AMERICAN PENSION INVESTORS TRUST
NSAR-A, 1996-01-29
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<PAGE>
<PAGE>      PAGE  1
000 A000000 11/30/95
000 C000000 0000898432
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 AMERICAN PENSION INVESTORS TRUST
001 B000000 811-4262
001 C000000 8048461361
002 A000000 2303 YORKTOWN AVENUE
002 B000000 LYNCHBURG
002 C000000 VA
002 D010000 24501
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  4
007 C010100  1
007 C020100 AMERICAN PENSION INVESTORS TRUST GROWTH FUND
007 C030100 N
007 C010200  2
007 C020200 AMERICAN PENSION INVESTORS TRUST T-1 TREASURY
007 C030200 N
007 C010300  3
007 C020300 AMERICAN PENSION INVESTORS TRUST CAPITAL INCO
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C020600 AMERICAN PENSION INVESTORS TRUST CLASS VALUE
007 C030600 N
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 YORKTOWN MANAGEMENT & RESEARCH COMPANY, INC.
008 B00AA01 A
008 C00AA01 801-23441
008 D01AA01 LYNCHBURG
008 D02AA01 VA
008 D03AA01 24501
011 A00AA01 YORKTOWN DISTRIBUTORS, INC.
011 B00AA01 8-33522
011 C01AA01 LYNCHBURG
011 C02AA01 VA
011 C03AA01 24501
<PAGE>
<PAGE>      PAGE  2
012 A00AA01 FUND SERVICES, INC.
012 B00AA01 84-1553
012 C01AA01 RICHMOND
012 C02AA01 VA
012 C03AA01 23229
013 A00AA01 COOPERS & LYBRAND LLP
013 B01AA01 BALTIMORE
013 B02AA01 MD
013 B03AA01 21202
013 B04AA01 3316
014 A00AA01 YORKTOWN DISTRIBUTORS, INC.
014 B00AA01 8-33522
020 A000001 REYNDERS, GRAY & COMPANY, INC.
020 B000001 13-2942212
020 C000001     27
020 A000002 MOORS & CABOT, INC.
020 B000002 04-2644548
020 C000002     19
020 A000003 UNITED PACIFIC SECURITIES, INC.
020 B000003 33-0283352
020 C000003     19
020 A000004 CAPITAL INVESTMENT GROUP, INC. OF THE CAROLIN
020 B000004 56-1394939
020 C000004      4
020 A000005 TITAN/VALUE EQUITIES GROUP, INC.
020 B000005 95-2847425
020 C000005      4
020 A000006 WALNUT STREET SECURITIES, INC.
020 B000006 43-1333368
020 C000006      3
020 A000007 SECURITIES SERVICE NETWORK, INC.
020 B000007 62-1152936
020 C000007      3
020 A000008 H. BECK, INC.
020 B000008 52-1321340
020 C000008      3
020 A000009 WHEAT, FIRST SECURITIES, INC.
020 B000009 54-0796506
020 C000009      2
020 A000010 YORK SECURITIES, INC.
020 B000010 13-2993714
020 C000010      1
021  000000       93
022 A000001 LEGG MASON WOOD WALKER, INC.
022 B000001 52-0902557
022 C000001      4408
022 D000001      4708
022 C000002         0
022 D000002         0
022 C000003         0
022 D000003         0
<PAGE>
<PAGE>      PAGE  3
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054 D00AA00 N
054 E00AA00 N
<PAGE>
<PAGE>      PAGE  4
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
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054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
077 A000000 N
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034  000100 N
<PAGE>
<PAGE>      PAGE  5
035  000100      0
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<PAGE>
<PAGE>      PAGE  6
061  000100      500
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062 R000100   0.0
066 A000100 Y
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066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
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070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
<PAGE>
<PAGE>      PAGE  7
070 K020100 Y
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
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070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
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<PAGE>
<PAGE>      PAGE  8
072EE000100        0
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075 A000100        0
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076  000100     0.00
015 A000201 PIEDMONT TRUST BANK
015 B000201 C
015 C010201 MARTINSVILLE
015 C020201 VA
015 C030201 24112
015 E010201 X
018  000200 Y
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<PAGE>
<PAGE>      PAGE  9
028 B010200       160
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028 C020200         0
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034  000200 N
035  000200      0
036 B000200      0
037  000200 N
038  000200      0
039  000200 N
040  000200 Y
041  000200 Y
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042 B000200   0
042 C000200 100
042 D000200   0
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200   0
043  000200      5
044  000200      0
045  000200 Y
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<PAGE>
<PAGE>      PAGE  10
048 C010200        0
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048 D020200 0.000
048 E010200        0
048 E020200 0.000
048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
055 A000200 N
055 B000200 N
056  000200 N
057  000200 N
058 A000200 N
059  000200 Y
060 A000200 Y
060 B000200 Y
061  000200      500
062 A000200 Y
062 B000200 100.0
062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   0.0
062 M000200   0.0
062 N000200   0.0
062 O000200   0.0
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.0
063 A000200 210
063 B000200  0.0
064 A000200 N
064 B000200 N
066 A000200 N
067  000200 N
<PAGE>
<PAGE>      PAGE  11
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
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070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
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070 P010200 N
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<PAGE>
<PAGE>      PAGE  12
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<PAGE>
<PAGE>      PAGE  13
074 T000200     3554
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015 A000301 PIEDMONT TRUST BANK
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<PAGE>
<PAGE>      PAGE  14
036 B000300      0
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<PAGE>
<PAGE>      PAGE  15
062 A000300 N
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070 H020300 N
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070 I020300 N
