# EDGAR Filing Document

**Accession Number:** 0000764859
**File Stem:** 0000910472-25-001901
**Filing Date:** 2025-9
**Character Count:** 33515
**Document Hash:** 29275a1063d11aefcf4d8e4c8b30a12a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001901.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0000910472-25-001901

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN PENSION INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000764859

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04262
- **FILM NUMBER:** 251354923

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

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

## Series and Classes Contracts Data

### YORKTOWN SMALL-CAP FUND (Series ID: S000053763)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000169010 | Class A             | YOVAX           |
| C000169012 | Class L             | YOVLX           |
| C000169013 | Institutional Class | YOVIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Lynchburg

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 24501

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

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

- **a. Name of Series:** YORKTOWN SMALL CAP FUND

- **b. EDGAR series identifier (if any):** S000053763

- **c. LEI of Series:** 54930008JUT6UXC3QX64

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

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

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $30836965.44

**Total Liabilities:** $58229.79

**Net Assets:** $30778735.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169013 | 7.42%                | 4.53%                | 1.40%                |
| Class ID C000169010 | 1.26%                | -1.53%               | -4.45%               |
| Class ID C000169012 | 7.43%                | 4.43%                | 1.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $363994.97               | $1585226.49                                |
| Month 2  | $-37128.14               | $1351131.13                                |
| Month 3  | $-100322.64              | $544373.85                                 |

