# EDGAR Filing Document

**Accession Number:** 0001668256
**File Stem:** 0001668256-26-000002
**Filing Date:** 2026-1
**Character Count:** 23515
**Document Hash:** d0cad5cbb43341f691a1b087af28796e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001668256-26-000002.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001668256-26-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**EFFECTIVENESS DATE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Matisse Capital
- **CENTRAL INDEX KEY:** 0001668256

**ORGANIZATION NAME:**
- **EIN:** 275035231
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17404
- **FILM NUMBER:** 26576972

**BUSINESS ADDRESS:**
- **STREET 1:** 15350 SW SEQUOIA PKWY
- **STREET 2:** SUITE 260
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97224
- **BUSINESS PHONE:** 5032103000

**MAIL ADDRESS:**
- **STREET 1:** 15350 SW SEQUOIA PKWY
- **STREET 2:** SUITE 260
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97224

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Deschutes Portfolio Strategy, LLC
- **DATE OF NAME CHANGE:** 20160229

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Matisse Capital<br>**Address:** 15350 SW SEQUOIA PKWY<br>SUITE 260<br>PORTLAND, OR 97224

**Form 13F File Number:** 028-17404

**CRD Number (if applicable):** 000155424

**SEC File Number (if applicable):** 801-72004

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** DENNIS R. MASON<br>**Title:** DIRECTOR COMPLIANCE SERVICES<br>**Phone:** 2027537141

**Signature, Place, and Date of Signing:**

DENNIS R. MASON  COVINGTON, KY  01-29-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 195

