<PAGE>
[LOGO OF API TRUST]
--------------------------------------------------------------------------------
Growth Fund
Capital Income Fund
Multiple Index Trust
Yorktown Classic Value Trust
Treasuries Trust
SEMI-ANNUAL REPORT DATED NOVEMBER 30, 2000
<PAGE>
[LOGO OF API TRUST]
CONTENTS
<TABLE>
<S> <C>
Letter to Shareholders 1
Growth Fund
Schedule of Investments 2
Financial Statements 5
Capital Income Fund
Schedule of Investments 12
Financial Statements 13
Multiple Index Trust
Schedule of Investments 20
Financial Statements 21
Yorktown Classic Value Trust
Schedule of Investments 27
Financial Statements 28
Treasuries Trust
Schedule of Investments 35
Financial Statements 36
</TABLE>
<PAGE>
[LOGO OF API TRUST]
Dear Fellow Shareholders:
In contrast to last year's historic rise of both domestic and international
markets, we have seen an intense liquidation of equity securities within the
financial markets through mid- November of 2000. Of the fifty investment cate-
gories within the Lipper Analytical Performance Summaries, only fifteen re-
corded positive returns year-to-date through November 2000. The good news is
that the bad news is now reflected in the market.
On Tuesday, November 19, 2000 the U. S. Federal Reserve announced that it
would not reduce interest rates . . . yet. But, it did agree that there now
exists a sharp slowdown within the U.S. economy, which is a good indication
that the Fed is preparing to cut rates. This is the crucial point where mar-
kets change direction from negative to positive. Since the Fed announced this
major shift in policy, the stock and bond markets have stabilized and appear
to be well positioned for healthy returns for the year 2001.
Here lies the importance of our unique diversification strategy. We believe
strongly that the correction within the marketplace was healthy. The technol-
ogy trend of overnight wealth was doomed to end. But in the same breath, the
major markets and the long-term health of the economy will reward shareholders
that have well diversified portfolios in domestic and international growth and
value securities.
At current prices, we believe the market represents good solid value, and your
portfolio within the API Trust Funds even better value. As always, we appreci-
ate your support and welcome your comments.
Best Regards.
Sincerely,
/s/ David D. Basten
David D. Basten
President
December 27, 2000
1
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
SCHEDULE OF INVESTMENTS
November 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
MUTUAL FUNDS -- 60.86%
Large Cap Growth Funds -- 0.38%
Rydex Series Trust OTC Fund 14,179 $ 256,930
---------
Large Cap Core Funds -- 0.75%
Enterprise Growth Fund 23,894 499,881
---------
Large Cap Value Funds -- 5.47%
Davis New York Venture Fund 87,779 2,365,645
Pioneer Fund 29,946 1,303,269
---------
3,668,914
---------
Multi Cap Growth
Funds -- 6.82%
IDEX Capital Appreciation Fund 36,411 882,982
Legg Mason Value Trust 15,497 1,001,591
MFS Emerging Growth Fund 2,754 136,432
Phoenix Seneca Strategic Theme Fund 30,122 510,271
Sentinel Mid Cap Growth Fund 69,790 1,323,934
Transamerica Small Company Fund 25,342 721,237
---------
4,576,447
---------
Multi Cap Core Funds -- 2.54%
Vanguard Index Total Stock Market Fund 58,783 1,700,599
---------
Mid Cap Growth Funds -- 2.98%
AIM Equity Aggressive Growth Fund 15,948 237,797
Kemper Small Cap Equity Fund 88,203 525,693
Phoenix Small Cap Fund 55,960 1,238,416
---------
2,001,906
---------
Mid Cap Core Funds -- 5.32%
Guardian Park Avenue Small Cap Fund 60,610 936,427
AIM Mid Cap Equity Fund 28,928 750,396
Vanguard Index Extended Market Fund 65,627 1,881,550
---------
3,568,373
---------
Mid Cap Value Funds -- 0.48%
Boston Partners Mid Cap Value Fund 28,544 319,124
---------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
Emerging Markets Funds -- 3.63%
Deutsche Emerging Markets Equity Fund 41,993 $ 239,782
Goldman Sachs Emerging Markets Fund 63,199 520,132
Putnam Emerging Markets Fund 214,155 1,676,835
---------
2,436,749
---------
Small Cap Value Funds -- 1.71%
Goldman Sachs Small Cap Value Fund 51,882 1,147,646
---------
Equity Income Funds -- 0.60%
Kemper-Dreman High Return Fund 11,824 400,985
---------
European Region Funds -- 3.76%
Flag Investors European Mid-Cap Fund 33,288 523,302
Kemper New Europe Fund Class A 46,220 692,849
Vanguard International Equity Index
Fund Inc. D. Port. 52,891 1,307,472
---------
2,523,623
---------
Global Funds -- 0.36%
Janus Worldwide Fund 3,741 239,431
---------
Global Small Cap Funds -- 2.69%
SmallCap World Fund Inc. 57,101 1,807,276
---------
International Funds -- 12.26%
Deutsche EAFE Index Fund 370,970 4,444,229
Dresdner International Growth Fund 22,714 355,707
Deutsche International Select Equity
Fund 32,807 657,143
Neuberger International Fund 20,294 367,529
Pioneer International Growth Fund 55,549 992,676
Putnam International Growth Fund 54,760 1,407,336
---------
8,224,620
---------
Latin American Fund -- 1.69%
T. Rowe Price Latin America Fund 124,223 1,134,161
---------
</TABLE>
2
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
SCHEDULE OF INVESTMENTS, Continued
November 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
Pacific Region Funds -- 0.59%
Flag Investors Top Asia Fund 26,301 $ 395,844
-----------
Pacific Ex Japan Funds -- 0.91%
Goldman Sachs Growth Fund 67,191 612,111
-----------
S&P 500 Funds -- 6.16%
Deutsche S&P 500 Index Fund 2,105 345,227
Federated Index Trust Max-Cap Fund 17,769 476,051
T. Rowe Price Index Equity Index Fund 22,155 785,421
Vanguard Index Trust 500 Fund 20,790 2,528,584
-----------
4,135,283
-----------
Science & Technology
Funds -- 1.76%
John Hancock Global Technology Fund 139,049 1,180,533
-----------
Total Mutual Funds
(cost $32,985,484) 40,830,436
-----------
COMMON STOCKS -- 17.34%
Banks -- 1.09%
Associated Banc Corp. 4,070 100,987
Pacific Century Financial 6,600 98,175
Compass Bancshares 5,800 114,550
Fleet Boston Corp. 3,600 135,000
First Union Corp. 3,300 82,913
Regions Financial Corp. 4,800 116,400
Wachovia Corp. 1,700 85,106
-----------
733,131
-----------
Beverage Industry -- 0.39%
Coca Cola Co. 4,200 263,025
-----------
Computer &
Peripherals -- 1.33%
EMC Corp. 12,000 892,500
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
Computer Software &
Services -- 3.53%
Adobe Systems 4,400 $ 278,850
Oracle Corp. 62,000 1,643,000
Siebel Systems 6,400 447,200
----------
2,369,050
----------
Diversified Companies -- 1.88%
Citi Group 25,333 1,261,900
----------
Drug Industry -- 0.40%
Merck & Co. Inc. 2,900 268,795
----------
Drugstore Industry -- 0.85%
CVS Corp. 10,000 568,750
----------
Entertainment -- 0.37%
