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American Pension Investors Trust NPORT-PYorktown Multi-sector Bond Fund (Oct 2023 report)

Filed: 26 Dec 23, 11:13am

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Yorktown

Growth

Fund

Schedule

of

Investments

October

31,

2023

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

99.28%

Communications

—

2.05%

Gravity

Co.

Ltd.

-

ADR

(a)

5,100‌

$

319,260‌

Nexstar

Media

Group,

Inc.

1,600‌

224,128‌

Take-Two

Interactive

Software,

Inc.

(a)

3,400‌

454,750‌

Trade

Desk,

Inc.

(The),

Class

A

(a)

5,700‌

404,472‌

1,402,610‌

Consumer

Discretionary

—

11.35%

BorgWarner,

Inc.

6,350‌

234,315‌

Boyd

Gaming

Corp.

5,300‌

292,825‌

Compagnie

Financiere

Richemont

SA

-

ADR

25,900‌

304,325‌

Copart,

Inc.

(a)

9,400‌

409,088‌

D.R.

Horton,

Inc.

3,600‌

375,840‌

Dorman

Products,

Inc.

(a)

3,700‌

230,066‌

Evolution

AB

-

ADR

2,600‌

230,594‌

Evolution

AB

2,600‌

231,024‌

Fox

Factory

Holding

Corp.

(a)

3,280‌

267,222‌

Kering

SA

-

ADR

5,350‌

216,354‌

LCI

Industries

4,800‌

520,752‌

Lithia

Motors,

Inc.,

Class

A

2,100‌

508,641‌

M.D.C.

Holdings,

Inc.

6,600‌

250,470‌

MasterBrand,

Inc.

(a)

40,650‌

451,621‌

Open

House

Co.

Ltd.

9,100‌

295,859‌

Patrick

Industries,

Inc.

3,700‌

278,055‌

PHINIA,

Inc.

10,470‌

270,964‌

Pool

Corp.

1,410‌

445,236‌

PulteGroup,

Inc.

4,000‌

294,360‌

RH

(a)

1,300‌

283,348‌

Skyline

Champion

Corp.

(a)

4,400‌

257,972‌

Taylor

Morrison

Home

Corp.

(a)

7,400‌

283,568‌

THOR

Industries,

Inc.

3,325‌

292,367‌

Tractor

Supply

Co.

1,450‌

279,212‌

Vipshop

Holdings

Ltd.

-

ADR

(a)

17,500‌

249,550‌

7,753,628‌

Consumer

Staples

—

3.83%

Bunge

Ltd.

3,200‌

339,136‌

Casey's

General

Stores,

Inc.

1,200‌

326,292‌

Five

Below,

Inc.

(a)

2,400‌

417,552‌

Pan

Pacific

International

Holdings

Corp.

-

ADR

14,300‌

279,565‌

Performance

Food

Group

Co.

(a)

5,630‌

325,189‌

Seaboard

Corp.

80‌

280,556‌

Seven

&

I

Holdings

Co.,

Ltd.

-

ADR

15,250‌

279,837‌

Simply

Good

Foods

Co.

(The)

(a)

9,800‌

365,442‌

2,613,569‌

Energy

—

3.11%

Civitas

Resources,

Inc.

4,600‌

346,978‌

HF

Sinclair

Corp.

6,100‌

337,818‌

Matador

Resources

Co.

5,100‌

314,619‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Shares

Fair

Value

Ovintiv,

Inc.

16,500‌

$

792,000‌

Vitesse

Energy,

Inc.

14,170‌

335,687‌

2,127,102‌

Financials

—

8.46%

AllianceBernstein

Holding

LP

10,250‌

294,482‌

Carlyle

Group,

Inc.

(The)

10,600‌

291,924‌

Deutsche

Boerse

AG

-

ADR

31,000‌

507,780‌

Evercore

Partners,

Inc.,

Class

A

2,375‌

309,177‌

Franklin

Resources,

Inc.

9,600‌

218,784‌

Hamilton

Lane,

Inc.,

Class

A

3,300‌

277,596‌

Houlihan

Lokey,

Inc.,

Class

A

3,850‌

387,002‌

Jefferies

Financial

Group,

Inc.

10,700‌

344,326‌

KKR

&

Co.,

Inc.

9,700‌

537,380‌

LPL

Financial

Holdings,

Inc.

2,990‌

671,315‌

PJT

Partners,

Inc.,

Class

A

3,900‌

305,604‌

Raymond

James

Financial,

Inc.

6,450‌

615,588‌

Stifel

Financial

Corp.

4,900‌

279,300‌

StoneX

Group,

Inc.

(a)

3,200‌

305,024‌

Tradeweb

Markets,

Inc.,

Class

A

4,850‌

436,549‌

5,781,831‌

Health

Care

—

7.92%

Align

Technology,

Inc.

(a)

1,725‌

318,418‌

Amphastar

Pharmaceuticals,

Inc.

(a)

5,700‌

258,039‌

Charles

River

Laboratories

International,

Inc.

(a)

1,800‌

303,048‌

Genmab

A/S

-

ADR

(a)

16,600‌

471,440‌

Globus

Medical,

Inc.,

Class

A

(a)

6,400‌

292,544‌

Hologic,

Inc.

(a)

4,600‌

304,382‌

ICON

PLC

(a)

2,450‌

597,702‌

Medpace

Holdings,

Inc.

(a)

1,800‌

436,806‌

Merck

KGaA

-

ADR

8,450‌

254,261‌

Penumbra,

Inc.

(a)

1,850‌

353,627‌

QIAGEN

N.V.

(a)

6,100‌

228,323‌

QuidelOrtho

Corp.

(a)

3,600‌

219,888‌

Repligen

Corp.

(a)

2,150‌

289,304‌

Sonic

Healthcare

Ltd.

-

ADR

13,200‌

239,976‌

Sonova

Holding

AG

-

ADR

6,780‌

321,508‌

Stevanato

Group

SpA

9,300‌

259,935‌

Straumann

Holding

AG

-

ADR

23,000‌

269,560‌

5,418,761‌

Industrials

—

18.53%

A.P.

Moller

-

Maersk

A/S

-

ADR

36,500‌

302,220‌

Ashtead

Group

PLC

-

ADR

1,450‌

336,327‌

Atkore,

Inc.

(a)

3,800‌

472,264‌

Camtek

Ltd.

(a)

5,200‌

273,520‌

Core

&

Main,

Inc.,

Class

A

(a)

13,300‌

400,064‌

Disco

Corp.

-

ADR

37,500‌

657,750‌

DSV

A/S

-

ADR

3,850‌

286,478‌

Expeditors

International

of

Washington,

Inc.

2,600‌

284,050‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Shares

Fair

Value

Fluidra

SA

15,600‌

$

274,391‌

Franklin

Electric

Co.,

Inc.

6,000‌

520,320‌

Generac

Holdings,

Inc.

(a)

3,100‌

260,617‌

Grupo

Aeroportuario

del

Centro

Norte

S.A.B.

de

C.V.

-

ADR

4,550‌

278,323‌

Grupo

Aeroportuario

del

Pacifico

S.A.B.

de

C.V.

-

ADR

1,750‌

203,753‌

Grupo

Aeroportuario

del

Sureste

S.A.B.

de

C.V.

-

ADR

1,390‌

300,532‌

Hayward

Holdings,

Inc.

(a)

21,600‌

226,800‌

Heilos

Technologies,

Inc.

5,200‌

268,944‌

IES

Holdings,

Inc.

(a)

5,400‌

336,042‌

Ingersoll

Rand,

Inc.

9,700‌

588,596‌

J.B.

Hunt

Transport

Services,

Inc.

1,500‌

257,805‌

Korn/Ferry

International

5,700‌

259,464‌

Kuehne

&

Nagel

International

AG

-

ADR

6,200‌

334,552‌

Landstar

System,

Inc.

2,250‌

370,755‌

Littelfuse,

Inc.

1,150‌

249,171‌

Mueller

Industries,

Inc.

7,800‌

294,138‌

NIBE

Industrier

AB

43,800‌

251,820‌

Old

Dominion

Freight

Line,

Inc.

1,300‌

489,658‌

Prysmian

SpA

14,400‌

537,809‌

Prysmian

SpA

-

ADR

15,000‌

280,500‌

Regal

Rexnord

Corp.

2,300‌

272,343‌

Rollins,

Inc.

7,300‌

274,553‌

Saia,

Inc.

(a)

1,840‌

659,622‌

Techtronic

Industries

Co.

Ltd.

-

ADR

5,700‌

258,552‌

Teledyne

Technologies,

Inc.

(a)

900‌

337,131‌

TopBuild

Corp.

(a)

1,300‌

297,388‌

Toro

Co.

(The)

3,200‌

258,688‌

Valmont

Industries,

Inc.

1,250‌

246,137‌

WESCO

International,

Inc.

3,600‌

461,520‌

12,662,597‌

Materials

—

14.20%

Advanced

Drainage

Systems,

Inc.

3,100‌

331,173‌

Berry

Global

Group,

Inc.

7,950‌

437,250‌

Boise

Cascade

Co.

2,800‌

262,500‌

Celanese

Corp.

2,500‌

286,275‌

CF

Industries

Holdings,

Inc.

4,300‌

343,054‌

Commercial

Metals

Co.

8,700‌

367,923‌

Croda

International

PLC

-

ADR

8,600‌

233,920‌

Eagle

Materials,

Inc.

1,650‌

253,951‌

Franco-Nevada

Corp.

2,400‌

291,720‌

Givaudan

SA

-

ADR

5,100‌

339,303‌

Gold

Fields

Ltd.

-

ADR

22,750‌

296,205‌

James

Hardie

Industries

PLC

-

ADR

(a)

12,300‌

305,901‌

Kingspan

Group

PLC

-

ADR

4,650‌

312,201‌

Louisiana-Pacific

Corp.

5,050‌

258,964‌

Mitsui

&

Co.

Ltd.

-

ADR

675‌

494,613‌

Nutrien

Ltd.

6,300‌

338,310‌

Rio

Tinto

PLC

-

ADR

4,700‌

302,398‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Shares

Fair

Value

Simpson

Manufacturing

Co.,

Inc.

1,900‌

$

253,042‌

Southern

Copper

Corp.

6,300‌

446,670‌

Steel

Dynamics,

Inc.

3,550‌

378,111‌

Tenaris

S.A.

-

ADR

11,300‌

353,916‌

Ternium

S.A.

-

ADR

8,275‌

310,230‌

Trex

Co.,

Inc.

(a)

8,300‌

466,543‌

UFP

Industries,

Inc.

6,300‌

599,571‌

UFP

Technologies,

Inc.

(a)

1,700‌

265,064‌

Warrior

Met

Coal,

Inc.

7,500‌

365,475‌

Westlake

Chemical

Corp.

3,050‌

351,848‌

Worthington

Industries,

Inc.

4,000‌

246,480‌

Xinyi

Glass

Holdings

Ltd.

-

ADR

9,500‌

219,070‌

9,711,681‌

Real

Estate

—

1.91%

CBRE

Group,

Inc.,

Class

A

(a)

6,700‌

464,578‌

CubeSmart

7,100‌

242,039‌

FirstService

Corp.

2,300‌

325,381‌

Potlatch

Corp.

6,300‌

269,955‌

1,301,953‌

Technology

—

26.73%

Advantest

Corp.

-

ADR

15,200‌

360,696‌

Allegro

Microsystems,

Inc.

(a)

7,950‌

206,382‌

Amkor

Technology,

Inc.

13,000‌

271,180‌

Appfolio,

Inc.,

Class

A

(a)

1,550‌

290,733‌

Arista

Networks,

Inc.

(a)

2,450‌

490,907‌

ASE

Technology

Holding

Co.

Ltd.

-

ADR

39,600‌

295,020‌

ASM

International

NV

-

ADR

810‌

334,579‌

Bentley

Systems,

Inc.

5,700‌

277,248‌

Capgemini

SE

-

ADR

8,200‌

288,886‌

CDW

Corp.

2,200‌

440,880‌

Cirrus

Logic,

Inc.

(a)

4,700‌

314,571‌

Concentrix

Corp.

4,100‌

312,461‌

CyberArk

Software

Ltd.

(a)

3,100‌

507,284‌

Dassault

Systemes

SE

-

ADR

7,750‌

318,835‌

Descartes

Systems

Group,

Inc.

(The)

(a)

8,200‌

592,122‌

Diodes,

Inc.

(a)

3,700‌

240,796‌

Dlocal

Ltd.,

Class

A

(a)

19,800‌

333,630‌

Entegris,

Inc.

3,900‌

343,356‌

ExlService

Holdings,

Inc.

