UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file Number: 811-04262

AMERICAN PENSION INVESTORS TRUST
(Exact name of Registrant as Specified in Charter)

2303 Yorktown Avenue, Lynchburg, Virginia 24501(Address
of Principal Executive Office) (Zip Code)

Registrant’s Telephone Number, including Area Code: (434) 846-1361

DAVID D. BASTEN, President
American Pension Investors Trust
2303 Yorktown Avenue
Lynchburg, Virginia 24501

Copy to:

DARRELL MOUNTS, ESQ.
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, NW
Washington, D.C. 20036

Date of fiscal year end: May 31

Date of reporting period: November 30, 2003

Item 1. Reports to Shareholders

GROWTH FUND

CAPITAL INCOME FUND

MULTIPLE INDEX TRUST

YORKTOWN CLASSIC VALUE TRUST

TREASURIES TRUST

SEMI-ANNUAL REPORT DATED NOVEMBER 30, 2003

CONTENTS

Letter to Shareholders	1–2
Financial Statements
Schedule of Investments
Growth Fund	3-4
Capital Income Fund	5-6
Multiple Index Trust	7
Yorktown Classic Value Trust	8-9
Treasuries Trust	10
Statements of Assets and Liabilities	11
Statements of Operations	12
Statement of Cash Flows	13
Statements of Changes in Net Assets	14-15
Financial Highlights
Growth Fund	16
Capital Income Fund	17
Multiple Index Trust	18
Yorktown Classic Value Trust	19
Treasuries Trust	20
Notes to Financial Statements	21-24

Dear Fellow Shareholders:

Before beginning our normal market commentary, we would like to take this opportunity to welcome shareholders who have joined the API Trust family of funds and the Master Trust service. It is the strength of you, our rapidly growing shareholder base, which energizes all of our management team.

We are pleased to provide you with the API Trust semi-annual report for our four equity portfolios: the Growth Fund, Capital Income Fund, Yorktown Classic Value Trust and Multiple Index Trust, as well as our fixed income portfolio, the Treasuries Trust.

The following table summarizes fund performance for the five funds for the periods ended November 30, 2003.

	6 Months		12 Months
Growth	+19.18	%	+27.16	%
Capital Income	+16.24	%	+24.24	%
Yorktown Classic Value	+22.28	%	+38.14	%
Multiple Index	+20.11	%	+24.86	%
Treasuries	-0.92	%	+0.50	%

Strategy

Our strategy going forward is the same as in the past. We are dedicated to providing efficient and favorable asset allocation to you, our individual shareholders. Each of the four equity portfolios employs the broadest diversification that we believe is available within the fund industry. The holdings within the funds include individual stocks, bonds, specialized institutional funds, exchange traded index funds, and closed-end funds. All of the above mentioned securities are critical for efficient access to today’s free market global market place. As we look forward to the future, peace of mind comes with managing risk through diversification.

Looking Forward

The U.S. economy entered 2004 with a full head of steam. Forward-looking indicators almost universally signal improving conditions. Higher gold and commodity prices, plus strong growth in most global monetary aggregates, suggest that deflationary forces are a thing of the past and that demand is firming.

Economic growth is gaining momentum in the manufacturing and technology sectors as productivity gains are rising at the fastest pace in our economic history. Typically, growth will accelerate during presidential election years as the party in power attempts to retain the presidency.

The Federal Reserve has indicated a willingness to keep its key short-term interest rate (the federal funds rate) at a 45-year low of 1.00% for “a considerable period” of time. The consensus view remains that the Fed will likely tighten policy by perhaps one-half percent in this year’s middle quarters. The powerful manufacturing data released on January 2^nd increases the chance the Fed will tighten modestly this year. Still, there remains a vocal camp of forecasters who expect the Fed to do nothing at all this year.

1

Modest job gains of the past four months are expected to give way to stronger gains this year and next. Most forecasts suggest an average net monthly rise of 150,000 jobs this year. The trend could be stronger still. The nation’s unemployment rate, currently 5.9%, could approach 5.5% by the end of the year. The nation’s long-beleaguered manufacturing sector is on the rise again. This sector, along with construction and mining, represent the industrial side of the U.S. economy. A recent release of the Institute for Supply Management (ISM) monthly survey was much stronger than expected. The overall index number at 66.2 was the sixth consecutive month of expansion. (Note: A number above 50 suggests expansion, while a number below 50 suggests contraction). More importantly, the 66.2 number was the strongest in 20 years. New factory orders reached 77.6 in December, the best number since 1950. The employment component at 55.5 was up from 51.0. These “growth numbers” follow 37 consecutive months below 50. The major risks to stronger growth remain geo-political and in regards to terrorism. Rising stock prices and the weaker dollar also bode well for U.S. economic performance this year. We will look more closely at these and other factors in coming weeks and months.

In closing, we remain optimistic about the prospects for financial reward. The future will probably resemble the past as free markets and the growth of free enterprise translate into superior performance for investors.

Thank you for your continued confidence. We look forward to the future with your support.

Sincerely,
David D. Basten	David M. Basten
President	CFS

2

AMERICAN PENSION INVESTORS TRUST

GROWTH FUND

SCHEDULE OF INVESTMENTS

November 30, 2003

(Unaudited)

	Shares	Value
MUTUAL FUNDS — 67.98%
China Region Funds — 2.34%
Matthews China Fund	86,956	$	1,164,348
European Region Funds — 1.44%
Vontobel Eastern Europe Equity Fund	61,163		716,220
Global Funds — 3.46%
Oakmark Global Fund	93,673		1,720,781
Health/Biotechnology Funds — 3.78%
Rydex Biotechnology Fund	99,126		1,881,414
International Funds — 10.67%
Harbor International Fund	41,542		1,456,049
Mercantile International Equity Fund	88,597		1,010,900
Oakmark International Fund	66,242		1,122,804
Oakmark International Small Cap Fund	113,515		1,712,947
			5,302,700
Large Cap Core Funds — 4.52%
ProFunds Bull Fund	46,824		2,246,621
Large Cap Growth Fund — 4.47%
Alger Capital Appreciation Fund	141,198		1,109,820
Alger Large Cap Growth Fund	122,801		1,110,128
			2,219,948
Mid Cap Growth Funds — 5.07%
Alger Mid Cap Growth Fund	156,041		1,217,124
Legg Mason Special Investment Trust	26,034		1,306,170
			2,523,294
Money Market Funds — 1.36%
Government Obligations Fund	673,594		673,594
Multi Cap Core Funds — 2.53%
Legg Mason Value Trust	21,023		1,259,718
Multi Cap Growth Funds — 5.32%
ProFunds OTC Fund	46,245		2,645,687
Pacific Region Funds — 4.75%
Matthews Korea Fund	243,055		1,103,472
Matthews Pacific Tiger Fund	100,707		1,256,835
			2,360,307
Science & Technology Funds — 2.87%
Dreyfus Premier Nextech Fund	348,685		1,426,126
Small Cap Core Funds — 2.51%
Buffalo Small Cap Fund	56,921		1,247,599

