0001464413-12-000197.txt : 20121019 0001464413-12-000197.hdr.sgml : 20121019 20121019164425 ACCESSION NUMBER: 0001464413-12-000197 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121019 DATE AS OF CHANGE: 20121019 EFFECTIVENESS DATE: 20121019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Starboard Investment Trust CENTRAL INDEX KEY: 0001464413 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-159484 FILM NUMBER: 121152843 BUSINESS ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 BUSINESS PHONE: 252-972-9922 EXT.249 MAIL ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Starboard Investment Trust CENTRAL INDEX KEY: 0001464413 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22298 FILM NUMBER: 121152844 BUSINESS ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 BUSINESS PHONE: 252-972-9922 EXT.249 MAIL ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 0001464413 S000026765 Caritas All-Cap Growth Fund C000080295 Caritas All-Cap Growth Fund CTSAX 485BPOS 1 n1a1012.htm STARBOARD INVESTMENT TRUST - CARITAS ALL-CAP GROWTH FUND n1a1012.htm
As filed with the Securities and Exchange Commission on October 19, 2012
File Nos. 333-159484 and 811-22298
 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM N-1A
 

REGISTRATION STATEMENT UNDER SECURITIES ACT OF 1933
[X]
Pre-Effective Amendment No.       
[   ]
Post-Effective Amendment No.   78
[X]
 
and/or
 
REGISTRATION STATEMENT UNDER INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No.   82  
[X]
(Check appropriate box or boxes)
 
Starboard Investment Trust
(Exact Name of Registrant as Specified in Charter)
 
116 South Franklin Street, P. O. Box 69, Rocky Mount, NC  27802
(Address of Principal Executive Offices)
 
252-972-9922
(Registrant’s Telephone Number, including Area Code)
 
A. Vason Hamrick
116 S. Franklin Street, P.O. Box 69, Rocky Mount, North Carolina 27802
 
(Name and Address of Agent for Service)
 
With copy to:
Terrence O. Davis
Thompson Hine, LLP
1920 N. Street, N.W.
Washington, D.C.  20036-1600

Approximate Date of Proposed Public Offering:                      As soon as practicable after the effective
date of this Registration Statement
 
It is proposed that this filing will become effective: (check appropriate box)

[X] immediately upon filing pursuant to paragraph (b)
[   ] on (date) pursuant to paragraph (b)
[   ] 60 days after filing pursuant to paragraph (a)(1)
[   ] on (date) pursuant to paragraph (a)(1)
[   ] 75 days after filing pursuant to paragraph (a)(2)
[   ] on (date) pursuant to paragraph (a)(2) of Rule 485
 
 
 

 
EXPLANATORY NOTE
 
 
This Post-Effective Amendment No. 78 to the Trust’s Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary first provided in Post-Effective Amendment No. 74 filed September 28, 2012 and incorporates Parts A, B and C from said amendment.


 
 

 

 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (“Securities Act”), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this amendment to the registration statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Rocky Mount, and State of North Carolina on this  19th day of October, 2012.

 
STARBOARD INVESTMENT TRUST

By:           /s/ A. Vason Hamrick                                           
A. Vason Hamrick, Secretary

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following person in the capacities and on the date indicated.

 
Signature
Title
Date
     
           *                   
Trustee
October 19, 2012
Jack E. Brinson
   
     
           *                   
Trustee & Chairman
October 19, 2012
James H. Speed, Jr.
   
     
           *                   
Trustee
October 19, 2012
J. Buckley Strandberg
   
     
           *                   
Trustee
October 19, 2012
Michael G. Mosley
   
     
           *                   
Trustee
October 19, 2012
Theo H. Pitt, Jr.
   
