0001464413-13-000044.txt : 20130214 0001464413-13-000044.hdr.sgml : 20130214 20130214164024 ACCESSION NUMBER: 0001464413-13-000044 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130214 DATE AS OF CHANGE: 20130214 EFFECTIVENESS DATE: 20130214 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: 13614926 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: 13614927 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 S000032518 The Sector Rotation Fund C000100305 No Load Shares NAVFX 485BPOS 1 n1a0213.htm STARBOARD INVESTMENT TRUST - THE SECTOR ROTATION FUND n1a0213.htm
As filed with the Securities and Exchange Commission on February 14, 2013
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.   99  
[X]
and/or
 
REGISTRATION STATEMENT UNDER INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No.   103  
[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
Baker, Donelson, Bearman, Caldwell & Berkowitz, PC
920 Massachusetts Avenue, NW
Suite 900
Washington, DC 20001

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. 99 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. 97 filed January 28, 2013 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 the 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 14th  day of February 2013.

 
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
February 14, 2013
Jack E. Brinson
   
     
           *                    
Trustee & Chairman
February 14, 2013
James H. Speed, Jr.
   
     
           *                    
Trustee
February 14, 2013
J. Buckley Strandberg
   
     
           *                    
Trustee
February 14, 2013
Michael G. Mosley
   
     
           *                    
Trustee
February 14, 2013
Theo H. Pitt, Jr.
   
     
           *                    
President, FMX Funds
February 14, 2013
D.J. Murphey
   
     
           *                    
Treasurer, FMX Funds
February 14, 2013
Julie M. Koethe
   
     
           *                    
President & Treasurer,
February 14, 2013
Robert G. Fontana
Caritas All-Cap Growth Fund
 
     
           *                    
President & Treasurer,
February 14, 2013
Matthew R. Lee
Presidio Multi-Strategy Fund
 
     
           *                    
President, Roumell Opportunistic Value Fund
February 14, 2013
James C. Roumell
   
     
 
 
 

 
           *                    
Treasurer, Roumell Opportunistic Value Fund
February 14, 2013
Craig L. Lukin
   
     
           *                    
President & Treasurer,
February 14, 2013
Mark A. Grimaldi
The Sector Rotation Fund
 
     
           *                    
President & Treasurer,
February 14, 2013
Cort F. Meinelschmidt
SCS Tactical Allocation
 
     
           *                    
President, Crescent Funds
February 14, 2013
J. Philip Bell
   
     
           *                    
Treasurer, Crescent Funds
February 14, 2013
Michael W. Nix
   
     
           *                    
President, Arin Funds
February 14, 2013
Joseph J. DeSipio
   
     
           *                    
Treasurer, Arin Funds
February 14, 2013
Lawrence H. Lempert
   
     
           *                    
President,
February 14, 2013
Bryn H. Torkelson
Matisse Discounted Closed-End Fund Strategy
 
     
           *                    
President and Treasurer,
February 14, 2013
Gabriel F. Thornhill IV
Thornhill Strategic Equity Fund
 
     
           *                    
President,
February 14, 2013
Jeffrey R. Spotts
Prophecy Alpha Trading Fund
 
     
           *                    
President,
February 14, 2013
Michael Barron
CV Sector Rotational Fund
 
     
           *                    
Brenda A. Smith
Treasurer of the Prophecy Alpha Trading Fund and CV Sector Rotational Fund,  
President and  Treasurer of the CV Asset Allocation Fund
February 14, 2013
     
/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
February 14, 2013
 
 
 

 
     
