EDGAR LOMAX VALUE FUND,
                        A SERIES OF ADVISORS SERIES TRUST

                        SUPPLEMENT DATED JANUARY 12, 2001
                        TO PROSPECTUS DATED MARCH 1, 2000


As of January 2, 2001, The Edgar Lomax Company (Advisor) has agreed to reduce
its fees and pay expenses of the Fund for an indefinite period to ensure that
actual operating expenses will not exceed 1.23% (previously 1.75%) of the Fund's
average net assets.

As a result of the this revised expense limitation, the Expense Example on Page
3 of the Prospectus is amended as follows:

EXPENSE EXAMPLE

This Example will help you compare the cost of investing in the Fund with the
cost of investing in other mutual funds. It is based on the annual operating
expenses shown above, and it assumes that these expenses will remain the same
over the time periods shown. It also assumes that you make a single $10,000
investment in the Fund to start with, that dividends and distributions are
reinvested and that you earn a 5% return each year. Finally, it assumes that you
redeem all of your shares at the end of each of the time periods. Again, this
Example is hypothetical, and your actual expenses may be higher or lower.

              1 YEAR       3 YEARS       5 YEARS       10 YEARS
              ------       -------       -------       --------
               $125          $389          $674         $1,484