[GRAPHIC APPEARS HERE]
API
TRUST
------------------------------------------------------------------------
GROWTH FUND
CAPITAL INCOME FUND
MULTIPLE INDEX TRUST
YORKTOWN CLASSIC VALUE TRUST
TREASURIES TRUST
SEMI-ANNUAL REPORT DATED NOVEMBER 30, 1999
<PAGE>
[GRAPHIC APPEARS HERE]
API
TRUST
CONTENTS
<TABLE>
<S> <C>
Letter to Shareholders 1
Growth Fund
Investments 3
Financial Statements 6
Capital Income Fund
Investments 13
Financial Statements 14
Multiple Index Trust
Investments 21
Financial Statements 22
Yorktown Classic Value Trust
Investments 28
Financial Statements 29
Treasuries Trust
Investments 37
Financial Statements 38
</TABLE>
<PAGE>
[GRAPHIC APPEARS HERE]
API TRUST
Dear Fellow Shareholders:
The bull market that swept through the first and second quarters of 1999 was
anything but routine. The emergence of internet and information technology
companies replaced the old standbys in consumer products, financial, medical
and manufacturing as market leaders. In the four API Trust equity funds, we
focused on the total market and were rewarded with significant returns. I am
pleased to report that all four API Trust equity funds returned in excess of
20% for the calendar year ended December 31, 1999, as shown in the table below.
The return for the S&P 500 was 21.04% during the same period. The table below
shows the returns of the Funds relative to the performance of their peers.
<TABLE>
<CAPTION>
1999 CALENDAR LIPPER INDEX
PERFORMANCE CATEGORY AVG
--------------- -------------
<S> <C> <C>
API TRUST
GROWTH FUND (APITX) .......................... 33.12% 33.68%
CAPITAL INCOME FUND (APIGX) .................. 20.39% 9.80%
YORKTOWN CLASSIC VALUE TRUST (YCVTX) ......... 26.62% 5.94%
MULTIPLE INDEX TRUST(APIMX) .................. 33.00% 20.79%
</TABLE>
The Treasuries Trust performance for 1999 has been negative, down 6.23%, due to
the Federal Reserve Board's policy of raising interest rates due to fears of
rising inflation. Inflation has been stable, and without question, this has
been one of the most productive market cycles in the history of the United
States. Unfortunately, this policy of raising short-term rates has a negative
effect on Treasury securities. There is a silver lining though; our portfolio
is designed to take advantage of these very discrepancies within the Treasury
market. The current portfolio structure will have its day in the sun. As in the
past, the Treasuries Trust is ranked in the very top of Treasury funds and we
look forward to the future.
Looking ahead, we remain optimistic about the prospects for not only technology
stocks, but for the general market, which we believe holds vast numbers of
basic industry and service companies that have been overlooked and under priced
in the technology market boom of 1999. The future will probably resemble the
past, as free markets and the growth of free enterprise translate into superior
performance for investors.
1
<PAGE>
Please do not hesitate to call if you have any questions or comments regarding
the Funds. For your convenience, your shareholder investor statements will now
reflect your combined holdings in all the API Funds.
We appreciate your confidence as we move into this New Millennium.
Sincerely,
/s/ David D. Basten
David D. Basten
President
2
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
SCHEDULE OF INVESTMENTS
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- -----------
<S> <C> <C>
MUTUAL FUNDS - 86.53%
Large Cap Growth Funds - 2.34%
Enterprise Growth Fund 23,894 $ 589,964
Legg Mason Value Trust 15,497 1,165,863
----------
1,755,827
----------
Large Cap Core Funds - 4.65%
Principal Preservation S&P 100 Plus
Portfolio 82,385 3,484,890
----------
Large Cap Value Funds - 6.35%
Fidelity Advisor Growth & Income
Fund 23,602 433,587
Davis New York Venture Fund 87,779 2,455,179
Pioneer Fund Inc. 29,946 1,374,842
Vanguard Index Trust Value Fund 21,346 499,520
----------
4,763,128
----------
Multi Cap Growth Funds - 2.06%
MFS Emerging Growth Fund
Class A 16,671 918,758
Phoenix Mid-Cap Fund Class A 27,609 624,517
----------
1,543,275
----------
Multi Cap Core Funds - 2.44%
Vanguard Index Total Stock Market
Fund 58,783 1,829,922
----------
Multi Cap Value Funds - 0.73%
Hilliard Lyons Growth Fund 16,429 547,272
----------
Mid Cap Growth Funds - 1.98%
Idex Capital Appreciation Fund 32,479 1,117,286
Pioneer Mid Cap Fund Class A 20,314 367,484
----------
1,484,770
----------
Mid Cap Core Funds - 3.95%
AIM Mid Cap Equity Fund Class A 28,928 676,340
Vanguard Index Extended Market
Fund 65,627 2,281,880
----------
2,958,220
----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
---------- -----------
<S> <C> <C>
Mid Cap Value Funds - 1.66%
Sentinel Mid Cap Fund 69,790 $1,242,279
----------
Small Cap Growth Funds - 6.21%
AIM Equity Aggressive Growth
Fund 22,614 1,366,576
Fidelity Advisors Small Cap Fund 25,500 503,898
Kemper Small Cap Equity Fund
Class A 88,203 598,902
Phoenix Small Cap Fund Class A 55,960 1,364,328
Transamerica Premier Small Co.