* By: /s/ A. Vason Hamrick
Dated: February 14, 2013
 
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 cik0001464413-20130128.xml XBRL INSTANCE DOCUMENT 0001464413 cik0001464413:S000032518Member rr:AfterTaxesOnDistributionsMember cik0001464413:C000100305Member 2013-01-28 2013-01-28 0001464413 cik0001464413:S000032518Member rr:AfterTaxesOnDistributionsAndSalesMember cik0001464413:C000100305Member 2013-01-28 2013-01-28 0001464413 cik0001464413:S000032518Member cik0001464413:Sp500TotalReturnReturnIndexMember 2013-01-28 2013-01-28 0001464413 cik0001464413:S000032518Member 2013-01-28 2013-01-28 0001464413 cik0001464413:S000032518Member cik0001464413:C000100305Member 2013-01-28 2013-01-28 0001464413 2013-01-28 2013-01-28 iso4217:USD xbrli:pure false 2013-01-28 2013-01-28 2012-09-30 485BPOS 0001464413 Starboard Investment Trust 0.0055 <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualFundOperatingExpensesSectorRotationFundNew column period compact * column dei_LegalEntityAxis compact cik0001464413_S000032518Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div> 0.1170 -0.0164 0.0969 2009-12-30 0.0640 0.1048 0.0492 0.0525 0.0969 0.1600 0.0757 0.0801 <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">PERFORMANCE INFORMATION</font></div> <div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#000000"><td style="border-bottom: black 2px solid; border-left: black 0.5pt solid; border-top: black 0.5pt solid; border-right: black 0.5pt solid;" valign="top" width="55%" colspan="3"> <div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; color: white;" class="_mt">Quarterly Returns During This Time Period</font></font></div></td></tr> <tr><td style="border-bottom: black 2px solid; border-left: black 0.5pt solid;" valign="middle" width="32%"> <div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Highest return for a quarter</font></div></td> <td style="border-bottom: black 2px solid;" valign="middle" width="7%"> <div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">11.37%</font></div></td> <td style="border-bottom: black 2px solid; border-right: black 0.5pt solid;" valign="middle" width="16%"> <div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Quarter ended</font></div> <div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">December 31, 2010</font></div></td></tr> <tr><td style="border-bottom: black 2px solid; border-left: black 0.5pt solid;" valign="middle" width="32%"> <div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Lowest return for a quarter</font></div></td> <td style="border-bottom: black 2px solid;" valign="middle" width="7%"> <div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-11.65%</font></div></td> <td style="border-bottom: black 2px solid; border-right: black 0.5pt solid;" valign="middle" width="16%"> <div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Quarter ended</font></div> <div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">September 30, 2011</font></div></td></tr></table></div> </div> <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> 0.1137 2010-12-31 -0.1165 2011-09-30 <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualTotalReturnsSectorRotationFundBarChart column period compact * column primary compact * row dei_LegalEntityAxis compact cik0001464413_S000032518Member row rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> 0 <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/ScheduleExpenseExampleTransposedSectorRotationFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000032518Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> 258 816 1400 2985 <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></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. 0.0266 -0.0011 January 31, 2014 Highest return for a quarter Lowest return for a quarter 0.01 0 0 0.0255 <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 Sector Rotation Fund seeks to achieve capital appreciation.</font></div> </div> <div class="MetaData"> <p style="line-height: 13.7pt; 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><i><font style="line-height: 115%; 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> </div> 0.0111 <font style="display: inline; text-decoration: underline;" class="_mt"><a>www.navfx.com</a></font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The bar chart and table shown below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare to those of a broad-based securities market index.</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 bar chart and table shown below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare to those of a broad-based securities market index.</font></font>&nbsp;&nbsp;<font class="_mt">The Fund's past performance (before and after taxes) 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"><font style="display: inline; text-decoration: underline;" class="_mt"><a>www.navfx.com</a></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 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 was reorganized on June 27, 2011 from a series of the World Funds Trust, a Delaware statutory trust (the "Predecessor Fund"), to a series of Starboard Investment Trust, a Delaware statutory trust (the "Reorganization").&nbsp;&nbsp;The performance information shown below includes information for the Predecessor Fund.&nbsp;&nbsp;The Predecessor Fund commenced operations on December 30, 2009.&nbsp;&nbsp;Shareholders of the Predecessor Fund approved the Reorganization on June 22, 2011 and received shares of the Fund on June 27, 2011.&nbsp;&nbsp;The performance information shown below is intended to serve as an illustration of the variability of the Fund's returns since the Fund is a continuation of the Predecessor Fund and has the same investment objective and investment strategies as the Predecessor Fund.&nbsp;&nbsp;While the Fund is substantially similar to the Predecessor Fund and theoretically would have invested in the same portfolio of securities, the Fund's performance during the same time period may have been different than the performance of the Predecessor Fund due to, among other things, differences in fees and expenses.