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0001464413 matisse:BloombergVLIHighYieldIndexMember 2021-04-01 2026-03-31 0001464413 matisse:FTTaxableFixedIncomeCEFIndexMember 2025-04-01 2026-03-31 0001464413 matisse:FTTaxableFixedIncomeCEFIndexMember 2021-04-01 2026-03-31 iso4217:USD pure matisse:Holdings true N-1A Amendment 0001464413 N-CSR/A Starboard Investment Trust 2026-03-31 Matisse Discounted Closed-End Fund Strategy Institutional Class MDCEX Annual Shareholder Report This <span id="xdx_908_eoef--ShareholderReportAnnualOrSemiAnnual_c20250401__20260331__oef--ClassAxis__custom--C000119000Member_zXfAzv4F2v4h">Annual shareholder report</span> contains important information about the Matisse Discounted Closed-End Fund Strategy (the "Fund") for the period of April 1, 2025 to March 31, 2026. Annual shareholder report You can find additional information about the Fund at <span id="xdx_909_eoef--AddlInfoWebsite_c20250401__20260331__oef--ClassAxis__custom--C000119000Member_z5n31f8qkTP9">https://fundinfopages.com/MDCEX</span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20250401__20260331__oef--ClassAxis__custom--C000119000Member_z8e3ALo6k4m">(800) 773-3863</span>. https://fundinfopages.com/MDCEX (800) 773-3863 <p id="xdx_800_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000119000Member_dD_z1ojTsG5urea" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 36px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">What were the Fund costs for the past year?<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><span style="box-sizing: border-box; font-size: 9pt"><i>(based on a hypothetical $10,000 investment)</i></span></span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Name</span></div></th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Matisse Discounted Closed-End Fund Strategy</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_909_eoef--ExpensesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000119000Member_zz5Ija7ttWg3">165</span></span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--ExpenseRatioPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000119000Member_zqkin3muJRw3">1.50</span>%</span></div></td></tr> </table></div></div></div> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 165 0.0150 <p id="xdx_80A_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000119000Member_dD_zo1t7PXTGgVd" style="font: bold 11pt/11pt Gotham Narrow-Bold,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 29.34px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">How did the Fund perform last year and what affected its performance?</p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 53.35px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-size: 8pt">For the fiscal year ended March 31, 2026, the Fund returned 20.73%. It outperformed its primary benchmark, the </span>Morningstar Global Allocation Index<span style="box-sizing: border-box; font-size: 8pt">, which returned 13.96% for the period. It also outperformed the S-Network Composite Closed-End Fund Index and the First Trust Composite Closed-End Fund Index, which returned 9.05% and 10.85%, respectively, for the same period.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32.01px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-size: 8pt">Stocks broadly outperformed bonds, and foreign stocks broadly outperformed US stocks during the period, both of which were positive contributing factors to the Fund’s outperformance, given our higher weight in these areas.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 53.35px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-size: 8pt">Overall, discounts in the closed-end fund universe were a headwind for our Fund’s performance during the period, as the average discount widened from -4.58% to -6.18%. However, our disciplined execution of our discount capture strategy paid off, as “discount capture” contributed +490 bps to our Fund performance during the period.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 10.67px; align-content: center; box-sizing: border-box; color: #000; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 8pt">The three largest contributors to performance were:</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 6pt 8pt; text-align-last: auto; display: block; min-height: 21.34px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -8pt"><span style="box-sizing: border-box; font-size: 8pt">• The Taiwan Fund, which gained +121.15%, primarily from underlying at-NAV performance, plus a slight narrowing of its discount.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 6pt 8pt; text-align-last: auto; display: block; min-height: 21.34px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -8pt"><span style="box-sizing: border-box; font-size: 8pt">•  NexPoint Diversified Real Estate Trust, which gained +43.85%, as its discount narrowed from -76.52% to -55.98% even though its NAV declined.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 6pt 8pt; text-align-last: auto; display: block; min-height: 21.34px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -8pt"><span style="box-sizing: border-box; font-size: 8pt">• Korea Fund, which gained +133.73%, primarily from underlying at-NAV performance, plus a slight narrowing of its discount.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 10.67px; align-content: center; box-sizing: border-box; color: #000; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 8pt">The three largest negative contributors to performance were:</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 6pt 8pt; text-align-last: auto; display: block; min-height: 21.34px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -8pt"><span style="box-sizing: border-box; font-size: 8pt">•  XAI Octagon Floating Rate &amp; Alternative Income Trust, which lost -31.23% due to a combination of at-NAV decline and discount widening.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 6pt 8pt; text-align-last: auto; display: block; min-height: 74.7px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -8pt"><span style="box-sizing: border-box; font-size: 8pt">•  Malibu Life Holdings, which lost -38.04%, primarily due to a sharp widening of its discount post its conversion from a Closed-End Fund (Third Point) to a life insurance operating company in September.  