ADVISORS SERIES TRUST
AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT
THIS AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT
(the “Agreement”) is effective as of August 8, 2022 by and between ADVISORS SERIES TRUST, a
Delaware statutory trust (the “Trust”), on behalf of each series listed in Appendix A as attached hereto
(each a “Fund”, and together the “Funds”), and the investment adviser of the Fund(s), Logan Capital
Management, Inc. (the “Advisor”).
WITNESSETH:
WHEREAS, the Advisor renders advice and services to the Fund(s) pursuant to the terms and
provisions of an Investment Advisory Agreement between the Trust and the Advisor dated June 12, 2012
(the “Investment Advisory Agreement”); and
WHEREAS, pursuant to the Investment Advisory Agreement, each Fund is responsible for, and
has assumed the obligation for, payment of all expenses that have not been assumed by the Advisor
thereunder; and
WHEREAS, the Advisor desires to limit each Fund’s Operating Expenses (as that term is defined
in Paragraph 2 of this Agreement) pursuant to the terms and provisions of this Agreement, and the Trust
(on behalf of the Funds) desires to allow the Advisor to implement those limits;
NOW THEREFORE, in consideration of the covenants and the mutual promises hereinafter set
forth, the parties, intended to be legally bound hereby, mutually agree as follows:
1.Limit on Operating Expenses. The Advisor hereby agrees to limit each Fund’s Operating
Expenses to an annual rate, expressed as a percentage of the Fund’s average annual net assets, to the
amounts listed in Appendix A (the “Annual Limits”) with respect to each Fund. In the event that the
current Operating Expenses, as accrued each month, exceed its Annual Limit, the Advisor will pay to the
Fund, on a monthly basis, the excess expense within 30 days of being notified that an excess expense
payment is due.
2.Definition. For purposes of this Agreement, the term “Operating Expenses” with respect
to a Fund is defined to include all expenses necessary or appropriate for the operation of a Fund,
including the Advisor’s Investment Advisory or management fee detailed in the Investment Advisory
Agreement and other expenses described in the Investment Advisory Agreement, but does not include any
front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred
in connection with any merger or reorganization, extraordinary expenses such as litigation, or any class-
specific expenses such as Rule 12b-1 fees or Shareholder Servicing Plan fees.
3.Reimbursement of Fees and Expenses. The Advisor retains its right to receive
reimbursement of any excess expense payments paid by it pursuant to this Agreement under the same
terms and conditions as it is permitted to receive reimbursement of reductions of its investment
management fee under the Investment Advisory Agreement.