REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Trustee and Shareholders
of Advisors Series Trust

In planning and performing our audit of the financial statements of Unity Fund
and Heritage West Preferred Securities Income Fund, each a series of Advisors
Series Trust (the "Company") for the year ended May 31, 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 the Company 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 the following matter,
involving the accounting system and its operation that we consider to be
material weaknesses as defined above. These conditions were considered in
determining the nature, timing, and extent of the procedures to be performed in
our audits of the financial statements of Unity Fund and Heritage West Preferred
Securities Income Fund, series of Advisors Series Trust, for the year ended May
31, 2000, and this reports does not affect our reports thereon dated August 18,
2000 and September 5, 2000 respectively. As a result of inadequate supervision
and review certain critical accounting routines were not performed by the Funds,
and several adjustments and reclassifications were required. Personnel changes
and procedures have been adopted to improve the supervision and review over fund
accounting.

This report is intended solely for the information and use of the Board of
Directors, 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.

/s/ PricewaterhouseCoopers

PricewaterhouseCoopers
September 5, 2000