0000894189-14-001768.txt : 20140411 0000894189-14-001768.hdr.sgml : 20140411 20140411124228 ACCESSION NUMBER: 0000894189-14-001768 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20140411 DATE AS OF CHANGE: 20140411 EFFECTIVENESS DATE: 20140411 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: 14759252 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: 14759253 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 S000030922 WBI Absolute Return Balanced Fund C000095914 No Load Class WBADX C000095915 Institutional Class WBBAX 0001027596 S000030923 WBI Absolute Return Dividend Growth Fund C000095916 No Load Class WBIDX C000095917 Institutional Class WBDGX 0001027596 S000041003 WBI Absolute Return Balanced Plus Fund C000127221 No Load Shares WBPNX C000127222 Institutional Class WBBPX 0001027596 S000041004 WBI Absolute Return Dividend Income Fund C000127223 No Load Shares WBDNX C000127224 Institutional Class WBDIX 485BPOS 1 ast-wbif_485bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL ast-wbif_485bxbrl.htm

 
Filed with the Securities and Exchange Commission on April 11, 2014
 
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. 587
x
and
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No. 589
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. 587 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. 580 on Form N-1A filed March 25, 2014.  This PEA No. 587 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 580 to the Trust’s Registration Statement for its series: WBI Absolute Return Balanced Fund, WBI Absolute Return Dividend Growth Fund, WBI Absolute Balanced Plus Fund and WBI Absolute Return Dividend Income 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. 587 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this Post-Effective Amendment No. 587 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 April, 2014.

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

Signature
Title
Date
     
Gail S. Duree*                                     
Trustee
April 11, 2014
Gail S. Duree
   
     
Donald E. O’Connor*                                     
Trustee
April 11, 2014
Donald E. O’Connor
   
     
George J. Rebhan*                                     
Trustee
April 11, 2014
George J. Rebhan
   
     
George T. Wofford*                                     
Trustee
April 11, 2014
George T. Wofford
   
     
Joe D. Redwine*                                      
Trustee, Chairman and
April 11, 2014
Joe D. Redwine
Chief Executive Officer
 
     
/s/ Cheryl L. King
Treasurer and
April 11, 2014
Cheryl L. King
Principal Financial Officer
 
     
/s/ Douglas G. Hess
President and
April 11, 2014
Douglas G. Hess
Principal Executive Officer
 
     
*By: /s/ Douglas G. Hess
 
April 11, 2014
  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 

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Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets Before Expense Reimbursement/Recoupment in the Financial Highlights section of the statutory prospectus, which reflects the actual operating expenses of the Balanced Fund and does not include expenses attributed to current shareholder servicing plan fees and acquired fund fees and expenses ("AFFE"). WBI Investments, Inc. (the "Advisor") has contractually agreed to waive a portion or all of its management fees and pay Balanced Fund expenses to ensure that Net Annual Fund Operating Expenses (excluding AFFE, interest, taxes and extraordinary expenses) do not exceed 2.00% of average daily net assets for No Load Class shares and 1.75% of average daily net assets for Institutional Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least March 29, 2015, 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 paid, subject to the Expense Caps. Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets Before Expense Reimbursement in the Financial Highlights section of the statutory prospectus, which reflects the actual operating expenses of the Balanced Plus Fund and does not include expenses attributed to annualized acquired fund fees and expenses ("AFFE"). WBI Investments, Inc. (the "Advisor") has contractually agreed to waive a portion or all of its management fees and pay Balanced Plus Fund expenses to ensure that Net Annual Fund Operating Expenses (excluding AFFE, interest, taxes and extraordinary expenses) do not exceed 2.00% of average daily net assets for No Load Class shares and 1.75% of average daily net assets for Institutional Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least March 29, 2015, 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 paid, subject to the Expense Caps. Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets Before Expense Reimbursement in the Financial Highlights section of the statutory prospectus, which reflects the actual operating expenses of the Dividend Income Fund and does not include expenses attributed to annualized acquired funds fees and expenses ("AFFE"). WBI Investments, Inc. (the "Advisor") has contractually agreed to waive a portion or all of its management fees and pay Dividend Income Fund expenses to ensure that Net Annual Fund Operating Expenses (excluding AFFE, interest, taxes and extraordinary expenses) do not exceed 2.00% of average daily net assets for No Load Class shares and 1.75% of average daily net assets for Institutional Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least March 29, 2015, 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 paid, subject to the Expense Caps. Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets Before Expense Reimbursement in the Financial Highlights section of the statutory prospectus, which reflects the actual operating expenses of the Dividend Growth Fund and does not include expenses attributed to current shareholder servicing plan fees and acquired fund fees and expenses ("AFFE"). WBI Investments, Inc. (the "Advisor") has contractually agreed to waive a portion or all of its management fees and pay Dividend Growth Fund expenses to ensure that Net Annual Fund Operating Expenses (excluding AFFE, interest, taxes and extraordinary expenses) do not exceed 2.00% of average daily net assets for No Load Class shares and 1.75% of average daily net assets for Institutional Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least March 29, 2015, 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 paid, subject to the Expense Caps. 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 34px"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td width="1076"> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Model Risk</font> &#8211;<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>The Balanced Fund&#8217;s investment process includes the use of proprietary models and analysis methods developed by the Advisor, and data provided by third parties.&#160;&#160;Third party data and information used in models and analysis is obtained from sources believed to be reliable, however inaccurate data could adversely affect the effectiveness of the resulting investment implementation on the Fund&#8217;s performance.&#160;&#160;There can be no assurance that any particular model or investment strategy, including those devised by the Advisor, will be profitable for the Fund, and may result in a loss of principal.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-8" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 34px"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td width="1076"> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fixed Income Securities Risk</font> &#8211; Interest rates may go up resulting in a decrease in the value of the fixed income securities held by the Balanced Fund.&#160;&#160;Credit risk is the risk that an issuer will not make timely payments of principal and interest.&#160;&#160;There is also the risk that an issuer may &#8220;call,&#8221; or repay, its high yielding bonds before their maturity dates.&#160;&#160;Fixed income securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment.&#160;&#160;Limited trading opportunities for certain fixed income securities may make it more difficult to sell or buy a security at a favorable price or time.&#160;&#160;It is likely there will be less governmental action in the near future to maintain low interest rates.&#160;&#160;The negative impact on fixed income securities from the resulting rate increases for that and other reasons could be swift and significant.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-9" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 34px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td width="1076"> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">High-Yield Securities Risk</font> &#8211; The fixed income securities that are rated below investment grade (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, &#8220;junk bonds&#8221;) are subject to additional risk factors such as increased possibility of default liquidation of the security, and changes in value based on public perception of the issuer.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-10" style="FONT-FAMILY: times new roman; 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FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 34px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td width="1076"> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">ETF and Mutual Fund Risk</font> &#8211; When the Balanced Fund invests in an ETF or mutual fund, it will bear additional expenses based on its pro rata share of the ETF&#8217;s or mutual fund&#8217;s operating expenses, including the potential duplication of management fees.&#160;&#160;The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities the ETF or mutual fund holds.&#160;&#160;The Fund also will incur brokerage costs when it purchases ETFs.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-12" style="FONT-FAMILY: times new roman; 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WIDTH: 34px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td width="1076"> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <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-16" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 34px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td width="1076"> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Mortgage-Backed Securities Risk</font> &#8211; In addition to the general risks associated with fixed income securities as described, the structure of certain mortgage-backed securities may make their reaction to interest rates and other factors difficult to predict, which may cause their prices to be very volatile.&#160;&#160;In particular, the recent events related to the U.S. housing market has had a severe negative impact on the value of some mortgage-backed securities and resulted in an increased risk associated with investments in these securities.