ADVISORS SERIES TRUST INVESTMENT ADVISORY AGREEMENT with Niemann Capital Management, Inc.
with
▇▇▇▇▇▇▇
Capital Management, Inc.
THIS INVESTMENT ADVISORY
AGREEMENT is made as of the 23 day of March, 2010, by and between
Advisors Series Trust, a Delaware business trust (hereinafter called the
“Trust”), on behalf of the series of the Trust indicated on Schedule A, which
may be amended from time to time, (each a “Fund”, and together the “Funds”) and
▇▇▇▇▇▇▇ Capital Management, Inc., a California corporation (hereinafter called
the “Advisor”).
WITNESSETH:
WHEREAS, the Trust is an
open-end management investment company, registered as such under the Investment
Company Act of 1940, as amended (the “Investment Company Act”); and
WHEREAS, the Fund is a series
of the Trust having separate assets and liabilities; and
WHEREAS, the Advisor is
registered as an investment adviser under the Investment Advisers Act of 1940
(the “Advisers Act”) and is engaged in the business of supplying investment
advice as an independent contractor; and
WHEREAS, the Trust desires to
retain the Advisor to render advice and services to the Fund pursuant to the
terms and provisions of this Agreement, and the Advisor desires to furnish said
advice and services;
NOW, THEREFORE, in
consideration of the covenants and the mutual promises hereinafter set forth,
the parties to this Agreement, intending to be legally bound hereby, mutually
agree as follows:
1. APPOINTMENT OF ADVISOR. The
Trust hereby employs the Advisor and the Advisor hereby accepts such employment,
to render investment advice and related services with respect to the assets of
the Fund for the period and on the terms set forth in this Agreement, subject to
the supervision and direction of the Trust’s Board of Trustees (“Board of
Trustees” or “Board”).
2. DUTIES
OF ADVISOR.
(a) GENERAL DUTIES. The Advisor
shall act as investment adviser to the Fund and shall supervise investments of
the Fund on behalf of the Fund in accordance with the investment objectives,
policies and restrictions of the Fund as set forth in the Fund’s and Trust’s
governing documents, including, without limitation, the Trust’s Agreement and
Declaration of Trust and By-Laws; the Fund’s prospectus, statement of additional
information and undertakings to the Board or with the Securities and Exchange
Commission; and such other limitations, policies and procedures as the Trustees
may impose from time to time in writing to the Advisor (collectively, the
“Investment Policies”) upon at least five (5) days prior notice. In
providing such services, the Advisor shall at all times adhere to the provisions
and restrictions contained in the federal securities laws, applicable state
securities laws, the Internal Revenue Code of 1986, the Uniform Commercial Code
and other applicable law.
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Without
limiting the generality of the foregoing, the Advisor shall: (i) furnish the
Fund with advice and recommendations with respect to the investment of the
Fund’s assets and the purchase and sale of portfolio securities for the Fund,
including the taking of such steps as may be necessary to implement such advice
and recommendations (i.e., placing the orders); (ii) manage and oversee the
investments of the Fund, subject to the ultimate supervision and direction of
the Trust’s Board of Trustees; (iii) vote proxies for the Fund and file
ownership reports under Section 13 of the Securities Exchange Act of 1934 (the
“1934 Act”) for the Fund; (iv) maintain the books and records associated with or
generated from the services rendered to the Fund by the Advisor except to the
extent the Fund has made arrangements for such books and records to be
maintained by the Fund’s administrator or another agent of the Fund; (v) furnish
reports, statements and other data on securities, economic conditions and other
matters related to the investment of the Fund’s assets which the Board of
Trustees or officers of the Trust may reasonably request; and (vi) render to the
Trust’s Board of Trustees such periodic and special reports with respect to each
Fund's investment activities as the Board may reasonably request, including at
least one in-person appearance annually before the Board of
Trustees. The services and duties of the Advisor shall be confined to
those matters expressly set forth herein and as imposed on them by law, and no
implied duties are assumed by or may be asserted against the Advisor
hereunder.
