Deschutes Portfolio Strategy

Matisse Capital as of March 31, 2020

Portfolio Holdings for Matisse Capital

Matisse Capital holds 182 positions in its portfolio as reported in the March 2020 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Highland Floatng Rate Opprt Ii Shs Ben Int shs ben int (HFRO) 4.7 $12M 1.4M 8.53
Aberdeen Asia-Pacific Income Fund (FAX) 3.5 $8.8M 2.6M 3.38
Nexpoint Credit Strategies Fund (NXDT) 2.8 $7.2M 868k 8.26
Morgan Stanley Emerging Markets Domestic (EDD) 2.8 $7.0M 1.4M 5.21
Invesco Van Kampen Dyn Cr Opp Fund 2.5 $6.5M 811k 7.98
Rivernorth Marketplace Lendi (RSF) 2.4 $6.0M 372k 16.16
Market Vectors Etf High Yield Muni Index etf (HYD) 2.1 $5.4M 104k 52.26
Vertical Cap Income Fund shs ben int (CCIF) 2.1 $5.3M 636k 8.38
Templeton Emerging Markets Income Fund (TEI) 1.8 $4.7M 623k 7.48
Adams Express Company (ADX) 1.8 $4.6M 365k 12.59
Invesco Cef Income Composite Etf (PCEF) 1.7 $4.3M 247k 17.50
Invesco Van Kampen Senior Income Trust (VVR) 1.7 $4.2M 1.3M 3.22
Central Securities (CET) 1.6 $4.1M 161k 25.82
Ishares Tr core div grwth (DGRO) 1.6 $4.1M 126k 32.59
Ares Dynamic Cr Allocation (ARDC) 1.6 $4.1M 379k 10.80
Morgan Stanley China A Share Fund (CAF) 1.6 $4.0M 221k 18.12
Pimco Energy & Tactical (PDX) 1.6 $4.0M 739k 5.37
Calamos Lng/shrt Eq & Dyn (CPZ) 1.5 $3.9M 270k 14.44
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 1.5 $3.8M 402k 9.56
Nuveen Sht Dur Cr Opp 1.4 $3.6M 330k 10.89
Nuveen Ohio Quality Income M 1.4 $3.5M 236k 14.74
Tortoise Essential Assets In 1.3 $3.3M 331k 10.10
RMR Asia Pacific Real Estate Fund 1.3 $3.3M 327k 10.15
Kayne Anderson Mdstm Energy 1.3 $3.3M 981k 3.33
Nuveen Fltng Rte Incm Opp 1.3 $3.3M 439k 7.43
Highland Global mf closed and mf open (HGLB) 1.3 $3.2M 735k 4.35
Blackrock Res & Commodities Strategy Tr (BCX) 1.2 $3.2M 629k 5.04
Blackstone Gso Strategic (BGB) 1.2 $3.1M 297k 10.41
Apollo Tactical Income Fd In (AIF) 1.2 $3.0M 267k 11.31
Dividend & Income Fund (BXSY) 1.2 $3.0M 342k 8.79
Boulder Growth & Income Fund (STEW) 1.2 $3.0M 326k 9.20
THE GDL FUND Closed-End fund (GDL) 1.2 $2.9M 373k 7.84
Tekla Life Sciences sh ben int (HQL) 1.1 $2.9M 194k 14.98
Morgan Stanley India Investment Fund (IIF) 1.1 $2.8M 221k 12.81
Microsoft Corporation (MSFT) 1.1 $2.8M 18k 157.72
Franklin Templeton (FTF) 1.0 $2.5M 332k 7.50
Kayne Anderson MLP Investment (KYN) 1.0 $2.5M 682k 3.63
Allianzgi Artificial 0.9 $2.4M 150k 16.00
Japan Smaller Capitalizaion Fund (JOF) 0.9 $2.4M 340k 7.05