As part of the conversion, the company tendered for some of its shares at a premium to the trading price, which our Fund was able to benefit from. At less than half of its NAV (book value), we see tremendous upside opportunity in Malibu Life, although there is of course no guarantee.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 6pt 8pt; text-align-last: auto; display: block; min-height: 21.34px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -8pt"><span style="box-sizing: border-box; font-size: 8pt">• FS Credit Opportunities, which lost -18.25% due to substantial discount widening, only partially offset by its positive at-NAV performance.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 42.68px; align-content: center; box-sizing: border-box; color: #000; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 8pt">Even though the Fund had a very good year, we finish the fiscal year with our average holding at approximately a 27% discount to NAV… wider than a year ago!  For each of our highly discounted holdings, our investment thesis centers around our expectation that those discounts will narrow substantially in the future.</span></p> <p id="xdx_80D_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000119000Member_dD_zCUkvUylmBhl" style="font: bold 16pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 50px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">How did the Fund perform in the<br/>last ten years?</p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 53.35px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">The following graph compares the initial and subsequent account values at the end of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the inception date of the Fund in an appropriate broad-based index that reflects the market sectors that the Fund invests in for the same period.</p><div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div></td> <td id="xdx_4B0_oef--ClassAxis_custom--C000119000Member_zpMP89s6s3hg" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Matisse Discounted Closed-End Fund ($29,412)</div></td> <td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--MorningstarGlobalAllocationIndexMember_zK3KCfhRainc" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Morningstar Global Allocation Index ($20,401)</div></td> <td id="xdx_4BB_oef--BroadBasedIndexAxis_custom--SNetworkCompositeClosedEndFundIndexMember_zED6Or21e1y7" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S-Network Composite Closed-End Fund Total Return Index ($19,997)</div></td> <td id="xdx_4BC_oef--BroadBasedIndexAxis_custom--FirstTrustCompositeClosedEndFundIndexMember_zQGWQvnBKYl" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">First Trust Composite Closed-End Fund Index ($19,661)</div></td></tr> <tr id="xdx_43E_c20160331__20160331_eoef--AccmVal_z49rlZ6fXRX5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2016</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td></tr> <tr id="xdx_432_c20160331__20170331_eoef--AccmVal_zm7elz4j00y3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2017</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12027</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10956</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11640</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11499</div></td></tr> <tr id="xdx_437_c20160331__20180331_eoef--AccmVal_zLk7eC6AQcJ5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2018</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13336</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12211</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12430</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12046</div></td></tr> <tr id="xdx_436_c20160331__20190331_eoef--AccmVal_z2NVPqwhVTS7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2019</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14207</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12483</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12941</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12849</div></td></tr> <tr id="xdx_43C_c20160331__20200331_eoef--AccmVal_zhzrmLojcAw2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9659</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11828</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11122</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10872</div></td></tr> <tr id="xdx_435_c20160331__20210331_eoef--AccmVal_zJM2cPBz3hZc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15907</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15766</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15969</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15477</div></td></tr> <tr id="xdx_431_c20160331__20220331_eoef--AccmVal_zcPmz7xxUsCi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">18179</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16004</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16268</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15686</div></td></tr> <tr id="xdx_438_c20160331__20230331_eoef--AccmVal_zXczlFAosrOa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17514</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14844</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14615</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14059</div></td></tr> <tr id="xdx_438_c20160331__20240331_eoef--AccmVal_zkSW0GeYMI3l" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">22094</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16952</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16754</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15964</div></td></tr> <tr id="xdx_431_c20160331__20250331_eoef--AccmVal_zHdecHxcYaSl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">24361</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17901</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">18338</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17736</div></td></tr> <tr id="xdx_430_c20160331__20260331_eoef--AccmVal_zeScAzNjIVDd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">29412</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">20401</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">19997</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">19661</div></td></tr> </table></div></div><img alt="line" src="qesf83i3s1mpbkhfz0.