Income Distributions: Quarterly
Capital Gains Distributions: Annual
Fund Assets: $66.7 Million as of 9/30/2018
Matisse Discounted Closed-End Fund Strategy Institutional CL
- NASDAQ Symbol: MDCEX
- CUSIP Number: 85520V434
- Load Type: No Sales Load
- Inception Date: 10/31/2012
- Minimum Initial Investment: $1,000
- Minimum IRA Initial Investment: $1,000
- Annual Report Net Expense Ratio: 1.25*
- Total Annual Fund Operating Expenses: 2.69%**
*The expense ratio as disclosed in the Fund’s annual report dated March 31, 2018 only includes the direct expenses paid by shareholders from their investment.
**The Total Annual Fund Operating Expense for the Fund as disclosed in the prospectus dated August 1, 2018 is required to include expenses incurred indirectly by the Fund through its investments in closed-end funds and other investment companies.
The Advisor has entered into an Expense Limitation Agreement with the Fund that limits the Fund’s annual operating expenses to 1.25%, exclusive of distribution and/or service (12b-1) fees, brokerage fees and commissions, taxes, interest and borrowing costs, and acquired fund fees and expenses. Expenses may exceed this 1.25% to the extent that the Fund incurs those excluded expenses. The Agreement runs through July 31, 2019, and may not be terminated prior to that date. “Acquired Fund Fees and Expenses” include expenses incurred indirectly by the Fund through its investments in closed-end funds and other investment companies, do not affect a Fund’s actual operating costs, and therefore are not included in the Fund’s financial statements, which provide a clearer picture of a Fund’s actual operating costs. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the Expense Limitation Agreement. However, net annual operating expenses for the Fund may exceed those contemplated by the waiver due to expenses that are not waived under the Expense Limitation Agreement.