<DISPLAY>
[NAME] ADVISORS SERIES TRUST
[FILE-NUMBER] 333-17391
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<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE THOMAS MARSCHEL
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
<NUMBER> 9
<NAME> EDGAR LOMAX VALUE FUND
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<S> <C>
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</TABLE>
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees
Advisors Series Trust
In planning and performing our audit of the financial statements of the Edgar
Lomax Value Fund for the period from December 12, 1997 (commencement of
operations) to October 31, 1998, separate series of Advisors Series Trust, we
considered its internal control, including controls over safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of Advisors Series Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and may not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control,
including controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
McGladrey & Pullen, LLP
New York, New York
December 4, 1998
