# EDGAR Filing Document

**Accession Number:** 0000764859
**File Stem:** 0001398344-25-018997
**Filing Date:** 2025-10
**Character Count:** 212232
**Document Hash:** 600780f02bb93ff8290093990dd644c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-018997.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001398344-25-018997

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251008

**DATE AS OF CHANGE**: 20251008

**EFFECTIVENESS DATE**: 20251008

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04262
- **FILM NUMBER:** 251381710

**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 tsr

**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: July 31, 2025**

**Item 1. Report to Stockholders.**

**#### Yorktown Growth Fund

#### Class A (AFGGX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](i237f0e9a1c12b57810a76e7c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Yorktown Growth Fund for the period of February 1, 2025 to July 31, 2025. 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 six months?
(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 | $53 | 1.07% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $92494998 |
| Number of Portfolio Holdings | 179 |
| Advisory Fee (net of waivers) | $297274 |
| Portfolio Turnover | 24% |

---

#### What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i79fd0f4e99634cc4c5842ea8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.3% |
| Energy | 0.8% |
| Utilities | 1.5% |
| Real Estate | 1.6% |
| Communications | 2.6% |
| Consumer Staples | 3.3% |
| Materials | 4.1% |
| Health Care | 6.6% |
| Consumer Discretionary | 10.9% |
| Financials | 15.6% |
| Technology | 25.8% |
| Industrials | 26.9% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](ifb2c2e9384d4140c15b5b691.jpg)

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

#### Semi-Annual Shareholder Report - July 31, 2025

# 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-SAR 073125-AFGGX

#### Yorktown Growth Fund

#### Class L (APITX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](i155cefce949d6c3556dcebe2.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Yorktown Growth Fund for the period of February 1, 2025 to July 31, 2025. 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 six months?
(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 | $103 | 2.07% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $92494998 |
| Number of Portfolio Holdings | 179 |
| Advisory Fee (net of waivers) | $297274 |
| Portfolio Turnover | 24% |

---

#### What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i6c91c0bccffb49837daf7939.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.3% |
| Energy | 0.8% |
| Utilities | 1.5% |
| Real Estate | 1.6% |
| Communications | 2.6% |
| Consumer Staples | 3.3% |
| Materials | 4.1% |
| Health Care | 6.6% |
| Consumer Discretionary | 10.9% |
| Financials | 15.6% |
| Technology | 25.8% |
| Industrials | 26.9% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](id5a512e7c3cdccc8793dbb37.jpg)

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

#### Semi-Annual Shareholder Report - July 31, 2025

# 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-SAR 073125-APITX

#### Yorktown Growth Fund

#### Institutional Class (APGRX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](i9a629ea36439c2cf0fe89ee3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Yorktown Growth Fund for the period of February 1, 2025 to July 31, 2025. 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 six months?
(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 | $53 | 1.07% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $92494998 |
| Number of Portfolio Holdings | 179 |
| Advisory Fee (net of waivers) | $297274 |
| Portfolio Turnover | 24% |

---

#### What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](ib2afa94c55968ddbf20a04e3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.3% |
| Energy | 0.8% |
| Utilities | 1.5% |
| Real Estate | 1.6% |
| Communications | 2.6% |
| Consumer Staples | 3.3% |
| Materials | 4.1% |
| Health Care | 6.6% |
| Consumer Discretionary | 10.9% |
| Financials | 15.6% |
| Technology | 25.8% |
| Industrials | 26.9% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](i950b050b43b78a02d9c63d39.jpg)

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

#### Semi-Annual Shareholder Report - July 31, 2025

# 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-SAR 073125-APGRX

#### Yorktown Multi-Sector Bond Fund

#### Class A (APIUX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](i3ab70f476a82745d9b1e8c9f.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Yorktown Multi-Sector Bond Fund for the period of February 1, 2025 to July 31, 2025. 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 six months?
(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 | $57 | 1.15% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $353325970 |
| Number of Portfolio Holdings | 314 |
| Advisory Fee | $705190 |
| Portfolio Turnover | 23% |

---

#### What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](i60ae7e7d7d3a14dd2b4edf43.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 5.4% |
| Collateralized Loan Obligations | 4.5% |
| Corporate Bonds | 54.9% |
| Exchange-Traded Funds | 1.9% |
| U.S. Government & Agencies | 33.3% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](i4118994dfc1b32275b087635.jpg)

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

#### Semi-Annual Shareholder Report - July 31, 2025

# 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-SAR 073125-APIUX

#### Yorktown Multi-Sector Bond Fund

#### Class C (AFFCX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](i086b6e8717af5f61e9865bdb.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Yorktown Multi-Sector Bond Fund for the period of February 1, 2025 to July 31, 2025. 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 six months?
(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 | $82 | 1.64% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $353325970 |
| Number of Portfolio Holdings | 314 |
| Advisory Fee | $705190 |
| Portfolio Turnover | 23% |

---

#### What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](i13ea6022a621476a040024df.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 5.4% |
| Collateralized Loan Obligations | 4.5% |
| Corporate Bonds | 54.9% |
| Exchange-Traded Funds | 1.9% |
| U.S. Government & Agencies | 33.3% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](i608f731181c6c05c7eca1ce4.jpg)

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

#### Semi-Annual Shareholder Report - July 31, 2025

# 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-SAR 073125-AFFCX

#### Yorktown Multi-Sector Bond Fund

#### Class L (AFFIX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](i540f17198183f7499bee3f94.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Yorktown Multi-Sector Bond Fund for the period of February 1, 2025 to July 31, 2025. 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 six months?
(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 | $82 | 1.64% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $353325970 |
| Number of Portfolio Holdings | 314 |
| Advisory Fee | $705190 |
| Portfolio Turnover | 23% |

---

#### What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](i13a91ce6463d7dfd027cc1eb.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 5.4% |
| Collateralized Loan Obligations | 4.5% |
| Corporate Bonds | 54.9% |
| Exchange-Traded Funds | 1.9% |
| U.S. Government & Agencies | 33.3% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](i171316e90adf9aac43c86510.jpg)

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

#### Semi-Annual Shareholder Report - July 31, 2025

# 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-SAR 073125-AFFIX

#### Yorktown Multi-Sector Bond Fund

#### Institutional Class (APIIX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](ic7fecf7d0b9aa863eb8d464c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Yorktown Multi-Sector Bond Fund for the period of February 1, 2025 to July 31, 2025. 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 six months?
(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 | $32 | 0.65% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $353325970 |
| Number of Portfolio Holdings | 314 |
| Advisory Fee | $705190 |
| Portfolio Turnover | 23% |

---

#### What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](i9de6979199617c9be4ff8701.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 5.4% |
| Collateralized Loan Obligations | 4.5% |
| Corporate Bonds | 54.9% |
| Exchange-Traded Funds | 1.9% |
| U.S. Government & Agencies | 33.3% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](ia809f67f77c36d8555f3de7d.jpg)

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

#### Semi-Annual Shareholder Report - July 31, 2025

# 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-SAR 073125-APIIX

#### Yorktown Short Term Bond Fund

#### Class A (APIMX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](i1a3990048bc1f3b1494f025a.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Yorktown Short Term Bond Fund for the period of February 1, 2025 to July 31, 2025. 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 six months?
(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 | $39 | 0.79% |

---

# What did the Fund invest in?

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $182247892 |
| Number of Portfolio Holdings | 178 |
| Advisory Fee (net of waivers) | $456122 |
| Portfolio Turnover | 15% |

---

# Asset Weighting (% of total investments)
![Group By Sector Chart](idd46ec1469e5bae5cdd44d8d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 7.0% |
| Collateralized Loan Obligations | 4.1% |
| Corporate Bonds | 41.3% |
| U.S. Government & Agencies | 47.6% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](i40d7906dfe9df8249db5183d.jpg)

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

#### Semi-Annual Shareholder Report - July 31, 2025

# 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-SAR 073125-APIMX

#### Yorktown Short Term Bond Fund

#### Class L (AFMMX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](ie477e43243b99fc623066437.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Yorktown Short Term Bond Fund for the period of February 1, 2025 to July 31, 2025. 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 six months?
(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 | $72 | 1.44% |

---

# What did the Fund invest in?

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $182247892 |
| Number of Portfolio Holdings | 178 |
| Advisory Fee (net of waivers) | $456122 |
| Portfolio Turnover | 15% |

---

# Asset Weighting (% of total investments)
![Group By Sector Chart](i7cad69199231fa890033ca56.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 7.0% |
| Collateralized Loan Obligations | 4.1% |
| Corporate Bonds | 41.3% |
| U.S. Government & Agencies | 47.6% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](i1b05e111bb14a5988fbd9221.jpg)

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

#### Semi-Annual Shareholder Report - July 31, 2025

# 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-SAR 073125-AFMMX

#### Yorktown Short Term Bond Fund

#### Institutional Class (APIBX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](i36826dcd2b2a093928965a5a.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Yorktown Short Term Bond Fund for the period of February 1, 2025 to July 31, 2025. 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 six months?
(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 | $39 | 0.79% |

---

# What did the Fund invest in?

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $182247892 |
| Number of Portfolio Holdings | 178 |
| Advisory Fee (net of waivers) | $456122 |
| Portfolio Turnover | 15% |

---

# Asset Weighting (% of total investments)
![Group By Sector Chart](i343ca16ee4ee203f50117a4f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Asset Backed Securities | 7.0% |
| Collateralized Loan Obligations | 4.1% |
| Corporate Bonds | 41.3% |
| U.S. Government & Agencies | 47.6% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](i1a9da5b7dab53bbfbae50402.jpg)

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

#### Semi-Annual Shareholder Report - July 31, 2025

# 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-SAR 073125-APIBX

#### Yorktown Small Cap Fund

#### Class A (YOVAX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](ie19d77092a9aa44669922fbd.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Yorktown Small Cap Fund for the period of February 1, 2025 to July 31, 2025. 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 six months?
(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 | $80 | 1.60% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i005159d044758a407e8a86f2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.4% |
| Energy | 1.7% |
| Communications | 1.7% |
| Materials | 4.2% |
| Health Care | 7.2% |
| Consumer Staples | 8.4% |
| Consumer Discretionary | 15.2% |
| Industrials | 17.7% |
| Financials | 21.5% |
| Technology | 22.8% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $30264602 |
| Number of Portfolio Holdings | 89 |
| Advisory Fee (net of waivers) | $60383 |
| Portfolio Turnover | 51% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](ibf724eac32f20cf5fedca080.jpg)

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

#### Semi-Annual Shareholder Report - July 31, 2025

# 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-SAR 073125-YOVAX

#### Yorktown Small Cap Fund

#### Class L (YOVLX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](i0b1a4485fac47b4c26eedc44.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Yorktown Small Cap Fund for the period of February 1, 2025 to July 31, 2025. 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 six months?
(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 | $118 | 2.36% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i03d1fc20b8fbb4b1fcc97bdc.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.4% |
| Energy | 1.7% |
| Communications | 1.7% |
| Materials | 4.2% |
| Health Care | 7.2% |
| Consumer Staples | 8.4% |
| Consumer Discretionary | 15.2% |
| Industrials | 17.7% |
| Financials | 21.5% |
| Technology | 22.8% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $30264602 |
| Number of Portfolio Holdings | 89 |
| Advisory Fee (net of waivers) | $60383 |
| Portfolio Turnover | 51% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](i8605f1e826f1ed14f850a88d.jpg)

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

#### Semi-Annual Shareholder Report - July 31, 2025

# 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-SAR 073125-YOVLX

#### Yorktown Small Cap Fund

#### Institutional Class (YOVIX)

#### Semi-Annual Shareholder Report - July 31, 2025
![Image](id617aabe242d0af0cce775fe.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Yorktown Small Cap Fund for the period of February 1, 2025 to July 31, 2025. 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 six months?
(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 | 1.35% |

---

# What did the Fund invest in?

# Sector Weighting (% of net assets)
![Group By Sector Chart](i9a28f6b8163d1c592d438c80.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.4% |
| Energy | 1.7% |
| Communications | 1.7% |
| Materials | 4.2% |
| Health Care | 7.2% |
| Consumer Staples | 8.4% |
| Consumer Discretionary | 15.2% |
| Industrials | 17.7% |
| Financials | 21.5% |
| Technology | 22.8% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $30264602 |
| Number of Portfolio Holdings | 89 |
| Advisory Fee (net of waivers) | $60383 |
| Portfolio Turnover | 51% |

---

# Material Fund Changes
No material changes occurred during the period ended July 31, 2025.

![Image](i076d959f612610bffb7816c7.jpg)

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

#### Semi-Annual Shareholder Report - July 31, 2025

# 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-SAR 073125-YOVIX**

**Item 2. Code of Ethics.**

Not applicable – disclosed with annual report.

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

Not applicable – disclosed with annual report.

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

Not applicable – disclosed with annual report.

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

Not applicable – disclosed with annual report.

**Item 6. Schedule of Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

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

![](fp0095067-2_i.jpg)<br>

**YORKTOWN GROWTH FUND** 

**YORKTOWN MULTI-SECTOR BOND FUND** 

**YORKTOWN SHORT TERM BOND FUND** 

**YORKTOWN SMALL CAP FUND** 

&nbsp;&nbsp; **SEMI-ANNUAL FINANCIAL STATEMENTS AND** <br>**ADDITIONAL INFORMATION** <br>**DATED** July 31, 2025<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 | 44-56 |
| Board Annual Approvals of Investment Advisory Agreements | 57-59 |
| Other Information | 60 |

---

**Yorktown Growth Fund** 

**SCHEDULE OF INVESTMENTS** 

**July 31, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **COMMON STOCKS — 99.71%** | **COMMON STOCKS — 99.71%** | **COMMON STOCKS — 99.71%** |
|  **Communications — 2.61%** | **Communications — 2.61%** | **Communications — 2.61%** |
|  Cogent Communications Holdings Inc. | 5850 | $266701 |
|  Naspers Ltd., Class N - ADR | 9200 | 567732 |
|  Reddit, Inc., Class A<sup>(a)</sup> | 2650 | 425564 |
|  Seek Ltd. - ADR<sup>(a)</sup> | 9800 | 302232 |
|  Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 5700 | 495672 |
|  Uber Technologies, Inc.<sup>(a)</sup> | 4000 | 351000 |
|  |  | 2408901 |
|  **Consumer Discretionary — 10.89%** | **Consumer Discretionary — 10.89%** | **Consumer Discretionary — 10.89%** |
|  Asics Corporation - ADR<sup>(a)</sup> | 24000 | 568080 |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 1875 | 1416544 |
|  Compagnie Financiere Richemont SA - ADR | 25900 | 421134 |
|  Copart, Inc.<sup>(a)</sup> | 9400 | 426102 |
|  Dorman Products, Inc.<sup>(a)</sup> | 3700 | 446294 |
|  Dutch Bros, Inc.<sup>(a)</sup> | 10300 | 610481 |
|  Evolution AB - ADR<sup>(a)</sup> | 2300 | 204585 |
|  FirstCash Holdings, Inc.<sup>(a)</sup> | 2300 | 306567 |
|  Genius Sports Ltd.<sup>(a)</sup> | 62700 | 705375 |
|  GMS, Inc.<sup>(a)</sup> | 3100 | 339884 |
|  Life Time Group Holdings, Inc.<sup>(a)</sup> | 8500 | 244120 |
|  Lithia Motors, Inc., Class A | 2100 | 604800 |
|  Modine Manufacturing Co.<sup>(a)</sup> | 4150 | 558424 |
|  MonotaRO Co., Ltd. - ADR<sup>(a)</sup> | 29500 | 532962 |
|  On Holding AG<sup>(a)</sup> | 8600 | 417702 |
|  PulteGroup, Inc. | 4000 | 451680 |
|  Ralph Lauren Corp. | 700 | 209125 |
|  Rush Street Interactive, Inc.<sup>(a)</sup> | 26900 | 542304 |
|  Sportradar Group AG<sup>(a)</sup> | 28500 | 842745 |
|  Visteon Corp.<sup>(a)</sup> | 2000 | 222300 |
|  |  | 10071208 |
|  **Consumer Staples — 3.34%** | **Consumer Staples — 3.34%** | **Consumer Staples — 3.34%** |
|  Casey's General Stores, Inc. | 1200 | 624156 |
|  Hims & Hers Health, Inc.<sup>(a)</sup> | 7750 | 512895 |
|  Ingredion, Inc. | 2550 | 335427 |
|  Performance Food Group Co.<sup>(a)</sup> | 5630 | 565252 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 4350 | 659199 |
|  Tootsie Roll Industries, Inc.<sup>(a)</sup> | 10300 | 390679 |
|  |  | 3087608 |
|  **Energy — 0.82%** | **Energy — 0.82%** | **Energy — 0.82%** |
|  Texas Pacific Land Corp. | 480 | 464702 |
|  Transportadora de Gas del Sur SA - ADR<sup>(a)</sup> | 10300 | 295610 |
|  |  | 760312 |
|  **Financials — 15.61%** | **Financials — 15.61%** | **Financials — 15.61%** |
|  Applied Blockchain, Inc.<sup>(a)</sup> | 30350 | 398799 |
|  Blue Owl Capital, Inc. | 16900 | 327015 |
|  Customers Bancorp, Inc.<sup>(a)</sup> | 4850 | 309188 |
|  Dave Inc<sup>(a)</sup> | 1750 | 412650 |
|  Deutsche Boerse AG - ADR<sup>(a)</sup> | 31000 | 895280 |
|  FTAI Aviation Ltd. | 5800 | 798138 |
|  Futu Holdings Ltd. - ADR<sup>(a)</sup> | 3500 | 537880 |
|  Hamilton Lane, Inc., Class A | 3300 | 502590 |
|  HCI Group, Inc.<sup>(a)</sup> | 1800 | 252072 |
|  Houlihan Lokey, Inc., Class A | 3850 | 734041 |
|  Interactive Brokers Group, Inc., Class A | 12400 | 812944 |
|  Kinsale Capital Group, Inc. | 1300 | 572897 |
|  KKR & Co., Inc. | 7200 | 1055376 |
|  LPL Financial Holdings, Inc. | 2990 | 1183233 |
|  Patria Investments Ltd.<sup>(a)</sup> | 34000 | 474300 |
|  Pinnacle Financial Partners, Inc. | 2500 | 219725 |
|  Piper Jaffray Cos. | 1060 | 334239 |
|  Raymond James Financial, Inc. | 6450 | 1077988 |
|  RenaissanceRe Holdings Ltd. | 1450 | 353423 |
|  Skyward Specialty Insurance<sup>(a)</sup> | 4450 | 225081 |
|  Stifel Financial Corp. | 4900 | 559188 |
|  Stock Yards Bancorp, Inc.<sup>(a)</sup> | 8100 | 605556 |
|  StoneX Group, Inc.<sup>(a)</sup> | 7200 | 700128 |
|  Synchrony Financial | 6000 | 418020 |

