Matisse Capital
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| APPLE INC | AAPL | $10.4M | 35,994 | +0.27pp | 31q | HELD | |
| ISHARES TR | DGRO | $8.5M | 111,661 | +0.05pp | 30q | HELD | |
| LAM RESEARCH CORP | LRCX | $7.9M | 18,130 | +1.40pp | 7q | -5.2%-$433.3K | |
| PIMCO CALIF MUN INCOME FD | PCQ | $7.6M | 848,717 | -0.12pp | 8q | -2.0%-$158.7K | |
| ASCENDIS PHARMA A/S | ASND | $7.5M | 28,107 | - | new | NEW | |
| TAIWAN FD INC | TWN | $6.7M | 69,437 | +0.32pp | 15q | -17.3%-$1.4M | |
| FS CREDIT OPPORTUNITIES CORP | FSCO | $6.2M | 1,245,000 | +0.02pp | 3q | +9.8%+$553.9K | |
| KOREA FD INC | KF | $6.2M | 82,265 | +0.90pp | 7q | HELD | |
| XAI FLOATING RATE & ALTER IN | XFLT | $6.1M | 346,096 | -0.09pp | 2q | +0.6%+$35.1K | |
| FS SPECIALTY LENDING FD | FSSL | $5.8M | 519,000 | -0.10pp | 2q | +14.8%+$744.8K | |
| MICROSOFT CORP | MSFT | $5.1M | 13,588 | -0.24pp | 31q | -5.4%-$287.2K | |
| NEXPOINT DIVERSIFIED REL ET | NXDT | $4.8M | 923,630 | +0.12pp | 31q | +2.2%+$102.7K | |
| ALPHABET INC | GOOGL | $4.6M | 12,975 | +0.27pp | 26q | HELD | |
| HIGHLAND OPPS & INCOME FD | HFRO | $4.4M | 617,000 | +0.26pp | 17q | HELD | |
| PIMCO NEW YORK MUN FD II | PNI | $4.4M | 618,726 | -0.05pp | 2q | HELD | |
| ROYCE GLOBAL TRUST INC | RGT | $4.1M | 291,000 | flat | 6q | HELD | |
| SRH TOTAL RETURN FUND INC | STEW | $4.0M | 226,000 | +0.04pp | 11q | +4.6%+$179.0K | |
| HIGHLAND GLOBAL ALLOCATION F | HGLB | $3.9M | 525,000 | +0.06pp | 16q | +18.5%+$616.6K | |
| BLUEROCK PVT REAL ESTATE FD | BPRE | $3.9M | 300,000 | -0.18pp | 3q | +22.0%+$702.5K | |
| TEMPLETON DRAGON FD INC | TDF | $3.7M | 341,875 | -0.06pp | 7q | HELD | |
| TOTAL RETURN SECURITIES FUND | SWZ | $3.6M | 609,000 | +0.42pp | 4q | +49.5%+$1.2M | |
| VANGUARD INDEX FDS | VBK | $3.5M | 9,554 | +0.17pp | 10q | HELD | |
| CENTRAL SECS CORP | CET | $3.4M | 65,000 | -0.01pp | 10q | HELD | |
| DESTRA MULTI-ALTERNATIVE FD | DMA | $3.4M | 455,000 | -0.06pp | 17q | +10.4%+$321.6K | |
| MEXICO EQUITY & INCOME FD | MXE | $3.1M | 237,827 | -0.07pp | 19q | HELD | |
| GE VERNOVA INC | GEV | $3.1M | 2,613 | +0.26pp | 4q | HELD | |
| AMAZON COM INC | AMZN | $2.7M | 11,305 | +0.07pp | 31q | HELD | |
| VANGUARD INDEX FDS | VBR | $2.6M | 10,652 | +0.05pp | 14q | HELD | |
| MEXICO FD INC | MXF | $2.3M | 105,493 | -0.91pp | 19q | -48.5%-$2.2M | |
| VANGUARD BD INDEX FDS | BIV | $2.2M | 28,954 | -0.17pp | 14q | -10.0%-$247.9K | |
