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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 | - |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-04262
AMERICAN PENSION INVESTORS TRUST
(Exact name of registrant as specified in charter)
David D. Basten, President
American Pension Investors Trust
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(Name and address of agent for service)
Registrants telephone number, including area code: (434) 846-1361
Copies to:
W. Lee H. Dunham, Esq.
Sullivan & Worcester LLP
One Post Office Square
Boston, MA 02109
Date of fiscal year end: January 31
Date of reporting period: April 30, 2013
ITEM 1. | SCHEDULE OF INVESTMENTS |
API CAPITAL INCOME FUND | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
April 30, 2013 | ||||||||
(Unaudited) | ||||||||
Shares | Value | |||||||
Europe Large Cap Stocks - 4.0% |
||||||||
Allianz SE |
11,000 | $ | 162,250 | |||||
ArcelorMittal ADR |
10,000 | 124,900 | ||||||
AXA SA |
8,700 | 162,255 | ||||||
Banco Santander SA |
13,000 | 94,250 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG |
7,500 | 150,300 | ||||||
Royal Dutch Shell PLC |
1,800 | 122,346 | ||||||
Telefonica S.A. |
11,000 | 160,270 | ||||||
Total SA ADR |
4,000 | 200,960 | ||||||
|
|
|||||||
1,177,531 | ||||||||
|
|
|||||||
Europe Small Cap Stocks - 0.4% |
||||||||
Navios Maritime Partners LP |
7,000 | 106,120 | ||||||
|
|
|||||||
Global Large Cap Stocks - 4.0% |
||||||||
Cenovus Energy, Inc. |
6,800 | 203,592 | ||||||
LyondellBasell Industries NV |
2,000 | 121,400 | ||||||
Sanofi-Aventis ADR |
5,000 | 266,750 | ||||||
Toronto Dominion Bank |
3,500 | 286,650 | ||||||
TransCanada Corp. |
6,000 | 297,060 | ||||||
|
|
|||||||
1,175,452 | ||||||||
|
|
|||||||
Global Mid Cap Stocks - 0.5% |
||||||||
TransAlta Corp. |
10,200 | 150,042 | ||||||
|
|
|||||||
Global Small Cap Stocks - 0.4% |
||||||||
Aircastle Ltd. |
9,500 | 132,620 | ||||||
|
|
|||||||
International Large Cap Stocks - 4.1% |
||||||||
BCE, Inc. |
7,000 | 328,020 | ||||||
Eni S.p.A. ADR |
6,500 | 310,765 | ||||||
Sasol Ltd. ADR |
5,000 | 217,100 | ||||||
SeaDrill Ltd. |
9,000 | 346,410 | ||||||
|
|
|||||||
1,202,295 | ||||||||
|
|
|||||||
International Market Indexes - 2.6% |
||||||||
iShares Dow Jones EPAC Select Dividend Index Fund |
7,000 | 252,630 | ||||||
iShares Emerging Markets Dividend Index Fund |
3,000 | 162,930 | ||||||
iShares MSCI Australia Index Fund |
12,000 | 337,200 | ||||||
|
|
|||||||
752,760 | ||||||||
|
|
|||||||
International Mid Cap Stocks - 1.3% |
||||||||
PartnerRe Ltd. |
4,000 | 377,360 | ||||||
|
|
|||||||
International Small Cap Stocks - 1.7% |
||||||||
Fly Leasing Ltd. |
11,600 | 176,320 | ||||||
Maiden Holdings, Ltd. |
17,000 | 175,610 | ||||||
Tower Group International, Ltd. |
8,400 | 158,928 | ||||||
|
|
|||||||
510,858 | ||||||||
|
|
|||||||
Japan Large Cap Stocks - 0.7% |
||||||||
NTT DOCOMO, Inc. ADR |
12,000 | 198,840 | ||||||
|
|
|||||||
Latin America Large Cap Stocks - 1.5% |
||||||||
Ecopetrol SA ADR |
4,500 | 214,065 | ||||||
Empresa Nacional de Electricidad SA ADR |
4,300 | 229,233 | ||||||
|
|
|||||||
443,298 | ||||||||
|
|
|||||||
Pacific/Asia Large Cap Stocks - 1.9% |
||||||||
China Petroleum & Chemical Corporation |
2,200 | 243,232 | ||||||
PetroChina Company Limited |
1,000 | 127,860 | ||||||
Westpac Banking Corporation |
1,000 | 175,080 | ||||||
|
|
|||||||
546,172 | ||||||||
|
|
|||||||
Pacific/Asia Market Indexes - 3.2% |
||||||||
iShares Asia/Pacific Dividend 30 Index Fund |
4,300 | 265,869 | ||||||
iShares MSCI Pacific ex-Japan Index Fund |
6,500 | 335,400 |
iShares MSCI Singapore Index Fund |
23,000 | 332,120 | ||||||
|
|
|||||||
933,389 | ||||||||
|
|
|||||||
Scandinavia Large Cap Stocks - 0.7% |
||||||||
Statoil ASA ADR |
9,000 | 220,500 | ||||||
|
|
|||||||
Structured Notes - 1.8% |
||||||||
Morgan Stanley Contingent Income Auto-Callable Securities, Variable Rate, due 1/25/2023 |
$ | 200,000 | 197,490 | |||||
Morgan Stanley Market Linked Auto-Callable Securities, Variable Rate, due 11/30/2032 |
$ | 300,000 | 321,360 | |||||
|
|
|||||||
518,850 | ||||||||
|
|
|||||||
United Kingdom Large Cap Stocks - 6.1% |
||||||||
Astrazeneca PLC ADR |
4,000 | 207,680 | ||||||
Aviva plc ADR |
26,000 | 249,340 | ||||||
BP plc |
7,000 | 305,200 | ||||||
BT Group plc |
4,000 | 172,040 | ||||||
Diageo Plc ADR |
1,400 | 171,080 | ||||||
Ensco PLC |
5,000 | 288,400 | ||||||
National Grid PLC ADR |
2,000 | 127,560 | ||||||
Tesco plc |
7,300 | 127,604 | ||||||
Vodafone Group PLC |
4,600 | 140,714 | ||||||
|
|
|||||||
1,789,618 | ||||||||
|
|
|||||||
U.S. Large Cap Stocks - 29.6% |
||||||||
Altria Group, Inc. |
8,500 | 310,335 | ||||||
A T & T, Inc. |
7,600 | 284,696 | ||||||
Baxter International, Inc. |
4,000 | 279,480 | ||||||
BB&T Corporation |
4,300 | 132,311 | ||||||
Blackrock, Inc. |
750 | 199,875 | ||||||
Bristol-Myers Squibb Company |
6,500 | 258,180 | ||||||
Chevron Corp. |
2,300 | 280,623 | ||||||
Coca Cola Co. |
8,000 | 338,640 | ||||||
ConAgra Foods, Inc. |
6,500 | 229,905 | ||||||
Dominion Resources, Inc. |
2,400 | 148,032 | ||||||
Dow Chemical Company |
9,000 | 305,190 | ||||||
DTE Energy Co. |
2,000 | 145,760 | ||||||
Duke Energy Corporation |
2,100 | 157,920 | ||||||
E. I. du Pont de Nemours and Company |
2,600 | 141,726 | ||||||
Eli Lilly & Co. |
6,000 | 332,280 | ||||||
Enterprise Products Partners L.P. |
2,400 | 145,560 | ||||||
Exelon Corporation |
4,400 | 165,044 | ||||||
Freeport-McMoRan Copper & Gold, Inc. |
5,100 | 155,193 | ||||||
General Dynamics Corporation |
2,800 | 207,088 | ||||||
General Electric Company |
5,500 | 122,595 | ||||||
General Mills, Inc. |
6,000 | 302,520 | ||||||
JPMorgan Chase & Co. |
7,000 | 343,070 | ||||||
Kellogg Corporation |
3,000 | 195,120 | ||||||
Kimberly-Clark Corporation |
2,500 | 257,975 | ||||||
Lockheed Martin Corporation |
3,100 | 307,179 | ||||||
M & T Bank Corp. |
2,500 | 250,500 | ||||||
McDonalds Corp. |
3,000 | 306,420 | ||||||
Merck & Co., Inc. |
7,000 | 329,000 | ||||||
Microsoft Corporation |
4,700 | 155,570 | ||||||
Norfolk Southern Corp. |
4,000 | 309,680 | ||||||
Omnicom Group, Inc. |
2,500 | 149,425 | ||||||
Paychex, Inc. |
8,000 | 291,280 | ||||||
Procter & Gamble Co. |
3,000 | 230,310 | ||||||
Reynolds American, Inc. |
6,500 | 308,230 | ||||||
Southern Company |
2,700 | 130,221 | ||||||
Sysco Corporation |
9,500 | 331,170 | ||||||
Verizon Communications, Inc. |
2,800 | 150,948 | ||||||
|
|
|||||||
8,689,051 | ||||||||
|
|
|||||||
U.S. Micro Cap Stocks - 4.1% |
||||||||
Calamos Asset Management, Inc. |
12,000 | 136,200 | ||||||
Flushing Financial Corporation |
11,000 | 166,980 | ||||||
Full Circle Capital Corporation |
26,000 | 205,660 |
Medallion Financial Corp. |
13,000 | 194,220 | ||||||
OceanFirst Financial Corp. |
20,000 | 284,200 | ||||||
State Auto Financial Corp. |
13,000 | 225,940 | ||||||
|
|
|||||||
1,213,200 | ||||||||
|
|
|||||||
U.S. Mid Cap Stocks - 10.0% |
||||||||
AGL Resources, Inc. |
5,500 | 241,175 | ||||||
Ares Capital Corp. |
17,000 | 308,720 | ||||||
Broadridge Financial Solutions, Inc. |
15,000 | 377,700 | ||||||
Cleco Corporation |
3,500 | 173,320 | ||||||
Erie Indemnity Co. |
3,500 | 278,495 | ||||||
IAC/InterActiveCorp |
3,400 | 160,038 | ||||||
Maxim Integrated Products, Inc. |
7,500 | 231,975 | ||||||
Omega Healthcare Investors, Inc. |
10,000 | 328,700 | ||||||
Pinnacle West Capital Corp. |
2,700 | 164,430 | ||||||
Rayonier, Inc. |
4,500 | 267,390 | ||||||
SCANA Corp. |
3,000 | 162,600 | ||||||
Sonoco Products Co. |
6,600 | 231,264 | ||||||
|
|
|||||||
2,925,807 | ||||||||
|
|
|||||||
U.S. REITs - 8.8% |
||||||||
Agree Realty Corp. |
4,400 | 132,308 | ||||||
American Realty Capital Properties, Inc. |
14,500 | 238,380 | ||||||
Arbor Realty Trust, Inc. |
36,000 | 277,920 | ||||||
Ares Commercial Real Estate Corp. |
7,500 | 126,225 | ||||||
CapLease, Inc. |
29,000 | 203,580 | ||||||
Capstead Mortgage Corp. |
14,000 | 185,920 | ||||||
Colony Financial, Inc. |
9,000 | 200,700 | ||||||
Government Properties Income Trust |
8,400 | 218,820 | ||||||
Home Properties, Inc. |
4,000 | 257,840 | ||||||
PennyMac Mortgage Investment Trust |
4,800 | 121,200 | ||||||
Preferred Apartment Communities, Inc. |
9,000 | 81,990 | ||||||
Redwood Trust, Inc. |
6,500 | 148,330 | ||||||
Spirit Realty Capital, Inc. |
17,400 | 374,622 | ||||||
|
|
|||||||
2,567,835 | ||||||||
|
|
|||||||
U.S. Small Cap Stocks - 8.5% |
||||||||
HNI Corporation |
8,000 | 275,440 | ||||||
Horace Mann Educators Corporation |
11,000 | 248,050 | ||||||
Intersil Corporation |
18,200 | 141,232 | ||||||
Laclede Group, Inc. |
6,500 | 303,615 | ||||||
Landauer, Inc. |
2,800 | 156,436 | ||||||
MDC Partners, Inc. |
10,500 | 179,445 | ||||||
Meridian Bioscience, Inc. |
7,000 | 142,030 | ||||||
Northwest Bancshares, Inc. |
20,000 | 245,000 | ||||||
Speedway Motorsports, Inc. |
21,000 | 378,630 | ||||||
Suburban Propane Partners, L.P. |
4,700 | 233,825 | ||||||
Vanguard Natural Resources, LLC |
6,700 | 190,615 | ||||||
|
|
|||||||
2,494,318 | ||||||||
|
|
|||||||
Money Market Funds - 4.0% |
||||||||
Fidelity Institutional Money Market Portfolio |
1,160,586 | 1,160,586 | ||||||
|
|
|||||||
TOTAL INVESTMENTS - 99.9% (cost $24,144,574) |
|
29,286,502 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% |
|
16,761 | ||||||
|
|
|||||||
Net Assets - 100.0% |
$ | 29,303,263 | ||||||
|
|
Cost for federal income tax purposes $24,144,574.
