April 9, 2020

PZENA SMALL CAP VALUE FUND

Investor Class PZVSX

Institutional Class PZISX

A Series of Advisors Series Trust

Supplement to the Summary Prospectus dated June 28, 2019

Effective immediately, the redemption fee for the Pzena Small 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.