American Pension Investors Trust NPORT-P Yorktown Growth Fund (Apr 2023 report)

Yorktown

Growth

Fund

Schedule

of

Investments

April

30,

2023

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

99.22%

Communications

—

1.98%

M3,

Inc.

-

ADR

24,000‌

$

278,760‌

Nexstar

Media

Group,

Inc.

1,600‌

277,520‌

Take-Two

Interactive

Software,

Inc.

(a)

3,400‌

422,586‌

Trade

Desk,

Inc.

(The),

Class

A

(a)

5,700‌

366,738‌

1,345,604‌

Consumer

Discretionary

—

14.37%

BorgWarner,

Inc.

6,350‌

305,625‌

Boyd

Gaming

Corp.

5,300‌

367,820‌

Compagnie

Financiere

Richemont

SA

-

ADR

25,900‌

426,055‌

Copart,

Inc.

(a)

4,700‌

371,535‌

D.R.

Horton,

Inc.

3,600‌

395,352‌

Driven

Brands

Holdings,

Inc.

(a)

16,000‌

491,200‌

Etsy,

Inc.

(a)

3,250‌

328,348‌

Evolution

AB

-

ADR

2,600‌

346,190‌

Evolution

AB

2,600‌

346,109‌

Huazhu

Group

Ltd.

-

ADR

7,100‌

332,990‌

Kering

SA

-

ADR

5,350‌

338,120‌

LCI

Industries

4,800‌

542,208‌

Li

Ning

Co.

Ltd.

58,700‌

417,645‌

Lithia

Motors,

Inc.,

Class

A

2,100‌

463,869‌

MasterBrand,

Inc.

(a)

40,650‌

328,046‌

Open

House

Co.

Ltd.

9,100‌

361,352‌

Pool

Corp.

1,410‌

495,361‌

PulteGroup,

Inc.

9,100‌

611,065‌

RH

(a)

1,300‌

331,669‌

Skyline

Champion

Corp.

(a)

4,400‌

326,348‌

Taylor

Morrison

Home

Corp.

(a)

7,400‌

318,866‌

THOR

Industries,

Inc.

3,325‌

262,742‌

Tractor

Supply

Co.

2,800‌

667,520‌

Vipshop

Holdings

Ltd.

-

ADR

(a)

17,500‌

274,750‌

Zalando

SE

-

ADR

(a)

16,000‌

328,000‌

9,778,785‌

Consumer

Staples

—

2.96%

Bunge

Ltd.

3,200‌

299,520‌

Five

Below,

Inc.

(a)

2,400‌

473,664‌

Pan

Pacific

International

Holdings

Corp.

-

ADR

14,300‌

270,413‌

Performance

Food

Group

Co.

(a)

4,300‌

269,567‌

Seven

&

I

Holdings

Co.,

Ltd.

-

ADR

15,250‌

345,565‌

Simply

Good

Foods

Co.

(The)

(a)

9,800‌

356,426‌

2,015,155‌

Energy

—

2.50%

Civitas

Resources,

Inc.

4,600‌

317,630‌

HF

Sinclair

Corp.

6,100‌

269,071‌

Ovintiv,

Inc.

16,500‌

595,320‌

Texas

Pacific

Land

Corp.

175‌

258,589‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Shares

Fair

Value

Vitesse

Energy,

Inc.

14,170‌

$

260,728‌

1,701,338‌

Financials

—

7.60%

AllianceBernstein

Holding

LP

7,250‌

253,460‌

Carlyle

Group,

Inc.

(The)

10,600‌

321,498‌

Deutsche

Boerse

AG

-

ADR

31,000‌

589,000‌

Evercore

Partners,

Inc.,

Class

A

2,375‌

270,916‌

Franklin

Resources,

Inc.

9,600‌

258,048‌

Houlihan

Lokey,

Inc.,

Class

A

3,850‌

351,813‌

Jefferies

Financial

Group,

Inc.

10,700‌

342,721‌

KKR

&

Co.,

Inc.

9,700‌

514,779‌

LPL

Financial

Holdings,

Inc.

3,400‌

710,056‌

Raymond

James

Financial,

Inc.

6,450‌

583,918‌

Stifel

Financial

Corp.

4,900‌

293,853‌

Tradeweb

Markets,

Inc.,

Class

A

4,850‌

341,489‌

Worldline

S.A.

-

ADR

(a)

15,900‌

345,348‌

5,176,899‌

Health

Care

—

12.02%

Align

Technology,

Inc.

(a)

1,725‌

561,142‌

BioNTech

SE

-

ADR

2,550‌

291,312‌

Bio-Techne

Corp.

4,800‌

383,424‌

Charles

River

Laboratories

International,

Inc.

(a)

1,800‌

342,216‌

Genmab

A/S

-

ADR

(a)

16,600‌

680,766‌

Globus

Medical,

Inc.,

Class

A

(a)

6,400‌

372,096‌

Hologic,

Inc.

(a)

4,600‌

395,646‌

ICON

PLC

(a)

2,450‌

472,091‌

Incyte

Corp.

(a)

4,500‌

334,845‌

Insulet

Corp.

(a)

2,150‌

683,786‌

Masimo

Corp.

(a)

1,950‌

368,823‌

Medpace

Holdings,

Inc.

(a)

1,800‌

360,252‌

Merck

KGaA

-

ADR

8,450‌

303,946‌

Penumbra,

Inc.

(a)

1,850‌

525,622‌

QIAGEN

N.V.

(a)

6,100‌

272,121‌

QuidelOrtho

Corp.

(a)

5,000‌

449,750‌

Repligen

Corp.

(a)

2,150‌

326,005‌

Sonova

Holding

AG

-

ADR

6,780‌

428,293‌

STAAR

Surgical

Co.

(a)

5,100‌

359,397‌

Takeda

Pharmaceutical

Co.

Ltd.

-

ADR

16,000‌

265,440‌

8,176,973‌

Industrials

—

16.08%

Ashtead

Group

PLC

-

ADR

1,450‌

333,718‌

Atkore,

Inc.

(a)

3,800‌

480,054‌

C.H.

Robinson

Worldwide,

Inc.

3,450‌

348,001‌

Core

&

Main,

Inc.,

Class

A

(a)

13,300‌

346,598‌

Disco

Corp.

-

ADR

37,500‌

423,000‌

DSV

A/S

-

ADR

3,850‌

362,631‌

Expeditors

International

of

Washington,

Inc.

2,600‌

295,984‌

Fluidra

SA

15,600‌

266,962‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Shares

Fair

Value

Franklin

Electric

Co.,

Inc.

6,000‌

$

536,820‌

Generac

Holdings,

Inc.

(a)

4,800‌

490,656‌

Grupo

Aeroportuario

del

Centro

Norte

S.A.B.

de

C.V.

-

ADR

3,400‌

297,432‌

Ingersoll

Rand,

Inc.

9,700‌

553,094‌

J.B.

Hunt

Transport

Services,

Inc.

1,500‌

262,935‌

Kuehne

&

Nagel

International

AG

-

ADR

6,200‌

366,618‌

Landstar

System,

Inc.

2,250‌

396,068‌

Makita

Corp.

-

ADR

14,200‌

399,304‌

NIBE

Industrier

AB

28,800‌

321,498‌

Old

Dominion

Freight

Line,

Inc.

1,300‌

416,507‌

Prysmian

SpA

14,400‌

588,218‌

Regal

Rexnord

Corp.

2,300‌

299,368‌

Rollins,

Inc.

7,300‌

308,425‌

Saia,

Inc.

(a)

2,540‌

756,336‌

Techtronic

Industries

Co.

Ltd.

-

ADR

5,700‌

307,686‌

Teledyne

Technologies,

Inc.

(a)

900‌

372,960‌

TopBuild

Corp.

(a)

1,300‌

293,124‌

Toro

Co.

(The)

3,200‌

333,632‌

U-Haul

Holding

Co.,

Class

N

4,860‌

262,926‌

WESCO

International,

Inc.

(a)

3,600‌

518,400‌

10,938,955‌

Materials

—

12.46%

Advanced

Drainage

Systems,

Inc.

3,100‌

265,732‌

Albemarle

Corp.

2,850‌

528,561‌

Berry

Global

Group,

Inc.

7,950‌

459,589‌

CF

Industries

Holdings,

Inc.

4,300‌

307,794‌

Commercial

Metals

Co.

8,700‌

406,203‌

Franco-Nevada

Corp.

2,400‌

364,272‌

Givaudan

SA

-

ADR

5,100‌

357,408‌

Gold

Fields

Ltd.

-

ADR

22,750‌

353,990‌

James

Hardie

Industries

PLC

-

ADR

12,300‌

273,798‌

Kingspan

Group

PLC

-

ADR

4,650‌

321,094‌

Louisiana-Pacific

Corp.

5,050‌

301,687‌

Mitsui

&

Co.

Ltd.

-

ADR

675‌

423,806‌

Mosaic

Co.

(The)

6,900‌

295,665‌

Nutrien

Ltd.

6,300‌

437,220‌

Rio

Tinto

PLC

-

ADR

4,900‌

313,551‌

Southern

Copper

Corp.

6,300‌

484,029‌

Steel

Dynamics,

Inc.

3,550‌

369,023‌

Ternium

S.A.

-

ADR

8,275‌

358,721‌

Trex

Co.,

Inc.

(a)

8,300‌

453,678‌

UFP

Industries,

Inc.

6,300‌

494,676‌

Vulcan

Materials

Co.

3,200‌

560,384‌

Westlake

Chemical

Corp.

3,050‌

347,029‌

8,477,910‌

Real

Estate

—

2.23%

CBRE

Group,

Inc.,

Class

A

(a)

6,700‌

513,622‌

CubeSmart

6,700‌

304,783‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Shares

Fair

Value

FirstService

Corp.

2,300‌

$

346,702‌

Vonovia

SE

-

ADR

32,700‌

353,814‌

1,518,921‌

Technology

—

26.20%

Advantest

Corp.

-

ADR

3,800‌

294,158‌

Amkor

Technology,

Inc.

13,800‌

308,706‌

Arista

Networks,

Inc.

(a)

2,450‌

392,392‌

ASE

Technology

Holding

Co.

Ltd.

-

ADR

39,600‌

271,656‌

ASM

International

NV

-

ADR

810‌

293,147‌

Capgemini

SE

-

ADR

8,200‌

298,234‌

CDW

Corp.

2,200‌

373,098‌

Cirrus

Logic,

Inc.

(a)

4,700‌

403,213‌

Concentrix

Corp.

2,700‌

260,577‌

CyberArk

Software

Ltd.

(a)

3,100‌

386,260‌

Dassault

Systemes

SE

-

ADR

7,750‌

313,332‌

Descartes

Systems

Group,

Inc.

(The)

(a)

8,200‌

649,276‌

Dlocal

Ltd.,

Class

A

(a)

19,800‌

277,200‌

Doximity,

Inc.,

Class

A

(a)

9,600‌

352,800‌

Entegris,

Inc.

3,900‌

292,188‌

ExlService

Holdings,

Inc.

(a)

4,500‌

802,710‌

Fortinet,

Inc.

(a)

9,900‌

624,195‌

Genpact

Ltd.

11,200‌

498,960‌

Globant

S.A.

(a)

2,100‌

329,427‌

Infineon

Technologies

AG

-

ADR

11,700‌

425,880‌

KLA

Corp.

1,500‌

579,810‌

Lasertec

Corp.

2,100‌

283,615‌

Logitech

International

S.A.

7,500‌

445,950‌

MarketAxess

Holdings,

Inc.

1,100‌

350,207‌

MKS

Instruments,

Inc.

3,500‌

293,545‌

Monolithic

Power

Systems,

Inc.

1,300‌

600,561‌

Nintendo

Co.

Ltd.

-

ADR

29,000‌

306,240‌

Paycom

Software,

Inc.

(a)

1,000‌

290,370‌

Paylocity

Holdings

Corp.

(a)

2,550‌

492,889‌

Power

Integrations,

Inc.

3,500‌

254,730‌

PTC,

Inc.

(a)

2,800‌

352,212‌

Qualys,

Inc.

(a)

4,700‌

530,818‌

Science

Applications

International

Corp.

3,250‌

331,597‌

SPS

Commerce,

Inc.

(a)

4,900‌

721,770‌

STMicroelectronics

NV

-

ADR

9,400‌

403,072‌

Super

Micro

Computer,

Inc.

(a)

3,125‌

329,469‌

SYNNEX

Corp.

4,000‌

356,160‌

TDK

Corp.

-

ADR

7,500‌

259,275‌

Teradyne,

Inc.

3,000‌

274,140‌

Tokyo

Electron

Ltd.

-

ADR

6,600‌

380,490‌

Tyler

Technologies,

Inc.

(a)

1,650‌

625,400‌

United

Microelectronics

Corp.

-

ADR

(a)

42,900‌

344,487‌

Veeva

Systems,

Inc.,

Class

A

(a)

1,650‌

295,482‌

WNS

Holdings

Ltd.

-

ADR

(a)

7,000‌

631,190‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Shares

Fair

Value

Zoom

Video

Communications,

Inc.,

Class

A

(a)

4,100‌

$

251,863‌

17,832,751‌

Utilities

—

0.82%

OGE

Energy

Corp.

6,800‌

255,272‌

RWE

AG

-

ADR

6,600‌

308,946‌

564,218‌

Total

Common

Stocks

(Cost $53,045,213)

67,527,509‌

CONTINGENT

VALUE

RIGHTS

—

0.00%

Health

Care

—

0.00%

ABIOMED,

Inc.

(a)(b)

1,550‌

—‌

Total

Contingent

Value

Rights

(Cost $–)

—‌

Total

Investments

—

99.22%

(Cost

$53,045,213)

67,527,509‌

Other

Assets

in

Excess

of

Liabilities 

—

 0.78%

528,209‌

Net

Assets

—

100.00%

$

68,055,718‌

(a)

Non-income

producing

security.

