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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, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04262
AMERICAN PENSION INVESTORS TRUST
(Exact name of Registrant as Specified in Charter)
2303 Yorktown Avenue, Lynchburg, Virginia 24501
(Address of Principal Executive Office) (Zip Code)
Registrants Telephone Number, including Area Code: (434) 846-1361
(Name and Address of Agent for Service)
David D. Basten
President
American Pension Investors Trust
2303 Yorktown Avenue
Lynchburg, Virginia 24501
Copy 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: January 31, 2013
Item 1. Reports to Shareholders.
API E FFICIENT F RONTIER C APITAL I NCOME F UND
API E FFICIENT F RONTIER G ROWTH F UND
API E FFICIENT F RONTIER I NCOME F UND
API E FFICIENT F RONTIER C ORE I NCOME F UND
API E FFICIENT F RONTIER V ALUE F UND
API M ASTER A LLOCATION F UND
ANNUAL REPORT DATED JANUARY 31, 2013
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Welcome to our annual report for the year ended January 31, 2013. In this report, you will find commentary from the investment team, as well as a listing of portfolio holdings, financial statements and highlights, and detailed information about the performance and positioning of the API Funds.
Our strategy for success involves a long term horizon, broad diversification, and a commitment to analyze market risk and reward based on disciplinenot emotion.
The following chart lists the performance returns for the six API Funds as of January 31 2013.
FUND NAME |
Inception Date | One Year | Three Year | Five Year |
Ten Year/
*Since Inception |
|||||||||||||
API Efficient Frontier Capital Income FundClass A |
4/13/1998 | 12.09% | 11.92% | 3.02% | 8.97% | |||||||||||||
API Efficient Frontier Capital Income FundInstitutional |
7/1/2004 | 12.63% | 12.48% | 3.50% | *7.08% | |||||||||||||
API Efficient Frontier Capital Income FundClass L |
7/1/2004 | 11.49% | 11.36% | 2.50% | *6.04% | |||||||||||||
API Efficient Frontier Core Income FundClass A |
7/2/1997 | 7.19% | 8.96% | -1.58% | 7.81% | |||||||||||||
API Efficient Frontier Core Income FundClass L |
7/1/2004 | 6.10% | 7.86% | -2.58% | *3.01% | |||||||||||||
API Efficient Frontier Growth FundClass L |
6/14/1985 | 15.91% | 13.91% | 1.86% | 8.84% | |||||||||||||
API Efficient Frontier Growth FundClass A |
7/1/2004 | 17.11% | 15.06% | 2.88% | *6.13% | |||||||||||||
API Efficient Frontier Income FundClass A |
7/2/1997 | 17.09% | 10.47% | 11.32% | 6.13% | |||||||||||||
API Efficient Frontier Income FundInstitutional |
4/1/2010 | 17.71% | N/A | N/A | *9.60% | |||||||||||||
API Efficient Frontier Income FundClass L |
7/1/2004 | 16.62% | 10.16% | 10.68% | *6.36% | |||||||||||||
API Master Allocation FundClass A |
3/19/2009 | 11.97% | 11.15% | N/A | *19.99% | |||||||||||||
API Master Allocation FundClass L |
3/19/2009 | 11.40% | 10.61% | N/A | *19.40% | |||||||||||||
API Efficient Frontier Value FundClass L |
11/2/1992 | 9.84% | 9.77% | -1.78% | 8.06% | |||||||||||||
API Efficient Frontier Value FundClass A |
7/1/2004 | 10.89% | 10.80% | -0.88% | *4.15% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-544-6060.
The maximum front end load for all funds as disclosed in the prospectus is 5.75%. The Advisor has contractually agreed to defer the collection of fees and/or reimburse expenses, but only to the extent necessary to limit Gross Annual Fund Operating Expenses (excluding brokerage fees and commissions; borrowing costs, such as (a) interest and (b) dividend on securities sold short; taxes; indirect expenses incurred by the Underlying Fund in which the Fund invests, and extraordinary expenses) for each fund. As of May 30, 2012, the operating expense ratios for the Income Fund were as follows: Income Fund Class A, 1.81%; Income Fund Class L, 2.31%; Income Fund Institutional Class, 1.31%; Growth Fund Class A, 1.62%; Growth Fund Class L, 2.62%; Capital Income Fund Class A, 1.94%; Capital Income Fund Class L, 2.44%; Capital Income Fund Institutional Class, 1.44%; Core Income Fund Class A, 1.86%; Core Income Fund Class L, 2.86%; Master Allocation Fund Class A, 2.77%; Master Allocation Fund Class L, 3.27%; Value Fund Class A, 1.61%; Value Fund Class L, 2.51%.
ECONOMIC OVERVIEW
The global economic recovery is still slowly proceeding and seems more poised to accelerate than rollover. While typical economic recoveries would see GDP growth north of 5%, this expansions anemic growth of around 2% has many believing
1
that this is the best you can expect. We believe that the potential exists for growth to be greater than expected and the stock market to deliver solid returns. There are a number of factors that we think will contribute to a healthier economy and help drive the market higher in 2013.
The Federal Reserve continues to supply monetary stimulus and based on their statements we expect the stimulus to continue. Globally, central banks from the worlds largest economies, including Bank of England, European Central Bank, Bank of China and Bank of Japan, have joined the Federal Reserve in adding around $9 trillion of liquidity into the worldwide marketplace. To put this in perspective, if the central banks were a country unto themselves they would be the worlds second largest economy; second only to the United States at $15 trillion and ahead of China ($7 trillion), Japan ($6 trillion) and Germany ($4 trillion).
The latest Case-Shiller Home Price Index release showed that home prices were up 4.3% year over year on a nationwide measure. Housing starts and sales also show that the general housing market is beginning to experience a recovery. A housing recovery has many positive aspects; from jobs to appliance sales and to domestic manufacturing in a very broad sense.
The advances in energy exploration and production have the potential to provide broad benefits to the U.S. economy and our environment. North America now produces far more natural gas than any other region. Because of this abundant supply of clean burning natural gas, prices here in North America are inexpensive ($3.60 per BTU in the U.S. vs $12 in Europe). Also, gas is not easily transported over oceans resulting in a huge competitive advantage for U.S. factories.
While a case for a positive outlook is compelling, we are well aware that there are many challenges here in the U.S. and around the world. U.S. Debt outstanding at over $16 trillion, budget deficit over $1 trillion, debt ceiling, sequestration spending cuts and an unemployment rate at 7.9% to name a few. While these are no small issues they are in the early innings of being addressed. Some key data shows signs of moving in a positive direction. As the economy continues to gain traction and our strengths become more apparent, these challenges can be more fully addressed. Overall, we think that GDP growth has the ability to break out not only here in the US but globally.
MARKET OVERVIEW
Global economic trends continue to exhibit positive momentum from earlier months and helped sustain investor sentiment in January. The unexpected decline in U.S. economic output for the fourth quarter of last year was mostly due to a sharp fall in government spending and a smaller inventory buildup, while consumer and business spending exceeded forecasts. Also, recent data suggest that U.S. labor market gains during last year were better than earlier estimates. Although looking less likely, if lawmakers succeed in avoiding the automatic spending cuts scheduled for March as well as putting together an agreement to increase the debt ceiling before May, U.S. economic growth could see even better improvement this year. Regardless of Washington politics, the market could continue adding to last year gains and we think there are a number of contributing factors as to why this could occur.
First and foremost is valuation. At a price to earnings multiple of 13.8 the market is trading well below its historical average of 16.2. Eight of the ten sectors are trading at multiples lower than there historical average with the least expensive being the technology sector. The only two sectors trading above their historical average is utilities and telecom. This valuation gap is also a factor that can be seen in stock buybacks, as S&P 500 company share buybacks are up 300% year-over-year and at a 20 month high. Companies are on pace to retire over 4% of the S&P market cap in buybacks alone. Global merger and acquisitions deal volume was up 32% in the 4 th quarter of 2012 and is continuing this year. Fueling this growth is the spread between equity cash flow yields and credit yields near 30 year highs.
2
Bonds produced solid returns as the benchmark 10 year U.S. Treasury yield fell to a record low in July, closing below 1.5%. By the end of the year, yields had climbed but still remain historically low. We believe that investors shouldnt be surprised if future results are more modest. While we are not expecting a sharp reversal in the bond market, we do think it is prudent to shorten maturities at this juncture. In addition to the unemployment rate at 7.9% and household debt as a percentage of disposable income at 121%, the Federal Reserve announced on September 13 th that it would continue to hold short term rates low at least through mid-2015. These factors along with others bode well for rates to increase at a moderate pace as the economy recovers.
GOING FORWARD
We are optimistic that 2013 will be an attractive year for equities. The markets appear to be providing some opportunity to those who can see past the headline doom of what seems daily political posturing. We believe that most investors may be underestimating the growth potential of many companies and countries. Valuation seems attractive especially in light of the historically low interest rates. Companies continue to hold high levels of cash on their balance sheets. These cash levels can be used to pay down debt and strengthening balance sheets, stock buybacks, mergers and acquisitions, or increase dividend rates. Either way, these actions are to the benefit of shareholders.
It is our commitment to you that we will always strive to be diversified and inclusive of the best ideas the worldwide marketplace has to offer. We are principle focused and fact driven with an owner mindset for value. With an open minded and inclusive process that is clear and repeatable, our passion is to identify superior companies with proven, shareholder-oriented management. Our commitment stands today, as it has in the past, to do our best to reduce your risk and improve your performance over the long term. We are committed to providing our clients with world-class investment management and service.
Thank you again for your continued trust and confidence. We look forward to the future with your support.
Sincerely,
|
David D. Basten |
President |
Chief Investment Officer |
Portfolio Manager |
You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Funds prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Funds prospectus by calling 1-800-544-6060. The Performance quoted represents past performance and is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost.
Distributed by Unified Financial Securities, Inc., 2960 North Meridian Street, Suite 300, Indianapolis, IN 46208. (Member FINRA)
3
PORTFOLIO BREAKDOWN
The following chart shows the types of securities in the Funds portfolio at January 31, 2013 (as a percentage of total investments).
The accompanying notes are an integral part of these financial statements.
4
API CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS
January 31, 2013
Principal/
|
Value |
|||||||
Europe Large Cap Stocks 3.5% |
||||||||
ArcelorMittal ADR |
10,000 | $ | 171,600 | |||||
Banco Santander SA |
13,000 | 106,340 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG |
7,500 | 138,075 | ||||||
Royal Dutch Shell PLC |
1,800 | 126,936 | ||||||
Telefonica S.A. |
11,000 | 157,960 | ||||||
Total SA ADR |
4,000 | 217,160 | ||||||
|
|
|||||||
918,071 | ||||||||
|
|
|||||||
Europe Small Cap Stocks 0.4% |
||||||||
Navios Maritime Partners LP |
7,000 | 103,740 | ||||||
|
|
|||||||
Global Large Cap Stocks 4.4% |
||||||||
Cenovus Energy, Inc. |
6,800 | 226,033 | ||||||
LyondellBasell Industries NV |
2,000 | 126,840 | ||||||
Sanofi-Aventis ADR |
5,000 | 243,400 | ||||||
Toronto Dominion Bank |
3,500 | 292,390 | ||||||
TransCanada Corp. |
6,000 | 284,220 | ||||||
|
|
|||||||
1,172,883 | ||||||||
|
|
|||||||
Global Mid Cap Stocks 0.6% |
||||||||
TransAlta Corp. |
10,200 | 164,016 | ||||||
|
|
|||||||
International Large Cap Stocks 4.6% |
||||||||
BCE, Inc. |
7,000 | 310,940 | ||||||
Eni S.p.A. ADR |
6,500 | 324,545 | ||||||
Sasol Ltd. ADR |
5,000 | 216,150 | ||||||
SeaDrill Ltd. |
9,000 | 357,120 | ||||||
|
|
|||||||
1,208,755 | ||||||||
|
|
|||||||
International Market Indexes 2.7% |
||||||||
iShares Dow Jones EPAC Select Dividend Index Fund |
7,000 | 244,580 | ||||||
iShares Emerging Markets Dividend Index Fund |
3,000 | 167,100 | ||||||
iShares MSCI Australia Index Fund |
12,000 | 313,440 | ||||||
|
|
|||||||
725,120 | ||||||||
|
|
|||||||
International Mid Cap Stocks 1.3% |
||||||||
PartnerRe Ltd. |
4,000 | 350,760 | ||||||
|
|
|||||||
Japan Large Cap Stocks 1.2% |
||||||||
NTT DOCOMO, Inc. ADR |
12,000 | 182,040 | ||||||
Nippon Telegraph & Telephone Corp. ADR |
6,500 | 136,890 | ||||||
|
|
|||||||
318,930 | ||||||||
|
|
|||||||
Latin America Large Cap Stocks 1.9% |
||||||||
Ecopetrol SA ADR |
4,500 | 284,850 | ||||||
Empresa Nacional de Electricidad SA ADR |
4,300 | 221,923 | ||||||
|
|
|||||||
506,773 | ||||||||
|
|
|||||||
Pacific/Asia Large Cap Stocks 2.5% |
||||||||
China Petroleum & Chemical Corporation |
2,200 | 267,190 | ||||||
Principal/
|
Value |
|||||||
Chungwa Telecom Co., Ltd. |
4,000 | $ | 127,880 | |||||
PetroChina Company Limited |
800 | 113,760 | ||||||
Westpac Banking Corporation |
1,000 | 146,840 | ||||||
|
|
|||||||
655,670 | ||||||||
|
|
|||||||
Pacific/Asia Market Indexes 3.3% |
||||||||
iShares Asia/Pacific Dividend 30 Index Fund |
4,300 | 241,505 | ||||||
iShares MSCI Pacific ex-Japan Index Fund |
6,500 | 317,135 | ||||||
iShares MSCI Singapore Index Fund |
23,000 | 316,710 | ||||||
|
|
|||||||
875,350 | ||||||||
|
|
|||||||
Scandinavia Large Cap Stocks 0.9% |
||||||||
Statoil ASA ADR |
9,000 | 238,770 | ||||||
|
|
|||||||
Structured Notes 2.0% |
||||||||
Morgan Stanley Contingent Income Auto-Callable Securities, Variable
|
$ | 200,000 | 204,930 | |||||
Morgan Stanley Market Linked Auto-Callable Securities, Variable Rate, due 11/30/2032 |
$ | 300,000 | 312,375 | |||||
|
|
|||||||
517,305 | ||||||||
|
|
|||||||
United Kingdom Large Cap Stocks 7.3% |
||||||||
Astrazeneca PLC ADR |
4,000 | 192,720 | ||||||
Aviva plc ADR |
26,000 | 304,460 | ||||||
BP plc |
7,000 | 311,640 | ||||||
BT Group plc |
4,000 | 157,840 | ||||||
Diageo Plc ADR |
2,400 | 286,320 | ||||||
Ensco PLC |
5,000 | 317,850 | ||||||
National Grid PLC ADR |
2,000 | 109,840 | ||||||
Tesco plc |
7,300 | 124,173 | ||||||
Vodafone Group PLC |
4,600 | 125,672 | ||||||
|
|
|||||||
1,930,515 | ||||||||
|
|
|||||||
U.S. Large Cap Stocks 31.3% |
||||||||
Altria Group, Inc. |
8,500 | 286,280 | ||||||
A T & T, Inc. |
7,600 | 264,404 | ||||||
Baxter International, Inc. |
4,000 | 271,360 | ||||||
Blackrock, Inc. |
750 | 177,210 | ||||||
Bristol-Myers Squibb Company |
8,500 | 307,190 | ||||||
CenturyLink, Inc. |
4,000 | 161,800 | ||||||
Chevron Corp. |
2,300 | 264,845 | ||||||
Coca Cola Co. |
8,000 | 297,920 | ||||||
ConAgra Foods, Inc. |
9,300 | 304,017 | ||||||
Dominion Resources, Inc. |
2,400 | 129,864 | ||||||
Dow Chemical Company |
9,000 | 289,800 | ||||||
DTE Energy Co. |
2,500 | 158,275 | ||||||
Duke Energy Corporation |
2,100 | 144,354 | ||||||
Eli Lilly & Co. |
6,000 | 322,140 | ||||||
Enterprise Products Partners L.P. |
2,400 | 136,008 | ||||||
Exelon Corporation |
4,100 | 128,904 |
5
API CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS, Continued
January 31, 2013
Principal/
|
Value |
|||||||
Freeport-McMoRan Copper & Gold, Inc. |
5,100 | $ | 179,775 | |||||
General Dynamics Corporation |
2,800 | 185,640 | ||||||
General Mills, Inc. |
8,000 | 335,520 | ||||||
H.J. Heinz Company |
2,200 | 133,386 | ||||||
JPMorgan Chase & Co. |
7,000 | 329,350 | ||||||
Kellogg Corporation |
3,000 | 175,500 | ||||||
Kimberly-Clark Corporation |
3,500 | 313,285 | ||||||
Lockheed Martin Corporation |
3,100 | 269,297 | ||||||
M & T Bank Corp. |
2,500 | 256,725 | ||||||
McDonalds Corp. |
3,000 | 285,870 | ||||||
Merck & Co., Inc. |
7,000 | 302,750 | ||||||
Norfolk Southern Corp. |
4,000 | 275,480 | ||||||
Omnicom Group, Inc. |
4,500 | 244,260 | ||||||
Paychex, Inc. |
8,000 | 261,040 | ||||||
Procter & Gamble Co. |
3,000 | 225,480 | ||||||
Reynolds American, Inc. |
6,500 | 285,870 | ||||||
Southern Company |
2,700 | 119,421 | ||||||
Sysco Corporation |
9,500 | 301,815 | ||||||
Verizon Communications, Inc. |
2,800 | 122,108 | ||||||
|
|
|||||||
8,246,943 | ||||||||
|
|
|||||||
U.S. Micro Cap Stocks 5.2% |
||||||||
Calamos Asset Management, Inc. |
12,000 | 125,040 | ||||||
Flushing Financial Corporation |
11,000 | 174,240 | ||||||
Full Circle Capital Corporation |
26,000 | 200,200 | ||||||
Medallion Financial Corp. |
13,000 | 166,270 | ||||||
OceanFirst Financial Corp. |
20,000 | 283,800 | ||||||
SeaCube Container Leasing Ltd. |
10,000 | 229,700 | ||||||
State Auto Financial Corp. |
13,000 | 197,860 | ||||||
|
|
|||||||
1,377,110 | ||||||||
|
|
|||||||
U.S. Mid Cap Stocks 10.5% |
||||||||
AGL Resources, Inc. |
5,500 | 229,900 | ||||||
Ares Capital Corp. |
17,000 | 304,470 | ||||||
Broadridge Financial Solutions, Inc. |
15,000 | 353,550 | ||||||
Cleco Corporation |
3,500 | 149,625 | ||||||
Erie Indemnity Co. |
3,500 | 249,690 | ||||||
Maxim Integrated Products, Inc. |
7,500 | 235,875 | ||||||
Omega Healthcare Investors, Inc. |
10,000 | 255,600 | ||||||
Pinnacle West Capital Corp. |
2,700 | 144,126 | ||||||
Rayonier, Inc. |
6,000 | 323,040 | ||||||
SCANA Corp. |
3,000 | 140,430 | ||||||
Sonoco Products Co. |
6,600 | 204,534 | ||||||
Valley National Bancorp. |
17,860 | 174,849 | ||||||
|
|
|||||||
2,765,689 | ||||||||
|
|
|||||||
U.S. REITs 6.2% |
||||||||
Agree Realty Corp. |
4,400 | 124,784 | ||||||
Arbor Realty Trust, Inc. |
18,000 | 128,340 | ||||||
Principal/
|
Value |
|||||||
Ares Commercial Real Estate Corp. |
7,500 | $ | 129,750 | |||||
Capstead Mortgage Corp. |
10,300 | 127,514 | ||||||
Colony Financial, Inc. |
9,000 | 193,680 | ||||||
Government Properties Income Trust |
8,400 | 208,740 | ||||||
Home Properties, Inc. |
4,000 | 245,880 | ||||||
PennyMac Mortgage Investment Trust |
4,800 | 127,680 | ||||||
Spirit Realty Capital, Inc. |
17,400 | 338,604 | ||||||
|
|
|||||||
1,624,972 | ||||||||
|
|
|||||||
U.S. Small Cap Stocks 8.2% |
||||||||
HNI Corporation |
8,000 | 252,560 | ||||||
Horace Mann Educators Corporation |
16,000 | 347,840 | ||||||
Laclede Group, Inc. |
6,500 | 259,480 | ||||||
National Health Investors, Inc. |
5,000 | 318,250 | ||||||
Northwest Bancshares, Inc. |
20,000 | 244,000 | ||||||
Speedway Motorsports, Inc. |
21,000 | 343,560 | ||||||
Suburban Propane Partners, L.P. |
4,700 | 198,105 | ||||||
Vanguard Natural Resources, LLC |
6,700 | 186,595 | ||||||
|
|
|||||||
2,150,390 | ||||||||
|
|
|||||||
Total Investments 98.0%
|
25,851,762 | |||||||
Other Assets In Excess Of Liabilities 2.0% |
|
520,212 | ||||||
|
|
|||||||
Net Assets 100.0% |
$ | 26,371,974 | ||||||
|
|
|||||||
Costfor federal income tax purposes $21,595,859. |
|
|||||||
Theaggregate gross unrealized appreciation (depreciation)for all securities is as follows: |
|
|||||||
Excess of value over tax cost |
$ | 4,503,438 | ||||||
Excess of tax cost over value |
(247,535 | ) | ||||||
|
|
|||||||
Net Appreciation |
$ | 4,255,903 | ||||||
|
|
The accompanying notes are an integral part of these financial statements.
