Matisse Discounted Closed-End Fund Strategy Institutional CL

Portfolio Holdings as of 8/31/2019

Ticker Cusip Description Shares Market Value % of Portfolio
NHF 65340G205 NexPoint Strategic O pportunities Fund 288,088.000 $5,127,966.40 10.86%
RIF 76970B101 RMR Real Estate Inco me Fund 238,423.000 $4,673,090.80 9.89%
PSH NA G7016V101 Pershing Square Hold ings Ltd/Fund 220,000.000 $4,100,800.00 8.68%
DNI 25538A204 Dividend and Income Fund 310,000.000 $3,512,300.00 7.44%
GDL 361570104 GDL Fund/The 209,299.000 $1,917,178.84 4.06%
ASA G3156P103 ASA Gold and Preciou s Metals Ltd 138,000.000 $1,835,400.00 3.89%
TPOU LN G8846K109 Third Point Offshore Investors Ltd 114,000.000 $1,749,900.00 3.70%
PEO 00548F105 Adams Natural Resour ces Fund Inc 114,321.000 $1,726,247.10 3.65%
BIF 101507101 BOULDER GROTH & INCOME FUND 153,908.000 $1,657,589.16 3.51%
CET 155123102 Central Securities C orp 53,000.000 $1,627,630.00 3.45%
GGZ 36249W104 Gabelli Global Small and Mid Cap Value T 150,653.000 $1,611,987.10 3.41%
EGIF 26958J105 Eagle Growth & Incom e Opportunities Fund 103,000.000 $1,583,110.00 3.35%
HFRO 43010E404 HIGHLAND INCOME FUND 120,000.000 $1,567,200.00 3.32%
SMM 79471V105 Salient Midstream & MLP Fund 203,800.000 $1,548,880.00 3.28%
HGLB 43010T104 HIGHLAND GLOBAL ALLOCATION FUND 153,271.000 $1,548,037.10 3.28%
IIF 61745C105 MORGAN STANLEY INDIA INVESTMENT FUND INC 85,000.000 $1,535,100.00 3.25%
SWZ 870875101 SWISS HELVETIA FUND 189,098.000 $1,514,674.98 3.21%
TSLF 87244R103 THL CREDIT SENIOR LOAN FUND 96,421.000 $1,409,675.02 2.98%
CTR 18469Q108 CLEARBRIDGE ENERGY MLP TOTAL RETURN FUN 155,885.000 $1,348,405.25 2.85%
KMF 48661E108 KAYNE ANDERSON MID= STREAM/ENE 124,927.000 $1,316,730.58 2.79%
IRL 645673104 New Ireland Fund Inc /The 122,409.000 $1,014,770.61 2.15%
GRF 269451100 EAGLE CAPITAL GROWTH FUND 96,956.000 $785,333.90 1.66%
JEQ 00306J109 ABERDEEN JAPAN EQUITY FUND 100,100.000 $701,701.00 1.49%
VCIF 92535C104 VERTICAL CAPITAL INCOME FUND 48,838.000 $515,729.28 1.09%
MXE 592834105 Mexico Equity & Inco me Fund Inc/Fund 41,475.000 $423,045.00 0.90%
PCF 42968F108 HIGH INCOME SECURITIES FUND 41,825.000 $344,638.00 0.73%
JOF 47109U104 JAPAN SMALLER CAPITALIZATION 14,909.000 $122,104.71 0.26%
CUBA 42804T106 HERZFELD CARIBBEAN BASIN FUND 17,569.000 $110,684.70 0.23%
FIGXX 316175108 Fidelity Investments Money Market Funds 108,172.810 $108,172.81 0.23%
SZC 231647108 CUSHING RENAISSANCE FUND 4,603.000 $60,207.24 0.13%
RGT 78081T104 ROYCE GLOBAL VALUE 5,691.000 $56,454.72 0.12%
TWN 874036106 Taiwan Fund Inc/The 2,601.000 $46,635.93 0.10%
SPYUF G8757F131 Terra Capital PLC/Fu nd 32,003.000 $32,003.00 0.07%
BWG 10537L104 BRANDYWINE GLOBAL INCO 100.000 $1,191.00 0.00%

Totals 3,858,345.810 $47,234,574.23