EXECUTIVE OFFICES
American Pension Investors Trust
P.O. Box 2529
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
INVESTMENT ADVISER
Yorktown Management & Research
Company, Inc.
P.O. Box 2529
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
DISTRIBUTOR
Yorktown Distributors, Inc.
P.O. Box 2529
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
TRANSFER AND DIVIDEND
DISBURSING AGENT
Fund Services, Inc.
P.O. Box 26305
Richmond, Virginia 23260
(800) 628-4077
CUSTODIAN
Custodial Trust Company
101 Carnegie Center
Princeton, New Jersey 08540-6231
INDEPENDENT AUDITORS
Coopers & Lybrand L.L.P.
217 E. Redwood Street
Baltimore, Maryland 21202-3316
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.
[YORKTOWN CLASSIC VALUES LOGO]
1995
Yorktown Classic Value Trust
SEMI-ANNUAL REPORT
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 1995
(UNAUDITED)
SHARES VALUE
COMMON STOCKS--100.00%
AUTOMOTIVE PARTS--4.19%
Eaton Corp. 8,400 $ 457,800
AUTOMOBILES AND TRUCKS--2.22%
Ford Motor Co. 8,600 242,950
BUILDING MATERIALS AND EQUIPMENT--4.67%
Owens-Corning Fiberglas Corp. 11,500 510,313
CHEMICALS--4.48%
PPG Industries, Inc. 10,800 490,050
COMPUTERS--2.30%
International Business Machines, Inc. 2,600 251,225
COPPER--22.28%
Phelps Dodge Corp. 35,900 2,436,712
FINANCE--7.01%
American Express Co. 6,200 263,500
Federal National Mortgage Association 4,600 503,700
767,200
HOSPITALS AND NURSING HOMES--4.86%
Humana, Inc. 19,000 532,000
INSURANCE--4.62%
Chubb Corp. 5,200 505,700
MACHINERY AND EQUIPMENT--8.45%
Nacco Industries, Inc. 7,900 $ 450,300
Parker Hannifin Corp. 12,900 474,075
924,375
PAPER--24.59%
Stone Container Corp. 172,100 2,689,063
RAILROADS--7.72%
CSX Corp. 4,600 403,075
Norfolk Southern Corp. 5,600 441,000
844,075
SECURITIES BROKERAGE--2.61%
Legg Mason, Inc. 9,600 285,600
TOTAL INVESTMENTS
(cost $10,296,642) $ 10,937,063
The accompanying notes are an integral part of the financial statements.
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995
(UNAUDITED)
ASSETS:
Investments at value (identified $ 10,937,063
cost of $10,296,642)
Cash 16,746
Receivable for securities sold 253,752
Other assets 71,998
Total assets 11,279,559
LIABILITIES:
Accrued distribution fees 5,554
Accrued advisory fees 4,628
Securities purchased 253,163
Securities purchased under loan agreement 3,098,158
Accrued interest expense 21,680
Other liabilities 3,045
Total liabilities 3,386,228
NET ASSETS $ 7,893,331
SHARES OF BENEFICIAL INTEREST OUTSTANDING
(unlimited number of no par value
shares authorized) 577,122
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE OUTSTANDING $ 13.68
The accompanying notes are an integral part of the financial statements.
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED NOVEMBER 30, 1995
(UNAUDITED)
INVESTMENT INCOME:
Dividends $ 118,254
Interest 638
Total income 118,892
EXPENSES:
Investment advisory fees 32,818
Distribution fees 32,818
Transfer agent fees 11,117
Custodial fees 3,147
Professional fees 5,741
Registration fees 7,024
Trustee fees 411
Insurance 2,290
Miscellaneous 1,801
97,167
Less expenses waived by investment advisor (8,355)
Total operating expenses 88,812
Interest expense 128,198
Total expenses 217,010
Net investment loss (98,118)
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain from security transactions 750,231
Decrease in unrealized appreciation on investments (288,820)
Net realized and unrealized gain on investments 461,411
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 363,293
The accompanying notes are an integral part of the financial statements.
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED NOVEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
NET INCREASE (DECREASE) IN CASH:
Cash flows from operating activities:
Dividends and interest received $ 96,927
Operating expenses paid (92,530)
Net cash provided by operating activities $ 4,397
Cash flows from investing activities:
Purchase of portfolio securities (13,976,467)
Proceeds from disposition of portfolio securities 12,564,394
Interest paid (125,514)
Net cash used in investing activities (1,537,587)
Net cash used in operating and investing
activities (1,533,190)
Cash flows from financing activities:
Borrowings under loan agreement 3,644,585
Repayments under loan agreement (3,184,992)
Receipts for shareholder purchases and
reinvested distributions 1,176,645
Payments for shareholder redemptions
and distributions (108,588)
Net cash provided by financing activities 1,527,650
Net decrease in cash (5,540)
Cash at beginning of period 22,286
CASH AT END OF PERIOD $ 16,746
RECONCILIATION OF NET INCREASE IN NET ASSETS
FROM OPERATIONS TO NET CASH USED IN
OPERATING AND INVESTING ACTIVITIES:
Increase in net assets from operations $ 363,293
Increase in investments-net (1,410,227)
Decrease in receivable for securities sold 235,896
Decrease in liability for securities purchased (237,742)
Increase in other assets (28,873)
Increase in accrued expenses and other liabilities 5,874
Net realized gain (750,231)
Net unrealized depreciation 288,820
Total adjustments (1,896,483)
NET CASH USED IN OPERATING AND
INVESTING ACTIVITIES $ (1,533,190)
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED
NOV. 30, FOR THE
1995 YEAR ENDED
(UNAUDITED) MAY 31, 1995
<S> <C> <C>
OPERATIONS:
Net investment loss $ (98,118) $ (140,338)
Net realized gain from security transactions 750,231 800,529
Net change in unrealized appreciation on investments (288,820) 828,409
Increase in net assets resulting from operations 363,293 1,488,600
DISTRIBUTIONS FROM:
Net investment income (34,983)
Net realized gains on security transactions (60,126)
Decrease in net assets resulting from distributions (95,109)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of 84,787 and 93,963 shares 1,148,140 1,070,570
Value of 9,404 shares issued upon reinvestment of dividends 93,855
Cost of 2,764 and 129,377 shares redeemed (108,588) (1,390,642)
Increase (decrease) in net assets resulting
from capital share transactions 1,039,552 (226,217)
Total increase in net assets 1,402,845 1,167,274
Net assets:
Beginning of year/period 6,490,486 5,323,212
End of year/period (including accumulated net
investment loss of $98,118 and $0, respectively) $ 7,893,331 $ 6,490,486
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED
NOV. 30,
1995 FOR THE YEARS ENDED MAY 31
(UNAUDITED) 1995 1994 1993(5)
<S> <C> <C> <C> <C>
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR/PERIOD:
Net asset value, beginning of year/period $ 12.98 $ 10.12 $ 10.34 $ 10.00
Income from investment operations:
Net investment income (loss) (0.17) (0.28) 0.06 0.02
Net realized and unrealized gain (loss)
on investments 0.87 3.33 (0.27) 0.32
Total income (loss) from
investment operations 0.70 3.05 (0.21) 0.34
Distributions:
From net investment income (0.07) (0.01)
From net realized gain on security transactions (0.12)
Total distributions (0.19) (0.01)
NET ASSET VALUE, END OF YEAR/PERIOD $ 13.68 $ 12.98 $ 10.12 $ 10.34
Total return(2) 5.39% 30.70% (2.04)% 5.88%(1)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (000's omitted) $ 7,893 $ 6,490 $ 5,323 $ 3,353
Ratio of operating expenses to average net assets(3) 2.45% (1) 2.39% 1.99% 1.80%(1)
Ratio of total expenses to average net assets(4) 5.98% (1) 5.79% 4.49% 3.32%(1)
Ratio of net investment income (loss) to average net assets (2.70)%(1) (2.60)% 0.76% 0.42%(1)
Portfolio turnover rate 241% (1) 220% 170% 25%(1)
</TABLE>
(1) Annualized.
