<DISPLAY>
[NAME] ADVISORS SERIES TRUST
[FILE-NUMBER] 811-07959
</DISPLAY>
<PAGE> PAGE 1
000 B000000 12/31/98
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 ADVISORS SERIES TRUST
001 B000000 811-07959
001 C000000 6029521100
002 A000000 4455 E CAMELBACK ROAD SUITE 261E
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 16
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 C021000 THE AL FRANK FUND
007 C031000 N
020 A000001 CHARLES SCHWAB
020 C000001 8286
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 8286
022 A000001 TRANSFER IN KIND
022 C000001 247
022 D000001 0
022 A000002 CORPORATE ACTION
022 C000002 2
<PAGE> PAGE 2
022 D000002 71
022 A000003 FEDERATED SECURITIES CORP(STAR TREASURY FUND)
022 C000003 5419
022 D000003 5419
022 A000004 STAR BANK, N.A.
022 C000004 2215
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 7883
023 D000000 5490
026 A000000 N
026 B000000 N
026 C000000 N
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 Y
077 Q010000 Y
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
008 A001001 AL FRANK ASSET MANAGEMENT
008 B001001 A
008 C001001 801-30528
008 D011001 LAGUNA BEACH
<PAGE> PAGE 3
008 D021001 CA
008 D031001 92651
010 A001001 INVESTMENT COMPANY ADMINISTRATION LLC
010 C011001 PHOENIX
010 C021001 AZ
010 C031001 85018
011 A001001 FIRST FUND DISTRIBUTORS, INC
011 B001001 8-42809
011 C011001 PHOENIX
011 C021001 AZ
011 C031001 85018
012 A001001 AMERICAN DATA SERVICES
012 B001001 84-1964
012 C011001 HAUPPAUGE
012 C021001 NY
012 C031001 11788
013 A001001 MCGLADREY & PULLEN LLP
013 B011001 NEW YORK
013 B021001 NY
013 B031001 10017
015 A001001 STAR BANK, N.A.
015 B001001 C
015 C011001 CINCINNATI
015 C021001 OH
015 C031001 45202
015 E011001 X
018 001000 Y
019 A001000 N
019 B001000 0
024 001000 N
028 A011000 266
028 A021000 0
028 A031000 0
028 A041000 245
028 B011000 404
028 B021000 0
028 B031000 0
028 B041000 58
028 C011000 464
028 C021000 0
028 C031000 0
028 C041000 21
028 D011000 334
028 D021000 0
028 D031000 0
028 D041000 160
028 E011000 234
028 E021000 0
028 E031000 0
028 E041000 56
028 F011000 128
<PAGE> PAGE 4
028 F021000 0
028 F031000 0
028 F041000 237
028 G011000 1830
028 G021000 0
028 G031000 0
028 G041000 777
028 H001000 0
029 001000 N
030 A001000 0
030 B001000 0.00
030 C001000 0.00
034 001000 N
035 001000 0
036 B001000 0
037 001000 Y
038 001000 4
039 001000 Y
040 001000 Y
041 001000 Y
042 A001000 0
042 B001000 0
042 C001000 0
042 D001000 0
042 E001000 0
042 F001000 0
042 G001000 0
042 H001000 100
043 001000 13
044 001000 0
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
<PAGE> PAGE 5
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
049 001000 N
050 001000 N
051 001000 N
052 001000 N
053 A001000 Y
053 B001000 Y
053 C001000 N
054 A001000 Y
054 B001000 Y
054 C001000 N
054 D001000 N
054 E001000 N
054 F001000 N
054 G001000 N
054 H001000 Y
054 I001000 N
054 J001000 Y
054 K001000 N
054 L001000 N
054 M001000 Y
054 N001000 N
054 O001000 N
055 A001000 N
055 B001000 Y
056 001000 Y
057 001000 N
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 5000
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
<PAGE> PAGE 6
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
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
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 N
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 8332
071 B001000 275
<PAGE> PAGE 7
071 C001000 4720
071 D001000 6
072 A001000 12
072 B001000 8
072 C001000 40
072 D001000 0
072 E001000 0
072 F001000 50
072 G001000 30
072 H001000 0
072 I001000 20
072 J001000 11
072 K001000 0
072 L001000 8
072 M001000 5
072 N001000 9
072 O001000 0
072 P001000 0
072 Q001000 12
072 R001000 11
072 S001000 5
072 T001000 13
072 U001000 7
072 V001000 0
072 W001000 7
072 X001000 188
072 Y001000 75
072 Z001000 -65
072AA001000 100
072BB001000 166
072CC011000 0
072CC021000 794
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 7196
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 0
074 K001000 0
074 L001000 5
<PAGE> PAGE 8
074 M001000 51
074 N001000 7252
074 O001000 0
074 P001000 3
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 207
074 S001000 0
074 T001000 7042
074 U011000 776
074 U021000 0
074 V011000 9.07
074 V021000 0.00
074 W001000 0.0000
074 X001000 323
074 Y001000 0
075 A001000 0
075 B001000 5044
076 001000 0.00
080 A001000 ICI MUTUAL INSURANCE COMPANY
080 C001000 450
081 A001000 Y
081 B001000 16
082 A001000 Y
082 B001000 25
083 A001000 N
083 B001000 0
084 A001000 N
084 B001000 0
085 A001000 Y
085 B001000 N
SIGNATURE THOMAS MARSCHEL
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
<NUMBER> 10
<NAME> THE AL FRANK FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-02-1998
<PERIOD-END> DEC-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 7,990,024
<INVESTMENTS-AT-VALUE> 7,196,140
<RECEIVABLES> 4,731
<ASSETS-OTHER> 51,457
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,252,328
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 210,361
<TOTAL-LIABILITIES> 210,361
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,967,285
<SHARES-COMMON-STOCK> 776,417
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (64,518)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (66,916)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (793,884)
<NET-ASSETS> 7,041,967
<DIVIDEND-INCOME> 39,776
<INTEREST-INCOME> 8,563
<OTHER-INCOME> 0
<EXPENSES-NET> 112,857
<NET-INVESTMENT-INCOME> (64,518)
<REALIZED-GAINS-CURRENT> (66,916)
<APPREC-INCREASE-CURRENT> (793,884)
<NET-CHANGE-FROM-OPS> (925,318)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 919,730
<NUMBER-OF-SHARES-REDEEMED> 143,313
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,041,967
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50,113
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 188,103
<AVERAGE-NET-ASSETS> 5,044,423
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> (0.85)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.07
<EXPENSE-RATIO> 2.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees
Advisors Series Trust
In planning and performing our audit of the financial statements of The Al Frank
Fund for the period from January 2, 1998 (commencement of operations) to
December 31, 1998, 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
December 31, 1998.
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
January 29, 1999
