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American Pension Investors Trust NPORT-PYorktown Short-term Bond FD (Apr 2024 report)

Filed: 1 Jul 24, 12:30pm

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Yorktown

Growth

Fund

Schedule

of

Investments

April

30,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

97.52%

Communications

—

2.38%

Gravity

Co.

Ltd.

-

ADR

(a)

5,100‌

$

333,030‌

Naspers

Ltd.,

Class

N

-

ADR

9,200‌

350,888‌

Seek

Ltd.

-

ADR

9,800‌

304,682‌

Take-Two

Interactive

Software,

Inc.

(a)

3,400‌

485,554‌

Trade

Desk,

Inc.

(The),

Class

A

(a)

5,700‌

472,245‌

1,946,399‌

Consumer

Discretionary

—

11.56%

Axon

Enterprise,

Inc.

(a)

1,200‌

376,392‌

Boyd

Gaming

Corp.

5,300‌

283,603‌

Brunswick

Corp.

2,700‌

217,728‌

Compagnie

Financiere

Richemont

SA

-

ADR

25,900‌

357,420‌

Copart,

Inc.

(a)

9,400‌

510,514‌

D.R.

Horton,

Inc.

3,600‌

512,964‌

Dorman

Products,

Inc.

(a)

3,700‌

323,565‌

Evolution

AB

-

ADR

2,600‌

285,350‌

Evolution

AB

2,600‌

290,681‌

Floor

and

Decor

Holdings,

Inc.,

Class

A

(a)

3,000‌

330,990‌

GMS,

Inc.

(a)

3,100‌

286,812‌

LCI

Industries

4,800‌

499,104‌

Lithia

Motors,

Inc.,

Class

A

2,100‌

534,198‌

MasterBrand,

Inc.

(a)

40,650‌

677,636‌

Modine

Manufacturing

Co.

(a)

4,150‌

384,415‌

MonotaRO

Co.

Ltd.

-

ADR

29,500‌

351,345‌

Patrick

Industries,

Inc.

3,700‌

386,613‌

PHINIA,

Inc.

10,470‌

408,330‌

Pool

Corp.

1,410‌

511,167‌

PulteGroup,

Inc.

4,000‌

445,680‌

Skyline

Champion

Corp.

(a)

4,400‌

329,956‌

Taylor

Morrison

Home

Corp.

(a)

7,400‌

414,474‌

THOR

Industries,

Inc.

3,325‌

330,571‌

Tractor

Supply

Co.

1,450‌

395,966‌

9,445,474‌

Consumer

Staples

—

2.88%

Bunge

Global

SA

3,200‌

325,632‌

Casey's

General

Stores,

Inc.

1,200‌

383,496‌

Five

Below,

Inc.

(a)

2,400‌

351,216‌

Performance

Food

Group

Co.

(a)

5,630‌

382,164‌

Seaboard

Corp.

80‌

264,809‌

Seven

&

I

Holdings

Co.,

Ltd.

-

ADR

22,875‌

293,257‌

Simply

Good

Foods

Co.

(The)

(a)

9,800‌

357,210‌

2,357,784‌

Energy

—

3.30%

APA

Corp.

9,900‌

311,256‌

Civitas

Resources,

Inc.

4,600‌

331,016‌

HF

Sinclair

Corp.

6,100‌

330,925‌

Matador

Resources

Co.

5,100‌

317,730‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Shares

Fair

Value

Ovintiv,

Inc.

10,300‌

$

528,596‌

Repsol

SA

-

ADR

18,000‌

282,780‌

Texas

Pacific

Land

Corp.

480‌

276,624‌

Vitesse

Energy,

Inc.

14,170‌

314,432‌

2,693,359‌

Financials

—

8.95%

Assetmark

Financial

Holdings,

Inc.

(a)

10,150‌

343,171‌

Carlyle

Group,

Inc.

(The)

10,600‌

474,880‌

Deutsche

Boerse

AG

-

ADR

31,000‌

596,440‌

Evercore

Partners,

Inc.,

Class

A

2,375‌

431,062‌

Franklin

Resources,

Inc.

9,600‌

219,264‌

FTAI

Aviation

Ltd.

5,800‌

407,218‌

Hamilton

Lane,

Inc.,

Class

A

3,300‌

368,676‌

Houlihan

Lokey,

Inc.,

Class

A

3,850‌

490,837‌

KKR

&

Co.,

Inc.

9,700‌

902,779‌

LPL

Financial

Holdings,

Inc.

2,990‌

804,699‌

Raymond

James

Financial,

Inc.

6,450‌

786,900‌

Stifel

Financial

Corp.

4,900‌

391,608‌

StoneX

Group,

Inc.

(a)

4,800‌

348,480‌

Tradeweb

Markets,

Inc.,

Class

A

4,850‌

493,294‌

XP,

Inc.,

Class

A

12,800‌

262,016‌

7,321,324‌

Health

Care

—

4.70%

Charles

River

Laboratories

International,

Inc.

(a)

1,800‌

412,200‌

Globus

Medical,

Inc.,

Class

A

(a)

6,400‌

318,656‌

ICON

PLC

(a)

2,450‌

729,806‌

Medpace

Holdings,

Inc.

(a)

1,800‌

699,030‌

Penumbra,

Inc.

(a)

1,850‌

363,470‌

Repligen

Corp.

(a)

2,150‌

353,030‌

Sonova

Holding

AG

-

ADR

6,780‌

375,748‌

Straumann

Holding

AG

-

ADR

23,000‌

310,040‌

WillScot

Mobile

Mini

Holdings

Corp.

(a)

7,500‌

277,200‌

3,839,180‌

Industrials

—

21.62%

Ashtead

Group

PLC

-

ADR

1,450‌

430,215‌

Atkore,

Inc.

3,800‌

666,140‌

Camtek

Ltd.

5,200‌

421,044‌

Clean

Harbors,

Inc.

(a)

1,450‌

274,703‌

Comfort

Systems

USA,

Inc.

2,850‌

881,819‌

Core

&

Main,

Inc.,

Class

A

(a)

13,300‌

751,051‌

Disco

Corp.

-

ADR

37,500‌

1,080,750‌

DSV

A/S

-

ADR

3,850‌

273,080‌

Expeditors

International

of

Washington,

Inc.

2,600‌

289,406‌

Fluidra

SA

15,600‌

331,383‌

Franklin

Electric

Co.,

Inc.

6,000‌

577,620‌

Frontline

PLC

13,400‌

314,766‌

Generac

Holdings,

Inc.

(a)

3,100‌

421,476‌

Greenbrier

Companies,

Inc.

(The)

4,600‌

227,194‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Shares

Fair

Value

Grupo

Aeroportuario

del

Sureste

S.A.B.

de

C.V.

-

ADR

1,390‌

$

478,855‌

Hayward

Holdings,

Inc.

(a)

21,600‌

293,328‌

Herc

Holdings

Inc.

1,500‌

214,545‌

IES

Holdings,

Inc.

(a)

5,400‌

729,648‌

Ingersoll

Rand,

Inc.

9,700‌

905,204‌

Installed

Building

Products,

Inc.

1,300‌

306,449‌

Kirby

Corp.

(a)

3,800‌

414,694‌

Korn/Ferry

International

5,700‌

346,104‌

Kuehne

&

Nagel

International

AG

-

ADR

6,200‌

328,315‌

Landstar

System,

Inc.

2,250‌

392,423‌

Mueller

Industries,

Inc.

7,800‌

435,396‌

Prysmian

SpA

-

ADR

15,000‌

408,900‌

Prysmian

SpA

14,400‌

786,712‌

RBC

Bearings,

Inc.

(a)

1,000‌

244,550‌

Regal

Rexnord

Corp.

2,300‌

371,151‌

Rentokil

Initial

PLC

-

ADR

9,900‌

253,638‌

Rollins,

Inc.

7,300‌

325,288‌

Saia,

Inc.

(a)

1,840‌

730,167‌

SiteOne

Landscape

Supply,

Inc.

(a)

1,600‌

251,024‌

Techtronic

Industries

Co.

Ltd.

-

ADR

5,700‌

393,984‌

Teledyne

Technologies,

Inc.

(a)

900‌

343,332‌

TopBuild

Corp.

(a)

1,300‌

526,071‌

Toro

Co.

(The)

3,200‌

280,288‌

Vertiv

Holdings

Co.

4,500‌

418,500‌

WESCO

International,

Inc.

3,600‌

549,900‌

17,669,113‌

Materials

—

13.16%

Advanced

Drainage

Systems,

Inc.

3,100‌

486,700‌

Boise

Cascade

Co.

2,800‌

370,356‌

Cabot

Corp.

3,200‌

291,936‌

Celanese

Corp.

2,500‌

384,025‌

CF

Industries

Holdings,

Inc.

4,300‌

339,571‌

Commercial

Metals

Co.

8,700‌

467,538‌

Eagle

Materials,

Inc.

3,100‌

777,201‌

Encore

Wire

Corp.

1,325‌

370,152‌

Givaudan

SA

-

ADR

5,100‌

437,223‌

Gold

Fields

Ltd.

-

ADR

22,750‌

367,867‌

James

Hardie

Industries

PLC

-

ADR

(a)

12,300‌

424,350‌

Kingspan

Group

PLC

-

ADR

4,650‌

419,314‌

Reliance

Steel

&

Aluminum

Co.

870‌

247,706‌

Simpson

Manufacturing

Co.,

Inc.

1,900‌

330,391‌

Smurfit

Kappa

Group

PLC

-

ADR

8,300‌

362,793‌

Steel

Dynamics,

Inc.

3,550‌

461,926‌

Tenaris

S.A.

-

ADR

11,300‌

372,787‌

Ternium

S.A.

-

ADR

8,275‌

348,378‌

Trex

Co.,

Inc.

(a)

8,300‌

734,965‌

UFP

Industries,

Inc.

6,300‌

710,010‌

UFP

Technologies,

Inc.

(a)

1,550‌

319,207‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Shares

Fair

Value

United

States

Lime

&

Mineral,

Inc.

825‌

$

255,750‌

Warrior

Met

Coal,

Inc.

7,500‌

512,625‌

West

Fraser

Timber

Co.

Ltd.

3,750‌

287,100‌

Westlake

Chemical

Corp.

3,050‌

449,448‌

Worthington

Industries,

Inc.

4,000‌

228,640‌

10,757,959‌

Real

Estate

—

1.85%

CBRE

Group,

Inc.,

Class

A

(a)

6,700‌

582,163‌

CubeSmart

7,100‌

287,124‌

FirstService

Corp.

2,300‌

338,100‌

Tricon

Residential,

Inc.

(a)

27,000‌

303,210‌

1,510,597‌

Technology

—

25.33%

Advantest

Corp.

-

ADR

15,200‌

481,232‌

Allegro

Microsystems,

Inc.

(a)

9,200‌

273,148‌

Amkor

Technology,

Inc.

13,000‌

420,550‌

Arista

Networks,

Inc.

(a)

2,450‌

628,572‌

ASE

Technology

Holding

Co.

Ltd.

-

ADR

39,600‌

397,584‌

ASM

International

NV

-

ADR

810‌

510,065‌

Capgemini

SE

-

ADR

8,200‌

344,236‌

CDW

Corp.

2,200‌

532,092‌

Cirrus

Logic,

Inc.

(a)

4,700‌

416,279‌

CyberArk

Software

Ltd.

(a)

3,100‌

741,675‌

Dassault

Systemes

SE

-

ADR

7,750‌

303,645‌

Descartes

Systems

Group,

Inc.

(The)

(a)

8,200‌

760,878‌

Digi

International,

Inc.

(a)

7,600‌

233,016‌

Dlocal

Ltd.,

Class

A

(a)

19,800‌

281,358‌

DoubleVerify

Holdings,

Inc.

(a)

8,900‌

260,770‌

Dynatrace,

Inc.

(a)

6,100‌

276,391‌

Entegris,

Inc.

3,900‌

518,388‌

EPAM

Systems,

Inc.

(a)

1,120‌

263,491‌

ExlService

Holdings,

Inc.

(a)

12,100‌

350,900‌

Fabrinet

(a)

3,800‌

657,666‌

Fortinet,

Inc.

(a)

4,950‌

312,741‌

Globant

S.A.

(a)

2,100‌

375,039‌

KLA

Corp.

1,500‌

1,033,935‌

Kulicke

&

Soffa

Industries,

Inc.