(2) Does not reflect contingent deferred sales charge.
(3) Without fees waived by the investment advisor and distributor, the
annualized ratio of operating expenses to average net assets would have
been 2.68%, 2.95%, 2.69% and 2.76%, respectively.
(4) Without fees waived by the investment advisor and distributor, the
annualized ratio to total expenses to average net assets would have
been 6.21%, 6.34%, 5.19% and 4.29%, respectively.
(5) Commencement of operations was November 2, 1992.
The accompanying notes are an integral part of the financial statements.
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
NOTES TO FINANCIAL STATEMENTS
(INFORMATION AS OF AND FOR THE SIX MONTHS ENDED
NOVEMBER 30, 1995 IS UNAUDITED)
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. It is composed of five separate
portfolios. The accompanying financial statements include only the
Yorktown Classic Value Trust (the "Fund").
The primary investment objective of the Fund is growth of capital; income
is a secondary objective. The Fund seeks to achieve these objectives by
investing primarily in equity securities which the Fund's investment
advisor believes are undervalued in relation to the quality of the
securities and the long-term earning power of their issuers, regardless
of short-term indicators.
2. SIGNIFICANT ACCOUNTING POLICIES:
A. PORTFOLIO VALUATION
Fund assets are valued at current market value or, where unavailable,
at fair value as determined in good faith by or under the direction of
the Board of Trustees.
B. 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.
C. FEDERAL INCOME TAXES
The Trust's policy is for the Fund to comply with the requirements of
the Internal Revenue Code that are applicable to regulated investment
companies and to distribute all of its investment company taxable
income to its shareholders. Therefore, no federal income tax provision
is required.
As of November 30, 1995, the aggregate cost of investments for federal
income tax purposes, the net unrealized appreciation on a federal
income tax basis, and the gross unrealized appreciation and
depreciation with respect to each security where there is an excess of
value over tax cost or tax cost over value were $10,341,759, $595,304,
$1,063,283 and $467,979, respectively.
D. BORROWINGS
The Fund is permitted to borrow up to one-third of the value of its
net assets for investment purposes. Such borrowing is referred to as
leveraging. As of November 30, 1995, the balance due for securities
purchased through leveraging was $3,098,158. The average daily balance
during the six months ended November 30, 1995 was $3,040,203 or $5.63
per share, based on average shares outstanding of 540,202. The maximum
amount of borrowings outstanding at any month-end during the year was
$3,281,197. The Fund's investment securities are pledged as collateral
under the borrowing arrangement.
<PAGE>
2. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
Interest is charged at a rate of 1.50% plus the brokers loan call rate
(8.25% as of November 30, 1995). Such interest amounted to $128,198 for
the six months ended November 30, 1995.
3. INVESTMENT ADVISORY AGREEMENT:
Yorktown Management & Research Company, Inc. (the "Advisor"), whose
principal stockholder is also a trustee of the Trust, serves as the
Fund's investment advisor and manager. For its services, the Advisor
receives a fee, calculated daily and payable monthly, at an annual rate
of .90% of the average daily net assets of the Fund.
If the aggregate expenses of the Fund in any fiscal year exceed the
highest expense limitation established pursuant to the statutes or
regulations of any jurisdiction in which the shares of the Fund are
qualified or registered for offer and sale, the Advisor has agreed to
waive such portion of its advisory fee as may be necessary to provide for
such expenses. For purposes of this limitation, aggregate Fund expenses
exclude interest, taxes, brokerage fees on portfolio transactions,
distribution fees and expenses, and extraordinary expenses.
4. DISTRIBUTION PLAN AND FEES:
Yorktown Distributors, Inc. (the "Distributor") distributes shares of the
Fund pursuant to a Rule 12b-1 distribution plan adopted by the Trust. The
plan provides that the Distributor shall receive an annual fee of .90% of
the Fund's average daily net assets, which is comprised of .65% of
distribution fees and .25% of service fees. The principal stockholder of
the Distributor is also a trustee of the Trust.
A 2% contingent deferred sales charge is generally imposed on redemptions
made within five years of the date that Fund shares are purchased.
5. INVESTMENT ACTIVITY:
For the six months ended November 30, 1995, there were no purchases
or sales of U.S. government obligations. Purchases and sales of
securities other than short-term obligations and U.S. government
obligations amounted to $13,738,725 and $12,328,498, respectively.
