Appendix A to the Operating Expenses Limitation Agreement (as amended on June 12, 2012 to add PIA Short Duration Bond Fund)

Appendix A

to the Operating Expenses Limitation Agreement

(as amended on June 12, 2012 to add PIA Short Duration Bond Fund)

Fund	Operating Expense Limit
PIA High Yield Fund
Investor Class	0.98%
Adviser Class	1.23%
PIA Short Duration Bond Fund
Class A	1.00%
Class I	0.75%

ADVISORS SERIES TRUST on behalf of the Funds listed on Appendix A	PACIFIC INCOME ADVISERS, INC.
By:           /s/ Xxxxxxx X. Xxxx	By:            /s/ Xxxx X. Xxxxx
Name:      Xxxxxxx X. Xxxx	Name:       Xxxx X. Xxxxx
Title:        President	Title:         CCO