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This semi-annual shareholder report contains important information about the Robinson Opportunistic Income Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(76, 126, 157);font-size:9pt;font-family:'arial'">https://libertystreetfunds.com/robinson-opportunistic-income-fund/</span>. You can also request this information by contacting us at (800) 207-7108. https://libertystreetfunds.com/robinson-opportunistic-income-fund/ (800) 207-7108 <div style="margin-top:0px;font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);">Fund Expenses</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Robinson Opportunistic Income Fund<br/> (Class A/RBNAX)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"><span style="float:none">$</span>79</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom;">1.61<span>%</span><sup>1</sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:4pt"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt; padding-left: 0;"></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt; padding-left: 0;"> <div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>1</sup></div></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; padding-left: 0; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt;"> <div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 79 0.0161 <div style="font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);margin-top:10pt;">Key Fund Statistics</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><span style="float:none">$</span>10,666,704</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">39</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">41<span>%</span></td> </tr> </table> 10666704 39 0.41 <div style="margin-top:0px;font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);">Graphical Representation of Holdings</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any. </div><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Flaherty &amp; Crumrine Preferred &amp; Income Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">FS Credit Opportunities Corp.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">FS Specialty Lending Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">DoubleLine Yield Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Global High Income Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">KKR Income Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset High Income Fund II, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock Multi-Sector Income Trust</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Inflation-Linked Opportunities &amp; Income Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Mortgage Opportunity Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> </table><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Asset Allocation</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);font-family:'arial';"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1148155.jpg" style="width: 172.8pt;"/> </div> <div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Flaherty &amp; Crumrine Preferred &amp; Income Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">FS Credit Opportunities Corp.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">FS Specialty Lending Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">DoubleLine Yield Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Global High Income Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">KKR Income Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset High Income Fund II, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock Multi-Sector Income Trust</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Inflation-Linked Opportunities &amp; Income Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Mortgage Opportunity Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> </table> 0.060 0.056 0.055 0.055 0.055 0.055 0.054 0.054 0.054 0.054 <div style="font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';margin-bottom:10pt;">There were no changes in or disagreements with the Fund's<span style="white-space:nowrap"> </span>accountants during the reporting period.</div> Robinson Opportunistic Income Fund Class C RBNCX This semi-annual shareholder report contains important information about the Robinson Opportunistic Income Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(76, 126, 157);font-size:9pt;font-family:'arial'">https://libertystreetfunds.com/robinson-opportunistic-income-fund/</span>. You can also request this information by contacting us at (800) 207-7108. https://libertystreetfunds.com/robinson-opportunistic-income-fund/ (800) 207-7108 <div style="margin-top:0px;font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);">Fund Expenses</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Robinson Opportunistic Income Fund<br/> (Class C/RBNCX)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"><span style="float:none">$</span>116</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom;">2.36<span>%</span><sup>1</sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:4pt"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt; padding-left: 0;"></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt; padding-left: 0;"> <div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>1</sup></div></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; padding-left: 0; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt;"> <div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 116 0.0236 <div style="font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);margin-top:10pt;">Key Fund Statistics</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><span style="float:none">$</span>10,666,704</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">39</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">41<span>%</span></td> </tr> </table> 10666704 39 0.41 <div style="margin-top:0px;font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);">Graphical Representation of Holdings</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any. </div><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Flaherty &amp; Crumrine Preferred &amp; Income Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">FS Credit Opportunities Corp.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">FS Specialty Lending Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">DoubleLine Yield Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Global High Income Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">KKR Income Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset High Income Fund II, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock Multi-Sector Income Trust</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Inflation-Linked Opportunities &amp; Income Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Mortgage Opportunity Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> </table><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Asset Allocation</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);font-family:'arial';"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1148119.jpg" style="width: 172.8pt;"/> </div> <div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Flaherty &amp; Crumrine Preferred &amp; Income Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">FS Credit Opportunities Corp.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">FS Specialty Lending Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">DoubleLine Yield Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Global High Income Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">KKR Income Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset High Income Fund II, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock Multi-Sector Income Trust</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Inflation-Linked Opportunities &amp; Income Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Mortgage Opportunity Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> </table> 0.060 0.056 0.055 0.055 0.055 0.055 0.054 0.054 0.054 0.054 <div style="font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';margin-bottom:10pt;">There were no changes in or disagreements with the Fund's<span style="white-space:nowrap"> </span>accountants during the reporting period.