5,000‌

231,400‌

Lasertec

Corp.

2,100‌

460,713‌

Logitech

International

S.A.

7,500‌

587,925‌

MKS

Instruments,

Inc.

3,500‌

416,430‌

Monolithic

Power

Systems,

Inc.

650‌

435,065‌

NICE

Ltd.

-

ADR

(a)

1,500‌

335,265‌

Paycom

Software,

Inc.

1,200‌

225,576‌

Paylocity

Holdings

Corp.

(a)

2,550‌

395,658‌

PTC,

Inc.

(a)

2,800‌

496,832‌

Qualys,

Inc.

(a)

4,700‌

770,377‌

SPS

Commerce,

Inc.

(a)

4,330‌

752,857‌

STMicroelectronics

NV

9,400‌

371,864‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Shares

Fair

Value

Super

Micro

Computer,

Inc.

(a)

2,775‌

$

2,383,170‌

SYNNEX

Corp.

2,700‌

318,168‌

TDK

Corp.

-

ADR

7,500‌

333,825‌

Tokyo

Electron

Ltd.

-

ADR

6,600‌

728,442‌

Tyler

Technologies,

Inc.

(a)

1,650‌

761,557‌

Veeva

Systems,

Inc.,

Class

A

(a)

1,650‌

327,624‌

20,706,399‌

Utilities

—

1.79%

Brookfield

Infrastructure

Partners

LP

11,800‌

317,066‌

Pampa

Energia

SA

-

ADR

(a)

7,200‌

319,464‌

RWE

AG

-

ADR

6,600‌

229,680‌

SSE

PLC

-

ADR

14,400‌

305,856‌

Veolia

Environnement

SA

-

ADR

(a)

19,000‌

294,500‌

1,466,566‌

Total

Common

Stocks

(Cost $53,744,907)

79,714,154‌

CONTINGENT

VALUE

RIGHTS

—

0.00%

Health

Care

—

0.00%

ABIOMED,

Inc.

(b)

1,550‌

—‌

Total

Contingent

Value

Rights

(Cost $–)

—‌

Total

Investments

—

97.52%

(Cost

$53,744,907)

79,714,154‌

Other

Assets

in

Excess

of

Liabilities

—

2.48%

2,030,437‌

Net

Assets

—

100.00%

$

81,744,591‌

(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

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

46.32%

Communications

—

2.37%

CCO

Holdings

LLC,

5.00%,

2/1/2028

(a)

$

1,000,000‌

$

911,560‌

CCO

Holdings

LLC,

4.25%,

2/1/2031

(a)

1,000,000‌

783,388‌

CCO

Holdings

LLC,

4.50%,

6/1/2033

(a)

1,000,000‌

752,863‌

Prosus

NV,

MTN,

3.06%,

7/13/2031

(a)

500,000‌

400,939‌

Scripps

Escrow

II,

Inc.,

3.88%,

1/15/2029

(a)

500,000‌

369,848‌

Univision

Communications,

Inc.,

4.50%,

5/1/2029

(a)

1,000,000‌

870,806‌

Verizon

Communications,

Inc.,

2.85%,

9/3/2041

1,000,000‌

682,347‌

VMED

OC

UK

Financing

PLC,

4.75%,

7/15/2031

(a)

1,000,000‌

835,519‌

Vodafone

Group

PLC,

4.13%,

6/4/2081

(H15T5Y

+

276.7bps)

(b)

1,000,000‌

838,383‌

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/2052

1,000,000‌

766,407‌

7,212,060‌

Consumer

Discretionary

—

3.72%

Carnival

Corp.,

4.00%,

8/1/2028

(a)

2,000,000‌

1,829,991‌

Carnival

Corp.,

6.00%,

5/1/2029

(a)

1,000,000‌

969,668‌

Ford

Motor

Co.,

B,

3.25%,

2/12/2032

500,000‌

402,901‌

Ford

Motor

Credit

Co.,

LLC,

3.38%,

11/13/2025

2,000,000‌

1,920,633‌

Ford

Motor

Credit

Co.,

LLC,

2.90%,

2/10/2029

2,000,000‌

1,727,353‌

LGI

Homes,

Inc.,

4.00%,

7/15/2029

(a)

500,000‌

429,302‌

Lowe's

Cos,

Inc.,

5.63%,

4/15/2053

1,000,000‌

954,551‌

Marriott

International,

Inc.,

2.75%,

10/15/2033

500,000‌

394,114‌

Marriott

Ownership

Resorts,

Inc.,

4.50%,

6/15/2029

(a)

1,000,000‌

898,675‌

McDonald's

Corp.,

5.45%,

8/14/2053

1,000,000‌

953,690‌

Yum!

Brands,

Inc.,

3.63%,

3/15/2031

1,000,000‌

864,892‌

11,345,770‌

Consumer

Staples

—

3.00%

Anheuser-Busch

Cos.,

LLC,

4.70%,

2/1/2036

(a)

100,000‌

93,136‌

Constellation

Brands,

Inc.,

2.25%,

8/1/2031

500,000‌

400,566‌

Constellation

Brands,

Inc.,

4.50%,

5/9/2047

500,000‌

406,524‌

Coty,

Inc.,

5.00%,

4/15/2026

(a)

1,000,000‌

981,694‌

JBS

USA

LUX

SA,

5.50%,

1/15/2030

1,000,000‌

966,013‌

JBS

USA

LUX

SA,

3.75%,

12/1/2031

250,000‌

211,345‌

JBS

USA

LUX

SA,

3.63%,

1/15/2032

500,000‌

416,722‌

Kraft

Heinz

Foods

Co.,

5.00%,

6/4/2042

(a)

300,000‌

268,113‌

Kraft

Heinz

Foods

Co.,

4.38%,

6/1/2046

1,000,000‌

801,825‌

Kraft

Heinz

Foods

Co.,

4.88%,

10/1/2049

1,000,000‌

859,333‌

Land

O'

Lakes,

Inc.,

7.25%,

Perpetual

(a)

2,000,000‌

1,610,000‌

Molson

Coors

Beverage

Co.,

4.20%,

7/15/2046

1,000,000‌

784,576‌

Performance

Food

Group,

Inc.,

4.25%,

8/1/2029

(a)

500,000‌

448,519‌

Pilgrim's

Pride

Corp.,

4.25%,

4/15/2031

1,000,000‌

885,407‌

9,133,773‌

Financials

—

22.89%

American

Express

Co.,

3.55%,

Perpetual

(H15T5Y

+

285.4bps)

(b)

1,000,000‌

914,886‌

Assurant,

Inc.,

7.00%,

3/27/2048

1,000,000‌

996,212‌

Assured

Guaranty

Municipal

Holdings,

Inc.,

6.40%,

12/15/2066

(1MO

LIBOR

+

221.50bps)

(a),

(b)

2,000,000‌

1,770,047‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

6.13%,

Perpetual

(USSW5

+

387.0bps)

(b)

$

800,000‌

$

718,311‌

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

Series

9,

6.50%,

Perpetual

(H15T5Y

+

519.2bps)

(b)

1,000,000‌

988,777‌

Bank

of

America

Corp.,

4.38%,

Perpetual

(H15T5Y

+

276.0bps)

(b)

2,000,000‌

1,839,234‌

Bank

of

New

York

Mellon

Corp.

(The),

Series

F,

4.63%,

Perpetual

(TSFR3M

+

339.26bps)

(b)

1,000,000‌

950,633‌

Bank

of

Nova

Scotia

(The),

8.00%,

1/27/2084

(H15T5Y

+

401.70bps)

(b)

1,000,000‌

1,007,809‌

Barclays

PLC,

4.84%,

5/9/2028

2,000,000‌

1,909,863‌

Barclays

PLC,

5.09%,

6/20/2030

(US0003M

+

305.40bps)

(b)

1,500,000‌

1,414,991‌

Barclays

PLC,

9.63%,

12/31/2049

(USISSO05

+

577.50bps)

(b)

1,000,000‌

1,047,629‌

BBVA

Bancomer

S.A.,

5.13%,

Perpetual

(H15T5Y

+

265.0bps)

(b)

2,000,000‌

1,827,037‌

BNP

Paribas

SA,

8.00%,

Perpetual

(H15T5Y

+372.70bps)

(a),

(b)

2,000,000‌

1,992,453‌

Brighthouse

Financial,

Inc.,

4.70%,

6/22/2047

2,642,000‌

2,011,197‌

Citadel

Finance

LLC,

3.38%,

3/9/2026

(a)

2,000,000‌

1,873,514‌

Citigroup,

Inc.,

4.70%,

Perpetual

(SOFR

+

323.4bps)

(b)

1,000,000‌

974,184‌

Citigroup,

Inc.,

4.15%,

Perpetual

(H15T5Y

+

300.0bps)

(b)

2,000,000‌

1,840,978‌

Citigroup,

Inc.,

3.88%,

Perpetual

(H15T5Y

+

341.7bps)

(b)

1,000,000‌

941,184‌

Credit

Agricole

SA,

MTN,

4.75%,

Perpetual

(H15T5Y

+

323.70bps)

(a),

(b)

1,000,000‌

852,234‌

Discover

Financial

Services,

Series

C,

5.50%,

Perpetual

(TSFR3M

+

333.8bps)

(b)

1,000,000‌

840,504‌

Drawbridge

Special

Opportunities

Fund

LP,

3.88%,

2/15/2026

(a)

2,000,000‌

1,886,359‌

Enstar

Finance

LLC,

5.50%,

1/15/2042

(H15T5Y

+

400.6bps)

(b)

500,000‌

474,463‌

FedNat

Holding

Co.,

7.75%,

3/15/2029

(c)(d)

2,400,000‌

373,920‌

GATX

Corp.,

Class

B,

4.00%,

6/30/2030

2,000,000‌

1,819,879‌

Global

Atlantic

Financial

Co.,

4.70%,

10/15/2051

(H15T5Y

+

379.6bps)

(a),

(b)

1,000,000‌

884,054‌

Goldman

Sachs

Group,

Inc.

(The),

Series

P,

8.51%,

Perpetual

(TSFR3M

+

313.6bps)

(b)

1,000,000‌

1,000,591‌

Goldman

Sachs

Group,

Inc.

(The),

7.50%,

Perpetual

(H15T5Y

+

280.90bps)

(b)

1,000,000‌

1,013,383‌

HSBC

Holdings

PLC,

8.00%,

Perpetual

(H15T5Y

+

385.8bps)

(b)

1,000,000‌

1,034,627‌

ING

Groep

NV,

5.75%,

Perpetual

(H15T5Y

+

432.2bps)

(b)

1,000,000‌

944,659‌

ING

Groep

NV,

4.25%,

Perpetual

(H15T5Y

+

286.2bps)

(b)

1,000,000‌

737,602‌

Intesa

Sanpaolo

SpA,

3.25%,

9/23/2024

(a),

(b)

1,000,000‌

989,435‌

Intesa

Sanpaolo

SpA,

5.71%,

1/15/2026

(a)

2,000,000‌

1,971,418‌

JPMorgan

Chase

&

Co.,

6.88%,

Perpetual

(H15T5Y

+

273.7bps)

(b)

1,000,000‌

1,027,212‌

JPMorgan

Chase

&

Co.,

Series

HH,

4.60%,

Perpetual

(SOFR

+

312.5bps)

(b)

1,000,000‌

986,153‌

Liberty

Mutual

Group,

Inc.,

3.95%,

5/15/2060

(a)

500,000‌

337,824‌

Liberty

Mutual

Group,

Inc.,

4.30%,

2/1/2061

(a)

1,000,000‌

615,776‌

Lloyds

Banking

Group

PLC,

7.50%,

Perpetual

(USSW5

+

449.6bps)

(b)

2,000,000‌

1,984,797‌

Lloyds

Banking

Group

PLC,

8.00%,

Perpetual

(H15T5Y

+

391.3bps)

(b)

1,000,000‌

990,058‌

Macquarie

Bank

Ltd.,

3.62%,

6/3/2030

(a)

1,000,000‌

870,275‌

Massachusetts

Mutual

Life

Insurance

Co.,

3.38%,

4/15/2050

(a)

1,000,000‌

659,821‌

Nationwide

Mutual

Insurance

Co.,

4.35%,

4/30/2050

(a)

1,000,000‌

742,733‌

Nordea

Bank

Abp,

3.75%,

Perpetual

(H15T5Y

+

260.2bps)

