0001170611 2012-09-28 2012-09-28 0001170611 braggct:S000004902Member 2012-09-28 2012-09-28 0001170611 braggct:S000004902Member braggct:C000013256Member 2012-09-28 2012-09-28 0001170611 braggct:S000004902Member braggct:C000013256Member rr:AfterTaxesOnDistributionsMember 2012-09-28 2012-09-28 0001170611 braggct:S000004902Member braggct:C000013256Member rr:AfterTaxesOnDistributionsAndSalesMember 2012-09-28 2012-09-28 0001170611 braggct:S000004902Member braggct:snpcitiMember 2012-09-28 2012-09-28 iso4217:USD pure shares iso4217:USD shares 0001170611 BRAGG CAPITAL TRUST 485BPOS false Fund Summary: Queens Road Value Fund Investment Objective The Fund seeks long-term capital growth. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Performance Bar ChartCalendar Years Ended December 31 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact braggct_S000004902Member ~ </div> 0 0 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact braggct_S000004902Member ~ </div> 0.0095 0 0 0.0002 0.0097 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact braggct_S000004902Member ~ </div> 99 309 536 1190 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 5% of the average value of its portfolio. Principal Investment Strategies The Fund seeks to achieve its investment objective by investing primarily in the equity securities (common stocks, preferred stocks and convertible securities) of U.S. companies. Investments will be made based on their potential for capital growth without limitation on issuer capitalization. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. The Fund’s investment advisor, Bragg Financial Advisors, Inc., invests the Fund’s assets by pursuing a value-oriented strategy. The advisor’s strategy begins with a screening process that seeks to identify companies whose stocks sell at discounted price-to-earnings (P/E) and price-to-cash flow (P/CF) multiples. The advisor favors companies that maintain strong balance sheets and have experienced management. Generally, the investment advisor attempts to identify situations where stock prices are undervalued by the market. The advisor sells securities when it believes they are trading for more than their intrinsic value, to generate tax losses to offset taxable gains, or if additional cash is needed to fund redemptions. Principal Investment Risks As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s net asset value and performance.   Equity Risk   The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole.   Diversification   Because the Fund is non-diversified, economic, political, or other conditions that affect the issuers in which the Fund may be heavily invested may result in greater fluctuation in the price of the Fund’s shares than if the Fund was more widely diversified.   Issuer-specific changes   The value of an individual security can be more volatile than the market as a whole and can perform differently than the value of the market as a whole.   Portfolio strategy   The investment advisor’s skill in choosing appropriate investments for the Fund will determine, in part, the Fund’s ability to achieve its investment objective.   Small and medium cap securities   The prices of securities of small and medium capitalization companies generally are more volatile, less liquid; and more likely to be adversely affected by poor economic or market conditions than securities of larger companies. Small and medium size companies may have limited product lines, markets or financial resources, and they may be dependent upon a limited management group.   Stock market volatility   Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments.   Value investing   The value approach to investing involves the risk that those stocks may remain undervalued. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time.   Who May Want to Invest in the Fund?   Queens Road Value Fund is designed for investors who seek one or more of the following:   • a stock fund with the long-term goal of growth of capital   • a fund to complement a portfolio of other investments   • are willing to accept significant changes (up or down) in the value of an investment   The Fund is NOT appropriate for investors who:   • want to avoid high volatility or possible losses   • want an investment that pursues market trends or focuses on particular sectors or industries   • are pursuing a short-term goal or investing emergency reserve money   • are seeking a high level of regular income or preservation of capital Performance The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s shares for each full calendar year since the Fund’s inception. The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). The S&P 500/Citigroup Value Index is a market-capitalization-weighted index developed by Standard and Poor’s consisting of those stocks within the S&P 500 Index that exhibit strong value characteristics. The S&P 500/Citigroup Value Index uses a numerical ranking system based on four value factors and three growth factors to determine the constituents and their weightings. The value factors include: book value to price ratio, cash flow to price ratio, sales to price ratio and dividend yield. The growth factors include: earnings per share growth rate, sales per share growth rate and internal growth rate each measured over five years. The index is an unmanaged benchmark that assumes reinvestment of all distributions and excludes the effect of taxes and fees. Individuals cannot invest directly in an index. <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact braggct_S000004902Member ~ </div> 0.3018 0.1149 0.0583 0.1631 0.0353 -0.3313 0.2147 0.0721 0.0507 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 60%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 35%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 3pt">Best Quarter: </td> <td style="width: 45%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 3pt">Ending June 30, 2003 </td> <td style="width: 20%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 3pt">15.9%</td></tr> <tr style="vertical-align: top; background-color: white"> <td style="border-bottom: black 1.5pt solid; padding: 3pt">Worst Quarter: </td> <td style="border-bottom: black 1.5pt solid; padding: 3pt">Ending December 31, 2008 </td> <td style="border-bottom: black 1.5pt solid; padding: 3pt">-20.84% </td></tr> </table>  The total return for Fund shares from January 1, 2012 to June 30, 2012 was 3.74%. Performance TableAverage Annual Total Returns(For periods ended December 31, 2011) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact braggct_S000004902Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0507 -0.0108 0.055 2002-06-13 0.0489 -0.0131 0.0502 2002-06-13 0.0353 -0.0093 0.0464 2002-06-13 -0.0048 -0.0296 0.0402 2002-06-13 QRVLX Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. 0.05 As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Diversification. Because the Fund is non-diversified, economic, political, or other conditions that affect the issuers in which the Fund may be heavily invested may result in greater fluctuation in the price of the Fund's shares than if the Fund was more widely diversified. The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Best Quarter: 2003-06-30 0.159 Worst Quarter: 2008-12-31 -0.2084 total return for Fund shares from January 1, 2012 to June 30, 2012 2012-06-30 0.0374 After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA"). 