0000894189-12-005809.txt : 20121015 0000894189-12-005809.hdr.sgml : 20121015 20121015162652 ACCESSION NUMBER: 0000894189-12-005809 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121015 DATE AS OF CHANGE: 20121015 EFFECTIVENESS DATE: 20121015 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-17391 FILM NUMBER: 121144080 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 121144081 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000038386 Logan Capital Long/Short Fund C000118417 Institutional Class C000118418 Investor Class 485BPOS 1 lclsf_485bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL lclsf_485bxbrl.htm

 
Filed with the Securities and Exchange Commission on October 15, 2012
 
1933 Act Registration File No. 333-17391
1940 Act File No. 811-07959
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
Pre-Effective Amendment No. ____        
¨
Post-Effective Amendment No. 457
x
                  and
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No. 459
x

 
(Check appropriate box or boxes.)
 
 
ADVISORS SERIES TRUST
(Exact Name of Registrant as Specified in Charter)
 
615 East Michigan Street
Milwaukee, Wisconsin  53202
(Address of Principal Executive Offices) (Zip Code)
 
(Registrant’s Telephone Numbers, Including Area Code) (414) 765-6609
 
Douglas G. Hess, President
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, Wisconsin 53202
(Name and Address of Agent for Service)
 
Copies to:
 
Domenick Pugliese, Esq.
Paul Hastings LLP
75 East 55th Street
New York, New York 10022
 
It is proposed that this filing will become effective
 
ý
immediately upon filing pursuant to paragraph (b)
o
on __________ pursuant to paragraph (b)
o
60 days after filing pursuant to paragraph (a)(1)
o
on __________ pursuant to paragraph (a)(1)
o
75 days after filing pursuant to paragraph (a)(2)
o
on __________ pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box

 [   ]
this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 457 to the Advisors Series Trust’s (the “Trust”) Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 452 on Form N-1A filed September 24, 2012.  This PEA No. 457 is filed for the sole purpose of submitting the XBRL exhibit for the risk return summary first provided in PEA No. 452 to the Trust’s Registration Statement for its series: the Logan Capital Long/Short Fund.
 
 

 
 

 
 
SIGNATURES


Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 457 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this Post-Effective Amendment No. 457 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 15th day of October, 2012.

Advisors Series Trust
 

By: /s/ Douglas G. Hess                                              
     Douglas G. Hess
     President

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 457 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature
Title
Date
     
Sallie P. Diederich*                                     
Trustee
October 15, 2012
Sallie P. Diederich
   
     
Donald E. O’Connor*                                     
Trustee
October 15, 2012
Donald E. O’Connor
   
     
George J. Rebhan*                                     
Trustee
October 15, 2012
George J. Rebhan
   
     
George T. Wofford*                                     
Trustee
October 15, 2012
George T. Wofford
   
     
Joe D. Redwine*                                      
Trustee, Chairman and
October 15, 2012
Joe D. Redwine
Chief Executive Officer
 
     
/s/ Cheryl L. King
Treasurer and
October 15, 2012
Cheryl L. King
Principal Financial Officer
 
     
/s/ Douglas G. Hess
President and
October 15, 2012
Douglas G. Hess
Principal Executive Officer
 
     
*By: /s/ Douglas G. Hess
   
   Douglas G. Hess
   Attorney-In Fact pursuant to
   Power of Attorney
   
 

 
 
 

 
 
EXHIBIT LIST

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
 

 

