Matisse, an investment adviser formed and SEC-registered in 2010, is primarily owned by Bryn Torkelson (see bio in brochure supplement). Matisse provides investment advice, financial planning and retirement plan management (including employee education) to clients on both a discretionary and non-discretionary basis. Services Investment advisory services consist of advice on asset allocation, strategic portfolio structuring, the selection and monitoring of mutual funds (both closed-end and open-end) and the selection and monitoring of partnerships managed by third-party investment advisors. Financial planning services are offered on both a limited scope and a comprehensive basis. We foster client relationships that are driven by the client’s preferences in both the degree of their involvement in their portfolio decisions, and the products in their portfolios. In limited cases, clients may impose restrictions in their accounts on investing in certain securities or types of securities. As of 12/31/2023, Matisse advises a total of $1,356,007,202 across 750 client accounts. We advise $697,751,606 across 51 client accounts on a non-discretionary basis and $658,255,596 across 699 client accounts on a discretionary basis. Mutual fund management Matisse serves as the investment adviser for two open-end funds, the Matisse Discounted Closed-End Fund Strategy (“MDCEX”) and the Matisse Discounted Bond CEF Strategy (“MDFIX”) (together the “Funds”). MDCEX primarily invests in both equity and fixed income closed-end funds. MDFIX primarily invests in fixed income closed-end funds. Matisse manages the assets of MDCEX and MDFIX on a discretionary

basis. A strategy in which Matisse specializes is our discounted closed-end fund (CEF) strategy, which entails constructing a portfolio of discounted CEFs using proprietary research. We select and trade discounted CEFs to create globally balanced and diversified portfolios. Our goal is to create positive alpha by taking advantage of favorable discount movements---purchasing a CEF at a certain discount to its NAV and subsequently selling it at a narrower discount to NAV. Of course, we do not, and cannot, achieve this goal in every case, nor is capturing favorable discount movement always associated with positive alpha---or even positive returns. Past performance is no guarantee of future results. Certain risks associated with our strategy are discussed more fully in Item 8, and include risk of loss, tax inefficiency, and high turnover. We currently employ this strategy within two mutual funds (MDCEX and MDFIX) and for a large institutional separate account. We have in the past and may in the future also employ the strategy as a subadvisor or within separately managed accounts where the end client is an advisory client of Matisse or an unrelated institution. Managing different types of accounts will result in fee differences, performance dispersion and potential conflicts of interest in the allocation of the investment opportunities among different account types. Private fund management Matisse serves as the investment manager for the Matisse Absolute Return Fund, LLC (“MAR” or a “Hedge Fund”). MAR is in the process of liquidation. It is expected that MAR will be closed once all holdings are completely liquidated.