January 3, 2020

Pzena Long/Short Value Fund

A series of Advisors Series Trust

Investor Class - PZVLX

Institutional Class - PZILX

Supplement to the Prospectus and

Statement of Additional Information (“SAI”) dated June 28, 2019

Effective January 1, 2020, Mr. Manoj Tandon no longer serves as a portfolio manager to the Pzena Long/Short Value Fund (the “Fund” or the “Long/Short Fund”). Thereafter, please disregard all references to Mr. Manoj Tandon in the Prospectus and SAI.

Please retain this Supplement for future reference.