INDEPENDENT AUDITOR'S REPORT
To the Board of Trustees of Advisors Series Trust
The Heritage West Preferred Securities Income Fund
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, about the Heritage West Preferred Securities Income Fund's (the
"Fund"), a series of Advisors Series Trust, compliance with the requirements of
subsections (b) and (c) of rule 17f-2 under the Investment Company Act of 1940,
as of November 30, 1998. Management is responsible for the Fund's compliance
with those requirements. Our responsibility is to express an opinion on
management's assertion about the Fund's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of November 30, 1998, and with respect to agreement of security
purchases and sales, for the period from June 24, 1998 (the date of inception),
through November 30, 1998:
* Confirmation of all securities held by institutions in book entry form at
the Bank of New York and The Depository Trust Company
* Confirmation of all securities hypothecated, pledged, placed in escrow, or
out for transfer with brokers, pledgees, or transfer agents
* Reconciliation of all such securities to the books and records of the Fund
and the Custodian
* Agreement of two security purchases and three security sales or maturities
since inception from the books and records of the Fund to broker
confirmations
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
<PAGE>
To the Board of Trustees of Advisors Series Trust
The Heritage West Preferred Securities Income Fund
In our opinion, management's assertion that the Fund was in compliance with the
requirements of subsections (b) and (c) of rule 17f-2 of the Investment Company
Act of 1940 as of November 30, 1998, with respect to securities reflected in the
investment account of the Fund is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the
Board of Trustees of the Fund and the Securities and Exchange Commission and
should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers, LLP
PricewaterhouseCoopers, LLP
New York, New York
May 12, 2000
2
<PAGE>
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940
We, as members of management of The Heritage West Preferred Securities Income
Fund (the Fund), are responsible for complying with the requirements of
subsections (b) and (c) of rule 17f-2, "Custody of Investments by Registered
Management Investment Companies," of the Investment Company Act of 1940. We are
also responsible for establishing and maintaining effective internal controls
over compliance with those requirements. We have performed an evaluation of the
Fund's compliance with the requirements of subsections (b) and (c) of rule 17f-2
as of November 30, 1998 and from June 24, 1998 through November 30, 1998.
Based on this evaluation, we assert that the Fund was in compliance with the
requirements of subsections (b) and (c) of rule 17f-2 of the Investment Company
Act of 1940 as of November 30, 1998 and from June 24, 1998 through November 30,
1998, with respect to securities reflected in the investment account of the
Fund.
The Heritage West Preferred Securities Income Fund
By:
-----------------------------------------------------------------
Eric Banhazl
President
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To the Board of Trustees of Advisors Series Trust
The Heritage West Preferred Securities Income Fund
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, about The Heritage West Preferred Securities Income Fund's (the
"Fund"), a series of Advisors Series Trust, compliance with the requirements of
subsections (b) and (c) of rule 17f-2 under the Investment Company Act of 1940
as of April 30, 1999, Management is responsible for the Fund's compliance with
those requirements. Our responsibility is to express an opinion on management's
assertion about the Fund's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of April 30, 1999, and with respect to agreement of security
purchases and sales, for the period from November 30, 1998, through April 30,
1999:
* Confirmation of all securities held by institutions in book entry form at
the Bank of New York and The Depository Trust Company
* Confirmation of all securities hypothecated, pledged, placed in escrow, or
out for transfer with brokers, pledgees, or transfer agents
* Reconciliation of all such securities to the books and records of the Fund
and the Custodian
* Agreement of three security purchases and two security sales or maturities
since our last report from the books and records of the Fund to broker
confirmations
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
<PAGE>
To the Board of Trustees of Advisors Series Trust
The Heritage West Preferred Securities Income Fund
In our opinion, management's assertion that the Fund was in compliance with the
requirements of subsections (b) and (c) of rule 17f-2 of the Investment Company
Act of 1940 as of April 30, 1999, with respect to securities reflected in the
investment account of the Fund is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the
Board of Trustees of the Fund and the Securities and Exchange Commission and
should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers, LLP
PricewaterhouseCoopers, LLP
New York, New York
May 12, 2000
2
<PAGE>
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940
We, as members of management of The Heritage West Preferred Securities Income
Fund (the Fund), are responsible for complying with the requirements of
subsections (b) and (c) of rule 17f-2, "Custody of Investments by Registered
Management Investment Companies," of the Investment Company Act of 1940. We are
also responsible for establishing and maintaining effective internal controls
over compliance with those requirements. We have performed an evaluation of the
Fund's compliance with the requirements of subsections (b) and (c) of rule 17f-2
as of April 30, 1999 and from November 30, 1998 through April 30, 1999.
Based on this evaluation, we assert that the Fund was in compliance with the
requirements of subsections (b) and (c) of rule 17f-2 of the Investment Company
Act of 1940 as of April 30, 1999 and from November 30, 1999 through April 30,
1999, with respect to securities reflected in the investment account of the
Fund.
