|
Exhibit
|
Exhibit No.
|
|
Instance Document
|
EX-101.INS
|
|
Schema Document
|
EX-101.SCH
|
|
Calculation Linkbase Document
|
EX-101.CAL
|
|
Definition Linkbase Document
|
EX-101.DEF
|
|
Label Linkbase Document
|
EX-101.LAB
|
|
Presentation Linkbase Document
|
EX-101.PRE
|
| PIA BBB Bond Fund | ||||||||||||||||||||
| PIA BBB Bond Fund | ||||||||||||||||||||
PIA BBB Bond Fund Managed Account Completion Shares (MACS) PIA MBS Bond Fund Managed Account Completion Shares (MACS) Each a series of Advisors Series Trust March 30, 2014 Supplement to the Prospectus and Summary Prospectus each dated March 30, 2014 The prospectus dated March 30, 2014 for the PIA BBB Bond Fund (“BBB Bond Fund”) and PIA MBS Bond Fund (“MBS Bond Fund”) (each a “Fund” and together, the “Funds”) contains information concerning the fees and expenses for the Funds. That information does not reflect the impact of a voluntary expense limitation agreement pursuant to which Pacific Income Advisers, Inc. (the “Adviser”) has determined to reimburse the Fund for all of its operating expenses (other than acquired fund fees and expenses). This voluntary expense limitation is not reflected in the March 30, 2014 prospectus because the Adviser has determined to discontinue the voluntary expense limitation for the Funds effective October 1, 2014. This supplement to the Prospectus and Summary Prospectus provides shareholders of the Funds with six months’ advance notice of the discontinuance of the voluntary expense limitation and provides information concerning the fees and expenses of the Funds taking into account the impact of the voluntary expense limitation through September 30, 2014. The information described below in this supplement applies only from March 30, 2014 through September 30, 2014. PIA BBB Bond Fund From March 30, 2014 through September 30, 2014, while the voluntary expense limitation is still in effect, the “Fees and Expenses of the Fund” section on page 1 of BBB Bond Fund’s Summary Prospectus and page 1 of the Funds’ Prospectus is as follows: |
||||||||||||||||||||
| Fees and Expenses of the Fund | ||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the BBB Bond Fund. |
||||||||||||||||||||
| SHAREHOLDER FEES (fees paid directly from your investment) | ||||||||||||||||||||
|
||||||||||||||||||||
| ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||
|
||||||||||||||||||||
| Example | ||||||||||||||||||||
This Example is intended to help you compare the cost of investing in the BBB Bond 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 voluntary expense limitation only in the first year). |
||||||||||||||||||||
| Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||||||||||||||||||
|
||||||||||||||||||||
* * * * * * * * * * Please retain this Supplement with the Summary Prospectus and Prospectus. |
||||||||||||||||||||
| Label | Element | Value | ||
|---|---|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |||
| Supplement [Text Block] | ck0001027596_SupplementTextBlock | PIA BBB Bond Fund Managed Account Completion Shares (MACS) PIA MBS Bond Fund Managed Account Completion Shares (MACS) Each a series of Advisors Series Trust March 30, 2014 Supplement to the Prospectus and Summary Prospectus each dated March 30, 2014 The prospectus dated March 30, 2014 for the PIA BBB Bond Fund (“BBB Bond Fund”) and PIA MBS Bond Fund (“MBS Bond Fund”) (each a “Fund” and together, the “Funds”) contains information concerning the fees and expenses for the Funds. That information does not reflect the impact of a voluntary expense limitation agreement pursuant to which Pacific Income Advisers, Inc. (the “Adviser”) has determined to reimburse the Fund for all of its operating expenses (other than acquired fund fees and expenses). This voluntary expense limitation is not reflected in the March 30, 2014 prospectus because the Adviser has determined to discontinue the voluntary expense limitation for the Funds effective October 1, 2014. This supplement to the Prospectus and Summary Prospectus provides shareholders of the Funds with six months’ advance notice of the discontinuance of the voluntary expense limitation and provides information concerning the fees and expenses of the Funds taking into account the impact of the voluntary expense limitation through September 30, 2014. The information described below in this supplement applies only from March 30, 2014 through September 30, 2014. PIA BBB Bond Fund From March 30, 2014 through September 30, 2014, while the voluntary expense limitation is still in effect, the “Fees and Expenses of the Fund” section on page 1 of BBB Bond Fund’s Summary Prospectus and page 1 of the Funds’ Prospectus is as follows: |
