# EDGAR Filing Document

**Accession Number:** 0000764859
**File Stem:** 0001752724-25-162859
**Filing Date:** 2025-6
**Character Count:** 141226
**Document Hash:** c24034696eca736deabb7f4b274139fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-162859.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001752724-25-162859

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**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:** 251090280

**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 Short Term Bond Fund (Series ID: S000008426)

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

## Nport-Ex

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

April

30,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

50.98%

Communications

—

2.20%

CCO

Holdings

LLC,

5.00%,

2/1/2028

(a) $

1,000,000

$

976,480

CCO

Holdings

LLC,

4.25%,

2/1/2031

(a) 1,000,000

904,443

CCO

Holdings

LLC,

4.50%,

6/1/2033

(a) 1,000,000

870,807

Prosus

NV,

MTN,

3.06%,

7/13/2031

(a) 500,000

431,835

TEGNA

Inc.,

4.75%,

3/15/2026

(a) 2,000,000

1,977,415

Univision

Communications,

Inc.,

4.50%,

5/1/2029

(a) 500,000

429,556

Verizon

Communications,

Inc.,

2.85%,

9/3/2041

1,000,000

699,664

VMED

OC

UK

Financing

PLC,

4.75%,

7/15/2031

(a) 1,000,000

879,957

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/2052

1,000,000

684,069

7,854,226

Consumer

Discretionary

—

7.57%

Carnival

Corp.,

4.00%,

8/1/2028

(a) 2,000,000

1,908,890

Carnival

Corp.,

6.00%,

5/1/2029

(a) 1,000,000

995,178

Ford

Motor

Co.,

Class

B,

3.25%,

2/12/2032

500,000

408,832

Ford

Motor

Credit

Co

LLC,

4.95%,

5/28/2027

2,000,000

1,958,105

Ford

Motor

Credit

Co.,

LLC,

3.38%,

11/13/2025

2,000,000

1,976,909

Ford

Motor

Credit

Co.,

LLC,

2.90%,

2/10/2029

2,000,000

1,780,289

General

Motors

Financial

Co.,

Inc.,

5.35%,

1/7/2030

2,000,000

2,006,009

Hilton

Worldwide

Finance

LLC,

4.88%,

4/1/2027

2,000,000

1,994,170

Home

Depot,

Inc.

(The),

4.95%,

9/15/2052

1,000,000

901,802

Home

Depot,

Inc.

(The),

5.30%,

6/25/2054

1,000,000

950,428

KFC

Holding

Co/Pizza

Hut

Hold.

LLC/Taco

Bell

LLC,

4.75%,

6/1/2027

(a) 2,000,000

1,997,026

Lowe's

Cos,

Inc.,

5.63%,

4/15/2053

1,000,000

937,613

McDonald's

Corp.,

5.45%,

8/14/2053

2,000,000

1,902,789

MGM

Resorts

International,

4.63%,

9/1/2026

1,000,000

992,449

NCL

Corp.

Ltd.,

5.88%,

2/15/2027

(a) 1,500,000

1,494,038

Nissan

Motor

Acceptance

Co.,

LLC,

6.36%,

9/13/2027

(SOFRIX

+

205bps)

(a),(b)

1,000,000

987,606

Nissan

Motor

Co.

Ltd.,

4.81%,

9/17/2030

(a) 1,000,000

924,860

Service

Corp

International/US,

4.63%,

12/15/2027

2,000,000

1,969,451

Yum!

Brands,

Inc.,

3.63%,

3/15/2031

1,000,000

903,323

26,989,767

Consumer

Staples

—

4.27%

Albertsons

Cos

Inc

/

Safeway

Inc

/,

4.63%,

1/15/2027

(a) 2,000,000

1,979,417

Anheuser-Busch

Cos.,

LLC,

4.70%,

2/1/2036

(a) 100,000

96,714

Coca-Cola

Co.

(The),

4.65%,

8/14/2034

1,000,000

1,000,122

Constellation

Brands,

Inc.,

2.25%,

8/1/2031

500,000

428,167

Constellation

Brands,

Inc.,

4.50%,

5/9/2047

500,000

407,322

JBS

USA

LUX

SA,

5.50%,

1/15/2030

1,000,000

1,016,059

JBS

USA

LUX

SA,

3.75%,

12/1/2031

250,000

228,609

JBS

USA

LUX

SA,

3.63%,

1/15/2032

500,000

452,693

Kraft

Heinz

Foods

Co.,

5.00%,

6/4/2042

(a) 300,000

271,777

Kraft

Heinz

Foods

Co.,

4.38%,

6/1/2046

1,000,000

810,739

Kraft

Heinz

Foods

Co.,

4.88%,

10/1/2049

1,000,000

855,822

Kroger

Co.

(The),

5.00%,

9/15/2034

1,000,000

980,532

Land

O'

Lakes,

Inc.,

7.25%,

12/31/2049

(a) 2,000,000

1,670,000

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Molson

Coors

Beverage

Co.,

4.20%,

7/15/2046

$

1,000,000

$

799,107

PepsiCo,

Inc.,

5.25%,

7/17/2054

1,000,000

966,745

Performance

Food

Group,

Inc.,

4.25%,

8/1/2029

(a) 500,000

473,922

Pilgrim's

Pride

Corp.,

4.25%,

4/15/2031

1,000,000

946,393

Target

Corp.,

4.50%,

9/15/2034

1,000,000

961,313

Walmart,

Inc.,

4.50%,

4/15/2053

1,000,000

872,480

15,217,933

Energy

—

0.84%

Marathon

Petroleum

Corp.,

5.15%,

3/1/2030

1,000,000

1,007,056

NuStar

Logistics

LP,

Class

B,

5.63%,

4/28/2027

2,000,000

1,995,384

3,002,440

Financials

—

19.65%

American

Express

Co.,

3.55%,

12/31/2049

(H15T5Y

+

285.4bps)

(b) 1,000,000

959,333

Assurant,

Inc.,

7.00%,

3/27/2048

1,000,000

995,743

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

6.13%,

2/16/2049

(USSW5

+

387.0bps)

(b) 800,000

770,904

Bank

of

America

Corp.,

4.38%,

4/27/2170

(H15T5Y

+

276.0bps)

(b) 2,000,000

1,921,353

Bank

of

New

York

Mellon

Corp.

(The),

Series

F,

Class

F,

4.63%,

12/20/2049

(TSFR3M

+

339.26bps)

(b) 1,000,000

980,220

Bank

of

Nova

Scotia

(The),

8.00%,

1/27/2084

(H15T5Y

+

401.70bps)

(b) 1,000,000

1,025,708

Barclays

PLC,

4.84%,

5/9/2028

2,000,000

1,996,833

Barclays

PLC,

5.09%,

6/20/2030

(USISSO05

+

305.40bps)

(b) 1,500,000

1,488,648

Barclays

PLC,

9.63%,

12/31/2049

(USISSO05

+

577.50bps)

(b) 1,000,000

1,094,160

BBVA

Bancomer

S.A.,

5.13%,

1/18/2033

(H15T5Y

+

265.0bps)

(b) 2,000,000

1,893,858

BNP

Paribas

SA,

8.00%,

8/22/2171

(H15T5Y

+372.70bps)

(a),(b)

2,000,000

2,070,018

Brighthouse

Financial,

Inc.,

4.70%,

6/22/2047

2,000,000

1,488,824

Citadel

Finance

LLC,

3.38%,

3/9/2026

(a) 2,000,000

1,965,179

Citigroup,

Inc.,

6.75%,

12/31/2049

(H15T5Y

+

257.20bps)

(b) 2,000,000

1,925,175

Citigroup,

Inc.,

7.13%,

12/31/2049

(H15T5Y

+

269.3bps)

(b) 1,000,000

988,756

Citigroup,

Inc.,

4.15%,

2/15/2172

(H15T5Y

+

300.0bps)

(b) 2,000,000

1,909,473

Credit

Agricole

SA,

MTN,

4.75%,

12/23/2169

(H15T5Y

+

323.7bps)

(a),(b)

1,000,000

906,859

FedNat

Holding

Co.,

7.75%,

3/15/2029

(c) 2,400,000

120,000

GATX

Corp.,

Class

B,

4.00%,

6/30/2030

2,000,000

1,928,127

GE

Capital

International

Funding

Co.,

3.37%,

11/15/2025

200,000

198,778

Global

Atlantic

Financial

Co.,

4.70%,

10/15/2051

(H15T5Y

+

379.6bps)

(a),(b)

1,000,000

950,722

Goldman

Sachs

Group,

Inc.

(The),

6.13%,

5/10/2049

(b) 1,000,000

945,332

Goldman

Sachs

Group,

Inc.

(The),

7.50%,

5/10/2079

(H15T5Y

+

280.90bps)

(b) 1,000,000

1,022,263

HSBC

Holdings

PLC,

8.00%,

9/7/2093

(H15T5Y

+

385.8bps)

(b) 1,000,000

1,041,106

ING

Groep

NV,

5.75%,

11/16/2167

(H15T5Y

+

432.2bps)

(b) 1,000,000

984,489

ING

Groep

NV,

4.25%,

10/16/2169

(H15T5Y

+

286.2bps)

(b) 1,000,000

809,775

Intesa

Sanpaolo

SpA,

5.71%,

1/15/2026

(a) 2,000,000

1,999,251

JPMorgan

Chase

&

Co.,

6.88%,

6/1/2071

(H15T5Y

+

273.7bps)

(b) 1,000,000

1,032,595

JPMorgan

Chase

&

Co.,

6.50%,

4/1/2080

(H15T5Y

+

215.20bps)

(b) 2,000,000

2,003,507

Lloyds

Banking

Group

PLC,

7.50%,

9/27/2165

(USSW5

+

449.6bps)

(b) 2,000,000

1,998,848

Lloyds

Banking

Group

PLC,

8.00%,

3/27/2170

(H15T5Y

+

391.3bps)

(b) 1,000,000

1,027,660

Macquarie

Bank

Ltd.,

3.62%,

6/3/2030

(a) 1,000,000

928,538

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Massachusetts

Mutual

Life

Insurance

Co.,

3.38%,

4/15/2050

(a) $

1,000,000

$

685,550

Nationwide

Mutual

Insurance

Co.,

4.35%,

4/30/2050

(a) 1,000,000

753,581

Nordea

Bank

Abp,

6.30%,

3/25/2049

(a) 1,000,000

955,128

Nordea

Bank

Abp,

3.75%,

3/1/2140

(H15T5Y

+

260.2bps)

(a),(b)

1,000,000

881,043

Pacific

LifeCorp,

3.35%,

9/15/2050

(a) 500,000

335,335

Pacific

LifeCorp,

5.40%,

9/15/2052

(a) 1,000,000

926,586

Royal

Bank

of

Canada,

7.50%,

5/2/2084

(H15T5Y

+

288.70bps)

(b) 2,000,000

2,059,448

SBL

Holdings,

Inc.,

5.13%,

11/13/2026

(a) 2,000,000

1,984,465

SBL

Holdings,

Inc.,

6.50%,

11/13/2091

(H15T5Y

+

562.0bps)

(a),(b)

1,000,000

877,601

SBL

Holdings,

Inc.,

7.00%,

5/13/2165

(H15T5Y

+

558.0bps)

(a),(b)

1,000,000

949,590

Societe

Generale

SA,

8.50%,

3/25/2071

(H15T5Y

+

415.30bps)

(a),(b)

2,000,000

2,023,136

Societe

Generale

SA,

10.00%,

5/14/2169

(H15T5Y

+

544.80bps)

(a),(b)

1,000,000

1,077,813

Standard

Chartered

PLC,

4.30%,

2/19/2169

(H15T5Y

+

313.50bps)

(a),(b)

2,000,000

1,784,361

State

Street

Corp.,

6.70%,

12/31/2049

(b) 1,000,000

1,006,030

State

Street

Corp.,

6.45%,

9/5/2080

(H15T5Y

+

213.50bps)

(b) 2,000,000

1,965,026

Toronto-Dominion

Bank

(The),

8.13%,

10/31/2082

(H15T5Y

+

407.50bps)

(b) 1,000,000

1,036,085

Toronto-Dominion

Bank

(The),

7.25%,

7/31/2084

(H15T5Y

+

297.70bps)

(b) 1,000,000

995,908

UBS

Group

AG,

7.75%,

12/31/2049

(USISSO05

+

416bps)

(a),(b)

1,000,000

1,025,542

UBS

Group

AG,

4.38%,

8/10/2171

(H15T5Y

+

331.3bps)

(a),(b)

1,000,000

858,839

UniCredit

SpA,

5.86%,

6/19/2032

(USISDA05

+

370.3bps)

(a),(b)

2,000,000

2,008,601

UniCredit

SpA,

5.46%,

6/30/2035

(H15T5Y

+

475.0bps)

(a),(b)

500,000

486,881

US

Bancorp,

5.30%,

4/15/2171

(TSFR3M

+

317.6bps)

(b) 1,000,000

974,717

Wells

Fargo

&

Co.,

3.90%,

3/15/2069

(H15T5Y

+

345.3bps)

(b) 1,000,000

982,789

Wells

Fargo

&

Co.,

6.85%,

7/15/2071

(H15T5Y

+

276.7bps)

(b) 1,000,000

1,013,408

Wells

Fargo

&

Co.,

Class

B,

7.63%,

9/15/2171

(H15T5Y

+

360.6bps)

(b) 1,000,000

1,055,215

70,074,713

Health

Care

—

0.28%

Humana,

Inc.,

5.38%,

4/15/2031

1,000,000

1,013,338

Industrials

—

6.09%

AECOM,

5.13%,

3/15/2027

2,000,000

1,997,376

Air

Canada,

3.88%,

8/15/2026

(a) 1,000,000

982,045

Air

Canada

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.13%,

5/15/2025

(a) 950,725

950,236

American

Airlines

Inc.

