485BPOS
2012-06-30
0001027596
2012-10-28
ADVISORS SERIES TRUST
false
2012-10-26
2012-10-28
<tt>The Intermediate Fund pays transaction costs, such as commissions, when it <br />buys and sells securities (or "turns over" its portfolio). A higher portfolio <br />turnover rate may indicate higher transaction costs and may result in higher <br />taxes when Fund shares are held in a taxable account. These costs, which are <br />not reflected in the Annual Fund Operating Expenses or in the Example, affect <br />the Intermediate Fund's performance.</tt>
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<tt>The Davidson Intermediate Fixed Income Fund (the "Intermediate Fund") seeks<br />income and the preservation of principal.</tt>
<tt>This Example is intended to help you compare the cost of investing in<br />the Intermediate Fund with the cost of investing in other mutual funds. <br />The Example assumes that you invest $10,000 in the Intermediate Fund <br />for the time periods indicated and then either redeem or do not redeem <br />all of your shares at the end of those periods. The Example also assumes <br />that your investment has a 5% return each year and that the Intermediate <br />Fund's operating expenses remain the same (taking into account the Expense <br />Caps only in the first year).</tt>
<tt>The Intermediate Fund normally invests at least 80% of its net assets (plus any<br />borrowings for investment purposes) in fixed income securities. The fixed income<br />securities in which the Fund will generally invest include those of governments,<br />agencies, inflation-protected securities, asset-backed securities, municipal<br />bonds and companies across a wide range of industries and market capitalizations<br />and are generally rated within the BBB-category or better by Standard & Poor's<br />Rating Group ("Standard & Poor's") or the Baa3 category or better by Moody's<br />Investors Services ("Moody's"). The Fund normally invests within the intermediate <br />term structure of the yield curve and will seek to achieve its investment <br />objective through duration tilts, sector allocations, credit exposures, and <br />security selection. The maturities of the securities in which the Fund expects <br />to invest will generally range from 1 to 10 years. The average-dollar weighted <br />maturity of the securities in which the Fund expects to invest will generally <br />range from 3 to 10 years. Duration tilts may be interpreted as differences in <br />the duration of the Fund relative to duration of the benchmark. Duration is a <br />measure of the sensitivity of the Fund's NAV to interest rate movements. For <br />fixed-coupon bonds, duration can be intuitively defined as the average maturity <br />of all bond payments, where each payment is weighted by its value. Duration tilts <br />will be limited from 75% to 125% of the Barclays Capital Intermediate <br />Government/Credit Index. The Advisor determines that a particular security should <br />be purchased by evaluating macroeconomic factors including interest rate trends, <br />monetary policy, inflation outlook, treasury supply and demand, interest rate <br />volatility, the strategy duration target, and yield curve position.<br /> <br />The Intermediate Fund may seek to enhance returns through the use of other<br />investment strategies such as the use of options (for hedging purposes),<br />investment in foreign securities, and in other investment companies including<br />exchange-traded funds ("ETFs"). The Fund may invest up to 20% of its net assets<br />in put and call options. The Fund may invest up to 25% of its net assets in<br />foreign securities, including in emerging markets. Through its investment in<br />foreign securities, the Fund may invest up to 20% of its net assets in American<br />Depositary Receipts ("ADRs"). The Fund also may invest up to 20% of its net<br />assets in other investment companies and may invest in the securities of small<br />and medium-sized companies.<br /> <br />The Advisor may sell a position if the fundamentals have deteriorated, a<br />security becomes fully valued, or for purposes of portfolio construction and<br />risk management. The Advisor may also sell a position if a better alternative<br />becomes available.<br /> <br />At the discretion of the Advisor, the Intermediate Fund may invest its assets in<br />cash, cash equivalents, and high-quality, short-term debt securities and money<br />market instruments for temporary defensive purposes in response to adverse<br />market, economic or political conditions.</tt>
DAVIDSON INTERMEDIATE FIXED INCOME FUND
You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $100,000 in the Intermediate
Fund.
Example.
Other expenses are based on estimated customary Fund expenses for the current fiscal year.
