# EDGAR Filing Document

**Accession Number:** 0000764859
**File Stem:** 0001398344-26-006435
**Filing Date:** 2026-4
**Character Count:** 248838
**Document Hash:** 9f727254ff983fc8aa15a448494766bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-006435.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001398344-26-006435

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260413

**DATE AS OF CHANGE**: 20260410

**EFFECTIVENESS DATE**: 20260413

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN PENSION INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000764859

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04262
- **FILM NUMBER:** 26856211

**BUSINESS ADDRESS:**
- **STREET 1:** 106 ANNJO COURT
- **STREET 2:** SUITE A
- **CITY:** FOREST
- **STATE:** VA
- **ZIP:** 24551
- **BUSINESS PHONE:** 434-846-1361

**MAIL ADDRESS:**
- **STREET 1:** 106 ANNJO COURT
- **STREET 2:** SUITE A
- **CITY:** FOREST
- **STATE:** VA
- **ZIP:** 24551

## Series and Classes Contracts Data

### Yorktown Growth Fund (Series ID: S000008424)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000023126 | Class L Shares      | APITX           |
| C000023127 | Class A Shares      | AFGGX           |
| C000127241 | Institutional Class | APGRX           |

### Yorktown Short Term Bond Fund (Series ID: S000008426)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000023131 | Class L Shares      | AFMMX           |
| C000023132 | Class A Shares      | APIMX           |
| C000127242 | Institutional Class | APIBX           |

### Yorktown Multi-Sector Bond Fund (Series ID: S000008428)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000023135 | Class L Shares             | AFFIX           |
| C000023136 | Class A Shares             | APIUX           |
| C000085545 | Institutional Class Shares | APIIX           |
| C000169022 | Class C                    | AFFCX           |

### YORKTOWN SMALL-CAP FUND (Series ID: S000053763)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000169010 | Class A             | YOVAX           |
| C000169012 | Class L             | YOVLX           |
| C000169013 | Institutional Class | YOVIX           |

?xml version='1.0' encoding='ASCII'? Yorktown

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act File Number: 811-04262**

**AMERICAN PENSION INVESTORS TRUST**

**(Exact name of Registrant as Specified in Charter)**

**106 Annjo Court, Suite A, Forest, Virginia 24551**

**(Address of Principal Executive Office) (Zip Code)**

**Registrant's Telephone Number, including Area Code: (434) 846-1361**

**(Name and Address of Agent for Service)**

**David D. Basten**

**President**

**American Pension Investors Trust**

**106 Annjo Court, Suite A**

**Forest, Virginia 24551**

 ****

***Copy to:***

**David C. Mahaffey, Esq.**

**Sullivan & Worcester LLP**

**1666 K Street, NW**

**Washington, DC 20006**

**Date of fiscal year end: January 31**

**Date of reporting period: January 31, 2026**

 **Item 1. Report to Shareholders.** 

(a) **#### Yorktown Growth Fund

#### Class A (AFGGX)

#### Annual Shareholder Report - January 31, 2026
![Image](i6d5d338b7db66e148ab4edb7.jpg)

# Fund Overview
This annual shareholder report contains important information about Yorktown Growth Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $124 | 1.17% |

---

# How did the Fund perform during the reporting period?
The Yorktown Growth Fund generated positive returns in a robust market for global equities. The Fund's Class A Shares returned 11.50% (excluding sales charges) versus 22.40% for the MSCI All Country World Index ("ACWI"). The MSCI Global Small/Mid Cap Index ("SMID") returned 21.59% between January 31, 2025, and January 31, 2026.

The Fund's selection in high-growth industries contributed to absolute performance, though it trailed the primary benchmark as market leadership remained concentrated in large-cap secular growth trends. We remain focused on identifying companies with strong fundamental growth profiles and sustainable competitive advantages. Our positioning reflects a disciplined approach to valuation while seeking to capture long-term capital appreciation in a shifting economic landscape.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i083f3cef8b1035dbd9252bb3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Yorktown Growth Fund - A | Yorktown Growth Fund - A - with load | MSCI All Country World Index | MSCI Global Small/Mid Cap Index |
| Jan-2016 | $10000 | $9425 | $10000 | $10000 |
| Jan-2017 | $11688 | $11016 | $11860 | $12215 |
| Jan-2018 | $15121 | $14252 | $15199 | $15414 |
| Jan-2019 | $13545 | $12766 | $14138 | $14002 |
| Jan-2020 | $16300 | $15362 | $16495 | $15769 |
| Jan-2021 | $21456 | $20222 | $19397 | $18824 |
| Jan-2022 | $21988 | $20723 | $22055 | $20298 |
| Jan-2023 | $20216 | $19054 | $20393 | $19338 |
| Jan-2024 | $22028 | $20761 | $23505 | $20364 |
| Jan-2025 | $25353 | $23895 | $28504 | $23452 |
| Jan-2026 | $28268 | $26642 | $34889 | $28515 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Yorktown Growth Fund - A |  |  |  |
| Without Load | 11.50% | 5.67% | 10.95% |
| With Load | 5.07% | 4.42% | 10.30% |
| MSCI All Country World Index | 22.40% | 12.46% | 13.31% |
| MSCI Global Small/Mid Cap Index | 21.59% | 8.66% | 11.05% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 933-8274.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $97780985 |
| Number of Portfolio Holdings | 167 |
| Advisory Fee (net of waivers) | $723019 |
| Portfolio Turnover | 38% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](if4f36bb6ad5d9e9a92a564b2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.5% |
| Real Estate | 0.9% |
| Communications | 1.1% |
| Utilities | 1.1% |
| Energy | 1.4% |
| Consumer Staples | 2.2% |
| Materials | 3.3% |
| Health Care | 6.4% |
| Consumer Discretionary | 8.6% |
| Financials | 15.0% |
| Technology | 26.4% |
| Industrials | 33.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;IES Holdings, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Gold Fields Ltd. | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;1.1% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](ifb2053145356b9539a7dd39b.jpg)

#### Yorktown Growth Fund - Class A (AFGGX)

#### Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Yorktown Growth Fund

#### Class L (APITX)

#### Annual Shareholder Report - January 31, 2026
![Image](i6d5d338b7db66e148ab4edb7.jpg)

# Fund Overview
This annual shareholder report contains important information about Yorktown Growth Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class L | $228 | 2.17% |

---

# How did the Fund perform during the reporting period?
The Yorktown Growth Fund generated positive returns in a robust market for global equities. The Fund's Class L Shares returned 10.43% (excluding sales charges) versus 22.40% for the MSCI All Country World Index ("ACWI"). The MSCI Global Small/Mid Cap Index ("SMID") returned 21.59% between January 31, 2025, and January 31, 2026.

The Fund's selection in high-growth industries contributed to absolute performance, though it trailed the primary benchmark as market leadership remained concentrated in large-cap secular growth trends. We remain focused on identifying companies with strong fundamental growth profiles and sustainable competitive advantages. Our positioning reflects a disciplined approach to valuation while seeking to capture long-term capital appreciation in a shifting economic landscape

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i481f6a8765919be5ad40703a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Yorktown Growth Fund - L | MSCI All Country World Index | MSCI Global Small/Mid Cap Index |
| Jan-2016 | $10000 | $10000 | $10000 |
| Jan-2017 | $11569 | $11860 | $12215 |
| Jan-2018 | $14813 | $15199 | $15414 |
| Jan-2019 | $13141 | $14138 | $14002 |
| Jan-2020 | $15654 | $16495 | $15769 |
| Jan-2021 | $20405 | $19397 | $18824 |
| Jan-2022 | $20687 | $22055 | $20298 |
| Jan-2023 | $18836 | $20393 | $19338 |
| Jan-2024 | $20317 | $23505 | $20364 |
| Jan-2025 | $23154 | $28504 | $23452 |
| Jan-2026 | $25568 | $34889 | $28515 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Yorktown Growth Fund - L | 10.43% | 4.61% | 9.84% |
| MSCI All Country World Index | 22.40% | 12.46% | 13.31% |
| MSCI Global Small/Mid Cap Index | 21.59% | 8.66% | 11.05% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 933-8274.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $97780985 |
| Number of Portfolio Holdings | 167 |
| Advisory Fee (net of waivers) | $723019 |
| Portfolio Turnover | 38% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](if4f36bb6ad5d9e9a92a564b2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.5% |
| Real Estate | 0.9% |
| Communications | 1.1% |
| Utilities | 1.1% |
| Energy | 1.4% |
| Consumer Staples | 2.2% |
| Materials | 3.3% |
| Health Care | 6.4% |
| Consumer Discretionary | 8.6% |
| Financials | 15.0% |
| Technology | 26.4% |
| Industrials | 33.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;IES Holdings, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Gold Fields Ltd. | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;1.1% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](ifb2053145356b9539a7dd39b.jpg)

#### Yorktown Growth Fund - Class L (APITX)

#### Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Yorktown Growth Fund

#### Institutional Class (APGRX)

#### Annual Shareholder Report - January 31, 2026
![Image](i6d5d338b7db66e148ab4edb7.jpg)

# Fund Overview
This annual shareholder report contains important information about Yorktown Growth Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $124 | 1.17% |

---

# How did the Fund perform during the reporting period?
The Yorktown Growth Fund generated positive returns in a robust market for global equities. The Fund's Class I Shares returned 11.51% (excluding sales charges) versus 22.40% for the MSCI All Country World Index ("ACWI"). The MSCI Global Small/Mid Cap Index ("SMID") returned 21.59% between January 31, 2025, and January 31, 2026.

The Fund's selection in high-growth industries contributed to absolute performance, though it trailed the primary benchmark as market leadership remained concentrated in large-cap secular growth trends. We remain focused on identifying companies with strong fundamental growth profiles and sustainable competitive advantages. Our positioning reflects a disciplined approach to valuation while seeking to capture long-term capital appreciation in a shifting economic landscape

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1fb243e1e0b97eff522c9ee3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Yorktown Growth Fund - I | MSCI All Country World Index | MSCI Global Small/Mid Cap Index |
| Jan-2016 | $10000 | $10000 | $10000 |
| Jan-2017 | $11689 | $11860 | $12215 |
| Jan-2018 | $15123 | $15199 | $15414 |
| Jan-2019 | $13548 | $14138 | $14002 |
| Jan-2020 | $16296 | $16495 | $15769 |
| Jan-2021 | $21462 | $19397 | $18824 |
| Jan-2022 | $21989 | $22055 | $20298 |
| Jan-2023 | $20222 | $20393 | $19338 |
| Jan-2024 | $22025 | $23505 | $20364 |
| Jan-2025 | $25359 | $28504 | $23452 |
| Jan-2026 | $28278 | $34889 | $28515 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Yorktown Growth Fund - I | 11.51% | 5.67% | 10.95% |
| MSCI All Country World Index | 22.40% | 12.46% | 13.31% |
| MSCI Global Small/Mid Cap Index | 21.59% | 8.66% | 11.05% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 933-8274.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $97780985 |
| Number of Portfolio Holdings | 167 |
| Advisory Fee (net of waivers) | $723019 |
| Portfolio Turnover | 38% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](if4f36bb6ad5d9e9a92a564b2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.5% |
| Real Estate | 0.9% |
| Communications | 1.1% |
| Utilities | 1.1% |
| Energy | 1.4% |
| Consumer Staples | 2.2% |
| Materials | 3.3% |
| Health Care | 6.4% |
| Consumer Discretionary | 8.6% |
| Financials | 15.0% |
| Technology | 26.4% |
| Industrials | 33.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;IES Holdings, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Gold Fields Ltd. | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;1.1% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](ifb2053145356b9539a7dd39b.jpg)

#### Yorktown Growth Fund - Institutional Class (APGRX)

#### Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Yorktown Multi-Sector Bond Fund

#### Class A (APIUX)

#### Annual Shareholder Report - January 31, 2026
![Image](i6d5d338b7db66e148ab4edb7.jpg)

# Fund Overview
This annual shareholder report contains important information about Yorktown Multi-Sector Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $119 | 1.15% |

---

#### How did the Fund perform during the reporting period?
The Multi-Sector Bond Fund generated positive returns in a bull market for interest rates. The Fund's Class A Shares (APIUX) returned 6.23% (excluding sales charges) versus 6.85% for the Bloomberg U.S. Aggregate Bond Index ("AGG") between January 31, 2025, and January 31, 2026.

The Fund's up-in-credit bias helped limit credit surprises and principal loss. We remain focused on strong credit quality, risk-adjusted return profiles, and liquid assets, as we continue to balance rate risk while increasing current yield. With credit spreads near historic tights, our positioning reflects caution toward potential spread reversion.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Yorktown Multi-Sector Bond Fund - A |  |  |  |
| Without Load | 6.23% | 1.61% | 4.35% |
| With Load | 0.14% | 0.41% | 3.74% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | -0.20% | 1.88% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 933-8274.*

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2c883d3e672709e88dac8988.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Yorktown Multi-Sector Bond Fund - A | Yorktown Multi-Sector Bond Fund - A - with load | Bloomberg U.S. Aggregate Bond Index |
| Jan-2016 | $10000 | $9425 | $10000 |
| Jan-2017 | $12219 | $11517 | $10145 |
| Jan-2018 | $13453 | $12680 | $10363 |
| Jan-2019 | $13154 | $12398 | $10597 |
| Jan-2020 | $14374 | $13548 | $11619 |
| Jan-2021 | $14137 | $13325 | $12167 |
| Jan-2022 | $14284 | $13463 | $11806 |
| Jan-2023 | $13136 | $12381 | $10819 |
| Jan-2024 | $13733 | $12943 | $11046 |
| Jan-2025 | $14413 | $13585 | $11274 |
| Jan-2026 | $15312 | $14432 | $12047 |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $359597418 |
| Number of Portfolio Holdings | 319 |
| Advisory Fee | $1438087 |
| Portfolio Turnover | 46% |

---

# What did the Fund invest in?

# Asset Weighting (as a % of Total Investments)
![Group By Sector Chart](ia819989dea81e4ce42b2e8d6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 7.1% |
| Collateralized Loan Obligations | 2.6% |
| Exchange-Traded Funds | 2.8% |
| Asset Backed Securities | 4.4% |
| U.S. Government & Agencies | 35.0% |
| Corporate Bonds | 48.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Note, 4.875%, 10/31/28 | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Freddie Mac Pool, 5.500%, 02/01/55 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;iShares Convertible Bond ETF | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;HP, Inc., 6.000%, 09/15/41 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;UMBS Fannie Mae Pool, 5.500%, 10/01/55 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Freddie Mac Pool, 5.000%, 09/01/55 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Freddie Mac, 5.500%, 12/01/53 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;SPDR Bloomberg Barclays Convertible Securities ETF | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Freddie Mac, 3.500%, 03/01/52 | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Royal Bank of Canada, 7.500%, 05/02/84 | &nbsp;&nbsp;0.6% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](ifb2053145356b9539a7dd39b.jpg)

#### Yorktown Multi-Sector Bond Fund - Class A (APIUX)

#### Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 013126-APIUX

#### Yorktown Multi-Sector Bond Fund

#### Class C (AFFCX)

#### Annual Shareholder Report - January 31, 2026
![Image](i6d5d338b7db66e148ab4edb7.jpg)

# Fund Overview
This annual shareholder report contains important information about Yorktown Multi-Sector Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $170 | 1.65% |

---

#### How did the Fund perform during the reporting period?
The Multi-Sector Bond Fund generated positive returns in a bull market for interest rates. The Fund's Class C Shares (AFFCX) returned 5.72% (excluding sales charges) versus 6.85% for the Bloomberg U.S. Aggregate Bond Index ("AGG") between January 31, 2025, and January 31, 2026.

The Fund's up-in-credit bias helped limit credit surprises and principal loss. We remain focused on strong credit quality, risk-adjusted return profiles, and liquid assets, as we continue to balance rate risk while increasing current yield. With credit spreads near historic tights, our positioning reflects caution toward potential spread reversion.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (May 6, 2016) |
| Yorktown Multi-Sector Bond Fund - C |  |  |  |
| Without Load | 5.72% | 1.10% | 3.08% |
| With Load | 4.72% | 1.10% | 3.08% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | -0.20% | 1.70% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 933-8274.*

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i06a9fc57186db19c042f7e9d.jpg)

---

| | | |
|:---|:---|:---|
| | Yorktown Multi-Sector Bond Fund - C | Bloomberg U.S. Aggregate Bond Index |
| May-2016 | $10000 | $10000 |
| Jan-2017 | $11217 | $9927 |
| Jan-2018 | $12287 | $10141 |
| Jan-2019 | $11954 | $10369 |
| Jan-2020 | $13004 | $11369 |
| Jan-2021 | $12725 | $11906 |
| Jan-2022 | $12782 | $11552 |
| Jan-2023 | $11706 | $10587 |
| Jan-2024 | $12173 | $10809 |
| Jan-2025 | $12716 | $11032 |
| Jan-2026 | $13443 | $11788 |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $359597418 |
| Number of Portfolio Holdings | 319 |
| Advisory Fee | $1438087 |
| Portfolio Turnover | 46% |

---

# What did the Fund invest in?

# Asset Weighting (as a % of Total Investments)
![Group By Sector Chart](ia819989dea81e4ce42b2e8d6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 7.1% |
| Collateralized Loan Obligations | 2.6% |
| Exchange-Traded Funds | 2.8% |
| Asset Backed Securities | 4.4% |
| U.S. Government & Agencies | 35.0% |
| Corporate Bonds | 48.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Note, 4.875%, 10/31/28 | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Freddie Mac Pool, 5.500%, 02/01/55 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;iShares Convertible Bond ETF | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;HP, Inc., 6.000%, 09/15/41 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;UMBS Fannie Mae Pool, 5.500%, 10/01/55 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Freddie Mac Pool, 5.000%, 09/01/55 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Freddie Mac, 5.500%, 12/01/53 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;SPDR Bloomberg Barclays Convertible Securities ETF | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Freddie Mac, 3.500%, 03/01/52 | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Royal Bank of Canada, 7.500%, 05/02/84 | &nbsp;&nbsp;0.6% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](ifb2053145356b9539a7dd39b.jpg)

#### Yorktown Multi-Sector Bond Fund - Class C (AFFCX)

#### Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 013126-AFFCX

#### Yorktown Multi-Sector Bond Fund

#### Class L (AFFIX)

#### Annual Shareholder Report - January 31, 2026
![Image](i6d5d338b7db66e148ab4edb7.jpg)

# Fund Overview
This annual shareholder report contains important information about Yorktown Multi-Sector Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class L | $170 | 1.65% |

---

#### How did the Fund perform during the reporting period?
The Multi-Sector Bond Fund generated positive returns in a bull market for interest rates. The Fund's Class L Shares (AFFIX) returned 5.74% (excluding sales charges) versus 6.85% for the Bloomberg U.S. Aggregate Bond Index ("AGG") between January 31, 2025, and January 31, 2026.

The Fund's up-in-credit bias helped limit credit surprises and principal loss. We remain focused on strong credit quality, risk-adjusted return profiles, and liquid assets, as we continue to balance rate risk while increasing current yield. With credit spreads near historic tights, our positioning reflects caution toward potential spread reversion.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Yorktown Multi-Sector Bond Fund - L | 5.74% | 1.10% | 3.84% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | -0.20% | 1.88% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 933-8274.*

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7e5eb3119bc48ae834bc766f.jpg)

---

| | | |
|:---|:---|:---|
| | Yorktown Multi-Sector Bond Fund - L | Bloomberg U.S. Aggregate Bond Index |
| Jan-2016 | $10000 | $10000 |
| Jan-2017 | $12171 | $10145 |
| Jan-2018 | $13332 | $10363 |
| Jan-2019 | $12957 | $10597 |
| Jan-2020 | $14099 | $11619 |
| Jan-2021 | $13801 | $12167 |
| Jan-2022 | $13860 | $11806 |
| Jan-2023 | $12686 | $10819 |
| Jan-2024 | $13194 | $11046 |
| Jan-2025 | $13784 | $11274 |
| Jan-2026 | $14576 | $12047 |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $359597418 |
| Number of Portfolio Holdings | 319 |
| Advisory Fee | $1438087 |
| Portfolio Turnover | 46% |

---

# What did the Fund invest in?

# Asset Weighting (as a % of Total Investments)
![Group By Sector Chart](ia819989dea81e4ce42b2e8d6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 7.1% |
| Collateralized Loan Obligations | 2.6% |
| Exchange-Traded Funds | 2.8% |
| Asset Backed Securities | 4.4% |
| U.S. Government & Agencies | 35.0% |
| Corporate Bonds | 48.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Note, 4.875%, 10/31/28 | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Freddie Mac Pool, 5.500%, 02/01/55 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;iShares Convertible Bond ETF | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;HP, Inc., 6.000%, 09/15/41 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;UMBS Fannie Mae Pool, 5.500%, 10/01/55 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Freddie Mac Pool, 5.000%, 09/01/55 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Freddie Mac, 5.500%, 12/01/53 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;SPDR Bloomberg Barclays Convertible Securities ETF | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Freddie Mac, 3.500%, 03/01/52 | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Royal Bank of Canada, 7.500%, 05/02/84 | &nbsp;&nbsp;0.6% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](ifb2053145356b9539a7dd39b.jpg)

#### Yorktown Multi-Sector Bond Fund - Class L (AFFIX)

#### Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 013126-AFFIX

#### Yorktown Multi-Sector Bond Fund

#### Institutional Class (APIIX)

#### Annual Shareholder Report - January 31, 2026
![Image](i6d5d338b7db66e148ab4edb7.jpg)

# Fund Overview
This annual shareholder report contains important information about Yorktown Multi-Sector Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $67 | 0.65% |

---

#### How did the Fund perform during the reporting period?
The Multi-Sector Bond Fund generated positive returns in a bull market for interest rates. The Fund's Class I Shares (APIIX) returned 6.69% (excluding sales charges) versus 6.85% for the Bloomberg U.S. Aggregate Bond Index ("AGG") between January 31, 2025, and January 31, 2026.

The Fund's up-in-credit bias helped limit credit surprises and principal loss. We remain focused on strong credit quality, risk-adjusted return profiles, and liquid assets, as we continue to balance rate risk while increasing current yield. With credit spreads near historic tights, our positioning reflects caution toward potential spread reversion.

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Yorktown Multi-Sector Bond Fund - I | 6.69% | 2.11% | 4.87% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | -0.20% | 1.88% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 933-8274.*

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia622d91aa98650bb333d2bd9.jpg)

---

| | | |
|:---|:---|:---|
| | Yorktown Multi-Sector Bond Fund - I | Bloomberg U.S. Aggregate Bond Index |
| Jan-2016 | $10000 | $10000 |
| Jan-2017 | $12284 | $10145 |
| Jan-2018 | $13589 | $10363 |
| Jan-2019 | $13340 | $10597 |
| Jan-2020 | $14666 | $11619 |
| Jan-2021 | $14493 | $12167 |
| Jan-2022 | $14704 | $11806 |
| Jan-2023 | $13605 | $10819 |
| Jan-2024 | $14288 | $11046 |
| Jan-2025 | $15075 | $11274 |
| Jan-2026 | $16084 | $12047 |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $359597418 |
| Number of Portfolio Holdings | 319 |
| Advisory Fee | $1438087 |
| Portfolio Turnover | 46% |

---

# What did the Fund invest in?

# Asset Weighting (as a % of Total Investments)
![Group By Sector Chart](ia819989dea81e4ce42b2e8d6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 7.1% |
| Collateralized Loan Obligations | 2.6% |
| Exchange-Traded Funds | 2.8% |
| Asset Backed Securities | 4.4% |
| U.S. Government & Agencies | 35.0% |
| Corporate Bonds | 48.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Note, 4.875%, 10/31/28 | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Freddie Mac Pool, 5.500%, 02/01/55 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;iShares Convertible Bond ETF | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;HP, Inc., 6.000%, 09/15/41 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;UMBS Fannie Mae Pool, 5.500%, 10/01/55 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Freddie Mac Pool, 5.000%, 09/01/55 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Freddie Mac, 5.500%, 12/01/53 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;SPDR Bloomberg Barclays Convertible Securities ETF | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Freddie Mac, 3.500%, 03/01/52 | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Royal Bank of Canada, 7.500%, 05/02/84 | &nbsp;&nbsp;0.6% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](ifb2053145356b9539a7dd39b.jpg)

#### Yorktown Multi-Sector Bond Fund - Institutional Class (APIIX)

#### Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 013126-APIIX

#### Yorktown Short Term Bond Fund

#### Class A (APIMX)

#### Annual Shareholder Report - January 31, 2026
![Image](i6d5d338b7db66e148ab4edb7.jpg)

# Fund Overview
This annual shareholder report contains important information about Yorktown Short Term Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $81 | 0.79% |

---

#### How did the Fund perform during the reporting period?
For the fiscal year, Short Term Bond Fund provided defensive positioning compared to higher duration strategies. The front end of the Treasury curve ended 67 bps lower. This enabled the Fund's Class A Shares (APIMX) to return 5.65% (excluding sales charges), versus 5.13% for the ICE BofA U.S. Corporate & Government, 1–3 Years Index.

