0000894189-14-003015 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • June 27th, 2014 • Advisors Series Trust • Delaware

This AGREEMENT is made as of the 20th day of June 2014, by and among Manning & Napier Advisors, LLC a Delaware limited liability company located at 290 Woodcliff Drive, Fairport, NY 14450 (the “Sub-Adviser”), Orinda Asset Management, LLC, a Delaware limited liability company located at 4 Orinda Way, Suite 180C, Orinda, CA 94563 (the “Manager”) and Advisors Series Trust, a Delaware statutory trust with its principal office located at 615 East Michigan Street, Milwaukee, WI 53202 (hereinafter called the “Trust”), on behalf of the series of the Trust indicated on Schedule A.

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