Rule 424 (b) (3)
File No. 333-2572
SUPPLEMENT NO. 4
AMERICAN ASSET ADVISERS TRUST, INC.
SUPPLEMENT NO. 4 DATED DECEMBER 1, 1997
TO PROSPECTUS DATED JUNE 18, 1996
THIS SUPPLEMENT IS IN ADDITION TO AND DOES NOT REPLACE
PRIOR SUPPLEMENTS TO THE MEMORANDUM.
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ATTENTION PROSPECTIVE INVESTORS
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THE INFORMATION CONTAINED IN THIS SUPPLEMENT SHOULD BE READ
CAREFULLY AND CONSIDERED IN CONNECTION WITH YOUR REVIEW OF THE
PROSPECTUS DATED JUNE 18, 1996, SUPPLEMENT NO. 2 DATED FEBRUARY
28, 1997 AND SUPPLEMENT NO. 3 DATED OCTOBER 16, 1997 THERETO.
THE PURPOSE OF THIS SUPPLEMENT IS TO SET FORTH INFORMATION
CONCERNING THE FOLLOWING:
* Status of the Offering.
* Amendments the Company's Charter and Bylaws Approved
by the Company's Shareholders on November 12, 1997.
STATUS OF THE OFFERING
As of November 18, 1997, the Company has received $18,216,387 in
gross proceeds from the sale of 1,802,288 shares in the Offering since
it commenced on June 18, 1996.
AMENDMENTS TO CHARTER AND BYLAWS
At a special meeting of shareholders held on November 12, 1997,
the shareholders of the Company approved each of the amendments to the
Company's Articles of Incorporation ("Charter") and the Company's Bylaws
described in Supplement No. 3 to the Prospectus. Each of these amendments
had previously been approved by the Company's Board of Directors (the "Board").
Each of the amendments to the Bylaws of the Company became effective
on November 12, 1997. Each amendment to the Company's Charter will become
effective upon the filing of an amendment to the Company's Charter with the
State of Maryland.
End of Supplement No. 4 dated December 1, 1997