(a),

(b)

1,000,000‌

812,654‌

Pacific

LifeCorp,

3.35%,

9/15/2050

(a)

500,000‌

332,061‌

PNC

Financial

Services,

6.25%,

Perpetual

(H15T7Y

+

280.8bps)

(b)

1,000,000‌

942,602‌

Royal

Bank

of

Canada,

7.50%,

5/2/2084

(H15T5Y

+

288.70bps)

(b)

2,000,000‌

2,007,272‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

SBL

Holdings,

Inc.,

5.13%,

11/13/2026

(a)

$

2,000,000‌

$

1,893,921‌

SBL

Holdings,

Inc.,

6.50%,

Perpetual

(H15T5Y

+

562.0bps)

(a),

(b)

1,393,000‌

1,093,473‌

SBL

Holdings,

Inc.,

7.00%,

Perpetual

(H15T5Y

+

558.0bps)

(a),

(b)

1,000,000‌

844,193‌

Societe

Generale

SA,

8.50%,

Perpetual

(H15T5Y

+

415.30bps)

(a),

(b)

2,000,000‌

1,907,941‌

Societe

Generale

SA,

10.00%,

Perpetual

(H15T5Y

+

544.80bps)

(a),

(b)

1,000,000‌

1,050,218‌

Standard

Chartered

PLC,

4.30%,

Perpetual

(H15T5Y

+

313.50bps)

(a),

(b)

2,000,000‌

1,603,471‌

State

Street

Corp.,

6.70%,

12/31/2049

1,000,000‌

1,003,341‌

Toronto-Dominion

Bank

(The),

8.13%,

10/31/2082

(H15T5Y

+

407.50bps)

(b)

1,000,000‌

1,030,803‌

UBS

Group

AG,

7.75%,

Perpetual

(USISSO05

+

416bps)

(a),

(b)

1,000,000‌

1,010,416‌

UBS

Group

AG,

4.38%,

Perpetual

(H15T5Y

+

331.3bps)

(a),

(b)

1,000,000‌

801,150‌

UniCredit

SpA,

5.86%,

6/19/2032

(USISDA05

+

370.3bps)

(a),

(b)

2,000,000‌

1,934,412‌

UniCredit

SpA,

5.46%,

6/30/2035

(H15T5Y

+

475.0bps)

(a),

(b)

500,000‌

460,201‌

US

Bancorp,

5.30%,

Perpetual

(TSFR3M

+

317.6bps)

(b)

1,000,000‌

939,855‌

Wells

Fargo

&

Co,

Series

EE,

7.63%,

Perpetual

(H15T5Y

+

360.6bps)

(b)

1,000,000‌

1,048,132‌

Wells

Fargo

&

Co.,

Series

BB,

3.90%,

Perpetual

(H15T5Y

+

345.3bps)

(b)

1,000,000‌

949,113‌

69,721,945‌

Health

Care

—

0.53%

Perrigo

Finance

Unlimited

Co.,

4.65%,

6/15/2030

1,000,000‌

917,217‌

Viatris,

Inc.,

3.85%,

6/22/2040

1,000,000‌

706,688‌

1,623,905‌

Industrials

—

5.45%

Air

Canada,

3.88%,

8/15/2026

(a)

1,000,000‌

949,467‌

Air

Canada

Pass

Through

Trust,

Series

2020-2A,

Class

A,

4.13%,

5/15/2025

(a)

1,046,113‌

1,020,275‌

American

Airlines

Pass

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

865,000‌

783,141‌

Burlington

Northern

Santa

Fe

LLC,

4.45%,

1/15/2053

2,000,000‌

1,668,687‌

Burlington

Northern

Santa

Fe

LLC,

5.20%,

4/15/2054

1,000,000‌

938,220‌

Canadian

Pacific

Railway

Co.,

Class

B,

2.45%,

12/2/2031

1,000,000‌

886,832‌

CSX

Corp.,

5.50%,

4/15/2041

1,000,000‌

976,472‌

Dycom

Industries,

Inc.,

4.50%,

4/15/2029

(a)

1,000,000‌

923,678‌

Honeywell

International,

Inc.,

5.25%,

3/1/2054

1,000,000‌

948,687‌

Norfolk

Southern

Corp.,

5.05%,

8/1/2030

500,000‌

491,593‌

Norfolk

Southern

Corp.,

4.55%,

6/1/2053

1,000,000‌

827,238‌

Seaspan

Corp.,

5.50%,

8/1/2029

(a)

1,000,000‌

861,435‌

Triton

Container

International

Ltd.,

3.25%,

3/15/2032

500,000‌

396,928‌

Union

Pacific

Corp.,

3.20%,

5/20/2041

1,000,000‌

743,105‌

Union

Pacific

Corp.,

2.95%,

3/10/2052

1,000,000‌

630,955‌

Union

Pacific

Corp.,

3.50%,

2/14/2053

1,000,000‌

703,436‌

United

Airlines

Pass

Through

Trust,

Series

2016-2B,

Class

B,

3.65%,

10/7/2025

443,287‌

423,639‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

503,863‌

494,170‌

United

Airlines

Pass

Through

Trust,

Series

2016-2,

Class

A,

3.10%,

4/7/2030

666,441‌

590,720‌

US

Airways

Pass

Through

Trust,

Series

2012-2,

Class

A,

4.63%,

6/3/2025

1,359,844‌

1,342,399‌

16,601,077‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Materials

—

1.20%

Alcoa

Nederland

Holding

BV,

5.50%,

12/15/2027

(a)

$

1,000,000‌

$

983,808‌

Ball

Corp.,

2.88%,

8/15/2030

1,000,000‌

835,958‌

Bemis

Co.,

Inc.,

2.63%,

6/19/2030

500,000‌

417,712‌

Berry

Global,

Inc.,

5.63%,

7/15/2027

(a)

1,000,000‌

976,311‌

Canpack

SA,

3.88%,

11/15/2029

(a)

500,000‌

438,668‌

3,652,457‌

Real

Estate

—

0.67%

Iron

Mountain,

Inc.,

4.88%,

9/15/2029

(a)

1,000,000‌

923,692‌

Iron

Mountain,

Inc.,

5.25%,

7/15/2030

(a)

1,000,000‌

929,129‌

SBA

Communications

Corp.,

3.88%,

2/15/2027

(a)

200,000‌

188,151‌

2,040,972‌

Technology

—

2.97%

Broadcom,

Inc.,

4.15%,

11/15/2030

1,000,000‌

923,156‌

Broadcom,

Inc.,

4.15%,

11/15/2030

500,000‌

461,578‌

Broadcom,

Inc.,

2.60%,

2/15/2033

(a)

1,000,000‌

788,544‌

Broadcom,

Inc.,

3.50%,

2/15/2041

(a)

1,000,000‌

743,436‌

HP,

Inc.,

6.00%,

9/15/2041

2,500,000‌

2,481,956‌

Jabil,

Inc.,

3.00%,

1/15/2031

1,000,000‌

837,127‌

Juniper

Networks,

Inc.,

2.00%,

12/10/2030

500,000‌

393,857‌

Juniper

Networks,

Inc.,

5.95%,

3/15/2041

700,000‌

683,838‌

Kyndryl

Holdings,

Inc.,

2.05%,

10/15/2026

1,000,000‌

914,367‌

Kyndryl

Holdings,

Inc.,

3.15%,

10/15/2031

1,000,000‌

815,424‌

9,043,283‌

Utilities

—

3.52%

AEP

Texas,

Inc.,

Series

I,

2.10%,

7/1/2030

500,000‌

408,357‌

Appalachian

Power

Co.,

Series

Z,

3.70%,

5/1/2050

1,000,000‌

673,831‌

Dayton

Power

&

Light

Co.

(The),

3.95%,

6/15/2049

1,000,000‌

711,788‌

Dominion

Energy,

Inc.,

4.35%,

Perpetual

(H15T5Y

+

319.5bps)

(b)

1,000,000‌

920,641‌

Duke

Energy

Ohio,

Inc.,

5.55%,

3/15/2054

1,000,000‌

945,833‌

Duke

Energy

Progress

LLC,

2.50%,

8/15/2050

1,000,000‌

562,543‌

Kentucky

Utilities

Co.,

3.30%,

6/1/2050

1,000,000‌

663,270‌

NRG

Energy,

Inc.,

4.45%,

6/15/2029

(a)

1,000,000‌

928,503‌

Pacific

Gas

and

Electric

Co.,

4.25%,

3/15/2046

500,000‌

371,272‌

Pacific

Gas

and

Electric

Co.,

3.50%,

8/1/2050

500,000‌

320,934‌

Pinnacle

West

Capital

Corp.,

1.30%,

6/15/2025

2,000,000‌

1,898,088‌

Southern

California

Edison

Co.,

Series

B,

4.88%,

3/1/2049

1,000,000‌

849,585‌

Union

Electric

Co.,

3.90%,

4/1/2052

750,000‌

561,727‌

Union

Electric

Co.,

5.25%,

1/15/2054

1,000,000‌

912,424‌

10,728,796‌

Total

Corporate

Bonds

and

Notes

(Cost $157,036,594)

141,104,038‌

ASSET

BACKED

SECURITIES

—

23.82%

321

Henderson

Receivables

I

LLC,

Series

2007-1A,

Class

A1,

5.64%,

3/15/2042

(TSFR1M

+

31.44bps)

(a),

(b)

1,955,311‌

1,907,972‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

ACHV

ABS

Trust,

Series

2023-1PL,

Class

B,

MTN,

6.80%,

3/18/2030

(a)

$

170,415‌

$

170,585‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-2,

Class

E,

MTN,

2.54%,

7/13/2027

(a)

2,000,000‌

1,944,663‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-3,

Class

E,

MTN,

2.56%,

11/15/2027

(a)

3,000,000‌

2,900,861‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-4,

Class

E,

MTN,

3.12%,

2/14/2028

(a)

1,000,000‌

970,080‌

Amur

Equipment

Finance

Receivables

LLC,

Series

2022-1A,

Class

E,

MTN,

5.02%,

12/20/2028

(a)

750,000‌

728,698‌

CarNow

Auto

Receivables

Trust,

Series

2021-1A,

Class

D,

3.64%,

2/17/2026

(a)

568,789‌

568,059‌

Carvana

Auto

Receivables

Trust,

Series

2020-N1A,

Class

E,

5.20%,

7/15/2027

(a)

962,342‌

944,342‌

Carvana

Auto

Receivables

Trust,

Series

2021-N3,

Class

E,

3.16%,

6/12/2028

(a)

2,250,000‌

2,061,808‌

Carvana

Auto

Receivables

Trust,

Series

2021-N4,

Class

E,

4.53%,

9/11/2028

(a)

1,500,000‌

1,390,287‌

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

E,

6.01%,

12/11/2028

(a)

1,250,000‌

1,171,625‌

CCG

Receivables

Trust,

Series

2020-1,

Class

D,

2.68%,

12/14/2027

(a)

1,281,000‌

1,275,165‌

Continental

Credit

Card

ABS,

Series

2019-1A,

Class

C,

6.16%,

8/15/2026

(a)

3,000,000‌

2,980,638‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2021-A,

Class

C,

4.02%,

12/17/2029

(a)

1,000,000‌

933,400‌

CPS

Auto

Receivables

Trust,

Series

2022-A,

Class

E,

4.88%,

4/16/2029

(a)

1,000,000‌

934,894‌

Dell

Equipment

Finance

Trust,

Series

24-1,

Class

D,

MTN,

6.12%,

9/23/2030

(a)

250,000‌

249,056‌

DLLST

LLC,

Series

2022-1A,

Class

A3,

3.40%,

1/21/2025

(a)

183,277‌

182,715‌

Donlen

Fleet

Lease

Funding,

Series

2021-2,

Class

A2,

0.56%,

12/11/2034

(a)

46,624‌

46,547‌

DT

Auto

Owner

Trust,

Series

2020-2A,

Class

D,

4.73%,

3/16/2026

(a)

297,495‌

296,699‌

DT

Auto

Owner

Trust,

Series

2021-4A,

Class

E,

3.34%,

7/17/2028

(a)

1,000,000‌

941,689‌

DT

Auto

Owner

Trust,

Series

2021-2A,

Class

E,

2.97%,

7/17/2028

(a)

