Document

Portions of this exhibit have been redacted because it is both (1) not material and (2) would likely cause competitive harm to the registrant if publicly disclosed.

AMENDMENT TO THE

ADVISORS SERIES TRUST

AMENDED AND RESTATED CUSTODY AGREEMENT

THIS AMENDMENT dated as of September 22, 2020, to the Amended and Restated Custody Agreement, dated as of December 6, 2012 (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 Exhibit DD 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 series of the Trust to add the First Sentier American Listed Infrastructure Fund; and

WHEREAS, Article XV, Section 15.2 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 of Advisors Series Trust:

Exhibit DD, of the Agreement is hereby superseded and replaced with Exhibit DD attached hereto.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/ Jeffrey T. Rauman			By:
Name: Jeffrey T. Rauman			Name:
Title: President			Title: Senior Vice President

Exhibit DD to the Separate Series of Advisors Series Trust
Amended and Restated Custody Agreement

Name of Series Date Added

First Sentier Global Listed Infrastructure Fund on or after _______________

First Sentier American Listed Infrastructure Fund on or after September 22, 2020

Custody Services Fee Schedule at September 2020

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

$[ ] – Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-depository transaction

$[ ] – Option/SWAPS/future contract written, exercised or expired

$[ ] – Mutual fund trade, Margin Variation Wire and outbound Fed wire

$[ ] – Physical security transaction

$[ ] – Check disbursement (waived if U.S. Bancorp is Administrator)

A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

Miscellaneous 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, SWIFT charges and extraordinary expenses based upon complexity.

Additional Services

Additional fees apply for global servicing.

$[ ] per Sub Advisor or Segregated custody account per year

No charge for the initial conversion free receipt.

Overdrafts – charged to the account at prime interest rate plus [ ] unless a line of credit is in place.

* Subject to annual CPI increase – All Urban Consumers – U.S. City Average.

Fees are calculated pro rata and billed monthly.

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

First Sentier Investors (US) LLC

By:_____________________________

Printed Name:_______________________

Title:____________________________ Date:________________________

Exhibit DD (continued) to the Separate Series of Advisors Series Trust Amended and Restated Custody Agreement

Additional Global Sub-Custodial Services Annual Fee Schedule

COUNTRY

INSTRUMENT

SAFEKEEPING (BPS)

TRANSACTION FEE

COUNTRY

INSTRUMENT

SAFEKEEPING (BPS)

TRANSACTION FEE

COUNTRY

INSTRUMENT

SAFEKEEPING (BPS)

TRANSACTION FEE

Argentina

All

[

Guinea Bissau

All

[

Pakistan

All

[

Australia

All

[

Hong Kong

All

[

Peru

All

[

Austria

All

[

Hungary

All

[

Philippines

All

[

Bahrain

All

[

Iceland

All

[

Poland

All

[

Bangladesh

All

[

India

All

[

Portugal

All

[

Belgium

All

[

Indonesia

All

[

Qatar

All

[

Benin

All

[

Ireland

All

[

Romania

All

[

Bermuda

All

[

Israel

All

[

Russia

All

[

Botswana

All

[

Italy

All

[

Senegal

All

[

Brazil

All

[

Ivory Coast

All

[

Singapore

All

[

Bulgaria

All

[

Japan

All

[

Slovak Republic

All

[

Burkina Faso

All

[

Jordan

All

[

Slovenia

All

[

Canada

All

[

Kazakhstan

All

[

South Africa

All

[

Cayman Islands*

All

[

Kenya

All

[

South Korea

All

[

Channel Islands*

All

[

Kuwait

All

[

Spain

All

[

Chile

All

[

Latvia

All

[

Sri Lanka

All

[

China

All

[

Lebanon

All

[

Swaziland

All

[

Colombia

All

[

Lithuania

All

[

Sweden

All

[

Costa Rica

All

[

Luxembourg

All

[

Switzerland

All

[

Croatia

All

[

Malaysia

All

[

Taiwan

All

[

Cyprus

All

[

Mali

All

[

Thailand

All

[

Czech Republic

All

[

Malta

All

[

Togo

All

[

Denmark

All

[

Mauritius

All

[

Tunisia

All

[

Ecuador

All

[ ]

Mexico

All

[

Turkey

All

[

Egypt

All

[

Morocco

All

[

UAE

All

[

Estonia

All

[

Namibia

All

[

United Kingdom

All

[

Euromarkets**

All

[

Netherlands

All

[

Ukraine

All

[

Finland

All

[

New Zealand

All

[

Uruguay

All

[

France

All

[

Niger

All

[

Venezuela

All

[

Germany

All

[

Nigeria

All

[

Vietnam

All

[

Ghana

All

[

Norway

All

[

Zambia

All

[

Greece

All

[

Oman

All

[

Zimbabwe

All

[

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

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

** Tiered by market value <$[ ] billion; [ ]bp, >$[ ] billion and <$[ ] billion; [ ] bps; >$[ ] billion; [ ] bps.

** Euromarkets – Non-Eurobonds; Surcharges vary by local market.

Exhibit DD (continued) to the Separate Series of Advisors Series Trust Amended and Restated Custody Agreement

Additional Global Sub-Custodial Services Annual Fee Schedule (continued)

A monthly base fee per account (fund) will apply based on the number of foreign securities held.

[ ]– [ ] foreign securities: $[ ]; [ ]– [ ] foreign securities: $[ ]; Over [ ] 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 in above grid, surcharges may apply if a security is held outside of the local market.

Miscellaneous Expenses

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

Charges incurred by U.S. Bank N.A. directly or through sub-custodians for account opening fees, 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, recurring administration fees 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 Miscellaneous 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.