The aggregate gross unrealized appreciation (depreciation) for all securities is as follows:
Excess of value over tax cost |
$ | 5,412,541 | ||
Excess of tax cost over value |
270,613 | |||
|
|
|||
Net Appreciation |
$ | 5,141,928 | ||
|
|
API GROWTH FUND
SCHEDULE OF INVESTMENTS
April 30, 2013
(Unaudited)
Shares | Value | |||||||
Emerging Markets Growth - 2.1% |
||||||||
iShares MSCI Emerging Markets Growth Index Fund |
5,000 | $ | 287,050 | |||||
iShares MSCI Emerging Markets Index Fund |
7,000 | 303,030 | ||||||
iShares MSCI Turkey Investable Market Index Fund |
2,500 | 183,025 | ||||||
Market Vectors Vietnam ETF |
9,800 | 191,198 | ||||||
|
|
|||||||
964,303 | ||||||||
|
|
|||||||
Emerging Markets Value - 0.4% |
||||||||
Guggenheim BRIC ETF |
4,600 | 161,414 | ||||||
|
|
|||||||
Europe Large Cap Stocks - 4.4% |
||||||||
ASML Holding N.V. |
2,464 | 183,248 | ||||||
BLDRS Europe 100 ADR Index Fund |
9,300 | 206,367 | ||||||
LOreal SA |
7,000 | 248,710 | ||||||
LVMH Moet Hennessey Louis Vuitton SA |
6,200 | 215,450 | ||||||
Nestle SA ADR |
2,900 | 206,567 | ||||||
Roche Holding, Ltd. ADR |
3,000 | 187,260 | ||||||
Siemens AG ADR |
1,800 | 188,118 | ||||||
Syngenta AG ADS |
3,000 | 256,500 | ||||||
Tenaris SA ADR |
4,000 | 177,960 | ||||||
Vanguard MSCI European ETF |
3,000 | 154,080 | ||||||
|
|
|||||||
2,024,260 | ||||||||
|
|
|||||||
Europe Mid Cap Stocks - 0.6% |
||||||||
Core Laboratories N.V. |
1,800 | 260,604 | ||||||
|
|
|||||||
Global Large Cap Stocks - 2.6% |
||||||||
Accenture plc |
3,600 | 293,184 | ||||||
Aon plc |
3,400 | 205,190 | ||||||
Cenovus Energy, Inc. |
5,500 | 164,670 | ||||||
iShares MSCI Kokusai Index Fund |
4,600 | 214,369 | ||||||
Lululemon Athletica, Inc.* |
2,000 | 152,260 | ||||||
SAP AG ADS |
2,000 | 159,700 | ||||||
|
|
|||||||
1,189,373 | ||||||||
|
|
|||||||
Global Market Indexes - 0.6% |
||||||||
Vanguard Total World Stock Index Fund |
5,500 | 295,240 | ||||||
|
|
|||||||
Global Mid Cap Stocks - 1.0% |
||||||||
Allied World Assurance Comapny Holdings Ltd. |
2,000 | 181,620 | ||||||
Signet Jewelers Ltd. |
3,900 | 268,047 | ||||||
|
|
|||||||
449,667 | ||||||||
|
|
|||||||
Global Small Cap Stocks - 0.5% |
||||||||
Aircastle Ltd. |
14,000 | 195,440 | ||||||
|
|
|||||||
International Large Cap Stocks - 4.1% |
||||||||
Agrium, Inc. |
1,500 | 137,505 | ||||||
Brookfield Asset Management, Inc. |
6,000 | 231,540 | ||||||
Brookfield Property Partners L.P.* |
344 | 7,596 | ||||||
Elan Corporation plc ADR* |
13,000 | 152,100 | ||||||
Essilor International SA |
3,800 | 213,978 | ||||||
Novozymes A/S |
5,700 | 196,707 | ||||||
Potash Corporation of Saskatchewan, Inc. |
4,500 | 189,450 | ||||||
Valeant Pharmaceuticals International, Inc.* |
3,600 | 273,888 | ||||||
Wilmar International Ltd. |
7,500 | 204,225 | ||||||
Yandex NV* |
9,900 | 254,826 | ||||||
|
|
|||||||
1,861,815 | ||||||||
|
|
|||||||
International Market Indexes - 0.9% |
||||||||
iShares MSCI EAFE Growth Index Fund |
2,500 | 164,675 | ||||||
iShares MSCI EAFE Small Cap Index Fund |
5,500 | 250,415 | ||||||
|
|
|||||||
415,090 | ||||||||
|
|
|||||||
International Mid Cap Stocks - 1.3% |
||||||||
Bruker Corporation* |
10,800 | 191,916 | ||||||
Lazard Ltd. |
6,500 | 220,350 | ||||||
Sirona Dental Systems, Inc.* |
2,800 | 205,912 | ||||||
|
|
|||||||
618,178 | ||||||||
|
|
|||||||
International Small Cap Stocks - 2.7% |
Accelrys, Inc.* |
21,000 | 206,850 | ||||||
Cielo SA |
7,440 | 198,871 | ||||||
Himax Technologies, Inc.* |
42,000 | 231,000 | ||||||
Premier Global Services, Inc.* |
18,500 | 207,755 | ||||||
Schweitzer-Mauduit International, Inc. |
4,000 | 161,160 | ||||||
Tangoe, Inc.* |
16,200 | 208,332 | ||||||
|
|
|||||||
1,213,968 | ||||||||
|
|
|||||||
Japan Large Cap Stocks - 0.5% |
||||||||
Secom Co. Ltd. |
16,000 | 221,920 | ||||||
|
|
|||||||
Japan Small Cap Stocks - 0.5% |
||||||||
iShares Japan Small Cap Index Fund |
4,500 | 243,855 | ||||||
|
|
|||||||
Latin America Large Cap Stocks - 3.3% |
||||||||
BanColombia SA ADR |
3,100 | 210,087 | ||||||
Banco Santander - Chile ADR |
6,493 | 172,974 | ||||||
Brasil Foods SA |
11,100 | 275,613 | ||||||
Enersis SA ADR |
12,000 | 226,560 | ||||||
Fomento Economico Mexicano S.A.B. de C.V. ADR |
1,600 | 181,424 | ||||||
Grupo Televisa SA ADR |
9,500 | 240,540 | ||||||
Sociedad Quimica Minera de Chile ADR |
4,000 | 197,960 | ||||||
|
|
|||||||
1,505,158 | ||||||||
|
|
|||||||
Latin America Market Indexes - 0.5% |
||||||||
iShares S&P Latin American 40 Index Fund |
5,500 | 238,315 | ||||||
|
|
|||||||
Latin America Mid Cap Stocks - 1.2% |
||||||||
Compania Cervecerias Unidas S.A. |
7,400 | 255,522 | ||||||
Embraer SA ADR |
8,400 | 293,412 | ||||||
|
|
|||||||
548,934 | ||||||||
|
|
|||||||
Pacific/Asia Large Cap Stocks - 2.1% |
||||||||
BHP Billiton Ltd. ADR |
2,800 | 188,216 | ||||||
Honda Motor Co. Ltd. |
5,400 | 215,892 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR |
14,000 | 267,120 | ||||||
Vanguard MSCI Pacific ETF |
5,000 | 305,900 | ||||||
|
|
|||||||
977,128 | ||||||||
|
|
|||||||
Pacific/Asia Market Indexes - 1.6% |
||||||||
BLDRS Emerging Markets 50 ADR Index Fund |
4,900 | 191,933 | ||||||
iShares MSCI Indonesia Investable Market Index Fund |
5,000 | 177,850 | ||||||
iShares MSCI Malaysia Index Fund |
10,200 | 161,364 | ||||||
iShares MSCI Thailand Investable Market Index Fund |
2,000 | 190,000 | ||||||
|
|
|||||||
721,147 | ||||||||
|
|
|||||||
Pacific/Asia Mid Cap Stocks - 0.5% |
||||||||
NetEase, Inc. |
3,900 | 219,921 | ||||||
|
|
|||||||
Scandinavia Large Cap Stocks - 0.4% |
||||||||
Novo Nordisk A/S ADR |
1,000 | 176,630 | ||||||
|
|
|||||||
Scandinavia Mid Cap Stocks - 0.6% |
||||||||
Autoliv, Inc. |
3,500 | 267,470 | ||||||
|
|
|||||||
United Kingdom Large Cap Stocks - 1.0% |
||||||||
ACE Limited |
2,500 | 222,850 | ||||||
GlaxoSmithKline PLC ADR |
4,700 | 242,708 | ||||||
|
|
|||||||
465,558 | ||||||||
|
|
|||||||
U.S. Large Cap Stocks - 16.9% |
||||||||
Allergan, Inc. |
2,000 | 227,100 | ||||||
Amazon.com, Inc. |
700 | 177,667 | ||||||
Apple, Inc. |
500 | 221,375 | ||||||
AutoZone, Inc.* |
350 | 143,182 | ||||||
Beam, Inc. |
3,000 | 194,130 | ||||||
CarMax, Inc.* |
4,400 | 202,576 | ||||||
Celgene Corporation* |
1,500 | 177,105 | ||||||
CF Industries Holdings, Inc. |
1,200 | 223,812 | ||||||
eBay, Inc.* |
3,500 | 183,365 | ||||||
Fluor Corporation |
2,900 | 165,242 | ||||||
FMC Technologies, Inc.* |
4,700 | 255,210 | ||||||
Franklin Resources, Inc. |
1,600 | 247,456 | ||||||
Gilead Sciences, Inc.* |
3,600 | 182,304 | ||||||
Google, Inc.* |
250 | 206,143 | ||||||
Intel Corporation |
8,400 | 201,180 | ||||||