     
           *                   
President, FMX Funds
October 19, 2012
D.J. Murphey
   
     
           *                   
Treasurer, FMX Funds
October 19, 2012
Julie M. Koethe
   
     
           *                   
President & Treasurer,
October 19, 2012
Robert G. Fontana
Caritas All-Cap Growth Fund
 
     
           *                   
President & Treasurer,
October 19, 2012
Matthew R. Lee
Presidio Multi-Strategy Fund
 
     
           *                   
President, Roumell Opportunistic Value Fund
October 19, 2012
James C. Roumell
   
     
 
 
 

 
           *                   
Treasurer, Roumell Opportunistic Value Fund
October 19, 2012
Craig L. Lukin
   
     
           *                   
President & Treasurer,
October 19, 2012
Mark A. Grimaldi
The Sector Rotation Fund
 
     
           *                   
President & Treasurer,
October 19, 2012
Cort F. Meinelschmidt
SCS Tactical Allocation
 
     
           *                   
President, Crescent Funds
October 19, 2012
J. Philip Bell
   
     
           *                   
Treasurer, Crescent Funds
October 19, 2012
Michael W. Nix
   
     
           *                   
President, Arin Funds
October 19, 2012
Joseph J. DeSipio
   
     
           *                   
Treasurer, Arin Funds
October 19, 2012
Lawrence H. Lempert
   
     
           *                   
President,
October 19, 2012
Bryn H. Torkelson
Matisse Discounted Closed-End Fund Strategy
 
     
           *                   
President and Treasurer,
October 19, 2012
Gabriel F. Thornhill IV
Thornhill Strategic Equity Fund
 
     
           *                   
President,
October 19, 2012
Jeffrey R. Spotts
Prophecy Alpha Trading Fund
 
     
           *                   
Treasurer,
October 19, 2012
Brenda A. Smith
Prophecy Alpha Trading Fund
 
     
/s/ T. Lee Hale, Jr. 
T. Lee Hale, Jr.
Treasurer of the Matisse Discounted Closed-End Fund Strategy,  
Chief Compliance Officer and Assistant Treasurer of the Trust
October 19, 2012
     
* By: /s/ A. Vason Hamrick
Dated:   October 19, 2012
 
A. Vason Hamrick,
Secretary and Attorney-in-Fact
 
     
 
 
 
 

 
Exhibit Index

Exhibit Number
Description
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.CAL
XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase


EX-101.INS 2 cik0001464413-20120928.xml XBRL INSTANCE DOCUMENT 0001464413 cik0001464413:S000026765Member rr:AfterTaxesOnDistributionsMember cik0001464413:C000080295Member 2012-09-28 2012-09-28 0001464413 cik0001464413:S000026765Member rr:AfterTaxesOnDistributionsAndSalesMember cik0001464413:C000080295Member 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 cik0001464413:S000026765Member cik0001464413:C000080295Member 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> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualFundOperatingExpensesCaritasAllCapGrowthFundNew column period compact * column dei_LegalEntityAxis compact cik0001464413_S000026765Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </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">&nbsp;</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>&nbsp;</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.&nbsp;&nbsp;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">&nbsp;</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.&nbsp;&nbsp;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> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualTotalReturnsCaritasAllCapGrowthFundBarChart column period compact * column primary compact * row dei_LegalEntityAxis compact cik0001464413_S000026765Member row rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </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.&nbsp;&nbsp;</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.&nbsp;&nbsp;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.&nbsp;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div> </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedCaritasAllCapGrowthFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000026765Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </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.&nbsp;&nbsp;<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>.&nbsp;&nbsp;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">&nbsp;</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>.&nbsp;&nbsp;<font class="_mt">The Fund's past performance is not necessarily an indication of how the Fund will perform in the future</font>.&nbsp;&nbsp;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>.&nbsp;&nbsp;<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>.&nbsp;&nbsp;<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 <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedCaritasAllCapGrowthFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000026765Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~&lt;/div&gt; </div> <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>&nbsp;&nbsp;</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).&nbsp;&nbsp;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.&nbsp;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.&nbsp;&nbsp;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>.&nbsp;&nbsp;</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">.&nbsp;&nbsp;</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">.&nbsp;&nbsp;</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">&nbsp;</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.&nbsp;&nbsp;</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">.&nbsp;&nbsp;</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">.&nbsp;&nbsp;</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">.&nbsp;&nbsp;</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">.&nbsp;&nbsp;</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">&nbsp;</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>&nbsp;&nbsp;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.&nbsp;&nbsp;As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund.&nbsp;&nbsp;High rates of portfolio turnover may also result in the realization of short-term capital gains and losses.&nbsp;&nbsp;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">&nbsp;</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>&nbsp;&nbsp;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.&nbsp;&nbsp;Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies.&nbsp;&nbsp;Securities of these types of companies have limited market liquidity, and their prices may be more volatile.&nbsp;&nbsp;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">&nbsp;</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>&nbsp;&nbsp;Some of the small companies in which the Fund invests may be micro-cap companies.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;In addition, there may be less public information available about these companies.&nbsp;&nbsp;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.&nbsp;&nbsp;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> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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 Related to Investing in Other Investment Companies.</font>&nbsp;&nbsp;The Fund's investment strategy may involve investing in other investment companies, such as ETFs.&nbsp;&nbsp;Investments in other investment companies subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;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.&nbsp;&nbsp;<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.&nbsp;&nbsp;</font>The shares of closed-end funds frequently trade at a premium or discount relative to their net asset value.&nbsp;&nbsp;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.&nbsp;&nbsp;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">&nbsp;</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>&nbsp;&nbsp;The Fund may invest in ETFs that sell equity securities short.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;Short selling thus results in higher transaction costs, which reduces the ETF's return.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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">&nbsp;</font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.&nbsp;&nbsp;The experience of the portfolio managers is discussed in "Management of the Fund &#8211; Investment Advisor."</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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>&nbsp;&nbsp;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.&nbsp;&nbsp;The Operating Plan obligates the Advisor to pay certain expenses of the Fund in order to help limit its annual operating expenses.&nbsp;&nbsp;If the Advisor, however, does not have sufficient revenue to support those expenses, the Advisor may be compelled to either resign or become insolvent.&nbsp;&nbsp;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> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"> <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">Shareholder Fees</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: medium none; padding-bottom: 0in; padding-left: 0in; width: 46%; padding-right: 0in; border-top: medium none; border-right: medium none; 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"><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> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleShareholderFeesCaritasAllCapGrowthFund column period compact * column dei_LegalEntityAxis compact cik0001464413_S000026765Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </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> <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 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.&nbsp;&nbsp;<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").&nbsp;&nbsp;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">&nbsp;</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").&nbsp;&nbsp;The Universe is not limited by market capitalization or industry segmentation, and may include large-, mid-, small- and micro- cap companies.&nbsp;&nbsp;The Advisor generally selects common stocks based on fundamental, bottom up research.&nbsp;&nbsp;Other factors that influence investment decisions include economic and technical analysis.&nbsp;&nbsp;The Fund will generally hold each of its equity positions from one to three years.&nbsp;&nbsp;The Advisor, may, however, trade the Fund's portfolio more actively if market conditions warrant.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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 typically holds 25-40 equity investments at any one time.&nbsp;&nbsp;However, from time to time, the Fund may hold more or less than this number.&nbsp;&nbsp;When selecting equity securities for the Fund, the Advisor looks for some of the following characteristics:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font style="display: inline; font-family: Symbol, serif; font-size: 10pt;" class="_mt">&#183;&nbsp;&nbsp;</font></div></td> <td> <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> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font style="display: inline; font-family: Symbol, serif; font-size: 10pt;" class="_mt">&#183;&nbsp;&nbsp;</font></div></td> <td> <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> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font style="display: inline; font-family: Symbol, serif; font-size: 10pt;" class="_mt">&#183;&nbsp;&nbsp;</font></div></td> <td> <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&amp;P 500 Index.</font></div></td></tr></table></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font style="display: inline; font-family: Symbol, serif; font-size: 10pt;" class="_mt">&#183;&nbsp;&nbsp;</font></div></td> <td> <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.&nbsp;&nbsp;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&amp;P 500 index is below historical average.</font></div></td></tr></table></div> <div>&nbsp;</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 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.&nbsp;&nbsp;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. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Sep. 28, 2012
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Starboard Investment Trust
Prospectus Date rr_ProspectusDate Sep. 28, 2012
Caritas All-Cap Growth Fund | Caritas All-Cap Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as a % of the lesser of amount purchased or redeemed) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a % of amount redeemed; charged upon any redemption of shares within 30 days of the issuance of such shares) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.82%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.21% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.53%
Fee Waiver and/or Expense Limitation rr_FeeWaiverOrReimbursementOverAssets 1.37% [2]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 2.16%
1 Year rr_ExpenseExampleYear01 781
3 Years rr_ExpenseExampleYear03 1,476
5 Years rr_ExpenseExampleYear05 2,191
10 Years rr_ExpenseExampleYear10 4,072
Annual Return 2010 rr_AnnualReturn2010 18.93%
Annual Return 2011 rr_AnnualReturn2011 (5.45%)
Year to Date Return, Label rr_YearToDateReturnLabel Year-to-date return as of most recent quarter
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jun. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 8.30%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest return for a quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 11.46%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest return for a quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (18.82%)
Past 1 Year rr_AverageAnnualReturnYear01 (10.89%)
Since Inception rr_AverageAnnualReturnSinceInception 2.95%
Caritas All-Cap Growth Fund | Caritas All-Cap Growth Fund | After taxes on distributions
 
