amd_custody.htm

AMENDMENT TO THE

ADVISORS SERIES TRUST

CUSTODY AGREEMENT

THIS AMENDMENT dated as of the 12th day of December, 2007, to the Custody Agreement, dated as of June 6, 2006, as amended (the "Agreement"), is entered into by and between Advisors Series Trust, a Delaware statutory trust (the "Trust") 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 funds; 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:

Exhibit C, the funds and fees of ActivePassive Large Cap Growth Fund, ActivePassive Large Cap Value Fund, ActivePassive Small/Mid Cap Growth Fund, ActivePassive Small/Mid Cap Value Fund, ActivePassive International Equity Fund, ActivePassive Emerging Markets Equity Fund, ActivePassive Global Bond Fund, ActivePassive Intermediate Taxable Bond Fund, ActivePassive High Yield Bond Fund, and ActivePassive Intermediate Municipal Bond Fund, is hereby added to the Agreement 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. BANK, N.A.

By: /s/ Douglas G. Hess	By: /s/ Michael R. McVoy

Printed Name: Douglas G. Hess	Printed Name: Michael R. McVoy

Title: President	Title: Vice President

ActivePassive

Exhibit C

to the

Separate Series of Advisors Series Trust

Custody Agreement

Name of Series	Date Added
ActivePassive Large Cap Growth Fund	on or after 12/31/2007
ActivePassive Large Cap Value Fund	on or after 12/31/2007
ActivePassive Small/Mid Cap Growth Fund	on or after 12/31/2007
ActivePassive Small/Mid Cap Value Fund	on or after 12/31/2007
ActivePassive International Equity Fund	on or after 12/31/2007
ActivePassive Emerging Markets Equity Fund	on or after 12/31/2007
ActivePassive Global Bond Fund	on or after 12/31/2007
ActivePassive Intermediate Taxable Bond Fund	on or after 12/31/2007
ActivePassive High Yield Bond Fund	on or after 12/31/2007
ActivePassive Intermediate Municipal Bond Fund	on or after 12/31/2007

ActivePassive

Exhibit C (continued)

to the

Separate Series of Advisor Series Trust Custody Agreement

ActivePassive Funds

DOMESTIC CUSTODY SERVICES

FEE SCHEDULE at December, 2007

Annual Fee Based Upon Market Value Per Fund*

[___] basis point on average daily market value, plus transactions

Minimum annual fee per fund - $[___]

Portfolio Transaction Fees

$[___] per book entry DTC transaction

$[___] per principal paydown

$[___] per short sale

$[___] per US Bank repurchase agreement transaction

$[___] per option/future contract written, exercised or expired

$[___] per book entry Federal Reserve transaction

$[___] per mutual fund trade

$[___] per physical transaction

$[___] per Cedel/Euroclear transaction

$[___]per disbursement (waived if U.S. Bancorp is Administrator)

$[___] per Fed Wire

$[___] per margin variation Fed wire

$[___] per 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 [___].

Plus Out-Of-Pocket Expenses – Including but not limited to expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, extraordinary expenses based upon complexity, and all other out-of-pocket expenses.

Fees are billed monthly.

* Subject to annual CPI increase, Milwaukee MSA.

Advisor’s Signature below acknowledges approval of the fee schedule above.

FundQuest Incorporated

By: /s/ Timothy J. Clift

Printed Name: Timothy J. Clift

Title: CIO Date: December 27, 2007

ActivePassive

Exhibit C (continued)

to the

Separate Series of Advisor Series Trust Custody Agreement

Multiple Series Trust

ActivePassive Funds - CHIEF COMPLIANCE OFFICER SERVICES

FEE SCHEDULE at December, 2007

Chief Compliance Officer Services

U.S. Bancorp provides the Chief Compliance Officer (CCO) for each fund serviced within the Multiple Series Trust. Compliance functions performed by USBFS provided CCO include, but are not limited to:

• Designation as the Trust’s Chief Compliance Officer

• Periodic and Annual Reporting to MST Fund Board

• Board Meeting Presentation and Board Support

• MST Fund Board Liaison For All Compliance Matters

• Daily Resource to Advisor CCO and Fund Board

• Review of Advisor Compliance Policies, Procedures and Controls

• Review of USBFS/USB Critical Procedures & Compliance Controls

• Due Diligence Review of Advisor and USBFS Service Facilities

• Testing, Documentation and Reporting of Advisor and USBFS/USB Compliance Policies, Procedures and Controls

Compliance functions performed by USBFS Risk Management Team include, but are not limited to:

• Quarterly USBFS Certification to Trust CCO

• Business Line Functions Supported

• Fund Administration and Compliance

• Transfer Agent and Shareholder Services

• Fund Accounting

• Custody Services

• Distribution Services

• CCO Portal – Web On-line Access to Fund CCO Documents

• Periodic CCO Conference Calls

• Dissemination of Industry/Regulatory Information

• Client & Business Line Compliance Education & Training

Chief Compliance Officer (CCO)*

· $[___] per fund per year

Plus Out-Of-Pocket Expenses – including but not limited to CCO team travel related costs to perform due diligence reviews at Advisor facilities

Fees are billed monthly.

*Subject to annual CPI increase, Milwaukee MSA.

Advisor’s Signature below acknowledges approval of the fee schedule above.

FundQuest Incorporated

By: /s/ Timothy J. Clift

Printed Name: Timothy J. Clift

Title: CIO Date: December 27, 2007

ActivePassive

Exhibit C (continued) to the

Separate Series of Advisor Series Trust Custody Agreement

GLOBAL SUB-CUSTODIAL SERVICES ANNUAL FEE SCHEDULE at December, 2007 – ActivePassive
Country	Instrument	Safekeeping (BPS)	Transaction Fee	Country	Instrument	Safekeeping (BPS)	Transaction Fee
Argentina	All	[___]	$[___]	Lithuania	All	[___]	$[___]
Australia	All	[___]	$[___]	Luxembourg	All	[___]	$[___]
Austria	All	[___]	$[___]	Malaysia	All	[___]	$[___]
Bahrain	All	[___]	$[___]	Mali	All	[___]	$[___]
Bangladesh	All	[___]	$[___]	Malta	All	[___]	$[___]
Belgium	All	[___]	$[___]	Mauritius	All	[___]	$[___]
Benin	All	[___]	$[___]	Mexico	All	[___]	$[___]
Bermuda	All	[___]	$[___]	Morocco	All	[___]	$[___]
Botswana	All	[___]	$[___]	Namibia	All	[___]	$[___]
Brazil	All	[___]	$[___]	Netherlands	All	[___]	$[___]
Bulgaria	All	[___]	$[___]	New Zealand	All	[___]	$[___]
Burkina Faso	All	[___]	$[___]	Niger	All	[___]	$[___]
Canada	All	[___]	$[___]	Nigeria	All	[___]	$[___]
Cayman Islands	All	[___]	$[___]	Norway	All	[___]	$[___]
Channel Islands	All	[___]	$[___]	Oman	All	[___]	$[___]
Chile	All	[___]	$[___]	Pakistan	All	[___]	$[___]
China“A” Shares	All	[___]	$[___]	Palestinian	All	[___]	$[___]
China“B” Shares	All	[___]	$[___]	Peru	All	[___]	$[___]
Columbia	All	[___]	$[___]	Philippines	All	[___]	$[___]
Costa Rica	All	[___]	$[___]	Poland	All	[___]	$[___]
Croatia	All	[___]	$[___]	Portugal	All	[___]	$[___]
Cyprus	All	[___]	$[___]	Qatar	All	[___]	$[___]
Czech Republic	All	[___]	$[___]	Romania	All	[___]	$[___]
Denmark	All	[___]	$[___]	Russia	Equities/Bonds	[___]	$[___]
Ecuador	All	[___]	$[___]	Russia	MINFIN	[___]	$[___]
Egypt	All	[___]	$[___]	Senegal	All	[___]	$[___]
Estonia	All	[___]	$[___]	Serbia	All	[___]	$[___]
Euromarkets(3)	All	[___]	$[___]	Singapore	All	[___]	$[___]
Finland	All	[___]	$[___]	Slovak Republic	All	[___]	$[___]
France	All	[___]	$[___]	Slovenia	All	[___]	$[___]
Germany	All	[___]	$[___]	South Africa	All	[___]	$[___]
Ghana	All	[___]	$[___]	South Korea	All	[___]	$[___]
Greece	All	[___]	$[___]	Spain	All	[___]	$[___]
Guinea Bissau	All	[___]	$[___]	Sri Lanka	All	[___]	$[___]
Hong Kong	All	[___]	$[___]	Swaziland	All	[___]	$[___]
Hungary	All	[___]	$[___]	Sweden	All	[___]	$[___]
Iceland	All	[___]	$[___]	Switzerland	All	[___]	$[___]
India	All	[___]	$[___]	Taiwan	All	[___]	$[___]
Indonesia	All	[___]	$[___]	Thailand	All	[___]	$[___]
Ireland	Equities	[___]	$[___]	Togo	All	[___]	$[___]
Ireland	Gov’t Bonds	[___]	$[___]	Trinidad & Tobago	All	[___]	$[___]
Israel	All	[___]	$[___]	Tunisia	All	[___]	$[___]
Italy	All	[___]	$[___]	Turkey	All	[___]	$[___]
Ivory Coast	All	[___]	$[___]	UAE	All	[___]	$[___]
Jamaica	All	[___]	$[___]	United Kingdom	All	[___]	$[___]
Japan	All	[___]	$[___]	Ukraine	All	[___]	$[___]
Jordan	All	[___]	$[___]	Uruguay	All	[___]	$[___]
Kazakhstan	All	[___]	$[___]	Venezuela	All	[___]	$[___]
Kenya	All	[___]	$[___]	Vietnam	All	[___]	$[___]
Latvia	Equities	[___]	$[___]	Zambia	All	[___]	$[___]
Latvia	Bonds	[___]	$[___]	Zimbabwe	All	[___]	$[___]
Lebanon	All	[___]	$[___]