/AAdvantage

Loyalty

IP

Ltd.,

5.50%,

4/20/2026

(a) 1,666,667

1,656,950

American

Airlines

Pass

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

775,000

727,018

Burlington

Northern

Santa

Fe

LLC,

4.45%,

1/15/2053

2,000,000

1,674,702

Burlington

Northern

Santa

Fe

LLC,

5.20%,

4/15/2054

1,000,000

937,509

Burlington

Northern

Santa

Fe

LLC,

5.50%,

3/15/2055

1,000,000

983,839

Canadian

Pacific

Railway

Co.,

Class

B,

2.45%,

12/2/2031

1,000,000

870,811

CSX

Corp.,

5.50%,

4/15/2041

1,000,000

983,119

Honeywell

International,

Inc.,

5.25%,

3/1/2054

1,000,000

938,589

Mileage

Plus

Holdings

LLC,

6.50%,

6/20/2027

(a) 1,800,000

1,807,108

Norfolk

Southern

Corp.,

5.05%,

8/1/2030

500,000

514,847

Triton

Container

International

Ltd.,

3.25%,

3/15/2032

500,000

417,385

Union

Pacific

Corp.,

3.20%,

5/20/2041

1,000,000

753,918

Union

Pacific

Corp.,

2.95%,

3/10/2052

1,000,000

632,878

Union

Pacific

Corp.,

3.50%,

2/14/2053

1,000,000

704,109

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

United

Airlines

Pass

Through

Trust,

Series

2016-2B,

Class

B,

3.65%,

10/7/2025

$

357,639

$

353,661

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

332,238

330,637

United

Airlines

Pass

Through

Trust,

Series

2016-2,

Class

A,

3.10%,

4/7/2030

623,623

578,178

United

Parcel

Service,

Inc.,

5.50%,

5/22/2054

1,000,000

954,149

United

Rentals

North

America

Inc.,

4.88%,

1/15/2028

2,000,000

1,973,320

21,722,384

Materials

—

2.05%

Alcoa

Nederland

Holding

BV,

5.50%,

12/15/2027

(a) 2,000,000

1,993,509

Ball

Corp.,

2.88%,

8/15/2030

1,000,000

886,243

Bemis

Co.,

Inc.,

2.63%,

6/19/2030

500,000

449,614

Berry

Global,

Inc.,

5.63%,

7/15/2027

(a) 1,000,000

999,730

Berry

Global,

Inc.,

Series

21-25A,

Class

CR,

5.80%,

6/15/2031

(TSFR3M

+

165bps)

(b) 500,000

520,881

Canpack

SA,

3.88%,

11/15/2029

(a) 500,000

458,194

Crown

Americas

LLC

/

Crown

Americas

Capital

CorpVI,

4.75%,

2/1/2026

(a) 2,000,000

1,990,376

7,298,547

Real

Estate

—

0.60%

Iron

Mountain,

Inc.,

4.88%,

9/15/2029

(a) 1,000,000

964,258

Iron

Mountain,

Inc.,

5.25%,

7/15/2030

(a) 1,000,000

970,090

SBA

Communications

Corp.,

3.88%,

2/15/2027

(a) 200,000

195,822

2,130,170

Technology

—

4.10%

Broadcom,

Inc.,

4.15%,

11/15/2030

1,000,000

975,025

Broadcom,

Inc.,

4.15%,

11/15/2030

500,000

487,512

Broadcom,

Inc.,

2.60%,

2/15/2033

(a) 1,000,000

843,604

Broadcom,

Inc.,

3.50%,

2/15/2041

(a) 1,000,000

776,430

Dell

International

LLC

/

EMC

Corp.,

5.00%,

4/1/2030

1,000,000

1,003,683

Dell

International

LLC

/

EMC

Corp.,

4.85%,

2/1/2035

1,000,000

943,463

Hewlett

Packard

Enterprise

Co.,

5.00%,

10/15/2034

1,000,000

965,829

HP,

Inc.,

6.00%,

9/15/2041

2,500,000

2,447,616

Juniper

Networks,

Inc.,

2.00%,

12/10/2030

500,000

429,628

Juniper

Networks,

Inc.,

5.95%,

3/15/2041

700,000

690,994

Kyndryl

Holdings,

Inc.,

3.15%,

10/15/2031

1,000,000

878,132

Leidos,

Inc.,

5.75%,

3/15/2033

(a) 1,000,000

1,025,304

Oracle

Corp.,

4.70%,

9/27/2034

1,000,000

952,008

Seagate

HDD

Cayman,

4.88%,

6/1/2027

2,000,000

1,981,339

Western

Digital

Corp.,

4.75%,

2/15/2026

218,000

216,770

14,617,337

Utilities

—

3.33%

AEP

Texas,

Inc.,

Class

I,

2.10%,

7/1/2030

500,000

437,884

Ameren

Illinois

Co.,

4.95%,

6/1/2033

1,000,000

1,000,419

Dayton

Power

&

Light

Co.

(The),

3.95%,

6/15/2049

1,000,000

735,340

Dominion

Energy,

Inc.,

4.35%,

1/15/2167

(H15T5Y

+

319.5bps)

(b) 1,000,000

972,152

Duke

Energy

Carolinas

LLC,

Series

2021-4A,

Class

E,

4.85%,

1/15/2034

(H15T5Y

+

319.5bps)

(b) 1,000,000

989,333

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Duke

Energy

Ohio,

Inc.,

5.55%,

3/15/2054

$

1,000,000

$

952,556

Duke

Energy

Progress

LLC,

2.50%,

8/15/2050

1,000,000

572,234

Kentucky

Utilities

Co.,

3.30%,

6/1/2050

1,000,000

669,520

NRG

Energy,

Inc.,

4.45%,

6/15/2029

(a) 1,000,000

974,431

Pacific

Gas

and

Electric

Co.,

4.25%,

3/15/2046

500,000

377,018

PPL

Electric

Utilities

Corp.,

5.25%,

5/15/2053

1,000,000

946,935

Southern

California

Edison

Co.,

4.88%,

3/1/2049

1,000,000

811,395

Southern

Co.

(The),

4.85%,

3/15/2035

1,000,000

969,711

Union

Electric

Co.,

3.90%,

4/1/2052

750,000

564,332

Union

Electric

Co.,

5.25%,

1/15/2054

1,000,000

921,473

11,894,733

Total

Corporate

Bonds

and

Notes

(Cost $192,385,908)

181,815,588

ASSET

BACKED

SECURITIES

—

7.28%

Amur

Equipment

Finance

Receivables,

Series

2022-2A,

Class

D,

7.25%,

5/21/2029

(a) 1,000,000

1,020,648

Amur

Equipment

Finance

Receivables

LLC,

Series

2022-1A,

Class

E,

5.02%,

12/20/2028

(a) 750,000

748,399

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-2A,

Class

D,

5.97%,

10/20/2031

(a) 310,000

318,240

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

E,

6.01%,

12/11/2028

(a) 1,189,805

1,171,441

Dell

Equipment

Finance

Trust,

Series

2024-1,

Class

D,

MTN,

6.12%,

9/23/2030

(a) 250,000

254,690

Dell

Equipment

Finance

Trust,

Series

2024-2,

Class

D,

5.29%,

2/24/2031

(a) 500,000

503,938

DT

Auto

Owner

Trust,

Series

2022-1A,

Class

E,

5.53%,

3/15/2029

(a) 1,000,000

995,914

Encina

Equipment

Finance

LLC,

Series

2022-1A,

Class

D,

6.00%,

1/15/2030

(a) 1,000,000

995,685

Enterprise

Fleet

Financing

LLC,

Series

2024-3,

Class

A4,

5.06%,

3/20/2031

(a) 500,000

511,490

Exeter

Automobile

Receivables

Trust,

Series

2021-3A,

Class

E,

3.04%,

12/15/2028

(a) 1,000,000

974,462

First

Investors

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.66%,

12/15/2027

(a) 1,840,000

1,798,534

Flagship

Credit

Auto

Trust,

Series

2021-2,

Class

E,

3.16%,

9/15/2028

(a) 1,150,000

1,099,544

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-1,

Class

D,

3.07%,

5/15/2028

(a) 1,000,000

988,432

Foursight

Capital

Automobile

Receivables

Trust,

Series

2022-2,

Class

C,

5.75%,

8/15/2028

(a) 1,000,000

1,002,977

GCI

Funding

I

LLC,

Series

2021-1,

Class

A,

2.38%,

6/18/2046

(a) 655,767

606,178

GLS

Auto

Receivables

Issuer

Trust,

Series

2022-1A,

Class

E,

5.64%,

5/15/2029

(a) 1,000,000

996,502

HPEFS

Equipment

Trust,

Series

2024-1A,

Class

D,

5.82%,

12/22/2031

(a) 1,000,000

1,008,481

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

D,

5.82%,

4/20/2032

(a) 500,000

509,196

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Mariner

Finance

Issuance

Trust,

Series

2024-A,

Class

A,

5.13%,

9/22/2036

(a) $

2,000,000

$

2,031,526

NMEF

Funding

LLC,

Series

2024-A,

Class

B,

5.32%,

12/15/2031

(a) 1,000,000

1,007,117

NMEF

Funding

LLC,

Series

2024-A,

Class

A,

6.33%,

12/15/2031

(a) 500,000

505,097

Octane

Receivables

Trust,

Series

2023-3A,

Class

B,

6.48%,

7/20/2029

(a) 1,000,000

1,020,173

Octane

Receivables

Trust,

Series

2022-2A,

Class

D,

7.70%,

2/20/2030

(a) 1,000,000

1,032,668

Pagaya

AI

Debt

Grantor

Trust,

Series

2024-5A,

Class

A,

6.28%,

10/15/2031

(a) 414,889

418,835

Pagaya

AI

Debt

Grantor

Trust,

Series

2025-1,

Class

B,

5.63%,

7/15/2032

(a) 1,000,000

1,004,657

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

C,

MTN,

5.81%,

10/15/2030

(a) 160,000

164,154

SCF

Equipment

Leasing

LLC,

Series

2025-1A,

Class

D,

5.88%,

11/20/2035

(a) 500,000

513,082

Textainer

Marine

Containers

Ltd.,

Series

2021-3A,

Class

A,

1.94%,

8/20/2046

(a) 848,000

754,279

Towd

Point

Asset

Trust,

Series

2021-SL1,

Class

A2,

5.13%,

11/20/2061

(TSFR1M

+

81.4bps)

(a),(b)

254,526

253,617

TRP

LLC,

Series

2021-2,

Class

B,

3.08%,

6/19/2051

(a) 950,000

893,808

US

Auto

Funding

LLC,

Series

2021-1A,

Class

C,

2.20%,

5/15/2026

(a) 412,722

385,062

USQ

Rail

II

LLC,

Series

2021-3,

Class

B,

2.98%,

6/28/2051

(a) 500,000

471,581

Total

Asset

Backed

Securities

(Cost $26,025,097)

25,960,407

U.S.

