Yorktown
Multi-Sector
Bond
Fund
Schedule
of
Investments
April
30,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
AND
NOTES
—
50.98%
Communications
—
2.20%
CCO
Holdings
LLC,
5.00%,
2/1/2028
(a)
$
1,000,000
$
976,480
CCO
Holdings
LLC,
4.25%,
2/1/2031
(a)
1,000,000
904,443
CCO
Holdings
LLC,
4.50%,
6/1/2033
(a)
1,000,000
870,807
Prosus
NV,
MTN,
3.06%,
7/13/2031
(a)
500,000
431,835
TEGNA
Inc.,
4.75%,
3/15/2026
(a)
2,000,000
1,977,415
Univision
Communications,
Inc.,
4.50%,
5/1/2029
(a)
500,000
429,556
Verizon
Communications,
Inc.,
2.85%,
9/3/2041
1,000,000
699,664
VMED
OC
UK
Financing
PLC,
4.75%,
7/15/2031
(a)
1,000,000
879,957
Warnermedia
Holdings,
Inc.,
5.14%,
3/15/2052
1,000,000
684,069
7,854,226
Consumer
Discretionary
—
7.57%
Carnival
Corp.,
4.00%,
8/1/2028
(a)
2,000,000
1,908,890
Carnival
Corp.,
6.00%,
5/1/2029
(a)
1,000,000
995,178
Ford
Motor
Co.,
Class
B,
3.25%,
2/12/2032
500,000
408,832
Ford
Motor
Credit
Co
LLC,
4.95%,
5/28/2027
2,000,000
1,958,105
Ford
Motor
Credit
Co.,
LLC,
3.38%,
11/13/2025
2,000,000
1,976,909
Ford
Motor
Credit
Co.,
LLC,
2.90%,
2/10/2029
2,000,000
1,780,289
General
Motors
Financial
Co.,
Inc.,
5.35%,
1/7/2030
2,000,000
2,006,009
Hilton
Worldwide
Finance
LLC,
4.88%,
4/1/2027
2,000,000
1,994,170
Home
Depot,
Inc.
(The),
4.95%,
9/15/2052
1,000,000
901,802
Home
Depot,
Inc.
(The),
5.30%,
6/25/2054
1,000,000
950,428
KFC
Holding
Co/Pizza
Hut
Hold.
LLC/Taco
Bell
LLC,
4.75%,
6/1/2027
(a)
2,000,000
1,997,026
Lowe's
Cos,
Inc.,
5.63%,
4/15/2053
1,000,000
937,613
McDonald's
Corp.,
5.45%,
8/14/2053
2,000,000
1,902,789
MGM
Resorts
International,
4.63%,
9/1/2026
1,000,000
992,449
NCL
Corp.
Ltd.,
5.88%,
2/15/2027
(a)
1,500,000
1,494,038
Nissan
Motor
Acceptance
Co.,
LLC,
6.36%,
9/13/2027
(SOFRIX
+
205bps)
(a),(b)
1,000,000
987,606
Nissan
Motor
Co.
Ltd.,
4.81%,
9/17/2030
(a)
1,000,000
924,860
Service
Corp
International/US,
4.63%,
12/15/2027
2,000,000
1,969,451
Yum!
Brands,
Inc.,
3.63%,
3/15/2031
1,000,000
903,323
26,989,767
Consumer
Staples
—
4.27%
Albertsons
Cos
Inc
/
Safeway
Inc
/,
4.63%,
1/15/2027
(a)
2,000,000
1,979,417
Anheuser-Busch
Cos.,
LLC,
4.70%,
2/1/2036
(a)
100,000
96,714
Coca-Cola
Co.
(The),
4.65%,
8/14/2034
1,000,000
1,000,122
Constellation
Brands,
Inc.,
2.25%,
8/1/2031
500,000
428,167
Constellation
Brands,
Inc.,
4.50%,
5/9/2047
500,000
407,322
JBS
USA
LUX
SA,
5.50%,
1/15/2030
1,000,000
1,016,059
JBS
USA
LUX
SA,
3.75%,
12/1/2031
250,000
228,609
JBS
USA
LUX
SA,
3.63%,
1/15/2032
500,000
452,693
Kraft
Heinz
Foods
Co.,
5.00%,
6/4/2042
(a)
300,000
271,777
Kraft
Heinz
Foods
Co.,
4.38%,
6/1/2046
1,000,000
810,739
Kraft
Heinz
Foods
Co.,
4.88%,
10/1/2049
1,000,000
855,822
Kroger
Co.
(The),
5.00%,
9/15/2034
1,000,000
980,532
Land
O'
Lakes,
Inc.,
7.25%,
12/31/2049
(a)
2,000,000
1,670,000
Yorktown
Multi-Sector
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
Molson
Coors
Beverage
Co.,
4.20%,
7/15/2046
$
1,000,000
$
799,107
PepsiCo,
Inc.,
5.25%,
7/17/2054
1,000,000
966,745
Performance
Food
Group,
Inc.,
4.25%,
8/1/2029
(a)
500,000
473,922
Pilgrim's
Pride
Corp.,
4.25%,
4/15/2031
1,000,000
946,393
Target
Corp.,
4.50%,
9/15/2034
1,000,000
961,313
Walmart,
Inc.,
4.50%,
4/15/2053
1,000,000
872,480
15,217,933
Energy
—
0.84%
Marathon
Petroleum
Corp.,
5.15%,
3/1/2030
1,000,000
1,007,056
NuStar
Logistics
LP,
Class
B,
5.63%,
4/28/2027
2,000,000
1,995,384
3,002,440
Financials
—
19.65%
American
Express
Co.,
3.55%,
12/31/2049
(H15T5Y
+
285.4bps)
(b)
1,000,000
959,333
Assurant,
Inc.,
7.00%,
3/27/2048
1,000,000
995,743
Banco
Bilbao
Vizcaya
Argentaria
S.A.,
6.13%,
2/16/2049
(USSW5
+
387.0bps)
(b)
800,000
770,904
Bank
of
America
Corp.,
4.38%,
4/27/2170
(H15T5Y
+
276.0bps)
(b)
2,000,000
1,921,353
Bank
of
New
York
Mellon
Corp.
(The),
Series
F,
Class
F,
4.63%,
12/20/2049
(TSFR3M
+
339.26bps)
(b)
1,000,000
980,220
Bank
of
Nova
Scotia
(The),
8.00%,
1/27/2084
(H15T5Y
+
401.70bps)
(b)
1,000,000
1,025,708
Barclays
PLC,
4.84%,
5/9/2028
2,000,000
1,996,833
Barclays
PLC,
5.09%,
6/20/2030
(USISSO05
+
305.40bps)
(b)
1,500,000
1,488,648
Barclays
PLC,
9.63%,
12/31/2049
(USISSO05
+
577.50bps)
(b)
1,000,000
1,094,160
BBVA
Bancomer
S.A.,
5.13%,
1/18/2033
(H15T5Y
+
265.0bps)
(b)
2,000,000
1,893,858
BNP
Paribas
SA,
8.00%,
8/22/2171
(H15T5Y
+372.70bps)
(a),(b)
2,000,000
2,070,018
Brighthouse
Financial,
Inc.,
4.70%,
6/22/2047
2,000,000
1,488,824
Citadel
Finance
LLC,
3.38%,
3/9/2026
(a)
2,000,000
1,965,179
Citigroup,
Inc.,
6.75%,
12/31/2049
(H15T5Y
+
257.20bps)
(b)
2,000,000
1,925,175
Citigroup,
Inc.,
7.13%,
12/31/2049
(H15T5Y
+
269.3bps)
(b)
1,000,000
988,756
Citigroup,
Inc.,
4.15%,
2/15/2172
(H15T5Y
+
300.0bps)
(b)
2,000,000
1,909,473
Credit
Agricole
SA,
MTN,
4.75%,
12/23/2169
(H15T5Y
+
323.7bps)
(a),(b)
1,000,000
906,859
FedNat
Holding
Co.,
7.75%,
3/15/2029
(c)
2,400,000
120,000
GATX
Corp.,
Class
B,
4.00%,
6/30/2030
2,000,000
1,928,127
GE
Capital
International
Funding
Co.,
3.37%,
11/15/2025
200,000
198,778
Global
Atlantic
Financial
Co.,
4.70%,
10/15/2051
(H15T5Y
+
379.6bps)
(a),(b)
1,000,000
950,722
Goldman
Sachs
Group,
Inc.
(The),
6.13%,
5/10/2049
(b)
1,000,000
945,332
Goldman
Sachs
Group,
Inc.
