The Cambridge Index Strategy ® (CIS) is a tax-efficient low-cost Large Cap Index strategy. CIS uses strategy years, as opposed to calendar years, beginning on December 1st and ending on December 1st of the following year (f/y). A client opens two accounts: a “Strategy” account and a “Greenhouse” account. The “Strategy” account, as its name implies, is used for the enactment of the strategy. The “Greenhouse” account is used to house and preserve gains achieved by the individual holdings and is no longer part of the CIS strategy. CIS has a minimum investment of $100,000, which is required to initiate the strategy per strategy year. If investing in this strategy, it is strongly encouraged to abide by a minimum one year holding period rule; otherwise it subjects the client to unnecessary transaction fees in addition to the tax consequences the strategy specifically seeks to avoid. While the strategy can be initiated on a quarterly basis on an exception basis (i.e., after the advisor and client have a thorough understanding of the limitations of implementing the strategy on an off-quarter basis), it is not recommended for a variety of reasons.