</font></div></div> </div> The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <div class="MetaData"> <p>Average Annual Total Returns Period Ended December 31, 2012</p></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"><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> 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/ScheduleAverageAnnualTotalReturnsTransposedSectorRotationFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000032518Member 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> 1.7518 <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 Fund's most recent fiscal year, the Fund's portfolio turnover rate was <font class="_mt">175.18</font>% of the average value of its portfolio.</font></div> </div> 2013-01-28 0 <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>&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;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">Investments in ETFs.</font>&nbsp;&nbsp;Since the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities comprising the index on which the ETF is based and the value of the Fund's investment will fluctuate in response to the performance of the underlying index.&nbsp;&nbsp;ETFs typically incur fees that are separate from those of the Fund.&nbsp;&nbsp;Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses.</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">Foreign Securities Risk.</font>&nbsp;&nbsp;The ETFs held by the Fund may have significant investments in foreign securities.&nbsp;&nbsp;Foreign securities involve investment risks different from those associated with domestic securities.&nbsp;&nbsp;Changes in foreign economies and political climates are more likely to affect the Fund than a mutual fund that invests exclusively in domestic securities.&nbsp;&nbsp;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.&nbsp;&nbsp;There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign currency denominated securities.&nbsp;&nbsp;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 administration or economic or monetary policy (in this country or abroad), or changed circumstances in dealings between nations.&nbsp;&nbsp;In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are generally higher than in the United States.&nbsp;&nbsp;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">&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">Inverse Correlation Risk.</font>&nbsp;&nbsp;To the extent the Fund invests in ETFs that seek to provide investment results that are the inverse of the performance of an underlying index, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises &#8211; a result that is the opposite from traditional mutual funds.</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;While the Fund will not short individual securities, the ETFs held by the Fund may sell 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.</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">Derivative Risk.&nbsp;&nbsp;</font>The ETFs held by the Fund may use derivative instruments, which derive their value from the value of an underlying security, currency, or index.&nbsp;&nbsp;Derivative instruments involve risks different from direct investments in the underlying assets, 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">&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">Leverage Risk.&nbsp;&nbsp;</font>The ETFs held by the Fund may utilize leverage (i.e., borrowing) to acquire their underlying portfolio investments.&nbsp;&nbsp;The use of leverage may exaggerate changes in an ETF's share price and the return on its investments.&nbsp;&nbsp;Accordingly, the value of the Fund's investments in ETFs may be more volatile and all other risks, including the risk of loss of an investment, tend to be compounded or magnified.&nbsp;&nbsp;Any losses suffered by an ETF as a result of the use of leverage could adversely affect the Fund's net asset value and an investor could incur a loss in their investment in the Fund.&nbsp;&nbsp;Borrowing also leads to additional interest expense and other fees that increase the Fund's expenses.</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>.&nbsp;&nbsp;Stock prices change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.&nbsp;&nbsp;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.&nbsp;&nbsp;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>&nbsp;&nbsp;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">Small-Cap and Mid-Cap Securities Risk.</font>&nbsp;&nbsp;The Fund or ETFs held by the Fund may invest in securities of small-cap and mid-cap companies, which involve 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">Fixed Income Risk.</font>&nbsp;&nbsp;To the extent the Fund or an ETF in which the Fund invests holds fixed income securities, the Fund will be directly or indirectly subject to the risks associated with fixed income investments.&nbsp;&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;Also, longer-term securities are generally more volatile, so the average maturity or duration of these securities affects risk.&nbsp;&nbsp;Credit risk is the possibility that an issuer will fail to make timely payments of interest or principal or go bankrupt.&nbsp;&nbsp;The lower the rating of a debt security, the greater its risks.&nbsp;&nbsp;In addition, these risks are often magnified for securities rated below investment grade, often referred to as "junk bonds," and adverse changes in economic conditions or market perception are likely to cause issuers of these securities to be unable to meet their obligations to repay principal and interest to investors.</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">Management Style Risk.</font>&nbsp;&nbsp;Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.&nbsp;&nbsp;The returns from the types of securities purchased by the Fund (large-cap, mid-cap, growth, value, etc.) may at times be better or worse than the returns from other types of funds.&nbsp;&nbsp;Each type of investment tends to go through cycles of performing better or worse than the stock market in general.&nbsp;&nbsp;The performance of the Fund may thus be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.