</font> </div> </td> </tr> </table> Losing all or a portion of your investment is a risk of investing in the Balanced Fund. Investment Objectives <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Balanced Fund&#8217;s investment objectives are to seek current income and long-term capital appreciation, while also seeking to protect principal during unfavorable market conditions.</font> </div> Principal Investment Strategies <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Under normal market conditions, the Balanced Fund will invest at least 25% (with a target of approximately 40% to 60%) of its net assets in the equity securities of domestic and foreign dividend-paying companies of any size market capitalization which the Advisor believes have the capacity to increase dividends over time, and at least 25% (with a target of approximately 40% to 50%) of its net assets in domestic and foreign fixed income securities.&#160;&#160;Approximately 10% of the Fund&#8217;s net assets may be invested in non-dividend paying equities and/or in option strategies to enhance the Fund&#8217;s returns or to mitigate risk and volatility.&#160;&#160;Option strategies used by the Fund for individual securities include writing (selling) covered calls, buying puts, using combinations of calls and puts, and using combinations of calls and combinations of puts.&#160;&#160;The Fund may also use options on indices.&#160;&#160;The Fund may also invest in cash or cash equivalents as part of the normal operation of its investment process.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The types of equity securities in which the Balanced Fund will generally invest include common stocks, preferred stocks, rights, warrants, convertibles and master limited partnerships (businesses organized as partnerships which trade on public exchanges).&#160;&#160;The types of fixed income securities in which the Fund will generally invest include corporate debt securities, U.S. Government securities, debt securities of foreign issuers, sovereign fixed income securities, U.S. Government agency securities, high-yield bonds (also known as &#8220;junk bonds&#8221;), exchange-traded notes (&#8220;ETNs&#8221;), mortgage-backed securities and variable and floating rate securities.&#160;&#160;The Fund expects to invest in fixed income securities of all maturities, from less than one year up to thirty years, depending on the portfolio manager&#8217;s assessment of the risks and opportunities along the yield curve.&#160;&#160;(The yield curve refers to differences in yield among fixed income assets of varying maturities.)</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Balanced Fund may invest without limitation in securities of foreign issuers, and may invest up to 50% of its net assets in the securities of issuers in emerging markets.&#160;&#160;The Fund may invest up to 20% of its net assets in high-yield bonds (also known as &#8220;junk bonds&#8221;).&#160;&#160;Excluding money market funds, which may be used as cash equivalents, the Fund may also invest up to 60% of its net assets in other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;).</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The risk-managed investment approach used for the Balanced Fund by the Advisor attempts to provide consistent, attractive returns net of expenses with potentially less volatility and risk to capital than traditional approaches, whatever market conditions may be.&#160;&#160;The Fund uses quantitative computer screening of fundamental stock information to evaluate domestic and foreign equity securities in an attempt to find the best value and dividend opportunities worldwide.&#160;&#160;Once securities are identified, an overlay of technical analysis confirms timeliness of security purchases.&#160;&#160;The Fund then adds qualifying securities using available cash within the parameters of the Fund&#8217;s target allocations.&#160;&#160;This systematic process of identifying, evaluating, and purchasing securities constitutes the Advisor&#8217;s buy discipline for the Fund.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Balanced Fund uses a proprietary bond model created by the Advisor to assess the appropriate duration of its fixed income securities exposure.&#160;&#160;Fixed income positions may be periodically adjusted to reflect changes in the bond model&#8217;s assessment of the risks and opportunities along the yield curve.&#160;&#160;A portion of the Fund&#8217;s bond exposure may also be invested to pursue perceived opportunities in varying segments of the fixed income securities market.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Once securities are purchased, the Advisor maintains a strict sell discipline that attempts to control the effects of the volatility of each invested position on the Balanced Fund&#8217;s value.&#160;&#160;If a security&#8217;s price stays within a range of acceptable prices, the security will remain in the Fund.&#160;&#160;If the security&#8217;s price falls below the bottom of an acceptable price range, the security will be sold.&#160;&#160;This results in a responsive process that actively adjusts the Fund&#8217;s allocation by causing it to become more fully invested or by raising cash to protect capital.&#160;&#160;During periods of high market volatility a significant amount of Fund holdings may be sold, resulting in a large allocation to cash in the Fund.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Advisor expects that the Balanced Fund&#8217;s investment strategy will result in a portfolio turnover rate in excess of 100% on an annual basis.