REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No. ____
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Post-Effective Amendment No. 461
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and
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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Amendment No. 463
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immediately upon filing pursuant to paragraph (b)
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on __________ pursuant to paragraph (b)
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60 days after filing pursuant to paragraph (a)(1)
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on __________ pursuant to paragraph (a)(1)
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75 days after filing pursuant to paragraph (a)(2)
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on __________ pursuant to paragraph (a)(2) of Rule 485.
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this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
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Signature
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Title
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Date
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Sallie P. Diederich*
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Trustee
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November 8, 2012
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Sallie P. Diederich
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Donald E. O’Connor*
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Trustee
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November 8, 2012
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Donald E. O’Connor
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George J. Rebhan*
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Trustee
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November 8, 2012
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George J. Rebhan
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George T. Wofford*
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Trustee
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November 8, 2012
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George T. Wofford
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Joe D. Redwine*
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Trustee, Chairman and
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November 8, 2012
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Joe D. Redwine
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Chief Executive Officer
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/s/ Cheryl L. King
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Treasurer and
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November 8, 2012
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Cheryl L. King
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Principal Financial Officer
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/s/ Douglas G. Hess
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President and
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November 8, 2012
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Douglas G. Hess
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Principal Executive Officer
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*By: /s/ Douglas G. Hess
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Douglas G. Hess
Attorney-In Fact pursuant to
Power of Attorney
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Exhibit
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Exhibit No.
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Instance Document
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EX-101.INS
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Schema Document
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EX-101.SCH
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Calculation Linkbase Document
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EX-101.CAL
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Definition Linkbase Document
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EX-101.DEF
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Label Linkbase Document
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EX-101.LAB
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Presentation Linkbase Document
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EX-101.PRE
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Label | Element | Value | ||
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Risk Return [Abstract] | rr_RiskReturnAbstract | |||
ProspectusDate | rr_ProspectusDate | Oct. 28, 2012 | ||
Davidson Multi-Cap Equity Fund (Prospectus Summary) | Davidson Multi-Cap Equity Fund
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Risk Return [Abstract] | rr_RiskReturnAbstract | |||
Risk/Return [Heading] | rr_RiskReturnHeading | Davidson Multi-Cap Equity Fund | ||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Davidson Multi-Cap Equity Fund (the "Multi-Cap Fund") seeks long-term capital appreciation. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | ||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Multi-Cap Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Multi-Cap Fund. More information about these and other discounts is available from your financial professional and in the "Class A Shares" section on page 15 of the Funds' statutory Prospectus and the "Breakpoints/Volume Discounts and Sales Charge Waivers" section on page 41 of the Funds' Statement of Additional Information ("SAI"). |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) | ||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover. | ||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Multi-Cap 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 Multi-Cap 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 Multi-Cap Fund's performance. During the most recent fiscal year, the Multi-Cap Fund's portfolio turnover rate was 13.95% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 13.95% | ||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Multi-Cap Fund. | ||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | 25,000 | ||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example. | ||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Multi-Cap Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Multi-Cap 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 Multi-Cap 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: |
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | If you redeem your shares at the end of the period: | ||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | If you do not redeem your shares at the end of the period: | ||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies of the Multi-Cap Fund | ||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | Under normal market conditions, the Multi-Cap 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 looks for companies with reasonable valuations, prudent debt levels, cash flow generation, attractive growth characteristics and solid balance sheets. 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 Multi-Cap 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 put and call 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 Multi-Cap 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. |