	Shares	Value
Small Cap Growth Fund — 12.89%
Alger Small Cap Growth Fund	309,192	$	1,252,231
Brown IA Small Cap Growth Fund	125,911		1,227,639
Mercantile Capital Opportunities Fund	125,581		1,145,301
ProFunds Small Cap Fund	83,831		2,784,880
			6,410,051
Total Mutual Funds (cost $28,508,891)			33,798,408
COMMON STOCKS — 24.79%
Auto/Truck — 1.21%
Paccar, Inc.	7,500		601,575
Banks — 1.11%
CitiGroup, Inc.	11,700		550,368
Biotechnology — 1.20%
Gilead Sciences, Inc.	10,200		598,536
Computers — Hardware — 2.51%
EMC Corp.	46,000		632,040
Nvidia Corp.	29,000		613,350
			1,245,390
Computers — Software — 5.47%
Choicepoint, Inc.	16,000		612,000
DST Systems, Inc.	13,000		485,160
Findwhat.com, Inc.	29,000		439,350
Nuance Communications, Inc.	78,000		621,660
Yahoo, Inc.	13,010		559,170
			2,717,340
Consumer Products/Services — 1.18%
Apollo Group, Inc.	8,500		586,755
Drugs — 1.06%
aaiPharma, Inc.	29,000		527,220
Financial Services — 1.00%
Total System Services, Inc.	17,000		495,890
Hotel/Motel — 1.04%
Mandalay Resort Group	12,000		515,400
Household Products/Services — 1.02%
Bed Bath & Beyond, Inc.	12,000		506,880
Industrial Services — 1.22%
Verisign, Inc.	37,500		607,875
Instruments & Control — 1.13%
Garmin, Ltd.	10,000		560,200

3

AMERICAN PENSION INVESTORS TRUST

GROWTH FUND

SCHEDULE OF INVESTMENTS, Continued

November 30, 2003

(Unaudited)

	Shares	Value
Media — TV/Newspaper — 0.99%
Interactive Corp.	15,000	$	492,750
Office Products/Services — 1.36%
Websense, Inc.	25,000		677,250
Security Brokers — 2.25%
Goldman Sachs Group, Inc.	5,000		480,400
Legg Mason, Inc.	8,000		637,680
			1,118,080
Utilities — Telecommunications — 1.04%
Level 3 Communications, Inc.	94,500		517,860
Total Common Stocks (cost $9,625,937)			12,319,369
EXCHANGE TRADED FUNDS — 7.23%
i Shares Russell 1000 Fund	11,000		498,520
i Shares Russell 2000 Fund	10,000		591,000
i Shares Russell 3000 Fund	13,000		477,880
i Shares Russell Mid Cap Growth Fund	7,500		547,725
i Shares S&P 500 Barra	8,800		472,032
i Shares S&P Mid Cap 400	4,000		478,000
i Shares S&P Small Cap	6,000		530,340
Total Exchange Traded Funds (cost $3,343,636)			3,595,497
Total Investments (cost $41,478,464*)		$	49,713,274
*  Cost for Federal income tax purposes $41,478,464.
The aggregate gross unrealized appreciation (depreciation) for all securities is as follows:
Excess of value over tax cost	8,497,916
Excess of tax cost over value	263,106

The accompanying notes are an integral part of these financial statements.

4

AMERICAN PENSION INVESTORS TRUST

CAPITAL INCOME FUND

SCHEDULE OF INVESTMENTS

November 30, 2003

(Unaudited)

	Shares	Value
MUTUAL FUNDS — 45.92%
China Region Funds — 2.31%
Matthews China Fund	28,234	$	378,056
Convertible Securities Funds — 3.47%
Victory Convertible Fund	48,562		566,729
Equity Income Funds — 3.17%
Parnassus Equity Income Fund	22,126		517,978
European Region Funds — 1.78%
Vontobel Eastern Europe Equity Fund	24,777		290,139
International Funds — 3.37%
Longleaf Partners International Fund	40,402		550,289
Mid Cap Value Funds — 3.62%
ProFunds Mid Cap Value Fund	18,330		592,067
Money Market Funds — 4.10%
Government Obligations Fund	670,782		670,782
Multi Cap Growth Funds — 3.87%
ProFunds OTC Fund	11,062		632,872
Pacific Region Funds — 5.55%
Matthews Asian Growth & Income Fund	40,795		543,809
Matthews Pacific Tiger Fund	29,170		364,042
			907,851
Real Estate Funds — 4.76%
CGM Realty Fund	11,574		295,718
Mercantile Diversified Real Estate Fund	36,704		481,566
			777,284
Small Cap Core Funds — 3.92%
ProFunds Small Cap Fund	19,295		640,986
Small Cap Value Funds — 6.00%
ProFunds Small Cap Value Fund	15,945		515,851
Victory Small Company Opportunity Fund	18,014		465,487
			981,338
Total Mutual Funds (cost $6,686,075)			7,506,371

	Shares	Value
COMMON STOCKS — 30.36%
Banks — 12.67%
Bank of New York Co., Inc.	7,000	$	214,760
BB&T Corp.	6,200		244,032
CitiGroup, Inc.	8,000		376,320
J.P. Morgan Chase & Co.	12,000		424,320
Keycorp	7,900		219,541
Provident Financial Group, Inc.	8,000		247,680
Wells Fargo & Co.	6,000		343,980
			2,070,633
Basic Materials — 1.11%
Ferro Corp.	8,000		181,600
Building Materials/Supplies — 1.25%
PPG Industries, Inc.	3,500		204,645
Conglomerates — 2.61%
RPM International, Inc.	15,000		226,950
Textron, Inc.	4,000		199,360
			426,310
Energy — Oil — 1.45%
Marathon Oil Corp.	8,000		236,880
Financial Services — 2.91%
Alliance Capital Management Ltd.	8,000		257,600
Allied Capital Corp.	8,000		218,240
			475,840
Insurance — 1.63%
ING Group	12,315		265,511
Retailers — Department Stores — 2.02%
Sears, Roebuck and Co.	6,000		330,960
Savings & Loan’s/Thrifts — 1.68%
Washington Mutual, Inc.	6,000		274,860
Tobacco — 1.59%
Altria Group, Inc.	5,000		260,000
Utilities — Electric — 1.44%
Scana Corp.	7,000		235,060
Total Common Stocks (cost $4,040,468)			4,962,299