</font> </div> Performance <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <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 Balanced Fund.&#160;&#160;The bar chart shows the annual return for the Fund&#8217;s Institutional Class shares from year to year.&#160;&#160;The table shows how the Fund&#8217;s average annual returns for one year and since inception compare to those of broad measures of market performance.&#160;&#160;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.wbifunds.com or by calling the Fund toll-free at 1-855-WBI-FUND (1-855-924-3863).</font> </div> Calendar Year Total Returns as of December 31 - Institutional Class 0.0039 0.0799 0.0137 ~ http://usbank.com/20140325/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0001027596_S000030922Member column rr_ProspectusShareClassAxis compact ck0001027596_C000095915Member row primary compact * ~ highest total return 0.0545 2011-12-31 lowest total return -0.0648 2011-09-30 <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the period shown on the bar chart, the Balanced Fund&#8217;s highest total return for a quarter was 5.45% (quarter ended December 31, 2011) and the lowest total return for a quarter was -6.48% (quarter ended September 30,&#160;2011).</font> </div> 0.0137 0.0319 Institutional Class Return before taxes 0.0120 0.0298 Institutional Class Return after taxes on distributions 0.0091 0.0247 Institutional Class Return after taxes on distributions and sale of Fund shares 0.0105 0.0293 No Load Class Return before taxes 0.3239 0.1608 S&P 500&#174; Index (reflects no deduction for fees, expenses or taxes) -0.0235 0.0371 Barclays Capital U.S. Government/Credit Index (reflects no deduction for fees, expenses or taxes) 0.1389 0.0997 50% S&P 500&#174; Index / 50% Barclays Capital U.S. Government/Credit Index (reflects no deduction for fees, expenses or taxes) 2010-12-29 2010-12-29 2010-12-29 2010-12-29 2010-12-29 ~ http://usbank.com/20140325/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0001027596_S000030922Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The after-tax returns were 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 an investor&#8217;s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Balanced Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).</font> </div> Average Annual Total Returns (for the periods ended December 31, 2013) The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The after-tax returns were 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 Balanced Fund. 1-855-924-3863 www.wbifunds.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Balanced Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). (reflects no deduction for fees, expenses or taxes) Example. <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;">This Example is intended to help you compare the cost of investing in the Balanced 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> 212 667 1149 2478 187 589 1017 2207 ~ http://usbank.com/20140325/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001027596_S000030922Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover. <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Balanced 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 247.36% of the average value of its portfolio.</font> </div> 2.4736 Fees and Expenses of the Fund <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Balanced Fund.</font> </div> -0.0200 -0.0200 0.0100 0.0100 0.0025 0.0000 0.0081 0.0080 0.0040 0.0040 0.0009 0.0009 0.0215 0.0189 0.0007 0.0007 -0.0013 -0.0012 0.0209 0.0184 ~ http://usbank.com/20140325/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001027596_S000030922Member row primary compact * ~ ~ http://usbank.com/20140325/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001027596_S000030922Member row primary compact * ~ ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) SHAREHOLDER FEES (fees paid directly from your investment) Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets Before Expense Reimbursement/Recoupment in the Financial Highlights section of the statutory prospectus, which reflects the actual operating expenses of the Balanced Fund and does not include expenses attributed to current shareholder servicing plan fees and acquired fund fees and expenses ("AFFE"). Shareholder Servicing Plan Fees have been restated to reflect current fees. 2015-03-29 WBI Absolute Return Balanced Plus Fund WBPNX WBBPX Principal Investment Risks <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing all or a portion of your investment is a risk of investing in the Balanced Plus Fund.&#160;&#160;The following additional risks could affect the value of your investment:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-19" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 26px"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td width="1084"> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk</font> &#8211;The prices of the securities in which the Balanced Plus Fund invests may decline for a number of reasons. The stock market as a whole, or the value of an individual company, may go down resulting in a decrease in the value of the Fund.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-20" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 26px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td width="1084"> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk</font> &#8211; Your investment in the Balanced Plus Fund varies with the success and failure of the Advisor&#8217;s investment strategies and the Advisor&#8217;s research, analysis, and determination of portfolio securities.