1,000,000‌

955,934‌

DT

Auto

Owner

Trust,

Series

2022-1A,

Class

E,

5.53%,

3/15/2029

(a)

1,000,000‌

937,085‌

Encina

Equipment

Finance

LLC,

Series

2022-1A,

Class

D,

6.00%,

1/15/2030

(a)

1,000,000‌

964,713‌

Enterprise

Fleet

Financing

LLC,

Series

2021-1,

Class

A3,

0.70%,

12/21/2026

(a)

600,000‌

586,848‌

Enterprise

Fleet

Financing

LLC,

Series

2021-3,

Class

A2,

0.77%,

8/20/2027

(a)

235,335‌

231,819‌

Enterprise

Fleet

Financing

LLC,

Series

2021-3,

Class

A2,

4.38%,

7/20/2029

(a)

319,355‌

315,463‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

E,

4.02%,

1/17/2028

(a)

2,000,000‌

1,897,292‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/15/2028

(a)

1,155,000‌

1,089,048‌

Exeter

Automobile

Receivables

Trust,

Series

2022-2A,

Class

D,

4.56%,

7/17/2028

1,000,000‌

973,722‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Exeter

Automobile

Receivables

Trust,

Series

2021-2A,

Class

E,

2.90%,

7/17/2028

(a)

$

1,000,000‌

$

941,783‌

Exeter

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.04%,

12/15/2028

(a)

1,000,000‌

932,437‌

Exeter

Automobile

Receivables

Trust,

Series

2022-1A,

Class

E,

5.02%,

10/15/2029

(a)

2,000,000‌

1,869,986‌

First

Investors

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.66%,

12/15/2027

(a)

1,840,000‌

1,713,697‌

Flagship

Credit

Auto

Trust,

Series

2021-3,

Class

D,

1.65%,

9/15/2027

(a)

1,000,000‌

908,748‌

Flagship

Credit

Auto

Trust,

Series

2021-2,

Class

E,

3.16%,

9/15/2028

(a)

1,150,000‌

979,629‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-1,

Class

E,

2.98%,

4/15/2027

(a)

1,270,000‌

1,258,203‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-2,

Class

E,

3.35%,

10/15/2027

(a)

500,000‌

476,508‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-1,

Class

D,

3.07%,

5/15/2028

(a)

1,000,000‌

943,268‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-2,

Class

C,

5.75%,

8/15/2028

(a)

1,000,000‌

990,178‌

GCI

Funding

I

LLC,

Series

2021-1,

Class

A,

2.38%,

6/18/2046

(a)

743,595‌

646,877‌

Global

SC

Finance

VII

Srl,

Series

2020-1A,

Class

A,

2.17%,

10/17/2040

(a)

300,602‌

276,925‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2019-3A,

Class

D,

3.84%,

5/15/2026

(a)

2,453,914‌

2,451,013‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-1A,

Class

E,

3.14%,

1/18/2028

(a)

2,750,000‌

2,639,743‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

E,

4.43%,

10/16/2028

(a)

1,000,000‌

935,486‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-3A,

Class

E,

3.20%,

10/16/2028

(a)

1,000,000‌

927,819‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2022-1A,

Class

E,

5.64%,

5/15/2029

(a)

1,000,000‌

949,337‌

Golden

Credit

Card

Trust,

Series

2021-1A,

Class

B,

MTN,

1.44%,

8/15/2028

(a)

1,000,000‌

907,532‌

Helios

Issuer

LLC,

Series

2021-A,

Class

B,

3.15%,

2/20/2048

(a)

719,077‌

540,266‌

HERO

Funding

Trust,

Series

2021-1A,

Class

B,

4.00%,

9/20/2051

(a)

287,969‌

257,208‌

HPEFS

Equipment

Trust

2024-1,

Series

2024-1A,

Class

D,

5.82%,

12/22/2031

(a)

1,000,000‌

992,590‌

ITE

Rail

Fund

Levered

LP,

Series

2021-3A,

Class

A,

2.21%,

6/28/2051

(a)

887,895‌

795,160‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-3GS,

Class

C,

3.50%,

12/20/2047

(a)

824,451‌

488,569‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-2GS,

Class

C,

3.50%,

3/20/2048

(a)

884,610‌

501,109‌

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A2,

4.06%,

1/15/2045

(a)

1,944,454‌

1,905,607‌

Mosaic

Solar

Loan

Trust,

Series

2021-1A,

Class

D,

3.71%,

12/20/2046

(a)

614,818‌

522,992‌

Nelnet

Student

Loan

Trust,

Series

2021-DA,

Class

AFL,

6.12%,

4/20/2062

(TSFR1M

+

69.0bps)

(a),

(b)

269,868‌

268,139‌

Octane

Receivables

Trust,

Series

2021-2A,

Class

A,

1.21%,

9/20/2028

(a)

393,277‌

385,214‌

Octane

Receivables

Trust,

Series

2023-3A,

Class

B,

6.48%,

7/20/2029

(a)

1,000,000‌

1,005,990‌

Octane

Receivables

Trust,

Series

2022-2A,

Class

D,

7.70%,

2/20/2030

(a)

1,000,000‌

1,028,619‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

OneMain

Financial

Issuance

Trust,

Series

2018-2A,

Class

A,

3.57%,

3/14/2033

(a)

$

191,327‌

$

190,612‌

Post

Road

Equipment

Finance

2024-1

LLC,

Series

2024-1A,

Class

C,

MTN,

5.81%,

10/15/2030

(a)

160,000‌

158,318‌

Prestige

Auto

Receivables

Trust,

Series

2020-1A,

Class

E,

3.67%,

2/15/2028

(a)

1,365,000‌

1,344,968‌

Reach

Financial

LLC,

Series

2022-1A,

Class

A,

3.76%,

11/15/2029

(a)

34,642‌

34,603‌

Reach

Financial

LLC,

Series

2022-2A,

Class

A,

6.63%,

5/15/2030

(a)

17,777‌

17,780‌

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

7.74%,

4/20/2034

(TSFR3M

+

241.2bps)

(b)

1,000,000‌

997,571‌

Regatta

XVIII

Funding

Ltd.,

Series

2021-1A,

Class

C,

7.34%,

1/15/2034

(TSFR3M

+

201.2bps)

(a),

(b)

1,000,000‌

988,520‌

SCF

Equipment

Leasing

LLC,

Series

2022-1A,

Class

A3,

2.92%,

7/20/2029

(a)

662,860‌

651,585‌

SCF

Equipment

Leasing

LLC,

Series

2021-1A,

Class

E,

3.56%,

8/20/2032

(a)

750,000‌

699,953‌

TAL

Advantage

VII

LLC,

Series

2020-1A,

Class

A,

2.05%,

9/20/2045

(a)

623,750‌

563,782‌

Textainer

Marine

Containers

Ltd.,

Series

2021-3A,

Class

A,

1.94%,

8/20/2046

(a)

944,000‌

803,753‌

Towd

Point

Asset

Trust,

Series

2021-SL1,

Class

A2,

6.13%,

11/20/2061

(TSFR1M

+

81.4bps)

(a),

(b)

412,102‌

410,804‌

Trinity

Rail

Leasing

2021

LLC,

Series

2021-1A,

Class

B,

3.08%,

7/19/2051

(a)

500,000‌

423,619‌

Triton

Container

Finance

VIII

LLC,

Series

2020-1A,

Class

A,

2.11%,

9/20/2045

(a)

695,417‌

615,353‌

TRP

LLC,

Series

2021-2,

Class

B,

3.08%,

6/19/2051

(a)

950,000‌

831,372‌

United

Auto

Credit

Securitization

Trust,

Series

2022-1,

Class

E,

5.00%,

11/10/2028

(a)

1,000,000‌

883,012‌

US

Auto

Funding

LLC,

Series

2021-1A,

Class

C,

2.20%,

5/15/2026

(a)

817,661‌

756,397‌

USQ

Rail

II

LLC,

Series

2021-3,

Class

B,

2.98%,

6/28/2051

(a)

500,000‌

440,691‌

Westgate

Resorts

2022-1

LLC,

Series

22-1A,

Class

A,

1.79%,

8/20/2036

(a)

843,719‌

808,892‌

Westlake

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.42%,

4/15/2027

(a)

1,000,000‌

961,052‌

Total

Asset

Backed

Securities

(Cost $75,681,470)

72,574,976‌

U.S.