6
PORTFOLIO BREAKDOWN
The following chart shows the types of securities in the Funds portfolio at January 31, 2013 (as a percentage of total investments).
The accompanying notes are an integral part of these financial statements.
7
API GROWTH FUND
SCHEDULE OF INVESTMENTS
January 31, 2013
Shares |
Value |
|||||||
Emerging Markets Growth 2.2% |
||||||||
iShares MSCI Emerging Markets Growth Index Fund |
5,000 | $ | 287,450 | |||||
iShares MSCI Emerging Markets Index Fund |
6,000 | 265,320 | ||||||
iShares MSCI Turkey Investable Market Index Fund |
2,500 | 169,050 | ||||||
Market Vectors Vietnam ETF |
9,800 | 209,720 | ||||||
|
|
|||||||
931,540 | ||||||||
|
|
|||||||
Emerging Markets Value 0.4% |
||||||||
Guggenheim BRIC ETF |
4,600 | 167,854 | ||||||
|
|
|||||||
Europe Large Cap Stocks 4.8% |
||||||||
ASML Holding N.V. |
2,464 | 185,022 | ||||||
BLDRS Europe 100 ADR Index Fund |
9,300 | 204,600 | ||||||
LOreal SA |
7,000 | 207,690 | ||||||
LVMH Moet Hennessey Louis Vuitton SA |
6,200 | 232,810 | ||||||
Nestle SA ADR |
2,900 | 203,928 | ||||||
Roche Holding, Ltd. ADR |
3,000 | 166,440 | ||||||
Siemens AG ADR |
1,800 | 197,136 | ||||||
Syngenta AG ADS |
3,000 | 258,270 | ||||||
Tenaris SA ADR |
4,000 | 168,280 | ||||||
Vanguard MSCI European ETF |
3,000 | 152,790 | ||||||
|
|
|||||||
1,976,966 | ||||||||
|
|
|||||||
Europe Mid Cap Stocks 0.5% |
||||||||
Core Laboratories N.V. |
1,500 | 191,460 | ||||||
|
|
|||||||
Global Large Cap Stocks 2.9% |
||||||||
Accenture PLC |
3,600 | 258,804 | ||||||
Cenovus Energy, Inc. |
5,500 | 182,820 | ||||||
iShares MSCI Kokusai Index Fund |
4,600 | 206,264 | ||||||
Lululemon Athletica, Inc.* |
2,000 | 138,000 | ||||||
SAP AG ADS |
2,000 | 164,040 | ||||||
Tim Hortons, Inc. |
5,000 | 250,750 | ||||||
|
|
|||||||
1,200,678 | ||||||||
|
|
|||||||
Global Market Indexes 0.7% |
||||||||
Vanguard Total World Stock Index Fund |
5,500 | 282,700 | ||||||
|
|
|||||||
Global Mid Cap Stocks 1.0% |
||||||||
Allied World Assurance Comapny Holdings Ltd. |
2,000 | 169,660 | ||||||
Signet Jewelers Ltd. |
3,900 | 244,062 | ||||||
|
|
|||||||
413,722 | ||||||||
|
|
|||||||
Global Small Cap Stocks 0.5% |
||||||||
Aircastle Ltd. |
14,000 | 193,200 | ||||||
|
|
|||||||
International Large Cap Stocks 2.3% |
||||||||
Agrium, Inc. |
1,500 | 170,235 | ||||||
Brookfield Asset Management, Inc. |
6,000 | 221,580 | ||||||
Elan Corporation plc ADR* |
13,000 | 136,630 | ||||||
Potash Corporation of Saskatchewan, Inc. |
4,500 | 191,250 | ||||||
Prothena Corporation plc |
317 | $ | 1,905 | |||||
Valeant Pharmaceuticals International, Inc.* |
3,600 | 238,752 | ||||||
|
|
|||||||
960,352 | ||||||||
|
|
|||||||
International Market Indexes 1.1% |
||||||||
iShares MSCI EAFE Growth Index Fund |
2,500 | 154,925 | ||||||
iShares MSCI EAFE Small Cap Index Fund |
7,000 | 297,080 | ||||||
|
|
|||||||
452,005 | ||||||||
|
|
|||||||
International Mid Cap Stocks 0.5% |
||||||||
Lazard Ltd. |
6,500 | 225,225 | ||||||
|
|
|||||||
International Small Cap Stocks 1.3% |
||||||||
Accelrys, Inc.* |
21,000 | 197,820 | ||||||
Mercer International, Inc.* |
22,500 | 178,245 | ||||||
Schweitzer-Mauduit International, Inc. |
4,000 | 162,960 | ||||||
|
|
|||||||
539,025 | ||||||||
|
|
|||||||
Japan Large Cap Stocks 0.4% |
||||||||
FANUC CORPORATION |
6,100 | 157,819 | ||||||
|
|
|||||||
Japan Small Cap Stocks 0.5% |
||||||||
iShares Japan Small Cap Index Fund |
4,500 | 204,543 | ||||||
|
|
|||||||
Latin America Large Cap Stocks 3.8% |
||||||||
BanColombia SA ADR |
3,100 | 215,481 | ||||||
Banco Santander Chile ADR |
6,493 | 196,089 | ||||||
Brsil Foods SA |
11,100 | 246,420 | ||||||
Enersis SA ADR |
12,000 | 235,800 | ||||||
Fomento Economico Mexicano S.A.B. de C.V. ADR |
1,600 | 172,624 | ||||||
Grupo Televisa SA ADR |
9,500 | 266,095 | ||||||
Sociedad Quimica Minera de Chile ADR |
4,000 | 227,360 | ||||||
|
|
|||||||
1,559,869 | ||||||||
|
|
|||||||
Latin America Market Indexes 0.6% |
||||||||
iShares S&P Latin American 40 Index Fund |
5,500 | 250,195 | ||||||
|
|
|||||||
Latin America Mid Cap Stocks 0.8% |
||||||||
Embraer-Empresa Brasileira de Aeronautica SA ADR |
9,500 | 313,215 | ||||||
|
|
|||||||
Pacific/Asia Large Cap Stocks 2.4% |
||||||||
BHP Billiton Ltd. ADR |
2,800 | 220,416 | ||||||
CNOOC, Ltd. ADR |
1,200 | 246,396 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR |
14,000 | 248,360 | ||||||
Vanguard MSCI Pacific ETF |
5,000 | 275,100 | ||||||
|
|
|||||||
990,272 | ||||||||
|
|
|||||||
Pacific/Asia Market Indexes 1.6% |
||||||||
BLDRS Emerging Markets 50 ADR Index Fund |
4,900 | 199,920 | ||||||
iShares MSCI Indonesia Investable Market Index Fund |
5,000 | 153,900 | ||||||
iShares MSCI Malaysia Index Fund |
10,200 | 147,390 |
8
API GROWTH FUND
SCHEDULE OF INVESTMENTS, Continued
January 31, 2013
Shares |
Value |
|||||||
iShares MSCI Thailand Investable Market Index Fund |
2,000 | $ | 174,360 | |||||
|
|
|||||||
675,570 | ||||||||
|
|
|||||||
Pacific/Asia Mid Cap Stocks 0.4% |
||||||||
New Oriental Education & Technology Group, Inc. |
9,000 | 153,630 | ||||||
|
|
|||||||
Scandinavia Large Cap Stocks 0.4% |
||||||||
Novo Nordisk A/S ADR |
1,000 | 184,350 | ||||||
|
|
|||||||
Scandinavia Mid Cap Stocks 0.6% |
||||||||
Autoliv, Inc. |
3,500 | 230,300 | ||||||
|
|
|||||||
United Kingdom Large Cap Stocks 1.2% |
||||||||
ACE Limited |
2,500 | 213,325 | ||||||
GlaxoSmithKline PLC ADR |
6,000 | 273,660 | ||||||
|
|
|||||||
486,985 | ||||||||
|
|
|||||||
U.S. Large Cap Stocks 16.9% |
||||||||
Allergan, Inc. |
2,000 | 210,020 | ||||||
Amazon.com, Inc.* |
700 | 185,850 | ||||||
American Tower Corporation |
1,700 | 129,455 | ||||||
AutoZone, Inc.* |
350 | 129,395 | ||||||
Beam, Inc. |
3,000 | 184,020 | ||||||
Broadcom Corp. |
5,500 | 178,475 | ||||||
CarMax, Inc.* |
4,400 | 173,448 | ||||||
CF Industries Holdings, Inc. |
1,200 | 275,004 | ||||||
Coach, Inc. |
3,300 | 168,300 | ||||||
eBay, Inc.* |
3,500 | 195,755 | ||||||
Fluor Corporation |
2,900 | 188,007 | ||||||
FMC Technologies, Inc.* |
6,000 | 284,100 | ||||||
Franklin Resources, Inc. |
1,600 | 219,008 | ||||||
Gilead Sciences, Inc.* |
3,600 | 142,020 | ||||||
Google, Inc.* |
250 | 188,923 | ||||||
Intel Corporation |
8,400 | 176,736 | ||||||
Intuitive Surgical, Inc.* |
400 | 229,752 | ||||||
Laboratory Corporation of America Holdings, Inc.* |
2,500 | 223,750 | ||||||
Liberty Interactive Corporation* |
8,000 | 170,080 | ||||||
Liberty Media Corporation* |
1,600 | 178,416 | ||||||
Liberty Ventures Series A* |
4,000 | 298,520 | ||||||
Lowes Companies, Inc. |
6,000 | 229,140 | ||||||
Macys, Inc. |
4,500 | 177,795 | ||||||
Monster Beverage Corporation* |
3,000 | 143,700 | ||||||
Moodys Corp. |
2,500 | 137,050 | ||||||
NetApp, Inc.* |
6,000 | 216,000 | ||||||
Oracle Corp. |
7,700 | 273,427 | ||||||
PPG Industries, Inc. |
1,800 | 248,166 | ||||||
Precision Castparts Corp. |
1,500 | 275,100 | ||||||
Praxair, Inc. |
1,300 | 143,481 | ||||||
QUALCOMM, Inc. |
3,500 | 231,105 | ||||||
Salesforce.com Inc.* |
1,500 | $ | 258,195 | |||||
Starz Liberty Capital* |
1,600 | 25,504 | ||||||
Ventas, Inc. |
3,500 | 232,015 | ||||||
Verisk Analytics, Inc.* |
3,000 | 165,480 | ||||||
Vertex Pharmaceuticals, Inc.* |
2,900 | 129,862 | ||||||
|
|
|||||||
7,015,054 | ||||||||
|
|
|||||||
U.S. Micro Cap Stocks 8.4% |
||||||||
City Holding Company |
4,500 | 170,055 | ||||||
EnerNOC, Inc.* |
11,500 | 177,675 | ||||||
Envestnet, Inc.* |
19,000 | 264,290 | ||||||
Multimedia Games Holding Company* |
11,000 | 186,340 | ||||||
Myers Industries, Inc. |
10,700 | 158,146 | ||||||
Newport Corp.* |
17,000 | 245,140 | ||||||
Palomar Medical Technologies, Inc.* |
13,000 | 127,010 | ||||||
Park-Ohio Holdings Corp.* |
7,300 | 176,222 | ||||||
PDF Solutions, Inc.* |
16,500 | 247,830 | ||||||
Rudolph Technologies, Inc.* |
22,000 | 296,780 | ||||||
Syneron Medical, Inc.* |
15,000 | 153,300 | ||||||
Tredegar Corporation |
11,000 | 250,910 | ||||||
TriMas Corporation* |
5,700 | 176,073 | ||||||
UFP Technologies, Inc.* |
10,000 | 189,200 | ||||||
U.S. Ecology, Inc. |
6,500 | 154,440 | ||||||
U.S. Physical Therapy, Inc. |
6,000 | 147,600 | ||||||
Virtus Investment Partners, Inc.* |
2,500 | 372,525 | ||||||
|
|
|||||||
3,493,536 | ||||||||
|
|
|||||||
U.S. Mid Cap Stocks 22.2% |
||||||||
3D Systems Corp.* |
2,200 | 127,270 | ||||||
Amdocs Ltd.* |
7,000 | 249,830 | ||||||
Ansys, Inc.* |
2,200 | 161,920 | ||||||
BE Aerospace, Inc.* |
4,500 | 231,705 | ||||||
Bio-Rad Laboratories, Inc.* |
2,500 | 284,475 | ||||||
Chicago Bridge & Iron Company N.V. |
4,200 | 213,402 | ||||||
Colfax Corporation* |
4,100 | 182,901 | ||||||
Copart, Inc.* |
7,000 | 251,370 | ||||||
CoStar Group, Inc.* |
1,800 | 168,804 | ||||||
Donaldson Company, Inc. |
4,500 | 169,245 | ||||||
Factset Research Systems, Inc. |
2,000 | 185,040 | ||||||
Flowserve Corp. |
1,200 | 188,124 | ||||||
FMC Corp. |
3,000 | 184,410 | ||||||
Genesee & Wyoming, Inc.* |
2,200 | 186,076 | ||||||
GEO Group, Inc. |
4,500 | 146,790 | ||||||
Harris Corp. |
3,600 | 166,320 | ||||||
Hertz Global Holdings, Inc.* |
13,500 | 246,780 | ||||||
Hexcel Corp.* |
8,000 | 214,320 | ||||||
IDEX Corporation |
4,500 | 224,505 | ||||||
Landstar Systems, Inc. |
4,300 | 245,272 | ||||||
Markel Corp.* |
400 | $ | 190,452 |
9
API GROWTH FUND
SCHEDULE OF INVESTMENTS, Continued
January 31, 2013
Shares |
Value |
|||||||
Mednax Services, Inc.* |
3,000 | 256,680 | ||||||
Netflix, Inc.* |
3,000 | 495,720 | ||||||
NeuStar, Inc.* |
3,900 | 176,046 | ||||||
NewMarket Corp. |
800 | 204,128 | ||||||
Nu Skin Enterprises, Inc. |
4,300 | 182,148 | ||||||
Oasis Petroleum, Inc.* |
4,800 | 172,224 | ||||||
Panera Bread Co.* |
900 | 143,829 | ||||||
PTC, Inc.* |
8,000 | 185,440 | ||||||
Rackspace Hosting, Inc.* |
3,900 | 293,865 | ||||||
Regal Beloit Corp. |
2,200 | 163,152 | ||||||
ResMed, Inc. |
3,100 | 135,780 | ||||||
Rockwood Holdings, Inc. |
5,000 | 273,650 | ||||||
Steel Dynamics, Inc. |
15,000 | 228,150 | ||||||
Teledyne Technologies, Inc.* |
3,000 | 204,780 | ||||||
Toro Co. |
4,500 | 198,135 | ||||||
Tractor Supply Company |
2,000 | 207,340 | ||||||
Trinble Navigation, Ltd.* |
2,200 | 137,500 | ||||||
Triumph Group, Inc. |
3,000 | 211,110 | ||||||
Towers Watson & Co. |
3,700 | 225,996 | ||||||
Ulta Salon, Cosmetics & Fragrance, Inc.* |
2,400 | 234,768 | ||||||
Wabtec Corp. |
2,500 | 234,050 | ||||||
Waste Connnections, Inc. |
6,000 | 216,120 | ||||||
Western Digital Corporation* |
4,500 | 211,500 | ||||||
|
|
|||||||
9,211,122 | ||||||||
|
|
|||||||
U.S. Small Cap Stocks 19.6% |
||||||||
Aarons, Inc. |
8,000 | 237,200 | ||||||
ADTRAN, Inc. |
13,500 | 272,700 | ||||||
American Vanguard Corp. |
4,200 | 142,380 | ||||||
Biglari Holdings, Inc.* |
400 | 147,552 | ||||||
Centene Corporation* |
4,100 | 176,956 | ||||||
CIRCOR International, Inc. |
8,500 | 352,750 | ||||||
Coinstar, Inc.* |
4,000 | 203,520 | ||||||
Computer Programs & Systems, Inc. |
2,900 | 152,569 | ||||||
CoreLogic, Inc.* |
11,000 | 288,640 | ||||||
Darling International, Inc.* |
9,100 | 153,516 | ||||||
Emulex Corporation* |
23,000 | 175,720 | ||||||
Financial Engines, Inc.* |
6,200 | 206,212 | ||||||
Flowers Foods, Inc. |
7,200 | 193,536 | ||||||
GreatBatch, Inc.* |
11,000 | 291,940 | ||||||
H.B. Fuller Company |
5,200 | 203,216 | ||||||
Iconix Brand Group, Inc.* |
8,600 | 206,830 | ||||||
ICU Medical, Inc.* |
4,500 | 272,025 | ||||||
Inter Parfums, Inc. |
8,400 | 182,364 | ||||||
Interval Leisure Group, Inc. |
8,000 | 158,400 | ||||||
Littlefuse, Inc. |
5,000 | 320,050 | ||||||
Live Nation Entertainment, Inc.* |
17,300 | 177,498 | ||||||
Mentor Graphics Corp.* |
10,400 | $ | 178,152 | |||||
Microsemi Corporation* |
6,100 | 127,612 | ||||||
Middleby Corporation* |
1,500 | 212,040 | ||||||
Mobile Mini, Inc.* |
9,800 | 235,200 | ||||||
Mueller Industries, Inc. |
2,600 | 138,736 | ||||||
NIC, Inc.* |
8,100 | 132,030 | ||||||
Parexel International Corp.* |
6,500 | 220,025 | ||||||
PriceSmart, Inc. |
2,500 | 192,525 | ||||||
Quality Systems, Inc. |
11,500 | 209,760 | ||||||
Regis Corporation |
8,500 | 150,875 | ||||||
Sauer-Danfoss, Inc. |
5,000 | 268,350 | ||||||
Simpson Manufacturing Co., Inc. |
7,100 | 230,182 | ||||||
Team, Inc.* |
5,800 | 254,098 | ||||||
Thor Industries, Inc. |
5,000 | 210,400 | ||||||
TrueBlue, Inc.* |
12,000 | 206,280 | ||||||
VCA Antech, Inc.* |
9,000 | 194,400 | ||||||
Western Refining, Inc. |
7,000 | 235,410 | ||||||
Zebra Technologies Corporation* |
5,100 | 220,728 | ||||||
|
|
|||||||
8,132,377 | ||||||||
|
|
|||||||
Total Investments 98.0%
|
40,593,564 | |||||||
Other Assets In Excess Of Liabilities 2.0% |
|
850,575 | ||||||
|
|
|||||||
Net Assets 100.0% |
$ | 41,444,139 | ||||||
|
|
|||||||
Costfor federal income tax purposes $29,607,898. |
|
|||||||
Theaggregate gross unrealized appreciation (depreciation)for all securities is as follows: |
|
|||||||
Excess of value over tax cost |
$ | 11,215,995 | ||||||
Excess of tax cost over value |
(230,329 | ) | ||||||
|
|
|||||||
Net Appreciation |
$ | 10,985,666 | ||||||
|
|
* | Non-income producing security. |
The accompanying notes are an integral part of these financial statements.