&#160;&#160;If the Advisor&#8217;s investment strategies, including its stop loss and goal setting process, do not produce the expected results, the value of the Fund would decrease.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-21" style="FONT-FAMILY: times new roman; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Balanced Plus Fund may invest without limitation in securities of foreign issuers, and may invest up to 50% of its net assets in the securities of issuers in emerging markets.&#160;&#160;The Fund may invest up to 50% of its net assets in high-yield bonds (also known as &#8220;junk bonds&#8221;).&#160;&#160;Excluding money market funds, which may be used as cash equivalents, the Fund may also invest up to 60% of its net assets in other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;).</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The risk-managed investment approach used for the Balanced Plus Fund by the Advisor attempts to provide consistent, attractive returns net of expenses with potentially less volatility and risk to capital than traditional approaches, whatever market conditions may be.&#160;&#160;The Fund uses quantitative computer screening of fundamental stock information to evaluate domestic and foreign equity securities in an attempt to find the best value and dividend opportunities worldwide.&#160;&#160;Once securities are identified, an overlay of technical analysis confirms timeliness of security purchases.&#160;&#160;The Fund then adds qualifying securities using available cash within the parameters of the Fund&#8217;s target allocations.&#160;&#160;This systematic process of identifying, evaluating, and purchasing securities constitutes the Advisor&#8217;s buy discipline for the Fund.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; 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FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td width="1084"> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Model Risk</font> &#8211; The Dividend Income Fund&#8217;s investment process includes the use of proprietary models and analysis methods developed by the Advisor, and data provided by third parties.&#160;&#160;Third party data and information used in models and analysis is obtained from sources believed to be reliable, however inaccurate data could adversely affect the effectiveness of the resulting investment implementation on the Fund&#8217;s performance.&#160;&#160;There can be no assurance that any particular model or investment strategy, including those devised by the Advisor, will be profitable for the Fund, and may result in a loss of principal.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-43" style="FONT-FAMILY: times new roman; 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FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 26px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td width="1084"> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">ETF and Mutual Fund Risk</font> &#8211; When the Dividend Income Fund invests in an ETF or mutual fund, it will bear additional expenses based on its pro rata share of the ETF&#8217;s or mutual fund&#8217;s operating expenses, including the potential duplication of management fees.&#160;&#160;The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities the ETF or mutual fund holds.&#160;&#160;The Fund also will incur brokerage costs when it purchases ETFs.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-45" style="FONT-FAMILY: times new roman; 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Investment Objectives <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Dividend Income Fund&#8217;s investment objectives are to seek long-term capital appreciation and current income.</font> </div> Principal Investment Strategies <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under normal market conditions, the Dividend Income Fund will invest at least 80% of its net assets (including any borrowings for investment purpose) in dividend-paying equity securities of foreign and domestic companies.&#160;&#160;Up to 20% of the Fund&#8217;s net assets may be invested in non-dividend paying equities, domestic and foreign fixed income securities, exchange-traded funds (&#8220;ETFs&#8221;), exchange-traded notes (&#8220;ETNs&#8221;), and/or in option strategies to enhance the Fund&#8217;s returns or to mitigate risk and volatility.&#160;&#160;Option strategies used by the Fund for individual securities include writing (selling) covered calls, buying puts, using combinations of calls and puts, and using combinations of calls and combinations of puts.&#160;&#160;The Fund may also use options on indices.&#160;&#160;The Fund may also invest in cash or cash equivalents as part of the normal operation of its investment process.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The types of equity securities in which the Dividend Income Fund will generally invest include common stocks, preferred stocks, rights, warrants, convertibles and master limited partnerships (businesses organized as partnerships which trade on public exchanges).&#160;&#160;The types of fixed income securities in which the Fund will generally invest include corporate debt securities, U.S. Government securities, debt securities of foreign issuers, sovereign fixed income securities, U.S. government agency securities, high-yield bonds (also known as &#8220;junk bonds&#8221;), ETNs, and variable and floating rate securities.