chmcgr_497k.htm

CHASE MID-CAP GROWTH FUND

Summary Prospectus

January 28, 2011

	Ticker Symbol:
Class N	CHAMX

Before you invest, you may want to review the Chase Mid-Cap Growth Fund’s (“Mid-Cap Fund” or the “Fund”) prospectus, which contains more information about the Fund and its risks. The current statutory prospectus and statement of additional information dated January 28, 2011, are incorporated by reference into this Summary Prospectus. You can find the Fund’s prospectus and other information about the Fund online at http://www.chasegrowthfunds.com/CHAMX.htm#Downloads. You can also get this information at no cost by calling 1-888-861-7556 or by sending an e-mail request to sales@chaseinv.com.

Investment Objective

The Mid-Cap Fund’s investment objective is to achieve capital appreciation.

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 Mid-Cap Fund.

		Class N
Shareholder Fees (fees paid directly from your investment)
Redemption Fees (as a percentage of amount redeemed on shares held for 60 days or less)		2.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.75%
Other Expenses (includes Shareholder Servicing Plan Fees)		1.14%
Shareholder Servicing Plan Fees	0.25%
Total Annual Fund Operating Expenses(1)		1.89%
Less: Fee Waiver and/or Expense Reimbursement(2)		-0.40%
Net Annual Fund Operating Expenses		1.49%

(1)

Total Annual Fund Operating Expenses for the Mid-Cap Fund do not correlate to the Ratio of Expenses including Interest Expense to Average Net Assets Before Expense Waiver in the Financial Highlights section of the statutory prospectus, which reflects the operating expenses of the Fund and does not include the 0.01% attributed to acquired fund fees and expenses (“AFFE”).

(2)

Chase Investment Counsel Corporation (the “Advisor”) has contractually agreed to waive a portion of its management fees and/or pay Fund expenses (excluding AFFE, leverage interest, taxes and extraordinary expenses) in order to limit Net Annual Fund Operating Expenses for the Mid-Cap Fund Class N to 1.48% of the Fund’s average daily net assets. The expense limitation will remain in effect through at least January 28, 2012, and may be terminated only by the Board of Trustees (the “Board”) of Advisors Series Trust (the “Trust”).

Example

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 contractual expense limitation only in the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Mid-Cap Fund

	1 Year	3 Years	5 Years	10 Years
Class N	$152	$555	$984	$2,179

Portfolio Turnover. 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 140.28% of the average value of its portfolio.

Principal Investment Strategies

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 Advisor 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 Advisor 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”).

In buying and selling portfolio securities, the Advisor first screens companies for 10% or greater earnings growth over the last five years, consistency of earnings, and liquidity. The Advisor then screens the stocks for fundamental and technical characteristics, including earnings growth, return on equity, reinvestment rate, debt level, preliminary valuation analysis, relative strength, price momentum, price volatility, unusual volume patterns, and insider transactions. The Advisor then conducts traditional fundamental security analysis to identify the most attractive buys for the Fund. The Advisor 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 Advisor considers to be more attractive is an added consideration in deciding whether to sell portfolio securities.

Principal Investment Risks

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:

·	Management Risk – The Mid-Cap Fund’s ability to achieve its investment objective depends on the Advisor’s ability to correctly identify economic trends and select stocks, particularly in volatile stock markets.

·	Market Risk – The value of stocks and other securities the Mid-Cap Fund holds or the overall stock market may decline over short or extended periods.

·	Medium-Sized Company Risk – 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.

·	Non-U.S. Security Risk – 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.

·	Portfolio Turnover Risk – 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.

Defensive Position Risk – 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.

The Mid-Cap Fund may be appropriate for investors who:

·	Have a long-term investment horizon;

·	Want to diversify their investment portfolio by investing in a mutual fund that invests in securities of mid-cap companies; and/or

·	Are willing to accept the greater risks of investing in a portfolio with significant common stock holdings.

Performance

The following performance information provides some indication of the risks of investing in the Mid-Cap Fund and reflects the period for which the Advisor was retained as the Fund’s investment advisor (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 Advisor and by showing how the Fund’s average annual returns for 1 and 5 years and since retention of the Advisor 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.

Class N – Calendar Year Total Returns as of December 31

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).

Average Annual Total Returns
(for the periods ended December 31, 2010)
			Since
Mid-Cap Fund, Class N	1 Year	5 Years	9/1/02(1)
Return Before Taxes	25.14%	3.12%	7.48%
Return After Taxes on Distributions	25.14%	2.77%	7.21%
Return After Taxes on Distributions and Sale of Fund Shares	16.34%	2.65%	6.56%
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes)	26.38%	4.88%	10.83%
Lipper Mid-Cap Growth Funds Index (reflects no deduction for taxes)	25.66%	6.22%	10.20%

________________________

(1)	Prior to September 1, 2002, the Predecessor Mid-Cap Fund was advised by a different investment advisor. Performance from January 1, 2001, the inception date of the Predecessor Mid-Cap Fund, to August 31, 2002, is not shown.

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 individual retirement accounts (“IRAs”).

Management

Investment Advisor. Chase Investment Counsel Corporation is the Mid-Cap Fund’s investment advisor.

Portfolio Managers. The Mid-Cap Fund is managed by the three senior investment professionals at Chase Investment Counsel Corporation: Brian J. Lazorishak, CFA, CIC, CIPM, CMT, Peter W. Tuz, CFA, and Peter C. Wood, CFA. All have worked on the Fund since its inception in 2002. Mr. Lazorishak serves as the primary portfolio manager with sector/stock specific inputs from Mr. Tuz and Mr. Wood. Derwood S. Chase, Jr., CIC, supports the team as mentor and strategist.

Portfolio Manager	Years of Service with the Fund	Title
Brian J. Lazorishak, CFA, CIC, CIPM, CMT	8	Senior Vice President, Senior Quantitative Analyst and Portfolio Manager
Peter W. Tuz, CFA	8	President and Director, Senior Security Analyst and Sector Portfolio Manager
Peter C. Wood, CFA	8	Senior Vice President, Senior Security Analyst and Sector Portfolio Manager

Purchase and Sale of Fund Shares

You may purchase, exchange or redeem Fund shares on any business day by written request via mail (Chase Mid-Cap Growth Fund, c/o U.S. Bancorp Fund Services, LLC, P.O. Box 701, Milwaukee, WI 53201-0701), by telephone at 1-888-861-7556, or through a financial intermediary. You may also purchase or redeem Fund shares by wire transfer. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly. The minimum initial and subsequent investment amounts are shown below.

	To Open Your Account	To Add to Your Account
Class N	$2,000	$250

Tax Information

The Mid-Cap Fund’s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you invest through a tax-deferred arrangement, that does not use borrowed funds, such as a 401(k) plan or an IRA.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Mid-Cap Fund through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Fund and/or its Advisor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.