0000894189-04-000589 Sample Contracts

ADVISORS SERIES TRUST INVESTMENT ADVISORY AGREEMENT Hollencrest Equity Fund
Investment Advisory Agreement • March 29th, 2004 • Advisors Series Trust • California

THIS INVESTMENT ADVISORY AGREEMENT is made as of the 16th day of December, 2002, by and between Advisors Series Trust, a Delaware business trust (hereinafter called the "Trust"), on behalf of the following series of the Trust, the Hollencrest Equity Fund (the "Fund") and Hollencrest Securities, LLC, a California limited liability company (hereinafter called the "Advisor").

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DISTRIBUTION AGREEMENT
Distribution Agreement • March 29th, 2004 • Advisors Series Trust • Wisconsin

THIS AGREEMENT is made and entered into as of this 17 th day of Nov. 2002, by and among Advisors Series Trust, a Delaware business trust (the “Trust” on behalf of Hollencrest Equity Fund (the “Fund”), Hollencrest Capital Management, a California corporation (the “Adviser”) and Quasar Distributors, LLC, a Delaware limited liability company (the “Distributor”).

ADVISORS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • March 29th, 2004 • Advisors Series Trust • California

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the "Agreement") is effective as of the 16th day of December, 2002, by and between Advisors Series Trust, a Delaware business trust (the "Trust"), on behalf of the Hollencrest Equity Fund (the "Fund"), a series of the Trust, and the Advisor of the Fund, Hollencrest Securities, LLC, a California limited liability company (the "Advisor").

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