(b) BROKERAGE. The Advisor shall
be responsible for decisions to buy and sell securities for the Fund, for
broker-dealer selection, and for negotiation of brokerage commission rates,
provided that the Advisor shall not direct orders to an affiliated person of the
Advisor without general prior authorization to use such affiliated broker or
dealer from the Trust’s Board of Trustees. The Advisor will effect all
securities transactions for the benefit of the Fund in accordance with its duty
to seek best execution. In selecting a broker-dealer to execute each
particular transaction, the Advisor may take the following into consideration:
net price; clearance; settlement; the reliability, integrity, reputation and
financial condition of the broker-dealer; efficiency of execution and error
resolution; block trading and block positioning capabilities; willingness to
execute related or unrelated difficult transactions in the future; special
execution capabilities; order of call; the size of and difficulty in executing
the order; and the value of the expected contribution of the broker-dealer to
the investment performance of the Fund on a continuing basis. The price to the
Fund in any transaction may be less favorable than that available from another
broker-dealer if the difference is reasonably justified by other aspects of the
portfolio execution services offered and the transaction is effected in
accordance with the Advisor’s obligation to obtain best execution.
Subject
to such policies as the Board of Trustees of the Trust may determine and
consistent with Section 28(e) of the 1934 Act, the Advisor shall not be deemed
to have acted unlawfully or to have breached any duty created by this Agreement
or otherwise solely by reason of its having caused the Fund to pay a broker or
dealer that provides (directly or indirectly) brokerage or research services to
the Advisor an amount of commission for effecting a portfolio transaction in
excess of the amount of commission another broker or dealer would have charged
for effecting that transaction, if the Advisor determines in good faith that
such amount of commission was reasonable in relation to the value of the
brokerage and research services provided by such broker or dealer, viewed in
terms of either that particular transaction or the Advisor’s overall
responsibilities with respect to the Trust. Subject to the same policies and
legal provisions, the Advisor is further authorized to allocate the orders
placed by it on behalf of the Fund to such brokers or dealers who also provide
research or statistical material, or other services, to the Trust, the Advisor,
or any affiliate of either. Such allocation shall be in such amounts and
proportions as the Advisor shall determine, and the Advisor shall report on such
allocations regularly to the Trust, indicating the broker-dealers to whom such
allocations have been made and the basis therefor.
On
occasions when the Advisor deems the purchase or sale of a security to be in the
best interest of the Fund as well as of other clients, the Advisor, to the
extent permitted by applicable laws and regulations, may aggregate the
securities to be so purchased or sold in order to obtain the most favorable
price or lower brokerage commissions and the most efficient execution. In such
event, allocation of the securities so purchased or sold, as well as the
expenses incurred in the transaction, will be made by the Advisor in the manner
it considers to be the most equitable and consistent with its fiduciary
obligations to the Fund and to such other clients.
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3. REPRESENTATIONS
OF THE ADVISER.
(a) The
Advisor shall use its best judgment and efforts in rendering the advice and
services to the Fund as contemplated by this Agreement.
(b) The
Advisor shall maintain all licenses and registrations necessary to perform its
duties hereunder in good order.
(c) The
Advisor shall conduct its operations at all times in conformance with the
Advisers Act, the Investment Company Act, and any other applicable state and/or
self-regulatory organization regulations.
(d) The
Advisor shall maintain errors and omissions insurance in an amount at least
equal to that disclosed to the Board of Trustees in connection with their
approval of this Agreement.
4. INDEPENDENT CONTRACTOR. The
Advisor shall, for all purposes herein, be deemed to be an independent
contractor, and shall, unless otherwise expressly provided and authorized to do
so, have no authority to act for or represent the Trust or the Fund in any way,
or in any way be deemed an agent for the Trust or for the Fund. It is expressly
understood and agreed that the services to be rendered by the Advisor to the
Fund under the provisions of this Agreement are not to be deemed exclusive, and
the Advisor shall be free to render similar or different services to others so
long as its ability to render the services provided for in this Agreement shall
not be impaired thereby.
5. ADVISER’S PERSONNEL. The
Advisor shall, at its own expense, maintain such staff and employ or retain such
personnel and consult with such other persons as it shall from time to time
determine to be necessary to the performance of its obligations under this
Agreement. Without limiting the generality of the foregoing, the staff and
personnel of the Advisor shall be deemed to include persons employed or retained
by the Advisor to furnish statistical information, research, and other factual
information, advice regarding economic factors and trends, information with
respect to technical and scientific developments, and such other information,
advice and assistance as the Advisor or the Trust's Board of Trustees may desire
and reasonably request and any compliance staff and personnel required by the
Advisor.
6. EXPENSES.
(a) With
respect to the operation of the Fund, the Advisor shall be responsible for (i)
the Fund’s organizational expenses; (ii) providing the personnel, office space
and equipment reasonably necessary for the Advisor to provide its services
hereunder, (iii) the expenses of printing and distributing extra copies of the
Fund’s prospectus, statement of additional information, and sales and
advertising materials (but not the legal, auditing or accounting fees attendant
thereto) to prospective investors (but not to existing shareholders) to the
extent such expenses are not covered by any applicable plan adopted pursuant to
Rule 12b-1 under the Investment Company Act (each, a “12b-1 Plan”); (iv) the
costs of any special Board of Trustees meetings or shareholder meetings convened
for the primary benefit of the Advisor; and (v) any costs of liquidating or
reorganizing the Fund (unless such cost is otherwise allocated by the Board of
Trustees). If the Advisor has agreed to limit the operating expenses of the
Fund, the Advisor also shall be responsible on a monthly basis for any operating
expenses that exceed the agreed upon expense limit.
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(b) The Fund
is responsible for and has assumed the obligation for payment of all of its
expenses, other than as stated in Subparagraph 6(a) above or as may otherwise be
agreed by the parties, including but not limited to: fees and expenses incurred
in connection with the issuance, registration and transfer of its shares;
brokerage and commission expenses; all expenses of transfer, receipt,
safekeeping, servicing and accounting for the cash, securities and other
property of the Trust for the benefit of the Fund including all fees and
expenses of its custodian, shareholder services agent and accounting services
agent; interest charges on any borrowings; costs and expenses of pricing and
calculating its daily net asset value and of maintaining its books of account
required under the Investment Company Act, except for the records maintained by
the Advisor pursuant to Section 2(a)(iv); taxes, if any; a pro rata portion of
expenditures in connection with meetings of the Fund’s shareholders and the
Trust’s Board of Trustees that are properly payable by the Fund; salaries and
expenses of officers of the Trust, including without limitation the
Trust’s Chief Compliance Officer, and fees and expenses of members of the
Trust’s Board of Trustees or members of any advisory board or committee who are
not members of, affiliated with or interested persons of the Advisor; insurance
premiums on property or personnel of each Fund which inure to its benefit,
including liability and fidelity bond insurance; the cost of preparing and
printing reports, proxy statements, prospectuses and statements of additional
information of the Fund or other communications for distribution to existing
shareholders which are covered by any 12b-1 Plan; legal, auditing and accounting
fees; all or any portion of trade association dues or educational program
expenses determined appropriate by the Board of Trustees; fees and expenses
(including legal fees) of registering and maintaining registration of its shares
for sale under federal and applicable state and foreign securities laws; all
expenses of maintaining and servicing shareholder accounts, including all
charges for transfer, shareholder recordkeeping, dividend disbursing,
redemption, and other agents for the benefit of the Fund, if any; and all other
charges and costs of its operation plus any extraordinary and non-recurring
expenses, except as herein otherwise prescribed.
(c) To the
extent the Advisor incurs any costs by assuming expenses which are an obligation
of the Fund as set forth herein, the Fund shall promptly reimburse the Advisor
for such costs and expenses, except to the extent the Advisor has otherwise
agreed to bear such expenses. To the extent the services for which a Fund is
obligated to pay are performed by the Advisor, the Advisor shall be entitled to
recover from such Fund to the extent of the Advisor’s actual costs for providing
such services. In determining the Advisor’s actual costs, the Advisor may take
into account an allocated portion of the salaries and overhead of personnel
performing such services.
(d) The
Advisor may not pay fees in addition to any Fund distribution or servicing fees
to financial intermediaries, including without limitation banks, broker-dealers,
financial advisors, or pension administrators, for sub-administration,
sub-transfer agency or any other shareholder servicing or distribution services
associated with shareholders whose shares are held in omnibus or other group
accounts, except with the prior authorization of the Trust’s Board of
Trustees. Where such arrangements are authorized by the Trust’s Board
of Trustees, the Advisor shall report regularly to the Trust on the amounts paid
and the relevant financial institutions.
7. INVESTMENT
ADVISORY AND MANAGEMENT FEE.
(a) The Fund
shall pay to the Advisor, and the Advisor agrees to accept, as full compensation
for all services furnished or provided to such Fund pursuant to this Agreement,
an annual management fee at the rate set forth in Schedule A to this
Agreement.
(b) The
management fee shall be accrued daily by the Fund and paid to the Advisor on the
first business day of the succeeding month.