</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">Manager Risk.&nbsp;&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 portfolio manager's experience is discussed in the section of this prospectus entitled "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;" 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">Non-diversified Fund Risk.</font>&nbsp;&nbsp;The Fund is a non-diversified fund.&nbsp;&nbsp;In general, a non-diversified fund will invest a greater percentage of its assets in a particular issuer and will own fewer securities than diversified mutual funds.&nbsp;&nbsp;Accordingly, a non-diversified fund is generally subject to the risk that a large loss in an individual issuer will cause a greater loss for the fund than it would if the fund were required to hold a larger number of securities or smaller positions.&nbsp;&nbsp;A non-diversified fund may also have a more volatile net asset value per share than diversified mutual funds.</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">Sector Focus Risk.</font>&nbsp;&nbsp;Because the Fund's investments may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors.&nbsp;&nbsp;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.&nbsp;&nbsp;The specific risks for each of the sectors in which the Fund may focus its investments include the additional risks described below:</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: 27pt;" 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"><font style="font-style: italic; display: inline; font-weight: bold;" class="_mt">Consumer Discretionary.</font><font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font>Companies in this sector may be adversely affected by negative changes in the domestic and international economies, interest rates, competition, consumer confidence, disposable household income, and consumer spending.&nbsp;&nbsp;These companies are also subject to severe competition and changes in demographics and consumer tastes, which may have an adverse effect on the performance of these companies.</font></div></td></tr></table></div> <div style="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: 27pt;" 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"><font style="font-style: italic; display: inline; font-weight: bold;" class="_mt">Consumer Staples.</font><font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font>Companies in this sector may be adversely affected by negative changes in the domestic and international economies, interest rates, competition, consumer confidence, and consumer spending.&nbsp;&nbsp;These companies also are subject to the risk that government regulation could affect the permissibility of using various production methods and food additives, which regulations could affect company profitability.&nbsp;&nbsp;The success of food, household, and personal products companies may be strongly affected by consumer tastes, marketing campaigns, and other factors affecting supply and demand.</font></div></td></tr></table></div> <div style="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: 27pt;" align="right"> <div><font style="font-style: italic; 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"><font style="font-style: italic; display: inline; font-weight: bold;" class="_mt">Commodities.&nbsp;&nbsp;</font>Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodities related investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, and tariffs. The prices of industrial metals, precious metals, agriculture, and livestock commodities may fluctuate widely due to factors such as changes in value, supply and demand, and governmental regulatory policies.</font></div></td></tr></table></div> <div style="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: 27pt;" 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"><font style="font-style: italic; display: inline; font-weight: bold;" class="_mt">Energy.</font><font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font>Companies in this sector are affected by supply and demand both for their specific product or service and for energy products in general.&nbsp;&nbsp;The price of oil and gas, exploration and production spending, government regulation, world events, and economic conditions will likewise affect the performance of these companies. Securities of companies in the energy field are subject to swift price and supply fluctuations caused by events relating to international politics, energy conservation, the success of exploration projects, and tax and other governmental regulatory policies.</font></div></td></tr></table></div> <div style="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: 27pt;" 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"><font style="font-style: italic; display: inline; font-weight: bold;" class="_mt">Financial.</font><font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font>Companies in this sector are subject to risks including extensive governmental regulation; decreased profits resulting from changes in interest rates and loan losses, which usually increase in economic downturns; severe price competition; and increased inter-industry consolidation and competition; all of which may adversely affect the value of those holdings.</font></div></td></tr></table></div> <div style="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: 27pt;" align="right"> <div><font style="display: inline; font-family: Symbol, serif; font-size: 10pt; font-weight: bold;" 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"><font style="font-style: italic; display: inline; font-weight: bold;" class="_mt">Healthcare.&nbsp;&nbsp;</font>Companies in this sector are subject to extensive litigation based on product liability and similar claims; dependence on patent protection and expiration of patents; competitive forces that make it difficult to raise prices; long and costly regulatory processes; and product obsolescence; all of which may adversely affect the value of those holdings.</font></div></td></tr></table></div> <div style="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: 27pt;" 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"><font style="font-style: italic; display: inline; font-weight: bold;" class="_mt">Industrials.</font><font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font>Companies in this sector are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, and economic conditions will affect the performance of these companies. These companies can also be cyclical, subject to sharp price movements, and significantly affected by government spending policies.</font></div></td></tr></table></div> <div style="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: 27pt;" 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"><font style="font-style: italic; display: inline; font-weight: bold;" class="_mt">Materials.</font><font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font>Companies in this sector are significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import controls, and worldwide competition. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses.&nbsp;&nbsp;Other risks may include liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.&nbsp;&nbsp;The sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.</font></div></td></tr></table></div> <div style="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: 27pt;" 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"><font style="font-style: italic; display: inline; font-weight: bold;" class="_mt">Real Estate.</font><font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font>Companies in this sector are subject to risks related to possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates.</font></div></td></tr></table></div> <div style="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: 27pt;" 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"><font style="font-style: italic; display: inline; font-weight: bold;" class="_mt">Technology.</font><font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font>The performance of companies in this sector may be adversely affected by intense competition both domestically and internationally; limited product lines, markets, financial resources, or personnel; rapid product obsolescence and frequent new product introduction; dramatic and unpredictable changes in growth rates; and dependence on patent and intellectual property rights.</font></div></td></tr></table></div> <div style="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: 27pt;" 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"><font style="font-style: italic; display: inline; font-weight: bold;" class="_mt">Telecommunications.</font><font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font>These companies may be adversely affected by <a name="jump_exp_1"> </a>government regulation of rates of return and services that may be offered.&nbsp;&nbsp;These companies are also subject to risks related to rapid obsolescence of their products and services resulting from changes in consumer tastes, intense competition, and strong market reactions to technological development.</font></div></td></tr></table></div> <div style="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: 27pt;" 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"><font style="font-style: italic; display: inline; font-weight: bold;" class="_mt">Utilities.</font><font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font>Companies in this sector are subject to risks related to government regulation.&nbsp;&nbsp;Although rate changes of a utility usually fluctuate in approximate correlation with financing costs due to political and regulatory factors, rate changes ordinarily follow changes in financing costs after a delay, which can adversely affect earnings and dividends when costs are rising.&nbsp;&nbsp;Utility companies that have experienced deregulation in recent years may be subject to greater competition if they have diversified outside of original geographic regions and traditional lines of business.&nbsp;&nbsp;In such cases, these companies may earn more than their traditional regulated rates of return, but may also be forced to defend their core business and be less profitable.</font></div></td></tr></table></div> <div style="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.&nbsp;&nbsp;</font>The Advisor may sell portfolio securities without regard to the length of time they have been held in order to take advantage of new investment opportunities or changing market conditions.&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;The payment of taxes on gains could adversely affect the Fund's performance.&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">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: 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">Non-diversified Fund Risk.</font>&nbsp;&nbsp;The Fund is a non-diversified fund.&nbsp;&nbsp;In general, a non-diversified fund will invest a greater percentage of its assets in a particular issuer and will own fewer securities than diversified mutual funds.&nbsp;&nbsp;Accordingly, a non-diversified fund is generally subject to the risk that a large loss in an individual issuer will cause a greater loss for the fund than it would if the fund were required to hold a larger number of securities or smaller positions.&nbsp;&nbsp;A non-diversified fund may also have a more volatile net asset value per share than diversified mutual funds.</font></div> <div class="MetaData"> <p><strong><font size="5" class="_mt" style="font-family: Calibri;">Sector Rotation Fund</font></strong></p></div> <div class="MetaData"> <p style="line-height: normal; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; </font></p><i><font style="line-height: 115%; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">(fees paid directly from your investment)</font></i> </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleShareholderFeesSectorRotationFund column period compact * column dei_LegalEntityAxis compact cik0001464413_S000032518Member 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">Sector Rotation is a strategy which evaluates the relative strength and momentum of different sectors of the economy in order to identify short-term investment opportunities.