AST - Pzena Amendment to Custody Agmt 2024

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

CUSTODY AGREEMENT

THIS AMENDMENT dated as of August 1, 2024 (the “Effective Date”), to the

Amended and Restated Custody Agreement, dated as of December 22, 2021, as amended (the

“Agreement”), is entered by and between ADVISORS SERIES TRUST, a Delaware statutory

trust (the “Trust”) on behalf of its separate series, and U.S. BANK NATIONAL

ASSOCIATION, a national banking association organized and existing under the laws of the

United States of America with its principal place of business in Minneapolis, Minnesota (the

“Custodian”).

RECITALS

WHEREAS, the parties have entered into the Agreement;

WHEREAS, the parties had previously entered into an Amended and Restated Custody

Agreement, dated December 6, 2012 (the “AR Custody Agreement”);

WHEREAS, the parties desire to update the fund list to remove Pzena Long/Short Value

Fund and to amend the fee schedule in the Agreement for Pzena Investment Management, LLC;

and

WHEREAS, the amended fee schedule attached hereto shall be effective as of the

Effective Date and shall remain in effect for a period of five (5) years;

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 as follows:

1.The Exhibit for Pzena Investment Management, LLC in the Agreement is hereby

superseded and replaced with the Exhibit for Pzena Investment Management, LLC

attached hereto.

2.As of the Effective Date, Exhibit AA to the AR Custody Agreement is hereby

superseded and replaced by the Exhibit for Pzena Investment Management, LLC

attached hereto.

3.As of the Effective Date, the CPI will reset for the Exhibit for Pzena Investment

Management, LLC.

4.The fees listed in the attached Exhibit for Pzena Investment Management, LLC

shall be effective for a period of five (5) years from the Effective Date.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

SIGNATURE PAGE FOLLOWS

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 first written

above.


ADVISORS SERIES TRUST		U.S. BANK, N.A.

By: /s/ Jeff Rauman		By: /s/ Greg Farley
Name: Jeff Rauman		Name: Greg Farley
Title: President		Title: Senior Vice President
Date: 9/4/24		Date: 9/5/2024

ADVISOR SERIES TRUST

Custody Agreement

Exhibit for Pzena Investment Management, LLC

Name of SeriesDate Added

Pzena Mid Cap Value FundOn or after March 20, 2014

Pzena Emerging Markets Value FundOn or after March 20, 2014

Pzena Small Cap Value FundOn or after March 9, 2016

Pzena International Small Cap Value FundOn or after June 14, 2018

Pzena International Value FundOn or after June 10, 2021

Multiple Series Trust

DOMESTIC CUSTODY SERVICES

FEE SCHEDULE at August 1, 2024

Annual Fee Based Upon Market Value Per Fund*

0.50 basis point on average daily market value

Minimum annual fee per fund - $___

Plus portfolio transaction fees

Portfolio Transaction Fees

$___ /book entry DTC transaction/Federal Reserve transaction/principal paydown

$___ /U.S. Bank repo agreement transaction

$___ /short sale

$___ /option/future contract written, exercised or expired

$___ /mutual fund trade/Fed wire/margin variation Fed wire

$___ /physical transaction

$___ /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 2.

Out-Of-Pocket 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, and extraordinary expenses based upon

complexity.

*Subject to annual CPI increase, Milwaukee MSA.

Fees are billed monthly.

GLOBAL SUB-CUSTODIAL SERVICES

ANNUAL FEE SCHEDULE at August 1, 2024

Country

Instrument

Safekeeping

(BPS)

Transaction

fee

Country

Instrument

Safekeeping

(BPS)

Transaction

fee

Country

Instrument

Safekeeping

(BPS)

Transaction

fee

Argentina

All

$__

Hong Kong

All

$__

Peru

All

$__

Australia

All

$__

Hungary

All

$__

Philippines

All

$__

Austria

All

$__

Iceland

All

$__

Poland

All

$__

Bahrain

All

$__

India

All

$__

Portugal

All

$__

Bangladesh

All

$__

Indonesia

All

$__

Qatar

All

$__

Belgium

All

$__

Ireland

All

$__

Romania

All

$__

Bermuda

All

$__

Israel

All

$__

Russia

Equities

$__

Botswana

All

$__

Italy

All

$__

Russia

MINFINs

$__

Brazil

All

$__

Jamaica*

All

$__

Serbia*

All

$__

Bulgaria

All

$__

Japan

All

$__

Singapore

All

$__

Canada

All

$__

Jordan

All

$__

Slovakia

All

$__

Cayman

Islands*

All

$__

Kazakhstan

All

$__

Slovenia

All

$__

Channel

Islands*

All

$__

Kenya

All

$__

South

Africa

All

$__

Chile

All

$__

Latvia

Equities

$__

South

Korea

All

$__

China ”A”

All

$__

Latvia

Bonds

$__

Spain

All

$__

China (B

Shares)

All

$__

Lebanon

All

$__

Sri Lanka

All

$__

Colombia

All

$__

Lithuania

All

$__

Swaziland

All

$__

Costa Rica

All

$__

Luxembourg

All

$__

Sweden

All

$__

Croatia

All

$__

Malaysia

All

$__

Switzerland

All

$__

Cyprus*

All

$__

Malta

All

$__

Taiwan

All

$__

Czech

Republic

All

$__

Mauritius

All

$__

Thailand

All

$__

Denmark

All

$__

Mexico

All

$__

Trinidad &

Tobago*

All

$__

Ecuador

All

$__

Morocco

All

$__

Tunisia

All

$__

Egypt

All

$__

Namibia

All

$__

Turkey

All

$__

Estonia

All

$__

Netherlands

All

$__

UAE

All

$__

Euromarkets**

All

$__

New

Zealand

All

$__

Ukraine

All

$__

Finland

All

$__

Nigeria

All

$__

United

Kingdom

All

$__

France

All

$__

Norway

All

$__

Uruguay

All

$__

Germany

All

$__

Oman

All

$__

Venezuela

All

$__

Ghana

All

$__

Pakistan

All

$__

Vietnam*

All

$__

Greece

All

$__

Palestinian

Autonomous

Area*

All

$__

Zambia

All

$__

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

** Tiered by market value: <$__: 1 bp; >$__ and <$__: 0.75 bps; >$__: 0.50 bps.

Base Fee - A monthly charge per account (fund) will apply based on the number of foreign securities held.

1-25 foreign securities: $__

26-50 foreign securities: $__

Over 50 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 above, surcharges may apply if a security is held outside of the local market.

Cash Transactions:

3rd Party Foreign Exchange – a Foreign Exchange transaction undertaken through a 3rd party will be charged $__.

Tax Reclamation Services: Tax reclaims that have been outstanding for more than 6 (six) months with the client will be

charged $__ per claim.

Out of Pocket Expenses

Charges incurred by U.S. Bank, N.A. for local taxes, stamp duties or other local duties and assessments, stock

exchange fees, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy

services and other shareholder communications 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.

SWIFT reporting and message fees.

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

Pzena Investment Management, LLC

By: /s/ Allison Fisch

Name: Allison Fisch

Title: President

Date: September 4, 2024