0000894189-12-006218.txt : 20121108 0000894189-12-006218.hdr.sgml : 20121108 20121108160842 ACCESSION NUMBER: 0000894189-12-006218 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121108 DATE AS OF CHANGE: 20121108 EFFECTIVENESS DATE: 20121108 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: 121190157 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: 1933 Act SEC FILE NUMBER: 333-17391 FILM NUMBER: 121190158 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 ast-davidson_485bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL ast-davidson_485bxbrl.htm

 
Filed with the Securities and Exchange Commission on November 8, 2012
 
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. 461
x
                  and
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No. 463
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. 461 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. 459 on Form N-1A filed October 26, 2012.  This PEA No. 461 is filed for the sole purpose of submitting the XBRL exhibit for the risk return summary first provided in PEA No. 459 to the Trust’s Registration Statement for its series: the Davidson Multi-Cap Equity Fund, Davidson Small/Mid Equity Fund, Davidson Intermediate Fixed Income Fund and Davidson Equity 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. 461 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this Post-Effective Amendment No. 461 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 8th day of November, 2012.

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. 461 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 8, 2012
Sallie P. Diederich
   
     
Donald E. O’Connor*                                     
Trustee
November 8, 2012
Donald E. O’Connor
   
     
George J. Rebhan*                                     
Trustee
November 8, 2012
George J. Rebhan
   
     
George T. Wofford*                                     
Trustee
November 8, 2012
George T. Wofford
   
     
Joe D. Redwine*                                     
Trustee, Chairman and
November 8, 2012
Joe D. Redwine
Chief Executive Officer
 
     
/s/ Cheryl L. King
Treasurer and
November 8, 2012
Cheryl L. King
Principal Financial Officer
 
     
/s/ Douglas G. Hess
President and
November 8, 2012
Douglas G. Hess
Principal Executive Officer
 
     
*By: /s/ Douglas G. Hess
   
   Douglas G. Hess
   Attorney-In Fact pursuant to
   Power of Attorney
   
 

 
 
 

 
 
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
 
 


