Chase Growth Fund
                        A series of Advisors Series Trust


                                                                 January 1, 2004
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                          Supplement to the Prospectus
                             dated January 28, 2003

Effective  January 1, 2004, Chase Investment  Counsel Corp., the Fund's Advisor,
has  contractually  agreed to lower the Fund's  Total Annual  Operating  Expense
limit from 1.48% to 1.39%.

The expense  table and example  below  replaces the expense table and example on
page 4 of the Prospectus:

Fees and Expenses of the Fund

This table  describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

Shareholder Fees
(fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases..........................None
Maximum deferred sales charge (load)......................................None
Redemption fee (as a percentage of amount redeemed)(1)....................2.00%

Annual Fund Operating Expenses
(expenses that are deducted from Fund assets)
Investment Advisory Fees..................................................1.00%
Other Expenses............................................................0.42%
                                                                          ----
Total Annual Fund Operating Expenses......................................1.42%
                                                                          ----
Fee Waiver and/or Expense Reimbursement(2)...............................(0.03)%
Net Annual Fund Operating Expenses........................................1.39%

(1)  The redemption fee applies only to those shares that you have held for less
     than 60 days. The fee is payable to the Fund and is intended to benefit the
     remaining shareholders by reducing the costs of short-term trading.
(2)  The  Advisor  has  contractually  agreed  to waive its fees  and/or  absorb
     expenses of the Fund until terminated by the Fund to ensure that Net Annual
     Fund Operating  Expenses do not exceed 1.39%. The Net Annual Fund Operating
     Expense  reflects  expenses  as if the  expense  waiver  had been in effect
     during the  previous  fiscal  year.  The Advisor  reserves  the right to be
     reimbursed  for any  waiver of its fees or  expenses  paid on behalf of the
     Fund if the Fund's  expenses are less than the limit agreed to by the Fund.
     The Board of Trustees may terminate this expense reimbursement  arrangement
     at any time.

Example

This  Example is intended to help you compare the cost of  investing in the Fund
with the cost of investing in other mutual funds.  The Example  assumes that you
invest $10,000 in the Fund for the time periods indicated and then redeem all of
your shares at the end of those  periods.  The Example  also  assumes  that your
investment has a 5% return each year, that all dividends and  distributions  are
reinvested and that the Fund's  operating  expenses remain the same. The Example
figures were calculated using net operating expenses. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:

      1 year              3 years              5 years           10 years
      ------              -------              -------           --------
       $142                 $440                $761              $1,669




    Please retain this Supplement with your Prospectus for future reference.