TacticalShares Dynamic Allocation Fund (Second Prospectus Summary) | TacticalShares Dynamic Allocation Fund

SUMMARY SECTION

Investment Objective

TacticalShares Dynamic Allocation Fund (the "Fund") seeks to achieve long-term
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 Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees	TacticalShares Dynamic Allocation Fund Institutional Class
Redemption fee (as a percentage of amount redeemed on shares held 30 days or less)	1.00%

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

Annual Fund Operating Expenses		TacticalShares Dynamic Allocation Fund Institutional Class
Management Fees		0.70%
Other Expenses	[1]	0.96%
Acquired Fund Fees and Expenses	[1]	0.40%
Total Annual Fund Operating Expenses		2.06%
Less: Fee Waiver and Expense Reimbursement		(0.41%)
Net Annual Fund Operating Expenses	[2]	1.65%

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
TacticalShares Dynamic Allocation Fund Institutional Class	168	606

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.

Principal Investment Strategies

The Fund is a "fund of funds" that invests principally in unaffiliated
exchange-traded funds ("ETFs") that are traded on primary U.S. exchanges. The
Fund utilizes a rules-based, trend-following investment approach to tactically
invest its portfolio across four global equity markets. The Fund seeks to track
the total return of four indices by replicating the holdings of each of the four
indices listed below. The Fund plans to allocate 25% of its portfolio to each of
these four indices. Each of these global equity markets is represented by one of
the proprietary indices developed by the Advisor and maintained and published by
an independent third-party index calculation agent. Each index is comprised
entirely of a number of unaffiliated ETFs (the "TacticalShares Indices"). The four
global equity markets and related indices are: 1) U.S. equity market, as
represented by the TacticalShares U.S. Sector Index, 2) non-U.S. developed market,
as represented by the TacticalShares Developed Markets Index, 3) emerging markets,
as represented by the TacticalShares Emerging Markets Index, and 4) natural
resource market, as represented by the TacticalShares Natural Resources Index.

The Fund seeks to replicate the composition of the four TacticalShares Indices,
each of which is comprised of approximately 10 - 16 ETFs. The Fund seeks to
maintain an equal weighted exposure to each of the four global equity markets by
generally investing approximately 25% of its portfolio in accordance with the
composition of each of these four TacticalShares Indices. The Fund's investment
strategy, like the TacticalShares Indices, will adjust exposure between the
underlying ETFs within each equity market on a monthly basis depending on market
conditions. The Fund increases or decreases investments to the underlying ETFs
in each equity market based upon pre-defined moving averages. A "moving average"
is a statistical measurement of the average value of a security's historical
price over a standard time period. ETFs trading above their moving average as of
their assigned measurement date remain in their respective TacticalShares Index
until the next monthly measurement period for that Index. ETFs trading below
their moving average as of their assigned measurement date are removed from
their respective TacticalShares Index until the next monthly measurement period
for that Index, and replaced with an ETF that invests in short-term and
intermediate-term U.S. Government bonds, investment grade credit securities
and/or money market reserves. This investment methodology seeks to eliminate
exposure to ETFs within each equity market that are demonstrating negative
momentum while maintaining exposure to ETFs with positive momentum. The Advisor
expects that the Fund's investment strategy will result in a portfolio turnover
rate in excess of 100% on an annual basis.

Adjustments to the allocation for each of the four equity markets and their
underlying ETFs occur once per month. The TacticalShares Developed Markets Index
is measured on the first Friday of the month; the TacticalShares U.S. Sector,
Emerging Markets and Natural Resources Indices adjust on the second, third and
fourth Fridays of each month, respectively. Total exposure across the four
global equity markets (as opposed to exposure to ETFs invested in short-term and
intermediate-term U.S. Government bonds, investment grade credit securities
and/or money market reserves) can range from 0% to 100% depending on the moving
average indicators for each ETF.

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:

·  Market Risk - The value of ETFs the Fund holds, or the overall stock market,  
   may decline over short or extended periods.                                   

