# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0000894189-26-007130
**Filing Date:** 2026-2
**Character Count:** 16087
**Document Hash:** c8db36f3ee646cbc6b1ec94038728b08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-007130.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000894189-26-007130

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

**ORGANIZATION NAME:**
- **EIN:** 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:** 26701464

**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

## Series and Classes Contracts Data

### Edgar Lomax Value Fund (Series ID: S000005075)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000013862 | Investor Class | LOMAX           |

![edlomaxlogoa.jpg](edlomaxlogoa.jpg)

**EDGAR LOMAX VALUE FUND**

**<u>Ticker Symbol:</u>**

**LOMAX** 

**SUMMARY PROSPECTUS**

**February 28, 2026**

Before you invest, you may want to review the Edgar Lomax Value Fund's (the "Fund") Statutory Prospectus and Statement of Additional Information ("SAI"), which contain more information about the Fund and its risks. The current Statutory Prospectus and SAI dated February 28, 2026, are incorporated by reference into this Summary Prospectus. You can find the Fund's Statutory Prospectus, SAI, reports to shareholders and other information about the Fund online at www.edgarlomax.com/documents.html. You can also get this information at no cost by calling 1-866-205-0524 or by sending an e-mail request to fund-info@edgarlomax.com.'

**Investment Objective**

The Fund seeks long-term capital growth while providing some income.

**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 Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

***SHAREHOLDER FEES*** (fees paid directly from your investment)<br>

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| | |
|:---|:---|
| ***ANNUAL FUND OPERATING EXPENSES*** (expenses that you pay each year as a percentage of the value of your investment) | |
| Management Fees | 0.55% |
| Other Expenses | 0.47% |
| Total Annual Fund Operating Expenses<sup>(1)</sup> | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | -0.33% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.69% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>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 0.68% of the Fund's average daily net assets (the "Expense Cap"). The Expense Cap will remain in effect through at least February 27, 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<sup>®</sup> 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 February 27, 2027. While this voluntary waiver arrangement may be discontinued at any time after February 27, 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 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:

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| | | | |
|:---|:---|:---|:---|
| **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| $70 | $292 | $531 | $1218 |

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*Portfolio Turnover.* The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 34.76% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Advisor uses a disciplined approach to select stocks for the Fund's portfolio that it believes are undervalued and have prospects for continued consistent growth. The Advisor uses fundamental analysis of financial statements to select stocks of issuers that generally have low price/earnings and price/book ratios as well as strong balance sheet ratios and high and/or stable dividend yields.

The Fund invests primarily in large, well-recognized companies. Currently, the Advisor expects the Fund's portfolio to hold at least 20% of the stocks comprising the Standard & Poor's ("S&P") 100 Index, a capitalization-weighted index of 100 stocks from a broad range of industries. Under normal market conditions, the Fund will invest at least 85% of its total assets in equity securities, consisting of common stocks and other securities which have the characteristics of common stocks, including, but not limited to, convertible securities, exchange-traded funds ("ETFs"), rights and warrants. The Fund may from time to time emphasize investments in certain sectors of the market. As of October 31, 2025, 44.7% of the Fund's net assets were invested in the manufacturing sector.

At least annually, the Advisor rebalances the Fund's portfolio of investments. During the Advisor's annual rebalancing, the Advisor treats the Fund's portfolio as if it were cash. The Advisor reduces, or

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adds to existing Fund positions to match the positions' weights with those of the Advisor's model portfolio. The Advisor also sells stocks that are not in the Advisor's model portfolio and purchases stocks that are in the Advisor's model portfolio but not the Fund's existing portfolio. Through this rebalancing process the Advisor monitors the Fund's holdings of large-cap value securities for possible "portfolio drift" that may occur over time without rebalancing.

The Advisor may choose to sell a security when it believes the security no longer offers attractive returns or when the Advisor wishes to take advantage of a better investment opportunity.