Intuitive Surgical, Inc.* |
400 | 196,916 | ||||||
Laboratory Corporation of America Holdings, Inc.* |
2,500 | 233,400 | ||||||
Liberty Interactive Corporation* |
8,000 | 170,320 | ||||||
Liberty Media Corporation* |
1,600 | 183,808 |
Liberty Ventures Series A* |
4,000 | 293,880 | ||||||
Lowes Companies, Inc. |
6,000 | 230,520 | ||||||
Macys, Inc. |
4,500 | 200,700 | ||||||
Moodys Corp. |
2,500 | 152,125 | ||||||
NetApp, Inc.* |
7,200 | 251,208 | ||||||
Oracle Corp. |
7,700 | 252,406 | ||||||
OReilly Automotive, Inc.* |
1,500 | 160,980 | ||||||
PPG Industries, Inc. |
1,800 | 264,852 | ||||||
Precision Castparts Corp. |
1,500 | 286,935 | ||||||
Praxair, Inc. |
1,300 | 148,590 | ||||||
QUALCOMM, Inc. |
3,500 | 215,670 | ||||||
Salesforce.com Inc.* |
6,000 | 246,660 | ||||||
Starz - Liberty Capital* |
10,200 | 238,476 | ||||||
The ADT Corporation |
4,200 | 183,288 | ||||||
TripAdvisor, Inc.* |
3,900 | 205,062 | ||||||
Verisk Analytics, Inc.* |
3,000 | 183,870 | ||||||
Vertex Pharmaceuticals, Inc.* |
2,900 | 222,778 | ||||||
Virgin Media, Inc. |
4,300 | 209,754 | ||||||
|
|
|||||||
7,740,045 | ||||||||
|
|
|||||||
U.S. Micro Cap Stocks - 7.7% |
||||||||
Bazaarvoice, Inc.* |
20,500 | 148,625 | ||||||
City Holding Company |
4,500 | 171,810 | ||||||
EnerNOC, Inc.* |
11,500 | 201,480 | ||||||
Envestnet, Inc.* |
13,700 | 249,614 | ||||||
Multimedia Games Holding Company* |
11,000 | 271,260 | ||||||
Myers Industries, Inc. |
10,700 | 158,574 | ||||||
Newport Corp.* |
17,000 | 257,550 | ||||||
Omnicell, Inc.* |
11,000 | 198,220 | ||||||
Palomar Medical Technologies, Inc.* |
13,000 | 176,150 | ||||||
Park-Ohio Holdings Corp.* |
7,300 | 268,494 | ||||||
PDF Solutions, Inc.* |
16,500 | 282,315 | ||||||
Syneron Medical, Inc.* |
15,000 | 133,950 | ||||||
Tredegar Corporation |
8,300 | 245,680 | ||||||
TriMas Corporation* |
5,700 | 173,850 | ||||||
UFP Technologies, Inc.* |
10,000 | 202,900 | ||||||
U.S. Ecology, Inc. |
6,500 | 176,800 | ||||||
Virtus Investment Partners, Inc.* |
1,200 | 229,200 | ||||||
|
|
|||||||
3,546,472 | ||||||||
|
|
|||||||
U.S. Mid Cap Stocks - 20.4% |
||||||||
Alliance Data Systems Corporation* |
1,300 | 223,301 | ||||||
Amdocs Ltd. |
7,000 | 249,900 | ||||||
Ansys, Inc.* |
2,200 | 177,892 | ||||||
B/E Aerospace, Inc.* |
4,500 | 282,330 | ||||||
Bio-Rad Laboratories, Inc.* |
2,500 | 299,375 | ||||||
Chicago Bridge & Iron Company N.V. |
4,200 | 225,918 | ||||||
Colfax Corporation* |
4,100 | 191,347 | ||||||
Copart, Inc.* |
7,000 | 246,750 | ||||||
CoStar Group, Inc.* |
1,800 | 195,138 | ||||||
Cree, Inc.* |
3,900 | 220,623 | ||||||
Donaldson Company, Inc. |
4,500 | 163,710 | ||||||
Factset Research Systems, Inc. |
2,000 | 188,140 | ||||||
Flowserve Corp. |
1,200 | 189,744 | ||||||
FMC Corp. |
3,000 | 182,100 | ||||||
Genesee & Wyoming, Inc.* |
2,200 | 187,440 | ||||||
GEO Group, Inc. |
4,500 | 168,525 | ||||||
Harris Corp. |
3,600 | 166,320 | ||||||
Hertz Global Holdings, Inc.* |
13,500 | 325,080 | ||||||
Hexcel Corp.* |
8,000 | 244,000 | ||||||
IDEX Corporation |
4,500 | 234,135 | ||||||
Landstar Systems, Inc. |
4,300 | 235,038 | ||||||
Markel Corp.* |
400 | 214,500 | ||||||
Mednax Services, Inc.* |
3,000 | 266,190 | ||||||
NeuStar, Inc.* |
3,900 | 171,093 | ||||||
NewMarket Corp. |
800 | 214,960 | ||||||
Oasis Petroleum, Inc.* |
4,800 | 164,304 | ||||||
Panera Bread Co.* |
900 | 159,507 | ||||||
PTC, Inc.* |
8,000 | 192,080 | ||||||
Rackspace Hosting, Inc.* |
3,900 | 187,980 | ||||||
Regal Beloit Corp. |
2,200 | 172,964 | ||||||
ResMed, Inc. |
3,100 | 148,862 |
Robert Half International, Inc. |
5,600 | 183,792 | ||||||
Rockwood Holdings, Inc. |
3,800 | 246,582 | ||||||
Steel Dynamics, Inc. |
15,000 | 225,600 | ||||||
Teledyne Technologies, Inc.* |
3,000 | 225,180 | ||||||
Toro Co. |
4,500 | 202,545 | ||||||
Tractor Supply Company |
2,000 | 214,340 | ||||||
Trimble Navigation, Ltd.* |
4,400 | 126,456 | ||||||
Triumph Group, Inc. |
3,000 | 239,700 | ||||||
Towers Watson & Co. |
3,700 | 269,804 | ||||||
Ulta Salon, Cosmetics & Fragrance, Inc.* |
2,400 | 210,360 | ||||||
Wabtec Corp. |
2,500 | 262,350 | ||||||
Waste Connnections, Inc. |
6,000 | 227,700 | ||||||
Western Digital Corporation* |
4,500 | 248,760 | ||||||
|
|
|||||||
9,372,415 | ||||||||
|
|
|||||||
U.S. Small Cap Stocks - 18.2% |
||||||||
Aarons, Inc. |
8,000 | 229,680 | ||||||
ADTRAN, Inc. |
13,500 | 283,500 | ||||||
American Vanguard Corp. |
4,200 | 121,128 | ||||||
Biglari Holdings, Inc.* |
400 | 154,912 | ||||||
Centene Corporation* |
4,100 | 189,420 | ||||||
CIRCOR International, Inc. |
4,500 | 212,985 | ||||||
Coinstar, Inc.* |
4,000 | 211,240 | ||||||
Computer Programs & Systems, Inc. |
2,900 | 152,134 | ||||||
CoreLogic, Inc.* |
11,000 | 300,080 | ||||||
Darling International, Inc.* |
9,100 | 168,441 | ||||||
Emulex Corporation* |
23,000 | 138,000 | ||||||
Financial Engines, Inc.* |
6,200 | 225,494 | ||||||
Flowers Foods, Inc. |
7,200 | 237,168 | ||||||
GreatBatch, Inc.* |
9,000 | 251,460 | ||||||
H.B. Fuller Company |
5,200 | 197,080 | ||||||
Iconix Brand Group, Inc.* |
8,600 | 246,390 | ||||||
ICU Medical, Inc.* |
4,500 | 271,125 | ||||||
Inter Parfums, Inc. |
8,400 | 243,348 | ||||||
Interval Leisure Group, Inc. |
8,000 | 152,480 | ||||||
Littlefuse, Inc. |
3,700 | 258,334 | ||||||
Live Nation Entertainment, Inc.* |
17,300 | 218,499 | ||||||
Mentor Graphics Corp.* |
10,400 | 189,904 | ||||||
Middleby Corporation* |
1,500 | 224,370 | ||||||
Mobile Mini, Inc.* |
9,800 | 275,674 | ||||||
Mueller Industries, Inc. |
2,600 | 134,628 | ||||||
NIC, Inc.* |
8,100 | 136,404 | ||||||
Parexel International Corp.* |
6,500 | 266,175 | ||||||
PriceSmart, Inc. |
2,500 | 223,075 | ||||||
Prothena Corporation plc* |
25,000 | 206,500 | ||||||
Raven Industries, Inc. |
6,700 | 224,785 | ||||||
Regis Corporation |
8,500 | 159,375 | ||||||
Sauer-Danfoss, Inc. |
5,000 | 292,450 | ||||||
Simpson Manufacturing Co., Inc. |
7,100 | 204,054 | ||||||
Team, Inc.* |
5,800 | 224,808 | ||||||
Thor Industries, Inc. |
5,000 | 185,450 | ||||||
TrueBlue, Inc.* |
12,000 | 248,640 | ||||||
VCA Antech, Inc.* |
9,000 | 216,900 | ||||||
Western Refining, Inc. |
7,000 | 216,370 | ||||||
Zebra Technologies Corporation* |
5,100 | 237,915 | ||||||
|
|
|||||||
8,330,375 | ||||||||
|
|
|||||||
Money Market Funds - 1.5% |
||||||||
Fidelity Institutional Money Market Portfolio |
685,629 | 685,629 | ||||||
|
|
|||||||
TOTAL INVESTMENTS - 98.1% (cost $32,911,328) |
44,910,324 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9% |
848,534 | |||||||
|
|
|||||||
Net Assets - 100.0% |
$ | 45,758,858 | ||||||
|
|
Cost for federal income tax purposes $32,911,328.
