# EDGAR Filing Document

**Accession Number:** 0000764859
**File Stem:** 0000910472-25-006737
**Filing Date:** 2025-12
**Character Count:** 129484
**Document Hash:** b1fa176551d79534a6a71b8191ac66f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-006737.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0000910472-25-006737

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**PERIOD START**: 20260131

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04262
- **FILM NUMBER:** 251613107

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

48.87%

Communications

—

1.61%

CCO

Holdings

LLC,

5.00%,

2/1/2028

(a) $

1,000,000

$

990,588

CCO

Holdings

LLC,

4.25%,

2/1/2031

(a) 1,000,000

906,088

CCO

Holdings

LLC,

4.50%,

6/1/2033

(a) 1,000,000

867,996

Nexstar

Media

Inc,

5.63%,

7/15/2027

(a) 1,500,000

1,500,322

Prosus

NV,

MTN,

3.06%,

7/13/2031

(a) 500,000

455,585

Univision

Communications,

Inc.,

4.50%,

5/1/2029

(a) 500,000

470,385

VMED

OC

UK

Financing

PLC,

4.75%,

7/15/2031

(a) 1,000,000

926,321

6,117,285

Consumer

Discretionary

—

8.07%

Boyd

Gaming

Corp.,

4.75%,

12/1/2027

1,000,000

996,606

Brightstar

Lottery

PLC,

6.25%,

1/15/2027

(a) 1,500,000

1,515,790

Carnival

Corp.,

4.00%,

8/1/2028

(a) 2,000,000

1,968,721

Carnival

Corp.,

6.00%,

5/1/2029

(a) 1,000,000

1,015,000

Ford

Motor

Co.,

Class

B,

3.25%,

2/12/2032

500,000

436,194

Ford

Motor

Credit

Co

LLC,

4.95%,

5/28/2027

2,000,000

2,002,417

Ford

Motor

Credit

Co.,

LLC,

3.38%,

11/13/2025

2,000,000

1,999,214

Ford

Motor

Credit

Co.,

LLC,

2.90%,

2/10/2029

1,500,000

1,398,402

General

Motors

Financial

Co.,

Inc.,

5.35%,

1/7/2030

2,000,000

2,058,704

Hilton

Worldwide

Finance

LLC,

4.88%,

4/1/2027

2,000,000

2,002,702

Home

Depot,

Inc.

(The),

4.95%,

9/15/2052

1,000,000

931,296

Home

Depot,

Inc.

(The),

5.30%,

6/25/2054

1,000,000

977,550

KFC

Holding

Co/Pizza

Hut

Hold.

LLC/Taco

Bell

LLC,

4.75%,

6/1/2027

(a) 2,000,000

1,998,021

Lowe's

Cos,

Inc.,

5.63%,

4/15/2053

1,000,000

988,077

McDonald's

Corp.,

5.45%,

8/14/2053

2,000,000

1,978,222

MGM

Resorts

International,

4.63%,

9/1/2026

1,000,000

999,168

NCL

Corp.

Ltd.,

5.88%,

2/15/2027

(a) 1,500,000

1,505,747

Nissan

Motor

Acceptance

Co.,

LLC,

6.09%,

9/13/2027

(SOFRIX

+

205bps)

(a) (b) 1,000,000

997,647

Nissan

Motor

Co.

Ltd.,

4.81%,

9/17/2030

(a) 1,000,000

938,583

Royal

Caribbean

Cruises

Ltd.,

5.50%,

8/31/2026

(a) 1,000,000

1,003,012

Service

Corp

International/US,

4.63%,

12/15/2027

2,000,000

1,995,829

Yum!

Brands,

Inc.,

3.63%,

3/15/2031

1,000,000

940,070

30,646,972

Consumer

Staples

—

3.51%

Albertsons

Cos

Inc

/

Safeway

Inc

/,

4.63%,

1/15/2027

(a) 2,000,000

1,997,938

Anheuser-Busch

Cos.,

LLC,

4.70%,

2/1/2036

(a) 100,000

99,068

Coca-Cola

Co.

(The),

4.65%,

8/14/2034

1,000,000

1,018,840

Constellation

Brands,

Inc.,

2.25%,

8/1/2031

500,000

442,808

JBS

USA

LUX

SA,

3.75%,

12/1/2031

250,000

236,680

JBS

USA

LUX

SA,

3.63%,

1/15/2032

500,000

467,493

Kraft

Heinz

Foods

Co.,

5.00%,

6/4/2042

(a) 300,000

277,062

Kraft

Heinz

Foods

Co.,

4.38%,

6/1/2046

1,000,000

836,012

Kraft

Heinz

Foods

Co.,

4.88%,

10/1/2049

1,000,000

878,053

Kroger

Co.

(The),

5.00%,

9/15/2034

1,000,000

1,008,718

Land

O'

Lakes,

Inc.,

7.25%,

12/31/2049

(a) 1,000,000

910,000

Molson

Coors

Beverage

Co.,

4.20%,

7/15/2046

1,000,000

818,102

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

PepsiCo,

Inc.,

5.25%,

7/17/2054

$

1,000,000

$

989,792

Performance

Food

Group,

Inc.,

4.25%,

8/1/2029

(a) 500,000

488,206

Pilgrim's

Pride

Corp.,

4.25%,

4/15/2031

1,000,000

968,675

Target

Corp.,

4.50%,

9/15/2034

1,000,000

987,024

Walmart,

Inc.,

4.50%,

4/15/2053

1,000,000

896,678

13,321,149

Energy

—

1.51%

Energy

Transfer

LP,

6.50%,

2/15/2056

(H15T5Y

+

267.60bps)

(b) 1,000,000

991,863

Hess

Midstream

Operations

LP,

5.88%,

3/1/2028

(a) 1,000,000

1,021,235

Marathon

Petroleum

Corp.,

5.15%,

3/1/2030

1,000,000

1,028,549

NuStar

Logistics

LP,

Class

B,

5.63%,

4/28/2027

2,000,000

2,018,344

Sunoco

LP

/

Sunoco

Finance

Corp,

6.00%,

4/15/2027

150,000

150,546

Sunoco

LP

/

Sunoco

Finance

Corp,

5.88%,

3/15/2028

500,000

502,828

5,713,365

Financials

—

18.03%

American

Express

Co.,

3.55%,

12/31/2049

(H15T5Y

+

285.4bps)

(b) 1,000,000

982,543

Assurant,

Inc.,

7.00%,

3/27/2048

1,000,000

1,028,272

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

6.13%,

2/16/2049

(USSW5

+

387.0bps)

(b) 800,000

803,658

Bank

of

America

Corp.,

4.38%,

4/27/2170

(H15T5Y

+

276.0bps)

(b) 2,000,000

1,970,008

Bank

of

New

York

Mellon

Corp.

(The),

Series

F,

Class

F,

4.63%,

12/20/2049

(TSFR3M

+

339.26bps)

(b) 1,000,000

995,575

Bank

of

Nova

Scotia

(The),

8.00%,

1/27/2084

(H15T5Y

+

401.70bps)

(b) 1,000,000

1,068,018

Bank

of

Nova

Scotia/The,

6.88%,

10/27/2085

500,000

504,922

Barclays

PLC,

4.84%,

5/9/2028

2,000,000

2,011,199

Barclays

PLC,

5.09%,

6/20/2030

(USISSO

+

305.40bps)

(b) 1,500,000

1,523,638

Barclays

PLC,

9.63%,

12/31/2049

(USISSO05

+

577.50bps)

(b) 1,000,000

1,136,113

BBVA

Bancomer

S.A.,

5.13%,

1/18/2033

(H15T5Y

+

265.0bps)

(b) 2,000,000

1,980,280

BNP

Paribas

SA,

8.00%,

8/22/2171

(H15T5Y

+372.70bps)

(a) (b) 2,000,000

2,139,008

Charles

Schwab

Corp./

The,

4.00%,

12/31/2049

H15T5Y

+

316.80bps

(b) 1,000,000

992,091

Citadel

Finance

LLC,

3.38%,

3/9/2026

(a) 2,000,000

1,989,843

Citigroup,

Inc.,

6.75%,

12/31/2049

(H15T5Y

+

257.20bps)

(b) 2,000,000

2,037,564

Citigroup,

Inc.,

7.13%,

12/31/2049

(H15T5Y

+

269.3bps)

(b) 1,000,000

1,032,938

Citigroup,

Inc.,

4.15%,

2/15/2172

(H15T5Y

+

300.0bps)

(b) 2,000,000

1,967,526

Credit

Agricole

SA,

MTN,

4.75%,

12/23/2169

(H15T5Y

+

323.7bps)

(a),(b)

1,000,000

962,696

FedNat

Holding

Co.,

7.75%,

3/15/2029

(c)(d) 2,400,000

120,000

GATX

Corp.,

Class

B,

4.00%,

6/30/2030

2,000,000

1,968,650

GE

Capital

International

Funding

Co.,

3.37%,

11/15/2025

200,000

199,869

Global

Atlantic

Financial

Co.,

4.70%,

10/15/2051

(H15T5Y

+

379.6bps)

(a),(b)

750,000

730,568

Goldman

Sachs

Group,

Inc.

(The),

6.13%,

5/10/2049

1,000,000

1,020,484

Goldman

Sachs

Group,

Inc.

(The),

7.50%,

5/10/2079

(H15T5Y

+

280.90bps)

(b) 1,000,000

1,061,247

HSBC

Holdings

PLC,

8.00%,

9/7/2093

(H15T5Y

+

385.8bps)

(b) 1,000,000

1,061,372

ING

Groep

NV,

5.75%,

11/16/2167

(H15T5Y

+

432.2bps)

(b) 1,000,000

1,004,922

ING

Groep

NV,

4.25%,

10/16/2169

(H15T5Y

+

286.2bps)

(b) 1,000,000

896,837

Intesa

Sanpaolo

SpA,

5.71%,

1/15/2026

(a) 2,000,000

2,003,825

JPMorgan

Chase

&

Co.,

6.88%,

6/1/2071

(H15T5Y

+

273.7bps)

(b) 1,000,000

1,054,990

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

JPMorgan

Chase

&

Co.,

6.50%,

4/1/2080

(H15T5Y

+

215.20bps)

(b) $

2,000,000

$

2,078,874

Lloyds

Banking

Group

PLC,

8.00%,

3/27/2170

(H15T5Y

+

391.3bps)

(b) 1,000,000

1,084,368

Macquarie

Bank

Ltd.,

3.62%,

6/3/2030

(a) 1,000,000

954,620

Massachusetts

Mutual

Life

Insurance

Co.,

3.38%,

4/15/2050

(a) 1,000,000

701,576

Morgan

Stanley

Bank

NA,

5.28%,

7/14/2028

(SOFR

+

94bps)

(b) 1,075,000

1,081,809

Nationwide

Mutual

Insurance

Co.,

4.35%,

4/30/2050

(a) 1,000,000

798,198

Nordea

Bank

Abp,

6.30%,

3/25/2049

(a) 1,000,000

1,018,483

Nordea

Bank

Abp,

3.75%,

3/1/2140

(H15T5Y

+

260.2bps)

(a) (b) 1,000,000

937,649

Pacific

LifeCorp,

3.35%,

9/15/2050

(a) 500,000

352,027

Pacific

LifeCorp,

5.40%,

9/15/2052

(a) 1,000,000

980,455

Royal

Bank

of

Canada,

7.50%,

5/2/2084

(H15T5Y

+

288.70bps)

(b) 2,000,000

2,127,384

SBL

Holdings,

Inc.,

9.58%,

5/13/2165

(H15T5Y

+

558.0bps)

(a),(b)

1,000,000

1,038,818

Societe

Generale

SA,

8.50%,

3/25/2071

(H15T5Y

+

415.30bps)

(a),(b)

2,000,000

2,174,554

Societe

Generale

SA,

10.00%,

5/14/2169

(H15T5Y

+

544.80bps)

(a) (b) 1,000,000

1,110,321

Standard

Chartered

PLC,

4.30%,

2/19/2169

(H15T5Y

+

313.50bps)

(a) (b) 2,000,000

1,895,548

State

Street

Corp.,

6.70%,

12/31/2049

(b) 1,000,000

1,043,461

State

Street

Corp.,

6.45%,

9/5/2080

(H15T5Y

+

213.50bps)

(b) 2,000,000

2,080,950

Toronto-Dominion

Bank

(The),

8.13%,

10/31/2082

(H15T5Y

+

407.50bps)

(b) 1,000,000

1,057,4

Toronto-Dominion

Bank

(The),

7.25%,

7/31/2084

(H15T5Y

+

297.70bps)

(b) 1,000,000

1,057,861

UBS

Group

AG,

7.75%,

12/31/2049

(USISSO05

+

416bps)

(a) (b) 1,000,000

1,065,531

UBS

Group

AG,

4.38%,

8/10/2171

(H15T5Y

+

331.3bps)

(a),(b)

1,000,000

907,816

UniCredit

SpA,

5.86%,

6/19/2032

(USISDA05

+

370.3bps)

(a) (b) 2,000,000

2,033,321

UniCredit

SpA,

5.46%,

6/30/2035

(H15T5Y

+

475.0bps)

(a) (b) 500,000

506,083

US

Bancorp,

5.30%,

4/15/2171

(TSFR3M

+

317.6bps)

(b) 1,000,000

1,001,462

Wells

Fargo

&

Co.,

3.90%,

3/15/2069

(H15T5Y

+

345.3bps)

(b) 1,000,000

994,045

Wells

Fargo

&

Co.,

6.85%,

7/15/2071

(H15T5Y

+

276.7bps)

(b) 1,000,000

1,051,678

Wells

Fargo

&

Co.,

Class

B,

7.63%,

9/15/2171

(H15T5Y

+

360.6bps)

(b) 1,000,000

1,068,839

68,451,870

Health

Care

—

0.67%

Humana,

Inc.,

5.38%,

4/15/2031

1,000,000

1,033,134

Tenet

Healthcare

Corp,

5.13%,

11/1/2027

1,500,000

1,499,364

2,532,498

Industrials

—

5.62%

Air

Canada,

3.88%,

8/15/2026

(a) 1,000,000

992,949

American

Airlines

Inc.

