The Library Information System Time-Sharing (LISTS) experiment was based on three innovations in data processing technology: (1) the advent of computer time-sharing on third-generation machines, (2) the development of general-purpose file-management software and (3) the introduction of large, library-oriented data bases. The main body of the report contains: (1) purpose, (2) background and development of LISTS, (3) conduct of the LISTS experiment, (4) problems encountered, (5) results and (6) conclusions. The five appendices cover: (1) on-line circulation simulation, (2) LISTS system users manual, (3) LISTS system users manual for circulation control subsystem at Fullerton Junior College Library, (4) instructions for operating an on-line circulation system and (5) LISTS evaluation questionnaire. Based on this experiment, it appears that automation is an improvement over manual processing in some parts of the acquisitions process, for bibliographic searching of the Machine Readable Cataloging (MARC) records, for circulation control and for production of bookform catalogs. One of the most important results of this experiment was the understanding gained by the participants of what automation can offer for library applications. (NH)