When the Intermediate 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 Intermediate Fund
Shareholder Fees (fees paid directly from your investment)
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Performance
100000
1-877-332-0529
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 principal risks could affect the value of your investment:<br /> <br />·  Asset-Backed Securities Risk. Asset-backed securities may decline in value    <br />   when defaults on the underlying assets occur and may exhibit additional       <br />   volatility in periods of changing interest rates. When interest rates decline,<br />   the prepayment of assets underlying such securities may require the           <br />   Intermediate Fund to reinvest that money at lower prevailing interest rates,  <br />   resulting in reduced returns. <br /><br />·  Credit Risk. The risk that the Intermediate Fund could lose money if the      <br />   issuer or guarantor of a fixed income security, or the counterparty to a      <br />   derivative contract, is unable or unwilling to meet its financial obligations. <br /><br />·  ETF and Mutual Fund Risk. ETFs are typically open-end investment companies    <br />   that are bought and sold on a national securities exchange. Investment        <br />   companies (mutual funds) and ETFs have management fees that are part of their <br />   costs, and the Intermediate Fund will indirectly bear its proportionate share <br />   of these costs. <br /><br />·  Foreign and Emerging Market Securities Risk. The Intermediate Fund may invest <br />   in foreign securities which are subject to special risks. Foreign securities  <br />   can be more volatile than domestic (U.S.) securities. Securities markets of   <br />   other countries are generally smaller than U.S. securities markets. Many      <br />   foreign securities may be less liquid and more volatile than U.S. securities, <br />   which could affect the Intermediate Fund's investments. The risks are enhanced<br />   in emerging markets. <br /><br />·  Foreign Governments Investment Risk. The issuer of the foreign debt or the    <br />   governmental authorities that control the repayment of such debt may be unable<br />   or unwilling to repay principal or interest when due, and the Intermediate    <br />   Fund may have limited recourse in the event of a default. The market prices of<br />   debt obligations of foreign governments and their agencies, and the           <br />   Intermediate Fund's net asset value ("NAV"), may be more volatile than prices <br />   of U.S. debt obligations. <br /><br />·  Government-Sponsored Entities Risk. Securities issued by government-sponsored <br />   entities may not be backed by the full faith and credit of the United States. <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 not accurately  <br />   measure the rate of inflation and the securities will not work as intended. <br /><br />·  Interest Rate Risk. The risk that fixed income securities will decline in     <br />   value because of an increase in interest rates; a fund with a longer average  <br />   portfolio duration will be more sensitive to changes in interest rates than a <br />   fund with a shorter average portfolio duration. <br /><br />·  Issuer Risk. The value of securities held by the Intermediate Fund may        <br />   experience sudden, unpredictable drops in value or long periods of decline in <br />   value due to reasons directly related to the issuer, including management     <br />   performance, financial leverage, and reduced demand for the issuer's goods and<br />   services. <br /><br />·  Management Risk. Management risk means that your investment in the            <br />   Intermediate Fund varies with the success and failure of the Advisor's        <br />   investment strategies and the Advisor's research, analysis and determination  <br />   of portfolio securities. <br /><br />·  New Fund Risk. The Intermediate Fund is new with no operating history and     <br />   there can be no assurance that the Fund will grow to or maintain an           <br />   economically viable size. <br /><br />·  Options Risk. Options on securities may be subject to greater fluctuations in <br />   value than an investment in the underlying securities. Purchasing and writing <br />   put and call options are highly specialized activities and entail greater than<br />   ordinary investment risks. <br /><br />·  Small and Medium Companies Risk. Investing in securities of small and medium  <br />   capitalization companies may involve greater volatility than investing in     <br />   larger and more established companies because small and medium capitalization <br />   companies can be subject to more abrupt or erratic share price changes than   <br />   larger, more established companies. <br /><br />The Intermediate Fund may be appropriate for investors who:<br /> <br />·  Have a long-term investment horizon; and<br /><br />·  Want to add an investment with potential for income and to diversify their    <br />   investment portfolio.</tt>