The Fund delivered capital appreciation through the rate rally and remained steady despite market volatility from tariffs. It remains concentrated in diversified, liquid securities. Throughout the year, we prioritized limiting NAV volatility and improving its income profile.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2c4fef87c2f63939ce17d46f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Yorktown Short Term Bond Fund - A | Yorktown Short Term Bond Fund - A - with load | Bloomberg U.S. Aggregate Bond Index | ICE BofA U.S. Corporate & Government, 1-3 Years Index |
| Jan-2016 | $10000 | $9775 | $10000 | $10000 |
| Jan-2017 | $10682 | $10441 | $10145 | $10094 |
| Jan-2018 | $11129 | $10878 | $10363 | $10137 |
| Jan-2019 | $11257 | $11003 | $10597 | $10368 |
| Jan-2020 | $11828 | $11562 | $11619 | $10807 |
| Jan-2021 | $12135 | $11861 | $12167 | $11111 |
| Jan-2022 | $12041 | $11769 | $11806 | $10987 |
| Jan-2023 | $11693 | $11430 | $10819 | $10728 |
| Jan-2024 | $12303 | $12026 | $11046 | $11189 |
| Jan-2025 | $12854 | $12564 | $11274 | $11694 |
| Jan-2026 | $13580 | $13274 | $12047 | $12293 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Yorktown Short Term Bond Fund - A |  |  |  |
| Without Load | 5.65% | 2.28% | 3.11% |
| With Load | 3.25% | 1.82% | 2.87% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | -0.20% | 1.88% |
| ICE BofA U.S. Corporate & Government, 1-3 Years Index | 5.13% | 2.04% | 2.09% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 933-8274.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $177812326 |
| Number of Portfolio Holdings | 178 |
| Advisory Fee (net of waivers) | $928505 |
| Portfolio Turnover | 39% |

---

# What did the Fund invest in?

# Asset Weighting (as a % of Total Investments)
![Group By Sector Chart](ic186fd89ae4e95cecaa02251.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 3.1% |
| Collateralized Loan Obligations | 2.0% |
| Asset Backed Securities | 7.7% |
| Corporate Bonds | 39.6% |
| U.S. Government & Agencies | 47.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Note/Bond, 4.375%, 11/30/28 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Caterpillar Financial Services Corp., 4.400%, 03/03/28 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;McDonald's Corp., 5.000%, 05/17/29 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;NSTAR Electric Co., 4.850%, 03/01/30 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Mars, Inc., 4.800%, 03/01/30 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;HSBC Holdings PLC, 5.544%, 11/19/30 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 5.930%, 05/01/45 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 4.510%, 10/21/27 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;JPMorgan Chase & Co., 4.830%, 04/22/27 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;ING Groep NV, 4.910%, 04/01/27 | &nbsp;&nbsp;1.1% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](ifb2053145356b9539a7dd39b.jpg)

#### Yorktown Short Term Bond Fund - Class A (APIMX)

#### Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 013126-APIMX

#### Yorktown Short Term Bond Fund

#### Class L (AFMMX)

#### Annual Shareholder Report - January 31, 2026
![Image](i6d5d338b7db66e148ab4edb7.jpg)

# Fund Overview
This annual shareholder report contains important information about Yorktown Short Term Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class L | $148 | 1.44% |

---

#### How did the Fund perform during the reporting period?
For the fiscal year, Short Term Bond Fund provided defensive positioning compared to higher duration strategies. The front end of the Treasury curve ended 67 bps lower. This enabled the Fund's Class L Shares (AFMMX) to return 5.00% (excluding sales charges), versus 5.13% for the ICE BofA U.S. Corporate & Government, 1–3 Years Index.

The Fund delivered capital appreciation through the rate rally and remained steady despite market volatility from tariffs. It remains concentrated in diversified, liquid securities. Throughout the year, we prioritized limiting NAV volatility and improving its income profile.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i12a889bbdfa909b11ad03e67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Yorktown Short Term Bond Fund - L | Bloomberg U.S. Aggregate Bond Index | ICE BofA U.S. Corporate & Government, 1-3 Years Index |
| Jan-2016 | $10000 | $10000 | $10000 |
| Jan-2017 | $10558 | $10145 | $10094 |
| Jan-2018 | $10885 | $10363 | $10137 |
| Jan-2019 | $10916 | $10597 | $10368 |
| Jan-2020 | $11385 | $11619 | $10807 |
| Jan-2021 | $11561 | $12167 | $11111 |
| Jan-2022 | $11390 | $11806 | $10987 |
| Jan-2023 | $10986 | $10819 | $10728 |
| Jan-2024 | $11479 | $11046 | $11189 |
| Jan-2025 | $11938 | $11274 | $11694 |
| Jan-2026 | $12534 | $12047 | $12293 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Yorktown Short Term Bond Fund - L | 5.00% | 1.63% | 2.28% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | -0.20% | 1.88% |
| ICE BofA U.S. Corporate & Government, 1-3 Years Index | 5.13% | 2.04% | 2.09% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 933-8274.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $177812326 |
| Number of Portfolio Holdings | 178 |
| Advisory Fee (net of waivers) | $928505 |
| Portfolio Turnover | 39% |

---

# What did the Fund invest in?

# Asset Weighting (as a % of Total Investments)
![Group By Sector Chart](ic186fd89ae4e95cecaa02251.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 3.1% |
| Collateralized Loan Obligations | 2.0% |
| Asset Backed Securities | 7.7% |
| Corporate Bonds | 39.6% |
| U.S. Government & Agencies | 47.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Note/Bond, 4.375%, 11/30/28 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Caterpillar Financial Services Corp., 4.400%, 03/03/28 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;McDonald's Corp., 5.000%, 05/17/29 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;NSTAR Electric Co., 4.850%, 03/01/30 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Mars, Inc., 4.800%, 03/01/30 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;HSBC Holdings PLC, 5.544%, 11/19/30 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 5.930%, 05/01/45 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 4.510%, 10/21/27 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;JPMorgan Chase & Co., 4.830%, 04/22/27 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;ING Groep NV, 4.910%, 04/01/27 | &nbsp;&nbsp;1.1% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](ifb2053145356b9539a7dd39b.jpg)

#### Yorktown Short Term Bond Fund - Class L (AFMMX)

#### Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 013126-AFMMX

#### Yorktown Short Term Bond Fund

#### Institutional Class (APIBX)

#### Annual Shareholder Report - January 31, 2026
![Image](i6d5d338b7db66e148ab4edb7.jpg)

# Fund Overview
This annual shareholder report contains important information about Yorktown Short Term Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $81 | 0.79% |

---

#### How did the Fund perform during the reporting period?
For the fiscal year, Short Term Bond Fund provided defensive positioning compared to higher duration strategies. The front end of the Treasury curve ended 67 bps lower. This enabled the Fund's Class I Shares (APIBX) to return 5.49% (excluding sales charges), versus 5.13% for the ICE BofA U.S. Corporate & Government, 1–3 Years Index.

The Fund delivered capital appreciation through the rate rally and remained steady despite market volatility from tariffs. It remains concentrated in diversified, liquid securities. Throughout the year, we prioritized limiting NAV volatility and improving its income profile.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ifd7ac2feb61a0cacba9ff759.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Yorktown Short Term Bond Fund - I | Bloomberg U.S. Aggregate Bond Index | ICE BofA U.S. Corporate & Government, 1-3 Years Index |
| Jan-2016 | $10000 | $10000 | $10000 |
| Jan-2017 | $10677 | $10145 | $10094 |
| Jan-2018 | $11123 | $10363 | $10137 |
| Jan-2019 | $11270 | $10597 | $10368 |
| Jan-2020 | $11833 | $11619 | $10807 |
| Jan-2021 | $12121 | $12167 | $11111 |
| Jan-2022 | $12033 | $11806 | $10987 |
| Jan-2023 | $11680 | $10819 | $10728 |
| Jan-2024 | $12278 | $11046 | $11189 |
| Jan-2025 | $12852 | $11274 | $11694 |
| Jan-2026 | $13558 | $12047 | $12293 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Yorktown Short Term Bond Fund - I | 5.49% | 2.27% | 3.09% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | -0.20% | 1.88% |
| ICE BofA U.S. Corporate & Government, 1-3 Years Index | 5.13% | 2.04% | 2.09% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 933-8274.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $177812326 |
| Number of Portfolio Holdings | 178 |
| Advisory Fee (net of waivers) | $928505 |
| Portfolio Turnover | 39% |

---

# What did the Fund invest in?

# Asset Weighting (as a % of Total Investments)
![Group By Sector Chart](ic186fd89ae4e95cecaa02251.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 3.1% |
| Collateralized Loan Obligations | 2.0% |
| Asset Backed Securities | 7.7% |
| Corporate Bonds | 39.6% |
| U.S. Government & Agencies | 47.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Note/Bond, 4.375%, 11/30/28 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Caterpillar Financial Services Corp., 4.400%, 03/03/28 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;McDonald's Corp., 5.000%, 05/17/29 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;NSTAR Electric Co., 4.850%, 03/01/30 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Mars, Inc., 4.800%, 03/01/30 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;HSBC Holdings PLC, 5.544%, 11/19/30 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 5.930%, 05/01/45 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 4.510%, 10/21/27 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;JPMorgan Chase & Co., 4.830%, 04/22/27 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;ING Groep NV, 4.910%, 04/01/27 | &nbsp;&nbsp;1.1% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](ifb2053145356b9539a7dd39b.jpg)

#### Yorktown Short Term Bond Fund - Institutional Class (APIBX)

#### Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 013126-APIBX

#### Yorktown Small Cap Fund

#### Class A (YOVAX)

#### Annual Shareholder Report - January 31, 2026
![Image](ie23f1aef3037c2b5d100d453.jpg)

# Fund Overview
This annual shareholder report contains important information about Yorktown Small Cap Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $165 | 1.60% |

---

#### How did the Fund perform during the reporting period?
The Yorktown Small Cap Fund generated positive returns despite headwinds for smaller-capitalization equities. The Fund's Class A Shares returned 6.15% (excluding sales charges) versus 22.40% for the MSCI All Country World Index ("ACWI"). The Russell 2000 Index ("RUT") returned 15.81%, the Russell 2000 Growth Index ("RUO") returned 13.91% between January 31, 2025, and January 31, 2026.

While the Fund navigated a volatile environment for small-cap stocks, it trailed its primary benchmark as large-cap equities outperformed. We remain focused on high-conviction small-cap opportunities with resilient balance sheets. Our positioning reflects a focus on fundamental value and long-term growth potential as we manage through shifting interest rate expectations.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i53d19dd18bf33e041375c42a.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Yorktown Small Cap Fund - A | Yorktown Small Cap Fund - A - with load | MSCI All Country World Index | Russell 2000<sup>®</sup> Growth Index | Russell 2000<sup>®</sup> Index |
| May-2016 | $10000 | $9425 | $10000 | $10000 | $10000 |
| Jan-2017 | $11999 | $11309 | $11144 | $11917 | $12309 |
| Jan-2018 | $13483 | $12708 | $14282 | $14885 | $14424 |
| Jan-2019 | $13245 | $12483 | $13285 | $14493 | $13915 |
| Jan-2020 | $14621 | $13781 | $15500 | $16510 | $15197 |
| Jan-2021 | $20805 | $19609 | $18227 | $23558 | $19783 |
| Jan-2022 | $21037 | $19828 | $20724 | $20014 | $19544 |
| Jan-2023 | $19229 | $18124 | $19162 | $18713 | $18883 |
| Jan-2024 | $19983 | $18834 | $22087 | $19548 | $19337 |
| Jan-2025 | $22368 | $21082 | $26784 | $23992 | $23029 |
| Jan-2026 | $23745 | $22380 | $32784 | $27328 | $26669 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (May 9, 2016) |
| Yorktown Small Cap Fund - A |  |  |  |
| Without Load | 6.15% | 2.68% | 9.29% |
| With Load | 0.06% | 1.47% | 8.63% |
| MSCI All Country World Index | 22.40% | 12.46% | 12.98% |
| Russell 2000<sup>®</sup> Growth Index | 13.91% | 3.01% | 10.88% |
| Russell 2000<sup>®</sup> Index | 15.81% | 6.16% | 10.61% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 933-8274.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $35148370 |
| Number of Portfolio Holdings | 96 |
| Advisory Fee (net of waivers) | $152655 |
| Portfolio Turnover | 81% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i3e76313c15b72609e780fca7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 1.5% |
| Real Estate | 1.2% |
| Communications | 1.9% |
| Consumer Staples | 2.5% |
| Energy | 3.2% |
| Materials | 4.1% |
| Health Care | 8.6% |
| Consumer Discretionary | 13.0% |
| Financials | 17.0% |
| Technology | 22.5% |
| Industrials | 24.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Robinhood Markets, Inc., Class A | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Nova Ltd. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Rambus, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;ACM Research, Inc., Class A | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;AeroVironment, Inc. | &nbsp;&nbsp;1.6% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](ib105469f1ce9a8924a802a24.jpg)

#### Yorktown Small Cap Fund - Class A (YOVAX)

#### Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Yorktown Small Cap Fund

#### Class L (YOVLX)

#### Annual Shareholder Report - January 31, 2026
![Image](ie23f1aef3037c2b5d100d453.jpg)

# Fund Overview
This annual shareholder report contains important information about Yorktown Small Cap Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class L | $241 | 2.35% |

---

#### How did the Fund perform during the reporting period?
The Yorktown Small Cap Fund generated positive returns despite headwinds for smaller-capitalization equities. The Fund's Class I Shares returned 5.36% (excluding sales charges) versus 22.40% for the MSCI All Country World Index ("ACWI"). The Russell 2000 Index ("RUT") returned 15.81%, the Russell 2000 Growth Index ("RUO") returned 13.91% between January 31, 2025, and January 31, 2026.

While the Fund navigated a volatile environment for small-cap stocks, it trailed its primary benchmark as large-cap equities outperformed. We remain focused on high-conviction small-cap opportunities with resilient balance sheets. Our positioning reflects a focus on fundamental value and long-term growth potential as we manage through shifting interest rate expectations.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic64def3fc35065ce429bdc50.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Yorktown Small Cap Fund - L | MSCI All Country World Index | Russell 2000<sup>®</sup> Growth Index | Russell 2000<sup>®</sup> Index |
| May-2016 | $10000 | $10000 | $10000 | $10000 |
| Jan-2017 | $11930 | $11144 | $11917 | $12309 |
| Jan-2018 | $13297 | $14282 | $14885 | $14424 |
| Jan-2019 | $12956 | $13285 | $14493 | $13915 |
| Jan-2020 | $14211 | $15500 | $16510 | $15197 |
| Jan-2021 | $20059 | $18227 | $23558 | $19783 |
| Jan-2022 | $20121 | $20724 | $20014 | $19544 |
| Jan-2023 | $18261 | $19162 | $18713 | $18883 |
| Jan-2024 | $18835 | $22087 | $19548 | $19337 |
| Jan-2025 | $20928 | $26784 | $23992 | $23029 |
| Jan-2026 | $22050 | $32784 | $27328 | $26669 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (May 9, 2016) |
| Yorktown Small Cap Fund - L | 5.36% | 1.91% | 8.46% |
| MSCI All Country World Index | 22.40% | 12.46% | 12.98% |
| Russell 2000<sup>®</sup> Growth Index | 13.91% | 3.01% | 10.88% |
| Russell 2000<sup>®</sup> Index | 15.81% | 6.16% | 10.61% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 933-8274.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $35148370 |
| Number of Portfolio Holdings | 96 |
| Advisory Fee (net of waivers) | $152655 |
| Portfolio Turnover | 81% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i3e76313c15b72609e780fca7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 1.5% |
| Real Estate | 1.2% |
| Communications | 1.9% |
| Consumer Staples | 2.5% |
| Energy | 3.2% |
| Materials | 4.1% |
| Health Care | 8.6% |
| Consumer Discretionary | 13.0% |
| Financials | 17.0% |
| Technology | 22.5% |
| Industrials | 24.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Robinhood Markets, Inc., Class A | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Nova Ltd. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Rambus, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;ACM Research, Inc., Class A | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;AeroVironment, Inc. | &nbsp;&nbsp;1.6% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](ib105469f1ce9a8924a802a24.jpg)

#### Yorktown Small Cap Fund - Class L (YOVLX)

#### Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Yorktown Small Cap Fund

#### Institutional Class (YOVIX)

#### Annual Shareholder Report - January 31, 2026
![Image](ie23f1aef3037c2b5d100d453.jpg)

# Fund Overview
This annual shareholder report contains important information about Yorktown Small Cap Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $139 | 1.35% |

---

#### How did the Fund perform during the reporting period?
The Yorktown Small Cap Fund generated positive returns despite headwinds for smaller-capitalization equities. The Fund's Class I Shares returned 6.39% (excluding sales charges) versus 22.40% for the MSCI All Country World Index ("ACWI"). The Russell 2000 Index ("RUT") returned 15.81%, the Russell 2000 Growth Index ("RUO") returned 13.91% between January 31, 2025, and January 31, 2026.

While the Fund navigated a volatile environment for small-cap stocks, it trailed its primary benchmark as large-cap equities outperformed. We remain focused on high-conviction small-cap opportunities with resilient balance sheets. Our positioning reflects a focus on fundamental value and long-term growth potential as we manage through shifting interest rate expectations.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1e515774c9473ded54899e0e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Yorktown Small Cap Fund - I | MSCI All Country World Index | Russell 2000<sup>®</sup> Growth Index | Russell 2000<sup>®</sup> Index |
| May-2016 | $10000 | $10000 | $10000 | $10000 |
| Jan-2017 | $12012 | $11144 | $11917 | $12309 |
| Jan-2018 | $13539 | $14282 | $14885 | $14424 |
| Jan-2019 | $13323 | $13285 | $14493 | $13915 |
| Jan-2020 | $14748 | $15500 | $16510 | $15197 |
| Jan-2021 | $21032 | $18227 | $23558 | $19783 |
| Jan-2022 | $21313 | $20724 | $20014 | $19544 |
| Jan-2023 | $19530 | $19162 | $18713 | $18883 |
| Jan-2024 | $20354 | $22087 | $19548 | $19337 |
| Jan-2025 | $22836 | $26784 | $23992 | $23029 |
| Jan-2026 | $24296 | $32784 | $27328 | $26669 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (May 9, 2016) |
| Yorktown Small Cap Fund - I | 6.39% | 2.93% | 9.55% |
| MSCI All Country World Index | 22.40% | 12.46% | 12.98% |
| Russell 2000<sup>®</sup> Growth Index | 13.91% | 3.01% | 10.88% |
| Russell 2000<sup>®</sup> Index | 15.81% | 6.16% | 10.61% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 933-8274.*

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $35148370 |
| Number of Portfolio Holdings | 96 |
| Advisory Fee (net of waivers) | $152655 |
| Portfolio Turnover | 81% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i3e76313c15b72609e780fca7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 1.5% |
| Real Estate | 1.2% |
| Communications | 1.9% |
| Consumer Staples | 2.5% |
| Energy | 3.2% |
| Materials | 4.1% |
| Health Care | 8.6% |
| Consumer Discretionary | 13.0% |
| Financials | 17.0% |
| Technology | 22.5% |
| Industrials | 24.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Robinhood Markets, Inc., Class A | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Nova Ltd. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Rambus, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;ACM Research, Inc., Class A | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;AeroVironment, Inc. | &nbsp;&nbsp;1.6% |

---

# Material Fund Changes
No material changes occurred during the year ended January 31, 2026.

![Image](ib105469f1ce9a8924a802a24.jpg)

#### Yorktown Small Cap Fund - Institutional Class (YOVIX)

#### Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information**

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2.** **Code of Ethics.** 

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. During the period covered by the report, no amendments were made to the provisions of this code of ethics. During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from a provision of this code of ethics to Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. The Registrant hereby undertakes to provide to any person without charge, upon request, a copy of such code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-544-6060.

**Item 3.** **Audit Committee Financial Expert.** 

The Registrant's Board of Trustees has determined that the Registrant does not have a member who qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR, serving on its audit committee. However, although the Board has not determined that any of its members is an "audit committee financial expert" as such term is defined in Item 3 of Form N-CSR, the audit committee members collectively have sufficient financial expertise in business and finance, including the evaluation of the Registrant's financial statements, supervision of the Registrant's preparation of its financial statements, and oversight of the work of the Registrant's independent auditors. Each of the members of the Registrant's audit committee is "independent" under the standards set forth in Item 3 of Form N-CSR. The Board determined that given the collective financial expertise of the audit committee members, it was not necessary to appoint an audit committee financial expert to the audit committee.

**Item 4.** **Principal Accountant Fees and Services.** 

(a) Audit Fees: The aggregate fees billed for the fiscal years ended January 31, 2026 and January 31, 2025 for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $72,850 and $68,000, respectively.

(b) Audit-Related Fees: The aggregate fees billed for the fiscal years ended January 31, 2026 and January 31, 2025 for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported above in Item 4(a) were $0 and $0, respectively.

(c) Tax Fees: The aggregate fees billed for the fiscal years ended January 31, 2026 and January 31, 2025 for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $13,200 and $12,800, respectively.

(d) All Other Fees: The aggregate fees billed for the fiscal years ended January 31, 2026 and January 31, 2025 for products and services provided by the principal accountant, other than the services reported above in Items 4(a) through (c) were $0 and $0, respectively.

(e)(1) Pre-Approval Policies and Procedures. The Registrant's Audit Committee Charter provides that the Audit Committee shall determine whether to approve, prior to appointment, the engagement of the auditor to provide other audit services to the Registrant or to provide non-audit services to the Registrant, its investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant.

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Aggregate Non-Audit Services: The aggregate non-audit fees billed during the fiscal years ended January 31, 2026 and January 31, 2025 by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $13,200 and $12,800, respectively.

(h) Not applicable. The auditor performed no services for the registrant's investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** 

N/A

**Item 6.** **Investments.** 

Not applicable. This schedule is included as part of the Financial Statements filed under Item 7 of this Form N-CSR.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](fp0097657-1_i.jpg)<br>

**YORKTOWN GROWTH FUND** 

**YORKTOWN MULTI-SECTOR BOND FUND** 

**YORKTOWN SHORT TERM BOND FUND** 

**YORKTOWN SMALL CAP FUND** 

&nbsp;&nbsp; **ANNUAL FINANCIAL STATEMENTS AND** <br>**ADDITIONAL INFORMATION** <br>**DATED** January 31, 2026<br>

The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this report. Any representation to the contrary is a criminal offense.