EX-101.INS 2 ck0001027596-20120630.xml INSTANCE DOCUMENT 485BPOS 2012-06-30 0001027596 2012-10-28 ADVISORS SERIES TRUST false 2012-10-26 2012-10-28 <tt>The Intermediate Fund pays transaction costs, such as commissions, when it <br />buys and sells securities (or "turns over" its portfolio). A higher portfolio <br />turnover rate may indicate higher transaction costs and may result in higher <br />taxes when Fund shares are held in a taxable account. These costs, which are <br />not reflected in the Annual Fund Operating Expenses or in the Example, affect <br />the Intermediate Fund's performance.</tt> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ExpenseExample_S000030918Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Davidson Intermediate Fixed Income Fund (the "Intermediate Fund") seeks<br />income and the preservation of principal.</tt> <tt>This Example is intended to help you compare the cost of investing in<br />the Intermediate Fund with the cost of investing in other mutual funds. <br />The Example assumes that you invest $10,000 in the Intermediate Fund <br />for the time periods indicated and then either redeem or do not redeem <br />all of your shares at the end of those periods. The Example also assumes <br />that your investment has a 5% return each year and that the Intermediate <br />Fund's operating expenses remain the same (taking into account the Expense <br />Caps only in the first year).</tt> <tt>The Intermediate Fund normally invests at least 80% of its net assets (plus any<br />borrowings for investment purposes) in fixed income securities. The fixed income<br />securities in which the Fund will generally invest include those of governments,<br />agencies, inflation-protected securities, asset-backed securities, municipal<br />bonds and companies across a wide range of industries and market capitalizations<br />and are generally rated within the BBB-category or better by Standard &amp; Poor's<br />Rating Group ("Standard &amp; Poor's") or the Baa3 category or better by Moody's<br />Investors Services ("Moody's"). The Fund normally invests within the intermediate <br />term structure of the yield curve and will seek to achieve its investment <br />objective through duration tilts, sector allocations, credit exposures, and <br />security selection. The maturities of the securities in which the Fund expects <br />to invest will generally range from 1 to 10 years. The average-dollar weighted <br />maturity of the securities in which the Fund expects to invest will generally <br />range from 3 to 10 years. Duration tilts may be interpreted as differences in <br />the duration of the Fund relative to duration of the benchmark. Duration is a <br />measure of the sensitivity of the Fund's NAV to interest rate movements. For <br />fixed-coupon bonds, duration can be intuitively defined as the average maturity <br />of all bond payments, where each payment is weighted by its value. Duration tilts <br />will be limited from 75% to 125% of the Barclays Capital Intermediate <br />Government/Credit Index. The Advisor determines that a particular security should <br />be purchased by evaluating macroeconomic factors including interest rate trends, <br />monetary policy, inflation outlook, treasury supply and demand, interest rate <br />volatility, the strategy duration target, and yield curve position.<br /> <br />The Intermediate Fund may seek to enhance returns through the use of other<br />investment strategies such as the use of options (for hedging purposes),<br />investment in foreign securities, and in other investment companies including<br />exchange-traded funds ("ETFs"). The Fund may invest up to 20% of its net assets<br />in put and call options. The Fund may invest up to 25% of its net assets in<br />foreign securities, including in emerging markets. Through its investment in<br />foreign securities, the Fund may invest up to 20% of its net assets in American<br />Depositary Receipts ("ADRs"). The Fund also may invest up to 20% of its net<br />assets in other investment companies and may invest in the securities of small<br />and medium-sized companies.<br /> <br />The Advisor may sell a position if the fundamentals have deteriorated, a<br />security becomes fully valued, or for purposes of portfolio construction and<br />risk management. The Advisor may also sell a position if a better alternative<br />becomes available.<br /> <br />At the discretion of the Advisor, the Intermediate Fund may invest its assets in<br />cash, cash equivalents, and high-quality, short-term debt securities and money<br />market instruments for temporary defensive purposes in response to adverse<br />market, economic or political conditions.</tt> DAVIDSON INTERMEDIATE FIXED INCOME FUND You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Intermediate Fund. Example. Other expenses are based on estimated customary Fund expenses for the current fiscal year. When the Intermediate Fund has been in operation for a full calendar year, performance information will be shown here. Investment Objective Losing all or a portion of your investment is a risk of investing in the Fund. Principal Risks of Investing in the Intermediate Fund Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance 100000 1-877-332-0529 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>Losing all or a portion of your investment is a risk of investing in the<br />Fund. The following principal risks could affect the value of your investment:<br /> <br />&#xB7;&#xA0;&#xA0;Asset-Backed Securities Risk. Asset-backed securities may decline in value&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;when defaults on the underlying assets occur and may exhibit additional&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;volatility in periods of changing interest rates. When interest rates decline,<br />&#xA0;&#xA0;&#xA0;the prepayment of assets underlying such securities may require the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;Intermediate Fund to reinvest that money at lower prevailing interest rates,&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;resulting in reduced returns. <br /><br />&#xB7;&#xA0;&#xA0;Credit Risk. The risk that the Intermediate Fund could lose money if the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;issuer or guarantor of a fixed income security, or the counterparty to a&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;derivative contract, is unable or unwilling to meet its financial obligations. <br /><br />&#xB7;&#xA0;&#xA0;ETF and Mutual Fund Risk. ETFs are typically open-end investment companies&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;that are bought and sold on a national securities exchange. Investment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;companies (mutual funds) and ETFs have management fees that are part of their <br />&#xA0;&#xA0;&#xA0;costs, and the Intermediate Fund will indirectly bear its proportionate share <br />&#xA0;&#xA0;&#xA0;of these costs. <br /><br />&#xB7;&#xA0;&#xA0;Foreign and Emerging Market Securities Risk. The Intermediate Fund may invest <br />&#xA0;&#xA0;&#xA0;in foreign securities which are subject to special risks. Foreign securities&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;can be more volatile than domestic (U.S.) securities. Securities markets of&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;other countries are generally smaller than U.S. securities markets. Many&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;foreign securities