April 9, 2020

PZENA MID CAP VALUE FUND

Investor Class PZVMX

Institutional Class PZIMX

A Series of Advisors Series Trust

Supplement to the Summary Prospectus dated June 28, 2019

Effective immediately, the redemption fee for the Pzena Mid Cap Value Fund will be removed. All references to redemption fees throughout the summary prospectus are hereby removed.

Please retain this Supplement for future reference.