(a)

12,100‌

315,931‌

Fabrinet

(a)

1,700‌

263,500‌

Fortinet,

Inc.

(a)

9,900‌

565,983‌

Genpact

Ltd.

6,800‌

228,072‌

Globant

S.A.

(a)

2,100‌

357,609‌

Infineon

Technologies

AG

-

ADR

11,700‌

341,406‌

KLA

Corp.

1,500‌

704,550‌

Lasertec

Corp.

2,100‌

349,203‌

Logitech

International

S.A.

7,500‌

589,725‌

MKS

Instruments,

Inc.

3,500‌

229,810‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Shares

Fair

Value

Monolithic

Power

Systems,

Inc.

650‌

$

287,131‌

Paycom

Software,

Inc.

1,000‌

244,970‌

Paylocity

Holdings

Corp.

(a)

2,550‌

457,470‌

Power

Integrations,

Inc.

3,500‌

242,655‌

PTC,

Inc.

(a)

2,800‌

393,176‌

Qualys,

Inc.

(a)

4,700‌

718,865‌

Science

Applications

International

Corp.

3,250‌

355,030‌

Skyworks

Solutions,

Inc.

2,100‌

182,154‌

SPS

Commerce,

Inc.

(a)

4,330‌

694,272‌

STMicroelectronics

NV

-

ADR

9,400‌

357,012‌

Super

Micro

Computer,

Inc.

(a)

2,775‌

664,529‌

SYNNEX

Corp.

2,700‌

247,536‌

TDK

Corp.

-

ADR

7,500‌

280,275‌

Teradyne,

Inc.

3,000‌

249,810‌

Tokyo

Electron

Ltd.

-

ADR

6,600‌

435,732‌

Tyler

Technologies,

Inc.

(a)

1,650‌

615,285‌

United

Microelectronics

Corp.

-

ADR

42,150‌

300,108‌

Universal

Display

Corp.

1,900‌

264,442‌

Veeva

Systems,

Inc.,

Class

A

(a)

1,650‌

317,972‌

Vicor

Corp.

(a)

4,400‌

170,456‌

WNS

Holdings

Ltd.

(a)

7,000‌

380,240‌

Zoom

Video

Communications,

Inc.,

Class

A

(a)

4,100‌

245,918‌

18,270,393‌

Utilities

—

1.19%

OGE

Energy

Corp.

8,700‌

297,540‌

Pampa

Energia

SA

-

ADR

(a)

7,200‌

265,536‌

RWE

AG

-

ADR

6,600‌

252,450‌

815,526‌

Total

Common

Stocks

(Cost $57,895,646)

67,859,651‌

CONTINGENT

VALUE

RIGHTS

—

0.00%

Health

Care

—

0.00%

ABIOMED,

Inc.

(a)(b)

1,550‌

—‌

Total

Contingent

Value

Rights

(Cost $–)

—‌

Total

Investments

—

99.28%

(Cost

$57,895,646)

67,859,651‌

Other

Assets

in

Excess

of

Liabilities

—

0.72%

491,131‌

Net

Assets

—

100.00%

$

68,350,782‌

(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

Multi-Sector

Bond

Fund

Schedule

of

Investments

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

47.51%

Communications

—

3.19%

CCO

Holdings

LLC,

5.00%,

2/1/2028

(a)

$

1,000,000‌

$

898,712‌

CCO

Holdings

LLC,

4.25%,

2/1/2031

(a)

1,000,000‌

778,973‌

CCO

Holdings

LLC,

4.50%,

6/1/2033

(a)

1,000,000‌

746,675‌

DIRECTV

Holdings

LLC,

5.88%,

8/15/2027

(a)

1,250,000‌

1,096,463‌

Prosus

NV,

MTN,

3.06%,

7/13/2031

(a)

500,000‌

360,372‌

Scripps

Escrow

II,

Inc.,

3.88%,

1/15/2029

(a)

500,000‌

380,098‌

United

States

Cellular

Corp.,

6.70%,

12/15/2033

1,000,000‌

950,000‌

Univision

Communications,

Inc.,

4.50%,

5/1/2029

(a)

1,000,000‌

796,004‌

Verizon

Communications,

Inc.,

2.85%,

9/3/2041

1,000,000‌

618,000‌

VMED

OC

UK

Financing

PLC,

4.75%,

7/15/2031

(a)

1,000,000‌

805,816‌

Vodafone

Group

PLC,

4.13%,

6/4/2081

(H15T5Y

+

276.7bps)

1,000,000‌

757,807‌

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/2052

1,000,000‌

708,146‌

8,897,066‌

Consumer

Discretionary

—

3.15%

Carnival

Corp.,

4.00%,

8/1/2028

(a)

2,000,000‌

1,741,290‌

Carnival

Corp.,

6.00%,

5/1/2029

(a)

1,000,000‌

845,616‌

Ford

Motor

Co.,

3.25%,

2/12/2032

500,000‌

377,767‌

Ford

Motor

Credit

Co.,

LLC,

3.38%,

11/13/2025

1,000,000‌

934,157‌

Ford

Motor

Credit

Co.,

LLC,

2.90%,

2/10/2029

2,000,000‌

1,638,200‌

LGI

Homes,

Inc.,

4.00%,

7/15/2029

(a)

500,000‌

383,124‌

Marriott

International,

Inc.,

2.75%,

10/15/2033

500,000‌

366,400‌

Marriott

Ownership

Resorts,

Inc.,

4.50%,

6/15/2029

(a)

1,000,000‌

822,610‌

McDonald's

Corp.,

5.45%,

8/14/2053

1,000,000‌

882,198‌

Yum!

Brands,

Inc.,

3.63%,

3/15/2031

1,000,000‌

813,087‌

8,804,449‌

Consumer

Staples

—

3.07%

Anheuser-Busch

Cos.,

LLC,

4.70%,

2/1/2036

(a)

100,000‌

88,057‌

Constellation

Brands,

Inc.,

2.25%,

8/1/2031

500,000‌

380,243‌

Constellation

Brands,

Inc.,

4.50%,

5/9/2047

500,000‌

377,087‌

Coty,

Inc.,

5.00%,

4/15/2026

(a)

1,000,000‌

956,435‌

JBS

USA

LUX

SA,

5.50%,

1/15/2030

1,000,000‌

914,498‌

JBS

USA

LUX

SA,

3.75%,

12/1/2031

250,000‌

194,483‌

JBS

USA

LUX

SA,

3.63%,

1/15/2032

500,000‌

384,792‌

Kraft

Heinz

Foods

Co.,

5.00%,

6/4/2042

(a)

300,000‌

247,432‌

Kraft

Heinz

Foods

Co.,

4.38%,

6/1/2046

1,000,000‌

732,193‌

Kraft

Heinz

Foods

Co.,

4.88%,

10/1/2049

1,000,000‌

783,501‌

Land

O'

Lakes,

Inc.,

7.25%,

Perpetual

(a)

2,000,000‌

1,570,000‌

Molson

Coors

Beverage

Co.,

4.20%,

7/15/2046

1,000,000‌

709,720‌

Performance

Food

Group,

Inc.,

4.25%,

8/1/2029

(a)

500,000‌

422,413‌

Pilgrim's

Pride

Corp.,

4.25%,

4/15/2031

1,000,000‌

824,780‌

8,585,634‌

Financials

—

22.88%

American

Express

Co.,

3.55%,

12/31/2049

(H15T5Y

+

285.40bps)

1,000,000‌

787,500‌

Assurant,

Inc.,

7.00%,

3/27/2048

1,000,000‌

961,976‌

Assured

Guaranty

Municipal

Holdings,

Inc.,

6.40%,

12/15/2066

(a),(b)

2,000,000‌

1,710,590‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

6.13%,

2/16/2049

(USSW5

+

387.0bps)

(b)

$

800,000‌

$

637,286‌

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

Series

9,

6.50%,

3/25/2167

(H15T5Y

+

519.2bps)

(b)

1,000,000‌

944,618‌

Bank

of

America

Corp.,

4.38%,

4/27/2170

(H15T5Y

+

276.0bps)

(b)

2,000,000‌

1,619,202‌

Barclays

PLC,

4.84%,

5/9/2028

2,000,000‌

1,798,171‌

Barclays

PLC,

5.09%,

6/20/2030

(b)

1,500,000‌

1,300,315‌

BBVA

Bancomer

S.A.,

5.13%,

Perpetual

(H15T5Y

+

265.0bps)

(b)

2,000,000‌

1,693,808‌

BNP

Paribas

SA,

6.63%,

Perpetual

(USSW5

+

414.9bps)

(a),(b)

4,000,000‌

3,959,032‌

Brighthouse

Financial,

Inc.,

4.70%,

6/22/2047

2,642,000‌

1,737,538‌

Citadel

Finance

LLC,

3.38%,

3/9/2026

(a)

2,000,000‌

1,804,243‌

Citigroup,

Inc.,

3.88%,

Perpetual

(H15T5Y

+

341.7bps)

(b)

1,000,000‌

840,915‌

Citigroup,

Inc.,

4.15%,

Perpetual

(H15T5Y

+

300.0bps)

(b)

2,000,000‌

1,562,229‌

Citigroup,

Inc.,

4.70%,

Perpetual

(SOFR

+

323.4bps)

(b)

1,000,000‌

896,650‌

Citizens

Financial

Group,

Inc.,

Series

C,

6.38%,

Perpetual

(TSFR3M

+

341.86bps)

(b)

2,000,000‌

1,636,304‌

Discover

Financial

Services,

Series

C,

5.50%,

Perpetual

(TSFR3M

+

333.76bps)

(b)

1,334,000‌

894,641‌

Drawbridge

Special

Opportunities

Fund

LP,

3.88%,

2/15/2026

(a)

2,000,000‌

1,765,796‌

Enstar

Finance

LLC,

5.50%,

1/15/2042

(H15T5Y

+

400.60bps)

(b)

500,000‌

399,403‌

FedNat

Holding

Co.,

7.75%,

3/15/2029

(c)

2,400,000‌

373,920‌

Fifth

Third

Bancorp,

8.69%,

Perpetual

(TSFR3M

329.46bps)

(b)

1,000,000‌

905,621‌

Fifth

Third

Bancorp,

Series

J,

8.79%,

Perpetual

(TSFR3M

+

339.06bps)

(b)

1,000,000‌

917,819‌

GATX

Corp.,

Class

B,

4.00%,

6/30/2030

2,000,000‌

1,721,643‌

Global

Atlantic

Financial

Co.,

4.70%,

10/15/2051

(H15T5Y

+

379.60bps)

(a),(b)

1,000,000‌

697,558‌

Goldman

Sachs

Group,

Inc.

(The),

Series

P,

8.50%,

11/10/2069

(TSFR3M

+

313.56bps)

(b)

2,000,000‌

1,991,621‌

HSBC

Holdings

PLC,

8.00%,

Perpetual

(H15T5Y

+

385.8bps)

(b)

1,000,000‌

983,750‌

ING

Groep

NV,

4.25%,

Perpetual

(H15T5Y

+

286.20bps)

(b)

1,000,000‌

621,250‌

ING

Groep

NV,

5.75%,

Perpetual

(H15T5Y

+

432.2bps)

(b)

1,000,000‌

880,380‌

Intesa

Sanpaolo

SpA,

5.71%,

1/15/2026

(a)

2,000,000‌

1,897,926‌

JPMorgan

Chase

&

Co.,

Series

HH,

4.60%,

Perpetual

(SOFR+

312.5bps)

(b)

1,000,000‌

934,163‌

Liberty

Mutual

Group,

Inc.,

3.95%,

5/15/2060

(a)

500,000‌

292,949‌

Liberty

Mutual

Group,

Inc.,

4.30%,

2/1/2061

(a)

1,000,000‌

523,298‌

Lloyds

Banking

Group

PLC,

7.50%,

Perpetual

(USSW5

+

476.0bps)

(b)

2,500,000‌

2,438,604‌

Lloyds

Banking

Group

PLC,

7.50%,

Perpetual

(USSW5

+

449.6bps)

(b)

2,000,000‌

1,860,600‌

Macquarie

Bank

Ltd.,

3.62%,

6/3/2030

(a)

1,000,000‌

798,728‌

Massachusetts

Mutual

Life

Insurance

Co.,

3.38%,

4/15/2050

(a)

1,000,000‌

609,158‌

Nationwide

Mutual

Insurance

Co.,

4.35%,

4/30/2050

(a)

1,000,000‌

673,555‌

Nordea

Bank

Abp,

3.75%,

Perpetual

(H15T5Y

+

260.20bps)

(a),(b)

1,000,000‌

718,717‌

OneMain

Finance

Corp.,

5.38%,

11/15/2029

2,000,000‌

1,646,603‌

Pacific

LifeCorp,

3.35%,

9/15/2050

(a)