**Form 13F Information Table Value Total:** $224371583

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AAR CORP | COM | 000361105 |  | 496740 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| ABRDN NATL MUN INCOME FD | SH BEN INT | 24610T108 |  | 1794097 | 174693 | SH |  | SOLE |  | 174693 | 0 | 0 |
| AECOM | COM | 00766T100 |  | 1202207 | 12611 | SH |  | SOLE |  | 12611 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1832592 | 5840 | SH |  | SOLE |  | 5840 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 4061221 | 12975 | SH |  | SOLE |  | 12975 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 2599989 | 11264 | SH |  | SOLE |  | 11264 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 923707 | 3406 | SH |  | SOLE |  | 3406 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 9983334 | 36722 | SH |  | SOLE |  | 36722 | 0 | 0 |
| ARS PHARMACEUTICALS INC | COM | 82835W108 |  | 647286 | 55561 | SH |  | SOLE |  | 55561 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 5822518 | 27305 | SH |  | SOLE |  | 27305 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 341305 | 2940 | SH |  | SOLE |  | 2940 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1552941 | 3090 | SH |  | SOLE |  | 3090 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 1006120 | 940 | SH |  | SOLE |  | 940 | 0 | 0 |
| BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 |  | 2053800 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| BLACKROCK MUNIHLDNGS CALI QL | COM | 09254L107 |  | 833160 | 78600 | SH |  | SOLE |  | 78600 | 0 | 0 |
| BLACKROCK N Y MUN INCOME TRU | SH BEN INT | 09248L106 |  | 708999 | 69921 | SH |  | SOLE |  | 69921 | 0 | 0 |
| BNY MELLON STRATEGIC MUNS IN | COM | 05588W108 |  | 750067 | 117935 | SH |  | SOLE |  | 117935 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 239700 | 1104 | SH |  | SOLE |  | 1104 | 0 | 0 |
| BOEING CO | DEP CONV PFD A | 097023204 |  | 407454 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| BRANDYWINEGBL GBL INCM OPP F | COM | 10537L104 |  | 1220898 | 145866 | SH |  | SOLE |  | 145866 | 0 | 0 |
| CENTRAL  EASTERN EUROPE FD | COM | 153436100 |  | 601712 | 33995 | SH |  | SOLE |  | 33995 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 390155 | 2560 | SH |  | SOLE |  | 2560 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 428510 | 5563 | SH |  | SOLE |  | 5563 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1119898 | 1299 | SH |  | SOLE |  | 1299 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 408610 | 11272 | SH |  | SOLE |  | 11272 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 595464 | 1279 | SH |  | SOLE |  | 1279 | 0 | 0 |
| DIMENSIONAL ETF TRUST | EMERGING MKTS VA | 25434V740 |  | 1341502 | 39760 | SH |  | SOLE |  | 39760 | 0 | 0 |
| DIMENSIONAL ETF TRUST | EMGR CRE EQT MNG | 25434V302 |  | 315506 | 9687 | SH |  | SOLE |  | 9687 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 375281 | 9479 | SH |  | SOLE |  | 9479 | 0 | 0 |
| DIMENSIONAL ETF TRUST | CORE FIXED INCOM | 25434V872 |  | 306432 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| DIMENSIONAL ETF TRUST | SHORT DURATION F | 25434V864 |  | 311675 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTL SMALL CAP V | 25434V781 |  | 1675800 | 44100 | SH |  | SOLE |  | 44100 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTERNATNAL VAL | 25434V807 |  | 349300 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 446709 | 2288 | SH |  | SOLE |  | 2288 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 1260981 | 3959 | SH |  | SOLE |  | 3959 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 788738 | 2250 | SH |  | SOLE |  | 2250 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 327946 | 305 | SH |  | SOLE |  | 305 | 0 | 0 |
| ETF SER SOLUTIONS | DEFIANCE QUANTUM | 26922A420 |  | 455879 | 4157 | SH |  | SOLE |  | 4157 | 0 | 0 |
