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.