<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0001027596
000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000
I000000 3.0 000 J000000 A
001 A000000 ADVISOR SERIES TRUST
001 B000000 811-07959
001 C000000 6029521100
002 A000000 4455 E. CAMELBACK RD., SUITE 261-E
002 B000000 PHOENIX
002 C000000 AZ
002 D010000 85018
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C020700 AVATAR ADVANTAGE EQUITY ALLOCATION FUND
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
007 C021000 THE AL FRANK FUND
007 C031000 N
007 C011100 11
007 C021100 AVATAR ADVANTAGE BALANCED FUND
007 C031100 N
007 C011200 12
007 C021200 AVATAR ADVANTAGE INTL EQUITY ALLOCATION FUND
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007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION CORPORATION
<PAGE> PAGE 2
010 C01AA01 PHOENIX
010 C02AA01 AZ
010 C03AA01 85018
011 A00AA01 FIRST FUND DISTRIBUTORS, INC.
011 B00AA01 8-42809
011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85018
013 A00AA01 MCGLADREY & PULLEN, LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10017
015 A00AA01 STAR BANK, N.A.
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45202
015 E01AA01 X
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019 B00AA00 0
020 A000001 CHARLES SCHWAB
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020 A000002 BEAR STEARNS
020 C000002 17
020 A000003 HOENING AND CO.
020 C000003 2
020 A000004 BRIDGE TRADING - ERNST
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020 A000005 COWEN AND CO.
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020 A000006 MONTGOMERY SECURITIES
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020 A000007 JEFFERIES AND CO.
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022 D000001 327
022 A000002 FEDERATED SECURITIES CORP(STAR TREASURY FUND)
022 C000002 17674
022 D000002 15952
022 A000003 STAR BANK, N.A.
022 C000003 9914
022 D000003 9916
022 A000004 WENDHAM CAPITAL CLRS
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022 D000004 2000
<PAGE> PAGE 3
022 A000005 MENDHAM CAP CLRS MORG
022 C000005 7494
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022 D000007 611
022 A000008 JEFFERIES AND CO.
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022 D000008 333
022 A000009 BNY CAPITAL MARKETS
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022 D000009 70
022 A000010 HENDHAM CAPITAL CLRS HORG
022 C000010 303
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023 C000000 56868
023 D000000 36996
024 00AA00 N
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026 G010000 N
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026 H000000 N
027 000000 Y
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050 00AA00 N
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052 00AA00 N
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053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
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054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
<PAGE> PAGE 4
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
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<PAGE> PAGE 5
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<PAGE> PAGE 6
048 F010700 0
048 F020700 0.000
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048 I010700 0
048 I020700 0.000
048 J010700 0
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048 K010700 0
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<PAGE> PAGE 7
070 M010700 N
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<PAGE> PAGE 8
073 B000700 0.0000
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008 D011001 LAGUNA BEACH
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012 A001001 AMERICAN DATA SERVICES
012 B001001 84-1964
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<PAGE> PAGE 9
028 B021000 0
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037 001000 Y
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<PAGE> PAGE 10
048 E011000 0
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048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
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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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066 A001000 Y
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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
<PAGE> PAGE 11
070 L011000 Y
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 Y
070 P011000 N
070 P021000 N
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070 R021000 N
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<PAGE> PAGE 12
073 A011000 0.0000
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008 A001101 AVATAR INVESTORS ASSOCIATES CORP.
008 B001101 A
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012 A001101 AMERICAN DATA SERVICES
012 B001101 84-1964
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028 A011100 987
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<PAGE> PAGE 13
028 A041100 0
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<PAGE> PAGE 14
048 D011100 0
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058 A001100 N
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<PAGE> PAGE 15
070 K011100 Y
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<PAGE> PAGE 16
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008 A001201 AVATAR INVESTORS ASSOCIATES CORP.
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028 A011200 180
<PAGE> PAGE 17
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<PAGE> PAGE 18
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058 A001200 N
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE TOM MARSCHEL
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
<NUMBER> 10
<NAME> THE AL FRANK FUND
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<S> <C>
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<NAME> ADVISORS SERIES TRUST
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<NUMBER> 7
<NAME> AVATAR ADVANTAGE EQUITY ALLOCATION FUND
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<CURRENCY> U.S. DOLLARS
<S> <C>
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<TABLE> <S> <C>
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<CIK> 0001027596
<NAME> ADVISORS SERIES TRUST
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<NAME> AVATAR ADVANTAGE BALANCED FUND
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<S> <C>
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<CIK> 0001027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
<NUMBER> 12
<NAME> AVATAR ADVANTAGE INTERNATIONAL EQUITY ALLOCATION FUND
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<S> <C>
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