10
PORTFOLIO BREAKDOWN
The following chart shows the types of securities in the Funds portfolio at January 31, 2013 (as a percentage of total investments).
The accompanying notes are an integral part of these financial statements.
11
API INCOME FUND
SCHEDULE OF INVESTMENTS
January 31, 2013
Principal/
|
Value |
|||||||
Emerging Markets Debt 4.8% |
||||||||
iShares Emerging Markets High Yield Bond Fund |
87,000 | $ | 4,838,070 | |||||
iShares JPMorgan USD Emerging Markets Bond Fund |
37,000 | 4,413,730 | ||||||
Market Vectors Emerging Markets High Yield Bond Fund |
110,000 | 3,005,200 | ||||||
PowerShares Emerging Markets Sovereign Debt Portfolio |
300,000 | 9,120,000 | ||||||
WisdomTree Emerging Markets Corporate Bond ETF |
28,000 | 2,247,560 | ||||||
|
|
|||||||
23,624,560 | ||||||||
|
|
|||||||
Global Corporate Bonds 4.2% |
||||||||
Helios Multi-Sector High Income Fund, Inc. |
73,300 | 458,125 | ||||||
iShares Global ex USD High Yield Corporate Bond Fund |
66,000 | 3,694,350 | ||||||
Managed High Yield Plus Fund, Inc. |
498,000 | 1,080,660 | ||||||
SPDR Barclays Capital Intermediate Term Corporate Bond ETF |
26,000 | 898,300 | ||||||
SPDR Barclays Capital Short Term High Yield Bond ETF |
398,500 | 12,257,860 | ||||||
Wells Fargo Advantage Multi-Sector Income Fund |
60,000 | 973,200 | ||||||
Western Asset Managed High Income Fund, Inc. |
180,000 | 1,153,800 | ||||||
|
|
|||||||
20,516,295 | ||||||||
|
|
|||||||
Global Small Cap Stocks 0.1% |
||||||||
Ship Finance International Ltd. |
30,000 | 505,800 | ||||||
|
|
|||||||
International Debt 1.5% |
||||||||
Aberdeen Asia-Pacific Income Fund, Inc. |
180,000 | 1,414,800 | ||||||
Market Vectors International High Yield Bond ETF |
210,000 | 5,806,500 | ||||||
|
|
|||||||
7,221,300 | ||||||||
|
|
|||||||
International Government Bonds 0.7% |
||||||||
Market Vectors Emerging Markets Local Currency Bond ETF |
130,000 | 3,578,900 | ||||||
|
|
|||||||
Structured Notes 3.2% |
||||||||
Morgan Stanley Contingent Income Auto-Callable Securities, Variable Rate,
|
$ | 4,000,000 | 4,098,600 | |||||
Morgan Stanley Global Medium-Term Notes, Variable Rate, due 10/17/2019 |
$ | 1,000,000 | 1,035,750 | |||||
Morgan Stanley Global Medium-Term Notes, Variable Rate, due 9/28/2018 |
$ | 2,764,000 | 2,951,261 | |||||
Morgan Stanley Global Medium-Term Notes, Variable Rate, due 10/16/2020 |
$ | 3,500,000 | 3,602,375 | |||||
Morgan Stanley Market Linked Auto-Callable Securities, Variable Rate, due 11/30/2032 |
$ | 4,000,000 | 4,165,000 | |||||
|
|
|||||||
15,852,986 | ||||||||
|
|
|||||||
U.S. Corporate Bonds 29.4% |
||||||||
Affiliated Managers Group, Inc.,
|
25,000 | $ | 647,500 | |||||
A G Mortgage Investment Trust, Inc.,
|
40,000 | 1,020,000 | ||||||
A G Mortgage Investment Trust, Inc.,
|
30,000 | 754,500 | ||||||
Alpha Natural Resources, Inc.,
|
$ | 200,000 | 219,000 | |||||
American Axle & Manufacturing Holdings, Inc., 6.625%, due 10/15/2022 |
$ | 200,000 | 209,000 | |||||
American Axle & Manufacturing Holdings, Inc., 7.75%, due 11/15/2019 |
$ | 100,000 | 112,000 | |||||
American Income Fund, Inc. |
130,300 | 1,137,519 | ||||||
Apollo Investment Corp. 6.625% Preferred |
30,000 | 741,000 | ||||||
Arbor Realty Trust, Inc. 8.25% Preferred Series A |
40,000 | 994,000 | ||||||
Ares Capital Corporation 5.875% Preferred |
20,000 | 498,000 | ||||||
BlackRock Corporate High Yield Fund III, Inc. |
108,000 | 871,560 | ||||||
BlackRock Corporate High Yield Fund VI, Inc. |
91,500 | 1,183,095 | ||||||
BlackRock Credit Allocation Income Trust IV |
108,975 | 1,533,278 | ||||||
Cantor Fitzgerald LP,
|
$ | 300,000 | 313,146 | |||||
Chesapeake Energy Corp.,
|
$ | 200,000 | 220,500 | |||||
CONSOL Energy, Inc., 8.25%, due 4/1/2020 |
$ | 200,000 | 217,500 | |||||
Coresite Realty Corp. 7.25% Preferred Series B |
10,000 | 253,700 | ||||||
Credit Suisse Asset Management Income Fund, Inc. |
135,000 | 552,150 | ||||||
Credit Suisse High Yield Bond Fund, Inc. |
279,000 | 912,330 | ||||||
CYS Investments, Inc. 7.75% Preferred Series A |
40,000 | 1,006,400 | ||||||
DaVita HealthCare Partners, Inc.,
|
$ | 100,000 | 109,500 | |||||
Discover Financial Services 6.5% Preferred Series B |
30,000 | 765,000 | ||||||
Dreyfus High Yield Strategies Fund |
243,000 | 1,049,760 | ||||||
EverBank Financial Corp. 6.75% Preferred Series A |
20,000 | 495,800 | ||||||
Fifth Street Finance Corp., 5.875% Senior Notes, due 3/15/2019 |
21,233 | 518,085 | ||||||
First Trust Strategic High Income Fund II |
90,900 | 1,567,116 | ||||||
Goldman Sachs Capital II Street Notes, Variable Rate, due 6/1/2043 |
$ | 500,000 | 408,750 | |||||
Goodyear Tire & Rubber Co.,
|
$ | 200,000 | 220,500 | |||||
Guggenhein BulletShares 2014 High Yield Corporate Bond ETF |
29,500 | 785,880 |
12
API INCOME FUND
SCHEDULE OF INVESTMENTS, Continued
January 31, 2013
Principal/
|
Value |
|||||||
Guggenhein BulletShares 2015 High Yield Corporate Bond ETF |
115,000 | $ | 3,071,650 | |||||
Guggenhein BulletShares 2016 High Yield Corporate Bond ETF |
40,000 | 1,059,200 | ||||||
Guggenhein BulletShares 2017 High Yield Corporate Bond ETF |
22,000 | 585,200 | ||||||
Guggenhein BulletShares 2018 High Yield Corporate Bond ETF |
31,000 | 818,400 | ||||||
Hercules Technology Growth Capital, Inc.
|
6,200 | 159,960 | ||||||
Hercules Technology Growth Capital, Inc., 7% Senior Notes due 9/30/2019 |
40,000 | 1,024,000 | ||||||
Horizon Technology Finance Corp., 7.375% Senior Notes, due 3/15/2019 |
5,000 | 128,150 | ||||||
iShares iBoxx $ High Yield Corporate Bond |
250,000 | 23,417,500 | ||||||
iShares iBoxx $ Investment Grade Corporate Bond |
8,500 | 1,015,070 | ||||||
J. C. Penney Company, Inc.,
|
$ | 300,000 | 268,500 | |||||
JMP Group, Inc., 8% Senior Notes, due 1/15/2023 |
19,700 | 499,395 | ||||||
Jones Group, Inc., 6.875%, due 3/15/2019 |
$ | 300,000 | 314,625 | |||||
KCAP Financial, Inc., 7.375% Senior Notes, due 9/30/2019 |
14,500 | 366,560 | ||||||
Kennedy-Wilson Holdings, Inc.
|
20,000 | 501,200 | ||||||
Linn Energy, LLC, 6.25%, due 11/1/2019 |
$ | 100,000 | 100,250 | |||||
Manitowoc Company, Inc.,
|
$ | 100,000 | 113,000 | |||||
Manitowoc Company, Inc.,
|
$ | 300,000 | 303,750 | |||||
MGM Resorts International,
|
$ | 100,000 | 110,125 | |||||
MGM Resorts International,
|
$ | 100,000 | 103,125 | |||||
Navios Maritime Holdings,
|
$ | 100,000 | 99,250 | |||||
NorthStar Realty Finance Corp.
|
30,000 | 761,700 | ||||||
NRG Energy, Inc., 7.875%, due 5/15/2021 |
$ | 100,000 | 112,500 | |||||
NuStar Logistics L.P., 7.625% Subordinated Notes, due 1/15/2043 |
10,000 | 258,800 | ||||||
Peabody Energy Corp., 6%, due 11/15/2018 |
$ | 100,000 | 105,250 | |||||
Peabody Energy Corp., 6%, due 11/15/2018 |
$ | 200,000 | 210,000 | |||||
PennantPark Investment Corp., 6.25% Senior Notes, due 2/1/2025 |
30,000 | 751,500 | ||||||
Peritus High Yield ETF |
335,000 | 16,992,339 | ||||||
PIMCO 0-5 Year High Yield Corporate Bond Index ETF |
179,500 | 18,676,975 | ||||||
PIMCO Total Return ETF |
16,000 | 1,744,640 | ||||||
Pittsburgh Glass Works LLC,
|
$ | 100,000 | $ | 98,000 | ||||
PowerShares Financial Preferred |
100,000 | 1,842,000 | ||||||
PowerShares High Yield Corporate Bond |
620,000 | 11,928,800 | ||||||
Regency Centers Corp. 6% Preferred Series 7 |
1,515 | 38,511 | ||||||
Regions Financial Corp. 6.375% Preferred Series A |
30,000 | 746,400 | ||||||
Resource Capital Corporation 8.25% Preferred Series B |
30,000 | 741,900 | ||||||
R. R. Donnelley & Sons Co.,
|
$ | 200,000 | 198,000 | |||||
Seaspan Corporation 7.95% Preferred Series D |
20,000 | 512,000 | ||||||
Smithfield Foods, Inc., 6.625%, due 8/15/2022 |
$ | 100,000 | 109,750 | |||||
Solar Capital Ltd., 6.75% Senior Notes, due 11/15/2042 |
35,000 | 848,400 | ||||||
SPDR Barclays Capital High Yield Bond ETF |
748,500 | 30,553,770 | ||||||
Stifel Financial Corp., 5.375% Senior Notes, due 12/31/2022 |
11,283 | 289,635 | ||||||
Summit Hotel Properties, Inc.
|
10,000 | 260,000 | ||||||
SunTrust Banks, Inc. 5.875% Preferred Series E |
20,000 | 496,000 | ||||||
Texas Capital Bancshares, Inc., 6.5% Subordinated Notes, due 9/21/2042 |
40,000 | 1,002,000 | ||||||
Triangle Capital Corp., 6.375% Senior Notes, due 12/15/2022 |
30,000 | 752,400 | ||||||
Urstatd Biddle Properties, Inc.