/AAdvantage

Loyalty

IP

Ltd.,

5.50%,

4/20/2026

(a) 833,333

835,973

American

Airlines

Pass

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

730,000

697,704

Burlington

Northern

Santa

Fe

LLC,

4.45%,

1/15/2053

2,000,000

1,722,660

Burlington

Northern

Santa

Fe

LLC,

5.20%,

4/15/2054

1,000,000

958,051

Burlington

Northern

Santa

Fe

LLC,

5.50%,

3/15/2055

1,000,000

1,002,404

BWX

Technologies

Inc,

4.13%,

6/30/2028

(a) 1,000,000

980,608

Canadian

Pacific

Railway

Co.,

Class

B,

2.45%,

12/2/2031

1,000,000

892,615

Chart

Industries

Inc,

7.50%,

1/1/2030

(a) 500,000

522,076

Clean

Harbors,

Inc.,

4.88%,

7/15/2027

(a) 2,000,000

2,000,000

CSX

Corp.,

5.50%,

4/15/2041

1,000,000

1,028,971

Honeywell

International,

Inc.,

5.25%,

3/1/2054

1,000,000

958,818

Norfolk

Southern

Corp.,

5.05%,

8/1/2030

500,000

518,350

Ritchie

Bros

Holdings

Inc,

6.75%,

3/15/2028

(a) 1,500,000

1,533,461

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Triton

Container

International

Ltd.,

3.25%,

3/15/2032

$

500,000

$

449,150

Union

Pacific

Corp.,

3.20%,

5/20/2041

1,000,000

787,211

Union

Pacific

Corp.,

2.95%,

3/10/2052

1,000,000

655,486

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

228,988

228,819

United

Airlines

Pass

Through

Trust,

Series

2016-2,

Class

A,

3.10%,

4/7/2030

602,214

571,544

United

Parcel

Service,

Inc.,

5.50%,

5/22/2054

1,000,000

993,289

United

Rentals

North

America

Inc.,

4.88%,

1/15/2028

2,000,000

1,999,903

Vertiv

Group

Corp.,

4.13%,

11/15/2028

(a) 1,000,000

986,115

21,316,157

Materials

—

1.75%

Alcoa

Nederland

Holding

BV,

5.50%,

12/15/2027

(a) 2,000,000

1,973,360

Ball

Corp,

4.88%,

3/15/2026

195,000

195,056

Ball

Corp.,

2.88%,

8/15/2030

1,000,000

915,246

Bemis

Co.,

Inc.,

2.63%,

6/19/2030

500,000

462,755

Berry

Global,

Inc.,

Series

21-25A,

Class

CR,

5.80%,

6/15/2031

(TSFR3M

+

165bps)

(b) 1,500,000

1,590,047

Canpack

SA,

3.88%,

11/15/2029

(a) 500,000

475,334

Crown

Americas

LLC,

5.88%,

6/1/2033

(a) 1,000,000

1,014,352

6,626,150

Real

Estate

—

0.57%

Iron

Mountain,

Inc.,

4.88%,

9/15/2029

(a) 1,000,000

987,664

Iron

Mountain,

Inc.,

5.25%,

7/15/2030

(a) 1,000,000

996,169

SBA

Communications

Corp.,

3.88%,

2/15/2027

(a) 200,000

197,888

2,181,721

Technology

—

3.22%

Broadcom,

Inc.,

4.15%,

11/15/2030

1,000,000

995,241

Broadcom,

Inc.,

4.15%,

11/15/2030

500,000

497,620

Broadcom,

Inc.,

2.60%,

2/15/2033

1,000,000

883,153

Dell

International

LLC

/

EMC

Corp.,

5.00%,

4/1/2030

1,000,000

1,024,543

Dell

International

LLC

/

EMC

Corp.,

4.85%,

2/1/2035

1,000,000

984,610

Hewlett

Packard

Enterprise

Co.,

5.00%,

10/15/2034

1,000,000

989,836

HP,

Inc.,

6.00%,

9/15/2041

2,500,000

2,563,731

Juniper

Networks,

Inc.,

2.00%,

12/10/2030

500,000

439,875

Juniper

Networks,

Inc.,

5.95%,

3/15/2041

700,000

706,781

Kyndryl

Holdings,

Inc.,

3.15%,

10/15/2031

1,000,000

911,648

Leidos,

Inc.,

5.75%,

3/15/2033

(a) 1,000,000

1,057,019

Oracle

Corp.,

4.70%,

9/27/2034

1,000,000

960,782

Western

Digital

Corp.,

4.75%,

2/15/2026

218,000

217,992

12,232,831

Utilities

—

4.31%

AEP

Texas,

Inc.,

Class

I,

2.10%,

7/1/2030

500,000

454,046

Ameren

Illinois

Co.,

4.95%,

6/1/2033

1,000,000

1,026,389

Calpine

Corp,

5.13%,

3/15/2028

(a) 1,000,000

1,000,515

Dayton

Power

&

Light

Co.

(The),

3.95%,

6/15/2049

1,000,000

759,275

Dominion

Energy

Inc,

6.00%,

2/15/2056

H15T10Y

+

2.262%

1,000,000

1,013,510

Dominion

Energy,

Inc.,

4.35%,

1/15/2167

(H15T5Y

+

319.5bps)

(b) 1,000,000

986,047

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Duke

Energy

Carolinas

LLC,

Series

2021-4A,

Class

E,

4.85%,

1/15/2034

(H15T5Y

+

319.5bps)

(b) $

1,000,000

$

1,015,549

Duke

Energy

Ohio,

Inc.,

5.55%,

3/15/2054

1,000,000

1,009,151

Duke

Energy

Progress

LLC,

2.50%,

8/15/2050

1,000,000

605,577

Kentucky

Utilities

Co.,

3.30%,

6/1/2050

1,000,000

708,526

NRG

Energy,

Inc.,

4.45%,

6/15/2029

(a) 1,000,000

993,685

NRG

Energy,

Inc.,

5.75%,

7/15/2029

(a) 1,000,000

1,008,783

Pacific

Gas

and

Electric

Co.,

4.25%,

3/15/2046

500,000

397,026

PPL

Electric

Utilities

Corp.,

5.25%,

5/15/2053

1,000,000

981,851

Southern

California

Edison

Co.,

4.88%,

3/1/2049

1,000,000

857,347

Southern

Co.

(The),

4.85%,

3/15/2035

1,000,000

990,791

Union

Electric

Co.,

3.90%,

4/1/2052

750,000

591,874

Union

Electric

Co.,

5.25%,

1/15/2054

1,000,000

964,134

XPLR

Infrastructure

Operating

Partners

LP,

3.88%,

10/15/2026

(a) 1,000,000

985,870

16,349,946

Total

Corporate

Bonds

and

Notes

(Cost $189,200,690)

185,489,944

ASSET

BACKED

SECURITIES

—

4.37%

Amur

Equipment

Finance

Receivables,

Series

2022-2A,

Class

D,

7.25%,

5/21/2029

(a) 1,000,000

1,015,240

Amur

Equipment

Finance

Receivables

LLC,

Series

2022-1A,

Class

E,

5.02%,

12/20/2028

(a) 750,000

749,263

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-2A,

Class

D,

5.97%,

10/20/2031

(a) 310,000

317,256

Dell

Equipment

Finance

Trust,

Series

2024-1,

Class

D,

MTN,

6.12%,

9/23/2030

(a) 250,000

254,256

Dell

Equipment

Finance

Trust,

Series

2024-2,

Class

D,

5.29%,

2/24/2031

(a) 500,000

503,953

Encina

Equipment

Finance

LLC,

Series

2022-1A,

Class

D,

6.00%,

1/15/2030

(a) 1,000,000

999,666

Enterprise

Fleet

Financing

LLC,

Series

2024-3,

Class

A4,

5.06%,

3/20/2031

(a) 500,000

510,765

Exeter

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.04%,

12/15/2028

(a) 1,000,000

990,455

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-1,

Class

D,

3.07%,

5/15/2028

(a) 969,

968,375

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-2,

Class

C,

5.75%,

8/15/2028

(a) 527,454

528,335

HPEFS

Equipment

Trust,

Series

2024-1A,

Class

D,

5.82%,

12/22/2031

(a) 1,000,000

1,012,764

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

D,

5.82%,

4/20/2032

(a) 500,000

510,969

Mariner

Finance

Issuance

Trust,

Series

2024-A,

Class

A,

5.13%,

9/22/2036

(a) 2,000,000

2,026,305

NMEF

Funding

LLC,

Series

2024-A,

Class

B,

5.32%,

12/15/2031

(a) 1,000,000

1,017,305

NMEF

Funding

LLC,

Series

2024-A,

Class

A,

6.33%,

12/15/2031

(a) 500,000

511,455

Octane

Receivables

Trust,

Series

2023-3A,

Class

B,

6.48%,

7/20/2029

(a) 1,000,000

1,015,919

Octane

Receivables

Trust,

Series

2022-2A,

Class

D,

7.70%,

2/20/2030

(a) 1,000,000

1,031,829

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Pagaya

AI

Debt

Grantor

Trust,

Series

2024-5A,

Class

A,

6.28%,

10/15/2031

(a) $

282,530

$

284,699

Pagaya

AI

Debt

Grantor

Trust,

Series

2025-1,

Class

B,

5.63%,

7/15/2032

(a) 999,915

1,009,427

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

C,

MTN,

5.81%,

10/15/2030

(a) 160,000

162,569

SCF

Equipment

Leasing

LLC,

Series

2025-1A,

Class

D,

5.88%,

11/20/2035

(a) 500,000

514,330

Towd

Point

Asset

Trust,

Series

2021-SL1,

Class

A2,

4.95%,

11/20/2061

(TSFR1M

+

81.4bps)

(a) (b) 190,810

191,040

USQ

Rail

II

LLC,

Series

2021-3,

Class

B,

2.98%,

6/28/2051

(a) 500,000

482,948

Total

Asset

Backed

Securities

(Cost $16,433,184)

16,609,123

U.S.

