UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934 (Amendment No.    )

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November 22, 2016

Dear Valued Shareholder,

We still need your help.  Thank you for being an investor in the Vivaldi Orinda Macro Opportunities Fund (the “Fund”).  A special meeting of shareholders of your Fund is scheduled to be held on Monday, December 5^th.  Our records indicate that as of the time of this mailing, we have not yet received your important proxy vote.  We need your proxy vote as soon as possible to allow us to proceed with important business of the Fund.

Please help us by voting today.  Your proxy vote will allow

us to proceed with the important business of the Fund.

What is being voted on?

Shareholders are being asked to approve a proposal to reorganize the Fund into the Vivaldi Multi-Strategy Fund (the “Acquiring Fund”), which is designed to be substantially similar from an investment perspective to the current Fund.  Shareholders are also asked to approve the appointment of Vivaldi Asset Management, LLC as the investment advisor and approve the appointment of RiverNorth Capital Management, LLC as a sub-advisor to the Acquiring Fund.  In addition, shareholders are being asked to approve the Acquiring Fund’s use of “manager of managers” exemptive relief, which it intends to seek from the U.S. Securities and Exchange Commission, to allow Vivaldi and the Board of Trustees to replace sub-advisors to the Acquiring Fund in the future without the cost and time associated with a shareholder meeting.   For more information, please refer to the proxy statement.  Please note: The total fees and expenses of each class of shares of the Acquiring Fund are expected to be lower than the fees and expenses of each class of shares of the Fund.

How do I vote?

You may cast your vote by telephone with a proxy representative by calling toll-free 1-800-829-6551.  Representatives are available between the hours of 9:00 a.m. and 10:00 p.m. Eastern Time.  In addition, you may refer to the enclosed proxy card for instructions for voting online, via a touchtone voting number, or by mail.  We would be very grateful if you would ensure that your vote is recorded by December 5^th.

We very much appreciate your attention to this matter.

Sincerely,

Douglas G. Hess

President

Advisors Series Trust

Advisors Series Trust ● Vivaldi Orinda Macro Opportunities Fund

615 East Michigan Street, Milwaukee, Wisconsin, 53202

NOBO/REG

November 22, 2016

Dear Valued Shareholder,

We still need your help.  Thank you for being an investor in the Vivaldi Orinda Macro Opportunities Fund (the “Fund”).  A special meeting of shareholders of your Fund is scheduled to be held on Monday, December 5^th.  Our records indicate that as of the time of this mailing, we have not yet received your important proxy vote.  We need your proxy vote as soon as possible to allow us to proceed with important business of the Fund.

Please help us by voting today.  Your proxy vote will allow

us to proceed with the important business of the Fund.

What is being voted on?

Shareholders are being asked to approve a proposal to reorganize the Fund into the Vivaldi Multi-Strategy Fund (the “Acquiring Fund”), which is designed to be substantially similar from an investment perspective to the current Fund.  Shareholders are also asked to approve the appointment of Vivaldi Asset Management, LLC as the investment advisor and approve the appointment of RiverNorth Capital Management, LLC as a sub-advisor to the Acquiring Fund.  In addition, shareholders are being asked to approve the Acquiring Fund’s use of “manager of managers” exemptive relief, which it intends to seek from the U.S. Securities and Exchange Commission, to allow Vivaldi and the Board of Trustees to replace sub-advisors to the Acquiring Fund in the future without the cost and time associated with a shareholder meeting.   For more information, please refer to the proxy statement.  Please note: The total fees and expenses of each class of shares of the Acquiring Fund are expected to be lower than the fees and expenses of each class of shares of the Fund.

How do I vote?

You may refer to the enclosed proxy card for instructions for voting online, via a touchtone voting number, or by mail.  We would be very grateful if you would ensure that your vote is recorded by December 5^th.  If you have any proxy related questions, please call 1-800-829-6551 for assistance.  Representatives are available between the hours of 9 a.m. and 10 p.m. Eastern Time.

We very much appreciate your attention to this matter.

Sincerely,

Douglas G. Hess

President

Advisors Series Trust

Advisors Series Trust ● Vivaldi Orinda Macro Opportunities Fund

615 East Michigan Street, Milwaukee, Wisconsin, 53202

OBO