may be less liquid and more volatile than U.S. securities, <br />&#xA0;&#xA0;&#xA0;which could affect the Intermediate Fund's investments. The risks are enhanced<br />&#xA0;&#xA0;&#xA0;in emerging markets. <br /><br />&#xB7;&#xA0;&#xA0;Foreign Governments Investment Risk. The issuer of the foreign debt or the&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;governmental authorities that control the repayment of such debt may be unable<br />&#xA0;&#xA0;&#xA0;or unwilling to repay principal or interest when due, and the Intermediate&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;Fund may have limited recourse in the event of a default. The market prices of<br />&#xA0;&#xA0;&#xA0;debt obligations of foreign governments and their agencies, and the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;Intermediate Fund's net asset value ("NAV"), may be more volatile than prices <br />&#xA0;&#xA0;&#xA0;of U.S. debt obligations. <br /><br />&#xB7;&#xA0;&#xA0;Government-Sponsored Entities Risk. Securities issued by government-sponsored <br />&#xA0;&#xA0;&#xA0;entities may not be backed by the full faith and credit of the United States. <br /><br />&#xB7;&#xA0;&#xA0;Inflation Protected Securities Risk. Inflation protected securities include&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;the risk that the rate of inflation will be lower than expected or that the&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;relevant index intended to measure the rate of inflation will not accurately&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;measure the rate of inflation and the securities will not work as intended. <br /><br />&#xB7;&#xA0;&#xA0;Interest Rate Risk. The risk that fixed income securities will decline in&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;value because of an increase in interest rates; a fund with a longer average&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;portfolio duration will be more sensitive to changes in interest rates than a <br />&#xA0;&#xA0;&#xA0;fund with a shorter average portfolio duration. <br /><br />&#xB7;&#xA0;&#xA0;Issuer Risk. The value of securities held by the Intermediate Fund may&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;experience sudden, unpredictable drops in value or long periods of decline in <br />&#xA0;&#xA0;&#xA0;value due to reasons directly related to the issuer, including management&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;performance, financial leverage, and reduced demand for the issuer's goods and<br />&#xA0;&#xA0;&#xA0;services. <br /><br />&#xB7;&#xA0;&#xA0;Management Risk. Management risk means that your investment in the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;Intermediate Fund varies with the success and failure of the Advisor's&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;investment strategies and the Advisor's research, analysis and determination&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;of portfolio securities. <br /><br />&#xB7;&#xA0;&#xA0;New Fund Risk. The Intermediate Fund is new with no operating history and&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;there can be no assurance that the Fund will grow to or maintain an&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;economically viable size. <br /><br />&#xB7;&#xA0;&#xA0;Options Risk. Options on securities may be subject to greater fluctuations in <br />&#xA0;&#xA0;&#xA0;value than an investment in the underlying securities. Purchasing and writing <br />&#xA0;&#xA0;&#xA0;put and call options are highly specialized activities and entail greater than<br />&#xA0;&#xA0;&#xA0;ordinary investment risks. <br /><br />&#xB7;&#xA0;&#xA0;Small and Medium Companies Risk. Investing in securities of small and medium&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;capitalization companies may involve greater volatility than investing in&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;larger and more established companies because small and medium capitalization <br />&#xA0;&#xA0;&#xA0;companies can be subject to more abrupt or erratic share price changes than&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;larger, more established companies. <br /><br />The Intermediate Fund may be appropriate for investors who:<br /> <br />&#xB7;&#xA0;&#xA0;Have a long-term investment horizon; and<br /><br />&#xB7;&#xA0;&#xA0;Want to add an investment with potential for income and to diversify their&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;investment portfolio.</tt> Fees and Expenses Principal Investment Strategies of the Intermediate Fund www.davidsonmutualfunds.com <tt>When the Intermediate Fund has been in operation for a full calendar year,<br />performance information will be shown here. Updated performance information <br />will be available on the Fund's website at www.davidsonmutualfunds.com or <br />by calling the Fund toll-free at 1-877-332-0529.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Intermediate Fund. You may qualify for sales charge discounts if<br />you and your family invest, or agree to invest in the future, at least $100,000<br />in the Intermediate Fund. More information about these and other discounts is<br />available from your financial professional and in the "Class A Shares" section<br />on page 15 of the Intermediate Fund's statutory Prospectus and the<br />"Breakpoints/Volume Discounts and Sales Charge Waivers" section on page 47 of<br />the Intermediate Fund's Statement of Additional Information ("SAI").</tt> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/OperatingExpensesData_S000030918Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ShareholderFeesData_S000030918Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0000 70 290 -0.0032 0.0066 0.0035 2013-10-27 0.0000 0.0069 0.0101 0.0275 368 633 -0.0032 0.0066 0.0035 2013-10-27 0.0025 0.0094 0.0126 <tt>The Small/Mid Fund pays transaction costs, such as commissions, when it buys <br />and sells securities (or "turns over" its portfolio). A higher portfolio <br />turnover rate may indicate higher transaction costs and may result in higher <br />taxes when Small/Mid Fund shares are held in a taxable account. These costs, <br />which are not reflected in the Annual Fund Operating Expenses or in the <br />Example, affect the Small/Mid Fund's performance.</tt> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ExpenseExample_S000030917Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Davidson Small/Mid Equity Fund (the "Small/Mid Fund") seeks long-term<br />capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the Small/Mid <br />Fund with the cost of investing in other mutual funds. The Example assumes that you <br />invest $10,000 in the Small/Mid Fund for the time periods indicated and then either <br />redeem or do not redeem all of your shares at the end of those periods. The Example <br />also assumes that your investment has a 5% return each year and that the Small/Mid <br />Fund's operating expenses remain the same (taking into account the Expense Caps <br />only in the first year). Although your actual costs may be higher or lower, based <br />on these assumptions your costs would be:</tt> <tt>Under normal market conditions, the Small/Mid Fund invests at least 80% of its<br />net assets (plus any borrowings for investment purposes) in equity securities of<br />companies with small to medium market capitalizations. The Fund invests in small<br />to medium market capitalization companies with attractive fundamental<br />characteristics, including conservative balance sheets, strong returns on<br />invested capital, stable or improving profit margins, ample cash flow, and<br />long-term sales growth potential. The Fund seeks to achieve its investment<br />objective primarily through stock selection, with less emphasis on sector<br />weightings. Under current market conditions, the Advisor defines small and<br />medium-sized companies by reference to those companies within the market<br />capitalization range of the Russell 2500TM Index. As of September 30, 2012, that<br />capitalization range was $42.6 million to $10.1 billion and it is expected to<br />change frequently. Investments in companies that grow above these maximum<br />capitalization criteria may continue to be held if the Advisor believes they<br />remain attractive.