ADVISORS SERIES TRUST, N-30D, 1997-11-07

ADVISORS SERIES TRUST
N-30D, 1997-11-07

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November 6, 1997

Securities and Exchange Commission
Attn: Filing Desk, Stop 1-4
450 Fifth Street, N.W.
Washington, DC 20549

Re:Information Tech 100 Mutual Fund
File No. 333-17391, 811-07959
CIK No. 1027596

Dear Sir or Madam:

On behalf of the above Registrant and pursuant to Rule 30b-2 under the
Investment Company Act of 1940, I enclose for filing via EDGAR, a copy of the
Semi-annual Report to shareholders of the Information Tech 100 Mutual Fund
series of the Registrant for the six month period ended August 31, 1997.

If you have any questions, please contact me at (602) 952-1100.

Sincerely yours,

Robert H. Wadsworth

<PAGE>

<PAGE>
InformationTech 100(R) Fund
160 Sansome Street
San Francisco, CA 94104
(415) 705-7777

September 30, 1997

Dear Fellow Shareholder,

To all of our early shareholders, I hope you have enjoyed the rewarding first
six months of the InformationTech 100 fund. The fund got an early boost as small
cap stocks in general, and technology specifically, rallied from a March low. I
believe this was in recognition of two main points. First, technology companies
continue to see explosive top and bottom line growth, unlike many of the more
mature companies, which have seen little or no top line growth over the past
year. (In fact, if not for sharply declining operating expenses, many large
capitalization companies would have had a difficult time keeping up with
earnings growth expectations.) Growth within the technology sector however, has
shown no signs of slowing.

Second, valuations during this six-month period greatly favored the small cap
stocks vis-a-vis their large cap brethren. Money flows into equities inflated
large cap prices to the upper end of their historical valuations based on
price-to-earnings (P/E), price-to-sales (P/S) ratios, and current yield. Small
cap stocks, however, having declined sharply during the first quarter, have only
recently begun to receive their share of the money flow. Recent tax law changes,
a benign interest rate environment, and low inflation all supported the
small-cap rally.

The Portfolio:

The InformationTech 100's top performers during the first period were the
telecom & communications infrastructure related companies led by Northern
Telecom, Newbridge Networks, Nokia, Lucent, and L. M. Ericcson. PC
manufacturers, particularly Dell, Compaq, and Hewlett-Packard, also performed
quite well during this period. Takeovers and mergers played a role in the fund's
strong performance as Hewlett-Packard purchased Verifone, Pure Atria was
purchased by Rational Software, and 3Com bought out US Robotics.

The laggards within the fund tended to be company specific this quarter. Some of
the help-desk companies like Scopus and Remedy saw their growth prospects
diminish as competition heated up, buying decisions were delayed, and pricing
came under pressure. Informix, a leading relational database company, had some
serious accounting problems. And while the PC manufacturers prospered, Apple
Computers continued to languish.

Outlook:

We expect the bias towards small cap and technology to remain strong through the
end of 1997. Valuations are now closer to fair value but the companies within
the fund, collectively, are growing both revenue and earnings faster than the
average public company. Our positive long-term outlook for the leading
information processing technology companies has not changed; information
technology remains the fastest growing sector of the American economy.

/s/
William F.K. Schaff
Portfolio Manager

<PAGE>
InformationTech 100(R) Fund
<TABLE>
<CAPTION>

SCHEDULE OF INVESTMENTS at August 31, 1997 (Unaudited)
- -------------------------------------------------------------------------------------------------------------------
Shares COMMON STOCKS: 88.46% Market Value
- -------------------------------------------------------------------------------------------------------------------
Audio & Video Equipment: 0.56%
<S> <C> <C>
45 Hitachi Ltd............................................................. $ 4,196
-------