Fund 25,342 818,550
----------
4,652,254
----------
Small Cap Core Funds - 1.21%
Guardian Park Avenue Small Cap
Fund 60,610 908,546
----------
Emerging Markets Funds - 5.92%
Goldman Sachs Emerging Markets
Fund 63,199 640,212
Putman Emerging Growth Fund 214,155 2,242,205
Templeton Developing Markets
Fund 114,139 1,554,579
----------
4,436,996
----------
Small Cap Value Funds - 3.49%
Delaware Group Value Fund Inc. 46,437 1,146,067
Enterprise Small Co. Value Fund 60,275 536,452
Goldman Sachs Small Cap Value
Class A 51,882 932,333
----------
2,614,852
----------
Equity Income Funds - 0.46%
Pioneer Growth Fund 12,458 344,366
----------
European Region Funds - 3.64%
Deutche European Mid Cap Fund 33,288 545,273
Kemper New Europe Fund Class A 46,220 765,877
Vanguard Intl. Equity Index Fd Inc 52,891 1,415,370
----------
2,726,520
----------
</TABLE>
3
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
SCHEDULE OF INVESTMENTS, Continued
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
-------------- ------------
<S> <C> <C>
Global Small Cap
Funds - 2.60%
SmallCap World Fund 57,101 $1,950,602
----------
International Funds - 15.11%
Alliance Worldwide
Privatization Fd 77,280 1,014,697
BT EAFE Equity Index Fund 561,877 7,669,624
Pioneer International Growth
Fund 55,549 1,174,324
Putnam International Growth
Fund 54,760 1,466,477
----------
11,325,122
----------
Latin American Fund - 1.50%
T Rowe Price Latin America
Fund 124,223 1,125,466
----------
Pacific Region Funds - 0.79%
Deutsche Top 50 Asia Fund
Class A 26,301 589,953
----------
Pacific Ex Japan
Funds - 1.99%
Goldman Sachs Growth Fund
Class A 67,191 805,622
AIM New Pacific Growth Fund
Class A 101,615 688,956
----------
1,494,578
----------
S&P 500 Funds - 10.83%
BT S&P 500 Fund 2,083 364,951
Federated Index Trust Max-Cap
Fund 71,257 2,023,722
T. Rowe Price Equity Index Fund 22,155 833,721
SSGA S&P 500 Index Fund 72,209 1,745,316
Vanguard Index 500 Fund 24,584 3,161,564
----------
8,129,274
----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
------------------- -----------
<S> <C> <C>
Science & Technology
Funds - 6.62%
John Hancock Global
Technology Fund 23,174 $1,566,860
Principal Preservation Tech 100
Fund 116,798 3,397,662
----------
4,964,522
----------
Total Mutual Funds
(cost $47,503,669) 64,872,634
----------
COMMON STOCKS - 8.88%
Banks - 0.58%
Bank One Corp. 4,500 158,625
U.S. Bancorp 8,000 273,500
----------
432,125
----------
Beverage Industry - 0.34%
Coca Cola Co 3,800 255,788
----------
Chemical Industry - 0.26%
Du Pont Co. 3,300 196,144
----------
Computer &
Peripherals - 0.45%
Adaptec Inc. 2,400 129,300
Cisco Systems 1,600 142,700
Unisys Corp. 2,300 66,125
----------
338,125
----------
Computer Software &
Services - 2.01%
Adobe Systems 2,200 151,113
Citrix Systems 1,900 180,262
Electronics for Imaging 1,700 75,756
Microsoft Corp. 1,100 100,152
Oracle Corp. 11,400 773,062
Siebel Systems 3,200 224,400
----------
1,504,745
----------
</TABLE>
4
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
SCHEDULE OF INVESTMENTS, Continued
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
-------------- --------------
<S> <C> <C>
Drug Industry - 0.44%
Bristol Myers Squibb Co. 1,400 $ 102,288
Merck & Co. Inc. 2,900 227,650
-----------
329,938
-----------
Entertainment - 0.32%
Disney (Walt) Co. 8,600 239,725
-----------
Food Processing
Industry - 0.40%
Campbell Soup Co. 6,800 303,450
-----------
Foreign
Telecommunications - 0.22%
Nortel Networks 2,200 162,800
-----------
Gold/Silver
Mining - 0.20%
Homestake Mining 18,000 148,500
-----------
Household
Products - 0.40%
Procter & Gamble Co. 2,800 302,400
-----------
Insurance - 0.39%
American General Corp. 4,000 293,250
-----------
Internet
Industry - 0.16%
Lycos Inc. 2,200 123,200
-----------
Medical Supplies
Industry - 0.71%
Johnson & Johnson 3,786 392,797
Mallinckrodt Inc. 4,100 136,325
-----------
529,122
-----------
Retail - 0.51%
May Department Stores
Co. 7,000 235,375
Tandy Corp. 1,900 145,587
-----------
380,962
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
-------------- --------------
<S> <C> <C>
Securities
Brokerage - 0.45%
Merrill Lynch & Co Inc 4,200 $ 338,625
-----------
Semiconductor - 0.37%
Atmel Corp. 3,300 147,881
Microchip Technology 2,100 133,088
-----------
280,969
-----------
Telecommunication
Equipment - 0.14%
Lucent Technologies 1,400 102,287
-----------
Telecommunication
Services - 0.20%
McLeod USA 3,400 146,200
-----------
Thrift
Industry - 0.33%
Fannie Mae 3,700 246,513
-----------
Total Common Stocks
(cost $5,824,360) 6,654,868
-----------
S&P DEPOSITORY
RECEIPTS - 4.59%
SPDR - NASDAQ 100
Index 10,300 1,526,975
SPDR - Technology
Sector Index 41,000 1,913,548
-----------
Total S&P Depository Receipts
(cost $3,569,141) 3,440,523
-----------
Total Investments
(cost $56,897,170) $74,968,025
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1999
(Unaudited)
<TABLE>
<S> <C>
Assets:
Investments at value (identified cost of $56,897,170) $ 74,968,025
Cash 4,494,590
Other assets 229,738
-------------
Total assets 79,692,353
-------------
Liabilities:
Accrued distribution fees 61,679
Accrued advisory fees 57,434
Securities purchased 3,496,750
Other liabilities 100,608
-------------
Total liabilities 3,716,471
-------------
Net assets $ 75,975,882
=============
Shares of beneficial interest outstanding (unlimited number of no par value shares authorized) 5,256,973
=============
Net asset value, offering and redemption price per share outstanding $ 14.45
=============
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
STATEMENT OF OPERATIONS
for the six months ended November 30, 1999
(Unaudited)
<TABLE>
<S> <C>
Investment Income:
Dividends $ 134,794
Interest 17,813
-----------
Total income 152,607
-----------
Expenses:
Investment advisory fees 361,666
Distribution fees 361,666
Transfer agent fees 122,184
Custodial fees 11,833
Professional fees 25,219
Registration fees 9,000
Trustee fees 9,000
Insurance 17,139
Shareholder reports 11,531
Miscellaneous 3,709
-----------
932,947
Less expenses waived by investment advisor (58,967)
-----------
Total expenses 873,980
-----------
Net investment loss (721,373)
-----------
Realized and unrealized gain on investments:
Net realized gain from security transactions 3,963,020
Capital gain distributions from mutual funds 714,861
Change in unrealized appreciation on investments 5,433,948
-----------
Net realized and unrealized gain on investments 10,111,829
-----------
Net increase in net assets resulting from operations $ 9,390,456
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the
Six Months
Ended For the
Nov. 30, 1999 Year Ended
(Unaudited) May 31, 1999
--------------- -----------------
<S> <C> <C>
Operations:
Net investment loss $ (721,373) $ (1,080,271)
Net realized gain from security transactions 3,963,020 3,675,641
Capital gain distributions from mutual funds 714,861 3,666,807
Net change in unrealized appreciation on investments 5,433,948 (538,472)
------------ -------------
Increase in net assets resulting from operations 9,390,456 5,723,705
------------ -------------
Distributions:
From net realized gain on security transactions (7,298,410) (5,447,088)
------------ -------------
Decrease in net assets resulting from distributions (7,298,410) (5,447,008)
------------ -------------
Capital share transactions:
Proceeds from sale of 196,358 and 649,068 shares 2,829,483 8,869,932
Value of 556,133 and 406,482 shares issued upon reinvestment of dividends 7,179,682 5,316,787
Cost of 552,830 and 1,458,980 shares redeemed (7,889,474) (19,872,341)
------------ -------------
Increase (decrease) in net assets resulting from capital share
transactions 2,119,691 (5,685,622)
------------ -------------
Total increase (decrease) in net assets 4,211,737 (5,409,005)
Net assets:
Beginning of year/period 71,764,145 77,173,150