GOVERNMENT

&

AGENCIES

—

31.71%

Fannie

Mae,

Pool

#BP2175,

3.00%,

2/1/2035

161,357

156,778

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

574,649

581,320

Fannie

Mae,

Pool

#MA4851,

5.00%,

11/1/2042

657,248

669,015

Fannie

Mae,

Pool

#CA6707,

2.50%,

8/1/2050

813,788

708,143

Fannie

Mae,

Pool

#BT1314,

2.50%,

7/1/2051

515,355

438,672

Fannie

Mae,

Pool

#BT1339,

2.50%,

7/1/2051

1,479,831

1,259,913

Fannie

Mae,

Pool

#BT3256,

2.50%,

7/1/2051

765,408

653,864

Fannie

Mae,

Pool

#BQ7422,

2.50%,

8/1/2051

814,514

693,379

Fannie

Mae,

Pool

#CB2670,

3.00%,

1/1/2052

819,445

727,085

Fannie

Mae,

Pool

#CB2668,

3.00%,

1/1/2052

797,899

708,609

Fannie

Mae,

Pool

#BU1320,

3.00%,

2/1/2052

368,546

327,498

Fannie

Mae,

Pool

#CB3177,

3.50%,

3/1/2052

792,607

731,465

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,443,993

1,376,849

Fannie

Mae,

Pool

#MA4624,

3.00%,

6/1/2052

1,240,340

1,102,210

Fannie

Mae,

Pool

#BV7899,

3.00%,

8/1/2052

1,282,384

1,139,569

Fannie

Mae,

Pool

#MA4732,

4.00%,

9/1/2052

810,981

774,226

Fannie

Mae,

Pool

#CB4818,

4.00%,

10/1/2052

2,019,942

1,918,088

Fannie

Mae,

Pool

#MA4804,

4.00%,

11/1/2052

1,265,506

1,208,055

Fannie

Mae,

Pool

#CB5536,

5.00%,

1/1/2053

1,613,730

1,618,220

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

801,110

801,192

Fannie

Mae,

Pool

#MA4941,

5.00%,

3/1/2053

677,063

679,225

Fannie

Mae,

Pool

#MA5010,

5.50%,

5/1/2053

778,841

790,357

Fannie

Mae,

Pool

#MA5009,

5.00%,

5/1/2053

836,323

836,107

Fannie

Mae,

Pool

#MA5071,

5.00%,

7/1/2053

1,695,082

1,694,207

Fannie

Mae,

Pool

#MA5191,

6.00%,

11/1/2053

748,845

767,837

Fannie

Mae,

Pool

#MA5263,

4.00%,

1/1/2054

920,325

874,387

Fannie

Mae,

Pool

#MA5246,

5.50%,

1/1/2054

1,717,175

1,739,793

Fannie

Mae,

Pool

#MA5272,

6.00%,

2/1/2054

724,402

742,006

Fannie

Mae,

Pool

#MA5295,

6.00%,

3/1/2054

1,502,545

1,540,057

Fannie

Mae,

Pool

#MA5329,

6.50%,

4/1/2054

650,157

673,535

Fannie

Mae,

Pool

#MA5416,

6.50%,

5/1/2054

601,763

617,102

Fannie

Mae,

Pool

#MA5386,

4.50%,

6/1/2054

939,095

916,005

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Fannie

Mae,

Pool

#MA5493,

6.00%,

8/1/2054

$

763,795

$

771,685

Fannie

Mae,

Pool

#MA5522,

6.50%,

9/1/2054

1,317,343

1,352,129

Fannie

Mae,

Pool

#MA5498,

6.00%,

10/1/2054

1,667,855

1,707,621

Fannie

Mae,

Pool

#MA5496,

5.00%,

10/1/2054

1,865,568

1,857,747

Fannie

Mae,

Pool

#MA5587,

6.00%,

1/1/2055

1,308,878

1,339,363

Fannie

Mae,

Pool

#MA5614,

5.50%,

2/1/2055

1,859,844

1,880,292

Fannie

Mae,

Pool

#MA5615,

6.00%,

2/1/2055

1,752,967

1,793,678

Fannie

Mae,

Pool

#MA5646,

5.50%,

3/1/2055

1,870,425

1,890,989

Fannie

Mae,

Pool

#MA5672,

5.00%,

4/1/2055

966,112

962,075

Fannie

Mae

Pool,

6.00%,

3/1/2055

888,933

909,577

Fannie

Mae

Pool,

5.50%,

6/1/2055

965,493

975,882

Fannie

Mae

Pool,

5.50%,

7/1/2055

972,345

982,808

Federal

Agricultural

Mortgage

Corp.,

3.05%,

6/29/2032

500,000

470,772

Federal

Farm

Credit

Bank,

2.13%,

5/21/2040

2,000,000

1,423,192

Federal

Farm

Credit

Bank,

2.07%,

12/21/2040

500,000

347,157

Federal

Farm

Credit

Banks

Funding

Corp.,

5.24%,

9/19/2039

1,000,000

1,000,036

Federal

Farm

Credit

Banks

Funding

Corp.,

5.63%,

3/26/2040

1,000,000

1,003,960

Federal

Farm

Credit

Banks

Funding

Corp.,

5.72%,

9/5/2040

1,000,000

999,908

Federal

Farm

Credit

Banks

Funding

Corp.,

5.72%,

10/28/2044

2,000,000

2,000,213

Federal

Farm

Credit

Banks

Funding

Corp.,

5.90%,

4/21/2045

2,000,000

2,010,070

Federal

Home

Loan

Banks,

5.40%,

11/21/2034

1,000,000

1,000,489

Federal

Home

Loan

Banks,

5.10%,

2/12/2035

1,000,000

1,000,238

Federal

Home

Loan

Banks,

5.45%,

3/27/2036

1,000,000

1,003,686

Federal

Home

Loan

Banks,

5.43%,

10/28/2039

1,000,000

999,273

Federal

Home

Loan

Banks,

5.70%,

2/6/2040

1,000,000

1,003,053

Federal

Home

Loan

Banks,

5.75%,

4/24/2040

1,000,000

1,005,329

Federal

Home

Loan

Banks,

2.01%,

7/16/2040

1,000,000

693,444

Federal

Home

Loan

Banks,

5.50%,

9/25/2042

1,000,000

1,001,413

Federal

Home

Loan

Banks,

5.50%,

11/25/2044

1,000,000

1,004,342

Federal

Home

Loan

Banks,

6.00%,

1/30/2045

1,000,000

1,002,948

Federal

Home

Loan

Banks,

5.55%,

3/10/2045

1,000,000

1,006,999

Federal

Home

Loan

Mortgage

Corp.,

1.75%,

7/27/2035

1,500,000

1,189,273

Freddie

Mac,

Pool

#RD5138,

5.00%,

1/1/2033

486,122

493,707

Freddie

Mac,

Pool

#SB8509,

2.00%,

1/1/2036

505,348

466,693

Freddie

Mac,

Pool

#QO0931,

4.00%,

10/1/2037

471,446

464,335

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

1,426,607

1,243,749

Freddie

Mac,

Pool

#RB5182,

4.00%,

9/1/2042

709,143

697,997

Freddie

Mac,

Pool

#RA2314,

3.50%,

3/1/2050

274,385

255,854

Freddie

Mac,

Pool

#RA2657,

3.50%,

5/1/2050

623,554

581,375

Freddie

Mac,

Pool

#SD0430,

2.50%,

8/1/2050

511,314

441,362

Freddie

Mac,

Pool

#QC3907,

2.50%,

7/1/2051

684,092

588,142

Freddie

Mac,

Pool

#QC5859,

3.00%,

8/1/2051

717,826

638,402

Freddie

Mac,

Pool

#RA6945,

3.50%,

3/1/2052

2,303,823

2,125,999

Freddie

Mac,

Pool

#SD8257,

4.50%,

10/1/2052

802,601

786,268

Freddie

Mac,

Pool

#SD8267,

5.00%,

11/1/2052

1,599,996

1,601,966

Freddie

Mac,

Pool

#QF5251,

5.50%,

1/1/2053

761,322

772,805

Freddie

Mac,

Pool

#SD8288,

5.00%,

1/1/2053

810,886

811,011

Freddie

Mac,

Pool

#SD2334,

5.00%,

2/1/2053

838,415

840,254

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Freddie

Mac,

Pool

#SD8297,

4.00%,

2/1/2053

$

1,710,748

$

1,624,481

Freddie

Mac,

Pool

#SD8305,

4.00%,

3/1/2053

50,949

808,038

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

830,823

847,336

Freddie

Mac,

Pool

#SD8322,

4.50%,

5/1/2053

848,589

830,281

Freddie

Mac,

Pool

#SD8323,

5.00%,

5/1/2053

870,827

872,353

Freddie

Mac,

Pool

#QG3333,

5.00%,

5/1/2053

1,644,766

1,647,818

Freddie

Mac,

Pool

#SD8323,

5.00%,

5/1/2053

839,759

839,758

Freddie

Mac,

Pool

#SD2856,

5.50%,

5/1/2053

774,633

787,374

Freddie

Mac,

Pool

#SD8348,

5.00%,

8/1/2053

857,785

857,121

Freddie

Mac,

Pool

#QG9607,

6.00%,

9/1/2053

1,566,694

1,607,420

Freddie

Mac,

Pool

#SD8383,

5.50%,

12/1/2053

2,547,967

2,581,528

Freddie

Mac,

Pool

#QH8694,

6.00%,

1/1/2054

1,075,629

1,102,734

Freddie

Mac,

Pool

#SD5380,

5.50%,

4/1/2054

895,028

907,273

Freddie

Mac,

Pool

#MA5416,

5.50%,

6/1/2054

856,845

866,265

Freddie

Mac,

Pool

#MA5416,

6.00%,

7/1/2054

794,478

813,858

Freddie

Mac,

Pool

#SD8454,

6.00%,

8/1/2054

812,324

831,591

Freddie

Mac,

Pool

#SD8469,

5.50%,

10/1/2054

893,042

903,153

Freddie

Mac,

Pool

#RE6151,

6.00%,

11/1/2054

713,732

721,651

Freddie

Mac,

Pool

#SD8516,

6.00%,

3/1/2055

892,350

912,937

Freddie

Mac

Pool,

5.00%,

11/1/2054

1,863,711

1,855,986

Freddie

Mac

Pool,

6.00%,

11/1/2054

841,587

861,078

Freddie

Mac

Pool,

5.50%,

12/1/2054

1,826,648

1,846,823

Freddie

Mac

Pool,

5.50%,

1/1/2055

1,841,260

1,861,503

Freddie

Mac

Pool,

5.50%,

2/1/2055

2,779,979

2,810,543

Freddie

Mac

Pool,

5.50%,

4/1/2055

1,893,905

1,914,727

Freddie

Mac

Pool,

5.00%,

10/1/2055

998,331

993,771

Fannie

Mae

Pool,

5.50%,

3/1/2054

1,396,299

1,413,364

Fannie

Mae

Pool,

5.00%,

12/1/2054

941,771

937,788

Fannie

Mae

Pool,

5.50%,

10/1/2055

2,489,250

2,516,036

United

States

Treasury

Note,

4.88%,

10/31/2028

3,000,000

3,107,168

Total

U.S.

Government

&

Agencies

(Cost $121,181,130)

120,346,085

COLLATERALIZED

LOAN

OBLIGATIONS

—

2.69%

Benefit

Street

Partners

CLO

Ltd.,

Series

2022-29A,

Class

BR,

5.36%,

1/25/2038

(TSFR3M

+

150bps)

(a) (b) 1,000,000

995,646

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

21-25A,

Class

CR,

5.56%,

1/15/2035

(TSFR3M

+

165bps)

(a) (b) 1,000,000

999,967

Caryle

US

CLO

Ltd.,

Series

2017-3,

Class

BR2,

5.65%,

10/21/2037

(TSFR3M

+

178bps)

(a) (b) 1,000,000

1,001,163

Hildene

TruPS

Financials

Note

Secruitization,

Series

2019-2A,

Class

A1,

6.23%,

5/22/2039

(SOFR

+

176.0bps)

(a) (b) 1,556,122

1,556,122

Hilton

Grand

Vacations

Trust,

Series

2024-3,

Class

A,

4.98%,

8/27/2040

(a) 659,263

666,916

Madison

Park

Funding

LXVII

Ltd.,

Series

67A,

Class

B,

5.91%,

4/25/2037

(TSFRM

+

205.0bps)

(a) (b) 1,000,000

1,003,396

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

H15T5Y—

Year

Treasury

Rate

MTN—

Medium

Term

Note

SOFR

—

Secured

Overnight

Financing

Rate

SOFRIX

—

Secured

Overnight

Financing

Rate

Index

TSFR3M

—

Term

Secured

Overnight

Finance

Rate

(3

Month)

TSFR1M

—

Term

Secured

Overnight

Finance

Rate

Principal

Amount

Fair

Value

Neuberger

Berman

CLO

XXI

Ltd.,

Series

2024-21A,

Class

BR3,

6.03%,

1/20/2039

(TSFR3M

+

170bps)

(a) (b) $

1,000,000

$

1,001,228

Oaktree

CLO

Ltd.,

Series

2019-3,

5.46%,

1/20/2038

(TSFR3M

+

138bps)

(a) (b) 1,000,000

1,001,174

Rockford

Tower

CLO

Ltd.,

Series

2019-2,

Class

CR2,

6.20%,

8/20/2032

(TSFR3M

+

200bps)

(a) (b) 1,000,000

1,001,603

Sound

Point

CLO

VIII-R

Ltd.,

Series

2015-1RA,

Class

BR,

5.72%,

4/15/2030

(TSFR3M

+

181.2bps)

(a) (b) 241,126

241,153

Venture

CLO

Ltd.,

Series

2018-31A,

Class

C1,

6.10%,

4/20/2031

(TSFR3M

+

221.2bps)

(a) (b) 750,000

751,123

Total

Collateralized

Loan

Obligations

(Cost $10,189,428)

10,219,491

Shares

Fair

Value

INVESTMENT

COMPANIES

—

4.30%

Exchange-Traded

Funds

—

4.30%

iShares

Convertible

Bond

ETF

50,000

5,165,000

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

8,000

646,400

iShares

US

Preferred

Stock

ETF

100,000

3,121,000

SPDR

Bloomberg

Barclays

Convertible

Securities

ETF

50,000

4,658,000

Vanguard

Emerging

Markets

Government

Bond

ETF,

USD

Class

40,000

2,720,000

16,310,400

Total

Investment

Companies

(Cost $15,406,963)

16,310,400

Total

Investments

—

91.94%

(Cost

$352,411,395)

348,975,043

Other

Assets

in

Excess

of

Liabilities

—

8.06%

30,592,312

Net

Assets

—

100.00%

$

379,567,355

(a) Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933. The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

total

fair

value

of

these

securities

as

October

31,

2025

was

$91,524,690,

representing

24.11%

of

net

assets.