(The),
7.50%,
5/10/2079
(H15T5Y
+
280.90bps)
(b)
1,000,000
1,022,263
HSBC
Holdings
PLC,
8.00%,
9/7/2093
(H15T5Y
+
385.8bps)
(b)
1,000,000
1,041,106
ING
Groep
NV,
5.75%,
11/16/2167
(H15T5Y
+
432.2bps)
(b)
1,000,000
984,489
ING
Groep
NV,
4.25%,
10/16/2169
(H15T5Y
+
286.2bps)
(b)
1,000,000
809,775
Intesa
Sanpaolo
SpA,
5.71%,
1/15/2026
(a)
2,000,000
1,999,251
JPMorgan
Chase
&
Co.,
6.88%,
6/1/2071
(H15T5Y
+
273.7bps)
(b)
1,000,000
1,032,595
JPMorgan
Chase
&
Co.,
6.50%,
4/1/2080
(H15T5Y
+
215.20bps)
(b)
2,000,000
2,003,507
Lloyds
Banking
Group
PLC,
7.50%,
9/27/2165
(USSW5
+
449.6bps)
(b)
2,000,000
1,998,848
Lloyds
Banking
Group
PLC,
8.00%,
3/27/2170
(H15T5Y
+
391.3bps)
(b)
1,000,000
1,027,660
Macquarie
Bank
Ltd.,
3.62%,
6/3/2030
(a)
1,000,000
928,538
Yorktown
Multi-Sector
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
Massachusetts
Mutual
Life
Insurance
Co.,
3.38%,
4/15/2050
(a)
$
1,000,000
$
685,550
Nationwide
Mutual
Insurance
Co.,
4.35%,
4/30/2050
(a)
1,000,000
753,581
Nordea
Bank
Abp,
6.30%,
3/25/2049
(a)
1,000,000
955,128
Nordea
Bank
Abp,
3.75%,
3/1/2140
(H15T5Y
+
260.2bps)
(a),(b)
1,000,000
881,043
Pacific
LifeCorp,
3.35%,
9/15/2050
(a)
500,000
335,335
Pacific
LifeCorp,
5.40%,
9/15/2052
(a)
1,000,000
926,586
Royal
Bank
of
Canada,
7.50%,
5/2/2084
(H15T5Y
+
288.70bps)
(b)
2,000,000
2,059,448
SBL
Holdings,
Inc.,
5.13%,
11/13/2026
(a)
2,000,000
1,984,465
SBL
Holdings,
Inc.,
6.50%,
11/13/2091
(H15T5Y
+
562.0bps)
(a),(b)
1,000,000
877,601
SBL
Holdings,
Inc.,
7.00%,
5/13/2165
(H15T5Y
+
558.0bps)
(a),(b)
1,000,000
949,590
Societe
Generale
SA,
8.50%,
3/25/2071
(H15T5Y
+
415.30bps)
(a),(b)
2,000,000
2,023,136
Societe
Generale
SA,
10.00%,
5/14/2169
(H15T5Y
+
544.80bps)
(a),(b)
1,000,000
1,077,813
Standard
Chartered
PLC,
4.30%,
2/19/2169
(H15T5Y
+
313.50bps)
(a),(b)
2,000,000
1,784,361
State
Street
Corp.,
6.70%,
12/31/2049
(b)
1,000,000
1,006,030
State
Street
Corp.,
6.45%,
9/5/2080
(H15T5Y
+
213.50bps)
(b)
2,000,000
1,965,026
Toronto-Dominion
Bank
(The),
8.13%,
10/31/2082
(H15T5Y
+
407.50bps)
(b)
1,000,000
1,036,085
Toronto-Dominion
Bank
(The),
7.25%,
7/31/2084
(H15T5Y
+
297.70bps)
(b)
1,000,000
995,908
UBS
Group
AG,
7.75%,
12/31/2049
(USISSO05
+
416bps)
(a),(b)
1,000,000
1,025,542
UBS
Group
AG,
4.38%,
8/10/2171
(H15T5Y
+
331.3bps)
(a),(b)
1,000,000
858,839
UniCredit
SpA,
5.86%,
6/19/2032
(USISDA05
+
370.3bps)
(a),(b)
2,000,000
2,008,601
UniCredit
SpA,
5.46%,
6/30/2035
(H15T5Y
+
475.0bps)
(a),(b)
500,000
486,881
US
Bancorp,
5.30%,
4/15/2171
(TSFR3M
+
317.6bps)
(b)
1,000,000
974,717
Wells
Fargo
&
Co.,
3.90%,
3/15/2069
(H15T5Y
+
345.3bps)
(b)
1,000,000
982,789
Wells
Fargo
&
Co.,
6.85%,
7/15/2071
(H15T5Y
+
276.7bps)
(b)
1,000,000
1,013,408
Wells
Fargo
&
Co.,
Class
B,
7.63%,
9/15/2171
(H15T5Y
+
360.6bps)
(b)
1,000,000
1,055,215
70,074,713
Health
Care
—
0.28%
Humana,
Inc.,
5.38%,
4/15/2031
1,000,000
1,013,338
Industrials
—
6.09%
AECOM,
5.13%,
3/15/2027
2,000,000
1,997,376
Air
Canada,
3.88%,
8/15/2026
(a)
1,000,000
982,045
Air
Canada
Pass
Through
Trust,
Series
2013-1,
Class
A,
4.13%,
5/15/2025
(a)
950,725
950,236
American
Airlines
Inc.
/AAdvantage
Loyalty
IP
Ltd.,
5.50%,
4/20/2026
(a)
1,666,667
1,656,950
American
Airlines
Pass
Through
Trust,
Series
2021-1,
Class
B,
3.95%,
7/11/2030
775,000
727,018
Burlington
Northern
Santa
Fe
LLC,
4.45%,
1/15/2053
2,000,000
1,674,702
Burlington
Northern
Santa
Fe
LLC,
5.20%,
4/15/2054
1,000,000
937,509
Burlington
Northern
Santa
Fe
LLC,
5.50%,
3/15/2055
1,000,000
983,839
Canadian
Pacific
Railway
Co.,
Class
B,
2.45%,
12/2/2031
1,000,000
870,811
CSX
Corp.,
5.50%,
4/15/2041
1,000,000
983,119
Honeywell
International,
Inc.,
5.25%,
3/1/2054
1,000,000
938,589
Mileage
Plus
Holdings
LLC,
6.50%,
6/20/2027
(a)
1,800,000
1,807,108
Norfolk
Southern
Corp.,
5.05%,
8/1/2030
500,000
514,847
Triton
Container
International
Ltd.,
3.25%,
3/15/2032
500,000
417,385
Union
Pacific
Corp.,
3.20%,
5/20/2041
1,000,000
753,918
Union
Pacific
Corp.,
2.95%,
3/10/2052
1,000,000
632,878
Union
Pacific
Corp.,
3.50%,
2/14/2053
1,000,000
704,109
Yorktown
Multi-Sector
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
United
Airlines
Pass
Through
Trust,
Series
2016-2B,
Class
B,
3.65%,
10/7/2025
$
357,639
$
353,661
United
Airlines
Pass
Through
Trust,
Series
2020-1,
Class
B,
4.88%,
1/15/2026
332,238
330,637
United
Airlines
Pass
Through
Trust,
Series
2016-2,
Class
A,
3.10%,
4/7/2030
623,623
578,178
United
Parcel
Service,
Inc.,
5.50%,
5/22/2054
1,000,000
954,149
United
Rentals
North
America
Inc.,
4.88%,
1/15/2028
2,000,000
1,973,320
21,722,384
Materials
—
2.05%
Alcoa
Nederland
Holding
BV,
5.50%,
12/15/2027
(a)
2,000,000
1,993,509
Ball
Corp.,
2.88%,
8/15/2030
1,000,000
886,243
Bemis
Co.,
Inc.,
2.63%,
6/19/2030
500,000
449,614
Berry
Global,
Inc.,
5.63%,
7/15/2027
(a)
1,000,000
999,730
Berry
Global,
Inc.,
Series
21-25A,
Class
CR,
5.80%,
6/15/2031
(TSFR3M
+
165bps)
(b)
500,000
520,881
Canpack
SA,
3.88%,
11/15/2029
(a)
500,000
458,194
Crown
Americas
LLC
/
Crown
Americas
Capital
CorpVI,
4.75%,
2/1/2026
(a)
2,000,000
1,990,376
7,298,547
Real
Estate
—
0.60%
Iron
Mountain,
Inc.,
4.88%,
9/15/2029
(a)
1,000,000
964,258
Iron
Mountain,
Inc.,
5.25%,
7/15/2030
(a)
1,000,000
970,090
SBA
Communications
Corp.,
3.88%,
2/15/2027
(a)
200,000
195,822
2,130,170
Technology
—
4.10%
Broadcom,
Inc.,
4.15%,
11/15/2030
1,000,000
975,025
Broadcom,
Inc.,
4.15%,
11/15/2030
500,000
487,512
Broadcom,
Inc.,
2.60%,
2/15/2033
(a)
1,000,000
843,604
Broadcom,
Inc.,
3.50%,
2/15/2041
(a)
1,000,000
776,430
Dell
International
LLC
/
EMC
Corp.,
5.00%,
4/1/2030
1,000,000
1,003,683
Dell
International
LLC
/
EMC
Corp.,
4.85%,
2/1/2035
1,000,000
943,463
Hewlett
Packard
Enterprise
Co.,
5.00%,
10/15/2034
1,000,000
965,829
HP,
Inc.,
6.00%,
9/15/2041
2,500,000
2,447,616
Juniper
Networks,
Inc.,
2.00%,
12/10/2030
500,000
429,628
Juniper
Networks,
Inc.,
5.95%,
3/15/2041
700,000
690,994
Kyndryl
Holdings,
Inc.,
3.15%,
10/15/2031
1,000,000
878,132
Leidos,
Inc.,
5.75%,
3/15/2033
(a)
1,000,000
1,025,304
Oracle
Corp.,
4.70%,
9/27/2034
1,000,000
952,008
Seagate
HDD
Cayman,
4.88%,
6/1/2027
2,000,000
1,981,339
Western
Digital
Corp.,
4.75%,
2/15/2026
218,000
216,770
14,617,337
Utilities
—
3.33%
AEP
Texas,
Inc.,
Class
I,
2.10%,
7/1/2030
500,000
437,884
Ameren
Illinois
Co.,
4.95%,
6/1/2033
1,000,000
1,000,419
Dayton
Power
&
Light
Co.
(The),
3.95%,
6/15/2049
1,000,000
735,340
Dominion
Energy,
Inc.,
4.35%,
1/15/2167
(H15T5Y
+
319.5bps)
(b)
1,000,000
972,152
Duke
Energy
Carolinas
LLC,
Series
2021-4A,
Class
E,
4.85%,
1/15/2034
(H15T5Y
+
319.5bps)
(b)
1,000,000
989,333
Yorktown
Multi-Sector
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
Duke
Energy
Ohio,
Inc.,
5.55%,
3/15/2054
$
1,000,000
$
952,556
Duke
Energy
Progress
LLC,
2.50%,
8/15/2050
1,000,000
572,234
Kentucky
Utilities
Co.,
3.30%,
6/1/2050
1,000,000
669,520
NRG
Energy,
Inc.,
4.45%,
6/15/2029
(a)
1,000,000
974,431
Pacific
Gas
and
Electric
Co.,
4.25%,
3/15/2046
500,000
377,018
PPL
Electric
Utilities
Corp.,
5.25%,
5/15/2053
1,000,000
946,935
Southern
California
Edison
Co.,
4.88%,
3/1/2049
1,000,000
811,395
Southern
Co.
