N-Q 1 dnq.htm N-Q N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number: 811-04262

 

AMERICAN PENSION INVESTORS TRUST

(Exact name of registrant as specified in charter)

 

David D. Basten, President

American Pension Investors Trust

2303 Yorktown Avenue

Lynchburg, Virginia 24501

(Name and address of agent for service)

Registrant’s telephone number, including area code: (434) 846-1361

Copies to:

Thomas S. Harman, Esq.

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

 

Date of fiscal year end: May 31, 2008

 

Date of reporting period: February 29, 2008

ITEM 1. SCHEDULE OF INVESTMENTS

API TRUST EFFICENT FRONTIER

CAPITAL INCOME FUND

SCHEDULE OF INVESTMENTS

February 29, 2008

(Unaudited)

 

     Shares    Value

COMMON STOCKS—50.8%

      

Auto Parts & Accessories—3.0%

      

Donaldson Company, Inc.

    18,000    $ 758,880
         

Auto/Truck—2.7%

      

Pacaar, Inc.

    15,500      672,390
         

Banks—2.7%

      

J.P. Morgan Chase & Co.

    17,000      691,050
         

Basic Materials—3.6%

      

Southern Copper Corp.

    8,000      912,880
         

Beverages—5.4%

      

Cadbury Schweppes PLC

    15,000      672,750

Coca Cola Co.

    12,000      701,520
         
        1,374,270
         

Computers—Software—2.8%

      

DST Systems, Inc.

    10,000      702,600
         

Diversified Technology—3.0%

      

Honeywell International, Inc.

    13,000      748,020
         

Drugs—2.4%

      

GlaxoSmithKline PLC

    14,000      614,740
         

Energy—2.9%

      

Transcanada Corp.

    18,000      721,620
         

Financial Services—8.5%

      

Barclays PLC

    19,000      713,830

Legg Mason, Inc.

    12,000      792,480

ProLogis

    12,100      651,948
         
        2,158,258
         

Food Products—2.8%

      

Kraft Foods, Inc.

    23,000      716,910
         

Insurance—2.7%

      

AXA Group

    20,000      673,200
         

Utilities—Electric—3.2%

      

TransAlta Corp.

    23,000      818,800
         

Utilities—Telecommunications—5.1%

      

A T & T, Inc.

    17,000      592,110

Philippine Long Distance Telephone

    10,000      709,500
         
        1,301,610
         

Total Common Stocks (cost $11,938,424)

         12,865,228
         

CLOSED END FUNDS—3.2%

      

Latin American Discovery Fund

    26,500      822,825
         

Total Closed End Funds (cost $311,228)

         822,825
         

EXCHANGE TRADED FUNDS—16.9%

      

i Shares Cohen & Steers Realty Major

    9,000      678,780

i Shares Dow Jones Regional Bank Index

    18,500      667,480

i Shares Dow Jones Select Dividend Index

    12,000      710,280

i Shares S&P Global Energy Sector

    6,000      802,680

i Shares S&P/TOPIX 150

    6,000      668,280

PowerShares High Yield Equity Dividend Trust

    63,000      764,820
         

Total Exchange Traded Funds (cost $4,040,473)

         4,292,320
         

FOREIGN EXCHANGE TRADED FUNDS—25.8%

      

i Shares MSCI Brazil

    10,000      839,600

i Shares MSCI Canada

    24,000      768,240

i Shares MSCI Pacific Ex-Japan

    4,500      623,160

i Shares MSCI Taiwan

    49,000      756,070

i Shares S&P Latin America 40

    3,000      777,030

SPDR S&P Emerging Middle East & Africa ETF

    11,000      721,820

WisdomTree Emerging Markets High-Yield Equity Fund

    14,000      743,120

WisdomTree Europe Smallcap Dividend Fund

    11,000      626,890

WisdomTree International Dividend Top 100 Fund

    11,000      694,210
         

Total Foreign Exchange Traded Funds (cost $4,762,024)

         6,550,140
         

TOTAL INVESTMENTS—96.7% (cost $21,052,149)

         24,530,513

OTHER ASSETS IN EXCESS OF LIABILITIES—3.3%

         843,789
         

Net Assets—100.0%

       $ 25,374,302
         

API TRUST EFFICENT FRONTIER

GROWTH FUND

SCHEDULE OF INVESTMENTS

February 29, 2008

(Unaudited)

 

     Shares    Value

COMMON STOCKS—27.6%

      

Banks—1.3%

      

HDFC Bank Ltd.

    6,500    $ 709,215
         

Auto Parts—0.6%

      

Copart, Inc.

    7,500      312,450
         

Basic Materials—1.4%

      

Rio Tinto PLC

    1,700      772,565
         

Communications—3.0%

      

CommScope, Inc.

