# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0000894189-26-013099
**Filing Date:** 2026-4
**Character Count:** 9291
**Document Hash:** f1a1d7436cb79f5a6e7114e5f4597818
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-013099.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000894189-26-013099

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-17391
- **FILM NUMBER:** 26895209

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7235

**MAIL ADDRESS:**
- **STREET 1:** 615 E MICHIGAN STREET
- **STREET 2:** MK-WI-LC2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Pzena Mid Cap Value Fund (Series ID: S000044707)

---

|  |  |  |
|:---|:---|:---|
| Class Name          | Ticker Symbol | Class ID   |
| Investor Class      | PZVMX         | C000138961 |
| Institutional Class | PZIMX         | C000138962 |

---

### Pzena Emerging Markets Value Fund (Series ID: S000044708)

---

|  |  |  |
|:---|:---|:---|
| Class Name          | Ticker Symbol | Class ID   |
| Investor Class      | PZVEX         | C000138963 |
| Institutional Class | PZIEX         | C000138964 |

---

### Pzena Small Cap Value Fund (Series ID: S000053713)

---

|  |  |  |
|:---|:---|:---|
| Class Name          | Ticker Symbol | Class ID   |
| Investor Class      | PZVSX         | C000168873 |
| Institutional Class | PZISX         | C000168874 |

---

### Pzena International Small Cap Value Fund (Series ID: S000062254)

---

|  |  |  |
|:---|:---|:---|
| Class Name          | Ticker Symbol | Class ID   |
| Investor Class      | PZVIX         | C000201595 |
| Institutional Class | PZIIX         | C000201596 |

---

### Pzena International Value Fund (Series ID: S000072390)

---

|  |  |  |
|:---|:---|:---|
| Class Name    | Ticker Symbol | Class ID   |
| Institutional | PZINX         | C000228587 |
| Investor      | PZVNX         | C000228588 |

---

## Series and Classes Contracts Data

### Pzena Mid Cap Value Fund (Series ID: S000044707)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000138961 | Investor Class      | PZVMX           |
| C000138962 | Institutional Class | PZIMX           |

### Pzena Emerging Markets Value Fund (Series ID: S000044708)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000138963 | Investor Class      | PZVEX           |
| C000138964 | Institutional Class | PZIEX           |

### Pzena Small Cap Value Fund (Series ID: S000053713)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000168873 | Investor Class      | PZVSX           |
| C000168874 | Institutional Class | PZISX           |

### Pzena International Small Cap Value Fund (Series ID: S000062254)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000201595 | Investor Class      | PZVIX           |
| C000201596 | Institutional Class | PZIIX           |

### Pzena International Value Fund (Series ID: S000072390)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000228587 | Institutional | PZINX           |
| C000228588 | Investor      | PZVNX           |

Filed Pursuant to Rule 497(e)

Registration No. 333-17391; 811-07959

**Important Notice Regarding Change in Investment Policy**

**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 INTERNATIONAL SMALL CAP VALUE FUND**

**Investor Class PZVIX** 

**Institutional Class PZIIX** 

**PZENA INTERNATIONAL VALUE FUND**

**Investor Class PZVNX**

**Institutional Class PZINX**

(Each a "Fund," together, the "Funds")

**Each a series of Advisors Series Trust (the "Trust")**

**Supplement dated April 24, 2026 to the**

**Statutory Prospectus dated June 28, 2025**

Effective, June 28, 2026, each Fund's principal investment strategy will be revised to reflect a change in each Fund's 80% investment policy pursuant to Rule 35d-1 under the Investment Company Act of 1940.

Accordingly, effective on June 28, 2026, the following disclosures will be revised:

***The first sentence in the first paragraph under the section titled "Principal Investment Strategies" in the Summary Section of the Pzena Mid Cap Value Fund on page 3 of the Funds' Prospectus will be deleted and restated as follows:*** 

Under normal market conditions, the Mid Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of "mid-cap value" companies.

***The first sentence in the first paragraph under the section titled "Principal Investment Strategies" in the Summary Section of the Pzena Small Cap Value Fund on page 10 of the Funds' Prospectus will be deleted and restated as follows:***

Under normal market conditions, the Small Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of "small-cap value" companies.

------

***The first sentence in the first paragraph under the section titled "Principal Investment Strategies" in the Summary Section of the Pzena Emerging Markets Value Fund on page 17 of the Funds' Prospectus will be deleted and restated as follows:***

Under normal market conditions, the Emerging Markets Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in "value" stocks of companies located in emerging market and frontier market countries.

***The first sentence in the first paragraph under the section titled "Principal Investment Strategies" in the Summary Section of the Pzena International Small Cap Value Fund on page 24 of the Funds' Prospectus will be deleted and restated as follows:***

Under normal market conditions the International Small Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in "value" stocks of small-cap companies located in Developed Markets outside the U.S.

***The first sentence in the first paragraph under the section titled "Principal Investment Strategies" in the Summary Section of the Pzena International Value Fund on page 31 of the Funds' Prospectus will be deleted and restated as follows:***

Under normal market conditions the International Value Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in "value" stocks of Developed Market companies, not including U.S. companies.

***The first sentence in the first paragraph under the section titled "Principal Investment Strategies — Mid Cap Fund" on page 37 of the Funds' Prospectus will be deleted and restated as follows:***

**Mid Cap Fund**

Under normal market conditions, the Mid Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of "mid-cap value" companies.

***The first sentence in the first paragraph under the section titled "Principal Investment Strategies — Small Cap Fund" on page 38 of the Funds' Prospectus will be deleted and restated as follows:***

**Small Cap Fund**

Under normal market conditions, the Small Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of "small-cap value" companies.

***The first sentence in the first paragraph under the section titled "Principal Investment Strategies — Emerging Markets Fund" on page 39 of the Funds' Prospectus will be deleted and restated as follows:***

**Emerging Markets Fund**

Under normal market conditions, the Emerging Markets Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in "value" stocks of companies located in emerging market and frontier market countries.

***The first sentence in the first paragraph under the section titled "Principal Investment Strategies — International Small Cap Fund" on page 40 of the Funds' Prospectus will be deleted and restated as follows:***

**International Small Cap Fund**

Under normal market conditions the International Small Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in "value" stocks of small-cap companies located in Developed Markets outside the U.S.

------

***The first sentence in the first paragraph under the section titled "Principal Investment Strategies — International Value Fund" on page 41 of the Funds' Prospectus will be deleted and restated as follows:***

**International Value Fund**

Under normal market conditions the International Value Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in "value" stocks of Developed Market companies, not including U.S. companies.

**Please retain this Supplement with your Prospectus for future reference.**