ADVISORS SERIES TRUST
                             EDGAR LOMAX VALUE FUND

                         SUPPLEMENT DATED APRIL 19, 2000
                      TO THE PROSPECTUS DATED MARCH 1, 2000

On March 21,  2000 the Board of Trustees  for the Fund  approved a change in the
Transfer  Agent.  Effective May 19, 2000, ICA Fund Services Corp. will take over
the transfer  agency role for the Fund.  Fund operations will not be affected in
any way,  however,  the INVESTOR GUIDE and HOW TO REDEEM YOUR SHARES sections of
the prospectus are changed in the following ways:

     1.)  If you wish to invest by mail,  please send your  application form and
          check to ICA Fund Services Corp.,  4455 E. Camelback Rd., Suite 261-E,
          Phoenix, AZ 85018

     2.)  Other Fund requests including  redemption requests should be addressed
          as  indicated   above  or  you  can  call  the  toll  free  number  at
          1-888-263-6438.  The new fax  number  is  602-522-8172.  The toll call
          number is 602-522-9955.

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The FINANCIAL HIGHLIGHTS table description language is replaced by the following
language:

     The  financial  highlights  table is  intended to help you  understand  the
     Fund's  financial  performance  during  its past  fiscal  periods.  Certain
     information  reflects  financial results for a single fund share. The total
     returns in the table  represent the rate that an investor would have earned
     on an investment in the Fund  (assuming  reinvestment  of all dividends and
     distributions).  The  information  for the year ended  October 31, 1999 has
     been  audited  by  PricewaterhouseCoopers  LLP,  and by  other  independent
     accountants  for periods prior to October 31, 1999.  PricewaterhouseCoopers
     LLP's report and the Fund's financial statements are included in the Fund's
     annual report which is available upon request.

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On the prospectus back cover,  in the FOR MORE  INFORMATION  section,  the SEC's
Public   Reference  Room  in   Washington,   DC,  phone  number  is  changed  to
202-942-8090.