 
EX-101.INS 2 ck0001027596-20120924.xml INSTANCE DOCUMENT 485BPOS 2012-09-24 0001027596 2012-09-26 ADVISORS SERIES TRUST false 2012-09-24 2012-09-28 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.</tt> <div style="display:none">~ http://www.logancapital.com/role/ExpenseExample_S000038386Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Logan Capital Long/Short Fund (the "Fund") seeks long-term capital<br />appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same (taking into account the Expense Caps only in the first<br />year). Although your actual costs may be higher or lower, based on these<br />assumptions, your costs would be:</tt> <tt>The Fund employs a "long/short" investment strategy to attempt to achieve<br />capital appreciation and manage risk by purchasing stocks believed by the<br />Advisor to be undervalued and selling short stocks believed by the Advisor to be<br />overvalued. The Fund will generally maintain a net long bias; however, the Fund<br />will have at least some short exposure at all times. The net long exposure of<br />the Fund (gross long exposures minus gross short exposures) is usually expected<br />to be between 50% and 100%. Under normal market conditions, the Fund will invest<br />primarily in equity securities that are traded on U.S. securities exchanges.<br />Equity securities in which the Fund may invest include common stocks, preferred<br />stocks, American Depositary Receipts ("ADRs"), rights and warrants, and may<br />include securities of companies that are offered pursuant to an initial public<br />offering ("IPO"). The Fund may invest up to 20% of its total assets in securities <br />of foreign issuers, including issuers in emerging markets. Additionally, the Fund <br />may invest up to 50% of its total assets in other investment companies, including <br />exchange-traded funds ("ETFs"), and may purchase and sell options on equities and <br />stock indices with respect to 25% of its total assets.<br /> <br />The Fund's long strategy divides investments between two disciplined equity<br />styles - Growth (with a target of approximately 50% to 60% of the Fund's total<br />assets allocated to growth long positions) and Value (with a target of<br />approximately 50% to 40% of the Fund's total assets allocated to value long<br />positions). With respect to the Growth style, the Fund's investment process is<br />"bottom up" and focused on superior security selection. The investment team<br />utilizes a three-component process that includes top-down macroeconomic<br />analysis, fundamental research and technical analysis. For a stock to be<br />eligible for portfolio inclusion, it must pass all three independent components<br />of this process.<br /> <br />With respect to the Value style, the Advisor seeks to identify financially<br />stable, high dividend yielding companies. The buy discipline seeks to screen<br />from a universe of all stocks traded on U.S. exchanges. Factors used to screen<br />these companies include, but are not limited to, market capitalization, cash<br />flow, financial leverage, modest valuations and price volatility. The remaining<br />companies are then further refined to include those companies with the highest<br />dividend yield. The Advisor may sell a position when it no longer qualifies for<br />purchase under its respective buy discipline.<br /> <br />The Advisor has hired Waterloo International Advisors, LLC ("Waterloo") as a<br />sub-advisor to manage the short portion of the Fund. The Fund's short positions<br />will generally range between 1% and 50% of the value of the net assets of the<br />Fund. The Fund's short investment approach will involve a disciplined, methodical <br />search for overvalued companies. Such companies may be evidenced by high<br />inventories or accounts receivable, decelerating sales growth, heavy insider <br />selling or deteriorating technical factors. To identify such companies, Waterloo <br />carefully scrutinizes the quality of earnings, the proxy statement (background of <br />directors and management, director or accountant resignations, litigation and <br />related transactions), the balance sheet and footnotes (accounts receivable, <br />inventories, other current assets, reserve levels, changes in amortization or <br />depreciation schedules, off-balance sheet liabilities), and the income and<br />cash-flow statements (margin trends, one-time gains or losses, tax rates).<br /> <br />Additionally, Waterloo will consider the time horizon likely to be required for<br />positions to become profitable. Accordingly, Waterloo will seek to identify<br />so-called "catalysts", i.e., particular anticipated events or circumstances that<br />are likely to accelerate the time frame in which the key flaw in the issuer will<br />be reflected in its stock price. By emphasizing catalysts, Waterloo will seek to<br />avoid potential short situations that would require extensive holding periods<br />and their attendant increased costs and risks.<br /> <br />Waterloo will seek to reduce, cover or close positions if the analytical basis<br />for the original investment decision has become questionable or if there are<br />other developments that create a lack of continuing analytic confidence in the<br />position. The Advisor expects that the Fund's active or frequent trading of<br />portfolio securities will result in a portfolio turnover rate in excess of 100%<br />on an annual basis.</tt> Logan Long/Short Fund Example Other expenses and acquired fund fees and expenses ("AFFE") are based on estimated amounts for the current fiscal year. When the Fund has been in operation for a full calendar year, performance information will be shown here. Investment Objective Principal Investment Risks Shareholder Fees (fees paid directly from your investment) Performance 1-855-215-1200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>&#xB7;&#xA0;&#xA0;&#xA0;Management Risk. The Fund is subject to management risk because it is an&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;actively managed portfolio. The Advisor's or Sub-Advisor's management&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;practices and investment strategies might not produce the desired&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;results. The Advisor or Sub-Advisor may be incorrect in their assessment of a<br />&#xA0;&#xA0;&#xA0;&#xA0;stock's appreciation or depreciation potential. Neither the Advisor nor the&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;Sub-Advisor has previously managed a mutual fund.