ADVISORS SERIES TRUST
KAMINSKI POLAND FUND
SUPPLEMENT DATED AUGUST 27, 1999
TO THE PROSPECTUS DATED OCTOBER 30, 1998 FOR CLASS
I SHARES AND TO THE PROSPECTUS DATED MARCH 16,
1999 FOR THE CLASS A SHARES
Kaminski Asset Management, Inc. (the "Advisor") is the investment
advisor to the Kaminski Poland Fund (the "Fund"). Pursuant to an agreement
between the Advisor and the Fund, the Advisor has been limiting the operating
expenses of each Class to 2.75% of average annual net assets by waiving its
investment advisory fee and/or by paying expenses of the Fund. In order to
enable the Advisor to make these payments, Mr. Matthew Gregory Kaminski, owner
of the Advisor, has been making capital infusions into the Advisor out of his
personal assets.
If Mr. Kaminski discontinues his personal capital infusions into the
Advisor, the Advisor's investment management services, including those provided
to the Fund, would be compromised.
If the Advisor is unable to, or voluntarily decides to discontinue to,
waive the investment advisory fee and/or pay expenses of the Fund, the operating
expenses of the Fund would be considerably higher.
