0000894189-07-003030 Sample Contracts

DISTRIBUTION AGREEMENT
Distribution Agreement • October 23rd, 2007 • Advisors Series Trust • Wisconsin

THIS AGREEMENT is made and entered into this 18th day of July, 2006, by and between ADVISOR SERIES TRUST, a Delaware business trust (the “Trust”), on behalf of its funds McCarthy Fund and QUASAR DISTRIBUTORS, LLC, a Delaware limited liability company (the “Distributor”). MCCARTHY GROUP ADVISORS, LLC, the investment advisor to the Fund (the “Advisor”), is a party hereto with respect to Section 5 only.

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ADVISORS SERIES TRUST INVESTMENT ADVISORY AGREEMENT McCarthy Multi-Cap Stock Fund
Investment Advisory Agreement • October 23rd, 2007 • Advisors Series Trust • California

THIS INVESTMENT ADVISORY AGREEMENT is made as of the 27th day of September, 2004, by and between Advisors Series Trust, a Delaware statutory trust (hereinafter called the "Trust"), on behalf of the following series of the Trust, McCarthy Multi-Cap Stock Fund (the "Fund") and McCarthy Group Advisors, LLC (hereinafter called the "Advisor").

ADVISORS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • October 23rd, 2007 • Advisors Series Trust • California

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the "Agreement") is effective as of the 27thth day of September, 2004, by and between Advisors Series Trust, a Delaware business trust (the "Trust"), on behalf of the McCarthy Multi-Cap Stock Fund (the "Fund"), a series of the Trust, and the investment advisor of the Fund, McCarthy Group Advisors LLC. (the "Advisor").

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