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;&#xA0;Leverage Risk. Leverage is investment exposure which exceeds the initial&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;amount invested. Leverage can cause the portfolio to lose more than the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;principal amount invested. Leverage can magnify the portfolio's gains and&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;losses and therefore increase its volatility.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;&#xA0;Market Risk. The prices of the securities in which the Fund invests may&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;decline for a number of reasons. These reasons may include changing economic <br />&#xA0;&#xA0;&#xA0;&#xA0;circumstances and/or perceptions about the creditworthiness of individual&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;issuers.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;&#xA0;Equity Risk. The risks that could affect the value of the Fund's shares and&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;the total return on your investment include the possibility that the equity&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;securities held by the Fund will experience sudden, unpredictable drops in&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;value or long periods of decline in value.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Short Sales Risk. A short sale is the sale by the Fund of a security which it<br />&#xA0;&#xA0;&#xA0;&#xA0;does not own in anticipation of purchasing the same security in the future at<br />&#xA0;&#xA0;&#xA0;&#xA0;a lower price to close the short position. A short sale will be successful if<br />&#xA0;&#xA0;&#xA0;&#xA0;the price of the shorted security decreases. However, if the underlying&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;security goes up in price during the period in which the short position is&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;outstanding, the Fund will realize a loss. The risk on a short sale is&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;unlimited because the Fund must buy the shorted security at the higher price <br />&#xA0;&#xA0;&#xA0;&#xA0;to complete the transaction. Therefore, short sales may be subject to greater<br />&#xA0;&#xA0;&#xA0;&#xA0;risks than investments in long positions.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;&#xA0;Growth Style Investment Risk. Growth stocks can perform differently from the <br />&#xA0;&#xA0;&#xA0;&#xA0;market as a whole and from other types of stocks. While growth stocks may&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;react differently to issuer, political, market and economic developments than<br />&#xA0;&#xA0;&#xA0;&#xA0;the market as a whole and other types of stocks by rising or falling in price<br />&#xA0;&#xA0;&#xA0;&#xA0;in certain environments, growth stocks also tend to be sensitive to changes&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;in the earnings of their underlying companies and more volatile than other&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;types of stocks, particularly over the short term.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;&#xA0;Value Style Investment Risk. Value stocks can perform differently from the&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;market as a whole and from other types of stocks. Value stocks may be&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;purchased based upon the belief that a given security may be out of favor;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;that belief may be misplaced or the security may stay out of favor for an&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;extended period of time.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;&#xA0;Investment Company Risk. When the Fund invests in an ETF or mutual fund, it&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;will bear additional expenses based on its pro rata share of the ETF's or&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;mutual fund's operating expenses, including the potential duplication of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;management fees. The risk of owning an ETF or mutual fund generally reflects <br />&#xA0;&#xA0;&#xA0;&#xA0;the risks of owning the underlying securities the ETF or mutual fund&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;holds. The Fund also will incur brokerage costs when it purchases ETFs.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;&#xA0;Foreign Securities and Emerging Markets Risk. The Fund may invest in foreign <br />&#xA0;&#xA0;&#xA0;&#xA0;securities, including in emerging markets. These foreign investments are&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;subject to special risks. Foreign securities can be more volatile than&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;domestic (U.S.) securities. Securities markets of other countries are&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;generally smaller than U.S. securities markets. Many foreign securities may&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;be less liquid and more volatile than U.S. securities, which could affect the<br />&#xA0;&#xA0;&#xA0;&#xA0;Fund's investments. In addition, the Fund may invest in emerging markets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;which are more volatile than the markets of developed countries.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />&#xB7;&#xA0;&#xA0;&#xA0;Options Risk. Options on securities may be subject to greater fluctuations in<br />&#xA0;&#xA0;&#xA0;&#xA0;value than an investment in the underlying securities. Purchasing and writing<br />&#xA0;&#xA0;&#xA0;&#xA0;put and call options are highly specialized activities and entail greater&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;than ordinary investment risks.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;&#xA0;Initial Public Offering Risk. The Fund may purchase securities of companies&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;that are offered pursuant to an IPO. The risk exists that the market value of<br />&#xA0;&#xA0;&#xA0;&#xA0;IPO shares will fluctuate considerably due to factors such as the absence of <br />&#xA0;&#xA0;&#xA0;&#xA0;a prior public market, unseasoned trading, the small number of shares&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;available for trading and limited information about the issuer. The purchase <br />&#xA0;&#xA0;&#xA0;&#xA0;of IPO shares may involve high transaction costs. IPO shares are subject to&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;market risk and liquidity risk. When the Fund's asset base is small, a&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;significant portion of the Fund's performance could be attributable to&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;investments in IPOs, because such investments would have a magnified impact&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;on the Fund.