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SIGNATURE DENISE LEWIS
TITLE ASSISTANT TREASURER
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<CIK> 0001027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
<NUMBER> 13
<NAME> VAN DEVENTER & HOCH AMERICAN VALUE FUND
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<S> <C>
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<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> MAY-01-1998
<PERIOD-END> OCT-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 11,144,574
<INVESTMENTS-AT-VALUE> 12,949,792
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</TABLE>
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees
Advisors Series Trust
In planning and performing our audit of the financial statements of The Van
Deventer & Hoch American Value Fund for the period from May 1, 1998
(commencement of operations) to October 31, 1998, series of Advisors Series
Trust, we considered its internal control, including controls over
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of Advisors Series Trust is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity
with generally accepted accounting principles. Those controls include
safeguarding of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and may not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or fraud in amounts that would be material in relation
to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control,
including controls over safeguarding securities, that we consider to be
material weaknesses as defined above as of October 31, 1998.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/McGladrey & Pullen, LLP
McGladrey & Pullen, LLP
New York, New York
December 4, 1998