500,000‌

304,978‌

PNC

Financial

Services,

6.25%,

Perpetual

(H15T7Y

+

280.8bps)

(b)

1,000,000‌

825,501‌

SBL

Holdings,

Inc.,

5.13%,

11/13/2026

(a)

2,000,000‌

1,819,896‌

SBL

Holdings,

Inc.,

6.50%,

Perpetual

(H15T5Y

+

562.0bps)

(a),(b)

1,393,000‌

789,201‌

SBL

Holdings,

Inc.,

7.00%,

Perpetual

(H15T5Y

+

558.0bps)

(a),(b)

1,000,000‌

612,619‌

Standard

Chartered

PLC,

4.30%,

Perpetual

(H15T5Y

+

313.50bps)

(a),(b)

2,000,000‌

1,404,542‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Truist

Financial

Corp.,

Series

M,

5.13%,

Perpetual

(TSFR3M

+

304.7bps)

(b)

$

1,800,000‌

$

1,256,489‌

UBS

Group

AG,

4.38%,

Perpetual

(H15T5Y

+

331.3bps)

(a),(b)

1,000,000‌

696,754‌

UBS

Group

AG,

7.00%,

Perpetual

(USSW5

+

434.4bps)

(a),(b)

1,000,000‌

994,085‌

UniCredit

SpA,

5.86%,

6/19/2032

(USISDA05

+

370.3bps)

(a),(b)

2,000,000‌

1,800,076‌

UniCredit

SpA,

5.46%,

6/30/2035

(H15T5Y

+

475.0bps)

(a),(b)

500,000‌

410,407‌

Unifin

Financiera

SAB

de

CV

Sociedad

Financiera

de

Objeto

Multiple,

Entidad

No

Regulada,

8.38%,

1/27/2028

(a)(c)

1,000,000‌

25,055‌

US

Bancorp,

5.30%,

Perpetual

(TSFR3M

+

317.56bps)

(b)

1,000,000‌

787,147‌

Wells

Fargo

&

Co,

Series

EE,

7.63%,

Perpetual

(H15T5Y

+

360.6bps)

(b)

1,000,000‌

1,003,797‌

Wells

Fargo

&

Co.,

6.07%,

1/15/2027

(TSFR3M

+

76.1bps)

2,000,000‌

1,894,148‌

Wells

Fargo

&

Co.,

Series

BB,

3.90%,

Perpetual

(H15T5Y

+

345.3bps)

(b)

1,000,000‌

866,785‌

63,929,560‌

Health

Care

—

0.68%

Jazz

Securities

DAC,

4.38%,

1/15/2029

(a)

500,000‌

435,267‌

Perrigo

Finance

Unlimited

Co.,

4.40%,

6/15/2030

1,000,000‌

836,208‌

Viatris,

Inc.,

3.85%,

6/22/2040

1,000,000‌

622,846‌

1,894,321‌

Industrials

—

5.52%

ADT

Security

Corp.

(The),

4.13%,

8/1/2029

(a)

1,000,000‌

858,825‌

Air

Canada,

3.88%,

8/15/2026

(a)

1,000,000‌

910,847‌

Air

Canada

Pass

Through

Trust,

Series

2020-2A,

Class

A,

4.13%,

5/15/2025

(a)

1,093,808‌

1,040,221‌

American

Airlines

Pass

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

910,000‌

782,883‌

Burlington

Northern

Santa

Fe

LLC,

4.45%,

1/15/2053

2,000,000‌

1,550,190‌

Canadian

Pacific

Railway

Co.,

Class

B,

2.45%,

12/2/2031

1,000,000‌

872,327‌

CSX

Corp.,

5.50%,

4/15/2041

1,000,000‌

904,471‌

Dycom

Industries,

Inc.,

4.50%,

4/15/2029

(a)

1,000,000‌

864,080‌

Norfolk

Southern

Corp.,

5.05%,

8/1/2030

500,000‌

472,947‌

Norfolk

Southern

Corp.,

4.55%,

6/1/2053

1,000,000‌

754,567‌

Seaspan

Corp.,

5.50%,

8/1/2029

(a)

1,000,000‌

768,180‌

Triton

Container

International

Ltd.,

3.25%,

3/15/2032

500,000‌

362,573‌

Union

Pacific

Corp.,

3.20%,

5/20/2041

1,000,000‌

680,807‌

Union

Pacific

Corp.,

2.95%,

3/10/2052

1,000,000‌

578,431‌

Union

Pacific

Corp.,

3.50%,

2/14/2053

1,000,000‌

647,868‌

United

Airlines

Pass

Through

Trust,

Series

2016-2B,

Class

B,

3.65%,

10/7/2025

486,111‌

455,434‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

607,863‌

577,317‌

United

Airlines

Pass

Through

Trust,

Series

2016-2,

Class

A,

3.10%,

4/7/2030

687,850‌

569,644‌

US

Airways

Pass

Through

Trust,

Series

2012-2,

Class

A,

4.63%,

6/3/2025

1,435,600‌

1,367,393‌

ZipRecruiter,

Inc.,

5.00%,

1/15/2030

(a)

500,000‌

391,038‌

15,410,043‌

Materials

—

1.82%

Alcoa

Nederland

Holding

BV,

5.50%,

12/15/2027

(a)

1,000,000‌

948,771‌

Ball

Corp.,

2.88%,

8/15/2030

1,000,000‌

781,102‌

Bemis

Co.,

Inc.,

2.63%,

6/19/2030

500,000‌

394,978‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Berry

Global,

Inc.,

5.63%,

7/15/2027

(a)

$

1,000,000‌

$

955,602‌

Canpack

SA,

3.88%,

11/15/2029

(a)

500,000‌

393,160‌

Domtar

Corp.,

6.25%,

9/1/2042

1,000,000‌

537,221‌

Reynolds

Group

Issuer,

Inc.,

4.00%,

10/15/2027

(a)

1,000,000‌

873,649‌

WRKCo,

Inc.,

3.00%,

6/15/2033

250,000‌

191,164‌

5,075,647‌

Real

Estate

—

0.69%

Iron

Mountain,

Inc.,

4.88%,

9/15/2029

(a)

1,000,000‌

872,262‌

Iron

Mountain,

Inc.,

5.25%,

7/15/2030

(a)

1,000,000‌

869,543‌

SBA

Communications

Corp.,

3.88%,

2/15/2027

(a)

200,000‌

182,310‌

1,924,115‌

Technology

—

2.98%

Broadcom,

Inc.,

4.15%,

11/15/2030

1,000,000‌

870,770‌

Broadcom,

Inc.,

4.15%,

11/15/2030

500,000‌

435,385‌

Broadcom,

Inc.,

2.60%,

2/15/2033

(a)

1,000,000‌

725,951‌

Broadcom,

Inc.,

3.50%,

2/15/2041

(a)

1,000,000‌

665,533‌

HP,

Inc.,

6.00%,

9/15/2041

2,500,000‌

2,265,592‌

Jabil,

Inc.,

3.00%,

1/15/2031

1,000,000‌

792,632‌

Juniper

Networks,

Inc.,

2.00%,

12/10/2030

500,000‌

367,691‌

Juniper

Networks,

Inc.,

5.95%,

3/15/2041

700,000‌

609,713‌

Kyndryl

Holdings,

Inc.,

2.05%,

10/15/2026

1,000,000‌

871,822‌

Kyndryl

Holdings,

Inc.,

3.15%,

10/15/2031

1,000,000‌

729,291‌

8,334,380‌

Utilities

—

3.53%

AEP

Texas,

Inc.,

Series

I,

2.10%,

7/1/2030

500,000‌

387,204‌

Appalachian

Power

Co.,

Series

Z,

3.70%,

5/1/2050

1,000,000‌

631,770‌

Dayton

Power

&

Light

Co.

(The),

3.95%,

6/15/2049

1,000,000‌

666,908‌

Dominion

Energy,

Inc.,

4.35%,

Perpetual

(H15T5Y

+

319.5bps)

(b)

1,000,000‌

818,651‌

Duke

Energy

Progress

LLC,

2.50%,

8/15/2050

1,000,000‌

514,050‌

Kentucky

Utilities

Co.,

3.30%,

6/1/2050

1,000,000‌

609,723‌

NRG

Energy,

Inc.,

4.45%,

6/15/2029

(a)

1,000,000‌

864,969‌

Pacific

Gas

and

Electric

Co.,

4.25%,

3/15/2046

500,000‌

316,011‌

Pacific

Gas

and

Electric

Co.,

3.50%,

8/1/2050

500,000‌

278,674‌

Pinnacle

West

Capital

Corp.,

1.30%,

6/15/2025

2,000,000‌

1,853,959‌

Southern

California

Edison

Co.,

Series

B,

4.88%,

3/1/2049

1,000,000‌

778,944‌

Topaz

Solar

Farms

LLC,

5.75%,

9/30/2039

(a)

848,148‌

771,446‌

Union

Electric

Co.,

3.90%,

4/1/2052

750,000‌

517,292‌

Vistra

Operations

Co.

LLC,

4.38%,

5/1/2029

(a)

1,000,000‌

850,510‌

9,860,111‌

Total

Corporate

Bonds

and

Notes

(Cost $161,521,391)

132,715,326‌

ASSET

BACKED

SECURITIES

—

29.29%

ACC

Auto

Trust,

Series

2021-A,

Class

B,

1.79%,

4/15/2027

(a)

985,599‌

979,912‌

ACHV

ABS

Trust,

Series

2023-1PL,

Class

B,

6.80%,

3/18/2030

(a)

500,000‌

499,596‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

American

Credit

Acceptance

Receivables

Trust,

Series

2021-2,

Class

E,

2.54%,

7/13/2027

(a)

$

2,000,000‌

$

1,902,260‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-3,

Class

E,

2.56%,

11/15/2027

(a)

3,000,000‌

2,833,301‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-4,

Class

E,

3.12%,

2/14/2028

(a)

1,000,000‌

939,129‌

Amur

Equipment

Finance

Receivables

LLC,

Series

2022-1A,

Class

E,

5.02%,

12/20/2028

(a)

750,000‌

670,482‌

CarNow

Auto

Receivables

Trust,

Series

2021-1A,

Class

D,

3.64%,

2/17/2026

(a)

1,000,000‌

987,930‌

Carvana

Auto

Receivables

Trust,

Series

2020-N1A,

Class

E,

5.20%,

7/15/2027

(a)

1,000,000‌

964,191‌

Carvana

Auto

Receivables

Trust,

Series

2021-N3,

Class

E,

3.16%,

6/12/2028

(a)

2,250,000‌

2,006,505‌

Carvana

Auto

Receivables

Trust,

Series

2021-N4,

Class

E,

4.53%,

9/11/2028

(a)

1,500,000‌

1,344,229‌

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

E,

6.01%,

12/11/2028

(a)

1,250,000‌

1,144,465‌

CCG

Receivables

Trust,

Series

2020-1,

Class

D,

2.68%,

12/14/2027

(a)

1,281,000‌

1,247,519‌

Continental

Credit

Card

ABS,

Series

2019-1A,

Class

C,

6.16%,

8/15/2026

(a)

3,000,000‌

2,905,696‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2021-A,

Class

C,

4.02%,

12/17/2029

(a)

1,000,000‌

875,705‌

CPS

Auto

Receivables

Trust,

Series

2019-C,

Class

E,

4.30%,

7/15/2025

(a)

1,414,851‌

1,408,207‌

CPS

Auto

Receivables

Trust,

Series

2022-A,

Class

E,

4.88%,

4/16/2029

(a)

1,000,000‌

900,206‌

Dell

Equipment

Finance

Trust,

Series

2021-2,

Class

C,

0.94%,

12/22/2026

(a)

1,055,000‌

1,025,556‌

DLLST

LLC,

Series

2022-1A,

Class

A3,

3.40%,

1/21/2025

(a)

615,115‌

609,672‌

Donlen

Fleet

Lease

Funding,

Series

2021-2,

Class

A2,

0.56%,

12/11/2034

(a)

451,439‌

443,049‌

DT

Auto

Owner

Trust,

Series

2020-2A,

Class

D,

4.73%,

3/16/2026

(a)

500,000‌

494,832‌

DT

Auto

Owner

Trust,

Series

2021-4A,

Class

E,

3.34%,

7/17/2028

(a)

1,000,000‌

891,689‌

DT

Auto

Owner

Trust,

Series

2021-2A,

Class

E,

2.97%,

7/17/2028

(a)

1,000,000‌

932,183‌

DT

Auto

Owner

Trust,

Series

2022-1A,

Class

E,

5.53%,

3/15/2029

(a)