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0"> </p></div> 10000 10000 10000 10000 12027 10956 11640 11499 13336 12211 12430 12046 14207 12483 12941 12849 9659 11828 11122 10872 15907 15766 15969 15477 18179 16004 16268 15686 17514 14844 14615 14059 22094 16952 16754 15964 24361 17901 18338 17736 29412 20401 19997 19661 <p id="xdx_808_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000119000Member_dD_zgwLPS1qF0Xh" style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Average Annual Total Returns</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box">(as of </i></span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal">March 31, 2026</span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><span style="box-sizing: border-box; font-size: 9pt">)</span></span></p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box"></i></span></p> <div style="box-sizing: border-box; text-align-last: auto; margin-top: 0"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 <br/> Year</span></div></th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 <br/> Years</span></div></th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10 <br/> Years</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Matisse Discounted</span></div> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Closed-End Fund Strategy</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000119000Member_zfzWzyEkixS9">20.73</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--ClassAxis__custom--C000119000Member_zcEfuOD3gAM6">13.08</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--ClassAxis__custom--C000119000Member_z1jL3HYRx7N8">11.39</span>%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Morningstar Global Allocation Index</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--MorningstarGlobalAllocationIndexMember_zdmZn1JVmN94">13.96</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--MorningstarGlobalAllocationIndexMember_zjMXAMLROyI9">5.29</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--MorningstarGlobalAllocationIndexMember_zM83SHgbZRe7">7.39</span>%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S-Network Composite Closed-End Fund Index</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--SNetworkCompositeClosedEndFundIndexMember_zDUNtqGvG3a1">9.05</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--SNetworkCompositeClosedEndFundIndexMember_zbQP4z17gr55">4.60</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--SNetworkCompositeClosedEndFundIndexMember_zUx12y3EXTel">7.18</span>%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First Trust Composite</span></div> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Closed-End Fund Index</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--FirstTrustCompositeClosedEndFundIndexMember_zKgkPgSW25h1">10.85</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--FirstTrustCompositeClosedEndFundIndexMember_z5aiYMjw0czh">4.90</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--FirstTrustCompositeClosedEndFundIndexMember_z8cGA9MeLqn7">6.99</span>%</span></div></td></tr> </table></div></div></div> 0.2073 0.1308 0.1139 0.1396 0.0529 0.0739 0.0905 0.0460 0.0718 0.1085 0.0490 0.0699 Visit <span style="margin: 0; padding: 0; text-decoration: none; box-sizing: border-box; color: inherit; cursor: pointer">https://fundinfopages.com/MDCEX</span> for more recent performance information. The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <p id="xdx_801_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000119000Member_dD_zrTgmUbtidk" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box">(as of </i></span></span></span><i style="box-sizing: border-box"><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; color: #000">March 31, 2026</span></span></i><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box">)</i></span></span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Net Assets</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_988_eus-gaap--AssetsNet_iE_pp0p0_c20250401__20260331__oef--ClassAxis__custom--C000119000Member_zyEXl2xaCrkl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$64,879,254</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_988_eoef--HoldingsCount_iE_uHoldings_c20250401__20260331__oef--ClassAxis__custom--C000119000Member_zSYoMpEeJf42" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">37</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Net Advisory Fee</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98C_eoef--AdvisoryFeesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000119000Member_zyxkZ8o4pxf6" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$597,067</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover Rate</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_980_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250401__20260331__oef--ClassAxis__custom--C000119000Member_z4FUeQ3Dwjhl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">31.38%</span></div></td></tr> </table></div></div></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: -16pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"><br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: normal"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"></span></span></span></p> 64879254 37 597067 0.3138 <div id="xdx_806_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000119000Member_dD_ztlx3cCh1sD8" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 16pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 25px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">What did the Fund invest in?