0001464413
cik0001464413:S000026765Member
rr:AfterTaxesOnDistributionsMember
cik0001464413:C000080295Member
2012-09-28
2012-09-28
0001464413
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2012-09-28
2012-09-28
0001464413
cik0001464413:S000026765Member
cik0001464413:Russell3000GrowthIndexMember
2012-09-28
2012-09-28
0001464413
cik0001464413:S000026765Member
2012-09-28
2012-09-28
0001464413
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2012-09-28
2012-09-28
0001464413
2012-09-28
2012-09-28
iso4217:USD
xbrli:pure
false
2012-09-28
2012-09-28
2012-05-31
485BPOS
0001464413
Starboard Investment Trust
0.0021
<div> <div style="display:none;" >~ http://www.ncfunds.com/role/ScheduleAnnualFundOperatingExpensesCaritasAllCapGrowthFundNew column period compact * column dei_LegalEntityAxis compact cik0001464413_S000026765Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> </div>
0.1893
-0.0545
0.0295
0.0964
0.0248
0.0273
-0.1089
0.0218
-0.0670
-0.1118
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PERFORMANCE INFORMATION</font></div>
<div> <div class="MetaData">
<div align="center">
<table style="width: 95%; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="95%">
<tr><td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: black 1.5pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 0in; width: 55%; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="55%" colspan="3">
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><b><u><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Quarterly Returns</font></u></b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> </font></p>
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"> </p></td></tr>
<tr><td style="border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 0in; padding-left: 0in; width: 55%; padding-right: 0in; background: black; border-top: medium none; border-right: black 1pt solid; padding-top: 0in;" width="55%" colspan="3">
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><b><font style="font-family: 'Times New Roman','serif'; color: white; font-size: 10pt;" class="_mt">Highest and Lowest Returns During This Time Period</font></b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> </font></p></td></tr>
<tr><td style="border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 0in; padding-left: 0in; width: 32%; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" class="MetaData" width="32%">
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Highest return for a quarter</font></p></td>
<td style="border-bottom: black 1.5pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 0in; width: 7%; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" width="7%">
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"><font class="_mt"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">11.46</font></font>%</font></p></td>
<td style="border-bottom: black 1.5pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 0in; width: 16%; padding-right: 0in; border-top: medium none; border-right: black 1pt solid; padding-top: 0in;" width="16%">
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Quarter ended</font></p>
<div>
<div>
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">December 31, 2010</font></p></div></div></td></tr>
<tr><td style="border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 0in; padding-left: 0in; width: 32%; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" class="MetaData" width="32%">
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Lowest return for a quarter</font></p></td>
<td style="border-bottom: black 1.5pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 0in; width: 7%; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" width="7%">
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"><font class="_mt"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">-18.82</font></font>%</font></p></td>
<td style="border-bottom: black 1.5pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 0in; width: 16%; padding-right: 0in; border-top: medium none; border-right: black 1pt solid; padding-top: 0in;" width="16%">
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Quarter ended</font></p>
<div>
<div>
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">September 30, 2011</font></p></div></div></td></tr>
<tr><td style="border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 0in; padding-left: 0in; width: 32%; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" class="MetaData" width="32%">
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Year-to-date return as of most recent quarter</font></p></td>
<td style="border-bottom: black 1.5pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 0in; width: 7%; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" width="7%">
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"><font class="_mt"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">8.30</font></font>%</font></p></td>
<td style="border-bottom: black 1.5pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 0in; width: 16%; padding-right: 0in; border-top: medium none; border-right: black 1pt solid; padding-top: 0in;" width="16%">
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Quarter ended</font></p>
<div>
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">June 30, 2012</font></p></div></td></tr></table></div>
<p> </p>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Sales loads are not reflected in the chart and table above. If these amounts were reflected, returns would be less than those shown</font></font>.</font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> </div></div> </div>
<font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Sales loads are not reflected in the chart and table above. If these amounts were reflected, returns would be less than those shown</font>
<div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">Calendar Year Returns</font></font></div>
0.1146
2010-12-31
-0.1882
2011-09-30
<div> <div style="display:none;" >~ http://www.ncfunds.com/role/ScheduleAnnualTotalReturnsCaritasAllCapGrowthFundBarChart column period compact * column primary compact * row dei_LegalEntityAxis compact cik0001464413_S000026765Member row rr_ProspectusShareClassAxis compact * ~</div> </div>
0.0830
2012-06-30
0.0025
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<font class="_mt">25,000</font> in the Fund