Disney (Walt) Co. 8,600 248,864
----------
Financial Services -- 0.27%
Stillwell Financial, Inc. 5,600 182,000
----------
Foreign
Telecommunications -- 0.68%
Nortel Networks, Inc. 12,000 453,000
----------
Medical Supplies
Industry -- 2.50%
Johnson & Johnson 16,786 1,678,600
----------
Office Equipment & Supplies -- 0.83%
Xerox Corp. 80,000 555,000
----------
Railroads -- 0.02%
Kansas City Southern Industries, Inc. 1,400 11,813
----------
Retail -- 1.45%
TJX Corp. 17,500 448,439
Wal Mart Stores Inc. 10,000 521,875
----------
970,314
----------
</TABLE>
3
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
SCHEDULE OF INVESTMENTS, Continued
November 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
Securities Brokerage -- 0.72%
Merrill Lynch & Co. Inc. 8,400 $ 486,150
-----------
Semiconductor -- 1.03%
Advance Micro Devices 12,000 183,000
Atmel Corp. 13,200 127,463
Intel Corp. 10,000 380,625
-----------
691,088
-----------
Total Common Stocks
(cost $10,314,337) 11,633,980
-----------
EXCHANGE TRADED INDEX
SHARES -- 21.80%
i Shares MSCI Canada Index 7,000 92,312
i Shares MSCI Germany Index 5,000 90,938
i Shares MSCI Hong Kong Index 11,000 115,500
</TABLE>
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
i Shares Japan Index Fund 8,500 $ 100,406
i Shares MSCI Belgium Index Fund 9,500 112,219
i Shares MSCI Switzerland Index
Fund 7,500 114,844
i Shares MSCI Austria Index Fund 15,500 108,500
i Shares MSCI United Kingdom
Index Fund 6,500 112,125
i Shares MSCI Mexico Index Fund 8,000 114,000
SPDR -- Nasdaq 100 Index 42,000 2,630,250
SPDR -- S&P 500 Index 55,000 7,251,409
SPDR -- Financial Sector Index 71,000 1,936,972
SPDR -- Technology Sector Index 53,000 1,841,750
-----------
Total Exchange Traded Index Shares
(cost $16,482,128) 14,621,225
-----------
Total Investments
(cost $59,781,949) $67,085,641
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2000
(Unaudited)
<TABLE>
<S> <C>
Assets:
Investments at value (identified cost of $59,781,949) $67,085,641
Cash 946,507
Receivable for shareholder purchases 136,780
Dividends receivable 352,020
Other assets 43,184
-----------
Total assets 68,564,132
-----------
Liabilities:
Accrued distribution fees 54,790
Accrued advisory fees 58,882
Payable for shareholder redemptions 13,201
Other liabilities 75,591
-----------
Total liabilities 202,464
-----------
Net Assets $68,361,668
===========
Shares of beneficial interest outstanding (unlimited number of no
par value shares authorized) 5,527,584
===========
Net asset value and offering price per share outstanding $ 12.37
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
STATEMENT OF OPERATIONS
for the six months ended November 30, 2000
(Unaudited)
<TABLE>
<S> <C>
Investment Income:
Dividends $ 240,603
Interest 39,046
------------
Total income 279,649
------------
Expenses:
Investment advisory fees 428,765
Distribution fees 428,765
Transfer agent fees 115,008
Custodial fees 12,307
Professional fees 43,435
Registration fees 10,513
Trustee fees 9,188
Insurance 16,851
Shareholder reports 8,978
Miscellaneous 3,855
------------
1,077,665
Less expenses waived by investment advisor and distributor (77,766)
------------
Total expenses 999,899
------------
Net investment loss (720,250)
------------
Realized and unrealized gain (loss) on investments:
Net realized gain from security transactions 2,926,987
Capital gain distributions from mutual funds 439,806
Change in unrealized appreciation on investments (12,387,370)
------------
Net realized and unrealized gain (loss) on investments (9,020,577)
------------
Net increase in net assets resulting from operations $ (9,740,827)
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the
Six Months Ended For the
Nov. 30, 2000 Year Ended
(Unaudited) May 31, 2000
---------------- ------------
<S> <C> <C>
Operations:
Net investment loss $ (720,250) $ (1,450,196)
Net realized gain from security transactions 2,926,987 7,983,395
Capital gain distributions from mutual funds 439,806 2,134,251
Net change in unrealized appreciation on
investments (12,387,370) 7,054,155
------------ ------------
Increase (decrease) in net assets resulting
from operations (9,740,827) 15,721,605
------------ ------------
Distributions:
From net realized gain on security
transactions (7,965,459) (8,434,195)
------------ ------------
Decrease in net assets resulting from
distributions (7,965,459) (8,434,195)
------------ ------------
Capital share transactions:
Proceeds from sale of 225,478 and 1,081,060
shares 3,267,572 17,435,364
Value of 514,862 and 625,631 shares issued
upon reinvestment of dividends 7,779,569 8,289,551
Cost of 901,669 and 1,075,090 shares redeemed (13,438,346) (16,317,311)
------------ ------------
Increase (decrease) in net assets resulting
from capital share transactions (2,391,205) 9,407,604
------------ ------------
Total increase (decrease) in net assets (20,097,491) 16,695,014
Net assets:
Beginning of year/period 88,459,159 71,764,145
------------ ------------
End of year/period $ 68,361,668 $ 88,459,159
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
For the Years Ended May 31,
-----------------------------------------------
For the
Six Months
Ended
Nov. 30, 2000
(Unaudited) 2000 1999 1998 1997 1996
------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each
year/period:
Net asset value,
beginning of year/period $ 15.55 $ 14.19 $ 14.13 $ 13.42 $ 14.00 $ 12.48
------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment loss (.13) (.25) (.21) (0.08) (0.17) (0.14)
Net realized and
unrealized gain on
investments (1.65) 3.35 1.32 2.36 1.25 2.67
------- ------- ------- ------- ------- -------
Total income (loss)
from investment
operations (1.78) 3.10 1.11 2.28 1.08 2.53
------- ------- ------- ------- ------- -------
Distributions:
From net realized gain
on security
transactions (1.40) (1.74) (1.05) (1.57) (1.66) (1.01)
------- ------- ------- ------- ------- -------
Total distributions (1.40) (1.74) (1.05) (1.57) (1.66) (1.01)
------- ------- ------- ------- ------- -------
Net asset value, end
of year/period $ 12.37 $ 15.55 $ 14.19 $ 14.13 $ 13.42 $ 14.00
======= ======= ======= ======= ======= =======
Total return(/1/) (13.08)% 24.17% 8.46% 18.39% 8.32% 21.03%
Ratios/Supplemental Data:
Net assets, end of
period (000's omitted) $68,362 $88,459 $71,764 $77,173 $68,717 $68,306
Ratio of expenses to
average net assets(/2/) 2.37% 2.42% 2.32% 2.18% 2.18% 2.24%
Ratio of net investment
income (loss) to
average
net assets (1.71)% (1.79)% (1.49)% (0.62)% (1.31)% (1.08)%
Portfolio turnover rate 14% 61% 86% 57% 84% 63%
</TABLE>
-----------
(/1/) Does not reflect contingent deferred sales charge.
