‌

286,082‌

Mitsui

&

Co.

Ltd.

-

ADR

675‌

297,857‌

Nutrien

Ltd.

6,300‌

532,350‌

Southern

Copper

Corp.

6,300‌

295,911‌

Steel

Dynamics,

Inc.

3,550‌

333,878‌

UFP

Industries,

Inc.

6,300‌

448,749‌

Vulcan

Materials

Co.

3,200‌

523,840‌

Westlake

Chemical

Corp.

3,050‌

294,783‌

5,467,180‌

Real

Estate

—

3.63%

Aedifica

SA

2,550‌

194,487‌

CBRE

Group,

Inc.,

Class

A

(a)

6,700‌

475,298‌

FirstService

Corp.

2,300‌

287,523‌

Life

Storage,

Inc.

2,500‌

276,525‌

STORE

Capital

Corp.

16,300‌

518,340‌

Vonovia

SE

-

ADR

22,700‌

249,927‌

2,002,100‌

Technology

—

29.55%

Amkor

Technology,

Inc.

13,800‌

286,902‌

Arista

Networks,

Inc.

(a)

2,450‌

296,107‌

Capgemini

SE

-

ADR

8,200‌

269,042‌

CDW

Corp.

2,200‌

380,182‌

Concentrix

Corp.

2,700‌

330,021‌

CoStar

Group,

Inc.

(a)

4,050‌

335,016‌

CyberArk

Software

Ltd.

(a)

3,100‌

486,421‌

Dassault

Systemes

SE

-

ADR

7,750‌

260,555‌

Descartes

Systems

Group,

Inc.

(The)

(a)

8,200‌

566,374‌

Entegris,

Inc.

6,751‌

535,624‌

EPAM

Systems,

Inc.

(a)

1,300‌

455,000‌

ExlService

Holdings,

Inc.

(a)

5,500‌

1,000,175‌

Fortinet,

Inc.

(a)

11,500‌

657,340‌

Garmin

Ltd.

3,200‌

281,728‌

Genpact

Ltd.

11,200‌

543,200‌

Globant

S.A.

(a)

2,300‌

433,964‌

Infineon

Technologies

AG

-

ADR

11,700‌

284,544‌

KLA

Corp.

1,500‌

474,675‌

Lasertec

Corp.

2,100‌

300,686‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Shares

Fair

Value

Logitech

International

S.A.

7,500‌

$

372,300‌

MarketAxess

Holdings,

Inc.

1,100‌

268,444‌

Monolithic

Power

Systems,

Inc.

1,300‌

441,285‌

Nintendo

Co.

Ltd.

-

ADR

48,500‌

490,820‌

Paycom

Software,

Inc.

(a)

1,550‌

536,300‌

Paylocity

Holdings

Corp.

(a)

2,550‌

591,064‌

Qorvo,

Inc.

(a)

3,000‌

258,240‌

Qualys,

Inc.

(a)

4,700‌

670,032‌

Science

Applications

International

Corp.

3,250‌

352,105‌

SPS

Commerce,

Inc.

(a)

6,300‌

797,076‌

SS&C

Technologies

Holdings,

Inc.

5,100‌

262,242‌

STMicroelectronics

NV

9,400‌

292,528‌

SYNNEX

Corp.

4,000‌

366,040‌

Synopsys,

Inc.

(a)

800‌

234,040‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

-

ADR

3,500‌

215,425‌

Tokyo

Electron

Ltd.

-

ADR

4,400‌

289,784‌

Tyler

Technologies,

Inc.

(a)

1,650‌

533,495‌

United

Microelectronics

Corp.

-

ADR

(a)

42,900‌

254,397‌

Veeva

Systems,

Inc.,

Class

A

(a)

1,850‌

310,689‌

WNS

Holdings

Ltd.

-

ADR

(a)

7,000‌

602,560‌

16,316,422‌

Utilities

—

0.45%

Orsted

AS

-

ADR

9,000‌

247,410‌

Total

Common

Stocks/Investme

nts

—

96.16%

(Cost

$44,130,342)

53,099,705‌

Other

Assets

in

Excess

of

Liabilities 

—

 3.84%

2,121,993‌

Net

Assets

—

100.00%

$

55,221,698‌

(a)

Non-income

producing

security.

ADR

-

American

Depositary

Receipt

Yorktown

Capital

Appreciation

Fund

Schedule

of

Investments

October

31,

2022

-

(Unaudtied)

Shares

Fair

Value

COMMON

STOCKS

—

95.59%

Communications

—

16.20%

Airbnb,

Inc.,

Class

A

(a)

1,632‌

$

174,477‌

Alphabet,

Inc.,

Class

A

(a)

1,700‌

160,667‌

Endeavor

Group

Holdings,

Inc.,

Class

A

(a)

7,000‌

152,880‌

Grab

Holdings

Ltd.,

Class

A

(a)

52,000‌

135,200‌

Iridium

Communications,

Inc.

(a)

3,850‌

198,391‌

Roblox

Corp.,

Class

A

(a)

6,780‌

303,337‌

Shopify,

Inc.,

Class

A

(a)

4,350‌

148,901‌

Spotify

Technology

S.A.

(a)

1,630‌

131,345‌

Trade

Desk,

Inc.

(The),

Class

A

(a)

3,580‌

190,599‌

Uber

Technologies,

Inc.

(a)

7,080‌

188,116‌

1,783,913‌

Consumer

Discretionary

—

14.68%

Amazon.com,

Inc.

(a)

1,500‌

153,660‌

Aurora

Innovation,

Inc.

(a)

59,500‌

122,570‌

Chewy,

Inc.

(a)

3,650‌

141,365‌

Coupang,

Inc.,

Class

A

(a)

8,410‌

145,241‌

DraftKings,

Inc.,

Class

A

(a)

11,560‌

182,648‌

Etsy,

Inc.

(a)

1,566‌

147,063‌

Farfetch

Ltd.,

Class

A

(a)

18,000‌

152,640‌

Genius

Sports

Ltd.

(a)

43,600‌

224,104‌

MercadoLibre,

Inc.

(a)

204‌

183,930‌

Tesla,

Inc.

(a)

720‌

163,829‌

1,617,050‌

Financials

—

10.14%

Coinbase

Global,

Inc.,

Class

A

(a)

1,690‌

111,963‌

Intercontinental

Exchange,

Inc.

2,100‌

200,697‌

LendingClub

Corp.

(a)

11,040‌

117,466‌

Nu

Holdings

Ltd.,

Class

A

(a)

31,700‌

158,500‌

Robinhood

Markets,

Inc.,

Class

A

(a)

17,900‌

209,072‌

Silvergate

Capital

Corp.,

Class

A

(a)

2,898‌

164,490‌

Upstart

Holdings,

Inc.

(a)

6,700‌

155,306‌

1,117,494‌

Health

Care

—

12.47%

agilon

health,

inc.

(a)

7,925‌

157,311‌

Beam

Therapeutics,

Inc.

(a)

5,005‌

220,520‌

Exact

Sciences

Corp.

(a)

6,360‌

221,201‌

Intellia

Therapeutics,

Inc.

(a)

2,620‌

138,284‌

Intuitive

Surgical,

Inc.

(a)

900‌

221,823‌

Royalty

Pharma

PLC,

Class

A

5,370‌

227,258‌

Teladoc

Health,

Inc.

(a)

6,300‌

186,732‌

1,373,129‌

Industrials

—

9.82%

AeroVironment,

Inc.

(a)

1,994‌

182,451‌

Archer

Aviation,

Inc.,

Class

A

(a)

49,070‌

139,849‌

Elbit

Systems

Ltd.

1,030‌

208,822‌

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

13,064‌

144,749‌

Yorktown

Capital

Appreciation

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudtied)

Shares

Fair

Value

Teledyne

Technologies,

Inc.

(a)

567‌

$

225,655‌

Trimble,

Inc.

(a)

3,000‌

180,480‌

1,082,006‌

Technology

—

32.28%

Adyen

NV

-

ADR

(a)

10,975‌

157,711‌

ASML

Holding

N.V.

-

ADR

283‌

133,695‌

Bill.com

Holdings,

Inc.

(a)

1,340‌

178,702‌

CrowdStrike

Holdings,

Inc.,

Class

A

(a)

1,160‌

186,992‌

Datadog,

Inc.,

Class

A

(a)

1,630‌

131,231‌

Global-e

Online

Ltd.

(a)

6,530‌

165,144‌

Intuit,

Inc.

439‌

187,672‌

monday.com

Ltd.

(a)

1,190‌

127,258‌

Nano

Dimension

Ltd.

-

ADR

(a)

57,800‌

143,344‌

NVIDIA

Corp.

1,065‌

143,743‌

PagerDuty,

Inc.

(a)

6,650‌

165,851‌

PayPal

Holdings,

Inc.

(a)

2,220‌

185,548‌

Signify

Health,

Inc.,

Class

A

(a)

11,400‌

333,222‌

Snowflake,

Inc.,

Class

A

(a)

1,120‌

179,536‌

StoneCo

Ltd.,

Class

A

(a)

15,700‌

164,850‌

Synopsys,

Inc.

(a)

720‌

210,636‌

Teradyne,

Inc.

1,854‌

150,823‌

Veeva

Systems,

Inc.,

Class

A

(a)

760‌

127,634‌

Workday,

Inc.,

Class

A

(a)

900‌

140,238‌

Zoom

Video

Communications,

Inc.,

Class

A

(a)

1,890‌

157,702‌

ZoomInfo

Technologies,

Inc.,

Class

A

(a)

4,120‌

183,464‌

3,554,996‌

Total

Common

Stocks/In

vestments

—

95.59%

(Cost

$12,724,770)

10,528,588‌

Other

Assets

in

Excess

of

Liabilities 

—

 4.41%

485,362‌

Net

Assets

—

100.00%

$

11,013,950‌

(a)

Non-income

producing

security.

ADR

-

American

Depositary

Receipt

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

October

31,

2022

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

62.56%

Communications

—

4.81%

CCO

Holdings

LLC,

5.00%,

2/1/2028

(a)

$

1,000,000‌

$

906,740‌

CCO

Holdings

LLC,

4.25%,

2/1/2031

(a)

1,000,000‌

791,655‌

CCO

Holdings

LLC,

4.50%,

6/1/2033

(a)

1,000,000‌

760,246‌

DIRECTV

Holdings

LLC,

5.88%,

8/15/2027

(a)

1,250,000‌

1,128,069‌

Lamar

Media

Corp.,

3.63%,

1/15/2031

500,000‌

408,352‌

Level

3

Financing,

Inc.,

4.25%,

7/1/2028

(a)

2,000,000‌

1,655,460‌

Liberty

Interactive

LLC,

8.50%,

7/15/2029

1,000,000‌

636,540‌

Liberty

Interactive

LLC,

8.25%,

2/1/2030

2,000,000‌

1,251,670‌

Magallanes,

Inc.,

5.14%,

3/15/2052

(a)

1,000,000‌

699,638‌

Prosus

NV,

MTN,

3.06%,

7/13/2031

(a)

500,000‌

336,318‌

Scripps

Escrow

II,

Inc.,

3.88%,

1/15/2029

(a)

500,000‌

413,662‌

United

States

Cellular

Corp.,

6.70%,

12/15/2033

2,540,000‌

2,422,436‌

Univision

Communications,

Inc.,

6.63%,

6/1/2027

(a)

500,000‌

494,770‌

Univision

Communications,

Inc.,

4.50%,

5/1/2029

(a)

1,000,000‌

844,200‌

Verizon

Communications,

Inc.,

2.85%,

9/3/2041

1,000,000‌

655,113‌

VMED

OC

UK

Financing

PLC,

4.75%,

7/15/2031

(a)

1,000,000‌

809,980‌

14,214,849‌

Consumer

Discretionary

—

4.65%

Carnival

Corp.,

7.20%,

10/1/2023

1,000,000‌

1,001,678‌

Carnival

Corp.,

4.00%,

8/1/2028

(a)

1,000,000‌

807,500‌

Carnival

Corp.,

6.00%,

5/1/2029

(a)

1,000,000‌

664,932‌

Ford

Motor

Co.,

3.25%,

2/12/2032

500,000‌

376,263‌

Ford

Motor

Credit

Co.,

LLC,

3.38%,

11/13/2025

1,000,000‌

909,025‌

Ford

Motor

Credit

Co.,

LLC,

2.90%,

2/10/2029

2,000,000‌

1,572,469‌

L

Brands,

Inc.,

6.88%,

11/1/2035

2,000,000‌

1,684,110‌

LGI

Homes,

Inc.,

4.00%,

7/15/2029

(a)

500,000‌

384,203‌

Marriott

International,

Inc.,

2.75%,

10/15/2033

500,000‌

363,694‌

Marriott

Ownership

Resorts,

Inc.,

4.50%,

6/15/2029

(a)

1,000,000‌

838,520‌

QVC,

Inc.,

4.75%,

2/15/2027

2,000,000‌

1,589,410‌

Rent-A-Center,

Inc.,

6.38%,

2/15/2029

(a)

1,000,000‌

780,500‌

Royal

Caribbean

Cruises

Ltd.,

4.25%,

7/1/2026

(a)

500,000‌

398,738‌

Tenneco,

Inc.,

5.13%,

4/15/2029

(a)

500,000‌

496,601‌

Wolverine

World

Wide,

Inc.,

4.00%,

8/15/2029

(a)

1,000,000‌

791,470‌

WW

International,

Inc.,

4.50%,

4/15/2029

(a)

500,000‌

275,606‌

Yum!