GOVERNMENT

&

AGENCIES

—

24.21%

Fannie

Mae,

Pool

#BP2175,

3.00%,

2/1/2035

224,583‌

207,847‌

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

791,726‌

778,676‌

Fannie

Mae,

Pool

#MA4851,

5.00%,

11/1/2042

854,438‌

823,878‌

Fannie

Mae,

Pool

#CA6707,

2.50%,

8/1/2050

939,252‌

761,820‌

Fannie

Mae,

Pool

#MA4354,

1.50%,

6/1/2051

1,695,037‌

1,220,222‌

Fannie

Mae,

Pool

#BR2084,

1.91%,

6/1/2051

665,621‌

594,554‌

Fannie

Mae,

Pool

#BT3256,

2.50%,

7/1/2051

852,272‌

678,282‌

Fannie

Mae,

Pool

#BT1339,

2.50%,

7/1/2051

1,653,832‌

1,311,282‌

Fannie

Mae,

Pool

#BT1314,

2.50%,

7/1/2051

555,469‌

440,429‌

Fannie

Mae,

Pool

#BQ7422,

2.50%,

8/1/2051

847,432‌

671,515‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Fannie

Mae,

Pool

#MA4436,

1.50%,

10/1/2051

$

877,655‌

$

630,733‌

Fannie

Mae,

Pool

#BU2591,

2.00%,

12/1/2051

1,342,557‌

1,016,020‌

Fannie

Mae,

Pool

#CB2670,

3.00%,

1/1/2052

890,050‌

736,799‌

Fannie

Mae,

Pool

#CB2668,

3.00%,

1/1/2052

872,944‌

723,089‌

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,596,037‌

1,430,688‌

Fannie

Mae,

Pool

#BV7899,

3.00%,

8/1/2052

1,412,981‌

1,169,754‌

Fannie

Mae,

Pool

#

MA4732,

4.00%,

9/1/2052

914,948‌

820,575‌

Fannie

Mae,

Pool

#CB4818,

4.00%,

10/1/2052

2,283,756‌

2,044,904‌

Fannie

Mae,

Pool

#MA4804,

4.00%,

11/1/2052

1,403,105‌

1,256,359‌

Fannie

Mae,

Pool

#CB5536,

5.00%,

1/1/2053

1,881,401‌

1,785,735‌

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

926,069‌

878,308‌

Fannie

Mae,

Pool

#MA4941,

5.00%,

3/1/2053

851,697‌

812,000‌

Fannie

Mae,

Pool

#MA5009,

5.00%,

5/1/2053

949,468‌

900,426‌

Fannie

Mae,

Pool

#MA5071,

5.00%,

7/1/2053

1,905,732‌

1,807,196‌

Fannie

Mae,

Pool

#MA5272,

6.00%,

2/1/2054

974,283‌

965,838‌

Federal

Agricultural

Mortgage

Corp.,

3.05%,

6/29/2032

500,000‌

436,799‌

Federal

Farm

Credit

Bank,

3.30%,

3/23/2032

1,000,000‌

879,279‌

Federal

Farm

Credit

Bank,

6.44%,

9/20/2038

1,000,000‌

1,000,307‌

Federal

Farm

Credit

Bank,

6.49%,

11/15/2038

1,000,000‌

1,004,789‌

Federal

Farm

Credit

Bank,

2.13%,

5/21/2040

2,000,000‌

1,285,242‌

Federal

Farm

Credit

Bank,

1.95%,

8/13/2040

1,000,000‌

624,645‌

Federal

Farm

Credit

Bank,

2.07%,

12/21/2040

500,000‌

312,322‌

Federal

Farm

Credit

Banks

Funding

Corp.,

6.36%,

5/2/2044

1,000,000‌

998,921‌

Federal

Home

Loan

Bank,

2.01%,

7/16/2040

1,000,000‌

632,443‌

Federal

Home

Loan

Bank,

6.83%,

10/30/2043

1,000,000‌

1,000,980‌

Federal

Home

Loan

Banks,

6.00%,

4/23/2037

1,000,000‌

995,334‌

Federal

Home

Loan

Mortgage

Corp.,

1.75%,

7/27/2035

1,500,000‌

1,054,908‌

Freddie

Mac,

Pool

#RD5138,

5.00%,

1/1/2033

717,853‌

706,450‌

Freddie

Mac,

Pool

#SB8509,

2.00%,

1/1/2036

628,796‌

547,442‌

Freddie

Mac,

Pool

#RC2064,

1.50%,

6/1/2036

763,294‌

647,586‌

Freddie

Mac,

Pool

#QO0931,

4.00%,

10/1/2037

556,223‌

528,519‌

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

820,013‌

664,314‌

Freddie

Mac,

Pool

#RB5182,

4.00%,

9/1/2042

857,794‌

783,009‌

Freddie

Mac,

Pool

#RA2314,

3.50%,

3/1/2050

339,281‌

297,656‌

Freddie

Mac,

Pool

#RA2657,

3.50%,

5/1/2050

718,822‌

630,482‌

Freddie

Mac,

Pool

#SD0430,

2.50%,

8/1/2050

574,000‌

461,192‌

Freddie

Mac,

Pool

#QC3907,

2.50%,

7/1/2051

764,483‌

613,401‌

Freddie

Mac,

Pool

#QC5859,

3.00%,

8/1/2051

805,427‌

667,253‌

Freddie

Mac,

Pool

#RA6945,

3.50%,

3/1/2052

2,608,326‌

2,253,828‌

Freddie

Mac,

Pool

#SD8257,

4.50%,

10/1/2052

908,506‌

838,720‌

Freddie

Mac,

Pool

#SD8267,

5.00%,

11/1/2052

909,326‌

862,432‌

Freddie

Mac,

Pool

#QF5251,

5.50%,

1/1/2053

898,016‌

874,234‌

Freddie

Mac,

Pool

#SD8288,

5.00%,

1/1/2053

925,918‌

878,177‌

Freddie

Mac,

Pool

#SD2334,

5.00%,

2/1/2053

949,602‌

900,679‌

Freddie

Mac,

Pool

#SD8297,

4.00%,

2/1/2053

1,865,763‌

1,672,597‌

Freddie

Mac,

Pool

#SD8305,

4.00%,

3/1/2053

944,155‌

845,405‌

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

942,416‌

916,607‌

Freddie

Mac,

Pool

#SD8323,

5.00%,

5/1/2053

955,027‌

906,151‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Freddie

Mac,

Pool

#SD2856,

5.50%,

5/1/2053

$

935,771‌

$

909,311‌

Freddie

Mac,

Pool

#SD8322,

4.50%,

5/1/2053

951,300‌

878,170‌

Freddie

Mac,

Pool

#QG3333,

5.00%,

5/1/2053

1,939,698‌

1,844,322‌

Freddie

Mac,

Pool

#SD8323,

5.00%,

5/1/2053

947,170‌

898,207‌

Freddie

Mac,

Pool

#SD8348,

5.00%,

8/1/2053

957,245‌

907,446‌

Freddie

Mac,

Pool

#QG9607,

6.00%,

9/1/2053

2,407,859‌

2,390,477‌

Freddie

Mac,

Pool

#SD8383,

5.50%,

12/1/2053

2,929,827‌

2,844,787‌

Freddie

Mac,

Pool

#QH8694,

6.00%,

1/1/2054

1,495,669‌

1,483,115‌

Fannie

Mae,

Pool

#BU1320,

3.00%,

2/1/2052

428,010‌

354,317‌

Fannie

Mae,

Pool

#MA5246,

5.50%,

1/1/2054

1,959,294‌

1,902,462‌

Fannie

Mae,

Pool

#MA5263,

4.00%,

1/1/2054

985,933‌

882,659‌

Fannie

Mae,

Pool

#MA5295,

6.00%,

3/1/2054

1,967,867‌

1,950,784‌

United

States

Treasury

Note,

0.75%,

1/31/2028

5,000,000‌

4,310,645‌

Total

U.S.

Government

&

Agencies

(Cost $79,151,455)

73,745,734‌

COLLATERALIZED

LOAN

OBLIGATIONS

—

4.56%

Apex

Credit

CLO

Ltd.,

Series

2018-1A,

Class

B,

MTN,

7.19%,

4/25/2031

(TSFR3M

+

186.2bps)

(a),

(b)

1,190,000‌

1,181,352‌

Apex

Credit

CLO

Ltd.,

Series

2018-2A,

Class

C2R,

MTN,

8.19%,

10/20/2031

(TSFR3M

286.2bps)

(a),

(b)

420,000‌

420,007‌

Benefit

Street

Partners

CLO

X

Ltd.,

Series

2016-10A,

Class

BRR,

7.74%,

4/20/2034

(TSFR3M

+

241.2bps)

(a),

(b)

250,000‌

250,627‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

C,

7.74%,

1/15/2035

(TSFR3M

+

241.2bps)

(a),

(b)

1,000,000‌

997,395‌

Carlyle

Global

Market

Strategies

CLO,

Series

2017-1A,

Class

BR,

7.79%,

4/20/2031

(TSFR3M

+

246.2bps)

(a),

(b)

1,000,000‌

1,002,006‌

Carlyle

Global

Market

Strategies

CLO,

Series

2016-3A,

Class

CRR,

7.79%,

7/20/2034

(TSFR3M

+

246.2bps)

(a),

(b)

375,000‌

375,016‌

Cedar

Funding

XII

CLO

Ltd.,

Series

2020-12A,

Class

XR,

6.59%,

10/25/2034

(TSFR3M

+

126.2bps)

(a),

(b)

750,000‌

750,089‌

HPS

Loan

Management

Ltd.,

Series

2010A-16,

Class

BRR,

7.64%,

4/20/2034

(TSFR3M

+

231.2bps)

(a),

(b)

1,000,000‌

997,531‌

HPS

Loan

Management

Ltd.,

Series

2010A-16,

Class

X,

6.49%,

4/20/2034

(TSFR3M

+

116.2bps)

(a),

(b)

428,571‌

428,568‌

Madison

Park

Funding

LXVII

Ltd.,

Series

67A,

Class

B,

2.05%,

4/25/2037

(TSFR3M

+

205.0bps)

(a),

(b)

1,000,000‌

999,680‌

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

BRR,

7.79%,

10/15/2032

(TSFR3M

+

246.2bps)

(a),

(b)

1,000,000‌

1,002,380‌

Madison

Park

Funding

XXXVIII

Ltd.,

Series

2021-38A,

Class

C,

7.48%,

7/17/2034

(TSFR3M

+

216.2bps)

(a),

(b)

1,000,000‌

993,974‌

Palmer

Square

CLO

Ltd.,

Series

2022-1A,

Class

C,

7.38%,

4/20/2035

(TSFR3M

+

205.0bps)

(a),

(b)

1,000,000‌

991,814‌

Rockford

Tower

CLO

Ltd.,

Series

2019-2A,

Class

CR,

7.58%,

8/20/2032

(TSFR3M

+

226.2bps)

(a),

(b)

1,000,000‌

1,001,592‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Sound

Point

CLO

VIII-R

Ltd.,

Series

2015-1RA,

Class

BR,

7.14%,

4/15/2030

(TSFR3M

+

181.2bps)

(a),

(b)

$

1,000,000‌

$

999,982‌

Venture

CLO

Ltd.,

Series

2018-31A,

Class

C1,

7.54%,

4/20/2031

(TSFR3M

+

221.2bps)

(a),

(b)

1,000,000‌

989,740‌

Wind

River

CLO

Ltd.,

Series

2016-1KRA,

Class

CR2,

7.94%,

10/15/2034

(TSFR3M

+

261.2bps)

(a),

(b)

500,000‌

495,180‌

Total

Collateralized

Loan

Obligations

(Cost $13,829,178

)

13,876,933‌

Total

Investments

—

98.91%

(Cost

$325,698,697)

301,301,681‌

Other

Assets

in

Excess

of

Liabilities

—

1.09%

3,308,924‌

Net

Assets

—

100.00%

$

304,610,605‌

(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,

2024

was

$136,779,788,

representing

44.90%

of

net

assets.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

April

30,

2024.

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

(d)

Illiquid

security.

Security

is

being

fair

valued

in

accordance

with

the

Trust's

fair

valuation

policies

and

represents

0.12%

of

the

Fund's

net

assets.

MTN

-

Medium

Term

Note

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

40.27%

Communications

—

1.30%

Expedia

Group,

Inc.,

5.00%,

2/15/2026

$

213,000‌

$

210,482‌

NBN

Co.

Ltd.,

MTN,

1.45%,

5/5/2026

(a)

1,000,000‌

922,875‌

Verizon

Communications,

Inc.,

6.67%,

5/15/2025

(TSFR3M

+

136.1bps)

(b)

2,000,000‌

2,024,115‌

3,157,472‌

Consumer

Discretionary

—

3.17%

General

Motors

Financial

Co.,

Inc.,

1.20%,

10/15/2024

1,000,000‌

979,541‌

General

Motors

Financial

Co.,

Inc.,

3.80%,

4/7/2025

1,000,000‌

981,354‌

General

Motors

Financial

Co.,

Inc.,

1.25%,

1/8/2026

1,000,000‌

929,415‌

General

Motors

Financial

Co.,

Inc.,

1.50%,

6/10/2026

1,000,000‌

917,331‌

Hyundai

Capital

America,

1.00%,

9/17/2024

(a)

500,000‌

490,739‌

McDonald's

Corp.,

4.80%,

8/14/2028

1,000,000‌

984,034‌

Nissan

Motor

Acceptance

Co.,

LLC,

1.13%,

9/16/2024

(a)

500,000‌

490,160‌

Nissan

Motor

Co.

Ltd.,

3.52%,

9/17/2025

(a)

2,000,000‌

1,927,797‌

7,700,371‌

Consumer

Staples

—

0.87%

JBS

USA

LUX

SA,

5.13%,

2/1/2028

1,000,000‌

971,949‌

JDE

Peet's

NV,

1.38%,

1/15/2027

(a)

250,000‌

223,182‌

Viterra

Finance

BV,

2.00%,

4/21/2026

(a)

1,000,000‌

926,359‌

2,121,490‌

Financials

—

17.55%

AerCap

Ireland

Capital,

3.50%,

1/15/2025

2,000,000‌

1,966,703‌

AerCap

Ireland

Capital

DAC,

1.65%,

10/29/2024

1,000,000‌

979,173‌

Air

Lease

Corp.,

1.88%,

8/15/2026

500,000‌

458,360‌

Allied

World

Assurance

Co.

Holdings

Ltd.,

4.35%,

10/29/2025

1,800,000‌

1,754,709‌

Antares

Holdings

LP,

3.95%,

7/15/2026

(a)

1,500,000‌

1,405,286‌

Aviation

Capital

Group

LLC,

1.95%,

1/30/2026

(a)

1,000,000‌

931,306‌

Avolon

Holdings

Funding

Ltd.,

2.13%,

2/21/2026

(a)

2,000,000‌

1,857,117‌

Banco

Santander

SA,

2.75%,

5/28/2025

1,000,000‌

968,492‌

Banco

Santander

SA,

5.15%,

8/18/2025

1,000,000‌

988,331‌

BPCE

SA,

2.38%,

1/14/2025

(a)

500,000‌

487,637‌

Citigroup,

Inc.,

6.09%,

6/9/2027

(SOFR

+

77.0bps)

(b)

1,000,000‌

1,000,171‌

CNO

Global

Funding,

1.75%,

10/7/2026

(a)

500,000‌

452,718‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/2025

(a)

1,000,000‌

949,718‌

Equitable

Financial

Life

Global

Funding,

1.00%,

1/9/2026

(a)

500,000‌

461,652‌

Equitable

Financial

Life

Global

Funding,

1.70%,

11/12/2026

(a)

1,000,000‌

904,397‌

F&G

Global

Funding,

0.90%,

9/20/2024

(a)

500,000‌

489,089‌

GA

Global

Funding

Trust,

1.63%,

1/15/2026

(a)

1,000,000‌

928,823‌

GE

Capital

International

Funding

Co.,

3.37%,

11/15/2025

200,000‌

193,489‌

Goldman

Sachs

Group,

Inc.

(The),

6.13%,

3/9/2027

(SOFR

+

81.0bps)

(b)

1,000,000‌

1,001,404‌

Goldman

Sachs

Group,

Inc.