(b)

Security

is

being

fair

valued

in

accordance

with

the

Trust's

fair

valuation

policies

and

represents

0%

of

the

Fund's

net

assets.

ADR

-

American

Depositary

Receipt

Yorktown

Capital

Appreciation

Fund

Schedule

of

Investments

April

30,

2023

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

97.20%

Communications

—

20.54%

Airbnb,

Inc.,

Class

A

(a)

1,632‌

$

195,301‌

Alphabet,

Inc.,

Class

A

(a)

1,700‌

182,478‌

Endeavor

Group

Holdings,

Inc.,

Class

A

(a)

7,000‌

180,460‌

Grab

Holdings

Ltd.,

Class

A

(a)

52,000‌

151,320‌

Iridium

Communications,

Inc.

(a)

3,850‌

244,360‌

Roblox

Corp.,

Class

A

(a)

6,780‌

241,368‌

Spotify

Technology

S.A.

(a)

1,630‌

217,768‌

Trade

Desk,

Inc.

(The),

Class

A

(a)

3,580‌

230,337‌

Uber

Technologies,

Inc.

(a)

7,080‌

219,834‌

1,863,226‌

Consumer

Discretionary

—

13.73%

Amazon.com,

Inc.

(a)

1,500‌

158,175‌

Chewy,

Inc.

(a)

3,650‌

113,186‌

Coupang,

Inc.,

Class

A

(a)

8,410‌

140,952‌

DraftKings,

Inc.,

Class

A

(a)

11,560‌

253,280‌

Etsy,

Inc.

(a)

1,566‌

158,213‌

Genius

Sports

Ltd.

(a)

43,600‌

161,756‌

MercadoLibre,

Inc.

(a)

204‌

260,608‌

1,246,170‌

Financials

—

6.07%

Intercontinental

Exchange,

Inc.

2,100‌

228,753‌

Nu

Holdings

Ltd.,

Class

A

(a)

31,700‌

163,572‌

Robinhood

Markets,

Inc.,

Class

A

(a)

17,900‌

158,415‌

550,740‌

Health

Care

—

13.52%

agilon

health,

inc.

(a)

7,925‌

192,340‌

Exact

Sciences

Corp.

(a)

6,360‌

407,485‌

Intuitive

Surgical,

Inc.

(a)

900‌

271,098‌

Royalty

Pharma

PLC,

Class

A

5,370‌

188,755‌

Teladoc

Health,

Inc.

(a)

6,300‌

167,139‌

1,226,817‌

Industrials

—

10.30%

AeroVironment,

Inc.

(a)

1,994‌

200,776‌

Elbit

Systems

Ltd.

1,030‌

189,324‌

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

13,064‌

168,526‌

Teledyne

Technologies,

Inc.

(a)

567‌

234,965‌

Trimble,

Inc.

(a)

3,000‌

141,300‌

934,891‌

Technology

—

33.04%

Adyen

NV

-

ADR

(a)

10,975‌

175,600‌

ASML

Holding

N.V.

-

ADR

283‌

180,231‌

Bill.com

Holdings,

Inc.

(a)

1,340‌

102,925‌

CrowdStrike

Holdings,

Inc.,

Class

A

(a)

1,160‌

139,258‌

Global-e

Online

Ltd.

(a)

6,530‌

182,056‌

Intuit,

Inc.

439‌

194,894‌

Nano

Dimension

Ltd.

-

ADR

(a)

57,800‌

142,766‌

Yorktown

Capital

Appreciation

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Shares

Fair

Value

NVIDIA

Corp.

1,065‌

$

295,527‌

PagerDuty,

Inc.

(a)

6,650‌

199,899‌

PayPal

Holdings,

Inc.

(a)

2,220‌

168,720‌

Snowflake,

Inc.,

Class

A

(a)

1,120‌

165,850‌

StoneCo

Ltd.,

Class

A

(a)

15,700‌

193,424‌

Synopsys,

Inc.

(a)

720‌

267,350‌

Teradyne,

Inc.

1,854‌

169,419‌

Veeva

Systems,

Inc.,

Class

A

(a)

760‌

136,101‌

Workday,

Inc.,

Class

A

(a)

900‌

167,526‌

Zoom

Video

Communications,

Inc.,

Class

A

(a)

1,890‌

116,103‌

2,997,649‌

Total

Common

Stocks/Investments

—

97.20%

(Cost

$9,568,548)

8,819,493‌

Other

Assets

in

Excess

of

Liabilities 

—

 2.80%

254,092‌

Net

Assets

—

100.00%

$

9,073,585‌

(a)

Non-income

producing

security.

ADR

-

American

Depositary

Receipt

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

April

30,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

51.76%

Communications

—

4.31%

CCO

Holdings

LLC,

5.00%,

2/1/2028

(a)

$

1,000,000‌

$

926,068‌

CCO

Holdings

LLC,

4.25%,

2/1/2031

(a)

1,000,000‌

820,116‌

CCO

Holdings

LLC,

4.50%,

6/1/2033

(a)

1,000,000‌

797,143‌

DIRECTV

Holdings

LLC,

5.88%,

8/15/2027

(a)

1,250,000‌

1,098,337‌

Lamar

Media

Corp.,

3.63%,

1/15/2031

500,000‌

431,265‌

Level

3

Financing,

Inc.,

4.25%,

7/1/2028

(a)

2,000,000‌

1,168,192‌

Magallanes,

Inc.,

5.14%,

3/15/2052

(a)

1,000,000‌

799,964‌

Prosus

NV,

MTN,

3.06%,

7/13/2031

(a)

500,000‌

394,341‌

Scripps

Escrow

II,

Inc.,

3.88%,

1/15/2029

(a)

500,000‌

389,149‌

United

States

Cellular

Corp.,

6.70%,

12/15/2033

2,540,000‌

2,314,778‌

Univision

Communications,

Inc.,

4.50%,

5/1/2029

(a)

1,000,000‌

862,763‌

Verizon

Communications,

Inc.,

2.85%,

9/3/2041

1,000,000‌

725,605‌

VMED

OC

UK

Financing

PLC,

4.75%,

7/15/2031

(a)

1,000,000‌

853,273‌

Vodafone

Group

PLC,

4.13%,

6/4/2081

(H15T5Y

+

276.7bps)

(b)

1,000,000‌

810,060‌

12,391,054‌

Consumer

Discretionary

—

4.00%

Carnival

Corp.,

4.00%,

8/1/2028

(a)

2,000,000‌

1,735,759‌

Carnival

Corp.,

6.00%,

5/1/2029

(a)

1,000,000‌

785,799‌

Ford

Motor

Co.,

3.25%,

2/12/2032

500,000‌

388,208‌

Ford

Motor

Credit

Co.,

LLC,

3.38%,

11/13/2025

1,000,000‌

930,104‌

Ford

Motor

Credit

Co.,

LLC,

2.90%,

2/10/2029

2,000,000‌

1,661,481‌

L

Brands,

Inc.,

6.88%,

11/1/2035

2,000,000‌

1,812,902‌

LGI

Homes,

Inc.,

4.00%,

7/15/2029

(a)

500,000‌

408,929‌

Marriott

International,

Inc.,

2.75%,

10/15/2033

500,000‌

405,958‌

Marriott

Ownership

Resorts,

Inc.,

4.50%,

6/15/2029

(a)

1,000,000‌

874,100‌

Royal

Caribbean

Cruises

Ltd.,

4.25%,

7/1/2026

(a)

500,000‌

447,994‌

Wolverine

World

Wide,

Inc.,

4.00%,

8/15/2029

(a)

1,000,000‌

832,150‌

WW

International,

Inc.,

4.50%,

4/15/2029

(a)

500,000‌

319,550‌

Yum!

Brands,

Inc.,

3.63%,

3/15/2031

1,000,000‌

884,607‌

11,487,541‌

Consumer

Staples

—

3.77%

Anheuser-Busch

Cos.,

LLC,

4.70%,

2/1/2036

(a)

100,000‌

100,688‌

Central

Garden

&

Pet

Co.,

4.13%,

4/30/2031

(a)

500,000‌

421,717‌

Constellation

Brands,

Inc.,

2.25%,

8/1/2031

500,000‌

415,215‌

Constellation

Brands,

Inc.,

4.50%,

5/9/2047

500,000‌

439,895‌

Coty,

Inc.,

5.00%,

4/15/2026

(a)

1,000,000‌

977,560‌

JBS

Finance

Luxembourg

Sarl,

3.63%,

1/15/2032

(a)

500,000‌

420,240‌

JBS

USA

LUX

SA,

5.50%,

1/15/2030

(a)

1,000,000‌

955,965‌

JBS

USA

LUX

SA,

3.75%,

12/1/2031

(a)

250,000‌

208,388‌

Kraft

Heinz

Foods

Co.,

5.00%,

6/4/2042

(a)

300,000‌

287,841‌

Kraft

Heinz

Foods

Co.,

5.00%,

6/4/2042

500,000‌

479,734‌

Kraft

Heinz

Foods

Co.,

4.38%,

6/1/2046

1,000,000‌

876,002‌

Kraft

Heinz

Foods

Co.,

4.88%,

10/1/2049

1,000,000‌

928,423‌

Land

O'

Lakes,

Inc.,

7.25%,

Perpetual

(a)

2,000,000‌

1,730,000‌

Molson

Coors

Beverage

Co.,

4.20%,

7/15/2046

1,000,000‌

843,147‌

Natura

Cosmeticos

SA,

4.13%,

5/3/2028

(a)

500,000‌

417,445‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Performance

Food

Group,

Inc.,

4.25%,

8/1/2029

(a)

$

500,000‌

$

455,627‌

Pilgrim's

Pride

Corp.,

4.25%,

4/15/2031

(a)

1,000,000‌

870,761‌

10,828,648‌

Financials

—

21.53%

Assurant,

Inc.,

7.00%,

3/27/2048

1,000,000‌

958,612‌

Assured

Guaranty

Municipal

Holdings,

Inc.,

6.40%,

12/15/2066

(1MO

LIBOR

+

221.50bps)

(a),(b)

2,000,000‌

1,803,570‌

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

6.13%,

2/16/2049

(USSW5

+

387.0bps)

(b)

800,000‌

639,660‌

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

Series

9,

6.50%,

3/25/2167

(H15T5Y

+

519.2bps)

(b)

1,000,000‌

914,430‌

Bank

of

America

Corp.,

4.38%,

4/27/2170

(H15T5Y

+

276.0bps)

(b)

2,000,000‌

1,710,000‌

Barclays

PLC,

4.84%,

5/9/2028

2,000,000‌

1,899,155‌

Barclays

PLC,

5.09%,

6/20/2030

(3MO

LIBOR

+

305.4bps)

(b)

1,500,000‌

1,407,710‌

Barclays

PLC,

7.75%,

9/15/2168

(USSW5

+

484.2bps)

(b)

1,000,000‌

943,520‌

BBVA

Bancomer

S.A.,

5.13%,

Perpetual

(H15T5Y

+

265.0bps)

(b)

2,000,000‌

1,766,792‌

BNP

Paribas

SA,

6.63%,

Perpetual

(USSW5

+

414.9bps)

(a),(b)

4,000,000‌

3,826,600‌

Brighthouse

Financial,

Inc.,

4.70%,

6/22/2047

2,642,000‌

1,998,594‌

Citigroup,

Inc.,

4.15%,

Perpetual

(H15T5Y

+

300.0bps)

(b)

1,000,000‌

825,000‌

Citigroup,

Inc.,

4.70%,

Perpetual

(SOFR

+

323.4bps)

(b)

1,000,000‌

879,094‌

Citizens

Financial

Group,

Inc.,

Series

C,

6.38%,

Perpetual

(3MO

LIBOR

+

315.7bps)

(b)

2,000,000‌

1,740,000‌

Commerzbank

AG,

7.00%,

Perpetual

(USISDA05

+

522.8bps)

(b)

2,000,000‌

1,765,250‌

Discover

Financial

Services,

Series

C,

5.50%,

Perpetual

(3MO

LIBOR

+

307.6bps)

(b)

1,334,000‌

1,018,842‌

Enstar

Finance

LLC,

5.50%,

1/15/2042

(H15T5Y

+

400.60bps)

(b)

500,000‌

360,638‌

Enstar

Group

Ltd.,

4.95%,

6/1/2029

2,000,000‌

1,898,777‌

FedNat

Holding

Co.,

7.75%,

3/15/2029

(c)

2,400,000‌

468,000‌

Fifth

Third

Bancorp,

5.10%,

Perpetual

(3MO

LIBOR

+

303.3bps)

(b)

1,000,000‌

907,500‌

Fifth

Third

Bancorp,

Series

J,

8.29%,

Perpetual

(3MO

LIBOR

+

312.9bps)

(b)

1,000,000‌

951,250‌

GATX

Corp.,

Class

B,

4.00%,

6/30/2030

2,000,000‌

1,863,839‌

Global

Atlantic

Financial

Co.,

4.70%,

10/15/2051

(H15T5Y

+

379.60bps)

(a),(b)

1,000,000‌

800,419‌

Goldman

Sachs

Group,

Inc.