Brands,

Inc.,

3.63%,

3/15/2031

1,000,000‌

804,550‌

13,739,269‌

Consumer

Staples

—

3.63%

Anheuser-Busch

Cos.,

LLC,

4.70%,

2/1/2036

(a)

100,000‌

90,520‌

Central

Garden

&

Pet

Co.,

4.13%,

4/30/2031

(a)

500,000‌

415,828‌

Constellation

Brands,

Inc.,

2.25%,

8/1/2031

500,000‌

383,323‌

Constellation

Brands,

Inc.,

4.50%,

5/9/2047

500,000‌

392,788‌

Coty,

Inc.,

5.00%,

4/15/2026

(a)

1,000,000‌

939,919‌

JBS

Finance

Luxembourg

Sarl,

3.63%,

1/15/2032

(a)

500,000‌

388,228‌

JBS

USA

LUX

SA,

5.50%,

1/15/2030

(a)

1,000,000‌

913,878‌

JBS

USA

LUX

SA,

3.75%,

12/1/2031

(a)

250,000‌

196,414‌

Kraft

Heinz

Foods

Co.,

5.00%,

6/4/2042

(a)

300,000‌

260,052‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Kraft

Heinz

Foods

Co.,

5.00%,

6/4/2042

$

500,000‌

$

433,420‌

Kraft

Heinz

Foods

Co.,

4.38%,

6/1/2046

1,000,000‌

782,427‌

Kraft

Heinz

Foods

Co.,

4.88%,

10/1/2049

1,000,000‌

835,481‌

Land

O'

Lakes,

Inc.,

7.25%,

Perpetual

(a)

2,000,000‌

1,870,110‌

Molson

Coors

Beverage

Co.,

4.20%,

7/15/2046

1,000,000‌

739,498‌

Natura

Cosmeticos

SA,

4.13%,

5/3/2028

(a)

500,000‌

390,250‌

Performance

Food

Group,

Inc.,

4.25%,

8/1/2029

(a)

500,000‌

424,775‌

Pilgrim's

Pride

Corp.,

4.25%,

4/15/2031

(a)

1,000,000‌

835,087‌

Vector

Group

Ltd.,

5.75%,

2/1/2029

(a)

500,000‌

438,720‌

10,730,718‌

Financials

—

28.65%

AgTexas

Farm

Credit

Services,

5.75%,

Perpetual

(H15T5Y

+

474.0bps)

(a),(b)

1,000,000‌

909,190‌

American

AgCredit

Corp.,

5.25%,

Perpetual

(H15T5Y

+

450.0bps)

(a),(b)

1,000,000‌

918,750‌

Assurant,

Inc.,

7.00%,

3/27/2048

1,000,000‌

953,370‌

Assured

Guaranty

Municipal

Holdings,

Inc.,

6.40%,

12/15/2066

(1MO

LIBOR

+

221.50bps)

(a),(b)

2,000,000‌

1,830,940‌

Assured

Guaranty

US

Holdings,

Inc.,

5.67%,

12/15/2066

(3MO

LIBOR

+

238.0bps)

(b)

2,000,000‌

1,590,000‌

Athene

Holding

Ltd.,

6.15%,

4/3/2030

2,000,000‌

1,943,027‌

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

6.13%,

2/16/2049

(USSW5

+

387.0bps)

(b)

1,000,000‌

770,416‌

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

Series

9,

6.50%,

3/25/2167

(H15T5Y

+

519.2bps)

(b)

3,900,000‌

3,493,464‌

Bank

of

America

Corp.,

4.38%,

4/27/2170

(H15T5Y

+

276.0bps)

(b)

2,000,000‌

1,610,000‌

Bank

of

Nova

Scotia

(The),

4.90%,

6/4/2165

(H15T5Y

+

455.51bps)

(b)

1,000,000‌

928,922‌

Barclays

PLC,

4.84%,

5/9/2028

2,000,000‌

1,696,745‌

Barclays

PLC,

5.09%,

6/20/2030

(3MO

LIBOR

+

305.4bps)

(b)

1,500,000‌

1,262,250‌

Barclays

PLC,

7.75%,

9/15/2168

(USSW5

+

484.2bps)

(b)

1,000,000‌

943,750‌

BBVA

Bancomer

S.A.,

5.13%,

Perpetual

(H15T5Y

+

265.0bps)

(b)

3,000,000‌

2,433,697‌

BNP

Paribas

SA,

6.63%,

Perpetual

(USSW5

+

414.9bps)

(a),(b)

4,000,000‌

3,758,568‌

Brighthouse

Financial,

Inc.,

4.70%,

6/22/2047

2,642,000‌

1,838,651‌

Citigroup,

Inc.,

4.70%,

Perpetual

(SOFR

+

323.4bps)

(b)

1,000,000‌

805,000‌

Citizens

Financial

Group,

Inc.,

Series

C,

6.38%,

Perpetual

(3MO

LIBOR

+

315.7bps)

(b)

2,000,000‌

1,833,507‌

Commerzbank

AG,

7.00%,

Perpetual

(USISDA05

+

522.8bps)

(b)

2,000,000‌

1,719,782‌

Credit

Suisse

Group

AG,

2.59%,

9/11/2025

(SOFR

+

156.0bps)

(a),(b)

1,000,000‌

888,476‌

Credit

Suisse

Group

AG,

5.10%,

Perpetual

(H15T5Y

+

329.3bps)

(a),(b)

1,000,000‌

615,954‌

Credit

Suisse

Group

AG,

7.25%,

Perpetual

(USSW5

+

433.2bps)

(a),(b)

3,000,000‌

2,349,450‌

Discover

Financial

Services,

Series

C,

5.50%,

Perpetual

(3MO

LIBOR

+

307.6bps)

(b)

1,334,000‌

1,036,317‌

Enstar

Finance

LLC,

5.50%,

1/15/2042

(H15T5Y

+

400.60bps)

(b)

500,000‌

393,650‌

Enstar

Group

Ltd.,

4.95%,

6/1/2029

2,000,000‌

1,759,208‌

FedNat

Holding

Co.,

7.75%,

3/15/2029

2,400,000‌

958,056‌

Fifth

Third

Bancorp,

5.10%,

Perpetual

(3MO

LIBOR

+

303.3bps)

(b)

1,000,000‌

913,300‌

Fifth

Third

Bancorp,

Series

J,

6.80%,

Perpetual

(3MO

LIBOR

+

312.9bps)

(b)

4,000,000‌

3,940,615‌

GATX

Corp.,

Class

B,

4.00%,

6/30/2030

2,000,000‌

1,725,517‌

Global

Atlantic

Financial

Co.,

4.70%,

10/15/2051

(H15T5Y

+

379.60bps)

(a),(b)

1,000,000‌

739,415‌

Goldman

Sachs

Group,

Inc.

(The),

Series

P,

5.00%,

11/10/2069

(3MO

LIBOR

+

287.4bps)

(b)

4,000,000‌

3,739,600‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Icahn

Enterprises

LP,

Class

B,

4.38%,

2/1/2029

$

250,000‌

$

209,359‌

ILFC

E-Capital

Trust

I,

4.85%,

12/21/2065

(USD

CMT

30YR

+

155.0bps)

(b)

590,000‌

361,375‌

ILFC

E-Capital

Trust

I,

5.12%,

12/21/2065

(USD

CMT

30YR

+

155.0bps)

(a)

2,250,000‌

1,378,125‌

ILFC

E-Capital

Trust

II,

5.37%,

12/21/2065

(H15T30Y

+

180.0bps)

(a),(b)

1,000,000‌

655,000‌

ING

Groep

NV,

4.25%,

Perpetual

(H15T5Y

+

286.20bps)

(b)

1,000,000‌

621,897‌

ING

Groep

NV,

5.75%,

Perpetual

(H15T5Y

+

432.2bps)

(b)

1,000,000‌

855,104‌

Intesa

Sanpaolo

SpA,

5.71%,

1/15/2026

(a)

3,000,000‌

2,796,710‌

JPMorgan

Chase

&

Co.,

Series

HH,

4.60%,

Perpetual

(SOFR+

312.5bps)

(b)

1,000,000‌

894,900‌

Liberty

Mutual

Group,

Inc.,

3.95%,

5/15/2060

(a)

500,000‌

302,059‌

Liberty

Mutual

Group,

Inc.,

4.30%,

2/1/2061

(a)

1,000,000‌

591,350‌

Lloyds

Banking

Group

PLC,

7.50%,

Perpetual

(USSW5

+

476.0bps)

(b)

3,000,000‌

2,867,291‌

Lloyds

Banking

Group

PLC,

7.50%,

Perpetual

(USSW5

+

449.6bps)

(b)

2,000,000‌

1,860,000‌

Macquarie

Bank

Ltd.,

3.62%,

6/3/2030

(a)

1,000,000‌

790,917‌

Massachusetts

Mutual

Life

Insurance

Co.,

3.38%,

4/15/2050

(a)

1,000,000‌

648,247‌

Nationwide

Mutual

Insurance

Co.,

4.35%,

4/30/2050

(a)

1,000,000‌

716,603‌

Nordea

Bank

Abp,

3.75%,

Perpetual

(H15T5Y

+

260.20bps)

(a),(b)

1,000,000‌

703,785‌

OneMain

Finance

Corp.,

5.38%,

11/15/2029

2,000,000‌

1,645,530‌

Oppenheimer

Holdings,

Inc.,

5.50%,

10/1/2025

500,000‌

484,885‌

Pacific

LifeCorp,

3.35%,

9/15/2050

(a)

500,000‌

318,648‌

PartnerRe

Finance

II,

Inc.,

5.41%,

12/1/2066

(3MO

LIBOR

+

232.5bps)

(b)

500,000‌

473,437‌

Radian

Group,

Inc.,

6.63%,

3/15/2025

2,250,000‌

2,225,138‌

SBL

Holdings,

Inc.,

5.13%,

11/13/2026

(a)

2,000,000‌

1,712,898‌

SBL

Holdings,

Inc.,

6.50%,

Perpetual

(H15T5Y

+

562.0bps)

(a),(b)

1,393,000‌

1,055,198‌

SBL

Holdings,

Inc.,

7.00%,

Perpetual

(H15T5Y

+

558.0bps)

(a),(b)

1,000,000‌

806,250‌

Standard

Chartered

PLC,

4.30%,

Perpetual

(H15T5Y

+

313.50bps)

(a),(b)

2,000,000‌

1,319,855‌

SVB

Financial

Group,

Series

E,

4.70%,

11/15/2049

(H15T10Y

+

306.40bps)

(b)

1,000,000‌

672,500‌

Truist

Financial

Corp.,

Series

M,

5.13%,

Perpetual

(3MO

LIBOR

+

278.6bps)

(b)

2,000,000‌

1,600,000‌

UniCredit

SpA,

5.86%,

6/19/2032

(USISDA05

+

370.3bps)

(a),(b)

2,000,000‌

1,658,334‌

UniCredit

SpA,

5.46%,

6/30/2035

(H15T5Y

+

475.0bps)

(a),(b)

500,000‌

372,990‌

Unifin

Financiera

SAB

de

CV

Sociedad

Financiera

de

Objeto

Multiple,

Entidad

No

Regulada,

8.38%,

1/27/2028

(a)

1,000,000‌

100,000‌

Voya

Financial,

Inc.,

5.65%,

5/15/2053

(3MO

LIBOR

+

358.0bps)

(b)

2,000,000‌

1,932,580‌

WT

Holdings,

Inc.,

5.50%,

4/30/2028

(a)

1,000,000‌

735,000‌

Zions

Bancorp,

5.80%,

Perpetual

(3MO

LIBOR

+

380.0bps)

(b)

1,000,000‌

945,163‌

84,610,715‌

Health

Care

—

1.18%

Jazz

Securities

DAC,

4.38%,

1/15/2029

(a)

500,000‌

445,010‌

Organon

Finance

1

LLC,

4.13%,

4/30/2028

(a)

1,000,000‌

882,735‌

Perrigo

Co.

PLC,

5.30%,

11/15/2043

1,000,000‌

693,849‌

Perrigo

Finance

Unlimited

Co.,

4.40%,

6/15/2030

1,000,000‌

837,970‌

Viatris,

Inc.,

3.85%,

6/22/2040

1,000,000‌

624,589‌

3,484,153‌

Industrials

—

9.30%

ADT

Security

Corp.

(The),

4.13%,

8/1/2029

(a)

1,000,000‌

860,000‌

ADT

Security

Corp.

(The),

4.88%,

7/15/2032

(a)

3,500,000‌

2,985,885‌

Air

Canada

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.13%,

5/15/2025

(a)

1,189,196‌

1,051,256‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

American

Airlines

Pass

Through

Trust,

Series

2013-2,

Class

A,

4.95%,

1/15/2023

$

1,127,743‌

$

1,116,435‌

American

Airlines

Pass

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

1,000,000‌

784,657‌

American

Airlines,

Inc.