Fees and Expenses
Principal Investment Strategies of the Intermediate Fund
www.davidsonmutualfunds.com
<tt>When the Intermediate Fund has been in operation for a full calendar year,<br />performance information will be shown here. Updated performance information <br />will be available on the Fund's website at www.davidsonmutualfunds.com or <br />by calling the Fund toll-free at 1-877-332-0529.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Intermediate Fund. You may qualify for sales charge discounts if<br />you and your family invest, or agree to invest in the future, at least $100,000<br />in the Intermediate Fund. More information about these and other discounts is<br />available from your financial professional and in the "Class A Shares" section<br />on page 15 of the Intermediate Fund's statutory Prospectus and the<br />"Breakpoints/Volume Discounts and Sales Charge Waivers" section on page 47 of<br />the Intermediate Fund's Statement of Additional Information ("SAI").</tt>
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0.0000
70
290
-0.0032
0.0066
0.0035
2013-10-27
0.0000
0.0069
0.0101
0.0275
368
633
-0.0032
0.0066
0.0035
2013-10-27
0.0025
0.0094
0.0126
<tt>The Small/Mid Fund pays transaction costs, such as commissions, when it buys <br />and sells securities (or "turns over" its portfolio). A higher portfolio <br />turnover rate may indicate higher transaction costs and may result in higher <br />taxes when Small/Mid Fund shares are held in a taxable account. These costs, <br />which are not reflected in the Annual Fund Operating Expenses or in the <br />Example, affect the Small/Mid Fund's performance.</tt>
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<tt>The Davidson Small/Mid Equity Fund (the "Small/Mid Fund") seeks long-term<br />capital appreciation.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Small/Mid <br />Fund with the cost of investing in other mutual funds. The Example assumes that you <br />invest $10,000 in the Small/Mid Fund for the time periods indicated and then either <br />redeem or do not redeem all of your shares at the end of those periods. The Example <br />also assumes that your investment has a 5% return each year and that the Small/Mid <br />Fund's operating expenses remain the same (taking into account the Expense Caps <br />only in the first year). Although your actual costs may be higher or lower, based <br />on these assumptions your costs would be:</tt>
<tt>Under normal market conditions, the Small/Mid Fund invests at least 80% of its<br />net assets (plus any borrowings for investment purposes) in equity securities of<br />companies with small to medium market capitalizations. The Fund invests in small<br />to medium market capitalization companies with attractive fundamental<br />characteristics, including conservative balance sheets, strong returns on<br />invested capital, stable or improving profit margins, ample cash flow, and<br />long-term sales growth potential. The Fund seeks to achieve its investment<br />objective primarily through stock selection, with less emphasis on sector<br />weightings. Under current market conditions, the Advisor defines small and<br />medium-sized companies by reference to those companies within the market<br />capitalization range of the Russell 2500TM Index. As of September 30, 2012, that<br />capitalization range was $42.6 million to $10.1 billion and it is expected to<br />change frequently. Investments in companies that grow above these maximum<br />capitalization criteria may continue to be held if the Advisor believes they<br />remain attractive.<br /> <br />The Small/Mid Fund may seek to enhance returns through the use of other investment <br />strategies such as the use of options (for hedging purposes), foreign securities, <br />and other investment companies including ETFs. The Fund may invest up to 20% of its <br />net assets in put and call options. The Fund may invest up to 25% of its net assets <br />in foreign securities, including in ADRs and emerging markets. The Fund also may <br />invest up to 20% of its net assets in other investment companies.<br /> <br />The Advisor may sell a position if the fundamentals have deteriorated, a<br />security becomes fully valued, or for purposes of portfolio construction and<br />risk management. The Advisor may also sell a position if a better alternative<br />becomes available.<br /> <br />At the discretion of the Advisor, the Small/Mid Fund may invest its assets in<br />cash, cash equivalents, and high-quality, short-term debt securities and money<br />market instruments for temporary defensive purposes in response to adverse<br />market, economic or political conditions.</tt>
Davidson Small/Mid Equity Fund
You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $25,000 in the Small/Mid Fund.
Example.
Other expenses are based on estimated amounts for the current fiscal year.
When the Small/Mid 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 Small/Mid Fund.
