485BPOS
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ADVISORS SERIES TRUST
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<tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected in <br />annual fund operating expenses or in the example, affect the Fund's performance.</tt>
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<tt>The Huber Capital Diversified Large Cap Value Fund (the "Fund") seeks to achieve<br />current income and capital appreciation.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund <br />with the cost of investing in other mutual funds. The Example assumes that you <br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your <br />investment has a 5% return each year and that the Fund's operating expenses <br />remain the same (taking into account the Expense Caps only in the first year). <br />Although your actual costs may be higher or lower, based on these assumptions <br />your costs would be:</tt>
<tt>Under normal market conditions, the Fund invests at least 80% of its net <br />assets (plus borrowings for investment purposes) in common stocks of large<br />capitalization U.S. companies ("large cap companies"). The Fund looks for<br />companies whose stocks are considered by the Adviser to be undervalued. The<br />Adviser currently considers large cap companies to be those with market<br />capitalizations in the range of those found in the Russell 1000® Value Index,<br />although the portfolio will generally consist of stocks with a market<br />capitalization of $5 billion or above at time of initial purchase. The market<br />capitalization range of the Index changes constantly, but as of its most recent<br />reconstitution date, June 22, 2012, the market capitalization range for the<br />Russell 1000® Value Index was between $1.4 billion and $368 billion. The Fund<br />also normally invests in stocks with high cash dividends or payout yields<br />relative to the market. Payout yield refers to dividend yield (the yield from<br />dividends paid) plus buyback yield (the yield associated with a company buying<br />back its own shares to reduce the number of shares on the market, thereby<br />increasing the earnings per share for the remaining shares).<br /> <br />The Fund may also make investments in securities of non-U.S. issuers ("foreign<br />securities"), including issuers in emerging markets. The Fund will invest<br />primarily in domestic U.S. securities but reserves the right to invest up to 20%<br />of its net assets in American Depositary Receipts ("ADRs"), dollar-denominated<br />foreign securities, or directly in foreign securities including in emerging<br />markets. Should appropriate investment opportunities be available, the Fund may<br />invest in initial public offerings ("IPOs") but not in an amount that exceeds<br />50% of the Fund's total assets. Additionally, the Fund may invest in Rule 144A<br />and other restricted securities but not in an amount that exceeds 15% of the<br />Fund's total assets. From time to time, the Fund may be invested in securities<br />of companies in the same economic sector.<br /> <br />The Adviser employs a value investing style, investing in stocks which, in the<br />Adviser's opinion, trade at a significant discount to the present value of<br />future cash flows. The Adviser attempts to identify out-of-favor stocks that<br />represent solid fundamental value. The Adviser identifies these investment<br />opportunities by employing a disciplined, bottom-up investment process that<br />emphasizes internally generated fundamental research. The process includes an<br />initial review, in-depth analysis, and employment of the Adviser's proprietary<br />valuation methodology.<br /> <br />The Adviser makes sell decisions based on valuation, risk and portfolio<br />guidelines or restrictions. As individual stocks approach their intrinsic <br />value and decline in their relative attractiveness, they become candidates <br />for sale. Other sell decisions may occur because of deterioration in the<br />fundamentals that supported the initial investment. Sales are initiated as<br />position exposures approach diversification guidelines when stocks reach their<br />established target price. Proceeds from sales are reinvested in companies that<br />the Adviser believes are more attractively valued.</tt>
HUBER CAPITAL DIVERSIFIED LARGE CAP VALUE FUND
Example.
Other Expenses are based on estimated amounts for the current fiscal year.
When the Fund has been in operation for a full calendar year, performance information will be shown here.
Investment Objective
Losing all or a portion of your investment is a risk of investing in the Fund.
Principal Risks
SHAREHOLDER FEES (fees paid directly from your investment)
Performance
(888-482-3726)
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover.