**CONTENTS** 

---

| | |
|:---|:---|
| Financial Statements |  |
| Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp; Growth Fund | 1-3 |
| &nbsp;&nbsp;&nbsp; Multi-Sector Bond Fund | 4-14 |
| &nbsp;&nbsp;&nbsp; Short Term Bond Fund | 15-21 |
| &nbsp;&nbsp;&nbsp; Small Cap Fund | 22-23 |
| Statements of Assets and Liabilities | 24-25 |
| Statements of Operations | 26 |
| Statements of Changes in Net Assets | 27-30 |
| Financial Highlights |  |
| &nbsp;&nbsp;&nbsp; Growth Fund | 31-33 |
| &nbsp;&nbsp;&nbsp; Multi-Sector Bond Fund | 34-37 |
| &nbsp;&nbsp;&nbsp; Short Term Bond Fund | 38-40 |
| &nbsp;&nbsp;&nbsp; Small Cap Fund | 41-43 |
| Notes to the Financial Statements | 44-57 |
| Report of Independent Registered Public Accounting Firm | 58-59 |
| Additional Federal Tax Information | 60-61 |
| Other Information | 62 |

---

**Yorktown Growth Fund** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **COMMON STOCKS — 99.52%** | **COMMON STOCKS — 99.52%** | **COMMON STOCKS — 99.52%** |
|  **Communications — 1.07%** | **Communications — 1.07%** | **Communications — 1.07%** |
|  Naspers Ltd., Class N - ADR | 46000 | $569940 |
|  Reddit, Inc., Class A<sup>(a)</sup> | 2650 | 477716 |
|  |  | 1047656 |
|  **Consumer Discretionary — 8.63%** | **Consumer Discretionary — 8.63%** | **Consumer Discretionary — 8.63%** |
|  Asics Corporation - ADR | 24000 | 576360 |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 1875 | 906712 |
|  Compagnie Financiere Richemont SA - ADR | 25900 | 500647 |
|  Copart, Inc.<sup>(a)</sup> | 9400 | 381452 |
|  Dorman Products, Inc.<sup>(a)</sup> | 3700 | 459540 |
|  Dutch Bros, Inc.<sup>(a)</sup> | 10300 | 560217 |
|  Evolution AB - ADR<sup>(a)</sup> | 2300 | 149063 |
|  FirstCash Holdings, Inc.<sup>(a)</sup> | 2300 | 392150 |
|  Genius Sports Ltd.<sup>(a)</sup> | 62700 | 545490 |
|  Life Time Group Holdings, Inc.<sup>(a)</sup> | 6750 | 196898 |
|  Lithia Motors, Inc., Class A | 2100 | 679224 |
|  Modine Manufacturing Co.<sup>(a)</sup> | 4150 | 766339 |
|  MonotaRO Co., Ltd. - ADR<sup>(a)</sup> | 29500 | 397365 |
|  PulteGroup, Inc. | 4000 | 500360 |
|  Ralph Lauren Corp. | 700 | 247387 |
|  Rush Street Interactive, Inc.<sup>(a)</sup> | 26900 | 475323 |
|  Sportradar Group AG<sup>(a)</sup> | 28500 | 516135 |
|  Visteon Corp.<sup>(a)</sup> | 2000 | 181720 |
|  |  | 8432382 |
|  **Consumer Staples — 2.17%** | **Consumer Staples — 2.17%** | **Consumer Staples — 2.17%** |
|  Casey's General Stores, Inc. | 1200 | 727800 |
|  Hims & Hers Health, Inc.<sup>(a)</sup> | 7750 | 209947 |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 2370 | 261435 |
|  Performance Food Group Co.<sup>(a)</sup> | 5630 | 537384 |
|  Tootsie Roll Industries, Inc.<sup>(a)</sup> | 10300 | 390164 |
|  |  | 2126730 |
|  **Energy — 1.42%** | **Energy — 1.42%** | **Energy — 1.42%** |
|  TETRA Technologies, Inc.<sup>(a)</sup> | 23850 | 271890 |
|  Texas Pacific Land Corp. | 1440 | 501638 |
|  Thermon Group Holdings<sup>(a)</sup> | 6300 | $285075 |
|  Transportadora de Gas del Sur SA - ADR<sup>(a)</sup> | 10300 | 328467 |
|  |  | 1387070 |
|  **Financials — 15.03%** | **Financials — 15.03%** | **Financials — 15.03%** |
|  Applied Blockchain, Inc.<sup>(a)</sup> | 30350 | 1028258 |
|  Customers Bancorp, Inc.<sup>(a)</sup> | 4850 | 383247 |
|  Deutsche Boerse AG - ADR<sup>(a)</sup> | 31000 | 782750 |
|  FNB Corp | 10100 | 177255 |
|  FTAI Aviation Ltd. | 5800 | 1579456 |
|  Futu Holdings Ltd. - ADR<sup>(a)</sup> | 3500 | 568995 |
|  Hagerty, Inc.<sup>(a)</sup> | 20100 | 253461 |
|  Hamilton Insurance Group Ltd<sup>(a)</sup> | 9600 | 266400 |
|  Hamilton Lane, Inc., Class A | 3300 | 466092 |
|  HCI Group, Inc.<sup>(a)</sup> | 1800 | 285606 |
|  Houlihan Lokey, Inc., Class A | 3850 | 648032 |
|  Interactive Brokers Group, Inc., Class A | 12400 | 928512 |
|  KKR & Co., Inc. | 7200 | 822672 |
|  LPL Financial Holdings, Inc. | 2990 | 1089855 |
|  Old National Bancorp | 14150 | 345684 |
|  Patria Investments Ltd., Class A<sup>(a)</sup> | 34000 | 496740 |
|  Piper Jaffray Cos. | 1060 | 367131 |
|  Raymond James Financial, Inc. | 6450 | 1069797 |
|  RenaissanceRe Holdings Ltd. | 1450 | 408465 |
|  Stifel Financial Corp. | 4900 | 604170 |
|  Stock Yards Bancorp, Inc.<sup>(a)</sup> | 8100 | 548289 |
|  StoneX Group, Inc.<sup>(a)</sup> | 7200 | 808272 |
|  Synchrony Financial | 6000 | 435780 |
|  Western Alliance Bancorp | 3700 | 329855 |
|  |  | 14694774 |
|  **Health Care — 6.36%** | **Health Care — 6.36%** | **Health Care — 6.36%** |
|  Argenx SE - ADR<sup>(a)</sup> | 425 | 357213 |
|  Axsome Therapeutics, Inc.<sup>(a)</sup> | 1700 | 313225 |

---

**YORKTOWN GROWTH FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  Ensign Group, Inc. (The) | 1400 | $240324 |
|  Globus Medical, Inc., Class A<sup>(a)</sup> | 6400 | 580352 |
|  Insmed, Inc.<sup>(a)</sup> | 3750 | 588262 |
|  Krystal Biotech, Inc.<sup>(a)</sup> | 2000 | 558480 |
|  Lonza Group AG - ADR<sup>(a)</sup> | 4600 | 311098 |
|  Medpace Holdings, Inc.<sup>(a)</sup> | 1800 | 1048464 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup> | 2250 | 306135 |
|  Penumbra, Inc.<sup>(a)</sup> | 3000 | 1074510 |
|  Radnet, Inc.<sup>(a)</sup> | 5350 | 375035 |
|  TransMedics Group Inc<sup>(a)</sup> | 3500 | 468913 |
|  |  | 6222011 |
|  **Industrials — 33.07%** | **Industrials — 33.07%** | **Industrials — 33.07%** |
|  API Group Corp.<sup>(a)</sup> | 15150 | 629785 |
|  Ashtead Group plc - ADR | 8200 | 519552 |
|  BWX Technologies, Inc. | 4700 | 965521 |
|  Camtek Ltd.<sup>(a)</sup> | 7050 | 1033036 |
|  CECO Environmental Corp.<sup>(a)</sup> | 9700 | 654071 |
|  Chart Industries, Inc.<sup>(a)</sup> | 1550 | 321377 |
|  Clean Harbors, Inc.<sup>(a)</sup> | 1450 | 376870 |
|  Comfort Systems USA, Inc. | 3500 | 3997350 |
|  Core & Main, Inc., Class A<sup>(a)</sup> | 13300 | 709688 |
|  Corporation America Airports S.A.<sup>(a)</sup> | 13600 | 403104 |
|  Curtiss-Wright Corp. | 1400 | 919366 |
|  Disco Corp. - ADR<sup>(a)</sup> | 23050 | 984465 |
|  DSV AS - ADR<sup>(a)</sup> | 3850 | 539462 |
|  Dycom Industries, Inc.<sup>(a)</sup> | 1476 | 537840 |
|  Embraer SA - ADR<sup>(a)</sup> | 4200 | 308532 |
|  ESCO Technologies, Inc. | 1125 | 256691 |
|  Fluidra SA | 15600 | 453751 |
|  Franklin Electric Co., Inc. | 6000 | 597720 |
|  Graham Corporation | 5450 | 381064 |
|  Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR | 1390 | 479731 |
|  HEICO Corp. | 1280 | 423565 |
|  Herc Holdings, Inc. | 2300 | 329682 |
|  IES Holdings, Inc.<sup>(a)</sup> | 5400 | 2053566 |
|  Ingersoll Rand, Inc. | 9700 | 835073 |
|  Installed Building Products, Inc. | 1300 | 374582 |
|  ITT, Inc. | 3300 | 601590 |
|  Karman Holdings, Inc.<sup>(a)</sup> | 3350 | 347730 |
|  Korn/Ferry International | 5700 | $395979 |
|  Leonardo DRS, Inc.<sup>(a)</sup> | 7900 | 324374 |
|  Loar Holdings, Inc.<sup>(a)</sup> | 3000 | 205740 |
|  MasTec, Inc.<sup>(a)</sup> | 2200 | 529056 |
|  Mueller Industries, Inc. | 7800 | 1061892 |
|  nVent Electric PLC | 2400 | 269424 |
|  Primoris Services Corp. | 4100 | 607825 |
|  Prysmian SpA<sup>(a)</sup> | 14400 | 1715872 |
|  Prysmian SpA - ADR<sup>(a)</sup> | 15000 | 890250 |
|  RBC Bearings, Inc.<sup>(a)</sup> | 1000 | 499670 |
|  Rollins, Inc. | 7300 | 462382 |
|  Saia, Inc.<sup>(a)</sup> | 1840 | 616161 |
|  SPX Technologies, Inc.<sup>(a)</sup> | 2700 | 562707 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 900 | 558270 |
|  TopBuild Corp.<sup>(a)</sup> | 1300 | 608465 |
|  WESCO International, Inc. | 3600 | 1041948 |
|  Woodward, Inc. | 2750 | 874060 |
|  Xometry, Inc., Class A<sup>(a)</sup> | 11050 | 631286 |
|  Zurn Water Solutions, Inc. | 9750 | 449573 |
|  |  | 32339698 |
|  **Materials — 3.33%** | **Materials — 3.33%** | **Materials — 3.33%** |
|  Eagle Materials, Inc. | 1650 | 336287 |
|  Givaudan SA - ADR<sup>(a)</sup> | 5100 | 394485 |
|  Gold Fields Ltd. - ADR | 22750 | 1140230 |
|  Hawkins, Inc. | 3700 | 481925 |
|  Kingspan Group PLC - ADR<sup>(a)</sup> | 4650 | 406273 |
|  United States Lime & Minerals, Inc. | 4125 | 497186 |
|  |  | 3256386 |
|  **Real Estate — 0.88%** | **Real Estate — 0.88%** | **Real Estate — 0.88%** |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 2700 | 459891 |
|  Hannon Armstrong Sustainable Infrastructure | 11550 | 397435 |
|  |  | 857326 |
|  **Technology — 26.43%** | **Technology — 26.43%** | **Technology — 26.43%** |
|  Accelerant Holdings<sup>(a)</sup> | 59300 | 810038 |
|  ACI Worldwide, Inc.<sup>(a)</sup> | 8150 | 353384 |
|  Advantest Corp. - ADR | 5400 | 893322 |
|  Arista Networks, Inc.<sup>(a)</sup> | 9800 | 1389052 |
|  ASM International NV - ADR<sup>(a)</sup> | 1070 | 894830 |
|  Blackline, Inc.<sup>(a)</sup> | 5500 | 255585 |

---

**YORKTOWN GROWTH FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  Celestica, Inc.<sup>(a)</sup> | 2450 | $688425 |
|  Chime Financial, Inc.<sup>(a)</sup> | 14200 | 360964 |
|  Ciena Corp.<sup>(a)</sup> | 1650 | 415487 |
|  Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 16700 | 402303 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 2500 | 313200 |
|  CyberArk Software Ltd.<sup>(a)</sup> | 3100 | 1335573 |
|  Datadog, Inc., Class A<sup>(a)</sup> | 4000 | 517280 |
|  Digi International, Inc.<sup>(a)</sup> | 13700 | 590059 |
|  DigitalOcean Holdings, Inc.<sup>(a)</sup> | 4900 | 270725 |
|  Dlocal Ltd., Class A<sup>(a)</sup> | 41500 | 558590 |
|  Doximity, Inc., Class A<sup>(a)</sup> | 7200 | 269784 |
|  ExlService Holdings, Inc.<sup>(a)</sup> | 12100 | 473715 |
|  Fabrinet<sup>(a)</sup> | 3800 | 1859872 |
|  Figure Technology Solutions, Inc.<sup>(a)</sup> | 17300 | 984024 |
|  Fortinet, Inc.<sup>(a)</sup> | 4950 | 402237 |
|  HubSpot, Inc.<sup>(a)</sup> | 460 | 128800 |
|  InterDigital, Inc. | 1450 | 473338 |
|  JFrog Ltd.<sup>(a)</sup> | 2650 | 145220 |
|  KLA Corp. | 890 | 1270867 |
|  Klaviyo, Inc., Class A<sup>(a)</sup> | 11850 | 263188 |
|  Life360, Inc.<sup>(a)</sup> | 9000 | 515610 |
|  Lumentum Holdings, Inc.<sup>(a)</sup> | 1125 | 440820 |
|  Monolithic Power Systems, Inc. | 650 | 730697 |
|  Nova Ltd.<sup>(a)</sup> | 1980 | 906523 |
|  Okta, Inc.<sup>(a)</sup> | 4100 | 346368 |
|  Paycom Software, Inc. | 2100 | 282975 |
|  Paylocity Holdings Corp.<sup>(a)</sup> | 3300 | 445434 |
|  Paymentus Holdings, Inc., Class A<sup>(a)</sup> | 10800 | 288684 |
|  PTC, Inc.<sup>(a)</sup> | 2800 | 437164 |
|  Qualys, Inc.<sup>(a)</sup> | 4700 | 619930 |
|  RingCentral, Inc., Class A<sup>(a)</sup> | 13050 | 337734 |
|  SEMrush Holdings Inc<sup>(a)</sup> | 32500 | 386425 |
|  Sezzle Inc<sup>(a)</sup> | 7900 | 499596 |
|  SPS Commerce, Inc.<sup>(a)</sup> | 4330 | 386496 |
|  Super Micro Computer, Inc.<sup>(a)</sup> | 11250 | 327488 |
|  SYNNEX Corp. | 2700 | 428409 |
|  TDK Corp. - ADR<sup>(a)</sup> | 37500 | 480000 |
|  Tyler Technologies, Inc.<sup>(a)</sup> | 1650 | $609510 |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 1650 | 336468 |
|  Zeta Global Holdings Corp., Class A<sup>(a)</sup> | 38350 | 712543 |
|  |  | 25838736 |
|  **Utilities — 1.13%** | **Utilities — 1.13%** | **Utilities — 1.13%** |
|  Pampa Energia SA - ADR<sup>(a)</sup> | 7200 | 623808 |
|  SSE PLC - ADR | 14400 | 481824 |
|  |  | 1105632 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $54,442,321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $54,442,321) | 97308401 |
|  **Total Investments — 99.52%** | **Total Investments — 99.52%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $54,442,321) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $54,442,321) | 97308401 |
|  **Other Assets in Excess of Liabilities — 0.48%** | **Other Assets in Excess of Liabilities — 0.48%** | 472584 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | $97780985 |

---

<sup>(a)</sup> Non-income producing security.

