Matisse Discounted Closed-End Fund Strategy Institutional CL

Portfolio Holdings as of 7/31/2019

Ticker Cusip Description Shares Market Value % of Portfolio
NHF 65340G205 NexPoint Strategic O pportunities Fund 288,088.000 $5,335,389.76 11.13%
RIF 76970B101 RMR Real Estate Inco me Fund 238,423.000 $4,539,573.92 9.47%
PSH NA G7016V101 Pershing Square Hold ings Ltd/Fund 220,000.000 $3,977,600.00 8.30%
GDL 361570104 GDL Fund/The 423,020.000 $3,963,697.40 8.27%
DNI 25538A204 Dividend and Income Fund 310,000.000 $3,623,900.00 7.56%
EGIF 26958J105 Eagle Growth & Incom e Opportunities Fund 191,000.000 $3,008,250.00 6.27%
PEO 00548F105 Adams Natural Resour ces Fund Inc 114,321.000 $1,861,145.88 3.88%
GGZ 36249W104 Gabelli Global Small and Mid Cap Value T 150,653.000 $1,718,950.73 3.59%
BIF 101507101 BOULDER GROTH & INCOME FUND 153,908.000 $1,703,761.56 3.55%
SMM 79471V105 Salient Midstream & MLP Fund 203,800.000 $1,701,730.00 3.55%
CTR 18469Q108 CLEARBRIDGE ENERGY MLP TOTAL RETURN FUN 180,250.000 $1,692,547.50 3.53%
TPOU LN G8846K109 Third Point Offshore Investors Ltd 114,000.000 $1,672,950.00 3.49%
CET 155123102 Central Securities C orp 53,000.000 $1,644,060.00 3.43%
ASA G3156P103 ASA Gold and Preciou s Metals Ltd 138,000.000 $1,632,540.00 3.41%
HGLB 43010T104 HIGHLAND GLOBAL ALLOCATION FUND 148,000.000 $1,602,840.00 3.34%
SWZ 870875101 SWISS HELVETIA FUND 182,539.000 $1,456,661.22 3.04%
KMF 48661E108 KAYNE ANDERSON MID= STREAM/ENE 124,927.000 $1,405,428.75 2.93%
IRL 645673104 New Ireland Fund Inc /The 122,409.000 $1,060,061.94 2.21%
FIGXX 316175108 Fidelity Investments Money Market Funds 879,861.540 $879,861.54 1.84%
GRF 269451100 EAGLE CAPITAL GROWTH FUND 102,000.000 $840,480.00 1.75%
HFRO 43010E404 HIGHLAND INCOME FUND 55,149.000 $746,165.97 1.56%
RSF 76882B108 RIVERNORTH MARKET PLACE LENDING CORP 37,784.000 $697,114.80 1.45%
MXE 592834105 Mexico Equity & Inco me Fund Inc/Fund 39,675.000 $409,858.62 0.85%
PCF 42968F108 HIGH INCOME SECURITIES FUND 41,825.000 $350,911.75 0.73%
CUBA 42804T106 HERZFELD CARIBBEAN BASIN FUND 27,700.000 $170,078.00 0.35%
JOF 47109U104 JAPAN SMALLER CAPITALIZATION 14,909.000 $128,068.31 0.27%
SZC 231647108 CUSHING RENAISSANCE FUND 4,603.000 $64,994.36 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 $21,633.44 0.05%
BWG 10537L104 BRANDYWINE GLOBAL INCO 100.000 $1,196.00 0.00%
NAZ 67061W104 Nuveen Arizona Quali ty Municipal Income 0.000 $0.00 0.00%

Totals 4,593,992.540 $47,943,454.45