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, 2024
| Item 1. | Report to Stockholders. |
Semi-Annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Yorktown Growth Fund for the period of February 1, 2024 to July 31, 2024. 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 | $50 | 1.00% |
| Net Assets | $87,394,789 |
| Number of Portfolio Holdings | 177 |
| Advisory Fee (net of waivers) | $247,716 |
| Portfolio Turnover | 22% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.8% |
| Utilities | 1.1% |
| Real Estate | 1.7% |
| Communications | 1.8% |
| Consumer Staples | 2.0% |
| Energy | 3.2% |
| Health Care | 5.5% |
| Financials | 9.9% |
| Consumer Discretionary | 11.3% |
| Materials | 11.8% |
| Industrials | 25.1% |
| Technology | 25.8% |
No material changes occurred during the period ended July 31, 2024.
Yorktown Growth Fund - Class A (AFGGX)
Semi-Annual Shareholder Report - July 31, 2024
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
Semi-Annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Yorktown Growth Fund for the period of February 1, 2024 to July 31, 2024. 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 | $100 | 2.00% |
| Net Assets | $87,394,789 |
| Number of Portfolio Holdings | 177 |
| Advisory Fee (net of waivers) | $247,716 |
| Portfolio Turnover | 22% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.8% |
| Utilities | 1.1% |
| Real Estate | 1.7% |
| Communications | 1.8% |
| Consumer Staples | 2.0% |
| Energy | 3.2% |
| Health Care | 5.5% |
| Financials | 9.9% |
| Consumer Discretionary | 11.3% |
| Materials | 11.8% |
| Industrials | 25.1% |
| Technology | 25.8% |
No material changes occurred during the period ended July 31, 2024.
Yorktown Growth Fund - Class L (APITX)
Semi-Annual Shareholder Report - July 31, 2024
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
Institutional Class (APGRX)
Semi-Annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Yorktown Growth Fund for the period of February 1, 2024 to July 31, 2024. 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 | $50 | 1.00% |
| Net Assets | $87,394,789 |
| Number of Portfolio Holdings | 177 |
| Advisory Fee (net of waivers) | $247,716 |
| Portfolio Turnover | 22% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.8% |
| Utilities | 1.1% |
| Real Estate | 1.7% |
| Communications | 1.8% |
| Consumer Staples | 2.0% |
| Energy | 3.2% |
| Health Care | 5.5% |
| Financials | 9.9% |
| Consumer Discretionary | 11.3% |
| Materials | 11.8% |
| Industrials | 25.1% |
| Technology | 25.8% |
No material changes occurred during the period ended July 31, 2024.
Yorktown Growth Fund - Institutional Class (APGRX)
Semi-Annual Shareholder Report - July 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Yorktown Multi-Sector Bond Fund
Semi-Annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Yorktown Multi-Sector Bond Fund for the period of February 1, 2024 to July 31, 2024. 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 | $59 | 1.19% |
| Net Assets | $312,579,352 |
| Number of Portfolio Holdings | 320 |
| Advisory Fee | $610,324 |
| Portfolio Turnover | 20% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 1.0% |
| Health Care | 0.3% |
| Real Estate | 0.7% |
| Materials | 1.4% |
| Communications | 2.3% |
| Technology | 3.0% |
| Consumer Staples | 3.3% |
| Utilities | 3.9% |
| Consumer Discretionary | 4.1% |
| CLO | 4.3% |
| Industrials | 5.7% |
| ABS | 20.9% |
| Financials | 23.0% |
| U.S. Government & Agency Obligations | 26.1% |
No material changes occurred during the period ended July 31, 2024.
Yorktown Multi-Sector Bond Fund - Class A (APIUX)
Semi-Annual Shareholder Report - July 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Yorktown Multi-Sector Bond Fund
Semi-Annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Yorktown Multi-Sector Bond Fund for the period of February 1, 2024 to July 31, 2024. 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 | $84 | 1.69% |
| Net Assets | $312,579,352 |
| Number of Portfolio Holdings | 320 |
| Advisory Fee | $610,324 |
| Portfolio Turnover | 20% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 1.0% |
| Health Care | 0.3% |
| Real Estate | 0.7% |
| Materials | 1.4% |
| Communications | 2.3% |
| Technology | 3.0% |
| Consumer Staples | 3.3% |
| Utilities | 3.9% |
| Consumer Discretionary | 4.1% |
| CLO | 4.3% |
| Industrials | 5.7% |
| ABS | 20.9% |
| Financials | 23.0% |
| U.S. Government & Agency Obligations | 26.1% |
No material changes occurred during the period ended July 31, 2024.
Yorktown Multi-Sector Bond Fund - Class C (AFFCX)
Semi-Annual Shareholder Report - July 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Yorktown Multi-Sector Bond Fund
Semi-Annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Yorktown Multi-Sector Bond Fund for the period of February 1, 2024 to July 31, 2024. 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 | $84 | 1.69% |
| Net Assets | $312,579,352 |
| Number of Portfolio Holdings | 320 |
| Advisory Fee | $610,324 |
| Portfolio Turnover | 20% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 1.0% |
| Health Care | 0.3% |
| Real Estate | 0.7% |
| Materials | 1.4% |
| Communications | 2.3% |
| Technology | 3.0% |
| Consumer Staples | 3.3% |
| Utilities | 3.9% |
| Consumer Discretionary | 4.1% |
| CLO | 4.3% |
| Industrials | 5.7% |
| ABS | 20.9% |
| Financials | 23.0% |
| U.S. Government & Agency Obligations | 26.1% |
No material changes occurred during the period ended July 31, 2024.
Yorktown Multi-Sector Bond Fund - Class L (AFFIX)
Semi-Annual Shareholder Report - July 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Yorktown Multi-Sector Bond Fund
Institutional Class (APIIX)
Semi-Annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Yorktown Multi-Sector Bond Fund for the period of February 1, 2024 to July 31, 2024. 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 | $34 | 0.69% |
| Net Assets | $312,579,352 |
| Number of Portfolio Holdings | 320 |
| Advisory Fee | $610,324 |
| Portfolio Turnover | 20% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 1.0% |
| Health Care | 0.3% |
| Real Estate | 0.7% |
| Materials | 1.4% |
| Communications | 2.3% |
| Technology | 3.0% |
| Consumer Staples | 3.3% |
| Utilities | 3.9% |
| Consumer Discretionary | 4.1% |
| CLO | 4.3% |
| Industrials | 5.7% |
| ABS | 20.9% |
| Financials | 23.0% |
| U.S. Government & Agency Obligations | 26.1% |
No material changes occurred during the period ended July 31, 2024.
Yorktown Multi-Sector Bond Fund - Institutional Class (APIIX)
Semi-Annual Shareholder Report - July 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Yorktown Short Term Bond Fund
Semi-Annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Yorktown Short Term Bond Fund for the period of February 1, 2024 to July 31, 2024. 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 | $42 | 0.84% |
What did the Fund invest in?
| Net Assets | $243,156,719 |
| Number of Portfolio Holdings | 255 |
| Advisory Fee (net of waivers) | $671,444 |
| Portfolio Turnover | 16% |
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.7% |
| Real Estate | 0.8% |
| Communications | 1.2% |
| Consumer Staples | 1.3% |
| Health Care | 1.4% |
| Utilities | 2.6% |
| Materials | 2.7% |
| Consumer Discretionary | 3.6% |
| Technology | 4.0% |
| Industrials | 5.1% |
| CLO | 5.3% |
| Financials | 16.8% |
| ABS | 23.5% |
| U.S. Government & Agency Obligations | 31.0% |
No material changes occurred during the period ended July 31, 2024.
Yorktown Short Term Bond Fund - Class A (APIMX)
Semi-Annual Shareholder Report - July 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Yorktown Short Term Bond Fund
Semi-Annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Yorktown Short Term Bond Fund for the period of February 1, 2024 to July 31, 2024. 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 | $74 | 1.48% |
What did the Fund invest in?
| Net Assets | $243,156,719 |
| Number of Portfolio Holdings | 255 |
| Advisory Fee (net of waivers) | $671,444 |
| Portfolio Turnover | 16% |
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.7% |
| Real Estate | 0.8% |
| Communications | 1.2% |
| Consumer Staples | 1.3% |
| Health Care | 1.4% |
| Utilities | 2.6% |
| Materials | 2.7% |
| Consumer Discretionary | 3.6% |
| Technology | 4.0% |
| Industrials | 5.1% |
| CLO | 5.3% |
| Financials | 16.8% |
| ABS | 23.5% |
| U.S. Government & Agency Obligations | 31.0% |
No material changes occurred during the period ended July 31, 2024.
Yorktown Short Term Bond Fund - Class L (AFMMX)
Semi-Annual Shareholder Report - July 31, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Yorktown Short Term Bond Fund
Institutional Class (APIBX)
Semi-Annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Yorktown Short Term Bond Fund for the period of February 1, 2024 to July 31, 2024. 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 | $41 | 0.83% |
What did the Fund invest in?
| Net Assets | $243,156,719 |
| Number of Portfolio Holdings | 255 |
| Advisory Fee (net of waivers) | $671,444 |
| Portfolio Turnover | 16% |
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.7% |
| Real Estate | 0.8% |
| Communications | 1.2% |
| Consumer Staples | 1.3% |
| Health Care | 1.4% |
| Utilities | 2.6% |
| Materials | 2.7% |
| Consumer Discretionary | 3.6% |
| Technology | 4.0% |
| Industrials | 5.1% |
| CLO | 5.3% |
| Financials | 16.8% |
| ABS | 23.5% |
| U.S. Government & Agency Obligations | 31.0% |
No material changes occurred during the period ended July 31, 2024.
Yorktown Short Term Bond Fund - Institutional Class (APIBX)
Semi-Annual Shareholder Report - July 31, 2024
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
Semi-Annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Yorktown Small Cap Fund for the period of February 1, 2024 to July 31, 2024. 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 | $75 | 1.50% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 7.7% |
| Communications | 0.6% |
| Real Estate | 1.8% |
| Materials | 2.1% |
| Consumer Staples | 7.6% |
| Financials | 9.0% |
| Health Care | 9.8% |
| Energy | 10.2% |
| Consumer Discretionary | 13.3% |
| Technology | 16.8% |
| Industrials | 21.1% |
| Net Assets | $30,241,145 |
| Number of Portfolio Holdings | 83 |
| Advisory Fee (net of waivers) | $42,425 |
| Portfolio Turnover | 75% |
No material changes occurred during the period ended July 31, 2024.
Yorktown Small Cap Fund - Class A (YOVAX)
Semi-Annual Shareholder Report - July 31, 2024
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
Semi-Annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Yorktown Small Cap Fund for the period of February 1, 2024 to July 31, 2024. 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 | $112 | 2.25% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 7.7% |
| Communications | 0.6% |
| Real Estate | 1.8% |
| Materials | 2.1% |
| Consumer Staples | 7.6% |
| Financials | 9.0% |
| Health Care | 9.8% |
| Energy | 10.2% |
| Consumer Discretionary | 13.3% |
| Technology | 16.8% |
| Industrials | 21.1% |
| Net Assets | $30,241,145 |
| Number of Portfolio Holdings | 83 |
| Advisory Fee (net of waivers) | $42,425 |
| Portfolio Turnover | 75% |
No material changes occurred during the period ended July 31, 2024.
Yorktown Small Cap Fund - Class L (YOVLX)
Semi-Annual Shareholder Report - July 31, 2024
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
Institutional Class (YOVIX)
Semi-Annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Yorktown Small Cap Fund for the period of February 1, 2024 to July 31, 2024. 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 | $62 | 1.24% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 7.7% |
| Communications | 0.6% |
| Real Estate | 1.8% |
| Materials | 2.1% |
| Consumer Staples | 7.6% |
| Financials | 9.0% |
| Health Care | 9.8% |
| Energy | 10.2% |
| Consumer Discretionary | 13.3% |
| Technology | 16.8% |
| Industrials | 21.1% |
| Net Assets | $30,241,145 |
| Number of Portfolio Holdings | 83 |
| Advisory Fee (net of waivers) | $42,425 |
| Portfolio Turnover | 75% |
No material changes occurred during the period ended July 31, 2024.
Yorktown Small Cap Fund - Institutional Class (YOVIX)
Semi-Annual Shareholder Report - July 31, 2024
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
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. |
YORKTOWN GROWTH FUND
YORKTOWN MULTI-SECTOR BOND FUND
YORKTOWN SHORT TERM BOND FUND
YORKTOWN SMALL CAP FUND
| | FINANCIAL STATEMENTS DATED July 31, 2024 |
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 | |
Growth Fund | 1-4 |
Multi-Sector Bond Fund | 5-16 |
Short Term Bond Fund | 17-26 |
Small Cap Fund | 27-28 |
Statements of Assets and Liabilities | 29-30 |
Statements of Operations | 31 |
Statements of Changes in Net Assets | 32-35 |
Financial Highlights | |
Growth Fund | 36-38 |
Multi-Sector Bond Fund | 39-42 |
Short Term Bond Fund | 43-45 |
Small Cap Fund | 46-48 |
Notes to the Financial Statements | 49-65 |
Board Annual Approvals of Investment Advisory Agreements | 66-68 |
Other Information | 69 |
Yorktown Growth Fund
SCHEDULE OF INVESTMENTS
July 31, 2024
(Unaudited)
Fund Holdings (as a percentage of net assets)
Technology | | | 25.79% | |
Industrials | | | 25.18% | |
Materials | | | 11.76% | |
Consumer Discretionary | | | 11.34% | |
Financials | | | 9.85% | |
Health Care | | | 5.50% | |
Energy | | | 3.16% | |
Consumer Staples | | | 1.99% | |
Communications | | | 1.78% | |
Real Estate | | | 1.71% | |
Utilities | | | 1.12% | |
Other | | | 0.82% | |
| | | | 100.00% | |
| | | Shares | | | Fair Value | |
COMMON STOCKS — 99.18% |
Communications — 1.78% |
Gravity Co. Ltd. - ADR(a) | | | 5,100 | | | $ | 403,257 | |
Naspers Ltd., Class N - ADR | | | 9,200 | | | | 354,740 | |
Seek Ltd., - ADR | | | 9,800 | | | | 282,142 | |
Trade Desk, Inc. (The), Class A(a) | | | 5,700 | | | | 512,316 | |
| | | | | | | | 1,552,455 | |
Consumer Discretionary — 11.35% |
Aptiv PLC(a) | | | 4,300 | | | | 298,377 | |
Aspen Aerogels, Inc.(a) | | | 21,500 | | | | 438,815 | |
Axon Enterprise, Inc.(a) | | | 1,875 | | | | 562,519 | |
Boyd Gaming Corp. | | | 5,300 | | | | 322,611 | |
Compagnie Financiere Richemont SA - ADR | | | 25,900 | | | | 393,628 | |
Copart, Inc.(a) | | | 9,400 | | | | 491,902 | |
D.R. Horton, Inc. | | | 3,600 | | | | 647,748 | |
Dorman Products, Inc.(a) | | | 3,700 | | | | 375,069 | |
Evolution AB - ADR | | | 2,600 | | | | 251,576 | |
Evolution AB | | | 2,600 | | | | 251,969 | |
GMS, Inc.(a) | | | 3,100 | | | | 298,313 | |
Lithia Motors, Inc., Class A | | | 2,100 | | | | 580,293 | |
MasterBrand, Inc.(a) | | | 40,650 | | | | 733,733 | |
Modine Manufacturing Co.(a) | | | 4,150 | | | | 488,289 | |
MonotaRO Co. Ltd. - ADR | | | 29,500 | | | | 407,144 | |
Patrick Industries, Inc. | | | 3,700 | | | | 473,822 | |
PHINIA, Inc. | | | 10,470 | | | | 468,009 | |
PulteGroup, Inc. | | | 4,000 | | | | 528,000 | |
Skyline Champion Corp.(a) | | | 4,400 | | | | 358,644 | |
Sportradar Group AG(a) | | | 28,500 | | | | 309,510 | |
Taylor Morrison Home Corp.(a) | | | 7,400 | | | | 496,392 | |
THOR Industries, Inc. | | | 3,325 | | | | 352,915 | |
Tractor Supply Co. | | | 1,450 | | | | 381,814 | |
| | | | | | | | 9,911,092 | |
Consumer Staples — 1.99% |
Bunge Global SA | | | 3,200 | | | | 336,736 | |
Casey’s General Stores, Inc. | | | 1,200 | | | | 465,408 | |
Darling Ingredients, Inc.(a) | | | 5,500 | | | | 218,515 | |
Performance Food Group Co.(a) | | | 5,630 | | | | 388,470 | |
Simply Good Foods Co. (The)(a) | | | 9,800 | | | | 332,416 | |
| | | | | | | | 1,741,545 | |
Energy — 3.16% |
APA Corp. | | | 9,900 | | | | 308,781 | |
Civitas Resources, Inc. | | | 4,600 | | | | 320,896 | |
HF Sinclair Corp. | | | 6,100 | | | | 313,967 | |
Matador Resources Co. | | | 5,100 | | | | 313,548 | |
Ovintiv, Inc. | | | 10,300 | | | | 478,332 | |
Repsol SA - ADR | | | 18,000 | | | | 255,780 | |
Texas Pacific Land Corp. | | | 480 | | | | 405,552 | |
Vitesse Energy, Inc. | | | 14,170 | | | | 367,853 | |
| | | | | | | | 2,764,709 | |
Financials — 9.84% |
Assetmark Financial Holdings, Inc.(a) | | | 10,150 | | | | 350,175 | |
Carlyle Group, Inc. (The) | | | 10,600 | | | | 527,244 | |
1
YORKTOWN GROWTH FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Shares | | | Fair Value | |
Deutsche Boerse AG - ADR | | | 31,000 | | | $ | 632,090 | |
Evercore Partners, Inc., Class A | | | 2,375 | | | | 594,676 | |
FTAI Aviation Ltd. | | | 5,800 | | | | 646,410 | |
Hamilton Lane, Inc., Class A | | | 3,300 | | | | 476,421 | |
Houlihan Lokey, Inc., Class A | | | 3,850 | | | | 578,463 | |
Kinsale Capital Group, Inc. | | | 1,300 | | | | 594,191 | |
KKR & Co., Inc. | | | 9,700 | | | | 1,197,465 | |
LPL Financial Holdings, Inc. | | | 2,990 | | | | 662,345 | |
Raymond James Financial, Inc. | | | 6,450 | | | | 748,200 | |
Stifel Financial Corp. | | | 4,900 | | | | 434,483 | |
StoneX Group, Inc.(a) | | | 4,800 | | | | 400,032 | |
Tradeweb Markets, Inc., Class A | | | 4,850 | | | | 541,648 | |
XP, Inc., Class A | | | 12,800 | | | | 219,008 | |
| | | | | | | | 8,602,851 | |
Health Care — 5.50% |
Charles River Laboratories International, Inc.(a) | | | 1,800 | | | | 439,380 | |
Globus Medical, Inc., Class A(a) | | | 6,400 | | | | 460,544 | |
ICON PLC(a) | | | 2,450 | | | | 804,678 | |
Medpace Holdings, Inc.(a) | | | 1,800 | | | | 688,536 | |
Penumbra, Inc.(a) | | | 3,000 | | | | 501,270 | |
Repligen Corp.(a) | | | 2,150 | | | | 359,802 | |
Sonova Holding AG - ADR | | | 6,780 | | | | 413,783 | |
STERIS PLC | | | 1,300 | | | | 310,388 | |
Stevanato Group SpA | | | 11,000 | | | | 227,480 | |
Straumann Holding AG - ADR | | | 23,000 | | | | 294,170 | |
WillScot Mobile Mini Holdings Corp.(a) | | | 7,500 | | | | 307,500 | |
| | | | | | | | 4,807,531 | |
Industrials — 25.18% |
Aaon, Inc. | | | 2,300 | | | | 203,619 | |
AGCO Corp. | | | 4,200 | | | | 396,564 | |
Ashtead Group PLC - ADR | | | 1,450 | | | | 416,368 | |
Atkore, Inc. | | | 3,800 | | | | 513,000 | |
Camtek Ltd. | | | 7,600 | | | | 798,000 | |
Clean Harbors, Inc.(a) | | | 1,450 | | | | 346,158 | |
Comfort Systems USA, Inc. | | | 3,900 | | | | 1,296,438 | |
Core & Main, Inc., Class A(a) | | | 19,200 | | | | 1,026,624 | |
Disco Corp. - ADR | | | 32,550 | | | | 1,083,915 | |
DSV A/S - ADR | | | 3,850 | | | | 353,930 | |
Expeditors International of Washington, Inc. | | | 2,600 | | | | 324,532 | |
Fluidra SA | | | 15,600 | | | | 347,643 | |
Franklin Electric Co., Inc. | | | 6,000 | | | | 639,720 | |
Frontline PLC | | | 13,400 | | | | 329,774 | |
Generac Holdings, Inc.(a) | | | 3,100 | | | | 482,608 | |
Greenbrier Companies, Inc. (The) | | | 8,700 | | | | 443,787 | |
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR | | | 1,390 | | | | 417,681 | |
Herc Holdings Inc | | | 3,800 | | | | 592,192 | |
IES Holdings, Inc.(a) | | | 5,400 | | | | 831,438 | |
Ingersoll Rand, Inc. | | | 9,700 | | | | 973,880 | |
Installed Building Products, Inc. | | | 1,300 | | | | 351,455 | |
Kirby Corp.(a) | | | 6,950 | | | | 854,016 | |
Korn/Ferry International | | | 5,700 | | | | 420,204 | |
Kuehne & Nagel International AG - ADR | | | 6,200 | | | | 385,671 | |
Landstar System, Inc. | | | 2,250 | | | | 428,063 | |
Middleby Corp. (The)(a) | | | 3,300 | | | | 447,414 | |
Mueller Industries, Inc. | | | 7,800 | | | | 553,332 | |
nVent Electric PLC | | | 3,900 | | | | 283,257 | |
Prysmian SpA - ADR | | | 15,000 | | | | 518,250 | |
Prysmian SpA | | | 14,400 | | | | 990,770 | |
RBC Bearings, Inc.(a) | | | 1,000 | | | | 290,840 | |
Regal Rexnord Corp. | | | 2,300 | | | | 369,564 | |
Rollins, Inc. | | | 7,300 | | | | 349,743 | |
Saia, Inc.(a) | | | 1,840 | | | | 768,844 | |
SPX Technologies, Inc.(a) | | | 1,400 | | | | 206,556 | |
Techtronic Industries Co. Ltd. - ADR | | | 5,700 | | | | 365,427 | |
Teledyne Technologies, Inc.(a) | | | 900 | | | | 379,674 | |
Tetra Tech, Inc. | | | 1,450 | | | | 309,198 | |
TopBuild Corp.(a) | | | 1,300 | | | | 622,102 | |
Toro Co. (The) | | | 3,200 | | | | 306,336 | |
Vertiv Holdings Co. | | | 4,500 | | | | 354,150 | |
2
YORKTOWN GROWTH FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Shares | | | Fair Value | |
WESCO International, Inc. | | | 3,600 | | | $ | 629,820 | |
| | | | | | | | 22,002,557 | |
Materials — 11.76% |
Advanced Drainage Systems, Inc. | | | 3,100 | | | | 548,824 | |
Boise Cascade Co. | | | 2,800 | | | | 397,852 | |
Cabot Corp. | | | 3,200 | | | | 320,928 | |
Celanese Corp. | | | 2,500 | | | | 352,875 | |
Commercial Metals Co. | | | 8,700 | | | | 522,870 | |
Eagle Materials, Inc. | | | 4,415 | | | | 1,202,205 | |
Givaudan SA - ADR | | | 5,100 | | | | 499,494 | |
Gold Fields Ltd. - ADR | | | 22,750 | | | | 390,390 | |
James Hardie Industries PLC - ADR(a) | | | 12,300 | | | | 444,768 | |
Kingspan Group PLC - ADR | | | 4,650 | | | | 436,961 | |
Simpson Manufacturing Co., Inc. | | | 1,900 | | | | 364,971 | |
Steel Dynamics, Inc. | | | 3,550 | | | | 472,931 | |
Tenaris S.A. - ADR | | | 11,300 | | | | 359,792 | |
Ternium S.A. - ADR | | | 8,275 | | | | 286,977 | |
Trex Co., Inc.(a) | | | 8,300 | | | | 694,129 | |
UFP Industries, Inc. | | | 6,300 | | | | 831,159 | |
UFP Technologies, Inc.(a) | | | 1,550 | | | | 498,465 | |
United States Lime & Minerals Inc. | | | 4,125 | | | | 350,831 | |
Warrior Met Coal, Inc. | | | 7,500 | | | | 518,325 | |
West Fraser Timber Co. Ltd. | | | 3,750 | | | | 332,587 | |
Westlake Chemical Corp. | | | 3,050 | | | | 450,973 | |
| | | | | | | | 10,278,307 | |
Real Estate — 1.71% |
CBRE Group, Inc., Class A(a) | | | 6,700 | | | | 755,157 | |
CubeSmart | | | 7,100 | | | | 337,818 | |
FirstService Corp. | | | 2,300 | | | | 401,488 | |
| | | | | | | | 1,494,463 | |
Technology — 25.79% |
Advantest Corp. - ADR | | | 15,200 | | | | 666,520 | |
Amkor Technology, Inc. | | | 13,000 | | | | 424,580 | |
Arista Networks, Inc.(a) | | | 2,450 | | | | 849,048 | |
ASE Technology Holding Co. Ltd. - ADR | | | 39,600 | | | | 396,792 | |
ASM International NV - ADR | | | 810 | | | | 556,964 | |
Bentley Systems, Inc., Class B | | | 6,100 | | | | 297,314 | |
Capgemini SE - ADR | | | 8,200 | | | | 325,786 | |
CDW Corp. | | | 2,200 | | | | 479,842 | |
Cirrus Logic, Inc.(a) | | | 4,700 | | | | 613,256 | |
CyberArk Software Ltd.(a) | | | 3,100 | | | | 794,778 | |
Dassault Systemes SE - ADR | | | 16,120 | | | | 612,238 | |
Descartes Systems Group, Inc. (The)(a) | | | 8,200 | | | | 833,530 | |
Digi International, Inc.(a) | | | 21,300 | | | | 581,490 | |
Dlocal Ltd., Class A | | | 61,300 | | | | 470,784 | |
Doximity, Inc., Class A(a) | | | 7,200 | | | | 201,600 | |
Dynatrace, Inc.(a) | | | 10,600 | | | | 465,552 | |
Entegris, Inc. | | | 3,900 | | | | 461,331 | |
ExlService Holdings, Inc.(a) | | | 12,100 | | | | 426,646 | |
Fabrinet(a) | | | 3,800 | | | | 838,128 | |
Fortinet, Inc.(a) | | | 4,950 | | | | 287,298 | |
Globant S.A.(a) | | | 3,840 | | | | 747,686 | |
I3 Verticals, Inc., Class A(a) | | | 13,500 | | | | 330,885 | |
KLA Corp. | | | 1,265 | | | | 1,041,184 | |
Lasertec Corp. | | | 2,100 | | | | 376,139 | |
Logitech International S.A. | | | 7,500 | | | | 679,275 | |
MKS Instruments, Inc. | | | 3,500 | | | | 440,650 | |
Monolithic Power Systems, Inc. | | | 650 | | | | 561,008 | |
NICE Ltd. - ADR(a) | | | 2,100 | | | | 380,100 | |
Onto Innovation, Inc.(a) | | | 1,680 | | | | 321,384 | |
Paycom Software, Inc. | | | 3,300 | | | | 550,407 | |
Paylocity Holdings Corp.(a) | | | 3,300 | | | | 495,231 | |
PTC, Inc.(a) | | | 2,800 | | | | 497,980 | |
Qualys, Inc.(a) | | | 4,700 | | | | 700,958 | |
SPS Commerce, Inc.(a) | | | 4,330 | | | | 932,769 | |
STMicroelectronics NV | | | 9,400 | | | | 317,344 | |
Super Micro Computer, Inc.(a) | | | 1,125 | | | | 789,356 | |
SYNNEX Corp. | | | 2,700 | | | | 321,759 | |
TDK Corp. - ADR | | | 7,500 | | | | 522,787 | |
Tokyo Electron Ltd. - ADR | | | 6,600 | | | | 693,990 | |
Tyler Technologies, Inc.(a) | | | 1,650 | | | | 937,381 | |
Veeva Systems, Inc., Class A(a) | | | 1,650 | | | | 316,685 | |
| | | | | | | | 22,538,435 | |
3
YORKTOWN GROWTH FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Shares | | | Fair Value | |
Utilities — 1.12% |
Pampa Energia SA - ADR(a) | | | 7,200 | | | $ | 327,096 | |
SSE PLC - ADR | | | 14,400 | | | | 354,024 | |
Veolia Environnement SA - ADR | | | 19,000 | | | | 299,250 | |
| | | | | | | | 980,370 | |
Total Common Stocks |
(Cost $56,566,388) | | | 86,674,315 | |
| | | | | |
CONTINGENT VALUE RIGHTS — 0.00% |
Health Care — 0.00% |
ABIOMED, Inc.(a)(b) | | | 1,550 | | | | — | |
| | | | | | | | | |
Total Contingent Value Rights | | | | |
(Cost $—) | | | — | |
| | | | | |
Total Investments — 99.18% | | | | |
(Cost $56,566,388) | | | 86,674,315 | |
Other Assets in Excess of Liabilities — 0.82% | | | 720,474 | |
Net Assets — 100.00% | | $ | 87,394,789 | |
(a) | Non-income producing security. |
(b) | Security is being fair valued in accordance with the Trust’s fair valuation policies and represents 0% of the Fund’s net assets. |
ADR — American Depositary Receipt
The accompanying notes are an integral part of these financial statements.