(The),

Series

P,

7.73%,

11/10/2069

(3MO

LIBOR

+

287.4bps)

(b)

3,000,000‌

2,910,000‌

ING

Groep

NV,

4.25%,

Perpetual

(H15T5Y

+

286.20bps)

(b)

1,000,000‌

634,300‌

ING

Groep

NV,

5.75%,

Perpetual

(H15T5Y

+

432.2bps)

(b)

1,000,000‌

871,690‌

Intesa

Sanpaolo

SpA,

5.71%,

1/15/2026

(a)

3,000,000‌

2,890,635‌

JPMorgan

Chase

&

Co.,

Series

HH,

4.60%,

Perpetual

(SOFR+

312.5bps)

(b)

1,000,000‌

930,000‌

Liberty

Mutual

Group,

Inc.,

3.95%,

5/15/2060

(a)

500,000‌

353,915‌

Liberty

Mutual

Group,

Inc.,

4.30%,

2/1/2061

(a)

1,000,000‌

596,534‌

Lloyds

Banking

Group

PLC,

7.50%,

Perpetual

(USSW5

+

476.0bps)

(b)

2,500,000‌

2,407,725‌

Lloyds

Banking

Group

PLC,

7.50%,

Perpetual

(USSW5

+

449.6bps)

(b)

2,000,000‌

1,901,180‌

Macquarie

Bank

Ltd.,

3.62%,

6/3/2030

(a)

1,000,000‌

856,918‌

Massachusetts

Mutual

Life

Insurance

Co.,

3.38%,

4/15/2050

(a)

1,000,000‌

736,756‌

Nationwide

Mutual

Insurance

Co.,

4.35%,

4/30/2050

(a)

1,000,000‌

781,127‌

Nordea

Bank

Abp,

3.75%,

Perpetual

(H15T5Y

+

260.20bps)

(a),(b)

1,000,000‌

754,231‌

OneMain

Finance

Corp.,

5.38%,

11/15/2029

2,000,000‌

1,684,550‌

Oppenheimer

Holdings,

Inc.,

5.50%,

10/1/2025

500,000‌

479,168‌

Pacific

LifeCorp,

3.35%,

9/15/2050

(a)

500,000‌

358,462‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

PNC

Financial

Services,

6.25%,

Perpetual

(H15T7Y

+

280.8bps)

(b)

$

1,000,000‌

$

919,000‌

Radian

Group,

Inc.,

6.63%,

3/15/2025

2,000,000‌

1,993,413‌

SBL

Holdings,

Inc.,

5.13%,

11/13/2026

(a)

2,000,000‌

1,817,833‌

SBL

Holdings,

Inc.,

6.50%,

Perpetual

(H15T5Y

+

562.0bps)

(a),(b)

1,393,000‌

814,473‌

SBL

Holdings,

Inc.,

7.00%,

Perpetual

(H15T5Y

+

558.0bps)

(a),(b)

1,000,000‌

650,000‌

Standard

Chartered

PLC,

4.30%,

Perpetual

(H15T5Y

+

313.50bps)

(a),(b)

2,000,000‌

1,415,200‌

Truist

Financial

Corp.,

Series

M,

5.13%,

Perpetual

(3MO

LIBOR

+

278.6bps)

(b)

1,800,000‌

1,483,560‌

UniCredit

SpA,

5.86%,

6/19/2032

(USISDA05

+

370.3bps)

(a),(b)

2,000,000‌

1,823,458‌

UniCredit

SpA,

5.46%,

6/30/2035

(H15T5Y

+

475.0bps)

(a),(b)

500,000‌

426,529‌

Unifin

Financiera

SAB

de

CV

Sociedad

Financiera

de

Objeto

Multiple,

Entidad

No

Regulada,

8.38%,

1/27/2028

(c)

1,000,000‌

30,000‌

61,867,909‌

Health

Care

—

1.29%

Jazz

Securities

DAC,

4.38%,

1/15/2029

(a)

500,000‌

460,015‌

Organon

Finance

1

LLC,

4.13%,

4/30/2028

(a)

1,000,000‌

921,149‌

Perrigo

Finance

Unlimited

Co.,

4.40%,

6/15/2030

1,000,000‌

904,117‌

Perrigo

Finance

Unlimited

Co.,

4.90%,

12/15/2044

1,000,000‌

727,970‌

Viatris,

Inc.,

3.85%,

6/22/2040

1,000,000‌

691,330‌

3,704,581‌

Industrials

—

6.50%

ADT

Security

Corp.

(The),

4.13%,

8/1/2029

(a)

1,000,000‌

869,875‌

Air

Canada,

3.88%,

8/15/2026

(a)

1,000,000‌

926,938‌

Air

Canada

Pass

Through

Trust,

Series

2020-2A,

Class

A,

4.13%,

5/15/2025

(a)

1,141,502‌

1,078,957‌

American

Airlines

Pass

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

955,000‌

844,869‌

American

Airlines,

Inc.

Pass

Through

Trust,

Series

2015-1,

Class

B,

3.70%,

5/1/2023

775,012‌

774,807‌

Burlington

Northern

Santa

Fe

LLC,

4.45%,

1/15/2053

1,000,000‌

942,803‌

Canadian

Pacific

Railway

Co.,

Class

B,

2.45%,

12/2/2031

1,000,000‌

892,969‌

CSX

Corp.,

5.50%,

4/15/2041

1,000,000‌

1,031,013‌

Dycom

Industries,

Inc.,

4.50%,

4/15/2029

(a)

1,000,000‌

913,895‌

Norfolk

Southern

Corp.,

4.55%,

6/1/2053

1,000,000‌

909,081‌

Prime

Security

Services

Borrower

LLC,

Class

B,

5.75%,

4/15/2026

(a)

2,000,000‌

1,987,487‌

Seaspan

Corp.,

5.50%,

8/1/2029

(a)

1,000,000‌

801,240‌

Triton

Container

International

Ltd.,

3.25%,

3/15/2032

500,000‌

394,446‌

Union

Pacific

Corp.,

3.20%,

5/20/2041

1,000,000‌

805,821‌

Union

Pacific

Corp.,

2.95%,

3/10/2052

1,000,000‌

714,076‌

Union

Pacific

Corp.,

3.50%,

2/14/2053

1,000,000‌

795,861‌

United

Airlines

Pass

Through

Trust,

Series

2016-2B,

Class

B,

3.65%,

10/7/2025

528,935‌

492,060‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

684,863‌

661,920‌

United

Airlines

Pass

Through

Trust,

Series

2016-2,

Class

A,

3.10%,

4/7/2030

709,259‌

609,979‌

United

Airlines,

Inc.,

4.38%,

4/15/2026

(a)

50,000‌

47,811‌

US

Airways

Pass

Through

Trust,

Series

2011-1,

Class

A,

7.13%,

10/22/2023

294,978‌

294,609‌

US

Airways

Pass

Through

Trust,

Series

2012-2,

Class

A,

4.63%,

6/3/2025

1,511,356‌

1,434,876‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

ZipRecruiter,

Inc.,

5.00%,

1/15/2030

(a)

$

500,000‌

$

437,193‌

18,662,586‌

Materials

—

2.69%

Alcoa

Nederland

Holding

BV,

5.50%,

12/15/2027

(a)

1,000,000‌

984,740‌

Ball

Corp.,

2.88%,

8/15/2030

1,000,000‌

838,679‌

Bemis

Co.,

Inc.,

2.63%,

6/19/2030

500,000‌

422,705‌

Berry

Global,

Inc.,

5.63%,

7/15/2027

(a)

1,000,000‌

986,411‌

Canpack

SA,

3.88%,

11/15/2029

(a)

500,000‌

401,574‌

Commercial

Metals

Co.,

3.88%,

2/15/2031

500,000‌

438,748‌

Domtar

Corp.,

6.25%,

9/1/2042

1,000,000‌

626,030‌

Mosaic

Co.

(The),

5.45%,

11/15/2033

1,000,000‌

1,009,131‌

Reynolds

Group

Issuer,

Inc.,

4.00%,

10/15/2027

(a)

1,000,000‌

901,255‌

Unigel

Luxembourg

SA,

8.75%,

10/1/2026

(a)

1,000,000‌

923,242‌

WRKCo,

Inc.,

3.00%,

6/15/2033

250,000‌

204,550‌

7,737,065‌

Real

Estate

—

0.70%

Iron

Mountain,

Inc.,

4.88%,

9/15/2029

(a)

1,000,000‌

913,599‌

Iron

Mountain,

Inc.,

5.25%,

7/15/2030

(a)

1,000,000‌

922,337‌

SBA

Communications

Corp.,

3.88%,

2/15/2027

(a)

200,000‌

186,756‌

2,022,692‌

Technology

—

3.21%

Broadcom,

Inc.,

4.15%,

11/15/2030

1,000,000‌

930,578‌

Broadcom,

Inc.,

4.15%,

11/15/2030

500,000‌

465,289‌

Broadcom,

Inc.,

2.60%,

2/15/2033

(a)

1,000,000‌

789,549‌

Broadcom,

Inc.,

3.50%,

2/15/2041

(a)

1,000,000‌

751,183‌

HP,

Inc.,

6.00%,

9/15/2041

2,500,000‌

2,538,431‌

Juniper

Networks,

Inc.,

2.00%,

12/10/2030

500,000‌

401,074‌

Juniper

Networks,

Inc.,

5.95%,

3/15/2041

700,000‌

710,056‌

Kyndryl

Holdings,

Inc.,

2.05%,

10/15/2026

1,000,000‌

876,829‌

Kyndryl

Holdings,

Inc.,

3.15%,

10/15/2031

1,000,000‌

770,377‌

Seagate

HDD

Cayman,

4.88%,

3/1/2024

1,000,000‌

986,308‌

9,219,674‌

Utilities

—

3.76%

AEP

Texas,

Inc.,

Series

I,

2.10%,

7/1/2030

500,000‌

419,205‌

Appalachian

Power

Co.,

Series

Z,

3.70%,

5/1/2050

1,000,000‌

770,818‌

Dayton

Power

&

Light

Co.

(The),

3.95%,

6/15/2049

1,000,000‌

785,770‌

Dominion

Energy,

Inc.,

4.35%,

Perpetual

(H15T5Y

+

319.5bps)

(b)

1,000,000‌

845,000‌

Duke

Energy

Progress

LLC,

2.50%,

8/15/2050

1,000,000‌

636,491‌

Kentucky

Utilities

Co.,

3.30%,

6/1/2050

1,000,000‌

730,787‌

NRG

Energy,

Inc.,

4.45%,

6/15/2029

(a)

1,000,000‌

918,281‌

Pacific

Gas

and

Electric

Co.,

4.25%,

3/15/2046

500,000‌

371,684‌

Pacific

Gas

and

Electric

Co.,

3.50%,

8/1/2050

500,000‌

326,692‌

Southern

California

Edison

Co.,

Series

B,

4.88%,

3/1/2049

1,000,000‌

940,558‌

Topaz

Solar

Farms

LLC,

5.75%,

9/30/2039

(a)

883,719‌

872,564‌

Union

Electric

Co.,

3.90%,

4/1/2052

750,000‌

632,693‌

Vistra

Operations

Co.

LLC,

4.38%,

5/1/2029

(a)

1,000,000‌

894,958‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

WEC

Energy

Group,

Inc.,

6.98%,

5/15/2067

(3MO

LIBOR

+

211.3bps)

(b)

$

2,000,000‌

$

1,646,702‌

10,792,203‌

Total

Corporate

Bonds

and

Notes

(Cost $172,501,526)

148,713,953‌

ASSET

BACKED

SECURITIES

—

28.93%

ACC

Auto

Trust,

Series

2021-A,

Class

B,

1.79%,

4/15/2027

(a)

2,000,000‌

1,955,945‌

ACC

Trust,

Series

2022-1,

Class

C,

3.24%,

10/20/2025

(a)

1,000,000‌

966,773‌

American

Credit

Acceptance

Receivables

Trust,

Series

2019-3,

Class

F,

5.42%,

5/12/2026

(a)

550,000‌

544,909‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-2,

Class

E,

2.54%,

7/13/2027

(a)

2,000,000‌

1,870,291‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-3,

Class

E,

2.56%,

11/15/2027

(a)

3,000,000‌

2,775,622‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-4,

Class

E,

3.12%,

2/14/2028

(a)

1,000,000‌

869,488‌

Amur

Equipment

Finance

Receivables

LLC,

Series

2022-1A,

Class

E,

5.02%,

12/20/2028

(a)

750,000‌

669,302‌

CarNow

Auto

Receivables

Trust,

Series

2021-1A,

Class

D,

3.64%,

2/17/2026

(a)

1,000,000‌

960,596‌

Carvana

Auto

Receivables

Trust,

Series

2020-N1A,

Class

E,

5.20%,

7/15/2027

(a)

1,000,000‌

940,326‌

Carvana

Auto

Receivables

Trust,

Series

2021-N3,

Class

E,

3.16%,

6/12/2028

(a)

2,250,000‌

1,885,653‌

Carvana

Auto

Receivables

Trust,

Series

2021-N4,

Class

E,

4.53%,

9/11/2028

(a)

1,500,000‌

1,281,622‌

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

E,

6.01%,

12/11/2028

(a)

1,250,000‌

1,099,879‌

CCG

Receivables

Trust,

Series

2020-1,

Class

D,

2.68%,

12/14/2027

(a)

1,281,000‌

1,230,713‌

Conn's

Receivables

Funding

LLC,

Series

2021-A,

Class

B,

2.87%,

5/15/2026

(a)

399,846‌

396,432‌

Conn's

Receivables

Funding

LLC,

Series

2022-A,

Class

A,

5.87%,

12/15/2026

(a)

530,490‌

531,700‌

Continental

Credit

Card

ABS,

Series

2019-1A,

Class

C,

6.16%,

8/15/2026

(a)

3,000,000‌

2,826,964‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2021-A,

Class

C,

4.02%,

12/17/2029

(a)

1,000,000‌

840,355‌

CPS

Auto

Receivables

Trust,

Series

2019-C,

Class

E,

4.30%,

7/15/2025

(a)

2,000,000‌

1,977,153‌

CPS

Auto

Receivables

Trust,

Series

2022-A,

Class

E,

4.88%,

4/16/2029

(a)

1,000,000‌

859,277‌

Dell

Equipment

Finance

Trust,

Series

2021-1,

Class

B,

0.71%,

5/22/2026

(a)

850,000‌

832,780‌

Dell

Equipment

Finance

Trust,

Series

2021-2,

Class

C,

0.94%,

12/22/2026

(a)

1,055,000‌

1,006,464‌

Dext

ABS

LLC,

Series

2020-1,

Class

A,

1.46%,

2/16/2027

(a)