| EXCHANGE TRADED CONCEPTS TRU | ROBO GLB ARTIF | 301505731 |  | 576870 | 9086 | SH |  | SOLE |  | 9086 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1260802 | 10477 | SH |  | SOLE |  | 10477 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 808808 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | INTL AGGREGTE BD | 35473P611 |  | 314808 | 15600 | SH |  | SOLE |  | 15600 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 204328 | 4023 | SH |  | SOLE |  | 4023 | 0 | 0 |
| FULCRUM THERAPEUTICS INC | COM | 359616109 |  | 152233 | 13460 | SH |  | SOLE |  | 13460 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 956173 | 1463 | SH |  | SOLE |  | 1463 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 336997 | 1001 | SH |  | SOLE |  | 1001 | 0 | 0 |
| GOLD COM INC | COM | 00181T107 |  | 247544 | 7270 | SH |  | SOLE |  | 7270 | 0 | 0 |
| GRAYSCALE COINDESK CRYPTO | USD SHS | G40705108 |  | 200418 | 4850 | SH |  | SOLE |  | 4850 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 552625 | 1606 | SH |  | SOLE |  | 1606 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 246300 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 408372 | 11067 | SH |  | SOLE |  | 11067 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 405153 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 300653 | 1015 | SH |  | SOLE |  | 1015 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 240137 | 424 | SH |  | SOLE |  | 424 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 509435 | 829 | SH |  | SOLE |  | 829 | 0 | 0 |
| INVESCO SR INCOME TR | COM | 46131H107 |  | 1599298 | 489082 | SH |  | SOLE |  | 489082 | 0 | 0 |
| IONQ INC | COM | 46222L108 |  | 511742 | 11405 | SH |  | SOLE |  | 11405 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 223226 | 4496 | SH |  | SOLE |  | 4496 | 0 | 0 |
| ISHARES TR | FUTURE AI  TECH | 46435U556 |  | 434541 | 9019 | SH |  | SOLE |  | 9019 | 0 | 0 |
| ISHARES TR | CORE MSCI INTL | 46435G326 |  | 794447 | 9632 | SH |  | SOLE |  | 9632 | 0 | 0 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 7798830 | 112343 | SH |  | SOLE |  | 112343 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 368498 | 538 | SH |  | SOLE |  | 538 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 370849 | 1763 | SH |  | SOLE |  | 1763 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 1257783 | 22990 | SH |  | SOLE |  | 22990 | 0 | 0 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 1382013 | 14354 | SH |  | SOLE |  | 14354 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 211740 | 567 | SH |  | SOLE |  | 567 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 423604 | 895 | SH |  | SOLE |  | 895 | 0 | 0 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 220765 | 1308 | SH |  | SOLE |  | 1308 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 |  | 501714 | 8765 | SH |  | SOLE |  | 8765 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | NASDAQ EQT PREM | 46654Q203 |  | 503278 | 8659 | SH |  | SOLE |  | 8659 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | INCOME ETF | 46641Q159 |  | 310143 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 381480 | 1843 | SH |  | SOLE |  | 1843 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 1162174 | 9705 | SH |  | SOLE |  | 9705 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1591965 | 4941 | SH |  | SOLE |  | 4941 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 3207400 | 18737 | SH |  | SOLE |  | 18737 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 550900 | 1139 | SH |  | SOLE |  | 1139 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 748319 | 3103 | SH |  | SOLE |  | 3103 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 772401 | 1353 | SH |  | SOLE |  | 1353 | 0 | 0 |
| MATTHEWS ASIA FDS | ASIA INNOV ACTIV | 577125826 |  | 530387 | 15023 | SH |  | SOLE |  | 15023 | 0 | 0 |