(The),

6.24%,

10/21/2027

(SOFR

+

92.0bps)

(b)

2,000,000‌

2,006,918‌

HSBC

Holdings

PLC,

4.25%,

8/18/2025

1,000,000‌

977,644‌

HSBC

Holdings

PLC,

6.96%,

9/12/2026

(TSFR3M

+

164.1bps)

(b)

1,500,000‌

1,515,639‌

ING

Groep

NV,

6.33%,

4/1/2027

(SOFR

+

101.0bps)

(b)

2,000,000‌

2,008,791‌

Intesa

Sanpaolo

SpA,

3.25%,

9/23/2024

(a)

2,000,000‌

1,978,871‌

JPMorgan

Chase

&

Co.,

4.08%,

4/26/2026

(SOFR

+

132.0bps)

(b)

1,000,000‌

982,980‌

JPMorgan

Chase

&

Co.,

6.21%,

4/22/2027

(SOFR

+

88.5bps)

(b)

2,000,000‌

2,007,128‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

JPMorgan

Chase

&

Co.,

6.50%,

2/24/2028

(SOFR

+

118.0bps)

(b)

$

1,000,000‌

$

1,010,365‌

JPMorgan

Chase

Bank

NA,

5.11%,

12/8/2026

1,000,000‌

993,575‌

Lloyds

Banking

Group

PLC,

4.58%,

12/10/2025

(a)

250,000‌

244,027‌

Met

Tower

Global

Funding,

MTN,

1.25%,

9/14/2026

(a)

1,000,000‌

905,826‌

Mitsubishi

UFJ

Financial

Group,

Inc.,

1.41%,

7/17/2025

1,000,000‌

950,391‌

Nomura

Holdings,

Inc.,

1.65%,

7/14/2026

1,000,000‌

914,708‌

Nordea

Bank

Abp,

MTN,

1.50%,

9/30/2026

(a)

1,000,000‌

907,747‌

Pricoa

Global

Funding

I,

MTN,

1.20%,

9/1/2026

(a)

500,000‌

453,090‌

Principal

Life

Global

Funding

II,

MTN,

1.50%,

11/17/2026

(a)

1,000,000‌

907,740‌

Protective

Life

Global

Funding,

MTN,

1.30%,

9/20/2026

(a)

500,000‌

452,651‌

SMBC

Aviation

Capital

Finance

DAC,

1.90%,

10/15/2026

(a)

1,000,000‌

909,678‌

Societe

Generale

SA,

4.25%,

4/14/2025

(a)

3,000,000‌

2,945,556‌

Societe

Generale

SA,

MTN,

1.79%,

6/9/2027

(H15T5Y

+

100.0bps)

(a),(b)

1,000,000‌

914,096‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

1.47%,

7/8/2025

500,000‌

475,852‌

42,641,848‌

Health

Care

—

1.76%

Highmark,

Inc.,

1.45%,

5/10/2026

(a)

500,000‌

455,142‌

McKesson

Corp.,

Class

B,

1.30%,

8/15/2026

1,000,000‌

911,456‌

PerkinElmer,

Inc.,

0.85%,

9/15/2024

1,000,000‌

981,657‌

Viatris,

Inc.,

1.65%,

6/22/2025

1,000,000‌

952,906‌

Zimmer

Biomet

Holdings,

Inc.,

1.45%,

11/22/2024

1,000,000‌

976,493‌

4,277,654‌

Industrials

—

5.51%

Air

Canada

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.13%,

5/15/2025

(a)

1,019,961‌

994,768‌

Air

Canada

Pass

Through

Trust,

Series

2017-1,

Class

B,

3.70%,

7/15/2026

(a)

461,640‌

437,862‌

Air

Canada

Pass

Through

Trust,

Series

2020-2,

Class

A,

5.25%,

10/1/2030

(a)

194,685‌

189,072‌

American

Airlines

Pass

Through

Trust,

Series

2014-1,

Class

A,

3.70%,

10/1/2026

1,601,244‌

1,525,879‌

Ashtead

Capital,

Inc.,

1.50%,

8/12/2026

(a)

1,000,000‌

906,354‌

CNH

Industrial

Capital

LLC,

1.88%,

1/15/2026

1,000,000‌

938,683‌

Penske

Truck

Leasing

Co.

LP,

1.20%,

11/15/2025

(a)

1,000,000‌

931,176‌

Penske

Truck

Leasing

Co.

LP,

1.70%,

6/15/2026

(a)

1,000,000‌

918,398‌

Stanley

Black

&

Decker,

Inc.,

2.30%,

2/24/2025

1,000,000‌

972,143‌

Triton

Container

International

Ltd.,

1.15%,

6/7/2024

(a)

1,000,000‌

994,630‌

Triton

Container

International

Ltd.,

2.05%,

4/15/2026

(a)

1,000,000‌

921,774‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

503,863‌

494,170‌

United

Airlines

Pass

Through

Trust,

Series

2016-1,

Class

A,

3.45%,

7/7/2028

657,024‌

591,658‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

A,

5.88%,

4/15/2029

550,958‌

550,080‌

US

Airways

Pass

Through

Trust,

Series

2013-1,

Class

A,

3.95%,

11/15/2025

1,137,574‌

1,106,047‌

Vontier

Corp.,

1.80%,

4/1/2026

1,000,000‌

925,839‌

13,398,533‌

Materials

—

2.66%

Berry

Global,

Inc.,

1.57%,

1/15/2026

1,000,000‌

931,801‌

Berry

Global,

Inc.,

1.65%,

1/15/2027

2,000,000‌

1,804,208‌

Graphic

Packaging

International

LLC,

1.51%,

4/15/2026

(a)

1,000,000‌

917,085‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Sealed

Air

Corp.,

1.57%,

10/15/2026

(a)

$

1,000,000‌

$

899,147‌

Sherwin-Williams

Co.

(The),

4.05%,

8/8/2024

1,000,000‌

995,414‌

Silgan

Holdings,

Inc.,

1.40%,

4/1/2026

(a)

1,000,000‌

912,807‌

6,460,462‌

Real

Estate

—

0.79%

American

Tower

Corp.,

1.60%,

4/15/2026

500,000‌

462,699‌

SBA

Tower

Trust,

Series

2019-1,

Class

C,

2.84%,

1/15/2025

(a)

1,500,000‌

1,466,722‌

1,929,421‌

Technology

—

4.15%

Arrow

Electronic,

Inc.,

4.00%,

4/1/2025

1,000,000‌

983,384‌

Broadcom,

Inc.,

3.63%,

10/15/2024

2,000,000‌

1,980,814‌

DXC

Technology

Co.,

1.80%,

9/15/2026

500,000‌

452,997‌

Global

Payments,

Inc.,

1.20%,

3/1/2026

1,000,000‌

923,553‌

Jabil,

Inc.,

1.70%,

4/15/2026

1,000,000‌

925,565‌

Juniper

Networks,

Inc.,

1.20%,

12/10/2025

1,000,000‌

929,881‌

Kyndryl

Holdings,

Inc.,

2.05%,

10/15/2026

1,205,000‌

1,101,812‌

Marvell

Technology,

Inc.,

1.65%,

4/15/2026

1,000,000‌

926,740‌

Qorvo,

Inc.,

1.75%,

12/15/2024

500,000‌

487,103‌

Western

Union

Co.

(The),

1.35%,

3/15/2026

1,000,000‌

920,089‌

Wipro

IT

Services

LLC,

1.50%,

6/23/2026

(a)

500,000‌

458,571‌

10,090,509‌

Utilities

—

2.51%

AES

Corp.

(The),

1.38%,

1/15/2026

1,000,000‌

926,369‌

Ameren

Corp.,

1.95%,

3/15/2027

500,000‌

453,982‌

Duke

Energy

Corp.,

4.30%,

3/15/2028

1,000,000‌

960,562‌

Edison

International,

4.70%,

8/15/2025

500,000‌

492,599‌

Enel

Finance

International

NV,

1.38%,

7/12/2026

(a)

1,000,000‌

914,382‌

Eversource

Energy,

1.40%,

8/15/2026

500,000‌

453,569‌

NextEra

Energy

Capital

Holdings,

Inc.,

1.88%,

1/15/2027

1,000,000‌

909,140‌

Southern

Co.

(The),

4.48%,

8/1/2024

1,000,000‌

996,162‌

6,106,765‌

Total

Corporate

Bonds

and

Notes

(Cost $102,304,280)

97,884,525‌

ASSET

BACKED

SECURITIES

—

26.21%

ACC

Trust,

Series

2022-1,

Class

B,

2.55%,

2/20/2025

(a)

317,887‌

312,149‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-2,

Class

D,

1.34%,

7/13/2027

(a)

1,671,816‌

1,639,967‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-3,

Class

D,

1.34%,

11/15/2027

(a)

2,273,796‌

2,221,840‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-4,

Class

D,

1.82%,

2/14/2028

(a)

1,250,000‌

1,226,672‌

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-1A,

Class

A2,

5.38%,

1/21/2031

(a)

500,000‌

499,091‌

BHG

Securitization

Trust,

Series

2021-A,

Class

A,

1.42%,

11/17/2033

(a)

312,518‌

298,791‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

BHG

Securitization

Trust,

Series

20

24-1A,

Class

A,

MTN,

5.81%,

4/17/2035

(a)

$

295,748‌

$

295,524‌

CarMax

Auto

Owner

Trust,

Series

2020-4,

Class

D,

1.75%,

4/15/2027

1,000,000‌

973,232‌

CarMax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/2027

1,625,000‌

1,555,986‌

CarMax

Auto

Owner

Trust,

Series

2021-2,

Class

D,

1.55%,

10/15/2027

1,000,000‌

956,985‌

CarMax

Auto

Owner

Trust,

Series

2021-3,

Class

D,

1.50%,

1/18/2028

750,000‌

699,795‌

CarMax

Auto

Owner

Trust,

Series

2021-4,

Class

D,

1.48%,

3/15/2028

2,209,000‌

2,043,721‌

CarMax

Auto

Owner

Trust,

Series

2022-1,

Class

D,

2.47%,

7/17/2028

500,000‌

465,769‌

Carvana

Auto

Receivables

Trust,

Series

2020-P1,

Class

D,

1.82%,

9/8/2027

1,000,000‌

928,871‌

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

D,

4.13%,

12/11/2028

(a)

2,121,157‌

2,076,597‌

Carvana

Auto

Receivables

Trust,

Series

2022-P2,

Class

D,

6.28%,

5/10/2029

1,000,000‌

996,663‌

CCG

Receivables

Trust,

Series

2020-1,

Class

D,

2.68%,

12/14/2027

(a)

2,500,000‌

2,488,613‌

CLI

Funding

LLC,

Series

2020-1A,

Class

A,

2.08%,

9/18/2045

(a)

1,269,806‌

1,130,869‌

CLI

Funding

LLC,

Series

2020-3X,

Class

A,

2.07%,

10/18/2045

121,333‌

108,512‌

CLI

Funding

LLC,

Series

2022-1A,

Class

A1,

2.72%,

1/18/2047

(a)

811,467‌

709,921‌

Conn's

Receivables

Funding

LLC,

Series

2024-A,

Class

A,

7.05%,

1/16/2029

(a)

158,708‌

159,354‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2020-1A,

Class

A,

2.24%,

12/15/2028

(a)

247,309‌

239,814‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2021-A,

Class

A,

2.55%,

12/17/2029

(a)

1,000,000‌

963,146‌

CPS

Auto

Receivables

Trust,

Series

2021-D,

Class

C,

1.59%,

12/15/2027

(a)

696,953‌

690,491‌

CPS

Auto

Receivables

Trust,

Series

2022-A,

Class

D,

2.84%,

4/16/2029

(a)

3,000,000‌

2,846,325‌

Credit

Acceptance

Auto

Loan

Trust,

Series

2021-3A,

Class

C,

1.63%,

9/16/2030

(a)

1,500,000‌

1,467,031‌

Crossroads

Asset

Trust,

Series

2021-A,

Class

D,

2.52%,

1/20/2026

(a)

361,600‌

360,501‌

Dell

Equipment

Finance

Trust,

Series

2023-2,

Class

C,

6.06%,

1/22/2029

(a)

523,000‌

523,691‌

Dividend

Solar

Loans

LLC,

Series

2017-1,

Class

B,

5.25%,

3/22/2038

(a)

829,350‌

729,046‌

DT

Auto

Owner

Trust,

Series

2021-3A,

Class

D,

1.31%,

5/17/2027

(a)

