Deschutes Portfolio Strategy

Matisse Capital as of Dec. 31, 2017

Portfolio Holdings for Matisse Capital

Matisse Capital holds 132 positions in its portfolio as reported in the December 2017 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Boulder Growth & Income Fund (STEW) 6.8 $15M 1.3M 11.09
RMR Asia Pacific Real Estate Fund 3.5 $7.8M 406k 19.09
Central Securities (CET) 3.5 $7.6M 279k 27.40
Petroleum & Res Corp Com cef (PEO) 3.3 $7.2M 364k 19.84
Nuveen Nj Div Advantage Mun (NXJ) 3.0 $6.6M 484k 13.69
General American Investors (GAM) 3.0 $6.6M 191k 34.40
Dividend & Income Fund (BXSY) 2.8 $6.2M 459k 13.43
Nuveen Conn Prem Income Mun sh ben int 2.7 $6.0M 502k 11.92
Morgan Stanley China A Share Fund (CAF) 2.7 $5.8M 249k 23.38
Morgan Stanley Emerging Markets Fund 2.6 $5.8M 323k 17.89
China Fund (CHN) 2.3 $5.1M 235k 21.65
Mexico Fund (MXF) 2.3 $5.1M 323k 15.75
Thai Fund 2.1 $4.6M 427k 10.76
Eagle Grwth & Income Oppty F 2.1 $4.5M 274k 16.59
Central Europe and Russia Fund (CEE) 1.9 $4.2M 170k 24.39
Invesco Van Kampen Penn Vl MI Trust (VPV) 1.9 $4.2M 342k 12.15
Asa (ASA) 1.9 $4.1M 365k 11.32
Aberdeen Gtr China 1.8 $3.9M 313k 12.46
THE GDL FUND Closed-End fund (GDL) 1.5 $3.3M 341k 9.73
Templeton Dragon Fund (TDF) 1.5 $3.3M 154k 21.51
Aberdn Emring Mkts Telecomtions 1.5 $3.3M 227k 14.54
Adams Express Company (ADX) 1.5 $3.2M 215k 15.03
MUTUAL FUND Gabelli Healthcare & Wellnessr*x (GRX) 1.5 $3.2M 313k 10.32
Brookfield Global Listed 1.5 $3.2M 248k 12.93
Nuveen Michigan Qlity Incom Municipal 1.5 $3.2M 241k 13.26
Royce Global Value Tr (RGT) 1.4 $3.2M 294k 10.81
Latin American Discovery Fund 1.3 $2.8M 244k 11.48
Aberdeen Latin Amer Eqty 1.2 $2.7M 101k 26.72
Western Asset Emerging Mrkts Dbt Fnd (EMD) 1.1 $2.5M 159k 15.55
Asia Pacific Fund 1.0 $2.3M 156k 14.41
Cbre Clarion Global Real Estat re (IGR) 1.0 $2.1M 270k 7.92
Liberty All-Star Equity Fund (USA) 0.9 $2.0M 323k 6.30
Blackrock Res & Commodities Strategy Tr (BCX) 0.9 $2.0M 209k 9.77
Aberdeen Chile Fund (AEF) 0.9 $2.0M 224k 8.93
Nuveen North Carol Premium Incom Mun 0.9 $2.0M 153k 12.90
U.S. Bancorp (USB) 0.9 $2.0M 37k 53.57
Singapore Fund 0.8 $1.8M 148k 12.42
Eaton Vance Nj Muni Income T sh ben int 0.8 $1.7M 146k 11.74
New Ireland Fund 0.8 $1.7M 137k 12.53
Wave Life Sciences (WVE) 0.8 $1.6M 47k 35.09
Neuberger Berman NY Int Mun Common 0.7 $1.6M 129k 12.16
Source Capital (SOR) 0.7 $1.5M 38k 40.77
LEGG MASON BW GLOBAL Income 0.7 $1.5M 119k 12.77
Morgan Stanley Asia Pacific Fund 0.7 $1.4M 77k 18.40
Gabelli mutual funds - (GGZ) 0.7 $1.4M 111k 12.74
Japan Smaller Capitalizaion Fund (JOF) 0.6 $1.4M 119k 11.81
Aberdeen Indonesia Fund 0.6 $1.4M 183k 7.64
Nuveen PA Investnt Quality Municipal (NQP) 0.6 $1.3M 102k 13.15
Eaton Vance California Mun. Income Trust (CEV) 0.6 $1.3M 110k 12.16
Intel Corporation (INTC) 0.6 $1.3M 28k 46.17
Tri-Continental Corporation (TY) 0.6 $1.3M 46k 26.94
Apple (AAPL) 0.6 $1.2M 7.2k 169.28
Taiwan Fund (TWN) 0.5 $1.2M 57k 20.87
Microsoft Corporation (MSFT) 0.5 $1.2M 14k 85.54
Principal Real Estate Income shs ben int (PGZ) 0.5 $1.1M 66k 17.19
Templeton Emerging Markets Income Fund (TEI) 0.5 $1.1M 100k 11.17
Mexico Equity and Income Fund (MXE) 0.5 $1.1M 106k 10.26
Templeton Global Income Fund (SABA) 0.5 $996k 154k 6.46
EATON VANCE MI Municipal 0.4 $972k 76k 12.83
Cushing Mlp Total Return Fd Com New cef 0.4 $946k 79k 11.94
Nuveen Maryland Premium Income Municipal 0.4 $888k 71k 12.59
