Deschutes Portfolio Strategy

Matisse Capital as of Sept. 30, 2018

Portfolio Holdings for Matisse Capital

Matisse Capital holds 120 positions in its portfolio as reported in the September 2018 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Aberdeen Chile Fund (AEF) 4.6 $5.1M 750k 6.86
RMR Asia Pacific Real Estate Fund 4.5 $5.1M 281k 17.98
THE GDL FUND Closed-End fund (GDL) 3.9 $4.4M 480k 9.09
Dividend & Income Fund (BXSY) 3.7 $4.2M 349k 11.93
Mexico Fund (MXF) 3.5 $3.9M 241k 16.30
Morgan Stanley Emerging Markets Fund 3.4 $3.8M 243k 15.60
Nexpoint Credit Strategies Fund (NXDT) 2.9 $3.3M 146k 22.40
Eagle Grwth & Income Oppty F 2.8 $3.1M 204k 15.19
China Fund (CHN) 2.6 $3.0M 151k 19.60
Nuveen Michigan Qlity Incom Municipal 2.5 $2.7M 223k 12.35
Eaton Vance Cali Muni Bnd Fnd (EVM) 2.3 $2.6M 258k 9.96
Nuveen Ga Div Adv Mun Fd 2 2.2 $2.4M 221k 11.03
Latin American Discovery Fund 2.1 $2.4M 212k 11.20
Central Europe and Russia Fund (CEE) 2.1 $2.3M 97k 24.05
Wave Life Sciences (WVE) 1.9 $2.1M 42k 50.00
Blackrock Ny Mun Income Tr I 1.8 $2.0M 153k 12.76
U.S. Bancorp (USB) 1.7 $1.9M 37k 52.82
Eaton Vance Nj Muni Income T sh ben int 1.6 $1.8M 156k 11.42
Microsoft Corporation (MSFT) 1.6 $1.7M 15k 114.38
Apple (AAPL) 1.4 $1.6M 7.2k 225.73
Central Securities (CET) 1.4 $1.6M 53k 29.51
Nuveen Nj Div Advantage Mun (NXJ) 1.4 $1.6M 122k 12.85
Asia Pacific Fund 1.4 $1.5M 114k 13.49
Petroleum & Res Corp Com cef (PEO) 1.4 $1.5M 77k 19.94
Amazon (AMZN) 1.1 $1.3M 638.00 2003.13
Nuveen Arizona Premium Income Mun (NAZ) 1.1 $1.3M 107k 11.70
Gabelli mutual funds - (GGZ) 1.1 $1.2M 100k 12.20
BlackRock MuniYield New Jersey Fund 1.0 $1.1M 86k 12.99
Eaton Vance California Mun. Income Trust (CEV) 1.0 $1.1M 95k 11.23
Morgan Stanley China A Share Fund (CAF) 0.9 $1.0M 47k 21.48
Vanguard Health Care ETF (VHT) 0.9 $980k 5.4k 180.48
Taiwan Fund (TWN) 0.9 $979k 51k 19.17
Exd - Eaton Vance Tax-advant 0.9 $960k 109k 8.79
General American Investors (GAM) 0.8 $914k 25k 36.96
BlackRock MuniHoldings New Jersey Ins Fn (MUJ) 0.8 $888k 71k 12.56
Mfs Calif Mun 0.8 $878k 86k 10.17
Dicerna Pharmaceuticals 0.8 $885k 58k 15.26
Intel Corporation (INTC) 0.8 $859k 18k 47.29
Mexico Equity and Income Fund (MXE) 0.8 $860k 70k 12.27
Nike (NKE) 0.8 $839k 9.9k 84.70
Eaton Vance N J Mun Bd 0.8 $832k 71k 11.77
EATON VANCE MI Municipal 0.7 $819k 66k 12.43
Boulder Growth & Income Fund (STEW) 0.7 $820k 73k 11.21
Neuberger Ber. CA Intermediate Muni Fund 0.7 $819k 66k 12.47
Ascendis Pharma A S (ASND) 0.7 $803k 11k 70.87
Nuveen Maryland Premium Income Municipal 0.7 $766k 65k 11.79
Adams Express Company (ADX) 0.7 $746k 45k 16.66
Neuberger Berman NY Int Mun Common 0.6 $693k 61k 11.41
Blackrock Muniyield California Ins Fund 0.6 $684k 53k 12.81
Northrop Grumman Corporation (NOC) 0.6 $664k 2.1k 317.40
Liberty All-Star Equity Fund (USA) 0.5 $590k 87k 6.81
General Dynamics Corporation (GD) 0.5 $566k 2.8k 204.85
Southwest Airlines (LUV) 0.5 $556k 8.9k 62.47
Blackrock Res & Commodities Strategy Tr (BCX) 0.5 $561k 62k 9.07
Lockheed Martin Corporation (LMT) 0.5 $549k 1.6k 346.15
Templeton Dragon Fund (TDF) 0.5 $542k 27k 19.91