5

AMERICAN PENSION INVESTORS TRUST

CAPITAL INCOME FUND

SCHEDULE OF INVESTMENTS, Continued

November 30, 2003

(Unaudited)

	Shares	Value
CLOSED END MUTUAL FUNDS — 18.43%
Alliance World Fund	20,000	$	258,400
Alliance World II	19,000		247,000
Evergreen Income Advantage Fund	16,500		250,140
Franklin Universal Trust	40,000		221,200
Global Income Fund	48,000		228,480
Latin American Discovery Fund	14,000		164,500
Morgan Stanley Emerging Markets Debt Portfolio	27,000		254,880
Morgan Stanley Global Opportunity Bond Fund	34,000		255,000
Nuveen Quality Preferred Income Fund	14,500		226,200
PIMCO Strategic Global Government	17,000		202,300
Soloman Brothers Worldwide Income	14,500		242,875
Strategic Global Income Fund	17,000		245,480
Templeton Emerging Markets Fund	17,000		215,900
Total Closed End Mutual Funds (cost $2,773,237)			3,012,355
EXCHANGE TRADED FUNDS — 5.29%
i Shares Dow Jones U.S. Utilities Index Fund	5,500		300,575
i Shares S&P Global Financial Fund	10,000		563,400
Total Exchange Traded Funds (cost $656,585)			863,975
Total Investments (cost $14,156,365*)		$	16,345,000
*  Cost for Federal income tax purposes $14,156,365. The aggregate gross unrealized appreciation (depreciation) for all securities is as follows:
Excess of value over tax cost	2,209,800
Excess of tax cost over value	21,165

The accompanying notes are an integral part of these financial statements.

6

AMERICAN PENSION INVESTORS TRUST

MULTIPLE INDEX TRUST

SCHEDULE OF INVESTMENTS

November 30, 2003

(Unaudited)

	Shares	Value
MUTUAL FUNDS — 48.78%
Health/Biotechnology Funds — 10.38%
Rydex Biotechnolgy Fund	110,997	$	2,047,909
Large Cap Core Funds — 4.99%
North Track S&P 100 Plus Portfolio	33,189		983,737
Money Market Funds — 5.49%
Government Obligations Fund	1,082,008		1,082,008
Multi Cap Growth Funds — 12.40%
Rydex OTC Fund	261,298		2,445,753
S&P Index Objective Funds — 2.75%
Vanguard Index Trust 500 Portfolio	5,535		542,600
Science & Technology Funds — 12.77%
North Track PSE Tech 100 Index Portfolio	48,304		959,320
Rydex Electronics Fund	107,929		1,558,505
			2,517,825
Total Mutual Funds (cost $9,552,928)			9,619,832

The accompanying notes are an integral part of these financial statements.

	Shares	Value
EXCHANGE TRADED FUNDS — 51.22%
i Shares Goldman Sachs Networking Fund	28,500	$	792,015
i Shares Goldman Sachs Semiconductor Fund	12,000		786,960
i Shares Goldman Sachs Software Fund	14,500		526,495
i Shares MSCI Australia Fund	43,000		545,670
i Shares MSCI Emerging Markets Index Fund	3,900		589,680
i Shares MSCI Hong Kong Index Fund	56,500		561,610
i Shares MSCI Taiwan Fund	52,000		576,160
i Shares Russell 1000 Index Fund	21,000		1,202,880
i Shares S&P 100 Index Fund	13,500		708,750
Rydex S&P 500 ETF Fund	4,800		619,920
SPDR — S&P Mid Cap 400 Index Fund	15,000		1,563,600
StreetTRACKS Fortune e-50 Fund	17,000		519,180
StreetTRACKS Morgan Stanley Internet Fund	44,500		534,000
StreetTRACKS Morgan Stanley High Tech 35 Fund	12,400		574,492
Total Exchange Traded Funds (cost $9,196,439)			10,101,412
Total Investments (cost $18,749,367*)		$	19,721,244
*  Cost for Federal income tax purposes $18,749,367. The aggregate gross unrealized appreciation (depreciation) for all securities is as follows:
Excess of value over tax cost	1,216,714
Excess of tax cost over value	244,837

7

AMERICAN PENSION INVESTORS TRUST

YORKTOWN CLASSIC VALUE TRUST

SCHEDULE OF INVESTMENTS

November 30, 2003

(Unaudited)

	Shares	Value
COMMON STOCKS — 86.24%
Advertising — 1.33%
Interpublic Group of Companies, Inc.	30,000	$	427,500
Aerospace/Defense — 2.83%
Boeing Company	12,000		460,680
Kroll, Inc.	18,891		452,439
			913,119
Auto Parts & Accessories — 1.66%
American Axle & Manufacturing Holdings, Inc.	13,500		535,005
Auto/Truck — 1.32%
Sonic Automotive, Inc.	19,000		426,550
Banks — 12.97%
BB&T Corp.	11,000		432,960
Bank of New York Co., Inc.	14,000		429,520
CitiGroup, Inc.	11,000		517,440
Fleet Boston Financial Corp.	10,000		406,000
J.P. Morgan Chase & Co.	14,000		495,040
Mellon Financial Corp.	15,000		432,000
Mercantile Bankshares Corp.	10,000		444,500
Sun Trust Banks, Inc.	7,000		497,350
Wachovia Corp.	11,500		526,125
			4,180,935
Basic Materials — 1.48%
Phelps Dodge Corp.	7,500		477,600
Communications — 1.47%
Intersil Corp.	18,000		475,380
Computers — Hardware — 3.40%
Cisco Systems, Inc.	25,000		566,500
McData Corp.	50,000		529,000
			1,095,500
Computers — Software — 3.31%
Internet Security Systems, Inc.	30,000		509,100
MIM Corp.	79,000		556,950
			1,066,050
Conglomerates — 1.78%
Headwaters, Inc.	30,000		572,400

