<PAGE> PAGE 1
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020 A000002 UNITED PACIFIC SECURITIES, INC.
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE CHARLES D. FOSTER
TITLE CHIEF FIN'L OFFICER
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<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> APIT GROWTH FUND
<S> <C>
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<OTHER-INCOME> 0
<EXPENSES-NET> 1,613,171
<NET-INVESTMENT-INCOME> (456,909)
<REALIZED-GAINS-CURRENT> 8,913,483
<APPREC-INCREASE-CURRENT> 3,926,788
<NET-CHANGE-FROM-OPS> 12,383,362
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 7,875,892
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 555,387
<NUMBER-OF-SHARES-REDEEMED> 810,738
<SHARES-REINVESTED> 594,591
<NET-CHANGE-IN-ASSETS> 8,456,126
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 741,672
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,874,366
<AVERAGE-NET-ASSETS> 73,850,935
<PER-SHARE-NAV-BEGIN> 13.42
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> 2.36
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.57
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.13
<EXPENSE-RATIO> 2.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> APIT T-1 TREASURY TRUST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 90,440
<OTHER-INCOME> 0
<EXPENSES-NET> 45,022
<NET-INVESTMENT-INCOME> 45,418
<REALIZED-GAINS-CURRENT> (98)
<APPREC-INCREASE-CURRENT> 893
<NET-CHANGE-FROM-OPS> 46,213
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 63,274
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 112,152
<NUMBER-OF-SHARES-REDEEMED> 662,003
<SHARES-REINVESTED> 13,042
<NET-CHANGE-IN-ASSETS> (2,528,089)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,140
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 53,994
<AVERAGE-NET-ASSETS> 2,310,854
<PER-SHARE-NAV-BEGIN> 4.71
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> (.01)
<PER-SHARE-DIVIDEND> .13
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 2.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> APIT CAPITAL INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 9,472,947
<INVESTMENTS-AT-VALUE> 11,457,403
<RECEIVABLES> 0
<ASSETS-OTHER> 10,901
<OTHER-ITEMS-ASSETS> 142,721
<TOTAL-ASSETS> 11,611,025
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,969
<TOTAL-LIABILITIES> 18,969
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,864,216
<SHARES-COMMON-STOCK> 504,806
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 743,384
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,984,456
<NET-ASSETS> 11,592,056
<DIVIDEND-INCOME> 210,804
<INTEREST-INCOME> 9,646
<OTHER-INCOME> 0
<EXPENSES-NET> 142,750
<NET-INVESTMENT-INCOME> 77,700
<REALIZED-GAINS-CURRENT> 1,182,203
<APPREC-INCREASE-CURRENT> 867,042
<NET-CHANGE-FROM-OPS> 2,126,945
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 137,628
<DISTRIBUTIONS-OF-GAINS> 619,051
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 123,986
<NUMBER-OF-SHARES-REDEEMED> 60,388
<SHARES-REINVESTED> 34,684
<NET-CHANGE-IN-ASSETS> 3,494,242
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 58,321
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 201,071
<AVERAGE-NET-ASSETS> 9,721,348
<PER-SHARE-NAV-BEGIN> 19.92
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> 4.64
<PER-SHARE-DIVIDEND> .30
<PER-SHARE-DISTRIBUTIONS> 1.46
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.96
<EXPENSE-RATIO> 1.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> APIT YORKTOWN CLASSIC VALUE TRUST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 14,091,892
<INVESTMENTS-AT-VALUE> 16,853,201
<RECEIVABLES> 0
<ASSETS-OTHER> 53,399
<OTHER-ITEMS-ASSETS> 46,886
<TOTAL-ASSETS> 16,953,486
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,289,917
<TOTAL-LIABILITIES> 3,289,917
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,794,875
<SHARES-COMMON-STOCK> 916,722
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,107,385
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,761,309
<NET-ASSETS> 13,663,569
<DIVIDEND-INCOME> 336,154
<INTEREST-INCOME> 1,830
<OTHER-INCOME> 0
<EXPENSES-NET> 766,093
<NET-INVESTMENT-INCOME> (428,109)
<REALIZED-GAINS-CURRENT> 2,342,121
<APPREC-INCREASE-CURRENT> (262,014)
<NET-CHANGE-FROM-OPS> 1,651,998
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 977,103
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 174,926
<NUMBER-OF-SHARES-REDEEMED> 247,792
<SHARES-REINVESTED> 71,927
<NET-CHANGE-IN-ASSETS> 603,681
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 125,827
<INTEREST-EXPENSE> 413,693
<GROSS-EXPENSE> 787,064
