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xbrli:pure
iso4217:USD
Class N incepted on December 2, 1997, and the Institutional Class incepted on January 29, 2007. Performance shown prior to the inception of the Institutional Class reflects the performance of Class N and includes expenses that are not applicable to and are higher than those of the Institutional Class. After-tax returns are shown only for Class N; after-tax returns for the Institutional Class will vary.
Class N incepted on September 1, 2002, and the Institutional Class incepted on February 2, 2012. Performance shown prior to the inception of the Institutional Class reflects the performance of Class N and includes expenses that are not applicable to and are higher than those of the Institutional Class. After-tax returns are shown only for Class N; after-tax returns for the Institutional Class will vary.
Prior to September 1, 2002, the Predecessor Mid-Cap Fund was advised by a different investment adviser. Performance from January 1, 2001, the inception date of the Predecessor Mid-Cap Fund, to August 31, 2002, is not shown.
The Adviser has contractually agreed to waive all or a portion of its management fees and pay Fund expenses (excluding acquired fund fees and expenses ("AFFE"), leverage interest, taxes and extraordinary expenses) in order to limit Net Annual Fund Operating Expenses for the Mid-Cap Fund Class N and Institutional Class to 1.48% and 1.23% of the Fund's average daily net assets, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least January 27, 2014, and may be terminated only by the Board of Trustees (the "Board") of Advisors Series Trust (the "Trust"). The Adviser may request recoupment of previously waived fees and expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Caps.
ADVISORS SERIES TRUST
485BPOS
false
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2013-01-25
2013-01-28
2013-01-28
Chase Growth Fund
CHASX
CHAIX
Portfolio Turnover.
<div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">  The Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was <font style="DISPLAY: inline">47.09</font>% of the average value of its portfolio.</font> </div>
0.4709
Performance
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Growth Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance and an index that reflects the Lipper category applicable to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.chasegrowthfunds.com or by calling the Fund toll-free at 1-888-861-7556.</font> </div>
Class N - Calendar Year Total Returns as of December 31
0.1788
0.1691
0.1137
0.0141
0.2004
-0.3346
0.1325
0.1298
-0.0146
0.1342
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highest return
0.1434
2012-03-31
lowest return
-0.1968
2008-12-31
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 7.3pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">During the period of time shown in the bar chart, the highest return for a calendar quarter was 14.34% (quarter ended 3/31/2012) and the lowest return for a calendar quarter was -19.68% (quarter ended 12/31/2008).</font> </div>
0.1342
-0.0099
0.0592
0.0563
0.0817
-0.0197
0.0519
0.0512
0.1568
-0.0085
0.0518
0.0499
0.1368
-0.0074
0.0607
0.0573
0.1526
0.0312
0.0752
0.0355
0.1592
0.0101
0.0639
0.0271
2007-01-29
1997-12-02
1997-12-02
1997-12-02
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After–tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on your tax situation and may differ from those shown.  Furthermore, the after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.</font> </div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
The following performance information provides some indication of the risks of investing in the Growth Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance and an index that reflects the Lipper category applicable to the Fund.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
After-tax returns are shown only for Class N; after-tax returns for the Institutional Class will vary.
(reflects no deduction for fees, expenses or taxes)
The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.
1-888-861-7556
www.chasegrowthfunds.com
Average Annual Total Returns (for the periods ended December 31, 2012)
Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs").
Investment Objective
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Growth Fund’s investment objective is to achieve the growth of capital.</font> </div>
Example.