	Shares	Value
Diversified Technology — 3.53%
Texas Instruments, Inc.	19,000	$	565,440
Tyco International Limited	25,000		573,750
			1,139,190
Drugs — 1.36%
McKesson Corp.	15,000		438,000
Drug Stores — 1.80%
CVS Corp.	15,500		580,630
Electronics — 3.42%
Applied Micro Circuits Corp.	80,000		516,800
Flextronics International Limited	36,500		585,095
			1,101,895
Financial Services — 10.07%
American Express Co.	9,500		434,245
Capital One Financial Corp.	8,000		477,760
CIT Group, Inc.	15,000		523,050
Fannie Mae	6,300		441,000
John Hancock Financial Services, Inc.	13,000		477,750
MBNA Corp.	20,000		490,400
Moody’s Corp.	7,000		400,960
			3,245,165
Home Construction/Manufacturing — 1.66%
Beazer Homes USA, Inc.	5,000		533,550
Hospital/Medical Care — 6.26%
Anthem, Inc.	6,500		468,780
Sunrise Senior Living, Inc.	18,000		621,360
United Health Group, Inc.	8,000		431,200
Wackenhut Corrections Corp.	23,000		497,950
			2,019,290
Industrial Services — 1.43%
Concord EFS, Inc.	40,000		459,600
Instruments & Controls — 1.27%
KLA-Tencor Corp.	7,000		410,270
Insurance — 2.46%
Chubb Corp.	6,000		392,700
Erie Indemnity Company	10,000		401,500
			794,200

8

AMERICAN PENSION INVESTORS TRUST

YORKTOWN CLASSIC VALUE TRUST

SCHEDULE OF INVESTMENTS, Continued

November 30, 2003

(Unaudited)

	Shares	Value
Media — TV/Newspaper — 2.66%
Liberty Media	40,560	$	448,188
USA Interactive, Inc.	12,500		410,625
			858,813
Railroads — 1.37%
CSX Corp.	13,000		440,570
Retailers — Department Stores — 4.14%
Federated Department Stores, Inc.	9,000		441,810
Sears, Roebuck and Co.	8,000		441,280
TJX Companies, Inc.	20,000		451,800
			1,334,890
Securities Brokers — 11.90%
Bear Stearns Cos., Inc.	7,000		507,220
E*Trade Financial Corp.	45,000		487,350
Goldman Sachs Group, Inc.	6,000		576,480
Legg Mason Inc.	8,000		637,680
Lehman Brothers Holdings Inc.	7,000		505,470
Merrill Lynch & Co., Inc.	10,000		567,500
Morgan Stanley, Dean Witter, Discover & Co.	10,000		552,800
			3,834,500
Utilities — Telecommunications — 1.36%
Level 3 Communications, Inc.	80,000		438,400
Total Common Stocks (cost $21,538,817)			27,799,002

	Shares	Value
CLOSED END MUTUAL FUNDS — 2.84%
India Fund, Inc.	24,000	$	459,600
Royce Micro-Cap Trust, Inc.	35,000		456,750
Total Closed End Mutual Funds (cost $831,602)			916,350
EXCHANGE TRADED FUNDS — 10.92%
i Shares Russell 1000 Value Fund	9,000		497,250
i Shares Russell 2000 Value Fund	3,000		468,900
i Shares S&P Mid Cap 400 Barra Value Fund	5,000		535,350
i Shares S&P Value Fund	9,000		473,310
i Shares Small Cap 600 Fund	5,000		492,200
StreetTRACKS Dow Jones U.S. Small Cap Value Index Fund	3,500		558,285
StreetTRACKS Fortune 500 Index Fund	6,500		493,247
Total Exchange Traded Funds (cost $2,952,677)			3,518,542
Total Investments (cost $25,323,096*)		$	32,233,894
*  Cost for Federal income tax purposes $25,323,096. The aggregate gross unrealized appreciation (depreciation) for all securities is as follows:
Excess of value over tax cost	6,986,052
Excess of tax cost over value	75,254

The accompanying notes are an integral part of these financial statements.

9

AMERICAN PENSION INVESTORS TRUST

TREASURIES TRUST

SCHEDULE OF INVESTMENTS

November 30, 2003

(Unaudited)

	Principal/ Shares		Value
U.S. GOVERNMENT OBLIGATIONS — 91.60%
United States Treasury Notes
12.00%, due 5/15/05	$	9,555,000	$	10,980,788
MONEY MARKET FUNDS — 8.40%
Government Obligations Fund		1,006,850		1,006,850
Total Investments (cost $12,055,615*)			$	11,987,638

*  Cost for Federal income tax purposes $12,055,615. The aggregate gross unrealized appreciation (depreciation) for all securities is as follows:
Excess of value over tax cost	—
Excess of tax cost over value	67,977

The accompanying notes are an integral part of these financial statements.

10

AMERICAN PENSION INVESTORS TRUST

STATEMENTS OF ASSETS AND LIABILITIES

November 30, 2003

(Unaudited)

	Growth Fund			Capital Income Fund			Multiple Index Trust			Yorktown Classic Value Trust			Treasuries Trust
Assets
Investments at value (identified cost of $41,478,464; $14,156,365; $18,749,367; $25,323,096; and $12,055,615, respectively)	$	49,713,274		$	16,345,000		$	19,721,244		$	32,233,894		$	11,987,638
Interest receivable														46,827
Receivable for securities sold											423,896
Receivable from advisor														927
Other assets		118,768			59,034			52,992			109,852			24,887
Total assets		49,832,042			16,404,034			19,774,236			32,767,642			12,060,279
Liabilities
Accrued distribution fees		40,088			7,721						17,748
Accrued advisory fees		39,793			6,434			7,859			17,748
Borrowings for purchase of securities											7,662,000
Payable for securities purchased					349,248			690,027			421,308
Accrued interest expense											15,873
Other liabilities		62,054			16,903			17,092			57,648			17,788
Total liabilities		141,935			380,306			714,978			8,192,325			17,788
Net assets	$	49,690,107		$	16,023,728		$	19,059,258		$	24,575,317		$	12,042,491
Shares of beneficial interest outstanding (unlimited number of no par value shares authorized)		5,032,255			986,104			1,679,226			1,709,122			1,117,166
Net asset value and offering price per share outstanding	$	9.88		$	16.25		$	11.35		$	14.38		$	10.77
Net assets consist of
Paid-in capital		52,655,847			15,624,978			20,590,418			19,907,105			11,953,980
Accumulated net investment income (loss)		(477,057	)		69,675			(66,116	)		(203,429	)		58,539
Accumulated net realized gain (loss) from security transactions		(10,723,493	)		(1,859,560	)		(2,436,921	)		(2,039,157	)		97,949
Unrealized appreciation (depreciation) on investments		8,234,810			2,188,635			971,877			6,910,798			(67,977	)
Net assets applicable to outstanding shares of beneficial interest	$	49,690,107		$	16,023,728		$	19,059,258		$	24,575,317		$	12,042,491

The accompanying notes are an integral part of these financial statements.

