0001464413-13-000240.txt : 20130816 0001464413-13-000240.hdr.sgml : 20130816 20130816155852 ACCESSION NUMBER: 0001464413-13-000240 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130816 DATE AS OF CHANGE: 20130816 EFFECTIVENESS DATE: 20130816 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: 131045299 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: 131045300 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 S000038548 Matisse Discounted Closed-End Fund Strategy C000119000 Institutional Class Shares MDCEX C000126870 Class A Shares MDCAX 485BPOS 1 n1a0813xbrl.htm STARBOARD INVESTMENT TRUST - MATISSE DISCOUNTED CLOSED-END FUND STRATEGY n1a0813xbrl.htm
As filed with the Securities and Exchange Commission on August 16, 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.   139
[X]
and/or
 
REGISTRATION STATEMENT UNDER INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No.  143  
[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. 139 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. 132 filed July 29, 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 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  16th  day of August, 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
August 16, 2013
Jack E. Brinson
   
     
           *                    
Trustee and Chairman
August 16, 2013
James H. Speed, Jr.
   
     
           *                    
Trustee
August 16, 2013
J. Buckley Strandberg
   
     
           *                    
Trustee
August 16, 2013
Michael G. Mosley
   
     
           *                    
Trustee
August 16, 2013
Theo H. Pitt, Jr.
   
     
           *                    
President, RiskX Funds
August 16, 2013
D.J. Murphey
   
     
           *                    
Treasurer, RiskX Funds
August 16, 2013
Julie M. Koethe
   
     
           *                    
President and Treasurer,
August 16, 2013
Robert G. Fontana
Caritas All-Cap Growth Fund
 
     
           *                    
President and Treasurer,
August 16, 2013
Matthew R. Lee
Presidio Multi-Strategy Fund
 
     
           *                    
President, Roumell Opportunistic Value Fund
August 16, 2013
James C. Roumell
   
     
           *                    
Treasurer, Roumell Opportunistic Value Fund
August 16, 2013
Craig L. Lukin
   
     
           *                    
President and Treasurer,
August 16, 2013
Mark A. Grimaldi
The Sector Rotation Fund
 
 
 
 

 
     
           *                    
President and Treasurer,
August 16, 2013
Cort F. Meinelschmidt
SCS Tactical Allocation
 
     
           *                    
President, Crescent Funds
August 16, 2013
J. Philip Bell
   
     
           *                    
President, Arin Funds
August 16, 2013
Joseph J. DeSipio
   
     
           *                    
Treasurer, Arin Funds
August 16, 2013
Lawrence H. Lempert
   
     
           *                    
President,
August 16, 2013
Bryn H. Torkelson
Matisse Discounted Closed-End Fund Strategy
 
     
           *                    
President and Treasurer,
August 16, 2013
Gabriel F. Thornhill IV
Thornhill Strategic Equity Fund
 
     
           *                    
President,
August 16, 2013
Jeffrey R. Spotts
Horizons West Multi-Strategy Hedged Income Fund (formerly known as the Prophecy Alpha Trading Fund)
 
     
           *                    
President,
August 16, 2013
Michael Barron
CV Sector Rotational Fund
 
     
           *                    
Treasurer of the CV Sector Rotational Fund and
August 16, 2013
Brenda A. Smith
Horizons West Multi-Strategy Hedged Income Fund (formerly known as the Prophecy Alpha Trading Fund), President and  Treasurer of the CV Asset Allocation 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
August 16, 2013
     
* By: /s/ A. Vason Hamrick
Dated:  August 16, 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 cik0001464413-20130729.xml XBRL INSTANCE DOCUMENT 0001464413 cik0001464413:S000038548Member 2013-07-29 2013-07-29 0001464413 cik0001464413:S000038548Member cik0001464413:C000126870Member 2013-07-29 2013-07-29 0001464413 cik0001464413:S000038548Member cik0001464413:C000119000Member 2013-07-29 2013-07-29 0001464413 2013-07-29 2013-07-29 iso4217:USD xbrli:pure false 2013-07-29 2013-07-29 2013-03-31 485BPOS 0001464413 Starboard Investment Trust 0.0135 0.0135 <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualFundOperatingExpensesMatisseDiscountedClosedEndFundStrategyNew column period compact * column dei_LegalEntityAxis compact cik0001464413_S000038548Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;"><a name="jump_exp_1"> </a>PERFORMANCE INFORMATION</font></div> 0 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 class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Example.</font><font class="_mt" style="font-weight: bold; display: inline;">&nbsp;</font><font class="_mt" style="font-weight: bold; display: inline;">&nbsp;</font></font></div> <div> <div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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/ScheduleExpenseExampleTransposedMatisseDiscountedClosedEndFundStrategy row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038548Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> 288 870 1026 1611 1785 2369 3781 4345 <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">FEES AND EXPENSES OF THE FUND</font></div> <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">This table describes 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> 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> <font class="_mt"><font class="_mt" style="display: inline;">"</font>Acquired Fund Fees and Expenses" are the indirect costs of investing in other investment companies.&nbsp;&nbsp;The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements, once available, because the financial statements include only the direct operating expenses incurred by the Fund.</font> 0.0356 0.0381 -0.0071 -0.0071 July 31, 2014 0.012 0.012 0 0 0 0.0575 0.0285 0.031 <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="center"> <table style="font-size: 10pt; font-family: times new roman;" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="line-height: 11.4pt;" valign="top"><td> <div align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">INVESTMENT OBJECTIVES</font></div></td></tr></table></div> <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Matisse Discounted Closed-End Fund Strategy seeks long-term capital appreciation and income.</font></div> </div> <div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Annual Fund Operating Expenses</font></b><font class="_mt" style="font-family: 'Century Gothic','sans-serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(expenses that you pay each year as a percentage of the value of your investment)</font></i></p></div> 0.0101 0.0101 <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Performance information will be available after a full calendar year of operations.</font></font>&nbsp;&nbsp;This information will give some indication of the risks of investing in the Fund by comparing the Fund's performance with a broad measure of market performance.&nbsp;&nbsp;You may request a copy of the Fund's annual and semi-annual reports, once available, at no charge by calling the Fund.</font></div> </div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Performance information will be available after a full calendar year of operations.</font> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Portfolio Turnover.</font>&nbsp;&nbsp;</font></div> 0.8439 <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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 period, the Fund's portfolio turnover rate was <font class="_mt">84.39</font>% of the average value of its portfolio.</font></div> </div> 2013-07-29 -0.02 -0.02 <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The loss of your money is a principal risk of investing in the Fund.</font> <div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Fund of Funds Risk.&nbsp;&nbsp;</font>The Fund is a "fund of funds."&nbsp;&nbsp;The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including closed-end funds and money market mutual funds.&nbsp;&nbsp;Investments in other funds subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses.&nbsp;&nbsp;<font class="_mt" style="display: inline;">The Fund's performance depends in part upon the performance of the funds' investment advisor, the strategies and instruments used by the funds, and the Advisor's ability to select funds and effectively allocate Fund assets among them.</font></font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Control of Portfolio Funds Risk.</font>&nbsp;&nbsp;Although the Fund and the Advisor will evaluate regularly each closed-end fund in which the Fund invests to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a closed-end fund.&nbsp;&nbsp;The investment advisor to each closed-end fund may change aspects of its investment strategies at any time.&nbsp;&nbsp;The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a closed-end fund.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"> <div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Closed-End Fund Risk.</font>&nbsp;&nbsp;Closed-end funds involve investment risks different from those associated with other investment companies.&nbsp;&nbsp;First, 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 and affect whether the Fund will a realize gain or loss on the investment.&nbsp;&nbsp;Second, many closed-end funds use leverage, or borrowed money, to try to increase returns. Leverage is a speculative technique and its use by a closed-end fund entails greater risk and leads to a more volatile share price.&nbsp;&nbsp;If a close-end fund uses leverage, increases and decreases in the value of its share price will be magnified.&nbsp;&nbsp;The closed-end fund will also have to pay interest or dividends on its leverage, reducing the closed-end fund's return.&nbsp;&nbsp;Third, many closed-end funds have a policy of distributing a fixed percentage of net assets regardless of the fund's actual interest income and capital gains.&nbsp;&nbsp;Consequently, distributions by a closed-end fund may include a return of capital, which would reduce the fund's net asset value and its earnings capacity.&nbsp;&nbsp;Finally, closed-end funds are allowed to invest in a greater amount of illiquid securities than open-end mutual funds.&nbsp;&nbsp;Investments in illiquid securities pose risks related to uncertainty in valuations, volatile market prices, and limitations on resale that may have an adverse effect on the ability of the fund to dispose of the securities promptly or at reasonable prices.</font></div></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Money Market Mutual Fund Risk.</font>&nbsp;&nbsp;The Fund may invest in money market mutual funds in order to manage its cash component.&nbsp;&nbsp;An investment in a money market mutual fund is not insured or guaranteed by a Federal Deposit Insurance Corporation or any other government agency. Although such funds seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a money market mutual fund.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.&nbsp;&nbsp;Market prices for securities 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 security may even be affected by factors unrelated to the value or condition of its issuer, such as changes in interest rates, economic and political conditions, and general market conditions.&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Management Style Risk.&nbsp;&nbsp;</font>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 investments purchased by the Fund (e.g., closed-end funds which pay regular periodic cash distributions) 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 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="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"> <div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Quantitative Model Risk.&nbsp;&nbsp;</font>Securities or other investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.</font></div></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Foreign Securities Risk.&nbsp;&nbsp;</font>The Fund may invest 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 investments 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="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">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.&nbsp;&nbsp;Under normal circumstances, the anticipated portfolio turnover rate for the Fund is expected to be greater than 100%.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Leverage Risk.&nbsp;&nbsp;</font>The Fund may leverage or borrow money from banks to buy securities and pledge its assets in connection with the borrowing.&nbsp;&nbsp;Use of leverage tends to magnify<font class="_mt" style="display: inline;"> increases and decreases in </font>the Fund's returns<font class="_mt" style="display: inline;"> and leads to a more volatile share price</font>.&nbsp;&nbsp;The Fund will also incur borrowing costs in connection with its use of leverage.&nbsp;&nbsp;If the interest expense of the borrowing is greater than the return on the securities bought, the use of leverage will decrease the return to shareholders in the Fund.&nbsp;&nbsp;Leveraging by both the Fund and the underlying closed-end funds, which often employ leverage, will expose the Fund to a relatively high level of leverage risk.&nbsp;&nbsp;There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Investment Advisor 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 managers' experience is discussed in the section of this prospectus entitled "Management of the Funds &#8211; Investment Advisor."</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"> <div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Operating Risk.</font>&nbsp;&nbsp;The Advisor and the Fund's administrator have entered into an Operating Plan that facilitates the administrator's assumption of Fund expenses under the Fund Accounting and Administration Agreement.&nbsp;&nbsp;The Operating Plan obligates the Advisor to make payments to the administrator based upon the Fund's net assets and assume certain expenses of the Fund.&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 that the Advisor 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 style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">New Fund Risk.</font>&nbsp;&nbsp;Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.&nbsp;&nbsp;Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div></div> </div> <div class="MetaData" style="text-align: center; margin-left: 0pt; display: block; line-height: 18.25pt; margin-right: 0pt; text-indent: 0pt;"><font class="_mt" style="font-size: 12pt; font-family: Times New Roman; font-variant: small-caps; font-weight: bold; display: inline;">Matisse Discounted Closed-End Fund Strategy</font></div> <div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Shareholder Fees</font></b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(fees paid directly from your investment)</font></i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> </font></p></div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleShareholderFeesMatisseDiscountedClosedEndFundStrategy column period compact * column dei_LegalEntityAxis compact cik0001464413_S000038548Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund is a "fund of funds" that seeks to achieve its investment objectives principally through investments in unaffiliated closed-end funds which pay regular periodic cash distributions, the interests of which typically trade at substantial discounts relative to their underlying net asset values. The Fund's investment advisor, Deschutes Portfolio Strategies (the "Advisor") believes this approach is capable of generating capital appreciation and income.&nbsp; </font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">As a matter of investment policy, the Fund will invest, under normal circumstances, at least 80% of net assets, plus borrowings for investment purposes, in discounted closed-end funds.&nbsp;&nbsp;For purposes of this policy, a closed-end fund is considered discounted when, in the Advisor's determination, the fund's market value is less than the value of its underlying portfolio.&nbsp;&nbsp;In addition, the closed-end funds may be domestic or foreign for purposes of this policy.&nbsp;&nbsp;This policy may be changed without shareholder approval upon 60-days' prior notice to shareholders.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Closed-end funds are investment companies that, unlike an open-end mutual fund, do not typically issue redeemable shares.&nbsp;&nbsp;Instead, a fixed number of shares trade on a secondary market, such as the New York Stock Exchange or the NASDAQ Stock Market.&nbsp;&nbsp;The shares of closed-end funds frequently trade at either a premium or discount relative to their underlying net asset values.&nbsp;&nbsp;The Fund will invest in closed-end funds that are trading at substantial discounts relative to the underlying net asset values and that the Advisor feels are best positioned to narrow the spread between the underlying net asset value of the fund and the share price.&nbsp;&nbsp;A closed-end fund is considered to be trading at a substantial discount when, in the Advisor's determination, the fund's market value is significantly less than the value of its underlying portfolio.&nbsp;&nbsp;The Advisor believes that these investments will allow the Fund to profit from the capital appreciation achieved when such spreads decrease and the market prices of the shares move closer to the net asset values, as well as from the capital appreciation achieved when general market conditions increase share prices, and the income generated from closed-end fund distributions.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor intends to construct a diversified portfolio that generates regular cash income.&nbsp;&nbsp;Under normal market conditions, the Fund's portfolio will hold shares of approximately 30 to 90 unaffiliated closed-end funds, along with cash, cash equivalents, and other types of securities in which the Fund may make limited investments.&nbsp;&nbsp;The closed-end funds in which the Fund invests may hold either equity securities or fixed income securities.&nbsp;&nbsp;In addition, the closed-end funds may invest in foreign securities and American Depository Receipts (ADRs); may invest in derivative instruments; and may utilize leverage to acquire their underlying portfolio investments.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">In selecting closed-end funds for the portfolio, the Advisor utilizes a proprietary research process that attempts to forecast whether the market discount on a closed-end fund will increase or decrease.&nbsp;&nbsp;The process incorporates quantitative information about the fund's discount, dividends, management, expenses, portfolio, liquidity, and historical pricing.&nbsp;&nbsp;An analysis based on the same process determines when a closed-end fund should be sold.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund's direct investments may be in both domestic and foreign securities.&nbsp;&nbsp;(The Advisor deems a security to be foreign if a U.S. market is not the principal trading market.)&nbsp;&nbsp;Foreign securities held by the Fund will principally be closed-end funds listed and traded in Canada and the United Kingdom.&nbsp;&nbsp;Such investments will be selected for investment and sold using the same proprietary research process for domestic closed-end funds, although with </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">adjustments for local practices and regulations.&nbsp;&nbsp;Investments in foreign securities may be made directly in foreign markets, including emerging markets, as well as indirectly through other investment companies and ADRs.&nbsp;&nbsp;To the extent the Fund invests in ADRs, it may invest in ADRs sponsored by the issuers of the underlying securities or ADRs organized independently of the issuers.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Based upon the Advisor's view of available investment opportunities, as well as for cash management purposes, the Fund's portfolio will also include cash and cash equivalents that provide a temporary pool of liquidity for future investments, redemptions, and other Fund expenses.&nbsp;&nbsp;<font class="_mt" style="font-family: Times New Roman; display: inline;">Under normal circumstances, </font>the Fund may hold<font class="_mt" style="font-family: Times New Roman; display: inline;"> up to 20% of net assets, plus borrowings for investment purposes, </font>in cash and cash equivalents.&nbsp;&nbsp;This portion of the Fund's portfolio will principally be invested in money market mutual funds.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">To take advantage of opportunities to invest, the Fund may borrow money for investment purposes (leverage).&nbsp;&nbsp;Any borrowing by the Fund will be subject to the limitations set forth in the Investment Company Act of 1940 and relevant interpretive positions of the staff of the Securities and Exchange Commission, which presently allow the Fund to borrow (including pledging, mortgaging or hypothecating assets) in an amount up to one-third of its total assets, which include assets purchased with borrowed money.</font></div></div> </div> "Acquired Fund Fees and Expenses" are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements, once available, because the financial statements include only the direct operating expenses incurred by the Fund. "Acquired Fund Fees and Expenses" are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements, once available, because the financial statements include only the direct operating expenses incurred by the Fund. The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that runs through July 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 0.30%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through July 31, 2014, under which it has agreed (i) to pay the administrator a fee based on the daily average net assets of the Fund when net assets are below $90 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 1.50% 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, extraordinary expenses, and distribution and/or service (12b-1) fees. The Fund's net expense ratio will be higher than 1.50% 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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A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 1 false07false 4rr_MaximumDeferredSalesChargeOverOtherrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue00falsefalsefalserr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph a -Clause i false08false 4rr_RedemptionFeeOverRedemptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedTerseLabel1truetruetrue0.020.02falsefalsefalserr:NonPositivePure4Typepure"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph b false09false 4rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.0120.012falsefalsefalserr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false010false 4rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue00falsefalsefalserr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false011false 4rr_OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.01010.0101[1]falsefalsefalserr:NonNegativePure4Typepure"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause i false012false 4rr_AcquiredFundFeesAndExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.01350.0135[2]falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false013false 4rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.03560.0356falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d true014false 4rr_FeeWaiverOrReimbursementOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel1truetruetrue0.00710.0071[1]falsefalsefalserr:NonPositivePure4TypepureTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false015false 4rr_NetExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.02850.0285falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 true016false 4rr_ExpenseExampleYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue288288USD$falsetruefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false217false 4rr_ExpenseExampleYear03rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue10261026USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false218false 4rr_ExpenseExampleYear05rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue17851785USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false219false 4rr_ExpenseExampleYear10rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue37813781USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false220false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse3false USDtruefalse$Duration_7_29_2013_To_7_29_2013_dei_LegalEntityAxis_cik0001464413_S000038548Member_rr_ProspectusShareClassAxis_cik0001464413_C000126870Memberhttp://www.sec.gov/CIK0001464413duration2013-07-29T00:00:002013-07-29T00:00:00falsefalseMatisse Discounted Closed-End Fund Strategydei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_S000038548Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass Arr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_C000126870Memberrr_ProspectusShareClassAxisexplicitMemberUnit1Standardhttp://www.xbrl.org/2003/instancepurexbrli0Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$nanafalse021true 3rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse022false 4rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPricerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.05750.0575falsefalsefalserr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 1 false023false 4rr_MaximumDeferredSalesChargeOverOtherrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue00falsefalsefalserr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph a -Clause i false024false 4rr_RedemptionFeeOverRedemptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedTerseLabel1truetruetrue0.020.02falsefalsefalserr:NonPositivePure4Typepure"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph b false025false 4rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.0120.012falsefalsefalserr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false026false 4rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.00250.0025falsefalsefalserr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false027false 4rr_OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.01010.0101[1]falsefalsefalserr:NonNegativePure4Typepure"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause i false028false 4rr_AcquiredFundFeesAndExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.01350.0135[2]falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false029false 4rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.03810.0381falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d true030false 4rr_FeeWaiverOrReimbursementOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel1truetruetrue0.00710.0071[1]falsefalsefalserr:NonPositivePure4TypepureTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false031false 4rr_NetExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.0310.031falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 true032false 4rr_ExpenseExampleYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue870870USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false233false 4rr_ExpenseExampleYear03rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue16111611USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false234false 4rr_ExpenseExampleYear05rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue23692369USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false235false 4rr_ExpenseExampleYear10rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue43454345USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false236false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse4false USDtruefalse$Duration_7_29_2013_To_7_29_2013_dei_LegalEntityAxis_cik0001464413_S000038548Memberhttp://www.sec.gov/CIK0001464413duration2013-07-29T00:00:002013-07-29T00:00:00falsefalseMatisse Discounted Closed-End Fund Strategydei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_S000038548Memberdei_LegalEntityAxisexplicitMemberUnit1Standardhttp://www.xbrl.org/2003/instancepurexbrli0Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$nanafalse037true 3rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse038false 4rr_RiskReturnHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="text-align: center; margin-left: 0pt; display: block; line-height: 18.25pt; margin-right: 0pt; text-indent: 0pt;"><font class="_mt" style="font-size: 12pt; font-family: Times New Roman; font-variant: small-caps; font-weight: bold; display: inline;">Matisse Discounted Closed-End Fund Strategy</font></div>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicatedReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 false039false 4rr_ObjectiveHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="center"> <table style="font-size: 10pt; font-family: times new roman;" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="line-height: 11.4pt;" valign="top"><td> <div align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">INVESTMENT OBJECTIVES</font></div></td></tr></table></div>falsefalsefalsexbrli:stringItemTypestringInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false040false 4rr_ObjectivePrimaryTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Matisse Discounted Closed-End Fund Strategy seeks long-term capital appreciation and income.</font></div> </div>falsefalsefalsenonnum:textBlockItemTypenaInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false041false 4rr_ExpenseHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">FEES AND EXPENSES OF THE FUND</font></div>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph d false042false 4rr_ExpenseNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">This table describes 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> 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>falsefalsefalsenonnum:textBlockItemTypenaThis table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph b false043false 4rr_ShareholderFeesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Shareholder Fees</font></b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(fees paid directly from your investment)</font></i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> </font></p></div>falsefalsefalsexbrli:stringItemTypestringShareholder Fees (fees paid directly from your investment).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 false044false 4rr_OperatingExpensesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Annual Fund Operating Expenses</font></b><font class="_mt" style="font-family: 'Century Gothic','sans-serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(expenses that you pay each year as a percentage of the value of your investment)</font></i></p></div>falsefalsefalsexbrli:stringItemTypestringAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 7 false045false 4rr_FeeWaiverOrReimbursementOverAssetsDateOfTerminationrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00July 31, 2014falsefalsefalsexbrli:stringItemTypestringThis element represents the date of expected termination of any expense reimbursement or fee waiver arrangements that reduce any Fund operating expenses (SEC Form N-1A 2006-09-14 A.3.table.1.11 Total Annual Fund Operating Expenses A.3.instructions.3.e).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph e false046false 4rr_PortfolioTurnoverHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Portfolio Turnover.</font>&nbsp;&nbsp;</font></div>falsefalsefalsexbrli:stringItemTypestringDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 5 false047false 4rr_PortfolioTurnoverTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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 period, the Fund's portfolio turnover rate was <font class="_mt">84.39</font>% of the average value of its portfolio.</font></div> </div>falsefalsefalsenonnum:textBlockItemTypenaDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 3 false048false 4rr_PortfolioTurnoverRaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.84390.8439falsefalsefalsexbrli:pureItemTypepureThis element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 3 false049false 4rr_ExpenseBreakpointDiscountsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<font class="_mt">25,000</font> in the Fund.falsefalsefalsexbrli:stringItemTypestringInclude the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph b false050false 4rr_ExpenseBreakpointMinimumInvestmentRequiredAmountrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse2500025000USD$falsetruefalsexbrli:monetaryItemTypemonetaryThis element represents the minimum level of investment required to qualify for discounted sales charges or fund expenses (SEC Form N-1A 2006-09-14 A.3.instructions.1.b).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph b false251false 4rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFeesrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<font class="_mt"><font class="_mt" style="display: inline;">"</font>Acquired Fund Fees and Expenses" are the indirect costs of investing in other investment companies.&nbsp;&nbsp;The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements, once available, because the financial statements include only the direct operating expenses incurred by the Fund.</font>falsefalsefalsexbrli:stringItemTypestringThe Fund may clarify in a footnote to the fee table that the total annual fund operating expenses under Item 3 do not correlate to the ratio of expenses to average net assets given in response to Item 8, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph f -Clause vii false052false 4rr_ExpenseExampleHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Example.</font><font class="_mt" style="font-weight: bold; display: inline;">&nbsp;</font><font class="_mt" style="font-weight: bold; display: inline;">&nbsp;</font></font></div>falsefalsefalsexbrli:stringItemTypestringHeading for Expense Example.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false053false 4rr_ExpenseExampleNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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>falsefalsefalsenonnum:textBlockItemTypenaThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 1 false054false 4rr_StrategyHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL INVESTMENT STRATEGIES</font></div>falsefalsefalsexbrli:stringItemTypestringPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false055false 4rr_StrategyNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund is a "fund of funds" that seeks to achieve its investment objectives principally through investments in unaffiliated closed-end funds which pay regular periodic cash distributions, the interests of which typically trade at substantial discounts relative to their underlying net asset values. The Fund's investment advisor, Deschutes Portfolio Strategies (the "Advisor") believes this approach is capable of generating capital appreciation and income.&nbsp; </font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">As a matter of investment policy, the Fund will invest, under normal circumstances, at least 80% of net assets, plus borrowings for investment purposes, in discounted closed-end funds.&nbsp;&nbsp;For purposes of this policy, a closed-end fund is considered discounted when, in the Advisor's determination, the fund's market value is less than the value of its underlying portfolio.&nbsp;&nbsp;In addition, the closed-end funds may be domestic or foreign for purposes of this policy.&nbsp;&nbsp;This policy may be changed without shareholder approval upon 60-days' prior notice to shareholders.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Closed-end funds are investment companies that, unlike an open-end mutual fund, do not typically issue redeemable shares.&nbsp;&nbsp;Instead, a fixed number of shares trade on a secondary market, such as the New York Stock Exchange or the NASDAQ Stock Market.&nbsp;&nbsp;The shares of closed-end funds frequently trade at either a premium or discount relative to their underlying net asset values.&nbsp;&nbsp;The Fund will invest in closed-end funds that are trading at substantial discounts relative to the underlying net asset values and that the Advisor feels are best positioned to narrow the spread between the underlying net asset value of the fund and the share price.&nbsp;&nbsp;A closed-end fund is considered to be trading at a substantial discount when, in the Advisor's determination, the fund's market value is significantly less than the value of its underlying portfolio.&nbsp;&nbsp;The Advisor believes that these investments will allow the Fund to profit from the capital appreciation achieved when such spreads decrease and the market prices of the shares move closer to the net asset values, as well as from the capital appreciation achieved when general market conditions increase share prices, and the income generated from closed-end fund distributions.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor intends to construct a diversified portfolio that generates regular cash income.&nbsp;&nbsp;Under normal market conditions, the Fund's portfolio will hold shares of approximately 30 to 90 unaffiliated closed-end funds, along with cash, cash equivalents, and other types of securities in which the Fund may make limited investments.&nbsp;&nbsp;The closed-end funds in which the Fund invests may hold either equity securities or fixed income securities.&nbsp;&nbsp;In addition, the closed-end funds may invest in foreign securities and American Depository Receipts (ADRs); may invest in derivative instruments; and may utilize leverage to acquire their underlying portfolio investments.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">In selecting closed-end funds for the portfolio, the Advisor utilizes a proprietary research process that attempts to forecast whether the market discount on a closed-end fund will increase or decrease.&nbsp;&nbsp;The process incorporates quantitative information about the fund's discount, dividends, management, expenses, portfolio, liquidity, and historical pricing.&nbsp;&nbsp;An analysis based on the same process determines when a closed-end fund should be sold.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund's direct investments may be in both domestic and foreign securities.&nbsp;&nbsp;(The Advisor deems a security to be foreign if a U.S. market is not the principal trading market.)&nbsp;&nbsp;Foreign securities held by the Fund will principally be closed-end funds listed and traded in Canada and the United Kingdom.&nbsp;&nbsp;Such investments will be selected for investment and sold using the same proprietary research process for domestic closed-end funds, although with </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">adjustments for local practices and regulations.&nbsp;&nbsp;Investments in foreign securities may be made directly in foreign markets, including emerging markets, as well as indirectly through other investment companies and ADRs.&nbsp;&nbsp;To the extent the Fund invests in ADRs, it may invest in ADRs sponsored by the issuers of the underlying securities or ADRs organized independently of the issuers.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Based upon the Advisor's view of available investment opportunities, as well as for cash management purposes, the Fund's portfolio will also include cash and cash equivalents that provide a temporary pool of liquidity for future investments, redemptions, and other Fund expenses.&nbsp;&nbsp;<font class="_mt" style="font-family: Times New Roman; display: inline;">Under normal circumstances, </font>the Fund may hold<font class="_mt" style="font-family: Times New Roman; display: inline;"> up to 20% of net assets, plus borrowings for investment purposes, </font>in cash and cash equivalents.&nbsp;&nbsp;This portion of the Fund's portfolio will principally be invested in money market mutual funds.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">To take advantage of opportunities to invest, the Fund may borrow money for investment purposes (leverage).&nbsp;&nbsp;Any borrowing by the Fund will be subject to the limitations set forth in the Investment Company Act of 1940 and relevant interpretive positions of the staff of the Securities and Exchange Commission, which presently allow the Fund to borrow (including pledging, mortgaging or hypothecating assets) in an amount up to one-third of its total assets, which include assets purchased with borrowed money.</font></div></div> </div>falsefalsefalsenonnum:textBlockItemTypenaPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false056false 4rr_RiskHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div>falsefalsefalsexbrli:stringItemTypestringNarrative Risk Disclosure.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 false057false 4rr_RiskNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Fund of Funds Risk.&nbsp;&nbsp;</font>The Fund is a "fund of funds."&nbsp;&nbsp;The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including closed-end funds and money market mutual funds.&nbsp;&nbsp;Investments in other funds subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses.&nbsp;&nbsp;<font class="_mt" style="display: inline;">The Fund's performance depends in part upon the performance of the funds' investment advisor, the strategies and instruments used by the funds, and the Advisor's ability to select funds and effectively allocate Fund assets among them.</font></font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Control of Portfolio Funds Risk.</font>&nbsp;&nbsp;Although the Fund and the Advisor will evaluate regularly each closed-end fund in which the Fund invests to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a closed-end fund.&nbsp;&nbsp;The investment advisor to each closed-end fund may change aspects of its investment strategies at any time.&nbsp;&nbsp;The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a closed-end fund.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"> <div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Closed-End Fund Risk.</font>&nbsp;&nbsp;Closed-end funds involve investment risks different from those associated with other investment companies.&nbsp;&nbsp;First, 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 and affect whether the Fund will a realize gain or loss on the investment.&nbsp;&nbsp;Second, many closed-end funds use leverage, or borrowed money, to try to increase returns. Leverage is a speculative technique and its use by a closed-end fund entails greater risk and leads to a more volatile share price.&nbsp;&nbsp;If a close-end fund uses leverage, increases and decreases in the value of its share price will be magnified.&nbsp;&nbsp;The closed-end fund will also have to pay interest or dividends on its leverage, reducing the closed-end fund's return.&nbsp;&nbsp;Third, many closed-end funds have a policy of distributing a fixed percentage of net assets regardless of the fund's actual interest income and capital gains.&nbsp;&nbsp;Consequently, distributions by a closed-end fund may include a return of capital, which would reduce the fund's net asset value and its earnings capacity.&nbsp;&nbsp;Finally, closed-end funds are allowed to invest in a greater amount of illiquid securities than open-end mutual funds.&nbsp;&nbsp;Investments in illiquid securities pose risks related to uncertainty in valuations, volatile market prices, and limitations on resale that may have an adverse effect on the ability of the fund to dispose of the securities promptly or at reasonable prices.</font></div></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Money Market Mutual Fund Risk.</font>&nbsp;&nbsp;The Fund may invest in money market mutual funds in order to manage its cash component.&nbsp;&nbsp;An investment in a money market mutual fund is not insured or guaranteed by a Federal Deposit Insurance Corporation or any other government agency. Although such funds seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a money market mutual fund.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.&nbsp;&nbsp;Market prices for securities 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 security may even be affected by factors unrelated to the value or condition of its issuer, such as changes in interest rates, economic and political conditions, and general market conditions.&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Management Style Risk.&nbsp;&nbsp;</font>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 investments purchased by the Fund (e.g., closed-end funds which pay regular periodic cash distributions) 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 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="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"> <div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Quantitative Model Risk.&nbsp;&nbsp;</font>Securities or other investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.</font></div></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Foreign Securities Risk.&nbsp;&nbsp;</font>The Fund may invest 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 investments 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="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">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.&nbsp;&nbsp;Under normal circumstances, the anticipated portfolio turnover rate for the Fund is expected to be greater than 100%.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Leverage Risk.&nbsp;&nbsp;</font>The Fund may leverage or borrow money from banks to buy securities and pledge its assets in connection with the borrowing.&nbsp;&nbsp;Use of leverage tends to magnify<font class="_mt" style="display: inline;"> increases and decreases in </font>the Fund's returns<font class="_mt" style="display: inline;"> and leads to a more volatile share price</font>.&nbsp;&nbsp;The Fund will also incur borrowing costs in connection with its use of leverage.&nbsp;&nbsp;If the interest expense of the borrowing is greater than the return on the securities bought, the use of leverage will decrease the return to shareholders in the Fund.&nbsp;&nbsp;Leveraging by both the Fund and the underlying closed-end funds, which often employ leverage, will expose the Fund to a relatively high level of leverage risk.&nbsp;&nbsp;There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Investment Advisor 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 managers' experience is discussed in the section of this prospectus entitled "Management of the Funds &#8211; Investment Advisor."</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"> <div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Operating Risk.</font>&nbsp;&nbsp;The Advisor and the Fund's administrator have entered into an Operating Plan that facilitates the administrator's assumption of Fund expenses under the Fund Accounting and Administration Agreement.&nbsp;&nbsp;The Operating Plan obligates the Advisor to make payments to the administrator based upon the Fund's net assets and assume certain expenses of the Fund.&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 that the Advisor 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 style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">New Fund Risk.</font>&nbsp;&nbsp;Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.&nbsp;&nbsp;Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div></div> </div>falsefalsefalsenonnum:textBlockItemTypenaNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i -Clause instruction false058false 4rr_RiskLoseMoneyrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The loss of your money is a principal risk of investing in the Fund.</font>falsefalsefalsexbrli:stringItemTypestringSummarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i false059false 4rr_BarChartAndPerformanceTableHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;"><a name="jump_exp_1"> </a>PERFORMANCE INFORMATION</font></div>falsefalsefalsexbrli:stringItemTypestringRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false060false 4rr_PerformanceNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Performance information will be available after a full calendar year of operations.</font></font>&nbsp;&nbsp;This information will give some indication of the risks of investing in the Fund by comparing the Fund's performance with a broad measure of market performance.&nbsp;&nbsp;You may request a copy of the Fund's annual and semi-annual reports, once available, at no charge by calling the Fund.</font></div> </div>falsefalsefalsenonnum:textBlockItemTypenaRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false061false 4rr_PerformanceOneYearOrLessrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Performance information will be available after a full calendar year of operations.</font>falsefalsefalsexbrli:stringItemTypestringFor a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance). Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some 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 returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 1 -Exhibit b false01The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that runs through July 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 0.30%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through July 31, 2014, under which it has agreed (i) to pay the administrator a fee based on the daily average net assets of the Fund when net assets are below $90 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 1.50% 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, extraordinary expenses, and distribution and/or service (12b-1) fees. The Fund's net expense ratio will be higher than 1.50% 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.2"Acquired Fund Fees and Expenses" are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements, once available, because the financial statements include only the direct operating expenses incurred by the Fund.falseRisk/Return Detail Data - (Matisse Discounted Closed-End Fund Strategy) (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.ncfunds.com/role/DisclosureRiskReturnDetailDataElementsMatisseDiscountedClosedEndFundStrategy161 XML 9 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Starboard Investment Trust
Prospectus Date rr_ProspectusDate Jul. 29, 2013
Matisse Discounted Closed-End Fund Strategy | Institutional Class
 
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; charged upon any redemption of shares within 60 days of their issuance) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 1.20%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.01% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.35% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.56%
Less Fee Waiver and/or Expense Limitation rr_FeeWaiverOrReimbursementOverAssets 0.71% [1]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 2.85%
1 Year rr_ExpenseExampleYear01 $ 288
3 Years rr_ExpenseExampleYear03 1,026
5 Years rr_ExpenseExampleYear05 1,785
10 Years rr_ExpenseExampleYear10 3,781
Matisse Discounted Closed-End Fund Strategy | Class A
 
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 60 days of their issuance) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 1.20%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.01% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.35% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.81%
Less Fee Waiver and/or Expense Limitation rr_FeeWaiverOrReimbursementOverAssets 0.71% [1]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 3.10%
1 Year rr_ExpenseExampleYear01 870
3 Years rr_ExpenseExampleYear03 1,611
5 Years rr_ExpenseExampleYear05 2,369
10 Years rr_ExpenseExampleYear10 4,345
Matisse Discounted Closed-End Fund Strategy
 
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 July 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 84.39%
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 "Acquired Fund Fees and Expenses" are the indirect costs of investing in other investment companies.  The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements, once available, because the financial statements include only the direct operating expenses incurred by the Fund.
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 One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information will be available after a full calendar year of operations.
[1] The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that runs through July 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 0.30%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through July 31, 2014, under which it has agreed (i) to pay the administrator a fee based on the daily average net assets of the Fund when net assets are below $90 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 1.50% 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, extraordinary expenses, and distribution and/or service (12b-1) fees. The Fund's net expense ratio will be higher than 1.50% 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.
[2] "Acquired Fund Fees and Expenses" are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements, once available, because the financial statements include only the direct operating expenses incurred by the Fund.
XML 11 R2.xml IDEA: Risk/Return Summary - (Matisse Discounted Closed-End Fund Strategy) 2.4.0.8003201 - Document - Risk/Return Summary {Unlabeled} - (Matisse Discounted Closed-End Fund Strategy)falsefalsetrue1false falsefalseDuration_7_29_2013_To_7_29_2013_dei_LegalEntityAxis_cik0001464413_S000038548Memberhttp://www.sec.gov/CIK0001464413duration2013-07-29T00:00:002013-07-29T00:00:001false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00Matisse Discounted Closed-End Fund Strategyfalsefalsefalse1false truefalseDuration_7_29_2013_To_7_29_2013_dei_LegalEntityAxis_cik0001464413_S000038548Memberhttp://www.sec.gov/CIK0001464413duration2013-07-29T00:00:002013-07-29T00:00:00falsefalsecik0001464413_S000038548Memberdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_S000038548Memberdei_LegalEntityAxisexplicitMembernanafalse02false 4rr_RiskReturnHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="text-align: center; margin-left: 0pt; display: block; line-height: 18.25pt; margin-right: 0pt; text-indent: 0pt;"><font class="_mt" style="font-size: 12pt; font-family: Times New Roman; font-variant: small-caps; font-weight: bold; display: inline;">Matisse Discounted Closed-End Fund Strategy</font></div>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicatedReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 false03false 4rr_ObjectiveHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="center"> <table style="font-size: 10pt; font-family: times new roman;" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr style="line-height: 11.4pt;" valign="top"><td> <div align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">INVESTMENT OBJECTIVES</font></div></td></tr></table></div>falsefalsefalsexbrli:stringItemTypestringInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false04false 4rr_ObjectivePrimaryTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Matisse Discounted Closed-End Fund Strategy seeks long-term capital appreciation and income.</font></div> </div>falsefalsefalsenonnum:textBlockItemTypenaInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false05false 4rr_ExpenseHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">FEES AND EXPENSES OF THE FUND</font></div>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph d false06false 4rr_ExpenseNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">This table describes 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> 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>falsefalsefalsenonnum:textBlockItemTypenaThis table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph b false07false 4rr_ShareholderFeesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Shareholder Fees</font></b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(fees paid directly from your investment)</font></i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> </font></p></div>falsefalsefalsexbrli:stringItemTypestringShareholder Fees (fees paid directly from your investment).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 false08false 4rr_ShareholderFeesTableTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleShareholderFeesMatisseDiscountedClosedEndFundStrategy column period compact * column dei_LegalEntityAxis compact cik0001464413_S000038548Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div>falsefalse<div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleShareholderFeesMatisseDiscountedClosedEndFundStrategy column period compact * column dei_LegalEntityAxis compact cik0001464413_S000038548Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div>falsehttp://www.ncfunds.com/role/ScheduleShareholderFeesMatisseDiscountedClosedEndFundStrategy003202 - Schedule - Shareholder Fees - {Matisse Discounted Closed-End Fund Strategy}truefalsefalse1falseColumnperiodPeriod*Columndei_LegalEntityAxisAxiscik0001464413_S000038548MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2013-07-29T00:00:002013-07-29T00:00:00falsefalseMatisse Discounted Closed-End Fund Strategydei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_S000038548Memberdei_LegalEntityAxisexplicitMemberfalsefalseInstitutional Classrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_C000119000Memberrr_ProspectusShareClassAxisexplicitMemberMatisse Discounted Closed-End Fund StrategyInstitutional ClassUnit1Standardhttp://www.xbrl.org/2003/instancepurexbrli0Standard0 USDfalsefalseduration2013-07-29T00:00:002013-07-29T00:00:00$2falseColumnperiodPeriod*Columndei_LegalEntityAxisAxiscik0001464413_S000038548MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2013-07-29T00:00:002013-07-29T00:00:00falsefalseMatisse Discounted Closed-End Fund Strategydei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_S000038548Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass Arr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_C000126870Memberrr_ProspectusShareClassAxisexplicitMemberMatisse Discounted Closed-End Fund StrategyClass AUnit1Standardhttp://www.xbrl.org/2003/instancepurexbrli0Standard0 USDfalsefalseduration2013-07-29T00:00:002013-07-29T00:00:00$1falseRowprimaryElement*3false 4rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPricerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabelrr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 1 false0 0rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPricerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue00falsefalsefalse2truetruetrue0.05750.0575falsefalsefalserr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 1 false02falseRowprimaryElement*4false 4rr_MaximumDeferredSalesChargeOverOtherrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabelrr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph a -Clause i false0 0rr_MaximumDeferredSalesChargeOverOtherrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue00falsefalsefalse2truetruetrue00falsefalsefalserr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph a -Clause i false03falseRowprimaryElement*5false 4rr_RedemptionFeeOverRedemptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedTerseLabelrr:NonPositivePure4Typepure"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph b false0 0rr_RedemptionFeeOverRedemptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedTerseLabel1truetruetrue0.020.02falsefalsefalse2truetruetrue0.020.02falsefalsefalserr:NonPositivePure4Typepure"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph b false0falseShareholder Fees - Matisse Discounted Closed-End Fund StrategyUnKnownUnKnownUnKnownUnKnownfalsefalsefalseSheet233423012ColumnperiodPeriod*Columndei_LegalEntityAxisAxiscik0001464413_S000038548MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*RowprimaryElement*falsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to ShareholderFeesData.No definition available.false09false 4rr_OperatingExpensesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Annual Fund Operating Expenses</font></b><font class="_mt" style="font-family: 'Century Gothic','sans-serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(expenses that you pay each year as a percentage of the value of your investment)</font></i></p></div>falsefalsefalsexbrli:stringItemTypestringAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 7 false010false 4rr_AnnualFundOperatingExpensesTableTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualFundOperatingExpensesMatisseDiscountedClosedEndFundStrategyNew column period compact * column dei_LegalEntityAxis compact cik0001464413_S000038548Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div>falsefalse<div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualFundOperatingExpensesMatisseDiscountedClosedEndFundStrategyNew column period compact * column dei_LegalEntityAxis compact cik0001464413_S000038548Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div>falsehttp://www.ncfunds.com/role/ScheduleAnnualFundOperatingExpensesMatisseDiscountedClosedEndFundStrategyNew003203 - Schedule - Annual Fund Operating Expenses - {Matisse Discounted Closed-End Fund Strategy}truefalsefalse1falseColumnperiodPeriod*Columndei_LegalEntityAxisAxiscik0001464413_S000038548MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2013-07-29T00:00:002013-07-29T00:00:00falsefalseMatisse Discounted Closed-End Fund Strategydei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_S000038548Memberdei_LegalEntityAxisexplicitMemberfalsefalseInstitutional Classrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_C000119000Memberrr_ProspectusShareClassAxisexplicitMemberMatisse Discounted Closed-End Fund StrategyInstitutional ClassUnit1Standardhttp://www.xbrl.org/2003/instancepurexbrli0Standard0 USDfalsefalseduration2013-07-29T00:00:002013-07-29T00:00:00$2falseColumnperiodPeriod*Columndei_LegalEntityAxisAxiscik0001464413_S000038548MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2013-07-29T00:00:002013-07-29T00:00:00falsefalseMatisse Discounted Closed-End Fund Strategydei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_S000038548Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass Arr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_C000126870Memberrr_ProspectusShareClassAxisexplicitMemberMatisse Discounted Closed-End Fund StrategyClass AUnit1Standardhttp://www.xbrl.org/2003/instancepurexbrli0Standard0 USDfalsefalseduration2013-07-29T00:00:002013-07-29T00:00:00$1falseRowprimaryElement*3false 4rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabelrr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false0 0rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.0120.012falsefalsefalse2truetruetrue0.0120.012falsefalsefalserr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false02falseRowprimaryElement*4false 4rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabelrr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false0 0rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue00falsefalsefalse2truetruetrue0.00250.0025falsefalsefalserr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false03falseRowprimaryElement*5false 4rr_OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabelrr:NonNegativePure4Typepure"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause i false0 0rr_OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel[1]1truetruetrue0.01010.0101falsefalsefalse2truetruetrue0.01010.0101falsefalsefalserr:NonNegativePure4Typepure"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause i false04falseRowprimaryElement*6false 4rr_AcquiredFundFeesAndExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false0 0rr_AcquiredFundFeesAndExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse[2]1truetruetrue0.01350.0135falsefalsefalse2truetruetrue0.01350.0135falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false05falseRowprimaryElement*7false 4rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabelrr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d true0 0rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.03560.0356falsefalsefalse2truetruetrue0.03810.0381falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d true06falseRowprimaryElement*8false 4rr_FeeWaiverOrReimbursementOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabelrr:NonPositivePure4TypepureTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false0 0rr_FeeWaiverOrReimbursementOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel[1]1truetruetrue0.00710.0071falsefalsefalse2truetruetrue0.00710.0071falsefalsefalserr:NonPositivePure4TypepureTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false07falseRowprimaryElement*9false 4rr_NetExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabelrr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 true0 0rr_NetExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.02850.0285falsefalsefalse2truetruetrue0.0310.031falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 true01The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that runs through July 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 0.30%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through July 31, 2014, under which it has agreed (i) to pay the administrator a fee based on the daily average net assets of the Fund when net assets are below $90 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 1.50% 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, extraordinary expenses, and distribution and/or service (12b-1) fees. The Fund's net expense ratio will be higher than 1.50% 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.2"Acquired Fund Fees and Expenses" are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements, once available, because the financial statements include only the direct operating expenses incurred by the Fund.falseAnnual Fund Operating Expenses - Matisse Discounted Closed-End Fund StrategyUnKnownUnKnownUnKnownUnKnownfalsefalsefalseSheet2771227020ColumnperiodPeriod*Columndei_LegalEntityAxisAxiscik0001464413_S000038548MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*RowprimaryElement*falsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to OperatingExpensesData.No definition available.false011false 4rr_ExpenseExampleHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Example.</font><font class="_mt" style="font-weight: bold; display: inline;">&nbsp;</font><font class="_mt" style="font-weight: bold; display: inline;">&nbsp;</font></font></div>falsefalsefalsexbrli:stringItemTypestringHeading for Expense Example.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false012false 4rr_ExpenseExampleNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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>falsefalsefalsenonnum:textBlockItemTypenaThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 1 false013false 4rr_ExpenseExampleWithRedemptionTableTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedMatisseDiscountedClosedEndFundStrategy row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038548Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div>falsefalse<div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedMatisseDiscountedClosedEndFundStrategy row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038548Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div>truehttp://www.ncfunds.com/role/ScheduleExpenseExampleTransposedMatisseDiscountedClosedEndFundStrategy003204 - Schedule - Expense Example {Transposed} - {Matisse Discounted Closed-End Fund Strategy}truefalsefalse1falseColumnperiodPeriod*ColumnprimaryElement*3false 4rr_ExpenseExampleYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false2duration2013-07-29T00:00:002013-07-29T00:00:00 USDfalsefalseduration2013-07-29T00:00:002013-07-29T00:00:00$2falseColumnperiodPeriod*ColumnprimaryElement*4false 4rr_ExpenseExampleYear03rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false2duration2013-07-29T00:00:002013-07-29T00:00:00 USDfalsefalseduration2013-07-29T00:00:002013-07-29T00:00:00$3falseColumnperiodPeriod*ColumnprimaryElement*5false 4rr_ExpenseExampleYear05rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false2duration2013-07-29T00:00:002013-07-29T00:00:00 USDfalsefalseduration2013-07-29T00:00:002013-07-29T00:00:00$4falseColumnperiodPeriod*ColumnprimaryElement*6false 4rr_ExpenseExampleYear10rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false2duration2013-07-29T00:00:002013-07-29T00:00:00 USDfalsefalseduration2013-07-29T00:00:002013-07-29T00:00:00$1falseRowdei_LegalEntityAxisAxiscik0001464413_S000038548MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*falsefalseMatisse Discounted Closed-End Fund Strategydei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_S000038548Memberdei_LegalEntityAxisexplicitMemberfalsefalseInstitutional Classrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_C000119000Memberrr_ProspectusShareClassAxisexplicitMemberMatisse Discounted Closed-End Fund StrategyInstitutional ClassUnit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170 0truefalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue288288falsefalsefalse2truefalsetrue10261026falsefalsefalse3truefalsetrue17851785falsefalsefalse4truefalsetrue37813781falsefalsefalsenanafalse02falseRowdei_LegalEntityAxisAxiscik0001464413_S000038548MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*falsefalseMatisse Discounted Closed-End Fund Strategydei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_S000038548Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass Arr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_C000126870Memberrr_ProspectusShareClassAxisexplicitMemberMatisse Discounted Closed-End Fund StrategyClass AUnit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170 0truefalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue870870falsefalsefalse2truefalsetrue16111611falsefalsefalse3truefalsetrue23692369falsefalsefalse4truefalsetrue43454345falsefalsefalsenanafalse0falseExpense Example - Matisse Discounted Closed-End Fund Strategy (USD $)UnKnownUnKnownUnKnownUnKnownfalsefalsefalseSheet426442025ColumnperiodPeriod*ColumnprimaryElement*Rowdei_LegalEntityAxisAxiscik0001464413_S000038548MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*falsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to ExpenseExample.No definition available.false014false 4rr_PortfolioTurnoverHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Portfolio Turnover.</font>&nbsp;&nbsp;</font></div>falsefalsefalsexbrli:stringItemTypestringDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 5 false015false 4rr_PortfolioTurnoverTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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 period, the Fund's portfolio turnover rate was <font class="_mt">84.39</font>% of the average value of its portfolio.</font></div> </div>falsefalsefalsenonnum:textBlockItemTypenaDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 3 false016false 4rr_StrategyHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL INVESTMENT STRATEGIES</font></div>falsefalsefalsexbrli:stringItemTypestringPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false017false 4rr_StrategyNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund is a "fund of funds" that seeks to achieve its investment objectives principally through investments in unaffiliated closed-end funds which pay regular periodic cash distributions, the interests of which typically trade at substantial discounts relative to their underlying net asset values. The Fund's investment advisor, Deschutes Portfolio Strategies (the "Advisor") believes this approach is capable of generating capital appreciation and income.&nbsp; </font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">As a matter of investment policy, the Fund will invest, under normal circumstances, at least 80% of net assets, plus borrowings for investment purposes, in discounted closed-end funds.&nbsp;&nbsp;For purposes of this policy, a closed-end fund is considered discounted when, in the Advisor's determination, the fund's market value is less than the value of its underlying portfolio.&nbsp;&nbsp;In addition, the closed-end funds may be domestic or foreign for purposes of this policy.&nbsp;&nbsp;This policy may be changed without shareholder approval upon 60-days' prior notice to shareholders.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Closed-end funds are investment companies that, unlike an open-end mutual fund, do not typically issue redeemable shares.&nbsp;&nbsp;Instead, a fixed number of shares trade on a secondary market, such as the New York Stock Exchange or the NASDAQ Stock Market.&nbsp;&nbsp;The shares of closed-end funds frequently trade at either a premium or discount relative to their underlying net asset values.&nbsp;&nbsp;The Fund will invest in closed-end funds that are trading at substantial discounts relative to the underlying net asset values and that the Advisor feels are best positioned to narrow the spread between the underlying net asset value of the fund and the share price.&nbsp;&nbsp;A closed-end fund is considered to be trading at a substantial discount when, in the Advisor's determination, the fund's market value is significantly less than the value of its underlying portfolio.&nbsp;&nbsp;The Advisor believes that these investments will allow the Fund to profit from the capital appreciation achieved when such spreads decrease and the market prices of the shares move closer to the net asset values, as well as from the capital appreciation achieved when general market conditions increase share prices, and the income generated from closed-end fund distributions.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor intends to construct a diversified portfolio that generates regular cash income.&nbsp;&nbsp;Under normal market conditions, the Fund's portfolio will hold shares of approximately 30 to 90 unaffiliated closed-end funds, along with cash, cash equivalents, and other types of securities in which the Fund may make limited investments.&nbsp;&nbsp;The closed-end funds in which the Fund invests may hold either equity securities or fixed income securities.&nbsp;&nbsp;In addition, the closed-end funds may invest in foreign securities and American Depository Receipts (ADRs); may invest in derivative instruments; and may utilize leverage to acquire their underlying portfolio investments.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">In selecting closed-end funds for the portfolio, the Advisor utilizes a proprietary research process that attempts to forecast whether the market discount on a closed-end fund will increase or decrease.&nbsp;&nbsp;The process incorporates quantitative information about the fund's discount, dividends, management, expenses, portfolio, liquidity, and historical pricing.&nbsp;&nbsp;An analysis based on the same process determines when a closed-end fund should be sold.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund's direct investments may be in both domestic and foreign securities.&nbsp;&nbsp;(The Advisor deems a security to be foreign if a U.S. market is not the principal trading market.)&nbsp;&nbsp;Foreign securities held by the Fund will principally be closed-end funds listed and traded in Canada and the United Kingdom.&nbsp;&nbsp;Such investments will be selected for investment and sold using the same proprietary research process for domestic closed-end funds, although with </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">adjustments for local practices and regulations.&nbsp;&nbsp;Investments in foreign securities may be made directly in foreign markets, including emerging markets, as well as indirectly through other investment companies and ADRs.&nbsp;&nbsp;To the extent the Fund invests in ADRs, it may invest in ADRs sponsored by the issuers of the underlying securities or ADRs organized independently of the issuers.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Based upon the Advisor's view of available investment opportunities, as well as for cash management purposes, the Fund's portfolio will also include cash and cash equivalents that provide a temporary pool of liquidity for future investments, redemptions, and other Fund expenses.&nbsp;&nbsp;<font class="_mt" style="font-family: Times New Roman; display: inline;">Under normal circumstances, </font>the Fund may hold<font class="_mt" style="font-family: Times New Roman; display: inline;"> up to 20% of net assets, plus borrowings for investment purposes, </font>in cash and cash equivalents.&nbsp;&nbsp;This portion of the Fund's portfolio will principally be invested in money market mutual funds.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">To take advantage of opportunities to invest, the Fund may borrow money for investment purposes (leverage).&nbsp;&nbsp;Any borrowing by the Fund will be subject to the limitations set forth in the Investment Company Act of 1940 and relevant interpretive positions of the staff of the Securities and Exchange Commission, which presently allow the Fund to borrow (including pledging, mortgaging or hypothecating assets) in an amount up to one-third of its total assets, which include assets purchased with borrowed money.</font></div></div> </div>falsefalsefalsenonnum:textBlockItemTypenaPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false018false 4rr_RiskHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div>falsefalsefalsexbrli:stringItemTypestringNarrative Risk Disclosure.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 false019false 4rr_RiskNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Fund of Funds Risk.&nbsp;&nbsp;</font>The Fund is a "fund of funds."&nbsp;&nbsp;The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including closed-end funds and money market mutual funds.&nbsp;&nbsp;Investments in other funds subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses.&nbsp;&nbsp;<font class="_mt" style="display: inline;">The Fund's performance depends in part upon the performance of the funds' investment advisor, the strategies and instruments used by the funds, and the Advisor's ability to select funds and effectively allocate Fund assets among them.</font></font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Control of Portfolio Funds Risk.</font>&nbsp;&nbsp;Although the Fund and the Advisor will evaluate regularly each closed-end fund in which the Fund invests to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a closed-end fund.&nbsp;&nbsp;The investment advisor to each closed-end fund may change aspects of its investment strategies at any time.&nbsp;&nbsp;The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a closed-end fund.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"> <div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Closed-End Fund Risk.</font>&nbsp;&nbsp;Closed-end funds involve investment risks different from those associated with other investment companies.&nbsp;&nbsp;First, 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 and affect whether the Fund will a realize gain or loss on the investment.&nbsp;&nbsp;Second, many closed-end funds use leverage, or borrowed money, to try to increase returns. Leverage is a speculative technique and its use by a closed-end fund entails greater risk and leads to a more volatile share price.&nbsp;&nbsp;If a close-end fund uses leverage, increases and decreases in the value of its share price will be magnified.&nbsp;&nbsp;The closed-end fund will also have to pay interest or dividends on its leverage, reducing the closed-end fund's return.&nbsp;&nbsp;Third, many closed-end funds have a policy of distributing a fixed percentage of net assets regardless of the fund's actual interest income and capital gains.&nbsp;&nbsp;Consequently, distributions by a closed-end fund may include a return of capital, which would reduce the fund's net asset value and its earnings capacity.&nbsp;&nbsp;Finally, closed-end funds are allowed to invest in a greater amount of illiquid securities than open-end mutual funds.&nbsp;&nbsp;Investments in illiquid securities pose risks related to uncertainty in valuations, volatile market prices, and limitations on resale that may have an adverse effect on the ability of the fund to dispose of the securities promptly or at reasonable prices.</font></div></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Money Market Mutual Fund Risk.</font>&nbsp;&nbsp;The Fund may invest in money market mutual funds in order to manage its cash component.&nbsp;&nbsp;An investment in a money market mutual fund is not insured or guaranteed by a Federal Deposit Insurance Corporation or any other government agency. Although such funds seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a money market mutual fund.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.&nbsp;&nbsp;Market prices for securities 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 security may even be affected by factors unrelated to the value or condition of its issuer, such as changes in interest rates, economic and political conditions, and general market conditions.&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Management Style Risk.&nbsp;&nbsp;</font>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 investments purchased by the Fund (e.g., closed-end funds which pay regular periodic cash distributions) 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 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="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"> <div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Quantitative Model Risk.&nbsp;&nbsp;</font>Securities or other investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.</font></div></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Foreign Securities Risk.&nbsp;&nbsp;</font>The Fund may invest 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 investments 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="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">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.&nbsp;&nbsp;Under normal circumstances, the anticipated portfolio turnover rate for the Fund is expected to be greater than 100%.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Leverage Risk.&nbsp;&nbsp;</font>The Fund may leverage or borrow money from banks to buy securities and pledge its assets in connection with the borrowing.&nbsp;&nbsp;Use of leverage tends to magnify<font class="_mt" style="display: inline;"> increases and decreases in </font>the Fund's returns<font class="_mt" style="display: inline;"> and leads to a more volatile share price</font>.&nbsp;&nbsp;The Fund will also incur borrowing costs in connection with its use of leverage.&nbsp;&nbsp;If the interest expense of the borrowing is greater than the return on the securities bought, the use of leverage will decrease the return to shareholders in the Fund.&nbsp;&nbsp;Leveraging by both the Fund and the underlying closed-end funds, which often employ leverage, will expose the Fund to a relatively high level of leverage risk.&nbsp;&nbsp;There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Investment Advisor 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 managers' experience is discussed in the section of this prospectus entitled "Management of the Funds &#8211; Investment Advisor."</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"> <div><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Operating Risk.</font>&nbsp;&nbsp;The Advisor and the Fund's administrator have entered into an Operating Plan that facilitates the administrator's assumption of Fund expenses under the Fund Accounting and Administration Agreement.&nbsp;&nbsp;The Operating Plan obligates the Advisor to make payments to the administrator based upon the Fund's net assets and assume certain expenses of the Fund.&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 that the Advisor 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 style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">New Fund Risk.</font>&nbsp;&nbsp;Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.&nbsp;&nbsp;Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div></div> </div>falsefalsefalsenonnum:textBlockItemTypenaNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i -Clause instruction false020false 4rr_BarChartAndPerformanceTableHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;"><a name="jump_exp_1"> </a>PERFORMANCE INFORMATION</font></div>falsefalsefalsexbrli:stringItemTypestringRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false021false 4rr_PerformanceNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Performance information will be available after a full calendar year of operations.</font></font>&nbsp;&nbsp;This information will give some indication of the risks of investing in the Fund by comparing the Fund's performance with a broad measure of market performance.&nbsp;&nbsp;You may request a copy of the Fund's annual and semi-annual reports, once available, at no charge by calling the Fund.</font></div> </div>falsefalsefalsenonnum:textBlockItemTypenaRisk/Return Bar Chart and Table.Reference 1: 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Matisse Discounted Closed-End Fund Strategy
Shareholder Fees - Matisse Discounted Closed-End Fund Strategy
Institutional Class
Class A
Maximum Sales Charge (Load) Imposed On Purchases (as a % of offering price) none 5.75%
Maximum Deferred Sales Charge (Load) (as a % of the lesser of amount purchased or redeemed) none none
Redemption Fee (as a % of amount redeemed; charged upon any redemption of shares within 60 days of their issuance) 2.00% 2.00%
Annual Fund Operating Expenses - Matisse Discounted Closed-End Fund Strategy
Institutional Class
Class A
Management Fees 1.20% 1.20%
Distribution and/or Service (12b-1) Fees none 0.25%
Other Expenses [1] 1.01% 1.01%
Acquired Fund Fees and Expenses [2] 1.35% 1.35%
Total Annual Fund Operating Expenses 3.56% 3.81%
Less Fee Waiver and/or Expense Limitation [1] 0.71% 0.71%
Net Annual Fund Operating Expenses 2.85% 3.10%
[1] The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that runs through July 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 0.30%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through July 31, 2014, under which it has agreed (i) to pay the administrator a fee based on the daily average net assets of the Fund when net assets are below $90 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 1.50% 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, extraordinary expenses, and distribution and/or service (12b-1) fees. The Fund's net expense ratio will be higher than 1.50% 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.
[2] "Acquired Fund Fees and Expenses" are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements, once available, because the financial statements include only the direct operating expenses incurred by the Fund.
Expense Example - Matisse Discounted Closed-End Fund Strategy (USD $)
1 Year
3 Years
5 Years
10 Years
Institutional Class
288 1,026 1,785 3,781
Class A
870 1,611 2,369 4,345