6. COMPOSITION OF NET ASSETS:
At November 30, 1995, net assets consisted of:
PAID-IN CAPITAL $ 6,184,351
ACCUMULATED NET INVESTMENT LOSS (98,118)
ACCUMULATED NET REALIZED GAIN FROM
SECURITY TRANSACTIONS 1,166,677
UNREALIZED APPRECIATION ON INVESTMENTS 640,421
NET ASSETS APPLICABLE TO
OUTSTANDING SHARES OF
BENEFICIAL INTEREST $ 7,893,331
<PAGE>
EXECUTIVE OFFICES
American Pension Investors Trust
P.O. Box 2529
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
INVESTMENT ADVISER
Yorktown Management & Research
Company, Inc.
P.O. Box 2529
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
DISTRIBUTOR
Yorktown Distributors, Inc.
P.O. Box 2529
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
TRANSFER AND DIVIDEND
DISBURSING AGENT
Fund Services, Inc.
P.O. Box 26305
Richmond, Virginia 23260
(800) 628-4077
CUSTODIAN
Piedmont Trust Bank
P.O. Box 4751
Martinsville, Virginia 24115
INDEPENDENT AUDITORS
Coopers & Lybrand L.L.P.
217 E. Redwood Street
Baltimore, Maryland 21202-3316
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.
[T-1 TREASURY TRUST LOGO]
1995
T-1 Treasury Trust
SEMI-ANNUAL REPORT
<PAGE>
AMERICAN PENSION INVESTORS TRUST
T-1 TREASURY TRUST
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 1995
(UNAUDITED)
PRINCIPAL VALUE
U.S. GOVERNMENT OBLIGATIONS--100.00%
UNITED STATES TREASURY BILL--DUE 6/27/96 $ 3,687,000 $ 3,576,123
TOTAL INVESTMENTS
(cost $3,576,809) $ 3,576,123
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
T-1 TREASURY TRUST
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995
(UNAUDITED)
ASSETS:
Investments at value (identified cost of $3,576,809) $ 3,576,123
Cash 66,490
Other assets 9,190
Total assets 3,651,803
LIABILITIES:
Accrued distribution fees 764
Shareholder redemptions 94,552
Other liabilities 2,111
Total liabilities 97,427
NET ASSETS $ 3,554,376
SHARES OF BENEFICIAL INTEREST OUTSTANDING
(unlimited number of no par value
shares authorized) 748,288
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE OUTSTANDING $ 4.75
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
T-1 TREASURY TRUST
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED NOVEMBER 30, 1995
(UNAUDITED)
INVESTMENT INCOME:
Interest $ 115,120
EXPENSES:
Investment advisory fees 11,837
Distribution fees 9,864
Transfer agent fees 8,345
Custodial fees 1,149
Professional fees 6,232
Registration fees 6,335
Trustee fees 411
Insurance 2,355
Shareholder reports 1,227
Miscellaneous 550
Less expenses waived/reimbursed by
investment advisor and distributor 48,305
(18,715)
Total expenses 29,590
Net investment income 85,530
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain from security transactions 21,855
Decrease in unrealized appreciation on investments (26,391)
Net realized and unrealized loss on investments (4,536)
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 80,994
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
T-1 TREASURY TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED
NOV. 30, FOR THE
1995 YEAR ENDED
(UNAUDITED) MAY 31, 1995
<S> <C> <C>
OPERATIONS:
Net investment income $ 85,530 $ 151,346
Net realized gain (loss) from security
transactions 21,885 (269,567)
Net change in unrealized appreciation
on investments (26,391) 304,828
Increase in net assets
resulting from operations 81,024 186,607
DISTRIBUTIONS FROM:
Net investment income (66,599) (17,386)
Decrease in net assets resulting
from distributions (66,599) (171,386)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of 281,731 and
539,753 shares 1,333,004 2,544,854
Value of 13,810 and 36,506 shares issued
upon reinvestment of dividends 65,043 169,086
Cost of 402,852 and 611,507 shares redeemed (1,907,595) (2,913,306)
Decrease in net assets resulting from
capital share transactions (509,548) (199,366)
Total decrease in net assets (495,123) (184,145)
NET ASSETS:
Beginning of year/period 4,049,499 4,233,644
End of year/period (including undistributed
net investment income of $75,629 and
$56,698, respectively) $ 3,554,376 $ 4,049,499
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
T-1 TREASURY TRUST
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED
NOV. 30,
1995 FOR THE YEARS ENDED MAY 31,
(UNAUDITED) 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
FOR A SHARE OUTSTANDING THROUGHOUT
EACH YEAR/PERIOD:
Net asset value, beginning of year/period $ 4.73 $ 4.75 $ 5.15 $ 5.16 $ 5.03 $ 5.05
Income from investment operations:
Net investment income 0.12 0.23 0.19 0.18 0.17 0.28
Net realized and unrealized gain (loss) on investments (0.02) (0.35) 0.03 0.17 0.04
Total income (loss) from investment operations 0.10 0.23 (0.16) 0.21 0.34 0.32
Distributions:
From net investment income (0.08) (0.25) (0.14) (0.22) (0.13) (0.30)
From net realized gain on security transactions (0.10) (0.08) (0.04)
Total distributions (0.08) (0.25) (0.24) (0.22) (0.21) (0.34)
NET ASSET VALUE, END OF YEAR/PERIOD $ 4.75 $ 4.73 $ 4.75 $ 5.15 $ 5.16 $ 5.03
Total return* 5.23% 4.99% (3.48)% 4.18% 6.78% 6.36%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (000's omitted) $ 3,554 $ 4,049 $ 4,234 $ 7,295 $ 5,614 $ 1,981
Ratio of expenses to average net assets(2) 1.51% (1) 1.76% 1.57% 1.44% 2.08% 3.21%
Ratio of net investment income to average net assets 4.36% (1) 4.19% 3.71% 4.72% 5.01% 4.97%
Portfolio turnover rate 232% (1) 292% 127% 308% 391% 169%
</TABLE>
(1) Annualized
(2) Without fees waived/reimbursed by the investment advisor and distributor,
the ratio of expenses to average net assets would have been 2.46%, 2.56%,
2.16%, 2.04%, 2.70% and 3.81%, respectively.
* Total return for period less than one year are not annualized.
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
T-1 TREASURY TRUST
NOTES TO FINANCIAL STATEMENTS
(INFORMATION AS OF AND FOR THE SIX MONTHS ENDED
NOVEMBER 30, 1995 IS UNAUDITED)
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 a diversified,
open-end management investment company. It is composed of five separate
portfolios. The accompanying financial statements include only the T-1
Treasury Trust (the "Fund"). Prior to November 23, 1994, the Fund was
named the Global Income Fund and invested primarily in the shares of
other registered investment companies.