11

AMERICAN PENSION INVESTORS TRUST

STATEMENTS OF OPERATIONS

for the six months ended November 30, 2003

(Unaudited)

	Growth Fund			Capital Income Fund		Multiple Index Trust			Yorktown Classic Value Trust			Treasuries Trust
Investment income
Dividends	$	154,904		$	183,800	$	32,548		$	140,298
Interest		3,751			2,652		2,388			62		$	85,684
Total income		158,655			186,452		34,936			140,360			85,684
Expenses
Investment advisory fees		224,234			41,066		56,589			91,476			27,065
Distribution fees		224,234			34,221					91,476
Transfer agent fees		102,399			32,100		33,000			38,049			24,549
Custodial fees		10,172			3,159		4,082			6,043			3,400
Professional fees		26,850			7,651		8,949			10,914			10,649
Registration fees		7,334			6,935		6,985			7,716			6,985
Trustee fees		10,250			1,674		1,825			1,987			1,801
Insurance		18,527			4,196		5,483			6,733			4,553
Shareholder reports		7,054			1,878		2,014			2,332			1,454
Miscellaneous		8,899			3,700		3,850			4,451			3,051
Total operating expenses		639,953			136,580		122,777			261,177			83,507
Less expenses waived by investment advisor		(4,241	)				(21,725	)					(25,317	)
Net operating expenses		635,712			136,580		101,052			261,177			58,190
Interest expense										82,612
Total expenses		635,712			136,580		101,052			343,789			58,190
Net investment income (loss)		(477,057	)		49,872		(66,116	)		(203,429	)		27,494
Realized and unrealized gain (loss) on investments
Net realized gain (loss) from security transactions		2,814,634			417,461		1,383,870			946,672			97,949
Capital gain distributions from mutual funds		4,936			47,852
Change in unrealized appreciation on investments		5,441,532			1,564,079		1,631,245			3,434,024			(230,749	)
Net realized and unrealized gain (loss) on investments		8,261,102			2,029,392		3,015,115			4,380,696			(132,800	)
Net increase (decrease) in net assets resulting from operations	$	7,784,045		$	2,079,264	$	2,948,999		$	4,177,267		$	(105,306	)

The accompanying notes are an integral part of the financial statements.

12

AMERICAN PENSION INVESTORS TRUST

YORKTOWN CLASSIC VALUE TRUST

STATEMENT OF CASH FLOWS

for the six months ended November 30, 2003

(Unaudited)

Cash provided (used) by operations
Purchases of portfolio securities	$	(14,674,505	)
Proceeds from sales of portfolio securities		7,807,734
Net investment loss		(203,429	)
Net change in receivables/payables related to operations		4,718
Net cash used by operating activities				$	(7,065,482	)
Cash provided (used) by financing activities
Sales of capital shares		6,365,860
Repurchase of capital shares		(2,182,378	)
Cash provided by capital share transactions		4,183,482
Cash provided by borrowing, net of borrowings repaid
of $6,250,000		2,882,000
Net cash provided by financing activities					7,065,482
Net change in cash					—
Cash
Beginning of period					—
End of period				$	—

The accompanying notes are an integral part of these financial statements.

13

AMERICAN PENSION INVESTORS TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended November 30, 2003

(Unaudited)

	Growth Fund			Capital Income Fund			Multiple Index Trust			Yorktown Classic Value Trust			Treasuries Trust
Operations
Net investment income (loss)	$	(477,057	)	$	49,872		$	(66,116	)	$	(203,429	)	$	27,494
Net realized gain (loss) from security transactions		2,814,634			417,461			1,383,870			946,672			97,949
Capital gain distributions from mutual funds		4,936			47,852
Net change in unrealized appreciation on investments		5,441,532			1,564,079			1,631,245			3,434,024			(230,749	)
Increase (decrease) in net assets resulting from operations		7,784,045			2,079,264			2,948,999			4,177,267			(105,306	)
Distributions
From net investment income														(52,963	)
Decrease in net assets resulting from distributions														(52,963	)
Capital share transactions
Proceeds from sale of shares		7,243,376			3,619,484			4,240,484			6,401,860			2,548,280
Value of shares issued upon reinvestment of dividends														49,184
Cost of shares redeemed		(4,445,178	)		(1,048,053	)		(1,446,951	)		(2,222,490	)		(6,527,281	)
Increase (decrease) in net assets resulting from) capital share transactions		2,798,198			2,571,431			2,793,533			4,179,370			(3,929,817	)
Total increase (decrease) in net assets		10,582,243			4,650,695			5,742,532			8,356,637			(4,088,086	)
Net assets
Beginning of period		39,107,864			11,373,033			13,316,726			16,218,680			16,130,577
End of period	$	49,690,107		$	16,023,728		$	19,059,258		$	24,575,317		$	12,042,491
Share transactions
Shares sold		806,814			243,478			408,616			504,024			234,397
Shares reinvested														4,527
Shares redeemed		493,783			70,723			138,970			174,502			600,282

The accompanying notes are an integral part of these financial statements.

14

AMERICAN PENSION INVESTORS TRUST

STATEMENTS OF CHANGES IN NET ASSETS

Year Ended May 31, 2003

	Growth Fund			Capital Income Fund			Multiple Index Trust			Yorktown Classic Value Trust			Treasuries Trust
Operations
Net investment income (loss)	$	(898,022	)	$	3,116		$	(47,797	)	$	(245,794	)	$	206,485
Net realized gain (loss) from security transactions		(7,504,854	)		(2,227,272	)		(1,173,892	)		(2,102,290	)		303,165
Capital gain distributions from mutual funds		174,448			68,807
Net change in unrealized appreciation on investments		4,089,782			1,362,968			297,649			1,308,409			148,922
Increase (decrease) in net assets resulting from operations		(4,138,646	)		(792,381	)		(924,040	)		(1,039,675	)		658,572
Distributions
From net investment income														(223,560	)
Decrease in net assets resulting from distributions														(223,560	)
Capital share transactions
Proceeds from sale of shares		5,571,731			4,543,122			4,397,867			8,948,245			14,014,139
Value of shares issued upon reinvestment of dividends														204,979
Cost of shares redeemed		(9,578,774	)		(2,844,323	)		(4,092,745	)		(7,860,497	)		(7,865,634	)
Increase (decrease) in net assets resulting from capital share transactions		(4,007,043	)		1,698,799			305,122			1,087,748			6,353,484
Total increase (decrease) in net assets		(8,145,689	)		906,418			(618,918	)		48,073			6,788,496
Net assets
Beginning of year		47,253,553			10,466,615			13,935,644			16,170,607			9,342,081
End of year	$	39,107,864		$	11,373,033		$	13,316,726		$	16,218,680		$	16,130,577
Share transactions
Shares sold		766,215			353,176			520,190			876,716			1,293,419
Shares reinvested														19,021
Shares redeemed		1,303,447			223,383			491,374			748,866			724,187

The accompanying notes are an integral part of these financial statements.