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;&#xA0;Portfolio Turnover Risk - A high portfolio turnover rate (100% or more) has&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;the potential to result in the realization and distribution to shareholders&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;of higher capital gains, which may subject you to a higher tax liability.&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />.&#xA0;&#xA0;&#xA0;New Fund Risk. The Fund is new with no operating history and there can be no <br />&#xA0;&#xA0;&#xA0;&#xA0;assurance that the Fund will grow to or maintain an economically viable size,<br />&#xA0;&#xA0;&#xA0;&#xA0;in which case the Board may determine to liquidate the Fund.</tt> Fees and Expenses of the Fund Principal Investment Strategies of the Fund www.logancapital.com/funds <tt>When the Fund has been in operation for a full calendar year, performance<br />information will be shown here. Updated performance information is available on<br />the Fund's website at www.logancapital.com/funds or by calling the Fund<br />toll-free at 1-855-215-1200.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.logancapital.com/role/OperatingExpensesData_S000038386Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.logancapital.com/role/ShareholderFeesData_S000038386Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> LGNMX 0.0043 304 987 -0.0028 -0.0100 0.0156 0.0140 2013-09-28 0.0010 0.0025 0.0301 0.0329 0.0008 LGNLX 0.0043 279 913 -0.0028 -0.0100 0.0156 0.0140 2013-09-28 0.0010 0.0000 0.0276 0.0304 0.0008 0001027596 ck0001027596:SummaryS000038386Memberck0001027596:S000038386Memberck0001027596:C000118417Member 2012-09-28 2012-09-28 0001027596 ck0001027596:SummaryS000038386Memberck0001027596:S000038386Memberck0001027596:C000118418Member 2012-09-28 2012-09-28 0001027596 ck0001027596:SummaryS000038386Memberck0001027596:S000038386Member 2012-09-28 2012-09-28 0001027596 2012-09-28 2012-09-28 pure iso4217:USD Other expenses and acquired fund fees and expenses ("AFFE") are based on estimated amounts for the current fiscal year. Logan Capital Management, Inc. (the "Advisor") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding AFFE, interest, taxes, interest and dividend expense on securities sold short and extraordinary expenses) in order to limit Net Annual Fund Operating Expenses to 2.25% and 2.50% of average daily net assets of the Fund's Institutional Class shares and Investor Class shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least September 28, 2013, and may be terminated only by the Trust's Board of Trustees (the "Board"). 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 Caps. 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v2.4.0.6
Logan Capital Long/Short Fund (Prospectus Summary) | Logan Capital Long/Short Fund
Logan Long/Short Fund
Investment Objective
The Logan Capital Long/Short Fund (the "Fund") seeks 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 Logan Capital Long/Short Fund
Institutional Class
Investor Class
Redemption Fee (as a percentage of amount redeemed on shares held for 60 days or less) 1.00% 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 Logan Capital Long/Short Fund
Institutional Class
Investor Class
Management Fees 1.40% 1.40%
Distribution and Service (Rule 12b-1) Fees none 0.25%
Interest and Dividends on Securities Sold Short 0.43% 0.43%
Shareholder Servicing Plan Fee 0.10% 0.10%
Other Expenses (includes Interest and Dividends on Securities Sold Short and Shareholder Servicing Plan Fee) [1] 1.56% 1.56%
Acquired Fund Fees and Expenses [1] 0.08% 0.08%
Total Annual Fund Operating Expenses 3.04% 3.29%
Less: Fee Waiver and Expense Reimbursement [2] (0.28%) (0.28%)
Net Annual Fund Operating Expenses 2.76% 3.01%
[1] Other expenses and acquired fund fees and expenses ("AFFE") are based on estimated amounts for the current fiscal year.
[2] Logan Capital Management, Inc. (the "Advisor") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding AFFE, interest, taxes, interest and dividend expense on securities sold short and extraordinary expenses) in order to limit Net Annual Fund Operating Expenses to 2.25% and 2.50% of average daily net assets of the Fund's Institutional Class shares and Investor Class shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least September 28, 2013, and may be terminated only by the Trust's Board of Trustees (the "Board"). 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 Caps.
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 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:
Expense Example Logan Capital Long/Short Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Institutional Class
279 913
Investor Class
304 987
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 of the Fund
The Fund employs a "long/short" investment strategy to attempt to achieve
capital appreciation and manage risk by purchasing stocks believed by the
Advisor to be undervalued and selling short stocks believed by the Advisor to be
overvalued. The Fund will generally maintain a net long bias; however, the Fund
will have at least some short exposure at all times. The net long exposure of
the Fund (gross long exposures minus gross short exposures) is usually expected
to be between 50% and 100%. Under normal market conditions, the Fund will invest
primarily in equity securities that are traded on U.S. securities exchanges.
Equity securities in which the Fund may invest include common stocks, preferred
stocks, American Depositary Receipts ("ADRs"), rights and warrants, and may
include securities of companies that are offered pursuant to an initial public
offering ("IPO"). The Fund may invest up to 20% of its total assets in securities
of foreign issuers, including issuers in emerging markets. Additionally, the Fund
may invest up to 50% of its total assets in other investment companies, including
exchange-traded funds ("ETFs"), and may purchase and sell options on equities and
stock indices with respect to 25% of its total assets.

The Fund's long strategy divides investments between two disciplined equity
styles - Growth (with a target of approximately 50% to 60% of the Fund's total
assets allocated to growth long positions) and Value (with a target of
approximately 50% to 40% of the Fund's total assets allocated to value long
positions). With respect to the Growth style, the Fund's investment process is
"bottom up" and focused on superior security selection. The investment team
utilizes a three-component process that includes top-down macroeconomic
analysis, fundamental research and technical analysis. For a stock to be
eligible for portfolio inclusion, it must pass all three independent components
of this process.

With respect to the Value style, the Advisor seeks to identify financially
stable, high dividend yielding companies. The buy discipline seeks to screen
from a universe of all stocks traded on U.S. exchanges. Factors used to screen
these companies include, but are not limited to, market capitalization, cash
flow, financial leverage, modest valuations and price volatility. The remaining
companies are then further refined to include those companies with the highest
dividend yield. The Advisor may sell a position when it no longer qualifies for
purchase under its respective buy discipline.

The Advisor has hired Waterloo International Advisors, LLC ("Waterloo") as a
sub-advisor to manage the short portion of the Fund. The Fund's short positions
will generally range between 1% and 50% of the value of the net assets of the
Fund. The Fund's short investment approach will involve a disciplined, methodical
search for overvalued companies. Such companies may be evidenced by high
inventories or accounts receivable, decelerating sales growth, heavy insider
selling or deteriorating technical factors. To identify such companies, Waterloo
carefully scrutinizes the quality of earnings, the proxy statement (background of
directors and management, director or accountant resignations, litigation and
related transactions), the balance sheet and footnotes (accounts receivable,
inventories, other current assets, reserve levels, changes in amortization or
depreciation schedules, off-balance sheet liabilities), and the income and
cash-flow statements (margin trends, one-time gains or losses, tax rates).

Additionally, Waterloo will consider the time horizon likely to be required for
positions to become profitable. Accordingly, Waterloo will seek to identify
so-called "catalysts", i.e., particular anticipated events or circumstances that
are likely to accelerate the time frame in which the key flaw in the issuer will
be reflected in its stock price. By emphasizing catalysts, Waterloo will seek to
avoid potential short situations that would require extensive holding periods
and their attendant increased costs and risks.

Waterloo will seek to reduce, cover or close positions if the analytical basis
for the original investment decision has become questionable or if there are
other developments that create a lack of continuing analytic confidence in the
position. The Advisor expects that the Fund's active or frequent trading of
portfolio securities will result in a portfolio turnover rate in excess of 100%
on an annual basis.
Principal Investment Risks
·   Management Risk. The Fund is subject to management risk because it is an     
    actively managed portfolio. The Advisor's or Sub-Advisor's management        
    practices and investment strategies might not produce the desired            
    results. The Advisor or Sub-Advisor may be incorrect in their assessment of a
    stock's appreciation or depreciation potential. Neither the Advisor nor the  
    Sub-Advisor has previously managed a mutual fund.                            

·   Leverage Risk. Leverage is investment exposure which exceeds the initial     
    amount invested. Leverage can cause the portfolio to lose more than the      
    principal amount invested. Leverage can magnify the portfolio's gains and    
    losses and therefore increase its volatility.                                

·   Market Risk. The prices of the securities in which the Fund invests may      
    decline for a number of reasons. These reasons may include changing economic
    circumstances and/or perceptions about the creditworthiness of individual    
    issuers.                                                                     

·   Equity Risk. The risks that could affect the value of the Fund's shares and  
    the total return on your investment include the possibility that the equity  
    securities held by the Fund will experience sudden, unpredictable drops in   
    value or long periods of decline in value.                                   

