September 23, 2002

                          GILFORD OAKWOOD EQUITY FUND,
                      a series of the Advisors Series Trust

                       Supplement dated September 23, 2002
                      To the Prospectus dated June 28, 2002
--------------------------------------------------------------------------------

     At a meeting of the Board of Trustees (the "Board") of the Advisors  Series
Trust held on  September  12 & 13,  2002,  the Board  unanimously  consented  to
liquidate the Gilford Oakwood Equity Fund (the "Fund").

     As a result of the decision to pursue  liquidation  of the Fund,  investors
are no longer  permitted to purchase shares of the Fund. Upon  liquidation,  the
Fund will send you a check for your share of the liquidation  proceeds,  subject
to any required withholding.  Your liquidation proceeds will be calculated using
the NAV as of the close of business on September 30, 2002. Checks will be issued
to all shareholders and mailed to the address of record on each account.




               Please retain this Supplement with the Prospectus.