<PAGE> PAGE 1
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007 C011000 10
007 C021000 THE AL FRANK FUND
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007 C021100 AVATAR ADVANTAGE BALANCED FUND
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007 C011200 12
007 C021200 AVATAR ADVANTAGE INTL EQUITY ALLOCATION FUND
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007 C011600 16
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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030 B00AA00 0.00
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036 B00AA00 0
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<PAGE> PAGE 4
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
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054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
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054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
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<PAGE> PAGE 5
081 A00AA00 Y
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<PAGE> PAGE 6
038 000700 0
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<PAGE> PAGE 7
067 000700 N
068 A000700 N
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
028 H001000 0
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058 A001000 N
058 B001000 N
058 C001000 N
058 D001000 N
058 E001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
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<PAGE> PAGE 11
066 A001000 Y
066 D001000 Y
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070 A011000 Y
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070 C021000 N
070 D011000 Y
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070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 Y
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070 M021000 N
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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008 A001101 AVATAR INVESTORS ASSOCIATES CORP.
008 B001101 A
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<PAGE> PAGE 14
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058 B001100 N
058 C001100 N
058 D001100 N
058 E001100 N
059 001100 Y
060 A001100 Y
<PAGE> PAGE 15
060 B001100 Y
061 001100 2500
066 A001100 Y
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070 C021100 N
070 D011100 Y
070 D021100 N
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070 E021100 N
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070 H011100 Y
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070 I021100 N
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070 J021100 N
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
059 001200 Y
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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SIGNATURE TOM MARSCHEL
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
<NUMBER> 7
<NAME> THE AVATAR ADVANTAGE EQUITY ALLOCATION FUND
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
<NUMBER> 10
<NAME> THE AL FRANK FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
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<INVESTMENTS-AT-COST> 6,129,854
<INVESTMENTS-AT-VALUE> 7,609,870
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<TOTAL-ASSETS> 7,684,107
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21,529
<TOTAL-LIABILITIES> 21,529
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,404,521
<SHARES-COMMON-STOCK> 526,757
<SHARES-COMMON-PRIOR> 606,724
<ACCUMULATED-NII-CURRENT> (151,521)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 929,562
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,480,016
<NET-ASSETS> 7,662,578
<DIVIDEND-INCOME> 57,111
<INTEREST-INCOME> 1,079
<OTHER-INCOME> 0
<EXPENSES-NET> 145,193
<NET-INVESTMENT-INCOME> (87,003)
<REALIZED-GAINS-CURRENT> 996,478
<APPREC-INCREASE-CURRENT> 2,273,900
<NET-CHANGE-FROM-OPS> 3,183,375
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 155,390
<NUMBER-OF-SHARES-REDEEMED> 405,050
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 620,611
<ACCUMULATED-NII-PRIOR> (110,573)
<ACCUMULATED-GAINS-PRIOR> 102,819
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 65,861
<INTEREST-EXPENSE> 32,954
<GROSS-EXPENSE> 237,203
<AVERAGE-NET-ASSETS> 6,592,722
<PER-SHARE-NAV-BEGIN> 9.07
<PER-SHARE-NII> (0.21)
<PER-SHARE-GAIN-APPREC> 5.69
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 14.55
<EXPENSE-RATIO> 2.20
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
<NUMBER> 11
<NAME> THE AVATAR ADVANTAGE BALANCED FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
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<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,444,106
<INVESTMENTS-AT-VALUE> 1,725,655
<RECEIVABLES> 24,114
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<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 32,806
<TOTAL-LIABILITIES> 32,806
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,450,214
<SHARES-COMMON-STOCK> 139,046
<SHARES-COMMON-PRIOR> 129,302
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,626)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 281,549
<NET-ASSETS> 1,725,141
<DIVIDEND-INCOME> 8,578
<INTEREST-INCOME> 40,515
<OTHER-INCOME> 0
<EXPENSES-NET> 21,960
<NET-INVESTMENT-INCOME> 27,133
<REALIZED-GAINS-CURRENT> 81,571
<APPREC-INCREASE-CURRENT> 73,561
<NET-CHANGE-FROM-OPS> 182,265
