Matisse Discounted Closed-End Fund Strategy Institutional CL

Portfolio Holdings as of 6/30/2019

Ticker Cusip Description Shares Market Value % of Portfolio
NHF 65340G205 NexPoint Strategic O pportunities Fund 388,989.000 $7,359,671.88 15.62%
RIF 76970B101 RMR Real Estate Inco me Fund 238,423.000 $4,370,293.59 9.28%
GDL 361570104 GDL Fund/The 423,020.000 $3,914,415.57 8.31%
PSH NA G7016V101 Pershing Square Hold ings Ltd/Fund 220,000.000 $3,863,200.00 8.20%
DNI 25538A204 Dividend and Income Fund 310,000.000 $3,574,300.00 7.59%
EGIF 26958J105 Eagle Growth & Incom e Opportunities Fund 191,000.000 $2,933,760.00 6.23%
PEO 00548F105 Adams Natural Resour ces Fund Inc 114,321.000 $1,890,869.34 4.01%
SMM 79471V105 Salient Midstream & MLP Fund 203,800.000 $1,750,642.00 3.72%
GGZ 36249W104 Gabelli Global Small and Mid Cap Value T 150,704.000 $1,749,673.44 3.71%
BIF 101507101 BOULDER GROTH & INCOME FUND 153,908.000 $1,729,925.92 3.67%
TPOU LN G8846K109 Third Point Offshore Investors Ltd 114,000.000 $1,707,150.00 3.62%
CTR 18469Q108 CLEARBRIDGE ENERGY MLP TOTAL RETURN FUN 180,250.000 $1,690,745.00 3.59%
HGLB 43010T104 HIGHLAND GLOBAL ALLOCATION FUND 146,000.000 $1,641,040.00 3.48%
KMF 48661E108 KAYNE ANDERSON MID= STREAM/ENE 124,927.000 $1,446,654.66 3.07%
SWZ 870875101 SWISS HELVETIA FUND 169,017.000 $1,335,234.30 2.83%
CET 155123102 Central Securities C orp 37,607.000 $1,147,765.64 2.44%
IRL 645673104 New Ireland Fund Inc /The 122,409.000 $1,098,008.73 2.33%
NAZ 67061W104 Nuveen Arizona Quali ty Municipal Income 62,420.000 $815,829.40 1.73%
GRF 269451100 EAGLE CAPITAL GROWTH FUND 102,000.000 $811,981.20 1.72%
HFRO 43010E404 HIGHLAND INCOME FUND 55,149.000 $763,262.16 1.62%
MXE 592834105 Mexico Equity & Inco me Fund Inc/Fund 39,675.000 $440,392.50 0.93%
ASA G3156P103 ASA Gold and Preciou s Metals Ltd 29,261.000 $334,745.84 0.71%
FIGXX 316175108 Fidelity Investments Money Market Funds 314,602.810 $314,602.81 0.67%
CUBA 42804T106 HERZFELD CARIBBEAN BASIN FUND 27,700.000 $176,124.91 0.37%
JOF 47109U104 JAPAN SMALLER CAPITALIZATION 14,909.000 $126,727.99 0.27%
SZC 231647108 CUSHING RENAISSANCE FUND 4,603.000 $64,902.30 0.14%
SPYUF G8757F131 Terra Capital PLC/Fu nd 32,003.000 $32,003.00 0.07%
VCIF 92535C104 VERTICAL CAPITAL INCOME FUND 2,045.000 $19,427.50 0.04%
BWG 10537L104 BRANDYWINE GLOBAL INCO 100.000 $1,174.00 0.00%

Totals 3,972,842.810 $47,104,523.68