25000
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Example. </font></font></div>
<div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">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 the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div> </div>
<div> <div style="display:none;" >~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedCaritasAllCapGrowthFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000026765Member column rr_ProspectusShareClassAxis compact * ~</div> </div>
781
1476
2191
4072
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">FEES AND EXPENSES OF THE FUND</font></div>
<div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. <font class="_mt">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<font class="_mt">25,000</font> in the Fund</font>. More information about these and other discounts is available from your financial professional and in the section "Purchasing Shares" in this prospectus and the section "Additional Purchase and Redemption Information" in the Fund's statement of additional information.</font></div> </div>
The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses
0.0353
-0.0137
December 1, 2013
Highest return for a quarter
Lowest return for a quarter
0.0125
0
0.0575
0.0216
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify">
<table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr style="line-height: 11.4pt;" valign="top"><td>
<div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">INVESTMENT OBJECTIVE</font></div></td></tr></table></div>
<div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The<font style="display: inline; font-weight: bold;" class="_mt"> Caritas All-Cap Growth Fund</font> (the "Fund") seeks capital appreciation.</font></div> </div>
<div class="MetaData">
<p>
</p>
<table style="width: 100%; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr><td style="padding-bottom: 0in; padding-left: 0in; width: 46%; padding-right: 0in; padding-top: 0in;" valign="bottom" width="46%">
<p style="line-height: 11.4pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal"><b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Annual Fund Operating Expenses</font></b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> </font></p></td>
<td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" width="271">
<p style="margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal"> </p></td></tr>
<tr><td style="border-bottom: black 1.5pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 0in; width: 59%; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="59%" colspan="2">
<p style="line-height: 11.4pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal"><i><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">(expenses that you pay each year as a percentage of the value of your investment)</font></i><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> </font></p></td></tr></table></div>
0.0182
<a href="CaritasAll-CapGrowthFund.html">https://caritascapital.com/CaritasAll-CapGrowthFund.html</a>
<font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The bar chart and tables shown below provide an indication of the risks of investing in the Fund by showing changes in the performance from year to year and by showing how the Fund's average annual total returns compare to that of a broad-based securities market index</font>
<div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The bar chart and tables shown below provide an indication of the risks of investing in the Fund by showing changes in the performance from year to year and by showing how the Fund's average annual total returns compare to that of a broad-based securities market index</font></font>. <font class="_mt">The Fund's past performance is not necessarily an indication of how the Fund will perform in the future</font>. Updated information on the Fund's results can be obtained by visiting <font class="_mt"><a href="CaritasAll-CapGrowthFund.html">https://caritascapital.com/CaritasAll-CapGrowthFund.html</a></font>.</font></div> </div>
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future
<div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes</font></font>. <font class="_mt">Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA)</font>. <font class="_mt">After-tax returns are shown for only one class of shares and after-tax returns will vary for other classes</font>.</font></div> </div>
<div class="MetaData">
<p style="text-align: center; line-height: 10.25pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal" align="center"><b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Average Annual Total Returns Periods Ended December 31, 2011 (returns with maximum sales charge)</font></b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> </font></p></div>
Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA)
After-tax returns are shown for only one class of shares and after-tax returns will vary for other classes
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<font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes</font>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover.</font> </font></div>
0.8749
<div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in 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 <font class="_mt">87.49</font>% of the average value of its portfolio.</font></div> </div>
2012-09-28
-0.02
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div>
<font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font>
<div> <div class="MetaData">