Communications Equipment: 9.34%
230 Ericsson LM Tel Co...................................................... 9,588
330 Glenayre Technologies*.................................................. 5,775
135 Lucent Technologies..................................................... 10,513
120 Motorola, Inc........................................................... 8,805
110 Northern Telecom Ltd.................................................... 10,904
205 Pairgain Tech.*......................................................... 5,279
170 Qualcomm, Inc.*......................................................... 7,862
180 Tellabs, Inc.*.......................................................... 10,744
------
69,470
------
Communications Services: 5.85%
265 Airtouch Communications*................................................ 8,960
100 AT&T Corp............................................................... 3,900
175 First Data Corp......................................................... 7,186
90 GTE Corp................................................................ 4,011
100 MCI Communications...................................................... 2,850
135 SBC Communications...................................................... 7,341
310 Worldcom, Inc.*......................................................... 9,281
-----
43,529
------
Computer Hardware: 13.58%
225 Compaq Computer Corp.*.................................................. 14,737
460 Data General*........................................................... 16,531
250 Dell Computer Corp.*.................................................... 20,516
175 Digital Equipment*...................................................... 7,525
140 Gateway 2000*........................................................... 5,477
205 Hewlett-Packard Co...................................................... 12,569
80 IBM..................................................................... 8,070
325 Sun Microsystems*....................................................... 15,600
------
101,025
-------
See accompanying Notes to Financial Statements.
<PAGE>
InformationTech 100(R) Fund

SCHEDULE OF INVESTMENTS at August 31, 1997 (Unaudited), Continued
- -------------------------------------------------------------------------------------------------------------------
Shares Market Value
- -------------------------------------------------------------------------------------------------------------------
Computer Networks: 8.36%
280 Arbor Software*......................................................... $ 11,095
285 BDM International*...................................................... 7,196
220 Cambridge Technology Partners*.......................................... 7,095
105 Cisco Systems*.......................................................... 7,914
215 Fore Systems*........................................................... 4,394
240 Newbridge Networks*..................................................... 10,920
165 Sapient Corp.*.......................................................... 9,034
290 Vanstar Corp.*.......................................................... 4,549
-----
62,197
------
Computer Peripherals: 3.01%
256 3 Com Corp.*............................................................ 12,784
105 Ascend Communications, Inc.*............................................ 4,456
170 Cabletron Systems*...................................................... 5,142
-----
22,382
------
Computer Services: 9.43%
250 Affiliated Computer Services, Inc.*..................................... 6,562
195 America Online*......................................................... 12,577
280 American Management Systems, Inc.*...................................... 7,000
160 Automatic Data Processing............................................... 7,290
170 Ceridian Corp.*......................................................... 5,876
85 Computer Sciences*...................................................... 6,322
155 EDS Corporation......................................................... 5,861
185 Gartner Group*.......................................................... 4,891
195 NCR Corp................................................................ 6,910
150 Registry, Inc.*......................................................... 6,881
-----
70,170
------
Computer Software: 0.93%
90 SAP (Sponsored) ADR..................................................... 6,930
-----

Computer Storage Devices: 3.30%
200 EMC Corp.*.............................................................. 10,262
180 Seagate Technology*..................................................... 6,874
145 Storage Technology*..................................................... 7,386
-----
24,522
------
See accompanying Notes to Financial Statements.
<PAGE>
InformationTech 100(R) Fund

Insurance (Miscellaneous): 1.25%
155 Policy Management Systems*.............................................. 9,310
-----

Office Equipment: 1.37%
135 Xerox Corp.............................................................. 10,192
------

Rental & Leasing: 0.77%
210 Comdisco, Inc........................................................... 5,709
-----

