<SEC-DOCUMENT>0000894189-17-000094-index.html : 20170109
<SEC-HEADER>0000894189-17-000094.hdr.sgml : 20170109
<ACCEPTANCE-DATETIME>20170109171316
ACCESSION NUMBER:		0000894189-17-000094
CONFORMED SUBMISSION TYPE:	DEF 14A
CONFIRMING COPY:	
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20170109
FILED AS OF DATE:		20170109
DATE AS OF CHANGE:		20170109

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-17391

	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
<SERIES-AND-CLASSES-CONTRACTS-DATA>
<EXISTING-SERIES-AND-CLASSES-CONTRACTS>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000000021
<SERIES-NAME>American Trust Allegiance Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000000034
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>ATAFX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000005062
<SERIES-NAME>Capital Advisors Growth Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000013847
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>CIAOX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000005064
<SERIES-NAME>PIA BBB Bond Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000013849
<CLASS-CONTRACT-NAME>Managed Account Completion Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PBBBX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000005065
<SERIES-NAME>PIA Short-Term Securities Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000013850
<CLASS-CONTRACT-NAME>Advisor Class
<CLASS-CONTRACT-TICKER-SYMBOL>PIASX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000005067
<SERIES-NAME>PIA MBS Bond Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000013852
<CLASS-CONTRACT-NAME>Managed Account Completion Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PMTGX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000005073
<SERIES-NAME>Chase Growth Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000013859
<CLASS-CONTRACT-NAME>Class N
<CLASS-CONTRACT-TICKER-SYMBOL>CHASX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000043306
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>CHAIX
</CLASS-CONTRACT>
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<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000005074
<SERIES-NAME>Chase Mid-Cap Growth Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000013860
<CLASS-CONTRACT-NAME>Class N
<CLASS-CONTRACT-TICKER-SYMBOL>CHAMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000110232
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>CHIMX
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<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000005075
<SERIES-NAME>Edgar Lomax Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000013862
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>LOMAX
</CLASS-CONTRACT>
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<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000018427
<SERIES-NAME>Huber Capital Equity Income Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000050919
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>HULIX
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<CLASS-CONTRACT-ID>C000106239
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>HULEX
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<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000018428
<SERIES-NAME>Huber Capital Small Cap Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000050920
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>HUSIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000106240
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>HUSEX
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<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000022607
<SERIES-NAME>Davidson Multi-Cap Equity Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000065364
<CLASS-CONTRACT-NAME>Class A
<CLASS-CONTRACT-TICKER-SYMBOL>DFMAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000065365
<CLASS-CONTRACT-NAME>Class C
<CLASS-CONTRACT-TICKER-SYMBOL>DFMCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000132969
<CLASS-CONTRACT-NAME>Class I
<CLASS-CONTRACT-TICKER-SYMBOL>DFMIX
</CLASS-CONTRACT>
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<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000029818
<SERIES-NAME>O'Shaughnessy All Cap Core Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000091688
<CLASS-CONTRACT-NAME>Class A
<CLASS-CONTRACT-TICKER-SYMBOL>OFAAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000091689
<CLASS-CONTRACT-NAME>Class C
<CLASS-CONTRACT-TICKER-SYMBOL>OFACX
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<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000091690
<CLASS-CONTRACT-NAME>Class I
<CLASS-CONTRACT-TICKER-SYMBOL>OFAIX
</CLASS-CONTRACT>
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<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000029819
<SERIES-NAME>O'Shaughnessy Enhanced Dividend Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000091693
<CLASS-CONTRACT-NAME>Class I
<CLASS-CONTRACT-TICKER-SYMBOL>OFDIX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000029822
<SERIES-NAME>O'Shaughnessy Small/Mid Cap Growth Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000091699
<CLASS-CONTRACT-NAME>Class I
<CLASS-CONTRACT-TICKER-SYMBOL>OFMIX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000030922
<SERIES-NAME>WBI Tactical BA Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000095914
<CLASS-CONTRACT-NAME>No Load Class
<CLASS-CONTRACT-TICKER-SYMBOL>WBADX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000095915
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>WBBAX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000030923
<SERIES-NAME>WBI Tactical DG Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000095916
<CLASS-CONTRACT-NAME>No Load Class
<CLASS-CONTRACT-TICKER-SYMBOL>WBIDX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000095917
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>WBDGX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000032592
<SERIES-NAME>Fort Pitt Capital Total Return Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000100439
<CLASS-CONTRACT-NAME>Fort Pitt Capital Total Return Fund
<CLASS-CONTRACT-TICKER-SYMBOL>FPCGX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000035415
<SERIES-NAME>Scharf Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000108787
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>LOGIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000152038
<CLASS-CONTRACT-NAME>Retail Class
<CLASS-CONTRACT-TICKER-SYMBOL>LOGRX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000037381
<SERIES-NAME>Kellner Merger Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000115420
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>GAKAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000115421
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>GAKIX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000037501
<SERIES-NAME>Logan Capital Large Cap Growth Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000115769
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>LGNHX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000115770
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>LGNGX
</CLASS-CONTRACT>
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<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000038386
<SERIES-NAME>Logan Capital Long/Short Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118417
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>LGNLX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118418
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>LGNMX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000038872
<SERIES-NAME>Shenkman Short Duration High Income Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000119634
<CLASS-CONTRACT-NAME>Class A
<CLASS-CONTRACT-TICKER-SYMBOL>SCFAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000119635
<CLASS-CONTRACT-NAME>Class C
<CLASS-CONTRACT-TICKER-SYMBOL>SCFCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000119636
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>SCFIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000126960
<CLASS-CONTRACT-NAME>Class F
