Deschutes Portfolio Strategy

Matisse Capital as of March 31, 2018

Portfolio Holdings for Matisse Capital

Matisse Capital holds 129 positions in its portfolio as reported in the March 2018 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Central Securities (CET) 4.0 $6.7M 250k 26.66
RMR Asia Pacific Real Estate Fund 3.7 $6.1M 367k 16.67
Nuveen Nj Div Advantage Mun (NXJ) 3.5 $5.7M 438k 13.05
THE GDL FUND Closed-End fund (GDL) 3.4 $5.6M 606k 9.32
Morgan Stanley Emerging Markets Fund 3.3 $5.4M 292k 18.43
Nuveen Conn Prem Income Mun sh ben int 3.2 $5.3M 463k 11.50
Dividend & Income Fund (BXSY) 3.2 $5.3M 423k 12.56
Mexico Fund (MXF) 2.9 $4.7M 290k 16.21
China Fund (CHN) 2.6 $4.3M 195k 22.14
Central Europe and Russia Fund (CEE) 2.4 $3.9M 153k 25.63
Aberdeen Gtr China 2.4 $3.9M 288k 13.48
Eagle Grwth & Income Oppty F 2.3 $3.7M 248k 15.03
Petroleum & Res Corp Com cef (PEO) 2.2 $3.7M 203k 18.21
Morgan Stanley China A Share Fund (CAF) 2.0 $3.4M 136k 24.90
Nuveen Michigan Qlity Incom Municipal 2.0 $3.3M 258k 12.67
Aberdn Emring Mkts Telecomtions 1.9 $3.2M 216k 14.80
Templeton Dragon Fund (TDF) 1.9 $3.1M 140k 22.24
Latin American Discovery Fund 1.7 $2.8M 231k 12.26
Aberdeen Latin Amer Eqty 1.6 $2.7M 99k 27.38
Boulder Growth & Income Fund (STEW) 1.3 $2.2M 200k 10.78
Asia Pacific Fund 1.3 $2.1M 142k 14.80
Adams Express Company (ADX) 1.3 $2.1M 141k 14.77
Eaton Vance Nj Muni Income T sh ben int 1.3 $2.1M 186k 11.17
General American Investors (GAM) 1.2 $2.1M 62k 33.47
Singapore Fund 1.2 $2.0M 148k 13.26
Asa (ASA) 1.2 $1.9M 187k 10.42
U.S. Bancorp (USB) 1.1 $1.9M 37k 50.51
Invesco Van Kampen Penn Vl MI Trust (VPV) 1.1 $1.8M 156k 11.75
Eaton Vance California Mun. Income Trust (CEV) 1.1 $1.8M 159k 11.37
Western Asset Emerging Mrkts Dbt Fnd (EMD) 1.1 $1.7M 119k 14.53
Aberdeen Chile Fund (AEF) 1.0 $1.7M 186k 9.04
MUTUAL FUND Gabelli Healthcare & Wellnessr*x (GRX) 1.0 $1.6M 167k 9.50
Blackrock Res & Commodities Strategy Tr (BCX) 0.9 $1.5M 169k 8.88
Royce Global Value Tr (RGT) 0.9 $1.5M 136k 10.97
Intel Corporation (INTC) 0.9 $1.5M 28k 52.07
Cbre Clarion Global Real Estat re (IGR) 0.9 $1.5M 201k 7.31
Liberty All-Star Equity Fund (USA) 0.9 $1.5M 238k 6.13
Nuveen PA Investnt Quality Municipal (NQP) 0.9 $1.4M 116k 12.52
Wave Life Sciences (WVE) 0.9 $1.4M 36k 40.10
Eaton Vance N J Mun Bd 0.8 $1.4M 120k 11.72
Nuveen North Carol Premium Incom Mun 0.8 $1.4M 112k 12.27
Microsoft Corporation (MSFT) 0.8 $1.3M 14k 91.31
Gabelli mutual funds - (GGZ) 0.8 $1.3M 105k 11.96
Neuberger Berman NY Int Mun Common 0.7 $1.2M 105k 11.61
Apple (AAPL) 0.7 $1.2M 7.2k 167.76
New Ireland Fund 0.7 $1.2M 100k 12.05
Japan Smaller Capitalizaion Fund (JOF) 0.7 $1.2M 97k 12.29
Aberdeen Indonesia Fund 0.7 $1.2M 158k 7.29
First Trust Strategic 0.7 $1.1M 93k 12.21
Taiwan Fund (TWN) 0.7 $1.1M 52k 21.16
Source Capital (SOR) 0.6 $1.0M 26k 39.89
Nuveen Maryland Premium Income Municipal 0.6 $966k 80k 12.10
Principal Real Estate Income shs ben int (PGZ) 0.6 $966k 58k 16.74
Eaton Vance Cali Muni Bnd Fnd (EVM) 0.6 $963k 94k 10.26
Tri-Continental Corporation (TY) 0.6 $936k 36k 26.31
Amazon (AMZN) 0.6 $923k 638.00 1446.71
Morgan Stanley Asia Pacific Fund 0.6 $928k 51k 18.22
Mexico Equity and Income Fund (MXE) 0.6 $902k 82k 10.96
EATON VANCE MI Municipal 0.5 $875k 72k 12.24
Templeton Global Income Fund (SABA) 0.5 $787k 123k 6.39
Alliance California Municipal Income Fun 0.5 $788k 62k 12.71
