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

Filed: 27 Dec 24, 4:12pm

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Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

44.88%

Communications

—

2.10%

CCO

Holdings

LLC,

5.00%,

2/1/2028

(a)

$

1,000,000‌

$

968,609‌

CCO

Holdings

LLC,

4.25%,

2/1/2031

(a)

1,000,000‌

868,642‌

CCO

Holdings

LLC,

4.50%,

6/1/2033

(a)

1,000,000‌

832,604‌

Prosus

NV,

MTN,

3.06%,

7/13/2031

(a)

500,000‌

427,567‌

Univision

Communications,

Inc.,

4.50%,

5/1/2029

(a)

1,000,000‌

888,733‌

Verizon

Communications,

Inc.,

2.85%,

9/3/2041

1,000,000‌

712,007‌

VMED

OC

UK

Financing

PLC,

4.75%,

7/15/2031

(a)

1,000,000‌

866,995‌

Vodafone

Group

PLC,

4.13%,

6/4/2081

(H15T5Y

+

276.7bps)

(b)

1,000,000‌

900,063‌

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/2052

1,000,000‌

753,697‌

7,218,917‌

Consumer

Discretionary

—

3.75%

Carnival

Corp.,

4.00%,

8/1/2028

(a)

2,000,000‌

1,908,066‌

Carnival

Corp.,

6.00%,

5/1/2029

(a)

1,000,000‌

1,002,321‌

Ford

Motor

Co.,

Class

B,

3.25%,

2/12/2032

500,000‌

418,461‌

Ford

Motor

Credit

Co.,

LLC,

3.38%,

11/13/2025

2,000,000‌

1,962,185‌

Ford

Motor

Credit

Co.,

LLC,

2.90%,

2/10/2029

2,000,000‌

1,786,453‌

Home

Depot,

Inc.

(The),

4.95%,

9/15/2052

1,000,000‌

944,888‌

Home

Depot,

Inc.

(The),

5.30%,

6/25/2054

1,000,000‌

994,365‌

Lowe's

Cos,

Inc.,

5.63%,

4/15/2053

1,000,000‌

991,902‌

McDonald's

Corp.,

5.45%,

8/14/2053

2,000,000‌

1,979,290‌

Yum!

Brands,

Inc.,

3.63%,

3/15/2031

1,000,000‌

906,643‌

12,894,574‌

Consumer

Staples

—

3.89%

Anheuser-Busch

Cos.,

LLC,

4.70%,

2/1/2036

(a)

100,000‌

96,417‌

Coca-Cola

Co.

(The),

4.65%,

8/14/2034

1,000,000‌

985,079‌

Constellation

Brands,

Inc.,

2.25%,

8/1/2031

500,000‌

421,364‌

Constellation

Brands,

Inc.,

4.50%,

5/9/2047

500,000‌

432,155‌

JBS

USA

LUX

SA,

5.50%,

1/15/2030

1,000,000‌

998,574‌

JBS

USA

LUX

SA,

3.75%,

12/1/2031

250,000‌

223,799‌

JBS

USA

LUX

SA,

3.63%,

1/15/2032

500,000‌

441,674‌

Kraft

Heinz

Foods

Co.,

5.00%,

6/4/2042

(a)

300,000‌

279,393‌

Kraft

Heinz

Foods

Co.,

4.38%,

6/1/2046

1,000,000‌

838,624‌

Kraft

Heinz

Foods

Co.,

4.88%,

10/1/2049

1,000,000‌

894,741‌

Kroger

Co/The,

5.00%,

9/15/2034

1,000,000‌

983,990‌

Land

O'

Lakes,

Inc.,

7.25%,

Perpetual

(a)

2,000,000‌

1,698,013‌

Molson

Coors

Beverage

Co.,

4.20%,

7/15/2046

1,000,000‌

819,687‌

PepsiCo,

Inc.,

5.25%,

7/17/2054

1,000,000‌

1,005,415‌

Performance

Food

Group,

Inc.,

4.25%,

8/1/2029

(a)

500,000‌

468,499‌

Pilgrim's

Pride

Corp.,

4.25%,

4/15/2031

1,000,000‌

930,540‌

Target

Corp.,

4.50%,

9/15/2034

1,000,000‌

968,737‌

Walmart,

Inc.,

4.50%,

4/15/2053

1,000,000‌

911,184‌

13,397,885‌

Financials

—

20.46%

American

Express

Co.,

3.55%,

Perpetual

(H15T5Y

+

285.4bps)

(b)

1,000,000‌

949,047‌

Assurant,

Inc.,

7.00%,

3/27/2048

1,000,000‌

1,017,461‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

6.13%,

Perpetual

(USSW5

+

387.0bps)

(b)

$

800,000‌

$

774,105‌

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

Series

9,

6.50%,

Perpetual

(H15T5Y

+

519.2bps)

(b)

1,000,000‌

1,002,716‌

Bank

of

America

Corp.,

4.38%,

Perpetual

(H15T5Y

+

276.0bps)

(b)

2,000,000‌

1,931,403‌

Bank

of

New

York

Mellon

Corp.

(The),

Series

F,

4.63%,

12/20/2049

(TSFR3M

+

339.26bps)

(b)

1,000,000‌

986,336‌

Bank

of

Nova

Scotia

(The),

8.00%,

1/27/2084

(H15T5Y

+

401.70bps)

(b)

1,000,000‌

1,059,006‌

Barclays

PLC,

4.84%,

5/9/2028

2,000,000‌

1,975,411‌

Barclays

PLC,

5.09%,

6/20/2030

(USISSO05

+

305.40bps)

(b)

1,500,000‌

1,476,504‌

Barclays

PLC,

9.63%,

12/31/2049

(USISSO05

+

577.50bps)

(b)

1,000,000‌

1,102,879‌

BBVA

Bancomer

S.A.,

5.13%,

Perpetual

(H15T5Y

+

265.0bps)

(b)

2,000,000‌

1,866,395‌

BNP

Paribas

SA,

8.00%,

Perpetual

(H15T5Y

+372.70bps)

(a),(b)

2,000,000‌

2,084,792‌

Brighthouse

Financial,

Inc.,

4.70%,

6/22/2047

2,642,000‌

2,097,393‌

Citadel

Finance

LLC,

3.38%,

3/9/2026

(a)

2,000,000‌

1,944,292‌

Citigroup,

Inc.,

3.88%,

Perpetual

(H15T5Y

+

341.7bps)

(b)

1,000,000‌

968,960‌

Citigroup,

Inc.,

4.15%,

Perpetual

(H15T5Y

+

300.0bps)

(b)

2,000,000‌

1,917,867‌

Citigroup,

Inc.,

4.70%,

Perpetual

(SOFR

+

323.4bps)

(b)

1,000,000‌

994,753‌

Citigroup,

Inc.,

7.13%,

Perpetual

(H15T5Y

+

269.3bps)

(b)

1,000,000‌

1,029,888‌

Credit

Agricole

SA,

MTN,

4.75%,

Perpetual

(H15T5Y

+

323.7bps)

(a),(b)

1,000,000‌

899,607‌

FedNat

Holding

Co.,

7.75%,

3/15/2029

(c),(d)

2,400,000‌

148,560‌

GATX

Corp.,

Class

B,

4.00%,

6/30/2030

2,000,000‌

1,893,829‌

GE

Capital

International

Funding

Co.,

3.37%,

11/15/2025

200,000‌

196,840‌

Global

Atlantic

Financial

Co.,

4.70%,

10/15/2051

(H15T5Y

+

379.6bps)

(a),(b)

1,000,000‌

959,553‌

Goldman

Sachs

Group,

Inc.

(The),

6.13%,

5/10/2049

(b)

1,000,000‌

994,356‌

Goldman

Sachs

Group,

Inc.

(The),

7.50%,

Perpetual

(H15T5Y

+

280.90bps)

(b)

1,000,000‌

1,051,048‌

HSBC

Holdings

PLC,

8.00%,

Perpetual

(H15T5Y

+

385.8bps)

(b)

1,000,000‌

1,051,758‌

ING

Groep

NV,

4.25%,

Perpetual

(H15T5Y

+

286.2bps)

(b)

1,000,000‌

813,514‌

ING

Groep

NV,

5.75%,

Perpetual

(H15T5Y

+

432.2bps)

1,000,000‌

989,509‌

Intesa

Sanpaolo

SpA,

5.71%,

1/15/2026

(a)

2,000,000‌

2,003,194‌

JPMorgan

Chase

&

Co.,

Series

HH,

4.60%,

Perpetual

(SOFR+

312.5bps)

(b)

1,000,000‌

997,704‌

JPMorgan

Chase

&

Co.,

6.88%,

Perpetual

(H15T5Y

+

273.7bps)

1,000,000‌

1,059,181‌

Liberty

Mutual

Group,

Inc.,

3.95%,

5/15/2060

(a)

500,000‌

350,923‌

Liberty

Mutual

Group,

Inc.,

4.30%,

2/1/2061

(a)

1,000,000‌

658,739‌

Lloyds

Banking

Group

PLC,

7.50%,

Perpetual

(USSW5

+

449.6bps)

(b)

2,000,000‌

2,022,017‌

Lloyds

Banking

Group

PLC,

8.00%,

Perpetual

(H15T5Y

+

391.3bps)

(b)

1,000,000‌

1,044,659‌

Macquarie

Bank

Ltd.,

3.62%,

6/3/2030

(a)

1,000,000‌

916,883‌

Massachusetts

Mutual

Life

Insurance

Co.,

3.38%,

4/15/2050

(a)

1,000,000‌

702,381‌

Nationwide

Mutual

Insurance

Co.,

4.35%,

4/30/2050

(a)

1,000,000‌

774,444‌

Nordea

Bank

Abp,

3.75%,

Perpetual

(H15T5Y

+

260.2bps)

(a)

1,000,000‌

867,764‌

Nordea

Bank

Abp,

6.30%,

Perpetual

(a)

1,000,000‌

958,607‌

Pacific

LifeCorp,

3.35%,

9/15/2050

(a)

500,000‌

347,913‌

Pacific

LifeCorp.,

5.40%,

9/15/2052

(a)

1,000,000‌

972,700‌

Royal

Bank

of

Canada,

7.50%,

5/2/2084

(H15T5Y

+

288.70bps)

(b)

2,000,000‌

2,107,966‌

SBL

Holdings,

Inc.,

5.13%,

11/13/2026

(a)

2,000,000‌

1,960,041‌

SBL

Holdings,

Inc.,

6.50%,

Perpetual

(H15T5Y

+

562.0bps)

(a),(b)

1,393,000‌

1,200,864‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

SBL

Holdings,

Inc.,

7.00%,

Perpetual

(H15T5Y

+

558.0bps)

(a),(b)

$

1,000,000‌

$

909,613‌

Societe

Generale

SA,

8.50%,

Perpetual

(H15T5Y

+

415.30bps)

(a),(b)

2,000,000‌

2,005,301‌

Societe

Generale

SA,

10.00%,

Perpetual

(H15T5Y

+

544.80bps)

(a),(b)

1,000,000‌

1,068,034‌

Standard

Chartered

PLC,

4.30%,

Perpetual

(H15T5Y

+

313.50bps)

(a)

2,000,000‌

1,772,618‌

State

Street

Corp.,

6.70%,

12/31/2049

(b)

1,000,000‌

1,032,014‌

Toronto-Dominion

Bank

(The),

8.13%,

10/31/2082

(H15T5Y

+

407.50bps)

(b)

1,000,000‌

1,056,155‌

Toronto-Dominion

Bank

(The),

7.25%,

7/31/2084

(H15T5Y

+

297.70bps)

(b)

1,000,000‌

1,025,961‌

UBS

Group

AG,

4.38%,

Perpetual

(H15T5Y

+

331.3bps)

(a),(b)

1,000,000‌

847,700‌

UBS

Group

AG,

7.75%,

Perpetual

(USISSO05

+

416bps)

(a),(b)

1,000,000‌

1,050,879‌

UniCredit

SpA,

5.86%,

6/19/2032

(USISDA05

+

370.3bps)

(a),(b)

2,000,000‌

1,993,674‌

UniCredit

SpA,

5.46%,

6/30/2035

(H15T5Y

+

475.0bps)

(a),(b)

500,000‌

482,631‌

US

Bancorp,

5.30%,

Perpetual

(TSFR3M

+

317.6bps)

