0000894189-24-005518.txt : 20240909 0000894189-24-005518.hdr.sgml : 20240909 20240909141357 ACCESSION NUMBER: 0000894189-24-005518 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240909 DATE AS OF CHANGE: 20240909 EFFECTIVENESS DATE: 20240909 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 333-17391 FILM NUMBER: 241286811 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 626-914-7235 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000029824 PIA High Yield Fund C000091708 Institutional Class PHYSX 497K 1 piahighyieldinstclass497ks.htm 497K Document

PIA High Yield Fund
Institutional Class (PHYSX)

(the “Fund”)

A series of Advisors Series Trust (the “Trust”)
Supplement dated September 9, 2024 to the Summary Prospectus dated March 31, 2024

Effective September 1, 2024, Pacific Income Advisers, Inc., (the “Adviser”) has agreed to reduce the Fund’s temporary operating expense limitation from 0.86% to 0.65%. Accordingly, as of September 1, 2024, the Adviser has agreed to temporarily waive all or a portion of its management fee and pay Fund expenses (excluding AFFE, interest expense, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses to 0.65% of average daily net assets for the Fund’s Institutional Class shares through at least March 29, 2025. The Adviser’s temporary expense limitation for the Fund may be discontinued at any time after March 29, 2025. The Adviser may not recoup amounts subject to the temporary expense limitation in future periods.





Please retain this Supplement with your Summary Prospectus