0001580642-21-002526 Sample Contracts

SELLING AGREEMENT
Selling Agreement • May 27th, 2021 • American Pension Investors Trust • Nebraska

Ultimus Fund Distributors, LLC (the “Distributor”) serves as the principal underwriter of one or more trusts (each a “Trust” and collectively, the “Trusts”)1, each of which is an open-end investment company, shares of which are distributed by Distributor at their respective net asset values plus sales charges as applicable, pursuant to a written agreement (the “Distribution Agreement”). Distributor invites you (the “Company”) to participate as a non-exclusive agent in the distribution of shares of any and all of the funds subject to the Distribution Agreement, that are a part of, or may become a part of, any of the Trust(s) (each, a “Fund,” together the “Funds”)2 upon the following terms and conditions:

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DISTRIBUTION AGREEMENT
Distribution Agreement • May 27th, 2021 • American Pension Investors Trust • Indiana

This Agreement, made as of December 31, 2019, by and among American Pension Investors Trust, a Massachusetts business trust (the "Fund"), Yorktown Management & Research Company, Inc., a Maryland Corporation (the "Adviser"), and Ultimus Fund Distributors, LLC. an Ohio limited liability company (the "Distributor").

Certain information has been excluded from Amendment No. 1 to Exhibit A of the Distribution Agreement on the following pages because (i) it is not material and (ii) would be competitively harmful if publicly disclosed. Amendment No. 1 Dated January 1,...
Distribution Agreement • May 27th, 2021 • American Pension Investors Trust

This Amendment replaces Exhibit A of the Distribution Agreement, dated February 1, 2019 (the “Distribution Agreement”) between American Pension Investors Trust (d/b/a Yorktown Funds) (the “Fund” or the “Trust”), Yorktown Management & Research Company, Inc. (the “Adviser”) and Ultimus Fund Distributors, LLC (the “Distributor”).

Certain information has been excluded from the Master Services Agreement on the following pages because (i) it is not material and (ii) would be competitively harmful if publicly disclosed. MASTER SERVICES AGREEMENT
Master Services Agreement • May 27th, 2021 • American Pension Investors Trust • Massachusetts

This Agreement, dated January 1, 2021, 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. This Agreement supersedes and replaces all prior Master Services Agreements executed between the parties

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