</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: -4pt 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i>(as of </i></span></span></span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><i>March 31, 2026</i></span></span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt">)</span></span></span><br/></p></div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Breakdown by Security Type <span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><span style="box-sizing: border-box; font-size: 9pt"><i>(% of net assets)</i></span></span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Closed-End Funds</div></td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000119000Member__oef--IndustrySectorAxis__custom--ClosedEndFundsMember_zLzt2m88uWzl" style="box-sizing: border-box; text-align-last: auto">1.04</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Short-Term Investment</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000119000Member__oef--IndustrySectorAxis__us-gaap--ShortTermInvestmentsMember_zK2CcLiN0tjd" style="box-sizing: border-box; text-align-last: auto">0.003</div></td></tr> </table></div></div><img alt="bar" src="qesf83i3s1mp5ltnz9.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p></div> 1.04 0.003 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000119000Member_zrzg92SPWpo9" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Ten Holdings</span></div></th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of net assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tetragon Financial Group Ltd</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119000Member__oef--LargestHoldingAxis__custom--TetragonFinancialGroupLtdMember_ziDAyxumuZAk" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.9%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NexPoint Diversified Real Estate Trust</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119000Member__oef--LargestHoldingAxis__custom--NexPointDiversifiedRealEstateTrustMember_ziu9SIp6M9Si" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.5%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Taiwan Fund Inc/The/MD</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119000Member__oef--LargestHoldingAxis__custom--TaiwanFundIncTheMDMember_z705n4eUAASb" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.3%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Pershing Square Holdings Ltd/Fund</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119000Member__oef--LargestHoldingAxis__custom--PershingSquareHoldingsLtdFundMember_zV9SRSoUyyj1" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.2%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Mexico Fund Inc/The</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119000Member__oef--LargestHoldingAxis__custom--MexicoFundIncTheMember_zlVwlJaupuN" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.2%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Bluerock Private Real Estate Fund</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119000Member__oef--LargestHoldingAxis__custom--BluerockPrivateRealEstateFundMember_z5hCfeXO7WC9" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.1%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">XAI Octagon Floating Rate Alternative Income Trust</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119000Member__oef--LargestHoldingAxis__custom--XAIOctagonFloatingRateAlternativeIncomeTrustMember_zr43rbBLf8sb" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.9%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Royce Global Trust Inc</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119000Member__oef--LargestHoldingAxis__custom--RoyceGlobalTrustIncMember_zpHuScpOq5uj" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.9%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; white-space: nowrap; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">BlackRock Technology and Private Equity Term Trust</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119000Member__oef--LargestHoldingAxis__custom--BlackRockTechnologyandPrivateEquityTermTrustMember_zzmJfDKWvyYc" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.9%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">FS Credit Opportunities Corp</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000119000Member__oef--LargestHoldingAxis__custom--FSCreditOpportunitiesCorpMember_zSsN9xdJNgJc" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.7%</span></div></td></tr> </table></div> 0.069 0.065 0.053 0.052 0.042 0.041 0.039 0.039 0.039 0.037 Matisse Discounted Bond CEF Strategy Institutional Class MDFIX This <span id="xdx_90A_eoef--ShareholderReportAnnualOrSemiAnnual_c20250401__20260331__oef--ClassAxis__custom--C000200403Member_zQ4PRg2Y3Ikh">Annual shareholder report</span> contains important information about the Matisse Discounted Bond CEF Strategy (the "Fund") for the period of April 1, 2025 to March 31, 2026. Annual shareholder report You can find additional information about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20250401__20260331__oef--ClassAxis__custom--C000200403Member_zpi8VqmMQNmd">https://fundinfopages.com/MDFIX</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20250401__20260331__oef--ClassAxis__custom--C000200403Member_z4AxHpKS1apl">(800) 773-3863</span>. https://fundinfopages.com/MDFIX (800) 773-3863 <p id="xdx_809_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000200403Member_dD_zaJEWpUYGpw1" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 36px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">What were the Fund costs for the past year?<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><span style="box-sizing: border-box; font-size: 9pt"><i>(based on a hypothetical $10,000 investment)</i></span></span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Name</span></div></th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Matisse Discounted Bond CEF Strategy</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90C_eoef--ExpensesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000200403Member_z2I5p8bow5W9">127</span></span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--ExpenseRatioPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000200403Member_z2PdndGb8Z29">1.24</span>%</span></div></td></tr> </table></div></div></div> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 127 0.0124 <p id="xdx_805_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000200403Member_dD_zYqPSU9hT2lc" style="font: bold 11pt/12pt Gotham Narrow-Bold,Arial,Arial; margin: 0 0 5pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">How did the Fund perform last year and what affected its performance?