4
Yorktown Multi-Sector Bond Fund
SCHEDULE OF INVESTMENTS
July 31, 2024
(Unaudited)
Fund Holdings (as a percentage of net assets)
Corporate Bonds and Notes | | | 47.66% | |
U.S. Government & Agencies | | | 26.13% | |
Asset Backed Securities | | | 20.88% | |
Collateralized Loan Obligations | | | 4.28% | |
Other | | | 1.05% | |
| | | | 100.00% | |
| | | Principal
Amount | | | Fair Value | |
CORPORATE BONDS AND NOTES — 47.66% |
Communications — 2.28% |
CCO Holdings LLC, 5.00%, 2/1/2028 (a) | | $ | 1,000,000 | | | $ | 952,887 | |
CCO Holdings LLC, 4.25%, 2/1/2031 (a) | | | 1,000,000 | | | | 851,623 | |
CCO Holdings LLC, 4.50%, 6/1/2033 (a) | | | 1,000,000 | | | | 822,532 | |
Prosus NV, MTN, 3.06%, 7/13/2031 (a) | | | 500,000 | | | | 419,231 | |
Univision Communications, Inc., 4.50%, 5/1/2029 (a) | | | 1,000,000 | | | | 874,543 | |
Verizon Communications, Inc., 2.85%, 9/3/2041 | | | 1,000,000 | | | | 720,248 | |
VMED OC UK Financing PLC, 4.75%, 7/15/2031 (a) | | | 1,000,000 | | | | 859,860 | |
Vodafone Group PLC, 4.13%, 6/4/2081 (H15T5Y + 276.7bps)(b) | | | 1,000,000 | | | | 881,863 | |
Warnermedia Holdings, Inc., 5.14%, 3/15/2052 | | | 1,000,000 | | | | 744,466 | |
| | | | | | | | 7,127,253 | |
Consumer Discretionary — 4.11% |
Carnival Corp., 4.00%, 8/1/2028 (a) | | | 2,000,000 | | | | 1,893,567 | |
Carnival Corp., 6.00%, 5/1/2029 (a) | | | 1,000,000 | | | | 998,195 | |
Ford Motor Co., Class B, 3.25%, 2/12/2032 | | | 500,000 | | | | 419,896 | |
Ford Motor Credit Co., LLC, 3.38%, 11/13/2025 | | | 2,000,000 | | | | 1,950,516 | |
Ford Motor Credit Co., LLC, 2.90%, 2/10/2029 | | | 2,000,000 | | | | 1,793,615 | |
Home Depot, Inc. (The), 4.95%, 9/15/2052 | | | 1,000,000 | | | | 946,275 | |
Home Depot, Inc. (The), 5.30%, 6/25/2054 | | | 1,000,000 | | | | 995,839 | |
Lowe’s Cos, Inc., 5.63%, 4/15/2053 | | | 1,000,000 | | | | 991,590 | |
McDonald’s Corp., 5.45%, 8/14/2053 | | | 2,000,000 | | | | 1,980,476 | |
Yum! Brands, Inc., 3.63%, 3/15/2031 | | | 1,000,000 | | | | 892,870 | |
| | | | | | | | 12,862,839 | |
Consumer Staples — 3.34% |
Anheuser-Busch Cos., LLC, 4.70%, 2/1/2036 (a) | | | 100,000 | | | | 97,753 | |
Constellation Brands, Inc., 2.25%, 8/1/2031 | | | 500,000 | | | | 420,668 | |
Constellation Brands, Inc., 4.50%, 5/9/2047 | | | 500,000 | | | | 430,642 | |
JBS USA LUX SA, 5.50%, 1/15/2030 | | | 1,000,000 | | | | 997,146 | |
JBS USA LUX SA, 3.75%, 12/1/2031 | | | 250,000 | | | | 222,235 | |
JBS USA LUX SA, 3.63%, 1/15/2032 | | | 500,000 | | | | 437,262 | |
Kraft Heinz Foods Co., 5.00%, 6/4/2042 (a) | | | 300,000 | | | | 278,973 | |
Kraft Heinz Foods Co., 4.38%, 6/1/2046 | | | 1,000,000 | | | | 840,563 | |
Kraft Heinz Foods Co., 4.88%, 10/1/2049 | | | 1,000,000 | | | | 893,926 | |
Land O’ Lakes, Inc., 7.25%, Perpetual (a) | | | 2,000,000 | | | | 1,659,976 | |
Molson Coors Beverage Co., 4.20%, 7/15/2046 | | | 1,000,000 | | | | 824,876 | |
PepsiCo, Inc., 5.25%, 7/17/2054 | | | 1,000,000 | | | | 1,015,595 | |
5
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Performance Food Group, Inc., 4.25%, 8/1/2029 (a) | | $ | 500,000 | | | $ | 463,488 | |
Pilgrim’s Pride Corp., 4.25%, 4/15/2031 | | | 1,000,000 | | | | 928,670 | |
Walmart, Inc., 4.50%, 4/15/2053 | | | 1,000,000 | | | | 915,124 | |
| | | | | | | | 10,426,897 | |
Financials — 22.99% |
American Express Co., 3.55%, Perpetual (H15T5Y + 285.4bps)(b) | | | 1,000,000 | | | | 936,224 | |
Assurant, Inc., 7.00%, 3/27/2048 | | | 1,000,000 | | | | 1,017,460 | |
Assured Guaranty Municipal Holdings, Inc., 6.40%, 12/15/2066 (US0001M + 221.5bps)(a),(b) | | | 2,000,000 | | | | 1,788,401 | |
Banco Bilbao Vizcaya Argentaria S.A., 6.13%, Perpetual (USSW5 + 387.0bps)(b) | | | 800,000 | | | | 754,615 | |
Banco Bilbao Vizcaya Argentaria S.A., Series 9, 6.50%, Perpetual (H15T5Y + 519.2bps)(b) | | | 1,000,000 | | | | 998,628 | |
Bank of America Corp., 4.38%, Perpetual (H15T5Y + 276.0bps)(b) | | | 2,000,000 | | | | 1,893,921 | |
Bank of New York Mellon Corp. (The), Series F, 4.63%, 12/20/2049 (TSFR3M + 339.26bps)(b) | | | 1,000,000 | | | | 962,510 | |
Bank of Nova Scotia (The), 8.00%, 1/27/2084 (H15T5Y + 401.70bps)(b) | | | 1,000,000 | | | | 1,049,873 | |
Barclays PLC, 4.84%, 5/9/2028 | | | 2,000,000 | | | | 1,967,238 | |
Barclays PLC, 5.09%, 6/20/2030 (US0001M + 305.40bps)(b) | | | 1,500,000 | | | | 1,468,053 | |
Barclays PLC, 9.63%, 12/31/2049 (USISSO05 + 577.50bps)(b) | | | 1,000,000 | | | | 1,094,602 | |
BBVA Bancomer S.A., 5.13%, Perpetual (H15T5Y + 265.0bps)(b) | | | 2,000,000 | | | | 1,864,741 | |
BNP Paribas SA, 8.00%, Perpetual (H15T5Y +372.70bps)(a),(b) | | | 2,000,000 | | | | 2,060,150 | |
Brighthouse Financial, Inc., 4.70%, 6/22/2047 | | | 2,642,000 | | | | 2,085,473 | |
Citadel Finance LLC, 3.38%, 3/9/2026 (a) | | | 2,000,000 | | | | 1,927,796 | |
Citigroup, Inc., 3.88%, Perpetual (H15T5Y + 341.7bps)(b) | | | 1,000,000 | | | | 950,241 | |
Citigroup, Inc., 4.15%, Perpetual (H15T5Y + 300.0bps)(b) | | | 2,000,000 | | | | 1,859,536 | |
Citigroup, Inc., 4.70%, Perpetual (SOFR + 323.4bps)(b) | | | 1,000,000 | | | | 988,233 | |
Citigroup, Inc., 7.13%, Perpetual (H15T5Y + 269.3bps)(b) | | | 1,000,000 | | | | 1,003,256 | |
Credit Agricole SA, MTN, 4.75%, Perpetual (H15T5Y + 323.7bps)(a),(b) | | | 1,000,000 | | | | 894,278 | |
Enstar Finance LLC, 5.50%, 1/15/2042 (H15T5Y + 400.6bps)(b) | | | 500,000 | | | | 447,564 | |
FedNat Holding Co., 7.75%, 3/15/2029 (c)(d) | | | 2,400,000 | | | | 284,160 | |
GATX Corp., Class B, 4.00%, 6/30/2030 | | | 2,000,000 | | | | 1,906,265 | |
Global Atlantic Financial Co., 4.70%, 10/15/2051 (H15T5Y + 379.6bps)(a),(b) | | | 1,000,000 | | | | 938,318 | |
Goldman Sachs Group, Inc. (The), 7.50%, Perpetual (H15T5Y + 280.90bps)(b) | | | 1,000,000 | | | | 1,033,161 | |
6
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Goldman Sachs Group, Inc. (The), Series P, 8.46%, Perpetual (TSFR3M + 313.6bps)(b) | | $ | 1,000,000 | | | $ | 1,000,659 | |
HSBC Holdings PLC, 8.00%, Perpetual (H15T5Y + 385.8bps)(b) | | | 1,000,000 | | | | 1,059,433 | |
ING Groep NV, 4.25%, Perpetual (H15T5Y + 286.2bps)(b) | | | 1,000,000 | | | | 795,309 | |
ING Groep NV, 5.75%, Perpetual (H15T5Y + 432.2bps)(b) | | | 1,000,000 | | | | 970,149 | |
Intesa Sanpaolo SpA, 3.25%, 9/23/2024 (a) | | | 1,000,000 | | | | 996,055 | |
Intesa Sanpaolo SpA, 5.71%, 1/15/2026 (a) | | | 2,000,000 | | | | 1,998,517 | |
JPMorgan Chase & Co., Series HH, 4.60%, Perpetual (SOFR+ 312.5bps)(b) | | | 1,000,000 | | | | 994,981 | |
JPMorgan Chase & Co., 6.88%, Perpetual (H15T5Y + 273.7bps) | | | 1,000,000 | | | | 1,035,753 | |
Liberty Mutual Group, Inc., 3.95%, 5/15/2060 (a) | | | 500,000 | | | | 348,496 | |
Liberty Mutual Group, Inc., 4.30%, 2/1/2061 (a) | | | 1,000,000 | | | | 629,841 | |
Lloyds Banking Group PLC, 7.50%, Perpetual (USSW5 + 449.6bps)(b) | | | 2,000,000 | | | | 2,012,038 | |
Lloyds Banking Group PLC, 8.00%, Perpetual (H15T5Y + 391.3bps)(b) | | | 1,000,000 | | | | 1,040,820 | |
Macquarie Bank Ltd., 3.62%, 6/3/2030 (a) | | | 1,000,000 | | | | 911,889 | |
Massachusetts Mutual Life Insurance Co., 3.38%, 4/15/2050 (a) | | | 1,000,000 | | | | 705,663 | |
Nationwide Mutual Insurance Co., 4.35%, 4/30/2050 (a) | | | 1,000,000 | | | | 779,756 | |
Nordea Bank Abp, 3.75%, Perpetual (H15T5Y + 260.2bps)(a),(b) | | | 1,000,000 | | | | 848,599 | |
Pacific LifeCorp, 3.35%, 9/15/2050 (a) | | | 500,000 | | | | 350,044 | |
Pacific LifeCorp., 5.40%, 9/15/2052 (a) | | | 1,000,000 | | | | 975,995 | |
Royal Bank of Canada, 7.50%, 5/2/2084 (H15T5Y + 288.70bps)(b) | | | 2,000,000 | | | | 2,082,076 | |
SBL Holdings, Inc., 5.13%, 11/13/2026 (a) | | | 2,000,000 | | | | 1,952,020 | |
SBL Holdings, Inc., 6.50%, Perpetual (H15T5Y + 562.0bps)(a),(b) | | | 1,393,000 | | | | 1,169,593 | |
SBL Holdings, Inc., 7.00%, Perpetual (H15T5Y + 558.0bps)(a),(b) | | | 1,000,000 | | | | 891,554 | |
Societe Generale SA, 8.50%, Perpetual (H15T5Y + 415.30bps)(a),(b) | | | 2,000,000 | | | | 1,957,828 | |
Societe Generale SA, 10.00%, Perpetual (H15T5Y + 544.80bps)(a),(b) | | | 1,000,000 | | | | 1,058,315 | |
Standard Chartered PLC, 4.30%, Perpetual (H15T5Y + 313.50bps)(a),(b) | | | 2,000,000 | | | | 1,713,562 | |
State Street Corp., 6.70%, 12/31/2049 | | | 1,000,000 | | | | 1,003,565 | |
Toronto-Dominion Bank (The), 8.13%, 10/31/2082 (H15T5Y + 407.50bps)(b) | | | 1,000,000 | | | | 1,045,099 | |
Toronto-Dominion Bank (The), 7.25%, 7/31/2084 (H15T5Y + 297.70bps) | | | 1,000,000 | | | | 1,007,313 | |
UBS Group AG, 4.38%, Perpetual (H15T5Y + 331.3bps)(a),(b) | | | 1,000,000 | | | | 837,946 | |
UBS Group AG, 7.75%, Perpetual (USISSO05 + 416bps)(a),(b) | | | 1,000,000 | | | | 1,030,386 | |
7
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
UniCredit SpA, 5.86%, 6/19/2032 (USISDA05 + 370.3bps)(a),(b) | | $ | 2,000,000 | | | $ | 1,984,189 | |
UniCredit SpA, 5.46%, 6/30/2035 (H15T5Y + 475.0bps)(a),(b) | | | 500,000 | | | | 480,195 | |
US Bancorp, 5.30%, Perpetual (TSFR3M + 317.6bps)(b) | | | 1,000,000 | | | | 972,418 | |
Wells Fargo & Co, Series EE, 7.63%, Perpetual (H15T5Y + 360.6bps)(b) | | | 1,000,000 | | | | 1,066,171 | |
Wells Fargo & Co., Series BB, 3.90%, Perpetual (H15T5Y + 345.3bps)(b) | | | 1,000,000 | | | | 959,852 | |
Wells Fargo & Co., 6.85%, Perpetual (H15T5Y + 276.7bps)(b) | | | 1,000,000 | | | | 1,014,529 | |
| | | | | | | | 71,855,305 | |
Health Care — 0.24% |
Viatris, Inc., 3.85%, 6/22/2040 | | | 1,000,000 | | | | 755,430 | |
| | | | | | | | | |
Industrials — 5.72% |
Air Canada, 3.88%, 8/15/2026 (a) | | | 1,000,000 | | | | 962,648 | |
Air Canada Pass Through Trust, Series 2013-1, Class A, 4.13%, 5/15/2025 (a) | | | 998,419 | | | | 983,192 | |
American Airlines Pass Through Trust, Series 2021-1, Class B, 3.95%, 7/11/2030 | | | 820,000 | | | | 763,969 | |
Burlington Northern Santa Fe LLC, 4.45%, 1/15/2053 | | | 2,000,000 | | | | 1,760,969 | |
Burlington Northern Santa Fe LLC, 5.20%, 4/15/2054 | | | 1,000,000 | | | | 982,261 | |
Burlington Northern Santa Fe LLC, 5.50%, 3/15/2055 | | | 1,000,000 | | | | 1,027,616 | |
Canadian Pacific Railway Co., Class B, 2.45%, 12/2/2031 | | | 1,000,000 | | | | 926,014 | |
Canadian Pacific Railway Co., 3.10%, 12/2/2051 | | | 1,000,000 | | | | 681,402 | |
CSX Corp., 5.50%, 4/15/2041 | | | 1,000,000 | | | | 1,021,695 | |
Honeywell International, Inc., 5.25%, 3/1/2054 | | | 1,000,000 | | | | 992,579 | |
Norfolk Southern Corp., 5.05%, 8/1/2030 | | | 500,000 | | | | 509,680 | |
Norfolk Southern Corp., 4.55%, 6/1/2053 | | | 1,000,000 | | | | 865,860 | |
Triton Container International Ltd., 3.25%, 3/15/2032 | | | 500,000 | | | | 425,308 | |
Union Pacific Corp., 3.20%, 5/20/2041 | | | 1,000,000 | | | | 779,225 | |
Union Pacific Corp., 2.95%, 3/10/2052 | | | 1,000,000 | | | | 669,959 | |
Union Pacific Corp., 3.50%, 2/14/2053 | | | 1,000,000 | | | | 745,011 | |
United Airlines Pass Through Trust, Series 2016-2B, Class B, 3.65%, 10/7/2025 | | | 443,287 | | | | 432,602 | |
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.88%, 1/15/2026 | | | 451,863 | | | | 446,214 | |
United Airlines Pass Through Trust, Series 2016-2, Class A, 3.10%, 4/7/2030 | | | 666,441 | | | | 605,840 | |
United Parcel Service, Inc., 5.50%, 5/22/2054 | | | 1,000,000 | | | | 1,011,492 | |
US Airways Pass Through Trust, Series 2012-2, Class A, 4.63%, 6/3/2025 | | | 1,284,089 | | | | 1,273,895 | |
| | | | | | | | 17,867,431 | |
Materials — 1.35% |
Alcoa Nederland Holding BV, 5.50%, 12/15/2027 (a) | | | 1,000,000 | | | | 987,315 | |
Ball Corp., 2.88%, 8/15/2030 | | | 1,000,000 | | | | 860,082 | |
Bemis Co., Inc., 2.63%, 6/19/2030 | | | 500,000 | | | | 439,193 | |
Berry Global, Inc., 5.63%, 7/15/2027 (a) | | | 1,000,000 | | | | 990,861 | |
Berry Global, Inc., 5.80%, 6/15/2031 (a) | | | 500,000 | | | | 509,491 | |
8
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Canpack SA, 3.88%, 11/15/2029 (a) | | $ | 500,000 | | | $ | 449,241 | |
| | | | | | | | 4,236,183 | |
Real Estate — 0.68% |
Iron Mountain, Inc., 4.88%, 9/15/2029 (a) | | | 1,000,000 | | | | 956,383 | |
Iron Mountain, Inc., 5.25%, 7/15/2030 (a) | | | 1,000,000 | | | | 963,446 | |
SBA Communications Corp., 3.88%, 2/15/2027 (a) | | | 200,000 | | | | 192,698 | |
| | | | | | | | 2,112,527 | |
Technology — 3.03% |
Broadcom, Inc., 4.15%, 11/15/2030 | | | 1,000,000 | | | | 963,715 | |
Broadcom, Inc., 4.15%, 11/15/2030 | | | 500,000 | | | | 481,857 | |
Broadcom, Inc., 2.60%, 2/15/2033 (a) | | | 1,000,000 | | | | 828,552 | |
Broadcom, Inc., 3.50%, 2/15/2041 (a) | | | 1,000,000 | | | | 788,028 | |
HP, Inc., 6.00%, 9/15/2041 | | | 2,500,000 | | | | 2,611,135 | |
Jabil, Inc., 3.00%, 1/15/2031 | | | 1,000,000 | | | | 869,599 | |
Juniper Networks, Inc., 2.00%, 12/10/2030 | | | 500,000 | | | | 416,477 | |
Juniper Networks, Inc., 5.95%, 3/15/2041 | | | 700,000 | | | | 715,841 | |
Kyndryl Holdings, Inc., 2.05%, 10/15/2026 | | | 1,000,000 | | | | 934,231 | |
Kyndryl Holdings, Inc., 3.15%, 10/15/2031 | | | 1,000,000 | | | | 859,213 | |
| | | | | | | | 9,468,648 | |
Utilities — 3.92% |
AEP Texas, Inc., Series I, 2.10%, 7/1/2030 | | | 500,000 | | | | 427,881 | |
Ameren Illinois Co., 4.95%, 6/1/2033 | | | 1,000,000 | | | | 1,001,347 | |
Appalachian Power Co., Series Z, 3.70%, 5/1/2050 | | | 1,000,000 | | | | 718,179 | |
Dayton Power & Light Co. (The), 3.95%, 6/15/2049 | | | 1,000,000 | | | | 751,693 | |
Dominion Energy, Inc., 4.35%, Perpetual (H15T5Y + 319.5bps)(b) | | | 1,000,000 | | | | 953,972 | |
Duke Energy Ohio, Inc., 5.55%, 3/15/2054 | | | 1,000,000 | | | | 1,002,711 | |
Duke Energy Progress LLC, 2.50%, 8/15/2050 | | | 1,000,000 | | | | 594,798 | |
Kentucky Utilities Co., 3.30%, 6/1/2050 | | | 1,000,000 | | | | 702,017 | |
NRG Energy, Inc., 4.45%, 6/15/2029 (a) | | | 1,000,000 | | | | 960,236 | |
Pacific Gas and Electric Co., 4.25%, 3/15/2046 | | | 500,000 | | | | 390,461 | |
Pacific Gas and Electric Co., 3.50%, 8/1/2050 | | | 500,000 | | | | 338,001 | |
Pinnacle West Capital Corp., 1.30%, 6/15/2025 | | | 1,000,000 | | | | 964,411 | |
PPL Electric Utilities Corp., 5.25%, 5/15/2053 | | | 1,000,000 | | | | 983,560 | |
Southern California Edison Co., Series B, 4.88%, 3/1/2049 | | | 1,000,000 | | | | 898,831 | |
Union Electric Co., 3.90%, 4/1/2052 | | | 750,000 | | | | 592,359 | |
Union Electric Co., 5.25%, 1/15/2054 | | | 1,000,000 | | | | 963,951 | |
| | | | | | | | 12,244,408 | |
Total Corporate Bonds and Notes | | | | |
(Cost $159,505,434) | | | 148,956,921 | |
| | | | | | | | | |
ASSET BACKED SECURITIES — 20.88% |
ACHV ABS Trust, Series 2023-1PL, Class B, MTN, 6.80%, 3/18/2030 (a) | | | 33,576 | | | | 33,581 | |
American Credit Acceptance Receivables Trust, Series 2021-2, Class E, MTN, 2.54%, 7/13/2027 (a) | | | 2,000,000 | | | | 1,965,759 | |
9
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
American Credit Acceptance Receivables Trust, Series 2021-3, Class E, MTN, 2.56%, 11/15/2027 (a) | | $ | 3,000,000 | | | $ | 2,924,859 | |
American Credit Acceptance Receivables Trust, Series 2021-4, Class E, MTN, 3.12%, 2/14/2028 (a) | | | 1,000,000 | | | | 975,341 | |
Amur Equipment Finance Receivables LLC, Series 2022-1A, Class E, 5.02%, 12/20/2028 (a) | | | 750,000 | | | | 741,350 | |
Amur Equipment Finance Receivables XIII LLC, Series 2024-2A, Class D, 5.97%, 10/20/2031 (a) | | | 310,000 | | | | 312,046 | |
CarNow Auto Receivables Trust, Series 2021-1A, Class D, 3.64%, 2/17/2026 (a) | | | 73,722 | | | | 73,646 | |
Carvana Auto Receivables Trust, Series 2020-N1A, Class E, 5.20%, 7/15/2027 (a) | | | 794,844 | | | | 783,326 | |
Carvana Auto Receivables Trust, Series 2021-N3, Class E, 3.16%, 6/12/2028 (a) | | | 2,250,000 | | | | 2,090,313 | |
Carvana Auto Receivables Trust, Series 2021-N4, Class E, 4.53%, 9/11/2028 (a) | | | 1,500,000 | | | | 1,411,410 | |
Carvana Auto Receivables Trust, Series 2022-N1, Class E, 6.01%, 12/11/2028 (a) | | | 1,250,000 | | | | 1,193,596 | |
Continental Finance Credit Card ABS Master Trust, Series 2021-A, Class C, 4.02%, 12/17/2029 (a) | | | 1,000,000 | | | | 965,942 | |
CPS Auto Receivables Trust, Series 2022-A, Class E, 4.88%, 4/16/2029 (a) | | | 1,000,000 | | | | 947,710 | |
Dell Equipment Finance Trust, Series 2024-1, Class D, MTN, 6.12%, 9/23/2030 (a) | | | 250,000 | | | | 254,081 | |
DLLST LLC, Series 2022-1A, Class A3, 3.40%, 1/21/2025 (a) | | | 67 | | | | 67 | |
DT Auto Owner Trust, Series 2020-2A, Class D, 4.73%, 3/16/2026 (a) | | | 117,565 | | | | 117,435 | |
