ADVISORS SERIES TRUST
485BPOS, 1998-11-30
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                                                              File No.  33-17391
                                                                       811-07959
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                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                              -------------------

                                    FORM N-1A

            REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933       [ ]
                          PRE-EFFECTIVE AMENDMENT NO.                     [ ]
                       POST-EFFECTIVE AMENDMENT NO. 32                    [X]

               REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY
                                  ACT OF 1940                             [ ]
                              AMENDMENT NO. 34                            [X]

                              ADVISORS SERIES TRUST
               (Exact name of registrant as specified in charter)

    4455 E. CAMELBACK ROAD, SUITE 261E
             PHOENIX, AZ                                                 85018
(Address of Principal Executive Offices)                              (Zip Code)

       REGISTRANT'S TELEPHONE NUMBER (INCLUDING AREA CODE): (602) 952-1100

                               ROBERT H. WADSWORTH
                              ADVISORS SERIES TRUST
                       4455 E. CAMELBACK ROAD, SUITE 261E
                                PHOENIX, AZ 85018
               (Name and address of agent for service of process)


APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:  As soon as practicable  after the
effective date of the registration statement.

It is proposed that this filing will become effective (check appropriate box)
        [X]   immediately upon filing pursuant to paragraph (b)
        [ ]   on (date) pursuant to paragraph (b)
        [ ]   60 days after filing pursuant to paragraph (a)(i)
        [ ]   on (date) pursuant to paragraph (a)(i)
        [ ]   75 days after filing pursuant to paragraph (a)(ii)
        [ ]   on (date) pursuant to paragraph (a)(ii) of Rule 485

If appropriate, check the following box
        [ ]   this  post-effective  amendment  designates a new  effective
              date for a previously filed post-effective amendment.

================================================================================
<PAGE>
                               THE ROCKHAVEN FUND
                       THE ROCKHAVEN PREMIER DIVIDEND FUND
                          100 FIRST AVENUE, SUITE 1050
                              PITTSBURGH, PA 15222
                       SHAREHOLDER SERVICES (888) 229-2105
                         FUND LITERATURE (800) 522-3508

                                   PROSPECTUS


         This  Prospectus  describes two mutual funds.  The Rockhaven  Fund is a
mutual fund with the  investment  objective of obtaining  above average  current
income together with capital  appreciation.  The Rockhaven Premier Dividend Fund
(referred to in this Prospectus as the "Premier Dividend Fund") is a mutual fund
with a primary  investment  objective  of obtaining  high  current  income and a
secondary objective of seeking capital appreciation. (The two funds collectively
are referred to as the "Funds.")  Both Funds attempt to achieve their  objective
by investing in a diversified  portfolio of equity  securities.  See "Investment
Objective and Policies." There can be no assurance that either Fund will achieve
its investment objective.

   
         This  Prospectus  sets  forth  basic  information  about the Funds that
prospective  investors  should  know  before  investing.  It  should be read and
retained for future reference. Each Fund is a separate series of Advisors Series
Trust (the "Trust"),  an open-end  registered  management  investment company. A
Statement of Additional  Information  (the "SAI") dated  November 30, 1998,  has
been  filed with the  Securities  and  Exchange  Commission  (the  "SEC") and is
incorporated  herein by  reference.  This SAI is available  without  charge upon
request to the Funds at the address  given above.  The SEC maintains an internet
site  (http://www.sec.gov) that contains the SAI, other material incorporated by
reference and other  information about companies that file  electronically  with
the SEC.
    

THESE  SECURITIES  HAVE NOT BEEN APPROVED OR  DISAPPROVED  BY THE SECURITIES AND
EXCHANGE  COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

                                November 30, 1998
<PAGE>
                                TABLE OF CONTENTS

         Expense Table............................................     2
         Investment Objective and Policies........................     4
         Management of the Funds..................................     5
         Investor Guide...........................................     9
         Services Available to Shareholders.......................    11
         How to Redeem Your Shares................................    12
         Distributions and Taxes..................................    14
         General Information......................................    14

                                  EXPENSE TABLE

Expenses  are one of several  factors to consider  when  investing in the Funds.
There are two types of expenses involved: shareholder transaction expenses, such
as sales loads, and annual operating expenses, such as investment advisory fees.
THE FUNDS ARE NO-LOAD MUTUAL FUNDS AND HAVE NO SHAREHOLDER TRANSACTION EXPENSES.
The Funds  have  adopted a plan of  distribution  under  which they will pay the
Advisor, as Distribution Coordinator, a fee at the annual rate of up to 0.25% of
each  Fund's net assets.  A long-term  shareholder  may pay more,  directly  and
indirectly, in such fees than the maximum sales charge permitted under the rules
of the National  Association of Securities  Dealers.  Shares will be redeemed at
net asset value per share.

   
ANNUAL OPERATING EXPENSES OF EACH FUND
   (AS A PERCENTAGE OF AVERAGE NET ASSETS)

Investment Advisory Fee, net of fee waivers                           --
12b-1 Fee                                                           0.25%
Other Expenses (after expense reimbursement) (1)                    1.25%
                                                                    ----
Total Fund Operating Expenses (after expense reimbursement) (1)     1.50%
                                                                    ====

(1) The Advisor has voluntarily agreed to reduce its fees and/or pay expenses to
the Funds to insure  that each Funds'  expenses  will not exceed  1.50%.  If the
Advisor had not limited the Funds' expenses,  "Investment Advisory Fees" for The
Rockhaven Fund and The Rockhaven Premier Dividend Fund would have been 0.75% and
0.75%,  respectively,  "Other  Expenses"  would  have  been  7.76%  and  10.53%,
respectively,  and "Total Operating  Expenses" would have been 8.51% and 11.28%,
respectively,  for the Funds' fiscal year ended  September 30, 1998. The Advisor
is  permitted  to be  reimbursed  by the  Funds  for  fees  waived  or  expenses
reimbursed  provided  the  resulting  Fund  expenses  do not exceed  1.50%.  See
"Management of the Funds."
    
                                                                               2
<PAGE>
   
EXAMPLE.

This table  illustrates the net operating  expenses that would be incurred by an
investment  in  the  Funds  over  different  time  periods   assuming  a  $1,000
investment, a 5% annual return, and redemption at the end of each time period.

         1 YEAR            3 YEARS          5 YEARS           10 YEARS
         ------            -------          -------           --------
          $15                $48              $82               $182

THE EXAMPLE  SHOWN ABOVE SHOULD NOT BE  CONSIDERED A  REPRESENTATION  OF PAST OR
FUTURE  EXPENSES AND ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN. IN
ADDITION,  FEDERAL REGULATIONS REQUIRE THE EXAMPLE TO ASSUME A 5% ANNUAL RETURN,
BUT THE FUNDS'  ACTUAL  RETURN MAY BE HIGHER OR LOWER.  SEE  "MANAGEMENT  OF THE
FUNDS."

The minimum  initial  investment in a Fund is $1,000,  with  subsequent  minimum
investments of $100 or more.

FINANCIAL HIGHLIGHTS.

The table that  follows is  included  in the Fund's  Annual  Report and has been
audited by McGladrey & Pullen LLP. Their report on the financial  statements and
financial  highlights is included in the Annual Report. The financial statements
and financial  highlights are incorporated by reference into (are legally a part
of) the Fund's Statement of Additional Information.  The reporting period of the
financial statements is from November 3, 1997 (commencement of operations of the
Funds) through September 30, 1998.

- --------------------------------------------------------------------------------
                                                       The        The Rockhaven
                                                    Rockhaven   Premier Dividend
                                                      Fund            Fund
- --------------------------------------------------------------------------------

Net asset value, beginning of period .............. $ 10.00        $ 10.00
Income from investment operations:
  Net investment income ...........................    0.14           0.21
  Net realized and unrealized loss on investments..   (0.29)         (0.21)
                                                    -------        -------
Total from investment operations ..................   (0.15)          0.00

Less distributions:
     Dividends from net investment income .........   (0.14)         (0.20)
                                                    -------        -------

Net asset value, end of period .................... $  9.71        $  9.80
                                                    =======        =======

Total return ......................................   (1.61%)++      (0.10%)++

Ratios / supplemental data:
Net assets, end of period (thousands) ............. $ 1,991        $ 1,679

Ratio of expenses to average net assets:
  Before expense reimbursement ....................    8.51%+        11.28%+
  After expense reimbursement .....................    1.49%+         1.49%+

Ratio of net investment income to average
net assets:
  After expense reimbursement .....................   (1.82%)%+       2.62%+

Portfolio turnover rate ...........................   98.13%++      147.56%++

+  Annualized.
++ Not annualized.
    
                                                                               3
<PAGE>
                        INVESTMENT OBJECTIVE AND POLICIES

WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

+    The  investment  objective of The Rockhaven Fund is to obtain above average
     current income together with capital appreciation. Capital appreciation and
     current yield are given equal emphasis.

+    The primary investment  objective of The Premier Dividend Fund is to obtain
     high  current  income,  and the Fund has a secondary  objective  of seeking
     capital appreciation.

There can be no assurance that either Fund will achieve its objective.

HOW DO THE FUNDS SEEK TO ACHIEVE THEIR OBJECTIVES?

Under normal market conditions,  each Fund will invest at least 65% of its total
assets in income-producing equity securities, consisting of common and preferred
stocks and securities  convertible into common stocks, such as convertible bonds
and convertible  preferred  stocks.  Rockhaven Asset  Management (the "Advisor")
selects  common  stocks for each Fund's  portfolio  that it  believes  have good
value,  attractive  yield  and  potential  for  dividend  growth.  Based  on the
Advisor's  assessment  of market and economic  conditions  and outlook,  it also
invests a varying  portion of each  Fund's  portfolio  in  preferred  stocks and
convertible securities.  The Advisor expects that the Premier Dividend Fund will
maintain a higher  percentage of its portfolio in  convertible  securities  than
will the Rockhaven  Fund.  The Advisor  anticipates  that both Funds may have an
annual turnover rate which will generally not exceed 100%.

There is, of course,  no assurance that the Funds'  objectives will be achieved.
Because prices of common stocks and other securities fluctuate,  the value of an
investment in the Fund will vary as the market value of its investment portfolio
changes.

OTHER SECURITIES THE FUNDS MIGHT PURCHASE.

Under normal market conditions, either Fund may invest up to 35% of the value of
its total assets in corporate  bonds,  notes,  rights and  warrants,  as well as
short-term   obligations.   Short-term  obligations  include  commercial  paper,
certificates of deposit,  bankers'  acceptances,  U.S. Government securities and
repurchase agreements.

If the Advisor  believes that market  conditions  warrant a temporary  defensive
posture,   a  Fund  may  invest  without  limit  in  high  quality,   short-term
obligations.

OPTIONS.  Each Fund may also write covered call options  without limit on equity
securities. By writing an option on a security held in its portfolio, a Fund, in
return for the premium it receives,  gives up the  opportunity for profit from a
price  increase in the  underlying  security  above the exercise  price,  but it
retains the risk of loss should the price of the underlying security decline. In
order to close  out an  options  position,  the Fund may  enter  into a  closing
purchase  transaction,  which  is the  purchase  of a call  option  on the  same
security with the same  exercise  price and  expiration  date as the call option
that the Fund has previously  written. If the Fund is unable to effect a closing
purchase transaction,  it will not be able to sell the underlying security until
the option  expires or is  exercised.  The Fund may also write  options on stock
indices, up to 5% of the value of its total assets.

                                                                               4
<PAGE>
ILLIQUID  SECURITIES.  Each  Fund  may  invest  up to 15% of its net  assets  in
securities that are considered  illiquid.  An illiquid investment is generally a
security which is not  registered  under the U.S.  securities  laws or cannot be
disposed of within seven days in the normal course of business at  approximately
the  amount at which the Fund  values it. The Fund may not be able to dispose of
an illiquid  security at the desired time and price, and it may incur additional
expenses if it has to bear the cost of registering a security.

FOREIGN  SECURITIES.  The Funds may invest in  securities  of  foreign  issuers,
including  Depositary Receipts with respect to securities of foreign issuers. Up
to 50% of a Fund's total assets may be invested in foreign  securities which are
listed on a national  securities  exchange,  but  investments  in other  foreign
securities  are not expected to exceed 5% of either Fund's total  assets.  There
are  additional  risks  associated  with  investments  in  foreign   securities,
including fluctuations in exchange rates, political or economic instability, and
the  possible  imposition  of exchange  controls or other laws or  restrictions.
Foreign  companies  are  also not  generally  subject  to the  same  accounting,
auditing and financial  reporting  standards  comparable to those  applicable to
U.S.  companies.  The Funds may also invest in  securities  issued by  companies
within emerging or developing countries,  which involve greater risks than other
foreign investments. Additional information about foreign investments, including
investment in emerging markets, is contained in the SAI.

LOWER RATED SECURITIES.  Each Fund may invest in debt securities which are rated
lower  than  investment  grade by a rating  agency,  but in no event will a Fund
purchase a security  rated lower than "C" or the  equivalent.  (A description of
the  ratings  of  Moody's  Investors  Service,  Inc.  and  Standard  and  Poor's
Corporation  is  included  in the SAI.)  The Funds may also  invest up to 50% of
their total assets in  convertible  securities  rated as low as C. If a security
held by a Fund is downgraded  below C, the Fund will dispose of it in an orderly
manner.  Lower rated debt  securities,  commonly  referred  to as "junk  bonds,"
usually  offer  higher  yields  than  higher  rated  securities  because  of the
increased  risk of default.  These  securities  are also more likely to react to
developments  affecting  market and  credit  risks  than are more  highly  rated
securities.  In the past, economic downturns or increases in interest rates have
caused a higher  incidence  of  default  by the  issuers  of junk  bonds than by
issuers of investment grade securities.  More  information about debt securities
is contained in the SAI.

INVESTMENT RESTRICTIONS.

Each Fund has adopted certain investment restrictions, which are described fully
in the SAI. Like the Funds' investment objectives, certain of these restrictions
are  fundamental  and may be  changed  only  by a  majority  vote of the  Fund's
outstanding  shares. As a fundamental  policy,  the Fund is a diversified mutual
fund.

                             MANAGEMENT OF THE FUNDs

   
The  Board  of  Trustees  of the  Trust  establishes  the  Funds'  policies  and
supervises and reviews the management of the Funds.

THE ADVISOR.

The Funds' Advisor,  Rockhaven Asset  Management,  LLC, 100 First Avenue,  Suite
1050, Pittsburgh, Pennsylvania 15222, was organized in February, 1997 to provide
asset   management   services  to  individuals  and   institutional   investors.
Christopher H. Wiles is principally responsible for the management of the Funds'
portfolios.  Mr.  Wiles (who along with  AmSouth Bank of Alabama and its parent,
AmSouth  Bancorporation,  controls the Advisor) is the  President of the Advisor
and has been active in the investment field professionally since 1984.
    
                                                                               5
<PAGE>
   
THE FUNDS' PERFORMANCE.

The following tables highlight the Funds' performance since inception:

                            The Rockhaven    S&P Barra Value Index    S&P 500
                                Fund
- --------------------------------------------------------------------------------
One Year Since Inception        6.70%               10.01%             20.14%
11/3/97-11/3/98
- --------------------------------------------------------------------------------

*  The S&P Barra Value Index is an  unmanaged capitalization-weighted index that
contains approximately 50% of the stocks in the S&P 500 with lower price-to-book
ratios.

*  The   S&P   500    Composite    Stock   Price   Index   is   an    unmanaged
capitalization-weighted  index of 500 stocks  designed  to  represent  the broad
domestic economy.

                               The Rockhaven Premier          Merrill Lynch
                                    Dividend Fund         All-Convertible Index
- --------------------------------------------------------------------------------
One Year Since Inception               6.22%                      -0.78%
11/3/97-11/3/98
- --------------------------------------------------------------------------------
    

*  The Merrill Lynch  All-Convertible  Index  includes  U.S.  dollar-denominated
convertibles of $50 million or more in size, and  incorporates  both traditional
and mandatory conversion structure.

** Past performance is not predictive of future performance.

PRIOR PERFORMANCE OF THE PORTFOLIO MANAGER.  Prior to founding the Advisor,  Mr.
Wiles  was  Senior  Vice  President  of  Federated  Investors,  where he was the
portfolio  manager of Federated  Utility Fund. He was also portfolio  manager of
Federated  Equity-Income  Fund from August 1, 1991 to January 31, 1997,  and had
full  discretionary  authority over the selection of investments  for that fund.
The cumulative total return for the Federated  Equity-Income Fund Class A Shares
from August 1, 1991 through January 31, 1997 was 139.82%,  absent the imposition
of a sales  charge.  The  cumulative  total  return for the same  period for the
Standard & Poor's 500 Composite Stock Price Index ("S&P 500 Index") was 135.09%.
At January 31, 1997, the Federated  Equity-Income  Fund had  approximately  $970
million in total net assets. Average annual returns for the one-year, three-year
and  five-year  periods  ended January 31, 1997 and for the entire period during
which Mr. Wiles managed that fund compared with the  performance of the Standard
& Poor's 500 Index were:
                                                                               6
<PAGE>
                          Federated Equity-   S&P 500        Lipper Equity
                          Income Fund (a)    Index (b)    Income Fund Index (c)
                          ---------------    ---------    ---------------------

One Year                       23.26%           26.34%            19.48%
Three Years                    17.03%           20.72%            15.09%
Five Years                     16.51%           17.02%            14.73%
August 1, 1991 through
   January 31, 1997            17.25%           16.78%            14.99%

(a)  Average  annual  total  return   reflects   changes  in  share  prices  and
reinvestment  of dividends and  distributions  and is net of fund expenses.  The
returns  shown are those of the Class A Shares and do not  include the effect of
sales  charges  applicable  to the Class A Shares.  If an investor  had paid the
maximum  sales  charge on Class A Shares,  the  average  annual  returns  of the
Federated Equity Income Fund would have been 16.48%.  14.85%, 15.20% and 16.05%,
respectively.  The Rockhaven Fund is a no-load fund, without any sales charge on
its shares.  During the period from August 1, 1991 through January 31, 1997, the
operating expense ratio of the Federated  Equity-Income Fund ranged from .95% to
1.05% of that  fund's  average  daily  net  assets.  The  expense  ratio for The
Rockhaven  Fund is expected to be higher,  and the effect of those  expenses may
result in less favorable performance.

(b) The Standard & Poor's 500 Index is an unmanaged  index of common stocks that
is considered to be generally  representative of the United States stock market.
The Index is adjusted to reflect reinvestment of dividends.

(c) The Lipper Equity Income Fund Index is equally  weighted and composed of the
largest  mutual funds  within its  investment  objective.  These funds seek high
current  income  and  growth of income  through  investing  60% of more of their
respective portfolios in equity securities.