·  Management Risk - The Fund's ability to achieve its investment objective      
   depends on the ability of the Advisor's investment strategies and research,   
   analysis, and determination of portfolio securities, particularly in volatile
   stock markets.                                                                

·  ETF Risk - When the Fund invests in an ETF, it will bear additional expenses  
   based on its pro rata share of the ETF's operating expenses, including the    
   potential duplication of management fees. The risk of owning an ETF generally
   reflects the risks of owning the underlying securities the ETF holds. The Fund
   also will incur brokerage costs when it purchases ETFs. ETFs may not track    
   their underlying indices.                                                     

·  Trend Following Risk - The Fund's trend following strategy responds to changes
   that have already begun to occur in the marketplace. While the strategy attempts
   to position the Fund in a way that will allow it to benefit from trends that
   continue for extended periods of time, the strategy will also not anticipate
   trends. As a result, there is a risk that the Fund will be late in either
   investing in ETFs that are expected to benefit from improving trends or selling
   ETFs that are expected to suffer from deteriorating trends. The Fund may therefore
   not fully participate in profits, nor fully protect against losses, than would be
   the case if it were able to successfully predict trends. These risks may be
   magnified because adjustments in the allocations to ETFs in the TacticalShares
   Indices (and therefore the Fund) occur only once per month and only after a trend
   has been identified. As a result, there may be a lag of up to a month after a
   trend is recognized before the portfolio can be adjusted.                                                                     
  
·  Model Risk - The Fund's investment strategy is based upon proprietary investment
   models as well as on information and data supplied by third parties. When models
   and data prove to be incorrect or incomplete, any decisions made in reliance
   thereon may result in a decline in the value of your investment.                                                              

·  Tracking Error Risk - The Fund's return may not correlate to the return of the
   TacticalShares Indices due to, among other factors, the Fund incurring operating
   expenses, and not being fully invested at all times as a result of cash inflows
   and cash reserves to meet redemptions.                           

·  Portfolio Turnover Risk - A high portfolio turnover rate (100% or more) increases
   the Fund's transaction costs (including brokerage commissions and dealer costs),
   which would adversely impact the Fund's performance. Higher portfolio turnover may
   result in the realization of more short-term capital gains than if the Fund had
   lower portfolio turnover.                          

·  Sector Risk - Sector-specific ETFs may entail greater volatility than ETFs    
   diversified across sectors since sector-specific ETFs are more susceptible to
   economic, political, regulatory and other occurrences influencing such sector.

·  Non-U.S. Investment Risk - The Fund may invest in foreign securities through its
   investment in ETFs. 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.     

·  Emerging Markets Risk - There is a risk that prices of emerging market securities
   might be more volatile, or be more greatly affected by negative conditions, than
   those of their counterparts in more established foreign markets.                                                                      

·  Commodities Risk - The Fund's assets will be allocated to ETFs invested in    
   commodities and commodity linked instruments. Investments in commodities, such
   as gold, or commodity linked instruments, such as futures contracts, options  
   on futures contracts, options and swaps, will subject the Fund's portfolio to
   volatility that may also deviate from the price movements in equity and fixed
   income securities. Additionally, investments in companies involved in         
   commodity-related businesses may be subject to greater volatility than        
   companies involved in more traditional businesses.                            

·  Fixed Income Securities Risk - The Fund's assets will at times be allocated to
   ETFs invested in fixed income securities. Interest rates may go up resulting  
   in a decrease in the value of the fixed income securities held by the ETFs.
   Credit risk is the risk that an issuer will not make timely payments of
   principal and interest. There is also the risk that an issuer may "call," or  
   repay, its bonds before their maturity dates. Fixed income securities subject
   to prepayment can offer less potential for gains during a declining interest  
   rate environment and similar or greater potential for loss in a rising interest
   rate environment. Limited trading opportunities for certain fixed income
   securities may make it more difficult to buy or sell a security at a favorable
   price or time.                                                      

·  New Fund Risk - The Fund is new with no operating history and there can be no
   assurance that the Fund will grow to or maintain an economically viable size,
   in which case the Board may determine to liquidate the Fund.                  

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;

·  Seek diversification through a rules-based investment discipline applied to   
   the global equity markets;                                                    

·  Seek a dynamic overlay strategy to complement more static allocations within a
   diversified portfolio; or                                                     

·  Seek exposure to global equity markets through a strategy that seeks to reduce
   downside risk during negative market climates.

Performance

When the Fund has been in operation for a full calendar year, performance
information will be shown here. Updated performance information is available
on the Fund's website at www.t-shares.com or by calling the Fund toll-free at
1-866-205-0523.

[1] Other Expenses and Acquired Fund Fees and Expenses ("AFFE") are based on estimated amounts for the current fiscal year.

[2] Capital Advisors, Inc. (the "Advisor") has contractually agreed to waive a portion or all of its management fees and 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 average daily net assets of the Fund's Institutional Class shares (the "Expense Cap"). The Expense Cap will remain in effect through at least August 31, 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.