The aggregate gross unrealized appreciation (depreciation) for all securities is as follows:
Excess of value over tax cost |
$ | 12,272,165 | ||
Excess of tax cost over value |
273,169 | |||
|
|
|||
Net Appreciation |
$ | 11,998,996 | ||
|
|
* | Non-income producing security. |
API INCOME FUND
SCHEDULE OF INVESTMENTS
April 30, 2013
(Unaudited)
Principal/Shares | Value | |||||||
Emerging Markets Debt - 4.5% |
||||||||
Gazprombank OJSC Via GPB Eurobond Finance PLC, 7.875%, due 4/29/2049 |
$ | 2,500,000 | $ | 2,704,875 | ||||
iShares Emerging Markets High Yield Bond Fund |
87,000 | 4,815,450 | ||||||
iShares JPMorgan USD Emerging Markets Bond Fund |
37,000 | 4,491,800 | ||||||
Market Vectors Emerging Markets High Yield Bond Fund |
110,000 | 2,961,200 | ||||||
Minerva Luxembourg SA, 7.75%, due 1/31/2013 |
$ | 1,000,000 | 1,070,200 | |||||
PowerShares Emerging Markets Sovereign Debt Portfolio |
300,000 | 9,300,000 | ||||||
WisdomTree Emerging Markets Corporate Bond ETF |
28,000 | 2,248,680 | ||||||
|
|
|||||||
27,592,205 | ||||||||
|
|
|||||||
Global Corporate Bonds - 3.4% |
||||||||
Helios Multi-Sector High Income Fund, Inc. |
73,300 | 465,455 | ||||||
iShares Global ex USD High Yield Corporate Bond Fund |
66,000 | 3,631,650 | ||||||
Managed High Yield Plus Fund, Inc. |
498,000 | 1,095,600 | ||||||
SPDR Barclays Capital Intermediate Term Corporate Bond ETF |
26,000 | 909,480 | ||||||
SPDR Barclays Capital Short Term High Yield Bond ETF |
398,500 | 12,409,290 | ||||||
Wells Fargo Advantage Multi-Sector Income Fund |
75,000 | 1,259,250 | ||||||
Western Asset Managed High Income Fund, Inc. |
180,000 | 1,110,600 | ||||||
|
|
|||||||
20,881,325 | ||||||||
|
|
|||||||
Global Small Cap Stocks - 0.6% |
||||||||
Ship Finance International Ltd. |
210,000 | 3,460,800 | ||||||
|
|
|||||||
International Corporate Bonds - 0.1% |
||||||||
Natixis, 10%, due 4/29/2049 |
$ | 275,000 | 309,031 | |||||
Seaspan Corporation 7.95% Preferred Series D |
20,000 | 535,000 | ||||||
|
|
|||||||
844,031 | ||||||||
|
|
|||||||
International Debt - 1.2% |
||||||||
Aberdeen Asia-Pacific Income Fund, Inc. |
180,000 | 1,373,400 | ||||||
Market Vectors International High Yield Bond ETF |
210,000 | 5,779,200 | ||||||
|
|
|||||||
7,152,600 | ||||||||
|
|
|||||||
International Government Bonds - 0.6% |
||||||||
Market Vectors Emerging Markets Local Currency Bond ETF |
130,000 | 3,586,700 | ||||||
|
|
|||||||
Structured Notes - 4.8% |
||||||||
Goldman Sachs Group, Inc. Autocallable Monthly Index-Linked Medium-Term Notes,
|
$ | 1,000,000 | 969,660 | |||||
Goldman Sachs Group, Inc. Autocallable Quarterly Index-Linked Medium-Term Notes,
|
$ | 4,900,000 | 4,838,015 | |||||
Goldman Sachs Group, Inc. Callable Monthly Euro STOXX 50 Index-Linked Medium-Term Notes, Variable Rate, due 4/26/2023 |
$ | 3,000,000 | 2,912,340 | |||||
Morgan Stanley Contingent Income Auto-Callable Securities, Variable Rate, due 1/25/2023 |
$ | 4,000,000 | 3,949,800 | |||||
Morgan Stanley Contingent Income Auto-Callable Securities, Variable Rate, due 2/16/2023 |
$ | 4,800,000 | 4,806,240 | |||||
Morgan Stanley Global Medium-Term Notes, Variable Rate, due 10/17/2019 |
$ | 1,000,000 | 1,068,850 | |||||
Morgan Stanley Global Medium-Term Notes, Variable Rate, due 9/28/2018 |
$ | 2,764,000 | 3,070,942 | |||||
Morgan Stanley Global Medium-Term Notes, Variable Rate, due 10/16/2020 |
$ | 3,500,000 | 3,803,975 | |||||
Morgan Stanley Market Linked Auto-Callable Step-Up Notes, Variable Rate, due 11/30/2032 |
$ | 4,000,000 | 4,284,800 | |||||
|
|
|||||||
29,704,622 | ||||||||
|
|
|||||||
U.S. Corporate Bonds - 31.5% |
||||||||
Affiliated Managers Group, Inc., 6.375% Preferred |
25,000 | 676,750 | ||||||
A G Mortgage Investment Trust, Inc., 8.25% Preferred Series A |
40,000 | 1,032,800 | ||||||
A G Mortgage Investment Trust, Inc., 8% Preferred Series B |
30,000 | 760,500 | ||||||
Alpha Natural Resources, Inc., 9.75%, due 4/15/2018 |
$ | 200,000 | 218,000 | |||||
American Axle & Manufacturing Holdings, Inc., 6.625%, due 10/15/2022 |
$ | 300,000 | 322,125 | |||||
American Axle & Manufacturing Holdings, Inc., 7.75%, due 11/15/2019 |
$ | 100,000 | 114,750 | |||||
American Income Fund, Inc. |
134,800 | 1,167,368 | ||||||
Apollo Investment Corp. 6.625% Preferred |
30,000 | 763,800 | ||||||
Arbor Realty Trust, Inc. 8.25% Preferred Series A |
40,000 | 1,039,600 | ||||||
Ares Capital Corporation, 5.875% Senior Notes, due 10/1/22 |
40,000 | 1,028,800 | ||||||
Arlington Asset Investment Corp., 6.625% Senior Notes, due 5/1/23 |
190,000 | 4,750,000 | ||||||
B/E Aerospace, Inc., 5.25%, due 4/1/2022 |
$ | 400,000 | 428,000 | |||||
BlackRock Corporate High Yield Fund III, Inc. |
108,000 | 862,920 | ||||||
BlackRock Corporate High Yield Fund VI, Inc. |
110,000 | 1,432,200 |
BlackRock Credit Allocation Income Trust IV |
108,975 | 1,571,420 | ||||||
Cantor Fitzgerald LP, 7.875%, due 10/19/2019 |
$ | 300,000 | 316,950 | |||||
Chesapeake Energy Corp., 6.625%, due 8/15/2020 |
$ | 200,000 | 227,250 | |||||
Clean Harbors, Inc., 5.25%, due 8/1/2020 |
$ | 300,000 | 318,750 | |||||
CONSOL Energy, Inc., 8.25%, due 4/1/2020 |
$ | 200,000 | 225,000 | |||||
CoreLogic, Inc., 7.25%, due 6/1/2021 |
$ | 100,000 | 111,500 | |||||
Coresite Realty Corp. 7.25% Preferred Series B |
10,000 | 261,600 | ||||||
Credit Suisse Asset Management Income Fund, Inc. |
135,000 | 562,950 | ||||||
Credit Suisse High Yield Bond Fund, Inc. |
279,000 | 937,440 | ||||||
CYS Investments, Inc. 7.75% Preferred Series A |
40,000 | 1,018,000 | ||||||
DaVita HealthCare Partners, Inc., 6.625%, due 11/1/2020 |
$ | 100,000 | 110,125 | |||||
Dillards, Inc., 7.875%, due 1/1/2023 |
$ | 200,000 | 231,250 | |||||
Discover Financial Services 6.5% Preferred Series B |
30,000 | 796,200 | ||||||
Dreyfus High Yield Strategies Fund |
243,000 | 1,093,500 | ||||||
Equinix, Inc., 5.375%, due 4/1/2023 |
$ | 200,000 | 210,500 | |||||
EverBank Financial Corp. 6.75% Preferred Series A |
20,000 | 505,800 | ||||||
Fifth Street Finance Corp., 5.875% Senior Notes, due 3/15/2019 |
53,520 | 1,336,394 | ||||||
Fifth Street Finance Corp., 6.125% Senior Notes, due 4/30/2028 |
160,000 | 4,030,400 | ||||||
First Trust Strategic High Income Fund II |
90,900 | 1,582,569 | ||||||
Frontier Communications Corp., 7.125%, due 1/15/2023 |
$ | 300,000 | 311,625 | |||||
Goldman Sachs Capital II Street Notes, Variable Rate, due 6/1/2043 |
$ | 500,000 | 427,750 | |||||
Goodyear Tire & Rubber Co., 8.25%, due 8/15/2020 |
$ | 200,000 | 224,750 | |||||
Hawk Acquisition Sub, Inc., 4.25%, due 10/15/2020 |
$ | 300,000 | 304,500 | |||||
HealthSouth Corporation, 5.375%, due 4/1/2023 |
$ | 200,000 | 222,500 | |||||
Hercules Technology Growth Capital, Inc. 7% Preferred |
6,200 | 162,564 | ||||||
Hercules Technology Growth Capital, Inc., 7% Senior Notes due 9/30/2019 |
40,000 | 1,065,600 | ||||||
Horizon Technology Finance Corp., 7.375% Senior Notes, due 3/15/2019 |
6,060 | 159,378 | ||||||
iShares iBoxx $ High Yield Corporate Bond |
371,000 | 35,560,350 | ||||||
J. C. Penney Company, Inc., 5.75%, due 2/15/2018 |
$ | 300,000 | 271,875 | |||||
JMP Group, Inc., 8% Senior Notes, due 1/15/2023 |
102,500 | 2,629,125 | ||||||
Jones Group, Inc., 6.875%, due 3/15/2019 |
$ | 300,000 | 326,250 | |||||
KCAP Financial, Inc., 7.375% Senior Notes, due 9/30/2019 |
17,800 | 466,538 | ||||||
Kennedy-Wilson Holdings, Inc. 7.75% Preferred |
20,000 | 521,000 | ||||||
Lear Corporation, 4.75%, due 1/15/2023 |
$ | 300,000 | 302,250 | |||||
Linn Energy, LLC, 6.25%, due 11/1/2019 |
$ | 100,000 | 105,000 | |||||
Main Street Capital Corp. 6.125% Preferred |
196,000 | 4,988,200 | ||||||
Manitowoc Company, Inc., 8.5%, due 11/1/2020 |