&#160;&#160;The Fund expects to invest in fixed income securities of all maturities, from less than one year up to thirty years, depending on the portfolio manager&#8217;s assessment of the risks and opportunities along the yield curve.&#160;&#160;(The yield curve refers to differences in yield among fixed income assets of varying maturities.)</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Dividend Income Fund may invest without limitation in securities of foreign issuers, and up to 50% of its net assets in the securities of issuers located in emerging markets.&#160;&#160;The Fund may invest up to 20% of its net assets in high-yield bonds (also known as &#8220;junk bonds&#8221;).&#160;&#160;Excluding money market funds, which may be used as cash equivalents, the Fund may also invest up to 60% of its net assets in other investment companies, including ETFs.&#160;&#160;Investments in other investment companies that invest predominantly in dividend-paying equity securities are considered dividend-paying equity securities for the 80% test.&#160;&#160;The Fund may invest in companies of any size market capitalization.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The risk-managed investment approach used for the Dividend Income Fund by the Advisor attempts to provide consistent, attractive returns net of expenses with potentially less volatility and risk to capital than traditional approaches, whatever market conditions may be.&#160;&#160;The Fund uses quantitative computer screening of fundamental stock information to evaluate domestic and foreign equity securities in an attempt to find the best value and dividend opportunities worldwide.&#160;&#160;Once securities are identified, an overlay of technical analysis confirms timeliness of security purchases.&#160;&#160;The Fund then adds qualifying securities using available cash within the parameters of the Fund&#8217;s target allocations.&#160;&#160;This systematic process of identifying, evaluating, and purchasing securities constitutes the Advisor&#8217;s buy discipline for the Fund.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Dividend Income Fund uses a proprietary bond model created by the Advisor to assess the appropriate duration of its fixed income securities exposure.&#160;&#160;Fixed income positions may be periodically adjusted to reflect changes in the bond model&#8217;s assessment of the risks and opportunities along the yield curve.&#160;&#160;A portion of the Fund&#8217;s bond exposure may also be invested to pursue perceived opportunities in varying segments of the fixed income securities market.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Once securities are purchased, the Advisor maintains a strict sell discipline that attempts to control the effects of the volatility of each invested position on the Dividend Income Fund&#8217;s value.&#160;&#160;If a security&#8217;s price stays within a range of acceptable prices, the security will remain in the Fund.&#160;&#160;If a security&#8217;s price falls below the bottom of an acceptable price range, the security will be sold.&#160;&#160;This results in a responsive process that actively adjusts the Fund&#8217;s allocation by causing it to become more fully invested or by raising cash to protect capital.&#160;&#160;During periods of high market volatility a significant amount of Fund holdings may be sold, resulting in a large allocation to cash in the Fund.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Dividend Income Fund&#8217;s target allocation is 80% dividend-paying equity securities.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Advisor expects that the Dividend Income Fund&#8217;s investment strategy will result in a portfolio turnover rate in excess of 100% on an annual basis.</font> </div> Performance <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">When the Dividend Income Fund has been in operation for a full calendar year, performance information will be shown here.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.wbifunds.com or by calling the Fund toll-free at 1-855-WBI-FUND (1-855-924-3863).</font> </div> When the Dividend Income Fund has been in operation for a full calendar year, performance information will be shown here. 1-855-924-3863 www.wbifunds.com Example. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the Dividend Income 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).</font></div> 206 3314 5716 9595 181 2734 4873 8818 ~ http://usbank.com/20140325/role/ScheduleExpenseExampleTransposed20015 column dei_LegalEntityAxis compact ck0001027596_S000041004Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover. <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Dividend Income 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;&#160;During the most recent fiscal period (from June 17, 2013 through November 30, 2013), the Fund&#8217;s portfolio turnover rate was 49.43% of the average value of its portfolio.</font> </div> 0.4943 Fees and Expenses of the Fund <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Dividend Income Fund.