<div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.15pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Example is intended to help you compare the cost of investing in the Growth Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </div>
135
421
729
1601
110
343
595
1317
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Principal Investment Strategies
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Under normal market conditions, the Growth Fund invests primarily in common stocks of domestic companies with large market capitalizations (a “large-cap company”).  Chase Investment Counsel Corporation (the “Adviser”) generally considers a large-cap company to be one that has a market capitalization of $5 billion and above.  Large-cap company stocks the Adviser purchases for the Fund typically have earnings growth in excess of 10% per year on a historical basis, and have demonstrated consistency of earnings growth over time.  In addition, the Fund may invest a portion of its assets in non-U.S. issuers through the use of depositary receipts, such as American Depositary Receipts (“ADRs”).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In buying and selling portfolio securities, the Adviser first screens companies for 10% or greater earnings growth over the last 5 years, consistency of earnings, and liquidity. The Adviser then applies a proprietary filter to find stocks with certain fundamental and technical characteristics such as earnings/revenue momentum, return on equity, reinvestment rate, debt level, preliminary valuation analysis, relative strength, relative price performance, price volatility, unusual volume patterns, and insider transactions.  The Adviser then conducts traditional fundamental security analysis to identify the key drivers of growth for each candidate and the most attractive buys for the Fund.  The Adviser continuously reviews prices and adjusts its targets in response to changes in stock characteristics, setting buy/sell target prices for each stock. The existence of alternative securities that the Adviser considers to be more attractive is an added consideration in deciding whether to sell portfolio securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Adviser expects that the Fund’s investment strategy may often result in a portfolio turnover rate in excess of 100% on an annual basis.</font> </div>
Fees and Expenses of the Fund
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Growth Fund.</font> </div>
-0.0200
-0.0200
0.0075
0.0075
0.0058
0.0033
0.0025
0.0000
0.0133
0.0108
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder Fees (fees paid directly from your investment)
Principal Investment Risks
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing a portion or all of your investment is a risk of investing in the Growth Fund.  The following additional risks could affect the value of your investment:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk</font> – The Growth Fund’s ability to achieve its investment objective depends on the Adviser’s ability to correctly identify economic trends and select stocks, particularly in volatile stock markets.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk</font> – The value of stocks and other securities the Growth Fund holds or the overall stock market may decline over short or extended periods.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-1" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Non-U.S. Security Risk</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"> </font>– The Growth Fund may invest in non-U.S. issuers through depositary receipts such as ADRs. Non-U.S. investments may involve financial, economic or political risks not ordinarily associated with the securities of U.S. issuers.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-2" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Portfolio Turnover Risk</font> – A high portfolio turnover rate (100% or more) has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-3" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Defensive Position Risk</font>– If the Growth Fund takes a temporary defensive position in response to adverse conditions, the Fund may not achieve its investment objective.  For example, should the market advance during this period, the Fund may not participate as much as it would have if it had been more fully invested.</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Growth Fund is intended for investors who:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-4" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Have a long-term investment horizon;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-5" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Want to diversify their investment portfolio by investing in a mutual fund that invests in large-cap companies; and/or</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-6" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Are willing to accept higher short-term risk in exchange for a higher potential for long-term total return.</font> </div> </td> </tr> </table>
Losing a portion or all of your investment is a risk of investing in the Growth Fund.
Chase Mid-Cap Growth Fund
CHAMX
CHIMX
Portfolio Turnover.
<div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">  The Mid-Cap Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was <font style="DISPLAY: inline">115.01</font>% of the average value of its portfolio.</font> </div>
1.1501
Performance
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Mid-Cap Fund<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>and reflects the period for which the Adviser was retained as the Fund’s investment adviser (including a period during which the Fund was organized as a different mutual fund) by showing changes in the Fund’s performance from year to year since retention of the Adviser and by showing how the Fund’s average annual returns for 1, 5, and 10 years and since retention of the Adviser compare with those of a broad measure of market performance and an index that reflects the Lipper category applicable to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.chasegrowthfunds.com or by calling the Fund toll-free at 1-888-861-7556.</font> </div>
Class N - Calendar Year Total Returns as of December 31
0.1850
0.2097
0.1533
0.0166
0.1974
-0.3965
0.2683
0.2514
0.0901
0.1140
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highest return
0.1426
2010-12-31
lowest return
-0.2532
2008-12-31
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the period of time shown in the bar chart, the highest return for a calendar quarter was 14.26% (quarter ended 12/31/2010) and the lowest return for a calendar quarter was -25.32% (quarter ended 12/31/2008).</font> </div>
0.1140
0.0307
0.0887
0.0800
0.1104
0.0300
0.0861
0.0775
0.0789
0.0263
0.0785
0.0706
0.1161
0.0311
0.0890
0.0802
0.1581
0.0323
0.1032
0.1002
0.1336
0.0149
0.0940
0.0889
2002-09-01
2012-02-02
2002-09-01
2002-09-01
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or IRAs.</font> </div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes.
The following performance information provides some indication of the risks of investing in the Mid-Cap Fund and reflects the period for which the Adviser was retained as the Fund's investment adviser (including a period during which the Fund was organized as a different mutual fund) by showing changes in the Fund's performance from year to year since retention of the Adviser and by showing how the Fund's average annual returns for 1, 5, and 10 years and since retention of the Adviser compare with those of a broad measure of market performance and an index that reflects the Lipper category applicable to the Fund.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
After-tax returns are shown only for Class N; after-tax returns for the Institutional Class will vary.
