Midanek/Pak Ultrashort Duration Fund

a series of Advisors Series Trust

November 19, 2004

Supplement to the Prospectus

dated September 30, 2004

Please note the following changes to your prospectus with respect to the Midanek/PakUltrashort Duration Fund.

Change in Dividends and Distributions

The Fund is changing its dividend distribution schedule referenced on page 20 of your prospectus as follows:

Dividends are declared, accrued and paid daily based upon the Fund’s net investment income (i.e., income other than net realized gains).

Please keep this Supplement with your Prospectus.