$ | 100,000 | 114,500 | |||||
Manitowoc Company, Inc., 5.875%, due 10/15/2022 |
$ | 300,000 | 320,250 | |||||
Medley Capital Corp. 6.125% Preferred |
196,000 | 4,947,040 | ||||||
MGM Resorts International, 7.625%, due 1/15/2017 |
$ | 100,000 | 114,000 | |||||
MGM Resorts International, 6.625%, due 12/15/2021 |
$ | 200,000 | 217,500 | |||||
Navios Maritime Holdings, 8.875%, due 11/1/2017 |
$ | 100,000 | 105,625 | |||||
North Atlantic Trading Co., 11.5%, due 7/15/2016 |
$ | 2,500,000 | 2,640,625 | |||||
NorthStar Realty Finance Corp. 8.875% Preferred Series C |
30,000 | 775,200 | ||||||
NRG Energy, Inc., 7.875%, due 5/15/2021 |
$ | 100,000 | 113,750 | |||||
NuStar Logistics L.P., 7.625% Subordinated Notes, due 1/15/2043 |
52,482 | 1,443,255 | ||||||
Peabody Energy Corp., 6%, due 11/15/2018 |
$ | 100,000 | 108,375 | |||||
Peabody Energy Corp., 6.25%, due 11/15/2021 |
$ | 200,000 | 214,250 | |||||
PennantPark Investment Corp., 6.25% Senior Notes, due 2/1/2025 |
64,600 | 1,629,858 | ||||||
Peritus High Yield ETF |
379,500 | 19,653,736 | ||||||
PIMCO 0-5 Year High Yield Corporate Bond Index ETF |
199,300 | 21,075,975 | ||||||
PIMCO Total Return ETF |
16,000 | 1,772,960 | ||||||
Pittsburgh Glass Works LLC, 8.5%, due 4/15/2016 |
$ | 100,000 | 103,500 | |||||
Plains Exploration & Production Co., 6.625%, due 5/1/2021 |
$ | 100,000 | 112,000 | |||||
PowerShares Financial Preferred |
100,000 | 1,869,000 | ||||||
PowerShares High Yield Corporate Bond |
600,000 | 11,760,000 | ||||||
Regions Financial Corp. 6.375% Preferred Series A |
30,000 | 769,800 | ||||||
Resource Capital Corporation 8.25% Preferred Series B |
30,000 | 746,700 | ||||||
Rockies Express Pipeline LLC, 6.85%, due 7/15/2018 |
$ | 400,000 | 412,000 | |||||
R. R. Donnelley & Sons Co., 7.25%, due 5/15/2018 |
$ | 200,000 | 218,500 | |||||
R. R. Donnelley & Sons Co., 8.25%, due 3/15/2019 |
$ | 200,000 | 224,000 | |||||
Smithfield Foods Inc., 6.625%, due 8/15/2022 |
$ | 100,000 | 111,250 | |||||
SLM Corporation, 5.5%, due 1/25/2023 |
$ | 500,000 | 502,996 | |||||
Solar Capital Ltd., 6.75% Senior Notes, due 11/15/2042 |
40,000 | 1,008,000 | ||||||
SPDR Barclays Capital High Yield Bond ETF |
877,400 | 36,631,450 | ||||||
Summit Hotel Properties, Inc. 7.875% Preferred Series B |
10,000 | 262,500 | ||||||
SunTrust Banks, Inc. 5.875% Preferred Series E |
20,000 | 510,600 | ||||||
Terex Corporation, 6.5%, due 4/1/2020 |
$ | 500,000 | 547,500 | |||||
Texas Capital Bancshares, Inc., 6.5% Subordinated Notes, due 9/21/2042 |
40,000 | 1,019,200 | ||||||
Triangle Capital Corp., 6.375% Senior Notes, due 12/15/2022 |
44,658 | 1,147,711 | ||||||
TRW Automotive Holdings Corp., 4.5%, due 3/1/2021 |
$ | 100,000 | 103,750 |
United Rentals, Inc., 7.625%, due 4/15/2022 |
$ | 200,000 | 230,500 | |||||
Urstatd Biddle Properties, Inc. 7.125% Preferred Series F |
30,000 | 791,700 | ||||||
United States Steel Corp., 7.5%, due 3/15/2022 |
$ | 200,000 | 211,500 | |||||
Webster Financial Corp. 6.4% Preferred Series E |
20,000 | 516,000 | ||||||
|
|
|||||||
193,151,522 | ||||||||
|
|
|||||||
U.S. Government Bonds & Notes - 0.6% |
||||||||
America First Tax Exempt Investors, L.P. |
500,000 | 3,575,000 | ||||||
|
|
|||||||
U.S. Micro Cap Stocks - 16.1% |
||||||||
Arlington Asset Investment Corp. |
350,000 | 9,481,500 | ||||||
Ellington Financial LLC |
370,000 | 9,575,600 | ||||||
Fidus Investment Corp. |
335,000 | 6,298,000 | ||||||
Full Circle Capital Corp. |
202,000 | 1,597,820 | ||||||
Garrison Capital, Inc. |
20,000 | 302,800 | ||||||
Golub Capital BDC, Inc. |
172,000 | 3,032,360 | ||||||
Home Loan Servicing Solutions, Ltd. |
183,000 | 4,144,950 | ||||||
Horizon Technology Finance Corporation |
300,000 | 4,407,000 | ||||||
Kohlberg Capital Corporation |
453,000 | 4,901,460 | ||||||
MCG Capital Corp |
810,000 | 4,163,400 | ||||||
Medley Capital Corp. |
383,500 | 5,974,930 | ||||||
Monroe Capital Corporation |
10,000 | 152,100 | ||||||
New Mountain Finance Corporation |
301,500 | 4,594,860 | ||||||
NGP Capital Resources Company |
269,600 | 1,795,536 | ||||||
PennantPark Floating Rate Capital Ltd. |
155,000 | 2,194,800 | ||||||
PennantPark Investment Corp. |
472,000 | 5,522,400 | ||||||
Stellus Capital Investment Corp. |
101,700 | 1,556,010 | ||||||
Student Transportation, Inc. |
480,000 | 3,105,600 | ||||||
TCP Capital Corp. |
386,397 | 6,054,841 | ||||||
THL Credit, Inc. |
600,000 | 9,228,000 | ||||||
TICC Capital Corp. |
337,000 | 3,427,290 | ||||||
WhiteHorse Finance, Inc. |
450,000 | 7,132,500 | ||||||
|
|
|||||||
98,643,757 | ||||||||
|
|
|||||||
U.S. Mid Cap Stocks - 1.1% |
||||||||
Ares Capital Corporation |
390,000 | 7,082,400 | ||||||
|
|
|||||||
U.S. Municipal Bonds - 3.1% |
||||||||
Grand Prairie Texas Independent School District, 0.0%, due 8/15/2038 |
$ | 1,000,000 | 213,300 | |||||
Market Vectors High-Yield Muni ETF |
140,000 | 4,639,600 | ||||||
PowerShares Build America Bond Portfolio |
460,000 | 14,218,600 | ||||||
|
|
|||||||
19,071,500 | ||||||||
|
|
|||||||
U.S. REITs - 23.5% |
||||||||
A G Mortgage Investment Trust, Inc. |
330,000 | 8,537,100 | ||||||
American Capital Agency Corp. |
132,000 | 4,396,920 | ||||||
American Capital Mortgage Investment Corporation |
310,000 | 8,233,600 | ||||||
Anworth Mortgage Asset Corp. |
800,000 | 5,048,000 | ||||||
ARMOUR Residential REIT, Inc. |
1,471,000 | 9,546,790 | ||||||
Apollo Commercial Real Estate Finance, Inc. |
238,000 | 4,222,120 | ||||||
Apollo Residential Mortgage, Inc. |
327,000 | 7,279,020 | ||||||
Chimera Investment Corporation |
1,950,000 | 6,435,000 | ||||||
CYS Investments, Inc. |
160,000 | 1,988,800 | ||||||
Dynex Capital, Inc. |
272,000 | 2,924,000 | ||||||
Five Oaks Investment Corp. |
181,341 | 2,738,249 | ||||||
Invesco Mortgage Capital, Inc. |
255,000 | 5,457,000 | ||||||
Javelin Mortgage Investment Corp. |
528,000 | 10,633,920 | ||||||
MFA Financial, Inc. |
464,000 | 4,301,280 | ||||||
Newcastle Investment Corporation |
525,000 | 5,948,250 | ||||||
New York Mortgage Trust, Inc. |
720,000 | 5,140,800 | ||||||
NorthStar Realty Finance Corp. |
854,000 | 8,514,380 | ||||||
One Liberty Properties, Inc. |
91,377 | 2,096,188 | ||||||
RAIT Financial Trust |
400,000 | 3,416,000 | ||||||
Resource Capital Corp. |
747,000 | 4,922,730 | ||||||
Silver Bay Realty Trust Corp. |
19,159 | 365,554 | ||||||
Spirit Realty Capital, Inc. |
240,000 | 5,167,200 | ||||||
Starwood Property Trust, Inc. |
166,000 | 4,563,340 | ||||||
Two Harbors Investment Corp. |
391,000 | 4,684,180 | ||||||
Western Asset Mortgage Capital Corp. |
348,000 | 7,795,200 | ||||||
ZAIS Financial Corp. |
474,000 | 9,792,840 | ||||||
|
|
|||||||
144,148,461 | ||||||||
|
|
|||||||
U.S. Small Cap Stocks - 7.4% |
||||||||
Apollo Investment Corporation |
516,800 | 4,553,009 | ||||||
BlackRock Kelso Capital Corporation |
210,000 | 2,089,500 |
Compass Diversified Holdings |
548,000 | 9,266,680 | ||||||
Fifth Street Finance Corp. |
943,000 | 10,410,720 | ||||||
Hercules Technology Growth Capital, Inc. |
30,000 | 399,000 | ||||||
KKR Financial Holdings LLC |
335,000 | 3,581,150 | ||||||
Solar Capital Ltd. |
430,000 | 10,289,900 | ||||||
Solar Senior Capital Ltd. |
115,000 | 2,204,550 | ||||||
Triangle Capital Corporation |
90,000 | 2,517,300 | ||||||
|
|
|||||||
45,311,809 | ||||||||
|
|
|||||||
Money Market Funds - 2.4% |
||||||||
Fidelity Institutional Money Market Portfolio |
14,853,455 | 14,853,455 | ||||||
|
|
|||||||
TOTAL INVESTMENTS - 100.9% (cost $576,069,455) |
619,060,187 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - 0.9% |
(5,366,569 | ) | ||||||
|
|
|||||||
Net Assets - 100.0% |
$ | 613,693,618 | ||||||
|
|
Cost for federal income tax purposes $576,325,794.