(/2/) Without fees waived by the investment advisor and distributor, the ratio
of expenses to average net assets would have been 2.56%, 2.57%, 2.58%,
2.54%, 2.55% and 2.57%, respectively.
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
(Information as of and for the six months ended November 30, 2000 is
unaudited)
1. Organization:
American Pension Investors Trust (the "Trust") is organized as a Massachu-
setts 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 comprised of six separate portfolios. The accom-
panying 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 ("underlying
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 se-
curities exchange are valued at the last quoted sales price on the ex-
change 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. Divi-
dend income and distributions to shareholders are recorded on the ex-div-
idend date. Interest income and expenses are recorded on an accrual ba-
sis.
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 substantially all of its investment company
taxable income to its shareholders. Therefore, no federal income tax pro-
vision is required.
As of November 30, 2000, 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 securities where there is an excess of value over tax cost or
tax cost over value were $59,781,949, $7,303,692, $11,153,395 and
$3,849,703, respectively.
d. Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States 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
9
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
NOTES TO FINANCIAL STATEMENTS, Continued
2. Significant Accounting Policies, continued:
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those esti-
mates.
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 princi-
pal stockholder is also a trustee of the Trust, serves as the Fund's in-
vestment 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, 2000, the Advisor waived $37,462 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. The Distributor waives a portion of
its fees pursuant to certain rules of the National Association of Securi-
ties Dealers, Inc. ("NASD"). Under these rules, 12b-1 fees received by Dis-
tributors are combined with those charged by the underlying funds in deter-
mining the maximum percentage limits currently permitted by the NASD. Dur-
ing the six months ended November 30, 2000, the Distributor waived $40,304
of its fees.
In addition, to the extent possible, the Distributor is generally desig-
nated 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 year ended November 30, 2000, the Distributor received $37,462
from brokerage commissions earned on its execution of purchases of portfo-
lio 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 redemp-
tions made within five years of the date that Fund shares are purchased.
10
<PAGE>
AMERICAN PENSION INVESTORS TRUST
GROWTH FUND
NOTES TO FINANCIAL STATEMENTS, Continued
5. Investment Activity:
For the year ended November 30, 2000, 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
$5,760,989 and $16,409,337, respectively.
6. Composition of Net Assets:
At November 30, 2000, net assets consisted of:
<TABLE>
<S> <C>
Paid-in capital $58,483,737
Accumulated net realized gain from security transactions 3,294,489
Accumulated net investment loss (720,250)
Unrealized appreciation on investments 7,303,692
-----------
Net assets applicable to outstanding shares of beneficial
interest $68,361,668
===========
</TABLE>
11
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS
November 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
MUTUAL FUNDS -- 71.20%
Large Cap Core Funds -- 26.07%
Kemper Blue Chip Fund 52,026 $1,035,318
Principal Preservation S&P 100 Plus Portfolio 41,910 1,658,837
----------
2,694,155
----------
Multi Cap Core Funds -- 0.67%
Vanguard Index Trust Total Stock Market Portfolio 2,378 68,816
----------
Mid Cap Core Funds -- 5.56%
T. Rowe Price Extended Equity Market Index Fund 51,652 574,897
----------
Equity Income Funds -- 3.36%
T. Rowe Price Equity Income Fund 13,572 347,048
----------
European Region Funds -- 8.14%
Goldman Sachs European Equity Fund 24,271 300,728
Kemper New Europe Fund 36,057 540,505
----------
841,233
----------
International Funds -- 5.20%
Vanguard Developed Markets Index Fund 60,301 537,286
----------
Latin American Funds -- 5.60%
Van Kampen American Capital Latin American Fund 51,449 578,812
----------
S&P 500 Funds -- 10.92%
Federated Index Trust Max-Cap Fund 26,964 722,372
Vanguard Index Trust 500 Portfolio 3,336 405,735
----------
1,128,107
----------
World Income Funds -- 5.68%
Bear Stearns Emerging Markets Debt Portfolio 58,276 586,849
----------
Total Mutual Funds
(cost $6,921,699) 7,357,203
----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
EXCHANGE TRADED
INDEX SHARES -- 28.80%
Diamonds Trust Series 2,900 $ 302,325
i Shares MSCI Belgium Index Fund 18,000 212,625
i Shares MSCI Switzerland Index Fund 15,000 229,688
i Shares MSCI Austria Index Fund 32,000 224,000
i Shares MSCI United Kingdom Index Fund 13,000 224,250
SPDR-Nasdaq 100 Index 5,100 319,388
SPDR -- S&P 500 Index 11,100 1,463,466
-----------
Total Exchange Traded Index Shares
(cost $3,264,366) 2,975,742
-----------
Total Investments
(cost $10,186,065) $10,332,945
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2000
(Unaudited)
<TABLE>
<S> <C>
Assets:
Investments at value (identified cost of $10,186,065) $10,332,945
Cash 423,582
Receivable for shareholder purchases 45,976
Other assets 43,961
-----------
Total assets 10,846,464
-----------
Liabilities:
Accrued distribution fees 3,628
Accrued advisory fees 4,525
Other liabilities 17,493
-----------
Total liabilities 25,646
-----------
Net assets $10,820,818
===========
Shares of beneficial interest outstanding (unlimited number of no
par value shares authorized) 515,873
===========
Net asset value and offering price per share outstanding $ 20.98
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
STATEMENT OF OPERATIONS
for the six months ended November 30, 2000
(Unaudited)
<TABLE>
<S> <C>
Investment income:
Dividends $ 62,306
Interest 36,592
----------
Total income 98,898
----------
Expenses:
Investment advisory fees 35,013
Distribution fees 29,177
Transfer agent fees 21,823
Custodial fees 2,509
Professional fees 8,413
Registration fees 7,554
Trustee fees 1,592
Insurance 3,096
Shareholder reports 2,740
Miscellaneous 1,279
----------
113,196
Less expenses waived by investment advisor and distributor (8,042)
----------
Total expenses 105,154
----------
Net investment loss (6,256)
----------
Realized and unrealized gain (loss) on investments:
Net realized gain from security transactions 172,795