Northrop Grumman Corporation (NOC) 0.4 $730k 2.1k 348.95
Vanguard Health Care ETF (VHT) 0.4 $733k 4.8k 153.48
Legg Mason Bw Global Income (BWG) 0.4 $723k 56k 12.88
Nike (NKE) 0.4 $711k 11k 66.42
Japan Equity Fund ietf (JEQ) 0.4 $700k 76k 9.16
Blackrock Muniyield California Ins Fund 0.4 $667k 50k 13.31
Templeton Emerging Markets Income Fund (TEI) 0.4 $636k 56k 11.30
General Dynamics Corporation (GD) 0.4 $610k 2.8k 220.93
Ascendis Pharma A S (ASND) 0.4 $595k 9.1k 65.38
Cushing Mlp Total Return Fd Com New cef 0.4 $600k 58k 10.42
Powershares S&p 500 0.3 $539k 14k 39.43
Dicerna Pharmaceuticals 0.3 $545k 57k 9.56
Lockheed Martin Corporation (LMT) 0.3 $536k 1.6k 337.96
Southwest Airlines (LUV) 0.3 $486k 8.5k 57.31
Berkshire Hathaway (BRK.B) 0.3 $460k 2.3k 199.57
3M Company (MMM) 0.3 $457k 2.1k 219.71
Lam Research Corporation (LRCX) 0.3 $439k 2.2k 203.24
Eaton Vance Mich Mun Bd 0.3 $453k 35k 13.01
Eagle Cap Growth (GRF) 0.3 $447k 59k 7.64
Lear Corporation (LEA) 0.2 $414k 2.2k 186.07
Eaton Vance Oh Muni Income T sh ben int 0.2 $413k 33k 12.43
Ford Motor Company (F) 0.2 $377k 34k 11.09
Orbcomm 0.2 $387k 41k 9.37
Mfs Calif Mun 0.2 $379k 36k 10.45
Bancroft Fund (BCV) 0.2 $347k 17k 21.02
Chevron Corporation (CVX) 0.2 $332k 2.9k 113.97
Manpower (MAN) 0.2 $331k 2.9k 114.93
GABELLI GLOBL UTIL & INCOME COM Sh Ben Int (GLU) 0.2 $335k 18k 18.63
Eaton Vance N Y Mun Bd Fd Ii 0.2 $325k 30k 10.72
Intuitive Surgical (ISRG) 0.2 $306k 741.00 412.96
Maxim Integrated Products 0.2 $315k 5.2k 60.19
Morgan Stanley Emerging Markets Domestic (EDD) 0.2 $306k 39k 7.82
BlackRock Muni New York Intr. Dur. Fnd. 0.2 $317k 25k 12.90
Anthem (ELV) 0.2 $318k 1.4k 219.46
Wal-Mart Stores (WMT) 0.2 $295k 3.3k 88.86
Winnebago Industries (WGO) 0.2 $304k 8.1k 37.60
Duff & Phelps Global (DPG) 0.2 $290k 21k 13.95
Altria (MO) 0.2 $276k 4.4k 62.22
Starbucks Corporation (SBUX) 0.2 $274k 4.7k 57.85
Franklin Universal Trust (FT) 0.2 $276k 41k 6.75
Eaton Vance Pa Muni Income T sh ben int 0.2 $279k 24k 11.49
Home Depot (HD) 0.1 $255k 1.4k 178.57
Johnson & Johnson (JNJ) 0.1 $250k 2.0k 128.07
Aetna 0.1 $240k 1.4k 169.01
Robert Half International (RHI) 0.1 $249k 4.3k 57.91
Humana (HUM) 0.1 $244k 909.00 268.43
Sage Therapeutics (SAGE) 0.1 $242k 1.5k 161.33
Avexis 0.1 $247k 2.0k 123.50
Costco Wholesale Corporation (COST) 0.1 $230k 1.2k 188.83
Philip Morris International (PM) 0.1 $229k 2.3k 99.57
Thor Industries (THO) 0.1 $234k 2.0k 115.27
BlackRock Global Energy & Resources Trus (BGR) 0.1 $227k 17k 13.22
DTF Tax Free Income (DTF) 0.1 $213k 16k 13.31
Eaton Vance New York Muni. Incm. Trst 0.1 $217k 18k 12.12
General Electric Company 0.1 $195k 15k 13.47
PPL Corporation (PPL) 0.1 $206k 7.3k 28.28
Brookfield Global Listed 0.1 $205k 18k 11.71
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 0.1 $179k 16k 11.33
Nuveen Va Premium Income Municipal Fund (NPV) 0.1 $187k 15k 12.38
BlackRock New York Insured Municipal 0.1 $165k 13k 12.50
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.1 $143k 12k 11.53
Nuveen Ins Ny Tx Fr Adv Mun (NRK) 0.1 $147k 12k 12.15
Sprott Focus Tr (FUND) 0.1 $156k 20k 7.80
Nuveen Div. Advantage Muni. Fund (NAD) 0.1 $138k 11k 13.11
First Trust/Aberdeen Global Opportunity (FAM) 0.1 $137k 12k 11.42
Achillion Pharmaceuticals 0.0 $42k 11k 3.71
Energy Fuels (UUUU) 0.0 $50k 29k 1.75
LightPath Technologies (LPTH) 0.0 $34k 16k 2.18