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(c) The
initial fee under this Agreement shall be payable on the first business day of
the first month following the effective date of this Agreement and shall be
prorated as set forth below. If this Agreement is terminated prior to the end of
any month, the fee to the Advisor shall be prorated for the portion of any month
in which this Agreement is in effect which is not a complete month according to
the proportion which the number of calendar days in the month during which the
Agreement is in effect bears to the number of calendar days in the month, and
shall be payable within ten (10) days after the date of
termination.
(d) Any
reductions made by the Advisor in its fees or payment of expenses which are the
Fund’s obligation are subject to reimbursement by the Fund to the Advisor, if so
requested by the Advisor, in subsequent fiscal years if the aggregate amount
actually paid by the Fund toward the operating expenses for such fiscal year
(taking into account the reimbursement) does not exceed the applicable
limitation on Fund expenses. Under the expense limitation agreement, the Advisor
may recoup reimbursements made in any fiscal year of the Fund over the following
three fiscal years. Any such reimbursement is also contingent upon
Board of Trustees review and approval at the time the reimbursement is made.
Such reimbursement may not be paid prior to the Fund’s payment of current
ordinary operating expenses.
8. NO SHORTING; NO BORROWING. The
Advisor agrees that neither it nor any of its officers or employees shall take
any short position in the shares of the Fund. This prohibition shall not prevent
the purchase of such shares by any of the officers or employees of the Advisor
or any trust, pension, profit-sharing or other benefit plan for such persons or
affiliates thereof, at a price not less than the net asset value thereof at the
time of purchase, as allowed pursuant to rules promulgated under the Investment
Company Act. The Advisor agrees that neither it nor any of its officers or
employees shall borrow from the Fund or pledge or use the Fund’s assets in
connection with any borrowing not directly for the Fund’s
benefit. For this purpose, failure to pay any amount due and payable
to the Fund for a period of more than thirty (30) days shall constitute a
borrowing.
9. CONFLICTS WITH TRUST’S GOVERNING
DOCUMENTS AND APPLICABLE LAWS. Nothing herein contained shall be deemed
to require the Trust or the Fund to take any action contrary to the Trust’s
Agreement and Declaration of Trust, Amended and Restated By-Laws, or any
applicable statute or regulation, or to relieve or deprive the Board of Trustees
of the Trust of its responsibility for and control of the conduct of the affairs
of the Trust and Fund. In this connection, the Advisor acknowledges that the
Trustees retain ultimate plenary authority over the Fund and may take any and
all actions necessary and reasonable to protect the interests of
shareholders.
10. REPORTS AND ACCESS. The
Advisor agrees to supply such information to the Fund’s administrator and to
permit such compliance inspections by the Fund’s administrator as shall be
reasonably necessary to permit the administrator to satisfy its obligations and
respond to the reasonable requests of the Board of Trustees.
11. ADVISER’S
LIABILITIES AND INDEMNIFICATION.
(a) The
Advisor shall have responsibility for the accuracy and completeness (and
liability for the lack thereof) of the statements in the Fund’s offering
materials (including the prospectus, the statement of additional information,
advertising and sales materials), except for information supplied by the
administrator or the Trust or another third party for inclusion
therein.
(b) The
Advisor shall be liable to the Fund for any loss (including brokerage charges)
incurred by the Fund as a result of any improper investment made by the Advisor
in contradiction of the Investment Policies.
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(c) In the
absence of willful misfeasance, bad faith, gross negligence, or reckless
disregard of the obligations or duties hereunder on the part of the Advisor, the
Advisor shall not be subject to liability to the Trust or the Fund or to any
shareholder of the Fund for any act or omission in the course of, or connected
with, rendering services hereunder or for any losses that may be sustained in
the purchase, holding or sale of any security by the Fund. Notwithstanding the
foregoing, federal securities laws and certain state laws impose liabilities
under certain circumstances on persons who have acted in good faith, and
therefore nothing herein shall in any way constitute a waiver or limitation of
any rights which the Trust, the Fund or any shareholder of the Fund may have
under any federal securities law or state law.
(d) Each
party to this Agreement shall indemnify and hold harmless the other party and
the shareholders, directors, officers and employees of the other party (any such
person, an “Indemnified Party”) against any loss, liability, claim, damage or
expense (including the reasonable cost of investigating and defending any
alleged loss, liability, claim, damage or expenses and reasonable counsel fees
incurred in connection therewith) arising out of the Indemnified Party’s
performance or non-performance of any duties under this Agreement provided,
however, that nothing herein shall be deemed to protect any Indemnified Party
against any liability to which such Indemnified Party would otherwise be subject
by reason of willful misfeasance, bad faith or gross negligence in the
performance of duties hereunder or by reason of reckless disregard of
obligations and duties under this Agreement.