<br /> <br />The Small/Mid Fund may seek to enhance returns through the use of other investment <br />strategies such as the use of options (for hedging purposes), foreign securities, <br />and other investment companies including ETFs. The Fund may invest up to 20% of its <br />net assets in put and call options. The Fund may invest up to 25% of its net assets <br />in foreign securities, including in ADRs and emerging markets. The Fund also may <br />invest up to 20% of its net assets in other investment companies.<br /> <br />The Advisor may sell a position if the fundamentals have deteriorated, a<br />security becomes fully valued, or for purposes of portfolio construction and<br />risk management. The Advisor may also sell a position if a better alternative<br />becomes available.<br /> <br />At the discretion of the Advisor, the Small/Mid Fund may invest its assets in<br />cash, cash equivalents, and high-quality, short-term debt securities and money<br />market instruments for temporary defensive purposes in response to adverse<br />market, economic or political conditions.</tt> Davidson Small/Mid Equity Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Small/Mid Fund. Example. Other expenses are based on estimated amounts for the current fiscal year. When the Small/Mid Fund has been in operation for a full calendar year, performance information will be shown here. Investment Objective Losing all or a portion of your investment is a risk of investing in the Small/Mid Fund. Principal Risks of Investing in the Small/Mid Fund Shareholder Fees (fees paid directly from your investment) If you redeem your shares at the end of the period: Performance 25000 1-877-332-0529 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>Losing all or a portion of your investment is a risk of investing in the<br />Small/Mid Fund. The following principal risks could affect the value of your<br />investment:<br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Equity Risk. Stock prices may fluctuate widely over short or even extended&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;periods in response to company, market, or economic news. Stock markets also <br />&#xA0;&#xA0;&#xA0;&#xA0;tend to move in cycles, with periods of rising stock prices and periods of&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;falling stock prices. <br /><br />&#xB7;&#xA0;&#xA0;&#xA0;ETF and Mutual Fund Risk. ETFs are typically open-end investment companies&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;that are bought and sold on a national securities exchange. Investment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;companies (mutual funds) and ETFs have management fees that are part of their<br />&#xA0;&#xA0;&#xA0;&#xA0;costs, and the Small/Mid Fund will indirectly bear its proportionate share of<br />&#xA0;&#xA0;&#xA0;&#xA0;these costs. <br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Foreign and Emerging Market Securities Risk. The Small/Mid Fund may invest in<br />&#xA0;&#xA0;&#xA0;&#xA0;foreign securities which are subject to special risks. Foreign securities can<br />&#xA0;&#xA0;&#xA0;&#xA0;be more volatile than domestic (U.S.) securities. Securities markets of other<br />&#xA0;&#xA0;&#xA0;&#xA0;countries are generally smaller than U.S. securities markets. Many foreign&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;securities may be less liquid and more volatile than U.S. securities, which&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;could affect the Fund's investments. These risks are enhanced in emerging&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;markets.<br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Management Risk. Management risk means that your investment in the Small/Mid <br />&#xA0;&#xA0;&#xA0;&#xA0;Fund varies with the success and failure of the Advisor's investment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;strategies and the Advisor's research, analysis and determination of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;portfolio securities. <br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Market and Issuer Risk. The risks that could affect the value of the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;Small/Mid Fund's shares and the total return on your investment include the&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;possibility that the securities held by the Fund will fluctuate as a result&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;of the movement of the overall stock market or of the value of the individual<br />&#xA0;&#xA0;&#xA0;&#xA0;securities held by the Fund. The value of securities held by the Fund may&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;experience sudden, unpredictable drops in value or long periods of decline in<br />&#xA0;&#xA0;&#xA0;&#xA0;value due to reasons directly related to the issuer, including management&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;performance, financial leverage, and reduced demand for the issuer's goods&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;and services.<br /><br />&#xB7;&#xA0;&#xA0;&#xA0;New Fund Risk. The Small/Mid Fund is new with no operating history and there <br />&#xA0;&#xA0;&#xA0;&#xA0;can be no assurance that the Fund will grow to or maintain an economically&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;viable size. <br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Options Risk. Options on securities may be subject to greater fluctuations in<br />&#xA0;&#xA0;&#xA0;&#xA0;value than an investment in the underlying securities. Purchasing and writing<br />&#xA0;&#xA0;&#xA0;&#xA0;put and call options are highly specialized activities and entail greater&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;than ordinary investment risks. <br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Small and Medium Companies Risk. Investing in securities of small and medium <br />&#xA0;&#xA0;&#xA0;&#xA0;capitalization companies may involve greater volatility than investing in&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;larger and more established companies because small and medium capitalization<br />&#xA0;&#xA0;&#xA0;&#xA0;companies can be subject to more abrupt or erratic share price changes than&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;larger, more established companies.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />The Small/Mid Fund may be appropriate for investors who:<br /> <br />&#xB7;&#xA0;&#xA0;&#xA0;Have a long-term investment horizon;<br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Want to add an investment with potential for capital appreciation to&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;diversify their investment portfolio;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Can accept the greater risks of investing in a portfolio with common stock&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;holdings; and&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />.&#xA0;&#xA0;&#xA0;Are not primarily concerned with principal stability.</tt> Fees and Expenses Principal Investment Strategies of the Small/Mid Fund www.davidsonmutualfunds.com <tt>When the Small/Mid Fund has been in operation for a full calendar year, performance <br />information will be shown here. Updated performance information will be available <br />on the Fund's website at www.davidsonmutualfunds.com or by calling the Fund toll-free <br />at 1-877-332-0529.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Small/Mid Fund. You may qualify for sales charge discounts if you<br />and your family invest, or agree to invest in the future, at least $25,000 in<br />the Small/Mid Fund. More information about these and other discounts is<br />available from your financial professional and in the "Class A Shares" section<br />on page 15 of the Funds' statutory Prospectus and the "Breakpoints/Volume<br />Discounts and Sales Charge Waivers" section on page 41 of the Funds' SAI.</tt> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/OperatingExpensesData_S000030917Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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> DFSOX 0.0000 318 218 716 -0.0021 -0.0100 0.0061 0.0075 2013-10-27 716 0.0100 0.0215 0.0236 0.0100 DFSAX 0.0500 635 635 963 -0.0021 -0.0100 0.0061 0.0075 2013-10-27 963 0.0025 0.0140 0.0161 0.0000 <tt>The Equity Income Fund pays transaction costs, such as commissions, when it buys <br />and sells securities (or "turns over" its portfolio). A higher portfolio turnover <br />rate may indicate higher transaction costs and may result in higher taxes when <br />Fund shares are held in a taxable account. These costs, which are not reflected <br />in the Annual Fund Operating Expenses or in the Example, affect the Equity Income <br />Fund's performance.</tt> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/ExpenseExample_S000030916Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Davidson Equity Income Fund (the "Equity Income Fund") seeks both income and<br />long-term capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in<br />the Equity Income Fund with the cost of investing in other mutual funds. The<br />Example assumes that you invest $10,000 in the Equity Income Fund for the time<br />periods indicated and then either redeem or do not redeem all of your shares at<br />the end of those periods. The Example also assumes that your investment has a 5%<br />return each year and that the Equity Income Fund's operating expenses remain the<br />same (taking into account the Expense Caps only in the first year). Although<br />your actual costs may be higher or lower, based on these assumptions your costs<br />would be:</tt> <tt>The Equity Income Fund normally invests at least 80% of its net assets (plus any<br />borrowings for investment purposes) in equity securities (including convertibles, <br />preferred stocks, partnerships and limited partnerships). The Fund invests across <br />a wide range of market capitalizations, while the overall portfolio maintains a <br />large capitalization emphasis. The equity securities in which the Fund will <br />generally invest include those which the Advisor believes have attractive <br />fundamental characteristics, including stable or improving returns on equity, a <br />solid balance sheet, and ample cash flow. The Fund seeks to achieve its investment <br />objective through investment in strategically advantaged companies that generate <br />free cash flow that can be used to reinvest in the company, pay down debt or <br />distribute to shareholders in the form of dividends and/or share repurchases.<br /> <br />The Equity Income Fund may seek to enhance returns through the use of other<br />investment strategies such as the use of options (for hedging purposes), foreign<br />securities, and other investment companies including exchange-traded funds<br />("ETFs"). The Fund may invest up to 20% of its net assets in put and call<br />options. The Fund may invest up to 25% of its net assets in foreign securities,<br />including in American Depositary Receipts ("ADRs") and emerging markets. The<br />Fund may invest up to 20% of its net assets in other investment companies.<br /> <br />The Advisor may sell a position if the fundamentals have deteriorated, a<br />security becomes fully valued, or for purposes of portfolio construction and<br />risk management. The Advisor may also sell a position if a better alternative<br />becomes available.<br /> <br />At the discretion of the Advisor, the Equity Income Fund may invest its assets<br />in cash, cash equivalents, and high-quality, short-term debt securities and<br />money market instruments for temporary defensive purposes in response to adverse<br />market, economic or political conditions.</tt> DAVIDSON EQUITY INCOME FUND You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Equity Income Fund. Example. Other expenses are based on estimated customary Fund expenses for the current fiscal year. When the Equity Income Fund has been in operation for a full calendar year, performance information will be shown here. Investment Objective Losing all or a portion of your investment is a risk of investing in the Equity Income Fund. Principal Risks of Investing in the Equity Income Fund Shareholder Fees (fees paid directly from your investment) If you redeem your shares at the end of the period: Performance 25000 1-877-332-0529 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>Losing all or a portion of your investment is a risk of investing in the Equity<br />Income Fund. The following principal risks could affect the value of your<br />investment:<br /> <br />&#xB7;&#xA0;&#xA0;Equity Risk. Stock prices may fluctuate widely over short or even extended&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;periods in response to company, market, or economic news. Stock markets also&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;tend to move in cycles, with periods of rising stock prices and periods of&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;falling stock prices.<br /><br />&#xB7;&#xA0;&#xA0;ETF and Mutual Fund Risk. ETFs are typically open-end investment companies&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;that are bought and sold on a national securities exchange. Investment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;companies (mutual funds) and ETFs have management fees that are part of their <br />&#xA0;&#xA0;&#xA0;costs, and the Equity Income Fund will indirectly bear its proportionate share<br />&#xA0;&#xA0;&#xA0;of these costs.<br /><br />&#xB7;&#xA0;&#xA0;Foreign and Emerging Market Securities Risk. The Equity Income Fund may invest<br />&#xA0;&#xA0;&#xA0;in foreign securities which are subject to special risks. Foreign securities&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;can be more volatile than domestic (U.S.) securities. Securities markets of&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;other countries are generally smaller than U.S. securities markets. Many&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;foreign securities may be less liquid and more volatile than U.S. securities, <br />&#xA0;&#xA0;&#xA0;which could affect the Fund's investments. The risks are enhanced in emerging <br />&#xA0;&#xA0;&#xA0;markets.