---

**YORKTOWN GROWTH FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Fair Value** | **Fair Value** |
|  Western Alliance Bancorp | 3700 | $| 286972 |
|  White Mountains Insurance Group Ltd.<sup>(a)</sup> | 220 |  | 393316 |
|  |  |  | 14440039 |
|  **Health Care — 6.58%** | **Health Care — 6.58%** | **Health Care — 6.58%** | **Health Care — 6.58%** |
|  Argenx SE - ADR<sup>(a)</sup> | 425 |  | 284890 |
|  Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 17300 |  | 369009 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 1800 |  | 305352 |
|  Ensign Group, Inc. (The) | 1400 |  | 210000 |
|  Globus Medical, Inc., Class A<sup>(a)</sup> | 6400 |  | 336832 |
|  Insmed, Inc.<sup>(a)</sup> | 3750 |  | 402300 |
|  Krystal Biotech, Inc.<sup>(a)</sup> | 2000 |  | 307740 |
|  Lonza Group AG - ADR<sup>(a)</sup> | 4600 |  | 320850 |
|  Medpace Holdings, Inc.<sup>(a)</sup> | 1800 |  | 768960 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup> | 2250 |  | 288517 |
|  Penumbra, Inc.<sup>(a)</sup> | 3000 |  | 756810 |
|  Radnet, Inc.<sup>(a)</sup> | 5350 |  | 292806 |
|  Sonova Holding AG - ADR<sup>(a)</sup> | 6780 |  | 368764 |
|  Straumann Holding AG - ADR<sup>(a)</sup> | 23000 |  | 278760 |
|  TG Therapeutics, Inc.<sup>(a)</sup> | 10650 |  | 378075 |
|  TransMedics Group Inc<sup>(a)</sup> | 3500 |  | 416395 |
|  |  |  | 6086060 |
|  **Industrials — 26.91%** | **Industrials — 26.91%** | **Industrials — 26.91%** | **Industrials — 26.91%** |
|  API Group Corp.<sup>(a)</sup> | 15150 |  | 546460 |
|  Ashtead Group PLC - ADR | 2050 |  | 556062 |
|  BWX Technologies, Inc. | 4700 |  | 714071 |
|  Camtek Ltd.<sup>(a)</sup> | 5200 |  | 489580 |
|  CECO Environmental Corp.<sup>(a)</sup> | 9700 |  | 436015 |
|  Chart Industries, Inc.<sup>(a)</sup> | 1550 |  | 308186 |
|  Clean Harbors, Inc.<sup>(a)</sup> | 1450 |  | 341925 |
|  Comfort Systems USA, Inc. | 3500 |  | 2461550 |
|  Core & Main, Inc., Class A<sup>(a)</sup> | 13300 |  | 846412 |
|  Corporation America Airports S.A.<sup>(a)</sup> | 13600 |  | 270776 |
|  Curtiss-Wright Corp. | 1400 |  | 686308 |
|  Disco Corp. - ADR<sup>(a)</sup> | 23050 |  | 683663 |
|  DSV AS - ADR<sup>(a)</sup> | 3850 |  | 432470 |
|  Dycom Industries, Inc.<sup>(a)</sup> | 1476 |  | 396764 |
|  Embraer SA - ADR<sup>(a)</sup> | 4200 |  | 241836 |
|  Fluidra SA | 15600 |  | 391247 |
|  Franklin Electric Co., Inc. | 6000 |  | 563700 |
|  Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR<sup>(a)</sup> | 1390 |  | 421601 |
|  HEICO Corp. | 1280 |  | 418304 |
|  Herc Holdings, Inc. | 2300 |  | 268663 |
|  IES Holdings, Inc.<sup>(a)</sup> | 5400 |  | 1906578 |
|  Ingersoll Rand, Inc. | 9700 |  | 820911 |
|  Installed Building Products, Inc. | 1300 |  | 262977 |
|  ITT, Inc. | 3300 |  | 560868 |
|  Korn/Ferry International | 5700 |  | 403959 |
|  Leonardo DRS, Inc.<sup>(a)</sup> | 7900 |  | 328640 |
|  MasTec, Inc.<sup>(a)</sup> | 2200 |  | 416262 |
|  Middleby Corp. (The)<sup>(a)</sup> | 3300 |  | 479160 |
|  Mueller Industries, Inc. | 7800 |  | 665886 |
|  Primoris Services Corp. | 4100 |  | 386097 |
|  Prysmian SpA - ADR<sup>(a)</sup> | 15000 |  | 600600 |
|  Prysmian SpA<sup>(a)</sup> | 14400 |  | 1157460 |
|  RBC Bearings, Inc.<sup>(a)</sup> | 1000 |  | 387340 |
|  Regal Rexnord Corp. | 2300 |  | 351624 |
|  Rollins, Inc. | 7300 |  | 418071 |
|  Saia, Inc.<sup>(a)</sup> | 1840 |  | 556122 |
|  SPX Technologies, Inc.<sup>(a)</sup> | 2700 |  | 492453 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 900 |  | 495918 |
|  TopBuild Corp.<sup>(a)</sup> | 1300 |  | 481559 |
|  WESCO International, Inc. | 3600 |  | 745056 |
|  Woodward, Inc. | 2750 |  | 706970 |
|  Xometry, Inc., Class A<sup>(a)</sup> | 11050 |  | 357357 |
|  Zurn Water Solutions, Inc. | 9750 |  | 431438 |
|  |  |  | 24888899 |
|  **Materials — 4.07%** | **Materials — 4.07%** | **Materials — 4.07%** | **Materials — 4.07%** |
|  Eagle Materials, Inc. | 1650 |  | 370078 |
|  Givaudan SA - ADR<sup>(a)</sup> | 5100 |  | 426768 |
|  Gold Fields Ltd. - ADR | 22750 |  | 554190 |
|  Hawkins, Inc. | 3700 |  | 604136 |
|  James Hardie Industries PLC<sup>(a)</sup> | 12300 |  | 319062 |
|  Kingspan Group PLC - ADR<sup>(a)</sup> | 4650 |  | 385997 |
|  Simpson Manufacturing Co., Inc. | 1900 |  | 340917 |

---

**YORKTOWN GROWTH FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  UFP Technologies, Inc.<sup>(a)</sup> | 1550 | $350905 |
|  United States Lime & Minerals, Inc. | 4125 | 410768 |
|  |  | 3762821 |
|  **Real Estate — 1.65%** | **Real Estate — 1.65%** | **Real Estate — 1.65%** |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 2700 | 420498 |
|  FirstService Corp. | 2300 | 453606 |
|  Hannon Armstrong Sustainable Infrastructure | 11550 | 299953 |
|  McGrath RentCorp<sup>(a)</sup> | 2850 | 355651 |
|  |  | 1529708 |
|  **Technology — 25.79%** | **Technology — 25.79%** | **Technology — 25.79%** |
|  Advantest Corp. - ADR<sup>(a)</sup> | 5400 | 360342 |
|  Arista Networks, Inc.<sup>(a)</sup> | 9800 | 1207556 |
|  ASM International NV - ADR<sup>(a)</sup> | 1070 | 517966 |
|  Bentley Systems, Inc., Class B | 6100 | 353678 |
|  Blackline, Inc.<sup>(a)</sup> | 5500 | 295790 |
|  Celestica, Inc.<sup>(a)</sup> | 2450 | 489657 |
|  Commvault Systems, Inc.<sup>(a)</sup> | 1650 | 313417 |
|  CyberArk Software Ltd.<sup>(a)</sup> | 3100 | 1275557 |
|  Datadog, Inc., Class A<sup>(a)</sup> | 4000 | 559920 |
|  Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 10800 | 1142208 |
|  Digi International, Inc.<sup>(a)</sup> | 13700 | 446757 |
|  Dlocal Ltd., Class A<sup>(a)</sup> | 41500 | 425790 |
|  Doximity, Inc., Class A<sup>(a)</sup> | 7200 | 423000 |
|  Duolingo, Inc.<sup>(a)</sup> | 575 | 199266 |
|  Dynatrace, Inc.<sup>(a)</sup> | 10600 | 557666 |
|  ExlService Holdings, Inc.<sup>(a)</sup> | 12100 | 525503 |
|  Fabrinet<sup>(a)</sup> | 3800 | 1230174 |
|  Fortinet, Inc.<sup>(a)</sup> | 4950 | 494505 |
|  Guidewire Software, Inc.<sup>(a)</sup> | 1400 | 316708 |
|  InterDigital, Inc. | 1450 | 374390 |
|  Jack Henry & Associates, Inc. | 2850 | 483973 |
|  Kaspi.KZ JSC - ADR<sup>(a)</sup> | 4550 | 358995 |
|  KLA Corp. | 890 | 782337 |
|  Life360, Inc.<sup>(a)</sup> | 9000 | 689310 |
|  Monolithic Power Systems, Inc. | 650 | 462306 |
|  Oddity Tech Ltd.<sup>(a)</sup> | 5650 | 395896 |
|  Okta, Inc.<sup>(a)</sup> | 4100 | 400980 |
|  Paycom Software, Inc. | 2100 | 486234 |
|  Paylocity Holdings Corp.<sup>(a)</sup> | 3300 | 610104 |
|  Paymentus Holdings, Inc.<sup>(a)</sup> | 10800 | 301104 |
|  Payoneer Global, Inc.<sup>(a)</sup> | 52000 | 341640 |
|  PTC, Inc.<sup>(a)</sup> | 2800 | 601468 |
|  Qualys, Inc.<sup>(a)</sup> | 4700 | 625429 |
|  RingCentral, Inc., Class A<sup>(a)</sup> | 13050 | 332645 |
|  SEMrush Holdings Inc<sup>(a)</sup> | 32500 | 291200 |
|  Sezzle Inc<sup>(a)</sup> | 3950 | 611618 |
|  Shift4 Payments, Inc., Class A<sup>(a)</sup> | 4400 | 453200 |
|  SPS Commerce, Inc.<sup>(a)</sup> | 4330 | 471385 |
|  Super Micro Computer, Inc.<sup>(a)</sup> | 11250 | 663412 |
|  SYNNEX Corp. | 2700 | 389853 |
|  TDK Corp. - ADR<sup>(a)</sup> | 37500 | 460500 |
|  Toast, Inc., Class A<sup>(a)</sup> | 7600 | 371184 |
|  Tyler Technologies, Inc.<sup>(a)</sup> | 1650 | 964524 |
|  Varonis Systems, Inc.<sup>(a)</sup> | 5950 | 332189 |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 1650 | 468930 |
|  |  | 23860266 |
|  **Utilities — 1.44%** | **Utilities — 1.44%** | **Utilities — 1.44%** |
|  Pampa Energia SA - ADR<sup>(a)</sup> | 12900 | 981045 |
|  SSE PLC - ADR | 14400 | 352368 |
|  |  | 1333413 |
| &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 $58,788,836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $58,788,836) | 92229235 |
|  **Total Investments — 99.71%** | **Total Investments — 99.71%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $58,788,836) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $58,788,836) | 92229235 |
|  **Other Assets in Excess of Liabilities — 0.29%** | **Other Assets in Excess of Liabilities — 0.29%** | 265763 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | $92494998 |

