Investment Objective and Philosophy

The Matisse Discounted Closed-End Fund Strategy Mutual Fund (MDCEX) seeks to provide investors with total return consisting of long-term capital appreciation and income.

Matisse Capital (Deschutes Portfolio Strategy, LLC), the investment adviser to Matisse Funds, allocates the Fund’s assets among closed-end funds.

Matisse Funds views closed-end funds as a unique opportunity where an investor can purchase a diversified fund and potentially generate additional returns through a change in the relationship between a closed-end funds’ market price and its Net Asset Value (NAV)*.

*Closed-end funds often trade at a price that is different from its NAV. A fund’s market price can be less than its NAV, which means it trades at a discount. A fund can also have a market price above its NAV, which means it trades at a premium.