Form 497K ADVISORS SERIES TRUST
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E-mail| Semper MBS Total Return Fund | |||||||||||
| Class A | SEMOX | ||||||||||
| Institutional Class | SEMMX | ||||||||||
| Investor Class | SEMPX | ||||||||||
(the “Fund”)
Supplement dated December 9, 2022 to the Summary Prospectus dated March 30, 2022
At a meeting held December 8, 2022, the Board of Trustees (the “Board”) of Advisors Series Trust (the “Trust”) approved, and recommended approval by a vote of the Fund’s shareholders, an investment sub-advisory agreement between Semper Capital Management, L.P. and Medalist Partners LP, on behalf of the Fund. The Board also approved, and recommended approval by a vote of the Fund’s shareholders, for the Fund to operate under a “manager of managers” arrangement, which would allow greater flexibility with respect to changing sub-advisory arrangements.
Semper Capital Management, L.P. (the “Adviser”), which serves as the investment adviser to the Fund, has determined that it would benefit the Fund and its shareholders if Medalist Partners LP (“Medalist”) were to serve as a sub-adviser to the Fund. In its role as sub-adviser, Medalist will provide the existing portfolio manager with additional investment research support. This additional support will enable the portfolio manager to leverage the investment analysis of securities in certain sectors in which the Fund invests. The existing portfolio manager will remain responsible for oversight of Medalist and for day-to-day management of the assets in the Fund and will retain final decision making authority with respect to selection of Fund portfolio holdings.
In the coming weeks, the Fund’s shareholders of record will receive a proxy statement soliciting their vote with respect to the proposed sub-advisory agreement and proposed “manager of manager” arrangement. A Special Meeting of the Fund’s shareholders is scheduled to be held in February 2023. A more complete description of the proposals, as well as information regarding the factors the Board considered in approving the proposals will be provided in the proxy statement. When you receive your proxy statement, please review it and cast your vote so the Fund may avoid any future solicitations. Your vote is important to the Fund.
Please retain this supplement with your Summary Prospectus.
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