APPENDIX B CUSTODY AGREEMENT

Exhibit (g)(2)

APPENDIX B

CUSTODY AGREEMENT

The following portfolios (“Funds”) are hereby made parties to the Custody Agreement dated March 17, 2009, with UMB Bank, n.a. (“Custodian”) and American Pension Investors Trust, and agree to be bound by all the terms and conditions contained in said Agreement:

API EFFICIENT FRONTIER GROWTH FUND

API EFFICIENT FRONTIER CAPITAL INCOME FUND

API EFFICIENT FRONTIER MULTIPLE INDEX FUND

API EFFICIENT FRONTIER VALUE FUND

API EFFICIENT FRONTIER INCOME FUND

API MASTER ALLOCATION FUND

						AMERICAN PENSION INVESTORS TRUST
Attest: /s/    XXXXXXX X. XXXXXX						By:		/s/    XXXXX X. XXXXXX
		Xxxxxxx X. Xxxxxx				Name:		Xxxxx X. Xxxxxx
						Title:		President
						Date:		February 19, 2009
						UMB BANK, N.A.
Attest: /s/    XXXXXXX XXXXXX						By:		/s/    XXXXXX X. XXXXXXX
		Xxxxxxx Xxxxxx				Name:		Xxxxxx X. Xxxxxxx
						Title:		Vice President
						Date:		February 25, 2009