---

<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** 

**July 31, 2025** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  **CORPORATE BONDS AND NOTES — 51.16%** | **CORPORATE BONDS AND NOTES — 51.16%** | **CORPORATE BONDS AND NOTES — 51.16%** |
|  **Communications — 2.04%** | **Communications — 2.04%** | **Communications — 2.04%** |
|  CCO Holdings LLC, 5.00%, 2/1/2028 <sup>(a)</sup> | $1000000 | $981946 |
|  CCO Holdings LLC, 4.25%, 2/1/2031 <sup>(a)</sup> | 1000000 | 914068 |
|  CCO Holdings LLC, 4.50%, 6/1/2033 <sup>(a)</sup> | 1000000 | 888907 |
|  Nexstar Media Inc, 5.63%, 7/15/2027 <sup>(a)</sup> | 1500000 | 1498026 |
|  Prosus NV, MTN, 3.06%, 7/13/2031 <sup>(a)</sup> | 500000 | 445483 |
|  TEGNA Inc., 4.75%, 3/15/2026 <sup>(a)</sup> | 1092000 | 1089448 |
|  Univision Communications, Inc., 4.50%, 5/1/2029 <sup>(a)</sup> | 500000 | 463080 |
|  VMED OC UK Financing PLC, 4.75%, 7/15/2031 <sup>(a)</sup> | 1000000 | 926230 |
|  |  | 7207188 |
|  **Consumer Discretionary — 8.15%** | **Consumer Discretionary — 8.15%** | **Consumer Discretionary — 8.15%** |
|  Brightstar Lottery PLC, 6.25%, 1/15/2027 <sup>(a)</sup> | 1000000 | 1010813 |
|  Carnival Corp., 4.00%, 8/1/2028 <sup>(a)</sup> | 2000000 | 1943750 |
|  Carnival Corp., 6.00%, 5/1/2029 <sup>(a)</sup> | 1000000 | 1009493 |
|  Ford Motor Co., Class B, 3.25%, 2/12/2032 | 500000 | 423829 |
|  Ford Motor Credit Co LLC, 4.95%, 5/28/2027 | 2000000 | 1984535 |
|  Ford Motor Credit Co., LLC, 3.38%, 11/13/2025 | 2000000 | 1990188 |
|  Ford Motor Credit Co., LLC, 2.90%, 2/10/2029 | 1500000 | 1365872 |
|  General Motors Financial Co., Inc., 5.35%, 1/7/2030 | 2000000 | 2029005 |
|  Hilton Worldwide Finance LLC, 4.88%, 4/1/2027 | 2000000 | 1999221 |
|  Home Depot, Inc. (The), 4.95%, 9/15/2052 | 1000000 | 906707 |
|  Home Depot, Inc. (The), 5.30%, 6/25/2054 | 1000000 | 953362 |
|  KFC Holding Co/Pizza Hut Hold. LLC/Taco Bell LLC, 4.75%, 6/1/2027 <sup>(a)</sup> | 2000000 | 1992311 |
|  Lowe's Cos, Inc., 5.63%, 4/15/2053 | 1000000 | 956743 |
|  McDonald's Corp., 5.45%, 8/14/2053 | 2000000 | 1920521 |
|  MGM Resorts International, 4.63%, 9/1/2026 | 1000000 | 996817 |
|  NCL Corp. Ltd., 5.88%, 2/15/2027 <sup>(a)</sup> | 1500000 | 1505382 |
|  Nissan Motor Acceptance Co., LLC, 6.33%, 9/13/2027 (SOFRIX + 205bps)<sup>(a),(b)</sup> | 1000000 | 991026 |
|  Nissan Motor Co. Ltd., 4.81%, 9/17/2030 <sup>(a)</sup> | 1000000 | 919862 |
|  Royal Caribbean Cruises Ltd., 5.50%, 8/31/2026 <sup>(a)</sup> | 1000000 | 1003965 |
|  Service Corp International/US, 4.63%, 12/15/2027 | 2000000 | 1981161 |
|  Yum! Brands, Inc., 3.63%, 3/15/2031 | 1000000 | 923061 |
|  |  | 28807624 |
|  **Consumer Staples — 3.68%** | **Consumer Staples — 3.68%** | **Consumer Staples — 3.68%** |
|  Albertsons Cos Inc / Safeway Inc, 4.63%, 1/15/2027 <sup>(a)</sup> | 2000000 | 1986052 |
|  Anheuser-Busch Cos., LLC, 4.70%, 2/1/2036 <sup>(a)</sup> | 100000 | 97020 |
|  Coca-Cola Co. (The), 4.65%, 8/14/2034 | 1000000 | 1001696 |
|  Constellation Brands, Inc., 2.25%, 8/1/2031 | 500000 | 433566 |
|  JBS USA LUX SA, 3.75%, 12/1/2031 | 250000 | 233063 |
|  JBS USA LUX SA, 3.63%, 1/15/2032 | 500000 | 457872 |
|  Kraft Heinz Foods Co., 5.00%, 6/4/2042 <sup>(a)</sup> | 300000 | 267134 |
|  Kraft Heinz Foods Co., 4.38%, 6/1/2046 | 1000000 | 795216 |
|  Kraft Heinz Foods Co., 4.88%, 10/1/2049 | 1000000 | 836767 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Fair Value** | **Fair Value** |
|  Kroger Co. (The), 5.00%, 9/15/2034 | $| 1000000 | $| 989710 |
|  Land O' Lakes, Inc., 7.25%, 12/31/2049 <sup>(a)</sup> |  | 1000000 |  | 861190 |
|  Molson Coors Beverage Co., 4.20%, 7/15/2046 |  | 1000000 |  | 793384 |
|  PepsiCo, Inc., 5.25%, 7/17/2054 |  | 1000000 |  | 962703 |
|  Performance Food Group, Inc., 4.25%, 8/1/2029 <sup>(a)</sup> |  | 500000 |  | 481150 |
|  Pilgrim's Pride Corp., 4.25%, 4/15/2031 |  | 1000000 |  | 956607 |
|  Target Corp., 4.50%, 9/15/2034 |  | 1000000 |  | 969594 |
|  Walmart, Inc., 4.50%, 4/15/2053 |  | 1000000 |  | 869599 |
|  |  |  |  | 12992323 |
|  **Energy — 1.33%** | **Energy — 1.33%** | **Energy — 1.33%** | **Energy — 1.33%** | **Energy — 1.33%** |
|  Hess Midstream Operations LP, 5.88%, 3/1/2028 <sup>(a)</sup> |  | 1000000 |  | 1017217 |
|  Marathon Petroleum Corp., 5.15%, 3/1/2030 |  | 1000000 |  | 1018896 |
|  NuStar Logistics LP, Class B, 5.63%, 4/28/2027 |  | 2000000 |  | 2011548 |
|  Sunoco LP / Sunoco Finance Corp, 6.00%, 4/15/2027 |  | 150000 |  | 150027 |
|  Sunoco LP / Sunoco Finance Corp, 5.88%, 3/15/2028 |  | 500000 |  | 499074 |
|  |  |  |  | 4696762 |
|  **Financials — 19.34%** | **Financials — 19.34%** | **Financials — 19.34%** | **Financials — 19.34%** | **Financials — 19.34%** |
|  American Express Co., 3.55%, 12/31/2049 (H15T5Y + 285.4bps) |  | 1000000 |  | 979882 |
|  Assurant, Inc., 7.00%, 3/27/2048 |  | 1000000 |  | 1021876 |
|  Banco Bilbao Vizcaya Argentaria S.A., 6.13%, 2/16/2049 (USSW5 + 387.0bps)<sup>(b)</sup> |  | 800000 |  | 794892 |
|  Bank of America Corp., 4.38%, 4/27/2170 (H15T5Y + 276.0bps)<sup>(b)</sup> |  | 2000000 |  | 1956981 |
|  Bank of New York Mellon Corp. (The), Class F, 4.63%, 12/20/2049 (TSFR3M + 339.26bps)<sup>(b)</sup> |  | 1000000 |  | 988640 |
|  Bank of Nova Scotia (The), 8.00%, 1/27/2084 (H15T5Y + 401.70bps)<sup>(b)</sup> |  | 1000000 |  | 1068514 |
|  Barclays PLC, 4.84%, 5/9/2028 |  | 2000000 |  | 2005564 |
|  Barclays PLC, 5.09%, 6/20/2030 (USISSO05 + 305.40bps)<sup>(b)</sup> |  | 1500000 |  | 1507103 |
|  Barclays PLC, 9.44%, 12/31/2049 (USISSO05 + 577.50bps)<sup>(b)</sup> |  | 1000000 |  | 1132080 |
|  BBVA Bancomer S.A., 5.13%, 1/18/2033 (H15T5Y + 265.0bps) |  | 2000000 |  | 1931063 |
|  BNP Paribas SA, 8.00%, 8/22/2171 (H15T5Y +372.70bps)<sup>(a),(b)</sup> |  | 2000000 |  | 2144940 |
|  Citadel Finance LLC, 3.38%, 3/9/2026 <sup>(a)</sup> |  | 2000000 |  | 1976802 |
|  Citigroup, Inc., 6.75%, 12/31/2049 (H15T5Y + 257.20bps)<sup>(b)</sup> |  | 2000000 |  | 2013454 |
|  Citigroup, Inc., 7.13%, 12/31/2049 (H15T5Y + 269.3bps)<sup>(b)</sup> |  | 1000000 |  | 1025258 |
|  Citigroup, Inc., 4.15%, 2/15/2172 (H15T5Y + 300.0bps)<sup>(b)</sup> |  | 2000000 |  | 1955749 |
|  Credit Agricole SA, MTN, 4.75%, 12/23/2169 (H15T5Y + 323.7bps)<sup>(a),(b)</sup> |  | 1000000 |  | 947135 |
|  FedNat Holding Co., 7.75%, 3/15/2029<sup>(c),(d)</sup> |  | 2400000 |  | 120000 |
|  GATX Corp., Class B, 4.00%, 6/30/2030 |  | 2000000 |  | 1945868 |
|  GE Capital International Funding Co., 3.37%, 11/15/2025 |  | 200000 |  | 199066 |
|  Global Atlantic Financial Co., 4.70%, 10/15/2051 (H15T5Y + 379.6bps)<sup>(a),(b)</sup> |  | 1000000 |  | 979084 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Goldman Sachs Group, Inc. (The), 6.13%, 5/10/2049 <sup>(b)</sup> | $1000000 | $991361 |
|  Goldman Sachs Group, Inc. (The), 7.50%, 5/10/2079 (H15T5Y + 280.90bps)<sup>(b)</sup> | 1000000 | 1047330 |
|  HSBC Holdings PLC, 8.00%, 9/7/2093 (H15T5Y + 385.8bps)<sup>(b)</sup> | 1000000 | 1059841 |
|  ING Groep NV, 5.75%, 11/16/2167 (H15T5Y + 432.2bps)<sup>(b)</sup> | 1000000 | 997661 |
|  ING Groep NV, 4.25%, 10/16/2169 (H15T5Y + 286.2bps)<sup>(b)</sup> | 1000000 | 866110 |
|  Intesa Sanpaolo SpA, 5.71%, 1/15/2026 <sup>(a)</sup> | 2000000 | 2004621 |
|  JPMorgan Chase & Co., 6.88%, 6/1/2071 (H15T5Y + 273.7bps)<sup>(b)</sup> | 1000000 | 1047673 |
|  JPMorgan Chase & Co., 6.50%, 4/1/2080 (H15T5Y + 215.20bps)<sup>(b)</sup> | 2000000 | 2055168 |
|  Lloyds Banking Group PLC, 7.50%, 9/27/2165 (USSW5 + 449.6bps)<sup>(b)</sup> | 2000000 | 2007452 |
|  Lloyds Banking Group PLC, 8.00%, 3/27/2170 (H15T5Y + 391.3bps)<sup>(b)</sup> | 1000000 | 1070526 |
|  Macquarie Bank Ltd., 3.62%, 6/3/2030 <sup>(a)</sup> | 1000000 | 941132 |
|  Massachusetts Mutual Life Insurance Co., 3.38%, 4/15/2050 <sup>(a)</sup> | 1000000 | 675284 |
|  Nationwide Mutual Insurance Co., 4.35%, 4/30/2050 <sup>(a)</sup> | 1000000 | 767687 |
|  Nordea Bank Abp, 6.30%, 3/25/2049 <sup>(a)</sup> | 1000000 | 994204 |
|  Nordea Bank Abp, 3.75%, 3/1/2140 (H15T5Y + 260.2bps)<sup>(a),(b)</sup> | 1000000 | 916962 |
|  Pacific LifeCorp, 3.35%, 9/15/2050 <sup>(a)</sup> | 500000 | 337533 |
|  Pacific LifeCorp, 5.40%, 9/15/2052 <sup>(a)</sup> | 1000000 | 952662 |
|  Royal Bank of Canada, 7.50%, 5/2/2084 (H15T5Y + 288.70bps)<sup>(b)</sup> | 2000000 | 2084792 |
|  SBL Holdings, Inc., 6.50%, 11/13/2091 (H15T5Y + 562.0bps)<sup>(a),(b)</sup> | 1000000 | 932913 |
|  SBL Holdings, Inc., 9.58%, 5/13/2165 (H15T5Y + 558.0bps)<sup>(a),(b)</sup> | 1000000 | 1022500 |
|  Societe Generale SA, 8.50%, 3/25/2071 (H15T5Y + 415.30bps)<sup>(a),(b)</sup> | 2000000 | 2124542 |
|  Societe Generale SA, 10.00%, 5/14/2169 (H15T5Y + 544.80bps)<sup>(a),(b)</sup> | 1000000 | 1104878 |
|  Standard Chartered PLC, 4.30%, 2/19/2169 (H15T5Y + 313.50bps)<sup>(a),(b)</sup> | 2000000 | 1892541 |
|  State Street Corp., 6.70%, 12/31/2049 | 1000000 | 1033496 |
|  State Street Corp., 6.45%, 9/5/2080 (H15T5Y + 213.50bps)<sup>(b)</sup> | 2000000 | 2037166 |
|  Toronto-Dominion Bank (The), 8.13%, 10/31/2082 (H15T5Y + 407.50bps)<sup>(b)</sup> | 1000000 | 1056588 |
|  Toronto-Dominion Bank (The), 7.25%, 7/31/2084 (H15T5Y + 297.70bps)<sup>(b)</sup> | 1000000 | 1039311 |
|  UBS Group AG, 7.75%, 12/31/2049 (USISSO05 + 416bps)<sup>(a),(b)</sup> | 1000000 | 1068444 |
|  UBS Group AG, 4.38%, 8/10/2171 (H15T5Y + 331.3bps)<sup>(a),(b)</sup> | 1000000 | 898754 |
|  UniCredit SpA, 5.86%, 6/19/2032 (USISDA05 + 370.3bps)<sup>(a),(b)</sup> | 2000000 | 2016063 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Fair Value** | **Fair Value** |
|  UniCredit SpA, 5.46%, 6/30/2035 (H15T5Y + 475.0bps)<sup>(a),(b)</sup> | $| 500000 | $| 496657 |
|  US Bancorp, 5.30%, 4/15/2171 (TSFR3M + 317.6bps)<sup>(b)</sup> |  | 1000000 |  | 998500 |
|  Wells Fargo & Co., 3.90%, 3/15/2069 (H15T5Y + 345.3bps)<sup>(b)</sup> |  | 1000000 |  | 991295 |
|  Wells Fargo & Co., 6.85%, 7/15/2071 (H15T5Y + 276.7bps)<sup>(b)</sup> |  | 1000000 |  | 1038321 |
|  Wells Fargo & Co., Class B, 7.63%, 9/15/2171 (H15T5Y + 360.6bps)<sup>(b)</sup> |  | 1000000 |  | 1066953 |
|  |  |  |  | 68330872 |
|  **Health Care — 0.71%** | **Health Care — 0.71%** | **Health Care — 0.71%** | **Health Care — 0.71%** | **Health Care — 0.71%** |
|  Humana, Inc., 5.38%, 4/15/2031 |  | 1000000 |  | 1020352 |
|  Tenet Healthcare Corp, 5.13%, 11/1/2027 |  | 1500000 |  | 1494868 |
|  |  |  |  | 2515220 |
|  **Industrials — 6.18%** | **Industrials — 6.18%** | **Industrials — 6.18%** | **Industrials — 6.18%** | **Industrials — 6.18%** |
|  Air Canada, 3.88%, 8/15/2026 <sup>(a)</sup> |  | 1000000 |  | 990094 |
|  American Airlines Inc. /AAdvantage Loyalty IP Ltd., 5.50%, 4/20/2026 <sup>(a)</sup> |  | 1250000 |  | 1249641 |
|  American Airlines Pass Through Trust, Series 2021-1, Class B, 3.95%, 7/11/2030 |  | 730000 |  | 693402 |
|  Burlington Northern Santa Fe LLC, 4.45%, 1/15/2053 |  | 2000000 |  | 1664259 |
|  Burlington Northern Santa Fe LLC, 5.20%, 4/15/2054 |  | 1000000 |  | 934554 |
|  Burlington Northern Santa Fe LLC, 5.50%, 3/15/2055 |  | 1000000 |  | 977159 |
|  BWX Technologies Inc, 4.13%, 6/30/2028 <sup>(a)</sup> |  | 1000000 |  | 968667 |
|  Canadian Pacific Railway Co., Class B, 2.45%, 12/2/2031 |  | 1000000 |  | 875007 |
|  Chart Industries Inc, 7.50%, 1/1/2030 <sup>(a)</sup> |  | 500000 |  | 524391 |
|  Clean Harbors, Inc., 4.88%, 7/15/2027 <sup>(a)</sup> |  | 2000000 |  | 1985165 |
|  CSX Corp., 5.50%, 4/15/2041 |  | 1000000 |  | 992932 |
|  Honeywell International, Inc., 5.25%, 3/1/2054 |  | 1000000 |  | 941670 |
|  Norfolk Southern Corp., 5.05%, 8/1/2030 |  | 500000 |  | 513918 |
|  Ritchie Bros Holdings Inc, 6.75%, 3/15/2028 <sup>(a)</sup> |  | 1500000 |  | 1537337 |
|  Triton Container International Ltd., 3.25%, 3/15/2032 |  | 500000 |  | 439271 |
|  Union Pacific Corp., 3.20%, 5/20/2041 |  | 1000000 |  | 760912 |
|  Union Pacific Corp., 2.95%, 3/10/2052 |  | 1000000 |  | 630997 |
|  United Airlines Pass Through Trust, Series 2016-2B, Class B, 3.65%, 10/7/2025 |  | 357639 |  | 355876 |
|  United Airlines Pass Through Trust, Series 2020-1, Class B, 4.88%, 1/15/2026 |  | 280613 |  | 280059 |
|  United Airlines Pass Through Trust, Series 2016-2, Class A, 3.10%, 4/7/2030 |  | 623623 |  | 581912 |
|  United Parcel Service, Inc., 5.50%, 5/22/2054 |  | 1000000 |  | 960410 |
|  United Rentals North America Inc., 4.88%, 1/15/2028 |  | 2000000 |  | 1989255 |
|  Vertiv Group Corp., 4.13%, 11/15/2028 <sup>(a)</sup> |  | 1000000 |  | 973450 |
|  |  |  |  | 21820338 |
|  **Materials — 1.81%** | **Materials — 1.81%** | **Materials — 1.81%** | **Materials — 1.81%** | **Materials — 1.81%** |
|  Alcoa Nederland Holding BV, 5.50%, 12/15/2027 <sup>(a)</sup> |  | 2000000 |  | 1979813 |
|  Ball Corp., 2.88%, 8/15/2030 |  | 1000000 |  | 899020 |
|  Bemis Co., Inc., 2.63%, 6/19/2030 |  | 500000 |  | 454012 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Fair Value** | **Fair Value** |
|  Berry Global, Inc., Series 21-25A, Class CR, 5.80%, 6/15/2031 (TSFR3M + 165bps) | $| 1500000 | $| 1573655 |
|  Canpack SA, 3.88%, 11/15/2029 <sup>(a)</sup> |  | 500000 |  | 466147 |
|  Crown Americas LLC, 5.88%, 6/1/2033 <sup>(a)</sup> |  | 1000000 |  | 1002778 |
|  |  |  |  | 6375425 |
|  **Real Estate — 0.61%** | **Real Estate — 0.61%** | **Real Estate — 0.61%** | **Real Estate — 0.61%** | **Real Estate — 0.61%** |
|  Iron Mountain, Inc., 4.88%, 9/15/2029 <sup>(a)</sup> |  | 1000000 |  | 978547 |
|  Iron Mountain, Inc., 5.25%, 7/15/2030 <sup>(a)</sup> |  | 1000000 |  | 983552 |
|  SBA Communications Corp., 3.88%, 2/15/2027 <sup>(a)</sup> |  | 200000 |  | 196679 |
|  |  |  |  | 2158778 |
|  **Technology — 3.63%** | **Technology — 3.63%** | **Technology — 3.63%** | **Technology — 3.63%** | **Technology — 3.63%** |
|  Broadcom, Inc., 4.15%, 11/15/2030 |  | 1000000 |  | 979731 |
|  Broadcom, Inc., 4.15%, 11/15/2030 |  | 500000 |  | 489866 |
|  Broadcom, Inc., 2.60%, 2/15/2033 <sup>(a)</sup> |  | 1000000 |  | 855775 |
|  Broadcom, Inc., 3.50%, 2/15/2041 <sup>(a)</sup> |  | 1000000 |  | 791788 |
|  Dell International LLC / EMC Corp., 5.00%, 4/1/2030 |  | 1000000 |  | 1014973 |
|  Dell International LLC / EMC Corp., 4.85%, 2/1/2035 |  | 1000000 |  | 966656 |
|  Hewlett Packard Enterprise Co., 5.00%, 10/15/2034 |  | 1000000 |  | 970449 |
|  HP, Inc., 6.00%, 9/15/2041 |  | 2500000 |  | 2520963 |
|  Juniper Networks, Inc., 2.00%, 12/10/2030 |  | 500000 |  | 433433 |
|  Juniper Networks, Inc., 5.95%, 3/15/2041 |  | 700000 |  | 695629 |
|  Kyndryl Holdings, Inc., 3.15%, 10/15/2031 |  | 1000000 |  | 896569 |
|  Leidos, Inc., 5.75%, 3/15/2033 <sup>(a)</sup> |  | 1000000 |  | 1038189 |
|  Oracle Corp., 4.70%, 9/27/2034 |  | 1000000 |  | 961226 |
|  Western Digital Corp., 4.75%, 2/15/2026 |  | 218000 |  | 217505 |
|  |  |  |  | 12832752 |
|  **Utilities — 3.68%** | **Utilities — 3.68%** | **Utilities — 3.68%** | **Utilities — 3.68%** | **Utilities — 3.68%** |
|  AEP Texas, Inc., Class I, 2.10%, 7/1/2030 |  | 500000 |  | 443700 |
|  Ameren Illinois Co., 4.95%, 6/1/2033 |  | 1000000 |  | 1009328 |
|  Dayton Power & Light Co. (The), 3.95%, 6/15/2049 |  | 1000000 |  | 738225 |
|  Dominion Energy, Inc., 4.35%, 1/15/2167 (H15T5Y + 319.5bps)<sup>(b)</sup> |  | 1000000 |  | 980113 |