(The),
4.85%,
3/15/2035
1,000,000
969,711
Union
Electric
Co.,
3.90%,
4/1/2052
750,000
564,332
Union
Electric
Co.,
5.25%,
1/15/2054
1,000,000
921,473
11,894,733
Total
Corporate
Bonds
and
Notes
(Cost $192,385,908)
181,815,588
ASSET
BACKED
SECURITIES
—
7.28%
Amur
Equipment
Finance
Receivables,
Series
2022-2A,
Class
D,
7.25%,
5/21/2029
(a)
1,000,000
1,020,648
Amur
Equipment
Finance
Receivables
LLC,
Series
2022-1A,
Class
E,
5.02%,
12/20/2028
(a)
750,000
748,399
Amur
Equipment
Finance
Receivables
XIII
LLC,
Series
2024-2A,
Class
D,
5.97%,
10/20/2031
(a)
310,000
318,240
Carvana
Auto
Receivables
Trust,
Series
2022-N1,
Class
E,
6.01%,
12/11/2028
(a)
1,189,805
1,171,441
Dell
Equipment
Finance
Trust,
Series
2024-1,
Class
D,
MTN,
6.12%,
9/23/2030
(a)
250,000
254,690
Dell
Equipment
Finance
Trust,
Series
2024-2,
Class
D,
5.29%,
2/24/2031
(a)
500,000
503,938
DT
Auto
Owner
Trust,
Series
2022-1A,
Class
E,
5.53%,
3/15/2029
(a)
1,000,000
995,914
Encina
Equipment
Finance
LLC,
Series
2022-1A,
Class
D,
6.00%,
1/15/2030
(a)
1,000,000
995,685
Enterprise
Fleet
Financing
LLC,
Series
2024-3,
Class
A4,
5.06%,
3/20/2031
(a)
500,000
511,490
Exeter
Automobile
Receivables
Trust,
Series
2021-3A,
Class
E,
3.04%,
12/15/2028
(a)
1,000,000
974,462
First
Investors
Auto
Owner
Trust,
Series
2021-2A,
Class
D,
1.66%,
12/15/2027
(a)
1,840,000
1,798,534
Flagship
Credit
Auto
Trust,
Series
2021-2,
Class
E,
3.16%,
9/15/2028
(a)
1,150,000
1,099,544
Foursight
Capital
Automobile
Receivables
Trust,
Series
2022-1,
Class
D,
3.07%,
5/15/2028
(a)
1,000,000
988,432
Foursight
Capital
Automobile
Receivables
Trust,
Series
2022-2,
Class
C,
5.75%,
8/15/2028
(a)
1,000,000
1,002,977
GCI
Funding
I
LLC,
Series
2021-1,
Class
A,
2.38%,
6/18/2046
(a)
655,767
606,178
GLS
Auto
Receivables
Issuer
Trust,
Series
2022-1A,
Class
E,
5.64%,
5/15/2029
(a)
1,000,000
996,502
HPEFS
Equipment
Trust,
Series
2024-1A,
Class
D,
5.82%,
12/22/2031
(a)
1,000,000
1,008,481
HPEFS
Equipment
Trust,
Series
2024-2A,
Class
D,
5.82%,
4/20/2032
(a)
500,000
509,196
Yorktown
Multi-Sector
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
Mariner
Finance
Issuance
Trust,
Series
2024-A,
Class
A,
5.13%,
9/22/2036
(a)
$
2,000,000
$
2,031,526
NMEF
Funding
LLC,
Series
2024-A,
Class
B,
5.32%,
12/15/2031
(a)
1,000,000
1,007,117
NMEF
Funding
LLC,
Series
2024-A,
Class
A,
6.33%,
12/15/2031
(a)
500,000
505,097
Octane
Receivables
Trust,
Series
2023-3A,
Class
B,
6.48%,
7/20/2029
(a)
1,000,000
1,020,173
Octane
Receivables
Trust,
Series
2022-2A,
Class
D,
7.70%,
2/20/2030
(a)
1,000,000
1,032,668
Pagaya
AI
Debt
Grantor
Trust,
Series
2024-5A,
Class
A,
6.28%,
10/15/2031
(a)
414,889
418,835
Pagaya
AI
Debt
Grantor
Trust,
Series
2025-1,
Class
B,
5.63%,
7/15/2032
(a)
1,000,000
1,004,657
Post
Road
Equipment
Finance
LLC,
Series
2024-1A,
Class
C,
MTN,
5.81%,
10/15/2030
(a)
160,000
164,154
SCF
Equipment
Leasing
LLC,
Series
2025-1A,
Class
D,
5.88%,
11/20/2035
(a)
500,000
513,082
Textainer
Marine
Containers
Ltd.,
Series
2021-3A,
Class
A,
1.94%,
8/20/2046
(a)
848,000
754,279
Towd
Point
Asset
Trust,
Series
2021-SL1,
Class
A2,
5.13%,
11/20/2061
(TSFR1M
+
81.4bps)
(a),(b)
254,526
253,617
TRP
LLC,
Series
2021-2,
Class
B,
3.08%,
6/19/2051
(a)
950,000
893,808
US
Auto
Funding
LLC,
Series
2021-1A,
Class
C,
2.20%,
5/15/2026
(a)
412,722
385,062
USQ
Rail
II
LLC,
Series
2021-3,
Class
B,
2.98%,
6/28/2051
(a)
500,000
471,581
Total
Asset
Backed
Securities
(Cost $26,025,097)
25,960,407
U.S.
GOVERNMENT
&
AGENCIES
—
31.91%
Fannie
Mae,
Pool
#BP2175,
3.00%,
2/1/2035
184,580
179,865
Fannie
Mae,
Pool
#MA4915,
5.00%,
2/1/2038
635,223
639,230
Fannie
Mae,
Pool
#MA4851,
5.00%,
11/1/2042
737,241
737,657
Fannie
Mae,
Pool
#CA6707,
2.50%,
8/1/2050
853,762
722,903
Fannie
Mae,
Pool
#BT1339,
2.50%,
7/1/2051
1,527,138
1,271,404
Fannie
Mae,
Pool
#BT3256,
2.50%,
7/1/2051
810,447
676,975
Fannie
Mae,
Pool
#BT1314,
2.50%,
7/1/2051
527,292
438,894
Fannie
Mae,
Pool
#BQ7422,
2.50%,
8/1/2051
825,751
687,294
Fannie
Mae,
Pool
#CB2668,
3.00%,
1/1/2052
823,283
714,133
Fannie
Mae,
Pool
#CB2670,
3.00%,
1/1/2052
845,376
732,306
Fannie
Mae,
Pool
#BU1320,
3.00%,
2/1/2052
399,995
347,114
Fannie
Mae,
Pool
#CB3177,
3.50%,
3/1/2052
826,035
744,387
Fannie
Mae,
Pool
#FS1428,
4.00%,
4/1/2052
1,494,008
1,391,786
Fannie
Mae,
Pool
#MA4624,
3.00%,
6/1/2052
1,287,376
1,115,642
Fannie
Mae,
Pool
#BV7899,
3.00%,
8/1/2052
1,319,589
1,145,115
Fannie
Mae,
Pool
#MA4732,
4.00%,
9/1/2052
848,092
790,453
Fannie
Mae,
Pool
#CB4818,
4.00%,
10/1/2052
2,102,994
1,959,031
Fannie
Mae,
Pool
#MA4804,
4.00%,
11/1/2052
1,315,797
1,225,978
Fannie
Mae,
Pool
#CB5536,
5.00%,
1/1/2053
1,729,461
1,696,471
Fannie
Mae,
Pool
#MA4918,
5.00%,
2/1/2053
843,168
826,639
Fannie
Mae,
Pool
#MA4941,
5.00%,
3/1/2053
759,641
747,199
Fannie
Mae,
Pool
#MA5010,
5.50%,
5/1/2053
832,726
831,738
Yorktown
Multi-Sector
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
Fannie
Mae,
Pool
#MA5009,
5.00%,
5/1/2053
$
880,717
$
863,225
Fannie
Mae,
Pool
#MA5071,
5.00%,
7/1/2053
1,776,753
1,741,464
Fannie
Mae,
Pool
#MA5191,
6.00%,
11/1/2053
813,056
825,648
Fannie
Mae,
Pool
#MA5263,
4.00%,
1/1/2054
943,663
878,205
Fannie
Mae,
Pool
#MA5246,
5.50%,
1/1/2054
1,813,123
1,809,337
Fannie
Mae,
Pool
#MA5272,
6.00%,
2/1/2054
809,764
821,932
Fannie
Mae,
Pool
#MA5295,
6.00%,
3/1/2054
1,644,805
1,668,361
Fannie
Mae,
Pool
#MA5329,
6.50%,
4/1/2054
756,527
779,245
Fannie
Mae,
Pool
#MA5416,
6.50%,
5/1/2054
779,537
796,262
Fannie
Mae,
Pool
#MA5386,
4.50%,
6/1/2054
962,353
919,361
Fannie
Mae,
Pool
#MA5493,
6.00%,
8/1/2054
926,908
931,667
Fannie
Mae,
Pool
#MA5522,
6.50%,
9/1/2054
894,177
915,283
Fannie
Mae,
Pool
#MA5498,
6.00%,
10/1/2054
1,833,004
1,859,118
Fannie
Mae,
Pool
#MA5496,
5.00%,
10/1/2054
1,934,406
1,892,580
Fannie
Mae,
Pool
#MA5587,
6.00%,
1/1/2055
1,451,091
1,471,584
Fannie
Mae,
Pool
#MA5615,
6.00%,
2/1/2055
1,946,299
1,973,778
Fannie
Mae,
Pool
#MA5614,
5.50%,
2/1/2055
1,966,030
1,960,704
Fannie
Mae,
Pool
#MA5646,
5.50%,
3/1/2055
1,972,267
1,966,924
Fannie
Mae,
Pool
#MA5672,
5.00%,
4/1/2055
996,401
974,622
Federal
Agricultural
Mortgage
Corp.,
3.05%,
6/29/2032
500,000
467,101
Federal
Farm
Credit
Bank,
2.13%,
5/21/2040
2,000,000
1,394,338
Federal
Farm
Credit
Bank,
2.07%,
12/21/2040
500,000
351,072
Federal
Farm
Credit
Banks
Funding
Corp.,
5.24%,
9/19/2039
1,000,000
991,075
Federal
Farm
Credit
Banks
Funding
Corp.,
5.63%,
3/26/2040
1,000,000
998,154
Federal
Farm
Credit
Banks
Funding
Corp.,
6.36%,
5/2/2044
1,000,000
1,000,041
Federal
Farm
Credit
Banks
Funding
Corp.,
5.72%,
10/28/2044
2,000,000
1,997,738
Federal
Farm
Credit
Banks
Funding
Corp.,
5.90%,
4/21/2045
2,000,000
1,996,376
Federal
Home
Loan
Banks,
5.40%,
11/21/2034
1,000,000
998,289
Federal
Home
Loan
Banks,
5.10%,
2/12/2035
1,000,000
1,011,765
Federal
Home
Loan
Banks,
5.45%,
3/27/2036
1,000,000
1,003,907
Federal
Home
Loan
Banks,
6.00%,
4/23/2037
1,000,000
999,870
