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<PAGE> PAGE 1
000 B000000 05/31/96
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020 A000001 UNITED PACIFIC SECURITIES, INC.
020 B000001 33-0283352
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020 A000002 MOORS & CABOT, INC.
020 B000002 04-2644548
020 C000002 31
020 A000003 REYNDERS, GRAY & COMPANY, INC.
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020 A000004 ANDERSON & STRUDWICK, INC.
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<PAGE>
<PAGE> PAGE 2
020 C000004 8
020 A000005 CAPITAL INVESTMENT GROUP, INC.
020 B000005 56-1394939
020 C000005 5
020 A000006 MID ATLANTIC SECURITIES
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020 A000007 RUSHMORE SECURITIES CORP.
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020 A000008 WALNUT STREET SECURITIES, INC.
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020 A000009 H. BECK, INC.
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022 A000001 LEGG MASON WOOD WALKER, INC.
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022 D000001 12059
022 A000002 SIGNET FINANCIAL SERVICES, INC.
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<PAGE>
<PAGE> PAGE 6
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<PAGE> PAGE 7
062 B000200 100.0
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080 A000200 FEDERAL INSURANCE COMPANY (CHUBB GROUP)
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<PAGE>
<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE>
<PAGE> PAGE 11
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080 A000300 FEDERAL INSURANCE COMPANY (CHUBB GROUP)
<PAGE>
<PAGE> PAGE 12
080 C000300 925
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<PAGE> PAGE 13
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067 000600 N
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<PAGE> PAGE 15
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080 A000600 FEDERAL INSURANCE COMPANY (CHUBB GROUP)
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SIGNATURE CHARLES FOSTER
TITLE CHIEF FINANCIAL OFFI
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<NAME> GROWTH FUND
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<PAGE>
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<NAME> T-1 TREASURY TRUST
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<ACCUM-APPREC-OR-DEPREC> (25,042)
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<PAGE>
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<PAGE>
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<NAME> CAPITAL INCOME FUND
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<DIVIDEND-INCOME> 121,423
<INTEREST-INCOME> 7,361
<OTHER-INCOME> 0
<EXPENSES-NET> 78,322
<NET-INVESTMENT-INCOME> 50,462
<REALIZED-GAINS-CURRENT> 366,848
<APPREC-INCREASE-CURRENT> 129,912
<NET-CHANGE-FROM-OPS> 547,222
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 34,821
<DISTRIBUTIONS-OF-GAINS> 412,741
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 90,494
<NUMBER-OF-SHARES-REDEEMED> 41,370
<SHARES-REINVESTED> 26,026
<NET-CHANGE-IN-ASSETS> 1,385,554
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,194
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 99,516
<AVERAGE-NET-ASSETS> 3,525,481
<PER-SHARE-NAV-BEGIN> 17.21
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 2.57
<PER-SHARE-DIVIDEND> 0.28
<PER-SHARE-DISTRIBUTIONS> 2.27
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.57
<EXPENSE-RATIO> 2.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<PAGE>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> YORKTOWN CLASSIC VALUE TRUST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 12,687,682
<INVESTMENTS-AT-VALUE> 13,418,400
<RECEIVABLES> 51,602
<ASSETS-OTHER> 120,466
<OTHER-ITEMS-ASSETS> 24,523
<TOTAL-ASSETS> 13,614,991
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,543,202
<TOTAL-LIABILITIES> 4,543,202
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,218,230
<SHARES-COMMON-STOCK> 756,237
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 122,841
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 730,718
<NET-ASSETS> 9,071,789
<DIVIDEND-INCOME> 274,833
<INTEREST-INCOME> 1,418
<OTHER-INCOME> 0
<EXPENSES-NET> 484,495
<NET-INVESTMENT-INCOME> (208,244)
<REALIZED-GAINS-CURRENT> 873,225
<APPREC-INCREASE-CURRENT> (198,523)
<NET-CHANGE-FROM-OPS> 466,458
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 958,586
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 206,173
<NUMBER-OF-SHARES-REDEEMED> 35,821
<SHARES-REINVESTED> 85,786
<NET-CHANGE-IN-ASSETS> 2,581,303
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 69,898
<INTEREST-EXPENSE> 275,751
<GROSS-EXPENSE> 499,030
<AVERAGE-NET-ASSETS> 7,786,914
<PER-SHARE-NAV-BEGIN> 12.98
<PER-SHARE-NII> (0.28)
<PER-SHARE-GAIN-APPREC> 0.93
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.63
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.00
<EXPENSE-RATIO> 6.22
<AVG-DEBT-OUTSTANDING> 3,370,113
<AVG-DEBT-PER-SHARE> 5.44
<PAGE>
</TABLE>
<PAGE>
Coopers Coopers & Lybrand L.L.P.
&Lybrand
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
__________
To the Board of Directors of
American Pension Investors Trust:
In planning and performing our audit of the financial
statements and financial highlights of American Pension Investors Trust
(comprised of the Growth Fund, T-1 Treasury Trust Fund, Capital Income
Fund, and Yorktown Classic Value Trust) for the year ended May 31, 1996,
we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and
financial highlights and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control structure.
The management of American Pension Investors Trust is
responsible for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs
of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that transactions
are executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not to be detected.
Also, projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
<PAGE>
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in
relation to the financial statements and financial highlights being
audited may occur and not be detected within a timely period by employees
in the normal course of performing their assigned functions. However, we
noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of May 31, 1996.
This report is intended solely for the information and
use of the Board of Directors and management of American Pension Investors
Trust and the Securities and Exchange Commission.
/s/ Coopers & Lybrand L.L.P.
-----------------------------
COOPERS & LYBRAND L.L.P.
Baltimore, Maryland
June 14, 1996
<PAGE>
