Yorktown Growth Fund

Class A (AFGGX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Yorktown Growth Fund for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$65	1.25%

Fund Statistics

Net Assets	$121,720,875
Number of Portfolio Holdings	199
Advisory Fee	$506,971
Portfolio Turnover	22%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.9%
Communications	0.4%
Energy	1.2%
Real Estate	1.2%
Utilities	1.4%
Consumer Staples	2.0%
Materials	2.3%
Consumer Discretionary	7.3%
Financials	14.0%
Health Care	18.8%
Technology	19.7%
Industrials	30.8%

Material Fund Changes

No material changes occurred during the period ended July 31, 2026.

Yorktown Growth Fund - Class A (AFGGX)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-AFGGX

Yorktown Growth Fund

Class L (APITX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class L	$117	2.25%

Fund Statistics

Net Assets	$121,720,875
Number of Portfolio Holdings	199
Advisory Fee	$506,971
Portfolio Turnover	22%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.9%
Communications	0.4%
Energy	1.2%
Real Estate	1.2%
Utilities	1.4%
Consumer Staples	2.0%
Materials	2.3%
Consumer Discretionary	7.3%
Financials	14.0%
Health Care	18.8%
Technology	19.7%
Industrials	30.8%

Material Fund Changes

No material changes occurred during the period ended July 31, 2026.

Yorktown Growth Fund - Class L (APITX)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-APITX

Yorktown Growth Fund

Institutional Class (APGRX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$65	1.25%

Fund Statistics

Net Assets	$121,720,875
Number of Portfolio Holdings	199
Advisory Fee	$506,971
Portfolio Turnover	22%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.9%
Communications	0.4%
Energy	1.2%
Real Estate	1.2%
Utilities	1.4%
Consumer Staples	2.0%
Materials	2.3%
Consumer Discretionary	7.3%
Financials	14.0%
Health Care	18.8%
Technology	19.7%
Industrials	30.8%

Material Fund Changes

No material changes occurred during the period ended July 31, 2026.

Yorktown Growth Fund - Institutional Class (APGRX)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-APGRX

Yorktown Bond Fund

Class A (APIUX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Yorktown Bond Fund for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$58	1.17%

Fund Statistics

Net Assets	$340,340,493
Number of Portfolio Holdings	312
Advisory Fee	$703,634
Portfolio Turnover	13%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	4.0%
Collateralized Loan Obligations	2.6%
Corporate Bonds	47.7%
Exchange-Traded Funds	2.8%
U.S. Government & Agencies	42.9%

Material Fund Changes

Effective June 2, 2026, the Fund changed its name from Yorktown Multi-Sector Bond Fund to Yorktown Bond Fund. There were no other material changes during the period ended July 31, 2026.

Yorktown Bond Fund - Class A (APIUX)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-APIUX

Yorktown Bond Fund

Class C (AFFCX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$82	1.66%

Fund Statistics

Net Assets	$340,340,493
Number of Portfolio Holdings	312
Advisory Fee	$703,634
Portfolio Turnover	13%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	4.0%
Collateralized Loan Obligations	2.6%
Corporate Bonds	47.7%
Exchange-Traded Funds	2.8%
U.S. Government & Agencies	42.9%

Material Fund Changes

Effective June 2, 2026, the Fund changed its name from Yorktown Multi-Sector Bond Fund to Yorktown Bond Fund. There were no other material changes during the period ended July 31, 2026.

Yorktown Bond Fund - Class C (AFFCX)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-AFFCX

Yorktown Bond Fund

Class L (AFFIX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class L	$83	1.67%

Fund Statistics

Net Assets	$340,340,493
Number of Portfolio Holdings	312
Advisory Fee	$703,634
Portfolio Turnover	13%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	4.0%
Collateralized Loan Obligations	2.6%
Corporate Bonds	47.7%
Exchange-Traded Funds	2.8%
U.S. Government & Agencies	42.9%

Material Fund Changes

Effective June 2, 2026, the Fund changed its name from Yorktown Multi-Sector Bond Fund to Yorktown Bond Fund. There were no other material changes during the period ended July 31, 2026.

Yorktown Bond Fund - Class L (AFFIX)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-AFFIX

Yorktown Bond Fund

Institutional Class (APIIX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$33	0.67%

Fund Statistics

Net Assets	$340,340,493
Number of Portfolio Holdings	312
Advisory Fee	$703,634
Portfolio Turnover	13%

What did the Fund invest in?

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	4.0%
Collateralized Loan Obligations	2.6%
Corporate Bonds	47.7%
Exchange-Traded Funds	2.8%
U.S. Government & Agencies	42.9%

Material Fund Changes

Effective June 2, 2026, the Fund changed its name from Yorktown Multi-Sector Bond Fund to Yorktown Bond Fund. There were no other material changes during the period ended July 31, 2026.

Yorktown Bond Fund - Institutional Class (APIIX)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-APIIX

Yorktown Short Term Bond Fund

Class A (APIMX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Yorktown Short Term Bond Fund for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$39	0.79%

What did the Fund invest in?

Fund Statistics

Net Assets	$172,786,361
Number of Portfolio Holdings	165
Advisory Fee (net of waivers)	$427,995
Portfolio Turnover	19%

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	6.5%
Collateralized Loan Obligations	1.6%
Corporate Bonds	41.9%
U.S. Government & Agencies	50.0%

Material Fund Changes

No material changes occurred during the period ended July 31, 2026.

Yorktown Short Term Bond Fund - Class A (APIMX)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-APIMX

Yorktown Short Term Bond Fund

Class L (AFMMX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class L	$71	1.44%

What did the Fund invest in?

Fund Statistics

Net Assets	$172,786,361
Number of Portfolio Holdings	165
Advisory Fee (net of waivers)	$427,995
Portfolio Turnover	19%

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	6.5%
Collateralized Loan Obligations	1.6%
Corporate Bonds	41.9%
U.S. Government & Agencies	50.0%

Material Fund Changes

No material changes occurred during the period ended July 31, 2026.

Yorktown Short Term Bond Fund - Class L (AFMMX)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-AFMMX

Yorktown Short Term Bond Fund

Institutional Class (APIBX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$39	0.79%

What did the Fund invest in?

Fund Statistics

Net Assets	$172,786,361
Number of Portfolio Holdings	165
Advisory Fee (net of waivers)	$427,995
Portfolio Turnover	19%

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	6.5%
Collateralized Loan Obligations	1.6%
Corporate Bonds	41.9%
U.S. Government & Agencies	50.0%

Material Fund Changes

No material changes occurred during the period ended July 31, 2026.

Yorktown Short Term Bond Fund - Institutional Class (APIBX)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-APIBX

Yorktown Small Cap Fund

Class A (YOVAX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Yorktown Small Cap Fund for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at https://www.yorktownfunds.com/all-fund-literature/. You can also request this information by contacting us at (888) 933-8274.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$81	1.60%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	1.4%
Real Estate	1.3%
Energy	3.0%
Materials	3.6%
Consumer Staples	4.0%
Consumer Discretionary	8.9%
Health Care	13.5%
Financials	15.9%
Industrials	24.0%
Technology	24.4%

Fund Statistics

Net Assets	$36,018,501
Number of Portfolio Holdings	92
Advisory Fee (net of waivers)	$93,236
Portfolio Turnover	45%

Material Fund Changes

No material changes occurred during the period ended July 31, 2026.

Yorktown Small Cap Fund - Class A (YOVAX)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-YOVAX

Yorktown Small Cap Fund

Class L (YOVLX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class L	$119	2.35%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	1.4%
Real Estate	1.3%
Energy	3.0%
Materials	3.6%
Consumer Staples	4.0%
Consumer Discretionary	8.9%
Health Care	13.5%
Financials	15.9%
Industrials	24.0%
Technology	24.4%

Fund Statistics

Net Assets	$36,018,501
Number of Portfolio Holdings	92
Advisory Fee (net of waivers)	$93,236
Portfolio Turnover	45%

Material Fund Changes

No material changes occurred during the period ended July 31, 2026.

Yorktown Small Cap Fund - Class L (YOVLX)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-YOVLX

Yorktown Small Cap Fund

Institutional Class (YOVIX)

Semi-Annual Shareholder Report - July 31, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$68	1.35%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	1.4%
Real Estate	1.3%
Energy	3.0%
Materials	3.6%
Consumer Staples	4.0%
Consumer Discretionary	8.9%
Health Care	13.5%
Financials	15.9%
Industrials	24.0%
Technology	24.4%

Fund Statistics

Net Assets	$36,018,501
Number of Portfolio Holdings	92
Advisory Fee (net of waivers)	$93,236
Portfolio Turnover	45%

Material Fund Changes

No material changes occurred during the period ended July 31, 2026.

Yorktown Small Cap Fund - Institutional Class (YOVIX)

Semi-Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.yorktownfunds.com/all-fund-literature/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 073126-YOVIX

The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this report. Any representation to the contrary is a criminal offense.

USISDA05 — 5 Year Secured Overnight Financing Rate-linked mid-market interest rate swap rate

USISSO05 — 5 Year Secured Overnight Financing Rate-linked interest rate swap rate

YORKTOWN FUNDS
NOTES TO THE FINANCIAL STATEMENTS
July 31, 2026
(Information as of and for the six months ended July 31, 2026 is unaudited)

American Pension Investors Trust (the “Trust”) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each of the Yorktown Funds is a series of the Trust. The accompanying financial statements include the Yorktown Growth Fund (“Growth Fund”), Yorktown Bond Fund (“Bond Fund”), Yorktown Short Term Bond Fund (“Short Term Bond Fund”), and Yorktown Small Cap Fund (“Small Cap Fund”) (collectively the “Funds”), each a diversified series of the Trust. Each Fund offers Class A, Class L and Institutional Class shares. In addition, the Bond Fund also offers Class C shares. Effective June 2, 2026, the Yorktown Multi-Sector Bond Fund changed its name to the Yorktown Bond Fund.

The Growth Fund’s investment objective is growth of capital. The Growth Fund invests primarily in the common stock of U.S. and foreign issuers, securities issued by investment companies (“Underlying Funds”), including open-end mutual funds, closed-end funds, business development companies, unit investment trusts, and foreign investment companies, long-, intermediate- or short-term bonds and other fixed-income securities, and index securities (“Index Securities”), including exchange-traded funds (“ETFs”) and similar securities that represent interests in a portfolio of common stocks or fixed income securities seeking to track the performance of a securities index or similar benchmark.

The Bond Fund’s investment objective is current income with limited credit risk. The Bond Fund invests primarily in debt securities, including U.S. Government securities, corporate bonds and structured notes, common stock of U.S. and foreign issuers, securities issued by Underlying Funds, and Index Securities.

The Short Term Bond Fund’s investment objective is to seek income consistent with the preservation of capital. Under normal circumstances, the Short Term Bond Fund invests at least 80% of its assets in fixed income securities that, in the opinion of Yorktown Management & Research Company, Inc., the Funds’ investment adviser (the “Adviser”), offer the opportunity for income consistent with preservation of capital. The Short Term Bond Fund’s portfolio will have an average aggregate maturity of not more than three years.

The Small Cap Fund’s investment objective is to seek to achieve long term capital appreciation. Under normal conditions, the Adviser seeks to achieve the Small Cap Fund’s investment objective by investing at least 80% of its assets (plus the amount of any borrowings for investment purposes) in the common stock of U.S. small capitalized (“small cap”) companies. The Small Cap Fund may also invest in securities issued by Underlying Funds, and Index Securities, including ETFs and similar securities that represent interests in a portfolio of common stocks or fixed income securities seeking to track the performance of a securities index or similar benchmark.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”.

The Funds have adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Trust. The Funds each operate as a single operating segment. The Funds’ income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

The Funds’ investments in Underlying Funds are valued daily at their respective closing net asset values in accordance with the 1940 Act. Securities that are listed on U.S. exchanges (other than ETFs) are valued at the last sales price on the day the securities are valued or, lacking any sales on such day at the previous day’s closing price. ETFs are valued at the last sales price on the ETF’s primary exchange on the day the securities are valued or, lacking any sales on such day, either at the value assigned by a nationally recognized third-party pricing service or at the previous day’s closing price. Securities listed on NASDAQ are valued at the NASDAQ Official Closing Price. U.S. Treasury securities and corporate bonds are valued at an evaluated mean of the bid and ask prices. The Board of Trustees has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, subject to its oversight. Securities for which market quotations are unavailable or unreliable are valued at fair value as determined in good faith by the valuation designee pursuant to its valuation policies and procedures, which have been approved by the Board of Trustees.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. Generally accepted accounting principles establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of July 31, 2026, in valuing the Funds’ assets carried at fair value.

See schedules of investments for breakdown of sectors in which the Funds invest.

As of July 31, 2026, none of the Funds held investments for which significant unobservable inputs (Level 3) were used in determining fair value, and there were no transfers into or out of Level 3 during the six months ended July 31, 2026.

Security transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses from security transactions are reported on an identified-cost basis for both financial statement and federal income tax purposes. Gains and losses realized on principal payments of asset-backed securities and bank loans (paydown gains and losses) are classified as part of investment income. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income and expenses are recorded on an accrual basis. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date.

Growth Fund and Small Cap Fund intend to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Bond Fund and Short Term Bond Fund intend to distribute its net investment income monthly and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

The Funds may invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until maturity of the repurchase agreement. Provisions of the repurchase agreements and procedures adopted by the Board of Trustees require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. A custody agreement in connection with the Master Repurchase Agreement defines eligible securities for collateral in relation to each repurchase agreement. Under the Master Repurchase Agreement, if the counterparty defaults and the value of the collateral declines or if the counter-party enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

All income and expenses not attributable to a particular class, and realized and unrealized gains are allocated to each class proportionately for purposes of determining the net asset value of each class. Certain shareholder servicing and distribution fees are allocated to the particular class to which they are attributable. Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each Fund’s relative net assets or another appropriate basis.

The Funds currently offer Class A shares which include a front-end sales charge (load). The maximum front-end sales charge is 2.25% for the Short Term Bond Fund and 5.75% for the remaining Funds. Class A shares may be purchased without a front-end sales charge under certain circumstances. Purchases of Class A shares over $250,000 on which a commission advance has been paid to the selling dealer are subject to a contingent deferred sales charge of 0.25% if the shares are redeemed within twelve months of purchase. A contingent deferred sales charge of 1.00% is generally imposed on redemptions of Class C shares of the Bond Fund made within 13 months from the date of purchase. Class C shares of the Bond Fund are offered under a separate prospectus and are not offered by the prospectus for the Class A, Class L and Institutional Class shares.

In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

In the normal course of business the Funds may trade securities, including structured notes, where the risk of potential loss exists due to such things as changes in the market (market risk), the size of the companies it invests in (small company risk), or failure or inability of the other party to a transaction to perform (credit and counterparty risk). Structured notes are hybrid securities that generally combine both debt and equity characteristics into a single note form. The risks of investing in structured notes include unfavorable price movements in the underlying security or index and the credit risk of the issuing financial institution. There may be no guarantee of interest payments or return of principal with structured notes, and structured notes may be less liquid than other investments held by a Fund.

Market Risks — The Funds’ investments in securities expose the Funds to various risks such as, but not limited to, interest rate and equity risks.

Interest rate risk is the risk that fixed income securities, as well as structured notes, will decline in value because of changes in interest rates. Generally, as interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

The market value of equities, such as common stocks and preferred securities, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

Small Company Risks — Small company securities tend to be less liquid and more difficult to sell than those issued by larger companies. Small company stocks can be more volatile and may underperform the market or become out of favor with investors. Small company securities may be very sensitive to changing economic conditions and market downturns because the issuers may often have narrow markets, fewer product lines, and limited managerial and financial resources.

Credit and Counterparty Risks — The Funds will be exposed to credit risk due to the entities with whom they trade. A Fund could lose money if the issuer or guarantor of a fixed income security or structured note is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

Sector Risk — If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund’s portfolio will be adversely affected. As of July 31, 2026, the Yorktown Growth Fund had 30.77% of the value of its net assets invested in stocks within the Industrials sector. The Yorktown Small Cap Fund had 24.44% of the value of its net assets invested in stocks within the Technology sector.

The Adviser, whose principal stockholder is also a trustee of the Trust, serves as the Funds’ investment adviser and manager. For its services, the Adviser receives a fee, calculated daily and payable monthly, at an annual rate as follows:

In the interest of limiting expenses of the Funds, the Adviser has entered into a contractual expense limitation agreement with the Trust covering the Growth Fund, the Short Term Bond Fund and the Small Cap Fund. Pursuant to the expense limitation agreement, the Adviser has agreed to waive or limit its fees and assume other expenses of those Funds (excluding acquired fund fees and expenses, brokerage fees, taxes, borrowing costs such as interest and dividend expenses on securities sold short, and other extraordinary expenses not incurred in the ordinary course of business) so that the ratio of total annual operating expenses is limited as shown below. There is no expense limitation agreement for the Bond Fund.

The Adviser is entitled to the reimbursement of fees waived or reimbursed subject to the limitations that the reimbursement is made only for fees and expenses incurred not more than three years prior to the date of reimbursement, and the reimbursement may not be made if it would cause the applicable Fund’s annual expense limitations to be exceeded. The reimbursement amount may not include any additional charges or fees, such as interest accruable on the reimbursement account. The expense limitation agreement may be terminated only by the Board of Trustees by providing 60 days’ notice, or if the Adviser ceases to serve as adviser to the Funds. Further, any recoupments will be subject to any lower expense limitations that have been later implemented by the Board of Trustees. During the six months ended July 31, 2026, the Adviser recouped $9,023 of previously waived fees from the Growth Fund, contractually waived fees of $184,998 in the Short Term Bond Fund, and contractually waived fees and reimbursed expenses of $64,624 in the Small Cap Fund. The Growth Fund’s expenses were below its expense limit for the period, and the recoupment reduces the amounts the Adviser may seek in the future. As of July 31, 2026, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

Ultimus Fund Solutions, LLC (“Ultimus”) an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to an administrative servicing agreement with Ultimus, the Funds pay Ultimus customary fees based on aggregate net assets of the Funds as described in the servicing agreement for providing administration, fund accounting, and transfer agency services to the Funds. Certain officers of the Trust are also officers of Ultimus and are not paid any fees directly by the Funds for serving in such capacities.

The Trust has adopted Rule 12b-1 Plans of Distribution providing for the payment of distribution and service fees to Ultimus Fund Distributors, LLC, the Funds’ distributor. Class A shares of the Small Cap Fund pay a fee of 0.25% of each Class A shares’ average daily net assets for distribution fees. Class A shares of the Bond Fund pay a fee of 0.50% of the Class A shares’ average daily net assets for distribution fees. Class L shares of each of the Funds, except Short Term Bond Fund, pay a fee of 1.00% of each Class L shares’ average daily net assets. Of this amount, 0.75% represents distribution fees and 0.25% represents shareholder servicing fees. Class L shares of the Short Term Bond Fund are subject to the same 1.00% fee, which the distributor has contractually agreed to limit to 0.65% of Class L shares’ average daily net assets. Class C shares of Bond Fund pay a fee of 1.00% of Class C share’s average daily net assets. Of this amount, 0.75% represents distribution fees and 0.25% represents shareholder servicing fees.

During the six months ended July 31, 2026, the distributor retained the following amounts in sales commissions from the sales of Class A shares of the Funds:

The distributor received no contingent deferred sales charges on redemptions of Class A or Class C shares during the six months ended July 31, 2026.

For the six months ended July 31, 2026, purchases and sales of investment securities, other than short-term investments and U.S. Government securities, were as follows:

The Funds entered into a short-term credit agreement (“Line of Credit”) with Huntington National Bank (“Huntington”), expiring on May 22, 2027. Under the terms of the agreement, each of the Funds may borrow up to the lesser of 30% of a Fund’s daily market value or $25 million at an interest rate equal to the Term Secured Overnight Financing Rate plus 130 basis points. The purpose of the agreement is to meet temporary or emergency cash needs, including redemption requests that might otherwise require the untimely disposition of securities. Huntington receives an annual facility fee of 0.125% on $25 million as well as an additional annual fee of 0.125% on any unused portion of the credit facility, invoiced quarterly, for providing the Line of Credit. The Funds will not borrow money, except (a) from a bank, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings of a Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 15% of a Fund’s total assets at the time when the borrowing is made. To the extent that the line of credit is utilized, it will be collateralized by securities in the Funds’ portfolios.

During the six months ended July 31, 2026, the Funds did not borrow under the Line of Credit, and as of July 31, 2026, the Funds had no outstanding borrowings under this Line of Credit.

Each of the Funds is a separate taxable entity and intends to continue to qualify for the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and is required to make the requisite distributions to its shareholders which will relieve it from Federal income or excise taxes. Therefore, no provision has been recorded for Federal income or excise taxes. Under current tax law, capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Required fund distributions are based on income and capital gain amounts determined in accordance with federal income tax regulations, which differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the composition of net assets and distributions for tax purposes may differ from amounts reflected in the accompanying financial statements. These differences are primarily due to differing treatment for losses deferred with respect to wash sales, and excise tax regulations. For financial reporting purposes, capital accounts and distributions to shareholders are adjusted to reflect the tax character of permanent book/tax differences.

FASB Accounting Standard Codification “Accounting for Uncertainty in Income Taxes”, Topic 740 requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds’ 2026 tax returns, in addition to the Funds’ previous three open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and Commonwealth of Virginia; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Funds have adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting period. For the six months ended July 31, 2026, federal, state or local income taxes or any income taxes in foreign jurisdictions paid by the Funds were immaterial.

At July 31, 2026, the gross unrealized appreciation and depreciation on investments owned by the Funds, based on cost for federal income tax purposes, were as follows:

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

Both (i) a description of the policies and procedures that the Trust uses to determine how to vote proxies relating to the Funds’ portfolio securities and (ii) information regarding how the Trust voted proxies relating to the Funds’ portfolio securities during the most recent twelve month period ended June 30th are available without charge, upon request, by calling the Trust at (800) 544-6060, or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Trust files each Fund’s complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT reports are available on the SEC’s website at http://www.sec.gov and on the Funds’ website at www.yorktownfunds.com.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

There were no changes in or disagreements with accountants during the period covered by this report.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The renewal of the investment advisory agreement (the “IA Agreement”) between the Trust and Yorktown Management & Research Company, Inc. (the “Adviser”), on behalf of each of the Yorktown Growth Fund, Yorktown Bond Fund, Yorktown Short Term Bond Fund, and Yorktown Small Cap Fund (each a “Fund” and together the “Funds”), was approved by the Board of Trustees (“the Board”), including a majority of the Trustees who are not interested persons of the Trust or any person who is a party to the IA Agreement (the “Independent Trustees”), at an in-person meeting held on March 25, 2026 (the “Meeting”). The Trust’s Board considered the factors generally described below prior to approving the continuation of the IA Agreement.

Before the Board considered the IA Agreement, counsel to the Funds and to the Independent Trustees reviewed with the Trustees their duties and responsibilities in renewing advisory agreements under both the Investment Company Act of 1940, as amended (the “Investment Company Act”) and state law. The Board received materials provided by the Adviser containing information in support of continuation of the IA Agreement, as well as information provided by an independent third party comparing the Funds’ fees, expenses, and performance to that of relevant peer groups.

The materials addressed the following factors with respect to the IA Agreement: (1) the nature, extent, and quality of the services to be provided by the Adviser; (2) the investment performance of the Funds and the Adviser; (3) the costs of the services to be provided and profits to be realized by the Adviser and its affiliates from their relationship with the Funds; (4) the extent to which economies of scale would be realized as the Funds grow; (5) whether fee levels reflect these economies of scale for the benefit of Fund investors; (6) whether and how the Board relied on comparisons of services to be rendered to and fees to be paid by the Funds with the services provided by and the fees paid to other investment advisers for comparable services by other Funds; and (7) any benefits derived or to be derived by the Adviser from the relationship with the Funds, such as soft dollar arrangements by which brokers provide research to the Funds or the Adviser in return for allocating brokerage.

To assist the Board in making its determination as to whether the IA Agreement should be renewed, the Board had requested and received the following information in advance of the Meeting: an information request letter from legal counsel and the Adviser’s responses to the letter; the Adviser’s latest Form ADV; and the Adviser’s financial statements. In addition, the Board received a description of the compensation received by the Adviser from the Funds, both in the aggregate and in relation to fees charged by other advisers to similar funds, profitability information, and information relating to the Adviser’s policies and procedures regarding best execution, trade allocation, and soft dollar arrangements.

The Board discussed the nature, extent and quality of the Adviser’s services to the Funds. In particular, the Board noted the Adviser’s commitment to maintaining certain targeted expense ratios for the Funds, its efforts in providing comprehensive and consistent investment management to the Funds, and its efforts to maintain ongoing regulatory compliance for the Funds. The Board noted that it reviewed, on a quarterly basis, performance and management reports relating to the Funds, and those prior reviews were incorporated into the Board’s current considerations. The Board further noted that the Adviser also had assumed the obligation to provide certain operational services to the Funds. The Board discussed the operations of the Funds and agreed, with the Independent Trustees separately concurring, that the Funds had received adequate and appropriate investment management, compliance and operational services.

The Board next reviewed information relating to the average overall expense ratios of competing funds versus the overall expense ratios of the Funds. In this regard they noted that certain Funds had expense ratios lower than the average of its peer group and others had expense ratios higher than the average of its peer group. After full review of the materials presented, the related discussions, and careful consideration, the Independent Trustees agreed that the fees charged by the Adviser under the IA Agreement appeared to be fair and reasonable in light of the services provided to the Funds and that breakpoints were not needed given the current asset levels of the Funds.

The Board next considered the investment performance of each Fund and the Adviser’s performance. The Board determined that each Fund’s performance was satisfactory. Further, the Board noted that the Adviser did not succumb to “style drift” in its management of each Fund’s assets, and that each Fund was committed to maintaining its investment mandate, even if that meant underperformance during periods when that style was out of favor. The Board noted with approval the Adviser’s ongoing efforts to maintain such consistent investment discipline. The Board also noted that because the Adviser’s business was currently devoted exclusively to serving the Funds, the Adviser did not appear to realize any extraordinary ancillary benefits or profits deriving from its relationship with the Funds.

After careful discussion and consideration, the Board, including the separate concurrence of the Independent Trustees, unanimously determined that the renewal of the IA Agreement would be in the best interests of each Fund and its shareholders. In approving the IA Agreement, the Board relied upon its own business judgment in determining the material factors to be considered and the weight to be given each such factor. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the IA Agreement renewal.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Financial Statements
Schedule of Investments
Growth Fund	1-4
Bond Fund	5-15
Short Term Bond Fund	16-21
Small Cap Fund	22-23
Statements of Assets and Liabilities	24-25
Statements of Operations	26
Statements of Changes in Net Assets	27-30
Financial Highlights
Growth Fund	31-33
Bond Fund	34-37
Short Term Bond Fund	38-40
Small Cap Fund	41-43
Notes to the Financial Statements	44-56
Other Information	57
Additional Information	58-60

	Shares		Fair Value
COMMON STOCKS — 99.08%
Communications — 0.40%
Naspers Ltd., Class N - ADR		46,000	$	484,840

Consumer Discretionary — 7.31%
Asics Corporation - ADR		24,000		713,040
Axon Enterprise, Inc.^(a)		1,875		989,550
Copart, Inc.^(a)		9,400		273,728
Deckers Outdoor Corporation^(a)		2,800		271,264
FirstCash Holdings, Inc.		2,300		469,223
Life Time Group Holdings, Inc.^(a)		16,450		741,895
Lithia Motors, Inc., Class A		2,100		809,382
Lovesac Company (The)^(a)		18,700		300,883
Modine Manufacturing Co.^(a)		4,150		834,399
MonotaRO Co., Ltd. - ADR		29,500		368,838
On Holding AG^(a)		14,950		541,788
PulteGroup, Inc.		4,000		505,880
QXO, Inc.^(a)		26,260		349,258
Ralph Lauren Corp.		1,460		555,296
Rush Street Interactive, Inc.^(a)		26,900		723,879
Visteon Corp.		4,350		454,749
				8,903,052
Consumer Staples — 2.00%
BBB Foods, Inc.^(a)		8,150		336,839
Casey’s General Stores, Inc.		1,200		1,045,200
Performance Food Group Co.^(a)		5,630		644,016
Tootsie Roll Industries, Inc.		10,609		413,963
				2,440,018
Energy — 1.18%
Flowco Holdings, Inc., Class A		12,600		257,670
Helmerich & Payne, Inc.		7,800		269,646
Texas Pacific Land Corp.		1,440		579,715
Transportadora de Gas del Sur SA - ADR^(a)		10,300		327,849
				1,434,880
Financials — 13.99%
Applied Blockchain, Inc.^(a)		30,350	$	831,286
Ategrity Specialty Holdings, LLC^(a)		14,650		351,893
Customers Bancorp, Inc.^(a)		4,850		381,598
Deutsche Boerse AG - ADR		31,000		933,720
Etoro Group Ltd.^(a)		8,300		296,061
FTAI Aviation Ltd.		5,800		1,194,800
Futu Holdings Ltd. - ADR		3,500		367,920
Goosehead Insurance, Inc., Class A^(a)		5,700		353,400
Hamilton Insurance Group Ltd, Class B		16,900		607,724
HCI Group, Inc.		3,200		560,032
Houlihan Lokey, Inc., Class A		3,850		483,137
Interactive Brokers Group, Inc., Class A		12,400		1,091,076
KKR & Co., Inc.		7,200		730,296
LPL Financial Holdings, Inc.		1,700		601,290
Mercury General Corporation		3,100		332,072
Neptune Insurance Holdings, Inc.^(a)		10,450		331,369
Old National Bancorp		14,150		376,956
Patria Investments Ltd., Class A		34,000		367,880
Piper Sandler Cos		4,240		321,392
Raymond James Financial, Inc.		6,450		1,135,071
RenaissanceRe Holdings Ltd.		1,450		463,971
Skyward Specialty Insurance^(a)		5,250		314,738
Stifel Financial Corp.		7,350		609,388
Stock Yards Bancorp, Inc.		8,100		689,310
StoneX Group, Inc.^(a)		16,200		1,240,434
Synchrony Financial		6,000		454,740
Victory Capital Holdings, Inc.		4,050		401,072
WaFd, Inc.		8,450		310,707
Webster Financial Corporation		4,150		320,463

	Shares		Fair Value
Western Alliance Bancorp		7,200	$	579,528
				17,033,324
Health Care — 18.83%
ACADIA Pharmaceuticals, Inc.^(a)		13,400		346,658
Alkermes plc^(a)		8,900		436,011
Arcutis Biotherapeutics, Inc.^(a)		16,000		429,760
Argenx SE - ADR^(a)		425		362,873
Aurinia Pharmaceuticals, Inc.^(a)		18,200		270,816
Axogen, Inc.^(a)		7,000		295,470
Axsome Therapeutics, Inc.^(a)		2,950		643,070
Beam Therapeutics, Inc.^(a)		9,750		248,820
Billiontoone, Inc.^(a)		3,450		478,170
Bridgebio Pharma, Inc.^(a)		4,200		336,378
Bruker Corp.		8,400		527,856
Corcept Therapeutics, Inc.^(a)		6,500		744,185
Cytokinetics, Inc.^(a)		7,750		597,757
Denali Therapeutics, Inc.^(a)		32,100		738,942
Ensign Group, Inc. (The)		2,500		445,400
Exelixis, Inc.^(a)		6,650		352,649
Globus Medical, Inc., Class A^(a)		6,400		504,256
GRAIL, Inc.^(a)		5,750		394,220
Guardant Health, Inc.^(a)		3,650		591,264
Guardian Pharmacy Services, Inc., Class A^(a)		7,850		310,311
Haemonetics Corp.^(a)		4,400		376,376
Halozyme Therapeutics, Inc.^(a)		7,850		647,939
Insmed, Inc.^(a)		3,750		369,750
Integer Holdings Corp.^(a)		3,400		412,114
Ionis Pharmaceuticals, Inc.^(a)		4,400		227,788
Krystal Biotech, Inc.^(a)		2,000		682,240
Lantheus Holdings, Inc.^(a)		3,600		358,704
Legend Biotech Corporation - ADR^(a)		14,250		264,338
LifeStance Health Group, Inc.^(a)		83,600		876,128
Ligand Pharmaceuticals, Inc., B^(a)		1,300		373,802
Liquidia Corporation^(a)		7,850		660,264
Lonza Group AG - ADR		9,300	$	647,187
Madrigal Pharmaceuticals, Inc.^(a)		500		233,660
Medpace Holdings, Inc.^(a)		1,800		1,038,798
Neurocrine Biosciences, Inc.^(a)		3,750		625,500
Oscar Health, Inc., Class A^(a)		17,400		543,228
PACS Group, Inc.^(a)		15,600		717,756
Penumbra, Inc.^(a)		3,000		963,570
Radnet, Inc.^(a)		5,350		341,223
Relay Therapeutics, Inc.^(a)		23,200		436,856
Scholar Rock Holding Corporation^(a)		6,400		302,688
Stoke Therapeutics, Inc.^(a)		9,150		264,069
Tarsus Pharmaceuticals, Inc.^(a)		4,950		292,248
TG Therapeutics, Inc.^(a)		13,700		712,811
Travere Therapeutics, Inc.^(a)		7,300		407,997
Twist Bioscience Corp.^(a)		5,100		466,905
Ultragenyx Pharmaceutical, Inc.^(a)		10,750		267,783
Veracyte, Inc.^(a)		7,750		358,980
				22,925,568
Industrials — 30.77%
API Group Corp.^(a)		15,150		601,152
Bloom Energy Corporation, Class A^(a)		4,150		854,111
BWX Technologies, Inc.		4,700		792,890
Camtek Ltd.^(a)		7,050		933,843
CECO Environmental Corp.^(a)		14,009		923,053
Clean Harbors, Inc.^(a)		1,450		453,676
Comfort Systems USA, Inc.		2,960		5,119,883
Core & Main, Inc., Class A^(a)		13,300		584,801
Corporation America Airports S.A.^(a)		13,600		350,472
Curtiss-Wright Corp.		1,400		1,013,600
Disco Corp. - ADR		23,050		822,885
DSV AS - ADR		3,850		416,609
Dycom Industries, Inc.^(a)		1,476		591,979
Embraer SA - ADR		9,200		628,636
ESCO Technologies, Inc.		1,125		354,701
Evolv Technologies Holdings, Inc.^(a)		72,500		400,925

	Shares		Fair Value
Fluidra SA		15,600	$	347,027
Forgent Power Solutions, Inc., Class A^(a)		17,200		572,244
Franklin Electric Co., Inc.		6,000		628,320
Graham Corporation^(a)		5,450		522,655
Granite Construction, Inc.		2,400		290,328
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR		1,390		383,112
HEICO Corp.		1,280		456,141
IES Holdings, Inc.^(a)		4,570		3,402,548
Installed Building Products, Inc.		2,700		601,938
ITT, Inc.		3,300		646,734
Korn/Ferry International		5,700		468,939
Leonardo DRS, Inc.		7,900		363,795
Loar Holdings, Inc.^(a)		4,250		290,912
MasTec, Inc.^(a)		2,200		578,820
Mueller Industries, Inc.		15,600		1,035,996
Nextpower, Inc., Class A^(a)		2,550		229,169
nVent Electric PLC		2,400		369,192
Ondas Holdings, Inc.^(a)		59,250		443,782
Primoris Services Corp.		4,100		346,081
Prysmian SpA		14,400		1,997,092
Prysmian SpA - ADR		15,000		1,035,000
RBC Bearings, Inc.^(a)		1,000		551,310
Rollins, Inc.		7,300		277,181
Saia, Inc.^(a)		1,840		639,639
Schneider National, Inc., Class B		9,800		350,252
SPX Technologies, Inc.^(a)		2,700		592,974
Sunbelt Rentals Holdings, Inc.		8,200		589,744
Teledyne Technologies, Inc.^(a)		900		590,013
Transcat, Inc.^(a)		4,000		341,480
WESCO International, Inc.		3,600		1,236,564
Woodward, Inc.		2,750		992,063
Xometry, Inc., Class A^(a)		11,050		947,206
Zurn Water Solutions, Inc.		9,750		492,472
				37,453,939
Materials — 2.34%
Eagle Materials, Inc.		1,650		338,151
Givaudan SA - ADR		5,100		408,408
Gold Fields Ltd. - ADR		22,750		737,555
Hawkins, Inc.		3,700	$	473,711
Kingspan Group PLC - ADR		4,650		432,776
United States Lime & Minerals, Inc.		4,125		454,988
				2,845,589
Real Estate — 1.18%
CareTrust REIT, Inc.		7,000		293,580
CBRE Group, Inc., Class A^(a)		2,700		396,387
Hannon Armstrong Sustainable Infrastructure		11,550		437,398
NETSTREIT Corporation		14,650		314,243
				1,441,608
Technology — 19.67%
Accelerant Holdings^(a)		22,800		270,864
Advantest Corp. - ADR		5,400		1,067,418
Arista Networks, Inc.^(a)		9,800		1,767,430
ASM International NV - ADR		1,070		986,465
Celestica, Inc.^(a)		2,450		812,028
Ciena Corp.^(a)		1,650		622,132
Cipher Mining, Inc.^(a)		19,700		439,704
Clear Secure, Inc., Class A		6,350		350,774
Datadog, Inc., Class A^(a)		4,000		1,071,880
Digi International, Inc.^(a)		13,700		955,164
DigitalOcean Holdings, Inc.^(a)		4,900		575,750
Dlocal Ltd., Class A		41,500		625,820
ExlService Holdings, Inc.^(a)		12,100		410,553
Fabrinet^(a)		3,150		1,371,542
Fortinet, Inc.^(a)		4,950		801,652
Hinge Health, Inc.^(a)		6,700		500,557
InterDigital, Inc.		1,450		441,996
KLA Corp.		8,900		1,627,098
Lumentum Holdings, Inc.^(a)		1,125		803,183
Monolithic Power Systems, Inc.		650		926,919
Navan, Inc.^(a)		18,650		496,463
Nova Ltd.^(a)		1,980		773,923
Paymentus Holdings, Inc., Class A^(a)		10,550		359,755
PTC, Inc.^(a)		2,800		384,160
RingCentral, Inc., Class A		13,050		725,841

	Shares		Fair Value
Riot Platforms, Inc.^(a)		16,500	$	332,805
Samsara, Inc., Class A^(a)		10,100		376,427
Semtech Corporation^(a)		6,850		807,067
Sezzle Inc^(a)		3,950		611,262
SYNNEX Corp.		2,700		690,390
TDK Corp. - ADR		37,500		733,500
Tyler Technologies, Inc.^(a)		1,650		510,840
Unity Software, Inc.^(a)		22,550		715,061
				23,946,423
Utilities — 1.39%
Kenon Holdings Ltd.		3,600		242,532
Pampa Energia SA - ADR^(a)		7,200		635,904
SSE PLC - ADR		14,400		453,024
WaterBridge Infrastructure, LLC, Class A		10,600		362,732
				1,694,192
Total Common Stocks
(Cost $68,108,983)				120,603,433

Total Investments — 99.08%
(Cost $68,108,983)				120,603,433
Other Assets in Excess of Liabilities — 0.92%				1,117,442
Net Assets — 100.00%			$	121,720,875

	SEMI-ANNUAL FINANCIAL STATEMENTS AND
	ADDITIONAL INFORMATION
	DATED July 31, 2026

	Principal Amount		Fair Value
CORPORATE BONDS AND NOTES — 45.29%
Communications — 0.99%
Alphabet, Inc., 4.38%, 11/15/2032	$	1,000,000	$	966,504
CCO Holdings LLC, 5.00%, 2/1/2028 ^(a)		1,000,000		988,060
Meta Platforms, Inc., 4.60%, 11/15/2032		1,000,000		962,861
Prosus NV, MTN, 3.06%, 7/13/2031 ^(a)		500,000		448,100
				3,365,525
Consumer Discretionary — 7.24%
Amazon.com, Inc., 4.88%, 3/13/2036		2,000,000		1,914,976
Boyd Gaming Corp., 4.75%, 12/1/2027		1,000,000		995,148
Carnival Corp., 4.00%, 8/1/2028 ^(a)		2,000,000		1,960,023
Carnival Corp., 5.13%, 5/1/2029 ^(a)		500,000		496,373
Ford Motor Co., Class B, 3.25%, 2/12/2032		500,000		437,395
Ford Motor Credit Co LLC, 4.95%, 5/28/2027		2,000,000		2,001,122
Ford Motor Credit Co., LLC, 2.90%, 2/10/2029		1,500,000		1,409,591
General Motors Financial Co., Inc., 5.35%, 1/7/2030		2,000,000		2,017,962
Hilton Worldwide Finance LLC, 4.88%, 4/1/2027		2,000,000		2,000,276
Home Depot, Inc. (The), 4.95%, 9/15/2052		1,000,000		860,777
Home Depot, Inc. (The), 5.30%, 6/25/2054		1,000,000		900,718
KFC Holding Co/Pizza Hut Hold. LLC/Taco Bell LLC, 4.75%, 6/1/2027 ^(a)		2,000,000		1,993,362
Lowe’s Cos, Inc., 5.63%, 4/15/2053		1,000,000		917,667
McDonald’s Corp., 5.45%, 8/14/2053		2,000,000		1,838,125
MGM Resorts International, 4.63%, 9/1/2026		1,000,000		1,000,774
Nissan Motor Acceptance Co., LLC, 5.70%, 9/13/2027 (SOFRIX + 205bps)^(a)	$	1,000,000	$	996,417
Service Corp International/US, 4.63%, 12/15/2027		2,000,000		1,988,466
Yum! Brands, Inc., 3.63%, 3/15/2031		1,000,000		923,493
				24,652,665
Consumer Staples — 2.68%
Anheuser-Busch Cos., LLC, 4.70%, 2/1/2036 ^(a)		100,000		95,157
Coca-Cola Co. (The), 4.65%, 8/14/2034		1,000,000		985,308
Constellation Brands, Inc., 2.25%, 8/1/2031		500,000		437,590
JBS USA LUX SA, 3.75%, 12/1/2031		250,000		232,321
JBS USA LUX SA, 3.63%, 1/15/2032		500,000		459,311
Kraft Heinz Foods Co., 5.00%, 6/4/2042 ^(a)		300,000		259,613
Kraft Heinz Foods Co., 4.88%, 10/1/2049		1,000,000		809,294
Kroger Co. (The), 5.00%, 9/15/2034		1,000,000		969,508
Land O’ Lakes, Inc., 7.25%, 12/31/2049 ^(a)		500,000		460,000
Molson Coors Beverage Co., 4.20%, 7/15/2046		1,000,000		763,516
PepsiCo, Inc., 5.25%, 7/17/2054		1,000,000		920,237
Pilgrim’s Pride Corp., 4.25%, 4/15/2031		1,000,000		951,644
Target Corp., 4.50%, 9/15/2034		1,000,000		953,316
Walmart, Inc., 4.50%, 4/15/2053		1,000,000		827,393
				9,124,208
Energy — 1.62%
Energy Transfer LP, 6.50%, 2/15/2056 H15T5Y + 267.60BPS		1,000,000		1,000,656
Hess Midstream Operations LP, 5.88%, 3/1/2028 ^(a)		1,000,000		1,005,493

	Principal Amount		Fair Value
Marathon Petroleum Corp., 5.15%, 3/1/2030	$	1,000,000	$	1,007,023
NuStar Logistics LP, Class B, 5.63%, 4/28/2027		2,000,000		2,006,968
Sunoco LP / Sunoco Finance Corp, 5.88%, 3/15/2028		500,000		500,462
				5,520,602
Financials — 16.38%
American Express Co., 3.55%, 12/31/2049 (H15T5Y + 285.4bps)^(b)		1,000,000		998,166
Assurant, Inc., 7.00%, 3/27/2048		1,000,000		1,012,065
Banco Bilbao Vizcaya Argentaria S.A., 6.13%, 2/16/2049 (USSW5 + 387.0bps)^(b)		800,000		799,621
Bank of America Corp., 4.38%, 4/27/2170 (H15T5Y + 276.0bps)^(b)		2,000,000		1,988,868
Bank of New York Mellon Corp. (The), Series F, Class F, 4.63%, 12/20/2049 (TSFR3M + 339.26bps)		1,000,000		999,031
Bank of Nova Scotia (The), 8.00%, 1/27/2084 (H15T5Y + 401.70bps)		1,000,000		1,049,494
Bank of Nova Scotia/The, 6.88%, 10/27/2085 VARIABLE^(b)		500,000		496,725
Barclays PLC, 4.84%, 5/9/2028		2,000,000		1,996,994
Barclays PLC, 5.09%, 6/20/2030 (USISSO05 + 305.40bps)^(b)		1,500,000		1,498,670
Barclays PLC, 9.42%, 12/31/2049 (USISSO05 + 577.50bps)^(b)		500,000		552,297
BNP Paribas SA, 8.00%, 8/22/2171 (H15T5Y +372.70bps)^(a),(b)		1,500,000		1,592,166
Citigroup, Inc., 6.75%, 12/31/2049 (H15T5Y + 257.20bps)^(b)	$	2,000,000	$	2,003,596
Citigroup, Inc., 7.13%, 12/31/2049 (H15T5Y + 269.3bps)^(b)		1,000,000		1,017,725
Citigroup, Inc., 4.15%, 2/15/2172 (H15T5Y + 300.0bps)^(b)		2,000,000		1,997,801
Credit Agricole SA, MTN, 4.75%, 12/23/2169 (H15T5Y + 323.7bps)^(a),(b)		1,000,000		972,961
GATX Corp., Class B, 4.00%, 6/30/2030		2,000,000		1,936,134
Goldman Sachs Group, Inc. (The), 6.13%, 5/10/2049 ^(b)		1,000,000		986,564
Goldman Sachs Group, Inc. (The), 7.50%, 5/10/2079 (H15T5Y + 280.90bps)^(b)		1,000,000		1,035,078
HSBC Holdings PLC, 8.00%, 9/7/2093 (H15T5Y + 385.8bps)^(b)		1,000,000		1,035,951
ING Groep NV, 5.75%, 11/16/2167 (H15T5Y + 432.2bps)		1,000,000		1,004,725
ING Groep NV, 4.25%, 10/16/2169 (H15T5Y + 286.2bps)		600,000		538,489
JPMorgan Chase & Co., 6.88%, 6/1/2071 (H15T5Y + 273.7bps)^(b)		1,000,000		1,033,205
JPMorgan Chase & Co., 6.50%, 4/1/2080 (H15T5Y + 215.20bps)^(b)		2,000,000		2,032,036
Lloyds Banking Group PLC, 8.00%, 3/27/2170 (H15T5Y + 391.3bps)^(b)		1,000,000		1,055,651
Macquarie Bank Ltd., 3.62%, 6/3/2030 ^(a)		1,000,000		946,030
Massachusetts Mutual Life Insurance Co., 3.38%, 4/15/2050 ^(a)		1,000,000		651,904

	Principal Amount		Fair Value
Morgan Stanley Bank NA, 4.57%, 7/14/2028 O/N SOFR + 94BPS	$	1,075,000	$	1,079,152
Nordea Bank Abp, 6.30%, 3/25/2049 ^(a)		1,000,000		1,003,782
Nordea Bank Abp, 3.75%, 3/1/2140 (H15T5Y + 260.2bps)^(a)		1,000,000		938,610
Pacific LifeCorp, 3.35%, 9/15/2050 ^(a)		500,000		327,229
Pacific LifeCorp, 5.40%, 9/15/2052 ^(a)		1,000,000		906,926
Pricoa Global Funding I, 4.70%, 5/28/2030 ^(a)		2,000,000		1,983,894
Royal Bank of Canada, 7.50%, 5/2/2084 (H15T5Y + 288.70bps)^(b)		2,000,000		2,066,748
Societe Generale SA, 8.50%, 3/25/2071 (H15T5Y + 415.30bps)^(a),(b)		500,000		542,904
Societe Generale SA, 10.00%, 5/14/2169 (H15T5Y + 544.80bps)^(a)		1,000,000		1,087,439
Standard Chartered PLC, 4.30%, 2/19/2169 (H15T5Y + 313.50bps)^(a)		2,000,000		1,927,008
State Street Corp., 6.70%, 12/31/2049 ^(b)		1,000,000		1,022,960
State Street Corp., 6.45%, 9/5/2080 (H15T5Y + 213.50bps)^(b)		2,000,000		2,032,022
Toronto-Dominion Bank (The), 8.13%, 10/31/2082 (H15T5Y + 407.50bps)^(b)		1,000,000		1,031,011
Toronto-Dominion Bank (The), 7.25%, 7/31/2084 (H15T5Y + 297.70bps)^(b)		1,000,000		1,031,218
UBS Group AG, 7.75%, 12/31/2049 (USISSO05 + 416bps)^(a)		1,000,000		1,046,693
UBS Group AG, 4.38%, 8/10/2171 (H15T5Y + 331.3bps)^(a),(b)		1,000,000		912,471
UniCredit SpA, 5.86%, 6/19/2032 (USISDA05 + 370.3bps)^(a)	$	2,000,000	$	2,008,653
UniCredit SpA, 5.46%, 6/30/2035 (H15T5Y + 475.0bps)^(a)		500,000		499,804
US Bancorp, 5.30%, 4/15/2171 (TSFR3M + 317.6bps)^(b)		1,000,000		998,210
Wells Fargo & Co., 6.85%, 7/15/2071 (H15T5Y + 276.7bps)		1,000,000		1,030,067
Wells Fargo & Co., Class B, 7.63%, 9/15/2171 (H15T5Y + 360.6bps)^(b)		1,000,000		1,046,953
				55,755,701
Health Care — 1.03%
Humana, Inc., 5.38%, 4/15/2031		1,000,000		1,004,521
Novartis Capital Corp., 4.34%, 11/5/2028		1,000,000		1,003,327
Tenet Healthcare Corp, 5.13%, 11/1/2027		1,500,000		1,499,976
				3,507,824
Industrials — 5.51%
Air Canada, 3.88%, 8/15/2026 ^(a)		1,000,000		1,001,060
Burlington Northern Santa Fe LLC, 4.45%, 1/15/2053		2,000,000		1,582,015
Burlington Northern Santa Fe LLC, 5.20%, 4/15/2054		1,000,000		888,444
Burlington Northern Santa Fe LLC, 5.50%, 3/15/2055		1,000,000		925,962
BWX Technologies Inc, 4.13%, 6/30/2028 ^(a)		1,000,000		976,132
Canadian Pacific Railway Co., Class B, 2.45%, 12/2/2031		1,000,000		881,694
CSX Corp., 5.50%, 4/15/2041		1,000,000		985,707
GE Vernova, Inc., 4.88%, 2/4/2036		1,500,000		1,442,011
Honeywell Aerospace, Inc., 4.95%, 3/16/2036 ^(a)		1,500,000		1,446,524

	Principal Amount		Fair Value
Honeywell International, Inc., 5.25%, 3/1/2054	$	1,000,000	$	917,662
Norfolk Southern Corp., 5.05%, 8/1/2030		500,000		504,362
Ritchie Bros Holdings Inc, 6.75%, 3/15/2028 ^(a)		1,500,000		1,515,257
Triton Container International Ltd., 3.25%, 3/15/2032		500,000		443,529
Union Pacific Corp., 3.20%, 5/20/2041		1,000,000		755,552
Union Pacific Corp., 2.95%, 3/10/2052		1,000,000		602,026
United Parcel Service, Inc., 5.50%, 5/22/2054		1,000,000		918,960
United Rentals North America Inc., 4.88%, 1/15/2028		2,000,000		1,993,539
Vertiv Group Corp., 4.13%, 11/15/2028 ^(a)		1,000,000		989,043
				18,769,479
Materials — 1.15%
Ball Corp., 2.88%, 8/15/2030		1,000,000		904,857
Bemis Co., Inc., 2.63%, 6/19/2030		500,000		459,413
Berry Global, Inc., Series 21-25A, Class CR, 5.80%, 6/15/2031 (TSFR3M + 165bps)		1,500,000		1,543,432
Crown Americas LLC, 5.88%, 6/1/2033		1,000,000		998,669
				3,906,371
Real Estate — 0.63%
Iron Mountain, Inc., 4.88%, 9/15/2029 ^(a)		1,000,000		976,365
Iron Mountain, Inc., 5.25%, 7/15/2030 ^(a)		1,000,000		977,781
SBA Communications Corp., 3.88%, 2/15/2027 ^(a)		200,000		198,828
				2,152,974
Technology — 3.16%
Broadcom, Inc., 4.15%, 11/15/2030		1,000,000		961,598
Broadcom, Inc., 4.15%, 11/15/2030		500,000		480,799
Broadcom, Inc., 2.60%, 2/15/2033	$	1,000,000	$	842,699
Dell International LLC / EMC Corp., 5.00%, 4/1/2030		1,000,000		1,000,075
Dell International LLC / EMC Corp., 4.85%, 2/1/2035		1,000,000		950,911
Hewlett Packard Enterprise Co., 5.00%, 10/15/2034		1,000,000		958,487
HP, Inc., 6.00%, 9/15/2041		2,000,000		1,972,380
Juniper Networks, Inc., 2.00%, 12/10/2030		500,000		436,994
Juniper Networks, Inc., 5.95%, 3/15/2041		700,000		680,353
Leidos, Inc., 5.75%, 3/15/2033		1,000,000		1,016,351
NVIDIA Corp., 4.75%, 6/15/2033		1,500,000		1,454,872
				10,755,519
Utilities — 4.89%
AEP Texas, Inc., Class I, 2.10%, 7/1/2030		500,000		449,574
Ameren Illinois Co., 4.95%, 6/1/2033		1,000,000		985,891
American Electric Power Co Inc, 3.88%, 2/15/2062 H15T5Y + 267.50bps^(b)		1,000,000		991,859
Dayton Power & Light Co. (The), 3.95%, 6/15/2049		1,000,000		726,701
Dominion Energy Inc, 6.00%, 2/15/2056 H15T10Y + 2.262%		1,000,000		990,473
Dominion Energy, Inc., 4.35%, 1/15/2167 (H15T5Y + 319.5bps)^(b)		1,000,000		995,472
Duke Energy Carolinas LLC, Series 2021-4A, Class E, 4.85%, 1/15/2034 (H15T5Y + 319.5bps)		1,000,000		976,696
Duke Energy Ohio, Inc., 5.55%, 3/15/2054		1,000,000		917,415

	Principal Amount		Fair Value
Duke Energy Progress LLC, 2.50%, 8/15/2050	$	1,000,000	$	553,905
Kentucky Utilities Co., 3.30%, 6/1/2050		1,000,000		647,531
National Rural Utilities Cooperative Finance Corp., 4.30%, 12/10/2030		1,000,000		977,801
NextEra Energy Capital Holdings, Inc., 4.40%, 3/1/2031		1,000,000		978,672
NRG Energy, Inc., 4.45%, 6/15/2029 ^(a)		1,000,000		981,496
NRG Energy, Inc., 5.75%, 7/15/2029 ^(a)		1,000,000		1,000,030
Pacific Gas and Electric Co., 4.25%, 3/15/2046		500,000		375,233
PPL Electric Utilities Corp., 5.25%, 5/15/2053		1,000,000		894,581
Southern California Edison Co., 4.88%, 3/1/2049		1,000,000		804,971
Southern Co. (The), 4.85%, 3/15/2035		1,000,000		956,580
Union Electric Co., 3.90%, 4/1/2052		750,000		543,540
Union Electric Co., 5.25%, 1/15/2054		1,000,000		887,026
				16,635,447
Total Corporate Bonds and Notes
(Cost $158,982,005)				154,146,315

ASSET BACKED SECURITIES — 3.81%
American Airlines Pass Through Trust, Series 2021-1, Class B, 3.95%, 7/11/2030		640,000		608,986
Amur Equipment Finance Receivables, Series 2022-2A, Class D, 7.25%, 5/21/2029 ^(a)		1,000,000		1,001,293
Amur Equipment Finance Receivables XIII LLC, Series 2024-2A, Class D, 5.97%, 10/20/2031 ^(a)		310,000		312,591
Dell Equipment Finance Trust, Series 2024-1, Class D, MTN, 6.12%, 9/23/2030 ^(a)	$	250,000	$	251,672
Dell Equipment Finance Trust, Series 2024-2, Class D, 5.29%, 2/24/2031 ^(a)		500,000		501,263
Enterprise Fleet Financing LLC, Series 2024-3, Class A4, 5.06%, 3/20/2031 ^(a)		500,000		503,434
Hilton Grand Vacations Trust, Series 2024-3, Class A, 4.98%, 8/27/2040 ^(a)		473,757		474,903
HPEFS Equipment Trust, Series 2024-1A, Class D, 5.82%, 12/22/2031 ^(a)		1,000,000		1,006,753
HPEFS Equipment Trust, Series 2024-2A, Class D, 5.82%, 4/20/2032 ^(a)		500,000		503,936
Mariner Finance Issuance Trust, Series 2024-A, Class A, 5.13%, 9/22/2036 ^(a)		2,000,000		2,005,854
NMEF Funding LLC, Series 2024-A, Class A, 6.33%, 12/15/2031 ^(a)		500,000		507,179
NMEF Funding LLC, Series 2024-A, Class B, 5.32%, 12/15/2031 ^(a)		1,000,000		1,006,749
Octane Receivables Trust, Series 2023-3A, Class B, 6.48%, 7/20/2029 ^(a)		676,374		678,852
Octane Receivables Trust, Series 2022-2A, Class D, 7.70%, 2/20/2030 ^(a)		1,000,000		1,011,018
Pagaya AI Debt Grantor Trust, Series 2024-5A, Class A, 6.28%, 10/15/2031 ^(a)		129,900		129,972
Pagaya AI Debt Grantor Trust, Series 2025-1, Class B, 5.63%, 7/15/2032 ^(a)		644,521		644,370

	Principal Amount		Fair Value
Post Road Equipment Finance LLC, Series 2024-1A, Class C, MTN, 5.81%, 10/15/2030 ^(a)	$	160,000	$	161,388
SCF Equipment Leasing LLC, Series 2025-1A, Class D, 5.88%, 11/20/2035 ^(a)		500,000		504,872
Towd Point Asset Trust, Series 2021-SL1, Class A2, 4.48%, 11/20/2061 (TSFR1M + 81.4bps)^(a)		109,089		109,239
United Airlines Pass Through Trust, Series 2016-2, Class A, 3.10%, 4/7/2030		580,805		558,742
USQ Rail II LLC, Series 2021-3, Class B, 2.98%, 6/28/2051 ^(a)		500,000		487,862
Total Asset Backed Securities
(Cost $12,960,359)				12,970,928

U.S. GOVERNMENT & AGENCIES — 40.73%
Fannie Mae, Pool #BP2175, 3.00%, 2/1/2035		123,936		119,358
Fannie Mae, Pool #MA4915, 5.00%, 2/1/2038		483,450		482,474
Fannie Mae, Pool #MA4851, 5.00%, 11/1/2042		597,777		591,509
Fannie Mae, Pool #CA6707, 2.50%, 8/1/2050		749,477		626,605
Fannie Mae, Pool #BT1339, 2.50%, 7/1/2051		1,406,386		1,149,321
Fannie Mae, Pool #BT3256, 2.50%, 7/1/2051		732,179		603,128
Fannie Mae, Pool #BQ7422, 2.50%, 8/1/2051		796,173		653,415
Fannie Mae, Pool #CB2668, 3.00%, 1/1/2052	$	752,655	$	644,826
Fannie Mae, Pool #CB2670, 3.00%, 1/1/2052		777,113		665,557
Fannie Mae, Pool #BU1320, 3.00%, 2/1/2052		340,412		291,207
Fannie Mae, Pool #CB3177, 3.50%, 3/1/2052		751,349		668,337
Fannie Mae, Pool #FS1428, 4.00%, 4/1/2052		1,338,377		1,228,028
Fannie Mae, Pool #MA4624, 3.00%, 6/1/2052		1,170,931		1,002,979
Fannie Mae, Pool #BV7899, 3.00%, 8/1/2052		1,208,236		1,035,392
Fannie Mae, Pool #MA4732, 4.00%, 9/1/2052		762,066		698,410
Fannie Mae, Pool #CB4818, 4.00%, 10/1/2052		1,870,787		1,714,287
Fannie Mae, Pool #MA4804, 4.00%, 11/1/2052		1,190,310		1,089,252
Fannie Mae, Pool #CB5536, 5.00%, 1/1/2053		1,476,945		1,438,156
Fannie Mae, Pool #MA4918, 5.00%, 2/1/2053		725,050		705,147
Fannie Mae, Pool #MA4941, 5.00%, 3/1/2053		580,266		565,448
Fannie Mae, Pool #MA5010, 5.50%, 5/1/2053		657,977		655,376
Fannie Mae, Pool #MA5009, 5.00%, 5/1/2053		762,829		743,003
Fannie Mae, Pool #MA5071, 5.00%, 7/1/2053		1,535,555		1,492,685

	Principal Amount		Fair Value
Fannie Mae, Pool #MA5191, 6.00%, 11/1/2053	$	567,996	$	577,916
Fannie Mae, Pool #MA5263, 4.00%, 1/1/2054		888,044		811,729
Fannie Mae, Pool #MA5246, 5.50%, 1/1/2054		1,478,100		1,471,967
Fannie Mae, Pool #MA5272, 6.00%, 2/1/2054		506,784		513,055
Fannie Mae, Pool #MA5295, 6.00%, 3/1/2054		1,073,891		1,087,181
Fannie Mae, Pool #MA5329, 6.50%, 4/1/2054		414,159		427,644
Fannie Mae, Pool #MA5416, 6.50%, 5/1/2054		339,142		346,299
Fannie Mae, Pool #MA5386, 4.50%, 6/1/2054		898,927		845,423
Fannie Mae, Pool #MA5493, 6.00%, 8/1/2054		491,805		491,308
Fannie Mae, Pool #MA5522, 6.50%, 9/1/2054		708,442		722,316
Fannie Mae, Pool #MA5498, 6.00%, 10/1/2054		1,220,280		1,235,391
Fannie Mae, Pool #MA5496, 5.00%, 10/1/2054		1,682,277		1,627,279
Fannie Mae, Pool #MA5587, 6.00%, 1/1/2055		932,605		944,153
Fannie Mae, Pool #MA5614, 5.50%, 2/1/2055		1,501,825		1,489,118
Fannie Mae, Pool #MA5615, 6.00%, 2/1/2055		1,203,949		1,219,138
Fannie Mae, Pool #MA5646, 5.50%, 3/1/2055		1,534,859		1,521,872
Fannie Mae, Pool #MA5672, 5.00%, 4/1/2055	$	904,625	$	874,409
Fannie Mae Pool, 6.00%, 3/1/2055		1,227,898		1,243,170
Fannie Mae Pool, 5.50%, 6/1/2055		814,084		806,857
Fannie Mae Pool, 5.50%, 7/1/2055		832,580		825,103
Fannie Mae Pool, 5.00%, 2/1/2056		1,456,377		1,406,487
Federal Farm Credit Bank, 2.13%, 5/21/2040		2,000,000		1,355,304
Federal Farm Credit Bank, 2.07%, 12/21/2040		500,000		332,374
Federal Farm Credit Banks Funding Corp., 4.98%, 8/11/2032		1,000,000		994,467
Federal Farm Credit Banks Funding Corp., 5.05%, 6/4/2035		1,000,000		988,069
Federal Farm Credit Banks Funding Corp., 5.15%, 2/17/2039		2,000,000		1,936,066
Federal Farm Credit Banks Funding Corp., 5.24%, 9/19/2039		1,000,000		960,740
Federal Farm Credit Banks Funding Corp., 5.24%, 2/13/2040		1,500,000		1,454,764
Federal Farm Credit Banks Funding Corp., 5.63%, 3/26/2040		1,000,000		982,465
Federal Farm Credit Banks Funding Corp., 5.38%, 12/3/2040		1,500,000		1,457,342
Federal Farm Credit Banks Funding Corp., 5.42%, 12/18/2040		1,000,000		978,680
Federal Farm Credit Banks Funding Corp., 5.14%, 2/11/2041		1,000,000		953,756
Federal Farm Credit Banks Funding Corp., 5.50%, 4/20/2046		1,000,000		961,086
Federal Home Loan Banks, 5.10%, 2/12/2035		1,000,000		978,536

	Principal Amount		Fair Value
Federal Home Loan Banks, 5.25%, 6/17/2037	$	1,500,000	$	1,479,824
Federal Home Loan Banks, 2.01%, 7/16/2040		1,000,000		674,815
Federal Home Loan Banks, 5.39%, 11/26/2040		1,000,000		970,797
Federal Home Loan Banks, 5.34%, 1/9/2041		1,000,000		976,207
Federal Home Loan Banks, 5.32%, 1/22/2041		1,000,000		978,162
Federal Home Loan Banks, 5.32%, 1/30/2041		1,000,000		979,837
Federal Home Loan Banks, 5.22%, 3/5/2041		1,000,000		965,953
Federal Home Loan Banks, 5.22%, 3/18/2041		1,000,000		959,485
Federal Home Loan Banks, 5.30%, 3/25/2041		1,000,000		974,975
Federal Home Loan Banks, 5.60%, 6/17/2041		1,000,000		985,831
Federal Home Loan Banks, 5.50%, 9/25/2042		1,000,000		957,858
Federal Home Loan Banks, 5.50%, 11/25/2044		1,000,000		975,974
Federal Home Loan Banks, 5.55%, 3/10/2045		1,000,000		973,235
Federal Home Loan Mortgage Corp., 1.75%, 7/27/2035		1,500,000		1,154,083
Freddie Mac, Pool #RD5138, 5.00%, 1/1/2033		325,749		326,605
Freddie Mac, Pool #SB8509, 2.00%, 1/1/2036		445,157		404,108
Freddie Mac, Pool #QO0931, 4.00%, 10/1/2037		432,434		414,783
Freddie Mac, Pool #RB5135, 2.00%, 10/1/2041	$	1,327,969	$	1,136,405
Freddie Mac, Pool #RB5182, 4.00%, 9/1/2042		645,730		617,914
Freddie Mac, Pool #RA2314, 3.50%, 3/1/2050		258,663		232,090
Freddie Mac, Pool #RA2657, 3.50%, 5/1/2050		554,868		498,566
Freddie Mac, Pool #SD0430, 2.50%, 8/1/2050		475,281		395,689
Freddie Mac, Pool #QC3907, 2.50%, 7/1/2051		635,904		531,427
Freddie Mac, Pool #QC5859, 3.00%, 8/1/2051		679,424		582,796
Freddie Mac, Pool #RA6945, 3.50%, 3/1/2052		2,203,475		1,957,351
Freddie Mac, Pool #SD8257, 4.50%, 10/1/2052		748,255		708,430
Freddie Mac, Pool #SD8267, 5.00%, 11/1/2052		1,486,666		1,449,897
Freddie Mac, Pool #QF5251, 5.50%, 1/1/2053		642,566		641,362
Freddie Mac, Pool #SD8288, 5.00%, 1/1/2053		753,600		732,995
Freddie Mac, Pool #SD2334, 5.00%, 2/1/2053		782,270		762,175
Freddie Mac, Pool #SD8297, 4.00%, 2/1/2053		1,617,924		1,478,471
Freddie Mac, Pool #SD8305, 4.00%, 3/1/2053		801,349		732,422
Freddie Mac, Pool #SD2642, 5.50%, 4/1/2053		761,047		759,356

	Principal Amount		Fair Value
Freddie Mac, Pool #SD8322, 4.50%, 5/1/2053	$	796,531	$	754,283
Freddie Mac, Pool #SD8323, 5.00%, 5/1/2053		784,284		763,875
Freddie Mac, Pool #SD8323, 5.00%, 5/1/2053		763,518		743,205
Freddie Mac, Pool #QG3333, 5.00%, 5/1/2053		1,414,302		1,376,906
Freddie Mac, Pool #SD2856, 5.50%, 5/1/2053		685,336		684,664
Freddie Mac, Pool #SD8348, 5.00%, 8/1/2053		782,082		759,253
Freddie Mac, Pool #QG9607, 6.00%, 9/1/2053		1,227,182		1,243,654
Freddie Mac, Pool #SD8383, 5.50%, 12/1/2053		2,155,598		2,147,693
Freddie Mac, Pool #QH8694, 6.00%, 1/1/2054		816,352		828,904
Freddie Mac, Pool #SD5380, 5.50%, 4/1/2054		715,446		712,541
Freddie Mac, Pool #MA5416, 5.50%, 6/1/2054		693,103		688,983
Freddie Mac, Pool #MA5416, 6.00%, 7/1/2054		529,964		536,526
Freddie Mac, Pool #SD8454, 6.00%, 8/1/2054		549,165		555,965
Freddie Mac, Pool #SD8469, 5.50%, 10/1/2054		734,814		729,186
Freddie Mac, Pool #RE6151, 6.00%, 11/1/2054		539,213		539,819
Freddie Mac, Pool #SD8516, 6.00%, 3/1/2055		618,229		625,919
Freddie Mac Pool, 5.00%, 11/1/2054		1,714,548		1,659,114
Freddie Mac Pool, 4.50%, 11/1/2054	$	1,818,797	$	1,711,582
Freddie Mac Pool, 6.00%, 11/1/2054		612,960		620,550
Freddie Mac Pool, 5.50%, 12/1/2054		1,548,801		1,536,368
Freddie Mac Pool, 5.50%, 1/1/2055		1,527,569		1,513,870
Freddie Mac Pool, 5.50%, 2/1/2055		2,259,944		2,239,649
Freddie Mac Pool, 5.50%, 4/1/2055		1,528,293		1,515,002
Freddie Mac Pool, 5.00%, 9/1/2055		2,357,487		2,277,492
Freddie Mac Pool, 5.00%, 10/1/2055		942,943		910,947
Freddie Mac Pool, 5.50%, 10/1/2055		1,728,145		1,712,625
Freddie Mac Pool, 5.50%, 1/1/2056		1,859,526		1,843,057
Freddie Mac Pool, 5.00%, 2/1/2056		1,928,780		1,862,707
UMBS Fannie Mae Pool, 5.50%, 3/1/2054		1,145,474		1,137,279
UMBS Fannie Mae Pool, 5.00%, 12/1/2054		869,194		841,065
UMBS Fannie Mae Pool, 5.50%, 10/1/2055		2,141,136		2,121,907
UMBS Fannie Mae Pool, 4.50%, 11/1/2055		1,447,219		1,361,081
UMBS Fannie Mae Pool, 5.00%, 3/1/2056		1,948,007		1,881,274
UMBS Fannie Mae Pool, 5.00%, 4/1/2056		2,444,799		2,361,048
United States Treasury Note, 4.88%, 10/31/2028		3,000,000		3,036,328
United States Treasury Note, B, 4.13%, 8/31/2030		2,000,000		1,979,414
United States Treasury Note, 4.00%, 2/15/2034		3,000,000		2,886,152
United States Treasury Note, 4.25%, 8/15/2035		2,000,000		1,936,680
United States Treasury Note/Bond, 4.13%, 5/31/2032		2,000,000		1,963,242

	Principal Amount		Fair Value
United States Treasury Note/Bond, 4.38%, 5/15/2034	$	2,000,000	$	1,968,750
Total U.S. Government & Agencies
(Cost $143,160,886)				138,623,801

COLLATERALIZED LOAN OBLIGATIONS — 2.42%
Benefit Street Partners CLO Ltd., Series 2022-29A, Class BR, 5.31%, 1/25/2038 (TSFR3M + 150bps)^(a)		1,000,000		1,000,547
Benefit Street Partners CLO XXV Ltd., Series 21-25A, Class CR, 5.40%, 1/15/2035 (TSFR3M + 165bps)^(a)		1,000,000		1,000,822
Caryle US CLO Ltd., Series 2017-3, Class BR2, 5.51%, 10/21/2037 (TSFR3M + 178bps)^(a)		1,000,000		1,003,196
Hildene TruPS Financials Note Securitization, Series 2019-2A, Class A1, 5.66%, 5/22/2039 (SOFR + 176.0bps)^(a)		1,488,181		1,488,418
Neuberger Berman CLO XXI Ltd., Series 2024-21A, Class BR3, 5.38%, 1/20/2039 (TSFR3M + 170bps)^(a)		1,000,000		1,001,658
Oaktree CLO Ltd., Series 2019-3, 5.31%, 1/20/2038 (TSFR3M + 138bps)^(a)		1,000,000		1,001,608
Rockford Tower CLO Ltd., Series 2019-2, Class CR2, 5.64%, 8/20/2032 (TSFR3M + 200bps)^(a)		1,000,000		1,000,096
Venture CLO Ltd., Series 2018-31A, Class C1, 5.94%, 4/20/2031 (TSFR3M + 221.2bps)^(a)		750,000		750,519
Total Collateralized Loan Obligations
(Cost $8,222,802)			$	8,246,864

	Shares		Fair Value
INVESTMENT COMPANIES — 2.64%
Exchange-Traded Funds — 2.64%
iShares Convertible Bond ETF		18,000	$	2,038,140
iShares iBoxx $ High Yield Corporate Bond ETF		10,000		794,800
iShares iBoxx $ Investment Grade Corporate Bond ETF		15,000		1,593,750
iShares US Preferred Stock ETF		25,000		761,750
SPDR Bloomberg Barclays Convertible Securities ETF		18,000		1,833,300
Vanguard Emerging Markets Government Bond ETF		30,000		1,975,200
				8,996,940
Total Investment Companies
(Cost $8,492,431)				8,996,940

Total Investments — 94.90%
(Cost $331,818,483)				322,984,848
Other Assets in Excess of Liabilities — 5.10%				17,355,645
Net Assets — 100.00%			$	340,340,493

	Principal Amount		Fair Value
CORPORATE BONDS AND NOTES — 38.57%
Communications — 1.69%
Alphabet, Inc., 4.38%, 11/15/2032	$	1,000,000	$	966,504
Meta Platforms, Inc., 4.60%, 11/15/2032		1,000,000		962,861
Uber Technologies Inc, 4.50%, 8/15/2029^(a)		1,000,000		987,820
				2,917,185
Consumer Discretionary — 5.18%
Amazon.com, Inc., 4.08%, 3/13/2028		1,500,000		1,501,768
Amazon.com, Inc., 4.55%, 3/13/2033		1,000,000		966,423
Amazon.com, Inc., 4.88%, 3/13/2036		500,000		478,744
Ford Motor Credit Co., LLC, 5.13%, 11/5/2026		1,000,000		1,001,217
Hyundai Capital America, 4.55%, 9/26/2029^(a)		1,000,000		987,998
Lowe’s Cos, Inc., 4.00%, 10/15/2028		1,000,000		986,357
McDonald’s Corp., 4.80%, 8/14/2028		1,000,000		1,004,557
McDonald’s Corp., MTN, 5.00%, 5/17/2029		2,000,000		2,019,614
				8,946,678
Consumer Staples — 2.88%
Mars, Inc., 4.80%, 3/1/2030^(a)		2,000,000		1,993,655
Tyson Foods, Inc., 5.40%, 3/15/2029		1,000,000		1,015,620
Walmart, Inc., 4.15%, 4/30/2031		2,000,000		1,959,715
				4,968,990
Energy — 0.58%
Chevron USA, Inc., 3.99%, 2/26/2027		1,000,000		1,000,477

Financials — 7.52%
Air Lease Corp., 1.88%, 8/15/2026		500,000		499,490
American Express Co., 3.30%, 5/3/2027		500,000		496,436
CNO Global Funding, 1.75%, 10/7/2026^(a)		500,000		497,710
Goldman Sachs Group, Inc. (The), 4.57%, 10/21/2027 (SOFR + 92.0bps)	$	2,000,000	$	2,002,245
HSBC Holdings PLC, 4.95%, 11/19/2030 (SOFR + 129bps)		2,000,000		2,021,914
Jackson National Life Global Funding, 4.60%, 10/1/2029^(a)		1,000,000		986,204
JPMorgan Chase & Co., 4.83%, 2/24/2028 (SOFR + 118.0bps)		1,000,000		1,004,198
JPMorgan Chase Bank NA, 5.11%, 12/8/2026		1,000,000		1,002,576
Morgan Stanley Bank NA, 4.57%, 7/14/2028 O/N SOFR + 94BPS		1,500,000		1,505,793
Novartis Capital Corp., 4.37%, 1/9/2030		1,000,000		996,350
Principal Life Global Funding II, MTN, 1.50%, 11/17/2026^(a)		1,000,000		992,242
SMBC Aviation Capital Finance DAC, 1.90%, 10/15/2026^(a)		1,000,000		995,154
				13,000,312
Health Care — 0.67%
Abbott Laboratories, 4.10%, 3/9/2029		1,150,000		1,151,633

Industrials — 6.30%
Ashtead Capital, Inc., 1.50%, 8/12/2026^(a)		1,000,000		999,246
BWX Technologies Inc, 4.13%, 6/30/2028^(a)		500,000		488,066
Caterpillar Financial Services Corp., 4.40%, 3/3/2028		3,000,000		2,998,222
Eaton Corp., 3.95%, 3/6/2029		2,000,000		1,965,662
GE Vernova, Inc., 4.25%, 2/4/2031		500,000		487,738
Honeywell Aerospace, Inc., 4.30%, 3/16/2031^(a)		2,000,000		1,946,405
John Deere Capital Corp., 2.25%, 9/14/2026		1,510,000		1,506,828

	Principal Amount		Fair Value
GreatAmerica Leasing Receivables Funding, Series 2024-2, Class C, 5.28%, 5/17/2032^(a)	$	1,000,000	$	1,005,951
Hilton Grand Vacations Trust, Series 2020-AA, Class C, 6.42%, 2/25/2039^(a)		207,309		208,667
HPEFS Equipment Trust, Series 2024-2A, Class B, 5.35%, 10/20/2031^(a)		500,000		501,844
ITE Rail Fund Levered LP, Series 2021-1A, Class A, 2.25%, 2/28/2051^(a)		383,653		366,925
Kubota Credit Owner Trust, Series 2024-1A, Class A4, MTN, 5.20%, 1/15/2030^(a)		1,000,000		1,010,285
Octane Receivables Trust, Series 2023-3A, Class B, 6.48%, 7/20/2029^(a)		681,785		684,282
Octane Receivables Trust, Series RVM1, Class A, 5.01%, 1/22/2046^(a)		496,028		500,203
Post Road Equipment Finance LLC, Series 2024-1A, Class A2, MTN, 5.59%, 11/15/2029^(a)		4,431		4,444
Post Road Equipment Finance LLC, Series 2025-1A, Class D, 5.43%, 5/15/2031^(a)		500,000		500,563
SCF Equipment Leasing LLC, Series 2025-1A, Class C, 5.37%, 9/20/2034^(a)		500,000		501,380
SLM Private Credit Student Loan Trust, Series 2006-A, Class A5, 4.22%, 6/15/2039 (TSFR3M + 55.2bps)		57,507		56,100
Trinity Rail Leasing LLC, Series 2019-2A, Class A2, 3.10%, 10/18/2049^(a)		685,000		682,570
United Airlines Pass Through Trust, Series 2016-1, Class A, 3.45%, 7/7/2028	$	525,109	$	508,148
United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 4/15/2029		296,702		299,856
Verdant Receivables LLC, Series 2024-1A, Class A2, 5.68%, 12/12/2031^(a)		515,171		522,347
Total Asset Backed Securities
(Cost $10,255,835)				10,300,011

U.S. GOVERNMENT & AGENCIES — 46.04%
Fannie Mae, Pool #FM7007, 4.00%, 10/1/2033		449,540		441,949
Fannie Mae, Pool #MA4023, 3.50%, 1/1/2035		683,779		659,482
Fannie Mae, Pool #MA4038, 3.00%, 4/1/2035		178,870		167,502
Fannie Mae, Pool #MA4797, 4.00%, 11/1/2037		522,319		501,867
Fannie Mae, Pool #MA4915, 5.00%, 2/1/2038		483,450		482,474
Fannie Mae, Pool #MA4364, 2.00%, 5/1/2041		636,207		546,896
Fannie Mae, Pool #MA4961, 5.00%, 3/1/2043		615,379		606,782
Fannie Mae, Pool #MA4988, 5.00%, 4/1/2043		539,055		531,642
Fannie Mae, Pool #BM4676, 4.00%, 10/1/2048		673,345		625,884
Fannie Mae, Pool #CB0397, 3.00%, 5/1/2051		560,699		483,991

	Principal Amount		Fair Value
Fannie Mae, Pool #FM8361, 2.50%, 8/1/2051	$	536,276	$	441,667
Fannie Mae, Pool #FS1428, 4.00%, 4/1/2052		1,386,919		1,272,568
Fannie Mae, Pool #MA4732, 4.00%, 9/1/2052		762,066		698,410
Fannie Mae, Pool #QE9380, 4.50%, 9/1/2052		734,555		694,917
Fannie Mae, Pool #MA4918, 5.00%, 2/1/2053		725,050		705,147
Fannie Mae, Pool #MA4970, 6.00%, 2/1/2053		633,599		632,958
Fannie Mae, Pool #BX7767, 5.50%, 3/1/2053		1,296,047		1,293,186
Fannie Mae, Pool #MA5054, 4.00%, 6/1/2053		824,143		753,225
Fannie Mae, Pool #FS5779, 5.50%, 9/1/2053		711,384		708,596
Fannie Mae, Pool #MA5165, 5.50%, 10/1/2053		1,348,690		1,339,870
Fannie Mae, Pool #FS6679, 6.00%, 12/1/2053		661,776		673,281
Fannie Mae, Pool #DB3808, 6.00%, 5/1/2054		848,011		860,316
Fannie Mae, Pool #MA5445, 6.00%, 8/1/2054		1,110,917		1,124,673
Fannie Mae, Pool #MA5615, 6.00%, 2/1/2055		601,974		609,569
Fannie Mae, Pool #MA5700, 5.50%, 5/1/2055		1,142,690		1,132,428
Fannie Mae Pool, 4.00%, 5/1/2052		1,118,506		1,024,757
Fannie Mae Pool, 5.00%, 9/1/2054		867,077		840,682
Fannie Mae Pool, 6.00%, 10/1/2054	$	1,082,278	$	1,096,135
Fannie Mae Pool, 4.50%, 5/1/2055		933,900		878,314
Fannie Mae Pool, 6.00%, 6/1/2055		733,293		742,414
Fannie Mae Pool, 4.00%, 7/1/2055		1,421,209		1,298,850
Federal Farm Credit Banks Funding Corp., 4.89%, 9/12/2033		1,000,000		983,543
Federal Farm Credit Banks Funding Corp., 5.15%, 2/17/2039		1,000,000		968,033
Federal Farm Credit Banks Funding Corp., 5.60%, 8/5/2039		1,000,000		981,792
Federal Farm Credit Banks Funding Corp., 5.42%, 12/18/2040		1,000,000		978,680
Federal Farm Credit Banks Funding Corp., 5.37%, 8/26/2044		2,000,000		1,937,807
Federal Farm Credit Banks Funding Corp., 5.49%, 9/23/2049		1,000,000		962,027
Federal Home Loan Banks, 5.05%, 4/23/2036		1,000,000		979,625
Federal Home Loan Banks, 5.15%, 6/4/2038		500,000		487,172
Federal Home Loan Banks, 5.00%, 10/28/2039		300,000		290,580
Federal Home Loan Banks, 5.24%, 2/27/2040		930,000		915,886
Federal Home Loan Banks, 5.34%, 1/9/2041		1,000,000		976,207
Federal Home Loan Banks, 5.22%, 3/5/2041		1,000,000		965,953
Federal Home Loan Banks, 5.22%, 3/18/2041		500,000		479,742
Federal Home Loan Banks, 5.30%, 3/25/2041		1,500,000		1,462,463
Federal Home Loan Banks, 5.50%, 9/25/2042		1,000,000		957,858

	Principal Amount		Fair Value
COLLATERALIZED LOAN OBLIGATIONS — 1.45%
Benefit Street Partners CLO XXV Ltd., Series 21-25A, Class A2R, 4.95%, 1/15/2035 (TSFR3M + 120bps)^(a)	$	1,000,000	$	1,000,644
Elmwood CLO 38 Ltd., Series 2025-1A, Class A, 4.81%, 4/22/2038 (TSFR3M + 115.0bps)^(a)		500,000		500,438
Oaktree CLO Ltd., Series 2019-3, 5.11%, 1/20/2038 (TSFR3M + 138.0bps)^(a)		1,000,000		1,001,609
Total Collateralized Loan Obligations
(Cost $2,500,000)				2,502,691

Total Investments — 92.02%
(Cost $161,211,957)				158,993,118
Other Assets in Excess of Liabilities — 7.98%				13,793,243
Net Assets — 100.00%			$	172,786,361

	Shares		Fair Value
COMMON STOCKS — 98.60%
Consumer Discretionary — 8.85%
Boot Barn Holdings, Inc.^(a)		2,550	$	379,924
Boyd Gaming Corp.		2,700		229,662
Cavco Industries, Inc.^(a)		800		437,624
FirstCash Holdings, Inc.		2,650		540,627
Interface, Inc.		7,225		247,528
Liquidity Services, Inc.^(a)		4,600		179,308
SharkNinja, Inc.^(a)		3,500		566,195
Texas Roadhouse, Inc.		1,330		273,235
Universal Technical Institute, Inc.^(a)		8,450		332,170
				3,186,273
Consumer Staples — 4.02%
Chefs’ Warehouse, Inc. (The)^(a)		7,050		813,217
Lamb Weston Holdings, Inc.		7,200		378,360
Performance Food Group Co.^(a)		2,250		257,378
				1,448,955
Energy — 2.95%
Archrock, Inc.		7,300		261,048
Kodiak Gas Services Inc		7,500		440,325
Select Water Solutions, Inc., Class A		19,450		360,214
				1,061,587
Financials — 15.91%
Axos Financial, Inc.^(a)		6,000		608,460
Bancorp, Inc. (The)^(a)		4,300		288,401
Brown & Brown, Inc.		3,950		278,080
Dave Inc^(a)		1,750		652,207
Enova International, Inc.^(a)		2,250		571,815
Freedom Holding Corp.^(a)		1,350		204,214
LPL Financial Holdings, Inc.		1,150		406,755
Marex Group Ltd.		5,900		383,028
Seacoast Banking Corp. of Florida		9,250		321,345
SmartFinancial, Inc.		6,750		353,700
StoneX Group, Inc.^(a)		7,425		568,532
UMB Financial Corporation		2,100		306,033
Virtu Financial, Inc., Class A		4,350		255,476
Willis Lease Finance Corporation		3,375	$	240,739
WisdomTree, Inc.		15,150		293,456
				5,732,241
Health Care — 13.53%
ACADIA Pharmaceuticals, Inc.^(a)		12,050		311,733
Axsome Therapeutics, Inc.^(a)		1,900		414,181
Beam Therapeutics, Inc.^(a)		12,800		326,656
Ensign Group, Inc. (The)		2,100		374,136
Guardant Health, Inc.^(a)		8,850		1,433,611
Insmed, Inc.^(a)		4,175		411,655
Liquidia Corporation^(a)		4,850		407,934
Mirum Pharmaceuticals, Inc.^(a)		5,600		593,320
Pennant Group Inc/The^(a)		6,800		274,176
Rhythm Pharmaceuticals Inc^(a)		3,300		327,525
				4,874,927
Industrials — 23.98%
AAR Corporation^(a)		2,750		385,110
American Superconductor Corporation^(a)		6,400		187,968
Argan, Inc.		670		382,188
Arxis, Inc.^(a)		5,700		309,510
AZZ, Inc.		3,750		542,700
Blue Bird Corporation^(a)		3,600		267,804
Cactus, Inc., Class A		6,950		451,819
CECO Environmental Corp.^(a)		3,200		210,848
CSW Industrials, Inc.		1,300		414,609
Dycom Industries, Inc.^(a)		850		340,909
ESCO Technologies, Inc.		1,100		346,819
Federal Signal Corp.		2,000		249,900
Gorman-Rupp Company (The)		4,300		349,117
IES Holdings, Inc.^(a)		940		699,868
Installed Building Products, Inc.		1,600		356,704
Kadant, Inc.		1,425		438,188
Loar Holdings, Inc.^(a)		3,500		239,575
Mueller Industries, Inc.		3,500		232,435
Napco Security Technologies Inc		9,900		367,092
Powell Industries, Inc.		840		175,291
RBC Bearings, Inc.^(a)		970		534,771
SPX Technologies, Inc.^(a)		1,550		340,411

	Shares		Fair Value
V2X, Inc.^(a)		5,400	$	487,296
WESCO International, Inc.		950		326,316
				8,637,248
Materials — 3.65%
Balchem Corp.		2,500		418,887
Coeur Mining, Inc.		15,150		225,887
Eagle Materials, Inc.		980		200,841
Hecla Mining Company		15,750		222,390
UFP Technologies, Inc.^(a)		965		245,863
				1,313,868
Real Estate — 1.26%
Hannon Armstrong Sustainable Infrastructure		12,000		454,440

Technology — 24.44%
ACM Research, Inc., Class A^(a)		13,300		1,043,651
Alignment Healthcare, Inc.^(a)		12,300		182,655
Allegro Microsystems, Inc.^(a)		11,300		468,950
Applied Optoelectronics, Inc.^(a)		2,350		221,652
Credo Technology Group Holding Ltd.^(a)		2,650		548,524
D-Wave Quantum, Inc.^(a)		13,100		236,848
Dynatrace, Inc.^(a)		6,050		268,136
Flywire Corporation^(a)		14,700		235,347
GigaCloud Technology Inc, Class A^(a)		8,150		356,481
Hut 8 Corporation^(a)		2,150		231,405
IonQ, Inc.^(a)		18,700		681,428
IREN Ltd.^(a)		9,450		347,760
Klarna Group plc^(a)		12,800		242,432
NCR Atleos Corp.^(a)		10,400		489,112
Nova Ltd.^(a)		1,240		484,679
Palo Alto Networks, Inc.^(a)		2,090		693,525
PDF Solutions, Inc.^(a)		9,550		440,159
Rambus, Inc.^(a)		4,950		450,598
Shift4 Payments, Inc., Class A^(a)		5,700		302,100
Toast, Inc., Class A^(a)		9,400		303,338
TTM Technologies, Inc.^(a)		2,800		323,232
Wise Group plc^(a)		21,000	$	252,000
				8,804,012
Total Common Stocks
(Cost $24,569,390)				35,513,551

Total Investments — 98.60%
(Cost $24,569,390)				35,513,551
Other Assets in Excess of Liabilities — 1.40%				504,950
Net Assets — 100.00%			$	36,018,501

	Growth Fund		Bond Fund		Short Term Bond Fund		Small Cap Fund
Assets:
Investments, at value (identified cost of $68,108,983, $331,818,483, $161,211,957 and $24,569,390, respectively)	$	120,603,433	$	322,984,848	$	158,993,118	$	35,513,551

Total investments		120,603,433		322,984,848		158,993,118		35,513,551

Cash		1,398,453		14,473,662		12,402,833		528,485
Dividends and interest receivable		23,285		3,147,551		1,387,354		3,878
Receivable for securities sold		—		—		69,275		—
Reclaims receivable		19,011		50,283		—		—
Receivable for shareholder purchases		4,978		53,410		149,227		3,139
Other assets		33,436		65,057		38,244		33,206
Total assets		122,082,596		340,774,811		173,040,051		36,082,259

Liabilities:
Payable for shareholder redemptions		185,439		136,090		88,103		10,888
Accrued distribution fees		38,095		86,682		34,043		8,961
Accrued advisory fees		102,308		117,930		72,432		17,552
Accrued accounting service and transfer agent fees		12,096		44,670		21,085		8,567
Other accrued expenses		23,783		48,946		38,027		17,790
Total liabilities		361,721		434,318		253,690		63,758

Net assets	$	121,720,875	$	340,340,493	$	172,786,361	$	36,018,501

	Growth Fund						Bond Fund
	For the Six Months Ended July 31, 2026 (Unaudited)			For the Year Ended January 31, 2026			For the Six Months Ended July 31, 2026 (Unaudited)			For the Year Ended January 31, 2026
Operations:
Net investment income (loss)	$	(557,712	)	$	(844,436	)	$	7,109,182		$	15,188,167
Net realized gain (loss) from security transactions		555,067			(165,238	)		(443,401	)		(7,034,714	)
Change in unrealized appreciation (depreciation) on investments and foreign currency		9,627,940			9,962,386			(7,251,410	)		14,249,554
Net increase (decrease) in net assets resulting from operations		9,625,295			8,952,712			(585,629	)		22,403,007
Distributions:
From earnings:
Institutional Class		—			—			(5,882,675	)		(9,987,262	)
Class A		—			—			(450,934	)		(890,923	)
Class L		—			—			(2,306,878	)		(4,370,764	)
Class C								(23,189	)		(109,624	)
		—			—			(8,663,676	)		(15,358,573	)
Capital Transactions — Institutional Class:
Proceeds from shares sold		21,421,807			5,986,602			24,106,609			94,268,121
Reinvestment of distributions		—			—			5,032,946			9,161,475
Amount paid for shares redeemed		(5,279,908	)		(12,110,807	)		(34,274,363	)		(66,096,909	)
Total Institutional Class		16,141,899			(6,124,205	)		(5,134,808	)		37,332,687
Capital Transactions — Class A:
Proceeds from shares sold		358,041			396,424			555,661			1,588,483
Reinvestment of distributions		—			—			384,491			756,676
Amount paid for shares redeemed		(871,405	)		(1,137,192	)		(1,787,657	)		(6,664,667	)
Total Class A		(513,364	)		(740,768	)		(847,505	)		(4,319,508	)
Capital Transactions — Class L:
Proceeds from shares sold		1,488,782			2,760,001			5,405,013			9,992,953
Reinvestment of distributions		—			—			2,054,565			3,884,943
Amount paid for shares redeemed		(2,802,722	)		(3,986,083	)		(10,765,283	)		(25,307,556	)
Total Class L		(1,313,940	)		(1,226,082	)		(3,305,705	)		(11,429,660	)
Capital Transactions — Class C:
Proceeds from shares sold								900			4,200
Reinvestment of distributions								16,831			63,318
Amount paid for shares redeemed								(737,333	)		(2,614,596	)
Total Class C								(719,602	)		(2,547,078	)
Net increase (decrease) in net assets resulting from capital share transactions		14,314,595			(8,091,055	)		(10,007,620	)		19,036,441
Total increase (decrease) in net assets		23,939,890			861,657			(19,256,925	)		26,080,875

	Growth Fund						Bond Fund
	For the Six Months Ended July 31, 2026 (Unaudited)			For the Year Ended January 31, 2026			For the Six Months Ended July 31, 2026 (Unaudited)			For the Year Ended January 31, 2026
Net Assets
Beginning of period	$	97,780,985		$	96,919,328		$	359,597,418		$	333,516,543
End of period	$	121,720,875		$	97,780,985		$	340,340,493		$	359,597,418

Share Transactions — Institutional Class:
Shares sold		867,470			285,556			2,613,648			10,277,808
Shares issued in reinvestment of distributions		—			—			547,733			1,000,214
Shares redeemed		(216,648	)		(615,256	)		(3,726,882	)		(7,171,476	)
Total Institutional Class		650,822			(329,700	)		(565,501	)		4,106,546
Share Transactions — Class A:
Shares sold		15,972			20,798			64,437			185,724
Shares issued in reinvestment of distributions		—			—			44,684			88,042
Shares redeemed		(38,720	)		(64,430	)		(207,486	)		(775,954	)
Total Class A		(22,748	)		(43,632	)		(98,365	)		(502,188	)
Share Transactions — Class L:
Shares sold		97,478			212,916			680,080			1,256,368
Shares issued in reinvestment of distributions		—			—			259,349			489,374
Shares redeemed		(184,831	)		(307,121	)		(1,356,155	)		(3,186,864	)
Total Class L		(87,353	)		(94,205	)		(416,726	)		(1,441,122	)
Share Transactions — Class C:
Shares sold								116			545
Shares issued in reinvestment of distributions								2,177			8,188
Shares redeemed								(95,296	)		(338,617	)
Total Class C								(93,003	)		(329,884	)

	Institutional Class
	For the Six Months Ended July 31, 2026			For the Year Ended January 31,
	(Unaudited)			2026			2025			2024			2023			2022
For a share outstanding throughout each year/period
Net asset value, beginning of year/period	$	22.96		$	20.59		$	17.95		$	16.48		$	17.92		$	19.69
Income from investment operations
Net investment income (loss)⁽¹⁾		(0.08	)		(0.11	)		0.01			0.04			—	⁽²⁾		(0.07	)
Net realized and unrealized gain (loss) on investments		2.34			2.48			2.70			1.43			(1.44	)		0.82
Total income (loss) from investment operations		2.26			2.37			2.71			1.47			(1.44	)		0.75

Distributions
From net investment income		—			—			(0.07	)		—			—			—
From net realized gain on security transactions		—			—			—			—			—			(2.52	)
Total distributions		—			—			(0.07	)		—			—			(2.52	)
Net asset value, end of year/period	$	25.22		$	22.96		$	20.59		$	17.95		$	16.48		$	17.92

Total return		9.84	%⁽³⁾		11.51	%		15.14	%		8.92	%		(8.04	)%		2.45	%

Ratios/Supplemental Data
Net assets, end of year/ period (000’s omitted)	$	69,780		$	48,570		$	50,352		$	33,985		$	29,704		$	26,805
Ratio of expenses to average net assets before waivers or recoupments		1.23	%⁽⁴⁾		1.28	%		1.31	%		1.49	%		1.46	%		1.37	%
Ratio of net expenses to average net assets		1.25	%⁽⁴⁾		1.17	%		1.00	%		1.01	%		1.00	%		1.04	%
Ratio of net investment income (loss) to average net assets		(0.64	)%⁽⁴⁾		(0.51	)%		0.06	%		0.21	%		0.01	%		(0.33	)%
Portfolio turnover rate		22	%⁽³⁾		38	%		52	%		40	%		78	%		54	%

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	120,603,433	$	—	$	—	$	120,603,433
Total	$	120,603,433	$	—	$	—	$	120,603,433

Growth Fund	0.90%
Bond Fund	0.40%
Short Term Bond Fund	0.70%
Small Cap Fund	0.90%

	Class A	Class L	Institutional Class
Growth Fund^(a)	1.25%	2.25%	1.25%
Short Term Bond Fund^(a)	0.79%	1.44%	0.79%
Small Cap Fund^(a)	1.60%	2.35%	1.35%

	Amount		Recoupable through
Growth Fund	$	338,263		January 31, 2027
		275,819		January 31, 2028
		99,781		January 31, 2029
Short Term Bond Fund		335,703		January 31, 2027
		404,618		January 31, 2028
		377,465		January 31, 2029
		184,998		July 31, 2029
Small Cap Fund		189,860		January 31, 2027
		160,425		January 31, 2028
		126,972		January 31, 2029
		64,624		July 31, 2029

	Purchases		Sales		U.S. Government Purchases		U.S. Government Sales
Growth Fund	$	37,741,492	$	24,628,320	$	—	$	—
Bond Fund		8,789,767		29,069,601		32,843,837		16,089,172
Short Term Bond Fund		15,569,665		27,619,896		16,436,230		20,071,844
Small Cap Fund		15,723,254		16,434,923		—		—

	Growth Fund			Bond Fund			Short Term Bond Fund			Small Cap Fund
Tax cost of investments	$	68,108,983		$	331,818,483		$	161,211,957		$	24,569,390
Gross unrealized appreciation		53,242,415			3,245,623			232,508			11,366,246
Gross unrealized depreciation		(747,965	)		(12,079,258	)		(2,451,347	)		(422,085	)
Gross unrealized appreciation (depreciation) on foreign currency		(578	)		—			—			—
Net unrealized appreciation/ (depreciation) on investments	$	52,493,873		$	(8,833,635	)	$	(2,218,839	)	$	10,944,161

Date:	9/30/2026

		/s/ David D. Basten
		David D. Basten
		President

Date:	9/30/2026

		/s/ M. Dennis Stratton
		M. Dennis Stratton
		Chief Financial Officer