Matisse Discounted Closed-End Fund Strategy Institutional CL

Portfolio Holdings as of 1/31/2018

Ticker Cusip Description Shares Market Value % of Portfolio
BIF 101507101 Boulder Growth & Income Fund Inc. 775,946.000 $8,969,935.74 7.87%
FRGXX 31607A703 Fidelity Colcheste 6,007,839.410 $6,007,839.41 5.27%
CET 155123102 Central Securities Corporation 184,000.000 $5,124,400.00 4.50%
GAM 368802104 General American Investors Company, Inc. 123,000.000 $4,409,550.00 3.87%
MSF 61744G107 MORGAN STANLEY EMG 222,499.000 $4,369,880.36 3.83%
DNI 25538A204 Dividend and Income Fund, Inc 306,200.000 $4,243,932.00 3.72%
RIF 76970B101 RMR Asia Pac Real 238,423.000 $4,196,244.80 3.68%
NTC 67060D107 NUVEEN CONNECTICUT QLTY MUN FD 356,000.000 $4,179,440.00 3.67%
GDL 361570104 The GDL Fund 428,000.000 $4,160,160.00 3.65%
NXJ 67069Y102 NUVEEN NEW JERSEY DIVID ADVANTAGE MUN FD 303,000.000 $4,023,840.00 3.53%
MXF 592835102 Mexico Fund Inc 218,727.000 $3,694,299.03 3.24%
EGIF 26958J105 EAGLE GRWTH & INCOME OPPTY FD 191,000.000 $3,187,770.90 2.80%
PSH NA G7016V101 Pershing Square Holdings, Ltd. 220,000.000 $3,163,600.00 2.78%
ABE 00301T102 Emerging Markets T 198,003.000 $3,105,479.05 2.72%
CHN 169373107 China Fund Inc 129,171.000 $3,100,104.00 2.72%
PEO 00548F105 Adams Natural Resources Fund Inc 149,047.000 $3,052,482.56 2.68%
GCH 003031101 Aberdeen Greater China Fund, Inc. 216,700.000 $2,938,452.00 2.58%
LAQ 00306K106 Aberdeen Latin America Equity Fund 97,737.000 $2,897,902.05 2.54%
NUM 670979103 NUVEEN MICH QUALITY INCOME MUN FD 203,747.000 $2,628,336.30 2.31%
CEE 153436100 Cent Euro Rus & Tu 94,708.000 $2,621,517.44 2.30%
LDF 51828C106 Latin Amer Discvry 200,000.000 $2,618,000.00 2.30%
VPV 46132K109 INVESCO VAN KAMPEN PA VALUE MUN INCOME T 196,021.000 $2,316,968.22 2.03%
TDF 88018T101 Templeton Dragon F 88,086.000 $2,101,731.96 1.84%
SGF 003244100 Aberdeen Singapore Fd Inc 148,199.000 $1,974,010.68 1.73%
TPOU LN G8846K109 Third Point Offshore Investors 114,000.000 $1,955,100.00 1.72%
ASA G3156P103 ASA Limited 162,020.000 $1,872,951.20 1.64%
GRX 36246K103 Gabelli Healthcare & Wellness Trust 159,899.000 $1,682,137.48 1.48%
GGZ 36249W104 GABELLI GLB SML & MD CP VAL TR 121,562.000 $1,573,012.28 1.38%
APB 044901106 Asia Pacific Fund 100,520.000 $1,567,669.72 1.38%
IRL 645673104 NEW Ireland Fund 112,000.000 $1,454,880.00 1.28%
SPYUF G8762U107 Terra Capital Plc 1,318,010.000 $1,298,239.85 1.14%
EVJ 27826V106 EATON VANCE NEW JERSEY MUN INCOME TR 108,635.000 $1,240,611.70 1.09%
NNC 67060P100 Nuveen North Carolina Premium Income Mun 89,048.000 $1,120,223.84 0.98%
TWN 874036106 Hsbc Asset Mgt Ltd 49,978.000 $1,096,017.54 0.96%
NQP 670972108 NUVEEN PENNSYLVANIA QLT MUN 72,611.000 $920,707.48 0.81%
PGZ 74255X104 PRINCIPAL REAL ESTATE INCOME 52,915.000 $898,496.70 0.79%
MXE 592834105 Mexico Equity&Inc 74,800.000 $839,256.00 0.74%
IF 00305P106 Aberdeen Indonesia Fund Inc 99,300.000 $796,386.00 0.70%
CH 00301W105 Aberdeen Chile Fun 81,716.000 $771,407.21 0.68%
EMI 27826D106 EATON VANCE MI MUNI INCOME TR SH BEN INT 59,000.000 $733,960.00 0.64%
CEV 27826F101 EATON VANCE CA 60,984.000 $706,804.56 0.62%
NMY 67061Q107 Nuveen Maryland Premium Income Municipal 49,065.000 $601,536.90 0.53%
NBO 64124K102 NEUBERGER BERMAN NY INT MUN FD 44,534.000 $530,845.28 0.47%
INF 11273Q109 Brookfield Gbl Lst 37,207.000 $487,039.63 0.43%
BWG 10537L104 BRANDYWINEGBL GLBAL INM OPRTUN 33,694.000 $444,086.92 0.39%
AKP 018546101 Alliance Ca Munici 31,685.000 $418,242.00 0.37%
EMJ 27828R103 EATON VANCE N J MUN BD FD FORMERLY EATON 29,649.000 $357,267.49 0.31%
ADX 006212104 Adams Express Co 21,877.000 $347,844.30 0.31%
GRF 269451100 Eagle Cap Growth 40,632.000 $338,870.88 0.30%
MIW 27828M104 EATON VANCE MICH MUN BD FD FORMERLY EATO 16,000.000 $209,920.00 0.18%
NYH 27828T109 EATON VANCE N Y MUN BD FD II FORMERLY EA 18,921.000 $209,266.26 0.18%
MNE 09255F109 BLACKROCK MUNI N Y INTER DURAT 10,470.000 $139,146.30 0.12%
FT 355145103 Franklin Universal Trust 16,052.000 $112,042.96 0.10%
EVO 27826G109 EATON VANCE OHIO MUN INCOME TR 4,914.000 $61,937.04 0.05%
FHY 337353304 First Tr Strategic 4,850.000 $60,576.50 0.05%
GGO 36250J109 The Gabelli Go Anywhere Trust 1,687.000 $30,973.32 0.03%
EVY 27826W104 EATON VANCE NY MUNI INCOME 586.000 $7,286.32 0.01%
GRR 04516T105 The Asia Tigers Fund Inc 499.000 $6,724.03 0.01%

Totals 14,495,373.410 $113,977,344.19