Other
2012-09-26
0001027596
2012-09-26
ADVISORS SERIES TRUST
false
2012-09-26
2012-09-26
The Fund is non-diversified under the 1940 Act. To the extent that the Fund invests
its assets in fewer securities, the Fund is subject to greater risk of loss if any
of those securities become permanently impaired.
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.</tt>
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<tt>The Kellner Merger Fund (the "Fund") seeks to achieve positive risk-adjusted<br />returns with less volatility than in the equity markets.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same (taking into account the Expense Caps only in the first<br />year). Although your actual costs may be higher or lower, based on these<br />assumptions, your costs would be:</tt>
<tt>Under normal market conditions, the Fund will invest at least 80% of its net<br />assets in equity securities of U.S. and foreign companies that are involved <br />in publicly announced mergers, takeovers, tender offers, leveraged buyouts,<br />spin-offs, liquidations and other corporate reorganizations (collectively,<br />"Merger Transactions").  The types of equity securities in which the Fund<br />primarily invests include common stocks and preferred stocks of any size market<br />capitalization. The Fund may invest without limitation in securities of foreign<br />companies.<br /> <br />The Advisor's investment technique, sometimes referred to as "merger arbitrage,"<br />is a highly specialized investment approach designed to profit from the<br />successful completion of Merger Transactions. In pursuing its strategy, the<br />Advisor may employ investment techniques that involve leverage, such as short<br />selling, borrowing against a line of credit for investment purposes and<br />purchasing and selling options. The Fund may employ these investment techniques<br />without limit, subject to the Investment Company Act of 1940, as amended (the<br />"1940 Act"). The approach most frequently utilized by the Fund involves<br />purchasing the shares of an announced acquisition target company at a discount<br />to its expected value upon completion of the acquisition. The Advisor may engage<br />in selling securities short under certain circumstances, such as when the terms<br />of a proposed acquisition call for the exchange of common stock and/or other<br />securities. In such a case, the common stock of the company to be acquired may<br />be purchased and, at approximately the same time, an equivalent amount of the<br />acquiring company's common stock and/or other securities may be sold short. The<br />Fund may enter into equity swap agreements for the purpose of attempting to<br />obtain a desired return on, or exposure to, certain equity securities or equity<br />indices in an expedited manner or at a lower cost to the Fund than if the Fund<br />had invested directly in such securities.<br /><br />The Advisor employs a research-driven process that aims to identify investment<br />opportunities with favorable risk/reward trade-offs within the following<br />guidelines:  <br /> <br />1)  Securities are evaluated for purchase after the public announcement of a      <br />    corporate event or restructuring.                                             <br />  <br />2)  Proprietary analysis is done to consider the strategic rationale of the       <br />    transaction, the financial resources of the parties involved and the liquidity<br />    of the securities.                                                            <br />  <br />3)  Securities are typically purchased if the Advisor believes the potential      <br />    return from its investment sufficiently compensates the Fund in light of the  <br />    risks involved, including the risk that the transaction may not be completed  <br />    and the length of time until completion of the transaction.                   <br />  <br />4)  The potential risk/reward of the position is assessed on an ongoing basis and <br />    continuously monitored.                                                       <br />  <br />Most of the Fund's positions are held until the completion of the transaction. <br />Positions may be sold prior to the completion of the transaction when the<br />companies involved in the transaction no longer meet the Fund's expected return<br />criteria taking into account prevailing market prices and the relative risk of<br />the transaction. The Advisor expects that the Fund's active or frequent trading<br />of portfolio securities will result in a portfolio turnover rate in excess of<br />100% on an annual basis.<br /> <br />The Fund is non-diversified, which means that it can invest a greater percentage<br />of its assets in any one issuer than a diversified fund. Investing in fewer<br />issuers makes a fund more susceptible to financial, economic or market events<br />impacting such issuers and may cause the Fund's share price to be more volatile<br />than the share price of a diversified fund.</tt>
SUMMARY SECTION
You may qualify for sales charge discounts if you and your family invest, or
agree to invest in the future, at least $50,000 in the Fund's Class A shares.
Example
Other expenses are based on estimated Fund expenses for the current fiscal year.
When the Fund has been in operation for a full calendar year, performance information will be shown here.
Investment Objective
Like all mutual funds, losing all or a portion of the money you invested is a risk of investing in the Fund.
