0000894189-13-000805.txt : 20130211 0000894189-13-000805.hdr.sgml : 20130211 20130211134012 ACCESSION NUMBER: 0000894189-13-000805 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130211 DATE AS OF CHANGE: 20130211 EFFECTIVENESS DATE: 20130211 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: 13590574 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: 13590575 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 S000005073 Chase Growth Fund C000013859 Class N CHASX C000043306 Institutional Class CHAIX 0001027596 S000005074 Chase Mid-Cap Growth Fund C000013860 Class N CHAMX C000110232 Institutional Class CHIMX 485BPOS 1 ast-cf_485bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL ast-cf_485bxbrl.htm

 
Filed with the Securities and Exchange Commission on February 11, 2013
 
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. 482
x
                 and
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No. 484
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. 482 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. 477 on Form N-1A filed January 25, 2013.  This PEA No. 482 is filed for the sole purpose of submitting the XBRL exhibit for the risk return summary first provided in PEA No. 477 to the Trust’s Registration Statement for its series: Chase Growth Fund and Chase Mid-Cap Growth 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. 482 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this Post-Effective Amendment No. 482 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 11th day of February, 2013.

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. 482 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature
Title
Date
     
Donald E. O’Connor*                                     
Trustee
February 11, 2013
Donald E. O’Connor
   
     
George J. Rebhan*                                     
Trustee
February 11, 2013
George J. Rebhan
   
     
George T. Wofford*                                     
Trustee
February 11, 2013
George T. Wofford
   
     
Joe D. Redwine*                                      
Trustee, Chairman and
February 11, 2013
Joe D. Redwine
Chief Executive Officer
 
     
/s/ Cheryl L. King
Treasurer and
February 11, 2013
Cheryl L. King
Principal Financial Officer
 
     
/s/ Douglas G. Hess
President and
February 11, 2013
Douglas G. Hess
Principal Executive Officer
 
     
*By: /s/ Douglas G. Hess
 
February 11, 2013
   Douglas G. Hess
   Attorney-In Fact pursuant to
   Power of Attorney
   
 

 
 
C-1 

 
 
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
 
 