Western Asset Emerging Mrkts Dbt Fnd (EMD) 0.5 $530k 40k 13.43
Cbre Clarion Global Real Estat re (IGR) 0.5 $509k 70k 7.31
Berkshire Hathaway (BRK.B) 0.4 $494k 2.3k 214.32
First Tr High Income L/s (FSD) 0.4 $481k 33k 14.76
Royce Global Value Tr (RGT) 0.4 $465k 44k 10.51
Orbcomm 0.4 $457k 42k 10.87
Lam Research Corporation (LRCX) 0.4 $451k 3.0k 151.85
3M Company (MMM) 0.4 $438k 2.1k 210.58
WellCare Health Plans 0.4 $429k 1.3k 320.15
Intuitive Surgical (ISRG) 0.4 $425k 741.00 573.55
Invesco Van Kampen Penn Vl MI Trust (VPV) 0.4 $429k 36k 11.89
Anthem (ELV) 0.4 $420k 1.5k 273.79
Nuveen Conn Prem Income Mun sh ben int 0.4 $415k 37k 11.36
Myovant Sciences 0.4 $405k 15k 26.56
Aetna 0.3 $382k 1.9k 202.87
Medifast (MED) 0.3 $377k 1.7k 221.76
Alphabet Inc Class A cs (GOOGL) 0.3 $375k 311.00 1205.79
Solid Biosciences 0.3 $382k 8.1k 47.16
Blackrock New York Municipal Bond Trust 0.3 $369k 29k 12.87
Salient Midstream & M 0.3 $351k 35k 10.18
Ford Motor Company (F) 0.3 $338k 37k 9.26
Asa (ASA) 0.3 $336k 38k 8.88
Source Capital (SOR) 0.3 $333k 8.3k 40.20
Chevron Corporation (CVX) 0.3 $325k 2.7k 122.13
Tri-Continental Corporation (TY) 0.3 $328k 12k 27.86
Wal-Mart Stores (WMT) 0.3 $316k 3.4k 93.77
Humana (HUM) 0.3 $308k 909.00 338.83
Japan Smaller Capitalizaion Fund (JOF) 0.3 $308k 28k 11.08
Nuveen PA Investnt Quality Municipal (NQP) 0.3 $309k 25k 12.45
Home Depot (HD) 0.3 $296k 1.4k 207.28
Robert Half International (RHI) 0.3 $303k 4.3k 70.47
Morgan Stanley Asia Pacific Fund 0.3 $298k 18k 16.52
Eaton Vance Mich Mun Bd 0.3 $303k 24k 12.57
Eaton Vance Oh Muni Income T sh ben int 0.3 $306k 25k 12.29
Costco Wholesale Corporation (COST) 0.3 $286k 1.2k 234.81
Johnson & Johnson (JNJ) 0.3 $292k 2.1k 138.19
Maxim Integrated Products 0.3 $295k 5.2k 56.37
Lear Corporation (LEA) 0.2 $283k 2.0k 144.76
Starbucks Corporation (SBUX) 0.2 $275k 4.8k 56.87
Templeton Global Income Fund (SABA) 0.2 $270k 44k 6.11
Vanguard Total Stock Market ETF (VTI) 0.2 $265k 1.8k 149.72
Eaton Vance N Y Mun Bd Fd Ii 0.2 $269k 26k 10.42
MasterCard Incorporated (MA) 0.2 $247k 1.1k 222.52
BlackRock Muni New York Intr. Dur. Fnd. 0.2 $242k 19k 12.49
Fs Investment Corporation 0.2 $248k 35k 7.04
Cushing Mlp Total Return Fd Com New cef 0.2 $226k 19k 11.84
General Electric Company 0.2 $199k 18k 11.30
Winnebago Industries (WGO) 0.2 $202k 6.1k 33.20
PPL Corporation (PPL) 0.2 $204k 7.0k 29.21
Magellan Midstream Partners 0.2 $203k 3.0k 67.67
GABELLI GLOBL UTIL & INCOME COM Sh Ben Int (GLU) 0.2 $203k 10k 19.77
Nuveen North Carol Premium Incom Mun 0.2 $199k 17k 12.00
Japan Equity Fund ietf (JEQ) 0.2 $196k 23k 8.37
Inflarx Nv (IFRX) 0.2 $203k 5.9k 34.40
MUTUAL FUND Gabelli Healthcare & Wellnessr*x (GRX) 0.2 $191k 17k 11.00
Duff & Phelps Global (DPG) 0.2 $173k 12k 14.53
Blackrock New York Municipal Income Trst (BNY) 0.1 $169k 14k 12.12
Templeton Emerging Markets Income Fund (TEI) 0.1 $147k 15k 9.99
New Ireland Fund 0.1 $109k 10k 10.56
Franklin Universal Trust (FT) 0.1 $84k 13k 6.61
Energy Fuels (UUUU) 0.1 $88k 27k 3.30
LightPath Technologies (LPTH) 0.1 $51k 25k 2.01
Novagold Resources Inc Cad (NG) 0.0 $37k 10k 3.70
Stage Stores 0.0 $21k 11k 2.00