DT Auto Owner Trust, Series 2021-2A, Class E, 2.97%, 7/17/2028 (a) | | | 1,000,000 | | | | 966,985 | |
DT Auto Owner Trust, Series 2021-4A, Class E, 3.34%, 7/17/2028 (a) | | | 1,000,000 | | | | 953,402 | |
DT Auto Owner Trust, Series 2022-1A, Class E, 5.53%, 3/15/2029 (a) | | | 1,000,000 | | | | 948,865 | |
Encina Equipment Finance LLC, Series 2022-1A, Class D, 6.00%, 1/15/2030 (a) | | | 1,000,000 | | | | 981,090 | |
Enterprise Fleet Financing LLC, Series 2021-1, Class A3, 0.70%, 12/21/2026 (a) | | | 476,481 | | | | 470,024 | |
Enterprise Fleet Financing LLC, Series 2021-3, Class A2, 0.77%, 8/20/2027 (a) | | | 124,214 | | | | 122,865 | |
Enterprise Fleet Financing LLC, Series 2021-3, Class A2, 4.38%, 7/20/2029 (a) | | | 267,998 | | | | 266,055 | |
Enterprise Fleet Financing LLC, Series 2024-3, Class A4, 5.06%, 3/20/2031 (a) | | | 500,000 | | | | 504,616 | |
Exeter Automobile Receivables Trust, Series 2021-4A, Class E, 4.02%, 1/17/2028 (a) | | | 2,000,000 | | | | 1,929,326 | |
10
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Exeter Automobile Receivables Trust, Series 2021-1A, Class E, 2.21%, 2/15/2028 (a) | | $ | 1,155,000 | | | $ | 1,099,856 | |
Exeter Automobile Receivables Trust, Series 2021-2A, Class E, 2.90%, 7/17/2028 (a) | | | 1,000,000 | | | | 949,909 | |
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56%, 7/17/2028 | | | 1,000,000 | | | | 982,906 | |
Exeter Automobile Receivables Trust, Series 2021-3A, Class E, 3.04%, 12/15/2028 (a) | | | 1,000,000 | | | | 940,442 | |
Exeter Automobile Receivables Trust, Series 2022-1A, Class E, 5.02%, 10/15/2029 (a) | | | 2,000,000 | | | | 1,916,618 | |
First Investors Auto Owner Trust, Series 2021-2A, Class D, 1.66%, 12/15/2027 (a) | | | 1,840,000 | | | | 1,745,253 | |
Flagship Credit Auto Trust, Series 2021-3, Class D, 1.65%, 9/15/2027 (a) | | | 1,000,000 | | | | 930,091 | |
Flagship Credit Auto Trust, Series 2021-2, Class E, 3.16%, 9/15/2028 (a) | | | 1,150,000 | | | | 1,006,342 | |
Foursight Capital Automobile Receivables Trust, Series 2021-2, Class E, 3.35%, 10/15/2027 (a) | | | 500,000 | | | | 482,645 | |
Foursight Capital Automobile Receivables Trust, Series 2022-1, Class D, 3.07%, 5/15/2028 (a) | | | 1,000,000 | | | | 959,678 | |
Foursight Capital Automobile Receivables Trust, Series 2022-2, Class C, 5.75%, 8/15/2028 (a) | | | 1,000,000 | | | | 1,000,502 | |
GCI Funding I LLC, Series 2021-1, Class A, 2.38%, 6/18/2046 (a) | | | 722,946 | | | | 647,068 | |
Global SC Finance VII Srl, Series 2020-1A, Class A, 2.17%, 10/17/2040 (a) | | | 286,202 | | | | 268,079 | |
GLS Auto Receivables Issuer Trust, Series 2021-1A, Class E, 3.14%, 1/18/2028 (a) | | | 2,750,000 | | | | 2,666,877 | |
GLS Auto Receivables Issuer Trust, Series 2021-3A, Class E, 3.20%, 10/16/2028 (a) | | | 1,000,000 | | | | 943,343 | |
GLS Auto Receivables Issuer Trust, Series 2021-4A, Class E, 4.43%, 10/16/2028 (a) | | | 1,000,000 | | | | 958,828 | |
GLS Auto Receivables Issuer Trust, Series 2022-1A, Class E, 5.64%, 5/15/2029 (a) | | | 1,000,000 | | | | 966,687 | |
Golden Credit Card Trust, Series 2021-1A, Class B, MTN, 1.44%, 8/15/2028 (a) | | | 1,000,000 | | | | 931,546 | |
Helios Issuer LLC, Series 2021-A, Class B, 3.15%, 2/20/2048 (a) | | | 702,068 | | | | 379,691 | |
HERO Funding Trust, Series 2021-1A, Class B, 4.00%, 9/20/2051 (a) | | | 287,969 | | | | 263,102 | |
HPEFS Equipment Trust, Series 2024-2A, Class D, 5.82%, 4/20/2032 (a) | | | 500,000 | | | | 507,186 | |
HPEFS Equipment Trust 2024-1, Series 2024-1A, Class D, 5.82%, 12/22/2031 (a) | | | 1,000,000 | | | | 1,012,204 | |
ITE Rail Fund Levered LP, Series 2021-3A, Class A, 2.21%, 6/28/2051 (a) | | | 880,154 | | | | 809,775 | |
Loanpal Solar Loan Ltd., Series 2021-3GS, Class C, 3.50%, 12/20/2047 (a) | | | 802,419 | | | | 504,705 | |
11
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Loanpal Solar Loan Ltd., Series 2021-2GS, Class C, 3.50%, 3/20/2048 (a) | | $ | 857,359 | | | $ | 532,191 | |
Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/2045 (a) | | | 1,944,454 | | | | 1,924,758 | |
Mariner Finance Issuance Trust 2024-A, Series 2024-AA, Class A, 5.13%, 9/22/2036 (a) | | | 2,000,000 | | | | 1,999,754 | |
Mosaic Solar Loan Trust, Series 2021-1A, Class D, 3.71%, 12/20/2046 (a) | | | 577,978 | | | | 483,625 | |
Octane Receivables Trust, Series 2021-2A, Class A, 1.21%, 9/20/2028 (a) | | | 284,214 | | | | 279,655 | |
Octane Receivables Trust, Series 2023-3A, Class B, 6.48%, 7/20/2029 (a) | | | 1,000,000 | | | | 1,021,286 | |
Octane Receivables Trust, Series 2022-2A, Class D, 7.70%, 2/20/2030 (a) | | | 1,000,000 | | | | 1,040,945 | |
OneMain Financial Issuance Trust, Series 2018-2A, Class A, 3.57%, 3/14/2033 (a) | | | 61,551 | | | | 61,455 | |
Pagaya AI Debt Grantor Trust 2024-5, Series 2025, Class A, 6.28%, 10/15/2031 (a) | | | 963,543 | | | | 966,748 | |
Post Road Equipment Finance 2024-1 LLC, Series 2024-1A, Class C, MTN, 5.81%, 10/15/2030 (a) | | | 160,000 | | | | 161,703 | |
Prestige Auto Receivables Trust, Series 2020-1A, Class E, 3.67%, 2/15/2028 (a) | | | 1,365,000 | | | | 1,351,750 | |
Regatta VI Funding Ltd., Series 2016-1A, Class CR2, 7.69%, 4/20/2034 (TSFR3M + 241.2bps)(b) | | | 1,000,000 | | | | 1,000,189 | |
Regatta XVIII Funding Ltd., Series 2021-1A, Class C, 7.31%, 1/15/2034 (TSFR3M + 201.2bps)(a),(b) | | | 1,000,000 | | | | 1,002,051 | |
SCF Equipment Leasing LLC, Series 2022-1A, Class A3, 2.92%, 7/20/2029 (a) | | | 614,786 | | | | 607,297 | |
SCF Equipment Leasing LLC, Series 2021-1A, Class E, 3.56%, 8/20/2032 (a) | | | 750,000 | | | | 726,265 | |
TAL Advantage VII LLC, Series 2020-1A, Class A, 2.05%, 9/20/2045 (a) | | | 597,500 | | | | 552,648 | |
Textainer Marine Containers Ltd., Series 2021-3A, Class A, 1.94%, 8/20/2046 (a) | | | 920,000 | | | | 807,018 | |
Towd Point Asset Trust, Series 2021-SL1, Class A2, 6.16%, 11/20/2061 (TSFR1M + 81.4bps)(a),(b) | | | 370,002 | | | | 369,002 | |
Trinity Rail Leasing 2021 LLC, Series 2021-1A, Class B, 3.08%, 7/19/2051 (a) | | | 500,000 | | | | 439,597 | |
Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, 9/20/2045 (a) | | | 674,167 | | | | 613,554 | |
TRP LLC, Series 2021-2, Class B, 3.08%, 6/19/2051 (a) | | | 950,000 | | | | 860,688 | |
United Auto Credit Securitization Trust, Series 2022-1, Class E, 5.00%, 11/10/2028 (a) | | | 1,000,000 | | | | 907,666 | |
US Auto Funding LLC, Series 2021-1A, Class C, 2.20%, 5/15/2026 (a) | | | 676,102 | | | | 628,328 | |
USQ Rail II LLC, Series 2021-3, Class B, 2.98%, 6/28/2051 (a) | | | 500,000 | | | | 454,325 | |
Westgate Resorts 2022-1 LLC, Series 22-1A, Class A, 1.79%, 8/20/2036 (a) | | | 730,867 | | | | 705,215 | |
12
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Westlake Automobile Receivables Trust, Series 2021-3A, Class E, 3.42%, 4/15/2027 (a) | | $ | 1,000,000 | | | $ | 973,335 | |
| | | | | |
Total Asset Backed Securities | | | | |
(Cost $67,630,814) | | | 65,278,071 | |
| | | | | |
U.S. GOVERNMENT & AGENCIES — 26.13% |
Fannie Mae, Pool #BP2175, 3.00%, 2/1/2035 | | | 214,845 | | | | 203,954 | |
Fannie Mae, Pool #MA4915, 5.00%, 2/1/2038 | | | 754,790 | | | | 756,525 | |
Fannie Mae, Pool #MA4851, 5.00%, 11/1/2042 | | | 820,890 | | | | 820,125 | |
Fannie Mae, Pool #CA6707, 2.50%, 8/1/2050 | | | 919,857 | | | | 785,780 | |
Fannie Mae, Pool #MA4354, 1.50%, 6/1/2051 | | | 1,669,820 | | | | 1,278,172 | |
Fannie Mae, Pool #BT1314, 2.50%, 7/1/2051 | | | 546,165 | | | | 460,025 | |
Fannie Mae, Pool #BT3256, 2.50%, 7/1/2051 | | | 847,093 | | | | 716,040 | |
Fannie Mae, Pool #BT1339, 2.50%, 7/1/2051 | | | 1,630,206 | | | | 1,373,229 | |
Fannie Mae, Pool #BQ7422, 2.50%, 8/1/2051 | | | 842,334 | | | | 709,324 | |
Fannie Mae, Pool #MA4436, 1.50%, 10/1/2051 | | | 864,789 | | | | 662,166 | |
Fannie Mae, Pool #BU2591, 2.00%, 12/1/2051 | | | 1,305,260 | | | | 1,047,454 | |
Fannie Mae, Pool #CB2668, 3.00%, 1/1/2052 | | | 864,243 | | | | 754,133 | |
Fannie Mae, Pool #CB2670, 3.00%, 1/1/2052 | | | 880,124 | | | | 767,474 | |
Fannie Mae, Pool #BU1320, 3.00%, 2/1/2052 | | | 425,098 | | | | 370,661 | |
Fannie Mae, Pool #CB3177, 3.50%, 3/1/2052 | | | 870,920 | | | | 788,039 | |
Fannie Mae, Pool #FS1428, 4.00%, 4/1/2052 | | | 1,576,560 | | | | 1,474,299 | |
Fannie Mae, Pool #BV7899, 3.00%, 8/1/2052 | | | 1,392,698 | | | | 1,213,743 | |
Fannie Mae, Pool # MA4732, 4.00%, 9/1/2052 | | | 899,693 | | | | 841,303 | |
Fannie Mae, Pool #CB4818, 4.00%, 10/1/2052 | | | 2,242,402 | | | | 2,094,862 | |
Fannie Mae, Pool #MA4804, 4.00%, 11/1/2052 | | | 1,381,797 | | | | 1,291,496 | |
Fannie Mae, Pool #CB5536, 5.00%, 1/1/2053 | | | 1,850,828 | | | | 1,822,358 | |
Fannie Mae, Pool #MA4918, 5.00%, 2/1/2053 | | | 902,522 | | | | 887,945 | |
Fannie Mae, Pool #MA4941, 5.00%, 3/1/2053 | | | 838,178 | | | | 827,512 | |
Fannie Mae, Pool #MA5009, 5.00%, 5/1/2053 | | | 934,089 | | | | 918,600 | |
Fannie Mae, Pool #MA5071, 5.00%, 7/1/2053 | | | 1,874,502 | | | | 1,843,275 | |
Fannie Mae, Pool #MA5263, 4.00%, 1/1/2054 | | | 978,369 | | | | 913,784 | |
Fannie Mae, Pool #MA5246, 5.50%, 1/1/2054 | | | 1,929,072 | | | | 1,929,377 | |
Fannie Mae, Pool #MA5272, 6.00%, 2/1/2054 | | | 948,192 | | | | 960,687 | |
Fannie Mae, Pool #MA5295, 6.00%, 3/1/2054 | | | 1,910,360 | | | | 1,935,547 | |
13
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Fannie Mae, Pool #MA5329, 6.50%, 4/1/2054 | | $ | 954,867 | | | $ | 978,413 | |
Fannie Mae, Pool #MA5416, 6.50%, 5/1/2054 | | | 986,975 | | | | 1,006,543 | |
Fannie Mae, Pool #MA5386, 4.50%, 6/1/2054 | | | 990,539 | | | | 951,162 | |
Federal Agricultural Mortgage Corp., 3.05%, 6/29/2032 | | | 500,000 | | | | 461,005 | |
Federal Farm Credit Bank, 3.30%, 3/23/2032 | | | 1,000,000 | | | | 926,942 | |
Federal Farm Credit Bank, 6.44%, 9/20/2038 | | | 1,000,000 | | | | 1,000,482 | |
Federal Farm Credit Bank, 6.49%, 11/15/2038 | | | 1,000,000 | | | | 1,000,523 | |
Federal Farm Credit Bank, 2.13%, 5/21/2040 | | | 2,000,000 | | | | 1,399,292 | |
Federal Farm Credit Bank, 1.95%, 8/13/2040 | | | 1,000,000 | | | | 674,635 | |
Federal Farm Credit Bank, 2.07%, 12/21/2040 | | | 500,000 | | | | 339,440 | |
Federal Farm Credit Banks Funding Corp., 6.36%, 5/2/2044 | | | 1,000,000 | | | | 1,003,390 | |
Federal Home Loan Bank, 2.01%, 7/16/2040 | | | 1,000,000 | | | | 681,135 | |
Federal Home Loan Bank, 6.83%, 10/30/2043 | | | 1,000,000 | | | | 1,001,978 | |
Federal Home Loan Banks, 6.00%, 4/23/2037 | | | 1,000,000 | | | | 1,003,040 | |
Federal Home Loan Mortgage Corp., 1.75%, 7/27/2035 | | | 1,500,000 | | | | 1,129,615 | |
Freddie Mac, Pool #RD5138, 5.00%, 1/1/2033 | | | 676,457 | | | | 679,401 | |
Freddie Mac, Pool #SB8509, 2.00%, 1/1/2036 | | | 607,386 | | | | 547,613 | |
Freddie Mac, Pool #RC2064, 1.50%, 6/1/2036 | | | 738,844 | | | | 647,798 | |
Freddie Mac, Pool #QO0931, 4.00%, 10/1/2037 | | | 544,375 | | | | 531,134 | |
Freddie Mac, Pool #RB5135, 2.00%, 10/1/2041 | | | 802,469 | | | | 683,910 | |
Freddie Mac, Pool #RB5182, 4.00%, 9/1/2042 | | | 838,911 | | | | 798,250 | |
Freddie Mac, Pool #RA2314, 3.50%, 3/1/2050 | | | 316,904 | | | | 290,390 | |
Freddie Mac, Pool #RA2657, 3.50%, 5/1/2050 | | | 696,925 | | | | 638,217 | |
Freddie Mac, Pool #SD0430, 2.50%, 8/1/2050 | | | 554,948 | | | | 470,059 | |
Freddie Mac, Pool #QC3907, 2.50%, 7/1/2051 | | | 735,714 | | | | 626,789 | |
Freddie Mac, Pool #QC5859, 3.00%, 8/1/2051 | | | 801,147 | | | | 699,523 | |
Freddie Mac, Pool #RA6945, 3.50%, 3/1/2052 | | | 2,558,063 | | | | 2,316,755 | |
Freddie Mac, Pool #SD8257, 4.50%, 10/1/2052 | | | 892,947 | | | | 858,071 | |
Freddie Mac, Pool #SD8267, 5.00%, 11/1/2052 | | | 889,856 | | | | 876,069 | |
Freddie Mac, Pool #SD8288, 5.00%, 1/1/2053 | | | 904,741 | | | | 890,495 | |
Freddie Mac, Pool #QF5251, 5.50%, 1/1/2053 | | | 886,229 | | | | 888,424 | |
Freddie Mac, Pool #SD8297, 4.00%, 2/1/2053 | | | 1,847,440 | | | | 1,727,969 | |
Freddie Mac, Pool #SD2334, 5.00%, 2/1/2053 | | | 935,943 | | | | 920,901 | |
Freddie Mac, Pool #SD8305, 4.00%, 3/1/2053 | | | 934,523 | | | | 873,928 | |
Freddie Mac, Pool #SD2642, 5.50%, 4/1/2053 | | | 912,065 | | | | 912,909 | |
14
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Freddie Mac, Pool #SD2856, 5.50%, 5/1/2053 | | $ | 910,380 | | | $ | 911,228 | |
Freddie Mac, Pool #SD8322, 4.50%, 5/1/2053 | | | 933,766 | | | | 896,893 | |
Freddie Mac, Pool #SD8323, 5.00%, 5/1/2053 | | | 950,950 | | | | 935,865 | |
Freddie Mac, Pool #SD8323, 5.00%, 5/1/2053 | | | 929,071 | | | | 913,337 | |
Freddie Mac, Pool #QG3333, 5.00%, 5/1/2053 | | | 1,932,481 | | | | 1,906,762 | |
Freddie Mac, Pool #SD8348, 5.00%, 8/1/2053 | | | 942,081 | | | | 926,047 | |
Freddie Mac, Pool #QG9607, 6.00%, 9/1/2053 | | | 2,399,345 | | | | 2,441,025 | |
Freddie Mac, Pool #SD8383, 5.50%, 12/1/2053 | | | 2,889,296 | | | | 2,889,608 | |
Freddie Mac, Pool #QH8694, 6.00%, 1/1/2054 | | | 1,490,478 | | | | 1,511,630 | |
Freddie Mac, Pool #MA5416, 5.50%, 6/1/2054 | | | 984,917 | | | | 984,870 | |
Freddie Mac, Pool #MA5416, 6.00%, 7/1/2054 | | | 993,502 | | | | 1,006,601 | |
Freddie Mac, Pool #SD8454, 6.00%, 8/1/2054 | | | 1,000,000 | | | | 1,013,185 | |
United States Treasury Note, 0.63%, 12/31/2027 | | | 5,000,000 | | | | 4,463,574 | |
| | | | | |
Total U.S. Government & Agencies | | | | |
(Cost $84,131,737) | | | 81,684,714 | |
| | | | | |
COLLATERALIZED LOAN OBLIGATIONS — 4.28% |
Apex Credit CLO Ltd., Series 2018-1A, Class B, MTN, 7.15%, 4/25/2031 (TSFR3M + 186.2bps)(a),(b) | | | 1,190,000 | | | | 1,190,143 | |
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class BRR, 7.69%, 4/20/2034 (TSFR3M + 241.2bps)(a),(b) | | | 250,000 | | | | 250,618 | |
Benefit Street Partners CLO XXV Ltd., Series 2021-25A, Class C, 7.71%, 1/15/2035 (TSFR3M + 241.2bps)(a),(b) | | | 1,000,000 | | | | 1,002,297 | |
Carlyle Global Market Strategies CLO, Series 2017-1A, Class BR, 7.74%, 4/20/2031 (TSFR3M + 246.2bps)(a),(b) | | | 1,000,000 | | | | 1,001,918 | |
Carlyle Global Market Strategies CLO, Series 2016-3A, Class CRR, 7.74%, 7/20/2034 (TSFR3M + 246.2bps)(a),(b) | | | 375,000 | | | | 375,112 | |
Cedar Funding XII CLO Ltd., Series 2020-12A, Class XR, 6.55%, 10/25/2034 (TSFR3M + 126.2bps)(a),(b) | | | 666,667 | | | | 666,737 | |
HPS Loan Management Ltd., Series 2010A-16, Class X, 6.44%, 4/20/2034 (TSFR3M + 116.2bps)(a),(b) | | | 380,952 | | | | 380,949 | |
HPS Loan Management Ltd., Series 2010A-16, Class BRR, 7.59%, 4/20/2034 (TSFR3M + 231.2bps)(a),(b) | | | 1,000,000 | | | | 1,000,190 | |
Madison Park Funding LXVII Ltd, Series 67A, B, 2.05%, 4/25/2037 (TSFRM + 205.0bps)(a) | | | 1,000,000 | | | | 1,002,813 | |
15
YORKTOWN MULTI-SECTOR BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Madison Park Funding XXI Ltd., Series 2016-21A, Class BRR, 7.76%, 10/15/2032 (TSFR3M + 246.2bps)(a),(b) | | $ | 1,000,000 | | | $ | 1,002,333 | |
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class C, 7.45%, 7/17/2034 (TSFR3M + 216.2bps)(a),(b) | | | 1,000,000 | | | | 1,002,073 | |
Palmer Square CLO Ltd., Series 2022-1A, Class C, 7.33%, 4/20/2035 (TSFR3M + 205.0bps)(a),(b) | | | 1,000,000 | | | | 1,002,153 | |
Rockford Tower CLO Ltd., Series 2019-2A, Class CR, 7.59%, 8/20/2032 (TSFR3M + 226.2bps)(a),(b) | | | 1,000,000 | | | | 1,001,567 | |
Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class BR, 7.11%, 4/15/2030 (TSFR3M + 181.2bps)(a),(b) | | | 1,000,000 | | | | 1,000,835 | |
Venture CLO Ltd., Series 2018-31A, Class C1, 7.49%, 4/20/2031 (TSFR3M + 221.2bps)(a),(b) | | | 1,000,000 | | | | 1,000,324 | |
Wind River CLO Ltd., Series 2016-1KRA, Class CR2, 7.91%, 10/15/2034 (TSFR3M + 261.2bps)(a),(b) | | | 500,000 | | | | 500,290 | |
| | | | | |
Total Collateralized Loan Obligations | | | | |
(Cost $13,280,470) | | | 13,380,352 | |
| | | | | |
Total Investments — 98.95% | | | | |
(Cost $324,548,455) | | | 309,300,058 | |
Other Assets in Excess of Liabilities — 1.05% | | | 3,279,294 | |
Net Assets — 100.00% | | $ | 312,579,352 | |
(a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total fair value of these securities as July 31, 2024 was $125,649,435, representing 40.19% of net assets. |
(b) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of July 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. |
(d) | Security is being fair valued in accordance with the Trust’s fair valuation policies and represents 0% of the Fund’s net assets. |
MTN — Medium Term Note
The accompanying notes are an integral part of these financial statements.
