<DISPLAY>
[FILE-NUMBER] 811-07959
</DISPLAY>
<PAGE> PAGE 1
000 A000000 11/30/98
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
007 A000000 Y
007 B000000 15
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C021500 LIBERTY FREEDOM FUND
007 C031500 N
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
<PAGE> PAGE 2
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
020 A000001 MERRILL LYNCH/BROADCORT
020 C000001 3
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 3
022 A000001 FEDERATED SECURITIES CORP(STAR TREASURY FUND)
022 C000001 2868
022 D000001 2801
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 2868
023 D000000 2801
026 A000000 N
026 B000000 Y
026 C000000 Y
<PAGE> PAGE 3
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
019 B000700 0
025 D000701 0
025 D000702 0
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
030 A000700 0
030 B000700 0.00
030 C000700 0.00
<PAGE> PAGE 4
080 C000700 0
081 B000700 0
082 B000700 0
083 B000700 0
084 B000700 0
012 A001001 AMERICAN DATA SERVICES
012 B001001 84-1964
012 C011001 HAUPPAUGE
012 C021001 NY
012 C031001 11788
028 A011000 1236
028 A021000 0
028 A031000 0
028 A041000 0
028 B011000 656
028 B021000 0
028 B031000 0
028 B041000 21
028 C011000 1783
028 C021000 0
028 C031000 0
028 C041000 27
028 D011000 2225
028 D021000 0
028 D031000 0
028 D041000 44
028 E011000 979
028 E021000 0
028 E031000 0
028 E041000 199
028 F011000 588
028 F021000 0
028 F031000 0
028 F041000 266
028 G011000 7467
028 G021000 0
028 G031000 0
028 G041000 557
028 H001000 0
037 001000 Y
038 001000 1
039 001000 Y
040 001000 Y
041 001000 Y
042 A001000 27
042 B001000 38
042 C001000 0
042 D001000 0
042 E001000 0
042 F001000 0
042 G001000 9
<PAGE> PAGE 5
042 H001000 26
043 001000 5
044 001000 17
045 001000 Y
046 001000 N
047 001000 Y
048 001000 1.000
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
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
058 A001000 N
058 B001000 N
058 C001000 N
058 D001000 N
058 E001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 2000
066 A001000 Y
066 D001000 Y
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 Y
<PAGE> PAGE 6
070 D021000 N
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
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
070 Q011000 N
070 Q021000 N
070 R011000 Y
070 R021000 N
071 A001000 6691
071 B001000 53
071 C001000 3497
071 D001000 2
072 A001000 6
072 B001000 7
072 C001000 12
072 D001000 0
072 E001000 0
072 F001000 19
072 G001000 15
072 H001000 0
072 I001000 10
072 J001000 7
072 K001000 0
072 L001000 4
072 M001000 3
072 N001000 5
072 O001000 0
072 P001000 0
072 Q001000 5
072 R001000 5
<PAGE> PAGE 7
072 S001000 2
072 T001000 5
072 U001000 3
072 V001000 0
072 W001000 3
072 X001000 86
072 Y001000 43
072 Z001000 -23
072AA001000 9
072BB001000 0
072CC011000 0
072CC021000 628
072DD011000 0
072DD021000 0
072EE001000 0
073 A011000 0.0000
073 A021000 0.0000
073 B001000 0.0000
073 C001000 0.0000
074 A001000 0
074 B001000 0
074 C001000 0
074 D001000 0
074 E001000 0
074 F001000 6019
074 G001000 0
074 H001000 0
074 I001000 32
074 J001000 53
074 K001000 3
074 L001000 152
074 M001000 50
074 N001000 6309
074 O001000 30
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 12
074 S001000 0
074 T001000 6267
074 U011000 637
074 U021000 0
074 V011000 9.83
074 V021000 0.00
074 W001000 0.0000
074 X001000 329
074 Y001000 0
075 A001000 0
075 B001000 3883
<PAGE> PAGE 8
076 001000 0.00
019 B001100 0
025 D001101 0
025 D001102 0
025 D001103 0
025 D001104 0
025 D001105 0
025 D001106 0
025 D001107 0
025 D001108 0
030 A001100 0
030 B001100 0.00
030 C001100 0.00
080 C001100 0
081 B001100 0
082 B001100 0
019 B001200 0
025 D001201 0
025 D001202 0
025 D001203 0
025 D001204 0
025 D001205 0
025 D001206 0
025 D001207 0
025 D001208 0
030 A001200 0
030 B001200 0.00
030 C001200 0.00
080 C001200 0
081 B001200 0
082 B001200 0
008 A001501 LIBERTY BANK AND TRUST
008 B001501 A
008 C001501 801-0000
008 D011501 NEW ORLEANS
008 D021501 LA
008 D031501 70122
008 A001502 THE EDGAR LOMAX COMPANY
008 B001502 S
008 C001502 801-19358
008 D011502 SPRINGFIELD
008 D021502 VA
008 D031502 22150
010 A001501 INVESTMENT COMPANY ADMINISTRATION LLC
010 C011501 PHOENIX
010 C021501 AZ
010 C031501 85018
011 A001501 FIRST FUND DISTRIBUTORS, INC.
011 B001501 8-42809
011 C011501 PHOENIX
011 C021501 AZ
<PAGE> PAGE 9
011 C031501 85018
012 A001501 AMERICAN DATA SERVICES
012 B001501 84-1964
012 C011501 HAUPPAUGE
012 C021501 NY
012 C031501 11788
013 A001501 MCGLADREY & PULLEN, LLP
013 B011501 NEW YORK
013 B021501 NY
013 B031501 10017
015 A001501 STAR BANK, N.A.
015 B001501 C
015 C011501 CINCINNATI
015 C021501 OH
015 C031501 45202
015 E011501 X
018 001500 Y
019 A001500 N
019 B001500 0
024 001500 N
025 D001501 0
025 D001502 0
025 D001503 0
025 D001504 0
025 D001505 0
025 D001506 0
025 D001507 0
025 D001508 0
028 A011500 0
028 A021500 0
028 A031500 0
028 A041500 0
028 B011500 1970
028 B021500 0
028 B031500 0
028 B041500 70
028 C011500 833
028 C021500 0
028 C031500 0
028 C041500 21
028 D011500 83
028 D021500 0
028 D031500 0
028 D041500 43
028 E011500 84
028 E021500 0
028 E031500 0
028 E041500 206
028 F011500 97
028 F021500 0
028 F031500 0
<PAGE> PAGE 10
028 F041500 89
028 G011500 3067
028 G021500 0
028 G031500 0
028 G041500 429
028 H001500 0
029 001500 Y
030 A001500 79
030 B001500 3.50
030 C001500 0.00
031 A001500 0
031 B001500 0
032 001500 68
033 001500 11
034 001500 N
035 001500 0
036 B001500 0
037 001500 N
038 001500 0
039 001500 Y
040 001500 Y
041 001500 Y
042 A001500 0
042 B001500 0
042 C001500 0
042 D001500 0
042 E001500 0
042 F001500 0
042 G001500 0
042 H001500 100
043 001500 5
044 001500 0
045 001500 Y
046 001500 Y
047 001500 Y
048 001500 0.850
048 A011500 0
048 A021500 0.000
048 B011500 0
048 B021500 0.000
048 C011500 0
048 C021500 0.000
048 D011500 0
048 D021500 0.000
048 E011500 0
048 E021500 0.000
048 F011500 0
048 F021500 0.000
048 G011500 0
048 G021500 0.000
048 H011500 0
<PAGE> PAGE 11
048 H021500 0.000
048 I011500 0
048 I021500 0.000
048 J011500 0
048 J021500 0.000
048 K011500 0
048 K021500 0.000
049 001500 N
050 001500 N
051 001500 N
052 001500 N
053 A001500 N
054 A001500 Y
054 B001500 Y
054 C001500 N
054 D001500 N
054 E001500 N
054 F001500 N
054 G001500 N
054 H001500 Y
054 I001500 N
054 J001500 Y
054 K001500 N
054 L001500 N
054 M001500 Y
054 N001500 N
054 O001500 N
055 A001500 N
055 B001500 N
056 001500 Y
057 001500 N
058 A001500 N
059 001500 Y
060 A001500 Y
060 B001500 Y
061 001500 1000
062 A001500 N
062 B001500 0.0
062 C001500 0.0
062 D001500 0.0
062 E001500 0.0
062 F001500 0.0
062 G001500 0.0
062 H001500 0.0
062 I001500 0.0
062 J001500 0.0
062 K001500 0.0
062 L001500 0.0
062 M001500 0.0
062 N001500 0.0
062 O001500 0.0
<PAGE> PAGE 12
062 P001500 0.0
062 Q001500 0.0
062 R001500 0.0
063 A001500 0
063 B001500 0.0
066 A001500 Y
066 B001500 N
066 C001500 N
066 D001500 Y
066 E001500 N
066 F001500 N
066 G001500 N