|  Duke Energy Carolinas LLC, Series 2021-4A, Class E, 4.85%, 1/15/2034 (H15T5Y + 319.5bps)<sup>(b)</sup> |  | 1000000 |  | 995284 |
|  Duke Energy Ohio, Inc., 5.55%, 3/15/2054 |  | 1000000 |  | 973409 |
|  Duke Energy Progress LLC, 2.50%, 8/15/2050 |  | 1000000 |  | 587958 |
|  Kentucky Utilities Co., 3.30%, 6/1/2050 |  | 1000000 |  | 677851 |
|  NRG Energy, Inc., 4.45%, 6/15/2029 <sup>(a)</sup> |  | 1000000 |  | 984259 |
|  NRG Energy, Inc., 5.75%, 7/15/2029 <sup>(a)</sup> |  | 1000000 |  | 996135 |
|  Pacific Gas and Electric Co., 4.25%, 3/15/2046 |  | 500000 |  | 378726 |
|  PPL Electric Utilities Corp., 5.25%, 5/15/2053 |  | 1000000 |  | 953414 |
|  Southern California Edison Co., 4.88%, 3/1/2049 |  | 1000000 |  | 823259 |
|  Southern Co. (The), 4.85%, 3/15/2035 |  | 1000000 |  | 973904 |
|  Union Electric Co., 3.90%, 4/1/2052 |  | 750000 |  | 568429 |
|  Union Electric Co., 5.25%, 1/15/2054 |  | 1000000 |  | 927697 |
|  |  |  |  | 13011691 |
| &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; **Total Corporate Bonds and Notes** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds and Notes** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $187,084,453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $187,084,453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $187,084,453) |  | 180748973 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  **ASSET BACKED SECURITIES — 5.06%** | **ASSET BACKED SECURITIES — 5.06%** | **ASSET BACKED SECURITIES — 5.06%** |
|  Amur Equipment Finance Receivables, Series 2022-2A, Class D, 7.25%, 5/21/2029 <sup>(a)</sup> | $1000000 | $1017902 |
|  Amur Equipment Finance Receivables LLC, Series 2022-1A, Class E, 5.02%, 12/20/2028 <sup>(a)</sup> | 750000 | 749559 |
|  Amur Equipment Finance Receivables XIII LLC, Series 2024-2A, Class D, 5.97%, 10/20/2031 <sup>(a)</sup> | 310000 | 315169 |
|  Dell Equipment Finance Trust, Series 2024-1, Class D, MTN, 6.12%, 9/23/2030 <sup>(a)</sup> | 250000 | 254143 |
|  Dell Equipment Finance Trust, Series 2024-2, Class D, 5.29%, 2/24/2031 <sup>(a)</sup> | 500000 | 502545 |
|  Encina Equipment Finance LLC, Series 2022-1A, Class D, 6.00%, 1/15/2030 <sup>(a)</sup> | 1000000 | 996395 |
|  Enterprise Fleet Financing LLC, Series 2024-3, Class A4, 5.06%, 3/20/2031 <sup>(a)</sup> | 500000 | 508167 |
|  Exeter Automobile Receivables Trust, Series 2021-3A, Class E, 3.04%, 12/15/2028 <sup>(a)</sup> | 1000000 | 981555 |
|  Foursight Capital Automobile Receivables Trust, Series 2022-1, Class D, 3.07%, 5/15/2028 <sup>(a)</sup> | 1000000 | 994691 |
|  Foursight Capital Automobile Receivables Trust, Series 2022-2, Class C, 5.75%, 8/15/2028 <sup>(a)</sup> | 953110 | 954535 |
|  GLS Auto Receivables Issuer Trust, Series 2022-1A, Class E, 5.64%, 5/15/2029 <sup>(a)</sup> | 500000 | 498327 |
|  HPEFS Equipment Trust, Series 2024-1A, Class D, 5.82%, 12/22/2031 <sup>(a)</sup> | 1000000 | 1010310 |
|  HPEFS Equipment Trust, Series 2024-2A, Class D, 5.82%, 4/20/2032 <sup>(a)</sup> | 500000 | 507811 |
|  Mariner Finance Issuance Trust, Series 2024-A, Class A, 5.13%, 9/22/2036 <sup>(a)</sup> | 2000000 | 2017864 |
|  NMEF Funding LLC, Series 2024-A, Class B, 5.32%, 12/15/2031 <sup>(a)</sup> | 1000000 | 1002969 |
|  NMEF Funding LLC, Series 2024-A, Class A, 6.33%, 12/15/2031 <sup>(a)</sup> | 500000 | 505883 |
|  Octane Receivables Trust, Series 2023-3A, Class B, 6.48%, 7/20/2029 <sup>(a)</sup> | 1000000 | 1014490 |
|  Octane Receivables Trust, Series 2022-2A, Class D, 7.70%, 2/20/2030 <sup>(a)</sup> | 1000000 | 1029186 |
|  Pagaya AI Debt Grantor Trust, Series 2024-5A, Class A, 6.28%, 10/15/2031 <sup>(a)</sup> | 346969 | 349851 |
|  Pagaya AI Debt Grantor Trust, Series 2025-1, Class B, 5.63%, 7/15/2032 <sup>(a)</sup> | 999915 | 1003343 |
|  Post Road Equipment Finance LLC, Series 2024-1A, Class C, MTN, 5.81%, 10/15/2030 <sup>(a)</sup> | 160000 | 161271 |
|  SCF Equipment Leasing LLC, Series 2025-1A, Class D, 5.88%, 11/20/2035 <sup>(a)</sup> | 500000 | 510034 |
|  Towd Point Asset Trust, Series 2021-SL1, Class A2, 5.17%, 11/20/2061 (TSFR1M + 81.4bps)<sup>(a),(b)</sup> | 221457 | 221224 |
|  US Auto Funding LLC, Series 2021-1A, Class C, 2.20%, 5/15/2026 <sup>(a)</sup> | 340036 | 289543 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Fair Value** | **Fair Value** |
|  USQ Rail II LLC, Series 2021-3, Class B, 2.98%, 6/28/2051 <sup>(a)</sup> | $| 500000 | $| 477704 |
| &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 $17,823,924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $17,823,924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $17,823,924) |  | 17874471 |
|  **U.S. GOVERNMENT & AGENCIES — 30.95%** | **U.S. GOVERNMENT & AGENCIES — 30.95%** | **U.S. GOVERNMENT & AGENCIES — 30.95%** | **U.S. GOVERNMENT & AGENCIES — 30.95%** | **U.S. GOVERNMENT & AGENCIES — 30.95%** |
|  Fannie Mae, Pool #BP2175, 3.00%, 2/1/2035 |  | 174158 |  | 167669 |
|  Fannie Mae, Pool #MA4915, 5.00%, 2/1/2038 |  | 604769 |  | 607504 |
|  Fannie Mae, Pool #MA4851, 5.00%, 11/1/2042 |  | 696841 |  | 694294 |
|  Fannie Mae, Pool #CA6707, 2.50%, 8/1/2050 |  | 831238 |  | 696704 |
|  Fannie Mae, Pool #BT3256, 2.50%, 7/1/2051 |  | 800163 |  | 660492 |
|  Fannie Mae, Pool #BT1314, 2.50%, 7/1/2051 |  | 523855 |  | 430849 |
|  Fannie Mae, Pool #BT1339, 2.50%, 7/1/2051 |  | 1510332 |  | 1242233 |
|  Fannie Mae, Pool #BQ7422, 2.50%, 8/1/2051 |  | 820054 |  | 674396 |
|  Fannie Mae, Pool #CB2668, 3.00%, 1/1/2052 |  | 808397 |  | 692854 |
|  Fannie Mae, Pool #CB2670, 3.00%, 1/1/2052 |  | 833909 |  | 714606 |
|  Fannie Mae, Pool #BU1320, 3.00%, 2/1/2052 |  | 397076 |  | 340883 |
|  Fannie Mae, Pool #CB3177, 3.50%, 3/1/2052 |  | 816545 |  | 730935 |
|  Fannie Mae, Pool #FS1428, 4.00%, 4/1/2052 |  | 1458858 |  | 1348319 |
|  Fannie Mae, Pool #MA4624, 3.00%, 6/1/2052 |  | 1265482 |  | 1085721 |
|  Fannie Mae, Pool #BV7899, 3.00%, 8/1/2052 |  | 1296519 |  | 1112212 |
|  Fannie Mae, Pool #MA4732, 4.00%, 9/1/2052 |  | 829306 |  | 766892 |
|  Fannie Mae, Pool #CB4818, 4.00%, 10/1/2052 |  | 2073449 |  | 1916270 |
|  Fannie Mae, Pool #MA4804, 4.00%, 11/1/2052 |  | 1290575 |  | 1193247 |
|  Fannie Mae, Pool #CB5536, 5.00%, 1/1/2053 |  | 1676188 |  | 1641272 |
|  Fannie Mae, Pool #MA4918, 5.00%, 2/1/2053 |  | 820558 |  | 801815 |
|  Fannie Mae, Pool #MA4941, 5.00%, 3/1/2053 |  | 738543 |  | 723883 |
|  Fannie Mae, Pool #MA5009, 5.00%, 5/1/2053 |  | 857426 |  | 838085 |
|  Fannie Mae, Pool #MA5010, 5.50%, 5/1/2053 |  | 805875 |  | 803454 |
|  Fannie Mae, Pool #MA5071, 5.00%, 7/1/2053 |  | 1736865 |  | 1696207 |
|  Fannie Mae, Pool #MA5191, 6.00%, 11/1/2053 |  | 783213 |  | 796451 |
|  Fannie Mae, Pool #MA5263, 4.00%, 1/1/2054 |  | 928979 |  | 857809 |
|  Fannie Mae, Pool #MA5246, 5.50%, 1/1/2054 |  | 1760563 |  | 1754320 |
|  Fannie Mae, Pool #MA5272, 6.00%, 2/1/2054 |  | 766508 |  | 778139 |
|  Fannie Mae, Pool #MA5295, 6.00%, 3/1/2054 |  | 1574304 |  | 1598013 |
|  Fannie Mae, Pool #MA5329, 6.50%, 4/1/2054 |  | 701470 |  | 723931 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Fannie Mae, Pool #MA5416, 6.50%, 5/1/2054 | $697927 | $713759 |
|  Fannie Mae, Pool #MA5386, 4.50%, 6/1/2054 | 950210 | 902120 |
|  Fannie Mae, Pool #MA5493, 6.00%, 8/1/2054 | 794049 | 797322 |
|  Fannie Mae, Pool #MA5522, 6.50%, 9/1/2054 | 763282 | 780366 |
|  Fannie Mae, Pool #MA5498, 6.00%, 10/1/2054 | 1758063 | 1783588 |
|  Fannie Mae, Pool #MA5496, 5.00%, 10/1/2054 | 1906386 | 1856930 |
|  Fannie Mae, Pool #MA5587, 6.00%, 1/1/2055 | 1396176 | 1416657 |
|  Fannie Mae, Pool #MA5614, 5.50%, 2/1/2055 | 1922305 | 1913705 |
|  Fannie Mae, Pool #MA5615, 6.00%, 2/1/2055 | 1873738 | 1901102 |
|  Fannie Mae, Pool #MA5646, 5.50%, 3/1/2055 | 1925057 | 1915993 |
|  Fannie Mae, Pool #MA5672, 5.00%, 4/1/2055 | 982718 | 956993 |
|  Fannie Mae Pool, 6.00%, 3/1/2055 | 948178 | 961803 |
|  Federal Agricultural Mortgage Corp., 3.05%, 6/29/2032 | 500000 | 460588 |
|  Federal Farm Credit Bank, 2.13%, 5/21/2040 | 2000000 | 1369471 |
|  Federal Farm Credit Bank, 2.07%, 12/21/2040 | 500000 | 333689 |
|  Federal Farm Credit Banks Funding Corp., 5.24%, 9/19/2039 | 1000000 | 972017 |
|  Federal Farm Credit Banks Funding Corp., 5.63%, 3/26/2040 | 1000000 | 997299 |
|  Federal Farm Credit Banks Funding Corp., 5.72%, 10/28/2044 | 2000000 | 1960796 |
|  Federal Farm Credit Banks Funding Corp., 5.90%, 4/21/2045 | 2000000 | 2007071 |
|  Federal Home Loan Banks, 5.40%, 11/21/2034 | 1000000 | 1000404 |
|  Federal Home Loan Banks, 5.10%, 2/12/2035 | 1000000 | 987159 |
|  Federal Home Loan Banks, 5.45%, 3/27/2036 | 1000000 | 1000965 |
|  Federal Home Loan Banks, 6.00%, 4/23/2037 | 1000000 | 998634 |
|  Federal Home Loan Banks, 5.70%, 2/6/2040 | 1000000 | 995931 |
|  Federal Home Loan Banks, 5.75%, 4/24/2040 | 1000000 | 998725 |
|  Federal Home Loan Banks, 2.01%, 7/16/2040 | 1000000 | 665614 |
|  Federal Home Loan Banks, 5.50%, 11/25/2044 | 1000000 | 987302 |
|  Federal Home Loan Banks, 6.00%, 1/30/2045 | 1000000 | 996644 |
|  Federal Home Loan Banks, 5.55%, 3/10/2045 | 1000000 | 990750 |
|  Federal Home Loan Mortgage Corp., 1.75%, 7/27/2035 | 1500000 | 1144378 |
|  Freddie Mac, Pool #RD5138, 5.00%, 1/1/2033 | 515600 | 522724 |
|  Freddie Mac, Pool #SB8509, 2.00%, 1/1/2036 | 526386 | 481165 |
|  Freddie Mac, Pool #QO0931, 4.00%, 10/1/2037 | 488673 | 474651 |
|  Freddie Mac, Pool #RB5135, 2.00%, 10/1/2041 | 1463549 | 1249017 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Freddie Mac, Pool #RB5182, 4.00%, 9/1/2042 | $739323 | $708228 |
|  Freddie Mac, Pool #RA2314, 3.50%, 3/1/2050 | 285267 | 257865 |
|  Freddie Mac, Pool #RA2657, 3.50%, 5/1/2050 | 642129 | 580379 |
|  Freddie Mac, Pool #SD0430, 2.50%, 8/1/2050 | 522884 | 434848 |
|  Freddie Mac, Pool #QC3907, 2.50%, 7/1/2051 | 698773 | 579934 |
|  Freddie Mac, Pool #QC5859, 3.00%, 8/1/2051 | 752193 | 645730 |
|  Freddie Mac, Pool #RA6945, 3.50%, 3/1/2052 | 2376915 | 2127709 |
|  Freddie Mac, Pool #SD8257, 4.50%, 10/1/2052 | 820796 | 780483 |
|  Freddie Mac, Pool #SD8267, 5.00%, 11/1/2052 | 1640755 | 1605646 |
|  Freddie Mac, Pool #SD8288, 5.00%, 1/1/2053 | 832559 | 814657 |
|  Freddie Mac, Pool #QF5251, 5.50%, 1/1/2053 | 802202 | 800990 |
|  Freddie Mac, Pool #SD2334, 5.00%, 2/1/2053 | 862534 | 844013 |
|  Freddie Mac, Pool #SD8297, 4.00%, 2/1/2053 | 1749526 | 1616536 |
|  Freddie Mac, Pool #SD8305, 4.00%, 3/1/2053 | 870848 | 803956 |
|  Freddie Mac, Pool #SD2642, 5.50%, 4/1/2053 | 837441 | 839196 |
|  Freddie Mac, Pool #SD8323, 5.00%, 5/1/2053 | 881080 | 861816 |
|  Freddie Mac, Pool #QG3333, 5.00%, 5/1/2053 | 1775635 | 1740567 |
|  Freddie Mac, Pool #SD8322, 4.50%, 5/1/2053 | 863521 | 820798 |
|  Freddie Mac, Pool #SD8323, 5.00%, 5/1/2053 | 861442 | 842296 |
|  Freddie Mac, Pool #SD2856, 5.50%, 5/1/2053 | 819040 | 818579 |
|  Freddie Mac, Pool #SD8348, 5.00%, 8/1/2053 | 876034 | 854756 |
|  Freddie Mac, Pool #QG9607, 6.00%, 9/1/2053 | 1758362 | 1786036 |
|  Freddie Mac, Pool #SD8383, 5.50%, 12/1/2053 | 2616607 | 2607328 |
|  Freddie Mac, Pool #QH8694, 6.00%, 1/1/2054 | 1193728 | 1213434 |
|  Freddie Mac, Pool #SD5380, 5.50%, 4/1/2054 | 935819 | 932211 |
|  Freddie Mac, Pool #MA5416, 5.50%, 6/1/2054 | 884648 | 881238 |
|  Freddie Mac, Pool #MA5416, 6.00%, 7/1/2054 | 842622 | 855065 |
|  Freddie Mac, Pool #SD8454, 6.00%, 8/1/2054 | 865869 | 878441 |
|  Freddie Mac, Pool #SD8469, 5.50%, 10/1/2054 | 920753 | 916633 |
|  Freddie Mac, Pool #RE6151, 6.00%, 11/1/2054 | 840945 | 844027 |
|  Freddie Mac, Pool #SD8516, 6.00%, 3/1/2055 | 940987 | 954605 |
|  Freddie Mac Pool, 6.00%, 11/1/2054 | 886268 | 899355 |
|  Freddie Mac Pool, 5.50%, 12/1/2054 | 1879383 | 1870975 |
|  Freddie Mac Pool, 5.50%, 1/1/2055 | 1894022 | 1885549 |
|  Freddie Mac Pool, 5.50%, 2/1/2055 | 2866676 | 2853179 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Fair Value** | **Fair Value** |
|  Freddie Mac Pool, 5.50%, 4/1/2055 | $| 1948706 | $| 1940736 |
|  United States Treasury Note, 4.88%, 10/31/2028 |  | 3000000 |  | 3089063 |
| &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 $112,264,523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $112,264,523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $112,264,523) |  | 109371648 |
|  **COLLATERALIZED LOAN OBLIGATIONS — 4.18%** | **COLLATERALIZED LOAN OBLIGATIONS — 4.18%** | **COLLATERALIZED LOAN OBLIGATIONS — 4.18%** | **COLLATERALIZED LOAN OBLIGATIONS — 4.18%** | **COLLATERALIZED LOAN OBLIGATIONS — 4.18%** |
|  Benefit Street Partners CLO Ltd., Series 2022-29A, Class BR, 5.82%, 1/25/2038 (TSFR3M + 150bps)<sup>(a),(b)</sup> |  | 1000000 |  | 996796 |
|  Benefit Street Partners CLO XXV Ltd., Series 21-25A, Class CR, 5.97%, 1/15/2035 (TSFR3M + 165bps)<sup>(a),(b)</sup> |  | 1000000 |  | 997499 |
|  Caryle US CLO Ltd., Series 2017-3, Class BR2, 6.11%, 10/21/2037 (TSFR3M + 178bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1004254 |
|  Hildene TruPS Financials Note Secruitization, Series 2019-2A, Class A1, 6.35%, 5/22/2039 (SOFR + 176.0bps)<sup>(a),(b)</sup> |  | 1619830 |  | 1619831 |
|  Hilton Grand Vacations Trust, Series 2024-3, Class A, 4.98%, 8/27/2040 <sup>(a)</sup> |  | 753613 |  | 757408 |
|  Madison Park Funding LXVII Ltd., Series 67A, Class B, 6.37%, 4/25/2037 (TSFRM + 205.0bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1002010 |
|  Madison Park Funding XXI Ltd., Series 2016-21A, Class BRR, 6.78%, 10/15/2032 (TSFR3M + 246.2bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1006167 |
|  Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class C, 6.48%, 7/17/2034 (TSFR3M + 216.2bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1003359 |
|  Neuberger Berman CLO XXI Ltd., Series 2024-21A, Class BR3, 5.97%, 1/20/2039 (TSFR3M + 170bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1004473 |
|  Oaktree CLO Ltd., Series 2019-3, 5.91%, 1/20/2038 (TSFR3M + 138bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1001211 |
|  Palmer Square CLO Ltd., Series 2022-1A, Class C, 6.38%, 4/20/2035 (TSFR3M + 205.0bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1006006 |
|  Regatta VI Funding Ltd., Series 2016-1A, Class CR2, 6.74%, 4/20/2034 (TSFR3M + 241.2bps)<sup>(b)</sup> |  | 1000000 |  | 1003638 |
|  Rockford Tower CLO Ltd., Series 2019-2, Class CR2, 6.32%, 8/20/2032 (TSFR3M + 200bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1001654 |
|  Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class BR, 6.13%, 4/15/2030 (TSFR3M + 181.2bps)<sup>(a),(b)</sup> |  | 612276 |  | 612431 |
|  Venture CLO Ltd., Series 2018-31A, Class C1, 6.54%, 4/20/2031 (TSFR3M + 221.2bps)<sup>(a),(b)</sup> |  | 750000 |  | 751825 |
| &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 $14,717,776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $14,717,776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $14,717,776) |  | 14768562 |
|  **INVESTMENT COMPANIES — 1.80%** | **INVESTMENT COMPANIES — 1.80%** | **INVESTMENT COMPANIES — 1.80%** | **INVESTMENT COMPANIES — 1.80%** | **INVESTMENT COMPANIES — 1.80%** |
|  **Exchange-Traded Funds — 1.80%** | **Exchange-Traded Funds — 1.80%** | **Exchange-Traded Funds — 1.80%** | **Exchange-Traded Funds — 1.80%** | **Exchange-Traded Funds — 1.80%** |
|  iShares Convertible Bond ETF |  | 34000 |  | 3148740 |

