AMERICAN PENSION INVESTORS TRUST
YORKTOWN CLASSIC VALUE TRUST
SUPPLEMENT TO PROSPECTUS
DATED OCTOBER 1, 1996
The following supplements the discussion under "Purchase of Fund Shares
- - Distribution Arrangements" on page 9 of the Prospectus:
Yorktown Distributors, Inc., the Fund's distributor, pays
broker-dealers a commission equal to 2% of the purchase price of Fund shares
sold by them. No commission, however, is paid to broker-dealers on purchases by
accounts that are subject to a waiver from the contingent deferred sales charge,
described below, nor is a commission paid on exchanges or certain reinvestments
in Fund shares.
The following supplements the discussion under "Contingent Deferred
Sales Charges" on page 12 of the Prospectus:
The contingent deferred sales charge will be waived for investors who
acquire shares of the Fund through an investment program that is not sponsored
by Distributors or its affiliates and that charges a fee for program services,
provided that the program sponsor has entered into a written agreement with
Distributors permitting the sale of shares at net asset value to the program.
Dated: June 2, 1997
