<PAGE> PAGE 1
000 B000000 06/30/98
000 C000000 0001027596
000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000
I000000 3.0 000 J000000 A
001 A000000 ADVISORS SERIES TRUST
001 B000000 811-07959
001 C000000 6029521100
002 A000000 4455 E. CAMELBACK RD., SUITE 261-E
002 B000000 PHOENIX
002 C000000 AZ
002 D010000 85018
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 13
007 C010100 1
007 C010200 2
007 C010300 3
007 C020300 KAMINSKI POLAND FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 KAMINSKI ASSET MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-53485
008 D01AA01 MINNEAPOLIS
008 D02AA01 MN
008 D03AA01 55401
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION CORPORATION
010 C01AA01 PHOENIX
010 C02AA01 AZ
010 C03AA01 85018
011 A00AA01 FIRST FUND DISTRIBUTORS, INC.
011 B00AA01 8-42809
011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85018
012 A00AA01 AMERICAN DATA SERVICES
012 B00AA01 84-1964
<PAGE> PAGE 2
012 C01AA01 HAUPPAUGE
012 C02AA01 NY
012 C03AA01 11788
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
015 A00AA01 STAR BANK, N.A.
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45202
015 E01AA01 X
015 A00AA02 CITIBANK POLAND
015 B00AA02 S
015 C01AA02 WARSAW
015 D01AA02 POLAND
015 E04AA02 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 BEAR STEARNS
020 B000001 133299429
020 C000001 26
020 A000002 PIPER JAFFREY
020 B000002 410953246
020 C000002 4
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 30
022 A000001 BEAR STEARNS & CO, INC.
022 B000001 133299429
022 C000001 147
022 D000001 37
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
<PAGE> PAGE 3
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 184
023 D000000 37
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 106
028 A02AA00 0
028 A03AA00 0
028 A04AA00 3
028 B01AA00 117
028 B02AA00 0
028 B03AA00 0
028 B04AA00 3
028 C01AA00 380
028 C02AA00 0
028 C03AA00 0
028 C04AA00 2
028 D01AA00 157
028 D02AA00 0
028 D03AA00 0
028 D04AA00 182
028 E01AA00 118
028 E02AA00 0
028 E03AA00 0
028 E04AA00 36
028 F01AA00 61
028 F02AA00 0
028 F03AA00 0
<PAGE> PAGE 4
028 F04AA00 22
028 G01AA00 940
028 G02AA00 0
028 G03AA00 0
028 G04AA00 247
028 H00AA00 0
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
042 A00AA00 19
042 B00AA00 22
042 C00AA00 0
042 D00AA00 0
042 E00AA00 45
042 F00AA00 0
042 G00AA00 14
042 H00AA00 0
043 00AA00 2
044 00AA00 143
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 1.450
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
<PAGE> PAGE 5
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 N
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
<PAGE> PAGE 6
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 N
066 D00AA00 Y
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 Y
069 00AA00 N
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 Y
070 Q02AA00 N
<PAGE> PAGE 7
070 R01AA00 Y
070 R02AA00 N
071 A00AA00 1752
071 B00AA00 184
071 C00AA00 714
071 D00AA00 26
072 A00AA00 12
072 B00AA00 7
072 C00AA00 5
072 D00AA00 0
072 E00AA00 0
072 F00AA00 13
072 G00AA00 29
072 H00AA00 0
072 I00AA00 19
072 J00AA00 20
072 K00AA00 0
072 L00AA00 9
072 M00AA00 4
072 N00AA00 12
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 15
072 R00AA00 16
072 S00AA00 7
072 T00AA00 2
072 U00AA00 7
072 V00AA00 0
072 W00AA00 6
072 X00AA00 159
072 Y00AA00 135
072 Z00AA00 -12
072AA00AA00 0
072BB00AA00 3
072CC01AA00 0
072CC02AA00 252
072DD01AA00 5
072DD02AA00 0
072EE00AA00 0
073 A01AA00 0.0000
073 A02AA00 0.0000
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 20
074 B00AA00 0
074 C00AA00 0
074 D00AA00 0
074 E00AA00 0
074 F00AA00 1313
074 G00AA00 0
074 H00AA00 0
<PAGE> PAGE 8
074 I00AA00 0
074 J00AA00 1
074 K00AA00 23
074 L00AA00 5
074 M00AA00 43
074 N00AA00 1405
074 O00AA00 11
074 P00AA00 0
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 32
074 S00AA00 0
074 T00AA00 1362
074 U01AA00 165
074 U02AA00 0
074 V01AA00 8.25
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 397
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 932
076 00AA00 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 400
081 A00AA00 Y
081 B00AA00 12
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
<PAGE> PAGE 9
086 F020000 0
SIGNATURE THOMAS MARSCHEL
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001027596
<NAME> ADVISORS SERIES TRUST
<SERIES>
<NUMBER> 3
<NAME> KAMINSKI POLAND FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-9-1997
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,564,908
<INVESTMENTS-AT-VALUE> 1,313,389
<RECEIVABLES> 28,878
<ASSETS-OTHER> 19,669
<OTHER-ITEMS-ASSETS> 42,954
<TOTAL-ASSETS> 1,404,890
<PAYABLE-FOR-SECURITIES> 11,100
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,017
<TOTAL-LIABILITIES> 43,117
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,616,723
<SHARES-COMMON-STOCK> 164,970
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (13,532)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,414)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (251,536)
<NET-ASSETS> 1,361,773
<DIVIDEND-INCOME> 4,607
<INTEREST-INCOME> 6,919
<OTHER-INCOME> 0
<EXPENSES-NET> 25,058
<NET-INVESTMENT-INCOME> (13,532)
<REALIZED-GAINS-CURRENT> (3,414)
<APPREC-INCREASE-CURRENT> (251,536)
<NET-CHANGE-FROM-OPS> (268,482)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 195,353
<NUMBER-OF-SHARES-REDEEMED> 30,383
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,630,255
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,159
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 159,430
<AVERAGE-NET-ASSETS> 927,866
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> (1.67)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.25
<EXPENSE-RATIO> 2.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
ON INTERNAL ACCOUNTING CONTROLS
To the Shareholders and
Board of Directors of
Kaminski Poland Fund
In planning and performing our audit of the financial statements of Kaminski
Poland Fund (hereafter referred to as the "Fund") for the period July 9, 1997
(commencement of operations) to June 30, 1998 we considered the Fund's internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, and
not to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
June 30, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
August 21, 1998