Principal Risks of Investing in the Small/Mid Fund
Shareholder Fees (fees paid directly from your investment)
If you redeem your shares at the end of the period:
Performance
25000
1-877-332-0529
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 />Small/Mid Fund. The following principal risks could affect the value of your<br />investment:<br /><br />·   Equity Risk. Stock prices may fluctuate widely over short or even extended   <br />    periods in response to company, market, or economic news. Stock markets also <br />    tend to move in cycles, with periods of rising stock prices and periods of   <br />    falling stock prices. <br /><br />·   ETF and Mutual Fund Risk. ETFs are typically open-end investment companies   <br />    that are bought and sold on a national securities exchange. Investment       <br />    companies (mutual funds) and ETFs have management fees that are part of their<br />    costs, and the Small/Mid Fund will indirectly bear its proportionate share of<br />    these costs. <br /><br />·   Foreign and Emerging Market Securities Risk. The Small/Mid Fund may invest in<br />    foreign securities which are subject to special risks. Foreign securities can<br />    be more volatile than domestic (U.S.) securities. Securities markets of other<br />    countries are generally smaller than U.S. securities markets. Many foreign   <br />    securities may be less liquid and more volatile than U.S. securities, which  <br />    could affect the Fund's investments. These risks are enhanced in emerging    <br />    markets.<br /><br />·   Management Risk. Management risk means that your investment in the Small/Mid <br />    Fund varies with the success and failure of the Advisor's investment         <br />    strategies and the Advisor's research, analysis and determination of         <br />    portfolio securities. <br /><br />·   Market and Issuer Risk. The risks that could affect the value of the         <br />    Small/Mid Fund's shares and the total return on your investment include the  <br />    possibility that the securities held by the Fund will fluctuate as a result  <br />    of the movement of the overall stock market or of the value of the individual<br />    securities held by the Fund. The value of securities held by the Fund may    <br />    experience sudden, unpredictable drops in value or long periods of decline in<br />    value due to reasons directly related to the issuer, including management    <br />    performance, financial leverage, and reduced demand for the issuer's goods   <br />    and services.<br /><br />·   New Fund Risk. The Small/Mid Fund is new with no operating history and there <br />    can be no assurance that the Fund will grow to or maintain an economically   <br />    viable size. <br /><br />·   Options Risk. Options on securities may be subject to greater fluctuations in<br />    value than an investment in the underlying securities. Purchasing and writing<br />    put and call options are highly specialized activities and entail greater    <br />    than ordinary investment risks. <br /><br />·   Small and Medium Companies Risk. Investing in securities of small and medium <br />    capitalization companies may involve greater volatility than investing in    <br />    larger and more established companies because small and medium capitalization<br />    companies can be subject to more abrupt or erratic share price changes than  <br />    larger, more established companies.                                          <br /><br />The Small/Mid Fund may be appropriate for investors who:<br /> <br />·   Have a long-term investment horizon;<br /><br />·   Want to add an investment with potential for capital appreciation to         <br />    diversify their investment portfolio;                                        <br /><br />·   Can accept the greater risks of investing in a portfolio with common stock   <br />    holdings; and                                                                <br /><br />.   Are not primarily concerned with principal stability.</tt>
Fees and Expenses
Principal Investment Strategies of the Small/Mid Fund
www.davidsonmutualfunds.com
<tt>When the Small/Mid Fund has been in operation for a full calendar year, performance <br />information will be shown here. Updated performance information will be available <br />on the Fund's website at www.davidsonmutualfunds.com or by calling the Fund toll-free <br />at 1-877-332-0529.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Small/Mid Fund. You may qualify for sales charge discounts if you<br />and your family invest, or agree to invest in the future, at least $25,000 in<br />the Small/Mid Fund. More information about these and other discounts is<br />available from your financial professional and in the "Class A Shares" section<br />on page 15 of the Funds' statutory Prospectus and the "Breakpoints/Volume<br />Discounts and Sales Charge Waivers" section on page 41 of the Funds' SAI.</tt>
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If you do not redeem your shares at the end of the period:
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DFSOX
0.0000
318
218
716
-0.0021
-0.0100
0.0061
0.0075
2013-10-27
716
0.0100
0.0215
0.0236
0.0100
DFSAX
0.0500
635
635
963
-0.0021
-0.0100
0.0061
0.0075
2013-10-27
963
0.0025
0.0140
0.0161
0.0000
<tt>The Equity Income Fund pays transaction costs, such as commissions, when it buys <br />and sells securities (or "turns over" its portfolio). A higher portfolio turnover <br />rate may indicate higher transaction costs and may result in higher taxes when <br />Fund shares are held in a taxable account. These costs, which are not reflected <br />in the Annual Fund Operating Expenses or in the Example, affect the Equity Income <br />Fund's performance.</tt>
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<tt>The Davidson Equity Income Fund (the "Equity Income Fund") seeks both income and<br />long-term capital appreciation.</tt>