<tt>Losing all or a portion of your investment is a risk of investing in the<br />Fund. The following additional risks could affect the value of your investment:<br /> <br />·  Market Risk. The value of the Fund's shares will fluctuate as a result of <br />   the movement of the overall stock market or of the value of the individual        <br />   securities held by the Fund, and you could lose money.                             <br /> <br />·  Equity Risk. The risks that could affect the value of the Fund's shares and   <br />   the total return on your investment include the possibility that the equity   <br />   securities held by the Fund will experience sudden, unpredictable drops in    <br />   value or long periods of decline in value.                                    <br /> <br />·  Foreign Securities and Emerging Markets Risk. The Fund may invest in foreign  <br />   securities and in emerging markets. These investments are subject to special  <br />   risks. Foreign securities can be more volatile than domestic (U.S.) securities. <br />   Securities markets of other countries are generally smaller than U.S. securities <br />   markets. Many foreign securities may be less liquid and more volatile than U.S. <br />   securities, which could affect the Fund's investments. In addition, the Fund <br />   may invest in emerging markets which are more volatile than the markets of <br />   developed countries.                                                                             <br /> <br />·  Initial Public Offering Risk. The Fund may purchase securities of companies   <br />   that are offered pursuant to an IPO. The risk exists that the market value of <br />   IPO shares will fluctuate considerably due to factors such as the absence of a<br />   prior public market, unseasoned trading, the small number of shares available <br />   for trading and limited information about the issuer. The purchase of IPO     <br />   shares may involve high transaction costs. IPO shares are subject to market   <br />   risk and liquidity risk. When the Fund's asset base is small, a significant   <br />   portion of the Fund's performance could be attributable to investments in     <br />   IPOs, because such investments would have a magnified impact on the Fund. As  <br />   the Fund's assets grow, the effect of the Fund's investments in IPOs on the   <br />   Fund's performance probably will decline, which could reduce the Fund's       <br />   performance.                                                                                                                                               <br /> <br />·  Management Risk. The Fund is subject to management risk because it is an      <br />   actively managed investment portfolio and because the Fund relies on the      <br />   Adviser's ability to pursue the Fund's goal. The Adviser will apply its       <br />   investment techniques and risk analyses in making investment decisions <br />   for the Fund, but there can be no guarantee that its decisions will <br />   produce the desired results.<br />                                                                                                                          <br />·  Value Style Investing Risk. The Adviser follows an investing style that favors<br />   value investments. The value investing style may over time go in and out of   <br />   favor. At times when the value investing style is out of favor, the Fund may  <br />   underperform other funds that use different investing styles.                                                                                              <br /> <br />·  Sector Emphasis Risk. Sector emphasis risk is the risk that the securities <br />   of companies in the same or related businesses, if comprising a significant      <br />   portion of the Fund's portfolio, could react in some circumstances negatively <br />   to market conditions, interest rates and economic, regulatory or fiscal       <br />   developments and adversely affect the value of the portfolio to a greater     <br />   extent than if such business comprised a lesser portion of the Fund's         <br />   portfolio.                                                                                                                                              <br /> <br />·  New Fund Risk. The Fund is new with no operating history and there can be no  <br />   assurance that the Fund will grow to or maintain an economically viable size.                                                                             <br /> <br />·  Rule 144A Securities Risk. The market for Rule 144A securities typically <br />   is less active than the market for publicly-traded securities. Rule 144A         <br />   securities carry the risk that the liquidity of these securities may become   <br />   impaired, making it more difficult for the Fund to sell these securities.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
www.hubercap.com
<tt>When the Fund has been in operation for a full calendar year, performance<br />information will be shown here. Updated performance information is available <br />on the Fund's website at www.hubercap.com or by calling the Fund toll-free at<br />888-HUBERCM (888-482-3726).</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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HUDIX
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2014-02-28
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The Fund's "Distribution and Service (Rule 12b-1) Fees" and "Shareholder Servicing Plan Fee" may each accrue up to 0.25% of the average daily net assets of the Institutional Class shares; however, the accrual of each fee is currently set at 0.00% until at least February 28, 2014, and any accrual increase must first be approved by the Trust's Board of Trustees (the "Board").
Other Expenses are based on estimated amounts for the current fiscal year.
Huber Capital Management, LLC (the "Adviser") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 1.25% of the average daily net assets of the Investor Class and 0.75% of the average daily net assets of the Institutional Class (the "Expense Caps"). The Expense Caps will remain in effect through at least February 28, 2014, and may be terminated only by the Trust's Board. The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Caps.