GOVERNMENT

&

AGENCIES

—

31.91%

Fannie

Mae,

Pool

#BP2175,

3.00%,

2/1/2035

184,580

179,865

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

635,223

639,230

Fannie

Mae,

Pool

#MA4851,

5.00%,

11/1/2042

737,241

737,657

Fannie

Mae,

Pool

#CA6707,

2.50%,

8/1/2050

853,762

722,903

Fannie

Mae,

Pool

#BT1339,

2.50%,

7/1/2051

1,527,138

1,271,404

Fannie

Mae,

Pool

#BT3256,

2.50%,

7/1/2051

810,447

676,975

Fannie

Mae,

Pool

#BT1314,

2.50%,

7/1/2051

527,292

438,894

Fannie

Mae,

Pool

#BQ7422,

2.50%,

8/1/2051

825,751

687,294

Fannie

Mae,

Pool

#CB2668,

3.00%,

1/1/2052

823,283

714,133

Fannie

Mae,

Pool

#CB2670,

3.00%,

1/1/2052

845,376

732,306

Fannie

Mae,

Pool

#BU1320,

3.00%,

2/1/2052

399,995

347,114

Fannie

Mae,

Pool

#CB3177,

3.50%,

3/1/2052

826,035

744,387

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,494,008

1,391,786

Fannie

Mae,

Pool

#MA4624,

3.00%,

6/1/2052

1,287,376

1,115,642

Fannie

Mae,

Pool

#BV7899,

3.00%,

8/1/2052

1,319,589

1,145,115

Fannie

Mae,

Pool

#MA4732,

4.00%,

9/1/2052

848,092

790,453

Fannie

Mae,

Pool

#CB4818,

4.00%,

10/1/2052

2,102,994

1,959,031

Fannie

Mae,

Pool

#MA4804,

4.00%,

11/1/2052

1,315,797

1,225,978

Fannie

Mae,

Pool

#CB5536,

5.00%,

1/1/2053

1,729,461

1,696,471

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

843,168

826,639

Fannie

Mae,

Pool

#MA4941,

5.00%,

3/1/2053

759,641

747,199

Fannie

Mae,

Pool

#MA5010,

5.50%,

5/1/2053

832,726

831,738

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Fannie

Mae,

Pool

#MA5009,

5.00%,

5/1/2053

$

880,717

$

863,225

Fannie

Mae,

Pool

#MA5071,

5.00%,

7/1/2053

1,776,753

1,741,464

Fannie

Mae,

Pool

#MA5191,

6.00%,

11/1/2053

813,056

825,648

Fannie

Mae,

Pool

#MA5263,

4.00%,

1/1/2054

943,663

878,205

Fannie

Mae,

Pool

#MA5246,

5.50%,

1/1/2054

1,813,123

1,809,337

Fannie

Mae,

Pool

#MA5272,

6.00%,

2/1/2054

809,764

821,932

Fannie

Mae,

Pool

#MA5295,

6.00%,

3/1/2054

1,644,805

1,668,361

Fannie

Mae,

Pool

#MA5329,

6.50%,

4/1/2054

756,527

779,245

Fannie

Mae,

Pool

#MA5416,

6.50%,

5/1/2054

779,537

796,262

Fannie

Mae,

Pool

#MA5386,

4.50%,

6/1/2054

962,353

919,361

Fannie

Mae,

Pool

#MA5493,

6.00%,

8/1/2054

926,908

931,667

Fannie

Mae,

Pool

#MA5522,

6.50%,

9/1/2054

894,177

915,283

Fannie

Mae,

Pool

#MA5498,

6.00%,

10/1/2054

1,833,004

1,859,118

Fannie

Mae,

Pool

#MA5496,

5.00%,

10/1/2054

1,934,406

1,892,580

Fannie

Mae,

Pool

#MA5587,

6.00%,

1/1/2055

1,451,091

1,471,584

Fannie

Mae,

Pool

#MA5615,

6.00%,

2/1/2055

1,946,299

1,973,778

Fannie

Mae,

Pool

#MA5614,

5.50%,

2/1/2055

1,966,030

1,960,704

Fannie

Mae,

Pool

#MA5646,

5.50%,

3/1/2055

1,972,267

1,966,924

Fannie

Mae,

Pool

#MA5672,

5.00%,

4/1/2055

996,401

974,622

Federal

Agricultural

Mortgage

Corp.,

3.05%,

6/29/2032

500,000

467,101

Federal

Farm

Credit

Bank,

2.13%,

5/21/2040

2,000,000

1,394,338

Federal

Farm

Credit

Bank,

2.07%,

12/21/2040

500,000

351,072

Federal

Farm

Credit

Banks

Funding

Corp.,

5.24%,

9/19/2039

1,000,000

991,075

Federal

Farm

Credit

Banks

Funding

Corp.,

5.63%,

3/26/2040

1,000,000

998,154

Federal

Farm

Credit

Banks

Funding

Corp.,

6.36%,

5/2/2044

1,000,000

1,000,041

Federal

Farm

Credit

Banks

Funding

Corp.,

5.72%,

10/28/2044

2,000,000

1,997,738

Federal

Farm

Credit

Banks

Funding

Corp.,

5.90%,

4/21/2045

2,000,000

1,996,376

Federal

Home

Loan

Banks,

5.40%,

11/21/2034

1,000,000

998,289

Federal

Home

Loan

Banks,

5.10%,

2/12/2035

1,000,000

1,011,765

Federal

Home

Loan

Banks,

5.45%,

3/27/2036

1,000,000

1,003,907

Federal

Home

Loan

Banks,

6.00%,

4/23/2037

1,000,000

999,870

Federal

Home

Loan

Banks,

5.00%,

10/21/2039

1,000,000

983,696

Federal

Home

Loan

Banks,

5.70%,

2/6/2040

1,000,000

1,002,330

Federal

Home

Loan

Banks,

5.75%,

4/24/2040

1,000,000

1,000,012

Federal

Home

Loan

Banks,

2.01%,

7/16/2040

1,000,000

674,734

Federal

Home

Loan

Banks,

5.50%,

11/25/2044

1,000,000

999,029

Federal

Home

Loan

Banks,

6.00%,

1/30/2045

1,000,000

1,007,099

Federal

Home

Loan

Banks,

5.55%,

3/10/2045

1,000,000

1,000,936

Federal

Home

Loan

Mortgage

Corp.,

1.75%,

7/27/2035

1,500,000

1,151,648

Freddie

Mac,

Pool

#RD5138,

5.00%,

1/1/2033

559,867

572,252

Freddie

Mac,

Pool

#SB8509,

2.00%,

1/1/2036

547,185

500,175

Freddie

Mac,

Pool

#QO0931,

4.00%,

10/1/2037

502,129

490,180

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

1,500,202

1,284,351

Freddie

Mac,

Pool

#RB5182,

4.00%,

9/1/2042

763,478

728,279

Freddie

Mac,

Pool

#RA2314,

3.50%,

3/1/2050

287,750

262,069

Freddie

Mac,

Pool

#RA2657,

3.50%,

5/1/2050

666,230

606,697

Freddie

Mac,

Pool

#SD0430,

2.50%,

8/1/2050

527,380

443,934

Freddie

Mac,

Pool

#QC3907,

2.50%,

7/1/2051

714,204

598,295

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Freddie

Mac,

Pool

#QC5859,

3.00%,

8/1/2051

$

787,890

$

684,735

Freddie

Mac,

Pool

#RA6945,

3.50%,

3/1/2052

2,399,912

2,162,554

Freddie

Mac,

Pool

#SD8257,

4.50%,

10/1/2052

841,285

804,991

Freddie

Mac,

Pool

#SD8267,

5.00%,

11/1/2052

1,677,868

1,645,864

Freddie

Mac,

Pool

#QF5251,

5.50%,

1/1/2053

815,618

815,972

Freddie

Mac,

Pool

#SD8288,

5.00%,

1/1/2053

855,400

838,862

Freddie

Mac,

Pool

#SD8297,

4.00%,

2/1/2053

1,782,204

1,659,828

Freddie

Mac,

Pool

#SD2334,

5.00%,

2/1/2053

886,394

869,090

Freddie

Mac,

Pool

#SD8305,

4.00%,

3/1/2053

892,964

830,935

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

858,055

862,345

Freddie

Mac,

Pool

#SD8323,

5.00%,

5/1/2053

881,444

863,938

Freddie

Mac,

Pool

#QG3333,

5.00%,

5/1/2053

1,841,846

1,808,187

Freddie

Mac,

Pool

#SD8322,

4.50%,

5/1/2053

887,878

849,099

Freddie

Mac,

Pool

#SD8323,

5.00%,

5/1/2053

893,938

876,875

Freddie

Mac,

Pool

#SD2856,

5.50%,

5/1/2053

844,875

845,457

Freddie

Mac,

Pool

#SD8348,

5.00%,

8/1/2053

897,099

879,281

Freddie

Mac,

Pool

#QG9607,

6.00%,

9/1/2053

1,889,695

1,927,211

Freddie

Mac,

Pool

#SD8383,

5.50%,

12/1/2053

2,685,282

2,679,674

Freddie

Mac,

Pool

#QH8694,

6.00%,

1/1/2054

1,308,608

1,331,479

Freddie

Mac,

Pool

#SD5380,

5.50%,

4/1/2054

945,628

944,164

Freddie

Mac,

Pool

#MA5416,

5.50%,

6/1/2054

908,163

905,915

Freddie

Mac,

Pool

#MA5416,

6.00%,

7/1/2054

884,250

896,914

Freddie

Mac,

Pool

#SD8454,

6.00%,

8/1/2054

903,601

916,542

Freddie

Mac,

Pool

#SD8469,

5.50%,

10/1/2054

945,056

942,717

Freddie

Mac,

Pool

#RE6151,

6.00%,

11/1/2054

940,961

946,691

Freddie

Mac,

Pool

#SD8516,

6.00%,

3/1/2055

980,266

994,103

Freddie

Mac

Pool,

6.00%,

11/1/2054

927,149

940,334

Freddie

Mac

Pool,

5.50%,

12/1/2054

1,928,086

1,922,863

Freddie

Mac

Pool,

5.50%,

1/1/2055

1,947,367

1,942,092

Freddie

Mac

Pool,

5.50%,

2/1/2055

2,938,215

2,930,256

Freddie

Mac

Pool,

5.50%,

4/1/2055

1,993,449

1,988,048

United

States

Treasury

Note,

4.88%,

10/31/2028

3,000,000

3,121,875

Total

U.S.

Government

&

Agencies

(Cost $116,206,517)

113,815,847

COLLATERALIZED

LOAN

OBLIGATIONS

—

4.37%

Benefit

Street

Partners

CLO

Ltd.,

Series

2022-29A,

Class

BR,

5.80%,

1/25/2038

(TSFR3M

+

150bps)

(a),(b)

1,000,000

998,549

Benefit

Street

Partners

CLO

X

Ltd.,

Series

2016-10A,

Class

BRR,

6.68%,

4/20/2034

(TSFR3M

+

241.2bps)

(a),(b)

250,000

249,666

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

21-25A,

Class

CR,

5.91%,

1/15/2035

(TSFR3M

+

165bps)

(a),(b)

1,000,000

984,882

Caryle

US

CLO

Ltd.,

Series

2017-3,

Class

BR2,

6.05%,

10/21/2037

(TSFR3M

+

178bps)

(a),(b)

1,000,000

998,086

Hildene

TruPS

Financials

Note

Secruitization,

Series

2019-2A,

Class

A1,

6.35%,

5/22/2039

(SOFR

+

176.0bps)

(a),(b)

1,670,786

1,666,609

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

H15T5Y—

Year

Treasury

Rate

MTN—

Medium

Term

Note

SOFR

—

Secured

Overnight

Financing

Rate

SOFRIX

—

Secured

Overnight

Financing

Rate

Index

TSFR3M

—

Term

Secured

Overnight

Finance

Rate

(3

Month)

TSFR1M

—

Term

Secured

Overnight

Finance

Rate

(1

Month)

Principal

Amount

Fair

Value

Hilton

Grand

Vacations

Trust,

Series

2024-3,

Class

A,

4.98%,

8/27/2040

(a) $

849,928

$

859,154

Madison

Park

Funding

LXVII

Ltd.,

Series

67A,

Class

B,

6.33%,

4/25/2037

(TSFRM

+

205.0bps)

(a),(b)

1,000,000

1,002,281

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

BRR,

6.72%,

10/15/2032

(TSFR3M

+

246.2bps)

(a),(b)

1,000,000

998,903

Madison

Park

Funding

XXXVIII

Ltd.,

Series

2021-38A,

Class

C,

6.44%,

7/17/2034

(TSFR3M

+

216.2bps)

(a),(b)

1,000,000

994,658

Neuberger

Berman

CLO

XXI

Ltd.,

Series

2024-21A,

Class

BR3,

5.99%,

1/20/2039

(TSFR3M

+

170bps)

(a),(b)

1,000,000

997,999

Oaktree

CLO

Ltd.,

Series

2019-3,

5.87%,

1/20/2038

(TSFR3M

+

138bps)

(a),(b)

1,000,000

993,629

Palmer

Square

CLO

Ltd.,

Series

2022-1A,

Class

C,

6.32%,

4/20/2035

(TSFR3M

+

205.0bps)

(a),(b)

1,000,000

996,868

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

6.68%,

4/20/2034

(TSFR3M

+

241.2bps)

(b) 1,000,000

999,011

Rockford

Tower

CLO

Ltd.,

Series

2019-2,

Class

CR2,

6.32%,

8/20/2032

(TSFR3M

+

200bps)

(a),(b)

1,000,000

996,405

Sound

Point

CLO

VIII-R

Ltd.,

Series

2015-1RA,

Class

BR,

6.07%,

4/15/2030

(TSFR3M

+

181.2bps)

(a),(b)

830,585

830,271

Venture

CLO

Ltd.,

Series

2018-31A,

Class

C1,

6.48%,

4/20/2031

(TSFR3M

+

221.2bps)

(a),(b)

1,000,000

998,528

Total

Collateralized

Loan

Obligations

(Cost $15,580,483)

15,565,499

Total

Investments

—

94.54%

(Cost

$350,198,005)

337,157,341

Other

Assets

in

Excess

of

Liabilities

—

5.46%

19,483,590

Net

Assets

—

100.00%

$

356,640,931

(a) Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933. The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

total

fair

value

of

these

securities

as

April

30,

2025

was

$102,819,522,

representing

28.83%

of

net

assets.

(b) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

April

30,

2025. For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

(c) In

default.

(d) Security

is

being

fair

valued

in

accordance

with

the

Trust's

fair

valuation

policies

and

represents

0.3%

of

the

Fund's

net

assets.

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

USISSO05

—

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

Growth

Fund

Schedule

of

Investments

April

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

100.05%

Communications

—

1.31%

Naspers

Ltd.,

Class

N

-

ADR

9,200

$

481,712

Seek

Ltd.

-

ADR

(a) 9,800

265,090

Trade

Desk,

Inc.

(The),

Class

A

(a) 5,700

305,691

1,052,493

Consumer

Discretionary

—

13.90%

Afya

Ltd.

17,900

340,100

Asics

Corporation

-

ADR

(a) 24,000

516,720

Axon

Enterprise,

Inc.

(a) 1,875

1,149,937

Compagnie

Financiere

Richemont

SA

-

ADR

25,900

455,322

Copart,

Inc.

(a) 9,400

573,682

D.R.

Horton,

Inc.

3,600

454,824

Dorman

Products,

Inc.

(a) 3,700

419,210

Dutch

Bros,

Inc.

(a) 10,300

615,322

Evolution

AB

-

ADR

(a) 2,300

161,978

Genius

Sports

Ltd.

(a) 62,700

676,533

GMS,

Inc.

(a) 3,100

227,106

InterContinental

Hotels

Group

PLC

-

ADR

3,750

404,587

Life

Time

Group

Holdings,

Inc.

(a) 5,550

170,163

Lithia

Motors,

Inc.,

Class

A

2,100

614,796

MasterBrand,

Inc.

