0000894189-11-005102.txt : 20111121 0000894189-11-005102.hdr.sgml : 20111121 20111118165319 ACCESSION NUMBER: 0000894189-11-005102 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20111118 DATE AS OF CHANGE: 20111118 EFFECTIVENESS DATE: 20111118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-17391 FILM NUMBER: 111216640 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 111216641 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000022607 Davidson Multi-Cap Equity Fund C000065364 Class A DFMAX C000065365 Class C DFMCX 0001027596 S000030916 Davidson Equity Income Fund C000095903 Class A C000095904 Class C 0001027596 S000030917 Davidson Small-Mid Equity Fund C000095905 Class A C000095906 Class C 0001027596 S000030918 Davidson Intermediate Fixed Income Fund C000095907 Class A C000095908 Class I 485BPOS 1 dvdsn_485xbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL dvdsn_485xbrl.htm
Filed with the Securities and Exchange Commission on November 18, 2011
 
1933 Act Registration File No. 333-17391
1940 Act File No. 811-07959
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
Pre-Effective Amendment No.  ___        
¨
Post-Effective Amendment No.  390
x
and
  
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No.  392
x

 
(Check appropriate box or boxes.)
 
 
ADVISORS SERIES TRUST
(Exact Name of Registrant as Specified in Charter)
 
615 East Michigan Street
Milwaukee, Wisconsin  53202
(Address of Principal Executive Offices) (Zip Code)
 
(Registrant’s Telephone Numbers, Including Area Code) (414) 765-6609
 
Douglas G. Hess, President
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, Wisconsin 53202
(Name and Address of Agent for Service)
 
Copies to:
 
Domenick Pugliese, Esq.
Paul Hastings LLP
75 East 55th Street
New York, New York 10022
 
 
It is proposed that this filing will become effective
 
ý
immediately upon filing pursuant to paragraph (b)
o
on _____________ pursuant to paragraph (b)
o
60 days after filing pursuant to paragraph (a)(1)
o
on _____________ pursuant to paragraph (a)(1)
o
75 days after filing pursuant to paragraph (a)(2)
o
on _____________ pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box

[  ]
this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 390 to the Advisors Series Trust’s (the “Trust”) Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 387 on Form N-1A filed October 28, 2011.  This PEA No. 390 is filed for the sole purpose of submitting the XBRL exhibit for the risk return summary first provided in PEA No. 387 to the Trust’s Registration Statement for its series: Davidson Multi-Cap Equity Fund, Davidson Equity Income Fund, Davidson Small-Mid Equity Fund, and Davidson International Fixed Income Fund.
 
 
 
 
 
SIGNATURES


Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 390 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this Post-Effective Amendment No. 390 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 18th day of November, 2011.
 
   
Advisors Series Trust
  
       
   
By:  /s/ Douglas G. Hess     
 
   
       Douglas G. Hess
  
   
       President
  
 
Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 390 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature
  
Title
Date
       
Sallie P. Diederich*
  
Trustee
November 18, 2011
Sallie P. Diederich
      
       
Donald E. O’Connor*
  
Trustee
November 18, 2011
Donald E. O’Connor
      
       
George J. Rebhan*
  
Trustee
November 18, 2011
George J. Rebhan
      
       
George T. Wofford*
  
Trustee
November 18, 2011
George T. Wofford
      
       
Joe D. Redwine*
  
Trustee, Chairman and
November 18, 2011
Joe D. Redwine
  
Chief Executive Officer
  
       
/s/ Cheryl L. King
  
Treasurer and Principal
November 18, 2011
Cheryl L. King
  
Financial Officer
  
       
/s/ Douglas G. Hess
  
President and Principal
November 18, 2011
Douglas G. Hess
  
Executive Officer
  
       
*By:/s/ Douglas G. Hess
    
November 18, 2011
Douglas G. Hess
Attorney-In Fact pursuant to
Power of Attorney
      
 
 
 
 
C-1
 

 
EXHIBIT LIST

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE

 
 
 
 
 
 
 
 
 
 
 
 