    40,000      1,675,200
         

Computers—1.8%

      

Autodesk, Inc.

    15,000      466,350

Digital River, Inc.

    16,000      522,080
         
        988,430
         

Financial Services—2.4%

      

Blackrock, Inc.

    7,000      1,352,750
         

Home Construction—1.2%

      

Gafisa SA

    17,000      665,890
         

Hospital/Medical Care—0.9%

      

Psychiatric Solutions, Inc.

    17,000      480,930
         

Instruments & Controls—4.9%

      

FLIR Systems, Inc.

    66,000      1,878,360

Rofin-Sinar Technologies, Inc.

    22,000      866,140
         
        2,744,500
         

Insurance—2.1%

      

ACE Ltd.

    11,000      618,640

MetLife, Inc.

    10,000      582,600
         
        1,201,240
         

Medical Instruments/Supplies—1.2%

      

Mindray Medical International Ltd.

    19,000      697,300
         

Office Products/Services—3.5%

      

j2 Global Communications, Inc.

    24,000      516,480

Nuance Communications, Inc.

    89,000      1,464,050
         
        1,980,530
         

Retailers/Specialty—0.8%

      

Amazon.com, Inc.

    7,200      464,184
         

Securities Brokers/Investment Banking—1.0%

      

TradeStation Group, Inc.

    56,000      537,600
         

Utilities—Telecommunications—1.5%

      

Vimpel Communications

    25,000      868,250
         

Total Common Stocks (cost $11,720,903)

         15,451,034
         

CLOSED END FUNDS—2.9%

      

Morgan Stanley China A Share Fund, Inc.

    37,000      1,631,700
         

Total Closed End Funds (cost $1,908,906)

         1,631,700
         

EXCHANGE TRADED FUNDS—16.9%

      

Claymore ETF BNY BRIC

    28,000      1,400,560

PowerShares Zacks Micro Cap

    108,000      1,472,040

Vanguard Financial ETF

    29,000      1,367,930

Vanguard Growth ETF

    33,000      1,932,150

Vanguard Info Tech ETF

    28,000      1,415,120

Vanguard Small Cap ETF

    30,000      1,911,000
         

Total Exchange Traded Funds (cost $9,535,469)

         9,498,800
         

FOREIGN EXCHANGE TRADED FUNDS—51.0%

      

Asia 50 ADR Index Fund

    44,000      1,400,960

BLDRS Emerging Markets 50 ADR Index Fund

    26,500      1,384,625

iPath MSCI—India

    22,000      1,617,000

i Shares MSCI—Australia

    78,300      2,078,082

i Shares MSCI EAFE Growth Index

    44,400      3,203,460

i Shares MSCI—Hong Kong

    114,000      2,105,580

i Shares MSCI—Japan

    118,300      1,482,299

i Shares MSCI—Singapore

    70,900      864,980

i Shares MSCI—Sweden

    66,700      1,932,966

i Shares MSCI—Taiwan

    128,800      1,987,384

i Shares S&P Europe 350

    8,500      882,215

i Shares S&P Latin America 40

    12,000      3,108,120

SPDR DJ Global Titans ETF

    31,000      2,214,020

StreetTRACKS DJ Europe Strategic 50

    35,500      1,946,110

Vanguard Emerging Markets ETF

    26,000      2,534,740
         

Total Foreign Exchange Traded Funds (cost $24,489,633)

         28,742,541
         

TOTAL INVESTMENTS—98.4% (cost $47,654,911)

         55,324,075

OTHER ASSETS IN EXCESS OF LIABILITIES—1.6%

         918,815
         

Net Assets—100.0%

       $ 56,242,890
         

API TRUST EFFICENT FRONTIER

INCOME FUND

SCHEDULE OF INVESTMENTS

February 29, 2008

(Unaudited)

 

     Principal/Shares    Value

COMMON STOCKS—3.6%

      

Australia and New Zealand Banking

      2,300    $ 236,656

Bank of Montreal

      4,000      202,160
         

Total Common Stocks (cost $533,591)

         438,816
         

CORPORATE BONDS—42.8%

      

Autos/Auto Parts & Accessories—4.2%

      

Daimler Chrysler North America Holding Corp., 7.2%, due 9/1/2009

    $ 500,000      524,743
         

Financial Services—15.6%

      

CIT Group, Inc., 4.0%, due 5/8/2008

    $ 400,000      399,002

International Lease Finance Corp., 6.375%, due 3/15/2009

    $ 500,000      512,871

HSBC Finance Corp., 5.0%, due 12/15/2008

    $ 1,000,000      1,008,196
         
        1,920,069
         

Oil & Gas Exploration/Production—4.2%

      