ADR — American Depositary Receipt

*The accompanying notes are an integral part of these financial statements.*

**Yorktown Multi-Sector Bond Fund** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  **CORPORATE BONDS AND NOTES — 48.06%** | **CORPORATE BONDS AND NOTES — 48.06%** | **CORPORATE BONDS AND NOTES — 48.06%** |
|  **Communications — 2.26%** | **Communications — 2.26%** | **Communications — 2.26%** |
|  Alphabet, Inc., 4.38%, 11/15/2032 | $1000000 | $1003642 |
|  CCO Holdings LLC, 5.00%, 2/1/2028 <sup>(a)</sup> | 1000000 | 994969 |
|  CCO Holdings LLC, 4.25%, 2/1/2031 <sup>(a)</sup> | 1000000 | 916360 |
|  CCO Holdings LLC, 4.50%, 6/1/2033 <sup>(a)</sup> | 1000000 | 875808 |
|  Meta Platforms, Inc., 4.60%, 11/15/2032 | 1000000 | 1002786 |
|  Nexstar Media Inc, 5.63%, 7/15/2027 <sup>(a)</sup> | 1500000 | 1501134 |
|  Prosus NV, MTN, 3.06%, 7/13/2031 <sup>(a)</sup> | 500000 | 457103 |
|  Univision Communications, Inc., 4.50%, 5/1/2029 <sup>(a)</sup> | 500000 | 477867 |
|  VMED OC UK Financing PLC, 4.75%, 7/15/2031 <sup>(a)</sup> | 1000000 | 914498 |
|  |  | 8144167 |
|  **Consumer Discretionary — 7.41%** | **Consumer Discretionary — 7.41%** | **Consumer Discretionary — 7.41%** |
|  Boyd Gaming Corp., 4.75%, 12/1/2027 | 1000000 | 1000091 |
|  Carnival Corp., 4.00%, 8/1/2028 <sup>(a)</sup> | 2000000 | 1980306 |
|  Carnival Corp., 5.13%, 5/1/2029 <sup>(a)</sup> | 500000 | 506095 |
|  Ford Motor Co., Class B, 3.25%, 2/12/2032 | 500000 | 444298 |
|  Ford Motor Credit Co LLC, 4.95%, 5/28/2027 | 2000000 | 2011590 |
|  Ford Motor Credit Co., LLC, 2.90%, 2/10/2029 | 1500000 | 1421803 |
|  General Motors Financial Co., Inc., 5.35%, 1/7/2030 | 2000000 | 2067685 |
|  Hilton Worldwide Finance LLC, 4.88%, 4/1/2027 | 2000000 | 2001654 |
|  Home Depot, Inc. (The), 4.95%, 9/15/2052 | 1000000 | 916142 |
|  Home Depot, Inc. (The), 5.30%, 6/25/2054 | 1000000 | 960641 |
|  KFC Holding Co/Pizza Hut Hold. LLC/Taco Bell LLC, 4.75%, 6/1/2027 <sup>(a)</sup> | $2000000 | $2004288 |
|  Lowe's Cos, Inc., 5.63%, 4/15/2053 | 1000000 | 974421 |
|  McDonald's Corp., 5.45%, 8/14/2053 | 2000000 | 1945789 |
|  MGM Resorts International, 4.63%, 9/1/2026 | 1000000 | 1001036 |
|  NCL Corp. Ltd., 5.88%, 2/15/2027 <sup>(a)</sup> | 1500000 | 1504230 |
|  Nissan Motor Acceptance Co., LLC, 5.34%, 9/13/2027 (SOFRIX + 205bps)<sup>(a),(b)</sup> | 1000000 | 995855 |
|  Nissan Motor Co. Ltd., 4.81%, 9/17/2030 <sup>(a)</sup> | 1000000 | 944945 |
|  Royal Caribbean Cruises Ltd., 5.50%, 8/31/2026 <sup>(a)</sup> | 1000000 | 1001068 |
|  Service Corp International/US, 4.63%, 12/15/2027 | 2000000 | 2004111 |
|  Yum! Brands, Inc., 3.63%, 3/15/2031 | 1000000 | 945998 |
|  |  | 26632046 |
|  **Consumer Staples — 3.56%** | **Consumer Staples — 3.56%** | **Consumer Staples — 3.56%** |
|  Albertsons Cos Inc / Safeway Inc /, 4.63%, 1/15/2027 <sup>(a)</sup> | 2000000 | 1999787 |
|  Anheuser-Busch Cos., LLC, 4.70%, 2/1/2036 <sup>(a)</sup> | 100000 | 98655 |
|  Coca-Cola Co. (The), 4.65%, 8/14/2034 | 1000000 | 1017989 |
|  Constellation Brands, Inc., 2.25%, 8/1/2031 | 500000 | 444918 |
|  JBS USA LUX SA, 3.75%, 12/1/2031 | 250000 | 237242 |
|  JBS USA LUX SA, 3.63%, 1/15/2032 | 500000 | 470081 |
|  Kraft Heinz Foods Co., 5.00%, 6/4/2042 <sup>(a)</sup> | 300000 | 273794 |
|  Kraft Heinz Foods Co., 4.38%, 6/1/2046 | 1000000 | 821305 |
|  Kraft Heinz Foods Co., 4.88%, 10/1/2049 | 1000000 | 857125 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Kroger Co. (The), 5.00%, 9/15/2034 | $1000000 | $1001278 |
|  Land O' Lakes, Inc., 7.25%, 12/31/2049 <sup>(a)</sup> | 500000 | 462486 |
|  Molson Coors Beverage Co., 4.20%, 7/15/2046 | 1000000 | 808383 |
|  PepsiCo, Inc., 5.25%, 7/17/2054 | 1000000 | 972211 |
|  Performance Food Group, Inc., 4.25%, 8/1/2029 <sup>(a)</sup> | 500000 | 489936 |
|  Pilgrim's Pride Corp., 4.25%, 4/15/2031 | 1000000 | 975589 |
|  Target Corp., 4.50%, 9/15/2034 | 1000000 | 986470 |
|  Walmart, Inc., 4.50%, 4/15/2053 | 1000000 | 883241 |
|  |  | 12800490 |
|  **Energy — 1.59%** | **Energy — 1.59%** | **Energy — 1.59%** |
|  Energy Transfer LP, 6.50%, 2/15/2056 (H15T5Y + 267.60bps) <sup>(b)</sup> | 1000000 | 1000413 |
|  Hess Midstream Operations LP, 5.88%, 3/1/2028 <sup>(a)</sup> | 1000000 | 1019458 |
|  Marathon Petroleum Corp., 5.15%, 3/1/2030 | 1000000 | 1030316 |
|  NuStar Logistics LP, Class B, 5.63%, 4/28/2027 | 2000000 | 2025004 |
|  Sunoco LP / Sunoco Finance Corp, 6.00%, 4/15/2027 | 150000 | 150237 |
|  Sunoco LP / Sunoco Finance Corp, 5.88%, 3/15/2028 | 500000 | 501366 |
|  |  | 5726794 |
|  **Financials — 17.98%** | **Financials — 17.98%** | **Financials — 17.98%** |
|  American Express Co., 3.55%, 12/31/2049 (H15T5Y + 285.4bps)<sup>(b)</sup> | 1000000 | 990219 |
|  Assurant, Inc., 7.00%, 3/27/2048 | 1000000 | 1030162 |
|  Banco Bilbao Vizcaya Argentaria S.A., 6.13%, 2/16/2049 (USSW5 + 387.0bps)<sup>(b)</sup> | 800000 | 812138 |
|  Bank of America Corp., 4.38%, 4/27/2170 (H15T5Y + 276.0bps)<sup>(b)</sup> | $2000000 | $1990856 |
|  Bank of New York Mellon Corp. (The), Series F, 4.63%, 12/20/2049 (TSFR3M + 339.26bps)<sup>(b)</sup> | 1000000 | 1000459 |
|  Bank of Nova Scotia (The), 8.00%, 1/27/2084 (H15T5Y + 401.70bps)<sup>(b)</sup> | 1000000 | 1071479 |
|  Bank of Nova Scotia/The, 6.88%, 10/27/2085 | 500000 | 513666 |
|  Barclays PLC, 4.84%, 5/9/2028 | 2000000 | 2016099 |
|  Barclays PLC, 5.09%, 6/20/2030 (USISSO05 + 305.40bps)<sup>(b)</sup> | 1500000 | 1528171 |
|  Barclays PLC, 9.45%, 12/31/2049 (USISSO05 + 577.50bps)<sup>(b)</sup> | 1000000 | 1137808 |
|  BBVA Bancomer S.A., 5.13%, 1/18/2033 (H15T5Y + 265.0bps)<sup>(b)</sup> | 2000000 | 1977620 |
|  BNP Paribas SA, 8.00%, 8/22/2171 (H15T5Y + 372.70bps)<sup>(a),(b)</sup> | 1500000 | 1638901 |
|  Charles Schwab Corp./ The, 4.00%, 12/31/2049 (H15T5Y + 316.80bps)<sup>(b)</sup> | 1000000 | 996475 |
|  Citadel Finance LLC, 3.38%, 3/9/2026 <sup>(a)</sup> | 2000000 | 1997973 |
|  Citigroup, Inc., 6.75%, 12/31/2049 (H15T5Y + 257.20bps)<sup>(b)</sup> | 2000000 | 2040789 |
|  Citigroup, Inc., 7.13%, 12/31/2049 (H15T5Y + 269.3bps)<sup>(b)</sup> | 1000000 | 1035628 |
|  Citigroup, Inc., 4.15%, 2/15/2172 (H15T5Y + 300.0bps)<sup>(b)</sup> | 2000000 | 1987648 |
|  Credit Agricole SA, MTN, 4.75%, 12/23/2169 (H15T5Y + 323.7bps)<sup>(a),(b)</sup> | 1000000 | 974416 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  GATX Corp., Class B, 4.00%, 6/30/2030 | $2000000 | $1964026 |
|  Goldman Sachs Group, Inc. (The), 6.13%, 5/10/2049 <sup>(b)</sup> | 1000000 | 1019357 |
|  Goldman Sachs Group, Inc. (The), 7.50%, 5/10/2079 (H15T5Y + 280.90bps)<sup>(b)</sup> | 1000000 | 1056211 |
|  HSBC Holdings PLC, 8.00%, 9/7/2093 (H15T5Y + 385.8bps) <sup>(b)</sup> | 1000000 | 1052906 |
|  ING Groep NV, 5.75%, 11/16/2167 (H15T5Y + 432.2bps)<sup>(b)</sup> | 1000000 | 1006589 |
|  ING Groep NV, 4.25%, 10/16/2169 (H15T5Y + 286.2bps)<sup>(b)</sup> | 1000000 | 909942 |
|  JPMorgan Chase & Co., 6.88%, 6/1/2071 (H15T5Y + 273.7bps)<sup>(b)</sup> | 1000000 | 1056853 |
|  JPMorgan Chase & Co., 6.50%, 4/1/2080 (H15T5Y + 215.20bps)<sup>(b)</sup> | 2000000 | 2082572 |
|  Lloyds Banking Group PLC, 8.00%, 3/27/2170 (H15T5Y + 391.3bps)<sup>(b)</sup> | 1000000 | 1086184 |
|  Macquarie Bank Ltd., 3.62%, 6/3/2030 <sup>(a)</sup> | 1000000 | 957454 |
|  Massachusetts Mutual Life Insurance Co., 3.38%, 4/15/2050 <sup>(a)</sup> | 1000000 | 684481 |
|  Morgan Stanley Bank NA, 4.58%, 7/14/2028 (SOFR + 94bps)<sup>(b)</sup> | 1075000 | 1082775 |
|  Nationwide Mutual Insurance Co., 4.35%, 4/30/2050 <sup>(a)</sup> | 500000 | 393131 |
|  Nordea Bank Abp, 6.30%, 3/25/2049 <sup>(a)</sup> | 1000000 | 1025679 |
|  Nordea Bank Abp, 3.75%, 3/1/2140 (H15T5Y + 260.2bps)<sup>(a),(b)</sup> | 1000000 | 951326 |
|  Pacific LifeCorp, 3.35%, 9/15/2050 <sup>(a)</sup> | 500000 | 346197 |
|  Pacific LifeCorp, 5.40%, 9/15/2052 <sup>(a)</sup> | 1000000 | 959767 |
|  Pricoa Global Funding I, 4.70%, 5/28/2030 <sup>(a)</sup> | $2000000 | $2032780 |
|  Royal Bank of Canada, 7.50%, 5/2/2084 (H15T5Y + 288.70bps)<sup>(b)</sup> | 2000000 | 2106978 |
|  SBL Holdings, Inc., 9.51%, 5/13/2165 (H15T5Y + 558.0bps)<sup>(a),(b)</sup> | 668000 | 675171 |
|  Societe Generale SA, 8.50%, 3/25/2071 (H15T5Y + 415.30bps)<sup>(a),(b)</sup> | 500000 | 555825 |
|  Societe Generale SA, 10.00%, 5/14/2169 (H15T5Y + 544.80bps)<sup>(a),(b)</sup> | 1000000 | 1113472 |
|  Standard Chartered PLC, 4.30%, 2/19/2169 (H15T5Y + 313.50bps)<sup>(a),(b)</sup> | 2000000 | 1925073 |
|  State Street Corp., 6.70%, 12/31/2049 <sup>(b)</sup> | 1000000 | 1037843 |
|  State Street Corp., 6.45%, 9/5/2080 (H15T5Y + 213.50bps)<sup>(b)</sup> | 2000000 | 2073458 |
|  Toronto-Dominion Bank (The), 8.13%, 10/31/2082 (H15T5Y + 407.50bps)<sup>(b)</sup> | 1000000 | 1048224 |
|  Toronto-Dominion Bank (The), 7.25%, 7/31/2084 (H15T5Y + 297.70bps)<sup>(b)</sup> | 1000000 | 1047503 |
|  UBS Group AG, 7.75%, 12/31/2049 (USISSO05 + 416bps)<sup>(a),(b)</sup> | 1000000 | 1075846 |
|  UBS Group AG, 4.38%, 8/10/2171 (H15T5Y + 331.3bps)<sup>(a),(b)</sup> | 1000000 | 913698 |
|  UniCredit SpA, 5.86%, 6/19/2032 (USISDA05 + 370.3bps)<sup>(a),(b)</sup> | 2000000 | 2034133 |
|  UniCredit SpA, 5.46%, 6/30/2035 (H15T5Y + 475.0bps)<sup>(a),(b)</sup> | 500000 | 510824 |
|  US Bancorp, 5.30%, 4/15/2171 (TSFR3M + 317.6bps)<sup>(b)</sup> | 1000000 | 1001761 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Wells Fargo & Co., 3.90%, 3/15/2069 (H15T5Y + 345.3bps)<sup>(b)</sup> | $1000000 | $999402 |
|  Wells Fargo & Co., 6.85%, 7/15/2071 (H15T5Y + 276.7bps)<sup>(b)</sup> | 1000000 | 1046445 |
|  Wells Fargo & Co., Class B, 7.63%, 9/15/2171 (H15T5Y + 360.6bps)<sup>(b)</sup> | 1000000 | 1065594 |
|  |  | 64639987 |
|  **Health Care — 0.98%** | **Health Care — 0.98%** | **Health Care — 0.98%** |
|  Humana, Inc., 5.38%, 4/15/2031 | 1000000 | 1024557 |
|  Novartis Capital Corp., 4.62%, 11/5/2028 | 1000000 | 1005740 |
|  Tenet Healthcare Corp, 5.13%, 11/1/2027 | 1500000 | 1501137 |
|  |  | 3531434 |
|  **Industrials — 4.81%** | **Industrials — 4.81%** | **Industrials — 4.81%** |
|  Air Canada, 3.88%, 8/15/2026 <sup>(a)</sup> | 1000000 | 996788 |
|  American Airlines Inc. /AAdvantage Loyalty IP Ltd., 5.50%, 4/20/2026 <sup>(a)</sup> | 416667 | 417168 |
|  Burlington Northern Santa Fe LLC, 4.45%, 1/15/2053 | 2000000 | 1685732 |
|  Burlington Northern Santa Fe LLC, 5.20%, 4/15/2054 | 1000000 | 942768 |
|  Burlington Northern Santa Fe LLC, 5.50%, 3/15/2055 | 1000000 | 985487 |
|  BWX Technologies Inc, 4.13%, 6/30/2028 <sup>(a)</sup> | 1000000 | 985985 |
|  Canadian Pacific Railway Co., Class B, 2.45%, 12/2/2031 | 1000000 | 899736 |
|  Chart Industries Inc, 7.50%, 1/1/2030 <sup>(a)</sup> | 500000 | 520857 |
|  CSX Corp., 5.50%, 4/15/2041 | 1000000 | 1023195 |
|  Honeywell International, Inc., 5.25%, 3/1/2054 | 1000000 | 949655 |
|  Norfolk Southern Corp., 5.05%, 8/1/2030 | 500000 | 517444 |
|  Ritchie Bros Holdings Inc, 6.75%, 3/15/2028 <sup>(a)</sup> | $1500000 | $1529747 |
|  Triton Container International Ltd., 3.25%, 3/15/2032 | 500000 | 456135 |
|  Union Pacific Corp., 3.20%, 5/20/2041 | 1000000 | 784641 |
|  Union Pacific Corp., 2.95%, 3/10/2052 | 1000000 | 638673 |
|  United Parcel Service, Inc., 5.50%, 5/22/2054 | 1000000 | 974777 |
|  United Rentals North America Inc., 4.88%, 1/15/2028 | 2000000 | 2001430 |
|  Vertiv Group Corp., 4.13%, 11/15/2028 <sup>(a)</sup> | 1000000 | 985425 |
|  |  | 17295643 |
|  **Materials — 1.25%** | **Materials — 1.25%** | **Materials — 1.25%** |
|  Ball Corp., 2.88%, 8/15/2030 | 1000000 | 921207 |
|  Bemis Co., Inc., 2.63%, 6/19/2030 | 500000 | 466340 |
|  Berry Global, Inc., Series 21-25A, Class CR, 5.80%, 6/15/2031 (TSFR3M + 165bps)<sup>(a),(b)</sup> | 1500000 | 1587660 |
|  Canpack SA, 3.88%, 11/15/2029 <sup>(a)</sup> | 500000 | 478534 |
|  Crown Americas LLC, 5.88%, 6/1/2033 <sup>(a)</sup> | 1000000 | 1023454 |
|  |  | 4477195 |
|  **Real Estate — 0.61%** | **Real Estate — 0.61%** | **Real Estate — 0.61%** |
|  Iron Mountain, Inc., 4.88%, 9/15/2029 <sup>(a)</sup> | 1000000 | 987839 |
|  Iron Mountain, Inc., 5.25%, 7/15/2030 <sup>(a)</sup> | 1000000 | 990838 |
|  SBA Communications Corp., 3.88%, 2/15/2027 <sup>(a)</sup> | 200000 | 198616 |
|  |  | 2177293 |
|  **Technology — 3.11%** | **Technology — 3.11%** | **Technology — 3.11%** |
|  Broadcom, Inc., 4.15%, 11/15/2030 | 1000000 | 994965 |
|  Broadcom, Inc., 4.15%, 11/15/2030 | 500000 | 497483 |
|  Broadcom, Inc., 2.60%, 2/15/2033 | 1000000 | 879028 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Dell International LLC / EMC Corp., 5.00%, 4/1/2030 | $1000000 | $1023198 |
|  Dell International LLC / EMC Corp., 4.85%, 2/1/2035 | 1000000 | 978991 |
|  Hewlett Packard Enterprise Co., 5.00%, 10/15/2034 | 1000000 | 985081 |
|  HP, Inc., 6.00%, 9/15/2041 | 2500000 | 2492145 |
|  Juniper Networks, Inc., 2.00%, 12/10/2030 | 500000 | 444744 |
|  Juniper Networks, Inc., 5.95%, 3/15/2041 | 700000 | 705596 |
|  Kyndryl Holdings, Inc., 3.15%, 10/15/2031 | 1000000 | 911432 |
|  Leidos, Inc., 5.75%, 3/15/2033 <sup>(a)</sup> | 1000000 | 1055566 |
|  Western Digital Corp., 4.75%, 2/15/2026 | 218000 | 218015 |
|  |  | 11186244 |
|  **Utilities — 4.50%** | **Utilities — 4.50%** | **Utilities — 4.50%** |
|  AEP Texas, Inc., Class I, 2.10%, 7/1/2030 | 500000 | 456328 |
|  Ameren Illinois Co., 4.95%, 6/1/2033 | 1000000 | 1021490 |
|  Calpine Corp, 5.13%, 3/15/2028 <sup>(a)</sup> | 1000000 | 1000026 |
|  Dayton Power & Light Co. (The), 3.95%, 6/15/2049 | 1000000 | 754363 |
|  Dominion Energy Inc, 6.00%, 2/15/2056 H15T10Y + 2.262% | 1000000 | 1011188 |
|  Dominion Energy, Inc., 4.35%, 1/15/2167 (H15T5Y + 319.5bps)<sup>(b)</sup> | 1000000 | 993346 |
|  Duke Energy Carolinas LLC, Series 2021-4A, Class E, 4.85%, 1/15/2034 (H15T5Y + 319.5bps)<sup>(b)</sup> | 1000000 | 1007160 |
|  Duke Energy Ohio, Inc., 5.55%, 3/15/2054 | 1000000 | 979500 |
|  Duke Energy Progress LLC, 2.50%, 8/15/2050 | 1000000 | 586986 |
|  Kentucky Utilities Co., 3.30%, 6/1/2050 | 1000000 | 692992 |
|  National Rural Utilities Cooperative Finance Corp., 4.30%, 12/10/2030 | $1000000 | $999158 |
|  NRG Energy, Inc., 4.45%, 6/15/2029 <sup>(a)</sup> | 1000000 | 995874 |
|  NRG Energy, Inc., 5.75%, 7/15/2029 <sup>(a)</sup> | 1000000 | 1001229 |
|  Pacific Gas and Electric Co., 4.25%, 3/15/2046 | 500000 | 390137 |
|  PPL Electric Utilities Corp., 5.25%, 5/15/2053 | 1000000 | 955899 |
|  Southern California Edison Co., 4.88%, 3/1/2049 | 1000000 | 848401 |
|  Southern Co. (The), 4.85%, 3/15/2035 | 1000000 | 987053 |
|  Union Electric Co., 3.90%, 4/1/2052 | 750000 | 574582 |
|  Union Electric Co., 5.25%, 1/15/2054 | 1000000 | 939525 |
|  |  | 16195237 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds and Notes** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds and Notes** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds and Notes** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $174,452,875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $174,452,875) | 172806530 |
|  **ASSET BACKED SECURITIES — 4.45%** | **ASSET BACKED SECURITIES — 4.45%** | **ASSET BACKED SECURITIES — 4.45%** |
|  American Airlines Pass Through Trust, Series 2021-1, Class B, 3.95%, 7/11/2030 | 685000 | 659428 |
|  Amur Equipment Finance Receivables LLC, Series 2022-1A, Class E, 5.02%, 12/20/2028 <sup>(a)</sup> | 750000 | 751162 |
|  Amur Equipment Finance Receivables, Series 2022-2A, Class D, 7.25%, 5/21/2029 <sup>(a)</sup> | 1000000 | 1012414 |
|  Amur Equipment Finance Receivables XIII LLC, Series 2024-2A, Class D, 5.97%, 10/20/2031 <sup>(a)</sup> | 310000 | 317155 |
|  Dell Equipment Finance Trust, Series 2024-1, Class D, MTN, 6.12%, 9/23/2030 <sup>(a)</sup> | 250000 | 253589 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Fair Value** | **Fair Value** |
|  Dell Equipment Finance Trust, Series 2024-2, Class D, 5.29%, 2/24/2031 <sup>(a)</sup> | $| 500000 | $| 504813 |
|  Enterprise Fleet Financing LLC, Series 2024-3, Class A4, 5.06%, 3/20/2031 <sup>(a)</sup> |  | 500000 |  | 511589 |
|  Exeter Automobile Receivables Trust, Series 2021-3A, Class E, 3.04%, 12/15/2028 <sup>(a)</sup> |  | 1000000 |  | 997042 |
|  Foursight Capital Automobile Receivables Trust, Series 2022-2, Class C, 5.75%, 8/15/2028 <sup>(a)</sup> |  | 155344 |  | 155446 |
|  Hilton Grand Vacations Trust, Series 2024-3, Class A, 4.98%, 8/27/2040 <sup>(a)</sup> |  | 587099 |  | 593878 |
|  HPEFS Equipment Trust, Series 2024-1A, Class D, 5.82%, 12/22/2031 <sup>(a)</sup> |  | 1000000 |  | 1012610 |
|  HPEFS Equipment Trust, Series 2024-2A, Class D, 5.82%, 4/20/2032 <sup>(a)</sup> |  | 500000 |  | 509932 |
|  Mariner Finance Issuance Trust, Series 2024-A, Class A, 5.13%, 9/22/2036 <sup>(a)</sup> |  | 2000000 |  | 2027630 |
|  NMEF Funding LLC, Series 2024-A, Class B, 5.32%, 12/15/2031 <sup>(a)</sup> |  | 1000000 |  | 1019164 |
|  NMEF Funding LLC, Series 2024-A, Class A, 6.33%, 12/15/2031 <sup>(a)</sup> |  | 500000 |  | 513022 |
|  Octane Receivables Trust, Series 2023-3A, Class B, 6.48%, 7/20/2029 <sup>(a)</sup> |  | 1000000 |  | 1012604 |
|  Octane Receivables Trust, Series 2022-2A, Class D, 7.70%, 2/20/2030 <sup>(a)</sup> |  | 1000000 |  | 1026718 |
|  Pagaya AI Debt Grantor Trust, Series 2024-5A, Class A, 6.28%, 10/15/2031 <sup>(a)</sup> |  | 226802 |  | 227896 |
|  Pagaya AI Debt Grantor Trust, Series 2025-1, Class B, 5.63%, 7/15/2032 <sup>(a)</sup> | $| 999915 | $| 1007709 |
|  Post Road Equipment Finance LLC, Series 2024-1A, Class C, MTN, 5.81%, 10/15/2030 <sup>(a)</sup> |  | 160000 |  | 162375 |
|  SCF Equipment Leasing LLC, Series 2025-1A, Class D, 5.88%, 11/20/2035 <sup>(a)</sup> |  | 500000 |  | 517996 |
|  Towd Point Asset Trust, Series 2021-SL1, Class A2, 4.49%, 11/20/2061 (TSFR1M + 81.4bps)<sup>(a),(b)</sup> |  | 163121 |  | 163741 |
|  United Airlines Pass Through Trust, Series 2016-2, Class A, 3.10%, 4/7/2030 |  | 602214 |  | 575837 |
|  USQ Rail II LLC, Series 2021-3, Class B, 2.98%, 6/28/2051 <sup>(a)</sup> |  | 500000 |  | 485656 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $15,878,534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $15,878,534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $15,878,534) |  | 16019406 |
|  **U.S. GOVERNMENT & AGENCIES — 34.98%** | **U.S. GOVERNMENT & AGENCIES — 34.98%** | **U.S. GOVERNMENT & AGENCIES — 34.98%** | **U.S. GOVERNMENT & AGENCIES — 34.98%** | **U.S. GOVERNMENT & AGENCIES — 34.98%** |
|  Fannie Mae, Pool #BP2175, 3.00%, 2/1/2035 |  | 149104 |  | 145231 |
|  Fannie Mae, Pool #MA4915, 5.00%, 2/1/2038 |  | 539344 |  | 546423 |
|  Fannie Mae, Pool #MA4851, 5.00%, 11/1/2042 |  | 636601 |  | 651036 |
|  Fannie Mae, Pool #CA6707, 2.50%, 8/1/2050 |  | 787552 |  | 684254 |
|  Fannie Mae, Pool #BT1314, 2.50%, 7/1/2051 |  | 510119 |  | 435403 |
|  Fannie Mae, Pool #BT1339, 2.50%, 7/1/2051 |  | 1462924 |  | 1244283 |
|  Fannie Mae, Pool #BT3256, 2.50%, 7/1/2051 |  | 753746 |  | 645615 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Fannie Mae, Pool #BQ7422, 2.50%, 8/1/2051 | $808452 | $690018 |
|  Fannie Mae, Pool #CB2670, 3.00%, 1/1/2052 | 806236 | 715671 |
|  Fannie Mae, Pool #CB2668, 3.00%, 1/1/2052 | 780685 | 693409 |
|  Fannie Mae, Pool #BU1320, 3.00%, 2/1/2052 | 359532 | 319660 |
|  Fannie Mae, Pool #CB3177, 3.50%, 3/1/2052 | 787198 | 729774 |
|  Fannie Mae, Pool #FS1428, 4.00%, 4/1/2052 | 1378934 | 1325028 |
|  Fannie Mae, Pool #MA4624, 3.00%, 6/1/2052 | 1216174 | 1082417 |
|  Fannie Mae, Pool #BV7899, 3.00%, 8/1/2052 | 1269301 | 1128261 |
|  Fannie Mae, Pool #MA4732, 4.00%, 9/1/2052 | 796791 | 762617 |
|  Fannie Mae, Pool #CB4818, 4.00%, 10/1/2052 | 1964811 | 1879629 |
|  Fannie Mae, Pool #MA4804, 4.00%, 11/1/2052 | 1237719 | 1188908 |
|  Fannie Mae, Pool #CB5536, 5.00%, 1/1/2053 | 1565756 | 1575067 |
|  Fannie Mae, Pool #MA4918, 5.00%, 2/1/2053 | 775179 | 778557 |
|  Fannie Mae, Pool #MA4941, 5.00%, 3/1/2053 | 663971 | 669717 |
|  Fannie Mae, Pool #MA5010, 5.50%, 5/1/2053 | 737238 | 750434 |
|  Fannie Mae, Pool #MA5009, 5.00%, 5/1/2053 | 813127 | 816586 |
|  Fannie Mae, Pool #MA5071, 5.00%, 7/1/2053 | 1643890 | 1650463 |
|  Fannie Mae, Pool #MA5191, 6.00%, 11/1/2053 | $675119 | $694953 |
|  Fannie Mae, Pool #MA5263, 4.00%, 1/1/2054 | 914600 | 875371 |
|  Fannie Mae, Pool #MA5246, 5.50%, 1/1/2054 | 1622679 | 1649500 |
|  Fannie Mae, Pool #MA5272, 6.00%, 2/1/2054 | 633637 | 649236 |
|  Fannie Mae, Pool #MA5295, 6.00%, 3/1/2054 | 1337622 | 1372417 |
|  Fannie Mae, Pool #MA5329, 6.50%, 4/1/2054 | 557694 | 577724 |
|  Fannie Mae, Pool #MA5416, 6.50%, 5/1/2054 | 429563 | 439331 |
|  Fannie Mae, Pool #MA5386, 4.50%, 6/1/2054 | 928600 | 911088 |
|  Fannie Mae, Pool #MA5493, 6.00%, 8/1/2054 | 652687 | 660185 |
|  Fannie Mae, Pool #MA5522, 6.50%, 9/1/2054 | 1065982 | 1091177 |
|  Fannie Mae, Pool #MA5498, 6.00%, 10/1/2054 | 1479314 | 1515840 |
|  Fannie Mae, Pool #MA5496, 5.00%, 10/1/2054 | 1808188 | 1809945 |
|  Fannie Mae, Pool #MA5587, 6.00%, 1/1/2055 | 1156903 | 1184865 |
|  Fannie Mae, Pool #MA5614, 5.50%, 2/1/2055 | 1723968 | 1749637 |
|  Fannie Mae, Pool #MA5615, 6.00%, 2/1/2055 | 1519793 | 1556526 |
|  Fannie Mae, Pool #MA5646, 5.50%, 3/1/2055 | 1751430 | 1777508 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Fannie Mae, Pool #MA5672, 5.00%, 4/1/2055 | $952504 | $953289 |
|  Fannie Mae Pool, 6.00%, 3/1/2055 | 1550543 | 1588020 |
|  Fannie Mae Pool, 5.50%, 6/1/2055 | 920235 | 933936 |
|  Fannie Mae Pool, 5.50%, 7/1/2055 | 927416 | 941225 |
|  Federal Farm Credit Bank, 2.13%, 5/21/2040 | 2000000 | 1402764 |
|  Federal Farm Credit Bank, 2.07%, 12/21/2040 | 500000 | 341876 |
|  Federal Farm Credit Banks Funding Corp., 5.24%, 9/19/2039 | 1000000 | 1000088 |
|  Federal Farm Credit Banks Funding Corp., 5.63%, 3/26/2040 | 1000000 | 999708 |
|  Federal Farm Credit Banks Funding Corp., 5.42%, 12/18/2040 | 1000000 | 997286 |
|  Federal Farm Credit Banks Funding Corp., 5.90%, 4/21/2045 | 2000000 | 2003355 |
|  Federal Home Loan Banks, 5.10%, 2/12/2035 | 1000000 | 1000571 |
|  Federal Home Loan Banks, 5.45%, 3/27/2036 | 1000000 | 1000492 |
|  Federal Home Loan Banks, 5.43%, 10/28/2039 | 1000000 | 998415 |
|  Federal Home Loan Banks, 5.70%, 2/6/2040 | 1000000 | 1000215 |
|  Federal Home Loan Banks, 5.75%, 4/24/2040 | 1000000 | 999597 |
|  Federal Home Loan Banks, 2.01%, 7/16/2040 | 1000000 | 700147 |
|  Federal Home Loan Banks, 5.39%, 11/26/2040 | 1000000 | 995513 |
|  Federal Home Loan Banks, 5.34%, 1/9/2041 | 1000000 | 998888 |
|  Federal Home Loan Banks, 5.32%, 1/22/2041 | 1000000 | 998784 |
|  Federal Home Loan Banks, 5.32%, 1/30/2041 | $1000000 | $998820 |
|  Federal Home Loan Banks, 5.50%, 9/25/2042 | 1000000 | 999429 |
|  Federal Home Loan Banks, 5.50%, 11/25/2044 | 1000000 | 1000595 |
|  Federal Home Loan Banks, 5.55%, 3/10/2045 | 1000000 | 1003125 |
|  Federal Home Loan Mortgage Corp., 1.75%, 7/27/2035 | 1500000 | 1181391 |
|  Freddie Mac, Pool #RD5138, 5.00%, 1/1/2033 | 381447 | 388011 |
|  Freddie Mac, Pool #SB8509, 2.00%, 1/1/2036 | 484785 | 449392 |
|  Freddie Mac, Pool #QO0931, 4.00%, 10/1/2037 | 457339 | 451599 |
|  Freddie Mac, Pool #RB5135, 2.00%, 10/1/2041 | 1390757 | 1218218 |
|  Freddie Mac, Pool #RB5182, 4.00%, 9/1/2042 | 686067 | 678566 |
|  Freddie Mac, Pool #RA2314, 3.50%, 3/1/2050 | 269884 | 252325 |
|  Freddie Mac, Pool #RA2657, 3.50%, 5/1/2050 | 596336 | 557536 |
|  Freddie Mac, Pool #SD0430, 2.50%, 8/1/2050 | 493467 | 427077 |
|  Freddie Mac, Pool #QC3907, 2.50%, 7/1/2051 | 665272 | 575363 |
|  Freddie Mac, Pool #QC5859, 3.00%, 8/1/2051 | 687631 | 611463 |
|  Freddie Mac, Pool #RA6945, 3.50%, 3/1/2052 | 2274601 | 2108563 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Freddie Mac, Pool #SD8257, 4.50%, 10/1/2052 | $783973 | $771615 |
|  Freddie Mac, Pool #SD8267, 5.00%, 11/1/2052 | 1560247 | 1570726 |
|  Freddie Mac, Pool #SD8288, 5.00%, 1/1/2053 | 791856 | 795346 |
|  Freddie Mac, Pool #QF5251, 5.50%, 1/1/2053 | 687970 | 700528 |
|  Freddie Mac, Pool #SD8297, 4.00%, 2/1/2053 | 1690477 | 1616840 |
|  Freddie Mac, Pool #SD2334, 5.00%, 2/1/2053 | 812000 | 816353 |
|  Freddie Mac, Pool #SD8305, 4.00%, 3/1/2053 | 826300 | 792907 |
|  Freddie Mac, Pool #SD2642, 5.50%, 4/1/2053 | 814479 | 835020 |
|  Freddie Mac, Pool #SD8323, 5.00%, 5/1/2053 | 817017 | 820493 |
|  Freddie Mac, Pool #SD8322, 4.50%, 5/1/2053 | 832834 | 818153 |
|  Freddie Mac, Pool #SD8323, 5.00%, 5/1/2053 | 844553 | 848926 |
|  Freddie Mac, Pool #QG3333, 5.00%, 5/1/2053 | 1588030 | 1600652 |
|  Freddie Mac, Pool #SD2856, 5.50%, 5/1/2053 | 738356 | 752620 |
|  Freddie Mac, Pool #SD8348, 5.00%, 8/1/2053 | 833659 | 836693 |
|  Freddie Mac, Pool #QG9607, 6.00%, 9/1/2053 | 1464154 | 1501511 |
|  Freddie Mac, Pool #SD8383, 5.50%, 12/1/2053 | 2386287 | 2424631 |
|  Freddie Mac, Pool #QH8694, 6.00%, 1/1/2054 | 997264 | 1024145 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Freddie Mac, Pool #SD5380, 5.50%, 4/1/2054 | $824983 | $838620 |
|  Freddie Mac, Pool #MA5416, 5.50%, 6/1/2054 | 797630 | 809639 |
|  Freddie Mac, Pool #MA5416, 6.00%, 7/1/2054 | 677486 | 693860 |
|  Freddie Mac, Pool #SD8454, 6.00%, 8/1/2054 | 701977 | 718943 |
|  Freddie Mac, Pool #SD8469, 5.50%, 10/1/2054 | 833898 | 846315 |
|  Freddie Mac, Pool #RE6151, 6.00%, 11/1/2054 | 629743 | 637546 |
|  Freddie Mac, Pool #SD8516, 6.00%, 3/1/2055 | 775699 | 794505 |
|  Freddie Mac Pool, 4.50%, 11/1/2054 | 1901782 | 1866509 |
|  Freddie Mac Pool, 5.00%, 11/1/2054 | 1817462 | 1819182 |
|  Freddie Mac Pool, 6.00%, 11/1/2054 | 742088 | 760411 |
|  Freddie Mac Pool, 5.50%, 12/1/2054 | 1715496 | 1741039 |
|  Freddie Mac Pool, 5.50%, 1/1/2055 | 1717785 | 1743362 |
|  Freddie Mac Pool, 5.50%, 2/1/2055 | 2567317 | 2605543 |
|  Freddie Mac Pool, 5.50%, 4/1/2055 | 1775291 | 1801724 |
|  Freddie Mac Pool, 5.00%, 9/1/2055 | 2439178 | 2440615 |
|  Freddie Mac Pool, 5.00%, 10/1/2055 | 985252 | 985833 |
|  Freddie Mac Pool, 5.50%, 10/1/2055 | 1925958 | 1954183 |
|  Freddie Mac Pool, 5.50%, 1/1/2056 | 1997978 | 2027259 |
|  Freddie Mac Pool, 5.00%, 2/1/2056 | 2000000 | 2001179 |
|  UMBS Fannie Mae Pool, 5.50%, 3/1/2054 | 1303322 | 1323375 |
|  UMBS Fannie Mae Pool, 5.00%, 12/1/2054 | 919451 | 920274 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Fair Value** | **Fair Value** |
|  UMBS Fannie Mae Pool, 5.50%, 10/1/2055 | $| 2419193 | $| 2454647 |
|  United States Treasury Note, 4.88%, 10/31/2028 |  | 3000000 |  | 3099551 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government & Agencies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government & Agencies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government & Agencies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $126,377,984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $126,377,984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $126,377,984) |  | 125790679 |
|  **COLLATERALIZED LOAN OBLIGATIONS — 2.59%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.59%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.59%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.59%** | **COLLATERALIZED LOAN OBLIGATIONS — 2.59%** |
|  Benefit Street Partners CLO Ltd., Series 2022-29A, Class BR, 5.17%, 1/25/2038 (TSFR3M + 150bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1001796 |
|  Benefit Street Partners CLO XXV Ltd., Series 21-25A, Class CR, 5.32%, 1/15/2035 (TSFR3M + 165bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1001376 |
|  Caryle US CLO Ltd., Series 2017-3, Class BR2, 5.45%, 10/21/2037 (TSFR3M + 178bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1003025 |
|  Hildene TruPS Financials Note Securitization, Series 2019-2A, Class A1, 5.90%, 5/22/2039 (SOFR + 176.0bps)<sup>(a),(b)</sup> |  | 1556122 |  | 1556122 |
|  Madison Park Funding LXVII Ltd., Series 67A, Class B, 5.72%, 4/25/2037 (TSFRM + 205.0bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1001871 |
|  Neuberger Berman CLO XXI Ltd., Series 2024-21A, Class BR3, 5.58%, 1/20/2039 (TSFR3M + 170bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1003007 |
|  Oaktree CLO Ltd., Series 2019-3, 5.25%, 1/20/2038 (TSFR3M + 138bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1002083 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Rockford Tower CLO Ltd., Series 2019-2, Class CR2, 5.89%, 8/20/2032 (TSFR3M + 200bps)<sup>(a),(b)</sup> | $1000000 | $1001516 |
|  Venture CLO Ltd., Series 2018-31A, Class C1, 5.88%, 4/20/2031 (TSFR3M + 221.2bps)<sup>(a),(b)</sup> | 750000 | 751882 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Loan Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Loan Obligations** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $9,289,516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $9,289,516) | 9322678 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
|  **INVESTMENT COMPANIES — 2.84%** | **INVESTMENT COMPANIES — 2.84%** | **INVESTMENT COMPANIES — 2.84%** |
|  **Exchange-Traded Funds — 2.84%** | **Exchange-Traded Funds — 2.84%** | **Exchange-Traded Funds — 2.84%** |
|  iShares Convertible Bond ETF | 25000 | $2588000 |
|  iShares iBoxx $ High Yield Corporate Bond ETF | 10000 | 811200 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | 12000 | 1326840 |
|  iShares US Preferred Stock ETF | 35000 | 1109150 |
|  SPDR Bloomberg Barclays Convertible Securities ETF | 25000 | 2335000 |
|  Vanguard Emerging Markets Government Bond ETF | 30000 | 2029800 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $9,722,599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $9,722,599) | 10199990 |
|  **Total Investments — 92.92%** | **Total Investments — 92.92%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $335,721,508) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $335,721,508) | 334139283 |
|  **Other Assets in Excess of Liabilities — 7.08%** | **Other Assets in Excess of Liabilities — 7.08%** | 25458135 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | $359597418 |