| CLOUGH GLOBAL OPPORTUNITIES | GLO | $2.2M | 356,008 | -0.21pp | 12q | -22.0%-$615.3K | |
| NEUBERGER NEXT GENERATION | NBXG | $2.1M | 129,790 | +0.15pp | 17q | HELD | |
| MORGAN STANLEY CHINA A SH FD | CAF | $2.1M | 98,526 | -0.50pp | 11q | -44.7%-$1.7M | |
| EUROPEAN EQUITY FD INC | EEA | $2.1M | 188,070 | +0.03pp | 10q | HELD | |
| ALPHABET INC | GOOG | $2.1M | 5,840 | +0.07pp | 3q | -4.9%-$106.0K | |
| WESTERN AST INFL LKD OPP & I | WIW | $1.9M | 230,000 | -0.06pp | 27q | HELD | |
| NUVEEN FLOATING RATE INCOME | JFR | $1.9M | 250,000 | -0.03pp | 2q | HELD | |
| INVESCO SR INCOME TR | VVR | $1.9M | 620,000 | -0.08pp | 3q | +3.3%+$60.0K | |
| BLACKSTONE LONG SHORT CR INC | BGX | $1.8M | 170,000 | -0.05pp | 2q | HELD | |
| NUVEEN CR STRATEGIES INCOME | JQC | $1.8M | 380,000 | +0.09pp | 3q | +20.8%+$318.5K | |
| EATON VANCE SR INCOME TR | EVF | $1.8M | 370,000 | +0.68pp | 2q | +1244.1%+$1.7M | |
| NVIDIA CORPORATION | NVDA | $1.8M | 9,190 | +0.09pp | 11q | +5.2%+$90.4K | |
| ABRDN NATL MUN INCOME FD | VFL | $1.8M | 174,693 | -0.02pp | 13q | HELD | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $1.8M | 3,558 | flat | 11q | +2.2%+$39.0K | |
| META PLATFORMS INC | META | $1.8M | 3,147 | -0.06pp | 14q | HELD | |
| DIMENSIONAL ETF TRUST | DISV | $1.8M | 44,100 | -0.03pp | 14q | HELD | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $1.7M | 3,635 | +0.17pp | 14q | HELD | |
| DIMENSIONAL ETF TRUST | DFEV | $1.7M | 39,760 | +0.07pp | 14q | HELD | |
| EATON CORP PLC | ETN | $1.7M | 3,959 | +0.07pp | 14q | HELD | |
| J P MORGAN EXCHANGE TRADED F | JEPI | $1.6M | 28,323 | +0.03pp | 4q | +11.3%+$162.7K | |
| CLOUGH GLOBAL DIVID & INCOME | GLV | $1.6M | 240,785 | +0.03pp | 12q | HELD | |
| JPMORGAN CHASE & CO | JPM | $1.6M | 4,839 | +0.03pp | 14q | HELD | |
| ISHARES TR | EEM | $1.6M | 22,990 | +0.07pp | 14q | HELD | |
| EXXON MOBIL CORP | XOMXXXX | $1.4M | 10,564 | -0.18pp | 14q | +0.9%+$12.3K | |
| JOHNSON CONTROLS INTERNATION | JCI | $1.4M | 9,705 | +0.03pp | 14q | HELD | |
| SPROUTS FMRS MKT INC | SFM | $1.4M | 16,442 | +0.03pp | 14q | +1.9%+$25.4K | |
| ISHARES TR | EMB | $1.4M | 14,361 | -0.02pp | 14q | HELD | |
| ANALOG DEVICES INC | ADI | $1.4M | 3,406 | +0.08pp | 15q | HELD | |
| NETAPP INC | NTAP | $1.3M | 8,699 | +0.16pp | 14q | HELD | |
| INTEL CORP | INTC | $1.3M | 9,524 | +0.33pp | 31q | -13.6%-$208.5K | |
| NEUBERGER MUN FD INC | NBH | $1.3M | 123,161 | -0.07pp | 11q | -9.4%-$134.4K | |
| CREDIT SUISSE HIGH YIELD CRE | DHY | $1.3M | 728,498 | - | new | NEW | |
| COSTCO WHOLESALE CORPORATION | COST | $1.3M | 1,369 | -0.03pp | 15q | +7.5%+$89.8K | |
| BLOOM ENERGY CORP | BE | $1.3M | 4,200 | +0.35pp | 2q | +55.6%+$454.1K | |
| EXCHANGE TRADED CONCEPTS TRU | THNQ | $1.2M | 13,427 | +0.19pp | 4q | +11.6%+$127.2K | |
| FEDERATED HERMES PREM MUNI I | FMN | $1.2M | 105,041 | -0.12pp | 5q | -18.5%-$273.2K | |
| WALMART INC | WMT | $1.2M | 10,628 | -0.08pp | 15q | HELD | |
| BRANDYWINEGBL GBL INCM OPP F | BWG | $1.2M | 145,866 | -0.01pp | 23q | HELD | |
| MATTHEWS ASIA FDS | MINV | $1.1M | 18,505 | +0.19pp | 14q | +28.1%+$234.7K | |
| EATON VANCE SR FLTNG RTE TR | EFR | $1.1M | 100,012 | - | new | NEW | |
| SOFI TECHNOLOGIES INC | SOFI | $1.1M | 58,563 | +0.11pp | 2q | +26.7%+$221.2K | |
| ISHARES TR | ARTY | $918.4K | 12,059 | +0.19pp | 8q | +37.4%+$249.9K | |
| BLACKROCK INC | BLK | $903.9K | 940 | -0.02pp | 7q | HELD | |
| AECOM | ACM | $880.2K | 12,611 | -0.10pp | 14q | HELD | |
| FEDEX CORP | FDX | $876.8K | 2,800 | -0.07pp | 14q | HELD | |
| QUALCOMM INC | QCOM | $873.5K | 4,727 | +0.09pp | 14q | HELD | |
| BLACKROCK MUNIHLDNGS CALI | MUC | $862.9K | 78,518 | flat | 15q | HELD | |
| ISHARES TR | IDEV | $857.3K | 9,632 | flat | 11q | HELD | |
| DEERE & CO | DE | $811.3K | 1,279 | +0.02pp | 14q | HELD | |
| VANGUARD TAX-MANAGED FDS | VEA | $800.0K | 11,228 | +0.01pp | 14q | HELD | |
| VANGUARD INDEX FDS | VOO | $789.3K | 1,149 | +0.02pp | 12q | HELD | |
| NIKE INC | NKE | $782.3K | 19,058 | -0.11pp | 15q | +2.1%+$16.4K | |
| WISDOMTREE TR | DGS | $745.3K | 11,518 | flat | 14q | HELD | |
| VANGUARD WORLD FD | VFH | $738.4K | 5,611 | +0.01pp | 14q | HELD | |
| VANGUARD BD INDEX FDS | BSV | $687.4K | 8,823 | -0.02pp | 4q | HELD | |
| IONQ INC | IONQ | $673.5K | 12,645 | +0.12pp | 4q | +1.2%+$8.0K | |
| ETF SER SOLUTIONS | QTUM | $668.5K | 4,042 | +0.08pp | 7q | HELD | |
| STATE STR SPDR S&P 500 ETF T | SPY | $658.4K | 882 | +0.02pp | 14q | HELD | |
| MASTERCARD INCORPORATED | MA | $655.9K | 1,277 | -0.02pp | 15q | -5.2%-$36.0K | |
| VANECK ETF TRUST | EMLC | $636.4K | 24,900 | -0.01pp | 14q | HELD | |
| HOME DEPOT INC | HD | $600.3K | 1,702 | +0.02pp | 15q | +6.2%+$35.3K | |
| ELEVANCE HEALTH INC FORMERLY | ELV | $599.4K | 1,550 | - | new | NEW | |
| LOCKHEED MARTIN CORP | LMT | $580.3K | 1,139 | -0.06pp | 11q | HELD | |
| ASML HLDG NV | ASML | $567.0K | 285 | +0.07pp | 2q | HELD | |
| BLACKROCK MUNIYIELD N Y QUAL | MYN | $558.0K | 54,972 | -0.07pp | 2q | -23.0%-$166.9K | |
| VISTRA CORP | VST | $555.2K | 3,500 | -0.04pp | 2q | -13.6%-$87.2K | |
| INTERACTIVE BROKERS GROUP IN | IBKR | $548.4K | 6,300 | +0.04pp | 6q | HELD | |
| CSX CORP | CSX | $535.8K | 11,272 | +0.02pp | 3q | HELD | |
| MATTHEWS ASIA FDS | MEM | $529.6K | 11,700 | +0.03pp | 14q | HELD | |
| ARS PHARMACEUTICALS INC | SPRY | $526.3K | 65,701 | -0.02pp | 6q | -2.3%-$12.2K | |
| DOVER CORP | DOV | $510.9K | 2,278 | flat | 5q | HELD | |
| CISCO SYS INC | CSCO | $504.0K | 4,291 | +0.02pp | 14q | -22.7%-$148.3K | |
| INVESCO QQQ TR | QQQ | $479.0K | 650 | +0.04pp | 13q | +8.0%+$35.4K | |
| JOHNSON & JOHNSON | JNJ | $467.1K | 1,839 | flat | 15q | HELD | |
| BANK OF NY MELLON CORP | BNY | $454.8K | 3,145 | +0.03pp | 8q | +7.0%+$29.6K | |
| RHYTHM PHARMACEUTICALS INC | RYTM | $444.1K | 4,000 | - | new | NEW | |
| VANGUARD WORLD FD | VGT | $434.3K | 3,633 | +0.04pp | 8q | +688.1%+$379.1K | |
| WESTERN ASSET INFLT LNK INC | WIA | $433.0K | 53,254 | -0.01pp | 10q | HELD | |
| ISHARES TR | IWD | $428.0K | 1,765 | +0.01pp | 15q | HELD | |
| VANGUARD INTL EQUITY INDEX F | VWO | $424.2K | 7,107 | +0.01pp | 14q | HELD | |
| DIMENSIONAL ETF TRUST | DFAC | $422.6K | 9,527 | +0.01pp | 14q | HELD | |
| ISHARES TR | IVV | $402.9K | 538 | +0.01pp | 11q | HELD | |
| BOEING CO | BAPRA | $397.1K | 5,900 | flat | 3q | HELD | |
| ISHARES TR | IWF | $389.9K | 3,140 | +0.01pp | 13q | +300.0%+$292.4K | |
| DIMENSIONAL ETF TRUST | DFAE | $389.5K | 9,687 | +0.02pp | 12q | HELD | |
| VANGUARD INDEX FDS | VUG | $386.1K | 4,482 | +0.02pp | 12q | +500.0%+$321.7K | |
| ELI LILLY & CO | LLY | $384.1K | 320 | +0.04pp | 3q | +6.0%+$21.6K | |
| CHEVRON CORPORATION | CVX | $383.3K | 2,312 | -0.07pp | 15q | -9.6%-$40.6K | |
| BECTON DICKINSON & CO | BDX | $382.9K | 2,530 | - | new | NEW | |
| DIMENSIONAL ETF TRUST | DFIV | $378.1K | 7,000 | -0.01pp | 11q | HELD | |
| VANGUARD INTL EQUITY INDEX F | VSS | $360.6K | 2,337 | flat | 14q | HELD | |
| GENERAL DYNAMICS CORP | GD | $354.2K | 1,000 | flat | 11q | HELD | |
| VANGUARD WORLD FD | MGC | $347.2K | 1,269 | - | new | NEW | |
| PFIZER INC | PFE | $337.1K | 14,000 | -0.01pp | 5q | +14.7%+$43.3K | |
