# EDGAR Filing Document

**Accession Number:** 0000764859
**File Stem:** 0000910472-25-001899
**Filing Date:** 2025-9
**Character Count:** 87350
**Document Hash:** aa6c68fbd0df361f496a22db83ebf9c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001899.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0000910472-25-001899

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**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:** 251354921

**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           |

## 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:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $182458347.52

**Total Liabilities:** $232004.71

**Net Assets:** $182226342.81

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2298.44996967 | **1-Year:** 7088.00706097 | **5-Year:** 16546.19922839 | **10-Year:** 21115.31436003 | **30-Year:** 2784.20175014

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

- **3-Month:** 25.80113673 | **1-Year:** 279.35488459 | **5-Year:** 129.07923042 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000023131 | -0.26%               | 0.87%                | 0.02%                |
| Class ID C000127242 | 0.07%                | 0.77%                | 0.06%                |
| Class ID C000023132 | -2.44%               | -1.46%               | -2.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-233176.11              | $-498099.96                                |
| Month 2  | $-14509.75               | $1120320.12                                |
| Month 3  | $29535.75                | $-528788.88                                |

### 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      | $1000127.61   | 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      | $2022184.10   | 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        |    891447 | PA      | $906074.58    | 0.50%             | 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      | $1000041.61   | 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        |   1753482 | PA      | $1714872.21   | 0.94%             | 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      | $1009608.82   | 0.55%             | 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      | $987302.16    | 0.54%             | 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      | $1000220.47   | 0.55%             | 2030-11-19      | Floating      | 5.64%                 | 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        |    849781 | PA      | $706238.97    | 0.39%             | 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      | $999334.15    | 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        |    698601 | PA      | $596647.73    | 0.33%             | 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        |    861130 | PA      | $840302.99    | 0.46%             | 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      | $986107.51    | 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      | $2008995.28   | 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      | $986287.42    | 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        |    771878 | PA      | $725732.64    | 0.40%             | 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      | $2006014.14   | 1.10%             | 2027-04-22      | Floating      | 5.20%                 | 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        |    325484 | PA      | $328763.60    | 0.18%             | 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        |   1500000 | PA      | $1491645.74   | 0.82%             | 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        |    300000 | PA      | $298832.98    | 0.16%             | 2039-10-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 3140XNM50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    841048 | PA      | $853953.47    | 0.47%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO 38 LTD/LLC                                                                           | Elmwood CLO 38 Ltd                                                    | CUSIP: 289908AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $499128.50    | 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        |    304137 | PA      | $305957.18    | 0.17%             | 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        |    692399 | PA      | $691579.99    | 0.38%             | 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      | $673573.31    | 0.37%             | 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      | $2006555.00   | 1.10%             | 2027-04-01      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Vertiv Group Corp.                                                                               | Vertiv Group Corp.                                                    | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |    500000 | PA      | $486724.85    | 0.27%             | 2028-11-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| DXC Technology Company                                                                           | DXC Technology Co.                                                    | CUSIP: 23355LAL0<br>LEI: 549300DOVZ3EDJB7O259 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484083.73    | 0.27%             | 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      | $1962044.64   | 1.08%             | 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      | $161535.97    | 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      | $486223.64    | 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      | $1478894.30   | 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      | $998686.37    | 0.55%             | 2028-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 3140QG3L9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    659246 | PA      | $584681.49    | 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        |    801000 | PA      | $788633.51    | 0.43%             | 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        |   1363462 | PA      | $1349508.37   | 0.74%             | 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      | $973107.12    | 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      | $973760.83    | 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      | $998633.82    | 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        |   1411481 | PA      | $1431907.50   | 0.79%             | 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        |   1579769 | PA      | $1604473.60   | 0.88%             | 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      | $1022605.72   | 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      | $1004678.44   | 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      | $963279.58    | 0.53%             | 2026-11-17      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC / (Albertsons Safeway LLC) | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | CUSIP: 013092AC5<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $993025.75    | 0.54%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Vontier Corporation                                                                              | Vontier Corp.                                                         | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $981722.70    | 0.54%             | 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        |   1821382 | PA      | $1814359.97   | 1.00%             | 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      | $1001306.20   | 0.55%             | 2027-06-09      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings Inc.                                                                             | Nomura Holdings, Inc.                                                 | CUSIP: 65535HAW9<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $973744.80    | 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        |   6637162 | PA      | $6637161.90   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                 | UMBS Freddie Mac Pool                                                 | CUSIP: 3132DP5B0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    837441 | PA      | $839196.11    | 0.46%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 3140QKNP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    609699 | PA      | $527001.50    | 0.29%             | 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      | $499933.10    | 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      | $2000093.64   | 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        |    829306 | PA      | $766891.62    | 0.42%             | 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      | $980451.03    | 0.54%             | 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      | $1001227.00   | 0.55%             | 2035-04-15      | Floating      | 5.97%                 | 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      | $1002514.25   | 0.55%             | 2027-03-09      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc.                                                                             | Ashtead Capital, Inc.                                                 | CUSIP: 045054AN3<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $967903.64    | 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      | $1006190.31   | 0.55%             | 2030-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                                          | Federal Home Loan Banks                                               | CUSIP: 3130B64H6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1500000 | PA      | $1511652.71   | 0.83%             | 2045-05-08      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 31418DPH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    773070 | PA      | $751600.30    | 0.41%             | 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      | $1917621.36   | 1.05%             | 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        |    860524 | PA      | $818218.81    | 0.45%             | 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        |    803186 | PA      | $785769.87    | 0.43%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westlake Corporation                                                                             | Westlake Corp.                                                        | CUSIP: 960413AT9<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $988656.82    | 0.54%             | 2026-08-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| KUBOTA CREDIT OWNER 2024-1                                                                       | Kubota Credit Owner Trust                                             | CUSIP: 50117BAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1017859.20   | 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        |    810514 | PA      | $770705.44    | 0.42%             | 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      | $1433794.05   | 0.79%             | 2026-10-01      | Fixed         | 3.70%                 | 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        |    774486 | PA      | $736394.50    | 0.40%             | 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        |    111506 | PA      | $113506.71    | 0.06%             | 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        |   2149470 | PA      | $2141182.92   | 1.18%             | 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      | $504036.40    | 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        |   1568711 | PA      | $1564562.92   | 0.86%             | 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      | $486173.46    | 0.27%             | 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        |      2238 | PA      | $2234.33      | 0.00%             | 2034-09-15      | Fixed         | 2.88%                 | Yes           |                  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      | $3044355.48   | 1.67%             | 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      | $1002530.00   | 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        |    910630 | PA      | $842144.06    | 0.46%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERDANT RECEIVBALES LLC 2024-1                                                                   | Verdant Receivables 2024-1 LLC                                        | CUSIP: 92339MAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    818488 | PA      | $829729.15    | 0.46%             | 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      | $980397.80    | 0.54%             | 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        |     70740 | PA      | $67938.65     | 0.04%             | 2039-06-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                 | UMBS Freddie Mac Pool                                                 | CUSIP: 3132DSUG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    859076 | PA      | $856162.83    | 0.47%             | 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      | $1024750.26   | 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        |    859973 | PA      | $857920.41    | 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      | $2020498.32   | 1.11%             | 2030-03-01      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                            | Royal Caribbean Cruises Ltd.                                          | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1000000 | PA      | $1003965.00   | 0.55%             | 2026-08-31      | Fixed         | 5.50%                 | Yes           |                  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      | $1996067.52   | 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        |    887885 | PA      | $820691.82    | 0.45%             | 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        |    315426 | PA      | $317421.19    | 0.17%             | 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      | $1016335.10   | 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        |    820558 | PA      | $801814.91    | 0.44%             | 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      | $489461.22    | 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      | $1026141.00   | 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        |    876713 | PA      | $873333.11    | 0.48%             | 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      | $960623.92    | 0.53%             | 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      | $1006320.87   | 0.55%             | 2039-08-05      | Fixed         | 5.60%                 | No            |                  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      | $964014.51    | 0.53%             | 2027-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| BWX Technologies Inc.                                                                            | BWX Technologies Inc                                                  | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484333.60    | 0.27%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                 | Freddie Mac Pool                                                      | CUSIP: 3132DWJA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    921872 | PA      | $851531.91    | 0.47%             | 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      | $249877.09    | 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      | $974660.97    | 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      | $499128.50    | 0.27%             | 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      | $527304.08    | 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      | $1493895.81   | 0.82%             | 2040-02-06      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 3140XA7H9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    753305 | PA      | $618680.49    | 0.34%             | 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        |    867437 | PA      | $824000.16    | 0.45%             | 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      | $1000824.00   | 0.55%             | 2032-10-15      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                                          | Federal Home Loan Banks                                               | CUSIP: 3130B5B31<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $994481.37    | 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      | $975534.12    | 0.54%             | 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      | $1014708.55   | 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        |    745285 | PA      | $729490.60    | 0.40%             | 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      | $997435.60    | 0.55%             | 2026-11-05      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd.                                                                             | Nissan Motor Co. Ltd.                                                 | CUSIP: 654744AB7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1995987.60   | 1.10%             | 2025-09-17      | Fixed         | 3.52%                 | Yes           |                  2 | On Loan: No      |
| International Business Machines Corp.                                                            | International Business Machines Corp.                                 | CUSIP: 459200LG4<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1014282.80   | 0.56%             | 2030-02-10      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | Fannie Mae Pool                                                       | CUSIP: 3140ARQ60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1444106 | PA      | $1465073.33   | 0.80%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST                                                             | Navient Student Loan Trust                                            | CUSIP: 63940QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7321 | PA      | $7288.99      | 0.00%             | 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      | $979678.07    | 0.54%             | 2026-04-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | Fannie Mae Pool                                                       | CUSIP: 31418FLS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    984546 | PA      | $999045.13    | 0.55%             | 2055-06-01      | Fixed         | 6.00%                 | 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      | $1002538.00   | 0.55%             | 2038-01-20      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Ameren Corp.                                                                                     | Ameren Corp.                                                          | CUSIP: 023608AL6<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |    500000 | PA      | $480510.91    | 0.26%             | 2027-03-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 3140QEWM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    579755 | PA      | $481152.83    | 0.26%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | Fannie Mae Pool                                                       | CUSIP: 3140XHEW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1235699 | PA      | $1140790.16   | 0.63%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 31418FBP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1723749 | PA      | $1749203.25   | 0.96%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 31418EQY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    976930 | PA      | $979609.75    | 0.54%             | 2053-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 3140XCJF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    640201 | PA      | $530997.25    | 0.29%             | 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      | $993424.10    | 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      | $993348.00    | 0.55%             | 2035-01-15      | Floating      | 5.52%                 | 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      | $2009986.76   | 1.10%             | 2027-10-21      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 3140XAYD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    571244 | PA      | $566816.08    | 0.31%             | 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      | $1500144.53   | 0.82%             | 2044-07-22      | Fixed         | 6.23%                 | No            |                  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      | $1001793.00   | 0.55%             | 2034-10-20      | Floating      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 31418EKK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    629801 | PA      | $612283.06    | 0.34%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 3140XMM52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    847221 | PA      | $844306.97    | 0.46%             | 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      | $483574.35    | 0.27%             | 2026-10-07      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | Fannie Mae Pool                                                       | CUSIP: 31418FKL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    971371 | PA      | $921977.93    | 0.51%             | 2055-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                            | Banco Santander SA                                                    | CUSIP: 05964HAR6<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1000000 | PA      | $999935.37    | 0.55%             | 2025-08-18      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 3140QDT46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    681916 | PA      | $560596.30    | 0.31%             | 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      | $982811.94    | 0.54%             | 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        |    196127 | PA      | $185155.14    | 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        |    746209 | PA      | $741636.99    | 0.41%             | 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      | $967208.74    | 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      | $992111.46    | 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      | $1003535.59   | 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      | $1009764.58   | 0.55%             | 2028-02-24      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                                                     | Sherwin-Williams Co./The                                              | CUSIP: 824348BS4<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004595.20   | 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      | $1026712.63   | 0.56%             | 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      | $998888.27    | 0.55%             | 2049-11-29      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Voya Financial Inc                                                                               | Voya Financial, Inc.                                                  | CUSIP: 929089AB6<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248113.91    | 0.14%             | 2026-06-15      | Fixed         | 3.65%                 | 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      | $1012387.20   | 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      | $2045136.24   | 1.12%             | 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      | $1038955.48   | 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      | $1014877.84   | 0.56%             | 2040-02-27      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 3140XGSS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1511769 | PA      | $1397222.17   | 0.77%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                                        | Federal Farm Credit Banks Funding Corp.                               | CUSIP: 3133ETHW0<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $999733.07    | 0.55%             | 2030-11-27      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | UMBS Fannie Mae Pool                                                  | CUSIP: 31418EN97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    604769 | PA      | $607503.55    | 0.33%             | 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        |    280613 | PA      | $280059.27    | 0.15%             | 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      | $989906.83    | 0.54%             | 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        |    405497 | PA      | $381371.03    | 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        |    577875 | PA      | $549275.51    | 0.30%             | 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      | $506370.05    | 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        |   1471286 | PA      | $1464358.88   | 0.80%             | 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      | $2029905.80   | 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      | $3014110.92   | 1.65%             | 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        |    810165 | PA      | $728875.10    | 0.40%             | 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        |   1687934 | PA      | $1682340.26   | 0.92%             | 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        |    314815 | PA      | $311439.33    | 0.17%             | 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        |    612276 | PA      | $612431.36    | 0.34%             | 2030-04-15      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| OCTANE RECEIVABLES TRUST 2024-RVM1                                                               | Octane Receivables Trust                                              | CUSIP: 67579FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    788564 | PA      | $794095.10    | 0.44%             | 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      | $974509.67    | 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        |    368777 | PA      | $376115.39    | 0.21%             | 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      | $996596.36    | 0.55%             | 2029-10-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | Fannie Mae Pool                                                       | CUSIP: 31418FMF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1495997 | PA      | $1380706.78   | 0.76%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POST ROAD EQUIPMENT FINANCE 2024-1                                                               | Post Road Equipment Finance 2024-1 LLC                                | CUSIP: 737473AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    153613 | PA      | $154586.35    | 0.08%             | 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      | $986113.10    | 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        |    801515 | PA      | $813586.13    | 0.45%             | 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      | $1502258.78   | 0.82%             | 2026-09-12      | Floating      | 5.97%                 | 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      | $986938.41    | 0.54%             | 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        |    832422 | PA      | $815898.32    | 0.45%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

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

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller