Label

Element

Value

Chase Mid-Cap Growth Fund

Risk/Return:

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Supplement [Text Block]

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April 5, 2016

CHASE MID-CAP GROWTH FUND

Class N	CHAMX
Institutional Class	CHIMX

A series of Advisors Series Trust

(the “Fund”)

Supplement to the Summary Prospectus,

Prospectus and Statement of Additional Information (“SAI”),

each dated January 28, 2016

Risk/Return [Heading]

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Chase Mid-Cap Growth Fund

Expense Narrative [Text Block]

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Effective April 1, 2016, the Fund’s shareholder servicing plan fee for Class N shares is reduced to 0.15%.  In addition, the operating expenses limitation agreement between the Trust, on behalf of the Fund, and Chase Investment Counsel Corporation for the Class N shares is revised as reflected below.

· The Fund’s Fees and Expenses table on page 1 of the Summary Prospectus and page 5 of the Prospectus is deleted and replaced with the following:

Shareholder Fees Caption [Text]

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SHAREHOLDER FEES (fees paid directly from your investment)

Operating Expenses Caption [Text]

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ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

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Apr. 01, 2017

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

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Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets in the Financial Highlights section of the statutory prospectus, which reflects the operating expenses of the Mid-Cap Fund prior to April 1, 2016

Expense Example Narrative [Text Block]

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· The Fund’s Example on page 1 of the Summary Prospectus and page 5 of the Prospectus is deleted and replaced with the following:

Expense Example Closing [Text Block]

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Please retain this Supplement with your Summary Prospectus,

Prospectus and SAI.

Chase Mid-Cap Growth Fund | Class N

Risk/Return:

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Redemption Fee (as a percentage of Amount Redeemed)

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(2.00%)

Management Fees

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0.75%

Shareholder Servicing Plan Fees

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0.15%

Other Expenses (includes Shareholder Servicing Plan Fees)

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0.91%

Total Annual Fund Operating Expenses

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1.66%

^[1]

Less: Fee Waiver

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(0.33%)

^[2]

Total Annual Fund Operating Expenses After Fee Waiver

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1.33%

^[1]

Expense Example, with Redemption, 1 Year

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$ 135

Expense Example, with Redemption, 3 Years

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491

Expense Example, with Redemption, 5 Years

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871

Expense Example, with Redemption, 10 Years

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$ 1,938

Chase Mid-Cap Growth Fund | Institutional Class

Risk/Return:

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Redemption Fee (as a percentage of Amount Redeemed)

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(2.00%)

Management Fees

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0.75%

Shareholder Servicing Plan Fees

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none

Other Expenses (includes Shareholder Servicing Plan Fees)

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0.77%

Total Annual Fund Operating Expenses

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1.52%

^[1]

Less: Fee Waiver

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(0.34%)

^[2]

Total Annual Fund Operating Expenses After Fee Waiver

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1.18%

^[1]

Expense Example, with Redemption, 1 Year

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$ 120

Expense Example, with Redemption, 3 Years

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447

Expense Example, with Redemption, 5 Years

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797

Expense Example, with Redemption, 10 Years

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$ 1,784

[1] Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets in the Financial Highlights section of the statutory prospectus, which reflects the operating expenses of the Mid-Cap Fund prior to April 1, 2016

[2] Chase Investment Counsel Corporation (the "Adviser") has contractually agreed to waive all or a portion of its management fees and pay Mid-Cap Fund expenses (excluding acquired fund fees and expenses ("AFFE"), leverage interest, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses for the Mid-Cap Fund Class N and Institutional Class shares to 1.33% and 1.18% of the Fund's average daily net assets, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least April 1, 2017, 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.