&nbsp;&nbsp;A sector is a segment of the market that isolates very specific types of assets.&nbsp;&nbsp;Examples include consumer staples, energy, financials, health care, and real estate.&nbsp;&nbsp;The Fund's investment advisor, Navigator Money Management, Inc. (the "Advisor"), employs a proprietary ranking system to identify the sectors that it believes are showing the greatest relative strength and increases the Fund's exposure to those sectors.&nbsp;&nbsp;The Advisor may also take inverse positions in the lowest ranked sectors identified using the same proprietary ranking system.</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">Under normal circumstances, the Fund invests in shares of exchange-traded funds ("ETFs").&nbsp;&nbsp;An ETF is an open-end investment company that holds a portfolio of investments designed to track a particular market segment or underlying index.&nbsp;&nbsp;In seeking to build a portfolio designed to outperform the S&amp;P 500 Index, the Advisor may allocate Fund assets among equity and fixed income ETFs representing various markets, regions and countries, including the United States.&nbsp;&nbsp;The Fund may invest in ETFs that hold foreign securities and American Depositary Receipts ("ADRs").&nbsp;&nbsp;The Fund may invest in ETFs </font><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">designed to provide investment results that match the performance or inverse (opposite) performance of an underlying index.&nbsp;&nbsp;The Fund may also invest in ETFs designed to provide investment results that match a positive or negative multiple of the performance of an underlying index.&nbsp;&nbsp;In seeking to provide such results, an ETF may engage in short sales of securities included in the underlying index and may invest in derivatives instruments, such as equity index swaps, futures contracts, and options on securities, futures contracts, and stock indices.&nbsp;&nbsp;The Fund will not short individual securities.</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">In addition to ETFs, the Fund may also invest, to a limited extent, directly in common stocks that the Advisor believes present attractive opportunities.&nbsp;&nbsp;Further, the Fund may invest directly in debt obligations as a means to reduce equity exposure and create capital appreciation potential.</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">In selecting investments for the Fund, the Advisor seeks to identify securities that it believes exhibit attractive valuations based on characteristics such as price movement, volatility, price to earnings ratios, growth rates, price to cash flow, and price to book ratios.&nbsp;&nbsp;With respect to the Fund's inverse positions, the Advisor seeks to identify securities that are designed to perform inverse to indexes with valuations that the Advisor believes are unattractive based on these same characteristics.&nbsp;&nbsp;The Advisor will incorporate asset class selection as part of the Fund's overall portfolio.&nbsp;&nbsp;This strategic asset allocation is the process of dividing securities among different kinds of assets (such as stocks, bonds, real estate, precious metals and cash) to optimize the risk/reward trade-off based on achieving capital appreciation.&nbsp;&nbsp;The Advisor utilizes quantitative research to determine the Fund's weightings between stocks, bonds, and cash, allocation among sectors and industries, and exposure to domestic and foreign markets.&nbsp;&nbsp;The Fund may engage in active and frequent trading of its portfolio securities.</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 is a non-diversified fund, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.&nbsp;&nbsp;From time to time, the Fund may also focus its investments in a limited number of market sectors<font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp;</font>and may at times invest more than 25% of the its net assets in a particular sector, such as the consumer discretionary, consumer staples, commodities, energy, financials, industrials, health care, materials, real estate, technology, telecommunications, and utilities sectors.</font></div></div> </div> "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 Predecessor Fund commenced operations on December 30, 2009. The Fund has the same investment objectives and strategies and substantially the same investment policies as the Predecessor Fund. The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that runs through January 31, 2014. The agreement can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator receives payments under the agreement at a maximum annual rate of 0.65%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through January 31, 2014, under which it has agreed to (i) to pay the administrator a fee based on the daily average net assets of the Fund when net assets are below $29 million; (ii) if these payments are less than a designated minimum, then the Advisor pays a fee that makes up the difference; and (iii) to assume expenses of the Fund outlined in the Operating Plan that are not covered by the fee paid under Fund Accounting and Administration Agreement. These measures are intended to limit the Fund's operating expenses to 1.65% of the average daily net assets, exclusive of brokerage fees and commissions, taxes, borrowing costs (such as interest or dividend expenses on securities sold short), acquired fund fees and expenses, and extraordinary expenses. The Fund's net expense ratio will be higher than 1.65% to the extent the Fund incurs expenses excluded from this arrangement. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees. 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Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Starboard Investment Trust
Prospectus Date rr_ProspectusDate Jan. 28, 2013
The Sector Rotation Fund | No Load Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed On Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
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) rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.11%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.55% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.66%