Historical  performance is not indicative of future  performance.  The Federated
Equity-Income  Fund is a separate  fund and its  historical  performance  is not
indicative of the potential  performance of The Rockhaven Fund. Share prices and
investment  returns will  fluctuate  reflecting  market  conditions,  as well as
changes in company-specific fundamentals of portfolio securities.

The Advisor  provides  the Funds with  advice on buying and selling  securities,
manages the investments of the Funds,  furnishes the Funds with office space and
certain  administrative  services,  and provides most of the personnel needed by
the Funds. As compensation,  each Fund pays the Advisor a monthly management fee
based upon the average daily net assets of the Fund at the annual rate of 0.75%.

THE ADMINISTRATOR.

Investment Company  Administration  Corporation (the  "Administrator")  prepares
various federal and state regulatory filings, reports and returns for the Funds,
prepares  reports and  materials  to be supplied to the  trustees,  monitors the
activities of the Funds' custodian, shareholder servicing agent and accountants,
and  coordinates  the  preparation  and payment of Fund expenses and reviews the
Funds' expense accruals.  For its services, the Administrator receives a monthly
fee at the annual rate of 0.20%, subject to a $30,000 annual minimum.

                                                                               7
<PAGE>
OTHER OPERATING EXPENSES.

The Funds' are  responsible  for their own operating  expenses.  The Advisor has
agreed  to reduce  fees  payable  to it by the each Fund and to pay each  Fund's
operating expenses to the extent necessary to limit each Fund's aggregate annual
operating  expenses  to the limit set forth in the Expense  Table (the  "expense
cap").  Any  such  reductions  made by the  Advisor  in its fees or  payment  of
expenses which are a Fund's  obligation are subject to reimbursement by the Fund
to the Advisor,  if so requested by the Advisor,  in subsequent  fiscal years if
the aggregate  amount actually paid by a Fund toward the operating  expenses for
such fiscal year  (taking into  account the  reimbursement)  does not exceed the
applicable  limitation  on the Fund's  expenses.  The Advisor is permitted to be
reimbursed  only for fee  reductions  and expense  payments made in the previous
three  fiscal  years,  but is  permitted to look back five years and four years,
respectively,  during  the  initial  six years and  seventh  year of the  Fund's
operations.  Any such  reimbursement  is also  contingent upon Board of Trustees
subsequent review and ratification of the reimbursed amounts. Such reimbursement
may  not be paid  prior  to a  Fund's  payment  of  current  ordinary  operating
expenses.

Pursuant to a plan of distribution adopted by the Trust, on behalf of each Fund,
pursuant to Rule 12b-1 under the 1940 Act (the "Plan"),  each Fund may reimburse
the Advisor for distribution and related expenses  incurred by the Advisor up to
0.25% of the average  daily net assets of each Fund.  Expenses  permitted  to be
paid  include  preparation,  printing and mailing of  prospectuses,  shareholder
reports  such  as  semi-annual  and  annual  reports,  performance  reports  and
newsletters,  sales  literature  and other  promotional  material to prospective
investors,   direct   mail   solicitations,   advertising,   public   relations,
compensation  of sales  personnel,  advisors  or other  third  parties for their
assistance with respect to the  distribution of each Fund's shares,  payments to
financial intermediaries for shareholder support,  administrative and accounting
services with respect to  shareholders  of each Fund and such other  expenses as
may be approved from time to time by the Board of Trustees of the Trust.

The Plan  allows  excess  distribution  expenses  to be  carried  forward by the
Advisor,  as distribution  coordinator,  and resubmitted in a subsequent  fiscal
year, provided that (i) distribution expenses cannot be carried forward for more
than three years  following  initial  submission;  (ii) the Trustees have made a
determination at the time of initial  submission that the distribution  expenses
are  appropriate  to be carried  forward and (iii) the  Trustees  make a further
determination,  at the time any  distribution  expenses  which have been carried
forward are  submitted  for payment,  that  payment at the time is  appropriate,
consistent  with the objectives of the Plan and in the current best interests of
shareholders.

Under the Plan,  the  Trustees  will be  furnished  quarterly  with  information
detailing  the amount of expenses paid under the Plan and the purposes for which
payments were made. The Plan may be terminated at any time by vote of a majority
of the Trustees of the Trust who are not interested persons. Continuation of the
Plan is considered by such Trustees no less frequently than annually.

BROKERAGE TRANSACTIONS.

The  Advisor  considers  a number of factors  in  determining  which  brokers or
dealers to use for the Funds' portfolio transactions. While these are more fully
discussed in the Statement of Additional  Information,  the factors include, but
are not limited to, the  reasonableness of commissions,  quality of services and
execution,  and the  availability of research which the Advisor may lawfully and
appropriately use in its investment  advisory  capacities.  Provided that a Fund
receives prompt execution at competitive  prices,  the Advisor may also consider
the sale of Fund  shares  or the  referral  of  business  to it as a  factor  in

                                                                               8
<PAGE>
selecting  broker-dealers  for the  Fund's  portfolio  transactions.  Subject to
overall requirements of obtaining the best combination of price and execution on
a particular  transaction,  a Fund may place portfolio  transactions  through an
affiliate of the Advisor,  in accordance with procedures adopted by the Board of
Trustees.

                                 INVESTOR GUIDE

HOW TO PURCHASE SHARES OF A FUND.

There are several ways to purchase  shares of either Fund. An Application  Form,
which accompanies this Prospectus,  is used if you send money directly to a Fund
by mail or by wire. If you have questions  about how to invest,  or about how to
complete the Application  Form,  please call an account  representative at (888)
229-2105.  First Fund  Distributors,  Inc., 4455 E. Camelback Road,  Suite 261E,
Phoenix,  Arizona  85018,  an affiliate of the  Administrator,  is the principal
underwriter ("Distributor") of the Funds' shares.

YOU MAY SEND MONEY TO THE FUNDS BY MAIL.

If you wish to invest by mail,  simply complete the Application Form and mail it
with a check (made payable to either the Rockhaven Fund or the Rockhaven Premier
Dividend  Fund)  to  the  Funds'  Shareholder  Servicing  Agent,  American  Data
Services, Inc. at the following address:

         Rockhaven Funds
         P.O. Box 640947
         Cincinnati, OH 45264-0947

YOU MAY WIRE MONEY TO THE FUNDS.

Before sending a wire, you should call the Funds at (888) 229-2105  between 9:00
a.m.  and 5:00 p.m.,  Eastern  time,  on a day when the New York Stock  Exchange
("NYSE")  is open for  trading,  in order to receive an  account  number.  It is
important to call and receive this account number,  because if your wire is sent
without it or without the name of the applicable  Fund,  there may be a delay in
investing the money you wire. You should then ask your bank to wire money to:

         Star Bank, N.A. Cinti/Trust
         ABA # 0420-0001-3
         for credit to [Rockhaven Fund or Rockhaven Premier Dividend Fund] DDA #
         486444862 for further credit to [your name and account number]

Your bank may charge you a fee for sending a wire to the Funds.

YOU MAY PURCHASE SHARES THROUGH AN INVESTMENT DEALER.

You may be able to  invest  in and  redeem  shares in  either  Fund  through  an
investment broker or dealer, if the broker/dealer has made arrangements with the
Distributor.  The  broker/dealer  is authorized to designate  intermediaries  to
accept orders on the Funds' behalf. The broker/dealer or the authorized designee
may place an order for you with a Fund; the Fund will be deemed to have received
the order when the authorized broker/dealer or authorized designee accepts the

                                                                               9
<PAGE>
order.  The  price  you  will  pay  will be the net  asset  value  which is next
calculated after the acceptance of the order by the authorized  broker/dealer or
the authorized designee. A broker/dealer or other agent may charge you a fee for
placing  your  order,  but you  could  avoid  paying  such a fee by  sending  an
Application  Form and payment directly to the Fund. The  broker/dealer  may also
hold the shares you purchase in its omnibus  account rather than in your name in
the  records of the Funds'  transfer  agent.  A Fund may  reimburse  the broker,
dealer,  or other agent for  maintaining  records of your account as well as for
other services provided to you.

Your dealer is  responsible  for  sending  your money to a Fund  promptly  after
placing  the order to  purchase  shares,  and the Fund may  cancel  the order if
payment is not received from the dealer promptly.

MINIMUM INVESTMENTS.

The minimum initial  investment in each Fund is $1,000.  The minimum  subsequent
investment is $100.

SUBSEQUENT INVESTMENTS.

You may purchase  additional  shares of a Fund by sending a check, with the stub
from an account statement,  to the Fund at the address above.  Please also write
your  account  number on the  check.  (If you do not have a stub from an account
statement,  you can write your name,  address and  account  number on a separate
piece of paper and enclose it with your  check.) If you want to send  additional
money for  investment by wire, it is important for you to call the Fund at (888)
229- 2105. You may also make additional  purchases through an investment dealer,
as described above.

WHEN IS MONEY INVESTED IN A FUND?

Any money  received for  investment in a Fund from an investor,  whether sent by
check or by wire,  is invested at the net asset value of that Fund which is next
calculated  after the money is received  (assuming  the check or wire  correctly
identifies the Fund and account).  Orders  received from dealers are invested at
the net asset value next calculated  after the order is received.  The net asset
value is calculated at the close of regular trading of the NYSE,  currently 4:00
p.m.,  Eastern time. A check or wire received  after the NYSE closes is invested
as of the next calculation of the Fund's net asset value.

WHAT IS THE NET ASSET VALUE OF A FUND?

Each Fund's net asset value per share is calculated by dividing the value of the
Fund's  total  assets,  less  its  liabilities,  by the  number  of  its  shares
outstanding. In calculating the net asset value, portfolio securities are valued
using  current  market  values,  if  available.   Securities  for  which  market
quotations  are not readily  available  are valued at fair values  determined in
good faith by or under the  supervision  of the Board of  Trustees of the Trust.
The fair value of short-term obligations with remaining maturities of 60 days or
less is considered to be their amortized cost.
                                                                              10
<PAGE>
OTHER INFORMATION.

The Distributor may waive the minimum  investment  requirements for purchases by
certain  group  or  retirement  plans;  for  employees  and  family  members  of
affiliated persons of the Funds; for IRA accounts of existing shareholders;  and
for clients of  financial  intermediaries  eligible to sell shares of the Funds.
Checks must be drawn on U.S. banks.  Third party checks will not be accepted.  A
charge may be imposed if a check used to make an investment does not clear.  The
Funds and the Distributor  reserve the right to reject any investment,  in whole
or in part. Federal tax law requires that investors provide a certified taxpayer
identification number and other certifications on opening an account in order to
avoid backup withholding of taxes. See the Application Form for more information
about   backup   withholding.   The  Funds  are  not  required  to  issue  share
certificates; all shares are normally held in non-certificated form on the books
of the Fund,  for the  account  of the  shareholder.  The Funds,  under  certain
circumstances,  may accept  investments of securities  appropriate  for a Fund's
portfolio, in lieu of cash. Prior to making such a purchase, you should call the
Advisor to determine if such an investment may be made. Investments must be made
either in U.S. dollars or in securities acceptable to the Advisor.

                       SERVICES AVAILABLE TO SHAREHOLDERS

RETIREMENT PLANS.

You may obtain prototype IRA plans from the Funds.  Shares of the Funds are also
eligible investments for other types of retirement plans.

AUTOMATIC INVESTING BY CHECK.

You may make  regular  monthly  investments  in the Funds  using the  "Automatic
Investment  Plan." A check is  automatically  drawn  on your  personal  checking
account each month for a  predetermined  amount (but not less than $100),  as if
you had  written it  directly.  Upon  receipt  of the  withdrawn  funds,  a Fund
automatically  invests the money in additional shares of the Fund at the current
net asset value.  Applications  for this service are  available  from the Funds.
There is no charge by a Fund for this  service.  Either  Fund may  terminate  or
modify  this  privilege  at any  time,  and  shareholders  may  terminate  their
participation   by  notifying  the  Shareholder   Servicing  Agent  in  writing,
sufficiently in advance of the next withdrawal.

AUTOMATIC WITHDRAWALS.

Each Fund offers an Automatic  Withdrawal Plan whereby  shareholders may request
that a check  drawn in a  predetermined  amount  be sent to them  each  month or
calendar quarter. To start this Program, your account must have Fund shares with
a value of at least  $10,000,  and the minimum amount that may be withdrawn each
month or quarter  is $50.  This  Program  may be  terminated  or  modified  by a
shareholder or a Fund at any time without charge or penalty.  A withdrawal under
the Automatic  Withdrawal  Plan involves a redemption of shares of the Fund, and
may result in a gain or loss for federal  income tax purposes.  In addition,  if
the amount withdrawn exceeds the dividends credited to your account, the account
ultimately may be depleted.

EXCHANGE PRIVILEGE.

You may  exchange  your  shares of either of the Funds (in  amounts of $1,000 or
more) for shares of the other Fund. For more  information,  call the Shareholder
Servicing Agent at (888) 229-2105.
                                                                              11
<PAGE>
                            HOW TO REDEEM YOUR SHARES

You have the  right to redeem  all or any  portion  of your  shares of a Fund at
their net asset value on each day the NYSE is open for trading.

REDEMPTION IN WRITING.

You may redeem your shares by simply sending a written request to the Fund which
you own. You should give your account  number and state  whether you want all or
part  of your  shares  redeemed.  The  letter  should  be  signed  by all of the
shareholders  whose names  appear in the account  registration.  You should send
your redemption request to:

         [Rockhaven Fund or Rockhaven Premier Dividend Fund]
         c/o American Data Services
         150 Motor Parkway, Suite 109
         Hauppauge, NY 11788

SIGNATURE GUARANTEE.

If the value of the shares you wish to redeem exceeds $5,000,  the signatures on
the   redemption   request  must  be  guaranteed   by  an  "eligible   guarantor
institution." These institutions  include banks,  broker-dealers,  credit unions
and savings  institutions.  A  broker-dealer  guaranteeing a signature must be a
member of a clearing  corporation or maintain net capital of at least  $100,000.
Credit  unions  must be  authorized  to issue  signature  guarantees.  Signature
guarantees  will be  accepted  from any  eligible  guarantor  institution  which
participates  in a  signature  guarantee  program.  A  notary  public  is not an
acceptable guarantor.

REDEMPTION BY TELEPHONE.

If you complete the  Redemption  by  Telephone  portion of a Fund's  Application
Form,  you may redeem shares on any business day the NYSE is open by calling the
Funds'  Shareholder  Servicing Agent at (888) 229-2105 before 4:00 p.m.  Eastern
time.  Redemption  proceeds will be mailed or wired, at your  direction,  on the
next business day to the bank account you  designated on the  Application  Form.
The minimum  amount that may be wired is $1,000 (wire  charges,  if any, will be
deducted from redemption proceeds). Telephone redemptions cannot be made for IRA
accounts.

By establishing telephone redemption privileges,  you authorize the Fund and its
Shareholder  Servicing Agent to act upon the instruction of any person who makes
the telephone  call to redeem shares from your account and transfer the proceeds
to the bank  account  designated  in the  Application  Form.  The  Funds and the
Shareholder  Servicing  Agent will use  procedures  to confirm  that  redemption
instructions received by telephone are genuine, including recording of telephone
instructions  and requiring a form of personal  identification  before acting on
these  instructions.  If these normal  identification  procedures  are followed,
neither  the Fund nor the  Shareholder  Servicing  Agent  will be liable for any
loss, liability, or cost which results from acting upon instructions of a person
believed to be a shareholder with respect to the telephone redemption privilege.
Either Fund may change,  modify,  or terminate these privileges at any time upon
at least 60-days' notice to shareholders.
                                                                              12
<PAGE>
You may request  telephone  redemption  privileges after your account is opened;
however,  the authorization  form will require a separate  signature  guarantee.
Shareholders may experience delays in exercising telephone redemption privileges
during periods of abnormal market activity.

WHAT PRICE IS USED FOR A REDEMPTION?

The redemption price is the net asset value of a Fund's shares,  next determined
after shares are validly  tendered for  redemption.  All  signatures  of account
holders must be included in the request, and a signature guarantee, if required,
must also be included for the request to be valid.

WHEN ARE REDEMPTION PAYMENTS MADE?

As noted above,  redemption  payments for telephone  redemptions are sent on the
day after the  telephone  call is  received.  Payments for  redemptions  sent in
writing  are  normally  made  promptly,  but no later  than seven days after the
receipt of a request that meets requirements  described above.  However,  either
Fund  may  suspend  the  right  of  redemption   under   certain   extraordinary
circumstances in accordance with rules of the SEC.

If shares were  purchased by wire,  they cannot be redeemed  until the day after
the  Application  Form is received.  If shares were  purchased by check and then
redeemed  shortly  after the check is  received,  a Fund may delay  sending  the
redemption  proceeds  until it has been notified that the check used to purchase
the  shares has been  collected,  a process  which may take up to 15 days.  This
delay may be avoided by  investing  by wire or by using a certified  or official
bank check to make the purchase.

REPURCHASES FROM DEALERS.

A Fund may accept  orders to  repurchase  shares  from an  investment  dealer on
behalf of a dealer's  customers.  The net asset value for a  repurchase  is that
next  calculated  after  receipt  of the order  from the  dealer.  The dealer is
responsible  for  forwarding  any  documents   required  in  connection  with  a
redemption,  including a signature guarantee,  promptly, and the Fund may cancel
the order if these documents are not received promptly.

OTHER INFORMATION ABOUT REDEMPTIONS.

A redemption  may result in recognition of a gain or loss for federal income tax
purposes.  Due to the relatively high cost of maintaining smaller accounts,  the
shares in your  account  (unless it is a  retirement  plan or  Uniform  Gifts or
Transfers  to  Minors  Act  account)  may  be  redeemed  by a  Fund  if,  due to
redemptions  you have made,  the total value of your  account is reduced to less
than $500. If a Fund determines to make such an involuntary redemption, you will
first be notified that the value of your account is less than $500, and you will
be allowed 30 days to make an  additional  investment to bring the value of your
account to at least $500 before the Fund takes any action.

If the Board of Trustees  should  determine  that it would be detrimental to the
best interests of the remaining shareholders of each Fund to make payment wholly
or partly in cash, a Fund may pay  redemption  proceeds in whole or in part by a
distribution  in kind of securities  from the portfolio of a Fund, in compliance
with the Trust's  election to be governed by Rule 18f-1,  a Fund is obligated to
redeem shares solely in cash up to the lesser of $250,000 or 1% of the net asset
value of a Fund during any 90-day period for any one shareholder.  If shares are
redeemed in kind, the redeeming shareholder will likely incur brokerage costs in
converting the assets into cash.
                                                                              13
<PAGE>
                             DISTRIBUTIONS AND TAXES

DIVIDENDS AND OTHER DISTRIBUTIONS.

