# EDGAR Filing Document

**Accession Number:** 0000764859
**File Stem:** 0000910472-26-010222
**Filing Date:** 2026-6
**Character Count:** 139563
**Document Hash:** 20293559d312630e24b91808d60deb1a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-010222.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0000910472-26-010222

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**PERIOD START**: 20270131

**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:** 261133959

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

April

30,

2026

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

37.91%

Communications

—

1.68%

Alphabet,

Inc.,

4.38%,

11/15/2032

$

1,000,000

$

990,357

Meta

Platforms,

Inc.,

4.60%,

11/15/2032

1,000,000

988,476

Uber

Technologies

Inc,

4.50%,

8/15/2029

(a) 1,000,000

991,752

2,970,585

Consumer

Discretionary

—

5.68%

Amazon.com,

Inc.,

4.10%,

3/13/2028

1,500,000

1,502,059

Amazon.com,

Inc.,

4.55%,

3/13/2033

1,000,000

988,311

Amazon.com,

Inc.,

4.88%,

3/13/2036

500,000

492,859

Ford

Motor

Credit

Co.,

LLC,

5.13%,

11/5/2026

1,000,000

1,002,695

General

Motors

Financial

Co.,

Inc.,

1.50%,

6/10/2026

1,000,000

996,931

Hyundai

Capital

America,

4.55%,

9/26/2029

(a) 1,000,000

996,034

Lowe's

Cos,

Inc.,

4.00%,

10/15/2028

1,000,000

992,505

McDonald's

Corp.,

4.80%,

8/14/2028

1,000,000

1,010,245

McDonald's

Corp.,

MTN,

5.00%,

5/17/2029

2,000,000

2,039,032

10,020,671

Consumer

Staples

—

2.86%

Mars,

Inc.,

4.80%,

3/1/2030

(a) 2,000,000

2,020,640

Tyson

Foods,

Inc.,

5.40%,

3/15/2029

1,000,000

1,024,358

Walmart,

Inc.,

4.15%,

4/30/2031

2,000,000

1,992,144

5,037,142

Financials

—

10.33%

Air

Lease

Corp.,

1.88%,

8/15/2026

500,000

496,072

Antares

Holdings

LP,

3.95%,

7/15/2026

(a) 1,500,000

1,495,855

Charles

Schwab

Corp./

The,

4.00%,

12/31/2049

H15T5Y

+

316.80bps

(b) 1,000,000

998,998

Citigroup,

Inc.,

4.40%,

6/9/2027

(SOFR

+

77.0bps)

1,000,000

1,000,557

CNO

Global

Funding,

1.75%,

10/7/2026

(a) 500,000

494,613

Goldman

Sachs

Group,

Inc.

(The),

4.55%,

10/21/2027

(SOFR

+

92.0bps)

2,000,000

2,003,730

HSBC

Holdings

PLC,

5.08%,

11/19/2030

(SOFR

+

129bps)

2,000,000

2,020,089

Jackson

National

Life

Global

Funding,

4.60%,

10/1/2029

(a) 1,000,000

988,334

JPMorgan

Chase

&

Co.,

4.81%,

2/24/2028

(SOFR

+

118.0bps)

1,000,000

1,005,805

JPMorgan

Chase

Bank

NA,

5.11%,

12/8/2026

1,000,000

1,006,103

Morgan

Stanley

Bank

NA,

4.60%,

7/14/2028

O/N

SOFR

+

94BPS

1,500,000

1,504,750

Nomura

Holdings,

Inc.,

1.65%,

7/14/2026

1,000,000

995,034

Novartis

Capital

Corp.,

4.46%,

1/9/2030

1,000,000

994,552

Principal

Life

Global

Funding

II,

MTN,

1.50%,

11/17/2026

(a) 1,000,000

985,580

SMBC

Aviation

Capital

Finance

DAC,

1.90%,

10/15/2026

(a) 1,000,000

988,776

Societe

Generale

SA,

MTN,

1.79%,

6/9/2027

(H15T5Y

+

100.0bps)

(a) 1,000,000

997,083

Voya

Financial,

Inc.,

3.65%,

6/15/2026

250,000

249,739

18,225,670

Industrials

—

5.92%

Ashtead

Capital,

Inc.,

1.50%,

8/12/2026

(a) 1,000,000

991,400

BWX

Technologies

Inc,

4.13%,

6/30/2028

(a) 500,000

493,881

Caterpillar

Financial

Services

Corp.,

4.40%,

3/3/2028

3,000,000

3,014,150

Eaton

Corp.,

3.95%,

3/6/2029

2,000,000

1,980,259

GE

Vernova

,

Inc.,

4.25%,

2/4/2031

500,000

495,725

Honeywell

Aerospace,

Inc.,

4.30%,

3/16/2031

(a) 2,000,000

1,976,190

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Principal

Amount

Fair

Value

Penske

Truck

Leasing

Co.

LP,

1.70%,

6/15/2026

(a) $

1,000,000

$

996,849

Vertiv

Group

Corp.,

4.13%,

11/15/2028

(a) 500,000

494,317

10,442,771

Materials

—

1.68%

Berry

Global,

Inc.,

1.65%,

1/15/2027

2,000,000

1,962,163

Sherwin-Williams

Co.

(The),

4.55%,

3/2/2028

1,000,000

1,003,356

2,965,519

Technology

—

3.82%

Booz

Allen

Hamilton,

Inc.,

3.88%,

9/1/2028

(a) 1,000,000

978,813

DXC

Technology

Co.,

1.80%,

9/15/2026

286,000

283,120

Hewlett

Packard

Enterprise

Co.,

4.55%,

10/15/2029

1,500,000

1,494,917

International

Business

Machines

Corp.,

3.30%,

1/27/2027

500,000

497,286

International

Business

Machines

Corp.,

4.80%,

2/10/2030

1,000,000

1,008,861

Leidos,

Inc.,

4.38%,

5/15/2030

1,000,000

985,795

Oracle

Corp.,

4.80%,

8/3/2028

1,000,000

998,723

Wipro

IT

Services

LLC,

1.50%,

6/23/2026

(a) 500,000

497,801

6,745,316

Utilities

—

5.94%

Ameren

Corp.,

1.95%,

3/15/2027

500,000

490,246

Black

Hills

Corp.,

4.55%,

1/31/2031

1,000,000

990,554

Duke

Energy

Corp.,

4.30%,

3/15/2028

1,000,000

998,771

Enel

Finance

International

NV,

1.63%,

7/12/2026

(a) 1,000,000

994,711

Georgia

Power

Co.,

4.55%,

3/15/2030

1,000,000

1,003,355

Liberty

Utilities

Co.,

5.58%,

1/31/2029

(a) 1,000,000

1,020,549

National

Rural

Utilities

Cooperative

Finance

Corp.,

4.30%,

12/10/2030

1,500,000

1,486,509

NextEra

Energy

Capital

Holdings,

Inc.,

1.88%,

1/15/2027

1,000,000

983,861

NSTAR

Electric

Co.,

4.85%,

3/1/2030

2,000,000

2,026,082

Wisconsin

Electric

Power

Co.,

4.15%,

10/15/2030

500,000

493,355

10,487,993

Total

Corporate

Bonds

and

Notes

(Cost $66,917,449)

66,895,667

ASSET

BACKED

SECURITIES

—

7.07%

Air

Canada

Pass

Through

Trust,

Series

2020-2,

Class

A,

5.25%,

10/1/2030

(a) 136,751

137,988

American

Airlines

Pass

Through

Trust,

Series

2014-1,

Class

A,

3.70%,

10/1/2026

1,325,563

1,321,901

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-1A,

Class

A2,

5.38%,

1/21/2031

(a) 186,739

188,640

BHG

Securitization

Trust,

Series

2024-1A,

Class

A,

5.81%,

4/17/2035

(a) 80,512

81,698

Carvana

Auto

Receivables

Trust,

Series

2022-P2,

Class

D,

6.28%,

5/10/2029

1,000,000

1,023,946

Dllad

LLC,

Series

2024-1A,

Class

A3,

5.30%,

7/20/2029

(TSFR3M

+

181.2bps)

(a),(b)

1,000,000

1,014,486

Exeter

Automobile

Receivables

Trust,

Series

2023-1A,

Class

D,

6.69%,

6/15/2029

764,682

773,175

GreatAmerica

Leasing

Receivables

Funding,

Series

2024-2,

Class

C,

5.28%,

5/17/2032

(a) 1,000,000

1,013,611

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Principal

Amount

Fair

Value

Hilton

Grand

Vacations

Trust,

Series

2020-AA,

Class

C,

6.42%,

2/25/2039

(a) $

225,726

$

227,189

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

B,

5.35%,

10/20/2031

(a) 500,000

503,336

ITE

Rail

Fund

Levered

LP,

Series

2021-1A,

Class

A,

2.25%,

2/28/2051

(a) 391,898

373,836

Kubota

Credit

Owner

Trust,

Series

2024-1A,

Class

A4,

MTN,

5.20%,

1/15/2030

(a) 1,000,000

1,016,930

Octane

Receivables

Trust,

Series

2023-3A,

Class

A2,

6.44%,

3/20/2029

(a) 35,887

35,944

Octane

Receivables

Trust,

Series

2023-3A,

Class

B,

6.48%,

7/20/2029

(a) 1,008,000

1,015,129

Octane

Receivables

Trust,

Series

RVM1,

Class

A,

5.01%,

1/22/2046

(a) 522,106

529,110

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

A2,

MTN,

5.59%,

11/15/2029

(a) 28,728

28,849

Post

Road

Equipment

Finance

LLC,

Series

2025-1A,

Class

D,

5.43%,

5/15/2031

(a) 500,000

503,052

SCF

Equipment

Leasing

LLC,

Series

2025-1A,

Class

C,

5.37%,

9/20/2034

(a) 500,000

505,592

SLM

Private

Credit

Student

Loan

Trust,

Series

2006-A,

Class

A5,

4.23%,

6/15/2039

(TSFR3M

+

55.2bps)

(b) 61,088

59,969

Trinity

Rail

Leasing

LLC,

Series

2019-2A,

Class

A2,

3.10%,

10/18/2049

(a) 685,000

678,955

United

Airlines

Pass

Through

Trust,

Series

2016-1,

Class

A,

3.45%,

7/7/2028

551,492

534,252

United

Airlines

Pass

Through

Trust,

Series

2020-1,

Class

A,

5.88%,

4/15/2029

311,154

316,896

Verdant

Receivables

LLC,

Series

2024-1A,

Class

A2,

5.68%,

12/12/2031

(a) 588,688

598,724

Total

Asset

Backed

Securities

(Cost $12,397,203)

12,483,208

U.S.

