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Name | Symbol | Market | Type |
---|---|---|---|
North Square Strategic Income Fund Class A | NASDAQ:ADVAX | NASDAQ | Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
|
[X ]
|
Pre-Effective Amendment No.
|
[ ]
|
Post-Effective Amendment No.
|
[58]
|
and
|
|
REGISTRATION STATEMENT UNDER
|
|
THE INVESTMENT COMPANY ACT OF 1940
|
[X ]
|
Amendment No.
|
[60]
|
/X/
|
immediately upon filing pursuant to paragraph (b)
|
/ /
|
on (date) pursuant to paragraph (b)
|
/ /
|
60 days after filing pursuant to paragraph (a)(1)
|
/ /
|
on (date),pursuant to paragraph (a)(3)
|
/ /
|
75 days after filing pursuant to paragraph (a)(2)
|
/ /
|
on (date) pursuant to paragraph (a)(2) of rule 485
|
/ /
|
this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
|
PROSPECTUS DATED MAY 31, 2013
|
Ticker Symbols
|
|||
API FUNDS
|
Class A
|
Class L
|
Institutional
Class |
API EFFICIENT FRONTIER GROWTH FUND
|
AFGGX
|
APITX
|
APGRX
|
API EFFICIENT FRONTIER CAPITAL INCOME FUND
|
APIGX
|
AFDDX
|
AFAAX
|
API EFFICIENT FRONTIER CORE INCOME FUND
|
APIMX
|
AFMMX
|
APIBX
|
API EFFICIENT FRONTIER VALUE FUND
|
ADVAX
|
YCVTX
|
APIVX
|
API EFFICIENT FRONTIER INCOME FUND
|
APIUX
|
AFFIX
|
APIIX
|
API MASTER ALLOCATION FUND
|
APIFX
|
APILX
|
APMAX
|
API Efficient Frontier Growth Fund
|
---
|
API Efficient Frontier Capital Income Fund
|
---
|
API Efficient Frontier Core Income Fund
|
---
|
API Efficient Frontier Value Fund
|
---
|
API Efficient Frontier Income Fund
|
---
|
API Master Allocation Fund
|
---
|
Investment Objectives and Strategies of each Fund
|
---
|
Principal Investment Risks
|
---
|
Temporary Investments
|
---
|
Portfolio Holdings Disclosure
|
---
|
The Investment Adviser
|
---
|
The Portfolio Managers
|
---
|
What Share Classes We Offer
|
---
|
How To Reduce Your Sales Charge
|
---
|
How To Buy Shares
|
---
|
How To Sell Shares
|
---
|
Dividends, Distributions and Taxes
|
---
|
Net Asset Value
|
---
|
Fair Value Pricing
|
---
|
Frequent Trading
|
---
|
Distribution and Service Plans
|
---
|
General Information
|
---
|
Privacy Policy
|
---
|
Shareholder Fees
(fees paid directly from your investment)
|
Class A
AFGGX
|
Class L
APITX
|
Institutional Class
APGRX
|
Maximum sales charge (load) imposed on purchases
(as percentage of offering price)
|
5.75%
|
None
|
None
|
Maximum deferred sales charges (load)
(as a percentage of the lesser of original purchase price or redemption proceeds)
|
None
|
None
|
None
|
Maximum Account fee (for accounts under $500)
|
$25 /yr
|
$25/yr
|
$25/yr
|
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment.)
|
Class A
AFGGX
|
Class L
APITX
|
Institutional Class
APGRX
|
Management Fee
|
1.00%
|
1.00%
|
1.00%
|
Distribution/Service (12b-1 Fees)
|
0.00%
|
1.00%
|
0.00%
|
Other Expenses
|
0.51%
|
0.51%
|
0.51%
|
Acquired Fund Fees and Expenses
|
0.03%
|
0.03%
|
0.03%
|
Total Annual Fund Operating Expenses (1)
|
1.54%
|
2.54%
|
1.54%
|
(1)
|
Total Annual Fund Operating Expenses do not correlate to the ratio of average net assets in the Financial Highlights Table, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses.
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$257
|
$791
|
$1,350
|
$2,875
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$723
|
$1,033
|
$1,366
|
$2,304
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$157
|
$486
|
$839
|
$1,834
|
2003-
|
+43.16%
|
2004-
|
+13.27%
|
2005-
|
+7.41%
|
2006-
|
+13.12%
|
2007-
|
+15.00%
|
2008-
|
-51.02%
|
2009-
|
+46.27%
|
2010-
|
+21.45%
|
2011-
|
-6.29%
|
2012-
|
+16.02%
|
Shareholder Fees
(fees paid directly from your investment)
|
Class A (1)
APIGX
|
Class L
AFDDX
|
Institutional Class
AFAAX
|
Maximum sales charge (load) imposed on purchases
(as percentage of offering price)
|
5.75%
|
None
|
None
|
Maximum deferred sales charges (load)
(as a percentage of the lesser of original purchase price or redemption proceeds)
|
None
|
None
|
None
|
Maximum Account fee (for accounts under $500)
|
$25 /yr
|
$25 /yr
|
$25/yr
|
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment.)
|
Class A (1)
APIGX
|
Class L
AFDDX
|
Institutional Class
AFAAX
|
Management Fee
|
0.60%
|
0.60%
|
0.60%
|
Distribution/Service (12b-1 Fees)
|
0.50%
|
1.00%
|
0.00%
|
Other Expenses
|
0.78%
|
0.78%
|
0.78%
|
Acquired Fund Fees and Expenses
|
0.03%
|
0.03%
|
0.03%
|
Total Annual Fund Operating Expenses (1)
|
1.91%
|
2.41%
|
1.41%
|
(1)
|
Total Annual Fund Operating Expenses do not correlate to the ratio of average net assets in the Financial Highlights Table, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses.
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$244
|
$751
|
$1,285
|
$2,746
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$758
|
$1,141
|
$1,547
|
$2,679
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$144
|
$446
|
$771
|
$1,691
|
2004-
|
+11.82%
|
2005-
|
+6.15%
|
2006-
|
+21.27%
|
2007-
|
+11.74
|
2008-
|
-41.01%
|
2009-
|
+39.34%
|
2010-
|
+15.90%
|
2011-
|
+0.71%
|
2012-
|
+11.70%
|
Shareholder Fees
(fees paid directly from your investment)
|
Class A
APIMX
|
Class L
AFMMX
|
Institutional Class
APIBX
|
Maximum sales charge (load) imposed on purchases
(as percentage of offering price)
|
5.75%
|
None
|
None
|
Maximum deferred sales charge (load)
(as a percentage of the lesser of original purchase price or redemption proceeds)
|
None
|
None
|
None
|
Maximum Account fee (for accounts under $500)
|
$25 /yr
|
$25/yr
|
$25/yr
|
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment.)
|
Class A
APIMX
|
Class L
AFMMX
|
Institutional Class
APIBX
|
Management Fee
|
0.70%
|
0.70%
|
0.70%
|
Distribution/Service (12b-1 Fees)
|
0.00%
|
1.00%
|
0.00%
|
Other Expenses
|
0.77%
|
0.77%
|
0.77%
|
Acquired Fund Fees and Expenses
|
0.39%
|
0.39%
|
0.39%
|
Total Annual Fund Operating Expenses (1)
|
1.86%
|
2.86%
|
1.86%
|
(1)
|
Total Annual Fund Operating Expenses do not correlate to the ratio of average net assets in the Financial Highlights Table, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses.
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$289
|
$886
|
$1,508
|
$3,185
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$753
|
$1,126
|
$1,523
|
$2,629
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$189
|
$585
|
$1,006
|
$2,180
|
•
|
securities convertible into common stock and securities issued through private placements;
|
•
|
Underlying Funds;
|
•
|
ETF's 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, such as the S&P 500 Index, the NYSE Composite Index, the NASDAQ Composite Index or the Russell 1000 Index, but that also have a component of active management such that the investment manager of the security attempts to outperform the applicable index);
|
•
|
real estate investment trusts and other issuers that invest, deal, or otherwise engage in transactions in real estate;
|
•
|
debt securities (domestic and foreign corporate notes and bonds, but not bankrupt, exotic securities or synthetics).
|
2003-
|
+41.33%
|
2004-
|
+12.79%
|
2005-
|
+9.69%
|
2006-
|
+22.26%
|
2007-
|
+13.58%
|
2008-
|
-51.14%
|
2009-
|
+43.13%
|
2010-
|
+14.06%
|
2011-
|
-2.63%
|
2012-
|
+9.71%
|
Average Annual Total Returns for the Fund's Class A Shares (APIMX)
(for periods ending on December 31, 2012) |
One Years
|
Five Years
|
Ten Years
|
Return Before Taxes
|
3.40%
|
-4.29%
|
6.91%
|
Return After-Taxes on Distributions
|
2.62%
|
-4.69%
|
6.38%
|
Return After-Taxes on Distributions and Sale of Fund Shares
|
2.20%
|
-3.79%
|
5.96%
|
MSCI World Free GTR Index
(reflects no deduction for fees, expenses or taxes)
|
16.54%
|
-0.60%
|
8.08%
|
One Year
|
Five Years
|
Inception
07/1/2004
|
|
Average Annual Total Return Before Taxes- Class L Shares
(AFMMX) (formerly Class C Shares)
|
8.58%
|
-4.12%
|
3.11%
|
Shareholder Fees
(fees paid directly from your investment)
|
Class A
ADVAX
|
Class L
YCVTX
|
Institutional Class
APIVX
|
Maximum sales charge (load) imposed on purchases
(as percentage of offering price)
|
5.75%
|
None
|
None
|
Maximum deferred sales charge (load)
(as a percentage of the lesser of original purchase price or redemption proceeds)
|
None
|
None
|
None
|
Maximum Account fee (for accounts under $500)
|
$25 /yr
|
$25/yr
|
$25/yr
|
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment.)
|
Class A
ADVAX
|
Class L
YCVTX
|
Institutional Class
APIVX
|
Management Fee
|
0.90%
|
0.90%
|
0.90%
|
Distribution/Service (12b-1 Fees)
|
0.00%
|
0.90%
|
0.00%
|
Other Expenses
|
0.74%
|
0.74%
|
0.74%
|
Acquired Fund Fees and Expenses
|
0.04%
|
0.04%
|
0.04%
|
Total Annual Fund Operating Expenses (1)
|
1.68%
|
2.58%
|
1.68%
|
(1)
|
Total Annual Fund Operating Expenses do not correlate to the ratio of average net assets in the Financial Highlights Table, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses.