(e) No
provision of this Agreement shall be construed to protect any Trustee or officer
of the Trust, or officer of the Advisor, from liability in violation of Sections
17(h) and (i) of the Investment Company Act.
12. NON-EXCLUSIVITY; TRADING FOR
ADVISER’S OWN ACCOUNT. The Trust’s employment of the Advisor is not an
exclusive arrangement. The Trust may from time to time employ other individuals
or entities to furnish it with the services provided for herein. Likewise, the
Advisor may act as investment adviser for any other person, and shall not in any
way be limited or restricted from buying, selling or trading any securities for
its or their own accounts or the accounts of others for whom it or they may be
acting, provided, however, that the Advisor expressly represents that it will
undertake no activities which will adversely affect the performance of its
obligations to the Fund under this Agreement; and provided further that the
Advisor will adhere to a code of ethics governing employee trading and trading
for proprietary accounts that conforms to the requirements of the Investment
Company Act and the Advisers Act and has been approved by the Trust’s Board of
Trustees.
13. TRANSACTIONS WITH OTHER INVESTMENT
ADVISERS. The Advisor is not an affiliated person of any
investment adviser responsible for providing advice with respect to any other
series of the Trust, or of any promoter, underwriter, officer, director, member
of an advisory board or employee of any other series of the
Trust. The Advisor shall not consult with the investment adviser of
any other series of the Trust concerning transactions for the Fund or any other
series of the Trust.
14. TERM.
This
Agreement shall become effective at the time the Fund commences operations
pursuant to an effective amendment to the Trust’s Registration Statement under
the Securities Act of 1933, as amended, and shall remain in effect for a period
of two (2) years, unless sooner terminated as hereinafter provided. This
Agreement shall continue in effect thereafter for additional periods not
exceeding one (l) year so long as such continuation is approved at least
annually by (i) the Board of Trustees of the Trust or by the vote of a majority
of the outstanding voting securities of each Fund and (ii) the vote of a
majority of the Trustees of the Trust who are not parties to this Agreement nor
interested persons thereof, cast in person at a meeting called for the purpose
of voting on such approval. The terms “majority of the outstanding voting
securities” and “interested persons” shall have the meanings as set forth in the
Investment Company Act.
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15. RIGHT
TO USE NAME
The
Advisor warrants that each Fund’s name is not deceptive or misleading within the
meaning of Rule 35d-1 under the Investment Company Act and that the Advisor has
rights to any distinctive name used by a Fund. Any concern regarding
copyright, trademark, or patent infringement with respect to the name used by an
Advisor Fund shall be resolved by the Advisor. Each Fund acknowledges
that its use of any distinctive name is derivative of its relationship with the
Advisor. Each Fund may use the name connected with the Advisor or any
name derived from or using the name of the Advisor Funds only for so long as
this Agreement or any extension, renewal or amendment hereof remains in
effect.. Within sixty (60) days from such time as this Agreement
shall no longer be in effect, each Fund shall cease to use such a name or any
other name connected with the Advisor.
It is
understood and hereby agreed that the name “Advisors Series Trust” or “AST” is
the property of the Trust for copyright and all other purposes. The
Advisor undertakes and agrees that, in the event that the Advisor shall cease to
act as investment adviser to the Fund, the Advisor shall promptly take all
necessary and appropriate action to discontinue use of the Trust’s name and
will further refrain from using the Trust’s name; provided, however,
that the Advisor may continue to use the Trust’s name for the sole purpose of
identifying the Trust as an account formerly managed by the Advisor or as
otherwise consented to by the Trust in writing prior to such
use.
16. TERMINATION;
NO ASSIGNMENT.
(a) This
Agreement may be terminated by the Trust on behalf of the Fund at any time
without payment of any penalty, by the Board of Trustees of the Trust or by vote
of a majority of the outstanding voting securities of a Fund, upon sixty (60)
days’ written notice to the Advisor, and by the Advisor upon sixty (60) days’
written notice to the Fund. In the event of a termination, the Advisor shall
cooperate in the orderly transfer of the Fund’s affairs and, at the request of
the Board of Trustees, transfer any and all books and records of the Fund
maintained by the Advisor on behalf of the Fund, provided, however, that the
Advisor may maintain duplicate copies of such books and records for its files at
its own expenses.