(b) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

October

31,

2025. For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

(c) In

default

(d) Security

is

being

fair

valued

in

accordance

with

the

Trust's

fair

valuation

policies

and

represents

0.03%

of

the

Fund's

net

assets.

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

(1

Month)

USISSO05

—

Year

Secured

Overnight

Financing

Rate-linked

interest

rate

swap

rate

USISDA05

—

Year

Secured

Overnight

Financing

Rate-linked

mid-market

interest

rate

swap

rate

USSW5

—

USD

Year

Swap

Rate

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

41.61%

Communications

—

0.54%

Uber

Technologies

Inc,

4.50%,

8/15/2029

(a) $

1,000,000

$

999,446

Consumer

Discretionary

—

4.37%

Ford

Motor

Credit

Co.,

LLC,

5.13%,

11/5/2026

1,000,000

1,003,615

General

Motors

Financial

Co.,

Inc.,

1.50%,

6/10/2026

1,000,000

983,770

Hyundai

Capital

America,

4.55%,

9/26/2029

(a) 1,000,000

1,002,554

Lowe's

Cos,

Inc.,

4.00%,

10/15/2028

1,000,000

998,018

McDonald's

Corp.,

4.80%,

8/14/2028

1,000,000

1,019,642

McDonald's

Corp.,

MTN,

5.00%,

5/17/2029

2,000,000

2,057,298

Royal

Caribbean

Cruises

Ltd.,

5.50%,

8/31/2026

(a) 1,000,000

1,003,012

8,067,909

Consumer

Staples

—

2.21%

Albertsons

Cos

Inc

/

Safeway

Inc

/,

4.63%,

1/15/2027

(a) 1,000,000

998,969

Mars,

Inc.,

4.80%,

3/1/2030

(a) 2,000,000

2,043,513

Tyson

Foods,

Inc.,

5.40%,

3/15/2029

1,000,000

1,032,248

4,074,730

Financials

—

13.69%

Air

Lease

Corp.,

1.88%,

8/15/2026

500,000

490,992

Antares

Holdings

LP,

3.95%,

7/15/2026

(a) 1,500,000

1,491,197

Aviation

Capital

Group

LLC,

1.95%,

1/30/2026

(a) 1,000,000

993,697

Avolon

Holdings

Funding

Ltd.,

2.13%,

2/21/2026

(a) 801,000

795,277

Charles

Schwab

Corp./

The,

4.00%,

12/31/2049

H15T5Y

+

316.80bps

(b) 1,000,000

992,091

Citigroup,

Inc.,

4.81%,

6/9/2027

(SOFR

+

77.0bps)

(b) 1,000,000

1,001,285

CNO

Global

Funding,

1.75%,

10/7/2026

(a) 500,000

488,838

GA

Global

Funding

Trust,

1.63%,

1/15/2026

(a) 1,000,000

994,468

Goldman

Sachs

Group,

Inc.

(The),

4.85%,

3/9/2027

(SOFR

+

81.0bps)

(b) 1,000,000

1,001,338

Goldman

Sachs

Group,

Inc.

(The),

4.96%,

10/21/2027

(SOFR

+

92.0bps)

(b) 2,000,000

2,007,359

HSBC

Holdings

PLC,

5.64%,

11/19/2030

(SOFR

+

129bps)

(b) 2,000,000

2,017,250

ING

Groep

NV,

5.05%,

4/1/2027

(SOFR

+

101.0bps)

(b) 2,000,000

2,004,833

Jackson

National

Life

Global

Funding,

4.60%,

10/1/2029

(a) 1,000,000

1,009,185

JPMorgan

Chase

&

Co.,

4.93%,

4/22/2027

(SOFR

+

88.5bps)

(b) 2,000,000

2,005,558

JPMorgan

Chase

&

Co.,

5.22%,

2/24/2028

(SOFR

+

118.0bps)

(b) 1,000,000

1,007,842

JPMorgan

Chase

Bank

NA,

5.11%,

12/8/2026

1,000,000

1,012,066

Lloyds

Banking

Group

PLC,

4.58%,

12/10/2025

(a) 250,000

250,046

Morgan

Stanley

Bank

NA,

5.28%,

7/14/2028

(SOFR

+

94bps)

(b) 1,500,000

1,509,501

Nomura

Holdings,

Inc.,

1.65%,

7/14/2026

1,000,000

983,569

Principal

Life

Global

Funding

II,

MTN,

1.50%,

11/17/2026

(a) 1,000,000

974,273

SMBC

Aviation

Capital

Finance

DAC,

1.90%,

10/15/2026

(a) 1,000,000

979,286

Societe

Generale

SA,

MTN,

1.79%,

6/9/2027

(H15T5Y

+

100.0bps)

(a) (b) 1,000,000

984,153

Voya

Financial,

Inc.,

3.65%,

6/15/2026

250,000

249,217

25,243,321

Industrials

—

6.47%

Air

Canada

Pass

Through

Trust,

Series

2017-1,

Class

B,

3.70%,

7/15/2026

(a) 314,815

313,516

Air

Canada

Pass

Through

Trust,

Series

2020-2,

Class

A,

5.25%,

10/1/2030

(a) 143,394

146,689

American

Airlines

Pass

Through

Trust,

Series

2014-1,

Class

A,

3.70%,

10/1/2026

1,392,046

1,381,579

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Ashtead

Capital,

Inc.,

1.50%,

8/12/2026

(a) $

1,000,000

$

978,401

BWX

Technologies

Inc,

4.13%,

6/30/2028

(a) 500,000

490,304

Caterpillar

Financial

Services

Corp.,

4.40%,

3/3/2028

3,000,000

3,034,488

CNH

Industrial

Capital

LLC,

1.88%,

1/15/2026

1,000,000

994,830

Penske

Truck

Leasing

Co.

LP,

1.70%,

6/15/2026

(a) 1,000,000

983,906

Triton

Container

International

Ltd.,

2.05%,

4/15/2026

(a) 1,000,000

986,501

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

228,988

228,819

United

Airlines

Pass

Through

Trust,

Series

2016-1,

Class

A,

3.45%,

7/7/2028

577,875

556,230

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

A,

5.88%,

4/15/2029

340,058

348,180

Vertiv

Group

Corp.,

4.13%,

11/15/2028

(a) 500,000

493,057

Vontier

Corp.,

1.80%,

4/1/2026

1,000,000

989,532

11,926,032

Materials

—

3.20%

Alcoa

Nederland

Holding

BV,

5.50%,

12/15/2027

(a) 1,000,000

986,680

Berry

Global,

Inc.,

1.65%,

1/15/2027

2,000,000

1,936,157

Sealed

Air

Corp.,

1.57%,

10/15/2026

(a) 1,000,000

971,684

Sherwin-Williams

Co.

(The),

4.55%,

3/2/2028

1,000,000

1,009,142

Westlake

Corp.,

3.60%,

8/15/2026

1,000,000

994,294

5,897,957

Real

Estate

—

0.27%

American

Tower

Corp.,

1.60%,

4/15/2026

500,000

494,423

Technology

—

5.69%

Booz

Allen

Hamilton,

Inc.,

3.88%,

9/1/2028

(a) 1,000,000

981,074

DXC

Technology

Co.,

1.80%,

9/15/2026

500,000

489,067

Global

Payments,

Inc.,

4.80%,

4/1/2026

1,000,000

1,000,575

Hewlett

Packard

Enterprise

Co.,

4.55%,

10/15/2029

1,500,000

1,508,996

International

Business

Machines

Corp.,

4.80%,

2/10/2030

1,000,000

1,023,938

Jabil,

Inc.,

1.70%,

4/15/2026

1,000,000

988,863

Leidos,

Inc.,

4.38%,

5/15/2030

1,000,000

1,000,170

Marvell

Technology,

Inc.,

1.65%,

4/15/2026

1,000,000

988,668

Oracle

Corp.,

4.80%,

8/3/2028

2,000,000

2,029,057

Wipro

IT

Services

LLC,

1.50%,

6/23/2026

(a) 500,000

491,101

10,501,509

Utilities

—

5.17%

Ameren

Corp.,

1.95%,

3/15/2027

500,000

485,903

Black

Hills

Corp.,

4.55%,

1/31/2031

1,000,000

998,410

Duke

Energy

Corp.,

4.30%,

3/15/2028

1,000,000

1,003,054

Enel

Finance

International

NV,

1.63%,

7/12/2026

(a) 1,000,000

982,101

Georgia

Power

Co.,

4.55%,

3/15/2030

1,000,000

1,017,875

Liberty

Utilities

Co.,

5.58%,

1/31/2029

(a) 1,000,000

1,034,085

NextEra

Energy

Capital

Holdings,

Inc.,

1.88%,

1/15/2027

1,000,000

974,970

NSTAR

Electric

Co.,

4.85%,

3/1/2030

2,000,000

2,053,809

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

XPLR

Infrastructure

Operating

Partners

LP,

3.88%,

10/15/2026

(a) $

1,000,000

$

985,870

9,536,077

Total

Corporate

Bonds

and

Notes

(Cost $76,646,791)

76,741,404

ASSET

BACKED

SECURITIES

—

6.38%

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-1A,

Class

A2,

5.38%,

1/21/2031

(a) 278,046

281,697

BHG

Securitization

Trust,

Series

2024-1A,

Class

A,

5.81%,

4/17/2035

(a) 99,720

101,968

Carvana

Auto

Receivables

Trust,

Series

2022-P2,

Class

D,

6.28%,

5/10/2029

1,000,000

1,018,387

Dell

Equipment

Finance

Trust,

Series

2023-2,

Class

C,

6.06%,

1/22/2029

(a) 523,000

526,226

Dllad

LLC,

Series

2024-1A,

Class

A3,

5.30%,

7/20/2029

(TSFR3M

+

181.2bps)

(a) (b) 1,000,000

1,020,990

Exeter

Automobile

Receivables

Trust,

Series

2023-1A,

Class

D,

6.69%,

6/15/2029

1,020,000

1,036,355

GreatAmerica

Leasing

Receivables

Funding,

Series

2024-2,

Class

C,

5.28%,

5/17/2032

(a) 1,000,000

1,020,096

Hilton

Grand

Vacations

Trust,

Series

2020-AA,

Class

C,

6.42%,

2/25/2039

(a) 275,849

279,509

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

B,

5.35%,

10/20/2031

(a) 500,000

505,434

ITE

Rail

Fund

Levered

LP,

Series

2021-1A,

Class

A,

2.25%,

2/28/2051

(a) 402,678

382,210

Kubota

Credit

Owner

Trust,

Series

2024-1A,

Class

A4,

MTN,

5.20%,

1/15/2030

(a) 1,000,000

1,025,476

Navient

Student

Loan

Trust,

Series

2018-BA,

Class

A2A,

3.61%,

12/15/2059

(a) 4,764

4,755

Octane

Receivables

Trust,

Series

2023-3A,

Class

A2,

6.44%,

3/20/2029

(a) 213,600

214,911

Octane

Receivables

Trust,

Series

2023-3A,

Class

B,

6.48%,

7/20/2029

(a) 1,008,000

1,024,046

Octane

Receivables

Trust,

Series

RVM1,

Class

A,

5.01%,

1/22/2046

(a) 692,548

702,725

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

A2,

MTN,

5.59%,

11/15/2029

(a) 101,344

101,901

Post

Road

Equipment

Finance

LLC,

Series

2025-1A,

Class

D,

5.43%,

5/15/2031

(a) 500,000

502,452

SCF

Equipment

Leasing

LLC,

Series

2025-1A,

Class

C,

5.37%,

9/20/2034

(a) 500,000

513,332

SLM

Private

Credit

Student

Loan

Trust,

Series

2006-A,

Class

A5,

4.59%,

6/15/2039

(TSFR3M

+

55.2bps)

(b) 67,619

65,042

Trinity

Rail

Leasing

LLC,

Series

2019-2A,

Class

A2,

3.10%,

10/18/2049

(a) 685,000

679,567

Verdant

Receivables

LLC,

Series

2024-1A,

Class

A2,

5.68%,

12/12/2031

(a) 738,797

753,564

Total

Asset

Backed

Securities

(Cost $11,623,163)

11,760,643

U.S.