·   Short Sales Risk. A short sale is the sale by the Fund of a security which it
    does not own in anticipation of purchasing the same security in the future at
    a lower price to close the short position. A short sale will be successful if
    the price of the shorted security decreases. However, if the underlying      
    security goes up in price during the period in which the short position is   
    outstanding, the Fund will realize a loss. The risk on a short sale is       
    unlimited because the Fund must buy the shorted security at the higher price
    to complete the transaction. Therefore, short sales may be subject to greater
    risks than investments in long positions.                                    

·   Growth Style Investment Risk. Growth stocks can perform differently from the
    market as a whole and from other types of stocks. While growth stocks may    
    react differently to issuer, political, market and economic developments than
    the market as a whole and other types of stocks by rising or falling in price
    in certain environments, growth stocks also tend to be sensitive to changes  
    in the earnings of their underlying companies and more volatile than other   
    types of stocks, particularly over the short term.                           

·   Value Style Investment Risk. Value stocks can perform differently from the   
    market as a whole and from other types of stocks. Value stocks may be        
    purchased based upon the belief that a given security may be out of favor;   
    that belief may be misplaced or the security may stay out of favor for an    
    extended period of time.                                                     

·   Investment Company Risk. When the Fund invests in an ETF or mutual fund, it  
    will bear additional expenses based on its pro rata share of the ETF's or    
    mutual fund's operating expenses, including the potential duplication of     
    management fees. The risk of owning an ETF or mutual fund generally reflects
    the risks of owning the underlying securities the ETF or mutual fund         
    holds. The Fund also will incur brokerage costs when it purchases ETFs.      

·   Foreign Securities and Emerging Markets Risk. The Fund may invest in foreign
    securities, including in emerging markets. These foreign 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. In addition, the Fund may invest in emerging markets     
    which are more volatile than the markets of developed countries.             
  
·   Options Risk. Options on securities may be subject to greater fluctuations in
    value than an investment in the underlying securities. Purchasing and writing
    put and call options are highly specialized activities and entail greater    
    than ordinary investment risks.                                              

·   Initial Public Offering Risk. The Fund may purchase securities of companies  
    that are offered pursuant to an IPO. The risk exists that the market value of
    IPO shares will fluctuate considerably due to factors such as the absence of
    a prior public market, unseasoned trading, the small number of shares        
    available for trading and limited information about the issuer. The purchase
    of IPO shares may involve high transaction costs. IPO shares are subject to  
    market risk and liquidity risk. When the Fund's asset base is small, a       
    significant portion of the Fund's performance could be attributable to       
    investments in IPOs, because such investments would have a magnified impact  
    on the Fund.                                                                 

·   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.    
  
.   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.
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.logancapital.com/funds or by calling the Fund
toll-free at 1-855-215-1200.
XML 11 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Sep. 28, 2012
Logan Capital Long/Short Fund (Prospectus Summary) | Logan Capital Long/Short Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Logan Long/Short Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Logan Capital Long/Short Fund (the "Fund") seeks long-term capital
appreciation.
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 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)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses and acquired fund fees and expenses ("AFFE") are based on estimated amounts for the current fiscal year.
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 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:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund employs a "long/short" investment strategy to attempt to achieve
capital appreciation and manage risk by purchasing stocks believed by the
Advisor to be undervalued and selling short stocks believed by the Advisor to be
overvalued. The Fund will generally maintain a net long bias; however, the Fund
will have at least some short exposure at all times. The net long exposure of
the Fund (gross long exposures minus gross short exposures) is usually expected
to be between 50% and 100%. Under normal market conditions, the Fund will invest
primarily in equity securities that are traded on U.S. securities exchanges.
Equity securities in which the Fund may invest include common stocks, preferred
stocks, American Depositary Receipts ("ADRs"), rights and warrants, and may
include securities of companies that are offered pursuant to an initial public
offering ("IPO"). The Fund may invest up to 20% of its total assets in securities
of foreign issuers, including issuers in emerging markets. Additionally, the Fund
may invest up to 50% of its total assets in other investment companies, including
exchange-traded funds ("ETFs"), and may purchase and sell options on equities and
stock indices with respect to 25% of its total assets.