Pass

Through

Trust,

Series

2015-1,

Class

B,

3.70%,

5/1/2023

867,019‌

838,800‌

Burlington

Northern

Santa

Fe

LLC,

4.45%,

1/15/2053

1,000,000‌

841,068‌

Canadian

Pacific

Railway

Co.,

Class

B,

2.45%,

12/2/2031

1,000,000‌

794,294‌

CSX

Corp.,

5.50%,

4/15/2041

1,000,000‌

947,478‌

Dycom

Industries,

Inc.,

4.50%,

4/15/2029

(a)

1,000,000‌

873,565‌

General

Electric

Co.,

4.10%,

Perpetual

(3MO

LIBOR

+

232.0bps)

(b)

600,000‌

485,850‌

General

Electric

Co.,

Series

D,

6.62%,

Perpetual

(3MO

LIBOR

+

333.0bps)

500,000‌

483,750‌

Norfolk

Southern

Corp.,

4.55%,

6/1/2053

1,000,000‌

815,363‌

Prime

Security

Services

Borrower

LLC,

Class

B,

5.75%,

4/15/2026

(a)

2,000,000‌

1,950,339‌

Seaspan

Corp.,

6.50%,

4/26/2026

2,000,000‌

1,926,000‌

Seaspan

Corp.,

5.50%,

8/1/2029

(a)

1,000,000‌

772,739‌

Stena

International

SA,

5.75%,

3/1/2024

(a)

3,730,000‌

3,508,311‌

Triton

Container

International

Ltd.,

3.25%,

3/15/2032

500,000‌

359,936‌

Union

Pacific

Corp.,

3.20%,

5/20/2041

1,000,000‌

734,031‌

Union

Pacific

Corp.,

2.95%,

3/10/2052

1,000,000‌

631,857‌

Union

Pacific

Corp.,

3.50%,

2/14/2053

1,000,000‌

701,748‌

United

Airlines

Pass

Through

Trust,

Series

2016-2B,

Class

B,

3.65%,

10/7/2025

571,759‌

498,329‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

762,000‌

708,184‌

United

Airlines

Pass

Through

Trust,

Series

2016-2,

Class

A,

3.10%,

4/7/2030

735,690‌

567,818‌

United

Airlines,

Inc.,

4.38%,

4/15/2026

(a)

50,000‌

45,726‌

US

Airways

Pass

Through

Trust,

Series

2011-1,

Class

A,

7.13%,

10/22/2023

320,595‌

322,742‌

US

Airways

Pass

Through

Trust,

Series

2012-2,

Class

A,

4.63%,

6/3/2025

1,587,112‌

1,434,272‌

ZipRecruiter,

Inc.,

5.00%,

1/15/2030

(a)

500,000‌

409,850‌

27,450,283‌

Materials

—

3.21%

Alcoa

Nederland

Holding

BV,

5.50%,

12/15/2027

(a)

1,000,000‌

932,536‌

Ball

Corp.,

2.88%,

8/15/2030

1,000,000‌

778,300‌

Bemis

Co.,

Inc.,

2.63%,

6/19/2030

500,000‌

391,651‌

Berry

Global,

Inc.,

5.63%,

7/15/2027

(a)

1,000,000‌

949,850‌

Canpack

SA,

3.88%,

11/15/2029

(a)

500,000‌

398,065‌

Coeur

Mining,

Inc.,

5.13%,

2/15/2029

(a)

1,000,000‌

771,514‌

Commercial

Metals

Co.,

3.88%,

2/15/2031

500,000‌

405,700‌

Domtar

Corp.,

6.25%,

9/1/2042

1,000,000‌

557,675‌

Freeport-McMoRan,

Inc.,

5.25%,

9/1/2029

1,000,000‌

931,104‌

Glencore

Funding

LLC,

2.63%,

9/23/2031

(a)

500,000‌

375,468‌

Mosaic

Co.

(The),

5.45%,

11/15/2033

1,000,000‌

926,776‌

Reynolds

Group

Issuer,

Inc.,

4.00%,

10/15/2027

(a)

1,000,000‌

887,600‌

Unigel

Luxembourg

SA,

8.75%,

10/1/2026

(a)

1,000,000‌

967,897‌

WRKCo,

Inc.,

3.00%,

6/15/2033

250,000‌

190,132‌

9,464,268‌

Real

Estate

—

0.65%

Iron

Mountain,

Inc.,

4.88%,

9/15/2029

(a)

1,000,000‌

862,375‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Iron

Mountain,

Inc.,

5.25%,

7/15/2030

(a)

$

1,000,000‌

$

864,313‌

SBA

Communications

Corp.,

3.88%,

2/15/2027

(a)

200,000‌

180,364‌

1,907,052‌

Technology

—

3.05%

Broadcom,

Inc.,

4.15%,

11/15/2030

1,000,000‌

861,295‌

Broadcom,

Inc.,

4.15%,

11/15/2030

500,000‌

430,648‌

Broadcom,

Inc.,

2.60%,

2/15/2033

(a)

1,000,000‌

712,116‌

Broadcom,

Inc.,

3.50%,

2/15/2041

(a)

1,000,000‌

660,684‌

HP,

Inc.,

6.00%,

9/15/2041

2,538,000‌

2,253,564‌

Juniper

Networks,

Inc.,

2.00%,

12/10/2030

500,000‌

362,552‌

Juniper

Networks,

Inc.,

5.95%,

3/15/2041

700,000‌

598,856‌

Kyndryl

Holdings,

Inc.,

2.05%,

10/15/2026

(a)

1,000,000‌

782,760‌

Kyndryl

Holdings,

Inc.,

3.15%,

10/15/2031

(a)

1,000,000‌

626,011‌

Lenovo

Group

Ltd.,

5.83%,

1/27/2028

(a)

1,000,000‌

885,540‌

NCR

Corp.,

5.13%,

4/15/2029

(a)

1,000,000‌

841,451‌

9,015,477‌

Utilities

—

3.43%

AEP

Texas,

Inc.,

Series

I,

2.10%,

7/1/2030

500,000‌

385,559‌

Appalachian

Power

Co.,

Series

Z,

3.70%,

5/1/2050

1,000,000‌

680,825‌

Dayton

Power

&

Light

Co.

(The),

3.95%,

6/15/2049

1,000,000‌

749,388‌

Dominion

Energy,

Inc.,

4.35%,

Perpetual

(H15T5Y

+

319.5bps)

(b)

1,000,000‌

832,290‌

Duke

Energy

Progress

LLC,

2.50%,

8/15/2050

1,000,000‌

560,169‌

Kentucky

Utilities

Co.,

3.30%,

6/1/2050

1,000,000‌

658,647‌

NRG

Energy,

Inc.,

4.45%,

6/15/2029

(a)

1,000,000‌

884,594‌

Pacific

Gas

and

Electric

Co.,

4.25%,

3/15/2046

500,000‌

333,639‌

Pacific

Gas

and

Electric

Co.,

3.50%,

8/1/2050

500,000‌

305,923‌

Southern

California

Edison

Co.,

Series

B,

4.88%,

3/1/2049

1,000,000‌

805,125‌

Topaz

Solar

Farms

LLC,

5.75%,

9/30/2039

(a)

899,238‌

856,403‌

Union

Electric

Co.,

3.90%,

4/1/2052

750,000‌

565,686‌

Vistra

Operations

Co.

LLC,

4.38%,

5/1/2029

(a)

1,000,000‌

857,710‌

WEC

Energy

Group,

Inc.,

5.02%,

5/15/2067

(3MO

LIBOR

+

211.3bps)

(b)

2,000,000‌

1,655,000‌

10,130,958‌

Total

Corporate

Bonds

and

Notes

(Cost $221,277,602)

184,747,742‌

ASSET

BACKED

SECURITIES

—

25.00%

ACC

Trust,

Series

2022-1,

Class

C,

3.24%,

10/20/2025

(a)

1,000,000‌

948,507‌

American

Credit

Acceptance

Receivables

Trust,

Series

2019-3,

Class

F,

5.42%,

5/12/2026

(a)

550,000‌

542,285‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-2,

Class

E,

2.54%,

7/13/2027

(a)

2,000,000‌

1,820,920‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-3,

Class

E,

2.56%,

11/15/2027

(a)

3,000,000‌

2,741,940‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-4,

Class

E,

3.12%,

2/14/2028

(a)

1,000,000‌

838,956‌

Amur

Equipment

Finance

Receivables

LLC,

Series

2022-1A,

Class

E,

5.02%,

12/20/2028

(a)

750,000‌

677,246‌

CarNow

Auto

Receivables

Trust,

Series

2021-1A,

Class

D,

3.64%,

2/17/2026

(a)

1,000,000‌

938,397‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Carvana

Auto

Receivables

Trust,

Series

2020-N1A,

Class

E,

5.20%,

7/15/2027

(a)

$

1,000,000‌

$

946,376‌

Carvana

Auto

Receivables

Trust,

Series

2021-N3,

Class

E,

3.16%,

6/12/2028

(a)

2,250,000‌

1,911,017‌

Carvana

Auto

Receivables

Trust,

Series

2021-N4,

Class

E,

4.53%,

9/11/2028

(a)

1,500,000‌

1,335,804‌

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

E,

6.01%,

12/11/2028

(a)

1,250,000‌

1,138,331‌

CCG

Receivables

Trust,

Series

2020-1,

Class

D,

2.68%,

12/14/2027

(a)

1,281,000‌

1,207,996‌

Conn's

Receivables

Funding

LLC,

Series

2021-A,

Class

B,

2.87%,

5/15/2026

(a)

1,000,000‌

977,353‌

Conn's

Receivables

Funding

LLC,

Series

2022-A,

Class

A,

5.87%,

12/15/2026

(a)

693,665‌

692,872‌

Continental

Credit

Card

ABS,

Series

2019-1A,

Class

C,

6.16%,

8/15/2026

(a)

3,000,000‌

2,889,567‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2021-A,

Class

C,

4.02%,

12/17/2029

(a)

1,000,000‌

899,947‌

CPS

Auto

Receivables

Trust,

Series

2019-C,

Class

E,

4.30%,

7/15/2025

(a)

2,000,000‌

1,972,806‌

CPS

Auto

Receivables

Trust,

Series

2022-A,

Class

E,

4.88%,

4/16/2029

(a)

1,000,000‌

869,336‌

Dext

ABS

LLC,

Series

2020-1,

Class

A,

1.46%,

2/16/2027

(a)

489,827‌

481,510‌

DT

Auto

Owner

Trust,

Series

2020-2A,

Class

D,

4.73%,

3/16/2026

(a)

500,000‌

493,200‌

DT

Auto

Owner

Trust,

Series

2021-2A,

Class

E,

2.97%,

7/17/2028

(a)

1,000,000‌

897,666‌

DT

Auto

Owner

Trust,

Series

2021-4A,

Class

E,

3.34%,

7/17/2028

(a)

1,000,000‌

845,977‌

DT

Auto

Owner

Trust,

Series

2022-1A,

Class

E,

5.53%,

3/15/2029

(a)

1,000,000‌

893,246‌

Encina

Equipment

Finance

LLC,

Series

2022-1A,

Class

D,

6.00%,

1/15/2030

(a)

1,000,000‌

952,007‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

E,

4.02%,

1/17/2028

(a)

2,000,000‌

1,739,918‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/15/2028

(a)

1,155,000‌

1,044,558‌

Exeter

Automobile

Receivables

Trust,

Series

2022-2A,

Class

D,

4.56%,

7/17/2028

1,000,000‌

927,191‌

Exeter

Automobile

Receivables

Trust,

Series

2021-2A,

Class

E,

2.90%,

7/17/2028

(a)

1,000,000‌

841,264‌

Exeter

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.04%,

12/15/2028

(a)

1,000,000‌

863,826‌

Exeter

Automobile

Receivables

Trust,

Series

2022-1A,

Class

E,

5.02%,

10/15/2029

(a)

2,000,000‌

1,662,883‌

First

Investors

Auto

Owner

Trust,

Series

2019-2A,

Class

F,

5.69%,

7/15/2026

(a)

2,000,000‌

1,908,247‌

First

Investors

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.66%,

12/15/2027

(a)

840,000‌

760,686‌

Flagship

Credit

Auto

Trust,

Series

2018-3,

Class

E,

5.28%,

12/15/2025

(a)

2,000,000‌

1,952,066‌

Flagship

Credit

Auto

Trust,

Series

2021-3,

Class

D,

1.65%,

9/15/2027

(a)

1,000,000‌

870,815‌

Flagship

Credit

Auto

Trust,

Series

2021-2,

Class

E,

3.16%,

9/15/2028

(a)

1,150,000‌

947,817‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-1,

Class

E,

2.98%,

4/15/2027

(a)

1,270,000‌

1,167,728‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-2,

Class

E,

3.35%,

10/15/2027

(a)

500,000‌

441,957‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-1,

Class

D,

3.07%,

5/15/2028

(a)

$

1,000,000‌

$

873,566‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-2,

Class

C,

5.75%,

8/15/2028

(a)

1,000,000‌

965,271‌

Global

SC

Finance

VII

Srl,

Series

2020-1A,

Class

A,

2.17%,

10/17/2040

(a)

384,283‌

338,038‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2019-3A,

Class

D,

3.84%,

5/15/2026

(a)

3,000,000‌

2,903,798‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-1A,

Class

E,

3.14%,

1/18/2028

(a)

2,750,000‌

2,508,657‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

E,

4.43%,

10/16/2028

(a)

1,000,000‌

866,182‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-3A,

Class

E,

3.20%,

10/16/2028

(a)

1,000,000‌

843,251‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2022-1A,

Class

E,

5.64%,

5/15/2029

(a)

1,000,000‌

883,668‌

Helios

Issuer

LLC,

Series

2021-A,

Class

B,

3.15%,

2/20/2048

(a)

813,222‌

640,076‌

HERO

Funding

Trust,

Series

2021-1A,

Class

B,

4.00%,

9/20/2051

(a)

373,796‌

333,354‌

HPEFS

Equipment

Trust,

Series

2020-1A,

Class

D,

2.26%,

2/20/2030

(a)