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$261
|
$802
|
$1,370
|
$2,915
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$736
|
$1,074
|
$1,435
|
$2,448
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$171
|
$530
|
$913
|
$1,987
|
2003-
|
+58.45%
|
2004-
|
+17.01%
|
2005-
|
+8.61%
|
2006-
|
+11.05%
|
2007-
|
+10.16%
|
2008-
|
-50.33%
|
2009-
|
+35.54%
|
2010-
|
+20.12%
|
2011-
|
-7.46%
|
2012-
|
+9.23%
|
Shareholder Fees
(fees paid directly from your investment)
|
Class A
APIUX
|
Class L
AFFIX
|
Institutional Class
APIIX
|
Maximum sales charge (load) imposed on purchases
(as percentage of offering price)
|
5.75%
|
None
|
None
|
Maximum deferred sales charge (load)
(as a percentage of the lesser of original purchase price or redemption proceeds)
|
None
|
None
|
None
|
Maximum Account fee (for accounts under $500)
|
$25 /yr
|
$25/yr
|
$25/yr
|
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment.)
|
Class A
APIUX
|
Class L
AFFIX
|
Institutional Class
APIIX
|
Management Fee
|
0.40%
|
0.40%
|
0.40%
|
Distribution/Service (12b-1 Fees)
|
0.56%
|
1.00%
|
0.00%
|
Other Expenses
|
0.28%
|
0.28%
|
0.28%
|
Acquired Fund Fees and Expenses
|
0.89%
|
0.89%
|
0.89%
|
Total Annual Fund Operating Expenses (1)
|
2.13%
|
2.57%
|
1.57%
|
(1)
|
Total Annual Fund Operating Expenses do not correlate to the ratio of average net assets in the Financial Highlights Table, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses.
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$260
|
$799
|
$1,365
|
$2,905
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$779
|
$1,204
|
1,653
|
2,895
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$160
|
$496
|
$855
|
$1,867
|
2003-
|
-0.05%
|
2004-
|
+0.07%
|
2005-
|
-1.01%
|
2006-
|
+3.62%
|
2007-
|
+2.47%
|
2008-
|
-17.76%
|
2009-
|
+53.25%
|
2010-
|
+13.62%
|
2011-
|
-2.22%
|
2012-
|
+17.42%
|
Shareholder Fees
(fees paid directly from your investment)
|
Class A
APIFX
|
Class L
APILX
|
Institutional Class
APMAX
|
Maximum sales charge (load) imposed on purchases
(as percentage of offering price)
|
5.75%
|
None
|
None
|
Maximum deferred sales charge (load)
(as a percentage of the lesser of original purchase price or redemption proceeds)
|
None
|
None
|
None
|
Maximum Account fee (for accounts under $500)
|
$25 /yr
|
$25/yr
|
$25/yr
|
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment.)
|
Class A
APIFX
|
Class L
APILX
|
Institutional Class
APMAX
|
Management Fee
|
0.30%
|
0.30%
|
0.30%
|
Distribution/Service (12b-1 Fees)
|
0.50%
|
1.00%
|
0.00%
|
Other Expenses
|
0.42%
|
0.42%
|
0.42%
|
Acquired Fund Fees and Expenses
|
1.51%
|
1.51%
|
1.51%
|
Total Annual Fund Operating Expenses (1)
|
2.73%
|
3.23%
|
2.23%
|
(1)
|
Total Annual Fund Operating Expenses do not correlate to the ratio of average net assets in the Financial Highlights Table, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses.
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$326
|
$995
|
$1,688
|
$3,531
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$835
|
$1,374
|
$1,937
|
$3,460
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$226
|
$697
|
$1,195
|
$2,565
|
2010-
|
+17.88%
|
2011-
|
-5.00%
|
2012-
|
+11.40%
|
Fund
|
Fee
|
Growth Fund
|
1.00%
|
Capital Income Fund
|
0.60%
|
Core Income Fund
|
0.70%
|
Value Fund
|
0.90%
|
Income Fund
|
0.40%
|
Master Allocation Fund
|
0.30% (1)
|
(1)
|
For its services relating to the API Master Allocation Fund, the Adviser receives a management fee, which is calculated daily and paid monthly, at an annual rate based on the average daily net assets of the API Master Allocation Fund. The management fee has two components: (i) a fee on API Fund Assets and (ii) a fee on Other Assets. The advisory fee for API Fund Assets is 0.30% of the average daily API Fund Assets of the API Master Allocation Fund. The fee for Other Assets is 1.00% of the average daily Other Assets of the API Master Allocation Fund.
|
Sales Charge as a % of
|
|||
Investment
|
Offering Price
|
Net Amount Invested
|
Dealer Commission as a %
of offering price |
Less than $25,000
|
5.75%
|
6.10%
|
5.00%
|
$25,000 but less than $50,000
|
5.00%
|
5.26%
|
4.25%
|
$50,000 but less than $100,000
|
4.50%
|
4.71%
|
3.75%
|
$100,000 but less than $250,000
|
3.50%
|
3.63%
|
2.75%
|
$250,000 but less than $500,000
|
2.50%
|
2.56%
|
2.00%
|
$500,000 but less than $750,000
|
2.00%
|
2.04%
|
1.60%
|
$750,000 but less than $1 million
|
1.50%
|
1.53%
|
1.20%
|
$1 million or more
|
None
|
None
|
None
|
(1)
|
Current or retired trustees or directors of funds advised by the Adviser and any of its subsidiaries and such persons’ families and their beneficial accounts.
|
(2)
|
Current or retired directors, officers and employees of the Adviser and any of its subsidiaries; employees of an investment subadviser to any fund described in (1) above or an affiliate of such subadviser; and such persons’ families and their beneficial accounts.
|
(3)
|
Directors, officers, employees and, when permitted, registered representatives, of financial institutions that have a selling group agreement with the Distributor and their spouses and children under 21 years of age when purchasing for any accounts they beneficially own, or, in the case of any such financial institution, when purchasing for retirement plans for such institution’s employees; provided that such purchases are otherwise permitted by such institutions.
|
(4)
|
Banks, broker-dealers and other financial institutions (including registered investment advisers and financial planners) that have entered into an agreement with the Distributor or one of its affiliates, purchasing Fund shares on behalf of clients participating in a fund supermarket, wrap program, asset allocation program, or other account or program in which the clients pay a fee (which may be asset-based and/or subject to a minimum flat fee) for: advisory or financial planning services, executing transactions in Participating Fund shares, or for otherwise participating in the account or program.
|
(5)
|
Trustees and other fiduciaries purchasing shares for retirement plans which invest in multiple fund families through broker-dealer retirement plan alliance programs that have entered into agreements with the Distributor and which are subject to certain minimum size and operational requirements. Trustees and other fiduciaries should refer to the Statement of Additional Information for further details with respect to such alliance programs.
|
(6)
|
Retirement plans funded by the rollovers of assets of Participating Funds from an employer-sponsored retirement plan and established exclusively for the benefit of an individual (specifically including, but not limited to, a Traditional IRA, Roth IRA, SIMPLE IRA, Solo 401(k) or Keogh plan) if:
|
|
(i)
|
the account being funded by such rollover is maintained by the same trustee, custodian or administrator that maintained the plan from which the rollover funding such rollover originated, or an affiliate thereof; and
|
|
|
(ii)
|
the dealer of record with respect to the account being funded by such rollover is the same as the dealer of record with respect to the plan from which the rollover funding such rollover originated, or an affiliate thereof.
|
(7)
|
Trusts created under pension, profit sharing or other employee benefit plans (including qualified and non-qualified deferred compensation plans), provided that (a) the total plan assets are at least $1 million or (b) the plan has more than 100 eligible employees.
|
(8)
|
Custodial accounts held by a bank or trust company, created pursuant to Section 403(b) of the Internal Revenue Code of 1986, as amended (the “Code”).
|
(9)
|
Clients of authorized dealers purchasing shares in fixed or flat fee (rather than transaction based fees) brokerage accounts.
|
(10)
|
Certain qualified state tuition plans qualifying pursuant to Section 529 of the Code that are approved by the Funds’ Adviser. There is no minimum investment amount for purchases made under this option (10).
|
(11)
|
Certain purchasers who: (i) held Class A Shares of the Funds in an account prior to April 6, 2007; and (ii) make new purchases of Class A Shares in such existing account.
|
·
|
your name;
|
·
|
the name on your account(s);
|
·
|
your account number(s);
|
·
|
the name of the Fund; and
|
·
|
a check made payable to the applicable Fund
|
•
|
by mailing a written redemption request for a check or wire representing the redemption proceeds to Shareholder Services;
|
|
•
|
by making a telephone request for redemption by check (provided that the amount to be redeemed is not more than $50,000 and the check is being sent to the record address for the account, which has not changed in the prior three months); or
|
•
|
by making a telephone request for redemption proceeds to be wired to a predesignated bank.
|
>
|
Information the Fund receives from you on or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social security number, assets, income and date of birth); and
|
>
|
Information about your transactions with the Fund, its affiliates, or others (such as your account number and balance, payment history, parties to transactions, cost basis information, and other financial information).
|
Class A Shares
|
||||||||||||||||||||||||
For the Period
|
||||||||||||||||||||||||
For Years Ended Jan. 31,
|
Ended
Jan. 31, |
For Years Ended May 31,
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(2)
|
2009
|
2008
|
|||||||||||||||||||
For a share outstanding throughout each year/period
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$ | 9.82 | $ | 9.85 | $ | 7.55 | $ | 6.36 | $ | 13.93 | $ | 14.12 | ||||||||||||
Income from investment operations
|
||||||||||||||||||||||||
Net investment income (loss) (1)(3)
|
(0.04 | ) | (0.04 | ) | (0.01 | ) | 0.06 | 0.04 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
1.68 | 0.01 | 2.34 | 1.20 | (6.06 | ) | 0.20 | |||||||||||||||||
Total income from investment (loss) operations
|
1.68 | (0.03 | ) | 2.30 | 1.19 | (6.00 | ) | 0.24 | ||||||||||||||||
Distributions
|
||||||||||||||||||||||||
From net investment income
|
------ | ------ | ------ | ------ | ------ | (0.13 | ) | |||||||||||||||||
From net realized gain on security transactions
|
------ | ------ | ------ | ------ | (1.57 | ) | (0.30 | ) | ||||||||||||||||
Total distributions
|
------ | ------ | ------ | ------ | (1.57 | ) | (0.43 | ) | ||||||||||||||||
Net asset value, end of year/period
|
$ | 11.50 | $ | 9.82 | $ | 9.85 | $ | 7.55 | $ | 6.36 | $ | 13.93 | ||||||||||||
Total Return
(4)
|
17.11 | % | (0.30 | )% | 30.46 | % | 18.71 | % | (41.06 | )% | 1.62 | % | ||||||||||||
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 16,671 | $ | 14,582 | $ | 12,975 | $ | 9,706 | $ | 4,221 | $ | 5,016 | ||||||||||||
Ratio of expenses to average net assets (5)(6)
|
1.51 | % | 1.58 | % | 1.68 | % | 1.88 | % | 1.94 | % | 1.56 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (5)(6)
|
0.00 | % | (0.37 | )% | (0.48 | )% | (0.28 | )% | 0.80 | % | 0.26 | % | ||||||||||||
Portfolio turnover rate (4)
|
56 | % | 37 | % | 35 | % | 25 | % | 99 | % | 72 | % |
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Effective 2010, the Fund changed its fiscal year end to January 31.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
(6)
|
Does not include expenses of the investment companies in which the Fund invests.
