485BPOS
2012-12-26
0001027596
2012-12-26
ADVISORS SERIES TRUST
false
2012-12-26
2012-12-31
The Fund is non-diversified under the Investment Company Act of 1940, as amended
(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 Scharf Balanced Opportunity Fund (the "Fund") seeks long-term capital<br />appreciation and income.</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 Cap 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>The Fund invests in a mix of equity securities and fixed-income securities. <br />Under normal market conditions, the Fund allocates between 50% and 75% of <br />its total assets to equity securities. Equity securities in which the Fund <br />may invest include, but are not limited to, common and preferred stock of<br />companies of all market capitalizations, rights and warrants. The Fund may<br />invest up to 50% of its total assets in securities of foreign issuers <br />(excluding depositary receipts), including up to 25% of its total assets <br />in issuers in emerging markets. The Fund may invest without limit in depositary <br />receipts, such as American Depositary Receipts ("ADRs"), European Depositary <br />Receipts ("EDRs") and Global Depositary Receipts ("GDRs"). The Fund may also <br />invest up to 30% of its total assets in other investment companies, including <br />exchange-traded fundsx ("ETFs").<br /><br />Under normal market conditions, the Fund allocates between 25% and 50% of its<br />total assets to fixed-income securities. Fixed-income securities in which the<br />Fund may invest include, but are not limited to, those of domestic and foreign<br />governments, government agencies, inflation-protected securities, asset-backed<br />securities, exchange-traded notes ("ETNs"), money-market instruments, convertible <br />securities, bank debt, limited partnerships, municipalities and companies across <br />a wide range of industries, market capitalizations and maturities, and may include, <br />with respect to up to 30% of the Fund's total assets, those that are rated below <br />investment grade (i.e., "junk bonds"). The Fund may also invest up to 20% of its <br />total assets in Rule 144A securities.<br /> <br />In general, the Adviser utilizes five key elements in its equity investment<br />philosophy: low valuation, discount to fair value, investment flexibility, focus<br />and long-term perspective. Through a proprietary screening process, the Adviser<br />seeks to identify equity securities with low valuations combined with growing<br />earnings, cash flow and/or book value which the Adviser describes as "growth<br />stocks at value prices." The Fund may also invest in "special situations," <br />which may occur when the securities of a company are affected by circumstances,<br />including, but not limited to, hidden assets (i.e., assets that may be<br />undervalued on a company's balance sheet or otherwise difficult to value <br />and therefore not properly reflected in the company's share price), spinoffs,<br />liquidations, reorganizations, recapitalizations, mergers, management changes<br />and technological changes. The Adviser seeks to identify fixed-income investments <br />with favorable risk-reward characteristics. In screening for suitable investments, <br />the Adviser considers many factors, including yield-to-maturity, credit quality, <br />liquidity, call risk, duration risk, and capital appreciation potential.<br /> <br />When selling securities, the Adviser considers the same factors it uses in<br />evaluating a security for purchase and generally sells securities that it<br />believes no longer have sufficient upside potential. <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
Example
Other expenses are based on estimated amounts 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
Losing all or a portion of your investment is a risk of investing in the Fund.
Principal Risks of Investing in the Fund
SHAREHOLDER FEES (fees paid directly from your investment)
Performance
866-5SCHARF
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover
<tt>Losing all or a portion of your investment is a risk of investing in the<br />Fund. The following additional risks could affect the value of your investment:<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 />·  Management Risk. The Fund is subject to management risk because it is an     <br />   actively managed portfolio. The Adviser's management practices and investment<br />   strategies might not produce the desired results. The Adviser may be         <br />   incorrect in its assessment of a stock's appreciation potential.                                                                                            <br /> <br />·  Non-Diversification Risk. The Fund is non-diversified under the Investment   <br />   Company Act of 1940, as amended (the "1940 Act"). To the extent that the Fund<br />   invests its assets in fewer securities, the Fund is subject to greater risk  <br />   of loss if any of those securities become permanently impaired.                                                                                              <br /> <br />·  Foreign and Emerging Market Securities Risk. The risks of investing in the   <br />   securities of foreign issuers can include fluctuations in foreign currencies,<br />   foreign currency exchange controls, political and economic instability,      <br />   differences in securities regulation and trading, and foreign taxation       <br />   issues. These risks are greater in emerging markets.                         <br /> <br />·  Foreign Currency Risk. Currency movements may negatively impact value even   <br />   when there is no change in value of the security in the issuer's home        <br />   country. Currency management strategies may substantially change the Fund's  <br />   exposure to currency exchange rates and could result in losses to the Fund if<br />   currencies do not perform as the Adviser expects.                                                                                                              <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         <br />   companies in particular, are generally less liquid than the equity securities<br />   of larger companies.                                                                                                                                         <br /> <br />·  Investment Style Risk. The Adviser follows an investing style that favors    <br />   relatively low valuations. At times when this style is out of favor, the Fund<br />   may underperform funds that use different investing styles.                                                                                                  <br /> <br />·  Investment Company Risk. When the Fund invests in an ETF or mutual fund, it  <br />   will bear additional expenses based on its pro rata share of the ETF's or    <br />   mutual fund's operating expenses, including the potential duplication of     <br />   management fees. The risk of owning an ETF or mutual fund generally reflects <br />   the risks of owning the underlying securities the ETF or mutual fund         <br />   holds. The Fund also will incur brokerage costs when it purchases ETFs.                                                                                      <br /> <br />·  Fixed-Income Securities Risk. The following risks are associated with the    <br />   Fund's investment in fixed-income securities.                                                                                                                  <br /> <br />.  Prepayment and Extension Risk. The risk that the securities may be paid off <br />   earlier or later than expected. Either situation could cause securities to  <br />   pay lower-than-market rates of interest, which could hurt the Fund's yield  <br />   or share price.                                                                                                                                              <br />  <br />.  Interest Rate Risk. Interest rate risk refers to the risk that bond prices  <br />   generally fall as interest rates rise; conversely, bond prices generally    <br />   rise as interest rates fall.                                                                                                                                 <br /> <br />.  Credit Risk. Credit risk is the risk of loss on an investment due to the    <br />   deterioration of an issuer's financial health. Such a deterioration of      <br />   financial health may result in a reduction of the credit rating of the      <br />   issuer's securities and may lead to the issuer's inability to honor its     <br />   contractual obligations including making timely payment of interest and     <br />   principal.                                                                                                                                                    <br /> <br />.  High-Yield Securities Risk. Fixed-income securities that are rated below    <br />   investment grade (i.e., "junk bonds") are subject to additional risk factors<br />   due to the speculative nature of these securities, such as increased        <br />   possibility of default liquidation of the security, and changes in value    <br />   based on public perception of the issuer.                                                                                                                   <br /> <br />.  Municipal Securities Risk. Municipal securities rely on the creditworthiness<br />   or revenue production of their issuers or auxiliary credit enhancement      <br />   features. Municipal securities may be difficult to obtain because of limited<br />   supply, which may increase the cost of such securities and effectively      <br />   reduce a portfolio's yield. Typically, less information is available about a<br />   municipal issuer than is available for other types of securities issuers.                                                                                   <br /> <br />.  Asset-Backed Securities Risk.  Asset-Backed Securities Risk includes Market <br />   Risk, Interest Rate Risk, Credit Risk, Prepayment Risk (i.e., homeowners    <br />   whose mortgages collateralize the securities held by the Funds may be able  <br />   to prepay principal due on these mortgages, which could cause the Fund to   <br />   reinvest the proceeds at lower yields).                                                                                                                     <br /> <br />.  Exchange-Traded Note Risk. The value of an ETN may be influenced by time to <br />   maturity, level of supply and demand for the ETN, volatility and lack of    <br />   liquidity in the underlying securities' markets, changes in the applicable  <br />   interest rates, changes in the issuer's credit rating and economic, legal,  <br />   political or geographic events that affect the referenced index. In         <br />   addition, the notes issued by ETNs and held by a fund are unsecured debt of <br />   the issuer.                                                                                                                                                 <br /> <br />.  Bank Debt Risk. The Fund's investments in secured and unsecured assignments <br />   of bank debt may create substantial risk. In making investments in such     <br />   debt, which are loans made by banks or other financial intermediaries to    <br />   borrowers, the Fund will depend primarily upon the creditworthiness of the  <br />   borrower for payment of principal and interest.                                                                                                             <br /> <br />.  Inflation Protected Securities Risk. Inflation protected securities include <br />   the risk that the rate of inflation will be lower than expected or that the <br />   relevant index intended to measure the rate of inflation will be accurately <br />   measure the rate of inflation and the securities will not work as intended.                                                                                  <br /> <br />.  Rule 144A Securities Risk. The market for Rule 144A securities typically is <br />   less active than the market for publicly-traded securities. Rule 144A       <br />   securities carry the risk that the liquidity of these securities may become <br />   impaired, making it more difficult for the Fund to sell these securities.                                                                                   <br /> <br />.  Convertible Bond Risk. Convertible bonds are hybrid securities that have    <br />   characteristics of both bonds and common stocks and are therefore subject to<br />   both debt security risks and equity risk. Convertible bonds are subject to  <br />   equity risk especially when their conversion value is greater than the      <br />   interest and principal value of the bond. The prices of equity securities   <br />   may rise or fall because of economic or political changes and may decline   <br />   over short or extended periods of time.                                                                                                                    <br /> <br />·  Special Situations Risk. There is a risk that the special situation (i.e.,   <br />   spin-off, liquidation, merger, etc.) might not occur, which could have a     <br />   negative impact on the price of the issuer's securities and fail to produce  <br />   gains or produce a loss for the Fund. In addition, investments in special    <br />   situation companies may be illiquid and difficult to value, which will       <br />   require the Fund to employ fair value procedures to value its holdings in    <br />   such investments.                                                                                                                                            <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.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies of the Fund
www.scharffunds.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.scharffunds.com or by calling the Fund toll-free <br />at 866-5SCHARF.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and <br />hold shares of the Fund.</tt>
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Other expenses are based on estimated amounts for the current fiscal year.
Scharf Investments, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses in order to limit the Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) to 1.20% of average daily net assets of the Fund (the "Expense Cap"). The Expense Cap will remain in effect through at least January 27, 2014, and may be terminated only by the Board of Trustees (the "Board") of 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 Cap.