<PAGE> PAGE 1
000 B000000 05/31/97
000 C000000 0000764859
000 D000000 N
000 E000000 NF
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001 A000000 AMERICAN PENSION INVESTORS TRUST
001 B000000 811-4262
001 C000000 8048461361
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002 B000000 LYNCHBURG
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006 000000 N
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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 YORKTOWN CLA
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 REYNDERS, GRAY & COMPANY, INC.
020 B000001 13-2942212
020 C000001 48
020 A000002 MOORS & CABOT, INC.
020 B000002 04-2644548
020 C000002 25
020 A000003 YORKTOWN DISTRIBUTORS, INC.
020 B000003 54-1309912
020 C000003 22
020 A000004 UNITED PACIFIC SECURITIES, INC.
020 B000004 33-0283352
<PAGE> PAGE 2
020 C000004 19
020 A000005 MID ATLANTIC SECURITIES
020 B000005 56-1548775
020 C000005 10
020 A000006 TITAN/VALUE EQUITIES GROUP, INC.
020 B000006 95-2847425
020 C000006 10
020 A000007 LIPPER ANALYTICAL SECURITIES CORP.
020 B000007 13-2792478
020 C000007 8
020 A000008 SECURITIES SERVICES NETWORK, INC.
020 B000008 62-1152936
020 C000008 3
020 A000009 ENERIC FINANCIAL SERVICES, INC.
020 B000009 59-2243914
020 C000009 3
020 A000010 ANDERSON & STRUDWICK, INC.
020 B000010 54-0968806
020 C000010 2
021 000000 160
022 A000001 SIGNET FINANCIAL SERVICES, INC.
022 B000001 54-1365336
022 C000001 6715
022 D000001 7681
023 C000000 6715
023 D000000 7681
027 000000 Y
077 A000000 Y
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080 A00AA00 FEDERAL INSURANCE COMPANY (CHUBB GROUP)
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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015 A000301 MAIN STREET TRUST COMPANY
015 B000301 C
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE CHARLES D. FOSTER
TITLE CHIEF FINAN. OFFICER
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<SERIES>
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<NAME> GROWTH FUND
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<PERIOD-END> NOV-30-1996 MAY-31-1997
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 2
<NAME> T-1 TREASURY TRUST
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 12-MOS
<FISCAL-YEAR-END> MAY-31-1996 MAY-31-1997
<PERIOD-END> NOV-30-1996 MAY-31-1997
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<OTHER-ITEMS-LIABILITIES> 15,146 11,505
<TOTAL-LIABILITIES> 15,146 11,505
<SENIOR-EQUITY> 0 0
<PAID-IN-CAPITAL-COMMON> 7,008,459 2,945,720
<SHARES-COMMON-STOCK> 1,404,680 537,091
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<OVERDISTRIBUTION-NII> 0 0
<ACCUMULATED-NET-GAINS> (442,199) (451,625)
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<ACCUM-APPREC-OR-DEPREC> 893 (893)
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<EXPENSES-NET> 45,224 94,088
<NET-INVESTMENT-INCOME> 123,580 231,376
<REALIZED-GAINS-CURRENT> (3,241) (12,667)
<APPREC-INCREASE-CURRENT> 25,935 24,149
<NET-CHANGE-FROM-OPS> 146,274 242,858
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<DISTRIBUTIONS-OF-GAINS> 0 0
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<NUMBER-OF-SHARES-SOLD> 167,824 308,853
<NUMBER-OF-SHARES-REDEEMED> 205,724 1,239,835
<SHARES-REINVESTED> 23,756 49,699
<NET-CHANGE-IN-ASSETS> (32,960) (4,123,603)
<ACCUMULATED-NII-PRIOR> 0 0
<ACCUMULATED-GAINS-PRIOR> 0 0
<OVERDISTRIB-NII-PRIOR> 0 0
<OVERDIST-NET-GAINS-PRIOR> 0 0
<GROSS-ADVISORY-FEES> 20,176 37,961
<INTEREST-EXPENSE> 0 0
<GROSS-EXPENSE> 70,444 141,539
<AVERAGE-NET-ASSETS> 6,682,305 6,316,015
<PER-SHARE-NAV-BEGIN> 4.69 4.69
<PER-SHARE-NII> .09 .21
<PER-SHARE-GAIN-APPREC> .01 (.02)
<PER-SHARE-DIVIDEND> .08 .17
<PER-SHARE-DISTRIBUTIONS> 0 0
<RETURNS-OF-CAPITAL> 0 0
<PER-SHARE-NAV-END> 4.71 4.71
<EXPENSE-RATIO> 1.35 1.49
<AVG-DEBT-OUTSTANDING> 0 0
<AVG-DEBT-PER-SHARE> 0 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> CAPITAL INCOME TRUST
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 12-MOS
<FISCAL-YEAR-END> MAY-31-1996 MAY-31-1997
<PERIOD-START> JUN-01-1996 JUN-01-1996
<PERIOD-END> NOV-30-1996 MAY-31-1997
<INVESTMENTS-AT-COST> 58,925,898 58,787,122
<INVESTMENTS-AT-VALUE> 68,590,874 68,035,713
<RECEIVABLES> 296,556 0
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<OTHER-ITEMS-ASSETS> 216,659 751,223
<TOTAL-ASSETS> 69,196,584 68,880,747
<PAYABLE-FOR-SECURITIES> 0 0
<SENIOR-LONG-TERM-DEBT> 0 0
<OTHER-ITEMS-LIABILITIES> 147,095 163,723
<TOTAL-LIABILITIES> 147,095 163,723
<SENIOR-EQUITY> 0 0
<PAID-IN-CAPITAL-COMMON> 50,338,438 54,608,829
<SHARES-COMMON-STOCK> 4,769,659 5,121,502
<SHARES-COMMON-PRIOR> 0 0
<ACCUMULATED-NII-CURRENT> (559,670) 0
<OVERDISTRIBUTION-NII> 0 0
<ACCUMULATED-NET-GAINS> 9,605,745 4,859,604
<OVERDISTRIBUTION-GAINS> 0 0
<ACCUM-APPREC-OR-DEPREC> 9,664,976 9,248,591
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<NET-INVESTMENT-INCOME> (559,670) (867,602)
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<PER-SHARE-NAV-BEGIN> 14.00 14.00
<PER-SHARE-NII> (0.12) (0.17)
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<EXPENSE-RATIO> 2.19 2.18
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> YORKTOWN CLASSIC VALUE TRUST
<S> <C> <C>
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<FISCAL-YEAR-END> MAY-31-1996 MAY-31-1997
<PERIOD-END> NOV-30-1996 MAY-31-1997
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<TOTAL-LIABILITIES> 2,770,973 5,242,000
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<EXPENSES-NET> 227,889 484,351
<NET-INVESTMENT-INCOME> (110,074) (232,482)
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<OVERDIST-NET-GAINS-PRIOR> 0 0
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<INTEREST-EXPENSE> 113,076 247,047
<GROSS-EXPENSE> 234,308 498,288
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<PER-SHARE-NAV-BEGIN> 12.00 12.00
<PER-SHARE-NII> (.14) (.25)
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<EXPENSE-RATIO> 5.28 5.20
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</TABLE>