<tt>This Example is intended to help you compare the cost of investing in<br />the Equity Income Fund with the cost of investing in other mutual funds. The<br />Example assumes that you invest $10,000 in the Equity Income Fund for the time<br />periods indicated and then either redeem or do not redeem all of your shares at<br />the end of those periods. The Example also assumes that your investment has a 5%<br />return each year and that the Equity Income Fund's operating expenses remain the<br />same (taking into account the Expense Caps only in the first year). Although<br />your actual costs may be higher or lower, based on these assumptions your costs<br />would be:</tt>
<tt>The Equity Income Fund normally invests at least 80% of its net assets (plus any<br />borrowings for investment purposes) in equity securities (including convertibles, <br />preferred stocks, partnerships and limited partnerships). The Fund invests across <br />a wide range of market capitalizations, while the overall portfolio maintains a <br />large capitalization emphasis. The equity securities in which the Fund will <br />generally invest include those which the Advisor believes have attractive <br />fundamental characteristics, including stable or improving returns on equity, a <br />solid balance sheet, and ample cash flow. The Fund seeks to achieve its investment <br />objective through investment in strategically advantaged companies that generate <br />free cash flow that can be used to reinvest in the company, pay down debt or <br />distribute to shareholders in the form of dividends and/or share repurchases.<br /> <br />The Equity Income Fund may seek to enhance returns through the use of other<br />investment strategies such as the use of options (for hedging purposes), foreign<br />securities, and other investment companies including exchange-traded funds<br />("ETFs"). The Fund may invest up to 20% of its net assets in put and call<br />options. The Fund may invest up to 25% of its net assets in foreign securities,<br />including in American Depositary Receipts ("ADRs") and emerging markets. The<br />Fund may invest up to 20% of its net assets in other investment companies.<br /> <br />The Advisor may sell a position if the fundamentals have deteriorated, a<br />security becomes fully valued, or for purposes of portfolio construction and<br />risk management. The Advisor may also sell a position if a better alternative<br />becomes available.<br /> <br />At the discretion of the Advisor, the Equity Income Fund may invest its assets<br />in cash, cash equivalents, and high-quality, short-term debt securities and<br />money market instruments for temporary defensive purposes in response to adverse<br />market, economic or political conditions.</tt>
DAVIDSON EQUITY INCOME FUND
You may qualify for sales charge discounts if you and your family invest, or
agree to invest in the future, at least $25,000 in the Equity Income Fund.
Example.
Other expenses are based on estimated customary Fund expenses for the current fiscal year.
When the Equity Income 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 Equity Income Fund.
Principal Risks of Investing in the Equity Income Fund
Shareholder Fees (fees paid directly from your investment)
If you redeem your shares at the end of the period:
Performance
25000
1-877-332-0529
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 Equity<br />Income Fund. The following principal risks could affect the value of your<br />investment:<br /> <br />·  Equity Risk. Stock prices may fluctuate widely over short or even extended    <br />   periods in response to company, market, or economic news. Stock markets also  <br />   tend to move in cycles, with periods of rising stock prices and periods of    <br />   falling stock prices.<br /><br />·  ETF and Mutual Fund Risk. ETFs are typically open-end investment companies    <br />   that are bought and sold on a national securities exchange. Investment        <br />   companies (mutual funds) and ETFs have management fees that are part of their <br />   costs, and the Equity Income Fund will indirectly bear its proportionate share<br />   of these costs.<br /><br />·  Foreign and Emerging Market Securities Risk. The Equity Income Fund may invest<br />   in foreign securities which are subject to special risks. Foreign securities  <br />   can be more volatile than domestic (U.S.) securities. Securities markets of   <br />   other countries are generally smaller than U.S. securities markets. Many      <br />   foreign securities may be less liquid and more volatile than U.S. securities, <br />   which could affect the Fund's investments. The risks are enhanced in emerging <br />   markets.<br /><br />·  Management Risk. Management risk means that your investment in the Equity     <br />   Income Fund varies with the success and failure of the Advisor's investment   <br />   strategies and the Advisor's research, analysis and determination of portfolio<br />   securities. <br /><br />·  Market and Issuer Risk. The risks that could affect the value of the Equity   <br />   Income Fund's shares and the total return on your investment include the      <br />   possibility that the securities held by the Fund will fluctuate as a result of<br />   the movement of the overall stock market or of the value of the individual    <br />   securities held by the Fund. The value of securities held by the Fund may also<br />   experience sudden, unpredictable drops in value or long periods of decline in <br />   value due to reasons directly related to the issuer, including management     <br />   performance, financial leverage, and reduced demand for the issuer's goods and<br />   services. <br /><br />·  New Fund Risk. The Equity Income Fund is new with no operating history and    <br />   there can be no assurance that the Fund will grow to or maintain an           <br />   economically viable size. <br /><br />·  Options Risk. Options on securities may be subject to greater fluctuations in <br />   value than an investment in the underlying securities. Purchasing and writing <br />   put and call options are highly specialized activities and entail greater than<br />   ordinary investment risks. <br /><br />·  Small and Medium Companies Risk. Investing in securities of small and medium  <br />   capitalization companies may involve greater volatility than investing in     <br />   larger and more established companies because small and medium capitalization <br />   companies can be subject to more abrupt or erratic share price changes than   <br />   larger, more established companies.                                           <br /><br />The Equity Income Fund may be appropriate for investors who:<br /> <br />·  Have a long-term investment horizon;<br /><br />·  Want to add an investment with potential for both income and capital          <br />   appreciation to diversify their investment portfolio;                         <br /><br />·  Can accept the greater risks of investing in a portfolio with common stock    <br />   holdings; and                                                                 <br /><br />.  Are not primarily concerned with principal stability.</tt>
Fees and Expenses
Principal Investment Strategies of the Equity Income Fund
www.davidsonmutualfunds.com
<tt>When the Equity Income Fund has been in operation for a full calendar year,<br />performance information will be shown here. Updated performance information <br />will be available on the Fund's website at www.davidsonmutualfunds.com or <br />by calling the Fund toll-free at 1-877-332-0529.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Equity Income Fund. You may qualify for sales charge discounts if<br />you and your family invest, or agree to invest in the future, at least $25,000<br />in the Equity Income Fund. More information about these and other discounts is<br />available from your financial professional and in the "Class A Shares" section<br />on page 13 of the Equity Income Fund's statutory Prospectus and the<br />"Breakpoints/Volume Discounts and Sales Charge Waivers" section on page 47 of<br />the Fund's Statement of Additional Information ("SAI").</tt>
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If you do not redeem your shares at the end of the period:
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0.0000
288
188
646
-0.0031
-0.0100
0.0066
0.0050
2013-10-27
646
0.0100
0.0185
0.0216
0.0100
0.0500
607
607
895
-0.0031
-0.0100
0.0066
0.0050
2013-10-27
895
0.0025
0.0110
0.0141
0.0000
<tt>The Multi-Cap Fund pays transaction costs, such as commissions, when it buys <br />and sells securities (or "turns over" its portfolio). A higher portfolio <br />turnover rate may indicate higher transaction costs and may result in higher <br />taxes when Multi-Cap Fund shares are held in a taxable account. These costs, <br />which are not reflected in the Annual Fund Operating Expenses or in the <br />Example, affect the Multi-Cap Fund's performance. During the most recent <br />fiscal year, the Multi-Cap Fund's portfolio turnover rate was 13.95% of the <br />average value of its portfolio.</tt>
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<tt>The Davidson Multi-Cap Equity Fund (the "Multi-Cap Fund") seeks long-term<br />capital appreciation.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Multi-Cap <br />Fund with the cost of investing in other mutual funds. The Example assumes that you <br />invest $10,000 in the Multi-Cap Fund for the time periods indicated and then either <br />redeem or do not redeem all of your shares at the end of those periods. The Example <br />also assumes that your investment has a 5% return each year and that the Multi-Cap <br />Fund's operating expenses remain the same (taking into account the Expense Caps <br />only in the first year). Although your actual costs may be higher or lower, based <br />on these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>Under normal market conditions, the Multi-Cap Fund invests at least 80% of its<br />net assets (including any borrowings for investment purposes) in equity<br />securities across a wide range of market capitalizations and investment styles<br />with attractive fundamental characteristics. The Fund looks for companies with<br />reasonable valuations, prudent debt levels, cash flow generation, attractive<br />growth characteristics and solid balance sheets. The Fund will invest its assets<br />in both value and growth stocks, as well as dividend-paying and non-dividend-paying <br />stocks. The Fund will seek to achieve its investment objective primarily through <br />stock selection, with less emphasis on sector weightings. As a result, the Fund <br />expects to only occasionally make modest sector changes, preferring to <br />differentiate performance by relative movement in individual stocks than in <br />sectors or industries .<br /> <br />The Multi-Cap Fund may seek to enhance returns through the use of other investment <br />strategies such as options (for hedging purposes), foreign securities (which may <br />include American Depositary Receipts ("ADRs"), dollar-denominated foreign <br />securities, or direct investment in foreign securities, including emerging markets), <br />and other investment companies (including exchange-traded funds ("ETFs")). The Fund <br />may invest up to 20% of its net assets in foreign securities. The Fund may invest <br />up to 20% of its net assets in put and call options.<br /> <br />The Advisor may sell a position if the fundamentals have deteriorated, catalysts<br />fail to develop, or a stock exceeds fair valuation. The Advisor may also sell a<br />position if a better alternative becomes available.<br /> <br />At the discretion of the Advisor, the Multi-Cap Fund may invest its assets in<br />cash, cash equivalents, and high-quality, short-term debt securities and money<br />market instruments for temporary defensive purposes in response to adverse<br />market, economic or political conditions.</tt>
Davidson Multi-Cap Equity Fund
You may qualify for sales charge discounts if you and your family invest, or agree
to invest in the future, at least $25,000 in the Multi-Cap Fund.
