Liquidation: ADVISORS SERIES TRUST

Form Type: 497

Filing Date: 2025-04-23

Corporate Action: Liquidation

Type: New

Accession Number: 000089418925002604

Filing Summary: VegTech™ LLC, the investment adviser to the VegTech™ Food Innovation & Climate ETF (the ‘Fund’), has announced a plan of liquidation, approved by the Board of Trustees of Advisors Series Trust, effective immediately after the close of business on May 7, 2025. The Fund will no longer be economically viable at its current asset levels. Subsequently, on or about April 25, 2025, the Fund will begin liquidating its portfolio assets, increasing its cash holdings and diverging from its stated investment objectives. New creation units will not be accepted after the day prior to the Liquidation Date, and trading in its shares will be halted on the Liquidation Date. Pre-liquidation, shareholders may sell shares to select broker-dealers, but market conditions will be uncertain. Upon liquidating assets on the Liquidation Date, cash will be distributed pro rata to remaining shareholders, which will trigger taxable events classified as a capital gain or loss. Shareholders are encouraged to consult tax advisors regarding the implications of this liquidation process. After distributions, the Fund will terminate, and proceeds will be forwarded promptly to shareholders.

Form Type: 497K

Filing Date: 2025-04-23

Corporate Action: Liquidation

Type: Update

Accession Number: 000089418925002605

Filing Summary: On April 23, 2025, Advisors Series Trust announced through a supplement to the Summary Prospectus for the VegTech™ Food Innovation & Climate ETF (EATV) that the Board of Trustees has approved a plan of liquidation and termination of the Fund, effective after the close of business on May 7, 2025. The Adviser, VegTech™ LLC, has determined that the Fund is not economically viable at its current asset level. Starting on or about April 25, 2025, the Fund will begin liquidating its portfolio assets, which will lead to an increase in cash holdings and a deviation from its stated investment objectives. The Fund will stop accepting new creation unit orders before the Liquidity Date, and trading will halt on the Liquidation Date. Shareholders may only be able to sell shares to certain broker-dealers prior to liquidation, with no assurance of market availability. On the Liquidation Date, assets will be liquidated and cash distributed pro rata to remaining shareholders, with potential tax implications as these distributions are considered taxable events. Shareholders are advised to consult tax advisors regarding the consequences of the liquidation. After the distribution of assets, the Fund will terminate completely.