|
30,000 | 795,000 | ||||||
Webster Financial Corp. 6.4% Preferred Series E |
20,000 | 501,400 | ||||||
|
|
|||||||
144,703,149 | ||||||||
|
|
|||||||
U.S. Government Bonds & Notes 0.7% |
||||||||
America First Tax Exempt Investors, L.P. |
500,000 | 3,550,000 | ||||||
|
|
|||||||
U.S. Large Cap Stocks 0.1% |
||||||||
BlackRock Enhanced Capital and Income Fund, Inc. |
38,000 | 495,900 | ||||||
|
|
|||||||
U.S. Micro Cap Stocks 17.2% |
||||||||
Arlington Asset Investment Corp. |
340,000 | 7,945,800 | ||||||
Ellington Financial LLC |
370,000 | 8,843,000 | ||||||
Fidus Investment Corp. |
315,000 | 5,647,950 | ||||||
Full Circle Capital Corp. |
202,000 | 1,555,400 | ||||||
Golub Capital BDC, Inc. |
172,000 | 2,769,200 | ||||||
Home Loan Servicing Solutions, Ltd. |
110,000 | 2,391,400 | ||||||
Horizon Technology Finance Corporation |
300,000 | 4,611,000 | ||||||
Kohlberg Capital Corporation |
453,000 | 4,684,020 | ||||||
MCG Capital Corp |
367,000 | 1,691,870 | ||||||
Medley Capital Corp. |
344,500 | 5,236,400 | ||||||
Monroe Capital Corporation |
10,000 | 151,000 | ||||||
New Mountain Finance Corporation |
248,000 | 3,720,000 |
13
API INCOME FUND
SCHEDULE OF INVESTMENTS, Continued
January 31, 2013
Principal/
|
Value |
|||||||
NGP Capital Resources Company |
269,600 | $ | 1,962,688 | |||||
PennantPark Floating Rate Capital Ltd. |
114,000 | 1,515,060 | ||||||
PennantPark Investment Corp. |
472,000 | 5,276,960 | ||||||
Stellus Capital Investment Corp. |
20,000 | 304,800 | ||||||
Student Transportation, Inc. |
480,000 | 3,115,200 | ||||||
TCP Capital Corp. |
340,000 | 5,042,200 | ||||||
THL Credit, Inc. |
600,000 | 8,946,000 | ||||||
TICC Capital Corp. |
240,000 | 2,563,200 | ||||||
WhiteHorse Finance, Inc. |
450,000 | 6,750,000 | ||||||
|
|
|||||||
84,723,148 | ||||||||
|
|
|||||||
U.S. Mid Cap Stocks 1.5% |
||||||||
Ares Capital Corporation |
376,000 | 6,734,160 | ||||||
Linn Energy, LLC |
15,000 | 583,350 | ||||||
|
|
|||||||
7,317,510 | ||||||||
|
|
|||||||
U.S. Municipal Bonds 3.6% |
||||||||
Grand Prairie Texas Independent School District, 0.0%, due 8/15/2038 |
$ | 1,000,000 | 207,650 | |||||
Market Vectors High-Yield Muni ETF |
140,000 | 4,667,600 | ||||||
PowerShares Build America Bond Portfolio |
420,000 | 12,616,800 | ||||||
|
|
|||||||
17,492,050 | ||||||||
|
|
|||||||
U.S. REITs 20.8% |
||||||||
A G Mortgage Investment Trust, Inc. |
277,000 | 7,035,800 | ||||||
American Capital Agency Corp. |
132,000 | 4,175,160 | ||||||
American Capital Mortgage Investment Corporation |
54,000 | 1,408,320 | ||||||
Anworth Mortgage Asset Corp. |
800,000 | 5,008,000 | ||||||
ARMOUR Residential REIT, Inc. |
1,471,000 | 10,561,780 | ||||||
Apollo Commercial Real Estate Finance, Inc. |
98,000 | 1,711,080 | ||||||
Apollo Residential Mortgage, Inc. |
100,000 | 2,264,000 | ||||||
Chimera Investment Corporation |
700,000 | 2,135,000 | ||||||
Dynex Capital, Inc. |
272,000 | 2,749,920 | ||||||
Invesco Mortgage Capital, Inc. |
234,000 | 5,077,800 | ||||||
Javelin Mortgage Investment Corp. |
528,000 | 10,428,000 | ||||||
MFA Financial, Inc. |
464,000 | 4,171,360 | ||||||
Newcastle Investment Corporation |
245,000 | 2,570,050 | ||||||
New York Mortgage Trust, Inc. |
720,000 | 5,040,000 | ||||||
NorthStar Realty Finance Corp. |
684,000 | 5,335,200 | ||||||
One Liberty Properties, Inc. |
91,377 | 2,017,605 | ||||||
RAIT Financial Trust |
400,000 | 2,756,000 | ||||||
Redwood Trust, Inc. |
50,000 | 955,000 | ||||||
Resource Capital Corp. |
697,000 | 4,335,340 | ||||||
Spirit Realty Capital, Inc. |
396,000 | 7,706,160 | ||||||
Starwood Property Trust, Inc. |
166,000 | 4,256,240 | ||||||
Two Harbors Investment Corp. |
298,000 | 3,701,160 | ||||||
Western Asset Mortgage Capital Corp. |
325,000 | 7,036,250 | ||||||
|
|
|||||||
102,435,225 | ||||||||
|
|
|||||||
U.S. Small Cap Stocks 8.4% |
||||||||
Apollo Investment Corporation |
516,800 | $ | 4,651,200 | |||||
BlackRock Kelso Capital Corporation |
210,000 | 2,240,700 | ||||||
Compass Diversified Holdings |
548,000 | 8,669,360 | ||||||
Fifth Street Finance Corp. |
615,000 | 6,672,750 | ||||||
KKR Financial Holdings LLC |
216,000 | 2,373,840 | ||||||
Solar Capital Ltd. |
385,000 | 9,728,950 | ||||||
Solar Senior Capital Ltd. |
102,000 | 1,901,280 | ||||||
Triangle Capital Corporation |
154,000 | 4,194,960 | ||||||
Vanguard Natural Resources, LLC |
25,000 | 696,250 | ||||||
|
|
|||||||
41,129,290 | ||||||||
|
|
|||||||
Total Investments 96.2%
|
473,146,113 | |||||||
Other Assets in Excess of Liabilities 3.8% |
|
18,815,474 | ||||||
|
|
|||||||
Net Assets 100.0% |
$ | 491,961,587 | ||||||
|
|
|||||||
Costfor federal income tax purposes $442,511,977. |
|
|||||||
Theaggregate gross unrealized appreciation (depreciation)for all securities is as follows: |
|
|||||||
Excess of value over tax cost |
$ | 33,160,923 | ||||||
Excess of tax cost over value |
(2,526,787 | ) | ||||||
|
|
|||||||
Net Appreciation |
$ | 30,634,136 | ||||||
|
|
The accompanying notes are an integral part of these financial statements.
14
PORTFOLIO BREAKDOWN
The following chart shows the types of securities in the Funds portfolio at January 31, 2013 (as a percentage of total investments).
The accompanying notes are an integral part of these financial statements.
15
API CORE INCOME FUND
SCHEDULE OF INVESTMENTS
January 31, 2013
Principal/
|
Value |
|||||||
Emerging Markets Debt 30.4% |
||||||||
iShares JP Morgan Emerging Markets Bond Fund |
7,500 | $ | 894,675 | |||||
Market Vectors Emerging Markets Local Currency Bond ETF |
55,000 | 1,514,150 | ||||||
Market Vectors Latin America Aggregate Bond ETF |
25,000 | 653,750 | ||||||
PowerShares Emerging Markets Sovereign Debt Portfolio |
86,500 | 2,629,600 | ||||||
WisdomTree Emerging Markets Corporate Bond ETF |
2,700 | 216,729 | ||||||
WisdomTree Emerging Markets Local Debt ETF |
8,000 | 425,520 | ||||||
|
|
|||||||
6,334,424 | ||||||||
|
|
|||||||
Europe Corporate Bonds 0.5% |
||||||||
Jefferies Group, Inc., 3.875%, due 11/9/2015 |
$ | 100,000 | 104,388 | |||||
|
|
|||||||
Global Corporate Bonds 13.6% |
||||||||
AngloGold Ashanti Holdings PLC,
|
$ | 100,000 | 104,918 | |||||
iShares Barclays Credit Bond Fund |
7,500 | 842,100 | ||||||
Montpelier Re Holdings Ltd.,
|
$ | 100,000 | 100,690 | |||||
Vanguard Intermediate-Term Corporate Bond ETF |
20,500 | 1,780,220 | ||||||
|
|
|||||||
2,827,928 | ||||||||
|
|
|||||||
International Debt 9.0% |
||||||||
Aberdeen Asia-Pacific Income Fund, Inc. |
143,000 | 1,123,980 | ||||||
Market Vectors International High Yield Bond ETF |
27,000 | 746,550 | ||||||
|
|
|||||||
1,870,530 | ||||||||
|
|
|||||||
Structured Notes 2.9% |
||||||||
Morgan Stanley Contingent Income Auto-Callable Securities, Variable |
||||||||
Rate, due 1/25/2023 |
$ | 200,000 | 204,930 | |||||
Morgan Stanley Global Medium-Term Notes, Variable Rate, due 10/17/2019 |
$ | 200,000 | 207,150 | |||||
Morgan Stanley Global Medium-Term Notes, Variable Rate, due 10/16/2020 |
$ | 200,000 | 205,850 | |||||
|
|
|||||||
617,930 | ||||||||
|
|
|||||||
U.S. Corporate Bonds 38.3% |
||||||||
Advance Auto Parts, Inc.,
|
$ | 100,000 | 109,844 | |||||
Alcoa, Inc., 6.75%, due 7/15/2018 |
$ | 100,000 | 114,452 | |||||
Arrow Electronics, Inc., 6%, due 4/1/2020 |
$ | 100,000 | 111,805 | |||||
Avnet, Inc., 4.875%, due 12/1/2022 |
$ | 100,000 | 101,751 | |||||
Avon Products, Inc., 5.75%, due 3/1/2018 |
$ | 100,000 | 107,783 | |||||
Bank of America Corp., 5.42%, due 3/15/2017 |
$ | 100,000 | 109,465 | |||||
Best Buy Co., Inc., 3.75%, due 3/15/2016 |
$ | 100,000 | $ | 98,000 | ||||
BlackRock Credit Allocation Income Trust IV |
69,790 | 981,945 | ||||||
Block Financial LLC, 5.5%, due 11/1/2022 |
$ | 100,000 | 102,983 | |||||
Buckeye Partners, L.P., 4.875%, due 2/1/2021 |
$ | 100,000 | 105,513 | |||||
CenturyLink, Inc., 6.45%, due 6/15/2021 |
$ | 100,000 | 109,373 | |||||
Computer Sciences Corporation,
|
$ | 100,000 | 115,763 | |||||
Expedia, Inc., 5.95%, due 8/15/2020 |
$ | 100,000 | 110,379 | |||||
Fifth Street Finance Corp., 5.875% Senior Notes, due 3/15/2019 |
4,000 | 97,600 | ||||||
Ford Motor Co., 9.215%, due 9/15/2021 |
$ | 100,000 | 130,500 | |||||
Goldman Sachs Group, Inc.,
|
$ | 100,000 | 116,295 | |||||
Hercules Technology Growth Capital, Inc., 7% Senior Notes due 9/30/2019 |
8,000 | 204,800 | ||||||
Huntington Bancshares, Inc.,
|
$ | 100,000 | 121,488 | |||||
Icahn Enterprises, L.P., 8%, due 1/15/2018 |
$ | 100,000 | 107,375 | |||||
iShares iBoxx $ High Yield Corporate Bond Fund |
9,000 | 843,030 | ||||||
iShares iBoxx $ Investment Grade Corporate Bond Fund |
7,000 | 835,940 | ||||||
KCAP Financial, Inc., 7.375% Senior Notes, due 9/30/2019 |
5,000 | 126,400 | ||||||
Limited Brands, Inc., 8.5%, due 6/15/2019 |
$ | 100,000 | 123,500 | |||||
Masco Corporation, 7.125%, due 3/15/2020 |
$ | 100,000 | 115,988 | |||||
Nasdaq OMX Group, Inc.,
|
$ | 100,000 | 109,887 | |||||
Newfield Exploration Co.,
|
$ | 100,000 | 110,500 | |||||
NuStar Logistics L.P., 4.75%, due 2/1/2022 |
$ | 100,000 | 95,487 | |||||
Owens Corning, 9%, due 6/16/2019 |
$ | 100,000 | 124,475 | |||||
PennantPark Investment Corp.,
|
4,000 | 100,200 | ||||||
Peritus High Yield ETF |
8,500 | 431,149 | ||||||
PIMCO 0-5 Year High Yield Corporate Bond Index ETF |
3,000 | 312,150 | ||||||
PowerShares Senior Loan Portfolio |
17,000 | 427,380 | ||||||
Prologis, Inc., 6.625%, due 5/15/2018 |
$ | 100,000 | 120,893 | |||||
SLM Corporation, 7.25%, due 1/25/2022 |
$ | 100,000 | 112,250 | |||||
Weatherford International Ltd.,
|
$ | 100,000 | 107,180 | |||||
Western Asset Global Corporate Defined Opportunity Fund, Inc. |
40,000 | 825,200 | ||||||
|
|
|||||||
7,978,723 | ||||||||
|
|
16
API CORE INCOME FUND
SCHEDULE OF INVESTMENTS, Continued
January 31, 2013
Principal/
|
Value |
|||||||
U.S. Municipal Bonds 2.2% |
||||||||
SPDR Nuveen Barclays Build America Bond ETF |
7,500 | $ | 456,375 | |||||
|
|
|||||||
Total Investments 96.9%
|
20,190,298 | |||||||
Other Assets in Excess of Liabilities 3.1% |
|
652,092 | ||||||
|
|
|||||||
Net Assets 100.0% |
$ | 20,842,390 | ||||||
|
|
|||||||
Costfor federal income tax purposes $19,328,665. |
|
|||||||
Theaggregate gross unrealized appreciation (depreciation)for all securities is as follows: |
|
|||||||
Excess of value over tax cost |
$ | 896,243 | ||||||
Excess of tax cost over value |
(34,610 | ) | ||||||
|
|
|||||||
Net Appreciation |
$ | 861,633 | ||||||
|
|
The accompanying notes are an integral part of these financial statements.
17
PORTFOLIO BREAKDOWN
The following chart shows the types of securities in the Funds portfolio at January 31, 2013 (as a percentage of total investments).
The accompanying notes are an integral part of these financial statements.
