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Shenkman Capital Funds SHENKMAN CAPITAL FUNDS DISCIPLINE DRIVES PERFORMANCE® Shenkman Capital Floating Rate High Income Fund Class A: SFHAX Class C: SFHCX Class F: SFHFX Institutional Class: SFHIX Shenkman Capital Short Duration High Income Fund Class A: SCFAX Class C: SCFCX Class F: SCFFX Institutional Class: SCFIX Supplement dated May 26, 2020, to the Statutory Prospectus dated January 28, 2020 1. The relevant information under the sections entitled "Principal Investment Risks" on pages 3 and 11 of the Funds' Statutory Prospectus is deleted and replaced with the following: Market and Regulatory Risk. Events in the financial markets and economy may cause volatility and uncertainty and adversely impact a Fund’s performance. Market events may affect a single issuer, industry, sector, or the market as a whole. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments. The Fund's investments may decline in value due to factors affecting individual issuers (such as the results of supply and demand), or sectors within the securities markets. The value of a security or other investment also may go up or down due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in interest rates or exchange rates, or adverse investor sentiment generally. In addition, unexpected events and their aftermaths, such as the spread of deadly diseases; natural, environmental or man-made disasters; financial, political or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. 2. The relevant information under the section entitled "Principal Risks of Investing in a Fund" on page 20 of the Funds' Statutory Prospectus is deleted and replaced with the following: Market and Regulatory Risk. Events in the financial markets and economy may cause volatility and uncertainty and adversely affect performance. Such adverse effect on performance could include a decline in the value and liquidity of securities held by the Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in NAV, and an increase in Fund expenses. It may also be unusually difficult to identify both investment risks and opportunities, in which case investment goals may not be met. Market events may affect a single issuer, industry, sector, or the market as a whole. In addition, because of interdependencies between markets, events in one market may adversely impact markets or issuers in which the Fund invests in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. It is impossible to predict whether or for how long such market events will continue, particularly if they are unprecedented, unforeseen or widespread events or conditions. Therefore it is important to understand that the value of your investment may fall, sometimes sharply and for extended periods, and you could lose money. Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments. In addition, unexpected events and their aftermaths, such as the spread of deadly diseases; natural, environmental or man-made disasters; financial, political or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. * * * * * Please retain this supplement for your reference. January 28, 2020 SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND Class A SFHAX Class C SFHCX A series of Advisors Series Trust Supplement to the Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) each dated January 28, 2020 The Shenkman Capital Floating Rate High Income Fund’s Class A and Class C shares are not currently available for purchase. * * * * * * Please retain this Supplement with the Summary Prospectus, Prospectus and SAI. Prospectus SHENKMAN CAPITAL FLOATING January 28, 2020 RATE HIGH INCOME FUND SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND Each a series of Advisors Series Trust (the “Trust”) SHENKMAN Institutional CAPITAL FLOATING RATE Class A Class C Class F Class HIGH INCOME FUND (SFHAX) (SFHCX) (SFHFX) (SFHIX) SHENKMAN Institutional CAPITAL SHORT DURATION Class A Class C Class F Class HIGH INCOME FUND (SCFAX) (SCFCX) (SCFFX) (SCFIX) Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds (defined herein) or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds or your financial intermediary electronically through the Funds’ website. You may elect to receive all future reports in paper free of charge. You can inform the Funds or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held through your financial intermediary. c/o U.S. Bank Global Fund Services P.O. Box 701 Milwaukee, Wisconsin 53201-0701 The U.S. Securities and Exchange Commission has not approved or disapproved these securities or determined if this 1-855-SHENKMAN (1-855-743-6562) Prospectus is truthful or complete. Any representation to the contrary is a criminal offense. TABLE OF CONTENTS SUMMARY SECTION ........................................................................................................................... 1 Shenkman Capital Floating Rate High Income Fund ....................................................................... 1 Shenkman Capital Short Duration High Income Fund ..................................................................... 9 PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS.................................................. 17 PORTFOLIO HOLDINGS INFORMATION.......................................................................................... 26 MANAGEMENT OF THE FUNDS........................................................................................................ 26 SHAREHOLDER INFORMATION ....................................................................................................... 29 DIVIDENDS AND DISTRIBUTIONS................................................................................................... 43 TOOLS TO COMBAT FREQUENT TRANSACTIONS........................................................................ 43 TAX CONSEQUENCES......................................................................................................................... 45 DISTRIBUTION OF FUND SHARES................................................................................................... 46 INDEX DESCRIPTIONS........................................................................................................................ 48 FINANCIAL HIGHLIGHTS................................................................................................................... 49 PRIVACY NOTICE ........................................................................................................................... PN-1 APPENDIX A .................................................................................................................................... A-1 SUMMARY SECTION Shenkman Capital Floating Rate High Income Fund (the “Floating Rate Fund” or “Fund”) Investment Objective The Floating Rate Fund seeks to generate a high level of current income. 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 Floating Rate Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund’s Class A shares. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A to the Prospectus. More information about these and other discounts is available from your financial professional and in the “Your Account with a Fund” section on page 30 of the Fund’s Prospectus, the “Class A Shares Sales Charge Reductions and Waivers” section beginning on page 32 of the Fund’s Prospectus, Appendix A to the Prospectus and the “Breakpoints/Volume
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