The Fund's investment objective is to seek current income while limiting
credit risk. The Fund seeks to achieve its objective by investing under
normal conditions in U.S. Treasury securities (bills, notes and bonds)
and other direct obligations of the U.S. Treasury that are guaranteed as
to payment of principal and interest by the full faith and credit of U.S.
government. The Fund limits its investments to securities with remaining
maturities of one year or less.
2. SIGNIFICANT ACCOUNTING POLICIES:
A. PORTFOLIO VALUATION
Fund assets are valued at current market value or, where unavailable,
at fair value as determined in good faith by or under the direction of
the Board of Trustees.
B. 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.
C. FEDERAL INCOME TAXES
The Trust's policy is for the Fund to comply with the requirements of
the Internal Revenue Code that are applicable to regulated investment
companies and to distribute all of its investment company taxable
income to its shareholders. Therefore, no federal income tax provision
is required.
The Fund has available at November 30, 1995 a net capital loss
carryforward of approximately $432,700 expiring from 2000 through
2003. As of November 30, 1995, the aggregate cost of investments for
federal income tax purposes and the unrealized depreciation with
respect to each security where there is an excess of tax cost over
value were $3,576,809 and $686, respectively.
<PAGE>
3. INVESTMENT ADVISORY AGREEMENT:
Yorktown Management & Research Company, Inc. (the "Advisor"), whose
principal stockholder is also a trustee of the Trust, serves as the
Fund's investment advisor and manager. For its services, the Advisor
receives a fee, calculated daily and payable monthly, at an annual rate
of .6% of the average daily net assets of the Fund.
If the aggregate expenses of the Fund in any fiscal year exceed the
highest expense limitation established pursuant to the statutes or
regulations of any jurisdiction in which the shares of the Fund are
qualified or registered for offer and sale, the Advisor has agreed to
waive such portion of its advisory fee as may be necessary to provide for
such expenses. For purposes of this limitation, aggregate Fund expenses
exclude interest, taxes, brokerage fees on portfolio transactions,
distribution fees and expenses, and extraordinary expenses. In addition,
the Advisor has undertaken to waive its fees or reimbuse the Fund a
portion of its operating expenses during the fiscal year ending May 31,
1996 so that total Fund operating expenses do not exceed 1.50% of the
Fund's average daily net assets. For the six months ended November 30,
1995, the Advisor waived all of its advisory fees and reimbursed the Fund
an additional $1,946. The Fund has agreed to reimburse the Advisor in
subsequent years for fees waived in prior years, provided that such
reimbursement does not result in increasing the Fund's aggregate expenses
above the aforementioned limit or the expense limit in effect at the time
of the waiver, as applicable. The Advisor, however, does not intend to
seek reimbursement of fees previously waived.
4. DISTRIBUTION PLAN AND FEES:
Yorktown Distributors, Inc. (the "Distributor") distributes shares of the
Fund pursuant to a Rule 12b-1 distribution plan adopted by the Trust. The
plan provides that the Distributor shall receive an annual fee of .5% of
the Fund's average daily net assets; however, effective November 23,
1994, the Distributor has undertaken to limit such fee to .25% of the
Fund's average daily net assets. For the six months ended November 30,
1995, the Distributor waived $4,932 of its fees. The principal
stockholder of the Distributor is also a trustee of the Trust.
5. INVESTMENT ACTIVITY:
For the six months ended November 30, 1995, purchases and sales of
U.S. government obligations amounted to $4,407,642, and $4,757,581,
respectively. There were no purchases and sales of securities other
than U.S. government obligations.
6. COMPOSITION OF NET ASSETS:
At November 30, 1995, net assets consisted of:
PAID-IN CAPITAL $ 3,925,654
ACCUMULATED NET INVESTMENT INCOME 75,629
ACCUMULATED NET REALIZED LOSS FROM SECURITY TRANSACTIONS (446,221)
UNREALIZED DEPRECIATION ON INVESTMENTS (686)
NET ASSETS APPLICABLE TO OUTSTANDING
SHARES OF BENEFICIAL INTEREST $ 3,554,376
<PAGE>
EXECUTIVE OFFICES
American Pension Investors Trust
P.O. Box 2529
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
INVESTMENT ADVISER
Yorktown Management & Research
Company, Inc.
P.O. Box 2529
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
DISTRIBUTOR
Yorktown Distributors, Inc.
P.O. Box 2529
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
TRANSFER AND DIVIDEND
DISBURSING AGENT
Fund Services, Inc.
P.O. Box 26305
Richmond, Virginia 23260
(800) 628-4077
CUSTODIAN
Piedmont Trust Bank
P.O. Box 4751
Martinsville, Virginia 24115
INDEPENDENT AUDITORS
Coopers & Lybrand L.L.P.
217 E. Redwood Street
Baltimore, Maryland 21202-3316
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.