GOVERNMENT

&

AGENCIES

—

49.41%

Fannie

Mae,

Pool

#FM7007,

4.00%,

10/1/2033

477,036

473,788

Fannie

Mae,

Pool

#MA4023,

3.50%,

1/1/2035

706,448

688,199

Fannie

Mae,

Pool

#MA4038,

3.00%,

4/1/2035

183,243

174,945

Fannie

Mae,

Pool

#MA4797,

4.00%,

11/1/2037

546,052

533,237

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

515,177

520,044

Fannie

Mae,

Pool

#CA8902,

2.50%,

2/1/2041

626,743

565,501

Fannie

Mae,

Pool

#MA4364,

2.00%,

5/1/2041

652,157

569,196

Fannie

Mae,

Pool

#MA4961,

5.00%,

3/1/2043

650,300

654,557

Fannie

Mae,

Pool

#MA4988,

5.00%,

4/1/2043

575,092

579,056

Fannie

Mae,

Pool

#BM4676,

4.00%,

10/1/2048

694,227

663,171

Fannie

Mae,

Pool

#CA5970,

2.50%,

6/1/2050

650,876

546,878

Fannie

Mae,

Pool

#CA6951,

2.50%,

9/1/2050

542,625

462,472

Fannie

Mae,

Pool

#FM7195,

2.50%,

9/1/2050

714,286

600,500

Fannie

Mae,

Pool

#CB0397,

3.00%,

5/1/2051

575,188

509,709

Fannie

Mae,

Pool

#FM8361,

2.50%,

8/1/2051

580,162

490,401

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,395,097

1,314,754

Fannie

Mae,

Pool

#MA4732,

4.00%,

9/1/2052

780,903

735,296

Fannie

Mae,

Pool

#QE9380,

4.50%,

9/1/2052

756,612

731,524

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

750,082

743,047

Fannie

Mae,

Pool

#MA4970,

6.00%,

2/1/2053

700,763

706,863

Fannie

Mae,

Pool

#BX7767,

5.50%,

3/1/2053

1,360,643

1,373,848

Fannie

Mae,

Pool

#MA5054,

4.00%,

6/1/2053

841,781

790,517

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Principal

Amount

Fair

Value

Fannie

Mae,

Pool

#FS5779,

5.50%,

9/1/2053

$

746,594

$

757,334

Fannie

Mae,

Pool

#MA5165,

5.50%,

10/1/2053

1,422,000

1,434,490

Fannie

Mae,

Pool

#FS6679,

6.00%,

12/1/2053

708,958

727,912

Fannie

Mae,

Pool

#DB3808,

6.00%,

5/1/2054

858,176

879,109

Fannie

Mae,

Pool

#MA5445,

6.00%,

8/1/2054

1,200,949

1,226,287

Fannie

Mae,

Pool

#MA5615,

6.00%,

2/1/2055

645,800

659,676

Fannie

Mae,

Pool

#MA5700,

5.50%,

5/1/2055

1,193,580

1,200,894

Fannie

Mae

Pool,

4.00%,

5/1/2052

1,149,917

1,082,207

Fannie

Mae

Pool,

5.00%,

9/1/2054

890,948

878,746

Fannie

Mae

Pool,

6.00%,

10/1/2054

1,113,358

1,137,717

Fannie

Mae

Pool,

4.50%,

5/1/2055

944,205

909,286

Fannie

Mae

Pool,

6.00%,

6/1/2055

777,282

793,984

Fannie

Mae

Pool,

4.00%,

7/1/2055

1,447,007

1,358,602

Federal

Farm

Credit

Banks

Funding

Corp.,

4.89%,

9/12/2033

1,000,000

998,780

Federal

Farm

Credit

Banks

Funding

Corp.,

5.15%,

2/17/2039

1,000,000

989,961

Federal

Farm

Credit

Banks

Funding

Corp.,

5.60%,

8/5/2039

1,000,000

994,130

Federal

Farm

Credit

Banks

Funding

Corp.,

5.42%,

12/18/2040

1,000,000

994,579

Federal

Farm

Credit

Banks

Funding

Corp.,

5.37%,

8/26/2044

2,000,000

1,974,878

Federal

Farm

Credit

Banks

Funding

Corp.,

5.93%,

5/1/2045

2,000,000

2,000,000

Federal

Farm

Credit

Banks

Funding

Corp.,

5.49%,

9/23/2049

1,000,000

995,239

Federal

Home

Loan

Banks,

5.05%,

4/23/2036

1,000,000

991,499

Federal

Home

Loan

Banks,

5.15%,

6/4/2038

500,000

494,238

Federal

Home

Loan

Banks,

5.00%,

10/28/2039

300,000

295,928

Federal

Home

Loan

Banks,

5.24%,

2/27/2040

1,000,000

1,006,754

Federal

Home

Loan

Banks,

5.34%,

1/9/2041

1,000,000

990,921

Federal

Home

Loan

Banks,

5.22%,

3/5/2041

1,000,000

983,317

Federal

Home

Loan

Banks,

5.22%,

3/18/2041

500,000

495,037

Federal

Home

Loan

Banks,

5.30%,

3/25/2041

1,500,000

1,487,434

Federal

Home

Loan

Banks,

5.50%,

9/25/2042

1,000,000

989,206

Federal

Home

Loan

Banks,

5.50%,

11/25/2044

1,000,000

990,329

Federal

Home

Loan

Banks,

5.94%,

5/8/2045

1,500,000

1,500,639

Federal

Home

Loan

Banks,

5.40%,

11/29/2049

1,000,000

998,951

Freddie

Mac,

Pool

#SB8229,

4.50%,

5/1/2038

1,197,541

1,192,347

Freddie

Mac,

Pool

#QA5121,

2.50%,

12/1/2049

794,287

674,155

Freddie

Mac,

Pool

#QE2792,

4.00%,

6/1/2052

808,520

762,310

Freddie

Mac,

Pool

#SD1087,

3.50%,

6/1/2052

755,949

690,536

Freddie

Mac,

Pool

#SD8230,

4.50%,

6/1/2052

717,649

693,855

Freddie

Mac,

Pool

#SD2322,

4.50%,

9/1/2052

792,283

765,391

Freddie

Mac,

Pool

#QE9380,

5.00%,

9/1/2052

695,940

689,610

Freddie

Mac,

Pool

#SD8306,

4.50%,

2/1/2053

808,116

779,903

Freddie

Mac,

Pool

#QG1666,

5.00%,

3/1/2053

793,319

789,826

Freddie

Mac,

Pool

#QF8790,

5.50%,

3/1/2053

795,029

803,232

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

810,099

821,437

Freddie

Mac,

Pool

#SD3437,

5.00%,

4/1/2053

1,606,181

1,592,561

Freddie

Mac,

Pool

#SD2757,

5.00%,

5/1/2053

767,536

763,895

Freddie

Mac,

Pool

#SD8329,

5.00%,

6/1/2053

793,430

785,969

Freddie

Mac,

Pool

#SD8357,

4.00%,

8/1/2053

864,166

812,449

Freddie

Mac,

Pool

#SD8373,

6.00%,

10/1/2053

1,195,700

1,223,939

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Principal

Amount

Fair

Value

Freddie

Mac,

Pool

#SD8408,

5.50%,

3/1/2054

$

1,780,325

$

1,792,556

Freddie

Mac,

Pool

#SD5083,

5.50%,

3/1/2054

704,942

710,758

Freddie

Mac,

Pool

#SD8421,

6.00%,

4/1/2054

597,314

610,795

Freddie

Mac,

Pool

#SD8431,

5.50%,

5/1/2054

728,673

733,512

Freddie

Mac,

Pool

#SD8453,

5.50%,

8/1/2054

1,479,447

1,489,045

Freddie

Mac,

Pool

#SD8516,

6.00%,

3/1/2055

989,112

1,010,365

Freddie

Mac

Pool,

5.00%,

11/1/2054

879,665

867,855

Freddie

Mac

Pool,

5.00%,

11/1/2054

1,226,033

1,209,210

Freddie

Mac

Pool,

5.00%,

5/1/2055

930,372

917,892

Freddie

Mac

Pool,

5.00%,

10/1/2055

960,197

947,092

Freddie

Mac

Pool,

5.00%,

2/1/2056

1,475,475

1,454,881

Freddie

Mac

Pool,

5.00%,

3/1/2056

1,997,511

1,969,629

Freddie

Mac

Pool,

5.00%,

3/1/2056

1,982,491

1,954,922

Freddie

Mac

Pool,

5.00%,

4/1/2056

1,993,513

1,965,688

UMBS

Fannie

Mae

Pool,

4.50%,

5/1/2054

1,799,004

1,732,481

UMBS

Fannie

Mae

Pool,

5.00%,

2/1/2055

1,340,586

1,322,225

United

States

Treasury

Note/Bond,

4.38%,

11/30/2028

3,000,000

3,034,277

United

States

Treasury

Note/Bond,

4.00%,

7/31/2032

FIXED

2,000,000

1,983,281

Total

U.S.

Government

&

Agencies

(Cost $88,065,171)

87,193,446

COLLATERALIZED

LOAN

OBLIGATIONS

—

1.42%

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

21-25A,

Class

A2R,

4.87%,

1/15/2035

(TSFR3M

+

120bps)

(a),(b)

1,000,000

997,863

Elmwood

CLO

Ltd.,

Series

2025-1A,

Class

A,

4.82%,

4/22/2038

(TSFR3M

+

115.0bps)

(a),(b)

500,000

499,286

Oaktree

CLO

Ltd.,

Series

2019-3,

5.06%,

1/20/2038

(TSFR3M

+

138.0bps)

(a),(b)

1,000,000

1,001,945

Total

Collateralized

Loan

Obligations

(Cost $2,500,000)

2,499,094

Total

Investments

—

95.81%

(Cost

$169,879,823)

169,071,415

Other

Assets

in

Excess

of

Liabilities

—

4.19%

7,386,862

Net

Assets

—

100.00%

$

176,458,277

(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,

2026

was

$29,355,341,

representing

16.64%

of

net

assets.

(b) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

April

30,

2026. For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

MTN

-

Medium

Term

Note

Yorktown

Short

Term

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

H15T5Y

-

Year

Treasury

Rate

SOFR

-

Secured

Overnight

Financing

Rate

TSFR3M

-

Secured

Overnight

Financing

Rate

(3

Month)

Yorktown

Growth

Fund

Schedule

of

Investments

April

30,

2026

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

98.41%

Communications

—

0.65%

Grindr,

Inc.

(a) 22,000

$

294,140

Naspers

Ltd.,

Class

N

-

ADR

46,000

502,320

796,460

Consumer

Discretionary

—

6.50%

Asics

Corporation

-

ADR

24,000

675,480

Axon

Enterprise,

Inc.

(a) 1,875

753,300

Copart,

Inc.

(a) 9,400

311,234

Deckers

Outdoor

Corporation

(a) 2,800

286,160

FirstCash

Holdings,

Inc.

2,300

501,906

Freshpet,

Inc.

(a) 8,750

589,575

Life

Time

Group

Holdings,

Inc.

(a) 7,950

213,140

Lithia

Motors,

Inc.,

Class

A

2,100

609,252

Lovesac

Company

(The)

(a) 18,700

295,647

Modine

Manufacturing

Co.

(a) 4,150

1,056,715

MonotaRO

Co.,

Ltd.

-

ADR

29,500

345,887

On

Holding

AG

(a) 14,950

532,369

PulteGroup,

Inc.

4,000

489,440

Ralph

Lauren

Corp.

700

251,048

Rush

Street

Interactive,

Inc.

(a) 26,900

755,890

Visteon

Corp.

2,000

223,420

7,890,463

Consumer

Staples

—

1.85%

BBB

Foods,

Inc.

(a) 8,150

297,475

Casey's

General

Stores,

Inc.

1,200

986,580

Performance

Food

Group

Co.

(a) 5,630

509,853

Tootsie

Roll

Industries,

Inc.

10,609

447,912

2,241,820

Energy

—

1.87%

Flowco

Holdings,

Inc.,

Class

A

12,600

312,858

Helmerich

&

Payne,

Inc.

7,800

314,964

Northern

Oil

and

Gas,

Inc.

11,250

305,550

Texas

Pacific

Land

Corp.

1,440

638,885

Thermon

Group

Holdings

(a) 6,300

381,087

Transportadora

de

Gas

del

Sur

SA

-

ADR

(a) 10,300

314,253

2,267,597

Financials

—

14.47%

Applied

Blockchain,

Inc.

(a) 30,350

1,039,487

Ategrity

Specialty

Holdings,

LLC

(a) 14,650

278,350

Customers

Bancorp,

Inc.

(a) 4,850

369,909

Deutsche

Boerse

AG

-

ADR

(a) 31,000

950,305

Etoro

Group

Ltd.

(a) 8,300

295,314

FTAI

Aviation

Ltd.

5,800

1,448,086

Futu

Holdings

Ltd.

-

ADR

(a) 3,500

540,785

Hamilton

Insurance

Group

Ltd,

Class

B

(a) 16,900

553,813

Hamilton

Lane,

Inc.,

Class

A

3,300

303,567

HCI

Group,

Inc.

(a) 3,200

491,424

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Shares

Fair

Value

Houlihan

Lokey,

Inc.,

Class

A

3,850

$

595,787

Interactive

Brokers

Group,

Inc.,

Class

A

12,400

985,800

Janus

Henderson

Group

plc

5,850

301,918

KKR

&

Co.,

Inc.

7,200

751,248

LPL

Financial

Holdings,

Inc.

1,700

568,021

Mercury

General

Corporation

3,100

301,661

Old

National

Bancorp

14,150

339,176

Patria

Investments

Ltd.,

Class

A

(a) 34,000

438,940

Piper

Sandler

Cos

4,240

369,728

Raymond

James

Financial,

Inc.

6,450

1,021,164

RenaissanceRe

Holdings

Ltd.

1,450

445,106

SiriusPoint

Ltd.

(a) 12,700

297,307

Stifel

Financial

Corp.

7,350

579,254

Stock

Yards

Bancorp,

Inc.

(a) 8,100

585,873

StoneX

Group,

Inc.

(a) 10,800

1,145,124

Synchrony

Financial

6,000

457,200

Tradeweb

Markets,

Inc.,

Class

A

2,630

297,848

Victory

Capital

Holdings,

Inc.

4,050

317,966

WaFd,

Inc.

8,450

299,130

Webster

Financial

Corporation

4,150

300,294

Western

Alliance

Bancorp

7,200

587,088

White

Mountains

Insurance

Group

Ltd.

301,319

17,557,992

Health

Care

—

15.42%

ACADIA

Pharmaceuticals,

Inc.

(a) 13,400

300,830

Alkermes

plc

(a) 8,900

300,019

Argenx

SE

-

ADR

(a) 425

332,231

Aurinia

Pharmaceuticals,

Inc.

(a) 18,200

280,007

Axogen,

Inc.

(a) 7,000

302,400

Axsome

Therapeutics,

Inc.

(a) 2,950

612,862

Beam

Therapeutics,

Inc.

(a) 9,750

295,717

BioCryst

Pharmaceuticals,

Inc.

(a) 32,750

299,990

Bridgebio

Pharma,

Inc.

(a) 4,200

298,662

Bruker

Corp.

8,400

308,364

Catalyst

Pharmaceuticals,

Inc.

(a) 10,350

291,145

CG

oncology,

Inc.

(a) 4,450

296,993

Corcept

Therapeutics,

Inc.

(a) 6,500

302,380

Cytokinetics,

Inc.

(a) 7,750

495,767

Denali

Therapeutics,

Inc.

(a) 15,900

297,648

Ensign

Group,

Inc.

(The)

2,500

466,725

Exelixis,

Inc.

(a) 6,650

295,659

Glaukos

Corporation

(a) 1,100

158,037

Globus

Medical,

Inc.,

Class

A

(a) 6,400

577,152

GRAIL,

Inc.

(a) 5,750

313,260

Guardant

Health,

Inc.

(a) 3,650

317,842

Guardian

Pharmacy

Services,

Inc.,

Class

A

(a) 7,850

291,235

Haemonetics

Corp.

(a) 4,400

264,396

Halozyme

Therapeutics,

Inc.

(a) 7,850

499,731

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Shares

Fair

Value

Insmed,

Inc.

(a) 3,750

$

511,238

Integer

Holdings

Corp.

(a) 3,400

300,934

Krystal

Biotech,

Inc.

(a) 2,000

524,520

Lantheus

Holdings,

Inc.

(a) 3,600

304,632

Legend

Biotech

Corporation

-

ADR

(a) 14,250

335,160

LifeStance

Health

Group,

Inc.

(a) 39,850

301,664

Ligand

Pharmaceuticals,

Inc.,

B

(a) 1,300

298,285

Liquidia

Corporation

(a) 7,850

307,799

Lonza

Group

AG

-

ADR

4,600

282,578

Madrigal

Pharmaceuticals,

Inc.