1,000,000‌

989,921‌

Wells

Fargo

&

Co,

Series

EE,

7.63%,

Perpetual

(H15T5Y

+

360.6bps)

(b)

1,000,000‌

1,077,294‌

Wells

Fargo

&

Co.,

Series

BB,

3.90%,

Perpetual

(H15T5Y

+

345.3bps)

(b)

1,000,000‌

969,108‌

Wells

Fargo

&

Co.,

6.85%,

Perpetual

(H15T5Y

+

276.7bps)

(b)

1,000,000‌

1,033,513‌

70,438,178‌

Health

Care

—

0.22%

Viatris,

Inc.,

3.85%,

6/22/2040

1,000,000‌

750,399‌

Industrials

—

5.14%

Air

Canada,

3.88%,

8/15/2026

(a)

1,000,000‌

968,194‌

Air

Canada

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.13%,

5/15/2025

(a)

998,419‌

991,296‌

American

Airlines

Pass

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

820,000‌

761,781‌

Burlington

Northern

Santa

Fe

LLC,

4.45%,

1/15/2053

2,000,000‌

1,755,183‌

Burlington

Northern

Santa

Fe

LLC,

5.20%,

4/15/2054

1,000,000‌

983,233‌

Burlington

Northern

Santa

Fe

LLC,

5.50%,

3/15/2055

1,000,000‌

1,023,378‌

Canadian

Pacific

Railway

Co.,

Class

B,

2.45%,

12/2/2031

1,000,000‌

861,819‌

Canadian

Pacific

Railway

Co.,

3.10%,

12/2/2051

1,000,000‌

677,836‌

CSX

Corp.,

5.50%,

4/15/2041

1,000,000‌

1,019,395‌

Honeywell

International,

Inc.,

5.25%,

3/1/2054

1,000,000‌

999,384‌

Norfolk

Southern

Corp.,

5.05%,

8/1/2030

500,000‌

507,181‌

Norfolk

Southern

Corp.,

4.55%,

6/1/2053

1,000,000‌

866,044‌

Triton

Container

International

Ltd.,

3.25%,

3/15/2032

500,000‌

425,080‌

Union

Pacific

Corp.,

3.20%,

5/20/2041

1,000,000‌

771,999‌

Union

Pacific

Corp.,

2.95%,

3/10/2052

1,000,000‌

665,005‌

Union

Pacific

Corp.,

3.50%,

2/14/2053

1,000,000‌

737,093‌

United

Airlines

Pass

Through

Trust,

Series

2016-2B,

Class

B,

3.65%,

10/7/2025

400,463‌

392,560‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

399,863‌

396,568‌

United

Airlines

Pass

Through

Trust,

Series

2016-2,

Class

A,

3.10%,

4/7/2030

645,032‌

592,789‌

United

Parcel

Service,

Inc.,

5.50%,

5/22/2054

1,000,000‌

1,021,152‌

US

Airways

Pass

Through

Trust,

Series

2012-2,

Class

A,

4.63%,

6/3/2025

1,284,089‌

1,278,528‌

17,695,498‌

Materials

—

1.24%

Alcoa

Nederland

Holding

BV,

5.50%,

12/15/2027

(a)

1,000,000‌

993,551‌

Ball

Corp.,

2.88%,

8/15/2030

1,000,000‌

871,038‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Bemis

Co.,

Inc.,

2.63%,

6/19/2030

$

500,000‌

$

440,366‌

Berry

Global,

Inc.,

5.63%,

7/15/2027

(a)

1,000,000‌

999,171‌

Berry

Global,

Inc.,

5.80%,

6/15/2031

(a)

500,000‌

507,530‌

Canpack

SA,

3.88%,

11/15/2029

(a)

500,000‌

455,305‌

4,266,961‌

Real

Estate

—

0.62%

Iron

Mountain,

Inc.,

4.88%,

9/15/2029

(a)

1,000,000‌

963,899‌

Iron

Mountain,

Inc.,

5.25%,

7/15/2030

(a)

1,000,000‌

967,821‌

SBA

Communications

Corp.,

3.88%,

2/15/2027

(a)

200,000‌

193,703‌

2,125,423‌

Technology

—

3.58%

Broadcom,

Inc.,

4.15%,

11/15/2030

1,000,000‌

960,004‌

Broadcom,

Inc.,

4.15%,

11/15/2030

500,000‌

480,002‌

Broadcom,

Inc.,

2.60%,

2/15/2033

(a)

1,000,000‌

830,242‌

Broadcom,

Inc.,

3.50%,

2/15/2041

(a)

1,000,000‌

787,094‌

Dell

International

LLC

/

EMC

Corp.,

4.85%,

2/1/2035

1,000,000‌

961,029‌

Hewlett

Packard

Enterprise

Co.,

5.00%,

10/15/2034

1,000,000‌

970,778‌

HP,

Inc.,

6.00%,

9/15/2041

2,500,000‌

2,579,017‌

Jabil,

Inc.,

3.00%,

1/15/2031

1,000,000‌

882,602‌

Juniper

Networks,

Inc.,

2.00%,

12/10/2030

500,000‌

417,355‌

Juniper

Networks,

Inc.,

5.95%,

3/15/2041

700,000‌

703,193‌

Kyndryl

Holdings,

Inc.,

2.05%,

10/15/2026

1,000,000‌

947,446‌

Kyndryl

Holdings,

Inc.,

3.15%,

10/15/2031

1,000,000‌

856,005‌

Oracle

Corp.,

4.70%,

9/27/2034

1,000,000‌

961,924‌

12,336,691‌

Utilities

—

3.88%

AEP

Texas,

Inc.,

Series

I,

2.10%,

7/1/2030

500,000‌

430,741‌

Ameren

Illinois

Co.,

4.95%,

6/1/2033

1,000,000‌

999,446‌

Appalachian

Power

Co.,

Series

Z,

3.70%,

5/1/2050

1,000,000‌

730,217‌

Dayton

Power

&

Light

Co.

(The),

3.95%,

6/15/2049

1,000,000‌

759,510‌

Dominion

Energy,

Inc.,

4.35%,

Perpetual

(H15T5Y

+

319.5bps)

(b)

1,000,000‌

975,904‌

Duke

Energy

Carolinas

LLC,

Series

2021-4A,

Class

E,

4.85%,

1/15/2034

(a)

1,000,000‌

988,598‌

Duke

Energy

Ohio,

Inc.,

5.55%,

3/15/2054

1,000,000‌

1,005,391‌

Duke

Energy

Progress

LLC,

2.50%,

8/15/2050

1,000,000‌

608,843‌

Kentucky

Utilities

Co.,

3.30%,

6/1/2050

1,000,000‌

700,628‌

NRG

Energy,

Inc.,

4.45%,

6/15/2029

(a)

1,000,000‌

961,187‌

Pacific

Gas

and

Electric

Co.,

4.25%,

3/15/2046

500,000‌

398,068‌

Pacific

Gas

and

Electric

Co.,

3.50%,

8/1/2050

500,000‌

349,368‌

PPL

Electric

Utilities

Corp.,

5.25%,

5/15/2053

1,000,000‌

987,856‌

Southern

California

Edison

Co.,

Series

B,

4.88%,

3/1/2049

1,000,000‌

915,328‌

Southern

Co.

(The),

4.85%,

3/15/2035

1,000,000‌

973,285‌

Union

Electric

Co.,

3.90%,

4/1/2052

750,000‌

594,449‌

Union

Electric

Co.,

5.25%,

1/15/2054

1,000,000‌

975,246‌

13,354,065‌

Total

Corporate

Bonds

and

Notes

(Cost $164,099,216)

154,478,591‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

21.16%

American

Credit

Acceptance

Receivables

Trust,

Series

2021-2,

Class

D,

1.34%,

7/13/2027

(a)

$

768,030‌

$

762,426‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-2,

Class

E,

MTN,

2.54%,

7/13/2027

(a)

2,000,000‌

1,985,739‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-3,

Class

E,

MTN,

2.56%,

11/15/2027

(a)

3,000,000‌

2,966,511‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-4,

Class

D,

1.82%,

2/14/2028

(a)

732,834‌

727,218‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-4,

Class

E,

MTN,

3.12%,

2/14/2028

(a)

1,000,000‌

993,006‌

Amur

Equipment

Finance

Receivables

LLC,

Series

2022-1A,

Class

E,

5.02%,

12/20/2028

(a)

750,000‌

746,405‌

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-2A,

Class

D,

5.97%,

10/20/2031

(a)

310,000‌

313,649‌

CARLYLE

US

CLO

2017-3

Ltd,

Series

3A,

Class

BR2,

6.92%,

10/21/2037

(TSFR3M

+

178bps)

(a)

1,000,000‌

1,000,016‌

Carvana

Auto

Receivables

Trust,

Series

2020-N1A,

Class

E,

5.20%,

7/15/2027

(a)

639,674‌

633,197‌

Carvana

Auto

Receivables

Trust,

Series

2021-N3,

Class

E,

3.16%,

6/12/2028

(a)

2,226,079‌

2,112,457‌

Carvana

Auto

Receivables

Trust,

Series

2021-N4,

Class

E,

4.53%,

9/11/2028

(a)

1,500,000‌

1,434,293‌

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

E,

6.01%,

12/11/2028

(a)

1,250,000‌

1,209,336‌

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2021-A,

Class

C,

4.02%,

12/17/2029

(a)

1,000,000‌

976,996‌

CPS

Auto

Receivables

Trust,

Series

2022-A,

Class

E,

4.88%,

4/16/2029

(a)

1,000,000‌

961,387‌

Dell

Equipment

Finance

Trust,

Series

2024-1,

Class

D,

MTN,

6.12%,

9/23/2030

(a)

250,000‌

253,287‌

Dell

Equipment

Finance

Trust,

Series

2024-2,

Class

D,

5.29%,

2/24/2031

(a)

500,000‌

498,042‌

Dividend

Solar

Loans

LLC,

Series

2017-1,

Class

B,

5.25%,

3/22/2038

(a)

766,060‌

689,962‌

DT

Auto

Owner

Trust,

Series

2021-2A,

Class

E,

2.97%,

7/17/2028

(a)

1,000,000‌

979,059‌

DT

Auto

Owner

Trust,

Series

2021-4A,

Class

E,

3.34%,

7/17/2028

(a)

1,000,000‌

965,475‌

DT

Auto

Owner

Trust,

Series

2022-1A,

Class

E,

5.53%,

3/15/2029

(a)

1,000,000‌

983,288‌

Encina

Equipment

Finance

LLC,

Series

2022-1A,

Class

D,

6.00%,

1/15/2030

(a)

1,000,000‌

987,984‌

Enterprise

Fleet

Financing

LLC,

Series

2021-1,

Class

A3,

0.70%,

12/21/2026

(a)

233,755‌

231,686‌

Enterprise

Fleet

Financing

LLC,

Series

2021-3,

Class

A2,

0.77%,

8/20/2027

(a)

48,931‌

48,659‌

Enterprise

Fleet

Financing

LLC,

Series

2021-3,

Class

A2,

4.38%,

7/20/2029

(a)

223,113‌

222,352‌

Enterprise

Fleet

Financing

LLC,

Series

2024-3,

Class

A4,

5.06%,

3/20/2031

(a)

500,000‌

505,428‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

E,

4.02%,

1/17/2028

(a)

2,000,000‌

1,934,556‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/15/2028

(a)

$

3,155,000‌

$

3,090,057‌

Exeter

Automobile

Receivables

Trust,

Series

2022-2A,

Class

D,

4.56%,

7/17/2028

1,000,000‌

992,537‌

Exeter

Automobile

Receivables

Trust,

Series

2021-2A,

Class

E,

2.90%,

7/17/2028

(a)

1,000,000‌

971,120‌

Exeter

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.04%,

12/15/2028

(a)

1,000,000‌

955,082‌

Exeter

Automobile

Receivables

Trust,

Series

2022-1A,

Class

E,

5.02%,

10/15/2029

(a)

2,000,000‌

1,929,689‌

First

Investors

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.66%,

12/15/2027

(a)

1,840,000‌

1,768,142‌

Flagship

Credit

Auto

Trust,

Series

2021-3,

Class

D,

1.65%,

9/15/2027

(a)

