CHAIX

CHASE GROWTH FUND SUBSTANTIAL INVESTOR CLASS SHARES (NASDAQ CHAIX)

Performance	Downloads	Distribution History
Sector Diversification	- Prospectus	Contacts
Top Ten Holdings/Fund Information	- Applications

Fund Category: Large-Cap Growth

Investment Objective: To provide capital appreciation while maintaining a prudent risk profile.

Purpose of the Fund: To provide a sound investment in an investor's long-term financial plan.

MONTHLY PERFORMANCE as of 7/31/10
TOTAL RETURN AVERAGE ANNUALIZED as of 7/31/10 FUND INCEPTION DATE: 1/29/07
	1 Month	1 Year	3 Years	Since Inception
CHAIX	3.21%	5.00%	-6.12%	-3.71%
Lipper Large-Cap Growth Funds Index	6.78%	11.80%	-5.04%	-3.02%
Russell 1000^® Growth Index	7.13%	13.65%	-4.25%	-2.29%
S&P 500 Index	7.01%	13.84%	-6.78%	-4.95%

Expense Ratio - 0.97%

TOTAL RETURN AVERAGE ANNUALIZED as of 6/30/10 FUND INCEPTION DATE: 1/29/07
NAV $14.64	1 Quarter	1 Year	3 Years	Since Inception
CHAIX	-8.16%	7.33%	-7.18%	-4.68%
Lipper Large-Cap Growth Funds Index	-12.43%	12.59%	-7.49%	-4.94%
Russell 1000^® Growth Index	-11.75%	13.62%	-6.91%	-4.29%
S&P 500 Index	-11.43%	14.43%	-9.81%	-6.93%

Expense Ratio - 0.97%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance of the fund may be lower or higher than the performance quoted. The funds impose a 2.00% redemption fee on shares held for 60 days or less. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced.

PORTFOLIO SECTOR DIVERSIFICATION as of 6/30/10

TOP TEN HOLDINGS as of 6/30/10		FUND INFORMATION
Apple Inc.	5.0%	Symbol	CHAIX
TJX Cos. Inc.	4.4%	CUSIP	007989395
3M Co.	3.6%	NSCC Number	5626-TA
McKesson Corp.	3.5%	Weighted Avg Mkt Cap (bil)	$43.7
United Technologies	3.4%	Inception Date (class)	1/29/2007
McDonalds Corp.	3.4%	Total Fund Assets (mil)	$512
Microsoft Corp.	3.4%	Minimum Investment	$1,000,000
EMC Corp. Mass	3.3%	Sales Load and 12b-1 Fee	None
Union Pac	3.3%	Fund Shareholders (Approx.)	16,500
Starbucks Corp.	3.2%	Registration*	The Substantial Investor Class shares of the Chase Growth Fund are registered in all US states and all US territories except for AZ, DC, IA, ME, MI, MS, MT, ND, NM, PR, SD, and WA.

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. For a complete list of holdings on June 30, 2010, click here.

DISTRIBUTION HISTORY
Ex Date	Per Share Income ($)	Per Share Short-Term Capital Gain ($)	Per Share Long-Term Capital Gain ($)
12/20/07	0.03493515	0.45904	1.46379
12/18/08	0.03674076	0.000	0.000
12/17/09	0.0000	0.000	0.000

DOWNLOADS

The forms provided below require Adobe's Acrobat Reader. If you do not have Acrobat installed on your computer already, visit Adobe for the free reader. To receive hardcopies of these forms, please contact US Bancorp Fund Services at 1-888-861-7556.

Statutory Prospectus

Summary Prospectus

Statement of Additional Information

Chase Growth Fund Fact Sheet

Annual Report 09-30-09

Semi-Annual Report 03-31-10

Code of Ethics (The Chase Growth Fund is part of the Advisors Series Trust)

Applications

Standard

IRA

IRA Transfer Form

IRA Disclosure Statement

Coverdell Education Savings Account

CONTACTS

Additional information may be obtained from the Fund's portfolio manager.

Chase Investment Counsel Corporation

300 Preston Avenue

Suite 500

Charlottesville, VA 22902-5091

(434) 293-9104

Derwood S. Chase, Jr., CIC

Peter W. Tuz, CFA

Ti Hack

Jennifer King

The Lipper Large Cap Growth Funds Index measures the performance of the 30 of the largest funds in the large cap growth category as tracked by Lipper, Inc. The Russell 1000 Growth Index measures the performance of the Russell 1000 companies with higher price-to-book ratios and higher forecasted growth rates. The S&P 500 Index tracks the stocks of 500 U.S. Companies. You cannot invest directly in an index. While the fund does not charge sales loads, management fees and other expenses still apply.

Mutual fund investing involves risk. Principal loss is possible. The Fund may invest in foreign securities traded on U.S. exchanges, which involve greater volatility and political, economic and currency risks and differences in accounting methods.

*The Chase Growth Fund is offered only to United States residents, and information on this web site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of the Chase Growth Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.