|
Class L Shares*
|
||||||||||||||||||||||||
For the Period
|
||||||||||||||||||||||||
For Years Ended Jan. 31,
|
Ended
Jan. 31, |
For Years Ended May 31,
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(2)
|
2009
|
2008
|
|||||||||||||||||||
For a share outstanding throughout each year/period
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$ | 8.99 | $ | 9.11 | $ | 7.05 | $ | 5.98 | $ | 13.40 | $ | 13.65 | ||||||||||||
Income from investment operations
|
||||||||||||||||||||||||
Net investment income (loss) (1)(3)
|
(0.09 | ) | (0.12 | ) | (0.12 | ) | (0.06 | ) | (0.01 | ) | (0.10 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments
|
1.52 | ------ | 2.18 | 1.13 | (5.84 | ) | 0.19 | |||||||||||||||||
Total income from investment (loss) operations
|
1.43 | (0.12 | ) | 2.06 | 1.07 | (5.85 | ) | 0.09 | ||||||||||||||||
Distributions
|
||||||||||||||||||||||||
From net investment income
|
------ | ------ | ------ | ------ | ------ | (0.04 | ) | |||||||||||||||||
From net realized gain on security transactions
|
------ | ------ | ------ | ------ | (1.57 | ) | (0.30 | ) | ||||||||||||||||
Total distributions
|
------ | ------ | ------ | ------ | (1.57 | ) | (0.34 | ) | ||||||||||||||||
Net asset value, end of year/period
|
$ | 10.42 | $ | 8.99 | $ | 9.11 | $ | 7.05 | $ | 5.98 | $ | 13.40 | ||||||||||||
Total Return
(4)
|
15.91 | % | (1.32 | )% | 29.22 | % | 17.89 | % | (41.62 | )% | 0.63 | % | ||||||||||||
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 24,773 | $ | 22,728 | $ | 28,348 | $ | 25,269 | $ | 25,772 | $ | 56,436 | ||||||||||||
Ratio of expenses to average net assets (5)(6)
|
2.51 | % | 2.58 | % | 2.68 | % | 2.88 | % | 2.94 | % | 2.56 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (5)(6)
|
(1.00 | )% | (1.37 | )% | (1.48 | )% | (1.28 | )% | (0.20 | )% | (0.74 | )% | ||||||||||||
Portfolio turnover rate (4)
|
56 | % | 37 | % | 35 | % | 25 | % | 99 | % | 72 | % |
*
|
Prior to May 30, 2012, Class L shares were referred to as Class C shares.
|
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Effective 2010, the Fund changed its fiscal year end to January 31.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
(6)
|
Does not include expenses of the investment companies in which the Fund invests.
|
Institutional Class Shares*
|
||||||||||||||||||||||||
For the Period
|
||||||||||||||||||||||||
For Years Ended Jan. 31,
|
Ended
Jan. 31, |
For Years Ended May 31,
(3)
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(2)
|
2009
|
2008
|
|||||||||||||||||||
For a share outstanding throughout each year/period
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$ | 37.35 | $ | 36.89 | $ | 30.60 | $ | 26.19 | $ | 43.34 | $ | 47.76 | ||||||||||||
Income from investment operations
|
||||||||||||||||||||||||
Net investment income (loss) (1)(4)
|
1.01 | 0.91 | 0.60 | 0.24 | 0.68 | 0.94 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
3.64 | 0.37 | 6.14 | 4.39 | (15.29 | ) | (1.36 | ) | ||||||||||||||||
Total income from investment (loss) operations
|
4.65 | 1.28 | 6.74 | 4.63 | (14.61 | ) | (0.42 | ) | ||||||||||||||||
Distributions
|
||||||||||||||||||||||||
From net investment income
|
(0.85 | ) | (0.82 | ) | (0.45 | ) | (0.22 | ) | (0.49 | ) | (1.22 | ) | ||||||||||||
From net realized gain on security transactions
|
------ | ------ | ------ | ------ | (2.05 | ) | (2.78 | ) | ||||||||||||||||
Total distributions
|
(0.85 | ) | (0.82 | ) | (0.45 | ) | (0.22 | ) | (2.54 | ) | (4.00 | ) | ||||||||||||
Net asset value, end of year/period
|
$ | 41.15 | $ | 37.35 | $ | 36.89 | $ | 30.60 | $ | 26.19 | $ | 43.34 | ||||||||||||
Total Return
(5)
|
12.63 | % | 3.55 | % | 22.03 | % | 17.63 | % | (32.93 | )% | (0.93 | )% | ||||||||||||
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 14,231 | $ | 13,135 | $ | 11,636 | $ | 7,114 | $ | 3,745 | $ | 3,491 | ||||||||||||
Ratio of expenses to average net assets (6)(7)
|
1.38 | % | 1.42 | % | 1.64 | % | 1.93 | % | 1.90 | % | 1.44 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (6)(7)
|
2.63 | % | 2.49 | % | 1.77 | % | 1.22 | % | 2.33 | % | 2.09 | % | ||||||||||||
Portfolio turnover rate (5)
|
37 | % | 85 | % | 66 | % | 27 | % | 129 | % | 69 | % |
*
|
Prior to May 30, 2012, Institutional Class shares were referred to as Class A shares.
|
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Effective 2010, the Fund changed its fiscal year end to January 31.
|
(3)
|
Per share information adjusted to reflect 1:2 share adjustment effective February 23, 2009.
|
(4)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Annualized for periods less than one year.
|
(7)
|
Does not include expenses of the investment companies in which the Fund invests.
|
Class L Shares*
|
||||||||||||||||||||||||
For the Period
|
||||||||||||||||||||||||
For Years Ended Jan. 31,
|
Ended
Jan. 31, |
For Years Ended May 31,
(3)
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(2)
|
2009
|
2008
|
|||||||||||||||||||
For a share outstanding throughout each year/period
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$ | 35.96 | $ | 35.56 | $ | 29.56 | $ | 25.34 | $ | 42.10 | $ | 46.66 | ||||||||||||
Income from investment operations
|
||||||||||||||||||||||||
Net investment income (loss) (1)(4)
|
0.60 | 0.52 | 0.25 | 0.04 | 0.37 | 0.48 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
3.49 | 0.37 | 5.89 | 4.23 | (14.77 | ) | (1.32 | ) | ||||||||||||||||
Total income from investment (loss) operations
|
4.09 | 0.89 | 6.14 | 4.27 | (14.40 | ) | (0.84 | ) | ||||||||||||||||
Distributions
|
||||||||||||||||||||||||
From net investment income
|
(0.51 | ) | (0.49 | ) | (0.14 | ) | (0.05 | ) | (0.31 | ) | (0.94 | ) | ||||||||||||
From net realized gain on security transactions
|
------ | ------ | ------ | ------ | (2.05 | ) | (2.78 | ) | ||||||||||||||||
Total distributions
|
(0.51 | ) | (0.49 | ) | (0.14 | ) | (0.05 | ) | (2.36 | ) | (3.72 | ) | ||||||||||||
Net asset value, end of year/period
|
$ | 39.54 | $ | 35.96 | $ | 35.56 | $ | 29.56 | $ | 25.34 | $ | 42.10 | ||||||||||||
Total Return
(5)
|
11.49 | % | 2.56 | % | 20.79 | % | 16.85 | % | (33.47 | )% | (1.90 | )% | ||||||||||||
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 8,482 | $ | 7,792 | $ | 8,510 | $ | 7,610 | $ | 8,651 | $ | 15,797 | ||||||||||||
Ratio of expenses to average net assets (6)(7)
|
2.38 | % | 2.42 | % | 2.64 | % | 2.93 | % | 2.90 | % | 2.44 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (6)(7)
|
1.63 | % | 1.49 | % | 0.77 | % | 0.22 | % | 1.33 | % | 1.09 | % | ||||||||||||
Portfolio turnover rate (5)
|
37 | % | 85 | % | 66 | % | 27 | % | 129 | % | 69 | % |
*
|
Prior to May 30, 2012, Class L shares were referred to as Class C shares.
|
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Effective 2010, the Fund changed its fiscal year end to January 31.
|
(3)
|
Per share information adjusted to reflect 1:2 share adjustment effective February 23, 2009.
|
(4)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Annualized for periods less than one year.
|
(7)
|
Does not include expenses of the investment companies in which the Fund invests.
|
Class A Shares*
|
||||||||||||||||||||||||
For the Period
|
||||||||||||||||||||||||
For the Years Ended Jan. 31,
|
Ended
Jan. 31, |
For Years Ended May 31,
(3)
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(2)
|
2009
|
2008
|
|||||||||||||||||||
For a share outstanding throughout each year/period
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$ | 36.79 | $ | 36.36 | $ | 30.19 | $ | 25.85 | $ | 42.82 | $ | 47.32 | ||||||||||||
Income from investment operations
|
||||||||||||||||||||||||
Net investment income (loss) (1)(4)
|
0.80 | 0.71 | 0.42 | 0.14 | 0.52 | 0.70 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
3.59 | 0.37 | 6.04 | 4.33 | (15.05 | ) | (1.34 | ) | ||||||||||||||||
Total income from investment (loss) operations
|
4.39 | 1.08 | 6.46 | 4.47 | (14.53 | ) | (0.64 | ) | ||||||||||||||||
Distributions
|
||||||||||||||||||||||||
From net investment income
|
(0.67 | ) | (0.65 | ) | (0.29 | ) | (0.13 | ) | (0.39 | ) | (1.08 | ) | ||||||||||||
From net realized gain on security transactions
|
------ | ------ | ------ | ------ | (2.05 | ) | (2.78 | ) | ||||||||||||||||
Total distributions
|
(0.67 | ) | (0.65 | ) | (0.29 | ) | (0.13 | ) | (2.44 | ) | (3.86 | ) | ||||||||||||
Net asset value, end of year/period
|
$ | 40.51 | $ | 36.79 | $ | 36.36 | $ | 30.19 | $ | 25.85 | $ | 42.82 | ||||||||||||
Total Return
(5)
|
12.09 | % | 3.04 | % | 21.39 | % | 17.27 | % | (33.18 | )% | (1.43 | )% | ||||||||||||
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 3,659 | $ | 3,779 | $ | 4,040 | $ | 3,795 | $ | 3,551 | $ | 8,015 | ||||||||||||
Ratio of expenses to average net assets (6)(7)
|
1.88 | % | 1.92 | % | 2.14 | % | 2.43 | % | 2.40 | % | 1.94 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (6)(7)
|
2.13 | % | 1.99 | % | 1.27 | % | 0.72 | % | 1.83 | % | 1.59 | % | ||||||||||||
Portfolio turnover rate
|
37 | % | 85 | % | 66 | % | 27 | % | 129 | % | 69 | % |
*
|
Prior to May 30, 2012, Class A shares were referred to as Class D shares.
|
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Effective 2010, the Fund changed its fiscal year end to January 31.
|
(3)
|
Per share information adjusted to reflect 1:2 share adjustment effective February 23, 2009.
|
(4)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Annualized for periods less than one year.