(a) 40,650

493,897

Modine

Manufacturing

Co.

(a) 4,150

338,806

MonotaRO

Co.,

Ltd.

-

ADR

29,500

564,630

On

Holding

AG

(a) 8,600

413,746

Patrick

Industries,

Inc.

5,550

427,239

PulteGroup,

Inc.

4,000

410,320

Ralph

Lauren

Corp.

700

157,465

Sportradar

Group

AG

(a) 28,500

658,635

Taylor

Morrison

Home

Corp.

(a) 7,400

424,390

Tractor

Supply

Co.

7,250

366,995

Visteon

Corp.

(a) 2,000

158,380

11,194,783

Consumer

Staples

—

3.73%

BellRing

Brands,

Inc.

(a) 4,500

347,130

Bunge

Global

SA

4,050

318,816

Casey's

General

Stores,

Inc.

1,200

555,108

Hims

&

Hers

Health,

Inc.

(a) 7,750

256,525

Performance

Food

Group

Co.

(a) 5,630

454,116

Sprouts

Farmers

Market,

Inc.

(a) 4,350

743,850

Tootsie

Roll

Industries,

Inc.

(a) 10,300

329,600

3,005,145

Energy

—

1.79%

ONEOK,

Inc.

2,650

217,724

Ovintiv,

Inc.

10,300

345,874

Texas

Pacific

Land

Corp.

618,658

Transportadora

de

Gas

del

Sur

SA

-

ADR

(a) 10,300

261,929

1,444,185

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Shares

Fair

Value

Financials

—

15.89%

Banco

Macro

SA

-

ADR

(a) 5,100

$

451,452

Blue

Owl

Capital,

Inc.

16,900

313,157

Deutsche

Boerse

AG

-

ADR

31,000

994,480

Erie

Indemnity

Company,

Class

A

875

313,792

Evercore

Partners,

Inc.,

Class

A

2,375

487,564

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,600

280,528

FTAI

Aviation

Ltd.

5,800

621,238

Futu

Holdings

Ltd.

-

ADR

(a) 3,500

323,085

Grupo

Financiero

Galicia

SA

-

ADR

(a) 7,450

449,980

Hamilton

Lane,

Inc.,

Class

A

3,300

509,817

Houlihan

Lokey,

Inc.,

Class

A

3,850

624,008

Interactive

Brokers

Group,

Inc.,

Class

A

3,100

532,735

Kinsale

Capital

Group,

Inc.

1,300

565,838

KKR

&

Co.,

Inc.

7,200

822,744

LPL

Financial

Holdings,

Inc.

2,990

956,172

Patria

Investments

Ltd.

34,000

356,320

Pinnacle

Financial

Partners,

Inc.

2,500

250,600

Raymond

James

Financial,

Inc.

6,450

883,908

RenaissanceRe

Holdings

Ltd.

1,450

350,799

Stifel

Financial

Corp.

4,900

419,881

Stock

Yards

Bancorp,

Inc.

8,100

589,599

StoneX

Group,

Inc.

(a) 7,200

637,668

Tradeweb

Markets,

Inc.,

Class

A

4,850

670,755

White

Mountains

Insurance

Group

Ltd.

388,839

12,794,959

Health

Care

—

5.97%

Argenx

SE

-

ADR

(a) 425

274,185

Bruker

Corp.

3,450

138,207

Catalyst

Pharmaceuticals,

Inc.

(a) 17,300

420,217

Charles

River

Laboratories

International,

Inc.

(a) 1,800

213,516

Ensign

Group,

Inc.

(The)

1,400

180,586

Globus

Medical,

Inc.,

Class

A

(a) 6,400

459,328

IQVIA

Holdings,

Inc.

(a) 920

142,664

Lonza

Group

AG

-

ADR

(a) 4,600

328,716

Medpace

Holdings,

Inc.

(a) 1,800

555,102

Penumbra,

Inc.

(a) 3,000

878,520

Sonova

Holding

AG

-

ADR

6,780

415,546

Stevanato

Group

SpA

16,000

333,760

Straumann

Holding

AG

-

ADR

23,000

278,760

Tenet

Healthcare

Corp.

(a) 1,325

189,409

4,808,516

Industrials

—

22.75%

Aaon,

Inc.

4,500

410,715

API

Group

Corp.

(a) 10,100

382,083

Ashtead

Group

PLC

-

ADR

2,050

441,037

BWX

Technologies,

Inc.

4,700

512,864

Camtek

Ltd.

(a) 5,200

339,768

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Shares

Fair

Value

Clean

Harbors,

Inc.

(a) 1,450

$

310,213

Comfort

Systems

USA,

Inc.

3,900

1,550,445

Core

&

Main,

Inc.,

Class

A

(a) 13,300

700,644

Curtiss-Wright

Corp.

1,400

482,846

Disco

Corp.

-

ADR

(a) 23,050

446,017

DSV

AS

-

ADR

3,850

407,176

Embraer

SA

-

ADR

(a) 4,200

192,948

Expeditors

International

of

Washington,

Inc.

2,600

285,766

Fluidra

SA

15,600

359,483

Franklin

Electric

Co.,

Inc.

6,000

509,760

Generac

Holdings,

Inc.

(a) 1,800

205,884

Grupo

Aeroportuario

del

Sureste

S.A.B.

de

C.V.

-

ADR

1,390

439,991

Herc

Holdings,

Inc.

2,300

251,712

IES

Holdings,

Inc.

(a) 5,400

1,062,072

Ingersoll

Rand,

Inc.

9,700

731,671

Installed

Building

Products,

Inc.

1,300

215,579

ITT,

Inc.

3,300

452,166

Korn/Ferry

International

5,700

351,690

Landstar

System,

Inc.

2,250

301,838

Leonardo

DRS,

Inc.

(a) 7,900

291,984

Middleby

Corp.

(The)

(a) 3,300

440,055

Mueller

Industries,

Inc.

7,800

573,768

Primoris

Services

Corp.

4,100

245,877

Prysmian

SpA

-

ADR

15,000

410,100

Prysmian

SpA

(a) 14,400

782,871

RBC

Bearings,

Inc.

(a) 1,000

328,570

Regal

Rexnord

Corp.

2,300

243,432

Rentokil

Initial

PLC

-

ADR

7,800

178,932

Rollins,

Inc.

7,300

417,049

Saia,

Inc.

(a) 1,840

448,960

SPX

Technologies,

Inc.

(a) 2,700

362,205

Teledyne

Technologies,

Inc.

(a) 900

419,427

TopBuild

Corp.

(a) 1,300

384,488

TriNet

Group,

Inc.

4,350

340,735

WESCO

International,

Inc.

3,600

586,656

Woodward,

Inc.

2,750

515,818

18,315,295

Materials

—

7.68%

Cabot

Corp.

3,200

251,328

Core

Natural

Resources,

Inc.

(a) 1,900

137,199

Eagle

Materials,

Inc.

1,650

373,543

Givaudan

SA

-

ADR

(a) 5,100

490,773

Gold

Fields

Ltd.

-

ADR

22,750

512,785

Hawkins,

Inc.

3,700

450,586

IMCD

NV

-

ADR

(a) 2,300

153,410

James

Hardie

Industries

PLC

-

ADR

(a) 12,300

292,002

Kingspan

Group

PLC

-

ADR

(a) 4,650

392,809

Simpson

Manufacturing

Co.,

Inc.

1,900

292,011

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Shares

Fair

Value

Steel

Dynamics,

Inc.

3,550

$

460,471

Trex

Co.,

Inc.

(a) 8,300

479,906

UFP

Industries,

Inc.

6,300

622,755

UFP

Technologies,

Inc.

(a) 1,550

323,237

United

States

Lime

&

Minerals,

Inc.

4,125

385,729

West

Fraser

Timber

Co.

Ltd.

3,750

277,425

Westlake

Chemical

Corp.

3,050

281,911

6,177,880

Real

Estate

—

1.29%

CBRE

Group,

Inc.,

Class

A

(a) 2,700

329,886

FirstService

Corp.

2,300

403,719

McGrath

RentCorp

2,850

304,010

1,037,615

Technology

—

23.81%

Advantest

Corp.

-

ADR

(a) 5,400

225,558

Agilysys,

Inc.

(a) 1,350

100,372

Arista

Networks,

Inc.

(a) 9,800

806,246

ASM

International

NV

-

ADR

1,070

521,732

Bentley

Systems,

Inc.,

Class

B

6,100

262,239

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a) 15,250

346,785

Commvault

Systems,

Inc.

(a) 1,650

275,765

CyberArk

Software

Ltd.

(a) 3,100

1,091,696

Datadog,

Inc.,

Class

A

(a) 4,000

408,640

Descartes

Systems

Group,

Inc.

(The)

(a) 10,800

1,138,212

Digi

International,

Inc.

(a) 13,700

372,640

DigitalOcean

Holdings,

Inc.

(a) 4,150

128,235

Dlocal

Ltd.,

Class

A

(a) 41,500

367,275

Doximity,

Inc.,

Class

A

(a) 7,200

409,536

Dynatrace,

Inc.

(a) 10,600

497,882

ExlService

Holdings,

Inc.

(a) 12,100

586,608

Fabrinet

(a) 3,800

779,228

Fortinet,

Inc.

(a) 4,950

513,612

Globant

SA

(a) 2,100

246,897

Guidewire

Software,

Inc.

(a) 1,400

286,678

Harmonic,

Inc.

(a) 26,000

233,480

InterDigital,

Inc.

1,450

291,450

Jack

Henry

&

Associates,

Inc.

2,850

494,275

KLA

Corp.

890

625,394

Life360,

Inc.

(a) 9,000

386,100

Logitech

International

SA

7,500

565,425

MKS

Instruments,

Inc.

3,500

245,490

Monolithic

Power

Systems,

Inc.

650

385,515

Paycom

Software,

Inc.

2,100

475,419

Paylocity

Holdings

Corp.

(a) 3,300

633,930

Paymentus

Holdings,

Inc.

(a) 10,800

350,568

PTC,

Inc.

(a) 2,800

433,916

Qualys,

Inc.

(a) 4,700

590,837

Shift4

Payments,

Inc.,

Class

A

(a) 4,400

359,920

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Shares

Fair

Value

SPS

Commerce,

Inc.

(a) 4,330

$

621,398

Super

Micro

Computer,

Inc.

(a) 11,250

358,425

SYNNEX

Corp.

2,700

299,160

TDK

Corp.

-

ADR

(a) 37,500

405,375

Toast,

Inc.,

Class

A

(a) 7,600

270,408

Tokyo

Electron

Ltd.

-

ADR

6,600

494,340

Tyler

Technologies,

Inc.

(a) 1,650

896,445

Veeva

Systems,

Inc.,

Class

A

(a) 1,650

385,589

19,168,695

Utilities

—

1.93%

ALLETE,

Inc.

4,700

307,803

Pampa

Energia

SA

-

ADR

(a) 12,900

915,771

SSE

PLC

-

ADR

14,400

330,912

1,554,486

Total

Common

Stocks

(Cost $57,567,660)

80,554,052

CONTINGENT

VALUE

RIGHTS

—

0.00%

Health

Care

—

0.00%

ABIOMED,

Inc.

(a)(b) 1,550

—

Total

Contingent

Value

Rights

(Cost $–)

—

Total

Investments

—

100.05%

(Cost

$57,567,660)

80,554,052

Liabilities

in

Excess

of

Other

Assets

—

(0.05)%

(37,878)

Net

Assets

—

100.00%

$

80,516,174

(a) Non-income

producing

security.

(b) Security

is

being

fair

valued

in

accordance

with

the

Trust's

fair

valuation

policies

and

represents

0%

of

the

Fund's

net

assets.

ADR

-

American

Depositary

Receipt

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

April

30,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

39.30%

Consumer

Discretionary

—

4.39%

Ford

Motor

Credit

Co.,

LLC,

5.13%,

11/5/2026

$

1,000,000

$

990,972

General

Motors

Financial

Co.,

Inc.,

1.50%,

6/10/2026

1,000,000

963,492

Hyundai

Capital

America,

4.55%,

9/26/2029

(a) 1,000,000

979,916

McDonald's

Corp.,

4.80%,

8/14/2028

1,000,000

1,018,312

McDonald's

Corp.,

MTN,

5.00%,

5/17/2029

2,000,000

2,052,462

Nissan

Motor

Co.

Ltd.,

3.52%,

9/17/2025

(a) 2,000,000

1,982,414

7,987,568

Consumer

Staples

—

2.23%

JBS

USA

LUX

SA,

5.13%,

2/1/2028

1,000,000

1,011,238

Mars,

Inc.,

4.80%,

3/1/2030

(a) 2,000,000

2,025,151

Tyson

Foods,

Inc.,

5.40%,

3/15/2029

1,000,000

1,029,437

4,065,826

Financials

—

13.70%

Air

Lease

Corp.,

1.88%,

8/15/2026

500,000

482,608

Antares

Holdings

LP,

3.95%,

7/15/2026

(a) 1,500,000

1,469,069

Aviation

Capital

Group

LLC,

1.95%,

1/30/2026

(a) 1,000,000

977,494

Avolon

Holdings

Funding

Ltd.,

2.13%,

2/21/2026

(a) 2,000,000

1,950,479

Banco

Santander

SA,

5.15%,

8/18/2025

1,000,000

999,870

Citigroup,

Inc.,

5.13%,

6/9/2027

(SOFR

+

77.0bps)

(b) 1,000,000

999,519

CNO

Global

Funding,

1.75%,

10/7/2026

(a) 500,000

481,228

GA

Global

Funding

Trust,

1.63%,

1/15/2026

(a) 1,000,000

979,025

Goldman

Sachs

Group,

Inc.