16
Yorktown Short Term Bond Fund
SCHEDULE OF INVESTMENTS
July 31, 2024
(Unaudited)
Fund Holdings (as a percentage of net assets)
Corporate Bonds and Notes | | | 39.53% | |
U.S. Government & Agencies | | | 30.99% | |
Asset Backed Securities | | | 23.11% | |
Collateralized Loan Obligations | | | 5.71% | |
Other | | | 0.66% | |
| | | | 100.00% | |
| | | Principal
Amount | | | Fair Value | |
CORPORATE BONDS AND NOTES — 39.53% |
Communications — 1.22% |
NBN Co. Ltd., MTN, 1.45%, 5/5/2026 (a) | | $ | 1,000,000 | | | $ | 944,061 | |
Verizon Communications, Inc., 6.68%, 9/3/2041 (TSFR3M + 136.1bps)(b) | | | 2,000,000 | | | | 2,016,489 | |
| | | | | | | | 2,960,550 | |
Consumer Discretionary — 3.65% |
General Motors Financial Co., Inc., 1.20%, 10/15/2024 | | | 1,000,000 | | | | 990,865 | |
General Motors Financial Co., Inc., 3.80%, 4/7/2025 | | | 1,000,000 | | | | 988,431 | |
General Motors Financial Co., Inc., 1.25%, 1/8/2026 | | | 1,000,000 | | | | 947,019 | |
General Motors Financial Co., Inc., 1.50%, 6/10/2026 | | | 1,000,000 | | | | 937,792 | |
McDonald’s Corp., 4.80%, 8/14/2028 | | | 1,000,000 | | | | 1,007,787 | |
McDonald’s Corp., MTN, 5.00%, 5/17/2029 | | | 2,000,000 | | | | 2,036,868 | |
Nissan Motor Co. Ltd., 3.52%, 9/17/2025 (a) | | | 2,000,000 | | | | 1,953,087 | |
| | | | | | | | 8,861,849 | |
Consumer Staples — 1.31% |
JBS USA LUX SA, 5.13%, 2/1/2028 | | | 1,000,000 | | | | 998,900 | |
JDE Peet’s NV, 1.38%, 1/15/2027 (a) | | | 250,000 | | | | 229,252 | |
Tyson Foods, Inc., 5.40%, 3/15/2029 | | | 1,000,000 | | | | 1,018,470 | |
Viterra Finance BV, 2.00%, 4/21/2026 (a) | | | 1,000,000 | | | | 946,336 | |
| | | | | | | | 3,192,958 | |
Financials — 16.82% |
AerCap Ireland Capital, 3.50%, 1/15/2025 | | | 2,000,000 | | | | 1,981,079 | |
AerCap Ireland Capital DAC, 1.65%, 10/29/2024 | | | 1,000,000 | | | | 990,084 | |
Air Lease Corp., 1.88%, 8/15/2026 | | | 500,000 | | | | 469,736 | |
Antares Holdings LP, 3.95%, 7/15/2026 (a) | | | 1,500,000 | | | | 1,436,953 | |
Aviation Capital Group LLC, 1.95%, 1/30/2026 (a) | | | 1,000,000 | | | | 950,279 | |
Avolon Holdings Funding Ltd., 2.13%, 2/21/2026 (a) | | | 2,000,000 | | | | 1,901,671 | |
Banco Santander SA, 2.75%, 5/28/2025 | | | 1,000,000 | | | | 978,719 | |
Banco Santander SA, 5.15%, 8/18/2025 | | | 1,000,000 | | | | 997,270 | |
BPCE SA, 2.38%, 1/14/2025 (a) | | | 500,000 | | | | 492,930 | |
Citigroup, Inc., 6.10%, 6/9/2027 (SOFR + 77.0bps)(b) | | | 1,000,000 | | | | 999,526 | |
CNO Global Funding, 1.75%, 10/7/2026 (a) | | | 500,000 | | | | 463,927 | |
Equitable Financial Life Global Funding, 1.40%, 7/7/2025 (a) | | | 1,000,000 | | | | 965,975 | |
Equitable Financial Life Global Funding, 1.00%, 1/9/2026 (a) | | | 500,000 | | | | 472,126 | |
Equitable Financial Life Global Funding, 1.70%, 11/12/2026 (a) | | | 1,000,000 | | | | 929,692 | |
GA Global Funding Trust, 1.63%, 1/15/2026 (a) | | | 1,000,000 | | | | 950,208 | |
17
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
GE Capital International Funding Co., 3.37%, 11/15/2025 | | $ | 200,000 | | | $ | 196,086 | |
Goldman Sachs Group, Inc. (The), 6.14%, 3/9/2027 (SOFR + 81.0bps)(b) | | | 1,000,000 | | | | 1,000,475 | |
Goldman Sachs Group, Inc. (The), 6.25%, 10/21/2027 (SOFR + 92.0bps)(b) | | | 2,000,000 | | | | 2,008,513 | |
HSBC Holdings PLC, 4.25%, 8/18/2025 | | | 1,000,000 | | | | 987,860 | |
HSBC Holdings PLC, 6.99%, 9/12/2026 (TSFR3M + 164.1bps)(b) | | | 1,500,000 | | | | 1,517,456 | |
ING Groep NV, 6.34%, 4/1/2027 (SOFR + 101.0bps)(b) | | | 2,000,000 | | | | 2,005,947 | |
Intesa Sanpaolo SpA, 3.25%, 9/23/2024 (a) | | | 2,000,000 | | | | 1,992,110 | |
JPMorgan Chase & Co., 4.08%, 4/26/2026 (SOFR + 132.0bps)(b) | | | 1,000,000 | | | | 990,925 | |
JPMorgan Chase & Co., 6.22%, 4/22/2027 (SOFR + 88.5bps)(b) | | | 2,000,000 | | | | 2,009,138 | |
JPMorgan Chase & Co., 6.51%, 2/24/2028 (SOFR + 118.0bps)(b) | | | 1,000,000 | | | | 1,012,126 | |
JPMorgan Chase Bank NA, 5.11%, 12/8/2026 | | | 1,000,000 | | | | 1,008,970 | |
Lloyds Banking Group PLC, 4.58%, 12/10/2025 (a) | | | 250,000 | | | | 247,506 | |
Met Tower Global Funding, MTN, 1.25%, 9/14/2026 (a) | | | 1,000,000 | | | | 930,604 | |
Mitsubishi UFJ Financial Group, Inc., 1.41%, 7/17/2025 | | | 1,000,000 | | | | 965,118 | |
Nomura Holdings, Inc., 1.65%, 7/14/2026 | | | 1,000,000 | | | | 935,661 | |
Nordea Bank Abp, MTN, 1.50%, 9/30/2026 (a) | | | 1,000,000 | | | | 930,929 | |
Pricoa Global Funding I, MTN, 1.20%, 9/1/2026 (a) | | | 500,000 | | | | 466,060 | |
Principal Life Global Funding II, MTN, 1.50%, 11/17/2026 (a) | | | 1,000,000 | | | | 930,920 | |
Protective Life Global Funding, MTN, 1.30%, 9/20/2026 (a) | | | 500,000 | | | | 464,539 | |
SMBC Aviation Capital Finance DAC, 1.90%, 10/15/2026 (a) | | | 1,000,000 | | | | 932,431 | |
Societe Generale SA, 4.25%, 4/14/2025 (a) | | | 3,000,000 | | | | 2,961,094 | |
Societe Generale SA, MTN, 1.79%, 6/9/2027 (H15T5Y + 100.0bps)(a),(b) | | | 1,000,000 | | | | 934,586 | |
Sumitomo Mitsui Financial Group, Inc., 1.47%, 7/8/2025 | | | 500,000 | | | | 483,272 | |
| | | | | | | | 40,892,501 | |
Health Care — 1.38% |
Highmark, Inc., 1.45%, 5/10/2026 (a) | | | 500,000 | | | | 466,622 | |
McKesson Corp., Class B, 1.30%, 8/15/2026 | | | 1,000,000 | | | | 933,760 | |
Viatris, Inc., 1.65%, 6/22/2025 | | | 1,000,000 | | | | 967,346 | |
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/2024 | | | 1,000,000 | | | | 987,010 | |
| | | | | | | | 3,354,738 | |
Industrials — 5.06% |
Air Canada Pass Through Trust, Series 2013-1, Class A, 4.13%, 5/15/2025 (a) | | | 973,459 | | | | 958,613 | |
Air Canada Pass Through Trust, Series 2017-1, Class B, 3.70%, 7/15/2026 (a) | | | 412,698 | | | | 397,268 | |
Air Canada Pass Through Trust, Series 2020-2, Class A, 5.25%, 10/1/2030 (a) | | | 194,685 | | | | 194,853 | |
American Airlines Pass Through Trust, Series 2014-1, Class A, 3.70%, 10/1/2026 | | | 1,601,244 | | | | 1,544,982 | |
Ashtead Capital, Inc., 1.50%, 8/12/2026 (a) | | | 1,000,000 | | | | 927,367 | |
18
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
CNH Industrial Capital LLC, 1.88%, 1/15/2026 | | $ | 1,000,000 | | | $ | 956,771 | |
Penske Truck Leasing Co. LP, 1.20%, 11/15/2025 (a) | | | 1,000,000 | | | | 951,644 | |
Penske Truck Leasing Co. LP, 1.70%, 6/15/2026 (a) | | | 1,000,000 | | | | 938,398 | |
Stanley Black & Decker, Inc., 2.30%, 2/24/2025 | | | 1,000,000 | | | | 981,615 | |
Triton Container International Ltd., 2.05%, 4/15/2026 (a) | | | 1,000,000 | | | | 942,958 | |
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.88%, 1/15/2026 | | | 451,863 | | | | 446,214 | |
United Airlines Pass Through Trust, Series 2016-1, Class A, 3.45%, 7/7/2028 | | | 630,641 | | | | 583,386 | |
United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 4/15/2029 | | | 502,946 | | | | 509,272 | |
US Airways Pass Through Trust, Series 2013-1, Class A, 3.95%, 11/15/2025 | | | 1,045,058 | | | | 1,026,603 | |
Vontier Corp., 1.80%, 4/1/2026 | | | 1,000,000 | | | | 944,784 | |
| | | | | | | | 12,304,728 | |
Materials — 2.71% |
Berry Global, Inc., 1.57%, 1/15/2026 | | | 1,000,000 | | | | 950,676 | |
Berry Global, Inc., 1.65%, 1/15/2027 | | | 2,000,000 | | | | 1,848,484 | |
Graphic Packaging International LLC, 1.51%, 4/15/2026 (a) | | | 1,000,000 | | | | 937,726 | |
Sealed Air Corp., 1.57%, 10/15/2026 (a) | | | 1,000,000 | | | | 923,721 | |
Sherwin-Williams Co. (The), 4.05%, 8/8/2024 | | | 1,000,000 | | | | 999,634 | |
Silgan Holdings, Inc., 1.40%, 4/1/2026 (a) | | | 1,000,000 | | | | 933,918 | |
| | | | | | | | 6,594,159 | |
Real Estate — 0.80% |
American Tower Corp., 1.60%, 4/15/2026 | | | 500,000 | | | | 472,108 | |
SBA Tower Trust, Series 2019-1, Class C, 2.84%, 1/15/2025 (a) | | | 1,500,000 | | | | 1,479,104 | |
| | | | | | | | 1,951,212 | |
Technology — 4.02% |
Arrow Electronic, Inc., 4.00%, 4/1/2025 | | | 1,000,000 | | | | 989,496 | |
Broadcom, Inc., 3.63%, 10/15/2024 | | | 2,000,000 | | | | 1,991,760 | |
DXC Technology Co., 1.80%, 9/15/2026 | | | 500,000 | | | | 466,112 | |
Global Payments, Inc., 1.20%, 3/1/2026 | | | 1,000,000 | | | | 941,699 | |
Jabil, Inc., 1.70%, 4/15/2026 | | | 1,000,000 | | | | 944,609 | |
Juniper Networks, Inc., 1.20%, 12/10/2025 | | | 1,000,000 | | | | 946,862 | |
Kyndryl Holdings, Inc., 2.05%, 10/15/2026 | | | 1,205,000 | | | | 1,125,748 | |
Marvell Technology, Inc., 1.65%, 4/15/2026 | | | 1,000,000 | | | | 946,205 | |
Western Union Co. (The), 1.35%, 3/15/2026 | | | 1,000,000 | | | | 942,229 | |
Wipro IT Services LLC, 1.50%, 6/23/2026 (a) | | | 500,000 | | | | 469,964 | |
| | | | | | | | 9,764,684 | |
Utilities — 2.56% |
AES Corp. (The), 1.38%, 1/15/2026 | | | 1,000,000 | | | | 947,487 | |
Ameren Corp., 1.95%, 3/15/2027 | | | 500,000 | | | | 465,414 | |
Duke Energy Corp., 4.30%, 3/15/2028 | | | 1,000,000 | | | | 985,810 | |
Edison International, 4.70%, 8/15/2025 | | | 500,000 | | | | 497,015 | |
Enel Finance International NV, 1.38%, 7/12/2026 (a) | | | 1,000,000 | | | | 937,103 | |
Eversource Energy, 1.40%, 8/15/2026 | | | 500,000 | | | | 465,726 | |
NextEra Energy Capital Holdings, Inc., 1.88%, 1/15/2027 | | | 1,000,000 | | | | 933,016 | |
19
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Southern Co. (The), 4.48%, 8/1/2024 | | $ | 1,000,000 | | | $ | 1,000,000 | |
| | | | | | | | 6,231,571 | |
Total Corporate Bonds and Notes |
(Cost $98,985,952) | | | 96,108,950 | |
| | | | | | | | | |
ASSET BACKED SECURITIES — 23.11% |
ACC Trust, Series 2022-1, Class B, 2.55%, 2/20/2025 (a) | | | 170,909 | | | | 168,651 | |
American Credit Acceptance Receivables Trust, Series 2021-2, Class D, 1.34%, 7/13/2027 (a) | | | 1,208,163 | | | | 1,193,002 | |
American Credit Acceptance Receivables Trust, Series 2021-3, Class D, 1.34%, 11/15/2027 (a) | | | 1,732,734 | | | | 1,704,319 | |
American Credit Acceptance Receivables Trust, Series 2021-4, Class D, 1.82%, 2/14/2028 (a) | | | 1,071,848 | | | | 1,057,149 | |
Amur Equipment Finance Receivables XIII LLC, Series 2024-1A, Class A2, 5.38%, 1/21/2031 (a) | | | 500,000 | | | | 501,889 | |
BHG Securitization Trust, Series 2021-A, Class A, 1.42%, 11/17/2033 (a) | | | 273,468 | | | | 263,018 | |
BHG Securitization Trust, Series 2024-1A, A, 5.81%, 4/17/2035 (a) | | | 263,811 | | | | 266,120 | |
CarMax Auto Owner Trust, Series 2020-4, Class D, 1.75%, 4/15/2027 | | | 1,000,000 | | | | 984,442 | |
CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28%, 7/15/2027 | | | 1,625,000 | | | | 1,578,271 | |
CarMax Auto Owner Trust, Series 2021-2, Class D, 1.55%, 10/15/2027 | | | 1,000,000 | | | | 969,774 | |
CarMax Auto Owner Trust, Series 2021-3, Class D, 1.50%, 1/18/2028 | | | 750,000 | | | | 713,807 | |
CarMax Auto Owner Trust, Series 2021-4, Class D, 1.48%, 3/15/2028 | | | 2,209,000 | | | | 2,085,216 | |
CarMax Auto Owner Trust, Series 2022-1, Class D, 2.47%, 7/17/2028 | | | 500,000 | | | | 474,666 | |
Carvana Auto Receivables Trust, Series 2020-P1, Class D, 1.82%, 9/8/2027 | | | 1,000,000 | | | | 946,537 | |
Carvana Auto Receivables Trust, Series 2022-N1, Class D, 4.13%, 12/11/2028 (a) | | | 1,689,365 | | | | 1,658,099 | |
Carvana Auto Receivables Trust, Series 2022-P2, Class D, 6.28%, 5/10/2029 | | | 1,000,000 | | | | 1,020,809 | |
CLI Funding LLC, Series 2020-1A, Class A, 2.08%, 9/18/2045 (a) | | | 1,220,306 | | | | 1,115,841 | |
CLI Funding LLC, Series 2020-3X, Class A, 2.07%, 10/18/2045 | | | 116,333 | | | | 106,823 | |
CLI Funding LLC, Series 2022-1A, Class A1, 2.72%, 1/18/2047 (a) | | | 791,467 | | | | 715,254 | |
Conn’s Receivables Funding LLC, Series 2024-A, Class A, 7.05%, 1/16/2029 (a) | | | 79,774 | | | | 80,029 | |
Continental Finance Credit Card ABS Master Trust, Series 2020-1A, Class A, 2.24%, 12/15/2028 (a) | | | 24,046 | | | | 24,007 | |
CPS Auto Receivables Trust, Series 2022-A, Class D, 2.84%, 4/16/2029 (a) | | | 3,000,000 | | | | 2,898,771 | |
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C, 1.63%, 9/16/2030 (a) | | | 1,500,000 | | | | 1,484,575 | |
20
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Crossroads Asset Trust, Series 2021-A, Class D, 2.52%, 1/20/2026 (a) | | $ | 171,043 | | | $ | 170,191 | |
Dell Equipment Finance Trust, Series 2023-2, Class C, 6.06%, 1/22/2029 (a) | | | 523,000 | | | | 530,350 | |
Dividend Solar Loans LLC, Series 2017-1, Class B, 5.25%, 3/22/2038 (a) | | | 797,999 | | | | 720,691 | |
Dllad 2024-1 LLC, Series 2024-1A, A3, 5.30%, 7/20/2029 (TSFR3M + 181.2bps)(a) | | | 1,000,000 | | | | 1,019,571 | |
DT Auto Owner Trust, Series 2021-3A, Class D, 1.31%, 5/17/2027 (a) | | | 2,000,000 | | | | 1,909,096 | |
DT Auto Owner Trust, Series 2022-1A, Class D, 3.40%, 12/15/2027 (a) | | | 1,000,000 | | | | 976,113 | |
Exeter Automobile Receivables Trust, Series 2021-1A, Class D, 1.08%, 11/16/2026 | | | 290,340 | | | | 285,504 | |
Exeter Automobile Receivables Trust, Series 2021-1A, Class E, 2.21%, 2/15/2028 (a) | | | 2,000,000 | | | | 1,904,512 | |
Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69%, 6/15/2029 | | | 1,020,000 | | | | 1,037,866 | |
First Investors Auto Owner Trust, Series 2021-1A, Class D, 1.62%, 3/15/2027 (a) | | | 500,000 | | | | 486,048 | |
First Investors Auto Owner Trust, Series 2021-2A, Class D, 1.66%, 12/15/2027 (a) | | | 2,000,000 | | | | 1,897,014 | |
Foursight Capital Automobile Receivables Trust, Series 2021-2, Class D, 1.92%, 9/15/2027 (a) | | | 1,500,000 | | | | 1,462,080 | |
GCI Funding I LLC, Series 2021-1, Class A, 2.38%, 6/18/2046 (a) | | | 722,946 | | | | 647,068 | |
Global SC Finance Srl, Series 2020-2A, Class A, 2.26%, 11/19/2040 (a) | | | 579,768 | | | | 538,513 | |
GLS Auto Receivables Issuer Trust, Series 2021-4A, Class D, 2.48%, 10/15/2027 (a) | | | 1,500,000 | | | | 1,438,782 | |
Goodgreen Trust, Series 2017-1A, Class A, 3.74%, 10/15/2052 (a) | | | 28,299 | | | | 26,018 | |
Goodgreen Trust, Series 2017-2A, Class A, 3.26%, 10/15/2053 (a) | | | 63,995 | | | | 58,150 | |
Goodgreen Trust, Series 2021-1A, Class A, 2.66%, 10/15/2056 (a) | | | 185,495 | | | | 156,208 | |
GreatAmerica Leasing Receivables Funding, Series 2024-2, Class C, 5.28%, 5/17/2032 (a) | | | 1,000,000 | | | | 1,003,555 | |
Helios Issuer LLC, Series 2021-A, Class A, 1.80%, 2/20/2048 (a) | | | 384,613 | | | | 303,822 | |
HERO Funding Trust, Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a) | | | 30,075 | | | | 27,854 | |
Hilton Grand Vacations Trust, Series 2020-AA, Class C, 6.42%, 2/25/2039 (a) | | | 425,860 | | | | 427,600 | |
HPEFS Equipment Trust, Series 2024-2A, Class B, 5.35%, 10/20/2031 (a) | | | 500,000 | | | | 505,691 | |
InStar Leasing III LLC, Series 2021-1A, Class A, 2.30%, 2/15/2054 (a) | | | 422,979 | | | | 382,106 | |
ITE Rail Fund Levered LP, Series 2021-1A, Class A, 2.25%, 2/28/2051 (a) | | | 424,829 | | | | 384,553 | |
Kubota Credit Owner Trust, Series 2024-1A, Class A4, MTN, 5.20%, 1/15/2030 (a) | | | 1,000,000 | | | | 1,016,380 | |
21
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Loanpal Solar Loan Ltd., Series 2021-2GS, Class A, 2.22%, 3/20/2048 (a) | | $ | 667,584 | | | $ | 528,930 | |
Longtrain Leasing III LLC, Series 2015-1A, Class A1, 2.98%, 1/15/2045 (a) | | | 165,986 | | | | 163,769 | |
Mosaic Solar Loan Trust, Series 2021-3A, Class B, 1.92%, 6/20/2052 (a) | | | 132,235 | | | | 102,837 | |
Navient Student Loan Trust, Series 2018-BA, Class A2A, 3.61%, 12/15/2059 (a) | | | 18,877 | | | | 18,600 | |
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class ABR3, 6.77%, 2/14/2031 (TSFR3M + 146.2bps)(a),(b) | | | 1,000,000 | | | | 1,001,728 | |
Octane Receivables Trust, Series 2023-3A, Class A2, 6.44%, 3/20/2029 (a) | | | 790,397 | | | | 795,471 | |
Post Road Equipment Finance 2024-1 LLC, Series 2024-1A, Class A2, MTN, 5.59%, 11/15/2029 (a) | | | 250,000 | | | | 251,659 | |
Santander Revolving Auto Loan Trust, Series 2019-A, Class D, 3.45%, 1/26/2032 (a) | | | 1,000,000 | | | | 989,750 | |
SCF Equipment Leasing LLC, Series 2021-1A, Class C, 1.54%, 2/2/2030 (a) | | | 200,000 | | | | 187,916 | |
SLM Private Credit Student Loan Trust, Series 2006-A, Class A5, 5.89%, 6/15/2039 (TSFR3M + 55.2bps)(b) | | | 84,994 | | | | 82,645 | |
SMB Private Education Loan Trust, Series 2016-B, Class A2A, 2.43%, 2/17/2032 (a) | | | 4,697 | | | | 4,634 | |
SMB Private Education Loan Trust, Series 2017-A, Class A2A, 2.88%, 9/15/2034 (a) | | | 22,039 | | | | 21,677 | |
Sunrun Demeter Issuer LLC, Series 2021-A, Class A, 2.27%, 1/30/2057 (a) | | | 856,672 | | | | 716,283 | |
TAL Advantage VII LLC, Series 2020-1A, Class A, 2.05%, 9/20/2045 (a) | | | 783,920 | | | | 725,074 | |