Dividends from net investment  income, if any, are normally declared and paid by
each Fund each quarter.  Capital gains distributions,  if any, are also normally
made in  December,  but a Fund may make an  additional  payment of  dividends or
distributions if it deems it desirable at another time during any year.

Dividends and capital gain  distributions  (net of any required tax withholding)
are  automatically  reinvested in  additional  shares of a Fund at the net asset
value per share on the reinvestment date unless you have previously requested in
writing to the Shareholder Servicing Agent that payment be made in cash.

Any dividend or  distribution  paid by a Fund has the effect of reducing the net
asset  value per share on the  record  date by the  amount  of the  dividend  or
distribution.  You should  note that a dividend or  distribution  paid on shares
purchased  shortly  before that  dividend or  distribution  was declared will be
subject to income taxes even though the dividend or distribution represents,  in
substance, a partial return of capital to you.

TAXES.

Each Fund  intends to qualify and elect to be treated as a regulated  investment
company under Subchapter M of the Internal Revenue Code of 1986 (the "Code"). As
long as a Fund continues to qualify,  and as long as the Fund distributes all of
its income each year to the  shareholders,  that Fund will not be subject to any
federal income or excise taxes.  Distributions made by a Fund will be taxable to
shareholders  whether received in shares (through dividend  reinvestment ) or in
cash. Distributions derived from net investment income, including net short-term
capital gains,  are taxable to  shareholders  as ordinary  income.  A portion of
these  distributions  may  qualify  for  the  intercorporate  dividends-received
deduction.  Distributions  designated as capital gains  dividends are taxable as
long-term  capital gains  regardless of the length of time shares of a Fund have
been held. Although  distributions are generally taxable when received,  certain
distributions made in January are taxable as if received the prior December. You
will be informed  annually  of the amount and nature of a Fund's  distributions.
Additional  information  about taxes is set forth in the Statement of Additional
Information.  You should consult your own advisers concerning federal, state and
local taxation of distributions from the Funds.

                               GENERAL INFORMATION

THE TRUST.

The Trust was  organized as a Delaware  business  trust on October 3, 1996.  The
Agreement  and  Declaration  of Trust  permits the Board of Trustees to issue an
unlimited number of full and fractional shares of beneficial interest, par value
$.01 per  share,  which  may be issued in any  number  of  series.  The Board of
Trustees may from time to time issue other series, the assets and liabilities of
which will be separate and distinct  from any other  series.  The fiscal year of
each Fund ends on September 30.

SHAREHOLDER RIGHTS.

Shares  issued by the Funds  have no  preemptive,  conversion,  or  subscription
rights.  Shareholders  have  equal  and  exclusive  rights as to  dividends  and
distributions as declared by the Funds and to the net  assets of the  Funds upon

                                                                              14
<PAGE>
liquidation or dissolution.  Each Fund, as a separate series of the Trust, votes
separately on matters affecting only that Fund (E.G., approval of the Investment
Advisory  Agreement);  all series of the Trust vote as a single class on matters
affecting all series jointly or the Trust as a whole (E.G.,  election or removal
of Trustees). Voting rights are not cumulative, so that the holders of more than
50% of the shares  voting in any  election of  Trustees  can, if they so choose,
elect all of the  Trustees.  While the Trust is not required and does not intend
to hold annual  meetings of  shareholders,  such  meetings  may be called by the
Trustees  in their  discretion,  or upon demand by the holders of 10% or more of
the  outstanding  shares of the Trust for the  purpose of  electing  or removing
Trustees.

   
YEAR 2000 RISK.

Like other business organizations around the world, each Fund could be adversely
affected if the computer systems used by its investment advisor, Rockhaven Asset
Management,  LLC,  and other  service  providers  do not  properly  process  and
calculate  information  related to dates  beginning  January  1,  2000.  This is
commonly known as the "Year 2000 Issue." The Funds' advisor has taken steps that
it believes are reasonably  designed to address the Year 2000 Issue with respect
to its own computer  systems,  and the Funds' has obtained  assurances  from the
Funds' other service providers that they are taking  comparable steps.  However,
there can be no assurance  that these  actions will be  sufficient  to avoid any
adverse impact on the Funds.
    

PERFORMANCE INFORMATION.

From time to time, each Fund may publish its total return in advertisements  and
communications  to investors.  Total return  information will include the Fund's
average annual  compounded rate of return over the most recent year and over the
period from the Fund's  inception of  operations.  The Funds may also  advertise
aggregate and average total return information over different periods of time. A
Fund's total return will be based upon the value of the shares acquired  through
a hypothetical  $1,000  investment at the beginning of the specified  period and
the  net  asset  value  of  those  shares  at the  end of the  period,  assuming
reinvestment  of all  distributions.  Total  return  figures  will  reflect  all
recurring  charges  against  Fund  income.  You should note that the  investment
results of the Funds will fluctuate over time, and any  presentation of a Fund's
total return for any prior period should not be  considered as a  representation
of what an investor's total return may be in any future period.

SHAREHOLDER INQUIRIES.

Shareholder  inquiries should be directed to the Shareholder  Servicing Agent at
(888) 229-2105.
                                                                              15
<PAGE>
                               THE ROCKHAVEN FUND
                       THE ROCKHAVEN PREMIER DIVIDEND FUND

                       Statement of Additional Information

                             Dated November 30, 1998

   
This Statement of Additional  Information is not a prospectus,  and it should be
read in  conjunction  with the  prospectus  dated  November 30, 1998,  as may be
amended  from time to time,  of The  Rockhaven  Fund and The  Rockhaven  Premier
Dividend Fund (the "Premier  Dividend  Fund"),  each a series of Advisors Series
Trust (the  "Trust").  (Collectively,  both The Rockhaven Fund and The Rockhaven
Premier  Dividend  Fund may be  referred to as the  "Funds." )  Rockhaven  Asset
Management,  LLC (the  "Advisor") is the Advisor to each of the Funds. A copy of
the  prospectus  may be obtained from the Fund at 100 First Avenue,  Suite 1050,
Pittsburgh, PA 15222, telephone (800) 522-3508.
    

                                TABLE OF CONTENTS

                                                  Cross-reference to sections
                                       Page           in the prospectus
                                       ----           -----------------
Investment Objective and Policies.....  B-2    Investment Objective and Policies

Management............................  B-10   Management of the Fund; General
                                               Information

Distribution Arrangements.............  B-14   Expense Table

Portfolio Transactions and Brokerage..  B-14   Management of the Funds

Net Asset Value.......................  B-15   Investor Guide

Taxation  ............................  B-16   Distributions and Taxes

Dividends and Distributions...........  B-18   Distributions and Taxes

Performance Information...............  B-19   General Information

General Information...................  B-20   General Information

Appendix..............................  B-21   Not applicable

                                      B-1
<PAGE>
                       INVESTMENT OBJECTIVES AND POLICIES

         The  investment  objective  of The  Rockhaven  Fund is to obtain  above
average  current  income  together  with  capital   appreciation.   The  primary
investment  objective  of The Premier  Dividend  Fund is to obtain high  current
income, and the Fund has a secondary objective of seeking capital  appreciation.
There  is no  assurance  that  either  Fund  will  achieve  its  objective.  The
discussion  below  supplements  information  contained in the  prospectus  as to
investment policies of the Funds.

CONVERTIBLE SECURITIES AND WARRANTS

         The  Funds  may  invest  in  convertible  securities  and  warrants.  A
convertible  security  is a  fixed  income  security  (a  debt  instrument  or a
preferred  stock)  which may be  converted  at a stated price within a specified
period of time  into a certain  quantity  of the  common  stock of the same or a
different  issuer.  Convertible  securities  are  senior to common  stocks in an
issuer's   capital   structure,   but  are  usually   subordinated   to  similar
non-convertible  securities.  While  providing a fixed income stream  (generally
higher in yield than the income  derivable from common stock but lower than that
afforded by a similar  nonconvertible  security),  a  convertible  security also
affords  an  investor  the  opportunity,  through  its  conversion  feature,  to
participate in the capital appreciation attendant upon a market price advance in
the convertible security's underlying common stock.

         A warrant  gives the holder a right to  purchase  at any time  during a
specified  period a  predetermined  number of shares of common  stock at a fixed
price.  Unlike  convertible debt securities or preferred stock,  warrants do not
pay a dividend.  Investments in warrants  involve  certain risks,  including the
possible  lack of a liquid market for resale of the  warrants,  potential  price
fluctuations  as a result of speculation  or other  factors,  and failure of the
price  of the  underlying  security  to reach or have  reasonable  prospects  of
reaching a level at which the warrant can be prudently exercised (in which event
the warrant  may expire  without  being  exercised,  resulting  in a loss of the
Fund's entire investment therein).

RISKS OF INVESTING IN DEBT SECURITIES

         There are a number of risks generally  associated with an investment in
debt   securities   (including   convertible   securities).   Yields  on  short,
intermediate, and long-term securities depend on a variety of factors, including
the general  condition of the money and bond  markets,  the size of a particular
offering, the maturity of the obligation, and the rating of the issue.

         Debt  securities  with longer  maturities tend to produce higher yields
and are  generally  subject to  potentially  greater  capital  appreciation  and
depreciation than obligations with short maturities and lower yields. The market
prices of debt  securities  usually vary,  depending upon available  yields.  An
increase in interest  rates will  generally  reduce the value of such  portfolio
investments,  and a decline in interest rates will generally  increase the value
of  such  portfolio  investments.  The  ability  of the  Funds  to  achieve  its
investment  objective also depends on the  continuing  ability of the issuers of
the debt  securities in which a Fund invests to meet their  obligations  for the
payment of interest and principal when due.

RISKS OF INVESTING IN LOWER-RATED DEBT SECURITIES

         As set forth in the  prospectus,  each Fund may invest a portion of its
net  assets in debt  securities,  which may be rated  below  "Baa" by Moody's or
"BBB" by S&P or below investment grade by other recognized  rating agencies,  or
in  unrated  securities  of  comparable  quality  under  certain  circumstances.
Securities  with ratings  below "Baa"  and/or "BBB" are commonly  referred to as
"junk bonds." Such bonds are subject to greater market  fluctuations and risk of
loss of income and  principal  than higher rated bonds for a variety of reasons,
including the following:

         SENSITIVITY  TO INTEREST  RATE AND  ECONOMIC  CHANGES.  The economy and
interest rates affect high yield securities  differently from other  securities.
For example, the prices of high yield bonds have been found to be less sensitive
to interest rate changes than  higher-rated  investments,  but more sensitive to

                                       B-2
<PAGE>
adverse economic changes or individual corporate  developments.  Also, during an
economic  downturn  or  substantial  period of  rising  interest  rates,  highly
leveraged  issuers may experience  financial stress which would adversely affect
their  ability to service  their  principal  and interest  obligations,  to meet
projected business goals, and to obtain additional financing. If the issuer of a
bond  defaults,  a Fund may  incur  additional  expenses  to seek  recovery.  In
addition,  periods of economic uncertainty and changes can be expected to result
in  increased  volatility  of market  prices of high yield  bonds and the Fund's
asset values.

         PAYMENT  EXPECTATIONS.  High yield bonds present certain risks based on
payment  expectations.  For example, high yield bonds may contain redemption and
call provisions. If an issuer exercises these provisions in a declining interest
rate  market,  a Fund would have to replace the security  with a lower  yielding
security,  resulting in a decreased  return for  investors.  Conversely,  a high
yield bond's value will decrease in a rising  interest rate market,  as will the
value of the Fund's assets. If a Fund experiences unexpected net redemptions, it
may be forced to sell its high yield bonds  without  regard to their  investment
merits,  thereby decreasing the asset base upon which the Fund's expenses can be
spread and possibly reducing that Fund's rate of return.

         LIQUIDITY  AND  VALUATION.  To the extent that there is no  established
retail secondary market, there may be thin trading of high yield bonds, and this
may impact the  Advisor's  ability to  accurately  value high yield  bonds and a
Fund's  assets  and hinder a Fund's  ability  to  dispose of the bonds.  Adverse
publicity  and  investor  perceptions,  whether  or  not  based  on  fundamental
analysis, may decrease the values and liquidity of high yield bonds,  especially
in a thinly traded market.

         CREDIT  RATINGS.  Credit  ratings  evaluate the safety of principal and
interest  payments,  not the market value risk of high yield bonds.  Also, since
credit rating  agencies may fail to timely change the credit  ratings to reflect
subsequent events, the Advisor must monitor the issuers of high yield bonds in a
Fund's  portfolio to determine if the issuers will have sufficient cash flow and
profits to meet  required  principal  and interest  payments,  and to assure the
bonds' liquidity so that Fund can meet redemption  requests. A Fund will dispose
of a portfolio security in an orderly manner when its rating has been downgraded
below C.

SHORT-TERM INVESTMENTS

         Each  Fund  may  invest  in  any  of  the  following   securities   and
instruments:

         BANK CERTIFICATES OF DEPOSIT, BANKERS' ACCEPTANCES AND TIME DEPOSITS. A
Fund  may  acquire  certificates  of  deposit,  bankers'  acceptances  and  time
deposits.  Certificates  of deposit are negotiable  certificates  issued against
funds deposited in a commercial bank for a definite period of time and earning a
specified  return.  Bankers'  acceptances  are  negotiable  drafts  or  bills of
exchange,  normally  drawn  by an  importer  or  exporter  to pay  for  specific
merchandise,  which are  "accepted"  by a bank,  meaning in effect that the bank
unconditionally  agrees to pay the face  value of the  instrument  on  maturity.
Certificates  of deposit  and  bankers'  acceptances  acquired by a Fund will be
dollar-denominated  obligations  of  domestic  or  foreign  banks  or  financial
institutions  which at the time of purchase have capital,  surplus and undivided
profits in excess of $100 million (including assets of both domestic and foreign
branches),  based on latest published reports,  or less than $100 million if the
principal  amount  of such  bank  obligations  are  fully  insured  by the  U.S.
Government.   If  a  Fund  holds  instruments  of  foreign  banks  or  financial
institutions,  it may  be  subject  to  additional  investment  risks  that  are
different in some respects  from those  incurred by a fund which invests only in
debt obligations of U.S. domestic issuers. See "Foreign Investments" below. Such
risks  include  future  political  and  economic   developments,   the  possible
imposition of withholding taxes by the particular country in which the issuer is
located on interest  income payable on the securities,  the possible  seizure or
nationalization  of foreign  deposits,  the possible  establishment  of exchange
controls or the adoption of other foreign governmental  restrictions which might
adversely affect the payment of principal and interest on these securities.

         Domestic banks and foreign banks are subject to different  governmental
regulations  with respect to the amount and types of loans which may be made and
interest  rates which may be charged.  In  addition,  the  profitability  of the
banking industry depends largely upon the availability and cost of funds for the
purpose  of  financing   lending   operations   under  prevailing  money  market

                                       B-3
<PAGE>
conditions.  General  economic  conditions  as well as exposure to credit losses
arising from possible financial difficulties of borrowers play an important part
in the operations of the banking industry.

         As a result of federal and state laws and  regulations,  domestic banks
are,  among other  things,  required to maintain  specified  levels of reserves,
limited in the amount which they can loan to a single  borrower,  and subject to
other regulations  designed to promote financial soundness.  However,  such laws
and regulations do not necessarily apply to foreign bank obligations that a Fund
may acquire.

         In  addition  to  purchasing   certificates  of  deposit  and  bankers'
acceptances,  to the  extent  permitted  under  its  investment  objectives  and
policies  stated above and in its prospectus,  a Fund may make  interest-bearing
time or other  interest-bearing  deposits in commercial or savings  banks.  Time
deposits are non-negotiable  deposits  maintained at a banking institution for a
specified period of time at a specified interest rate.

         SAVINGS ASSOCIATION  OBLIGATIONS.  Each Fund may invest in certificates
of deposit  (interest-bearing  time deposits) issued by savings banks or savings
and loan associations that have capital, surplus and undivided profits in excess
of $100 million, based on latest published reports, or less than $100 million if
the  principal  amount  of  such  obligations  is  fully  insured  by  the  U.S.
Government.

         COMMERCIAL  PAPER,  SHORT-TERM  NOTES AND OTHER CORPORATE  OBLIGATIONS.
Each Fund may invest a portion of its assets in commercial  paper and short-term
notes.  Commercial  paper  consists  of  unsecured  promissory  notes  issued by
corporations. Issues of commercial paper and short-term notes will normally have
maturities  of less than nine  months and fixed rates of return,  although  such
instruments may have maturities of up to one year.

         Commercial  paper and short-term  notes will consist of issues rated at
the time of purchase "A-2" or higher by S&P,  "Prime-1" or "Prime-2" by Moody's,
or  similarly  rated  by  another  nationally   recognized   statistical  rating
organization  or,  if  unrated,  will  be  determined  by the  Advisor  to be of
comparable quality. These rating symbols are described in Appendix A.

         Corporate obligations include bonds and notes issued by corporations to
finance  longer-term credit needs than supported by commercial paper. While such
obligations  generally  have  maturities  of ten  years  or  more,  the Fund may
purchase  corporate  obligations which have remaining  maturities of one year or
less from the date of purchase and which are rated "AA" or higher by S&P or "Aa"
or higher by Moody's.

INVESTMENT COMPANY SECURITIES

         The Fund may invest in shares of other investment  companies.  The Fund
may invest in money market  mutual funds in  connection  with its  management of
daily cash positions.  In addition to the advisory and  operational  fees a Fund
bears directly in connection  with its own  operation,  the Fund would also bear
its  pro  rata  portions  of  each  other  investment   company's  advisory  and
operational expenses.

GOVERNMENT OBLIGATIONS

         Each  Fund  may  make   short-term   investments  in  U.S.   Government
obligations.   Such  obligations   include   Treasury  bills,   certificates  of
indebtedness,  notes and bonds,  and issues of such  entities as the  Government
National Mortgage Association ("GNMA"), Export-Import Bank of the United States,
Tennessee  Valley  Authority,  Resolution  Funding  Corporation,   Farmers  Home
Administration,  Federal Home Loan Banks,  Federal  Intermediate  Credit  Banks,
Federal Farm Credit Banks, Federal Land Banks,  Federal Housing  Administration,
Federal  National  Mortgage  Association  ("FNMA"),  Federal Home Loan  Mortgage
Corporation, and the Student Loan Marketing Association.

         Some of these obligations,  such as those of the GNMA, are supported by
the full faith and  credit of the U.S.  Treasury;  others,  such as those of the
Export-Import Bank of United States, are supported by the right of the issuer to
borrow from the Treasury;  others,  such as those of the FNMA,  are supported by
the  discretionary  authority  of the U.S.  Government  to purchase the agency's
obligations;  still  others,  such  as  those  of  the  Student  Loan  Marketing
Association,  are  supported  only  by the  credit  of the  instrumentality.  No
assurance can be given that the U.S.  Government would provide financial support
to U.S.  Government-sponsored  instrumentalities if it is not obligated to do so
by law.
                                       B-4
<PAGE>
ZERO COUPON SECURITIES

         Each  Fund  may  invest  up to 35% of its net  assets  in  zero  coupon
securities.  Zero coupon securities are debt securities which have been stripped
of their unmatured interest coupons and receipts,  or certificates  representing
interests in such stripped debt  obligations  or coupons.  Because a zero coupon
security  pays no  interest to its holder  during its life or for a  substantial
period of time, it usually  trades at a deep discount from its face or par value
and will be subject to  greater  fluctuations  of market  value in  response  to
changing  interest rates than debt  obligations of comparable  maturities  which
make current distributions of interest.

VARIABLE AND FLOATING RATE INSTRUMENTS

         Each Fund may acquire  variable and  floating  rate  instruments.  Such
instruments are frequently not rated by credit rating agencies; however, unrated
variable and floating rate instruments purchased by a Fund will be determined by
the Advisor under guidelines  established by the Trust's Board of Trustees to be
of comparable quality at the time of the purchase to rated instruments  eligible
for purchase by a Fund. In making such determinations, the Advisor will consider
the earning power,  cash flow and other liquidity  ratios of the issuers of such
instruments  (such issuers include  financial,  merchandising,  bank holding and
other companies) and will monitor their financial condition. An active secondary
market may not exist with  respect  to  particular  variable  or  floating  rate
instruments  purchased by a Fund. The absence of such an active secondary market
could make it  difficult  for the Funds to dispose of the  variable  or floating
rate instrument involved in the event of the issuer of the instrument defaulting
on its payment  obligation or during  periods in which a Fund is not entitled to
exercise its demand rights, and a Fund could, for these or other reasons, suffer
a loss to the extent of the default.  Variable and floating rate instruments may
be secured by bank letters of credit.

OPTIONS ON SECURITIES AND SECURITIES INDICES

         WRITING CALL OPTIONS.  Each Fund may write covered call options. A call
option is "covered" if a Fund owns the  security  underlying  the call or has an
absolute right to acquire the security  without  additional  cash  consideration
(or, if additional cash  consideration is required,  cash or cash equivalents in
such amount as are held in a segregated account by the Custodian). The writer of
a call option  receives a premium and gives the  purchaser  the right to buy the
security  underlying  the  option at the  exercise  price.  The  writer  has the
obligation  upon  exercise  of the option to  deliver  the  underlying  security
against payment of the exercise price during the option period. If the writer of
an  exchange-traded  option wishes to terminate his obligation,  he may effect a
"closing purchase  transaction." This is accomplished by buying an option of the
same series as the option previously  written. A writer may not effect a closing
purchase transaction after it has been notified of the exercise of an option.

         Effecting a closing  transaction  in the case of a written  call option
will permit a Fund to write another call option on the underlying  security with
either a different  exercise price,  expiration date or both. Also,  effecting a
closing transaction will permit the cash or proceeds from the concurrent sale of
any securities subject to the option to be used for other investments of a Fund.
If a Fund desires to sell a particular  security  from its portfolio on which it
has  written a call  option,  it will effect a closing  transaction  prior to or
concurrent with the sale of the security.

         A Fund will  realize a gain from a closing  transaction  if the cost of
the closing  transaction  is less than the  premium  received  from  writing the
option or if the proceeds from the closing transaction are more than the premium
paid  to  purchase  the  option.  A Fund  will  realize  a loss  from a  closing
transaction  if the cost of the  closing  transaction  is more than the  premium
received from writing the option or if the proceeds from the closing transaction
are less  than  the  premium  paid to  purchase  the  option.  However,  because
increases in the market price of a call option will generally  reflect increases
in the market price of the  underlying  security,  any loss to a Fund  resulting
from the  repurchase of a call option is likely to be offset in whole or in part
by appreciation of the underlying security owned by that Fund.

         STOCK INDEX  OPTIONS.  Each Fund may also purchase put and call options
with  respect  to the S&P 500 and  other  stock  indices.  Such  options  may be
purchased as a hedge against  changes  resulting  from market  conditions in the
values of securities which are held in a Fund's portfolio or which it intends to
purchase or sell, or when they are economically appropriate for the reduction of
risks inherent in the ongoing management of a Fund.

                                       B-5
<PAGE>
         The  distinctive  characteristics  of options on stock  indices  create
certain  risks that are not present with stock  options  generally.  Because the
value of an index option depends upon movements in the level of the index rather
than the price of a particular stock, whether a Fund will realize a gain or loss
on the purchase or sale of an option on an index  depends upon  movements in the
level of stock prices in the stock market generally rather than movements in the
price of a particular stock. Accordingly, successful use by a Fund of options on
a stock index  would be subject to the  Advisor's  ability to predict  correctly
movements  in the  direction  of  the  stock  market  generally.  This  requires
different  skills  and  techniques  than  predicting  changes  in the  price  of
individual stocks.

         Index prices may be distorted if trading of certain stocks  included in
the index is  interrupted.  Trading of index options also may be  interrupted in
certain circumstances, such as if trading were halted in a substantial number of
stocks included in the index. If this were to occur, a Fund would not be able to
close out options which it had purchased,  and if  restrictions on exercise were
imposed,  that Fund might be unable to exercise an option it holds,  which could
result in  substantial  losses to that  Fund.  It is the  policy of the Funds to
purchase  put or call  options  only with  respect to an index which the Advisor
believes  includes a sufficient number of stocks to minimize the likelihood of a
trading halt in the index.

         RISKS OF INVESTING IN OPTIONS.  There are several risks associated with
transactions in options on securities and indices.  Options may be more volatile
than the  underlying  instruments  and,  therefore,  on a percentage  basis,  an
investment in options may be subject to greater  fluctuation  than an investment
in the underlying instruments themselves. There are also significant differences
between the  securities  and options  markets  that could result in an imperfect
correlation  between these markets,  causing a given  transaction not to achieve
its objective. In addition, a liquid secondary market for particular options may
be absent for reasons which  include the  following:  there may be  insufficient
trading interest in certain options;  restrictions may be imposed by an exchange
on  opening  transactions  or  closing  transactions  or  both;  trading  halts,
suspensions  or other  restrictions  may be imposed with  respect to  particular
classes or series of option of  underlying  securities;  unusual  or  unforeseen
circumstances may interrupt normal operations on an exchange;  the facilities of
an exchange or clearing  corporation  may not at all times be adequate to handle
current trading volume;  or one or more exchanges  could,  for economic or other
reasons,  decide or be compelled at some future date to discontinue  the trading
of options  (or a  particular  class or series of  options),  in which event the
secondary  market on that exchange (or in that class or series of options) would
cease to exist,  although outstanding options that had been issued by a clearing
corporation  as a  result  of  trades  on that  exchange  would  continue  to be
exercisable in accordance with their terms.

         A decision as to  whether,  when and how to use  options  involves  the
exercise of skill and judgment,  and even a  well-conceived  transaction  may be
unsuccessful to some degree because of market behavior or unexpected events. The
extent to which a Fund may enter into options transactions may be limited by the
Internal Revenue Code requirements for  qualification as a regulated  investment
company. See "Dividends, Distributions and Taxes."

         DEALER OPTIONS.  Each Fund may engage in transactions  involving dealer
options as well as exchange-traded options. Certain risks are specific to dealer
options.  While the Funds  might  look to a  clearing  corporation  to  exercise
exchange-traded  options,  if a Fund were to  purchase a dealer  option it would
need to rely on the dealer from which it purchased  the option to perform if the
option were  exercised.  Failure by the dealer to do so would result in the loss
of the  premium  paid by a Fund as well as loss of the  expected  benefit of the
transaction.

         Exchange-traded options generally have a continuous liquid market while
dealer  options may not.  Consequently,  a Fund may generally be able to realize
the value of a dealer  option it has  purchased  only by exercising or reselling
the option to the dealer who issued it.  Similarly,  when a Fund writes a dealer
option,  that Fund may  generally  be able to close out the option  prior to its
expiration only by entering into a closing purchase  transaction with the dealer
to whom that Fund originally  wrote the option.  While a Fund will seek to enter
into dealer  options  only with dealers who will agree to and which are expected
to be capable of entering into closing transactions with that Fund, there can be
no assurance  that a Fund will at any time be able to liquidate a dealer  option
at a  favorable  price at any  time  prior to  expiration.  Unless a Fund,  as a
covered  dealer  call  option  writer,  is able to  effect  a  closing  purchase

                                       B-6
<PAGE>
transaction,  it will not be able to liquidate securities (or other assets) used
as cover until the option expires or is exercised. In the event of insolvency of
the other party, a Fund may be unable to liquidate a dealer option. With respect
to options written by a Fund, the inability to enter into a closing  transaction
may result in material  losses to that Fund.  For  example,  because a Fund must
maintain a secured  position  with  respect to any call  option on a security it
writes,  that Fund may not sell the assets which it has segregated to secure the
position while it is obligated  under the option.  This  requirement  may impair
that Fund's ability to sell portfolio  securities at a time when such sale might
be advantageous.

         The Staff of the Securities and Exchange  Commission (the "Commission")
has taken the position that purchased dealer options are illiquid securities.  A
Fund may treat the cover used for written dealer options as liquid if the dealer
agrees  that the Fund may  repurchase  the dealer  option it has  written  for a
maximum price to be calculated by a predetermined  formula.  In such cases,  the
dealer  option  would be  considered  illiquid  only to the extent  the  maximum
purchase price under the formula exceeds the intrinsic value of the option. With
that  exception,  however,  a Fund will treat dealer  options as subject to that
Fund's  limitation on  unmarketable  securities.  If the Commission  changes its
position on the liquidity of dealer options, each Fund will change its treatment
of such instruments accordingly.

FOREIGN INVESTMENTS AND CURRENCIES

         Each Fund may invest in securities of foreign issuers that are publicly
traded in the United States. Each Fund may also invest in depositary receipts.

         DEPOSITARY  RECEIPTS.  Depositary  Receipts  ("DRs")  include  American
Depositary  Receipts ("ADRs"),  European  Depositary  Receipts ("EDRs"),  Global
Depositary  Receipts  ("GDRs") or other forms of  depositary  receipts.  DRs are
receipts  typically  issued in  connection  with a U.S. or foreign bank or trust
company which evidence  ownership of underlying  securities  issued by a foreign
corporation.

         RISKS OF  INVESTING  IN  FOREIGN  SECURITIES.  Investments  in  foreign
securities involve certain inherent risks, including the following:

         POLITICAL AND ECONOMIC FACTORS. Individual foreign economies of certain
countries may differ favorably or unfavorably from the United States' economy in
such respects as growth of gross national  product,  rate of inflation,  capital
reinvestment, resource self-sufficiency, diversification and balance of payments
position.  The  internal  politics of certain  foreign  countries  may not be as
stable as those of the United States.  Governments in certain foreign  countries
also continue to participate to a significant degree, through ownership interest
or regulation, in their respective economies.  Action by these governments could
include  restrictions on foreign investment,  nationalization,  expropriation of
goods or  imposition  of taxes,  and could have a  significant  effect on market
prices of  securities  and payment of  interest.  The  economies of many foreign
countries are heavily  dependent upon  international  trade and are  accordingly
affected  by the  trade  policies  and  economic  conditions  of  their  trading
partners. Enactment by these trading partners of protectionist trade legislation
could have a  significant  adverse  effect upon the  securities  markets of such
countries.

         LEGAL AND REGULATORY  MATTERS.  Certain foreign countries may have less
supervision of securities markets,  brokers and issuers of securities,  and less
financial  information  available  to issuers,  than is  available in the United
States.

         TAXES.  The interest  payable on certain of a Fund's foreign  portfolio
securities may be subject to foreign  withholding  taxes,  thus reducing the net
amount of income available for distribution to the Fund's shareholders.

         RISK FACTORS  REGARDING  EMERGING MARKETS  INVESTMENTS.  Investments in
securities issued by the governments of emerging or developing countries, and of
companies  within those  countries,  involves  greater  risks than other foreign
investments.  Investments in emerging or developing  markets involve exposure to
economic and legal structures that are generally less diverse and mature (and in
some cases the  absence of  developed  legal  structures  governing  private and
foreign investments and private property), and to political systems which can be
expected to have less  stability,  than those of more developed  countries.  The
risks of  investment in such  countries  may include  matters such as relatively
unstable governments,  higher degrees of government  involvement in the economy,
the absence  until  recently of capital  market  structures  or  market-oriented

                                       B-7
<PAGE>
economies,  economies based on only a few industries,  securities  markets which
trade only a small number of securities,  restrictions on foreign  investment in
stocks, and significant foreign currency devaluations and fluctuations. Emerging
markets can be  substantially  more volatile  than both U.S. and more  developed
foreign markets. Such volatility may be exacerbated by illiquidity.  The average
daily trading volume in all of the emerging markets combined is a small fraction
of the average daily volume of the U.S. market. Small trading volumes may result
in a Fund being forced to purchase  securities  at  substantially  higher prices
than the current  market,  or to sell  securities  at much lower prices than the
current market.

         In  considering  whether  to  invest  in the  securities  of a  foreign
company,  the  Advisor  considers  such  factors as the  characteristics  of the
particular  company,  differences between economic trends and the performance of
securities  markets within the U.S. and those within other  countries,  and also
factors relating to the general economic,  governmental and social conditions of
the country or  countries  where the  company is located.  The extent to which a
Fund will be invested in foreign companies and countries and depository receipts
will  fluctuate  from  time to time  within  the  limitations  described  in the
prospectus, depending on the Advisor's assessment of prevailing market, economic
and other conditions.

REPURCHASE AGREEMENTS

         Each Fund may enter  into  repurchase  agreements  with  respect to its
portfolio  securities.  Pursuant to such agreements,  a Fund acquires securities
from financial institutions such as banks and broker-dealers as are deemed to be
creditworthy by the Advisor, subject to the seller's agreement to repurchase and
the Fund's  agreement to resell such  securities at a mutually  agreed upon date
and price. The repurchase price generally equals the price paid by the Fund plus
interest  negotiated on the basis of current short-term rates (which may be more
or less than the rate on the underlying portfolio security).  Securities subject
to  repurchase  agreements  will  be  held by the  Custodian  or in the  Federal
Reserve/Treasury  Book-Entry System or an equivalent  foreign system. The seller
under a  repurchase  agreement  will be required  to  maintain  the value of the
underlying  securities at not less than 102% of the  repurchase  price under the
agreement. If the seller defaults on its repurchase obligation, the Fund holding
the repurchase agreement will suffer a loss to the extent that the proceeds from
a sale of the underlying securities are less than the repurchase price under the
agreement.  Bankruptcy or  insolvency of such a defaulting  seller may cause the
Fund's  rights  with  respect  to such  securities  to be  delayed  or  limited.
Repurchase agreements are considered to be loans under the 1940 Act.

WHEN-ISSUED SECURITIES, FORWARD COMMITMENTS AND DELAYED SETTLEMENTS

         Each  Fund  may  purchase   securities  on  a  "when-issued,"   forward
commitment or delayed  settlement  basis. In this event,  the Custodian will set
aside liquid assets equal to the amount of the commitment in a separate account.
Normally,  the  Custodian  will set  aside  portfolio  securities  to  satisfy a
purchase commitment.  In such a case, a Fund may be required subsequently to set
aside additional assets in order to assure that the value of the account remains
equal to the amount of that Fund's commitment.  It may be expected that a Fund's
net assets  will  fluctuate  to a greater  degree  when it sets aside  portfolio
securities to cover such purchase commitments than when it sets aside cash.

         The Funds do not intend to engage in these transactions for speculative
purposes but only in furtherance of their investment objectives.  Because a Fund
will set aside liquid assets to satisfy its purchase  commitments  in the manner
described, that Fund's liquidity and the ability of the Advisor to manage it may
be  affected  in the event  that  Fund's  forward  commitments,  commitments  to
purchase when-issued securities and delayed settlements ever exceeded 15% of the
value of its net assets.

         A Fund will purchase securities on a when-issued, forward commitment or
delayed  settlement basis only with the intention of completing the transaction.
If deemed  advisable as a matter of  investment  strategy,  however,  a Fund may
dispose of or  renegotiate a commitment  after it is entered into,  and may sell
securities it has committed to purchase before those securities are delivered to
that Fund on the  settlement  date.  In these cases a Fund may realize a taxable
capital gain or loss. When a Fund engages in when-issued, forward commitment and
delayed settlement transactions,  it relies on the other party to consummate the
trade. Failure of such party to do so may result in a Fund's incurring a loss or
missing an opportunity to obtain a price credited to be advantageous.

                                       B-8
<PAGE>
         The market value of the securities  underlying a when-issued  purchase,
forward  commitment  to purchase  securities,  or a delayed  settlement  and any
subsequent  fluctuations  in  their  market  value is taken  into  account  when
determining  the market value of a Fund  starting on the day that Fund agrees to
purchase the securities.  A Fund does not earn interest on the securities it has
committed to purchase  until they are paid for and  delivered on the  settlement
date.

BORROWING

         Each  Fund is  authorized  to  borrow  money  from  time  to  time  for
temporary,  extraordinary or emergency purposes or for clearance of transactions
in  amounts  up to 5% of the  value  of its  total  assets  at the  time of such
borrowings.

ILLIQUID SECURITIES

         Each Fund may not  invest  more than 15% of the value of its net assets
in  securities   that  at  the  time  of  purchase  have  legal  or  contractual
restrictions on resale or are otherwise  illiquid.  The Advisor will monitor the
amount of illiquid securities in each Fund's portfolio, under the supervision of
the Trust's Board of Trustees,  to ensure  compliance with the Fund's investment
restrictions.

         Historically,  illiquid  securities have included securities subject to
contractual  or  legal  restrictions  on  resale  because  they  have  not  been
registered under the Securities Act of 1933 (the "Securities  Act"),  securities
which are otherwise not readily  marketable and repurchase  agreements  having a
maturity of longer than seven days.  Securities  which have not been  registered
under the  Securities  Act are referred to as private  placement  or  restricted
securities  and are  purchased  directly  from the  issuer  or in the  secondary
market.  Mutual  funds  do not  typically  hold a  significant  amount  of these
restricted or other illiquid  securities  because of the potential for delays on
resale and  uncertainty in valuation.  Limitations on resale may have an adverse
effect on the marketability of portfolio securities,  and a Fund might be unable
to dispose of restricted or other illiquid  securities promptly or at reasonable
prices and might thereby  experience  difficulty  satisfying  redemption  within
seven days. A Fund might also have to register  such  restricted  securities  in
order to dispose of them,  resulting in  additional  expense and delay.  Adverse
market conditions could impede such a public offering of securities.