 
 C-2
EX-101.INS 2 ck0001027596-20110630.xml INSTANCE DOCUMENT ADVISORS SERIES TRUST 2011-10-28 2011-10-28 2011-06-30 485BPOS 0001027596 false 2011-10-28 <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ShareholderFeesData_S000030918Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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 Fund. Example. Other expenses are based on estimated customary 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 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) Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance 100000 <pre>The Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities. The fixed income securities in which the Fund will generally invest include those of governments, agencies, inflation-protected securities, asset-backed securities, municipal bonds and companies across a wide range of industries and market capitalizations and are generally rated within the BBB-category or better by Standard &amp; Poor's Rating Group ("Standard &amp; Poor's") or the Baa3 category or better by Moody's Investors Services ("Moody's"). The Fund normally invests within the intermediate term structure of the yield curve and will seek to achieve its investment objective through duration tilts, sector allocations, credit exposures, and security selection. The maturities of the securities in which the Fund expects to invest will generally range from 1 to 10 years. The average-dollar weighted maturity of the securities in which the Fund expects to invest will generally range from 3 to 10 years. Duration tilts may be interpreted as differences in the duration of the Fund relative to duration of the benchmark. Duration is a measure of the sensitivity of the Fund's NAV to interest rate movements. For fixed-coupon bonds, duration can be intuitively defined as the average maturity of all bond payments, where each payment is weighted by its value. Duration tilts will be limited from 75% to 125% of the Barclays Capital Intermediate Government/Credit Index. The Advisor determines that a particular security should be purchased by evaluating macroeconomic factors including interest rate trends, monetary policy, inflation outlook, treasury supply and demand, interest rate volatility, the strategy duration target, and yield curve position. The Fund may seek to enhance returns through the use of other investment strategies such as the use of options (for hedging purposes), investment in foreign securities, and in other investment companies including exchange-traded funds ("ETFs"). The Fund may invest up to 20% of its net assets in put and call options. The Fund may invest up to 25% of its net assets in foreign securities, including in emerging markets. Through its investment in foreign securities, the Fund may invest up to 20% of its net assets in American Depositary Receipts ("ADRs"). The Fund also may invest up to 20% of its net assets in other investment companies and may invest in the securities of small and medium-sized companies. The Advisor may sell a position if the fundamentals have deteriorated, a security becomes fully valued, or for purposes of portfolio construction and risk management. The Advisor may also sell a position if a better alternative becomes available. At the discretion of the Advisor, the Fund may invest its assets in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes in response to adverse market, economic or political conditions.</pre> SUMMARY SECTION Portfolio Turnover. <pre>Losing all or a portion of your investment is a risk of investing in the Fund. The following principal risks could affect the value of your investment: &#xB7; Asset-Backed Securities Risk. Asset-backed securities may decline in value when defaults on the underlying assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of assets underlying such securities may require the Fund to reinvest that money at lower prevailing interest rates, resulting in reduced returns. &#xB7; Credit Risk. The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations. &#xB7; ETF and Mutual Fund Risk. ETFs are typically open-end investment companies that are bought and sold on a national securities exchange. Investment companies (mutual funds) and ETFs have management fees that are part of their costs, and the Fund will indirectly bear its proportionate share of these costs. &#xB7; Foreign and Emerging Market Securities Risk. The Fund may invest in foreign securities which are subject to special risks. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may be less liquid and more volatile than U.S. securities, which could affect the Fund's investments. The risks are enhanced in emerging markets. &#xB7; Foreign Governments Investment Risk. The issuer of the foreign debt or the governmental authorities that control the repayment of such debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. The market prices of debt obligations of foreign governments and their agencies, and the Fund's net asset value ("NAV"), may be more volatile than prices of U.S. debt obligations. &#xB7; Government-Sponsored Entities Risk. Securities issued by government-sponsored entities may not be backed by the full faith and credit of the United States. &#xB7; 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. &#xB7; Interest Rate Risk. The risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. &#xB7; Issuer Risk. The value of securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value due to reasons directly related to the issuer, including management performance, financial leverage, and reduced demand for the issuer's goods and services. &#xB7; Management Risk. Management risk means that your investment in the Fund varies with the success and failure of the Advisor's investment strategies and the Advisor's research, analysis and determination of portfolio securities. &#xB7; 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, in which case the Board may determine to liquidate the Fund. &#xB7; Options Risk. Options on securities may be subject to greater fluctuations in value than an investment in the underlying securities. Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. &#xB7; Small and Medium Companies Risk. Investing in securities of small and medium capitalization companies may involve greater volatility than investing in larger and more established companies because small and medium capitalization companies can be subject to more abrupt or erratic share price changes than larger, more established companies. This Fund may be appropriate for investors who: &#xB7; Have a long-term investment horizon; and &#xB7; Want to add an investment with potential for income and to diversify their investment portfolio.</pre> Fees and Expenses Principal Investment Strategies of the Fund www.davidsonmutualfunds.com <pre>When the Fund has been in operation for a full calendar year, performance information will be shown here. Updated performance information will be available on the Fund's website at www.davidsonmutualfunds.com or by calling the Fund toll-free at 1-877-332-0529.</pre> <pre>This table describes the fees and expenses that you may pay if you buy and hold shares of the 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 Fund. More information about these and other discounts is available from your financial professional and in the "Class A Shares" section on page 11 of the Fund's statutory Prospectus and the "Breakpoints/Volume Discounts and Sales Charge Waivers" section on page 47 of the Fund's Statement of Additional Information ("SAI").</pre> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/OperatingExpensesData_S000030918Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 1-877-332-0529 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <pre>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 the Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</pre> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ExpenseExample_S000030918Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <pre>The Davidson Intermediate Fixed Income Fund (the "Fund") seeks income and the preservation of principal.</pre> <pre>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 either redeem or do not 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 Caps only in the first year).</pre> 2012-10-28 2012-10-28 -0.0050 0.0084 0.0035 70 328 0.0000 0.0069 0.0119 0.0000 -0.0050 0.0084 0.0035 368 670 0.0025 0.0094 0.0144 0.0275 If you do not redeem your shares at the end of the period: <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ExpenseExampleNoRedemption_S000030917Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ShareholderFeesData_S000030917Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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 Fund. Example. Other expenses are based on estimated customary 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 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) If you redeem your shares at the end of the period: Performance 25000 <pre>The Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies with small to medium market capitalizations. The Fund invests in small to medium market capitalization companies with attractive fundamental characteristics, including low debt levels, strong returns on invested capital, stable or improving profit margins, ample cash flow, and long-term sales growth potential. The Fund seeks to achieve its investment objective primarily through stock selection, with less emphasis on sector weightings. Under current market conditions, the Advisor defines small and medium-sized companies by reference to those companies within the market capitalization range of the Russell 2500TM Index. As of September 30, 2011, that capitalization range was $100 million to $10 billion and it is expected to change frequently. Investments in companies that grow above these maximum capitalization criteria may continue to be held if the Advisor believes they remain attractive. The Fund may seek to enhance returns through the use of other investment strategies such as the use of options (for hedging purposes), foreign securities, and other investment companies including exchange-traded funds ("ETFs"). The Fund may invest up to 20% of its net assets in put and call options. The Fund may invest up to 25% of its net assets in foreign securities, including in American Depositary Receipts ("ADRs") and emerging markets. The Fund also may invest up to 20% of its net assets in other investment companies. The Advisor may sell a position if the fundamentals have deteriorated, a security becomes fully valued, or for purposes of portfolio construction and risk management. The Advisor may also sell a position if a better alternative becomes available. At the discretion of the Advisor, the Fund may invest its assets in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes in response to adverse market, economic or political conditions.</pre> SUMMARY SECTION Portfolio Turnover. <pre>Losing all or a portion of your investment is a risk of investing in the Fund. The following principal risks could affect the value of your investment: &#xB7; Equity Risk. Stock prices may fluctuate widely over short or even extended periods in response to company, market, or economic news. Stock markets also tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. &#xB7; ETF and Mutual Fund Risk. ETFs are typically open-end investment companies that are bought and sold on a national securities exchange. Investment companies (mutual funds) and ETFs have management fees that are part of their costs, and the Fund will indirectly bear its proportionate share of these costs. &#xB7; Foreign and Emerging Market Securities Risk. The Fund may invest in foreign securities which are subject to special risks. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may be less liquid and more volatile than U.S. securities, which could affect the Fund's investments. These risks are enhanced in emerging markets. &#xB7; Management Risk. Management risk means that your investment in the Fund varies with the success and failure of the Advisor's investment strategies and the Advisor's research, analysis and determination of portfolio securities. &#xB7; Market and Issuer Risk. The risks that could affect the value of the Fund's shares and the total return on your investment include the possibility that the securities held by the Fund will fluctuate as a result of the movement of the overall stock market or of the value of the individual securities held by the Fund. The value of securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value due to reasons directly related to the issuer, including management performance, financial leverage, and reduced demand for the issuer's goods and services. &#xB7; 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, in which case the Board may determine to liquidate the Fund. &#xB7; Options Risk. Options on securities may be subject to greater fluctuations in value than an investment in the underlying securities. Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. &#xB7; Small and Medium Companies Risk. Investing in securities of small and medium capitalization companies may involve greater volatility than investing in larger and more established companies because small and medium capitalization companies can be subject to more abrupt or erratic share price changes than larger, more established companies. This Fund may be appropriate for investors who: &#xB7; Have a long-term investment horizon; &#xB7; Want to add an investment with potential for capital appreciation to diversify their investment portfolio; &#xB7; Can accept the greater risks of investing in a portfolio with common stock holdings; and &#xB7; Are not primarily concerned with principal stability.</pre> Fees and Expenses Principal Investment Strategies of the Fund www.davidsonmutualfunds.com <pre>When the Fund has been in operation for a full calendar year, performance information will be shown here. Updated performance information will be available on the Fund's website at www.davidsonmutualfunds.com or by calling the Fund toll-free at 1-877-332-0529.</pre> <pre>This table describes the fees and expenses that you may pay if you buy and hold shares of the 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 Fund. More information about these and other discounts is available from your financial professional and in the "Class A Shares" section on page 11 of the Fund's statutory Prospectus and the "Breakpoints/Volume Discounts and Sales Charge Waivers" section on page 47 of the Fund's Statement of Additional Information ("SAI").</pre> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/OperatingExpensesData_S000030917Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 1-877-332-0529 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <pre>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 the Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</pre> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ExpenseExample_S000030917Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <pre>The Davidson Small-Mid Equity Fund (the "Fund") seeks long-term capital appreciation.</pre> <pre>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 either redeem or do not 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 Caps only in the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</pre> 2012-10-28 2012-10-28 0.0100 -0.0042 -0.0100 0.0082 0.0075 760 318 760 0.0100 0.0215 0.0257 218 0.0000 0.0000 -0.0042 -0.0100 0.0082 0.0075 1005 635 1005 0.0025 0.0140 0.0182 635 0.0500 If you do not redeem your shares at the end of the period: <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ExpenseExampleNoRedemption_S000030916Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ShareholderFeesData_S000030916Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Example. Other expenses are based on estimated customary 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 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) If you redeem your shares at the end of the period: Performance <pre>The Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities (including convertibles, preferred stocks, partnerships and limited partnerships). The equity securities in which the Fund will generally invest include those of companies across a wide range of market capitalizations and with attractive fundamental characteristics, including stable or improving returns on equity, a solid balance sheet, and ample cash flow. The Fund seeks to achieve its investment objective through investment in strategically advantaged companies that generate free cash flow that can be used to reinvest in the company, pay down debt or distribute to shareholders in the form of dividends and/or share repurchases. The Fund may seek to enhance returns through the use of other investment strategies such as the use of options (for hedging purposes), foreign securities, and other investment companies including exchange-traded funds ("ETFs"). The Fund may invest up to 20% of its net assets in put and call options. The Fund may invest up to 25% of its net assets in foreign securities, including in American Depositary Receipts ("ADRs") and emerging markets. The Fund may invest up to 20% of its net assets in other investment companies. The Advisor may sell a position if the fundamentals have deteriorated, a security becomes fully valued, or for purposes of portfolio construction and risk management. The Advisor may also sell a position if a better alternative becomes available. At the discretion of the Advisor, the Fund may invest its assets in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes in response to adverse market, economic or political conditions.</pre> SUMMARY SECTION Portfolio Turnover. <pre>Losing all or a portion of your investment is a risk of investing in the Fund. The following principal risks could affect the value of your investment: &#xB7; ETF and Mutual Fund Risk. ETFs are typically open-end investment companies that are bought and sold on a national securities exchange. Investment companies (mutual funds) and ETFs have management fees that are part of their costs, and the Fund will indirectly bear its proportionate share of these costs. &#xB7; Equity Risk. Stock prices may fluctuate widely over short or even extended periods in response to company, market, or economic news. Stock markets also tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. &#xB7; Foreign and Emerging Market Securities Risk. The Fund may invest in foreign securities which are subject to special risks. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may be less liquid and more volatile than U.S. securities, which could affect the Fund's investments. The risks are enhanced in emerging markets. &#xB7; Management Risk. Management risk means that your investment in the Fund varies with the success and failure of the Advisor's investment strategies and the Advisor's research, analysis and determination of portfolio securities. &#xB7; Market and Issuer Risk. The risks that could affect the value of the Fund's shares and the total return on your investment include the possibility that the securities held by the Fund will fluctuate as a result of the movement of the overall stock market or of the value of the individual securities held by the Fund. The value of securities held by the Fund may also experience sudden, unpredictable drops in value or long periods of decline in value due to reasons directly related to the issuer, including management performance, financial leverage, and reduced demand for the issuer's goods and services. &#xB7; 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, in which case the Board may determine to liquidate the Fund. &#xB7; Options Risk. Options on securities may be subject to greater fluctuations in value than an investment in the underlying securities. Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. &#xB7; Small and Medium Companies Risk. Investing in securities of small and medium capitalization companies may involve greater volatility than investing in larger and more established companies because small and medium capitalization companies can be subject to more abrupt or erratic share price changes than larger, more established companies. This Fund may be appropriate for investors who: &#xB7; Have a long-term investment horizon; &#xB7; Want to add an investment with potential for both income and capital appreciation to diversify their investment portfolio; &#xB7; Can accept the greater risks of investing in a portfolio with common stock holdings; and &#xB7; Are not primarily concerned with principal stability.</pre> Fees and Expenses Principal Investment Strategies of the Fund www.davidsonmutualfunds.com <pre>When the Fund has been in operation for a full calendar year, performance information will be shown here. Updated performance information will be available on the Fund's website at www.davidsonmutualfunds.com or by calling the Fund toll-free at 1-877-332-0529.</pre> <pre>This table describes the fees and expenses that you may pay if you buy and hold shares of the 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 Fund. More information about these and other discounts is available from your financial professional and in the "Class A Shares" section on page 11 of the Fund's statutory Prospectus and the "Breakpoints/Volume Discounts and Sales Charge Waivers" section on page 47 of the Fund's Statement of Additional Information ("SAI").</pre> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/OperatingExpensesData_S000030916Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 1-877-332-0529 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <pre>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 the Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</pre> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ExpenseExample_S000030916Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <pre>The Davidson Equity Income Fund (the "Fund") seeks both income and long-term capital appreciation.</pre> <pre>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 either redeem or do not 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 Caps only in the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</pre> 2012-10-28 2012-10-28 0.0100 -0.0047 -0.0100 0.0082 0.0050 679 288 679 0.0100 0.0185 0.0232 188 0.0000 0.0000 -0.0047 -0.0100 0.0082 0.0050 927 607 927 0.0025 0.0110 0.0157 607 0.0500 If you do not redeem your shares at the end of the period: <div style="display:none">~ http://www.davidsonmutualfunds.com/role/PerformanceTableData_S000022607Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ExpenseExampleNoRedemption_S000022607Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ShareholderFeesData_S000022607Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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 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 Fund. Principal Risks of Investing in the 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. 0.1934 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 <pre>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. 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"). 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.</pre> The following information provides some indication of the risks of investing in the 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. <pre>During the period of time shown in the bar chart, the highest return for a calendar quarter was 16.49% (quarter ended June 30, 2009) and the lowest return for a calendar quarter was -10.96% (quarter ended June 30, 2010). </pre> <pre>Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities across a wide range of market capitalizations and investment styles with attractive fundamental characteristics. The Fund will invest its assets in both value and growth stocks, as well as dividend-paying and non-dividend-paying stocks. The Fund will seek to achieve its investment objective primarily through stock selection, with less emphasis on sector weightings. As a result, the Fund expects to only occasionally make modest sector changes, preferring to differentiate performance by relative movement in individual stocks than in sectors or industries. The Fund may seek to enhance returns through the use of other investment strategies such as options (for hedging purposes), foreign securities (which may include American Depositary Receipts ("ADRs"), dollar-denominated foreign securities, or direct investment in foreign securities, including emerging markets), and other investment companies (including exchange-traded funds ("ETFs")). The Fund may invest up to 20% of its net assets in foreign securities. The Fund may invest up to 20% of its net assets in options. The Advisor may sell a position if the fundamentals have deteriorated, catalysts fail to develop, or a stock exceeds fair valuation. The Advisor may also sell a position if a better alternative becomes available. At the discretion of the Advisor, the Fund may invest its assets in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes in response to adverse market, economic or political conditions.</pre> SUMMARY SECTION Average Annual Total Returns (for the periods ended December 31, 2010) Portfolio Turnover. <pre>Losing all or a portion of your investment is a risk of investing in the Fund. The following principal risks could affect the value of your investment: &#xB7; ETF and Mutual Fund Risk. ETFs are typically open-end investment companies that are bought and sold on a national securities exchange. Investment companies (mutual funds) and ETFs have management fees that are part of their costs, and the Fund will indirectly bear its proportionate share of these costs. &#xB7; Foreign and Emerging Market Securities Risk. The Fund may invest in foreign securities which are subject to special risks. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may be less liquid and more volatile than U.S. securities, which could affect the Fund's investments. These risks are enhanced in emerging markets. &#xB7; Management Risk. Management risk means that your investment in the Fund varies with the success and failure of the Advisor's investment strategies and the Advisor's research, analysis and determination of portfolio securities. &#xB7; Market and Issuer Risk. The risks that could affect the value of the Fund's shares and the total return on your investment include the possibility that the securities held by the Fund will fluctuate as a result of the movement of the overall stock market or of the value of the individual securities held by the Fund. The value of securities held by the Fund may also experience sudden, unpredictable drops in value or long periods of decline in value due to reasons directly related to the issuer, including management performance, financial leverage, and reduced demand for the issuer's goods and services. &#xB7; Options Risk. Options on securities may be subject to greater fluctuations in value than an investment in the underlying securities. Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. &#xB7; Small and Medium Companies Risk. Investing in securities of small and medium capitalization companies may involve greater volatility than investing in larger and more established companies because small and medium capitalization companies can be subject to more abrupt or erratic share price changes than larger, more established companies. This Fund may be appropriate for investors who: &#xB7; Have a long-term investment horizon; &#xB7; Want to add an investment with potential for capital appreciation to diversify their investment portfolio; and &#xB7; Can accept the greater risks of investing in a portfolio with equity holdings.</pre> Fees and Expenses Principal Investment Strategies of the Fund www.davidsonmutualfunds.com <pre>The following information provides some indication of the risks of investing in the 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. Sales loads are not reflected in the bar chart; if these amounts were reflected, returns would be less than those shown. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.davidsonmutualfunds.com or by calling the Fund toll-free at 1-877-332-0529.</pre> <pre>This table describes the fees and expenses that you may pay if you buy and hold shares of the 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 Fund. More information about these and other discounts is available from your financial professional and in the "Class A Shares" section on page 12 of the Fund's statutory Prospectus and the "Breakpoints/Volume Discounts and Sales Charge Waivers" section on page 37 of the Fund's Statement of Additional Information ("SAI").</pre> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/OperatingExpensesData_S000022607Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 1-877-332-0529 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <pre>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 the Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 19.34% of the average value of its portfolio.</pre> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ExpenseExample_S000022607Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/BarChartData_S000022607Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <pre>The Davidson Multi-Cap Equity Fund (the "Fund") seeks long-term capital appreciation.</pre> <pre>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 either redeem or do not 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 Caps only in the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</pre> reflects no deduction for fees, expenses or taxes DFMCX 2012-10-28 DFMAX -0.1125 2010-06-30 -0.1096 0.1649 2012-10-28 2009-06-30 year-to-date return lowest return for a calendar quarter highest return for a calendar quarter 2011-09-30 0.0100 -0.0052 2717 -0.0100 1244 0.1655 0.0077 0.0065 2717 705 1244 Return Before Taxes 293 705 0.0100 0.0190 0.0242 193 0.0000 0.2453 2009-07-01 -0.0003 2008-08-11 0.0000 -0.0052 0.1846 2336 -0.0100 1316 0.1251 0.0077 0.0065 2336 0.286 952 1316 Return Before Taxes 611 952 0.0025 0.0115 0.0167 611 0.0500 -0.0003 2008-08-11 0.0816 Return After Taxes on Distributions and Sale of Fund Shares -0.0008 2008-08-11 0.1248 Return After Taxes on Distributions 0.0147 2008-08-11 0.1693 Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 0.2702 2009-07-01 0001027596 ck0001027596:S000022607Memberck0001027596:RRINDEX00001Member 2011-10-28 2011-10-28 0001027596 ck0001027596:S000022607Memberrr:AfterTaxesOnDistributionsMemberck0001027596:C000065364Member 2011-10-28 2011-10-28 0001027596 ck0001027596:S000022607Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001027596:C000065364Member 2011-10-28 2011-10-28 0001027596 ck0001027596:S000022607Memberck0001027596:C000065364Member 2011-10-28 2011-10-28 0001027596 ck0001027596:S000022607Memberck0001027596:C000065365Member 2011-10-28 2011-10-28 0001027596 ck0001027596:SummaryS000022607Memberck0001027596:S000022607Memberck0001027596:C000065364Member 2011-10-28 2011-10-28 0001027596 ck0001027596:SummaryS000022607Memberck0001027596:S000022607Memberck0001027596:C000065365Member 2011-10-28 2011-10-28 0001027596 ck0001027596:SummaryS000022607Memberck0001027596:S000022607Member 2011-10-28 2011-10-28 0001027596 ck0001027596:S000030916Memberck0001027596:C000095903Member 2011-10-28 2011-10-28 0001027596 ck0001027596:S000030916Memberck0001027596:C000095904Member 2011-10-28 2011-10-28 0001027596 ck0001027596:SummaryS000030916Memberck0001027596:S000030916Memberck0001027596:C000095903Member 2011-10-28 2011-10-28 0001027596 ck0001027596:SummaryS000030916Memberck0001027596:S000030916Memberck0001027596:C000095904Member 2011-10-28 2011-10-28 0001027596 ck0001027596:SummaryS000030916Memberck0001027596:S000030916Member 2011-10-28 2011-10-28 0001027596 ck0001027596:S000030917Memberck0001027596:C000095905Member 2011-10-28 2011-10-28 0001027596 ck0001027596:S000030917Memberck0001027596:C000095906Member 2011-10-28 2011-10-28 0001027596 ck0001027596:SummaryS000030917Memberck0001027596:S000030917Memberck0001027596:C000095905Member 2011-10-28 2011-10-28 0001027596 ck0001027596:SummaryS000030917Memberck0001027596:S000030917Memberck0001027596:C000095906Member 2011-10-28 2011-10-28 0001027596 ck0001027596:SummaryS000030917Memberck0001027596:S000030917Member 2011-10-28 2011-10-28 0001027596 ck0001027596:S000030918Memberck0001027596:C000095907Member 2011-10-28 2011-10-28 0001027596 ck0001027596:S000030918Memberck0001027596:C000095908Member 2011-10-28 2011-10-28 0001027596 ck0001027596:SummaryS000030918Memberck0001027596:S000030918Memberck0001027596:C000095907Member 2011-10-28 2011-10-28 0001027596 ck0001027596:SummaryS000030918Memberck0001027596:S000030918Memberck0001027596:C000095908Member 2011-10-28 2011-10-28 0001027596 ck0001027596:SummaryS000030918Memberck0001027596:S000030918Member 2011-10-28 2011-10-28 0001027596 2011-10-28 2011-10-28 iso4217:USD 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 Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) do not exceed 1.15% of average daily net assets of the Fund's Class A shares and 1.90% of average daily net assets of the Fund's Class C shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 28, 2012, 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. The Fund's year-to-date return as of September 30, 2011 was -11.25%. 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 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 Fund's Class A and Class C shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least October 28, 2012, 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 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 Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 1.40% of average daily net assets of the Fund's Class A shares and 2.15% of average daily net assets of the Fund's Class C shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 28, 2012, and may be terminated only by Advisors Series Trust's Board of Trustees ("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. Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the 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 Fund's Class A shares and 0.69% of average daily net assets of the Fund's Class I shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 28, 2012, 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 Fund for three years from the date they were waived or paid, subject to the Expense Caps. 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LabelElementValue
Risk/Return:rr_RiskReturnAbstract 
Document Typedei_DocumentType485BPOS
Document Period End Datedei_DocumentPeriodEndDateJun. 30, 2011
Registrant Namedei_EntityRegistrantNameADVISORS SERIES TRUST
Central Index Keydei_EntityCentralIndexKey0001027596
Amendment Flagdei_AmendmentFlagfalse
Document Creation Datedei_DocumentCreationDateOct. 28, 2011
Document Effective Datedei_DocumentEffectiveDateOct. 28, 2011
Davidson Multi-Cap Equity Fund (Prospectus Summary) | Davidson Multi-Cap Equity Fund | Class A
 