C-2

EX-101.INS 2 ck0001027596-20130125.xml INSTANCE DOCUMENT 0001027596 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005073Member ck0001027596:S000005073Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005073Member ck0001027596:S000005073Member ck0001027596:C000013859Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005073Member ck0001027596:S000005073Member ck0001027596:C000043306Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005073Member ck0001027596:S000005073Member rr:AfterTaxesOnDistributionsMember ck0001027596:C000013859Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005073Member ck0001027596:S000005073Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001027596:C000013859Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005073Member ck0001027596:S000005073Member ck0001027596:index_Russell_1000_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005073Member ck0001027596:S000005073Member ck0001027596:index_Lipper_LargeCap_Growth_Funds_Index_reflects_no_deduction_for_taxesMember 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005074Member ck0001027596:S000005074Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005074Member ck0001027596:S000005074Member ck0001027596:C000013860Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005074Member ck0001027596:S000005074Member ck0001027596:C000110232Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005074Member ck0001027596:S000005074Member rr:AfterTaxesOnDistributionsMember ck0001027596:C000013860Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005074Member ck0001027596:S000005074Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001027596:C000013860Member 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005074Member ck0001027596:S000005074Member ck0001027596:index_Russell_Midcap_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 0001027596 ck0001027596:S000005074Member ck0001027596:S000005074Member ck0001027596:index_Lipper_MidCap_Growth_Funds_Index_reflects_no_deduction_for_taxesMember 2012-09-30 2012-09-30 xbrli:pure iso4217:USD Class N incepted on December 2, 1997, and the Institutional Class incepted on January 29, 2007. Performance shown prior to the inception of the Institutional Class reflects the performance of Class N and includes expenses that are not applicable to and are higher than those of the Institutional Class. After-tax returns are shown only for Class N; after-tax returns for the Institutional Class will vary. Class N incepted on September 1, 2002, and the Institutional Class incepted on February 2, 2012. Performance shown prior to the inception of the Institutional Class reflects the performance of Class N and includes expenses that are not applicable to and are higher than those of the Institutional Class. After-tax returns are shown only for Class N; after-tax returns for the Institutional Class will vary. Prior to September 1, 2002, the Predecessor Mid-Cap Fund was advised by a different investment adviser. Performance from January 1, 2001, the inception date of the Predecessor Mid-Cap Fund, to August 31, 2002, is not shown. The Adviser has contractually agreed to waive all or a portion of its management fees and pay Fund expenses (excluding acquired fund fees and expenses ("AFFE"), leverage interest, taxes and extraordinary expenses) in order to limit Net Annual Fund Operating Expenses for the Mid-Cap Fund Class N and Institutional Class to 1.48% and 1.23% of the Fund's average daily net assets, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least January 27, 2014, and may be terminated only by the Board of Trustees (the "Board") of Advisors Series Trust (the "Trust"). The Adviser may request recoupment of previously waived fees and expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Caps. ADVISORS SERIES TRUST 485BPOS false 0001027596 2012-09-30 2013-01-25 2013-01-28 2013-01-28 Chase Growth Fund CHASX CHAIX Portfolio Turnover. <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;The Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was <font style="DISPLAY: inline">47.09</font>% of the average value of its portfolio.</font> </div> 0.4709 Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Growth Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance and an index that reflects the Lipper category applicable to the Fund. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.chasegrowthfunds.com or by calling the Fund toll-free at 1-888-861-7556.</font> </div> Class N - Calendar Year Total Returns as of December 31 0.1788 0.1691 0.1137 0.0141 0.2004 -0.3346 0.1325 0.1298 -0.0146 0.1342 ~ http://chasegrowthfunds.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0001027596_S000005073Member row primary compact * ~ highest return 0.1434 2012-03-31 lowest return -0.1968 2008-12-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 7.3pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">During the period of time shown in the bar chart, the highest return for a calendar quarter was 14.34% (quarter ended 3/31/2012) and the lowest return for a calendar quarter was -19.68% (quarter ended 12/31/2008).</font> </div> 0.1342 -0.0099 0.0592 0.0563 0.0817 -0.0197 0.0519 0.0512 0.1568 -0.0085 0.0518 0.0499 0.1368 -0.0074 0.0607 0.0573 0.1526 0.0312 0.0752 0.0355 0.1592 0.0101 0.0639 0.0271 2007-01-29 1997-12-02 1997-12-02 1997-12-02 ~ http://chasegrowthfunds.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0001027596_S000005073Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After&#8211;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.&#160;&#160;Actual after-tax returns depend on your tax situation and may differ from those shown.&#160;&#160;Furthermore, the after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.</font> </div> 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. The following performance information provides some indication of the risks of investing in the Growth Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years and since inception 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. After-tax returns are shown only for Class N; after-tax returns for the Institutional Class will vary. (reflects no deduction for fees, expenses or taxes) The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares. 1-888-861-7556 www.chasegrowthfunds.com Average Annual Total Returns (for the periods ended December 31, 2012) Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Growth Fund&#8217;s investment objective is to achieve the growth of capital.</font> </div> Example. <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.15pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Example is intended to help you compare the cost of investing in the Growth Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </div> 135 421 729 1601 110 343 595 1317 ~ http://chasegrowthfunds.com/20130125/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001027596_S000005073Member row primary compact * ~ Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Under normal market conditions, the Growth Fund invests primarily in common stocks of domestic companies with large market capitalizations (a &#8220;large-cap company&#8221;).&#160;&#160;Chase Investment Counsel Corporation (the &#8220;Adviser&#8221;) generally considers a large-cap company to be one that has a market capitalization of $5&#160;billion and above.&#160;&#160;Large-cap company stocks the Adviser 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.&#160;&#160;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 (&#8220;ADRs&#8221;).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In buying and selling portfolio securities, the Adviser first screens companies for 10% or greater earnings growth over the last 5 years, consistency of earnings, and liquidity. The Adviser then applies a proprietary filter to find stocks with certain fundamental and technical characteristics such as earnings/revenue momentum, return on equity, reinvestment rate, debt level, preliminary valuation analysis, relative strength, relative price performance, price volatility, unusual volume patterns, and insider transactions.&#160;&#160;The Adviser then conducts traditional fundamental security analysis to identify the key drivers of growth for each candidate and the most attractive buys for the Fund.&#160;&#160;The Adviser continuously reviews prices and adjusts its targets in response to changes in stock characteristics, setting buy/sell target prices for each stock. 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Chase Mid-Cap Growth Fund CHAMX CHIMX Portfolio Turnover. <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;The Mid-Cap Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was <font style="DISPLAY: inline">115.01</font>% of the average value of its portfolio.