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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 15bKVX9HVT6a8Cf0YKDNTA==

<SEC-DOCUMENT>0000894189-03-001933.txt : 20031229
<SEC-HEADER>0000894189-03-001933.hdr.sgml : 20031225
<ACCEPTANCE-DATETIME>20031229121206
ACCESSION NUMBER:		0000894189-03-001933
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20031229
EFFECTIVENESS DATE:		20031229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADVISORS SERIES TRUST
		CENTRAL INDEX KEY:			0001027596
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-17391
		FILM NUMBER:		031074688

	BUSINESS ADDRESS:	
		STREET 1:		U.S BANCORP FUND SERVICES, LLC
		STREET 2:		615 E MICHIGAN STREET
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		414-765-5344

	MAIL ADDRESS:	
		STREET 1:		615 E MICHIGAN STREET
		STREET 2:		MK-WI-LC2
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>sticker.txt
<DESCRIPTION>SUPPLEMENT TO PROSPECTUS
<TEXT>


                                                               December 29, 2003

                             HOLLENCREST EQUITY FUND
                         Series of Advisors Series Trust
                                  Supplement to
                        Prospectus Dated December 2, 2002
- --------------------------------------------------------------------------------

Please note the following  change to the  Hollencrest  Equity Fund's  investment
policies under  "Investment  Objective and Principal  Investment  Strategies" on
page 3 of the Prospectus:

"Except in unusual market  circumstances,  the Fund's goal is to have 80% of its
total assets invested in equity securities."


               Please retain this Supplement with the Prospectus.
           The date of this Prospectus Supplement is December 29, 2003


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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