</p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 53.35px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-size: 8pt">For the fiscal year ended March 31, 2026, the Fund returned 4.31%. It underperformed its primary benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.35% for the period. It underperformed the Bloomberg VLI HIgh Yield Index and outperformed the FT Taxable Fixed Income CEF Index, which returned 7.35% and -0.27%, respectively, for the period.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 32.01px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-size: 8pt">Our Fund’s longer duration (via a high exposure to long duration, high credit quality, Municipal Bond CEFs) was a headwind, as longer-term interest rates generally rose.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 53.35px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -1pt"><span style="box-sizing: border-box; font-size: 8pt">Overall, discounts in the bond closed-end fund universe were also a headwind during the period, as the average discount widened from -3.59% to -5.23%. However, our disciplined execution of our discount capture strategy paid off, as “discount capture” contributed +147 bps to our Fund performance during the period.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 10.67px; align-content: center; box-sizing: border-box; color: #000; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 8pt">The three largest contributors to performance were:</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt 4pt; text-align-last: auto; display: block; min-height: 42.68px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -4pt"><span style="box-sizing: border-box; font-size: 8pt">• PIMCO California Municipal Income Fund, which gained +1.90%, primarily from at-NAV performance, partly offset by some discount widening.  We obtained a much larger position as PIMCO California Municipal Income Fund merged together with some other PIMCO Municipal Bond CEFs we also owned.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt 4pt; text-align-last: auto; display: block; min-height: 42.68px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -4pt"><span style="box-sizing: border-box; font-size: 8pt">• PIMCO New York Municipal Income Fund II, which gained +1.88%, primarily from at-NAV performance, partly offset by some discount widening.  PNI, similarly to PCQ above, merged together with some other PIMCO Municipal Bond CEFs we also owned.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt 4pt; text-align-last: auto; display: block; min-height: 21.34px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -4pt"><span style="box-sizing: border-box; font-size: 8pt">• Morgan Stanley Emerging Markets Domestic Debt Fund, which gained +18.73%, driven by at-NAV return partially offset by some discount widening.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 10.67px; align-content: center; box-sizing: border-box; color: #000; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 8pt">The three largest negative contributors to performance were:</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt 4pt; text-align-last: auto; display: block; min-height: 32.01px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -4pt"><span style="box-sizing: border-box; font-size: 8pt">• XAI Octagon Floating Rate &amp; Alternative Income Trust, which lost -31.23% due to a combination of at-NAV decline and discount widening.  XFLT detracted -112 bps from Fund performance.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt 4pt; text-align-last: auto; display: block; min-height: 32.01px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -4pt"><span style="box-sizing: border-box; font-size: 8pt">• PIMCO New York Municipal Income Fund, which lost -7.37% from 3/31/25 until August, when it was merged into PNI.  This loss was driven primarily by at-NAV decline and in part by some discount widening.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt 4pt; text-align-last: auto; display: block; min-height: 32.01px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -4pt"><span style="box-sizing: border-box; font-size: 8pt">• PIMCO California Municipal Income Fund II, which lost -5.06% from 3/31/25 until August, when it was merged into PCQ (see above).  This loss was driven primarily by at-NAV decline offset by some discount narrowing.</span></p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 5pt; text-align-last: auto; display: block; min-height: 74.7px; align-content: center; box-sizing: border-box; color: #000; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 8pt">Our elevated cash position helped reduce portfolio volatility and had a limited impact on returns, as money market yields were comparable to Fund performance. We believe the current environment is increasingly favorable. Recent dislocation in private credit markets has led to a wider opportunity set at more attractive valuations. The Fund’s weighted average discount has widened from -9.07% a year ago to -12.75% as of 3/31/26, improving prospective return potential.</span></p> <p id="xdx_808_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000200403Member_dD_zECgHfmNSHfk" style="font: bold 16pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 50px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">How did the Fund perform since inception?</p> <p style="font: normal 8pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 53.35px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">The following graph compares the initial and subsequent account values at the end of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the inception date (April 30, 2020) of the Fund in an appropriate broad-based index that reflects the market sectors that the Fund invests in for the same period.