Federal
Home
Loan
Banks,
5.00%,
10/21/2039
1,000,000
983,696
Federal
Home
Loan
Banks,
5.70%,
2/6/2040
1,000,000
1,002,330
Federal
Home
Loan
Banks,
5.75%,
4/24/2040
1,000,000
1,000,012
Federal
Home
Loan
Banks,
2.01%,
7/16/2040
1,000,000
674,734
Federal
Home
Loan
Banks,
5.50%,
11/25/2044
1,000,000
999,029
Federal
Home
Loan
Banks,
6.00%,
1/30/2045
1,000,000
1,007,099
Federal
Home
Loan
Banks,
5.55%,
3/10/2045
1,000,000
1,000,936
Federal
Home
Loan
Mortgage
Corp.,
1.75%,
7/27/2035
1,500,000
1,151,648
Freddie
Mac,
Pool
#RD5138,
5.00%,
1/1/2033
559,867
572,252
Freddie
Mac,
Pool
#SB8509,
2.00%,
1/1/2036
547,185
500,175
Freddie
Mac,
Pool
#QO0931,
4.00%,
10/1/2037
502,129
490,180
Freddie
Mac,
Pool
#RB5135,
2.00%,
10/1/2041
1,500,202
1,284,351
Freddie
Mac,
Pool
#RB5182,
4.00%,
9/1/2042
763,478
728,279
Freddie
Mac,
Pool
#RA2314,
3.50%,
3/1/2050
287,750
262,069
Freddie
Mac,
Pool
#RA2657,
3.50%,
5/1/2050
666,230
606,697
Freddie
Mac,
Pool
#SD0430,
2.50%,
8/1/2050
527,380
443,934
Freddie
Mac,
Pool
#QC3907,
2.50%,
7/1/2051
714,204
598,295
Yorktown
Multi-Sector
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
Freddie
Mac,
Pool
#QC5859,
3.00%,
8/1/2051
$
787,890
$
684,735
Freddie
Mac,
Pool
#RA6945,
3.50%,
3/1/2052
2,399,912
2,162,554
Freddie
Mac,
Pool
#SD8257,
4.50%,
10/1/2052
841,285
804,991
Freddie
Mac,
Pool
#SD8267,
5.00%,
11/1/2052
1,677,868
1,645,864
Freddie
Mac,
Pool
#QF5251,
5.50%,
1/1/2053
815,618
815,972
Freddie
Mac,
Pool
#SD8288,
5.00%,
1/1/2053
855,400
838,862
Freddie
Mac,
Pool
#SD8297,
4.00%,
2/1/2053
1,782,204
1,659,828
Freddie
Mac,
Pool
#SD2334,
5.00%,
2/1/2053
886,394
869,090
Freddie
Mac,
Pool
#SD8305,
4.00%,
3/1/2053
892,964
830,935
Freddie
Mac,
Pool
#SD2642,
5.50%,
4/1/2053
858,055
862,345
Freddie
Mac,
Pool
#SD8323,
5.00%,
5/1/2053
881,444
863,938
Freddie
Mac,
Pool
#QG3333,
5.00%,
5/1/2053
1,841,846
1,808,187
Freddie
Mac,
Pool
#SD8322,
4.50%,
5/1/2053
887,878
849,099
Freddie
Mac,
Pool
#SD8323,
5.00%,
5/1/2053
893,938
876,875
Freddie
Mac,
Pool
#SD2856,
5.50%,
5/1/2053
844,875
845,457
Freddie
Mac,
Pool
#SD8348,
5.00%,
8/1/2053
897,099
879,281
Freddie
Mac,
Pool
#QG9607,
6.00%,
9/1/2053
1,889,695
1,927,211
Freddie
Mac,
Pool
#SD8383,
5.50%,
12/1/2053
2,685,282
2,679,674
Freddie
Mac,
Pool
#QH8694,
6.00%,
1/1/2054
1,308,608
1,331,479
Freddie
Mac,
Pool
#SD5380,
5.50%,
4/1/2054
945,628
944,164
Freddie
Mac,
Pool
#MA5416,
5.50%,
6/1/2054
908,163
905,915
Freddie
Mac,
Pool
#MA5416,
6.00%,
7/1/2054
884,250
896,914
Freddie
Mac,
Pool
#SD8454,
6.00%,
8/1/2054
903,601
916,542
Freddie
Mac,
Pool
#SD8469,
5.50%,
10/1/2054
945,056
942,717
Freddie
Mac,
Pool
#RE6151,
6.00%,
11/1/2054
940,961
946,691
Freddie
Mac,
Pool
#SD8516,
6.00%,
3/1/2055
980,266
994,103
Freddie
Mac
Pool,
6.00%,
11/1/2054
927,149
940,334
Freddie
Mac
Pool,
5.50%,
12/1/2054
1,928,086
1,922,863
Freddie
Mac
Pool,
5.50%,
1/1/2055
1,947,367
1,942,092
Freddie
Mac
Pool,
5.50%,
2/1/2055
2,938,215
2,930,256
Freddie
Mac
Pool,
5.50%,
4/1/2055
1,993,449
1,988,048
United
States
Treasury
Note,
4.88%,
10/31/2028
3,000,000
3,121,875
Total
U.S.
Government
&
Agencies
(Cost $116,206,517)
113,815,847
COLLATERALIZED
LOAN
OBLIGATIONS
—
4.37%
Benefit
Street
Partners
CLO
Ltd.,
Series
2022-29A,
Class
BR,
5.80%,
1/25/2038
(TSFR3M
+
150bps)
(a),(b)
1,000,000
998,549
Benefit
Street
Partners
CLO
X
Ltd.,
Series
2016-10A,
Class
BRR,
6.68%,
4/20/2034
(TSFR3M
+
241.2bps)
(a),(b)
250,000
249,666
Benefit
Street
Partners
CLO
XXV
Ltd.,
Series
21-25A,
Class
CR,
5.91%,
1/15/2035
(TSFR3M
+
165bps)
(a),(b)
1,000,000
984,882
Caryle
US
CLO
Ltd.,
Series
2017-3,
Class
BR2,
6.05%,
10/21/2037
(TSFR3M
+
178bps)
(a),(b)
1,000,000
998,086
Hildene
TruPS
Financials
Note
Secruitization,
Series
2019-2A,
Class
A1,
6.35%,
5/22/2039
(SOFR
+
176.0bps)
(a),(b)
1,670,786
1,666,609
Yorktown
Multi-Sector
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
H15T5Y—
5
Year
Treasury
Rate
MTN—
Medium
Term
Note
SOFR
—
Secured
Overnight
Financing
Rate
SOFRIX
—
Secured
Overnight
Financing
Rate
Index
TSFR3M
—
Term
Secured
Overnight
Finance
Rate
(3
Month)
TSFR1M
—
Term
Secured
Overnight
Finance
Rate
(1
Month)
Principal
Amount
Fair
Value
Hilton
Grand
Vacations
Trust,
Series
2024-3,
Class
A,
4.98%,
8/27/2040
(a)
$
849,928
$
859,154
Madison
Park
Funding
LXVII
Ltd.,
Series
67A,
Class
B,
6.33%,
4/25/2037
(TSFRM
+
205.0bps)
(a),(b)
1,000,000
1,002,281
Madison
Park
Funding
XXI
Ltd.,
Series
2016-21A,
Class
BRR,
6.72%,
10/15/2032
(TSFR3M
+
246.2bps)
(a),(b)
1,000,000
998,903
Madison
Park
Funding
XXXVIII
Ltd.,
Series
2021-38A,
Class
C,
6.44%,
7/17/2034
(TSFR3M
+
216.2bps)
(a),(b)
1,000,000
994,658
Neuberger
Berman
CLO
XXI
Ltd.,
Series
2024-21A,
Class
BR3,
5.99%,
1/20/2039
(TSFR3M
+
170bps)
(a),(b)
1,000,000
997,999
Oaktree
CLO
Ltd.,
Series
2019-3,
5.87%,
1/20/2038
(TSFR3M
+
138bps)
(a),(b)
1,000,000
993,629
Palmer
Square
CLO
Ltd.,
Series
2022-1A,
Class
C,
6.32%,
4/20/2035
(TSFR3M
+
205.0bps)
(a),(b)
1,000,000
996,868
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
CR2,
6.68%,
4/20/2034
(TSFR3M
+
241.2bps)
(b)
1,000,000
999,011
Rockford
Tower
CLO
Ltd.,
Series
2019-2,
Class
CR2,
6.32%,
8/20/2032
(TSFR3M
+
200bps)
(a),(b)
1,000,000
996,405
Sound
Point
CLO
VIII-R
Ltd.,
Series
2015-1RA,
Class
BR,
6.07%,
4/15/2030
(TSFR3M
+
181.2bps)
(a),(b)
830,585
830,271
Venture
CLO
Ltd.,
Series
2018-31A,
Class
C1,
6.48%,
4/20/2031
(TSFR3M
+
221.2bps)
(a),(b)
1,000,000
998,528
Total
Collateralized
Loan
Obligations
(Cost $15,580,483)
15,565,499
Total
Investments
—
94.54%
(Cost
$350,198,005)
337,157,341
Other
Assets
in
Excess
of
Liabilities
—
5.46%
19,483,590
Net
Assets
—
100.00%
$
356,640,931
(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,
2025
was
$102,819,522,
representing
28.83%
of
net
assets.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
April
30,
2025.
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)
Security
is
being
fair
valued
in
accordance
with
the
Trust’s
fair
valuation
policies
and
represents
0.3%
of
the
Fund’s
net
assets.
Yorktown
Multi-Sector
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
USISSO05
—
5
Year
Secured
Overnight
Financing
Rate-linked
interest
rate
swap
rate
USISDA05
—
5
Year
Secured
Overnight
Financing
Rate-linked
mid-market
interest
rate
swap
rate
USSW5
—
USD
5
Year
Swap
Rate
Yorktown
Growth
Fund
Schedule
of
Investments
April
30,
2025
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
100.05%
Communications
—
1.31%
Naspers
Ltd.,
Class
N
-
ADR
9,200
$
481,712
Seek
Ltd.
-
ADR
(a)
9,800
265,090
Trade
Desk,
Inc.
(The),
Class
A
(a)
5,700
305,691
1,052,493
Consumer
Discretionary
—
13.90%
Afya
Ltd.
17,900
340,100
Asics
Corporation
-
ADR
(a)
24,000
516,720
Axon
Enterprise,
Inc.
(a)
1,875
1,149,937
Compagnie
Financiere
Richemont
SA
-
ADR
25,900
455,322
Copart,
Inc.
(a)
9,400
573,682
D.R.
Horton,
Inc.
3,600
454,824
Dorman
Products,
Inc.
(a)
3,700
419,210
Dutch
Bros,
Inc.