Risk/Return:rr_RiskReturnAbstract 
Trading Symboldei_TradingSymbolDFMAX
Davidson Multi-Cap Equity Fund (Prospectus Summary) | Davidson Multi-Cap Equity Fund | Class C
 
Risk/Return:rr_RiskReturnAbstract 
Trading Symboldei_TradingSymbolDFMCX
 XML 10 R26.htm IDEA: XBRL DOCUMENT v2.3.0.15
LabelElementValue
Risk/Return:rr_RiskReturnAbstract 
ProspectusDaterr_ProspectusDateOct. 28, 2011
Davidson Intermediate Fixed Income Fund (Prospectus Summary) | Davidson Intermediate Fixed Income Fund
 
Risk/Return:rr_RiskReturnAbstract 
Risk/Return, Headingrr_RiskReturnHeadingSUMMARY SECTION
Investment Objective, Headingrr_ObjectiveHeadingInvestment Objective
investment Objective, Primaryrr_ObjectivePrimaryTextBlock
The Davidson Intermediate Fixed Income Fund (the "Fund") seeks income and the
preservation of principal.
Expense, Headingrr_ExpenseHeadingFees and Expenses
Expense, Narrativerr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold
shares of the 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
Fund. More information about these and other discounts is available from your
financial professional and in the "Class A Shares" section on page 11 of the
Fund's statutory Prospectus and the "Breakpoints/Volume Discounts and Sales
Charge Waivers" section on page 47 of the Fund's Statement of Additional
Information ("SAI").
Shareholder Fees, Captionrr_ShareholderFeesCaptionShareholder Fees (fees paid directly from your investment)
Operating Expenses, Captionrr_OperatingExpensesCaptionAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Headingrr_PortfolioTurnoverHeadingPortfolio Turnover.
Portfolio Turnoverrr_PortfolioTurnoverTextBlock
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
the Annual Fund Operating Expenses or in the Example, affect the Fund's
performance.
Expense Breakpoint, Discountsrr_ExpenseBreakpointDiscountsYou may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.
Expense Breakpoint, Minimum Investment Required Amountrr_ExpenseBreakpointMinimumInvestmentRequiredAmount$ 100,000
Other Expenses, New Fund, Based on Estimatesrr_OtherExpensesNewFundBasedOnEstimatesOther expenses are based on estimated customary Fund expenses for the current fiscal year.
Expense Example, Headingrr_ExpenseExampleHeadingExample.
Expense Example, Narrativerr_ExpenseExampleNarrativeTextBlock
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
either redeem or do not 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 Caps only in the first year).
Expense Example, By Year, Captionrr_ExpenseExampleByYearCaptionAlthough your actual costs may be higher or lower, based on these assumptions your costs would be:
Investment Strategy, Headingrr_StrategyHeadingPrincipal Investment Strategies of the Fund
Investment Strategy, Narrativerr_StrategyNarrativeTextBlock
The Fund normally invests at least 80% of its net assets (plus any borrowings
for investment purposes) in fixed income securities. The fixed income securities
in which the Fund will generally invest include those of governments, agencies,
inflation-protected securities, asset-backed securities, municipal bonds and
companies across a wide range of industries and market capitalizations and are
generally rated within the BBB-category or better by Standard & Poor's Rating
Group ("Standard & Poor's") or the Baa3 category or better by Moody's Investors
Services ("Moody's"). The Fund normally invests within the intermediate term
structure of the yield curve and will seek to achieve its investment objective
through duration tilts, sector allocations, credit exposures, and security
selection. The maturities of the securities in which the Fund expects to invest
will generally range from 1 to 10 years. The average-dollar weighted maturity of
the securities in which the Fund expects to invest will generally range from 3
to 10 years. Duration tilts may be interpreted as differences in the duration of
the Fund relative to duration of the benchmark. Duration is a measure of the
sensitivity of the Fund's NAV to interest rate movements. For fixed-coupon
bonds, duration can be intuitively defined as the average maturity of all bond
payments, where each payment is weighted by its value. Duration tilts will be
limited from 75% to 125% of the Barclays Capital Intermediate Government/Credit
Index. The Advisor determines that a particular security should be purchased by
evaluating macroeconomic factors including interest rate trends, monetary
policy, inflation outlook, treasury supply and demand, interest rate volatility,
the strategy duration target, and yield curve position.

The Fund may seek to enhance returns through the use of other investment
strategies such as the use of options (for hedging purposes), investment in
foreign securities, and in other investment companies including exchange-traded
funds ("ETFs"). The Fund may invest up to 20% of its net assets in put and call
options. The Fund may invest up to 25% of its net assets in foreign securities,
including in emerging markets. Through its investment in foreign securities, the
Fund may invest up to 20% of its net assets in American Depositary Receipts
("ADRs"). The Fund also may invest up to 20% of its net assets in other
investment companies and may invest in the securities of small and medium-sized
companies.

The Advisor may sell a position if the fundamentals have deteriorated, a
security becomes fully valued, or for purposes of portfolio construction and
risk management. The Advisor may also sell a position if a better alternative
becomes available.

At the discretion of the Advisor, the Fund may invest its assets in cash, cash
equivalents, and high-quality, short-term debt securities and money market
instruments for temporary defensive purposes in response to adverse market,
economic or political conditions.
Risk, Headingrr_RiskHeadingPrincipal Risks of Investing in the Fund
Risk, Narrativerr_RiskNarrativeTextBlock
Losing all or a portion of your investment is a risk of investing in the
Fund. The following principal risks could affect the value of your investment:

·  Asset-Backed Securities Risk. Asset-backed securities may decline in value
   when defaults on the underlying assets occur and may exhibit additional
   volatility in periods of changing interest rates. When interest rates decline,
   the prepayment of assets underlying such securities may require the Fund to
   reinvest that money at lower prevailing interest rates, resulting in reduced
   returns.

·  Credit Risk. The risk that the Fund could lose money if the issuer or
   guarantor of a fixed income security, or the counterparty to a derivative
   contract, is unable or unwilling to meet its financial obligations.

·  ETF and Mutual Fund Risk. ETFs are typically open-end investment companies
   that are bought and sold on a national securities exchange. Investment
   companies (mutual funds) and ETFs have management fees that are part of their
   costs, and the Fund will indirectly bear its proportionate share of these
   costs.

·  Foreign and Emerging Market Securities Risk. The Fund may invest in foreign
   securities which are subject to special risks. Foreign securities can be more
   volatile than domestic (U.S.) securities. Securities markets of other
   countries are generally smaller than U.S. securities markets. Many foreign
   securities may be less liquid and more volatile than U.S. securities, which
   could affect the Fund's investments. The risks are enhanced in emerging
   markets.

·  Foreign Governments Investment Risk. The issuer of the foreign debt or the
   governmental authorities that control the repayment of such debt may be unable
   or unwilling to repay principal or interest when due, and the Fund may have
   limited recourse in the event of a default. The market prices of debt
   obligations of foreign governments and their agencies, and the Fund's net
   asset value ("NAV"), may be more volatile than prices of U.S. debt
   obligations.

·  Government-Sponsored Entities Risk. Securities issued by government-sponsored
   entities may not be backed by the full faith and credit of the United States.

·  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.

·  Interest Rate Risk. The risk that fixed income securities will decline in
   value because of an increase in interest rates; a fund with a longer average
   portfolio duration will be more sensitive to changes in interest rates than a
   fund with a shorter average portfolio duration.

·  Issuer Risk. The value of securities held by the Fund may experience sudden,
   unpredictable drops in value or long periods of decline in value due to
   reasons directly related to the issuer, including management performance,
   financial leverage, and reduced demand for the issuer's goods and services.

·  Management Risk. Management risk means that your investment in the Fund varies
   with the success and failure of the Advisor's investment strategies and the
   Advisor's research, analysis and determination of portfolio securities.

·  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,
   in which case the Board may determine to liquidate the Fund.

·  Options Risk. Options on securities may be subject to greater fluctuations in
   value than an investment in the underlying securities. Purchasing and writing
   put and call options are highly specialized activities and entail greater than
   ordinary investment risks.

·  Small and Medium Companies Risk. Investing in securities of small and medium
   capitalization companies may involve greater volatility than investing in
   larger and more established companies because small and medium capitalization
   companies can be subject to more abrupt or erratic share price changes than
   larger, more established companies.

