ADVISORS SERIES TRUST
KAMINSKI POLAND FUND
Supplement dated September 22, 1999
to the Prospectus dated October 30, 1998 for the Class I shares and
to the Prospectus dated March 16, 1999 for the Class A shares
On September 22, 1999, the Board of Trustees of Advisors Series Trust (the
"Trust") met to discuss a proposal (the "Proposal") made by Kaminski Asset
Management, the Advisor to the Kaminski Poland Fund to reorganize the Fund into
a series of Questar Funds, Inc. ("Questar"), a separately registered investment
company. The Proposal has been preliminarily approved by the Board of Trustees
of the Trust and is subject to their further review as well as the approval of
the Board of Directors of Questar and the shareholders of the Fund (the
"Shareholders").
A Meeting of the Shareholders to consider this Proposal is scheduled for
December 3, 1999. Shareholders who own shares of the Fund as of October 7, 1999
will be entitled to vote on the Proposal which will be explained in a proxy
statement that will be sent to the Shareholders. If approved by the Board of
Trustees of the Trust, the Board of Directors of Questar, and by the
Shareholders at the Meeting, the reorganization of the Fund into a series of
Questar will take place shortly after the Meeting.
Shareholders should note that the reorganization will be a tax-free
reorganization and should note that after the proposed reorganization:
* the Fund will no longer be a series of the Trust, but rather a series of
Questar;
* the administrator and distributor of the Fund will change;
* the Advisor will continue to manage the day-to-day operations of the Fund;
* the Fund's investment objective of investing in equity securities issued by
companies based in the Republic of Poland will not change; and
* the management fee of the Fund is expected to remain the same, but total
operating expenses may be different, and the Advisor will no longer be
subject to an operating expense limit cap of 2.25% of the Fund's total
annual net assets.
