Capital Advisors Growth Fund (Prospectus Summary) | Capital Advisors Growth Fund

SUMMARY SECTION

Investment Objective

Capital Advisors Growth Fund (the "Fund") seeks to achieve long-term capital
growth.

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 Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees	Capital Advisors Growth Fund Investor Class
Redemption fee (as a percentage of amount redeemed on shares held 7 days or less)	2.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		Capital Advisors Growth Fund Investor Class
Management Fees		0.75%
Distribution and Service (Rule 12b-1) Fees		0.25%
Other Expenses		0.74%
Acquired Fund Fees and Expenses		0.02%
Total Annual Fund Operating Expenses	[1]	1.76%
Less: Fee Waiver		(0.49%)
Net Annual Fund Operating Expenses	[2]	1.27%

Example.

This Example is intended to help you compare the cost of investing in the
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 that you
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 Cap only in
the first year). Although your actual costs may be higher or lower, based on
these assumptions, your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Capital Advisors Growth Fund Investor Class	129	506	908	2,033

Portfolio Turnover.

The 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 67.31% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests primarily in common stocks of U.S. companies. The Fund may also
invest in securities of foreign companies that are publicly traded in the U.S.,
including American Depositary Receipts ("ADRs"). Under normal conditions, the
Fund will invest at least 65% of its total assets in common stocks of companies
that the Advisor believes have the potential for long-term growth of
capital. The Advisor uses the growth style of investing. Growth stocks are
securities of companies that have or are expected to have above average earnings
growth.

The Fund buys and sells stocks based on the Advisor's research, and focuses on
characteristics that the Advisor believes allow a company to grow at an
above-average rate for an extended period of time, including: dominant position
within its industry; sustainable competitive advantage; shareholder oriented
management philosophy; strong brand or franchise value; operating within a
definable growing market; and strong research and development.

The Fund will consider selling stocks in its portfolio when the stock reaches
its target, fundamentals supporting the stock's value deteriorate, and/or better
investment alternatives exist.

Principal Risks

The Fund cannot guarantee that it will achieve its investment objective. There
is the risk that you could lose money on your investment in the Fund. The
following are the principal risks that could adversely affect the value of your
investment in the Fund:

·  Equity Risk - the equity securities held in the Fund's portfolio may          
   experience sudden, unpredictable drops in value or long periods of decline in
   value. This may occur because of factors that affect securities markets       
   generally or factors affecting specific industries, sectors or companies in   
   which the Fund invests;                                                       

·  Growth-Style Investing Risk - growth stocks may be more volatile than other   
   types of stocks and may perform differently from the market as a whole;       

·  Management Risk - the Fund's ability to achieve its investment objective      
   depends on the ability of the Advisor to correctly identify economic trends   
   and select stocks, particularly in volatile stock markets;                    

·  Market Risk - the value of stocks and other securities the Fund holds or the  
   overall stock market may decline over short or extended periods;              

·  Non-U.S. Investment Risk - the Fund may invest, without limit, in foreign     
   securities. These investments are subject to special risks. Foreign securities
   can be more volatile than domestic (U.S.) securities. Securities markets of   
   other countries are generally smaller than U.S. securities markets. Many      
   foreign securities may be less liquid and more volatile than U.S. securities,
   which could affect the Fund's investments.                                    
   
Who May Want to Invest in the Fund?

The Fund may be appropriate for investors who:

·  Are pursuing a long-term goal such as retirement;

·  Want to add an investment with growth potential to diversify their investment
   portfolio; or                                                                 

·  Are willing to accept higher short-term risk along with a higher potential for
   long-term growth.

Performance

The following performance information provides some indication of the risks of
investing in the Fund. The bar chart shows changes in the Fund's performance
from year to year. The table shows how the Fund's average annual returns for the
1-, 5- and 10-year periods compare with those of a broad measure of market
performance, as well as an index that reflects the market sectors in which the
Fund invests. The Fund's past performance, before and after taxes, does not
necessarily indicate how it will perform in the future. Updated performance
information is available on the Fund's website at www.ciaox.com or by calling
the Fund toll-free at 1-866-205-0523.

Calendar Year Total Returns as of December 31

During the period shown in the bar chart, the Fund's highest quarterly return
was 14.41% for the quarter ended June 30, 2003, and the lowest quarterly return
was -17.57% for the quarter ended June 30, 2002.

Average Annual Total Returns (For the periods ended December 31, 2011)

Average Annual Total Returns Capital Advisors Growth Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years
Investor Class	Return Before Taxes	1.44%	1.89%	2.88%
Investor Class After Taxes on Distributions	Return After Taxes on Distributions	1.34%	1.82%	2.85%
Investor Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	1.06%	1.61%	2.49%
S&P 500 Index	S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	2.11%	(0.25%)	2.92%
Russell 1000 Growth Index	Russell 1000® Growth Index (reflects no deduction for fees, expenses, or taxes)	2.64%	2.50%	2.60%

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 situation and may differ from
those shown. Furthermore, the after-tax returns shown are not relevant to those
who hold their shares through tax-deferred arrangements such as 401(k) plans or
individual retirement accounts ("IRAs").

[1] Total Annual Fund Operating Expenses do not correlate to the "Ratio of Expenses to Average Net Assets Before Expense Waiver" found in the Financial Highlights, which reflects the Fund's operating expenses and does not include acquired fund fees and expenses ("AFFE").

[2] Capital Advisors, Inc. (the "Advisor") has contractually agreed to waive a portion or all of its management fees and/or pay Fund expenses to ensure that Net Annual Fund Operating Expenses (excluding AFFE, taxes, interest and extraordinary expenses) do not exceed 1.25% of the Fund's average daily net assets for its current fiscal year (the "Expense Cap"). The Expense Cap will remain in effect through at least April 30, 2013, and may only be terminated by the Board of Trustees (the "Board") of Advisors Series Trust (the "Trust"). The Advisor 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 Cap.