---

<sup>(a)</sup> 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

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

registration, normally to qualified institutional buyers. The total fair value of these securities as January 31, 2026 was $79,047,214, representing 21.98% of net assets.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of January 31, 2026. 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. 

H15T5Y — 5 Year Treasury Rate

H15T10Y — 10 Year Treasury Rate

MTN — Medium Term Note

SOFR — Secured Overnight Financing Rate

SOFRIX — Secured Overnight Financing Rate Index

TSFR3M — Secured Overnight Financing Rate (3 Month)

USISDA05 — 5 Year Secured Overnight Financing Rate-linked mid-market interest rate swap rate

USISSO05 — 5 Year Secured Overnight Financing Rate-linked interest rate swap rate

USSW5 — USD 5 Year Swap Rate

*The accompanying notes are an integral part of these financial statements.*

**Yorktown Short Term Bond Fund** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  **CORPORATE BONDS AND NOTES — 39.66%** | **CORPORATE BONDS AND NOTES — 39.66%** | **CORPORATE BONDS AND NOTES — 39.66%** |
|  **Communications — 1.69%** | **Communications — 1.69%** | **Communications — 1.69%** |
|  Alphabet, Inc., 4.38%, 11/15/2032 | $1000000 | $1003642 |
|  Meta Platforms, Inc., 4.60%, 11/15/2032 | 1000000 | 1002786 |
|  Uber Technologies Inc, 4.50%, 8/15/2029 <sup>(a)</sup> | 1000000 | 997778 |
|  |  | 3004206 |
|  **Consumer Discretionary — 4.55%** | **Consumer Discretionary — 4.55%** | **Consumer Discretionary — 4.55%** |
|  Ford Motor Credit Co., LLC, 5.13%, 11/5/2026 | 1000000 | 1005876 |
|  General Motors Financial Co., Inc., 1.50%, 6/10/2026 | 1000000 | 991443 |
|  Hyundai Capital America, 4.55%, 9/26/2029 <sup>(a)</sup> | 1000000 | 1008319 |
|  Lowe's Cos, Inc., 4.00%, 10/15/2028 | 1000000 | 1001394 |
|  McDonald's Corp., 4.80%, 8/14/2028 | 1000000 | 1020776 |
|  McDonald's Corp., MTN, 5.00%, 5/17/2029 | 2000000 | 2059364 |
|  Royal Caribbean Cruises Ltd., 5.50%, 8/31/2026 <sup>(a)</sup> | 1000000 | 1001068 |
|  |  | 8088240 |
|  **Consumer Staples — 2.29%** | **Consumer Staples — 2.29%** | **Consumer Staples — 2.29%** |
|  Albertsons Cos Inc / Safeway Inc /, 4.63%, 1/15/2027 <sup>(a)</sup> | 1000000 | 999893 |
|  Mars, Inc., 4.80%, 3/1/2030 <sup>(a)</sup> | 2000000 | 2044001 |
|  Tyson Foods, Inc., 5.40%, 3/15/2029 | 1000000 | 1035438 |
|  |  | 4079332 |
|  **Financials — 12.96%** | **Financials — 12.96%** | **Financials — 12.96%** |
|  Air Lease Corp., 1.88%, 8/15/2026 | 500000 | 494262 |
|  Antares Holdings LP, 3.95%, 7/15/2026 <sup>(a)</sup> | 1500000 | 1495650 |
|  Avolon Holdings Funding Ltd., 2.13%, 2/21/2026 <sup>(a)</sup> | 801000 | 799907 |
|  Charles Schwab Corp./ The, 4.00%, 12/31/2049 (H15T5Y + 316.80bps)<sup>(b)</sup> | $1000000 | $996475 |
|  Citigroup, Inc., 4.66%, 6/9/2027 (SOFR + 77.0bps)<sup>(b)</sup> | 1000000 | 1001176 |
|  CNO Global Funding, 1.75%, 10/7/2026 <sup>(a)</sup> | 500000 | 492481 |
|  Goldman Sachs Group, Inc. (The), 4.54%, 3/9/2027 (SOFR + 81.0bps)<sup>(b)</sup> | 1000000 | 1000752 |
|  Goldman Sachs Group, Inc. (The), 4.51%, 10/21/2027 (SOFR + 92.0bps)<sup>(b)</sup> | 2000000 | 2006166 |
|  HSBC Holdings PLC, 5.54%, 11/19/2030 (SOFR + 129bps)<sup>(b)</sup> | 2000000 | 2027051 |
|  ING Groep NV, 4.91%, 4/1/2027 (SOFR + 101.0bps)<sup>(b)</sup> | 2000000 | 2002155 |
|  Jackson National Life Global Funding, 4.60%, 10/1/2029 <sup>(a)</sup> | 1000000 | 1003394 |
|  JPMorgan Chase & Co., 4.83%, 4/22/2027 (SOFR + 88.5bps)<sup>(b)</sup> | 2000000 | 2003018 |
|  JPMorgan Chase & Co., 5.00%, 2/24/2028 (SOFR + 118.0bps)<sup>(b)</sup> | 1000000 | 1007281 |
|  JPMorgan Chase Bank NA, 5.11%, 12/8/2026 | 1000000 | 1010759 |
|  Morgan Stanley Bank NA, 4.58%, 7/14/2028 (SOFR + 94bps)<sup>(b)</sup> | 1500000 | 1510849 |
|  Nomura Holdings, Inc., 1.65%, 7/14/2026 | 1000000 | 989739 |
|  Principal Life Global Funding II, MTN, 1.50%, 11/17/2026 <sup>(a)</sup> | 1000000 | 981903 |
|  SMBC Aviation Capital Finance DAC, 1.90%, 10/15/2026 <sup>(a)</sup> | 1000000 | 984933 |
|  Societe Generale SA, MTN, 1.79%, 6/9/2027 (H15T5Y + 100.0bps)<sup>(a),(b)</sup> | 1000000 | 991363 |

---

**YORKTOWN SHORT TERM BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Voya Financial, Inc., 3.65%, 6/15/2026 | $250000 | $249709 |
|  |  | 23049023 |
|  **Industrials — 4.50%** | **Industrials — 4.50%** | **Industrials — 4.50%** |
|  Ashtead Capital, Inc., 1.50%, 8/12/2026 <sup>(a)</sup> | 1000000 | 985167 |
|  BWX Technologies Inc, 4.13%, 6/30/2028 <sup>(a)</sup> | 500000 | 492993 |
|  Caterpillar Financial Services Corp., 4.40%, 3/3/2028 | 3000000 | 3037710 |
|  Penske Truck Leasing Co. LP, 1.70%, 6/15/2026 <sup>(a)</sup> | 1000000 | 991616 |
|  Triton Container International Ltd., 2.05%, 4/15/2026 <sup>(a)</sup> | 1000000 | 995715 |
|  Vertiv Group Corp., 4.13%, 11/15/2028 <sup>(a)</sup> | 500000 | 492713 |
|  Vontier Corp., 1.80%, 4/1/2026 | 1000000 | 995836 |
|  |  | 7991750 |
|  **Materials — 2.22%** | **Materials — 2.22%** | **Materials — 2.22%** |
|  Berry Global, Inc., 1.65%, 1/15/2027 | 2000000 | 1957386 |
|  Sealed Air Corp., 1.57%, 10/15/2026 <sup>(a)</sup> | 1000000 | 983415 |
|  Sherwin-Williams Co. (The), 4.55%, 3/2/2028 | 1000000 | 1013006 |
|  |  | 3953807 |
|  **Real Estate — 0.28%** | **Real Estate — 0.28%** | **Real Estate — 0.28%** |
|  American Tower Corp., 1.60%, 4/15/2026 | 500000 | 497658 |
|  **Technology — 5.23%** | **Technology — 5.23%** | **Technology — 5.23%** |
|  Booz Allen Hamilton, Inc., 3.88%, 9/1/2028 <sup>(a)</sup> | 1000000 | 983975 |
|  DXC Technology Co., 1.80%, 9/15/2026 | 286000 | 282065 |
|  Global Payments, Inc., 4.80%, 4/1/2026 | 1000000 | 1001047 |
|  Hewlett Packard Enterprise Co., 4.55%, 10/15/2029 | 1500000 | 1511305 |
|  International Business Machines Corp., 4.80%, 2/10/2030 | 1000000 | 1023198 |
|  Jabil, Inc., 1.70%, 4/15/2026 | $1000000 | $995450 |
|  Leidos, Inc., 4.38%, 5/15/2030 | 1000000 | 999505 |
|  Marvell Technology, Inc., 1.65%, 4/15/2026 | 1000000 | 995102 |
|  Oracle Corp., 4.80%, 8/3/2028 | 1000000 | 1007126 |
|  Wipro IT Services LLC, 1.50%, 6/23/2026 <sup>(a)</sup> | 500000 | 494654 |
|  |  | 9293427 |
|  **Utilities — 5.94%** | **Utilities — 5.94%** | **Utilities — 5.94%** |
|  Ameren Corp., 1.95%, 3/15/2027 | 500000 | 489315 |
|  Black Hills Corp., 4.55%, 1/31/2031 | 1000000 | 999823 |
|  Duke Energy Corp., 4.30%, 3/15/2028 | 1000000 | 1006834 |
|  Enel Finance International NV, 1.63%, 7/12/2026 <sup>(a)</sup> | 1000000 | 989376 |
|  Georgia Power Co., 4.55%, 3/15/2030 | 1000000 | 1015377 |
|  Liberty Utilities Co., 5.58%, 1/31/2029 <sup>(a)</sup> | 1000000 | 1031953 |
|  National Rural Utilities Cooperative Finance Corp., 4.30%, 12/10/2030 | 1500000 | 1498737 |
|  NextEra Energy Capital Holdings, Inc., 1.88%, 1/15/2027 | 1000000 | 981999 |
|  NSTAR Electric Co., 4.85%, 3/1/2030 | 2000000 | 2048598 |
|  Wisconsin Electric Power Co., 4.15%, 10/15/2030 | 500000 | 498525 |
|  |  | 10560537 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds and Notes** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds and Notes** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds and Notes** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $70,247,743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $70,247,743) | 70517980 |

---

**YORKTOWN SHORT TERM BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  **ASSET BACKED SECURITIES — 7.73%** | **ASSET BACKED SECURITIES — 7.73%** | **ASSET BACKED SECURITIES — 7.73%** |
|  Air Canada Pass Through Trust, Series 2020-2, Class A, 5.25%, 10/1/2030 <sup>(a)</sup> | $143394 | $146489 |
|  American Airlines Pass Through Trust, Series 2014-1, Class A, 3.70%, 10/1/2026 | 1392046 | 1387432 |
|  Amur Equipment Finance Receivables XIII LLC, Series 2024-1A, Class A2, 5.38%, 1/21/2031 <sup>(a)</sup> | 230182 | 233085 |
|  BHG Securitization Trust, Series 2024-1A, Class A, 5.81%, 4/17/2035 <sup>(a)</sup> | 89791 | 92230 |
|  Carvana Auto Receivables Trust, Series 2022-P2, Class D, 6.28%, 5/10/2029 | 1000000 | 1028071 |
|  Dell Equipment Finance Trust, Series 2023-2, Class C, 6.06%, 1/22/2029 <sup>(a)</sup> | 523000 | 524871 |
|  Dllad LLC, Series 2024-1A, Class A3, 5.30%, 7/20/2029 (TSFR3M + 181.2bps)<sup>(a),(b)</sup> | 1000000 | 1021206 |
|  Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69%, 6/15/2029 | 978425 | 994305 |
|  GreatAmerica Leasing Receivables Funding, Series 2024-2, Class C, 5.28%, 5/17/2032 <sup>(a)</sup> | 1000000 | 1022782 |
|  Hilton Grand Vacations Trust, Series 2020-AA, Class C, 6.42%, 2/25/2039 <sup>(a)</sup> | 247952 | 250118 |
|  HPEFS Equipment Trust, Series 2024-2A, Class B, 5.35%, 10/20/2031 <sup>(a)</sup> | 500000 | 505455 |
|  ITE Rail Fund Levered LP, Series 2021-1A, Class A, 2.25%, 2/28/2051 <sup>(a)</sup> | 396734 | 378800 |
|  Kubota Credit Owner Trust, Series 2024-1A, Class A4, MTN, 5.20%, 1/15/2030 <sup>(a)</sup> | $1000000 | $1023490 |
|  Navient Student Loan Trust, Series 2018-BA, Class A2A, 3.61%, 12/15/2059 <sup>(a)</sup> | 2109 | 2108 |
|  Octane Receivables Trust, Series 2023-3A, Class A2, 6.44%, 3/20/2029 <sup>(a)</sup> | 124890 | 125431 |
|  Octane Receivables Trust, Series 2023-3A, Class B, 6.48%, 7/20/2029 <sup>(a)</sup> | 1008000 | 1020705 |
|  Octane Receivables Trust, Series RVM1, Class A, 5.01%, 1/22/2046 <sup>(a)</sup> | 610016 | 622354 |
|  Post Road Equipment Finance LLC, Series 2024-1A, Class A2, MTN, 5.59%, 11/15/2029 <sup>(a)</sup> | 58852 | 59153 |
|  Post Road Equipment Finance LLC, Series 2025-1A, Class D, 5.43%, 5/15/2031 <sup>(a)</sup> | 500000 | 508656 |
|  SCF Equipment Leasing LLC, Series 2025-1A, Class C, 5.37%, 9/20/2034 <sup>(a)</sup> | 500000 | 516181 |
|  SLM Private Credit Student Loan Trust, Series 2006-A, Class A5, 4.28%, 6/15/2039 (TSFR3M + 55.2bps)<sup>(b)</sup> | 64653 | 62457 |
|  Trinity Rail Leasing LLC, Series 2019-2A, Class A2, 3.10%, 10/18/2049 <sup>(a)</sup> | 685000 | 682724 |
|  United Airlines Pass Through Trust, Series 2016-1, Class A, 3.45%, 7/7/2028 | 551492 | 537950 |
|  United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 4/15/2029 | 325606 | 333921 |

---

**YORKTOWN SHORT TERM BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Verdant Receivables LLC, Series 2024-1A, Class A2, 5.68%, 12/12/2031 <sup>(a)</sup> | $660534 | $671608 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset Backed Securities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $13,586,942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $13,586,942) | 13751582 |
|  **U.S. GOVERNMENT & AGENCIES — 47.57%** | **U.S. GOVERNMENT & AGENCIES — 47.57%** | **U.S. GOVERNMENT & AGENCIES — 47.57%** |
|  Fannie Mae, Pool #FM7007, 4.00%, 10/1/2033 | 507241 | 507708 |
|  Fannie Mae, Pool #MA4023, 3.50%, 1/1/2035 | 728884 | 715299 |
|  Fannie Mae, Pool #MA4038, 3.00%, 4/1/2035 | 187576 | 179624 |
|  Fannie Mae, Pool #MA4797, 4.00%, 11/1/2037 | 574638 | 567898 |
|  Fannie Mae, Pool #MA4915, 5.00%, 2/1/2038 | 539344 | 546423 |
|  Fannie Mae, Pool #CA8902, 2.50%, 2/1/2041 | 635561 | 576409 |
|  Fannie Mae, Pool #MA4364, 2.00%, 5/1/2041 | 667458 | 586697 |
|  Fannie Mae, Pool #MA4961, 5.00%, 3/1/2043 | 674151 | 687783 |
|  Fannie Mae, Pool #MA4988, 5.00%, 4/1/2043 | 613694 | 626104 |
|  Fannie Mae, Pool #BM4676, 4.00%, 10/1/2048 | 712651 | 695130 |
|  Fannie Mae, Pool #CA5970, 2.50%, 6/1/2050 | 658492 | 560689 |
|  Fannie Mae, Pool #CA6951, 2.50%, 9/1/2050 | 550981 | 475676 |
|  Fannie Mae, Pool #FM7195, 2.50%, 9/1/2050 | 720726 | 614027 |
|  Fannie Mae, Pool #CB0397, 3.00%, 5/1/2051 | $585311 | $523850 |
|  Fannie Mae, Pool #FM8361, 2.50%, 8/1/2051 | 594535 | 509339 |
|  Fannie Mae, Pool #FS1428, 4.00%, 4/1/2052 | 1428947 | 1373086 |
|  Fannie Mae, Pool #MA4732, 4.00%, 9/1/2052 | 796791 | 762617 |
|  Fannie Mae, Pool #QE9380, 4.50%, 9/1/2052 | 771952 | 759784 |
|  Fannie Mae, Pool #MA4918, 5.00%, 2/1/2053 | 775179 | 778557 |
|  Fannie Mae, Pool #MA4970, 6.00%, 2/1/2053 | 780986 | 789956 |
|  Fannie Mae, Pool #BX7767, 5.50%, 3/1/2053 | 1438647 | 1464692 |
|  Fannie Mae, Pool #MA5054, 4.00%, 6/1/2053 | 859679 | 822275 |
|  Fannie Mae, Pool #FS5779, 5.50%, 9/1/2053 | 789826 | 806389 |
|  Fannie Mae, Pool #MA5165, 5.50%, 10/1/2053 | 1523789 | 1549672 |
|  Fannie Mae, Pool #FS6679, 6.00%, 12/1/2053 | 758434 | 780412 |
|  Fannie Mae, Pool #DB3808, 6.00%, 5/1/2054 | 872016 | 895923 |
|  Fannie Mae, Pool #MA5445, 6.00%, 8/1/2054 | 1400683 | 1434925 |
|  Fannie Mae, Pool #MA5615, 6.00%, 2/1/2055 | 759897 | 778263 |
|  Fannie Mae, Pool #MA5700, 5.50%, 5/1/2055 | 1316137 | 1335734 |
|  Fannie Mae Pool, 4.00%, 5/1/2052 | 1171696 | 1124620 |

