Income Distributions: Quarterly
Capital Gains Distributions: Annual
Fund Assets: $324.9 Million as of 3/31/2021
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
- Redemption Fee: None
- Advisor Management Fee: 0.99%*
- Total Annual Fund Operating Expenses: 3.48%**
*The Advisor receives a monthly management fee equal to an annual rate of 0.99% of the Fund’s net assets.
**The Total Annual Fund Operating Expense for the Fund as disclosed in the prospectus dated August 1, 2020 is required to include expenses incurred indirectly by the Fund through its investments in closed-end funds and other investment companies.
The Net Expense Ratio for the Fund as disclosed in the prospectus is 3.19% dated August 1, 2020 and is required to include expenses incurred indirectly by the Fund through its investments in closed-end funds and other investment companies. The Net Expense Ratio for the Fund as disclosed in the annual report is 1.37% dated March 31, 2020 and only includes the direct expenses paid by shareholders from their investment.
The Advisor has entered into an expense limitation agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of (i) any 12b-1 fees; (ii) any front-end or contingent deferred loads; (iii) brokerage fees and commissions, (iv) acquired fund fees and expenses; (v) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including, for example, option and swap fees and expenses); (vi) borrowing costs (such as interest and dividend expense on securities sold short); (vii) taxes; and (viii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 1.25% of the average daily net assets of the Fund. The Expense Limitation Agreement runs through July 31, 2021 and may be terminated by the Board of Trustees of the Fund at any time. The Advisor cannot recoup from the fund any amounts paid to the Advisor under the expense limitation agreement.