1,000,000‌

986,720‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-3GS,

Class

C,

3.50%,

12/20/2047

(a)

935,047‌

691,493‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-2GS,

Class

C,

3.50%,

3/20/2048

(a)

974,043‌

706,656‌

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A2,

4.06%,

1/15/2045

(a)

972,227‌

893,214‌

METAL

Cayman

LLC,

Series

2017-1,

Class

B,

6.50%,

10/15/2042

(a)

3,702,368‌

555,355‌

Mosaic

Solar

Loan

Trust,

Series

2021-1A,

Class

D,

3.71%,

12/20/2046

(a)

802,419‌

679,406‌

Octane

Receivables

Trust,

Series

2022-2A,

Class

D,

7.70%,

2/20/2030

(a)

1,000,000‌

939,458‌

Pawnee

Equipment

Receivables

LLC,

Series

2019-1,

Class

E,

3.80%,

1/15/2026

(a)

467,000‌

452,274‌

Purchasing

Power

Funding

LLC,

Series

2021-A,

Class

C,

2.53%,

10/15/2025

(a)

1,000,000‌

953,120‌

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

6.39%,

4/20/2034

(3MO

LIBOR

+

215.0bps)

(a),(b)

1,000,000‌

912,941‌

Regatta

XVIII

Funding

Ltd.,

Series

2021-1A,

Class

C,

5.83%,

1/15/2034

(3MO

LIBOR

+

175.0bps)

(a),(b)

1,000,000‌

912,028‌

Sapphire

Aviation

Finance

I

Ltd.,

Series

2018-1A,

Class

C,

7.39%,

3/15/2040

(a)

3,073,828‌

330,437‌

SCF

Equipment

Leasing

LLC,

Series

2019-2A,

Class

B,

2.76%,

8/20/2026

(a)

1,000,000‌

957,276‌

SCF

Equipment

Leasing

LLC,

Series

2021-1A,

Class

E,

3.56%,

8/20/2032

(a)

750,000‌

651,545‌

TAL

Advantage

VII

LLC,

Series

2020-1A,

Class

A,

2.05%,

9/20/2045

(a)

781,250‌

675,395‌

Textainer

Marine

Containers

Ltd.,

Series

2021-3A,

Class

A,

1.94%,

8/20/2046

(a)

1,088,000‌

872,067‌

Trinity

Rail

Leasing

2021

LLC,

Series

2021-1A,

Class

B,

3.08%,

7/19/2051

(a)

500,000‌

402,317‌

Triton

Container

Finance

VIII

LLC,

Series

2020-1A,

Class

A,

2.11%,

9/20/2045

(a)

822,917‌

692,988‌

TRP

LLC,

Series

2021-2,

Class

B,

3.08%,

6/19/2051

(a)

950,000‌

796,763‌

United

Auto

Credit

Securitization

Trust,

Series

2021-1,

Class

E,

2.58%,

6/10/2026

(a)

2,000,000‌

1,865,593‌

United

Auto

Credit

Securitization

Trust,

Series

2022-1,

Class

E,

5.00%,

11/10/2028

(a)

1,000,000‌

904,055‌

US

Auto

Funding

LLC,

Series

2021-1A,

Class

C,

2.20%,

5/15/2026

(a)

1,125,000‌

1,070,210‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

US

Auto

Funding

LLC,

Series

2021-1A,

Class

E,

6.32%,

9/15/2028

(a)

$

500,000‌

$

465,513‌

USQ

Rail

II

LLC,

Series

2021-3,

Class

B,

2.98%,

6/28/2051

(a)

500,000‌

408,135‌

Westlake

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.42%,

4/15/2027

(a)

1,000,000‌

864,703‌

Total

Asset

Backed

Securities

(Cost $85,651,443)

73,837,741‌

FOREIGN

BONDS

—

0.26%

Mexican

Government

International

Bond,

3.50%,

2/12/2034

1,000,000‌

765,455‌

Total

Foreign

Bonds

(Cost $995,536)

765,455‌

U.S.

GOVERNMENT

&

AGENCIES

—

3.67%

Fannie

Mae,

Pool

#BP2175,

3.00%,

2/1/2035

430,963‌

397,807‌

Fannie

Mae,

Pool

#BR2084,

1.90%,

6/1/2051

(b)

751,407‌

673,016‌

Fannie

Mae,

Pool

#BT1339,

2.50%,

7/1/2051

1,814,975‌

1,495,754‌

Fannie

Mae,

Pool

#BT3256,

2.50%,

7/1/2051

925,370‌

762,564‌

Fannie

Mae,

Pool

#BQ7422,

2.50%,

8/1/2051

878,152‌

723,447‌

Federal

Agricultural

Mortgage

Corp.,

3.05%,

6/29/2032

500,000‌

431,005‌

Federal

Farm

Credit

Bank,

2.13%,

5/21/2040

1,000,000‌

631,355‌

Federal

Farm

Credit

Bank,

1.95%,

8/13/2040

1,000,000‌

592,938‌

Federal

Farm

Credit

Bank,

2.07%,

12/21/2040

500,000‌

302,433‌

Federal

Home

Loan

Bank,

2.01%,

7/16/2040

1,000,000‌

611,920‌

Federal

Home

Loan

Mortgage

Corp.,

1.75%,

7/27/2035

1,500,000‌

1,026,336‌

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

924,015‌

762,403‌

Freddie

Mac,

Pool

#RA2314,

3.50%,

3/1/2050

395,111‌

351,615‌

Freddie

Mac,

Pool

#RA2657,

3.50%,

5/1/2050

830,658‌

738,989‌

Freddie

Mac,

Pool

#SD0430,

2.50%,

8/1/2050

701,819‌

582,684‌

Freddie

Mac,

Pool

#QC3907,

2.50%,

7/1/2051

916,742‌

755,329‌

Total

U.S.

Government

&

Agencies

(Cost $14,522,921)

10,839,595‌

COLLATERALIZED

LOAN

OBLIGATIONS

—

6.13%

Apex

Credit

CLO

Ltd.,

Series

2018-1A,

Class

B,

5.96%,

4/25/2031

(3MO

LIBOR

+

160.0bps)

(a),(b)

1,190,000‌

1,119,997‌

Apex

Credit

CLO

Ltd.,

Series

2018-2A,

Class

C2R,

6.84%,

10/20/2031

(3MO

LIBOR

+

260.0bps)

(a),(b)

420,000‌

390,175‌

Atrium

XII,

Series

2012-A,

Class

CR,

4.41%,

4/22/2027

(3MO

LIBOR

+

165.0bps)

(a),(b)

2,500,000‌

2,385,295‌

Benefit

Street

Partners

CLO

X

Ltd.,

Series

2016-10A,

Class

BRR,

6.39%,

4/20/2034

(3MO

LIBOR

+

215.0bps)

(a),(b)

250,000‌

229,176‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

C,

6.23%,

1/15/2035

(3MO

LIBOR

+

215.0bps)

(a),(b)

1,000,000‌

905,810‌

Carlyle

Global

Market

Strategies

CLO,

Series

2017-1A,

Class

BR,

6.44%,

4/20/2031

(3MO

LIBOR

+

220.0bps)

(a),(b)

1,000,000‌

933,303‌

Carlyle

Global

Market

Strategies

CLO,

Series

2016-3A,

Class

CRR,

6.44%,

7/20/2034

(3MO

LIBOR

+

220.0bps)

(a),(b)

375,000‌

339,535‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Hildene

TruPS

Financials

Note

Securitization

Ltd.,

Series

2019-2A,

Class

A2,

5.43%,

5/22/2039

(3MO

LIBOR

+

245.0bps)

(a),(b)

$

3,000,000‌

$

2,992,500‌

HPS

Loan

Management

Ltd.,

Series

2010A-16,

Class

BRR,

6.29%,

4/20/2034

(3MO

LIBOR

+

205.0bps)

(a),(b)

1,000,000‌

910,624‌

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

BRR,

6.28%,

10/15/2032

(3MO

LIBOR

+

220.0bps)

(a),(b)

1,000,000‌

925,326‌

Madison

Park

Funding

XXXVIII

Ltd.,

Series

2021-38A,

Class

C,

5.98%,

7/17/2034

(3MO

LIBOR

+

190.0bps)

(a),(b)

1,000,000‌

908,528‌

Palmer

Square

CLO

Ltd.,

Series

2022-1A,

Class

C,

6.01%,

4/20/2035

(TSFR3M

+

205.0bps)

(a),(b)

1,000,000‌

902,447‌

Rockford

Tower

CLO

Ltd.,

Series

2019-2A,

Class

CR,

4.98%,

8/20/2032

(3MO

LIBOR

+

200.0bps)

(a),(b)

1,000,000‌

919,909‌

Venture

CLO

Ltd.,

Series

2018-31A,

Class

C1,

6.19%,

4/20/2031

(3MO

LIBOR

+

195.0bps)

(a),(b)

1,000,000‌

921,147‌

Wellfleet

CLO

Ltd.,

Series

2016-1A,

Class

CR,

6.24%,

4/20/2028

(3MO

LIBOR

+

200.0bps)

(a),(b)

3,000,000‌

2,876,880‌

Wind

River

CLO

Ltd.,

Series

2016-1KRA,

Class

CR2,

6.43%,

10/15/2034

(US0003M

+

235.0bps)

(a),(b)

500,000‌

453,706‌

Total

Collateralized

Loan

Obligations

(Cost $19,112,021)

18,114,358‌

COMMERCIAL

PAPER

—

1.36%

Southern

California

Edison

Co.,

3.82%,

11/1/2022

4,000,000‌

3,999,624‌

Total

Commercial

Paper

(Cost $4,000,000)

3,999,624‌

Total

Investments

—

98.98%

(Cost

$345,559,523)

292,304,515‌

Other

Assets

in

Excess

of

Liabilities 

—

 1.02%

3,000,332‌

Net

Assets

—

100.00%

$

295,304,847‌

(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

October

31,

2022

was

$173,222,500,

representing

58.66%

of

net

assets.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

October

31,

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

October

31,

2022

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

54.34%

Communications

—

1.65%

AT&T,

Inc.,

3.69%,

3/25/2024

(SOFR

+

64.0bps)

(a)

$

1,000,000‌

$

994,317‌

Expedia

Group,

Inc.,

5.00%,

2/15/2026

213,000‌

205,992‌

NBN

Co.

Ltd.,

MTN,

1.45%,

5/5/2026

(a),(b)

1,000,000‌

870,614‌

Verizon

Communications,

Inc.,

4.01%,

5/15/2025

(3MO

LIBOR

+

110.0bps)

(a)

2,000,000‌

1,999,877‌

Verizon

Communications,

Inc.,

3.84%,

3/20/2026

(SOFR

+

79.0bps)

(a)

1,389,000‌

1,355,995‌

5,426,795‌

Consumer

Discretionary

—

5.57%

American

Honda

Finance

Corp.,

MTN,

1.50%,

1/13/2025

1,000,000‌

926,970‌

eBay,

Inc.,

1.40%,

5/10/2026

500,000‌

435,456‌

Ford

Motor

Co.,

4.35%,

12/8/2026

1,000,000‌

931,930‌

Ford

Motor

Credit

Co.,

LLC,

4.14%,

2/15/2023

(3MO

LIBOR

+

123.50bps)

(a)

250,000‌

248,267‌

Ford

Motor

Credit

Co.,

LLC,

2.30%,

2/10/2025

1,000,000‌

906,400‌

Ford

Motor

Credit

Co.,

LLC,

3.38%,

11/13/2025

1,000,000‌

909,025‌

General

Motors

Financial

Co.,

Inc.,

1.20%,

10/15/2024

1,000,000‌

914,168‌

General

Motors

Financial

Co.,

Inc.,

3.80%,

4/7/2025

1,000,000‌

945,713‌

General

Motors

Financial

Co.,

Inc.,

1.25%,

1/8/2026

1,000,000‌

853,748‌

General

Motors

Financial

Co.,

Inc.,

1.50%,

6/10/2026

1,000,000‌

842,018‌

General

Motors

Financial

Co.,

Inc.,

4.09%,

2/26/2027

(SOFR

+

104.0bps)

(a)

500,000‌

471,697‌

Home

Depot

Inc.

(The),

4.00%,

9/15/2025

500,000‌

489,771‌

Hyatt

Hotels

Corp.,

1.30%,

10/1/2023

500,000‌

479,890‌

Hyundai

Capital

America,

1.25%,

9/18/2023

(b)

1,000,000‌

960,804‌

Hyundai

Capital

America,

4.30%,

2/1/2024

(b)

1,000,000‌

979,367‌

Hyundai

Capital

America,

0.88%,

6/14/2024

(b)

500,000‌

459,480‌

Hyundai

Capital

America,

1.00%,

9/17/2024

(b)

500,000‌

452,823‌

Kia

Corp.,

1.00%,

4/16/2024

(b)

1,000,000‌

934,441‌

Marriott

International,

Inc.,

3.75%,

3/15/2025

2,000,000‌

1,918,519‌

Nissan

Motor

Acceptance

Co.,

LLC,

1.13%,

9/16/2024

(b)

500,000‌

446,643‌

Nissan

Motor

Co.

Ltd.,

3.04%,

9/15/2023

(b)

1,100,000‌

1,062,586‌

Nissan

Motor

Co.