397,106‌

394,269‌

DLLST

LLC,

Series

2022-1A,

Class

A3,

3.40%,

1/21/2025

(a)

770,000‌

755,541‌

DT

Auto

Owner

Trust,

Series

2020-2A,

Class

D,

4.73%,

3/16/2026

(a)

500,000‌

493,909‌

DT

Auto

Owner

Trust,

Series

2021-2A,

Class

E,

2.97%,

7/17/2028

(a)

1,000,000‌

934,436‌

DT

Auto

Owner

Trust,

Series

2021-4A,

Class

E,

3.34%,

7/17/2028

(a)

1,000,000‌

814,752‌

DT

Auto

Owner

Trust,

Series

2022-1A,

Class

E,

5.53%,

3/15/2029

(a)

1,000,000‌

906,381‌

Encina

Equipment

Finance

LLC,

Series

2022-1A,

Class

D,

6.00%,

1/15/2030

(a)

1,000,000‌

977,961‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Enterprise

Fleet

Financing

LLC,

Series

2021-1,

Class

A3,

0.70%,

12/21/2026

(a)

$

600,000‌

$

565,896‌

Enterprise

Fleet

Financing

LLC,

Series

2021-3,

Class

A2,

0.77%,

8/20/2027

631,020‌

605,852‌

Enterprise

Fleet

Financing

LLC,

Series

2021-3,

Class

A2,

4.38%,

7/20/2029

(a)

500,000‌

492,737‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

E,

4.02%,

1/17/2028

(a)

2,000,000‌

1,685,690‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/15/2028

(a)

1,155,000‌

1,080,735‌

Exeter

Automobile

Receivables

Trust,

Series

2021-2A,

Class

E,

2.90%,

7/17/2028

(a)

1,000,000‌

846,300‌

Exeter

Automobile

Receivables

Trust,

Series

2022-2A,

Class

D,

4.56%,

7/17/2028

1,000,000‌

961,472‌

Exeter

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.04%,

12/15/2028

(a)

1,000,000‌

853,363‌

Exeter

Automobile

Receivables

Trust,

Series

2022-1A,

Class

E,

5.02%,

10/15/2029

(a)

2,000,000‌

1,700,094‌

First

Investors

Auto

Owner

Trust,

Series

2019-2A,

Class

F,

5.69%,

7/15/2026

(a)

2,000,000‌

1,953,743‌

First

Investors

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.66%,

12/15/2027

(a)

840,000‌

765,053‌

Flagship

Credit

Auto

Trust,

Series

2018-3,

Class

E,

5.28%,

12/15/2025

(a)

2,000,000‌

1,971,341‌

Flagship

Credit

Auto

Trust,

Series

2021-3,

Class

D,

1.65%,

9/15/2027

(a)

1,000,000‌

892,875‌

Flagship

Credit

Auto

Trust,

Series

2021-2,

Class

E,

3.16%,

9/15/2028

(a)

1,150,000‌

966,464‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-1,

Class

E,

2.98%,

4/15/2027

(a)

1,270,000‌

1,184,201‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-2,

Class

E,

3.35%,

10/15/2027

(a)

500,000‌

437,897‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-1,

Class

D,

3.07%,

5/15/2028

(a)

1,000,000‌

906,428‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-2,

Class

C,

5.75%,

8/15/2028

(a)

1,000,000‌

993,389‌

GCI

Funding

I

LLC,

Series

2021-1,

Class

A,

2.38%,

6/18/2046

(a)

823,360‌

715,983‌

Global

SC

Finance

VII

Srl,

Series

2020-1A,

Class

A,

2.17%,

10/17/2040

(a)

356,809‌

324,841‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2019-3A,

Class

D,

3.84%,

5/15/2026

(a)

3,000,000‌

2,933,765‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-1A,

Class

E,

3.14%,

1/18/2028

(a)

2,750,000‌

2,529,357‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-3A,

Class

E,

3.20%,

10/16/2028

(a)

1,000,000‌

891,923‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

E,

4.43%,

10/16/2028

(a)

1,000,000‌

855,288‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2022-1A,

Class

E,

5.64%,

5/15/2029

(a)

1,000,000‌

881,634‌

Helios

Issuer

LLC,

Series

2021-A,

Class

B,

3.15%,

2/20/2048

(a)

777,061‌

613,723‌

HERO

Funding

Trust,

Series

2021-1A,

Class

B,

4.00%,

9/20/2051

(a)

358,946‌

325,729‌

ITE

Rail

Fund

Levered

LP,

Series

2021-3A,

Class

A,

2.21%,

6/28/2051

(a)

922,082‌

809,278‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-3GS,

Class

C,

3.50%,

12/20/2047

(a)

899,785‌

564,051‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-2GS,

Class

C,

3.50%,

3/20/2048

(a)

936,973‌

605,219‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A2,

4.06%,

1/15/2045

(a)

$

972,227‌

$

927,459‌

Mosaic

Solar

Loan

Trust,

Series

2021-1A,

Class

D,

3.71%,

12/20/2046

(a)

735,820‌

643,825‌

Octane

Receivables

Trust,

Series

2022-2A,

Class

D,

7.70%,

2/20/2030

(a)

1,000,000‌

1,010,738‌

Pawnee

Equipment

Receivables

LLC,

Series

2019-1,

Class

E,

3.80%,

1/15/2026

(a)

467,000‌

465,814‌

Prestige

Auto

Receivables

Trust,

Series

2020-1A,

Class

E,

3.67%,

2/15/2028

(a)

1,365,000‌

1,333,102‌

Purchasing

Power

Funding

LLC,

Series

2021-A,

Class

C,

2.53%,

10/15/2025

(a)

1,000,000‌

985,943‌

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

7.40%,

4/20/2034

(3MO

LIBOR

+

215.0bps)

(a),(b)

1,000,000‌

951,997‌

Regatta

XVIII

Funding

Ltd.,

Series

2021-1A,

Class

C,

6.91%,

1/15/2034

(3MO

LIBOR

+

175.0bps)

(a),(b)

1,000,000‌

947,543‌

Santander

Drive

Auto

Receivables

Trust,

Series

2022-3,

Class

A3,

3.40%,

12/15/2026

950,000‌

937,309‌

Sapphire

Aviation

Finance

I

Ltd.,

Series

2018-1A,

Class

C,

7.39%,

3/15/2040

PIK

(a)

3,189,395‌

400,269‌

SCF

Equipment

Leasing

LLC,

Series

2019-2A,

Class

B,

2.76%,

8/20/2026

(a)

1,000,000‌

970,312‌

SCF

Equipment

Leasing

LLC,

Series

2021-1A,

Class

E,

3.56%,

8/20/2032

(a)

750,000‌

706,822‌

TAL

Advantage

VII

LLC,

Series

2020-1A,

Class

A,

2.05%,

9/20/2045

(a)

728,750‌

653,178‌

Textainer

Marine

Containers

Ltd.,

Series

2021-3A,

Class

A,

1.94%,

8/20/2046

(a)

1,040,000‌

878,071‌

Trinity

Rail

Leasing

2021

LLC,

Series

2021-1A,

Class

B,

3.08%,

7/19/2051

(a)

500,000‌

415,056‌

Triton

Container

Finance

VIII

LLC,

Series

2020-1A,

Class

A,

2.11%,

9/20/2045

(a)

780,417‌

686,692‌

TRP

LLC,

Series

2021-2,

Class

B,

3.08%,

6/19/2051

(a)

950,000‌

808,379‌

United

Auto

Credit

Securitization

Trust,

Series

2021-1,

Class

E,

2.58%,

6/10/2026

(a)

3,250,000‌

3,152,758‌

United

Auto

Credit

Securitization

Trust,

Series

2022-1,

Class

E,

5.00%,

11/10/2028

(a)

1,000,000‌

872,141‌

US

Auto

Funding

LLC,

Series

2021-1A,

Class

C,

2.20%,

5/15/2026

(a)

1,125,000‌

1,078,755‌

US

Auto

Funding

LLC,

Series

2021-1A,

Class

E,

6.32%,

9/15/2028

(a)

500,000‌

464,769‌

USQ

Rail

II

LLC,

Series

2021-3,

Class

B,

2.98%,

6/28/2051

(a)

500,000‌

421,250‌

Westlake

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.42%,

4/15/2027

(a)

1,000,000‌

888,037‌

Total

Asset

Backed

Securities

(Cost $91,606,318)

83,114,033‌

U.S.

GOVERNMENT

&

AGENCIES

—

12.67%

Fannie

Mae,

Pool

#BP2175,

3.00%,

2/1/2035

263,608‌

251,501‌

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

946,186‌

950,054‌

Fannie

Mae,

Pool

#BR2084,

1.90%,

6/1/2051

(b)

728,892‌

665,858‌

Fannie

Mae,

Pool

#BT1314,

2.50%,

7/1/2051

594,555‌

514,539‌

Fannie

Mae,

Pool

#BT1339,

2.50%,

7/1/2051

1,772,660‌

1,534,049‌

Fannie

Mae,

Pool

#BT3256,

2.50%,

7/1/2051

907,175‌

785,043‌

Fannie

Mae,

Pool

#BQ7422,

2.50%,

8/1/2051

867,749‌

750,930‌

Fannie

Mae,

Pool

#CB2670,

3.00%,

1/1/2052

955,911‌

858,094‌

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,795,276‌

1,716,280‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Fannie

Mae,

Pool

#MA4732,

4.00%,

9/1/2052

$

967,759‌

$

924,446‌

Fannie

Mae,

Pool

#MA4932,

3.00%,

1/1/2053

987,236‌

885,728‌

Fannie

Mae,

Pool

#CB5536,

5.00%,

1/1/2053

1,980,007‌

1,972,515‌

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

982,010‌

975,299‌

Fannie

Mae,

Pool

#MA4941,

5.00%,

3/1/2053

998,693‌

993,154‌

Federal

Agricultural

Mortgage

Corp.,

3.05%,

6/29/2032

500,000‌

467,350‌

Federal

Farm

Credit

Bank,

2.13%,

5/21/2040

1,000,000‌

687,119‌

Federal

Farm

Credit

Bank,

1.95%,

8/13/2040

1,000,000‌

667,093‌

Federal

Farm

Credit

Bank,

2.07%,

12/21/2040

500,000‌

335,389‌

Federal

Home

Loan

Bank,

2.01%,

7/16/2040

1,000,000‌

673,133‌

Federal

Home

Loan

Mortgage

Corp.,

1.75%,

7/27/2035

1,500,000‌

1,113,221‌

Freddie

Mac,

Pool

#RD5138,

5.00%,

1/1/2033

927,514‌

931,621‌

Freddie

Mac,

Pool

#SB8509,

2.00%,

1/1/2036

711,690‌

642,846‌

Freddie

Mac,

Pool

#QO0931,

4.00%,

10/1/2037

623,465‌

611,559‌

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

890,310‌

766,366‌

Freddie

Mac,

Pool

#RB5182,

4.00%,

9/1/2042

950,018‌

916,260‌

Freddie

Mac,

Pool

#RA2314,

3.50%,

3/1/2050

380,425‌

356,477‌

Freddie

Mac,

Pool

#RA2657,

3.50%,

5/1/2050

798,440‌

747,785‌

Freddie

Mac,

Pool

#SD0430,

2.50%,

8/1/2050

654,415‌

569,628‌

Freddie

Mac,

Pool

#QC3907,

2.50%,

7/1/2051

900,159‌

778,974‌

Freddie

Mac,

Pool

#SD8267,

5.00%,

11/1/2052

969,044‌

962,563‌

Freddie

Mac,

Pool

#QF5251,

5.50%,

1/1/2053

964,522‌

971,816‌

Freddie

Mac,

Pool

#SD8288,

5.00%,

1/1/2053

980,744‌

974,058‌

Freddie

Mac,

Pool

#SD2334,

5.00%,

2/1/2053

990,512‌

985,350‌

Freddie

Mac,

Pool

#SD8297,

4.00%,

2/1/2053

1,970,269‌

1,881,885‌

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

992,751‌

1,001,808‌

Freddie

Mac,

Pool

#SD8323,

5.00%,

5/1/2053

1,000,000‌

993,166‌

United

States

Treasury

Note,

0.75%,

3/31/2026

5,000,000‌

4,596,680‌

Total

U.S.