Textainer Marine Containers Ltd., Series 2020-1A, Class A, 2.73%, 8/21/2045 (a) | | | 1,418,726 | | | | 1,343,649 | |
Tidewater Auto Receivables Trust, Series 2020-AA, Class D, 2.31%, 3/15/2027 (a) | | | 361,508 | | | | 358,785 | |
TIF Funding II LLC, Series 2021-1A, Class A, 1.65%, 2/20/2046 (a) | | | 721,250 | | | | 634,049 | |
Trinity Rail Leasing LLC, Series 2019-2A, Class A2, 3.10%, 10/18/2049 (a) | | | 685,000 | | | | 650,314 | |
Trinity Rail Leasing LLC, Series 2020-2A, Class A1, 1.83%, 11/19/2050 (a) | | | 756,373 | | | | 712,322 | |
Trinity Rail Leasing LLC, Series 2021-1A, Class A, 2.26%, 7/19/2051 (a) | | | 876,395 | | | | 792,219 | |
Verdant Receivables 2024-1 LLC, Series 2024-1A, CLass A2, 5.68%, 12/12/2031 (a) | | | 1,000,000 | | | | 1,012,351 | |
Vivint Solar Financing VII LLC, Series 2020-1A, Class B, 3.22%, 7/31/2051 (a) | | | 1,091,060 | | | | 889,144 | |
Westlake Automobile Receivables Trust, Series 2022-1A, Class D, 3.49%, 2/17/2027 (a) | | | 1,000,000 | | | | 979,014 | |
22
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
World Omni Select Auto Trust, Series 2021-A, Class D, 1.44%, 11/15/2027 | | $ | 2,000,000 | | | $ | 1,908,217 | |
| | | | | |
Total Asset Backed Securities | | | | |
(Cost $58,523,029) | | | 56,197,442 | |
| | | | | |
U.S. GOVERNMENT & AGENCIES — 30.99% |
Fannie Mae, Pool #FM7007, 4.00%, 10/1/2033 | | | 709,416 | | | | 695,947 | |
Fannie Mae, Pool #MA4023, 3.50%, 1/1/2035 | | | 858,758 | | | | 824,606 | |
Fannie Mae, Pool #MA4038, 3.00%, 4/1/2035 | | | 212,770 | | | | 198,156 | |
Fannie Mae, Pool #MA4095, 2.00%, 8/1/2035 | | | 858,211 | | | | 773,777 | |
Fannie Mae, Pool #MA4797, 4.00%, 11/1/2037 | | | 740,205 | | | | 722,376 | |
Fannie Mae, Pool #MA4915, 5.00%, 2/1/2038 | | | 754,790 | | | | 756,525 | |
Fannie Mae, Pool #CA8902, 2.50%, 2/1/2041 | | | 693,829 | | | | 613,277 | |
Fannie Mae, Pool #MA4364, 2.00%, 5/1/2041 | | | 764,535 | | | | 654,251 | |
Fannie Mae, Pool #MA4961, 5.00%, 3/1/2043 | | | 840,704 | | | | 839,919 | |
Fannie Mae, Pool #MA4988, 5.00%, 4/1/2043 | | | 853,694 | | | | 852,897 | |
Fannie Mae, Pool #BM4676, 4.00%, 10/1/2048 | | | 867,555 | | | | 828,711 | |
Fannie Mae, Pool #CA5970, 2.50%, 6/1/2050 | | | 729,806 | | | | 611,048 | |
Fannie Mae, Pool #FM7195, 2.50%, 9/1/2050 | | | 787,002 | | | | 661,589 | |
Fannie Mae, Pool #CA6951, 2.50%, 9/1/2050 | | | 632,078 | | | | 535,089 | |
Fannie Mae, Pool #MA4191, 2.00%, 11/1/2050 | | | 725,964 | | | | 568,769 | |
Fannie Mae, Pool #FM5316, 2.00%, 12/1/2050 | | | 1,486,057 | | | | 1,204,244 | |
Fannie Mae, Pool #MA4235, 2.00%, 1/1/2051 | | | 748,200 | | | | 586,188 | |
Fannie Mae, Pool #CB0397, 3.00%, 5/1/2051 | | | 660,065 | | | | 580,093 | |
Fannie Mae, Pool #FM8361, 2.50%, 8/1/2051 | | | 740,747 | | | | 629,934 | |
Fannie Mae, Pool #MA4489, 2.00%, 11/1/2051 | | | 884,159 | | | | 688,313 | |
Fannie Mae, Pool #FS0353, 2.00%, 1/1/2052 | | | 1,095,338 | | | | 879,031 | |
Fannie Mae, Pool #CB3372, 3.50%, 4/1/2052 | | | 911,223 | | | | 825,595 | |
Fannie Mae, Pool #FS1428, 4.00%, 4/1/2052 | | | 1,633,741 | | | | 1,527,771 | |
Fannie Mae, Pool #MA4624, 3.00%, 6/1/2052 | | | 1,349,756 | | | | 1,174,514 | |
Fannie Mae, Pool #MA4732, 4.00%, 9/1/2052 | | | 899,693 | | | | 841,303 | |
Fannie Mae, Pool #QE9380, 4.50%, 9/1/2052 | | | 886,492 | | | | 852,053 | |
Fannie Mae, Pool #MA4918, 5.00%, 2/1/2053 | | | 902,522 | | | | 887,945 | |
Fannie Mae, Pool #BX7767, 5.50%, 3/1/2053 | | | 1,770,957 | | | | 1,772,601 | |
Fannie Mae, Pool #MA5054, 4.00%, 6/1/2053 | | | 951,835 | | | | 889,253 | |
23
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Fannie Mae, Pool #MA5165, 5.50%, 10/1/2053 | | $ | 1,888,865 | | | $ | 1,889,409 | |
Fannie Mae, Pool #MA5191, 6.00%, 11/1/2053 | | | 939,030 | | | | 951,742 | |
Fannie Mae, Pool #FS6679, 6.00%, 12/1/2053 | | | 950,018 | | | | 963,862 | |
Fannie Mae, Pool #DB3808, 6.00%, 5/1/2054 | | | 986,576 | | | | 1,001,408 | |
Fannie Mae, Pool #MA5445, 6.00%, 8/1/2054 | | | 2,000,000 | | | | 2,026,371 | |
Federal Farm Credit Bank, 2.63%, 7/25/2029 | | | 1,000,000 | | | | 927,863 | |
Federal Farm Credit Banks Funding Corp., 6.04%, 3/21/2039 | | | 1,000,000 | | | | 1,000,615 | |
Federal Farm Credit Banks Funding Corp., 6.22%, 4/25/2039 | | | 1,000,000 | | | | 1,004,310 | |
Federal Farm Credit Banks Funding Corp., 6.25%, 5/6/2039 | | | 1,000,000 | | | | 1,002,414 | |
Federal Farm Credit Banks Funding Corp., 6.05%, 6/27/2044 | | | 2,000,000 | | | | 2,005,408 | |
Federal Farm Credit Banks Funding Corp., 6.03%, 8/1/2044 | | | 1,000,000 | | | | 1,000,096 | |
Federal Home Loan Banks, 5.93%, 11/27/2030 | | | 1,000,000 | | | | 1,000,107 | |
Federal Home Loan Banks, 6.00%, 4/23/2037 | | | 1,000,000 | | | | 1,003,040 | |
Federal Home Loan Banks, 6.15%, 2/16/2039 | | | 1,000,000 | | | | 999,449 | |
Federal Home Loan Banks, 5.97%, 2/28/2039 | | | 2,000,000 | | | | 2,005,882 | |
Federal Home Loan Banks, 6.25%, 5/2/2039 | | | 1,000,000 | | | | 1,004,585 | |
Federal Home Loan Banks, 6.83%, 10/30/2043 | | | 1,000,000 | | | | 1,001,978 | |
Federal Home Loan Banks, 6.30%, 4/25/2044 | | | 2,000,000 | | | | 2,008,869 | |
Federal Home Loan Banks, 6.15%, 6/17/2044 | | | 1,000,000 | | | | 1,000,454 | |
Federal Home Loan Banks, 6.23%, 7/22/2044 | | | 1,500,000 | | | | 1,507,350 | |
Freddie Mac, Pool #SB8229, 4.50%, 5/1/2038 | | | 1,625,291 | | | | 1,611,412 | |
Freddie Mac, Pool #RB5135, 2.00%, 10/1/2041 | | | 802,469 | | | | 683,910 | |
Freddie Mac, Pool #QA5121, 2.50%, 12/1/2049 | | | 924,301 | | | | 782,490 | |
Freddie Mac, Pool #RE6081, 2.00%, 1/1/2051 | | | 737,743 | | | | 577,795 | |
Freddie Mac, Pool #RE6085, 1.50%, 2/1/2051 | | | 1,620,026 | | | | 1,208,576 | |
Freddie Mac, Pool #SD1087, 3.50%, 6/1/2052 | | | 902,830 | | | | 821,294 | |
Freddie Mac, Pool #QE2792, 4.00%, 6/1/2052 | | | 961,079 | | | | 899,202 | |
Freddie Mac, Pool #SD8230, 4.50%, 6/1/2052 | | | 854,047 | | | | 821,275 | |
Freddie Mac, Pool #QE9380, 5.00%, 9/1/2052 | | | 830,073 | | | | 818,064 | |
Freddie Mac, Pool #SD2322, 4.50%, 9/1/2052 | | | 928,604 | | | | 892,747 | |
Freddie Mac, Pool #SD8267, 5.00%, 11/1/2052 | | | 889,856 | | | | 876,069 | |
Freddie Mac, Pool #SD8306, 4.50%, 2/1/2053 | | | 929,196 | | | | 892,612 | |
Freddie Mac, Pool #QF8790, 5.50%, 3/1/2053 | | | 914,202 | | | | 916,537 | |
24
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Freddie Mac, Pool #QG1666, 5.00%, 3/1/2053 | | $ | 980,234 | | | $ | 966,013 | |
Freddie Mac, Pool #SD3437, 5.00%, 4/1/2053 | | | 1,902,684 | | | | 1,872,503 | |
Freddie Mac, Pool #SD2642, 5.50%, 4/1/2053 | | | 912,065 | | | | 912,909 | |
Freddie Mac, Pool #SD2757, 5.00%, 5/1/2053 | | | 926,414 | | | | 914,623 | |
Freddie Mac, Pool #SD8329, 5.00%, 6/1/2053 | | | 931,883 | | | | 916,100 | |
Freddie Mac, Pool #SD8357, 4.00%, 8/1/2053 | | | 961,275 | | | | 898,049 | |
Freddie Mac, Pool #SD8373, 6.00%, 10/1/2053 | | | 1,875,074 | | | | 1,900,280 | |
Freddie Mac, Pool #SD5083, 5.50%, 3/1/2054 | | | 959,076 | | | | 959,231 | |
Freddie Mac, Pool #SD8421, 6.00%, 4/1/2054 | | | 959,380 | | | | 972,029 | |
United States Treasury Note, 0.63%, 12/31/2027 | | | 5,000,000 | | | | 4,463,574 | |
| | | | | |
Total U.S. Government & Agencies | | | | |
(Cost $77,759,345) | | | 75,358,281 | |
| | | | | |
COLLATERALIZED LOAN OBLIGATIONS — 5.71% |
Ares XXXIIR CLO Ltd., Series 2014-32 RA, Class A1B, 6.78%, 5/15/2030 (TSFR3M + 146.2bps)(a),(b) | | | 1,000,000 | | | | 999,986 | |
Benefit Street Partners CLO XXV Ltd., Series 2021-25A, Class A2, 6.96%, 1/15/2035 (TSFR3M + 166.2bps)(a),(b) | | | 1,000,000 | | | | 1,002,260 | |
Carlyle Global Market Strategies CLO Ltd., Series 2013-4A, Class A2RR, 6.71%, 1/15/2031 (TSFR3M + 141.2bps)(a),(b) | | | 825,000 | | | | 825,239 | |
Carlyle US CLO Ltd., Series 2020-2A, Class A1R, 6.69%, 1/25/2035 (TSFR3M + 140.2bps)(a),(b) | | | 1,000,000 | | | | 1,002,843 | |
Cedar Funding VII CLO Ltd., Series 2018-7A, Class A2, 6.67%, 1/20/2031 (TSFR3M + 139.2bps)(a),(b) | | | 625,000 | | | | 625,179 | |
Goldentree Loan Management US CLO 5 Ltd., Series 2018-3A, Class AJ, 6.84%, 4/20/2030 (TSFR3M + 156.2bps)(a),(b) | | | 1,000,000 | | | | 1,000,552 | |
Goldentree Loan Management US CLO 6 Ltd., Series 2019-6A, Class BR, 7.08%, 4/20/2035 (TSFR3M + 180.0bps)(a),(b) | | | 1,000,000 | | | | 1,000,058 | |
Hildene TruPS Financials Note Securitization, Series 2019-2A, Class A1, 7.35%, 5/22/2039 (TSFR3M + 202.2bps)(a),(b) | | | 1,759,958 | | | | 1,746,758 | |
ICG US CLO Ltd., Series 2014-1A, Class A1A2, 6.74%, 10/20/2034 (TSFR3M + 146.2bps)(a),(b) | | | 1,000,000 | | | | 1,000,495 | |
Madison Park Funding XXI Ltd., Series 2016-21A, Class ABRR, 6.96%, 10/15/2032 (TSFR3M + 166.2bps)(a),(b) | | | 1,000,000 | | | | 1,000,437 | |
Morgan Stanley Eaton Vance CLO, Series 2022-16A, Class A2, 6.95%, 4/15/2035 (TSFR3M + 165.0bps)(a),(b) | | | 1,000,000 | | | | 1,000,262 | |
25
YORKTOWN SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Principal
Amount | | | Fair Value | |
Oaktree CLO Ltd., Series 2019-3A, Class A1R, 6.74%, 10/20/2034 (TSFR3M + 146.2bps)(a),(b) | | $ | 1,000,000 | | | $ | 1,001,326 | |
Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class BR, 7.11%, 4/15/2030 (TSFR3M + 181.2bps)(a),(b) | | | 1,000,000 | | | | 1,000,835 | |
Voya CLO Ltd., Series 2020-3A, Class AR, 6.69%, 10/20/2034 (TSFR3M + 141.2bps)(a),(b) | | | 675,000 | | | | 676,790 | |
| | | | | |
Total Collateralized Loan Obligations | | | | |
(Cost $13,864,862) | | | 13,883,020 | |
| | | | | |
Total Investments — 99.34% | | | | |
(Cost $249,133,188) | | | 241,547,693 | |
Other Assets in Excess of Liabilities — 0.66% | | | 1,609,026 | |
Net Assets — 100.00% | | $ | 243,156,719 | |
(a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total fair value of these securities as July 31, 2024 was $92,772,420, representing 38.15% of net assets. |
(b) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of July 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. |
MTN — Medium Term Note
The accompanying notes are an integral part of these financial statements.
26
Yorktown Small Cap Fund
SCHEDULE OF INVESTMENTS
July 31, 2024
(Unaudited)
Fund Holdings (as a percentage of net assets)
Industrials | | | 21.14% | |
Technology | | | 16.84% | |
Consumer Discretionary | | | 13.26% | |
Energy | | | 10.23% | |
Health Care | | | 9.82% | |
Financials | | | 8.95% | |
Consumer Staples | | | 7.61% | |
Materials | | | 2.05% | |
Real Estate | | | 1.81% | |
Communications | | | 0.57% | |
Other | | | 7.72% | |
| | | | 100.00% | |
| | | Shares | | | Fair Value | |
COMMON STOCKS — 92.28% |
Communications — 0.57% |
Grab Holdings Ltd., Class A(a) | | | 52,000 | | | $ | 171,600 | |
| | | | | | | | | |
Consumer Discretionary — 13.26% |
Arcos Dorados Holdings, Inc., Class A | | | 73,000 | | | | 705,180 | |
Axon Enterprise, Inc.(a) | | | 775 | | | | 232,508 | |
Boot Barn Holdings, Inc.(a) | | | 1,700 | | | | 226,916 | |
Cavco Industries, Inc.(a) | | | 800 | | | | 331,696 | |
Churchill Downs, Inc. | | | 3,100 | | | | 445,036 | |
Dick’s Sporting Goods, Inc. | | | 2,240 | | | | 484,624 | |
DraftKings, Inc., Class A(a) | | | 9,960 | | | | 368,022 | |
Green Brick Partners, Inc.(a) | | | 2,050 | | | | 149,957 | |
Group 1 Automotive, Inc. | | | 440 | | | | 160,917 | |
SharkNinja, Inc. | | | 3,500 | | | | 268,975 | |
Sportradar Group AG(a) | | | 13,600 | | | | 147,696 | |
Texas Roadhouse, Inc. | | | 1,900 | | | | 331,759 | |
Visteon Corp.(a) | | | 1,350 | | | | 155,979 | |
| | | | | | | | 4,009,265 | |
Consumer Staples — 7.61% |
BJ’s Wholesale Club Holdings, Inc.(a) | | | 10,000 | | | | 879,600 | |
Chefs’ Warehouse, Inc. (The)(a) | | | 7,050 | | | | 293,209 | |
Dole PLC | | | 12,600 | | | | 187,110 | |
elf Beauty, Inc.(a) | | | 3,300 | | | | 569,514 | |
Pilgrim’s Pride Corp.(a) | | | 9,000 | | | | 371,070 | |
| | | | | | | | 2,300,503 | |
Energy — 10.23% |
Matador Resources Co. | | | 5,500 | | | | 338,140 | |
Murphy USA, Inc. | | | 370 | | | | 186,820 | |
Northern Oil and Gas, Inc. | | | 17,900 | | | | 773,101 | |
Par Pacific Holdings, Inc.(a) | | | 5,900 | | | | 156,645 | |
Permian Resources Corp., Class A | | | 44,700 | | | | 685,698 | |
Range Resources Corp. | | | 10,700 | | | | 334,161 | |
U.S. Silica Holdings, Inc.(a) | | | 17,900 | | | | 277,271 | |
Weatherford International PLC(a) | | | 2,900 | | | | 341,794 | |
| | | | | | | | 3,093,630 | |
Financials — 8.95% |
Brookfield Asset Management Ltd. | | | 5,637 | | | | 245,942 | |
Freedom Holding Corp.(a) | | | 3,700 | | | | 311,355 | |
Goosehead Insurance Inc, Class A(a) | | | 5,050 | | | | 455,965 | |
Hamilton Lane, Inc., Class A | | | 2,300 | | | | 332,051 | |
LPL Financial Holdings, Inc. | | | 2,700 | | | | 598,104 | |
Merchants Bancorp | | | 8,800 | | | | 396,000 | |
Robinhood Markets, Inc., Class A(a) | | | 17,900 | | | | 368,203 | |
| | | | | | | | 2,707,620 | |
Health Care — 9.82% |
Bio-Techne Corp. | | | 3,600 | | | | 293,724 | |
Catalyst Pharmaceuticals, Inc.(a) | | | 20,250 | | | | 349,110 | |
27
YORKTOWN SMALL CAP FUND
SCHEDULE OF INVESTMENTS, Continued
| | | Shares | | | Fair Value | |
Ensign Group, Inc. (The) | | | 2,100 | | | $ | 295,575 | |
Inmode Ltd.(a) | | | 8,300 | | | | 150,396 | |
Insmed, Inc.(a) | | | 10,970 | | | | 798,067 | |
Lantheus Holdings, Inc.(a) | | | 2,450 | | | | 256,834 | |
Neurocrine Biosciences, Inc.(a) | | | 1,315 | | | | 186,165 | |
PACS Group, Inc.(a) | | | 11,400 | | | | 408,120 | |
RadNet, Inc.(a) | | | 3,900 | | | | 233,025 | |
| | | | | | | | 2,971,016 | |
Industrials — 21.14% |
AeroVironment, Inc.(a) | | | 1,994 | | | | 356,009 | |
API Group Corp.(a) | | | 6,600 | | | | 250,074 | |
AZZ, Inc. | | | 3,750 | | | | 299,850 | |
Badger Meter, Inc. | | | 1,650 | | | | 340,164 | |
Cactus, Inc., Class A | | | 6,050 | | | | 381,876 | |
Camtek Ltd. | | | 2,200 | | | | 231,000 | |
Construction Partners Inc., Class A(a) | | | 4,800 | | | | 310,320 | |
Copa Holdings SA, Class A | | | 3,150 | | | | 279,562 | |
CSW Industrials, Inc. | | | 1,300 | | | | 421,746 | |
Dorian LPG Ltd. | | | 3,550 | | | | 145,053 | |
Frontline PLC | | | 6,450 | | | | 158,735 | |
Installed Building Products, Inc. | | | 1,330 | | | | 359,565 | |
International Seaways, Inc. | | | 5,450 | | | | 305,200 | |
Janus International Group, Inc.(a) | | | 18,950 | | | | 273,259 | |
Kratos Defense & Security Solutions, Inc.(a) | | | 11,400 | | | | 256,956 | |
Mueller Industries, Inc. | | | 11,690 | | | | 829,289 | |
Novanta, Inc.(a) | | | 2,300 | | | | 416,714 | |
nVent Electric PLC | | | 4,100 | | | | 297,783 | |
Tetra Tech, Inc. | | | 1,400 | | | | 298,536 | |
V2X Inc.(a) | | | 3,500 | | | | 182,455 | |
| | | | | | | | 6,394,146 | |
Materials — 2.05% |
CONSOL Energy Inc.(a) | | | 1,550 | | | | 154,706 | |
Graphic Packaging Holding Co. | | | 10,450 | | | | 314,545 | |
Hawkins, Inc. | | | 1,450 | | | | 150,655 | |
| | | | | | | | 619,906 | |
Real Estate — 1.81% |
Matson, Inc. | | | 4,130 | | | | 548,092 | |
| | | | | | | | | |
Technology — 16.84% |
Agilysys, Inc.(a) | | | 1,350 | | | | 151,321 | |
Amkor Technology, Inc. | | | 8,250 | | | | 269,445 | |
Calix, Inc.(a) | | | 4,500 | | | | 185,085 | |
Kulicke & Soffa Industries, Inc. | | | 7,300 | | | | 344,341 | |
Lattice Semiconductor Corp.(a) | | | 6,500 | | | | 344,500 | |
Nova, Ltd.(a) | | | 1,800 | | | | 371,646 | |
Oddity Tech Ltd.(a) | | | 7,200 | | | | 291,204 | |
Onto Innovation, Inc.(a) | | | 1,450 | | | | 277,385 | |
Rambus, Inc.(a) | | | 17,800 | | | | 915,632 | |
Shift4 Payments, Inc.(a) | | | 5,800 | | | | 398,982 | |
StoneCo Ltd., Class A(a) | | | 15,700 | | | | 205,984 | |
Super Micro Computer, Inc.(a) | | | 870 | | | | 610,436 | |
TaskUS, Inc.(a) | | | 12,000 | | | | 198,120 | |
Verra Mobility Corp.(a) | | | 10,000 | | | | 301,300 | |
WNS Holdings Ltd.(a) | | | 3,800 | | | | 226,404 | |
| | | | | | | | 5,091,785 | |
Total Common Stocks |
(Cost $20,391,750) | | | 27,907,563 | |
| | | | | | | | | |
CONTINGENT VALUE RIGHTS — 0.00% |
Health Care — 0.00% |
Sinovac Biotech Ltd.(b) | | | 74,893 | | | | — | |
| | | | | | | | | |
Total Contingent Value Rights | | | | |
(Cost $—) | | | — | |
| | | | | |
Total Investments — 92.28% | | | | |
(Cost $20,391,750) | | | 27,907,563 | |
Other Assets in Excess of Liabilities — 7.72% | | | 2,333,582 | |
Net Assets — 100.00% | | $ | 30,241,145 | |
(a) | Non-income producing security. |
(b) | Security is being fair valued in accordance with the Trust’s fair valuation policies and represents 0% of the Fund’s net assets. |
The accompanying notes are an integral part of these financial statements.
