<PAGE> PAGE 1
000 A000000 11/30/96
000 C000000 0000764859
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
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 AMER. PENSION INVESTORS TRUST GROWTH FUND
007 C030100 N
007 C010200 2
007 C020200 AMER. PENS. INVESTORS TRUST T-1 TREAS. TRUST
007 C030200 N
007 C010300 3
007 C020300 AMER. PENS. INVEST. TRUST CAPITAL INCOME FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C020600 AMER PENS INV TRUST YORKTOWN CLASSIC VALUE TR
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 YORKTOWN DISTRIBUTORS, INC.
020 B000001 54-1309912
020 C000001 22
020 A000002 REYNDERS, GRAY & COMPANY, INC.
020 B000002 13-2942212
020 C000002 21
020 A000003 MOORS & CABOT, INC.
020 B000003 04-2644548
020 C000003 20
020 A000004 UNITED PACIFIC SECURITIES, INC.
020 B000004 33-0283352
<PAGE> PAGE 2
020 C000004 14
020 A000005 LIPPER ANALYTICAL SECURITIES CORP.
020 B000005 13-2792478
020 C000005 8
020 A000006 MID ATLANTIC SECURITIES
020 B000006 56-1548775
020 C000006 6
020 A000007 SECURITIES SERVICES NETWORK, INC.
020 B000007 62-1152936
020 C000007 2
020 A000008 TITAN/VALUE EQUITIES GROUP, INC.
020 B000008 95-2847425
020 C000008 2
020 A000009 CAPITAL INVESTMENT GROUP, INC.
020 B000009 56-1394939
020 C000009 2
020 A000010 SECURITIES AMERICA, INC.
020 B000010 11-2551174
020 C000010 2
021 000000 106
022 A000001 SIGNET FINANCIAL SERVICES, INC.
022 B000001 54-1365336
022 C000001 3116
022 D000001 3294
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
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022 C000007 0
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022 D000010 0
023 C000000 3116
023 D000000 3294
027 000000 Y
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<PAGE> PAGE 3
028 B020100 0
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<PAGE> PAGE 4
062 R000100 0.0
066 A000100 Y
066 B000100 N
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
071 A000100 28254
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
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071 A000200 3116
<PAGE> PAGE 7
071 B000200 3294
071 C000200 6553
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<PAGE> PAGE 8
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<PAGE> PAGE 9
042 A000300 0
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066 E000300 N
066 F000300 Y
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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 FOSTER
TITLE CFO
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-1-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 58,925,898
<INVESTMENTS-AT-VALUE> 68,590,874
<RECEIVABLES> 296,556
<ASSETS-OTHER> 92,495
<OTHER-ITEMS-ASSETS> 216,659
<TOTAL-ASSETS> 69,196,584
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 147,095
<TOTAL-LIABILITIES> 147,095
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,338,438
<SHARES-COMMON-STOCK> 4,769,659
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (559,670)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,605,745
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,664,976
<NET-ASSETS> 69,049,489
<DIVIDEND-INCOME> 142,009
<INTEREST-INCOME> 22,344
<OTHER-INCOME> 0
<EXPENSES-NET> 724,023
<NET-INVESTMENT-INCOME> (559,670)
<REALIZED-GAINS-CURRENT> 4,390,003
<APPREC-INCREASE-CURRENT> (1,599,672)
<NET-CHANGE-FROM-OPS> 2,230,661
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 447,115
<NUMBER-OF-SHARES-REDEEMED> 554,943
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 742,994
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 14.00
<PER-SHARE-NII> (0.12)
<PER-SHARE-GAIN-APPREC> .60
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<PER-SHARE-NAV-END> 14.48
<EXPENSE-RATIO> 2.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 0
<NAME> T-1 TREASURY TRUST
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 6,486,949
<INVESTMENTS-AT-VALUE> 6,487,842
<RECEIVABLES> 0
<ASSETS-OTHER> 7,361
<OTHER-ITEMS-ASSETS> 138,675
<TOTAL-ASSETS> 6,633,878
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,146
<TOTAL-LIABILITIES> 15,146
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,008,459
<SHARES-COMMON-STOCK> 1,404,680
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 51,579
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (442,199)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 893
<NET-ASSETS> 6,618,732
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 168,804
<OTHER-INCOME> 0
<EXPENSES-NET> 45,224
<NET-INVESTMENT-INCOME> 123,580
<REALIZED-GAINS-CURRENT> (3,241)
<APPREC-INCREASE-CURRENT> 25,935
<NET-CHANGE-FROM-OPS> 146,274
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 113,226
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 167,824
<NUMBER-OF-SHARES-REDEEMED> 205,724
<SHARES-REINVESTED> 23,756
<NET-CHANGE-IN-ASSETS> (32,960)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 20,176
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 70,444
<AVERAGE-NET-ASSETS> 6,682,305
<PER-SHARE-NAV-BEGIN> 4.69
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .01
<PER-SHARE-DIVIDEND> .08
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.71
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> CAPITAL INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 4,396,367
<INVESTMENTS-AT-VALUE> 5,376,136
<RECEIVABLES> 268,571
<ASSETS-OTHER> 44,211
<OTHER-ITEMS-ASSETS> 42,726
<TOTAL-ASSETS> 5,731,644
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,509
<TOTAL-LIABILITIES> 2,509
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,516,888
<SHARES-COMMON-STOCK> 290,068
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 91,918
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 140,560
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 979,769
<NET-ASSETS> 5,729,135
<DIVIDEND-INCOME> 87,952
<INTEREST-INCOME> 5,162
<OTHER-INCOME> 0
<EXPENSES-NET> 44,202
<NET-INVESTMENT-INCOME> 48,912
<REALIZED-GAINS-CURRENT> 67,277
<APPREC-INCREASE-CURRENT> 492,541
<NET-CHANGE-FROM-OPS> 608,730
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 66,100
<NUMBER-OF-SHARES-REDEEMED> 27,357
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,312,201
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,822
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 59,024
<AVERAGE-NET-ASSETS> 4,952,135
<PER-SHARE-NAV-BEGIN> 17.57
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> 2.03
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.75
<EXPENSE-RATIO> 1.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 0
<NAME> YORKTOWN CLASSIC VALUE TRUST
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1996
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</TABLE>