|
(7)
|
Does not include expenses of the investment companies in which the Fund invests
|
Class A Shares
|
||||||||||||||||||||||||
For the Period
|
||||||||||||||||||||||||
For the Years Ended Jan. 31,
|
Ended
Jan. 31, |
For Years Ended May 31,
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(2)
|
2009
|
2008
|
|||||||||||||||||||
For a share outstanding throughout each year/period
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$ | 11.18 | $ | 11.90 | $ | 11.24 | $ | 9.20 | $ | 10.27 | $ | 10.31 | ||||||||||||
Income from investment operations
|
||||||||||||||||||||||||
Net investment income (loss) (1)(3)
|
0.84 | 0.79 | 0.94 | 0.69 | 0.66 | 0.31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
1.00 | (0.72 | ) | 0.62 | 2.00 | (1.11 | ) | (0.06 | ) | |||||||||||||||
Total income from investment (loss) operations
|
1.84 | 0.07 | 1.56 | 2.69 | (0.45 | ) | 0.25 | |||||||||||||||||
Distributions
|
||||||||||||||||||||||||
From net investment income
|
(0.78 | ) | (0.79 | ) | (0.90 | ) | (0.65 | ) | (0.62 | ) | (0.29 | ) | ||||||||||||
From net realized gain on security transactions
|
------ | ------ | ------ | ------ | ------- | ------ | ||||||||||||||||||
Total distributions
|
(0.78 | ) | (0.79 | ) | (0.90 | ) | (0.65 | ) | (0.62 | ) | (0.29 | ) | ||||||||||||
Net asset value, end of year/period
|
$ | 12.24 | $ | 11.18 | $ | 11.90 | $ | 11.24 | $ | 9.20 | $ | 10.27 | ||||||||||||
Total Return
(4)
|
17.09 | % | 0.69 | % | 14.35 | % | 30.00 | % | (3.25 | )% | 2.48 | % | ||||||||||||
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 189,833 | $ | 69,653 | $ | 36,202 | $ | 13,255 | $ | 1,276 | $ | 912 | ||||||||||||
Ratio of expenses to average net assets (5)(6)
|
1.24 | % | 1.56 | % | 1.71 | % | 1.20 | % | 1.88 | % | 1.70 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (5)(6)
|
7.20 | % | 7.02 | % | 8.00 | % | 9.47 | % | 7.76 | % | 3.04 | % | ||||||||||||
Portfolio turnover rate (4)
|
40 | % | 86 | % | 42 | % | 33 | % | 92 | % | 98 | % |
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Effective 2010, the Fund changed its fiscal year end to January 31.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
(6)
|
Does not include expenses of the investment companies in which the Fund invests.
|
Class L Shares*
|
||||||||||||||||||||||||
For the Period
|
||||||||||||||||||||||||
For Years Ended Jan. 31,
|
Ended
Jan. 31, |
For Years Ended May 31,
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(2)
|
2009
|
2008
|
|||||||||||||||||||
For a share outstanding throughout each year/period
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$ | 10.82 | $ | 11.54 | $ | 10.92 | $ | 8.96 | $ | 10.02 | $ | 10.10 | ||||||||||||
Income from investment operations
|
||||||||||||||||||||||||
Net investment income (loss) (1)(3)
|
0.76 | 0.74 | 0.88 | 0.59 | 0.55 | 0.20 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
0.97 | (0.69 | ) | 0.60 | 1.96 | (1.07 | ) | (0.05 | ) | |||||||||||||||
Total income from investment (loss) operations
|
1.73 | 0.05 | 1.48 | 2.55 | (0.52 | ) | 0.15 | |||||||||||||||||
Distributions
|
||||||||||||||||||||||||
From net investment income
|
(0.74 | ) | (0.77 | ) | (0.86 | ) | (0.59 | ) | (0.54 | ) | (0.23 | ) | ||||||||||||
From net realized gain on security transactions
|
------ | ------ | ------ | ------ | ------ | ------ | ||||||||||||||||||
Total distributions
|
(0.74 | ) | (0.77 | ) | (0.86 | ) | (0.59 | ) | (0.54 | ) | (0.23 | ) | ||||||||||||
Net asset value, end of year/period
|
$ | 11.81 | $ | 10.82 | $ | 11.54 | $ | 10.92 | $ | 8.96 | $ | 10.02 | ||||||||||||
Total Return
(4)
|
16.62 | % | 0.50 | % | 14.05 | % | 29.06 | % | (4.12 | )% | 1.52 | % | ||||||||||||
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 248,675 | $ | 83,596 | $ | 46,927 | $ | 30,042 | $ | 19,411 | $ | 11,984 | ||||||||||||
Ratio of expenses to average net assets (5)(6)
|
1.68 | % | 1.81 | % | 1.96 | % | 2.20 | % | 2.88 | % | 2.70 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (5)(6)
|
6.76 | % | 6.77 | % | 7.80 | % | 8.47 | % | 6.76 | % | 2.04 | % | ||||||||||||
Portfolio turnover rate (4)
|
40 | % | 86 | % | 42 | % | 33 | % | 92 | % | 98 | % |
*
|
Prior to May 30, 2012, Class L shares were referred to as Class C shares.
|
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Effective 2010, the Fund changed its fiscal year end to January 31.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
(6)
|
Does not include expenses of the investment companies in which the Fund invests.
|
Institutional Class Shares
|
||||||||||||
For the Period
|
||||||||||||
For Years
Ended Jan. 31,
|
Ended
Jan. 31, |
|||||||||||
2013
|
2012
|
2011
(2)
|
||||||||||
For a share outstanding throughout the period
|
||||||||||||
Net asset value, beginning of period
|
$ | 11.49 | $ | 12.19 | $ | 12.00 | ||||||
Income from investment operations
|
||||||||||||
Net investment income (loss) (1)(3)
|
0.94 | 0.90 | 0.88 | |||||||||
Net realized and unrealized gain on investments
|
1.02 | (0.74 | ) | 0.11 | ||||||||
Total income from investment operations
|
1.96 | 0.16 | 0.99 | |||||||||
Distributions
|
||||||||||||
From net investment income
|
(0.84 | ) | (0.86 | ) | (0.80 | ) | ||||||
From net realized gain on security transactions
|
------ | ------ | ------ | |||||||||
Total distributions
|
(0.84 | ) | (0.86 | ) | (0.80 | ) | ||||||
Net asset value, end of period
|
$ | 12.61 | $ | 11.49 | $ | 12.19 | ||||||
Total Return
(4)
|
17.71 | % | 1.49 | % | 8.60 | % | ||||||
Ratios/Supplemental Data
|
||||||||||||
Net assets, end of period (000's omitted)
|
$ | 53,454 | $ | 9,764 | $ | 5,756 | ||||||
Ratio of expenses to average net assets (5)(6)
|
0.68 | % | 0.81 | % | 0.96 | % | ||||||
Ratio of net investment income (loss) to average net assets (5)(6)
|
7.76 | % | 7.77 | % | 8.80 | % | ||||||
Portfolio turnover rate (4)
|
40 | % | 86 | % | 42 | % |
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Commencement of Operations was April 1, 2010.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
(6)
|
Does not include expenses of the investment companies in which the Fund invests.
|
Class A Shares
|
||||||||||||||||||||||||
For the Period
|
||||||||||||||||||||||||
For Years Ended Jan. 31,
|
Ended
Jan. 31, |
For Years Ended May 31,
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(2)
|
2009
|
2008
|
|||||||||||||||||||
For a share outstanding throughout each year/period
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$ | 12.46 | $ | 12.40 | $ | 10.39 | $ | 8.98 | $ | 16.84 | $ | 18.45 | ||||||||||||
Income from investment operations
|
||||||||||||||||||||||||
Net investment income (loss) (1)(3)
|
0.34 | 0.11 | 0.01 | 0.07 | 0.11 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
0.55 | (0.05 | ) | 2.08 | 1.41 | (7.46 | ) | (0.11 | ) | |||||||||||||||
Total income from investment (loss) operations
|
0.89 | 0.06 | 2.09 | 1.48 | (7.35 | ) | 0.06 | |||||||||||||||||
Distributions
|
||||||||||||||||||||||||
From net investment income
|
(0.28 | ) | ----- | (0.08 | ) | (0.07 | ) | ------ | (0.26 | ) | ||||||||||||||
From net realized gain on security transactions
|
----- | ----- | ----- | ------ | (0.51 | ) | (1.41 | ) | ||||||||||||||||
Total distributions
|
(0.28 | ) | ----- | (0.08 | ) | (0.07 | ) | (0.51 | ) | (1.67 | ) | |||||||||||||
Net asset value, end of year/period
|
$ | 13.07 | $ | 12.46 | $ | 12.40 | $ | 10.39 | $ | 8.89 | $ | 16.84 | ||||||||||||
Total Return
(4)
|
7.19 | % | 0.48 | % | 20.09 | % | 16.43 | % | (43.21 | )% | 0.25 | % | ||||||||||||
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 3,986 | $ | 4,115 | $ | 3,653 | $ | 3,303 | $ | 2,918 | $ | 6,278 | ||||||||||||
Ratio of expenses to average net assets (5)(6)
|
1.47 | % | 1.53 | % | 1.69 | % | 1.82 | % | 1.77 | % | 1.33 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (5)(6)
|
2.62 | % | 0.91 | % | 0.13 | % | 1.02 | % | 1.03 | % | 0.98 | % | ||||||||||||
Portfolio turnover rate (4)
|
62 | % | 244 | % | 122 | % | 21 | % | 75 | % | 59 | % |
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Effective 2010, the Fund changed its fiscal year end to January 31.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
(6)
|
Does not include expenses of the investment companies in which the Fund invests.
|
Class L Shares*
|
||||||||||||||||||||||||
For the Period
|
||||||||||||||||||||||||
For Years Ended Jan. 31,
|
Ended
Jan. 31, |
For Years Ended May 31,
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(2)
|
2009
|
2008
|
|||||||||||||||||||
For a share outstanding throughout each year/period
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$ | 11.66 | $ | 11.72 | $ | 9.86 | $ | 8.54 | $ | 16.22 | $ | 17.89 | ||||||||||||
Income from investment operations
|
||||||||||||||||||||||||
Net investment income (loss) (1)(3)
|
0.19 | (0.01 | ) | (0.09 | ) | ------ | ------ | ------ | ||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
0.52 | (0.05 | ) | 1.95 | 1.33 | (7.17 | ) | (0.10 | ) | |||||||||||||||
Total income from investment (loss) operations
|
0.71 | (0.06 | ) | 1.86 | 1.33 | (7.17 | ) | (0.10 | ) | |||||||||||||||
Distributions
|
||||||||||||||||||||||||
From net investment income
|
(0.17 | ) | ------ | (0.00 | ) † | (0.01 | ) | ------ | (0.16 | ) | ||||||||||||||
From net realized gain on security transactions
|
------ | ------ | ------ | ------ | (0.51 | ) | (1.41 | ) | ||||||||||||||||
Total distributions
|
(0.17 | ) | ------ | (0.00 | ) † | (0.01 | ) | (0.51 | ) | (1.57 | ) | |||||||||||||
Net asset value, end of year/period
|
$ | 12.20 | $ | 11.66 | $ | 11.72 | $ | 9.86 | $ | 8.54 | $ | 16.22 | ||||||||||||
Total Return
(4)
|
6.10 | % | (0.51 | )% | 18.88 | % | 15.58 | % | (43.76 | )% | (0.72 | )% | ||||||||||||
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 16,856 | $ | 17,651 | $ | 17,190 | $ | 17,008 | $ | 16,417 | $ | 33,834 | ||||||||||||
Ratio of expenses to average net assets (5)(6)
|
2.47 | % | 2.53 | % | 2.69 | % | 2.82 | % | 2.77 | % | 2.33 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (5)(6)
|
1.62 | % | (0.09 | )% | (0.87 | )% | 0.02 | % | 0.03 | % | (0.02 | )% | ||||||||||||
Portfolio turnover rate (4)
|
62 | % | 244 | % | 122 | % | 21 | % | 75 | % | 59 | % |
*
|
Prior to May 30, 2012, Class L shares were referred to as Class C shares.