1,000,000‌

940,650‌

Encina

Equipment

Finance

LLC,

Series

2022-1A,

Class

D,

6.00%,

1/15/2030

(a)

1,000,000‌

956,186‌

Enterprise

Fleet

Financing

LLC,

Series

2021-1,

Class

A3,

0.70%,

12/21/2026

(a)

600,000‌

578,251‌

Enterprise

Fleet

Financing

LLC,

Series

2021-3,

Class

A2,

0.77%,

8/20/2027

(a)

423,313‌

410,042‌

Enterprise

Fleet

Financing

LLC,

Series

2021-3,

Class

A2,

4.38%,

7/20/2029

(a)

416,024‌

408,073‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

E,

4.02%,

1/17/2028

(a)

2,000,000‌

1,797,200‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/15/2028

(a)

1,155,000‌

1,047,803‌

Exeter

Automobile

Receivables

Trust,

Series

2022-2A,

Class

D,

4.56%,

7/17/2028

1,000,000‌

952,227‌

Exeter

Automobile

Receivables

Trust,

Series

2021-2A,

Class

E,

2.90%,

7/17/2028

(a)

1,000,000‌

910,589‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Exeter

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.04%,

12/15/2028

(a)

$

1,000,000‌

$

898,337‌

Exeter

Automobile

Receivables

Trust,

Series

2022-1A,

Class

E,

5.02%,

10/15/2029

(a)

2,000,000‌

1,764,132‌

First

Investors

Auto

Owner

Trust,

Series

2019-2A,

Class

F,

5.69%,

7/15/2026

(a)

2,000,000‌

1,992,764‌

First

Investors

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.66%,

12/15/2027

(a)

840,000‌

754,769‌

Flagship

Credit

Auto

Trust,

Series

2018-3,

Class

E,

5.28%,

12/15/2025

(a)

2,000,000‌

1,988,122‌

Flagship

Credit

Auto

Trust,

Series

2021-3,

Class

D,

1.65%,

9/15/2027

(a)

1,000,000‌

887,194‌

Flagship

Credit

Auto

Trust,

Series

2021-2,

Class

E,

3.16%,

9/15/2028

(a)

1,150,000‌

966,350‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-1,

Class

E,

2.98%,

4/15/2027

(a)

1,270,000‌

1,212,940‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-2,

Class

E,

3.35%,

10/15/2027

(a)

500,000‌

469,505‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-1,

Class

D,

3.07%,

5/15/2028

(a)

1,000,000‌

925,077‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-2,

Class

C,

5.75%,

8/15/2028

(a)

1,000,000‌

979,256‌

GCI

Funding

I

LLC,

Series

2021-1,

Class

A,

2.38%,

6/18/2046

(a)

783,477‌

664,705‌

Global

SC

Finance

VII

Srl,

Series

2020-1A,

Class

A,

2.17%,

10/17/2040

(a)

328,054‌

293,195‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2019-3A,

Class

D,

3.84%,

5/15/2026

(a)

3,000,000‌

2,965,754‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-1A,

Class

E,

3.14%,

1/18/2028

(a)

2,750,000‌

2,589,838‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

E,

4.43%,

10/16/2028

(a)

1,000,000‌

910,026‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-3A,

Class

E,

3.20%,

10/16/2028

(a)

1,000,000‌

909,901‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2022-1A,

Class

E,

5.64%,

5/15/2029

(a)

1,000,000‌

920,379‌

Helios

Issuer

LLC,

Series

2021-A,

Class

B,

3.15%,

2/20/2048

(a)

746,677‌

584,416‌

HERO

Funding

Trust,

Series

2021-1A,

Class

B,

4.00%,

9/20/2051

(a)

300,716‌

255,758‌

ITE

Rail

Fund

Levered

LP,

Series

2021-3A,

Class

A,

2.21%,

6/28/2051

(a)

903,001‌

774,436‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-3GS,

Class

C,

3.50%,

12/20/2047

(a)

858,854‌

529,915‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-2GS,

Class

C,

3.50%,

3/20/2048

(a)

909,086‌

515,642‌

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A2,

4.06%,

1/15/2045

(a)

1,944,454‌

1,848,028‌

Mosaic

Solar

Loan

Trust,

Series

2021-1A,

Class

D,

3.71%,

12/20/2046

(a)

671,247‌

564,692‌

Octane

Receivables

Trust,

Series

2021-2A,

Class

A,

1.21%,

9/20/2028

(a)

633,574‌

613,705‌

Octane

Receivables

Trust,

Series

2023-3A,

Class

B,

6.48%,

7/20/2029

(a)

1,000,000‌

997,303‌

Octane

Receivables

Trust,

Series

2022-2A,

Class

D,

7.70%,

2/20/2030

(a)

1,000,000‌

998,740‌

OneMain

Financial

Issuance

Trust,

Series

2018-2A,

Class

A,

3.57%,

3/14/2033

(a)

513,615‌

508,049‌

Prestige

Auto

Receivables

Trust,

Series

2020-1A,

Class

E,

3.67%,

2/15/2028

(a)

1,365,000‌

1,324,428‌

Purchasing

Power

Funding

LLC,

Series

2021-A,

Class

C,

2.53%,

10/15/2025

(a)

1,000,000‌

985,991‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Reach

Financial

LLC,

Series

2022-1A,

Class

A,

3.76%,

11/15/2029

(a)

$

243,495‌

$

241,514‌

Reach

Financial

LLC,

Series

2022-2A,

Class

A,

6.63%,

5/15/2030

(a)

199,758‌

199,534‌

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

7.83%,

4/20/2034

(TSFR3M

+

241.2bps)

(b)

1,000,000‌

979,948‌

Regatta

XVIII

Funding

Ltd.,

Series

2021-1A,

Class

C,

7.41%,

1/15/2034

(TSFR3M

+

201.2bps)

(a),(b)

1,000,000‌

975,424‌

Santander

Drive

Auto

Receivables

Trust,

Series

2022-3,

Class

A3,

3.40%,

12/15/2026

589,888‌

584,463‌

Sapphire

Aviation

Finance

I

Ltd.,

Series

2018-1A,

Class

C,

7.39%,

3/15/2040

(a)

3,329,711‌

519,435‌

SCF

Equipment

Leasing

LLC,

Series

2019-2A,

Class

B,

2.76%,

8/20/2026

(a)

518,744‌

513,277‌

SCF

Equipment

Leasing

LLC,

Series

2021-1A,

Class

E,

3.56%,

8/20/2032

(a)

750,000‌

662,628‌

TAL

Advantage

VII

LLC,

Series

2020-1A,

Class

A,

2.05%,

9/20/2045

(a)

676,250‌

594,570‌

Textainer

Marine

Containers

Ltd.,

Series

2021-3A,

Class

A,

1.94%,

8/20/2046

(a)

992,000‌

807,924‌

Towd

Point

Asset

Trust,

Series

2021-SL1,

Class

A2,

6.15%,

11/20/2061

(TSFR1M

+

81.4bps)

(a),(b)

507,729‌

504,056‌

Trinity

Rail

Leasing

2021

LLC,

Series

2021-1A,

Class

B,

3.08%,

7/19/2051

(a)

500,000‌

402,986‌

Triton

Container

Finance

VIII

LLC,

Series

2020-1A,

Class

A,

2.11%,

9/20/2045

(a)

737,917‌

631,079‌

TRP

LLC,

Series

2021-2,

Class

B,

3.08%,

6/19/2051

(a)

950,000‌

801,238‌

United

Auto

Credit

Securitization

Trust,

Series

2021-1,

Class

E,

2.58%,

6/10/2026

(a)

3,250,000‌

3,175,313‌

United

Auto

Credit

Securitization

Trust,

Series

2022-1,

Class

E,

5.00%,

11/10/2028

(a)

1,000,000‌

895,996‌

US

Auto

Funding

LLC,

Series

2021-1A,

Class

C,

2.20%,

5/15/2026

(a)

1,125,000‌

1,060,884‌

US

Auto

Funding

LLC,

Series

2021-1A,

Class

E,

6.32%,

9/15/2028

(a)

500,000‌

326,531‌

USQ

Rail

II

LLC,

Series

2021-3,

Class

B,

2.98%,

6/28/2051

(a)

500,000‌

423,562‌

Westlake

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.42%,

4/15/2027

(a)

1,000,000‌

931,910‌

Total

Asset

Backed

Securities

(Cost $89,583,139)

81,832,954‌

U.S.

GOVERNMENT

&

AGENCIES

—

17.57%

Fannie

Mae,

Pool

#BP2175,

3.00%,

2/1/2035

244,047‌

220,741‌

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

870,578‌

840,057‌

Fannie

Mae,

Pool

#CA6707,

2.50%,

8/1/2050

983,850‌

773,334‌

Fannie

Mae,

Pool

#MA4354,

1.50%,

6/1/2051

1,735,429‌

1,211,924‌

Fannie

Mae,

Pool

#BR2084,

1.90%,

6/1/2051

(b)

686,223‌

604,328‌

Fannie

Mae,

Pool

#BT1314,

2.50%,

7/1/2051

575,049‌

442,711‌

Fannie

Mae,

Pool

#BT3256,

2.50%,

7/1/2051

871,657‌

672,568‌

Fannie

Mae,

Pool

#BT1339,

2.50%,

7/1/2051

1,697,507‌

1,309,376‌

Fannie

Mae,

Pool

#BQ7422,

2.50%,

8/1/2051

857,713‌

661,387‌

Fannie

Mae,

Pool

#MA4436,

1.50%,

10/1/2051

900,285‌

628,142‌

Fannie

Mae,

Pool

#BU2591,

2.00%,

12/1/2051

1,368,890‌

1,007,358‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Fannie

Mae,

Pool

#CB2670,

3.00%,

1/1/2052

$

928,886‌

$

745,582‌

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,666,554‌

1,443,928‌

Fannie

Mae,

Pool

#BV7899,

3.00%,

8/1/2052

1,440,315‌

1,156,751‌

Fannie

Mae,

Pool

#

MA4732,

4.00%,

9/1/2052

939,872‌

814,170‌

Fannie

Mae,

Pool

#MA4804,

4.00%,

11/1/2052

956,597‌

828,563‌

Fannie

Mae,

Pool

#CB5536,

5.00%,

1/1/2053

1,926,292‌

1,778,684‌

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

954,228‌

881,414‌

Fannie

Mae,

Pool

#MA4941,

5.00%,

3/1/2053

918,622‌

849,351‌

Fannie

Mae,

Pool

#MA5009,

5.00%,

5/1/2053

972,327‌

897,763‌

Fannie

Mae,

Pool

#MA5071,

5.00%,

7/1/2053

1,960,013‌

1,809,758‌

Federal

Agricultural

Mortgage

Corp.,

3.05%,

6/29/2032

500,000‌

419,988‌

Federal

Farm

Credit

Bank,

2.13%,

5/21/2040

1,000,000‌

584,351‌

Federal

Farm

Credit

Bank,

1.95%,

8/13/2040

1,000,000‌

564,545‌

Federal

Farm

Credit

Bank,

2.07%,

12/21/2040

500,000‌

284,279‌

Federal

Home

Loan

Bank,

2.01%,

7/16/2040

1,000,000‌

575,538‌

Federal

Home

Loan

Bank,

6.83%,

10/30/2043

1,000,000‌

997,818‌

Federal

Home

Loan

Mortgage

Corp.,

1.75%,

7/27/2035

1,500,000‌

978,575‌

Freddie

Mac,

Pool

#RD5138,

5.00%,

1/1/2033

814,927‌

790,220‌

Freddie

Mac,

Pool

#SB8509,

2.00%,

1/1/2036

668,068‌

572,826‌

Freddie

Mac,

Pool

#RC2064,

1.50%,

6/1/2036

819,030‌

679,025‌

Freddie

Mac,

Pool

#QO0931,

4.00%,

10/1/2037

584,838‌

545,657‌

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

851,519‌

669,900‌

Freddie

Mac,

Pool

#RB5182,

4.00%,

9/1/2042

900,581‌

794,544‌

Freddie

Mac,

Pool

#RA2314,

3.50%,

3/1/2050

358,434‌

304,738‌

Freddie

Mac,

Pool

#RA2657,

3.50%,

5/1/2050

749,406‌

636,824‌

Freddie

Mac,

Pool

#SD0430,

2.50%,

8/1/2050

590,667‌

458,928‌

Freddie

Mac,

Pool

#QC3907,

2.50%,

7/1/2051

804,617‌

620,729‌

Freddie

Mac,

Pool

#QC5859,

3.00%,

8/1/2051

814,452‌

654,477‌

Freddie

Mac,

Pool

#SD8257,

4.50%,

10/1/2052

934,860‌

837,220‌

Freddie

Mac,

Pool

#SD8267,

5.00%,

11/1/2052

935,958‌

864,528‌

Freddie

Mac,

Pool

#QF5251,

5.50%,

1/1/2053

939,986‌

893,122‌

Freddie

Mac,

Pool

#SD8288,

5.00%,

1/1/2053

951,621‌

878,968‌

Freddie

Mac,

Pool

#SD2334,

5.00%,

2/1/2053

968,913‌

895,139‌

Freddie

Mac,

Pool

#SD8297,

4.00%,

2/1/2053

1,925,110‌

1,667,093‌

Freddie

Mac,

Pool

#SD8305,

4.00%,

3/1/2053

961,123‌

832,304‌

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

958,063‌

910,289‌

Freddie

Mac,

Pool

#SD8323,

5.00%,

5/1/2053

975,862‌

900,926‌

Freddie

Mac,

Pool

#SD2856,

5.50%,

5/1/2053

954,697‌

907,633‌

Freddie

Mac,

Pool

#QG3333,

5.00%,

5/1/2053

1,988,260‌

1,836,480‌

Freddie

Mac,

Pool

#SD8323,

5.00%,

5/1/2053

969,032‌

894,721‌

Freddie

Mac,

Pool

#SD8322,

4.50%,

5/1/2053

972,015‌

870,121‌

Freddie

Mac,

Pool

#SD8348,

5.00%,

8/1/2053

982,426‌

906,960‌

United

States

Treasury

Note,

0.50%,

6/30/2027

5,000,000‌

4,274,414‌

Total

U.S.

Government

&

Agencies

(Cost $55,485,826)

49,080,770‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

COLLATERALIZED

LOAN

OBLIGATIONS

—

4.82%

Apex

Credit

CLO

Ltd.,

Series

2018-1A,

Class

B,

7.24%,

4/25/2031

(TSFR3M

+

186.2bps)

(a),(b)

$

1,190,000‌

$

1,148,641‌

Apex

Credit

CLO

Ltd.,

Series

2018-2A,

Class

C2R,

8.28%,

10/20/2031

(TSFR3M

286.2bps)

(a),(b)

420,000‌

406,589‌

Atrium

XII,

Series

2012-A,

Class

CR,

7.32%,

4/22/2027

(TSFR3M

+

191.2bps)

(a),(b)

2,500,000‌

2,500,000‌

Benefit

Street

Partners

CLO

X

Ltd.,

Series

2016-10A,

Class

BRR,

7.81%,

4/20/2034

(TSFR3M

+

241.2bps)

(a),(b)

250,000‌

245,302‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

C,

7.81%,

1/15/2035

(TSFR3M

+

241.2bps)

(a),(b)

1,000,000‌

978,296‌

Carlyle

Global

Market

Strategies

CLO,

Series

2017-1A,

Class

BR,

7.88%,

4/20/2031

(TSFR3M

+

246.2bps)

(a),(b)

1,000,000‌

982,488‌

Carlyle

Global

Market

Strategies

CLO,

Series

2016-3A,

Class

CRR,

7.88%,

7/20/2034

(TSFR3M

+

246.2bps)

(a),(b)

375,000‌

367,349‌

HPS

Loan

Management

Ltd.,

Series

2010A-16,

Class

X,

6.58%,

4/20/2034

(TSFR3M

+

116.2bps)

(a),(b)

523,810‌

523,584‌

HPS

Loan

Management

Ltd.,

Series

2010A-16,

Class

BRR,

7.73%,

4/20/2034

(TSFR3M

+

231.2bps)

(a),(b)

1,000,000‌

979,553‌

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

BRR,

7.86%,

10/15/2032

(TSFR3M

+

246.2bps)

(a),(b)

1,000,000‌

988,138‌

Madison

Park

Funding

XXXVIII

Ltd.,

Series

2021-38A,

Class

C,

7.56%,

7/17/2034

(TSFR3M

+

216.2bps)

(a),(b)

1,000,000‌

978,183‌

Palmer

Square

CLO

Ltd.,

Series

2022-1A,

Class

C,

7.47%,

4/20/2035

(TSFR3M

+

205.0bps)

(a),(b)

1,000,000‌

977,267‌

Rockford

Tower

CLO

Ltd.,

Series

2019-2A,

Class

CR,

7.64%,

8/20/2032

(TSFR3M

+

226.2bps)

(a),(b)

1,000,000‌

978,387‌

Venture

CLO

Ltd.,

Series

2018-31A,

Class

C1,

7.63%,

4/20/2031

(TSFR3M

+

221.2bps)

(a),(b)

1,000,000‌

938,994‌

Wind

River

CLO

Ltd.,

Series

2016-1KRA,

Class

CR2,

8.01%,

10/15/2034

(TSFR3M

+

261.2bps)

(a),(b)

500,000‌

470,854‌

Total

Collateralized

Loan

Obligations

(Cost $13,661,214)

13,463,625‌

Total

Investments

—

99.19%

(Cost

$320,251,570)

277,092,675‌

Other

Assets

in

Excess

of

Liabilities

—

0.81%

2,268,648‌

Net

Assets

—

100.00%

$

279,361,323‌

(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,

2023

was

$144,271,358,

representing

51.64%

of

net

assets.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

October

31,

2023.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

(c)

In

default

PIK

-

Payment-in-kind

security

MTN

-

Medium

Term

Note

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

45.08%

Communications

—

1.15%

Expedia

Group,

Inc.,

5.00%,

2/15/2026

$

213,000‌

$

208,256‌

NBN

Co.

Ltd.,

MTN,

1.45%,

5/5/2026

(a),(b)

1,000,000‌

900,194‌

Verizon

Communications,

Inc.,

6.42%,

5/15/2025

(TSFR3M

+

136.1bps)

(a)

2,000,000‌

2,022,350‌

3,130,800‌

Consumer

Discretionary

—

3.45%

Ford

Motor

Credit

Co.,

LLC,

3.38%,

11/13/2025

1,000,000‌

934,158‌

General

Motors

Financial

Co.,

Inc.,

1.20%,

10/15/2024

1,000,000‌

952,621‌

General

Motors

Financial

Co.,

Inc.,

3.80%,

4/7/2025

1,000,000‌

965,434‌

General

Motors

Financial

Co.,

Inc.,

1.25%,

1/8/2026

1,000,000‌

896,392‌

General

Motors

Financial

Co.,

Inc.,

1.50%,

6/10/2026

1,000,000‌

882,996‌

Hyundai

Capital

America,

1.00%,

9/17/2024

(b)

500,000‌

477,886‌

Kia

Corp.,

1.00%,

4/16/2024

(b)

1,000,000‌

976,945‌

McDonald's

Corp.,

4.80%,

8/14/2028

1,000,000‌

964,873‌

Nissan

Motor

Acceptance

Co.,

LLC,

1.13%,

9/16/2024

(b)

500,000‌

477,153‌

Nissan

Motor

Co.

Ltd.,

3.52%,

9/17/2025

(b)

2,000,000‌

1,892,045‌

9,420,503‌

Consumer

Staples

—

1.60%

7-Eleven,

Inc.,

0.80%,

2/10/2024

(b)

1,000,000‌

985,202‌

JBS

USA

LUX

SA,

5.13%,

2/1/2028

1,000,000‌

939,807‌

JDE

Peet's

NV,

1.38%,

1/15/2027

(b)

250,000‌

214,801‌

Mitsubishi

Corp.,

1.13%,

7/15/2026

(b)

500,000‌

443,592‌

Mondelez

International

Holdings

Netherlands

BV,

1.25%,

9/24/2026

(b)

1,000,000‌

881,554‌

Viterra

Finance

BV,

2.00%,

4/21/2026

(b)

1,000,000‌

904,556‌

4,369,512‌

Financials

—

20.65%

AerCap

Ireland

Capital,

3.50%,

1/15/2025

2,000,000‌

1,929,058‌

AerCap

Ireland

Capital

DAC,

1.65%,

10/29/2024

1,000,000‌

953,718‌

Air

Lease

Corp.,

0.80%,

8/18/2024

1,000,000‌

956,390‌

Air

Lease

Corp.,

1.88%,

8/15/2026

500,000‌

442,530‌

Allied

World

Assurance

Co.

Holdings

Ltd.,

4.35%,

10/29/2025

1,800,000‌

1,727,954‌

Antares

Holdings

LP,

3.95%,

7/15/2026

(b)

1,500,000‌

1,349,703‌

Athene

Global

Funding,

2.75%,

6/25/2024

(b)

1,250,000‌

1,219,542‌

Athene

Global

Funding,

6.03%,

1/7/2025

(SOFR

+

71.5bps)

(a),(b)

1,000,000‌

985,738‌

Aviation

Capital

Group

LLC,

1.95%,

1/30/2026

(b)

1,000,000‌

899,500‌

Avolon

Holdings

Funding

Ltd.,

2.13%,

2/21/2026

(b)

2,000,000‌

1,784,382‌

Banco

Santander

SA,

2.75%,

5/28/2025

1,000,000‌

942,588‌

Banco

Santander

SA,

5.15%,

8/18/2025

1,000,000‌

974,395‌

BPCE

SA,

2.38%,

1/14/2025

(b)

500,000‌

475,570‌

Capital

One

Financial

Corp.,

6.00%,

12/6/2024

(SOFR

+

69.0bps)

(a)

1,000,000‌

988,502‌

Citigroup,

Inc.,

6.08%,

6/9/2027

(SOFR

+

77.0bps)

(a)

1,000,000‌

979,348‌

CNO

Global

Funding,

1.75%,

10/7/2026

(b)

500,000‌

438,030‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/2025

(b)

1,000,000‌

922,135‌

Equitable

Financial

Life

Global

Funding,

1.00%,

1/9/2026

(b)

500,000‌

445,544‌

Equitable

Financial

Life

Global

Funding,

1.70%,

11/12/2026

(b)

1,000,000‌

874,472‌

F&G

Global

Funding,

0.90%,

9/20/2024

(b)

500,000‌

474,327‌

GA

Global

Funding

Trust,

1.00%,

4/8/2024

(b)

1,000,000‌

973,345‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

GA

Global

Funding

Trust,

1.63%,

1/15/2026

(b)

$

1,000,000‌

$

895,860‌

GE

Capital

International

Funding

Co.,

3.37%,

11/15/2025

200,000‌

190,309‌

Goldman

Sachs

Group,

Inc.

(The),

6.12%,

3/9/2027

(SOFR

+

81.0bps)

(a)

1,000,000‌

983,801‌

Goldman

Sachs

Group,

Inc.

(The),

6.23%,

10/21/2027

(SOFR

+

92.0bps)

(a)

2,000,000‌

1,959,170‌

HSBC

Holdings

PLC,

4.25%,

3/14/2024

1,000,000‌

991,097‌

HSBC

Holdings

PLC,

4.25%,

8/18/2025

1,313,000‌

1,258,216‌

HSBC

Holdings

PLC,

7.05%,

9/12/2026

(TSFR3M

+

164.1bps)

(a)

1,500,000‌

1,506,215‌

Huntington

Bancshares,

Inc.,

2.63%,

8/6/2024

1,000,000‌

968,816‌

ING

Groep

NV,

6.32%,

4/1/2027

(SOFR

+

101.0bps)

(a)

2,000,000‌

1,970,897‌

Intesa

Sanpaolo

SpA,

3.25%,

9/23/2024

(b)

4,000,000‌

3,886,218‌

JPMorgan

Chase

&

Co.,

4.08%,

4/26/2026

(SOFR

+

132.0bps)

(a)

1,000,000‌

969,504‌

JPMorgan

Chase

&

Co.,

6.20%,

4/22/2027

(SOFR

+

88.5bps)

(a)

2,000,000‌

1,987,163‌

JPMorgan

Chase

&

Co.,

6.49%,

2/24/2028

(SOFR

+

118.0bps)

(a)

1,000,000‌

993,974‌

Lloyds

Banking

Group

PLC,

4.58%,

12/10/2025

(b)

250,000‌

237,833‌

Met

Tower

Global

Funding,

MTN,

1.25%,

9/14/2026

(b)

1,000,000‌

881,194‌

Mitsubishi

UFJ

Financial

Group,

Inc.,

1.41%,

7/17/2025

1,000,000‌

924,309‌

Nomura

Holdings,

Inc.,

1.65%,

7/14/2026

1,000,000‌

882,271‌

Nordea

Bank

Abp,

MTN,

1.50%,

9/30/2026

(b)

1,000,000‌

877,304‌

Pricoa

Global

Funding

I,

MTN,

1.20%,

9/1/2026

(b)

500,000‌

440,437‌

Principal

Life

Global

Funding

II,

MTN,

1.50%,

11/17/2026

(b)