15

AMERICAN PENSION INVESTORS TRUST

GROWTH FUND

FINANCIAL HIGHLIGHTS

	For the Six Months Ended Nov. 30, 2003			For the Years Ended May 31,
	(Unaudited)			2003			2002			2001			2000			1999
For a share outstanding throughout each year/period
Net asset value, beginning of year/period	$	8.29		$	8.99		$	11.56		$	15.55		$	14.19		$	14.13
Income from investment operations
Net investment loss		(0.09	)		(0.19	)		(0.20	)		(0.22	)		(0.25	)		(0.21	)
Net realized and unrealized gain (loss) on investments		1.68			(0.51	)		(1.83	)		(2.07	)		3.35			1.32
Total income (loss) from investment operations		1.59			(0.70	)		(2.03	)		(2.29	)		3.10			1.11
Distributions
From net realized gain on security transactions		—			—			(0.54	)		(1.70	)		(1.74	)		(1.05	)
Total distributions		—			—			(0.54	)		(1.70	)		(1.74	)		(1.05	)
Net asset value, end of year/period	$	9.88		$	8.29		$	8.99		$	11.56		$	15.55		$	14.19
Total return (1)		19.18	%		(7.79	)%		(17.94	)%		(16.82	)%		24.17	%		8.46	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	49,690		$	39,108		$	47,254		$	63,761		$	88,459		$	71,764
Ratio of expenses to average net assets (2)		2.85	%		2.94	%		2.76	%		2.42	%		2.42	%		2.32	%
Ratio of net investment loss to average net assets		(2.14	)%		(2.41	)%		(1.93	)%		(1.63	)%		(1.79	)%		(1.49	)%
Portfolio turnover rate		121	%		97	%		57	%		60	%		61	%		86	%

⁽¹⁾ Does not reflect contingent deferred sales charge.

⁽²⁾ Without fees waived by the investment advisor and distributor, the ratio of expenses to average net assets would have been 2.87%, 2.98%, 2.76%, 2.57%, 2.57%, and 2.58%, respectively.

The accompanying notes are an integral part of these financial statements.

16

AMERICAN PENSION INVESTORS TRUST

CAPITAL INCOME FUND

FINANCIAL HIGHLIGHTS

	For the Six Months Ended Nov. 30, 2003			For the Years Ended May 31,
	(Unaudited)			2003			2002			2001			2000			1999
For a share outstanding throughout each year/period
Net asset value, beginning of year/period	$	13.98		$	15.31		$	16.54		$	22.83		$	23.03		$	22.96
Income from investment operations
Net investment income (loss)		0.05			0.01			(0.13	)		0.03			0.15			0.02
Net realized and unrealized gain (loss) on investments		2.22			(1.34	)		(1.07	)		(2.37	)		1.90			1.38
Total income (loss) from investment operations		2.27			(1.33	)		(1.20	)		(2.34	)		2.05			1.40
Distributions
From net investment income		—			—			(0.01	)		(0.16	)		(0.50	)		—
From net realized gain on security transactions		—			—			(0.02	)		(3.79	)		(1.75	)		(1.33	)
Total distributions		—			—			(0.03	)		(3.95	)		(2.25	)		(1.33	)
Net asset value, end of year/period	$	16.25		$	13.98		$	15.31		$	16.54		$	22.83		$	23.03
Total return (1)		16.24	%		(8.69	)%		(7.30	)%		(11.32	)%		9.49	%		6.57	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	16,024		$	11,373		$	10,467		$	9,952		$	11,074		$	13,823
Ratio of expenses to average net assets (2)		2.00	%		2.17	%		2.13	%		1.84	%		1.43	%		1.34	%
Ratio of net investment income (loss) to average net assets		0.73	%		0.03	%		(0.97	)%		(0.27	)%		(0.82	)%		(0.09	)%
Portfolio turnover rate		90	%		100	%		30	%		89	%		53	%		79	%

⁽¹⁾ Does not reflect contingent deferred sales charge.

⁽²⁾ Without fees waived by the investment advisor and distributor, the ratio of expenses to average net assets would have been 2.00%, 2.28%, 2.24%, 2.09%, 1.84%, and 1.94%, respectively.

The accompanying notes are an integral part of the financial statements.

17

AMERICAN PENSION INVESTORS TRUST

MULTIPLE INDEX TRUST

FINANCIAL HIGHLIGHTS

	For the Six Months Ended Nov. 30, 2003			For the Years Ended May 31,
	(Unaudited)			2003			2002			2001			2000			1999
For a share outstanding throughout each year/period
Net asset value, beginning of year/period	$	9.45		$	10.09		$	12.14		$	14.96		$	12.70		$	11.04
Income from investment operations
Net investment loss		(0.04	)		(0.03	)		(0.05	)		(0.05	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments		1.94			(0.61	)		(2.00	)		(2.43	)		2.49			1.91
Total income (loss) from investment operations		1.90			(0.64	)		(2.05	)		(2.48	)		2.48			1.90
Distributions
From net investment income		—			—			—			—			(0.12	)		—
From net realized gain on security transactions		—			—			—			(0.32	)		(0.10	)		(0.24	)
In excess of realized gains		—			—			—			(0.02	)		—			—
Total distributions		—			—			—			(0.34	)		(0.22	)		(0.24	)
Net asset value, end of year/period	$	11.35		$	9.45		$	10.09		$	12.14		$	14.96		$	12.70
Total return (1)		20.11	%		(6.34	)%		(16.89	)%		(16.76	)%		19.46	%		17.49	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	19,059		$	13,317		$	13,936		$	13,764		$	11,404		$	5,612
Ratio of expenses to average net assets (2)		1.25	%		1.22	%		1.25	%		1.24	%		1.24	%		1.23	%
Ratio of net investment loss to average net assets		(0.82	)%		(0.40	)%		(0.54	)%		(0.38	)%		(0.11	)%		(0.09	)%
Portfolio turnover rate		128	%		31	%		43	%		20	%		17	%		35	%

⁽¹⁾ Does not reflect contingent deferred sales charge.

⁽²⁾ Without fees waived by the investment advisor, the ratio of expenses to average net assets would have been 1.53%, 1.77%, 1.57%, 1.44%, 1.50%, and 2.16%, respectively.

The accompanying notes are an integral part of the financial statements.

