ADVISORS SERIES TRUST FIRST AMENDMENT TO THE OPERATING EXPENSES LIMITATION AGREEMENT
FIRST
AMENDMENT TO THE OPERATING EXPENSES LIMITATION
AGREEMENT
THIS AMENDMENT, dated as of
this 20th day of
September, 2007, to the Operating Expenses Limitation Agreement, originally made
and entered into on September 29, 2006 (the “Agreement”), is entered into by and
between ADVISORS SERIES TRUST, a Delaware statutory trust (the “Trust”), on
behalf of the Phocas Real Estate Fund and Phocas Small Cap Value Fund (the
“Funds”), each a series of the Trust, and the Advisor of the Funds, Phocas
Financial Corporation (the “Advisor”).
RECITALS
WHEREAS, the parties have
entered into an Agreement; and
WHEREAS, the parties desire to
amend the Agreement to update Exhibit A of the Agreement; and
NOW, THEREFORE, the parties
agree as follows:
Exhibit A of the Agreement is hereby
superseded and replaced with Exhibit A attached hereto.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.
PHOCAS
FINANCIAL CORPORATION
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By: /s/ Xxxxxxx X.
Xxxx
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By: /s/ Xxxxx
Xxxxxx
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Print
Name: Xxxxxxx X.
Xxxx
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Print
Name: Xxxxx
Xxxxxx
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Title:
President
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Title:
Secretary
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Appendix
A
Fund
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Operating Expense
Limit
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Effective
Date
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Phocas
Real Estate Fund
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1.50%
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September
29, 2006
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Phocas
Small Cap Value Fund
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0.99%
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October
1, 2007
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