Government

&

Agencies

(Cost $39,439,945)

36,409,637‌

COLLATERALIZED

LOAN

OBLIGATIONS

—

5.38%

Apex

Credit

CLO

Ltd.,

Series

2018-1A,

Class

B,

6.86%,

4/25/2031

(3MO

LIBOR

+

160.0bps)

(a),(b)

1,190,000‌

1,133,649‌

Apex

Credit

CLO

Ltd.,

Series

2018-2A,

Class

C2R,

7.85%,

10/20/2031

(3MO

LIBOR

+

260.0bps)

(a),(b)

420,000‌

404,400‌

Atrium

XII,

Series

2012-A,

Class

CR,

6.92%,

4/22/2027

(3MO

LIBOR

+

165.0bps)

(a),(b)

2,500,000‌

2,438,410‌

Benefit

Street

Partners

CLO

X

Ltd.,

Series

2016-10A,

Class

BRR,

7.40%,

4/20/2034

(3MO

LIBOR

+

215.0bps)

(a),(b)

250,000‌

235,292‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

C,

7.31%,

1/15/2035

(3MO

LIBOR

+

215.0bps)

(a),(b)

1,000,000‌

947,971‌

Carlyle

Global

Market

Strategies

CLO,

Series

2017-1A,

Class

BR,

7.45%,

4/20/2031

(3MO

LIBOR

+

220.0bps)

(a),(b)

1,000,000‌

948,694‌

Carlyle

Global

Market

Strategies

CLO,

Series

2016-3A,

Class

CRR,

7.45%,

7/20/2034

(3MO

LIBOR

+

220.0bps)

(a),(b)

375,000‌

356,734‌

Hildene

TruPS

Financials

Note

Securitization

Ltd.,

Series

2019-2A,

Class

A2,

7.36%,

5/22/2039

(3MO

LIBOR

+

245.0bps)

(a),(b)

3,000,000‌

2,850,000‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

HPS

Loan

Management

Ltd.,

Series

2010A-16,

Class

BRR,

7.30%,

4/20/2034

(3MO

LIBOR

+

205.0bps)

(a),(b)

$

1,000,000‌

$

951,199‌

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

BRR,

7.36%,

10/15/2032

(3MO

LIBOR

+

220.0bps)

(a),(b)

1,000,000‌

960,532‌

Madison

Park

Funding

XXXVIII

Ltd.,

Series

2021-38A,

Class

C,

7.06%,

7/17/2034

(3MO

LIBOR

+

190.0bps)

(a),(b)

1,000,000‌

949,290‌

Palmer

Square

CLO

Ltd.,

Series

2022-1A,

Class

C,

7.10%,

4/20/2035

(TSFR3M

+

205.0bps)

(a),(b)

1,000,000‌

945,754‌

Rockford

Tower

CLO

Ltd.,

Series

2019-2A,

Class

CR,

6.92%,

8/20/2032

(3MO

LIBOR

+

200.0bps)

(a),(b)

1,000,000‌

954,588‌

Venture

CLO

Ltd.,

Series

2018-31A,

Class

C1,

7.20%,

4/20/2031

(3MO

LIBOR

+

195.0bps)

(a),(b)

1,000,000‌

914,847‌

Wind

River

CLO

Ltd.,

Series

2016-1KRA,

Class

CR2,

7.51%,

10/15/2034

(US0003M

+

235.0bps)

(a),(b)

500,000‌

472,281‌

Total

Collateralized

Loan

Obligations

(Cost $16,132,225)

15,463,641‌

Total

Investments

—

98.74%

(Cost

$319,680,014)

283,701,264‌

Other

Assets

in

Excess

of

Liabilities 

—

 1.26%

3,617,698‌

Net

Assets

—

100.00%

$

287,318,962‌

(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,

2023

was

$156,030,569,

representing

54.31%

of

net

assets.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

April

30,

2023.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

(c)

In

default

PIK

-

Payment-in-kind

security

MTN

-

Medium

Term

Note

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

April

30,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

50.39%

Communications

—

1.39%

Expedia

Group,

Inc.,

5.00%,

2/15/2026

$

213,000‌

$

213,107‌

NBN

Co.

Ltd.,

MTN,

1.45%,

5/5/2026

(a),(b)

1,000,000‌

912,237‌

Verizon

Communications,

Inc.,

5.96%,

5/15/2025

(3MO

LIBOR

+

110.0bps)

(a)

2,000,000‌

2,013,943‌

Verizon

Communications,

Inc.,

5.60%,

3/20/2026

(SOFR

+

79.0bps)

(a)

1,389,000‌

1,380,083‌

4,519,370‌

Consumer

Discretionary

—

4.38%

eBay,

Inc.,

1.40%,

5/10/2026

500,000‌

455,770‌

Ford

Motor

Credit

Co.,

LLC,

3.38%,

11/13/2025

1,000,000‌

930,104‌

General

Motors

Financial

Co.,

Inc.,

5.10%,

1/17/2024

1,000,000‌

996,756‌

General

Motors

Financial

Co.,

Inc.,

1.20%,

10/15/2024

1,000,000‌

940,627‌

General

Motors

Financial

Co.,

Inc.,

3.80%,

4/7/2025

1,000,000‌

971,942‌

General

Motors

Financial

Co.,

Inc.,

1.25%,

1/8/2026

1,000,000‌

900,934‌

General

Motors

Financial

Co.,

Inc.,

1.50%,

6/10/2026

1,000,000‌

895,326‌

General

Motors

Financial

Co.,

Inc.,

5.85%,

2/26/2027

(SOFR

+

104.0bps)

(a)

500,000‌

489,081‌

Home

Depot

Inc.

(The),

4.00%,

9/15/2025

500,000‌

498,824‌

Hyundai

Capital

America,

4.30%,

2/1/2024

(b)

1,000,000‌

989,537‌

Hyundai

Capital

America,

1.00%,

9/17/2024

(b)

500,000‌

470,336‌

Kia

Corp.,

1.00%,

4/16/2024

(b)

1,000,000‌

960,825‌

Marriott

International,

Inc.,

3.75%,

3/15/2025

2,000,000‌

1,952,237‌

Nissan

Motor

Acceptance

Co.,

LLC,

1.13%,

9/16/2024

(b)

500,000‌

465,051‌

Nissan

Motor

Co.

Ltd.,

3.52%,

9/17/2025

(b)

2,000,000‌

1,871,761‌

Volkswagen

Group

of

America

Finance

LLC,

0.88%,

11/22/2023

(b)

500,000‌

488,013‌

14,277,124‌

Consumer

Staples

—

1.35%

7-Eleven,

Inc.,

0.80%,

2/10/2024

(b)

1,000,000‌

964,292‌

JBS

USA

LUX

SA,

5.13%,

2/1/2028

(b)

1,000,000‌

978,540‌

JDE

Peet's

NV,

1.38%,

1/15/2027

(b)

250,000‌

218,852‌

Mitsubishi

Corp.,

1.13%,

7/15/2026

(b)

500,000‌

446,222‌

Mondelez

International

Holdings

Netherlands

BV,

1.25%,

9/24/2026

(b)

1,000,000‌

895,416‌

Viterra

Finance

BV,

2.00%,

4/21/2026

(b)

1,000,000‌

894,645‌

4,397,967‌

Financials

—

23.64%

AerCap

Ireland

Capital,

3.50%,

1/15/2025

2,000,000‌

1,917,234‌

AerCap

Ireland

Capital

DAC,

1.65%,

10/29/2024

1,000,000‌

935,409‌

Air

Lease

Corp.,

0.80%,

8/18/2024

1,000,000‌

939,384‌

Air

Lease

Corp.,

1.88%,

8/15/2026

500,000‌

444,704‌

Allied

World

Assurance

Co.

Holdings

Ltd.,

4.35%,

10/29/2025

1,800,000‌

1,743,155‌

Antares

Holdings

LP,

3.95%,

7/15/2026

(b)

1,500,000‌

1,312,483‌

Athene

Global

Funding,

1.20%,

10/13/2023

(b)

1,000,000‌

976,533‌

Athene

Global

Funding,

2.75%,

6/25/2024

(b)

1,250,000‌

1,205,677‌

Athene

Global

Funding,

5.37%,

8/19/2024

(SOFR

+

56.0bps)

(a),(b)

1,000,000‌

982,225‌

Athene

Global

Funding,

5.53%,

1/7/2025

(SOFR

+

71.5bps)

(a),(b)

1,000,000‌

973,439‌

Aviation

Capital

Group

LLC,

4.38%,

1/30/2024

(b)

925,000‌

909,565‌

Aviation

Capital

Group

LLC,

1.95%,

1/30/2026

(b)

1,000,000‌

896,014‌

Avolon

Holdings

Funding

Ltd.,

2.13%,

2/21/2026

(b)

2,000,000‌

1,779,572‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Banco

Santander

Chile,

2.70%,

1/10/2025

(b)

$

150,000‌

$

144,144‌

Banco

Santander

SA,

2.75%,

5/28/2025

1,000,000‌

942,870‌

Banco

Santander

SA,

5.15%,

8/18/2025

1,000,000‌

993,546‌

Bank

of

Nova

Scotia

(The),

5.36%,

3/2/2026

(SOFR

+

54.5bps)

(a)

2,000,000‌

1,962,285‌

BPCE

SA,

2.38%,

1/14/2025

(b)

500,000‌

472,863‌

Brighthouse

Financial

Global

Funding,

MTN,

5.57%,

4/12/2024

(SOFR

+76.0bps)

(a),(b)

1,000,000‌

989,046‌

Capital

One

Financial

Corp.,

5.50%,

12/6/2024

(SOFR

+

69.0bps)

(a)

1,000,000‌

979,166‌

Citadel

Finance

LLC,

3.38%,

3/9/2026

(b)

2,000,000‌

1,820,505‌

Citigroup,

Inc.,

5.58%,

6/9/2027

(SOFR

+

77.0bps)

(a)

1,000,000‌

979,723‌

CNO

Global

Funding,

1.75%,

10/7/2026

(b)

500,000‌

449,424‌

Drawbridge

Special

Opportunities

Fund

LP,

3.88%,

2/15/2026

(b)

2,000,000‌

1,782,986‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/2025

(b)

1,000,000‌

920,178‌

Equitable

Financial

Life

Global

Funding,

1.00%,

1/9/2026

(b)

500,000‌

450,687‌

Equitable

Financial

Life

Global

Funding,

1.70%,

11/12/2026

(b)

1,000,000‌

892,611‌

F&G

Global

Funding,

0.90%,

9/20/2024

(b)

500,000‌

466,734‌

GA

Global

Funding

Trust,

1.00%,

4/8/2024

(b)

1,000,000‌

933,684‌

GA

Global

Funding

Trust,

1.63%,

1/15/2026

(b)

1,000,000‌

909,939‌

GE

Capital

International

Funding

Co.,

3.37%,

11/15/2025

200,000‌

193,113‌

Goldman

Sachs

Group,

Inc.

(The),

5.62%,

3/9/2027

(SOFR

+

81.0bps)

(a)

1,000,000‌

981,573‌

Goldman

Sachs

Group,

Inc.

(The),

5.63%,

9/10/2027

(SOFR

+

82.0bps)

(a)

500,000‌

489,177‌

Goldman

Sachs

Group,

Inc.

(The),

5.73%,

10/21/2027

(SOFR

+

92.0bps)

(a)

2,000,000‌

1,955,887‌

HSBC

Holdings

PLC,

4.25%,

3/14/2024

1,000,000‌

984,160‌

HSBC

Holdings

PLC,

4.25%,

8/18/2025

1,313,000‌

1,279,629‌

HSBC

Holdings

PLC,

6.53%,

9/12/2026

(3MO

LIBOR

+

138.0bps)

(a)

1,500,000‌

1,499,257‌

Huntington

Bancshares,

Inc.,

2.63%,

8/6/2024

1,000,000‌

950,885‌

ING

Groep

NV,

5.82%,

4/1/2027

(SOFR

+

101.0bps)

(a)

2,000,000‌

1,954,264‌

Intesa

Sanpaolo

SpA,

3.25%,

9/23/2024

(b)

4,000,000‌

3,857,398‌

Jackson

Financial,

Inc.,

1.13%,

11/22/2023

1,000,000‌

976,097‌

JPMorgan

Chase

&

Co.,

4.08%,

4/26/2026

(SOFR

+

132.0bps)

(a)

1,000,000‌

983,184‌

JPMorgan

Chase

&

Co.,

5.70%,

4/22/2027

(SOFR

+

88.5bps)

(a)

2,000,000‌

1,973,561‌

JPMorgan

Chase

&

Co.,

5.99%,

2/24/2028

(SOFR

+

118.0bps)

(a)

1,000,000‌

1,001,636‌

JPMorgan

Chase

&

Co.,

MTN,

5.16%,

6/22/2028

(SOFR

+

35.0bps)

(a)

365,000‌

323,485‌

KeyCorp

Capital,

5.92%,

7/1/2028

(3MO

LIBOR

+

74.0bps)

(a)

1,000,000‌

890,658‌

Lloyds

Banking

Group

PLC,

4.58%,

12/10/2025

(b)

250,000‌

239,482‌

Met

Tower

Global

Funding,

MTN,

1.25%,

9/14/2026

(b)

1,000,000‌

892,527‌

Mitsubishi

UFJ

Financial

Group,

Inc.,

1.41%,

7/17/2025

1,000,000‌

920,137‌

Mitsubishi

UFJ

Financial

Group,

Inc.,

0.95%,

7/19/2025

(H15T1Y

+

55.0bps)

(a)

1,000,000‌

944,579‌

Nomura

Holdings,

Inc.,

1.65%,

7/14/2026

1,000,000‌

886,819‌

Nordea

Bank

Abp,

MTN,

1.50%,

9/30/2026

(b)

1,000,000‌

891,221‌

Pricoa

Global

Funding

I,

MTN,

1.20%,

9/1/2026

(b)

500,000‌

449,910‌

Principal

Life

Global

Funding

II,

MTN,

1.50%,

11/17/2026

(b)

1,000,000‌

887,379‌

Protective

Life

Global

Funding,

MTN,

1.30%,

9/20/2026

(b)

500,000‌

446,667‌

Royal

Bank

of

Canada,

MTN,

5.52%,

1/21/2027

(SOFR

+

71.0bps)

(a)

1,000,000‌

982,454‌

Santander

Holdings

USA,

Inc.,

3.50%,

6/7/2024

2,500,000‌

2,434,932‌

Santander

UK

PLC,

5.00%,

11/7/2023

(b)

1,000,000‌

992,666‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Security

Benefit

Global

Funding,

MTN,

1.25%,

5/17/2024

(b)

$

1,000,000‌

$

952,770‌

SMBC

Aviation

Capital

Finance

DAC,

1.90%,

10/15/2026

(b)

1,000,000‌

886,153‌

Societe

Generale

SA,

5.00%,

1/17/2024

(b)

2,000,000‌

1,970,310‌

Societe

Generale

SA,

4.25%,

4/14/2025

(b)

3,000,000‌

2,860,146‌

Societe

Generale

SA,

5.86%,

1/21/2026

(SOFR

+

105.0bps)

(a),(b)

500,000‌

488,970‌

Societe

Generale

SA,

MTN,

1.79%,

6/9/2027

(H15T5Y

+

100.0bps)

(a),(b)

1,000,000‌

879,049‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

6.06%,

10/16/2023

(3MO

LIBOR

+

80.0bps)

(a)

1,000,000‌

1,001,762‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

1.47%,

7/8/2025

500,000‌

461,989‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

5.69%,

1/14/2027

(SOFR

+

88.0bps)

(a)

1,000,000‌

978,790‌

Sumitomo

Mitsui

Trust

Bank

Ltd.,

MTN,

0.85%,

3/25/2024

(b)

1,000,000‌

960,404‌

Truist

Bank,

5.53%,

5/15/2027

(3MO

LIBOR

+

67.0bps)

(a)

1,500,000‌

1,377,773‌

Wells

Fargo

&

Co.,

5.68%,

1/15/2027

(3MO

LIBOR

+

50.0bps)

2,000,000‌

1,840,723‌

77,027,361‌

Health

Care

—

1.96%

HCA,

Inc.,

5.00%,

3/15/2024

2,000,000‌

1,991,013‌

Highmark,

Inc.,

1.45%,

5/10/2026

(b)

500,000‌

451,143‌

McKesson

Corp.,

Class

B,

1.30%,

8/15/2026

1,000,000‌

898,621‌

PerkinElmer,

Inc.,

0.85%,

9/15/2024

1,260,000‌

1,186,331‌

Viatris,

Inc.,

1.65%,

6/22/2025

1,000,000‌

922,318‌

Zimmer

Biomet

Holdings,

Inc.,

1.45%,

11/22/2024

1,000,000‌

947,251‌

6,396,677‌

Industrials

—

5.42%

Air

Canada

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.13%,

5/15/2025

(b)

1,112,965‌

1,051,983‌

Air

Canada

Pass

Through

Trust,

Series

2017-1,

Class

B,

3.70%,

7/15/2026

(b)

559,524‌

526,617‌

Air

Canada

Pass

Through

Trust,

Series

2020-2,

Class

A,

5.25%,

10/1/2030

(b)

233,169‌

228,672‌

American

Airlines

Pass

Through

Trust,

Series

2014-1,

Class

A,

3.70%,

10/1/2026

1,748,835‌

1,564,008‌

Ashtead

Capital,

Inc.,

1.50%,

8/12/2026

(b)

1,000,000‌

884,611‌

Boeing

Co.

