ADVISORS SERIES TRUST, 497, 1999-09-13

ADVISORS SERIES TRUST
497, 1999-09-13

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                              ADVISORS SERIES TRUST
                     AVATAR ADVANTAGE EQUITY ALLOCATION FUND
                         AVATAR ADVANTAGE BALANCED FUND

                       SUPPLEMENT DATED SEPTEMBER 13, 1999
                       TO THE PROSPECTUS DATED MAY 1, 1999



         Elizabeth  Sonders,  Co-Portfolio  Manager of both the Avatar Advantage
Equity and Balanced  Funds,  resigned from the firm  effective  July 1999.  Both
Funds will be  managed  going  forward by a  committee  of  in-house  investment
professionals  to maximize  overall  effectiveness,  using the asset  allocation
techniques and strategies developed by the Advisor.