<PAGE> PAGE 1
000 A000000 11/30/98
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 INVESTOR'S 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 5
007 C010100 1
007 C020100 "APIT" GROWTH FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C020300 "APIT" CAPITAL INCOME FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C020600 "APIT" YORKTOWN CLASSIC VALUE TRUST
007 C030600 N
007 C010700 7
007 C020700 "APIT" TREASURIES TRUST
007 C030700 N
007 C010800 8
007 C020800 "APIT" MULTIPLE INDEX TRUST
007 C030800 N
007 C010900 9
007 C011000 10
013 A00AA01 PRICEWATERHOUSE COOPERS LLP
013 B01AA01 BALTIMORE
013 B02AA01 MD
013 B03AA01 21201
020 A000001 UNITED PACIFIC SECURITIES, INC.
020 B000001 33-0283352
020 C000001 32
020 A000002 REYNDERS, GRAY & COMPANY, INC.
020 B000002 13-2942212
<PAGE> PAGE 2
020 C000002 31
020 A000003 MOORS & CABOT, INC.
020 B000003 04-2644548
020 C000003 14
020 A000004 YORKTOWN DISTRIBUTORS, INC.
020 B000004 54-1309912
020 C000004 14
020 A000005 TITAN/VALUE EQUITIES GROUP, INC.
020 B000005 95-2847425
020 C000005 9
020 A000006 LIPPER ANALYTICAL SERVICES CORP.
020 B000006 13-2792478
020 C000006 8
020 A000007 INVESTMENT MANAGEMENT & RESEARCH, INC.
020 B000007 59-1531281
020 C000007 5
020 A000008 CAPITAL INVESTMENT GROUP, INC.
020 B000008 56-1394939
020 C000008 4
020 A000009 ROBERT ANDREW SECURITIES, INC.
020 B000009 58-2631156
020 C000009 4
020 A000010 PACIFIC WEST SECURITIES, INC.
020 B000010 91-0888407
020 C000010 4
021 000000 133
022 A000001 ANDERSON & STRUDWICK, INC.
022 B000001 54-0968806
022 C000001 150
022 D000001 125
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
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 150
023 D000000 125
027 000000 Y
<PAGE> PAGE 3
077 A000000 Y
077 Q010000 Y
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 448
028 A020100 0
028 A030100 0
028 A040100 965
028 B010100 1232
028 B020100 0
028 B030100 0
028 B040100 1487
028 C010100 567
028 C020100 0
028 C030100 0
028 C040100 1366
028 D010100 978
028 D020100 0
028 D030100 0
028 D040100 1199
028 E010100 603
028 E020100 0
028 E030100 0
028 E040100 1209
028 F010100 533
028 F020100 0
028 F030100 0
028 F040100 1096
028 G010100 4361
028 G020100 0
028 G030100 0
028 G040100 7322
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
<PAGE> PAGE 4
042 H000100 0
043 000100 360
044 000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 D000100 Y
071 A000100 39768
071 B000100 45344
071 C000100 70253
071 D000100 57
072 A000100 6
072 B000100 28
072 C000100 206
072 D000100 0
072 E000100 0
072 F000100 360
072 G000100 0
072 H000100 0
072 I000100 119
072 J000100 12
072 K000100 0
072 L000100 11
072 M000100 7
072 N000100 8
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 19
072 S000100 4
072 T000100 360
072 U000100 0
072 V000100 0
072 W000100 18
072 X000100 918
<PAGE> PAGE 5
072 Y000100 95
072 Z000100 -589
072AA000100 5127
072BB000100 5966
072CC010100 143
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 3866
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 69266
074 J000100 0
074 K000100 0
074 L000100 0
074 M000100 54
074 N000100 73186
074 O000100 0
074 P000100 116
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 143
074 S000100 0
074 T000100 72927
074 U010100 5239
074 U020100 0
074 V010100 13.92
074 V020100 0.00
074 W000100 0.0000
074 X000100 4198
074 Y000100 0
075 A000100 0
075 B000100 71658
076 000100 0.00
028 A010300 1052
028 A020300 0
028 A030300 0
028 A040300 890
028 B010300 325
<PAGE> PAGE 6
028 B020300 0
028 B030300 0
028 B040300 166
028 C010300 239
028 C020300 0
028 C030300 0
028 C040300 141
028 D010300 210
028 D020300 0
028 D030300 0
028 D040300 142
028 E010300 374
028 E020300 0
028 E030300 0
028 E040300 103
028 F010300 484
028 F020300 0
028 F030300 0
028 F040300 99
028 G010300 2684
028 G020300 0
028 G030300 0
028 G040300 1541
028 H000300 0
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 29
044 000300 0
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
<PAGE> PAGE 7
062 R000300 0.0
066 A000300 Y
066 F000300 Y
071 A000300 5383
071 B000300 5395
071 C000300 11028
071 D000300 49
072 A000300 6
072 B000300 7
072 C000300 79
072 D000300 0
072 E000300 0
072 F000300 34
072 G000300 0
072 H000300 0
072 I000300 22
072 J000300 2
072 K000300 0
072 L000300 3