Pemex Proj. Fdg. Master Trust, 7.875%, due 2/1/2009

    $ 500,000      519,250
         

Securities Brokers—18.8%

      

Goldman Sachs Group, 6.65%, due 5/15/2009

    $ 500,000      518,264

Merrill Lynch & Co., 10.0%, due 4/5/2019

    $ 1,900,000      1,805,000
         
        2,323,264
         

Total Corporate Bonds (cost $5,294,808)

         5,287,326
         

EXCHANGE TRADED FUNDS—33.3%

      

First Trust Morningstar Dividend Leaders Index

      8,300      153,882

PowerShares DB Commodity Index Tracking Fund

      30,000      1,084,500

PowerShares DB US Dollar Index Bullish Fund

      10,500      240,555

PowerShares International Dividend Achievers Portfolio

      10,500      198,135

Rydex S&P Equal Weight Financial ETF

      3,500      128,555

SPDR—DJ Wilshire Total Market ETF

      8,000      773,520

SPDR—S&P Dividend ETF

      15,500      798,560

Vanguard Dividend Appreciation ETF

      3,600      187,848

Vanguard Large-Cap ETF

      3,000      179,640

Vanguard Utilities ETF

      2,500      195,875

WisdomTree Europe High-Yielding Equity Fund

      3,000      174,330
         

Total Exchange Traded Funds (cost $3,953,003)

         4,115,400
         

U.S. GOVERNMENT AND AGENCY NOTES—13.8%

      

U. S. Treasury Stripped Interest Payment, due 11/15/2014

    $ 2,110,000      1,710,223
         

Total U.S. Government and Agency Notes (cost $1,533,194)

         1,710,223
         

TOTAL INVESTMENTS—93.5% (cost $11,314,596)

         11,551,765

OTHER ASSETS IN EXCESS OF LIABILITIES—6.5%

         798,261
         

Net Assets—100.0%

       $ 12,350,026
         

API TRUST EFFICENT FRONTIER

MULTIPLE INDEX FUND

SCHEDULE OF INVESTMENTS

February 29, 2008

(Unaudited)

 

     Shares    Value

EXCHANGE TRADED FUNDS—33.2%

      

i Shares Dow Jones Total Market Index

    18,000    $ 1,174,500

i Shares Dow Jones U.S. Broker-Dealers Index Fund

    25,000      1,045,250

i Shares Dow Jones U.S. Financial Sector

    14,000      1,177,820

i Shares Dow Jones U.S. Financial Services

    12,000      1,087,080

i Shares Goldman Sachs Networking

    41,500      1,170,715

Market Vectors—Agribusiness ETF

    23,500      1,337,150

SPDR—Financial Select Sector

    43,000      1,108,540

SPDR—Materials Select Sector

    35,000      1,432,200

SPDR—S&P BRIC 40 ETF

    43,000      1,253,880

WisdomTree Midcap Dividend Fund

    25,000      1,216,250
         

Total Exchange Traded Funds (cost $12,082,210)

         12,003,385
         

FOREIGN EXCHANGE TRADED FUNDS—64.4%

      

i Shares FTSE/Xinhua China 25 Index Fund

    7,000      1,017,730

i Shares MSCI—Australia

    47,000      1,247,380

i Shares MSCI—Austria

    36,000      1,190,160

i Shares MSCI—Brazil

    17,000      1,427,320

i Shares MSCI EAFE Index

    17,000      1,214,820

i Shares MSCI—Japan

    97,000      1,215,410

i Shares MSCI—Mexico

    24,000      1,333,920

i Shares MSCI—Pacific Ex-Japan

    9,000      1,246,320

i Shares MSCI—Singapore

    98,000      1,195,600

i Shares MSCI—South Africa

    10,500      1,244,460

i Shares MSCI—Spain

    22,000      1,263,240

i Shares MSCI—United Kingdom

    55,000      1,204,500

i Shares S&P Europe 350

    12,000      1,245,480

PowerShares Golden Dragon Halter USX China Portfolio

    42,000      1,164,660

SPDR DJ EURO STOXX 50 ETF

    22,000      1,206,040

SPDR S&P China ETF

    16,000      1,212,960

SPDR S&P Emerging Asia Pacific ETF

    15,000      1,193,700

SPDR S&P Emerging Europe ETF

    20,000      1,214,200

Vanguard Emerging Markets

    13,000      1,267,370
         

Total Foreign Exchange Traded Funds (cost $18,602,777)

         23,305,270
         

TOTAL INVESTMENTS—97.6% (cost $30,684,987)

         35,308,655

OTHER ASSETS IN EXCESS OF LIABILITIES—2.4%

         854,917
         

Net Assets—100.0%

       $ 36,163,572
         

API TRUST EFFICENT FRONTIER

VALUE FUND

SCHEDULE OF INVESTMENTS

February 29, 2008

(Unaudited)

 

     Shares    Value

COMMON STOCKS—74.2%

      

Aerospace/Defense—2.3%

      

Boeing Company

    10,000    $ 827,900
         

Banks—4.6%

      

Banco Santander

    47,000      835,660

Wachovia Corp.