|
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Effective 2010, the Fund changed its fiscal year end to January 31.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
(6)
|
Does not include expenses of the investment companies in which the Fund invests.
|
†
|
Amount less than $0.005.
|
Class A Shares
|
||||||||||||||||||||||||
For the Period
|
||||||||||||||||||||||||
For Years Ended Jan. 31,
|
Ended
Jan. 31, |
For Years Ended May 31,
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(2)
|
2009
|
2008
|
|||||||||||||||||||
For a share outstanding throughout each year/period
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$ | 12.67 | $ | 12.99 | $ | 10.33 | $ | 8.48 | $ | 16.56 | $ | 19.15 | ||||||||||||
Income from investment operations
|
||||||||||||||||||||||||
Net investment income (loss) (1)(3)
|
0.02 | 0.02 | 0.02 | ------ | 0.11 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
1.36 | (0.34 | ) | 2.64 | 1.92 | (7.95 | ) | (0.36 | ) | |||||||||||||||
Total income from investment (loss) operations
|
1.38 | (0.32 | ) | 2.66 | 1.92 | (7.84 | ) | (0.19 | ) | |||||||||||||||
Distributions
|
||||||||||||||||||||||||
From net investment income
|
------- | ------- | ------- | (0.07 | ) | ------ | (0.24 | ) | ||||||||||||||||
From net realized gain on security transactions
|
------ | ------ | ------ | ------ | (0.24 | ) | (2.16 | ) | ||||||||||||||||
Total distributions
|
------ | ------ | ------ | (0.07 | ) | (0.24 | ) | (2.40 | ) | |||||||||||||||
Net asset value, end of year/period
|
$ | 14.05 | $ | 12.67 | $ | 12.99 | $ | 10.33 | $ | 8.48 | $ | 16.56 | ||||||||||||
Total Return
(4)
|
10.89 | % | (2.46 | )% | 25.75 | % | 22.60 | % | (47.18 | )% | (0.50 | )% | ||||||||||||
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 13,556 | $ | 13,579 | $ | 11,962 | $ | 7,838 | $ | 4,832 | $ | 4,060 | ||||||||||||
Ratio of operating expenses to average net assets (5)(6)
|
1.64 | % | 1.59 | % | 1.72 | % | 1.93 | % | 1.93 | % | 1.53 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (5)(6)
|
0.15 | % | 0.16 | % | 0.16 | % | 0.00 | % | 1.11 | % | 1.00 | % | ||||||||||||
Portfolio turnover rate (4)
|
95 | % | 52 | % | 58 | % | 32 | % | 120 | % | 74 | % |
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Effective 2010, the Fund changed its fiscal year end to January 31.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
(6)
|
Does not include expenses of the investment companies in which the Fund invests.
|
Class L Shares*
|
||||||||||||||||||||||||
For the Period
|
||||||||||||||||||||||||
For Years Ended Jan. 31,
|
Ended
Jan. 31, |
For Years Ended May 31,
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(2)
|
2009
|
2008
|
|||||||||||||||||||
For a share outstanding throughout each year/period
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$ | 11.79 | $ | 12.19 | $ | 9.79 | $ | 8.05 | $ | 15.89 | $ | 18.53 | ||||||||||||
Income from investment operations
|
||||||||||||||||||||||||
Net investment income (loss) (1)(3)
|
(0.09 | ) | (0.09 | ) | (0.08 | ) | (0.06 | ) | 0.02 | 0.02 | ||||||||||||||
Net realized and unrealized gain (loss) on investments
|
1.25 | (0.31 | ) | 2.48 | 1.82 | (7.62 | ) | (0.36 | ) | |||||||||||||||
Total income from investment (loss) operations
|
1.16 | (0.40 | ) | 2.40 | 1.76 | (7.60 | ) | (0.34 | ) | |||||||||||||||
Distributions
|
||||||||||||||||||||||||
From net investment income
|
------- | ------- | ------- | (0.02 | ) | ------ | (0.14 | ) | ||||||||||||||||
From net realized gain on security transactions
|
------- | ------- | ------- | ------ | (0.24 | ) | (2.16 | ) | ||||||||||||||||
Total distributions
|
------- | ------- | ------- | (0.02 | ) | (0.24 | ) | (2.30 | ) | |||||||||||||||
Net asset value, end of year/period
|
$ | 12.95 | $ | 11.79 | $ | 12.19 | $ | 9.79 | $ | 8.05 | $ | 15.89 | ||||||||||||
Total Return
(4)
|
9.84 | % | (3.28 | )% | 24.51 | % | 21.83 | % | (47.67 | )% | (1.38 | )% | ||||||||||||
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 8,986 | $ | 9,405 | $ | 15,147 | $ | 13,969 | $ | 14,763 | $ | 36,190 | ||||||||||||
Ratio of operating expenses to average net assets (5)(6)
|
2.54 | % | 2.49 | % | 2.62 | % | 2.83 | % | 2.83 | % | 2.43 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (5)(6)
|
(0.75 | )% | (0.74 | )% | (0.74 | )% | (0.90 | )% | 0.21 | % | 0.10 | % | ||||||||||||
Portfolio turnover rate (4)
|
95 | % | 52 | % | 58 | % | 32 | % | 120 | % | 74 | % |
*
|
Prior to May 30, 2012, Class L shares were referred to as Class C shares.
|
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Effective 2010, the Fund changed its fiscal year end to January 31.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
(6)
|
Does not include expenses of the investment companies in which the Fund invests.
|
Class A Shares
|
||||||||||||||||
For the Period
|
||||||||||||||||
For Years Ended Jan. 31,
|
Ended
Jan. 31, |
|||||||||||||||
2013
|
2012
|
2011
|
2010
(2)
|
|||||||||||||
For a share outstanding throughout each year/period
|
||||||||||||||||
Net asset value, beginning of year/period
|
$ | 27.14 | $ | 27.41 | $ | 22.13 | $ | 15.00 | ||||||||
Income from investment operations
|
||||||||||||||||
Net investment income (loss) (1)(3)
|
(0.14 | ) | (0.13 | ) | (0.24 | ) | (0.32 | ) | ||||||||
Net realized and unrealized gain (loss) on investments
|
3.39 | (0.14 | ) | 5.52 | 7.45 | |||||||||||
Total income from investment (loss) operations
|
3.25 | (0.27 | ) | 5.28 | 7.13 | |||||||||||
Net asset value, end of year/period
|
$ | 30.39 | $ | 27.14 | $ | 27.41 | $ | 22.13 | ||||||||
Total Return
(4)
|
11.97 | % | (0.99 | )% | 23.86 | % | 47.53 | % | ||||||||
Ratios/Supplemental Data
|
||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 9,488 | $ | 11,389 | $ | 9,407 | $ | 3,035 | ||||||||
Ratio of operating expenses to average net assets (5)(6)
|
1.22 | % | 1.23 | % | 1.45 | % | 2.47 | % | ||||||||
Ratio of net investment income (loss) to average net assets (5)(6)
|
(0.49 | )% | (0.49 | )% | (0.96 | )% | (1.74 | )% | ||||||||
Portfolio turnover rate (4)
|
7 | % | 16 | % | 7 | % | 2 | % |
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Commencement of operations was March 19, 2010.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
(6)
|
Does not include expenses of the investment companies in which the Fund invests.
|
Class L Shares
|
||||||||||||||||
For the Period
|
||||||||||||||||
For Years Ended Jan. 31,
|
Ended
Jan. 31, |
|||||||||||||||
2013
|
2012
|
2011
|
2010
(2)
|
|||||||||||||
For a share outstanding throughout each year/period
|
||||||||||||||||
Net asset value, beginning of year/period
|
$ | 26.76 | $ | 27.16 | $ | 22.03 | $ | 15.00 | ||||||||
Income from investment operations
|
||||||||||||||||
Net investment income (loss) (1)(3)
|
(0.27 | ) | (0.26 | ) | (0.36 | ) | (0.42 | ) | ||||||||
Net realized and unrealized gain (loss) on investments
|
3.32 | (0.14 | ) | 5.49 | 7.45 | |||||||||||
Total income from investment (loss) operations
|
3.05 | (0.40 | ) | 5.13 | 7.03 | |||||||||||
Net asset value, end of year/period
|
$ | 29.81 | $ | 26.76 | $ | 27.16 | $ | 22.03 | ||||||||
Total Return
(4)
|
11.40 | % | (1.47 | )% | 23.29 | % | 46.87 | % | ||||||||
Ratios/Supplemental Data
|
||||||||||||||||
Net assets, end of period (000's omitted)
|
$ | 23,601 | $ | 21,280 | $ | 18,708 | $ | 13,574 | ||||||||
Ratio of operating expenses to average net assets (5)(6)
|
1.72 | % | 1.73 | % | 1.95 | % | 2.97 | % | ||||||||
Ratio of net investment income (loss) to average net assets (5)(6)
|
(0.99 | )% | (0.99 | )% | (1.46 | )% | (2.24 | )% | ||||||||
Portfolio turnover rate (4)
|
7 | % | 16 | % | 7 | % | 2 | % |
(1)
|
Per share information has been calculated using the average number of shares outstanding.
|
(2)
|
Commencement of operations was March 19, 2010.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
(6)
|
Does not include expenses of the investment companies in which the Fund invests.
|
By Mail:
|
API Funds
|
|
2303 Yorktown Avenue
|
|
Lynchburg, Virginia 24501
|
|
By Telephone:
|
(800) 544-6060
|
|
By Internet:
|
www.apifunds.com
|
General
|
2
|
Fundamental Investment Restrictions
|
2
|
Non-Fundamental Investment Restrictions
|
5
|
Investment Policies and Risks
|
6
|
Management of the Trust
|
13
|
Principal Securities Holders
|
19
|
Investment Adviser and Advisory Agreement
|
21
|
Additional Information About Portfolio Managers
|
23
|
Other Service Providers
|
24
|
Distribution of Fund Shares
|
25
|
Payments to Financial Intermediaries
|
27
|
Portfolio Transactions
|
28
|
Capital Stock and Dividends
|
29
|
Pricing and Additional Purchase and Exchange Information
|
30
|
Taxation
|
31
|
Other Information
|
34
|
Financial Statements
|
35
|
Appendix A: API Funds Proxy Voting Policies and Procedures
|
37
|
Appendix B: Description of Commercial Paper and Bond Ratings
|
B-1
|
Appendix C: Hedging Strategies
|
C-1
|
1.
|
Purchase any security if, as a result of such purchase, more than 5% of the value of the Fund’s total assets would be invested in the securities of a single issuer or the Fund would own or hold more than 10% of the outstanding voting securities of that issuer, except that up to 25% of the value of the Fund’s total assets (50% of the Value Fund’s total assets) may be invested without regard to this limitation and provided that this limitation does not apply to securities issued or guaranteed by the U.S. government or its agencies or instrumentalities (“U.S. Government securities”) or to securities issued by other open-end investment companies;
|
2.
