Deschutes Portfolio Strategy

Matisse Capital as of Dec. 31, 2018

Portfolio Holdings for Matisse Capital

Matisse Capital holds 101 positions in its portfolio as reported in the December 2018 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
THE GDL FUND Closed-End fund (GDL) 5.3 $4.2M 462k 9.17
RMR Asia Pacific Real Estate Fund 5.1 $4.1M 271k 15.07
Morgan Stanley Emerging Markets Fund 4.8 $3.8M 237k 16.11
Dividend & Income Fund (BXSY) 4.1 $3.3M 342k 9.53
Mexico Fund (MXF) 4.0 $3.1M 237k 13.25
Nexpoint Credit Strategies Fund (NXDT) 3.7 $2.9M 146k 19.93
Eagle Grwth & Income Oppty F 3.2 $2.5M 200k 12.62
China Fund (CHN) 3.1 $2.5M 145k 16.89
Nuveen Ga Div Adv Mun Fd 2 3.0 $2.4M 217k 10.95
BlackRock MuniYield New Jersey Fund 2.9 $2.3M 179k 12.95
Exd - Eaton Vance Tax-advant 2.6 $2.0M 241k 8.52
Aberdeen Chile Fund (AEF) 2.4 $1.9M 304k 6.35
Central Europe and Russia Fund (CEE) 2.4 $1.9M 87k 21.98
Wave Life Sciences (WVE) 2.4 $1.9M 45k 42.04
Gabelli mutual funds - (GGZ) 2.2 $1.8M 179k 9.78
Eaton Vance Nj Muni Income T sh ben int 2.2 $1.7M 154k 11.19
U.S. Bancorp (USB) 2.1 $1.7M 37k 45.69
Microsoft Corporation (MSFT) 2.0 $1.6M 15k 101.59
Nuveen Arizona Premium Income Mun (NAZ) 1.8 $1.4M 121k 11.86
Asia Pacific Fund 1.6 $1.3M 111k 11.42
Apple (AAPL) 1.5 $1.2M 7.5k 157.68
Amazon (AMZN) 1.3 $1.0M 693.00 1502.16
D Ishares (EEMS) 1.3 $1.0M 24k 41.79
Synthorx 1.2 $956k 55k 17.37
Vanguard Health Care ETF (VHT) 1.1 $882k 5.5k 160.51
Intel Corporation (INTC) 1.1 $857k 18k 46.91
Eaton Vance N J Mun Bd 1.0 $787k 66k 11.98
Vaneck Vectors J.p. Morgan Em Local Currency Bond Etf etf (EMLC) 1.0 $789k 24k 33.01
Taiwan Fund (TWN) 1.0 $774k 51k 15.15
Neuberger Ber. CA Intermediate Muni Fund 0.9 $751k 62k 12.12
Nike (NKE) 0.9 $734k 9.9k 74.10
Mexico Equity and Income Fund (MXE) 0.9 $696k 69k 10.07
Mfs Calif Mun 0.8 $643k 64k 10.00
Dicerna Pharmaceuticals 0.8 $620k 58k 10.69
Blackrock Ny Mun Income Tr I 0.8 $593k 48k 12.41
Boulder Growth & Income Fund (STEW) 0.7 $590k 57k 10.43
Arvinas Ord (ARVN) 0.7 $535k 42k 12.86
Nuveen Nj Div Advantage Mun (NXJ) 0.7 $520k 41k 12.74
Northrop Grumman Corporation (NOC) 0.6 $512k 2.1k 244.74
Berkshire Hathaway (BRK.B) 0.6 $471k 2.3k 204.34
Adams Express Company (ADX) 0.6 $466k 37k 12.63
Central Securities (CET) 0.6 $461k 19k 24.84
General Dynamics Corporation (GD) 0.6 $435k 2.8k 157.38
Petroleum & Res Corp Com cef (PEO) 0.5 $431k 30k 14.57
Ascendis Pharma A S (ASND) 0.5 $422k 6.7k 62.70
Lockheed Martin Corporation (LMT) 0.5 $415k 1.6k 261.66
Lam Research Corporation (LRCX) 0.5 $404k 3.0k 136.03
Anthem (ELV) 0.5 $403k 1.5k 262.71
3M Company (MMM) 0.5 $396k 2.1k 190.38
Morgan Stanley China A Share Fund (CAF) 0.5 $398k 22k 18.26