28
YORKTOWN FUNDS
Statements of Assets and Liabilities
July 31, 2024
(Unaudited)
| | | Growth
Fund | | | Multi-
Sector
Bond
Fund | | | Short Term
Bond
Fund | | | Small Cap
Fund | |
Assets: | | | | | | | | | | | | | | | | |
Investments at value (identified cost of $56,566,388, $324,548,455, $249,133,188 and $20,391,750, respectively) | | $ | 86,674,315 | | | $ | 309,300,058 | | | $ | 241,547,693 | | | $ | 27,907,563 | |
Total investments | | | 86,674,315 | | | | 309,300,058 | | | | 241,547,693 | | | | 27,907,563 | |
| | | | | | | | | | | | | | | | | |
Cash | | | 632,310 | | | | 2,588,856 | | | | 1,544,664 | | | | 699,811 | |
Dividends and interest receivable | | | 29,820 | | | | 2,390,833 | | | | 1,298,962 | | | | 4,338 | |
Reclaims receivable | | | 25,162 | | | | 15,504 | | | | — | | | | 1,772 | |
Receivable for shareholder purchases | | | 122,962 | | | | 828,843 | | | | 72,076 | | | | 1,636,430 | |
Other assets | | | 35,400 | | | | 56,515 | | | | 44,884 | | | | 35,277 | |
Total assets | | | 87,519,969 | | | | 315,180,609 | | | | 244,508,279 | | | | 30,285,191 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Payable for shareholder redemptions | | | 17,227 | | | | 289,198 | | | | 93,133 | | | | 362 | |
Payable for securities purchased | | | — | | | | 1,999,754 | | | | 1,000,000 | | | | — | |
Accrued distribution fees | | | 30,386 | | | | 115,701 | | | | 68,899 | | | | 9,002 | |
Accrued advisory fees | | | 40,792 | | | | 104,997 | | | | 106,040 | | | | 9,571 | |
Accrued accounting service and transfer agent fees | | | 10,993 | | | | 31,746 | | | | 26,248 | | | | 9,096 | |
Other accrued expenses | | | 25,782 | | | | 59,861 | | | | 57,240 | | | | 16,015 | |
Total liabilities | | | 125,180 | | | | 2,601,257 | | | | 1,351,560 | | | | 44,046 | |
| | | | | | | | | | | | | | | | | |
Net assets | | $ | 87,394,789 | | | $ | 312,579,352 | | | $ | 243,156,719 | | | $ | 30,241,145 | |
29
YORKTOWN FUNDS
STATEMENTS OF ASSETS AND LIABILITIES, Continued
| | | Growth
Fund | | | Multi-
Sector
Bond
Fund | | | Short Term
Bond
Fund | | | Small Cap
Fund | |
Shares of beneficial interest (unlimited number of shares authorized; no par value) | | | | | | | | | | | | | | | | |
Institutional Class: Shares outstanding | | | 1,968,981 | | | | 18,002,699 | | | | 26,682,292 | | | | 1,140,805 | |
Net assets | | $ | 38,860,277 | | | $ | 163,153,554 | | | $ | 110,135,002 | | | $ | 18,153,723 | |
Net asset value per share | | $ | 19.74 | | | $ | 9.06 | | | $ | 4.13 | | | $ | 15.91 | |
Class A: Shares outstanding | | | 667,216 | | | | 2,893,213 | | | | 1,966,858 | | | | 129,052 | |
Net assets | | $ | 12,131,507 | | | $ | 24,677,105 | | | $ | 7,569,832 | | | $ | 2,015,886 | |
Net asset value per share | | $ | 18.18 | | | $ | 8.53 | | | $ | 3.85 | | | $ | 15.62 | |
Maximum offering price per share(a) | | $ | 19.29 | | | $ | 9.05 | | | $ | 3.94 | | | $ | 16.57 | |
Class L: Shares outstanding | | | 2,886,053 | | | | 15,166,818 | | | | 36,213,424 | | | | 689,012 | |
Net assets | | $ | 36,403,005 | | | $ | 119,901,074 | | | $ | 125,451,885 | | | $ | 10,071,536 | |
Net asset value per share | | $ | 12.61 | | | $ | 7.91 | | | $ | 3.46 | | | $ | 14.62 | |
Class C: Shares outstanding | | | | | | | 628,191 | | | | | | | | | |
Net assets | | | | | | $ | 4,847,619 | | | | | | | | | |
Net asset value per share | | | | | | $ | 7.72 | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Net assets consist of: | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 59,920,620 | | | $ | 536,685,966 | | | $ | 271,574,404 | | | $ | 26,717,820 | |
Accumulated earnings (deficit) | | | 27,474,169 | | | | (224,106,614 | ) | | | (28,417,685 | ) | | | 3,523,325 | |
| | | | | | | | | | | | | | | | | |
Net assets applicable to outstanding shares of beneficial interest | | $ | 87,394,789 | | | $ | 312,579,352 | | | $ | 243,156,719 | | | $ | 30,241,145 | |
The accompanying notes are an integral part of these financial statements.
30
YORKTOWN FUNDS
Statements of Operations
For the Six Months Ended July 31, 2024
(Unaudited)
| | | Growth
Fund | | | Multi-
Sector
Bond
Fund | | | Short Term
Bond
Fund | | | Small Cap
Fund | |
Investment income | | | | | | | | | | | | | | | | |
Dividends (net of foreign taxes withheld of $46,936, $— $— and $595, respectively) | | $ | 592,447 | | | $ | — | | | $ | — | | | $ | 141,301 | |
Interest | | | 20,362 | | | | 7,995,281 | | | | 4,682,701 | | | | 13,803 | |
Total income | | | 612,809 | | | | 7,995,281 | | | | 4,682,701 | | | | 155,104 | |
Expenses | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 382,198 | | | | 610,324 | | | | 856,347 | | | | 134,961 | |
Distribution fees | | | | | | | | | | | | | | | | |
Class A | | | — | | | | 63,373 | | | | — | | | | 2,519 | |
Class L | | | 179,025 | | | | 597,066 | | | | 412,764 | | | | 50,256 | |
Class C | | | — | | | | 25,577 | | | | — | | | | — | |
Transfer agent fees | | | 47,580 | | | | 154,196 | | | | 96,699 | | | | 32,277 | |
Accounting service fees | | | 34,489 | | | | 49,199 | | | | 41,678 | | | | 32,172 | |
Registration fees | | | 30,533 | | | | 34,390 | | | | 25,362 | | | | 35,264 | |
Professional fees | | | 12,058 | | | | 32,501 | | | | 25,931 | | | | 6,943 | |
Trustee fees | | | 9,667 | | | | 35,378 | | | | 29,708 | | | | 3,708 | |
Shareholder reports | | | 9,572 | | | | 21,172 | | | | 10,316 | | | | 5,822 | |
Custodial fees | | | 5,553 | | | | 16,718 | | | | 14,475 | | | | 3,146 | |
Line of credit fees | | | 5,354 | | | | 10,851 | | | | 9,922 | | | | 4,436 | |
Insurance | | | 3,820 | | | | 15,225 | | | | 14,687 | | | | 1,529 | |
Interest expense | | | 76 | | | | 808 | | | | 6,706 | | | | 910 | |
Miscellaneous | | | 18,684 | | | | 77,482 | | | | 76,862 | | | | 18,685 | |
Total operating expenses | | | 738,609 | | | | 1,744,260 | | | | 1,621,457 | | | | 332,628 | |
Less expenses waived by investment adviser | | | (134,482 | ) | | | — | | | | (184,903 | ) | | | (92,536 | ) |
Net operating expenses | | | 604,127 | | | | 1,744,260 | | | | 1,436,554 | | | | 240,092 | |
Net investment income (loss) | | | 8,682 | | | | 6,251,021 | | | | 3,246,147 | | | | (84,988 | ) |
Realized & Change in Unrealized Gain (Loss) on Investments | | | | | | | | | | | | | | | | |
Net realized gain (loss) from security transactions | | | 1,263,227 | | | | (1,811,087 | ) | | | (1,089,379 | ) | | | 4,509,375 | |
Net realized loss from foreign currency | | | (405 | ) | | | — | | | | — | | | | (150 | ) |
Change in unrealized appreciation (depreciation) on investments | | | 6,610,112 | | | | 4,677,136 | | | | 3,627,555 | | | | (2,470,319 | ) |
Change in unrealized appreciation on foreign currency | | | 270 | | | | — | | | | — | | | | 160 | |
Net realized and change in unrealized gain on investments | | | 7,873,204 | | | | 2,866,049 | | | | 2,538,176 | | | | 2,039,066 | |
Net increase in net assets resulting from operations | | $ | 7,881,886 | | | $ | 9,117,070 | | | $ | 5,784,323 | | | $ | 1,954,078 | |
The accompanying notes are an integral part of these financial statements.
31
YORKTOWN FUNDS
Statements of Changes in Net Assets
| | | Growth Fund | | | Multi-Sector Bond Fund | |
| | | For the
Six Months
Ended
July 31,
2024
(Unaudited) | | | For the
Year Ended
January 31,
2024 | | | For the
Six Months
Ended
July 31,
2024
(Unaudited) | | | For the
Year Ended
January 31,
2024 | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 8,682 | | | $ | (163,877 | ) | | $ | 6,251,021 | | | $ | 12,624,218 | |
Net realized gain (loss) from security transactions | | | 1,262,822 | | | | (136,750 | ) | | | (1,811,087 | ) | | | (16,833,123 | ) |
Change in unrealized appreciation on investments | | | 6,610,382 | | | | 6,540,155 | | | | 4,677,136 | | | | 16,947,600 | |
Net increase in net assets resulting from operations | | | 7,881,886 | | | | 6,239,528 | | | | 9,117,070 | | | | 12,738,695 | |
Distributions: | | | | | | | | | | | | | | | | |
From earnings: | | | | | | | | | | | | | | | | |
Institutional Class | | | — | | | | — | | | | (4,012,704 | ) | | | (5,567,126 | ) |
Class A | | | — | | | | — | | | | (627,292 | ) | | | (1,270,584 | ) |
Class L | | | — | | | | — | | | | (2,854,388 | ) | | | (5,360,519 | ) |
Class C | | | | | | | | | | | (125,441 | ) | | | (246,701 | ) |
| | | | — | | | | — | | | | (7,619,825 | ) | | | (12,444,930 | ) |
Capital Transactions — Institutional Class: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 4,157,965 | | | | 6,565,200 | | | | 27,256,681 | | | | 51,585,745 | |
Reinvestment of distributions | | | — | | | | — | | | | 3,776,973 | | | | 5,142,332 | |
Amount paid for shares redeemed | | | (2,732,618 | ) | | | (10,909,450 | ) | | | (14,992,375 | ) | | | (31,592,757 | ) |
Net assets received in conjunction with fund merger (Note 1) | | | — | | | | 5,952,154 | | | | — | | | | — | |
Total Institutional Class | | | 1,425,347 | | | | 1,607,904 | | | | 16,041,279 | | | | 25,135,320 | |
Capital Transactions — Class A: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 281,691 | | | | 3,928,672 | | | | 366,746 | | | | 1,476,060 | |
Reinvestment of distributions | | | — | | | | — | | | | 512,984 | | | | 1,014,947 | |
Amount paid for shares redeemed | | | (1,593,366 | ) | | | (1,954,623 | ) | | | (3,271,249 | ) | | | (13,008,106 | ) |
Net assets received in conjunction with fund merger (Note 1) | | | — | | | | 1,738,180 | | | | — | | | | — | |
Total Class A | | | (1,311,675 | ) | | | 3,712,229 | | | | (2,391,519 | ) | | | (10,517,099 | ) |
Capital Transactions — Class L: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 1,473,005 | | | | 2,263,851 | | | | 6,759,375 | | | | 12,009,684 | |
Reinvestment of distributions | | | — | | | | — | | | | 2,563,621 | | | | 4,720,461 | |
Amount paid for shares redeemed | | | (2,895,236 | ) | | | (6,200,037 | ) | | | (13,824,653 | ) | | | (38,707,211 | ) |
Net assets received in conjunction with fund merger (Note 1) | | | — | | | | 5,193,551 | | | | — | | | | — | |
Total Class L | | | (1,422,231 | ) | | | 1,257,365 | | | | (4,501,657 | ) | | | (21,977,066 | ) |
Capital Transactions — Class C: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | | | | | | | 4,900 | | | | 61,400 | |
Reinvestment of distributions | | | | | | | | | | | 61,552 | | | | 125,040 | |
Amount paid for shares redeemed | | | | | | | | | | | (665,248 | ) | | | (1,554,842 | ) |
Total Class C | | | | | | | | | | | (598,796 | ) | | | (1,368,402 | ) |
Net increase (decrease) in net assets resulting from capital share transactions | | | (1,308,559 | ) | | | 6,577,498 | | | | 8,549,307 | | | | (8,727,247 | ) |
Total increase (decrease) in net assets | | | 6,573,327 | | | | 12,817,026 | | | | 10,046,552 | | | | (8,433,482 | ) |
32
YORKTOWN FUNDS
STATEMENTS OF CHANGES IN NET ASSETS, Continued
| | | Growth Fund | | | Multi-Sector Bond Fund | |
| | | For the
Six Months
Ended
July 31,
2024
(Unaudited) | | | For the
Year Ended
January 31,
2024 | | | For the
Six Months
Ended
July 31,
2024
(Unaudited) | | | For the
Year Ended
January 31,
2024 | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | $ | 80,821,462 | | | $ | 68,004,436 | | | $ | 302,532,800 | | | $ | 310,966,282 | |
End of period | | $ | 87,394,789 | | | $ | 80,821,462 | | | $ | 312,579,352 | | | $ | 302,532,800 | |
| | | | | | | | | | | | | | | | | |
Share Transactions — Institutional Class: | | | | | | | | | | | | | | | | |
Shares sold | | | 217,932 | | | | 391,839 | | | | 3,049,816 | | | | 5,932,530 | |
Shares issued in reinvestment of distributions | | | — | | | | — | | | | 422,448 | | | | 592,386 | |
Shares redeemed | | | (142,292 | ) | | | (657,539 | ) | | | (1,677,887 | ) | | | (3,633,094 | ) |
Shares received in conjunction with fund merger (Note 1) | | | — | | | | 356,275 | | | | — | | | | — | |
Total Institutional Class | | | 75,640 | | | | 90,575 | | | | 1,794,377 | | | | 2,891,822 | |
Share Transactions — Class A: | | | | | | | | | | | | | | | | |
Shares sold | | | 15,848 | | | | 262,503 | | | | 43,524 | | | | 178,709 | |
Shares issued in reinvestment of distributions | | | — | | | | — | | | | 60,919 | | | | 123,805 | |
Shares redeemed | | | (89,597 | ) | | | (129,312 | ) | | | (388,608 | ) | | | (1,583,673 | ) |
Shares received in conjunction with fund merger (Note 1) | | | — | | | | 112,936 | | | | — | | | | — | |
Total Class A | | | (73,749 | ) | | | 246,127 | | | | (284,165 | ) | | | (1,281,159 | ) |
Share Transactions — Class L: | | | | | | | | | | | | | | | | |
Shares sold | | | 120,729 | | | | 212,862 | | | | 865,223 | | | | 1,562,694 | |
Shares issued in reinvestment of distributions | | | — | | | | — | | | | 328,165 | | | | 619,276 | |
Shares redeemed | | | (234,336 | ) | | | (575,574 | ) | | | (1,769,375 | ) | | | (5,057,072 | ) |
Shares received in conjunction with fund merger (Note 1) | | | — | | | | 481,891 | | | | — | | | | — | |
Total Class L | | | (113,607 | ) | | | 119,179 | | | | (575,987 | ) | | | (2,875,102 | ) |
Share Transactions — Class C: | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | 643 | | | | 8,349 | |
Shares issued in reinvestment of distributions | | | | | | | | | | | 8,069 | | | | 16,777 | |
Shares redeemed | | | | | | | | | | | (87,268 | ) | | | (207,645 | ) |
Total Class C | | | | | | | | | | | (78,556 | ) | | | (182,519 | ) |
33
YORKTOWN FUNDS
STATEMENTS OF CHANGES IN NET ASSETS, Continued
| | | Short Term Bond Fund | | | Small Cap Fund | |
| | | For the
Six Months
Ended
July 31,
2024
(Unaudited) | | | For the
Year Ended
January 31,
2024 | | | For the
Six Months
Ended
July 31,
2024
(Unaudited) | | | For the
Year Ended
January 31,
2024 | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 3,246,147 | | | $ | 7,045,355 | | | $ | (84,988 | ) | | $ | (67,428 | ) |
Net realized gain (loss) from security transactions | | | (1,089,379 | ) | | | (4,298,272 | ) | | | 4,509,225 | | | | 489,519 | |
Change in unrealized appreciation (depreciation) on investments | | | 3,627,555 | | | | 9,886,069 | | | | (2,470,159 | ) | | | 470,747 | |
Net increase in net assets resulting from operations | | | 5,784,323 | | | | 12,633,152 | | | | 1,954,078 | | | | 892,838 | |
Distributions: | | | | | | | | | | | | | | | | |
From earnings: | | | | | | | | | | | | | | | | |
Institutional Class | | | (1,770,214 | ) | | | (3,357,568 | ) | | | — | | | | (45,790 | ) |
Class A | | | (141,420 | ) | | | (238,803 | ) | | | — | | | | (1,796 | ) |
Class L | | | (1,952,927 | ) | | | (3,659,745 | ) | | | — | | | | — | |
| | | | (3,864,561 | ) | | | (7,256,116 | ) | | | — | | | | (47,586 | ) |
Capital Transactions — Institutional Class: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 14,864,209 | | | | 23,548,060 | | | | 4,342,873 | | | | 5,382,728 | |
Reinvestment of distributions | | | 1,708,815 | | | | 3,248,055 | | | | — | | | | 44,851 | |
Amount paid for shares redeemed | | | (21,328,970 | ) | | | (73,509,981 | ) | | | (6,528,819 | ) | | | (19,991,157 | ) |
Net assets received in conjunction with fund merger (Note 1) | | | — | | | | — | | | | — | | | | 1,959,805 | |
Total Institutional Class | | | (4,755,946 | ) | | | (46,713,866 | ) | | | (2,185,946 | ) | | | (12,603,773 | ) |
Capital Transactions — Class A: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 151,619 | | | | 1,815,129 | | | | 55,449 | | | | 8,252 | |
Reinvestment of distributions | | | 140,936 | | | | 238,042 | | | | — | | | | 1,767 | |
Amount paid for shares redeemed | | | (1,510,983 | ) | | | (2,832,953 | ) | | | (144,909 | ) | | | (210,345 | ) |
Net assets received in conjunction with fund merger (Note 1) | | | — | | | | — | | | | — | | | | 1,251,868 | |
Total Class A | | | (1,218,428 | ) | | | (779,782 | ) | | | (89,460 | ) | | | 1,051,542 | |
Capital Transactions — Class L: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 8,021,809 | | | | 19,792,088 | | | | 395,163 | | | | 911,597 | |
Reinvestment of distributions | | | 1,863,157 | | | | 3,466,116 | | | | — | | | | — | |
Amount paid for shares redeemed | | | (20,280,160 | ) | | | (69,495,578 | ) | | | (767,867 | ) | | | (850,629 | ) |
Net assets received in conjunction with fund merger (Note 1) | | | — | | | | — | | | | — | | | | 5,717,140 | |
Total Class L | | | (10,395,194 | ) | | | (46,237,374 | ) | | | (372,704 | ) | | | 5,778,108 | |
Net decrease in net assets resulting from capital share transactions | | | (16,369,568 | ) | | | (93,731,022 | ) | | | (2,648,110 | ) | | | (5,774,123 | ) |
Total decrease in net assets | | | (14,449,806 | ) | | | (88,353,986 | ) | | | (694,032 | ) | | | (4,928,871 | ) |
34
YORKTOWN FUNDS
STATEMENTS OF CHANGES IN NET ASSETS, Continued
| | | Short Term Bond Fund | | | Small Cap Fund | |
| | | For the
Six Months
Ended
July 31,
2024
(Unaudited) | | | For the
Year Ended
January 31,
2024 | | | For the
Six Months
Ended
July 31,
2024
(Unaudited) | | | For the
Year Ended
January 31,
2024 | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | $ | 257,606,525 | | | $ | 345,960,511 | | | $ | 30,935,177 | | | $ | 35,864,048 | |
End of period | | $ | 243,156,719 | | | $ | 257,606,525 | | | $ | 30,241,145 | | | $ | 30,935,177 | |
| | | | | | | | | | | | | | | | | |
Share Transactions — Institutional Class: | | | | | | | | | | | | | | | | |
Shares sold | | | 3,644,995 | | | | 5,895,294 | | | | 276,264 | | | | 383,121 | |
Shares issued in reinvestment of distributions | | | 418,915 | | | | 815,416 | | | | — | | | | 2,959 | |
Shares redeemed | | | (5,230,976 | ) | | | (18,439,850 | ) | | | (416,676 | ) | | | (1,435,020 | ) |
Shares received in conjunction with fund merger (Note 1) | | | — | | | | — | | | | — | | | | 140,094 | |
Total Institutional Class | | | (1,167,066 | ) | | | (11,729,140 | ) | | | (140,412 | ) | | | (908,846 | ) |
Share Transactions — Class A: | | | | | | | | | | | | | | | | |
Shares sold | | | 39,806 | | | | 484,989 | | | | 3,612 | | | | 597 | |
Shares issued in reinvestment of distributions | | | 37,022 | | | | 63,956 | | | | — | | | | 119 | |
Shares redeemed | | | (396,354 | ) | | | (760,277 | ) | | | (9,377 | ) | | | (15,508 | ) |
Shares received in conjunction with fund merger (Note 1) | | | — | | | | — | | | | — | | | | 91,080 | |
Total Class A | | | (319,526 | ) | | | (211,332 | ) | | | (5,765 | ) | | | 76,288 | |
Share Transactions — Class L: | | | | | | | | | | | | | | | | |
Shares sold | | | 2,333,747 | | | | 5,878,329 | | | | 27,261 | | | | 69,842 | |
Shares issued in reinvestment of distributions | | | 543,072 | | | | 1,031,376 | | | | — | | | | — | |
Shares redeemed | | | (5,914,019 | ) | | | (20,643,590 | ) | | | (53,155 | ) | | | (66,419 | ) |
Shares received in conjunction with fund merger (Note 1) | | | — | | | | — | | | | — | | | | 441,799 | |
Total Class L | | | (3,037,200 | ) | | | (13,733,885 | ) | | | (25,894 | ) | | | 445,222 | |
The accompanying notes are an integral part of these financial statements.