</font> </div> -0.0200 -0.0200 0.0100 0.0100 0.0025 0.0000 0.1582 0.1246 0.0040 0.0040 0.0003 0.0003 0.1710 0.1349 -0.1507 -0.1171 0.0203 0.0178 ~ http://usbank.com/20140325/role/ScheduleShareholderFees20013 column dei_LegalEntityAxis compact ck0001027596_S000041004Member row primary compact * ~ ~ http://usbank.com/20140325/role/ScheduleAnnualFundOperatingExpenses20014 column dei_LegalEntityAxis compact ck0001027596_S000041004Member row primary compact * ~ ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) SHAREHOLDER FEES (fees paid directly from your investment) Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets Before Expense Reimbursement in the Financial Highlights section of the statutory prospectus, which reflects the actual operating expenses of the Dividend Income Fund and does not include expenses attributed to annualized acquired funds fees and expenses ("AFFE"). 2015-03-29 WBI Absolute Return Dividend Growth Fund WBIDX WBDGX Principal Investment Risks <div align="justify" style="TEXT-INDENT: 0pt; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 26px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td width="1084"> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Exchange-Traded Note Risk</font> &#8211; The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying securities&#8217; markets, changes in the applicable interest rates, changes in the issuer&#8217;s credit rating, and economic, legal, political, or geographic events that affect the referenced index.&#160;&#160;In addition, the notes issued by ETNs and held by a fund are unsecured debt of the issuer.</font> </div> </td> </tr> </table> Losing all or a portion of your investment is a risk of investing in the Dividend Growth Fund. Investment Objectives <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Dividend Growth Fund&#8217;s investment objectives are to seek long-term capital appreciation and current income.</font> </div> Principal Investment Strategies <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Under normal market conditions, the Dividend Growth Fund will invest at least 80% of its net assets (including any borrowings for investment purpose) in dividend-paying equity securities of foreign and domestic companies.&#160;&#160;Up to 20% of the Fund&#8217;s net assets may be invested in non-dividend paying equities, domestic and foreign fixed income securities, exchange-traded funds (&#8220;ETFs&#8221;), exchange-traded notes (&#8220;ETNs&#8221;), and/or in option strategies to enhance the Fund&#8217;s returns or to mitigate risk and volatility.&#160;&#160;Option strategies used by the Fund for individual securities include writing (selling) covered calls, buying puts, using combinations of calls and puts, and using combinations of calls and combinations of puts.&#160;&#160;The Fund may also use options on indices.&#160;&#160;The Fund may also invest in cash or cash equivalents as part of the normal operation of its investment process.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The types of equity securities in which the Dividend Growth Fund will generally invest include common stocks, preferred stocks, rights, warrants, convertibles and master limited partnerships (businesses organized as partnerships which trade on public exchanges).&#160;&#160;The types of fixed income securities in which the Fund will generally invest include corporate debt securities, U.S. Government securities, debt securities of foreign issuers, sovereign fixed income securities, U.S. government agency securities, high-yield bonds (also known as &#8220;junk bonds&#8221;), ETNs, and variable and floating rate securities.&#160;&#160;The Fund expects to invest in fixed income securities of all maturities, from less than one year up to thirty years, depending on the portfolio manager&#8217;s assessment of the risks and opportunities along the yield curve.&#160;&#160;(The yield curve refers to differences in yield among fixed income assets of varying maturities.)</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Dividend Growth Fund may invest without limitation in securities of foreign issuers, and up to 50% of its net assets in the securities of issuers located in emerging markets.&#160;&#160;The Fund may invest up to 10% of its net assets in high-yield bonds (also known as &#8220;junk bonds&#8221;).&#160;&#160;Excluding money market funds, which may be used as cash equivalents, the Fund may also invest up to 60% of its net assets in other investment companies, including ETFs.&#160;&#160;Investments in other investment companies that invest predominantly in dividend-paying equity securities are considered dividend-paying equity securities for the 80% test.&#160;&#160;The Fund may invest in companies of any size market capitalization.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The risk-managed investment approach used for the Dividend Growth Fund by the Advisor attempts to provide consistent, attractive returns net of expenses with potentially less volatility and risk to capital than traditional approaches, whatever market conditions may be.&#160;&#160;The Fund uses quantitative computer screening of fundamental stock information to evaluate domestic and foreign equity securities in an attempt to find the best value and dividend opportunities worldwide.&#160;&#160;Once securities are identified, an overlay of technical analysis confirms timeliness of security purchases.&#160;&#160;The Fund then adds qualifying securities using available cash within the parameters of the Fund&#8217;s target allocations.&#160;&#160;This systematic process of identifying, evaluating, and purchasing securities constitutes the Advisor&#8217;s buy discipline for the Fund.