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 Fees		0.65%	0.65%
Distribution and Service (Rule 12b-1) Fees		0.25%	1.00%
Other Expenses		0.77%	0.77%
Total Annual Fund Operating Expenses		1.67%	2.42%
Less: Fee Waiver and/or Expense Reimbursement	[1]	(0.52%)	(0.52%)
Net Annual Fund Operating Expenses		1.15%	1.90%

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	611	952	1,316	2,336
Class C	293	705	1,244	2,717

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	611	952	1,316	2,336
Class C	193	705	1,244	2,717

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]

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 Taxes	12.51%	(0.03%)	Aug. 11, 2008
Class A After Taxes on Distributions	Return After Taxes on Distributions	12.48%	(0.08%)	Aug. 11, 2008
Class A After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	8.16%	(0.03%)	Aug. 11, 2008
Class C	Return Before Taxes	16.55%			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, 2008	27.02%	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] 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.

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