Ltd.,

3.52%,

9/17/2025

(b)

2,000,000‌

1,775,401‌

18,345,117‌

Consumer

Staples

—

1.28%

7-Eleven,

Inc.,

0.80%,

2/10/2024

(b)

1,000,000‌

943,328‌

JBS

USA

LUX

SA,

5.13%,

2/1/2028

(b)

1,000,000‌

931,553‌

JDE

Peet's

NV,

1.38%,

1/15/2027

(b)

250,000‌

205,249‌

Mitsubishi

Corp.,

1.13%,

7/15/2026

(b)

500,000‌

430,433‌

Mondelez

International

Holdings

Netherlands

BV,

1.25%,

9/24/2026

(b)

1,000,000‌

855,744‌

Viterra

Finance

BV,

2.00%,

4/21/2026

(b)

1,000,000‌

844,970‌

4,211,277‌

Financials

—

25.03%

AerCap

Ireland

Capital,

3.50%,

1/15/2025

2,000,000‌

1,877,714‌

AerCap

Ireland

Capital

DAC,

1.65%,

10/29/2024

1,000,000‌

908,097‌

AIG

Global

Funding,

0.65%,

6/17/2024

(b)

1,000,000‌

929,391‌

Air

Lease

Corp.,

0.80%,

8/18/2024

1,000,000‌

911,099‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Air

Lease

Corp.,

1.88%,

8/15/2026

$

500,000‌

$

419,688‌

Allied

World

Assurance

Co.

Holdings

Ltd.,

4.35%,

10/29/2025

1,800,000‌

1,707,242‌

Ally

Financial,

Inc.,

3.05%,

6/5/2023

500,000‌

491,704‌

Antares

Holdings

LP,

3.95%,

7/15/2026

(b)

1,500,000‌

1,277,563‌

Athene

Global

Funding,

1.20%,

10/13/2023

(b)

500,000‌

478,386‌

Athene

Global

Funding,

2.75%,

6/25/2024

(b)

1,250,000‌

1,184,803‌

Athene

Global

Funding,

3.61%,

8/19/2024

(SOFR

+

56.0bps)

(a),(b)

1,000,000‌

974,952‌

Athene

Global

Funding,

3.77%,

1/7/2025

(SOFR

+

71.5bps)

(a),(b)

1,000,000‌

965,695‌

Aviation

Capital

Group

LLC,

1.95%,

1/30/2026

(b)

1,000,000‌

835,943‌

Avolon

Holdings

Funding

Ltd.,

2.13%,

2/21/2026

(b)

2,000,000‌

1,641,097‌

Banco

Santander

Chile,

2.70%,

1/10/2025

(b)

150,000‌

140,756‌

Banco

Santander

SA,

2.75%,

5/28/2025

1,000,000‌

907,646‌

Banco

Santander

SA,

5.15%,

8/18/2025

1,000,000‌

961,704‌

Bank

of

Nova

Scotia

(The),

3.60%,

3/2/2026

(SOFR

+

54.5bps)

(a)

2,000,000‌

1,927,196‌

BPCE

SA,

2.38%,

1/14/2025

(b)

500,000‌

458,966‌

Brighthouse

Financial

Global

Funding,

MTN,

3.81%,

4/12/2024

(SOFR

+76.0bps)

(a),(b)

1,000,000‌

989,631‌

Capital

One

Financial

Corp.,

3.74%,

12/6/2024

(SOFR

+

69.0bps)

(a)

1,000,000‌

974,536‌

Citadel

Finance

LLC,

3.38%,

3/9/2026

(b)

2,000,000‌

1,763,591‌

Citigroup,

Inc.,

3.82%,

6/9/2027

(SOFR

+

77.0bps)

(a)

1,000,000‌

950,288‌

CNO

Global

Funding,

1.75%,

10/7/2026

(b)

500,000‌

429,612‌

Credit

Suisse

Group

AG,

4.48%,

6/12/2024

(3MO

LIBOR

+

124.0bps)

(a),(b)

3,000,000‌

2,828,129‌

Danske

Bank

A/S,

1.17%,

12/8/2023

(b)

500,000‌

497,014‌

Drawbridge

Special

Opportunities

Fund

LP,

3.88%,

2/15/2026

(b)

2,000,000‌

1,815,407‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/2025

(b)

1,000,000‌

894,914‌

Equitable

Financial

Life

Global

Funding,

1.00%,

1/9/2026

(b)

500,000‌

432,184‌

Equitable

Financial

Life

Global

Funding,

1.70%,

11/12/2026

(b)

1,000,000‌

862,979‌

F&G

Global

Funding,

1.75%,

6/30/2026

(b)

500,000‌

432,316‌

GA

Global

Funding

Trust,

1.00%,

4/8/2024

(b)

1,000,000‌

928,571‌

GA

Global

Funding

Trust,

1.63%,

1/15/2026

(b)

1,000,000‌

872,407‌

GE

Capital

International

Funding

Co.,

3.37%,

11/15/2025

200,000‌

189,909‌

Goldman

Sachs

Group,

Inc.

(The),

3.67%,

12/6/2023

(SOFR

+

62.0bps)

(a)

1,000,000‌

992,499‌

Goldman

Sachs

Group,

Inc.

(The),

3.86%,

3/9/2027

(SOFR

+

81.0bps)

(a)

1,000,000‌

949,578‌

Goldman

Sachs

Group,

Inc.

(The),

3.87%,

9/10/2027

(SOFR

+

82.0bps)

(a)

500,000‌

471,268‌

Goldman

Sachs

Group,

Inc.

(The),

3.97%,

10/21/2027

(SOFR

+

92.0bps)

(a)

2,000,000‌

1,899,836‌

HSBC

Holdings

PLC,

4.25%,

3/14/2024

1,000,000‌

966,647‌

HSBC

Holdings

PLC,

3.96%,

5/18/2024

(3MO

LIBOR

+

100.0bps)

(a)

1,000,000‌

985,582‌

HSBC

Holdings

PLC,

0.73%,

8/17/2024

(SOFR+

53.4bps)

(a)

700,000‌

663,889‌

HSBC

Holdings

PLC,

4.25%,

8/18/2025

1,313,000‌

1,222,343‌

HSBC

Holdings

PLC,

4.62%,

9/12/2026

(3MO

LIBOR

+

138.0bps)

(a)

1,500,000‌

1,456,226‌

Huntington

Bancshares,

Inc.,

2.63%,

8/6/2024

1,000,000‌

951,455‌

ING

Groep

NV,

4.06%,

4/1/2027

(SOFR

+

101.0bps)

(a)

2,000,000‌

1,909,542‌

Intesa

Sanpaolo

SpA,

3.38%,

1/12/2023

(b)

1,000,000‌

994,669‌

Intesa

Sanpaolo

SpA,

3.25%,

9/23/2024

(b)

4,000,000‌

3,735,653‌

Jackson

Financial,

Inc.,

1.13%,

11/22/2023

(b)

1,000,000‌

953,065‌

JPMorgan

Chase

&

Co.,

4.08%,

4/26/2026

(SOFR

+

132.0bps)

(a)

1,000,000‌

959,245‌

JPMorgan

Chase

&

Co.,

3.94%,

4/22/2027

(SOFR

+

88.5bps)

(a)

2,000,000‌

1,930,734‌

JPMorgan

Chase

&

Co.,

4.23%,

2/24/2028

(SOFR

+

118.0bps)

(a)

1,000,000‌

969,004‌

JPMorgan

Chase

&

Co.,

MTN,

3.40%,

6/22/2028

(SOFR

+

35.0bps)

(a)

365,000‌

334,997‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

KeyCorp

Capital,

4.48%,

7/1/2028

(3MO

LIBOR

+

74.0bps)

(a)

$

1,000,000‌

$

892,767‌

Lloyds

Banking

Group

PLC,

4.58%,

12/10/2025

(b)

250,000‌

229,316‌

Macquarie

Group

Ltd.,

4.88%,

6/10/2025

(b)

285,000‌

273,898‌

Met

Tower

Global

Funding,

MTN,

1.25%,

9/14/2026

(b)

1,000,000‌

857,260‌

Mitsubishi

UFJ

Financial

Group,

Inc.,

1.41%,

7/17/2025

1,000,000‌

893,224‌

Mitsubishi

UFJ

Financial

Group,

Inc.,

0.95%,

7/19/2025

(H15T1Y

+

55.0bps)

(a)

1,000,000‌

918,209‌

Nomura

Holdings,

Inc.,

1.65%,

7/14/2026

1,000,000‌

850,344‌

Nordea

Bank

Abp,

MTN,

1.50%,

9/30/2026

(b)

1,000,000‌

843,173‌

Pricoa

Global

Funding

I,

MTN,

1.20%,

9/1/2026

(b)

500,000‌

431,989‌

Principal

Life

Global

Funding

II,

MTN,

1.50%,

11/17/2026

(b)

1,000,000‌

855,898‌

Protective

Life

Global

Funding,

MTN,

1.30%,

9/20/2026

(b)

500,000‌

428,773‌

Royal

Bank

of

Canada,

MTN,

3.76%,

1/21/2027

(SOFR

+

71.0bps)

(a)

1,000,000‌

964,581‌

Santander

Holdings

USA,

Inc.,

3.50%,

6/7/2024

2,500,000‌

2,398,363‌

Santander

UK

PLC,

5.00%,

11/7/2023

(b)

1,000,000‌

989,180‌

Security

Benefit

Global

Funding,

MTN,

1.25%,

5/17/2024

(b)

1,000,000‌

929,924‌

SMBC

Aviation

Capital

Finance

DAC,

1.90%,

10/15/2026

(b)

1,000,000‌

830,435‌

Societe

Generale

SA,

5.00%,

1/17/2024

(b)

2,000,000‌

1,946,297‌

Societe

Generale

SA,

4.25%,

4/14/2025

(b)

3,000,000‌

2,781,752‌

Societe

Generale

SA,

4.10%,

1/21/2026

(SOFR

+

105.0bps)

(a),(b)

500,000‌

478,201‌

Societe

Generale

SA,

MTN,

1.79%,

6/9/2027

(H15T5Y

+

100.0bps)

(a),(b)

1,000,000‌

819,648‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

4.88%,

10/16/2023

(3MO

LIBOR

+

80.0bps)

(a)

1,000,000‌

999,561‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

1.47%,

7/8/2025

500,000‌

446,593‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

3.93%,

1/14/2027

(SOFR

+

88.0bps)

(a)

1,000,000‌

974,739‌

Sumitomo

Mitsui

Trust

Bank

Ltd.,

MTN,

0.85%,

3/25/2024

(b)

1,000,000‌

936,373‌

Truist

Bank,

3.58%,

5/15/2027

(3MO

LIBOR

+

67.0bps)

(a)

1,500,000‌

1,363,948‌

Wells

Fargo

&

Co.,

4.58%,

1/15/2027

(3MO

LIBOR

+

50.0bps)

(a)

2,000,000‌

1,850,440‌

82,392,248‌

Health

Care

—

2.55%

HCA,

Inc.,

5.00%,

3/15/2024

2,000,000‌

1,983,332‌

Highmark,

Inc.,

1.45%,

5/10/2026

(b)

500,000‌

434,101‌

McKesson

Corp.,

Class

B,

1.30%,

8/15/2026

1,000,000‌

859,721‌

PerkinElmer,

Inc.,

0.85%,

9/15/2024

1,260,000‌

1,163,225‌

Perrigo

Finance

Unlimited

Co.,

3.90%,

12/15/2024

2,250,000‌

2,148,379‌

Viatris,

Inc.,

1.65%,

6/22/2025

1,000,000‌

893,275‌

Zimmer

Biomet

Holdings,

Inc.,

1.45%,

11/22/2024

1,000,000‌

922,697‌

8,404,730‌

Industrials

—

5.86%

Air

Canada

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.13%,

5/15/2025

(b)

1,159,467‌

1,024,975‌

Air

Canada

Pass

Through

Trust,

Series

2017-1,

Class

B,

3.70%,

7/15/2026

(b)

608,466‌

537,127‌

American

Airlines

Pass

Through

Trust,

Series

2013-2,

Class

A,

4.95%,

1/15/2023

447,875‌

443,384‌

American

Airlines

Pass

Through

Trust,

Series

2014-1,

Class

A,

3.70%,

10/1/2026

1,825,068‌

1,543,095‌

Ashtead

Capital,

Inc.,

1.50%,

8/12/2026

(b)

1,000,000‌

830,373‌

Boeing

Co.

(The),

1.43%,

2/4/2024

1,100,000‌

1,044,326‌

Boeing

Co.

(The),

2.20%,

2/4/2026

1,000,000‌

884,422‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

British

Airways

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.63%,

6/20/2024

$

758,246‌

$

734,684‌

CNH

Industrial

Capital

LLC,

1.88%,

1/15/2026

1,000,000‌

881,069‌

Daimler

Trucks

Finance

North

America

LLC,

3.80%,

12/13/2024

(SOFR

+

75.0bps)

(a),(b)

1,000,000‌

987,043‌

Delta

Air

Lines

Pass

Through

Trust,

Series

2015-1,

Class

B,

4.25%,

7/30/2023

63,811‌

62,415‌

PACCAR

Financial

Corp.,

MTN,

1.10%,

5/11/2026

500,000‌

439,331‌

Penske

Truck

Leasing

Co.

LP,

1.20%,

11/15/2025

(b)

1,000,000‌

863,646‌

Penske

Truck

Leasing

Co.