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<PAGE>
<PAGE>      PAGE  16
070 L010300 Y
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<PAGE>
<PAGE>      PAGE  17
073 A010300   0.0000
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<PAGE>
<PAGE>      PAGE  18
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<PAGE>
<PAGE>      PAGE  19
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048 H010600        0
048 H020600 0.000
048 I010600        0
048 I020600 0.000
048 J010600        0
048 J020600 0.000
048 K010600        0
048 K020600 0.000
055 A000600 N
055 B000600 Y
056  000600 N
057  000600 N
058 A000600 N
059  000600 Y
060 A000600 N
060 B000600 N
061  000600      500
062 A000600 N
062 B000600   0.0
062 C000600   0.0
062 D000600   0.0
062 E000600   0.0
062 F000600   0.0
062 G000600   0.0
062 H000600   0.0
062 I000600   0.0
062 J000600   0.0
062 K000600   0.0
062 L000600   0.0
062 M000600   0.0
062 N000600   0.0
062 O000600   0.0
062 P000600   0.0
062 Q000600   0.0
062 R000600   0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 Y
066 E000600 N
<PAGE>
<PAGE>      PAGE  20
066 F000600 N
066 G000600 N
067  000600 N
068 A000600 N
068 B000600 N
069  000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 Y
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 Y
070 Q020600 Y
070 R010600 Y
070 R020600 N
071 A000600     13739
071 B000600     12328
071 C000600     10225
071 D000600  121
072 A000600  6
072 B000600        1
072 C000600      118
072 D000600        0
072 E000600        0
<PAGE>
<PAGE>      PAGE  21
072 F000600       33
072 G000600        0
072 H000600        0
072 I000600       11
072 J000600        3
072 K000600        0
072 L000600        0
072 M000600        1
072 N000600        7
072 O000600        0
072 P000600      128
072 Q000600        0
072 R000600        2
072 S000600        3
072 T000600       33
072 U000600        0
072 V000600        0
072 W000600        4
072 X000600      225
072 Y000600        8
072 Z000600      -98
072AA000600     1133
072BB000600      383
072CC010600        0
072CC020600      289
072DD010600        0
072DD020600        0
072EE000600        0
073 A010600   0.0000
073 A020600   0.0000
073 B000600   0.0000
073 C000600   0.0000
074 A000600       17
074 B000600        0
074 C000600        0
074 D000600        0
074 E000600        0
074 F000600    10937
074 G000600        0
074 H000600        0
074 I000600        0
074 J000600      254
074 K000600        0
074 L000600       64
074 M000600        8
074 N000600    11280
074 O000600      253
074 P000600       10
074 Q000600        0
074 R010600        0
074 R020600        0
<PAGE>
<PAGE>      PAGE  22
074 R030600        0
074 R040600     3124
074 S000600        0
074 T000600     7893
074 U010600      577
074 U020600        0
074 V010600    13.68
074 V020600     0.00
074 W000600   0.0000
074 X000600      213
074 Y000600        0
075 A000600        0
075 B000600     7260
076  000600     0.00
SIGNATURE   CHARLES FOSTER                               
TITLE       CHIEF FINAN. OFFICER
 
<PAGE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> GROWTH FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-1995
<PERIOD-START>                             JUN-01-1995
<PERIOD-END>                               NOV-30-1995
<INVESTMENTS-AT-COST>                       53,993,830
<INVESTMENTS-AT-VALUE>                      64,052,807
<RECEIVABLES>                                  293,309
<ASSETS-OTHER>                                 146,841
<OTHER-ITEMS-ASSETS>                           136,425
<TOTAL-ASSETS>                              64,629,382
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      162,697
<TOTAL-LIABILITIES>                            162,697
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    49,776,016
<SHARES-COMMON-STOCK>                        4,709,199
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                    (577,743)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      5,209,435
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    10,058,977
<NET-ASSETS>                                64,466,685
<DIVIDEND-INCOME>                              139,178
<INTEREST-INCOME>                               13,591
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 730,512
<NET-INVESTMENT-INCOME>                      (577,743)
<REALIZED-GAINS-CURRENT>                     2,555,353
<APPREC-INCREASE-CURRENT>                    3,861,410
<NET-CHANGE-FROM-OPS>                        5,839,020
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        314,586
<NUMBER-OF-SHARES-REDEEMED>                    432,100
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       4,249,617
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          319,264
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                792,877
<AVERAGE-NET-ASSETS>                        63,593,991
<PER-SHARE-NAV-BEGIN>                            12.48
<PER-SHARE-NII>                                 (0.12)
<PER-SHARE-GAIN-APPREC>                           1.33
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.69
<EXPENSE-RATIO>                                   2.30
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        
<PAGE>
</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<SERIES>
   <NUMBER> 2
   <NAME> T-1 TREASURY TRUST
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-1995
<PERIOD-END>                               NOV-30-1995
<INVESTMENTS-AT-COST>                        3,576,809
<INVESTMENTS-AT-VALUE>                       3,576,123
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                  66,490
<OTHER-ITEMS-ASSETS>                             9,190
<TOTAL-ASSETS>                               3,651,803
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       97,427
<TOTAL-LIABILITIES>                             97,427
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     3,925,654
<SHARES-COMMON-STOCK>                          748,288