The aggregate gross unrealized appreciation (depreciation) for all securities is as follows:
Excess of value over tax cost |
$ | 46,151,351 | ||
Excess of tax cost over value |
3,416,958 | |||
|
|
|||
Net Appreciation |
$ | 42,734,393 | ||
|
|
API CORE INCOME FUND
SCHEDULE OF INVESTMENTS
April 30, 2013
(Unaudited)
Principal/Shares | Value | |||||||
Emerging Markets Debt - 18.1% |
||||||||
iShares JP Morgan Emerging Markets Bond Fund |
7,500 | $ | 910,500 | |||||
Market Vectors Emerging Markets Local Currency Bond ETF |
35,000 | 965,650 | ||||||
Market Vectors Latin America Aggregate Bond ETF |
25,000 | 662,500 | ||||||
PowerShares Emerging Markets Sovereign Debt Portfolio |
22,000 | 682,000 | ||||||
WisdomTree Emerging Markets Corporate Bond ETF |
2,700 | 216,837 | ||||||
WisdomTree Emerging Markets Local Debt ETF |
8,000 | 429,520 | ||||||
|
|
|||||||
3,867,007 | ||||||||
|
|
|||||||
Global Corporate Bonds - 7.0% |
||||||||
AngloGold Ashanti Holdings PLC, 5.375%, due 4/15/2020 |
$ | 200,000 | 209,975 | |||||
iShares Barclays Credit Bond Fund |
3,700 | 423,169 | ||||||
Macquarie Group Ltd., 6%, due 1/14/2020 |
$ | 200,000 | 223,691 | |||||
Montpelier Re Holdings Ltd., 4.7%, due 10/15/2022 |
$ | 100,000 | 104,660 | |||||
Vanguard Intermediate-Term Corporate Bond ETF |
4,800 | 425,904 | ||||||
Weatherford International Ltd., 5.125%, due 9/15/2020 |
$ | 100,000 | 111,498 | |||||
|
|
|||||||
1,498,897 | ||||||||
|
|
|||||||
International Corporate Bonds - 1.1% |
||||||||
Telecom Italia Capital SA, 7.175%, due 6/18/2019 |
$ | 100,000 | 118,914 | |||||
Telefonica Emisiones SAU, 5.877%, due 7/15/2019 |
$ | 100,000 | 112,926 | |||||
|
|
|||||||
231,840 | ||||||||
|
|
|||||||
International Debt - 8.5% |
||||||||
Aberdeen Asia-Pacific Income Fund, Inc. |
143,000 | 1,091,090 | ||||||
Market Vectors International High Yield Bond ETF |
27,000 | 743,040 | ||||||
|
|
|||||||
1,834,130 | ||||||||
|
|
|||||||
Structured Notes - 4.3% |
||||||||
Goldman Sachs Group, Inc. Index-Linked Medium-Term Notes, Variable Rate, due 3/20/2020 |
$ | 100,000 | 98,735 | |||||
Morgan Stanley Contingent Income Auto-Callable Securities, Variable Rate, due 1/25/2023 |
$ | 200,000 | 197,490 | |||||
Morgan Stanley Contingent Income Auto-Callable Securities, Variable Rate, due 2/16/2023 |
$ | 200,000 | 200,260 | |||||
Morgan Stanley Global Medium-Term Notes, Variable Rate, due 10/17/2019 |
$ | 200,000 | 213,770 | |||||
Morgan Stanley Global Medium-Term Notes, Variable Rate, due 10/16/2020 |
$ | 200,000 | 217,370 | |||||
|
|
|||||||
927,625 | ||||||||
|
|
|||||||
U.S. Corporate Bonds - 56.4% |
||||||||
Advance Auto Parts, Inc., 5.75%, due 5/1/2020 |
$ | 100,000 | 111,814 | |||||
AdvisorShares Newfleet Multi-Sector Income ETF |
5,800 | 291,798 | ||||||
Alcoa, Inc., 6.75%, due 7/15/2018 |
$ | 100,000 | 114,032 | |||||
Alcoa, Inc., 5.72%, due 2/23/2019 |
$ | 100,000 | 108,003 | |||||
Ares Capital Corp. 5.875% Preferred |
12,000 | 308,640 | ||||||
Arlington Asset Investment Corp. 6.625% Preferred |
10,000 | 250,000 | ||||||
Arrow Electronics, Inc., 6%, due 4/1/2020 |
$ | 100,000 | 114,565 | |||||
Avnet, Inc., 4.875%, due 12/1/2022 |
$ | 200,000 | 212,985 | |||||
Avon Products, Inc., 5.75%, due 3/1/2018 |
$ | 200,000 | 222,608 | |||||
Bank of America Corp., 5.42%, due 3/15/2017 |
$ | 100,000 | 110,957 | |||||
Best Buy Co., Inc., 3.75%, due 3/15/2016 |
$ | 200,000 | 206,000 | |||||
BlackRock Credit Allocation Income Trust IV |
69,790 | 1,006,372 | ||||||
Block Financial LLC, 5.5%, due 11/1/2022 |
$ | 100,000 | 107,790 | |||||
BMC Software, Inc., 4.25%, due 2/15/2022 |
$ | 150,000 | 152,302 | |||||
Buckeye Partners, L.P., 4.875%, due 2/1/2021 |
$ | 100,000 | 108,475 | |||||
CenturyLink, Inc., 6.15%, due 9/15/2019 |
$ | 100,000 | 109,023 | |||||
CenturyLink, Inc., 6.45%, due 6/15/2021 |
$ | 100,000 | 110,892 | |||||
Cliffs Natural Resources, Inc., 4.8%, due 10/1/2020 |
$ | 100,000 | 101,177 | |||||
Computer Sciences Corporation, 6.5%, due 3/15/2018 |
$ | 100,000 | 116,705 | |||||
Dell, Inc., 5.65%, due 4/15/2018 |
$ | 100,000 | 104,136 | |||||
Expedia, Inc., 5.95%, due 8/15/2020 |
$ | 100,000 | 112,209 | |||||
Fifth Street Finance Corp., 5.875% Senior Notes, due 3/15/2019 |
18,500 | 461,945 | ||||||
Ford Motor Co., 9.215%, due 9/15/2021 |
$ | 100,000 | 134,933 | |||||
Hercules Technology Growth Capital, Inc., 7% Senior Notes due 9/30/2019 |
12,000 | 319,680 | ||||||
Horizon Technology Finance Corp. 7.375% Preferred |
12,000 | 315,600 | ||||||
Icahn Enterprises, L.P., 8%, due 1/15/2018 |
$ | 100,000 | 107,750 | |||||
iShares iBoxx $ High Yield Corporate Bond Fund |
9,000 | 862,650 |
JMP Group, Inc., 8% Senior Notes due 1/15/2023 |
17,000 | 436,050 | ||||||
KCAP Financial, Inc., 7.375% Senior Notes, due 9/30/2019 |
8,000 | 209,680 | ||||||
Legg Mason, Inc., 6%, due 5/21/2019 |
$ | 100,000 | 108,811 | |||||
Lexmark International, Inc., 6.65%, due 6/1/2018 |
$ | 100,000 | 113,772 | |||||
Life Technologies Corporation, 6%, due 3/1/2020 |
$ | 200,000 | 235,031 | |||||
Limited Brands, Inc., 8.5%, due 6/15/2019 |
$ | 100,000 | 124,500 | |||||
Main Street Capital Corp. 6.125% Preferred |
4,000 | 101,800 | ||||||
Masco Corporation, 7.125%, due 3/15/2020 |
$ | 100,000 | 116,636 | |||||
Medley Capital Corp. 6.125% Preferred |
4,000 | 100,960 | ||||||
Medley Capital Corp. 7.125% Preferred |
5,875 | 155,570 | ||||||
Nasdaq OMX Group, Inc., 5.55%, due 1/15/2020 |
$ | 200,000 | 216,218 | |||||
Newfield Exploration Co., 5.75%, due 1/30/2022 |
$ | 100,000 | 111,125 | |||||
NuStar Logistics L.P., 6.125% Preferred |
8,000 | 220,000 | ||||||
NuStar Logistics L.P., 4.75%, due 2/1/2022 |
$ | 100,000 | 97,205 | |||||
Owens Corning, 9%, due 6/15/2019 |
$ | 100,000 | 128,749 | |||||
PennantPark Investment Corp., 6.25% Senior Notes, due 2/1/2025 |
18,000 | 454,140 | ||||||
Peritus High Yield ETF |
8,500 | 440,202 | ||||||
PIMCO 0-5 Year High Yield Corporate Bond Index ETF |
3,000 | 317,250 | ||||||
PowerShares Senior Loan Portfolio |
17,000 | 428,230 | ||||||
Prologis, Inc., 6.625%, due 5/15/2018 |
$ | 100,000 | 121,117 | |||||
SLM Corporation, 8%, due 3/25/2020 |
$ | 100,000 | 115,978 | |||||
SLM Corporation, 7.25%, due 1/25/2022 |
$ | 100,000 | 111,750 | |||||
The Gap, Inc., 5.95%, due 4/12/2021 |
$ | 100,000 | 117,996 | |||||
Triangle Capital Corp., 6.375% Senior Notes, due 12/15/2022 |
16,000 | 411,200 | ||||||
Western Asset Global Corporate Defined Opportunity Fund, Inc. |
40,000 | 799,600 | ||||||
|
|
|||||||
12,076,611 | ||||||||
|
|
|||||||
U.S. Municipal Bonds - 2.2% |
||||||||
SPDR Nuveen Barclays Build America Bond ETF |
7,500 | 473,175 | ||||||
|
|
|||||||
Money Market Funds - 2.3% |
||||||||
Fidelity Institutional Money Market Portfolio |
496,507 | 496,507 | ||||||
|
|
|||||||
TOTAL INVESTMENTS - 99.9% (cost $20,640,087) |
21,405,792 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% |
17,180 | |||||||
|
|
|||||||
Net Assets - 100.0% |
$ | 21,422,972 | ||||||
|
|
Cost for federal income tax purposes $20,640,087.
