Kellner Event Fund

Kellner Event Fund

June 26, 2015

Kellner Merger Fund

Class A	GAKAX
Institutional Class	GAKIX

Kellner Event Fund

Class A	KEFAX
Institutional Class	KEFIX

Each Fund is a series of Advisors Series Trust (the “Trust”)

Supplement to the Summary Prospectuses, Prospectus and Statement of Additional Information (“SAI”) each dated April 30, 2015

Effective at the close of business on July 24, 2015, the Class A shares of each of the Kellner Merger Fund (the “Merger Fund”) and the Kellner Event Fund (the “Event Fund”) (each, a “Fund” and together, the “Funds”) will be redesignated as Investor Class shares.  Effective with the redesignation, all sales charges imposed on the former Class A shares will be eliminated on the Investor Class shares.  All other fees, expenses and investment minimums for the Investor Class shares will remain the same as the former Class A shares.  In connection with the redesignation, effective at the close of business on July 24, 2015, the following modifications are made to the Funds’ Summary Prospectuses, Prospectus and SAI.

Event Fund

·     The Event Fund’s “Fees and Expenses of the Event Fund” section on page 1 of the Summary Prospectus and page 7 of the Prospectus is deleted and replaced with the following:

Fees and Expenses of the Event Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Event Fund.

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees - Kellner Event Fund	Investor Class	Institutional Class
SHAREHOLDER FEES (fees paid directly from your investment)	none	none

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Kellner Event Fund		Investor Class	Institutional Class
Management Fees		1.50%	1.50%
Distribution and Service (Rule 12b-1) Fees		0.25%	none
Other Expenses (includes Interest Expense and Dividends on Securities Sold Short)	[1]	2.42%	2.42%
Interest Expense and Dividends on Securities Sold Short		0.35%	0.35%
Acquired Fund Fees and Expenses	[1]	0.10%	0.10%
Total Annual Fund Operating Expenses		4.27%	4.02%
Less: Fee Waiver and Expense Reimbursement	[2]	(1.83%)	(1.83%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement		2.44%	2.19%

·     The Event Fund’s Example table on page 2 of the Summary Prospectus and page 8 of the Prospectus is deleted and replaced with the following:

Expense Example - Kellner Event Fund - USD ($)	1 Year	3 Years
Investor Class	247	1,129
Institutional Class	222	1,057

*   *   *   *   *

Please retain this Supplement with your

Summary Prospectuses, Prospectus and SAI for future reference.

[1] Other Expenses and acquired fund fees and expenses ("AFFE") are based on estimated amounts for the current fiscal year.

[2] Kellner Management, L.P. (the "Advisor") has contractually agreed to waive a portion or all of its management fees and pay Event Fund expenses in order to limit Total Annual Fund Operating Expenses (excluding AFFE, taxes, interest expense, dividends on securities sold short and extraordinary expenses) to 1.99% and 1.74% of average daily net assets of the Fund's Investor Class shares and Institutional Class shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least April 28, 2016, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Advisor may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Caps.