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2012-09-28
2012-09-28
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2012-09-28
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2012-09-28
2012-09-28
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2012-09-28
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2012-09-28
iso4217:USD
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2012-09-28
2012-09-28
2012-05-31
485BPOS
0001464413
Starboard Investment Trust
0.0034
<div> <div style="display:none;" >~ http://www.ncfunds.com/role/ScheduleAnnualFundOperatingExpensesPresidioMultiStrategyFundNew column period compact * column dei_LegalEntityAxis compact cik0001464413_S000027974Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> </div>
0.0204
0.1030
0.0188
0.0094
0.0074
0.0473
-0.0229
-0.0149
-0.0301
<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 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">3.80</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>
<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, 2010</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">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">-2.85</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>
<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></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">0.10</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>
<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></td></tr></table></div>
<div align="center"> </div>
<div align="center"> </div>
<div align="center">
<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 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></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>
0.0380
2010-09-30
-0.0285
2011-09-30
<div> <div style="display:none;" >~ http://www.ncfunds.com/role/ScheduleAnnualTotalReturnsPresidioMultiStrategyFundBarChart column period compact * column primary compact * row dei_LegalEntityAxis compact cik0001464413_S000027974Member row rr_ProspectusShareClassAxis compact * ~</div> </div>
0.0010
2012-06-30
0.0025
<font style="display: inline; color: #221e1f;" 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">100,000</font> in the Fund</font>
100000
<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/ScheduleExpenseExampleTransposedPresidioMultiStrategyFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000027974Member column rr_ProspectusShareClassAxis compact * ~</div> </div>
750
1443
2157
4036
<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 style="display: inline; color: #221e1f;" class="_mt"><font class="_mt"><font style="display: inline; color: #221e1f;" 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">100,000</font> in the Fund</font></font>. More information about these and other discounts is available from your financial professional and in</font><font style="display: inline; color: #221e1f;" class="_mt"> the section "Purchasing Shares" in</font><font style="display: inline; color: #221e1f;" class="_mt"> this prospectus and the section "Additional Purchase and Redemption Information" in the Fund's statement of additional information. </font></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
0.0351
-0.0142
October 1, 2013
Highest return for a quarter
Lowest return for a quarter
0.01
0
0.0425
0.0209
<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 OBJECTIVES</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">Presidio Multi-Strategy Fund</font> (the "Fund") seeks capital appreciation without regard to current income.</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>
0.0192
<a href="825.htm">http://www.ncfunds.com/fundpages/825.htm</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="825.htm">http://www.ncfunds.com/fundpages/825.htm</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="margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal"><b><font style="font-family: 'Century Gothic','sans-serif';" class="_mt">Average Annual Total Returns Periods Ended December 31, 2011 (returns with maximum sales charge)</font></b></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>
0.0490
<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">4.90</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 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>. Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. 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 </font><font style="display: inline; font-weight: bold;" class="_mt">Risk</font><font style="display: inline; font-weight: bold;" class="_mt">: </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>. Stock prices change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. 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. 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> 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">Common Stocks: </font>The Fund's investments in common stocks, both directly and indirectly through the Fund's investment in shares of other investment companies, may fluctuate in value response to many factors, including, but not limited to, the activities of the individual companies whose securities the Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. In addition, regardless of any one company's particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund. Market declines may continue for an indefinite period of time, and investors should understand that during temporary or extended bear markets, the value of common stocks will decline.</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">Large-Cap Securities Risk: </font>Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller 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">Small-Cap and Mid-Cap Securities Risk:</font> The Fund may invest in securities of small-cap and mid-cap companies, which involves greater risk than investing in larger and more established companies. This greater risk is, in part, attributable to the fact that the securities of these companies are usually less marketable and, therefore, more volatile than securities of larger, more established companies or the market in general. Because these companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. Another risk factor is that these companies often have limited product lines, markets, or financial resources and may lack management depth. Small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than are larger, more </font><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">established companies. These companies may be more vulnerable than larger companies to adverse business or economic developments; the risk exists that the companies will not succeed; and the prices of the companies' shares could dramatically decline in value. 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">Risks from Other Investment Companies: </font>The Fund's investment strategy involves investing in other investment companies, including exchange-traded funds, closed-end mutual funds, and open-end mutual funds. The Fund's investments in other investment companies will be subject to substantially the same risks as those associated with the direct ownership of the securities comprising the portfolio of such investment companies and the value of the Fund's investment will fluctuate in response to the performance of such portfolio. The Fund's performance thus depends in part upon the performance of the managers and selected strategies of the other investment companies, the instruments used by them, and the Advisor's ability to select investment companies and effectively allocate Fund assets among them. 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. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in such investment companies and also may be higher than other funds that invest directly in securities. 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>