---

**YORKTOWN SHORT TERM BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Fannie Mae Pool, 5.00%, 9/1/2054 | $916006 | $916760 |
|  Fannie Mae Pool, 6.00%, 10/1/2054 | 1210691 | 1240233 |
|  Fannie Mae Pool, 4.50%, 5/1/2055 | 958386 | 940313 |
|  Fannie Mae Pool, 6.00%, 6/1/2055 | 871100 | 892154 |
|  Fannie Mae Pool, 4.00%, 7/1/2055 | 1462758 | 1398492 |
|  Federal Farm Credit Banks Funding Corp., 4.89%, 9/12/2033 | 1000000 | 999925 |
|  Federal Farm Credit Banks Funding Corp., 5.60%, 8/5/2039 | 1000000 | 1000939 |
|  Federal Farm Credit Banks Funding Corp., 5.42%, 12/18/2040 | 1000000 | 997286 |
|  Federal Farm Credit Banks Funding Corp., 5.37%, 8/26/2044 | 2000000 | 1996380 |
|  Federal Farm Credit Banks Funding Corp., 5.74%, 3/6/2045 | 2000000 | 2001585 |
|  Federal Farm Credit Banks Funding Corp., 5.90%, 4/21/2045 | 1000000 | 1001677 |
|  Federal Farm Credit Banks Funding Corp., 5.93%, 5/1/2045 | 2000000 | 2009686 |
|  Federal Farm Credit Banks Funding Corp., 5.49%, 9/23/2049 | 1000000 | 999157 |
|  Federal Home Loan Banks, 5.07%, 1/23/2030 | 1000000 | 1000080 |
|  Federal Home Loan Banks, 5.15%, 6/4/2038 | 500000 | 499130 |
|  Federal Home Loan Banks, 5.44%, 9/23/2039 | 500000 | 499463 |
|  Federal Home Loan Banks, 5.00%, 10/28/2039 | 300000 | 300070 |
|  Federal Home Loan Banks, 5.70%, 2/6/2040 | 1500000 | 1500322 |
|  Federal Home Loan Banks, 5.24%, 2/27/2040 | 1000000 | 1022414 |
|  Federal Home Loan Banks, 5.75%, 2/27/2040 | $1000000 | $1001404 |
|  Federal Home Loan Banks, 5.34%, 1/9/2041 | 1000000 | 998888 |
|  Federal Home Loan Banks, 5.50%, 9/25/2042 | 1000000 | 999429 |
|  Federal Home Loan Banks, 5.50%, 11/25/2044 | 1000000 | 1000595 |
|  Federal Home Loan Banks, 5.90%, 2/27/2045 | 1000000 | 1001506 |
|  Federal Home Loan Banks, 5.94%, 5/8/2045 | 1500000 | 1507176 |
|  Federal Home Loan Banks, 5.40%, 11/29/2049 | 1000000 | 1015495 |
|  Freddie Mac, Pool #SB8229, 4.50%, 5/1/2038 | 1256980 | 1260511 |
|  Freddie Mac, Pool #QA5121, 2.50%, 12/1/2049 | 801475 | 689272 |
|  Freddie Mac, Pool #SD8230, 4.50%, 6/1/2052 | 734303 | 722804 |
|  Freddie Mac, Pool #SD1087, 3.50%, 6/1/2052 | 767218 | 713620 |
|  Freddie Mac, Pool #QE2792, 4.00%, 6/1/2052 | 856394 | 823311 |
|  Freddie Mac, Pool #SD2322, 4.50%, 9/1/2052 | 811767 | 798369 |
|  Freddie Mac, Pool #QE9380, 5.00%, 9/1/2052 | 712616 | 715904 |
|  Freddie Mac, Pool #SD8306, 4.50%, 2/1/2053 | 826853 | 812457 |
|  Freddie Mac, Pool #QG1666, 5.00%, 3/1/2053 | 796636 | 803765 |
|  Freddie Mac, Pool #QF8790, 5.50%, 3/1/2053 | 825733 | 841270 |

---

**YORKTOWN SHORT TERM BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Fair Value** |
|  Freddie Mac, Pool #SD2642, 5.50%, 4/1/2053 | $| 814479 | $835020 |
|  Freddie Mac, Pool #SD3437, 5.00%, 4/1/2053 |  | 1632503 | 1641124 |
|  Freddie Mac, Pool #SD2757, 5.00%, 5/1/2053 |  | 784431 | 791220 |
|  Freddie Mac, Pool #SD8329, 5.00%, 6/1/2053 |  | 819407 | $822683 |
|  Freddie Mac, Pool #SD8357, 4.00%, 8/1/2053 |  | 879360 | 841757 |
|  Freddie Mac, Pool #SD8373, 6.00%, 10/1/2053 |  | 1334786 | 1369048 |
|  Freddie Mac, Pool #SD8408, 5.50%, 3/1/2054 |  | 1946877 | 1976386 |
|  Freddie Mac, Pool #SD5083, 5.50%, 3/1/2054 |  | 782300 | 795230 |
|  Freddie Mac, Pool #SD8421, 6.00%, 4/1/2054 |  | 687585 | 705737 |
|  Freddie Mac, Pool #SD8431, 5.50%, 5/1/2054 |  | 795949 | 807973 |
|  Freddie Mac, Pool #SD8453, 5.50%, 8/1/2054 |  | 1633722 | 1658154 |
|  Freddie Mac, Pool #SD8516, 6.00%, 3/1/2055 |  | 1163548 | 1191758 |
|  Freddie Mac Pool, 5.00%, 11/1/2054 |  | 1291705 | 1292769 |
|  Freddie Mac Pool, 5.00%, 11/1/2054 |  | 908731 | 909591 |
|  Freddie Mac Pool, 5.00%, 5/1/2055 |  | 957340 | 958129 |
|  Freddie Mac Pool, 5.00%, 10/1/2055 |  | 985252 | 985833 |
|  UMBS Fannie Mae Pool, 4.50%, 5/1/2054 |  | 1830410 | 1795891 |
|  UMBS Fannie Mae Pool, 5.00%, 2/1/2055 |  | 1394880 | 1396029 |
|  United States Treasury Note/Bond, 4.38%, 11/30/2028 | $| 3000000 | $3061992 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government & Agencies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government & Agencies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government & Agencies** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $84,503,809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $84,503,809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $84,503,809) | 84587727 |
|  **COLLATERALIZED LOAN OBLIGATIONS — 1.97%** | **COLLATERALIZED LOAN OBLIGATIONS — 1.97%** | **COLLATERALIZED LOAN OBLIGATIONS — 1.97%** | **COLLATERALIZED LOAN OBLIGATIONS — 1.97%** |
|  Benefit Street Partners CLO XXV Ltd., Series 21-25A, Class A2R, 4.87%, 1/15/2035 (TSFR3M + 120bps)<sup>(a),(b)</sup> |  | 1000000 | 998131 |
|  Elmwood CLO 38 Ltd., Series 2025-1A, Class A, 5.01%, 4/22/2038 (TSFR3M + 115.0bps)<sup>(a),(b)</sup> |  | 500000 | 499746 |
|  ICG US CLO Ltd., Series 2014-1A, Class A1, 5.13%, 10/20/2034 (TSFR3M + 146.2bps)<sup>(a),(b)</sup> |  | 1000000 | 1001304 |
|  Oaktree CLO Ltd., Series 2019-3, 5.05%, 1/20/2038 (TSFR3M + 138.0bps)<sup>(a),(b)</sup> |  | 1000000 | 1002916 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Loan Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Loan Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Loan Obligations** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,500,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,500,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,500,000) | 3502097 |
|  **Total Investments — 96.93%** | **Total Investments — 96.93%** | **Total Investments — 96.93%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $171,838,494) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $171,838,494) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $171,838,494) | 172359386 |
|  **Other Assets in Excess of Liabilities — 3.07%** | **Other Assets in Excess of Liabilities — 3.07%** | **Other Assets in Excess of Liabilities — 3.07%** | 5452940 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | $177812326 |

---

<sup>(a)</sup> 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 January 31, 2026 was $34,151,810, representing 19.21% of net assets. 

**YORKTOWN SHORT TERM BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of January 31, 2026. 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. 

H15T5Y— 5 Year Treasury Rate

MTN— Medium Term Note

SOFR— Secured Overnight Financing Rate

TSFR3M— Secured Overnight Financing Rate (3 Month)

*The accompanying notes are an integral part of these financial statements.*

**Yorktown Small Cap Fund** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **COMMON STOCKS — 98.50%** | **COMMON STOCKS — 98.50%** | **COMMON STOCKS — 98.50%** |
|  **Communications — 1.88%** | **Communications — 1.88%** | **Communications — 1.88%** |
|  Grab Holdings Ltd., Class A<sup>(a)</sup> | 52000 | $223600 |
|  Upwork, Inc.<sup>(a)</sup> | 21900 | 438657 |
|  |  | 662257 |
|  **Consumer Discretionary — 13.03%** | **Consumer Discretionary — 13.03%** | **Consumer Discretionary — 13.03%** |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 775 | 374775 |
|  Boot Barn Holdings, Inc.<sup>(a)</sup> | 2550 | 455124 |
|  Boyd Gaming Corp. | 2700 | 228258 |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 740 | 68546 |
|  Cavco Industries, Inc.<sup>(a)</sup> | 800 | 393616 |
|  Churchill Downs, Inc. | 2850 | 280326 |
|  DraftKings, Inc., Class A<sup>(a)</sup> | 9960 | 273999 |
|  FirstCash Holdings, Inc. | 2650 | 451825 |
|  Group 1 Automotive, Inc. | 690 | 244439 |
|  Interface, Inc. | 7225 | 227371 |
|  Liquidity Services, Inc.<sup>(a)</sup> | 4600 | 147200 |
|  NIQ Global Intelligence plc<sup>(a)</sup> | 17550 | 298174 |
|  SharkNinja, Inc.<sup>(a)</sup> | 3500 | 413700 |
|  Sportradar Group AG<sup>(a)</sup> | 13600 | 246296 |
|  Texas Roadhouse, Inc. | 1330 | 239214 |
|  Universal Technical Institute, Inc.<sup>(a)</sup> | 8450 | 235164 |
|  |  | 4578027 |
|  **Consumer Staples — 2.51%** | **Consumer Staples — 2.51%** | **Consumer Staples — 2.51%** |
|  Chefs' Warehouse, Inc. (The)<sup>(a)</sup> | 7050 | 443445 |
|  elf Beauty, Inc.<sup>(a)</sup> | 2650 | 225224 |
|  Performance Food Group Co.<sup>(a)</sup> | 2250 | 214762 |
|  |  | 883431 |
|  **Energy — 3.21%** | **Energy — 3.21%** | **Energy — 3.21%** |
|  Kodiak Gas Services Inc | 7500 | 315075 |
|  Par Pacific Holdings, Inc.<sup>(a)</sup> | 9900 | 373626 |
|  Range Resources Corp. | 5400 | 204390 |
|  Select Water Solutions, Inc., Class A | 19450 | 235151 |
|  |  | 1128242 |
|  **Financials — 17.03%** | **Financials — 17.03%** | **Financials — 17.03%** |
|  Bancorp, Inc. (The)<sup>(a)</sup> | 4300 | 255592 |
|  Brookfield Asset Management Ltd. | 5637 | 280215 |
|  Enova International, Inc.<sup>(a)</sup> | 2250 | $371633 |
|  Freedom Holding Corp.<sup>(a)</sup> | 3700 | 457690 |
|  Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 5050 | 312292 |
|  Kinsale Capital Group, Inc. | 660 | 261281 |
|  LPL Financial Holdings, Inc. | 2300 | 838350 |
|  Marex Group PLC<sup>(a)</sup> | 5900 | 232932 |
|  NerdWallet, Inc., Class A<sup>(a)</sup> | 15100 | 182106 |
|  Palomar Holdings, Inc.<sup>(a)</sup> | 2000 | 247180 |
|  Robinhood Markets, Inc., Class A<sup>(a)</sup> | 12300 | 1223604 |
|  Root Inc, Class A<sup>(a)</sup> | 1750 | 108727 |
|  Seacoast Banking Corp. of Florida | 9250 | 309320 |
|  SmartFinancial, Inc.<sup>(a)</sup> | 6750 | 269460 |
|  StoneX Group, Inc.<sup>(a)</sup> | 3300 | 370458 |
|  Velocity Financial, Inc.<sup>(a)</sup> | 13000 | 263770 |
|  |  | 5984610 |
|  **Health Care — 8.60%** | **Health Care — 8.60%** | **Health Care — 8.60%** |
|  ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 12050 | 302816 |
|  Ensign Group, Inc. (The) | 2100 | 360486 |
|  Guardant Health, Inc.<sup>(a)</sup> | 5550 | 632922 |
|  Insmed, Inc.<sup>(a)</sup> | 5850 | 917690 |
|  iRadimed Corporation<sup>(a)</sup> | 2250 | 220230 |
|  Progyny, Inc.<sup>(a)</sup> | 11500 | 274505 |
|  Rhythm Pharmaceuticals Inc<sup>(a)</sup> | 3050 | 312686 |
|  |  | 3021335 |
|  **Industrials — 24.46%** | **Industrials — 24.46%** | **Industrials — 24.46%** |
|  AeroVironment, Inc.<sup>(a)</sup> | 1994 | 555110 |
|  Argan, Inc. | 670 | 232564 |
|  AZZ, Inc. | 3750 | 466087 |
|  Badger Meter, Inc. | 1650 | 241857 |
|  Cactus, Inc., Class A | 6950 | 390798 |
|  CECO Environmental Corp.<sup>(a)</sup> | 3200 | 215776 |
|  Construction Partners, Inc., Class A<sup>(a)</sup> | 4800 | 527424 |
|  CSW Industrials, Inc. | 1300 | 350974 |
|  Evolv Technologies Holdings, Inc.<sup>(a)</sup> | 35900 | 222221 |
|  Gorman-Rupp Company (The) | 4300 | 234307 |
|  Herc Holdings, Inc. | 1700 | 243678 |

---

**YORKTOWN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS, Continued** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  IES Holdings, Inc.<sup>(a)</sup> | 940 | $357473 |
|  Installed Building Products, Inc. | 1600 | 461024 |
|  Itron, Inc.<sup>(a)</sup> | 3000 | 297240 |
|  Kadant, Inc. | 1425 | 457482 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 6200 | 638662 |
|  Mueller Industries, Inc. | 6650 | 905331 |
|  Napco Security Technologies Inc<sup>(a)</sup> | 9900 | 365211 |
|  Primoris Services Corp. | 2050 | 303912 |
|  RBC Bearings, Inc.<sup>(a)</sup> | 970 | 484680 |
|  V2X, Inc.<sup>(a)</sup> | 5400 | 371682 |
|  WESCO International, Inc. | 950 | 274959 |
|  |  | 8598452 |
|  **Materials — 4.10%** | **Materials — 4.10%** | **Materials — 4.10%** |
|  Balchem Corp. | 2500 | 425425 |
|  Hawkins, Inc. | 1450 | 188862 |
|  Ramaco Resources, Inc., Class A | 19150 | 373616 |
|  Tecnoglass, Inc.<sup>(a)</sup> | 4050 | 198086 |
|  United States Lime & Minerals, Inc. | 2100 | 253113 |
|  |  | 1439102 |
|  **Real Estate — 1.17%** | **Real Estate — 1.17%** | **Real Estate — 1.17%** |
|  Hannon Armstrong Sustainable Infrastructure | 12000 | 412920 |
|  **Technology — 22.51%** | **Technology — 22.51%** | **Technology — 22.51%** |
|  ACM Research, Inc., Class A<sup>(a)</sup> | 13300 | 772996 |
|  Alignment Healthcare, Inc.<sup>(a)</sup> | 12300 | 277119 |
|  Allegro Microsystems, Inc.<sup>(a)</sup> | 11300 | 417083 |
|  Calix, Inc.<sup>(a)</sup> | 9000 | 402030 |
|  CyberArk Software Ltd.<sup>(a)</sup> | 950 | 409288 |
|  Dlocal Ltd., Class A<sup>(a)</sup> | 35400 | 476484 |
|  Globant SA<sup>(a)</sup> | 4700 | 314336 |
|  Intapp, Inc.<sup>(a)</sup> | 6600 | 224070 |
|  IREN Ltd.<sup>(a)</sup> | 9450 | 507843 |
|  NCR Atleos Corp.<sup>(a)</sup> | 10400 | 387920 |
|  Nova Ltd.<sup>(a)</sup> | 1800 | 824112 |
|  Pagseguro Digital Ltd., Class A<sup>(a)</sup> | 37800 | 425250 |
|  PDF Solutions, Inc.<sup>(a)</sup> | 6850 | 218172 |
|  Procore Technologies, Inc.<sup>(a)</sup> | 4100 | $231609 |
|  Rambus, Inc.<sup>(a)</sup> | 7000 | 796810 |
|  Riot Platforms, Inc.<sup>(a)</sup> | 17100 | 264537 |
|  Super Micro Computer, Inc.<sup>(a)</sup> | 8700 | 253257 |
|  UiPath, Inc., Class A<sup>(a)</sup> | 17250 | 217178 |
|  Zeta Global Holdings Corp., Class A<sup>(a)</sup> | 11800 | 219244 |
|  ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 33950 | 273298 |
|  |  | 7912636 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $23,786,697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $23,786,697) | 34621012 |
|  **Total Investments — 98.50%** | **Total Investments — 98.50%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $23,786,697) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $23,786,697) | 34621012 |
|  **Other Assets in Excess of Liabilities — 1.50%** | **Other Assets in Excess of Liabilities — 1.50%** | 527358 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | $35148370 |

---

<sup>(a)</sup> Non-income producing security.

*The accompanying notes are an integral part of these financial statements.*

**YORKTOWN FUNDS** 

**Statements of Assets and Liabilities** 

**January 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth <br> Fund** | **Multi-<br> Sector <br> Bond <br> Fund** | **Short Term <br> Bond<br> Fund** | **Small Cap <br> Fund** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments at value (identified cost of $54,442,321, $335,721,508, $171,838,494 and $23,786,697, respectively) | $97308401 | $334139283 | $172359386 | $34621012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 97308401 | 334139283 | 172359386 | 34621012 |
| &nbsp;&nbsp;&nbsp; Cash | 567017 | 17796469 | 4175571 | 560449 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | 15428 | 3059935 | 1421046 | 7135 |
| &nbsp;&nbsp;&nbsp; Receivable for securities sold |  | 336980 |  |  |
| &nbsp;&nbsp;&nbsp; Reclaims receivable | 14659 | 50409 |  |  |
| &nbsp;&nbsp;&nbsp; Receivable for shareholder purchases | 3238 | 4567889 | 73787 | 2462 |
| &nbsp;&nbsp;&nbsp; **Other assets** | 33892 | 57645 | 40755 | 17958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 97942635 | 360008610 | 178070545 | 35209016 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for shareholder redemptions | 11408 | 85870 | 65471 | 8067 |
| &nbsp;&nbsp;&nbsp; Accrued distribution fees | 34761 | 96325 | 41078 | 9024 |
| &nbsp;&nbsp;&nbsp; Accrued advisory fees | 75905 | 123831 | 81227 | 18463 |
| &nbsp;&nbsp;&nbsp; Accrued accounting service and transfer agent fees | 16171 | 35320 | 22252 | 11443 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | 23405 | 69846 | 48191 | 13649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 161650 | 411192 | 258219 | 60646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $97780985 | $359597418 | $177812326 | $35148370 |

---

**YORKTOWN FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth <br> Fund** | **Multi-<br> Sector <br> Bond <br> Fund** | **Short Term <br> Bond<br> Fund** | **Small Cap <br> Fund** |
|  **Shares of beneficial interest (unlimited number of shares authorized; no par value)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class: Shares outstanding | 2115802 | 25459330 | 23824889 | 1317161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $48570295 | $236636069 | $101039187 | $23463972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $22.96 | $9.29 | $4.24 | $17.81 |
| &nbsp;&nbsp;&nbsp; Class A: Shares outstanding | 415901 | 2233786 | 1672581 | 106647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $8793291 | $19456250 | $6591465 | $1857935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $21.14 | $8.71 | $3.94 | $17.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<sup>(a)</sup> | $22.43 | $9.24 | $4.03 | $18.48 |
| &nbsp;&nbsp;&nbsp; Class L: Shares outstanding | 2786142 | 12720712 | 19908704 | 609621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $40417399 | $102103922 | $70181674 | $9826463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $14.51 | $8.03 | $3.53 | $16.12 |
| &nbsp;&nbsp;&nbsp; Class C: Shares outstanding |  | 179060 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $1401177 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share |  | $7.83 |  |  |
|  **Net assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $56831466 | $576275032 | $201692589 | $28257012 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (deficit) | 40949519 | (216677614) | (23880263) | 6891358 |
|  **Net assets applicable to outstanding shares of beneficial interest** | $97780985 | $359597418 | $177812326 | $35148370 |

---

<sup>(a)</sup> *Based on maximum initial sales charge of 5.75% (2.25% for the Short Term Bond Fund).* 

*The accompanying notes are an integral part of these financial statements.*

**YORKTOWN FUNDS** 

**Statements of Operations** 

**For the Year Ended January 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth <br> Fund** | **Multi-<br> Sector <br> Bond <br> Fund** | **Short Term <br> Bond<br> Fund** | **Small Cap <br> Fund** |
|  **Investment income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends (net of foreign taxes withheld of $55,463, $—, $— and $—, respectively) | $561614 | $169736 | $— | $220884 |
| &nbsp;&nbsp;&nbsp; Interest | 43528 | 18567203 | 8448819 | 23177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 605142 | 18736939 | 8448819 | 244061 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 822800 | 1438087 | 1305970 | 279627 |
| &nbsp;&nbsp;&nbsp; Distribution fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 105257 |  | 4757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L | 375347 | 1067725 | 556451 | 99140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 24949 |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 108094 | 327967 | 185521 | 75994 |
| &nbsp;&nbsp;&nbsp; Accounting service fees | 80208 | 114933 | 88715 | 74908 |
| &nbsp;&nbsp;&nbsp; Registration fees | 50720 | 73378 | 55524 | 49569 |
| &nbsp;&nbsp;&nbsp; Professional fees | 22614 | 63715 | 35626 | 14385 |
| &nbsp;&nbsp;&nbsp; Custodial fees | 11342 | 38465 | 21920 | 2991 |
| &nbsp;&nbsp;&nbsp; Trustee fees | 11306 | 42184 | 24668 | 3468 |
| &nbsp;&nbsp;&nbsp; Insurance | 10964 | 38070 | 21730 | 3527 |
| &nbsp;&nbsp;&nbsp; Shareholder reports | 10782 | 24086 | 15001 | 6728 |
| &nbsp;&nbsp;&nbsp; Line of credit fees | 5658 | 26413 | 13464 |  |
| &nbsp;&nbsp;&nbsp; Interest expense | 145 |  | 2882 | 455 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 39379 | 163543 | 96760 | 35287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 1549359 | 3548772 | 2424232 | 650836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less expenses waived by investment adviser | (99781) |  | (377465) | (126972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | 1449578 | 3548772 | 2046767 | 523864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (844436) | 15188167 | 6402052 | (279803) |
|  **Realized & Change in Unrealized Gain (Loss) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from security transactions | (163630) | (7034714) | (2392525) | 1044512 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from foreign currency | (1608) |  |  | 97 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation on investments | 9960834 | 14249554 | 5690412 | 718194 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation on foreign currency | 1552 |  |  | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain on investments | 9797148 | 7214840 | 3297887 | 1762934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | $8952712 | $22403007 | $9699939 | $1483131 |

