XML 10 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
Risk/Return: 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” or the “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 10 of the Fund’s statutory Prospectus and the “Breakpoints/Volume Discounts and Sales Charge Waivers” section on page 39 of the Fund’s 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)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2015-10-27
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 11.59% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 11.59%
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 25% of its net assets in foreign securities.  The Fund may invest up to 20% of its net assets in put and call options and 20% of its net assets in other investment companies.

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.  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 Class A and Class C for 1 year, 5 years (for Class A) and since inception compare with those of a broad measure of market performance.  Because Class I has not been in operation for a full calendar year, performance information is not provided.  Class I shares would have substantially similar returns because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.  Sales loads are reflected in the table but are not reflected in the bar chart; if these amounts were reflected in the bar chart, 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 Class A and Class C for 1 year, 5 years (for Class A) 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 Class A - Annual Returns as of December 31*
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Sales loads are reflected in the table but are not reflected in the bar chart; if these amounts were reflected in the bar chart, returns would be less than those shown.
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock
*The Fund’s year-to-date return as of September 30, 2014 was 4.18%.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
During the period of time shown in the bar chart, the highest return for a calendar quarter was 16.49% (quarter ended June 30, 2009) and the lowest return for a calendar quarter was -16.13% (quarter ended September 30, 2011).
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2014
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 4.18%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.49%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (16.13%)
Performance Table Does Reflect Sales Loads rr_PerformanceTableDoesReflectSalesLoads Sales loads are reflected in the table but are not reflected in the bar chart; if these amounts were reflected in the bar chart, returns would be less than those shown.
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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown The after-tax returns are shown only for the Class A Shares and the after-tax returns for the Class C shares will vary to the extent it has different expenses.
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 after-tax returns are shown only for the Class A Shares and the after-tax returns for the Class C shares will vary to the extent it has different expenses.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (for the periods ended December 31, 2013)
Russell 3000® Index Class A Comparison (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Russell 3000® Index Class A Comparison (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 33.55%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 18.71%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.44%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 11, 2008
Russell 3000® Index Class C Comparison (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Russell 3000® Index Class C Comparison (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 33.55%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 18.71%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 19.73%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 01, 2009
Class A
 
Risk/Return: 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_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a percentage of Amount Redeemed) 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 0.48%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.38%
Less: Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.23%) [1]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 1.15%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 611
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 894
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,197
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,056
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 611
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 894
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,197
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,056
Annual Return 2009 rr_AnnualReturn2009 28.60%
Annual Return 2010 rr_AnnualReturn2010 18.46%
Annual Return 2011 rr_AnnualReturn2011 (0.63%)
Annual Return 2012 rr_AnnualReturn2012 17.50%
Annual Return 2013 rr_AnnualReturn2013 33.30%
Label rr_AverageAnnualReturnLabel Class A Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 26.65%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 17.64%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.54%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 11, 2008
Class A | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Class A Shares Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 25.21%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 17.00%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 7.98%
Class A | After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Class A Shares Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.20%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 14.31%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 6.73%
Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a percentage of Amount Redeemed) 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 0.48%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.13%
Less: Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.23%) [1]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 1.90%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 293
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 645
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,123
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,444
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 193
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 645
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,123
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,444
Label rr_AverageAnnualReturnLabel Class C Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 31.38%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 18.12%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 01, 2009
Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.50%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.15%
Less: Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [1]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 0.90%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 92
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 341
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 609
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,375
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 92
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 341
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 609
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,375
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because Class I has not been in operation for a full calendar year, performance information is not provided.
[1] Davidson Investment Advisors, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Multi-Cap Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), taxes, interest expense, dividends on securities sold short and extraordinary expenses) do not exceed 1.15% of average daily net assets of the Multi-Cap Fund's Class A shares, 1.90% of average daily net assets of the Multi-Cap Fund's Class C shares and 0.90% of average daily net assets of the Multi-Cap Fund's Class I shares (the "Expense Caps"). The Expense Caps will remain in effect through at least October 27, 2015, 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.