<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">Fixed Income Risk:</font> To the extent the Fund invests in fixed income securities, the Fund will be subject to the risks associated with such investments. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers. Generally, fixed income securities will decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities. Also, longer-term securities are generally more volatile, so the average maturity or duration of these securities affects risk. Credit risk is the possibility that an issuer will fail to make timely payments of interest or principal or go bankrupt. The lower the rating of a debt security, the greater its 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">Corporate Debt Securities Risk:</font> The Fund may invest in corporate debt securities. Corporate debt securities are fixed income securities issued by businesses. Notes, bonds, debentures, and commercial paper are the most prevalent types of corporate debt securities. The credit risks of corporate debt securities vary widely among issuers. In addition, the credit risk of an issuer's debt security may vary based on its priority for repayment. Higher ranking (senior) debt securities have a higher priority than lower ranking (subordinated) securities. This means that the issuer might not make payments on subordinated securities while continuing to make payments on senior securities. In addition, in the event of bankruptcy, holders of senior securities may receive amounts otherwise payable to the holders of subordinated securities. Some subordinated securities, such as trust preferred and capital securities notes, also permit the issuer to defer payments under certain circumstances. Insurance companies issue securities known as surplus notes that permit the insurance company to defer any payment that would reduce its capital below regulatory requirements.</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">Convertible Securities Risk:</font> The Fund may invest in convertible securities. Convertible securities are fixed income securities that the Fund has the option to exchange for equity securities at a specified conversion price. The option allows the Fund to realize additional returns if the market price of the equity securities exceeds the conversion price. Convertible securities have lower yields than comparable fixed income securities. In addition, at the time a convertible security is issued the conversion price exceeds the market value of the underlying equity securities. Thus, convertible securities may provide lower returns than non-convertible fixed income securities or equity securities depending upon changes in the price of the underlying equity securities. However, convertible securities permit the Fund to realize some of the potential appreciation of the underlying equity securities with less risk of losing its initial investment.</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">High-Yield Risk:</font> The Fund may invest in junk bonds and other fixed income securities that are rated below investment grade. Securities in this rating category are speculative and are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. Changes in economic conditions or other circumstances may have a greater effect on the ability of issuers of these securities to make principal and interest payments than they do on issuers of higher grade securities. The retail secondary market for junk bonds may be less liquid than that of higher-rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices. Additionally, these instruments are generally unsecured and may be subordinated to other creditor's claims.</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">ETN Risk:</font> The Fund's investment strategy may involve investing in ETNs, which are a type of unsecured, unsubordinated debt security. This type of debt security differs from other types of bonds and notes because ETN returns are based upon the performance of a market index minus applicable fees, no period coupon payments are distributed, and no principal protections exists. The purpose of ETNs is to create a type of security that combines both the aspects of bonds and exchange traded funds (ETF). Similar to ETFs, ETNs are traded on a major exchange during normal trading hours. However, investors also can hold the debt security until maturity. At that time, the issuer will give the investor a cash amount that would be equal to principal amount (subject to the day's index factor). One factor that affects the ETNs value is the credit rating of the issuer. Therefore, the value of the ETN may drop despite no change in the underlying index, instead due to a downgrade in the issuer's credit rating.</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">Sector Risk</font><font style="display: inline; font-weight: bold;" class="_mt">:</font> Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries. Additionally, some sectors could be subject to greater government regulation than other sectors. Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors. The sectors in which the Fund may more heavily invest will vary; however, the Fund will invest less than 25% of its assets in any one industry or group of industries.</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">Derivative Risk: </font>Derivative instruments are generally investments whose value depends on (or is derived from) the value of the underlying assets, interest rate, or index. Derivative instruments involve risks different from direct investments in the underlying securities, including: imperfect correlation between the value of the derivative instrument and the underlying assets; risks of default by the other party to the derivative instrument; risks that the transactions may result in losses of all or in excess of any gain in the portfolio positions; and risks that the transactions may not be liquid.</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">Risks from Purchasing Options:</font> If a call or put option purchased by the Fund is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the entire investment in the option will be lost. Since many factors influence the value of an option, including the price of the underlying security, the exercise price, the time to expiration, the interest rate, and the dividend rate of the underlying security, the success in using options to implement an investment strategy depends on an ability to predict movements in the prices of individual securities, fluctuations in markets, and movements in interest rates. There is no assurance that a liquid market will exist when the Fund seeks to close out an option position. Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</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">Risks from Writing Options: </font>The Fund may sell, or "write," option contracts. Writing option contracts can result in losses that exceed the initial investment and may lead to additional turnover and higher tax liability. The risk involved in writing a call option is that there could be an increase in the market value of the security. If this occurred, the option could be exercised and the underlying security would then be sold by the Fund at a lower price than its current market value. Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the Fund to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. The risk involved in writing a put option is that there could be a decrease in the market value of the underlying security. If this occurred, the option could be exercised and the underlying security would then be sold to the Fund at a higher price than its current market value. There is no assurance that a liquid market will exist when the Fund seeks to close out an option position. Where a position in a written option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</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">When the Fund writes options, the Fund will comply with the applicable requirements of the Investment Company Act of 1940 and the guidance of no-action letters issued by the Securities and Exchange Commission, including Investment Company Act Release No. 10666 (Apr. 18, 1979), that require the Fund to segregate assets or otherwise "cover" its positions in a manner that limits the Fund's risk of loss.</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">Short Sales Risk:</font> A short sale is a transaction in which the Fund sells a security it does not own but has borrowed in anticipation that the market price of the security will decline. The Fund 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 Fund sold the security. The Fund's potential losses on a short sale are unlimited because the security's price may appreciate indefinitely. The Fund will ordinarily have to pay a fee to borrow a security and is often obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Hence, short selling will result in higher transaction costs, which reduce the Fund's return and may result in higher taxes.</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">If the Fund does sell "short", the Fund will comply with current guidance from the staff of the Securities and Exchange Commission regarding asset coverage requirements, including Investment Company Act Release No. 10666 (Apr. 18, 1979). In particular, the Fund will take measures to ensure its obligation to purchase the security in the future will be met.</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">Foreign Investment Risk:</font> The Fund's investments in foreign securities involve risks different from those associated with domestic securities. Foreign securities have investment risks different from those associated with domestic securities. Changes in foreign economies and political climates are more likely to affect the Fund than another fund that invests exclusively in domestic securities. The value of foreign currency denominated securities or foreign currency contracts is affected by the value of the local currency relative to the U.S. dollar. There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities. The value of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax), changes in governmental economic or monetary policy (in this country or abroad), or changed circumstances in dealings between nations. In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are generally higher than in the United States. Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.</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">Currency Risk:</font> Currency risk is the chance that changes in currency exchange rates will negatively affect the Fund. The Fund's indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Adverse changes in currency exchange rates relative to the U.S. dollar may diminish gains from investments denominated in a foreign currency or may widen existing losses. Currency gains and losses can occur regardless of the performance of the underlying investment.</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">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 portfolio manager's experience is discussed in the section of this prospectus entitled "Management of the Fund – Investment Advisor." See also "New Fund Risk" below.</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"> </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">Operating Risk</font><font style="display: inline; font-weight: bold;" class="_mt">:</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: 25.1pt; 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: 18pt; font-weight: bold;" class="_mt">Presidio Multi-Strategy Fund</font></div>
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<table style="width: 100%; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%">
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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/ScheduleShareholderFeesPresidioMultiStrategyFund column period compact * column dei_LegalEntityAxis compact cik0001464413_S000027974Member 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 STRATEGY</font></div>
<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">The Fund's investment advisor, Presidio Capital Investments, LLC (the "Advisor"), seeks to achieve the Fund's investment objective by investing in a globally diversified portfolio of (i) domestic and foreign equity securities, (ii) domestic and foreign government and corporate debt securities, including Exchange Traded Notes ("ETNs") and "junk bonds" and (iii) options and futures on currencies and commodities. The Fund may invest in these securities directly or indirectly through investments in other investment companies including Exchange Traded Funds ("ETFs"). The Fund's investment policy may be changed without shareholder approval upon prior written notice to shareholders.</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 Advisor's methodology is based upon analysis that seeks to measure the risk and volatility of asset classes, macroeconomic factors of relative valuations between asset classes, world economies, economic sectors, and individual securities within those asset classes and industry sectors relative to the potential and expected return of those asset classes and individual securities within asset classes over comparable time periods. The Fund's portfolio is constructed using a multi-faceted analysis designed to contribute to and balance the level of risk and return of the Fund's portfolio.</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 October 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 0.50%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Administrator, also through October 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 1.50% 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.