GOVERNMENT

&

AGENCIES

—

44.94%

Fannie

Mae,

Pool

#FM7007,

4.00%,

10/1/2033

543,372

543,552

Fannie

Mae,

Pool

#MA4023,

3.50%,

1/1/2035

751,091

736,539

Fannie

Mae,

Pool

#MA4038,

3.00%,

4/1/2035

191,871

183,298

Fannie

Mae,

Pool

#MA4797,

4.00%,

11/1/2037

602,689

594,017

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

574,649

581,320

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Fannie

Mae,

Pool

#CA8902,

2.50%,

2/1/2041

$

644,380

$

584,970

Fannie

Mae,

Pool

#MA4364,

2.00%,

5/1/2041

683,158

597,081

Fannie

Mae,

Pool

#MA4961,

5.00%,

3/1/2043

712,632

723,633

Fannie

Mae,

Pool

#MA4988,

5.00%,

4/1/2043

655,604

665,725

Fannie

Mae,

Pool

#BM4676,

4.00%,

10/1/2048

743,087

720,140

Fannie

Mae,

Pool

#CA5970,

2.50%,

6/1/2050

676,459

576,028

Fannie

Mae,

Pool

#FM7195,

2.50%,

9/1/2050

727,033

618,043

Fannie

Mae,

Pool

#CA6951,

2.50%,

9/1/2050

567,879

488,918

Fannie

Mae,

Pool

#CB0397,

3.00%,

5/1/2051

592,767

530,233

Fannie

Mae,

Pool

#FM8361,

2.50%,

8/1/2051

621,048

530,609

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,496,366

1,426,786

Fannie

Mae,

Pool

#MA4732,

4.00%,

9/1/2052

810,981

774,226

Fannie

Mae,

Pool

#QE9380,

4.50%,

9/1/2052

791,100

775,082

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

801,110

801,192

Fannie

Mae,

Pool

#MA4970,

6.00%,

2/1/2053

919,848

930,332

Fannie

Mae,

Pool

#BX7767,

5.50%,

3/1/2053

1,514,061

1,537,108

Fannie

Mae,

Pool

#MA5054,

4.00%,

6/1/2053

875,536

831,384

Fannie

Mae,

Pool

#FS5779,

5.50%,

9/1/2053

824,553

838,069

Fannie

Mae,

Pool

#MA5165,

5.50%,

10/1/2053

1,631,292

1,653,641

Fannie

Mae,

Pool

#FS6679,

6.00%,

12/1/2053

811,487

832,468

Fannie

Mae,

Pool

#DB3808,

6.00%,

5/1/2054

886,294

909,854

Fannie

Mae,

Pool

#MA5445,

6.00%,

8/1/2054

1,623,933

1,662,449

Fannie

Mae,

Pool

#MA5700,

5.50%,

5/1/2055

1,433,271

1,448,693

Fannie

Mae

Pool,

4.00%,

5/1/2052

1,204,398

1,147,056

Fannie

Mae

Pool,

5.00%,

9/1/2054

938,431

934,390

Fannie

Mae

Pool,

6.00%,

10/1/2054

1,355,682

1,387,162

Fannie

Mae

Pool,

4.50%,

5/1/2055

964,153

940,219

Fannie

Mae

Pool,

6.00%,

6/1/2055

952,325

974,376

Fannie

Mae

Pool,

4.00%,

7/1/2055

1,474,127

1,399,426

Federal

Farm

Credit

Banks

Funding

Corp.,

4.89%,

9/12/2033

1,000,000

998,572

Federal

Farm

Credit

Banks

Funding

Corp.,

5.60%,

8/5/2039

1,000,000

1,002,384

Federal

Farm

Credit

Banks

Funding

Corp.,

5.72%,

9/5/2040

1,000,000

999,908

Federal

Farm

Credit

Banks

Funding

Corp.,

5.37%,

8/26/2044

2,000,000

2,000,246

Federal

Farm

Credit

Banks

Funding

Corp.,

5.72%,

10/28/2044

1,000,000

1,000,106

Federal

Farm

Credit

Banks

Funding

Corp.,

5.74%,

3/6/2045

2,000,000

2,012,910

Federal

Farm

Credit

Banks

Funding

Corp.,

5.90%,

4/21/2045

1,000,000

1,005,035

Federal

Farm

Credit

Banks

Funding

Corp.,

5.93%,

5/1/2045

2,000,000

2,016,680

Federal

Farm

Credit

Banks

Funding

Corp.,

5.49%,

9/23/2049

1,000,000

1,000,092

Federal

Home

Loan

Banks,

5.07%,

1/23/2030

1,000,000

1,001,237

Federal

Home

Loan

Banks,

5.44%,

9/23/2039

500,000

498,865

Federal

Home

Loan

Banks,

5.00%,

10/28/2039

300,000

303,885

Federal

Home

Loan

Banks,

5.70%,

2/6/2040

1,500,000

1,504,579

Federal

Home

Loan

Banks,

5.24%,

2/27/2040

1,000,000

1,030,988

Federal

Home

Loan

Banks,

5.75%,

2/27/2040

1,000,000

1,007,300

Federal

Home

Loan

Banks,

5.50%,

9/25/2042

1,000,000

1,001,413

Federal

Home

Loan

Banks,

5.50%,

11/25/2044

1,000,000

1,004,342

Federal

Home

Loan

Banks,

5.90%,

2/27/2045

1,000,000

1,005,627

Federal

Home

Loan

Banks,

5.94%,

5/8/2045

1,500,000

1,513,377

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Federal

Home

Loan

Banks,

5.40%,

11/29/2049

$

1,000,000

$

1,027,091

Freddie

Mac,

Pool

#SB8229,

4.50%,

5/1/2038

1,306,557

1,306,611

Freddie

Mac,

Pool

#QA5121,

2.50%,

12/1/2049

809,177

694,562

Freddie

Mac,

Pool

#SD8230,

4.50%,

6/1/2052

754,412

739,215

Freddie

Mac,

Pool

#SD1087,

3.50%,

6/1/2052

788,692

732,043

Freddie

Mac,

Pool

#QE2792,

4.00%,

6/1/2052

905,323

863,621

Freddie

Mac,

Pool

#SD2322,

4.50%,

9/1/2052

831,180

814,195

Freddie

Mac,

Pool

#QE9380,

5.00%,

9/1/2052

736,060

736,325

Freddie

Mac,

Pool

#SD8306,

4.50%,

2/1/2053

844,320

825,829

Freddie

Mac,

Pool

#QF8790,

5.50%,

3/1/2053

856,747

870,470

Freddie

Mac,

Pool

#QG1666,

5.00%,

3/1/2053

799,966

800,940

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

830,823

847,336

Freddie

Mac,

Pool

#SD3437,

5.00%,

4/1/2053

1,676,131

1,679,241

Freddie

Mac,

Pool

#SD2757,

5.00%,

5/1/2053

808,536

811,118

Freddie

Mac,

Pool

#SD8329,

5.00%,

6/1/2053

840,889

840,672

Freddie

Mac,

Pool

#SD8357,

4.00%,

8/1/2053

893,223

849,329

Freddie

Mac,

Pool

#SD8373,

6.00%,

10/1/2053

1,503,021

1,538,604

Freddie

Mac,

Pool

#SD5083,

5.50%,

3/1/2054

823,713

834,919

Freddie

Mac,

Pool

#SD8408,

5.50%,

3/1/2054

2,081,796

2,107,240

Freddie

Mac,

Pool

#SD8421,

6.00%,

4/1/2054

766,676

785,515

Freddie

Mac,

Pool

#SD8431,

5.50%,

5/1/2054

853,589

863,978

Freddie

Mac,

Pool

#SD8453,

5.50%,

8/1/2054

1,759,529

1,780,130

Freddie

Mac,

Pool

#SD8516,

6.00%,

3/1/2055

1,338,525

1,369,406

Freddie

Mac

Pool,

5.00%,

11/1/2054

931,855

927,993

Freddie

Mac

Pool,

5.00%,

5/1/2055

973,947

969,573

Freddie

Mac

Pool,

5.00%,

10/1/2055

998,331

993,771

Fannie

Mae

Pool,

5.00%,

2/1/2055

1,435,210

1,429,102

United

States

Treasury

Note/Bond,

4.38%,

11/30/2028

3,000,000

3,066,328

Total

U.S.

Government

&

Agencies

(Cost $82,905,756)

82,890,722

COLLATERALIZED

LOAN

OBLIGATIONS

—

2.57%

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

21-25A,

Class

A2R,

5.11%,

1/15/2035

(TSFR3M

+

120bps)

(a) (b) 1,000,000

998,054

Elmwood

CLO

Ltd.,

Series

2025-1A,

Class

A,

5.43%,

4/22/2038

(TSFR3M

+

115.0bps)

(a) (b) 500,000

498,454

ICG

US

CLO

Ltd.,

Series

2014-1A,

Class

A1,

5.35%,

10/20/2034

(TSFR3M

+

146.2bps)

(a) (b) 1,000,000

1,000,484

Morgan

Stanley

Eaton

Vance

CLO

,

Series

2022-16A,

Class

A2,

5.56%,

4/15/2035

(TSFR3M

+

165.0bps)

(a) (b) 1,000,000

1,000,386

Oaktree

CLO

Ltd.,

Series

2019-3,

5.26%,

1/20/2038

(TSFR3M

+

138.0bps)

(a) (b) 1,000,000

1,000,966

Sound

Point

CLO

VIII-R

Ltd.,

Series

2015-1RA,

Class

BR,

5.72%,

4/15/2030

(TSFR3M

+

181.2bps)

(a) (b) 241,126

241,154

Total

Collateralized

Loan

Obligations

(Cost $4,741,126)

4,739,498

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Total

Investments

—

95.50%

(Cost

$175,916,836)

$

176,132,267

Other

Assets

in

Excess

of

Liabilities

—

4.50%

8,292,315

Net

Assets

—

100.00%

$

184,424,582

(a) Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933. The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

total

fair

value

of

these

securities

as

October

31,

2025

was

$40,213,240,

representing

21.81%

of

net

assets.

(b) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

October

31,

2025. For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

MTN

-

Medium

Term

Note

H15T5Y

-

Year

Treasury

Rate

SOFR

-

Secured

Overnight

Financing

Rate

TSFR3M

-

Secured

Overnight

Financing

Rate

(3

Month)

Yorktown

Growth

Fund

Schedule

of

Investments

October

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

99.57%

Communications

—

2.61%

Cogent

Communications

Holdings

Inc.

5,850

$

241,312

Lyft,

Inc.,

Class

A

(a) 9,300

190,278

MakeMyTrip

Ltd.

(a) 2,150

172,000

Naspers

Ltd.,

Class

N

-

ADR

46,000

646,760

Reddit,

Inc.,

Class

A

(a) 2,650

553,718

Seek

Ltd.

-

ADR

(a) 9,800

345,352

Uber

Technologies,

Inc.

(a) 4,000

386,000

2,535,420

Consumer

Discretionary

—

9.53%

Asics

Corporation

-

ADR

(a) 24,000

611,616

Axon

Enterprise,

Inc.

(a) 1,875

1,372,931

Compagnie

Financiere

Richemont

SA

-

ADR

25,900

511,007

Copart,

Inc.

(a) 9,400

404,294

Dorman

Products,

Inc.

(a) 3,700

496,281

Dutch

Bros,

Inc.

(a) 10,300

572,062

Evolution

AB

-

ADR

(a) 2,300

153,748

FirstCash

Holdings,

Inc.

(a) 2,300

364,550

Genius

Sports

Ltd.

(a) 62,700

706,002

Life

Time

Group

Holdings,

Inc.

(a) 8,500

210,205

Lithia

Motors,

Inc.,

Class

A

2,100

659,568

Modine

Manufacturing

Co.

(a) 4,150

635,822

MonotaRO

Co.,

Ltd.

-

ADR

(a) 29,500

412,115

PulteGroup,

Inc.

4,000

479,480

Ralph

Lauren

Corp.

700

223,762

Rush

Street

Interactive,

Inc.

(a) 26,900

456,224

Sportradar

Group

AG

(a) 28,500

729,885

Visteon

Corp.

(a) 2,000

214,320

9,213,872

Consumer

Staples

—

2.49%

Casey's

General

Stores,

Inc.

1,200

615,828

Hims

&

Hers

Health,

Inc.

(a) 7,750

352,315

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a) 1,600

193,296

Performance

Food

Group

Co.

(a) 5,630

544,646

Sprouts

Farmers

Market,

Inc.

(a) 4,350

343,476

Tootsie

Roll

Industries,

Inc.

(a) 10,300

363,487

2,413,048

Energy

—

0.80%

Texas

Pacific

Land

Corp.

452,822

Transportadora

de

Gas

del

Sur

SA

-

ADR

(a) 10,300

320,639

773,461

Financials

—

15.05%

Applied

Blockchain,

Inc.

(a) 30,350

1,051,931

Customers

Bancorp,

Inc.

(a) 4,850

325,532

Dave

Inc

(a) 2,200

526,504

Deutsche

Boerse

AG

-

ADR

(a) 31,000

784,300

FTAI

Aviation

Ltd.

5,800

1,002,820

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Shares

Fair

Value

Futu

Holdings

Ltd.

-

ADR

(a) 3,500

$

696,640

Hagerty,

Inc.