<AVERAGE-NET-ASSETS> 13,886,754
<PER-SHARE-NAV-BEGIN> 14.23
<PER-SHARE-NII> (.47)
<PER-SHARE-GAIN-APPREC> 2.19
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.05
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.90
<EXPENSE-RATIO> 5.52
<AVG-DEBT-OUTSTANDING> 5,796,073
<AVG-DEBT-PER-SHARE> 6.19
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> APIT TREASURIES TRUST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUL-02-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 3,689,866
<INVESTMENTS-AT-VALUE> 3,735,162
<RECEIVABLES> 28,075
<ASSETS-OTHER> 36,923
<OTHER-ITEMS-ASSETS> 77,171
<TOTAL-ASSETS> 3,849,226
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,392
<TOTAL-LIABILITIES> 5,392
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,746,129
<SHARES-COMMON-STOCK> 361,475
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 51,335
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,074
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45,296
<NET-ASSETS> 3,843,834
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 110,774
<OTHER-INCOME> 0
<EXPENSES-NET> 13,980
<NET-INVESTMENT-INCOME> 96,794
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 45,296
<NET-CHANGE-FROM-OPS> 143,164
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 45,459
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 396,805
<NUMBER-OF-SHARES-REDEEMED> 39,664
<SHARES-REINVESTED> 4,334
<NET-CHANGE-IN-ASSETS> 3,843,834
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,060
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 49,581
<AVERAGE-NET-ASSETS> 1,655,691
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .43
<PER-SHARE-GAIN-APPREC> .49
<PER-SHARE-DIVIDEND> .29
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.63
<EXPENSE-RATIO> .84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> APIT MULTIPLE INDEX TRUST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUL-02-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 2,786,724
<INVESTMENTS-AT-VALUE> 2,938,021
<RECEIVABLES> 0
<ASSETS-OTHER> 64,037
<OTHER-ITEMS-ASSETS> 82,976
<TOTAL-ASSETS> 3,085,034
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,853
<TOTAL-LIABILITIES> 4,853
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,863,141
<SHARES-COMMON-STOCK> 278,887
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 65,743
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 151,297
<NET-ASSETS> 3,080,181
<DIVIDEND-INCOME> 17,870
<INTEREST-INCOME> 1,644
<OTHER-INCOME> 0
<EXPENSES-NET> 12,888
<NET-INVESTMENT-INCOME> 6,626
<REALIZED-GAINS-CURRENT> 88,423
<APPREC-INCREASE-CURRENT> 151,297
<NET-CHANGE-FROM-OPS> 246,346
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,626
<DISTRIBUTIONS-OF-GAINS> 22,680
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 296,136
<NUMBER-OF-SHARES-REDEEMED> 20,001
<SHARES-REINVESTED> 2,752
<NET-CHANGE-IN-ASSETS> 3,080,181
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,631
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 49,944
<AVERAGE-NET-ASSETS> 1,815,729
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 1.16
<PER-SHARE-DIVIDEND> .03
<PER-SHARE-DISTRIBUTIONS> .12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.04
<EXPENSE-RATIO> .71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
PriceWaterhouseCoopers
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, Treasuries Trust, Multiple Index Trust, Capital Income Fund, and
Yorktown Classic Value Trust) for the year ended May 31, 1998, we considered its
internal control, including control over 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 provide assurance on internal control.
The management of American Pension Investors Trust is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements and financial highlights for external purposes that are fairly
presented in conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal controls, errors or fraud
may occur and may not be detected. Also, projection of any evaluation of
internal control 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 operations may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control 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 any
specific internal control component does not reduce to a relatively low level
the risk that errors or fraud 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
internal control, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of May 31, 1998.
<PAGE>
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ Pricewaterhouse Coopers LLP
------------------------------------
Pricewaterhouse Coopers LLP
Baltimore, Maryland
June 17, 1998