1,000,000‌

878,030‌

Protective

Life

Global

Funding,

MTN,

1.30%,

9/20/2026

(b)

500,000‌

437,588‌

Royal

Bank

of

Canada,

MTN,

6.02%,

1/21/2027

(SOFR

+

71.0bps)

(a)

1,000,000‌

988,784‌

Santander

Holdings

USA,

Inc.,

3.50%,

6/7/2024

2,500,000‌

2,450,526‌

Security

Benefit

Global

Funding,

MTN,

1.25%,

5/17/2024

(b)

1,000,000‌

969,394‌

SMBC

Aviation

Capital

Finance

DAC,

1.90%,

10/15/2026

(b)

1,000,000‌

881,778‌

Societe

Generale

SA,

5.00%,

1/17/2024

(b)

1,000,000‌

995,397‌

Societe

Generale

SA,

4.25%,

4/14/2025

(b)

3,000,000‌

2,874,470‌

Societe

Generale

SA,

MTN,

1.79%,

6/9/2027

(H15T5Y

+

100.0bps)

(a),(b)

1,000,000‌

879,152‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

1.47%,

7/8/2025

500,000‌

463,257‌

Sumitomo

Mitsui

Trust

Bank

Ltd.,

MTN,

0.85%,

3/25/2024

(b)

1,000,000‌

979,894‌

56,339,629‌

Health

Care

—

1.62%

Highmark,

Inc.,

1.45%,

5/10/2026

(b)

500,000‌

445,813‌

McKesson

Corp.,

Class

B,

1.30%,

8/15/2026

1,000,000‌

887,901‌

PerkinElmer,

Inc.,

0.85%,

9/15/2024

1,260,000‌

1,201,820‌

Viatris,

Inc.,

1.65%,

6/22/2025

1,000,000‌

929,128‌

Zimmer

Biomet

Holdings,

Inc.,

1.45%,

11/22/2024

1,000,000‌

952,433‌

4,417,095‌

Industrials

—

5.46%

Air

Canada

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.13%,

5/15/2025

(b)

1,066,463‌

1,014,216‌

Air

Canada

Pass

Through

Trust,

Series

2017-1,

Class

B,

3.70%,

7/15/2026

(b)

510,582‌

477,201‌

Air

Canada

Pass

Through

Trust,

Series

2020-2,

Class

A,

5.25%,

10/1/2030

(b)

211,783‌

203,026‌

American

Airlines

Pass

Through

Trust,

Series

2014-1,

Class

A,

3.70%,

10/1/2026

1,674,227‌

1,514,591‌

Ashtead

Capital,

Inc.,

1.50%,

8/12/2026

(b)

1,000,000‌

879,203‌

Boeing

Co.

(The),

2.20%,

2/4/2026

1,000,000‌

919,075‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

British

Airways

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.63%,

6/20/2024

(b)

$

454,391‌

$

449,591‌

CNH

Industrial

Capital

LLC,

1.88%,

1/15/2026

1,000,000‌

917,962‌

Penske

Truck

Leasing

Co.

LP,

1.20%,

11/15/2025

(b)

1,000,000‌

902,884‌

Penske

Truck

Leasing

Co.

LP,

1.70%,

6/15/2026

(b)

1,000,000‌

887,952‌

Stanley

Black

&

Decker,

Inc.,

2.30%,

2/24/2025

1,000,000‌

953,803‌

Triton

Container

International

Ltd.,

1.15%,

6/7/2024

(b)

1,000,000‌

964,857‌

Triton

Container

International

Ltd.,

2.05%,

4/15/2026

(b)

1,000,000‌

889,163‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

607,863‌

577,317‌

United

Airlines

Pass

Through

Trust,

Series

2016-1,

Class

A,

3.45%,

7/7/2028

683,407‌

599,556‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

A,

5.88%,

4/15/2029

646,983‌

637,751‌

US

Airways

Pass

Through

Trust,

Series

2012-2,

Class

A,

4.63%,

6/3/2025

42,823‌

40,789‌

US

Airways

Pass

Through

Trust,

Series

2013-1,

Class

A,

3.95%,

11/15/2025

1,233,053‌

1,164,034‌

Vontier

Corp.,

1.80%,

4/1/2026

1,000,000‌

893,900‌

14,886,871‌

Materials

—

2.29%

Berry

Global,

Inc.,

1.57%,

1/15/2026

1,000,000‌

903,726‌

Berry

Global,

Inc.,

1.65%,

1/15/2027

2,000,000‌

1,724,437‌

Graphic

Packaging

International

LLC,

1.51%,

4/15/2026

(b)

1,000,000‌

887,107‌

Sealed

Air

Corp.,

1.57%,

10/15/2026

(b)

1,000,000‌

875,002‌

Sherwin-Williams

Co.

(The),

4.05%,

8/8/2024

1,000,000‌

985,294‌

Silgan

Holdings,

Inc.,

1.40%,

4/1/2026

(b)

1,000,000‌

886,714‌

6,262,280‌

Real

Estate

—

1.32%

American

Tower

Corp.,

1.60%,

4/15/2026

500,000‌

447,740‌

SBA

Tower

Trust,

Series

2019-1,

Class

C,

2.84%,

1/15/2025

(b)

1,500,000‌

1,432,830‌

SBA

Tower

Trust,

1.84%,

10/15/2051

(b)

2,000,000‌

1,714,714‌

3,595,284‌

Technology

—

4.28%

Arrow

Electronic,

Inc.,

4.00%,

4/1/2025

1,000,000‌

966,214‌

Broadcom,

Inc.,

3.63%,

10/15/2024

2,000,000‌

1,956,419‌

DXC

Technology

Co.,

1.80%,

9/15/2026

500,000‌

438,458‌

Global

Payments,

Inc.,

1.20%,

3/1/2026

1,000,000‌

891,866‌

Jabil,

Inc.,

1.70%,

4/15/2026

1,000,000‌

901,603‌

Juniper

Networks,

Inc.,

1.20%,

12/10/2025

1,000,000‌

903,781‌

Kyndryl

Holdings,

Inc.,

2.05%,

10/15/2026

1,205,000‌

1,050,546‌

Marvell

Technology,

Inc.,

1.65%,

4/15/2026

1,000,000‌

903,837‌

Microchip

Technology,

Inc.,

0.98%,

9/1/2024

1,000,000‌

958,344‌

Oracle

Corp.,

1.65%,

3/25/2026

1,000,000‌

907,201‌

Qorvo,

Inc.,

1.75%,

12/15/2024

(b)

500,000‌

473,120‌

Western

Union

Co.

(The),

1.35%,

3/15/2026

1,000,000‌

890,121‌

Wipro

IT

Services

LLC,

1.50%,

6/23/2026

(b)

500,000‌

448,126‌

11,689,636‌

Utilities

—

3.26%

AES

Corp.

(The),

1.38%,

1/15/2026

1,000,000‌

889,069‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Ameren

Corp.,

1.95%,

3/15/2027

$

500,000‌

$

442,749‌

American

Electric

Power

Co.,

Inc.,

2.03%,

3/15/2024

1,000,000‌

983,238‌

Duke

Energy

Corp.,

4.30%,

3/15/2028

1,000,000‌

938,975‌

Edison

International,

4.70%,

8/15/2025

500,000‌

486,035‌

Enel

Finance

International

NV,

2.65%,

9/10/2024

1,000,000‌

969,352‌

Enel

Finance

International

NV,

1.38%,

7/12/2026

(b)

1,000,000‌

882,060‌

Eversource

Energy,

1.40%,

8/15/2026

500,000‌

443,350‌

NextEra

Energy

Capital

Holdings,

Inc.,

2.94%,

3/21/2024

1,000,000‌

988,058‌

NextEra

Energy

Capital

Holdings,

Inc.,

1.88%,

1/15/2027

1,000,000‌

878,672‌

Southern

Co.

(The),

4.48%,

8/1/2024

1,000,000‌

986,848‌

8,888,406‌

Total

Corporate

Bonds

and

Notes

(Cost $131,078,258)

123,000,016‌

ASSET

BACKED

SECURITIES

—

30.90%

321

Henderson

Receivables

I

LLC,

Series

2007-1A,

Class

A1,

5.65%,

3/15/2042

(TSFR1M

+

46.4bps)

(a),(b)

2,048,364‌

1,970,930‌

321

Henderson

Receivables

I

LLC,

Series

2004-A,

Class

A1,

5.80%,

9/15/2045

(TSFR1M

+

31.4bps)

(a),(b)

144,881‌

143,649‌

ACC

Trust,

Series

2022-1,

Class

B,

2.55%,

2/20/2025

(b)

797,145‌

771,731‌

Access

Group,

Inc.,

Series

2013-1,

Class

A,

5.94%,

2/25/2036

(SOFR30A

+

61.4bps)

(a),(b)

234,482‌

230,533‌

American

Credit

Acceptance

Receivables

Trust,

Series

2020-1,

Class

D,

2.39%,

3/13/2026

(b)

164,120‌

163,467‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-2,

Class

D,

1.34%,

7/13/2027

(b)

2,250,000‌

2,170,558‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-3,

Class

D,

1.34%,

11/15/2027

(b)

2,455,000‌

2,338,830‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-4,

Class

D,

1.82%,

2/14/2028

(b)

1,250,000‌

1,188,539‌

BHG

Securitization

Trust,

Series

2021-A,

Class

A,

1.42%,

11/17/2033

(b)

392,144‌

368,429‌

Brazos

Education

Loan

Authority,

Inc.,

Series

2021-1,

Class

A1B,

6.01%,

11/25/2071

(TSFR1M

+

69.4bps)

(a)

1,300,526‌

1,268,969‌

Capital

Automotive

REIT,

Series

2022-1A,

Class

A1,

3.35%,

3/15/2052

(b)

936,667‌

834,880‌

CarMax

Auto

Owner

Trust,

Series

2020-4,

Class

D,

1.75%,

4/15/2027

1,000,000‌

943,423‌

CarMax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/2027

1,625,000‌

1,504,176‌

CarMax

Auto

Owner

Trust,

Series

2021-2,

Class

D,

1.55%,

10/15/2027

1,000,000‌

921,058‌

CarMax

Auto

Owner

Trust,

Series

2021-3,

Class

D,

1.50%,

1/18/2028

750,000‌

674,409‌

CarMax

Auto

Owner

Trust,

Series

2021-4,

Class

D,

1.48%,

3/15/2028

2,209,000‌

1,959,816‌

CarMax

Auto

Owner

Trust,

Series

2022-1,

Class

D,

2.47%,

7/17/2028

500,000‌

453,641‌

Carvana

Auto

Receivables

Trust,

Series

2020-P1,

Class

D,

1.82%,

9/8/2027

1,000,000‌

896,908‌

Carvana

Auto

Receivables

Trust,

Series

2021-N2,

Class

D,

1.27%,

3/10/2028

326,539‌

312,646‌

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

D,

4.13%,

12/11/2028

(b)

2,231,000‌

2,132,936‌

Carvana

Auto

Receivables

Trust,

Series

2022-P2,

Class

D,

6.28%,

5/10/2029

1,000,000‌

962,222‌

CCG

Receivables

Trust,

Series

2020-1,

Class

D,

2.68%,

12/14/2027

(b)

2,500,000‌

2,434,657‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

CLI

Funding

LLC,

Series

2020-1A,

Class

A,

2.08%,

9/18/2045

(b)

$

1,367,500‌

$

1,180,448‌

CLI

Funding

LLC,

Series

2020-3X,

Class

A,

2.07%,

10/18/2045

131,333‌

113,973‌

CLI

Funding

LLC,

Series

2022-1A,

Class

A1,

2.72%,

1/18/2047

(b)

851,467‌

714,788‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2020-1A,

Class

A,

2.24%,

12/15/2028

(b)

500,000‌

492,575‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2021-A,

Class

A,

2.55%,

12/17/2029

(b)

1,000,000‌

930,932‌

CPS

Auto

Receivables

Trust,

Series

2021-D,

Class

C,

1.59%,

12/15/2027

(b)

1,000,000‌

971,401‌

CPS

Auto

Receivables

Trust,

Series

2022-A,

Class

D,

2.84%,

4/16/2029

(b)

3,000,000‌

2,777,451‌

Credit

Acceptance

Auto

Loan

Trust,

Series

2020-3A,

Class

C,

2.28%,

2/15/2030

(b)

1,050,000‌

1,036,420‌

Credit

Acceptance

Auto

Loan

Trust,

Series

2021-3A,

Class

C,

1.63%,

9/16/2030

(b)

1,500,000‌

1,409,251‌

Crossroads

Asset

Trust,

Series

2021-A,

Class

C,

1.44%,

1/20/2026

(b)

