AMENDMENT TO THE ADVISORS SERIES TRUST AMENDED AND RESTATED CUSTODY AGREEMENT

AMENDMENT TO THE

ADVISORS SERIES TRUST

AMENDED AND RESTATED CUSTODY AGREEMENT

THIS AMENDMENT dated as of the 11th day of September, 2014, 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 M 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 a Custody Agreement; and

WHEREAS, the parties desire to amend the fees of the Agreement; and

WHEREAS, the parties desire to amend the listed series of the Trust to add the

Poplar Forest Outliers Fund and the Poplar Forest Cornerstone Fund; and

WHEREAS, Article XV, Section 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties.

NOW, THEREFORE, the parties agree as follows:

Exhibit M is hereby superseded and replaced with the Amended Exhibit M attached hereto.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/ Xxxxxxx X. Xxxx	By: /s/ Xxxxxxx X. XxXxx
Print Name: Xxxxxxx X. Xxxx	Name: Xxxxxxx X. XxXxx
Title: President	Title: Senior Vice President

Poplar Forest 

1 

Amended Exhibit M to the Advisors Series Trust Amended and Restated Custody Agreement

Separate Series of Poplar Forest Capital, LLC

Name of Series	Date Added
Poplar Forest Partners Fund	on or after December 31, 2009
Poplar Forest Outliers Fund	on or after September 11, 2014
Poplar Forest Cornerstone Fund	on or after September 11, 2014

Multiple Series Trust

DOMESTIC CUSTODY SERVICES

FEE SCHEDULE

Effective December 31, 2014

Annual Fee Based Upon Market Value Per Fund*

___ basis point on average daily market value of all long securities and cash held in the portfolio

Minimum annual fee per fund - $___

Plus portfolio transaction fees

Portfolio Transaction Fees

§ $___ – Book entry DTC transaction/Federal Reserve transaction/principal paydown

§ $___ –  Repo agreement/reverse repurchase agreement/time deposit/CD or other non-depository transaction

§ $___ – Option/SWAPS/future contract written, exercised or expired

§ $___ – Mutual fund trade/Fed wire/margin variation Fed wire

§ $___ – Physical transaction

§ $___ – Check disbursement (waived if U.S. Bancorp is Administrator)

§ $___ – 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, deposit withdrawals at custodian (DWAC) fees, and extraordinary expenses based upon complexity.

Additional Services

Additional fees apply for global servicing.  Fund of Fund expenses quoted separately.

* Subject to annual CPI increase, Milwaukee MSA.

Fees are calculated pro rata and billed monthly.

Advisor’s Signature below acknowledges approval of the domestic and global fee schedules on this Exhibit M.

Poplar Forest Capital, LLC  

By: /s/ J. Xxxx Xxxxxx                                                      

Printed Name: J. Xxxx Xxxxxx

Title: CEO                 Date: 9/19/2014

Poplar Forest   

2 

Amended Exhibit M (continued) to the Advisors Series Trust Amended and Restated Custody Agreement

ADDITIONAL GLOBAL SUB-CUSTODIAL SERVICES

ANNUAL FEE SCHEDULE

Effective December 31, 2014

Country	Instrument	Safekeeping (BPS)	Transaction Fee		Country	Instrument	Safekeeping (BPS)	Transaction Fee
Argentina	All	____	$____		Malaysia	All	____	$____
Australia	All	____	$____		Mali
Austria	All	____	$____		Malta	All	____	$____
Bahrain	All	____	$____		Mauritius	All	____	$____
Bangladesh	All	____	$____		Mexico	All	____	$____
Belgium	All	____	$____		Morocco	All	____	$____
Benin	All	____	$____		Namibia	All	____	$____
Bermuda	All	____	$____		Netherlands	All	____	$____
Botswana	All	____	$____		New Zealand	All	____	$____
Brazil	All	____	$____		Niger	All	____	$____
Bulgaria	All	____	$____		Nigeria	All	____	$____
Burkina Faso	All	____	$____		Norway	All	____	$____
Canada	All	____	$____		Oman	All	____	$____
Cayman Islands*	All	____	$____		Pakistan	All	____	$____
Channel Islands*	All	____	$____		Peru	All	____	$____
Chile	All	____	$____		Philippines	All	____	$____
China“A” Shares	All	____	$____		Poland	All	____	$____
China“B” Shares	All	____	$____		Portugal	All	____	$____
Columbia	All	____	$____		Qatar	All	____	$____
Costa Rica	All	____	$____		Romania	All	____	$____
Croatia	All	____	$____		Russia	Equities	____	$____
Czech Republic	All	____	$____		Russia	MINFINs	____	$____
Denmark	All	____	$____		Senegal	All	____	$____
Ecuador	All	____	$____		Singapore	All	____	$____
Egypt	All	____	$____		Slovak Republic	All	____	$____
Estonia	All	____	$____		Slovenia	All	____	$____
Euromarkets**	All	____	$____		South Africa	All	____	$____
Finland	All	____	$____		South Korea	All	____	$____
France	All	____	$____		Spain	All	____	$____
Germany	All	____	$____		Sri Lanka	All	____	$____
Ghana	All	____	$____		Swaziland	All	____	$____
Greece	All	____	$____		Sweden	All	____	$____
Guinea Bissau	All	____	$____		Switzerland	All	____	$____
Hong Kong	All	____	$____		Taiwan	All	____	$____
Hungary	All	____	$____		Thailand	All	____	$____
Iceland	All	____	$____		Togo	All	____	$____
India	All	____	$____		Tunisia	All	____	$____
Indonesia	All	____	$____		Turkey	All	____	$____
Ireland	All	____	$____		UAE	All	____	$____
Israel	All	____	$____		United Kingdom	All	____	$____
Italy	All	____	$____		Ukraine	All	____	$____
Ivory Coast	All	____	$____		Uruguay	All	____	$____
Japan	All	____	$____		Venezuela	All	____	$____
Jordan	All	____	$____		Zambia	All	____	$____
Kazakhstan	All	____	$____		Zimbabwe	All	____	$____
Kenya	All	____	$____
Latvia	Equities	____	$____
Latvia	Bonds	____	$____
Lebanon	All	____	$____
Lithuania	All	____	$____
Luxembourg	All	____	$____

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

** Tiered by market value: : $ ___ 1 bp, >$___ and <$___: .75 bps; >$___: .50 bps.

* Safekeeping and transaction fees are assessed on security and currency transactions.

Base Fee - A monthly charge per account (fund) will apply based on the number of foreign securities held.

§   1-25 foreign securities: $___

§   26-50 foreign securities: $___

§   Over 50 foreign securities: $___

§   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.

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

Tax Reclamation Services: Tax reclaims that have been outstanding for more than 6 (six) months with the client will be charged $___ per claim.

Out of Pocket Expenses

§   Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for local taxes, stamp duties or other local duties and assessments, stock exchange fees, foreign exchange transactions, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services and other shareholder communications 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.

§   SWIFT reporting and message fees.