to the Operating Expenses Limitation Agreement (as amended on December 5, 2013 to increase the limit of the Short-Term Securities Fund)
Appendix A
(as amended on December 5, 2013 to increase the limit of the Short-Term Securities Fund)
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Series and Class of Advisors Series
Trust
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Operating Expense Limit
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PIA Moderate Duration Bond Fund – Advisor Class
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0.50% of average daily net assets
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PIA Short-Term Securities Fund – Advisor Class
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0.39% of average daily net assets
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on behalf of the series listed on Appendix A
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PACIFIC INCOME ADVISERS, INC.
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By: /s/ Xxxxxxx X. Hess_______________
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By: /s/ Xxxxx McAdams_________________
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Name: Xxxxxxx X. Xxxx
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Name: Xxxxx XxXxxxx
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Xxxxxx: President
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Title: Chairman
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