Semiconductors: 2.92%
100 Intel Corp.............................................................. 9,212
110 Texas Instruments....................................................... 12,499
------
21,711
------
Software & Programming: 38.77%
170 Adobe Systems, Inc...................................................... 6,694
205 Baan Co.*............................................................... 12,351
250 BMC Software*........................................................... 15,656
120 CBT Group*.............................................................. 7,800
415 Check Point Software*................................................... 10,686
155 Clarify, Inc.*.......................................................... 2,441
115 Computer Associates..................................................... 7,691
260 Compuware Corp.*........................................................ 16,055
200 Documentum, Inc.*....................................................... 7,100
240 Hummingbird Communications*............................................. 9,225
330 Hyperion Software*...................................................... 9,508
185 Informix Corp.*......................................................... 1,677
135 Keane, Inc.*............................................................ 7,931
225 Legato Systems, Inc.*................................................... 6,412
350 Manugistics Group*...................................................... 14,831
145 McAfee Associates*...................................................... 8,211
85 Microsoft Corp.*........................................................ 11,236
132 Netscape Communications Corp.*.......................................... 5,243
See accompanying Notes to Financial Statements.
<PAGE>
InformationTech 100(R) Fund

Total Common Stocks (cost $605,034)..................................... 743,993
-------

Principal Amount SHORT-TERM INVESTMENTS: 7.98%
- -------------------------------------------------------------------------------------------------------------------
$ 86 Star Treasury Fund, 4.73%............................................... 86
67,000 Star Bank Repurchase Agreement, 4.90%, dated 8/29/1997,
due 9/1/1997, collateralized by $70,000 GNMA, due 2/20/1997
(proceeds $67,027) (cost $67,000)....................................... 67,000
------
67,086
------

Total Investments in Securities (cost $672,121): 96.44% ................ 811,079
Other Assets less Liabilities: 3.56%.................................... 29,913
------
Total Net Assets: 100.0% ............................................... $ 840,992
=========
<FN>

*Non-income producing security.
</FN>
</TABLE>

See accompanying Notes to Financial Statements.
<PAGE>
InformationTech 100(R) Fund
<TABLE>
<CAPTION>

STATEMENT OF ASSETS AND LIABILITIES at August 31, 1997 (Unaudited)
- -------------------------------------------------------------------------------------------------------------------

ASSETS
<S> <C>
Investments in securities, at value (identified cost $672,121) (Note 2-A) ............. $ 811,079
Receivables:
Due from Advisor (Note 3)........................................................ 43,001
Dividends and interest .......................................................... 228
Deferred organization costs (Note 2-D)................................................. 17,030
Prepaid expenses....................................................................... 13,092
------
Total assets .............................................................. 884,430
-------

LIABILITIES
Due to investment advisor (Note 3)..................................................... 2,304
Other liabilities...................................................................... 41,133
------
Total liabilities.......................................................... 43,438
------

NET ASSETS $ 840,992
==========

Net asset value, offering and redemption price per share
($840,992/32,113 shares outstanding;
unlimited number of shares (par value $.01) authorized) ......................... $26.19
======

COMPONENTS OF NET ASSETS
Paid-in capital ....................................................................... $ 707,000
Undistributed net investment loss...................................................... (1,860)
Net realized loss on investments....................................................... (3,106)
Net unrealized appreciation on investments............................................. 138,958
-------
Net assets ...................................................................... $ 840,992
=========
</TABLE>

See accompanying Notes to Financial Statements.
<PAGE>
InformationTech 100(R) Fund
<TABLE>
<CAPTION>

STATEMENT OF OPERATIONS - For the Period from April 8, 1997* through August 31,
1997 (Unaudited)
- -------------------------------------------------------------------------------------------------------------------

INVESTMENT INCOME
Income
<S> <C>
Dividends........................................................................ $ 486
Interest......................................................................... 1,293
-----
Total income............................................................... 1,779
-----

Expenses
Administration fee............................................................... 11,918
Advisory fee..................................................................... 2,304
Amortization of deferred organization costs (Note 2-D)........................... 1,470
Auditing fees.................................................................... 4,370
Custody fees..................................................................... 2,701
Directors' fees.................................................................. 1,085
Fund accounting.................................................................. 4,913
Insurance........................................................................ 605
Legal fees....................................................................... 1,589
Miscellaneous.................................................................... 1,391
Printing......................................................................... 1,987
Registration..................................................................... 7,141
Transfer agent fees.............................................................. 5,166
-----
Total expenses............................................................. 46,640
Less: expenses reimbursed/waived (Note 3).................................. (43,001)
-------
Net expenses............................................................... 3,638
-----
Net investment loss ................................................. (1,860)
------

REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized loss from security transactions..................................... (3,106)
Net change in unrealized appreciation on investments............................. 138,958
-------
Net realized and unrealized gain on investments............................ 135,852
-------
Net Increase in Net Assets Resulting from Operations ................ $ 133,992
=========

<FN>

*Commencement of operations.
</FN>
</TABLE>

See accompanying Notes to Financial Statements.
<PAGE>
InformationTech 100(R) Fund
<TABLE>
<CAPTION>

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
- -------------------------------------------------------------------------------------------------------------------
April 8, 1997*
through
August 31, 1997
- -------------------------------------------------------------------------------------------------------------------

NET INCREASE IN ASSETS FROM
OPERATIONS
<S> <C>
Net investment loss........................................................................ $ (1,860)
Net realized loss from security transactions............................................... (3,106)
Net change in unrealized appreciation on investments....................................... 138,958
-------
Net increase in net assets resulting from operations ................................ 133,992
-------

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in outstanding shares (a)............... 707,000
-------
Total increase in net assets ........................................................ 840,992

NET ASSETS
Beginning of period........................................................................ -0-
-
End of period ............................................................................. $ 840,992
=========
<FN>

(a) A summary of capital shares transactions is as follows:
April 8,1997*
through
August 31, 1997
- -------------------------------------------------------------------------------------------------------------------

Shares Value
- -------------------------------------------------------------------------------------------------------------------
Shares sold................................................................. 32,113 $707,000
Shares redeemed............................................................. -0- -0-
- -
Net increase................................................................ 32,113 $707,000
====== ========

*Commencement of operations.
</FN>
</TABLE>

See accompanying Notes to Financial Statements.
<PAGE>
InformationTech 100(R) Fund
<TABLE>
<CAPTION>

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period (Unaudited)
- -------------------------------------------------------------------------------------------------------------------
April 8, 1997*
through
August 31, 1997
- -------------------------------------------------------------------------------------------------------------------

<S> <C>
Net asset value, beginning of period....................................................... $20.00
Income from investment operations:
Net investment income................................................................ (0.06)
Net realized and unrealized gain on investments...................................... 6.25
----
Total from investment operations........................................................... 6.19
----

Net asset value, end of period............................................................. $26.19
======

Total return............................................................................... 30.95%**

Ratios/supplemental data:
Net assets, end of period (thousands)...................................................... $ 841

Ratio of expenses to average net assets:
Before expense reimbursement......................................................... 19.55%***
After expense reimbursement.......................................................... 1.50%***

Ratio of net investment loss to average net assets:
Before expense reimbursement......................................................... (18.90%)***
After expense reimbursement.......................................................... (0.87%)***

Portfolio turnover rate.................................................................... 4.11%

Average commission rate paid per share..................................................... $.1000
<FN>

*Commencement of operations.

**Not annualized.

***Annualized.
</FN>
</TABLE>

See accompanying Notes to Financial Statements.
<PAGE>
InformationTech 100(R) Fund

NOTES TO FINANCIAL STATEMENTS at August 31, 1997 (Unaudited)
- --------------------------------------------------------------------------------

NOTE 1 - ORGANIZATION

The Information Tech 100 Fund (the "Fund") is a diversified series of
shares of beneficial interest of Advisors Series Trust (the "Trust"), which is
registered under the Investment Company Act of 1940 (the "1940 Act") as a
diversified open-end management investment company. The Fund began operations on
April 8, 1997.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently
followed by the Fund. These policies are in conformity with generally accepted
accounting principles.