The aggregate gross unrealized appreciation (depreciation) for all securities is as follows:
Excess of value over tax cost |
$ | 797,837 | ||
Excess of tax cost over value |
32,132 | |||
|
|
|||
Net Appreciation |
$ | 765,705 | ||
|
|
API VALUE FUND
SCHEDULE OF INVESTMENTS
April 30, 2013
(Unaudited)
Shares | Value | |||||||
Emerging Markets Value - 1.5% |
||||||||
iShares MSCI Emerging Markets Value Index Fund |
2,250 | $ | 110,228 | |||||
iShares S&P India Nifty 50 Index Fund |
3,200 | 81,536 | ||||||
Vanguard FTSE Emerging Markets ETF |
3,500 | 153,160 | ||||||
|
|
|||||||
344,924 | ||||||||
|
|
|||||||
Europe Large Cap Stocks - 3.4% |
||||||||
BASF SE |
1,600 | 149,280 | ||||||
Koninklijke Philips Electronics N.V. |
5,500 | 151,800 | ||||||
Novartis AG |
1,700 | 125,392 | ||||||
Vivendi SA |
5,400 | 122,310 | ||||||
Volkswagon AG |
2,800 | 108,640 | ||||||
Wynn Macau, Ltd. |
4,500 | 136,755 | ||||||
|
|
|||||||
794,177 | ||||||||
|
|
|||||||
Europe Market Indexes - 1.2% |
||||||||
iShares MSCI France Index |
4,100 | 100,573 | ||||||
iShares MSCI Germany Index |
1,900 | 48,393 | ||||||
iShares MSCI Italy Index |
3,500 | 46,025 | ||||||
Market Vectors Poland ETF |
3,700 | 75,517 | ||||||
|
|
|||||||
270,508 | ||||||||
|
|
|||||||
Europe Mid Cap Stocks - 0.9% |
||||||||
Esprit Holdings Ltd. |
35,000 | 95,550 | ||||||
NXP Semiconductors NV* |
3,900 | 107,445 | ||||||
|
|
|||||||
202,995 | ||||||||
|
|
|||||||
Global Large Cap Stocks - 3.6% |
||||||||
AEGON N.V. |
20,000 | 135,200 | ||||||
Bunge Ltd. |
2,300 | 166,083 | ||||||
Credit Suisse Group AG |
6,300 | 181,314 | ||||||
Invesco Holding Co. Ltd. |
4,500 | 142,830 | ||||||
Schlumberger Ltd. |
1,500 | 111,645 | ||||||
Teva Pharmaceutical Industries Ltd. |
3,000 | 114,870 | ||||||
|
|
|||||||
851,942 | ||||||||
|
|
|||||||
Global Mid Cap Stocks - 2.4% |
||||||||
Energy XXI (Bermuda) Ltd. |
3,000 | 68,220 | ||||||
Everest Re Group Ltd. |
1,000 | 134,990 | ||||||
Jazz Pharmaceuticals Plc* |
2,100 | 122,535 | ||||||
Noble Corporation |
3,000 | 112,500 | ||||||
White Mountains Insurance Group Ltd. |
190 | 109,879 | ||||||
|
|
|||||||
548,124 | ||||||||
|
|
|||||||
Global Small Cap Stocks - 1.1% |
||||||||
Altisource Residential Corporation* |
7,000 | 133,000 | ||||||
Montpelier Re Holdings Ltd. |
4,700 | 121,072 | ||||||
|
|
|||||||
254,072 | ||||||||
|
|
|||||||
International Market Indexes - 2.3% |
||||||||
iShares MSCI EAFE Value Index Fund |
2,400 | 126,864 | ||||||
Schwab International Equity ETF |
5,400 | 156,762 | ||||||
Vanguard FTSE All-World Ex-U.S. Index Fund |
5,100 | 245,310 | ||||||
|
|
|||||||
528,936 | ||||||||
|
|
|||||||
International Mid Cap Stocks - 1.6% |
||||||||
DE Master Blenders 1753 NV |
9,200 | 145,268 | ||||||
McDermott International, Inc.* |
9,000 | 96,120 | ||||||
Validus Holdings, Ltd. |
3,200 | 123,552 | ||||||
|
|
|||||||
364,940 | ||||||||
|
|
|||||||
International Small Cap Stocks - 0.4% |
||||||||
Ritchie Bros. Auctioneers, Inc. |
5,000 | 100,850 | ||||||
|
|
|||||||
Latin America Large Cap Stocks - 0.6% |
||||||||
Companhia de Bebidas das Americas |
3,100 | 130,262 | ||||||
|
|
|||||||
Latin America Market Indexes - 0.6% |
||||||||
iShares MSCI Brazil Index Fund |
2,500 | 137,875 | ||||||
|
|
|||||||
Pacific/Asia Large Cap Stocks - 2.1% |
||||||||
China Mobile Limited |
2,100 | 116,004 |
ICICI Bank Limited |
2,600 | 121,732 | ||||||
KB Financial Group, Inc.* |
3,000 | 98,400 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
22,000 | 149,160 | ||||||
|
|
|||||||
485,296 | ||||||||
|
|
|||||||
Pacific/Asia Market Indexes - 3.5% |
||||||||
iShares MSCI China Index Fund |
3,000 | 138,570 | ||||||
iShares MSCI India Index Fund |
3,200 | 84,896 | ||||||
iShares MSCI Indonesia Investable Market Index Fund |
3,500 | 124,495 | ||||||
iShares MSCI Philippines Investable Market Index Fund |
3,500 | 146,580 | ||||||
iShares MSCI South Korea Index Fund |
850 | 49,657 | ||||||
iShares MSCI Thailand Capped Investable Market Index Fund |
850 | 80,750 | ||||||
Market Vectors Vietnam Index ETF |
3,800 | 74,138 | ||||||
Market Vectors Indonesia Index ETF |
3,800 | 124,830 | ||||||
|
|
|||||||
823,916 | ||||||||
|
|
|||||||
Pacific/Asia Mid Cap Stocks - 1.1% |
||||||||
NetEase, Inc. |
2,200 | 124,058 | ||||||
Sims Metal Management, Inc. |
14,300 | 142,857 | ||||||
|
|
|||||||
266,915 | ||||||||
|
|
|||||||
United Kingdom Large Cap Stocks - 1.7% |
||||||||
Delphi Automotive PLC* |
3,600 | 166,356 | ||||||
KeyCorp |
12,000 | 119,640 | ||||||
Unilever PLC |
2,800 | 121,296 | ||||||
|
|
|||||||
407,292 | ||||||||
|
|
|||||||
United Kingdom Small Cap Stocks - 0.8% |
||||||||
WNS Holdings Ltd.* |
13,000 | 194,220 | ||||||
|
|
|||||||
U.S. Large Cap Stocks - 30.4% |
||||||||
Abbott Laboratories |
1,500 | 55,380 | ||||||
AbbVie, Inc. |
1,500 | 69,075 | ||||||
Activision Blizzard, Inc. |
9,100 | 136,045 | ||||||
Alcoa, Inc. |
11,000 | 93,500 | ||||||
Allstate Corporation |
2,600 | 128,076 | ||||||
Ameriprise Financial, Inc. |
1,900 | 141,607 | ||||||
Amgen, Inc. |
1,400 | 145,894 | ||||||
Anadarko Petroleum Corporation |
1,550 | 131,378 | ||||||
Apache Corporation |
1,250 | 92,350 | ||||||
Applied Materials, Inc. |
8,800 | 127,688 | ||||||
Baker Hughes, Inc. |
2,100 | 95,319 | ||||||
Berkshire Hathaway, Inc. Class B* |
1,200 | 127,584 | ||||||
Boeing Company |
2,000 | 182,820 | ||||||
Chubb Corporation |
1,400 | 123,298 | ||||||
Cisco Systems, Inc. |
7,500 | 156,900 | ||||||
ConocoPhillips |
2,000 | 120,900 | ||||||
Corning, Inc. |
8,500 | 123,250 | ||||||
CSX Corporation |
4,400 | 108,196 | ||||||
CVS Caremark Corporation |
2,200 | 127,996 | ||||||
Devon Energy Corporation |
1,800 | 99,108 | ||||||
Energy Transfer Partners, L.P. |
1,036 | 51,582 | ||||||
FedEx Corporation |
1,100 | 103,411 | ||||||
FirstEnergy Corp. |
2,000 | 93,200 | ||||||
Franklin Resources, Inc. |
800 | 123,728 | ||||||
Goldman Sachs Group, Inc. |
950 | 138,767 | ||||||
Hershey Company |
1,400 | 124,824 | ||||||
Home Depot, Inc. |
1,800 | 132,030 | ||||||
International Business Machines, Inc. |
500 | 101,270 | ||||||
Intuit, Inc. |
1,600 | 95,424 | ||||||
International Paper Company |
3,400 | 159,732 | ||||||
Johnson & Johnson |
1,500 | 127,845 | ||||||
Las Vegas Sands Corp. |
2,600 | 146,250 | ||||||
Life Technologies Corporation* |
2,100 | 154,749 | ||||||
Lorillard, Inc. |
2,400 | 102,936 | ||||||
Marathon Oil Corporation |
3,500 | 114,345 | ||||||
MasterCard, Inc. |
250 | 138,233 | ||||||
MetLife, Inc. |
3,300 | 128,667 | ||||||
National Oilwell Varco, Inc. |
1,500 | 97,830 | ||||||
Noble Energy, Inc. |
1,100 | 124,619 | ||||||
Nordstrom, Inc. |
2,000 | 113,180 | ||||||
Occidental Petroleum Corporation |
1,200 | 107,112 | ||||||
PepsiCo, Inc. |
1,400 | 115,458 | ||||||
Phillips 66 |
2,550 | 155,423 |
Precision Castparts Corp. |
700 | 133,903 | ||||||
Prudential Financial, Inc. |
1,800 | 108,756 | ||||||
Scripps Networks Interactive, Inc. |
1,700 | 113,186 | ||||||
Sigma-Aldrich Corporation |
1,000 | 78,690 | ||||||
Spectra Energy Corp. |
5,900 | 186,027 | ||||||
State Street Corporation |
2,300 | 134,481 | ||||||
The ADT Corporation |
2,300 | 100,372 | ||||||
Thermo Fisher Scientific, Inc. |
1,900 | 153,292 | ||||||
Travelers Companies, Inc. |
1,600 | 136,656 | ||||||
United Technologies Corporation |
1,200 | 109,548 | ||||||
Visa, Inc. |
800 | 134,768 | ||||||
VMware, Inc.* |
1,400 | 98,700 | ||||||
Wal-Mart Stores, Inc. |
1,400 | 108,808 | ||||||
Walt Disney Company |
2,000 | 125,680 | ||||||
Wells Fargo & Company |
3,100 | 117,738 | ||||||
Wynn Resorts Limited |
950 | 130,435 | ||||||
|
|
|||||||
7,108,019 | ||||||||
|
|
|||||||
U.S. Micro Cap Stocks - 2.7% |
||||||||
8 x 8, Inc.* |
20,800 | 150,384 | ||||||
Graham Corporation |
5,000 | 121,500 | ||||||
KMG Chemicals, Inc. |
5,500 | 100,980 | ||||||
Measurement Specialties, Inc.* |
3,500 | 149,695 | ||||||
Teche Holding Company |
2,500 | 103,000 | ||||||
|
|
|||||||
625,559 | ||||||||
|
|
|||||||
U.S. Mid Cap Stocks - 24.9% |
||||||||
Albemarle Corporation |
1,800 | 110,250 | ||||||
American Capital, Ltd.* |
11,000 | 166,430 | ||||||
A. O. Smith Corp. |
1,800 | 135,774 | ||||||
Atwood Oceanics, Inc.* |
2,300 | 112,815 | ||||||
Babcock & Wilcox Company |
6,000 | 163,200 | ||||||
Brinker International, Inc. |
3,000 | 116,700 | ||||||
Brown & Brown, Inc. |
4,000 | 123,960 | ||||||
Carlyle Group LP |
4,200 | 136,416 | ||||||
Coca-Cola Enterprises, Inc. |
3,600 | 131,868 | ||||||
Crown Holdings, Inc.* |
2,900 | 123,772 | ||||||
D.R. Horton, Inc. |
5,600 | 146,048 | ||||||
Eaton Vance Corp. |
3,900 | 155,532 | ||||||
Energizer Holdings, Inc. |
1,350 | 130,397 | ||||||
Federated Investors, Inc. |
4,900 | 112,504 | ||||||
Flowserve Corporation |
800 | 126,496 | ||||||
Graco, Inc. |
1,700 | 102,901 | ||||||
Hartford Financial Services Group, Inc. |
5,900 | 165,731 | ||||||
Hasbro, Inc. |
2,800 | 132,636 | ||||||
Helmerich & Payne, Inc. |
2,100 | 123,102 | ||||||
Ingredion, Inc. |
3,300 | 237,633 | ||||||
Kennametal, Inc. |
3,000 | 119,970 | ||||||
Kirby Corporation* |
2,000 | 149,780 | ||||||
Lam Research Corporation* |
5,000 | 231,100 | ||||||
Legg Mason, Inc. |
3,900 | 124,254 | ||||||
Lincoln National Corporation |
4,700 | 159,847 | ||||||
Nationstar Mortgage Holdings, Inc.* |
3,000 | 110,310 | ||||||
Nu Skin Enterprises, Inc. |
2,800 | 142,044 | ||||||
Ocwen Financial Corporation* |
2,700 | 98,766 | ||||||
Owens Corning, Inc.* |
3,400 | 143,004 | ||||||
Principal Financial Group, Inc. |
4,000 | 144,400 | ||||||
ProAssurance Corp. |
1,400 | 68,586 | ||||||
PVH Corp. |
1,200 | 138,492 | ||||||
Reinsurance Group of America, Inc. |
2,700 | 168,885 | ||||||
Silgan Holdings, Inc. |
2,500 | 119,675 | ||||||
Stericycle, Inc.* |
1,500 | 162,480 | ||||||
Tempur-Pedic International, Inc.* |
2,500 | 121,250 | ||||||
Total System Services, Inc. |
3,500 | 82,670 | ||||||
TRW Automotive Holdings Corp.* |
2,400 | 144,168 | ||||||
Under Armour, Inc.* |
2,300 | 131,284 | ||||||
URS Corporation |
3,500 | 153,720 | ||||||
Valmont Industries, Inc. |
850 | 123,871 | ||||||
Vulcan Materials Company |
2,800 | 139,664 | ||||||
WABCO Holdings, Inc.* |
1,300 | 93,899 | ||||||
|
|
|||||||
5,826,284 | ||||||||
|
|
U.S. REITs - 0.4% |
||||||||
Silver Bay Realty Trust Corp. |
5,300 | 101,124 | ||||||
|
|
|||||||
U.S. Small Cap Stocks - 10.8% |
||||||||
Alere, Inc.* |
5,300 | 136,104 | ||||||
Astec Industries, Inc.* |
3,250 | 106,698 | ||||||
Blount International, Inc.* |
8,000 | 111,120 | ||||||
Community Bank System, Inc. |
3,800 | 108,832 | ||||||
Electronics for Imaging, Inc.* |
6,300 | 168,336 | ||||||
EMC Corporation* |
4,600 | 103,178 | ||||||
Fair Isacc Corporation |
3,000 | 139,740 | ||||||
G-III Apparel Group Ltd.* |
4,100 | 166,706 | ||||||
Hill-Rom Holdings, Inc. |
3,200 | 109,024 | ||||||
Kaman Corporation |
3,800 | 128,402 | ||||||
Kraton Performance Polymers, Inc.* |
3,800 | 86,298 | ||||||
Old Dominion Freight Line, Inc.* |
3,200 | 123,200 | ||||||
PolyOne Corporation |
5,500 | 123,915 | ||||||
Primerica, Inc. |
3,900 | 132,444 | ||||||
Proofpoint, Inc.* |
7,100 | 130,071 | ||||||
Rosetta Resources, Inc.* |
3,000 | 128,730 | ||||||
Standex International Corporation |
2,400 | 126,960 | ||||||
ValueClick, Inc.* |
8,000 | 246,880 | ||||||
Wendys Company |
25,000 | 142,250 | ||||||
|
|
|||||||
2,518,888 | ||||||||
|
|
|||||||
Money Market Funds - 2.6% |
||||||||
Fidelity Institutional Money Market Portfolio |
618,093 | 618,093 | ||||||
|
|
|||||||
TOTAL INVESTMENTS - 100.6% (cost $18,797,247) |
23,505,211 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - 0.6% |
(138,591 | ) | ||||||
|
|
|||||||
Net Assets - 100.0% |
$ | 23,366,620 | ||||||
|
|
Cost for federal income tax purposes $18,797,247.