(a)
10,300
615,322
Evolution
AB
-
ADR
(a)
2,300
161,978
Genius
Sports
Ltd.
(a)
62,700
676,533
GMS,
Inc.
(a)
3,100
227,106
InterContinental
Hotels
Group
PLC
-
ADR
3,750
404,587
Life
Time
Group
Holdings,
Inc.
(a)
5,550
170,163
Lithia
Motors,
Inc.,
Class
A
2,100
614,796
MasterBrand,
Inc.
(a)
40,650
493,897
Modine
Manufacturing
Co.
(a)
4,150
338,806
MonotaRO
Co.,
Ltd.
-
ADR
29,500
564,630
On
Holding
AG
(a)
8,600
413,746
Patrick
Industries,
Inc.
5,550
427,239
PulteGroup,
Inc.
4,000
410,320
Ralph
Lauren
Corp.
700
157,465
Sportradar
Group
AG
(a)
28,500
658,635
Taylor
Morrison
Home
Corp.
(a)
7,400
424,390
Tractor
Supply
Co.
7,250
366,995
Visteon
Corp.
(a)
2,000
158,380
11,194,783
Consumer
Staples
—
3.73%
BellRing
Brands,
Inc.
(a)
4,500
347,130
Bunge
Global
SA
4,050
318,816
Casey's
General
Stores,
Inc.
1,200
555,108
Hims
&
Hers
Health,
Inc.
(a)
7,750
256,525
Performance
Food
Group
Co.
(a)
5,630
454,116
Sprouts
Farmers
Market,
Inc.
(a)
4,350
743,850
Tootsie
Roll
Industries,
Inc.
(a)
10,300
329,600
3,005,145
Energy
—
1.79%
ONEOK,
Inc.
2,650
217,724
Ovintiv,
Inc.
10,300
345,874
Texas
Pacific
Land
Corp.
480
618,658
Transportadora
de
Gas
del
Sur
SA
-
ADR
(a)
10,300
261,929
1,444,185
Yorktown
Growth
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Shares
Fair
Value
Financials
—
15.89%
Banco
Macro
SA
-
ADR
(a)
5,100
$
451,452
Blue
Owl
Capital,
Inc.
16,900
313,157
Deutsche
Boerse
AG
-
ADR
31,000
994,480
Erie
Indemnity
Company,
Class
A
875
313,792
Evercore
Partners,
Inc.,
Class
A
2,375
487,564
Federal
Agricultural
Mortgage
Corp.,
Class
C
1,600
280,528
FTAI
Aviation
Ltd.
5,800
621,238
Futu
Holdings
Ltd.
-
ADR
(a)
3,500
323,085
Grupo
Financiero
Galicia
SA
-
ADR
(a)
7,450
449,980
Hamilton
Lane,
Inc.,
Class
A
3,300
509,817
Houlihan
Lokey,
Inc.,
Class
A
3,850
624,008
Interactive
Brokers
Group,
Inc.,
Class
A
3,100
532,735
Kinsale
Capital
Group,
Inc.
1,300
565,838
KKR
&
Co.,
Inc.
7,200
822,744
LPL
Financial
Holdings,
Inc.
2,990
956,172
Patria
Investments
Ltd.
34,000
356,320
Pinnacle
Financial
Partners,
Inc.
2,500
250,600
Raymond
James
Financial,
Inc.
6,450
883,908
RenaissanceRe
Holdings
Ltd.
1,450
350,799
Stifel
Financial
Corp.
4,900
419,881
Stock
Yards
Bancorp,
Inc.
8,100
589,599
StoneX
Group,
Inc.
(a)
7,200
637,668
Tradeweb
Markets,
Inc.,
Class
A
4,850
670,755
White
Mountains
Insurance
Group
Ltd.
220
388,839
12,794,959
Health
Care
—
5.97%
Argenx
SE
-
ADR
(a)
425
274,185
Bruker
Corp.
3,450
138,207
Catalyst
Pharmaceuticals,
Inc.
(a)
17,300
420,217
Charles
River
Laboratories
International,
Inc.
(a)
1,800
213,516
Ensign
Group,
Inc.
(The)
1,400
180,586
Globus
Medical,
Inc.,
Class
A
(a)
6,400
459,328
IQVIA
Holdings,
Inc.
(a)
920
142,664
Lonza
Group
AG
-
ADR
(a)
4,600
328,716
Medpace
Holdings,
Inc.
(a)
1,800
555,102
Penumbra,
Inc.
(a)
3,000
878,520
Sonova
Holding
AG
-
ADR
6,780
415,546
Stevanato
Group
SpA
16,000
333,760
Straumann
Holding
AG
-
ADR
23,000
278,760
Tenet
Healthcare
Corp.
(a)
1,325
189,409
4,808,516
Industrials
—
22.75%
Aaon,
Inc.
4,500
410,715
API
Group
Corp.
(a)
10,100
382,083
Ashtead
Group
PLC
-
ADR
2,050
441,037
BWX
Technologies,
Inc.
4,700
512,864
Camtek
Ltd.
(a)
5,200
339,768
Yorktown
Growth
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Shares
Fair
Value
Clean
Harbors,
Inc.
(a)
1,450
$
310,213
Comfort
Systems
USA,
Inc.
3,900
1,550,445
Core
&
Main,
Inc.,
Class
A
(a)
13,300
700,644
Curtiss-Wright
Corp.
1,400
482,846
Disco
Corp.
-
ADR
(a)
23,050
446,017
DSV
AS
-
ADR
3,850
407,176
Embraer
SA
-
ADR
(a)
4,200
192,948
Expeditors
International
of
Washington,
Inc.
2,600
285,766
Fluidra
SA
15,600
359,483
Franklin
Electric
Co.,
Inc.
6,000
509,760
Generac
Holdings,
Inc.
(a)
1,800
205,884
Grupo
Aeroportuario
del
Sureste
S.A.B.
de
C.V.
-
ADR
1,390
439,991
Herc
Holdings,
Inc.
2,300
251,712
IES
Holdings,
Inc.
(a)
5,400
1,062,072
Ingersoll
Rand,
Inc.
9,700
731,671
Installed
Building
Products,
Inc.
1,300
215,579
ITT,
Inc.
3,300
452,166
Korn/Ferry
International
5,700
351,690
Landstar
System,
Inc.
2,250
301,838
Leonardo
DRS,
Inc.
(a)
7,900
291,984
Middleby
Corp.
(The)
(a)
3,300
440,055
Mueller
Industries,
Inc.
7,800
573,768
Primoris
Services
Corp.
4,100
245,877
Prysmian
SpA
-
ADR
15,000
410,100
Prysmian
SpA
(a)
14,400
782,871
RBC
Bearings,
Inc.
(a)
1,000
328,570
Regal
Rexnord
Corp.
2,300
243,432
Rentokil
Initial
PLC
-
ADR
7,800
178,932
Rollins,
Inc.
7,300
417,049
Saia,
Inc.
(a)
1,840
448,960
SPX
Technologies,
Inc.
(a)
2,700
362,205
Teledyne
Technologies,
Inc.
(a)
900
419,427
TopBuild
Corp.
(a)
1,300
384,488
TriNet
Group,
Inc.
4,350
340,735
WESCO
International,
Inc.
3,600
586,656
Woodward,
Inc.
2,750
515,818
18,315,295
Materials
—
7.68%
Cabot
Corp.
3,200
251,328
Core
Natural
Resources,
Inc.
(a)
1,900
137,199
Eagle
Materials,
Inc.
1,650
373,543
Givaudan
SA
-
ADR
(a)
5,100
490,773
Gold
Fields
Ltd.
-
ADR
22,750
512,785
Hawkins,
Inc.
3,700
450,586
IMCD
NV
-
ADR
(a)
2,300
153,410
James
Hardie
Industries
PLC
-
ADR
(a)
12,300
292,002
Kingspan
Group
PLC
-
ADR
(a)
4,650
392,809
Simpson
Manufacturing
Co.,
Inc.
1,900
292,011
Yorktown
Growth
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Shares
Fair
Value
Steel
Dynamics,
Inc.
3,550
$
460,471
Trex
Co.,
Inc.
(a)
8,300
479,906
UFP
Industries,
Inc.
6,300
622,755
UFP
Technologies,
Inc.
(a)
1,550
323,237
United
States
Lime
&
Minerals,
Inc.
4,125
385,729
West
Fraser
Timber
Co.
Ltd.
3,750
277,425
Westlake
Chemical
Corp.
3,050
281,911
6,177,880
Real
Estate
—
1.29%
CBRE
Group,
Inc.,
Class
A
(a)
2,700
329,886
FirstService
Corp.
2,300
403,719
McGrath
RentCorp
2,850
304,010
1,037,615
Technology
—
23.81%
Advantest
Corp.
-
ADR
(a)
5,400
225,558
Agilysys,
Inc.
(a)
1,350
100,372
Arista
Networks,
Inc.
(a)
9,800
806,246
ASM
International
NV
-
ADR
1,070
521,732
Bentley
Systems,
Inc.,
Class
B
6,100
262,239
Clearwater
Analytics
Holdings,
Inc.,
Class
A
(a)
15,250
346,785
Commvault
Systems,
Inc.
(a)
1,650
275,765
CyberArk
Software
Ltd.
(a)
3,100
1,091,696
Datadog,
Inc.,
Class
A
(a)
4,000
408,640
Descartes
Systems
Group,
Inc.
(The)
(a)
10,800
1,138,212
Digi
International,
Inc.
(a)
13,700
372,640
DigitalOcean
Holdings,
Inc.
(a)
4,150
128,235
Dlocal
Ltd.,
Class
A
(a)
41,500
367,275
Doximity,
Inc.,
Class
A
(a)
7,200
409,536
Dynatrace,
Inc.
(a)
10,600
497,882
ExlService
Holdings,
Inc.
(a)
12,100
586,608
Fabrinet
(a)
3,800
779,228
Fortinet,
Inc.
(a)
4,950
513,612
Globant
SA
(a)
2,100
246,897
Guidewire
Software,
Inc.
(a)
1,400
286,678
Harmonic,
Inc.
(a)
26,000
233,480
InterDigital,
Inc.
1,450
291,450
Jack
Henry
&
Associates,
Inc.
2,850
494,275
KLA
Corp.
890
625,394
Life360,
Inc.
(a)
9,000
386,100
Logitech
International
SA
7,500
565,425
MKS
Instruments,
Inc.
3,500
245,490
Monolithic
Power
Systems,
Inc.
650
385,515
Paycom
Software,
Inc.
2,100
475,419
Paylocity
Holdings
Corp.
