Grounded in academic research, we believe the closed-end fund (CEF) market is highly inefficient. It is our team’s conviction that CEF discounts display strong (and highly predictable) mean reverting tendencies (where discounts fluctuate around a long-term average discount), and we employ investment strategies that seek to take advantage of this concept.
| Ticker Symbol | MDFIX | MDCEX |
|---|---|---|
| Name | Matisse Discounted Bond CEF Strategy | Matisse Discounted Closed-End Fund Strategy |
| CUSIP # | 85521B833 | 85520V434 |
| Fund Structure | Open-end investment company | Open-end investment company |
| Fund Type | Fund of funds | Fund of funds |
| Overview | MDFIX | MDCEX |
|---|---|---|
| Objective | Seeks total return with an emphasis on providing current income. | Seeks long-term capital appreciation and income. |
| Approach | Highly quantitative approach that evaluates bond CEFs and attempts to forecast whether the market discount on a bond CEF will increase or decrease in the future. | Highly quantitative approach that evaluates CEFs and attempts to forecast whether the market discount on a CEF will increase or decrease in the future. |
| Strategy | Builds a portfolio of bond CEFs that Matisse believes are the most attractively discounted and most likely to see their discounts close (narrow) in the future. | Builds a portfolio of CEFs that Matisse believes are the most attractively discounted and most likely to see their discounts close (narrow) in the future. |
| Holdings | Focus on fixed income CEFs. | Focus on both equity and fixed income CEFs. |
| Management Style | Actively managed | Actively managed |
| Inception Date | 4/30/2020 | 10/31/2012 |
| Fund Assets | $53.0 Million | $64.9 Million |
| Number of Holdings | 28 | 34 |
| Weighted Average Discount to Net Asset Value of CEF Holdings | -12.75% | -26.79% |
| Income Distributions | Anticipated Monthly | Anticipated Monthly |
| Capital Gains Distributions | Anticipated Annually | Anticipated Annually |
Data as of 3/31/2026.
| Managers | MDFIX | MDCEX |
|---|---|---|
| Fund Co-Managers | Eric Boughton, CFA; Bryn Torkelson | Eric Boughton, CFA; Bryn Torkelson |
| Performance as of 3/31/2026 | MDFIX | MDCEX |
|---|---|---|
| 1-Month Total | -0.76% | -5.19% |
| QTD Total | -1.42% | -2.76% |
| YTD Total | -1.42% | -2.76% |
| 1-Year Total | 4.31% | 20.73% |
| 3-Year Annualized | 8.72% | 18.86% |
| 5-Year Annualized | 3.58% | 13.08% |
| 10-Year Annualized | N/A | 11.39% |
| Since Inception Annualized | 7.87% | 9.33% |
| Since Inception Total | 56.58% | 231.05% |
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. An investor may obtain performance data current to the most recent month-end by calling 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.
Performance data for periods prior to August 1, 2024, reflects a management fee of 0.70% and an expense limit of 0.99% for MDFIX, and reflects a management fee of 0.99% and an expense limit of 1.25% for MDCEX.
| Yield as of 3/31/2026 | MDFIX | MDCEX |
|---|---|---|
Distribution Rate| 7.27% | 7.18% |
|
Estimated Return of Capital| 39.50% | 0.00% |
|
30-Day SEC Yield| 4.51% | 4.63% |
|
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.
| Annual Fund Operating Expenses | MDFIX | MDCEX |
|---|---|---|
| Advisor Management Fees | 0.65% The Advisor (Matisse Capital) receives a monthly management fee equal to a maximum of 0.65% of the Fund’s net assets. | 0.95% The Advisor (Matisse Capital) receives a monthly management fee equal to a maximum of 0.95% of the Fund’s net assets. |
| Distribution and/or Service (12b-1) Fees Read More | None | None |
| Other Expenses Read More | 0.51% | 0.58% |
| Interest Expense on Borrowings Read More | 0.00% | 0.10% |
| Acquired Fund Fees and Expenses | 1.26% | 1.56% |
| Total Annual Fund Operating Expenses Read More | 2.42% The Advisor (Matisse Capital) receives a monthly management fee equal to a maximum of 0.65% of the Fund’s net assets. | 3.19% The Advisor (Matisse Capital) receives a monthly management fee equal to a maximum of 0.95% of the Fund’s net assets. |
| Risks | The risks associated with investing in the Fund can be found in the prospectus. | The risks associated with investing in the Fund can be found in the prospectus. |
As of the Funds' prospectus dated August 1, 2025.