1,000,000‌

943,314‌

Flagship

Credit

Auto

Trust,

Series

2021-2,

Class

E,

3.16%,

9/15/2028

(a)

1,150,000‌

1,066,425‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-2,

Class

E,

3.35%,

10/15/2027

(a)

500,000‌

493,908‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-1,

Class

D,

3.07%,

5/15/2028

(a)

1,000,000‌

973,919‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-2,

Class

C,

5.75%,

8/15/2028

(a)

1,000,000‌

1,004,616‌

GCI

Funding

I

LLC,

Series

2021-1,

Class

A,

2.38%,

6/18/2046

(a)

700,390‌

633,450‌

Global

SC

Finance

VII

Srl,

Series

2020-1A,

Class

A,

2.17%,

10/17/2040

(a)

272,750‌

256,414‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-1A,

Class

E,

3.14%,

1/18/2028

(a)

2,750,000‌

2,702,874‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

E,

4.43%,

10/16/2028

(a)

1,000,000‌

968,396‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-3A,

Class

E,

3.20%,

10/16/2028

(a)

1,000,000‌

967,419‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2022-1A,

Class

E,

5.64%,

5/15/2029

(a)

1,000,000‌

975,491‌

Golden

Credit

Card

Trust,

Series

2021-1A,

Class

B,

MTN,

1.44%,

8/15/2028

(a)

1,000,000‌

940,853‌

Helios

Issuer

LLC,

Series

2021-A,

Class

A,

1.80%,

2/20/2048

(a)

378,000‌

292,922‌

Helios

Issuer

LLC,

Series

2021-A,

Class

B,

3.15%,

2/20/2048

(a)

688,843‌

401,046‌

HERO

Funding

Trust,

Series

2021-1A,

Class

B,

4.00%,

9/20/2051

(a)

235,297‌

212,479‌

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

D,

5.82%,

4/20/2032

(a)

500,000‌

507,003‌

HPEFS

Equipment

Trust

2024-1,

Series

2024-1A,

Class

D,

5.82%,

12/22/2031

(a)

1,000,000‌

1,013,840‌

ITE

Rail

Fund

Levered

LP,

Series

2021-3A,

Class

A,

2.21%,

6/28/2051

(a)

868,802‌

803,553‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-3GS,

Class

C,

3.50%,

12/20/2047

(a)

785,059‌

568,786‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-2GS,

Class

C,

3.50%,

3/20/2048

(a)

852,630‌

590,827‌

Mariner

Finance

Issuance

Trust

2024-A,

Series

2024-AA,

Class

A,

5.13%,

9/22/2036

(a)

2,000,000‌

2,010,137‌

Mosaic

Solar

Loan

Trust,

Series

2021-1A,

Class

D,

3.71%,

12/20/2046

(a)

543,999‌

448,372‌

Mosaic

Solar

Loan

Trust,

Series

2021-3A,

Class

B,

1.92%,

6/20/2052

(a)

128,734‌

94,019‌

NMEF

Funding

2024-A

LLC,

Series

A,

Class

B,

5.32%,

12/15/2031

(a)

1,000,000‌

997,217‌

NMEF

Funding

2024-A

LLC,

Series

2024-A,

Class

A,

6.33%,

12/15/2031

(a)

500,000‌

498,544‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Octane

Receivables

Trust,

Series

2021-2A,

Class

A,

1.21%,

9/20/2028

(a)

$

188,101‌

$

186,197‌

Octane

Receivables

Trust,

Series

2023-3A,

Class

B,

6.48%,

7/20/2029

(a)

1,000,000‌

1,019,822‌

Octane

Receivables

Trust,

Series

2022-2A,

Class

D,

7.70%,

2/20/2030

(a)

1,000,000‌

1,041,575‌

Pagaya

AI

Debt

Grantor

Trust

2024-5,

Series

2025,

Class

A,

6.28%,

10/15/2031

(a)

691,744‌

697,452‌

Post

Road

Equipment

Finance

2024-1

LLC,

Series

2024-1A,

Class

C,

MTN,

5.81%,

10/15/2030

(a)

160,000‌

161,730‌

Prestige

Auto

Receivables

Trust,

Series

2020-1A,

Class

E,

3.67%,

2/15/2028

(a)

1,365,000‌

1,359,113‌

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

6.67%,

4/20/2034

(TSFR3M

+

241.2bps)

1,000,000‌

1,000,192‌

Regatta

XVIII

Funding

Ltd.,

Series

2021-1A,

Class

C,

7.03%,

1/15/2034

(TSFR3M

+

201.2bps)

(a),(b)

1,000,000‌

1,002,026‌

SCF

Equipment

Leasing

LLC,

Series

2022-1A,

Class

A3,

2.92%,

7/20/2029

(a)

567,103‌

561,884‌

SCF

Equipment

Leasing

LLC,

Series

2021-1A,

Class

E,

3.56%,

8/20/2032

(a)

750,000‌

745,021‌

TAL

Advantage

VII

LLC,

Series

2020-1A,

Class

A,

2.05%,

9/20/2045

(a)

571,250‌

529,530‌

Textainer

Marine

Containers

Ltd.,

Series

2021-3A,

Class

A,

1.94%,

8/20/2046

(a)

896,000‌

784,819‌

Towd

Point

Asset

Trust,

Series

2021-SL1,

Class

A2,

5.57%,

11/20/2061

(TSFR1M

+

81.4bps)

(a),(b)

332,294‌

331,970‌

Trinity

Rail

Leasing

2021

LLC,

Series

2021-1A,

Class

B,

3.08%,

7/19/2051

(a)

500,000‌

442,363‌

Triton

Container

Finance

VIII

LLC,

Series

2020-1A,

Class

A,

2.11%,

9/20/2045

(a)

652,917‌

594,385‌

TRP

LLC,

Series

2021-2,

Class

B,

3.08%,

6/19/2051

(a)

950,000‌

868,679‌

United

Auto

Credit

Securitization

Trust,

Series

2022-1,

Class

E,

5.00%,

11/10/2028

(a)

1,000,000‌

928,859‌

US

Auto

Funding

LLC,

Series

2021-1A,

Class

C,

2.20%,

5/15/2026

(a)

564,916‌

531,623‌

USQ

Rail

II

LLC,

Series

2021-3,

Class

B,

2.98%,

6/28/2051

(a)

500,000‌

457,223‌

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

B,

3.22%,

7/31/2051

(a)

1,091,060‌

867,740‌

Westgate

Resorts

2022-1

LLC,

Series

2022-1A,

Class

A,

1.79%,

8/20/2036

(a)

626,344‌

610,746‌

Westlake

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.42%,

4/15/2027

(a)

1,000,000‌

981,854‌

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

D,

1.44%,

11/15/2027

2,000,000‌

1,932,929‌

Total

Asset

Backed

Securities

(Cost $74,465,434)

72,832,597‌

U.S.

