Deschutes Portfolio Strategy

Matisse Capital as of June 30, 2018

Portfolio Holdings for Matisse Capital

Matisse Capital holds 121 positions in its portfolio as reported in the June 2018 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
RMR Asia Pacific Real Estate Fund 4.5 $5.7M 314k 18.29
Aberdeen Chile Fund (AEF) 4.4 $5.5M 789k 7.00
Central Securities (CET) 4.1 $5.2M 185k 27.86
THE GDL FUND Closed-End fund (GDL) 3.8 $4.8M 527k 9.18
Nuveen Nj Div Advantage Mun (NXJ) 3.8 $4.7M 364k 13.05
Dividend & Income Fund (BXSY) 3.6 $4.6M 375k 12.33
Morgan Stanley Emerging Markets Fund 3.4 $4.2M 261k 16.24
Mexico Fund (MXF) 3.1 $3.9M 257k 15.14
China Fund (CHN) 2.8 $3.5M 168k 20.90
Eagle Grwth & Income Oppty F 2.6 $3.3M 217k 15.38
Nexpoint Credit Strategies Fund (NXDT) 2.5 $3.2M 145k 21.95
Nuveen Michigan Qlity Incom Municipal 2.3 $2.9M 230k 12.66
Central Europe and Russia Fund (CEE) 2.2 $2.8M 120k 23.18
Eaton Vance Cali Muni Bnd Fnd (EVM) 2.1 $2.6M 256k 10.33
Templeton Dragon Fund (TDF) 2.0 $2.5M 119k 21.31
Latin American Discovery Fund 1.7 $2.1M 219k 9.59
Petroleum & Res Corp Com cef (PEO) 1.7 $2.1M 105k 20.09
Nuveen Ga Div Adv Mun Fd 2 1.6 $2.0M 174k 11.34
Eaton Vance Nj Muni Income T sh ben int 1.5 $1.9M 166k 11.26
U.S. Bancorp (USB) 1.4 $1.8M 37k 50.02
Asia Pacific Fund 1.4 $1.7M 125k 13.84
Eaton Vance California Mun. Income Trust (CEV) 1.2 $1.5M 130k 11.46
Wave Life Sciences (WVE) 1.1 $1.4M 37k 38.24
Microsoft Corporation (MSFT) 1.1 $1.4M 14k 98.63
Apple (AAPL) 1.1 $1.3M 7.2k 185.08
Blackrock Ny Mun Income Tr I 1.1 $1.3M 103k 12.85
General American Investors (GAM) 1.0 $1.2M 36k 34.32
Boulder Growth & Income Fund (STEW) 1.0 $1.2M 118k 10.28
Gabelli mutual funds - (GGZ) 1.0 $1.2M 100k 12.12
Adams Express Company (ADX) 0.9 $1.2M 77k 15.42
Nuveen PA Investnt Quality Municipal (NQP) 0.9 $1.2M 93k 12.63
Eaton Vance N J Mun Bd 0.9 $1.1M 98k 11.68
First Tr High Income L/s (FSD) 0.9 $1.1M 76k 14.73
Amazon (AMZN) 0.9 $1.1M 648.00 1699.07
Taiwan Fund (TWN) 0.8 $1.0M 51k 20.13
Ascendis Pharma A S (ASND) 0.8 $951k 14k 66.50
MUTUAL FUND Gabelli Healthcare & Wellnessr*x (GRX) 0.7 $940k 94k 10.02
Neuberger Berman NY Int Mun Common 0.7 $919k 80k 11.49
Asa (ASA) 0.7 $911k 89k 10.20
Cbre Clarion Global Real Estat re (IGR) 0.7 $908k 120k 7.54
Blackrock Res & Commodities Strategy Tr (BCX) 0.7 $908k 98k 9.29
Morgan Stanley China A Share Fund (CAF) 0.7 $891k 39k 23.08
Liberty All-Star Equity Fund (USA) 0.7 $888k 139k 6.40
Western Asset Emerging Mrkts Dbt Fnd (EMD) 0.7 $872k 66k 13.27
EATON VANCE MI Municipal 0.7 $866k 67k 12.90
Intel Corporation (INTC) 0.7 $831k 17k 49.72
Nuveen Maryland Premium Income Municipal 0.7 $835k 69k 12.13
Nike (NKE) 0.6 $793k 10k 79.67
Vanguard Health Care ETF (VHT) 0.6 $790k 5.0k 159.15
Royce Global Value Tr (RGT) 0.6 $773k 74k 10.51
Mexico Equity and Income Fund (MXE) 0.6 $747k 72k 10.34
Invesco Van Kampen Penn Vl MI Trust (VPV) 0.6 $705k 59k 11.97
Nuveen Conn Prem Income Mun sh ben int 0.6 $708k 60k 11.88
Blackrock Muniyield California Ins Fund 0.6 $694k 52k 13.35
Dicerna Pharmaceuticals 0.6 $698k 57k 12.25
Northrop Grumman Corporation (NOC) 0.5 $644k 2.1k 307.84