072 M000300 1
072 N000300 9
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 5
072 S000300 4
072 T000300 29
072 U000300 0
072 V000300 0
072 W000300 3
072 X000300 112
072 Y000300 34
072 Z000300 8
072AA000300 465
072BB000300 784
072CC010300 85
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 1345
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
<PAGE> PAGE 8
074 H000300 0
074 I000300 11127
074 J000300 0
074 K000300 0
074 L000300 0
074 M000300 63
074 N000300 12535
074 O000300 0
074 P000300 5
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 21
074 S000300 0
074 T000300 12509
074 U010300 558
074 U020300 0
074 V010300 22.42
074 V020300 0.00
074 W000300 0.0000
074 X000300 742
074 Y000300 0
075 A000300 0
075 B000300 11421
076 000300 0.00
028 A010600 278
028 A020600 0
028 A030600 0
028 A040600 154
028 B010600 79
028 B020600 0
028 B030600 0
028 B040600 45
028 C010600 202
028 C020600 0
028 C030600 0
028 C040600 59
028 D010600 247
028 D020600 0
028 D030600 0
028 D040600 25
028 E010600 251
028 E020600 0
028 E030600 0
028 E040600 128
028 F010600 195
028 F020600 0
028 F030600 0
028 F040600 132
028 G010600 1252
<PAGE> PAGE 9
028 G020600 0
028 G030600 0
028 G040600 543
028 H000600 0
034 000600 Y
035 000600 7
036 A000600 N
036 B000600 0
042 A000600 0
042 B000600 0
042 C000600 100
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 57
044 000600 0
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 D000600 Y
071 A000600 23271
071 B000600 21130
071 C000600 17702
071 D000600 119
072 A000600 6
072 B000600 1
072 C000600 138
072 D000600 0
072 E000600 0
072 F000600 57
072 G000600 0
072 H000600 0
072 I000600 29
<PAGE> PAGE 10
072 J000600 6
072 K000600 0
072 L000600 3
072 M000600 1
072 N000600 9
072 O000600 0
072 P000600 180
072 Q000600 0
072 R000600 7
072 S000600 4
072 T000600 57
072 U000600 0
072 V000600 0
072 W000600 5
072 X000600 358
072 Y000600 10
072 Z000600 -209
072AA000600 0
072BB000600 0
072CC010600 0
072CC020600 0
072DD010600 0
072DD020600 0
072EE000600 0
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 3
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 19085
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 295
074 K000600 0
074 L000600 0
074 M000600 71
074 N000600 19454
074 O000600 442
074 P000600 18
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 4739
074 S000600 0
074 T000600 14255
<PAGE> PAGE 11
074 U010600 972
074 U020600 0
074 V010600 14.67
074 V020600 0.00
074 W000600 0.0000
074 X000600 633
074 Y000600 0
075 A000600 0
075 B000600 12699
076 000600 0.00
028 A010700 61
028 A020700 34
028 A030700 0
028 A040700 108
028 B010700 53
028 B020700 0
028 B030700 0
028 B040700 89
028 C010700 48
028 C020700 0
028 C030700 0
028 C040700 60
028 D010700 90
028 D020700 35
028 D030700 0
028 D040700 89
028 E010700 279
028 E020700 0
028 E030700 0
028 E040700 159
028 F010700 200
028 F020700 0
028 F030700 0
028 F040700 49
028 G010700 731
028 G020700 69
028 G030700 0
028 G040700 554
028 H000700 0
029 000700 N
030 A000700 0
030 B000700 0.00
030 C000700 0.00
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
<PAGE> PAGE 12
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 100.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 7.7
064 A000700 N
064 B000700 N
066 A000700 N
071 A000700 150
071 B000700 125
071 C000700 3900
071 D000700 3
072 A000700 6
072 B000700 136
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 8
072 G000700 0
072 H000700 0
072 I000700 10
072 J000700 1
072 K000700 0
072 L000700 1
072 M000700 1
072 N000700 6
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 1
072 S000700 3
072 T000700 0
072 U000700 4
072 V000700 0
072 W000700 1
072 X000700 36
072 Y000700 19
072 Z000700 119
072AA000700 8
072BB000700 0
072CC010700 196
072CC020700 0
072DD010700 71
072DD020700 0
<PAGE> PAGE 13
072EE000700 0
073 A010700 0.2000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 151
074 B000700 0
074 C000700 0
074 D000700 4099
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 0
074 M000700 98
074 N000700 4348
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 5
074 S000700 0
074 T000700 4343
074 U010700 383
074 U020700 0
074 V010700 11.34
074 V020700 0.00
074 W000700 0.0000
074 X000700 295
074 Y000700 0
075 A000700 0
075 B000700 4018
076 000700 0.00