</p><div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div></td> <td id="xdx_4BD_oef--ClassAxis_custom--C000200403Member_zBv0TQqHHJFe" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Matisse Discounted Bond CEF Strategy ($15,658)</div></td> <td id="xdx_4BA_oef--BroadBasedIndexAxis_custom--BloombergUSAggregateBondIndexMember_zh4sBqWVbzx7" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Bloomberg US Aggregate Bond Index ($10,051)</div></td> <td id="xdx_4BD_oef--BroadBasedIndexAxis_custom--BloombergVLIHighYieldIndexMember_z5jC3tQPPGog" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Bloomberg VLI High Yield Index ($14,150)</div></td> <td id="xdx_4B0_oef--BroadBasedIndexAxis_custom--FTTaxableFixedIncomeCEFIndexMember_zw318KGmBn6g" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">FT Taxable Fixed Income CEF Index ($15,010)</div></td></tr> <tr id="xdx_43E_c20200430__20200430_eoef--AccmVal_znCLto714g48" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td></tr> <tr id="xdx_433_c20200430__20210331_eoef--AccmVal_zV2xfpVYPz7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13134</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9895</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11654</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13210</div></td></tr> <tr id="xdx_431_c20200430__20220331_eoef--AccmVal_zhM6iyh1hcF1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9484</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11526</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12780</div></td></tr> <tr id="xdx_439_c20200430__20230331_eoef--AccmVal_zjpMN2c98Is1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12185</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9030</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11077</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11551</div></td></tr> <tr id="xdx_437_c20200430__20240331_eoef--AccmVal_zjxX77rbK77d" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13835</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9184</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12294</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13611</div></td></tr> <tr id="xdx_43B_c20200430__20250331_eoef--AccmVal_zKavY2FEV7jk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15012</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9632</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13181</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15050</div></td></tr> <tr id="xdx_43E_c20200430__20260331_eoef--AccmVal_zMh4DR7PUZTd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15658</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10051</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14150</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15010</div></td></tr> </table></div></div><img alt="line" src="qes1d6uen1mp1dptmx.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0"> </p></div> 10000 10000 10000 10000 13134 9895 11654 13210 13000 9484 11526 12780 12185 9030 11077 11551 13835 9184 12294 13611 15012 9632 13181 15050 15658 10051 14150 15010 <p id="xdx_80A_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000200403Member_dU_zPqgwDsqLoqb" style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Average Annual Total Returns</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box">(as of </i></span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><i>March 31, 2026</i></span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><span style="box-sizing: border-box; font-size: 9pt">)</span></span></p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box"></i></span></p> <div style="box-sizing: border-box; text-align-last: auto; margin-top: 0"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span></div></th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 Years</span></div></th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Since Inception</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Matisse Discounted Bond CEF Strategy</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000200403Member_zI3NycpjLKr4">4.31</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--ClassAxis__custom--C000200403Member_z6BBV0RUKz1i">8.72</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20200430__20260331__oef--ClassAxis__custom--C000200403Member_zrM6eHLmBl4d">7.87</span>%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Bloomberg U.S. Aggregate Bond</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_zdprl9W2k6ob">4.35</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_zILsyPgJSIMc">3.63</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20200430__20260331__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_zkurNGbJcQh8">0.09</span>%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Bloomberg VLI High Yield Index</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--BloombergVLIHighYieldIndexMember_zpXp2C0eRLo4">7.35</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--BloombergVLIHighYieldIndexMember_zc5N3B40V6p8">8.50</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20200430__20260331__oef--BroadBasedIndexAxis__custom--BloombergVLIHighYieldIndexMember_zhfczxa6vmjc">6.04</span>%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">FT Taxable Fixed Income CEF Index</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--FTTaxableFixedIncomeCEFIndexMember_zo879RpFNlc">-0.27</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--FTTaxableFixedIncomeCEFIndexMember_zBNmjW7itRw">9.12</span>%</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20200430__20260331__oef--BroadBasedIndexAxis__custom--FTTaxableFixedIncomeCEFIndexMember_zL4L9ORHooI">7.11</span>%</span></div></td></tr> </table></div></div></div> 0.0431 0.0872 0.0787 0.0435 0.0363 0.0009 0.0735 0.0850 0.0604 -0.0027 0.0912 0.0711 Visit <span style="margin: 0; padding: 0; text-decoration: none; box-sizing: border-box; color: inherit; cursor: pointer">https://fundinfopages.com/MDFIX</span> for more recent performance information. The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000200403Member_dD_zM8mrEcubAh5" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box">(as of </i></span></span></span><i style="box-sizing: border-box"><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; color: #000">March 31, 2026</span></span></i><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box">)</i></span></span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Net Assets</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98B_eus-gaap--AssetsNet_iE_pp0p0_c20250401__20260331__oef--ClassAxis__custom--C000200403Member_zz0ndPQ0bOsf" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$53,013,282</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_980_eoef--HoldingsCount_iE_uHoldings_c20250401__20260331__oef--ClassAxis__custom--C000200403Member_zFGa6tDgv59e" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">28</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Net Advisory Fee</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_981_eoef--AdvisoryFeesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000200403Member_z7nzl52aYGB6" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$342,169</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover Rate</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250401__20260331__oef--ClassAxis__custom--C000200403Member_zUfUkdZAzhef" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">62.71%</span></div></td></tr> </table></div></div></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: -16pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"><br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: normal"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"></span></span></span></p> 53013282 28 342169 0.6271 <div id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000200403Member_dD_z7m5gwg8Tbbe" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 16pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 25px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">What did the Fund invest in?</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: -4pt 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i>(as of </i></span></span></span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><i>March 31, 2026</i></span></span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt">)</span></span></span><br/></p></div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Breakdown by Security Type <span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: normal"><span style="box-sizing: border-box; font-size: 9pt"><i>(% of net assets)</i></span></span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Closed-End Funds</div></td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000200403Member__oef--IndustrySectorAxis__custom--ClosedEndFundsMember_zHQ4DFUsrUI8" style="box-sizing: border-box; text-align-last: auto">68.4%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Short-Term Investment</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000200403Member__oef--IndustrySectorAxis__us-gaap--ShortTermInvestmentsMember_zPQV00OnArPf" style="box-sizing: border-box; text-align-last: auto">31.4%</div></td></tr> </table></div></div><img alt="bar" src="qes2lk1mppfgtwr.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p></div> 0.684 0.314 <div id="xdx_80C_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000200403Member_zh6s9CAB0V0g" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Ten Holdings</span></div></th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of net assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fidelity Government Portfolio</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000200403Member__oef--LargestHoldingAxis__custom--FidelityGovernmentPortfolioMember_zWw0JOVuQPNg" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">31.4%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">PIMCO California Municipal Income Fund</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000200403Member__oef--LargestHoldingAxis__custom--PIMCOCaliforniaMunicipalIncomeFundMember_zaqkxDbW6tIg" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">9.5%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">PIMCO New York Municipal Income Fund II</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000200403Member__oef--LargestHoldingAxis__custom--PIMCONewYorkMunicipalIncomeFundSecondMember_zqmWKZgX31Qh" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.0%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">FS Credit Opportunities Corp</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000200403Member__oef--LargestHoldingAxis__custom--FSCreditOpportunitiesCorpMember_z4rD5FzQcDF3" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.9%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">XAI Octagon Floating Rate Alternative Income Trust</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000200403Member__oef--LargestHoldingAxis__custom--XAIOctagonFloatingRateAlternativeIncomeTrustMember_z9tCKmCnUOk7" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.8%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">FS Specialty Lending Fund</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000200403Member__oef--LargestHoldingAxis__custom--FSSpecialtyLendingFundMember_zcKFLFLPmygl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.8%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Western Asset Inflation-Linked Opportunities &amp;<br/>Income Fund</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000200403Member__oef--LargestHoldingAxis__custom--WesternAssetInflationLinkedOpportunitiesAndIncomeFundMember_zHIqFtKPzeV8" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.7%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Invesco Senior Income Trust</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000200403Member__oef--LargestHoldingAxis__custom--InvescoSeniorIncomeTrustMember_ztSTHfv1Sw8g" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.6%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; white-space: nowrap; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Nuveen Floating Rate Income Fund/Closed-end Fund</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000200403Member__oef--LargestHoldingAxis__custom--NuveenFloatingRateIncomeFundClosedendFundMember_zSG65Td1KQWb" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.5%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Blackstone Long-Short Credit Income Fund</span></div></td> <td style="border-bottom: #000 1px solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000200403Member__oef--LargestHoldingAxis__custom--BlackstoneLongShortCreditIncomeFundMember_zbohTXYImS49" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.5%</span></div></td></tr> </table></div> 0.314 0.095 0.080 0.039 0.038 0.038 0.037 0.036 0.035 0.035