Principal Risks of Investing in the Fund
Shareholder Fees (fees paid directly from your investment)
Performance
50000
855-535-5637
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover
<tt>Like all mutual funds, losing all or a portion of the money you invested is a<br />risk of investing in the Fund. The following additional risks could affect the<br />value of your investment:<br /> <br />·  Merger Arbitrage Risk.  Investments in companies that are the subject of a    <br />   publicly announced transaction carry the risk that the proposed or expected   <br />   transaction may not be completed or may be completed on less favorable terms  <br />   than originally expected, which may lower the Fund's performance.             <br />  <br />·  Management Risk. The Fund is subject to management risk because it is an      <br />   actively managed portfolio. The Advisor's management practices and investment <br />   strategies might not produce the desired results. The Advisor may be incorrect<br />   in its assessment of a stock's appreciation potential. The Advisor has not    <br />   previously managed a mutual fund.                                             <br /> <br />·  Market Risk. The prices of the securities in which the Fund invests may       <br />   decline for a number of reasons. These reasons may include changing economic  <br />   circumstances and/or perceptions about the creditworthiness of individual     <br />   issuers.                                                                      <br /> <br />·  Equity Risk. The risks that could affect the value of the Fund's shares and   <br />   the total return on your investment include the possibility that the equity   <br />   securities held by the Fund will experience sudden, unpredictable drops in    <br />   value or long periods of decline in value.                                <br />  <br />·  Non-Diversification Risk. The Fund is non-diversified under the 1940 Act. To  <br />   the extent that the Fund invests its assets in fewer securities, the Fund is  <br />   subject to greater risk of loss if any of those securities become permanently <br />   impaired.                                                                     <br />  <br />.  Foreign Securities Risk. The risks of investing in the securities of foreign  <br />   issuers can include fluctuations in foreign currencies, foreign currency      <br />   exchange controls, political and economic instability, differences in         <br />   securities regulation and trading, and foreign taxation issues.               <br />  <br />.  Small- and Medium-Sized Company Risk.  Small- and medium-sized companies <br />   often have less predictable earnings, more limited product lines, markets,<br />   distribution channels or financial resources and the management of such       <br />   companies may be dependent upon one or few key people. The market movements <br />   of equity securities of small- and medium-sized companies may be more abrupt <br />   and volatile than the market movements of equity securities of larger, more       <br />   established companies or the stock market in general and small-sized companies<br />   in particular, are generally less liquid than the equity securities of larger <br />   companies.                                                                    <br />  <br />.  Derivatives Risk. The Fund's use of derivatives (which may include options,   <br />   futures, swaps and forward foreign currency contracts) may reduce the Fund's  <br />   returns and/or increase volatility. A risk of the Fund's use of derivatives is<br />   that the fluctuations in their values may not correlate perfectly with the    <br />   overall securities markets.                                                   <br />  <br />.  Leverage and Short Sales Risk. Leverage is the practice of borrowing money to <br />   purchase securities. Leverage can increase the investment returns of the Fund <br />   if the securities purchased increase in value in an amount exceeding the cost <br />   of the borrowing. However, if the securities decrease in value, the Fund will <br />   suffer a greater loss than would have resulted without the use of leverage. <br />   A short sale is the sale by the Fund of a security which it does not own in     <br />   anticipation of purchasing the same security in the future at a lower price to<br />   close the short position. A short sale will be successful if the price of the <br />   shorted security decreases. However, if the underlying security goes up in    <br />   price during the period in which the short position is outstanding, the Fund  <br />   will realize a loss. The risk on a short sale is unlimited because the Fund   <br />   must buy the shorted security at the higher price to complete the transaction.<br />   Therefore, short sales may be subject to greater risks than investments in    <br />   long positions.                                                               <br /> <br />.  Portfolio Turnover Risk. A high portfolio turnover rate (100% or more) has the<br />   potential to result in the realization and distribution to shareholders of    <br />   higher capital gains, which may subject you to a higher tax liability.        <br />  <br />.  New Fund Risk. The Fund is new with no operating history and there can be no  <br />   assurance that the Fund will grow to or maintain an economically viable size, <br />   in which case the Board may determine to liquidate the Fund.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies of the Fund
www.kellnerfunds.com
<tt>When the Fund has been in operation for a full calendar year, performance<br />information will be shown here. Updated performance information is available <br />on the Fund's website at www.kellnerfunds.com or by calling the Fund toll-free <br />at 855-KELLNER (855-535-5637).</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in the Fund's<br />Class A shares. More information about these and other discounts is available<br />from your financial professional and in the "More About Class A Shares" section<br />on page 14 of the Fund's statutory Prospectus and the "Breakpoints/Volume<br />Discounts and Sales Charge Waivers" section on page 32 of the Fund's Statement<br />of Additional Information ("SAI").</tt>
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Other expenses are based on estimated Fund expenses for the current fiscal year.
Kellner Management, L.P. (the "Advisor") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes, interest and dividend expense on securities sold short and extraordinary expenses) in order to limit Net Annual Fund Operating Expenses to 1.75% and 1.50% of average daily net assets of the Fund's Class A and Institutional Class shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least August 28, 2013, 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 waived or paid, subject to the Expense Caps.