Mfs Calif Mun 0.5 $630k 62k 10.21
Source Capital (SOR) 0.5 $578k 15k 39.74
Japan Smaller Capitalizaion Fund (JOF) 0.5 $587k 50k 11.67
Neuberger Ber. CA Intermediate Muni Fund 0.5 $564k 45k 12.52
Tri-Continental Corporation (TY) 0.4 $552k 21k 26.52
New Ireland Fund 0.4 $527k 45k 11.68
General Dynamics Corporation (GD) 0.4 $515k 2.8k 186.46
Morgan Stanley Asia Pacific Fund 0.4 $516k 30k 17.07
Nuveen North Carol Premium Incom Mun 0.4 $489k 40k 12.34
Lockheed Martin Corporation (LMT) 0.4 $469k 1.6k 295.71
Templeton Global Income Fund (SABA) 0.4 $470k 77k 6.15
Berkshire Hathaway (BRK.B) 0.3 $430k 2.3k 186.55
Southwest Airlines (LUV) 0.3 $431k 8.5k 50.83
Orbcomm 0.3 $425k 42k 10.11
Lear Corporation (LEA) 0.3 $413k 2.2k 185.62
3M Company (MMM) 0.3 $409k 2.1k 196.63
Sage Therapeutics (SAGE) 0.3 $391k 2.5k 156.40
Cushing Mlp Total Return Fd Com New cef 0.3 $378k 32k 11.92
Lam Research Corporation (LRCX) 0.3 $373k 2.2k 172.69
Eaton Vance Mich Mun Bd 0.3 $371k 28k 13.22
Intuitive Surgical (ISRG) 0.3 $355k 741.00 479.08
Japan Equity Fund ietf (JEQ) 0.3 $352k 40k 8.85
Myovant Sciences 0.3 $349k 15k 22.89
Ford Motor Company (F) 0.3 $338k 31k 11.08
Anthem (ELV) 0.3 $345k 1.4k 238.10
Chevron Corporation (CVX) 0.3 $328k 2.6k 126.49
Winnebago Industries (WGO) 0.3 $328k 8.1k 40.57
Box Inc cl a (BOX) 0.3 $330k 13k 25.00
Eaton Vance Oh Muni Income T sh ben int 0.2 $318k 26k 12.46
Eagle Cap Growth (GRF) 0.2 $312k 41k 7.55
Maxim Integrated Products 0.2 $307k 5.2k 58.67
Bancroft Fund (BCV) 0.2 $289k 13k 21.88
Blackrock New York Municipal Bond Trust 0.2 $289k 22k 13.13
Eaton Vance N Y Mun Bd Fd Ii 0.2 $296k 28k 10.76
Wal-Mart Stores (WMT) 0.2 $284k 3.3k 85.54
Home Depot (HD) 0.2 $279k 1.4k 195.38
Altria (MO) 0.2 $284k 5.0k 56.81
Robert Half International (RHI) 0.2 $280k 4.3k 65.12
Medifast (MED) 0.2 $280k 1.8k 160.00
Aetna 0.2 $261k 1.4k 183.80
Humana (HUM) 0.2 $271k 909.00 298.13
Costco Wholesale Corporation (COST) 0.2 $255k 1.2k 209.36
WellCare Health Plans 0.2 $251k 1.0k 246.08
Manpower (MAN) 0.2 $248k 2.9k 86.11
Vanguard Total Stock Market ETF (VTI) 0.2 $249k 1.8k 140.68
Templeton Emerging Markets Income Fund (TEI) 0.2 $249k 24k 10.26
Johnson & Johnson (JNJ) 0.2 $237k 2.0k 121.41
BlackRock Muni New York Intr. Dur. Fnd. 0.2 $239k 19k 12.67
Starbucks Corporation (SBUX) 0.2 $231k 4.7k 48.78
MasterCard Incorporated (MA) 0.2 $218k 1.1k 196.40
General Electric Company 0.2 $217k 16k 13.58
GABELLI GLOBL UTIL & INCOME COM Sh Ben Int (GLU) 0.2 $220k 12k 18.65
PPL Corporation (PPL) 0.2 $208k 7.3k 28.56
Magellan Midstream Partners 0.2 $207k 3.0k 69.00
Masimo Corporation (MASI) 0.2 $202k 2.1k 97.58
Duff & Phelps Global (DPG) 0.2 $205k 14k 14.38
Alliance California Municipal Income Fun 0.1 $159k 12k 13.14
Eaton Vance Calif Mun Bd 0.1 $158k 15k 10.73
Eaton Vance Pa Muni Income T sh ben int 0.1 $151k 13k 11.32
Morgan Stanley Emerging Markets Domestic (EDD) 0.1 $140k 21k 6.72
Nuveen Div. Advantage Muni. Fund (NAD) 0.1 $140k 11k 13.30
Franklin Universal Trust (FT) 0.1 $126k 19k 6.67
Legg Mason Bw Global Income (BWG) 0.1 $132k 12k 11.39
Energy Fuels (UUUU) 0.1 $65k 29k 2.27
LightPath Technologies (LPTH) 0.0 $49k 21k 2.31