(a)
3,300
633,930
Paymentus
Holdings,
Inc.
(a)
10,800
350,568
PTC,
Inc.
(a)
2,800
433,916
Qualys,
Inc.
(a)
4,700
590,837
Shift4
Payments,
Inc.,
Class
A
(a)
4,400
359,920
Yorktown
Growth
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Shares
Fair
Value
SPS
Commerce,
Inc.
(a)
4,330
$
621,398
Super
Micro
Computer,
Inc.
(a)
11,250
358,425
SYNNEX
Corp.
2,700
299,160
TDK
Corp.
-
ADR
(a)
37,500
405,375
Toast,
Inc.,
Class
A
(a)
7,600
270,408
Tokyo
Electron
Ltd.
-
ADR
6,600
494,340
Tyler
Technologies,
Inc.
(a)
1,650
896,445
Veeva
Systems,
Inc.,
Class
A
(a)
1,650
385,589
19,168,695
Utilities
—
1.93%
ALLETE,
Inc.
4,700
307,803
Pampa
Energia
SA
-
ADR
(a)
12,900
915,771
SSE
PLC
-
ADR
14,400
330,912
1,554,486
Total
Common
Stocks
(Cost $57,567,660)
80,554,052
CONTINGENT
VALUE
RIGHTS
—
0.00%
Health
Care
—
0.00%
ABIOMED,
Inc.
(a)(b)
1,550
—
Total
Contingent
Value
Rights
(Cost $–)
—
Total
Investments
—
100.05%
(Cost
$57,567,660)
80,554,052
Liabilities
in
Excess
of
Other
Assets
—
(0.05)%
(37,878)
Net
Assets
—
100.00%
$
80,516,174
(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
April
30,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
AND
NOTES
—
39.30%
Consumer
Discretionary
—
4.39%
Ford
Motor
Credit
Co.,
LLC,
5.13%,
11/5/2026
$
1,000,000
$
990,972
General
Motors
Financial
Co.,
Inc.,
1.50%,
6/10/2026
1,000,000
963,492
Hyundai
Capital
America,
4.55%,
9/26/2029
(a)
1,000,000
979,916
McDonald's
Corp.,
4.80%,
8/14/2028
1,000,000
1,018,312
McDonald's
Corp.,
MTN,
5.00%,
5/17/2029
2,000,000
2,052,462
Nissan
Motor
Co.
Ltd.,
3.52%,
9/17/2025
(a)
2,000,000
1,982,414
7,987,568
Consumer
Staples
—
2.23%
JBS
USA
LUX
SA,
5.13%,
2/1/2028
1,000,000
1,011,238
Mars,
Inc.,
4.80%,
3/1/2030
(a)
2,000,000
2,025,151
Tyson
Foods,
Inc.,
5.40%,
3/15/2029
1,000,000
1,029,437
4,065,826
Financials
—
13.70%
Air
Lease
Corp.,
1.88%,
8/15/2026
500,000
482,608
Antares
Holdings
LP,
3.95%,
7/15/2026
(a)
1,500,000
1,469,069
Aviation
Capital
Group
LLC,
1.95%,
1/30/2026
(a)
1,000,000
977,494
Avolon
Holdings
Funding
Ltd.,
2.13%,
2/21/2026
(a)
2,000,000
1,950,479
Banco
Santander
SA,
5.15%,
8/18/2025
1,000,000
999,870
Citigroup,
Inc.,
5.13%,
6/9/2027
(SOFR
+
77.0bps)
(b)
1,000,000
999,519
CNO
Global
Funding,
1.75%,
10/7/2026
(a)
500,000
481,228
GA
Global
Funding
Trust,
1.63%,
1/15/2026
(a)
1,000,000
979,025
Goldman
Sachs
Group,
Inc.
(The),
5.17%,
3/9/2027
(SOFR
+
81.0bps)
(b)
1,000,000
1,000,673
Goldman
Sachs
Group,
Inc.
(The),
5.28%,
10/21/2027
(SOFR
+
92.0bps)
(b)
2,000,000
1,995,874
HSBC
Holdings
PLC,
5.94%,
9/12/2026
(TSFR3M
+
164.1bps)
(b)
1,500,000
1,505,018
HSBC
Holdings
PLC,
5.66%,
11/19/2030
(SOFR
+
129bps)
(b)
1,000,000
998,878
ING
Groep
NV,
5.37%,
4/1/2027
(SOFR
+
101.0bps)
(b)
2,000,000
2,002,637
Jackson
National
Life
Global
Funding,
4.60%,
10/1/2029
(a)
1,000,000
993,806
JPMorgan
Chase
&
Co.,
5.25%,
4/22/2027
(SOFR
+
88.5bps)
(b)
2,000,000
2,004,492
JPMorgan
Chase
&
Co.,
5.54%,
2/24/2028
(SOFR
+
118.0bps)
(b)
1,000,000
1,004,045
JPMorgan
Chase
Bank
NA,
5.11%,
12/8/2026
1,000,000
1,015,360
Lloyds
Banking
Group
PLC,
4.58%,
12/10/2025
(a)
250,000
249,325
Nomura
Holdings,
Inc.,
1.65%,
7/14/2026
1,000,000
965,413
Principal
Life
Global
Funding
II,
MTN,
1.50%,
11/17/2026
(a)
1,000,000
957,536
SMBC
Aviation
Capital
Finance
DAC,
1.90%,
10/15/2026
(a)
1,000,000
960,315
Societe
Generale
SA,
MTN,
1.79%,
6/9/2027
(H15T5Y
+
100.0bps)
(a),(b)
1,000,000
967,584
24,960,248
Industrials
—
7.88%
Air
Canada
Pass
Through
Trust,
Series
2013-1,
Class
A,
4.13%,
5/15/2025
(a)
926,957
926,480
Air
Canada
Pass
Through
Trust,
Series
2017-1,
Class
B,
3.70%,
7/15/2026
(a)
363,757
357,249
Air
Canada
Pass
Through
Trust,
Series
2020-2,
Class
A,
5.25%,
10/1/2030
(a)
160,491
160,546
American
Airlines
Pass
Through
Trust,
Series
2014-1,
Class
A,
3.70%,
10/1/2026
1,460,153
1,426,319
Ashtead
Capital,
Inc.,
1.50%,
8/12/2026
(a)
1,000,000
962,824
Caterpillar
Financial
Services
Corp.,
4.40%,
3/3/2028
3,000,000
3,027,376
CNH
Industrial
Capital
LLC,
1.88%,
1/15/2026
1,000,000
979,921
Mileage
Plus
Holdings
LLC,
6.50%,
6/20/2027
(a)
1,350,000
1,355,331
Yorktown
Short
Term
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
Penske
Truck
Leasing
Co.
LP,
1.70%,
6/15/2026
(a)
$
1,000,000
$
967,936
Triton
Container
International
Ltd.,
2.05%,
4/15/2026
(a)
1,000,000
971,400
United
Airlines
Pass
Through
Trust,
Series
2020-1,
Class
B,
4.88%,
1/15/2026
332,238
330,637
United
Airlines
Pass
Through
Trust,
Series
2016-1,
Class
A,
3.45%,
7/7/2028
604,258
567,265
United
Airlines
Pass
Through
Trust,
Series
2020-1,
Class
A,
5.88%,
4/15/2029
397,496
405,046
US
Airways
Pass
Through
Trust,
Series
2013-1,
Class
A,
3.95%,
11/15/2025
951,784
947,597
Vontier
Corp.,
1.80%,
4/1/2026
1,000,000
972,039
14,357,966
Materials
—
2.67%
Alcoa
Nederland
Holding
BV,
5.50%,
12/15/2027
(a)
1,000,000
996,754
Berry
Global,
Inc.,
1.65%,
1/15/2027
2,000,000
1,898,384
Sealed
Air
Corp.,
1.57%,
10/15/2026
(a)
1,000,000
954,486
Sherwin-Williams
Co.