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Once securities are purchased, the Advisor maintains a strict sell discipline that attempts to control the effects of the volatility of each invested position on the Dividend Growth Fund&#8217;s value.&#160;&#160;&#160;&#160;If a security&#8217;s price stays within a range of acceptable prices, the security will remain in the Fund.&#160;&#160;If a security&#8217;s price falls below the bottom of an acceptable price range, the security will be sold. This results in a responsive process that actively adjusts the Fund&#8217;s allocation by causing it to become more fully invested or by raising cash to protect capital.&#160;&#160;During periods of high market volatility a significant amount of Fund holdings may be sold, resulting in a large allocation to cash in the Fund.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Dividend Growth Fund&#8217;s target allocation is 90% dividend-paying equity securities.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Advisor expects that the Dividend Growth Fund&#8217;s investment strategy will result in a portfolio turnover rate in excess of 100% on an annual basis.</font> </div> Performance <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <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 Dividend Growth Fund.&#160;&#160;The bar chart shows the annual return for the Fund&#8217;s Institutional Class shares from year to year.&#160;&#160;The table shows how the Fund&#8217;s average annual returns for one year and since inception compare to those of a broad measure of market performance.&#160;&#160;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.wbifunds.com or by calling the Fund toll-free at 1-855-WBI-FUND (1-855-924-3863).</font> </div> Calendar Year Total Returns as of December 31 - Institutional Class -0.0333 0.1565 0.2047 ~ http://usbank.com/20140325/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_LegalEntityAxis compact ck0001027596_S000030923Member column rr_ProspectusShareClassAxis compact ck0001027596_C000095917Member row primary compact * ~ highest total return 0.1211 2011-12-31 lowest total return -0.1959 2011-09-30 <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">During the period shown on the bar chart, the Dividend Growth Fund&#8217;s highest total return for a quarter was 12.11% (quarter ended December 31, 2011) and the lowest total return for a quarter was</font></font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;">-19.59% (quarter ended September 30,&#160;2011).</font> </div> 0.2047 0.1023 Institutional Class Return before taxes 0.1811 0.0942 Institutional Class Return after taxes on distributions 0.1192 0.0772 Institutional Class Return after taxes on distributions and sale of Fund shares 0.2009 0.0995 No Load Class Return before taxes 0.3239 0.1608 S&P 500&#174; Index (reflects no deduction for fees, expenses or taxes) 2010-12-29 2010-12-29 2010-12-29 ~ http://usbank.com/20140325/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_LegalEntityAxis compact ck0001027596_S000030923Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The after-tax returns were 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 an investor&#8217;s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Dividend Growth Fund through tax-deferred arrangements, such as 401(k) plans or IRAs.</font> </div> Average Annual Total Returns (for the periods ended December 31, 2013) The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The following performance information provides some indication of the risks of investing in the Dividend Growth Fund. The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 1-855-924-3863 www.wbifunds.com (reflects no deduction for fees, expenses or taxes) Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Dividend Growth Fund through tax-deferred arrangements, such as 401(k) plans or IRAs. Example. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the Dividend 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 (taking into account the Expense Caps only in the first year).</font></div> 205 671 1163 2520 180 593 1031 2251 ~ http://usbank.com/20140325/role/ScheduleExpenseExampleTransposed20020 column dei_LegalEntityAxis compact ck0001027596_S000030923Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover. <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Dividend 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 219.78% of the average value of its portfolio.</font> </div> 2.1978 Fees and Expenses of the Fund <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Dividend Growth Fund.</font> </div> -0.0200 -0.0200 0.0100 0.0100 0.0025 0.0000 0.0093 0.0092 0.0040 0.0040 0.0002 0.0002 0.0220 0.0194 -0.0018 -0.0017 0.0202 0.0177 ~ http://usbank.com/20140325/role/ScheduleShareholderFees20018 column dei_LegalEntityAxis compact ck0001027596_S000030923Member row primary compact * ~ ~ http://usbank.com/20140325/role/ScheduleAnnualFundOperatingExpenses20019 column dei_LegalEntityAxis compact ck0001027596_S000030923Member row primary compact * ~ ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) SHAREHOLDER FEES (fees paid directly from your investment) Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets Before Expense Reimbursement in the Financial Highlights section of the statutory prospectus, which reflects the actual operating expenses of the Dividend Growth Fund and does not include expenses attributed to current shareholder servicing plan fees and acquired fund fees and expenses ("AFFE"). 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