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27,583
<DISTRIBUTIONS-OF-GAINS> 92,242
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 167
<NUMBER-OF-SHARES-REDEEMED> 167
<SHARES-REINVESTED> 9,911
<NET-CHANGE-IN-ASSETS> 182,233
<ACCUMULATED-NII-PRIOR> 12,704
<ACCUMULATED-GAINS-PRIOR> 79,347
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,764
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<GROSS-EXPENSE> 114,434
<AVERAGE-NET-ASSETS> 1,571,235
<PER-SHARE-NAV-BEGIN> 11.95
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 1.17
<PER-SHARE-DIVIDEND> 0.21
<PER-SHARE-DISTRIBUTIONS> 0.71
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.41
<EXPENSE-RATIO> 1.40
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
<NUMBER> 12
<NAME> THE AVATAR ADVANTAGE INTERNATIONAL EQUITY ALLOCATION FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 433,969
<INVESTMENTS-AT-VALUE> 518,362
<RECEIVABLES> 9,750
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 536,485
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,576
<TOTAL-LIABILITIES> 28,576
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 432,103
<SHARES-COMMON-STOCK> 43,251
<SHARES-COMMON-PRIOR> 42,270
<ACCUMULATED-NII-CURRENT> 1,978
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,565)
<OVERDISTRIBUTION-GAINS> 84,393
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 507,909
<DIVIDEND-INCOME> 15,148
<INTEREST-INCOME> 737
<OTHER-INCOME> 0
<EXPENSES-NET> 7,178
<NET-INVESTMENT-INCOME> 8,707
<REALIZED-GAINS-CURRENT> (2,902)
<APPREC-INCREASE-CURRENT> 81,562
<NET-CHANGE-FROM-OPS> 87,367
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,729
<DISTRIBUTIONS-OF-GAINS> 4,493
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 778
<NUMBER-OF-SHARES-REDEEMED> 5
<SHARES-REINVESTED> 981
<NET-CHANGE-IN-ASSETS> 95,318
<ACCUMULATED-NII-PRIOR> (4,218)
<ACCUMULATED-GAINS-PRIOR> (7,405)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,350
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 120,619
<AVERAGE-NET-ASSETS> 435,290
<PER-SHARE-NAV-BEGIN> 9.94
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 1.86
<PER-SHARE-DIVIDEND> 0.16
<PER-SHARE-DISTRIBUTIONS> 0.11
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 1.65
</TABLE>
AVATAR ADVANTAGE FUNDS
CHANGE IN INDEPENDENT ACCOUNTANT
On August 27, 1999, McGladrey & Pullen, LLP ("McGladrey") resigned as
independent auditors of the Fund pursuant to an agreement by
PricewaterhouseCoopers LLP ("PwC") to acquire McGladrey's investment company
practice. The McGladrey partners and professionals serving the Fund at the time
of the acquisition joined PwC.
The reports of McGladrey on the financial statements of the Fund during the
prior fiscal year contained no adverse opinion or disclaimer of opinion, and
were not qualified or modified as to uncertainty, audit scope or accounting
principles.
In connection with its audit for the period from April 1, 1998 (commencement of
operations) through October 31, 1999, there were no disagreements with McGladrey
on any matter of accounting principle or practices, financial statement
disclosure, or auditing scope or procedure, which disagreements, if not resolved
to the satisfaction of McGladrey would have caused it to make reference to the
subject matter of disagreement in connection with its report.
On September 10, 1999, the Fund, with the approval of its Board of Trustees and
its Audit Committee, engaged PwC as its independent auditors.
AL FRANK FUND
CHANGE IN INDEPENDENT ACCOUNTANT
On August 27, 1999, McGladrey & Pullen, LLP ("McGladrey") resigned as
independent auditors of the Fund pursuant to an agreement by
PricewaterhouseCoopers LLP ("PwC") to acquire McGladrey's investment company
practice. The McGladrey partners and professionals serving the Fund at the time
of the acquisition joined PwC.
The reports of McGladrey on the financial statements of the Fund during the
prior fiscal year contained no adverse opinion or disclaimer of opinion, and
were not qualified or modified as to uncertainty, audit scope or accounting
principles.
In connection with its audit for the period from April 1, 1998 (commencement of
operations) through October 31, 1999, there were no disagreements with McGladrey
on any matter of accounting principle or practices, financial statement
disclosure, or auditing scope or procedure, which disagreements, if not resolved
to the satisfaction of McGladrey would have caused it to make reference to the
subject matter of disagreement in connection with its report.
On September 10, 1999, the Fund, with the approval of its Board of Trustees and
its Audit Committee, engaged PwC as its independent auditors.
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE BOARD OF TRUSTEES
ADVISORS SERIES TRUST
In planning and performing our audit of the financial statements of The Al Frank
Fund, The Avatar Advantage Balanced Fund, The Avatar Advantage Equity Allocation
Fund and The Avatar Advantage International Equity Allocation Fund, separate
series of Advisors Series Trust, for the year ended December 31, 1999, we
considered its internal control, including control activities for 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 the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of the Board of
Trustees, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers, L.L.P.
New York, New York
February 4, 2000