Capital gain distributions from mutual funds 28,919
Change in unrealized appreciation on investments (1,175,569)
----------
Net realized and unrealized gain (loss) on investments (973,855)
----------
Net increase in net assets resulting from operations $ (980,111)
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
14
<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, 2000 Year Ended
(Unaudited) May 31, 2000
------------- ------------
<S> <C> <C> <C>
Operations:
Net investment income (loss) $ (6,256) $ 108,605
Net realized gain from security transactions 172,795 1,370,151
Capital gain distributions from mutual funds 28,919 461,475
Net change in unrealized appreciation on
investments (1,175,569) (474,118)
----------- -----------
Increase (decrease) in net assets resulting
from operations (980,111) 1,466,113
----------- -----------
Distributions:
From net investment income (295,335)
From net realized gain on security
transactions (1,046,090)
-----------
Decrease in net assets resulting from
distributions (1,341,425)
-----------
Capital share transactions:
Proceeds from sale of 75,130 and 175,298
shares 1,750,314 4,098,482
Value of 56,629 shares issued upon
reinvestment of dividends 1,240,231
Cost of 44,280 and 347,160 shares redeemed (1,023,830) (8,212,124)
----------- -----------
Increase (decrease) in net assets resulting
from capital share transactions 726,484 (2,873,411)
----------- -----------
Total decrease in net assets (253,627) (2,748,723)
Net assets:
Beginning of year/period 11,074,445 13,823,168
----------- -----------
End of year/period $10,820,818 $11,074,445
=========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
For the
Six Months
Ended For the Years Ended May 31,
Nov. 30, 2000 ----------------------------------------------
(Unaudited) 2000 1999 1998 1997 1996
------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each
year/period:
Net asset value,
beginning of year/period $ 22.83 $ 23.03 $ 22.96 $ 19.92 $17.57 $17.21
------- ------- ------- ------- ------ ------
Income from investment
operations:
Net investment income
(loss) (.02) .15 .02 0.16 0.32 0.34
Net realized and
unrealized gain (loss)
on investments (1.83) 1.90 1.38 4.64 3.49 2.57
------- ------- ------- ------- ------ ------
Total income (loss)
from investment
operations (1.85) 2.05 1.40 4.80 3.81 2.91
------- ------- ------- ------- ------ ------
Distributions:
From net investment
income (.50) (0.30) (0.48) (0.28)
From net realized gain
on security
transactions (1.75) (1.33) (1.46) (0.98) (2.27)
------- ------- ------- ------ ------
Total distributions (2.25) (1.33) (1.76) (1.46) (2.55)
------- ------- ------- ------ ------
Net asset value, end
of year/period $20.98 $ 22.83 $ 23.03 $ 22.96 $19.92 $17.57
======= ======= ======= ======= ====== ======
Total return(/1/) (8.10)% 9.49% 6.57% 25.30% 22.43% 17.65%
Ratios/Supplemental Data:
Net assets, end of
period (000's omitted) $10,821 $11,074 $13,823 $11,592 $8,098 $4,417
Ratio of expenses to
average net assets(/2/) 1.83% 1.43% 1.34% 1.47% 1.77% 2.22%
Ratio of net investment
income (loss) to
average
net assets (0.11)% 0.82% 0.09% 0.80% 1.84% 1.43%
Portfolio turnover rate 44% 53% 79% 33% 67% 40%
</TABLE>
-----------
(/1/) Does not reflect contingent deferred sales charge.
(/2/) Without fees waived by the investment advisor, the ratio of expenses to
average net assets would have been 1.97%, 1.84%, 1.94%, 2.07%, 2.38% and
2.82%, respectively.
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS
(Information as of and for the six months ended November 30, 2000 is
unaudited)
1. Organization:
American Pension Investors Trust (the "Trust") is organized as a Massachu-
setts 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 comprised of six separate portfolios. The accom-
panying 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 primarily in mutual funds
("underlying 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 se-
curities exchange are valued at the last quoted sales price on the ex-
change 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. Divi-
dend income and distributions to shareholders are recorded on the ex-div-
idend date. Interest income and expenses are recorded on an accrual ba-
sis.
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 compa-
nies and to distribute substantially all of its investment company tax-
able income to its shareholders. Therefore, no federal income tax provi-
sion is required.
As of November 30, 2000, 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 securities where there is an excess of value over tax cost or
tax cost over value were $10,186,065, $146,880, $821,747 and $674,867,
respectively.
d. Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to
make estimates and assumptions that affect the reported
17
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS, Continued
2. Significant Accounting Policies, continued:
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 re-
sults 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 princi-
pal stockholder is also a trustee of the Trust, serves as the Fund's in-
vestment advisor and manager. For its services, the Advisor receives a fee,
calculated daily and payable monthly, at an annual rate of .60% of the av-
erage 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 year ended November 30, 2000, the
Advisor waived $1,740 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 an annual fee of .50% of
the Fund's average daily net assets. The Distributor waives a portion of
its fees pursuant to certain rules of the National Association of Securi-
ties Dealers, Inc. ("NASD"). Under these rules, 12b-1 fees received by Dis-
tributors are combined with those charged by the underlying funds in deter-
mining the maximum percentage limits currently permitted by the NASD. Dur-
ing the year ended November 30, 2000, the Distributor waived $6,302 of its
fees.
In addition, to the extent possible, the Distributor is generally desig-
nated 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 year ended November 30, 2000, the Distributor received $10,365
from brokerage commissions earned on its execution of purchases of portfo-
lio investments for the Fund. The principal stockholder of the Distributor
is also a trustee of the Trust.
A 1.50% contingent deferred sales charge in generally imposed on redemp-
tions made within five years of the date that Fund shares are purchased.
18
<PAGE>
AMERICAN PENSION INVESTORS TRUST
CAPITAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS, Continued
5. Investment Activity:
For the year ended November 30, 2000, 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
$3,070,948 and $2,438,127 respectively.