(The),

5.17%,

3/9/2027

(SOFR

+

81.0bps)

(b) 1,000,000

1,000,673

Goldman

Sachs

Group,

Inc.

(The),

5.28%,

10/21/2027

(SOFR

+

92.0bps)

(b) 2,000,000

1,995,874

HSBC

Holdings

PLC,

5.94%,

9/12/2026

(TSFR3M

+

164.1bps)

(b) 1,500,000

1,505,018

HSBC

Holdings

PLC,

5.66%,

11/19/2030

(SOFR

+

129bps)

(b) 1,000,000

998,878

ING

Groep

NV,

5.37%,

4/1/2027

(SOFR

+

101.0bps)

(b) 2,000,000

2,002,637

Jackson

National

Life

Global

Funding,

4.60%,

10/1/2029

(a) 1,000,000

993,806

JPMorgan

Chase

&

Co.,

5.25%,

4/22/2027

(SOFR

+

88.5bps)

(b) 2,000,000

2,004,492

JPMorgan

Chase

&

Co.,

5.54%,

2/24/2028

(SOFR

+

118.0bps)

(b) 1,000,000

1,004,045

JPMorgan

Chase

Bank

NA,

5.11%,

12/8/2026

1,000,000

1,015,360

Lloyds

Banking

Group

PLC,

4.58%,

12/10/2025

(a) 250,000

249,325

Nomura

Holdings,

Inc.,

1.65%,

7/14/2026

1,000,000

965,413

Principal

Life

Global

Funding

II,

MTN,

1.50%,

11/17/2026

(a) 1,000,000

957,536

SMBC

Aviation

Capital

Finance

DAC,

1.90%,

10/15/2026

(a) 1,000,000

960,315

Societe

Generale

SA,

MTN,

1.79%,

6/9/2027

(H15T5Y

+

100.0bps)

(a),(b)

1,000,000

967,584

24,960,248

Industrials

—

7.88%

Air

Canada

Pass

Through

Trust,

Series

2013-1,

Class

A,

4.13%,

5/15/2025

(a) 926,957

926,480

Air

Canada

Pass

Through

Trust,

Series

2017-1,

Class

B,

3.70%,

7/15/2026

(a) 363,757

357,249

Air

Canada

Pass

Through

Trust,

Series

2020-2,

Class

A,

5.25%,

10/1/2030

(a) 160,491

160,546

American

Airlines

Pass

Through

Trust,

Series

2014-1,

Class

A,

3.70%,

10/1/2026

1,460,153

1,426,319

Ashtead

Capital,

Inc.,

1.50%,

8/12/2026

(a) 1,000,000

962,824

Caterpillar

Financial

Services

Corp.,

4.40%,

3/3/2028

3,000,000

3,027,376

CNH

Industrial

Capital

LLC,

1.88%,

1/15/2026

1,000,000

979,921

Mileage

Plus

Holdings

LLC,

6.50%,

6/20/2027

(a) 1,350,000

1,355,331

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Penske

Truck

Leasing

Co.

LP,

1.70%,

6/15/2026

(a) $

1,000,000

$

967,936

Triton

Container

International

Ltd.,

2.05%,

4/15/2026

(a) 1,000,000

971,400

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

332,238

330,637

United

Airlines

Pass

Through

Trust,

Series

2016-1,

Class

A,

3.45%,

7/7/2028

604,258

567,265

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

A,

5.88%,

4/15/2029

397,496

405,046

US

Airways

Pass

Through

Trust,

Series

2013-1,

Class

A,

3.95%,

11/15/2025

951,784

947,597

Vontier

Corp.,

1.80%,

4/1/2026

1,000,000

972,039

14,357,966

Materials

—

2.67%

Alcoa

Nederland

Holding

BV,

5.50%,

12/15/2027

(a) 1,000,000

996,754

Berry

Global,

Inc.,

1.65%,

1/15/2027

2,000,000

1,898,384

Sealed

Air

Corp.,

1.57%,

10/15/2026

(a) 1,000,000

954,486

Sherwin-Williams

Co.

(The),

4.55%,

3/2/2028

1,000,000

1,006,067

4,855,691

Real

Estate

—

0.27%

American

Tower

Corp.,

1.60%,

4/15/2026

500,000

485,839

Technology

—

3.79%

DXC

Technology

Co.,

1.80%,

9/15/2026

500,000

480,093

Hewlett

Packard

Enterprise

Co.,

4.55%,

10/15/2029

1,000,000

990,966

Jabil,

Inc.,

1.70%,

4/15/2026

1,000,000

971,804

Leidos,

Inc.,

4.38%,

5/15/2030

1,000,000

971,863

Marvell

Technology,

Inc.,

1.65%,

4/15/2026

1,000,000

971,065

Oracle

Corp.,

4.80%,

8/3/2028

2,000,000

2,026,618

Wipro

IT

Services

LLC,

1.50%,

6/23/2026

(a) 500,000

483,605

6,896,014

Utilities

—

4.37%

Ameren

Corp.,

1.95%,

3/15/2027

500,000

478,948

Duke

Energy

Corp.,

4.30%,

3/15/2028

1,000,000

1,000,376

Edison

International,

4.70%,

8/15/2025

500,000

498,964

Enel

Finance

International

NV,

1.63%,

7/12/2026

(a) 1,000,000

966,645

Georgia

Power

Co.,

4.55%,

3/15/2030

1,000,000

1,006,848

Liberty

Utilities

Co.,

5.58%,

1/31/2029

(a) 1,000,000

1,027,657

NextEra

Energy

Capital

Holdings,

Inc.,

1.88%,

1/15/2027

1,000,000

959,473

NSTAR

Electric

Co.,

4.85%,

3/1/2030

2,000,000

2,029,275

7,968,186

Total

Corporate

Bonds

and

Notes

(Cost $72,177,154)

71,577,338

ASSET

BACKED

SECURITIES

—

9.01%

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-1A,

Class

A2,

5.38%,

1/21/2031

(a) 370,582

374,841

BHG

Securitization

Trust,

Series

2024-1A,

Class

A,

5.81%,

4/17/2035

(a) 146,496

148,765

Carvana

Auto

Receivables

Trust,

Series

2022-P2,

Class

D,

6.28%,

5/10/2029

1,000,000

1,017,258

Dell

Equipment

Finance

Trust,

Series

2023-2,

Class

C,

6.06%,

1/22/2029

(a) 523,000

527,790

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Dllad

LLC,

Series

2024-1A,

Class

A3,

5.30%,

7/20/2029

(TSFR3M

+

181.2bps)

(a),(b)

$

1,000,000

$

1,020,407

Exeter

Automobile

Receivables

Trust,

Series

2023-1A,

Class

D,

6.69%,

6/15/2029

1,020,000

1,040,630

First

Investors

Auto

Owner

Trust,

Series

2021-1A,

Class

D,

1.62%,

3/15/2027

(a) 433,643

430,745

First

Investors

Auto

Owner

Trust,

Series

2021-2A,

Class

D,

1.66%,

12/15/2027

(a) 2,000,000

1,954,928

GCI

Funding

I

LLC,

Series

2021-1,

Class

A,

2.38%,

6/18/2046

(a) 655,767

606,178

GreatAmerica

Leasing

Receivables

Funding,

Series

2024-2,

Class

C,

5.28%,

5/17/2032

(a) 1,000,000

1,011,952

Hilton

Grand

Vacations

Trust,

Series

2020-AA,

Class

C,

6.42%,

2/25/2039

(a) 333,841

337,069

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

B,

5.35%,

10/20/2031

(a) 500,000

507,121

ITE

Rail

Fund

Levered

LP,

Series

2021-1A,

Class

A,

2.25%,

2/28/2051

(a) 410,979

383,877

Kubota

Credit

Owner

Trust,

Series

2024-1A,

Class

A4,

MTN,

5.20%,

1/15/2030

(a) 1,000,000

1,025,533

Navient

Student

Loan

Trust,

Series

2018-BA,

Class

A2A,

3.61%,

12/15/2059

(a) 9,867

9,815

Octane

Receivables

Trust,

Series

2023-3A,

Class

A2,

6.44%,

3/20/2029

(a) 426,387

429,976

Octane

Receivables

Trust,

Series

2023-3A,

Class

B,

6.48%,

7/20/2029

(a) 1,008,000

1,028,334

Octane

Receivables

Trust,

Series

RVM1,

Class

A,

5.01%,

1/22/2046

(a) 894,749

902,006

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

A2,

MTN,

5.59%,

11/15/2029

(a) 184,671

186,314

Post

Road

Equipment

Finance

LLC,

Series

2025-1A,

Class

D,

5.43%,

5/15/2031

(a) 500,000

505,004

SCF

Equipment

Leasing

LLC,

Series

2025-1A,

Class

C,

5.37%,

9/20/2034

(a) 500,000

509,442

SLM

Private

Credit

Student

Loan

Trust,

Series

2006-A,

Class

A5,

4.59%,

6/15/2039

(TSFR3M

+

55.2bps)

(b) 74,171

71,996

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/2034

(a) 6,677

6,647

Trinity

Rail

Leasing

LLC,

Series

2019-2A,

Class

A2,

3.10%,

10/18/2049

(a) 685,000

663,921

Trinity

Rail

Leasing

LLC,

Series

2021-1A,

Class

A,

2.26%,

7/19/2051

(a) 846,330

784,129

Verdant

Receivables

LLC,

Series

2024-1A,

Class

A2,

5.68%,

12/12/2031

(a) 896,087

914,543

Total

Asset

Backed

Securities

(Cost $16,439,608)

16,399,221

U.S.