028 A010800 393
028 A020800 0
028 A030800 0
028 A040800 74
028 B010800 189
028 B020800 0
028 B030800 0
028 B040800 35
028 C010800 171
028 C020800 0
028 C030800 0
028 C040800 5
028 D010800 66
<PAGE> PAGE 14
028 D020800 0
028 D030800 0
028 D040800 10
028 E010800 101
028 E020800 0
028 E030800 0
028 E040800 236
028 F010800 86
028 F020800 0
028 F030800 0
028 F040800 539
028 G010800 1006
028 G020800 0
028 G030800 0
028 G040800 899
028 H000800 0
029 000800 N
030 A000800 0
030 B000800 0.00
030 C000800 0.00
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
066 A000800 Y
066 G000800 Y
071 A000800 1463
071 B000800 1320
071 C000800 3237
071 D000800 41
072 A000800 6
072 B000800 3
072 C000800 13
072 D000800 0
072 E000800 0
072 F000800 12
072 G000800 0
<PAGE> PAGE 15
072 H000800 0
072 I000800 8
072 J000800 1
072 K000800 0
072 L000800 1
072 M000800 1
072 N000800 4
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 3
072 S000800 1
072 T000800 0
072 U000800 4
072 V000800 0
072 W000800 1
072 X000800 36
072 Y000800 15
072 Z000800 -5
072AA000800 154
072BB000800 114
072CC010800 116
072CC020800 0
072DD010800 0
072DD020800 0
072EE000800 0
073 A010800 0.0000
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 148
074 B000800 0
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 3159
074 J000800 0
074 K000800 0
074 L000800 0
074 M000800 34
074 N000800 3341
074 O000800 0
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 4
<PAGE> PAGE 16
074 S000800 0
074 T000800 3337
074 U010800 291
074 U020800 0
074 V010800 11.48
074 V020800 0.00
074 W000800 0.0000
074 X000800 179
074 Y000800 0
075 A000800 0
075 B000800 3388
076 000800 0.00
SIGNATURE CHARLES D. FOSTER
TITLE CFO
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> APIT GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 55,947,663
<INVESTMENTS-AT-VALUE> 69,265,723
<RECEIVABLES> 0
<ASSETS-OTHER> 54,278
<OTHER-ITEMS-ASSETS> 3,865,914
<TOTAL-ASSETS> 73,185,915
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 258,586
<TOTAL-LIABILITIES> 258,586
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55,596,928
<SHARES-COMMON-STOCK> 5,238,526
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (589,072)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,601,413
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,318,060
<NET-ASSETS> 72,927,329
<DIVIDEND-INCOME> 205,852
<INTEREST-INCOME> 27,788
<OTHER-INCOME> 0
<EXPENSES-NET> 822,712
<NET-INVESTMENT-INCOME> (589,072)
<REALIZED-GAINS-CURRENT> (838,873)
<APPREC-INCREASE-CURRENT> 142,681
<NET-CHANGE-FROM-OPS> (1,285,264)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 328,539
<NUMBER-OF-SHARES-REDEEMED> 550,755
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (4,245,821)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 359,632
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 917,772
<AVERAGE-NET-ASSETS> 71,658,398
<PER-SHARE-NAV-BEGIN> 14.13
<PER-SHARE-NII> (.11)
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.92
<EXPENSE-RATIO> 2.30
<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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 9,057,432
<INVESTMENTS-AT-VALUE> 11,126,914
<RECEIVABLES> 0
<ASSETS-OTHER> 63,225
<OTHER-ITEMS-ASSETS> 1,344,863
<TOTAL-ASSETS> 12,535,002
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,995
<TOTAL-LIABILITIES> 25,995
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,007,278
<SHARES-COMMON-STOCK> 558,029
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 7,755
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 424,492
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,069,482
<NET-ASSETS> 12,509,007
<DIVIDEND-INCOME> 79,232
<INTEREST-INCOME> 6,664
<OTHER-INCOME> 0
<EXPENSES-NET> 78,141
<NET-INVESTMENT-INCOME> 7,755
<REALIZED-GAINS-CURRENT> (318,892)
<APPREC-INCREASE-CURRENT> 85,026
<NET-CHANGE-FROM-OPS> (226,111)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 122,228
<NUMBER-OF-SHARES-REDEEMED> 69,005
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 916,951
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 34,382
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 112,523
<AVERAGE-NET-ASSETS> 11,420,527
<PER-SHARE-NAV-BEGIN> 22.96
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (.55)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.42
