Scharf Balanced Opportunity Fund (Prospectus Summary) | Scharf Balanced Opportunity Fund

SUMMARY SECTION

Investment Objective

The Scharf Balanced Opportunity Fund (the "Fund") seeks long-term capital
appreciation and income.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees	Scharf Balanced Opportunity Fund Investor Class
Redemption Fee (as a percentage of amount redeemed on shares held for 15 days or less)	2.00%

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

Annual Fund Operating Expenses		Scharf Balanced Opportunity Fund Investor Class
Management Fees		0.99%
Shareholder Servicing Plan Fee		0.10%
Other Expenses (including Shareholder Servicing Plan Fee)	[1]	1.58%
Total Annual Fund Operating Expenses		2.57%
Less: Fee Waiver and Expense Reimbursement		(1.37%)
Net Annual Fund Operating Expenses	[2]	1.20%

Example

This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and then redeem all
of your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same (taking into account the Expense Cap only in the first
year). Although your actual costs may be higher or lower, based on these
assumptions, your costs would be:

Expense Example (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years
Scharf Balanced Opportunity Fund Investor Class	122	669

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.

Principal Investment Strategies of the Fund

The Fund invests in a mix of equity securities and fixed-income securities.
Under normal market conditions, the Fund allocates between 50% and 75% of
its total assets to equity securities. Equity securities in which the Fund
may invest include, but are not limited to, common and preferred stock of
companies of all market capitalizations, rights and warrants. The Fund may
invest up to 50% of its total assets in securities of foreign issuers
(excluding depositary receipts), including up to 25% of its total assets
in issuers in emerging markets. The Fund may invest without limit in depositary
receipts, such as American Depositary Receipts ("ADRs"), European Depositary
Receipts ("EDRs") and Global Depositary Receipts ("GDRs"). The Fund may also
invest up to 30% of its total assets in other investment companies, including
exchange-traded fundsx ("ETFs").

Under normal market conditions, the Fund allocates between 25% and 50% of its
total assets to fixed-income securities. Fixed-income securities in which the
Fund may invest include, but are not limited to, those of domestic and foreign
governments, government agencies, inflation-protected securities, asset-backed
securities, exchange-traded notes ("ETNs"), money-market instruments, convertible
securities, bank debt, limited partnerships, municipalities and companies across
a wide range of industries, market capitalizations and maturities, and may include,
with respect to up to 30% of the Fund's total assets, those that are rated below
investment grade (i.e., "junk bonds"). The Fund may also invest up to 20% of its
total assets in Rule 144A securities.

In general, the Adviser utilizes five key elements in its equity investment
philosophy: low valuation, discount to fair value, investment flexibility, focus
and long-term perspective. Through a proprietary screening process, the Adviser
seeks to identify equity securities with low valuations combined with growing
earnings, cash flow and/or book value which the Adviser describes as "growth
stocks at value prices." The Fund may also invest in "special situations,"
which may occur when the securities of a company are affected by circumstances,
including, but not limited to, hidden assets (i.e., assets that may be
undervalued on a company's balance sheet or otherwise difficult to value
and therefore not properly reflected in the company's share price), spinoffs,
liquidations, reorganizations, recapitalizations, mergers, management changes
and technological changes. The Adviser seeks to identify fixed-income investments
with favorable risk-reward characteristics. In screening for suitable investments,
the Adviser considers many factors, including yield-to-maturity, credit quality,
liquidity, call risk, duration risk, and capital appreciation potential.

When selling securities, the Adviser considers the same factors it uses in
evaluating a security for purchase and generally sells securities that it
believes no longer have sufficient upside potential.

The Fund is non-diversified, which means that it can invest a greater percentage
of its assets in any one issuer than a diversified fund. Investing in fewer
issuers makes a fund more susceptible to financial, economic or market events
impacting such issuers and may cause the Fund's share price to be more volatile
than the share price of a diversified fund.

Principal Risks of Investing in the Fund

Losing all or a portion of your investment is a risk of investing in the
Fund. The following additional risks could affect the value of your investment:

·  Market Risk. The prices of the securities in which the Fund invests may      
   decline for a number of reasons. These reasons may include changing economic
   circumstances and/or perceptions about the creditworthiness of individual    
   issuers.                                                                                                                                       

·  Management Risk. The Fund is subject to management risk because it is an     
   actively managed portfolio. The Adviser's management practices and investment
   strategies might not produce the desired results. The Adviser may be         
   incorrect in its assessment of a stock's appreciation potential.                                                                                            

·  Non-Diversification Risk. 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.                                                                                              

·  Foreign and Emerging Market Securities Risk. The risks of investing in the   
   securities of foreign issuers can include fluctuations in foreign currencies,
   foreign currency exchange controls, political and economic instability,      
   differences in securities regulation and trading, and foreign taxation       
   issues. These risks are greater in emerging markets.                         