35
Yorktown Growth Fund
FINANCIAL HIGHLIGHTS
| | | Institutional Class | |
| | | For the
Six Months
Ended July 31,
2024 | | | For the Year Ended January 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
For a share outstanding throughout each year/period | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year/period | | $ | 17.95 | | | $ | 16.48 | | | $ | 17.92 | | | $ | 19.69 | | | $ | 16.48 | | | $ | 14.67 | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(1) | | | 0.04 | | | | 0.04 | | | | — | (2) | | | (0.07 | ) | | | (0.10 | ) | | | (0.03 | )(3) |
Net realized and unrealized gain (loss) on investments | | | 1.75 | | | | 1.43 | | | | (1.44 | ) | | | 0.82 | | | | 5.23 | | | | 2.99 | |
Total income (loss) from investment operations | | | 1.79 | | | | 1.47 | | | | (1.44 | ) | | | 0.75 | | | | 5.13 | | | | 2.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From net realized gain on security transactions | | | — | | | | — | | | | — | | | | (2.52 | ) | | | (1.92 | ) | | | (1.15 | ) |
Total distributions | | | — | | | | — | | | | — | | | | (2.52 | ) | | | (1.92 | ) | | | (1.15 | ) |
Net asset value, end of year/period | | $ | 19.74 | | | $ | 17.95 | | | $ | 16.48 | | | $ | 17.92 | | | $ | 19.69 | | | $ | 16.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 9.97 | %(4) | | | 8.92 | % | | | (8.04 | )% | | | 2.45 | % | | | 31.70 | % | | | 20.28 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year/period (000’s omitted) | | $ | 38,860 | | | $ | 33,985 | | | $ | 29,704 | | | $ | 26,805 | | | $ | 25,611 | | | $ | 28,514 | |
Ratio of expenses to average net assets before waivers | | | 1.32 | %(5) | | | 1.49 | % | | | 1.46 | % | | | 1.37 | % | | | 1.46 | % | | | 1.46 | %(6) |
Ratio of net expenses to average net assets | | | 1.00 | %(5) | | | 1.01 | % | | | 1.00 | % | | | 1.04 | % | | | 1.33 | % | | | 1.46 | %(6) |
Ratio of net investment income (loss) to average net assets | | | 0.44 | %(5) | | | 0.21 | % | | | 0.01 | % | | | (0.33 | )% | | | (0.58 | )% | | | (0.17 | )% |
Portfolio turnover rate | | | 22 | %(4) | | | 40 | % | | | 78 | % | | | 54 | % | | | 94 | % | | | 43 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Amount is less than $0.005 per share. |
(3) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(6) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
36
YORKTOWN GROWTH FUND
FINANCIAL HIGHLIGHTS, Continued
| | | Class A | |
| | | For the
Six Months
Ended July 31,
2024 | | | For the Year Ended January 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
For a share outstanding throughout each year/period | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year/period | | $ | 16.54 | | | $ | 15.18 | | | $ | 16.51 | | | $ | 18.31 | | | $ | 15.44 | | | $ | 13.80 | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(1) | | | 0.04 | | | | 0.03 | | | | — | (2),(3) | | | (0.07 | ) | | | (0.09 | ) | | | (0.02 | )(3) |
Net realized and unrealized gain (loss) on investments | | | 1.60 | | | | 1.33 | | | | (1.33 | ) | | | 0.79 | | | | 4.88 | | | | 2.81 | |
Total income (loss) from investment operations | | | 1.64 | | | | 1.36 | | | | (1.33 | ) | | | 0.72 | | | | 4.79 | | | | 2.79 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From net realized gain on security transactions | | | — | | | | — | | | | — | | | | (2.52 | ) | | | (1.92 | ) | | | (1.15 | ) |
Total distributions | | | — | | | | — | | | | — | | | | (2.52 | ) | | | (1.92 | ) | | | (1.15 | ) |
Net asset value, end of year/period | | $ | 18.18 | | | $ | 16.54 | | | $ | 15.18 | | | $ | 16.51 | | | $ | 18.31 | | | $ | 15.44 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total return (excludes sales charge) | | | 9.92 | %(4) | | | 8.96 | % | | | (8.06 | )% | | | 2.48 | % | | | 31.63 | % | | | 20.33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year/period (000’s omitted) | | $ | 12,132 | | | $ | 12,253 | | | $ | 7,511 | | | $ | 9,544 | | | $ | 9,991 | | | $ | 8,835 | |
Ratio of expenses to average net assets before waivers | | | 1.32 | %(5) | | | 1.49 | % | | | 1.46 | % | | | 1.37 | % | | | 1.46 | % | | | 1.46 | %(6) |
Ratio of net expenses to average net assets | | | 1.00 | %(5) | | | 1.01 | % | | | 1.00 | % | | | 1.04 | % | | | 1.33 | % | | | 1.46 | %(6) |
Ratio of net investment income (loss) to average net assets | | | 0.45 | %(5) | | | 0.21 | % | | | 0.03 | % | | | (0.33 | )% | | | (0.57 | )% | | | (0.15 | )% |
Portfolio turnover rate | | | 22 | %(4) | | | 40 | % | | | 78 | % | | | 54 | % | | | 94 | % | | | 43 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Amount is less than $0.005 per share. |
(3) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(6) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
37
YORKTOWN GROWTH FUND
FINANCIAL HIGHLIGHTS, Continued
| | | Class L | |
| | | For the
Six Months
Ended July 31,
2024 | | | For the Year Ended January 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
For a share outstanding throughout each year/period | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year/period | | $ | 11.53 | | | $ | 10.69 | | | $ | 11.74 | | | $ | 13.80 | | | $ | 12.13 | | | $ | 11.16 | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment loss(1) | | | (0.03 | ) | | | (0.08 | ) | | | (0.10 | ) | | | (0.20 | ) | | | (0.20 | ) | | | (0.14 | )(2) |
Net realized and unrealized gain (loss) on investments | | | 1.11 | | | | 0.92 | | | | (0.95 | ) | | | 0.66 | | | | 3.79 | | | | 2.26 | |
Total income (loss) from investment operations | | | 1.08 | | | | 0.84 | | | | (1.05 | ) | | | 0.46 | | | | 3.59 | | | | 2.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From net realized gain on security transactions | | | — | | | | — | | | | — | | | | (2.52 | ) | | | (1.92 | ) | | | (1.15 | ) |
Total distributions | | | — | | | | — | | | | — | | | | (2.52 | ) | | | (1.92 | ) | | | (1.15 | ) |
Net asset value, end of year/period | | $ | 12.61 | | | $ | 11.53 | | | $ | 10.69 | | | $ | 11.74 | | | $ | 13.80 | | | $ | 12.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 9.37 | %(3) | | | 7.86 | % | | | (8.94 | )% | | | 1.38 | % | | | 30.35 | % | | | 19.13 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year/period (000’s omitted) | | $ | 36,403 | | | $ | 34,583 | | | $ | 30,790 | | | $ | 37,380 | | | $ | 35,192 | | | $ | 27,129 | |
Ratio of expenses to average net assets before waivers | | | 2.31 | %(4) | | | 2.49 | % | | | 2.46 | % | | | 2.37 | % | | | 2.46 | % | | | 2.46 | %(5) |
Ratio of net expenses to average net assets | | | 2.00 | %(4) | | | 2.01 | % | | | 2.00 | % | | | 2.04 | % | | | 2.33 | % | | | 2.46 | %(5) |
Ratio of net investment loss to average net assets | | | (0.56 | )%(4) | | | (0.79 | )% | | | (0.97 | )% | | | (1.33 | )% | | | (1.57 | )% | | | (1.16 | )% |
Portfolio turnover rate | | | 22 | %(3) | | | 40 | % | | | 78 | % | | | 54 | % | | | 94 | % | | | 43 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
38
Yorktown Multi-Sector Bond Fund
FINANCIAL HIGHLIGHTS
| | | Institutional Class | |
| | | For the
Six Months
Ended July 31,
2024 | | | For the Year Ended January 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
For a share outstanding throughout each year/period | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year/period | | $ | 9.01 | | | $ | 8.97 | | | $ | 10.13 | | | $ | 10.36 | | | $ | 10.96 | | | $ | 10.46 | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.20 | | | | 0.42 | | | | 0.42 | | | | 0.40 | | | | 0.46 | | | | 0.53 | (2) |
Net realized and unrealized gain (loss) on investments | | | 0.08 | | | | 0.01 | | | | (1.18 | ) | | | (0.25 | ) | | | (0.62 | ) | | | 0.48 | |
Total income (loss) from investment operations | | | 0.28 | | | | 0.43 | | | | (0.76 | ) | | | 0.15 | | | | (0.16 | ) | | | 1.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.23 | ) | | | (0.39 | ) | | | (0.40 | ) | | | (0.38 | ) | | | (0.44 | ) | | | (0.51 | ) |
Total distributions | | | (0.23 | ) | | | (0.39 | ) | | | (0.40 | ) | | | (0.38 | ) | | | (0.44 | ) | | | (0.51 | ) |
Net asset value, end of year/period | | $ | 9.06 | | | $ | 9.01 | | | $ | 8.97 | | | $ | 10.13 | | | $ | 10.36 | | | $ | 10.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 3.19 | %(3) | | | 5.02 | % | | | (7.47 | )% | | | 1.46 | % | | | (1.18 | )% | | | 9.95 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year/period (000’s omitted) | | $ | 163,154 | | | $ | 146,035 | | | $ | 119,412 | | | $ | 157,188 | | | $ | 150,520 | | | $ | 239,870 | |
Ratio of net expenses to average net assets | | | 0.69 | %(4) | | | 0.70 | % | | | 0.67 | % | | | 0.61 | % | | | 0.62 | % | | | 0.59 | %(5) |
Ratio of net investment income to average net assets | | | 4.55 | %(4) | | | 4.83 | % | | | 4.59 | % | | | 3.85 | % | | | 4.69 | % | | | 4.99 | % |
Portfolio turnover rate | | | 20 | %(3) | | | 43 | % | | | 29 | % | | | 26 | % | | | 56 | % | | | 66 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
39
YORKTOWN MULTI-SECTOR BOND FUND
FINANCIAL HIGHLIGHTS, Continued
| | | Class A | |
| | | For the
Six Months
Ended July 31,
2024 | | | For the Year Ended January 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
For a share outstanding throughout each year/period | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year/period | | $ | 8.49 | | | $ | 8.47 | | | $ | 9.60 | | | $ | 9.83 | | | $ | 10.42 | | | $ | 9.98 | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.17 | | | | 0.36 | | | | 0.35 | | | | 0.33 | | | | 0.39 | | | | 0.46 | (2) |
Net realized and unrealized gain (loss) on investments | | | 0.08 | | | | 0.01 | | | | (1.12 | ) | | | (0.23 | ) | | | (0.59 | ) | | | 0.44 | |
Total income (loss) from investment operations | | | 0.25 | | | | 0.37 | | | | (0.77 | ) | | | 0.10 | | | | (0.20 | ) | | | 0.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.21 | ) | | | (0.35 | ) | | | (0.36 | ) | | | (0.33 | ) | | | (0.39 | ) | | | (0.46 | ) |
Total distributions | | | (0.21 | ) | | | (0.35 | ) | | | (0.36 | ) | | | (0.33 | ) | | | (0.39 | ) | | | (0.46 | ) |
Net asset value, end of year/period | | $ | 8.53 | | | $ | 8.49 | | | $ | 8.47 | | | $ | 9.60 | | | $ | 9.83 | | | $ | 10.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total return (excludes sales charge) | | | 2.97 | %(3) | | | 4.54 | % | | | (8.04 | )% | | | 1.04 | % | | | (1.65 | )% | | | 9.28 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year/period (000’s omitted) | | $ | 24,677 | | | $ | 26,974 | | | $ | 37,765 | | | $ | 55,430 | | | $ | 74,402 | | | $ | 91,242 | |
Ratio of net expenses to average net assets | | | 1.19 | %(4) | | | 1.20 | % | | | 1.17 | % | | | 1.11 | % | | | 1.12 | % | | | 1.09 | %(5) |
Ratio of net investment income to average net assets | | | 4.04 | %(4) | | | 4.32 | % | | | 4.09 | % | | | 3.35 | % | | | 4.17 | % | | | 4.50 | % |
Portfolio turnover rate | | | 20 | %(3) | | | 43 | % | | | 29 | % | | | 26 | % | | | 56 | % | | | 66 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
40
YORKTOWN MULTI-SECTOR BOND FUND
FINANCIAL HIGHLIGHTS, Continued
| | | Class L | |
| | | For the
Six Months
Ended July 31,
2024 | | | For the Year Ended January 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
For a share outstanding throughout each year/period | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year/period | | $ | 7.88 | | | $ | 7.89 | | | $ | 8.97 | | | $ | 9.22 | | | $ | 9.80 | | | $ | 9.41 | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.14 | | | | 0.29 | | | | 0.29 | | | | 0.26 | | | | 0.32 | | | | 0.38 | (2) |
Net realized and unrealized gain (loss) on investments | | | 0.08 | | | | 0.01 | | | | (1.05 | ) | | | (0.22 | ) | | | (0.55 | ) | | | 0.43 | |
Total income (loss) from investment operations | | | 0.22 | | | | 0.30 | | | | (0.76 | ) | | | 0.04 | | | | (0.23 | ) | | | 0.81 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.19 | ) | | | (0.31 | ) | | | (0.32 | ) | | | (0.29 | ) | | | (0.35 | ) | | | (0.42 | ) |
Total distributions | | | (0.19 | ) | | | (0.31 | ) | | | (0.32 | ) | | | (0.29 | ) | | | (0.35 | ) | | | (0.42 | ) |
Net asset value, end of year/period | | $ | 7.91 | | | $ | 7.88 | | | $ | 7.89 | | | $ | 8.97 | | | $ | 9.22 | | | $ | 9.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 2.79 | %(3) | | | 4.01 | % | | | (8.47 | )% | | | 0.43 | % | | | (2.12 | )% | | | 8.81 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year/period (000’s omitted) | | $ | 119,901 | | | $ | 124,083 | | | $ | 146,927 | | | $ | 194,587 | | | $ | 222,020 | | | $ | 291,009 | |
Ratio of net expenses to average net assets | | | 1.69 | %(4) | | | 1.70 | % | | | 1.67 | % | | | 1.61 | % | | | 1.62 | % | | | 1.59 | %(5) |
Ratio of net investment income to average net assets | | | 3.54 | %(4) | | | 3.83 | % | | | 3.59 | % | | | 2.85 | % | | | 3.68 | % | | | 3.99 | % |
Portfolio turnover rate | | | 20 | %(3) | | | 43 | % | | | 29 | % | | | 26 | % | | | 56 | % | | | 66 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
41
YORKTOWN MULTI-SECTOR BOND FUND
FINANCIAL HIGHLIGHTS, Continued
| | | Class C | |
| | | For the
Six Months
Ended July 31,
2024 | | | For the Year Ended January 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
For a share outstanding throughout each year/period | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year/period | | $ | 7.70 | | | $ | 7.72 | | | $ | 8.78 | | | $ | 9.03 | | | $ | 9.61 | | | $ | 9.24 | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.13 | | | | 0.29 | | | | 0.28 | | | | 0.26 | | | | 0.32 | | | | 0.37 | (2) |
Net realized and unrealized gain (loss) on investments | | | 0.08 | | | | — | (3) | | | (1.02 | ) | | | (0.22 | ) | | | (0.55 | ) | | | 0.42 | |
Total income (loss) from investment operations | | | 0.21 | | | | 0.29 | | | | (0.74 | ) | | | 0.04 | | | | (0.23 | ) | | | 0.79 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.19 | ) | | | (0.31 | ) | | | (0.32 | ) | | | (0.29 | ) | | | (0.35 | ) | | | (0.42 | ) |
Total distributions | | | (0.19 | ) | | | (0.31 | ) | | | (0.32 | ) | | | (0.29 | ) | | | (0.35 | ) | | | (0.42 | ) |
Net asset value, end of year/period | | $ | 7.72 | | | $ | 7.70 | | | $ | 7.72 | | | $ | 8.78 | | | $ | 9.03 | | | $ | 9.61 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total return (excludes sales charge) | | | 2.74 | %(4) | | | 3.98 | % | | | (8.41 | )% | | | 0.45 | % | | | (2.14 | )% | | | 8.78 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year/period (000’s omitted) | | $ | 4,848 | | | $ | 5,441 | | | $ | 6,862 | | | $ | 12,400 | | | $ | 18,282 | | | $ | 25,342 | |
Ratio of net expenses to average net assets | | | 1.69 | %(5) | | | 1.70 | % | | | 1.67 | % | | | 1.61 | % | | | 1.62 | % | | | 1.59 | %(6) |
Ratio of net investment income to average net assets | | | 3.54 | %(5) | | | 3.82 | % | | | 3.59 | % | | | 2.85 | % | | | 3.68 | % | | | 3.99 | % |
Portfolio turnover rate | | | 20 | %(4) | | | 43 | % | | | 29 | % | | | 26 | % | | | 56 | % | | | 66 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | Amount is less than $0.005 per share. |
(6) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
42
Yorktown Short Term Bond Fund
FINANCIAL HIGHLIGHTS
| | | Institutional Class | |
| | | For the
Six Months
Ended July 31,
2024 | | | For the Year Ended January 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
For a share outstanding throughout each year/period | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year/period | | $ | 4.09 | | | $ | 3.99 | | | $ | 4.18 | | | $ | 4.27 | | | $ | 4.25 | | | $ | 4.16 | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.06 | | | | 0.11 | | | | 0.07 | | | | 0.06 | | | | 0.08 | | | | 0.12 | (2) |
Net realized and unrealized gain (loss) on investments | | | 0.05 | | | | 0.09 | | | | (0.19 | ) | | | (0.09 | ) | | | 0.02 | (3) | | | 0.08 | |
Total income (loss) from investment operations | | | 0.11 | | | | 0.20 | | | | (0.12 | ) | | | (0.03 | ) | | | 0.10 | | | | 0.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.07 | ) | | | (0.10 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.08 | ) | | | (0.11 | ) |
Total distributions | | | (0.07 | ) | | | (0.10 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.08 | ) | | | (0.11 | ) |
Net asset value, end of year/period | | $ | 4.13 | | | $ | 4.09 | | | $ | 3.99 | | | $ | 4.18 | | | $ | 4.27 | | | $ | 4.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 2.61 | %(4) | | | 5.13 | % | | | (2.94 | )% | | | (0.73 | )% | | | 2.43 | % | | | 5.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year/period (000’s omitted) | | $ | 110,135 | | | $ | 113,859 | | | $ | 157,921 | | | $ | 179,974 | | | $ | 207,543 | | | $ | 193,049 | |
Ratio of expenses to average net assets before waivers or recoupments | | | 0.99 | %(5) | | | 0.96 | % | | | 0.92 | % | | | 0.87 | % | | | 0.88 | % | | | 0.89 | %(6) |
Ratio of net expenses to average net assets | | | 0.83 | %(5) | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.89 | % | | | 0.89 | %(6) |
Ratio of net investment income to average net assets | | | 2.98 | %(5) | | | 2.72 | % | | | 1.86 | % | | | 1.46 | % | | | 2.00 | % | | | 2.87 | % |
Portfolio turnover rate | | | 16 | %(4) | | | 24 | % | | | 21 | % | | | 41 | % | | | 41 | % | | | 62 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | 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. |
(6) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
43
YORKTOWN SHORT TERM BOND FUND
FINANCIAL HIGHLIGHTS, Continued
| | | Class A | |
| | | For the
Six Months
Ended July 31,
2024 | | | For the Year Ended January 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
For a share outstanding throughout each year/period | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year/period | | $ | 3.82 | | | $ | 3.73 | | | $ | 3.91 | | | $ | 4.00 | | | $ | 3.98 | | | $ | 3.90 | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.06 | | | | 0.10 | | | | 0.07 | | | | 0.06 | | | | 0.08 | | | | 0.11 | (2) |
Net realized and unrealized gain (loss) on investments | | | 0.04 | | | | 0.09 | | | | (0.18 | ) | | | (0.09 | ) | | | 0.02 | (3) | | | 0.08 | |
Total income (loss) from investment operations | | | 0.10 | | | | 0.19 | | | | (0.11 | ) | | | (0.03 | ) | | | 0.10 | | | | 0.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.07 | ) | | | (0.10 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.08 | ) | | | (0.11 | ) |
Total distributions | | | (0.07 | ) | | | (0.10 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.08 | ) | | | (0.11 | ) |
Net asset value, end of year/period | | $ | 3.85 | | | $ | 3.82 | | | $ | 3.73 | | | $ | 3.91 | | | $ | 4.00 | | | $ | 3.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total return (excludes sales charge) | | | 2.53 | %(4) | | | 5.22 | % | | | (2.88 | )% | | | (0.78 | )% | | | 2.59 | % | | | 5.07 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year/period (000’s omitted) | | $ | 7,570 | | | $ | 8,727 | | | $ | 9,322 | | | $ | 11,820 | | | $ | 12,176 | | | $ | 26,090 | |
Ratio of expenses to average net assets before waivers or recoupments | | | 0.99 | %(5) | | | 0.96 | % | | | 0.92 | % | | | 0.87 | % | | | 0.88 | % | | | 0.89 | %(6) |
Ratio of net expenses to average net assets | | | 0.84 | %(5) | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.89 | % | | | 0.89 | %(6) |
Ratio of net investment income to average net assets | | | 2.98 | %(5) | | | 2.71 | % | | | 1.86 | % | | | 1.46 | % | | | 2.06 | % | | | 2.85 | % |
Portfolio turnover rate | | | 16 | %(4) | | | 24 | % | | | 21 | % | | | 41 | % | | | 41 | % | | | 62 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(3) | 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. |
(6) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
44
YORKTOWN SHORT TERM BOND FUND
FINANCIAL HIGHLIGHTS, Continued
| | | Class L | |
| | | For the
Six Months
Ended July 31,
2024 | | | For the Year Ended January 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
For a share outstanding throughout each year/period | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year/period | | $ | 3.44 | | | $ | 3.37 | | | $ | 3.54 | | | $ | 3.63 | | | $ | 3.63 | | | $ | 3.56 | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.04 | | | | 0.07 | | | | 0.04 | | | | 0.03 | | | | 0.05 | | | | 0.06 | (2) |
Net realized and unrealized gain (loss) on investments | | | 0.03 | | | | 0.08 | | | | (0.17 | ) | | | (0.08 | ) | | | — | | | | 0.09 | |
Total income (loss) from investment operations | | | 0.07 | | | | 0.15 | | | | (0.13 | ) | | | (0.05 | ) | | | 0.05 | | | | 0.15 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.05 | ) | | | (0.08 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.08 | ) |
Total distributions | | | (0.05 | ) | | | (0.08 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.08 | ) |
Net asset value, end of year/period | | $ | 3.46 | | | $ | 3.44 | | | $ | 3.37 | | | $ | 3.54 | | | $ | 3.63 | | | $ | 3.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 2.13 | %(3) | | | 4.49 | % | | | (3.54 | )% | | | (1.48 | )% | | | 1.55 | % | | | 4.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year/period (000’s omitted) | | $ | 125,452 | | | $ | 135,020 | | | $ | 178,718 | | | $ | 355,628 | | | $ | 356,117 | | | $ | 341,987 | |
Ratio of expenses to average net assets before waivers or recoupments | | | 1.63 | %(4) | | | 1.61 | % | | | 1.57 | % | | | 1.52 | % | | | 1.60 | % | | | 1.89 | %(5) |
Ratio of net expenses to average net assets | | | 1.48 | %(4) | | | 1.50 | % | | | 1.50 | % | | | 1.50 | % | | | 1.61 | % | | | 1.89 | %(5) |
Ratio of net investment income to average net assets | | | 2.33 | %(4) | | | 2.07 | % | | | 1.15 | % | | | 0.81 | % | | | 1.29 | % | | | 1.81 | % |
Portfolio turnover rate | | | 16 | %(3) | | | 24 | % | | | 21 | % | | | 41 | % | | | 41 | % | | | 62 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
45
Yorktown Small Cap Fund
FINANCIAL HIGHLIGHTS
| | | Institutional Class | |
| | | For the
Six Months
Ended July 31,
2024 | | | For the Year Ended January 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
For a share outstanding throughout each year/period | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year/period | | $ | 14.92 | | | $ | 14.35 | | | $ | 16.88 | | | $ | 17.43 | | | $ | 12.23 | | | $ | 11.19 | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(1) | | | (0.02 | ) | | | — | (2) | | | 0.05 | | | | (0.05 | ) | | | — | (2) | | | 0.02 | (3) |
Net realized and unrealized gain (loss) on investments | | | 1.01 | | | | 0.61 | | | | (1.53 | ) | | | 0.37 | | | | 5.21 | | | | 1.17 | |
Total income (loss) from investment operations | | | 0.99 | | | | 0.61 | | | | (1.48 | ) | | | 0.32 | | | | 5.21 | | | | 1.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.04 | ) | | | — | | | | — | | | | (0.01 | ) | | | — | |
From net realized gain on security transactions | | | — | | | | — | | | | (1.05 | ) | | | (0.87 | ) | | | — | | | | (0.15 | ) |
Total distributions | | | — | | | | (0.04 | ) | | | (1.05 | ) | | | (0.87 | ) | | | (0.01 | ) | | | (0.15 | ) |
Net asset value, end of year/period | | $ | 15.91 | | | $ | 14.92 | | | $ | 14.35 | | | $ | 16.88 | | | $ | 17.43 | | | $ | 12.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 6.64 | %(4) | | | 4.21 | % | | | (8.36 | )% | | | 1.34 | % | | | 42.61 | % | | | 10.69 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year/period (000’s omitted) | | $ | 18,154 | | | $ | 19,113 | | | $ | 31,437 | | | $ | 44,971 | | | $ | 45,375 | | | $ | 33,286 | |
Ratio of expenses to average net assets before waivers | | | 1.86 | %(5) | | | 1.77 | % | | | 1.53 | % | | | 1.38 | % | | | 1.63 | % | | | 1.55 | %(6) |
Ratio of net expenses to average net assets | | | 1.24 | %(5) | | | 1.19 | % | | | 1.17 | % | | | 1.16 | % | | | 1.15 | % | | | 1.15 | %(6) |
Ratio of net investment income (loss) to average net assets | | | (0.21 | )%(5) | | | — | %(7) | | | 0.30 | % | | | (0.28 | )% | | | (0.03 | )% | | | 0.13 | % |
Portfolio turnover rate | | | 75 | %(4) | | | 176 | % | | | 110 | % | | | 49 | % | | | 50 | % | | | 36 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Amount is less than $0.005 per share. |
(3) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(6) | Does not include expenses of the investment companies in which the Fund invests. |
(7) | Amount is less than 0.005% per share. |
The accompanying notes are an integral part of these financial statements.