</font> </div> 1.1501 Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Mid-Cap Fund<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>and reflects the period for which the Adviser was retained as the Fund&#8217;s investment adviser (including a period during which the Fund was organized as a different mutual fund) by showing changes in the Fund&#8217;s performance from year to year since retention of the Adviser and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years and since retention of the Adviser compare with those of a broad measure of market performance and an index that reflects the Lipper category applicable to the Fund. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.chasegrowthfunds.com or by calling the Fund toll-free at 1-888-861-7556.</font> </div> Class N - Calendar Year Total Returns as of December 31 0.1850 0.2097 0.1533 0.0166 0.1974 -0.3965 0.2683 0.2514 0.0901 0.1140 ~ http://chasegrowthfunds.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0001027596_S000005074Member row primary compact * ~ highest return 0.1426 2010-12-31 lowest return -0.2532 2008-12-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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).</font> </div> 0.1140 0.0307 0.0887 0.0800 0.1104 0.0300 0.0861 0.0775 0.0789 0.0263 0.0785 0.0706 0.1161 0.0311 0.0890 0.0802 0.1581 0.0323 0.1032 0.1002 0.1336 0.0149 0.0940 0.0889 2002-09-01 2012-02-02 2002-09-01 2002-09-01 ~ http://chasegrowthfunds.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact ck0001027596_S000005074Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 IRAs.</font> </div> 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. The following performance information provides some indication of the risks of investing in the Mid-Cap Fund and reflects the period for which the Adviser was retained as the Fund's investment adviser (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 Adviser and by showing how the Fund's average annual returns for 1, 5, and 10 years and since retention of the Adviser 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. After-tax returns are shown only for Class N; after-tax returns for the Institutional Class will vary. (reflects no deduction for fees, expenses or taxes) 1-888-861-7556 www.chasegrowthfunds.com 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 IRAs. Average Annual Total Returns (for the periods ended December 31, 2012) Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 &#8220;mid-cap company&#8221;). This policy may only be changed upon sixty (60) days&#8217; prior notice to shareholders.&#160;&#160;The Adviser generally considers a mid-cap company to be one that has a market capitalization of between $1 billion and $15 billion.&#160;&#160;Mid-cap company stocks the Adviser 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.&#160;&#160;In addition, the Fund may invest a portion of its assets in non-U.S. issuers through the use of depositary receipts, such as ADRs.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In buying and selling portfolio securities, the Adviser first screens companies for 10% or greater earnings growth over the last five years, consistency of earnings, and liquidity. The Adviser then applies a proprietary filter to find stocks with certain fundamental and technical characteristics, such as&#160;&#160;earnings/revenue momentum, return on equity, reinvestment rate, debt level, preliminary valuation analysis, relative strength, relative price performance, price volatility, unusual volume patterns, and insider transactions.&#160;&#160;The Adviser then conducts traditional fundamental security analysis to identify the key drivers of growth for each candidate and the most attractive buys for the Fund.&#160;&#160;The Adviser continuously reviews prices and adjusts its targets in response to changes in stock characteristics, setting buy/sell target prices for each stock.&#160;&#160;The existence of alternative securities that the Adviser considers to be more attractive is an added consideration in deciding whether to sell portfolio securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Adviser expects that the Fund&#8217;s investment strategy may often result in a portfolio turnover rate in excess of 100% on an annual basis.</font> </div> Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.15pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;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.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the Expense Caps only in the first year).&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </div> 151 529 932 2060 125 452 802 1788 ~ http://chasegrowthfunds.com/20130125/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0001027596_S000005074Member row primary compact * ~ Investment Objective <div style="TEXT-INDENT: 0pt; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Medium-Sized Company Risk</font> &#8211; 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.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-11" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Non-U.S. Security Risk</font> &#8211; 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.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-12" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Portfolio Turnover Risk</font> &#8211; 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.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-13" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Defensive Position Risk</font> &#8211; If the Mid-Cap Fund takes a temporary defensive position in response to adverse conditions, the Fund may not achieve its investment objective.&#160;&#160;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.</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Mid-Cap Fund may be appropriate for investors who:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-14" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Have a long-term investment horizon;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-15" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Want to diversify their investment portfolio <font style="DISPLAY: inline">by investing in a mutual fund that invests in securities of mid-cap companies</font>; and/or</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-16" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Are willing to accept the greater risks of investing in a portfolio with significant common stock holdings.</font> </div> </td> </tr> </table> Losing a portion or all of your investment is a risk of investing in the Mid-Cap Fund. 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Chase Mid-Cap Growth Fund | Chase Mid-Cap Growth Fund
Chase Mid-Cap Growth Fund
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.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Chase Mid-Cap Growth Fund
Class N
Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases none none
Redemption Fees (as a percentage of amount redeemed on shares held for 60 days or less) 2.00% 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 Chase Mid-Cap Growth Fund
Class N
Institutional Class
Management Fees 0.75% 0.75%
Other Expenses (includes Shareholder Servicing Plan Fees) 1.02% 0.77%
Shareholder Servicing Plan Fees0.25% 0.25% none
Total Annual Fund Operating Expenses 1.77% 1.52%
Less: Fee Waiver and/or Expense Reimbursement [1] (0.29%) (0.29%)
Net Annual Fund Operating Expenses 1.48% 1.23%
[1] The Adviser has contractually agreed to waive all or a portion of its management fees and pay Fund expenses (excluding acquired fund fees and expenses ("AFFE"), leverage interest, taxes and extraordinary expenses) in order to limit Net Annual Fund Operating Expenses for the Mid-Cap Fund Class N and Institutional Class to 1.48% and 1.23% of the Fund's average daily net assets, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least January 27, 2014, and may be terminated only by the Board of Trustees (the "Board") of Advisors Series Trust (the "Trust"). The Adviser may request recoupment of previously waived fees and expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Caps.
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 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 Chase Mid-Cap Growth Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class N
151 529 932 2,060
Institutional Class
125 452 802 1,788
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 115.01% 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 Adviser generally 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 Adviser 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 ADRs.

