Matisse Discounted Closed-End Fund Strategy Institutional CL

Portfolio Holdings as of 5/31/2019

Ticker Cusip Description Shares Market Value % of Portfolio
RIF 76970B101 RMR Real Estate Inco me Fund 238,423.000 $4,363,140.90 9.89%
GDL 361570104 GDL Fund/The 423,020.000 $3,900,244.40 8.84%
PSH NA G7016V101 Pershing Square Hold ings Ltd/Fund 220,000.000 $3,656,400.00 8.29%
NHF 65340G205 NexPoint Strategic O pportunities Fund 183,433.000 $3,411,853.80 7.73%
DNI 25538A204 Dividend and Income Fund 310,000.000 $3,410,000.00 7.73%
EGIF 26958J105 Eagle Growth & Incom e Opportunities Fund 191,000.000 $2,859,270.00 6.48%
MXF 592835102 Mexico Fund Inc/The 180,428.000 $2,392,475.28 5.42%
GGZ 36249W104 Gabelli Global Small and Mid Cap Value T 178,000.000 $1,947,320.00 4.41%
CTR 18469Q108 CLEARBRIDGE ENERGY MLP TOTAL RETURN FUN 208,300.000 $1,903,862.00 4.32%
SMM 79471V105 Salient Midstream & MLP Fund 203,800.000 $1,740,452.00 3.95%
PEO 00548F105 Adams Natural Resour ces Fund Inc 114,321.000 $1,737,679.20 3.94%
TPOU LN G8846K109 Third Point Offshore Investors Ltd 114,000.000 $1,687,200.00 3.82%
BIF 101507101 BOULDER GROTH & INCOME FUND 153,908.000 $1,620,651.24 3.67%
HGLB 43010T104 HIGHLAND GLOBAL ALLOCATION FUND 140,000.000 $1,540,000.00 3.49%
KMF 48661E108 KAYNE ANDERSON MID= STREAM/ENE 124,927.000 $1,401,680.94 3.18%
NAZ 67061W104 Nuveen Arizona Quali ty Municipal Income 107,636.000 $1,394,962.56 3.16%
IRL 645673104 New Ireland Fund Inc /The 122,409.000 $1,083,821.53 2.46%
CET 155123102 Central Securities C orp 28,581.000 $821,406.51 1.86%
HFRO 43010E404 HIGHLAND INCOME FUND 50,040.000 $667,033.20 1.51%
EXD 27829M103 Eaton Vance Tax-Adva ntaged Bond and Opti 70,000.000 $626,500.00 1.42%
TWN 874036106 Taiwan Fund Inc/The 34,146.000 $545,994.54 1.24%
GRF 269451100 EAGLE CAPITAL GROWTH FUND 57,000.000 $418,950.00 0.95%
MXE 592834105 Mexico Equity & Inco me Fund Inc/Fund 39,375.000 $402,810.19 0.91%
SWZ 870875101 SWISS HELVETIA FUND 28,409.000 $213,556.13 0.48%
CUBA 42804T106 HERZFELD CARIBBEAN BASIN FUND 27,700.000 $169,524.00 0.38%
FT 355145103 FRANKLIN UNIVERSAL TRUST 17,987.000 $124,829.78 0.28%
NHF-R NHF-R NexPoint Strategic Opportunities Fund R 144,833.000 $40,128.40 0.09%
SPYUF G8757F131 Terra Capital PLC/Fu nd 32,003.000 $32,003.00 0.07%
FIGXX 316175108 Fidelity Investments Money Market Funds 0.000 $0.00 0.00%

Totals 3,743,679.000 $44,113,749.59