------------ -------------
End of year/period $ 75,975,882 $ 71,764,145
============ =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
For the
Six Months
Ended
Nov. 30, 1999
(Unaudited)
------------------
<S> <C>
For a share outstanding throughout each
year/period:
Net asset value, beginning of year/period $ 14.19
---------
Income from investment operations:
Net investment loss (.14)
Net realized and unrealized gain on investments 1.92
----------
Total income from investment
operations 1.78
----------
Distributions:
From net realized gain on security transactions (1.52)
----------
Total distributions (1.52)
----------
Net asset value, end of year/period $ 14.45
==========
Total return(2) 13.82%
Ratios/Supplemental Data:
Net assets, end of year/period (000's omitted) $ 75,976
Ratio of expenses to average net assets(3) 2.42%(1)
Ratio of net investment income (loss) to average
net assets (2.00)%(1)
Portfolio turnover rate 38%(1)
<CAPTION>
For the Years Ended May 31,
---------------------------------------------------------------
1999 1998 1997 1996 1995
----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
For a share outstanding throughout each
year/period:
Net asset value, beginning of year/period $ 14.13 $ 13.42 $ 14.00 $ 12.48 $ 12.32
------- -------- -------- -------- --------
Income from investment operations:
Net investment loss (.21) (0.08) (0.17) (0.14) (0.10)
Net realized and unrealized gain on investments 1.32 2.36 1.25 2.67 1.37
------- -------- -------- -------- --------
Total income from investment
operations 1.11 2.28 1.08 2.53 1.27
------- -------- -------- -------- --------
Distributions:
From net realized gain on security transactions (1.05) (1.57) (1.66) (1.01) (1.11)
------- -------- -------- -------- --------
Total distributions (1.05) (1.57) (1.66) (1.01) (1.11)
------- -------- -------- -------- --------
Net asset value, end of year/period $ 14.19 $ 14.13 $ 13.42 $ 14.00 $ 12.48
======= ======== ======== ======== ========
Total return(2) 8.46% 18.39% 8.32% 21.03% 11.28%
Ratios/Supplemental Data:
Net assets, end of year/period (000's omitted) $71,764 $ 77,173 $ 68,717 $ 68,306 $ 55,191
Ratio of expenses to average net assets(3) 2.32% 2.18% 2.18% 2.24% 2.06%
Ratio of net investment income (loss) to average
net assets (1.49)% (0.62)% (1.31)% (1.08)% (1.50)%
Portfolio turnover rate 86% 57% 84% 63% 91%
</TABLE>
- -----------
(1) Annualized
(2) Does not reflect contingent deferred sales charge.
(3) Without fees waived by the investment advisor, the ratio of expenses to
average net assets would have been 2.58%, 2.58%, 2.54%, 2.55%, 2.57% and
2.60%, respectively.
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
(Information as of and for the six months ended
November 30, 1999 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 six 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 closing net asset values in accordance
with the 1940 Act. Equity securities listed or regularly traded on a
securities exchange are valued at the last quoted sales price on the
exchange where they are principally traded.
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 Funds 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, 1999, 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 $56,897,170, $18,070,855, $18,604,974 and
$534,119, respectively.
10
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
NOTES TO FINANCIAL STATEMENTS, Continued
2. Significant Accounting Policies, continued:
d. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles 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.
e. Cash and Cash Equivalents
Cash and cash equivalents include amounts invested in overnight money
market accounts, which are readily convertible to known amounts of cash.
These amounts are invested in one financial institution.
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 1.00% 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) receives any dealer reallowances or 12b-1 fees resulting from the
Fund's purchase of shares of underlying funds. During the six months ended
November 30, 1999, the Advisor waived $58,967 of its fees.
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 1.00% 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, 1999, the Distributor
received $58,967 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.
A 1.50% contingent deferred sales charge is generally imposed on
redemptions made within five years of the date that Fund shares are
purchased.
11
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
NOTES TO FINANCIAL STATEMENTS, Continued
5. Investment Activity:
For the six months ended November 30, 1999, 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 $13,570,392 and $17,083,841, respectively.
6. Composition of Net Assets:
At November 30, 1999, net assets consisted of:
<TABLE>
<S> <C>
Paid-in capital $ 54,298,141
Accumulated net investment loss (721,373)
Accumulated net realized gain from security transactions 4,328,259
Unrealized appreciation on investments 18,070,855
------------
Net assets applicable to outstanding shares of beneficial interest $ 75,975,882
============
</TABLE>
12
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
------------ -------------
<S> <C> <C>
COMMON STOCKS - 3.41%
Automobiles & Trucks - 1.32%
General Motors Corp. 2,600 $ 187,200
-----------
Banks - 1.03%
Bank of America Corp. 2,500 146,250
-----------
Railroads - 1.06%
Burlington Northern Santa Fe
Corp. 5,200 150,800
-----------
Total Common Stocks
(cost $498,450) 484,250
-----------
MUTUAL FUNDS - 96.59%
Large Cap Core Funds - 19.16%
Principal Preservation S&P 100
Plus Portfolio 64,451 2,726,319
-----------
Large Cap Value Funds - 6.85%
Fidelity Advisors Growth &
Income Fund 53,599 974,975
-----------
Multi Cap Growth Funds - 3.05%
New Economy Fund 14,504 433,693
-----------
Multi Cap Core Funds - 8.33%
Kemper Blue Chip Fund 52,026 1,111,276
Vanguard Index Total Stock
Market Portfolio 2,378 74,050
-----------
1,185,326
-----------
Equity Income Funds - 10.97%
T. Rowe Price Equity Income Fund 13,572 365,370
Van Kampen American Capital
Equity Income Fund 145,502 1,196,032
-----------
1,561,402
-----------
Shares Value
------- -----------
European Region Funds - 9.52%
Alliance New Europe Fund 21,631 $ 436,085
Goldman Sachs European Equity
Fund 24,271 320,631
Kemper New Europe Fund 36,057 597,476
-----------
1,354,192
-----------
Financial Services Fund - 5.65%
Davis Financial Fund Cl. A 27,635 803,356
-----------
International Funds - 9.59%
Putnam International Growth &
Income Fund 103,080 1,364,787
-----------
Latin American Funds - 4.29%
Van Kamp American Cap Latin
American A 51,449 610,711
-----------
S&P 500 Funds - 11.25%
Federated Index Trust Max-Cap
Fund 15,397 437,298
Vanguard Index Trust 500
Portfolio 9,051 1,163,990
-----------
1,601,288
-----------
World Income Funds - 7.93%
Bear Stearns Emerging Market
Debt Portfolio 58,276 560,625
Phoenix Emerging Markets Bond
Portfolio 73,726 567,694
-----------
1,128,319
-----------
Total Mutual Funds
(cost $11,327,191) 13,744,368
-----------
Total Investments
(cost $11,825,641) $14,228,618
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1999
(Unaudited)
<TABLE>
<S> <C>
Assets:
Investments at value (identified cost of $11,825,641) $ 14,228,618
Cash 1,567,358
Other assets 38,119
-------------
Total assets 15,834,095
-------------
Liabilities:
Accrued distribution fees 6,051
Securities purchased 1,200,000
Other liabilities 27,673
-------------
Total liabilities 1,233,724
-------------
Net assets $ 14,600,371
=============
Shares of beneficial interest outstanding (unlimited number of no par value shares authorized) 632,269
=============
Net asset value, offering and redemption price per share outstanding $ 23.09
=============
</TABLE>
The accompanying notes are an integral part of the financial statements.