</div> Robinson Opportunistic Income Fund Institutional Class RBNNX This semi-annual shareholder report contains important information about the Robinson Opportunistic Income Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(76, 126, 157);font-size:9pt;font-family:'arial'">https://libertystreetfunds.com/robinson-opportunistic-income-fund/</span>. You can also request this information by contacting us at (800) 207-7108. https://libertystreetfunds.com/robinson-opportunistic-income-fund/ (800) 207-7108 <div style="margin-top:0px;font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);">Fund Expenses</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Robinson Opportunistic Income Fund<br/> (Institutional Class/RBNNX)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"><span style="float:none">$</span>67</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom;">1.36<span>%</span><sup>1</sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:4pt"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt; padding-left: 0;"></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt; padding-left: 0;"> <div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>1</sup></div></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; padding-left: 0; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt;"> <div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 67 0.0136 <div style="font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);margin-top:10pt;">Key Fund Statistics</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><span style="float:none">$</span>10,666,704</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">39</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">41<span>%</span></td> </tr> </table> 10666704 39 0.41 <div style="margin-top:0px;font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);">Graphical Representation of Holdings</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any. </div><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Flaherty &amp; Crumrine Preferred &amp; Income Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">FS Credit Opportunities Corp.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">FS Specialty Lending Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">DoubleLine Yield Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Global High Income Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">KKR Income Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset High Income Fund II, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock Multi-Sector Income Trust</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Inflation-Linked Opportunities &amp; Income Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Mortgage Opportunity Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> </table><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Asset Allocation</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);font-family:'arial';"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1148191.jpg" style="width: 172.8pt;"/> </div> <div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Flaherty &amp; Crumrine Preferred &amp; Income Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">FS Credit Opportunities Corp.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">FS Specialty Lending Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">DoubleLine Yield Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Global High Income Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">KKR Income Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset High Income Fund II, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock Multi-Sector Income Trust</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Inflation-Linked Opportunities &amp; Income Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Mortgage Opportunity Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.4<span>%</span></td> </tr> </table> 0.060 0.056 0.055 0.055 0.055 0.055 0.054 0.054 0.054 0.054 <div style="font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';margin-bottom:10pt;">There were no changes in or disagreements with the Fund's<span style="white-space:nowrap"> </span>accountants during the reporting period.</div> Robinson Tax Advantaged Income Fund Class A ROBAX This semi-annual shareholder report contains important information about the Robinson Tax Advantaged Income Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(76, 126, 157);font-size:9pt;font-family:'arial'">https://libertystreetfunds.com/robinson-tax-advantaged-income-fund/</span>. You can also request this information by contacting us at (800) 207-7108. https://libertystreetfunds.com/robinson-tax-advantaged-income-fund/ (800) 207-7108 <div style="margin-top:0px;font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);">Fund Expenses</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Robinson Tax Advantaged Income Fund<br/> (Class A/ROBAX)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"><span style="float:none">$</span>81</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom;">1.60<span>%</span><sup>1</sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:4pt"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt; padding-left: 0;"></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt; padding-left: 0;"> <div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>1</sup></div></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; padding-left: 0; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt;"> <div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 81 0.0160 <div style="font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);margin-top:10pt;">Key Fund Statistics</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><span style="float:none">$</span>222,846,074</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">37</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">29<span>%</span></td> </tr> </table> 222846074 37 0.29 <div style="margin-top:0px;font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);">Graphical Representation of Holdings</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any. </div><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniHoldings Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">11.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">8.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield Quality Fund III, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">8.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniHoldings California Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Eaton Vance Municipal Bond Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">4.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield New York Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">4.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">RiverNorth Flexible Municipal Income Fund II, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Managed Municipals Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">NYLI MacKay DefinedTerm Municipal Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Putnam Municipal Opportunities Trust</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.1<span>%</span></td> </tr> </table><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Asset Allocation</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);font-family:'arial';"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1148227.jpg" style="width: 172.8pt;"/> </div> <div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniHoldings Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">11.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">8.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield Quality Fund III, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">8.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniHoldings California Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Eaton Vance Municipal Bond Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">4.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield New York Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">4.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">RiverNorth Flexible Municipal Income Fund II, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Managed Municipals Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">NYLI MacKay DefinedTerm Municipal Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Putnam Municipal Opportunities Trust</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.1<span>%</span></td> </tr> </table> 0.110 0.085 0.081 0.055 0.047 0.046 0.039 0.034 0.032 0.031 <div style="font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';margin-bottom:10pt;">There were no changes in or disagreements with the Fund's<span style="white-space:nowrap"> </span>accountants during the reporting period.