ActivePassive

Base Fee - A monthly base charge of $[___] per account (fund) will apply.

Notes:

(1)	Fee is expressed in basis points per annum where one basis point equals one hundredth of one percent (.01%) and is calculated based upon month-end market value, unless stated otherwise.

(2)	A transaction is defined as a receipt or delivery versus payment, a free receive or deliver, maturities, or security transaction related to corporate events.

(3)

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 (surcharge schedule available upon request)

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

Straight Through Processing – fees waived

For non-US resident clients investing in the U.S. market:

Fees for US custody are provided on the basis that if assets are held in an omnibus account for multiple underlying clients, the Client will take the necessary action to attain Qualified Intermediary (QI) status for US IRS withholding tax purposes. Should the Client fail to take the necessary action, the fee quoted would be subject to review, and all costs incurred by The Bank of New York in fulfilling its obligations under the US regulations would be passed to the Client. Please refer to the separate Non-Resident Alien (NRA) fee schedule.

Note: for the clients who are the sole beneficial owner of the assets held in their account with The Bank of New York and the client has provided a “W8Ben” form per account stating their ownership of the assets, the above will not apply.

Cash Transactions

§	Currency Trade - $[____] per transaction

§	3rd Party Foreign Exchange – a Foreign Exchange transaction undertaken through a third party will be charged $[___].

Standard Non-U.S. Proxy Services Fees

§	Notification $[___]

§	Vote $[___]

§	Relationship Set Up Fee $[___]

Tax Reclamation Services – may be subject to additional charges depending upon the service level agreed. Tax reclaims that have been outstanding for more than 6 (six) months with the client will be charged $[___] per claim.

Communication Fees

§	INFORM – Access to The Bank of New York proprietary application, INFORM, for standard custody instructions and reporting will be provided at a cost of USD [___] per month including installation and training.

§	SWIFT Reporting and Message Fees – the following fees will apply in respect of client requested SWIFT reports and messages:

§	Cash Reporting –

·	MT900 – Cash Debit Advice $[___] each

·	MT910 – Cash Credit Advice $[___] each

·	MT940 – Detail Cash Statement $[___] per message

·	MT950 – Cash Statement $[___] per message

§	Securities Position Reporting

·	MT535 – Statement of Holdings $[___] per message

One MT535 will be issued per account per month free of charge.

·	MT536 – Statement of Transactions $[___] per message

·	MT537 – Statement of Pendings $[___] per message

§	Confirmations

·	MT544 – Receive Free Confirm $[___] per message

·	MT545 – Receive Against Payment Confirm $[___] per message

·	MT546 – Deliver Free Confirm $[___] per message

·	MT547 – Deliver Against Payment Confirm $[___] per message

§	Facsimile Reporting Fees

·	Corporate Actions Notifications $[___] per notification

·	Cash and Securities Reports $[___] per page

ActivePassive

Out of Pocket Expenses

Charges incurred by The Bank of New York for local taxes, stamp duties or other local duties and assessments, stock exchange fees, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications 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 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.

Advisor’s Signature below acknowledges approval of the fee schedule above.

FundQuest Incorporated

By: /s/ Timothy J. Clift

Printed Name: Timothy J. Clift

Title: CIO Date: December 27, 2007

ActivePassive