(The),

1.43%,

2/4/2024

1,100,000‌

1,068,233‌

Boeing

Co.

(The),

2.20%,

2/4/2026

1,000,000‌

929,939‌

British

Airways

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.63%,

6/20/2024

633,909‌

626,450‌

CNH

Industrial

Capital

LLC,

1.88%,

1/15/2026

1,000,000‌

928,078‌

Delta

Air

Lines

Pass

Through

Trust,

Series

2015-1,

Class

B,

4.25%,

7/30/2023

59,779‌

59,274‌

Penske

Truck

Leasing

Co.

LP,

1.20%,

11/15/2025

(b)

1,000,000‌

900,042‌

Penske

Truck

Leasing

Co.

LP,

1.70%,

6/15/2026

(b)

1,000,000‌

898,629‌

Stanley

Black

&

Decker,

Inc.,

2.30%,

2/24/2025

1,000,000‌

955,338‌

Trimble,

Inc.,

4.15%,

6/15/2023

1,000,000‌

997,381‌

Triton

Container

International

Ltd.,

1.15%,

6/7/2024

(b)

1,000,000‌

943,482‌

Triton

Container

International

Ltd.,

2.05%,

4/15/2026

(b)

1,000,000‌

890,600‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

684,863‌

661,920‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

A,

5.88%,

10/15/2027

718,683‌

719,519‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

United

Airlines

Pass

Through

Trust,

Series

2016-1,

Class

A,

3.45%,

7/7/2028

$

709,790‌

$

622,486‌

US

Airways

Pass

Through

Trust,

Series

2012-2,

Class

A,

4.63%,

6/3/2025

45,083‌

42,802‌

US

Airways

Pass

Through

Trust,

Series

2013-1,

Class

A,

3.95%,

11/15/2025

1,331,493‌

1,254,835‌

Vontier

Corp.,

1.80%,

4/1/2026

1,000,000‌

895,389‌

17,650,288‌

Materials

—

2.22%

Berry

Global,

Inc.,

1.57%,

1/15/2026

1,000,000‌

909,184‌

Berry

Global,

Inc.,

1.65%,

1/15/2027

2,000,000‌

1,757,466‌

Glencore

Funding

LLC,

1.63%,

4/27/2026

(b)

1,000,000‌

907,931‌

Graphic

Packaging

International

LLC,

1.51%,

4/15/2026

(b)

1,000,000‌

897,409‌

Sealed

Air

Corp.,

1.57%,

10/15/2026

(b)

1,000,000‌

882,211‌

Sherwin-Williams

Co.

(The),

4.05%,

8/8/2024

1,000,000‌

987,549‌

Silgan

Holdings,

Inc.,

1.40%,

4/1/2026

(b)

1,000,000‌

901,171‌

7,242,921‌

Real

Estate

—

1.12%

American

Tower

Corp.,

1.60%,

4/15/2026

500,000‌

455,086‌

SBA

Tower

Trust,

Series

2019-1,

Class

C,

2.84%,

1/15/2025

(b)

1,500,000‌

1,432,587‌

SBA

Tower

Trust,

1.84%,

10/15/2051

(b)

2,000,000‌

1,750,481‌

3,638,154‌

Technology

—

5.58%

Arrow

Electronic,

Inc.,

4.00%,

4/1/2025

1,000,000‌

971,590‌

Broadcom,

Inc.,

3.63%,

10/15/2024

2,000,000‌

1,957,622‌

DXC

Technology

Co.,

1.80%,

9/15/2026

500,000‌

439,626‌

Global

Payments,

Inc.,

1.20%,

3/1/2026

1,000,000‌

897,241‌

HP,

Inc.,

2.20%,

6/17/2025

1,000,000‌

946,354‌

Jabil,

Inc.,

1.70%,

4/15/2026

1,000,000‌

908,525‌

Juniper

Networks,

Inc.,

1.20%,

12/10/2025

1,000,000‌

907,681‌

Kyndryl

Holdings,

Inc.,

2.05%,

10/15/2026

1,205,000‌

1,056,579‌

Marvell

Technology,

Inc.,

1.65%,

4/15/2026

1,000,000‌

912,462‌

Microchip

Technology,

Inc.,

2.67%,

9/1/2023

1,000,000‌

990,551‌

Microchip

Technology,

Inc.,

0.97%,

2/15/2024

1,000,000‌

966,026‌

Microchip

Technology,

Inc.,

0.98%,

9/1/2024

1,000,000‌

941,474‌

Oracle

Corp.,

1.65%,

3/25/2026

1,000,000‌

918,572‌

Qorvo,

Inc.,

1.75%,

12/15/2024

(b)

500,000‌

468,748‌

Seagate

HDD

Cayman,

4.88%,

3/1/2024

1,610,000‌

1,587,957‌

Seagate

HDD

Cayman,

4.75%,

1/1/2025

2,000,000‌

1,947,190‌

Western

Union

Co.

(The),

1.35%,

3/15/2026

1,000,000‌

901,128‌

Wipro

IT

Services

LLC,

1.50%,

6/23/2026

(b)

500,000‌

452,153‌

18,171,479‌

Utilities

—

3.33%

AES

Corp.

(The),

1.38%,

1/15/2026

1,000,000‌

907,043‌

Ameren

Corp.,

1.95%,

3/15/2027

500,000‌

452,460‌

American

Electric

Power

Co.,

Inc.,

2.03%,

3/15/2024

1,000,000‌

968,843‌

Duke

Energy

Corp.,

4.30%,

3/15/2028

1,000,000‌

986,531‌

Edison

International,

4.70%,

8/15/2025

500,000‌

493,895‌

Enel

Finance

International

NV,

2.65%,

9/10/2024

1,000,000‌

965,758‌

Enel

Finance

International

NV,

1.38%,

7/12/2026

(b)

1,000,000‌

894,575‌

Eversource

Energy,

1.40%,

8/15/2026

500,000‌

450,385‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

NextEra

Energy

Capital

Holdings,

Inc.,

2.94%,

3/21/2024

$

1,000,000‌

$

979,389‌

NextEra

Energy

Capital

Holdings,

Inc.,

1.88%,

1/15/2027

1,000,000‌

909,199‌

Pinnacle

West

Capital

Corp.,

1.30%,

6/15/2025

2,000,000‌

1,853,099‌

Southern

Co.

(The),

4.48%,

8/1/2024

1,000,000‌

989,300‌

10,850,477‌

Total

Corporate

Bonds

and

Notes

(Cost $173,819,579)

164,171,818‌

ASSET

BACKED

SECURITIES

—

30.89%

321

Henderson

Receivables

I

LLC,

Series

2007-1A,

Class

A1,

5.08%,

3/15/2042

(1MO

LIBOR

+

20.0bps)

(a),(b)

2,256,449‌

2,260,985‌

321

Henderson

Receivables

I

LLC,

Series

2004-A,

Class

A1,

5.23%,

9/15/2045

(1MO

LIBOR

+

35.0bps)

(a),(b)

220,720‌

218,580‌

ACC

Trust,

Series

2022-1,

Class

B,

2.55%,

2/20/2025

(b)

1,000,000‌

984,017‌

Access

Group,

Inc.,

Series

2013-1,

Class

A,

5.52%,

2/25/2036

(1MO

LIBOR

+

50.0bps)

(a),(b)

261,183‌

255,546‌

American

Credit

Acceptance

Receivables

Trust,

Series

2020-1,

Class

D,

2.39%,

3/13/2026

(b)

563,104‌

558,915‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-2,

Class

D,

1.34%,

7/13/2027

(b)

2,250,000‌

2,125,117‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-3,

Class

D,

1.34%,

11/15/2027

(b)

2,455,000‌

2,295,961‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-4,

Class

D,

1.82%,

2/14/2028

(b)

1,250,000‌

1,182,421‌

BHG

Securitization

Trust,

Series

2021-A,

Class

A,

1.42%,

11/17/2033

(b)

472,324‌

446,433‌

Brazos

Education

Loan

Authority,

Inc.,

Series

2021-1,

Class

A1B,

5.60%,

11/25/2071

(1MO

LIBOR

+

58.0bps)

(a)

1,391,842‌

1,327,579‌

Brazos

Student

Finance

Corp.,

Series

2009-1,

Class

AS,

7.22%,

12/27/2039

(3MO

LIBOR

+

250.0bps)

(a),(b)

2,131‌

2,134‌

Capital

Automotive

REIT,

Series

2022-1A,

Class

A1,

3.35%,

3/15/2052

(b)

956,667‌

873,736‌

CarMax

Auto

Owner

Trust,

Series

2020-4,

Class

D,

1.75%,

4/15/2027

1,000,000‌

933,207‌

CarMax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/2027

1,625,000‌

1,486,882‌

CarMax

Auto

Owner

Trust,

Series

2021-2,

Class

D,

1.55%,

10/15/2027

1,000,000‌

885,398‌

CarMax

Auto

Owner

Trust,

Series

2021-3,

Class

D,

1.50%,

1/18/2028

750,000‌

672,083‌

CarMax

Auto

Owner

Trust,

Series

2021-4,

Class

D,

1.48%,

3/15/2028

2,209,000‌

1,977,790‌

CarMax

Auto

Owner

Trust,

Series

2022-1,

Class

D,

2.47%,

7/17/2028

500,000‌

457,782‌

Carvana

Auto

Receivables

Trust,

Series

2019-2A,

Class

D,

3.28%,

1/15/2025

(b)

84,792‌

84,565‌

Carvana

Auto

Receivables

Trust,

Series

2019-4A,

Class

D,

3.07%,

7/15/2025

(b)

344,868‌

340,588‌

Carvana

Auto

Receivables

Trust,

Series

2020-P1,

Class

D,

1.82%,

9/8/2027

1,000,000‌

882,305‌

Carvana

Auto

Receivables

Trust,

Series

2021-N2,

Class

D,

1.27%,

3/10/2028

763,306‌

731,357‌

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

D,

4.13%,

12/11/2028

(b)

2,231,000‌

2,110,522‌

Carvana

Auto

Receivables

Trust,

Series

2022-P2,

Class

D,

6.28%,

5/10/2029

1,000,000‌

1,004,622‌

CCG

Receivables

Trust,

Series

2019-2,

Class

C,

2.89%,

3/15/2027

(b)

1,000,000‌

998,790‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

CCG

Receivables

Trust,

Series

2020-1,

Class

D,

2.68%,

12/14/2027

(b)

$

2,500,000‌

$

2,401,860‌

CLI

Funding

LLC,

Series

2020-1A,

Class

A,

2.08%,

9/18/2045

(b)

1,466,500‌

1,302,842‌

CLI

Funding

LLC,

Series

2020-3X,

Class

A,

2.07%,

10/18/2045

141,333‌

126,039‌

CLI

Funding

LLC,

Series

2022-1A,

Class

A1,

2.72%,

1/18/2047

(b)

891,467‌

784,704‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2020-1A,

Class

A,

2.24%,

12/15/2028

(b)

500,000‌

477,593‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2021-A,

Class

A,

2.55%,

12/17/2029

(b)

1,000,000‌

908,838‌

CPS

Auto

Receivables

Trust,

Series

2021-D,

Class

C,

1.59%,

12/15/2027

(b)

1,000,000‌

954,430‌

CPS

Auto

Receivables

Trust,

Series

2022-A,

Class

D,

2.84%,

4/16/2029

(b)

3,000,000‌

2,772,059‌

Credit

Acceptance

Auto

Loan

Trust,

Series

2020-3A,

Class

C,

2.28%,

2/15/2030

(b)

1,050,000‌

1,005,578‌

Credit

Acceptance

Auto

Loan

Trust,

Series

2021-3A,

Class

C,

1.63%,

9/16/2030

(b)

1,500,000‌

1,392,626‌

Crossroads

Asset

Trust,

Series

2021-A,

Class

C,

1.44%,

1/20/2026

(b)

625,000‌

606,512‌

Crossroads

Asset

Trust,

Series

2021-A,

Class

D,

2.52%,

1/20/2026

(b)

500,000‌

476,924‌

Dell

Equipment

Finance

Trust,

Series

2020-2,

Class

D,

1.92%,

3/23/2026

(b)

500,000‌

497,410‌

Dell

Equipment

Finance

Trust,

Series

2021-2,

Class

D,

1.21%,

6/22/2027

(b)

500,000‌

469,834‌

Dividend

Solar

Loans

LLC,

Series

2017-1,

Class

B,

5.25%,

3/22/2038

(b)

942,903‌

841,014‌

Drive

Auto

Receivables

Trust,

Series

2019-3,

Class

D,

3.18%,

10/15/2026

294,153‌

291,795‌

Drive

Auto

Receivables

Trust,

Series

2020-1,

Class

D,

2.70%,

5/17/2027

95,976‌

94,369‌

DT

Auto

Owner

Trust,

Series

2019-4A,

Class

D,

2.85%,

7/15/2025

(b)

364,616‌

360,106‌

DT

Auto

Owner

Trust,

Series

2020-2A,

Class

C,

3.28%,

3/16/2026

(b)

265,852‌

263,494‌

DT

Auto

Owner

Trust,

Series

2021-3A,

Class

D,

1.31%,

5/17/2027

(b)

2,000,000‌

1,834,254‌

DT

Auto

Owner

Trust,

Series

2022-1A,

Class

D,

3.40%,

12/15/2027

(b)

1,000,000‌

943,347‌

ECMC

Group

Student

Loan

Trust,

Series

2018-2A,

Class

A,

5.82%,

9/25/2068

(1MO

LIBOR

+

80.0bps)

(a),(b)

316,785‌

306,032‌

Edsouth

Indenture

No.