---

**YORKTOWN MULTI-SECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Fair Value** |
|  iShares US Preferred Stock ETF | $| 10000 | $312500 |
|  SPDR Bloomberg Barclays Convertible Securities ETF |  | 34000 | 2887280 |
|  |  |  | 6348520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $6,367,263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $6,367,263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $6,367,263) | 6348520 |
|  **Total Investments — 93.15%** | **Total Investments — 93.15%** | **Total Investments — 93.15%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $338,257,939) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $338,257,939) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $338,257,939) | 329112174 |
|  **Other Assets in Excess of Liabilities — 6.85%** | **Other Assets in Excess of Liabilities — 6.85%** | **Other Assets in Excess of Liabilities — 6.85%** | 24213796 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | $353325970 |

---

<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 July 31, 2025 was $97,630,693, representing 27.63% of net assets. 

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of July 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. 

<sup>(c)</sup> In default.

<sup>(d)</sup> Security is being fair valued in accordance with the Trust's fair valuation policies and represents 0.03% of the Fund's net assets. 

H15T5Y— 5 Year Treasury Rate

MTN— Medium Term Note

SOFR — Secured Overnight Financing Rate

SOFRIX — Secured Overnight Financing Rate Index

TSFR3M — Term Secured Overnight Finance Rate (3 Month)

TSFR1M — Term Secured Overnight Finance Rate (1 Month)

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

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

USSW5 — USD 5 Year Swap Rate

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

**Yorktown Short Term Bond Fund** 

**SCHEDULE OF INVESTMENTS** 

**July 31, 2025** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  **CORPORATE BONDS AND NOTES — 39.48%** | **CORPORATE BONDS AND NOTES — 39.48%** | **CORPORATE BONDS AND NOTES — 39.48%** |
|  **Consumer Discretionary — 4.95%** | **Consumer Discretionary — 4.95%** | **Consumer Discretionary — 4.95%** |
|  Ford Motor Credit Co., LLC, 5.13%, 11/5/2026 | $1000000 | $997436 |
|  General Motors Financial Co., Inc., 1.50%, 6/10/2026 | 1000000 | 973761 |
|  Hyundai Capital America, 4.55%, 9/26/2029 <sup>(a)</sup> | 1000000 | 992111 |
|  McDonald's Corp., 4.80%, 8/14/2028 | 1000000 | 1014708 |
|  McDonald's Corp., MTN, 5.00%, 5/17/2029 | 2000000 | 2045136 |
|  Nissan Motor Co. Ltd., 3.52%, 9/17/2025 <sup>(a)</sup> | 2000000 | 1995988 |
|  Royal Caribbean Cruises Ltd., 5.50%, 8/31/2026 <sup>(a)</sup> | 1000000 | 1003965 |
|  |  | 9023105 |
|  **Consumer Staples — 2.22%** | **Consumer Staples — 2.22%** | **Consumer Staples — 2.22%** |
|  Albertsons Cos Inc / Safeway Inc /, 4.63%, 1/15/2027 <sup>(a)</sup> | 1000000 | 993026 |
|  Mars, Inc., 4.80%, 3/1/2030 <sup>(a)</sup> | 2000000 | 2020498 |
|  Tyson Foods, Inc., 5.40%, 3/15/2029 | 1000000 | 1026713 |
|  |  | 4040237 |
|  **Financials — 13.24%** | **Financials — 13.24%** | **Financials — 13.24%** |
|  Air Lease Corp., 1.88%, 8/15/2026 | 500000 | 486173 |
|  Antares Holdings LP, 3.95%, 7/15/2026 <sup>(a)</sup> | 1500000 | 1478894 |
|  Aviation Capital Group LLC, 1.95%, 1/30/2026 <sup>(a)</sup> | 1000000 | 986113 |
|  Avolon Holdings Funding Ltd., 2.13%, 2/21/2026 <sup>(a)</sup> | 801000 | 788634 |
|  Banco Santander SA, 5.15%, 8/18/2025 | 1000000 | 999935 |
|  Citigroup, Inc., 5.09%, 6/9/2027 (SOFR + 77.0bps) <sup>(b)</sup> | 1000000 | 1001306 |
|  CNO Global Funding, 1.75%, 10/7/2026 <sup>(a)</sup> | 500000 | 483574 |
|  GA Global Funding Trust, 1.63%, 1/15/2026 <sup>(a)</sup> | 1000000 | 986108 |
|  Goldman Sachs Group, Inc. (The), 5.13%, 3/9/2027 (SOFR + 81.0bps) <sup>(b)</sup> | 1000000 | 1002514 |
|  Goldman Sachs Group, Inc. (The), 5.24%, 10/21/2027 (SOFR + 92.0bps) <sup>(b)</sup> | 2000000 | 2009987 |
|  HSBC Holdings PLC, 5.97%, 9/12/2026 (TSFR3M + 164.1bps) <sup>(b)</sup> | 1500000 | 1502259 |
|  HSBC Holdings PLC, 5.65%, 11/19/2030 (SOFR + 129bps) <sup>(b)</sup> | 1000000 | 1000220 |
|  ING Groep NV, 5.33%, 4/1/2027 (SOFR + 101.0bps) <sup>(b)</sup> | 2000000 | 2006555 |
|  Jackson National Life Global Funding, 4.60%, 10/1/2029 <sup>(a)</sup> | 1000000 | 996596 |
|  JPMorgan Chase & Co., 5.21%, 4/22/2027 (SOFR + 88.5bps) <sup>(b)</sup> | 2000000 | 2006014 |
|  JPMorgan Chase & Co., 5.50%, 2/24/2028 (SOFR + 118.0bps) <sup>(b)</sup> | 1000000 | 1009765 |
|  JPMorgan Chase Bank NA, 5.11%, 12/8/2026 | 1000000 | 1009609 |
|  Lloyds Banking Group PLC, 4.58%, 12/10/2025 <sup>(a)</sup> | 250000 | 249877 |
|  Nomura Holdings, Inc., 1.65%, 7/14/2026 | 1000000 | 973745 |
|  Principal Life Global Funding II, MTN, 1.50%, 11/17/2026 <sup>(a)</sup> | 1000000 | 963280 |
|  SMBC Aviation Capital Finance DAC, 1.90%, 10/15/2026 <sup>(a)</sup> | 1000000 | 967209 |
|  Societe Generale SA, MTN, 1.79%, 6/9/2027 (H15T5Y + 100.0bps)<sup>(a),(b)</sup> | 1000000 | 974661 |
|  Voya Financial, Inc., 3.65%, 6/15/2026 | 250000 | 248114 |
|  |  | 24131142 |

---

**YORKTOWN SHORT TERM BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  **Industrials — 6.57%** | **Industrials — 6.57%** | **Industrials — 6.57%** |
|  Air Canada Pass Through Trust, Series 2017-1, Class B, 3.70%, 7/15/2026 <sup>(a)</sup> | $314815 | $311439 |
|  Air Canada Pass Through Trust, Series 2020-2, Class A, 5.25%, 10/1/2030 <sup>(a)</sup> | 160491 | 161536 |
|  American Airlines Pass Through Trust, Series 2014-1, Class A, 3.70%, 10/1/2026 | 1460153 | 1433794 |
|  Ashtead Capital, Inc., 1.50%, 8/12/2026 <sup>(a)</sup> | 1000000 | 967904 |
|  BWX Technologies Inc, 4.13%, 6/30/2028 <sup>(a)</sup> | 500000 | 484334 |
|  Caterpillar Financial Services Corp., 4.40%, 3/3/2028 | 3000000 | 3014111 |
|  CNH Industrial Capital LLC, 1.88%, 1/15/2026 | 1000000 | 986287 |
|  Penske Truck Leasing Co. LP, 1.70%, 6/15/2026 <sup>(a)</sup> | 1000000 | 974510 |
|  Triton Container International Ltd., 2.05%, 4/15/2026 <sup>(a)</sup> | 1000000 | 975534 |
|  United Airlines Pass Through Trust, Series 2020-1, Class B, 4.88%, 1/15/2026 | 280613 | 280059 |
|  United Airlines Pass Through Trust, Series 2016-1, Class A, 3.45%, 7/7/2028 | 577875 | 549276 |
|  United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 4/15/2029 | 368777 | 376115 |
|  Vertiv Group Corp., 4.13%, 11/15/2028 <sup>(a)</sup> | 500000 | 486725 |
|  Vontier Corp., 1.80%, 4/1/2026 | 1000000 | 981723 |
|  |  | 11983347 |
|  **Materials — 3.22%** | **Materials — 3.22%** | **Materials — 3.22%** |
|  Alcoa Nederland Holding BV, 5.50%, 12/15/2027 <sup>(a)</sup> | 1000000 | 989907 |
|  Berry Global, Inc., 1.65%, 1/15/2027 | 2000000 | 1917621 |
|  Sealed Air Corp., 1.57%, 10/15/2026 <sup>(a)</sup> | 1000000 | 960624 |
|  Sherwin-Williams Co. (The), 4.55%, 3/2/2028 | 1000000 | 1004595 |
|  Westlake Corp., 3.60%, 8/15/2026 | 1000000 | 988657 |
|  |  | 5861404 |
|  **Real Estate — 0.27%** | **Real Estate — 0.27%** | **Real Estate — 0.27%** |
|  American Tower Corp., 1.60%, 4/15/2026 | 500000 | 489461 |
|  **Technology — 4.63%** | **Technology — 4.63%** | **Technology — 4.63%** |
|  DXC Technology Co., 1.80%, 9/15/2026 | 500000 | 484084 |
|  Hewlett Packard Enterprise Co., 4.55%, 10/15/2029 | 1500000 | 1491646 |
|  International Business Machines Corp., 4.80%, 2/10/2030 | 1000000 | 1014283 |
|  Jabil, Inc., 1.70%, 4/15/2026 | 1000000 | 980451 |
|  Leidos, Inc., 4.38%, 5/15/2030 | 1000000 | 982812 |
|  Marvell Technology, Inc., 1.65%, 4/15/2026 | 1000000 | 979678 |
|  Oracle Corp., 4.80%, 8/3/2028 | 2000000 | 2022184 |
|  Wipro IT Services LLC, 1.50%, 6/23/2026 <sup>(a)</sup> | 500000 | 486223 |
|  |  | 8441361 |
|  **Utilities — 4.38%** | **Utilities — 4.38%** | **Utilities — 4.38%** |
|  Ameren Corp., 1.95%, 3/15/2027 | 500000 | 480511 |
|  Duke Energy Corp., 4.30%, 3/15/2028 | 1000000 | 998686 |
|  Edison International, 4.70%, 8/15/2025 | 500000 | 499933 |
|  Enel Finance International NV, 1.63%, 7/12/2026 <sup>(a)</sup> | 1000000 | 973107 |
|  Georgia Power Co., 4.55%, 3/15/2030 | 1000000 | 1006190 |

---

**YORKTOWN SHORT TERM BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Fair Value** | **Fair Value** |
|  Liberty Utilities Co., 5.58%, 1/31/2029 <sup>(a)</sup> | $| 1000000 | $| 1024750 |
|  NextEra Energy Capital Holdings, Inc., 1.88%, 1/15/2027 |  | 1000000 |  | 964015 |
|  NSTAR Electric Co., 4.85%, 3/1/2030 |  | 2000000 |  | 2029906 |
|  |  |  |  | 7977098 |
| &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; **Total Corporate Bonds and Notes** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds and Notes** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $72,321,096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $72,321,096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $72,321,096) |  | 71947155 |
|  **ASSET BACKED SECURITIES — 6.67%** | **ASSET BACKED SECURITIES — 6.67%** | **ASSET BACKED SECURITIES — 6.67%** | **ASSET BACKED SECURITIES — 6.67%** | **ASSET BACKED SECURITIES — 6.67%** |
|  Amur Equipment Finance Receivables XIII LLC, Series 2024-1A, Class A2, 5.38%, 1/21/2031 <sup>(a)</sup> |  | 325484 |  | 328764 |
|  BHG Securitization Trust, Series 2024-1A, Class A, 5.81%, 4/17/2035 <sup>(a)</sup> |  | 111506 |  | 113507 |
|  Carvana Auto Receivables Trust, Series 2022-P2, Class D, 6.28%, 5/10/2029 |  | 1000000 |  | 1026141 |
|  Dell Equipment Finance Trust, Series 2023-2, Class C, 6.06%, 1/22/2029 <sup>(a)</sup> |  | 523000 |  | 527304 |
|  Dllad LLC, Series 2024-1A, Class A3, 5.30%, 7/20/2029 (TSFR3M + 181.2bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1016335 |
|  Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69%, 6/15/2029 |  | 1020000 |  | 1038956 |
|  GreatAmerica Leasing Receivables Funding, Series 2024-2, Class C, 5.28%, 5/17/2032 <sup>(a)</sup> |  | 1000000 |  | 1012387 |
|  Hilton Grand Vacations Trust, Series 2020-AA, Class C, 6.42%, 2/25/2039 <sup>(a)</sup> |  | 304137 |  | 305957 |
|  HPEFS Equipment Trust, Series 2024-2A, Class B, 5.35%, 10/20/2031 <sup>(a)</sup> |  | 500000 |  | 504036 |
|  ITE Rail Fund Levered LP, Series 2021-1A, Class A, 2.25%, 2/28/2051 <sup>(a)</sup> |  | 405497 |  | 381371 |
|  Kubota Credit Owner Trust, Series 2024-1A, Class A4, MTN, 5.20%, 1/15/2030 <sup>(a)</sup> |  | 1000000 |  | 1017859 |
|  Navient Student Loan Trust, Series 2018-BA, Class A2A, 3.61%, 12/15/2059 <sup>(a)</sup> |  | 7321 |  | 7289 |
|  Octane Receivables Trust, Series 2023-3A, Class A2, 6.44%, 3/20/2029 <sup>(a)</sup> |  | 315426 |  | 317421 |
|  Octane Receivables Trust, Series 2023-3A, Class B, 6.48%, 7/20/2029 <sup>(a)</sup> |  | 1008000 |  | 1022606 |
|  Octane Receivables Trust, Series RVM1, Class A, 5.01%, 1/22/2046 <sup>(a)</sup> |  | 788564 |  | 794095 |
|  Post Road Equipment Finance LLC, Series 2024-1A, Class A2, MTN, 5.59%, 11/15/2029 <sup>(a)</sup> |  | 153613 |  | 154586 |
|  Post Road Equipment Finance LLC, Series 2025-1A, Class D, 5.43%, 5/15/2031 <sup>(a)</sup> |  | 500000 |  | 499129 |
|  SCF Equipment Leasing LLC, Series 2025-1A, Class C, 5.37%, 9/20/2034 <sup>(a)</sup> |  | 500000 |  | 506370 |
|  SLM Private Credit Student Loan Trust, Series 2006-A, Class A5, 4.87%, 6/15/2039 (TSFR3M + 55.2bps) <sup>(b)</sup> |  | 70740 |  | 67939 |
|  SMB Private Education Loan Trust, Series 2017-A, Class A2A, 2.88%, 9/15/2034 <sup>(a)</sup> |  | 2238 |  | 2234 |
|  Trinity Rail Leasing LLC, Series 2019-2A, Class A2, 3.10%, 10/18/2049 <sup>(a)</sup> |  | 685000 |  | 673573 |

---

**YORKTOWN SHORT TERM BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Fair Value** | **Fair Value** |
|  Verdant Receivables LLC, Series 2024-1A, Class A2, 5.68%, 12/12/2031 <sup>(a)</sup> | $| 818488 | $| 829729 |
| &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 $12,054,751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,054,751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,054,751) |  | 12147588 |
|  **U.S. GOVERNMENT & AGENCIES — 45.57%** | **U.S. GOVERNMENT & AGENCIES — 45.57%** | **U.S. GOVERNMENT & AGENCIES — 45.57%** | **U.S. GOVERNMENT & AGENCIES — 45.57%** | **U.S. GOVERNMENT & AGENCIES — 45.57%** |
|  Fannie Mae, Pool #FM7007, 4.00%, 10/1/2033 |  | 571244 |  | 566816 |
|  Fannie Mae, Pool #MA4023, 3.50%, 1/1/2035 |  | 773070 |  | 751600 |
|  Fannie Mae, Pool #MA4038, 3.00%, 4/1/2035 |  | 196127 |  | 185155 |
|  Fannie Mae, Pool #MA4797, 4.00%, 11/1/2037 |  | 629801 |  | 612283 |
|  Fannie Mae, Pool #MA4915, 5.00%, 2/1/2038 |  | 604769 |  | 607504 |
|  Fannie Mae, Pool #CA8902, 2.50%, 2/1/2041 |  | 659246 |  | 584681 |
|  Fannie Mae, Pool #MA4364, 2.00%, 5/1/2041 |  | 698601 |  | 596648 |
|  Fannie Mae, Pool #MA4961, 5.00%, 3/1/2043 |  | 746209 |  | 741637 |
|  Fannie Mae, Pool #MA4988, 5.00%, 4/1/2043 |  | 692399 |  | 691580 |
|  Fannie Mae, Pool #BM4676, 4.00%, 10/1/2048 |  | 771878 |  | 725733 |
|  Fannie Mae, Pool #CA5970, 2.50%, 6/1/2050 |  | 681916 |  | 560596 |
|  Fannie Mae, Pool #FM7195, 2.50%, 9/1/2050 |  | 753305 |  | 618680 |
|  Fannie Mae, Pool #CA6951, 2.50%, 9/1/2050 |  | 579755 |  | 481153 |
|  Fannie Mae, Pool #CB0397, 3.00%, 5/1/2051 |  | 609699 |  | 527002 |
|  Fannie Mae, Pool #FM8361, 2.50%, 8/1/2051 |  | 640201 |  | 530997 |
|  Fannie Mae, Pool #FS1428, 4.00%, 4/1/2052 |  | 1511769 |  | 1397222 |
|  Fannie Mae, Pool #MA4732, 4.00%, 9/1/2052 |  | 829306 |  | 766892 |
|  Fannie Mae, Pool #QE9380, 4.50%, 9/1/2052 |  | 810514 |  | 770705 |
|  Fannie Mae, Pool #MA4918, 5.00%, 2/1/2053 |  | 820558 |  | 801815 |
|  Fannie Mae, Pool #MA4970, 6.00%, 2/1/2053 |  | 976930 |  | 979610 |
|  Fannie Mae, Pool #BX7767, 5.50%, 3/1/2053 |  | 1568711 |  | 1564563 |
|  Fannie Mae, Pool #MA5054, 4.00%, 6/1/2053 |  | 887885 |  | 820692 |
|  Fannie Mae, Pool #FS5779, 5.50%, 9/1/2053 |  | 847221 |  | 844307 |
|  Fannie Mae, Pool #MA5165, 5.50%, 10/1/2053 |  | 1687935 |  | 1682340 |
|  Fannie Mae, Pool #FS6679, 6.00%, 12/1/2053 |  | 841048 |  | 853953 |
|  Fannie Mae, Pool #DB3808, 6.00%, 5/1/2054 |  | 891447 |  | 906075 |
|  Fannie Mae, Pool #MA5445, 6.00%, 8/1/2054 |  | 1723749 |  | 1749203 |
|  Fannie Mae, Pool #MA5700, 5.50%, 5/1/2055 |  | 1471286 |  | 1464359 |
|  Fannie Mae Pool, 4.00%, 5/1/2052 |  | 1235699 |  | 1140790 |
|  Fannie Mae Pool, 6.00%, 10/1/2054 |  | 1444106 |  | 1465073 |

---

**YORKTOWN SHORT TERM BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
|  Fannie Mae Pool, 4.50%, 5/1/2055 | $971371 | $921978 |
|  Fannie Mae Pool, 6.00%, 6/1/2055 | 984546 | 999045 |
|  Fannie Mae Pool, 4.00%, 7/1/2055 | 1495997 | 1380707 |
|  Federal Farm Credit Banks Funding Corp., 5.03%, 11/27/2030 | 1000000 | 999733 |
|  Federal Farm Credit Banks Funding Corp., 5.44%, 8/21/2034 | 1000000 | 993424 |
|  Federal Farm Credit Banks Funding Corp., 5.60%, 8/5/2039 | 1000000 | 1006321 |
|  Federal Farm Credit Banks Funding Corp., 6.05%, 6/27/2044 | 2000000 | 2000094 |
|  Federal Farm Credit Banks Funding Corp., 6.03%, 8/1/2044 | 1000000 | 1000042 |
|  Federal Farm Credit Banks Funding Corp., 5.37%, 8/26/2044 | 2000000 | 1962045 |
|  Federal Farm Credit Banks Funding Corp., 5.72%, 10/28/2044 | 1000000 | 980398 |
|  Federal Farm Credit Banks Funding Corp., 5.74%, 3/6/2045 | 2000000 | 1996068 |
|  Federal Farm Credit Banks Funding Corp., 5.90%, 4/21/2045 | 1000000 | 1003536 |
|  Federal Farm Credit Banks Funding Corp., 5.93%, 5/1/2045 | 2000000 | 2008995 |
|  Federal Farm Credit Banks Funding Corp., 5.49%, 9/23/2049 | 1000000 | 986938 |
|  Federal Home Loan Banks, 5.07%, 1/23/2030 | 1000000 | 1000128 |
|  Federal Home Loan Banks, 6.00%, 4/23/2037 | 1000000 | 998634 |
|  Federal Home Loan Banks, 5.00%, 10/28/2039 | 300000 | 298833 |
|  Federal Home Loan Banks, 5.70%, 2/6/2040 | 1500000 | 1493896 |
|  Federal Home Loan Banks, 5.75%, 2/27/2040 | 1000000 | 994481 |
|  Federal Home Loan Banks, 5.24%, 2/27/2040 | 1000000 | 1014878 |
|  Federal Home Loan Banks, 6.15%, 6/17/2044 | 1000000 | 999334 |
|  Federal Home Loan Banks, 6.23%, 7/22/2044 | 1500000 | 1500145 |
|  Federal Home Loan Banks, 5.50%, 11/25/2044 | 1000000 | 987302 |
|  Federal Home Loan Banks, 5.90%, 2/27/2045 | 1000000 | 1004678 |
|  Federal Home Loan Banks, 5.94%, 5/8/2045 | 1500000 | 1511653 |
|  Federal Home Loan Banks, 5.40%, 11/29/2049 | 1000000 | 998888 |
|  Freddie Mac, Pool #SB8229, 4.50%, 5/1/2038 | 1363462 | 1349508 |
|  Freddie Mac, Pool #QA5121, 2.50%, 12/1/2049 | 849781 | 706239 |
|  Freddie Mac, Pool #QE2792, 4.00%, 6/1/2052 | 910630 | 842144 |
|  Freddie Mac, Pool #SD1087, 3.50%, 6/1/2052 | 810165 | 728875 |
|  Freddie Mac, Pool #SD8230, 4.50%, 6/1/2052 | 774486 | 736395 |
|  Freddie Mac, Pool #QE9380, 5.00%, 9/1/2052 | 745285 | 729491 |
|  Freddie Mac, Pool #SD2322, 4.50%, 9/1/2052 | 860524 | 818219 |
|  Freddie Mac, Pool #SD8306, 4.50%, 2/1/2053 | 867437 | 824000 |
|  Freddie Mac, Pool #QF8790, 5.50%, 3/1/2053 | 859973 | 857920 |