LP,

1.70%,

6/15/2026

(b)

1,000,000‌

855,987‌

Stanley

Black

&

Decker,

Inc.,

2.30%,

2/24/2025

1,000,000‌

940,057‌

Trimble,

Inc.,

4.15%,

6/15/2023

1,000,000‌

993,422‌

Triton

Container

International

Ltd.,

0.80%,

8/1/2023

(b)

1,055,000‌

1,010,226‌

Triton

Container

International

Ltd.,

1.15%,

6/7/2024

(b)

1,000,000‌

917,194‌

Triton

Container

International

Ltd.,

2.05%,

4/15/2026

(b)

1,000,000‌

845,280‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

762,000‌

708,184‌

United

Airlines

Pass

Through

Trust,

Series

2016-1,

Class

A,

3.45%,

7/7/2028

736,173‌

593,244‌

US

Airways

Pass

Through

Trust,

Series

2012-2,

Class

A,

4.63%,

6/3/2025

47,343‌

42,784‌

US

Airways

Pass

Through

Trust,

Series

2013-1,

Class

A,

3.95%,

11/15/2025

1,428,765‌

1,266,349‌

Vontier

Corp.,

1.80%,

4/1/2026

1,000,000‌

830,000‌

19,278,617‌

Materials

—

2.38%

Berry

Global,

Inc.,

0.95%,

2/15/2024

1,000,000‌

940,741‌

Berry

Global,

Inc.,

1.57%,

1/15/2026

1,000,000‌

867,438‌

Berry

Global,

Inc.,

1.65%,

1/15/2027

2,000,000‌

1,649,800‌

Glencore

Funding

LLC,

1.63%,

4/27/2026

(b)

1,000,000‌

859,676‌

Graphic

Packaging

International

LLC,

1.51%,

4/15/2026

(b)

1,000,000‌

851,856‌

Sealed

Air

Corp.,

1.57%,

10/15/2026

(b)

1,000,000‌

837,912‌

Sherwin-Williams

Co.

(The),

4.05%,

8/8/2024

1,000,000‌

981,513‌

Silgan

Holdings,

Inc.,

1.40%,

4/1/2026

(b)

1,000,000‌

852,781‌

7,841,717‌

Real

Estate

—

1.31%

American

Tower

Corp.,

1.60%,

4/15/2026

500,000‌

432,098‌

SBA

Tower

Trust,

Series

2019-1,

Class

C,

2.84%,

1/15/2025

(b)

1,500,000‌

1,394,279‌

SBA

Tower

Trust,

1.63%,

5/15/2051

(b)

1,000,000‌

836,023‌

SBA

Tower

Trust,

1.84%,

10/15/2051

(b)

2,000,000‌

1,656,629‌

4,319,029‌

Technology

—

5.53%

Arrow

Electronic,

Inc.,

4.00%,

4/1/2025

1,000,000‌

957,310‌

Broadcom,

Inc.,

3.63%,

10/15/2024

2,000,000‌

1,934,566‌

DXC

Technology

Co.,

1.80%,

9/15/2026

500,000‌

429,854‌

Global

Payments,

Inc.,

1.20%,

3/1/2026

1,000,000‌

853,894‌

HP,

Inc.,

2.20%,

6/17/2025

1,000,000‌

919,907‌

Jabil,

Inc.,

1.70%,

4/15/2026

1,000,000‌

867,780‌

Juniper

Networks,

Inc.,

1.20%,

12/10/2025

1,000,000‌

872,812‌

Kyndryl

Holdings,

Inc.,

2.05%,

10/15/2026

(b)

1,205,000‌

943,226‌

Marvell

Technology,

Inc.,

1.65%,

4/15/2026

1,000,000‌

864,649‌

Microchip

Technology,

Inc.,

2.67%,

9/1/2023

1,000,000‌

975,545‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Microchip

Technology,

Inc.,

0.97%,

2/15/2024

$

1,000,000‌

$

941,073‌

Microchip

Technology,

Inc.,

0.98%,

9/1/2024

1,000,000‌

918,133‌

Oracle

Corp.,

1.65%,

3/25/2026

1,000,000‌

878,550‌

Qorvo,

Inc.,

1.75%,

12/15/2024

(b)

500,000‌

456,592‌

Seagate

HDD

Cayman,

4.88%,

3/1/2024

1,610,000‌

1,571,604‌

Seagate

HDD

Cayman,

4.75%,

1/1/2025

2,622,000‌

2,534,294‌

Western

Union

Co.

(The),

1.35%,

3/15/2026

1,000,000‌

856,791‌

Wipro

IT

Services

LLC,

1.50%,

6/23/2026

(b)

500,000‌

430,889‌

18,207,469‌

Utilities

—

3.18%

AES

Corp.

(The),

1.38%,

1/15/2026

1,000,000‌

864,311‌

Ameren

Corp.,

1.95%,

3/15/2027

500,000‌

429,634‌

American

Electric

Power

Co.,

Inc.,

2.03%,

3/15/2024

1,000,000‌

954,969‌

Duke

Energy

Corp.,

4.30%,

3/15/2028

1,000,000‌

940,875‌

Edison

International,

4.70%,

8/15/2025

500,000‌

483,092‌

Enel

Finance

International

NV,

2.65%,

9/10/2024

1,000,000‌

934,755‌

Enel

Finance

International

NV,

1.38%,

7/12/2026

(b)

1,000,000‌

828,557‌

Eversource

Energy,

1.40%,

8/15/2026

500,000‌

430,730‌

NextEra

Energy

Capital

Holdings,

Inc.,

2.94%,

3/21/2024

1,000,000‌

968,495‌

NextEra

Energy

Capital

Holdings,

Inc.,

1.88%,

1/15/2027

1,000,000‌

864,495‌

Pinnacle

West

Capital

Corp.,

1.30%,

6/15/2025

2,000,000‌

1,784,632‌

Southern

Co.

(The),

4.48%,

8/1/2024

1,000,000‌

983,772‌

10,468,317‌

Total

Corporate

Bonds

and

Notes

(Cost $194,859,638)

178,895,316‌

ASSET

BACKED

SECURITIES

—

34.16%

321

Henderson

Receivables

I

LLC,

Series

2007-1A,

Class

A1,

3.61%,

3/15/2042

(1MO

LIBOR

+

20.0bps)

(a),(b)

2,380,668‌

2,294,348‌

321

Henderson

Receivables

I

LLC,

Series

2004-A,

Class

A1,

3.76%,

9/15/2045

(1MO

LIBOR

+

35.0bps)

(a),(b)

333,903‌

328,905‌

ACC

Trust,

Series

2021-1,

Class

B,

1.43%,

7/22/2024

(b)

493,770‌

490,113‌

ACC

Trust,

Series

2022-1,

Class

B,

2.55%,

2/20/2025

(b)

1,000,000‌

968,002‌

Access

Group,

Inc.,

Series

2013-1,

Class

A,

4.09%,

2/25/2036

(1MO

LIBOR

+

5.0bps)

(a),(b)

328,998‌

321,027‌

American

Credit

Acceptance

Receivables

Trust,

Series

2020-1,

Class

D,

2.39%,

3/13/2026

(b)

1,000,000‌

987,470‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-2,

Class

D,

1.34%,

7/13/2027

(b)

2,250,000‌

2,110,436‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-3,

Class

D,

1.34%,

11/15/2027

(b)

2,455,000‌

2,299,121‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-4,

Class

D,

1.82%,

2/14/2028

(b)

1,250,000‌

1,136,197‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2018-1,

Class

D,

3.82%,

3/18/2024

250,308‌

250,068‌

Amur

Equipment

Finance

Receivables

VIII

LLC,

Series

2020-1A,

Class

A2,

1.68%,

8/20/2025

(b)

20,814‌

20,707‌

BHG

Securitization

Trust,

Series

2021-A,

Class

A,

1.42%,

11/17/2033

(b)

574,057‌

533,877‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Brazos

Education

Loan

Authority,

Inc.,

Series

2021-1,

Class

A1B,

4.17%,

11/25/2071

(1MO

LIBOR

+

58.0bps)

(a)

$

1,623,954‌

$

1,544,927‌

Brazos

Student

Finance

Corp.,

Series

2009-1,

Class

AS,

6.14%,

12/27/2039

(3MO

LIBOR

+

250.0bps)

(a),(b)

67,826‌

68,087‌

Brex

Commercial

Charge

Card

Master

Trust,

Series

2021-1,

Class

A,

2.09%,

7/15/2024

(b)

1,000,000‌

984,771‌

Capital

Automotive

REIT,

Series

2022-1A,

Class

A1,

3.35%,

3/15/2052

(b)

976,667‌

845,339‌

CarMax

Auto

Owner

Trust,

Series

2020-4,

Class

D,

1.75%,

4/15/2027

1,000,000‌

903,786‌

CarMax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/2027

1,625,000‌

1,435,087‌

CarMax

Auto

Owner

Trust,

Series

2021-2,

Class

D,

1.55%,

10/15/2027

1,000,000‌

877,943‌

CarMax

Auto

Owner

Trust,

Series

2021-3,

Class

D,

1.50%,

1/18/2028

750,000‌

656,962‌

CarMax

Auto

Owner

Trust,

Series

2021-4,

Class

D,

1.48%,

3/15/2028

2,209,000‌

1,930,941‌

CarMax

Auto

Owner

Trust,

Series

2022-1,

Class

D,

2.47%,

7/17/2028

500,000‌

448,994‌

Carvana

Auto

Receivables

Trust,

Series

2019-2A,

Class

D,

3.28%,

1/15/2025

(b)

276,241‌

273,495‌

Carvana

Auto

Receivables

Trust,

Series

2019-4A,

Class

D,

3.07%,

7/15/2025

(b)

461,000‌

450,154‌

Carvana

Auto

Receivables

Trust,

Series

2020-P1,

Class

D,

1.82%,

9/8/2027

1,000,000‌

863,820‌

Carvana

Auto

Receivables

Trust,

Series

2021-N2,

Class

D,

1.27%,

3/10/2028

1,000,000‌

934,442‌

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

D,

4.13%,

12/11/2028

(b)

2,231,000‌

2,082,319‌

Carvana

Auto

Receivables

Trust,

Series

2022-P2,

Class

D,

6.28%,

5/10/2029

1,000,000‌

929,401‌

CCG

Receivables

Trust,

Series

2019-2,

Class

C,

2.89%,

3/15/2027

(b)

1,000,000‌

985,601‌

CCG

Receivables

Trust,

Series

2020-1,

Class

D,

2.68%,

12/14/2027

(b)

2,500,000‌

2,357,526‌

CLI

Funding

LLC,

Series

2020-1A,

Class

A,

2.08%,

9/18/2045

(b)

1,565,500‌

1,346,021‌

CLI

Funding

LLC,

Series

2020-3X,

Class

A,

2.07%,

10/18/2045

152,667‌

132,302‌

CLI

Funding

LLC,

Series

2022-1A,

Class

A1,

2.72%,

1/18/2047

(b)

931,467‌

785,171‌

Conn's

Receivables

Funding

LLC,

Series

2021-A,

Class

A,

1.05%,

5/15/2026

(b)

171,499‌

171,277‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2020-1A,

Class

A,

2.24%,

12/15/2028

(b)

500,000‌

469,580‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2021-A,

Class

A,

2.55%,

12/17/2029

(b)

1,000,000‌

896,150‌

CPS

Auto

Receivables

Trust,

Series

2020-B,

Class

C,

3.30%,

4/15/2026

(b)

48,010‌

47,968‌

CPS

Auto

Receivables

Trust,

Series

2021-D,

Class

C,

1.59%,

12/15/2027

(b)

1,000,000‌

934,940‌

CPS

Auto

Receivables

Trust,

Series

2022-A,

Class

D,

2.84%,

4/16/2029

(b)

3,000,000‌

2,646,185‌

Credit

Acceptance

Auto

Loan

Trust,

Series

2020-1A,

Class

C,

2.59%,

6/15/2029

(b)

1,500,000‌

1,465,833‌

Credit

Acceptance

Auto

Loan

Trust,

Series

2020-3A,

Class

C,

2.28%,

2/15/2030

(b)

1,050,000‌

976,912‌

Credit

Acceptance

Auto

Loan

Trust,

Series

2021-3A,

Class

C,

1.63%,

9/16/2030

(b)

1,500,000‌

1,350,915‌

Crossroads

Asset

Trust,

Series

2021-A,

Class

C,

1.44%,

1/20/2026

(b)

625,000‌

593,058‌

Crossroads

Asset

Trust,

Series

2021-A,

Class

D,

2.52%,

1/20/2026

(b)

500,000‌

467,227‌

Dell

Equipment

Finance

Trust,

Series

2020-2,

Class

D,

1.92%,

3/23/2026

(b)

500,000‌

487,395‌

Dell

Equipment

Finance

Trust,

Series

2021-2,

Class

D,

1.21%,

6/22/2027

(b)

500,000‌

458,151‌

Diamond

Resorts

Owner

Trust,

Series

2018-1,

Class

A,

3.70%,

1/21/2031

(b)

334,378‌

326,857‌

Dividend

Solar

Loans

LLC,

Series

2017-1,

Class

B,

5.25%,

3/22/2038

(b)

1,006,403‌

869,721‌

Drive

Auto

Receivables

Trust,

Series

2018-5,

Class

D,

4.30%,

4/15/2026

58,330‌

58,167‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Drive

Auto

Receivables

Trust,

Series

2019-1,

Class

D,

4.09%,

6/15/2026

$

42,908‌

$

42,740‌

Drive

Auto

Receivables

Trust,

Series

2019-3,

Class

D,

3.18%,

10/15/2026

420,000‌

413,053‌

Drive

Auto

Receivables

Trust,

Series

2020-1,

Class

D,

2.70%,

5/17/2027

110,000‌

107,790‌

DT

Auto

Owner

Trust,

Series

2019-4A,

Class

D,

2.85%,

7/15/2025

(b)

500,000‌

492,307‌

DT

Auto

Owner

Trust,

Series

2020-2A,

Class

C,

3.28%,

3/16/2026

(b)

488,330‌

482,479‌

DT

Auto

Owner

Trust,

Series

2021-3A,

Class

D,

1.31%,

5/17/2027

(b)

2,000,000‌

1,765,108‌

DT

Auto

Owner

Trust,

Series

2022-1A,

Class

D,

3.40%,

12/15/2027

(b)

1,000,000‌

907,685‌

ECMC

Group

Student

Loan

Trust,

Series

2018-2A,

Class

A,

4.39%,

9/25/2068

(1MO

LIBOR

+

80.0bps)

(a),(b)

347,156‌

331,565‌

Edsouth

Indenture

No.

