AMENDMENT TO THE ADVISORS SERIES TRUST AMENDED AND CUSTODY AGREEMENT

AMENDMENT TO THE

THIS AMENDMENT dated as of the 3rd of December, 2015, to the Amended and Restated Custody Agreement, dated as of December 6, 2012, as amended (the “Agreement”), is entered into by and between Advisors Series Trust, a Delaware statutory trust (the “Trust”) on behalf of its separate series listed on Amended Exhibit W attached hereto (as amended from time to time), and U.S. Bank National Association, a national banking association (the “Custodian”).

RECITALS

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, the parties desire to amend the listed series of the Trust to add the ▇’▇▇▇▇▇▇▇▇▇▇▇ Market Leaders Value Fund and the ▇’▇▇▇▇▇▇▇▇▇▇▇ Small Cap Value Fund; and

WHEREAS, Article XV, Section 15.2 of the Agreement allows for its amendment by a written instrument executed by both parties.

NOW, THEREFORE, the parties agree as follows:

Exhibit W is hereby superseded and replaced with Amended Exhibit W attached hereto.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.


ADVISORS SERIES TRUST		U.S. BANK N.A.

By:	/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇	By:	/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇

Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇		Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇

Title: President		Title: Senior Vice President

▇’▇▇▇▇▇▇▇▇▇▇▇

Amended Exhibit W to the

Separate Series of Advisors Series Trust Custody Agreement

Name of Series

▇’▇▇▇▇▇▇▇▇▇▇▇ Small/Mid Cap Growth Fund

▇’▇▇▇▇▇▇▇▇▇▇▇ Enhanced Dividend Fund

▇’▇▇▇▇▇▇▇▇▇▇▇ All Cap Core Fund

▇’▇▇▇▇▇▇▇▇▇▇▇ Global Equity Fund

▇’▇▇▇▇▇▇▇▇▇▇▇ Emerging Markets Fund

▇’▇▇▇▇▇▇▇▇▇▇▇ International Equity Fund

▇’▇▇▇▇▇▇▇▇▇▇▇ Market Leaders Value Fund

▇’▇▇▇▇▇▇▇▇▇▇▇ Small Cap Value Fund

Multiple Series Trust

DOMESTIC CUSTODY SERVICES

FEE SCHEDULE at June, 2010

Annual Fee Based Upon Market Value Per Fund*

.50 basis point on average daily market value

Minimum annual fee per fund - $___

Plus portfolio transaction fees

Portfolio Transaction Fees

$___ per book entry DTC transaction/Federal Reserve transaction/U.S. Bank repo agreement transaction

$___ per principal paydown

$___ per short sale

$___ per option/future contract written, exercised or expired

$___ per mutual fund trade/Fed wire/margin variation Fed wire

$___ per physical transaction

$___ per segregated account per year

■ A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

■ No charge for the initial conversion free receipt.

■ Overdrafts – charged to the account at prime interest rate plus 2.

Out-Of-Pocket Expenses

Including but not limited to expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, and extraordinary expenses based upon complexity.

Fees are billed monthly.

*Not Subject to annual CPI increase, Milwaukee MSA.

No advisor signature required as the domestic and global fees are not changing at December 3, 2015.

▇’▇▇▇▇▇▇▇▇▇▇▇

Amended Exhibit W (continued) to the Separate Series of Advisors Series Trust Custody Agreement

GLOBAL SUB-CUSTODIAL SERVICES

ANNUAL FEE SCHEDULE at June, 2010

Country

Instrument

Safekeeping

(BPS)

Transaction

Fee

Country

Instrument

Safekeeping

(BPS)

Transaction

Fee

Argentina

All

___

$___

Latvia

Bonds

___

$___

Australia

All

___

$___

Lebanon

All

___

$___

Austria

All

___

$___

Lithuania

All

___

$___

Bahrain

All

___

$___

Luxembourg

All

___

$___

Bangladesh

All

___

$___

Malaysia

All

___

$___

Belgium

All

___

$___

Mali*

All

___

$___

Benin*

All

___

$___

Malta

All

___

$___

Bermuda

All

___

$___

Mauritius

All

___

$___

Botswana

All

___

$___

Mexico

All

___

$___

Brazil

All

___

$___

Morocco

All

___

$___

Bulgaria

All

___

$___

Namibia

All

___

$___

Burkina Faso*

All

___

$___

Netherlands

All

___

$___

Canada

All

___

$___

New Zealand

All

___

$___

Cayman Islands*

All

___

$___

Niger*

All

___

$___

Channel Islands*

All

___

$___

Nigeria

All

___

$___

Chile

All

___

$___

Norway

All

___

$___

China“A” Shares

All

___

$___

Oman

All

___

$___

China“B” Shares

All

___

$___

Pakistan

All

___

$___

Columbia

All

___

$___

Peru

All

___

$___

Costa Rica

All

___

$___

Philippines

All

___

$___

Croatia

All

___

$___

Poland

All

___

$___

Cyprus*

All

___

$___

Portugal

All

___

$___

Czech Republic

All

___

$___

Qatar

All

___

$___

Denmark

All

___

$___

Romania

All

___

$___

Ecuador

All

___

$___

Russia

Equities/Bonds

___

$___

Egypt

All

___

$___

Russia

MINFIN

___

$___

Estonia

All

___

$___

Senegal*

All

___

$___

Euromarkets(3)