GOVERNMENT

&

AGENCIES

—

44.62%

Fannie

Mae,

Pool

#FM7007,

4.00%,

10/1/2033

601,938

601,641

Fannie

Mae,

Pool

#MA4023,

3.50%,

1/1/2035

794,824

778,247

Fannie

Mae,

Pool

#MA4038,

3.00%,

4/1/2035

200,344

189,533

Fannie

Mae,

Pool

#MA4797,

4.00%,

11/1/2037

653,787

638,881

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

635,223

639,230

Fannie

Mae,

Pool

#CA8902,

2.50%,

2/1/2041

668,031

588,892

Fannie

Mae,

Pool

#MA4364,

2.00%,

5/1/2041

716,914

616,797

Fannie

Mae,

Pool

#MA4961,

5.00%,

3/1/2043

775,696

774,217

Fannie

Mae,

Pool

#MA4988,

5.00%,

4/1/2043

731,225

733,448

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Fannie

Mae,

Pool

#BM4676,

4.00%,

10/1/2048

$

794,463

$

749,261

Fannie

Mae,

Pool

#CA5970,

2.50%,

6/1/2050

693,243

576,129

Fannie

Mae,

Pool

#FM7195,

2.50%,

9/1/2050

759,711

631,731

Fannie

Mae,

Pool

#CA6951,

2.50%,

9/1/2050

590,699

495,328

Fannie

Mae,

Pool

#CB0397,

3.00%,

5/1/2051

621,880

543,331

Fannie

Mae,

Pool

#FM8361,

2.50%,

8/1/2051

657,395

551,793

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,548,195

1,442,265

Fannie

Mae,

Pool

#MA4732,

4.00%,

9/1/2052

848,092

790,453

Fannie

Mae,

Pool

#QE9380,

4.50%,

9/1/2052

830,874

794,999

Fannie

Mae,

Pool

#MA4970,

6.00%,

2/1/2053

1,054,896

1,057,587

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

843,168

826,639

Fannie

Mae,

Pool

#BX7767,

5.50%,

3/1/2053

1,622,493

1,621,612

Fannie

Mae,

Pool

#MA5054,

4.00%,

6/1/2053

908,306

845,491

Fannie

Mae,

Pool

#FS5779,

5.50%,

9/1/2053

871,036

870,001

Fannie

Mae,

Pool

#MA5165,

5.50%,

10/1/2053

1,734,767

1,731,815

Fannie

Mae,

Pool

#FS6679,

6.00%,

12/1/2053

854,982

867,971

Fannie

Mae,

Pool

#DB3808,

6.00%,

5/1/2054

970,917

987,185

Fannie

Mae,

Pool

#MA5445,

6.00%,

8/1/2054

1,801,977

1,827,510

Fannie

Mae,

Pool

#MA5700,

5.50%,

5/1/2055

1,500,000

1,495,936

Federal

Farm

Credit

Banks

Funding

Corp.,

5.44%,

8/21/2034

1,000,000

1,000,558

Federal

Farm

Credit

Banks

Funding

Corp.,

6.25%,

5/6/2039

1,000,000

1,000,202

Federal

Farm

Credit

Banks

Funding

Corp.,

5.60%,

8/5/2039

1,000,000

1,004,516

Federal

Farm

Credit

Banks

Funding

Corp.,

6.05%,

6/27/2044

2,000,000

2,006,099

Federal

Farm

Credit

Banks

Funding

Corp.,

6.03%,

8/1/2044

1,000,000

1,002,671

Federal

Farm

Credit

Banks

Funding

Corp.,

5.37%,

8/26/2044

2,000,000

1,991,795

Federal

Farm

Credit

Banks

Funding

Corp.,

5.72%,

10/28/2044

1,000,000

998,869

Federal

Farm

Credit

Banks

Funding

Corp.,

5.74%,

3/6/2045

2,000,000

2,001,184

Federal

Farm

Credit

Banks

Funding

Corp.,

5.90%,

4/21/2045

1,000,000

998,188

Federal

Farm

Credit

Banks

Funding

Corp.,

5.93%,

5/1/2045

2,000,000

1,998,848

Federal

Farm

Credit

Banks

Funding

Corp.,

5.49%,

9/23/2049

1,000,000

1,002,884

Federal

Home

Loan

Banks,

5.07%,

1/23/2030

1,000,000

1,005,424

Federal

Home

Loan

Banks,

6.00%,

4/23/2037

1,000,000

999,870

Federal

Home

Loan

Banks,

6.25%,

5/2/2039

1,000,000

1,000,175

Federal

Home

Loan

Banks,

5.00%,

10/21/2039

1,000,000

983,696

Federal

Home

Loan

Banks,

5.00%,

10/28/2039

1,000,000

1,019,592

Federal

Home

Loan

Banks,

5.70%,

2/6/2040

1,500,000

1,503,495

Federal

Home

Loan

Banks,

5.75%,

2/27/2040

1,000,000

1,003,087

Federal

Home

Loan

Banks,

5.24%,

2/27/2040

1,000,000

1,026,297

Federal

Home

Loan

Banks,

6.15%,

6/17/2044

1,000,000

999,987

Federal

Home

Loan

Banks,

6.23%,

7/22/2044

1,500,000

1,502,295

Federal

Home

Loan

Banks,

5.05%,

10/25/2044

1,000,000

1,000,851

Federal

Home

Loan

Banks,

5.50%,

11/25/2044

1,000,000

999,029

Federal

Home

Loan

Banks,

5.90%,

2/27/2045

1,000,000

1,001,107

Federal

Home

Loan

Banks,

5.40%,

11/29/2049

1,000,000

1,006,857

Freddie

Mac,

Pool

#SB8229,

4.50%,

5/1/2038

1,434,724

1,424,451

Freddie

Mac,

Pool

#QA5121,

2.50%,

12/1/2049

863,656

726,590

Freddie

Mac,

Pool

#QE2792,

4.00%,

6/1/2052

915,873

853,677

Freddie

Mac,

Pool

#SD8230,

4.50%,

6/1/2052

796,305

761,896

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Principal

Amount

Fair

Value

Freddie

Mac,

Pool

#SD1087,

3.50%,

6/1/2052

$

845,669

$

766,579

Freddie

Mac,

Pool

#SD2322,

4.50%,

9/1/2052

876,744

838,702

Freddie

Mac,

Pool

#QE9380,

5.00%,

9/1/2052

764,810

751,010

Freddie

Mac,

Pool

#SD8306,

4.50%,

2/1/2053

886,275

847,157

Freddie

Mac,

Pool

#QG1666,

5.00%,

3/1/2053

967,804

950,655

Freddie

Mac,

Pool

#QF8790,

5.50%,

3/1/2053

863,125

863,256

Freddie

Mac,

Pool

#SD3437,

5.00%,

4/1/2053

1,822,845

1,787,769

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

858,055

862,345

Freddie

Mac,

Pool

#SD2757,

5.00%,

5/1/2053

853,640

839,546

Freddie

Mac,

Pool

#SD8329,

5.00%,

6/1/2053

881,732

864,220

Freddie

Mac,

Pool

#SD8357,

4.00%,

8/1/2053

931,459

866,847

Freddie

Mac,

Pool

#SD8373,

6.00%,

10/1/2053

1,642,158

1,667,400

Freddie

Mac,

Pool

#SD8408,

5.50%,

3/1/2054

2,202,992

2,197,541

Freddie

Mac,

Pool

#SD5083,

5.50%,

3/1/2054

880,787

878,607

Freddie

Mac,

Pool

#SD8421,

6.00%,

4/1/2054

836,122

847,883

Freddie

Mac,

Pool

#SD8431,

5.50%,

5/1/2054

900,837

898,608

Freddie

Mac,

Pool

#SD8453,

5.50%,

8/1/2054

1,871,537

1,866,905

Freddie

Mac,

Pool

#SD8516,

6.00%,

3/1/2055

1,470,399

1,491,154

United

States

Treasury

Note/Bond,

4.38%,

11/30/2028

3,000,000

3,074,063

Total

U.S.

Government

&

Agencies

(Cost $82,265,463)

81,252,360

COLLATERALIZED

LOAN

OBLIGATIONS

—

4.01%

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

21-25A,

Class

A2R,

5.46%,

1/15/2035

(TSFR3M

+

120bps)

(a),(b)

1,000,000

991,072

Carlyle

US

CLO

Ltd.,

Series

2020-2A,

Class

A1R,

5.68%,

1/25/2035

(TSFR3M

+

140.2bps)

(a),(b)

1,000,000

999,737

Elmwood

CLO

Ltd.,

Series

2025-1A,

Class

A,

5.43%,

4/22/2038

(TSFR3M

+

115.0bps)

(a),(b)

500,000

494,473

ICG

US

CLO

Ltd.,

Series

2014-1A,

Class

A1,

5.73%,

10/20/2034

(TSFR3M

+

146.2bps)

(a),(b)

1,000,000

1,000,575

Madison

Park

Funding

XXI

Ltd.,

Series

2016-21A,

Class

ABRR,

5.92%,

10/15/2032

(TSFR3M

+

166.2bps)

(a),(b)

1,000,000

997,880

Morgan

Stanley

Eaton

Vance

CLO,

Series

2022-16A,

Class

A2,

5.91%,

4/15/2035

(TSFR3M

+

165.0bps)

(a),(b)

1,000,000

996,881

Oaktree

CLO

Ltd.,

Series

2019-3,

5.67%,

1/20/2038

(TSFR3M

+

138.0bps)

(a),(b)

1,000,000

999,980

Sound

Point

CLO

VIII-R

Ltd.,

Series

2015-1RA,

Class

BR,

6.07%,

4/15/2030

(TSFR3M

+

181.2bps)

(a),(b)

830,585

830,270

Total

Collateralized

Loan

Obligations

(Cost $7,330,585)

7,310,868

Total

Investments

—

96.94%

(Cost

$178,212,810)

176,539,787

Other

Assets

in

Excess

of

Liabilities

—

3.06%

5,581,376

Net

Assets

—

100.00%

$

182,121,163

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

H15T5Y—

Year

Treasury

Rate

MTN—

Medium

Term

Note

SOFR—

Secured

Overnight

Financing

Rate

TSFR3M—

Term

Secured

Overnight

Finance

Rate

(3

Month)

(a) Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933. The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

total

fair

value

of

these

securities

as

April

30,

2025

was

$46,684,460,

representing

25.63%

of

net

assets.

(b) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

April

30,

2025. For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

Yorktown

Small

Cap

Fund

Schedule

of

Investments

April

30,

2025

-

(Unaudited)

+

Shares

Fair

Value

COMMON

STOCKS

—

97.58%

Communications

—

2.17%

Grab

Holdings

Ltd.,

Class

A

(a) 52,000

$

253,760

Gravity

Co.

Ltd.

-

ADR

(a) 5,100

305,490

559,250

Consumer

Discretionary

—

17.19%

Axon

Enterprise,

Inc.

(a) 775

475,307

Boot

Barn

Holdings,

Inc.

(a) 1,700

177,378

Boyd

Gaming

Corp.

2,700

186,678

Bright

Horizons

Family

Solutions,

Inc.

(a) 1,500

188,130

Cavco

Industries,

Inc.

(a) 800

395,080

Churchill

Downs,

Inc.

3,100

280,271

Dorman

Products,

Inc.

(a) 1,800

203,940

DraftKings,

Inc.,

Class

A

(a) 9,960

331,568

Driven

Brands

Holdings,

Inc.

(a) 14,850

245,322

FirstCash

Holdings,

Inc.

2,650

354,994

G-III

Apparel

Group

Ltd.

(a) 5,450

137,449

Griffon

Corp.

3,050

207,736

Group

Automotive,

Inc.

177,597

SharkNinja,

Inc.

(a) 3,500

281,750

Sportradar

Group

AG

(a) 13,600

314,296

Texas

Roadhouse,

Inc.

1,900

315,324

Universal

Technical

Institute,

Inc.

(a) 5,750

161,345

4,434,165

Consumer

Staples

—

8.64%

BJ's

Wholesale

Club

Holdings,

Inc.

(a) 5,740

674,794

Chefs'

Warehouse,

Inc.

(The)

(a) 7,050

401,639

Dole

PLC

12,600

191,394

Inter

Parfums,

Inc.

1,200

131,040

Performance

Food

Group

Co.

(a) 2,250

181,485

Pilgrim's

Pride

Corp.

(a) 9,000

491,220

Vital

Farms,

Inc.

(a) 4,600

157,504

2,229,076

Energy

—

1.36%

Aris

Water

Solutions,

Inc.,

Class

A

6,700

167,232

Range

Resources

Corp.

5,400

183,222

350,454

Financials

—

18.28%

Bancorp,

Inc.

(The)

(a) 4,300

207,733

Brookfield

Asset

Management

Ltd.

5,637

300,621

Enova

International,

Inc.

(a) 2,250

206,527

Freedom

Holding

Corp.

(a) 3,700

528,471

Goosehead

Insurance,

Inc.,

Class

A

(a) 5,050

490,911

Hamilton

Lane,

Inc.,

Class

A

2,300

355,327

LPL

Financial

Holdings,

Inc.

2,300

735,517

Marex

Group

PLC

(a) 5,900

261,665

Merchants

Bancorp

8,800

264,704

Palomar

Holdings,

Inc.

(a) 2,000

290,040

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Shares

Fair

Value

Robinhood

Markets,

Inc.,

Class

A

(a) 15,900

$

780,849

StoneX

Group,

Inc.

(a) 3,300

292,265

4,714,630

Health

Care

—

12.28%

Catalyst

Pharmaceuticals,

Inc.

(a) 20,250

491,872

Ensign

Group,

Inc.

(The)

2,100

270,879

Haemonetics

Corp.

(a) 3,100

195,362

Insmed,

Inc.

(a) 5,850

421,200

Integer

Holdings

Corp.

(a) 2,350

296,828

Lantheus

Holdings,

Inc.

(a) 4,800

500,832

Merit

Medical

Systems,

Inc.

(a) 2,950

278,628

Pacira

BioSciences,

Inc.

(a) 6,600

177,540

Progyny,

Inc.

(a) 11,500

262,660

Veracyte,

Inc.

(a) 8,900

271,450

3,167,251

Industrials

—

15.20%

Aaon,

Inc.

1,700

155,159

AeroVironment,

Inc.

(a) 1,994

302,131

AZZ,

Inc.

3,750

325,350

Badger

Meter,

Inc.

1,650

364,353

Construction

Partners,

Inc.,

Class

A

(a) 4,800

394,272

CSW

Industrials,

Inc.

1,300

406,224

Herc

Holdings,

Inc.

1,100

120,384

IES

Holdings,

Inc.

(a) 940

184,879

Itron,

Inc.

(a) 3,000

333,870

Janus

International

Group,

Inc.

(a) 28,500

196,080

Mueller

Industries,

Inc.

6,650

489,174

RBC

Bearings,

Inc.

(a) 970

318,713

V2X,

Inc.

(a) 3,500

174,160

WESCO

International,

Inc.

950

154,812

3,919,561

Materials

—

4.13%

Balchem

Corp.

1,450

226,997

Graphic

Packaging

Holding

Co.

10,450

264,490

Hawkins,

Inc.

1,450

176,581

Tecnoglass,

Inc.

2,800

199,556

United

States

Lime

&

Minerals,

Inc.

2,100

196,371

1,063,995

Real

Estate

—

2.42%

Healthpeak

Properties,

Inc.

9,650

172,156

Matson,

Inc.

4,130

450,542

622,698

Technology

—

15.91%

ACM

Research,

Inc.,

Class

A

(a) 13,300

258,951

Allegro

Microsystems,

Inc.

(a) 11,300

215,491

Calix,

Inc.

(a) 9,000

368,190

CyberArk

Software

Ltd.

(a) 950

334,552

Duolingo,

Inc.

(a) 1,400

545,272

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

April

30,

2025

-

(Unaudited)

Shares

Fair

Value

ExlService

Holdings,

Inc.

(a) 4,000

$

193,920

NCR

Atleos

Corp.

(a) 5,700

159,144

Nova

Ltd.

(a) 1,800

353,178

Paylocity

Holdings

Corp.

(a) 950

182,495

Rambus,

Inc.

(a) 7,000

341,530

Super

Micro

Computer,

Inc.

(a) 8,700

277,182

TaskUS,

Inc.,

Class

A

(a) 19,800

276,408

Verra

Mobility

Corp.,

Class

A

(a) 10,000

218,000

WNS

Holdings

Ltd.

(a) 3,800

229,976

ZoomInfo

Technologies,

Inc.,

Class

A

(a) 17,300

148,088

4,102,377

Total

Common

Stocks

(Cost $19,156,775)

25,163,457

CONTINGENT

VALUE

RIGHTS

—

0.00%

Health

Care

—

0.00%

Sinovac

Biotech,

Ltd.

(a)(b) 74,893

—

Total

Contingent

Value

Rights

(Cost $–)

—

Total

Investments

—

97.58%

(Cost

$19,156,775)

25,163,457

Other

Assets

in

Excess

of

Liabilities

—

2.42%

625,024

Net

Assets

—

100.00%

$

25,788,481

(a) Non-income

producing

security.

(b) Security

is

being

fair

valued

in

accordance

with

the

Trust's

fair

valuation

policies

and

represents

0%

of

the

Fund's

net

assets.