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Risk [Heading] | rr_RiskHeading | Principal Risks of Investing in the Multi-Cap Fund | ||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | Losing all or a portion of your investment is a risk of investing in the Multi-Cap 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 Multi-Cap Fund will indirectly bear its proportionate share of these costs. · Foreign and Emerging Market Securities Risk. The Multi-Cap 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 Multi-Cap 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 Multi-Cap 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. The Multi-Cap 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. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | Losing all or a portion of your investment is a risk of investing in the Multi-Cap Fund. | ||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following information provides some indication of the risks of investing in the Multi-Cap Fund by showing changes in the Fund's Class A shares' performance from year to year and by showing how the Fund's average annual returns for 1 year and since inception compare with those of a broad measure of market performance. 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. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following information provides some indication of the risks of investing in the Multi-Cap Fund by showing changes in the Fund's Class A shares' performance from year to year and by showing how the Fund's average annual returns for 1 year and since inception compare with those of a broad measure of market performance. | ||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | 1-877-332-0529 | ||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.davidsonmutualfunds.com | ||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. | ||
Bar Chart [Heading] | rr_BarChartHeading | Annual Returns as of December 31 | ||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | Sales loads are not reflected in the bar chart; if these amounts were reflected, returns would be less than those shown. | ||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | The Fund's year-to-date return as of September 30, 2012 was 15.36%. 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 -16.13% (quarter ended September 30, 2011). |
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Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | reflects no deduction for fees, expenses or taxes | ||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | 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. | ||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | 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"). | ||
Performance Table Explanation after Tax Higher | rr_PerformanceTableExplanationAfterTaxHigher | 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. | ||
Performance Table Closing [Text Block] | rr_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. |
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Davidson Multi-Cap Equity Fund (Prospectus Summary) | Davidson Multi-Cap Equity Fund | Russell 3000® Index
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Risk Return [Abstract] | rr_RiskReturnAbstract | |||
Label | rr_AverageAnnualReturnLabel | Russell 3000® Index (reflects no deduction for fees, expenses or taxes) | ||
1 Year | rr_AverageAnnualReturnYear01 | 1.03% | ||
Since Inception | rr_AverageAnnualReturnSinceInception | 1.34% | ||
Inception Date | rr_AverageAnnualReturnInceptionDate | Aug. 11, 2008 | ||
Average Annual Returns, Since Inception Secondary | ck0001027596_AverageAnnualReturnSinceInceptionSecondary | 15.91% | ||
Average Annual Returns, Inception Date Secondary | ck0001027596_AverageAnnualReturnInceptionDateSecondary | Jul. 01, 2009 | ||
Davidson Multi-Cap Equity Fund (Prospectus Summary) | Davidson Multi-Cap Equity Fund | Class A
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Risk Return [Abstract] | rr_RiskReturnAbstract | |||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.00% | ||
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 Fees | rr_ManagementFeesOverAssets | 0.65% | ||
Distribution and Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.61% | ||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.51% | ||
Less: Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.36%) | [1] | |
Net Annual Fund Operating Expenses | rr_NetExpensesOverAssets | 1.15% | ||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 2013-10-27 | ||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 611 | ||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 920 | ||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,250 | ||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,182 | ||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 611 | ||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 920 | ||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,250 | ||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,182 | ||
Annual Return 2009 | rr_AnnualReturn2009 | 28.60% | ||
Annual Return 2010 | rr_AnnualReturn2010 | 18.46% | ||
Annual Return 2011 | rr_AnnualReturn2011 | (0.63%) | ||
Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date return | ||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Sep. 30, 2012 | ||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 15.36% | ||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | highest return for a calendar quarter | ||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | ||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 16.49% | ||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | lowest return for a calendar quarter | ||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Sep. 30, 2011 | ||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (16.13%) | ||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes | ||
1 Year | rr_AverageAnnualReturnYear01 | (5.58%) | ||
Since Inception | rr_AverageAnnualReturnSinceInception | (0.20%) | ||
Inception Date | rr_AverageAnnualReturnInceptionDate | Aug. 11, 2008 | ||
Average Annual Returns, Since Inception Secondary | ck0001027596_AverageAnnualReturnSinceInceptionSecondary | |||
Davidson Multi-Cap Equity Fund (Prospectus Summary) | Davidson Multi-Cap Equity Fund | Class A | After Taxes on Distributions
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Risk Return [Abstract] | rr_RiskReturnAbstract | |||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions | ||
1 Year | rr_AverageAnnualReturnYear01 | (6.69%) | ||
Since Inception | rr_AverageAnnualReturnSinceInception | (0.59%) | ||
Inception Date | rr_AverageAnnualReturnInceptionDate | Aug. 11, 2008 | ||
Average Annual Returns, Since Inception Secondary | ck0001027596_AverageAnnualReturnSinceInceptionSecondary | |||
Davidson Multi-Cap Equity Fund (Prospectus Summary) | Davidson Multi-Cap Equity Fund | Class A | After Taxes on Distributions and Sales
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Risk Return [Abstract] | rr_RiskReturnAbstract | |||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions and Sale of Fund Shares | ||
1 Year | rr_AverageAnnualReturnYear01 | (2.76%) | ||
Since Inception | rr_AverageAnnualReturnSinceInception | (0.26%) | ||
Inception Date | rr_AverageAnnualReturnInceptionDate | Aug. 11, 2008 | ||
Average Annual Returns, Since Inception Secondary | ck0001027596_AverageAnnualReturnSinceInceptionSecondary | |||
Davidson Multi-Cap Equity Fund (Prospectus Summary) | Davidson Multi-Cap Equity Fund | Class C
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Risk Return [Abstract] | 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_MaximumDeferredSalesChargeOverOfferingPrice | 1.00% | ||
Redemption Fee (as a percentage of amount redeemed on shares held for seven calendar days or less) | rr_RedemptionFeeOverRedemption | (1.00%) | ||
Management Fees | rr_ManagementFeesOverAssets | 0.65% | ||
Distribution and Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.62% | ||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.27% | ||
Less: Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.37%) | [1] | |
Net Annual Fund Operating Expenses | rr_NetExpensesOverAssets | 1.90% | ||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 2013-10-27 | ||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 293 | ||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 674 | ||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,181 | ||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,577 | ||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 193 | ||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 674 | ||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,181 | ||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,577 | ||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes | ||
1 Year | rr_AverageAnnualReturnYear01 | (2.30%) | ||
Since Inception | rr_AverageAnnualReturnSinceInception | |||
Average Annual Returns, Since Inception Secondary | ck0001027596_AverageAnnualReturnSinceInceptionSecondary | 13.45% | ||
Average Annual Returns, Inception Date Secondary | ck0001027596_AverageAnnualReturnInceptionDateSecondary | Jul. 01, 2009 | ||
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