This Fund may be appropriate for investors who:

·  Have a long-term investment horizon; and

·  Want to add an investment with potential for income and to diversify their
   investment portfolio.
Risk, Lose Moneyrr_RiskLoseMoneyLosing all or a portion of your investment is a risk of investing in the Fund.
Bar Chart and Performance Table, Headingrr_BarChartAndPerformanceTableHeadingPerformance
Performance, Narrativerr_PerformanceNarrativeTextBlock
When the Fund has been in operation for a full calendar year, performance
information will be shown here. Updated performance information will be
available on the Fund's website at www.davidsonmutualfunds.com or by calling the
Fund toll-free at 1-877-332-0529.
Performance, One Year or Lessrr_PerformanceOneYearOrLessWhen the Fund has been in operation for a full calendar year, performance information will be shown here.
Performance, Availability Phone Numberrr_PerformanceAvailabilityPhone1-877-332-0529
Performance, Availability Website Addressrr_PerformanceAvailabilityWebSiteAddresswww.davidsonmutualfunds.com
Davidson Intermediate Fixed Income Fund (Prospectus Summary) | Davidson Intermediate Fixed Income Fund | Class A
 
Risk/Return:rr_RiskReturnAbstract 
Fee Waiver or Reimbursement over Assets, Date of Terminationrr_FeeWaiverOrReimbursementOverAssetsDateOfTermination2012-10-28
Davidson Intermediate Fixed Income Fund (Prospectus Summary) | Davidson Intermediate Fixed Income Fund | Class I
 
Risk/Return:rr_RiskReturnAbstract 
Fee Waiver or Reimbursement over Assets, Date of Terminationrr_FeeWaiverOrReimbursementOverAssetsDateOfTermination2012-10-28
Davidson Intermediate Fixed Income Fund | Class A
 
Risk/Return:rr_RiskReturnAbstract 
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice2.75%
Management Feesrr_ManagementFeesOverAssets0.35%
Distribution and Service (Rule 12b-1) Feesrr_DistributionAndService12b1FeesOverAssets0.25%
Other Expensesrr_OtherExpensesOverAssets0.84%[1]
Total Annual Fund Operating Expensesrr_ExpensesOverAssets1.44%
Less: Fee Waiver and Expense Reimbursementrr_FeeWaiverOrReimbursementOverAssets(0.50%)
Net Annual Fund Operating Expensesrr_NetExpensesOverAssets0.94%[2]
Expense Example, With Redemption, 1 Yearrr_ExpenseExampleYear01368
Expense Example, With Redemption, 3 Yearsrr_ExpenseExampleYear03670
Davidson Intermediate Fixed Income Fund | Class I
 
Risk/Return:rr_RiskReturnAbstract 
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Feesrr_ManagementFeesOverAssets0.35%
Distribution and Service (Rule 12b-1) Feesrr_DistributionAndService12b1FeesOverAssets none
Other Expensesrr_OtherExpensesOverAssets0.84%[1]
Total Annual Fund Operating Expensesrr_ExpensesOverAssets1.19%
Less: Fee Waiver and Expense Reimbursementrr_FeeWaiverOrReimbursementOverAssets(0.50%)
Net Annual Fund Operating Expensesrr_NetExpensesOverAssets0.69%[2]
Expense Example, With Redemption, 1 Yearrr_ExpenseExampleYear0170
Expense Example, With Redemption, 3 Yearsrr_ExpenseExampleYear03$ 328
[1]Other expenses are based on estimated customary Fund expenses for the current fiscal year.
[2]Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the 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 Fund's Class A shares and 0.69% of average daily net assets of the Fund's Class I shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 28, 2012, 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 Fund for three years from the date they were waived or paid, subject to the Expense Caps.
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LabelElementValue
Risk/Return:rr_RiskReturnAbstract 
ProspectusDaterr_ProspectusDateOct. 28, 2011
Davidson Equity Income Fund (Prospectus Summary) | Davidson Equity Income Fund
 
Risk/Return:rr_RiskReturnAbstract 
Risk/Return, Headingrr_RiskReturnHeadingSUMMARY SECTION
Investment Objective, Headingrr_ObjectiveHeadingInvestment Objective
investment Objective, Primaryrr_ObjectivePrimaryTextBlock
The Davidson Equity Income Fund (the "Fund") seeks both income and long-term
capital appreciation.
Expense, Headingrr_ExpenseHeadingFees and Expenses
Expense, Narrativerr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold
shares of the 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
Fund. More information about these and other discounts is available from your
financial professional and in the "Class A Shares" section on page 11 of the
Fund's statutory Prospectus and the "Breakpoints/Volume Discounts and Sales
Charge Waivers" section on page 47 of the Fund's Statement of Additional
Information ("SAI").
Shareholder Fees, Captionrr_ShareholderFeesCaptionShareholder Fees (fees paid directly from your investment)
Operating Expenses, Captionrr_OperatingExpensesCaptionAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Headingrr_PortfolioTurnoverHeadingPortfolio Turnover.
Portfolio Turnoverrr_PortfolioTurnoverTextBlock
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
the Annual Fund Operating Expenses or in the Example, affect the Fund's
performance.
Other Expenses, New Fund, Based on Estimatesrr_OtherExpensesNewFundBasedOnEstimatesOther expenses are based on estimated customary Fund expenses for the current fiscal year.
Expense Example, Headingrr_ExpenseExampleHeadingExample.
Expense Example, Narrativerr_ExpenseExampleNarrativeTextBlock
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
either redeem or do not 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 Caps only in the first year). Although your actual costs may be higher
or lower, based on these assumptions your costs would be:
Expense Example, By Year, Captionrr_ExpenseExampleByYearCaptionIf you redeem your shares at the end of the period:
Expense Example, No Redemption, By Year, Captionrr_ExpenseExampleNoRedemptionByYearCaptionIf you do not redeem your shares at the end of the period:
Investment Strategy, Headingrr_StrategyHeadingPrincipal Investment Strategies of the Fund
Investment Strategy, Narrativerr_StrategyNarrativeTextBlock
The Fund normally invests at least 80% of its net assets (plus any borrowings
for investment purposes) in equity securities (including convertibles, preferred
stocks, partnerships and limited partnerships). The equity securities in which
the Fund will generally invest include those of companies across a wide range of
market capitalizations and with attractive fundamental characteristics,
including stable or improving returns on equity, a solid balance sheet, and
ample cash flow. The Fund seeks to achieve its investment objective through
investment in strategically advantaged companies that generate free cash flow
that can be used to reinvest in the company, pay down debt or distribute to
shareholders in the form of dividends and/or share repurchases.

The Fund may seek to enhance returns through the use of other investment
strategies such as the use of options (for hedging purposes), foreign
securities, and other investment companies including exchange-traded funds
("ETFs"). The Fund may invest up to 20% of its net assets in put and call
options. The Fund may invest up to 25% of its net assets in foreign securities,
including in American Depositary Receipts ("ADRs") and emerging markets. The
Fund may invest up to 20% of its net assets in other investment companies.

The Advisor may sell a position if the fundamentals have deteriorated, a
security becomes fully valued, or for purposes of portfolio construction and
risk management. The Advisor may also sell a position if a better alternative
becomes available.

At the discretion of the Advisor, the Fund may invest its assets in cash, cash
equivalents, and high-quality, short-term debt securities and money market
instruments for temporary defensive purposes in response to adverse market,
economic or political conditions.
Risk, Headingrr_RiskHeadingPrincipal Risks of Investing in the Fund
Risk, Narrativerr_RiskNarrativeTextBlock
Losing all or a portion of your investment is a risk of investing in the
Fund. The following principal risks could affect the value of your investment:

·  ETF and Mutual Fund Risk. ETFs are typically open-end investment companies
   that are bought and sold on a national securities exchange. Investment
   companies (mutual funds) and ETFs have management fees that are part of their
   costs, and the Fund will indirectly bear its proportionate share of these
   costs.

·  Equity Risk. Stock prices may fluctuate widely over short or even extended
   periods in response to company, market, or economic news. Stock markets also
   tend to move in cycles, with periods of rising stock prices and periods of
   falling stock prices.

·  Foreign and Emerging Market Securities Risk. The Fund may invest in foreign
   securities which are subject to special risks. Foreign securities can be more
   volatile than domestic (U.S.) securities. Securities markets of other
   countries are generally smaller than U.S. securities markets. Many foreign
   securities may be less liquid and more volatile than U.S. securities, which
   could affect the Fund's investments. The risks are enhanced in emerging
   markets.

·  Management Risk. Management risk means that your investment in the Fund varies
   with the success and failure of the Advisor's investment strategies and the
   Advisor's research, analysis and determination of portfolio securities.

·  Market and Issuer Risk. The risks that could affect the value of the Fund's
   shares and the total return on your investment include the possibility that
   the securities held by the Fund will fluctuate as a result of the movement of
   the overall stock market or of the value of the individual securities held by
   the Fund. The value of securities held by the Fund may also experience sudden,
   unpredictable drops in value or long periods of decline in value due to
   reasons directly related to the issuer, including management performance,
   financial leverage, and reduced demand for the issuer's goods and services.

·  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,
   in which case the Board may determine to liquidate the Fund.

·  Options Risk. Options on securities may be subject to greater fluctuations in
   value than an investment in the underlying securities. Purchasing and writing
   put and call options are highly specialized activities and entail greater than
   ordinary investment risks.

·  Small and Medium Companies Risk. Investing in securities of small and medium
   capitalization companies may involve greater volatility than investing in
   larger and more established companies because small and medium capitalization
   companies can be subject to more abrupt or erratic share price changes than
   larger, more established companies.

This Fund may be appropriate for investors who:

·  Have a long-term investment horizon;

·  Want to add an investment with potential for both income and capital
   appreciation to diversify their investment portfolio;

·  Can accept the greater risks of investing in a portfolio with common stock
   holdings; and

·  Are not primarily concerned with principal stability.
Risk, Lose Moneyrr_RiskLoseMoneyLosing all or a portion of your investment is a risk of investing in the Fund.
Bar Chart and Performance Table, Headingrr_BarChartAndPerformanceTableHeadingPerformance
Performance, Narrativerr_PerformanceNarrativeTextBlock
When the Fund has been in operation for a full calendar year, performance
information will be shown here. Updated performance information will be
available on the Fund's website at www.davidsonmutualfunds.com or by calling the
Fund toll-free at 1-877-332-0529.
Performance, One Year or Lessrr_PerformanceOneYearOrLessWhen the Fund has been in operation for a full calendar year, performance information will be shown here.
Performance, Availability Phone Numberrr_PerformanceAvailabilityPhone1-877-332-0529
Performance, Availability Website Addressrr_PerformanceAvailabilityWebSiteAddresswww.davidsonmutualfunds.com
Davidson Equity Income Fund (Prospectus Summary) | Davidson Equity Income Fund | Class A
 
Risk/Return:rr_RiskReturnAbstract 
Fee Waiver or Reimbursement over Assets, Date of Terminationrr_FeeWaiverOrReimbursementOverAssetsDateOfTermination2012-10-28
Davidson Equity Income Fund (Prospectus Summary) | Davidson Equity Income Fund | Class C
 
Risk/Return:rr_RiskReturnAbstract 
Fee Waiver or Reimbursement over Assets, Date of Terminationrr_FeeWaiverOrReimbursementOverAssetsDateOfTermination2012-10-28
Davidson Equity Income Fund | Class A
 
Risk/Return:rr_RiskReturnAbstract 
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice5.00%
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less)rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed on shares held for seven calendar days or less)rr_RedemptionFeeOverRedemption(1.00%)
Management Feesrr_ManagementFeesOverAssets0.50%
Distribution and Service (Rule 12b-1) Feesrr_DistributionAndService12b1FeesOverAssets0.25%
Other Expensesrr_OtherExpensesOverAssets0.82%[1]
Total Annual Fund Operating Expensesrr_ExpensesOverAssets1.57%
Less: Fee Waiver and/or Expense Reimbursementrr_FeeWaiverOrReimbursementOverAssets(0.47%)
Net Annual Fund Operating Expensesrr_NetExpensesOverAssets1.10%[2]
Expense Example, With Redemption, 1 Yearrr_ExpenseExampleYear01 607
Expense Example, With Redemption, 3 Yearsrr_ExpenseExampleYear03927
Expense Example, No Redemption, 1 Yearrr_ExpenseExampleNoRedemptionYear01607
Expense Example, No Redemption, 3 Yearsrr_ExpenseExampleNoRedemptionYear03927
Davidson Equity Income Fund | Class C
 
Risk/Return:rr_RiskReturnAbstract 
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less)rr_MaximumDeferredSalesChargeOverOfferingPrice1.00%
Redemption Fee (as a percentage of amount redeemed on shares held for seven calendar days or less)rr_RedemptionFeeOverRedemption(1.00%)
Management Feesrr_ManagementFeesOverAssets0.50%
Distribution and Service (Rule 12b-1) Feesrr_DistributionAndService12b1FeesOverAssets1.00%
Other Expensesrr_OtherExpensesOverAssets0.82%[1]
Total Annual Fund Operating Expensesrr_ExpensesOverAssets2.32%
Less: Fee Waiver and/or Expense Reimbursementrr_FeeWaiverOrReimbursementOverAssets(0.47%)
Net Annual Fund Operating Expensesrr_NetExpensesOverAssets1.85%[2]
Expense Example, With Redemption, 1 Yearrr_ExpenseExampleYear01288
Expense Example, With Redemption, 3 Yearsrr_ExpenseExampleYear03679
Expense Example, No Redemption, 1 Yearrr_ExpenseExampleNoRedemptionYear01188
Expense Example, No Redemption, 3 Yearsrr_ExpenseExampleNoRedemptionYear03 679
[1]Other expenses are based on estimated customary Fund expenses for the current fiscal year.
[2]Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the 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 Fund's Class A and Class C shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least October 28, 2012, 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 Fund for three years from the date they were waived or paid, subject to the Expense Caps.
 XML 13 R9.htm IDEA: XBRL DOCUMENT v2.3.0.15
LabelElementValue
Risk/Return:rr_RiskReturnAbstract 
ProspectusDaterr_ProspectusDateOct. 28, 2011
Davidson Multi-Cap Equity Fund (Prospectus Summary) | Davidson Multi-Cap Equity Fund
 
Risk/Return:rr_RiskReturnAbstract 
Risk/Return, Headingrr_RiskReturnHeadingSUMMARY SECTION
Investment Objective, Headingrr_ObjectiveHeadingInvestment Objective
investment Objective, Primaryrr_ObjectivePrimaryTextBlock
The Davidson Multi-Cap Equity Fund (the "Fund") seeks long-term capital appreciation.
Expense, Headingrr_ExpenseHeadingFees and Expenses
Expense, Narrativerr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold
shares of the 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
Fund. More information about these and other discounts is available from your
financial professional and in the "Class A Shares" section on page 12 of the
Fund's statutory Prospectus and the "Breakpoints/Volume Discounts and Sales
Charge Waivers" section on page 37 of the Fund's Statement of Additional
Information ("SAI").
Shareholder Fees, Captionrr_ShareholderFeesCaptionShareholder Fees (fees paid directly from your investment)
Operating Expenses, Captionrr_OperatingExpensesCaptionAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Headingrr_PortfolioTurnoverHeadingPortfolio Turnover.
Portfolio Turnoverrr_PortfolioTurnoverTextBlock
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
the Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. During the most recent fiscal year, the Fund's portfolio turnover
rate was 19.34% of the average value of its portfolio.
Portfolio Turnover, Raterr_PortfolioTurnoverRate19.34%
Expense Breakpoint, Discountsrr_ExpenseBreakpointDiscountsYou may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.
Expense Breakpoint, Minimum Investment Required Amountrr_ExpenseBreakpointMinimumInvestmentRequiredAmount$ 25,000
Expense Example, Headingrr_ExpenseExampleHeadingExample.
Expense Example, Narrativerr_ExpenseExampleNarrativeTextBlock
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
either redeem or do not 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 Caps only in the first year). Although your actual costs may be higher
or lower, based on these assumptions your costs would be:
Expense Example, By Year, Captionrr_ExpenseExampleByYearCaptionIf you redeem your shares at the end of the period:
Expense Example, No Redemption, By Year, Captionrr_ExpenseExampleNoRedemptionByYearCaptionIf you do not redeem your shares at the end of the period:
Investment Strategy, Headingrr_StrategyHeadingPrincipal Investment Strategies of the Fund
Investment Strategy, Narrativerr_StrategyNarrativeTextBlock
Under normal market conditions, the Fund invests at least 80% of its net assets
(including any borrowings for investment purposes) in equity securities across a
wide range of market capitalizations and investment styles with attractive
fundamental characteristics. The Fund will invest its assets in both value and
growth stocks, as well as dividend-paying and non-dividend-paying stocks. The
Fund will seek to achieve its investment objective primarily through stock
selection, with less emphasis on sector weightings. As a result, the Fund
expects to only occasionally make modest sector changes, preferring to
differentiate performance by relative movement in individual stocks than in
sectors or industries.