ADR

-

American

Depositary

Receipt

## 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 SHORT-TERM BOND FD

- **b. EDGAR series identifier (if any):** S000008426

- **c. LEI of Series:** 549300H7N8U0NAR4WA07

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

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

- **b. Date as of which information is reported:** 2025-04-30

**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:** $184383235.23

**Total Liabilities:** $2225039.62

**Net Assets:** $182158195.61

**Cash Not Reported:** $796.40

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 3056.51113083 | **1-Year:** 9424.79180292 | **5-Year:** 17906.09184549 | **10-Year:** 18686.91150444 | **30-Year:** 1738.43394379

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 61.59669435 | **1-Year:** 77.70240639 | **5-Year:** 44.55715706 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000023131 | 0.78%                | 0.30%                | 0.29%                |
| Class ID C000127242 | 0.99%                | 0.06%                | 0.29%                |
| Class ID C000023132 | -1.23%               | -2.20%               | -1.71%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1242239.55             | $2773276.83                                |
| Month 2  | $-820098.32              | $551251.87                                 |
| Month 3  | $-101431.89              | $171967.51                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B4MW8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1005423.84   | 0.55%             | 2030-01-23      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                           | Oracle Corp.                                           | CUSIP: 68389XCY9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2026618.46   | 1.11%             | 2028-08-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 3140ADGS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    970917 | PA      | $987184.73    | 0.54%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                              | Federal Farm Credit Banks Funding Corp.                | CUSIP: 3133ERNA5<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1002670.49   | 0.55%             | 2044-08-01      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3132DQAZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1822845 | PA      | $1787769.27   | 0.98%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                              | JPMorgan Chase Bank NA                                 | CUSIP: 48125LRU8<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1015360.03   | 0.56%             | 2026-12-08      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B3NM1<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $999028.86    | 0.55%             | 2044-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                      | HSBC Holdings PLC                                      | CUSIP: 404280EP0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $998877.80    | 0.55%             | N/A             | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 31346YVN0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    863656 | PA      | $726589.89    | 0.40%             | 2049-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B1QS9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $999986.97    | 0.55%             | 2044-06-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418DZ62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    716914 | PA      | $616796.64    | 0.34%             | 2041-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3132DWHE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    881732 | PA      | $864219.71    | 0.47%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GA Global Funding Trust                                                | GA Global Funding Trust                                | CUSIP: 36143L2A2<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979025.07    | 0.54%             | 2026-01-15      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                              | Federal Farm Credit Banks Funding Corp.                | CUSIP: 3133ETFG7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $1998847.72   | 1.10%             | 2045-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                                             | CNH Industrial Capital LLC                             | CUSIP: 12592BAL8<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979920.53    | 0.54%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 3140J9FS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    794463 | PA      | $749261.08    | 0.41%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                   | JPMorgan Chase & Co.                                   | CUSIP: 46647PCF1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2004492.40   | 1.10%             | 2027-04-22      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| AMUR EQUIPMENT FINANCE RECEIVABLES XIII LLC                            | Amur Equipment Finance Receivables XIII LLC            | CUSIP: 03237CAB8<br>LEI: 254900O8ABFLU3FOSN14 | Long             | ABS-O            | CORP              | US        |    370582 | PA      | $374840.94    | 0.21%             | 2031-01-21      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                         | Hewlett Packard Enterprise Co.                         | CUSIP: 42824CBT5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990965.67    | 0.54%             | 2029-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B3EW9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1019592.10   | 0.56%             | 2039-10-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                       | UMBS Fannie Mae Pool                                   | CUSIP: 3140XNM50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    854982 | PA      | $867971.05    | 0.48%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO 38 LTD                                                     | Elmwood CLO 38 Ltd                                     | CUSIP: 289908AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $494472.50    | 0.27%             | 2038-04-22      | Floating      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS TRUST 2020-A                                    | Hilton Grand Vacations Trust                           | CUSIP: 43285HAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    333841 | PA      | $337069.25    | 0.19%             | 2039-02-25      | Fixed         | 6.42%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418ERJ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    731225 | PA      | $733447.94    | 0.40%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity Rail Leasing 2019 Llc                                          | Trinity Rail Leasing 2019-2 LLC                        | CUSIP: 89657BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    685000 | PA      | $663920.77    | 0.36%             | 2049-10-18      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| ING Groep N.V.                                                         | ING Groep NV                                           | CUSIP: 456837AX1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   2000000 | PA      | $2002636.70   | 1.10%             | 2027-04-01      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| DXC Technology Company                                                 | DXC Technology Co.                                     | CUSIP: 23355LAL0<br>LEI: 549300DOVZ3EDJB7O259 | Long             | DBT              | CORP              | US        |    500000 | PA      | $480092.92    | 0.26%             | 2026-09-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                              | Federal Farm Credit Banks Funding Corp.                | CUSIP: 3133ERRB9<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $1991794.78   | 1.09%             | 2044-08-26      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Air Canada                                                             | Air Canada Pass Through Trust                          | CUSIP: 00909DAA1<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | ABS-O            | CORP              | CA        |    160491 | PA      | $160545.87    | 0.09%             | 2030-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Wipro IT Services, LLC.                                                | Wipro IT Services LLC                                  | CUSIP: 97654MAA4<br>LEI: 549300S6XZZ65F0EJS98 | Long             | DBT              | CORP              | US        |    500000 | PA      | $483605.25    | 0.27%             | 2026-06-23      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Antares Holdings LP                                                    | Antares Holdings LP                                    | CUSIP: 03666HAC5<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1469068.94   | 0.81%             | 2026-07-15      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Corp                                                       | Duke Energy Progress LLC                               | CUSIP: 26441CBS3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000376.20   | 0.55%             | 2028-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                       | UMBS Fannie Mae Pool                                   | CUSIP: 3140QG3L9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    668031 | PA      | $588891.70    | 0.32%             | 2041-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                           | Avolon Holdings Funding Ltd.                           | CUSIP: 05401AAM3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   2000000 | PA      | $1950479.44   | 1.07%             | 2026-02-21      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3132D6EA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1434724 | PA      | $1424451.20   | 0.78%             | 2038-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENEL Finance International N.V.                                        | Enel Finance International NV                          | CUSIP: 29278GAM0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $966644.88    | 0.53%             | 2026-07-12      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Company  Inc                                  | General Motors Financial Co., Inc.                     | CUSIP: 37045XDK9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $963492.05    | 0.53%             | 2026-06-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B0RQ4<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $999870.00    | 0.55%             | 2037-04-23      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | Freddie Mac Pool                                       | CUSIP: 3132DWN90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1470399 | PA      | $1491153.93   | 0.82%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3132DWJS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1642158 | PA      | $1667400.49   | 0.92%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OCTANE RECEIVABLES TRUST 2023-3                                        | Octane Receivables Trust                               | CUSIP: 67571CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1008000 | PA      | $1028334.28   | 0.56%             | 2029-07-20      | Fixed         | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B56M5<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1001107.03   | 0.55%             | 2045-02-27      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Principal Life Global Funding II                                       | Principal Life Global Funding II                       | CUSIP: 74256LES4<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $957536.08    | 0.53%             | 2026-11-17      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Vontier Corporation                                                    | Vontier Corp.                                          | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $972038.88    | 0.53%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | Freddie Mac Pool                                       | CUSIP: 3132DWMA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1871537 | PA      | $1866905.48   | 1.02%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                         | Citigroup, Inc.                                        | CUSIP: 172967MZ1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999518.98    | 0.55%             | 2027-06-09      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings Inc.                                                   | Nomura Holdings, Inc.                                  | CUSIP: 65535HAW9<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $965412.81    | 0.53%             | 2026-07-14      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                    | Huntington Conservative Deposit Account                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   6546777 | PA      | $6546777.25   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B15E3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1000175.19   | 0.55%             | 2039-05-02      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3132DP5B0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    858055 | PA      | $862344.82    | 0.47%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                       | UMBS Fannie Mae Pool                                   | CUSIP: 3140QKNP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    621880 | PA      | $543331.12    | 0.30%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Edison International                                                   | Edison International                                   | CUSIP: 281020AU1<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498963.49    | 0.27%             | 2025-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                              | Federal Farm Credit Banks Funding Corp.                | CUSIP: 3133ERJF9<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $2006099.12   | 1.10%             | 2044-06-27      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418EHJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    848092 | PA      | $790453.43    | 0.43%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jabil Inc                                                              | Jabil, Inc.                                            | CUSIP: 466313AL7<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $971803.88    | 0.53%             | 2026-04-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Eaton Vance CLO 2022-16 Ltd.                            | Morgan Stanley Eaton Vance 2022-16                     | CUSIP: 61774JAC8<br>LEI: 549300KKM8KBPSSG4L10 | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $996881.00    | 0.55%             | 2035-04-15      | Floating      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                              | Goldman Sachs Group, Inc./The                          | CUSIP: 38141GXX7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000672.56   | 0.55%             | 2027-03-09      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc.                                                   | Ashtead Capital, Inc.                                  | CUSIP: 045054AN3<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $962824.19    | 0.53%             | 2026-08-12      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Georgia Power Company                                                  | Georgia Power Co                                       | CUSIP: 373334KY6<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1006847.74   | 0.55%             | 2030-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418DPH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    794824 | PA      | $778246.61    | 0.43%             | 2035-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Berry Global Inc                                                       | Berry Global, Inc.                                     | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1898383.72   | 1.04%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3133CMUT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    876744 | PA      | $838701.64    | 0.46%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3133C1Z78<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    967804 | PA      | $950655.21    | 0.52%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KUBOTA CREDIT OWNER TRUST 2024-1                                       | Kubota Credit Owner Trust                              | CUSIP: 50117BAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1025532.60   | 0.56%             | 2030-01-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418EHK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    830874 | PA      | $794999.30    | 0.44%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                | American Airlines Pass Through Trust                   | CUSIP: 02377AAA6<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |   1460153 | PA      | $1426318.79   | 0.78%             | 2026-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST                                       | First Investors Auto Owner Trust                       | CUSIP: 32059FAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    433643 | PA      | $430744.80    | 0.24%             | 2027-03-15      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B3E33<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1000851.02   | 0.55%             | 2044-10-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3132DWEB5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    796305 | PA      | $761896.45    | 0.42%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BHG SECURITIZATION TRUST 2024-1CON                                     | BHG Securitization Trust                               | CUSIP: 08862HAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    146496 | PA      | $148765.07    | 0.08%             | 2035-04-17      | Fixed         | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | Freddie Mac Pool                                       | CUSIP: 3132DWKV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   2202992 | PA      | $2197540.71   | 1.21%             | 2054-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HPEFS EQUIPMENT TRUST 2024-2                                           | HPEFS Equipment Trust                                  | CUSIP: 40444MAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $507120.50    | 0.28%             | 2031-10-20      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418EP38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1622493 | PA      | $1621611.60   | 0.89%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                  | Air Lease Corp.                                        | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    500000 | PA      | $482608.48    | 0.26%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust 2017-A                                | SMB Private Education Loan Trust                       | CUSIP: 78448WAB1<br>LEI: 5493000RGRVHYZAIY180 | Long             | ABS-O            | CORP              | US        |      6677 | PA      | $6647.38      | 0.00%             | 2034-09-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B36A6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $983696.22    | 0.54%             | 2039-10-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                           | United States Treasury Note/Bond 4.375 11/30/28        | CUSIP: 91282CJN2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3074062.50   | 1.69%             | 2028-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CARLYLE US CLO 2020-2 LTD                                              | Carlyle US CLO Ltd.                                    | CUSIP: 14315GAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999737.00    | 0.55%             | 2035-01-25      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3133BCC54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    915873 | PA      | $853677.31    | 0.47%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERDANT RECEIVBALES 2024-1 LLC                                         | Verdant Receivables 2024-1 LLC                         | CUSIP: 92339MAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    896087 | PA      | $914542.66    | 0.50%             | 2031-12-12      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                              | Federal Farm Credit Banks Funding Corp                 | CUSIP: 3133ERYX3<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $998868.96    | 0.55%             | 2044-10-28      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| SLM Private Education Loan Trust 2012-E                                | SLM Private Credit Student Loan Trust                  | CUSIP: 78443CCL6<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     74171 | PA      | $71996.18     | 0.04%             | 2039-06-15      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3132DSUG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    880787 | PA      | $878607.47    | 0.48%             | 2054-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Liberty Utilities Co. (Delaware)                                       | Liberty Utilities Co.                                  | CUSIP: 531542AA6<br>LEI: 549300UN1FEYPC5BKW09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1027657.49   | 0.56%             | 2029-01-31      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3133BWXT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    863125 | PA      | $863256.16    | 0.47%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                              | Mars, Inc.                                             | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2025151.62   | 1.11%             | 2030-03-01      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                              | Federal Farm Credit Banks Funding Corp.                | CUSIP: 3133ERDK4<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1000201.77   | 0.55%             | 2039-05-06      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                              | Federal Farm Credit Banks Funding Corp                 | CUSIP: 3133ER6C0<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $2001184.46   | 1.10%             | 2045-03-06      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418ETL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    908306 | PA      | $845491.22    | 0.46%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OCTANE RECEIVABLES TRUST 2023-3                                        | Octane Receivables Trust                               | CUSIP: 67571CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    426387 | PA      | $429975.71    | 0.24%             | 2029-03-20      | Fixed         | 6.44%                 | Yes           |                  2 | On Loan: No      |
