<PAGE> PAGE 1
000 B000000 04/30/99
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 ADVISORS SERIES TRUST
001 B000000 811-37959
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 17
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 C011600 16
007 C021600 SEGALL BRYANT & HAMILL MID CAP FUND
007 C031600 N
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
020 A000001 BEAR STEARNS & COMPANY
020 B000001 13-4946705
020 C000001 2
020 A000002 MERRILL LYNCH
020 C000002 1
020 A000003 SMITH BARNEY
020 B000003 13-1912900
<PAGE> PAGE 2
020 C000003 1
020 A000004 WEEDEN
020 C000004 1
020 A000005 INSTINET CORP
020 C000005 1
020 A000006 WILLIAM BLAIR & COMPANY
020 C000006 1
020 A000007 MORGAN STANLEY
020 C000007 1
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 8
022 A000001 FEDERATED SECURITIES CORP(STAR TREASURY FUND)
022 C000001 1132
022 D000001 713
022 A000002 BEAR STEARNS
022 B000002 13-2214610
022 C000002 138
022 D000002 181
022 A000003 WM BLAIR
022 B000003 36-2214610
022 C000003 119
022 D000003 0
022 A000004 MERRILL LYNCH
022 B000004 13-3247006
022 C000004 107
022 D000004 0
022 A000005 CLEARY GULL
022 C000005 67
022 D000005 0
022 A000006 COWEN & CO.
022 C000006 25
022 D000006 0
022 A000007 WEEDEN
022 C000007 56
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 1644
023 D000000 894
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
<PAGE> PAGE 3
026 G010000 Y
026 G020000 Y
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
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
008 A001601 SEGALL BRYANT & HAMILL
008 B001601 A
008 C001601 801-47232
008 D011601 CHICAGO
008 D021601 IL
008 D031601 60606
010 A001601 INVESTMENT COMPANY ADMINISTRATION, LLC
010 C011601 PHOENIX
010 C021601 AZ
010 C031601 85018
011 A001601 FIRST FUND DISTRIBUTORS, INC.
011 B001601 8-42809
011 C011601 PHOENIX
011 C021601 AZ
011 C031601 85018
012 A001601 AMERICAN DATA SERVICES
012 B001601 84-1964
012 C011601 HAUPPAUGE
012 C021601 NY
012 C031601 11788
013 A001601 MCGLADREY & PULLEN LLP
013 B011601 NEW YORK
013 B021601 NY
013 B031601 10017
015 A001601 FIRSTAR BANK
015 B001601 C
015 C011601 CINCINNATI
<PAGE> PAGE 4
015 C021601 OH
015 C031601 45202
015 E011601 X
018 001600 Y
019 A001600 N
019 B001600 0
024 001600 N
025 D001601 0
025 D001602 0
025 D001603 0
025 D001604 0
025 D001605 0
025 D001606 0
025 D001607 0
025 D001608 0
028 A011600 8104
028 A021600 0
028 A031600 0
028 A041600 80
028 B011600 0
028 B021600 0
028 B031600 0
028 B041600 0
028 C011600 0
028 C021600 0
028 C031600 0
028 C041600 0
028 D011600 0
028 D021600 0
028 D031600 0
028 D041600 0
028 E011600 0
028 E021600 0
028 E031600 0
028 E041600 0
028 F011600 0
028 F021600 0
028 F031600 0
028 F041600 0
028 G011600 8104
028 G021600 0
028 G031600 0
028 G041600 80
028 H001600 0
029 001600 N
030 A001600 0
030 B001600 0.00
030 C001600 0.00
031 A001600 0
031 B001600 0
032 001600 0
<PAGE> PAGE 5
033 001600 0
034 001600 N
035 001600 0
036 B001600 0
037 001600 N
038 001600 0
039 001600 N
040 001600 Y
041 001600 Y
042 A001600 0
042 B001600 0
042 C001600 0
042 D001600 0
042 E001600 0
042 F001600 0
042 G001600 0
042 H001600 100
043 001600 1
044 001600 0
045 001600 Y
046 001600 N
047 001600 Y
048 001600 0.750
048 A011600 0
048 A021600 0.000
048 B011600 0
048 B021600 0.000
048 C011600 0
048 C021600 0.000
048 D011600 0
048 D021600 0.000
048 E011600 0
048 E021600 0.000
048 F011600 0
048 F021600 0.000
048 G011600 0
048 G021600 0.000
048 H011600 0
048 H021600 0.000
048 I011600 0
048 I021600 0.000
048 J011600 0
048 J021600 0.000
048 K011600 0
048 K021600 0.000
049 001600 N
050 001600 N
051 001600 N
052 001600 N
053 A001600 Y
053 B001600 Y
<PAGE> PAGE 6
053 C001600 N
054 A001600 Y
054 B001600 Y
054 C001600 N
054 D001600 N
054 E001600 N
054 F001600 N
054 G001600 N
054 H001600 Y
054 I001600 N
054 J001600 Y
054 K001600 N
054 L001600 N
054 M001600 Y
054 N001600 N
054 O001600 N
055 A001600 N
055 B001600 N
056 001600 Y
057 001600 N
058 A001600 N
059 001600 Y
060 A001600 Y
060 B001600 Y
061 001600 1000
062 A001600 N
062 B001600 0.0
062 C001600 0.0
062 D001600 0.0
062 E001600 0.0
062 F001600 0.0
062 G001600 0.0
062 H001600 0.0
062 I001600 0.0
062 J001600 0.0
062 K001600 0.0
062 L001600 0.0
062 M001600 0.0
062 N001600 0.0
062 O001600 0.0
062 P001600 0.0
062 Q001600 0.0