6

LLC,

Series

2014-2,

Class

A,

5.70%,

5/25/2039

(1MO

LIBOR

+

68.0bps)

(a),(b)

301,764‌

295,955‌

Encina

Equipment

Finance

LLC,

Series

2021-1A,

Class

C,

1.39%,

6/15/2027

(b)

500,000‌

479,197‌

Exeter

Automobile

Receivables

Trust,

Series

2018-4A,

Class

D,

4.35%,

9/16/2024

(b)

42,480‌

42,416‌

Exeter

Automobile

Receivables

Trust,

Series

2019-1A,

Class

D,

4.13%,

12/16/2024

(b)

43,209‌

43,137‌

Exeter

Automobile

Receivables

Trust,

Series

2020-2A,

Class

D,

4.73%,

4/15/2026

(b)

70,000‌

69,495‌

Exeter

Automobile

Receivables

Trust,

Series

2019-3A,

Class

E,

4.00%,

8/17/2026

(b)

1,000,000‌

979,501‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

D,

1.08%,

11/16/2026

500,000‌

475,581‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/15/2028

(b)

2,000,000‌

1,871,402‌

Exeter

Automobile

Receivables

Trust,

Series

2023-1A,

Class

D,

6.69%,

6/15/2029

1,020,000‌

1,035,913‌

First

Investors

Auto

Owner

Trust,

Series

2021-1A,

Class

D,

1.62%,

3/15/2027

(b)

500,000‌

466,284‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

First

Investors

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.66%,

12/15/2027

(b)

$

3,000,000‌

$

2,732,331‌

Flagship

Credit

Auto

Trust,

Series

2019-2,

Class

D,

3.53%,

5/15/2025

(b)

305,000‌

300,334‌

Flagship

Credit

Auto

Trust,

Series

2019-3,

Class

C,

2.74%,

10/15/2025

(b)

76,201‌

75,861‌

Flagship

Credit

Auto

Trust,

Series

2020-2,

Class

C,

3.80%,

4/15/2026

(b)

111,042‌

110,568‌

Ford

Credit

Auto

Owner

Trust,

Series

2021-1,

Class

D,

2.31%,

10/17/2033

(b)

1,272,000‌

1,126,983‌

Ford

Credit

Auto

Owner

Trust,

Series

2021-2,

Class

D,

2.60%,

5/15/2034

(b)

750,000‌

657,205‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2020-1,

Class

D,

2.60%,

1/15/2026

(b)

500,000‌

494,567‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-1,

Class

D,

1.32%,

3/15/2027

(b)

550,000‌

515,832‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.92%,

9/15/2027

(b)

1,500,000‌

1,367,774‌

GCI

Funding

I

LLC,

Series

2021-1,

Class

A,

2.38%,

6/18/2046

(b)

823,360‌

715,983‌

Global

SC

Finance

Srl,

Series

2020-2A,

Class

A,

2.26%,

11/19/2040

(b)

718,722‌

653,673‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2019-4A,

Class

C,

3.06%,

8/15/2025

(b)

660,397‌

652,109‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2020-1A,

Class

C,

2.72%,

11/17/2025

(b)

1,091,930‌

1,079,893‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

D,

2.48%,

10/15/2027

(b)

1,500,000‌

1,392,686‌

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-3,

Class

D,

1.91%,

9/16/2027

500,000‌

477,628‌

Golden

Credit

Card

Trust,

Series

2021-1A,

Class

B,

1.44%,

8/15/2028

(b)

1,000,000‌

887,563‌

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052

(b)

32,364‌

29,262‌

Goodgreen

Trust,

Series

2017-2A,

Class

A,

3.26%,

10/15/2053

(b)

73,403‌

65,661‌

Goodgreen

Trust,

Series

2021-1A,

Class

A,

2.66%,

10/15/2056

(b)

215,327‌

180,928‌

Helios

Issuer

LLC,

Series

2021-A,

Class

A,

1.80%,

2/20/2048

(b)

416,525‌

328,191‌

HERO

Funding

Trust,

Series

2017-1A,

Class

A2,

4.46%,

9/20/2047

(b)

34,998‌

32,275‌

Hilton

Grand

Vacations

Trust,

Series

2020-AA,

Class

C,

6.42%,

2/25/2039

(b)

654,578‌

642,943‌

HPEFS

Equipment

Trust,

Series

2021-1A,

Class

D,

1.03%,

3/20/2031

(b)

1,000,000‌

961,543‌

Hyundai

Auto

Receivables

Trust,

Series

2020-B,

Class

C,

1.60%,

12/15/2026

1,000,000‌

952,037‌

InStar

Leasing

III

LLC,

Series

2021-1A,

Class

A,

2.30%,

2/15/2054

(b)

447,224‌

374,052‌

ITE

Rail

Fund

Levered

LP,

Series

2021-1A,

Class

A,

2.25%,

2/28/2051

(b)

451,124‌

392,393‌

KnowledgeWorks

Foundation,

Series

2010-1,

Class

A,

5.91%,

2/25/2042

(3MO

LIBOR

+

95.0bps)

(a)

248,431‌

246,689‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-2GS,

Class

A,

2.22%,

3/20/2048

(b)

743,465‌

563,086‌

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A1,

2.98%,

1/15/2045

(b)

165,986‌

159,870‌

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A2,

4.06%,

1/15/2045

(b)

2,916,681‌

2,782,377‌

Mosaic

Solar

Loan

Trust,

Series

2021-3A,

Class

B,

1.92%,

6/20/2052

(b)

153,936‌

116,007‌

Navient

Student

Loan

Trust,

Series

2018-BA,

Class

A2A,

3.61%,

12/15/2059

(a),(b)

37,447‌

36,207‌

Nelnet

Student

Loan

Trust,

Series

2012-2A,

Class

A,

5.82%,

12/26/2033

(1MO

LIBOR

+

80.0bps)

(a),(b)

284,700‌

280,449‌

Nelnet

Student

Loan

Trust,

Series

2021-DA,

Class

AFL,

5.64%,

4/20/2062

(3MO

LIBOR

+

69.0bps)

(a),(b)

344,054‌

334,997‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Nelnet

Student

Loan

Trust,

Series

2021-A,

Class

APT1,

1.36%,

4/20/2062

(a),(b)

$

600,672‌

$

549,422‌

Octagon

Investment

Partners

XXI

Ltd.,

Series

2014-1A,

Class

ABR3,

6.07%,

2/14/2031

(3MO

LIBOR

+

120.0bps)

(a),(b)

1,000,000‌

973,973‌

Pawnee

Equipment

Receivables

LLC,

Series

2019-1,

Class

C,

2.61%,

10/15/2024

(b)

465,443‌

464,955‌

Pawnee

Equipment

Receivables

LLC,

Series

2019-1,

Class

D,

2.86%,

10/15/2024

(b)

1,180,000‌

1,177,198‌

Pawnee

Equipment

Receivables

LLC,

Series

2020-1,

Class

B,

1.84%,

1/15/2026

(b)

1,000,000‌

978,957‌

Pawnee

Equipment

Receivables

LLC,

Series

2020-1,

Class

C,

2.24%,

2/17/2026

(b)

750,000‌

726,166‌

Purchasing

Power

Funding

LLC,

Series

2021-A,

Class

A,

1.57%,

10/15/2025

(b)

2,000,000‌

1,970,492‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-1,

Class

C,

4.11%,

12/15/2025

28,537‌

28,385‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-2,

Class

D,

2.22%,

9/15/2026

46,051‌

45,230‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-3,

Class

D,

1.64%,

11/16/2026

100,000‌

97,230‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-4,

Class

D,

1.48%,

1/15/2027

250,000‌

241,157‌

Santander

Revolving

Auto

Loan

Trust,

Series

2019-A,

Class

D,

3.45%,

1/26/2032

(b)

1,000,000‌

936,203‌

SCF

Equipment

Leasing

LLC,

Series

2019-2A,

Class

A2,

2.47%,

4/20/2026

(b)

229,693‌

227,636‌

SCF

Equipment

Leasing

LLC,

Series

2021-1A,

Class

C,

1.54%,

2/2/2030

(b)

200,000‌

187,795‌

SLM

Private

Credit

Student

Loan

Trust,

Series

2004-B,

Class

A3,

5.20%,

3/15/2024

(3MO

LIBOR

+

33.0bps)

(a)

46,834‌

46,733‌

SLM

Private

Credit

Student

Loan

Trust,

Series

2005-A,

Class

A4,

5.18%,

12/15/2038

(3MO

LIBOR

+

31.0bps)

(a)

249,387‌

238,320‌

SLM

Private

Credit

Student

Loan

Trust,

Series

2006-A,

Class

A5,

5.16%,

6/15/2039

(3MO

LIBOR

+

29.0bps)

(a)

109,547‌

102,435‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2A,

2.43%,

2/17/2032

(b)

17,076‌

16,451‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/2034

(b)

55,097‌

52,895‌

Sunrun

Demeter

Issuer

LLC,

Series

2021-A,

Class

A,

2.27%,

1/30/2057

(b)

938,928‌

734,737‌

Sunrun

Vulcan

Issuer

LLC,

Series

2021-A,

Class

A,

2.46%,

1/30/2052

(b)

1,823,264‌

1,552,737‌

TAL

Advantage

VII

LLC,

Series

2020-1A,

Class

A,

2.05%,

9/20/2045

(b)

956,120‌

856,969‌

Textainer

Marine

Containers

Ltd.,

Series

2020-1A,

Class

A,

2.73%,

8/21/2045

(b)

1,762,569‌

1,629,318‌

Tidewater

Auto

Receivables

Trust,

Series

2020-AA,

Class

D,

2.31%,

3/15/2027

(b)

1,000,000‌

977,311‌

TIF

Funding

II

LLC,

Series

2021-1A,

Class

A,

1.65%,

2/20/2046

(b)

824,375‌

703,154‌

Towd

Point

Asset

Trust,

Series

2021-SL1,

Class

A2,

5.65%,

11/20/2061

(1MO

LIBOR

+

70.0bps)

(a),(b)

603,080‌

590,056‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-1A,

Class

A,

1.35%,

5/25/2033

(b)

$

1,000,000‌

$

933,529‌

Transportation

Finance

Equipment

Trust,

Series

2019-1,

Class

D,

2.57%,

1/25/2027

(b)

1,500,000‌

1,495,363‌

Trillium

Credit

Card

Trust

II,

Series

2021-1A,

Class

C,

2.42%,

10/26/2029

(b)

1,000,000‌

900,174‌

Trinity

Rail

Leasing

LLC,

Series

2019-2A,

Class

A2,

3.10%,

10/18/2049

(b)

685,000‌

634,697‌

Trinity

Rail

Leasing

LLC,

Series

2020-2A,

Class

A1,

1.83%,

11/19/2050

(b)

1,142,654‌

1,057,659‌

Trinity

Rail

Leasing

LLC,

Series

2021-1A,

Class

A,

2.26%,

7/19/2051

(b)

931,080‌

812,533‌

United

Auto

Credit

Securitization

Trust,

Series

2021-1,

Class

E,

2.58%,

6/10/2026

(b)

1,000,000‌

970,079‌

United

Auto

Credit

Securitization

Trust,

Series

2022-1,

Class

D,

2.85%,

6/10/2027

(b)

1,000,000‌

949,030‌

Verizon

Master

Trust,

Series

2021-1,

Class

A,

0.50%,

5/20/2027

500,000‌

475,786‌

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

B,

3.22%,

7/31/2051

(b)

1,144,285‌

880,844‌

Westlake

Automobile

Receivables

Trust,

Series

2020-3A,

Class

D,

1.65%,

2/17/2026

(b)

1,000,000‌

954,418‌

Westlake

Automobile

Receivables

Trust,

Series

2022-1A,

Class

D,

3.49%,

3/15/2027

(b)

1,000,000‌

949,755‌

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

D,

1.44%,

11/15/2027

2,000,000‌

1,811,605‌

Total

Asset

Backed

Securities

(Cost $107,114,354)

100,619,200‌

U.S.