18
SCHEDULE OF INVESTMENTS
January 31, 2013
Shares |
Value |
|||||||
Emerging Markets Value 2.1% |
||||||||
iShares MSCI Emerging Markets Value Index Fund |
4,500 | $ | 229,500 | |||||
iShares S&P India Nifty 50 Index Fund |
3,200 | 83,136 | ||||||
Vanguard MSCI Emerging Markets ETF |
3,500 | 155,960 | ||||||
|
|
|||||||
468,596 | ||||||||
|
|
|||||||
Europe Large Cap Stocks 2.0% |
||||||||
BASF SE |
1,600 | 162,000 | ||||||
Koninklijke Philips Electronics N.V. |
5,500 | 170,995 | ||||||
Novartis AG |
1,700 | 115,294 | ||||||
|
|
|||||||
448,289 | ||||||||
|
|
|||||||
Europe Market Indexes 0.9% |
||||||||
iShares MSCI France Index |
4,100 | 99,753 | ||||||
iShares MSCI Germany Index |
1,900 | 48,849 | ||||||
iShares MSCI Italy Index |
3,500 | 49,700 | ||||||
|
|
|||||||
198,302 | ||||||||
|
|
|||||||
Europe Mid Cap Stocks 1.0% |
||||||||
Esprit Holdings Ltd. |
35,000 | 98,700 | ||||||
NXP Semiconductors NV* |
3,900 | 116,961 | ||||||
|
|
|||||||
215,661 | ||||||||
|
|
|||||||
Global Large Cap Stocks 3.8% |
||||||||
AEGON N.V. |
20,000 | 132,600 | ||||||
Bunge Ltd. |
2,300 | 183,218 | ||||||
Credit Suisse Group AG |
6,300 | 186,102 | ||||||
Invesco Holding Co. Ltd. |
4,500 | 122,625 | ||||||
Schlumberger Ltd. |
1,500 | 117,075 | ||||||
Teva Pharmaceutical Industries Ltd. |
3,000 | 113,970 | ||||||
|
|
|||||||
855,590 | ||||||||
|
|
|||||||
Global Mid Cap Stocks 2.5% |
||||||||
Energy XXI (Bermuda) Ltd. |
3,000 | 93,960 | ||||||
Everest Re Group Ltd. |
1,000 | 115,810 | ||||||
Jazz Pharmaceuticals Plc* |
2,100 | 118,419 | ||||||
Noble Corporation |
3,000 | 121,500 | ||||||
White Mountains Insurance Group Ltd. |
190 | 104,625 | ||||||
|
|
|||||||
554,314 | ||||||||
|
|
|||||||
Global Small Cap Stocks 1.2% |
||||||||
Altisource Asset Management Corporation* |
90 | 11,318 | ||||||
Altisource Residential Corporation* |
300 | 5,400 | ||||||
Montpelier Re Holdings Ltd. |
4,700 | 114,586 | ||||||
UTi Worldwide, Inc. |
9,500 | 140,220 | ||||||
|
|
|||||||
271,524 | ||||||||
|
|
|||||||
International Market Indexes 2.1% |
||||||||
iShares MSCI EAFE Value Index Fund |
4,800 | 244,704 | ||||||
Vanguard FTSE All-World Ex-U.S. Index Fund |
5,100 | 238,986 | ||||||
|
|
|||||||
483,690 | ||||||||
|
|
|||||||
International Mid Cap Stocks 1.0% |
||||||||
DE Master Blenders 1753 NV |
9,200 | $ | 113,068 | |||||
McDermott International, Inc.* |
9,000 | 109,530 | ||||||
|
|
|||||||
222,598 | ||||||||
|
|
|||||||
International Small Cap Stocks 0.5% |
||||||||
Ritchie Bros. Auctioneers, Inc. |
5,000 | 109,550 | ||||||
|
|
|||||||
Large Cap Core Funds 0.7% |
||||||||
Schwab International Equity ETF |
5,400 | 150,228 | ||||||
|
|
|||||||
Latin America Large Cap Stocks 0.6% |
||||||||
Companhia de Bebidas das Americas |
3,100 | 145,886 | ||||||
|
|
|||||||
Latin America Market Indexes 0.6% |
||||||||
iShares MSCI Brazil Index Fund |
2,500 | 141,925 | ||||||
|
|
|||||||
Pacific/Asia Large Cap Stocks 2.9% |
||||||||
Baidu, Inc.* |
950 | 102,885 | ||||||
China Mobile Limited |
2,100 | 114,870 | ||||||
ICICI Bank Limited |
2,600 | 119,080 | ||||||
KB Financial Group, Inc.* |
3,000 | 105,960 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
22,000 | 124,520 | ||||||
POSCO ADR |
1,150 | 93,679 | ||||||
|
|
|||||||
660,994 | ||||||||
|
|
|||||||
Pacific/Asia Market Indexes 2.8% |
||||||||
iShares MSCI China Index Fund |
3,000 | 148,740 | ||||||
iShares MSCI India Index Fund |
3,200 | 86,688 | ||||||
iShares MSCI Indonesia Investable Market Index Fund |
3,500 | 107,730 | ||||||
iShares MSCI Philippines Investable Market Index Fund |
3,500 | 130,410 | ||||||
iShares MSCI South Korea Index Fund |
850 | 50,635 | ||||||
Market Vectors Indonesia Index ETF |
3,800 | 110,694 | ||||||
|
|
|||||||
634,897 | ||||||||
|
|
|||||||
Pacific/Asia Mid Cap Stocks 1.1% |
||||||||
NetEase, Inc. |
2,200 | 102,124 | ||||||
Sims Metal Management, Inc. |
14,300 | 138,424 | ||||||
|
|
|||||||
240,548 | ||||||||
|
|
|||||||
United Kingdom Large Cap Stocks 1.6% |
||||||||
Delphi Automotive PLC* |
3,600 | 139,176 | ||||||
KeyCorp |
12,000 | 112,800 | ||||||
Unilever PLC |
2,800 | 113,932 | ||||||
|
|
|||||||
365,908 | ||||||||
|
|
|||||||
United Kingdom Small Cap Stocks 0.7% |
||||||||
WNS Holdings Ltd.* |
13,000 | 165,490 | ||||||
|
|
|||||||
U.S. Large Cap Stocks 28.7% |
||||||||
Abbott Laboratories |
1,500 | 50,820 | ||||||
AbbVie, Inc. |
1,500 | 55,035 | ||||||
Activision Blizzard, Inc. |
9,100 | 103,649 |
19
API VALUE FUND
SCHEDULE OF INVESTMENTS, Continued
January 31, 2013
Shares |
Value |
|||||||
Alcoa, Inc. |
11,000 | $ | 97,240 | |||||
Allstate Corporation |
2,600 | 114,140 | ||||||
Ameriprise Financial, Inc. |
2,000 | 132,640 | ||||||
Amgen, Inc. |
1,400 | 119,644 | ||||||
Anadarko Petroleum Corporation |
1,550 | 124,031 | ||||||
Apache Corporation |
1,250 | 104,700 | ||||||
Applied Materials, Inc. |
8,800 | 113,608 | ||||||
Baker Hughes, Inc. |
2,100 | 93,912 | ||||||
Berkshire Hathaway, Inc. Class B* |
1,200 | 116,316 | ||||||
Boeing Company |
2,000 | 147,740 | ||||||
Chubb Corporation |
1,400 | 112,434 | ||||||
Cisco Systems, Inc. |
7,500 | 154,275 | ||||||
ConocoPhillips |
2,000 | 116,000 | ||||||
Corning, Inc. |
8,500 | 102,000 | ||||||
CSX Corporation |
4,400 | 96,932 | ||||||
CVS Caremark Corporation |
2,200 | 112,640 | ||||||
Devon Energy Corporation |
1,800 | 102,942 | ||||||
Dr. Pepper Snapple Group, Inc. |
3,300 | 148,731 | ||||||
Energy Transfer Partners, L.P. |
1,036 | 48,682 | ||||||
FirstEnergy Corp. |
2,000 | 80,980 | ||||||
Franklin Resources, Inc. |
800 | 109,504 | ||||||
Goldman Sachs Group, Inc. |
950 | 140,467 | ||||||
Hershey Company |
1,400 | 111,230 | ||||||
Home Depot, Inc. |
1,800 | 120,456 | ||||||
International Business Machines, Inc. |
500 | 101,535 | ||||||
Intuit, Inc. |
1,600 | 99,808 | ||||||
International Paper Company |
3,400 | 140,828 | ||||||
Johnson & Johnson |
1,500 | 110,880 | ||||||
Las Vegas Sands Corp. |
2,600 | 143,650 | ||||||
Life Technologies Corporation* |
2,100 | 135,849 | ||||||
Lorillard, Inc. |
2,400 | 93,768 | ||||||
Marathon Oil Corporation |
3,500 | 117,635 | ||||||
MasterCard, Inc. |
250 | 129,600 | ||||||
MetLife, Inc. |
3,300 | 123,222 | ||||||
National Oilwell Varco, Inc. |
1,500 | 111,210 | ||||||
Noble Energy, Inc. |
1,100 | 118,569 | ||||||
Nordstrom, Inc. |
2,000 | 110,460 | ||||||
Occedental Petroleum Corporation |
1,200 | 105,924 | ||||||
PepsiCo, Inc. |
1,400 | 101,990 | ||||||
Phillips 66 |
2,550 | 154,454 | ||||||
Precision Castparts Corp. |
700 | 128,380 | ||||||
Prudential Financial, Inc. |
1,800 | 104,184 | ||||||
Scripps Networks Interactive, Inc. |
1,700 | 105,009 | ||||||
Sigma-Aldrich Corporation |
1,000 | 77,330 | ||||||
Spectra Energy Corp. |
5,900 | 163,902 | ||||||
State Street Corporation |
2,300 | 127,995 | ||||||
Thermo Fisher Scientific, Inc. |
1,900 | 137,066 | ||||||
Travelers Companies, Inc. |
1,600 | 125,536 | ||||||
United Technologies Corporation |
1,200 | $ | 105,084 | |||||
Visa, Inc. |
800 | 126,328 | ||||||
Wal-Mart Stores, Inc. |
1,400 | 97,930 | ||||||
Walt Disney Company |
2,000 | 107,760 | ||||||
Wells Fargo & Company |
3,100 | 107,973 | ||||||
Wynn Resorts Limited |
950 | 118,959 | ||||||
|
|
|||||||
6,463,566 | ||||||||
|
|
|||||||
U.S. Micro Cap Stocks 3.2% |
||||||||
8 x 8, Inc.* |
20,800 | 137,696 | ||||||
Graham Corporation |
5,000 | 115,850 | ||||||
KMG Chemicals, Inc. |
5,500 | 107,525 | ||||||
Measurement Specialties, Inc.* |
3,500 | 123,550 | ||||||
Rubicon Technology, Inc.* |
20,200 | 135,744 | ||||||
Teche Holding Company |
2,500 | 97,500 | ||||||
|
|
|||||||
717,865 | ||||||||
|
|
|||||||
U.S. Mid Cap Stocks 24.5% |
||||||||
Albemarle Corporation |
1,800 | 110,358 | ||||||
American Capital, Ltd.* |
11,000 | 146,960 | ||||||
A. O. Smith Corp. |
1,900 | 131,632 | ||||||
Atwood Oceanics, Inc.* |
2,300 | 121,371 | ||||||
Babcock & Wilcox Company |
6,000 | 159,840 | ||||||
Ball Corp. |
3,000 | 133,560 | ||||||
Brinker International, Inc. |
3,000 | 98,220 | ||||||
Brown & Brown, Inc. |
4,000 | 109,360 | ||||||
Carlyle Group LP |
4,200 | 131,208 | ||||||
Coca-Cola Enterprises, Inc. |
3,600 | 125,532 | ||||||
Crown Holdings, Inc.* |
2,900 | 109,794 | ||||||
D.R. Horton, Inc. |
5,600 | 132,496 | ||||||
Eaton Vance Corp. |
3,900 | 141,180 | ||||||
Energizer Holdings, Inc. |
1,350 | 117,464 | ||||||
Federated Investors, Inc. |
4,900 | 115,934 | ||||||
Fidelity National Financial, Inc. |
4,000 | 100,400 | ||||||
Flowserve Corporation |
800 | 125,416 | ||||||
Graco, Inc. |
2,500 | 143,000 | ||||||
Hartford Financial Services Group, Inc. |
5,900 | 146,320 | ||||||
Hasbro, Inc. |
2,800 | 104,636 | ||||||
Helmerich & Payne, Inc. |
2,100 | 135,114 | ||||||
Ingredion, Inc. |
3,300 | 218,031 | ||||||
Kennametal, Inc. |
4,000 | 164,040 | ||||||
Kirby Corporation* |
2,000 | 141,300 | ||||||
Lam Research Corporation* |
5,000 | 205,700 | ||||||
Legg Mason, Inc. |
3,900 | 107,835 | ||||||
Lincoln National Corporation |
4,700 | 136,206 | ||||||
Ocwen Financial Corporation* |
2,700 | 105,219 | ||||||
Owens Corning, Inc.* |
3,400 | 141,678 | ||||||
Pall Corporation |
1,800 | 122,940 | ||||||
Principal Financial Group, Inc. |
4,000 | 124,040 |
20
API VALUE FUND
SCHEDULE OF INVESTMENTS, Continued
January 31, 2013
Shares |
Value |
|||||||
ProAssurance Corp. |
1,400 | $ | 63,056 | |||||
PVH Corp. |
1,200 | 142,644 | ||||||
Reinsurance Group of America, Inc. |
2,700 | 154,953 | ||||||
Silgan Holdings, Inc. |
2,500 | 107,250 | ||||||
Stericycle, Inc.* |
1,500 | 141,525 | ||||||
Total System Services, Inc. |
3,500 | 81,375 | ||||||
TRW Automotive Holdings Corp.* |
2,400 | 138,312 | ||||||
URS Corporation |
3,500 | 145,180 | ||||||
Valmont Industries, Inc. |
850 | 123,862 | ||||||
Vulcan Materials Company |
2,800 | 158,368 | ||||||
WABCO Holdings, Inc.* |
2,600 | 162,916 | ||||||
|
|
|||||||
5,526,225 | ||||||||
|
|
|||||||
U.S. Small Cap Stocks 13.1% |
||||||||
Alere, Inc.* |
5,300 | 112,678 | ||||||
Astec Industries, Inc.* |
3,250 | 114,790 | ||||||
Blount International, Inc.* |
8,000 | 136,400 | ||||||
Community Bank System, Inc. |
3,800 | 107,920 | ||||||
Electronics for Imaging, Inc.* |
6,300 | 142,506 | ||||||
EMC Corporation* |
4,200 | 103,362 | ||||||
Fair Isacc Corporation |
3,000 | 135,210 | ||||||
G-III Apparel Group Ltd.* |
4,100 | 147,149 | ||||||
Hill-Rom Holdings, Inc. |
3,200 | 106,176 | ||||||
Jos. A. Bank Clothiers, Inc.* |
2,500 | 101,350 | ||||||
Kaman Corporation |
3,800 | 138,092 | ||||||
Kraton Performance Polymers, Inc.* |
3,800 | 99,750 | ||||||
Middleby Corporation* |
1,050 | 148,428 | ||||||
Old Dominion Freight Line, Inc.* |
3,200 | 119,295 | ||||||
PolyOne Corporation |
5,500 | 120,120 | ||||||
Post Holdings, Inc.* |
4,500 | 170,955 | ||||||
Primerica, Inc. |
3,900 | 128,231 | ||||||
Rosetta Resources, Inc.* |
3,000 | 159,060 | ||||||
Spectrum Brands Holdings, Inc. |
2,500 | 126,600 | ||||||
Standex International Corporation |
2,400 | 135,960 | ||||||
ValueClick, Inc.* |
8,000 | 163,760 | ||||||
Wendys Company |
25,000 | 128,500 | ||||||
Walter Energy, Inc. |
2,800 | 105,140 | ||||||
|
|
|||||||
2,951,432 | ||||||||
|
|
|||||||
Total Investments 97.6%
|
21,993,078 | |||||||
Other Assets in Excess of Liabilities 2.4% |
|
548,175 | ||||||
|
|
|||||||
Net Assets 100.0% |
$ | 22,541,253 | ||||||
|
|
|||||||
Costfor federal income tax purposes $18,063,298. |
|
|||||||
Theaggregate gross unrealized appreciation (depreciation)for all securities is as follows: |
|
|||||||
Excess of value over tax cost |
$ | 4,164,229 | ||||||
Excess of tax cost over value |
(234,449 | ) | ||||||
|
|
|||||||
Net Appreciation |
$ | 3,929,780 | ||||||
|
|
* | Non-income producing security. |
The accompanying notes are an integral part of these financial statements.
21
PORTFOLIO BREAKDOWN
The following chart shows the types of securities in the Funds portfolio at January 31, 2013 (as a percentage of total investments).
The accompanying notes are an integral part of these financial statements.
22
API MASTER ALLOCATION FUND
SCHEDULE OF INVESTMENTS
January 31, 2013
Shares |
Value |
|||||||
Growth Funds 34.0% |
||||||||
API Efficient Frontier Growth Fund* |
976,965 | $ | 11,235,102 | |||||
|
|
|||||||
Income Funds 32.5% |
||||||||
API Efficient Frontier Capital Income Fund |
261,666 | 10,767,539 | ||||||
|
|
|||||||
Value Funds 32.8% |
||||||||
API Efficient Frontier Value Fund* |
772,690 | 10,856,301 | ||||||
|
|
|||||||
Total Investments 99.3%
|
32,858,942 | |||||||
Other Assets in Excess of Liabilities 0.7% |
|
229,816 | ||||||
|
|
|||||||
Net Assets 100.0% |
$ | 33,088,758 | ||||||
|
|
|||||||
Costfor federal income tax purposes $22,130,452. |
|
|||||||
Theaggregate gross unrealized appreciation (depreciation)for all securities is as follows: |
|
|||||||
Excess of value over tax cost |
$ | 10,728,490 | ||||||
Excess of tax cost over value |
| |||||||
|
|
|||||||
Net Appreciation |
$ | 10,728,490 | ||||||
|
|
* | Non-income producing security. |
The accompanying notes are an integral part of these financial statements.