||
| Risk/Return [Heading] | rr_RiskReturnHeading | PIA BBB Bond Fund | ||
| Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | ||
| Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the BBB Bond Fund. |
||
| Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | SHAREHOLDER FEES (fees paid directly from your investment) | ||
| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | ||
| Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 2014-09-30 | ||
| Expense Example [Heading] | rr_ExpenseExampleHeading | Example | ||
| Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the BBB Bond 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 voluntary expense limitation only in the first year). |
||
| Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||
| Expense Example Closing [Text Block] | rr_ExpenseExampleClosingTextBlock | * * * * * * * * * * Please retain this Supplement with the Summary Prospectus and Prospectus. |
||
|
Managed Account Completion Shares
|
||||
| Risk/Return: | rr_RiskReturnAbstract | |||
| SHAREHOLDER FEES (fees paid directly from your investment) | rr_ShareholderFeeOther | none | ||
| Management Fees | rr_ManagementFeesOverAssets | none | [1] | |
| Other Expenses | rr_OtherExpensesOverAssets | 0.14% | ||
| Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.14% | ||
| Less: Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.14%) | ||
| Net Annual Fund Operating Expenses | rr_NetExpensesOverAssets | none | [1] | |
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | none | ||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 31 | ||
| Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 65 | ||
| Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 165 | ||
|
||||
| PIA MBS Bond Fund | ||||||||||||||||||||
| PIA MBS Bond Fund | ||||||||||||||||||||
PIA BBB Bond Fund Managed Account Completion Shares (MACS) PIA MBS Bond Fund Managed Account Completion Shares (MACS) Each a series of Advisors Series Trust March 30, 2014 Supplement to the Prospectus and Summary Prospectus each dated March 30, 2014 The prospectus dated March 30, 2014 for the PIA BBB Bond Fund (“BBB Bond Fund”) and PIA MBS Bond Fund (“MBS Bond Fund”) (each a “Fund” and together, the “Funds”) contains information concerning the fees and expenses for the Funds. That information does not reflect the impact of a voluntary expense limitation agreement pursuant to which Pacific Income Advisers, Inc. (the “Adviser”) has determined to reimburse the Fund for all of its operating expenses (other than acquired fund fees and expenses). This voluntary expense limitation is not reflected in the March 30, 2014 prospectus because the Adviser has determined to discontinue the voluntary expense limitation for the Funds effective October 1, 2014. This supplement to the Prospectus and Summary Prospectus provides shareholders of the Funds with six months’ advance notice of the discontinuance of the voluntary expense limitation and provides information concerning the fees and expenses of the Funds taking into account the impact of the voluntary expense limitation through September 30, 2014. The information described below in this supplement applies only from March 30, 2014 through September 30, 2014. PIA MBS Bond Fund From March 30, 2014 through September 30, 2014, while the voluntary expense limitation is still in effect, the “Fees and Expenses of the Fund” section on page 1 of the MBS Bond Fund’s Summary Prospectus and page 6 of the Funds’ Prospectus is as follows: |
||||||||||||||||||||
| Fees and Expenses of the Fund | ||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the MBS Bond Fund. |
||||||||||||||||||||
| SHAREHOLDER FEES (fees paid directly from your investment) | ||||||||||||||||||||
|
||||||||||||||||||||
| ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||
|
||||||||||||||||||||
| Example | ||||||||||||||||||||
This Example is intended to help you compare the cost of investing in the MBS Bond 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 voluntary expense limitation only in the first year). |
||||||||||||||||||||
| Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||||||||||||||||||
|
||||||||||||||||||||