(b) This
Agreement shall terminate automatically in the event of any transfer or
assignment thereof, as defined in the Investment Company Act.
17. NONPUBLIC PERSONAL
INFORMATION.
Notwithstanding any provision herein to the contrary, the Advisor agrees
on behalf of itself and its managers, members, officers, and employees (1) to
treat confidentially and as proprietary information of the Trust (a) all records
and other information relative to the Fund’s prior, present, or potential
shareholders (and clients of said shareholders) and (b) any Nonpublic Personal
Information, as defined under Section 248.3(t) of Regulation S-P (“Regulation
S-P”), promulgated under the ▇▇▇▇▇-▇▇▇▇▇-▇▇▇▇▇▇ Act (the “G-L-B Act”); and (2)
except after prior notification to and approval in writing by the Trust, not to
use such records and information for any purpose other than the performance of
its responsibilities and duties hereunder, or as otherwise permitted by
Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy
policies adopted by the Trust and communicated in writing to the
Advisor. Such written approval shall not be unreasonably withheld by
the Trust and may not be withheld where the Advisor may be exposed to civil or
criminal contempt or other proceedings for failure to comply after being
requested to divulge such information by duly constituted
authorities.
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18. ANTI-MONEY LAUNDERING COMPLIANCE.
The Advisor acknowledges that, in compliance with the Bank Secrecy Act,
as amended, the USA PATRIOT Act, and any implementing regulations thereunder
(together, “AML Laws”), the Trust has adopted an Anti-Money Laundering Policy.
The Advisor agrees to comply with the Trust’s Anti-Money Laundering Policy and
the AML Laws, as the same may apply to the Advisor, now and in the future. The
Advisor further agrees to provide to the Trust and/or the administrator such
reports, certifications and contractual assurances as may be reasonably
requested by the Trust in
respect of the Trust’s Anti-Money Laundering Policy. The Trust may disclose
information regarding the Advisor to governmental and/or regulatory or
self-regulatory authorities to the extent required by applicable law or
regulation and may file reports with such authorities as may be required by
applicable law or regulation.
19. CERTIFICATIONS; DISCLOSURE CONTROLS
AND PROCEDURES. The Advisor acknowledges that, in compliance with the
▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002 (the “▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act”), and the implementing
regulations promulgated thereunder, the Trust and the Fund are required to make
certain certifications and have adopted disclosure controls and procedures. To
the extent reasonably requested by the Trust, the Advisor agrees to use its best
efforts to assist the Trust and the Fund in complying with the ▇▇▇▇▇▇▇▇-▇▇▇▇▇
Act and implementing the Trust’s disclosure controls and procedures. The Advisor
agrees to inform the Trust of any material development related to the Fund that
the Advisor reasonably believes is relevant to the Fund’s certification
obligations under the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act.
20. SEVERABILITY. If any provision
of this Agreement shall be held or made invalid by a court decision, statute or
rule, or shall be otherwise rendered invalid, the remainder of this Agreement
shall not be affected thereby.
21. CAPTIONS. The captions in this
Agreement are included for convenience of reference only and in no way define or
limit any of the provisions hereof or otherwise affect their construction or
effect.
22. GOVERNING LAW. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of
Delaware without giving effect to the conflict of laws principles thereof;
provided that nothing herein shall be construed to preempt, or to be
inconsistent with, any federal law, regulation or rule, including the Investment
Company Act and the Advisers Act and any rules and regulations promulgated
thereunder.
IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed by their duly
authorized officers, all on the day and year first above
written.
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on
behalf of each series of the Trust
listed
on Schedule A
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▇▇▇▇▇▇▇
CAPITAL MANAGEMENT, INC.
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By:
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/s/ ▇▇▇▇ ▇▇▇▇ |
By:
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/s/ ▇▇▇▇ ▇▇▇▇▇▇▇ | |
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Name:
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▇▇▇▇ ▇▇▇▇ |
Name:
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▇▇▇▇ ▇▇▇▇▇▇▇ | |
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Title:
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President |
Title:
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CEO | |
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SCHEDULE
A
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Series
or Fund of Advisors Series Trust
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Annual
Fee Rate
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▇▇▇▇▇▇▇
Tactical Return Fund
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1.00%
of average annual net
assets
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9