         In recent years,  however, a large  institutional  market has developed
for  certain  securities  that are not  registered  under  the  Securities  Act,
including repurchase agreements, commercial paper, foreign securities, municipal
securities and corporate bonds and notes.  Institutional  investors depend on an
efficient institutional market in which the unregistered security can be readily
resold or on an issuer's ability to honor a demand for repayment.  The fact that
there are  contractual or legal  restrictions on resale to the general public or
to  certain  institutions  may  not be  indicative  of  the  liquidity  of  such
investments.  If such securities are subject to purchase by institutional buyers
in accordance with Rule 144A  promulgated by the Commission under the Securities
Act, the Trust's Board of Trustees may determine  that such  securities  are not
illiquid securities  notwithstanding their legal or contractual  restrictions on
resale.  In all other cases,  however,  securities  subject to  restrictions  on
resale will be deemed illiquid.

INVESTMENT RESTRICTIONS

         The  Trust  (on  behalf  of  each  Fund)  has  adopted  the   following
restrictions  as  fundamental  policies,  which may not be changed  without  the
favorable  vote of the holders of a  "majority,"  as defined in the 1940 Act, of
the outstanding  voting  securities of a Fund.  Under the 1940 Act, the "vote of
the holders of a majority of the outstanding  voting  securities" means the vote
of the holders of the lesser of (i) 67% of the shares of a Fund represented at a
meeting  at which the  holders  of more than 50% of its  outstanding  shares are
represented or (ii) more than 50% of the outstanding shares of that Fund.

         As a matter of fundamental policy,  each Fund is diversified;  I.E., as
to 75% of the value of a its total  assets:  (i) no more than 5% of the value of
its total assets may be invested in the securities of any one issuer (other than
U.S. Government securities); and (ii) the Fund may not purchase more than 10% of
the outstanding voting securities of an issuer. Each Fund's investment objective
is also fundamental.
                                       B-9
<PAGE>
         In addition, each Fund may not:

         1. Issue senior securities,  borrow money or pledge its assets,  except
that (i) the Fund may borrow from banks in amounts not  exceeding  one-third  of
its total assets (not including the amount borrowed);  and (ii) this restriction
shall not  prohibit  the Fund from  engaging  in options  transactions  or short
sales;

         2. Purchase securities on margin, except such short-term credits as may
be  necessary  for the  clearance of  transactions  and except that the Fund may
borrow money from banks to purchase securities;

         3. Act as  underwriter  (except to the extent the Fund may be deemed to
be an  underwriter  in connection  with the sale of securities in its investment
portfolio);

         4. Invest 25% or more of its total  assets,  calculated  at the time of
purchase  and  taken at  market  value,  in any one  industry  (other  than U.S.
Government securities);

         5.  Purchase  or sell real estate or  interests  in real estate or real
estate limited partnerships  (although the Fund may purchase and sell securities
which are secured by real estate and  securities  of  companies  which invest or
deal in real estate);

         6. Purchase or sell commodities or commodity futures contracts,  except
that a Fund may invest in stock index,  currency and financial futures contracts
and  related  options  in  accordance  with any rules of the  Commodity  Futures
Trading Commission; or

         7.  Make  loans of  money  (except  for  purchases  of debt  securities
consistent  with the  investment  policies of the Fund and except for repurchase
agreements).

         Each Fund observes the following  restrictions as a matter of operating
but not fundamental  policy,  pursuant to positions taken by federal  regulatory
authorities:

         Each Fund may not:

         1. Borrow  money or pledge its assets,  except that the Fund may borrow
on an unsecured basis from banks for temporary or emergency  purposes or for the
clearance of  transactions  in amounts not exceeding 5% of its total assets (not
including the amount borrowed);

         2. Purchase securities on margin, except such short-term credits as may
be necessary for the clearance of transactions;

         3. Invest in the securities of other  investment  companies or purchase
any other investment company's voting securities or make any other investment in
other investment companies except to the extent permitted by federal law;

         4.  Invest  more  than  15% of  its  assets  in  securities  which  are
restricted  as to  disposition  or  otherwise  are  illiquid  or have no readily
available  market  (except for  securities  which are determined by the Board of
Trustees to be liquid);

         5. Sell securities short;

         6. Invest in stock index  futures,  currency  or  financial  futures or
related options; or

         7.  Make   investments  for  the  purpose  of  exercising   control  or
management.
                                      B-10
<PAGE>
   
                                   MANAGEMENT

         The  overall  management  of the  business  and affairs of the Trust is
vested with its Board of Trustees. The Board approves all significant agreements
between the Trust and persons or companies  furnishing services to it, including
the agreements  with the Advisor,  Administrator,  Custodian and Transfer Agent.
The day to day operations of the Trust are delegated to its officers, subject to
the Fund's investment  objectives and policies and to general supervision by the
Board of Trustees.

         The Trustees and officers of the Trust,  their ages and positions  with
the Trust,  their business  addresses and principal  occupations during the past
five years are:
                                             PRINCIPAL OCCUPATION
NAME, ADDRESS AND AGE         POSITION       DURING PAST FIVE YEARS
- ---------------------         --------       ----------------------
Walter Auch, Sr.(Born 1921)   Trustee        Director, Nicholas-Applegate Mutual
6001 N. 62d Place                            Funds,  Brinson Funds (since 1994),
Paradise Valley, AZ 85253                    Smith   Barney  Trak  Fund,   Pimco
                                             Advisors L.P., Banyan Realty Trust,
                                             Banyan  Land  Fund  II  and  Legend
                                             Properties.

Eric Banhazl (Born 1957)*     Trustee,       Senior Vice  President,  Investment
2025 E. Financial Way         President and  Company Administration Corporation;
Glendora, CA 91740            Treasurer      Vice    President,    First    Fund
                                             Distributors,    Inc.;    Assistant
                                             Treasurer,  RNC Mutual  Fund Group;
                                             Treasurer,      Guiness      Flight
                                             Investment    Funds,    Inc.    and
                                             Professionally Managed Portfolios.

Donald O'Connor (Born 1936)   Trustee        Retired;  formerly  Executive  Vice
1700 Taylor Avenue                           President   and   Chief   Operating
Fort Washington MD, 20744                    Officer  of  ICI  Mutual  Insurance
                                             Company (until January, 1997), Vice
                                             President,  Operations,  Investment
                                             Company   Institute   (until  June,
                                             1993).

George Wofford III            Trustee        Vice     President,     Information
(Born 1939)                                  Services, Federal Home Loan Bank of
305 Glendora Circle                          San Francisco (since March,  1993);
Danville, CA 94526                           formerly   Director  of  Management
                                             Information  Services,  Morrison  &
                                             Foerster (law firm).

Steven J. Paggioli            Vice           Executive Vice President, Robert H.
(Born 1950)                   President      Wadsworth &  Associates,  Inc.  and
479 W. 22nd Street                           Investment  Company  Administration
New York, NY 10011                           Corporation;  Vice President  First
                                             Fund Distributors,  Inc.; President
                                             and Trustee, Professionally Managed
                                             Portfolios;    Director,   Managers
                                             Funds, Inc.

Robert H. Wadsworth           Vice           President,  Robert H.  Wadsworth  &
(Born 1940)                   President      Associates,     Inc.,    Investment
4455 E. Camelback Road                       Company Administration  Corporation
Suite 261E                                   and First Fund Distributors,  Inc.;
Phoenix, AZ 85018                            Vice   President,    Professionally
                                             Managed   Portfolios;    President,
                                             Guinness Flight  Investment  Funds,
                                             Inc.; Director, Germany Fund, Inc.,
                                             New  Germany  Fund,  Inc.,  Central
                                             European   Equity  Fund,  Inc.  and
                                             Deutsche Funds, Inc.

Chris O. Kissack (Born 1949) Secretary       Employed  by   Investment   Company
4455 E. Camelback Road                       Administration  Corporation  (since
Suite 261E                                   July,  1996);  formerly employed by
Phoenix, AZ 85018                            Bank One, N.A.  (from August,  1995
                                             until   July,   1996);    O'Connor,
                                             Cavanagh,  Anderson,  Killingsworth
                                             and  Beshears   (law  firm)  (until
                                             August, 1995).

* denotes Trustee who is an "interested person" of the Trust under the 1940 Act.

NAME AND POSITION                          AGGREGATE COMPENSATION FROM THE TRUST
- -----------------                          -------------------------------------
Walter E. Auch, Sr., Trustee                             $12,000
Donald E. O'Connor, Trustee                              $12,000
George T. Wofford III, Trustee                           $12,000

For the fiscal year ended September 30, 1998, trustees' fees and expenses in the
amount of $7,640  were  allocated  to the  Funds.  The Trust has no  pension  or
retirement plan. No other entity affiliated with the Trust pays any compensation
to the Trustees.
    
                                      B-11
<PAGE>
THE ADVISOR

         Subject  to  the  supervision  of the  Board  of  Trustees,  investment
management  and related  services are  provided by the  Advisor,  pursuant to an
Investment Advisory Agreement (the "Advisory Agreement").

         Under the Advisory  Agreement,  the Advisor agrees to invest the assets
of the  Funds  in  accordance  with  the  investment  objectives,  policies  and
restrictions of each Fund as set forth in each Fund's and the Trust's  governing
documents,  including, without limitation, the Trust's Agreement and Declaration
of  Trust  and  By-Laws;   the  Funds'   prospectus,   Statement  of  Additional
Information,  and  undertakings;  and  such  other  limitations,   policies  and
procedures  as the Trustees of the Trust may impose from time to time in writing
to Advisor. In providing such services, Advisor shall at all times adhere to the
provisions and restrictions contained in the federal securities laws, applicable
state securities laws, the Internal Revenue Code, and other applicable law.

         Without  limiting  the  generality  of the  foregoing,  the Advisor has
agreed to (i) furnish each Fund with advice and recommendations  with respect to
the  investment  of each Fund's  assets,  (ii) effect the  purchase  and sale of
portfolio  securities;  (iii) manage and oversee the  investments  of each Fund,
subject to the  ultimate  supervision  and  direction  of the  Trust's  Board of
Trustees;  (iv)  vote  proxies  and  take  other  actions  with  respect  to the
securities;  (v) maintain the books and records  required to be maintained  with
respect to the  securities  in each  Fund's  portfolio;  (vi)  furnish  reports,
statements and other data on securities,  economic  conditions and other matters
related to the  investment  of each  Fund's  assets  which the  Trustees  or the
officers  of the Trust may  reasonably  request;  and (vi) render to the Trust's
Board of Trustees such periodic and special  reports as the Board may reasonably
request. The Advisor has also agreed, at its own expense, to maintain such staff
and employ or retain such  personnel  and consult with such other  persons as it
shall from time to time  determine  to be necessary  to the  performance  of its
obligations under this Agreement. Personnel of the Advisor may serve as officers
of the Trust provided they do so without  compensation  from the Trust.  Without
limiting the generality of the foregoing, the staff and personnel of the Advisor
shall be deemed to  include  persons  employed  or  retained  by the  Advisor to
furnish statistical information, research, and other factual information, advice
regarding economic factors and trends, information with respect to technical and
scientific  developments,  and such other information,  advice and assistance as
the Advisor or the Trust's Board of Trustees may desire and reasonably  request.
With  respect  to the  operation  of each  Fund,  the  Advisor  has agreed to be
responsible  for the expenses of printing and  distributing  extra copies of the
Fund's  prospectus,   statement  of  additional   information,   and  sales  and
advertising  materials (but not the legal, auditing or accounting fees attendant
thereto) to prospective  investors (but not to existing  shareholders);  and the
costs of any special Board of Trustees meetings or shareholder meetings convened
for the primary benefit of the Advisor.

         As  compensation  for the  Advisor's  services,  each  Fund  pays it an
advisory fee at the rate  specified in the  prospectus.  In addition to the fees
payable to the Advisor and the  Administrator,  the Trust is responsible for its
operating expenses, including: fees and expenses incurred in connection with the
issuance,  registration  and transfer of its shares;  brokerage  and  commission
expenses;  all  expenses  of  transfer,  receipt,  safekeeping,   servicing  and
accounting  for the cash,  securities  and other  property  of the Trust for the
benefit  of  each  Fund  including  all  fees  and  expenses  of its  custodian,
recordkeeping  agent,  shareholder services agent and accounting services agent;
interest  charges  on  any  borrowings;   costs  and  expenses  of  pricing  and
calculating  its daily net asset value and of  maintaining  its books of account
required under the Investment  Company Act; taxes, if any; a pro rata portion of
expenditures  in  connection  with meetings of the Fund's  shareholders  and the
Trust's Board of Trustees that are properly  payable by each Fund;  salaries and
expenses of officers  and fees and  expenses of members of the Trust's  Board of
Trustees or members of any advisory  board or committee  who are not members of,
affiliated with or interested persons of the Advisor or Administrator; insurance
premiums  on  property or  personnel  of each Fund which  inure to its  benefit,
including  liability  and fidelity  bond  insurance;  the cost of preparing  and
printing reports,  proxy  statements,  prospectuses and Statements of Additional
Information of each Fund or other  communications  for  distribution to existing
shareholders;  legal, auditing and accounting fees; trade association dues; fees
and expenses (including legal fees) of registering and maintaining  registration
of its shares for sale under federal and applicable state and foreign securities
laws; all expenses of maintaining and servicing shareholder accounts,  including
all  charges  for  transfer,  shareholder  recordkeeping,  dividend  disbursing,
redemption,  and other agents for the benefit of the Fund, if any; and all other
charges and costs of its  operation  plus any  extraordinary  and  non-recurring
expenses, except as otherwise prescribed in the Advisory Agreement.

                                      B-12
<PAGE>
         The Fund is responsible for its own operating expenses. The Advisor has
agreed  to  reduce  fees  payable  to it by the Fund  and to pay Fund  operating
expenses to the extent  necessary to limit the Fund's aggregate annual operating
expenses to the limit set forth in the Expense  Table (the "expense  cap").  Any
such reductions made by the Advisor in its fees or payment of expenses which are
the Fund's  obligation are subject to  reimbursement by the Fund to the Advisor,
if so requested  by the Advisor,  in  subsequent  fiscal years if the  aggregate
amount  actually paid by the Fund toward the operating  expenses for such fiscal
year  (taking  into account the  reimbursement)  does not exceed the  applicable
limitation on Fund expenses.  The Advisor is permitted to be reimbursed only for
fee reductions and expense payments made in the previous three fiscal years, but
is  permitted to look back five years and four years,  respectively,  during the
initial  six  years  and  seventh  year  of  the  Fund's  operations.  Any  such
reimbursement  is also contingent upon Board of Trustees  subsequent  review and
ratification of the reimbursed amounts. Such reimbursement may not be paid prior
to the Fund's payment of current ordinary operating expenses.

   
         During the period  beginning  November 3, 1997  through  September  30,
1998,  the Advisor  earned  $9,321 and $6,813 in advisory fees for The Rockhaven
Fund  and  The  Rockhaven  Premier  Dividend  Fund,  respectively.  The  Advisor
voluntarily  agreed to limit total fund  operating  expenses to 1.50% of average
net assets annually for both Funds. As a result of that limitation,  the Advisor
waived the full amount of its fee and paid Fund operating expenses in the amount
of $78,322 and $82,550, respectively.
    

         The  Advisor  is  controlled  by   Christopher  H.  Wiles  and  AmSouth
Bancorporation.

         Under the  Advisory  Agreement,  the Advisor  will not be liable to the
Trust for any error of judgment by the  Advisor  for any loss  sustained  by the
Trust  except in the case of a breach of  fiduciary  duty  with  respect  to the
receipt of compensation for services (in which case any award of damages will be
limited as  provided  in the 1940 Act) or of willful  misfeasance,  bad faith or
gross  negligence by reason of reckless  disregard of its obligations and duties
under the applicable agreement.

         The Advisory Agreement will remain in effect for a period not to exceed
two years  from the date  each Fund  commenced  operations.  Thereafter,  if not
terminated,  the Advisory  Agreement will continue  automatically for successive
annual periods, provided that such continuance is specifically approved at least
annually (i) by a majority vote of the Independent  Trustees cast in person at a
meeting called for the purpose of voting on such approval, and (ii) by the Board
of Trustees or by vote of a majority of the  outstanding  voting  securities  of
that Fund.

         The Advisory  Agreement is  terminable by vote of the Board of Trustees
or by the  holders of a majority of the  outstanding  voting  securities  of the
Trust at any time without penalty, on 60 days written notice to the Advisor. The
Advisory  Agreement  also may be  terminated  by the Advisor on 60 days  written
notice to the Trust. The Advisory  Agreement  terminates  automatically upon its
assignment (as defined in the 1940 Act).

         THE  ADMINISTRATOR.  The Administrator has agreed to be responsible for
providing  such services as the Trustees may reasonably  request,  including but
not  limited to (i)  maintaining  the  Trust's  books and  records  (other  than
financial or accounting books and records maintained by any custodian,  transfer
agent or accounting  services  agent);  (ii)  overseeing  the Trust's  insurance
relationships;  (iii)  preparing  for the Trust  (or  assisting  counsel  and/or
auditors in the preparation of) all required tax returns,  proxy  statements and
reports  to the  Trust's  shareholders  and  Trustees  and  reports to and other
filings  with the  Commission  and any  other  governmental  agency  (the  Trust
agreeing to supply or cause to be supplied to the  Administrator  all  necessary
financial  and  other  information  in  connection  with  the  foregoing);  (iv)
preparing  such  applications  and  reports as may be  necessary  to register or
maintain the Trust's  registration  and/or the registration of the shares of the
Trust under the securities or "blue sky" laws of the various states  selected by
the Trust (the Trust  agreeing to pay all filing fees or other  similar  fees in
connection  therewith);  (v) responding to all inquiries or other communications
of shareholders, if any, which are directed to the Administrator, or if any such
inquiry or  communication  is more  properly to be  responded  to by the Trust's
custodian,  transfer  agent  or  accounting  services  agent,  overseeing  their
response thereto;  (vi) overseeing all  relationships  between the Trust and any
custodian(s),  transfer agent(s) and accounting services agent(s), including the
negotiation  of  agreements  and  the  supervision  of the  performance  of such
agreements;  and (vii)  authorizing  and  directing  any of the  Administrator's
directors,  officers and employees who may be elected as Trustees or officers of
the Trust to serve in the capacities in which they are elected.  All services to
be furnished by the Administrator  under this Agreement may be furnished through
the medium of any such  directors,  officers or employees of the  Administrator.
The Administrator is an affiliate of the Distributor.