18

AMERICAN PENSION INVESTORS TRUST

YORKTOWN CLASSIC VALUE TRUST

FINANCIAL HIGHLIGHTS

	For the Six Months Ended Nov. 30, 2003			For the Years Ended May 31,
	(Unaudited)			2003			2002			2001			2000			1999
For a share outstanding throughout each year/period
Net asset value, beginning of year/period	$	11.76		$	12.92		$	17.44		$	15.94		$	16.09		$	14.90
Income from investment operations
Net investment loss		(0.12	)		(0.18	)		(0.33	)		(0.35	)		(0.43	)		(0.41	)
Net realized and unrealized gain on investments		2.74			(0.98	)		(4.19	)		2.51			1.78			2.79
Total income (loss) from investment operations		2.62			(1.16	)		(4.52	)		2.16			1.35			2.38
Distributions
From net realized gain on security transactions		—			—			—			(0.66	)		(1.50	)		(1.19	)
Total distributions		—			—			—			(0.66	)		(1.50	)		(1.19	)
Net asset value, end of year/period	$	14.38		$	11.76		$	12.92		$	17.44		$	15.94		$	16.09
Total return (1)		22.28	%		(8.98	)%		(25.92	)%		13.25	%		9.61	%		17.80	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	24,575		$	16,219		$	16,171		$	19,334		$	13,857		$	15,587
Ratio of operating expenses to average net assets (2)		2.57	%		2.57	%		2.59	%		2.47	%		2.27	%		2.44	%
Ratio of total expenses to average net assets (3)		3.38	%		3.50	%		3.73	%		4.21	%		4.00	%		4.77	%
Ratio of net investment income to average net assets		(2.00	)%		(1.79	)%		(2.37	)%		(2.13	)%		(2.33	)%		(2.82	)%
Portfolio turnover rate		61	%		117	%		73	%		82	%		113	%		187	%

⁽¹⁾ Does not reflect contingent deferred sales charge.

⁽²⁾ Without fees waived by the investment advisor and distributor, the ratio of operating expenses to average net assets would have been 2.57%, 2.84%, 2.59%, 2.47%, 2.42%, and 2.60%, respectively.

⁽³⁾ Without fees waived by the investment advisor and distributor, the ratio of total expenses to average net assets would have been 3.38%, 3.77%, 3.73%, 4.21%, 4.15%, and 4.92%, respectively.

The accompanying notes are an integral part of these financial statements.

19

AMERICAN PENSION INVESTORS TRUST

TREASURIES TRUST

FINANCIAL HIGHLIGHTS

	For the Six Months Ended Nov. 30, 2003			For the Years Ended May 31,
	(Unaudited)			2003			2002			2001			2000			1999
For a share outstanding throughout each year/period
Net asset value, beginning of year/period	$	10.91		$	10.49		$	10.58		$	10.02		$	10.53		$	10.63
Income from investment operations
Net investment income		0.04			0.16			0.34			0.57			0.80			0.58
Net realized and unrealized gain (loss) on investments		(0.14	)		0.46			0.04			0.74			(0.68	)		(0.02	)
Total income from investment operations		(0.10	)		0.62			0.38			1.31			0.12			0.56
Distributions
From net investment income		(0.04	)		(0.20	)		(0.47	)		(0.75	)		(0.51	)		(0.64	)
From net realized gain on security transactions		—			—			—			—			(0.12	)		(0.02	)
Total distributions		(0.04	)		(0.20	)		(0.47	)		(0.75	)		(0.63	)		(0.66	)
Net asset value, end of year/period	$	10.77		$	10.91		$	10.49		$	10.58		$	10.02		$	10.53
Total return (1)		(0.92	)%		5.90	%		3.67	%		13.25	%		1.30	%		5.11	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	12,042		$	16,131		$	9,342		$	6,577		$	3,887		$	7,504
Ratio of expenses to average net assets (2)		0.86	%		0.86	%		0.85	%		0.85	%		0.76	%		0.87	%
Ratio of net investment income to average net assets		0.41	%		1.59	%		3.45	%		6.53	%		6.72	%		5.49	%
Portfolio turnover rate		207	%		77	%		227	%		0	%		126	%		231	%

⁽¹⁾ Does not reflect contingent deferred sales charge.

⁽²⁾ Without fees waived by the investment advisor, the ratio of expenses to average net assets would have been 1.26%, 1.27%, 1.37%, 1.53%, 1.48%, and 1.79%, respectively.

The accompanying notes are an integral part of these financial statements.

20

AMERICAN PENSION INVESTORS TRUST

NOTES TO FINANCIAL STATEMENTS

(Information as of and for the six months ended November 30, 2003 is unaudited)

1. Organization

American Pension Investors Trust (the “Trust”) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The accompanying financial statements include the Growth Fund, Capital Income Fund, Multiple Index Trust, Yorktown Classic Value Trust and Treasuries Trust (collectively the “Funds”).

The Growth Fund’s investment objective is growth of capital. The fund seeks to achieve its objective by investing primarily in (1) mutual funds (“underlying funds”) that seek long-term capital growth or appreciation by investing primarily in common stock or convertible securities and (2) securities that represent interests in a portfolio of common stocks designed to track the price and dividend yield performance of a broad-based securities index (“index securities”). The fund may also invest 35% of its total assets directly in equity and debt market securities of U.S. issuers.

The Capital Income Fund’s primary investment objective is to seek to achieve high current income. The fund’s secondary objective is growth of capital and income. The fund seeks to achieve its objectives by investing at least 65% of its assets in (1) underlying funds that seek to achieve an objective of high current income by investing in income-producing equity securities, long- or short-term bonds and other fixed-income securities (such as U.S. Government securities, commercial paper and preferred stock); and (2) index securities. The fund may also invest 35% of its total assets directly in equity and debt market securities of U.S. issuers.

The Multiple Index Trust’s investment objective is to maximize total return from capital growth and income. The fund seeks to achieve its objective by investing at least 80% of its net assets in shares of underlying funds and index securities whose portfolios mirror those of one index or another of market securities.

The primary objective of the Yorktown Classic Value Trust is growth of capital; income is a secondary objective. The fund seeks to achieve these objectives by investing primarily in equity securities which its investment advisor believes are undervalued in relation to the quality of the securities and the long-term earning power of their issuers, regardless of short-term indicators.

The Treasuries Trust’s investment objective is to seek current income while limiting credit risk. The fund seeks to achieve its objective by investing in obligations of the U.S. Treasury that are guaranteed as to principal and interest by the full faith and credit of the U.S. government.