* * * * * * * * * * Please retain this Supplement with the Summary Prospectus and Prospectus. |
||||||||||||||||||||
|
Document and Entity Information
|
0 Months Ended |
|---|---|
|
Mar. 28, 2014
|
|
| Risk/Return: | |
| Document Type | 497 |
| Document Period End Date | Mar. 28, 2014 |
| Registrant Name | ADVISORS SERIES TRUST |
| Central Index Key | 0001027596 |
| Amendment Flag | false |
| Document Creation Date | Mar. 28, 2014 |
| Document Effective Date | Mar. 28, 2014 |
| Prospectus Date | Mar. 30, 2014 |
|
PIA BBB Bond Fund | Managed Account Completion Shares
|
|
| Risk/Return: | |
| Trading Symbol | PBBBX |
|
PIA MBS Bond Fund | Managed Account Completion Shares
|
|
| Risk/Return: | |
| Trading Symbol | PMTGX |
| Label | Element | Value |
|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |
| Prospectus Date | rr_ProspectusDate | Mar. 30, 2014 |
| Label | Element | Value | ||
|---|---|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |||
| Supplement [Text Block] | ck0001027596_SupplementTextBlock | PIA BBB Bond Fund Managed Account Completion Shares (MACS) PIA MBS Bond Fund Managed Account Completion Shares (MACS) Each a series of Advisors Series Trust March 30, 2014 Supplement to the Prospectus and Summary Prospectus each dated March 30, 2014 The prospectus dated March 30, 2014 for the PIA BBB Bond Fund (“BBB Bond Fund”) and PIA MBS Bond Fund (“MBS Bond Fund”) (each a “Fund” and together, the “Funds”) contains information concerning the fees and expenses for the Funds. That information does not reflect the impact of a voluntary expense limitation agreement pursuant to which Pacific Income Advisers, Inc. (the “Adviser”) has determined to reimburse the Fund for all of its operating expenses (other than acquired fund fees and expenses). This voluntary expense limitation is not reflected in the March 30, 2014 prospectus because the Adviser has determined to discontinue the voluntary expense limitation for the Funds effective October 1, 2014. This supplement to the Prospectus and Summary Prospectus provides shareholders of the Funds with six months’ advance notice of the discontinuance of the voluntary expense limitation and provides information concerning the fees and expenses of the Funds taking into account the impact of the voluntary expense limitation through September 30, 2014. The information described below in this supplement applies only from March 30, 2014 through September 30, 2014. PIA MBS Bond Fund From March 30, 2014 through September 30, 2014, while the voluntary expense limitation is still in effect, the “Fees and Expenses of the Fund” section on page 1 of the MBS Bond Fund’s Summary Prospectus and page 6 of the Funds’ Prospectus is as follows: |
||
| Risk/Return [Heading] | rr_RiskReturnHeading | PIA MBS Bond Fund | ||
| Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | ||
| Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the MBS Bond Fund. |
||
| Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | SHAREHOLDER FEES (fees paid directly from your investment) | ||
| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) | ||
| Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 2014-09-30 | ||
| Expense Example [Heading] | rr_ExpenseExampleHeading | Example | ||
| Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the MBS Bond 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 voluntary expense limitation only in the first year). |
||
| Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||
| Expense Example Closing [Text Block] | rr_ExpenseExampleClosingTextBlock | * * * * * * * * * * Please retain this Supplement with the Summary Prospectus and Prospectus. |
||
|
Managed Account Completion Shares
|
||||
| Risk/Return: | rr_RiskReturnAbstract | |||
| SHAREHOLDER FEES (fees paid directly from your investment) | rr_ShareholderFeeOther | none | ||
| Management Fees | rr_ManagementFeesOverAssets | none | [1] | |
| Other Expenses | rr_OtherExpensesOverAssets | 0.22% | ||
| Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.22% | ||
| Less: Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.22%) | ||
| Net Annual Fund Operating Expenses | rr_NetExpensesOverAssets | none | [1] | |
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | none | ||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 48 | ||
| Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 102 | ||
| Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 258 | ||
|
||||