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SIGNATURE THOMAS MARSCHEL
TITLE ASSISTANT TREASURER
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Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street
Washington D.C. 20549
We were previously the independent accountants
for the American Trust Allegiance
Fund, a series of Advisors Series Trust. We
have read their notification of change in
independent accountants made in Item 77K of
Form N-SAR. We agree with the statements in
the filing.
McGladrey & Pullen, LLP
New York, New York
April 26, 2000
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 past two fiscal
years 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 audits 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 American Trust Allegiance Fund series of
Advisors Series Trust, for the year ended February 29,
2000, 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 February
29, 2000.
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.
New York, New York
April 7, 2000