| MATTHEWS ASIA FDS | EMER MKTS EQUITY | 577125818 |  | 418957 | 11700 | SH |  | SOLE |  | 11700 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2077303 | 3147 | SH |  | SOLE |  | 3147 | 0 | 0 |
| MFS HIGH INCOME MUN TR | SH BEN INT | 59318D104 |  | 270433 | 73090 | SH |  | SOLE |  | 73090 | 0 | 0 |
| MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 |  | 920350 | 262208 | SH |  | SOLE |  | 262208 | 0 | 0 |
| MFS INVT GRADE MUN TR | SH BEN INT | 59318B108 |  | 686729 | 86381 | SH |  | SOLE |  | 86381 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 6859314 | 14183 | SH |  | SOLE |  | 14183 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 931576 | 8699 | SH |  | SOLE |  | 8699 | 0 | 0 |
| NEUBERGER MUN FD INC | COM | 64124P101 |  | 1375308 | 135900 | SH |  | SOLE |  | 135900 | 0 | 0 |
| NEUBERGER NEXT GENERATION | COMMON STOCK | 64133Q108 |  | 1874168 | 129790 | SH |  | SOLE |  | 129790 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 1118748 | 17560 | SH |  | SOLE |  | 17560 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 221812 | 389 | SH |  | SOLE |  | 389 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 633000 | 10256 | SH |  | SOLE |  | 10256 | 0 | 0 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 |  | 854640 | 170247 | SH |  | SOLE |  | 170247 | 0 | 0 |
| NUVEEN PENNSYLVANIA QLT MUN | COM | 670972108 |  | 409492 | 34440 | SH |  | SOLE |  | 34440 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1631876 | 8750 | SH |  | SOLE |  | 8750 | 0 | 0 |
| OKLO INC | COM CL A | 02156V109 |  | 416208 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 229994 | 1180 | SH |  | SOLE |  | 1180 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 820850 | 4618 | SH |  | SOLE |  | 4618 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 290384 | 11662 | SH |  | SOLE |  | 11662 | 0 | 0 |
| PROCEPT BIOROBOTICS CORP | COM | 74276L105 |  | 568388 | 18067 | SH |  | SOLE |  | 18067 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 233309 | 1628 | SH |  | SOLE |  | 1628 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 808553 | 4727 | SH |  | SOLE |  | 4727 | 0 | 0 |
| RIVERNORTH FLEXIBLE MUNI INC | COM | 76883Y107 |  | 622745 | 49190 | SH |  | SOLE |  | 49190 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 215806 | 2160 | SH |  | SOLE |  | 2160 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LCAP VA ETF | 808524409 |  | 251760 | 8503 | SH |  | SOLE |  | 8503 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 223748 | 1390 | SH |  | SOLE |  | 1390 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 659342 | 967 | SH |  | SOLE |  | 967 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 275687 | 385 | SH | Put | SOLE |  | 385 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 356472 | 172 | SH | Put | SOLE |  | 172 | 0 | 0 |
| SPROUTS FMRS MKT INC | COM | 85208M102 |  | 1795921 | 22542 | SH |  | SOLE |  | 22542 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 279325 | 3317 | SH |  | SOLE |  | 3317 | 0 | 0 |
| STERIS PLC | SHS USD | G8473T100 |  | 861207 | 3397 | SH |  | SOLE |  | 3397 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 1104640 | 3635 | SH |  | SOLE |  | 3635 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 335491 | 746 | SH |  | SOLE |  | 746 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 915933 | 18315 | SH |  | SOLE |  | 18315 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 531111 | 2296 | SH |  | SOLE |  | 2296 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 305444 | 925 | SH |  | SOLE |  | 925 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 232009 | 4348 | SH |  | SOLE |  | 4348 | 0 | 0 |