21

AMERICAN PENSION INVESTORS TRUST

NOTES TO FINANCIAL STATEMENTS, Continued

2. Significant Accounting Policies

Portfolio Valuation

The Funds’ investments in underlying funds are valued daily at their respective closing net asset values in accordance with the 1940 Act. Equity securities, including index securities, listed or regularly traded on a securities exchange are valued at the last quoted sales price on the exchange where they are principally traded. U.S. Treasury securities are valued at the mean between the bid and asked prices. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Board of Trustees.

Security Transactions and Investment Income

Security transactions are accounted for on the trade date. Realized gains and losses from security transactions are reported on an identified-cost basis for both financial statement and federal income tax purposes. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income and expenses are recorded on an accrual basis.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Borrowings

The Yorktown Classic Value Trust is permitted to borrow up to one-third of the value of its net assets, before such borrowings, for investment purposes. Such borrowing is referred to as leveraging. As of November 30, 2003, the balance due for securities purchased through leveraging was $7,662,000. The average daily balance during the period ended November 30, 2003 was $6,370,011 or $4.05 per share, based on average shares outstanding of 1,574,399. The maximum amount of borrowings outstanding at any month-end during the period was $7,662,000. Yorktown Classic Value Trust’s investment securities are pledged as collateral under the borrowing arrangement and the collateral may be sold or repledged.

Interest is charged at a rate of 1.50% plus the Fed Funds rate (2.5625% as of November 30, 2003). Interest expense for the Yorktown Classic Value Trust amounted to $82,612 for the period ended November 30, 2003.

22

AMERICAN PENSION INVESTORS TRUST

NOTES TO FINANCIAL STATEMENTS, Continued

2. Significant Acounting Policies, continued

Other

In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

3. Investment Advisory Agreement

Yorktown Management & Research Company, Inc. (the “Advisor”), whose principal stockholder is also a trustee of the Trust, serves as the Funds’ investment advisor and manager. For its services, the Advisor receives a fee, calculated daily and payable monthly, at an annual rate of 1.00% of the first $100 million of the average daily net assets of the Growth Fund and .75% of the average daily net assets exceeding $100 million; .60% of the average daily net assets of the Capital Income Fund; .70% of the average daily net assets of the Multiple Index Trust; .90% of the average daily net assets of the Yorktown Classic Value Trust and .40% of the average daily net assets of the Treasuries Trust. The Advisor reduces its advisory fees (not below zero) to the extent that the Distributor (see Note 4) receives any dealer reallowances or 12b-1 fees resulting from a Fund’s purchase of shares of underlying funds. During the period ended November 30, 2003, the Advisor waived $4,241 of its fees for the Growth Fund.

4. Distribution Plan and Fees

Yorktown Distributors, Inc. (the “Distributor”) distributes shares of the Growth Fund, Capital Income Fund and Yorktown Classic Value Trust pursuant to a Rule 12b-1 distribution plan adopted by the Trust. The plan provides that the Distributor shall receive annual fees of 1.00% of the Growth Fund’s average daily net assets; .50% of the Capital Income Fund’s average daily net assets and .90% of the Yorktown Classic Value Trust’s average daily net assets.

In addition, to the extent possible, the Distributor is generally designated as the dealer entitled to receive the dealer reallowance portion of the sales charge on purchases of underlying load fund shares by a Fund. During the period ended November 30, 2003, the Distributor received $4,241 from brokerage commissions earned on its execution of purchases of portfolio investments for the Growth Fund. The principal stockholder of the Distributor is also a trustee of the Trust.

A 1.50% contingent deferred sales charge in generally imposed on redemptions made within five years of the date that fund shares are purchased. Consequently, redemption value may differ from net asset value.

23

AMERICAN PENSION INVESTORS TRUST

NOTES TO FINANCIAL STATEMENTS, Continued

5. Investment Activity

For the period ended November 30, 2003, total aggregate purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

	Purchases		Sales		U.S. Government Purchases		U.S. Government Sales
Growth Fund	$	28,737,600	$	26,523,848	$	—	$	—
Capital Income Fund		8,550,608		5,920,756		—		—
Multiple Index Trust		12,907,174		10,019,163		—		—
Yorktown Classic Value Trust		14,810,240		8,231,630		—		—
Treasuries Trust		—		—		10,238,318		13,549,895

24

SHAREHOLDER SERVICES

API Trust

P.O. Box 8595

Boston, Massachusetts 02266-8595

(888) 933-8274

For Overnight Deliveries:

API Trust

66 Brooks Drive

Braintree, Massachusetts 02184

EXECUTIVE OFFICES

American Pension Investors Trust

P.O. Box 2529

2303 Yorktown Avenue

Lynchburg, Virginia 24501

(800) 544-6060

INDEPENDENT AUDITORS

PricewaterhouseCoopers LLP

250 West Pratt Street

Baltimore, Maryland 21201

This report is submitted for the general

information of the shareholders of the Trust.

The report is not authorized for distribution to

prospective investors in the Trust unless preceded

or accompanied by an effective Prospectus.

www.apitrust.com

Item 2. Code of Ethics

Form N-CSR disclosure requirement not required for registrant’s semi-annual report.

Item 3. Audit Committee Financial Expert

Form N-CSR disclosure requirement not required for registrant’s semi-annual report.

Item 4. Principal Accountant Fees and Services

Form N-CSR disclosure requirement not required for registrant’s semi-annual report.

Item 5. Audit Committee of Listed Registrants

Not applicable to the registrant.

Item 6. [Reserved]

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies.

Not applicable to the registrant.

Item 8. [Reserved]

Item 9. Controls and Procedures

(a) Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-2(c) under the Act), the President and Chief Financial Officer of American Pension Investors Trust have concluded that such disclosure controls and procedures are effective as of January 28, 2004.

(b) There was no change in the internal controls over financial reporting (as defined in Rule 30a-3(d) of American Pension Investors Trust that occurred during the second half of its fiscal year that has materially affected or is reasonably likely to materially affect, its internal control over financial reporting.

Item 10. Exhibits

(a) Form N-CSR disclosure requirement not applicable with respect to registrant’s semi-annual report.

(b) The certifications required by Rule 30a-2 of the Investment Company Act of 1940, as amended, and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. The certification provided pursuant to Section 906 of the Sarbanes-Oxley Act are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”), or otherwise subject to the liability of that section. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference.

SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

                                          AMERICAN PENSION INVESTORS TRUST

Date: February 2, 2004

/s/David D. Basten
David D. Basten
President

        Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: February 2, 2004

/s/David D. Basten
David D. Basten
President

Date: February 2, 2004

/s/Charles D. Foster
Charles D. Foster
Chief Financial Officer