<CLASS-CONTRACT-TICKER-SYMBOL>SCFFX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000039416
<SERIES-NAME>Huber Capital Diversified Large Cap Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000121467
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>HUDIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000121468
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>HUDEX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000039481
<SERIES-NAME>Kellner Event Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000121609
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>KEFAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000121611
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>KEFIX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000039497
<SERIES-NAME>Scharf Balanced Opportunity Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000121649
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>LOGOX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000168063
<CLASS-CONTRACT-NAME>Retail Class
<CLASS-CONTRACT-TICKER-SYMBOL>LOGBX
</CLASS-CONTRACT>
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<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000041003
<SERIES-NAME>WBI Tactical BP Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000127221
<CLASS-CONTRACT-NAME>No Load Class
<CLASS-CONTRACT-TICKER-SYMBOL>WBPNX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000127222
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>WBBPX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000041004
<SERIES-NAME>WBI Tactical DI Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000127223
<CLASS-CONTRACT-NAME>No Load Class
<CLASS-CONTRACT-TICKER-SYMBOL>WBDNX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000127224
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>WBDIX
</CLASS-CONTRACT>
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<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000041252
<SERIES-NAME>Orinda Income Opportunities Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000127906
<CLASS-CONTRACT-NAME>Class A
<CLASS-CONTRACT-TICKER-SYMBOL>OIOAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000127907
<CLASS-CONTRACT-NAME>Class I
<CLASS-CONTRACT-TICKER-SYMBOL>OIOIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000131940
<CLASS-CONTRACT-NAME>Class D
<CLASS-CONTRACT-TICKER-SYMBOL>OIODX
</CLASS-CONTRACT>
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<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000041568
<SERIES-NAME>Semper MBS Total Return Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000129089
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>SEMMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000129090
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>SEMPX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000164429
<CLASS-CONTRACT-NAME>Class A
<CLASS-CONTRACT-TICKER-SYMBOL>SEMOX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000044707
<SERIES-NAME>Pzena Mid Cap Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000138961
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>PZVMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000138962
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>PZIMX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000044708
<SERIES-NAME>Pzena Emerging Markets Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000138963
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>PZVEX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000138964
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>PZIEX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000044709
<SERIES-NAME>Pzena Long/Short Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000138965
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>PZVLX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000138966
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>PZILX
</CLASS-CONTRACT>
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<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000044710
<SERIES-NAME>Wasmer Schroeder High Yield Municipal Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000138967
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>WSHYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000044807
<SERIES-NAME>Semper Short Duration Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000139162
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>SEMIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000139163
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>SEMRX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000046127
<SERIES-NAME>Scharf Global Opportunity Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000144365
<CLASS-CONTRACT-NAME>Retail Class
<CLASS-CONTRACT-TICKER-SYMBOL>WRLDX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000046128
<SERIES-NAME>Shenkman Floating Rate High Income Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000144368
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>SFHIX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000047728
<SERIES-NAME>Poplar Forest Outliers Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000149954
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>IPFOX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000047729
<SERIES-NAME>Poplar Forest Cornerstone Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000149955
<CLASS-CONTRACT-NAME>Class A
<CLASS-CONTRACT-TICKER-SYMBOL>PFCFX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000149956
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>IPFCX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000052294
<SERIES-NAME>Huber Capital Mid Cap Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000164420
<CLASS-CONTRACT-NAME>Investor Class
<CLASS-CONTRACT-TICKER-SYMBOL>HUMDX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000164421
<CLASS-CONTRACT-NAME>Institutional Class
<CLASS-CONTRACT-TICKER-SYMBOL>HUMEX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000052315
<SERIES-NAME>Scharf Alpha Opportunity Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000164478
<CLASS-CONTRACT-NAME>Retail Class
<CLASS-CONTRACT-TICKER-SYMBOL>HEDJX
</CLASS-CONTRACT>
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<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000052915
<SERIES-NAME>O'Shaughnessy Market Leaders Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000166455
<CLASS-CONTRACT-NAME>Class I
<CLASS-CONTRACT-TICKER-SYMBOL>OFVIX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000052916
<SERIES-NAME>O'Shaughnessy Small Cap Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000166456
<CLASS-CONTRACT-NAME>Class I
<CLASS-CONTRACT-TICKER-SYMBOL>OFSIX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000053195
<SERIES-NAME>Aasgard Dividend Growth Small & Mid-Cap Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000167336
<CLASS-CONTRACT-NAME>No Load Class
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001027596
<SERIES-ID>S000053713
<SERIES-NAME>Pzena Small Cap Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000168873
<CLASS-CONTRACT-NAME>Investor Class
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000168874
<CLASS-CONTRACT-NAME>Institutional Class
</CLASS-CONTRACT>
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<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>ast_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
Document 1 - file: ast_def14a.htm
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</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>5 <FILENAME>image00007.jpg <TEXT> Document 5 - file: image00007.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>6 <FILENAME>image00008.jpg <TEXT> Document 6 - file: image00008.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>7 <FILENAME>image00010.jpg <TEXT> Document 7 - file: image00010.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>8 <FILENAME>image00012.jpg <TEXT> Document 8 - file: image00012.jpg
</DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>9 <FILENAME>image00013.jpg <TEXT> Document 9 - file: image00013.jpg
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