# EDGAR Filing Document

**Accession Number:** 0001668256
**File Stem:** 0001668256-25-000005
**Filing Date:** 2025-7
**Character Count:** 23955
**Document Hash:** 51c837144b37ddffc74b228f893db1e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001668256-25-000005.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001668256-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**EFFECTIVENESS DATE**: 20250723

**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:** 251142740

**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:** 06-30-2025

**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  07-23-2025<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:** 198

**Form 13F Information Table Value Total:** $211532547

      (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 |
| PIMCO NEW YORK MUN INCOME FD | COM | 72200T103 |  | 1649640 | 236000 | SH |  | SOLE |  | 236000 | 0 | 0 |
| PIMCO NEW YORK MUN INCOME FD | COM | 72201E105 |  | 774771 | 147857 | SH |  | SOLE |  | 147857 | 0 | 0 |
| PIMCO NEW YORK MUN FD II | COM | 72200Y102 |  | 1732651 | 257835 | SH |  | SOLE |  | 257835 | 0 | 0 |
| BLACKROCK VA MUN BD TR | COM | 092481100 |  | 242762 | 23365 | SH |  | SOLE |  | 23365 | 0 | 0 |
| ABRDN NATL MUN INCOME FD | SH BEN INT | 24610T108 |  | 1642200 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| FLAHERTY  CRUMRINE PFD INCO | COM | 33848E106 |  | 1579669 | 170775 | SH |  | SOLE |  | 170775 | 0 | 0 |
| MFS INVT GRADE MUN TR | SH BEN INT | 59318B108 |  | 659951 | 86381 | SH |  | SOLE |  | 86381 | 0 | 0 |
| FLAHERTY  CRUMRINE PFD INCO | COM | 338480106 |  | 1524645 | 134805 | SH |  | SOLE |  | 134805 | 0 | 0 |
| MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 |  | 873153 | 262208 | SH |  | SOLE |  | 262208 | 0 | 0 |
| MATTHEWS ASIA FDS | EMER MKTS EQUITY | 577125818 |  | 380277 | 11700 | SH |  | SOLE |  | 11700 | 0 | 0 |
| BRANDYWINEGBL GBL INCM OPP F | COM | 10537L104 |  | 1245669 | 149900 | SH |  | SOLE |  | 149900 | 0 | 0 |
| MATTHEWS ASIA FDS | ASIA INNOV ACTIV | 577125826 |  | 497350 | 15928 | SH |  | SOLE |  | 15928 | 0 | 0 |
| FLAHERTY  CRUMRINE TOTAL RE | COM | 338479108 |  | 1297168 | 76304 | SH |  | SOLE |  | 76304 | 0 | 0 |
| RIVERNORTH DOUBLELINE STRATE | COM | 76882G107 |  | 1287100 | 150538 | SH |  | SOLE |  | 150538 | 0 | 0 |
| PUTNAM MUN OPPORTUNITIES TR | SH BEN INT | 746922103 |  | 1645370 | 166367 | SH |  | SOLE |  | 166367 | 0 | 0 |
| MORGAN STANLEY EMERGING MKTS | COM | 617477104 |  | 1821240 | 355711 | SH |  | SOLE |  | 355711 | 0 | 0 |
| CENTRAL  EASTERN EUROPE FD | COM | 153436100 |  | 527602 | 33995 | SH |  | SOLE |  | 33995 | 0 | 0 |
| NEUBERGER BERMAN MUN FD INC | COM | 64124P101 |  | 1335897 | 135900 | SH |  | SOLE |  | 135900 | 0 | 0 |
| BNY MELLON STRATEGIC MUNS IN | COM | 05588W108 |  | 1616752 | 273100 | SH |  | SOLE |  | 273100 | 0 | 0 |
| WESTERN AST INFL LKD OPP  I | COM | 95766R104 |  | 2014800 | 230000 | SH |  | SOLE |  | 230000 | 0 | 0 |
| BLACKROCK N Y MUN INCOME TRU | SH BEN INT | 09248L106 |  | 676136 | 69921 | SH |  | SOLE |  | 69921 | 0 | 0 |
| MFS HIGH INCOME MUN TR | SH BEN INT | 59318D104 |  | 261662 | 73090 | SH |  | SOLE |  | 73090 | 0 | 0 |
| WESTERN ASST INFLTN LKD INM | COM SH BEN INT | 95766Q106 |  | 447334 | 53254 | SH |  | SOLE |  | 53254 | 0 | 0 |
| RIVERNORTH FLEXIBLE MUNI INC | COM | 76883Y107 |  | 621762 | 49190 | SH |  | SOLE |  | 49190 | 0 | 0 |