The Fund may seek to enhance returns through the use of other investment
strategies such as options (for hedging purposes), foreign securities (which may
include American Depositary Receipts ("ADRs"), dollar-denominated foreign
securities, or direct investment in foreign securities, including emerging
markets), and other investment companies (including exchange-traded funds
("ETFs")). The Fund may invest up to 20% of its net assets in foreign
securities. The Fund may invest up to 20% of its net assets in options.

The Advisor may sell a position if the fundamentals have deteriorated, catalysts
fail to develop, or a stock exceeds fair valuation. The Advisor may also sell a
position if a better alternative becomes available.

At the discretion of the Advisor, the Fund may invest its assets in cash, cash
equivalents, and high-quality, short-term debt securities and money market
instruments for temporary defensive purposes in response to adverse market,
economic or political conditions.
Risk, Headingrr_RiskHeadingPrincipal Risks of Investing in the Fund
Risk, Narrativerr_RiskNarrativeTextBlock
Losing all or a portion of your investment is a risk of investing in the
Fund. The following principal risks could affect the value of your investment:

·  ETF and Mutual Fund Risk. ETFs are typically open-end investment companies
   that are bought and sold on a national securities exchange. Investment
   companies (mutual funds) and ETFs have management fees that are part of their
   costs, and the Fund will indirectly bear its proportionate share of these
   costs.

·  Foreign and Emerging Market Securities Risk. The Fund may invest in foreign
   securities which are subject to special risks. Foreign securities can be more
   volatile than domestic (U.S.) securities. Securities markets of other
   countries are generally smaller than U.S. securities markets. Many foreign
   securities may be less liquid and more volatile than U.S. securities, which
   could affect the Fund's investments. These risks are enhanced in emerging
   markets.

·  Management Risk. Management risk means that your investment in the Fund varies
   with the success and failure of the Advisor's investment strategies and the
   Advisor's research, analysis and determination of portfolio securities.

·  Market and Issuer Risk. The risks that could affect the value of the Fund's
   shares and the total return on your investment include the possibility that
   the securities held by the Fund will fluctuate as a result of the movement of
   the overall stock market or of the value of the individual securities held by
   the Fund. The value of securities held by the Fund may also experience sudden,
   unpredictable drops in value or long periods of decline in value due to
   reasons directly related to the issuer, including management performance,
   financial leverage, and reduced demand for the issuer's goods and services.

·  Options Risk. Options on securities may be subject to greater fluctuations in
   value than an investment in the underlying securities. Purchasing and writing
   put and call options are highly specialized activities and entail greater than
   ordinary investment risks.

·  Small and Medium Companies Risk. Investing in securities of small and medium
   capitalization companies may involve greater volatility than investing in
   larger and more established companies because small and medium capitalization
   companies can be subject to more abrupt or erratic share price changes than
   larger, more established companies.

This Fund may be appropriate for investors who:

·  Have a long-term investment horizon;

·  Want to add an investment with potential for capital appreciation to diversify
   their investment portfolio; and

·  Can accept the greater risks of investing in a portfolio with equity holdings.
Risk, Lose Moneyrr_RiskLoseMoneyLosing all or a portion of your investment is a risk of investing in the Fund.
Bar Chart and Performance Table, Headingrr_BarChartAndPerformanceTableHeadingPerformance
Performance, Narrativerr_PerformanceNarrativeTextBlock
The following information provides some indication of the risks of investing in
the 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.
Sales loads are not reflected in the bar chart; if these amounts were reflected,
returns would be less than those shown. The Fund's past performance, before and
after taxes, is not necessarily an indication of how the Fund will perform in the
future. Updated performance information is available on the Fund's website at
www.davidsonmutualfunds.com or by calling the Fund toll-free at 1-877-332-0529.
Performance, Information Illustrates Variability of Returnsrr_PerformanceInformationIllustratesVariabilityOfReturnsThe following information provides some indication of the risks of investing in the 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.
Performance, Availability Phone Numberrr_PerformanceAvailabilityPhone1-877-332-0529
Performance, Availability Website Addressrr_PerformanceAvailabilityWebSiteAddresswww.davidsonmutualfunds.com
Performance, Past Does Not Indicate Futurerr_PerformancePastDoesNotIndicateFutureThe Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Bar Chart, Headingrr_BarChartHeadingAnnual Returns as of December 31[1]
Bar Chart, Does Not Reflect Sales Loadsrr_BarChartDoesNotReflectSalesLoadsSales loads are not reflected in the bar chart; if these amounts were reflected, returns would be less than those shown.
Bar Chart, Closingrr_BarChartClosingTextBlock
During the period of time shown in the bar chart, the highest return for a
calendar quarter was 16.49% (quarter ended June 30, 2009) and the lowest return
for a calendar quarter was -10.96% (quarter ended June 30, 2010).
Index No Deduction for Fees, Expenses, Taxesrr_IndexNoDeductionForFeesExpensesTaxesreflects no deduction for fees, expenses or taxes
Performance Table, Uses Highest Federal Raterr_PerformanceTableUsesHighestFederalRateThe 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.
Performance Table, Not Relevant to Tax Deferredrr_PerformanceTableNotRelevantToTaxDeferredActual 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").
Performance Table, Explanation after Tax Higherrr_PerformanceTableExplanationAfterTaxHigherThe 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.
Performance Table, Closingrr_PerformanceTableClosingTextBlock
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. 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").

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.
Average Annual Returns, Captionrr_AverageAnnualReturnCaptionAverage Annual Total Returns (for the periods ended December 31, 2010)
Davidson Multi-Cap Equity Fund (Prospectus Summary) | Davidson Multi-Cap Equity Fund | Class A
 
Risk/Return:rr_RiskReturnAbstract 
Fee Waiver or Reimbursement over Assets, Date of Terminationrr_FeeWaiverOrReimbursementOverAssetsDateOfTermination2012-10-28
Year to Date Return, Labelrr_YearToDateReturnLabelyear-to-date return
Bar Chart, Year to Date Return, Daterr_BarChartYearToDateReturnDateSep. 30, 2011
Bar Chart, Year to Date Returnrr_BarChartYearToDateReturn(11.25%)
Highest Quarterly Return, Labelrr_HighestQuarterlyReturnLabelhighest return for a calendar quarter
Highest Quarterly Return, Daterr_BarChartHighestQuarterlyReturnDateJun. 30, 2009
Highest Quarterly Returnrr_BarChartHighestQuarterlyReturn16.49%
Lowest Quarterly Return, Labelrr_LowestQuarterlyReturnLabellowest return for a calendar quarter
Lowest Quarterly Return, Daterr_BarChartLowestQuarterlyReturnDateJun. 30, 2010
Lowest Quarterly Returnrr_BarChartLowestQuarterlyReturn(10.96%)
Davidson Multi-Cap Equity Fund (Prospectus Summary) | Davidson Multi-Cap Equity Fund | Class C
 
Risk/Return:rr_RiskReturnAbstract 
Fee Waiver or Reimbursement over Assets, Date of Terminationrr_FeeWaiverOrReimbursementOverAssetsDateOfTermination2012-10-28
Davidson Multi-Cap Equity Fund | Russell 3000 ® Index
 
Risk/Return:rr_RiskReturnAbstract 
Average Annual Returns, Labelrr_AverageAnnualReturnLabelRussell 3000® Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Yearrr_AverageAnnualReturnYear0116.93%
Average Annual Returns, Since Inceptionrr_AverageAnnualReturnSinceInception1.47%
Average Annual Returns, Inception Daterr_AverageAnnualReturnInceptionDateAug. 11, 2008
Average Annual Returns, Since Inception Secondaryck0001027596_AverageAnnualReturnSinceInceptionSecondary27.02%
Average Annual Returns, Inception Date Secondaryck0001027596_AverageAnnualReturnInceptionDateSecondaryJul. 01, 2009
Davidson Multi-Cap Equity Fund | Class A
 
Risk/Return:rr_RiskReturnAbstract 
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice5.00%
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less)rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed on shares held for seven calendar days or less)rr_RedemptionFeeOverRedemption(1.00%)
Management Feesrr_ManagementFeesOverAssets0.65%
Distribution and Service (Rule 12b-1) Feesrr_DistributionAndService12b1FeesOverAssets0.25%
Other Expensesrr_OtherExpensesOverAssets0.77%
Total Annual Fund Operating Expensesrr_ExpensesOverAssets1.67%
Less: Fee Waiver and/or Expense Reimbursementrr_FeeWaiverOrReimbursementOverAssets(0.52%)[2]
Net Annual Fund Operating Expensesrr_NetExpensesOverAssets1.15%
Expense Example, With Redemption, 1 Yearrr_ExpenseExampleYear01611
Expense Example, With Redemption, 3 Yearsrr_ExpenseExampleYear03952
Expense Example, With Redemption, 5 Yearsrr_ExpenseExampleYear051,316
Expense Example, With Redemption, 10 Yearsrr_ExpenseExampleYear102,336
Expense Example, No Redemption, 1 Yearrr_ExpenseExampleNoRedemptionYear01611
Expense Example, No Redemption, 3 Yearsrr_ExpenseExampleNoRedemptionYear03952
Expense Example, No Redemption, 5 Yearsrr_ExpenseExampleNoRedemptionYear051,316
Expense Example, No Redemption, 10 Yearsrr_ExpenseExampleNoRedemptionYear102,336
Annual Return 2009rr_AnnualReturn200928.60%
Annual Return 2010rr_AnnualReturn201018.46%
Average Annual Returns, Labelrr_AverageAnnualReturnLabelReturn Before Taxes
Average Annual Returns, 1 Yearrr_AverageAnnualReturnYear0112.51%
Average Annual Returns, Since Inceptionrr_AverageAnnualReturnSinceInception(0.03%)
Average Annual Returns, Inception Daterr_AverageAnnualReturnInceptionDateAug. 11, 2008
Average Annual Returns, Since Inception Secondaryck0001027596_AverageAnnualReturnSinceInceptionSecondary 
Davidson Multi-Cap Equity Fund | Class A | After Taxes on Distributions
 
Risk/Return:rr_RiskReturnAbstract 
Average Annual Returns, Labelrr_AverageAnnualReturnLabelReturn After Taxes on Distributions
Average Annual Returns, 1 Yearrr_AverageAnnualReturnYear0112.48%
Average Annual Returns, Since Inceptionrr_AverageAnnualReturnSinceInception(0.08%)
Average Annual Returns, Inception Daterr_AverageAnnualReturnInceptionDateAug. 11, 2008
Average Annual Returns, Since Inception Secondaryck0001027596_AverageAnnualReturnSinceInceptionSecondary 
Davidson Multi-Cap Equity Fund | Class A | After Taxes on Distributions and Sales
 
Risk/Return:rr_RiskReturnAbstract 
Average Annual Returns, Labelrr_AverageAnnualReturnLabelReturn After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Yearrr_AverageAnnualReturnYear018.16%
Average Annual Returns, Since Inceptionrr_AverageAnnualReturnSinceInception(0.03%)
Average Annual Returns, Inception Daterr_AverageAnnualReturnInceptionDateAug. 11, 2008
Average Annual Returns, Since Inception Secondaryck0001027596_AverageAnnualReturnSinceInceptionSecondary 
Davidson Multi-Cap Equity Fund | Class C
 