---

**YORKTOWN SHORT TERM BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Principal <br> Amount** | **Fair Value** | **Fair Value** |
|  Freddie Mac, Pool #QG1666, 5.00%, 3/1/2053 | $| 803186 | $| 785770 |
|  Freddie Mac, Pool #SD2642, 5.50%, 4/1/2053 |  | 837441 |  | 839196 |
|  Freddie Mac, Pool #SD3437, 5.00%, 4/1/2053 |  | 1753482 |  | 1714872 |
|  Freddie Mac, Pool #SD2757, 5.00%, 5/1/2053 |  | 832422 |  | 815898 |
|  Freddie Mac, Pool #SD8329, 5.00%, 6/1/2053 |  | 861130 |  | 840303 |
|  Freddie Mac, Pool #SD8357, 4.00%, 8/1/2053 |  | 921872 |  | 851532 |
|  Freddie Mac, Pool #SD8373, 6.00%, 10/1/2053 |  | 1579769 |  | 1604474 |
|  Freddie Mac, Pool #SD8408, 5.50%, 3/1/2054 |  | 2149470 |  | 2141183 |
|  Freddie Mac, Pool #SD5083, 5.50%, 3/1/2054 |  | 859076 |  | 856163 |
|  Freddie Mac, Pool #SD8421, 6.00%, 4/1/2054 |  | 801515 |  | 813586 |
|  Freddie Mac, Pool #SD8431, 5.50%, 5/1/2054 |  | 876713 |  | 873333 |
|  Freddie Mac, Pool #SD8453, 5.50%, 8/1/2054 |  | 1821382 |  | 1814360 |
|  Freddie Mac, Pool #SD8516, 6.00%, 3/1/2055 |  | 1411481 |  | 1431907 |
|  United States Treasury Note/Bond, 4.38%, 11/30/2028 |  | 3000000 |  | 3044355 |
| &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 $84,351,593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $84,351,593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $84,351,593) |  | 83051561 |
|  **COLLATERALIZED LOAN OBLIGATIONS — 3.90%** | **COLLATERALIZED LOAN OBLIGATIONS — 3.90%** | **COLLATERALIZED LOAN OBLIGATIONS — 3.90%** | **COLLATERALIZED LOAN OBLIGATIONS — 3.90%** | **COLLATERALIZED LOAN OBLIGATIONS — 3.90%** |
|  Benefit Street Partners CLO XXV Ltd., Series 21-25A, Class A2R, 5.52%, 1/15/2035 (TSFR3M + 120bps)<sup>(a),(b)</sup> |  | 1000000 |  | 993348 |
|  Carlyle US CLO Ltd., Series 2020-2A, Class A1R, 5.68%, 1/25/2035 (TSFR3M + 140.2bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1002530 |
|  Elmwood CLO 38 Ltd., Series 2025-1A, Class A, 5.43%, 4/22/2038 (TSFR3M + 115.0bps)<sup>(a),(b)</sup> |  | 500000 |  | 499129 |
|  ICG US CLO Ltd., Series 2014-1A, Class A1, 5.79%, 10/20/2034 (TSFR3M + 146.2bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1001793 |
|  Madison Park Funding XXI Ltd., Series 2016-21A, Class ABRR, 5.98%, 10/15/2032 (TSFR3M + 166.2bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1000824 |
|  Morgan Stanley Eaton Vance CLO, Series 2022-16A, Class A2, 5.97%, 4/15/2035 (TSFR3M + 165.0bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1001227 |
|  Oaktree CLO Ltd., Series 2019-3, 5.71%, 1/20/2038 (TSFR3M + 138.0bps)<sup>(a),(b)</sup> |  | 1000000 |  | 1002538 |
|  Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class BR, 6.13%, 4/15/2030 (TSFR3M + 181.2bps)<sup>(a),(b)</sup> |  | 612276 |  | 612431 |
| &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 $7,112,276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,112,276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,112,276) |  | 7113820 |

---

**YORKTOWN SHORT TERM BOND FUND** 

**SCHEDULE OF INVESTMENTS, Continued**

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Fair Value** |
| **Total Investments — 95.62%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $175,839,716) |  | $174260124 |
| **Other Assets in Excess of Liabilities — 4.38%** |  | 7987768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets — 100.00%** |  | $182247892 |

---

<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 July 31, 2025 was $41,805,499, representing 22.94% of net assets. 

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of July 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. 

H15T5Y— 5 Year Treasury Rate

MTN— Medium Term Note

SOFR— Secured Overnight Financing Rate

TSFR3M— Term Secured Overnight Finance Rate (3 Month)

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

**Yorktown Small Cap Fund** 

**SCHEDULE OF INVESTMENTS** 

**July 31, 2025** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **COMMON STOCKS — 100.36%** | **COMMON STOCKS — 100.36%** | **COMMON STOCKS — 100.36%** |
|  **Communications — 1.71%** | **Communications — 1.71%** | **Communications — 1.71%** |
|  Grab Holdings Ltd., Class A<sup>(a)</sup> | 52000 | $254280 |
|  Upwork, Inc.<sup>(a)</sup> | 21900 | 261924 |
|  |  | 516204 |
|  **Consumer Discretionary — 15.22%** | **Consumer Discretionary — 15.22%** | **Consumer Discretionary — 15.22%** |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 775 | 585505 |
|  Boot Barn Holdings, Inc.<sup>(a)</sup> | 2550 | 438345 |
|  Boyd Gaming Corp.<sup>(a)</sup> | 2700 | 229230 |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 1500 | 169650 |
|  Cavco Industries, Inc.<sup>(a)</sup> | 800 | 322936 |
|  Dorman Products, Inc.<sup>(a)</sup> | 1800 | 217116 |
|  DraftKings, Inc., Class A<sup>(a)</sup> | 9960 | 448598 |
|  Driven Brands Holdings, Inc.<sup>(a)</sup> | 14850 | 250965 |
|  FirstCash Holdings, Inc.<sup>(a)</sup> | 2650 | 353218 |
|  Griffon Corp. | 3050 | 247874 |
|  Group 1 Automotive, Inc. | 440 | 181346 |
|  SharkNinja, Inc.<sup>(a)</sup> | 3500 | 406350 |
|  Sportradar Group AG<sup>(a)</sup> | 13600 | 402152 |
|  Texas Roadhouse, Inc. | 900 | 166617 |
|  Universal Technical Institute, Inc.<sup>(a)</sup> | 5750 | 185265 |
|  |  | 4605167 |
|  **Consumer Staples — 8.38%** | **Consumer Staples — 8.38%** | **Consumer Staples — 8.38%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 4390 | 464901 |
|  Chefs' Warehouse, Inc. (The)<sup>(a)</sup> | 7050 | 483348 |
|  Dole PLC<sup>(a)</sup> | 12600 | 179424 |
|  elf Beauty, Inc.<sup>(a)</sup> | 2650 | 321154 |
|  Inter Parfums, Inc. | 2200 | 265320 |
|  Performance Food Group Co.<sup>(a)</sup> | 2250 | 225900 |
|  Pilgrim's Pride Corp.<sup>(a)</sup> | 9000 | 426510 |
|  Vital Farms, Inc.<sup>(a)</sup> | 4600 | 171120 |
|  |  | 2537677 |
|  **Energy — 1.68%** | **Energy — 1.68%** | **Energy — 1.68%** |
|  Par Pacific Holdings, Inc.<sup>(a)</sup> | 9900 | 310662 |
|  Range Resources Corp. | 5400 | 198288 |
|  |  | 508950 |
|  **Financials — 21.54%** | **Financials — 21.54%** | **Financials — 21.54%** |
|  Bancorp, Inc. (The)<sup>(a)</sup> | 4300 | 271588 |
|  Brookfield Asset Management Ltd. | 5637 | 347634 |
|  Enova International, Inc.<sup>(a)</sup> | 2250 | 235260 |
|  Freedom Holding Corp.<sup>(a)</sup> | 3700 | 687515 |
|  Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 5050 | 459096 |
|  Hamilton Lane, Inc., Class A | 2300 | 350290 |
|  LPL Financial Holdings, Inc. | 2300 | 910179 |
|  Marex Group PLC<sup>(a)</sup> | 5900 | 227622 |
|  Merchants Bancorp | 8800 | 257840 |
|  Palomar Holdings, Inc.<sup>(a)</sup> | 2000 | 264980 |
|  Paysign Inc<sup>(a)</sup> | 36900 | 274536 |
|  Robinhood Markets, Inc., Class A<sup>(a)</sup> | 14200 | 1463310 |
|  SmartFinancial, Inc.<sup>(a)</sup> | 6750 | 231255 |
|  StoneX Group, Inc.<sup>(a)</sup> | 3300 | 320892 |
|  Velocity Financial, Inc.<sup>(a)</sup> | 13000 | 215800 |
|  |  | 6517797 |
|  **Health Care — 7.20%** | **Health Care — 7.20%** | **Health Care — 7.20%** |
|  ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 12050 | 287151 |
|  Ensign Group, Inc. (The) | 2100 | 315000 |
|  Guardant Health, Inc.<sup>(a)</sup> | 5550 | 227439 |
|  Haemonetics Corp.<sup>(a)</sup> | 3100 | 229524 |
|  Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 6300 | 221634 |
|  Insmed, Inc.<sup>(a)</sup> | 5850 | 627588 |
|  Progyny, Inc.<sup>(a)</sup> | 11500 | 270365 |
|  |  | 2178701 |
|  **Industrials — 17.66%** | **Industrials — 17.66%** | **Industrials — 17.66%** |
|  AeroVironment, Inc.<sup>(a)</sup> | 1994 | 533674 |
|  AZZ, Inc. | 3750 | 410625 |
|  Badger Meter, Inc. | 1650 | 311454 |
|  Construction Partners, Inc., Class A<sup>(a)</sup> | 4800 | 484080 |
|  CSW Industrials, Inc. | 1950 | 505986 |
|  Herc Holdings, Inc. | 1100 | 128491 |
|  IES Holdings, Inc.<sup>(a)</sup> | 940 | 331886 |
|  Installed Building Products, Inc. | 1600 | 323664 |
|  Itron, Inc.<sup>(a)</sup> | 3000 | 373620 |
|  Janus International Group, Inc.<sup>(a)</sup> | 28500 | 244245 |
|  Mueller Industries, Inc. | 6650 | 567710 |

---

**YORKTOWN SMALL CAP FUND** 

**SCHEDULE OF INVESTMENTS, Continued** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  Napco Security Technologies Inc<sup>(a)</sup> | 9900 | $302247 |
|  RBC Bearings, Inc.<sup>(a)</sup> | 970 | 375720 |
|  V2X, Inc.<sup>(a)</sup> | 5400 | 255852 |
|  WESCO International, Inc. | 950 | 196612 |
|  |  | 5345866 |
|  **Materials — 4.21%** | **Materials — 4.21%** | **Materials — 4.21%** |
|  Balchem Corp. | 1450 | 221081 |
|  Hawkins, Inc. | 1450 | 236756 |
|  Ramaco Resources, Inc., Class A | 19150 | 389703 |
|  Tecnoglass, Inc.<sup>(a)</sup> | 2800 | 218484 |
|  United States Lime & Minerals, Inc. | 2100 | 209118 |
|  |  | 1275142 |
|  **Technology — 22.76%** | **Technology — 22.76%** | **Technology — 22.76%** |
|  ACM Research, Inc., Class A<sup>(a)</sup> | 13300 | 403788 |
|  Allegro Microsystems, Inc.<sup>(a)</sup> | 11300 | 354933 |
|  Asana Inc, Class A<sup>(a)</sup> | 19800 | 290664 |
|  Blackline, Inc.<sup>(a)</sup> | 4900 | 263522 |
|  Calix, Inc.<sup>(a)</sup> | 9000 | 510210 |
|  CyberArk Software Ltd.<sup>(a)</sup> | 950 | 390896 |
|  Duolingo, Inc.<sup>(a)</sup> | 1400 | 485170 |
|  ExlService Holdings, Inc.<sup>(a)</sup> | 6000 | 260580 |
|  Grid Dynamics Holdings Inc<sup>(a)</sup> | 23350 | 221592 |
|  NCR Atleos Corp.<sup>(a)</sup> | 10400 | 318240 |
|  Nova Ltd.<sup>(a)</sup> | 1800 | 472662 |
|  Pagseguro Digital Ltd., Class A<sup>(a)</sup> | 37800 | 295974 |
|  Payoneer Global, Inc.<sup>(a)</sup> | 40700 | 267399 |
|  Rambus, Inc.<sup>(a)</sup> | 7000 | 517510 |
|  SEMrush Holdings Inc<sup>(a)</sup> | 29100 | 260736 |
|  Super Micro Computer, Inc.<sup>(a)</sup> | 8700 | 513039 |
|  TaskUS, Inc., Class A<sup>(a)</sup> | 19800 | 338184 |
|  Verra Mobility Corp.<sup>(a)</sup> | 10000 | 252600 |
|  WNS Holdings Ltd.<sup>(a)</sup> | 3800 | 284202 |
|  ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 17300 | 187359 |
|  |  | 6889260 |
| &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 $20,887,350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $20,887,350) | 30374764 |
|  **Total Investments — 100.36%** | **Total Investments — 100.36%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $20,887,350) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $20,887,350) | $30374764 |
|  **Liabilities in Excess of Other Assets — (0.36)%** | **Liabilities in Excess of Other Assets — (0.36)%** | (110162) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets — 100.00%** | $30264602 |

---

<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** 

**July 31, 2025** 

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 $58,788,836, $338,257,939, $175,839,716 and $20,887,350, respectively) | $92229235 | $329112174 | $174260124 | $30374764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 92229235 | 329112174 | 174260124 | 30374764 |
| &nbsp;&nbsp;&nbsp; Cash | 341871 | 20869587 | 6637162 | 419178 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | 14428 | 3104158 | 1484247 | 3233 |
| &nbsp;&nbsp;&nbsp; Receivable for securities sold |  | 741700 |  |  |
| &nbsp;&nbsp;&nbsp; Reclaims receivable | 21347 | 29064 |  |  |
| &nbsp;&nbsp;&nbsp; Receivable for shareholder purchases | 839 | 267908 | 52490 | 50 |
| &nbsp;&nbsp;&nbsp; **Other assets** | 35695 | 54809 | 36966 | 29581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 92643415 | 354179400 | 182470989 | 30826806 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for shareholder redemptions | 6710 | 59506 | 30941 | 514184 |
| &nbsp;&nbsp;&nbsp; Payable for securities purchased |  | 490839 |  |  |
| &nbsp;&nbsp;&nbsp; Accrued distribution fees | 31937 | 101252 | 45759 | 9396 |
| &nbsp;&nbsp;&nbsp; Accrued advisory fees | 71149 | 120320 | 76717 | 13392 |
| &nbsp;&nbsp;&nbsp; Accrued accounting service and transfer agent fees | 11386 | 26340 | 20284 | 8498 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | 27235 | 55173 | 49396 | 16734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 148417 | 853430 | 223097 | 562204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $92494998 | $353325970 | $182247892 | $30264602 |

---

**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 | 2524826 | 24683756 | 22212417 | 1176267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $46030268 | $225199688 | $92718507 | $17954382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $21.23 | $9.12 | $4.17 | $17.33 |
| &nbsp;&nbsp;&nbsp; Class A: Shares outstanding | 534746 | 2423120 | 1716749 | 199788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $8246176 | $20749954 | $6666255 | $1844368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $19.55 | $8.56 | $3.88 | $16.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<sup>(a)</sup> | $20.74 | $9.08 | $3.97 | $18.01 |
| &nbsp;&nbsp;&nbsp; Class L: Shares outstanding | 3316831 | 13324004 | 23799196 | 1105980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $38218554 | $105363717 | $82863130 | $10465852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $13.48 | $7.91 | $3.48 | $15.76 |
| &nbsp;&nbsp;&nbsp; Class C: Shares outstanding |  | 260994 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $2012610 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share |  | $7.71 |  |  |
|  **Net assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $59413468 | $576297994 | $208753258 | $25879777 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (deficit) | 33081530 | (222972024) | (26505366) | 4384825 |
|  **Net assets applicable to outstanding shares of beneficial interest** | $92494998 | $353325970 | $182247892 | $30264602 |

---

<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 Six Months Ended July 31, 2025** 

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 $30,135, –, – and –, respectively) | $348814 | $— | $— | $141978 |
| &nbsp;&nbsp;&nbsp; Interest | 29003 | 9240674 | 4213249 | 12015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 377817 | 9240674 | 4213249 | 153993 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees |  | 705190 | 656635 | 126818 |
| &nbsp;&nbsp;&nbsp; Distribution fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 54060 |  | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L |  | 541225 | 297325 | 47416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 16836 |  |  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees |  | 157900 | 89442 | 33869 |
| &nbsp;&nbsp;&nbsp; Accounting service fees |  | 55327 | 43726 | 36380 |
| &nbsp;&nbsp;&nbsp; Registration fees |  | 37535 | 29623 | 25582 |
| &nbsp;&nbsp;&nbsp; Professional fees |  | 34722 | 20950 | 7620 |
| &nbsp;&nbsp;&nbsp; Shareholder reports |  | 13690 | 8260 | 3816 |
| &nbsp;&nbsp;&nbsp; Custodial fees |  | 18933 | 12391 | 1642 |
| &nbsp;&nbsp;&nbsp; Trustee fees |  | 20865 | 12293 | 1717 |
| &nbsp;&nbsp;&nbsp; Insurance |  | 17144 | 9890 | 1613 |
| &nbsp;&nbsp;&nbsp; Line of credit fees |  | 8443 | 4882 |  |
| &nbsp;&nbsp;&nbsp; Interest expense |  |  | 2882 | 404 |
| &nbsp;&nbsp;&nbsp; Miscellaneous |  | 87339 | 58378 | 17660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 736036 | 1769209 | 1246677 | 306900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less expenses waived by investment adviser | (91618) |  | (200513) | (66435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | 644418 | 1769209 | 1046164 | 240465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (266601) | 7471465 | 3167085 | (86472) |
|  **Realized & Change in Unrealized Gain (Loss) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from security transactions | 1402376 | (4518343) | (2381920) | 1540770 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from foreign currency | (1620) |  |  | 96 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | 535153 | 6686014 | 3589927 | (628707) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation on foreign currency | 1117 |  |  | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain on investments | 1937026 | 2167671 | 1208007 | 912290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | $1670425 | $9639136 | $4375092 | $825818 |