478,955‌

474,558‌

Crossroads

Asset

Trust,

Series

2021-A,

Class

D,

2.52%,

1/20/2026

(b)

500,000‌

485,997‌

Dell

Equipment

Finance

Trust,

Series

2021-2,

Class

D,

1.21%,

6/22/2027

(b)

500,000‌

476,033‌

Dell

Equipment

Finance

Trust,

Series

2023-2,

Class

C,

6.06%,

1/22/2029

(b)

523,000‌

516,068‌

Dividend

Solar

Loans

LLC,

Series

2017-1,

Class

B,

5.25%,

3/22/2038

(b)

884,620‌

741,307‌

DT

Auto

Owner

Trust,

Series

2019-4A,

Class

D,

2.85%,

7/15/2025

(b)

155,852‌

154,714‌

DT

Auto

Owner

Trust,

Series

2020-2A,

Class

C,

3.28%,

3/16/2026

(b)

76,474‌

76,218‌

DT

Auto

Owner

Trust,

Series

2021-3A,

Class

D,

1.31%,

5/17/2027

(b)

2,000,000‌

1,819,536‌

DT

Auto

Owner

Trust,

Series

2022-1A,

Class

D,

3.40%,

12/15/2027

(b)

1,000,000‌

940,144‌

ECMC

Group

Student

Loan

Trust,

Series

2018-2A,

Class

A,

6.24%,

9/25/2068

(SOFR30A

+

91.4bps)

(a),(b)

295,559‌

289,270‌

Encina

Equipment

Finance

LLC,

Series

2021-1A,

Class

C,

1.39%,

6/15/2027

(b)

415,720‌

413,464‌

Exeter

Automobile

Receivables

Trust,

Series

2020-2A,

Class

D,

4.73%,

4/15/2026

(b)

42,859‌

42,577‌

Exeter

Automobile

Receivables

Trust,

Series

2019-3A,

Class

E,

4.00%,

8/17/2026

(b)

1,000,000‌

984,772‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

D,

1.08%,

11/16/2026

500,000‌

475,472‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/15/2028

(b)

2,000,000‌

1,814,378‌

Exeter

Automobile

Receivables

Trust,

Series

2023-1A,

Class

D,

6.69%,

6/15/2029

1,020,000‌

1,005,673‌

First

Investors

Auto

Owner

Trust,

Series

2021-1A,

Class

D,

1.62%,

3/15/2027

(b)

500,000‌

470,698‌

First

Investors

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.66%,

12/15/2027

(b)

3,000,000‌

2,695,602‌

Flagship

Credit

Auto

Trust,

Series

2019-2,

Class

D,

3.53%,

5/15/2025

(b)

179,783‌

177,842‌

Flagship

Credit

Auto

Trust,

Series

2020-2,

Class

C,

3.80%,

4/15/2026

(b)

9,250‌

9,245‌

Ford

Credit

Auto

Owner

Trust,

Series

2021-1,

Class

D,

2.31%,

10/17/2033

(b)

1,272,000‌

1,116,655‌

Ford

Credit

Auto

Owner

Trust,

Series

2021-2,

Class

D,

2.60%,

5/15/2034

(b)

750,000‌

647,531‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-1,

Class

D,

1.32%,

3/15/2027

(b)

550,000‌

531,670‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.92%,

9/15/2027

(b)

$

1,500,000‌

$

1,413,056‌

GCI

Funding

I

LLC,

Series

2021-1,

Class

A,

2.38%,

6/18/2046

(b)

783,477‌

664,705‌

Global

SC

Finance

Srl,

Series

2020-2A,

Class

A,

2.26%,

11/19/2040

(b)

661,762‌

589,367‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

D,

2.48%,

10/15/2027

(b)

1,500,000‌

1,377,476‌

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-3,

Class

D,

1.91%,

9/16/2027

500,000‌

484,306‌

Golden

Credit

Card

Trust,

Series

2021-1A,

Class

B,

1.44%,

8/15/2028

(b)

1,000,000‌

876,421‌

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052

(b)

30,173‌

27,008‌

Goodgreen

Trust,

Series

2017-2A,

Class

A,

3.26%,

10/15/2053

(b)

68,025‌

60,035‌

Goodgreen

Trust,

Series

2021-1A,

Class

A,

2.66%,

10/15/2056

(b)

194,649‌

158,314‌

Helios

Issuer

LLC,

Series

2021-A,

Class

A,

1.80%,

2/20/2048

(b)

402,408‌

287,145‌

HERO

Funding

Trust,

Series

2017-1A,

Class

A2,

4.46%,

9/20/2047

(b)

31,956‌

28,107‌

Hilton

Grand

Vacations

Trust,

Series

2020-AA,

Class

C,

6.42%,

2/25/2039

(b)

554,045‌

540,692‌

HPEFS

Equipment

Trust,

Series

2021-1A,

Class

D,

1.03%,

3/20/2031

(b)

1,000,000‌

982,295‌

Hyundai

Auto

Receivables

Trust,

Series

2020-B,

Class

C,

1.60%,

12/15/2026

1,000,000‌

965,529‌

InStar

Leasing

III

LLC,

Series

2021-1A,

Class

A,

2.30%,

2/15/2054

(b)

436,849‌

366,389‌

ITE

Rail

Fund

Levered

LP,

Series

2021-1A,

Class

A,

2.25%,

2/28/2051

(b)

441,441‌

371,958‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-2GS,

Class

A,

2.22%,

3/20/2048

(b)

709,858‌

476,820‌

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A1,

2.98%,

1/15/2045

(b)

165,986‌

159,813‌

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A2,

4.06%,

1/15/2045

(b)

1,944,454‌

1,848,029‌

Mosaic

Solar

Loan

Trust,

Series

2021-3A,

Class

B,

1.92%,

6/20/2052

(b)

144,344‌

96,115‌

Navient

Student

Loan

Trust,

Series

2018-BA,

Class

A2A,

3.61%,

12/15/2059

(a),(b)

30,157‌

29,159‌

Nelnet

Student

Loan

Trust,

Series

2012-2A,

Class

A,

6.24%,

12/26/2033

(SPFR30A

+

91.1bps)

(a),(b)

257,050‌

255,240‌

Nelnet

Student

Loan

Trust,

Series

2021-DA,

Class

AFL,

6.14%,

4/20/2062

(TSFR1M

+

80.4bps)

(a),(b)

305,667‌

301,771‌

Nelnet

Student

Loan

Trust,

Series

2021-A,

Class

APT1,

1.36%,

4/20/2062

(a),(b)

534,181‌

473,706‌

Octagon

Investment

Partners

XXI

Ltd.,

Series

2014-1A,

Class

ABR3,

6.52%,

2/14/2031

(TSFR3M

+

146.2bps)

(a),(b)

1,000,000‌

989,036‌

Octane

Receivables

Trust,

Series

2023-3A,

Class

A2,

6.44%,

3/20/2029

(b)

1,000,000‌

998,923‌

Pawnee

Equipment

Receivables

LLC,

Series

2020-1,

Class

B,

1.84%,

1/15/2026

(b)

319,096‌

318,228‌

Pawnee

Equipment

Receivables

LLC,

Series

2020-1,

Class

C,

2.24%,

2/17/2026

(b)

750,000‌

741,449‌

Pawnee

Equipment

Receivables

LLC,

Series

2022-1,

Class

A2,

4.84%,

2/15/2028

(b)

341,041‌

340,241‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-1,

Class

C,

4.11%,

12/15/2025

8,114‌

8,095‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-2,

Class

D,

2.22%,

9/15/2026

24,885‌

24,508‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-3,

Class

D,

1.64%,

11/16/2026

70,127‌

68,747‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Santander

Drive

Auto

Receivables

Trust,

Series

2020-4,

Class

D,

1.48%,

1/15/2027

$

214,112‌

$

208,774‌

Santander

Revolving

Auto

Loan

Trust,

Series

2019-A,

Class

D,

3.45%,

1/26/2032

(b)

1,000,000‌

947,979‌

SCF

Equipment

Leasing

LLC,

Series

2021-1A,

Class

C,

1.54%,

2/2/2030

(b)

200,000‌

185,757‌

SLM

Private

Credit

Student

Loan

Trust,

Series

2005-A,

Class

A4,

5.98%,

12/15/2038

(TSFR3M

+

57.2bps)

(a)

220,198‌

214,163‌

SLM

Private

Credit

Student

Loan

Trust,

Series

2006-A,

Class

A5,

5.96%,

6/15/2039

(TSFR3M

+

55.2bps)

(a)

98,838‌

95,107‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2A,

2.43%,

2/17/2032

(b)

11,423‌

11,078‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/2034

(b)

40,422‌

38,888‌

Sunrun

Demeter

Issuer

LLC,

Series

2021-A,

Class

A,

2.27%,

1/30/2057

(b)

896,472‌

678,402‌

Sunrun

Vulcan

Issuer

LLC,

Series

2021-A,

Class

A,

2.46%,

1/30/2052

(b)

1,779,105‌

1,464,689‌

TAL

Advantage

VII

LLC,

Series

2020-1A,

Class

A,

2.05%,

9/20/2045

(b)

887,240‌

780,076‌

Textainer

Marine

Containers

Ltd.,

Series

2020-1A,

Class

A,

2.73%,

8/21/2045

(b)

1,621,684‌

1,474,405‌

Tidewater

Auto

Receivables

Trust,

Series

2020-AA,

Class

D,

2.31%,

3/15/2027

(b)

958,952‌

935,493‌

TIF

Funding

II

LLC,

Series

2021-1A,

Class

A,

1.65%,

2/20/2046

(b)

783,125‌

648,935‌

Trillium

Credit

Card

Trust

II,

Series

2021-1A,

Class

C,

2.42%,

10/26/2029

(b)

1,000,000‌

880,337‌

Trinity

Rail

Leasing

LLC,

Series

2019-2A,

Class

A2,

3.10%,

10/18/2049

(b)

685,000‌

626,470‌

Trinity

Rail

Leasing

LLC,

Series

2020-2A,

Class

A1,

1.83%,

11/19/2050

(b)

973,743‌

887,763‌

Trinity

Rail

Leasing

LLC,

Series

2021-1A,

Class

A,

2.26%,

7/19/2051

(b)

910,242‌

762,869‌

United

Auto

Credit

Securitization

Trust,

Series

2021-1,

Class

E,

2.58%,

6/10/2026

(b)

1,000,000‌

977,020‌

United

Auto

Credit

Securitization

Trust,

Series

2022-1,

Class

D,

2.85%,

6/10/2027

(b)

1,000,000‌

964,957‌

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

B,

3.22%,

7/31/2051

(b)

1,132,403‌

821,383‌

Westlake

Automobile

Receivables

Trust,

Series

2020-3A,

Class

D,

1.65%,

2/17/2026

(b)

1,000,000‌

973,054‌

Westlake

Automobile

Receivables

Trust,

Series

2022-1A,

Class

D,

3.49%,

3/15/2027

(b)

1,000,000‌

948,487‌

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

D,

1.44%,

11/15/2027

2,000,000‌

1,805,868‌

Total

Asset

Backed

Securities

(Cost $90,858,583)

84,287,707‌

U.S.

