# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0000894189-26-013106
**Filing Date:** 2026-4
**Character Count:** 2457
**Document Hash:** 3d2de0ccfc19ee334a75b59c89212306
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-013106.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000894189-26-013106

**CONFORMED SUBMISSION TYPE**: 497K

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-17391
- **FILM NUMBER:** 26895310

**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 International Value Fund (Series ID: S000072390)

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

Filed Pursuant to Rule 497(k)

Registration No. 333-17391; 811-07959

**Important Notice Regarding Change in Investment Policy**

**PZENA INTERNATIONAL VALUE FUND**

Investor Class PZVNX

Institutional Class PZINX

(the "Fund")

**A series of Advisors Series Trust (the "Trust")**

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

**Summary Prospectus dated June 28, 2025**

Effective, June 28, 2026, the Pzena International Value Fund's principal investment strategy will be revised to reflect a change in the 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" on page 2 of the Fund's Summary 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.

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

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