Alliance California Municipal Income Fun 0.4 $887k 65k 13.59
Dicerna Pharmaceuticals 0.4 $903k 100k 9.03
Eaton Vance N J Mun Bd 0.4 $844k 68k 12.43
Japan Equity Fund ietf (JEQ) 0.4 $862k 96k 9.02
Nike (NKE) 0.3 $713k 11k 62.52
Amazon (AMZN) 0.3 $717k 613.00 1169.66
Invesco Van Kampen Dyn Cr Opp Fund 0.3 $730k 62k 11.72
Powershares S&p 500 0.3 $732k 17k 42.45
Northrop Grumman Corporation (NOC) 0.3 $642k 2.1k 306.88
Vanguard Health Care ETF (VHT) 0.3 $631k 4.1k 154.24
Berkshire Hathaway (BRK.B) 0.3 $596k 3.0k 198.34
BlackRock Muni New York Intr. Dur. Fnd. 0.3 $591k 43k 13.62
General Dynamics Corporation (GD) 0.3 $561k 2.8k 203.26
Franklin Universal Trust (FT) 0.3 $559k 78k 7.17
Southwest Airlines (LUV) 0.2 $555k 8.5k 65.45
Eaton Vance Mich Mun Bd 0.2 $534k 40k 13.46
Lockheed Martin Corporation (LMT) 0.2 $509k 1.6k 320.93
3M Company (MMM) 0.2 $490k 2.1k 235.58
Ascendis Pharma A S (ASND) 0.2 $484k 12k 40.03
Winnebago Industries (WGO) 0.2 $450k 8.1k 55.66
GABELLI GLOBL UTIL & INCOME COM Sh Ben Int (GLU) 0.2 $466k 22k 21.29
Eagle Cap Growth (GRF) 0.2 $455k 57k 7.93
BlackRock Global Energy & Resources Trus (BGR) 0.2 $443k 31k 14.18
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 0.2 $441k 39k 11.42
First Trust/Aberdeen Global Opportunity (FAM) 0.2 $433k 37k 11.67
India Fund (IFN) 0.2 $421k 16k 26.15
Orbcomm 0.2 $413k 41k 10.17
Lear Corporation (LEA) 0.2 $393k 2.2k 176.63
Achillion Pharmaceuticals 0.2 $390k 135k 2.88
Eaton Vance N Y Mun Bd Fd Ii 0.2 $404k 35k 11.57
Duff & Phelps Global (DPG) 0.2 $387k 25k 15.51
Sprott Focus Tr (FUND) 0.2 $383k 48k 7.92
Chevron Corporation (CVX) 0.2 $365k 2.9k 125.30
Manpower (MAN) 0.2 $363k 2.9k 126.04
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.2 $382k 32k 11.79
Eaton Vance Pa Muni Income T sh ben int 0.2 $383k 31k 12.19
Altria (MO) 0.2 $361k 5.0k 71.50
Wal-Mart Stores (WMT) 0.1 $328k 3.3k 98.80
Anthem (ELV) 0.1 $326k 1.4k 224.98
Ford Motor Company (F) 0.1 $312k 25k 12.48
Thor Industries (THO) 0.1 $306k 2.0k 150.74
Lam Research Corporation (LRCX) 0.1 $306k 1.7k 183.78
Maxim Integrated Products 0.1 $274k 5.2k 52.36
Morgan Stanley Emerging Markets Domestic (EDD) 0.1 $294k 38k 7.69
Eaton Vance New York Muni. Incm. Trst 0.1 $274k 22k 12.69
Home Depot (HD) 0.1 $271k 1.4k 189.78
Aetna 0.1 $256k 1.4k 180.28
Intuitive Surgical (ISRG) 0.1 $270k 741.00 364.37
Starbucks Corporation (SBUX) 0.1 $272k 4.7k 57.43
Juniper Networks (JNPR) 0.1 $252k 8.9k 28.47
Biohaven Pharmaceutical Holding 0.1 $270k 10k 27.00
BP (BP) 0.1 $244k 5.8k 42.07
Philip Morris International (PM) 0.1 $232k 2.2k 105.45
Robert Half International (RHI) 0.1 $239k 4.3k 55.58
Avexis 0.1 $232k 2.1k 110.48
Johnson & Johnson (JNJ) 0.1 $217k 1.6k 139.82
General Electric Company 0.1 $223k 13k 17.45
Humana (HUM) 0.1 $225k 909.00 247.52
Magellan Midstream Partners 0.1 $213k 3.0k 71.00
Royce Micro Capital Trust (RMT) 0.1 $228k 24k 9.42
Ferrari Nv Ord (RACE) 0.1 $210k 2.0k 105.00
WellCare Health Plans 0.1 $205k 1.0k 200.98
BlackRock New York Insured Municipal 0.1 $201k 15k 13.14
Nuveen Va Premium Income Municipal Fund (NPV) 0.1 $194k 15k 12.85
Nuveen Div. Advantage Muni. Fund (NAD) 0.1 $148k 11k 14.06
Nuveen Ins Ny Tx Fr Adv Mun (NRK) 0.1 $157k 12k 12.98
DTF Tax Free Income (DTF) 0.1 $155k 11k 14.09
Immersion Corporation (IMMR) 0.0 $71k 10k 7.10
Harmonic (HLIT) 0.0 $42k 10k 4.20
Energy Fuels (UUUU) 0.0 $51k 29k 1.78
LightPath Technologies (LPTH) 0.0 $23k 11k 2.20