067 001500 N
068 A001500 N
068 B001500 N
069 001500 N
070 A011500 Y
070 A021500 N
070 B011500 N
070 B021500 N
070 C011500 N
070 C021500 N
070 D011500 N
070 D021500 N
070 E011500 N
070 E021500 N
070 F011500 N
070 F021500 N
070 G011500 N
070 G021500 N
070 H011500 N
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 N
070 J021500 N
070 K011500 N
070 K021500 N
070 L011500 Y
070 L021500 N
070 M011500 N
070 M021500 N
070 N011500 N
070 N021500 N
070 O011500 N
070 O021500 N
070 P011500 N
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
<PAGE> PAGE 13
070 R021500 N
071 A001500 2763
071 B001500 178
071 C001500 2309
071 D001500 7
072 A001500 6
072 B001500 3
072 C001500 24
072 D001500 0
072 E001500 0
072 F001500 8
072 G001500 13
072 H001500 0
072 I001500 7
072 J001500 3
072 K001500 0
072 L001500 5
072 M001500 1
072 N001500 4
072 O001500 0
072 P001500 0
072 Q001500 6
072 R001500 6
072 S001500 2
072 T001500 5
072 U001500 3
072 V001500 0
072 W001500 7
072 X001500 70
072 Y001500 50
072 Z001500 7
072AA001500 0
072BB001500 5
072CC011500 113
072CC021500 0
072DD011500 0
072DD021500 0
072EE001500 0
073 A011500 0.0000
073 A021500 0.0000
073 B001500 0.0000
073 C001500 0.0000
074 A001500 0
074 B001500 0
074 C001500 0
074 D001500 0
074 E001500 0
074 F001500 2760
074 G001500 0
074 H001500 0
074 I001500 0
<PAGE> PAGE 14
074 J001500 15
074 K001500 6
074 L001500 11
074 M001500 45
074 N001500 2837
074 O001500 0
074 P001500 0
074 Q001500 0
074 R011500 0
074 R021500 0
074 R031500 0
074 R041500 31
074 S001500 0
074 T001500 2806
074 U011500 274
074 U021500 0
074 V011500 10.26
074 V021500 0.00
074 W001500 0.0000
074 X001500 175
074 Y001500 0
075 A001500 0
075 B001500 2309
076 001500 0.00
080 C001500 0
081 B001500 0
082 B001500 0
083 B001500 0
084 B001500 0
074 A003500 0
074 B003500 0
074 C003500 0
074 D003500 0
074 E003500 0
074 F003500 0
074 G003500 0
074 H003500 0
074 I003500 0
074 J003500 0
074 K003500 0
074 L003500 0
074 M003500 0
074 N003500 0
SIGNATURE TOM MARSCHEL
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
<NUMBER> 15
<NAME> LIBERTY FREEDOM FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-29-1998
<PERIOD-END> NOV-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 2,646,929
<INVESTMENTS-AT-VALUE> 2,760,305
<RECEIVABLES> 31,391
<ASSETS-OTHER> 45,387
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,837,084
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,016
<TOTAL-LIABILITIES> 31,016
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,690,576
<SHARES-COMMON-STOCK> 273,563
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 7,352
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,236)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 113,376
<NET-ASSETS> 2,806,068
<DIVIDEND-INCOME> 24,373
<INTEREST-INCOME> 3,178
<OTHER-INCOME> 0
<EXPENSES-NET> 20,199
<NET-INVESTMENT-INCOME> 7,352
<REALIZED-GAINS-CURRENT> (5,236)
<APPREC-INCREASE-CURRENT> 113,376
<NET-CHANGE-FROM-OPS> 115,492
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 312,663
<NUMBER-OF-SHARES-REDEEMED> 39,100
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,806,068
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,163
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 69,951
<AVERAGE-NET-ASSETS> 2,309,287
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.23
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.26
<EXPENSE-RATIO> .021
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