6

LLC,

Series

2014-2,

Class

A,

4.27%,

5/25/2039

(1MO

LIBOR

+

68.0bps)

(a),(b)

354,767‌

345,687‌

Encina

Equipment

Finance

LLC,

Series

2021-1A,

Class

C,

1.39%,

6/15/2027

(b)

500,000‌

467,371‌

Exeter

Automobile

Receivables

Trust,

Series

2018-4A,

Class

D,

4.35%,

9/16/2024

(b)

120,802‌

120,386‌

Exeter

Automobile

Receivables

Trust,

Series

2019-1A,

Class

D,

4.13%,

12/16/2024

(b)

125,495‌

125,243‌

Exeter

Automobile

Receivables

Trust,

Series

2020-2A,

Class

D,

4.73%,

4/15/2026

(b)

70,000‌

69,284‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

D,

1.08%,

11/16/2026

500,000‌

463,685‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/15/2028

(b)

2,000,000‌

1,808,758‌

First

Investors

Auto

Owner

Trust,

Series

2019-2A,

Class

D,

2.80%,

12/15/2025

(b)

1,460,000‌

1,421,413‌

First

Investors

Auto

Owner

Trust,

Series

2021-1A,

Class

D,

1.62%,

3/15/2027

(b)

500,000‌

456,471‌

First

Investors

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.66%,

12/15/2027

(b)

3,000,000‌

2,716,735‌

Flagship

Credit

Auto

Trust,

Series

2019-2,

Class

D,

3.53%,

5/15/2025

(b)

305,000‌

294,943‌

Flagship

Credit

Auto

Trust,

Series

2019-3,

Class

C,

2.74%,

10/15/2025

(b)

212,593‌

210,406‌

Flagship

Credit

Auto

Trust,

Series

2020-2,

Class

C,

3.80%,

4/15/2026

(b)

243,448‌

241,578‌

Ford

Credit

Auto

Owner

Trust,

Series

2021-1,

Class

D,

2.31%,

10/17/2033

(b)

1,272,000‌

1,092,719‌

Ford

Credit

Auto

Owner

Trust,

Series

2021-2,

Class

D,

2.60%,

5/15/2034

(b)

750,000‌

623,317‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2019-1,

Class

D,

3.27%,

6/16/2025

(b)

750,000‌

745,056‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2020-1,

Class

D,

2.60%,

1/15/2026

(b)

500,000‌

487,652‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-1,

Class

D,

1.32%,

3/15/2027

(b)

550,000‌

493,711‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.92%,

9/15/2027

(b)

1,500,000‌

1,365,330‌

GCI

Funding

I

LLC,

Series

2021-1,

Class

A,

2.38%,

6/18/2046

(b)

863,024‌

726,236‌

Global

SC

Finance

Srl,

Series

2020-2A,

Class

A,

2.26%,

11/19/2040

(b)

773,709‌

678,207‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2019-4A,

Class

C,

3.06%,

8/15/2025

(b)

1,000,000‌

983,317‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2020-1A,

Class

C,

2.72%,

11/17/2025

(b)

1,500,000‌

1,475,209‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

D,

2.48%,

10/15/2027

(b)

$

1,500,000‌

$

1,341,389‌

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-3,

Class

D,

1.91%,

9/16/2027

500,000‌

471,239‌

Golden

Credit

Card

Trust,

Series

2021-1A,

Class

B,

1.44%,

8/15/2028

(b)

1,000,000‌

862,216‌

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052

(b)

33,711‌

30,840‌

Goodgreen

Trust,

Series

2017-2A,

Class

A,

3.26%,

10/15/2053

(b)

77,396‌

69,077‌

Goodgreen

Trust,

Series

2021-1A,

Class

A,

2.66%,

10/15/2056

(b)

223,789‌

195,663‌

Helios

Issuer

LLC,

Series

2021-A,

Class

A,

1.80%,

2/20/2048

(b)

428,826‌

334,906‌

HERO

Funding

Trust,

Series

2017-1A,

Class

A2,

4.46%,

9/20/2047

(b)

36,687‌

34,414‌

Hilton

Grand

Vacations

Trust,

Series

2020-AA,

Class

C,

6.42%,

2/25/2039

(b)

787,853‌

776,898‌

HPEFS

Equipment

Trust,

Series

2021-1A,

Class

D,

1.03%,

3/20/2031

(b)

1,000,000‌

938,568‌

Hyundai

Auto

Receivables

Trust,

Series

2020-B,

Class

C,

1.60%,

12/15/2026

1,000,000‌

940,240‌

InStar

Leasing

III

LLC,

Series

2021-1A,

Class

A,

2.30%,

2/15/2054

(b)

457,929‌

383,272‌

ITE

Rail

Fund

Levered

LP,

Series

2021-1A,

Class

A,

2.25%,

2/28/2051

(b)

460,303‌

380,632‌

KnowledgeWorks

Foundation,

Series

2010-1,

Class

A,

1.52%,

2/25/2042

(3MO

LIBOR

+

95.0bps)

(a)

375,038‌

370,320‌

Kubota

Credit

Owner

Trust,

Series

2019-1A,

Class

A4,

2.50%,

3/16/2026

(b)

2,000,000‌

1,987,207‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-2GS,

Class

A,

2.22%,

3/20/2048

(b)

772,879‌

562,495‌

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A1,

2.98%,

1/15/2045

(b)

166,186‌

160,591‌

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A2,

4.06%,

1/15/2045

(b)

2,916,681‌

2,679,641‌

Master

Credit

Card

Trust

II,

Series

2020-1A,

Class

C,

2.59%,

9/21/2024

(b)

1,000,000‌

986,127‌

Mosaic

Solar

Loan

Trust,

Series

2021-3A,

Class

B,

1.92%,

6/20/2052

(b)

167,439‌

136,800‌

Navient

Student

Loan

Trust,

Series

2018-BA,

Class

A2A,

3.61%,

12/15/2059

(a),(b)

44,889‌

43,487‌

Nelnet

Student

Loan

Trust,

Series

2012-2A,

Class

A,

4.39%,

12/26/2033

(1MO

LIBOR

+

80.0bps)

(a),(b)

332,713‌

326,687‌

Nelnet

Student

Loan

Trust,

Series

2021-DA,

Class

AFL,

4.18%,

4/20/2062

(3MO

LIBOR

+

69.0bps)

(a),(b)

385,703‌

371,811‌

Nelnet

Student

Loan

Trust,

Series

2021-A,

Class

APT1,

1.36%,

4/20/2062

(a),(b)

675,323‌

590,504‌

Octagon

Investment

Partners

XXI

Ltd.,

Series

2014-1A,

Class

ABR3,

4.11%,

2/14/2031

(3MO

LIBOR

+

120.0bps)

(a),(b)

1,000,000‌

947,672‌

Pawnee

Equipment

Receivables

LLC,

Series

2019-1,

Class

D,

2.86%,

10/15/2024

(b)

1,180,000‌

1,144,847‌

Pawnee

Equipment

Receivables

LLC,

Series

2019-1,

Class

C,

2.61%,

10/15/2024

(b)

1,000,000‌

975,302‌

Pawnee

Equipment

Receivables

LLC,

Series

2020-1,

Class

B,

1.84%,

1/15/2026

(b)

1,000,000‌

957,365‌

Pawnee

Equipment

Receivables

LLC,

Series

2020-1,

Class

C,

2.24%,

2/17/2026

(b)

750,000‌

711,589‌

PFS

Financing

Corp.,

Series

2021-A,

Class

B,

0.96%,

4/15/2026

(b)

1,000,000‌

931,197‌

Purchasing

Power

Funding

LLC,

Series

2021-A,

Class

A,

1.57%,

10/15/2025

(b)

2,000,000‌

1,926,602‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-1,

Class

C,

4.11%,

12/15/2025

54,874‌

54,522‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-2,

Class

D,

2.22%,

9/15/2026

50,000‌

48,552‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Santander

Drive

Auto

Receivables

Trust,

Series

2020-3,

Class

D,

1.64%,

11/16/2026

$

100,000‌

$

95,599‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-4,

Class

D,

1.48%,

1/15/2027

250,000‌

237,821‌

Santander

Revolving

Auto

Loan

Trust,

Series

2019-A,

Class

D,

3.45%,

1/26/2032

(b)

1,000,000‌

909,278‌

SCF

Equipment

Leasing

LLC,

Series

2019-2A,

Class

A2,

2.47%,

4/20/2026

(b)

378,523‌

371,280‌

SCF

Equipment

Leasing

LLC,

Series

2021-1A,

Class

C,

1.54%,

2/2/2030

(b)

200,000‌

174,398‌

SLM

Private

Credit

Student

Loan

Trust,

Series

2004-B,

Class

A3,

3.62%,

3/15/2024

(3MO

LIBOR

+

33.0bps)

(a)

127,232‌

126,807‌

SLM

Private

Credit

Student

Loan

Trust,

Series

2005-A,

Class

A4,

3.60%,

12/15/2038

(3MO

LIBOR

+

31.0bps)

(a)

279,289‌

264,745‌

SLM

Private

Credit

Student

Loan

Trust,

Series

2006-A,

Class

A5,

3.58%,

6/15/2039

(3MO

LIBOR

+

29.0bps)

(a)

119,611‌

112,189‌

SLM

Student

Loan

Trust,

Series

2003-14,

Class

A6,

4.66%,

7/25/2025

(3MO

LIBOR

+

30.0bps)

(a)

19,729‌

19,687‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2A,

2.43%,

2/17/2032

(b)

23,471‌

22,145‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/2034

(b)

72,619‌

69,506‌

Sunrun

Demeter

Issuer

LLC,

Series

2021-A,

Class

A,

2.27%,

1/30/2057

(b)

964,606‌

726,043‌

Sunrun

Vulcan

Issuer

LLC,

Series

2021-A,

Class

A,

2.46%,

1/30/2052

(b)

1,872,281‌

1,521,898‌

TAL

Advantage

VII

LLC,

Series

2020-1A,

Class

A,

2.05%,

9/20/2045

(b)

1,025,000‌

886,119‌

Textainer

Marine

Containers

Ltd.,

Series

2020-1A,

Class

A,

2.73%,

8/21/2045

(b)

1,912,431‌

1,721,438‌

TIF

Funding

II

LLC,

Series

2021-1A,

Class

A,

1.65%,

2/20/2046

(b)

864,375‌

711,708‌

Towd

Point

Asset

Trust,

Series

2021-SL1,

Class

A2,

4.19%,

11/20/2061

(1MO

LIBOR

+

70.0bps)

(a),(b)

703,160‌

683,032‌

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-1A,

Class

A,

1.35%,

5/25/2033

(b)

1,000,000‌

899,633‌

Transportation

Finance

Equipment

Trust,

Series

2019-1,

Class

D,

2.57%,

1/25/2027

(b)

1,500,000‌

1,464,147‌

Trillium

Credit

Card

Trust

II,

Series

2021-1A,

Class

C,

2.42%,

10/26/2029

(b)

1,000,000‌

870,442‌

Trinity

Rail

Leasing

LLC,

Series

2019-2A,

Class

A2,

3.10%,

10/18/2049

(b)

685,000‌

611,822‌

Trinity

Rail

Leasing

LLC,

Series

2020-2A,

Class

A1,

1.83%,

11/19/2050

(b)

1,322,111‌

1,198,003‌

Trinity

Rail

Leasing

LLC,

Series

2021-1A,

Class

A,

2.26%,

7/19/2051

(b)

949,425‌

783,806‌

United

Auto

Credit

Securitization

Trust,

Series

2021-1,

Class

E,

2.58%,

6/10/2026

(b)

1,000,000‌

932,797‌

United

Auto

Credit

Securitization

Trust,

Series

2022-1,

Class

D,

2.85%,

6/10/2027

(b)

1,000,000‌

924,414‌

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

B,

3.22%,

7/31/2051

(b)

1,168,330‌

932,501‌

Wendy's

Funding

LLC,

Series

2019-1A,

Class

A2I,

3.78%,

6/15/2049

(b)

104,938‌

95,470‌

Westlake

Automobile

Receivables

Trust,

Series

2020-1A,

Class

C,

2.52%,

4/15/2025

(b)

58,013‌

57,697‌

Westlake

Automobile

Receivables

Trust,

Series

2020-1A,

Class

D,

2.80%,

6/16/2025

(b)

2,000,000‌

1,964,131‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Westlake

Automobile

Receivables

Trust,

Series

2020-3A,

Class

D,

1.65%,

2/17/2026

(b)

$

1,000,000‌

$

930,760‌

Westlake

Automobile

Receivables

Trust,

Series

2022-1A,

Class

D,

3.49%,

3/15/2027

(b)

1,000,000‌

912,664‌

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

D,

1.44%,

11/15/2027

2,000,000‌

1,794,499‌

Total

Asset

Backed

Securities

(Cost $121,691,573)

112,452,288‌

U.S.