·  Foreign Currency Risk. Currency movements may negatively impact value even   
   when there is no change in value of the security in the issuer's home        
   country. Currency management strategies may substantially change the Fund's  
   exposure to currency exchange rates and could result in losses to the Fund if
   currencies do not perform as the Adviser expects.                                                                                                              

·  Small- and Medium-Sized Company Risk.  Small- and medium-sized companies     
   often have less predictable earnings, more limited product lines, markets,   
   distribution channels or financial resources and the management of such      
   companies may be dependent upon one or few key people. The market movements  
   of equity securities of small- and medium-sized companies may be more abrupt
   and volatile than the market movements of equity securities of larger, more  
   established companies or the stock market in general and small-sized         
   companies in particular, are generally less liquid than the equity securities
   of larger companies.                                                                                                                                         

·  Investment Style Risk. The Adviser follows an investing style that favors    
   relatively low valuations. At times when this style is out of favor, the Fund
   may underperform funds that use different investing styles.                                                                                                  

·  Investment Company Risk. When the Fund invests in an ETF or mutual fund, it  
   will bear additional expenses based on its pro rata share of the ETF's or    
   mutual fund's operating expenses, including the potential duplication of     
   management fees. The risk of owning an ETF or mutual fund generally reflects
   the risks of owning the underlying securities the ETF or mutual fund         
   holds. The Fund also will incur brokerage costs when it purchases ETFs.                                                                                      

·  Fixed-Income Securities Risk. The following risks are associated with the    
   Fund's investment in fixed-income securities.                                                                                                                  

.  Prepayment and Extension Risk. The risk that the securities may be paid off
   earlier or later than expected. Either situation could cause securities to  
   pay lower-than-market rates of interest, which could hurt the Fund's yield  
   or share price.                                                                                                                                              
  
.  Interest Rate Risk. Interest rate risk refers to the risk that bond prices  
   generally fall as interest rates rise; conversely, bond prices generally    
   rise as interest rates fall.                                                                                                                                 

.  Credit Risk. Credit risk is the risk of loss on an investment due to the    
   deterioration of an issuer's financial health. Such a deterioration of      
   financial health may result in a reduction of the credit rating of the      
   issuer's securities and may lead to the issuer's inability to honor its     
   contractual obligations including making timely payment of interest and     
   principal.                                                                                                                                                    

.  High-Yield Securities Risk. Fixed-income securities that are rated below    
   investment grade (i.e., "junk bonds") are subject to additional risk factors
   due to the speculative nature of these securities, such as increased        
   possibility of default liquidation of the security, and changes in value    
   based on public perception of the issuer.                                                                                                                   

.  Municipal Securities Risk. Municipal securities rely on the creditworthiness
   or revenue production of their issuers or auxiliary credit enhancement      
   features. Municipal securities may be difficult to obtain because of limited
   supply, which may increase the cost of such securities and effectively      
   reduce a portfolio's yield. Typically, less information is available about a
   municipal issuer than is available for other types of securities issuers.                                                                                   

.  Asset-Backed Securities Risk.  Asset-Backed Securities Risk includes Market
   Risk, Interest Rate Risk, Credit Risk, Prepayment Risk (i.e., homeowners    
   whose mortgages collateralize the securities held by the Funds may be able  
   to prepay principal due on these mortgages, which could cause the Fund to   
   reinvest the proceeds at lower yields).                                                                                                                     

.  Exchange-Traded Note Risk. The value of an ETN may be influenced by time to
   maturity, level of supply and demand for the ETN, volatility and lack of    
   liquidity in the underlying securities' markets, changes in the applicable  
   interest rates, changes in the issuer's credit rating and economic, legal,  
   political or geographic events that affect the referenced index. In         
   addition, the notes issued by ETNs and held by a fund are unsecured debt of
   the issuer.                                                                                                                                                 

.  Bank Debt Risk. The Fund's investments in secured and unsecured assignments
   of bank debt may create substantial risk. In making investments in such     
   debt, which are loans made by banks or other financial intermediaries to    
   borrowers, the Fund will depend primarily upon the creditworthiness of the  
   borrower for payment of principal and interest.                                                                                                             

.  Inflation Protected Securities Risk. Inflation protected securities include
   the risk that the rate of inflation will be lower than expected or that the
   relevant index intended to measure the rate of inflation will be accurately
   measure the rate of inflation and the securities will not work as intended.                                                                                  

.  Rule 144A Securities Risk. The market for Rule 144A securities typically is
   less active than the market for publicly-traded securities. Rule 144A       
   securities carry the risk that the liquidity of these securities may become
   impaired, making it more difficult for the Fund to sell these securities.                                                                                   

.  Convertible Bond Risk. Convertible bonds are hybrid securities that have    
   characteristics of both bonds and common stocks and are therefore subject to
   both debt security risks and equity risk. Convertible bonds are subject to  
   equity risk especially when their conversion value is greater than the      
   interest and principal value of the bond. The prices of equity securities   
   may rise or fall because of economic or political changes and may decline   
   over short or extended periods of time.                                                                                                                    

·  Special Situations Risk. There is a risk that the special situation (i.e.,   
   spin-off, liquidation, merger, etc.) might not occur, which could have a     
   negative impact on the price of the issuer's securities and fail to produce  
   gains or produce a loss for the Fund. In addition, investments in special    
   situation companies may be illiquid and difficult to value, which will       
   require the Fund to employ fair value procedures to value its holdings in    
   such investments.                                                                                                                                            

·  New Fund Risk. The Fund is new with no operating history and there can be no
   assurance that the Fund will grow to or maintain an economically viable size.

Performance

When the Fund has been in operation for a full calendar year, performance
information will be shown here. Updated performance information is available
on the Fund's website at www.scharffunds.com or by calling the Fund toll-free
at 866-5SCHARF.

[1] Other expenses are based on estimated amounts for the current fiscal year.

[2] 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.