                                      B-13
<PAGE>
   
         For its  services,  the  Administrator  receives  a fee  monthly at the
following annual rate:

FUND ASSET LEVEL                               FEE RATE
- ----------------                               --------

First $50 million                              0.20% of average daily net assets

Next $50 million                               0.15% of average daily net assets

Next $50 million                               0.10% of average daily net assets

Next $50 million, and thereafter               0.05% of average daily net assets

                            DISTRIBUTION ARRANGEMENTS

         Pursuant to a plan of  distribution  adopted by the Trust, on behalf of
the Fund,  pursuant to Rule 12b-1 under the 1940 Act (the "Plan"),  the Fund may
pay  distribution  and related expenses up to 0.50% of its average net assets to
the Advisor as distribution  coordinator.  Expenses permitted to be paid include
preparation,  printing and mailing of prospectuses,  shareholder reports such as
semi-annual  and annual  reports,  performance  reports and  newsletters,  sales
literature and other promotional material to prospective investors,  direct mail
solicitations,  advertising, public relations,  compensation of sales personnel,
advisors  or other  third  parties  for their  assistance  with  respect  to the
distribution  of the Fund's  shares,  payments to financial  intermediaries  for
shareholder  support,  administrative  and  accounting  services with respect to
shareholders of the Fund and such other expenses as may be approved from time to
time by the Board of Trustees of the Trust.

         The Plan allows excess  distribution  expenses to be carried forward by
the Advisor, as distribution coordinator, and resubmitted in a subsequent fiscal
year, provided that (i) distribution expenses cannot be carried forward for more
than three years  following  initial  submission;  (ii) the Trustees have made a
determination at the time of initial  submission that the distribution  expenses
are  appropriate  to be carried  forward and (iii) the  Trustees  make a further
determination,  at the time any  distribution  expenses  which have been carried
forward are  submitted  for payment,  that  payment at the time is  appropriate,
consistent  with the objectives of the Plan and in the current best interests of
shareholders.

         Under  the  Plan,  the  Trustees  will  be  furnished   quarterly  with
information  detailing  the  amount  of  expenses  paid  under  the Plan and the
purposes for which payments were made. The Plan may be terminated at any time by
vote of a majority of the Trustees of the Trust who are not interested  persons.
Continuation  of the Plan is considered by such Trustees no less frequently than
annually.

         During the period  beginning  November 2, 1997 and ending September 30,
1998,  the Fund paid the  Distribution  Coordinator  distribution  fees totaling
$3,107 for The  Rockhaven  Fund and $2,271 for The  Rockhaven  Premier  Dividend
Fund.
    

                      PORTFOLIO TRANSACTIONS AND BROKERAGE

         The Advisory Agreement states that the Advisor shall be responsible for
broker-dealer  selection  and for  negotiation  of brokerage  commission  rates,
provided that the Advisor shall not direct orders to an affiliated person of the
Advisor without  general prior  authorization  to use such affiliated  broker or
dealer by the Trust's Board of Trustees.  The Advisor's primary consideration in
effecting a  securities  transaction  will be  execution  at the most  favorable
price. In selecting a broker-dealer to execute each particular transaction,  the
Advisor may take the following into consideration: the best net price available;
the reliability,  integrity and financial  condition of the  broker-dealer;  the
size of and  difficulty  in executing  the order;  and the value of the expected
contribution of the broker-dealer to the investment  performance of each Fund on
a continuing basis. The price to a Fund in any transaction may be less favorable
than that available from another  broker-dealer  if the difference is reasonably
justified by other aspects of the portfolio execution services offered.

                                      B-14
<PAGE>
         Subject to such  policies  as the  Advisor and the Board of Trustees of
the  Trust  may  determine,  the  Advisor  shall  not be  deemed  to have  acted
unlawfully or to have  breached any duty created by this  Agreement or otherwise
solely  by  reason of its  having  caused a Fund to pay a broker or dealer  that
provides (directly or indirectly)  brokerage or research services to the Advisor
an amount of commission  for effecting a portfolio  transaction in excess of the
amount of commission  another  broker or dealer would have charged for effecting
that  transaction,  if the Advisor  determines in good faith that such amount of
commission was reasonable in relation to the value of the brokerage and research
services  provided  by such  broker or  dealer,  viewed in terms of either  that
particular transaction or the Advisor's overall responsibilities with respect to
that Fund. The Advisor is further authorized to allocate the orders placed by it
on behalf of a Fund to such  brokers or dealers  who also  provide  research  or
statistical  material,  or other  services,  to the Trust,  the Advisor,  or any
affiliate of either. Such allocation shall be in such amounts and proportions as
the Advisor shall  determine,  and the Advisor shall report on such  allocations
regularly to the Trust,  indicating the  broker-dealers to whom such allocations
have  been  made and the basis  therefor.  The  Advisor  is also  authorized  to
consider  sales of shares of a Fund as a factor in the  selection  of brokers or
dealers to execute portfolio  transactions,  subject to the requirements of best
execution,  I.E.,  that such  brokers or dealers  are able to execute  the order
promptly and at the best obtainable securities price.

         On occasions  when the Advisor deems the purchase or sale of a security
to be in the best interest of a Fund as well as other clients of the Advisor (or
proprietary  accounts of the Advisor),  the Advisor,  to the extent permitted by
applicable laws and regulations, may aggregate the securities to be so purchased
or sold in  order  to  obtain  the  most  favorable  price  or  lower  brokerage
commissions and the most efficient execution.  In such event,  allocation of the
securities  so  purchased  or  sold,  as well as the  expenses  incurred  in the
transaction,  will be made by the Advisor in the manner it  considers  to be the
most equitable and consistent with its fiduciary  obligations to the Fund and to
such other clients.

   
         Brokerage commissions paid during the period beginning November 3, 1997
and ending September 30, 1998,  aggregated $5,266 and $4,815,  for The Rockhaven
Fund and The Rockhaven Premier Dividend Fund, respectively.
    

                                 NET ASSET VALUE

         The net  asset  value  of each  Fund's  shares  will  fluctuate  and is
determined as of the close of trading on the New York Stock Exchange  (currently
4:00 p.m. Eastern time) each business day. The Exchange  annually  announces the
days on  which it will not be open for  trading.  The most  recent  announcement
indicates that it will not be open on the following days: New Year's Day, Martin
Luther King, Jr. Day, Presidents' Day, Good Friday,  Memorial Day,  Independence
Day, Labor Day,  Thanksgiving Day and Christmas Day.  However,  the Exchange may
close on days not included in that announcement.

         The net asset value per share is computed by dividing  the value of the
securities held by a Fund plus any cash or other assets (including  interest and
dividends accrued but not yet received) minus all liabilities (including accrued
expenses) by the total number of shares in that Fund outstanding at such time.

         Generally,   trading  in  and   valuation  of  foreign   securities  is
substantially  completed  each day at  various  times  prior to the close of the
NYSE. In addition,  trading in and valuation of foreign  securities may not take
place on every  day in which the NYSE is open for  trading.  In that  case,  the
price used to  determine  a Fund's net asset value on the last day on which such
exchange was open will be used, unless the Trust's Board of Trustees  determines
that a  different  price  should be used.  Furthermore,  trading  takes place in
various foreign markets on days in which the NYSE is not open for trading and on
which a Fund's net asset value is not calculated. Occasionally, events affecting
the  values  of such  securities  in U.S.  dollars  on a day on  which  the Fund
calculates its net asset value may occur between the times when such  securities
are  valued  and the  close  of the  NYSE  that  will  not be  reflected  in the
computation  of a Fund's net asset value unless the Board or its delegates  deem
that such events would  materially  affect the net asset value, in which case an
adjustment would be made.

                                      B-15
<PAGE>
         Generally, the Fund's investments are valued at market value or, in the
absence  of a market  value,  at fair value as  determined  in good faith by the
Advisor and the Trust's Valuation  Committee pursuant to procedures  approved by
or under the direction of the Board.

         The Funds' securities,  including ADRs, EDRs and GDRs, which are traded
on  securities  exchanges  are valued at the last sale price on the  exchange on
which such  securities  are  traded,  as of the close of business on the day the
securities are being valued or, lacking any reported  sales, at the mean between
the last available bid and asked price.  Securities that are traded on more than
one  exchange  are valued on the  exchange  determined  by the Advisor to be the
primary market.  Securities traded in the over-the-counter  market are valued at
the mean  between  the last  available  bid and asked price prior to the time of
valuation.  Securities  and assets for which market  quotations  are not readily
available (including  restricted  securities which are subject to limitations as
to their sale) are valued at fair value as  determined in good faith by or under
the direction of the Board.

         Short-term debt obligations  with remaining  maturities in excess of 60
days are  valued at  current  market  prices,  as  discussed  above.  Short-term
securities  with 60 days or less  remaining to maturity are,  unless  conditions
indicate  otherwise,  amortized  to maturity  based on their cost to the Fund if
acquired  within 60 days of maturity or, if already held by the Fund on the 60th
day, based on the value determined on the 61st day.

         All other assets of the Funds are valued in such manner as the Board in
good faith deems appropriate to reflect their fair value.

                                    TAXATION

         The Fund  intends to  continue  to qualify and elect to be treated as a
regulated  investment company under Subchapter M of the Internal Revenue Code of
1986,  (the  "Code"),  for each taxable year by  complying  with all  applicable
requirements  regarding  the source of its income,  the  diversification  of its
assets, and the timing of its distributions.  The Fund's policy is to distribute
to its  shareholders  all of its investment  company  taxable income and any net
realized  capital  gains for each fiscal year in a manner that complies with the
distribution  requirements  of the Code, so that the Fund will not be subject to
any federal income or excise taxes based on net income.  However,  the Board may
elect to pay such excise  taxes if it  determines  that  payment  is,  under the
circumstances, in the best interests of the Fund.

         In order to qualify as a regulated  investment company,  the Fund must,
among other  things,  (a) derive at least 90% of its gross income each year from
dividends,  interest,  payments  with respect to loans of stock and  securities,
gains  from the sale or other  disposition  of stock or  securities  or  foreign
currency gains related to  investments  in stock or securities,  or other income
(generally  including gains from options,  futures or forward contracts) derived
with respect to the business of investing in stock,  securities or currency, and
(b) diversify its holdings so that,  at the end of each fiscal  quarter,  (i) at
least 50% of the market value of its assets is represented by cash,  cash items,
U.S. Government  securities,  securities of other regulated investment companies
and other securities limited,  for purposes of this calculation,  in the case of
other  securities  of any one  issuer to an amount  not  greater  than 5% of the
Fund's assets or 10% of the voting  securities of the issuer,  and (ii) not more
than 25% of the value of its assets is  invested  in the  securities  of any one
issuer (other than U.S.  Government  securities or securities of other regulated
investment companies).  As such, and by complying with the applicable provisions
of the Code,  the Fund will not be  subject  to  federal  income  tax on taxable
income (including realized capital gains) that is distributed to shareholders in
accordance  with the timing  requirements  of the Code. If the Fund is unable to
meet  certain  requirements  of the Code,  it may be  subject to  taxation  as a
corporation.

         Distributions  of net investment  income and net realized capital gains
by the Fund will be taxable to  shareholders  whether made in cash or reinvested
by the Fund in shares.  In determining  amounts of net realized capital gains to
be distributed,  any capital loss carry-overs from the eight prior taxable years
will be applied  against  capital gains.  Shareholders  receiving a distribution
from  the Fund in the form of  additional  shares  will  have a cost  basis  for
federal  income tax  purposes in each share so  received  equal to the net asset
value of a share of the Fund on the reinvestment  date. Fund  distributions also
will be included in individual and corporate  shareholders'  income on which the
alternative minimum tax may be imposed.

                                      B-16
<PAGE>
         The Fund or the securities  dealer effecting a redemption of the Fund's
shares by a shareholder  will be required to file  information  reports with the
Internal Revenue Service ("IRS") with respect to distributions and payments made
to the shareholder.  In addition,  the Fund will be required to withhold federal
income  tax at the  rate of 31% on  taxable  dividends,  redemptions  and  other
payments  made to accounts of individual or other  non-exempt  shareholders  who
have not furnished  their correct  taxpayer  identification  numbers and certain
required  certifications on the New Account application or with respect to which
the Fund or the  securities  dealer has been notified by the IRS that the number
furnished is incorrect or that the account is otherwise subject to withholding.

         The Fund intends to declare and pay dividends and other  distributions,
as stated in the  prospectuses.  In order to avoid the  payment  of any  federal
excise tax based on net income,  the Fund must declare on or before  December 31
of  each  year,  and  pay  on or  before  January  31  of  the  following  year,
distributions  at least equal to 98% of its  ordinary  income for that  calendar
year and at least 98% of the excess of any capital gains over any capital losses
realized in the one-year  period ending  October 31 of that year,  together with
any  undistributed  amounts of ordinary  income and capital  gains (in excess of
capital losses) from the previous calendar year.

         The Fund may receive dividend distributions from U.S. corporations.  To
the extent that the Fund receives such  dividends  and  distributes  them to its
shareholders,  and meets  certain  other  requirements  of the  Code,  corporate
shareholders of the Fund may be entitled to the "dividends  received" deduction.
Availability  of  the  deduction  is  subject  to  certain  holding  period  and
debt-financing limitations.

         If more than 50% in value of the total assets of the Fund at the end of
its fiscal year is invested in stock or securities of foreign corporations,  the
Fund may elect to pass  through  to its  shareholders  the pro rata share of all
foreign  income taxes paid by the Fund. If this  election is made,  shareholders
will be (i)  required to include in their gross  income  their pro rata share of
the Fund's foreign source income (including any foreign income taxes paid by the
Fund),  and (ii) entitled  either to deduct their share of such foreign taxes in
computing their taxable income or to claim a credit for such taxes against their
U.S.  income  tax,  subject to  certain  limitations  under the Code,  including
certain holding period requirements. In this case, shareholders will be informed
in  writing  by the  Fund  at the  end  of  each  calendar  year  regarding  the
availability  of  any  credits  on and  the  amount  of  foreign  source  income
(including or excluding foreign income taxes paid by the Fund) to be included in
their  income tax  returns.  If not more than 50% in value of the  Fund's  total
assets at the end of its  fiscal  year is  invested  in stock or  securities  of
foreign  corporations,  the Fund  will not be  entitled  under  the Code to pass
through to its  shareholders  their pro rata share of the foreign  taxes paid by
the Fund. In this case, these taxes will be taken as a deduction by the Fund.

         The Fund may be subject to foreign  withholding  taxes on dividends and
interest earned with respect to securities of foreign corporations.

         The use of hedging strategies,  such as entering into futures contracts
and forward contracts and purchasing  options,  involves complex rules that will
determine  the  character and timing of  recognition  of the income  received in
connection therewith by the Fund. Income from foreign currencies (except certain
gains  therefrom  that may be  excluded by future  regulations)  and income from
transactions in options,  futures contracts and forward contracts derived by the
Fund with  respect  to its  business  of  investing  in  securities  or  foreign
currencies will qualify as permissible income under Subchapter M of the Code.

         For accounting purposes, when the Fund purchases an option, the premium
paid by the Fund is  recorded  as an asset and is  subsequently  adjusted to the
current  market value of the option.  Any gain or loss realized by the Fund upon
the  expiration  or sale of such  options  held by the  Fund  generally  will be
capital gain or loss.

                                      B-17
<PAGE>
         Any security,  option,  or other  position  entered into or held by the
Fund  that  substantially  diminishes  the  Fund's  risk of loss  from any other
position  held by the Fund may  constitute a "straddle"  for federal  income tax
purposes. In general, straddles are subject to certain rules that may affect the
amount,  character  and timing of the Fund's  gains and losses  with  respect to
straddle positions by requiring,  among other things,  that the loss realized on
disposition  of one position of a straddle be deferred until gain is realized on
disposition  of the  offsetting  position;  that the  Fund's  holding  period in
certain straddle positions not begin until the straddle is terminated  (possibly
resulting  in the gain being  treated as  short-term  capital  gain  rather than
long-term  capital  gain);  and that losses  recognized  with respect to certain
straddle positions,  which would otherwise constitute short-term capital losses,
be treated as long-term capital losses. Different elections are available to the
Fund that may mitigate the effects of the straddle rules.

         Certain  options,  futures  contracts  and forward  contracts  that are
subject to Section 1256 of the Code ("Section 1256 Contracts") and that are held
by the Fund at the end of its  taxable  year  generally  will be  required to be
"marked to market" for federal income tax purposes, that is, deemed to have been
sold at market value.  Sixty percent of any net gain or loss recognized on these
deemed sales and 60% of any net gain or loss  realized  from any actual sales of
Section 1256  Contracts  will be treated as long-term  capital gain or loss, and
the balance will be treated as short-term capital gain or loss.

         Section  988 of the Code  contains  special  tax  rules  applicable  to
certain foreign  currency  transactions  that may affect the amount,  timing and
character of income,  gain or loss  recognized  by the Fund.  Under these rules,
foreign   exchange   gain   or   loss   realized   with   respect   to   foreign
currency-denominated  debt  instruments,  foreign  currency  forward  contracts,
foreign  currency  denominated  payables and  receivables  and foreign  currency
options and futures contracts (other than options and futures contracts that are
governed by the  mark-to-market  and 60/40 rules of Section 1256 of the Code and
for which no election is made) is treated as ordinary  income or loss. Some part
of the  Fund's  gain or loss on the sale or other  disposition  of  shares  of a
foreign  corporation may, because of changes in foreign currency exchange rates,
be treated as ordinary  income or loss under Section 988 of the Code rather than
as capital gain or loss.

         A shareholder who purchases shares of the Fund by tendering payment for
the shares in the form of other  securities may be required to recognize gain or
loss for income tax  purposes on the  difference,  if any,  between the adjusted
basis of the  securities  tendered  to the fund  and the  purchase  price of the
Fund's shares acquired by the shareholder.

         Section 475 of the Code  requires  that a "dealer" in  securities  must
generally  "mark to market" at the end of its taxable year all securities  which
it owns.  The  resulting  gain or loss is treated as ordinary  (and not capital)
gain or loss,  except to the extent allocable to periods during which the dealer
held the  security  for  investment.  The "mark to  market"  rules do not apply,
however,  to a security held for investment  which is clearly  identified in the
dealer's records as being held for investment before the end of the day in which
the security was acquired.  The IRS has issued  guidance  under Section 475 that
provides that, for example, a bank that regularly  originates and sells loans is
a dealer in securities, and subject to the "mark to market" rules. Shares of the
Fund held by a dealer in  securities  will be  subject  to the "mark to  market"
rules unless they are held by the dealer for investment and the dealer  property
identifies the shares as held for investment.

         Redemptions and exchanges of shares of the Fund will result in gains or
losses for tax purposes to the extent of the difference between the proceeds and
the shareholder's  adjusted tax basis for the shares. Any loss realized upon the
redemption  or exchange of shares  within six months from their date of purchase
will be treated as a long-term  capital loss to the extent of  distributions  of
long-term capital gain dividends during such six-month period.  All or a portion
of a loss realized upon the redemption of shares may be disallowed to the extent
shares  are  purchased   (including  shares  acquired  by  means  of  reinvested
dividends) within 30 days before or after such redemption.