[API LOGO]
1995
Capital Income Fund
SEMI-ANNUAL REPORT
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
MUTUAL FUNDS--100.00%
EQUITY INCOME FUNDS--17.94%
Kemper-Dreman High Return Fund Class A 3,159 $ 66,939
Putnam Equity Income Fund New Class A 22,124 241,814
T. Rowe Price Equity Income Fund 13,572 270,771
579,524
GLOBAL FUNDS--12.92%
SoGen International Fund, Inc. 16,262 417,273
GROWTH FUNDS--8.53%
Berger One Hundred Fund, Inc. 8,031 150,175
Vanguard Index Trust Total Stock Market Portfolio 8,352 125,286
275,461
GROWTH AND INCOME FUNDS--28.51%
Mutual Series Fund, Inc. Beacon Fund 2,946 111,922
Neuberger & Berman Equity Funds Guardian Fund 8,016 193,175
RBB Fund, Inc. Equity Growth & Income Portfolio Class A 3,639 59,680
Vanguard/Windsor Fund, Inc. Vanguard/Windsor II Portfolio 2,952 62,489
Vista Mutual Fund Group Growth & Income Fund 5,235 190,149
World Funds, Inc. Vontobel U.S. Value Fund 21,515 303,141
920,556
S&P 500 INDEX OBJECTIVE FUNDS--3.96%
Vanguard Index Trust 500 Portfolio 2,234 127,764
WORLD INCOME FUNDS--28.14%
AIM International Funds, Inc. Global Income Fund 9,560 102,772
Alliance North American Government Income Trust, Inc. Class A 19,424 131,115
Franklin/Templeton Global Trust Hard Currency Portfolio 10,672 136,494
MFS Series Trust VII World Governments Fund Class A 11,166 139,132
Scudder Global Fund, Inc. International Bond Fund 11,957 136,315
T. Rowe Price International Bond Fund 12,043 125,733
Van Kampen American Capital World Portfolio Series Global Government Class A 16,504 137,311
908,872
TOTAL INVESTMENTS (COST $2,833,305) $ 3,229,450
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments at value (identified cost of $2,833,305) $ 3,229,450
Cash 150,661
Other assets 12,781
Total assets 3,392,892
LIABILITIES:
Securities purchased 88,621
Accrued distribution fees 1,373
Other liabilities 1,569
Total liabilities 91,563
NET ASSETS $ 3,301,329
SHARES OF BENEFICIAL INTEREST OUTSTANDING (UNLIMITED NUMBER OF NO PAR VALUE SHARES
AUTHORIZED) 173,454
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE OUTSTANDING $ 19.03
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED NOVEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Dividends $ 32,449
Interest 2,273
Total income 34,722
EXPENSES:
Investment advisory fees 9,796
Distribution fees 8,163
Transfer agent fees 8,001
Custodial fees 1,040
Professional fees 4,726
Registration fees 6,351
Trustee fees 411
Insurance 1,358
Shareholder reports 1,050
Miscellaneous 539
41,435
Less expenses waived by investment advisor (9,796)
Total expenses 31,639
Net investment income 3,083
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain from security transactions 280,411
Capital gain distributions from mutual funds 4,038
Increase in unrealized appreciation on investments 38,829
Net realized and unrealized gain on investments 323,278
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 326,361
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED
NOV. 30, FOR THE
1995 YEAR ENDED
(UNAUDITED) MAY 31, 1995
<S> <C> <C>
OPERATIONS:
Net investment income $ 3,083 $ 22,625
Net realized gain from security transactions 280,411 149,896
Capital gain distributions from mutual funds 4,038 68,220
Net change in unrealized appreciation on investments 38,829 128,139
Increase in net assets resulting from operations 326,361 368,880
DISTRIBUTIONS FROM:
Net investment income (68,144)
Net realized gain on security transactions (143,858)
Decrease in net assets resulting from distributions (212,002)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of 17,469 and 26,903 shares 317,517 440,775
Value of 13,795 shares issued upon reinvestment of dividends 209,819
Cost of 20,190 and 45,869 shares redeemed (373,929) (740,092)
Decrease in net assets resulting from capital share transactions (56,412) (89,498)
Total increase in net assets 269,949 67,380
NET ASSETS:
Beginning of year/period 3,031,380 2,964,000
End of year/period (including undistributed net investment income of
$5,477 and $2,394, respectively) $ 3,301,329 $ 3,031,380
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED
NOV. 30,
1995 FOR THE YEARS ENDED MAY 31,
(UNAUDITED) 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding throughout each
year/period:
Net asset value, beginning of year/period $ 17.21 $ 16.34 $ 16.06 $ 14.69 $ 13.66 $ 12.78
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.02 0.35 (0.01) (0.06) (0.13) 0.19
Net realized and unrealized gain on
investments 1.80 1.64 0.78 1.43 1.16 0.99
Total income from investment
operations 1.82 1.99 0.77 1.37 1.03 1.18
DISTRIBUTIONS:
From net investment income (0.36) (0.27)
In excess of net investment income (0.03)
From net realized gain on security
transactions (0.76) (0.49)
Total distributions (1.12) (0.49) (0.30)
NET ASSET VALUE, END OF
YEAR/PERIOD $ 19.03 $ 17.21 $ 16.34 $ 16.06 $ 14.69 $ 13.66
Total return* 10.58% 13.08% 4.79% 9.33% 7.51% 9.63%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (000's
omitted) $ 3,301 $ 3,031 $ 2,964 $ 2,603 $ 1,828 $ 1,670
Ratio of expenses to average net assets(2) 1.96% (1) 2.05% 2.12% 2.77% 3.47% 3.83%
Ratio of net investment income (loss) to
average net assets 0.19% (1) 0.75% (0.06)% (0.82)% (0.98)% 1.54%
Portfolio turnover rate 84% (1) 65% 17% 29% 55% 120%
</TABLE>
(1) Annualized
(2) Without fees waived by the investment advisor, the ratio of expenses to
average net assets would have been 2.56%, 2.65%, 2.72%, 3.37%, 4.07% and
4.43%, respectively.
* Total return for periods of less than one year are not annualized.
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS
(INFORMATION AS OF AND FOR THE SIX MONTHS ENDED
NOVEMBER 30, 1995 IS UNAUDITED)
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 a diversified,
open-end management investment company. It is composed of five separate
portfolios. The accompanying financial statements include only the
Capital Income Fund (the "Fund").
The Fund's primary investment objective is to seek to achieve high
current income. The Fund's secondary objective is growth of capital and
income. The Fund seeks to achieve its objectives by investing in mutual
funds, at least 65% of which seek to achieve an objective of high current
income by investing in income-producing equity securities, long or
short-term bonds and other fixed-income securities (such as U.S.
government securities, commercial paper and preferred stock).
2. SIGNIFICANT ACCOUNTING POLICIES:
A. PORTFOLIO VALUATION
The investments of the Fund consist primarily of mutual funds that are
valued daily at their respective net asset values in accordance with
the 1940 Act.
B. 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.
C. FEDERAL INCOME TAXES
The Trust's policy is for the Fund to comply with the requirements of
the Internal Revenue Code that are applicable to regulated investment
companies and to distribute all of its investment company taxable
income to its shareholders. Therefore, no federal income tax provision
is required.