(a) 20,100

225,522

Hamilton

Insurance

Group

Ltd

(a) 9,600

227,232

Hamilton

Lane,

Inc.,

Class

A

3,300

376,068

HCI

Group,

Inc.

(a) 1,800

367,218

Houlihan

Lokey,

Inc.,

Class

A

3,850

689,458

Interactive

Brokers

Group,

Inc.,

Class

A

12,400

872,464

Kinsale

Capital

Group,

Inc.

1,300

519,311

KKR

&

Co.,

Inc.

7,200

851,976

LPL

Financial

Holdings,

Inc.

2,990

1,128,157

Old

National

Bancorp

9,400

192,042

Patria

Investments

Ltd.

(a) 34,000

495,380

Piper

Jaffray

Cos.

1,060

338,416

Raymond

James

Financial,

Inc.

6,450

1,023,421

RenaissanceRe

Holdings

Ltd.

1,450

368,430

Stifel

Financial

Corp.

4,900

580,307

Stock

Yards

Bancorp,

Inc.

(a) 8,100

526,662

StoneX

Group,

Inc.

(a) 7,200

661,824

Synchrony

Financial

6,000

446,280

Western

Alliance

Bancorp

3,700

286,195

14,564,090

Health

Care

—

6.90%

Argenx

SE

-

ADR

(a) 425

347,863

Axsome

Therapeutics,

Inc.

(a) 1,700

229,483

Catalyst

Pharmaceuticals,

Inc.

(a) 17,300

367,971

Ensign

Group,

Inc.

(The)

1,400

252,140

Globus

Medical,

Inc.,

Class

A

(a) 6,400

386,496

Insmed,

Inc.

(a) 3,750

711,000

Krystal

Biotech,

Inc.

(a) 2,000

395,020

Lonza

Group

AG

-

ADR

(a) 4,600

317,262

Medpace

Holdings,

Inc.

(a) 1,800

1,052,838

Neurocrine

Biosciences,

Inc.

(a) 2,250

322,222

Penumbra,

Inc.

(a) 3,000

682,110

Radnet,

Inc.

(a) 5,350

406,547

Sonova

Holding

AG

-

ADR

(a) 6,780

368,425

TG

Therapeutics,

Inc.

(a) 10,650

370,407

TransMedics

Group

Inc

(a) 3,500

460,390

6,670,174

Industrials

—

29.39%

API

Group

Corp.

(a) 15,150

557,823

Ashtead

Group

PLC

-

ADR

2,050

553,479

BWX

Technologies,

Inc.

4,700

1,003,967

Camtek

Ltd.

(a) 5,200

643,864

CECO

Environmental

Corp.

(a) 9,700

474,233

Chart

Industries,

Inc.

(a) 1,550

309,411

Clean

Harbors,

Inc.

(a) 1,450

305,240

Comfort

Systems

USA,

Inc.

3,500

3,379,530

Core

&

Main,

Inc.,

Class

A

(a) 13,300

693,994

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Shares

Fair

Value

Corporation

America

Airports

S.A.

(a) 13,600

$

301,376

Curtiss-Wright

Corp.

1,400

834,022

Disco

Corp.

-

ADR

(a) 23,050

765,721

DSV

AS

-

ADR

(a) 3,850

408,601

Dycom

Industries,

Inc.

(a) 1,476

424,778

Embraer

SA

-

ADR

(a) 4,200

270,816

ESCO

Technologies,

Inc.

1,125

246,904

Fluidra

SA

15,600

451,830

Franklin

Electric

Co.,

Inc.

6,000

568,620

Grupo

Aeroportuario

del

Sureste

S.A.B.

de

C.V.

-

ADR

(a) 1,390

420,253

HEICO

Corp.

1,280

406,746

Herc

Holdings,

Inc.

2,300

326,715

IES

Holdings,

Inc.

(a) 5,400

2,116,152

Ingersoll

Rand,

Inc.

9,700

740,401

Installed

Building

Products,

Inc.

1,300

322,699

ITT,

Inc.

3,300

610,731

Karman

Holdings,

Inc.

(a) 3,350

282,204

Korn/Ferry

International

5,700

368,790

Leonardo

DRS,

Inc.

(a) 7,900

288,824

Loar

Holdings,

Inc.

(a) 3,000

237,390

MasTec,

Inc.

(a) 2,200

449,152

Mueller

Industries,

Inc.

7,800

825,786

Primoris

Services

Corp.

4,100

580,232

Prysmian

SpA

(a) 14,400

1,491,304

Prysmian

SpA

-

ADR

(a) 15,000

777,300

RBC

Bearings,

Inc.

(a) 1,000

428,530

Regal

Rexnord

Corp.

2,300

324,047

Rollins,

Inc.

7,300

420,553

Saia,

Inc.

(a) 1,840

538,200

SPX

Technologies,

Inc.

(a) 2,700

604,503

Teledyne

Technologies,

Inc.

(a) 900

474,138

TopBuild

Corp.

(a) 1,300

549,224

WESCO

International,

Inc.

3,600

934,308

Woodward,

Inc.

2,750

720,802

Xometry,

Inc.,

Class

A

(a) 11,050

538,024

Zurn

Water

Solutions,

Inc.

9,750

459,322

28,430,539

Materials

—

3.45%

Eagle

Materials,

Inc.

1,650

350,328

Givaudan

SA

-

ADR

(a) 5,100

419,985

Gold

Fields

Ltd.

-

ADR

22,750

873,827

Hawkins,

Inc.

3,700

524,845

Kingspan

Group

PLC

-

ADR

(a) 4,650

347,262

Simpson

Manufacturing

Co.,

Inc.

1,900

335,350

United

States

Lime

&

Minerals,

Inc.

4,125

483,533

3,335,130

Real

Estate

—

1.45%

CBRE

Group,

Inc.,

Class

A

(a) 2,700

411,561

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Shares

Fair

Value

FirstService

Corp.

2,300

$

366,643

Hannon

Armstrong

Sustainable

Infrastructure

11,550

320,051

McGrath

RentCorp

(a) 2,850

306,204

1,404,459

Technology

—

26.88%

Accelerant

Holdings

(a) 16,300

189,406

Advantest

Corp.

-

ADR

(a) 5,400

810,000

Arista

Networks,

Inc.

(a) 9,800

1,545,362

ASM

International

NV

-

ADR

(a) 1,070

693,948

Bentley

Systems,

Inc.,

Class

B

6,100

310,063

Blackline,

Inc.

(a) 5,500

314,875

Celestica,

Inc.

(a) 2,450

843,976

Chime

Financial,

Inc.

(a) 14,200

243,814

Ciena

Corp.

(a) 1,650

313,368

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a) 11,650

214,476

Commvault

Systems,

Inc.

(a) 1,650

229,713

CyberArk

Software

Ltd.

(a) 3,100

1,614,418

Datadog,

Inc.,

Class

A

(a) 4,000

651,240

Descartes

Systems

Group,

Inc.

(The)

(a) 8,200

723,322

Digi

International,

Inc.

(a) 13,700

502,516

Dlocal

Ltd.,

Class

A

(a) 41,500

607,975

Doximity,

Inc.,

Class

A

(a) 7,200

475,200

Dynatrace,

Inc.

(a) 10,600

536,042

ExlService

Holdings,

Inc.

(a) 12,100

473,110

Fabrinet

(a) 3,800

1,674,166

Figure

Technology

Solutions,

Inc.

(a) 5,000

198,000

Fortinet,

Inc.

(a) 4,950

427,828

Gitlab

Inc,

Class

A

(a) 4,400

214,500

Guidewire

Software,

Inc.

(a) 1,400

327,096

InterDigital,

Inc.

1,450

524,842

KLA

Corp.

890

1,075,779

Klaviyo,

Inc.,

Class

A

(a) 11,850

308,100

Life360,

Inc.

(a) 9,000

888,390

Monolithic

Power

Systems,

Inc.

650

653,250

Netskope,

Inc.

(a) 13,400

316,776

Oddity

Tech

Ltd.

(a) 5,650

255,663

Okta,

Inc.

(a) 4,100

375,273

Paycom

Software,

Inc.

2,100

392,889

Paylocity

Holdings

Corp.

(a) 3,300

466,191

Paymentus

Holdings,

Inc.,

Class

A

(a) 10,800

308,880

PTC,

Inc.

(a) 2,800

555,912

Qualys,

Inc.

(a) 4,700

579,322

RingCentral,

Inc.,

Class

A

(a) 13,050

393,066

SEMrush

Holdings

Inc

(a) 32,500

235,950

SentinelOne,

Inc.,

Class

A

(a) 16,600

296,310

Sezzle

Inc

(a) 3,950

258,922

SPS

Commerce,

Inc.

(a) 4,330

356,099

Super

Micro

Computer,

Inc.

(a) 11,250

584,550

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Shares

Fair

Value

SYNNEX

Corp.

2,700

$

422,523

TDK

Corp.

-

ADR

(a) 37,500

669,563

Toast,

Inc.,

Class

A

(a) 7,600

274,664

Tyler

Technologies,

Inc.

(a) 1,650

785,829

Varonis

Systems,

Inc.

(a) 5,950

209,619

Veeva

Systems,

Inc.,

Class

A

(a) 1,650

480,480

Zeta

Global

Holdings

Corp.,

Class

A

(a) 10,650

191,594

25,994,850

Utilities

—

1.02%

Pampa

Energia

SA

-

ADR

(a) 7,200

617,760

SSE

PLC

-

ADR

14,400

366,624

984,384

Total

Common

Stocks

(Cost $56,724,646)

96,319,427

Total

Investments

—

99.57%

(Cost

$56,724,646)

96,319,427

Other

Assets

in

Excess

of

Liabilities

—

0.43%

413,395

Net

Assets

—

100.00%

$

96,732,822

(a) Non-income

producing

security.

ADR

-

American

Depositary

Receipt

Yorktown

Small

Cap

Fund

Schedule

of

Investments

October

31,

2025

-

(Unaudited)

+

Shares

Fair

Value

COMMON

STOCKS

—

98.24%

Communications

—

1.85%

Grab

Holdings

Ltd.,

Class

A

(a) 52,000

$

312,520

Upwork,

Inc.

(a) 21,900

349,086

661,606

Consumer

Discretionary

—

14.55%

Axon

Enterprise,

Inc.

(a) 775

567,478

Boot

Barn

Holdings,

Inc.

(a) 2,550

483,607

Boyd

Gaming

Corp.

(a) 2,700

210,249

Bright

Horizons

Family

Solutions,

Inc.

(a) 2,240

244,675

Cavco

Industries,

Inc.

(a) 800

423,840

Churchill

Downs,

Inc.

2,850

282,720

Dorman

Products,

Inc.

(a) 1,800

241,434

DraftKings,

Inc.,

Class

A

(a) 9,960

304,677

Driven

Brands

Holdings,

Inc.

(a) 14,850

213,098

FirstCash

Holdings,

Inc.

(a) 2,650

420,025

Group

Automotive,

Inc.

(a) 440

174,918

Interface,

Inc.

7,225

179,902

NIQ

Global

Intelligence

plc

(a) 17,550

217,620

Rush

Street

Interactive,

Inc.

(a) 12,500

212,000

SharkNinja,

Inc.

(a) 3,500

299,250

Sportradar

Group

AG

(a) 13,600

348,296

Texas

Roadhouse,

Inc.

1,330

217,561

Universal

Technical

Institute,

Inc.

(a) 5,750

170,890

5,212,240

Consumer

Staples

—

4.66%

BJ's

Wholesale

Club

Holdings,

Inc.

(a) 2,390

210,941

Celsius

Holdings,

Inc.

(a) 4,750

286,093

Chefs'

Warehouse,

Inc.

(The)

(a) 7,050

415,950

elf

Beauty,

Inc.

(a) 2,650

323,671

Performance

Food

Group

Co.

(a) 2,250

217,665

Vital

Farms,

Inc.

(a) 6,600

216,810

1,671,130

Energy

—

2.41%

Kodiak

Gas

Services

Inc

7,500

276,600

Par

Pacific

Holdings,

Inc.

(a) 9,900

395,802

Range

Resources

Corp.

5,400

191,970

864,372

Financials

—

18.73%

Bancorp,

Inc.

(The)

(a) 4,300

281,091

Brookfield

Asset

Management

Ltd.

5,637

304,736

Enova

International,

Inc.

(a) 2,250

269,033

Freedom

Holding

Corp.

(a) 3,700

568,542

Goosehead

Insurance,

Inc.,

Class

A

(a) 5,050

346,784

Hamilton

Lane,

Inc.,

Class

A

2,300

262,108

Kinsale

Capital

Group,

Inc.

660

263,650

LPL

Financial

Holdings,

Inc.

2,300

867,813

Marex

Group

PLC

(a) 5,900

179,065

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Shares

Fair

Value

Merchants

Bancorp

8,800

$

274,472

Palomar

Holdings,

Inc.

