The Matisse Discounted Bond CEF Strategy (MDFIX) was featured in Things Are Looking Up for Income Investors. Here Are 11 Plays for the Rest of the Year. The article was written by Andrew Bary and published in Barron’s on June 28th, 2024.
Read the full Barron’s article here.
| Performance (as of 3/31/2026) | YTD | 1-Year | 3-Year | 5-Year | Since Inception MDFIX 4/30/2020 (annualized) |
|---|---|---|---|---|---|
| MDFIX | -1.42% | 4.31% | 8.72% | 3.58% | 7.87% |
| Morningstar Category Average | -0.23% | 5.51% | 6.45% | 2.79% | 4.01% |
| % Rank in Morningstar Category | — | 86th | 5th | 22nd | — |
| # of Funds in Morningstar Category | 379 | 356 | 339 | 305 | — |
| Bloomberg U.S Aggregate Bond Index | -0.05% | 4.35% | 3.63% | 0.31% | 0.09% |
| Bloomberg VLI High Yield Index | -0.47% | 7.35% | 8.50% | 3.96% | 6.04% |
| FT Taxable Fixed Income CEF Index | -3.66% | -0.27% | 9.12% | 2.59% | 7.11% |
The Total Annual Fund Operating Expense for the Fund as disclosed in the prospectus is 3.50% dated August 1, 2023. Returns longer than one year are annualized. The performance information quoted represents past performance, which is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance current to most recent month-end, please send a request to info@matissecap.com, or call Shareholder Services at 1-800-773-3863. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions. There is no guarantee that the Fund will pay or continue to pay distributions.
Percentile rank was generated by Morningstar® and includes all share classes for funds with multiple share classes. Ranking information was based on total return, and some fees were waived during the period per the Advisor’s expense limitation agreement with the Fund.
| Yield (as of 3/31/2026) | Distribution Schedule | Distribution Amount | Distribution Rate | Estimated Return of Capital | 30-Day SEC Yield |
|---|---|---|---|---|---|
| MDFIX | Monthly | $0.061 / share | 7.27% | 39.50% | 4.51% |
Distribution Rate is calculated by annualizing actual distributions for the monthly period ended on the date shown and dividing by the net asset value on the last business day for the same period. Distributions include capital gains distributions.
Subsidized yield reflects fee waivers and/or expense reimbursements during the period. Without waivers and/or reimbursements, yields would be reduced. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect. The Expense Limitation Agreement runs through July 31, 2024 and may be terminated by the Board of Trustees of the Fund at any time.
An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks: Closed-End Fund Risk, Control of Closed-End Funds Risk, Convertible Securities Risk, Credit Risk, Cybersecurity Risk, Derivatives Risk, Equity Securities Risk, Fixed Income Securities Risk, Foreign Securities Risk, Fund of Funds Risk, General Investment Risks, Interest Rate Risk, Investment Advisor Risk, Junk Bond Risk, Leverage Risk, Limited History of Operations Risk, Loans Risk, Management Style Risk, Market Risk, Money Market Mutual Fund Risk, Pandemic Risk, Prepayment Risk, and Quantitative Model Risk. More information about these risks and other risks can be found in the Fund’s prospectus.
The Matisse Funds are distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, North Carolina 27609. There is no affiliation between Matisse Capital, including their principals, and Capital Investment Group, Inc. Serial #RCMAT0724002.
An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at www.ncfunds.com or by calling Shareholder Services at 1-800-773-3863. The prospectus should be read carefully before investing. Current and future holdings are subject to change and risk.
This article is solely informational and does not constitute legal, tax, investment, accounting or other investment advice. This is not an offer to sell or a solicitation to purchase an interest in any investment. Investing is inherently risky, investors should carefully consider the investment objectives, risks, charges and expenses of a Fund before investing and be aware they may not receive a return equal to their initial investment and may lose their entire investment. Forward-looking statements are speculative in nature and may vary significantly from actual results. Past performance is not indicative of future results with no assurances an investment will achieve comparable results. The views expressed reflect the current opinions of the author and may not be the opinions of Matisse in general.