As of November 30, 1995, the aggregate cost of investments for federal
income tax purposes, the net unrealized appreciation on a federal
income tax basis, and the gross unrealized appreciation and
depreciation with respect to each security where there is an excess of
value over tax cost or tax cost over value were $2,833,305, $396,145,
$404,555 and $8,410, respectively.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS, Continued
3. INVESTMENT ADVISORY AGREEMENT:
Yorktown Management & Research Company, Inc. (the "Advisor"), whose
principal stockholder is also a trustee of the Trust, serves as the
Fund's investment advisor and manager. For its services, the Advisor
receives a fee, calculated daily and payable monthly, at an annual rate
of .6% of the average daily net assets of the Fund. The Advisor reduces
its advisory fees (not below zero) to the extent that the Distributor
(see Note 4) retains any dealer reallowances resulting from the Fund's
purchase of shares of underlying funds that are sold with a sales load.
In addition to the advisory fee reduction noted above, to the extent that
the aggregate expenses of the Fund in any fiscal year exceed the highest
expense limitation established pursuant to the statutes or regulations of
any jurisdiction in which the shares of the Fund are qualified or
registered for offer and sale (currently 1.5% of the first $30 million of
the average net assets of the Fund and 1.0% of the remaining average net
assets of the Fund), the Advisor has agreed to waive such portion of its
remaining advisory fee as may be necessary to provide for such expenses.
For purposes of this limitation, aggregate Fund expenses exclude
interest, taxes, brokerage fees on portfolio transactions, distribution
fees and expenses, and extraordinary expenses. The Fund has agreed to
reimburse the Advisor in subsequent years for fees waived in prior years,
provided that such reimbursement does not result in increasing the Fund's
aggregate expenses above the aforementioned limit or the expense limit in
effect at the time of the waiver, as applicable. The Advisor, however,
does not intend to seek reimbursement of fees previously waived.
4. DISTRIBUTION PLAN AND FEES:
Yorktown Distributors, Inc. (the "Distributor") distributes shares of the
Fund pursuant to a Rule 12b-1 distribution plan adopted by the Trust. The
plan provides that the Distributor shall receive an annual fee of .5% of
the Fund's average daily net assets.
In addition, to the extent possible, the Distributor is generally
designated as the dealer entitled to receive the dealer reallowance
portion of the sales charge on purchases of underlying load fund shares
by the Fund. During the six months ended November 30, 1995, the
Distributor received $7,050 from brokerage commissions earned on its
execution of purchases of portfolio investments for the Fund. The
principal stockholder of the Distributor is also a trustee of the Trust.
5. INVESTMENT ACTIVITY:
For the six months ended November 30, 1995, there were no purchases
or sales of U.S. government obligations. Purchases and sales of
securities other than short-term obligations and U.S. government
obligations amounted to $1,337,019 and $1,366,589, respectively.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS, Continued
6. COMPOSITION OF NET ASSETS:
At November 30, 1995, net assets consisted of:
<TABLE>
<CAPTION>
<S> <C>
Paid-in capital $ 2,471,111
Accumulated net investment income 5,477
Accumulated net realized gain from security transactions 428,596
Unrealized appreciation on investments 396,145
NET ASSETS APPLICABLE TO OUTSTANDING SHARES OF BENEFICIAL
INTEREST $ 3,301,329
</TABLE>
<PAGE>
EXECUTIVE OFFICES
American Pension Investors Trust
P.O. Box 2529
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
INVESTMENT ADVISER
Yorktown Management & Research
Company, Inc.
P.O. Box 2529
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
DISTRIBUTOR
Yorktown Distributors, Inc.
P.O. Box 2529
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
TRANSFER AND DIVIDEND
DISBURSING AGENT
Fund Services, Inc.
P.O. Box 26305
Richmond, Virginia 23260
(800) 628-4077
CUSTODIAN
Piedmont Trust Bank
P.O. Box 4751
Martinsville, Virginia 24115
INDEPENDENT AUDITORS
Coopers & Lybrand L.L.P.
217 E. Redwood Street
Baltimore, Maryland 21202-3316
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.
[API TRUST LOGO]
1995
Growth Fund
SEMI-ANNUAL REPORT
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 1995
(UNAUDITED)
Shares Value
CLOSED-END FUNDS--1.33%
Corporate Bond Funds--0.32%
Kemper High Income Trust 21,500 $ 204,250
DOMESTIC EQUITY FUNDS--1.01%
Baker Fentress & Co. 12,100 204,188
Global Health Sciences Fund 14,000 210,000
Pilgrim Regional Bank Shares,
Inc. 18,600 234,825
649,013
TOTAL CLOSED-END FUNDS
(COST $662,887) 853,263
MUTUAL FUNDS--98.67%
CAPITAL APPRECIATION
FUNDS--9.95%
Evergreen Trust Aggressive
Growth Fund Class A 71,942 1,336,691
Delaware Group Trend Fund,
Inc. 56,311 872,252
Franklin Balance Sheet
Investment Fund 42,808 1,166,524
Oppenheimer Quest Value Fund,
Inc. Class A 81,103 1,234,388
PBHG Growth Fund, Inc. 26,059 606,384
Putnam Voyager Fund,Inc. 72,340 1,154,543
6,370,782
EMERGING MARKETS FUNDS--2.05%
Govett Worldwide Opportunity
Funds, Inc. International
Emerging Markets 94,605 1,117,291
Seven Seas Series Fund
Emerging Markets Fund 20,626 198,831
1,316,122
EQUITY INCOME FUNDS--0.83%
Kemper-Dreman Fund, Inc.
High Return Fund
Class A 25,084 531,525
EUROPEAN REGION FUNDS--5.14%
Alliance New Europe Fund, Inc.