GOVERNMENT

&

AGENCIES

—

16.79%

Fannie

Mae,

Pool

#FM7007,

4.00%,

10/1/2033

827,692‌

778,797‌

Fannie

Mae,

Pool

#MA4023,

3.50%,

1/1/2035

920,748‌

837,631‌

Fannie

Mae,

Pool

#MA4038,

3.00%,

4/1/2035

224,863‌

199,189‌

Fannie

Mae,

Pool

#MA4095,

2.00%,

8/1/2035

946,479‌

811,478‌

Fannie

Mae,

Pool

#MA4797,

4.00%,

11/1/2037

810,042‌

756,665‌

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

870,578‌

840,057‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

Fannie

Mae,

Pool

#CA8902,

2.50%,

2/1/2041

$

765,830‌

$

623,957‌

Fannie

Mae,

Pool

#MA4364,

2.00%,

5/1/2041

810,000‌

641,468‌

Fannie

Mae,

Pool

#MA4961,

5.00%,

3/1/2043

916,152‌

858,365‌

Fannie

Mae,

Pool

#MA4988,

5.00%,

4/1/2043

941,436‌

884,475‌

Fannie

Mae,

Pool

#BM4676,

4.00%,

10/1/2048

938,016‌

829,671‌

Fannie

Mae,

Pool

#CA5970,

2.50%,

6/1/2050

756,198‌

584,687‌

Fannie

Mae,

Pool

#CA6951,

2.50%,

9/1/2050

676,562‌

524,481‌

Fannie

Mae,

Pool

#FM7195,

2.50%,

9/1/2050

827,671‌

638,206‌

Fannie

Mae,

Pool

#MA4191,

2.00%,

11/1/2050

754,787‌

537,492‌

Fannie

Mae,

Pool

#FM5316,

2.00%,

12/1/2050

1,547,319‌

1,147,829‌

Fannie

Mae,

Pool

#MA4235,

2.00%,

1/1/2051

782,142‌

553,577‌

Fannie

Mae,

Pool

#CB0397,

3.00%,

5/1/2051

699,614‌

565,964‌

Fannie

Mae,

Pool

#FM8361,

2.50%,

8/1/2051

813,272‌

627,546‌

Fannie

Mae,

Pool

#BT9111,

1.85%,

9/1/2051

936,531‌

819,907‌

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,726,999‌

1,496,298‌

Fannie

Mae,

Pool

#QE9380,

4.50%,

9/1/2052

930,361‌

833,182‌

Fannie

Mae,

Pool

#MA4732,

4.00%,

9/1/2052

939,872‌

814,170‌

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

954,228‌

881,414‌

Fannie

Mae,

Pool

#BX7767,

5.50%,

3/1/2053

1,873,214‌

1,780,675‌

Fannie

Mae,

Pool

#MA5054,

4.00%,

6/1/2053

985,009‌

853,007‌

Fannie

Mae,

Pool

#MA5165,

5.50%,

10/1/2053

1,989,616‌

1,890,087‌

Federal

Home

Loan

Banks,

6.42%,

9/22/2038

1,000,000‌

987,673‌

Federal

Home

Loan

Banks,

6.83%,

10/30/2043

1,000,000‌

997,818‌

Freddie

Mac,

Pool

#SB8229,

4.50%,

5/1/2038

1,825,590‌

1,729,364‌

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

851,519‌

669,900‌

Freddie

Mac,

Pool

#QA5121,

2.50%,

12/1/2049

975,903‌

756,784‌

Freddie

Mac,

Pool

#RE6081,

2.00%,

1/1/2051

768,396‌

543,565‌

Freddie

Mac,

Pool

#RE6085,

1.50%,

2/1/2051

1,682,553‌

1,136,053‌

Freddie

Mac,

Pool

#8C0119,

1.52%,

9/1/2051

861,092‌

741,788‌

Freddie

Mac,

Pool

#QE2792,

4.00%,

6/1/2052

975,998‌

846,099‌

Freddie

Mac,

Pool

#SD8230,

4.50%,

6/1/2052

908,181‌

813,351‌

Freddie

Mac,

Pool

#SD1087,

3.50%,

6/1/2052

944,895‌

789,795‌

Freddie

Mac,

Pool

#QE9380,

5.00%,

9/1/2052

870,731‌

804,269‌

Freddie

Mac,

Pool

#SD8267,

5.00%,

11/1/2052

935,958‌

864,528‌

Freddie

Mac,

Pool

#SD8306,

4.50%,

2/1/2053

963,540‌

862,140‌

Freddie

Mac,

Pool

#QG1666,

5.00%,

3/1/2053

993,833‌

918,193‌

Freddie

Mac,

Pool

#QF8790,

5.50%,

3/1/2053

923,112‌

877,281‌

Freddie

Mac,

Pool

#SD3437,

5.00%,

4/1/2053

1,962,481‌

1,811,681‌

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

958,063‌

910,289‌

Freddie

Mac,

Pool

#SD2757,

5.00%,

5/1/2053

969,174‌

895,865‌

Freddie

Mac,

Pool

#SD8373,

6.00%,

11/1/2053

1,000,000‌

974,004‌

United

States

Treasury

Note,

0.50%,

6/30/2027

5,000,000‌

4,274,414‌

Total

U.S.

Government

&

Agencies

(Cost $51,483,285)

45,815,129‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Principal

Amount

Fair

Value

COLLATERALIZED

LOAN

OBLIGATIONS

—

6.87%

Ares

XXXIIR

CLO

Ltd.,

Series

2014-32

RA,

Class

A1B,

6.83%,

5/15/2030

(TSFR3M

+

146.2bps)

(a),(b)

$

1,000,000‌

$

984,753‌

ArrowMark

Colorado

Holdings,

Series

2017-6A,

Class

A2,

7.11%,

7/15/2029

(TSFR3M

+

171.2bps)

(a),(b)

1,000,000‌

991,582‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

A2,

7.06%,

1/15/2035

(TSFR3M

+

166.2bps)

(a),(b)

1,000,000‌

976,751‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2013-4A,

Class

A2RR,

6.81%,

1/15/2031

(TSFR3M

+

141.2bps)

(a),(b)

825,000‌

813,974‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2017-1A,

Class

A1R,

6.68%,

4/20/2031

(TSFR3M

+

126.2bps)

(a),(b)

909,626‌

905,192‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2019-1A,

Class

A1AR,

6.76%,

4/20/2031

(TSFR3M

+

134.2bps)

(a),(b)

250,000‌

248,912‌

Carlyle

US

CLO

Ltd.,

Series

2020-2A,

Class

A1R,

6.78%,

1/25/2035

(TSFR3M

+

140.2bps)

(a),(b)

1,000,000‌

992,138‌

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A2,

6.81%,

1/20/2031

(TSFR3M

+

139.2bps)

(a),(b)

625,000‌

608,815‌

Cedar

Funding

XII

CLO

Ltd.,

Series

2020-12A,

Class

XR,

6.64%,

10/25/2034

(TSFR3M

+

126.2bps)

(a),(b)

916,667‌

916,538‌

Goldentree

Loan

Management

US

CLO

5

Ltd.,

Series

2018-3A,

Class

AJ,

6.98%,

4/20/2030

(TSFR3M

+

156.2bps)

(a),(b)

1,000,000‌

988,975‌

Goldentree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

BR,

7.22%,

4/20/2035

(TSFR3M

+

180.0bps)

(a),(b)

1,000,000‌

975,261‌

Hildene

TruPS

Financials

Note

Securitization,

Series

2019-2A,

Class

A1,

7.41%,

5/22/2039

(TSFR3M

+

202.2bps)

(a),(b)

1,785,436‌

1,736,336‌

ICG

US

CLO

Ltd.,

Series

2014-1A,

Class

A1A2,

6.88%,

10/20/2034

(TSFR3M

+

146.2bps)

(a),(b)

1,000,000‌

982,766‌

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

ABRR,

7.06%,

10/15/2032

(TSFR3M

+

166.2bps)

(a),(b)

1,000,000‌

998,155‌

Morgan

Stanley

Eaton

Vance

CLO,

Series

2022-16A,

Class

A2,

7.04%,

4/15/2035

(TSFR3M

+

165.0bps)

(a),(b)

1,000,000‌

982,340‌

Oaktree

CLO

Ltd.,

Series

2019-3A,

Class

A1R,

6.88%,

10/20/2034

(TSFR3M

+

146.2bps)

(a),(b)

1,000,000‌

992,080‌

Rockford

Tower

CLO

Ltd.,

Series

2019-2A,

Class

AR,

6.74%,

8/20/2032

(TSFR3M

+

136.2bps)

(a),(b)

1,000,000‌

994,193‌

Sound

Point

CLO

VIII-R

Ltd.,

Series

2015-1RA,

Class

BR,

7.21%,

4/15/2030

(TSFR3M

+

181.2bps)

(a),(b)

2,000,000‌

1,983,676‌

Voya

CLO

Ltd.,

Series

2020-3A,

Class

AR,

6.83%,

10/20/2034

(TSFR3M

+

141.2bps)

(a),(b)

675,000‌

670,709‌

Total

Collateralized

Loan

Obligations

(Cost $18,957,905)

18,743,146‌

Total

Investments

—

99.64%

(Cost

$292,378,031)

271,845,998‌

Other

Assets

in

Excess

of

Liabilities

—

0.36%

995,265‌

Net

Assets

—

100.00%

$

272,841,263‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

October

31,

2023.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

(b)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

total

fair

value

of

these

securities

as

October

31,

2023

was

$137,487,714,

representing

50.39%

of

net

assets.

MTN

-

Medium

Term

Note

Yorktown

Small

Cap

Fund

Schedule

of

Investments

October

31,

2023

-

(Unaudited)

+

Shares

Fair

Value

COMMON

STOCKS

—

81.59%

Communications

—

0.57%

Grab

Holdings

Ltd.,

Class

A

(a)

52,000‌

$

159,640‌

Consumer

Discretionary

—

9.51%

Arcos

Dorados

Holdings,

Inc.,

Class

A

73,000‌

658,460‌

Buckle,

Inc.

(The)

6,400‌

216,128‌

Dick's

Sporting

Goods,

Inc.

4,800‌

513,360‌

DraftKings,

Inc.,

Class

A

(a)

9,960‌

275,095‌

Genius

Sports

Ltd.

(a)

37,100‌

181,048‌

Target

Hospitality

Corp

(a)

32,000‌

439,360‌

Winnebago

Industries,

Inc.

6,400‌

370,880‌

2,654,331‌

Consumer

Staples

—

2.44%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

10,000‌

681,200‌

Energy

—

11.02%

Matador

Resources

Co.

5,500‌

339,295‌

Northern

Oil

and

Gas,

Inc.

25,600‌

981,504‌

Permian

Resources

Corp.,

Class

A

56,500‌

823,205‌

Range

Resources

Corp.

13,400‌

480,256‌

SandRidge

Energy,

Inc.

28,500‌

451,725‌

3,075,985‌

Financials

—

12.77%

American

Equity

Investment

Life

Holding

Co.

12,400‌

656,704‌

First

BanCorp.

44,000‌

587,400‌

Genworth

Financial,

Inc.,

Class

A

(a)

122,000‌

730,780‌

LPL

Financial

Holdings,

Inc.

5,000‌

1,122,600‌

Robinhood

Markets,

Inc.,

Class

A

(a)

17,900‌

163,606‌

StoneX

Group,

Inc.

(a)

3,200‌

305,024‌

3,566,114‌

Health

Care

—

2.23%

Catalyst

Pharmaceuticals,

Inc.

(a)

40,500‌

502,605‌

Repligen

Corp.

(a)

900‌

121,104‌

623,709‌

Industrials

—

13.31%

AeroVironment,

Inc.

(a)

1,994‌

228,632‌

FTI

Consulting,

Inc.

(a)

2,600‌

551,876‌

Knight-Swift

Transportation

Holdings,

Inc.

7,600‌

371,564‌

Mueller

Industries,

Inc.

32,000‌

1,206,720‌

Novanta,

Inc.

(a)

6,500‌

858,390‌

NV5

Global,

Inc.

(a)

1,400‌

132,090‌

Terex

Corp.

8,000‌

366,400‌

3,715,672‌

Materials

—

6.73%

Alpha

Metallurgical

Resources,

Inc.

2,900‌

637,884‌

Cleveland-Cliffs,

Inc.

(a)

46,500‌

780,270‌

SunCoke

Energy,

Inc.

48,500‌

461,235‌

1,879,389‌

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

October

31,

2023

-

(Unaudited)

Shares

Fair

Value

Real

Estate

—

2.65%

Matson,

Inc.

8,500‌

$

739,925‌

Technology

—

20.36%

Amkor

Technology,

Inc.

16,500‌

344,190‌

Global-e

Online

Ltd.

(a)

6,530‌

229,269‌

Jabil,

Inc.

7,000‌

859,600‌

Kulicke

&

Soffa

Industries,

Inc.

7,300‌

303,753‌

Lattice

Semiconductor

Corp.

(a)

10,400‌

578,344‌

Perion

Network

Ltd.

(a)

30,300‌

769,620‌

Rambus,

Inc.

(a)

24,600‌

1,336,518‌

Sanmina

Corp.

(a)

14,500‌

737,615‌

Super

Micro

Computer,

Inc.

(a)

2,200‌

526,834‌

5,685,743‌

Total

Common

Stocks

(Cost $16,765,183)

22,781,708‌

CONTINGENT

VALUE

RIGHTS

—

0.00%

—

0.00%

Sinovac

Biotech

Ltd.

(b)

74,893‌

—‌

Total

Contingent

Value

Rights

(Cost $–)

—‌

INVESTMENT

COMPANIES

—

11.79%

Exchange-Traded

Funds

—

11.79%

iShares

Russell

2000

ETF

20,000‌

3,290,400‌

Total

Investment

Companies

(Cost $3,422,500)

3,290,400‌

Total

Investments

—

93.38%

(Cost

$20,187,683)

26,072,108‌

Other

Assets

in

Excess

of

Liabilities

—

6.62%

1,849,120‌

Net

Assets

—

100.00%

$

27,921,228‌

(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.

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