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font></font>. </font>Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested<font style="display: inline; font-family: Times New Roman;" class="_mt">. </font>There can be no assurance that the Fund will be successful in meeting its investment objective<font style="display: inline; font-family: Times New Roman;" class="_mt">. </font>Generally, the Fund will be subject to the following principal risks:</font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> </div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Market Risk. </font>Market risk refers to the possibility that the value of securities held by the Fund may decline <font style="display: inline;" class="_mt">due to daily fluctuations in the securities markets</font><font style="display: inline; font-family: Times New Roman;" class="_mt">. </font>Stock prices change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general<font style="display: inline; font-family: Times New Roman;" class="_mt">. </font>The price of a stock may<font style="display: inline;" class="_mt"> even be affected by factors unrelated to the value or condition of its issuer, such as changes in interest rates, national and international economic and/or political conditions and general equity market conditions</font><font style="display: inline; font-family: Times New Roman;" class="_mt">. </font><font style="display: inline;" class="_mt">In a declining stock market, prices for all companies (including those in the Fund's portfolio) may decline regardless of their long-term prospects</font><font style="display: inline; font-family: Times New Roman;" class="_mt">. </font>The Fund's performance per share will change daily in response to such factors<font style="display: inline;" class="_mt">.</font></font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> </div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover Risk.</font> The Advisor will sell portfolio securities when it is in the interests of the Fund and its shareholders to do so without regard to the length of time they have been held. As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund. High rates of portfolio turnover may also result in the realization of short-term capital gains and losses. Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.</font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> </div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Small-Cap and Mid-Cap Securities Risk.</font> The Fund may invest in securities of small-cap and mid-cap companies, which involves greater volatility than investing in larger and more established companies. Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies. Securities of these types of companies have limited market liquidity, and their prices may be more volatile. You should expect that the value of the Fund's shares will be more volatile than a fund that invests exclusively in large-capitalization companies.</font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> </div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Micro-Cap Securities Risk.</font> Some of the small companies in which the Fund invests may be micro-cap companies. Micro-cap stocks may offer greater opportunity for capital appreciation than the stocks of larger and more established companies; however, they also involve substantially greater risks of loss and price fluctuations. Micro-cap companies carry additional risks because of the tendency of their earnings and revenues to be less predictable (and some companies may be experiencing significant losses), their share prices to be more volatile and their markets to be less liquid than companies with larger market capitalizations. Micro-cap companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources, and may lack management depth. In addition, there may be less public information available about these companies. The shares of micro-cap companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities. Also, it may take a long time before the Fund realizes a gain, if any, on an investment in a micro-cap company.</font></div>
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<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks Related to Investing in Other Investment Companies.</font> The Fund's investment strategy may involve investing in other investment companies, such as ETFs. Investments in other investment companies subject the Fund to additional operating and management fees and expenses. For example, investors in the Fund will indirectly bear fees and expenses charged by the investment companies in which the Fund invests, in addition to the Fund's direct fees and expenses. <font style="display: inline;" class="_mt">As a result, the cost of investing in the Fund will be higher than the cost of investing directly in such closed-end funds and also may be higher than other funds that invest directly in securities. </font>The shares of closed-end funds frequently trade at a premium or discount relative to their net asset value. When the Fund purchases shares of a closed-end fund at a discount to its net asset value, there can be no assurance that the discount will decrease, and it is possible that the discount may increase. Furthermore, investing in other investment companies may affect the timing, amount, and character of distributions and therefore may increase the amount of taxes payable by you.</font></div>
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<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Short Sales Risk.</font> The Fund may invest in ETFs that sell equity securities short. A short sale is a transaction in which the ETF sells a security it does not own but has borrowed in anticipation that the market price of the security will decline. The ETF must replace the borrowed security by purchasing it at the market price at the time of replacement, which may be more or less than the price at which the ETF sold the security. The ETF will ordinarily have to pay a fee to borrow a security and is often obligated to repay the lender any dividend or interest that accrues on the security during the period of the loan. Short selling thus results in higher transaction costs, which reduces the ETF's return.</font></div>
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<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Investment Advisor Risk</font>.<font style="display: inline; font-weight: bold;" class="_mt"> </font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives. The experience of the portfolio managers is discussed in "Management of the Fund – Investment Advisor."</font></div>
