497 1 sempermbs_497e.htm SUPPLEMENTARY MATERIALS sempermbs_497e.htm  
March 1, 2016
 
SEMPER MBS TOTAL RETURN FUND
 
 
Class A
SEMOX
  
 
Institutional Class
SEMMX
  
 
Investor Class
SEMPX
  


A series of Advisors Series Trust

Supplement to the Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) each dated December 18, 2015, for the Semper MBS Total Return Fund

Effective immediately, the first paragraph on page 1 of the Semper MBS Total Return Fund’s (the “Fund”) Summary Prospectus is deleted and replaced with the following:

Before you invest, you may want to review the Semper MBS Total Return Fund’s (the “MBS Fund”) Statutory Prospectus, which contains more information about the MBS Fund and its risks.  The current Statutory Prospectus and Statement of Additional Information dated December 18, 2015, are incorporated by reference into this Summary Prospectus.  You can find the MBS Fund’s Statutory Prospectus and other information about the Fund online at http://semperfunds.com/documents.html.  You can also get this information at no cost by calling 1-855-736-7799 (855-SEM-PRXX) or by sending an e-mail request to Info@sempercap.com.

Also effective immediately, Mr. Zachary Cooper will serve as an additional portfolio manager to the Fund.

In connection with this change, effective immediately, the following additional modifications are made to the Fund’s Summary Prospectus, Prospectus and SAI.

Summary Prospectus and Prospectus

· 
The “Portfolio Managers” section on page 6 of the Fund’s Summary Prospectus and page 6 of the Fund’s Prospectus is deleted and replaced with the following:

Portfolio Managers.   Mr. Jay Menozzi, CFA, Chief Investment Officer, Mr. Boris Peresechensky, CFA, Portfolio Manager, Mr. Thomas Mandel, CFA, Senior Managing Director, and Mr. Zachary Cooper, CFA, Deputy Chief Investment Officer, are the portfolio managers primarily responsible for the day-to-day management of the Fund.  Mr. Menozzi has managed the Fund since its inception in July, 2013.  Mr. Peresechensky has managed the Fund since March, 2014.  Mr. Mandel has managed the Fund since January, 2015.  Mr. Cooper has managed the Fund since February, 2016.

Prospectus

·
The following paragraph is added to the “Portfolio Managers” section on page 23 of the Fund’s Prospectus:

Zachary Cooper, CFA, Deputy Chief Investment Officer
Mr. Cooper joined the Adviser in 2015.  He has over 20 years of experience in structured products.  Prior to joining the Adviser, Zachary served as Chief Investment Officer of Treesdale Rising Rates Strategy.  He previously served as Senior Portfolio Manager at Highland Financial Holdings Group, LLC and began his career at Deutsche Bank Securities, Inc.  He holds a B.A. in Computer Science from Harvard University.

SAI

·
The first paragraph in the “Portfolio Managers” section on page 35 of the Fund’s SAI is deleted and replaced with the following:
 
 
 
 
 
Portfolio Managers
Mr. Thomas Mandel, CFA, Senior Managing Director, Mr. Jay Menozzi, CFA, Chief Investment Officer, Mr. Boris Peresechensky, CFA and Mr. Zachary Cooper, CFA, Deputy Chief Investment Officer, are the portfolio managers primarily responsible for the day-to-day management of the Funds.  Mr. Mandel has served as the Short Duration Fund’s portfolio manager since its inception in 2010.  Mr. Menozzi and Mr. Peresechensky have managed the Short Duration Fund since January 2015.  Mr. Menozzi has managed the MBS Fund since its inception in July, 2013 and Mr. Peresechensky has managed the MBS Fund since March, 2014.  Mr. Mandel has managed the MBS Fund since January 2015.  Mr. Cooper has managed the MBS Fund and the Short Duration Fund since February 2016. The following table shows the number of other accounts managed (not including the Funds) by each portfolio manager and the total assets in the accounts managed within various categories as of July 31, 2015 for Mr. Mandel, Mr. Menozzi and Mr. Peresechensky, and as of December 31, 2015 for Mr. Cooper.

·
The following table is added as the last table in the “Portfolio Managers” section on page 36 of the Fund’s SAI:

Mr. Zachary Cooper
Type of Accounts
Number of
Accounts
(excluding
the Funds)
Total Assets
Number of
Accounts with
Advisory Fee
based on
Performance
Total Assets in
Accounts for
Which Advisory
Fee is Based on
Performance
Registered Investment Companies
0
$0
0
$0
Other Pooled Investments
3
$155 million
2
$155 million
Other Accounts
2
$75 million
2
$75 million

·
The “Securities Owned in the Fund by Portfolio Managers” section on page 37 of the Fund’s SAI is deleted and replaced with the following:

Securities Owned in the Fund by Portfolio Managers. As of July 31, 2015, Mr. Menozzi, Mr. Peresechensky, and Mr. Mandel owned the following securities in the Funds and as of December 31, 2015, Mr. Cooper owned the following securities in the Funds:
 
Portfolio Manager
Dollar Range of Equity Securities Owned in the Funds
(None, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001 - $500,000, $500,001
to $1,000,000, Over $1,000,000)
 
MBS Fund
Short Duration Fund
Mr. Jay Menozzi
$500,001 - $1,000,000
None
Mr. Boris Peresechensky
$500,001 - $1,000,000
None
Mr. Thomas Mandel
$100,001 - $500,000
$1 – $10,000
Mr. Zachary Cooper
None
None




Please retain this Supplement with your Summary Prospectus, Prospectus and SAI.
The date of this Supplement is March 1, 2016.
 
 
 
 
 
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