0000894189-19-006905.txt : 20191015 0000894189-19-006905.hdr.sgml : 20191015 20191015130338 ACCESSION NUMBER: 0000894189-19-006905 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20191015 DATE AS OF CHANGE: 20191015 EFFECTIVENESS DATE: 20191015 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: 191150445 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 S000041568 Semper MBS Total Return Fund C000129089 Institutional Class SEMMX C000129090 Investor Class SEMPX C000164429 Class A SEMOX 0001027596 S000044807 Semper Short Duration Fund C000139162 Institutional Class SEMIX C000139163 Investor Class SEMRX 497 1 semperast10112019497e.htm SEMPER FUNDS 497E Document




October 15, 2019

SEMPER MBS TOTAL RETURN FUND
Class A
SEMOX
Institutional Class
SEMMX
Investor Class
SEMPX


Semper Short Duration Fund
Institutional Class
SEMIX
Investor Class
SEMRX

Series of Advisors Series Trust

Supplement to the Statement of Additional Information (“SAI”) dated March 30, 2019


Effective immediately, the following disclosure within the “Portfolio Holdings Policy” section of the SAI is deleted and replaced as follows:

“Certain of the persons listed above receive information about the Funds’ portfolio holdings on an ongoing basis.  The Funds believe that these third parties have legitimate objectives in requesting such portfolio holdings information and operate in the best interest of the Funds’ shareholders.  These persons include:

•
A mutual fund rating and/or ranking organization, or person performing similar functions, who is subject to a duty of confidentiality, including a duty not to trade on any non-public information;

•
Rating and/or ranking organizations, specifically: Lipper; Morningstar; Standard & Poor’s; Bloomberg; Vickers-Stock Research Corporation; Thomson Financial; and Capital-Bridge, all of which currently receive such information approximately sixty calendar days following the end of each month; or

•
Internal parties involved in the investment process, administration, operation or custody of the Funds, specifically: Fund Services; the Trust’s Board of Trustees; and the Trust’s attorneys and accountants (currently, Sullivan & Worcester LLP and Tait, Weller & Baker LLP, respectively), all of which typically receive such information after it is generated.

Any disclosures to additional parties not described above is made with the prior written approval of either the Trust’s CCO or his or her designee, pursuant to the Trust’s Policy and Procedures Regarding Disclosure of Portfolio Holdings.”




Please retain this Supplement with your SAI.