Risk/Return:rr_RiskReturnAbstract 
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less)rr_MaximumDeferredSalesChargeOverOfferingPrice1.00%
Redemption Fee (as a percentage of amount redeemed on shares held for seven calendar days or less)rr_RedemptionFeeOverRedemption(1.00%)
Management Feesrr_ManagementFeesOverAssets0.65%
Distribution and Service (Rule 12b-1) Feesrr_DistributionAndService12b1FeesOverAssets1.00%
Other Expensesrr_OtherExpensesOverAssets0.77%
Total Annual Fund Operating Expensesrr_ExpensesOverAssets2.42%
Less: Fee Waiver and/or Expense Reimbursementrr_FeeWaiverOrReimbursementOverAssets(0.52%)[2]
Net Annual Fund Operating Expensesrr_NetExpensesOverAssets1.90%
Expense Example, With Redemption, 1 Yearrr_ExpenseExampleYear01293
Expense Example, With Redemption, 3 Yearsrr_ExpenseExampleYear03705
Expense Example, With Redemption, 5 Yearsrr_ExpenseExampleYear051,244
Expense Example, With Redemption, 10 Yearsrr_ExpenseExampleYear102,717
Expense Example, No Redemption, 1 Yearrr_ExpenseExampleNoRedemptionYear01193
Expense Example, No Redemption, 3 Yearsrr_ExpenseExampleNoRedemptionYear03705
Expense Example, No Redemption, 5 Yearsrr_ExpenseExampleNoRedemptionYear051,244
Expense Example, No Redemption, 10 Yearsrr_ExpenseExampleNoRedemptionYear10$ 2,717
Average Annual Returns, Labelrr_AverageAnnualReturnLabelReturn Before Taxes
Average Annual Returns, 1 Yearrr_AverageAnnualReturnYear0116.55%
Average Annual Returns, Since Inceptionrr_AverageAnnualReturnSinceInception 
Average Annual Returns, Since Inception Secondaryck0001027596_AverageAnnualReturnSinceInceptionSecondary24.53%
Average Annual Returns, Inception Date Secondaryck0001027596_AverageAnnualReturnInceptionDateSecondaryJul. 01, 2009
[1]The Fund's year-to-date return as of September 30, 2011 was -11.25%.
[2]Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) do not exceed 1.15% of average daily net assets of the Fund's Class A shares and 1.90% of average daily net assets of the Fund's Class C shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 28, 2012, 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.
 XML 14 R10.htm IDEA: XBRL DOCUMENT v2.3.0.15
Davidson Equity Income Fund (Prospectus Summary) | Davidson Equity Income Fund
SUMMARY SECTION
Investment Objective
The Davidson Equity Income Fund (the "Fund") seeks both income and long-term

capital appreciation.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold

shares of the 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

Fund. More information about these and other discounts is available from your

financial professional and in the "Class A Shares" section on page 11 of the

Fund's statutory Prospectus and the "Breakpoints/Volume Discounts and Sales

Charge Waivers" section on page 47 of the Fund's Statement of Additional

Information ("SAI").
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Davidson Equity Income Fund
Class A
Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)5.00% none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less) none 1.00%
Redemption Fee (as a percentage of amount redeemed on shares held for seven calendar days or less)1.00%1.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Davidson Equity Income Fund
Class A
Class C
Management Fees0.50%0.50%
Distribution and Service (Rule 12b-1) Fees0.25%1.00%
Other Expenses[1]0.82%0.82%
Total Annual Fund Operating Expenses1.57%2.32%
Less: Fee Waiver and/or Expense Reimbursement(0.47%)(0.47%)
Net Annual Fund Operating Expenses[2]1.10%1.85%
[1]Other expenses are based on estimated customary Fund expenses for the current fiscal year.
[2]Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the 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 Fund's Class A and Class C shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least October 28, 2012, 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 Fund for three years from the date they were waived or paid, subject to the Expense Caps.
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

either redeem or do not 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 Caps only in the first year). Although your actual costs may be higher

or lower, based on these assumptions your costs would be:
If you redeem your shares at the end of the period:
Expense Example Davidson Equity Income Fund (USD $)
Expense Example, With Redemption, 1 Year
Expense Example, With Redemption, 3 Years
Class A
607927
Class C
288679
If you do not redeem your shares at the end of the period:
Expense Example, No Redemption Davidson Equity Income Fund (USD $)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Class A
607927
Class C
188679
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

the Annual Fund Operating Expenses or in the Example, affect the Fund's

performance.
Principal Investment Strategies of the Fund
The Fund normally invests at least 80% of its net assets (plus any borrowings

for investment purposes) in equity securities (including convertibles, preferred

stocks, partnerships and limited partnerships). The equity securities in which

the Fund will generally invest include those of companies across a wide range of

market capitalizations and with attractive fundamental characteristics,

including stable or improving returns on equity, a solid balance sheet, and

ample cash flow. The Fund seeks to achieve its investment objective through

investment in strategically advantaged companies that generate free cash flow

that can be used to reinvest in the company, pay down debt or distribute to

shareholders in the form of dividends and/or share repurchases.



The Fund may seek to enhance returns through the use of other investment

strategies such as the use of options (for hedging purposes), foreign

securities, and other investment companies including exchange-traded funds

("ETFs"). The Fund may invest up to 20% of its net assets in put and call

options. The Fund may invest up to 25% of its net assets in foreign securities,

including in American Depositary Receipts ("ADRs") and emerging markets. The

Fund may invest up to 20% of its net assets in other investment companies.



The Advisor may sell a position if the fundamentals have deteriorated, a

security becomes fully valued, or for purposes of portfolio construction and

risk management. The Advisor may also sell a position if a better alternative

becomes available.



At the discretion of the Advisor, the Fund may invest its assets in cash, cash

equivalents, and high-quality, short-term debt securities and money market

instruments for temporary defensive purposes in response to adverse market,

economic or political conditions.
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 principal risks could affect the value of your investment:



·  ETF and Mutual Fund Risk. ETFs are typically open-end investment companies

   that are bought and sold on a national securities exchange. Investment

   companies (mutual funds) and ETFs have management fees that are part of their

   costs, and the Fund will indirectly bear its proportionate share of these

   costs.



·  Equity Risk. Stock prices may fluctuate widely over short or even extended

   periods in response to company, market, or economic news. Stock markets also

   tend to move in cycles, with periods of rising stock prices and periods of

   falling stock prices.



·  Foreign and Emerging Market Securities Risk. The Fund may invest in foreign

   securities which are subject to special risks. Foreign securities can be more

   volatile than domestic (U.S.) securities. Securities markets of other

   countries are generally smaller than U.S. securities markets. Many foreign

   securities may be less liquid and more volatile than U.S. securities, which

   could affect the Fund's investments. The risks are enhanced in emerging

   markets.



·  Management Risk. Management risk means that your investment in the Fund varies

   with the success and failure of the Advisor's investment strategies and the

   Advisor's research, analysis and determination of portfolio securities.



·  Market and Issuer Risk. The risks that could affect the value of the Fund's

   shares and the total return on your investment include the possibility that

   the securities held by the Fund will fluctuate as a result of the movement of

   the overall stock market or of the value of the individual securities held by

   the Fund. The value of securities held by the Fund may also experience sudden,

   unpredictable drops in value or long periods of decline in value due to

   reasons directly related to the issuer, including management performance,

   financial leverage, and reduced demand for the issuer's goods and services.



·  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,

   in which case the Board may determine to liquidate the Fund.



·  Options Risk. Options on securities may be subject to greater fluctuations in

   value than an investment in the underlying securities. Purchasing and writing

   put and call options are highly specialized activities and entail greater than

   ordinary investment risks.



·  Small and Medium Companies Risk. Investing in securities of small and medium

   capitalization companies may involve greater volatility than investing in

   larger and more established companies because small and medium capitalization

   companies can be subject to more abrupt or erratic share price changes than

   larger, more established companies.



This Fund may be appropriate for investors who:



·  Have a long-term investment horizon;



·  Want to add an investment with potential for both income and capital

   appreciation to diversify their investment portfolio;



·  Can accept the greater risks of investing in a portfolio with common stock

   holdings; and



·  Are not primarily concerned with principal stability.
Performance
When the Fund has been in operation for a full calendar year, performance

information will be shown here. Updated performance information will be

available on the Fund's website at www.davidsonmutualfunds.com or by calling the

Fund toll-free at 1-877-332-0529.
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LabelElementValue
Risk/Return:rr_RiskReturnAbstract 
ProspectusDaterr_ProspectusDateOct. 28, 2011
Davidson Small-Mid Equity Fund (Prospectus Summary) | Davidson Small-Mid Equity Fund
 
Risk/Return:rr_RiskReturnAbstract 
Risk/Return, Headingrr_RiskReturnHeadingSUMMARY SECTION
Investment Objective, Headingrr_ObjectiveHeadingInvestment Objective
investment Objective, Primaryrr_ObjectivePrimaryTextBlock
The Davidson Small-Mid Equity Fund (the "Fund") seeks long-term capital appreciation.
Expense, Headingrr_ExpenseHeadingFees and Expenses
Expense, Narrativerr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold
shares of the 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
Fund. More information about these and other discounts is available from your
financial professional and in the "Class A Shares" section on page 11 of the
Fund's statutory Prospectus and the "Breakpoints/Volume Discounts and Sales
Charge Waivers" section on page 47 of the Fund's Statement of Additional
Information ("SAI").
Shareholder Fees, Captionrr_ShareholderFeesCaptionShareholder Fees (fees paid directly from your investment)
Operating Expenses, Captionrr_OperatingExpensesCaptionAnnual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Headingrr_PortfolioTurnoverHeadingPortfolio Turnover.
Portfolio Turnoverrr_PortfolioTurnoverTextBlock
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
the Annual Fund Operating Expenses or in the Example, affect the Fund's
performance.
Expense Breakpoint, Discountsrr_ExpenseBreakpointDiscountsYou may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.
Expense Breakpoint, Minimum Investment Required Amountrr_ExpenseBreakpointMinimumInvestmentRequiredAmount$ 25,000
Other Expenses, New Fund, Based on Estimatesrr_OtherExpensesNewFundBasedOnEstimatesOther expenses are based on estimated customary Fund expenses for the current fiscal year.
Expense Example, Headingrr_ExpenseExampleHeadingExample.
Expense Example, Narrativerr_ExpenseExampleNarrativeTextBlock
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
either redeem or do not 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 Caps only in the first year). Although your actual costs may be higher
or lower, based on these assumptions your costs would be:
Expense Example, By Year, Captionrr_ExpenseExampleByYearCaptionIf you redeem your shares at the end of the period:
Expense Example, No Redemption, By Year, Captionrr_ExpenseExampleNoRedemptionByYearCaptionIf you do not redeem your shares at the end of the period:
Investment Strategy, Headingrr_StrategyHeadingPrincipal Investment Strategies of the Fund
Investment Strategy, Narrativerr_StrategyNarrativeTextBlock
The Fund normally invests at least 80% of its net assets (plus any borrowings
for investment purposes) in equity securities of companies with small to medium
market capitalizations. The Fund invests in small to medium market
capitalization companies with attractive fundamental characteristics, including
low debt levels, strong returns on invested capital, stable or improving profit
margins, ample cash flow, and long-term sales growth potential. The Fund seeks
to achieve its investment objective primarily through stock selection, with less
emphasis on sector weightings. Under current market conditions, the Advisor
defines small and medium-sized companies by reference to those companies within
the market capitalization range of the Russell 2500TM Index. As of
September 30, 2011, that capitalization range was $100 million to $10 billion
and it is expected to change frequently. Investments in companies that grow
above these maximum capitalization criteria may continue to be held if the
Advisor believes they remain attractive.

The Fund may seek to enhance returns through the use of other investment
strategies such as the use of options (for hedging purposes), foreign
securities, and other investment companies including exchange-traded funds
("ETFs"). The Fund may invest up to 20% of its net assets in put and call
options. The Fund may invest up to 25% of its net assets in foreign securities,
including in American Depositary Receipts ("ADRs") and emerging markets. The
Fund also may invest up to 20% of its net assets in other investment companies.

The Advisor may sell a position if the fundamentals have deteriorated, a
security becomes fully valued, or for purposes of portfolio construction and
risk management. The Advisor may also sell a position if a better alternative
becomes available.

At the discretion of the Advisor, the Fund may invest its assets in cash, cash
equivalents, and high-quality, short-term debt securities and money market
instruments for temporary defensive purposes in response to adverse market,
economic or political conditions.
Risk, Headingrr_RiskHeadingPrincipal Risks of Investing in the Fund
Risk, Narrativerr_RiskNarrativeTextBlock
Losing all or a portion of your investment is a risk of investing in the
Fund. The following principal risks could affect the value of your investment:

·  Equity Risk. Stock prices may fluctuate widely over short or even extended
   periods in response to company, market, or economic news. Stock markets also
   tend to move in cycles, with periods of rising stock prices and periods of
   falling stock prices.

·  ETF and Mutual Fund Risk. ETFs are typically open-end investment companies
   that are bought and sold on a national securities exchange. Investment
   companies (mutual funds) and ETFs have management fees that are part of their
   costs, and the Fund will indirectly bear its proportionate share of these
   costs.

·  Foreign and Emerging Market Securities Risk. The Fund may invest in foreign
   securities which are subject to special risks. Foreign securities can be more
   volatile than domestic (U.S.) securities. Securities markets of other
   countries are generally smaller than U.S. securities markets. Many foreign
   securities may be less liquid and more volatile than U.S. securities, which
   could affect the Fund's investments. These risks are enhanced in emerging
   markets.

