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.