GOVERNMENT

&

AGENCIES

—

11.50%

Fannie

Mae,

Pool

#FM7007,

4.00%,

10/1/2033

909,987‌

897,427‌

Fannie

Mae,

Pool

#MA4023,

3.50%,

1/1/2035

961,023‌

924,279‌

Fannie

Mae,

Pool

#MA4038,

3.00%,

4/1/2035

232,744‌

218,912‌

Fannie

Mae,

Pool

#MA4095,

2.00%,

8/1/2035

1,009,737‌

912,070‌

Fannie

Mae,

Pool

#MA4797,

4.00%,

11/1/2037

878,222‌

862,242‌

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

946,186‌

950,054‌

Fannie

Mae,

Pool

#CA8902,

2.50%,

2/1/2041

784,412‌

699,362‌

Fannie

Mae,

Pool

#MA4364,

2.00%,

5/1/2041

843,161‌

717,517‌

Fannie

Mae,

Pool

#BM4676,

4.00%,

10/1/2048

1,009,003‌

985,123‌

Fannie

Mae,

Pool

#CA5970,

2.50%,

6/1/2050

781,012‌

676,887‌

Fannie

Mae,

Pool

#FM7195,

2.50%,

9/1/2050

852,112‌

738,877‌

Fannie

Mae,

Pool

#CA6951,

2.50%,

9/1/2050

707,101‌

614,403‌

Fannie

Mae,

Pool

#MA4191,

2.00%,

11/1/2050

775,786‌

630,508‌

Fannie

Mae,

Pool

#FM5316,

2.00%,

12/1/2050

1,642,428‌

1,368,309‌

Fannie

Mae,

Pool

#MA4235,

2.00%,

1/1/2051

805,075‌

654,311‌

Fannie

Mae,

Pool

#CB0397,

3.00%,

5/1/2051

738,375‌

664,358‌

Fannie

Mae,

Pool

#FM8361,

2.50%,

8/1/2051

854,015‌

738,878‌

Fannie

Mae,

Pool

#BT9111,

1.85%,

9/1/2051

948,306‌

862,027‌

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,860,390‌

1,778,529‌

Fannie

Mae,

Pool

#QE9380,

4.50%,

9/1/2052

960,399‌

937,497‌

Fannie

Mae,

Pool

#MA4732,

4.00%,

9/1/2052

967,759‌

924,446‌

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

982,010‌

975,299‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Fannie

Mae,

Pool

#BX7767,

5.50%,

3/1/2053

$

1,966,048‌

$

1,980,915‌

Freddie

Mac,

Pool

#SB8229,

4.50%,

5/1/2038

2,000,000‌

1,986,575‌

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

890,310‌

766,366‌

Freddie

Mac,

Pool

#QA5121,

2.50%,

12/1/2049

1,029,479‌

894,489‌

Freddie

Mac,

Pool

#RE6081,

2.00%,

1/1/2051

789,114‌

641,153‌

Freddie

Mac,

Pool

#RE6085,

1.50%,

2/1/2051

1,718,512‌

1,315,049‌

Freddie

Mac,

Pool

#8C0119,

1.51%,

9/1/2051

903,055‌

808,055‌

Freddie

Mac,

Pool

#SD8230,

4.50%,

6/1/2052

941,802‌

919,565‌

Freddie

Mac,

Pool

#QE2792,

4.00%,

6/1/2052

984,928‌

941,110‌

Freddie

Mac,

Pool

#QE9380,

5.00%,

9/1/2052

928,117‌

922,317‌

Freddie

Mac,

Pool

#QF8790,

5.50%,

3/1/2053

986,361‌

995,314‌

Freddie

Mac,

Pool

#SD8306,

4.50%,

3/1/2053

992,269‌

968,562‌

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

992,751‌

1,001,808‌

United

States

Treasury

Note,

0.75%,

3/31/2026

5,000,000‌

4,596,680‌

Total

U.S.

Government

&

Agencies

(Cost $40,146,837)

37,469,273‌

COLLATERALIZED

LOAN

OBLIGATIONS

—

6.63%

Ares

XXXIIR

CLO

Ltd.,

Series

2014-32

RA,

Class

A1B,

6.06%,

5/15/2030

(3MO

LIBOR

+

120.0bps)

(a),(b)

1,000,000‌

969,855‌

ArrowMark

Colorado

Holdings,

Series

2017-6A,

Class

A2,

6.62%,

7/15/2029

(3MO

LIBOR

+

145.0bps)

(a),(b)

1,000,000‌

985,854‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

A2,

6.57%,

1/15/2035

(3MO

LIBOR

+

140.0bps)

(a),(b)

1,000,000‌

969,835‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2013-4A,

Class

A2RR,

6.41%,

1/15/2031

(3MO

LIBOR

+

115.0bps)

(a),(b)

825,000‌

803,631‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2017-1A,

Class

A1R,

6.25%,

4/20/2031

(3MO

LIBOR

+

100.0bps)

(a),(b)

1,000,000‌

991,911‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2019-1A,

Class

A1AR,

6.33%,

4/20/2031

(3MO

LIBOR

+

108.0bps)

(a),(b)

250,000‌

247,013‌

Carlyle

US

CLO

Ltd.,

Series

2020-2A,

Class

A1R,

6.40%,

1/25/2035

(3MO

LIBOR

+

114.0bps)

(a),(b)

1,000,000‌

977,736‌

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A2,

6.38%,

1/20/2031

(3MO

LIBOR

+

113.0bps)

(a),(b)

625,000‌

604,855‌

Cedar

Funding

XII

CLO

Ltd.,

Series

2020-12A,

Class

XR,

6.26%,

10/25/2034

(3MO

LIBOR

+

100.0bps)

(a),(b)

1,000,000‌

1,000,501‌

Columbia

Cent

CLO

Ltd.,

Series

2021-31A,

Class

X,

6.25%,

4/20/2034

(3MO

LIBOR

+

100.0bps)

(a),(b)

1,200,000‌

1,200,252‌

Goldentree

Loan

Management

US

CLO

5

Ltd.,

Series

2018-3A,

Class

AJ,

6.55%,

4/20/2030

(3MO

LIBOR

+

130.0bps)

(a),(b)

1,000,000‌

977,839‌

Goldentree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

BR,

6.85%,

4/20/2035

(TSFR3M

+

180.0bps)

(a),(b)

1,000,000‌

974,231‌

Hildene

TruPS

Financials

Note

Securitization,

Series

2019-2A,

Class

A1,

6.67%,

5/22/2039

(3MO

LIBOR

+

176.0bps)

(a),(b)

1,785,436‌

1,714,018‌

HPS

Loan

Management

Ltd.,

Series

2010A-16,

Class

X,

6.15%,

4/20/2034

(3MO

LIBOR

+

90.0bps)

(a),(b)

619,048‌

619,150‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

ICG

US

CLO

Ltd.,

Series

2014-1A,

Class

A1A2,

6.45%,

10/20/2034

(3MO

LIBOR

+

120.0bps)

(a),(b)

$

1,000,000‌

$

966,141‌

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

ABRR,

6.57%,

10/15/2032

(3MO

LIBOR

+

140.0bps)

(a),(b)

1,000,000‌

988,171‌

Morgan

Stanley

Eaton

Vance

CLO,

Series

2022-16A,

Class

A2,

6.55%,

4/15/2035

(TSFR3M

+

165.0bps)

(a),(b)

1,000,000‌

975,888‌

Oaktree

CLO

Ltd.,

Series

2019-3A,

Class

A1R,

6.45%,

10/20/2034

(3MO

LIBOR

+

120.0bps)

(a),(b)

1,000,000‌

983,196‌

Rockford

Tower

CLO

Ltd.,

Series

2019-2A,

Class

AR,

6.02%,

8/20/2032

(3MO

LIBOR

+

110.0bps)

(a),(b)

1,000,000‌

983,178‌

Sound

Point

CLO

VIII-R

Ltd.,

Series

2015-1RA,

Class

BR,

6.72%,

4/15/2030

(3MO

LIBOR

+

155.0bps)

(a),(b)

2,000,000‌

1,971,600‌

Symphony

CLO

Ltd.,

Series

2016-17A,

Class

BR,

6.37%,

4/15/2028

(3MO

LIBOR

+

120.0bps)

(a),(b)

1,000,000‌

989,564‌

Voya

CLO

Ltd.,

Series

2016-3A,

Class

XR,

5.96%,

10/18/2031

(3MO

LIBOR

+

70.0bps)

(a),(b)

45,000‌

45,000‌

Voya

CLO

Ltd.,

Series

2020-3A,

Class

AR,

6.40%,

10/20/2034

(3MO

LIBOR

+

115.0bps)

(a),(b)

675,000‌

665,400‌

Total

Collateralized

Loan

Obligations

(Cost $21,970,791)

21,604,819‌

Total

Investments

—

99.41%

(Cost

$343,051,561)

323,865,110‌

Other

Assets

in

Excess

of

Liabilities 

—

 0.59%

1,926,804‌

Net

Assets

—

100.00%

$

325,791,914‌

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

April

30,

2023.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

(b)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

total

fair

value

of

these

securities

as

April

30,

2023

was

$167,920,215,

representing

51.55%

of

net

assets.

MTN

-

Medium

Term

Note

Yorktown

Master

Allocation

Fund

Schedule

of

Investments

April

30,

2023

-

(Unaudited)

Shares

Fair

Value

INVESTMENT

COMPANIES

—

97.98%

(a)

Growth

Funds—

48.71%

Yorktown

Growth

Fund,

Institutional

Class

400,063‌

$

6,376,999‌

Small

Cap

Funds—

44.22%

Yorktown

Small

Cap

Fund,

Institutional

Class

434,619‌

5,789,126‌

Capital

Appreciation

Funds—

5.05%

Yorktown

Capital

Appreciation

Fund,

Institutional

Class

29,415‌

660,957‌

Total

Investment

Companies

(Cost $9,551,003)

12,827,082‌

Total

Investments

—

97.98%

(Cost

$9,551,003)

12,827,082‌

Other

Assets

in

Excess

of

Liabilities 

—

 2.02%

264,774‌

Net

Assets

—

100.00%

$

13,091,856‌

(a)

Affiliated

issuer.

Yorktown

Small

Cap

Fund

Schedule

of

Investments

April

30,

2023

-

(Unaudited)

+

Shares

Fair

Value

COMMON

STOCKS

—

79.20%

Consumer

Discretionary

—

9.78%

Arcos

Dorados

Holdings,

Inc.,

Class

A

85,000‌

$

674,900‌

BorgWarner,

Inc.

18,200‌

875,966‌

Buckle,

Inc.

(The)

8,200‌

274,946‌

Dick's

Sporting

Goods,

Inc.

6,200‌

899,062‌

Winnebago

Industries,

Inc.

8,200‌

476,748‌

3,201,622‌

Consumer

Staples

—

3.01%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

12,900‌

985,173‌

Energy

—

7.28%

Canadian

Solar,

Inc.

(a)

13,400‌

501,428‌

Matador

Resources

Co.

5,500‌

269,665‌

Range

Resources

Corp.

19,800‌

523,710‌

TravelCenters

of

America,

Inc.

(a)

9,300‌

801,009‌

VAALCO

Energy,

Inc.

67,100‌

287,188‌

2,383,000‌

Financials

—

12.10%

American

Equity

Investment

Life

Holding

Co.

15,900‌

612,786‌

Bank

OZK

8,700‌

310,764‌

LPL

Financial

Holdings,

Inc.

7,300‌

1,524,532‌

StoneX

Group,

Inc.

(a)

4,400‌

431,508‌

United

Community

Banks,

Inc.

23,200‌

577,680‌

Wintrust

Financial

Corp.

7,400‌

505,938‌

3,963,208‌

Health

Care

—

7.21%

Catalyst

Pharmaceuticals,

Inc.

(a)

50,000‌

796,000‌

DocGo,

Inc.

(a)

50,100‌

425,850‌

Repligen

Corp.

(a)

5,600‌

849,128‌

Sinovac

Biotech

Ltd.

(a)(b)

74,893‌

290,585‌

2,361,563‌

Industrials

—

15.69%

Alaska

Air

Group,

Inc.

(a)

11,600‌

504,136‌

FTI

Consulting,

Inc.

(a)

3,300‌

595,650‌

Knight-Swift

Transportation

Holdings,

Inc.

7,600‌

428,032‌

Mueller

Industries,

Inc.

18,866‌

1,355,522‌

Novanta,

Inc.

(a)

8,300‌

1,268,572‌

NV5

Global,

Inc.

(a)

10,400‌

985,192‌

5,137,104‌

Materials

—

4.78%

Alpha

Metallurgical

Resources,

Inc.

4,000‌

586,240‌

Cleveland-Cliffs,

Inc.

(a)

63,600‌

978,168‌

1,564,408‌

Real

Estate

—

2.31%

Matson,

Inc.

11,100‌

755,133‌

Technology

—

17.04%

Amkor

Technology,

Inc.

21,000‌

469,770‌

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

April

30,

2023

-

(Unaudited)

Shares

Fair

Value

Jabil,

Inc.

9,000‌

$

703,350‌

Kulicke

&

Soffa

Industries,

Inc.

7,300‌

347,918‌

Lattice

Semiconductor

Corp.

(a)

13,200‌

1,052,040‌

Perion

Network

Ltd.

(a)

45,900‌

1,607,877‌

Rambus,

Inc.

(a)

31,500‌

1,396,710‌

5,577,665‌

Total

Common

Stocks

(Cost $18,700,442)

25,928,876‌

INVESTMENT

COMPANIES

—

9.10%

Exchange-Traded

Funds

—

9.10%

iShares

Russell

2000

ETF

17,000‌

2,978,400‌

Total

Investment

Companies

(Cost $3,014,668)

2,978,400‌

Total

Investments

—

88.30%

(Cost

$21,715,110)

28,907,276‌

Other

Assets

in

Excess

of

Liabilities 

—

 11.70%

3,828,624‌

Net

Assets

—

100.00%

$

32,735,900‌

(a)

Non-income

producing

security.

(b)

Illiquid

security.

Security

is

being

fair

valued

in

accordance

with

the

Trust's

fair

valuation

policies

and

represents

0.89%

of

the

Fund's

net

assets.