(a) 2,000

228,020

Robinhood

Markets,

Inc.,

Class

A

(a) 12,300

1,805,394

Seacoast

Banking

Corp.

of

Florida

9,250

280,275

SmartFinancial,

Inc.

(a) 6,750

236,047

StoneX

Group,

Inc.

(a) 3,300

303,336

Velocity

Financial,

Inc.

(a) 13,000

242,060

6,712,426

Health

Care

—

7.92%

ACADIA

Pharmaceuticals,

Inc.

(a) 12,050

273,535

Ensign

Group,

Inc.

(The)

2,100

378,210

Guardant

Health,

Inc.

(a) 5,550

516,261

Insmed,

Inc.

(a) 5,850

1,109,160

Progyny,

Inc.

(a) 11,500

215,165

Rhythm

Pharmaceuticals

Inc

(a) 3,050

346,968

2,839,299

Industrials

—

19.13%

AeroVironment,

Inc.

(a) 1,994

737,601

AZZ,

Inc.

3,750

374,437

Badger

Meter,

Inc.

1,650

297,742

Cactus,

Inc.,

Class

A

6,950

306,981

Construction

Partners,

Inc.,

Class

A

(a) 4,800

548,880

CSW

Industrials,

Inc.

1,300

325,546

Herc

Holdings,

Inc.

1,700

241,485

IES

Holdings,

Inc.

(a) 940

368,367

Installed

Building

Products,

Inc.

1,600

397,168

Itron,

Inc.

(a) 3,000

300,990

Janus

International

Group,

Inc.

(a) 28,500

273,600

Kratos

Defense

&

Security

Solutions,

Inc.

(a) 3,100

280,860

Mueller

Industries,

Inc.

6,650

704,036

Napco

Security

Technologies

Inc

(a) 9,900

437,085

Primoris

Services

Corp.

2,050

290,116

RBC

Bearings,

Inc.

(a) 970

415,674

V2X,

Inc.

(a) 5,400

308,286

WESCO

International,

Inc.

950

246,554

6,855,408

Materials

—

4.18%

Balchem

Corp.

1,450

222,415

Hawkins,

Inc.

1,450

205,683

Ramaco

Resources,

Inc.,

Class

A

19,150

581,394

Tecnoglass,

Inc.

(a) 4,050

241,502

United

States

Lime

&

Minerals,

Inc.

2,100

246,162

1,497,156

Real

Estate

—

0.69%

Hannon

Armstrong

Sustainable

Infrastructure

9,000

249,390

Technology

—

24.12%

ACM

Research,

Inc.,

Class

A

(a) 13,300

551,418

Alignment

Healthcare,

Inc.

(a) 12,300

207,378

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

October

31,

2025

-

(Unaudited)

Shares

Fair

Value

Allegro

Microsystems,

Inc.

(a) 11,300

$

338,096

Asana

Inc,

Class

A

(a) 19,800

278,190

Bill.com

Holdings,

Inc.

(a) 5,550

275,613

Calix,

Inc.

(a) 9,000

615,780

CyberArk

Software

Ltd.

(a) 950

494,741

Dlocal

Ltd.,

Class

A

(a) 19,200

281,280

ExlService

Holdings,

Inc.

(a) 6,000

234,600

Globant

SA

(a) 4,700

289,426

IMPINJ,

INC.

(a) 1,550

313,348

Intapp,

Inc.

(a) 6,600

253,308

IREN

Ltd.

(a) 9,450

574,088

NCR

Atleos

Corp.

(a) 10,400

383,760

Nova

Ltd.

(a) 1,800

620,352

Pagseguro

Digital

Ltd.,

Class

A

(a) 37,800

362,502

Parsons

Corp.

(a) 3,400

282,676

Payoneer

Global,

Inc.

(a) 40,700

235,653

Rambus,

Inc.

(a) 7,000

719,880

SEMrush

Holdings

Inc

(a) 25,900

188,034

Super

Micro

Computer,

Inc.

(a) 8,700

452,052

TaskUS,

Inc.,

Class

A

(a) 19,800

264,132

Verra

Mobility

Corp.

(a) 10,000

232,100

ZoomInfo

Technologies,

Inc.,

Class

A

(a) 17,300

194,106

8,642,513

Total

Common

Stocks

(Cost $23,957,222)

35,205,540

Total

Investments

—

98.24%

(Cost

$23,957,222)

35,205,540

Other

Assets

in

Excess

of

Liabilities

—

1.76%

629,758

Net

Assets

—

100.00%

$

35,835,298

(a) Non-income

producing

security.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** American Pension Investors Trust

- **b. Investment Company Act file number:** 811-04262

- **c. CIK number of Registrant:** 0000764859

- **d. LEI of Registrant:** 549300XN7GOBVVCYXP64

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2303 Yorktown Ave.

  - **City:** Lynchburg

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 24501

  - **Telephone number:** 434-846-1361

**Item A.2. Information about the Series.**

- **a. Name of Series:** YORKTOWN GROWTH FUND

- **b. EDGAR series identifier (if any):** S000008424

- **c. LEI of Series:** 5493005TIRZAZOWP2K56

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $96869578.02

**Total Liabilities:** $165653.59

**Net Assets:** $96703924.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000023126 | 2.52%                | 1.59%                | 1.14%                |
| Class ID C000023127 | -3.28%               | -4.18%               | -4.53%               |
| Class ID C000127241 | 2.59%                | 1.65%                | 1.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-161778.45              | $2589307.79                                |
| Month 2  | $132383.78               | $1485249.28                                |
| Month 3  | $-802281.07              | $2079824.17                                |

