Matisse Discounted Closed-End Fund Strategy Institutional CL

Portfolio Holdings as of 12/31/2019

Ticker Cusip Description Shares Market Value % of Portfolio
RIF 76970B101 RMR Real Estate Inco me Fund 230,000.000 $4,646,000.00 10.13%
NHF 65340G205 NexPoint Strategic O pportunities Fund 262,000.000 $4,640,020.00 10.12%
PSH NA G7016V101 Pershing Square Hold ings Ltd/Fund 220,000.000 $4,215,200.00 9.19%
DNI 25538A204 Dividend and Income Fund 310,000.000 $4,172,600.00 9.10%
GDL 361570104 GDL Fund/The 209,299.000 $1,946,480.70 4.24%
ASA G3156P103 ASA Gold and Preciou s Metals Ltd 138,000.000 $1,880,940.00 4.10%
TPOU LN G8846K109 Third Point Offshore Investors Ltd 114,000.000 $1,858,200.00 4.05%
GGZ 36249W104 Gabelli Global Small and Mid Cap Value T 150,653.000 $1,783,731.52 3.89%
IIF 61745C105 MORGAN STANLEY INDIA INVESTMENT FUND INC 89,000.000 $1,770,210.00 3.86%
SMM 79471V105 Salient Midstream & MLP Fund 214,000.000 $1,667,060.00 3.63%
IRR 92913C106 VOYA NATURAL RESOURCES EQUITY 391,000.000 $1,610,920.00 3.51%
KMF 48661E108 KAYNE ANDERSON MID= STREAM/ENE 153,000.000 $1,609,560.00 3.51%
HGLB 43010T104 HIGHLAND GLOBAL ALLOCATION FUND 171,000.000 $1,597,140.00 3.48%
HFRO 43010E404 HIGHLAND INCOME FUND 125,000.000 $1,553,750.00 3.39%
IRL 645673104 New Ireland Fund Inc /The 140,000.000 $1,387,400.00 3.03%
BIF 101507101 BOULDER GROTH & INCOME FUND 116,173.000 $1,369,679.67 2.99%
MXE 592834105 Mexico Equity & Inco me Fund Inc/Fund 113,770.000 $1,319,732.00 2.88%
SWZ 870875101 SWISS HELVETIA FUND 129,350.000 $1,087,833.50 2.37%
JEQ 00306J109 ABERDEEN JAPAN EQUITY FUND 132,530.000 $1,031,083.40 2.25%
TWN 874036106 Taiwan Fund Inc/The 45,800.000 $942,564.00 2.06%
NDP 89148K101 TORTOISE ENERGY INDEPENDENCE 213,434.000 $925,300.42 2.02%
RGT 78081T104 ROYCE GLOBAL VALUE 65,669.000 $767,670.61 1.67%
GRF 269451100 EAGLE CAPITAL GROWTH FUND 90,656.000 $727,133.64 1.59%
FIGXX 316175108 Fidelity Investments Money Market Funds 604,193.680 $604,193.68 1.32%
VCIF 92535C104 VERTICAL CAPITAL INCOME FUND 48,992.000 $510,006.72 1.11%
IDE 92912X101 VOYA INFASTRUCTURE 12,282.000 $141,365.82 0.31%
KF 500634209 THE KOREA FUND 1,500.000 $44,745.00 0.10%
SPYUF G8757F131 Terra Capital PLC/Fu nd 32,003.000 $32,003.00 0.07%
IGD 92912T100 Voya Global Equity Div and Prem Opportu 3,326.000 $20,587.94 0.04%

Totals 4,526,630.680 $45,863,111.63