<EXPENSE-RATIO> 1.37
<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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 15,855,245
<INVESTMENTS-AT-VALUE> 19,085,394
<RECEIVABLES> 294,440
<ASSETS-OTHER> 71,055
<OTHER-ITEMS-ASSETS> 3,027
<TOTAL-ASSETS> 19,453,916
<PAYABLE-FOR-SECURITIES> 441,919
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,756,680
<TOTAL-LIABILITIES> 4,756,680
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,504,028
<SHARES-COMMON-STOCK> 971,531
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (209,197)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 730,337
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,230,149
<NET-ASSETS> 14,255,317
<DIVIDEND-INCOME> 138,004
<INTEREST-INCOME> 884
<OTHER-INCOME> 0
<EXPENSES-NET> 348,085
<NET-INVESTMENT-INCOME> (209,197)
<REALIZED-GAINS-CURRENT> (377,048)
<APPREC-INCREASE-CURRENT> 468,840
<NET-CHANGE-FROM-OPS> (117,405)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 95,070
<NUMBER-OF-SHARES-REDEEMED> 40,261
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 591,748
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 57,197
<INTEREST-EXPENSE> 179,909
<GROSS-EXPENSE> 357,618
<AVERAGE-NET-ASSETS> 12,698,522
<PER-SHARE-NAV-BEGIN> 14.90
<PER-SHARE-NII> (.22)
<PER-SHARE-GAIN-APPREC> (.01)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.67
<EXPENSE-RATIO> 5.48
<AVG-DEBT-OUTSTANDING> 5,128,976
<AVG-DEBT-PER-SHARE> 5.43
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> APIT TREASURIES TRUST
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 3,856,728
<INVESTMENTS-AT-VALUE> 4,098,496
<RECEIVABLES> 0
<ASSETS-OTHER> 97,882
<OTHER-ITEMS-ASSETS> 151,353
<TOTAL-ASSETS> 4,347,731
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,069
<TOTAL-LIABILITIES> 5,069
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,992,100
<SHARES-COMMON-STOCK> 383,065
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 99,476
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,318
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 241,768
<NET-ASSETS> 4,342,662
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 136,264
<OTHER-INCOME> 0
<EXPENSES-NET> 17,081
<NET-INVESTMENT-INCOME> 119,183
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 196,472
<NET-CHANGE-FROM-OPS> 323,899
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 71,042
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 65,585
<NUMBER-OF-SHARES-REDEEMED> 50,287
<SHARES-REINVESTED> 6,292
<NET-CHANGE-IN-ASSETS> 498,828
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,059
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 35,675
<AVERAGE-NET-ASSETS> 3,387,665
<PER-SHARE-NAV-BEGIN> 10.63
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> .59
<PER-SHARE-DIVIDEND> .20
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.34
<EXPENSE-RATIO> .85
<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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 2,891,140
<INVESTMENTS-AT-VALUE> 3,158,692
<RECEIVABLES> 0
<ASSETS-OTHER> 34,995
<OTHER-ITEMS-ASSETS> 147,592
<TOTAL-ASSETS> 3,341,279
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,969
<TOTAL-LIABILITIES> 3,969
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,969,623
<SHARES-COMMON-STOCK> 290,723
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (5,190)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 105,586
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 267,291
<NET-ASSETS> 3,337,310
<DIVIDEND-INCOME> 12,929
<INTEREST-INCOME> 3,274
<OTHER-INCOME> 0
<EXPENSES-NET> 21,393
<NET-INVESTMENT-INCOME> (5,190)
<REALIZED-GAINS-CURRENT> 39,843
<APPREC-INCREASE-CURRENT> 115,994
<NET-CHANGE-FROM-OPS> 150,647
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 91,898
<NUMBER-OF-SHARES-REDEEMED> 80,062
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 257,129
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,889
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 36,594
<AVERAGE-NET-ASSETS> 3,387,665
<PER-SHARE-NAV-BEGIN> 11.04
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> .46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.48
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