(a) 500

258,695

Medpace

Holdings,

Inc.

(a) 1,800

753,588

Neurocrine

Biosciences,

Inc.

(a) 3,750

493,763

Oscar

Health,

Inc.,

Class

A

(a) 17,400

321,204

PACS

Group,

Inc.

(a) 7,800

261,690

Penumbra,

Inc.

(a) 3,000

979,440

Phibro

Animal

Health

Corporation,

A

5,650

300,467

Praxis

Precision

Medicines,

Inc.

(a) 875

278,976

Radnet,

Inc.

(a) 5,350

302,543

Relay

Therapeutics,

Inc.

(a) 23,200

300,672

Sarepta

Therapeutics,

Inc.

(a) 14,250

297,540

Scholar

Rock

Holding

Corporation

(a) 6,400

298,304

Stoke

Therapeutics,

Inc.

(a) 9,150

299,388

Syndax

Pharmaceuticals,

Inc.

(a) 14,000

300,020

Tarsus

Pharmaceuticals,

Inc.

(a) 4,950

314,870

TG

Therapeutics,

Inc.

(a) 13,700

462,786

Travere

Therapeutics,

Inc.

(a) 7,300

307,476

Twist

Bioscience

Corp.

(a) 5,100

298,095

Ultragenyx

Pharmaceutical,

Inc.

(a) 10,750

265,418

Veracyte,

Inc.

(a) 7,750

255,130

18,715,927

Industrials

—

33.24%

API

Group

Corp.

(a) 15,150

692,658

Bloom

Energy

Corporation,

Class

A

(a) 4,150

1,175,944

BWX

Technologies,

Inc.

4,700

1,017,033

Camtek

Ltd.

(a) 7,050

1,353,036

CECO

Environmental

Corp.

(a) 9,700

719,158

Chart

Industries,

Inc.

(a) 1,550

322,245

Clean

Harbors,

Inc.

(a) 1,450

453,386

Comfort

Systems

USA,

Inc.

2,960

5,447,140

Core

&

Main,

Inc.,

Class

A

(a) 13,300

669,921

Corporation

America

Airports

S.A.

(a) 13,600

339,320

Curtiss-Wright

Corp.

1,400

1,008,280

Disco

Corp.

-

ADR

(a) 23,050

1,108,935

DSV

AS

-

ADR

(a) 3,850

470,778

Dycom

Industries,

Inc.

(a) 1,476

611,211

Embraer

SA

-

ADR

(a) 4,200

263,340

ESCO

Technologies,

Inc.

1,125

364,444

Evolv

Technologies

Holdings,

Inc.

(a) 72,500

522,000

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Shares

Fair

Value

Flowserve

Corporation

3,500

$

257,740

Fluidra

SA

15,600

364,311

Forgent

Power

Solutions,

Inc.

(a) 17,200

647,064

Franklin

Electric

Co.,

Inc.

6,000

601,140

Graham

Corporation

(a) 5,450

518,840

Granite

Construction,

Inc.

2,400

328,968

Grupo

Aeroportuario

del

Sureste

S.A.B.

de

C.V.

-

ADR

1,390

425,118

HEICO

Corp.

1,280

345,498

IES

Holdings,

Inc.

(a) 4,570

2,943,446

Installed

Building

Products,

Inc.

1,300

375,115

ITT,

Inc.

3,300

707,322

Karman

Holdings,

Inc.

(a) 3,350

227,733

Korn/Ferry

International

5,700

378,708

Leonardo

DRS,

Inc.

(a) 7,900

320,977

MasTec,

Inc.

(a) 2,200

866,910

Mueller

Industries,

Inc.

7,800

1,056,354

Nextpower,

Inc.,

Class

A

(a) 2,550

303,781

nVent

Electric

PLC

2,400

342,960

Ondas

Holdings,

Inc.

(a) 59,250

594,870

Primoris

Services

Corp.

4,100

742,715

Prysmian

SpA

(a) 14,400

2,163,297

Prysmian

SpA

-

ADR

(a) 15,000

1,137,750

RBC

Bearings,

Inc.

(a) 1,000

599,090

Rollins,

Inc.

7,300

406,829

Saia,

Inc.

(a) 1,840

825,829

Schneider

National,

Inc.,

Class

B

9,800

304,682

SPX

Technologies,

Inc.

(a) 2,700

591,057

Sunbelt

Rentals

Holdings,

Inc.

8,200

627,546

Teledyne

Technologies,

Inc.

(a) 900

581,265

TopBuild

Corp.

(a) 1,300

575,510

Transcat,

Inc.

(a) 4,000

304,400

WESCO

International,

Inc.

3,600

1,256,832

Woodward,

Inc.

2,750

998,222

Xometry,

Inc.,

Class

A

(a) 11,050

566,534

Zurn

Water

Solutions,

Inc.

9,750

506,610

40,333,852

Materials

—

2.61%

Eagle

Materials,

Inc.

1,650

346,681

Givaudan

SA

-

ADR

(a) 5,100

363,324

Gold

Fields

Ltd.

-

ADR

22,750

966,420

Hawkins,

Inc.

3,700

619,565

Kingspan

Group

PLC

-

ADR

(a) 4,650

435,147

United

States

Lime

&

Minerals,

Inc.

4,125

444,139

3,175,276

Real

Estate

—

0.97%

CBRE

Group,

Inc.,

Class

A

(a) 2,700

385,371

Hannon

Armstrong

Sustainable

Infrastructure

11,550

484,522

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Shares

Fair

Value

NETSTREIT

Corporation

14,650

$

301,351

1,171,244

Technology

—

19.37%

Accelerant

Holdings

(a) 22,800

296,628

Advantest

Corp.

-

ADR

5,400

1,009,800

Arista

Networks,

Inc.

(a) 9,800

1,692,558

ASM

International

NV

-

ADR

(a) 1,070

1,042,940

Celestica,

Inc.

(a) 2,450

1,003,495

Ciena

Corp.

(a) 1,650

870,507

Cipher

Mining,

Inc.

(a) 19,700

349,478

Clear

Secure,

Inc.,

Class

A

6,350

339,026

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a) 16,700

404,140

Datadog,

Inc.,

Class

A

(a) 4,000

528,760

Digi

International,

Inc.

(a) 13,700

767,748

DigitalOcean

Holdings,

Inc.

(a) 4,900

472,507

Dlocal

Ltd.,

Class

A

41,500

576,020

ExlService

Holdings,

Inc.

(a) 12,100

385,748

Fabrinet

(a) 3,150

2,152,931

Fortinet,

Inc.

(a) 4,950

417,334

Hinge

Health,

Inc.

(a) 6,700

298,820

InterDigital,

Inc.

1,450

430,012

KLA

Corp.

890

1,557,811

Lumentum

Holdings,

Inc.

(a) 1,125

1,015,110

Monolithic

Power

Systems,

Inc.

650

1,049,367

Navan,

Inc.

(a) 18,650

326,188

Nova

Ltd.

(a) 1,980

990,851

PTC,

Inc.

(a) 2,800

381,640

RingCentral,

Inc.,

Class

A

(a) 13,050

524,871

Riot

Platforms,

Inc.

(a) 16,500

284,460

Samsara,

Inc.,

Class

A

(a) 10,100

290,274

Semtech

Corporation

(a) 6,850

719,593

Sezzle

Inc

(a) 3,950

314,420

SPS

Commerce,

Inc.

(a) 4,330

243,000

SYNNEX

Corp.

2,700

616,086

TDK

Corp.

-

ADR

(a) 37,500

699,750

Tyler

Technologies,

Inc.

(a) 1,650

562,881

Unity

Software,

Inc.

(a) 22,550

595,771

Verra

Mobility

Corp.

(a) 19,750

292,893

23,503,418

Utilities

—

1.46%

Kenon

Holdings

Ltd.

3,600

331,488

Pampa

Energia

SA

-

ADR

(a) 7,200

596,664

SSE

PLC

-

ADR

14,400

522,144

WaterBridge

Infrastructure,

LLC,

Class

A

10,600

319,484

1,769,780

Total

Common

Stocks

(Cost $69,078,746)

119,423,829

Yorktown

Growth

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Shares

Fair

Value

Total

Investments

—

98.41%

(Cost

$69,078,746)

$

119,423,829

Other

Assets

in

Excess

of

Liabilities

—

1.59%

1,931,861

Net

Assets

—

100.00%

$

121,355,690

(a) Non-income

producing

security.

ADR

-

American

Depositary

Receipt

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

April

30,

2026

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

AND

NOTES

—

46.54%

Communications

—

1.37%

Alphabet,

Inc.,

4.38%,

11/15/2032

$

1,000,000

$

990,357

CCO

Holdings

LLC,

5.00%,

2/1/2028

(a) 1,000,000

988,798

Meta

Platforms,

Inc.,

4.60%,

11/15/2032

1,000,000

988,475

Prosus

NV,

MTN,

3.06%,

7/13/2031

(a) 500,000

457,196

Univision

Communications,

Inc.,

4.50%,

5/1/2029

(a) 500,000

477,398

VMED

OC

UK

Financing

PLC,

4.75%,

7/15/2031

(a) 1,000,000

865,767

4,767,991

Consumer

Discretionary

—

7.40%

Amazon.com,

Inc.,

4.88%,

3/13/2036

2,000,000

1,971,435

Boyd

Gaming

Corp.,

4.75%,

12/1/2027

1,000,000

996,009

Carnival

Corp.,

4.00%,

8/1/2028

(a) 2,000,000

1,953,940

Carnival

Corp.,

5.13%,

5/1/2029

(a) 500,000

498,761

Ford

Motor

Co.,

Class

B,

3.25%,

2/12/2032

500,000

438,882

Ford

Motor

Credit

Co

LLC,

4.95%,

5/28/2027

2,000,000

2,000,295

Ford

Motor

Credit

Co.,

LLC,

2.90%,

2/10/2029

1,500,000

1,409,220

General

Motors

Financial

Co.,

Inc.,

5.35%,

1/7/2030

2,000,000

2,040,086

Hilton

Worldwide

Finance

LLC,

4.88%,

4/1/2027

2,000,000

1,996,123

Home

Depot,

Inc.

(The),

4.95%,

9/15/2052

1,000,000

891,560

Home

Depot,

Inc.

(The),

5.30%,

6/25/2054

1,000,000

934,454

KFC

Holding

Co/Pizza

Hut

Hold.

LLC/Taco

Bell

LLC,

4.75%,

6/1/2027

(a) 2,000,000

1,997,645

Lowe's

Cos,

Inc.,

5.63%,

4/15/2053

1,000,000

947,659

McDonald's

Corp.,

5.45%,

8/14/2053

2,000,000

1,888,999

MGM

Resorts

International,

4.63%,

9/1/2026

1,000,000

1,000,076

Nissan

Motor

Acceptance

Co.,

LLC,

5.68%,

9/13/2027

(SOFRIX

+

205bps)

(a) 1,000,000

993,222

Nissan

Motor

Co.

Ltd.,

4.81%,

9/17/2030

(a) 1,000,000

934,819

Service

Corp

International/US,

4.63%,

12/15/2027

2,000,000

1,986,569

Yum!

Brands,

Inc.,

3.63%,

3/15/2031

1,000,000

932,053

25,811,807

Consumer

Staples

—

3.03%

Anheuser-Busch

Cos.,

LLC,

4.70%,

2/1/2036

(a) 100,000

97,743

Coca-Cola

Co.

(The),

4.65%,

8/14/2034

1,000,000

1,005,672

Constellation

Brands,

Inc.,

2.25%,

8/1/2031

500,000

442,039

JBS

USA

LUX

SA,

3.75%,

12/1/2031

250,000

234,712

JBS

USA

LUX

SA,

3.63%,

1/15/2032

500,000

462,976

Kraft

Heinz

Foods

Co.,

5.00%,

6/4/2042

(a) 300,000

265,400

Kraft

Heinz

Foods

Co.,

4.38%,

6/1/2046

1,000,000

784,145

Kraft

Heinz

Foods

Co.,

4.88%,

10/1/2049

1,000,000

819,384

Kroger

Co.

(The),

5.00%,

9/15/2034

1,000,000

988,171

Land

O'

Lakes,

Inc.,

7.25%,

12/31/2049

(a) 500,000

461,250

Molson

Coors

Beverage

Co.,

4.20%,

7/15/2046

1,000,000

785,387

PepsiCo,

Inc.,

5.25%,

7/17/2054

1,000,000

956,920

Performance

Food

Group,

Inc.,

4.25%,

8/1/2029

(a) 500,000

485,110

Pilgrim's

Pride

Corp.,

4.25%,

4/15/2031

1,000,000

961,889

Target

Corp.,

4.50%,

9/15/2034

1,000,000

974,285

Walmart,

Inc.,

4.50%,

4/15/2053

1,000,000

867,213

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Principal

Amount

Fair

Value

$

10,592,296

Energy

—

1.59%

Energy

Transfer

LP,

6.50%,

2/15/2056

H15T5Y

+

267.60BPS

$

1,000,000

1,003,335

Hess

Midstream

Operations

LP,

5.88%,

3/1/2028

(a) 1,000,000

1,010,372

Marathon

Petroleum

Corp.,

5.15%,

3/1/2030

1,000,000

1,020,674

NuStar

Logistics

LP,

Class

B,

5.63%,

4/28/2027

2,000,000

2,008,174

Sunoco

LP

/

Sunoco

Finance

Corp,

5.88%,

3/15/2028

500,000

502,441

5,544,996

Financials

—

17.31%

American

Express

Co.,

3.55%,

12/31/2049

(H15T5Y

+

285.4bps)

(b) 1,000,000

991,202

Assurant,

Inc.,

7.00%,

3/27/2048

1,000,000

1,013,528

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

6.13%,

2/16/2049

(USSW5

+

387.0bps)

(b) 800,000

802,940

Bank

of

America

Corp.,

4.38%,

4/27/2170

(H15T5Y

+

276.0bps)

(b) 2,000,000

1,982,747

Bank

of

New

York

Mellon

Corp.