Fee Waiver and/or Expense Limitation rr_FeeWaiverOrReimbursementOverAssets 0.11% [2]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 2.55%
1 Year rr_ExpenseExampleYear01 258
3 Years rr_ExpenseExampleYear03 816
5 Years rr_ExpenseExampleYear05 1,400
10 Years rr_ExpenseExampleYear10 2,985
Annual Return 2010 rr_AnnualReturn2010 11.70%
Annual Return 2011 rr_AnnualReturn2011 (1.64%)
Annual Return 2012 rr_AnnualReturn2012 9.69%
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 11.37%
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 (11.65%)
1 Year rr_AverageAnnualReturnYear01 9.69%
Since Inception rr_AverageAnnualReturnSinceInception 6.40% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 30, 2009
The Sector Rotation Fund | No Load Shares | After taxes on distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.01%
Since Inception rr_AverageAnnualReturnSinceInception 5.25% [3]
The Sector Rotation Fund | No Load Shares | After taxes on distributions and sale of shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.57%
Since Inception rr_AverageAnnualReturnSinceInception 4.92% [3]
The Sector Rotation 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 January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 175.18%
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.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus
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 table shown below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare to those of a broad-based securities market index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.navfx.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading
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 Narrative rr_PerformanceTableNarrativeTextBlock
The Sector Rotation Fund | S&P 500 Total Return Index (reflects no deductions for fees and expenses)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
Since Inception rr_AverageAnnualReturnSinceInception 10.48% [3]
[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 has entered into a Fund Accounting and Administration Agreement with the Fund that runs through January 31, 2014. The agreement can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator receives payments under the agreement at a maximum annual rate of 0.65%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through January 31, 2014, under which it has agreed to (i) to pay the administrator a fee based on the daily average net assets of the Fund when net assets are below $29 million; (ii) if these payments are less than a designated minimum, then the Advisor pays a fee that makes up the difference; and (iii) to assume expenses of the Fund outlined in the Operating Plan that are not covered by the fee paid under Fund Accounting and Administration Agreement. These measures are intended to limit the Fund's operating expenses to 1.65% of the average daily net assets, exclusive of brokerage fees and commissions, taxes, borrowing costs (such as interest or dividend expenses on securities sold short), acquired fund fees and expenses, and extraordinary expenses. The Fund's net expense ratio will be higher than 1.65% to the extent the Fund incurs expenses excluded from this arrangement. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees.
[3] The Predecessor Fund commenced operations on December 30, 2009. The Fund has the same investment objectives and strategies and substantially the same investment policies as the Predecessor Fund.
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The Sector Rotation Fund
Shareholder Fees -
The Sector Rotation Fund
No Load Shares
Maximum Sales Charge (Load) Imposed On Purchases (as a % of offering price) none
Maximum Deferred Sales Charge (Load) (as a % of the lesser of amount purchased or redeemed) none
Redemption Fee (as a % of amount redeemed) none
Annual Fund Operating Expenses -
The Sector Rotation Fund
No Load Shares
Management Fees 1.00%
Distribution and/or Service (12b-1) Fees none
Other Expenses 1.11%
Acquired Fund Fees and Expenses [1] 0.55%
Total Annual Fund Operating Expenses 2.66%
Fee Waiver and/or Expense Limitation [2] 0.11%
Net Annual Fund Operating Expenses 2.55%
[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 has entered into a Fund Accounting and Administration Agreement with the Fund that runs through January 31, 2014. The agreement can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator receives payments under the agreement at a maximum annual rate of 0.65%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through January 31, 2014, under which it has agreed to (i) to pay the administrator a fee based on the daily average net assets of the Fund when net assets are below $29 million; (ii) if these payments are less than a designated minimum, then the Advisor pays a fee that makes up the difference; and (iii) to assume expenses of the Fund outlined in the Operating Plan that are not covered by the fee paid under Fund Accounting and Administration Agreement. These measures are intended to limit the Fund's operating expenses to 1.65% of the average daily net assets, exclusive of brokerage fees and commissions, taxes, borrowing costs (such as interest or dividend expenses on securities sold short), acquired fund fees and expenses, and extraordinary expenses. The Fund's net expense ratio will be higher than 1.65% to the extent the Fund incurs expenses excluded from this arrangement. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees.
Expense Example - (USD $)
1 Year
3 Years
5 Years
10 Years
The Sector Rotation Fund No Load Shares
258 816 1,400 2,985
Bar Chart
Average Annual Total Returns - The Sector Rotation Fund
1 Year
Since Inception
Inception Date
No Load Shares
9.69% 6.40% [1] Dec. 30, 2009
No Load Shares After taxes on distributions
8.01% 5.25% [1]  
No Load Shares After taxes on distributions and sale of shares
7.57% 4.92% [1]  
S&P 500 Total Return Index (reflects no deductions for fees and expenses)
16.00% 10.48% [1]  
[1] The Predecessor Fund commenced operations on December 30, 2009. The Fund has the same investment objectives and strategies and substantially the same investment policies as the Predecessor Fund.