2,000,000‌

1,889,210‌

DT

Auto

Owner

Trust,

Series

2022-1A,

Class

D,

3.40%,

12/15/2027

(a)

1,000,000‌

964,285‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

D,

1.08%,

11/16/2026

375,120‌

367,694‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/15/2028

(a)

2,000,000‌

1,885,798‌

Exeter

Automobile

Receivables

Trust,

Series

2023-1A,

Class

D,

6.69%,

6/15/2029

1,020,000‌

1,027,913‌

First

Investors

Auto

Owner

Trust,

Series

2021-1A,

Class

D,

1.62%,

3/15/2027

(a)

500,000‌

483,824‌

First

Investors

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.66%,

12/15/2027

(a)

2,000,000‌

1,862,714‌

Ford

Credit

Auto

Owner

Trust,

Series

2021-1,

Class

D,

2.31%,

10/17/2033

(a)

1,272,000‌

1,173,877‌

Ford

Credit

Auto

Owner

Trust,

Series

2021-2,

Class

D,

2.60%,

5/15/2034

(a)

750,000‌

681,697‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-1,

Class

D,

1.32%,

3/15/2027

(a)

550,000‌

544,879‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.92%,

9/15/2027

(a)

1,500,000‌

1,446,604‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

GCI

Funding

I

LLC,

Series

2021-1,

Class

A,

2.38%,

6/18/2046

(a)

$

743,595‌

$

646,877‌

Global

SC

Finance

Srl,

Series

2020-2A,

Class

A,

2.26%,

11/19/2040

(a)

607,800‌

558,424‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

D,

2.48%,

10/15/2027

(a)

1,500,000‌

1,421,230‌

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-3,

Class

D,

1.91%,

9/16/2027

500,000‌

495,646‌

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052

(a)

28,786‌

25,619‌

Goodgreen

Trust,

Series

2017-2A,

Class

A,

3.26%,

10/15/2053

(a)

65,071‌

57,161‌

Goodgreen

Trust,

Series

2021-1A,

Class

A,

2.66%,

10/15/2056

(a)

188,883‌

152,281‌

Helios

Issuer

LLC,

Series

2021-A,

Class

A,

1.80%,

2/20/2048

(a)

390,737‌

314,580‌

HERO

Funding

Trust,

Series

2017-1A,

Class

A2,

4.46%,

9/20/2047

(a)

30,679‌

27,413‌

Hilton

Grand

Vacations

Trust,

Series

2020-AA,

Class

C,

6.42%,

2/25/2039

(a)

464,599‌

461,529‌

InStar

Leasing

III

LLC,

Series

2021-1A,

Class

A,

2.30%,

2/15/2054

(a)

427,584‌

366,019‌

ITE

Rail

Fund

Levered

LP,

Series

2021-1A,

Class

A,

2.25%,

2/28/2051

(a)

431,420‌

379,135‌

Kubota

Credit

Owner

Trust,

Series

2024-1A,

Class

A4,

MTN,

5.20%,

1/15/2030

(a)

1,000,000‌

992,237‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-2GS,

Class

A,

2.22%,

3/20/2048

(a)

681,268‌

507,180‌

Longtrain

Leasing

III

LLC,

Series

2015-1A,

Class

A1,

2.98%,

1/15/2045

(a)

165,986‌

162,566‌

Mosaic

Solar

Loan

Trust,

Series

2021-3A,

Class

B,

1.92%,

6/20/2052

(a)

136,343‌

102,868‌

Navient

Student

Loan

Trust,

Series

2018-BA,

Class

A2A,

3.61%,

12/15/2059

(a)

22,206‌

21,739‌

Octagon

Investment

Partners

XXI

Ltd.,

Series

2014-1A,

Class

ABR3,

6.84%,

2/14/2031

(TSFR3M

+

146.2bps)

(a),(b)

1,000,000‌

1,000,324‌

Octane

Receivables

Trust,

Series

2023-3A,

Class

A2,

6.44%,

3/20/2029

(a)

934,790‌

940,348‌

Post

Road

Equipment

Finance

2024-1

LLC,

Series

2024-1A,

Class

A2,

MTN,

5.59%,

11/15/2029

(a)

250,000‌

249,565‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-2,

Class

D,

2.22%,

9/15/2026

8,222‌

8,185‌

Santander

Revolving

Auto

Loan

Trust,

Series

2019-A,

Class

D,

3.45%,

1/26/2032

(a)

1,000,000‌

980,436‌

SCF

Equipment

Leasing

LLC,

Series

2021-1A,

Class

C,

1.54%,

2/2/2030

(a)

200,000‌

185,414‌

SLM

Private

Credit

Student

Loan

Trust,

Series

2006-A,

Class

A5,

5.88%,

6/15/2039

(TSFR3M

+

55.2bps)

(b)

89,507‌

86,935‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2A,

2.43%,

2/17/2032

(a)

6,651‌

6,525‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/2034

(a)

27,453‌

26,771‌

Sunrun

Demeter

Issuer

LLC,

Series

2021-A,

Class

A,

2.27%,

1/30/2057

(a)

882,868‌

703,089‌

TAL

Advantage

VII

LLC,

Series

2020-1A,

Class

A,

2.05%,

9/20/2045

(a)

818,360‌

739,682‌

Textainer

Marine

Containers

Ltd.,

Series

2020-1A,

Class

A,

2.73%,

8/21/2045

(a)

1,481,737‌

1,377,612‌

Tidewater

Auto

Receivables

Trust,

Series

2020-AA,

Class

D,

2.31%,

3/15/2027

(a)

537,093‌

530,661‌

TIF

Funding

II

LLC,

Series

2021-1A,

Class

A,

1.65%,

2/20/2046

(a)

741,875‌

637,526‌

Trillium

Credit

Card

Trust

II,

Series

2021-1A,

Class

C,

2.42%,

10/26/2029

(a)

1,000,000‌

897,579‌

Trinity

Rail

Leasing

LLC,

Series

2019-2A,

Class

A2,

3.10%,

10/18/2049

(a)

685,000‌

637,970‌

Trinity

Rail

Leasing

LLC,

Series

2020-2A,

Class

A1,

1.83%,

11/19/2050

(a)

817,995‌

758,651‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Trinity

Rail

Leasing

LLC,

Series

2021-1A,

Class

A,

2.26%,

7/19/2051

(a)

$

887,530‌

$

776,063‌

United

Auto

Credit

Securitization

Trust,

Series

2022-1,

Class

D,

2.85%,

6/10/2027

(a)

876,427‌

861,911‌

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

B,

3.22%,

7/31/2051

(a)

1,107,652‌

821,245‌

Westlake

Automobile

Receivables

Trust,

Series

2022-1A,

Class

D,

3.49%,

3/15/2027

(a)

1,000,000‌

969,288‌

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

D,

1.44%,

11/15/2027

2,000,000‌

1,873,999‌

Total

Asset

Backed

Securities

(Cost $67,313,093)

63,699,745‌

U.S.

GOVERNMENT

&

AGENCIES

—

26.83%

Fannie

Mae,

Pool

#FM7007,

4.00%,

10/1/2033

753,704‌

719,938‌

Fannie

Mae,

Pool

#MA4023,

3.50%,

1/1/2035

879,634‌

818,316‌

Fannie

Mae,

Pool

#MA4038,

3.00%,

4/1/2035

216,837‌

195,300‌

Fannie

Mae,

Pool

#MA4095,

2.00%,

8/1/2035

888,497‌

773,509‌

Fannie

Mae,

Pool

#MA4797,

4.00%,

11/1/2037

767,042‌

729,385‌

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

791,726‌

778,676‌

Fannie

Mae,

Pool

#CA8902,

2.50%,

2/1/2041

707,941‌

598,762‌

Fannie

Mae,

Pool

#MA4364,

2.00%,

5/1/2041

781,870‌

640,368‌

Fannie

Mae,

Pool

#MA4961,

5.00%,

3/1/2043

871,990‌

839,776‌

Fannie

Mae,

Pool

#MA4988,

5.00%,

4/1/2043

886,451‌

854,746‌

Fannie

Mae,

Pool

#BM4676,

4.00%,

10/1/2048

896,049‌

821,599‌

Fannie

Mae,

Pool

#CA5970,

2.50%,

6/1/2050

735,113‌

583,553‌

Fannie

Mae,

Pool

#FM7195,

2.50%,

9/1/2050

798,367‌

633,715‌

Fannie

Mae,

Pool

#CA6951,

2.50%,

9/1/2050

650,017‌

519,297‌

Fannie

Mae,

Pool

#MA4191,

2.00%,

11/1/2050

738,572‌

548,503‌

Fannie

Mae,

Pool

#FM5316,

2.00%,

12/1/2050

1,526,420‌

1,165,115‌

Fannie

Mae,

Pool

#MA4235,

2.00%,

1/1/2051

763,182‌

566,777‌

Fannie

Mae,

Pool

#CB0397,

3.00%,

5/1/2051

676,154‌

565,004‌

Fannie

Mae,

Pool

#FM8361,

2.50%,

8/1/2051

769,982‌

616,769‌

Fannie

Mae,

Pool

#BT9111,

1.95%,

9/1/2051

787,092‌

700,808‌

Fannie

Mae,

Pool

#MA4489,

2.00%,

11/1/2051

894,425‌

659,797‌

Fannie

Mae,

Pool

#CB3372,

3.50%,

4/1/2052

932,110‌

805,516‌

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,653,925‌

1,482,578‌

Fannie

Mae,

Pool

#MA4624,

3.00%,

6/1/2052

1,371,441‌

1,135,584‌

Fannie

Mae,

Pool

#QE9380,

4.50%,

9/1/2052

903,777‌

834,354‌

Fannie

Mae,

Pool

#MA4732,

4.00%,

9/1/2052

914,948‌

820,575‌

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

926,069‌

878,308‌

Fannie

Mae,

Pool

#BX7767,

5.50%,

3/1/2053

1,810,869‌

1,759,782‌

Fannie

Mae,

Pool

#MA5054,

4.00%,

6/1/2053

960,215‌

859,785‌

Fannie

Mae,

Pool

#MA5165,

5.50%,

10/1/2053

1,919,398‌

1,864,001‌

Fannie

Mae,

Pool

#MA5191,

6.00%,

11/1/2053

957,151‌

949,068‌

Fannie

Mae,

Pool

#FS6679,

6.00%,

12/1/2053

968,432‌

960,104‌

Federal

Farm

Credit

Bank,

2.63%,

7/25/2029

1,000,000‌

887,995‌

Federal

Farm

Credit

Banks

Funding

Corp.,

6.04%,

3/21/2039

1,000,000‌

995,717‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Federal

Farm

Credit

Banks

Funding

Corp.,

6.22%,

4/25/2039

$

1,000,000‌

$

997,541‌

Federal

Home

Loan

Banks,

5.93%,

11/27/2030

1,000,000‌

998,336‌

Federal

Home

Loan

Banks,

6.00%,

4/23/2037

1,000,000‌

995,334‌

Federal

Home

Loan

Banks,

6.15%,

2/16/2039

1,000,000‌

995,246‌

Federal

Home

Loan

Banks,

5.97%,

2/28/2039

2,000,000‌

1,981,574‌

Federal

Home

Loan

Banks,

6.25%,

5/2/2039

1,000,000‌

998,256‌

Federal

Home

Loan

Banks,

6.83%,

10/30/2043

1,000,000‌

1,000,980‌

Federal

Home

Loan

Banks,

6.30%,

4/25/2044

2,000,000‌

1,998,796‌

Freddie

Mac,

Pool

#SB8229,

4.50%,

5/1/2038

1,692,377‌

1,638,897‌

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

820,013‌

664,314‌

Freddie

Mac,

Pool

#QA5121,

2.50%,

12/1/2049

944,729‌

755,548‌

Freddie

Mac,

Pool

#RE6081,

2.00%,

1/1/2051

749,778‌

552,860‌

Freddie

Mac,

Pool

#RE6085,

1.50%,

2/1/2051

1,643,826‌

1,149,460‌

Freddie

Mac,

Pool

#8C0119,

1.52%,

9/1/2051

851,215‌

743,594‌

Freddie

Mac,

Pool

#QE2792,

4.00%,

6/1/2052

966,262‌

866,586‌

Freddie

Mac,

Pool

#SD8230,

4.50%,

6/1/2052

876,249‌

808,939‌

Freddie

Mac,

Pool

#SD1087,

3.50%,

6/1/2052

923,452‌

802,164‌

Freddie

Mac,

Pool

#SD2322,

4.50%,

9/1/2052

948,294‌

875,445‌

Freddie

Mac,

Pool

#QE9380,

5.00%,

9/1/2052

855,211‌

811,087‌

Freddie

Mac,

Pool

#SD8267,

5.00%,

11/1/2052

909,326‌

862,432‌

Freddie

Mac,

Pool

#SD8306,

4.50%,

2/1/2053

942,906‌

870,441‌

Freddie

Mac,

Pool

#QF8790,

5.50%,

3/1/2053

917,177‌

892,038‌

Freddie

Mac,

Pool

#QG1666,

5.00%,

3/1/2053

983,964‌

936,424‌

Freddie

Mac,

Pool

#SD3437,

5.00%,

4/1/2053

1,920,608‌

1,822,338‌

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

942,416‌

916,607‌

Freddie

Mac,

Pool

#SD2757,

5.00%,

5/1/2053

943,453‌

899,447‌

Freddie

Mac,

Pool

#SD8357,

4.00%,

8/1/2053

977,312‌

875,314‌

Freddie

Mac,

Pool

#SD8373,

6.00%,

10/1/2053

1,912,360‌

1,896,217‌

Fannie

Mae,

Pool

#FS0353,

2.00%,

1/1/2052

1,127,470‌

853,244‌

Freddie

Mac,

Pool

#SD8329,

5.00%,

6/1/2053

946,566‌

897,599‌

Freddie

Mac,

Pool

#SD8421,

6.00%,

4/1/2054

993,614‌

985,305‌

United

States

Treasury

Note,

0.75%,

1/31/2028

5,000,000‌

4,310,645‌

Total

U.S.