(reflects no deduction for fees, expenses or taxes)
1-888-861-7556
www.chasegrowthfunds.com
Actual after-tax returns depend on your tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or IRAs.
Average Annual Total Returns (for the periods ended December 31, 2012)
Principal Investment Strategies
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under normal market conditions, the Mid-Cap Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in the equity securities of companies with medium market capitalizations (a “mid-cap company”). This policy may only be changed upon sixty (60) days’ prior notice to shareholders.  The Adviser generally considers a mid-cap company to be one that has a market capitalization of between $1 billion and $15 billion.  Mid-cap company stocks the Adviser purchases for the Fund typically have earnings growth in excess of 10% per year on a historical basis, and have demonstrated consistency of earnings growth over time.  In addition, the Fund may invest a portion of its assets in non-U.S. issuers through the use of depositary receipts, such as ADRs.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In buying and selling portfolio securities, the Adviser first screens companies for 10% or greater earnings growth over the last five years, consistency of earnings, and liquidity. The Adviser then applies a proprietary filter to find stocks with certain fundamental and technical characteristics, such as  earnings/revenue momentum, return on equity, reinvestment rate, debt level, preliminary valuation analysis, relative strength, relative price performance, price volatility, unusual volume patterns, and insider transactions.  The Adviser then conducts traditional fundamental security analysis to identify the key drivers of growth for each candidate and the most attractive buys for the Fund.  The Adviser continuously reviews prices and adjusts its targets in response to changes in stock characteristics, setting buy/sell target prices for each stock.  The existence of alternative securities that the Adviser considers to be more attractive is an added consideration in deciding whether to sell portfolio securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Adviser expects that the Fund’s investment strategy may often result in a portfolio turnover rate in excess of 100% on an annual basis.</font> </div>
Example
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.15pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Example is intended to help you compare the cost of investing in the Mid-Cap Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Caps only in the first year).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </div>
151
529
932
2060
125
452
802
1788
~ http://chasegrowthfunds.com/20130125/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0001027596_S000005074Member row primary compact * ~
Investment Objective
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Mid-Cap Fund’s investment objective is to achieve capital appreciation.</font> </div>
Fees and Expenses of the Fund
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Mid-Cap Fund.</font> </div>
0.0000
0.0000
-0.0200
-0.0200
0.0075
0.0075
0.0102
0.0077
0.0025
0.0000
0.0177
0.0152
-0.0029
-0.0029
0.0148
0.0123
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~ http://chasegrowthfunds.com/20130125/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0001027596_S000005074Member row primary compact * ~
2014-01-27
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder Fees (fees paid directly from your investment)
Principal Investment Risks
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing a portion or all of your investment is a risk of investing in the Mid-Cap Fund.  The following additional risks could affect the value of your investment:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-7" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk <font style="DISPLAY: inline; FONT-WEIGHT: bold">–</font> <font style="FONT-STYLE: normal">The Mid-Cap Fund’s ability to achieve its investment objective depends on the Adviser<font style="FONT-STYLE: normal; DISPLAY: inline">’s ability to correctly identify economic trends and select stocks, particularly in volatile stock markets.</font></font></font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-9" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk</font> – The value of stocks and other securities the Mid-Cap Fund holds or the overall stock market may decline over short or extended periods.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-10" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Medium-Sized Company Risk</font> – A mid-cap company may be more vulnerable to adverse business or economic events than stocks of larger companies. These stocks present greater risks than securities of larger, more diversified companies.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-11" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Non-U.S. Security Risk</font> – The Mid-Cap Fund may invest in non-U.S. issuers through depositary receipts such as ADRs. Non-U.S. investments may involve financial, economic or political risks not ordinarily associated with the securities of U.S. issuers.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-12" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Portfolio Turnover Risk</font> – A high portfolio turnover rate (100% or more) has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-13" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Defensive Position Risk</font> – If the Mid-Cap Fund takes a temporary defensive position in response to adverse conditions, the Fund may not achieve its investment objective.  For example, should the market advance during this period, the Fund may not participate as much as it would have if it had been more fully invested.</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Mid-Cap Fund may be appropriate for investors who:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-14" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Have a long-term investment horizon;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-15" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Want to diversify their investment portfolio <font style="DISPLAY: inline">by investing in a mutual fund that invests in securities of mid-cap companies</font>; and/or</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-16" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">·  </font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Are willing to accept the greater risks of investing in a portfolio with significant common stock holdings.</font> </div> </td> </tr> </table>
Losing a portion or all of your investment is a risk of investing in the Mid-Cap Fund.