Prospectus by Investment Company (Form 497)

PIA High Yield Fund

Institutional Class (PHYSX)

(the "Fund")

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

Supplement dated November 12, 2026 to the Statutory Prospectus and

Statement of Additional Information ("SAI") dated March 31, 2026

At a meeting of the Board of Trustees (the "Board") of Advisors Series Trust (the "Trust") held on June 24, 2026,

the Board approved, and recommended approval by a vote of the Fund's shareholders, a New Investment Advisory Agreement ("New Advisory Agreement") between the Trust, on behalf of the Fund, and Pacific Income Advisers, Inc. ("PIA" or the "Adviser"). At its June 24, 2026 meeting, the Board also approved convening a special shareholder meeting to ask the Fund's shareholders to approve the New Advisory Agreement.

At a special meeting of the Fund's shareholders held on November 10, 2026, the Fund's shareholders voted to approve the New Advisory Agreement. Accordingly, the Adviser will continue to provide investment advisory services to the Fund pursuant to the New Advisory Agreement, effective on November 10, 2026.

Please retain this supplement with your Statutory Prospectus and SAI.

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