0001193125-16-473239 Sample Contracts

SUBADVISORY AGREEMENT
Subadvisory Agreement • February 23rd, 2016 • American Pension Investors Trust • Virginia

THIS AGREEMENT, entered into as of , 2016, by and between Yorktown Management & Research Company, Inc., a Maryland corporation (the “Adviser”), and William Blair Investment Management, LLC a Delaware limited liability company (the “Subadviser”).

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Sub-Advisory Agreement The Yorktown Small Cap Fund A Separate Series of American Pension Investors Trust
Sub-Advisory Agreement • February 23rd, 2016 • American Pension Investors Trust • Virginia

THIS AGREEMENT is entered into as of March , 2016, by and between American Pension Investors Trust, a Massachusetts business trust (the “Trust”), Yorktown Management & Research Company, Inc., a Maryland corporation (the “Adviser”), and Vericimetry Advisors, LLC, a limited liability company (the “Investment Manager”).

DISTRIBUTION AGREEMENT
Distribution Agreement • February 23rd, 2016 • American Pension Investors Trust • Indiana

This Agreement, made as of January 1, 2016, by and among American Pension Investors Trust, a Massachusetts business trust (the “Fund”), Yorktown Management & Research Company, Inc., a Maryland Corporation (the “Adviser”), and Unified Financial Securities, LLC, a Delaware limited liability company (the “Distributor”).

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • February 23rd, 2016 • American Pension Investors Trust • Virginia

THIS AGREEMENT is entered into as of February 8, 2016, by and between American Pension Investors Trust, a Massachusetts business trust (the “Trust”), and Yorktown Management & Research Company, Inc., a Maryland corporation (the “Adviser”), registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

PGSVAMUTUAL FUND SERVICES AGREEMENT Transfer Agency Services between AMERICAN PENSION INVESTORS TRUST and ULTIMUS ASSET SERVICES, LLC June 5, 2012; Amended and Restated , 2016
Mutual Fund Services Agreement • February 23rd, 2016 • American Pension Investors Trust • Ohio

AGREEMENT (this “Agreement”), dated as of June 5, 2012, amended and restated as of , 2016, between the American Pension Investors Trust, a Massachusetts business trust (the “Fund”), and Ultimus Asset Services, LLC, an Ohio limited liability company (formerly Huntington Asset Services, Inc., a Delaware corporation) (“UAS”).

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