|
Purchase any security if, as a result of such purchase, 25% or more of the value of the Fund’s total assets would be invested in the securities of issuers having their principal business activities in the same industry; provided, however, that (a) the Core Income Fund will invest at least 25% of its total assets in securities issued by other open-end investment companies, and (b) this limitation does not apply to U.S. government securities;
|
3.
|
Purchase or sell real estate (including, with respect to the Value Fund, real estate limited partnerships); except that the Growth Fund and the Capital Income Fund may invest in the securities of companies whose business involves the purchase or sale of real estate;
|
4.
|
Purchase or sell commodities or commodity contracts including futures contracts, except that all Funds other than the Growth Fund and the Capital Income Fund may purchase or sell interest rate, stock index and foreign currency futures contracts and options thereon, may engage in transactions in foreign currencies and may purchase or sell options on foreign currencies for hedging purposes; or
|
5.
|
Make loans, except when (a) purchasing a portion of an issue of debt securities; (b) engaging in repurchase agreements; or (c) engaging in securities loan transactions limited to one-third of the Fund’s total assets (5% of the Fund’s total assets with respect to the Growth Fund and the Capital Income Fund).
|
1.
|
Purchase any security if, as a result of such purchase, more than 5% of the value of the Fund’s total assets would be invested in the securities of issuers which at the time of purchase had been in operation for less than three years, except U.S. Government securities or securities issued by open-end investment companies and index securities (for this purpose, the period of operation of any issuer shall include the period of operation of any predecessor issuer or unconditional guarantor of such issuer);
|
2.
|
Purchase participations or other direct interests in oil, gas or other mineral exploration or development programs;
|
3.
|
Make short sales of securities or purchase securities on margin, except for such short-term credits as may be necessary for the clearance of purchases of portfolio securities;
|
4.
|
Borrow money, except as a temporary measure for extraordinary or emergency purposes, and then only from banks in amounts not exceeding the lesser of 10% of the Fund’s total assets (valued at cost) or 5% of its total assets (valued at market) and, in any event, only if immediately thereafter there is asset coverage of at least 300%;
|
5.
|
Invest in puts, calls, straddles, spreads or any combinations thereof, except that a Fund may write covered call options as described below;
|
6.
|
Mortgage, pledge or hypothecate securities, except in connection with the borrowings permitted under restriction (4) above and then only where the market value of the securities mortgaged, pledged or hypothecated does not exceed 15% of the Fund’s assets (valued at cost), or 10% of its net assets (valued at market);
|
7.
|
Underwrite securities issued by other persons;
|
8.
|
Invest in issuers for the purpose of exercising management or control;
|
9.
|
Purchase or retain the securities of any issuer if, to the knowledge of the Trust’s management, the officers or Trustees of the Trust and the officers and directors of the Adviser who each own beneficially more than 0.50% of the outstanding securities of such issuer together own beneficially more than 5% of such securities;
|
10.
|
Issue securities or other obligations senior to the Fund’s shares of beneficial interest;
|
11.
|
Purchase any securities that would cause more than 2% of the value of the Fund’s total assets at the time of such purchase to be invested in warrants that are not listed on the New York Stock or American Stock Exchanges, or more than 5% of the value of its total assets to be invested in warrants whether or not so listed, such warrants in each case to be valued at the lesser of cost or market, but assigning no value to warrants acquired by the Fund in units with or attached to debt securities; or
|
12.
|
Purchase any security if, as a result of such purchase, more than 10% of the value of the Fund’s total assets would be invested in illiquid securities (including repurchase agreements and time deposits maturing in more than seven days) or foreign securities which are not publicly traded in the United States.
|
1.
|
Borrow money, (a) from a bank in an amount not in excess of one-third of the Fund’s net assets or, (b) by engaging in reverse repurchase agreements;
|
2.
|
Underwrite securities issued by other persons, except to the extent that, in connection with the disposition of portfolio securities, the Fund may be deemed an underwriter under federal securities laws; or
|
3.
|
Issue senior securities, provided that the Fund’s use of options, futures contracts and options thereon and currency-related contracts will not be deemed senior securities for this purpose, and further provided that the Fund will not be deemed to have issued senior securities under circumstances that are specifically exempted from such classification by the 1940 Act.
|
1.
|
Borrow money, except (a) from a bank in an amount not in excess of one-third of the Fund’s net assets or, (b) by engaging in reverse repurchase agreements;
|
2.
|
Underwrite securities issued by other persons, except to the extent that, in connection with the disposition of portfolio securities, the Fund may be deemed an underwriter under federal securities laws; or
|
3.
|
Issue senior securities, except as permitted by the 1940 Act and provided that the Fund’s use of options, futures contracts and options thereon and currency-related contracts will not be deemed senior securities for this purpose.
|
Master Allocation Fund
|
The following fundamental investment restrictions apply to the Master Allocation Fund
|
1.
|
Purchase any securities which would cause 25% or more of the total net assets of the Fund to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply to investments in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities and repurchase agreements involving such securities. Further, securities issued by investment companies shall not be deemed as an industry. For purposes of this limitation, (I) utility companies will be classified according to their services, for example, gas distribution, gas transmission, electric and telephone will each be considered a separate industry; and (ii) financial service companies will be classified according to the end users of their services, for example, automobile finance, bank finance and diversified finance will each be considered a separate industry.
|
2.
|
Concentrate investments in a particular industry or group of industries, as concentration is defined under the 1940 Act (currently 25% of assets), the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time, provided, however, that securities issued by investment companies shall not be deemed an industry.
|
3.
|
Borrow money in an amount exceeding 33 1/3% of the value of its total net assets, provided that, for purposes of this limitation, investment strategies that either obligate the Fund to purchase securities or require the Fund to segregate assets are not considered to be borrowing. Asset coverage of at least 300% is required for all borrowing, except where the Fund has borrowed money for temporary purposes in an amount not exceeding 5% of its total net assets.
|
4.
|
Make loans if, as a result, more than 33 1/3% of its total net assets would be lent to other parties, except that the Fund may (I) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; and (iii) lend its securities.
|
5.
|
Purchase or sell real estate, real estate limited partnership interests, physical commodities or commodities contracts except that the Fund may purchase (I) marketable securities issued by companies which own or invest in real estate (including real estate investment trusts), commodities or commodities contracts; and (ii) commodities contracts relating to financial instruments, such as financial futures contracts and options on such contracts.
|
6.
|
Underwrite securities issued by other persons, except to the extent that, in connection with the disposition of portfolio securities, the Fund may be deemed an underwriter under federal securities laws .
|
7.
|
Issue senior securities, except as permitted by the 1940 Act and provided that the Fund’s use of options, futures contracts and options thereon and currency-related contracts will not be deemed senior securities for this purpose.
|
1.
|
Invest more than 15% of its net assets in illiquid securities, a term that means securities that cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the securities and includes, among other things, repurchase agreements maturing in more than seven days;
|
2.
|
Make short sales of securities or purchase securities on margin, except (a) for such short-term credits as may be necessary for the clearance of the purchases of portfolio securities and (b) in connection with the Fund’s use of options, futures contracts and options on future contracts; or
|
3.
|
Borrow money, except from banks for temporary purposes and for reverse repurchase agreements, and then in an aggregate amount not in excess of 10% of the Fund’s total assets, provided the Fund may not purchase securities while borrowings in excess of 5% of the Fund’s total assets are outstanding.
|
1.
|
Invest more than 15% of its net assets in illiquid securities, a term which means securities that cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the securities and includes, among other things, repurchase agreements maturing in more than seven days; or
|
7.
|
2.
|
Make short sales of securities or purchase securities on margin, except (a) for such short-term credits as may be necessary for the clearance of the purchases of portfolio securities, (b) in connection with the Fund’s use of o ptions, futures contracts and options on future contracts and (c) the Fund may sell short “against the box.”
|
Master Allocation Fund
|
The following non-fundamental investment restrictions apply to the Master Allocation Fund
|
1
|
Hold illiquid securities in an amount exceeding, in the aggregate, 15% of the Fund’s net assets.
|
Name of Trustee:
|
David D. Basten (2)
|
Birth Year:
|
1951
|
Positions held with Trust and Tenure:
|
President and Chairman of the Board, Trustee since 1985
|
Number of Funds in Complex Overseen
|
6
|
Principal Occupation(s) for the last Five (5) Years:
|
President, Director and Portfolio Manager, Yorktown Management & Research Company, Inc.; Vice President, The Travel Center of Virginia, Inc.; Partner, The Rivermont Company (real estate); Partner, Downtown Enterprises (real estate); Managing Partner, WAIMED Enterprises, LLC (real estate and travel services); He is the father of David M. Basten
|
Other Directorships Held by Trustee:
|
None
|
Name of Trustee:
|
David M. Basten (2)
|
Birth Year:
|
1977
|
Positions held with Trust and Tenure:
|
Trustee since 2008. Assistant Secretary for 2012, subject to annual renewal.
|
Number of Funds in Complex Overseen
|
6
|
Principal Occupation(s) for the last Five (5) Years:
|
Secretary/Treasurer and Director, Yorktown Management & Research Company, Inc.; He is the son of David D. Basten.
|
Other Directorships Held by Trustee:
|
None
|
Name of Trustee:
|
Mark A. Borel
|
Birth Year:
|
1952
|
Positions held with Trust and Tenure:
|
Trustee since 1985
|
Number of Funds in Complex Overseen
|
6
|
Principal Occupation(s) for the last Five (5) Years:
|
President, Borel Construction Company, Inc.; President, Borel Properties, Inc. (real estate); Partner, James Riviera, LLC (real estate); Partner, JBO, LLC (real estate); Partner, A & K Bo, LLC (real estate); Partner, JAMBO International (commercial real estate); Partner, Jamborita, LLC (commercial real estate); Partner, Neighbors Place Restaurant; Partner, Schmokies (restaurant); Partner, Neighbors Place Café (restaurant); Vice-President, Winnbo Electric (electrical contractor); Partner, Tabo, LLC (real estate); Partner, The HAB Company, LC (real estate); Partner, Piedmont Professional Investments, LLC (real estate); Partner, New London Development Company (real estate); Partner, City Place Commercial (commercial real estate); Partner, City Place Apartments (real estate); Partner, Combo, LLC (real estate); Partner, Lake Group, LLC (real estate); Partner, Oakhill Apartments (real estate); Partner, Braxton Park, LLC (real estate); Partner, FATBO, LLC (shoe manufacturing)
|
Other Directorships Held by Trustee:
|
None
|
Name of Trustee:
|
Stephen B. Cox
|
Birth Year:
|
1948
|
Positions held with Trust and Tenure:
|
Trustee since 1995
|
Number of Funds in Complex Overseen
|
6
|
Principal Occupation(s) for the last Five (5) Years:
|
Retired
|
Other Directorships Held by Trustee:
|
None
|
Name of Trustee:
|
G. Edgar Dawson III
|
Birth Year:
|
1956
|
Positions held with Trust and Tenure:
|
Trustee since 1995
|
Number of Funds in Complex Overseen
|
6
|
Principal Occupation(s) for the last Five (5) Years:
|
Shareholder, President and Director, Petty, Livingston, Dawson, & Richards, P.C. (law firm).