| VANGUARD INTL EQUITY INDEX F | VT | $327.2K | 2,085 | flat | 11q | -5.4%-$18.8K | |
| ABERDEEN MUN INCOME FD | MFM | $320.7K | 57,056 | +0.07pp | 4q | +108.1%+$166.6K | |
| FRANKLIN TEMPLETON ETF TR | FLIA | $319.6K | 15,600 | -0.01pp | 14q | HELD | |
| VANGUARD SCOTTSDALE FDS | VCSH | $316.1K | 4,000 | -0.01pp | 14q | HELD | |
| J P MORGAN EXCHANGE TRADED F | JPIE | $314.1K | 6,821 | -0.01pp | 14q | +0.6%+$2.0K | |
| TESLA INC | TSLA | $311.7K | 741 | +0.01pp | 4q | HELD | |
| DIMENSIONAL ETF TRUST | DFSD | $310.4K | 6,500 | -0.01pp | 14q | HELD | |
| CVS HEALTH CORP | CVS | $309.3K | 2,990 | - | new | NEW | |
| DIMENSIONAL ETF TRUST | DFCF | $303.9K | 7,200 | -0.01pp | 14q | HELD | |
| GOLD COM INC | GOLD | $302.5K | 7,270 | flat | 3q | HELD | |
| PROCEPT BIOROBOTICS CORP | PRCT | $302.3K | 13,389 | -0.02pp | 8q | HELD | |
| SCHWAB STRATEGIC TR | SCHV | $296.0K | 8,503 | +0.01pp | 11q | HELD | |
| VANGUARD INDEX FDS | VTI | $284.9K | 770 | +0.01pp | 14q | HELD | |
| INTERNATIONAL BUSINESS MACHS | IBM | $284.9K | 1,013 | +0.01pp | 3q | HELD | |
| VANGUARD INDEX FDS | VB | $281.3K | 928 | +0.01pp | 11q | HELD | |
| ILLINOIS TOOL WKS INC | ITW | $270.5K | 1,000 | flat | 11q | HELD | |
| WAVE LIFE SCIENCES LTD | WVE | $265.7K | 45,723 | -0.04pp | 15q | -2.1%-$5.8K | |
| LOWES COS INC | LOW | $253.6K | 1,150 | -0.21pp | 15q | -62.9%-$430.6K | |
| FREEPORT-MCMORAN INC | FCX | $253.0K | 4,023 | flat | 3q | HELD | |
| US BANCORP | USB | $252.3K | 4,177 | +0.01pp | 31q | -0.5%-$1.3K | |
| ISHARES TR | IBB | $249.4K | 1,311 | +0.01pp | 3q | HELD | |
| GDL FD | GDL | $237.8K | 28,072 | +0.03pp | 5q | +65.6%+$94.2K | |
| PROCTER & GAMBLE CO | PG | $237.7K | 1,621 | flat | 15q | HELD | |
| GE AEROSPACE | GE | $230.6K | 617 | - | new | NEW | |
| ISHARES TR | IWM | $227.4K | 757 | - | new | NEW | |
| J P MORGAN EXCHANGE TRADED F | JEPQ | $224.0K | 3,644 | -0.14pp | 5q | -62.5%-$373.7K | |
| ISHARES TR | IWB | $219.9K | 537 | - | new | NEW | |
| BOEING CO | BA | $217.3K | 1,004 | - | new | NEW | |
| FEDEX FGHT HLDG CO INC | $211.4K | 1,400 | - | new | NEW | ||
| VALERO ENERGY CORP | VLO | $207.3K | 796 | - | new | NEW | |
| STARBUCKS CORP | SBUX | $201.7K | 1,974 | -0.05pp | 15q | -40.4%-$136.9K | |
| ORACLE CORP | ORCL | $200.6K | 1,369 | -0.01pp | 4q | HELD | |
| NUVEEN MULTI-MKT INCOME FD I | JMM | $89.3K | 15,240 | - | new | NEW | |