Swiss Helvetia Fund (SWZ) 0.9 $2.3M 337k 6.95
New America High Income Fund I (HYB) 0.8 $2.1M 306k 6.94
Thl Cr Sr Ln 0.8 $2.1M 179k 11.56
Clearbridge Energy M 0.8 $2.1M 1.1M 1.83
Salient Midstream & M 0.8 $2.0M 576k 3.48
BlackRock MuniYield Pennsylvania Insured (MPA) 0.7 $1.9M 141k 13.46
Apple (AAPL) 0.7 $1.9M 7.3k 254.33
Japan Equity Fund ietf (JEQ) 0.7 $1.8M 288k 6.25
Western Asset High Incm Fd I (HIX) 0.7 $1.7M 336k 5.01
Clough Global Equity Fund closed-end fund (GLQ) 0.6 $1.6M 184k 8.85
Nuveen Multi-Strategy Inc & Growth Fd 2 (JQC) 0.6 $1.6M 281k 5.67
Principal Real Estate Income shs ben int (PGZ) 0.6 $1.6M 130k 12.11
Allianzgi Divers Inc & Cnv F 0.6 $1.6M 87k 17.99
Taiwan Fund (TWN) 0.6 $1.5M 91k 16.45
Gabelli mutual funds - (GGZ) 0.6 $1.5M 205k 7.27
Clough Gbl Opps Fund Sh Ben Int closed-end fund (GLO) 0.6 $1.4M 198k 7.17
Ascendis Pharma A S (ASND) 0.5 $1.4M 12k 112.58
Apollo Sr Floating Rate Fd I (AFT) 0.5 $1.3M 116k 11.62
U.S. Bancorp (USB) 0.5 $1.3M 37k 34.45
Amazon (AMZN) 0.5 $1.3M 657.00 1949.77
Eaton Vance Senior Income Trust (EVF) 0.5 $1.2M 261k 4.61
Mkt Vectors Short H/y Mun Inde ef (SHYD) 0.5 $1.2M 52k 22.52
Nuveen Floating Rate Income Fund (JFR) 0.5 $1.2M 155k 7.55
H & Q Healthcare Fund equities (HQH) 0.5 $1.1M 65k 17.80
Voya Infrastructure Industrial & Materia (IDE) 0.5 $1.1M 141k 8.13
Western Asset Emerging Mrkts Dbt Fnd (EMD) 0.4 $1.1M 105k 10.54
Voya Natural Res Eq Inc Fund 0.4 $1.1M 507k 2.16
Brookfield Real Assets Incom shs ben int (RA) 0.4 $1.1M 72k 14.69
Clearbridge Energy Mlp Opp F 0.4 $1.1M 811k 1.30
New Ireland Fund 0.4 $1.0M 165k 6.17
Central Europe and Russia Fund (CEE) 0.4 $1.0M 57k 17.54
Neuberger Berman Mlp Income (NML) 0.4 $1000k 529k 1.89
Templeton Global Income Fund (SABA) 0.4 $958k 179k 5.35
AllianceBernstein Global Hgh Incm (AWF) 0.4 $925k 100k 9.26
Alphabet Inc Class A cs (GOOGL) 0.4 $925k 796.00 1162.06
Intel Corporation (INTC) 0.4 $913k 17k 54.11
Cohen & Steers REIT/P (RNP) 0.4 $903k 56k 16.13
Blackstone Gso Lng Shrt Cr I (BGX) 0.3 $867k 82k 10.53
Allianzgi Conv & Income Fd I 0.3 $841k 253k 3.33
China Fund (CHN) 0.3 $773k 42k 18.46
Amplify High Income Etf etf (YYY) 0.3 $728k 57k 12.76
Kala Pharmaceuticals 0.3 $713k 81k 8.79
Ivy High Income Opportunities 0.3 $708k 68k 10.40
Petroleum & Res Corp Com cef (PEO) 0.3 $697k 84k 8.28
Clearbridge Energy M 0.3 $679k 492k 1.38
Wave Life Sciences (WVE) 0.3 $665k 71k 9.37