GOVERNMENT

&

AGENCIES

—

26.66%

Fannie

Mae,

Pool

#BP2175,

3.00%,

2/1/2035

205,014‌

196,097‌

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

714,893‌

714,527‌

Fannie

Mae,

Pool

#MA4851,

5.00%,

11/1/2042

785,407‌

774,248‌

Fannie

Mae,

Pool

#CA6707,

2.50%,

8/1/2050

891,775‌

755,572‌

Fannie

Mae,

Pool

#MA4354,

1.50%,

6/1/2051

1,648,500‌

1,248,489‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Fannie

Mae,

Pool

#BT3256,

2.50%,

7/1/2051

$

841,845‌

$

704,507‌

Fannie

Mae,

Pool

#BT1339,

2.50%,

7/1/2051

1,589,493‌

1,325,616‌

Fannie

Mae,

Pool

#BT1314,

2.50%,

7/1/2051

542,747‌

452,599‌

Fannie

Mae,

Pool

#BQ7422,

2.50%,

8/1/2051

837,210‌

698,129‌

Fannie

Mae,

Pool

#MA4436,

1.50%,

10/1/2051

852,332‌

645,242‌

Fannie

Mae,

Pool

#BU2591,

2.00%,

12/1/2051

1,273,520‌

1,012,211‌

Fannie

Mae,

Pool

#CB2670,

3.00%,

1/1/2052

873,605‌

754,695‌

Fannie

Mae,

Pool

#CB2668,

3.00%,

1/1/2052

852,676‌

737,088‌

Fannie

Mae,

Pool

#BU1320,

3.00%,

2/1/2052

411,098‌

355,123‌

Fannie

Mae,

Pool

#CB3177,

3.50%,

3/1/2052

847,553‌

759,345‌

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,545,460‌

1,432,064‌

Fannie

Mae,

Pool

#MA4624,

3.00%,

6/1/2052

1,327,024‌

1,145,634‌

Fannie

Mae,

Pool

#BV7899,

3.00%,

8/1/2052

1,361,689‌

1,175,850‌

Fannie

Mae,

Pool

#MA4732,

4.00%,

9/1/2052

879,240‌

814,387‌

Fannie

Mae,

Pool

#CB4818,

4.00%,

10/1/2052

2,190,907‌

2,028,875‌

Fannie

Mae,

Pool

#MA4804,

4.00%,

11/1/2052

1,364,526‌

1,263,124‌

Fannie

Mae,

Pool

#CB5536,

5.00%,

1/1/2053

1,833,280‌

1,785,250‌

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

881,583‌

857,870‌

Fannie

Mae,

Pool

#MA4941,

5.00%,

3/1/2053

815,396‌

796,499‌

Fannie

Mae,

Pool

#MA5009,

5.00%,

5/1/2053

913,757‌

888,966‌

Fannie

Mae,

Pool

#MA5010,

5.50%,

5/1/2053

882,129‌

874,463‌

Fannie

Mae,

Pool

#MA5071,

5.00%,

7/1/2053

1,842,952‌

1,792,665‌

Fannie

Mae,

Pool

#MA5191,

6.00%,

11/1/2053

901,698‌

908,240‌

Fannie

Mae,

Pool

#MA5246,

5.50%,

1/1/2054

1,897,755‌

1,880,251‌

Fannie

Mae,

Pool

#MA5263,

4.00%,

1/1/2054

965,161‌

893,436‌

Fannie

Mae,

Pool

#MA5272,

6.00%,

2/1/2054

901,123‌

907,293‌

Fannie

Mae,

Pool

#MA5295,

6.00%,

3/1/2054

1,830,866‌

1,843,402‌

Fannie

Mae,

Pool

#MA5329,

6.50%,

4/1/2054

893,740‌

912,737‌

Fannie

Mae,

Pool

#MA5416,

6.50%,

5/1/2054

952,622‌

963,255‌

Fannie

Mae,

Pool

#MA5386,

4.50%,

6/1/2054

978,898‌

930,713‌

Fannie

Mae,

Pool

#MA5493,

6.00%,

8/1/2054

998,240‌

996,127‌

Fannie

Mae,

Pool

#MA5522,

6.50%,

9/1/2054

984,292‌

994,597‌

Fannie

Mae,

Pool

#MA5496,

5.00%,

10/1/2054

1,995,636‌

1,940,204‌

Federal

Agricultural

Mortgage

Corp.,

3.05%,

6/29/2032

500,000‌

454,749‌

Federal

Farm

Credit

Bank,

3.30%,

3/23/2032

1,000,000‌

918,363‌

Federal

Farm

Credit

Bank,

6.49%,

11/15/2038

1,000,000‌

1,000,716‌

Federal

Farm

Credit

Bank,

2.13%,

5/21/2040

2,000,000‌

1,393,834‌

Federal

Farm

Credit

Bank,

1.95%,

8/13/2040

1,000,000‌

668,388‌

Federal

Farm

Credit

Bank,

2.07%,

12/21/2040

500,000‌

337,124‌

Federal

Farm

Credit

Banks

Funding

Corp,

5.72%,

10/28/2044

2,000,000‌

1,996,699‌

Federal

Farm

Credit

Banks

Funding

Corp.,

5.24%,

9/19/2039

1,000,000‌

998,242‌

Federal

Farm

Credit

Banks

Funding

Corp.,

6.36%,

5/2/2044

1,000,000‌

1,006,838‌

Federal

Home

Loan

Bank,

2.01%,

7/16/2040

1,000,000‌

673,701‌

Federal

Home

Loan

Banks,

6.00%,

4/23/2037

1,000,000‌

1,000,692‌

Federal

Home

Loan

Banks,

5.00%,

10/21/2039

1,000,000‌

999,079‌

Federal

Home

Loan

Mortgage

Corp.,

1.75%,

7/27/2035

1,500,000‌

1,112,482‌

Freddie

Mac,

Pool

#RD5138,

5.00%,

1/1/2033

643,110‌

649,132‌

Freddie

Mac,

Pool

#SB8509,

2.00%,

1/1/2036

586,940‌

527,082‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Freddie

Mac,

Pool

#RC2064,

1.50%,

6/1/2036

$

722,169‌

$

629,680‌

Freddie

Mac,

Pool

#QO0931,

4.00%,

10/1/2037

532,046‌

514,890‌

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

1,568,800‌

1,318,638‌

Freddie

Mac,

Pool

#RB5182,

4.00%,

9/1/2042

811,903‌

769,646‌

Freddie

Mac,

Pool

#RA2314,

3.50%,

3/1/2050

297,758‌

270,422‌

Freddie

Mac,

Pool

#RA2657,

3.50%,

5/1/2050

680,676‌

618,183‌

Freddie

Mac,

Pool

#SD0430,

2.50%,

8/1/2050

543,298‌

456,655‌

Freddie

Mac,

Pool

#QC3907,

2.50%,

7/1/2051

723,655‌

606,198‌

Freddie

Mac,

Pool

#QC5859,

3.00%,

8/1/2051

796,768‌

689,228‌

Freddie

Mac,

Pool

#RA6945,

3.50%,

3/1/2052

2,487,445‌

2,228,566‌

Freddie

Mac,

Pool

#SD8257,

4.50%,

10/1/2052

874,359‌

832,071‌

Freddie

Mac,

Pool

#SD8267,

5.00%,

11/1/2052

1,744,446‌

1,698,251‌

Freddie

Mac,

Pool

#SD8288,

5.00%,

1/1/2053

886,781‌

863,114‌

Freddie

Mac,

Pool

#QF5251,

5.50%,

1/1/2053

881,634‌

875,111‌

Freddie

Mac,

Pool

#SD2334,

5.00%,

2/1/2053

912,552‌

888,008‌

Freddie

Mac,

Pool

#SD8297,

4.00%,

2/1/2053

1,829,996‌

1,694,002‌

Freddie

Mac,

Pool

#SD8305,

4.00%,

3/1/2053

924,649‌

856,891‌

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

897,520‌

891,069‌

Freddie

Mac,

Pool

#SD2856,

5.50%,

5/1/2053

885,164‌

877,341‌

Freddie

Mac,

Pool

#SD8323,

5.00%,

5/1/2053

931,261‌

906,570‌

Freddie

Mac,

Pool

#QG3333,

5.00%,

5/1/2053

1,925,614‌

1,879,171‌

Freddie

Mac,

Pool

#SD8322,

4.50%,

5/1/2053

914,192‌

869,335‌

Freddie

Mac,

Pool

#SD8323,

5.00%,

5/1/2053

912,272‌

887,592‌

Freddie

Mac,

Pool

#SD8348,

5.00%,

8/1/2053

926,246‌

900,662‌

Freddie

Mac,

Pool

#QG9607,

6.00%,

9/1/2053

2,083,048‌

2,108,151‌

Freddie

Mac,

Pool

#SD8383,

5.50%,

12/1/2053

2,840,038‌

2,814,864‌

Freddie

Mac,

Pool

#QH8694,

6.00%,

1/1/2054

1,484,736‌

1,498,537‌

Freddie

Mac,

Pool

#MA5416,

5.50%,

6/1/2054

961,201‌

952,185‌

Freddie

Mac,

Pool

#MA5416,

6.00%,

7/1/2054

959,641‌

966,062‌

Freddie

Mac,

Pool

#SD8454,

6.00%,

8/1/2054

971,464‌

977,964‌

Freddie

Mac,

Pool

#SD8469,

5.50%,

10/1/2054

993,929‌

984,605‌

Freddie

Mac,

Pool

#RE6151,

6.00%,

11/1/2054

1,000,000‌

998,816‌

United

States

Treasury

Note,

1.25%,

4/30/2028

5,000,000‌

4,532,324‌

Total

U.S.

Government

&

Agencies

(Cost $95,107,287)

91,751,313‌

COLLATERALIZED

LOAN

OBLIGATIONS

—

4.94%

Apex

Credit

CLO

Ltd.,

Series

2018-1A,

Class

B,

MTN,

6.49%,

4/25/2031

(TSFR3M

+

186.2bps)

(a),(b)

1,190,000‌

1,190,374‌

Benefit

Street

Partners

CLO

X

Ltd.,

Series

2016-10A,

Class

BRR,

7.03%,

4/20/2034

(TSFR3M

+

241.2bps)

(a),(b)

250,000‌

250,605‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

C,

7.07%,

1/15/2035

(TSFR3M

+

241.2bps)

(a),(b)

1,000,000‌

1,002,309‌

Carlyle

Global

Market

Strategies

CLO,

Series

2016-3A,

Class

CRR,

7.08%,

7/20/2034

(TSFR3M

+

246.2bps)

(a),(b)

375,000‌

375,113‌

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Cedar

Funding

XII

CLO

Ltd.,

Series

2020-12A,

Class

XR,

5.89%,

10/25/2034

(3MO

LIBOR

+

100.0bps)

(a),(b)

$

583,333‌

$

583,389‌

Goldentree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

BR,

6.42%,

4/20/2035

(TSFR3M

+

180.0bps)

(a)

1,000,000‌

1,002,531‌

Hildene

TruPS

Financials

Note

Secruitization,

Series

2019-2A,

Class

A1,

7.14%,

5/22/2039

(3MO

LIBOR

+

176.0bps)

(a)

1,759,958‌

1,746,758‌

Hilton

Grand

Vacations

Trust

2024-3,

Series

3A,

Class

A,

4.98%,

8/27/2040

(a)

1,000,000‌

999,180‌

HPS

Loan

Management

Ltd.,

Series

2010A-16,

Class

BRR,

6.93%,

4/20/2034

(TSFR3M

+

231.2bps)

(a),(b)

1,000,000‌

1,000,193‌

HPS

Loan

Management

Ltd.,

Series

2010A-16,

Class

X,

5.78%,

4/20/2034

(TSFR3M

+

116.2bps)

(a),(b)

333,333‌

333,331‌

Madison

Park

Funding

LXVII

Ltd,

Series

67A,

Class

B,

7.22%,

4/25/2037

(TSFRM

+

205.0bps)

(a)

1,000,000‌

1,008,606‌

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

BRR,

7.12%,

10/15/2032

(TSFR3M

+

246.2bps)

(a),(b)

1,000,000‌

1,002,284‌

Madison

Park

Funding

XXXVIII

Ltd.,

Series

2021-38A,

Class

C,

6.81%,

7/17/2034

(TSFR3M

+

216.2bps)

(a),(b)

1,000,000‌

1,002,051‌

Oaktree

CLO

2019-3

Ltd,

5.94%,

1/20/2038

(TSFR3M

+

138bps)

(a)

1,000,000‌

1,000,000‌

Palmer

Square

CLO

Ltd.,

Series

2022-1A,

Class

C,

6.67%,

4/20/2035

(TSFR3M

+

205.0bps)

(a),(b)

1,000,000‌

1,002,112‌

Rockford

Tower

CLO

2019-2

Ltd.,

Series

2A,

Class

CR2,

6.79%,

8/20/2032

(TSFR3M

+

200bps)

(a)

1,000,000‌

1,001,908‌

Sound

Point

CLO

VIII-R

Ltd.,

Series

2015-1RA,

Class

BR,

6.47%,

4/15/2030

(TSFR3M

+

181.2bps)

(a),(b)

1,000,000‌

1,000,679‌

Venture

CLO

Ltd.,

Series

2018-31A,

Class

C1,

6.83%,

4/20/2031

(TSFR3M

+

221.2bps)

(a),(b)

1,000,000‌

1,000,327‌

Wind

River

CLO

Ltd.,

Series

2016-1KRA,

Class

CR2,

7.27%,

10/15/2034

(TSFR3M

+

261.2bps)

(a)

500,000‌

500,295‌

Total

Collateralized

Loan

Obligations

(Cost $16,900,913)

17,002,045‌

Total

Investments

—

97.64%

(Cost

$350,572,850)

336,064,546‌

Other

Assets

in

Excess

of

Liabilities

—

2.36%

8,126,643‌

Net

Assets

—

100.00%

$

344,191,189‌

(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,

2024

was

$134,555,581,

representing

39.09%

of

net

assets.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

October

31,

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

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

(d)

Security

is

being

fair

valued

in

accordance

with

the

Trust’s

fair

valuation

policies

and

represents

0%

of

the

Fund’s

net

assets.

MTN

-

Medium

Term

Note

Yorktown

Small

Cap

Fund

Schedule

of

Investments

October

31,

2024

-

(Unaudited)

+

Shares

Fair

Value

COMMON

STOCKS

—

98.76%

Communications

—

1.83%

Grab

Holdings

Ltd.,

Class

A

(a)

52,000‌

$

212,160‌

Gravity

Co.

Ltd.

-

ADR

5,100‌

324,411‌

536,571‌

Consumer

Discretionary

—

15.31%

Arcos

Dorados

Holdings,

Inc.,

Class

A

73,000‌

643,130‌

Arhaus

Inc

13,750‌

116,600‌

Axon

Enterprise,

Inc.

(a)

775‌

328,212‌

Boot

Barn

Holdings,

Inc.

(a)

1,700‌

211,735‌

Boyd

Gaming

Corp.

2,700‌

187,083‌

Cavco

Industries,

Inc.

(a)

800‌

327,836‌

Churchill

Downs,

Inc.

3,100‌

434,310‌

Dick's

Sporting

Goods,

Inc.

2,240‌

438,480‌

DraftKings,

Inc.,

Class

A

(a)

9,960‌

351,787‌

FirstCash

Holdings,

Inc.

1,300‌

134,511‌

Green

Brick

Partners,

Inc.

(a)

2,050‌

141,471‌

Group

1

Automotive,

Inc.

440‌

160,301‌

SharkNinja,

Inc.

3,500‌

322,735‌

Smith

Douglas

Homes

Corp.

(a)

4,700‌

155,664‌

Sportradar

Group

AG

(a)

13,600‌

168,776‌

Texas

Roadhouse,

Inc.

1,900‌

363,128‌

4,485,759‌

Consumer

Staples

—

7.84%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

10,000‌

847,300‌

Chefs'

Warehouse,

Inc.

(The)

(a)

7,050‌

281,436‌

Dole

PLC

12,600‌

203,490‌

elf

Beauty,

Inc.

(a)

3,300‌

347,325‌

Performance

Food

Group

Co.

(a)

2,250‌

182,812‌

Pilgrim's

Pride

Corp.

(a)

9,000‌

435,960‌

2,298,323‌

Energy

—

6.79%

Murphy

USA,

Inc.

370‌

180,727‌

Northern

Oil

and

Gas,

Inc.

17,900‌

648,875‌

Permian

Resources

Corp.,

Class

A

44,700‌

609,261‌

Range

Resources

Corp.

10,700‌

321,321‌

Weatherford

International

PLC

2,900‌

229,100‌

1,989,284‌

Financials

—

10.82%

Brookfield

Asset

Management

Ltd.

5,637‌

298,986‌

Freedom

Holding

Corp.

(a)

3,700‌

401,080‌

Goosehead

Insurance

Inc,

Class

A

(a)

5,050‌

549,945‌

Hamilton

Lane,

Inc.,

Class

A

2,300‌

413,172‌

LPL

Financial

Holdings,

Inc.

2,700‌

761,886‌

Merchants

Bancorp

8,800‌

325,072‌

Robinhood

Markets,

Inc.,

Class

A

(a)

17,900‌

420,471‌

3,170,612‌

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Shares

Fair

Value

Health

Care

—

11.04%

Amphastar

Pharmaceuticals,

Inc.

(a)

3,400‌

$

171,802‌

Bio-Techne

Corp.

3,600‌

265,500‌

Catalyst

Pharmaceuticals,

Inc.

(a)

20,250‌

441,450‌

Ensign

Group,

Inc.

(The)

2,100‌

325,479‌

Haemonetics

Corp.