Example.
The after-tax returns were calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Investment Objective
The Fund's past performance, before and after taxes, is not necessarily an indication
of how the Fund will perform in the future.
Losing all or a portion of your investment is a risk of investing in the Multi-Cap Fund.
Principal Risks of Investing in the Multi-Cap Fund
Shareholder Fees (fees paid directly from your investment)
If you redeem your shares at the end of the period:
The return after taxes on distributions and sale of Fund shares is higher than other
return figures when a capital loss occurs upon the redemption of Fund shares.
0.1395
Actual after-tax returns depend on an investor's tax situation and may differ
from those shown, and after-tax returns are not relevant to investors who hold
shares of the Fund through tax-deferred arrangements, such as 401(k) plans or
individual retirement accounts ("IRAs").
Annual Returns as of December 31
Sales loads are not reflected in the bar chart; if these amounts were reflected, returns would be less than those shown.
Performance
25000
<tt>The after-tax returns were calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on an investor's tax situation <br />and may differ from those shown, and after-tax returns are not relevant to <br />investors who hold shares of the Fund through tax-deferred arrangements, such <br />as 401(k) plans or individual retirement accounts ("IRAs").<br /><br />The return after taxes on distributions and sale of Fund shares is higher than<br />other return figures when a capital loss occurs upon the redemption of Fund<br />shares.</tt>
The following information provides some indication of the risks of investing in the
Multi-Cap Fund by showing changes in the Fund's Class A shares' performance from year
to year and by showing how the Fund's average annual returns for 1 year and since
inception compare with those of a broad measure of market performance.
<tt>The Fund's year-to-date return as of September 30, 2012 was 15.36%. <br /><br />During the period of time shown in the bar chart, the highest return <br />for a calendar quarter was 16.49% (quarter ended June 30, 2009) and <br />the lowest return for a calendar quarter was -16.13% (quarter ended <br />September 30, 2011).</tt>
1-877-332-0529
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 />Multi-Cap Fund. The following principal risks could affect the value of your<br />investment:<br /> <br />·   Equity Risk. Stock prices may fluctuate widely over short or even extended   <br />    periods in response to company, market, or economic news. Stock markets also <br />    tend to move in cycles, with periods of rising stock prices and periods of   <br />    falling stock prices.<br />  <br />·   ETF and Mutual Fund Risk. ETFs are typically open-end investment companies   <br />    that are bought and sold on a national securities exchange. Investment       <br />    companies (mutual funds) and ETFs have management fees that are part of their<br />    costs, and the Multi-Cap Fund will indirectly bear its proportionate share of<br />    these costs.<br />                                        <br />·   Foreign and Emerging Market Securities Risk. The Multi-Cap Fund may invest in<br />    foreign securities which are subject to special risks. Foreign securities can<br />    be more volatile than domestic (U.S.) securities. Securities markets of other<br />    countries are generally smaller than U.S. securities markets. Many foreign   <br />    securities may be less liquid and more volatile than U.S. securities, which  <br />    could affect the Fund's investments. These risks are enhanced in emerging    <br />    markets. <br /><br />·   Management Risk. Management risk means that your investment in the Multi-Cap <br />    Fund varies with the success and failure of the Advisor's investment         <br />    strategies and the Advisor's research, analysis and determination of         <br />    portfolio securities.<br /><br />·   Market and Issuer Risk. The risks that could affect the value of the         <br />    Multi-Cap Fund's shares and the total return on your investment include the  <br />    possibility that the securities held by the Fund will fluctuate as a result  <br />    of the movement of the overall stock market or of the value of the individual<br />    securities held by the Fund. The value of securities held by the Fund may    <br />    also experience sudden, unpredictable drops in value or long periods of      <br />    decline in value due to reasons directly related to the issuer, including    <br />    management performance, financial leverage, and reduced demand for the       <br />    issuer's goods and services.<br /><br />·   Options Risk. Options on securities may be subject to greater fluctuations in<br />    value than an investment in the underlying securities. Purchasing and writing<br />    put and call options are highly specialized activities and entail greater    <br />    than ordinary investment risks. <br /><br />·   Small and Medium Companies Risk. Investing in securities of small and medium <br />    capitalization companies may involve greater volatility than investing in    <br />    larger and more established companies because small and medium capitalization<br />    companies can be subject to more abrupt or erratic share price changes than  <br />    larger, more established companies. <br /><br />The Multi-Cap Fund may be appropriate for investors who:<br /> <br />·   Have a long-term investment horizon; <br /><br />·   Want to add an investment with potential for capital appreciation to         <br />    diversify their investment portfolio; and <br /><br />·   Can accept the greater risks of investing in a portfolio with equity holdings.</tt>