062 R001600 0.0
063 A001600 0
063 B001600 0.0
066 A001600 Y
066 B001600 N
066 C001600 N
066 D001600 Y
066 E001600 N
066 F001600 N
<PAGE> PAGE 7
066 G001600 N
067 001600 N
068 A001600 N
068 B001600 N
069 001600 N
070 A011600 Y
070 A021600 N
070 B011600 Y
070 B021600 N
070 C011600 Y
070 C021600 N
070 D011600 N
070 D021600 N
070 E011600 N
070 E021600 N
070 F011600 N
070 F021600 N
070 G011600 N
070 G021600 N
070 H011600 N
070 H021600 N
070 I011600 N
070 I021600 N
070 J011600 N
070 J021600 N
070 K011600 Y
070 K021600 Y
070 L011600 Y
070 L021600 N
070 M011600 N
070 M021600 N
070 N011600 N
070 N021600 N
070 O011600 N
070 O021600 N
070 P011600 N
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 N
070 R021600 N
071 A001600 1995
071 B001600 1396
071 C001600 7746
071 D001600 18
072 A001600 1
072 B001600 1
072 C001600 6
072 D001600 0
072 E001600 0
072 F001600 5
<PAGE> PAGE 8
072 G001600 2
072 H001600 0
072 I001600 1
072 J001600 1
072 K001600 0
072 L001600 1
072 M001600 1
072 N001600 1
072 O001600 0
072 P001600 0
072 Q001600 0
072 R001600 1
072 S001600 2
072 T001600 1
072 U001600 0
072 V001600 0
072 W001600 30
072 X001600 47
072 Y001600 38
072 Z001600 -1
072AA001600 463
072BB001600 0
072CC011600 0
072CC021600 54
072DD011600 0
072DD021600 0
072EE001600 0
073 A011600 0.0000
073 A021600 0.0000
073 B001600 0.0000
073 C001600 0.0000
074 A001600 0
074 B001600 0
074 C001600 0
074 D001600 0
074 E001600 0
074 F001600 8251
074 G001600 0
074 H001600 0
074 I001600 729
074 J001600 0
074 K001600 0
074 L001600 10
074 M001600 25
074 N001600 9015
074 O001600 570
074 P001600 0
074 Q001600 0
074 R011600 0
074 R021600 0
074 R031600 0
<PAGE> PAGE 9
074 R041600 12
074 S001600 0
074 T001600 8433
074 U011600 642
074 U021600 0
074 V011600 13.14
074 V021600 0.00
074 W001600 0.0000
074 X001600 83
074 Y001600 0
075 A001600 0
075 B001600 7759
076 001600 0.00
080 A001600 ICI MUTUAL INSURANCE COMPANY
080 C001600 525
081 A001600 Y
081 B001600 16
082 A001600 Y
082 B001600 25
083 A001600 N
083 B001600 0
084 A001600 N
084 B001600 0
085 A001600 Y
085 B001600 N
SIGNATURE SCOTT WARNER
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
<NUMBER> 16
<NAME> SEGALL BRYANT & HAMILL MID CAP FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 1-MO
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> APR-01-1999
<PERIOD-END> APR-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 8,071,282
<INVESTMENTS-AT-VALUE> 8,979,815
<RECEIVABLES> 9,567
<ASSETS-OTHER> 24,620
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,014,002
<PAYABLE-FOR-SECURITIES> 570,332
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,707
<TOTAL-LIABILITIES> 581,039
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,061,004
<SHARES-COMMON-STOCK> 641,586
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 463,426
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 908,533
<NET-ASSETS> 8,432,963
<DIVIDEND-INCOME> 5,562
<INTEREST-INCOME> 1,479
<OTHER-INCOME> 0
<EXPENSES-NET> 8,517
<NET-INVESTMENT-INCOME> (1,476)
<REALIZED-GAINS-CURRENT> 463,426
<APPREC-INCREASE-CURRENT> (54,025)
<NET-CHANGE-FROM-OPS> 407,925
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 647,845
<NUMBER-OF-SHARES-REDEEMED> 6,259
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,432,963
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,765
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 46,899
<AVERAGE-NET-ASSETS> 7,758,814
<PER-SHARE-NAV-BEGIN> 12.49
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.65
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.14
<EXPENSE-RATIO> .013
</TABLE>
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees
Advisors Series Trust
In planning and performing our audit of the financial statements of Segall
Bryant & Hamill Mid Cap Fund for the period from April 1, 1999 (commencement of
operations) to April 30, 1999, 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, error 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 it may become inadequate because of
changes in conditions or that the effectiveness of the 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
April 30, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of Advisors Series Trust, and the Securities and Exchange
Commission.
New York, New York
May 28, 1999