| BLACKROCK MUNIHLDGS NJ QLTY | COM | 09254X101 |  | 1102665 | 100700 | SH |  | SOLE |  | 100700 | 0 | 0 |
| NEUBERGER BERMAN NEXT GENERA | COMMON STOCK | 64133Q108 |  | 1894934 | 129790 | SH |  | SOLE |  | 129790 | 0 | 0 |
| DIMENSIONAL ETF TRUST | EMERGING MKTS VA | 25434V740 |  | 1192402 | 39760 | SH |  | SOLE |  | 39760 | 0 | 0 |
| NUVEEN PENNSYLVANIA QLT MUN | COM | 670972108 |  | 386417 | 34440 | SH |  | SOLE |  | 34440 | 0 | 0 |
| BLACKROCK MUNIHLDNGS CALI QL | COM | 09254L107 |  | 813510 | 78600 | SH |  | SOLE |  | 78600 | 0 | 0 |
| WESTERN ASSET EMERGING MKTS | COM | 95766A101 |  | 458873 | 45659 | SH |  | SOLE |  | 45659 | 0 | 0 |
| BNY MELLON STRATEGIC MUN BD | COM | 09662E109 |  | 182728 | 32630 | SH |  | SOLE |  | 32630 | 0 | 0 |
| ARS PHARMACEUTICALS INC | COM | 82835W108 |  | 989659 | 56714 | SH |  | SOLE |  | 56714 | 0 | 0 |
| WESTERN ASSET MANAGED MUNS F | COM | 95766M105 |  | 293535 | 29650 | SH |  | SOLE |  | 29650 | 0 | 0 |
| INVESCO QUALITY MUN INCOME T | COM | 46133G107 |  | 267752 | 28545 | SH |  | SOLE |  | 28545 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 4822789 | 27942 | SH |  | SOLE |  | 27942 | 0 | 0 |
| FLAHERTY  CRUMRINE PFD SECS | COM | 338478100 |  | 389445 | 23907 | SH |  | SOLE |  | 23907 | 0 | 0 |
| FULCRUM THERAPEUTICS INC | COM | 359616109 |  | 179568 | 26100 | SH |  | SOLE |  | 26100 | 0 | 0 |
| ISHARES TR | FUTURE AI  TECH | 46435U556 |  | 531406 | 12961 | SH |  | SOLE |  | 12961 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | INTL AGGREGTE BD | 35473P611 |  | 320424 | 15600 | SH |  | SOLE |  | 15600 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTL SMALL CAP V | 25434V781 |  | 1451331 | 44100 | SH |  | SOLE |  | 44100 | 0 | 0 |
| WISDOMTREE TR | EMG MKTS SMCAP | 97717W281 |  | 636254 | 11518 | SH |  | SOLE |  | 11518 | 0 | 0 |
| PIMCO ETF TR | 25YR+ ZERO U S | 72201R882 |  | 583509 | 8700 | SH |  | SOLE |  | 8700 | 0 | 0 |
| PROCEPT BIOROBOTICS CORP | COM | 74276L105 |  | 1172736 | 20360 | SH |  | SOLE |  | 20360 | 0 | 0 |
| ETF SER SOLUTIONS | DEFIANCE QUANT | 26922A420 |  | 395080 | 4303 | SH |  | SOLE |  | 4303 | 0 | 0 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 7361611 | 115133 | SH |  | SOLE |  | 115133 | 0 | 0 |
| GENERAL AMERN INVS CO INC | COM | 368802104 |  | 297012 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| SPROUTS FMRS MKT INC | COM | 85208M102 |  | 3299715 | 20042 | SH |  | SOLE |  | 20042 | 0 | 0 |
| VANECK ETF TRUST | JP MRGAN EM LOC | 92189H300 |  | 631215 | 24900 | SH |  | SOLE |  | 24900 | 0 | 0 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 2645885 | 9554 | SH |  | SOLE |  | 9554 | 0 | 0 |
| VERONA PHARMA PLC | SPONSORED ADS | 925050106 |  | 973607 | 10294 | SH |  | SOLE |  | 10294 | 0 | 0 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 |  | 2531493 | 32732 | SH |  | SOLE |  | 32732 | 0 | 0 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 1324466 | 14300 | SH |  | SOLE |  | 14300 | 0 | 0 |
| AECOM | COM | 00766T100 |  | 1423277 | 12611 | SH |  | SOLE |  | 12611 | 0 | 0 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 94892 | 16503 | SH |  | SOLE |  | 16503 | 0 | 0 |
| LINCOLN NATL CORP IND | COM | 534187109 |  | 467100 | 13500 | SH |  | SOLE |  | 13500 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | INCOME ETF | 46641Q159 |  | 310344 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 72755 | 11193 | SH |  | SOLE |  | 11193 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 2077247 | 10652 | SH |  | SOLE |  | 10652 | 0 | 0 |