6. Composition of Net Assets:
At November 30, 2000, net assets consisted of:
<TABLE>
<S> <C>
Paid-in capital $ 8,784,250
Accumulated net investment income 34,456
Accumulated net realized gain from security transactions 1,855,232
Unrealized appreciation on investments 146,880
-----------
Net assets applicable to outstanding shares of beneficial
interest $10,820,818
===========
</TABLE>
19
<PAGE>
AMERICAN PENSION INVESTORS TRUST
MULTIPLE INDEX TRUST
SCHEDULE OF INVESTMENTS
November 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
MUTUAL FUNDS -- 66.31%
Large Cap Growth Funds -- 3.67%
Rydex Series Trust OTC Fund 26,913 $ 487,675
-----------
Large Cap Core Funds -- 12.91%
Principal Preservation S&P 100 Plus Portfolio 43,293 1,713,557
-----------
Multi Cap Core Funds -- 2.94%
Vanguard Index Total Stock Market Portfolio 13,484 390,101
-----------
Mid Cap Core Funds -- 4.67%
T. Rowe Price Extended Equity Market Index Fund 55,716 620,124
-----------
Mid Cap Value Funds -- 0.29%
Federated Index Trust Mid-Cap Fund 2,367 38,727
-----------
Emerging Markets Fund -- 0.66%
Vanguard International Index Emerging Markets Portfolio 10,191 86,937
-----------
Small Cap Value Funds -- 1.21%
Vanguard Index Small Cap Value 18,679 163,443
-----------
International Funds -- 8.95%
Deutsche EAFE Equity Index Fund 67,628 810,185
Vanguard Total International Index Fund 32,526 377,635
-----------
1,187,820
-----------
Pacific Region Funds -- 1.18%
Vanguard International Index Pacific Portfolio 16,613 156,998
-----------
S&P Index Objective Funds -- 13.38%
Federated Index Trust Max-Cap Fund 2,546 68,224
T. Rowe Price Equity Index Fund 14,478 513,246
SSGA S&P 500 Index Fund 23,934 521,285
Vanguard Index Trust 500 Portfolio 5,535 673,172
-----------
1,775,927
-----------
Science & Technology Funds -- 16.45%
Principal Preservation Tech 100 Index Portfolio 88,340 2,184,653
-----------
Total Mutual Funds (cost $8,920,871) 8,805,962
-----------
EXCHANGE TRADED INDEX SHARES -- 33.69%
Diamonds Trust Series 16,300 1,699,275
SPDR -- S&P Mid Cap 400 Index 6,000 529,125
SPDR -- Nasdaq 100 Index 19,000 1,189,875
SPDR -- S&P 500 Index 5,000 659,219
SPDR -- Finaical Sector Index 14,500 395,579
-----------
Total Exchange Traded Index Shares (cost $4,926,941) 4,473,073
-----------
Total Investments (cost $13,847,812) $13,279,035
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
AMERICAN PENSION INVESTORS TRUST
MULTIPLE INDEX TRUST
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2000
(Unaudited)
<TABLE>
<S> <C>
Assets:
Investments at value (identified cost of $13,847,812) $13,279,035
Cash 298,967
Receivable for shareholder purchases 38,480
Other assets 20,878
-----------
Total assets 13,637,360
-----------
Liabilities:
Other liabilities 13,866
-----------
Total liabilities 13,866
-----------
Net assets $13,623,494
===========
Shares of beneficial interest outstanding (unlimited number of no
par value shares authorized) 1,032,739
===========
Net asset value and offering price per share outstanding $ 13.19
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
AMERICAN PENSION INVESTORS TRUST
MULTIPLE INDEX TRUST
STATEMENT OF OPERATIONS
for the six months ended November 30, 2000
(Unaudited)
<TABLE>
<S> <C>
Investment income:
Dividends $ 37,625
Interest 15,361
-----------
Total income 52,986
-----------
Expenses:
Investment advisory fees 48,494
Transfer agent fees 14,393
Custodial fees 2,587
Professional fees 6,290
Registration fees 7,386
Trustee fees 705
Insurance 1,347
Shareholder reports 1,744
Miscellaneous 1,072
-----------
84,018
Less expenses waived by investment advisor (648)
-----------
Total expenses 83,370
-----------
Net investment loss (30,384)
-----------
Realized and unrealized gain (loss) on investments:
Net realized gain from security transactions 70,275
Capital gain distributions from mutual funds 494,808
Change in unrealized appreciation on investments (2,509,637)
-----------
Net realized and unrealized gain (loss) on investments (1,944,554)
-----------
Net decrease in net assets resulting from operations $(1,974,938)
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
22
<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, 2000 Year Ended
(Unaudited) May 31, 2000
------------- ------------
<S> <C> <C>
Operations:
Net investment loss $ (30,384) $ (10,141)
Net realized gain from security transactions 70,275 7,942
Capital gain distributions from mutual funds 494,808 119,285
Net change in unrealized appreciation on
investments (2,509,637) 1,163,488
----------- -----------
Increase (decrease) in net assets resulting from
operations (1,974,938) 1,280,574
----------- -----------
Distributions:
From net investment income (14,574)
From net realized gain on security transactions (120,540)
-----------
Decrease in net assets resulting from
distributions (135,114)
-----------
Capital share transactions:
Proceeds from sale of 317,673 and 441,480 shares 4,909,591 6,476,107
Value of 8,055 shares issued upon reinvestment of
dividends 125,703
Cost of 47,267 and 129,254 shares redeemed (715,314) (1,955,431)
----------- -----------
Increase in net assets resulting from capital
share transactions 4,194,277 4,646,379
----------- -----------
Total increase in net assets 2,219,339 5,791,839
Net assets:
Beginning of year/period 11,404,155 5,612,316
----------- -----------
End of year/period $13,623,494 $11,404,155
=========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
AMERICAN PENSION INVESTORS TRUST
MULTIPLE INDEX TRUST
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
For the
Six Months
Ended For the For the For the
Nov. 30, 2000 Year Ended Year Ended Period Ended
(Unaudited) May 31, 2000 May 31, 1999 May 31, 1998(/4/)
------------- ------------ ------------ -----------------
<S> <C> <C> <C> <C>
For a share outstanding
throughout the
year/period:
Net asset value,
beginning of year/period $ 14.96 $ 12.70 $11.04 $10.00
------- ------- ------ ------
Income from investment
operations:
Net investment income
(loss) (.03) (0.01) (0.01) 0.03
Net realized and
unrealized gain (loss)
on investments (1.74) 2.49 1.91 1.16
------- ------- ------ ------
Total income (loss)
from investment
operations (1.77) 2.48 1.90 1.19
------- ------- ------ ------
Distribution:
From net investment
income (0.12) (0.03)
From net realized gain
on security
transactions (0.10) (0.24) (0.12)
------- ------ ------
Total distributions (0.22) (0.24) (0.15)
------- ------ ------
Net asset value, end
of year/period $ 13.19 $ 14.96 $12.70 $11.04
======= ======= ====== ======
Total return(/2/) (11.83)% 19.46% 17.49% 11.99%
Ratios/Supplemental Data:
Net assets, end of
period (000's omitted) $13,623 $11,404 $5,612 $3,080
Ratio of expenses to
average net assets(/3/) 1.23%(/1/) 1.24% 1.23% 0.71%
Ratio of net investment
income (loss) to
average net assets (0.45)%(/1/) (0.11)% (0.09)% 0.36%
Portfolio turnover rate 8%(/1/) 17% 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 1.24%, 1.50%, 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.