GOVERNMENT

&

AGENCIES

—

4.72%

Fannie

Mae,

Pool

#MA4023,

3.50%,

1/1/2035

1,000,478‌

936,789‌

Fannie

Mae,

Pool

#MA4038,

3.00%,

4/1/2035

240,484‌

221,569‌

Fannie

Mae,

Pool

#CA8902,

2.50%,

2/1/2041

818,624‌

698,951‌

Fannie

Mae,

Pool

#MA4364,

2.00%,

5/1/2041

874,154‌

722,372‌

Fannie

Mae,

Pool

#CA6951,

2.50%,

9/1/2050

730,694‌

604,079‌

Fannie

Mae,

Pool

#FM7195,

2.50%,

9/1/2050

874,952‌

724,551‌

Fannie

Mae,

Pool

#MA4191,

2.00%,

11/1/2050

794,205‌

602,514‌

Fannie

Mae,

Pool

#FM5316,

2.00%,

12/1/2050

1,706,368‌

1,354,664‌

Fannie

Mae,

Pool

#MA4235,

2.00%,

1/1/2051

824,230‌

625,288‌

Fannie

Mae,

Pool

#CB0397,

3.00%,

5/1/2051

767,920‌

656,617‌

Fannie

Mae,

Pool

#FM8361,

2.50%,

8/1/2051

872,816‌

719,178‌

Fannie

Mae,

Pool

#BT9111,

1.85%,

9/1/2051

959,937‌

856,637‌

Federal

Home

Loan

Bank,

2.00%,

2/25/2036

1,000,000‌

690,671‌

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

924,015‌

762,403‌

Freddie

Mac,

Pool

#QA5121,

2.50%,

12/1/2049

1,058,199‌

878,452‌

Freddie

Mac,

Pool

#RE6081,

2.00%,

1/1/2051

806,008‌

611,323‌

Freddie

Mac,

Pool

#RE6085,

1.50%,

2/1/2051

1,756,600‌

1,263,123‌

Freddie

Mac,

Pool

#8C0119,

1.51%,

9/1/2051

916,172‌

804,223‌

Freddie

Mac,

Pool

#SD8230,

4.50%,

6/1/2052

969,519‌

911,362‌

Freddie

Mac,

Pool

#QE2792,

4.00%,

6/1/2052

993,691‌

907,298‌

Total

U.S.

Government

&

Agencies

(Cost $19,285,156)

15,552,064‌

COLLATERALIZED

LOAN

OBLIGATIONS

—

6.58%

Ares

XXXIIR

CLO

Ltd.,

Series

2014-32

RA,

Class

A1B,

4.11%,

5/15/2030

(3MO

LIBOR

+

120.0bps)

(a),(b)

1,000,000‌

961,374‌

ArrowMark

Colorado

Holdings,

Series

2017-6A,

Class

A2,

5.53%,

7/15/2029

(3MO

LIBOR

+

145.0bps)

(a),(b)

1,000,000‌

971,787‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

A2,

5.48%,

1/15/2035

(3MO

LIBOR

+

140.0bps)

(a),(b)

1,000,000‌

943,666‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2013-4A,

Class

A2RR,

3.66%,

1/15/2031

(3MO

LIBOR

+

115.0bps)

(a),(b)

825,000‌

790,593‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2017-1A,

Class

A1R,

5.24%,

4/20/2031

(3MO

LIBOR

+

100.0bps)

(a),(b)

1,000,000‌

974,171‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2019-1A,

Class

A1AR,

5.32%,

4/20/2031

(3MO

LIBOR

+

108.0bps)

(a),(b)

250,000‌

243,665‌

Carlyle

US

CLO

Ltd.,

Series

2020-2A,

Class

A1R,

5.50%,

1/25/2035

(3MO

LIBOR

+

114.0bps)

(a),(b)

1,000,000‌

957,486‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A2,

5.37%,

1/20/2031

(3MO

LIBOR

+

113.0bps)

(a),(b)

$

625,000‌

$

594,507‌

Cedar

Funding

XII

CLO

Ltd.,

Series

2020-12A,

Class

XR,

5.36%,

10/25/2034

(3MO

LIBOR

+

100.0bps)

(a),(b)

1,000,000‌

999,765‌

Columbia

Cent

CLO

Ltd.,

Series

2021-31A,

Class

X,

5.24%,

4/20/2034

(3MO

LIBOR

+

100.0bps)

(a),(b)

1,400,000‌

1,399,241‌

Goldentree

Loan

Management

US

CLO

5

Ltd.,

Series

2018-3A,

Class

AJ,

5.54%,

4/20/2030

(3MO

LIBOR

+

130.0bps)

(a),(b)

1,000,000‌

963,500‌

Goldentree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

BR,

5.76%,

4/20/2035

(TSFR3M

+

180.0bps)

(a),(b)

1,000,000‌

937,688‌

Hildene

TruPS

Financials

Note

Securitization,

Series

2019-2A,

Class

A1,

4.74%,

5/22/2039

(3MO

LIBOR

+

176.0bps)

(a),(b)

1,790,186‌

1,754,383‌

HPS

Loan

Management

Ltd.,

Series

2010A-16,

Class

X,

5.14%,

4/20/2034

(3MO

LIBOR

+

90.0bps)

(a),(b)

714,286‌

713,875‌

ICG

US

CLO

Ltd.,

Series

2014-1A,

Class

A1A2,

5.44%,

10/20/2034

(3MO

LIBOR

+

120.0bps)

(a),(b)

1,000,000‌

957,060‌

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

ABRR,

5.48%,

10/15/2032

(3MO

LIBOR

+

140.0bps)

(a),(b)

1,000,000‌

964,462‌

Morgan

Stanley

Eaton

Vance

CLO,

Series

2022-16A,

Class

A2,

5.51%,

4/15/2035

(TSFR3M

+

165.0bps)

(a),(b)

1,000,000‌

943,937‌

Oaktree

CLO

Ltd.,

Series

2019-3A,

Class

A1R,

5.44%,

10/20/2034

(3MO

LIBOR

+

120.0bps)

(a),(b)

1,000,000‌

960,962‌

OZLM

XII

Ltd.,

Series

2015-12A,

Class

A1R,

3.83%,

4/30/2027

(3MO

LIBOR

+

105.0bps)

(a),(b)

37‌

37‌

Rockford

Tower

CLO

Ltd.,

Series

2019-2A,

Class

AR,

4.08%,

8/20/2032

(3MO

LIBOR

+

110.0bps)

(a),(b)

1,000,000‌

965,722‌

Sound

Point

CLO

VIII-R

Ltd.,

Series

2015-1RA,

Class

BR,

5.63%,

4/15/2030

(3MO

LIBOR

+

155.0bps)

(a),(b)

2,000,000‌

1,935,620‌

Symphony

CLO

Ltd.,

Series

2016-17A,

Class

BR,

5.28%,

4/15/2028

(3MO

LIBOR

+

120.0bps)

(a),(b)

1,000,000‌

976,453‌

Voya

CLO

Ltd.,

Series

2016-3A,

Class

XR,

4.89%,

10/18/2031

(3MO

LIBOR

+

70.0bps)

(a),(b)

90,000‌

90,000‌

Voya

CLO

Ltd.,

Series

2020-3A,

Class

AR,

5.39%,

10/20/2034

(3MO

LIBOR

+

115.0bps)

(a),(b)

675,000‌

650,497‌

Total

Collateralized

Loan

Obligations

(Cost $22,311,886)

21,650,451‌

Total

Investments

—

99.80%

(Cost

$358,148,253)

328,550,119‌

Other

Assets

in

Excess

of

Liabilities 

—

 0.20%

654,116‌

Net

Assets

—

100.00%

$

329,204,235‌

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

October

31,

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

(continued)

October

31,

2022

-

(Unaudited)

(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

October

31,

2022

was

$188,930,030,

representing

57.39%

of

net

assets.

MTN

-

Medium

Term

Note

Yorktown

Master

Allocation

Fund

Schedule

of

Investments

October

31,

2022

-

(Unaudited)

Shares

Fair

Value

INVESTMENT

COMPANIES

—

98.64%

(a)

Small

Cap

Funds—

48.83%

Yorktown

Small

Cap

Fund,

Institutional

Class

429,005‌

$

6,409,332‌

Growth

Funds—

47.12%

Yorktown

Growth

Fund,

Institutional

Class

423,332‌

6,184,881‌

Capital

Appreciation

Funds—

2.69%

Yorktown

Capital

Appreciation

Fund,

Institutional

Class

16,258‌

353,610‌

Total

Investment

Companies

—

98.64%

(Cost

$9,721,463)

12,947,823‌

Other

Assets

in

Excess

of

Liabilities 

—

 1.36%

178,598‌

Net

Assets

—

100.00%

$

13,126,421‌

(a)

Affiliated

issuer.

Yorktown

Small

Cap

Fund

Schedule

of

Investments

October

31,

2022

-

(Unaudited)

+

Shares

Fair

Value

COMMON

STOCKS

—

90.78%

Communications

—

3.72%

TechTarget,

Inc.

(a)

20,400‌

$

1,316,820‌

Consumer

Discretionary

—

8.00%

Arcos

Dorados

Holdings,

Inc.,

Class

A

44,700‌

337,038‌

Buckle,

Inc.

(The)

8,200‌

322,506‌

Chico's

FAS,

Inc.

(a)

108,100‌

635,628‌

Dick's

Sporting

Goods,

Inc.

6,200‌

705,312‌

Mattel,

Inc.

(a)

18,100‌

343,176‌

Winnebago

Industries,

Inc.

8,200‌

489,458‌

2,833,118‌

Consumer

Staples

—

2.82%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

12,900‌

998,460‌

Energy

—

7.33%

Matador

Resources

Co.

5,500‌

365,475‌

Northern

Oil

and

Gas,

Inc.

10,900‌

372,126‌

Range

Resources

Corp.

19,800‌

563,904‌

SandRidge

Energy,

Inc.

(a)

18,900‌

357,021‌

TravelCenters

of

America,

Inc.

(a)

9,300‌

591,294‌

VAALCO

Energy,

Inc.

(a)

67,100‌

345,565‌

2,595,385‌

Financials

—

18.18%

American

Equity

Investment

Life

Holding

Co.

18,400‌

792,672‌

Bank

OZK

8,700‌

373,926‌

First

BanCorp.

60,400‌

953,716‌

LPL

Financial

Holdings,

Inc.

7,300‌

1,866,245‌

PennantPark

Investment

Corp.

(b)

76,700‌

456,365‌

StoneX

Group,

Inc.

(a)

4,400‌

410,608‌

United

Community

Banks,

Inc.

23,200‌

893,200‌

Wintrust

Financial

Corp.

7,400‌

692,788‌

6,439,520‌

Health

Care

—

10.78%

Catalyst

Pharmaceuticals,

Inc.

(a)

50,000‌

693,500‌

DocGo,

Inc.

(a)

50,100‌

495,990‌

Intellia

Therapeutics,

Inc.

(a)

12,700‌

670,306‌

Repligen

Corp.

(a)

5,600‌

1,021,944‌

Sinovac

Biotech

Ltd.

(a)(c)

74,893‌

484,558‌

Tenet

Healthcare

Corp.

(a)

10,200‌

452,472‌

3,818,770‌

Industrials

—

14.84%

Alaska

Air

Group,

Inc.

(a)

11,600‌

515,736‌

FTI

Consulting,

Inc.

(a)

3,300‌

513,579‌

Knight-Swift

Transportation

Holdings,

Inc.

7,600‌

365,028‌

Mueller

Industries,

Inc.

18,866‌

1,181,766‌

Novanta,

Inc.

(a)

8,300‌

1,173,620‌

NV5

Global,

Inc.

(a)

10,400‌

1,507,480‌

5,257,209‌

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

October

31,

2022

-

(Unaudited)

Shares

Fair

Value

Materials

—

7.16%

Alpha

Metallurgical

Resources,

Inc.

4,000‌

$

675,400‌

Cleveland-Cliffs,

Inc.

(a)

63,600‌

826,164‌

Huntsman

Corp.

22,900‌

612,804‌

Uranium

Energy

Corp.

(a)

100,000‌

421,000‌

2,535,368‌

Real

Estate

—

2.30%

Matson,

Inc.

11,100‌

816,738‌

Technology

—

14.25%

Amkor

Technology,

Inc.

21,000‌

436,590‌

Jabil,

Inc.

9,000‌

578,250‌

Kulicke

&

Soffa

Industries,

Inc.

7,300‌

306,162‌

Lattice

Semiconductor

Corp.

(a)

13,200‌

640,332‌

Morningstar,

Inc.

4,700‌

1,091,246‌

Perion

Network

Ltd.

(a)

45,900‌

1,045,143‌

Rambus,

Inc.

(a)

31,500‌

950,040‌

5,047,763‌

Utilities

—

1.40%

Kenon

Holdings

Ltd.

13,000‌

497,900‌

Total

Common

Stocks/Investments

—

90.78%

(Cost

$24,412,282)

32,157,051‌

Other

Assets

in

Excess

of

Liabilities 

—

 9.22%

3,266,025‌

Net

Assets

—

100.00%

$

35,423,076‌

(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

1.37%

of

the

Fund's

net

assets.