(a)

4,000‌

284,640‌

Insmed,

Inc.

(a)

10,970‌

738,062‌

Lantheus

Holdings,

Inc.

(a)

2,450‌

269,108‌

PACS

Group,

Inc.

(a)

11,400‌

486,552‌

RadNet,

Inc.

(a)

3,900‌

253,656‌

3,236,249‌

Industrials

—

22.19%

Aaon,

Inc.

1,700‌

194,174‌

AeroVironment,

Inc.

(a)

1,994‌

428,630‌

AZZ,

Inc.

3,750‌

285,675‌

Badger

Meter,

Inc.

1,650‌

330,082‌

Cactus,

Inc.,

Class

A

6,050‌

358,704‌

Camtek

Ltd.

2,200‌

175,032‌

Construction

Partners

Inc.,

Class

A

(a)

4,800‌

377,904‌

CSW

Industrials,

Inc.

1,300‌

459,030‌

Frontline

PLC

6,450‌

125,711‌

Herc

Holdings

Inc.

1,100‌

230,054‌

IES

Holdings,

Inc.

(a)

940‌

205,545‌

Installed

Building

Products,

Inc.

1,330‌

288,477‌

Itron,

Inc.

(a)

3,000‌

335,280‌

Mueller

Industries,

Inc.

11,690‌

958,229‌

Novanta,

Inc.

(a)

2,300‌

391,552‌

nVent

Electric

PLC

4,100‌

305,737‌

RBC

Bearings,

Inc.

(a)

540‌

151,389‌

Regal

Rexnord

Corp.

975‌

162,377‌

Tetra

Tech,

Inc.

7,000‌

342,160‌

V2X

Inc.

(a)

3,500‌

215,600‌

WESCO

International,

Inc.

950‌

182,372‌

6,503,714‌

Materials

—

4.83%

CONSOL

Energy

Inc.

(a)

1,550‌

171,926‌

Graphic

Packaging

Holding

Co.

10,450‌

295,317‌

Hawkins,

Inc.

1,450‌

155,005‌

Simpson

Manufacturing

Co.,

Inc.

850‌

152,822‌

Tacnoglass,

Inc.

2,800‌

191,884‌

UFP

TECHNOLOGIES,

INC,

(a)

790‌

210,930‌

United

States

Lime

&

Minerals

Inc.

2,100‌

236,838‌

1,414,722‌

Real

Estate

—

2.18%

Matson,

Inc.

4,130‌

639,696‌

Technology

—

15.93%

Allegro

Microsystems,

Inc.

(a)

11,300‌

235,492‌

Amkor

Technology,

Inc.

8,250‌

209,962‌

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Shares

Fair

Value

Axcelis

Technologies,

Inc.

(a)

2,700‌

$

230,337‌

Calix,

Inc.

(a)

4,500‌

159,210‌

DoubleVerify

Holdings,

Inc.

(a)

7,900‌

134,695‌

Duolingo

Inc

(a)

1,400‌

410,158‌

Lattice

Semiconductor

Corp.

(a)

6,500‌

329,290‌

Nova,

Ltd.

(a)

1,800‌

333,540‌

Onto

Innovation,

Inc.

(a)

1,450‌

287,579‌

Paylocity

Holdings

Corp.

(a)

950‌

175,341‌

Rambus,

Inc.

(a)

17,800‌

851,196‌

StoneCo

Ltd.,

Class

A

(a)

15,700‌

174,270‌

Super

Micro

Computer,

Inc.

(a)

8,700‌

253,257‌

TaskUS,

Inc.,

Class

A

(a)

19,800‌

250,272‌

Verra

Mobility

Corp.

(a)

10,000‌

259,700‌

WNS

Holdings

Ltd.

(a)

3,800‌

182,362‌

ZoomInfo

Technologies,

Inc.,

Class

A

(a)

17,300‌

191,165‌

4,667,826‌

Total

Common

Stocks

(Cost $21,334,698)

28,942,756‌

CONTINGENT

VALUE

RIGHTS

—

0.00%

Health

Care

—

0.00%

Sinovac

Biotech

Ltd.

(b)

74,893‌

—‌

Total

Contingent

Value

Rights

(Cost $–)

—‌

Total

Investments

—

98.76%

(Cost

$21,334,698)

28,942,756‌

Other

Assets

in

Excess

of

Liabilities

—

1.24%

362,563‌

Net

Assets

—

100.00%

$

29,305,319‌

(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

Growth

Fund

Schedule

of

Investments

October

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

95.70%

Communications

—

1.66%

Naspers

Ltd.,

Class

N

-

ADR

9,200‌

$

434,056‌

Seek

Ltd.,

-

ADR

9,800‌

319,970‌

Trade

Desk,

Inc.

(The),

Class

A

(a)

5,700‌

685,197‌

1,439,223‌

Consumer

Discretionary

—

12.90%

Afya

Ltd.

(a)

25,500‌

427,380‌

Aptiv

PLC

(a)

4,300‌

244,369‌

Aspen

Aerogels,

Inc.

(a)

21,500‌

383,560‌

Axon

Enterprise,

Inc.

(a)

1,875‌

794,063‌

Champion

Homes,

Inc.

(a)

4,400‌

388,212‌

Compagnie

Financiere

Richemont

SA

-

ADR

25,900‌

374,773‌

Copart,

Inc.

(a)

9,400‌

483,818‌

D.R.

Horton,

Inc.

3,600‌

608,400‌

Dorman

Products,

Inc.

(a)

3,700‌

421,911‌

Evolution

AB

-

ADR

5,100‌

481,644‌

Evolution

AB

2,600‌

245,258‌

GMS,

Inc.

(a)

3,100‌

278,659‌

Li

Ning

Co

Ltd.

-

ADR

(a)

3,300‌

169,950‌

Life

Time

Group

Holdings,

Inc.

(a)

16,850‌

375,418‌

Lithia

Motors,

Inc.,

Class

A

2,100‌

697,977‌

MasterBrand,

Inc.

(a)

40,650‌

730,074‌

Modine

Manufacturing

Co.

(a)

4,150‌

488,745‌

MonotaRO

Co.

Ltd.

-

ADR

29,500‌

439,697‌

Patrick

Industries,

Inc.

3,700‌

466,126‌

PHINIA,

Inc.

10,470‌

487,693‌

PulteGroup,

Inc.

4,000‌

518,120‌

Sportradar

Group

AG

(a)

28,500‌

353,685‌

Taylor

Morrison

Home

Corp.

(a)

7,400‌

506,900‌

Tractor

Supply

Co.

1,450‌

384,989‌

Visteon

Corp.

(a)

5,000‌

451,250‌

11,202,671‌

Consumer

Staples

—

2.02%

Bunge

Global

SA

3,200‌

268,864‌

Casey's

General

Stores,

Inc.

1,200‌

472,824‌

Performance

Food

Group

Co.

(a)

5,630‌

457,437‌

Sprouts

Farmers

Market,

Inc.

(a)

4,350‌

558,671‌

1,757,796‌

Energy

—

1.38%

Ovintiv,

Inc.

10,300‌

403,760‌

Texas

Pacific

Land

Corp.

480‌

559,680‌

Transportadora

de

Gas

del

Sur

S.A.

-

ADR

(a)

10,300‌

230,720‌

1,194,160‌

Financials

—

10.58%

Blue

Owl

Capital,

Inc.

16,900‌

377,884‌

Deutsche

Boerse

AG

-

ADR

31,000‌

719,510‌

Evercore

Partners,

Inc.,

Class

A

2,375‌

627,404‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Shares

Fair

Value

FTAI

Aviation

Ltd.

5,800‌

$

779,752‌

Hamilton

Lane,

Inc.,

Class

A

3,300‌

592,812‌

Houlihan

Lokey,

Inc.,

Class

A

3,850‌

665,164‌

Kinsale

Capital

Group,

Inc.

1,300‌

556,543‌

KKR

&

Co.,

Inc.

7,200‌

995,328‌

LPL

Financial

Holdings,

Inc.

2,990‌

843,718‌

Raymond

James

Financial,

Inc.

6,450‌

956,019‌

Stifel

Financial

Corp.

4,900‌

507,738‌

Stock

Yards

Bancorp,

Inc.

8,100‌

522,288‌

StoneX

Group,

Inc.

(a)

4,800‌

432,192‌

Tradeweb

Markets,

Inc.,

Class

A

4,850‌

615,950‌

9,192,302‌

Health

Care

—

7.70%

Bruker

Corp.

4,500‌

254,745‌

Catalyst

Pharmaceuticals,

Inc.

(a)

17,300‌

377,140‌

Charles

River

Laboratories

International,

Inc.

(a)

1,800‌

321,444‌

Ensign

Group,

Inc.

(The)

3,050‌

472,719‌

Globus

Medical,

Inc.,

Class

A

(a)

6,400‌

470,656‌

ICON

PLC

(a)

2,450‌

544,170‌

IQVIA

Holdings,

Inc.

(a)

1,400‌

288,148‌

Medpace

Holdings,

Inc.

(a)

1,800‌

565,596‌

Neurocrine

Biosciences,

Inc.

(a)

2,850‌

342,770‌

Penumbra,

Inc.

(a)

3,000‌

686,610‌

Repligen

Corp.

(a)

2,150‌

288,680‌

Sonova

Holding

AG

-

ADR

6,780‌

495,347‌

STERIS

PLC

1,300‌

288,405‌

Stevanato

Group

SpA

16,000‌

304,160‌

Straumann

Holding

AG

-

ADR

(a)

23,000‌

301,530‌

Tenet

Healthcare

Corp.

(a)

2,800‌

434,056‌

WillScot

Mobile

Mini

Holdings

Corp.

(a)

7,500‌

248,550‌

6,684,726‌

Industrials

—

26.10%

Aaon,

Inc.

4,500‌

513,990‌

API

Group

Corp.

(a)

10,100‌

344,814‌

Ashtead

Group

PLC

-

ADR

1,450‌

436,030‌

BWX

Technologies,

Inc.

4,700‌

572,225‌

Camtek

Ltd.

5,200‌

413,712‌

Clean

Harbors,

Inc.

(a)

1,450‌

335,327‌

Comfort

Systems

USA,

Inc.

3,900‌

1,525,056‌

Core

&

Main,

Inc.,

Class

A

(a)

13,300‌

588,924‌

Curtiss-Wright

Corp.

1,400‌

482,944‌

Disco

Corp.

-

ADR

23,050‌

658,769‌

DSV

A/S

-

ADR

3,850‌

419,881‌

Expeditors

International

of

Washington,

Inc.

2,600‌

309,400‌

Federal

Signal

Corp.

4,850‌

395,614‌

Fluidra

SA

15,600‌

419,439‌

Fluor

Corp.

(a)

7,650‌

399,942‌

Franklin

Electric

Co.,

Inc.

6,000‌

574,260‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Shares

Fair

Value

Frontline

PLC

13,400‌

$

261,166‌

Generac

Holdings,

Inc.

(a)

3,100‌

513,205‌

Grupo

Aeroportuario

del

Sureste

S.A.B.

de

C.V.

-

ADR

1,390‌

374,299‌

Herc

Holdings

Inc.

2,300‌

481,022‌

IES

Holdings,

Inc.

(a)

5,400‌

1,180,791‌

Ingersoll

Rand,

Inc.

9,700‌

931,200‌

Installed

Building

Products,

Inc.

1,300‌

281,970‌

ITT,

Inc.

3,300‌

462,396‌

Kirby

Corp.

(a)

6,950‌

797,582‌

Korn/Ferry

International

5,700‌

402,705‌

Kuehne

&

Nagel

International

AG

-

ADR

6,200‌

309,752‌

Landstar

System,

Inc.

2,250‌

395,483‌

Middleby

Corp.

(The)

(a)

3,300‌

428,010‌

Mueller

Industries,

Inc.

7,800‌

639,366‌

Prysmian

SpA

-

ADR

15,000‌

525,900‌

Prysmian

SpA

14,400‌

1,015,236‌

RBC

Bearings,

Inc.

(a)

1,000‌

280,350‌

Regal

Rexnord

Corp.

2,300‌

383,042‌

Rentokil

Initial

PLC

-

ADR

7,800‌

197,730‌

Rollins,

Inc.

7,300‌

344,122‌

Saia,

Inc.

(a)

1,840‌

899,042‌

SPX

Technologies,

Inc.