| SOUNDHOUND AI INC | SOUN | $67.3K | 10,405 | - | new | NEW |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Funds & ETFs | $107.2M | 42.9% |
| Software & IT Services | $14.5M | 5.8% |
| Industrials | $13.1M | 5.3% |
| Computer Hardware | $12.6M | 5.0% |
| Semiconductors & Electronics | $11.7M | 4.7% |
| Biotech & Pharma | $9.9M | 4.0% |
| Retail & Consumer | $7.6M | 3.1% |
| Real Estate | $4.8M | 1.9% |
| Other sectors | $15.3M | 6.1% |
| Not classified | $53.1M | 21.3% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $249.8M | 158 | 16 | 36 | 24 | 22 | 29.1% | 43 |
| Q1 2026 | $234.4M | 164 | 13 | 28 | 28 | 15 | 26.8% | 38 |
| Q4 2025 | $224.4M | 166 | 17 | 27 | 31 | 15 | 27.3% | 29 |
| Q3 2025 | $222.2M | 164 | 15 | 20 | 30 | 19 | 26.7% | 29 |
| Q2 2025 | $211.5M | 168 | 11 | 26 | 23 | 8 | 23.3% | 23 |
| Q1 2025 | $189.6M | 165 | 6 | 26 | 26 | 10 | 24.5% | 24 |
| Q4 2024 | $196.7M | 169 | 10 | 24 | 31 | 17 | 23.9% | 24 |
| Q3 2024 | $205.6M | 176 | 14 | 32 | 26 | 19 | 24.6% | 17 |
| Q2 2024 | $202.1M | 181 | 11 | 38 | 18 | 20 | 24.5% | 30 |
| Q1 2024 | $207.9M | 190 | 17 | 41 | 25 | 23 | 25.0% | 30 |
| Q4 2023 | $187.7M | 196 | 51 | 51 | 18 | 24 | 23.8% | 39 |
| Q3 2023 | $141.7M | 169 | 12 | 18 | 25 | 12 | 25.7% | 13 |
| Q2 2023 | $161.2M | 169 | 7 | 16 | 9 | 13 | 27.1% | 33 |
| Q1 2023 | $154.9M | 175 | 56 | 10 | 90 | 12 | 25.0% | 27 |
| Q4 2022 | $112.7M | 131 | 52 | 79 | 0 | 5 | 28.0% | 20 |
| Q3 2022 | $78.9M | 84 | 9 | 30 | 26 | 49 | 36.4% | 39 |
| Q2 2022 | $105.3M | 124 | 22 | 33 | 14 | 21 | 30.5% | 28 |
| Q1 2022 | $108.7M | 123 | 20 | 38 | 22 | 34 | 35.0% | 12 |
| Q4 2021 | $144.7M | 137 | 23 | 21 | 31 | 36 | 41.0% | 35 |
| Q3 2021 | $271.7M | 150 | 27 | 15 | 52 | 25 | 35.6% | 39 |
| Q2 2021 | $316.1M | 148 | 6 | 0 | 142 | 23 | 32.3% | 42 |
| Q1 2021 | $693.9M | 165 | 23 | 141 | 1 | 14 | 29.2% | 44 |
| Q4 2020 | $322.2M | 156 | 23 | 35 | 15 | 14 | 31.7% | 43 |
| Q3 2020 | $249.7M | 147 | 17 | 21 | 65 | 25 | 32.4% | 35 |
| Q2 2020 | $300.9M | 155 | 22 | 54 | 46 | 49 | 29.3% | 28 |
| Q1 2020 | $254.1M | 182 | 90 | 57 | 20 | 22 | 26.6% | 37 |
| Q4 2019 | $141.1M | 114 | 25 | 26 | 38 | 8 | 33.6% | 43 |
| Q3 2019 | $81.4M | 97 | 8 | 34 | 18 | 8 | 38.4% | 28 |
| Q2 2019 | $78.5M | 97 | 8 | 19 | 24 | 8 | 42.3% | 44 |
| Q1 2019 | $82.8M | 97 | 22 | 23 | 32 | 26 | 38.6% | 24 |
| Q4 2018 | $79.5M | 101 | 0 | 0 | 0 | 0 | 39.1% | 18 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.