(The),
4.55%,
3/2/2028
1,000,000
1,006,067
4,855,691
Real
Estate
—
0.27%
American
Tower
Corp.,
1.60%,
4/15/2026
500,000
485,839
Technology
—
3.79%
DXC
Technology
Co.,
1.80%,
9/15/2026
500,000
480,093
Hewlett
Packard
Enterprise
Co.,
4.55%,
10/15/2029
1,000,000
990,966
Jabil,
Inc.,
1.70%,
4/15/2026
1,000,000
971,804
Leidos,
Inc.,
4.38%,
5/15/2030
1,000,000
971,863
Marvell
Technology,
Inc.,
1.65%,
4/15/2026
1,000,000
971,065
Oracle
Corp.,
4.80%,
8/3/2028
2,000,000
2,026,618
Wipro
IT
Services
LLC,
1.50%,
6/23/2026
(a)
500,000
483,605
6,896,014
Utilities
—
4.37%
Ameren
Corp.,
1.95%,
3/15/2027
500,000
478,948
Duke
Energy
Corp.,
4.30%,
3/15/2028
1,000,000
1,000,376
Edison
International,
4.70%,
8/15/2025
500,000
498,964
Enel
Finance
International
NV,
1.63%,
7/12/2026
(a)
1,000,000
966,645
Georgia
Power
Co.,
4.55%,
3/15/2030
1,000,000
1,006,848
Liberty
Utilities
Co.,
5.58%,
1/31/2029
(a)
1,000,000
1,027,657
NextEra
Energy
Capital
Holdings,
Inc.,
1.88%,
1/15/2027
1,000,000
959,473
NSTAR
Electric
Co.,
4.85%,
3/1/2030
2,000,000
2,029,275
7,968,186
Total
Corporate
Bonds
and
Notes
(Cost $72,177,154)
71,577,338
ASSET
BACKED
SECURITIES
—
9.01%
Amur
Equipment
Finance
Receivables
XIII
LLC,
Series
2024-1A,
Class
A2,
5.38%,
1/21/2031
(a)
370,582
374,841
BHG
Securitization
Trust,
Series
2024-1A,
Class
A,
5.81%,
4/17/2035
(a)
146,496
148,765
Carvana
Auto
Receivables
Trust,
Series
2022-P2,
Class
D,
6.28%,
5/10/2029
1,000,000
1,017,258
Dell
Equipment
Finance
Trust,
Series
2023-2,
Class
C,
6.06%,
1/22/2029
(a)
523,000
527,790
Yorktown
Short
Term
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
Dllad
LLC,
Series
2024-1A,
Class
A3,
5.30%,
7/20/2029
(TSFR3M
+
181.2bps)
(a),(b)
$
1,000,000
$
1,020,407
Exeter
Automobile
Receivables
Trust,
Series
2023-1A,
Class
D,
6.69%,
6/15/2029
1,020,000
1,040,630
First
Investors
Auto
Owner
Trust,
Series
2021-1A,
Class
D,
1.62%,
3/15/2027
(a)
433,643
430,745
First
Investors
Auto
Owner
Trust,
Series
2021-2A,
Class
D,
1.66%,
12/15/2027
(a)
2,000,000
1,954,928
GCI
Funding
I
LLC,
Series
2021-1,
Class
A,
2.38%,
6/18/2046
(a)
655,767
606,178
GreatAmerica
Leasing
Receivables
Funding,
Series
2024-2,
Class
C,
5.28%,
5/17/2032
(a)
1,000,000
1,011,952
Hilton
Grand
Vacations
Trust,
Series
2020-AA,
Class
C,
6.42%,
2/25/2039
(a)
333,841
337,069
HPEFS
Equipment
Trust,
Series
2024-2A,
Class
B,
5.35%,
10/20/2031
(a)
500,000
507,121
ITE
Rail
Fund
Levered
LP,
Series
2021-1A,
Class
A,
2.25%,
2/28/2051
(a)
410,979
383,877
Kubota
Credit
Owner
Trust,
Series
2024-1A,
Class
A4,
MTN,
5.20%,
1/15/2030
(a)
1,000,000
1,025,533
Navient
Student
Loan
Trust,
Series
2018-BA,
Class
A2A,
3.61%,
12/15/2059
(a)
9,867
9,815
Octane
Receivables
Trust,
Series
2023-3A,
Class
A2,
6.44%,
3/20/2029
(a)
426,387
429,976
Octane
Receivables
Trust,
Series
2023-3A,
Class
B,
6.48%,
7/20/2029
(a)
1,008,000
1,028,334
Octane
Receivables
Trust,
Series
RVM1,
Class
A,
5.01%,
1/22/2046
(a)
894,749
902,006
Post
Road
Equipment
Finance
LLC,
Series
2024-1A,
Class
A2,
MTN,
5.59%,
11/15/2029
(a)
184,671
186,314
Post
Road
Equipment
Finance
LLC,
Series
2025-1A,
Class
D,
5.43%,
5/15/2031
(a)
500,000
505,004
SCF
Equipment
Leasing
LLC,
Series
2025-1A,
Class
C,
5.37%,
9/20/2034
(a)
500,000
509,442
SLM
Private
Credit
Student
Loan
Trust,
Series
2006-A,
Class
A5,
4.59%,
6/15/2039
(TSFR3M
+
55.2bps)
(b)
74,171
71,996
SMB
Private
Education
Loan
Trust,
Series
2017-A,
Class
A2A,
2.88%,
9/15/2034
(a)
6,677
6,647
Trinity
Rail
Leasing
LLC,
Series
2019-2A,
Class
A2,
3.10%,
10/18/2049
(a)
685,000
663,921
Trinity
Rail
Leasing
LLC,
Series
2021-1A,
Class
A,
2.26%,
7/19/2051
(a)
846,330
784,129
Verdant
Receivables
LLC,
Series
2024-1A,
Class
A2,
5.68%,
12/12/2031
(a)
896,087
914,543
Total
Asset
Backed
Securities
(Cost $16,439,608)
16,399,221
U.S.
GOVERNMENT
&
AGENCIES
—
44.62%
Fannie
Mae,
Pool
#FM7007,
4.00%,
10/1/2033
601,938
601,641
Fannie
Mae,
Pool
#MA4023,
3.50%,
1/1/2035
794,824
778,247
Fannie
Mae,
Pool
#MA4038,
3.00%,
4/1/2035
200,344
189,533
Fannie
Mae,
Pool
#MA4797,
4.00%,
11/1/2037
653,787
638,881
Fannie
Mae,
Pool
#MA4915,
5.00%,
2/1/2038
635,223
639,230
Fannie
Mae,
Pool
#CA8902,
2.50%,
2/1/2041
668,031
588,892
Fannie
Mae,
Pool
#MA4364,
2.00%,
5/1/2041
716,914
616,797
Fannie
Mae,
Pool
#MA4961,
5.00%,
3/1/2043
775,696
774,217
Fannie
Mae,
Pool
#MA4988,
5.00%,
4/1/2043
731,225
733,448
Yorktown
Short
Term
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
Fannie
Mae,
Pool
#BM4676,
4.00%,
10/1/2048
$
794,463
$
749,261
Fannie
Mae,
Pool
#CA5970,
2.50%,
6/1/2050
693,243
576,129
Fannie
Mae,
Pool
#FM7195,
2.50%,
9/1/2050
759,711
631,731
Fannie
Mae,
Pool
#CA6951,
2.50%,
9/1/2050
590,699
495,328
Fannie
Mae,
Pool
#CB0397,
3.00%,
5/1/2051
621,880
543,331
Fannie
Mae,
Pool
#FM8361,
2.50%,
8/1/2051
657,395
551,793
Fannie
Mae,
Pool
#FS1428,
4.00%,
4/1/2052
1,548,195
1,442,265
Fannie
Mae,
Pool
#MA4732,
4.00%,
9/1/2052
848,092
790,453
Fannie
Mae,
Pool
#QE9380,
4.50%,
9/1/2052
830,874
794,999
Fannie
Mae,
Pool
#MA4970,
6.00%,
2/1/2053
1,054,896
1,057,587
Fannie
Mae,
Pool
#MA4918,
5.00%,
2/1/2053
843,168
826,639
Fannie
Mae,
Pool
#BX7767,
5.50%,
3/1/2053
1,622,493
1,621,612
Fannie
Mae,
Pool
#MA5054,
4.00%,
6/1/2053
908,306
845,491
Fannie
Mae,
Pool
#FS5779,
5.50%,
9/1/2053
871,036
870,001
Fannie
Mae,
Pool
#MA5165,
5.50%,
10/1/2053
1,734,767
1,731,815
Fannie
Mae,
Pool
#FS6679,
6.00%,
12/1/2053
854,982
867,971
Fannie
Mae,
Pool
#DB3808,
6.00%,
5/1/2054
970,917
987,185
Fannie
Mae,
Pool
#MA5445,
6.00%,
8/1/2054
1,801,977
1,827,510
Fannie
Mae,
Pool
#MA5700,
5.50%,
5/1/2055
1,500,000
1,495,936
Federal
Farm
Credit
Banks
Funding
Corp.,
5.44%,
8/21/2034
1,000,000
1,000,558
Federal
Farm
Credit
Banks
Funding
Corp.,
6.25%,
5/6/2039
1,000,000
1,000,202
Federal
Farm
Credit
Banks
Funding
Corp.,
5.60%,
8/5/2039
1,000,000
1,004,516
Federal
Farm
Credit
Banks
Funding
Corp.,
6.05%,
6/27/2044
2,000,000
2,006,099
Federal
Farm
Credit
Banks
Funding
Corp.,
6.03%,
8/1/2044
1,000,000
1,002,671
Federal
Farm
Credit
Banks
Funding
Corp.,
5.37%,
8/26/2044
2,000,000
1,991,795
Federal
Farm
Credit
Banks
Funding
Corp.,
5.72%,
10/28/2044
1,000,000
998,869
Federal
Farm
Credit
Banks
Funding
Corp.,
5.74%,
3/6/2045
2,000,000
2,001,184
Federal
Farm
Credit
Banks
Funding
Corp.,
5.90%,
4/21/2045
1,000,000
998,188
Federal
Farm
Credit
Banks
Funding
Corp.,
5.93%,
5/1/2045
2,000,000
1,998,848
Federal
Farm
Credit
Banks
Funding
Corp.,
5.49%,
9/23/2049
1,000,000
1,002,884
Federal
Home
Loan
Banks,
5.07%,
1/23/2030
1,000,000
1,005,424
Federal
Home
Loan
Banks,
6.00%,
4/23/2037
1,000,000
999,870
Federal
Home
Loan
Banks,
6.25%,
5/2/2039
1,000,000
1,000,175
Federal
Home
Loan
Banks,
5.00%,
10/21/2039
1,000,000
983,696
Federal
Home
Loan
Banks,
5.00%,
10/28/2039
1,000,000
1,019,592
Federal
Home
Loan
Banks,
5.70%,
2/6/2040
1,500,000
1,503,495
Federal
Home
Loan
Banks,
5.75%,
2/27/2040
1,000,000
1,003,087
Federal
Home
Loan
Banks,
5.24%,
2/27/2040
1,000,000
1,026,297
Federal
Home
Loan
Banks,
6.15%,
6/17/2044
1,000,000
999,987
Federal
Home
Loan
Banks,
6.23%,
7/22/2044
1,500,000
1,502,295
Federal
Home
Loan
Banks,
5.05%,
10/25/2044
1,000,000
1,000,851
Federal
Home
Loan
Banks,
5.50%,
11/25/2044
1,000,000
999,029
Federal
Home
Loan
Banks,
5.90%,
2/27/2045
1,000,000
1,001,107
Federal
Home
Loan
Banks,
5.40%,
11/29/2049
1,000,000
1,006,857
Freddie
Mac,
Pool
#SB8229,
4.50%,
5/1/2038
1,434,724
1,424,451
Freddie
Mac,
Pool
#QA5121,
2.50%,
12/1/2049
863,656
726,590
Freddie
Mac,
Pool
#QE2792,
4.00%,
6/1/2052
915,873
853,677
Freddie
Mac,
Pool
#SD8230,
4.50%,
6/1/2052
796,305
761,896
Yorktown
Short
Term
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
Freddie
Mac,
Pool
#SD1087,
3.50%,
6/1/2052
$
845,669
$
766,579
Freddie
Mac,
Pool
#SD2322,
4.50%,
9/1/2052
876,744
838,702
Freddie
Mac,
Pool
#QE9380,
5.00%,
9/1/2052
764,810
751,010
Freddie
Mac,
Pool
#SD8306,
4.50%,
2/1/2053
886,275
847,157
Freddie
Mac,
Pool
#QG1666,
5.00%,
3/1/2053
967,804
950,655
Freddie
Mac,
Pool
#QF8790,
5.50%,
3/1/2053
863,125
863,256
Freddie
Mac,
Pool
#SD3437,
5.00%,
4/1/2053
1,822,845
1,787,769
Freddie
Mac,
Pool
#SD2642,
5.50%,
4/1/2053
858,055
862,345
Freddie
Mac,
Pool
#SD2757,
5.00%,
5/1/2053
853,640
839,546
Freddie
Mac,
Pool
#SD8329,
5.00%,
6/1/2053
881,732
864,220
Freddie
Mac,
Pool
#SD8357,
4.00%,
8/1/2053
931,459
866,847
Freddie
Mac,
Pool
#SD8373,
6.00%,
10/1/2053
1,642,158
1,667,400
Freddie
Mac,
Pool
#SD8408,
5.50%,
3/1/2054
2,202,992
2,197,541
Freddie
Mac,
Pool
#SD5083,
5.50%,
3/1/2054
880,787
878,607
Freddie
Mac,
Pool
#SD8421,
6.00%,
4/1/2054
836,122
847,883
Freddie
Mac,
Pool
#SD8431,
5.50%,
5/1/2054
900,837
898,608
Freddie
Mac,
Pool
#SD8453,
5.50%,
8/1/2054
1,871,537
1,866,905
Freddie
Mac,
Pool
#SD8516,
6.00%,
3/1/2055
1,470,399
1,491,154
United
States
Treasury
Note/Bond,
4.38%,
11/30/2028
3,000,000
3,074,063
Total
U.S.