---

*The accompanying notes are an integral part of these financial statements.*

**YORKTOWN FUNDS** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Fund** | **Growth Fund** | **Multi-Sector Bond Fund** | **Multi-Sector Bond Fund** |
|  | **For the <br> Year Ended <br> January 31, <br> 2026** | **For the <br> Year Ended <br> January 31, <br> 2025** | **For the <br> Year Ended <br> January 31, <br> 2026** | **For the <br> Year Ended <br> January 31, <br> 2025** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(844436) | $(294945) | $15188167 | $13387892 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from security transactions and foreign currency | (165238) | 2919138 | (7034714) | (2251072) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation on investments and foreign currency | 9962386 | 9407141 | 14249554 | 4093753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 8952712 | 12031334 | 22403007 | 15230573 |
|  **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | (178621) | (9987262) | (7324346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (33892) | (890923) | (1042749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L |  |  | (4370764) | (4783013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (109624) | (198654) |
|  |  | (212513) | (15358573) | (13348762) |
|  **Capital Transactions — Institutional Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 5986602 | 16274746 | 94268121 | 73956417 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions |  | 178004 | 9161475 | 6897770 |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (12110807) | (5524446) | (66096909) | (34051991) |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | (6124205) | 10928304 | 37332687 | 46802196 |
|  **Capital Transactions — Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 396424 | 641775 | 1588483 | 2254152 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions |  | 32768 | 756676 | 856909 |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (1137192) | (5842976) | (6664667) | (6838763) |
| &nbsp;&nbsp;&nbsp; Total Class A | (740768) | (5168433) | (4319508) | (3727702) |
|  **Capital Transactions — Class L:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 2760001 | 3476804 | 9992953 | 13651177 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions |  |  | 3884943 | 4314684 |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (3986083) | (4957630) | (25307556) | (30411976) |
| &nbsp;&nbsp;&nbsp; Total Class L | (1226082) | (1480826) | (11429660) | (12446115) |
|  **Capital Transactions — Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  | 4200 | 92725 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions |  |  | 63318 | 98191 |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed |  |  | (2614596) | (1717363) |
| &nbsp;&nbsp;&nbsp; Total Class C |  |  | (2547078) | (1526447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (8091055) | 4279045 | 19036441 | 29101932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets | 861657 | 16097866 | 26080875 | 30983743 |

---

**YORKTOWN FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Fund** | **Growth Fund** | **Multi-Sector Bond Fund** | **Multi-Sector Bond Fund** |
|  | **For the <br> Year Ended <br> January 31, <br> 2026** | **For the <br> Year Ended <br> January 31, <br> 2025** | **For the <br> Year Ended <br> January 31, <br> 2026** | **For the <br> Year Ended <br> January 31, <br> 2025** |
|  **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | $96919328 | $80821462 | $333516543 | $302532800 |
| &nbsp;&nbsp;&nbsp; End of year | $97780985 | $96919328 | $359597418 | $333516543 |
|  **Share Transactions — Institutional Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 285556 | 823638 | 10277808 | 8145721 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | 9036 | 1000214 | 764016 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (615256) | (280513) | (7171476) | (3765275) |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | (329700) | 552161 | 4106546 | 5144462 |
|  **Share Transactions — Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 20798 | 35779 | 185724 | 261270 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | 1806 | 88042 | 100921 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (64430) | (319017) | (775954) | (803596) |
| &nbsp;&nbsp;&nbsp; Total Class A | (43632) | (281432) | (502188) | (441405) |
|  **Share Transactions — Class L:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 212916 | 276487 | 1256368 | 1729589 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 489374 | 548065 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (307121) | (395800) | (3186864) | (3858625) |
| &nbsp;&nbsp;&nbsp; Total Class L | (94205) | (119313) | (1441122) | (1580971) |
|  **Share Transactions — Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  | 545 | 11953 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 8188 | 12782 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (338617) | (222538) |
| &nbsp;&nbsp;&nbsp; Total Class C |  |  | (329884) | (197803) |

---

**YORKTOWN FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short Term Bond Fund** | **Short Term Bond Fund** | **Small Cap Fund** | **Small Cap Fund** |
|  | **For the <br> Year Ended <br> January 31, <br> 2026** | **For the <br> Year Ended <br> January 31, <br> 2025** | **For the <br> Year Ended <br> January 31, <br> 2026** | **For the <br> Year Ended <br> January 31, <br> 2025** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $6402052 | $6655019 | $(279803) | $(196697) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from security transactions and foreign currency | (2392525) | (2774733) | 1044609 | 3451155 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation on investments and foreign currency | 5690412 | 6043531 | 718325 | 130074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 9699939 | 9923817 | 1483131 | 3384532 |
|  **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (3217221) | (3019519) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (254998) | (248781) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L | (2992137) | (3433917) |  |  |
|  | (6464356) | (6702217) |  |  |
|  **Capital Transactions — Institutional Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 30970531 | 28596831 | 9785507 | 5876461 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 3121430 | 2909964 |  |  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (25630495) | (56472553) | (6181628) | (8053739) |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | 8461466 | (24965758) | 3603879 | (2177278) |
|  **Capital Transactions — Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 307789 | 1024224 | 96607 | 59127 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 253931 | 247908 |  |  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (1891796) | (2300058) | (387191) | (222898) |
| &nbsp;&nbsp;&nbsp; Total Class A | (1330076) | (1027926) | (290584) | (163771) |
|  **Capital Transactions — Class L:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 10032289 | 19772571 | 1300860 | 719787 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 2886064 | 3276574 |  |  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (56202447) | (47154139) | (1962912) | (1684451) |
| &nbsp;&nbsp;&nbsp; Total Class L | (43284094) | (24104994) | (662052) | (964664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (36152704) | (50098678) | 2651243 | (3305713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (32917121) | (46877078) | 4134374 | 78819 |

---

**YORKTOWN FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short Term Bond Fund** | **Short Term Bond Fund** | **Small Cap Fund** | **Small Cap Fund** |
|  | **For the <br> Year Ended <br> January 31, <br> 2026** | **For the <br> Year Ended <br> January 31, <br> 2025** | **For the <br> Year Ended <br> January 31, <br> 2026** | **For the <br> Year Ended <br> January 31, <br> 2025** |
|  **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | $210729447 | $257606525 | $31013996 | $30935177 |
| &nbsp;&nbsp;&nbsp; End of year | $177812326 | $210729447 | $35148370 | $31013996 |
|  **Share Transactions — Institutional Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 7386493 | 6946963 | 560406 | 369578 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 745346 | 708042 |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6127380) | (13683933) | (380700) | (513340) |
| &nbsp;&nbsp;&nbsp; **Total Institutional Class** | 2004459 | (6028928) | 179706 | (143762) |
|  **Share Transactions — Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 79332 | 264523 | 5792 | 3838 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 65194 | 64671 |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (486827) | (600696) | (23471) | (14330) |
| &nbsp;&nbsp;&nbsp; Total Class A | (342301) | (271502) | (17679) | (10492) |
|  **Share Transactions — Class L:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2868365 | 5709915 | 84387 | 49084 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 826114 | 949031 |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (16064926) | (13630419) | (124222) | (114534) |
| &nbsp;&nbsp;&nbsp; Total Class L | (12370447) | (6971473) | (39835) | (65450) |

---

*The accompanying notes are an integral part of these financial statements.*

**Yorktown Growth Fund** 

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **For a share outstanding throughout each year** |  |  |  |  |  |
|  Net asset value, beginning of year | $20.59 | $17.95 | $16.48 | $17.92 | $19.69 |
|  Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | (0.11) | 0.01 | 0.04 | —<sup>(2)</sup> | (0.07) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 2.48 | 2.70 | 1.43 | (1.44) | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.37 | 2.71 | 1.47 | (1.44) | 0.75 |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  | (0.07) |  |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain on security transactions |  |  |  |  | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.07) |  |  | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $22.96 | $20.59 | $17.95 | $16.48 | $17.92 |
|  Total return | 11.51% | 15.14% | 8.92% | (8.04)% | 2.45% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $48570 | $50352 | $33985 | $29704 | $26805 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers  | 1.28% | 1.31% | 1.49% | 1.46% | 1.37% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.17% | 1.00% | 1.01% | 1.00% | 1.04% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.51)% | 0.06% | 0.21% | 0.01% | (0.33)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 52% | 40% | 78% | 54% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 per share. 

*The accompanying notes are an integral part of these financial statements.*

**YORKTOWN GROWTH FUND** 

**FINANCIAL HIGHLIGHTS, Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **For a share outstanding throughout each year** |  |  |  |  |  |
|  Net asset value, beginning of year | $18.96 | $16.54 | $15.18 | $16.51 | $18.31 |
|  Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | (0.10) | 0.02 | 0.03 | —<sup>(2)</sup> | (0.07) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 2.28 | 2.47 | 1.33 | (1.33) | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.18 | 2.49 | 1.36 | (1.33) | 0.72 |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  | (0.07) |  |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain on security transactions |  |  |  |  | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.07) |  |  | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $21.14 | $18.96 | $16.54 | $15.18 | $16.51 |
|  Total return (excludes sales charge) | 11.50% | 15.10% | 8.96% | (8.06)% | 2.48% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $8793 | $8714 | $12253 | $7511 | $9544 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers  | 1.28% | 1.31% | 1.49% | 1.46% | 1.37% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.17% | 1.00% | 1.01% | 1.00% | 1.04% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.51)% | 0.14% | 0.21% | 0.03% | (0.33)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 52% | 40% | 78% | 54% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 per share. 

*The accompanying notes are an integral part of these financial statements.*

**YORKTOWN GROWTH FUND** 

**FINANCIAL HIGHLIGHTS, Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **For a share outstanding throughout each year** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.14 | $11.53 | $10.69 | $11.74 | $13.80 |
|  Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.20) | (0.11) | (0.08) | (0.10) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.57 | 1.72 | 0.92 | (0.95) | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.37 | 1.61 | 0.84 | (1.05) | 0.46 |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain on security transactions |  |  |  |  | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  |  |  | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $14.51 | $13.14 | $11.53 | $10.69 | $11.74 |
|  Total return | 10.43% | 13.96% | 7.86% | (8.94)% | 1.38% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $40417 | $37853 | $34583 | $30790 | $37380 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers  | 2.28% | 2.31% | 2.49% | 2.46% | 2.37% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 2.17% | 2.00% | 2.01% | 2.00% | 2.04% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets | (1.51)% | (0.91)% | (0.79)% | (0.97)% | (1.33)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 52% | 40% | 78% | 54% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.<sup></sup>

*The accompanying notes are an integral part of these financial statements.*

**Yorktown Multi-Sector Bond Fund** 

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **For a share outstanding throughout each year** |  |  |  |  |  |
|  Net asset value, beginning of year | $9.10 | $9.01 | $8.97 | $10.13 | $10.36 |
|  Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.42 | 0.42 | 0.42 | 0.42 | 0.40 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.17 | 0.06 | 0.01 | (1.18) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.59 | 0.48 | 0.43 | (0.76) | 0.15 |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.40) | (0.39) | (0.39) | (0.40) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.40) | (0.39) | (0.39) | (0.40) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.29 | $9.10 | $9.01 | $8.97 | $10.13 |
|  Total return | 6.69% | 5.51% | 5.02% | (7.47)% | 1.46% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $236636 | $194221 | $146035 | $119412 | $157188 |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.65% | 0.69% | 0.70% | 0.67% | 0.61% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.56% | 4.61% | 4.83% | 4.59% | 3.85% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 46% | 34% | 43% | 29% | 26% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

*The accompanying notes are an integral part of these financial statements.*

**YORKTOWN MULTI-SECTOR BOND FUND** 

**FINANCIAL HIGHLIGHTS, Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **For a share outstanding throughout each year** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.55 | $8.49 | $8.47 | $9.60 | $9.83 |
|  Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.35 | 0.35 | 0.36 | 0.35 | 0.33 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.17 | 0.06 | 0.01 | (1.12) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.52 | 0.41 | 0.37 | (0.77) | 0.10 |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.36) | (0.35) | (0.35) | (0.36) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.36) | (0.35) | (0.35) | (0.36) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.71 | $8.55 | $8.49 | $8.47 | $9.60 |
|  Total return (excludes sales charge) | 6.23% | 4.95% | 4.54% | (8.04)% | 1.04% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $19456 | $23386 | $26974 | $37765 | $55430 |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.15% | 1.19% | 1.20% | 1.17% | 1.11% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.06% | 4.11% | 4.32% | 4.09% | 3.35% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 46% | 34% | 43% | 29% | 26% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

*The accompanying notes are an integral part of these financial statements.*

**YORKTOWN MULTI-SECTOR BOND FUND** 

**FINANCIAL HIGHLIGHTS, Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **For a share outstanding throughout each year** |  |  |  |  |  |
|  Net asset value, beginning of year | $7.91 | $7.88 | $7.89 | $8.97 | $9.22 |
|  Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.28 | 0.28 | 0.29 | 0.29 | 0.26 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.16 | 0.07 | 0.01 | (1.05) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.44 | 0.35 | 0.30 | (0.76) | 0.04 |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.32) | (0.32) | (0.31) | (0.32) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.32) | (0.32) | (0.31) | (0.32) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.03 | $7.91 | $7.88 | $7.89 | $8.97 |
|  Total return | 5.74% | 4.47% | 4.01% | (8.47)% | 0.43% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $102104 | $111982 | $124083 | $146927 | $194587 |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.65% | 1.69% | 1.70% | 1.67% | 1.61% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.56% | 3.61% | 3.83% | 3.59% | 2.85% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 46% | 34% | 43% | 29% | 26% |

---

<sup>(1)</sup> <sup></sup>Per share information has been calculated using the average number of shares outstanding.

*The accompanying notes are an integral part of these financial statements.*

**YORKTOWN MULTI-SECTOR BOND FUND** 

**FINANCIAL HIGHLIGHTS, Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **For a share outstanding throughout each year** |  |  |  |  |  |
|  Net asset value, beginning of year | $7.72 | $7.70 | $7.72 | $8.78 | $9.03 |
|  Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.28 | 0.28 | 0.29 | 0.28 | 0.26 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.15 | 0.06 | —<sup>(2)</sup> | (1.02) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.43 | 0.34 | 0.29 | (0.74) | 0.04 |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.32) | (0.32) | (0.31) | (0.32) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.32) | (0.32) | (0.31) | (0.32) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.83 | $7.72 | $7.70 | $7.72 | $8.78 |
|  Total return (excludes sales charge) | 5.72% | 4.46% | 3.98% | (8.41)% | 0.45% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $1401 | $3927 | $5441 | $6862 | $12400 |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.65% | 1.69% | 1.70% | 1.67% | 1.61% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.56% | 3.61% | 3.82% | 3.59% | 2.85% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 46% | 34% | 43% | 29% | 26% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 per share. 

*The accompanying notes are an integral part of these financial statements.*

**Yorktown Short Term Bond Fund** 

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **For a share outstanding throughout each year** |  |  |  |  |  |
|  Net asset value, beginning of year | $4.16 | $4.09 | $3.99 | $4.18 | $4.27 |
|  Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.16 | 0.13 | 0.11 | 0.07 | 0.06 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.06 | 0.06 | 0.09 | (0.19) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.22 | 0.19 | 0.20 | (0.12) | (0.03) |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.12) | (0.10) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.14) | (0.12) | (0.10) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $4.24 | $4.16 | $4.09 | $3.99 | $4.18 |
|  Total return | 5.49% | 4.67% | 5.13% | (2.94)% | (0.73)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $101039 | $90679 | $113859 | $157921 | $179974 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers or recoupments | 1.00% | 0.99% | 0.96% | 0.92% | 0.87% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.79% | 0.82% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.74% | 3.16% | 2.72% | 1.86% | 1.46% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 39% | 35% | 24% | 21% | 41% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

*The accompanying notes are an integral part of these financial statements.*

**YORKTOWN SHORT TERM BOND FUND** 

**FINANCIAL HIGHLIGHTS, Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **For a share outstanding throughout each year** |  |  |  |  |  |
|  Net asset value, beginning of year | $3.87 | $3.82 | $3.73 | $3.91 | $4.00 |
|  Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.15 | 0.12 | 0.10 | 0.07 | 0.06 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.06 | 0.05 | 0.09 | (0.18) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.21 | 0.17 | 0.19 | (0.11) | (0.03) |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.12) | (0.10) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.14) | (0.12) | (0.10) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $3.94 | $3.87 | $3.82 | $3.73 | $3.91 |
|  Total return (excludes sales charge) | 5.65% | 4.47% | 5.22% | (2.88)% | (0.78)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $6591 | $7800 | $8727 | $9322 | $11820 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers or recoupments | 1.00% | 0.99% | 0.96% | 0.92% | 0.87% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.79% | 0.82% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.74% | 3.16% | 2.71% | 1.86% | 1.46% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 39% | 35% | 24% | 21% | 41% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

*The accompanying notes are an integral part of these financial statements.*

**YORKTOWN SHORT TERM BOND FUND** 

**FINANCIAL HIGHLIGHTS, Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **For a share outstanding throughout each year** |  |  |  |  |  |
|  Net asset value, beginning of year | $3.48 | $3.44 | $3.37 | $3.54 | $3.63 |
|  Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.11 | 0.09 | 0.07 | 0.04 | 0.03 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.06 | 0.05 | 0.08 | (0.17) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.17 | 0.14 | 0.15 | (0.13) | (0.05) |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.12) | (0.10) | (0.08) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.12) | (0.10) | (0.08) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $3.53 | $3.48 | $3.44 | $3.37 | $3.54 |
|  Total return | 5.00% | 3.99% | 4.49% | (3.54)% | (1.48)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $70182 | $112250 | $135020 | $178718 | $355628 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers or recoupments | 1.65% | 1.64% | 1.61% | 1.57% | 1.52% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.44% | 1.47% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.08% | 2.51% | 2.07% | 1.15% | 0.81% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 39% | 35% | 24% | 21% | 41% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

*The accompanying notes are an integral part of these financial statements.*

**Yorktown Small Cap Fund** 

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **For a share outstanding throughout each year** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.74 | $14.92 | $14.35 | $16.88 | $17.43 |
|  Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | (0.10) | (0.05) | —<sup>(2)</sup> | 0.05 | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.17 | 1.87 | 0.61 | (1.53) | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.07 | 1.82 | 0.61 | (1.48) | 0.32 |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain on security transactions |  |  |  | (1.05) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (0.04) | (1.05) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $17.81 | $16.74 | $14.92 | $14.35 | $16.88 |
|  Total return | 6.39% | 12.20% | 4.21% | (8.36)% | 1.34% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $23464 | $19039 | $19113 | $31437 | $44971 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers  | 1.76% | 1.83% | 1.77% | 1.53% | 1.38% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.35% | 1.30% | 1.19% | 1.17% | 1.16% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.59)% | (0.30)% | —%<sup>(3)</sup> | 0.30% | (0.28)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 81% | 104% | 176% | 110% | 49% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

<sup>(2)</sup> <br> Amount is less than $0.005 per share. <br>

<sup>(3)</sup> <br> Amount is less than 0.005% per share. <br>

*The accompanying notes are an integral part of these financial statements.*

**YORKTOWN SMALL CAP FUND** 

**FINANCIAL HIGHLIGHTS, Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **For a share outstanding throughout each year** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.41 | $14.66 | $14.12 | $16.67 | $17.26 |
|  Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | (0.13) | (0.09) | (0.04) | 0.01 | (0.10) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.14 | 1.84 | 0.59 | (1.51) | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.01 | 1.75 | 0.55 | (1.50) | 0.28 |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain on security transactions |  |  |  | (1.05) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (0.01) | (1.05) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $17.42 | $16.41 | $14.66 | $14.12 | $16.67 |
|  Total return (excludes sales charge) | 6.15% | 11.94% | 3.92% | (8.59)% | 1.12% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $1858 | $2040 | $1977 | $827 | $944 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers  | 2.02% | 2.08% | 2.13% | 1.78% | 1.63% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.60% | 1.55% | 1.44% | 1.42% | 1.41% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.84)% | (0.56)% | (0.29)% | 0.05% | (0.53)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 81% | 104% | 176% | 110% | 49% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

*The accompanying notes are an integral part of these financial statements.*

**YORKTOWN SMALL CAP FUND** 

**FINANCIAL HIGHLIGHTS, Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  **For a share outstanding throughout each year** |  |  |  |  |  |
|  Net asset value, beginning of year | $15.30 | $13.77 | $13.35 | $15.94 | $16.67 |
|  Income from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.24) | (0.19) | (0.14) | (0.10) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.06 | 1.72 | 0.56 | (1.44) | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.82 | 1.53 | 0.42 | (1.54) | 0.14 |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain on security transactions |  |  |  | (1.05) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  |  | (1.05) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $16.12 | $15.30 | $13.77 | $13.35 | $15.94 |
|  Total return | 5.36% | 11.11% | 3.15% | (9.25)% | 0.31% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $9826 | $9935 | $9845 | $3601 | $3220 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers  | 2.76% | 2.83% | 2.88% | 2.53% | 2.38% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 2.35% | 2.30% | 2.19% | 2.17% | 2.16% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets | (1.59)% | (1.31)% | (1.04)% | (0.70)% | (1.28)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 81% | 104% | 176% | 110% | 49% |

---

<sup>(1)</sup> Per share information has been calculated using the average number of shares outstanding.

*The accompanying notes are an integral part of these financial statements.*

**YORKTOWN FUNDS** 

**Notes to the Financial Statements** 

**January 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Organization** 

American Pension Investors Trust (the "Trust") is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Each of the Yorktown Funds is a series of the Trust. The accompanying financial statements include the Yorktown Growth Fund ("Growth Fund"), Yorktown Multi-Sector Bond Fund ("Multi-Sector Bond Fund"), Yorktown Short Term Bond (Short Term Bond Fund"), and Yorktown Small Cap Fund ("Small Cap Fund") (collectively the "Funds"), each a diversified series of the Trust. Each Fund offers Class A, Class L and Institutional Class shares. In addition, the Multi-Sector Bond Fund also offers Class C shares.

The Growth Fund's investment objective is growth of capital. The Growth Fund invests primarily in the common stock of U.S. and foreign issuers, securities issued by investment companies ("Underlying Funds"), including open-end mutual funds, closed-end funds, business development companies, unit investment trusts, and foreign investment companies, long-, intermediate- or short-term bonds and other fixed-income securities, and index securities ("Index Securities"), including exchange-traded funds ("ETFs") and similar securities that represent interests in a portfolio of common stocks or fixed income securities seeking to track the performance of a securities index or similar benchmark.

The Multi-Sector Bond Fund's investment objective is current income with limited credit risk. The Multi-Sector Bond Fund invests primarily in debt securities, including U.S. Government securities, corporate bonds and structured notes, common stock of U.S. and foreign issuers, securities issued by Underlying Funds, and Index Securities.

The Short Term Bond Fund's investment objective is to seek income consistent with the preservation of capital. Under normal circumstances, the Short Term Bond Fund invests at least 80% of its assets in fixed income securities that, in the opinion of Yorktown Management & Research Company, Inc., the Funds' investment adviser (the "Adviser"), offer the opportunity for income consistent with preservation of capital. The Short Term Bond Fund's portfolio will have an average aggregate maturity of not more than three years.

The Small Cap Fund's investment objective is to seek to achieve long term capital appreciation. Under normal conditions, the Adviser seeks to achieve the Small Cap Fund's investment objective by investing at least 80% of its assets (plus the amount of any borrowings for investment purposes) in the common stock of U.S. small capitalized ("small cap") value companies. The Small Cap Fund may also invest in securities issued by Underlying Funds, and Index Securities, including ETFs and

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Organization, continued** 

similar securities that represent interests in a portfolio of common stocks or fixed income securities seeking to track the performance of a securities index or similar benchmark.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Trust. The Funds each operate as a single operating segment. The Funds' income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies** 

**Portfolio Valuation** 

The Funds' investments in Underlying Funds are valued daily at their respective closing net asset values in accordance with the 1940 Act. Securities that are listed on U.S. exchanges (other than ETFs) are valued at the last sales price on the day the securities are valued or, lacking any sales on such day at the previous day's closing price. ETFs are valued at the last sales price on the ETF's primary exchange on the day the securities are valued or, lacking any sales on such day, either at the value assigned by a nationally recognized third-party pricing service or at the previous day's closing price. Securities listed on NASDAQ are valued at the NASDAQ Official Closing Price. U.S. Treasury securities and corporate bonds are valued at an evaluated mean of the bid and ask prices. The Board of Trustees has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, subject to its oversight. Securities for which market quotations are unavailable or unreliable are valued at fair value as determined in good faith by the valuation designee pursuant to its valuation policies and procedures, which have been approved by the Board of Trustees.