Class A 96,185 $ 1,436,045
Putnam Europe Growth Fund
Class A 40,486 590,688
Vanguard International Equity
Index Fund, Inc. European
Portfolio 90,884 1,267,836
3,294,569
GLOBAL FUNDS--5.32%
MFS Series Trust VI World
Equity Fund Class A 81,978 1,380,515
SoGen International Fund, Inc. 65,502 1,680,786
Templeton Growth Fund, Inc. 19,752 345,662
3,406,963
GLOBAL SMALL COMPANY
FUNDS--3.28%
Seligman Henderson Global
Smaller Companies Fund
Class A 151,412 2,098,575
GROWTH FUNDS--16.77%
Davis New York Venture Fund
Class A 81,566 1,267,537
FPA Capital Fund, Inc. 45,393 1,260,554
Guardian Park Avenue Fund,
Inc. 47,732 1,709,275
Longleaf Partners Fund 90,069 2,004,030
Oppenheimer Growth Fund Class A 62,837 2,169,756
Parnassus Fund 31,338 1,087,433
Putnam New Opportunities Fund 34,093 1,242,346
10,740,931
GROWTH AND INCOME FUNDS--0.91%
Vanguard Index Trust Value
Portfolio 21,347 311,239
Vista Mutual Fund Group
Growth and Income Fund 7,573 275,069
586,308
INTERNATIONAL FUNDS--8.58%
GAM International Fund 11,433 $ 2,495,542
Ivy International Fund
Class A 16,880 504,726
Seligman Henderson
International Fund Class A
88,775 1,505,625
Vanguard World Fund Inter-
national Growth Portfolio 33,467 499,331
World Funds, Inc. Vontobel
Europacific Fund 28,072 489,582
5,494,806
JAPANESE FUNDS--5.25%
Fidelity Investment Trust
Japan Fund 275,037 3,360,947
MID-CAP FUNDS--0.79%
Vanguard Index Trust Extended
Market Portfolio 12,991 318,152
Vista Mutual Fund Group
Capital Growth Fund 5,168 189,757
507,909
PACIFIC REGION FUNDS--20.17%
Colonial Trust VII Newport
Tiger Fund Class A 412,611 4,971,958
Franklin International Trust
Pacific Growth Fund 70,727 999,366
GAM Funds, Inc. Pacific Basin
Fund 5,621 958,465
Nomura Pacifc Basin Fund, Inc. 47,138 746,667
Putnam Asia Pacific Growth
Fund Class A 194,848 2,626,552
Van Eck Asia Dynasty Fund
Class A 20,678 246,691
Vanguard International
Equity Index Fund,
Inc. Pacific Portfolio 213,838 2,367,181
12,916,880
S&P 500 INDEX OBJECTIVE
FUNDS--1.33%
Federated Index Trust
Max-Cap Fund 20,504 $ 315,348
Seven Seas Series Fund
S&P 500 Index 16,716 226,341
Vanguard Index Trust
500 Portfolio 5,412 309,508
851,197
SCIENCE & TECHNOLOGY
FUNDS--5.56%
Seligman Henderson Global
Technology Fund Class A 127,542 1,627,431
Seligman Communication
& Information Fund,
Inc. Class A 73,403 1,934,164
3,561,595
SMALL COMPANY GROWTH
FUNDS--12.66%
AIM Equity Funds, Inc.
Aggressive Growth
Fund 49,260 2,028,018
Fortis Advantage Capital
Appreciation Portfolio 24,190 768,747
Govett Funds, Inc. Smaller
Companies Fund 32,931 1,008,013
Kaufmann Fund, Inc. 543,817 2,691,895
PBHG Emerging Growth Fund,
Inc. 63,091 1,350,158
Robertson Stephens
Investment Trust Value
Plus Growth Fund 10,625 262,218
8,109,049
UTILITY FUNDS--0.08%
Putnam Utilities Growth &
Income Fund 4,802 51,386
TOTAL MUTUAL FUNDS
(cost $53,330,943) 63,199,544
TOTAL INVESTMENTS
(cost $53,993,830) $64,052,807
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995
(UNAUDITED)
ASSETS:
Investments at value (identified cost
of $53,993) $64,052,807
Cash 136,425
Securities sold 200,000
Dividends receivable 93,309
Other assets 146,841
Total assets 64,629,382
LIABILITIES:
Accrued distribution fees 52,321
Accrued advisory fees 43,475
Other liabilities 66,901
Total liabilities 162,697
NET ASSETS $64,466,685
SHARES OF BENEFICIAL INTEREST OUTSTANDING
(unlimited number of no par value shares
authorized) 4,709,199
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE OUTSTANDING 13.69
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED NOVEMBER 30, 1995
(UNAUDITED)
INVESTMENT INCOME:
Dividends $ 139,178
Interest 13,591
Total income 152,769
EXPENSES:
Investment advisory fees 319,264
Distribution fees 319,264
Transfer agent fees 79,186
Custodial fees 8,821
Professional fees 36,319
Registration fees 7,091
Trustee fees 2,457
Insurance 12,659
Shareholder reports 5,131
Miscellaneous 2,685
792,877
Less expenses waived by investment advisor (62,365)
Total expenses 730,512
Net investment loss (577,743)
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain from security transactions 2,274,505
Capital gain distributions from mutual funds 280,848
Increase in unrealized appreciation on investments 3,861,410
Net realized and unrealized gain on investments 6,416,763
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 5,839,020
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED FOR THE
NOV. 30, 1995 YEAR ENDED
(UNAUDITED) MAY 31, 1994
<S> <C> <C>
OPERATIONS:
Net investment loss $ (577,743) $ (755,002)
Net realized gain from security transactions 2,274,505 1,421,329
Capital gain distributions from mutual funds 280,848 1,717,196
Net change in unrealized appreciation on investments 3,861,410 3,319,900
------------ ------------
Increase in net assets resulting from operations 5,839,020 5,703,423
------------ ------------
DISTRIBUTIONS FROM:
Net realized gain on security transactions (4,524,662)
------------
Decrease in net assets resulting from distributions (4,524,662)
------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of 314,586 and 903,145 shares 4,203,885 10,881,506
Value of 391,078 shares issued upon reinvestment of dividends 4,407,470
Cost of 432,100 and 682,906 shares redeemed (5,793,288) (8,234,222)
------------ ------------
Increase (decrease) in net assets resulting from
capital share transactions
(1,589,403) 7,054,754
------------ ------------
Total increase in net assets 4,249,617 8,233,515
NET ASSETS:
Beginning of year/period* 60,217,068 46,957,824
------------ ------------
End of year/period (including accumulated net
investment loss of $577,743 and $0, respectively)
$ 64,466,685 $ 55,191,339
------------ ------------
</TABLE>
*Effective June 1, 1995, two other series of the Trust were merged into the
Fund, resulting in an increase in net assets and shares outstanding of
$5,025,729 and 402,702, respectively.