2012-09-28 2012-09-28 2012-09-28 2012-05-31 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. 0001170611 braggct:S000004901Member 2012-09-28 2012-09-28 0001170611 braggct:S000004901Member braggct:C000013255Member 2012-09-28 2012-09-28 0001170611 braggct:S000004901Member braggct:C000013255Member rr:AfterTaxesOnDistributionsMember 2012-09-28 2012-09-28 0001170611 braggct:S000004901Member braggct:C000013255Member rr:AfterTaxesOnDistributionsAndSalesMember 2012-09-28 2012-09-28 0001170611 braggct:S000004901Member braggct:r2kviMember 2012-09-28 2012-09-28 Fund Summary: Queens Road Small Cap Value Fund Investment Objective The Fund seeks long-term capital growth. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Performance Bar ChartCalendar Years Ended December 31 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact braggct_S000004901Member ~ </div> 0 0 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact braggct_S000004901Member ~ </div> 0.0124 0 0 0.0003 0.0127 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact braggct_S000004901Member ~ </div> 129 403 697 1534 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 14% of the average value of its portfolio. Principal Investment Strategies The Fund seeks to achieve its investment objective by investing primarily in the equity securities (common stocks, preferred stocks and convertible securities) of small capitalization U.S. companies. The Fund defines small capitalization (small cap) companies as those with a market capitalization of no more than $2 billion at the time of purchase. Under normal circumstances, the Fund will invest at least 80% of its assets (for the purpose of this requirement, net assets includes net assets plus any borrowings for investment purposes) in equity securities of companies with small market capitalization. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. The Fund’s investment advisor, Bragg Financial Advisors, Inc., invests the Fund’s assets by pursuing a value-oriented strategy. The advisor’s strategy begins with a screening process that seeks to identify small cap companies whose stocks sell at discounted price-to-earnings (P/E) and price-to-cash flow (P/CF) multiples. The advisor favors companies that maintain strong balance sheets and have experienced management. Generally, the investment advisor attempts to identify situations where stock prices are undervalued by the market. The advisor sells securities when it believes they are trading for more than their intrinsic value, to generate tax losses to offset taxable gains, or if additional cash is needed to fund redemptions. Principal Investment Risks As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s net asset value and performance. Equity Risk The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. Diversification Because the Fund is non-diversified, economic, political, or other conditions that affect the issuers in which the Fund may be heavily invested may result in greater fluctuation in the price of the Fund’s shares than if the Fund was more widely diversified. Issuer-specific changes The value of an individual security can be more volatile than the market as a whole and can perform differently than the value of the market as a whole. Portfolio strategy The investment advisor’s skill in choosing appropriate investments for the Fund will determine, in part, the Fund’s ability to achieve its investment objective. Small cap securities The prices of securities of small capitalization companies generally are more volatile, less liquid; and more likely to be adversely affected by poor economic or market conditions than securities of larger companies. Small companies may have limited product lines, markets or financial resources, and they may be dependent upon a limited management group. Stock market volatility Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. Value investing The value approach to investing involves the risk that those stocks may remain undervalued. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time. Who May Want to Invest in the Fund? The Queens Road Small Cap Value Fund is designed for investors who seek one or more of the following: • an aggressive stock fund with the long-term goal of growth of capital • a fund to complement a portfolio of more conservative investments • are willing to accept significant changes (up or down) in the value of an investment The Fund is NOT appropriate for investors who: • want to avoid high volatility or possible losses • want an investment that pursues market trends or focuses on particular sectors or industries • are pursuing a short term goal or investing emergency reserve money • are seeking regular income or preservation of capital Performance The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s shares for each full calendar year since the Fund’s inception. The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. The index is an unmanaged benchmark that assumes reinvestment of all distributions and excludes the effect of taxes and fees. Individuals cannot invest directly in an index. <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact braggct_S000004901Member ~ </div> 0.426 0.2647 0.0157 0.1002 0.0202 -0.2381 0.325 0.2133 -0.0336 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 60%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 35%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 3pt">Best Quarter: </td> <td style="width: 45%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 3pt">Ending June 30, 2009 </td> <td style="width: 20%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 3pt">23.81%</td></tr> <tr style="vertical-align: top; background-color: white"> <td style="border-bottom: black 1.5pt solid; padding: 3pt">Worst Quarter: </td> <td style="border-bottom: black 1.5pt solid; padding: 3pt">Ending December 31, 2008 </td> <td style="border-bottom: black 1.5pt solid; padding: 3pt">-19.06% </td></tr> </table>  The total return for Fund shares from January 1, 2012 to June 30, 2012 was -0.06%. Performance TableAverage Annual Total Returns(For periods ended December 31, 2011) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact braggct_S000004901Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> -0.0336 0.0384 0.0942 2002-06-13 -0.0455 0.0325 0.0878 2002-06-13 -0.0107 0.0317 0.0814 2002-06-13 -0.055 -0.0187 0.0626 2002-06-13 QRSVX Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. 0.14 As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Diversification. Because the Fund is non-diversified, economic, political, or other conditions that affect the issuers in which the Fund may be heavily invested may result in greater fluctuation in the price of the Fund’s shares than if the Fund was more widely diversified. The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. total return for Fund shares from January 1, 2012 to June 30, 2012 2012-06-30 -0.0006 Best Quarter: 2009-06-30 0.2381 Worst Quarter: 2008-12-31 -0.1906 After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.