·  Management Risk. Management risk means that your investment in the Fund varies
   with the success and failure of the Advisor's investment strategies and the
   Advisor's research, analysis and determination of portfolio securities.

·  Market and Issuer Risk. The risks that could affect the value of the Fund's
   shares and the total return on your investment include the possibility that
   the securities held by the Fund will fluctuate as a result of the movement of
   the overall stock market or of the value of the individual securities held by
   the Fund. The value of securities held by the Fund may experience sudden,
   unpredictable drops in value or long periods of decline in value due to
   reasons directly related to the issuer, including management performance,
   financial leverage, and reduced demand for the issuer's goods and services.

·  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,
   in which case the Board may determine to liquidate the Fund.

·  Options Risk. Options on securities may be subject to greater fluctuations in
   value than an investment in the underlying securities. Purchasing and writing
   put and call options are highly specialized activities and entail greater than
   ordinary investment risks.

·  Small and Medium Companies Risk. Investing in securities of small and medium
   capitalization companies may involve greater volatility than investing in
   larger and more established companies because small and medium capitalization
   companies can be subject to more abrupt or erratic share price changes than
   larger, more established companies.

This Fund may be appropriate for investors who:

·  Have a long-term investment horizon;

·  Want to add an investment with potential for capital appreciation to diversify
   their investment portfolio;

·  Can accept the greater risks of investing in a portfolio with common stock
   holdings; and

·  Are not primarily concerned with principal stability.
Risk, Lose Moneyrr_RiskLoseMoneyLosing all or a portion of your investment is a risk of investing in the Fund.
Bar Chart and Performance Table, Headingrr_BarChartAndPerformanceTableHeadingPerformance
Performance, Narrativerr_PerformanceNarrativeTextBlock
When the Fund has been in operation for a full calendar year, performance
information will be shown here. Updated performance information will be
available on the Fund's website at www.davidsonmutualfunds.com or by calling
the Fund toll-free at 1-877-332-0529.
Performance, One Year or Lessrr_PerformanceOneYearOrLessWhen the Fund has been in operation for a full calendar year, performance information will be shown here.
Performance, Availability Phone Numberrr_PerformanceAvailabilityPhone1-877-332-0529
Performance, Availability Website Addressrr_PerformanceAvailabilityWebSiteAddresswww.davidsonmutualfunds.com
Davidson Small-Mid Equity Fund (Prospectus Summary) | Davidson Small-Mid Equity Fund | Class A
 
Risk/Return:rr_RiskReturnAbstract 
Fee Waiver or Reimbursement over Assets, Date of Terminationrr_FeeWaiverOrReimbursementOverAssetsDateOfTermination2012-10-28
Davidson Small-Mid Equity Fund (Prospectus Summary) | Davidson Small-Mid Equity Fund | Class C
 
Risk/Return:rr_RiskReturnAbstract 
Fee Waiver or Reimbursement over Assets, Date of Terminationrr_FeeWaiverOrReimbursementOverAssetsDateOfTermination2012-10-28
Davidson Small-Mid Equity Fund | Class A
 
Risk/Return:rr_RiskReturnAbstract 
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice5.00%
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less)rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed on shares held for seven calendar days or less)rr_RedemptionFeeOverRedemption(1.00%)
Management Feesrr_ManagementFeesOverAssets0.75%
Distribution and Service (Rule 12b-1) Feesrr_DistributionAndService12b1FeesOverAssets0.25%
Other Expensesrr_OtherExpensesOverAssets0.82%[1]
Total Annual Fund Operating Expensesrr_ExpensesOverAssets1.82%
Less: Fee Waiver and Expense Reimbursementrr_FeeWaiverOrReimbursementOverAssets(0.42%)
Net Annual Fund Operating Expensesrr_NetExpensesOverAssets1.40%[2]
Expense Example, With Redemption, 1 Yearrr_ExpenseExampleYear01635
Expense Example, With Redemption, 3 Yearsrr_ExpenseExampleYear031,005
Expense Example, No Redemption, 1 Yearrr_ExpenseExampleNoRedemptionYear01635
Expense Example, No Redemption, 3 Yearsrr_ExpenseExampleNoRedemptionYear031,005
Davidson Small-Mid Equity Fund | Class C
 
Risk/Return:rr_RiskReturnAbstract 
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less)rr_MaximumDeferredSalesChargeOverOfferingPrice1.00%
Redemption Fee (as a percentage of amount redeemed on shares held for seven calendar days or less)rr_RedemptionFeeOverRedemption(1.00%)
Management Feesrr_ManagementFeesOverAssets0.75%
Distribution and Service (Rule 12b-1) Feesrr_DistributionAndService12b1FeesOverAssets1.00%
Other Expensesrr_OtherExpensesOverAssets0.82%[1]
Total Annual Fund Operating Expensesrr_ExpensesOverAssets2.57%
Less: Fee Waiver and Expense Reimbursementrr_FeeWaiverOrReimbursementOverAssets(0.42%)
Net Annual Fund Operating Expensesrr_NetExpensesOverAssets2.15%[2]
Expense Example, With Redemption, 1 Yearrr_ExpenseExampleYear01318
Expense Example, With Redemption, 3 Yearsrr_ExpenseExampleYear03760
Expense Example, No Redemption, 1 Yearrr_ExpenseExampleNoRedemptionYear01218
Expense Example, No Redemption, 3 Yearsrr_ExpenseExampleNoRedemptionYear03$ 760
[1]Other expenses are based on estimated customary Fund expenses for the current fiscal year.
[2]Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 1.40% of average daily net assets of the Fund's Class A shares and 2.15% of average daily net assets of the Fund's Class C shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 28, 2012, and may be terminated only by Advisors Series Trust's Board of Trustees ("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.
 XML 18 R22.htm IDEA: XBRL DOCUMENT v2.3.0.15
Davidson Intermediate Fixed Income Fund (Prospectus Summary) | Davidson Intermediate Fixed Income Fund
SUMMARY SECTION
Investment Objective
The Davidson Intermediate Fixed Income Fund (the "Fund") seeks income and the

preservation of principal.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold

shares of the 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

Fund. More information about these and other discounts is available from your

financial professional and in the "Class A Shares" section on page 11 of the

Fund's statutory Prospectus and the "Breakpoints/Volume Discounts and Sales

Charge Waivers" section on page 47 of the Fund's Statement of Additional

Information ("SAI").
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Davidson Intermediate Fixed Income Fund
Class A
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)2.75% none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Davidson Intermediate Fixed Income Fund
Class A
Class I
Management Fees0.35%0.35%
Distribution and Service (Rule 12b-1) Fees0.25% none
Other Expenses[1]0.84%0.84%
Total Annual Fund Operating Expenses1.44%1.19%
Less: Fee Waiver and Expense Reimbursement(0.50%)(0.50%)
Net Annual Fund Operating Expenses[2]0.94%0.69%
[1]Other expenses are based on estimated customary Fund expenses for the current fiscal year.
[2]Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the 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 Fund's Class A shares and 0.69% of average daily net assets of the Fund's Class I shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 28, 2012, 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 Fund for three years from the date they were waived or paid, subject to the Expense Caps.
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

either redeem or do not 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 Caps only in the first year).
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Davidson Intermediate Fixed Income Fund (USD $)
Expense Example, With Redemption, 1 Year
Expense Example, With Redemption, 3 Years
Class A
368670
Class I
70328
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

the Annual Fund Operating Expenses or in the Example, affect the Fund's

performance.
Principal Investment Strategies of the Fund
The Fund normally invests at least 80% of its net assets (plus any borrowings

for investment purposes) in fixed income securities. The fixed income securities

in which the Fund will generally invest include those of governments, agencies,

inflation-protected securities, asset-backed securities, municipal bonds and

companies across a wide range of industries and market capitalizations and are

generally rated within the BBB-category or better by Standard & Poor's Rating

Group ("Standard & Poor's") or the Baa3 category or better by Moody's Investors

Services ("Moody's"). The Fund normally invests within the intermediate term

structure of the yield curve and will seek to achieve its investment objective

through duration tilts, sector allocations, credit exposures, and security

selection. The maturities of the securities in which the Fund expects to invest

will generally range from 1 to 10 years. The average-dollar weighted maturity of

the securities in which the Fund expects to invest will generally range from 3

to 10 years. Duration tilts may be interpreted as differences in the duration of

the Fund relative to duration of the benchmark. Duration is a measure of the

sensitivity of the Fund's NAV to interest rate movements. For fixed-coupon

bonds, duration can be intuitively defined as the average maturity of all bond

payments, where each payment is weighted by its value. Duration tilts will be

limited from 75% to 125% of the Barclays Capital Intermediate Government/Credit

Index. The Advisor determines that a particular security should be purchased by

evaluating macroeconomic factors including interest rate trends, monetary

policy, inflation outlook, treasury supply and demand, interest rate volatility,

the strategy duration target, and yield curve position.



The Fund may seek to enhance returns through the use of other investment

strategies such as the use of options (for hedging purposes), investment in

foreign securities, and in other investment companies including exchange-traded

funds ("ETFs"). The Fund may invest up to 20% of its net assets in put and call

options. The Fund may invest up to 25% of its net assets in foreign securities,

including in emerging markets. Through its investment in foreign securities, the

Fund may invest up to 20% of its net assets in American Depositary Receipts

("ADRs"). The Fund also may invest up to 20% of its net assets in other

investment companies and may invest in the securities of small and medium-sized

companies.



The Advisor may sell a position if the fundamentals have deteriorated, a

security becomes fully valued, or for purposes of portfolio construction and

risk management. The Advisor may also sell a position if a better alternative

becomes available.



At the discretion of the Advisor, the Fund may invest its assets in cash, cash

equivalents, and high-quality, short-term debt securities and money market

instruments for temporary defensive purposes in response to adverse market,

economic or political conditions.
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 principal risks could affect the value of your investment:



·  Asset-Backed Securities Risk. Asset-backed securities may decline in value

   when defaults on the underlying assets occur and may exhibit additional

   volatility in periods of changing interest rates. When interest rates decline,

   the prepayment of assets underlying such securities may require the Fund to

   reinvest that money at lower prevailing interest rates, resulting in reduced

   returns.



·  Credit Risk. The risk that the Fund could lose money if the issuer or

   guarantor of a fixed income security, or the counterparty to a derivative

   contract, is unable or unwilling to meet its financial obligations.



·  ETF and Mutual Fund Risk. ETFs are typically open-end investment companies

   that are bought and sold on a national securities exchange. Investment

   companies (mutual funds) and ETFs have management fees that are part of their

   costs, and the Fund will indirectly bear its proportionate share of these

   costs.



·  Foreign and Emerging Market Securities Risk. The Fund may invest in foreign

   securities which are subject to special risks. Foreign securities can be more

   volatile than domestic (U.S.) securities. Securities markets of other

   countries are generally smaller than U.S. securities markets. Many foreign

   securities may be less liquid and more volatile than U.S. securities, which

   could affect the Fund's investments. The risks are enhanced in emerging

   markets.



·  Foreign Governments Investment Risk. The issuer of the foreign debt or the

   governmental authorities that control the repayment of such debt may be unable

   or unwilling to repay principal or interest when due, and the Fund may have

   limited recourse in the event of a default. The market prices of debt

   obligations of foreign governments and their agencies, and the Fund's net

   asset value ("NAV"), may be more volatile than prices of U.S. debt

   obligations.



·  Government-Sponsored Entities Risk. Securities issued by government-sponsored

   entities may not be backed by the full faith and credit of the United States.



·  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.



·  Interest Rate Risk. The risk that fixed income securities will decline in

   value because of an increase in interest rates; a fund with a longer average

   portfolio duration will be more sensitive to changes in interest rates than a

   fund with a shorter average portfolio duration.



·  Issuer Risk. The value of securities held by the Fund may experience sudden,

   unpredictable drops in value or long periods of decline in value due to

   reasons directly related to the issuer, including management performance,

   financial leverage, and reduced demand for the issuer's goods and services.



·  Management Risk. Management risk means that your investment in the Fund varies

   with the success and failure of the Advisor's investment strategies and the

   Advisor's research, analysis and determination of portfolio securities.



·  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,

   in which case the Board may determine to liquidate the Fund.



·  Options Risk. Options on securities may be subject to greater fluctuations in

   value than an investment in the underlying securities. Purchasing and writing

   put and call options are highly specialized activities and entail greater than

   ordinary investment risks.



·  Small and Medium Companies Risk. Investing in securities of small and medium

   capitalization companies may involve greater volatility than investing in

   larger and more established companies because small and medium capitalization

   companies can be subject to more abrupt or erratic share price changes than

   larger, more established companies.