All

___

$___

Singapore

All

___

$___

Finland

All

___

$___

Slovak Republic

All

___

$___

France

All

___

$___

Slovenia

All

___

$___

Germany

All

___

$___

South Africa

All

___

$___

Ghana

All

___

$___

South Korea

All

___

$___

Greece

All

___

$___

Spain

All

___

$___

Guinea Bissau*

All

___

$___

Sri Lanka

All

___

$___

Hong Kong

All

___

$___

Swaziland

All

___

$___

Hungary

All

___

$___

Sweden

All

___

$___

Iceland

All

___

$___

Switzerland

All

___

$___

India

All

___

$___

Taiwan

All

___

$___

Indonesia

All

___

$___

Thailand

All

___

$___

Ireland

Equities

___

$___

Togo*

All

___

$___

Ireland

Gov’t Bonds

___

$___

Trinidad & Tobago*

All

___

$___

Israel

All

___

$___

Tunisia

All

___

$___

Italy

All

___

$___

Turkey

All

___

$___

Ivory Coast

All

___

$___

UAE

All

___

$___

Jamaica*

All

___

$___

United Kingdom

All

___

$___

Japan

All

___

$___

Ukraine

All

___

$___

Jordan

All

___

$___

Uruguay

All

___

$___

Kazakhstan

All

___

$___

Venezuela

All

___

$___

Kenya

All

___

$___

Vietnam*

All

___

$___

Latvia

Equities

___

$___

Zambia

All

___

$___

* Additional customer documentation and indemnification will be required prior to establishing accounts in these markets.

▇’▇▇▇▇▇▇▇▇▇▇▇

Amended Exhibit W (continued) to the Separate Series of Advisors Series Trust Custody Agreement

GLOBAL SUB-CUSTODIAL SERVICES

ANNUAL FEE SCHEDULE (continued) at June, 2010

Base Fee - A monthly base charge of $ ___ per account (fund) will apply.

■	Fee is expressed in basis points per annum where one basis point equals one hundredth of one percent (.___%) and is calculated based upon month-end market value, unless stated otherwise.

■	A transaction is defined as a receipt or delivery versus payment, a free receive or deliver, maturities, or security transaction related to corporate events.

■

Euroclear – Eurobonds only. Eurobonds are held in Euroclear at a standard rate, but other types of securities (including but not limited to equities, domestic market debt and mutual funds) will be subject to a surcharge. In addition, certain transactions that are delivered within Euroclear or from a Euroclear account to a third party depository or settlement system, will be subject to a surcharge (surcharge schedule available upon request).

−

For all other markets specified above, surcharges may apply if a security is held outside of the local market.

Straight Through Processing – fees waived.

For non-US resident clients investing in the U.S. market: Fees for US custody are provided on the basis that if assets are held in an omnibus account for multiple underlying clients, the Client will take the necessary action to attain Qualified Intermediary (QI) status for US IRS withholding tax purposes. Should the Client fail to take the necessary action, the fee quoted would be subject to review, and all costs incurred by The Bank of New York in fulfilling its obligations under the US regulations would be passed to the Client. Please refer to the separate Non-Resident Alien (NRA) fee schedule.

Note: For the clients who are the sole beneficial owner of the assets held in their account with The Bank of New York and the client has provided a “W8Ben” form per account stating their ownership of the assets, the above will not apply.

Cash Transactions:

■	Currency Trade - $___ per transaction

■	3rd Party Foreign Exchange – a Foreign Exchange transaction undertaken through a third party will be charged $___.

Standard Non-U.S. Proxy Services Fees:

■

Notification

$___

■

Vote

$___

■

Relationship Set Up Fee

$___

Tax Reclamation Services: May be subject to additional charges depending upon the service level agreed. Tax reclaims that have been outstanding for more than 6 (six) months with the client will be charged $___ per claim.

▇’▇▇▇▇▇▇▇▇▇▇▇

Amended Exhibit W (continued) to the Separate Series of Advisors Series Trust Custody Agreement

GLOBAL SUB-CUSTODIAL SERVICES

ANNUAL FEE SCHEDULE (continued) at June, 2010

Communication Fees:

■	SWIFT Reporting and Message Fees – The following fees will apply in respect of client requested SWIFT reports and messages:
	−	Cash Reporting
		●	MT900 – Cash Debit Advice	$___ each
		●	MT910 – Cash Credit Advice	$___ each
		●	MT940 – Detail Cash Statement	$___ per message
		●	MT950 – Cash Statement	$___ per message
	−	Securities Position Reporting
		●	MT535 – Statement of Holdings	$___ per message
			(One MT535 will be issued per account per month free of charge)
		●	MT536 – Statement of Transactions	$___ per message
		●	MT537 – Statement of Pendings	$___ per message
	−	Confirmations
		●	MT544 – Receive Free Confirm	$___ per message
		●	MT545 – Receive Against Payment Confirm	$___ per message
		●	MT546 – Deliver Free Confirm	$___ per message
		●	MT547 – Deliver Against Payment Confirm	$___ per message
	−	Facsimile Reporting Fees
		●	Corporate Actions Notifications	$___ per notification
		●	Cash and Securities Reports	$___ per page

Out of Pocket Expenses

■

Charges incurred by The Bank of New York for local taxes, stamp duties or other local duties and assessments, stock exchange fees, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees or other expenses which are unique to a country in which the client or its clients is investing will be passed along as incurred.

■	A surcharge may be added to certain out-of-pocket expenses listed herein to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses. Also, certain expenses are charged at a predetermined flat rate.

*NOT subject to Annual CPI increase, Milwaukee, MSA

▇’▇▇▇▇▇▇▇▇▇▇▇

AMENDMENT TO THE ADVISORS SERIES TRUST AMENDED AND CUSTODY AGREEMENT

Document Metadata

Document Metadata

Table of Contents