(The),

Series

F,

Class

F,

4.63%,

12/20/2049

(TSFR3M

+

339.26bps)

(b) 1,000,000

997,166

Bank

of

Nova

Scotia

(The),

8.00%,

1/27/2084

(H15T5Y

+

401.70bps)

1,000,000

1,061,058

Bank

of

Nova

Scotia/The,

6.88%,

10/27/2085

VARIABLE

(b) 500,000

506,191

Barclays

PLC,

4.84%,

5/9/2028

2,000,000

2,002,269

Barclays

PLC,

5.09%,

6/20/2030

(USISSO05

+

305.40bps)

(b) 1,500,000

1,506,997

Barclays

PLC,

9.63%,

12/31/2049

(USISSO05

+

577.50bps)

(b) 1,000,000

1,116,615

BBVA

Bancomer

S.A.,

5.13%,

1/18/2033

(H15T5Y

+

265.0bps)

2,000,000

1,969,400

BNP

Paribas

SA,

8.00%,

8/22/2171

(H15T5Y

+372.70bps)

(a) 1,500,000

1,608,789

Charles

Schwab

Corp./

The,

4.00%,

12/31/2049

H15T5Y

+

316.80bps

(b) 1,000,000

998,998

Citigroup,

Inc.,

6.75%,

12/31/2049

(H15T5Y

+

257.20bps)

(b) 2,000,000

2,013,390

Citigroup,

Inc.,

7.13%,

12/31/2049

(H15T5Y

+

269.3bps)

(b) 1,000,000

1,015,318

Citigroup,

Inc.,

4.15%,

2/15/2172

(H15T5Y

+

300.0bps)

(b) 2,000,000

1,987,084

Credit

Agricole

SA,

MTN,

4.75%,

12/23/2169

(H15T5Y

+

323.7bps)

(a),(b)

1,000,000

974,061

GATX

Corp.,

Class

B,

4.00%,

6/30/2030

2,000,000

1,954,565

Goldman

Sachs

Group,

Inc.

(The),

6.13%,

5/10/2049

(b) 1,000,000

1,008,033

Goldman

Sachs

Group,

Inc.

(The),

7.50%,

5/10/2079

(H15T5Y

+

280.90bps)

1,000,000

1,045,753

HSBC

Holdings

PLC,

8.00%,

9/7/2093

(H15T5Y

+

385.8bps)

(b) 1,000,000

1,046,181

ING

Groep

NV,

5.75%,

11/16/2167

(H15T5Y

+

432.2bps)

(b) 1,000,000

1,003,083

ING

Groep

NV,

4.25%,

10/16/2169

(H15T5Y

+

286.2bps)

1,000,000

901,246

JPMorgan

Chase

&

Co.,

6.88%,

6/1/2071

(H15T5Y

+

273.7bps)

(b) 1,000,000

1,042,405

JPMorgan

Chase

&

Co.,

6.50%,

4/1/2080

(H15T5Y

+

215.20bps)

(b) 2,000,000

2,054,440

Lloyds

Banking

Group

PLC,

8.00%,

3/27/2170

(H15T5Y

+

391.3bps)

(b) 1,000,000

1,069,984

Macquarie

Bank

Ltd.,

3.62%,

6/3/2030

(a) 1,000,000

949,393

Massachusetts

Mutual

Life

Insurance

Co.,

3.38%,

4/15/2050

(a) 1,000,000

676,905

Morgan

Stanley

Bank

NA,

4.60%,

7/14/2028

O/N

SOFR

+

94BPS

1,075,000

1,078,404

Nationwide

Mutual

Insurance

Co.,

4.35%,

4/30/2050

(a) 500,000

382,281

Nordea

Bank

Abp,

6.30%,

3/25/2049

(a) 1,000,000

1,010,218

Nordea

Bank

Abp,

3.75%,

3/1/2140

(H15T5Y

+

260.2bps)

(a) 1,000,000

946,618

Pacific

LifeCorp,

3.35%,

9/15/2050

(a) 500,000

335,418

Pacific

LifeCorp,

5.40%,

9/15/2052

(a) 1,000,000

932,007

Pricoa

Global

Funding

I,

4.70%,

5/28/2030

(a) 2,000,000

2,010,588

Royal

Bank

of

Canada,

7.50%,

5/2/2084

(H15T5Y

+

288.70bps)

(b) 2,000,000

2,079,244

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Principal

Amount

Fair

Value

Societe

Generale

SA,

8.50%,

3/25/2071

(H15T5Y

+

415.30bps)

(a),(b)

$

500,000

$

549,874

Societe

Generale

SA,

10.00%,

5/14/2169

(H15T5Y

+

544.80bps)

(a) 1,000,000

1,096,110

Standard

Chartered

PLC,

4.30%,

2/19/2169

(H15T5Y

+

313.50bps)

(a) 2,000,000

1,925,339

State

Street

Corp.,

6.70%,

12/31/2049

(b) 1,000,000

1,031,140

State

Street

Corp.,

6.45%,

9/5/2080

(H15T5Y

+

213.50bps)

2,000,000

2,045,592

Toronto-Dominion

Bank

(The),

8.13%,

10/31/2082

(H15T5Y

+

407.50bps)

(b) 1,000,000

1,040,815

Toronto-Dominion

Bank

(The),

7.25%,

7/31/2084

(H15T5Y

+

297.70bps)

(b) 1,000,000

1,039,442

UBS

Group

AG,

7.75%,

12/31/2049

(USISSO05

+

416bps)

(a) 1,000,000

1,069,681

UBS

Group

AG,

4.38%,

8/10/2171

(H15T5Y

+

331.3bps)

(a),(b)

1,000,000

919,599

UniCredit

SpA,

5.86%,

6/19/2032

(USISDA05

+

370.3bps)

(a) 2,000,000

2,013,574

UniCredit

SpA,

5.46%,

6/30/2035

(H15T5Y

+

475.0bps)

(a) 500,000

501,220

US

Bancorp,

5.30%,

4/15/2171

(TSFR3M

+

317.6bps)

(b) 1,000,000

997,297

Wells

Fargo

&

Co.,

6.85%,

7/15/2071

(H15T5Y

+

276.7bps)

1,000,000

1,040,878

Wells

Fargo

&

Co.,

Class

B,

7.63%,

9/15/2171

(H15T5Y

+

360.6bps)

(b) 1,000,000

1,050,699

60,395,779

Health

Care

—

1.01%

Humana,

Inc.,

5.38%,

4/15/2031

1,000,000

1,013,875

Novartis

Capital

Corp.,

4.34%,

11/5/2028

1,000,000

1,004,163

Tenet

Healthcare

Corp,

5.13%,

11/1/2027

1,500,000

1,499,423

3,517,461

Industrials

—

5.64%

Air

Canada,

3.88%,

8/15/2026

(a) 1,000,000

997,980

Burlington

Northern

Santa

Fe

LLC,

4.45%,

1/15/2053

2,000,000

1,656,739

Burlington

Northern

Santa

Fe

LLC,

5.20%,

4/15/2054

1,000,000

922,750

Burlington

Northern

Santa

Fe

LLC,

5.50%,

3/15/2055

1,000,000

964,197

BWX

Technologies

Inc,

4.13%,

6/30/2028

(a) 1,000,000

987,763

Canadian

Pacific

Railway

Co.,

Class

B,

2.45%,

12/2/2031

1,000,000

892,950

Chart

Industries

Inc,

7.50%,

1/1/2030

(a) 500,000

519,690

CSX

Corp.,

5.50%,

4/15/2041

1,000,000

1,012,661

GE

Vernova,

Inc.,

4.88%,

2/4/2036

1,500,000

1,484,327

Honeywell

Aerospace,

Inc.,

4.95%,

3/16/2036

(a) 1,500,000

1,483,547

Honeywell

International,

Inc.,

5.25%,

3/1/2054

1,000,000

935,974

Norfolk

Southern

Corp.,

5.05%,

8/1/2030

500,000

511,312

Ritchie

Bros

Holdings

Inc,

6.75%,

3/15/2028

(a) 1,500,000

1,522,212

Triton

Container

International

Ltd.,

3.25%,

3/15/2032

500,000

447,789

Union

Pacific

Corp.,

3.20%,

5/20/2041

1,000,000

776,066

Union

Pacific

Corp.,

2.95%,

3/10/2052

1,000,000

630,590

United

Parcel

Service,

Inc.,

5.50%,

5/22/2054

1,000,000

959,167

United

Rentals

North

America

Inc.,

4.88%,

1/15/2028

2,000,000

1,997,665

Vertiv

Group

Corp.,

4.13%,

11/15/2028

(a) 1,000,000

988,634

19,692,013

Materials

—

1.27%

Ball

Corp.,

2.88%,

8/15/2030

1,000,000

910,073

Bemis

Co.,

Inc.,

2.63%,

6/19/2030

500,000

462,120

Berry

Global,

Inc.,

Series

21-25A,

Class

CR,

5.80%,

6/15/2031

(TSFR3M

+

165bps)

(a),(b)

1,500,000

1,563,207

Canpack

SA,

3.88%,

11/15/2029

(a) 500,000

473,390

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Principal

Amount

Fair

Value

Crown

Americas

LLC,

5.88%,

6/1/2033

$

1,000,000

$

1,007,972

4,416,762

Real

Estate

—

0.62%

Iron

Mountain,

Inc.,

4.88%,

9/15/2029

(a) 1,000,000

986,737

Iron

Mountain,

Inc.,

5.25%,

7/15/2030

(a) 1,000,000

990,192

SBA

Communications

Corp.,

3.88%,

2/15/2027

(a) 200,000

198,874

2,175,803

Technology

—

2.86%

Broadcom,

Inc.,

4.15%,

11/15/2030

1,000,000

985,071

Broadcom,

Inc.,

4.15%,

11/15/2030

500,000

492,535

Broadcom,

Inc.,

2.60%,

2/15/2033

1,000,000

875,085

Dell

International

LLC

/

EMC

Corp.,

5.00%,

4/1/2030

1,000,000

1,014,124

Dell

International

LLC

/

EMC

Corp.,

4.85%,

2/1/2035

1,000,000

974,325

Hewlett

Packard

Enterprise

Co.,

5.00%,

10/15/2034

1,000,000

977,548

HP,

Inc.,

6.00%,

9/15/2041

2,500,000

2,507,170

Juniper

Networks,

Inc.,

2.00%,

12/10/2030

500,000

439,490

Juniper

Networks,

Inc.,

5.95%,

3/15/2041

700,000

692,680

Leidos,

Inc.,

5.75%,

3/15/2033

(a) 1,000,000

1,039,031

9,997,059

Utilities

—

4.44%

AEP

Texas,

Inc.,

Class

I,

2.10%,

7/1/2030

500,000

454,276

Ameren

Illinois

Co.,

4.95%,

6/1/2033

1,000,000

1,007,351

American

Electric

Power

Co

Inc,

3.88%,

2/15/2062

H15T5Y

+

267.50bps

(b) 500,000

492,768

Dayton

Power

&

Light

Co.

(The),

3.95%,

6/15/2049

1,000,000

749,636

Dominion

Energy

Inc,

6.00%,

2/15/2056

H15T10Y

+

2.262%

1,000,000

1,001,194

Dominion

Energy,

Inc.,

4.35%,

1/15/2167

(H15T5Y

+

319.5bps)

(b) 1,000,000

991,880

Duke

Energy

Carolinas

LLC,

Series

2021-4A,

Class

E,

4.85%,

1/15/2034

(H15T5Y

+

319.5bps)

1,000,000

999,111

Duke

Energy

Ohio,

Inc.,

5.55%,

3/15/2054

1,000,000

956,064

Duke

Energy

Progress

LLC,

2.50%,

8/15/2050

1,000,000

570,438

Kentucky

Utilities

Co.,

3.30%,

6/1/2050

1,000,000

676,254

National

Rural

Utilities

Cooperative

Finance

Corp.,

4.30%,

12/10/2030

1,000,000

991,006

NRG

Energy,

Inc.,

4.45%,

6/15/2029

(a) 1,000,000

986,904

NRG

Energy,

Inc.,

5.75%,

7/15/2029

(a) 1,000,000

1,000,079

Pacific

Gas

and

Electric

Co.,

4.25%,

3/15/2046

500,000

386,040

PPL

Electric

Utilities

Corp.,

5.25%,

5/15/2053

1,000,000

930,009

Southern

California

Edison

Co.,

4.88%,

3/1/2049

1,000,000

830,908

Southern

Co.

(The),

4.85%,

3/15/2035

1,000,000

973,528

Union

Electric

Co.,

3.90%,

4/1/2052

750,000

563,241

Union

Electric

Co.,

5.25%,

1/15/2054

1,000,000

920,956

15,481,643

Total

Corporate

Bonds

and

Notes

(Cost $165,802,058)

162,393,610

ASSET

BACKED

SECURITIES

—

4.14%

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Principal

Amount

Fair

Value

American

Airlines

Pass

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

$

685,000

$

654,280

Amur

Equipment

Finance

Receivables,

Series

2022-2A,

Class

D,

7.25%,

5/21/2029

(a) 1,000,000

1,006,502

Amur

Equipment

Finance

Receivables

LLC,

Series

2022-1A,

Class

E,

5.02%,

12/20/2028

(a) 750,000

750,470

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-2A,

Class

D,

5.97%,

10/20/2031

(a) 310,000

314,425

Dell

Equipment

Finance

Trust,

Series

2024-1,

Class

D,

MTN,

6.12%,

9/23/2030

(a) 250,000

252,174

Dell

Equipment

Finance

Trust,

Series

2024-2,

Class

D,

5.29%,

2/24/2031

(a) 500,000

502,639

Enterprise

Fleet

Financing

LLC,

Series

2024-3,

Class

A4,

5.06%,

3/20/2031

(a) 500,000

506,758

Hilton

Grand

Vacations

Trust,

Series

2024-3,

Class

A,

4.98%,

8/27/2040

(a) 525,004

527,982

HPEFS

Equipment

Trust,

Series

2024-1A,

Class

D,

5.82%,

12/22/2031

(a) 1,000,000

1,007,965

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

D,

5.82%,

4/20/2032

(a) 500,000

506,149

Mariner

Finance

Issuance

Trust,

Series

2024-A,

Class

A,

5.13%,

9/22/2036

(a) 2,000,000

2,015,103

NMEF

Funding

LLC,

Series

2024-A,

Class

B,

5.32%,

12/15/2031

(a) 1,000,000

1,011,713

NMEF

Funding

LLC,

Series

2024-A,

Class

A,

6.33%,

12/15/2031

(a) 500,000

509,908

Octane

Receivables

Trust,

Series

2023-3A,

Class

B,

6.48%,

7/20/2029

(a) 1,000,000

1,007,073

Octane

Receivables

Trust,

Series

2022-2A,

Class

D,

7.70%,

2/20/2030

(a) 1,000,000

1,018,019

Pagaya

AI

Debt

Grantor

Trust,

Series

2024-5A,

Class

A,

6.28%,

10/15/2031

(a) 175,774

175,904

Pagaya

AI

Debt

Grantor

Trust,

Series

2025-1,

Class

B,

5.63%,

7/15/2032

(a) 848,835

851,386

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

C,

MTN,

5.81%,

10/15/2030

(a) 160,000

161,942

SCF

Equipment

Leasing

LLC,

Series

2025-1A,

Class

D,

5.88%,

11/20/2035

(a) 500,000

504,502

Towd

Point

Asset

Trust,

Series

2021-SL1,

Class

A2,

4.48%,

11/20/2061

(TSFR1M

+

81.4bps)

(a) 133,941

133,402

United

Airlines

Pass

Through

Trust,

Series

2016-2,

Class

A,

3.10%,

4/7/2030

580,805

555,794

USQ

Rail

II

LLC,

Series

2021-3,

Class

B,

2.98%,

6/28/2051

(a) 500,000

485,170

Total

Asset

Backed

Securities

(Cost $14,405,388)

14,459,260

U.S.

GOVERNMENT

&

AGENCIES

—

38.10%

Fannie

Mae,

Pool

#BP2175,

3.00%,

2/1/2035

136,492

132,310

Fannie

Mae,

Pool

#MA4915,

5.00%,

2/1/2038

515,177

520,044

Fannie

Mae,

Pool

#MA4851,

5.00%,

11/1/2042

620,829

626,748

Fannie

Mae,

Pool

#CA6707,

2.50%,

8/1/2050

767,303

658,319

Fannie

Mae,

Pool

#BT1314,

2.50%,

7/1/2051

502,520

423,258

Fannie

Mae,

Pool

#BT1339,

2.50%,

7/1/2051

1,438,965

1,207,201

Fannie

Mae,

Pool

#BT3256,

2.50%,

7/1/2051

737,303

623,227

Fannie

Mae,

Pool

#BQ7422,

2.50%,

8/1/2051

802,082

675,674

Fannie

Mae,

Pool

#CB2670,

3.00%,

1/1/2052

788,739

691,776

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Principal

Amount

Fair

Value

Fannie

Mae,

Pool

#CB2668,

3.00%,

1/1/2052

$

766,251

$

672,397

Fannie

Mae,

Pool

#BU1320,

3.00%,

2/1/2052

342,861

301,175

Fannie

Mae,

Pool

#CB3177,

3.50%,

3/1/2052

761,179

694,672

Fannie

Mae,

Pool

#FS1428,

4.00%,

4/1/2052

1,346,269

1,268,738

Fannie

Mae,

Pool

#MA4624,

3.00%,

6/1/2052

FIXED

1,197,593

1,051,963

Fannie

Mae,

Pool

#BV7899,

3.00%,

8/1/2052

1,241,692

1,090,608

Fannie

Mae,

Pool

#MA4732,

4.00%,

9/1/2052

780,903

735,296

Fannie

Mae,

Pool

#CB4818,

4.00%,

10/1/2052

1,924,744

1,811,721

Fannie

Mae,

Pool

#MA4804,

4.00%,

11/1/2052

1,216,380

1,143,569

Fannie

Mae,

Pool

#CB5536,

5.00%,

1/1/2053

1,540,978

1,529,178

Fannie

Mae,

Pool

#MA4918,

5.00%,

2/1/2053

750,082

743,047

Fannie

Mae,

Pool

#MA4941,

5.00%,

3/1/2053

622,263

619,311

Fannie

Mae,

Pool

#MA5010,

5.50%,

5/1/2053

691,623

697,962

Fannie

Mae,

Pool

#MA5009,

5.00%,

5/1/2053

789,277

781,854

Fannie

Mae,

Pool

#MA5071,

5.00%,

7/1/2053

1,590,313

1,574,867

Fannie

Mae,

Pool

#MA5191,

6.00%,

11/1/2053

607,829

622,361

Fannie

Mae,

Pool

#MA5263,

4.00%,

1/1/2054

901,039

846,744

Fannie

Mae,

Pool

#MA5246,

5.50%,

1/1/2054

1,537,896

1,550,229

Fannie

Mae,

Pool

#MA5272,

6.00%,

2/1/2054

547,950

559,723

Fannie

Mae,

Pool

#MA5295,

6.00%,

3/1/2054

1,163,158

1,188,148

Fannie

Mae,

Pool

#MA5329,

6.50%,

4/1/2054

463,150

480,871

Fannie

Mae,

Pool

#MA5416,

6.50%,

5/1/2054

359,917

368,905

Fannie

Mae,

Pool

#MA5386,

4.50%,

6/1/2054

919,325

885,331

Fannie

Mae,

Pool

#MA5493,

6.00%,

8/1/2054

553,267

558,083

Fannie

Mae,

Pool

#MA5522,

6.50%,

9/1/2054

830,329

851,816

Fannie

Mae,

Pool

#MA5498,

6.00%,

10/1/2054

1,313,965

1,343,120

Fannie

Mae,

Pool

#MA5496,

5.00%,

10/1/2054

1,732,744

1,709,725

Fannie

Mae,

Pool

#MA5587,

6.00%,

1/1/2055

996,186

1,017,767

Fannie

Mae,

Pool

#MA5614,

5.50%,

2/1/2055

1,567,957

1,577,485

Fannie

Mae,

Pool

#MA5615,

6.00%,

2/1/2055

1,291,599

1,319,352

Fannie

Mae,

Pool

#MA5646,

5.50%,

3/1/2055

1,593,133

1,602,733

Fannie

Mae,

Pool

#MA5672,

5.00%,

4/1/2055

925,274

912,673

Fannie

Mae

Pool,

6.00%,

3/1/2055

1,316,796

1,345,090

Fannie

Mae

Pool,

5.50%,

6/1/2055

848,636

853,859

Fannie

Mae

Pool,

5.50%,

7/1/2055

860,275

865,459

Fannie

Mae

Pool,

5.00%,

2/1/2056

1,478,084

1,457,453

Federal

Farm

Credit

Bank,

2.13%,

5/21/2040

2,000,000

1,390,247

Federal

Farm

Credit

Bank,

2.07%,

12/21/2040

500,000

345,392

Federal

Farm

Credit

Banks

Funding

Corp.,

5.15%,

2/17/2039

2,000,000

1,979,921

Federal

Farm

Credit

Banks

Funding

Corp.,

5.24%,

9/19/2039

1,000,000

985,129

Federal

Farm

Credit

Banks

Funding

Corp.,

5.24%,

2/13/2040

1,500,000

1,486,210

Federal

Farm

Credit

Banks

Funding

Corp.,

5.63%,

3/26/2040

1,000,000

995,029

Federal

Farm

Credit

Banks

Funding

Corp.,

5.38%,

12/3/2040

1,500,000

1,485,959

Federal

Farm

Credit

Banks

Funding

Corp.,

5.42%,

12/18/2040

1,000,000

994,579

Federal

Farm

Credit

Banks

Funding

Corp.,

5.14%,

2/11/2041

1,000,000

985,492

Federal

Farm

Credit

Banks

Funding

Corp.,

5.50%,

4/20/2046

1,000,000

983,196

Federal

Home

Loan

Banks,

5.10%,

2/12/2035

1,000,000

990,918

Federal

Home

Loan

Banks,

2.01%,

7/16/2040

1,000,000

693,820

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Principal

Amount

Fair

Value

Federal

Home

Loan

Banks,

5.39%,

11/26/2040

$

1,000,000

$

986,840

Federal

Home

Loan

Banks,

5.34%,

1/9/2041

1,000,000

990,921

Federal

Home

Loan

Banks,

5.32%,

1/22/2041

1,000,000

992,383

Federal

Home

Loan

Banks,

5.32%,

1/30/2041

1,000,000

993,473

Federal

Home

Loan

Banks,

5.22%,

3/5/2041

1,000,000

983,317

Federal

Home

Loan

Banks,

5.22%,

3/18/2041

1,000,000

990,074

Federal

Home

Loan

Banks,

5.30%,

3/25/2041

1,000,000

991,622

Federal

Home

Loan

Banks,

5.50%,

9/25/2042

1,000,000

989,206

Federal

Home

Loan

Banks,

5.50%,

11/25/2044

1,000,000

990,329

Federal

Home

Loan

Banks,

5.55%,

3/10/2045

1,000,000

991,930

Federal

Home

Loan

Mortgage

Corp.,

1.75%,

7/27/2035

1,500,000

1,176,179

Freddie

Mac,

Pool

#RD5138,

5.00%,

1/1/2033

344,558

348,336

Freddie

Mac,

Pool

#SB8509,

2.00%,

1/1/2036

464,583

427,628

Freddie

Mac,

Pool

#QO0931,

4.00%,

10/1/2037

444,475

433,497

Freddie

Mac,

Pool

#RB5135,

2.00%,

10/1/2041

1,361,267

1,182,198

Freddie

Mac,

Pool

#RB5182,

4.00%,

9/1/2042

662,566

645,518

Freddie

Mac,

Pool

#RA2314,

3.50%,

3/1/2050

261,167

240,434

Freddie

Mac,

Pool

#RA2657,

3.50%,

5/1/2050

572,925

527,382

Freddie

Mac,

Pool

#SD0430,

2.50%,

8/1/2050

484,514

414,004

Freddie

Mac,

Pool

#QC3907,

2.50%,

7/1/2051

648,325

554,668

Freddie

Mac,

Pool

#QC5859,

3.00%,

8/1/2051

683,547

600,525

Freddie

Mac,

Pool

#RA6945,

3.50%,

3/1/2052

2,244,171

2,047,980

Freddie

Mac,

Pool

#SD8257,

4.50%,

10/1/2052

768,721

743,152

Freddie

Mac,

Pool

#SD8267,

5.00%,

11/1/2052

1,526,725

1,516,211

Freddie

Mac,

Pool

#SD8288,

5.00%,

1/1/2053

775,500

768,367

Freddie

Mac,

Pool

#QF5251,

5.50%,

1/1/2053

662,851

669,322

Freddie

Mac,

Pool

#SD8297,

4.00%,

2/1/2053

1,661,671

1,560,179

Freddie

Mac,

Pool

#SD2334,

5.00%,

2/1/2053

797,992

791,412

Freddie

Mac,

Pool

#SD8305,

4.00%,

3/1/2053

817,751

767,952

Freddie

Mac,

Pool

#SD2642,

5.50%,

4/1/2053

810,099

821,437

Freddie

Mac,

Pool

#SD8323,

5.00%,

5/1/2053

797,722

791,080

Freddie

Mac,

Pool

#SD8322,

4.50%,

5/1/2053

813,568

785,279

Freddie

Mac,

Pool

#SD8323,

5.00%,

5/1/2053

791,337

783,936

Freddie

Mac,

Pool

#SD2856,

5.50%,

5/1/2053

707,354

715,010

Freddie

Mac,

Pool

#QG3333,

5.00%,

5/1/2053

1,479,500

1,470,146

Freddie

Mac,

Pool

#SD8348,

5.00%,

8/1/2053

806,504

798,338

Freddie

Mac,

Pool

#QG9607,

6.00%,

9/1/2053

1,334,121

1,364,109

Freddie

Mac,

Pool

#SD8383,

5.50%,

12/1/2053

2,252,048

2,271,828

Freddie

Mac,

Pool

#QH8694,

6.00%,

1/1/2054

993,733

1,018,275

Freddie

Mac,

Pool

#SD5380,

5.50%,

4/1/2054

762,657

768,773

Freddie

Mac,

Pool

#MA5416,

5.50%,

6/1/2054

728,546

732,938

Freddie

Mac,

Pool

#MA5416,

6.00%,

7/1/2054

577,310

589,378

Freddie

Mac,

Pool

#SD8454,

6.00%,

8/1/2054

593,000

605,741

Freddie

Mac,

Pool

#SD8469,

5.50%,

10/1/2054

766,473

771,093

Freddie

Mac,

Pool

#RE6151,

6.00%,

11/1/2054

561,681

567,082

Freddie

Mac,

Pool

#SD8516,

6.00%,

3/1/2055

659,408

673,577

Freddie

Mac

Pool,

6.00%,

11/1/2054

657,596

672,071

Freddie

Mac

Pool,

5.00%,

11/1/2054

1,759,330

1,735,710

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Principal

Amount

Fair

Value

Freddie

Mac

Pool,

4.50%,

11/1/2054

$

1,863,424

$

1,796,242

Freddie

Mac

Pool,

5.50%,

12/1/2054

1,612,424

1,622,308

Freddie

Mac

Pool,

5.50%,

1/1/2055

1,593,296

1,602,982

Freddie

Mac

Pool,

5.50%,

2/1/2055

2,350,990

2,365,156

Freddie

Mac

Pool,

5.50%,

4/1/2055

1,601,723

1,611,375

Freddie

Mac

Pool,

5.00%,

9/1/2055

2,394,680

2,362,433

Freddie

Mac

Pool,

5.50%,

10/1/2055

1,795,909

1,806,731

Freddie

Mac

Pool,

5.00%,

10/1/2055

960,197

947,092

Freddie

Mac

Pool,

5.50%,

1/1/2056

1,987,924

1,999,652

Freddie

Mac

Pool,

5.00%,

2/1/2056

1,967,300

1,939,841

UMBS

Fannie

Mae

Pool,

5.50%,

3/1/2054

1,198,343

1,207,036

UMBS

Fannie

Mae

Pool,

5.00%,

12/1/2054

890,461

878,562

UMBS

Fannie

Mae

Pool,

5.50%,

10/1/2055

2,221,725

2,235,114

UMBS

Fannie

Mae

Pool,

4.50%,

11/1/2055

1,464,549

1,410,040

UMBS

Fannie

Mae

Pool,

5.00%,

3/1/2056

1,982,665

1,954,992

UMBS

Fannie

Mae

Pool,

5.00%,

4/1/2056

2,492,168

2,457,447

United

States

Treasury

Note,

4.88%,

10/31/2028

3,000,000

3,068,672

United

States

Treasury

Note,

4.00%,

2/15/2034

3,000,000

2,947,441

Total

U.S.

Government

&

Agencies

(Cost $135,095,195)

132,971,690

COLLATERALIZED

LOAN

OBLIGATIONS

—

2.66%

Benefit

Street

Partners

CLO

Ltd.,

Series

2022-29A,

Class

BR,

5.17%,

1/25/2038

(TSFR3M

+

150bps)

(a),(b)

1,000,000

1,000,578

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

21-25A,

Class

CR,

5.32%,

1/15/2035

(TSFR3M

+

165bps)

(a),(b)

1,000,000

1,000,870

Caryle

US

CLO

Ltd.,

Series

2017-3,

Class

BR2,

5.45%,

10/21/2037

(TSFR3M

+

178bps)

(a),(b)

1,000,000

1,001,663

Hildene

TruPS

Financials

Note

Secruitization,

Series

2019-2A,

Class

A1,

5.69%,

5/22/2039

(SOFR

+

176.0bps)

(a),(b)

1,513,659

1,513,899

Madison

Park

Funding

LXVII

Ltd.,

Series

67A,

Class

B,

5.72%,

4/25/2037

(TSFRM

+

205.0bps)

(a),(b)

1,000,000

1,001,736

Neuberger

Berman

CLO

XXI

Ltd.,

Series

2024-21A,

Class

BR3,

5.37%,

1/20/2039

(TSFR3M

+

170bps)

(a),(b)

1,000,000

999,981

Oaktree

CLO

Ltd.,

Series

2019-3,

5.26%,

1/20/2038

(TSFR3M

+

138bps)

(a),(b)

1,000,000

998,853

Rockford

Tower

CLO

Ltd.,

Series

2019-2,

Class

CR2,

5.66%,

8/20/2032

(TSFR3M

+

200bps)

(a),(b)

1,000,000

1,000,116

Venture

CLO

Ltd.,

Series

2018-31A,

Class

C1,

5.89%,

4/20/2031

(TSFR3M

+

221.2bps)

(a),(b)

750,000

750,601

Total

Collateralized

Loan

Obligations

(Cost $9,247,723)

9,268,297

Yorktown

Multi-Sector

Bond

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(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)

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

Shares

Fair

Value

INVESTMENT

COMPANIES

—

2.76%

Exchange-Traded

Funds

—

2.76%

iShares

Convertible

Bond

ETF

20,000

$

2,254,200

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

10,000

803,800

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

14,000

1,523,900

iShares

US

Preferred

Stock

ETF

32,000

1,006,400

SPDR

Bloomberg

Barclays

Convertible

Securities

ETF

20,000

2,020,800

Vanguard

Emerging

Markets

Government

Bond

ETF,

USD

Class

30,000

2,007,900

9,617,000

Total

Investment

Companies

(Cost $8,960,880)

9,617,000

Total

Investments

—

94.20%

(Cost

$333,511,244)

328,709,857

Other

Assets

in

Excess

of

Liabilities

—

5.80%

20,247,020

Net

Assets

—

100.00%

$

348,956,877

(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,

2026

was

$65,644,819,

representing

18.81%

of

net

assets.

(b) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

April

30,

2026. 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,

2026

-

(Unaudited)

+

Shares

Fair

Value

COMMON

STOCKS

—

97.36%

Communications

—

0.55%

Grab

Holdings

Ltd.,

Class

A

(a) 52,000

$

198,640

Consumer

Discretionary

—

9.58%

Boot

Barn

Holdings,

Inc.

(a) 2,550

437,198

Boyd

Gaming

Corp.

2,700

234,765

Cavco

Industries,

Inc.

(a) 800

405,600

DraftKings,

Inc.,

Class

A

(a) 9,960

232,267

FirstCash

Holdings,

Inc.

2,650

578,283

Group

Automotive,

Inc.

690

246,240

Interface,

Inc.

7,225

201,433

Liquidity

Services,

Inc.

(a) 4,600

163,990

SharkNinja

,

Inc.

(a) 3,500

404,355

Texas

Roadhouse,

Inc.

1,330

214,117

Universal

Technical

Institute,

Inc.

(a) 8,450

317,128

3,435,376

Consumer

Staples

—

2.97%

Chefs'

Warehouse,

Inc.

(The)

(a) 7,050

547,080

Lamb

Weston

Holdings,

Inc.

7,200

313,560

Performance

Food

Group

Co.

(a) 2,250

203,760

1,064,400

Energy

—

2.98%

Kodiak

Gas

Services

Inc

7,500

508,500

Range

Resources

Corp.

5,400

234,900

Select

Water

Solutions,

Inc.,

Class

A

19,450

325,399

1,068,799

Financials

—

14.37%

Axos

Financial,

Inc.

(a) 6,000

578,640

Bancorp,

Inc.

(The)

(a) 4,300

257,269

BitMine

Immersion

Technologies,

Inc.

16,400

350,960

Dave

Inc

(a) 1,750

475,982

Enova

International,

Inc.

(a) 2,250

381,173

Freedom

Holding

Corp.

(a) 3,700

554,371

LPL

Financial

Holdings,

Inc.

1,150

384,249

Marex

Group

PLC

(a) 5,900

314,765

Palomar

Holdings,

Inc.

(a) 2,000

240,760

Seacoast

Banking

Corp.

of

Florida

9,250

291,097

SmartFinancial

,

Inc.

(a) 6,750

283,095

StoneX

Group,

Inc.

(a) 4,950

524,849

UMB

Financial

Corporation

2,100

264,957

Velocity

Financial,

Inc.

(a) 13,000

250,770

5,152,937

Health

Care

—

11.41%

ACADIA

Pharmaceuticals,

Inc.

(a) 12,050

270,522

Axsome

Therapeutics,

Inc.

(a) 1,900

394,725

Beam

Therapeutics,

Inc.

(a) 12,800

388,224

Bridgebio

Pharma,

Inc.

(a) 3,250

231,107

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Shares

Fair

Value

Ensign

Group,

Inc.

(The)

2,100

$

392,049

Glaukos

Corporation

(a) 2,850

409,460

Guardant

Health,

Inc.

(a) 8,850

770,658

Insmed

,

Inc.

(a) 4,175

569,178

iRadimed

Corporation

(a) 2,250

187,740

Mirum

Pharmaceuticals,

Inc.

(a) 2,550

248,141

TransMedics

Group

Inc

(a) 2,300

231,817

4,093,621

Industrials

—

26.58%

AAR

Corporation

(a) 2,750

303,517

AeroVironment,

Inc.

(a) 1,994

388,870

Argan,

Inc.

670

448,887

AZZ,

Inc.

3,750

536,400

Badger

Meter,

Inc.

1,650

199,501

Cactus,

Inc.,

Class

A

6,950

387,254

CECO

Environmental

Corp.

(a) 3,200

237,248

Construction

Partners,

Inc.,

Class

A

(a) 4,800

593,568

CSW

Industrials,

Inc.

1,300

378,560

Dycom

Industries,

Inc.

(a) 850

351,985

ESCO

Technologies,

Inc.

1,100

356,345

Gorman-Rupp

Company

(The)

4,300

325,682

Herc

Holdings,

Inc.

1,700

215,764

IES

Holdings,

Inc.

(a) 940

605,435

Installed

Building

Products,

Inc.

1,600

461,680

Itron

,

Inc.

(a) 3,000

251,400

Kadant

,

Inc.

1,425

417,710

Mueller

Industries,

Inc.

4,600

622,978

Napco

Security

Technologies

Inc

(a) 9,900

462,825

Primoris

Services

Corp.

2,050

371,358

RBC

Bearings,

Inc.

(a) 970

581,117

SPX

Technologies,

Inc.

(a) 1,550

339,311

V2X,

Inc.

(a) 5,400

366,174

WESCO

International,

Inc.

950

331,664

9,535,233

Materials

—

4.08%

Balchem

Corp.

2,500

404,050

Eagle

Materials,

Inc.

980

205,908

Hawkins,

Inc.

2,050

343,272

Ramaco

Resources,

Inc.,

Class

A

(a) 19,150

284,378

United

States

Lime

&

Minerals,

Inc.

2,100

226,107

1,463,715

Real

Estate

—

1.40%

Hannon

Armstrong

Sustainable

Infrastructure

12,000

503,400

Technology

—

23.44%

ACM

Research,

Inc.,

Class

A

(a) 13,300

687,477

Alignment

Healthcare,

Inc.

(a) 12,300

277,242

Allegro

Microsystems,

Inc.

(a) 11,300

548,050

Appfolio

,

Inc.,

Class

A

(a) 1,950

325,825

Yorktown

Small

Cap

Fund

Schedule

of

Investments

(continued)

April

30,

2026

-

(Unaudited)

Shares

Fair

Value

Applied

Optoelectronics,

Inc.

(a) 2,350

$

386,246

Calix,

Inc.

(a) 9,000

392,040

Credo

Technology

Group

Holding

Ltd.

(a) 2,650

461,126

D-Wave

Quantum,

Inc.

(a) 13,100

265,668

IonQ

,

Inc.

(a) 18,700

843,744

IREN

Ltd.

(a) 9,450

430,070

NCR

Atleos

Corp.

(a) 10,400

461,552

Nova

Ltd.

(a) 1,240

620,533

Pagseguro

Digital

Ltd.,

Class

A

(a) 37,800

378,756

Palo

Alto

Networks,

Inc.

(a) 2,090

374,779

PDF

Solutions,

Inc.

(a) 9,550

409,217

Planet

Labs

PBC,

CLASS

A

(a) 9,650

356,761

Rambus,

Inc.

(a) 4,950

569,795

TTM

Technologies,

Inc.

(a) 2,800

443,016

UiPath,

Inc.,

Class

A

(a) 17,250

177,675

8,409,572

Total

Common

Stocks

(Cost $24,104,437)

34,925,693

Total

Investments

—

97.36%

(Cost

$24,104,437)

34,925,693

Other

Assets

in

Excess

of

Liabilities

—

2.64%

945,216

Net

Assets

—

100.00%

$

35,870,909

(a) Non-income

producing

security.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Lynchburg

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 24501

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2027-01-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $128362262.69

**Total Liabilities:** $7098857.99

**Net Assets:** $121263404.70

**Cash Not Reported:** $144537.64

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000023126 | 1.52%                | -5.91%               | 13.56%               |
| Class ID C000023127 | -4.19%               | -11.27%              | 7.13%                |
| Class ID C000127241 | 1.61%                | -5.87%               | 13.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $921358.94               | $753725.05                                 |
| Month 2  | $730205.74               | $-6546060.59                               |
| Month 3  | $-411020.23              | $13271339.14                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LEGEND BIOTECH CORP                            | Legend Biotech Corporation                                | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | US        |     14250 | NS      | $335160.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWATER ANALYTICS HOLDINGS INC              | Clearwater Analytics Holdings, Inc.                       | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16700 | NS      | $404140.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| EMBRAER - EMPRESA BRASILEIRA DE AERONAUTICA SA | Embraer S.A.                                              | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |      4200 | NS      | $263340.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE INC                            | Axon Enterprise, Inc.                                     | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      1875 | NS      | $753300.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS PACIFIC LAND CORP                        | Texas Pacific Land Corporation                            | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1440 | NS      | $638884.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP INC                                 | CBRE Group, Inc.                                          | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      2700 | NS      | $385371.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SAIA INC                                       | Saia, Inc.                                                | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      1840 | NS      | $825828.80    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MODINE MANUFACTURING COMPANY                   | Modine Manufacturing Company                              | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      4150 | NS      | $1056714.50   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CHART INDUSTRIES INC                           | Chart Industries, Inc.                                    | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      1550 | NS      | $322245.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| XOMETRY INC                                    | Xometry, Inc.                                             | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |     11050 | NS      | $566533.50    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI GROUP INC                                  | HCI Group, Inc.                                           | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |      3200 | NS      | $491424.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HAMILTON LANE INC                              | Hamilton Lane, Inc.                                       | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      3300 | NS      | $303567.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DLOCAL LTD                                     | Dlocal Ltd./Uruguay                                       | CUSIP: G29018101<br>LEI: N/A                  | Long             | EC               | CORP              | UY        |     41500 | NS      | $576020.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| STOKE THERAPEUTICS INC                         | Stoke Therapeutics, Inc.                                  | CUSIP: 86150R107<br>LEI: 549300RD25SS2DIJHJ67 | Long             | EC               | CORP              | US        |      9150 | NS      | $299388.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SEZZLE INC                                     | Sezzle, Inc.                                              | CUSIP: 78435P105<br>LEI: 9845000CA64541AE3I35 | Long             | EC               | CORP              | US        |      3950 | NS      | $314420.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNBELT RENTALS HOLDINGS INC                   | Sunbelt Rentals Holdings, Inc.                            | CUSIP: 866966104<br>LEI: 529900W4BQDNMAOSRA49 | Long             | EC               | CORP              | US        |      8200 | NS      | $627546.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG INC                                    | Datadog, Inc.                                             | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      4000 | NS      | $528760.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TDK CORP                                       | TDK Corporation                                           | CUSIP: 872351408<br>LEI: 3538005O8WNU39U8NX03 | Long             | EC               | CORP              | JP        |     37500 | NS      | $699750.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORACION AMERICA AIRPORTS SA                | Corp America Airports S.A.                                | CUSIP: L1995B107<br>LEI: 959800AWF26KMY2SXF71 | Long             | EC               | CORP              | AR        |     13600 | NS      | $339320.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYMOND JAMES FINANCIAL INC                    | Raymond James Financial, Inc.                             | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      6450 | NS      | $1021164.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMTECH CORP                                   | Semtech Corporation                                       | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |      6850 | NS      | $719592.50    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC                           | Tradeweb Markets, Inc.                                    | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2630 | NS      | $297847.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSPORTADORA DE GAS DEL SUR SA               | Transportadora de Gas del Sur S.A.                        | CUSIP: 893870204<br>LEI: 5299002TRC7IFQYSW596 | Long             | EC               | CORP              | AR        |     10300 | NS      | $314253.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNDAX PHARMACEUTICALS INC                     | Syndax Pharmaceuticals, Inc.                              | CUSIP: 87164F105<br>LEI: 529900OF94TRHKZVBS87 | Long             | EC               | CORP              | US        |     14000 | NS      | $300020.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JANUS HENDERSON GROUP PLC                      | Janus Henderson Group plc                                 | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | GB        |      5850 | NS      | $301918.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS INC                                   | Exelixis, Inc.                                            | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      6650 | NS      | $295659.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FUTU HOLDINGS LTD                              | Futu Holdings Ltd.                                        | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | HK        |      3500 | NS      | $540785.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTPOWER INC                                  | Nextpower, Inc.                                           | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2550 | NS      | $303781.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| KORN FERRY                                     | Korn Ferry                                                | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |      5700 | NS      | $378708.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NVENT ELECTRIC PLC                             | nVent Electric plc                                        | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      2400 | NS      | $342960.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORP                           | Deckers Outdoor Corporation                               | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      2800 | NS      | $286160.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PRYSMIAN SPA                                   | Prysmian SpA                                              | CUSIP: 74440L106<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |     15000 | NS      | $1137750.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHNEIDER NATIONAL INC                         | Schneider National, Inc.                                  | CUSIP: 80689H102<br>LEI: 529900V6GZ6G6E3BLV72 | Long             | EC               | CORP              | US        |      9800 | NS      | $304682.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEGER HOLDINGS CORP                          | Integer Holdings Corporation                              | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      3400 | NS      | $300934.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERACTIVE BROKERS GROUP INC                  | Interactive Brokers Group, Inc.                           | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     12400 | NS      | $985800.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUIDRA SA                                     | Fluidra S.A.                                              | CUSIP: E52619108<br>LEI: 95980020140005026620 | Long             | EC               | CORP              | ES        |     15600 | NS      | $364311.38    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANCORP                       | Western Alliance Bancorp                                  | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |      7200 | NS      | $587088.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MADRIGAL PHARMACEUTICALS INC                   | Madrigal Pharmaceuticals, Inc.                            | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |       500 | NS      | $258695.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| VERACYTE INC                                   | Veracyte, Inc.                                            | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |      7750 | NS      | $255130.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS COMMERCE INC                               | SPS Commerce, Inc.                                        | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      4330 | NS      | $242999.60    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| INSTALLED BUILDING PRODUCTS INC                | Installed Building Products, Inc.                         | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      1300 | NS      | $375115.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERDIGITAL INC                               | InterDigital, Inc.                                        | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |      1450 | NS      | $430012.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUKER CORP                                    | Bruker Corporation                                        | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      8400 | NS      | $308364.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CIPHER DIGITAL INC                             | Cipher Digital, Inc.                                      | CUSIP: 17253J106<br>LEI: 254900QABG5HCQZ28A17 | Long             | EC               | CORP              | US        |     19700 | NS      | $349478.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCAT INC                                   | Transcat, Inc.                                            | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |      4000 | NS      | $304400.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BEAM THERAPEUTICS INC                          | Beam Therapeutics, Inc.                                   | CUSIP: 07373V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9750 | NS      | $295717.50    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX TECHNOLOGIES INC                           | SPX Technologies, Inc.                                    | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2700 | NS      | $591057.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TOOTSIE ROLL INDUSTRIES INC                    | Tootsie Roll Industries, Inc.                             | CUSIP: 890516107<br>LEI: 529900SBKOV9XX4M4Q35 | Long             | EC               | CORP              | US        |     10609 | NS      | $447911.98    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN OIL & GAS INC                         | Northern Oil & Gas, Inc.                                  | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     11250 | NS      | $305550.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO AEROPORTUARIO DEL SURESTE SAB/DE/CV      | Grupo Aeroportuario del Sureste S.A.B. de C.V.            | CUSIP: 40051E202<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |      1390 | NS      | $425117.60    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ZURN ELKAY WATER SOLUTIONS CORP                | Zurn Elkay Water Solutions Corporation                    | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |      9750 | NS      | $506610.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS INC                              | Clean Harbors, Inc.                                       | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |      1450 | NS      | $453386.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES INC                           | BWX Technologies, Inc.                                    | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |      4700 | NS      | $1017033.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| API GROUP CORP                                 | API Group Corporation                                     | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     15150 | NS      | $692658.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSARA INC                                    | Samsara, Inc.                                             | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10100 | NS      | $290274.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GLAUKOS CORP                                   | Glaukos Corporation                                       | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |      1100 | NS      | $158037.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTEON CORP                                   | Visteon Corporation                                       | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |      2000 | NS      | $223420.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS INC                      | Halozyme Therapeutics, Inc.                               | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      7850 | NS      | $499731.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES INC                     | Neurocrine Biosciences, Inc.                              | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      3750 | NS      | $493762.50    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HAEMONETICS CORP                               | Haemonetics Corporation                                   | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |      4400 | NS      | $264396.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| EAGLE MATERIALS INC                            | Eagle Materials, Inc.                                     | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      1650 | NS      | $346681.50    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CYTOKINETICS INC                               | Cytokinetics, Inc.                                        | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |      7750 | NS      | $495767.50    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI AVIATION LTD                              | FTAI Aviation Ltd.                                        | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5800 | NS      | $1448086.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOWCO HOLDINGS INC                            | Flowco Holdings, Inc.                                     | CUSIP: 342909108<br>LEI: 529900837MXVPIR9FZ68 | Long             | EC               | CORP              | US        |     12600 | NS      | $312858.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS INC                          | Lantheus Holdings, Inc.                                   | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |      3600 | NS      | $304632.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAR SECURE INC                               | Clear Secure, Inc.                                        | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6350 | NS      | $339026.50    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFORMANCE FOOD GROUP COMPANY                 | Performance Food Group Company                            | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |      5630 | NS      | $509852.80    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA PHARMACEUTICALS INC                     | ACADIA Pharmaceuticals, Inc.                              | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |     13400 | NS      | $300830.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHOLAR ROCK HOLDING CORP                      | Scholar Rock Holding Corporation                          | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |      6400 | NS      | $298304.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL FINANCIAL CORP                          | Stifel Financial Corporation                              | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      7350 | NS      | $579253.50    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| RELAY THERAPEUTICS INC                         | Relay Therapeutics, Inc.                                  | CUSIP: 75943R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23200 | NS      | $300672.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORP                                       | KLA Corporation                                           | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       890 | NS      | $1557811.50   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORP                              | Ralph Lauren Corporation                                  | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |       700 | NS      | $251048.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE & MAIN INC                                | Core & Main, Inc.                                         | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13300 | NS      | $669921.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED DIGITAL CORP                           | Applied Digital Corporation                               | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |     30350 | NS      | $1039487.50   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET INC                                   | Fortinet, Inc.                                            | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      4950 | NS      | $417334.50    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| STONEX GROUP INC                               | StoneX Group, Inc.                                        | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     10800 | NS      | $1145124.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT INC                                        | ITT, Inc.                                                 | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |      3300 | NS      | $707322.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| FORGENT POWER SOLUTIONS INC                    | Forgent Power Solutions, Inc.                             | CUSIP: 34631F102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17200 | NS      | $647064.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| GIVAUDAN SA                                    | Givaudan S.A.                                             | CUSIP: 37636P108<br>LEI: 213800SVRMQA1TD91D41 | Long             | EC               | CORP              | CH        |      5100 | NS      | $363324.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LITHIA MOTORS INC                              | Lithia Motors, Inc.                                       | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |      2100 | NS      | $609252.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DENALI THERAPEUTICS INC                        | Denali Therapeutics, Inc.                                 | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |     15900 | NS      | $297648.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                            | Synchrony Financial                                       | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      6000 | NS      | $457200.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM INTERNATIONAL NV                           | ASM International SE                                      | CUSIP: N07045102<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      1070 | NS      | $1042939.70   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOWSERVE CORP                                 | Flowserve Corporation                                     | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |      3500 | NS      | $257740.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HAMILTON INSURANCE GROUP LTD                   | Hamilton Insurance Group Ltd.                             | CUSIP: G42706104<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               | CORP              | BM        |     16900 | NS      | $553813.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CATALYST PHARMACEUTICALS INC                   | Catalyst Pharmaceuticals, Inc.                            | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     10350 | NS      | $291145.50    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMORIS SERVICES CORP                         | Primoris Services Corporation                             | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      4100 | NS      | $742715.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| AXOGEN INC                                     | Axogen, Inc.                                              | CUSIP: 05463X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7000 | NS      | $302400.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CIENA CORP                                     | Ciena Corporation                                         | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      1650 | NS      | $870507.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO. INC                                  | KKR & Company, Inc.                                       | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      7200 | NS      | $751248.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP INC                                 | PulteGroup, Inc.                                          | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4000 | NS      | $489440.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT CORP                                 | NETSTREIT Corporation                                     | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     14650 | NS      | $301350.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TARSUS PHARMACEUTICALS INC                     | Tarsus Pharmaceuticals, Inc.                              | CUSIP: 87650L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4950 | NS      | $314869.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PENUMBRA INC                                   | Penumbra, Inc.                                            | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |      3000 | NS      | $979440.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| AXSOME THERAPEUTICS INC                        | Axsome Therapeutics, Inc.                                 | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |      2950 | NS      | $612862.50    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS LTD                     | RenaissanceRe Holdings Ltd.                               | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |      1450 | NS      | $445106.50    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES LIME & MINERALS INC              | United States Lime & Minerals, Inc.                       | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |      4125 | NS      | $444138.75    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| LIQUIDIA CORP                                  | Liquidia Corporation                                      | CUSIP: 53635D202<br>LEI: 549300O826O5VQJTG707 | Long             | EC               | CORP              | US        |      7850 | NS      | $307798.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PIPER SANDLER COMPANIES                        | Piper Sandler Cos                                         | CUSIP: 724078209<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      4240 | NS      | $369728.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WATERBRIDGE INFRASTRUCTURE LLC                 | WaterBridge Infrastructure, LLC                           | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10600 | NS      | $319484.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS INC                   | Monolithic Power Systems, Inc.                            | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       650 | NS      | $1049366.50   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| COPART INC                                     | Copart, Inc.                                              | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |      9400 | NS      | $311234.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO INTERNATIONAL INC                        | WESCO International, Inc.                                 | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      3600 | NS      | $1256832.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESHPET INC                                   | Freshpet, Inc.                                            | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |      8750 | NS      | $589575.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LOVESAC COMPANY (THE)                          | Lovesac Company (The)                                     | CUSIP: 54738L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18700 | NS      | $295647.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TOPBUILD CORP                                  | TopBuild Corporation                                      | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      1300 | NS      | $575510.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC INC                                        | PTC, Inc.                                                 | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      2800 | NS      | $381640.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ONDAS INC                                      | Ondas Holdings, Inc.                                      | CUSIP: 68236H204<br>LEI: 549300JWLHDUB82V8607 | Long             | EC               | CORP              | US        |     59250 | NS      | $594870.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCELERANT HOLDINGS                            | Accelerant Holdings                                       | CUSIP: G00894108<br>LEI: 529900G48AUHCKJ6EU64 | Long             | EC               | CORP              | KY        |     22800 | NS      | $296628.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LUMENTUM HOLDINGS INC                          | Lumentum Holdings, Inc.                                   | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |      1125 | NS      | $1015110.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| TG THERAPEUTICS INC                            | TG Therapeutics, Inc.                                     | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |     13700 | NS      | $462786.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EXLSERVICE HOLDINGS INC                        | ExlService Holdings, Inc.                                 | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |     12100 | NS      | $385748.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDPACE HOLDINGS INC                           | Medpace Holdings, Inc.                                    | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      1800 | NS      | $753588.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| DYCOM INDUSTRIES INC                           | Dycom Industries, Inc.                                    | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      1476 | NS      | $611211.60    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| LEONARDO DRS INC                               | Leonardo DRS, Inc.                                        | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |      7900 | NS      | $320977.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| FABRINET                                       | Fabrinet                                                  | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |      3150 | NS      | $2152930.50   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANKLIN ELECTRIC CO INC                       | Franklin Electric Company, Inc.                           | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |      6000 | NS      | $601140.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RUSH STREET INTERACTIVE INC                    | Rush Street Interactive, Inc.                             | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26900 | NS      | $755890.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| WOODWARD INC                                   | Woodward, Inc.                                            | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |      2750 | NS      | $998222.50    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CURTISS-WRIGHT CORP                            | Curtiss-Wright Corporation                                | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      1400 | NS      | $1008280.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITY SOFTWARE INC                             | Unity Software, Inc.                                      | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |     22550 | NS      | $595771.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVERE THERAPEUTICS INC                       | Travere Therapeutics, Inc.                                | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7300 | NS      | $307476.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANTEST CORP                                 | Advantest Corporation                                     | CUSIP: 00762U200<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |      5400 | NS      | $1009800.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| WAFD INC                                       | WaFd, Inc.                                                | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8450 | NS      | $299130.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                                        | DSV A/S                                                   | CUSIP: 26251A108<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |      3850 | NS      | $470778.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCURY GENERAL CORP                           | Mercury General Corporation                               | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |      3100 | NS      | $301661.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TYLER TECHNOLOGIES INC                         | Tyler Technologies, Inc.                                  | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      1650 | NS      | $562881.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTEC INC                                     | MasTec, Inc.                                              | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |      2200 | NS      | $866910.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSTOMERS BANCORP INC                          | Customers Bancorp, Inc.                                   | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |      4850 | NS      | $369909.50    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALOCEAN HOLDINGS INC                      | DigitalOcean Holdings, Inc.                               | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |      4900 | NS      | $472507.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TWIST BIOSCIENCE CORP                          | Twist Bioscience Corporation                              | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |      5100 | NS      | $298095.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ENSIGN GROUP INC (THE)                         | Ensign Group, Inc. (The)                                  | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      2500 | NS      | $466725.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CELESTICA INC                                  | Celestica, Inc.                                           | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |      2450 | NS      | $1003495.50   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBUS MEDICAL INC                             | Globus Medical, Inc.                                      | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |      6400 | NS      | $577152.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ETORO GROUP LTD                                | Etoro Group Ltd.                                          | CUSIP: G32089107<br>LEI: 213800XPRPJK2X5QRG86 | Long             | EC               | CORP              | IL        |      8300 | NS      | $295314.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CG ONCOLOGY INC                                | CG oncology, Inc.                                         | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4450 | NS      | $296993.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC BEARINGS INC                               | RBC Bearings, Inc.                                        | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $599090.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| WHITE MOUNTAINS INSURANCE GROUP LTD            | White Mountains Insurance Group Ltd.                      | CUSIP: G9618E107<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | US        |       135 | NS      | $301318.65    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GRANITE CONSTRUCTION INC                       | Granite Construction, Inc.                                | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |      2400 | NS      | $328968.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | AITC-BANK DEPOSIT-4699-354                                | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |   8702601 | PA      | $8702600.70   | 7.18%             |  |  |  | No            |                  1 | On Loan: No      |
| VERRA MOBILITY CORP                            | Verra Mobility Corporation                                | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |     19750 | NS      | $292892.50    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFE TIME GROUP HOLDINGS INC                   | Life Time Group Holdings, Inc.                            | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7950 | NS      | $213139.50    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AURINIA PHARMACEUTICALS INC                    | Aurinia Pharmaceuticals, Inc.                             | CUSIP: 05156V102<br>LEI: 5299008YP2BW4570ML28 | Long             | EC               | CORP              | CA        |     18200 | NS      | $280007.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| KENON HOLDINGS LTD                             | Kenon Holdings Ltd.                                       | CUSIP: Y46717107<br>LEI: 254900N5LVBX92GMVN72 | Long             | EC               | CORP              | SG        |      3600 | NS      | $331488.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO ENVIRONMENTAL CORP                        | CECO Environmental Corporation                            | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |      9700 | NS      | $719158.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| RIOT PLATFORMS INC                             | Riot Platforms, Inc.                                      | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     16500 | NS      | $284460.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD NATIONAL BANCORP                           | Old National Bancorp                                      | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |     14150 | NS      | $339175.50    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ALKERMES PLC                                   | Alkermes plc                                              | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      8900 | NS      | $300019.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEDYNE TECHNOLOGIES INC                      | Teledyne Technologies, Inc.                               | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |       900 | NS      | $581265.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX CORP                                 | TD SYNNEX Corporation                                     | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      2700 | NS      | $616086.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER INDUSTRIES INC                         | Mueller Industries, Inc.                                  | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      7800 | NS      | $1056354.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| PACS GROUP INC                                 | PACS Group, Inc.                                          | CUSIP: 69380Q107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7800 | NS      | $261690.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HA SUSTAINABLE INFRASTRUCTURE CAPITAL INC      | HA Sustainable Infrastructure Capital, Inc. Capital, Inc. | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     11550 | NS      | $484522.50    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HINGE HEALTH INC                               | Hinge Health, Inc.                                        | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6700 | NS      | $298820.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PAMPA ENERGIA SA                               | Pampa Energia S.A.                                        | CUSIP: 697660207<br>LEI: 254900QNIK0CVURGML24 | Long             | EC               | CORP              | AR        |      7200 | NS      | $596664.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED INC                                     | Insmed, Inc.                                              | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |      3750 | NS      | $511237.50    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CORCEPT THERAPEUTICS INC                       | Corcept Therapeutics, Inc.                                | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |      6500 | NS      | $302380.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HOULIHAN LOKEY INC                             | Houlihan Lokey, Inc.                                      | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |      3850 | NS      | $595787.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAIL INC                                      | GRAIL, Inc.                                               | CUSIP: 384747101<br>LEI: 2549009XSNESW3VE8024 | Long             | EC               | CORP              | US        |      5750 | NS      | $313260.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NASPERS LTD                                    | Naspers Ltd.                                              | CUSIP: 631512209<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |     46000 | NS      | $502320.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ARGENX SE                                      | Argenx S.E.                                               | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       425 | NS      | $332231.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ROLLINS INC                                    | Rollins, Inc.                                             | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      7300 | NS      | $406829.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARDIAN PHARMACY SERVICES INC                 | Guardian Pharmacy Services, Inc.                          | CUSIP: 40145W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7850 | NS      | $291235.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CASEY'S GENERAL STORES INC                     | Casey's General Stores, Inc.                              | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      1200 | NS      | $986580.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTRAGENYX PHARMACEUTICAL INC                  | Ultragenyx Pharmaceutical, Inc.                           | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     10750 | NS      | $265417.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVA LTD                                       | Nova Ltd.                                                 | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |      1980 | NS      | $990851.40    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH HOLDINGS INC                         | FirstCash Holdings, Inc.                                  | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2300 | NS      | $501906.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOCRYST PHARMACEUTICALS INC                   | BioCryst Pharmaceuticals, Inc.                            | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |     32750 | NS      | $299990.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ATEGRITY SPECIALTY INSURANCE COMPANY HOLDINGS  | Ategrity Specialty Holdings, LLC                          | CUSIP: 04681Y103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14650 | NS      | $278350.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAHAM CORP                                    | Graham Corporation                                        | CUSIP: 384556106<br>LEI: 254900EI9P4LTY524J77 | Long             | EC               | CORP              | US        |      5450 | NS      | $518840.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LONZA GROUP AG                                 | Lonza Group A.G.                                          | CUSIP: 54338V101<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |      4600 | NS      | $282578.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMON GROUP HOLDINGS INC                     | Thermon Group Holdings, Inc.                              | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |      6300 | NS      | $381087.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SAREPTA THERAPEUTICS INC                       | Sarepta Therapeutics, Inc.                                | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |     14250 | NS      | $297540.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL FINANCIAL HOLDINGS INC                     | LPL Financial Holdings, Inc.                              | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      1700 | NS      | $568021.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| IES HOLDINGS INC                               | IES Holdings, Inc.                                        | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |      4570 | NS      | $2943445.60   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOOM ENERGY CORP                              | Bloom Energy Corporation                                  | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |      4150 | NS      | $1175944.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| HAWKINS INC                                    | Hawkins, Inc.                                             | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |      3700 | NS      | $619565.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SSE PLC                                        | SSE plc                                                   | CUSIP: 78467K107<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |     14400 | NS      | $522144.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PRYSMIAN SPA                                   | Prysmian SpA                                              | CUSIP: T7630L105<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |     14400 | NS      | $2163296.94   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFESTANCE HEALTH GROUP INC                    | LifeStance Health Group, Inc.                             | CUSIP: 53228F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39850 | NS      | $301664.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EVOLV TECHNOLOGIES HOLDINGS INC                | Evolv Technologies Holdings, Inc.                         | CUSIP: 30049H102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72500 | NS      | $522000.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUSPOINT LTD                                | SiriusPoint Ltd.                                          | CUSIP: G8192H106<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | BM        |     12700 | NS      | $297307.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BBB FOODS INC                                  | BBB Foods, Inc.                                           | CUSIP: G0896C103<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      8150 | NS      | $297475.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HELMERICH & PAYNE INC                          | Helmerich & Payne, Inc.                                   | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |      7800 | NS      | $314964.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GRINDR INC                                     | Grindr, Inc.                                              | CUSIP: 39854F101<br>LEI: 254900J9EDQSYT0ERQ67 | Long             | EC               | CORP              | US        |     22000 | NS      | $294140.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PRAXIS PRECISION MEDICINES INC                 | Praxis Precision Medicines, Inc.                          | CUSIP: 74006W207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       875 | NS      | $278976.25    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVAN INC                                      | Navan, Inc.                                               | CUSIP: 639193101<br>LEI: 254900RHRK35UPHTGY05 | Long             | EC               | CORP              | US        |     18650 | NS      | $326188.50    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE BOERSE AG                             | Deutsche Boerse A.G.                                      | CUSIP: 251542106<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |     31000 | NS      | $950305.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOTARO COMPANY LTD                           | MonotaRO Company Ltd.                                     | CUSIP: 61022V107<br>LEI: 5299005JUER5ANXWTC33 | Long             | EC               | CORP              | JP        |     29500 | NS      | $345887.50    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMTEK LTD                                     | Camtek Ltd.                                               | CUSIP: M20791105<br>LEI: 5493000H80W07HCKGS43 | Long             | EC               | CORP              | IL        |      7050 | NS      | $1353036.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| STOCK YARDS BANCORP INC                        | Stock Yards Bancorp, Inc.                                 | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |      8100 | NS      | $585873.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LIGAND PHARMACEUTICALS INC                     | Ligand Pharmaceuticals, Inc.                              | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |      1300 | NS      | $298285.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ASICS CORP                                     | Asics Corporation                                         | CUSIP: 04521N101<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |     24000 | NS      | $675480.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| RINGCENTRAL INC                                | RingCentral, Inc.                                         | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |     13050 | NS      | $524871.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| OSCAR HEALTH INC                               | Oscar Health, Inc.                                        | CUSIP: 687793109<br>LEI: 254900AE8KDLFDOPKZ19 | Long             | EC               | CORP              | US        |     17400 | NS      | $321204.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA INC                        | Comfort Systems USA, Inc.                                 | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      2960 | NS      | $5447140.00   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS INC                            | Arista Networks, Inc.                                     | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      9800 | NS      | $1692558.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGI INTERNATIONAL INC                         | Digi International, Inc.                                  | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |     13700 | NS      | $767748.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| RADNET INC                                     | RadNet, Inc.                                              | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |      5350 | NS      | $302542.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARDANT HEALTH INC                            | Guardant Health, Inc.                                     | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |      3650 | NS      | $317842.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| KRYSTAL BIOTECH INC                            | Krystal Biotech, Inc.                                     | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |      2000 | NS      | $524520.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIDGEBIO PHARMA INC                           | Bridgebio Pharma, Inc.                                    | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |      4200 | NS      | $298662.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ON HOLDING AG                                  | On Holding A.G.                                           | CUSIP: H5919C104<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |     14950 | NS      | $532369.50    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCO CORP                                     | Disco Corporation                                         | CUSIP: 25461D100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     23050 | NS      | $1108935.50   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| VICTORY CAPITAL HOLDINGS INC                   | Victory Capital Holdings, Inc.                            | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |      4050 | NS      | $317965.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| KARMAN HOLDINGS INC                            | Karman Holdings, Inc.                                     | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3350 | NS      | $227733.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KINGSPAN GROUP PLC                             | Kingspan Group plc                                        | CUSIP: 496402108<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |      4650 | NS      | $435147.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PHIBRO ANIMAL HEALTH CORP                      | Phibro Animal Health Corporation                          | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      5650 | NS      | $300467.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLD FIELDS LTD                                | Gold Fields Ltd.                                          | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     22750 | NS      | $966420.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORP                                     | HEICO Corporation                                         | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |      1280 | NS      | $345497.60    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO TECHNOLOGIES INC                          | ESCO Technologies, Inc.                                   | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |      1125 | NS      | $364443.75    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WEBSTER FINANCIAL CORP                         | Webster Financial Corporation                             | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |      4150 | NS      | $300294.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PATRIA INVESTMENTS LTD                         | Patria Investments Ltd.                                   | CUSIP: G69451105<br>LEI: 254900MZMZN2NNVXYO82 | Long             | EC               | CORP              | KY        |     34000 | NS      | $438940.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** Dennis Stratton

**Name of Signer:** Dennis Stratton

**Title:** Chief Financial Officer & Treasurer