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies, continued** 

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. Generally accepted accounting principles establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

● Level 1 - Unadjusted quoted prices in active markets for identical assets that the Funds have the ability to access.

● Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3 - Unobservable inputs for the asset, to the extent relevant observable inputs are not available, representing a Fund's own assumptions about the assumptions a market participant would use in valuing the asset, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of January 31, 2026, in valuing the Funds' assets carried at fair value.

*Growth Fund* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $97308401 | $— | $— | $97308401 |
|  Total | $97308401 | $— | $— | $97308401 |

---

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies, continued** 

*Multi-Sector Bond Fund* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Corporate Bonds and Notes | $— | $172806530 | $— | $172806530 |
|  Asset Backed Securities |  | 16019406 |  | 16019406 |
|  U.S. Government & Agencies |  | 125790679 |  | 125790679 |
|  Collateralized Loan Obligations |  | 9322678 |  | 9322678 |
|  Investment Companies | 10199990 |  |  | 10199990 |
|  Total | $10199990 | $323939293 | $— | $334139283 |

---

*Short Term Bond Fund* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Corporate Bonds and Notes | $— | $70517980 | $— | $70517980 |
|  Asset Backed Securities |  | 13751582 |  | 13751582 |
|  U.S. Government & Agencies |  | 84587727 |  | 84587727 |
|  Collateralized Loan Obligations |  | 3502097 |  | 3502097 |
|  Total | $— | $172359386 | $— | $172359386 |

---

*Small Cap Fund* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $34621012 | $— | $— | $34621012 |
|  Total | $34621012 | $— | $— | $34621012 |

---

See schedules of investments for breakdown of sectors in which the Funds invest.

Following is a reconciliation of assets in which significant inputs (Level 3) were used in determining fair value for the Multi-Sector Bond Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset <br> Category** | **Balance <br> as of <br> January 31, <br> 2025** | **Realized <br> gain (loss)** | **Accretion** | **Purchases** | **Sales** | **Change in <br> unrealized <br> appreciation <br> (depreciation)** | **Balance <br> as of <br> January 31, <br> 2026** |
|  Corporate Bonds and Notes | $148560 | $(2294818) | $23525 | $— | $(155182) | $2277915 | $— |

---

There is no net change in unrealized appreciation included in the Statement of Operations attributable to Level 3 investments still held at January 31, 2026.

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies, continued** 

**Security Transactions and Investment Income** 

Security transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses from security transactions are reported on an identified-cost basis for both financial statement and federal income tax purposes. Gains and losses realized on principal payments of asset-backed securities and bank loans (paydown gains and losses) are classified as part of investment income. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income and expenses are recorded on an accrual basis. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date.

**Dividends and Distributions** 

Growth Fund and Small Cap Fund intend to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Multi-Sector Bond Fund and Short Term Bond Fund intend to distribute its net investment income monthly and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

**Use of Estimates** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**Class Net Asset Values and Expenses** 

All income and expenses not attributable to a particular class, and realized and unrealized gains are allocated to each class proportionately for purposes of determining the net asset value of each class. Certain shareholder servicing and distribution fees are allocated to the particular class to which they are attributable. Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each Fund's relative net assets or another appropriate basis.

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies, continued** 

The Funds currently offer Class A shares which include a front-end sales charge (load). The maximum front-end sales charge is 2.25% for the Short Term Bond Fund and 5.75% for the remaining Funds. Class A shares may be purchased without a front-end sales charge under certain circumstances. A contingent deferred sales charge of 1.00% is generally imposed on redemptions of Class C shares made within 13 months from the date of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Principal Risks** 

**Other** 

In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

In the normal course of business the Funds may trade securities, including structured notes, where the risk of potential loss exists due to such things as changes in the market (market risk), the size of the companies it invests in (small company risk), or failure or inability of the other party to a transaction to perform (credit and counterparty risk). Structured notes are hybrid securities that generally combine both debt and equity characteristics into a single note form. The risks of investing in structured notes include unfavorable price movements in the underlying security or index and the credit risk of the issuing financial institution. There may be no guarantee of interest payments or return of principal with structured notes, and structured notes may be less liquid than other investments held by a Fund.

Market Risks — The Funds' investments in securities expose the Funds to various risks such as, but not limited to, interest rate and equity risks.

Interest rate risk is the risk that fixed income securities, as well as structured notes, will decline in value because of changes in interest rates. Generally, as interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

The market value of equities, such as common stocks and preferred securities, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Principal Risks, continued** 

in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

Small Company Risks — Small company securities tend to be less liquid and more difficult to sell than those issued by larger companies. Small company stocks can be more volatile and may underperform the market or become out of favor with investors. Small company securities may be very sensitive to changing economic conditions and market downturns because the issuers may often have narrow markets, fewer product lines, and limited managerial and financial resources.

Credit and Counterparty Risks — The Funds will be exposed to credit risk due to the entities with whom they trade. A Fund could lose money if the issuer or guarantor of a fixed income security or structured note is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

Sector Risk — If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund's portfolio will be adversely affected. As of January 31, 2026, the Yorktown Growth Fund had 33.07% of the value of its net assets invested in stocks within the Industrials sector and 26.43% of the value of its net assets invested in stocks within the Technology sector.

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Investment Advisory and Accounting Services Agreements** 

The Adviser, whose principal stockholder is also a trustee of the Trust, serves as the Funds' investment adviser and manager. For its services, the Adviser receives a fee, calculated daily and payable monthly, at an annual rate as follows:

---

| | |
|:---|:---|
|  Growth Fund | 0.90% |
|  Multi-Sector Bond Fund  | 0.40% |
|  Short Term Bond Fund | 0.70% |
|  Small Cap Fund | 0.90% |

---

In the interest of limiting expenses of the Funds, the Adviser has entered into a contractual expense limitation agreement with the Trust. Pursuant to the expense limitation agreement, the Adviser has agreed to waive or limit its fees and assume other expenses of the Funds (excluding acquired fund fees and expenses, brokerage fees, taxes, borrowing costs such as interest and dividend expenses on securities sold short, and other extraordinary expenses not incurred in the ordinary course of business) so that the ratio of total annual operating expenses is limited as shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class L** | **Institutional <br> Class** |
|  Growth Fund<sup>(a)</sup> | 1.25% | 2.25% | 1.25% |
|  Short Term Bond Fund  | 0.79% | 1.44% | 0.79% |
|  Small Cap Fund | 1.60% | 2.35% | 1.35% |

---

<sup>(a)</sup> Effective May 31, 2025, the Yorktown Growth Fund's ratio of total annual operating expenses is limited to 1.25% for Class A Shares, 2.25% for Class L Shares, and 1.25% for Institutional Class Shares until at least May 31, 2026. Previously, the Yorktown Growth Fund's ratio of total annual operating expenses was limited to 0.99% for Class A Shares, 1.99% for Class L Shares, and 0.99% for Institutional Class Shares. 

The Adviser is entitled to the reimbursement of fees waived or reimbursed subject to the limitations that the reimbursement is made only for fees and expenses incurred not more than three years prior to the date of reimbursement, and the reimbursement may not be made if it would cause the applicable Fund's annual expense limitations to be exceeded. The reimbursement amount may not include any additional charges or fees, such as interest accruable on the reimbursement account. The expense limitation agreement may be terminated only by the Board of Trustees by providing 60 days' notice, or if the Adviser ceases to serve as adviser to the Funds. Further, any recoupments will be subject to any lower expense limitations that have been later implemented by the Board of Trustees. During the year ended January 31, 2026, the Adviser contractually waived fees and reimbursed expenses of $99,781 in the Growth Fund. During the year ended January 31, 2026, the Adviser contractually waived fees and reimbursed expenses of $377,465 from the Short Term Bond Fund. During the

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Investment Advisory and Accounting Services Agreements, continued** 

year ended January 31, 2026, the Adviser contractually waived fees and reimbursed expenses of $126,972 in the Small Cap Fund. As of January 31, 2026, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Recoupable through** |
|  Growth Fund | $347286 | January 31, 2027 |
|  | 275819 | January 31, 2028 |
|  | 99781 | January 31, 2029 |
|  Short Term Bond Fund | 335703 | January 31, 2027 |
|  | 404618 | January 31, 2028 |
|  | 377465 | January 31, 2029 |
|  Small Cap Fund | 189860 | January 31, 2027 |
|  | 160425 | January 31, 2028 |
|  | 126972 | January 31, 2029 |

---

Ultimus Fund Solutions, LLC ("Ultimus") an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to an administrative servicing agreement with Ultimus, the Funds pay Ultimus customary fees based on aggregate net assets of the Funds as described in the servicing agreement for providing administration, fund accounting, and transfer agency services to the Funds. Certain officers of the Trust are also officers of Ultimus and are not paid any fees directly by the Funds for serving in such capacities.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Distribution Plan and Fees** 

The Trust has adopted Rule 12b-1 Plans of Distribution providing for the payment of distribution and service fees to Ultimus Fund Distributors, LLC, the Funds' distributor. Class A shares of the Small Cap Fund pay a fee of 0.25% of each Class A shares' average daily net assets for distribution fees. Class A shares of the Multi-Sector Bond Fund pay a fee of 0.50% of the Class A shares' average daily net assets for distribution fees. Class L shares of each of the Funds, except Short Term Bond Fund, pay a fee of 1.00% of each Class L shares' average daily net assets. Of this amount, 0.75% represents distribution fees and 0.25% represents shareholder servicing fees. Class L shares of the Short Term Bond Fund pay a fee of 0.65% of Class L share's average daily net assets. Class C shares of Multi-Sector Bond Fund pay a fee of 1.00% of Class C share's average daily net assets. Of this amount, 0.75% represents distribution fees and 0.25% represents shareholder servicing fees.

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Distribution Plan and Fees, continued** 

During the year ended January 31, 2026, the distributor retained the following amounts in sales commissions from the sales of Class A shares of the Funds:

---

| | |
|:---|:---|
|  Growth Fund | $439 |
|  Multi-Sector Bond Fund | 244 |
|  Short Term Bond Fund | 22 |
|  Small Cap Fund | 355 |

---

During the year ended January 31, 2026, the distributor received the following amounts in contingent deferred sales charges related to redemptions of Class A and Class C shares of the Funds:

---

| | |
|:---|:---|
|  Multi-Sector Bond Fund, Class C | $852 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Investment Activity** 

For the year ended January 31, 2026, purchases and sales of investment securities, other than short-term investments and U.S. Government securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **U.S. <br> Government <br> Purchases** | **U.S. <br> Government <br> Sales** |
|  Growth Fund | $34641408 | $40494598 | $— | $— |
|  Multi-Sector Bond Fund | 106975957 | 134308871 | 46680522 | 19745808 |
|  Short Term Bond Fund | 51663463 | 97221999 | 25335570 | 17679703 |
|  Small Cap Fund | 27116909 | 24690527 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Line of Credit** 

The Funds entered into a short-term credit agreement ("Line of Credit") with Huntington National Bank ("Huntington"), expiring on May 22, 2026. Under the terms of the agreement, each of the Funds may borrow up to the lesser of 30% of a Fund's daily market value or $25 million at an interest rate equal to the Term Secured Overnight Financing Rate plus 130 basis points. The purpose of the agreement is to meet temporary or emergency cash needs, including redemption requests that might otherwise require the untimely disposition of securities. Huntington receives an annual facility fee of 0.125% on $25 million as well as an additional annual fee of 0.125% on any unused portion of the credit facility, invoiced quarterly, for providing the Line of Credit. The Funds will not borrow money, except (a) from a bank, provided that immediately after such borrowing there is an asset coverage of 300% for

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Line of Credit, continued** 

all borrowings of a Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 15% of a Fund's total assets at the time when the borrowing is made. To the extent that the line of credit is utilized, it will be collateralized by securities in the Funds' portfolios.

As of January 31, 2026, the Funds had no outstanding borrowings under this Line of Credit.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average <br> Daily Loan <br> Balance<sup>(a)</sup>** | **Weighted <br> Average <br> Interest <br> Rate<sup>(a)</sup>** | **Number <br> of Days <br> Outstanding<sup>(b)</sup>** | **Interest <br> Expense <br> Accrued** | **Maximum Loan <br> Outstanding** |
|  Growth Fund | $154626 | 5.62% | 6 | $145 | $679013 |
|  Short Term Bond Fund | 6149854 | 5.62% | 3 | 2882 | 9243854 |
|  Small Cap Fund | 728153 | 5.63% | 4 | 455 | 2587565 |

---

<sup>(a)</sup> <sup></sup>Averages based on the number of days outstanding.<sup></sup>

<sup>(b)</sup> Number of Days Outstanding represents the total days during the year ended January 31, 2026, that a Fund utilized the Line of Credit. 

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Federal Income Tax Information** 

Each of the Funds is a separate taxable entity and intends to continue to qualify for the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and is required to make the requisite distributions to its shareholders which will relieve it from Federal income or excise taxes. Therefore, no provision has been recorded for Federal income or excise taxes. Under current tax law, capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Required fund distributions are based on income and capital gain amounts determined in accordance with federal income tax regulations, which differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the composition of net assets and distributions for tax purposes may differ from amounts reflected in the accompanying financial statements. These differences are primarily due to differing treatment for losses deferred with respect to wash sales, and excise tax regulations. For financial reporting purposes, capital accounts and distributions to shareholders are adjusted to reflect the tax character of permanent book/tax differences.

FASB Accounting Standard Codification "Accounting for Uncertainty in Income Taxes", Topic 740 requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund's tax returns to determine whether these

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Federal Income Tax Information, continued** 

positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds' 2026 tax returns, in addition to the Funds' previous three open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and Commonwealth of Virginia; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

At January 31, 2026, the gross unrealized appreciation and depreciation on investments owned by the Funds, based on cost for federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Fund** | **Multi-Sector <br> Bond Fund** | **Short Term <br> Bond Fund** | **Small Cap Fund** |
|  Tax cost of investments | $54975984 | $335236416 | $171838494 | $23812798 |
|  Gross unrealized appreciation | 43517060 | 6569765 | 1578160 | 11384802 |
|  Gross unrealized depreciation | (1184643) | (7666898) | (1057268) | (576588) |
|  Net unrealized appreciation/(depreciation) on investments | $42332417 | $(1097133) | $520892 | $10808214 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions and wash sales.

Generally accepted accounting principles require that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal year ended January 31, 2026, permanent differences in book and tax accounting, due to differing treatment of perpetual bonds, grantor trusts and paydown gain loss, have been reclassified to paid-in capital, accumulated net investment income/loss and accumulated net realized gain/loss as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid-In<br> Capital** | **Accumulated <br> Earnings <br> (Deficit)** |
|  Growth Fund | $(585702) | $585702 |
|  Small Cap Fund | (274008) | 274008 |

---

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Federal Income Tax Information, continued** 

As of January 31, 2026, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Growth<br> Fund** | **Multi-Sector <br> Bond Fund** |
|  Undistributed ordinary income | $— | $938142 |
|  Undistributed long-term capital gains |  |  |
|  Accumulated earnings |  | 938142 |
|  Accumulated capital and other losses | (1382750) | (216518623) |
|  Unrealized appreciation/(depreciation) on investments | 42332417 | (1097133) |
|  Unrealized appreciation/(depreciation) on foreign currency | (148) |  |
|  Total accumulated earnings/(deficit) | $40949519 | $(216677614) |

---

---

| | | |
|:---|:---|:---|
|  | **Short Term <br> Bond Fund** | **Small Cap<br> Fund** |
|  Undistributed ordinary income | $635538 | $— |
|  Undistributed long-term capital gains |  |  |
|  Accumulated earnings | 635538 |  |
|  Accumulated capital and other losses | (25036693) | (3916856) |
|  Unrealized appreciation on investments | 520892 | 10808214 |
|  Total accumulated earnings/(deficit) | $(23880263) | $6891358 |

---

The tax character of distributions paid for the fiscal years ended January 31, 2026 and January 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Fund** | **Growth Fund** | **Multi-Sector Bond Fund** | **Multi-Sector Bond Fund** |
|  | **2026** | **2025** | **2026** | **2025** |
|  Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $— | $212513 | $15358573 | $13348762 |
| &nbsp;&nbsp;&nbsp; Long-term capital gains |  |  |  |  |
|  Total distributions paid | $— | $212513 | $15358573 | $13348762 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short Term Bond Fund** | **Short Term Bond Fund** | **Small Cap Fund** | **Small Cap Fund** |
|  | **2026** | **2025** | **2026** | **2025** |
|  Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $6464356 | $6702217 | $— | $— |
| &nbsp;&nbsp;&nbsp; Long-term capital gains |  |  |  |  |
|  Total distributions paid | $6464356 | $6702217 | $— | $— |

---

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Federal Income Tax Information, continued** 

At January 31, 2026, the Funds had accumulated capital loss carryforwards as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Not Subject to Expiration** | **Not Subject to Expiration** | |
|  | **Short-Term** | **Long-Term** | <br>**Total** |
|  Growth Fund | $1040259 | $— | $1040259 |
|  Multi-Sector Bond Fund | 85914239 | 130604383 | 216518622 |
|  Short Term Bond Fund | 7766087 | 17270606 | 25036693 |
|  Small Cap Fund | 3874346 |  | 3874346 |

---

To the extent that a Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. $2,811,425 of the Small Cap Fund's $3,874,346 capital loss carryforward is subject to Internal Revenue Code limitations. Small Cap Fund's limited capital loss carryforward of $2,811,425 is subject to annual limitations of $272,329 under the Internal Revenue Code.

Under current tax law, net investment losses after December 31 and capital losses realized after October 31 of the Funds fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. As of January 31, 2026, the following Funds had Qualified Late Year Ordinary Losses:

---

| | |
|:---|:---|
|  Growth Fund | $342491 |
|  Small Cap Fund | 42511 |

---

Post-October capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. As of January 31, 2026, the Funds did not have Post-October capital losses.

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting period. For the fiscal year ended January 31, 2026, federal, state or local income taxes or any income taxes in foreign jurisdictions paid by the Funds were immaterial.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Subsequent Event** 

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders of Yorktown Funds and Board of Trustees of American Pension Investors Trust** 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Pension Investors Trust comprising Yorktown Growth Fund, Yorktown Multi-Sector Bond Fund, Yorktown Short Term Bond Fund, and Yorktown Small Cap Fund (the "Funds") as of January 31, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2026, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the year ended January 31, 2022 were audited by other auditors whose report dated March 30, 2022, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles

used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

*We have served as the Funds' auditor since 2023.*![](fp0097657-1_59.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

March 31, 2026

**Additional Federal Tax Information** **(Unaudited)**

The Form 1099-DIV you received in January 2026 shows the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

For the year ended January 31, 2026, the following percentage of ordinary income dividends paid by the Funds qualify as qualified dividend income:

---

| | |
|:---|:---|
|  | **Qualified <br> Dividend <br> Income** |
|  Growth Fund | 0% |
|  Multi-Sector Bond Fund | 0.46% |
|  Short Term Bond Fund | 0% |
|  Small Cap Fund | 0% |

---

For the taxable year ended January 31, 2026, the following percentage of ordinary income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

---

| | |
|:---|:---|
|  | **Dividends <br> Received <br> Deduction** |
|  Growth Fund | 0% |
|  Multi-Sector Bond Fund | 0.44% |
|  Short Term Bond Fund | 0% |
|  Small Cap Fund | 0% |

---

For the taxable year ended January 31, 2026, of ordinary income dividends paid by the Funds qualify as qualified business income:

---

| | |
|:---|:---|
|  | **Qualified <br> Business <br> Income** |
|  Growth Fund | 0% |
|  Multi-Sector Bond Fund | 0% |
|  Short Term Bond Fund | 0% |
|  Small Cap Fund | 0% |

---

**Other Information** **(Unaudited)**

*Proxy Voting Policies and Procedures* 

Both (i) a description of the policies and procedures that the Trust uses to determine how to vote proxies relating to the Funds' portfolio securities and (ii) information regarding how the Trust voted proxies relating to the Funds' portfolio securities during the most recent twelve month period ended June 30th are available without charge, upon request, by calling the Trust at (800) 544-6060, or on the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

*Quarterly Portfolio Schedules* 

The Trust files each Fund's complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust's Form N-PORT reports are available on the SEC's website at http://www.sec.gov and on the Funds' website at www.yorktownfunds.com.

**SHAREHOLDER SERVICES** 

Yorktown Funds

c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, Ohio 45246-0707

(888) 933-8274

For Overnight Deliveries:

Yorktown Funds

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, Ohio 45246

**EXECUTIVE OFFICES** 

Yorktown Funds

106 Annjo Court, Suite A

Forest, Virginia 24551

(800) 544-6060

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Cohen & Company, Ltd.

1835 Market Street, 3rd Floor

Philadelphia, PA 19103

*This report is submitted for the general information of the shareholders of the Trust. The report is not authorized for distribution to prospective investors in the Trust unless preceded or accompanied by an effective Prospectus.* 

www.yorktownfunds.com

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9.** **Disclosure of Proxy Voting Policies and Procedures for Open-End Management Investment Companies**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Refer to statements included as part of the Report to Shareholders filed under Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable to Registrant.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies** 

Not applicable to Registrant.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable to Registrant.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** 

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 16.** **Controls and Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based on their evaluation of Registrant's
 disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant's President and Chief Financial Officer
 have concluded that Registrant's disclosure controls and procedures are: (i) reasonably designed to ensure that information required
 to be disclosed in this report is appropriately communicated to Registrant's officers to allow timely decisions regarding disclosures
 required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed,
 summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above and have been
 reasonably designed and are functioning as intended to ensure that all relevant and required information is recorded, processed, summarized
 and reported in this report on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during
 the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's
 internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable to Registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19.** **Exhibits** 

(a)(1) Not applicable.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](fp0097657-2_ex99cert.htm) | [The certification required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto as Exhibit 99.CERT.](fp0097657-2_ex99cert.htm) |

---

[(b)](fp0097657-2_ex99906cert.htm) [The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are filed and attached hereto as Exhibit 99.906CERT. The certifications provided pursuant to Section 906 of the Sarbanes-Oxley Act are not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 ("Exchange Act"), or otherwise subject to the liability of that section. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference.](fp0097657-2_ex99906cert.htm)

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | AMERICAN PENSION INVESTORS TRUST |
| Date: | 4/8/26 |  |
| | | /s/ David D. Basten |
| | | David D. Basten |
| | | President and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: | 4/8/26 |  |
| | | /s/ David D. Basten |
| | | David D. Basten |
| | | President and Principal Executive Officer |

---

---

| | | |
|:---|:---|:---|
| Date: | 4/8/26 |  |
| | | /s/ M. Dennis Stratton |
| | | M. Dennis Stratton |
| | | Chief Financial Officer and Principal Financial Officer |

---

## Ex-99.Cert

**Exhibit 99.CERT** 

**CERTIFICATION** 

I, David D. Basten, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of American Pension Investors Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 4/8/2026 | /s/ David D. Basten |
|  |  | David D. Basten |
|  |  | President and Principal Executive Officer |

---

**CERTIFICATION**

I, M. Dennis Stratton, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of American Pension Investors Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 4/8/26 | /s/ M. Dennis Stratton |
|  |  | M. Dennis Stratton |
|  |  | Chief Financial Officer and Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT** 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of American Pension Investors Trust, do hereby certify, to the best of their knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period
ended January 31, 2026 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange
Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in
all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ David D. Basten | /s/ David D. Basten |
| David D. Basten | David D. Basten |
| President and Principal Executive Officer | President and Principal Executive Officer |
| Date: | 4/8/26 |
| /s/ M/ Dennis Stratton | /s/ M/ Dennis Stratton |
| M. Dennis Stratton | M. Dennis Stratton |
| Chief Financial Officer and Principal Financial Officer | Chief Financial Officer and Principal Financial Officer |
| Date: | 4/8/26 |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by American Pension Investors Trust as part of the report or as a separate disclosure document.