24
<PAGE>
AMERICAN PENSION INVESTORS TRUST
MULTIPLE INDEX TRUST
NOTES TO FINANCIAL STATEMENTS
(Information as of and for the six months ended November 30, 2000 is
unaudited)
1. Organization:
American Pension Investors Trust (the "Trust") is organized as a Massachu-
setts 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 comprised of six separate portfolios. The accom-
panying 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 ojbective by investing at
least 65% of its total assets in shares of other open-end investment compa-
nies whose portfolios mirror those of one index or another of market secu-
rities. A 1.50% contingent deferred sales charge is generally imposed on
redemptions made within five years of the date that fund shares are pur-
chased.
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 se-
curities exchange are valued at the last quoted sales price on the ex-
change 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. Divi-
dend income and distributions to shareholders are recorded on the ex-div-
idend date. Interest income and expenses are recorded on an accrual ba-
sis.
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 compa-
nies and to distribute substantially all of its investment company tax-
able income to its shareholders. Therefore, no federal income tax provi-
sion is required.
As of November 30, 2000, the aggregate cost of investments for federal
income tax purposes, the net unrealized depreciation on a federal income
tax basis, and the gross unrealized appreciation and depreciation with
respect to securities where there is an excess of value over tax cost or
tax cost over value were $13,847,812, $568,777, $1,018,211 and
$1,586,988, respectively.
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.
25
<PAGE>
AMERICAN PENSION INVESTORS TRUST
MULTIPLE INDEX TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
2. Significant Accounting Policies, continued:
e. Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States 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 princi-
pal stockholder is also a trustee of the Trust, serves as the Fund's in-
vestment advisor and manager. For its services, the Advisor receives a fee,
calculated daily and payable monthly, at an annual rate of .70% of the av-
erage daily net assets of the Fund. For the year ended November 30, 2000,
the Advisor waived $648 of its advisory fees.
4. Investment Activity:
For the period ended November 30, 2000, 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
$5,305,440 and $500,775, respectively.
5. Composition of Net Assets:
At November 30, 2000, net assets consisted of:
<TABLE>
<S> <C>
Paid-in capital $13,630,322
Accumulated net realized gain from security transactions 592,333
Accumulated net investment loss (30,384)
Unrealized depreciation on investments (568,777)
-----------
Net assets applicable to outstanding shares of beneficial
interest $13,623,494
===========
</TABLE>
26
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
SCHEDULE OF INVESTMENTS
November 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
Common Stocks -- 83.43%
Banks -- 9.37%
BB&T Corp. 21,000 $ 700,875
Firstar Corp. 32,000 620,000
J.P. Morgan & Co. Inc. 5,800 781,913
----------
2,102,788
----------
Chemicals -- 12.64%
Cytec Industries Inc. 15,000 518,437
du Pont (E.I.) de Nemours & Co. 23,000 973,188
Dow Chemical Co. 35,000 1,069,687
NL Industries, Inc. 6,000 134,250
Sigma-Aldrich Corp. 4,000 143,000
----------
2,838,562
----------
Computer Software &
Services -- 5.77%
First Data Corp. 25,300 1,295,044
----------
Diversified Companies -- 15.13%
Citi Group 48,000 2,391,000
Service Corp. International 30,000 56,250
Tyco International Limited 18,000 949,500
----------
3,396,750
----------
Drugs -- 4.13%
Merck & Co. Inc. 10,000 926,875
----------
Electronics -- 0.93%
Paxar Corp. 23,800 199,325
Visteon Corp. 654 9,728
----------
209,053
----------
Financial Services -- 6.61%
American Express Co. 27,000 1,483,313
----------
Insurance -- 1.72%
Metlife Inc 13,000 385,125
----------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
Office Supplies &
Equipment -- 0.86%
Xerox Corp. 28,000 $ 194,250
-----------
Petroleum -- 1.64%
Chevron Corp. 4,500 368,437
-----------
Retail -- 5.05%
Radioshack Corp. 2,000 93,750
TJX Corp. 10,000 256,250
Wal Mart Stores Inc. 15,000 782,812
-----------
1,132,812
-----------
Securities Brokerage -- 15.59%
Bear Stearns Companies, Inc. 9,000 413,437
Lehman Brothers Holdings Inc. 27,600 1,367,925
Morgan Stanley, Dean Witter,
Discover & Co. 16,400 1,039,350
Raymond James Financial Inc. 24,000 678,000
-----------
3,498,712
-----------
Semiconductor -- 2.05%
Motorola Inc. 23,000 461,438
-----------
Thrift -- 1.94%
Fannie Mae 5,500 434,500
-----------
Total Common Stocks
(cost $13,381,443) 18,727,659
-----------
Exchange Traded
Index Shares -- 16.57%
SPDR -- NASDAQ 100 Index 13,800 864,225
SPDR -- S&P 500 Index 16,400 2,162,238
SPDR -- S&P Mid Cap 400 Index 3,700 326,294
SPDR -- Financial Sector Index 13,500 368,298
-----------
Total Exchange Traded Index Shares
(cost $4,109,357) 3,721,055
-----------
Total Investments
(cost $17,490,800) $22,448,714
===========
</TABLE>
The accompanying notes are an integral part of the financial statments.
27
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2000
(Unaudited)
<TABLE>
<S> <C>
Assets:
Investments at value (identified cost of $17,490,800) $22,448,714
Cash 1,385
Receivable for shareholder purchases 123,583
Other assets 21,798
-----------
Total assets 22,595,480
-----------
Liabilities:
Accrued distribution fees 13,723
Accrued advisory fees 13,723
Borrowings for purchase of securities 4,956,000
Accrued interest expense 32,003
Other liabilities 58,077
-----------
Total liabilities 5,073,526
-----------
Net assets $17,521,954
===========
Shares of beneficial interest outstanding (unlimited number of no
par value shares authorized) 1,032,569
===========
Net asset value and offering price per share outstanding $ 16.97
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
28
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
STATEMENT OF OPERATIONS
for the six months ended November 30, 2000
(Unaudited)
<TABLE>
<S> <C>
Investment Income:
Dividends $217,120
Interest 384
--------
Total income 217,504
--------
Expenses:
Investment advisory fees 80,362
Distribution fees 80,362
Transfer agent fees 19,519
Custodial fees 5,206
Professional fees 9,816
Registration fees 6,418
Trustee fees 1,519
Insurance 3,656
Shareholder reports 2,686
Miscellaneous 1,454
--------
Total operating expenses 210,998
Interest expense 130,817
--------
Total expenses 341,815
--------
Net investment loss (124,311)
--------
Realized and unrealized gain (loss) on investments:
Net realized gain from security transactions 415,722
Change in unrealized appreciation on investments 403,487
--------
Net realized and unrealized gain on investments 819,209
--------
Net increase in net assets resulting from operations $694,898
========
</TABLE>
The accompanying notes are an integral part of the financial statements.