### Schedule of Portfolio Investments

| Name                                     | Title                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Axon Enterprise Inc                      | Axon Enterprise, Inc.                   | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       775 | NS      | $585504.75    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc            | Janus International Group, Inc.         | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28500 | NS      | $244245.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackline Inc                            | Blackline, Inc.                         | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               | CORP              | US        |      4900 | NS      | $263522.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sharkninja Inc.                          | SharkNinja Inc                          | CUSIP: G8068L108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      3500 | NS      | $406350.00    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                         | RBC Bearings, Inc.                      | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       970 | NS      | $375719.80    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Paysign Inc                              | Paysign Inc                             | CUSIP: 70451A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36900 | NS      | $274536.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                         | StoneX Group, Inc.                      | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |      3300 | NS      | $320892.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs Warehouse Inc.                     | Chefs' Warehouse, Inc./The              | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |      7050 | NS      | $483348.00    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc.                  | Mueller Industries, Inc.                | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      6650 | NS      | $567710.50    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                      | Guardant Health, Inc.                   | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |      5550 | NS      | $227439.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                  | Goosehead Insurance Inc                 | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |      5050 | NS      | $459095.50    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc.                          | DraftKings, Inc.                        | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |      9960 | NS      | $448598.40    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole PLC                                 | Dole PLC                                | CUSIP: G27907107<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |     12600 | NS      | $179424.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd.                        | WNS Holdings Ltd.                       | CUSIP: G98196101<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | JE        |      3800 | NS      | $284202.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.                | WESCO International, Inc.               | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |       950 | NS      | $196612.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                      | Texas Roadhouse, Inc.                   | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |       900 | NS      | $166617.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                    | Range Resources Corp.                   | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |      5400 | NS      | $198288.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc.                               | Calix, Inc.                             | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      9000 | NS      | $510210.00    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc.       | UNITED STATES LIME & MINERAL INC.       | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |      2100 | NS      | $209118.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cyberark Software Ltd.                   | CyberArk Software Ltd.                  | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |       950 | NS      | $390896.50    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NAPCO Security Technologies Inc.         | Napco Security Technologies Inc         | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |      9900 | NS      | $302247.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                              | Hawkins, Inc.                           | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |      1450 | NS      | $236756.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                         | Ensign Group, Inc./The                  | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      2100 | NS      | $315000.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Velocity Financial Inc                   | Velocity Financial, Inc.                | CUSIP: 92262D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13000 | NS      | $215800.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                               | Insmed, Inc.                            | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |      5850 | NS      | $627588.00    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                     | Palomar Holdings Inc                    | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      2000 | NS      | $264980.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc.                     | Payoneer Global, Inc.                   | CUSIP: 70451X104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40700 | NS      | $267399.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Driven Brands Holdings Inc               | Driven Brands Holdings, Inc.            | CUSIP: 26210V102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14850 | NS      | $250965.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc.                        | IES Holdings, Inc.                      | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |       940 | NS      | $331885.80    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc.                | Super Micro Computer, Inc.              | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      8700 | NS      | $513039.00    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc.                     | Dorman Products, Inc.                   | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |      1800 | NS      | $217116.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG                      | Sportradar Group AG                     | CUSIP: H8088L103<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |     13600 | NS      | $402152.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TaskUs Inc                               | TaskUS, Inc.                            | CUSIP: 87652V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19800 | NS      | $338184.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                             | Balchem Corp.                           | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      1450 | NS      | $221081.50    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corporation               | Verra Mobility Corp.                    | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |     10000 | NS      | $252600.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc.              | LPL Financial Holdings, Inc.            | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      2300 | NS      | $910179.00    | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Marex Group Plc                          | Marex Group PLC                         | CUSIP: G5S37H101<br>LEI: 549300DWX0SVICJAL507 | Long             | EC               | CORP              | GB        |      5900 | NS      | $227622.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp.                         | NCR Atleos Corp.                        | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |     10400 | NS      | $318240.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| E L F Beauty Inc                         | elf Beauty, Inc.                        | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |      2650 | NS      | $321153.50    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron, Inc.                              | Itron, Inc.                             | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |      3000 | NS      | $373620.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                              | Progyny, Inc.                           | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     11500 | NS      | $270365.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                         | Haemonetics Corp.                       | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |      3100 | NS      | $229524.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                    | Robinhood Markets, Inc.                 | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     14200 | NS      | $1463310.00   | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc.                 | Enova International, Inc.               | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      2250 | NS      | $235260.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                   | Boot Barn Holdings, Inc.                | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      2550 | NS      | $438345.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries                         | Cavco Industries, Inc.                  | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       800 | NS      | $322936.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                             | Griffon Corp.                           | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |      3050 | NS      | $247873.50    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc.               | Construction Partners Inc               | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |      4800 | NS      | $484080.00    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartFinancial Inc.                      | SmartFinancial, Inc.                    | CUSIP: 83190L208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6750 | NS      | $231255.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagseguro Digital Ltd                    | Pagseguro Digital Ltd.                  | CUSIP: G68707101<br>LEI: 391200VY4YW47I4HGH62 | Long             | EC               | CORP              | KY        |     37800 | NS      | $295974.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                           | Tacnoglass, Inc.                        | CUSIP: G87264100<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | KY        |      2800 | NS      | $218484.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstcash Holdings Inc                   | FirstCash Holdings, Inc.                | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2650 | NS      | $353218.50    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMrush Holdings Inc.                    | SEMrush Holdings Inc                    | CUSIP: 81686C104<br>LEI: 254900WQEX0OLGK16D27 | Long             | EC               | CORP              | US        |     29100 | NS      | $260736.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings Inc         | Harmony Biosciences Holdings, Inc.      | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6300 | NS      | $221634.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment, Inc.                      | Aerovironment, Inc.                     | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      1994 | NS      | $533674.16    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Asana Inc                                | Asana Inc                               | CUSIP: 04342Y104<br>LEI: 254900X7UAJNMLPLZ510 | Long             | EC               | CORP              | US        |     19800 | NS      | $290664.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Ltd.                       | Grab Holdings Ltd.                      | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |     52000 | NS      | $254280.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Grid Dynamics Holdings Inc.              | Grid Dynamics Holdings Inc              | CUSIP: 39813G109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23350 | NS      | $221591.50    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                                  | AZZ, Inc.                               | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |      3750 | NS      | $410625.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ Wholesale Club Holdings Inc           | BJ's Wholesale Club Holdings, Inc.      | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      4390 | NS      | $464901.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc.                         | Vital Farms, Inc.                       | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |      4600 | NS      | $171120.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrims Pride Corporation               | Pilgrim's Pride Corp.                   | CUSIP: 72147K108<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | EC               | CORP              | US        |      9000 | NS      | $426510.00    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramaco Resources Inc.                    | Ramaco Resources, Inc.                  | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |     19150 | NS      | $389702.50    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd          | Brookfield Asset Management Ltd.        | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |      5637 | NS      | $347633.79    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro MicroSystems Inc                 | Allegro Microsystems, Inc.              | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11300 | NS      | $354933.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                                 | Nova, Ltd.                              | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |      1800 | NS      | $472662.00    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings, Inc.               | Par Pacific Holdings, Inc.              | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |      9900 | NS      | $310662.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc                              | Bancorp, Inc./The                       | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4300 | NS      | $271588.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Herc Holdings Inc                        | HERC HOLDINGS IN                        | CUSIP: 42704L104<br>LEI: 549300TP80QLITMSBP82 | Long             | EC               | CORP              | US        |      1100 | NS      | $128491.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                             | Duolingo Inc                            | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1400 | NS      | $485170.00    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc.                 | ExlService Holdings, Inc.               | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |      6000 | NS      | $260580.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Upwork Inc                               | Upwork, Inc.                            | CUSIP: 91688F104<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | EC               | CORP              | US        |     21900 | NS      | $261924.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc          | Installed Building Products, Inc.       | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      1600 | NS      | $323664.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Freedom Holding Corp                     | Freedom Holding Corp/NV                 | CUSIP: 356390104<br>LEI: 254900RKI81EPUJ3RW71 | Long             | EC               | CORP              | US        |      3700 | NS      | $687515.50    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp. (Indiana)             | Merchants Bancorp/IN                    | CUSIP: 58844R108<br>LEI: 54930008Y0GPVLF81889 | Long             | EC               | CORP              | US        |      8800 | NS      | $257840.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corporation                  | Boyd Gaming Corp.                       | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |      2700 | NS      | $229230.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutions Inc Del | Bright Horizons Family Solutions, Inc.  | CUSIP: 109194100<br>LEI: 254900BHOU40CFNXWQ75 | Long             | EC               | CORP              | US        |      1500 | NS      | $169650.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                         | Badger Meter, Inc.                      | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      1650 | NS      | $311454.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co.               | Performance Food Group Co.              | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |      2250 | NS      | $225900.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Acm Research Inc                         | ACM Research, Inc.                      | CUSIP: 00108J109<br>LEI: 549300MCTENUWL2GJL61 | Long             | EC               | CORP              | US        |     13300 | NS      | $403788.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc.                     | CSW Industrials, Inc.                   | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |      1950 | NS      | $505986.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Pharmaceuticals Inc               | ACADIA Pharmaceuticals, Inc.            | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |     12050 | NS      | $287151.50    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                                  | V2X Inc.                                | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5400 | NS      | $255852.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc.                              | Rambus, Inc.                            | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      7000 | NS      | $517510.00    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc                         | Inter Parfums, Inc.                     | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2200 | NS      | $265320.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute, Inc.      | Universal Technical Institute Inc       | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |      5750 | NS      | $185265.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive, Inc.                 | Group 1 Automotive, Inc.                | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       440 | NS      | $181346.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                        | Hamilton Lane, Inc.                     | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      2300 | NS      | $350290.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Huntington Conservative Deposit Account | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    419177 | PA      | $419177.40    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoominfo Technologies Inc                | ZoomInfo, Technologies, Inc.            | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |     17300 | NS      | $187359.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller