0001398344-18-004924 Sample Contracts

CUSTODY AGREEMENT
Custody Agreement • March 29th, 2018 • American Pension Investors Trust • Ohio

THIS CUSTODY AGREEMENT (“Agreement”), dated as of February 1, 2013, is entered into by and between THE HUNTINGTON NATIONAL BANK, a national bank organized under the laws of the United States (the “Custodian” or “Bank”), and American Pension Investors Trust, a business trust formed under the laws of the State of Massachusetts (“Trust”).

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SUBADVISORY AGREEMENT
Subadvisory Agreement • March 29th, 2018 • American Pension Investors Trust • Virginia

THIS AGREEMENT, entered into as of October 16, 2017, by and between Yorktown Management & Research Company, Inc., a Maryland corporation (the “Adviser”), and Sapphire Star Capital LLC a Washington State limited liability company (the “Subadviser”).

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • March 29th, 2018 • American Pension Investors Trust • Virginia

THIS AGREEMENT, entered into as of , 2017, by and between American Pension Investors Trust, d/b/a YORKTOWN FUNDS, 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 (the “Advisers Act”).

DISTRIBUTION AGREEMENT
Distribution Agreement • March 29th, 2018 • 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”).

MUTUAL FUND SERVICES AGREEMENT
Mutual Fund Services Agreement • March 29th, 2018 • American Pension Investors Trust • Ohio

AGREEMENT (this “Agreement”), dated as of February 12, 2016 (“Effective Date”), between American Pension Investors Trust, a Massachusetts business trust (the “Trust”) and Ultimus Asset Services, LLC, an Ohio limited liability company (“UUAS”).

MASTER SERVICES AGREEMENT
Master Services Agreement • March 29th, 2018 • American Pension Investors Trust • Massachusetts

This Agreement, dated July 17, 2017, is between American Pension Investors Trust (d/b/a Yorktown Funds), a Massachusetts business trust (the “Trust”), and Ultimus Fund Solutions, LLC (“Ultimus”), an Ohio limited liability company.

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