(a)

2,700‌

387,423‌

Techtronic

Industries

Co.

Ltd.

-

ADR

5,700‌

413,706‌

Teledyne

Technologies,

Inc.

(a)

900‌

409,788‌

Tetra

Tech,

Inc.

7,250‌

354,380‌

TopBuild

Corp.

(a)

1,300‌

459,394‌

WESCO

International,

Inc.

3,600‌

691,092‌

Woodward,

Inc.

2,750‌

451,248‌

22,661,727‌

Materials

—

9.61%

Advanced

Drainage

Systems,

Inc.

3,100‌

464,628‌

Cabot

Corp.

3,200‌

345,056‌

Eagle

Materials,

Inc.

4,415‌

1,260,306‌

Givaudan

SA

-

ADR

5,100‌

483,939‌

Gold

Fields

Ltd.

-

ADR

22,750‌

374,920‌

IMCD

N.V.

-

ADR

(a)

2,300‌

183,128‌

James

Hardie

Industries

PLC

-

ADR

(a)

12,300‌

392,370‌

Kingspan

Group

PLC

-

ADR

4,650‌

405,387‌

Simpson

Manufacturing

Co.,

Inc.

1,900‌

341,601‌

Steel

Dynamics,

Inc.

3,550‌

463,275‌

Tenaris

S.A.

-

ADR

11,300‌

371,544‌

Ternium

S.A.

-

ADR

8,275‌

282,260‌

Trex

Co.,

Inc.

(a)

8,300‌

588,055‌

UFP

Industries,

Inc.

6,300‌

770,742‌

UFP

Technologies,

Inc.

(a)

1,550‌

413,850‌

United

States

Lime

&

Minerals

Inc.

4,125‌

465,217‌

West

Fraser

Timber

Co.

Ltd.

3,750‌

339,000‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Shares

Fair

Value

Westlake

Chemical

Corp.

3,050‌

$

402,417‌

8,347,695‌

Real

Estate

—

1.43%

CBRE

Group,

Inc.,

Class

A

(a)

3,500‌

458,395‌

FirstService

Corp.

2,300‌

425,891‌

Hannon

Armstrong

Sustainable

Infrastructure

10,200‌

356,898‌

1,241,184‌

Technology

—

21.05%

Advantest

Corp.

-

ADR

7,200‌

416,016‌

Agilysys,

Inc.

(a)

1,350‌

135,054‌

Arista

Networks,

Inc.

(a)

2,450‌

946,778‌

ASM

International

NV

-

ADR

810‌

452,523‌

Bentley

Systems,

Inc.,

Class

B

6,100‌

294,386‌

Capgemini

SE

-

ADR

8,200‌

282,900‌

Cirrus

Logic,

Inc.

(a)

1,500‌

164,730‌

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a)

5,500‌

143,605‌

CyberArk

Software

Ltd.

(a)

3,100‌

857,212‌

Datadog,

Inc.,

Class

A

(a)

4,000‌

501,760‌

Descartes

Systems

Group,

Inc.

(The)

(a)

8,200‌

852,226‌

Digi

International,

Inc.

(a)

13,700‌

396,889‌

DigitalOcean

Holdings,

Inc.

(a)

8,550‌

338,409‌

Dlocal

Ltd.,

Class

A

(a)

41,500‌

363,125‌

Doximity,

Inc.,

Class

A

(a)

7,200‌

300,528‌

Dynatrace,

Inc.

(a)

10,600‌

570,280‌

ExlService

Holdings,

Inc.

(a)

12,100‌

504,207‌

Fabrinet

(a)

3,800‌

915,686‌

Fortinet,

Inc.

(a)

4,950‌

389,367‌

Globant

S.A.

(a)

3,840‌

805,978‌

Jack

Henry

&

Associates,

Inc.

2,850‌

518,500‌

KLA

Corp.

890‌

592,945‌

Lasertec

Corp.

2,100‌

324,452‌

Logitech

International

S.A.

7,500‌

612,750‌

MKS

Instruments,

Inc.

3,500‌

347,655‌

Monolithic

Power

Systems,

Inc.

650‌

493,545‌

Paycom

Software,

Inc.

2,100‌

438,963‌

Paylocity

Holdings

Corp.

(a)

3,300‌

609,081‌

PTC,

Inc.

(a)

2,800‌

518,924‌

Qualys,

Inc.

(a)

4,700‌

560,428‌

SPS

Commerce,

Inc.

(a)

4,330‌

714,450‌

Super

Micro

Computer,

Inc.

(a)

11,250‌

327,488‌

SYNNEX

Corp.

2,700‌

311,445‌

TDK

Corp.

-

ADR

37,500‌

439,125‌

Tokyo

Electron

Ltd.

-

ADR

6,600‌

491,502‌

Tyler

Technologies,

Inc.

(a)

1,650‌

999,223‌

Veeva

Systems,

Inc.,

Class

A

(a)

1,650‌

344,570‌

18,276,705‌

Utilities

—

1.27%

Pampa

Energia

SA

-

ADR

(a)

7,200‌

481,896‌

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Shares

Fair

Value

SSE

PLC

-

ADR

14,400‌

$

326,851‌

Veolia

Environnement

SA

-

ADR

19,000‌

301,720‌

1,110,467‌

Total

Common

Stocks

(Cost $54,999,003)

83,108,656‌

CONTINGENT

VALUE

RIGHTS

—

0.00%

Health

Care

—

0.00%

ABIOMED,

Inc.

(b)

1,550‌

—‌

Total

Contingent

Value

Rights

(Cost $–)

—‌

Total

Investments

—

95.70%

(Cost

$54,999,003)

83,108,656‌

Other

Assets

in

Excess

of

Liabilities

—

4.30%

3,735,201‌

Net

Assets

—

100.00%

$

86,843,857‌

(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

Short

Term

Bond

Fund

Schedule

of

Investments

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

40.19%

Communications

—

1.35%

NBN

Co.

Ltd.,

MTN,

1.45%,

5/5/2026

(a)

$

1,000,000‌

$

953,085‌

Verizon

Communications,

Inc.,

6.48%,

5/15/2025

(TSFR3M

+

136.1bps)

(b)

2,000,000‌

2,007,768‌

2,960,853‌

Consumer

Discretionary

—

4.51%

Ford

Motor

Credit

Co.,

LLC,

5.13%,

11/5/2026

1,000,000‌

995,823‌

General

Motors

Financial

Co.,

Inc.,

3.80%,

4/7/2025

1,000,000‌

995,103‌

General

Motors

Financial

Co.,

Inc.,

1.25%,

1/8/2026

1,000,000‌

958,475‌

General

Motors

Financial

Co.,

Inc.,

1.50%,

6/10/2026

1,000,000‌

947,856‌

Hyundai

Capital

America,

4.55%,

9/26/2029

(a)

1,000,000‌

975,914‌

McDonald's

Corp.,

4.80%,

8/14/2028

1,000,000‌

1,006,416‌

McDonald's

Corp.,

MTN,

5.00%,

5/17/2029

2,000,000‌

2,026,143‌

Nissan

Motor

Co.

Ltd.,

3.52%,

9/17/2025

(a)

2,000,000‌

1,962,623‌

9,868,353‌

Consumer

Staples

—

1.03%

JBS

USA

LUX

SA,

5.13%,

2/1/2028

1,000,000‌

997,857‌

JDE

Peet's

NV,

1.38%,

1/15/2027

(a)

250,000‌

231,577‌

Tyson

Foods,

Inc.,

5.40%,

3/15/2029

1,000,000‌

1,017,478‌

2,246,912‌

Financials

—

17.12%

AerCap

Ireland

Capital,

3.50%,

1/15/2025

1,000,000‌

996,511‌

Air

Lease

Corp.,

1.88%,

8/15/2026

500,000‌

475,385‌

Antares

Holdings

LP,

3.95%,

7/15/2026

(a)

1,500,000‌

1,449,091‌

Aviation

Capital

Group

LLC,

1.95%,

1/30/2026

(a)

1,000,000‌

960,777‌

Avolon

Holdings

Funding

Ltd.,

2.13%,

2/21/2026

(a)

2,000,000‌

1,918,849‌

Banco

Santander

SA,

2.75%,

5/28/2025

1,000,000‌

987,520‌

Banco

Santander

SA,

5.15%,

8/18/2025

1,000,000‌

1,001,843‌

Citigroup,

Inc.,

5.58%,

6/9/2027

(SOFR

+

77.0bps)

1,000,000‌

1,001,262‌

CNO

Global

Funding,

1.75%,

10/7/2026

(a)

500,000‌

470,426‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/2025

(a)

1,000,000‌

978,106‌

Equitable

Financial

Life

Global

Funding,

1.00%,

1/9/2026

(a)

500,000‌

478,777‌

Equitable

Financial

Life

Global

Funding,

1.70%,

11/12/2026

(a)

1,000,000‌

942,954‌

GA

Global

Funding

Trust,

1.63%,

1/15/2026

(a)

1,000,000‌

961,073‌

Goldman

Sachs

Group,

Inc.

(The),

5.62%,

3/9/2027

(SOFR

+

81.0bps)

1,000,000‌

1,003,095‌

Goldman

Sachs

Group,

Inc.

(The),

5.73%,

10/21/2027

(SOFR

+

92.0bps)

2,000,000‌

2,005,364‌

HSBC

Holdings

PLC,

4.25%,

8/18/2025

1,000,000‌

992,691‌

HSBC

Holdings

PLC,

6.59%,

9/12/2026

(TSFR3M

+

164.1bps)

1,500,000‌

1,513,137‌

ING

Groep

NV,

5.82%,

4/1/2027

(SOFR

+

101.0bps)

2,000,000‌

2,009,517‌

Jackson

National

Life

Global

Funding,

4.60%,

10/1/2029

(a)

1,000,000‌

979,863‌

JPMorgan

Chase

&

Co.,

4.08%,

4/26/2026

(SOFR

+

132.0bps)

(b)

1,000,000‌

995,157‌

JPMorgan

Chase

&

Co.,

5.70%,

4/22/2027

(SOFR

+

88.5bps)

2,000,000‌

2,012,738‌

JPMorgan

Chase

&

Co.,

5.99%,

2/24/2028

(SOFR

+

118.0bps)

1,000,000‌

1,010,082‌

JPMorgan

Chase

Bank

NA,

5.11%,

12/8/2026

1,000,000‌

1,011,879‌

Lloyds

Banking

Group

PLC,

4.58%,

12/10/2025

(a)

250,000‌

248,395‌

Met

Tower

Global

Funding,

MTN,

1.25%,

9/14/2026

(a)

1,000,000‌

942,129‌

Mitsubishi

UFJ

Financial

Group,

Inc.,

1.41%,

7/17/2025

1,000,000‌

977,080‌

Nomura

Holdings,

Inc.,

1.65%,

7/14/2026

1,000,000‌

946,712‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Nordea

Bank

Abp,

MTN,

1.50%,

9/30/2026

(a)

$

1,000,000‌

$

942,877‌

Pricoa

Global

Funding

I,

MTN,

1.20%,

9/1/2026

(a)

500,000‌

471,052‌

Principal

Life

Global

Funding

II,

MTN,

1.50%,

11/17/2026

(a)

1,000,000‌

941,793‌

Protective

Life

Global

Funding,

MTN,

1.30%,

9/20/2026

(a)

500,000‌

470,109‌

SMBC

Aviation

Capital

Finance

DAC,

1.90%,

10/15/2026

(a)

1,000,000‌

945,157‌

Societe

Generale

SA,

4.25%,

4/14/2025

(a)

3,000,000‌

2,980,480‌

Societe

Generale

SA,

MTN,

1.79%,

6/9/2027

(H15T5Y

+

100.0bps)

(a),(b)

1,000,000‌

946,658‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

1.47%,

7/8/2025

500,000‌

489,311‌

37,457,850‌

Health

Care

—

0.65%

Highmark,

Inc.,

1.45%,

5/10/2026

(a)

500,000‌

472,933‌

McKesson

Corp.,

Class

B,

1.30%,

8/15/2026

1,000,000‌

945,397‌

1,418,330‌

Industrials

—

5.59%

Air

Canada

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.13%,

5/15/2025

(a)

973,459‌

966,513‌

Air

Canada

Pass

Through

Trust,

Series

2017-1,

Class

B,

3.70%,

7/15/2026

(a)

412,698‌

400,676‌

Air

Canada

Pass

Through

Trust,

Series

2020-2,

Class

A,

5.25%,

10/1/2030

(a)

177,588‌

177,390‌

American

Airlines

Pass

Through

Trust,

Series

2014-1,

Class

A,

3.70%,

10/1/2026

1,529,886‌

1,484,525‌

Ashtead

Capital,

Inc.,

1.50%,

8/12/2026

(a)

1,000,000‌

942,211‌

CNH

Industrial

Capital

LLC,

1.88%,

1/15/2026

1,000,000‌

966,223‌

Penske

Truck

Leasing

Co.

