AMENDMENT TO THE ADVISORS SERIES TRUST FUND ADMINISTRATION SERVICING AGREEMENT

AMENDMENT TO THE

ADVISORS SERIES TRUST

FUND ADMINISTRATION SERVICING AGREEMENT

THIS AMENDMENT dated as of the 20th day of March, 2014, to the Fund Administration Servicing Agreement, dated as of June 8, 2006, as amended (the "Agreement"), is entered into by and between Advisors Series Trust, a Delaware statutory trust (the "Trust") and U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company ("USBFS").

RECITALS

WHEREAS, the parties have entered into a Fund Administration Servicing Agreement; and

WHEREAS, the parties desire to amend the series of the Trust to add funds; and

WHEREAS, Section 10 of the Agreement allows for its amendment by a written instrument executed by both parties.

NOW, THEREFORE, the parties agree to amend the exhibits and add the following series to the Advisor Series Trust:

Exhibit II is hereby added and 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. BANCORP FUND SERVICES, LLC
By:  /s/ Xxxxxxx X. Xxxx	By: /s/ Xxxxxxx X. XxXxx
Name:  Xxxxxxx X. Xxxx	Name: Xxxxxxx X. XxXxx
Title:  President	Title: Executive Vice President

Xxxxxx 1

Exhibit II to the Advisors Series Trust Fund Administration Servicing Agreement

Name of Series   Xxxxxx Xxxxxxxxx High Yield Municipal Fund Date Added On or after March 20, 2014

Fund Accounting, Fund Administration & Portfolio Compliance, and Chief Compliance Officer (CCO) Services Fee Schedule at March, 2014

Annual Fee Based Upon Average Net Assets Per Fund*

__ basis points on the first $__

__ basis points on the next $__

__ basis points on the balance

Minimum annual fee:  $__per fund

§ Additional fee of $__for each additional class

§ Additional fee of $__per manager/sub-advisor per fund

§ Additional fee of $__for a Controlled Foreign Corporation (CFC)

Services Included in Annual Fee Per Fund

§   Advisor Information Source – On-line access to portfolio management and compliance information.

§   Daily Performance Reporting – Daily pre and post-tax fund and/or sub-advisor performance reporting.

§   USBFS Legal Administration (e.g., registration statement update)

Pricing Services**

§   $__- Domestic Equities, Options, ADRs

§   $__- Domestic Corporate/Convertible/Gov’t/Agency Bonds, Foreign Equities, Futures, Forwards, Currency Rates, Mortgage Backed Securities

§   $__- CMOs, Municipal Bonds, Money Market Instruments, Foreign Corporate/Convertible/Gov’t/Agency

                    Bonds, Asset Backed Securities, High Yield Bonds

§   $__- Bank Loans

§   $__- Credit Default Swaps

§   $__- Swaptions, Index Swaps

§   $__- Interest Rate Swaps, Foreign Currency Swaps, Total Return Swaps, Total Return Bullet Swaps

Corporate Action & Manual Pricing Services

§   $__/Foreign Equity Security per Month for Corporate Action Service

§   $__/Domestic Equity Security per Month for Corporate Action Service

§   $__ /Month Manual Security Pricing (>10/day)

Fair Value Services (Charged at the Complex Level)**

§   $__on the First 100 Securities

§   $__on the Balance of Securities

NOTE: Prices above are based on using U.S. Bancorp primary pricing service which may vary by security type and are subject to change.  Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non- standard security type which may result in additional fees.  All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

Chief Compliance Officer Annual Fees (Per Advisor Relationship/Fund)*

§   $__for the first fund (subject to Board approval)

§   $__for each additional fund (subject to change based on Board review and approval)

§   $__/sub-advisor per fund

Out-Of-Pocket Expenses

Including but not limited to corporate action services, fair value pricing services, factor services, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationery, programming, special reports, proxies, insurance, XXXXX/XBRL filing, retention of records, federal and state regulatory filing fees, expenses from Board of directors meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and CCO team travel related costs to perform due diligence reviews at advisor or sub-advisor facilities.

Additional Services

Available but not included above are the following services – additional legal administration (e.g., subsequent new fund launch), daily compliance testing (Xxxxxxx River), Section 15(c) reporting, equity & fixed income attribution reporting, electronic Board book portal (BookMark), and additional services mutually agreed upon.

*Subject to annual CPI increase, Milwaukee MSA.

** Per security per fund per pricing day.

Fees are calculated pro rata and billed monthly.

Xxxxxx 2

Exhibit II (continued) to the Advisors Series Trust Fund Administration Servicing

Fund Administration & Compliance Portfolio Services

Supplemental Services Fee Schedule at March, 2014

Additional Legal Administration Services

§   Subsequent new fund launch – $__/project

§   Subsequent new share class launch – $__/project

§   Multi-managed funds – as negotiated based upon specific requirements

§   Proxy – as negotiated based upon specific requirements

Daily Compliance Services (Xxxxxxx River)

§   Base fee – $__/fund per year

§   Setup – $__/fund group

Section 15(c) Reporting

§   $__/fund per report – first class

§   $__/additional class report

Equity & Fixed Income Attribution Reporting

§   Fees are dependent upon portfolio makeup, services required, and benchmark requirements.

Advisor’s Signature below acknowledges approval of the fee schedules on this Exhibit II.

Xxxxxx, Xxxxxxxxx & Company, Inc.

By: /s/ Xxxxx X. Xxxxxxxxxxxx                                                                           

Printed Name: Xxxxx X. Xxxxxxxxxxxx                                                                

Title: Senior Vice President                                                                            Date: March 20, 2014                                                      

Xxxxxx 3