<br /><br />&#xB7;&#xA0;&#xA0;Management Risk. Management risk means that your investment in the Equity&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;Income Fund varies with the success and failure of the Advisor's investment&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;strategies and the Advisor's research, analysis and determination of portfolio<br />&#xA0;&#xA0;&#xA0;securities. <br /><br />&#xB7;&#xA0;&#xA0;Market and Issuer Risk. The risks that could affect the value of the Equity&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;Income Fund's shares and the total return on your investment include the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;possibility that the securities held by the Fund will fluctuate as a result of<br />&#xA0;&#xA0;&#xA0;the movement of the overall stock market or of the value of the individual&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;securities held by the Fund. The value of securities held by the Fund may also<br />&#xA0;&#xA0;&#xA0;experience sudden, unpredictable drops in value or long periods of decline in <br />&#xA0;&#xA0;&#xA0;value due to reasons directly related to the issuer, including management&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;performance, financial leverage, and reduced demand for the issuer's goods and<br />&#xA0;&#xA0;&#xA0;services. <br /><br />&#xB7;&#xA0;&#xA0;New Fund Risk. The Equity Income Fund is new with no operating history and&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;there can be no assurance that the Fund will grow to or maintain an&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;economically viable size. <br /><br />&#xB7;&#xA0;&#xA0;Options Risk. Options on securities may be subject to greater fluctuations in <br />&#xA0;&#xA0;&#xA0;value than an investment in the underlying securities. Purchasing and writing <br />&#xA0;&#xA0;&#xA0;put and call options are highly specialized activities and entail greater than<br />&#xA0;&#xA0;&#xA0;ordinary investment risks. <br /><br />&#xB7;&#xA0;&#xA0;Small and Medium Companies Risk. Investing in securities of small and medium&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;capitalization companies may involve greater volatility than investing in&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;larger and more established companies because small and medium capitalization <br />&#xA0;&#xA0;&#xA0;companies can be subject to more abrupt or erratic share price changes than&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;larger, more established companies.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />The Equity Income Fund may be appropriate for investors who:<br /> <br />&#xB7;&#xA0;&#xA0;Have a long-term investment horizon;<br /><br />&#xB7;&#xA0;&#xA0;Want to add an investment with potential for both income and capital&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;appreciation to diversify their investment portfolio;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />&#xB7;&#xA0;&#xA0;Can accept the greater risks of investing in a portfolio with common stock&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;holdings; and&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /><br />.&#xA0;&#xA0;Are not primarily concerned with principal stability.</tt> Fees and Expenses Principal Investment Strategies of the Equity Income Fund www.davidsonmutualfunds.com <tt>When the Equity Income Fund has been in operation for a full calendar year,<br />performance information will be shown here. Updated performance information <br />will be available on the Fund's website at www.davidsonmutualfunds.com or <br />by calling the Fund toll-free at 1-877-332-0529.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Equity Income Fund. You may qualify for sales charge discounts if<br />you and your family invest, or agree to invest in the future, at least $25,000<br />in the Equity Income Fund. More information about these and other discounts is<br />available from your financial professional and in the "Class A Shares" section<br />on page 13 of the Equity Income Fund's statutory Prospectus and the<br />"Breakpoints/Volume Discounts and Sales Charge Waivers" section on page 47 of<br />the Fund's Statement of Additional Information ("SAI").</tt> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/OperatingExpensesData_S000030916Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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> 0.0000 288 188 646 -0.0031 -0.0100 0.0066 0.0050 2013-10-27 646 0.0100 0.0185 0.0216 0.0100 0.0500 607 607 895 -0.0031 -0.0100 0.0066 0.0050 2013-10-27 895 0.0025 0.0110 0.0141 0.0000 <tt>The Multi-Cap Fund pays transaction costs, such as commissions, when it buys <br />and sells securities (or "turns over" its portfolio). A higher portfolio <br />turnover rate may indicate higher transaction costs and may result in higher <br />taxes when Multi-Cap Fund shares are held in a taxable account. These costs, <br />which are not reflected in the Annual Fund Operating Expenses or in the <br />Example, affect the Multi-Cap Fund's performance. During the most recent <br />fiscal year, the Multi-Cap Fund's portfolio turnover rate was 13.95% of the <br />average value of its portfolio.</tt> <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> <tt>The Davidson Multi-Cap Equity Fund (the "Multi-Cap Fund") seeks long-term<br />capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the Multi-Cap <br />Fund with the cost of investing in other mutual funds. The Example assumes that you <br />invest $10,000 in the Multi-Cap Fund for the time periods indicated and then either <br />redeem or do not redeem all of your shares at the end of those periods. The Example <br />also assumes that your investment has a 5% return each year and that the Multi-Cap <br />Fund's operating expenses remain the same (taking into account the Expense Caps <br />only in the first year). Although your actual costs may be higher or lower, based <br />on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>Under normal market conditions, the Multi-Cap Fund invests at least 80% of its<br />net assets (including any borrowings for investment purposes) in equity<br />securities across a wide range of market capitalizations and investment styles<br />with attractive fundamental characteristics. The Fund looks for companies with<br />reasonable valuations, prudent debt levels, cash flow generation, attractive<br />growth characteristics and solid balance sheets. The Fund will invest its assets<br />in both value and growth stocks, as well as dividend-paying and non-dividend-paying <br />stocks. The Fund will seek to achieve its investment objective primarily through <br />stock selection, with less emphasis on sector weightings. As a result, the Fund <br />expects to only occasionally make modest sector changes, preferring to <br />differentiate performance by relative movement in individual stocks than in <br />sectors or industries .<br /> <br />The Multi-Cap Fund may seek to enhance returns through the use of other investment <br />strategies such as options (for hedging purposes), foreign securities (which may <br />include American Depositary Receipts ("ADRs"), dollar-denominated foreign <br />securities, or direct investment in foreign securities, including emerging markets), <br />and other investment companies (including exchange-traded funds ("ETFs")). The Fund <br />may invest up to 20% of its net assets in foreign securities. The Fund may invest <br />up to 20% of its net assets in put and call options.