         Distributions  and redemptions may be subject to state and local income
taxes,  and the  treatment  thereof  may  differ  from the  federal  income  tax
treatment. Foreign taxes may apply to non-U.S. investors.

                                      B-18
<PAGE>
         The above discussion and the related discussion in the prospectuses are
not  intended  to  be  complete   discussions  of  all  applicable  federal  tax
consequences  of an  investment  in the  Fund.  The law firm of Paul,  Hastings,
Janofsky & Walker LLP has expressed no opinion in respect  thereof.  Nonresident
aliens and  foreign  persons  are  subject to  different  tax rules,  and may be
subject to withholding of up to 30% on certain payments  received from the Fund.
Shareholders  are advised to consult with their own tax advisers  concerning the
application of foreign,  federal,  state and local taxes to an investment in the
Fund.

                           DIVIDENDS AND DISTRIBUTIONS

         The Fund will  receive  income in the form of  dividends  and  interest
earned on its investments in securities. This income, less the expenses incurred
in its operations,  is the Fund's net investment  income,  substantially  all of
which will be declared as dividends to the Fund's shareholders.

         The amount of income  dividend  payments by the Fund is dependent  upon
the amount of net  investment  income  received  by the Fund from its  portfolio
holdings,  is not guaranteed and is subject to the discretion of the Board.  The
Fund  does not pay  "interest"  or  guarantee  any  fixed  rate of  return on an
investment in its shares.

         The Fund also may derive  capital  gains or losses in  connection  with
sales or other dispositions of its portfolio  securities.  Any net gain the Fund
may realize from  transactions  involving  investments held less than the period
required for long-term  capital gain or loss recognition or otherwise  producing
short-term  capital  gains and losses  (taking  into  account any  carryover  of
capital losses from the eight previous  taxable years),  although a distribution
from capital gains,  will be distributed to  shareholders  with and as a part of
dividends giving rise to ordinary income. If during any year the Fund realizes a
net gain on  transactions  involving  investments  held  more  than  the  period
required for long-term  capital gain or loss recognition or otherwise  producing
long-term  capital gains and losses,  the Fund will have a net long-term capital
gain.  After  deduction of the amount of any net  short-term  capital loss,  the
balance (to the extent not offset by any capital  losses  carried  over from the
eight  previous  taxable  years) will be  distributed  and treated as  long-term
capital gains in the hands of the shareholders  regardless of the length of time
the Fund's shares may have been held by the  shareholders.  For more information
concerning applicable capital gains tax rates, see your tax advisor.

         Any  dividend or  distribution  paid by the Fund reduces the Fund's net
asset  value  per  share on the  date  paid by the  amount  of the  dividend  or
distribution  per share.  Accordingly,  a dividend or distribution  paid shortly
after a purchase of shares by a shareholder  would  represent,  in substance,  a
partial return of capital (to the extent it is paid on the shares so purchased),
even though it would be subject to income taxes.

         Dividends  and  other  distributions  will  be  made  in  the  form  of
additional  shares of the Fund unless the shareholder  has otherwise  indicated.
Investors  have  the  right  to  change  their  elections  with  respect  to the
reinvestment of dividends and  distributions  by notifying the Transfer Agent in
writing,  but any such change will be effective  only as to dividends  and other
distributions for which the record date is seven or more business days after the
Transfer Agent has received the written request.

                             PERFORMANCE INFORMATION

TOTAL RETURN

         Average annual total return  quotations used in the Funds'  advertising
and promotional materials are calculated according to the following formula:

         P(1 + T)n = ERV

where "P" equals a  hypothetical  initial  payment of $1000;  "T" equals average
annual total return; "n" equals the number of years; and "ERV" equals the ending
redeemable  value at the end of the period of a hypothetical  $1000 payment made
at the beginning of the period.

                                      B-19
<PAGE>
         Under the foregoing formula,  the time periods used in advertising will
be based  on  rolling  calendar  quarters,  updated  to the last day of the most
recent quarter prior to submission of the advertising for  publication.  Average
annual total  return,  or "T" in the above  formula,  is computed by finding the
average annual  compounded rates of return over the period that would equate the
initial amount  invested to the ending  redeemable  value.  Average annual total
return assumes the reinvestment of all dividends and distributions.

   
         For the period  from  November  3, 1997  (commencement  of  operations)
through September 30, 1998, The Rockhaven Fund and the Premier Dividend Fund had
Total Returns of (1.61)% and (0.10)%, respectively.
    

YIELD

         Annualized  yield  quotations  used  in  the  Funds'   advertising  and
promotional  materials are calculated by dividing a Fund's investment income for
a specified thirty-day period, net of expenses,  by the average number of shares
outstanding  during the  period,  and  expressing  the  result as an  annualized
percentage (assuming  semi-annual  compounding) of the net asset value per share
at the end of the period.  Yield  quotations  are  calculated  according  to the
following formula:

                             6
         YIELD = 2 [(a-b + 1)  - 1]
                     cd

where "a" equals  dividends and interest  earned  during the period;  "b" equals
expenses accrued for the period, net of  reimbursements;  "c" equals the average
daily  number of shares  outstanding  during the  period  that are  entitled  to
receive  dividends  and "d" equals the maximum  offering  price per share on the
last day of the period.

         Except as noted below,  in  determining  net  investment  income earned
during the period ("a-b" in the above formula),  each Fund  calculates  interest
earned on each debt obligation held by it during the period by (1) computing the
obligation's  yield to  maturity,  based on the market  value of the  obligation
(including  actual accrued  interest) on the last business day of the period or,
if the  obligation  was  purchased  during the period,  the purchase  price plus
accrued interest;  (2) dividing the yield to maturity by 360 and multiplying the
resulting  quotient  by the market  value of the  obligation  (including  actual
accrued  interest).  Once interest earned is calculated in this fashion for each
debt  obligation  held by the Fund, net investment  income is then determined by
totaling all such interest earned.

         For purposes of these calculations,  the maturity of an obligation with
one or more  call  provisions  is  assumed  to be the  next  date on  which  the
obligation  reasonably  can be expected to be called or, if none,  the  maturity
date.

   
         For the period  from  November  3, 1997  (commencement  of  operations)
through September 30, 1998, The Rockhaven Fund and the Premier Dividend Fund had
Yields of 3.47% and 4.27%, respectively.
    

OTHER INFORMATION

         Performance   data  of  the  Funds  quoted  in  advertising  and  other
promotional materials represents past performance and is not intended to predict
or guarantee future results.  The return and principal value of an investment in
a Fund will fluctuate, and an investor's redemption proceeds may be more or less
than the original investment amount. In advertising and promotional  materials a
Fund may  compare  its  performance  with data  published  by Lipper  Analytical
Services, Inc. ("Lipper") or CDA Investment  Technologies,  Inc. ("CDA"). A Fund
also may refer in such materials to mutual fund  performance  rankings and other
data, such as comparative asset, expense and fee levels,  published by Lipper or
CDA.  Advertising and  promotional  materials also may refer to discussions of a
Fund and  comparative  mutual  fund data and  ratings  reported  in  independent
periodicals  including,  but not  limited  to, THE WALL  STREET  JOURNAL,  MONEY
Magazine, FORBES, BUSINESS WEEK, FINANCIAL WORLD and BARRON'S.

                                      B-20
<PAGE>
                               GENERAL INFORMATION

         Advisors  Series  Trust is an open-end  management  investment  company
organized as a Delaware  business  trust under the laws of the State of Delaware
on October 3, 1996.  The Trust  currently  consists  of 13  effective  series of
shares of beneficial  interest,  par value of 0.01 per share. The Declaration of
Trust permits the Trustees to issue an unlimited  number of full and  fractional
shares of beneficial interest and to divide or combine the shares into a greater
or lesser number of shares without thereby changing the proportionate beneficial
interest  in  the  Funds.   Each  share   represents   an  interest  in  a  Fund
proportionately  equal  to the  interest  of each  other  share.  Upon a  Fund's
liquidation,  all  shareholders  of that  Fund  would  share pro rata in the net
assets of that Fund  available  for  distribution  to  shareholders.  Income and
operating  expenses not  specifically  attributable to a particular Fund will be
allocated fairly among the Funds by the Trustees,  generally on the basis of the
relative net assets of each Fund.

         Rule  18f-2  under  the 1940  Act  provides  that as to any  investment
company which has two or more series  outstanding  and as to any matter required
to be  submitted  to  shareholder  vote,  such matter is not deemed to have been
effectively  acted upon  unless  approved  by the  holders of a  "majority"  (as
defined in the Rule) of the voting  securities  of each  series  affected by the
matter.  Such  separate  voting  requirements  do not apply to the  election  of
Trustees or the ratification of the selection of accountants.  The Rule contains
special provisions for cases in which an advisory contract is approved by one or
more, but not all, series.  A change in investment  policy may go into effect as
to one or more  series  whose  holders so approve  the  change  even  though the
required vote is not obtained as to the holders of other affected series.

         The Funds' custodian,  Star Bank, 425 Walnut Street,  Cincinnati,  Ohio
45202 is responsible for holding the Funds' assets. American Data Services, P.O.
Box 5536, Hauppauge,  NY 11788 acts as the Fund's accounting services agent. The
Fund's independent  accountants,  McGladrey & Pullen, LLP, 555 Fifth Avenue, New
York, NY 10017,  assist in the  preparation of certain reports to the Securities
and Exchange Commission and the Funds' tax returns.

   
         Shares of the Funds owned by the  Trustees and officers as a group were
less than 1% at November 18, 1998.

         On November 18, 1998, the following  additional persons owned of record
and/or  beneficially  more than 5% of The Rockhaven  Fund's  outstanding  voting
securities:

         Lawrence R.  Garlock,  Janice O. Garlock,  JT TEN, 303 Churchill  Road,
         Greensburg, PA 15601; 16.50% record.

         On November 18, 1998, the following  additional persons owned of record
and/or  beneficially  more  than 5% of The  Rockhaven  Premier  Dividend  Fund's
outstanding voting securities:

         Linda L. Murray, R.D. Box 34, Valley Grove, WV 26060; 7.33% record.

         Lawrence R.  Garlock,  Janice O. Garlock,  JT TEN, 303 Churchill  Road,
         Greensburg, PA 15601; 23.67% record.
    
                                      B-21
<PAGE>
                                    APPENDIX
                             DESCRIPTION OF RATINGS

MOODY'S INVESTORS SERVICE, INC.: CORPORATE BOND RATINGS

         Aaa--Bonds which are rated Aaa are judged to be of the best quality and
carry the smallest degree of investment risk. Interest payments are protected by
a large or by an exceptionally stable margin, and principal is secure. While the
various  protective  elements  are  likely to  change,  such  changes  as can be
visualized are most unlikely to impair the fundamentally strong position of such
issues.

         Aa--Bonds  which are rated Aa are judged to be of high  quality by all
standards. Together with the Aaa group they comprise what are generally known as
high grade bonds.  They are rated lower than the best bonds  because  margins of
protection may not be as large as in Aaa securities or fluctuation of protective
elements  may be of greater  amplitude  or there may be other  elements  present
which make the long term risks appear somewhat larger than in Aaa securities.

         A--Bonds which are rated A possess many favorable investment attributes
and are to be  considered  as upper medium  grade  obligations.  Factors  giving
security to principal and interest are  considered  adequate but elements may be
present which suggest a susceptibility to impairment sometime in the future.

         Baa--Bonds   which  are  rated  Baa  are  considered  as  medium  grade
obligations,  i.e.,  they are  neither  highly  protected  nor  poorly  secured.
Interest  payments and principal  security  appear  adequate for the present but
certain  protective  elements  may  be  lacking  or  may  be  characteristically
unreliable over any great period of time. Such bonds lack outstanding investment
characteristics and in fact have speculative characteristics as well.

         BA--Bonds  rated Ba are  judged  to have  speculative  elements;  their
future cannot be considered  as well assured.  Often the  protection of interest
and  principal  payments may be very  moderate and thereby not well  safeguarded
during  both  good  and bad  times  over the  future.  Uncertainty  of  position
characterizes bonds in this class.

         B--Bonds  rated  B  generally  lack  characteristics  of the  desirable
investment. Assurance of interest and principal payments or maintenance of other
terms of the contract over any long period of time may be small.

         CAA--Bonds  rated  Caa  are of poor  standing.  Such  issues  may be in
default or there may be present  elements of danger with respect to principal or
interest.

         CA--Bonds rated Ca represent  obligations  which are speculative in a
high   degree.   Such  issues  are  often  in  default  or  have  other   marked
short-comings.

         C--Bonds rated C are the  lowest-rated  class of bonds, and such issues
can be regarded as having  extremely  poor  prospects of ever attaining any real
investment standing.  Moody's applies numerical modifiers,  1, 2, and 3, in each
generic  rating  classification  from Aa through B in its corporate  bond rating
system.  The modified 1 indicates  that the security  ranks in the higher end of
its generic rating category;  the modifier 2 indicates a mid-range ranking;  and
the  modifier 3  indicates  that the issue ranks in the lower end of its generic
rating category.

STANDARD & POOR'S CORPORATION: CORPORATE BOND RATINGS

         AAA--This is the highest rating assigned by Standard & Poor's to a debt
obligation  and  indicates an extremely  strong  capacity to pay  principal  and
interest.

         AA--Bonds  rated AA also  qualify  as  high-quality  debt  obligations.
Capacity to pay  principal  and interest is very strong,  and in the majority of
instances they differ from AAA issues only in small degree.

                                      B-22
<PAGE>
         A--Bonds rated A have a strong  capacity to pay principal and interest,
although they are somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions.

         BBB--Bonds rated BBB are regarded as having an adequate capacity to pay
principal  and  interest.  Whereas they  normally  exhibit  adequate  protection
parameters,  adverse  economic  conditions  or changing  circumstances  are more
likely to lead to a weakened capacity to pay principal and interest for bonds in
this category than for bonds in the A category.

         BB--Debt  rated BB has less  near-term  vulnerability  to default  than
other  speculative  issues.  However,  it faces major ongoing  uncertainties  or
exposure to adverse business, financial, or economic conditions which could lead
to inadequate  capacity to meet timely interest and principal  payments.  The BB
rating  category  is also  used for debt  subordinated  to  senior  debt that is
assigned an actual or implied BBB- rating.

         B--Debt  rated B has a greater  vulnerability  to default but currently
has the capacity to meet  interest  payments and principal  repayments.  Adverse
business,  financial,  or economic  conditions  will likely  impair  capacity or
willingness to pay interest and repay  principal.  The B rating category is also
used for debt  subordinated to senior debt that is assigned an actual or implied
BB- rating.

         CCC--Debt  rated  CCC has a  currently  identifiable  vulnerability  to
default,  and is dependent  upon  favorable  business,  financial,  and economic
conditions to meet timely payment of interest and repayment of principal. In the
event of adverse business,  financial, or economic conditions,  it is not likely
to have the  capacity  to pay  interest  and  repay  principal.  The CCC  rating
category is also used for debt  subordinated  to senior debt that is assigned an
actual or implied B or B- Rating.

         CC--Debt rated CC is typically  applied to debt  subordinated to senior
debt which is assigned an actual or implied CCC debt rating.

         C--The  Rating C is typically  applied to debt  subordinated  to senior
debt which is assigned an actual or implied CCC- debt  rating.  The C rating may
be used to cover a situation  where a bankruptcy  petition  has been filed,  but
debt service payments are continued.

         The ratings from AA to CCC may be modified by the addition of a plus or
minus sign to show relative standing within the major rating categories.

COMMERCIAL PAPER RATINGS

         Moody's  commercial  paper  ratings  are  assessments  of the  issuer's
ability  to  repay  punctually  promissory  obligations.   Moody's  employs  the
following three designations, all judged to be investment grade, to indicate the
relative repayment capacity of rated issuers:  Prime 1--highest  quality;  Prime
2--higher quality; Prime 3--high quality.

         A Standard & Poor's commercial paper rating is a current  assessment of
the  likelihood  of timely  payment.  Ratings are graded  into four  categories,
ranging from "A" for the highest quality obligations to "D" for the lowest.

         Issues  assigned  the  highest  rating,  A, are  regarded as having the
greatest  capacity for timely  payment.  Issues in this category are  delineated
with the numbers "1", "2" and "3" to indicate the relative degree of safety. The
designation A-1 indicates that the degree of safety  regarding timely payment is
either overwhelming or very strong. A "+" designation is applied to those issues
rated "A-1" which possess extremely strong safety characteristics.  Capacity for
timely  payment on issues with the  designation  "A-2" is strong.  However,  the
relative  degree of safety is not as high as for issues  designated  A-1. Issues
carrying the designation "A-3" have a satisfactory  capacity for timely payment.
They are, however,  somewhat more vulnerable to the adverse effect of changes in
circumstances than obligations carrying the higher designations.

                                      B-23
<PAGE>
                                     PART C

                                OTHER INFORMATION

ITEM 23. EXHIBITS.

           (1)      Agreement and Declaration of Trust (1)
           (2)      By-Laws (1)
           (3)      Not applicable
           (4)      Form of Investment Advisory Agreement (2)
           (5)      Distribution Agreement (2)
           (6)      Not applicable
           (7)      Custodian Agreement (3)
           (8)      (i)   Administration Agreement with Investment Company
                          Administration Corporation (2)
                    (ii)  Fund Accounting Service Agreement (2)
                    (iii) Transfer Agency and Service Agreement (2)
           (9)      Form of opinion of Counsel
           (10)     Not applicable
           (11)     Not applicable
           (12)     Investment letters (3)
           (13)     Distribution Plan (4)
           (14)     Not applicable
           (15)     Not applicable

         (1) Previously filed with the Registration Statement on Form N-1A (File
No. 33-17391) on December 6, 1996 and incorporated herein by reference.

         (2)  Previously  filed  with  Pre-Effective  Amendment  No.  1  to  the
Registration  Statement on Form N-1A (File No. 33-17391) on January 29, 1997 and
incorporated herein by reference.

         (3)  Previously  filed  with  Pre-Effective  Amendment  No.  2  to  the
Registration Statement on Form N-1A (File No. 33-17391) on February 28, 1997 and
incorporated herein by reference.

         (4)  Previously  filed  with  Post-Effective  Amendment  No.  26 to the
Registration  Statement  on Form N-1A (File No.  33-17391)  on June 29, 1998 and
incorporated herein by reference.

ITEM 24. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT.

         None.

ITEM 25. INDEMNIFICATION.

         Article VI of Registrant's By-Laws states as follows:

         Section 1. AGENTS,  PROCEEDINGS  AND EXPENSES.  For the purpose of this
Article, "agent" means any person who is or was a Trustee,  officer, employee or
other agent of this Trust or is or was serving at the request of this Trust as a
Trustee,  director,  officer,  employee or agent of another  foreign or domestic
corporation,  partnership,  joint  venture,  trust or other  enterprise or was a
Trustee, director, officer, employee or agent of a foreign or domestic
<PAGE>
corporation which was a predecessor of another enterprise at the request of such
predecessor  entity;  "proceeding"  means any  threatened,  pending or completed
action or proceeding, whether civil, criminal,  administrative or investigative;
and "expenses"  includes without limitation  attorney's fees and any expenses of
establishing a right to indemnification under this Article.