|
Other Directorships Held by Trustee:
|
None
|
Name of Trustee:
|
Wayne C. Johnson
|
Birth Year:
|
1953
|
Positions held with Trust and Tenure:
|
Trustee since 1988; Lead Independent Trustee
|
Number of Funds in Complex Overseen
|
6
|
Principal Occupation(s) for the last Five (5) Years:
|
Vice President of Operations and Human Resources, C.B. Fleet Company, Inc. (pharmaceuticals).
|
Other Directorships Held by Trustee:
|
None
|
Name of Officer:
|
David D. Jones, since February, 2008
|
Birth Year:
|
1957
|
Positions held with Trust and Tenure:
|
Chief Compliance Officer and Secretary, subject to annual renewal
|
Number of Funds in Complex Overseen
|
6
|
Principal Occupation(s) for the last Five (5) Years:
|
Co-founder and Managing Member, Drake Compliance, LLC (compliance consulting); founder and controlling shareholder, David Jones & Associates (law firm)
|
Other Directorships Held by Trustee:
|
None
|
Name of Officer:
|
Charles D. Foster
|
Birth Year:
|
1960
|
Positions held with Trust and Tenure:
|
Treasurer/Chief Financial Officer since 1988
|
Number of Funds in Complex Overseen
|
6
|
Principal Occupation(s) for the last Five (5) Years:
|
Chief Financial Officer, Yorktown Management & Research Company, Inc.
|
Other Directorships Held by Trustee:
|
None
|
Name of Officer:
|
M. Dennis Stratton
|
Birth Year:
|
1962
|
Positions held with Trust and Tenure:
|
Controller since 1989
|
Number of Funds in Complex Overseen
|
6
|
Principal Occupation(s) for the last Five (5) Years:
|
Controller, Yorktown Management & Research Company, Inc.
|
Other Directorships Held by Trustee:
|
None
|
(1)
|
Trustees of the Trust serve a term of indefinite length until their resignation or removal and stand for re-election by shareholders only as and when required by the 1940 Act. Officers of the Trust serve one-year terms, subject to annual reappointment by the Board.
|
(2)
|
Mr. David Basten and Mr. David M. Basten are considered to be “interested persons” (as defined in the 1940 Act) of the Trust by virtue of their positions with the Trust’s investment adviser and as officers of the Trust.
|
Name
|
Dollar Range of Equity Securities Owned (Fund)
|
Aggregate Dollar Range of
Equity Securities in the Funds
|
INTERESTED TRUSTEES:
|
||
David D. Basten
|
Over $100,000 (Growth Fund)
Over $100,000 (Capital Income Fund)
Over $100,000 (Value Fund)
Over $100,000 (Core Income Fund)
Over $100,000 (Income Fund)
Over $100,000 (Master Allocation Fund)
|
Over $100,000
|
David M. Basten
|
$10,001 to $50,000 (Growth Fund)
$1 to $10,000 (Capital Income Fund)
$1 to $10,000 (Value Fund)
$10,001 to $50,000 (Core Income Fund)
$1 to $10,000 (Income Fund)
|
$10,001 to $50,000
|
INDEPENDENT TRUSTEES:
|
||
Mark A Borel
|
$1-$10,000 (Growth Fund)
$1-$10,000 (Capital Income Fund)
$1-$10,000 (Value Fund)
$10,001 to $50,000 (Core Income Fund)
|
$10,001 to $50,000
|
Stephen B. Cox
|
None
|
None
|
G. Edgar Dawson, III
|
$10,001 to $50,000 (Growth Fund)
$10,001 to $50,000 (Capital Income Fund)
|
$10,001 to $50,000
|
Wayne C. Johnson
|
$1-$10,000 (Growth Fund)
$1-$10,000 (Capital Income Fund)
$1-$10,000 (Value Fund)
$1-$10,000 (Core Income Fund)
$1-$10,000 (Income Fund)
|
$10,001-$50,000
|
Brentz East
|
$10,001 to $50,000 (Growth Fund)
$10,001 to $50,000 (Capital Income Fund)
$1 to $10,000 (Core Income Fund)
$10,001 to $50,000 (Value Fund)
$1 to $10,000 (Income Fund)
|
$50,001 to $100,000
|
Michael Dixon
|
$1-$10,000 (Growth Fund)
$1-$10,000 (Capital Income Fund)
$1-$10,000 (Value Fund)
$1-$10,000 (Core Income Fund)
$1-$10,000 (Income Fund)
|
$1-$10,000
|
Trustee
|
Aggregate
Compensation
From the
Trust
|
Pension or
Retirement Benefits
Accrued As Part of
Funds Expenses
|
Estimated Annual
Benefits Upon
Retirement
|
Total Compensation
From Fund and Fund
Complex Paid to
Directors
|
||||||
Mark A. Borel
|
$ | 9,300 |
None
|
None
|
$ | 9,300 | ||||
Stephen B. Cox
|
$ | 9,300 |
None
|
None
|
$ | 9,300 | ||||
G. Edgar Dawson III
|
$ | 9,300 |
None
|
None
|
$ | 9,300 | ||||
Wayne C. Johnson
|
$ | 9,300 |
None
|
None
|
$ | 9,300 |
|
•
|
The Adviser has access to each Fund’s complete portfolio holdings on a daily basis to manage each Fund’s portfolio and vote proxies of the Funds.
|
|
•
|
The Trust’s custodian, Huntington National Bank, legal counsel, Sullivan & Worcester, LLP, and pricing service, Interactive Data Pricing, may receive confirmation of portfolio activity within one business day of a trade.
|
|
•
|
The Trust may provide its independent registered public accounting firm, Tait, Weller & Baker LLP, complete year-end portfolio holdings within one week of the Trust’s year-end.
|
|
•
|
Lastly, the Trust may disclose portfolio holdings information on a monthly or quarterly basis to several rating and ranking organizations on the condition that such information will be used only in connection with developing a rating, ranking or research product for the Funds. The Trust may provide its complete month-end portfolio holdings to Morningstar and Lipper within fifteen days of month-end, and the Trust may provide its complete quarter-end portfolio holdings to Standard and Poor’s and Thomson Financial within fifteen days of quarter-end.
|
Fund
|
Name and Address
|
Number of
Shares
|
Class
|
% of
Class
|
Growth Fund
|
API Master Allocation Fund
2303 Yorktown Avenue
Lynchburg, VA 24501
|
916,019.74
|
A
|
61.57%
|
Core Income Fund
|
Yorktown Management and Research Co
David D Basten
303 Yorktown Avenue
Lynchburg, VA 24501
|
44,104.38
|
A
|
14.02%
|
IRA R/O of Charles C. Mann
930 Tahoe Boulevard
Incline Village, NV 89451
|
24,249.22
|
A
|
7.71%
|
Fund
|
Name and Address
|
Number of
Shares
|
Class
|
% of
Class
|
SEP IRA of Charles Mann
930 Tahoe Boulevard
Incline Village, NV 89451
|
27,913.89
|
A
|
8.87%
|
|
LPL Financial, FBO Client Accounts
9785 Towne Centre Drive
San Diego, CA 92121
|
51,141.92
|
A
|
16.25%
|
|
IRA R/O of David W. Day
8562 Salt Lake Drive
Huntington Beach, CA 92646
|
76,124.82
|
L
|
5.45%
|
|
Value Fund
|
API Master Allocation Fund
2303 Yorktown Avenue
Lynchburg, VA 24501
|
774,437.52
|
A
|
80.41%
|
Wallace L. Huff
3708 S. Main Street
Blacksburg, VA 24060
|
50,177.61
|
L
|
7.44%
|
|
Capital Income Fund
|
API Master Allocation Fund
2303 Yorktown Avenue
Lynchburg, VA 24501
|
261,665.58
|
Institutional
|
75.58%
|
LPL Financial, FBO Client Accounts
9785 Towne Centre Drive
San Diego, CA 92121
|
20,503.53
|
Institutional
|
5.92%
|
|
Wallace L. Huff
3708 S. Main Street
Blacksburg, VA 24060
|
21,012.37
|
L
|
9.67%
|
|
IRA R/O of James R. Bernave
23623 N. Scottsdale Road
Scottsdale, AZ 85255
|
11,589.18
|
L
|
5.33%
|
|
Pershing, LLC FBO Client Accounts
PO Box 2052
Jersey City, NJ 07303
|
12,969.69
|
L
|
5.97%
|
|
Pershing, LLC FBO Client Accounts
PO Box 2052
Jersey City, NJ 07303
|
16,716.20
|
A
|
17.96%
|
|
Income Fund
|
LPL Financial, FBO Client Accounts
9785 Towne Centre Drive
San Diego, CA 92121
|
1,154,498.91
|
Institutional
|
22.54%
|
Raymond James Omnibus for Mutual Funds
880 Carillon Parkway
Saint Petersburg, FL 33716
|
1,180,599.78
|
Institutional
|
23.05%
|
Fund
|
Name and Address
|
Number of
Shares
|
Class
|
% of
Class
|
Charles Schwab & Co Special Custody Acct FBO Customers
101 Montgomery Street
San Francisco, CA 94104
|
1,320,784.95
|
A
|
7.65%
|
|
Charles Schwab & Co Special Custody Acct FBO Customers
101 Montgomery Street
San Francisco, CA 94104
|
1,001,955.13
|
A
|
5.80%
|
|
Raymond James Omnibus for Mutual Funds
880 Carillon Parkway
Saint Petersburg, FL 33716
|
1,444,390.46
|
A
|
8.36%
|
|
Charles Schwab & Co Special Custody Acct FBO Customers
101 Montgomery Street
San Francisco, CA 94104
|
1,925,684.73
|
L
|
7.94%
|
|
Raymond James Omnibus for Mutual Funds
880 Carillon Parkway
Saint Petersburg, FL 33716
|
6,020,065.38
|
L
|
24.84%
|
|
Master Allocation Fund
|
N/A
|
N/A
|
N/A
|
N/A
|
Fund
|
Contractual Fees
|
Actual Fees Paid
|
Growth Fund
|
$378,855
|
$378,855
|
Capital Income Fund
|
$126,719
|
$126,719
|
Core Income Fund
|
$142,649
|
$142,649
|
Value Fund
|
$218,986
|
$218,986
|
Income Fund
|
$258,554
|
$258,554
|
Master Allocation Fund
|
$65,316
|
$65,316
|
Fund
|
Contractual Fees
|
Actual Fees Paid
|
Growth Fund
|
$387,929
|
$387,929
|
Capital Income Fund
|
$151,790
|
$151,790
|
Core Income Fund
|
$154,229
|
$154,229
|
Value Fund
|
$232,636
|
$232,636
|
Income Fund
|
$521,455
|
$521,455
|
Master Allocation Fund
|
$93,254
|
$93,254
|
Fund
|
Contractual Fees
|
Actual Fees Paid
|
Growth Fund
|
$375,721
|
$375,721
|
Capital Income Fund
|
$150,614
|
$150,614
|
Core Income Fund
|
$148,188
|
$148,188
|
Value Fund
|
$196,641
|
$196,641
|
Income Fund
|
$1,168,119
|
$1,168,119
|
Master Allocation Fund
|
$94,951
|
$94,951
|
*
|
None of the other accounts managed by the portfolio managers are subject to a performance-based advisory fee.