| VANECK ETF TRUST | JP MRGAN EM LOC | 92189H300 |  | 642918 | 24900 | SH |  | SOLE |  | 24900 | 0 | 0 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 |  | 2506646 | 32186 | SH |  | SOLE |  | 32186 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 381834 | 4845 | SH |  | SOLE |  | 4845 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 713921 | 1138 | SH |  | SOLE |  | 1138 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 239378 | 928 | SH |  | SOLE |  | 928 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 258158 | 770 | SH |  | SOLE |  | 770 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 364431 | 747 | SH |  | SOLE |  | 747 | 0 | 0 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 2886359 | 9554 | SH |  | SOLE |  | 9554 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 2255987 | 10652 | SH |  | SOLE |  | 10652 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 382072 | 7107 | SH |  | SOLE |  | 7107 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 310962 | 2204 | SH |  | SOLE |  | 2204 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 |  | 334962 | 2337 | SH |  | SOLE |  | 2337 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 318920 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 701413 | 11228 | SH |  | SOLE |  | 11228 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 319893 | 424 | SH |  | SOLE |  | 424 | 0 | 0 |
| VANGUARD WORLD FD | FINANCIALS ETF | 92204A405 |  | 775710 | 5811 | SH |  | SOLE |  | 5811 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1278338 | 3645 | SH |  | SOLE |  | 3645 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 1185625 | 10642 | SH |  | SOLE |  | 10642 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 717281 | 42193 | SH |  | SOLE |  | 42193 | 0 | 0 |
| WESTERN ASST INFLTN LKD INM | COM SH BEN INT | 95766Q106 |  | 440411 | 53254 | SH |  | SOLE |  | 53254 | 0 | 0 |
| WESTERN AST INFL LKD OPP  I | COM | 95766R104 |  | 1975700 | 230000 | SH |  | SOLE |  | 230000 | 0 | 0 |
| WISDOMTREE TR | EMG MKTS SMCAP | 97717W281 |  | 659290 | 11518 | SH |  | SOLE |  | 11518 | 0 | 0 |
| XAI OCTAGN FLT RAT  ALT INM | COM | 98400T106 |  | 4416000 | 920000 | SH |  | SOLE |  | 920000 | 0 | 0 |
| GDL FD | COM SH BEN IT | 361570104 |  | 143541 | 16947 | SH |  | OTR | 1 | 16947 | 0 | 0 |
| BLUEROCK PVT REAL ESTATE FD | COM | 09631P102 |  | 1168500 | 77900 | SH |  | OTR | 1 | 77900 | 0 | 0 |
| FEDERATED HERMES PREM MUNI I | COM | 31423P108 |  | 4266 | 384 | SH |  | OTR | 1 | 384 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 |  | 20617 | 5383 | SH |  | OTR | 1 | 5383 | 0 | 0 |
| CLOUGH GLOBAL DIVID  INCOME | COM | 18913Y103 |  | 47682 | 7987 | SH |  | OTR | 1 | 7987 | 0 | 0 |
| GABELLI GLOBAL SMALL  MID C | COM | 36249W104 |  | 209820 | 13988 | SH |  | OTR | 1 | 13988 | 0 | 0 |
| CLOUGH GLOBAL EQUITY FD | COM | 18914C100 |  | 153453 | 20033 | SH |  | OTR | 1 | 20033 | 0 | 0 |
| SABA CAPITAL INCOME  OPRNT | SHS NEW | 78518H202 |  | 167118 | 23840 | SH |  | OTR | 1 | 23840 | 0 | 0 |
| MFS MUN INCOME TR | SH BEN INT | 552738106 |  | 134821 | 24829 | SH |  | OTR | 1 | 24829 | 0 | 0 |
| CENTRAL SECS CORP | COM | 155123102 |  | 1267750 | 25000 | SH |  | OTR | 1 | 25000 | 0 | 0 |
| TAIWAN FD INC | COM | 874036106 |  | 1708160 | 32000 | SH |  | OTR | 1 | 32000 | 0 | 0 |
| KOREA FD INC | COM NEW | 500634209 |  | 1175678 | 32370 | SH |  | OTR | 1 | 32370 | 0 | 0 |
| EUROPEAN EQUITY FD INC | COM | 298768102 |  | 480289 | 46630 | SH |  | OTR | 1 | 46630 | 0 | 0 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 1297800 | 70000 | SH |  | OTR | 1 | 70000 | 0 | 0 |
| MEXICO FD INC | COM | 592835102 |  | 1510500 | 75000 | SH |  | OTR | 1 | 75000 | 0 | 0 |
| KAYNE ANDERSON ENERGY INFRST | COM | 486606106 |  | 1029434 | 83153 | SH |  | OTR | 1 | 83153 | 0 | 0 |
| MORGAN STANLEY CHINA A SH FD | COM | 617468103 |  | 1614480 | 93000 | SH |  | OTR | 1 | 93000 | 0 | 0 |
| ROYCE GLOBAL TRUST INC | COM | 78081T104 |  | 1350330 | 103000 | SH |  | OTR | 1 | 103000 | 0 | 0 |
| MEXICO EQUITY  INCOME FD | COM | 592834105 |  | 1310138 | 105827 | SH |  | OTR | 1 | 105827 | 0 | 0 |
| TEMPLETON DRAGON FD INC | COM | 88018T101 |  | 1486320 | 132000 | SH |  | OTR | 1 | 132000 | 0 | 0 |