The Fund's long strategy divides investments between two disciplined equity
styles - Growth (with a target of approximately 50% to 60% of the Fund's total
assets allocated to growth long positions) and Value (with a target of
approximately 50% to 40% of the Fund's total assets allocated to value long
positions). With respect to the Growth style, the Fund's investment process is
"bottom up" and focused on superior security selection. The investment team
utilizes a three-component process that includes top-down macroeconomic
analysis, fundamental research and technical analysis. For a stock to be
eligible for portfolio inclusion, it must pass all three independent components
of this process.

With respect to the Value style, the Advisor seeks to identify financially
stable, high dividend yielding companies. The buy discipline seeks to screen
from a universe of all stocks traded on U.S. exchanges. Factors used to screen
these companies include, but are not limited to, market capitalization, cash
flow, financial leverage, modest valuations and price volatility. The remaining
companies are then further refined to include those companies with the highest
dividend yield. The Advisor may sell a position when it no longer qualifies for
purchase under its respective buy discipline.

The Advisor has hired Waterloo International Advisors, LLC ("Waterloo") as a
sub-advisor to manage the short portion of the Fund. The Fund's short positions
will generally range between 1% and 50% of the value of the net assets of the
Fund. The Fund's short investment approach will involve a disciplined, methodical
search for overvalued companies. Such companies may be evidenced by high
inventories or accounts receivable, decelerating sales growth, heavy insider
selling or deteriorating technical factors. To identify such companies, Waterloo
carefully scrutinizes the quality of earnings, the proxy statement (background of
directors and management, director or accountant resignations, litigation and
related transactions), the balance sheet and footnotes (accounts receivable,
inventories, other current assets, reserve levels, changes in amortization or
depreciation schedules, off-balance sheet liabilities), and the income and
cash-flow statements (margin trends, one-time gains or losses, tax rates).

Additionally, Waterloo will consider the time horizon likely to be required for
positions to become profitable. Accordingly, Waterloo will seek to identify
so-called "catalysts", i.e., particular anticipated events or circumstances that
are likely to accelerate the time frame in which the key flaw in the issuer will
be reflected in its stock price. By emphasizing catalysts, Waterloo will seek to
avoid potential short situations that would require extensive holding periods
and their attendant increased costs and risks.

Waterloo will seek to reduce, cover or close positions if the analytical basis
for the original investment decision has become questionable or if there are
other developments that create a lack of continuing analytic confidence in the
position. The Advisor expects that the Fund's active or frequent trading of
portfolio securities will result in a portfolio turnover rate in excess of 100%
on an annual basis.
Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock ·   Management Risk. The Fund is subject to management risk because it is an     
    actively managed portfolio. The Advisor's or Sub-Advisor's management        
    practices and investment strategies might not produce the desired            
    results. The Advisor or Sub-Advisor may be incorrect in their assessment of a
    stock's appreciation or depreciation potential. Neither the Advisor nor the  
    Sub-Advisor has previously managed a mutual fund.                            

·   Leverage Risk. Leverage is investment exposure which exceeds the initial     
    amount invested. Leverage can cause the portfolio to lose more than the      
    principal amount invested. Leverage can magnify the portfolio's gains and    
    losses and therefore increase its volatility.                                

·   Market Risk. The prices of the securities in which the Fund invests may      
    decline for a number of reasons. These reasons may include changing economic
    circumstances and/or perceptions about the creditworthiness of individual    
    issuers.                                                                     

·   Equity Risk. The risks that could affect the value of the Fund's shares and  
    the total return on your investment include the possibility that the equity  
    securities held by the Fund will experience sudden, unpredictable drops in   
    value or long periods of decline in value.                                   

·   Short Sales Risk. A short sale is the sale by the Fund of a security which it
    does not own in anticipation of purchasing the same security in the future at
    a lower price to close the short position. A short sale will be successful if
    the price of the shorted security decreases. However, if the underlying      
    security goes up in price during the period in which the short position is   
    outstanding, the Fund will realize a loss. The risk on a short sale is       
    unlimited because the Fund must buy the shorted security at the higher price
    to complete the transaction. Therefore, short sales may be subject to greater
    risks than investments in long positions.                                    

·   Growth Style Investment Risk. Growth stocks can perform differently from the
    market as a whole and from other types of stocks. While growth stocks may    
    react differently to issuer, political, market and economic developments than
    the market as a whole and other types of stocks by rising or falling in price
    in certain environments, growth stocks also tend to be sensitive to changes  
    in the earnings of their underlying companies and more volatile than other   
    types of stocks, particularly over the short term.                           

