March 22, 2018

First State Global Listed Infrastructure Fund

Class I

FLIIX

A series of Advisors Series Trust (the "Trust")

Supplement to the Summary Prospectus, Prospectus and Statement of Additional Information ("SAI"), each dated February 28, 2018

Effective immediately, at the request of First State Investments (US) LLC (the "Adviser"), investment adviser to the First State Global Listed Infrastructure Fund (the "Fund"), the Board of Trustees (the "Board") of the Trust approved an amendment to the Investment Advisory Agreement between the Trust, on behalf of the Fund, and the Adviser. Pursuant to the amended Investment Advisory Agreement, the Fund's advisory fee will be reduced from 0.80% to 0.75%.

Also effective immediately, the Board approved, at the request of the Adviser, an amendment to the Operating Expenses Limitation Agreement between the Trust, on behalf of the Fund, and the Adviser. Pursuant to the amended Operating Expenses Limitation Agreement, the Fund's Expense Cap will be reduced from 0.99% to 0.85% (excluding acquired fund fees and expenses, interest, taxes, extraordinary expenses and class specific expenses such as a shareholder servicing plan fee). The Fund's total annual fund operating expenses after waivers and reimbursements will be 0.95%.

·	In connection with these reductions, the "Fees and Expenses of the Fund" section on page 1 of the Fund's Summary Prospectus and Prospectus is hereby deleted and replaced with the following:

Fees and Expenses of the Fund

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

SHAREHOLDER FEES (fees paid directly from your investment)	Class I
Redemption Fee (as a percentage of amount redeemed on shares held for 30 days or less)	2.00%
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	0.75%
Other Expenses (includes Shareholder Servicing Plan Fee)	3.83%
Shareholder Servicing Plan Fee	0.10%
Total Annual Fund Operating Expenses	4.58%
Less: Fee Waiver and Expense Reimbursement⁽¹⁾	-3.63%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement	0.95%

⁽¹⁾

First State Investments (US) LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and/or pay Fund expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes, extraordinary expenses and class specific expenses such as a shareholder servicing plan fee) in order to limit the Total Annual Fund Operating Expenses to 0.85% of average daily net assets of the Fund's Class I shares (the "Expense Cap"). The Expense Cap will remain in effect through at least February 27, 2020, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Adviser 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 Cap.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the Expense Cap only in the first and second year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class I	$97	$695	$1,695	$4,232

·	The second paragraph in the "Investment Adviser" sub-section within the "Management of the Fund" section on page 13 of the Prospectus is hereby modified as follows:

"The Adviser is responsible for the day-to-day management of the Fund in accordance with the Fund's investment objective and policies. The Adviser also furnishes the Fund with office space and certain administrative services and provides most of the personnel needed to fulfill its obligations under its advisory agreement. For its services, the Fund pays the Adviser a monthly management fee. A portion of the management fee paid to the Adviser by the Fund is used to pay the Sub-Adviser's management fee. For the Fund, the fees are calculated at the annual rate of 0.75%~~0.80%~~ of average daily net assets. Prior to March 20, 2018, the Fund paid the Adviser a monthly management fee calculated at an annual rate of 0.80% of its average daily net assets. For the fiscal period February 28, 2017 through October 31, 2017, the Adviser did not receive any management fees, after waivers."

·	The "Fund Expenses" sub-section within the "Management of the Fund" section on page 15 of the Prospectus is hereby deleted and replaced with the following:

"Fund Expenses

The Fund is responsible for its own operating expenses. However, the Adviser has contractually agreed to waive all or a portion of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, interest, taxes, extraordinary expenses and class specific expenses such as a shareholder servicing plan fee) in order to limit Total Annual Fund Operating Expenses of the Fund to 0.85% of average daily net assets for the Fund's Class I shares, through at least February 27, 2020. The term of the Fund's operating expenses limitation agreement is indefinite, and it can only be terminated by a vote of the Board. The Adviser may request recoupment of previously waived fees and paid expenses in any subsequent month in the three-year period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such recoupment is contingent upon the subsequent review and ratification of the recouped amounts by the Board. The Fund must pay current ordinary operating expenses before the Adviser is entitled to any recoupment of fees and expenses."

All other references contained in the Summary Prospectus, Prospectus and SAI to the Fund's advisory fee of 0.80% and Expense Cap of 1.09% are hereby superseded by the information contained in this supplement.

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Please retain this Supplement with the Summary Prospectus, Prospectus and SAI.