**Principal Investment Risks** 

By itself, the Fund is not a complete, balanced investment plan. The Fund cannot guarantee that it will achieve its investment objectives. Losing all or a portion of your investment is a risk of investing in the Fund. The following risks are considered principal and could affect the value of your investment in the Fund:

*Equity Securities Risk.* The value of the Fund's shares will go up or down based on the movement of the overall stock market and the value of the individual securities held by the Fund, both of which can sometimes be volatile.

*Economic and Market Risk.* Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); deflation (or expectations for deflation); interest rates; market instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.

*Sector Emphasis Risks.* Securities of companies in the same or related businesses, if comprising a significant portion of the Fund's portfolio, could react in some circumstances negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Manufacturing Sector Risks.* Companies focused on manufacturing activities may be adversely affected by changes in government regulation, world events and economic conditions. In addition, these companies are at risk for environmental damage claims. Companies in this sector could be adversely affected by commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, technological developments and labor relations.

*Management Risk*. The skill of the Advisor will play a significant role in the Fund's ability to achieve its investment objectives.

*Value Style Risk.* "Value" investing as a strategy may be out of favor in the market for an extended period. Value stocks can perform differently from the market as a whole and from other types of stocks.

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**Performance**

The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund from year to year. The table shows how the Fund's average annual returns for the 1-year, 5-years, and 10-years periods compare with those of a broad measure of market performance, as well as two indices that reflect the large-cap value segment of the market. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at <u>www.edgarlomax.com</u> or toll-free at 1-866-205-0524.

**Annual Total Returns as of December 31**

![chart-6a13c8fd97204beb858a.jpg](chart-6a13c8fd97204beb858a.jpg)

During the period of time displayed in the bar chart, the Fund's best quarter was the Q4 2020, up 15.72%, and its worst quarter was the Q1 2020, down -26.73%.

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns<br>For the Periods Ended December 31, 2025**<br>**Edgar Lomax Value Fund** |<br>**One Year** |<br>**Five Years** |<br>**Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 18.11% | 11.37% | 10.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 16.41% | 9.86% | 8.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 11.90% | 8.84% | 8.13% |
| **S&P 500**<sup>®</sup> **Index**<br> (reflects no deduction for fees, taxes, or expenses) | 17.88% | 14.42% | 14.82% |
| **S&P 500**<sup>®</sup> **Value Index**<br> (reflects no deduction for fees, taxes, or expenses) | 13.19% | 12.96% | 11.73% |
| **Lipper Large-Cap Value Funds Index**<br>(reflects no deduction for taxes) | 19.05% | 13.08% | 11.92% |

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After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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**Management**

*Investment Advisor.* The Edgar Lomax Company is the investment advisor to the Fund.

*Portfolio Managers.* Randall R. Eley, President and Chief Investment Officer of the Advisor, and Thomas B. Murray, Senior Vice President, Chief Operating Officer and a Portfolio Manager for the Advisor, are the Fund's portfolio managers. Mr. Eley has managed the Fund since its inception in December 1997. Mr. Murray has been a portfolio manager of the Fund since December 2019, and has worked for the Advisor since 2001.

**Purchase and Sale of Fund Shares**

You may purchase or redeem Fund shares on any business day by written request via mail (Edgar Lomax Value Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), by wire transfer, by telephone at 1-866-205-0524, or through a financial intermediary. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly. The minimum initial and subsequent investment amounts are shown below.

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| | | |
|:---|:---|:---|
| **<u>Type of Account</u>** | **To Open** <br>**<u>Your Account</u>** | **To Add to** <br>**<u>Your Account</u>** |
| Regular Accounts | $2500 | $100 |
| IRAs, Coverdell Education Savings Accounts, and Automatic Investment Plans | $1000 | $100 |

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**Tax Information**

The Fund's distributions are taxable and will be taxed as ordinary income or capital gains, unless you invest through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary, the Fund and/or the Advisor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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