|
Accounting and Pricing
Services Fees Paid |
||||||||
Fund
|
2009
|
2008
|
||||||
Growth Fund
|
$ | 38,625 | $ | 41,192 | ||||
Capital Income Fund
|
$ | 41,853 | $ | 42,768 | ||||
Core Income Fund
|
$ | 37,354 | $ | 38,982 | ||||
Value Fund
|
$ | 37,437 | $ | 38,991 | ||||
Income Fund
|
$ | 36,286 | $ | 36,236 |
Fund
|
Fiscal Year Ended January 31, 2013
|
Fiscal Year Ended January 31, 2012
|
Fiscal Year Ended January 31, 2011
|
Growth Fund
|
56%
|
37%
|
35%
|
Capital Income Fund
|
37%
|
85%
|
66%
|
Core Income Fund
|
62%
|
244%
|
122%
|
Value Fund
|
95%
|
52%
|
58%
|
Income Fund
|
40%
|
86%
|
42%
|
Master Allocation Fund
|
7%
|
16%
|
7%
|
|
•
|
The name of the issuer of the portfolio security;
|
|
•
|
The exchange ticker symbol of the portfolio security;
|
|
•
|
The Council on Uniform Securities Identification Procedures (“CUSIP”) number for the portfolio security;
|
|
•
|
The shareholder meeting date;
|
|
•
|
A brief identification of the matter voted on;
|
|
•
|
Whether the matter was proposed by the issuer or by a security holder;
|
|
•
|
Whether the Portfolio cast its vote on the matter;
|
|
•
|
How the Portfolio cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and
|
|
•
|
Whether the Portfolio cast its vote for or against management.
|
|
•
|
If a proposal may harm a Trust series financially while enhancing the financial or business prospects of Yorktown. Likewise, if a proposal may harm the financial or business prospects of Yorktown while enhancing a Trust series’ financial position.
|
(1)
|
a Fund will write only covered options and each such option will remain covered so long as the Fund is obligated under the option;
|
(2)
|
a Fund will not write call or put options having aggregate exercise prices greater than 25% of its net assets; and
|
(3)
|
a Fund may purchase a put or call option, including any straddles or spreads, only if the value of its premium, when aggregated with the premiums on all other options held by the Funds, does not exceed 5% of the Fund’s total assets.
|
|
(1)
|
a Fund will not purchase or sell futures contracts or related options if, immediately thereafter, the sum of the amount of initial margin deposits on the Fund’s existing futures positions and related options and premiums paid for related options would exceed 5% of the Fund’s total assets; and
|
|
(2)
|
futures contracts and related options will not be purchased if immediately thereafter more than 30% of the Fund’s total assets would be so invested.
|
(a)(1)
|
Declaration of Trust of American Pension Investors Trust (the “Trust” or the “Registrant”) dated January 23, 1985 is incorporated herein by reference to Exhibit 1 of Post-Effective Amendment No. 24 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the U.S. Securities and Exchange Commission (the “SEC”) via EDGAR Accession No. 0000898432-96-000418 on September 30, 1996.
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(a)(2)
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Amendment dated February 18, 1997 to the Registrant’s Declaration of Trust dated January 23, 1985 is incorporated herein by reference to Exhibit (1)(b) of Post-Effective Amendment No. 26 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-97-000240 on April 16, 1997.
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(a)(3)
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Amended and Restated Certificate of Designation, dated July 24, 2009, is incorporated by reference to Exhibit 99a-3 of Post-Effective Amendment No. 51 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001398344-10-000821 on June 9, 2010.
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(a)(4)
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Amended and Restated Certificate of Designation, dated May 24, 2012, is filed herein as Exhibit 99-a(4).
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(b)(1)
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By-Laws of the Registrant are incorporated herein by reference to Exhibit (2)(a) of Post-Effective Amendment No. 24 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-96-000418 on September 30, 1996.
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(b)(2)
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Amendment dated September 16, 1988 to the Registrant’s By-Laws is incorporated herein by reference to Exhibit (2)(b) of Post-Effective Amendment No. 24 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-96-000418 on September 30, 1996.
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(c)
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Instrument defining the rights of holders of the Registrant’s shares of beneficial interest is incorporated herein by reference to Exhibit (4) of Post-Effective Amendment No. 24 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-96-000418 on September 30, 1996.
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(d)(1)
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Investment Advisory and Administrative Services Agreement dated December 28, 1990 between the Registrant and American Pension Investors, Inc. (now Yorktown Management & Research Company, Inc.), relating to the Income Fund (now the API Efficient Frontier Capital Income Fund) and Growth Fund (now the API Efficient Frontier Growth Fund), is incorporated herein by reference to Exhibit (5)(a) of Post-Effective Amendment No. 24 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-96-000418 on September 30, 1996.
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(d)(2)
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Investment Advisory and Administrative Services Agreement dated September 30, 1992 between the Registrant and American Pension Investors, Inc. (now Yorktown Management & Research Company, Inc.), relating to the Yorktown Classic Value Trust (now the API Efficient Frontier Value Fund), is incorporated herein by reference to Exhibit (5)(b) of Post-Effective Amendment No. 24 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-96-000418 on September 30, 1996.
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(d)(3)
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Investment Advisory and Administrative Services Agreement dated May 31, 1997 between the Registrant and Yorktown Management & Research Company, Inc., relating to the Multiple Index Trust (now the API Efficient Frontier Multiple Index Fund) and Treasuries Trust (now the API Efficient Frontier Income Fund), is incorporated herein by reference to Exhibit (5)(c) of Post-Effective Amendment No. 28 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-98-000001 on January 5, 1998.
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(d)(4)
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Investment Advisory and Administrative Services Agreemenst datedMarch 17, 2009 between the Registrant and Yorktown Management & Research Company, Inc., relating to the Master Allocation Fund, is incorporated herein by reference to Exhibits (D)(4) and (H)(7), respectively, of Post-Effective Amendment No. 47 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001193125-09-057637 1 on March 18, 2009.
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(e)(1)
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Distribution Agreement dated June 7, 2004 between the Registrant and Unified Financial Securities, Inc. is incorporated herein by reference to Exhibit (e)(1) of Post-Effective Amendment No. 36 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-04-000576 on June 30, 2004.
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(e)(2)
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Form of Dealer Agreement with Unified Financial Securities, Inc. is incorporated herein by reference to Exhibit (e)(2) of Post-Effective Amendment No. 36 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-04-000576 on June 30, 2004.
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(f)
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Not Applicable.
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(g)
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Custody Agreement dated June 23, 2006 between the Registrant and UMB Bank, N.A. is incorporated herein by reference to Exhibit (g) of Post-Effective Amendment No. 40 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001193125-06-197971 on September 27, 2006.
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(h)(1)
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Mutual Fund Services Agreement dated June 1, 2004 between the Registrant and Unified Fund Services, Inc. is incorporated herein by reference to Exhibit (h)(1) of Post-Effective Amendment No. 36 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-04-000576 on June 30, 2004.
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(h)(2)
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Accounting and Pricing Services Agreement dated May 28, 2004 between the Registrant and Yorktown Management & Research Company, Inc. is incorporated herein by reference to Exhibit (h)(2) of Post-Effective Amendment No. 36 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-04-000576 on June 30, 2004.
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(h)(3)
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Shareholder Services Plan dated July 12, 2006 and Amended and Restated Schedule A thereto dated April 6, 2007 is incorporated herein by reference to Exhibit (h)(3) of Post Effective Amendment No. 44 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001193125-07-209001 on September 27, 2007.
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(i)
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Opinion and Consent of Counsel, Sullivan & Worcester LLP- is incorporated by reference to Exhibit 99-i of Post-Effective Amendment No. 51 to the Registrant's Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001398344-10-000821 on June 9, 2010.
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(j)
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Consent of Independent Registered Public Accounting Firm, Tait, Weller & Baker LLP, dated May 31, 2013, is filed herein as Exhibit 99J.
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(k)
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Not Applicable.
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(l)
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Contribution Agreement dated March 12, 1985 between the Registrant and American Pension Investors, Inc. is incorporated herein by reference to Exhibit (13) of Post-Effective Amendment No. 24 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-96-000418 on September 30, 1996.
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(m)(1)
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Amended and Restated Plan of Distribution pursuant to Rule 12b-1 dated October 26, 2006 and Appendix A thereto is incorporated herein by reference to Exhibit (m) of Post Effective Amendment No. 44 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001193125-07-209001 on September 27, 2007.
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(m)(2)
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Amended and Restated Plan of Distribution pursuant to Rule 12b-1 dated September 12, 2012 and Appendix A thereto is filed herein as Exhibit 99M-2.
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(n)
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Amended and Restated Multiple Class Plan pursuant to Rule 18f-3 dated April 6, 2007 and Amended and Restated Schedule A thereto is incorporated herein by reference to Exhibit (n) of Post Effective Amendment No. 44 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0001193125-07-209001 on September 27, 2007.
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(o)
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Reserved.
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(p)
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Code of Ethics revised as of February 1, 2005 for the Registrant and Yorktown Management & Research Company, Inc. is incorporated herein by reference to Exhibit (p) of Post-Effective Amendment No. 37 to the Registrant’s Registration Statement on Form N-1A (File No. 002-96538) as filed with the SEC via EDGAR Accession No. 0000898432-05-000620 on August 1, 2005.
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a.
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Unified Financial Securities, Inc. (“UFSI”) is underwriter and distributor for the Registrant's shares. As such, UFSI is obligated to offer shares of the Funds only upon orders received therefor. The Fund continuously offers shares. UFSI serves as underwriter or distributor for other investment companies.
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b.
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The information required by this Item 32(b) with respect to each director, officer or partner of UFSI is incorporated herein by reference to Schedule A of Form BD, filed by UFSI with the SEC pursuant to the Securities Exchange Act of 1934, as amended.
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c.
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Not Applicable.
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AMERICAN PENSION INVESTORS TRUST
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/s/ David D. Basten
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David D. Basten, President
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Signature
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Title
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Date
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||
/s/ David D. Basten
David D. Basten
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Trustee and President
(Principal Executive Officer)
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May 31, 2013
|
||
/s/ David M. Basten
David M. Basten
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Trustee
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May 31, 2013
|
||
/s/ Mark A. Borel
* Mark A. Borel
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Trustee
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May 31, 2013
|
||
/s/ Stephen B. Cox
* Stephen B. Cox
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Trustee
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May 31, 2013
|
||
/s/ G. Edgar Dawson III
* G. Edgar Dawson III
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Trustee
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May 31, 2013
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||
/s/ Wayne C. Johnson
* Wayne C. Johnson
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Trustee
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May 31, 2013
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||
/s/ Charles D. Foster
Charles D. Foster
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Chief Financial Officer
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May 31, 2013
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*By:
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/s/ David D. Basten
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David D. Basten
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Exhibit 99J-
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Consent of Independent Registered Public Accounting Firm
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Exhibit 99M-2-
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Amended & Restated Plan of Distribution Pursuant to Rule 12b-1
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