14
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
STATEMENT OF OPERATIONS
for the six months ended November 30, 1999
(Unaudited)
<TABLE>
<S> <C>
Investment income:
Dividends $ 99,642
Interest 8,472
----------
Total income 108,114
----------
Expenses:
Investment advisory fees 42,654
Distribution fees 35,545
Transfer agent fees 25,708
Custodial fees 2,875
Professional fees 9,439
Registration fees 6,116
Trustee fees 1,442
Insurance 2,755
Shareholder reports 2,946
Miscellaneous 1,104
----------
130,584
Less expenses waived by investment advisor (42,654)
----------
Total expenses 87,930
----------
Net investment income 20,184
----------
Realized and unrealized gain on investments:
Net realized gain from security transactions 440,835
Capital gain distributions from mutual funds 55,188
Change in unrealized appreciation on investments 606,410
----------
Net realized and unrealized gain on investments 1,102,433
----------
Net increase in net assets resulting from operations $1,122,617
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the
Six Months
Ended For the
Nov. 30, 1999 Year Ended
(Unaudited) May 31, 1999
--------------- ---------------
<S> <C> <C>
Operations:
Net investment income $ 20,184 $ 10,517
Net realized gain from security transactions 440,835 560,298
Capital gain distributions from mutual funds 55,188 525,948
Net change in unrealized appreciation on investments 606,410 (187,889)
------------ ------------
Increase in net assets resulting from operations 1,122,617 908,874
------------ ------------
Distributions:
From net realized gain on security transactions (995,376) (744,723)
------------ ------------
Decrease in net assets resulting from distributions (995,376) (744,723)
------------ ------------
Capital share transactions:
Proceeds from sale of 64,445 and 194,245 shares 1,500,956 4,300,974
Value of 43,539 and 33,166 shares issued upon reinvestment of dividends 927,377 706,114
Cost of 75,971 and 131,961 shares redeemed (1,778,371) (2,940,127)
------------ ------------
Increase in net assets resulting from capital share transactions 649,962 2,066,961
------------ ------------
Total increase in net assets 777,203 2,231,112
Net assets:
Beginning of year/period 13,823,168 11,592,056
------------ ------------
End of year/period $ 14,600,371 $ 13,823,168
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
For the
Six Months
Ended
Nov. 30, 1999
(Unaudited)
----------------
<S> <C>
For a share outstanding throughout each year/period:
Net asset value, beginning of year/period $ 23.03
--------
Income from investment operations:
Net investment income 0.02
Net realized and unrealized gain on investments 1.70
--------
Total income from investment
operations 1.72
--------
Distributions:
From net investment income
From net realized gain on security transactions (1.66)
---------
Total distributions (1.66)
---------
Net asset value, end of year/period $ 23.09
=========
Total return(1) 8.10%
Ratios/Supplemental Data:
Net assets, end of year/period (000's omitted) $ 14,600
Ratio of expenses to average net assets(3) 1.24%(2)
Ratio of net investment income to average net assets 0.28%(2)
Portfolio turnover rate 25%(2)
<CAPTION>
For the Years Ended May 31,
---------------------------------------------------------------
1999 1998 1997 1996 1995
----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
For a share outstanding throughout each year/period:
Net asset value, beginning of year/period $ 22.96 $ 19.92 $ 17.57 $ 17.21 $ 16.34
------- -------- -------- -------- --------
Income from investment operations:
Net investment income 0.02 0.16 0.32 0.34 0.35
Net realized and unrealized gain on investments 1.38 4.64 3.49 2.57 1.64
------- -------- -------- -------- --------
Total income from investment
operations 1.40 4.80 3.81 2.91 1.99
------- -------- -------- -------- --------
Distributions:
From net investment income (0.30) (0.48) (0.28) (0.36)
From net realized gain on security transactions (1.33) (1.46) (0.98) (2.27) (0.76)
------- -------- --------- --------- ---------
Total distributions (1.33) (1.76) (1.46) (2.55) (1.12)
------- -------- --------- --------- ---------
Net asset value, end of year/period $ 23.03 $ 22.96 $ 19.92 $ 17.57 $ 17.21
======= ======== ========= ========= =========
Total return(1) 6.57% 25.30% 22.43% 17.65% 13.08%
Ratios/Supplemental Data:
Net assets, end of year/period (000's omitted) $13,823 $ 11,592 $ 8,098 $ 4,417 $ 3,031
Ratio of expenses to average net assets(3) 1.34% 1.47% 1.77% 2.22% 2.05%
Ratio of net investment income to average net assets 0.09% 0.80% 1.84% 1.43% 0.75%
Portfolio turnover rate 79% 33% 67% 40% 65%
</TABLE>
- -----------
(1) Does not reflect contingent deferred sales charge.
(2) Annualized
(3) Without fees waived by the investment advisor, the ratio of expenses to
average net assets would have been 1.84%, 1.94%, 2.07%, 2.38%, 2.82% and
2.65%, respectively.
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS
(Information as of and for the six months ended
November 30, 1999 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 six 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 closing net asset values in accordance
with the 1940 Act. Equity securities listed or regularly traded on a
securities exchange are valued at the last quoted sales price on the
exchange where they are principally traded.
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, 1999, 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 $11,825,641, $2,402,977, $2,451,519 and
$48,542, respectively.
18
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS, Continued
2. Significant Accounting Policies, continued:
d. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles 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.
e. Cash and Cash Equivalents
Cash and cash equivalents include amounts invested in overnight money
market accounts, which are readily convertible to known amounts of cash.
These amounts are invested in one financial institution.
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 .60% 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) receives
any dealer reallowances or 12b-1 fees resulting from the Fund's purchase of
shares of underlying funds. During the six months ended November 30, 1999,
the Advisor waived all of its fees in the amount of $42,654.
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 .50% 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, 1999, the Distributor
received $10,987 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, 1999, 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 $1,702,482 and $1,821,503, respectively.
19
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS, Continued
6. Composition of Net Assets:
At November 30, 1999, net assets consisted of:
<TABLE>
<S> <C>
Paid-in capital $ 11,581,139
Accumulated net investment income 120,320
Accumulated net realized gain from security transactions 495,935
Unrealized appreciation on investments 2,402,977
------------
Net assets applicable to outstanding shares of beneficial interest $ 14,600,371
============
</TABLE>
20
<PAGE>
AMERICAN PENSION INVESTORS TRUST
MULTIPLE INDEX TRUST
SCHEDULE OF INVESTMENTS
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
-------- -------------
<S> <C> <C>
MUTUAL FUNDS - 72.22%
Large Cap Growth Funds - 7.39%
Rydex Series Trust OTC Fund 8,971 $ 593,714
----------
Large Cap Core Funds - 2.65%
Principal Preservation S&P 100 Plus Portfolio 5,035 212,991
----------
Multi Cap Core Funds - 5.22%
Vanguard Index Total Stock Market Portfolio 13,484 419,767
----------
Mid Cap Value Funds - 0.48%
Federated Index Trust Mid-Cap Fund 2,367 38,703
----------
Emerging Markets Funds - 1.42%
Vang International Index Emerging Markets Portfolio 10,191 113,946
----------
Small Cap Value Funds - 2.03%
Vanguard Index Small Cap Value 18,679 163,257
----------
International Funds - 12.70%
BT EAFE Equity Index Fund 67,628 923,124
Vanguard Total International Index Fund 7,337 97,445
----------
1,020,569
----------
Pacific Region Funds - 2.39%
Vanguard International Index Pacific Portfolio 16,613 192,385
----------
S&P 500 Index Objective Funds - 27.87%
Federated Index Trust Max-Cap Fund 14,256 404,877
T. Rowe Price Equity Index Fund 14,478 544,809
SSGA S&P 500 Index Fund 23,934 578,488
Vanguard Index Trust 500 Portfolio 5,535 711,806
----------
2,239,980
----------
Science & Technology Funds - 10.07%
Principal Preservation Tech 100 Index Portfolio 27,819 809,276
----------
Total Mutual Funds (cost $4,291,401) 5,804,588
----------
S&P DEPOSITORY RECEIPTS - 25.50%
SPDR - S&P Mid Cap 400 Index 9,100 720,179
SPDR - NASDAQ 100 Index 2,100 311,325
SPDR - S&P 500 Index 3,800 529,506
SPDR - Financial Sector Index 20,000 488,750
----------
Total S&P Depository Receipts (cost $1,906,446) 2,049,760
----------
WORLD EQUITY BENCHMARK SERIES - 2.28%
Japan Webs (cost $149,970) 12,000 183,000
----------
Total Investments (cost $6,347,817) $8,037,348
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
AMERICAN PENSION INVESTORS TRUST
MULTIPLE INDEX TRUST
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1999
(Unaudited)
<TABLE>
<S> <C>
Assets:
Investments at value (identified cost of $6,347,817) $ 8,037,348
Cash 726,565
Other assets 15,142
------------
Total assets 8,779,055
------------
Liabilities:
Other liabilities 10,603
------------
Total liabilities 10,603
------------
Net assets $ 8,768,452
============
Shares of beneficial interest outstanding (unlimited number of no par value shares authorized) 600,598
============
Net asset value, offering and redemption price per share outstanding $ 14.60
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
22
<PAGE>
AMERICAN PENSION INVESTORS TRUST
MULTIPLE INDEX TRUST
STATEMENT OF OPERATIONS
for the six months ended November 30, 1999
(Unaudited)
<TABLE>
<S> <C>
Investment income:
Dividends $ 17,885
Interest 11,155
----------
Total income 29,040
----------
Expenses:
Investment advisory fees 24,286
Transfer agent fees 9,326
Custodial fees 1,629
Professional fees 7,170
Registration fees 5,340
Trustee fees 551
Insurance 764
Shareholder reports 902
Miscellaneous 625
----------
50,593
Less expenses waived by investment advisor (6,795)
----------
Total expenses 43,798
----------
Net investment loss (14,758)
----------
Realized and unrealized gain on investments:
Net realized gain from security transactions 12,230
Capital gain distributions from mutual funds 87,698
Change in unrealized appreciation on investments 912,159
----------
Net realized and unrealized gain on investments 1,012,087
----------
Net increase in net assets resulting from operations $ 997,329
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
AMERICAN PENSION INVESTORS TRUST
MULTIPLE INDEX TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the
Six Months
Ended For the
Nov. 30, 1999 Year Ended
(Unaudited) May 31, 1999
--------------- ---------------
<S> <C> <C>
Operations:
Net investment loss $ (14,758) $ (3,503)
Net realized gain (loss) from security transactions 12,230 (52,747)
Capital gain distributions from mutual funds 87,698 113,199
Net change in unrealized appreciation on investments 912,159 626,075
---------- ------------
Increase in net assets resulting from operations 997,329 683,024
---------- ------------
Distributions:
From net investment income
From net realized gain on security transactions (77,414)
------------
Decrease in net assets resulting from distributions (77,414)
------------
Capital share transactions:
Proceeds from sale of 182,316 and 298,823 shares 2,478,038 3,530,158
Value of 6,537 shares issued upon reinvestment of dividends 75,303
Cost of 23,770 and 142,195 shares redeemed (319,231) (1,678,936)
---------- ------------
Increase in net assets resulting from capital share transactions 2,158,807 1,926,525
---------- ------------
Total increase in net assets 3,156,136 2,532,135
Net assets:
Beginning of year/period 5,612,316 3,080,181
---------- ------------
End of year/period $8,768,452 $ 5,612,316
========== ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
AMERICAN PENSION INVESTORS TRUST
MULTIPLE INDEX TRUST
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
For the
Six Months
Ended For the For the
Nov. 30, 1999 Year Ended Period Ended
(Unaudited) May 31, 1999 May 31, 1998(4)
------------------ -------------- ----------------
<S> <C> <C> <C>
For a share outstanding throughout the period:
Net asset value, beginning of period $ 12.70 $ 11.04 $ 10.00
-------- ------- --------
Income from investment operations:
Net investment income (loss) (0.03) (0.01) 0.03
Net realized and unrealized gain on investments 1.93 1.91 1.16
--------- ------- --------
Total income from investment operations 1.90 1.90 1.19
--------- ------- --------
Distributions:
From net investment income (0.03)
From net realized gain on security transactions (0.24) (0.12)
------- --------
Total distributions (0.24) (0.15)
------- --------
Net asset value, end of period $ 14.60 $ 12.70 $ 11.04
========= ======= ========
Total return(2) 14.96% 17.49% 11.99%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted) $ 8,768 $ 5,612 $ 3,080
Ratio of expenses to average net assets(3) 1.25%(1) 1.23% 0.71%
Ratio of net investment income (loss) to average net assets (0.42)%(1) (0.09)% 0.36%
Portfolio turnover rate 2%(1) 35% 49%
</TABLE>
- -----------
(1) Annualized
(2) Does not reflect contingent deferred sales charge.
(3) Without fees waived/reimbursed by the investment advisor, the ratio of
expenses to average net assets would have been 1.44%, 2.16% and 2.75%,
respectively.
(4) Commencement of operations was July 2, 1997.
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
AMERICAN PENSION INVESTORS TRUST
MULTIPLE INDEX TRUST
NOTES TO FINANCIAL STATEMENTS
(Information as of and for the six months ended
November 30, 1999 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 six separate portfolios.
The accompanying financial statements include only the Multiple Index Trust
(the "Fund").
The Fund's investment objective is to maximize total return from capital
growth and income. The Fund seeks to achieve its objective by investing at
least 65% of its total assets in shares of other open-end investment
companies whose portfolios mirror those of one index or another of market
securities. A 1.50% contingent deferred sales charge is generally imposed
on redemptions made within five years of the date that fund shares are
purchased.
2. Significant Accounting Policies:
a. Portfolio Valuation
The investments of the Fund consist primarily of mutual funds that are
valued daily at their respective closing net asset values in accordance
with the 1940 Act. Equity securities listed or regularly traded on a
securities exchange are valued at the last quoted sales price on the
exchange where they are principally traded.
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, 1999, 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 $6,347,817, $1,689,531, $1,695,574 and $6,043,
respectively.
26
<PAGE>
AMERICAN PENSION INVESTORS TRUST
MULTIPLE INDEX TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
2. Significant Accounting Policies, continued:
d. Cash and Cash Equivalents
Cash and cash equivalents include amounts invested in overnight money
market accounts, which are readily convertible to known amounts of cash.
These amounts are invested in one financial institution.
e. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles 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.
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 .70% of the
average daily net assets of the Fund. For the period ended November 30,
1999, the Advisor waived $6,795 of its advisory fees.
4. Investment Activity:
For the period ended November 30, 1999, 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
$2,256,417 and $72,231, respectively.
5. Composition of Net Assets:
At November 30, 1999, net assets consisted of:
<TABLE>
<S> <C>
Paid-in capital $ 6,948,473
Accumulated net investment loss (184)
Accumulated net realized gain from security transactions 130,632
Unrealized appreciation on investments 1,689,531
-----------
Net assets applicable to outstanding shares of beneficial interest $ 8,768,452
===========
</TABLE>
27
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
SCHEDULE OF INVESTMENTS
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- -------------
<S> <C> <C>
COMMON STOCKS - 73.27%
Autos & Trucks - 1.84%
Ford Motor Co. 8,000 $ 404,000
-----------
Banks - 6.00%
Chase Manhatten Corp. 12,000 927,000
First Union Corp. 10,000 386,875
-----------
1,313,875
-----------
Chemicals - 5.37%
Cytec Industries Inc. 15,000 351,563
du Pont (E.I.) de Nemours & Co. 6,000 356,625
PPG Industries Inc. 8,000 468,500
-----------
1,176,688
-----------
Computer Software &
Services - 2.03%
First Data Corp. 10,300 445,475
-----------
Diversified Companies - 3.38%
Tyco International Limited 10,000 400,625
United Technologies Corp. 6,000 339,000
-----------
739,625
-----------
Drugs - 3.58%
Merck & Co. Inc. 10,000 785,000
-----------
Electronics - 0.92%
Paxar Corp 23,800 202,300
-----------
Financial Services - 21.07%
American Express Co. 12,000 1,815,750
Citi Group 36,000 1,939,500
Phoenix Investment Partners 110,000 859,375
-----------
4,614,625
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
----------- -------------
<S> <C> <C>
Medical Supplies - 1.82%
Mallinckrodt Inc. 12,000 $ 399,000
-----------
Paper & Forest
Products - 1.91%
International Paper Co. 8,000 417,500
-----------
Retail - 8.46%
May Department Stores Co. 10,000 336,250
Tandy Corp. 8,500 651,312
Wal Mart Stores Inc. 15,000 864,375
-----------
1,851,937
-----------
Securities Brokerage - 11.39%
Lehman Brothers Holdings Inc. 13,800 1,053,975
Morgan Stanley, Dean Witter,
Discover & Co. 8,200 989,125
Raymond James Financial Inc. 24,000 451,500
-----------
2,494,600
-----------
Telecommunications
Equipment - 3.67%
Lucent Technologies 11,000 803,687
-----------
Thrift - 1.83%
Fannie Mae 6,000 399,750
-----------
Total Common Stocks
(cost $12,132,078) 16,048,062
-----------
S&P DEPOSITORY
RECEIPTS - 26.73%
SPDR - NASDAQ 100 Index 18,800 2,787,100
SPDR - S&P 500 Index 22,000 3,065,564
-----------
Total S&P Depository
Receipts
(cost $5,221,373) 5,852,664
-----------
Total Investments
(cost $17,353,451) $21,900,726
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
28
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1999
(Unaudited)
<TABLE>
<S> <C>
Assets:
Investments at value (identified cost of $17,353,451) $ 21,900,726
Cash 2,885
Other assets 23,328
------------
Total assets 21,926,939
------------
Liabilities:
Accrued distribution fees 13,759
Accrued advisory fees 11,466
Securities purchased under loan agreement 3,436,000
Accrued interest expense 24,312
Other liabilities 27,795
------------
Total liabilities 3,513,332
------------
Net assets $ 18,413,607
============
Shares of beneficial interest outstanding (unlimited number of no par value shares authorized) 1,230,511
============
Net asset value, offering and redemption price per share outstanding $ 14.96
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
29
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
STATEMENT OF OPERATIONS
for the six months ended November 30, 1999
(Unaudited)
<TABLE>
<S> <C>
Investment Income:
Dividends $ 116,050
Interest 2,419
----------
Total income 118,469
----------
Expenses:
Investment advisory fees 76,950
Distribution fees 76,950
Transfer agent fees 25,419
Custodial fees 5,816
Professional fees 9,930
Registration fees 6,317
Trustee fees 1,455
Insurance 3,449
Shareholder reports 2,611
Miscellaneous 1,353
----------
210,250
Less expenses waived by investment advisor (12,825)
----------
Total operating expenses 197,425
Interest expense 132,625
----------
Total expenses 330,050
----------
Net investment loss (211,581)
----------
Realized and unrealized gain (loss) on investments:
Net realized loss from security transactions (278,481)
Change in unrealized appreciation on investments 291,521
----------
Net realized and unrealized gain on investments 13,040
----------
Net decrease in net assets resulting from operations $ (198,541)
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
30
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
STATEMENT OF CASH FLOWS
for the six months ended November 30, 1999
(Unaudited)
<TABLE>
<S> <C> <C>
Cash provided (used) by financing activities:
Sales of capital shares $ 10,235,602
Repurchase of capital shares (7,104,233)
-------------
Cash provided by capital share transactions 3,131,369
-------------