Government
&
Agencies
(Cost $82,265,463)
81,252,360
COLLATERALIZED
LOAN
OBLIGATIONS
—
4.01%
Benefit
Street
Partners
CLO
XXV
Ltd.,
Series
21-25A,
Class
A2R,
5.46%,
1/15/2035
(TSFR3M
+
120bps)
(a),(b)
1,000,000
991,072
Carlyle
US
CLO
Ltd.,
Series
2020-2A,
Class
A1R,
5.68%,
1/25/2035
(TSFR3M
+
140.2bps)
(a),(b)
1,000,000
999,737
Elmwood
CLO
38
Ltd.,
Series
2025-1A,
Class
A,
5.43%,
4/22/2038
(TSFR3M
+
115.0bps)
(a),(b)
500,000
494,473
ICG
US
CLO
Ltd.,
Series
2014-1A,
Class
A1,
5.73%,
10/20/2034
(TSFR3M
+
146.2bps)
(a),(b)
1,000,000
1,000,575
Madison
Park
Funding
XXI
Ltd.,
Series
2016-21A,
Class
ABRR,
5.92%,
10/15/2032
(TSFR3M
+
166.2bps)
(a),(b)
1,000,000
997,880
Morgan
Stanley
Eaton
Vance
CLO,
Series
2022-16A,
Class
A2,
5.91%,
4/15/2035
(TSFR3M
+
165.0bps)
(a),(b)
1,000,000
996,881
Oaktree
CLO
Ltd.,
Series
2019-3,
5.67%,
1/20/2038
(TSFR3M
+
138.0bps)
(a),(b)
1,000,000
999,980
Sound
Point
CLO
VIII-R
Ltd.,
Series
2015-1RA,
Class
BR,
6.07%,
4/15/2030
(TSFR3M
+
181.2bps)
(a),(b)
830,585
830,270
Total
Collateralized
Loan
Obligations
(Cost $7,330,585)
7,310,868
Total
Investments
—
96.94%
(Cost
$178,212,810)
176,539,787
Other
Assets
in
Excess
of
Liabilities
—
3.06%
5,581,376
Net
Assets
—
100.00%
$
182,121,163
Yorktown
Short
Term
Bond
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
H15T5Y—
5
Year
Treasury
Rate
MTN—
Medium
Term
Note
SOFR—
Secured
Overnight
Financing
Rate
TSFR3M—
Term
Secured
Overnight
Finance
Rate
(3
Month)
(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,
2025
was
$46,684,460,
representing
25.63%
of
net
assets.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
April
30,
2025.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
(in
basis
points)
are
indicated
parenthetically.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities,
therefore,
do
not
indicate
a
reference
rate
and
spread.
Yorktown
Small
Cap
Fund
Schedule
of
Investments
April
30,
2025
-
(Unaudited)
+
Shares
Fair
Value
COMMON
STOCKS
—
97.58%
Communications
—
2.17%
Grab
Holdings
Ltd.,
Class
A
(a)
52,000
$
253,760
Gravity
Co.
Ltd.
-
ADR
(a)
5,100
305,490
559,250
Consumer
Discretionary
—
17.19%
Axon
Enterprise,
Inc.
(a)
775
475,307
Boot
Barn
Holdings,
Inc.
(a)
1,700
177,378
Boyd
Gaming
Corp.
2,700
186,678
Bright
Horizons
Family
Solutions,
Inc.
(a)
1,500
188,130
Cavco
Industries,
Inc.
(a)
800
395,080
Churchill
Downs,
Inc.
3,100
280,271
Dorman
Products,
Inc.
(a)
1,800
203,940
DraftKings,
Inc.,
Class
A
(a)
9,960
331,568
Driven
Brands
Holdings,
Inc.
(a)
14,850
245,322
FirstCash
Holdings,
Inc.
2,650
354,994
G-III
Apparel
Group
Ltd.
(a)
5,450
137,449
Griffon
Corp.
3,050
207,736
Group
1
Automotive,
Inc.
440
177,597
SharkNinja,
Inc.
(a)
3,500
281,750
Sportradar
Group
AG
(a)
13,600
314,296
Texas
Roadhouse,
Inc.
1,900
315,324
Universal
Technical
Institute,
Inc.
(a)
5,750
161,345
4,434,165
Consumer
Staples
—
8.64%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
5,740
674,794
Chefs'
Warehouse,
Inc.
(The)
(a)
7,050
401,639
Dole
PLC
12,600
191,394
Inter
Parfums,
Inc.
1,200
131,040
Performance
Food
Group
Co.
(a)
2,250
181,485
Pilgrim's
Pride
Corp.
(a)
9,000
491,220
Vital
Farms,
Inc.
(a)
4,600
157,504
2,229,076
Energy
—
1.36%
Aris
Water
Solutions,
Inc.,
Class
A
6,700
167,232
Range
Resources
Corp.
5,400
183,222
350,454
Financials
—
18.28%
Bancorp,
Inc.
(The)
(a)
4,300
207,733
Brookfield
Asset
Management
Ltd.
5,637
300,621
Enova
International,
Inc.
(a)
2,250
206,527
Freedom
Holding
Corp.
(a)
3,700
528,471
Goosehead
Insurance,
Inc.,
Class
A
(a)
5,050
490,911
Hamilton
Lane,
Inc.,
Class
A
2,300
355,327
LPL
Financial
Holdings,
Inc.
2,300
735,517
Marex
Group
PLC
(a)
5,900
261,665
Merchants
Bancorp
8,800
264,704
Palomar
Holdings,
Inc.
(a)
2,000
290,040
Yorktown
Small
Cap
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Shares
Fair
Value
Robinhood
Markets,
Inc.,
Class
A
(a)
15,900
$
780,849
StoneX
Group,
Inc.
(a)
3,300
292,265
4,714,630
Health
Care
—
12.28%
Catalyst
Pharmaceuticals,
Inc.
(a)
20,250
491,872
Ensign
Group,
Inc.
(The)
2,100
270,879
Haemonetics
Corp.
(a)
3,100
195,362
Insmed,
Inc.
(a)
5,850
421,200
Integer
Holdings
Corp.
(a)
2,350
296,828
Lantheus
Holdings,
Inc.
(a)
4,800
500,832
Merit
Medical
Systems,
Inc.
(a)
2,950
278,628
Pacira
BioSciences,
Inc.
(a)
6,600
177,540
Progyny,
Inc.
(a)
11,500
262,660
Veracyte,
Inc.
(a)
8,900
271,450
3,167,251
Industrials
—
15.20%
Aaon,
Inc.
1,700
155,159
AeroVironment,
Inc.
(a)
1,994
302,131
AZZ,
Inc.
3,750
325,350
Badger
Meter,
Inc.
1,650
364,353
Construction
Partners,
Inc.,
Class
A
(a)
4,800
394,272
CSW
Industrials,
Inc.
1,300
406,224
Herc
Holdings,
Inc.
1,100
120,384
IES
Holdings,
Inc.
(a)
940
184,879
Itron,
Inc.
(a)
3,000
333,870
Janus
International
Group,
Inc.
(a)
28,500
196,080
Mueller
Industries,
Inc.
6,650
489,174
RBC
Bearings,
Inc.
(a)
970
318,713
V2X,
Inc.
(a)
3,500
174,160
WESCO
International,
Inc.
950
154,812
3,919,561
Materials
—
4.13%
Balchem
Corp.
1,450
226,997
Graphic
Packaging
Holding
Co.
10,450
264,490
Hawkins,
Inc.
1,450
176,581
Tecnoglass,
Inc.
2,800
199,556
United
States
Lime
&
Minerals,
Inc.
2,100
196,371
1,063,995
Real
Estate
—
2.42%
Healthpeak
Properties,
Inc.
9,650
172,156
Matson,
Inc.
4,130
450,542
622,698
Technology
—
15.91%
ACM
Research,
Inc.,
Class
A
(a)
13,300
258,951
Allegro
Microsystems,
Inc.
(a)
11,300
215,491
Calix,
Inc.
(a)
9,000
368,190
CyberArk
Software
Ltd.
(a)
950
334,552
Duolingo,
Inc.
(a)
1,400
545,272
Yorktown
Small
Cap
Fund
Schedule
of
Investments
(continued)
April
30,
2025
-
(Unaudited)
Shares
Fair
Value
ExlService
Holdings,
Inc.
(a)
4,000
$
193,920
NCR
Atleos
Corp.
(a)
5,700
159,144
Nova
Ltd.
(a)
1,800
353,178
Paylocity
Holdings
Corp.
(a)
950
182,495
Rambus,
Inc.
(a)
7,000
341,530
Super
Micro
Computer,
Inc.
(a)
8,700
277,182
TaskUS,
Inc.,
Class
A
(a)
19,800
276,408
Verra
Mobility
Corp.,
Class
A
(a)
10,000
218,000
WNS
Holdings
Ltd.
(a)
3,800
229,976
ZoomInfo
Technologies,
Inc.,
Class
A
(a)
17,300
148,088
4,102,377
Total
Common
Stocks
(Cost $19,156,775)
25,163,457
CONTINGENT
VALUE
RIGHTS
—
0.00%
Health
Care
—
0.00%
Sinovac
Biotech,
Ltd.
(a)(b)
74,893
—
Total
Contingent
Value
Rights
(Cost $–)
—
Total
Investments
—
97.58%
(Cost
$19,156,775)
25,163,457
Other
Assets
in
Excess
of
Liabilities
—
2.42%
625,024
Net
Assets
—
100.00%
$
25,788,481
(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