AST - American Trust Allegiance Supplementary Materials

497 1 ata_497e.htm AST - AMERICAN TRUST ALLEGIANCE SUPPLEMENTARY MATERIALS AST - American Trust Allegiance Supplementary Materials

March 3, 2006

The American Trust Allegiance Fund

Series of Advisors Series Trust

Supplement to

Prospectus Dated June 28, 2005

Effective February 24, 2006, Jeffrey M. Harris, CFA will no longer serves as a portfolio manager of The American Trust Allegiance Fund.

Please disregard all references to Mr. Harris in the Prospectus.

Paul H. Collins, President of the Advisor, will resume his role as portfolio manager, responsible for the day-to-day investment decisions for the Fund. Information with respect to Mr. Collins’ background and experience can be found on page 10 of the prospectus.

Please retain this Supplement with your Prospectus for reference.