The aggregate gross unrealized appreciation (depreciation) for all securities is as follows:
Excess of value over tax cost |
$ | 23,505,211 | ||
Excess of tax cost over value |
18,797,247 | |||
|
|
|||
Net Appreciation |
$ | 4,707,964 | ||
|
|
* | Non-income producing security. |
API MASTER ALLOCATION FUND
SCHEDULE OF INVESTMENTS
April 30, 2013
(Unaudited)
Shares | Value | |||||||
Growth Funds - 33.0% |
||||||||
API Efficient Frontier Growth Fund* |
934,507 | $ | 11,335,571 | |||||
|
|
|||||||
Income Funds - 33.0% |
||||||||
API Efficient Frontier Capital Income Fund |
261,666 | 11,330,119 | ||||||
|
|
|||||||
Value Funds - 33.1% |
||||||||
API Efficient Frontier Value Fund* |
774,438 | 11,384,232 | ||||||
|
|
|||||||
Money Market Funds - 1.0% |
||||||||
Fidelity Institutional Money Market Portfolio |
333,021 | 333,021 | ||||||
|
|
|||||||
TOTAL INVESTMENTS - 100.1% (cost $21,818,965) |
34,382,943 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - 0.1% |
(42,529 | ) | ||||||
|
|
|||||||
Net Assets - 100.0% |
$ | 34,340,414 | ||||||
|
|
Cost for federal income tax purposes $22,171,491.
The aggregate gross unrealized appreciation (depreciation) for all securities is as follows:
Excess of value over tax cost |
$ | 12,211,452 | ||
Excess of tax cost over value |
| |||
|
|
|||
Net Appreciation |
$ | 12,211,452 | ||
|
|
* | Non-income producing security. |
Investment Valuation
The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. Generally accepted accounting principles establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 |
Unadjusted quoted prices in active markets for identical assets that the Funds have the ability to access. | |
Level 2 |
Observable inputs other than quoted prices included in Level 1 that are observable for the asset, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | |
Level 3 |
Unobservable inputs for the asset, to the extent relevant observable inputs are not available, representing a Funds own assumptions about the assumptions a market participant would use in valuing the asset, and would be based on the best information available. |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of April 30, 2013, in valuing the Funds assets carried at fair value.
Capital Income Fund
Investments in Securities |
Level 1 -
Quoted Prices |
Level 2 -
Other Significant Observable Inputs |
Level 3 -
Significant Unobservable Inputs |
Total | ||||||||||||
Closed-end Funds |
$ | 514,380 | $ | | $ | | $ | 514,380 | ||||||||
Common Stocks |
22,353,197 | | | 22,353,197 | ||||||||||||
Exchange Traded Funds |
1,686,149 | | | 1,686,149 | ||||||||||||
Limited Partnerships |
485,505 | | | 485,505 | ||||||||||||
Money Market Funds |
1,160,586 | | | 1,160,586 | ||||||||||||
Real Estate Investment Trusts |
2,567,835 | | | 2,567,835 | ||||||||||||
Structures Notes |
| 518,850 | | 518,850 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 28,767,652 | $ | 518,850 | $ | | $ | 29,286,502 | ||||||||
|
|
|
|
|
|
|
|
Growth Fund
Investments in Securities |
Level 1 -
Quoted Prices |
Level 2 -
Other Significant Observable Inputs |
Level 3 -
Significant Unobservable Inputs |
Total | ||||||||||||
Common Stocks |
$ | 40,592,259 | $ | | $ | | $ | 40,592,259 | ||||||||
Exchange Traded Funds |
3,624,840 | | | 3,624,840 | ||||||||||||
Limited Partnerships |
7,596 | | | 7,596 | ||||||||||||
Money Market Funds |
685,629 | | | 685,629 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 44,910,324 | $ | | $ | | $ | 44,910,324 | ||||||||
|
|
|
|
|
|
|
|
Income Fund
Investments in Securities |
Level 1 -
Quoted Prices |
Level 2
-
Other Significant Observable Inputs |
Level 3 -
Significant Unobservable Inputs |
Total | ||||||||||||
Closed-end Funds |
$ | 75,518,771 | $ | | $ | | $ | 75,518,771 | ||||||||
Common Stocks |
93,494,667 | | | 93,494,667 | ||||||||||||
Corporate Bonds |
| 16,141,177 | | 16,141,177 | ||||||||||||
Exchange Traded Funds |
197,315,121 | | | 197,315,121 | ||||||||||||
Limited Partnerships |
3,575,000 | | | 3,575,000 | ||||||||||||
Money Market Funds |
14,853,455 | | | 14,853,455 | ||||||||||||
Municipal Bonds |
| 213,300 | | 213,300 | ||||||||||||
Preferred Stocks |
44,095,613 | | | 44,095,613 | ||||||||||||
Real Estate Investment Trusts |
144,148,461 | | | 144,148,461 | ||||||||||||
Structured Notes |
| 29,704,622 | | 29,704,622 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 573,001,088 | $ | 46,059,099 | $ | | $ | 619,060,187 | ||||||||
|
|
|
|
|
|
|
|
Core Income Fund
Investments in Securities |
Level 1 -
Quoted Prices |
Level 2 -
Other Significant Observable Inputs |
Level 3 -
Significant Unobservable Inputs |
Total | ||||||||||||
Closed-end Funds |
$ | 2,897,062 | $ | | $ | | $ | 2,897,062 | ||||||||
Corporate Bonds |
| 5,066,908 | | 5,066,908 | ||||||||||||
Exchange Traded Funds |
8,272,425 | | | 8,272,425 | ||||||||||||
Money Market Funds |
496,507 | | | 496,507 | ||||||||||||
Preferred Stocks |
3,745,265 | | | 3,745,265 | ||||||||||||
Structured Notes |
| 927,625 | | 927,625 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 15,411,259 | $ | 5,994,533 | $ | | $ | 21,405,792 | ||||||||
|
|
|
|
|
|
|
|
Value Fund
Investments in Securities |
Level 1 -
Quoted Prices |
Level 2 -
Other Significant Observable Inputs |
Level 3 -
Significant Unobservable Inputs |
Total | ||||||||||||
Common Stocks |
$ | 20,491,837 | $ | | $ | | $ | 20,491,837 | ||||||||
Exchange Traded Funds |
2,106,159 | | | 2,106,159 | ||||||||||||
Limited Partnerships |
187,998 | | | 187,998 | ||||||||||||
Money Market Funds |
618,093 | | | 618,093 | ||||||||||||
Real Estate Investment Trusts |
101,124 | | | 101,124 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 23,505,211 | $ | | $ | | $ | 23,505,211 | ||||||||
|
|
|
|
|
|
|
|
Master Allocation Fund
Investments in Securities |
Level 1 -
Quoted Prices |
Level 2 -
Other Significant Observable Inputs |
Level 3 -
Significant Unobservable Inputs |
Total | ||||||||||||
Mutual Funds |
$ | 34,382,943 | $ | | $ | | $ | 34,382,943 |
ITEM 2. | CONTROLS AND PROCEDURES. |
(a) | Based on their evaluation of Registrants disclosure controls and procedures, as of a date within 90 days of the filing date, Registrants President and Chief Financial Officer have concluded that Registrants disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrants officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above and have been reasonably designed and are functioning as intended to ensure that all relevant and required information is recorded, processed, summarized and reported in this report on Form N-Q. |
(b) | There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. |
ITEM 3. | EXHIBITS |
The certifications required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
American Pension Investors Trust
By: |
/ S / D AVID D. B ASTEN |
|
David D. Basten | ||
President |
Date: June 11, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: |
/ S / D AVID D. B ASTEN |
|
David D. Basten | ||
President |
Date: June 11, 2013
By: |
/ S / C HARLES D. F OSTER |
|
Charles D. Foster | ||
Chief Financial Officer |
Date: June 11, 2013
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