ADVISORS SERIES TRUST
THE AL FRANK FUND
SUPPLEMENT DATED NOVEMBER 16, 1999
TO THE PROSPECTUS DATED JULY 12, 1999
On November 5, 1999 the shareholders of the Al Frank Fund (the "Fund") held
a Special Meeting of Shareholders and approved a new investment advisory
agreement (the "Agreement") for the Fund as a result of AF Holdings, Inc. ("AF
Holdings"), a Minnesota corporation, acquiring all of the outstanding stock of
Al Frank Asset Management (the "Advisor"), the current investment advisor to the
Fund. AF Holding's acquisition of the Advisor represented an ownership change
and, as a result, the existing investment advisory agreement between the Fund
and the Advisor terminated.
Although there has been an ownership change in the Advisor, the principals
of the Advisor, Al Frank and John Buckingham, continue in their present
capacities and remain responsible for the day-to-day portfolio management of the
Fund. The Fund's investment objectives and strategies have not changed.
