0000894189-16-011768.txt : 20160909 0000894189-16-011768.hdr.sgml : 20160909 20160909141850 ACCESSION NUMBER: 0000894189-16-011768 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20160909 DATE AS OF CHANGE: 20160909 EFFECTIVENESS DATE: 20160909 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-17391 FILM NUMBER: 161878574 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000036614 Vivaldi Orinda Macro Opportunities Fund C000111961 Class A OMOAX C000111962 Class I OMOIX 497 1 vivalorinda_497e.htm SUPPLEMENTARY MATERIALS
September 9, 2016

Vivaldi Orinda Macro Opportunities Fund
Class A Shares (OMOAX)
Class I Shares (OMOIX)
A series of Advisors Series Trust (the “Trust”)
Supplement to the Summary Prospectus and Prospectus, each dated June 28, 2016, as supplemented on August 15, 2016

Effective immediately, the Vivaldi Orinda Macro Opportunities Fund (the “Fund”) is no longer being managed pursuant to, and is no longer relying on, the exemptions granted to Orinda Asset Management, LLC (the “Adviser”) and the Trust under an exemptive order previously granted by the U.S. Securities and Exchange Commission (the “SEC”).  In practice this means that the addition of any new sub-advisers to the Fund and any future material amendments to the sub-advisory agreements of the Fund will require shareholder approval.  In addition, the rate of compensation and aggregate fees paid by the Adviser to each of the Fund’s sub-advisers must be disclosed.

 
Please retain this Supplement with your Summary Prospectus and Prospectus for future reference.


September 9, 2016

Vivaldi Orinda Macro Opportunities Fund
Class A Shares (OMOAX)
Class I Shares (OMOIX)
A series of Advisors Series Trust (the “Trust”)
 
 
Supplement to the Statement of Additional Information (“SAI”) dated June 28, 2016, as supplemented on August 15, 2016

Effective immediately, the Vivaldi Orinda Macro Opportunities Fund (the “Fund”) is no longer being managed pursuant to, and is no longer relying on, the exemptions granted to Orinda Asset Management, LLC (the “Adviser”) and the Trust under an exemptive order previously granted by the U.S. Securities and Exchange Commission (the “SEC”).  In practice this means that the addition of any new sub-advisers to the Fund and any future material amendments to the sub-advisory agreements of the Fund will require shareholder approval.  In addition, the rate of compensation and aggregate fees paid by the Adviser to each of the Fund’s sub-advisers must be disclosed.

As a result, the following disclosure replaces the third paragraph and subsequent table on page 39 of the SAI:

The Adviser pays the Sub-Advisers a fee out of its management fee that is based on a percentage of the average daily net assets managed by each Sub-Adviser.  For the fiscal periods indicated below, the following fees, as both a percentage of the Fund’s average daily net assets managed by each Sub-Adviser and total dollar amount, were paid to each Sub-Adviser:
 
Fiscal Year
Ended February
29, 2016
Fiscal Year
Ended February
28, 2015
Fiscal Year
Ended February
28, 2014
Sub-Adviser Fees Paid to Manning & Napier Advisors, LLC (formerly 2100 Xenon Group, LLC)1 by Adviser
N/A
0.95% / $7,742
0.95% / $29,066
Sub-Adviser Fees Paid to Covenant Financial Services, LLC2 by Adviser
N/A
0.95% / $69,712
0.95% / $138,755
Sub-Adviser Fees Paid to Crescat Portfolio Management, LLC by Adviser
1.00% / $100,174
1.00% / $114,879
1.00% / $138,167
Sub-Adviser Fees Paid to Glaxis Capital Management, LLC3 by Adviser
N/A
0.95% / $56,128
0.95% / $73,125
Sub-Adviser Fees Paid to Rothschild Investment Corporation4 by Adviser
1.00% / $13,626
1.00% / $35,665
N/A
Sub-Adviser Fees Paid to Vivaldi Asset Management, LLC5 by Adviser
1.00% / $215,543
1.00% / $42,572
N/A
1 Effective December 19, 2014, Manning & Napier Advisors, LLC no longer served as a sub-adviser to the Fund.
2 Effective December 5, 2014, Covenant Financial Services, LLC no longer served as a sub-adviser to the Fund.
3 Effective December 5, 2014, Glaxis Capital Management, LLC no longer served as a sub-adviser to the Fund.
4 Rothschild Investment Corporation served as a sub-adviser to the Fund from October 20, 2014 to September 23, 2015.
5 Vivaldi Asset Management, LLC became a sub-adviser to the Fund effective October 20, 2014.



Please retain this Supplement with your SAI for future reference.