29
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
STATEMENT OF CASH FLOWS
for the six months ended November 30, 2000
(Unaudited)
<TABLE>
<S> <C> <C>
Cash provided (used) by financing activities:
Sales of capital shares $ 38,764,376
Repurchase of capital shares (35,843,584)
------------
Cash provided by capital share transactions 2,920,792
Cash provided by borrowing, net of borrowings repaid
of $ 791,000
------------
$3,711,792
Cash provided (used) by operations:
Purchases of portfolio securities $(12,033,150)
Proceeds from sales of portfolio securities 8,424,268
------------
(3,608,882)
------------
Net investment loss (124,311)
Net change in receivables/payables related to
operations 22,282
------------
(102,029)
------------
(3,710,911)
----------
Net increase in cash 881
Cash, beginning of year 504
----------
Cash, end of year $ 1,385
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
30
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the
Six Months Ended For the
Nov. 30, 2000 Year Ended
(Unaudited) May 31, 2000
---------------- ------------
<S> <C> <C>
Operations:
Net investment loss $ (124,311) $ (378,255)
Net realized gain from security transactions 415,722 1,031,851
Net change in unrealized appreciation on
investments 403,487 298,673
------------ -----------
Increase in net assets resulting from
operations 694,898 952,269
------------ -----------
Distributions:
From net realized gains on security
transactions (1,695,717)
-----------
Decrease in net assets resulting from
distributions (1,695,717)
-----------
Capital share transactions:
Proceeds from sale of 2,187,064 and 1,872,518
shares 38,857,959 29,318,121
Value of 115,017 shares issued upon
reinvestment of dividends 1,642,574
Cost of 2,024,097 and 2,086,490 shares
redeemed (35,888,026) (31,946,998)
------------ -----------
Increase (decrease) in net assets resulting
from capital share transactions 2,969,933 (986,303)
------------ -----------
Total increase (decrease) in net assets 3,664,831 (1,729,751)
Net assets:
Beginning of year/period 13,857,123 15,586,874
------------ -----------
End of year/period $ 17,521,954 $13,857,123
============ ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
31
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
For the
Six Months
Ended For the Year Ended May 31,
Nov. 30, 2000 ----------------------------------------------
(Unaudited) 2000 1999 1998 1997 1996
------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each
year/period:
Net asset value,
beginning of year/period $15.94 $ 16.09 $ 14.90 $ 14.23 $ 12.00 $12.98
------ ------- ------- ------- ------- ------
Income from investment
operations:
Net investment loss (.12) (0.43) (0.41) (0.47) (0.25) (0.28)
Net realized and
unrealized gain on
investments 1.15 1.78 2.79 2.19 2.69 0.93
------ ------- ------- ------- ------- ------
Total income from
investment
operations 1.03 1.35 2.38 1.72 2.44 0.65
------ ------- ------- ------- ------- ------
Distributions:
From net realized gain
on security
transactions (1.50) (1.19) (1.05) (0.21) (1.63)
------- ------- ------- ------- ------
Total distributions (1.50) (1.19) (1.05) (0.21) (1.63)
------- ------- ------- ------- ------
Net asset value, end
of year/period $16.97 $ 15.94 $ 16.09 $ 14.90 $ 14.23 $12.00
====== ======= ======= ======= ======= ======
Total return(/1/) 6.46% 9.61% 17.80% 13.02% 20.59% 6.36%
Ratios/Supplemental Data:
Net assets, end of
period (000's omitted) 17,522 $13,857 $15,587 $13,664 $13,060 $9,072
Ratio of operating
expenses to average net
assets(/2/) 2.41%(/4/) 2.27% 2.44% 2.54% 2.65% 2.68%
Ratio of total expenses
to average net
assets(/3/) 3.91%(/4/) 4.00% 4.77% 5.52% 5.20% 6.22%
Ratio of net investment
loss to average net
assets (1.42%)(/4/) (2.33)% (2.82)% (3.08)% (2.50)% (2.67)%
Portfolio turnover rate 79%(/4/) 113% 187% 145% 115% 145%
</TABLE>
-----------
(/1/) Does not reflect contingent deferred sales charge.
(/2/) Without fees waived by the investment advisor and distributor, the
annualized ratio of operating expenses to average net assets would have
been 2.41%, 2.42%, 2.60%, 2.69%, 2.80% and 2.87%, respectively.
(/3/) Without fees waived by the investment advisor and distributor, the
annualized ratio of total expenses to average net assets would have been
3.91%, 4.15%, 4.92%, 5.67%, 5.35% and 6.41%, respectively.
(/4/) Annualized.
The accompanying notes are an integral part of the financial statements.
32
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
NOTES TO FINANCIAL STATEMENTS
(Information as of and for the six months ended November 30, 2000 is
unaudited)
1. Organization:
American Pension Investors Trust (the "Trust") is organized as a Massachu-
setts 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 comprised of six separate portfolios. The accompanying fi-
nancial 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 in-
vesting 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 in-
dicators.
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 read-
ily 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. Divi-
dend income and distributions to shareholders are recorded on the ex-div-
idend date. Interest income and expenses are recorded on an accrual ba-
sis.
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 compa-
nies and to distribute substantially all of its investment company tax-
able income to its shareholders. Therefore, no federal income tax provi-
sion is required.
As of November 30, 2000, 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 securities where there is an excess of value over tax cost or
tax cost over value were $17,490,800, $4,957,914, $5,804,189 and
$846,275, respectively.
d. Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States 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.
33
<PAGE>
YORKTOWN CLASSIC VALUE TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
2. Significant Accounting Policies, continued:
f. Borrowings
The Fund is permitted to borrow up to one-third of the value of its net
assets, before such borrowings, for investment purposes. Such borrowing
is referred to as leveraging. As of November 30, 2000, the balance due
for securities purchased through leveraging was $4,956,000. The average
daily balance during the year ended November 30, 2000 was $3,200,951 or
$3.20 per share, based on average shares outstanding of 1,000,133. The
maximum amount of borrowings outstanding at any month-end during the year
was $4,956,000. The Fund's investment securities are pledged as collat-
eral under the borrowing arrangement.
Interest is charged at a rate of 1.50% plus the Fed Funds rate (8.0625%
as of November 30, 2000). Interest expense amounted to $130,817 for the
year ended November 30, 2000.
3. Investment Advisory Agreement:
Yorktown Management & Research Company, Inc. (the "Advisor"), whose princi-
pal stockholder is also a trustee of the Trust, serves as the Fund's in-
vestment advisor and manager. For its services, the Advisor receives a fee,
calculated daily and payable monthly, at an annual rate of .90% of the av-
erage 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 distri-
bution fees and .25% of service fees. The principal stockholder of the Dis-
tributor is also a trustee of the Trust.
A 1.50% contingent deferred sales charge is generally imposed on redemp-
tions made within five years of the date that Fund shares are purchased.
5. Investment Activity:
For the year ended November 30, 2000, 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
$12,033,151 and $8,424,268, respectively.