46
YORKTOWN SMALL CAP FUND
FINANCIAL HIGHLIGHTS, Continued
| | | Class A | |
| | | For the
Six Months
Ended July 31,
2024 | | | For the Year Ended January 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
For a share outstanding throughout each year/period | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year/period | | $ | 14.66 | | | $ | 14.12 | | | $ | 16.67 | | | $ | 17.26 | | | $ | 12.13 | | | $ | 11.13 | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(1) | | | (0.04 | ) | | | (0.04 | ) | | | 0.01 | | | | (0.10 | ) | | | (0.04 | ) | | | (0.01 | )(2) |
Net realized and unrealized gain (loss) on investments | | | 1.00 | | | | 0.59 | | | | (1.51 | ) | | | 0.38 | | | | 5.17 | | | | 1.16 | |
Total income (loss) from investment operations | | | 0.96 | | | | 0.55 | | | | (1.50 | ) | | | 0.28 | | | | 5.13 | | | | 1.15 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.01 | ) | | | — | | | | — | | | | — | | | | — | |
From net realized gain on security transactions | | | — | | | | — | | | | (1.05 | ) | | | (0.87 | ) | | | — | | | | (0.15 | ) |
Total distributions | | | — | | | | (0.01 | ) | | | (1.05 | ) | | | (0.87 | ) | | | — | | | | (0.15 | ) |
Net asset value, end of year/period | | $ | 15.62 | | | $ | 14.66 | | | $ | 14.12 | | | $ | 16.67 | | | $ | 17.26 | | | $ | 12.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total return (excludes sales charge) | | | 6.55 | %(3) | | | 3.92 | % | | | (8.59 | )% | | | 1.12 | % | | | 42.29 | % | | | 10.39 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year/period (000’s omitted) | | $ | 2,016 | | | $ | 1,977 | | | $ | 827 | | | $ | 944 | | | $ | 703 | | | $ | 343 | |
Ratio of expenses to average net assets before waivers | | | 2.11 | %(4) | | | 2.13 | % | | | 1.78 | % | | | 1.63 | % | | | 1.88 | % | | | 1.80 | %(5) |
Ratio of net expenses to average net assets | | | 1.50 | %(4) | | | 1.44 | % | | | 1.42 | % | | | 1.41 | % | | | 1.40 | % | | | 1.40 | %(5) |
Ratio of net investment income (loss) to average net assets | | | (0.48 | )%(4) | | | (0.29 | )% | | | 0.05 | % | | | (0.53 | )% | | | (0.30 | )% | | | (0.10 | )% |
Portfolio turnover rate | | | 75 | %(3) | | | 176 | % | | | 110 | % | | | 49 | % | | | 50 | % | | | 36 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
47
YORKTOWN SMALL CAP FUND
FINANCIAL HIGHLIGHTS, Continued
| | | Class L | |
| | | For the
Six Months
Ended July 31,
2024 | | | For the Year Ended January 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
For a share outstanding throughout each year/period | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year/period | | $ | 13.77 | | | $ | 13.35 | | | $ | 15.94 | | | $ | 16.67 | | | $ | 11.81 | | | $ | 10.91 | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment loss(1) | | | (0.09 | ) | | | (0.14 | ) | | | (0.10 | )(2) | | | (0.22 | ) | | | (0.13 | ) | | | (0.10 | )(2) |
Net realized and unrealized gain (loss) on investments | | | 0.94 | | | | 0.56 | | | | (1.44 | ) | | | 0.36 | | | | 4.99 | | | | 1.15 | |
Total income (loss) from investment operations | | | 0.85 | | | | 0.42 | | | | (1.54 | ) | | | 0.14 | | | | 4.86 | | | | 1.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From net realized gain on security transactions | | | — | | | | — | | | | (1.05 | ) | | | (0.87 | ) | | | — | | | | (0.15 | ) |
Total distributions | | | — | | | | — | | | | (1.05 | ) | | | (0.87 | ) | | | — | | | | (0.15 | ) |
Net asset value, end of year/period | | $ | 14.62 | | | $ | 13.77 | | | $ | 13.35 | | | $ | 15.94 | | | $ | 16.67 | | | $ | 11.81 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 6.17 | %(3) | | | 3.15 | % | | | (9.25 | )% | | | 0.31 | % | | | 41.15 | % | | | 9.68 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year/period (000’s omitted) | | $ | 10,072 | | | $ | 9,845 | | | $ | 3,601 | | | $ | 3,220 | | | $ | 2,292 | | | $ | 1,128 | |
Ratio of expenses to average net assets before waivers | | | 2.86 | %(4) | | | 2.88 | % | | | 2.53 | % | | | 2.38 | % | | | 2.63 | % | | | 2.55 | %(5) |
Ratio of net expenses to average net assets | | | 2.25 | %(4) | | | 2.19 | % | | | 2.17 | % | | | 2.16 | % | | | 2.15 | % | | | 2.15 | %(5) |
Ratio of net investment loss to average net assets | | | (1.22 | )%(4) | | | (1.04 | )% | | | (0.70 | )% | | | (1.28 | )% | | | (1.05 | )% | | | (0.88 | )% |
Portfolio turnover rate | | | 75 | %(3) | | | 176 | % | | | 110 | % | | | 49 | % | | | 50 | % | | | 36 | % |
(1) | Per share information has been calculated using the average number of shares outstanding. |
(2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
(5) | Does not include expenses of the investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
48
YORKTOWN FUNDS
Notes to the Financial Statements
July 31, 2024
(Information as of and for the six months ended July 31, 2024 is unaudited)
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 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.
49
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
1. | Organization, continued |
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”.
Plan of Reorganization
The shareholders of the Yorktown Capital Appreciation Fund and Yorktown Master Allocation Fund (each, a “Target Fund” and collectively, the “Target Funds”) approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of each Target Fund to the corresponding Acquiring Fund, as indicated below. The tax-free reorganization took place on August 25, 2023, and was designed to provide shareholders the opportunity to potentially benefit from economies of scale. For financial reporting purposes, assets received, and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Target Funds was carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Target Fund | Acquiring Fund |
Yorktown Master Allocation Fund | Yorktown Growth Fund |
Yorktown Capital Appreciation Fund | Yorktown Small Cap Fund |
The following is a summary of shares outstanding, net assets, NAV per share and unrealized appreciation immediately before and after the reorganization.
| | Before Reorganization | | | After
Reorganization | |
| | | Master
Allocation Fund | | | Growth Fund | | | Growth Fund | |
Institutional Class | | | | | | | | | | | | |
Shares | | | 410,824 | | | | 1,458,576 | | | | 1,814,851 | |
Net Assets | | $ | 5,952,154 | | | $ | 24,372,832 | | | $ | 30,324,986 | |
Net Asset Value | | $ | 14.49 | | | $ | 16.71 | | | $ | 16.71 | |
| | | | | | | | | | | | | |
Class A | | | | | | | | | | | | |
Shares | | | 140,625 | | | | 655,449 | | | | 768,385 | |
Net Assets | | $ | 1,738,180 | | | $ | 10,087,963 | | | $ | 11,826,143 | |
Net Asset Value | | $ | 12.36 | | | $ | 15.39 | | | $ | 15.39 | |
50
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
1. | Organization, continued |
| | Before Reorganization | | | After
Reorganization | |
| | | Master
Allocation Fund | | | Growth Fund | | | Growth Fund | |
Class L | | | | | | | | | | | | |
Shares | | | 527,765 | | | | 2,742,618 | | | | 3,224,509 | |
Net Assets | | $ | 5,193,551 | | | $ | 29,558,522 | | | $ | 34,752,073 | |
Net Asset Value | | $ | 9.84 | | | $ | 10.78 | | | $ | 10.78 | |
| | | | | | | | | | | | | |
Fund Total | | | | | | | | | | | | |
Shares | | | 1,079,214 | | | | 4,856,643 | | | | 5,807,745 | |
Net Assets | | $ | 12,883,885 | | | $ | 64,019,317 | | | $ | 76,903,202 | |
Unrealized Appreciation (Depreciation) | | $ | — | | | $ | 18,260,806 | | | $ | 18,260,806 | |
Assuming the reorganization had been completed on February 1, 2023, the beginning of the annual reporting period of the Growth Fund, the Growth Fund’s pro forma results of operations for the year ended January 31, 2024 would have been as follows:
Net Investment Income
(unaudited) | Net Realized Gains
and
Net Change in
Unrealized
Appreciation
(Depreciation) on
Investments
(unaudited) | Change in Net
Assets from
Operations
(unaudited) |
($333,188) | $6,433,656 | $6,100,468 |
| | Before Reorganization | | | After
Reorganization | |
| | | Capital
Appreciation
Fund | | | Small Cap
Fund | | | Small Cap
Fund | |
Institutional Class | | | | | | | | | | | | |
Shares | | | 82,564 | | | | 1,282,408 | | | | 1,422,502 | |
Net Assets | | $ | 1,959,805 | | | $ | 17,939,907 | | | $ | 19,899,712 | |
Net Asset Value | | $ | 23.74 | | | $ | 13.99 | | | $ | 13.99 | |
| | | | | | | | | | | | | |
Class A | | | | | | | | | | | | |
Shares | | | 54,963 | | | | 56,875 | | | | 147,955 | |
Net Assets | | $ | 1,251,868 | | | $ | 781,730 | | | $ | 2,033,598 | |
Net Asset Value | | $ | 22.78 | | | $ | 13.74 | | | $ | 13.74 | |
51
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
1. | Organization, continued |
| | Before Reorganization | | | After
Reorganization | |
| | | Capital
Appreciation
Fund | | | Small Cap
Fund | | | Small Cap
Fund | |
Class L | | | | | | | | | | | | |
Shares | | | 270,333 | | | | 276,880 | | | | 718,679 | |
Net Assets | | $ | 5,717,140 | | | $ | 3,582,975 | | | $ | 9,300,115 | |
Net Asset Value | | $ | 21.15 | | | $ | 12.94 | | | $ | 12.94 | |
| | | | | | | | | | | | | |
Fund Total | | | | | | | | | | | | |
Shares | | | 407,860 | | | | 1,616,163 | | | | 2,289,136 | |
Net Assets | | $ | 8,928,813 | | | $ | 22,304,612 | | | $ | 31,233,425 | |
Unrealized Appreciation (Depreciation) | | $ | (484,472 | ) | | $ | 6,171,652 | | | $ | 5,687,180 | |
Assuming the reorganization had been completed on February 1, 2023, the beginning of the annual reporting period of the Small Cap Fund, the Small Cap Fund’s pro forma results of operations for the year ended January 31, 2024 would have been as follows:
Net Investment Income
(unaudited) | Net Realized Gains
and
Net Change in
Unrealized
Appreciation
(Depreciation) on
Investments
(unaudited) | Change in Net
Assets from
Operations
(unaudited) |
($179,123) | $1,204,444 | $1,025,321 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Master Allocation Fund and Capital Appreciation Fund that have been included in the Growth Fund and Small Cap Fund statements of operations since January 31, 2024.
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
52
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies, continued |
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. |
| | ● | 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.
53
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies, continued |
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, 2024, in valuing the Funds’ assets carried at fair value.
Growth Fund
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks | | $ | 86,674,315 | | | $ | — | | | $ | — | | | $ | 86,674,315 | |
Contingent Value Rights | | | — | | | | — | | | | — | (a) | | | — | |
Total | | $ | 86,674,315 | | | $ | — | | | $ | — | | | $ | 86,674,315 | |
| | (a) | Consists of the holding: ABIOMED, Inc. |
Multi-Sector Bond Fund
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Bonds and Notes | | $ | — | | | $ | 148,672,761 | | | $ | 284,160 | | | $ | 148,956,921 | |
Asset Backed Securities | | | — | | | | 65,278,071 | | | | — | | | | 65,278,071 | |
U.S. Government & Agencies | | | — | | | | 81,684,714 | | | | — | | | | 81,684,714 | |
Collateralized Loan Obligations | | | — | | | | 13,380,352 | | | | — | | | | 13,380,352 | |
Total | | $ | — | | | $ | 309,015,898 | | | $ | 284,160 | | | $ | 309,300,058 | |
Short Term Bond Fund
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Corporate Bonds and Notes | | $ | — | | | $ | 96,108,950 | | | $ | — | | | $ | 96,108,950 | |
Asset Backed Securities | | | — | | | | 56,197,442 | | | | — | | | | 56,197,442 | |
U.S. Government & Agencies | | | — | | | | 75,358,281 | | | | — | | | | 75,358,281 | |
Collateralized Loan Obligations | | | — | | | | 13,883,020 | | | | — | | | | 13,883,020 | |
Total | | $ | — | | | $ | 241,547,693 | | | $ | — | | | $ | 241,547,693 | |
Small Cap Fund
Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common Stocks | | $ | 27,907,563 | | | $ | — | | | $ | — | | | $ | 27,907,563 | |
Contingent Value Rights | | | — | | | | — | | | | — | (b) | | | — | |
Total | | $ | 27,907,563 | | | $ | — | | | $ | — | | | $ | 27,907,563 | |
| | (b) | Consists of the holding: Sinovac Biotech Ltd. |
54
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies, continued |
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
as of
January 31,
2024 | | | Realized
gain (loss) | | | Purchases | | | Sales | | | Transfer
in Level
3* | | | Transfer
out Level
3* | | | Change in
unrealized
appreciation
(depreciation) | | | Balance
as of
July 31,
2024 | |
Corporate Bonds and Notes | | $ | 373,920 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (89,760 | ) | | $ | 284,160 | |
Total | | $ | 373,920 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (89,760 | ) | | $ | 284,160 | |
| | * | The amount of transfers in and/or out are reflected at the reporting period end. |
The net change in unrealized appreciation included in the Statement of Operations attributable to Level 3 investments still held at July 31, 2024 was as follows:
Multi-Sector Bond Fund
| | | Total Change
in Unrealized
Appreciation
(Depreciation) | |
Corporate Banks and Notes | | $ | (89,760 | ) |
Total | | $ | (89,760 | ) |
The following provides quantitative information about the Multi-Sector Bond Fund’s significant Level 3 fair value measurements as of July 31, 2024:
| | | Quantitative Information about Significant Level 3 Fair
Value Measurements | |
Asset Category | | Fair Value as
of July 31,
2024 | | | Valuation
Techniques | | | Unobservable Input | | | Amount or
Range | |
Corporate Bonds and Notes | | $ | 284,160 | | | | Sum of Parts | | | | Plan of Liquidation | | | | $8.09-$15.58 | |
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
55
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies, continued |
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.
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
56
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies, continued |
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.
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.
57
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
3. | Principal Risks, continued |
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.
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.
58
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
3. | Principal Risks, continued |
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, 2024, the Growth Fund had 25.79% of the value of its net assets invested in stocks within the Technology sector and 25.18% of the value of its net assets invested in stocks within the Industrials sector.
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
Class |
Growth Fund | 0.99% | 1.99% | | 0.99% |
Short Term Bond Fund | 0.79% | 1.44% | | 0.79% |
Small Cap Fund | 1.60% | 2.35% | | 1.35% |
59
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
4. | Investment Advisory and Accounting Services Agreements, continued |
Prior to May 31, 2024, the Short Term Bond Fund’s ratio of total annual operating expenses was limited to 0.84% for Class A shares, 1.49% for Class L shares and 0.84% for Institutional Class shares. Prior to May 31, 2024, the Small Cap Fund’s ratio of total annual operating expenses was limited to 1.40% for Class A shares, 2.15% for Class L shares and 1.15% 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, 2024, the Adviser contractually waived fees and reimbursed expenses of $134,482, $184,903 and $92,536 in the Growth Fund, Short Term Bond Fund and Small Cap Fund. As of July 31, 2024, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:
| | Amount | | | Recoupable through | |
Growth Fund | | $ | 154,494 | | | | January 31, 2025 | |
| | | 283,176 | | | | January 31, 2026 | |
| | | | 347,286 | | | | January 31, 2027 | |
| | | 134,482 | | | | July 31, 2027 | |
| | | | | | | | |
Short Term Bond Fund | | | 96,349 | | | | January 31, 2025 | |
| | | 313,940 | | | | January 31, 2026 | |
| | | | 335,703 | | | | January 31, 2027 | |
| | | | 184,903 | | | | July 31, 2027 | |
| | | | | | | | |
Small Cap Fund | | | 55,639 | | | | January 31, 2025 | |
| | | 140,942 | | | | January 31, 2026 | |
| | | | 189,860 | | | | January 31, 2027 | |
| | | 92,536 | | | | July 31, 2027 | |
Ultimus Fund Solutions, LLC (“Ultimus”) provides certain transfer agency, fund accounting, fund administration, and compliance support services for the aforementioned Funds.
60
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
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.
During the six months ended July 31, 2024, the distributor retained the following amounts in sales commissions from the sales of Class A shares of the Funds:
Growth Fund | | $ | 395 | |
Multi-Sector Bond Fund | | | 1,027 | |
Short Term Bond Fund | | | 238 | |
Small Cap Fund | | | 400 | |
During the six months ended July 31, 2024, 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 | | $ | 24 | |
For the six months ended July 31, 2024, purchases and sales of investment securities, other than short-term investments and U.S. Government securities, were as follows:
| | | Purchases | | | Sales | | | U.S.
Government
Purchases | | | U.S.
Government
Sales | |
Growth Fund | | $ | 18,243,653 | | | $ | 19,935,369 | | | $ | — | | | $ | — | |
Multi-Sector Bond Fund | | | 43,052,521 | | | | 48,369,391 | | | | 23,379,304 | | | | 11,708,700 | |
Short Term Bond Fund | | | 21,566,920 | | | | 45,378,256 | | | | 18,502,960 | | | | 12,361,683 | |
Small Cap Fund | | | 22,251,747 | | | | 26,830,646 | | | | — | | | | — | |
61
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
The Funds entered into a short-term credit agreement (“Line of Credit”) with Huntington National Bank (“Huntington”), expiring on May 24, 2025. 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 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, 2024, the Funds had no outstanding borrowings under this Line of Credit.
Fund | | Average Daily
Loan Balance(a) | | | Weighted
Average
Interest
Rate(a) | | | Number
of Days
Outstanding(b) | | | Interest
Expense
Accrued | | | Maximum Loan
Outstanding | |
Growth Fund | | $ | 82,032 | | | | 6.63% | | | | 5 | | | $ | 76 | | | $ | 116,589 | |
Multi-Sector Bond Fund | | | 204,651 | | | | 6.63% | | | | 18 | | | | 678 | | | | 705,022 | |
Short Term Bond Fund | | | 566,692 | | | | 6.62% | | | | 60 | | | | 6,257 | | | | 5,683,718 | |
Small Cap Fund | | | 139,146 | | | | 6.62% | | | | 4 | | | | 909 | | | | 2,405,107 | |
| | (a) | Averages based on the number of days outstanding. |
| | (b) | Number of Days Outstanding represents the total days during the six months ended July 31, 2024, that a Fund utilized the Line of Credit. |
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
62
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
8. | Federal Income Tax Information, continued |
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 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’ 2023 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, 2024, 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
Bond Fund | | | Short Term
Bond Fund | | | Small Cap Fund | |
Tax Cost of Investments | | $ | 56,566,388 | | | $ | 324,548,455 | | | $ | 249,133,188 | | | $ | 20,391,750 | |
Gross unrealized appreciation | | | 30,719,495 | | | | 3,038,506 | | | | 634,490 | | | | 7,598,967 | |
Gross unrealized depreciation | | | (611,568 | ) | | | (18,286,903 | ) | | | (8,219,985 | ) | | | (83,154 | ) |
Net unrealized appreciation/(depreciation) on investments | | $ | 30,107,927 | | | $ | (15,248,397 | ) | | $ | (7,585,495 | ) | | $ | 7,515,813 | |
63
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
8. | Federal Income Tax Information, continued |
As of January 31, 2024, the Funds’ most recent fiscal year end, the components of accumulated earnings/(deficit) on a tax basis were as follows:
| | | Growth Fund | | | Multi-Sector
Bond Fund | | | Short Term
Bond Fund | | | Small Cap Fund | |
Undistributed ordinary income | | $ | — | | | $ | 831,316 | | | $ | 636,841 | | | $ | — | |
Undistributed long-term capital gains | | | — | | | | — | | | | — | | | | — | |
Accumulated earnings | | | — | | | | 831,316 | | | | 636,841 | | | | — | |
Accumulated capital and other losses | | | (3,850,479 | ) | | | (206,969,079 | ) | | | (19,761,238 | ) | | | (7,401,812 | ) |
Unrealized appreciation/(depreciation) on investments | | | 23,444,172 | | | | (19,466,096 | ) | | | (11,213,050 | ) | | | 8,971,275 | |
Unrealized appreciation/(depreciation) on foreign currency | | | (1,410 | ) | | | — | | | | — | | | | (216 | ) |
Total accumulated earnings/(deficit) | | $ | 19,592,283 | | | $ | (225,603,859 | ) | | $ | (30,337,447 | ) | | $ | 1,569,247 | |
The tax character of distributions paid for the year ended January 31, 2024, were as follows:
| | | Growth Fund | | | Short Term
Bond Fund | |
Distributions paid from: | | | | | | | | |
Ordinary income | | $ | — | | | $ | 7,256,116 | |
Long-term capital gains | | | — | | | | — | |
Total distributions paid | | $ | — | | | $ | 7,256,116 | |
| | | Multi-Sector
Bond Fund | | | Small Cap Fund | |
Distributions paid from: | | | | | | | | |
Ordinary income | | $ | 12,444,930 | | | $ | 47,586 | |
Long-term capital gains | | | — | | | | — | |
Total distributions paid | | $ | 12,444,930 | | | $ | 47,586 | |
At January 31, 2024, the Funds had accumulated capital loss carryforwards as follows:
| | Not Subject to Expiration | | | | | |
| | | Short-Term | | | Long-Term | | | Total | |
Growth Fund | | $ | 3,788,248 | | | $ | — | | | $ | 3,788,248 | |
Multi-Sector Bond Fund | | | 86,153,805 | | | | 120,815,273 | | | | 206,969,078 | |
Short Term Bond Fund | | | 7,724,876 | | | | 12,036,362 | | | | 19,761,238 | |
Small Cap Fund | | | 6,193,109 | | | | 1,176,931 | | | | 7,370,040 | |
64
YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS, Continued
8. | Federal Income Tax Information, continued |
At January 31, 2024, the Small Cap Fund utilized capital loss carryforwards of $1,510,916.
To the extent that a Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. $3,356,083 of the Small Cap Fund’s $7,370,040 capital loss carryforward is subject to Internal Revenue Code limitations.
Under current tax law, net investment losses after December 31 and capital losses realized after October 31 of the Funds’ fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. As of January 31, 2024, the following Funds had Qualified Late Year Ordinary Losses:
Growth Fund | | $ | 62,230 | |
Multi-Sector Bond Fund | | | — | |
Short Term Bond Fund | | | — | |
Small Cap Fund | | | 31,773 | |
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 any additional disclosure.
65
Board Annual Approvals of Investment Advisory Agreements (Unaudited)
Yorktown Management & Research Company, Inc. (“Yorktown”)
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 27, 2024 (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
66
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.
67
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.
68
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.
69
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[THIS PAGE INTENTIONALLY LEFT BLANK]
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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) Not applicable.
(b) Not applicable.
(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.
(b) Certifications required by Rule 30a-2(b) under the Act are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AMERICAN PENSION INVESTORS TRUST
| | | | |
| Date: | 10/2/24 | | | |
| | | /s/ David D. Basten | |
| | | David D. Basten | |
| | | President and Principal Executive Officer | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| Date: | 10/2/24 | | | |
| | | /s/ David D. Basten | |
| | | David D. Basten | |
| | | President and Principal Executive Officer | |
| Date: | 10/2/2024 | | | |
| | | /s/ Charles D. Foster | |
| | | Charles D. Foster | |
| | | Chief Financial Officer and Principal Financial Officer | |
