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 Fees		0.35%	0.35%
Distribution and Service (Rule 12b-1) Fees		0.25%	none
Other Expenses	[1]	0.84%	0.84%
Total Annual Fund Operating Expenses		1.44%	1.19%
Less: Fee Waiver and Expense Reimbursement		(0.50%)	(0.50%)
Net Annual Fund Operating Expenses	[2]	0.94%	0.69%

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	368	670
Class I	70	328

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.

[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.