0000894189-04-000674 Sample Contracts

ADVISORS SERIES TRUST INVESTMENT ADVISORY AGREEMENT Al Frank Asset Management, Inc.
Investment Advisory Agreement • April 26th, 2004 • Advisors Series Trust • Arizona

THIS INVESTMENT ADVISORY AGREEMENT is made as of the 5th day of November, 1999, by and between Advisors Series Trust, a Delaware business trust (hereinafter called the "Trust"), on behalf of the following series of the Trust, The Al Frank Fund (the "Fund") and Al Frank Asset Management, Inc., a California corporation (hereinafter called the "Advisor").

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DISTRIBUTION AGREEMENT
Distribution Agreement • April 26th, 2004 • Advisors Series Trust • Wisconsin

THIS AGREEMENT is made and entered into as of this 20th day of August, 2002, by and between Advisors Series Trust, a Delaware business trust ("Trust"), on behalf of The Al Frank Fund (the "Fund"), Al Frank Asset Management, Inc., a California corporation (the "Adviser") and Quasar Distributors, LLC, a Delaware limited liability company ("Distributor").

ADVISORS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • April 26th, 2004 • Advisors Series Trust • Arizona

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the "Agreement") is effective as of May 1, 1999 by and between ADVISORS SERIES TRUST, a Delaware business trust (the "Trust"), on behalf of The Al Frank Fund (the "Fund"), a series of the Trust and the Advisor of such Fund, Al Frank Asset Management, Inc. (the "Advisor").

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