LP,

1.20%,

11/15/2025

(a)

1,000,000‌

963,002‌

Penske

Truck

Leasing

Co.

LP,

1.70%,

6/15/2026

(a)

1,000,000‌

950,532‌

Stanley

Black

&

Decker,

Inc.,

2.30%,

2/24/2025

1,000,000‌

990,772‌

Triton

Container

International

Ltd.,

2.05%,

4/15/2026

(a)

1,000,000‌

954,110‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

399,863‌

396,568‌

United

Airlines

Pass

Through

Trust,

Series

2016-1,

Class

A,

3.45%,

7/7/2028

630,641‌

582,522‌

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

A,

5.88%,

4/15/2029

454,933‌

465,596‌

US

Airways

Pass

Through

Trust,

Series

2013-1,

Class

A,

3.95%,

11/15/2025

1,045,058‌

1,029,610‌

Vontier

Corp.,

1.80%,

4/1/2026

1,000,000‌

955,379‌

12,225,629‌

Materials

—

2.81%

Berry

Global,

Inc.,

1.57%,

1/15/2026

1,000,000‌

960,187‌

Berry

Global,

Inc.,

1.65%,

1/15/2027

2,000,000‌

1,865,396‌

Graphic

Packaging

International

LLC,

1.51%,

4/15/2026

(a)

1,000,000‌

945,921‌

Sealed

Air

Corp.,

1.57%,

10/15/2026

(a)

1,000,000‌

934,531‌

Sherwin-Williams

Co.

(The),

4.55%,

3/2/2028

500,000‌

498,899‌

Silgan

Holdings,

Inc.,

1.40%,

4/1/2026

(a)

1,000,000‌

947,376‌

6,152,310‌

Real

Estate

—

0.22%

American

Tower

Corp.,

1.60%,

4/15/2026

500,000‌

477,740‌

Technology

—

4.04%

Arrow

Electronic,

Inc.,

4.00%,

4/1/2025

1,000,000‌

995,332‌

DXC

Technology

Co.,

1.80%,

9/15/2026

500,000‌

470,441‌

Global

Payments,

Inc.,

1.20%,

3/1/2026

1,000,000‌

954,279‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Hewlett

Packard

Enterprise

Co.,

4.55%,

10/15/2029

$

1,000,000‌

$

981,348‌

Jabil,

Inc.,

1.70%,

4/15/2026

1,000,000‌

954,060‌

Juniper

Networks,

Inc.,

1.20%,

12/10/2025

1,000,000‌

959,757‌

Kyndryl

Holdings,

Inc.,

2.05%,

10/15/2026

1,205,000‌

1,141,673‌

Marvell

Technology,

Inc.,

1.65%,

4/15/2026

1,000,000‌

954,408‌

Western

Union

Co.

(The),

1.35%,

3/15/2026

1,000,000‌

951,204‌

Wipro

IT

Services

LLC,

1.50%,

6/23/2026

(a)

500,000‌

473,368‌

8,835,870‌

Utilities

—

2.87%

AES

Corp.

(The),

1.38%,

1/15/2026

1,000,000‌

957,972‌

Ameren

Corp.,

1.95%,

3/15/2027

500,000‌

469,552‌

Duke

Energy

Corp.,

4.30%,

3/15/2028

1,000,000‌

986,293‌

Edison

International,

4.70%,

8/15/2025

500,000‌

498,739‌

Enel

Finance

International

NV,

1.38%,

7/12/2026

(a)

1,000,000‌

948,510‌

Eversource

Energy,

1.40%,

8/15/2026

500,000‌

471,497‌

Liberty

Utilities

Co.,

5.58%,

1/31/2029

(a)

1,000,000‌

1,011,556‌

NextEra

Energy

Capital

Holdings,

Inc.,

1.88%,

1/15/2027

1,000,000‌

941,169‌

6,285,288‌

Total

Corporate

Bonds

and

Notes

(Cost $90,134,767)

87,929,135‌

ASSET

BACKED

SECURITIES

—

17.72%

ACC

Trust,

Series

2022-1,

Class

B,

2.55%,

2/20/2025

(a)

64,438‌

63,961‌

American

Credit

Acceptance

Receivables

Trust,

Series

2021-3,

Class

D,

1.34%,

11/15/2027

(a)

1,263,902‌

1,250,885‌

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-1A,

Class

A2,

5.38%,

1/21/2031

(a)

459,191‌

463,071‌

BHG

Securitization

Trust,

Series

2021-A,

Class

A,

1.42%,

11/17/2033

(a)

232,887‌

226,407‌

BHG

Securitization

Trust,

Series

2024-1A,

Class

A,

5.81%,

4/17/2035

(a)

224,839‌

226,573‌

CarMax

Auto

Owner

Trust,

Series

2020-4,

Class

D,

1.75%,

4/15/2027

1,000,000‌

996,076‌

CarMax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/2027

1,625,000‌

1,599,798‌

CarMax

Auto

Owner

Trust,

Series

2021-2,

Class

D,

1.55%,

10/15/2027

1,000,000‌

982,377‌

CarMax

Auto

Owner

Trust,

Series

2021-3,

Class

D,

1.50%,

1/18/2028

750,000‌

724,481‌

CarMax

Auto

Owner

Trust,

Series

2022-1,

Class

D,

2.47%,

7/17/2028

500,000‌

482,047‌

Carvana

Auto

Receivables

Trust,

Series

2020-P1,

Class

D,

1.82%,

9/8/2027

1,000,000‌

961,527‌

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

D,

4.13%,

12/11/2028

(a)

1,298,735‌

1,282,276‌

Carvana

Auto

Receivables

Trust,

Series

2022-P2,

Class

D,

6.28%,

5/10/2029

1,000,000‌

1,024,446‌

CCG

Receivables

Trust

2024-1,

Series

2024-1,

Class

C,

5.22%,

3/15/2032

(a)

1,000,000‌

994,449‌

CLI

Funding

LLC,

Series

2020-1A,

Class

A,

2.08%,

9/18/2045

(a)

1,170,806‌

1,070,139‌

CLI

Funding

LLC,

Series

2020-3X,

Class

A,

2.07%,

10/18/2045

111,333‌

102,357‌

CLI

Funding

LLC,

Series

2022-1A,

Class

A1,

2.72%,

1/18/2047

(a)

771,467‌

694,861‌

Conn's

Receivables

Funding

LLC,

Series

2024-A,

Class

A,

7.05%,

1/16/2029

(a)

12,739‌

12,775‌

Dell

Equipment

Finance

Trust,

Series

2023-2,

Class

C,

6.06%,

1/22/2029

(a)

523,000‌

530,033‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Dllad

2024-1

LLC,

Series

2024-1A,

Class

A3,

5.30%,

7/20/2029

(TSFR3M

+

181.2bps)

(a)

$

1,000,000‌

$

1,017,024‌

DT

Auto

Owner

Trust,

Series

2021-3A,

Class

D,

1.31%,

5/17/2027

(a)

2,000,000‌

1,946,302‌

DT

Auto

Owner

Trust,

Series

2022-1A,

Class

D,

3.40%,

12/15/2027

(a)

1,000,000‌

985,182‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

D,

1.08%,

11/16/2026

206,872‌

204,761‌

Exeter

Automobile

Receivables

Trust,

Series

2023-1A,

Class

D,

6.69%,

6/15/2029

1,020,000‌

1,038,268‌

First

Investors

Auto

Owner

Trust,

Series

2021-1A,

Class

D,

1.62%,

3/15/2027

(a)

500,000‌

492,448‌

First

Investors

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.66%,

12/15/2027

(a)

2,000,000‌

1,921,893‌

Foursight

Capital

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.92%,

9/15/2027

(a)

1,500,000‌

1,482,069‌

GCI

Funding

I

LLC,

Series

2021-1,

Class

A,

2.38%,

6/18/2046

(a)

700,390‌

633,450‌

Global

SC

Finance

Srl,

Series

2020-2A,

Class

A,

2.26%,

11/19/2040

(a)

554,698‌

521,625‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

D,

2.48%,

10/15/2027

(a)

1,500,000‌

1,460,801‌

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052

(a)

26,459‌

24,126‌

Goodgreen

Trust,

Series

2017-2A,

Class

A,

3.26%,

10/15/2053

(a)

59,968‌

54,300‌

Goodgreen

Trust,

Series

2021-1A,

Class

A,

2.66%,

10/15/2056

(a)

170,995‌

138,972‌

GreatAmerica

Leasing

Receivables

Funding,

Series

2024-2,

Class

C,

5.28%,

5/17/2032

(a)

1,000,000‌

1,008,972‌

HERO

Funding

Trust,

Series

2017-1A,

Class

A2,

4.46%,

9/20/2047

(a)

27,812‌

25,483‌

Hilton

Grand

Vacations

Trust,

Series

2020-AA,

Class

C,

6.42%,

2/25/2039

(a)

391,632‌

393,672‌

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

B,

5.35%,

10/20/2031

(a)

500,000‌

505,587‌

InStar

Leasing

III

LLC,

Series

2021-1A,

Class

A,

2.30%,

2/15/2054

(a)

417,992‌

380,407‌

ITE

Rail

Fund

Levered

LP,

Series

2021-1A,

Class

A,

2.25%,

2/28/2051

(a)

419,857‌

383,606‌

Kubota

Credit

Owner

Trust,

Series

2024-1A,

Class

A4,

MTN,

5.20%,

1/15/2030

(a)

1,000,000‌

1,014,567‌

Loanpal

Solar

Loan

Ltd.,

Series

2021-2GS,

Class

A,

2.22%,

3/20/2048

(a)

650,000‌

517,071‌

Navient

Student

Loan

Trust,

Series

2018-BA,

Class

A2A,

3.61%,

12/15/2059

(a)

15,669‌

15,506‌

Octagon

Investment

Partners

XXI

Ltd.,

Series

2014-1A,

Class

ABR3,

6.58%,

2/14/2031

(TSFR3M

+

146.2bps)

(a),(b)

1,000,000‌

1,001,331‌

Octane

Receivables

Trust,

Series

2023-3A,

Class

A2,

6.44%,

3/20/2029

(a)

659,654‌

668,172‌

Post

Road

Equipment

Finance

2024-1

LLC,

Series

2024-1A,

Class

A2,

MTN,

5.59%,

11/15/2029

(a)

242,769‌

244,756‌

SLM

Private

Credit

Student

Loan

Trust,

Series

2006-A,

Class

A5,

5.50%,

6/15/2039

(TSFR3M

+

55.2bps)

(b)

81,140‌

78,960‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2A,

2.43%,

2/17/2032

(a)

2,705‌

2,687‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/2034

(a)

16,714‌

16,520‌

TAL

Advantage

VII

LLC,

Series

2020-1A,

Class

A,

2.05%,

9/20/2045

(a)

749,480‌

694,744‌

Textainer

Marine

Containers

Ltd.,

Series

2020-1A,

Class

A,

2.73%,

8/21/2045

(a)

1,354,261‌

1,287,652‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Tidewater

Auto

Receivables

Trust,

Series

2020-AA,

Class

D,

2.31%,

3/15/2027

(a)

$

204,409‌

$

202,874‌

TIF

Funding

II

LLC,

Series

2021-1A,

Class

A,

1.65%,

2/20/2046

(a)

700,625‌

619,648‌

Trinity

Rail

Leasing

LLC,

Series

2019-2A,

Class

A2,

3.10%,

10/18/2049

(a)

685,000‌

656,825‌

Trinity

Rail

Leasing

LLC,

Series

2020-2A,

Class

A1,

1.83%,

11/19/2050

(a)

698,629‌

662,694‌

Trinity

Rail

Leasing

LLC,

Series

2021-1A,

Class

A,

2.26%,

7/19/2051

(a)

865,813‌

784,544‌

Verdant

Receivables

2024-1

LLC,

Series

2024-1A,

Class

A2,

5.68%,

12/12/2031

(a)

1,000,000‌

1,015,613‌

Westlake

Automobile

Receivables

Trust,

Series

2022-1A,

Class

D,

3.49%,

3/15/2027

(a)

1,000,000‌

988,015‌

Total

Asset

Backed

Securities

(Cost $39,896,334)

38,779,666‌

U.S.