Cash used in borrowing, net of borrowings repaid of $18,657,500 (2,878,000)
Dividends and distributions paid in cash (43,794)
-------------
(2,921,794)
-------------
$ 209,575
Cash provided (used) by operations:
Purchases of portfolio securities (16,816,397)
Proceeds from sales of portfolio securities 16,803,461
-------------
(12,936)
-------------
Net investment loss (211,581)
Net change in receivables/payables related to operations 16,553
-------------
(195,028)
-------------
(207,964)
----------
Net increase in cash 1,611
Cash, beginning of period 674
----------
Cash, end of period $ 2,285
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
31
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the
Six Months
Ended For the
Nov. 30, 1999 Year Ended
(Unaudited) May 31, 1999
--------------- ---------------
<S> <C> <C>
Operations:
Net investment loss $ (211,581) $ (401,292)
Net realized gain (loss) from security transactions (278,481) 1,825,485
Net change in unrealized appreciation on investments 291,521 1,494,445
------------ ------------
Increase (decrease) in net assets resulting from operations (198,541) 2,918,638
------------ ------------
Distributions:
From net realized gains on security transactions (1,433,403) (1,138,299)
------------ ------------
Decrease in net assets resulting from distributions (1,433,403) (1,138,299)
------------ ------------
Capital share transactions:
Proceeds from sale of 620,479 and 371,908 shares 10,178,802 5,470,120
Value of 98,905 and 85,247 shares issued upon reinvestment of dividends 1,389,609 1,115,888
Cost of 457,430 and 405,320 shares redeemed (7,109,734) (6,443,042)
------------ ------------
Increase in net assets resulting from capital share transactions 4,458,677 142,966
------------ ------------
Total increase in net assets 2,826,733 1,923,305
Net assets:
Beginning of year/period 15,586,874 13,663,569
------------ ------------
End of year/period $ 18,413,607 $ 15,586,874
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
32
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
For the
Six Months
Ended
Nov. 30, 1999
(Unaudited)
------------------
<S> <C>
For a share outstanding throughout each
year/period:
Net asset value, beginning of year/period $ 16.09
---------
Income from investment operations:
Net investment loss (0.17)
Net realized and unrealized gain on investments 0.32
----------
Total income from investment
operations 0.15
----------
Distributions:
From net investment income
From net realized gain on security transactions (1.28)
----------
Total distributions (1.28)
----------
Net asset value, end of year/period $ 14.96
==========
Total return(2) 1.38%
Ratios/Supplemental Data:
Net assets, end of year/period (000's omitted) $ 18,414
Ratio of operating expenses to average net assets(3) 2.32%(1)
Ratio of total expenses to average net assets(4) 3.87%(1)
Ratio of net investment income (loss) to average
net assets (2.48)%(1)
Portfolio turnover rate 158%(1)
<CAPTION>
For the Year Ended May 31,
---------------------------------------------------------------
1999 1998 1997 1996 1995
----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
For a share outstanding throughout each
year/period:
Net asset value, beginning of year/period $ 14.90 $ 14.23 $ 12.00 $ 12.98 $ 10.12
------- -------- -------- --------- ---------
Income from investment operations:
Net investment loss (0.41) (0.47) (0.25) (0.28) (0.28)
Net realized and unrealized gain on investments 2.79 2.19 2.69 0.93 3.33
------- -------- -------- --------- ---------
Total income from investment
operations 2.38 1.72 2.44 0.65 3.05
------- -------- -------- --------- ---------
Distributions:
From net investment income (0.07)
From net realized gain on security transactions (1.19) (1.05) (0.21) (1.63) (0.12)
------- -------- -------- --------- ---------
Total distributions (1.19) (1.05) (0.21) (1.63) (0.19)
------- -------- -------- --------- ---------
Net asset value, end of year/period $ 16.09 $ 14.90 $ 14.23 $ 12.00 $ 12.98
======= ======== ======== ========= =========
Total return(2) 17.80% 13.02% 20.59% 6.36% 30.70%
Ratios/Supplemental Data:
Net assets, end of year/period (000's omitted) $15,587 $ 13,664 $ 13,060 $ 9,072 $ 6,490
Ratio of operating expenses to average net assets(3) 2.44% 2.54% 2.65% 2.68% 2.39%
Ratio of total expenses to average net assets(4) 4.77% 5.52% 5.20% 6.22% 5.79%
Ratio of net investment income (loss) to average
net assets (2.82)% (3.08)% (2.50)% (2.67)% (2.60)%
Portfolio turnover rate 187% 145% 115% 145% 220%
</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 2.47%, 2.60%, 2.69%, 2.80%, 2.87% and 2.95%, respectively.
(4) Without fees waived by the investment advisor and distributor, the
annualized ratio of total expenses to average net assets would have been
4.02%, 4.92%, 5.67%, 5.35%, 6.41% and 6.34%, respectively.
The accompanying notes are an integral part of the financial statements.
33
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
NOTES TO FINANCIAL STATEMENTS
(Information as of and for the six months ended
November 30, 1999 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 six 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
Equity securities listed or regularly traded on a securities exchange are
valued at the last quoted sales price on the exchange where they are
principally traded. Securities for which market quotations are not readily
available are valued 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, 1999, 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 $17,353,451, $4,547,275, $4,957,626 and
$410,351, respectively.
34
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
2. Significant Accounting Policies, continued:
d. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles 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.
e. Cash and Cash Equivalents
Cash and cash equivalents include amounts invested in overnight money
market accounts, which are readily convertible to known amounts of cash.
These amounts are invested in one financial institution.
f. 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, 1999, the balance due for securities
purchased through leveraging was $3,436,000. The average daily balance
during the year ended November 30, 1999 was $3,943,161 or $3.58 per share,
based on average shares outstanding of 1,100,555. The maximum amount of
borrowings outstanding at any month-end during the year was $4,764,000.
The Fund's investment securities are pledged as collateral under the
borrowing arrangement.
Interest is charged at a rate of 1.50% plus the Fed Funds rate (7.1875% as
of November 30, 1999). Such interest amounted to $132,625 for the six
months ended November 30, 1999.
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.
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 1.50% contingent deferred sales charge is generally imposed on
redemptions made within five years of the date that Fund shares are
purchased.
35
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
5. Investment Activity:
For the year ended November 30, 1999, 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
$16,816,397 and $16,803,461, respectively.