         Section 2. ACTIONS OTHER THAN BY TRUST.  This Trust shall indemnify any
person  who  was or is a  party  or is  threatened  to be  made a  party  to any
proceeding  (other than an action by or in the right of this Trust) by reason of
the fact that such  person is or was an agent of this Trust,  against  expenses,
judgments, fines, settlements and other amounts actually and reasonably incurred
in connection  with such  proceeding,  if it is determined  that person acted in
good faith and reasonably believed:

         (a)  in the case of conduct in his  official  capacity as a Trustee of
              the Trust,  that his conduct was in the Trust's  best  interests,
              and

         (b)  in all other cases,  that his conduct was at least not opposed to
              the Trust's best interests, and

         (c)  in the case of a criminal  proceeding,  that he had no reasonable
              cause to believe the conduct of that person was unlawful.

         The  termination  of any  proceeding  by judgment,  order,  settlement,
conviction  or upon a plea of nolo  contendere  or its  equivalent  shall not of
itself create a  presumption  that the person did not act in good faith and in a
manner which the person reasonably  believed to be in the best interests of this
Trust or that the  person had  reasonable  cause to  believe  that the  person's
conduct was unlawful.

         Section 3. ACTIONS BY THE TRUST.  This Trust shall indemnify any person
who was or is a party or is  threatened  to be made a party  to any  threatened,
pending  or  completed  action  by or in the  right of this  Trust to  procure a
judgment  in its favor by reason of the fact that that person is or was an agent
of this Trust,  against expenses actually and reasonably incurred by that person
in connection with the defense or settlement of that action if that person acted
in good faith,  in a manner that person  believed to be in the best interests of
this Trust and with such care,  including  reasonable  inquiry, as an ordinarily
prudent person in a like position would use under similar circumstances.

         Section 4. EXCLUSION OF INDEMNIFICATION.  Notwithstanding any provision
to the contrary contained herein, there shall be no right to indemnification for
any  liability  arising  by reason of  willful  misfeasance,  bad  faith,  gross
negligence,  or the reckless  disregard of the duties involved in the conduct of
the agent's office with this Trust.

         No indemnification shall be made under Sections 2 or 3 of this Article:

         (a)  In respect of any claim, issue, or matter as to which that person
              shall have been  adjudged to be liable on the basis that personal
              benefit  was  improperly  received  by  him,  whether  or not the
              benefit  resulted  from an action taken in the person's  official
              capacity; or

         (b)  In respect of any claim,  issue or matter as to which that person
              shall have been adjudged to be liable in the  performance of that
              person's  duty to this Trust,  unless and only to the extent that
              the court in which that action was brought shall  determine  upon
              application  that in view of all the  circumstances  of the case,
              that person was not liable by reason of the disabling conduct set
              forth in the  preceding  paragraph  and is fairly and  reasonably
              entitled  to  indemnity  for the  expenses  which the court shall
              determine; or
<PAGE>
         (c)  of  amounts  paid  in  settling  or  otherwise   disposing  of  a
              threatened or pending action, with or without court approval,  or
              of expenses  incurred in defending a threatened or pending action
              which is settled or otherwise disposed of without court approval,
              unless  the  required  approval  set  forth in  Section 6 of this
              Article is obtained.

         Section 5. SUCCESSFUL  DEFENSE BY AGENT. To the extent that an agent of
this  Trust has been  successful  on the  merits in  defense  of any  proceeding
referred to in Sections 2 or 3 of this Article or in defense of any claim, issue
or matter therein, before the court or other body before whom the proceeding was
brought, the agent shall be indemnified against expenses actually and reasonably
incurred  by the  agent in  connection  therewith,  provided  that the  Board of
Trustees,  including a majority who are disinterested,  non-party Trustees, also
determines  that based  upon a review of the facts,  the agent was not liable by
reason of the disabling conduct referred to in Section 4 of this Article.

         Section 6. REQUIRED  APPROVAL.  Except as provided in Section 5 of this
Article, any indemnification under this Article shall be made by this Trust only
if authorized in the specific case on a determination  that  indemnification  of
the  agent  is  proper  in the  circumstances  because  the  agent  has  met the
applicable  standard of conduct set forth in Sections 2 or 3 of this Article and
is not  prohibited  from  indemnification  because of the disabling  conduct set
forth in Section 4 of this Article, by:

         (a)  A majority  vote of a quorum  consisting  of Trustees who are not
              parties to the proceeding  and are not interested  persons of the
              Trust (as defined in the Investment Company Act of 1940); or

         (b)  A written opinion by an independent legal counsel.

         Section 7. ADVANCE OF  EXPENSES.  Expenses  incurred in  defending  any
proceeding  may be advanced by this Trust  before the final  disposition  of the
proceeding upon a written undertaking by or on behalf of the agent, to repay the
amount  of the  advance  if it is  ultimately  determined  that he or she is not
entitled to  indemnification,  together  with at least one of the following as a
condition to the advance: (i)security for the undertaking; or (ii) the existence
of insurance protecting the Trust against losses arising by reason of any lawful
advances; or (iii) a determination by a majority of a quorum of Trustees who are
not parties to the proceeding and are not interested persons of the Trust, or by
an independent legal counsel in a written opinion,  based on a review of readily
available  facts that there is reason to believe that the agent  ultimately will
be found  entitled to  indemnification.  Determinations  and  authorizations  of
payments under this Section must be made in the manner specified in Section 6 of
this Article for determining that the indemnification is permissible.

         Section 8. OTHER CONTRACTUAL RIGHTS.  Nothing contained in this Article
shall affect any right to  indemnification  to which persons other than Trustees
and officers of this Trust or any subsidiary  hereof may be entitled by contract
or otherwise.

         Section 9.  LIMITATIONS.  No  indemnification  or advance shall be made
under this Article,  except as provided in Sections 5 or 6 in any  circumstances
where it appears:

         (a)  that it would be  inconsistent  with a provision of the Agreement
              and  Declaration  of  Trust of the  Trust,  a  resolution  of the
              shareholders, or an agreement in effect at the time of accrual of
              the alleged cause of action  asserted in the  proceeding in which
              the  expenses  were  incurred  or other  amounts  were paid which
              prohibits or otherwise limits indemnification; or
<PAGE>
         (b)  that it  would  be  inconsistent  with  any  condition  expressly
              imposed by a court in approving a settlement.

         Section 10. INSURANCE.  Upon and in the event of a determination by the
Board of  Trustees of this Trust to purchase  such  insurance,  this Trust shall
purchase and maintain insurance on behalf of any agent of this Trust against any
liability  asserted against or incurred by the agent in such capacity or arising
out of the agent's  status as such, but only to the extent that this Trust would
have  the  power to  indemnify  the  agent  against  that  liability  under  the
provisions  of this Article and the Agreement  and  Declaration  of Trust of the
Trust.

         Section 11. FIDUCIARIES OF EMPLOYEE BENEFIT PLAN. This Article does not
apply  to any  proceeding  against  any  Trustee,  investment  manager  or other
fiduciary of an employee  benefit plan in that person's  capacity as such,  even
though that person may also be an agent of this Trust as defined in Section 1 of
this  Article.  Nothing  contained  in this  Article  shall  limit  any right to
indemnification to which such a Trustee,  investment manager, or other fiduciary
may be  entitled  by contract or  otherwise  which shall be  enforceable  to the
extent permitted by applicable law other than this Article.

ITEM 26. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER.

         The  information  required by this item with respect to American  Trust
Company is as follows:

         American Trust Company is a trust company  chartered  under the laws of
the State of New Hampshire.  Its President and Director,  Paul H. Collins,  is a
director of:

         MacKenzie-Childs, Ltd.
         360 State Road 90
         Aurora, NY 13026

         Great Northern Arts
         Castle Music, Inc.
         World Family Foundation
         all with an address at
         Gordon Road, Middletown, NY

Robert E. Moses, a Director of American Trust Company, is a director of:

         Mascoma Mutual Hold Corp.
         On The Green
         Lebanon, NH 03766

         Information  required by this item is  contained in the Form ADV of the
following entities and is incorporated herein by reference:

         NAME OF INVESTMENT ADVISER                     FILE NO.
         --------------------------                     --------

         Bay Isle Financial Corporation                 801-27563
         Kaminski Asset Management, Inc.                801-53485
         Rockhaven Asset Management, LLC                801-54084
         Chase Investment Counsel Corp.                 801-3396
<PAGE>
         Avatar Investors Associates Corp.              801-7061
         The Edgar Lomax Company                        801-19358
         Van Deventer & Hoch                            801-6118
         Al Frank Asset Management, Inc.                801-30528
         Heritage West Advisors, LLC                    801-55233
         Howard Capital Management                      801-10188
         Segall Bryant & Hamill                         801-47232

ITEM 27. PRINCIPAL UNDERWRITERS.

         (a) The  Registrant's  principal  underwriter  also  acts as  principal
underwriter for the following investment companies:

                  Guinness Flight  Investment Funds, Inc.
                  Fleming Capital Mutual Fund Group
                  Fremont Mutual Funds
                  Jurika & Voyles Mutual Funds
                  Kayne Anderson Mutual Funds
                  Masters' Select Funds Trust
                  O'Shaughnessy Funds, Inc.
                  PIC Investment Trust Purisima Fund
                  Professionally Managed Portfolios
                  Rainier Investment Management Mutual Funds
                  RNC Mutual Fund Group
                  Brandes Investment Funds
                  Titan Financial Services Fund
                  Trent Equity Fund
                  RNC Mutual Fund Group, Inc.

         (b) The following information is furnished with respect to the officers
and directors of First Fund Distributors, Inc.:

                                 Position and Offices       Position and
Name and Principal               with Principal             Offices with
Business Address                 Underwriter                Registrant
- ------------------               --------------------       ------------

Robert H. Wadsworth              President and              Vice President
4455 E. Camelback Road           Treasurer
Suite 261E
Phoenix, AZ  85018

Eric M. Banhazl                  Vice President             President,
2025 E. Financial Way                                       Treasurer
Glendora, CA 91741                                          and Trustee

Steven J. Paggioli               Vice President and         Vice President
479 West 22nd Street             Secretary
New York, New York 10011

         (c) Not applicable.
<PAGE>
ITEM 28. LOCATION OF ACCOUNTS AND RECORDS.

    The  accounts,  books and  other  documents  required  to be  maintained  by
Registrant  pursuant to Section 31(a) of the Investment  Company Act of 1940 and
the rules promulgated thereunder are in the possession of the following persons:

         (a) the  documents  required to be  maintained by paragraph (4) of Rule
31a-1(b) will be maintained by the Registrant;

         (b) the documents  required to be  maintained  by paragraphs  (5), (6),
(10) and (11) of Rule 31a-1(b) will be maintained by the  respective  investment
advisors:

         American Trust Company, One Court Street, Lebanon, NH 03766

         Bay Isle Financial Corporation,  160 Sansome Street, San Francisco,  CA
         94104

         Kaminski Asset Management, Inc., 319 First Avenue, Suite400,
         Minneapolis, MN 55401

         Rockhaven Asset Management,  100 First Avenue, Suite 1050,  Pittsburgh,
         PA 15222

         Chase Investment Counsel Corp., 300 Preston Avenue, Charlottesville, VA
         22902

         Avatar  Associates  Investment  Corp.,  900 Third Avenue,  New York, NY
         10022

         The Edgar Lomax Company, 6564 Loisdale Court, Springfield, VA 22150

         Van Deventer & Hoch, 800 North Brand Boulevard, Glendale, CA 91203

         Al Frank Asset  Management,  Inc. 465 Forest Avenue,  Laguna Beach,  CA
         92651

         Heritage  West  Advisors,  LLC,  1850 North  Central  Ave.,  Suite 610,
         Phoenix, AZ 85004

         Liberty  Bank and Trust  Company,  4101  Pauger  St.,  Suite  105,  New
         Orleans, LA 70122

         Howard Capital Management,  45 Rockefeller Plaza, Suite 1440, New York,
         New York 10111

         Segall Bryant & Hamill, 10 South Wacker Drive, Suite 2150,  Chicago, IL
         60606

         (c) with  respect to The Heritage  West  Dividend  Capture  Income Fund
series  of  the  Registrant,  all  other  records  will  be  maintained  by  the
Registrant; and

         (d) all other documents will be maintained by  Registrant's  custodian,
Star Bank, 425 Walnut Street, Cincinnati, OH 45202.
<PAGE>
ITEM 29. MANAGEMENT SERVICES.

         Not applicable.

ITEM 30. UNDERTAKINGS.

         Registrant hereby undertakes to:

         (a)  Furnish each person to whom a  Prospectus  is delivered a copy of
              the applicable latest annual report to shareholders, upon request
              and without charge.

         (b)  If  requested  to do so by the  holders  of at  least  10% of the
              Trust's  outstanding  shares,  call a meeting of shareholders for
              the purposes of voting upon the question of removal of a director
              and assist in communications with other shareholders.

         (c)  On behalf of each of its series, to change any disclosure of past
              performance  of an  Advisor  to a series to conform to changes in
              the position of the staff of the Commission  with respect to such
              presentation.
<PAGE>
                                INDEX TO EXHIBITS


EXHIBIT NUMBER           DESCRIPTION
- --------------           -----------

99.B10                   Consent of Independent Auditor

27.5                     Financial Data Schedule -- The Rockhaven Fund

27.6                     Financial Data Schedule -- The Rockhaven Premier 
                                                    Dividend Fund

<PAGE>
                                   SIGNATURES

         Pursuant  to the  requirements  of the  Securities  Act of 1933 and the
Investment  Company Act of 1940, the Registrant  certifies that it meets all the
requirements for effectiveness of this Registration  Statement  pursuant to Rule
485(b) under the  Securities  Act of 1933 and has duly caused this  Amendment to
the Registration Statement on Form N-1A of Advisors Series Trust to be signed on
its behalf by the undersigned,  thereunto duly authorized in the City of Phoenix
and State of Arizona on the 30th day of November, 1998.



                                        ADVISORS SERIES TRUST


                                        By   /s/ Eric M. Banhazl*
                                           ----------------------------
                                                 Eric M. Banhazl
                                                 President

         This Amendment to the  Registration  Statement on Form N-1A of Advisors
Series Trust has been signed below by the  following  persons in the  capacities
indicated on November 30, 1998.




/s/ Eric M. Banhazl*                        President, Principal Financial
- --------------------------------            and Accounting Officer, and Trustee
Eric M. Banhazl



/s/ Walter E. Auch Sr.*                     Trustee
- --------------------------------
Walter E. Auch, Sr.


/s/ Donald E. O'Connor*                     Trustee
- --------------------------------
Donald E. O'Connor


/s/ George T. Wofford III*                  Trustee
- --------------------------------
George T. Wofford III

* /s/ Robert H. Wadsworth
  ------------------------------
By:  Robert H. Wadsworth
       Attorney in Fact

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 1027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
   <NUMBER> 5
   <NAME> THE ROCKHAVEN FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
<PERIOD-START>                             NOV-03-1997
<PERIOD-END>                               SEP-30-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                        2,130,675
<INVESTMENTS-AT-VALUE>                       2,021,713
<RECEIVABLES>                                   12,626
<ASSETS-OTHER>                                  18,098
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               2,052,437
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       61,130
<TOTAL-LIABILITIES>                             61,130
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     2,216,108
<SHARES-COMMON-STOCK>                          205,131
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       22,715
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (116,835)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (108,962)
<NET-ASSETS>                                 1,991,307
<DIVIDEND-INCOME>                               36,630
<INTEREST-INCOME>                                4,731
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  18,646
<NET-INVESTMENT-INCOME>                         22,715
<REALIZED-GAINS-CURRENT>                     (116,835)
<APPREC-INCREASE-CURRENT>                    (108,962)
<NET-CHANGE-FROM-OPS>                        (203,082)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       21,719
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        205,027
<NUMBER-OF-SHARES-REDEEMED>                      1,379
<SHARES-REINVESTED>                              1,483
<NET-CHANGE-IN-ASSETS>                       1,991,307
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            9,321
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                106,289
<AVERAGE-NET-ASSETS>                         1,376,527
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.14
<PER-SHARE-GAIN-APPREC>                         (0.29)
<PER-SHARE-DIVIDEND>                            (0.14)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.71
<EXPENSE-RATIO>                                   .014
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 1027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
   <NUMBER> 6
   <NAME> THE ROCKHAVEN PREMIER DIVIDEND FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
<PERIOD-START>                             NOV-03-1997
<PERIOD-END>                               SEP-30-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                        1,764,080
<INVESTMENTS-AT-VALUE>                       1,711,232
<RECEIVABLES>                                   14,822
<ASSETS-OTHER>                                  17,566
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               1,743,620
<PAYABLE-FOR-SECURITIES>                        39,398
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       25,423
<TOTAL-LIABILITIES>                             64,821
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     1,768,440
<SHARES-COMMON-STOCK>                          171,257
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       23,887
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (38,109)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (52,848)
<NET-ASSETS>                                 1,678,799
<DIVIDEND-INCOME>                               32,698
<INTEREST-INCOME>                                4,818
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  13,629
<NET-INVESTMENT-INCOME>                         23,887
<REALIZED-GAINS-CURRENT>                      (38,109)
<APPREC-INCREASE-CURRENT>                     (52,848)
<NET-CHANGE-FROM-OPS>                         (67,070)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       22,571
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        172,304
<NUMBER-OF-SHARES-REDEEMED>                      3,138
<SHARES-REINVESTED>                              2,091
<NET-CHANGE-IN-ASSETS>                       1,678,799
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            6,813
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                102,992
<AVERAGE-NET-ASSETS>                         1,006,781
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.21
<PER-SHARE-GAIN-APPREC>                         (0.21)
<PER-SHARE-DIVIDEND>                            (0.20)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.80
<EXPENSE-RATIO>                                   .014
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

                         CONSENT OF INDEPENDENT AUDITORS


         We hereby  consent to the use of our reports dated October 23, 1998, on
the  financial  statements  of The  Rockhaven  Fund  and The  Rockhaven  Premier
Dividend  Fund  series  of  Advisors  Series  Trust  referred  to  therein,   in
Post-Effective Amendment No. 32 to the Registration Statement on Form N-1A, File
No. 333-17391 of Advisors Series Trust as filed with the Securities and Exchange
Commission.

         We also  consent  to the  reference  to our  Firm in the  Statement  of
Additional Information under the caption "General Information."


                                        McGladrey & Pullen, LLP




New York, New York
November 25, 1998


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