·   Value Style Investment Risk. Value stocks can perform differently from the   
    market as a whole and from other types of stocks. Value stocks may be        
    purchased based upon the belief that a given security may be out of favor;   
    that belief may be misplaced or the security may stay out of favor for an    
    extended period of time.                                                     

·   Investment Company Risk. When the Fund invests in an ETF or mutual fund, it  
    will bear additional expenses based on its pro rata share of the ETF's or    
    mutual fund's operating expenses, including the potential duplication of     
    management fees. The risk of owning an ETF or mutual fund generally reflects
    the risks of owning the underlying securities the ETF or mutual fund         
    holds. The Fund also will incur brokerage costs when it purchases ETFs.      

·   Foreign Securities and Emerging Markets Risk. The Fund may invest in foreign
    securities, including in emerging markets. These foreign 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. In addition, the Fund may invest in emerging markets     
    which are more volatile than the markets of developed countries.             
  
·   Options Risk. Options on securities may be subject to greater fluctuations in
    value than an investment in the underlying securities. Purchasing and writing
    put and call options are highly specialized activities and entail greater    
    than ordinary investment risks.                                              

·   Initial Public Offering Risk. The Fund may purchase securities of companies  
    that are offered pursuant to an IPO. The risk exists that the market value of
    IPO shares will fluctuate considerably due to factors such as the absence of
    a prior public market, unseasoned trading, the small number of shares        
    available for trading and limited information about the issuer. The purchase
    of IPO shares may involve high transaction costs. IPO shares are subject to  
    market risk and liquidity risk. When the Fund's asset base is small, a       
    significant portion of the Fund's performance could be attributable to       
    investments in IPOs, because such investments would have a magnified impact  
    on the Fund.                                                                 

·   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.    
  
.   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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.logancapital.com/funds or by calling the Fund
toll-free at 1-855-215-1200.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess When the Fund has been in operation for a full calendar year, performance information will be shown here.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-855-215-1200
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.logancapital.com/funds
Logan Capital Long/Short Fund (Prospectus Summary) | Logan Capital Long/Short Fund | Institutional Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Redemption Fee (as a percentage of amount redeemed on shares held for 60 days or less) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 1.40%
Distribution and Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Interest and Dividends on Securities Sold Short rr_Component1OtherExpensesOverAssets 0.43%
Shareholder Servicing Plan Fee rr_Component2OtherExpensesOverAssets 0.10%
Other Expenses (includes Interest and Dividends on Securities Sold Short and Shareholder Servicing Plan Fee) rr_OtherExpensesOverAssets 1.56% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.08% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.04%
Less: Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.28%) [2]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 2.76%
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-09-28
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 279
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 913
Logan Capital Long/Short Fund (Prospectus Summary) | Logan Capital Long/Short Fund | Investor Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Redemption Fee (as a percentage of amount redeemed on shares held for 60 days or less) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 1.40%
Distribution and Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Interest and Dividends on Securities Sold Short rr_Component1OtherExpensesOverAssets 0.43%
Shareholder Servicing Plan Fee rr_Component2OtherExpensesOverAssets 0.10%
Other Expenses (includes Interest and Dividends on Securities Sold Short and Shareholder Servicing Plan Fee) rr_OtherExpensesOverAssets 1.56% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.08% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.29%
Less: Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.28%) [2]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 3.01%
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-09-28
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 304
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 987
[1] Other expenses and acquired fund fees and expenses ("AFFE") are based on estimated amounts for the current fiscal year.
[2] Logan Capital Management, Inc. (the "Advisor") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding AFFE, interest, taxes, interest and dividend expense on securities sold short and extraordinary expenses) in order to limit Net Annual Fund Operating Expenses to 2.25% and 2.50% of average daily net assets of the Fund's Institutional Class shares and Investor Class shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least September 28, 2013, and may be terminated only by the Trust's Board of Trustees (the "Board"). 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 Caps.
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XML 14 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Sep. 24, 2012
Registrant Name dei_EntityRegistrantName ADVISORS SERIES TRUST
Central Index Key dei_EntityCentralIndexKey 0001027596
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Sep. 24, 2012
Document Effective Date dei_DocumentEffectiveDate Sep. 26, 2012
Logan Capital Long/Short Fund (Prospectus Summary) | Logan Capital Long/Short Fund | Institutional Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol LGNLX
Logan Capital Long/Short Fund (Prospectus Summary) | Logan Capital Long/Short Fund | Investor Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol LGNMX
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