Risk/Return: rr_RiskReturnAbstract  
Past 1 Year rr_AverageAnnualReturnYear01 (11.18%)
Since Inception rr_AverageAnnualReturnSinceInception 2.73%
Caritas All-Cap Growth Fund | Caritas All-Cap Growth Fund | After taxes on distributions and sale of shares
 
Risk/Return: rr_RiskReturnAbstract  
Past 1 Year rr_AverageAnnualReturnYear01 (6.70%)
Since Inception rr_AverageAnnualReturnSinceInception 2.48%
Caritas All-Cap Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading
Objective [Heading] rr_ObjectiveHeading
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
Expense [Heading] rr_ExpenseHeading
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption
Operating Expenses Caption [Text] rr_OperatingExpensesCaption
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 1, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 87.49%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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
Expense Example [Heading] rr_ExpenseExampleHeading
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
Strategy [Heading] rr_StrategyHeading
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
Risk [Heading] rr_RiskHeading
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
Risk Lose Money [Text] rr_RiskLoseMoney The loss of your money is a principal risk of investing in the Fund
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress https://caritascapital.com/CaritasAll-CapGrowthFund.html
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance is not necessarily an indication of how the Fund will perform in the future
Bar Chart [Heading] rr_BarChartHeading
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Sales loads are not reflected in the chart and table above.  If these amounts were reflected, returns would be less than those shown
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Performance Table Heading rr_PerformanceTableHeading
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown and 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)
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for only one class of shares and after-tax returns will vary for other classes
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
Caritas All-Cap Growth Fund | Russell 3000 Growth Index (reflects no deductions for fees and expenses)
 
Risk/Return: rr_RiskReturnAbstract  
Past 1 Year rr_AverageAnnualReturnYear01 2.18%
Since Inception rr_AverageAnnualReturnSinceInception 9.64%
[1] "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.
[2] 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.

XML 12 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Caritas All-Cap Growth Fund
Shareholder Fees -
Caritas All-Cap Growth Fund
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) 5.75%
Maximum Deferred Sales Charge (Load) (as a % of the lesser of amount purchased or redeemed) none
Redemption Fee (as a % of amount redeemed; charged upon any redemption of shares within 30 days of the issuance of such shares) 2.00%
Annual Fund Operating Expenses -
Caritas All-Cap Growth Fund
Management Fees 1.25%
Distribution and/or Service (12b-1) Fees 0.25%
Other Expenses 1.82%
Acquired Fund Fees and Expenses [1] 0.21%
Total Annual Fund Operating Expenses 3.53%
Fee Waiver and/or Expense Limitation [2] 1.37%
Net Annual Fund Operating Expenses 2.16%
[1] "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.
[2] 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.
Expense Example - (USD $)
1 Year
3 Years
5 Years
10 Years
Caritas All-Cap Growth Fund
781 1,476 2,191 4,072
Bar Chart
Average Annual Total Returns -
Past 1 Year
Since Inception
Caritas All-Cap Growth Fund
(10.89%) 2.95%
Caritas All-Cap Growth Fund After taxes on distributions
(11.18%) 2.73%
Caritas All-Cap Growth Fund After taxes on distributions and sale of shares
(6.70%) 2.48%
Caritas All-Cap Growth Fund Russell 3000 Growth Index (reflects no deductions for fees and expenses)
2.18% 9.64%
XML 13 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

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'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
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XML 14 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate May 31, 2012
Registrant Name dei_EntityRegistrantName Starboard Investment Trust
Central Index Key dei_EntityCentralIndexKey 0001464413
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Sep. 28, 2012
Document Effective Date dei_DocumentEffectiveDate Sep. 28, 2012
Prospectus Date rr_ProspectusDate Sep. 28, 2012
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