---

*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> Six Months<br> Ended<br> July 31, <br> 2025<br> (Unaudited)** | **For the <br> Year Ended <br> January 31, <br> 2025** | **For the<br> Six Months<br> Ended<br> July 31, <br> 2025<br> (Unaudited)** | **For the <br> Year Ended <br> January 31, <br> 2025** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(266601) | $(286467) | $7471465 | $13033245 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from security transactions | 1400756 | 2908288 | (4518343) | (1896425) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation on investments | 536270 | 9409513 | 6686014 | 4093753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 1670425 | 12031334 | 9639136 | 15230573 |
|  **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | (178621) | (5648150) | (7324346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (33892) | (540676) | (1042749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L |  |  | (2617751) | (4783013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (82504) | (198654) |
|  |  | (212513) | (8889081) | (13348762) |
|  **Capital Transactions — Institutional Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 2434945 | 16274746 | 43671166 | 73956417 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions |  | 178004 | 5225655 | 6897770 |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (7358872) | (5524446) | (18654233) | (34051991) |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | (4923927) | 10928304 | 30242588 | 46802196 |
|  **Capital Transactions — Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 211299 | 641775 | 1262930 | 2254152 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions |  | 32768 | 459271 | 856909 |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (839437) | (5842976) | (4396844) | (6838763) |
| &nbsp;&nbsp;&nbsp; Total Class A | (628138) | (5168433) | (2674643) | (3727702) |
|  **Capital Transactions — Class L:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1678860 | 3476804 | 4969831 | 13651177 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions |  |  | 2325844 | 4314684 |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (2221550) | (4957630) | (13894194) | (30411976) |
| &nbsp;&nbsp;&nbsp; Total Class L | (542690) | (1480826) | (6598519) | (12446115) |
|  **Capital Transactions — Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  | 3300 | 92725 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions |  |  | 43984 | 98191 |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed |  |  | (1957339) | (1717363) |
| &nbsp;&nbsp;&nbsp; Total Class C |  |  | (1910055) | (1526447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (6094755) | 4279045 | 19059371 | 29101932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (4424330) | 16097866 | 19809426 | 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> Six Months<br> Ended<br> July 31, <br> 2025<br> (Unaudited)** | **For the <br> Year Ended <br> January 31, <br> 2025** | **For the<br> Six Months<br> Ended<br> July 31, <br> 2025<br> (Unaudited)** | **For the <br> Year Ended <br> January 31, <br> 2025** |
|  **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | $96919328 | $80821462 | $333516544 | $302532800 |
| &nbsp;&nbsp;&nbsp; End of period | $92494998 | $96919328 | $353325970 | $333516543 |
|  **Share Transactions — Institutional Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 125775 | 823638 | 4808849 | 8145721 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | 9036 | 574532 | 764016 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (402726) | (280513) | (2052408) | (3765275) |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | (276951) | 552161 | 3330973 | 5144462 |
|  **Share Transactions — Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 11890 | 35779 | 148176 | 261270 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | 1806 | 53754 | 100921 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (49613) | (319017) | (514783) | (803596) |
| &nbsp;&nbsp;&nbsp; Total Class A | (37723) | (281432) | (312853) | (441405) |
|  **Share Transactions — Class L:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 136325 | 276487 | 629323 | 1729589 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 294585 | 548065 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (181733) | (395800) | (1761738) | (3858625) |
| &nbsp;&nbsp;&nbsp; Total Class L | (45408) | (119313) | (837830) | (1580971) |
|  **Share Transactions — Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  | 430 | 11953 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 5710 | 12782 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (254089) | (222538) |
| &nbsp;&nbsp;&nbsp; Total Class C |  |  | (247949) | (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> Six Months<br> Ended<br> July 31, <br> 2025<br> (Unaudited)** | **For the <br> Year Ended <br> January 31, <br> 2025** | **For the<br> Six Months<br> Ended<br> July 31, <br> 2025<br> (Unaudited)** | **For the <br> Year Ended <br> January 31, <br> 2025** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3167085 | $6524935 | $(86472) | $(196697) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from security transactions | (2381920) | (2644649) | 1540866 | 3451155 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | 3589927 | 6043531 | (628576) | 130074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 4375092 | 9923817 | 825818 | 3384532 |
|  **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1790173) | (3019519) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (150239) | (248781) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L | (1824200) | (3433917) |  |  |
|  | (3764612) | (6702217) |  |  |
|  **Capital Transactions — Institutional Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 17211340 | 28596831 | 3132969 | 5876461 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 1726880 | 2909964 |  |  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (17282998) | (56472553) | (4670317) | (8053739) |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | 1655222 | (24965758) | (1537348) | (2177278) |
|  **Capital Transactions — Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 234223 | 1024224 | 71418 | 59127 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 149625 | 247908 |  |  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (1540215) | (2300058) | (325466) | (222898) |
| &nbsp;&nbsp;&nbsp; Total Class A | (1156367) | (1027926) | (254048) | (163771) |
|  **Capital Transactions — Class L:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 7015030 | 19772571 | 838737 | 719787 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 1757974 | 3276574 |  |  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (38363894) | (47154139) | (622553) | (1684451) |
| &nbsp;&nbsp;&nbsp; Total Class L | (29590890) | (24104994) | 216184 | (964664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from capital share transactions | (29092035) | (50098678) | (1575212) | (3305713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (28481555) | (46877078) | (749394) | 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> Six Months<br> Ended<br> July 31, <br> 2025<br> (Unaudited)** | **For the <br> Year Ended <br> January 31, <br> 2025** | **For the<br> Six Months<br> Ended<br> July 31, <br> 2025<br> (Unaudited)** | **For the <br> Year Ended <br> January 31, <br> 2025** |
|  **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | $210729447 | $257606525 | $31013996 | $30935177 |
| &nbsp;&nbsp;&nbsp; End of period | $182247892 | $210729447 | $30264602 | $31013996 |
|  **Share Transactions — Institutional Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4126701 | 6946963 | 195029 | 369578 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 414732 | 708042 |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (4149446) | (13683933) | (296311) | (513340) |
| &nbsp;&nbsp;&nbsp; **Total Institutional Class** | 391987 | (6028928) | (101282) | (143762) |
|  **Share Transactions — Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 60602 | 264523 | 4381 | 3838 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 38597 | 64671 |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (397332) | (600696) | (20000) | (14330) |
| &nbsp;&nbsp;&nbsp; Total Class A | (298133) | (271502) | (15619) | (10492) |
|  **Share Transactions — Class L:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2010688 | 5709915 | 56028 | 49084 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 504864 | 949031 |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (10995506) | (13630419) | (41303) | (114534) |
| &nbsp;&nbsp;&nbsp; Total Class L | (8479954) | (6971473) | 14725 | (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** | **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,** |
|  | **For the<br> Six Months<br> Ended** <br> **July 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **For a share outstanding throughout each year/period** |  |  |  |  |  |  |
|  Net asset value, beginning of year/period | $20.59 | $17.95 | $16.48 | $17.92 | $19.69 | $16.48 |
|  Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | (0.02) | 0.01 | 0.04 | —<sup>(2)</sup> | (0.07) | (0.10) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.66 | 2.70 | 1.43 | (1.44) | 0.82 | 5.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.64 | 2.71 | 1.47 | (1.44) | 0.75 | 5.13 |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  | (0.07) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain on security transactions |  |  |  |  | (2.52) | (1.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.07) |  |  | (2.52) | (1.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year/period** | $21.23 | $20.59 | $17.95 | $16.48 | $17.92 | $19.69 |
|  Total return | 3.11%<sup>(3)</sup> | 15.14% | 8.92% | (8.04)% | 2.45% | 31.70% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period (000's omitted) | $46030 | $50352 | $33985 | $29704 | $26805 | $25611 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers  | 1.29%<sup>(4)</sup> | 1.31% | 1.49% | 1.46% | 1.37% | 1.46% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.07%<sup>(4)</sup> | 1.00% | 1.01% | 1.00% | 1.04% | 1.33% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.21)%<sup>(4)</sup> | 0.06% | 0.21% | 0.01% | (0.33)% | (0.58)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24%<sup>(3)</sup> | 52% | 40% | 78% | 54% | 94% |

---

<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. 

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

*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** | **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,** |
|  | **For the<br> Six Months<br> Ended** <br> **July 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **For a share outstanding throughout each year/period** |  |  |  |  |  |  |
|  Net asset value, beginning of year/period | $18.96 | $16.54 | $15.18 | $16.51 | $18.31 | $15.44 |
|  Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | (0.02) | 0.02 | 0.03 | —<sup>(2)</sup> | (0.07) | (0.09) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.61 | 2.47 | 1.33 | (1.33) | 0.79 | 4.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.59 | 2.49 | 1.36 | (1.33) | 0.72 | 4.79 |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  | (0.07) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain on security transactions |  |  |  |  | (2.52) | (1.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.07) |  |  | (2.52) | (1.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year/period** | $19.55 | $18.96 | $16.54 | $15.18 | $16.51 | $18.31 |
|  Total return (excludes sales charge) | 3.11%<sup>(3)</sup> | 15.10% | 8.96% | (8.06)% | 2.48% | 31.63% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period (000's omitted) | $8246 | $8714 | $12253 | $7511 | $9544 | $9991 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers  | 1.29%<sup>(4)</sup> | 1.31% | 1.49% | 1.46% | 1.37% | 1.46% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.07%<sup>(4)</sup> | 1.00% | 1.01% | 1.00% | 1.04% | 1.33% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.20)%<sup>(4)</sup> | 0.14% | 0.21% | 0.03% | (0.33)% | (0.57)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24%<sup>(3)</sup> | 52% | 40% | 78% | 54% | 94% |

---

<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. 

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

*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** | **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,** |
|  | **For the<br> Six Months<br> Ended** <br> **July 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **For a share outstanding throughout each year/period** |  |  |  |  |  |  |
|  Net asset value, beginning of year/period | $13.14 | $11.53 | $10.69 | $11.74 | $13.80 | $12.13 |
|  Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.07) | (0.11) | (0.08) | (0.10) | (0.20) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.41 | 1.72 | 0.92 | (0.95) | 0.66 | 3.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.34 | 1.61 | 0.84 | (1.05) | 0.46 | 3.59 |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain on security transactions |  |  |  |  | (2.52) | (1.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  |  |  | (2.52) | (1.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year/period** | $13.48 | $13.14 | $11.53 | $10.69 | $11.74 | $13.80 |
|  Total return | 2.59%<sup>(2)</sup> | 13.96% | 7.86% | (8.94)% | 1.38% | 30.35% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period (000's omitted) | $38219 | $37853 | $34583 | $30790 | $37380 | $35192 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers  | 2.28%<sup>(3)</sup> | 2.31% | 2.49% | 2.46% | 2.37% | 2.46% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 2.07%<sup>(3)</sup> | 2.00% | 2.01% | 2.00% | 2.04% | 2.33% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets | (1.21)%<sup>(3)</sup> | (0.91)% | (0.79)% | (0.97)% | (1.33)% | (1.57)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24%<sup>(2)</sup> | 52% | 40% | 78% | 54% | 94% |

---

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

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

*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** | **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,** |
|  | **For the<br> Six Months<br> Ended** <br> **July 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **For a share outstanding throughout each year/period** |  |  |  |  |  |  |
|  Net asset value, beginning of year/period | $9.10 | $9.01 | $8.97 | $10.13 | $10.36 | $10.96 |
|  Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.21 | 0.42 | 0.42 | 0.42 | 0.40 | 0.46 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.05 | 0.06 | 0.01 | (1.18) | (0.25) | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.26 | 0.48 | 0.43 | (0.76) | 0.15 | (0.16) |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.24) | (0.39) | (0.39) | (0.40) | (0.38) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.24) | (0.39) | (0.39) | (0.40) | (0.38) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year/period** | $9.12 | $9.10 | $9.01 | $8.97 | $10.13 | $10.36 |
|  Total return | 2.85%<sup>(2)</sup> | 5.51% | 5.02% | (7.47)% | 1.46% | (1.18)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period (000's omitted) | $225200 | $194221 | $146035 | $119412 | $157188 | $150520 |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.65%<sup>(3),(4)</sup> | 0.69% | 0.70% | 0.67% | 0.61% | 0.62% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.56%<sup>(3)</sup> | 4.61% | 4.83% | 4.59% | 3.85% | 4.69% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 23%<sup>(2)</sup> | 34% | 43% | 29% | 26% | 56% |

---

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

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Does not include expenses of the investment companies in which the Fund invests.

*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** | **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,** |
|  | **For the<br> Six Months<br> Ended** <br> **July 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **For a share outstanding throughout each year/period** |  |  |  |  |  |  |
|  Net asset value, beginning of year/period | $8.55 | $8.49 | $8.47 | $9.60 | $9.83 | $10.42 |
|  Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.17 | 0.35 | 0.36 | 0.35 | 0.33 | 0.39 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.05 | 0.06 | 0.01 | (1.12) | (0.23) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.22 | 0.41 | 0.37 | (0.77) | 0.10 | (0.20) |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.21) | (0.35) | (0.35) | (0.36) | (0.33) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.21) | (0.35) | (0.35) | (0.36) | (0.33) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year/period** | $8.56 | $8.55 | $8.49 | $8.47 | $9.60 | $9.83 |
|  Total return (excludes sales charge) | 2.62%<sup>(2)</sup> | 4.95% | 4.54% | (8.04)% | 1.04% | (1.65)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period (000's omitted) | $20750 | $23386 | $26974 | $37765 | $55430 | $74402 |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.15%<sup>(3),(4)</sup> | 1.19% | 1.20% | 1.17% | 1.11% | 1.12% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.06%<sup>(3),(4)</sup> | 4.11% | 4.32% | 4.09% | 3.35% | 4.17% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 23%<sup>(2)</sup> | 34% | 43% | 29% | 26% | 56% |

---

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

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Does not include expenses of the investment companies in which the Fund invests.

*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** | **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,** |
|  | **For the<br> Six Months<br> Ended** <br> **July 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **For a share outstanding throughout each year/period** |  |  |  |  |  |  |
|  Net asset value, beginning of year/period | $7.91 | $7.88 | $7.89 | $8.97 | $9.22 | $9.80 |
|  Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.14 | 0.28 | 0.29 | 0.29 | 0.26 | 0.32 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.05 | 0.07 | 0.01 | (1.05) | (0.22) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.19 | 0.35 | 0.30 | (0.76) | 0.04 | (0.23) |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.19) | (0.32) | (0.31) | (0.32) | (0.29) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.19) | (0.32) | (0.31) | (0.32) | (0.29) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year/period** | $7.91 | $7.91 | $7.88 | $7.89 | $8.97 | $9.22 |
|  Total return | 2.43%<sup>(2)</sup> | 4.47% | 4.01% | (8.47)% | 0.43% | (2.12)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period (000's omitted) | $105364 | $111982 | $124083 | $146927 | $194587 | $222020 |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.64%<sup>(3),(4)</sup> | 1.69% | 1.70% | 1.67% | 1.61% | 1.62% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.56%<sup>(3),(4)</sup> | 3.61% | 3.83% | 3.59% | 2.85% | 3.68% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 23%<sup>(2)</sup> | 34% | 43% | 29% | 26% | 56% |

---

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

<sup>(2)</sup> <sup></sup>Not annualized.<sup></sup>

<sup>(3)</sup> <sup></sup>Annualized.<sup></sup>

<sup>(4)</sup> <sup></sup>Does not include expenses of the investment companies in which the Fund invests.<sup></sup>

*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** | **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,** |
|  | **For the<br> Six Months<br> Ended** <br> **July 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **For a share outstanding throughout each year/period** |  |  |  |  |  |  |
|  Net asset value, beginning of year/period | $7.72 | $7.70 | $7.72 | $8.78 | $9.03 | $9.61 |
|  Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.14 | 0.28 | 0.29 | 0.28 | 0.26 | 0.32 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.04 | 0.06 | —<sup>(5)</sup> | (1.02) | (0.22) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.18 | 0.34 | 0.29 | (0.74) | 0.04 | (0.23) |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.19) | (0.32) | (0.31) | (0.32) | (0.29) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.19) | (0.32) | (0.31) | (0.32) | (0.29) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year/period** | $7.71 | $7.72 | $7.70 | $7.72 | $8.78 | $9.03 |
|  Total return (excludes sales charge) | 2.34%<sup>(2)</sup> | 4.46% | 3.98% | (8.41)% | 0.45% | (2.14)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period (000's omitted) | $2013 | $3927 | $5441 | $6862 | $12400 | $18282 |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.64%<sup>(3),(4)</sup> | 1.69% | 1.70% | 1.67% | 1.61% | 1.62% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.56%<sup>(3),(4)</sup> | 3.61% | 3.82% | 3.59% | 2.85% | 3.68% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 23%<sup>(2)</sup> | 34% | 43% | 29% | 26% | 56% |

---

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

<sup>(2)</sup> <sup></sup>Not annualized.<sup></sup>

<sup>(3)</sup> <sup></sup>Annualized.<sup></sup>

<sup>(4)</sup> <sup></sup>Does not include expenses of the investment companies in which the Fund invests.<sup></sup>

<sup>(5)</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** | **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,** |
|  | **For the<br> Six Months<br> Ended** <br> **July 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **For a share outstanding throughout each year/period** |  |  |  |  |  |  |
|  Net asset value, beginning of year/period | $4.16 | $4.09 | $3.99 | $4.18 | $4.27 | $4.25 |
|  Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.08 | 0.13 | 0.11 | 0.07 | 0.06 | 0.08 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.01 | 0.06 | 0.09 | (0.19) | (0.09) | 0.02<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.09 | 0.19 | 0.20 | (0.12) | (0.03) | 0.10 |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.08) | (0.12) | (0.10) | (0.07) | (0.06) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.08) | (0.12) | (0.10) | (0.07) | (0.06) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year/period** | $4.17 | $4.16 | $4.09 | $3.99 | $4.18 | $4.27 |
|  Total return | 2.26%<sup>(3)</sup> | 4.67% | 5.13% | (2.94)% | (0.73)% | 2.43% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period (000's omitted) | $92719 | $90679 | $113859 | $157921 | $179974 | $207543 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers or recoupments | 1.01%<sup>(4)</sup> | 0.99% | 0.96% | 0.92% | 0.87% | 0.88% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.79%<sup>(4)</sup> | 0.82% | 0.85% | 0.85% | 0.85% | 0.89% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.68%<sup>(4)</sup> | 3.16% | 2.72% | 1.86% | 1.46% | 2.00% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 15%<sup>(3)</sup> | 35% | 24% | 21% | 41% | 41% |

---

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

<sup>(2)</sup> The amount shown for a share outstanding throughout the year does not accord with the change in aggregate gains and losses in the portfolio of securities during the year due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the year. 

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

*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** | **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,** |
|  | **For the<br> Six Months<br> Ended** <br> **July 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **For a share outstanding throughout each year/period** |  |  |  |  |  |  |
|  Net asset value, beginning of year/period | $3.87 | $3.82 | $3.73 | $3.91 | $4.00 | $3.98 |
|  Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.07 | 0.12 | 0.10 | 0.07 | 0.06 | 0.08 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.02 | 0.05 | 0.09 | (0.18) | (0.09) | 0.02<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.09 | 0.17 | 0.19 | (0.11) | (0.03) | 0.10 |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.08) | (0.12) | (0.10) | (0.07) | (0.06) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.08) | (0.12) | (0.10) | (0.07) | (0.06) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year/period** | $3.88 | $3.87 | $3.82 | $3.73 | $3.91 | $4.00 |
|  Total return (excludes sales charge) | 2.42%<sup>(3)</sup> | 4.47% | 5.22% | (2.88)% | (0.78)% | 2.59% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period (000's omitted) | $6666 | $7800 | $8727 | $9322 | $11820 | $12176 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers or recoupments | 1.01%<sup>(4)</sup> | 0.99% | 0.96% | 0.92% | 0.87% | 0.88% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.79%<sup>(4)</sup> | 0.82% | 0.85% | 0.85% | 0.85% | 0.89% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.67%<sup>(4)</sup> | 3.16% | 2.71% | 1.86% | 1.46% | 2.06% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 15%<sup>(3)</sup> | 35% | 24% | 21% | 41% | 41% |

---

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

<sup>(2)</sup> The amount shown for a share outstanding throughout the year does not accord with the change in aggregate gains and losses in the portfolio of securities during the year due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the year. 