| SOFI TECHNOLOGIES INC | COM | 83406F102 |  | 1371395 | 75310 | SH |  | SOLE |  | 75310 | 0 | 0 |
| DIMENSIONAL ETF TRUST | SHORT DURATION F | 25434V864 |  | 312065 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 1109038 | 22990 | SH |  | SOLE |  | 22990 | 0 | 0 |
| VANGUARD WORLD FD | FINANCIALS ETF | 92204A405 |  | 747378 | 5871 | SH |  | SOLE |  | 5871 | 0 | 0 |
| DIMENSIONAL ETF TRUST | EMGR CRE EQT MNG | 25434V302 |  | 302180 | 10438 | SH |  | SOLE |  | 10438 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 926878 | 8699 | SH |  | SOLE |  | 8699 | 0 | 0 |
| DIMENSIONAL ETF TRUST | CORE FIXED INCOM | 25434V872 |  | 304272 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| ISHARES TR | CORE MSCI INTL | 46435G326 |  | 732417 | 9632 | SH |  | SOLE |  | 9632 | 0 | 0 |
| STERIS PLC | SHS USD | G8473T100 |  | 816027 | 3397 | SH |  | SOLE |  | 3397 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 965163 | 18290 | SH |  | SOLE |  | 18290 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 |  | 314069 | 2337 | SH |  | SOLE |  | 2337 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 664920 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTERNATNAL VAL | 25434V807 |  | 299810 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 597309 | 10256 | SH |  | SOLE |  | 10256 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 2401378 | 24670 | SH |  | SOLE |  | 24670 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LCAP VA ETF | 808524409 |  | 235265 | 8503 | SH |  | SOLE |  | 8503 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 423811 | 2313 | SH |  | SOLE |  | 2313 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 1025042 | 9705 | SH |  | SOLE |  | 9705 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 1836714 | 5145 | SH |  | SOLE |  | 5145 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 646242 | 2843 | SH |  | SOLE |  | 2843 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 914056 | 2350 | SH |  | SOLE |  | 2350 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 338017 | 9431 | SH |  | SOLE |  | 9431 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 318000 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 217526 | 780 | SH |  | SOLE |  | 780 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | NASDAQ EQT PREM | 46654Q203 |  | 228480 | 4200 | SH |  | SOLE |  | 4200 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 685536 | 9650 | SH |  | SOLE |  | 9650 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 810696 | 3406 | SH |  | SOLE |  | 3406 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 1095792 | 12010 | SH |  | SOLE |  | 12010 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 390441 | 2010 | SH |  | SOLE |  | 2010 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 986295 | 940 | SH |  | SOLE |  | 940 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 559988 | 3248 | SH |  | SOLE |  | 3248 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 885683 | 4227 | SH |  | SOLE |  | 4227 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 687353 | 3098 | SH |  | SOLE |  | 3098 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 267964 | 2085 | SH |  | SOLE |  | 2085 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 355575 | 7858 | SH |  | SOLE |  | 7858 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 524738 | 1133 | SH |  | SOLE |  | 1133 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 650867 | 1280 | SH |  | SOLE |  | 1280 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 464381 | 5068 | SH |  | SOLE |  | 5068 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1893369 | 1913 | SH |  | SOLE |  | 1913 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 752822 | 4727 | SH |  | SOLE |  | 4727 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 690562 | 12113 | SH |  | SOLE |  | 12113 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 267863 | 2940 | SH |  | SOLE |  | 2940 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 527113 | 2291 | SH |  | SOLE |  | 2291 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 351512 | 7107 | SH |  | SOLE |  | 7107 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 236032 | 996 | SH |  | SOLE |  | 996 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 291660 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 385094 | 907 | SH |  | SOLE |  | 907 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 247250 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 319021 | 14242 | SH |  | SOLE |  | 14242 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 273450 | 412 | SH |  | SOLE |  | 412 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 8038766 | 39181 | SH |  | SOLE |  | 39181 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2603996 | 14776 | SH |  | SOLE |  | 14776 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1135565 | 10534 | SH |  | SOLE |  | 10534 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1291672 | 3638 | SH |  | SOLE |  | 3638 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 7721524 | 15523 | SH |  | SOLE |  | 15523 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 281838 | 11627 | SH |  | SOLE |  | 11627 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 627072 | 4600 | SH |  | SOLE |  | 4600 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 352474 | 804 | SH |  | SOLE |  | 804 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1206167 | 2483 | SH |  | SOLE |  | 2483 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1342573 | 4631 | SH |  | SOLE |  | 4631 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2429054 | 3291 | SH |  | SOLE |  | 3291 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 746818 | 1329 | SH |  | SOLE |  | 1329 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 520995 | 1421 | SH |  | SOLE |  | 1421 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 468050 | 848 | SH |  | SOLE |  | 848 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 1038130 | 10617 | SH |  | SOLE |  | 10617 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 2938819 | 13395 | SH |  | SOLE |  | 13395 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 312671 | 2184 | SH |  | SOLE |  | 2184 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 343414 | 4950 | SH |  | SOLE |  | 4950 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 229862 | 423 | SH |  | SOLE |  | 423 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 575826 | 430 | SH |  | SOLE |  | 430 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 284205 | 911 | SH |  | SOLE |  | 911 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 672150 | 1183 | SH |  | SOLE |  | 1183 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 593865 | 961 | SH |  | SOLE |  | 961 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 278058 | 1820 | SH |  | SOLE |  | 1820 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 260170 | 1633 | SH |  | SOLE |  | 1633 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 816949 | 3607 | SH |  | SOLE |  | 3607 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 302410 | 995 | SH |  | SOLE |  | 995 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 334044 | 538 | SH |  | SOLE |  | 538 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1366456 | 8649 | SH |  | SOLE |  | 8649 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 |  | 1284248 | 306503 | SH |  | OTR | 1 | 306503 | 0 | 0 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 1201200 | 231000 | SH |  | OTR | 1 | 231000 | 0 | 0 |
| CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 |  | 999408 | 184053 | SH |  | OTR | 1 | 184053 | 0 | 0 |
| HIGHLAND GLOBAL ALLOCATION F | COM | 43010T104 |  | 1331712 | 153000 | SH |  | OTR | 1 | 153000 | 0 | 0 |
| DESTRA MULTI-ALTERNATIVE FD | COMMON SHARES | 25065A502 |  | 1216250 | 139000 | SH |  | OTR | 1 | 139000 | 0 | 0 |
| TEMPLETON DRAGON FD INC | COM | 88018T101 |  | 1318680 | 132000 | SH |  | OTR | 1 | 132000 | 0 | 0 |
| MEXICO EQUITY  INCOME FD | COM | 592834105 |  | 1108009 | 105827 | SH |  | OTR | 1 | 105827 | 0 | 0 |
| ROYCE GLOBAL TRUST INC | COM | 78081T104 |  | 1178940 | 98000 | SH |  | OTR | 1 | 98000 | 0 | 0 |
| CHINA FD INC | COM | 169373107 |  | 1384770 | 93000 | SH |  | OTR | 1 | 93000 | 0 | 0 |
| MORGAN STANLEY CHINA A SH FD | COM | 617468103 |  | 1281168 | 93000 | SH |  | OTR | 1 | 93000 | 0 | 0 |
| TORTOISE SUSTAINABLE  SOCIA | COM SH BEN INT | 27901F109 |  | 1065315 | 87000 | SH |  | OTR | 1 | 87000 | 0 | 0 |
| KAYNE ANDERSON ENERGY INFRST | COM | 486606106 |  | 1057706 | 83153 | SH |  | OTR | 1 | 83153 | 0 | 0 |
| ABRDN EMERGING MARKETS EX CH | COM | 00301W105 |  | 453496 | 76346 | SH |  | OTR | 1 | 76346 | 0 | 0 |
| MEXICO FD INC | COM | 592835102 |  | 1317750 | 75000 | SH |  | OTR | 1 | 75000 | 0 | 0 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 1237600 | 70000 | SH |  | OTR | 1 | 70000 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD II | COM | 72201C109 |  | 433315 | 69553 | SH |  | OTR | 1 | 69553 | 0 | 0 |
| BNY MELLON MUN BD INFRASTRUC | COM SHS | 09662W109 |  | 502599 | 49178 | SH |  | OTR | 1 | 49178 | 0 | 0 |
| EUROPEAN EQUITY FD INC | COM | 298768102 |  | 477025 | 46630 | SH |  | OTR | 1 | 46630 | 0 | 0 |
| KOREA FD INC | COM NEW | 500634209 |  | 871724 | 32370 | SH |  | OTR | 1 | 32370 | 0 | 0 |
| GABELLI GLOBAL SMALL  MID C | COM | 36249W104 |  | 427865 | 32122 | SH |  | OTR | 1 | 32122 | 0 | 0 |
| TAIWAN FD INC | COM | 874036106 |  | 1433920 | 32000 | SH |  | OTR | 1 | 32000 | 0 | 0 |
| TEMPLETON EMERGING MKTS FD | COM | 880191101 |  | 405602 | 27800 | SH |  | OTR | 1 | 27800 | 0 | 0 |
| CENTRAL SECS CORP | COM | 155123102 |  | 1196500 | 25000 | SH |  | OTR | 1 | 25000 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD II | COM | 72200M108 |  | 112458 | 20981 | SH |  | OTR | 1 | 20981 | 0 | 0 |
| CLOUGH GLOBAL EQUITY FD | COM | 18914C100 |  | 142715 | 20033 | SH |  | OTR | 1 | 20033 | 0 | 0 |
| GDL FD | COM SH BEN IT | 361570104 |  | 141397 | 16947 | SH |  | OTR | 1 | 16947 | 0 | 0 |
| BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 |  | 235077 | 10739 | SH |  | OTR | 1 | 10739 | 0 | 0 |
| CLOUGH GLOBAL DIVID  INCOME | COM | 18913Y103 |  | 45326 | 7987 | SH |  | OTR | 1 | 7987 | 0 | 0 |