Fees and Expenses
Principal Investment Strategies of the Multi-Cap Fund
www.davidsonmutualfunds.com
<tt>The following information provides some indication of the risks of investing in<br />the Multi-Cap Fund by showing changes in the Fund's Class A shares' performance<br />from year to year and by showing how the Fund's average annual returns for 1<br />year and since inception compare with those of a broad measure of market<br />performance. Sales loads are not reflected in the bar chart; if these amounts<br />were reflected, returns would be less than those shown. The Fund's past<br />performance, before and after taxes, is not necessarily an indication of how the<br />Fund will perform in the future. Updated performance information is available on<br />the Fund's website at www.davidsonmutualfunds.com or by calling the Fund<br />toll-free at 1-877-332-0529.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Multi-Cap Fund. You may qualify for sales charge discounts if you<br />and your family invest, or agree to invest in the future, at least $25,000 in<br />the Multi-Cap Fund. More information about these and other discounts is<br />available from your financial professional and in the "Class A Shares" section<br />on page 15 of the Funds' statutory Prospectus and the "Breakpoints/Volume<br />Discounts and Sales Charge Waivers" section on page 41 of the Funds' Statement<br />of Additional Information ("SAI").</tt>
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If you do not redeem your shares at the end of the period:
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Russell 3000® Index (reflects no deduction for fees, expenses or taxes)
0.0103
0.0134
2008-08-11
0.1591
2009-07-01
Return After Taxes on Distributions and Sale of Fund Shares
-0.0276
-0.0026
2008-08-11
Return After Taxes on Distributions
-0.0669
-0.0059
2008-08-11
DFMCX
0.0000
Return Before Taxes
293
193
674
-0.0037
2577
-0.0100
1181
-0.0230
0.0062
0.0065
2013-10-27
2577
674
1181
0.0100
0.0190
0.0227
0.0100
0.1345
2009-07-01
DFMAX
lowest return for a calendar quarter
highest return for a calendar quarter
0.0500
2012-09-30
Return Before Taxes
611
2009-06-30
611
920
-0.1613
-0.0036
0.1846
2182
-0.0100
1250
0.1649
-0.0558
0.0061
0.0065
2013-10-27
2011-09-30
2182
0.2860
920
1250
year-to-date return
-0.0063
0.0025
0.0115
0.0151
-0.0020
2008-08-11
0.1536
0.0000
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pure
Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Multi-Cap Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 1.15% of average daily net assets of the Multi-Cap Fund's Class A shares and 1.90% of average daily net assets of the Multi-Cap Fund's Class C shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 27, 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 Multi-Cap Fund for three years from the date they were waived or paid, subject to the Expense Caps.
Other expenses are based on estimated customary Fund expenses for the current fiscal year.
Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Equity Income Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 1.10% and 1.85% of average daily net assets of the Equity Income Fund's Class A and Class C shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least October 27, 2013, and may be terminated only by Advisors Series Trust's Board of Trustees (the "Board"). The Advisor may request recoupment of previously waived fees and paid expenses from the Equity Income Fund for three years from the date they were waived or paid, subject to the Expense Caps.
Other expenses are based on estimated amounts for the current fiscal year.
The Advisor has contractually agreed to waive all or a portion of its management fees and pay expenses of the Small/Mid Fund to ensure that Net Annual Fund Operating Expenses (excluding AFFE, interest, taxes and extraordinary expenses) do not exceed 1.40% of average daily net assets of the Small/Mid Fund's Class A shares and 2.15% of average daily net assets of the Small/Mid Fund's Class C shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 27, 2013, and may be terminated only by the Board. The Advisor may request recoupment of previously waived fees and paid expenses from the Small/Mid Fund for three years from the date they were waived or paid, subject to the Expense Caps.
Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Intermediate Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 0.94% of average daily net assets of the Intermediate Fund's Class A shares and 0.69% of average daily net assets of the Intermediate Fund's Class I shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 27, 2013, and may be terminated only by Advisors Series Trust's Board of Trustees (the "Board"). The Advisor may request recoupment of previously waived fees and paid expenses from the Intermediate Fund for three years from the date they were waived or paid, subject to the Expense Caps.