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

*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** | **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,** |
|  | **For the<br> Six Months<br> Ended** <br> **July 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **For a share outstanding throughout each year/period** |  |  |  |  |  |  |
|  Net asset value, beginning of year/period | $3.48 | $3.44 | $3.37 | $3.54 | $3.63 | $3.63 |
|  Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.05 | 0.09 | 0.07 | 0.04 | 0.03 | 0.05 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.02 | 0.05 | 0.08 | (0.17) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.07 | 0.14 | 0.15 | (0.13) | (0.05) | 0.05 |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.07) | (0.10) | (0.08) | (0.04) | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.07) | (0.10) | (0.08) | (0.04) | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year/period** | $3.48 | $3.48 | $3.44 | $3.37 | $3.54 | $3.63 |
|  Total return | 2.00%<sup>(2)</sup> | 3.99% | 4.49% | (3.54)% | (1.48)% | 1.55% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period (000's omitted) | $82863 | $112250 | $135020 | $178718 | $355628 | $356117 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers or recoupments | 1.65%<sup>(3)</sup> | 1.64% | 1.61% | 1.57% | 1.52% | 1.60% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.44%<sup>(3)</sup> | 1.47% | 1.50% | 1.50% | 1.50% | 1.61% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.01%<sup>(3)</sup> | 2.51% | 2.07% | 1.15% | 0.81% | 1.29% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 15%<sup>(2)</sup> | 35% | 24% | 21% | 41% | 41% |

---

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

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

*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** | **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,** |
|  | **For the<br> Six Months<br> Ended** <br> **July 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **For a share outstanding throughout each year/period** |  |  |  |  |  |  |
|  Net asset value, beginning of year/period | $16.74 | $14.92 | $14.35 | $16.88 | $17.43 | $12.23 |
|  Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | (0.02) | (0.05) | —<sup>(2)</sup> | 0.05 | (0.05) | —<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.61 | 1.87 | 0.61 | (1.53) | 0.37 | 5.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.59 | 1.82 | 0.61 | (1.48) | 0.32 | 5.21 |
|  **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.04) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp; From net realized gain on security transactions |  |  |  | (1.05) | (0.87) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (0.04) | (1.05) | (0.87) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year/period** | $17.33 | $16.74 | $14.92 | $14.35 | $16.88 | $17.43 |
|  Total return | 3.52%<sup>(3)</sup> | 12.20% | 4.21% | (8.36)% | 1.34% | 42.61% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period (000's omitted) | $17954 | $19039 | $19113 | $31437 | $44971 | $45375 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers  | 1.81%<sup>(4)</sup> | 1.83% | 1.77% | 1.53% | 1.38% | 1.63% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.35%<sup>(4)</sup> | 1.30% | 1.19% | 1.17% | 1.16% | 1.15% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.27)%<sup>(4)</sup> | (0.30)% | —%<sup>(5)</sup> | 0.30% | (0.28)% | (0.03)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 51%<sup>(3)</sup> | 104% | 176% | 110% | 49% | 50% |

---

<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> <sup></sup>Not annualized.<sup></sup>

<sup>(4)</sup> <sup></sup>Annualized.<sup></sup>

<sup>(5)</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** | **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,** |
|  | **For the<br> Six Months<br> Ended** <br> **July 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **For a share outstanding throughout each year/period** |  |  |  |  |  |  |
|  Net asset value, beginning of year/period | $16.41 | $14.66 | $14.12 | $16.67 | $17.26 | $12.13 |
|  Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | (0.04) | (0.09) | (0.04) | 0.01 | (0.10) | (0.04) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.60 | 1.84 | 0.59 | (1.51) | 0.38 | 5.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.56 | 1.75 | 0.55 | (1.50) | 0.28 | 5.13 |
|  **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/period** | $16.97 | $16.41 | $14.66 | $14.12 | $16.67 | $17.26 |
|  Total return (excludes sales charge) | 3.41%<sup>(2)</sup> | 11.94% | 3.92% | (8.59)% | 1.12% | 42.29% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period (000's omitted) | $1844 | $2040 | $1977 | $827 | $944 | $703 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers  | 2.06%<sup>(3)</sup> | 2.08% | 2.13% | 1.78% | 1.63% | 1.88% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.60%<sup>(3)</sup> | 1.55% | 1.44% | 1.42% | 1.41% | 1.40% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.48)%<sup>(3)</sup> | (0.56)% | (0.29)% | 0.05% | (0.53)% | (0.30)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 51%<sup>(2)</sup> | 104% | 176% | 110% | 49% | 50% |

---

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

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

*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** | **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,** |
|  | **For the<br> Six Months<br> Ended** <br> **July 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **For a share outstanding throughout each year/period** |  |  |  |  |  |  |
|  Net asset value, beginning of year/period | $15.30 | $13.77 | $13.35 | $15.94 | $16.67 | $11.81 |
|  Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.09) | (0.19) | (0.14) | (0.10) | (0.22) | (0.13) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.55 | 1.72 | 0.56 | (1.44) | 0.36 | 4.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.46 | 1.53 | 0.42 | (1.54) | 0.14 | 4.86 |
|  **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/period** | $15.76 | $15.30 | $13.77 | $13.35 | $15.94 | $16.67 |
|  Total return | 3.01%<sup>(2)</sup> | 11.11% | 3.15% | (9.25)% | 0.31% | 41.15% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period (000's omitted) | $10466 | $9935 | $9845 | $3601 | $3220 | $2292 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waivers  | 2.81%<sup>(3)</sup> | 2.83% | 2.88% | 2.53% | 2.38% | 2.63% |
| &nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 2.36%<sup>(3)</sup> | 2.30% | 2.19% | 2.17% | 2.16% | 2.15% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets | (1.23)%<sup>(3)</sup> | (1.31)% | (1.04)% | (0.70)% | (1.28)% | (1.05)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 51%<sup>(2)</sup> | 104% | 176% | 110% | 49% | 50% |

---

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

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

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

**YORKTOWN FUNDS** 

**Notes to the Financial Statements** 

**July 31, 2025** 

**(Information as of and for the six months ended July 31, 2025 is unaudited)**

&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 Growth Fund, Multi-Sector Bond Fund, Short Term Bond Fund, and 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 invest 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.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies".

&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.

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.

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

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

● 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 July 31, 2025, in valuing the Funds' assets carried at fair value.

*Growth Fund* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $92229235 | $— | $— | $92229235 |
|  Total | $92229235 | $— | $— | $92229235 |

---

*Multi-Sector Bond Fund* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Asset Backed Securities | $— | $17874471 | $— | $17874471 |
|  Collateralized Loan Obligations |  | 14768562 |  | 14768562 |
|  Corporate Bonds and Notes |  | 180628973 | 120000 | 180748973 |
|  Investment Companies | 6348520 |  |  | 6348520 |
|  U.S. Government & Agencies |  | 109371648 |  | 109371648 |
|  Total | $6348520 | $322643654 | $120000 | $329112174 |

---

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

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

*Short Term Bond Fund* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Asset Backed Securities | $— | $12147588 | $— | $12147588 |
|  Collateralized Loan Obligations |  | 7113820 |  | 7113820 |
|  Corporate Bonds and Notes |  | 71947155 |  | 71947155 |
|  U.S. Government & Agencies |  | 83051561 |  | 83051561 |
|  Total | $— | $174260124 | $— | $174260124 |

---

*Small Cap Fund* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks | $30374764 | $— | $— | $30374764 |
|  Total | $30374764 | $— | $— | $30374764 |

---

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 Category** | **Balance <br> as of <br> January 31, <br> 2025** | **Realized <br> gain (loss)** | **Purchases** | **Sales** | **Change in <br> unrealized <br> appreciation <br> (depreciation)** | **Balance <br> as of <br> July 31, <br> 2025** |
|  Corporate Bonds and Notes | $148560 | $— | $— | $— | $(28560) | $120000 |

---

The net change in unrealized appreciation included in the Statement of Operations attributable to Level 3 investments still held at July 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | **Total Change <br> in Unrealized <br> Appreciation <br> (Depreciation)** |
|  Corporate Bonds and Notes | $(28560) |
|  Total | $(28560) |

---

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

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

The following provides quantitative information about the Multi-Sector Bond Fund significant Level 3 fair value measurements as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quantitative Information about Significant Level 3 Fair <br> Value Measurements** | **Quantitative Information about Significant Level 3 Fair <br> Value Measurements** | **Quantitative Information about Significant Level 3 Fair <br> Value Measurements** | **Quantitative Information about Significant Level 3 Fair <br> Value Measurements** |
| <br>**Asset Category**  | **Fair Value <br> as of July 31, <br> 2025** | **Valuation <br> Techniques** | **Unobservable <br> Input<sup>(s)</sup>** | **Amount or <br> Range** |
|  Corporate Bonds and Notes  | $120000 | Estimated Recovery Value | Recovery Proceeds | $5 |

---

The significant unobservable inputs that may be used in the fair value measurement of the Funds' investments in common stock, corporate bonds and convertible corporate bonds for which market quotations are not readily available include: broker quotes, discounts from the most recent trade or "stale price" and estimates from trustees (in bankruptcies) on disbursements. A change in the assumption used for each of the inputs listed above may indicate a directionally similar change in the fair value of the investment.

**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. 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** 

Each Fund intends to distribute its net investment income 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.

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

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

**Repurchase Agreements** 

The Funds may invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker's custodian bank in a segregated account until maturity of the repurchase agreement. Provisions of the repurchase agreements and procedures adopted by the Board of Trustees require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. A custody agreement in connection with the Master Repurchase Agreement defines eligible securities for collateral in relation to each repurchase agreement. Under the Master Repurchase Agreement, if the counterparty defaults and the value of the collateral declines or if the counter-party enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited.

**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.

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.

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

&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 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.

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

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

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 July 31, 2025, the Yorktown Growth Fund had 26.91% of the value of its net assets invested in stocks within the Industrials sector and 25.79% 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** | **Class C** | **Institutional <br> Class** |
|  Growth Fund | 1.25%<sup>(a)</sup> | 2.25%<sup>(a)</sup> |  | 1.25%<sup>(a)</sup> |
|  Short Term Bond Fund  | 0.79% | 1.44% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 six months ended July 31, 2025, the Adviser contractually waived fees and reimbursed expenses of $91,618 in the Growth Fund. During the six months ended July 31, 2025, the Adviser contractually waived

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

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

fees of $200,513 from the Short Term Bond Fund. During the six months ended July 31, 2025, the Adviser contractually waived fees and reimbursed expenses of $66,435 in the Small Cap Fund. As of July 31, 2025, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Recoupable through** |
|  Growth Fund | $283176 | January 31, 2026 |
|  | 347286 | January 31, 2027 |
|  | 275819 | January 31, 2028 |
|  | 91618 | July 31, 2028 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond Fund | 313940 | January 31, 2026 |
|  | 335703 | January 31, 2027 |
|  | 404618 | January 31, 2028 |
|  | 200513 | July 31, 2028 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Fund | 140942 | January 31, 2026 |
|  | 189860 | January 31, 2027 |
|  | 160425 | January 31, 2028 |
|  | 66435 | July 31, 2028 |

---

Ultimus Fund Solutions, LLC ("Ultimus") provides certain transfer agency, fund accounting, fund administration, and compliance support services for the aforementioned Funds.

&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 six months ended July 31, 2025, the distributor retained the following amounts in sales commissions from the sales of Class A shares of the Funds:

---

| | |
|:---|:---|
|  Growth Fund | $378 |
|  Multi-Sector Bond Fund | 34 |
|  Short Term Bond Fund | 21 |
|  Small Cap Fund | 350 |

---

During the six months ended July 31, 2025, 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 | $72 |

---

**6. Investment Activity** 

For the six months ended July 31, 2025, 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 | $20566427 | $23643486 | $— | $— |
|  Multi-Sector Bond Fund | 74387062 | 88234611 | 30854028 | 10419344 |
|  Short Term Bond Fund | 30783490 | 73013886 | 16559239 | 11776297 |
|  Small Cap Fund | 14311614 | 15280836 |  |  |

---

&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 all borrowings of a Fund; or (b) from a bank or other persons for temporary purposes

**YORKTOWN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS, Continued**

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

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 July 31, 2025, 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 | 4612390 | 5.62% | 4 | 2882 | 9243854 |
|  Small Cap Fund | 2587565 | 5.62% | 1 | 404 | 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 six months ended July 31, 2025, 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' 2025 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 July 31, 2025, 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 | $58788836 | $338257939 | $175839716 | $20887350 |
|  Gross unrealized appreciation | 34036568 | 3648865 | 650252 | 9857497 |
|  Gross unrealized depreciation | (596169) | (12794630) | (2229844) | (370083) |
|  Gross unrealized appreciation (depreciation) on foreign currency | 1117 |  |  | 131 |
|  Net unrealized appreciation/(depreciation) on investments | $33441516 | $(9145765) | $(1579592) | $9487545 |

---

&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.

**Board Annual Approvals of Investment Advisory Agreements** **(Unaudited)**

<u><u>**Yorktown Management & Research Company, Inc. ("Yorktown")**</u></u>

The renewal of the investment advisory agreement (the "IA Agreement") between the Trust and Yorktown, on behalf of each of the Yorktown Growth Fund, Yorktown Multi-Sector Bond Fund, Yorktown Short Term Bond Fund, and Yorktown Small Cap Fund (each a "Fund" and together the "Funds"), was approved by the Board of Trustees ("the Board"), including a majority of the Trustees who are not interested persons of the Trust or any person who is a party to the IA Agreement (the "Independent Trustees"), at an in-person meeting held on March 26, 2025 (the "Meeting"). The Trust's Board considered the factors generally described below prior to approving the IA Agreement.

Counsel to the Funds and to the Independent Trustees first reviewed with the Trustees their duties and responsibilities in approving and/or renewing advisory agreements under both the Investment Company Act of 1940, as amended (the "Investment Company Act") and state law. Counsel drew the Board's attention to a letter sent by his firm on behalf of the Trustees to the Adviser seeking certain information as required under Section 15(c) of the Investment Company Act, and generally reviewed the Adviser's response to the letter, copies of which were included in the Board's book of materials.

Counsel then advised the Board that it should discuss with specificity certain factors with respect to its considerations in renewing the IA Agreement, including: (1) the nature, extent, and quality of the services to be provided by the investment adviser; (2) the investment performance of the fund and the investment adviser; (3) the costs of the services to be provided and profits to be realized by the investment adviser and its affiliates from their relationship with the fund; (4) the extent to which economies of scale would be realized as the fund grows; (5) whether fee levels reflect these economies of scale for the benefit of fund investors; (6) whether and how the board relied on comparisons of services to be rendered to and fees to be paid by the fund with the services provided by and the fees paid to other investment advisers for the services provided to and the fees paid by other clients of the fund's investment adviser; and (7) any benefits derived or to be derived by the investment adviser from the relationship with the fund, such as soft dollar arrangements by which brokers provide research to the fund or its investment adviser in return for allocating brokerage. In this regard, Counsel noted that the Board should consider the factors with respect to each Fund separately.

In addition to the factors discussed above, and to further assist the Board in making its determination as to whether the IA Agreement should be renewed, the Board had requested and received the following information in advance of the Meeting: the information request letter from legal counsel and the Adviser's responses to the letter; the Adviser's latest Form ADV; and the Adviser's financial statements, each of which were reviewed by the Adviser during the discussions. In addition, the Board received a description of the compensation received by the Adviser from the Funds, both in the aggregate and in relation to fees charged by other advisers to similar funds, profitability information and information relating to the Adviser's policies and procedures regarding

best execution, trade allocation, and soft dollar arrangements. Further, the Board received a variety of materials providing comparative data relating to the Funds and the services provided to the Funds by the Adviser. After fully discussing and reviewing the materials described above, the Trustees concluded that the materials were adequate and reasonable and moved on to the next consideration.

The Board then discussed the nature, extent and quality of the Adviser's services to the Funds. In particular, the Board noted with approval the Adviser's commitment to maintaining certain targeted expense ratios for the Funds, its efforts in providing comprehensive and consistent investment management to the Funds, and its efforts to maintain ongoing regulatory compliance for the Funds. The Board noted that it reviewed, on a quarterly basis, performance and management reports relating to the Funds, and those prior reviews were incorporated into the Board's current considerations. The Board further noted that the Adviser also had assumed the obligation to provide certain operational services to the Funds. The Board discussed the operations of the Funds and agreed, with the Independent Trustees separately concurring, that the Funds had received adequate and appropriate investment management, compliance and operational services. The Board then discussed and noted that there were no material changes in personnel employed by the Adviser during the year.

The Board next reviewed information relating to the average overall expense ratios of competing funds versus the overall expense ratios of the Funds. In this regard they noted that certain Funds had expense ratios lower than the average of its peer group and others had expense ratios higher than the average of its peer group. After full review of the materials presented, the related discussions, and careful consideration, the Independent Trustees agreed that the fees charged by the Adviser under the IA Agreement appeared to be fair and reasonable at the present time in light of the services provided to the Funds and that breakpoints were not needed given the current asset levels of the Funds.

The Board next considered the investment performance of each Fund and the Adviser's performance. The Board generally approved of each Fund's performance. Further, the Board noted with approval that the Adviser did not succumb to "style drift" in its management of each Fund's assets, and that each Fund was committed to maintaining its investment mandate, even if that meant underperformance during periods when that style was out of favor. The Board noted with approval the Adviser's ongoing efforts to maintain such consistent investment discipline. The Board also noted that because the Adviser's business was currently devoted exclusively to serving the Funds, the Adviser did not appear to realize any extraordinary ancillary benefits or profits deriving from its relationship with the Funds.

The Independent Trustees then met separately with Fund counsel and the Chief Compliance Officer to discuss the IA Agreement. At the end of their discussion, the Independent Trustees recalled the Interested Trustees and announced that they were prepared to vote on the IA Agreement.

After careful discussion and consideration, the Board, including the separate concurrence of the Independent Trustees, unanimously cast an affirmative vote, and determined that the renewal of the IA Agreement would be in the best interests of each Fund and its shareholders. In approving the IA Agreement, the Board relied upon its own business judgment in determining the material factors to be considered and the weight to be given each such factor. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the IA Agreement renewal.

**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.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

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

Included under Item 7.

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

Included under Item 7.

**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.

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

None.

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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.**

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

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

**Item 19. Exhibits.**

(a)(1) Not applicable – disclosed with annual report.

(a)(2) Not applicable.

[(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act are attached hereto.](fp0095067-2_ex99cert.htm)

[(b) Certifications required by Rule 30a-2(b) under the Act are attached hereto.](fp0095067-2_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

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| | | |
|:---|:---|:---|
| Date: | 10/3/2025 |  |
|  |  | /s/ David D. Basten |
|  | | David D. Basten |
|  | | President |

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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.

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| | | |
|:---|:---|:---|
| Date: | 10/3/2025 |  |
|  |  | /s/ David D. Basten |
|  | | David D. Basten |
|  | | President |

---

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| | | |
|:---|:---|:---|
| Date: | 10/3/2025 |  |
|  |  | /s/ M. Dennis Stratton |
|  | | M. Dennis Stratton |
|  | | Chief Financial Officer |

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## Ex-99.Cert

**Exhibit 99.CERT** 

**CERTIFICATION** 

I, David D. Basten, certify that:

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

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;

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;

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:

(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;

(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;

(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

(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

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):

(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

(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.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Date: | 10/3/2025 | /s/ David D. Basten |
|  |  | David D. Basten |
|  |  | President and Principal Executive Officer |

---

**CERTIFICATION**

I, M. Dennis Stratton, certify that:

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

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;

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;

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:

(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;

(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;

(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

(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

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):

(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

(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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Date: | 10/3/2025 | /s/ M. Dennis Stratton |
|  |  | M. Dennis Stratton |
|  |  | Chief Financial Officer and Principal Financial Officer |

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## 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:

1. The
 Registrant's periodic report on Form N-CSR for the period ended July 31, 2025 (the
 "Form N-CSR") fully complies with the requirements of Sections 15(d) of the
 Securities Exchange Act of 1934, as amended; and

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  |
| David D. Basten |
| President and Principal Executive Officer |

---

Date: <u>10/3/2025</u>

---

| |
|:---|
| /s/ M. Dennis Stratton  |
| M. Dennis Stratton |
| Chief Financial Officer and Principal Financial Officer |

---

Date: <u>10/3/2025</u>

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.