Investment Objective and Philosophy

The Matisse Discounted Bond CEF Strategy Mutual Fund (MDFIX) seeks to provide investors with total return with an emphasis on providing current income.

Matisse Capital (Deschutes Portfolio Strategy, LLC), the investment adviser to Matisse Funds, allocates the Fund’s assets among fixed income 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.