23
API TRUST
STATEMENTS OF ASSETS AND LIABILITIES
January 31, 2013
Capital Income Fund |
Growth Fund |
Income Fund |
Core Income Fund |
Value Fund |
Master Allocation Fund |
|||||||||||||||||||
Assets |
||||||||||||||||||||||||
Investments in unaffiliated issuers at value (indentified cost of $21,598,869, $29,607,898, $442,255,638, $19,328,665, and $18,063,298, respectively) |
$ | 25,851,762 | $ | 40,593,564 | $ | 473,146,113 | $ | 20,190,298 | $ | 21,993,078 | ||||||||||||||
Investments in affiliated issuers at value (indentified cost of $21,777,926) |
$ | 32,858,942 | ||||||||||||||||||||||
Cash |
514,873 | 858,496 | 18,535,272 | 653,028 | 595,871 | 282,395 | ||||||||||||||||||
Dividends and interest receivable |
43,749 | 6,990 | 336,775 | 53,045 | 4,617 | |||||||||||||||||||
Receivable for securities sold |
394,973 | 290,420 | ||||||||||||||||||||||
Receivable for shareholder purchases |
25,133 | 64,363 | 2,269,891 | 90 | 2,184 | 41,580 | ||||||||||||||||||
Other assets |
2,630 | 3,434 | 34,803 | 1,933 | 1,999 | 2,873 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total assets |
26,438,147 | 41,526,847 | 494,717,827 | 20,898,394 | 22,888,169 | 33,185,790 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Liabilities |
||||||||||||||||||||||||
Payable for shareholder redemptions |
22,000 | 2,716 | 974,181 | 8,700 | 1,800 | 45,277 | ||||||||||||||||||
Accrued distribution fees |
8,606 | 20,478 | 276,462 | 14,249 | 6,805 | 23,632 | ||||||||||||||||||
Accrued advisory fees |
13,191 | 33,990 | 157,633 | 12,403 | 16,963 | 8,257 | ||||||||||||||||||
Accrued accounting service fees |
3,737 | 3,416 | 7,435 | 3,253 | 3,264 | |||||||||||||||||||
Payable for securities purchased |
1,214,050 | 300,738 | ||||||||||||||||||||||
Other accrued expenses |
18,639 | 22,108 | 126,479 | 17,399 | 17,346 | 19,866 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total liabilities |
66,173 | 82,708 | 2,756,240 | 56,004 | 346,916 | 97,032 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net assets |
$ | 26,371,974 | $ | 41,444,139 | $ | 491,961,587 | $ | 20,842,390 | $ | 22,541,253 | $ | 33,088,758 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares of beneficial interest (unlimited number of no par value shares authorized (Note 6) |
||||||||||||||||||||||||
Class A: Shares outstanding |
90,319 | 1,449,417 | 15,509,807 | 304,998 | 964,739 | 312,207 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value per share |
$ | 40.51 | $ | 11.50 | $ | 12.24 | $ | 13.07 | $ | 14.05 | $ | 30.39 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Maximum offering price per share |
$ | 42.98 | $ | 12.20 | $ | 12.99 | $ | 13.87 | $ | 14.91 | $ | 32.24 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Class L: Shares outstanding |
214,503 | 2,377,136 | 21,064,263 | 1,381,761 | 693,608 | 791,635 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value per share |
$ | 39.54 | $ | 10.42 | $ | 11.81 | $ | 12.20 | $ | 12.95 | $ | 29.81 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Institutional Class: Shares outstanding |
345,821 | 4,237,764 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net asset value per share |
$ | 41.15 | $ | 12.61 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net assets consist of |
||||||||||||||||||||||||
Paid-in capital |
$ | 22,262,123 | $ | 35,333,190 | $ | 463,152,988 | $ | 22,887,474 | $ | 23,640,199 | $ | 22,494,950 | ||||||||||||
Undistributed net investment income |
271,527 | 709,708 | 79,260 | |||||||||||||||||||||
Accumulated net realized gain (loss) from security transactions |
(414,569 | ) | (4,874,717 | ) | (2,791,584 | ) | (2,985,977 | ) | (5,028,726 | ) | (487,208 | ) | ||||||||||||
Unrealized appreciation on investments |
4,252,893 | 10,985,666 | 30,890,475 | 861,633 | 3,929,780 | 11,081,016 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net assets applicable to outstanding shares of beneficial interest |
$ | 26,371,974 | $ | 41,444,139 | $ | 491,961,587 | $ | 20,842,390 | $ | 22,541,253 | $ | 33,088,758 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
24
API TRUST
Year Ended January 31, 2013
Capital Income Fund |
Growth Fund |
Income Fund |
Core Income Fund |
Value Fund |
Master Allocation Fund |
|||||||||||||||||||
Investment income |
||||||||||||||||||||||||
Dividends from unaffiliated issuers |
$ | 999,168 | $ | 566,732 | $ | 24,318,819 | $ | 818,994 | $ | 390,736 | ||||||||||||||
Dividends from affiliated issuers |
$ | 229,648 | ||||||||||||||||||||||
Interest |
4,038 | 139 | 363,530 | 44,402 | 78 | 16 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total income |
1,003,206 | 566,871 | 24,682,349 | 863,396 | 390,814 | 229,664 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Expenses |
||||||||||||||||||||||||
Investment advisory fees |
150,614 | 375,721 | 1,168,119 | 148,188 | 196,641 | 94,951 | ||||||||||||||||||
Distribution fees |
||||||||||||||||||||||||
Class L |
78,764 | 228,602 | 1,490,842 | 170,479 | 78,185 | 214,730 | ||||||||||||||||||
Class A |
17,872 | 652,925 | 50,908 | |||||||||||||||||||||
Accounting service fees |
42,510 | 38,757 | 69,203 | 37,117 | 37,185 | |||||||||||||||||||
Transfer agent fees |
55,241 | 53,289 | 372,991 | 46,276 | 41,320 | 49,707 | ||||||||||||||||||
Custodial fees |
5,259 | 6,024 | 27,184 | 4,864 | 6,317 | 4,498 | ||||||||||||||||||
Professional fees |
13,797 | 16,469 | 84,225 | 12,708 | 13,003 | 14,597 | ||||||||||||||||||
Registration fees |
43,066 | 31,286 | 69,148 | 34,008 | 32,723 | 28,447 | ||||||||||||||||||
Trustee fees |
4,868 | 7,425 | 30,639 | 4,215 | 4,514 | 5,221 | ||||||||||||||||||
Insurance |
3,847 | 6,146 | 29,589 | 4,171 | 4,001 | 5,331 | ||||||||||||||||||
Shareholder reports |
5,736 | 10,419 | 77,720 | 5,742 | 4,838 | 10,786 | ||||||||||||||||||
Miscellaneous |
19,044 | 21,005 | 63,860 | 12,546 | 17,173 | 12,670 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total operating expenses |
440,618 | 795,143 | 4,136,445 | 480,314 | 435,900 | 491,846 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
562,588 | (228,272 | ) | 20,545,904 | 383,082 | (45,086 | ) | (262,182 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments |
||||||||||||||||||||||||
Net realized gain (loss) from security transactions in unaffiliated issuers |
1,448,575 | 5,630,643 | (145,294 | ) | 412,733 | 2,560,768 | ||||||||||||||||||
Net realized gain (loss) from security transactions in affiliated issuers |
(153,545 | ) | ||||||||||||||||||||||
Change in unrealized appreciation on investments in unaffiliated issuers |
868,524 | 318,545 | 28,849,814 | 505,483 | (400,769 | ) | ||||||||||||||||||
Change in unrealized appreciation on investments in affiliated issuers |
3,805,493 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized and unrealized gain (loss) on investments |
2,317,099 | 5,949,188 | 28,704,520 | 918,216 | 2,159,999 | 3,651,948 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 2,879,687 | $ | 5,720,916 | $ | 49,250,424 | $ | 1,301,298 | $ | 2,114,913 | $ | 3,389,766 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
25
API TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended January 31, 2013
Capital Income Fund |
Growth Fund |
Income Fund |
Core Income Fund |
Value Fund |
Master Allocation Fund |
|||||||||||||||||||
Operations |
||||||||||||||||||||||||
Net investment income (loss) |
$ | 562,588 | $ | (228,272 | ) | $ | 20,545,904 | $ | 383,082 | $ | (45,086 | ) | $ | (262,182 | ) | |||||||||
Net realized gain (loss) from security transactions |
1,448,575 | 5,630,643 | (145,294 | ) | 412,733 | 2,560,768 | (153,545 | ) | ||||||||||||||||
Net change in unrealized appreciation on investments |
868,524 | 318,545 | 28,849,814 | 505,483 | (400,769 | ) | 3,805,493 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Increase in net assets resulting from operations |
2,879,687 | 5,720,916 | 49,250,424 | 1,301,298 | 2,114,913 | 3,389,766 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Distributions |
||||||||||||||||||||||||
From net investment income: |
||||||||||||||||||||||||
Class A |
(62,766 | ) | (8,036,867 | ) | (93,021 | ) | ||||||||||||||||||
Class L |
(108,199 | ) | (9,921,643 | ) | (234,979 | ) | ||||||||||||||||||
Institutional Class |
(303,035 | ) | (1,879,490 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
(474,000 | ) | (19,838,000 | ) | (328,000 | ) | |||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Change in net assets from Fund share transactions: |
||||||||||||||||||||||||
Class A |
(463,184 | ) | (214,841 | ) | 107,948,312 | (337,475 | ) | (1,305,224 | ) | (2,881,830 | ) | |||||||||||||
Class L |
(71,990 | ) | (1,371,936 | ) | 150,736,541 | (1,559,563 | ) | (1,252,823 | ) | (87,845 | ) | |||||||||||||
Institutional Class |
(204,959 | ) | 40,851,679 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Increase (decrease) in net assets resulting from capital share transactions |
(740,133 | ) | (1,586,777 | ) | 299,536,532 | (1,897,038 | ) | (2,558,047 | ) | (2,969,675 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total increase (decrease) in net assets |
1,665,554 | 4,134,139 | 328,948,956 | (923,740 | ) | (443,134 | ) | 420,091 | ||||||||||||||||
Net assets |
||||||||||||||||||||||||
Beginning of the year |
24,706,420 | 37,310,000 | 163,012,631 | 21,766,130 | 22,984,387 | 32,668,667 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of year |
$ | 26,371,974 | $ | 41,444,139 | $ | 491,961,587 | $ | 20,842,390 | $ | 22,541,253 | $ | 33,088,758 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Undistributed net investment income |
$ | 271,527 | | $ | 709,708 | $ | 79,260 | | |
The accompanying notes are an integral part of these financial statements.
26
API TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended January 31, 2012
Capital Income Fund |
Growth Fund |
Income Fund |
Multiple Index Fund |
Value Fund |
Master Allocation Fund |
|||||||||||||||||||
Operations |
||||||||||||||||||||||||
Net investment income (loss) |
$ | 529,137 | $ | (393,014 | ) | $ | 9,068,119 | $ | 24,178 | $ | (74,935 | ) | $ | (254,287 | ) | |||||||||
Net realized gain (loss) from security transactions |
128,611 | 2,509,673 | (2,232,737 | ) | 2,344,595 | 1,942,705 | (296,600 | ) | ||||||||||||||||
Net change in unrealized appreciation on investments |
(356,531 | ) | (2,900,677 | ) | (6,493,897 | ) | (2,406,522 | ) | (3,051,718 | ) | (260,087 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Increase (decrease) in net assets resulting from operations |
301,217 | (784,018 | ) | 341,485 | (37,749 | ) | (1,183,948 | ) | (810,974 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Distributions |
||||||||||||||||||||||||
From net investment income: |
||||||||||||||||||||||||
Class A |
(301,711 | ) | (3,948,301 | ) | ||||||||||||||||||||
Class C |
(112,622 | ) | (4,699,807 | ) | ||||||||||||||||||||
Class D |
(68,667 | ) | ||||||||||||||||||||||
Institutional Class |
(628,892 | ) | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
(483,000 | ) | (9,277,000 | ) | |||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Change in net assets from Fund share transactions: |
||||||||||||||||||||||||
Class A |
1,798,938 | 1,848,514 | 37,162,340 | 464,264 | 2,135,542 | 2,224,014 | ||||||||||||||||||
Class C |
(786,354 | ) | (5,077,204 | ) | 41,262,310 | 496,476 | (5,075,857 | ) | ||||||||||||||||
Class D |
(310,513 | ) | ||||||||||||||||||||||
Institutional Class |
4,638,291 | |||||||||||||||||||||||
Class L |
3,140,858 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Increase (decrease) in net assets resulting from capital share transactions |
702,071 | (3,228,690 | ) | 83,062,941 | 960,740 | (2,940,315 | ) | 5,364,872 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total increase (decrease) in net assets |
520,288 | (4,012,708 | ) | 74,127,426 | 922,991 | (4,124,263 | ) | 4,553,898 | ||||||||||||||||
Net assets |
||||||||||||||||||||||||
Beginning of the year |
24,186,132 | 41,322,708 | 88,885,205 | 20,843,139 | 27,108,650 | 28,114,769 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of year |
$ | 24,706,420 | $ | 37,310,000 | $ | 163,012,631 | $ | 21,766,130 | $ | 22,984,387 | $ | 32,668,667 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Undistributed net investment income |
$ | 182,939 | | $ | 1,804 | $ | 24,178 | | |
The accompanying notes are an integral part of these financial statements.
27
Class A Shares * | ||||||||||||||||||||||||
For the Year Ended
January 31, |
For the Period
Ended January 31, 2010 (2) |
For the Years Ended
May 31, |
||||||||||||||||||||||
2013 |
2012 |
2011 |
2009 (3) |
2008 (3) |
||||||||||||||||||||
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 (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 (loss) from investment 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 (000s 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 to average net assets (6)(7) |
2.13 | % | 1.99 | % | 1.27 | % | 0.72 | % | 1.83 | % | 1.59 | % | ||||||||||||
Portfolio turnover rate (5) |
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. |
The accompanying notes are an integral part of these financial statements.
28
API CAPITAL INCOME FUND
FINANCIAL HIGHLIGHTS, Continued
Class L Shares | ||||||||||||||||||||||||
For the Year Ended
January 31, |
For the Period
Ended January 31, 2010 (2) |
For the Year Ended
May 31, |
||||||||||||||||||||||
2013 | 2012 | 2011 | 2009 (3) | 2008 (3) | ||||||||||||||||||||
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 (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 (loss) from investment 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 (000s 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 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. |
The accompanying notes are an integral part of these financial statements.
29
API CAPITAL INCOME FUND
FINANCIAL HIGHLIGHTS, Continued
Institutional Class Shares * | ||||||||||||||||||||||||
For the Year Ended
January 31, |
For the Period
Ended January 31, 2010 (2) |
For the Year Ended
May 31, |
||||||||||||||||||||||
2013 |
2012 |
2011 |
2009 (3) |
2008 (3) |
||||||||||||||||||||
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 (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 (loss) from investment 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 (000s 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 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, 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. |
The accompanying notes are an integral part of these financial statements.
30
FINANCIAL HIGHLIGHTS
Class A Shares | ||||||||||||||||||||||||
For the Year Ended
January 31, |
For the Period
Ended January 31, 2010 (2) |
For the Year Ended
May 31, |
||||||||||||||||||||||
2013 |
2012 |
2011 |
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 (000s 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. |
The accompanying notes are an integral part of these financial statements.
31
API GROWTH FUND
FINANCIAL HIGHLIGHTS, Continued
Class L Shares * | ||||||||||||||||||||||||
For the Year Ended
January 31, |
For the Period
Ended January 31, 2010 (2) |
For the Years Ended
May 31, |
||||||||||||||||||||||
2013 |
2012 |
2011 |
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 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 (loss) from investment 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 (000s 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 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. |
The accompanying notes are an integral part of these financial statements.
32
FINANCIAL HIGHLIGHTS
Class A Shares | ||||||||||||||||||||||||
For the Year Ended
January 31, |
For the Period
Ended January 31, 2010 (2) |
For the Years Ended
May 31, |
||||||||||||||||||||||
2013 |
2012 |
2011 |
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 (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 (loss) from investment 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 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
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 (000s 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 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. |
The accompanying notes are an integral part of these financial statements.
33
API INCOME FUND
FINANCIAL HIGHLIGHTS, Continued
Class L Shares * | ||||||||||||||||||||||||
For the Year Ended
January 31, |
For the Period
Ended January 31, 2010 (2) |
For the Year Ended
May 31, |
||||||||||||||||||||||
2013 |
2012 |
2011 |
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 (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 (loss) from investment 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 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
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 (000s 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 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. |
The accompanying notes are an integral part of these financial statements.
34
FINANCIAL HIGHLIGHTS, Continued
Institutional Class Shares | ||||||||||||
For the Year Ended
January 31, |
For the Period
Ended January 31, 2011 (2) |
|||||||||||
2013 |
2012 |
|||||||||||
For a share outstanding throughout each year/period |
||||||||||||
Net asset value, beginning of year/period |
$ | 11.49 | $ | 12.19 | $ | 12.00 | ||||||
|
|
|
|
|
|
|||||||
Income from investment operations |
||||||||||||
Net investment income (1)(3) |
0.94 | 0.90 | 0.88 | |||||||||
Net realized and unrealized gain (loss) 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 | ) | ||||||
|
|
|
|
|
|
|||||||
Total distributions |
(0.84 | ) | (0.86 | ) | (0.80 | ) | ||||||
|
|
|
|
|
|
|||||||
Net asset value, end of year/period |
$ | 12.61 | $ | 11.49 | $ | 12.19 | ||||||
|
|
|
|
|
|
|||||||
Total return (4) |
17.71 | % | 1.49 | % | 8.60 | % | ||||||
Ratios/Supplemental Data |
||||||||||||
Net assets, end of period (000s 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 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. |
The accompanying notes are an integral part of these financial statements.
35
FINANCIAL HIGHLIGHTS
Class A Shares | ||||||||||||||||||||||||
For the Year Ended
January 31, |
For the Period
Ended January 31, 2010 (2) |
For the Years Ended
May 31, |
||||||||||||||||||||||
2013 |
2012 |
2011 |
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 (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 (loss) from investment 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 | $ | 8.98 | $ | 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 (000s 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 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. |
The accompanying notes are an integral part of these financial statements.
36
API CORE INCOME FUND
FINANCIAL HIGHLIGHTS, Continued
Class L Shares* | ||||||||||||||||||||||||
For the Year Ended
January 31 |
For the Period
Ended January 31, 2010 (2) |
For the Year Ended
May 31, |
||||||||||||||||||||||
2013 |
2012 |
2011 |
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 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 (000s 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. |
The accompanying notes are an integral part of these financial statements.
37
FINANCIAL HIGHLIGHTS
Class A Shares | ||||||||||||||||||||||||
For the Year Ended
January 31, |
For the Period
|
For the Year Ended
May 31, |
||||||||||||||||||||||
2013 |
2012 |
2011 |
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 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 (000s 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. |
The accompanying notes are an integral part of these financial statements.
38
API VALUE FUND
FINANCIAL HIGHLIGHTS, Continued
Class L Shares* | ||||||||||||||||||||||||
For the Year Ended
January 31, |
For the Period
Ended January 31, 2010 (2) |
For the Years Ended
May 31, |
||||||||||||||||||||||
2013 |
2012 |
2011 |
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 (loss) from investment 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 (000s 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. |
The accompanying notes are an integral part of these financial statements.
39
FINANCIAL HIGHLIGHTS
Class A Shares | ||||||||||||||||
For the Year Ended
January 31, |
For the Period
Ended |
|||||||||||||||
2013 |
2012 |
2011 |
January 31, 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 (loss) from investment 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 (000s omitted) |
$ | 9,488 | $ | 11.389 | $ | 9,407 | $ | 3,035 | ||||||||
Ratio of expenses to average net assets (5)(6) |
1.22 | % | 1.23 | % | 1.45 | % | 2.47 | % | ||||||||
Ratio of net investment 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, 2009. |
(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. |
The accompanying notes are an integral part of these financial statements.
40
API MASTER ALLOCATION FUND
FINANCIAL HIGHLIGHTS, Continued
Class L Shares | ||||||||||||||||
For the Year Ended
January 31, |
For the Period
Ended |
|||||||||||||||
2013 |
2012 |
2011 |
January 31, 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 (loss) from investment 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 (000s omitted) |
$ | 23,601 | $ | 21,280 | $ | 18,708 | $ | 13,574 | ||||||||
Ratio of expenses to average net assets (5)(6) |
1.72 | % | 1.73 | % | 1.95 | % | 2.97 | % | ||||||||
Ratio of net investment income 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, 2009. |
(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. |
The accompanying notes are an integral part of these financial statements.
41
API TRUST
January 31, 2013
1. | Organization |
American Pension Investors Trust (the Trust) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The accompanying financial statements include the Capital Income Fund, Growth Fund, Income Fund, Core Income Fund, Value Fund, and Master Allocation Fund (collectively the Funds). Each Fund offers Class A and Class L shares. In addition, the Capital Income Fund and the Income Fund offer Institutional Class shares.
Prior to May 30, 2012, the Core Income Fund was named the Multiple Index Fund. The Funds Board of Trustees approved the name change so that the name would better reflect the investment practices of the Fund. In addition, on that same date, Class C shares in each Fund were converted to Class L shares. As a result, sales of these shares are no longer subject to a one year contingent deferred sales charge (CDSC). Class C shares that were purchased prior to May 30, 2012 will retain their CDSC for the full one year period from the date of purchase. Also on May 30, 2012, Class A shares of the Capital Income Fund were converted to Institutional Class shares, and Class D shares of the Capital Income Fund were converted to Class A shares and re-opened for purchase by the general public. As a result, the Institutional Class shares will not be subject to a front-end sales charge, and the new Class A shares will be subject to the same front-end sales charges as all other Class A shares offered by the Funds.
The Capital Income Funds investment objective is to seek to achieve high current income, as well as growth of capital and income. The Growth Funds investment objective is growth of capital. The Capital Income Fund and Growth Fund invest primarily in the common stock of U.S. and foreign issuers, securities issued by investment companies (Underlying Funds), including open-end mutual funds, closed-end funds, unit investment trusts, and foreign investment companies, long-, intermediate- or short-term bonds and other fixed-income securities, and index securities (Index Securities), including exchange traded funds and similar securities that represent interests in a portfolio of common stocks or fixed income securities seeking to track the performance of a securities index or similar benchmark.
The Income Funds investment objective is current income with limited credit risk. The Income Fund invests primarily in debt securities, including U.S. Government securities and corporate bonds, common stock of U.S. and foreign issuers, securities issued by Underlying Funds, and Index Securities.
The Core Income Funds investment objective is maximum total return from capital growth and income. The Multiple Index Fund invests primarily in Index Securities, common stock of U.S. and foreign issuers, and securities issued by Underlying Funds.
The Value Funds investment objective is growth of capital, as well as income. The Value Fund invests primarily in the common stock of U.S. and foreign issuers, securities issued by Underlying Funds, and Index Securities.