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<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Operating Risk.</font> The Administrator and Advisor have entered into an Operating Plan that facilitates the Administrator's assumption of the Fund's regular operating expenses under the Fund Accounting and Administration Agreement. The Operating Plan obligates the Advisor to pay certain expenses of the Fund in order to help limit its annual operating expenses. If the Advisor, however, does not have sufficient revenue to support those expenses, the Advisor may be compelled to either resign or become insolvent. In addition, if the Fund incurs expenses in excess of those that the Administrator has agreed to pay and the Advisor is not able or willing to pay the excess costs, those excess costs will increase the Fund's expenses.</font></div></div> </div>
<div style="line-height: 22.8pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="center"><font style="font-variant: small-caps; display: inline; font-family: Times New Roman; font-size: 18pt; font-weight: bold;" class="_mt">Caritas All-Cap Growth Fund</font></div>
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<p style="line-height: 11.4pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal"><b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Shareholder Fees</font></b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> </font></p></td></tr>
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<p style="line-height: 11.4pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal"><i><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">(fees paid directly from your investment)</font></i><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> </font></p></td></tr></table></div>
<div> <div style="display:none;" >~ http://www.ncfunds.com/role/ScheduleShareholderFeesCaritasAllCapGrowthFund column period compact * column dei_LegalEntityAxis compact cik0001464413_S000026765Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> </div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL INVESTMENT STRATEGIES</font></div>
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<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund intends to achieve its investment objective by investing primarily in a portfolio of common stocks of companies that the Fund's investment advisor, Caritas Capital, LLC (the "Advisor"), believes have above-average future growth potential relative to their peers. <font style="display: inline;" class="_mt">The </font>Advisor<font style="display: inline;" class="_mt"> also anticipates hedging the Fund's long positions in equity securities through investments in "short" exchanged traded funds ("ETFs"). A "short" ETF is an investment company that seeks to track the opposite of the performance of an index by holding in its portfolio short positions in either the contents of the index or a representative sample of the securities in the index.</font></font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> </div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund invests in companies of all sizes traded on any United States stock exchange or over-the-counter market ("Universe"). The Universe is not limited by market capitalization or industry segmentation, and may include large-, mid-, small- and micro- cap companies. The Advisor generally selects common stocks based on fundamental, bottom up research. Other factors that influence investment decisions include economic and technical analysis. The Fund will generally hold each of its equity positions from one to three years. The Advisor, may, however, trade the Fund's portfolio more actively if market conditions warrant.</font></div>
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<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund typically holds 25-40 equity investments at any one time. However, from time to time, the Fund may hold more or less than this number. When selecting equity securities for the Fund, the Advisor looks for some of the following characteristics:</font></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Stocks with per share prices above $5.00.</font></div></td></tr></table></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Stocks with average daily trading volumes of at least 100,000 during prior year.</font></div></td></tr></table></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Projected earnings growth greater than the S&P 500 Index.</font></div></td></tr></table></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Stocks that the Advisor believes have upside potential that is three or more times greater than the stock's downside risk based on the Advisor's research. The Advisor typically looks for stocks whose current price-to-book ratio is below its 5-year average and whose price-to-forward earnings ratio relative to the S&P 500 index is below historical average.</font></div></td></tr></table></div>
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<div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor will typically choose ETFs that directly hold short positions in a broad index of securities of which the Fund's portfolio securities may be a part. The Advisor will typically sell a security held by the Fund when the security reaches a price target (floor or ceiling) as determined by the Advisor, the fundamentals of the security change, or to pursue opportunities that the Advisor believes will be of greater benefit to the Fund.</font></div></div> </div>
Year-to-date return as of most recent quarter
"Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.
The Fund's administrator ("Administrator") has entered into a Fund Accounting and Administration Agreement with the Fund that runs through December 1, 2013. The agreement can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Administrator receives payments under the agreement at a maximum annual rate of 0.45%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Administrator, also through December 1, 2013, under which it has agreed to (i) make payments to the administrator based upon the Fund's net assets according to a schedule included in the Operating Plan and (ii) assume certain expenses of the Fund outlined in the Operating Plan. These measures are intended to limit the Fund's operating expenses to 1.70% of the average daily net assets, exclusive of taxes, interest, brokerage fees and commissions, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expense. The Operating Plan can only be terminated at the conclusion of the then-current term by notice of non-renewal to a party or mutual agreement of the parties. The Advisor cannot recoup from the Fund any amounts paid under the Operating Plan.