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED
NOV. 30, FOR THE YEARS ENDED MAY 31,
1995 -------------------------------------------
(UNAUDITED) 1995 1994 1993 1992 1991
---------- ------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
FOR A SHARE OUTSTANDING THROUGHOUT
EACH YEAR/PERIOD:
Net asset value, beginning
of year/period $ 12.48 $ 12.32 $ 11.86 $ 10.84 $ 11.19 $ 9.85
------- ------- ------- ------- ------- ------
Income from investment operations:
Net investment loss (0.12) (0.10) (0.21) (0.18) (0.11)
Net realized and unrealized gain
on investments 1.33 1.37 1.25 1.57 0.71 1.34
------- ------- ------- ------- ------- ------
Total income from
investment operations 1.21 1.27 1.04 1.39 0.60 1.34
------- ------- ------- ------- ------- ------
Distributions:
From net realized gain on
security transactions (1.11) (0.58) (0.37) (0.95)
------- ------- ------- -------
Total distributions (1.11) (0.58) (0.37) (0.95)
------- ------- ------- -------
NET ASSET VALUE, END
OF YEAR/PERIOD $ 13.69 $ 12.48 $ 12.32 $ 11.86 $ 10.84 $ 11.19
======= ======= ======= ======= ======= =======
Total return* 9.70% 11.28% 8.60% 13.03% 4.91% 13.56%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period
(000's omitted) $64,467 $55,191 $46,958 $44,364 $40,302 $29,925
Ratio of expenses to
average net assets(2) 2.30%(1) 2.06% 2.24% 2.05% 1.97% 2.38%
Ratio of net investment income
(loss) to average net assets (1.82)%(1) (1.50) (1.75) (1.56) (1.24) 0.02%
Portfolio turnover rate 62%(1) 91% 90% 157% 99% 206%
</TABLE>
- - -------------
(1)Annualized
(2)Without fees recouped or waived by the investment advisor, the ratio of
expenses to average net assets would have been 2.49%, 2.60%, 2.56%, 2.52%, 2.50%
and 2.67%, respectively.
* Total return for periods less than one year are not annualized.
The accompanying notes are an integral part of the financial statements.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
(INFORMATION AS OF AND FOR THE SIX MONTHS ENDED
NOVEMBER 30, 1995 IS UNAUDITED)
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 a diversified,
open-end management investment company. It is composed of five separate
portfolios. The accompanying financial statements include only the Growth
Fund (the "Fund").
The Fund's investment objective is growth of capital. The Fund seeks to
achieve its objective by investing primarily in mutual funds that invest
primarily in common stock or securities convertible into or exchangeable
for common stock (such as convertible preferred stock, convertible
debentures or warrants) and that seek long-term capital growth or
appreciation.
2. SIGNIFICANT ACCOUNTING POLICIES:
A. PORTFOLIO VALUATION
The investments of the Fund consist primarily of mutual funds that are
valued daily at their respective net asset values in accordance with
the 1940 Act.
B. 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.
C. FEDERAL INCOME TAXES
The Trust's policy is for the Fund to comply with the requirements of
the Internal Revenue Code that are applicable to regulated investment
companies and to distribute all of its investment company taxable
income to its shareholders. Therefore, no federal income tax provision
is required.
As of November 30, 1995, the aggregate cost of investments for federal
income tax purposes, the net unrealized appreciation on a federal
income tax basis, and the gross unrealized appreciation and
depreciation with respect to each security where there is an excess of
value over tax cost or tax cost over value were $53,993,830,
$10,058,977, $10,389,684 and $330,707, respectively.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
NOTES TO FINANCIAL STATEMENTS, CONTINUED
3. INVESTMENT ADVISORY AGREEMENT:
Yorktown Management & Research Company, Inc. (the "Advisor"), whose
principal stockholder is also a trustee of the Trust, serves as the
Fund's investment advisor and manager. For its services, the Advisor
receives a fee, calculated daily and payable monthly, at an annual rate
of 1% of the first $100 million of the average daily net assets of the
Fund and .75% of the average daily net assets exceeding $100 million. The
Advisor reduces its advisory fees (not below zero) to the extent that the
Distributor (see Note 4) retains any dealer reallowances resulting from
the Fund's purchase of shares of underlying funds that are sold with a
sales load.
In addition to the advisory fee reduction noted above, to the extent that
the aggregate expenses of the Fund in any fiscal year exceed the highest
expense limitation established pursuant to the statutes or regulations of
any jurisdiction in which the shares of the Fund are qualified or
registered for offer and sale (currently 1.5% of the first $30 million of
the average net assets of the Fund and 1.0% of the remaining average net
assets of the Fund), the Advisor has agreed to waive such portion of its
remaining advisory fee as may be necessary to provide for such expenses.
For purposes of this limitation, aggregate Fund expenses exclude
interest, taxes, brokerage fees on portfolio transactions, distribution
fees and expenses, and extraordinary expenses. The Fund has agreed to
reimburse the Advisor in subsequent years for fees waived in prior years,
provided that such reimbursement does not result in increasing the Fund's
aggregate expenses above the aforementioned limit or the expense limit in
effect at the time of the waiver, as applicable. The Advisor, however,
does not intend to seek reimbursement of fees previously waived.
4. DISTRIBUTION PLAN AND FEES:
Yorktown Distributors, Inc. (the "Distributor") distributes shares of the
Fund pursuant to a Rule 12b-1 distribution plan adopted by the Trust. The
plan provides that the Distributor shall receive annual fees of 1% of the
Fund's average daily net assets.
In addition, to the extent possible, the Distributor is generally
designated as the dealer entitled to receive the dealer reallowance
portion of the sales charge on purchases of underlying load fund shares
by the Fund. During the six months ended November 30, 1995, the
Distributor received $62,547 from brokerage commissions earned on its
execution of purchases of portfolio investments for the Fund. The
principal stockholder of the Distributor is also a trustee of the Trust.
5. INVESTMENT ACTIVITY:
For the six months ended November 30, 1995, there were no purchases
or sales of U.S. government obligations. Purchases and sales of
securities other than short-term obligations and U.S. government
obligations amounted to $19,646,163 and $21,598,943, respectively.
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
NOTES TO FINANCIAL STATEMENTS, CONTINUED
6. COMPOSITION OF NET ASSETS:
At November 30, 1995, net assets consisted of:
Paid-in capital $ 49,776,016
Accumulated net investment loss (577,743)
Accumulated net realized gain from
security transactions 5,209,435
Unrealized appreciation on investments 10,058,977
--------------
NET ASSETS APPLICABLE TO OUTSTANDING
SHARES OF BENEFICIAL INTERES $ 64,466,685
==============