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       75,629
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (446,221)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         (686)
<NET-ASSETS>                                 3,554,376
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              115,120
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  29,590
<NET-INVESTMENT-INCOME>                         85,530
<REALIZED-GAINS-CURRENT>                        21,855
<APPREC-INCREASE-CURRENT>                     (26,391)
<NET-CHANGE-FROM-OPS>                           80,994
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       66,599
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        281,731
<NUMBER-OF-SHARES-REDEEMED>                    402,852
<SHARES-REINVESTED>                             13,810
<NET-CHANGE-IN-ASSETS>                       (495,123)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           11,837
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 48,305
<AVERAGE-NET-ASSETS>                         3,924,032
<PER-SHARE-NAV-BEGIN>                             4.73
<PER-SHARE-NII>                                   0.12
<PER-SHARE-GAIN-APPREC>                         (0.02)
<PER-SHARE-DIVIDEND>                              0.08
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               4.75
<EXPENSE-RATIO>                                   1.51
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        
<PAGE>
</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<SERIES>
   <NUMBER> 3
   <NAME> CAPITAL INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-1995
<PERIOD-END>                               NOV-30-1995
<INVESTMENTS-AT-COST>                        2,833,305
<INVESTMENTS-AT-VALUE>                       3,229,450
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                 150,661
<OTHER-ITEMS-ASSETS>                            12,781
<TOTAL-ASSETS>                               3,392,892
<PAYABLE-FOR-SECURITIES>                        88,621
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        2,942
<TOTAL-LIABILITIES>                             91,593
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     2,471,111
<SHARES-COMMON-STOCK>                          173,454
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                        5,477
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        428,596
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       396,145
<NET-ASSETS>                                 3,301,329
<DIVIDEND-INCOME>                               32,449
<INTEREST-INCOME>                                2,273
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  31,639
<NET-INVESTMENT-INCOME>                          3,083
<REALIZED-GAINS-CURRENT>                       284,449
<APPREC-INCREASE-CURRENT>                       38,829
<NET-CHANGE-FROM-OPS>                          326,361
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         17,469
<NUMBER-OF-SHARES-REDEEMED>                     20,190
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         269,949
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            9,796
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 41,435
<AVERAGE-NET-ASSETS>                         3,235,142
<PER-SHARE-NAV-BEGIN>                            17.21
<PER-SHARE-NII>                                   0.02
<PER-SHARE-GAIN-APPREC>                           1.80
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              19.03
<EXPENSE-RATIO>                                   1.96
<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>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-1995
<PERIOD-END>                               NOV-30-1995
<INVESTMENTS-AT-COST>                       10,296,642
<INVESTMENTS-AT-VALUE>                      10,937,063
<RECEIVABLES>                                  253,752
<ASSETS-OTHER>                                  71,998
<OTHER-ITEMS-ASSETS>                            16,746
<TOTAL-ASSETS>                              11,279,559
<PAYABLE-FOR-SECURITIES>                       253,163
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    3,133,065
<TOTAL-LIABILITIES>                          3,386,228
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     6,184,351
<SHARES-COMMON-STOCK>                          577,122
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                     (98,118)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      1,166,677
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       640,421
<NET-ASSETS>                                 7,893,331
<DIVIDEND-INCOME>                              118,254
<INTEREST-INCOME>                                  638
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 217,010
<NET-INVESTMENT-INCOME>                       (98,118)
<REALIZED-GAINS-CURRENT>                       750,231
<APPREC-INCREASE-CURRENT>                    (288,820)
<NET-CHANGE-FROM-OPS>                          363,293
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         84,787
<NUMBER-OF-SHARES-REDEEMED>                      2,764
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       1,402,845
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           32,818
<INTEREST-EXPENSE>                             128,198
<GROSS-EXPENSE>                                225,365
<AVERAGE-NET-ASSETS>                         7,259,767
<PER-SHARE-NAV-BEGIN>                            12.98
<PER-SHARE-NII>                                 (0.17)
<PER-SHARE-GAIN-APPREC>                           0.87
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.68
<EXPENSE-RATIO>                                   5.98
<AVG-DEBT-OUTSTANDING>                       3,040,203
<AVG-DEBT-PER-SHARE>                              5.63
        
<PAGE>
</TABLE>


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