</div> Robinson Tax Advantaged Income Fund Class C ROBCX This semi-annual shareholder report contains important information about the Robinson Tax Advantaged Income Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(76, 126, 157);font-size:9pt;font-family:'arial'">https://libertystreetfunds.com/robinson-tax-advantaged-income-fund/</span>. You can also request this information by contacting us at (800) 207-7108. https://libertystreetfunds.com/robinson-tax-advantaged-income-fund/ (800) 207-7108 <div style="margin-top:0px;font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);">Fund Expenses</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Robinson Tax Advantaged Income Fund<br/> (Class C/ROBCX)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"><span style="float:none">$</span>119</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom;">2.35<span>%</span><sup>1</sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:4pt"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt; padding-left: 0;"></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt; padding-left: 0;"> <div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>1</sup></div></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; padding-left: 0; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt;"> <div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 119 0.0235 <div style="font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);margin-top:10pt;">Key Fund Statistics</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><span style="float:none">$</span>222,846,074</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">37</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">29<span>%</span></td> </tr> </table> 222846074 37 0.29 <div style="margin-top:0px;font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);">Graphical Representation of Holdings</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any. </div><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniHoldings Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">11.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">8.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield Quality Fund III, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">8.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniHoldings California Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Eaton Vance Municipal Bond Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">4.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield New York Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">4.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">RiverNorth Flexible Municipal Income Fund II, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Managed Municipals Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">NYLI MacKay DefinedTerm Municipal Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Putnam Municipal Opportunities Trust</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.1<span>%</span></td> </tr> </table><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Asset Allocation</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);font-family:'arial';"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1148263.jpg" style="width: 172.8pt;"/> </div> <div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniHoldings Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">11.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">8.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield Quality Fund III, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">8.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniHoldings California Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Eaton Vance Municipal Bond Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">4.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield New York Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">4.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">RiverNorth Flexible Municipal Income Fund II, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Managed Municipals Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">NYLI MacKay DefinedTerm Municipal Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Putnam Municipal Opportunities Trust</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.1<span>%</span></td> </tr> </table> 0.110 0.085 0.081 0.055 0.047 0.046 0.039 0.034 0.032 0.031 <div style="font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';margin-bottom:10pt;">There were no changes in or disagreements with the Fund's<span style="white-space:nowrap"> </span>accountants during the reporting period.</div> Robinson Tax Advantaged Income Fund Institutional Class ROBNX This semi-annual shareholder report contains important information about the Robinson Tax Advantaged Income Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(76, 126, 157);font-size:9pt;font-family:'arial'">https://libertystreetfunds.com/robinson-tax-advantaged-income-fund/</span>. You can also request this information by contacting us at (800) 207-7108. https://libertystreetfunds.com/robinson-tax-advantaged-income-fund/ (800) 207-7108 <div style="margin-top:0px;font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);">Fund Expenses</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Robinson Tax Advantaged Income Fund<br/> (Institutional Class/ROBNX)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"><span style="float:none">$</span>69</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom;">1.35<span>%</span><sup>1</sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:4pt"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt; padding-left: 0;"></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt; padding-left: 0;"> <div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>1</sup></div></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: 'Arial'; vertical-align: baseline; padding-left: 0; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 6pt;"> <div style="color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 69 0.0135 <div style="font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);margin-top:10pt;">Key Fund Statistics</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><span style="float:none">$</span>222,846,074</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">37</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">29<span>%</span></td> </tr> </table> 222846074 37 0.29 <div style="margin-top:0px;font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);">Graphical Representation of Holdings</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any. </div><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniHoldings Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">11.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">8.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield Quality Fund III, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">8.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniHoldings California Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Eaton Vance Municipal Bond Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">4.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield New York Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">4.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">RiverNorth Flexible Municipal Income Fund II, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Managed Municipals Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">NYLI MacKay DefinedTerm Municipal Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Putnam Municipal Opportunities Trust</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.1<span>%</span></td> </tr> </table><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Asset Allocation</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);font-family:'arial';"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1148299.jpg" style="width: 172.8pt;"/> </div> <div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 18, 103);border-bottom-style:solid;border-bottom-width:1pt;font-family:'arial';font-weight:bold;color:rgb(76, 126, 157);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniHoldings Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">11.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">8.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield Quality Fund III, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">8.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniHoldings California Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Eaton Vance Municipal Bond Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">4.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">BlackRock MuniYield New York Quality Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">4.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">RiverNorth Flexible Municipal Income Fund II, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Western Asset Managed Municipals Fund, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">NYLI MacKay DefinedTerm Municipal Opportunities Fund</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3.5pt; padding-left: 12pt; text-align: left; font-family: 'Arial';">Putnam Municipal Opportunities Trust</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3.5pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.1<span>%</span></td> </tr> </table> 0.110 0.085 0.081 0.055 0.047 0.046 0.039 0.034 0.032 0.031 <div style="font-family:'arial';font-size:11.52pt;margin-bottom:3pt;font-weight:bold;color:rgb(0, 18, 103);margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;font-family:'arial';margin-bottom:10pt;">There were no changes in or disagreements with the Fund's<span style="white-space:nowrap"> </span>accountants during the reporting period.</div> Annualized. Annualized. Annualized. Annualized. Annualized. Annualized.