Howard Capital Appreciation Fund
                      a series of the Advisors Series Trust



- --------------------------------------------------------------------------------
                          Supplement to the Prospectus
                     and Statement of Additional Information
                            Each dated March 30, 2003


     The investment advisor to the Howard Capital Appreciation Fund (the "Fund")
and the Board of Trustees of Advisors  Series Trust have determined to terminate
the Fund,  effective  at the close of  business  on January  29,  2004.  You are
welcome to redeem your shares  before that date if you wish.  As a result of the
decision to terminate the Fund,  investors  are no longer  permitted to purchase
Fund shares as of the date of this Supplement.

     If the Fund has not received your redemption  request or other  instruction
by January 22, 2004,  your shares will be redeemed on January 29, 2004,  and you
will  receive  from the Fund  your  proceeds,  subject  to any  withholding,  if
required. These proceeds generally will be subject to federal and possibly state
and local income taxes if the redeemed shares are held in a taxable account, and
the proceeds exceed your adjusted cost basis. If the redeemed shares are held in
a qualified  retirement account such as an IRA, the redemption  proceeds may not
be subject to  current  income  taxation  if not timely  placed in a  comparable
sheltered account.  You should consult with your tax advisor on the consequences
of this redemption to you. Checks will be issued to all  shareholders of record.
Please contact the Fund at 1-866-205-0528 if you have any questions.






        Please retain this Supplement with your Prospectus for reference.