Apr. 14, 2020

PZENA MID CAP VALUE FUND

Investor Class PZVMX

Institutional Class PZIMX

PZENA SMALL CAP VALUE FUND

Investor Class PZVSX

Institutional Class PZISX

PZENA EMERGING MARKETS VALUE FUND

Investor Class PZVEX

Institutional Class PZIEX

PZENA LONG/SHORT VALUE FUND

Investor Class PZVLX

Institutional Class PZILX

PZENA INTERNATIONAL SMALL CAP VALUE FUND

Investor Class PZVIX

Institutional Class PZIIX

Each a Series of Advisors Series Trust

Supplement to the Prospectus and Statement of Additional Information ("SAI") dated June 28, 2019

Effective immediately, the redemption fee for the Pzena Funds will be removed. All references to redemption fees throughout the statutory prospectus and SAI are hereby removed.

Please retain this Supplement for future reference.

Pzena Mid Cap Value Fund

PZENA MID CAP VALUE FUND

Pzena Small Cap Value Fund

PZENA SMALL CAP VALUE FUND

Pzena Emerging Markets Value Fund

PZENA EMERGING MARKETS VALUE FUND

Pzena Long/Short Value Fund

PZENA LONG/SHORT VALUE FUND

Pzena International Small Cap Value Fund

PZENA INTERNATIONAL SMALL CAP VALUE FUND