This Fund may be appropriate for investors who:



·  Have a long-term investment horizon; and



·  Want to add an investment with potential for income and to diversify their

   investment portfolio.
Performance
When the Fund has been in operation for a full calendar year, performance

information will be shown here. Updated performance information will be

available on the Fund's website at www.davidsonmutualfunds.com or by calling the

Fund toll-free at 1-877-332-0529.
 XML 19 R16.htm IDEA: XBRL DOCUMENT v2.3.0.15
Davidson Small-Mid Equity Fund (Prospectus Summary) | Davidson Small-Mid Equity Fund
SUMMARY SECTION
Investment Objective
The Davidson Small-Mid Equity Fund (the "Fund") seeks long-term capital appreciation.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold

shares of the 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

Fund. More information about these and other discounts is available from your

financial professional and in the "Class A Shares" section on page 11 of the

Fund's statutory Prospectus and the "Breakpoints/Volume Discounts and Sales

Charge Waivers" section on page 47 of the Fund's Statement of Additional

Information ("SAI").
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Davidson Small-Mid Equity Fund
Class A
Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)5.00% none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less) none 1.00%
Redemption Fee (as a percentage of amount redeemed on shares held for seven calendar days or less)1.00%1.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Davidson Small-Mid Equity Fund
Class A
Class C
Management Fees0.75%0.75%
Distribution and Service (Rule 12b-1) Fees0.25%1.00%
Other Expenses[1]0.82%0.82%
Total Annual Fund Operating Expenses1.82%2.57%
Less: Fee Waiver and Expense Reimbursement(0.42%)(0.42%)
Net Annual Fund Operating Expenses[2]1.40%2.15%
[1]Other expenses are based on estimated customary Fund expenses for the current fiscal year.
[2]Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 1.40% of average daily net assets of the Fund's Class A shares and 2.15% of average daily net assets of the Fund's Class C shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 28, 2012, and may be terminated only by Advisors Series Trust's Board of Trustees ("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.
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

either redeem or do not 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 Caps only in the first year). Although your actual costs may be higher

or lower, based on these assumptions your costs would be:
If you redeem your shares at the end of the period:
Expense Example Davidson Small-Mid Equity Fund (USD $)
Expense Example, With Redemption, 1 Year
Expense Example, With Redemption, 3 Years
Class A
6351,005
Class C
318760
If you do not redeem your shares at the end of the period:
Expense Example, No Redemption Davidson Small-Mid Equity Fund (USD $)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Class A
6351,005
Class C
218760
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

the Annual Fund Operating Expenses or in the Example, affect the Fund's

performance.
Principal Investment Strategies of the Fund
The Fund normally invests at least 80% of its net assets (plus any borrowings

for investment purposes) in equity securities of companies with small to medium

market capitalizations. The Fund invests in small to medium market

capitalization companies with attractive fundamental characteristics, including

low debt levels, strong returns on invested capital, stable or improving profit

margins, ample cash flow, and long-term sales growth potential. The Fund seeks

to achieve its investment objective primarily through stock selection, with less

emphasis on sector weightings. Under current market conditions, the Advisor

defines small and medium-sized companies by reference to those companies within

the market capitalization range of the Russell 2500TM Index. As of

September 30, 2011, that capitalization range was $100 million to $10 billion

and it is expected to change frequently. Investments in companies that grow

above these maximum capitalization criteria may continue to be held if the

Advisor believes they remain attractive.



The Fund may seek to enhance returns through the use of other investment

strategies such as the use of options (for hedging purposes), foreign

securities, and other investment companies including exchange-traded funds

("ETFs"). The Fund may invest up to 20% of its net assets in put and call

options. The Fund may invest up to 25% of its net assets in foreign securities,

including in American Depositary Receipts ("ADRs") and emerging markets. The

Fund also may invest up to 20% of its net assets in other investment companies.



The Advisor may sell a position if the fundamentals have deteriorated, a

security becomes fully valued, or for purposes of portfolio construction and

risk management. The Advisor may also sell a position if a better alternative

becomes available.



At the discretion of the Advisor, the Fund may invest its assets in cash, cash

equivalents, and high-quality, short-term debt securities and money market

instruments for temporary defensive purposes in response to adverse market,

economic or political conditions.
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 principal risks could affect the value of your investment:



·  Equity Risk. Stock prices may fluctuate widely over short or even extended

   periods in response to company, market, or economic news. Stock markets also

   tend to move in cycles, with periods of rising stock prices and periods of

   falling stock prices.



·  ETF and Mutual Fund Risk. ETFs are typically open-end investment companies

   that are bought and sold on a national securities exchange. Investment

   companies (mutual funds) and ETFs have management fees that are part of their

   costs, and the Fund will indirectly bear its proportionate share of these

   costs.



·  Foreign and Emerging Market Securities Risk. The Fund may invest in foreign

   securities which are subject to special risks. Foreign securities can be more

   volatile than domestic (U.S.) securities. Securities markets of other

   countries are generally smaller than U.S. securities markets. Many foreign

   securities may be less liquid and more volatile than U.S. securities, which

   could affect the Fund's investments. These risks are enhanced in emerging

   markets.



·  Management Risk. Management risk means that your investment in the Fund varies

   with the success and failure of the Advisor's investment strategies and the

   Advisor's research, analysis and determination of portfolio securities.



·  Market and Issuer Risk. The risks that could affect the value of the Fund's

   shares and the total return on your investment include the possibility that

   the securities held by the Fund will fluctuate as a result of the movement of

   the overall stock market or of the value of the individual securities held by

   the Fund. The value of securities held by the Fund may experience sudden,

   unpredictable drops in value or long periods of decline in value due to

   reasons directly related to the issuer, including management performance,

   financial leverage, and reduced demand for the issuer's goods and services.



·  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,

   in which case the Board may determine to liquidate the Fund.



·  Options Risk. Options on securities may be subject to greater fluctuations in

   value than an investment in the underlying securities. Purchasing and writing

   put and call options are highly specialized activities and entail greater than

   ordinary investment risks.



·  Small and Medium Companies Risk. Investing in securities of small and medium

   capitalization companies may involve greater volatility than investing in

   larger and more established companies because small and medium capitalization

   companies can be subject to more abrupt or erratic share price changes than

   larger, more established companies.



This Fund may be appropriate for investors who:



·  Have a long-term investment horizon;



·  Want to add an investment with potential for capital appreciation to diversify

   their investment portfolio;



·  Can accept the greater risks of investing in a portfolio with common stock

   holdings; and



·  Are not primarily concerned with principal stability.
Performance
When the Fund has been in operation for a full calendar year, performance

information will be shown here. Updated performance information will be

available on the Fund's website at www.davidsonmutualfunds.com or by calling

the Fund toll-free at 1-877-332-0529.
 XML 20 R2.htm IDEA: XBRL DOCUMENT v2.3.0.15
Davidson Multi-Cap Equity Fund (Prospectus Summary) | Davidson Multi-Cap Equity Fund
SUMMARY SECTION
Investment Objective
The Davidson Multi-Cap Equity Fund (the "Fund") seeks long-term capital appreciation.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold

shares of the 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

Fund. More information about these and other discounts is available from your

financial professional and in the "Class A Shares" section on page 12 of the

Fund's statutory Prospectus and the "Breakpoints/Volume Discounts and Sales

Charge Waivers" section on page 37 of the Fund's Statement of Additional

Information ("SAI").
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Davidson Multi-Cap Equity Fund
Class A
Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)5.00% none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less) none 1.00%
Redemption Fee (as a percentage of amount redeemed on shares held for seven calendar days or less)1.00%1.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Davidson Multi-Cap Equity Fund
Class A
Class C
Management Fees0.65%0.65%
Distribution and Service (Rule 12b-1) Fees0.25%1.00%
Other Expenses0.77%0.77%
Total Annual Fund Operating Expenses1.67%2.42%
Less: Fee Waiver and/or Expense Reimbursement[1](0.52%)(0.52%)
Net Annual Fund Operating Expenses1.15%1.90%
[1]Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) do not exceed 1.15% of average daily net assets of the Fund's Class A shares and 1.90% of average daily net assets of the Fund's Class C shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 28, 2012, 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.
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

either redeem or do not 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 Caps only in the first year). Although your actual costs may be higher

or lower, based on these assumptions your costs would be:
If you redeem your shares at the end of the period:
Expense Example Davidson Multi-Cap Equity Fund (USD $)
Expense Example, With Redemption, 1 Year
Expense Example, With Redemption, 3 Years
Expense Example, With Redemption, 5 Years
Expense Example, With Redemption, 10 Years
Class A
6119521,3162,336
Class C
2937051,2442,717
If you do not redeem your shares at the end of the period:
Expense Example, No Redemption Davidson Multi-Cap Equity Fund (USD $)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Class A
6119521,3162,336
Class C
1937051,2442,717
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

the Annual Fund Operating Expenses or in the Example, affect the Fund's

performance. During the most recent fiscal year, the Fund's portfolio turnover

rate was 19.34% of the average value of its portfolio.
Principal Investment Strategies of the Fund
Under normal market conditions, the Fund invests at least 80% of its net assets

(including any borrowings for investment purposes) in equity securities across a

wide range of market capitalizations and investment styles with attractive

fundamental characteristics. The Fund will invest its assets in both value and

growth stocks, as well as dividend-paying and non-dividend-paying stocks. The

Fund will seek to achieve its investment objective primarily through stock

selection, with less emphasis on sector weightings. As a result, the Fund

expects to only occasionally make modest sector changes, preferring to

differentiate performance by relative movement in individual stocks than in

sectors or industries.



The Fund may seek to enhance returns through the use of other investment

strategies such as options (for hedging purposes), foreign securities (which may

include American Depositary Receipts ("ADRs"), dollar-denominated foreign

securities, or direct investment in foreign securities, including emerging

markets), and other investment companies (including exchange-traded funds

("ETFs")). The Fund may invest up to 20% of its net assets in foreign

securities. The Fund may invest up to 20% of its net assets in options.



The Advisor may sell a position if the fundamentals have deteriorated, catalysts

fail to develop, or a stock exceeds fair valuation. The Advisor may also sell a

position if a better alternative becomes available.



At the discretion of the Advisor, the Fund may invest its assets in cash, cash

equivalents, and high-quality, short-term debt securities and money market

instruments for temporary defensive purposes in response to adverse market,

economic or political conditions.
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 principal risks could affect the value of your investment:



·  ETF and Mutual Fund Risk. ETFs are typically open-end investment companies

   that are bought and sold on a national securities exchange. Investment

   companies (mutual funds) and ETFs have management fees that are part of their

   costs, and the Fund will indirectly bear its proportionate share of these

   costs.



·  Foreign and Emerging Market Securities Risk. The Fund may invest in foreign

   securities which are subject to special risks. Foreign securities can be more

   volatile than domestic (U.S.) securities. Securities markets of other

   countries are generally smaller than U.S. securities markets. Many foreign

   securities may be less liquid and more volatile than U.S. securities, which

   could affect the Fund's investments. These risks are enhanced in emerging

   markets.



·  Management Risk. Management risk means that your investment in the Fund varies

   with the success and failure of the Advisor's investment strategies and the

   Advisor's research, analysis and determination of portfolio securities.



·  Market and Issuer Risk. The risks that could affect the value of the Fund's

   shares and the total return on your investment include the possibility that

   the securities held by the Fund will fluctuate as a result of the movement of

   the overall stock market or of the value of the individual securities held by

   the Fund. The value of securities held by the Fund may also experience sudden,

   unpredictable drops in value or long periods of decline in value due to

   reasons directly related to the issuer, including management performance,

   financial leverage, and reduced demand for the issuer's goods and services.



·  Options Risk. Options on securities may be subject to greater fluctuations in

   value than an investment in the underlying securities. Purchasing and writing

   put and call options are highly specialized activities and entail greater than

   ordinary investment risks.



·  Small and Medium Companies Risk. Investing in securities of small and medium

   capitalization companies may involve greater volatility than investing in

   larger and more established companies because small and medium capitalization

   companies can be subject to more abrupt or erratic share price changes than

   larger, more established companies.



This Fund may be appropriate for investors who:



·  Have a long-term investment horizon;



·  Want to add an investment with potential for capital appreciation to diversify

   their investment portfolio; and



·  Can accept the greater risks of investing in a portfolio with equity holdings.
Performance
The following information provides some indication of the risks of investing in

the 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.

Sales loads are not reflected in the bar chart; if these amounts were reflected,

returns would be less than those shown. The Fund's past performance, before and

after taxes, is not necessarily an indication of how the Fund will perform in the

future. Updated performance information is available on the Fund's website at

www.davidsonmutualfunds.com or by calling the Fund toll-free at 1-877-332-0529.
Annual Returns as of December 31[1]
Bar Chart
During the period of time shown in the bar chart, the highest return for a

calendar quarter was 16.49% (quarter ended June 30, 2009) and the lowest return

for a calendar quarter was -10.96% (quarter ended June 30, 2010).
Average Annual Total Returns (for the periods ended December 31, 2010)
Average Annual Total Returns Davidson Multi-Cap Equity Fund
Average Annual Returns, Label
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Average Annual Returns, Since Inception Secondary
Average Annual Returns, Inception Date Secondary
Class A
Return Before Taxes12.51%(0.03%)Aug. 11, 2008  
Class A After Taxes on Distributions
Return After Taxes on Distributions12.48%(0.08%)Aug. 11, 2008  
Class A After Taxes on Distributions and Sales
Return After Taxes on Distributions and Sale of Fund Shares8.16%(0.03%)Aug. 11, 2008  
Class C
Return Before Taxes16.55%  24.53%Jul. 01, 2009
Russell 3000 ® Index
Russell 3000® Index (reflects no deduction for fees, expenses or taxes)16.93%1.47%Aug. 11, 200827.02%Jul. 01, 2009
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. 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").



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.
[1]The Fund's year-to-date return as of September 30, 2011 was -11.25%.
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