    27,000      826,740
         
        1,662,400
         

Basic Materials—5.7%

      

Alcoa, Inc.

    27,000      1,002,780

ArcelorMittal

    14,000      1,064,280
         
        2,067,060
         

Communications—4.9%

      

NET Servicos de Comunicacao

    76,000      831,440

Tele Norte Leste

    38,000      951,140
         
        1,782,580
         

Computers—2.9%

      

International Business Machines, Inc.

    9,000      1,024,740
         

Drugs—2.1%

      

Dr. Reddy’s Labs Ltd.

    52,000      744,120
         

Electrical Equipment—2.5%

      

Belden CDT, Inc.

    23,000      903,900
         

Energy—11.8%

      

ENSCO International, Inc.

    16,000      957,440

Houston American Energy Corp

    100,000      427,000

Magellan Midstream Partners, L.P.

    20,000      866,200

StatoilHydro

    32,950      1,006,293

Transocean, Inc.

    7,000      983,570
         
        4,240,503
         

Financial Services—10.9%

      

American Express Company

    20,000      846,000

AmeriCredit Corp.

    83,000      1,193,540

Eaton Vance Corp.

    30,000      955,500

Franklin Resources, Inc.

    10,000      943,700
         
        3,938,740
         

Heavy Machinery/Equipment—2.1%

      

Deere & Company

    9,000      766,890
         

Home Construction/Manufacturing—3.4%

      

Pulte Homes, Inc.

    91,000      1,232,140
         

Insurance—4.9%

      

American National Insurance

    7,000      794,150

White Mountains Insurance Group Ltd.

    2,000      986,800
         
        1,780,950
         

Packaging/Containers—2.2%

      

Silgan Holdings, Inc.

    17,000      794,580
         

Securities Brokers/Investment Banking—8.2%

      

Charles Schwab Corp.

    38,000      745,180

Chicago Mercantile Exchange Holdings

    1,600      821,280

Goldman Sachs Group, Inc.

    4,000      678,520

Lehman Brothers Holdings, Inc.

    14,000      713,860
         
        2,958,840
         

Transportation—Equipment/Leasing—5.7%

      

CIT Group, Inc.

    41,000      911,020

Frontline Ltd.

    25,000      1,128,500
         
        2,039,520
         

Total Common Stocks (cost $24,652,601)

         26,764,863
         

EXCHANGE TRADED FUNDS—5.2%

      

Barclay’s Bank IPGS Crude Oil

    17,000      1,013,880

KBW Insurance ETF

    18,000      855,000
         

Total Exchange Traded Funds (cost $1,601,056)

         1,868,880
         

FOREIGN EXCHANGE TRADED FUNDS—19.6%

      

BLDRS Developed Markets 100 ADR Index

    30,000      856,800

i Shares MSCI—Brazil

    12,000      1,007,520

i Shares MSCI—Malaysia

    68,000      852,040

i Shares MSCI—South Korea

    16,000      908,800

Market Vectors Russia ETF

    18,000      871,020

SPDR—S&P Emerging Asia Pacific ETF

    11,000      875,380

SPDR—S&P Emerging Markets ETF

    12,000      860,880

WisdomTree Europe Total Dividend

    14,000      858,620
         

Total Foreign Exchange Traded Funds (cost $6,384,446)

         7,091,060
         

TOTAL INVESTMENTS—99.0% (cost $32,638,103)

         35,724,803

OTHER ASSETS IN EXCESS OF LIABILITIES—1.0%

         363,877
         

Net Assets—100.0%

       $ 36,088,680
         

ITEM 2. CONTROLS AND PROCEDURES.

 

(a) Based on their evaluation of Registrant’s disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant’s President and Chief Financial Officer have concluded that Registrant’s disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant’s officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above and have been reasonably designed and are functioning as intended to ensure that all relevant and required information is recorded, processed, summarized and reported in this report on Form N-Q.

 

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

ITEM 3. EXHIBITS

The certifications required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

American Pension Investors Trust
By:    /s/ David D. Basten
 

David D. Basten

President

Date:  April 25, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By:    /s/ David D. Basten
 

David D. Basten

President

Date:  April 25, 2008
By:    /s/ Charles D. Foster
 

Charles D. Foster

Chief Financial Officer

Date:  April 25, 2008