<br /> <br />The Advisor may sell a position if the fundamentals have deteriorated, catalysts<br />fail to develop, or a stock exceeds fair valuation. The Advisor may also sell a<br />position if a better alternative becomes available.<br /> <br />At the discretion of the Advisor, the Multi-Cap Fund may invest its assets in<br />cash, cash equivalents, and high-quality, short-term debt securities and money<br />market instruments for temporary defensive purposes in response to adverse<br />market, economic or political conditions.</tt> Davidson Multi-Cap Equity Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Multi-Cap Fund. Example. The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Objective The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Losing all or a portion of your investment is a risk of investing in the Multi-Cap Fund. Principal Risks of Investing in the Multi-Cap Fund Shareholder Fees (fees paid directly from your investment) If you redeem your shares at the end of the period: The return after taxes on distributions and sale of Fund shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares. 0.1395 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Annual Returns as of December 31 Sales loads are not reflected in the bar chart; if these amounts were reflected, returns would be less than those shown. Performance 25000 <tt>The after-tax returns were calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on an investor's tax situation <br />and may differ from those shown, and after-tax returns are not relevant to <br />investors who hold shares of the Fund through tax-deferred arrangements, such <br />as 401(k) plans or individual retirement accounts ("IRAs").<br /><br />The return after taxes on distributions and sale of Fund shares is higher than<br />other return figures when a capital loss occurs upon the redemption of Fund<br />shares.</tt> The following information provides some indication of the risks of investing in the Multi-Cap Fund by showing changes in the Fund's Class A shares' performance from year to year and by showing how the Fund's average annual returns for 1 year and since inception compare with those of a broad measure of market performance. <tt>The Fund's year-to-date return as of September 30, 2012 was 15.36%. <br /><br />During the period of time shown in the bar chart, the highest return <br />for a calendar quarter was 16.49% (quarter ended June 30, 2009) and <br />the lowest return for a calendar quarter was -16.13% (quarter ended <br />September 30, 2011).</tt> 1-877-332-0529 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>Losing all or a portion of your investment is a risk of investing in the<br />Multi-Cap Fund. The following principal risks could affect the value of your<br />investment:<br /> <br />&#xB7;&#xA0;&#xA0;&#xA0;Equity Risk. Stock prices may fluctuate widely over short or even extended&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;periods in response to company, market, or economic news. Stock markets also <br />&#xA0;&#xA0;&#xA0;&#xA0;tend to move in cycles, with periods of rising stock prices and periods of&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;falling stock prices.<br />&#xA0;&#xA0;<br />&#xB7;&#xA0;&#xA0;&#xA0;ETF and Mutual Fund Risk. ETFs are typically open-end investment companies&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;that are bought and sold on a national securities exchange. Investment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;companies (mutual funds) and ETFs have management fees that are part of their<br />&#xA0;&#xA0;&#xA0;&#xA0;costs, and the Multi-Cap Fund will indirectly bear its proportionate share of<br />&#xA0;&#xA0;&#xA0;&#xA0;these costs.<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xB7;&#xA0;&#xA0;&#xA0;Foreign and Emerging Market Securities Risk. The Multi-Cap Fund may invest in<br />&#xA0;&#xA0;&#xA0;&#xA0;foreign securities which are subject to special risks. Foreign securities can<br />&#xA0;&#xA0;&#xA0;&#xA0;be more volatile than domestic (U.S.) securities. Securities markets of other<br />&#xA0;&#xA0;&#xA0;&#xA0;countries are generally smaller than U.S. securities markets. Many foreign&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;securities may be less liquid and more volatile than U.S. securities, which&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;could affect the Fund's investments. These risks are enhanced in emerging&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;markets. <br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Management Risk. Management risk means that your investment in the Multi-Cap <br />&#xA0;&#xA0;&#xA0;&#xA0;Fund varies with the success and failure of the Advisor's investment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;strategies and the Advisor's research, analysis and determination of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;portfolio securities.<br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Market and Issuer Risk. The risks that could affect the value of the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;Multi-Cap Fund's shares and the total return on your investment include the&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;possibility that the securities held by the Fund will fluctuate as a result&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;of the movement of the overall stock market or of the value of the individual<br />&#xA0;&#xA0;&#xA0;&#xA0;securities held by the Fund. The value of securities held by the Fund may&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;also experience sudden, unpredictable drops in value or long periods of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;decline in value due to reasons directly related to the issuer, including&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;management performance, financial leverage, and reduced demand for the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;issuer's goods and services.<br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Options Risk. Options on securities may be subject to greater fluctuations in<br />&#xA0;&#xA0;&#xA0;&#xA0;value than an investment in the underlying securities. Purchasing and writing<br />&#xA0;&#xA0;&#xA0;&#xA0;put and call options are highly specialized activities and entail greater&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;than ordinary investment risks. <br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Small and Medium Companies Risk. Investing in securities of small and medium <br />&#xA0;&#xA0;&#xA0;&#xA0;capitalization companies may involve greater volatility than investing in&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;larger and more established companies because small and medium capitalization<br />&#xA0;&#xA0;&#xA0;&#xA0;companies can be subject to more abrupt or erratic share price changes than&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;larger, more established companies. <br /><br />The Multi-Cap Fund may be appropriate for investors who:<br /> <br />&#xB7;&#xA0;&#xA0;&#xA0;Have a long-term investment horizon; <br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Want to add an investment with potential for capital appreciation to&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;diversify their investment portfolio; and <br /><br />&#xB7;&#xA0;&#xA0;&#xA0;Can accept the greater risks of investing in a portfolio with equity holdings.