The Heritage West Preferred Securities Income Fund
By:
-----------------------------------------------------------------
Eric Banhazl
President
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To the Board of Trustees of Advisors Series Trust
The Heritage West Preferred Securities Income Fund
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, about The Heritage West Preferred Securities Income Fund's (the
"Fund"), a series of Advisors Series Trust, compliance with the requirements of
(b) and (c) of rule 17f-2 under the Investment Company Act of 1940 as of May 31,
1999, Management is responsible for the Fund's compliance with those
requirements. Our responsibility is to express an opinion on management's
assertion about the Fund's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of May 31, 1999, and with respect to agreement of security
purchases and sales, for the period from April 30, 1999, through May 31, 1999:
* Confirmation of all securities held by institutions in book entry form at
the Bank of New York and The Depository Trust Company
* Confirmation of all securities hypothecated, pledged, placed in escrow, or
out for transfer with brokers, pledgees, or transfer agents
* Reconciliation of all such securities to the books and records of the Fund
and the Custodian
* Agreement of three security purchases and two security sales or maturities
since our last report from the books and records of the Fund to broker
confirmations
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
<PAGE>
To the Board of Trustees of Advisors Series Trust
The Heritage West Preferred Securities Income Fund
In our opinion, management's assertion that the Fund was in compliance with the
requirements of subsections (b) and (c) of rule 17f-2 of the Investment Company
Act of 1940 as of May 31, 1999, with respect to securities reflected in the
investment account of the Fund is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the
Board of Trustees of the Fund and the Securities and Exchange Commission and
should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers, LLP
PricewaterhouseCoopers, LLP
New York, New York
May 12, 2000
<PAGE>
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940
We, as members of management of The Heritage West Preferred Securities Income
Fund (the Fund), are responsible for complying with the requirements of
subsections (b) and (c) of rule 17f-2, "Custody of Investments by Registered
Management Investment Companies," of the Investment Company Act of 1940. We are
also responsible for establishing and maintaining effective internal controls
over compliance with those requirements. We have performed an evaluation of the
Fund's compliance with the requirements of subsections (b) and (c) of rule 17f-2
as of May 31, 1999 and from April 30, 1999 through May 31, 1999.
Based on this evaluation, we assert that the Fund was in compliance with the
requirements of subsections (b) and (c) of rule 17f-2 of the Investment Company
Act of 1940 as of May 31, 1999 and from April 30, 1999 through May 31, 1999,
with respect to securities reflected in the investment account of the Fund.
The Heritage West Preferred Securities Income Fund
By:
-----------------------------------------------------------------
Eric Banhazl
President
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To the Board of Trustees of Advisors Series Trust
The Heritage West Preferred Securities Income Fund
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, about The Heritage West Preferred Securities Income Fund's (the
"Fund"), a series of Advisors Series Trust, compliance with the requirements of
subsections (b) and (c) of rule 17f-2 under the Investment Company Act of 1940
as of November 30, 1999, Management is responsible for the Fund's compliance
with those requirements. Our responsibility is to express an opinion on
management's assertion about the Fund's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of November 30, 1999, and with respect to agreement of security
purchases and sales, for the period from May 31, 1999, through November 30,
1999:
* Confirmation of all securities held by institutions in book entry form at
the Bank of New York and The Depository Trust Company
* Confirmation of all securities hypothecated, pledged, placed in escrow, or
out for transfer with brokers, pledgees, or transfer agents
* Reconciliation of all such securities to the books and records of the Fund
and the Custodian
* Agreement of three security purchases and two security sales or maturities
since our last report from the books and records of the Fund to broker
confirmations
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
<PAGE>
To the Board of Trustees of Advisors Series Trust
The Heritage West Preferred Securities Income Fund
In our opinion, management's assertion that the Fund was in compliance with the
requirements of subsections (b) and (c) of rule 17f-2 of the Investment Company
Act of 1940 as of November 30, 1999, with respect to securities reflected in the
investment account of the Fund is fairly stated, in all material respects.
This report is intended solely for the information and use of management and
Board of Trustees of the Fund and the Securities and Exchange Commission and
should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers, LLP
PricewaterhouseCoopers, LLP
New York, New York
May 12, 2000
2
<PAGE>
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940
We, as members of management of The Heritage West Preferred Securities Income
Fund (the Fund), are responsible for complying with the requirements of
subsections (b) and (c) of rule 17f-2, "Custody of Investments by Registered
Management Investment Companies," of the Investment Company Act of 1940. We are
also responsible for establishing and maintaining effective internal controls
over compliance with those requirements. We have performed an evaluation of the
Fund's compliance with the requirements of (b) and (c) of rule 17f-2 as of
November 30, 1999 and from May 31, 1999 through November 30, 1999.
Based on this evaluation, we assert that the Fund was in compliance with the
requirements of subsections (b) and (c) of rule 17f-2 of the Investment Company
Act of 1940 as of November 30, 1999 and from May 31, 1999 through November 30,
1999, with respect to securities reflected in the investment account of the
Fund.
The Heritage West Preferred Securities Income Fund
By:
-----------------------------------------------------------------
Eric Banhazl
President
