AMENDMENT TO THE ADVISORS SERIES TRUST CUSTODY AGREEMENT
AMENDMENT TO THE
THIS AMENDMENT dated as of the 9th day of December, 2010, to the Custody Agreement, dated as of June 6, 2006, as amended (the “Agreement”), is entered into by and between Advisors Series Trust, a Delaware statutory trust (the “Trust”) and U.S. Bank National Association, a national banking association (the “Custodian”).
RECITALS
WHEREAS, the parties have entered into the Custody Agreement; and
WHEREAS, the parties desire to amend the series of the Trust to add Funds; 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 to amend the following:
Exhibit T is hereby superseded and replaced with Amended Exhibit T attached hereto.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.
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U.S. BANK N.A.
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By: /s/ Xxxxxxx X. Xxxx
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By: /s/ Xxxxxxx X. XxXxx
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Printed Name: Xxxxxxx X. Xxxx
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Printed Name: Xxxxxxx X. XxXxx
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Title: President
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Title: Vice President
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Amended Exhibit T
to the
Separate Series of Advisors Series Trust Custody Agreement
Davidson Investment Advisors, Inc.
Name of Series
Davidson Multi-Cap Equity Fund
Davidson Equity Income Fund
Davidson Small-Mid Equity Fund
Davidson Intermediate Fixed Income Fund
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DOMESTIC CUSTODY SERVICES
FEE SCHEDULE at June, 2008
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Annual Fee Based Upon Market Value Per Fund*
[ ] basis point on average daily market value
Minimum annual fee per fund - $[ ]
Plus portfolio transaction fees
Portfolio Transaction Fees
$[ ] per book entry DTC transaction
$[ ] per principal paydown
$[ ] per short sale
$[ ] per US Bank repurchase agreement transaction
$[ ] per option/future contract written, exercised or expired
$[ ] per book entry Federal Reserve transaction
$[ ] per mutual fund trade
$[ ] per physical transaction
$[ ] per disbursement (waived if U.S. Bancorp is Administrator)
$[ ] per Fed Wire
$[ ] per margin variation Fed wire
$[ ] 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 [ ].
Plus Out-Of-Pocket Expenses – Including but not limited to expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, extraordinary expenses based upon complexity, and all other out-of-pocket expenses.
Fees are billed monthly.
* Subject to annual CPI increase, Milwaukee MSA.
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Amended Exhibit T (continued)
to the
Separate Series of Advisors Series Trust Custody Agreement
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Multiple Series Trust
Davidson - CHIEF COMPLIANCE OFFICER SERVICES
FEE SCHEDULE at June, 2008
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Chief Compliance Officer Services
U.S. Bancorp provides the Chief Compliance Officer (CCO) for each fund serviced within the Multiple Series Trust. Compliance functions performed by USBFS provided CCO include, but are not limited to:
• Designation as the Trust’s Chief Compliance Officer
• Periodic and Annual Reporting to MST Fund Board
• Board Meeting Presentation and Board Support
• MST Fund Board Liaison For All Compliance Matters
• Daily Resource to Advisor CCO and Fund Board
• Review of Advisor Compliance Policies, Procedures and Controls
• Review of USBFS/USB Critical Procedures & Compliance Controls
• Due Diligence Review of Advisor and USBFS Service Facilities
• Testing, Documentation and Reporting of Advisor and USBFS/USB Compliance Policies, Procedures and Controls
Compliance functions performed by USBFS Risk Management Team include, but are not limited to:
• Quarterly USBFS Certification to Trust CCO
• Business Line Functions Supported
• Fund Administration and Compliance
• Transfer Agent and Shareholder Services
• Fund Accounting
• Custody Services
• Distribution Services
• CCO Portal – Web On-line Access to Fund CCO Documents
• Periodic CCO Conference Calls
• Dissemination of Industry/Regulatory Information
• Client & Business Line Compliance Education & Training
Chief Compliance Officer (CCO)*
· $[ ] per year per domestic fund (total fee for all service lines)
· $[ ] per year per load fund or international fund (in addition to Fund CCO fee)
· $[ ] per year per sub-advisor per fund (in addition to Fund CCO fee)
Plus Out-Of-Pocket Expenses – including but not limited to CCO team travel related costs to perform due diligence reviews at Advisor or sub-advisor facilities
Fees are billed monthly.
*Subject to annual CPI increase, Milwaukee MSA.
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