Western Asset Emerging Mrkts Dbt Fnd (EMD) 0.5 $398k 32k 12.30
WisdomTree Intl. SmallCap Div (DLS) 0.5 $386k 6.4k 60.31
General American Investors (GAM) 0.5 $380k 13k 28.46
Nuveen Conn Prem Income Mun sh ben int 0.5 $378k 34k 11.27
Orbcomm 0.5 $362k 44k 8.26
Intuitive Surgical (ISRG) 0.5 $355k 741.00 479.08
Liberty All-Star Equity Fund (USA) 0.5 $361k 67k 5.38
Cbre Clarion Global Real Estat re (IGR) 0.4 $342k 56k 6.16
Invesco Van Kampen Penn Vl MI Trust (VPV) 0.4 $329k 28k 11.62
Blackrock Res & Commodities Strategy Tr (BCX) 0.4 $327k 46k 7.06
Wal-Mart Stores (WMT) 0.4 $309k 3.3k 93.07
CVS Caremark Corporation (CVS) 0.4 $310k 4.7k 65.58
Starbucks Corporation (SBUX) 0.4 $311k 4.8k 64.31
WellCare Health Plans 0.4 $305k 1.3k 236.43
Eaton Vance Oh Muni Income T sh ben int 0.4 $302k 25k 12.13
Royce Global Value Tr (RGT) 0.4 $303k 34k 8.87
Chevron Corporation (CVX) 0.4 $290k 2.7k 108.98
Delta Air Lines (DAL) 0.4 $294k 5.9k 49.83
Asa (ASA) 0.4 $291k 31k 9.46
Medifast (MED) 0.3 $275k 2.2k 125.00
Johnson & Johnson (JNJ) 0.3 $273k 2.1k 129.20
Home Depot (HD) 0.3 $263k 1.5k 172.12
Maxim Integrated Products 0.3 $266k 5.2k 50.83
Humana (HUM) 0.3 $260k 909.00 286.03
Alphabet Inc Class A cs (GOOGL) 0.3 $262k 251.00 1043.82
Costco Wholesale Corporation (COST) 0.3 $248k 1.2k 203.61
Templeton Global Income Fund (SABA) 0.3 $244k 41k 6.02
Morgan Stanley Asia Pacific Fund 0.3 $244k 15k 16.43
Neuberger Berman NY Int Mun Common 0.3 $243k 22k 11.10
Source Capital (SOR) 0.3 $237k 7.3k 32.52
Nuveen Michigan Qlity Incom Municipal 0.3 $226k 18k 12.43
Templeton Dragon Fund (TDF) 0.3 $218k 13k 16.97
MasterCard Incorporated (MA) 0.3 $209k 1.1k 188.29
Vanguard Total Stock Market ETF (VTI) 0.3 $207k 1.6k 127.38
Japan Smaller Capitalizaion Fund (JOF) 0.2 $176k 21k 8.34
Nuveen North Carol Premium Incom Mun 0.2 $172k 15k 11.83
Eaton Vance California Mun. Income Trust (CEV) 0.2 $165k 15k 11.07
Nuveen PA Investnt Quality Municipal (NQP) 0.2 $151k 12k 12.24
Nuveen Maryland Premium Income Municipal 0.2 $143k 12k 11.72
Eaton Vance Municipal Bond Fund (EIM) 0.2 $139k 12k 11.31
BlackRock Muni New York Intr. Dur. Fnd. 0.2 $126k 10k 12.48
Templeton Emerging Markets Income Fund (TEI) 0.1 $117k 12k 9.59
Delaware Inv Mn Mun Inc Fd I 0.1 $120k 10k 11.88
Duff & Phelps Global (DPG) 0.1 $121k 10k 11.84
Japan Equity Fund ietf (JEQ) 0.1 $116k 18k 6.47
Cushing Mlp Total Return Fd Com New cef 0.1 $118k 14k 8.49
MUTUAL FUND Gabelli Healthcare & Wellnessr*x (GRX) 0.1 $109k 12k 9.21
Franklin Universal Trust (FT) 0.1 $81k 13k 6.38
Energy Fuels (UUUU) 0.1 $72k 25k 2.85
LightPath Technologies (LPTH) 0.1 $43k 29k 1.49
Stage Stores 0.0 $8.0k 11k 0.76