| DESTRA MULTI-ALTERNATIVE FD | COMMON SHARES | 25065A502 |  | 1246830 | 139000 | SH |  | OTR | 1 | 139000 | 0 | 0 |
| HIGHLAND GLOBAL ALLOCATION F | COM | 43010T104 |  | 1396890 | 153000 | SH |  | OTR | 1 | 153000 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD | COM | 72200N106 |  | 1344420 | 154000 | SH |  | OTR | 1 | 154000 | 0 | 0 |
| CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 |  | 1041740 | 184053 | SH |  | OTR | 1 | 184053 | 0 | 0 |
| BLACKROCK TECH AND PRIVATE E | SHS BEN INT | 09260Q108 |  | 1324590 | 201000 | SH |  | OTR | 1 | 201000 | 0 | 0 |
| FS CREDIT OPPORTUNITIES CORP | COMMON STOCK | 30290Y101 |  | 1309883 | 207918 | SH |  | OTR | 1 | 207918 | 0 | 0 |
| TOTAL RETURN SECURITIES FUND | COM | 870875101 |  | 1374620 | 221000 | SH |  | OTR | 1 | 221000 | 0 | 0 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 1381380 | 231000 | SH |  | OTR | 1 | 231000 | 0 | 0 |
| BLUEROCK PVT REAL ESTATE FD | COM | 09631P102 |  | 2203500 | 146900 | SH |  | SOLE |  | 146900 | 0 | 0 |
| FEDERATED HERMES PREM MUNI I | COM | 31423P108 |  | 1426868 | 128431 | SH |  | SOLE |  | 128431 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 |  | 3279346 | 856226 | SH |  | SOLE |  | 856226 | 0 | 0 |
| CLOUGH GLOBAL DIVID  INCOME | COM | 18913Y103 |  | 1389804 | 232798 | SH |  | SOLE |  | 232798 | 0 | 0 |
| GABELLI GLOBAL SMALL  MID C | COM | 36249W104 |  | 395655 | 26377 | SH |  | SOLE |  | 26377 | 0 | 0 |
| CLOUGH GLOBAL EQUITY FD | COM | 18914C100 |  | 409427 | 53450 | SH |  | SOLE |  | 53450 | 0 | 0 |
| SABA CAPITAL INCOME  OPRNT | SHS NEW | 78518H202 |  | 290866 | 41493 | SH |  | SOLE |  | 41493 | 0 | 0 |
| MFS MUN INCOME TR | SH BEN INT | 552738106 |  | 148847 | 27412 | SH |  | SOLE |  | 27412 | 0 | 0 |
| CENTRAL SECS CORP | COM | 155123102 |  | 2028400 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| TAIWAN FD INC | COM | 874036106 |  | 2775760 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| KOREA FD INC | COM NEW | 500634209 |  | 1812186 | 49895 | SH |  | SOLE |  | 49895 | 0 | 0 |
| EUROPEAN EQUITY FD INC | COM | 298768102 |  | 1456832 | 141440 | SH |  | SOLE |  | 141440 | 0 | 0 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 2039400 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| MEXICO FD INC | COM | 592835102 |  | 2618200 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| KAYNE ANDERSON ENERGY INFRST | COM | 486606106 |  | 1729313 | 139686 | SH |  | SOLE |  | 139686 | 0 | 0 |
| MORGAN STANLEY CHINA A SH FD | COM | 617468103 |  | 2430400 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| ROYCE GLOBAL TRUST INC | COM | 78081T104 |  | 2464680 | 188000 | SH |  | SOLE |  | 188000 | 0 | 0 |
| MEXICO EQUITY  INCOME FD | COM | 592834105 |  | 1634160 | 132000 | SH |  | SOLE |  | 132000 | 0 | 0 |
| TEMPLETON DRAGON FD INC | COM | 88018T101 |  | 2364600 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| DESTRA MULTI-ALTERNATIVE FD | COMMON SHARES | 25065A502 |  | 2403960 | 268000 | SH |  | SOLE |  | 268000 | 0 | 0 |
| HIGHLAND GLOBAL ALLOCATION F | COM | 43010T104 |  | 2191200 | 240000 | SH |  | SOLE |  | 240000 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD | COM | 72200N106 |  | 6689956 | 766318 | SH |  | SOLE |  | 766318 | 0 | 0 |
| CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 |  | 1732385 | 306075 | SH |  | SOLE |  | 306075 | 0 | 0 |
| BLACKROCK TECH AND PRIVATE E | SHS BEN INT | 09260Q108 |  | 2438300 | 370000 | SH |  | SOLE |  | 370000 | 0 | 0 |
| FS CREDIT OPPORTUNITIES CORP | COMMON STOCK | 30290Y101 |  | 4347000 | 690000 | SH |  | SOLE |  | 690000 | 0 | 0 |
| TOTAL RETURN SECURITIES FUND | COM | 870875101 |  | 2419580 | 389000 | SH |  | SOLE |  | 389000 | 0 | 0 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 2308280 | 386000 | SH |  | SOLE |  | 386000 | 0 | 0 |

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