GOVERNMENT

&

AGENCIES

—

36.64%

Fannie

Mae,

Pool

#FM7007,

4.00%,

10/1/2033

665,312‌

654,817‌

Fannie

Mae,

Pool

#MA4023,

3.50%,

1/1/2035

837,666‌

798,698‌

Fannie

Mae,

Pool

#MA4038,

3.00%,

4/1/2035

208,665‌

194,245‌

Fannie

Mae,

Pool

#MA4095,

2.00%,

8/1/2035

830,327‌

745,676‌

Fannie

Mae,

Pool

#MA4797,

4.00%,

11/1/2037

718,703‌

695,528‌

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

714,893‌

714,527‌

Fannie

Mae,

Pool

#CA8902,

2.50%,

2/1/2041

685,301‌

595,884‌

Fannie

Mae,

Pool

#MA4364,

2.00%,

5/1/2041

748,224‌

631,288‌

Fannie

Mae,

Pool

#MA4961,

5.00%,

3/1/2043

814,565‌

799,450‌

Fannie

Mae,

Pool

#MA4988,

5.00%,

4/1/2043

814,595‌

805,030‌

Fannie

Mae,

Pool

#BM4676,

4.00%,

10/1/2048

834,330‌

786,921‌

Fannie

Mae,

Pool

#CA5970,

2.50%,

6/1/2050

714,616‌

593,340‌

Fannie

Mae,

Pool

#CA6951,

2.50%,

9/1/2050

621,674‌

520,784‌

Fannie

Mae,

Pool

#FM7195,

2.50%,

9/1/2050

780,758‌

647,543‌

Fannie

Mae,

Pool

#MA4191,

2.00%,

11/1/2050

715,691‌

555,184‌

Fannie

Mae,

Pool

#FM5316,

2.00%,

12/1/2050

1,475,579‌

1,184,300‌

Fannie

Mae,

Pool

#MA4235,

2.00%,

1/1/2051

736,988‌

571,702‌

Fannie

Mae,

Pool

#CB0397,

3.00%,

5/1/2051

649,949‌

565,904‌

Fannie

Mae,

Pool

#FM8361,

2.50%,

8/1/2051

686,560‌

576,939‌

Fannie

Mae,

Pool

#MA4489,

2.00%,

11/1/2051

873,302‌

673,104‌

Fannie

Mae,

Pool

#FS0353,

2.00%,

1/1/2052

1,087,581‌

864,425‌

Fannie

Mae,

Pool

#CB3372,

3.50%,

4/1/2052

906,093‌

811,793‌

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,601,513‌

1,484,004‌

Fannie

Mae,

Pool

#QE9380,

4.50%,

9/1/2052

865,941‌

824,060‌

Fannie

Mae,

Pool

#MA4732,

4.00%,

9/1/2052

879,240‌

814,387‌

Fannie

Mae,

Pool

#MA4970,

6.00%,

2/1/2053

1,112,900‌

1,107,640‌

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

881,583‌

857,870‌

Fannie

Mae,

Pool

#BX7767,

5.50%,

3/1/2053

1,727,079‌

1,712,692‌

Fannie

Mae,

Pool

#MA5054,

4.00%,

6/1/2053

933,770‌

864,475‌

Fannie

Mae,

Pool

#FS5779,

5.50%,

9/1/2053

931,496‌

924,069‌

Fannie

Mae,

Pool

#MA5165,

5.50%,

10/1/2053

1,847,467‌

1,830,448‌

Fannie

Mae,

Pool

#FS6679,

6.00%,

12/1/2053

935,771‌

942,177‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

Fannie

Mae,

Pool

#DB3808,

6.00%,

5/1/2054

$

983,544‌

$

993,404‌

Fannie

Mae,

Pool

#MA5445,

6.00%,

8/1/2054

1,946,943‌

1,959,970‌

Federal

Farm

Credit

Bank,

2.63%,

7/25/2029

1,000,000‌

927,605‌

Federal

Farm

Credit

Banks

Funding

Corp,

5.44%,

8/21/2034

1,000,000‌

999,906‌

Federal

Farm

Credit

Banks

Funding

Corp,

5.60%,

8/5/2039

1,000,000‌

1,004,039‌

Federal

Farm

Credit

Banks

Funding

Corp,

5.72%,

10/28/2044

1,000,000‌

998,349‌

Federal

Farm

Credit

Banks

Funding

Corp.,

6.04%,

3/21/2039

1,000,000‌

1,000,250‌

Federal

Farm

Credit

Banks

Funding

Corp.,

6.22%,

4/25/2039

1,000,000‌

1,005,881‌

Federal

Farm

Credit

Banks

Funding

Corp.,

6.25%,

5/6/2039

1,000,000‌

1,008,203‌

Federal

Farm

Credit

Banks

Funding

Corp.,

6.05%,

6/27/2044

2,000,000‌

2,013,768‌

Federal

Farm

Credit

Banks

Funding

Corp.,

6.03%,

8/1/2044

1,000,000‌

1,000,346‌

Federal

Farm

Credit

Banks

Funding

Corp.,

5.37%,

8/26/2044

2,000,000‌

1,998,316‌

Federal

Farm

Credit

Banks

Funding

Corp.,

5.49%,

9/23/2049

1,000,000‌

999,287‌

Federal

Home

Loan

Banks,

5.93%,

11/27/2030

1,000,000‌

1,000,115‌

Federal

Home

Loan

Banks,

6.00%,

4/23/2037

1,000,000‌

1,000,692‌

Federal

Home

Loan

Banks,

5.97%,

2/28/2039

2,000,000‌

2,001,359‌

Federal

Home

Loan

Banks,

6.25%,

5/2/2039

1,000,000‌

1,005,712‌

Federal

Home

Loan

Banks,

5.00%,

10/21/2039

1,000,000‌

999,079‌

Federal

Home

Loan

Banks,

5.00%,

10/28/2039

1,000,000‌

999,259‌

Federal

Home

Loan

Banks,

6.30%,

4/25/2044

2,000,000‌

2,015,064‌

Federal

Home

Loan

Banks,

6.15%,

6/17/2044

1,000,000‌

1,005,525‌

Federal

Home

Loan

Banks,

6.23%,

7/22/2044

1,500,000‌

1,514,510‌

Federal

Home

Loan

Banks,

5.05%,

10/25/2044

1,000,000‌

999,907‌

Freddie

Mac,

Pool

#SB8229,

4.50%,

5/1/2038

1,546,264‌

1,519,779‌

Freddie

Mac,

Pool

#QA5121,

2.50%,

12/1/2049

913,688‌

766,592‌

Freddie

Mac,

Pool

#RE6081,

2.00%,

1/1/2051

725,510‌

562,593‌

Freddie

Mac,

Pool

#RE6085,

1.50%,

2/1/2051

1,602,143‌

1,181,063‌

Freddie

Mac,

Pool

#SD1087,

3.50%,

6/1/2052

881,375‌

793,557‌

Freddie

Mac,

Pool

#QE2792,

4.00%,

6/1/2052

956,257‌

886,530‌

Freddie

Mac,

Pool

#SD8230,

4.50%,

6/1/2052

831,667‌

791,034‌

Freddie

Mac,

Pool

#SD2322,

4.50%,

9/1/2052

907,779‌

864,009‌

Freddie

Mac,

Pool

#QE9380,

5.00%,

9/1/2052

802,797‌

782,052‌

Freddie

Mac,

Pool

#SD8306,

4.50%,

2/1/2053

916,970‌

871,976‌

Freddie

Mac,

Pool

#QF8790,

5.50%,

3/1/2053

911,069‌

904,493‌

Freddie

Mac,

Pool

#QG1666,

5.00%,

3/1/2053

976,325‌

952,626‌

Freddie

Mac,

Pool

#SD3437,

5.00%,

4/1/2053

1,867,128‌

1,817,335‌

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

897,520‌

891,069‌

Freddie

Mac,

Pool

#SD2757,

5.00%,

5/1/2053

902,268‌

881,358‌

Freddie

Mac,

Pool

#SD8329,

5.00%,

6/1/2053

915,634‌

890,721‌

Freddie

Mac,

Pool

#SD8357,

4.00%,

8/1/2053

952,869‌

882,058‌

Freddie

Mac,

Pool

#SD8373,

6.00%,

10/1/2053

1,810,767‌

1,823,164‌

Freddie

Mac,

Pool

#SD5083,

5.50%,

3/1/2054

925,844‌

917,304‌

Freddie

Mac,

Pool

#SD8421,

6.00%,

4/1/2054

918,258‌

924,545‌

Freddie

Mac,

Pool

#SD8431,

5.50%,

5/1/2054

955,854‌

946,888‌

United

States

Treasury

Note,

1.25%,

4/30/2028

5,000,000‌

4,532,324‌

Total

U.S.

Government

&

Agencies

(Cost $82,952,781)

80,182,520‌

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

COLLATERALIZED

LOAN

OBLIGATIONS

—

5.26%

Ares

XXXIIR

CLO

Ltd.,

Series

2014-32

RA,

Class

A1B,

6.58%,

5/15/2030

(TSFR3M

+

146.2bps)

(a),(b)

$

1,000,000‌

$

999,988‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Class

A2,

6.32%,

1/15/2035

(TSFR3M

+

166.2bps)

(a),(b)

1,000,000‌

1,002,179‌

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2013-4A,

Class

A2RR,

6.07%,

1/15/2031

(TSFR3M

+

141.2bps)

(a),(b)

825,000‌

825,246‌

Carlyle

US

CLO

Ltd.,

Series

2020-2A,

Class

A1R,

6.03%,

1/25/2035

(TSFR3M

+

140.2bps)

(a),(b)

1,000,000‌

1,002,376‌

Goldentree

Loan

Management

US

CLO

5

Ltd.,

Series

2018-3A,

Class

AJ,

6.18%,

4/20/2030

(TSFR3M

+

156.2bps)

(a),(b)

1,000,000‌

1,001,834‌

ICG

US

CLO

Ltd.,

Series

2014-1A,

Class

A1A2,

6.08%,

10/20/2034

(TSFR3M

+

146.2bps)

(a),(b)

1,000,000‌

1,002,551‌

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

ABRR,

6.32%,

10/15/2032

(TSFR3M

+

166.2bps)

(a),(b)

1,000,000‌

1,000,481‌

Morgan

Stanley

Eaton

Vance

CLO,

Series

2022-16A,

Class

A2,

6.31%,

4/15/2035

(TSFR3M

+

165.0bps)

(a),(b)

1,000,000‌

1,000,271‌

Oaktree

CLO

2019-3

Ltd,

5.94%,

1/20/2038

TSFR3M

+

138bps)

(a),(b)

1,000,000‌

1,000,000‌

Oaktree

CLO

Ltd.,

Series

2019-3A,

Class

A1R,

6.08%,

10/20/2034

(TSFR3M

+

146.2bps)

(a)

1,000,000‌

1,000,000‌

Sound

Point

CLO

VIII-R

Ltd.,

Series

2015-1RA,

Class

BR,

6.47%,

4/15/2030

(TSFR3M

+

181.2bps)

(a),(b)

1,000,000‌

1,000,679‌

Voya

CLO

Ltd.,

Series

2020-3A,

Class

AR,

6.03%,

10/20/2034

(TSFR3M

+

141.2bps)

(a),(b)

675,000‌

676,484‌

Total

Collateralized

Loan

Obligations

(Cost $11,489,318)

11,512,089‌

Total

Investments

—

99.81%

(Cost

$224,473,200)

218,403,410‌

Other

Assets

in

Excess

of

Liabilities

—

0.19%

407,528‌

Net

Assets

—

100.00%

$

218,810,938‌

(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,

2024

was

$75,337,051,

representing

34.43%

of

net

assets.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

October

31,

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

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