### Schedule of Portfolio Investments

| Name                                           | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Clearwater Analytics Holdings Inc              | Clearwater Analytics Holdings, Inc.                       | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11650 | NS      | $214476.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer S.A.                                   | Embraer SA                                                | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |      4200 | NS      | $270816.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                            | Axon Enterprise, Inc.                                     | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      1875 | NS      | $1372931.25   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corporation                 | Texas Pacific Land Corp.                                  | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       480 | NS      | $452822.40    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                                | CBRE Group, Inc.                                          | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      2700 | NS      | $411561.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                       | Saia, Inc.                                                | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      1840 | NS      | $538200.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co.                       | Modine Manufacturing Co.                                  | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      4150 | NS      | $635821.50    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                           | Chart Industries, Inc.                                    | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      1550 | NS      | $309411.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Xometry Inc                                    | Xometry, Inc.                                             | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |     11050 | NS      | $538024.50    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group, Inc.                                | HCI Group, Inc.                                           | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |      1800 | NS      | $367218.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                              | Hamilton Lane, Inc.                                       | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      3300 | NS      | $376068.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| DLocal Limited                                 | Dlocal Ltd./Uruguay                                       | CUSIP: G29018101<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     41500 | NS      | $607975.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Sezzle Inc.                                    | Sezzle Inc                                                | CUSIP: 78435P105<br>LEI: 9845000CA64541AE3I35 | Long             | EC               | CORP              | US        |      3950 | NS      | $258922.50    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                                    | Datadog, Inc.                                             | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      4000 | NS      | $651240.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| TDK Corp.                                      | TDK Corp.                                                 | CUSIP: 872351408<br>LEI: 3538005O8WNU39U8NX03 | Long             | EC               | CORP              | JP        |     37500 | NS      | $669562.50    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMrush Holdings Inc.                          | SEMrush Holdings Inc                                      | CUSIP: 81686C104<br>LEI: 254900WQEX0OLGK16D27 | Long             | EC               | CORP              | US        |     32500 | NS      | $235950.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Seek Ltd.                                      | SEEK Ltd.                                                 | CUSIP: 81572A105<br>LEI: 549300209NEKXBC8QO27 | Long             | EC               | CORP              | AU        |      9800 | NS      | $345352.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Corporacion America Airports SA                | Corporation America Airports S.A.                         | CUSIP: L1995B107<br>LEI: 959800AWF26KMY2SXF71 | Long             | EC               | CORP              | LU        |     13600 | NS      | $301376.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.                   | Raymond James Financial, Inc.                             | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      6450 | NS      | $1023421.50   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Transportadora de Gas del Sur S.A.             | Transportadora de Gas del Sur S.A.                        | CUSIP: 893870204<br>LEI: 5299002TRC7IFQYSW596 | Long             | EC               | CORP              | AR        |     10300 | NS      | $320639.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc                         | Hims & Hers Health, Inc.                                  | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |      7750 | NS      | $352315.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Futu Holdings Ltd.                             | Futu Holdings Ltd                                         | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |      3500 | NS      | $696640.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                                     | Korn/Ferry International                                  | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |      5700 | NS      | $368790.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Hagerty Inc                                    | Hagerty, Inc.                                             | CUSIP: 405166109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20100 | NS      | $225522.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Prysmian S.p.A.                                | Prysmian SpA                                              | CUSIP: 74440L106<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |     15000 | NS      | $777300.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corporation                      | Regal Rexnord Corp.                                       | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      2300 | NS      | $324047.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie Financiere Richemont Sa              | Cie Financiere Richemont SA                               | CUSIP: 204319107<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     25900 | NS      | $511007.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc                  | Interactive Brokers Group, Inc.                           | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     12400 | NS      | $872464.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluidra SA                                     | Fluidra SA                                                | CUSIP: E52619108<br>LEI: 95980020140005026620 | Long             | EC               | CORP              | ES        |     15600 | NS      | $451829.82    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                       | Western Alliance Bancorp                                  | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |      3700 | NS      | $286195.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                               | SPS Commerce, Inc.                                        | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      4330 | NS      | $356099.20    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd.                             | Genius Sports Ltd.                                        | CUSIP: G3934V109<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     62700 | NS      | $706002.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc                | Installed Building Products, Inc.                         | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      1300 | NS      | $322699.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                             | InterDigital, Inc.                                        | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |      1450 | NS      | $524842.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                       | Lyft, Inc.                                                | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |      9300 | NS      | $190278.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies, Inc.                         | SPX Technologies, Inc.                                    | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2700 | NS      | $604503.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Tootsie Roll Industries Inc.                   | Tootsie Roll Industries, Inc.                             | CUSIP: 890516107<br>LEI: 529900SBKOV9XX4M4Q35 | Long             | EC               | CORP              | US        |     10300 | NS      | $363487.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cyberark Software Ltd.                         | CyberArk Software Ltd.                                    | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      3100 | NS      | $1614418.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Figure Technology Solutions Inc.               | Figure Technology Solutions, Inc.                         | CUSIP: 349381103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $198000.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Sureste S.A.B. de C.V. | Grupo Aeroportuario del Sureste SAB de CV                 | CUSIP: 40051E202<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |      1390 | NS      | $420252.60    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Corporation         | Zurn Water Solutions, Inc.                                | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |      9750 | NS      | $459322.50    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors, Inc.                            | Clean Harbors, Inc.                                       | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |      1450 | NS      | $305239.50    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc.                          | BWX Technologies, Inc.                                    | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |      4700 | NS      | $1003967.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                                 | API Group Corp.                                           | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     15150 | NS      | $557823.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corporation                            | Visteon Corp.                                             | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |      2000 | NS      | $214320.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Group PLC                              | Ashtead Group PLC                                         | CUSIP: 045055100<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |      2050 | NS      | $553479.50    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                     | Neurocrine Biosciences Inc.                               | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      2250 | NS      | $322222.50    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Incorporated                   | Bentley Systems, Inc.                                     | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |      6100 | NS      | $310063.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc.                      | Super Micro Computer, Inc.                                | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |     11250 | NS      | $584550.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| McGrath RentCorp.                              | McGrath RentCorp                                          | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |      2850 | NS      | $306204.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc.                           | Eagle Materials, Inc.                                     | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      1650 | NS      | $350328.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                              | FTAI Aviation Ltd.                                        | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      5800 | NS      | $1002820.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co.                     | Performance Food Group Co.                                | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |      5630 | NS      | $544646.20    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corporation                   | Stifel Financial Corp.                                    | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      4900 | NS      | $580307.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                      | KLA-Tencor Corp.                                          | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       890 | NS      | $1075778.60   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp.                             | Ralph Lauren Corp.                                        | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |       700 | NS      | $223762.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonova Holding AG                              | Sonova Holding AG                                         | CUSIP: 83569C102<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |      6780 | NS      | $368425.20    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                              | Loar Holdings, Inc.                                       | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3000 | NS      | $237390.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                                | Core & Main, Inc.                                         | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13300 | NS      | $693994.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackline Inc                                  | Blackline, Inc.                                           | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               | CORP              | US        |      5500 | NS      | $314875.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                           | Applied Blockchain, Inc.                                  | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |     30350 | NS      | $1051931.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                   | Fortinet, Inc.                                            | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      4950 | NS      | $427828.50    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                                     | Qualys, Inc.                                              | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      4700 | NS      | $579322.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                               | StoneX Group, Inc.                                        | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |      7200 | NS      | $661824.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                        | ITT, Inc.                                                 | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |      3300 | NS      | $610731.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SentinelOne Inc                                | SentinelOne, Inc.                                         | CUSIP: 81730H109<br>LEI: 984500DCD44DBF954221 | Long             | EC               | CORP              | US        |     16600 | NS      | $296310.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Givaudan SA                                    | Givaudan SA                                               | CUSIP: 37636P108<br>LEI: 213800SVRMQA1TD91D41 | Long             | EC               | CORP              | CH        |      5100 | NS      | $419985.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Incorporated                     | Lithia Motors, Inc.                                       | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |      2100 | NS      | $659568.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                            | Synchrony Financial                                       | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      6000 | NS      | $446280.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc                            | Varonis Systems, Inc.                                     | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |      5950 | NS      | $209618.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM International N.V.                         | ASM International SE                                      | CUSIP: N07045102<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      1070 | NS      | $693948.50    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                                      | Toast, Inc.                                               | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |      7600 | NS      | $274664.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Insurance Group Ltd.                  | Hamilton Insurance Group Ltd                              | CUSIP: G42706104<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               | CORP              | US        |      9600 | NS      | $227232.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc.                  | Catalyst Pharmaceuticals, Inc.                            | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     17300 | NS      | $367971.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Oddity Tech Ltd.                               | Oddity Tech Ltd.                                          | CUSIP: M7518J104<br>LEI: 254900QH12XZS53G0V57 | Long             | EC               | CORP              | IL        |      5650 | NS      | $255662.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp.                        | Primoris Services Corp.                                   | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      4100 | NS      | $580232.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corporation                              | Ciena Corp.                                               | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      1650 | NS      | $313368.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                  | KKR & Co. LP                                              | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      7200 | NS      | $851976.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Pulte Group Inc                                | PulteGroup, Inc.                                          | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4000 | NS      | $479480.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Netskope Inc.                                  | Netskope, Inc.                                            | CUSIP: 64119N608<br>LEI: 254900CS525VJG6KO570 | Long             | EC               | CORP              | US        |     13400 | NS      | $316776.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc.                                  | Penumbra, Inc.                                            | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |      3000 | NS      | $682110.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc.                   | Descartes Systems Group, Inc./The                         | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |      8200 | NS      | $723322.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc.                       | Axsome Therapeutics, Inc.                                 | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |      1700 | NS      | $229483.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                              | Veeva Systems, Inc.                                       | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      1650 | NS      | $480480.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Life360 Inc.                                   | Life360, Inc.                                             | CUSIP: 532206109<br>LEI: 254900VO9VDOQBQAHF07 | Long             | EC               | CORP              | US        |      9000 | NS      | $888390.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Huntington Conservative Deposit Account                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    490645 | PA      | $490644.69    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                    | RenaissanceRe Holdings Ltd.                               | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |      1450 | NS      | $368430.50    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Zeta Global Holdings Corp                      | Zeta Global Holdings Corp.                                | CUSIP: 98956A105<br>LEI: 2549008P9XSJQHGQ9S27 | Long             | EC               | CORP              | US        |     10650 | NS      | $191593.50    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Klaviyo Inc                                    | Klaviyo, Inc.                                             | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11850 | NS      | $308100.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc.             | UNITED STATES LIME & MINERAL INC.                         | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |      4125 | NS      | $483532.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                      | Kinsale Capital Group, Inc.                               | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      1300 | NS      | $519311.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc.                  | Monolithic Power Systems, Inc.                            | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       650 | NS      | $653250.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Markets Inc                    | Sprouts Farmers Market, Inc.                              | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |      4350 | NS      | $343476.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                     | Copart, Inc.                                              | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |      9400 | NS      | $404294.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.                      | WESCO International, Inc.                                 | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      3600 | NS      | $934308.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc.                                      | Okta, Inc.                                                | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |      4100 | NS      | $375273.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                          | Uber Technologies, Inc.                                   | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      4000 | NS      | $386000.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution AB                                   | Evolution Game Group AB                                   | CUSIP: 30051E104<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |      2300 | NS      | $153747.87    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Topbuild Corporation                           | TopBuild Corp.                                            | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      1300 | NS      | $549224.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                        | PTC, Inc.                                                 | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      2800 | NS      | $555912.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Accelerant Holdings                            | Accelerant Holdings                                       | CUSIP: G00894108<br>LEI: 529900G48AUHCKJ6EU64 | Long             | EC               | CORP              | KY        |     16300 | NS      | $189406.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                            | TG Therapeutics, Inc.                                     | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |     10650 | NS      | $370407.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc.                       | ExlService Holdings, Inc.                                 | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |     12100 | NS      | $473110.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc.                          | Medpace Holdings, Inc.                                    | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      1800 | NS      | $1052838.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries, Inc.                         | Dycom Industries, Inc.                                    | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      1476 | NS      | $424778.04    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Leonardo DRS Inc                               | Leonardo DRS Inc                                          | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |      7900 | NS      | $288824.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                       | Fabrinet                                                  | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |      3800 | NS      | $1674166.00   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                            | Paycom Software, Inc.                                     | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      2100 | NS      | $392889.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc                       | Franklin Electric Co., Inc.                               | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |      6000 | NS      | $568620.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                                   | Doximity, Inc.                                            | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7200 | NS      | $475200.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc.                  | Simpson Manufacturing Co., Inc.                           | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |      1900 | NS      | $335350.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc                    | Rush Street Interactive, Inc.                             | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26900 | NS      | $456224.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc.                                  | Woodward, Inc.                                            | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |      2750 | NS      | $720802.50    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp.                           | Curtiss-Wright Corp.                                      | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      1400 | NS      | $834022.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                             | Ingersoll Rand, Inc.                                      | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |      9700 | NS      | $740401.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantest Corp.                                | Advantest Corp.                                           | CUSIP: 00762U200<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |      5400 | NS      | $810000.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV AS                                         | DSV PANALPINA A/S                                         | CUSIP: 26251A108<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |      3850 | NS      | $408600.50    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc.                         | Commvault Systems, Inc.                                   | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      1650 | NS      | $229713.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corporation                  | Paylocity Holdings Corp.                                  | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |      3300 | NS      | $466191.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc.                        | Tyler Technologies, Inc.                                  | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      1650 | NS      | $785829.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastec, Inc.                                   | MasTec, Inc.                                              | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |      2200 | NS      | $449152.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp, Inc.                        | Customers Bancorp, Inc.                                   | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |      4850 | NS      | $325532.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                  | Dynatrace, Inc.                                           | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     10600 | NS      | $536042.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                        | Piper Jaffray Cos.                                        | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      1060 | NS      | $338415.60    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp.                             | FirstService Corp.                                        | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |      2300 | NS      | $366643.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                               | Ensign Group, Inc./The                                    | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      1400 | NS      | $252140.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica Inc.                                 | Celestica, Inc.                                           | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |      2450 | NS      | $843976.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Ltd.                                | MakeMyTrip Ltd.                                           | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | IN        |      2150 | NS      | $172000.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Med Inc                                 | Globus Medical, Inc.                                      | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |      6400 | NS      | $386496.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                               | RBC Bearings, Inc.                                        | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $428530.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc                   | Life Time Group Holdings, Inc.                            | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8500 | NS      | $210205.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Chime Financial Inc.                           | Chime Financial, Inc.                                     | CUSIP: 16935C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14200 | NS      | $243814.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp.                       | CECO Environmental Corp.                                  | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |      9700 | NS      | $474233.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                           | Old National Bancorp                                      | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |      9400 | NS      | $192042.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc.                         | TransMedics Group Inc                                     | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |      3500 | NS      | $460390.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                      | Teledyne Technologies, Inc.                               | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |       900 | NS      | $474138.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TD Synnex Corp                                 | TD SYNNEX Corp.                                           | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      2700 | NS      | $422523.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc.                        | Mueller Industries, Inc.                                  | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      7800 | NS      | $825786.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc.                           | Dorman Products, Inc.                                     | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |      3700 | NS      | $496281.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc      | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     11550 | NS      | $320050.50    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros Inc                                 | Dutch Bros Inc.                                           | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10300 | NS      | $572062.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Herc Holdings Inc                              | HERC HOLDINGS IN                                          | CUSIP: 42704L104<br>LEI: 549300TP80QLITMSBP82 | Long             | EC               | CORP              | US        |      2300 | NS      | $326715.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Pampa Energia SA                               | Pampa Energia SA                                          | CUSIP: 697660207<br>LEI: 254900QNIK0CVURGML24 | Long             | EC               | CORP              | AR        |      7200 | NS      | $617760.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                     | Insmed, Inc.                                              | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |      3750 | NS      | $711000.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc.                            | Houlihan Lokey, Inc.                                      | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |      3850 | NS      | $689458.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                         | Guidewire Software, Inc.                                  | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |      1400 | NS      | $327096.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings, Inc.           | COGENT COMMUNICATIONS HOLDINGS INC.                       | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5850 | NS      | $241312.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Limited                                | Naspers Ltd.                                              | CUSIP: 631512209<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |     46000 | NS      | $646760.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                      | Argenx SE                                                 | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       425 | NS      | $347862.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                    | Rollins, Inc.                                             | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      7300 | NS      | $420553.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit Inc                                     | Reddit, Inc.                                              | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2650 | NS      | $553717.50    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey'S General Stores Inc.                    | Casey's General Stores, Inc.                              | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      1200 | NS      | $615828.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                       | Dave Inc                                                  | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2200 | NS      | $526504.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstcash Holdings Inc                         | FirstCash Holdings, Inc.                                  | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2300 | NS      | $364550.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                                 | Lonza Group AG                                            | CUSIP: 54338V101<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |      4600 | NS      | $317262.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Paymentus Holdings Inc                         | Paymentus Holdings, Inc.                                  | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10800 | NS      | $308880.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc.                    | LPL Financial Holdings, Inc.                              | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      2990 | NS      | $1128156.90   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc.                              | IES Holdings, Inc.                                        | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |      5400 | NS      | $2116152.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                                    | Hawkins, Inc.                                             | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |      3700 | NS      | $524845.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sse PLC                                        | SSE PLC                                                   | CUSIP: 78467K107<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |     14400 | NS      | $366624.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Prysmian S.p.A.                                | Prysmian Spa                                              | CUSIP: T7630L105<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |     14400 | NS      | $1491304.05   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG                            | Sportradar Group AG                                       | CUSIP: H8088L103<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |     28500 | NS      | $729885.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollies Bargain Outlet Holdings Inc.            | Ollie's Bargain Outlet Holdings, Inc.                     | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |      1600 | NS      | $193296.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                             | Deutsche Boerse AG                                        | CUSIP: 251542106<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |     31000 | NS      | $784300.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Monotaro CoLtd                                 | MonotaRO Co. Ltd.                                         | CUSIP: 61022V107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     29500 | NS      | $412115.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Limited                                 | Camtek Ltd.                                               | CUSIP: M20791105<br>LEI: 5493000H80W07HCKGS43 | Long             | EC               | CORP              | IL        |      5200 | NS      | $643864.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Stock Yards Bancorp Inc.                       | Stock Yards Bancorp, Inc.                                 | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |      8100 | NS      | $526662.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Asics Corp                                     | Asics Corporation                                         | CUSIP: 04521N101<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |     24000 | NS      | $611616.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ringcentral Inc                                | RingCentral, Inc.                                         | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |     13050 | NS      | $393066.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc.                       | Comfort Systems USA, Inc.                                 | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      3500 | NS      | $3379530.00   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                            | Arista Networks Inc                                       | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      9800 | NS      | $1545362.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc.                        | Digi International, Inc.                                  | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |     13700 | NS      | $502516.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Radnet Inc                                     | RADNET, INC.                                              | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |      5350 | NS      | $406546.50    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                            | Krystal Biotech, Inc.                                     | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |      2000 | NS      | $395020.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCO Corp.                                    | Disco Corp.                                               | CUSIP: 25461D100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     23050 | NS      | $765721.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc.                           | Karman Holdings, Inc.                                     | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3350 | NS      | $282204.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                                     | Gitlab Inc                                                | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |      4400 | NS      | $214500.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingspan Group PLC                             | Kingspan Group PLC                                        | CUSIP: 496402108<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |      4650 | NS      | $347262.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                                | Gold Fields Ltd.                                          | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     22750 | NS      | $873827.50    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Heico Corp                                     | HEICO Corp.                                               | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |      1280 | NS      | $406745.60    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc.                         | ESCO Technologies, Inc.                                   | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |      1125 | NS      | $246903.75    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Patria Investments Limited                     | Patria Investments Ltd                                    | CUSIP: G69451105<br>LEI: 254900MZMZN2NNVXYO82 | Long             | EC               | CORP              | KY        |     34000 | NS      | $495380.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

**Name of Applicant:** American Pension Investors Trust

**Signature:** Dennis Stratton

**Name of Signer:** Dennis Stratton

**Title:** Chief Financial Officer & Treasurer