Frequently Asked Questions

Below you will find a list of questions and answers relating to the Rareview Longevity Income Generation Fund

Who is the Investment Advisor to the Rareview Fund?

The Rareview Fund is advised by Rareview Capital LLC, an independent investment advisor registered with the SEC. More information on Rareview Capital LLC can be found at www.rareviewcapital.com.

What is the Funds objective and investment strategy?

The objective of the Fund is to seek to generate long-term capital appreciation and current income by investing in closed-end funds.

The investment strategy of the Fund is to utilize a top-down asset allocation approach to tactically rotate amongst closed-end funds that pay regular periodic cash distributions, whose share prices trade at substantial discounts relative to their underlying net asset values.

Who is the Portfolio Manager for the Rareview Fund?

The portfolio manager is Neil Azous, the Founder and Chief Investment Officer of Rareview Capital LLC. His biography can be found here.

What is the inception date for the Fund?

 November 1, 2016.

Who acts as the administrator, custodian, and distributor of the Fund?

U.S. Bancorp Fund Services, LLC acts as the Fund’s Administrator, Transfer Agent, and Fund Accountant.

U.S. Bank, N.A. serves as the custodian to the Fund. The custodian is an affiliate of the Administrator.

Quasar Distributors, LLC acts as the Fund’s Distributor and principal underwriter in a continuous public offering of the Fund’s shares. The Distributor is an affiliate of the Administrator.

What is the minimum investment?

The institutional share class has a $1,000,000 minimum. The investor share class has a $2,500 minimum.

What type of tax reporting will I get when investing in the mutual funds?

Investors in the Fund will receive a Form 1099 from their brokerage firm on an annual basis.

What are the instruments used in the Fund?

The Fund uses broad equity and bond closed-end funds (CEFs). The universe of CEFs that we seek to invest in is comprised of over 300 funds, totaling more than $200 billion in assets under management.

How do you select what closed-end funds to buy?

The Fund uses a proprietary approach to asset allocation and valuation. Once we decide what sectors to be overweight or underweight, based upon our asset allocation, we seek to purchase the closed-end funds that we deem to be the cheapest in that sector.

How do you manage risks in the Fund?

Risk is managed at each level of our investment process. Each step is governed by a rules-based discipline and frequently stress-tested.

We deploy a rules-based approach to dynamically manage cash balances. Additionally, we own index put options at all times to help hedge the portfolio against market risks.

How frequently does an asset allocation or rebalance occur?

We monitor the Fund’s portfolio daily. Each week our models are evaluated for a potential rebalance of the portfolio. Changes to the portfolio are only made when our models suggest a sector adjustment or closed-end fund has experienced an extreme shift. Otherwise, we seek to rebalance the portfolio approximately once per month.

What share classes are offered?

There are two share classes offered:

  1. Institutional (symbol: RVIGX)
  2. Investor (symbol: RLIGX)

What are the Expenses of the Fund?

Expense ratios are as of the February 28, 2020 prospectus. The Advisor has contractually agreed to waive a portion or all of its management fees and pay Fund expenses to limit Total Annual Fund Operating Expenses to 1.75% through February 28, 2021. The total annual operating expense ratio of the Fund’s Retail and Institutional class shares were 4.78% and 4.53%, respectively. The total annual operating expenses after fee waiver and/or expense reimbursement of 3.82% for Retail class shares and 3.56% for Institutional class shares were applicable to investors.

Why is there a redemption fee?

The Fund charges an early redemption fee to protect shareholders from investors that do not utilize a long-term investment horizon. A redemption fee of 2.00% is assessed on shares sold within 90 days of purchase. The redemption fee is retained by the Fund, not the investment manager.

Is the Fund no-load?

Yes, the Fund does NOT charge a front- or back-end sales load.

Where does the Fund fit into my portfolio?

The Fund fits into two buckets: income and tactical allocation. If you are looking to enhance income and cash flow, manage sector or interest rate risk, improve diversification, or are concerned about your purchasing power, the Fund has many potential benefits over the course of a full market cycle.

How often does the Fund pay a dividend and when is it paid?

The Fund will pass through any dividends it receives on a quarterly basis. There may also be a capital gains distribution that will be payed out annually in December based on trading gains and losses, or any capital gains that were passed through from the closed-end funds held by the Fund.

Does the Fund use leverage?

The Fund does not directly use leverage in its investments. However, the underlying closed-end funds that the Fund purchases use a modest amount of leverage.