| DLLAD 2024-1 LLC                                                       | Dllad 2024-1 LLC                                       | CUSIP: 23346MAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1020407.20   | 0.56%             | 2029-07-20      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418EPC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    843168 | PA      | $826639.47    | 0.45%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                             | American Tower Corp.                                   | CUSIP: 03027XBL3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    500000 | PA      | $485838.93    | 0.27%             | 2026-04-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2022- P2                                | Carvana Auto Receivables Trust                         | CUSIP: 14686JAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1017258.00   | 0.56%             | 2029-05-10      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3132DWLL5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    900837 | PA      | $898608.23    | 0.49%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp.                                                       | Sealed Air Corp.                                       | CUSIP: 81211KAZ3<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $954486.30    | 0.52%             | 2026-10-15      | Fixed         | 1.57%                 | Yes           |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                              | Federal Farm Credit Banks Funding Corp                 | CUSIP: 3133ERMZ1<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1004515.86   | 0.55%             | 2039-08-05      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Mileage Plus Hldgs Llc / Mileage Plus Intellectual Property Assets Ltd | Mileage Plus Holdings LLC                              | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1355331.15   | 0.74%             | 2027-06-20      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                    | NextEra Energy Capital Holdings, Inc.                  | CUSIP: 65339KBY5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $959473.38    | 0.53%             | 2027-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| TRINITY RAIL LEASING 2021 LLC                                          | Trinity Rail Leasing 2021 LLC                          | CUSIP: 89656GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    846330 | PA      | $784128.83    | 0.43%             | 2051-07-19      | Fixed         | 2.26%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | Freddie Mac Pool                                       | CUSIP: 3132DWJA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    931459 | PA      | $866847.30    | 0.48%             | 2053-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                               | Lloyds Banking Group PLC                               | CUSIP: 539439AH2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $249324.95    | 0.14%             | 2025-12-10      | Fixed         | 4.58%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale S.A.                                                  | Societe Generale SA                                    | CUSIP: 83368RBC5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $967584.42    | 0.53%             | 2027-06-09      | Fixed         | 1.79%                 | Yes           |                  2 | On Loan: No      |
| POST ROAD EQUIPMENT 2025-1 LLC                                         | Post Road Equipment Finance 2025-1 LLC                 | CUSIP: 73747LAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $505003.50    | 0.28%             | 2031-05-15      | Fixed         | 5.43%                 | Yes           |                  2 | On Loan: No      |
| DELL EQUIPMENT FINANCE TRUST 2023-2                                    | Dell Equipment Finance Trust                           | CUSIP: 24703GAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    523000 | PA      | $527790.31    | 0.29%             | 2029-01-22      | Fixed         | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B4VR9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1500000 | PA      | $1503495.18   | 0.83%             | 2040-02-06      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| GCI FUNDING I LLC                                                      | GCI Funding LLC                                        | CUSIP: 36166VAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    655767 | PA      | $606178.20    | 0.33%             | 2046-06-18      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                       | UMBS Fannie Mae Pool                                   | CUSIP: 3140XA7H9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    759711 | PA      | $631731.31    | 0.35%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3132DWGP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    886275 | PA      | $847156.62    | 0.47%             | 2053-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MADISON PARK FUNDING XXI LTD                                           | Madison Park Fundng Ltd.                               | CUSIP: 55820JBE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $997880.00    | 0.55%             | 2032-10-15      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B5B31<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1003086.79   | 0.55%             | 2040-02-27      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Triton Container International Ltd.                                    | Triton Container International Ltd.                    | CUSIP: 89680YAA3<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $971399.82    | 0.53%             | 2026-04-15      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| McDonald's Corp.                                                       | McDonald's Corp.                                       | CUSIP: 58013MFU3<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1018312.29   | 0.56%             | 2028-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3133BKM55<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    764810 | PA      | $751009.57    | 0.41%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                          | Ford Motor Credit Co., LLC                             | CUSIP: 345397F81<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990971.72    | 0.54%             | 2026-11-05      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| US Airways Group Inc.                                                  | US Airways Pass Through Trust                          | CUSIP: 90346WAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    951784 | PA      | $947597.36    | 0.52%             | 2025-11-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd.                                                   | Nissan Motor Co. Ltd.                                  | CUSIP: 654744AB7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1982413.60   | 1.09%             | 2025-09-17      | Fixed         | 3.52%                 | Yes           |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST                                       | First Investors Auto Owner Trust                       | CUSIP: 32057JAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1954928.20   | 1.07%             | 2027-12-15      | Fixed         | 1.66%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST                                   | Navient Student Loan Trust                             | CUSIP: 63940QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9867 | PA      | $9814.93      | 0.01%             | 2059-12-15      | Fixed         | 3.61%                 | Yes           |                  2 | On Loan: No      |
| Marvell Technology Inc                                                 | Marvell Technology, Inc.                               | CUSIP: 573874AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $971064.73    | 0.53%             | 2026-04-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| OAKTREE CLO 2019-3 LTD                                                 | Oaktree CLO 2019-3 Ltd                                 | CUSIP: 67400EBE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999980.00    | 0.55%             | 2038-01-20      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Ameren Corp.                                                           | Ameren Corp.                                           | CUSIP: 023608AL6<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |    500000 | PA      | $478947.98    | 0.26%             | 2027-03-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                       | UMBS Fannie Mae Pool                                   | CUSIP: 3140QEWM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    590699 | PA      | $495328.00    | 0.27%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418FBP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1801977 | PA      | $1827509.75   | 1.00%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Air Canada                                                             | Air Canada Pass Through Trust                          | CUSIP: 009089AA1<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | ABS-O            | CORP              | CA        |    926957 | PA      | $926480.37    | 0.51%             | 2026-11-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                | JBS USA LUX SA/JBS USA Food Co./ JBS USA Finance, Inc. | CUSIP: 46590XAZ9<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |   1000000 | PA      | $1011238.00   | 0.56%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418EQY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1054896 | PA      | $1057587.44   | 0.58%             | 2053-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                       | UMBS Fannie Mae Pool                                   | CUSIP: 3140XCJF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    657395 | PA      | $551792.59    | 0.30%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                              | Federal Farm Credit Banks Funding Corp                 | CUSIP: 3133ERQF1<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1000557.91   | 0.55%             | 2034-08-21      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| BENEFIT STREET PARTNERS CLO XXV LTD                                    | Benefit Street Partners CLO XXV Ltd                    | CUSIP: 08186YAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $991072.00    | 0.54%             | 2035-01-15      | Floating      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                              | Goldman Sachs Group, Inc./The                          | CUSIP: 38141GYR9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1995873.62   | 1.10%             | 2027-10-21      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                       | UMBS Fannie Mae Pool                                   | CUSIP: 3140XAYD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    601938 | PA      | $601640.67    | 0.33%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B1WE3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1500000 | PA      | $1502294.99   | 0.82%             | 2044-07-22      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| TIF FUNDING II LLC                                                     | TIF Funding II LLC                                     | CUSIP: 872480AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         0 | PA      | $0.07         | 0.00%             | 2046-02-20      | Fixed         | 1.65%                 | Yes           |                  2 | On Loan: No      |
| Icg Us Clo 2014-1 Ltd                                                  | ICG US CLO Ltd.                                        | CUSIP: 44928XAY0<br>LEI: 25490053S2JSJU63Y978 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000575.00   | 0.55%             | 2034-10-20      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418EKK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    653787 | PA      | $638880.63    | 0.35%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                       | UMBS Fannie Mae Pool                                   | CUSIP: 3140XMM52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    871036 | PA      | $870000.94    | 0.48%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cno Global Funding                                                     | CNO Global Funding                                     | CUSIP: 18977W2A7<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    500000 | PA      | $481227.66    | 0.26%             | 2026-10-07      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                  | Banco Santander SA                                     | CUSIP: 05964HAR6<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1000000 | PA      | $999870.03    | 0.55%             | 2025-08-18      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                       | UMBS Fannie Mae Pool                                   | CUSIP: 3140QDT46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    693243 | PA      | $576129.39    | 0.32%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Leidos Inc                                                             | Leidos, Inc.                                           | CUSIP: 52532XAF2<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $971863.52    | 0.53%             | 2030-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418DPY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200344 | PA      | $189532.52    | 0.10%             | 2035-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418EQP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    775696 | PA      | $774217.45    | 0.43%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Smbc Aviation Capital Finance                                          | SMBC Aviation Capital Finance DAC                      | CUSIP: 78448TAG7<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $960314.63    | 0.53%             | 2026-10-15      | Fixed         | 1.90%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                                                | Hyundai Capital America                                | CUSIP: 44891ADG9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979915.93    | 0.54%             | 2029-09-26      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                              | Federal Farm Credit Banks Funding Corp.                | CUSIP: 3133ETDS3<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $998188.17    | 0.55%             | 2045-04-21      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                   | JPMorgan Chase & Co.                                   | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004044.74   | 0.55%             | 2028-02-24      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                           | Sherwin-Williams Co./The                               | CUSIP: 824348BS4<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1006066.65   | 0.55%             | 2028-03-02      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Tyson Foods, Inc.                                                      | Tyson Foods, Inc.                                      | CUSIP: 902494BL6<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1029436.83   | 0.57%             | 2029-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B3T86<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1006856.67   | 0.55%             | 2049-11-29      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GREATAMERICA LEASING RECEIVABLES FUNDING LLC                           | GreatAmerica Leasing Receivables Funding               | CUSIP: 39154GAF3<br>LEI: 549300JFP7GIDD4UWO79 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1011952.30   | 0.56%             | 2032-05-17      | Fixed         | 5.28%                 | Yes           |                  2 | On Loan: No      |
| McDonald's Corp.                                                       | McDonald's Corp.                                       | CUSIP: 58013MFX7<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2052462.56   | 1.13%             | 2029-05-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2023-1                             | Exeter Automobile Receivables Trust                    | CUSIP: 30168BAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1020000 | PA      | $1040629.81   | 0.57%             | 2029-06-15      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                | Federal Home Loan Banks                                | CUSIP: 3130B56K9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1026296.72   | 0.56%             | 2040-02-27      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                       | UMBS Fannie Mae Pool                                   | CUSIP: 3140XGSS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1548195 | PA      | $1442265.13   | 0.79%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418EN97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    635223 | PA      | $639230.15    | 0.35%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES PASS THROUGH TRUSTS                                    | United Airlines Pass Through Trust                     | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    332238 | PA      | $330637.00    | 0.18%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Alcoa Nederland Holding B.V.                                           | Alcoa Nederland Holding BV                             | CUSIP: 013822AE1<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996754.40    | 0.55%             | 2027-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| USQ Rail I LLC                                                         | ITE Rail Fund Levered LP                               | CUSIP: 90352WAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410979 | PA      | $383877.41    | 0.21%             | 2051-02-28      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                 | United Airlines Pass Through Trust                     | CUSIP: 90931MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    604258 | PA      | $567265.38    | 0.31%             | 2028-07-07      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| SCF EQUIPMENT LEASING 2025-1 LLC                                       | SCF Equipment Leasing LLC                              | CUSIP: 78437DAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $509442.20    | 0.28%             | 2034-09-20      | Fixed         | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | Fannie Mae Pool                                        | CUSIP: 31418FKN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1500000 | PA      | $1495936.47   | 0.82%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NSTAR Electric Company                                                 | NSTAR Electric Co.                                     | CUSIP: 67021CAX5<br>LEI: 54930080R72Y2Z31UR68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2029275.14   | 1.11%             | 2030-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                   | Caterpillar Financial Services Corp                    | CUSIP: 14913UAY6<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3027376.08   | 1.66%             | 2028-03-03      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3132DNF40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    845669 | PA      | $766579.04    | 0.42%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | UMBS Fannie Mae Pool                                   | CUSIP: 31418EW30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1734767 | PA      | $1731814.64   | 0.95%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Air Canada Pass Through Trust 2017-1                                   | Air Canada Pass Through Trust 2017-1 Class B           | CUSIP: 00908PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    363757 | PA      | $357248.60    | 0.20%             | 2026-07-15      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Sound Point CLO VIII-R Ltd/Llc                                         | Sond Point CLO Ltd.                                    | CUSIP: 83607HAN5<br>LEI: 549300RPMX5HA435Q562 | Long             | ABS-CBDO         | CORP              | KY        |    830585 | PA      | $830270.38    | 0.46%             | 2030-04-15      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| OCTANE RECEIVABLES TRUST 2024-RVM1                                     | Octane Receivables Trust                               | CUSIP: 67579FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    894749 | PA      | $902006.07    | 0.50%             | 2046-01-22      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Penske Truck Leasing Co LP / PTL Finance Corp.                         | Penske Truck Leasing Co. LP/ PTL Finance Corp.         | CUSIP: 709599BM5<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $967935.75    | 0.53%             | 2026-06-15      | Fixed         | 1.70%                 | Yes           |                  2 | On Loan: No      |
| United Airlines Pass Through Trust 2020-1A                             | United Airlines 2020-1 Class A Pass Through Trust      | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    397496 | PA      | $405045.80    | 0.22%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Jackson National Life Global Funding                                   | Jackson National Life Global Funding                   | CUSIP: 46849LVB4<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $993806.35    | 0.55%             | 2029-10-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| POST ROAD EQUIPMENT FINANCE 2024-1 LLC                                 | Post Road Equipment Finance 2024-1 LLC                 | CUSIP: 737473AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    184671 | PA      | $186313.78    | 0.10%             | 2029-11-15      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                             | Aviation Capital Group LLC                             | CUSIP: 05369AAK7<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $977494.28    | 0.54%             | 2026-01-30      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3132DWLA9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    836122 | PA      | $847883.16    | 0.47%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                      | HSBC Holdings PLC                                      | CUSIP: 404280BW8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1500000 | PA      | $1505017.74   | 0.83%             | 2026-09-12      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                              | Federal Farm Credit Banks Funding Corp.                | CUSIP: 3133ERUN9<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1002883.66   | 0.55%             | 2049-09-23      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | UMBS Freddie Mac Pool                                  | CUSIP: 3132DQB21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    853640 | PA      | $839546.08    | 0.46%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-04-30

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

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller