diff --git a/dlls/sapi/token.c b/dlls/sapi/token.c
index c9c17a58589..55194feab22 100644
--- a/dlls/sapi/token.c
+++ b/dlls/sapi/token.c
@@ -57,6 +57,7 @@ struct token_enum
     WCHAR *req, *opt;
     ULONG count;
     HKEY key;
+    DWORD index;
 };
 
 static struct token_enum *impl_from_ISpObjectTokenEnumBuilder( ISpObjectTokenEnumBuilder *iface )
@@ -705,6 +706,12 @@ static HRESULT WINAPI token_enum_Next( ISpObjectTokenEnumBuilder *iface,
                                        ULONG *fetched )
 {
     struct token_enum *This = impl_from_ISpObjectTokenEnumBuilder( iface );
+    struct object_token *object;
+    HRESULT hr;
+    DWORD retCode;
+    WCHAR subKeyName[128];
+    DWORD size_sub = sizeof(subKeyName);
+    HKEY sub_key;
 
     TRACE( "(%p)->(%lu %p %p)\n", This, num, tokens, fetched );
 
@@ -713,7 +720,27 @@ static HRESULT WINAPI token_enum_Next( ISpObjectTokenEnumBuilder *iface,
     FIXME( "semi-stub: Returning an empty enumerator\n" );
 
     if (fetched) *fetched = 0;
-    return S_FALSE;
+    *tokens = NULL;
+
+    retCode = RegEnumKeyExW(This->key, This->index, subKeyName, &size_sub, NULL, NULL, NULL, NULL);
+    if (retCode != ERROR_SUCCESS)
+        return S_FALSE;
+
+    This->index++;
+
+    if( RegOpenKeyExW( This->key, subKeyName, 0, KEY_READ, &sub_key ) != ERROR_SUCCESS )
+        return E_FAIL;
+
+    hr = token_create( NULL, &IID_ISpObjectToken, (void**)tokens );
+    if (FAILED(hr))
+        return hr;
+
+    object = impl_from_ISpObjectToken( *tokens );
+    object->token_key = sub_key;
+    object->token_id = heap_strdupW( subKeyName );
+
+    if (fetched) *fetched = 1;
+    return hr;
 }
 
 static HRESULT WINAPI token_enum_Skip( ISpObjectTokenEnumBuilder *iface,
@@ -882,6 +909,7 @@ HRESULT token_enum_create( IUnknown *outer, REFIID iid, void **obj )
     This->init = FALSE;
     This->count = 0;
     This->key = NULL;
+    This->index = 0;
 
     hr = ISpObjectTokenEnumBuilder_QueryInterface( &This->ISpObjectTokenEnumBuilder_iface, iid, obj );