The Master Allocation Funds investment objective is long term capital appreciation and current income. Under normal conditions, Yorktown Management & Research Company, Inc., the Funds investment advisor (the Advisor), seeks to achieve the Funds investment objective by investing in a variety of equity and debt securities. The Advisor currently invests Fund assets in securities issued by other Underlying Funds managed by the Advisor, but reserves the right to invest Fund assets in other equity and debt securities as it deems appropriate in seeking to achieve the Funds investment objective.
42
API TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies |
Portfolio Valuation
The Funds investments in Underlying Funds are valued daily at their respective closing net asset values in accordance with the 1940 Act. Securities that are listed on U.S. exchanges (other than exchange traded funds (ETFs)) are valued at the last sales price on the day the securities are valued or, lacking any sales on such day, at the previous days closing price. ETFs are valued at the last sales price on the ETFs primary exchange on the day the securities are valued or, lacking any sales on such day, either at the value assigned by a nationally recognized third-party pricing service or at the previous days closing price. Securities listed on NASDAQ are valued at the NASDAQ Official Closing Price. U.S. Treasury securities and corporate bonds are valued at an evaluated mean of the bid and asked prices. Securities for which market quotations are unavailable or unreliable are valued at fair value as determined in good faith by or under the direction of the Board of Trustees.
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 1Unadjusted quoted prices in active markets for identical assets that the Funds have the ability to access. |
|
Level 2Observable 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 3Unobservable 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 judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of January 31, 2013, in valuing the Funds assets carried at fair value.
43
API TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies, continued |
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 |
$ | 504,670 | $ | | $ | | $ | 504,670 | ||||||||
Common Stocks (1) |
21,166,492 | | | 21,166,492 | ||||||||||||
Exchange Traded Funds |
1,600,470 | | | 1,600,470 | ||||||||||||
Limited Partnerships |
437,853 | | | 437,853 | ||||||||||||
Real Estate Investment Trusts |
1,624,972 | | | 1,624,972 | ||||||||||||
Structures Notes |
| 517,305 | | 517,305 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 25,334,457 | $ | 517,305 | $ | | $ | 25,851,762 | ||||||||
|
|
|
|
|
|
|
|
Growth Fund
Investments in Securities |
Level 1
Quoted Prices |
Level 2
Other Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Total | ||||||||||||
Common Stocks (1) |
$ | 37,073,103 | $ | | $ | | $ | 37,073,103 | ||||||||
Exchange Traded Funds |
3,520,461 | | | 3,520,461 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 40,593,564 | $ | | $ | | $ | 40,593,564 | ||||||||
|
|
|
|
|
|
|
|
Income Fund
Investments in Securities |
Level 1
Quoted Prices |
Level 2
Other Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Total | ||||||||||||
Closed-end Funds |
$ | 68,598,113 | $ | | $ | | $ | 68,598,113 | ||||||||
Common Stocks (1) |
79,460,928 | | | 47,124,818 | ||||||||||||
Corporate Bonds |
| 4,276,021 | | 4,276,021 | ||||||||||||
Exchange Traded Funds |
179,636,294 | | | 211,972,404 | ||||||||||||
Limited Partnerships |
3,550,000 | | | 3,550,000 | ||||||||||||
Municipal Bonds |
| 207,650 | | 207,650 | ||||||||||||
Preferred Stocks |
19,128,896 | | | 19,128,896 | ||||||||||||
Real Estate Investment Trusts |
102,435,225 | | | 102,435,225 | ||||||||||||
Structured Notes |
| 15,852,986 | | 15,852,986 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 452,809,456 | $ | 20,336,657 | $ | | $ | 473,146,113 | ||||||||
|
|
|
|
|
|
|
|
44
API TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies, continued |
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 |
$ | 1,949,180 | $ | | $ | | $ | 1,949,180 | ||||||||
Corporate Bonds |
| 3,102,925 | | 3,102,925 | ||||||||||||
Exchange Traded Funds |
13,009,318 | | | 13,009,318 | ||||||||||||
Preferred Stocks |
1,510,945 | | | 1,510,945 | ||||||||||||
Structured Notes |
| 617,930 | | 617,930 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 16,469,443 | $ | 3,720,855 | $ | | $ | 20,190,298 | ||||||||
|
|
|
|
|
|
|
|
Value Fund
Investments in Securities |
Level 1
Quoted Prices |
Level 2
Other Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Total | ||||||||||||
Common Stocks (1) |
$ | 19,735,550 | $ | | $ | | $ | 19,735,550 | ||||||||
Limited Partnerships |
179,890 | | | 179,890 | ||||||||||||
Exchange Traded Funds |
2,077,638 | | | 2,077,638 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 21,993,078 | $ | | $ | | $ | 21,993,078 | ||||||||
|
|
|
|
|
|
|
|
Master Allocation Fund
Investments in Securities |
Level 1
Quoted Prices |
Level 2
Other Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Total | ||||||||||||
Mutual Funds |
$ | 32,858,942 | $ | | $ | | $ | 32,858,942 |
(1) |
See schedule of investments for segregation by the size of the company in which the Fund invests. |
There were no transfers into or out of Levels 1 and 2 during the current period presented. Transfers are recognized at the end of the reporting period.
Security Transactions and Investment Income
Security transactions are accounted for on the trade date. Realized gains and losses from security transactions are reported on an identified-cost basis for both financial statement and federal income tax purposes. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income and expenses are recorded on an accrual basis.
45
API TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
2. | Significant Accounting Policies, continued |
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Class Net Asset Values and Expenses
All income, expenses not attributable to a particular class, and realized and unrealized gains are allocated to each class proportionately for purposes of determining the net asset value of each class. Certain shareholder servicing and distribution fees are allocated to the particular class to which they are attributable.
The Funds currently offer Class A shares which include a maximum front-end sales charge (load) of 5.75%. Class A shares may be purchased without a front-end sales charge under certain circumstances. A contingent deferred sales charge (CDSC) of 1.00% is generally imposed on redemptions of Class L shares made within one year of the date of purchase if the purchase was made prior to May 30, 2012. Consequently, redemption value may differ from net asset value. Purchases of Class L shares on or after May 30, 2012 are not subject to a CDSC.
Other
In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.
In preparing these financial statements, management has evaluated Fund related events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period that materially impacted the amounts or disclosures in the Funds financial statements.
3. | Investment Advisory and Accounting Services Agreements |
The Advisor, whose principal stockholder is also a trustee of the Trust, serves as the Funds investment advisor and manager. For its services, the Advisor receives a fee, calculated daily and payable monthly, at an annual rate of .60% of the average daily net assets of the Capital Income Fund; 1.00% of the first $100 million of the average daily net assets of the Growth Fund and .75% of the average daily net assets exceeding $100 million; .40% of the average daily net assets of the Income Fund; .70% of the average daily net assets of the Core Income Fund; .90% of the average daily net assets of the Value Fund; and .30% of the average daily net assets of the Master Allocation Fund.
In addition, the Advisor provides certain accounting and pricing services for the Funds. For the year ended January 31, 2013, the Advisor received $42,510, $38,757, $69,203, $37,117, and $37,185 from the Capital Income Fund, Growth Fund, Income Fund, Core Income Fund, and Value Fund, respectively. The Advisor does not currently charge administrative services and accounting services fees for the Master Allocation Fund.
46
API TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
4. | Distribution Plan and Fees |
The Trust has adopted Rule 12b-1 Plans of Distribution providing for the payment of distribution and service fees to the Funds distributor. Class A Shares of the Capital Income Fund pay a fee of 0.50% of the Class A shares average daily net assets. Of this amount, 0.25% represents distribution fees and 0.25% represents shareholder servicing fees. Class A Shares of the Income Fund and Master Allocation Fund pay a fee of 0.50% of each Class A shares average daily net assets for distribution fees. Class L Shares of the Capital Income Fund, Growth Fund, Income Fund, Core Income Fund and Master Allocation Fund pay a fee of 1.00% of each Class L Shares average daily net assets. Of this amount, 0.75% represents distribution fees and 0.25% represents shareholder servicing fees. Class L Shares of the Value Fund pay a fee of 0.90% of the Class L Shares average daily net assets. Of this amount, 0.65% represents distribution fees and 0.25% represents shareholder servicing fees.
5. | Investment Activity |
For the year ended January 31, 2013, total aggregate purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:
Purchases | Sales |
U.S.
Government Purchases |
U.S.
Government Sales |
|||||||||||||
Capital Income Fund |
$ | 9,033,764 | $ | 9,571,237 | $ | | $ | | ||||||||
Growth Fund |
20,379,863 | 22,424,702 | | | ||||||||||||
Income Fund |
397,904,597 | 114,911,535 | | | ||||||||||||
Core Income Fund |
12,947,326 | 15,705,286 | | | ||||||||||||
Value Fund |
20,175,272 | 22,915,975 | | | ||||||||||||
Master Allocation Fund |
2,210,000 | 5,446,191 | | |
47
API TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
6. | Fund Share Transactions |
Share transactions for the period ended January 31, 2013 were as follows:
Amount | Shares | |||||||||||||||||||||||||||||||
Sold |
Reinvested
|
Redeemed |
Net
|
Sold |
Reinvested
|
Redeemed |
Net
|
|||||||||||||||||||||||||
Capital Income Fund: |
||||||||||||||||||||||||||||||||
Class A |
308,481 | 59,390 | (831,055 | ) | (463,184 | ) | 8,001 | 1,581 | (21,975 | ) | (12,393 | ) | ||||||||||||||||||||
Class L |
1,051,189 | 100,915 | (1,224,094 | ) | (71,990 | ) | 27,906 | 2,748 | (32,860 | ) | (2,206 | ) | ||||||||||||||||||||
Institutional Class |
1,987,119 | 70,979 | (2,263,057 | ) | (204,959 | ) | 51,473 | 1,860 | (59,201 | ) | (5,868 | ) | ||||||||||||||||||||
Growth Fund: |
||||||||||||||||||||||||||||||||
Class A |
2,832,213 | | (3,047,054 | ) | (214,841 | ) | 267,986 | | (302,819 | ) | (34,833 | ) | ||||||||||||||||||||
Class L |
2,196,461 | | (3,568,397 | ) | (1,371,936 | ) | 229,932 | | (380,752 | ) | (150,820 | ) | ||||||||||||||||||||
Income Fund: |
||||||||||||||||||||||||||||||||
Class A |
119,589,472 | 5,213,163 | (16,854,323 | ) | 107,948,312 | 10,272,408 | 449,119 | (1,440,305 | ) | 9,281,222 | ||||||||||||||||||||||
Class L |
162,998,020 | 7,386,628 | (19,648,107 | ) | 150,736,541 | 14,423,133 | 658,309 | (1,742,936 | ) | 13,338,506 | ||||||||||||||||||||||
Institutional Class |
43,866,949 | 1,634,792 | (4,650,062 | ) | 40,851,679 | 3,640,228 | 136,371 | (388,314 | ) | 3,388,285 | ||||||||||||||||||||||
Core Income Fund: |
||||||||||||||||||||||||||||||||
Class A |
2,237,901 | 90,200 | (2,665,576 | ) | (337,475 | ) | 175,524 | 7,013 | (207,916 | ) | (25,379 | ) | ||||||||||||||||||||
Class L |
3,577,529 | 228,933 | (5,366,025 | ) | (1,559,563 | ) | 300,036 | 18,968 | (451,420 | ) | (132,416 | ) | ||||||||||||||||||||
Value Fund: |
||||||||||||||||||||||||||||||||
Class A |
1,417,889 | | (2,723,113 | ) | (1,305,224 | ) | 107,869 | | (215,036 | ) | (107,167 | ) | ||||||||||||||||||||
Class L |
1,133,133 | | (2,385,956 | ) | (1,252,823 | ) | 94,760 | | (199,120 | ) | (104,360 | ) | ||||||||||||||||||||
Master Allocation Fund: |
||||||||||||||||||||||||||||||||
Class A |
1,749,313 | | (4,631,143 | ) | (2,881,830 | ) | 61,998 | | (169,414 | ) | (107,416 | ) | ||||||||||||||||||||
Class L |
5,577,687 | | (5,665,532 | ) | (87,845 | ) | 202,507 | | (206,168 | ) | (3,661 | ) |
At January 31, 2013, net assets per class consisted of the following:
Capital Income Fund |
Growth Fund |
Income Fund |
Core
|
Value Fund |
Master Allocation Fund |
|||||||||||||||||||
Class A |
$ | 3,658,625 | $ | 16,670,858 | $ | 189,833,002 | $ | 3,985,931 | $ | 13,555,729 | $ | 9,487,723 | ||||||||||||
Class L |
8,482,458 | 24,773,281 | 248,674,932 | 16,856,459 | 8,985,524 | 23,601,035 | ||||||||||||||||||
Institutional Class |
14,230,891 | | 53,453,653 | | | |
48
API TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
6. | Fund Share Transactions, continued |
Share transactions for the year ended January 31, 2012 were as follows:
Amount | Shares | |||||||||||||||||||||||||||||||
Sold |
Reinvested
|
Redeemed |
Net
|
Sold |
Reinvested
|
Redeemed |
Net
|
|||||||||||||||||||||||||
Capital Income Fund: |
||||||||||||||||||||||||||||||||
Class A |
6,609,637 | 69,238 | (4,879,937 | ) | 1,798,938 | 178,659 | 1,894 | (144,312 | ) | 36,241 | ||||||||||||||||||||||
Class C |
536,667 | 105,373 | (1,428,394 | ) | (786,354 | ) | 15,131 | 3,010 | (40,731 | ) | (22,590 | ) | ||||||||||||||||||||
Class D |
8,490 | 65,276 | (384,279 | ) | (310,513 | ) | 227 | 1,826 | (10,444 | ) | (8,391 | ) | ||||||||||||||||||||
Growth Fund: |
||||||||||||||||||||||||||||||||
Class A |
5,855,314 | | (4,006,800 | ) | 1,848,514 | 608,975 | | (441,939 | ) | 167,036 | ||||||||||||||||||||||
Class C |
1,096,856 | | (6,174,060 | ) | (5,077,204 | ) | 125,404 | | (709,953 | ) | (584,549 | ) | ||||||||||||||||||||
Income Fund: |
||||||||||||||||||||||||||||||||
Class A |
50,043,877 | 2,489,053 | (15,370,590 | ) | 37,162,340 | 4,339,008 | 221,934 | (1,375,635 | ) | 3,185,307 | ||||||||||||||||||||||
Class C |
48,917,830 | 3,520,722 | (11,176,242 | ) | 41,262,310 | 4,368,699 | 323,506 | (1,032,626 | ) | 3,659,579 | ||||||||||||||||||||||
Institutional Class |
6,959,585 | 568,386 | (2,889,680 | ) | 4,638,291 | 584,428 | 49,110 | (256,164 | ) | 377,374 | ||||||||||||||||||||||
Multiple Index Fund: |
||||||||||||||||||||||||||||||||
Class A |
4,067,379 | | (3,603,115 | ) | 464,264 | 332,919 | | (297,031 | ) | 35,888 | ||||||||||||||||||||||
Class C |
7,144,198 | | (6,647,722 | ) | 496,476 | 622,883 | | (575,085 | ) | 47,798 | ||||||||||||||||||||||
Value Fund: |
||||||||||||||||||||||||||||||||
Class A |
5,200,562 | | (3,065,020 | ) | 2,135,542 | 410,262 | | (259,317 | ) | 150,945 | ||||||||||||||||||||||
Class C |
730,003 | | (5,805,860 | ) | (5,075,857 | ) | 63,927 | | (508,216 | ) | (444,289 | ) | ||||||||||||||||||||
Master Allocation Fund: |
||||||||||||||||||||||||||||||||
Class A |
6,217,062 | | (3,993,048 | ) | 2,224,014 | 232,155 | | (155,741 | ) | 76,414 | ||||||||||||||||||||||
Class L |
8,983,543 | | (5,842,685 | ) | 3,140,858 | 335,566 | | (229,106 | ) | 106,460 |
At January 31, 2012, net assets per class consisted of the following:
Capital Income Fund |
Growth Fund |
Income Fund |
Multiple Index Fund |
Value Fund |
Master Allocation Fund |
|||||||||||||||||||
Class A |
$ | 13,135,434 | $ | 14,581,565 | $ | 69,652,776 | $ | 4,115,526 | $ | 13,579,431 | $ | 11,388,978 | ||||||||||||
Class C |
7,791,910 | 22,728,435 | 83,596,141 | 17,650,604 | 9,404,956 | | ||||||||||||||||||
Class D |
3,779,076 | | | | | | ||||||||||||||||||
Institutional Class |
| | 9,763,714 | | | | ||||||||||||||||||
Class L |
| | | | | 21,279,689 |
49
API TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
7. | Capital Loss Carryovers |
At January 31, 2013, the following Funds had capital loss carryovers:
Capital Loss
Carryover |
Expiration
Year |
Carryover
Character |
||||||||
Capital Income Fund |
$ | 414,333 | 2018 | |||||||
Growth Fund |
4,874,717 | 2018 | ||||||||
Income Fund |
184,277 | 2014 | ||||||||
94,584 | 2015 | |||||||||
72,379 | 2017 | |||||||||
62,313 | 2018 | |||||||||
870,231 | N/A | Short-Term | ||||||||
Core Income Fund |
2,985,977 | 2018 | ||||||||
Value Fund |
5,028,726 | 2018 | ||||||||
Master Allocation Fund |
80,135 | N/A | Short-Term | |||||||
54,547 | N/A | Long-Term |
The capital loss carryovers are available to offset possible future capital gains, if any, of the respective Fund.
As a result of the Regulated Investment Company Modernization Act of 2010 (the Modernization Act), losses incurred in the fiscal year ended January 31, 2012 and beyond retain their character, short-term or long-term, have no expiration date, and are utilized prior to capital loss carryforwards accumulated before the enactment of the Modernization Act.