In buying and selling portfolio securities, the Adviser first screens companies for 10% or greater earnings growth over the last five years, consistency of earnings, and liquidity. The Adviser then applies a proprietary filter to find stocks with certain fundamental and technical characteristics, such as  earnings/revenue momentum, return on equity, reinvestment rate, debt level, preliminary valuation analysis, relative strength, relative price performance, price volatility, unusual volume patterns, and insider transactions.  The Adviser then conducts traditional fundamental security analysis to identify the key drivers of growth for each candidate and the most attractive buys for the Fund.  The Adviser 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 Adviser considers to be more attractive is an added consideration in deciding whether to sell portfolio securities.

The Adviser expects that the Fund’s investment strategy may often result in a portfolio turnover rate in excess of 100% on an annual basis.
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 Adviser’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 Adviser was retained as the Fund’s investment adviser (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 Adviser and by showing how the Fund’s average annual returns for 1, 5, and 10 years and since retention of the Adviser 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
Bar Chart
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, 2012)
Average Annual Returns Chase Mid-Cap Growth Fund
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Class N
[1] 11.40% 3.07% 8.87% 8.00% [2] Sep. 01, 2002
Institutional Class
[1] 11.61% 3.11% 8.90% 8.02% [2] Feb. 02, 2012
After Taxes on Distributions Class N
[1] 11.04% 3.00% 8.61% 7.75% [2]  
After Taxes on Distributions and Sale of Fund Shares Class N
[1] 7.89% 2.63% 7.85% 7.06% [2]  
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes)
15.81% 3.23% 10.32% 10.02% [2] Sep. 01, 2002
Lipper Mid-Cap Growth Funds Index (reflects no deduction for taxes)
13.36% 1.49% 9.40% 8.89% [2] Sep. 01, 2002
[1] Class N incepted on September 1, 2002, and the Institutional Class incepted on February 2, 2012. Performance shown prior to the inception of the Institutional Class reflects the performance of Class N and includes expenses that are not applicable to and are higher than those of the Institutional Class. After-tax returns are shown only for Class N; after-tax returns for the Institutional Class will vary.
[2] Prior to September 1, 2002, the Predecessor Mid-Cap Fund was advised by a different investment adviser. 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 IRAs.
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