6. Composition of Net Assets:
At November 30, 1999, net assets consisted of:
<TABLE>
<S> <C>
Paid-in capital $ 14,396,518
Accumulated net investment loss (211,581)
Accumulated net realized loss from security transactions (318,605)
Unrealized appreciation on investments 4,547,275
------------
Net assets applicable to outstanding shares of beneficial interest $ 18,413,607
============
</TABLE>
36
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
SCHEDULE OF INVESTMENTS
November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Principal Value
------------ -------------
<S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS - 100.00%
United States Treasury Note 5.625%
Due 5/15/2008 $ 955,000 $ 914,115
United States Treasury Stripped Interest Payment
Due 5/15/2008 6,873,000 4,001,640
----------
Total investments (cost $4,945,426) $4,915,755
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
37
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1999
(Unaudited)
<TABLE>
<S> <C>
Assets:
Investments at value (identified cost of $4,945,426) $ 4,915,755
Cash 295,827
Other assets 11,672
------------
Total assets 5,223,254
------------
Liabilities:
Other liabilities 11,229
------------
Total liabilities 11,229
------------
Net assets $ 5,212,025
============
Shares of beneficial interest outstanding (unlimited number of no par value shares authorized) 510,622
============
Net asset value, offering and redemption price per share outstanding $ 10.21
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
38
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
STATEMENT OF OPERATIONS
for the six months ended November 30, 1999
(Unaudited)
<TABLE>
<S> <C>
Investment income:
Interest $ 175,781
----------
Expenses:
Investment advisory fees 10,023
Transfer agent fees 10,629
Custodial fees 1,706
Professional fees 7,671
Registration fees 4,663
Trustee fees 551
Insurance 947
Shareholder reports 1,530
Miscellaneous 701
----------
38,421
Less expenses waived/reimbursed by investment advisor (16,661)
----------
Total expenses 21,760
----------
Net investment income 154,021
----------
Realized and unrealized gain (loss) on investments:
Net realized loss from security transactions (403,535)
Change in unrealized appreciation on investments 162,165
----------
Net realized and unrealized gain (loss) on investments (241,370)
----------
Net decrease in net assets resulting from operations $ (87,349)
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
39
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the
Six Months
Ended For the
Nov. 30, 1999 Year Ended
(Unaudited) May 31, 1999
--------------- ---------------
<S> <C> <C>
Operations:
Net investment income $ 154,021 $ 254,041
Net realized gain (loss) from security transactions (403,535) 68,071
Net change in unrealized appreciation on investments 162,165 (237,132)
------------ ------------
Increase (decrease) in net assets resulting from operations (87,349) 84,980
------------ ------------
Distribution:
From net investment income (93,858) (243,264)
From net realized gain on security transactions (9,594)
------------
Decrease in net assets resulting from distributions (93,858) (252,858)
------------ ------------
Capital share transactions:
Proceeds from sale of 135,811 and 704,807 shares 1,406,864 7,650,095
Value of 8,704 and 22,422 shares issued upon reinvestment of dividends 89,309 246,663
Cost of 346,403 and 376,194 shares redeemed (3,607,057) (4,068,598)
------------ ------------
Increase (decrease) in net assets resulting from capital share
transactions (2,110,884) 3,828,160
------------ ------------
Total increase in net assets (2,292,091) 3,660,282
Net assets:
Beginning of year/period 7,504,116 3,843,834
------------ ------------
End of year/period $ 5,212,025 $ 7,504,116
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
40
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
For the
Six Months
Ended For the For the
Nov. 30, 1999 Year Ended Period Ended
(unaudited) May 31, 1999 May 31, 1998(4)
--------------- -------------- ----------------
<S> <C> <C> <C>
For a share outstanding throughout the period:
Net asset value, beginning of period $ 10.53 $ 10.63 $ 10.00
-------- -------- --------
Income from investment operations:
Net investment income 0.35 0.58 0.43
Net realized and unrealized gain (loss) on investments (0.47) (0.02) 0.49
-------- --------- --------
Total income (loss) from investment operations (0.12) 0.56 0.92
-------- --------- --------
Distributions:
From net investment income (0.20) (0.64) (0.29)
From net realized gain on security transactions (0.02)
-------- --------- ---------
Total distributions (0.20) (0.66) (0.29)
-------- --------- ---------
Net asset value, end of period $ 10.21 $ 10.53 $ 10.63
======== ========= =========
Total return(2) ( 1.14)% 5.11% 9.33%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted) $ 5,212 $ 7,504 $ 3,844
Ratio of expenses to average net assets(3) 0.83%(1) 0.87% 0.84%
Ratio of net investment income to average net assets 5.87%(1) 5.49% 5.85%
Portfolio turnover rate 203%(1) 231% 3%
</TABLE>
- -----------
(1) Annualized.
(2) Does not reflect contingent deferred sales charge.
(3) Without fees waived/reimbursed by the investment advisor, the ratio of
expenses to average net assets would have been 1.44%, 1.79% and 2.99%,
respectively.
(4) Commencement of operations was July 2, 1997.
The accompanying notes are an integral part of the financial statements.
41
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
NOTES TO FINANCIAL STATEMENTS
(Information as of and for the six months ended
November 30, 1999 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 six separate portfolios.
The accompanying financial statements include only the Treasuries Trust
(the "Fund").
The Fund's investment objective is to seek current income while limiting
credit risk. The Fund seeks to achieve its objective by investing in
obligations of the U.S. Treasury that are guaranteed as to principal and
interest by the full faith and credit of U.S. government. A 1.50%
contingent deferred sales charge is generally imposed on redemptions made
within five years of the date that fund shares are purchased.
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. U.S. Treasury securities are valued at the mean between
the bid and asked prices.
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.
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, 1999, 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 $4,945,426
and $29,671, respectively.
42
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
2. Significant Accounting Policies, continued:
d. Cash and Cash Equivalents
Cash and cash equivalents include amounts invested in overnight money
market accounts, which are readily convertible to known amounts of cash.
These amounts are invested in one financial institution.
e. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles 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.
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 .40% of the
average daily net assets of the Fund. For the period ended November 30,
1999, the Advisor voluntarily waived all of its fees in the amount of
$10,023. In addition, the Advisor voluntarily reimbursed $6,638 of the
Fund's operating expenses.
4. Investment Activity:
For the year ended November 30, 1999, purchases and sales of U.S.
government obligations amounted to $4,904,155 and $7,197,183, respectively.
There were no purchases and sales of securities other than short-term
obligations and U.S. government obligations.
5. Composition of Net Assets:
At November 30, 1999, net assets consisted of:
<TABLE>
<S> <C>
Paid-in capital $ 5,463,405
Accumulated net investment income 122,275
Accumulated net realized loss from security transactions (343,984)
Unrealized depreciation on investments (29,671)
-----------
Net assets applicable to outstanding shares of beneficial interest $ 5,212,025
===========
</TABLE>
43
<PAGE>
(This Page Intentionally Left Blank)
<PAGE>
SHAREHOLDER SERVICES
API TRUST
P.O. Box 8595
Boston, Massachusetts 02266-8595
(888) 933-8274
For Overnight Deliveries:
API Trust
66 Brooks Drive
Braintree, Massachusetts 02184
EXECUTIVE OFFICES
American Pension Investors Trust
P.O. Box 2529
2303 Yorktown Avenue
Lynchburg, Virginia 24501
(800) 544-6060
INDEPENDENT AUDITORS
PricewaterhouseCoopers, LLP
250 West Pratt Street
Baltimore, Maryland 21201
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.apitrust.com