Government

&

Agencies

(Cost $69,994,970)

65,216,088‌

COLLATERALIZED

LOAN

OBLIGATIONS

—

6.11%

Ares

XXXIIR

CLO

Ltd.,

Series

2014-32

RA,

Class

A1B,

6.77%,

5/15/2030

(TSFR3M

+

146.2bps)

(a),(b)

1,000,000‌

991,742‌

ArrowMark

Colorado

Holdings,

Series

2017-6A,

Class

A2,

7.04%,

7/15/2029

(TSFR3M

+

171.2bps)

(a),(b)

1,000,000‌

998,122‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

A2,

6.99%,

1/15/2035

(TSFR3M

+

166.2bps)

(a),(b)

1,000,000‌

1,000,027‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2013-4A,

Class

A2RR,

6.74%,

1/15/2031

(TSFR3M

+

141.2bps)

(a),(b)

825,000‌

819,116‌

Carlyle

US

CLO

Ltd.,

Series

2020-2A,

Class

A1R,

6.73%,

1/25/2035

(TSFR3M

+

140.2bps)

(a),(b)

1,000,000‌

1,001,125‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A2,

6.72%,

1/20/2031

(TSFR3M

+

139.2bps)

(a),(b)

$

625,000‌

$

624,113‌

Goldentree

Loan

Management

US

CLO

5

Ltd.,

Series

2018-3A,

Class

AJ,

6.89%,

4/20/2030

(TSFR3M

+

156.2bps)

(a),(b)

1,000,000‌

995,925‌

Goldentree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

BR,

7.13%,

4/20/2035

(TSFR3M

+

180.0bps)

(a),(b)

1,000,000‌

991,807‌

Hildene

TruPS

Financials

Note

Securitization,

Series

2019-2A,

Class

A1,

7.39%,

5/22/2039

(TSFR3M

+

202.2bps)

(a),(b)

1,759,958‌

1,746,758‌

ICG

US

CLO

Ltd.,

Series

2014-1A,

Class

A1A2,

6.79%,

10/20/2034

(TSFR3M

+

146.2bps)

(a),(b)

1,000,000‌

997,606‌

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

ABRR,

6.99%,

10/15/2032

(TSFR3M

+

166.2bps)

(a),(b)

1,000,000‌

999,840‌

Morgan

Stanley

Eaton

Vance

CLO,

Series

2022-16A,

Class

A2,

6.98%,

4/15/2035

(TSFR3M

+

165.0bps)

(a),(b)

1,000,000‌

997,538‌

Oaktree

CLO

Ltd.,

Series

2019-3A,

Class

A1R,

6.79%,

10/20/2034

(TSFR3M

+

146.2bps)

(a),(b)

1,000,000‌

999,687‌

Sound

Point

CLO

VIII-R

Ltd.,

Series

2015-1RA,

Class

BR,

7.14%,

4/15/2030

(TSFR3M

+

181.2bps)

(a),(b)

1,000,000‌

999,982‌

Voya

CLO

Ltd.,

Series

2020-3A,

Class

AR,

6.74%,

10/20/2034

(TSFR3M

+

141.2bps)

(a),(b)

675,000‌

675,707‌

Total

Collateralized

Loan

Obligations

(Cost $14,858,139)

14,839,095‌

Total

Investments

—

99.42%

(Cost

$254,470,482)

241,639,453‌

Other

Assets

in

Excess

of

Liabilities

—

0.58%

1,412,804‌

Net

Assets

—

100.00%

$

243,052,257‌

(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,

2024

was

$102,734,961,

representing

42.27%

of

net

assets.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

April

30,

2024.

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.

MTN

-

Medium

Term

Note

Yorktown

Small

Cap

Fund

Schedule

of

Investments

April

30,

2024

-

(Unaudited)

+

Shares

Fair

Value

COMMON

STOCKS

—

99.46%

Communications

—

1.21%

Endeavor

Group

Holdings,

Inc.,

Class

A

7,000‌

$

184,870‌

Grab

Holdings

Ltd.,

Class

A

(a)

52,000‌

182,000‌

366,870‌

Consumer

Discretionary

—

14.44%

Arcos

Dorados

Holdings,

Inc.,

Class

A

73,000‌

786,940‌

Boot

Barn

Holdings,

Inc.

(a)

1,700‌

180,999‌

Cavco

Industries,

Inc.

(a)

800‌

291,368‌

Churchill

Downs,

Inc.

3,100‌

399,900‌

Dick's

Sporting

Goods,

Inc.

3,400‌

683,196‌

DraftKings,

Inc.,

Class

A

(a)

9,960‌

413,938‌

FirstCash

Holdings,

Inc.

1,250‌

141,225‌

Genius

Sports

Ltd.

(a)

37,100‌

186,984‌

Rush

Enterprises,

Inc.,

Class

A

5,300‌

232,776‌

Target

Hospitality

Corp

(a)

32,000‌

356,000‌

Texas

Roadhouse,

Inc.

1,900‌

305,482‌

Winnebago

Industries,

Inc.

6,400‌

394,112‌

4,372,920‌

Consumer

Staples

—

7.45%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

10,000‌

746,800‌

Darling

Ingredients,

Inc.

(a)

7,000‌

296,590‌

Dole

PLC

12,600‌

153,342‌

elf

Beauty,

Inc.

(a)

3,300‌

536,349‌

Inter

Parfums,

Inc.

1,700‌

197,846‌

Pilgrim's

Pride

Corp.

(a)

9,000‌

324,180‌

2,255,107‌

Energy

—

10.43%

ChampionX

Corp.

4,400‌

147,708‌

Matador

Resources

Co.

5,500‌

342,650‌

Murphy

USA,

Inc.

370‌

153,113‌

Northern

Oil

and

Gas,

Inc.

17,900‌

730,141‌

Permian

Resources

Corp.,

Class

A

56,500‌

946,375‌

Range

Resources

Corp.

13,400‌

481,194‌

Weatherford

International

PLC

(a)

2,900‌

358,498‌

3,159,679‌

Financials

—

7.87%

American

Equity

Investment

Life

Holding

Co.

12,400‌

695,764‌

Hamilton

Lane,

Inc.,

Class

A

1,400‌

156,408‌

Hercules

Capital,

Inc.

8,150‌

155,828‌

LPL

Financial

Holdings,

Inc.

2,700‌

726,651‌

Merchants

Bancorp

8,800‌

354,904‌

Robinhood

Markets,

Inc.,

Class

A

(a)

17,900‌

295,171‌

2,384,726‌

Health

Care

—

5.79%

Bio-Techne

Corp.

3,600‌

227,556‌

Catalyst

Pharmaceuticals,

Inc.

(a)

40,500‌

609,525‌

Ensign

Group,

Inc.

(The)

2,100‌

248,556‌

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Shares

Fair

Value

Exelixis,

Inc.

(a)

6,300‌

$

147,798‌

Globus

Medical,

Inc.,

Class

A

(a)

2,900‌

144,391‌

Repligen

Corp.

(a)

900‌

147,780‌

Stevanato

Group

SpA

8,150‌

228,526‌

1,754,132‌

Industrials

—

15.22%

AeroVironment,

Inc.

(a)

1,994‌

318,621‌

AGCO

Corp.

2,300‌

262,637‌

Badger

Meter,

Inc.

1,650‌

301,818‌

CSW

Industrials,

Inc.

1,300‌

308,906‌

Frontline

PLC

6,450‌

151,511‌

Knight-Swift

Transportation

Holdings,

Inc.

7,600‌

351,348‌

Mueller

Industries,

Inc.

26,200‌

1,462,484‌

Novanta,

Inc.

(a)

4,700‌

735,550‌

nVent

Electric

PLC

4,100‌

295,487‌

Star

Bulk

Carriers

Corp.

6,150‌

149,568‌

Tetra

Tech,

Inc.

1,400‌

272,608‌

4,610,538‌

Materials

—

7.85%

Alpha

Metallurgical

Resources,

Inc.

2,900‌

948,648‌

Cleveland-Cliffs,

Inc.

(a)

46,500‌

785,850‌

Commercial

Metals

Co.

2,600‌

139,724‌

Graphic

Packaging

Holding

Co.

10,450‌

270,132‌

Quarker

Houghton

1,250‌

233,163‌

2,377,517‌

Real

Estate

—

3.71%

EastGroup

Properties,

Inc.

1,350‌

209,736‌

Matson,

Inc.

8,500‌

916,130‌

1,125,866‌

Technology

—

24.61%

Amkor

Technology,

Inc.

16,500‌

533,775‌

Azenta,

Inc.

(a)

3,950‌

207,217‌

Calix,

Inc.

(a)

4,500‌

124,785‌

Global-e

Online

Ltd.

(a)

6,530‌

218,951‌

Kulicke

&

Soffa

Industries,

Inc.

7,300‌

337,844‌

Lattice

Semiconductor

Corp.

(a)

10,400‌

713,440‌

Manhattan

Associates,

Inc.

(a)

1,050‌

216,363‌

MaxLinear,

Inc.,

Class

A

(a)

8,400‌

174,636‌

Nano

Dimension

Ltd.

-

ADR

(a)

57,800‌

139,298‌

Nova,

Ltd.

(a)

1,800‌

305,820‌

Onto

Innovation,

Inc.

(a)

1,450‌

268,961‌

Rambus,

Inc.

(a)

19,500‌

1,068,990‌

Skyworks

Solutions,

Inc.

2,400‌

255,816‌

StoneCo

Ltd.,

Class

A

(a)

15,700‌

244,920‌

Super

Micro

Computer,

Inc.

(a)

2,200‌

1,889,360‌

TaskUS,

Inc.

(a)

12,000‌

137,520‌

Verra

Mobility

Corp.

(a)

6,200‌

146,196‌

WEX,

Inc.

(a)

640‌

135,206‌

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

April

30,

2024

-

(Unaudited)

Shares

Fair

Value

ZoomInfo

Technologies,

Inc.,

Class

A

(a)

21,200‌

$

336,232‌

7,455,330‌

Utilities

—

0.88%

Atmos

Energy

Corp.

2,250‌

265,275‌

Total

Common

Stocks

(Cost $21,334,683)

30,127,960‌

CONTINGENT

VALUE

RIGHTS

—

0.00%

Health

Care

—

0.00%

Sinovac

Biotech

Ltd.

(b)

74,893‌

—‌

Total

Contingent

Value

Rights

(Cost $–)

—‌

Total

Investments

—

99.46%

(Cost

$21,334,683)

30,127,960‌

Other

Assets

in

Excess

of

Liabilities

—

0.54%

164,083‌

Net

Assets

—

100.00%

$

30,292,043‌

(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

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