A. Security Valuation. The Fund's investments are carried at market
value. Securities listed on an exchange or quoted on a National
Market System are valued at the last sale price. Other securities
are valued at the last quoted bid price. Short-term investments are
stated at cost, which when combined with accrued interest,
approximates market value.

B. Federal Income Taxes. The Fund intends to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income to
its shareholders. Therefore, no federal income tax provision is
required.

C. Security Transactions, Dividends and Distributions. As is common in
the industry, security transactions are accounted for on the trade
date. Dividend income and distributions to shareholders are recorded
on the ex-dividend date.

D. Deferred Organization Costs. The Fund has incurred expenses of
$18,500 in connection with the organization of the Fund. These costs
have been deferred and are being amortized on a straight line basis
over a period of sixty months from the date the Fund commenced
investment operations.

E. Use of Estimates. The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Actual
results could differ from those estimates.

NOTE 3 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

For the period ended August 31, 1997, Bay Isle Financial Corporation (the
"Advisor") provided the Fund with investment management services under an
Investment Advisory Agreement. The Advisor furnishes all investment advice,
office space, facilities, and most personnel needed by the Fund. As compensation
for its services, the Advisor is entitled to a monthly fee at the annual rate of
.95% based upon the average daily net assets of the Fund. For the period ended
August 31, 1997, the Fund incurred $2,304 in Advisory fees.

The Fund is responsible for its own operating expenses. The Advisor has
agreed to reduce fees payable to it by the Fund to the extent necessary to limit
the Fund's aggregate annual operating expenses to 1.50% of average net assets.
Any such reductions made by the Advisor in its fees or payments or reimbursement
of expenses which are the Fund's obligation are subject to reimbursement by the
Fund provided the Fund is able to effect such reimbursement and remain in
compliance with applicable limitations. For the period ended August 31, 1997,
the Advisor reimbursed the Fund in the amount of $43,001.

<PAGE>
InformationTech 100(R) Fund

NOTES TO FINANCIAL STATEMENTS, Continued

Investment Company Administration Corporation (the "Administrator") acts
as the Fund's Administrator under an Administration Agreement. The Administrator
prepares various federal and state regulatory filings, reports and returns for
the Fund; prepares reports and materials to be supplied to the trustees;
monitors the activities of the Fund's custodian, transfer agent and accountants;
coordinates the preparation and payment of Fund expenses and reviews the Fund's
expense accruals. For its services, the Administrator receives a monthly fee at
the annual rate of 0.20% of average net assets, subject to a $30,000 annual
minimum.

First Fund Distributors, Inc. (the "Distributor") acts as the Fund's
principal underwriter in a continuous public offering of the Fund's shares. The
Distributor is an affiliate of the Administrator.

Certain officers and trustees of the Trust are also officers and/or
directors of the Administrator and the Distributor.

NOTE 4 - PURCHASES AND SALES OF SECURITIES

The cost of purchases and the proceeds from sales of securities, other
than short-term investments, for the period ended August 31, 1997, were $631,069
and $22,916, respectively.

<PAGE>
Advisor
Bay Isle Financial Corporation
160 Sansome Street, 17th Floor
San Francisco, CA 94104
(415) 705-7777

Distributor
First Fund Distributors, Inc.
4455 East Camelback Road, Suite 261E
Phoenix, AZ 85018

Custodian
Star Bank, N.A.
425 Walnut Street
Cincinnati, OH 45202

Transfer Agent
American Data Services, Inc.
150 Motor Parkway, Suite 109
Hauppauge, NY 11788
(800) 385-7003

Legal Counsel
Paul, Hastings, Janofsky & Walker
345 California Street, 29th Floor
San Francisco, CA 94104

This report is intended for shareholders of the Fund and may not be used
as sales literature unless preceded or accompanied by a current
prospectus.

Past performance results shown in this report should not be considered a
representation of future performance. Share price and returns will
fluctuate so that shares, when redeemed, may be worth more or less than
their original cost. Statements and other information herein are dated and
are subject to change.