| EAGLE CAP GROWTH FD INC | COM | 269451100 |  | 60373 | 6123 | SH |  | OTR | 1 | 6123 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD | COM | 72200N106 |  | 15007 | 1747 | SH |  | OTR | 1 | 1747 | 0 | 0 |
| FEDERATED HERMES PREM MUNI I | COM | 31423P108 |  | 4086 | 384 | SH |  | OTR | 1 | 384 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 |  | 2151134 | 513397 | SH |  | SOLE |  | 513397 | 0 | 0 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 2007200 | 386000 | SH |  | SOLE |  | 386000 | 0 | 0 |
| CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 |  | 1661987 | 306075 | SH |  | SOLE |  | 306075 | 0 | 0 |
| HIGHLAND GLOBAL ALLOCATION F | COM | 43010T104 |  | 2088960 | 240000 | SH |  | SOLE |  | 240000 | 0 | 0 |
| DESTRA MULTI-ALTERNATIVE FD | COMMON SHARES | 25065A502 |  | 2345000 | 268000 | SH |  | SOLE |  | 268000 | 0 | 0 |
| TEMPLETON DRAGON FD INC | COM | 88018T101 |  | 2097900 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| MEXICO EQUITY  INCOME FD | COM | 592834105 |  | 1382040 | 132000 | SH |  | SOLE |  | 132000 | 0 | 0 |
| ROYCE GLOBAL TRUST INC | COM | 78081T104 |  | 1425182 | 118469 | SH |  | SOLE |  | 118469 | 0 | 0 |
| CHINA FD INC | COM | 169373107 |  | 2233500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| MORGAN STANLEY CHINA A SH FD | COM | 617468103 |  | 1928640 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| TORTOISE SUSTAINABLE  SOCIA | COM SH BEN INT | 27901F109 |  | 1714300 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| KAYNE ANDERSON ENERGY INFRST | COM | 486606106 |  | 1776806 | 139686 | SH |  | SOLE |  | 139686 | 0 | 0 |
| ABRDN EMERGING MARKETS EX CH | COM | 00301W105 |  | 241336 | 40629 | SH |  | SOLE |  | 40629 | 0 | 0 |
| MEXICO FD INC | COM | 592835102 |  | 2284100 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 1944800 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD II | COM | 72201C109 |  | 1931300 | 310000 | SH |  | SOLE |  | 310000 | 0 | 0 |
| BNY MELLON MUN BD INFRASTRUC | COM SHS | 09662W109 |  | 2675801 | 261820 | SH |  | SOLE |  | 261820 | 0 | 0 |
| EUROPEAN EQUITY FD INC | COM | 298768102 |  | 1446931 | 141440 | SH |  | SOLE |  | 141440 | 0 | 0 |
| KOREA FD INC | COM NEW | 500634209 |  | 1343672 | 49895 | SH |  | SOLE |  | 49895 | 0 | 0 |
| GABELLI GLOBAL SMALL  MID C | COM | 36249W104 |  | 529164 | 39727 | SH |  | SOLE |  | 39727 | 0 | 0 |
| TAIWAN FD INC | COM | 874036106 |  | 2330120 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| TEMPLETON EMERGING MKTS FD | COM | 880191101 |  | 242632 | 16630 | SH |  | SOLE |  | 16630 | 0 | 0 |
| CENTRAL SECS CORP | COM | 155123102 |  | 1914400 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD II | COM | 72200M108 |  | 1809123 | 337523 | SH |  | SOLE |  | 337523 | 0 | 0 |
| CLOUGH GLOBAL EQUITY FD | COM | 18914C100 |  | 380778 | 53450 | SH |  | SOLE |  | 53450 | 0 | 0 |
| BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 |  | 1970100 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| CLOUGH GLOBAL DIVID  INCOME | COM | 18913Y103 |  | 1323456 | 233208 | SH |  | SOLE |  | 233208 | 0 | 0 |
| EAGLE CAP GROWTH FD INC | COM | 269451100 |  | 66427 | 6737 | SH |  | SOLE |  | 6737 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD | COM | 72200N106 |  | 1284712 | 149559 | SH |  | SOLE |  | 149559 | 0 | 0 |
| FEDERATED HERMES PREM MUNI I | COM | 31423P108 |  | 1366506 | 128431 | SH |  | SOLE |  | 128431 | 0 | 0 |

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