6.Composition of Net Assets:
At November 30, 2000, net assets consisted of:
<TABLE>
<S> <C>
Paid-in capital $11,921,471
Accumulated net realized gain from security transactions 766,880
Accumulated net investment loss (124,311)
Unrealized appreciation on investments 4,957,914
-----------
Net assets applicable to outstanding shares of beneficial
interest $17,521,954
===========
</TABLE>
34
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
SCHEDULE OF INVESTMENTS
November 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Principal Value
--------- -----
<S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS -- 100.00%
United States Treasury Stripped Interest Payment
Due 5/15/2008 $4,543,000 $3,018,328
Due 5/15/2009 3,102,000 1,947,764
----------
Total investments (cost $4,722,250) $4,966,092
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
35
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2000
(Unaudited)
<TABLE>
<S> <C>
Assets:
Investments at value (identified cost of $4,722,250) $4,966,092
Cash 294,457
Other assets 20,807
----------
Total assets 5,281,356
----------
Liabilities:
Other liabilities 8,190
----------
Total liabilities 8,190
----------
Net assets $5,273,166
==========
Shares of beneficial interest outstanding (unlimited number of no
par value shares authorized) 488,980
==========
Net asset value and offering price per share outstanding $ 10.78
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
36
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
STATEMENT OF OPERATIONS
for the six months ended November 30, 2000
(Unaudited)
<TABLE>
<S> <C>
Investment income:
Interest $181,921
--------
Expenses:
Investment advisory fees 9,310
Transfer agent fees 10,418
Custodial fees 1,495
Professional fees 3,171
Registration fees 7,616
Trustee fees 586
Insurance 1,226
Shareholder reports 1,363
Miscellaneous 935
--------
36,120
Less expenses waived/reimbursed by investment advisor (16,336)
--------
Total expenses 19,784
--------
Net investment income 162,137
--------
Realized and unrealized gain on investments:
Change in unrealized appreciation on investments 268,965
--------
Net realized and unrealized gain on investments 268,965
--------
Net increase in net assets resulting from operations $431,102
========
</TABLE>
The accompanying notes are an integral part of the financial statements.
37
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the
Six Months Ended For the
Nov. 30, 2000 Year Ended
(Unaudited) May 31, 2000
---------------- ------------
<S> <C> <C>
Operations:
Net investment income $162,137 $ 330,105
Net realized loss from security transactions (461,898)
Net change in unrealized appreciation on
investments 268,965 166,713
---------- -----------
Increase in net assets resulting from
operations 431,102 34,920
---------- -----------
Distributions:
From net investment income (87,786) (247,811)
From net realized gain on security transactions (59,946)
---------- -----------
Decrease in net assets resulting from
distributions (87,786) (307,757)
---------- -----------
Capital share transactions:
Proceeds from sale of 145,444 and 201,822
shares 1,502,548 2,061,420
Value of 7,805 and 28,745 shares issued upon
reinvestment of dividends 80,049 286,353
Cost of 52,250 and 555,096 shares redeemed (539,604) (5,692,195)
---------- -----------
Increase (decrease) in net assets resulting
from capital share transactions 1,042,993 (3,344,422)
---------- -----------
Total increase (decrease) in net assets 1,386,309 (3,617,259)
Net assets:
Beginning of year/period 3,886,857 7,504,116
---------- -----------
End of year/period $5,273,166 $ 3,886,857
========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
38
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
For the
Six Months
Ended For the For the For the
Nov. 30, 2000 Year Ended Year Ended Period Ended
(Unaudited) May 31, 2000 May 31, 1999 May 31, 1998(/4/)
------------- ------------ ------------ -----------------
<S> <C> <C> <C> <C>
For a share outstanding
throughout the
year/period:
Net asset value,
beginning of year/period $10.02 $10.53 $10.63 $10.00
------ ------ ------ ------
Income from investment
operations:
Net investment income .27 0.80 0.58 0.43
Net realized and
unrealized gain (loss)
on investments .69 (0.68) (0.02) 0.49
------ ------ ------ ------
Total income from
investment
operations .96 0.12 0.56 0.92
------ ------ ------ ------
Distributions:
From net investment
income (.20) (0.51) (0.64) (0.29)
From net realized gain
on security
transactions (0.12) (0.02)
------ ------ ------ ------
Total distributions (.20) (0.63) (0.66) (0.29)
------ ------ ------ ------
Net asset value, end
of the year/period $10.78 $10.02 $10.53 $10.63
====== ====== ====== ======
Total return(/2/) 9.80% 1.30% 5.11% 9.33%
Ratios/Supplemental Data:
Net assets, end of
period (000's omitted) $5,273 $3,887 $7,504 $3,844
Ratio of expenses to
average net assets(/3/) 0.86%(/1/) 0.76% 0.87% 0.84%
Ratio of net investment
income to average net
assets 7.01%(/1/) 6.72% 5.49% 5.85%
Portfolio turnover rate 0% 126% 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 ex-
penses to average net assets would have been 1.56%, 1.48%, 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.
39
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
NOTES TO FINANCIAL STATEMENTS
(Information as of and for the six months ended November 30, 2000 is
unaudited)
1. Organization:
American Pension Investors Trust (the "Trust") is organized as a Massachu-
setts 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 comprised of six separate portfolios. The accom-
panying 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 obli-
gations of the U.S. Treasury that are guaranteed as to principal and inter-
est by the full faith and credit of U.S. government. A 1.50% contingent de-
ferred 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 be-
tween 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. Dis-
tributions 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 compa-
nies and to distribute substantially all of its investment company tax-
able income to its shareholders. Therefore, no federal income tax provi-
sion is required.
As of November 30, 2000, the aggregate cost of investments for federal
income tax purposes and the unrealized appreciation on a federal income
tax basis, where there is an excess of tax value over cost were
$4,722,250 and $243,842, respectively.
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.
40
<PAGE>
AMERICAN PENSION INVESTORS TRUST
TREASURIES TRUST
NOTES TO FINANCIAL STATEMENTS, Continued
2. Significant Accounting Policies, continued:
e. Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States 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 princi-
pal stockholder is also a trustee of the Trust, serves as the Fund's in-
vestment advisor and manager. For its services, the Advisor receives a fee,
calculated daily and payable monthly, at an annual rate of .40% of the av-
erage daily net assets of the Fund. For the period ended November 30, 2000,
the Advisor waived all of its fees in the amount of $9,310. In addition,
the Advisor reimbursed $7,026 of the Fund's operating expenses.
4. Investment Activity:
For the six months ended November 30, 2000, purchases and sales of U.S.
government obligations amounted to $898,481 and $0, 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, 2000, net assets consisted of:
<TABLE>
<S> <C>
Paid-in capital $5,272,860
Accumulated net investment income 218,362
Accumulated net realized loss from security transactions (461,898)
Unrealized appreciation on investments (243,842)
----------
Net assets applicable to outstanding shares of beneficial
interest $5,273,166
==========
</TABLE>
41
<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 ACCOUNTANTS
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