Nuveen Diversified Dividend & Income 0.3 $660k 94k 7.04
Voya Global Eq Div & Pr Opp (IGD) 0.3 $660k 145k 4.56
Utilities SPDR (XLU) 0.3 $657k 12k 55.43
Nike (NKE) 0.3 $654k 7.9k 82.76
General American Investors (GAM) 0.3 $653k 24k 27.43
Bny Mellon High Yield Strate sh ben int (DHF) 0.2 $622k 274k 2.27
Royce Global Value Tr (RGT) 0.2 $618k 77k 8.05
Xai Octagon Floatng Rate Alt (XFLT) 0.2 $613k 136k 4.50
Vaneck Vectors Etf Tr cef mun income e (XMPT) 0.2 $610k 24k 25.46
Lam Research Corporation (LRCX) 0.2 $608k 2.5k 239.84
Eaton Vance Tax-Managed Global Buy-Write (ETW) 0.2 $554k 74k 7.46
Northrop Grumman Corporation (NOC) 0.2 $540k 1.8k 302.52
Cohen & Steers Quality Income Realty (RQI) 0.2 $519k 57k 9.05
Anthem (ELV) 0.2 $516k 2.3k 227.11
Nuveen Real (JRI) 0.2 $510k 52k 9.87
Tortoise Energy Infrastructure 0.2 $508k 199k 2.56
Eaton Vance Senior Floating Rate Fund (EFR) 0.2 $496k 50k 9.88
Lockheed Martin Corporation (LMT) 0.2 $483k 1.4k 338.95
VIRTUS GLOBAL Multi-sec (VGI) 0.2 $471k 49k 9.64
Royce Micro Capital Trust (RMT) 0.2 $465k 84k 5.56
Credit Suisse High Yield Bond Fund (DHY) 0.2 $456k 253k 1.80
New Germany Fund (GF) 0.2 $446k 38k 11.62
MUTUAL FUND Gabelli Healthcare & Wellnessr*x (GRX) 0.2 $436k 50k 8.67
Nuveen Arizona Premium Income Mun (NAZ) 0.2 $434k 35k 12.40
First Trust/Four Corners SFRI Fund II (FCT) 0.2 $433k 46k 9.51
Humana (HUM) 0.2 $431k 1.4k 313.68
Mexico Fund (MXF) 0.2 $423k 51k 8.32
Eagle Cap Growth (GRF) 0.2 $416k 68k 6.11
Herzfeld Caribbean Basin (CUBA) 0.2 $409k 118k 3.47
Pioneer Floating Rate Trust (PHD) 0.2 $406k 53k 7.66
Berkshire Hathaway (BRK.B) 0.2 $403k 2.2k 182.77
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.2 $400k 38k 10.51
Nuveen New Jersey Mun Value 0.2 $398k 31k 12.70
Cbre Clarion Global Real Estat re (IGR) 0.2 $396k 76k 5.24
Pioneer Municipal High Income Trust (MHI) 0.2 $395k 35k 11.31
Arvinas Ord (ARVN) 0.2 $391k 9.7k 40.31
Wal-Mart Stores (WMT) 0.1 $377k 3.3k 113.55
Gabelli Dividend & Income Trust (GDV) 0.1 $367k 25k 14.81
Asa (ASA) 0.1 $362k 35k 10.31
Tortoise MLP Fund 0.1 $354k 415k 0.85
Templeton Emerging Markets (EMF) 0.1 $352k 32k 11.14
Angel Oak Financial (FINS) 0.1 $341k 20k 17.09
GAMCO Natural Resources, Gold & Income Trust (GNT) 0.1 $339k 87k 3.88
Ellsworth Fund (ECF) 0.1 $337k 39k 8.57
Verastem 0.1 $322k 122k 2.64
WisdomTree Intl. SmallCap Div (DLS) 0.1 $321k 6.7k 48.11
Korea (KF) 0.1 $319k 14k 22.38
Costco Wholesale Corporation (COST) 0.1 $310k 1.1k 284.93