</tt> Fees and Expenses Principal Investment Strategies of the Multi-Cap Fund www.davidsonmutualfunds.com <tt>The following information provides some indication of the risks of investing in<br />the Multi-Cap Fund by showing changes in the Fund's Class A shares' performance<br />from year to year and by showing how the Fund's average annual returns for 1<br />year and since inception compare with those of a broad measure of market<br />performance. Sales loads are not reflected in the bar chart; if these amounts<br />were reflected, returns would be less than those shown. The Fund's past<br />performance, before and after taxes, is not necessarily an indication of how the<br />Fund will perform in the future. Updated performance information is available on<br />the Fund's website at www.davidsonmutualfunds.com or by calling the Fund<br />toll-free at 1-877-332-0529.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Multi-Cap Fund. You may qualify for sales charge discounts if you<br />and your family invest, or agree to invest in the future, at least $25,000 in<br />the Multi-Cap Fund. More information about these and other discounts is<br />available from your financial professional and in the "Class A Shares" section<br />on page 15 of the Funds' statutory Prospectus and the "Breakpoints/Volume<br />Discounts and Sales Charge Waivers" section on page 41 of the Funds' Statement<br />of Additional Information ("SAI").</tt> <div style="display:none">~ http://www.davidsonmutualfunds.com/role/OperatingExpensesData_S000022607Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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> Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 0.0103 0.0134 2008-08-11 0.1591 2009-07-01 Return After Taxes on Distributions and Sale of Fund Shares -0.0276 -0.0026 2008-08-11 Return After Taxes on Distributions -0.0669 -0.0059 2008-08-11 DFMCX 0.0000 Return Before Taxes 293 193 674 -0.0037 2577 -0.0100 1181 -0.0230 0.0062 0.0065 2013-10-27 2577 674 1181 0.0100 0.0190 0.0227 0.0100 0.1345 2009-07-01 DFMAX lowest return for a calendar quarter highest return for a calendar quarter 0.0500 2012-09-30 Return Before Taxes 611 2009-06-30 611 920 -0.1613 -0.0036 0.1846 2182 -0.0100 1250 0.1649 -0.0558 0.0061 0.0065 2013-10-27 2011-09-30 2182 0.2860 920 1250 year-to-date return -0.0063 0.0025 0.0115 0.0151 -0.0020 2008-08-11 0.1536 0.0000 0001027596 ck0001027596:SummaryS000022607Memberck0001027596:S000022607Memberck0001027596:C000065364Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000022607Memberck0001027596:S000022607Memberck0001027596:C000065365Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000022607Memberck0001027596:S000022607Memberrr:AfterTaxesOnDistributionsMemberck0001027596:C000065364Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000022607Memberck0001027596:S000022607Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001027596:C000065364Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000022607Memberck0001027596:S000022607Memberck0001027596:RRINDEX00001Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000022607Memberck0001027596:S000022607Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000030916Memberck0001027596:S000030916Memberck0001027596:C000095903Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000030916Memberck0001027596:S000030916Memberck0001027596:C000095904Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000030916Memberck0001027596:S000030916Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000030917Memberck0001027596:S000030917Memberck0001027596:C000095905Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000030917Memberck0001027596:S000030917Memberck0001027596:C000095906Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000030917Memberck0001027596:S000030917Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000030918Memberck0001027596:S000030918Memberck0001027596:C000095907Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000030918Memberck0001027596:S000030918Memberck0001027596:C000095908Member 2012-10-28 2012-10-28 0001027596 ck0001027596:SummaryS000030918Memberck0001027596:S000030918Member 2012-10-28 2012-10-28 0001027596 2012-10-28 2012-10-28 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 Multi-Cap Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 1.15% of average daily net assets of the Multi-Cap Fund's Class A shares and 1.90% of average daily net assets of the Multi-Cap Fund's Class C shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 27, 2013, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Advisor may request recoupment of previously waived fees and paid expenses from the Multi-Cap Fund for three years from the date they were waived or paid, subject to the Expense Caps. Other expenses are based on estimated customary Fund expenses for the current fiscal year. Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Equity Income Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 1.10% and 1.85% of average daily net assets of the Equity Income Fund's Class A and Class C shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least October 27, 2013, and may be terminated only by Advisors Series Trust's Board of Trustees (the "Board"). The Advisor may request recoupment of previously waived fees and paid expenses from the Equity Income Fund for three years from the date they were waived or paid, subject to the Expense Caps. Other expenses are based on estimated amounts for the current fiscal year. The Advisor has contractually agreed to waive all or a portion of its management fees and pay expenses of the Small/Mid Fund to ensure that Net Annual Fund Operating Expenses (excluding AFFE, interest, taxes and extraordinary expenses) do not exceed 1.40% of average daily net assets of the Small/Mid Fund's Class A shares and 2.15% of average daily net assets of the Small/Mid Fund's Class C shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 27, 2013, and may be terminated only by the Board. The Advisor may request recoupment of previously waived fees and paid expenses from the Small/Mid Fund for three years from the date they were waived or paid, subject to the Expense Caps. Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Intermediate Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 0.94% of average daily net assets of the Intermediate Fund's Class A shares and 0.69% of average daily net assets of the Intermediate Fund's Class I shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 27, 2013, and may be terminated only by Advisors Series Trust's Board of Trustees (the "Board"). The Advisor may request recoupment of previously waived fees and paid expenses from the Intermediate Fund for three years from the date they were waived or paid, subject to the Expense Caps. 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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 28, 2012
Davidson Multi-Cap Equity Fund (Prospectus Summary) | Davidson Multi-Cap Equity Fund
 
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.
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").
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.
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:
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.
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.
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.
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).
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]