Prospectus by Investment Company (Form 497)

EDGAR LOMAX VALUE FUND

Investor Class: LOMAX

(the "Fund")

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

Supplement dated April 21, 2026 to the

Statutory Prospectus dated February 28, 2026

The Board of Trustees (the "Board") of the Trust approved an amendment to the operating expenses limitation agreement between the Trust, on behalf of the Edgar Lomax Value Fund (the "Fund") and The Edgar Lomax Company (the "Adviser"), pursuant to which the Adviser has agreed to reduce the Fund's operating expense limit from 0.68% to 0.66%, effective April 1, 2026.

The following disclosures are hereby revised to reflect the changes to the fees and expenses of the Fund:

Page 2 - "Summary Section"

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Balanced Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and expense example below.

SHAREHOLDER FEES (fees paid directly from your investment)			None

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Management Fee			0.55%
Other Expenses			0.47%
Total Annual Fund Operating Expenses(1)			1.02%
Less: Fee Waiver and/or Expense Reimbursement(2)			-0.35%
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement			0.67%

(1)Total Annual Fund Operating Expenses do not correlate to the Expense Ratios provided in the Financial Highlights section of the statutory prospectus, which reflect the actual operating expenses of the Fund and do not include 0.01% that is attributed to acquired fund fees and expenses ("AFFE").

(2)The Edgar Lomax Company (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Fund to ensure that Total Annual Fund Operating Expenses (excluding AFFE, interest expense, taxes and extraordinary expenses) do not exceed 0.66% of the Fund's average daily net assets (the "Expense Cap"). The Expense Cap will remain in effect through at least March 31, 2027, and may be terminated only by the Fund's Board of Trustees (the "Board"). The Advisor may request recoupment of previously waived fees and paid expenses from the Fund for 36 months from the date they were waived or paid, subject to the Expense Cap at the time such amounts were waived or at the time of recoupment, whichever is lower. In addition, the Advisor has voluntarily agreed to waive a portion of its management fee contingent upon the Fund's performance versus the S&P 500® Value Index. If the Advisor waives management fees under this arrangement, it has also agreed to absorb all Fund expenses, other than management fees, AFFE, interest expense, taxes and extraordinary expenses. The voluntarily waived management fee is not subject to recoupment. The Advisor has agreed to continue this voluntary waiver arrangement through at least March 31, 2027. While this voluntary waiver arrangement may be discontinued at any time after March 31, 2027, the Advisor has no current intention of doing so. With the voluntary waiver arrangement, actual Total Annual Fund Operating Expenses were 0.50% for

1

the fiscal year ended October 31, 2025. For more information, please see the "Management Fee and Voluntary Fee Waiver" section below.

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 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
$68			$290			$529			$1,216

* * * * *

Please retain this supplement with your Statutory Prospectus.

2

EDGAR LOMAX VALUE FUND

Investor Class: LOMAX

(the "Fund")

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

Supplement dated April 21, 2026 to the

Statement of Additional Information dated February 28, 2026

The Board of Trustees (the "Board") of the Trust approved an amendment to the operating expenses limitation agreement between the Trust, on behalf of the Edgar Lomax Value Fund (the "Fund") and The Edgar Lomax Company (the "Adviser"), pursuant to which the Adviser has agreed to reduce the Fund's operating expense limit from 0.68% to 0.66%, effective April 1, 2026.

The following disclosures are hereby revised to reflect the changes to the fees and expenses of the Fund:

Page B-20 - "The Fund's Investment Advisor"

Though the Fund is responsible for its own operating expenses, the Advisor has contractually agreed to waive a portion of its management fees payable to it by the Fund and/or pay Fund expenses (excluding acquired fund fees and expenses, interest expense, taxes and extraordinary expenses) in order to limit the Fund's aggregate annual operating expenses to the limit set forth in the fees and expense table contained in the Prospectus (the "expense cap") through at least March 31, 2027. The term of the Fund's operating expense limitation agreement is indefinite and it can only be terminated upon a vote of the Board. The Advisor may request recoupment of previously waived fees and paid expenses in any subsequent month in the 36-month 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 Advisor is entitled to any recoupment of fees and/or expenses. This recoupment may be requested by the Advisor if the aggregate amount actually paid by the Fund toward operating expenses for such period (taking into account the recoupment) does not exceed the expense cap. In addition to the contractual expense cap, the Advisor has voluntarily agreed to waive a portion of its management fee, as described in the Prospectus, depending upon the Fund's investment performance.

* * * * *

Please retain this supplement with your SAI.

3