Bancroft Fund (BCV) 0.1 $307k 16k 19.43
General Dynamics Corporation (GD) 0.1 $297k 2.2k 132.47
MasterCard Incorporated (MA) 0.1 $296k 1.2k 241.63
First Tr/aberdeen Emerg Opt 0.1 $294k 30k 9.92
Starbucks Corporation (SBUX) 0.1 $292k 4.4k 65.69
Orchard Therapeutics Plc ads 0.1 $288k 38k 7.52
Home Depot (HD) 0.1 $285k 1.5k 186.52
Cohen & Steers Clsd-End Optuny Fnd (FOF) 0.1 $281k 29k 9.62
Nuveen Nj Div Advantage Mun (NXJ) 0.1 $274k 20k 13.38
Aberdeen Income Cred Strat (ACP) 0.1 $270k 37k 7.37
Fiduciary/Claymore MLP Opportunity Fund 0.1 $269k 213k 1.26
Intuitive Surgical (ISRG) 0.1 $268k 541.00 495.38
Blackrock California Mun. Income Trust (BFZ) 0.1 $257k 20k 12.70
Maxim Integrated Products 0.1 $254k 5.2k 48.54
Medifast (MED) 0.1 $252k 4.0k 62.48
High Income Secs Fd Shs Ben Int cef (PCF) 0.1 $251k 39k 6.52
Aberdeen Chile Fund (AEF) 0.1 $248k 48k 5.17
India Fund (IFN) 0.1 $235k 17k 13.59
Johnson & Johnson (JNJ) 0.1 $219k 1.7k 131.14
Vaneck Vectors J.p. Morgan Em Local Currency Bond Etf etf (EMLC) 0.1 $206k 7.2k 28.45
Neuberger Berman NY Int Mun Common 0.1 $205k 18k 11.59
Scpharmaceuticals (SCPH) 0.1 $205k 28k 7.40
Tortoise Energy equity 0.1 $202k 176k 1.15
3M Company (MMM) 0.1 $202k 1.5k 136.49
Nuveen Maryland Premium Income Municipal 0.1 $185k 15k 12.64
BlackRock Ltd. Duration Income Trust (BLW) 0.1 $171k 14k 12.63
Tekla Healthcare Opportunit (THQ) 0.1 $170k 11k 15.32
Cushing Renaissance 0.1 $170k 28k 6.06
John Hancock Tax Adva Glbl Share. Yld (HTY) 0.1 $159k 32k 5.02
Nuveen Ga Div Adv Mun Fd 2 0.1 $157k 13k 11.88
Tortoise Pwr & Energy (TPZ) 0.1 $155k 22k 6.98
Nuveen New York Mun Value 0.1 $153k 11k 13.63
Vivaldi Opportunities 0.1 $153k 14k 11.06
Orbcomm 0.1 $152k 62k 2.45
European Equity Fund (EEA) 0.1 $149k 21k 7.06
Delaware Enhanced Glbl. Div. & Inc. Fund 0.1 $147k 20k 7.46
Legg Mason Bw Global Income (BWG) 0.1 $141k 13k 10.52
Nuveen Minn Mun Income (NMS) 0.1 $133k 10k 13.04
Pioneer Municipal High Income Advantage (MAV) 0.1 $132k 13k 10.21
Eagle Grwth & Income Oppty F 0.0 $121k 12k 10.57
Solid Biosciences 0.0 $118k 50k 2.38
Greentree Hospitalty Group L (GHG) 0.0 $110k 10k 11.00
Soliton 0.0 $108k 13k 8.11
Western Asset Intm Muni Fd I (SBI) 0.0 $102k 12k 8.41
TCW Strategic Income Fund (TSI) 0.0 $99k 19k 5.19
Novagold Resources Inc Cad (NG) 0.0 $74k 10k 7.40
Nuveen Senior Income Fund 0.0 $69k 16k 4.41
LightPath Technologies (LPTH) 0.0 $37k 35k 1.06
Energy Fuels (UUUU) 0.0 $23k 19k 1.19