8. | Federal Income Tax Information |
Each of the Funds is a separate taxable entity and intends to continue to qualify for the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and, is required to make the requisite distributions to its shareholders which will relieve it from Federal income or excise taxes. Therefore, no provision has been recorded for Federal income or excise taxes. Under current tax law, capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Required fund distributions are based on income and capital gain amounts determined in accordance with federal income tax regulations, which differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the composition of net assets and distributions for tax purposes differ from amounts reflected in the accompanying financial statements. These differences are primarily due to differing treatment for losses deferred with respect to wash sales, and excise tax regulations. For financial reporting purposes, capital accounts and distributions to shareholders are adjusted to reflect the tax character of permanent book/tax differences.
The Funds recognize the tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. Management has analyzed the Funds tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2010-2012), or expected to be taken in the Funds 2013 tax returns. The Funds identify their major tax jurisdictions as U. S. Federal and Virginia State; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
50
API TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
8. | Federal Income Tax Information, continued |
The tax character of distributions paid during the years ended January 31, 2013 and 2012 were as follows:
January 31, 2013 | ||||||||||||
Ordinary
Income |
Long Term
Capital Gains |
Total
Distributions |
||||||||||
Capital Income Fund |
$ | 474,000 | $ | | $ | 474,000 | ||||||
Growth Fund |
| | | |||||||||
Income Fund |
19,838,000 | | 19,838,000 | |||||||||
Core Income Fund |
328,000 | | 328,000 | |||||||||
Value Fund |
| | | |||||||||
Master Allocation Fund |
| | | |||||||||
January 31, 2012 | ||||||||||||
Ordinary
Income |
Long Term
Capital Gains |
Total
Distributions |
||||||||||
Capital Income Fund |
$ | 483,000 | $ | | $ | 483,000 | ||||||
Growth Fund |
| | | |||||||||
Income Fund |
9,277,000 | | 9,277,000 | |||||||||
Core Income Fund |
| | | |||||||||
Value Fund |
| | | |||||||||
Master Allocation Fund |
| | |
The tax-basis components of distributable earnings at January 31, 2013 were as follows:
Undistributed
Ordinary Income |
Undistributed
Long-term Capital Gains |
Unrealized
Appreciation (Depreciation) |
Capital Loss
Carryforwards |
Post-October
Loss |
Total | |||||||||||||||||||
Capital Income Fund |
$ | 268,281 | $ | | $ | 4,255,903 | $ | (414,333 | ) | $ | | $ | 4,109,851 | |||||||||||
Growth Fund |
| | 10,985,666 | (4,874,717 | ) | | 6,110,949 | |||||||||||||||||
Income Fund |
709,708 | | 30,634,136 | (1,283,784 | ) | (1,251,461 | ) | 28,808,599 | ||||||||||||||||
Core Income Fund |
79,260 | | 861,633 | (2,985,977 | ) | | (2,045,084 | ) | ||||||||||||||||
Value Fund |
| | 3,929,780 | (5,028,726 | ) | | (1,098,946 | ) | ||||||||||||||||
Master Allocation Fund |
| | 10,728,490 | (134,682 | ) | | 10,593,808 |
The difference between the book and tax basis of distributable earnings is primarily due to wash losses.
51
API TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
8. | Federal Income Tax Information, continued |
Temporary differences are not adjusted for financial reporting purposes; however, permanent differences are reclassified in the capital and undistributed accounts. For the year ended January 31, 2013, the Funds recorded the following permanent reclassifications, which relate primarily to the current net operating losses. The results of operations and net assets were not affected by the increases/(decreases) to these accounts.
Capital
Income Fund |
Growth
Fund |
Income
Fund |
Core
Income Fund |
Value
Fund |
Master
Allocation Fund |
|||||||||||||||||||
Undistributed net investment income |
$ | | $ | 228,272 | $ | | $ | | $ | 45,086 | $ | 262,182 | ||||||||||||
Accumulated net realized gain |
| | | | | | ||||||||||||||||||
Paid-in-capital |
| (228,272 | ) | | | (45,086 | ) | (262,182 | ) |
9. | Transactions with Affiliates |
The Master Allocation Fund invests in other mutual funds which are managed by the Advisor. Transactions with affiliates during the year ended January 31, 2013 were as follows:
Affiliated Fund Name |
Balance of
Shares Held 1/31/2012 |
Purchases/
Additions |
Sales/
Reductions |
Balance of
Shares Held 1/31/2013 |
Value
1/31/2013 |
Dividend
Income |
Realized
Gain (Loss) on Security Transactions |
|||||||||||||||||||||
API Capital Income Fund |
288,394 | 13,742 | (40,470 | ) | 261,666 | $ | 10,767,539 | $ | 229,648 | $ | 4,422 | |||||||||||||||||
API Growth Fund |
1,097,576 | 70,550 | (191,161 | ) | 976,965 | 11,235,102 | | (33,734 | ) | |||||||||||||||||||
API Value Fund |
859,786 | 72,634 | (159,730 | ) | 772,690 | 10,856,301 | | (124,233 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
2,245,756 | 156,926 | (391,361 | ) | 2,011,321 | $ | 32,858,942 | $ | 229,648 | $ | (153,545 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10. | Recent Accounting Pronouncements |
In December 2011, the FASB issued ASU No. 2011-11 related to disclosures about offsetting assets and liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. Management is currently evaluating the impact ASU No. 2011-04 will have on the Funds financial statement disclosures.
52
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Trustees and Shareholders
American Pension Investors Trust
Lynchburg, Virginia
We have audited the accompanying statements of assets and liabilities, including the schedules of investments of the American Pension Investors Trust, (comprised of the API Efficient Frontier Capital Income Fund, API Efficient Frontier Growth Fund, API Efficient Frontier Income Fund, API Efficient Frontier Core Income Fund (formerly known as API Efficient Frontier Multiple Index Fund), API Efficient Frontier Value Fund, and API Master Allocation Fund, collectively referred to as the Funds), as of January 31, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and for all Funds except API Master Allocation Fund, the financial highlights for each of the three years in the period then ended, the period June 1, 2009 to January 31, 2010 and each of the two years in the period ended May 31, 2009, and with respect to API Master Allocation Fund the financial highlights for each of the three years in the period then ended and the period March 19, 2009 (commencement of operations) to January 31, 2010. These financial statements and financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2013, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the American Pension Investors Trust as of January 31, 2013, the results of their operations, the changes in their net assets and the financial highlights for the periods indicated above in conformity with accounting principles generally accepted in the United States of America.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
March 22, 2013
53
The graphs that follow assume an initial investment of $10,000 made on January 31, 2003 (or, if a shorter period, commencement of a Funds operations) and held through January 31, 2013. THE FUNDS RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS. The MSCI World Free GTR Index and the Standard & Poors 500 are both a widely recognized unmanaged index of equity prices and each is representative of a broader market and range of securities than is found in the Funds portfolios. The Dow Jones Conservative Relative Risk Index is made up of underlying indexes designed to measure portfolios at conservative risk levels. Individuals cannot invest directly in the Indexes; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.
Current performance may be lower or higher than the performance data quoted. For more information on the Funds, and to obtain performance data current to the most recent month end, or to obtain a prospectus, please call 1-800-544-6060. You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of each Fund before investing. A Funds prospectus contains this and other information about the Fund, and should be read carefully before investing.
The Fund s are distributed by Unified Financial Services, Inc., member FINRA.
54
55
56
57
58
59
60
61
Expense Examples |
API Trust Efficient Frontier Funds
As a shareholder in an API Trust Efficient Frontier Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Each example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period August 1, 2012 to January 31, 2013.
Actual Expenses
The first line for each class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled Expenses Paid During the Period to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each class in the table below provides information about hypothetical account values and hypothetical expenses based on each Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
62
Beginning Account Value |
Ending
|
Expenses Paid
*
|
Annualized Expense Ratio |
|||||||||||||
Capital Income Fund |
||||||||||||||||
Class A |
1.88 | % | ||||||||||||||
Actual |
$ | 1,000.00 | $ | 1,095.50 | $ | 9.93 | ||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,015.73 | 9.55 | |||||||||||||
Class L |
2.38 | % | ||||||||||||||
Actual |
1,000.00 | 1,092.70 | 12.55 | |||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,013.21 | 12.08 | |||||||||||||
Institutional Class |
1.38 | % | ||||||||||||||
Actual |
1,000.00 | 1,098.36 | 7.30 | |||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,018.25 | 7.02 | |||||||||||||
Growth Fund |
||||||||||||||||
Class A |
1.51 | % | ||||||||||||||
Actual |
1,000.00 | 1,175.90 | 8.28 | |||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,017.59 | 7.68 | |||||||||||||
Class L |
2.51 | % | ||||||||||||||
Actual |
1,000.00 | 1,169.50 | 13.73 | |||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,011.19 | 12.72 | |||||||||||||
Income Fund |
||||||||||||||||
Class A |
1.24 | % | ||||||||||||||
Actual |
1,000.00 | 1,087.80 | 6.53 | |||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,018.95 | 6.31 | |||||||||||||
Class L |
1.68 | % | ||||||||||||||
Actual |
1,000.00 | 1,086.10 | 8.83 | |||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,016.74 | 8.54 | |||||||||||||
Institutional Class |
0.68 | % | ||||||||||||||
Actual |
1,000.00 | 1,090.50 | 3.58 | |||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,021.78 | 3.47 | |||||||||||||
Core Income Fund |
||||||||||||||||
Class A |
1.47 | % | ||||||||||||||
Actual |
1,000.00 | 1,025.30 | 7.50 | |||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,017.80 | 7.48 | |||||||||||||
Class L |
2.47 | % | ||||||||||||||
Actual |
1,000.00 | 1,020.20 | 12.58 | |||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,012.75 | 12.53 | |||||||||||||
Value Fund |
||||||||||||||||
Class A |
1.64 | % | ||||||||||||||
Actual |
1,000.00 | 1,148.80 | 8.88 | |||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,016.94 | 8.34 | |||||||||||||
Class L |
2.54 | % | ||||||||||||||
Actual |
1,000.00 | 1,143.00 | 13.72 | |||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,012.40 | 12.88 | |||||||||||||
Master Allocation Fund |
||||||||||||||||
Class A |
1.22 | % | ||||||||||||||
Actual |
1,000.00 | 1,133.10 | 6.56 | |||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,019.06 | 6.21 | |||||||||||||
Class L |
1.72 | % | ||||||||||||||
Actual |
1,000.00 | 1,130.00 | 9.23 | |||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,016.53 | 8.74 |
* | These calculations are based on expenses incurred in the most recent fiscal year. The dollar amounts shown as Expenses Paid are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days of operation during the most recent fiscal half-year (184) and divided by 365. |
63
Other Information |
Proxy Voting Policies and Procedures
Both (i) a description of the policies and procedures that the Trust uses to determine how to vote proxies relating to the Funds portfolio securities and (ii) information regarding how the Trust voted proxies relating to the Funds portfolio securities during the most recent twelve month period ended June 30th are available without charge, upon request, by calling the Trust at (800) 544-6060, or on the Securities and Exchange Commissions website at http://www.sec.gov.
Quarterly Portfolio Schedules
The Trust files each Funds complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trusts Forms N-Q are available on the Commissions website at http://www.sec.gov. The filed forms may also be reviewed and copied at the Commissions Public Reference Room in Washington, DC. Information regarding the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
64
TRUSTEES AND OFFICERS
The table below provides information about the Trusts trustees and officers, including biographical information about their business experience. The address of each trustee and officer is 2303 Yorktown Avenue, Lynchburg, Virginia 24501.
Name and Age |
Position(s)
|
Term of
|
Number of
API Trust
|
Principal Occupation(s)
During the Past Five Years and Other
|
||||
David D. Basten
|
President and Trustee | Since 1985 | All (consisting of six portfolios) | 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. | ||||
David M. Basten
|
Vice-President, Assistant Secretary and Trustee |
Since 2008 | All (consisting of six portfolios) | Portfolio Manager, Yorktown Management & Research Company, Inc.. He is the son of David D. Basten. | ||||
Mark A. Borel
|
Trustee | Since 1985 | All (consisting of six portfolios) | President, Borel Construction Company, Inc.; President, Borel Properties (real estate); Partner, JBO, LLC (real estate); Partner, Combo, LLC (real estate); Partner, A & K Bo, LLC (real estate); Partner, JAMBO International (commercial real estate); Partner, Jamborita, LLC (commercial real estate); Partner, Jamborita II, LLC (commercial real estate); Partner, Neighbors Place Restaurant; Vice-President, Winnbo Electric (electrical contractor); Partner, Tabo, LLC (real estate); Partner, HAB, LLC (real estate); Partner, PPI, LLC (real estate); Partner, City Place Commercial (commercial real estate); Partner, City Place Apartments (real estate); Partner, KBO,LLC (real estate); Partner, Lake Group, LLC (real estate); Partner, Braxton Park, LLC (real estate); Partner, Bojam LLC (real estate) | ||||
Stephen B. Cox
|
Trustee | Since 1995 | All (consisting of six portfolios) | Retired |
65
Name and Age |
Position(s)
|
Term of
|
Number of
API Trust
|
Principal Occupation(s)
During the Past Five Years and Other
|
||||
G. Edgar Dawson III
|
Trustee | Since 1995 | All (consisting of six portfolios) | Shareholder, President and Director, Petty, Livingston, Dawson, & Richards, P.C. (law firm); Director, E.C. Glass Foundation (non-profit); Director, Presbyterian Homes and Family Services, Inc. (non-profit). | ||||
Wayne C. Johnson
|
Trustee | Since 1988 | All (consisting of six portfolios) | Vice President of Operations and Human Resources, C.B. Fleet Company, Inc. (pharmaceuticals). |
(*) | 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 of Trustees. |
Mr. David D. 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 Trusts investment adviser or its affiliated entities.
ADDITIONAL INFORMATION ABOUT THE TRUSTS TRUSTEES AND OFFICERS
IS CONTAINED IN THE STATEMENT OF ADDITIONAL INFORMATION,
AVAILABLE WITHOUT CHARGE UPON REQUEST
BY CALLING 1-800-544-6060.
66
SHAREHOLDER SERVICES
API Funds
P.O. Box 6110
Indianapolis, IN 46206-6110
(888) 933-8274
For Overnight Deliveries:
API Funds
2960 N. Meridian Street
Suite 300
Indianapolis, IN 46208
EXECUTIVE OFFICES
American Pension Investors Trust
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
1818 Market Street, Suite 2400
Philadelphia, Pennsylvania 19103
This report is submitted for the general
information of the shareholders of the Trust.
The report is not authorized for distribution to
prospective investors in the Trust unless preceded
or accompanied by an effective Prospectus.
www.apifunds.com
Item 2. Code of Ethics.
As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. During the period covered by the report, no amendments were made to the provisions of this code of ethics. During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from a provision of this code of ethics to Registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. The Registrant hereby undertakes to provide to any person without charge, upon request, a copy of such code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-544-6060.
Item 3. Audit Committee Financial Expert.
The Registrants Board of Trustees has determined that the Registrant does not have a member who qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR, serving on its audit committee. However, although the Board has not determined that any of its members is an audit committee financial expert as such term is defined in Item 3 of Form N-CSR, the audit committee members collectively have sufficient financial expertise in business and finance, including the evaluation of the Registrants financial statements, supervision of the Registrants preparation of its financial statements, and oversight of the work of the Registrants independent auditors. Each of the members of the Registrants audit committee is independent under the standards set forth in Item 3 of Form N-CSR. The Board determined that given the collective financial expertise of the audit committee members, it was not necessary to appoint an audit committee financial expert to the audit committee.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees : The aggregate fees billed for the fiscal years ended January 31, 2013 and January 31, 2012 for professional services rendered by the principal accountant for the audit of the Registrants annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $96,000 and $93,400, respectively. |
(b) | Audit-Related Fees : The aggregate fees billed for the fiscal years ended January 31, 2013 and January 31, 2012 for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrants financial statements and are not reported above in Item 4(a) were $0 and $0, respectively. |
(c) | Tax Fees : The aggregate fees billed for the fiscal years ended January 31, 2013 and January 31, 2012 for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $20,500 and $20,000, respectively. |
(d) | All Other Fees : The aggregate fees billed for the fiscal years ended January 31, 2013 and January 31, 2012 for products and services provided by the principal accountant, other than the services reported above in Items 4(a) through (c) were $0 and $0, respectively. |
(e)(1) | Pre-Approval Policies and Procedures . The Registrants Audit Committee Charter provides that the Audit Committee shall determine whether to approve, prior to appointment, the engagement of the auditor to provide other audit services to the Registrant or to provide non-audit services to the Registrant, its investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. |
(e)(2) | Percentage of Services Approved by Audit Committee : There were no services described in each of paragraphs (b) through (d) of this Item (including services required to be approved by Registrants audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by Registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Not applicable. |
(g) | Aggregate Non-Audit Services: The aggregate non-audit fees billed during the fiscal years ended January 31, 2013 and January 31, 2012 by the Registrants accountant for services rendered to the Registrant, and rendered to the Registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $20,500 and $20,000, respectively. |
(h) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.
Item 6. Schedule of Investments.
Not applicable. This schedule is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrants Board of Trustees.
Item 11. 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-CSR. |
(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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. |
Item 12. Exhibits.
(a)(1) | Not applicable to the Registrant. |
(a)(2) | The certification required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto as Exhibit 99.CERT. |
(a)(3) | Not applicable to the Registrant. |
(b) | The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto as Exhibit 99.906CERT. The certifications provided pursuant to Section 906 of the Sarbanes-Oxley Act are not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (Exchange Act), or otherwise subject to the liability of that section. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AMERICAN PENSION INVESTORS TRUST | ||||||
Date: April 5, 2013 |
||||||
/s/ David D. Basten |
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David D. Basten | ||||||
President |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Date: April 5, 2013 | ||||||
/s/ David D. Basten |
||||||
David D. Basten |
||||||
President |
||||||
Date: April 5, 2013 | ||||||
/s/ Charles D. Foster |
||||||
Charles D. Foster Chief Financial Officer |
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