Mutual Fund & Variable Insurance Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05010

Mutual Fund and Variable Insurance Trust

(Exact name of registrant as specified in charter)

36 North New York Avenue

Huntington, NY 11743

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

Corporate Trust Center

1209 Orange Street

Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-631-629-4237

Date of fiscal year end: December 31

Date of reporting period: June 30, 2018

Item 1. Reports to Stockholders.

Semi-Annual Shareholder Report

June 30, 2018

CLASS A SHARES

CLASS C SHARES

INSTITUTIONAL SHARES

Rational Dividend Capture Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2018

The Fund’s performance figures* for each of the periods ended June 30, 2018, compared to its benchmarks:

	6 Month		Annualized	Annualized	Annualized
	Return	1 Year Return	5 Year Return	10 Year Return	Since 1/2/2014(a)
Class A	(0.10)%	(1.45)%	3.46%	5.40%	N/A
Class A with load	(4.85)%	(6.13)%	2.46%	4.88%	N/A
Class C	(0.34)%	(1.93)%	N/A	N/A	1.53%
Institutional Class	0.04%	(1.18)%	3.72%	5.66%	N/A
S&P 500 Total Return Index (b)	2.65%	14.37%	13.42%	10.17%	11.48%
S&P 500/Citigroup Value Total Return Index (c)	(2.22)%	7.58%	10.45%	8.44%	8.66%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2018 prospectus, the total annual operating expense are 1.40% for Institutional Class shares, 1.64% for A shares and 2.40% for C shares before fee waivers. See the financial highlights for current expense ratios. For performance information current to the most recent month-end, please call toll-free 1-800-253-0412. Class A shares are subject to a maximum load of 4.75%.

(a) Inception date is January 2, 2014 for Class C and the Benchmarks.

(b) The “S&P 500 Total Return Index”, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an Index.

(c) The S&P 500/Citigroup Value Total Return Index uses a numerical ranking system based on four value factors and three growth factors to determine the constituents and their weightings. Investors cannot invest directly in an Index.

Top 10 Holdings by Industry	% of Net Assets
Investment Companies		14.8	%
REITs		10.9	%
Pharmaceuticals		10.3	%
Banks		7.5	%
Equity Funds		6.6	%
Telecommunications		6.5	%
Retail		3.8	%
Food		3.6	%
Diversified Financial Services		3.4	%
Pipelines	��	2.7	%
Other/Short-Term Investments		29.9	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

1

Rational Risk Managed Emerging Markets Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2018

The Fund’s performance figures* for each of the periods ended June 30, 2018, compared to its benchmark:

			Annualized	Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	Since 12/30/2009(a)	Since 5/31/2016(b)
Class A	(9.00)%	3.10%	5.32%	3.26%	N/A
Class A with load	(13.32)%	(1.73)%	4.30%	2.67%	N/A
Class C	(9.24)%	2.50%	N/A	N/A	7.99%
Institutional Class	(8.80)%	3.39%	5.58%	3.54%	N/A
MSCI Emerging Markets Index (c)	6.66%	8.20%	5.01%	3.47%	N/A

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2018 prospectus, the total annual operating expense are 3.00% for Institutional Class shares, 3.29% for A shares and 4.00% for C shares before fee waivers. See the financial highlights for current expense ratios. For performance information current to the most recent month-end, please call toll-free 1-800-253-0412. Class A shares are subject to a maximum load of 4.75%.

(a) Inception date is December 30, 2009 for Class A, Institutional Class and the Benchmark.

(b) Inception date is May 31, 2016 for Class C and the Benchmark.

(c) The MSCI Emerging Markets Index consists of 23 countries representing 10% of world market capitalization. The Index is available for a number of regions, market segments/sizes and covers approximately 85% of the free float-adjusted market capitalization in each of the 23 countries. it is not possible to invest directly in an index.

Top 10 Holdings by Industry	% of Net Assets
Banks		15.8	%
Retail		8.1	%
Oil & Gas		7.6	%
Diversified Financial Services		6.6	%
Lodging		4.3	%
Electric		4.3	%
Holding Companies - Diversified		3.8	%
Insurance		3.4	%
Healthcare-Services		3.1	%
Food		2.7	%
Other/Short-Term Investments		40.3	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

2

Rational Hedged Return Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2018

The Fund’s performance figures* for each of the periods ended June 30, 2018, compared to its benchmarks:

			Annualized	Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return	Since 5/31/2016(a)
Class A	3.77%	17.58%	(1.33)%	(4.87)%	N/A
Class A with load	(1.13)%	12.08%	(2.27)%	(5.33)%	N/A
Class C	3.36%	16.97%	N/A	N/A	5.75%
Institutional Class	4.01%	18.08%	(1.22)%	(4.70)%	N/A
S&P 500 Total Return Index (b)	2.65%	14.37%	13.42%	10.17%	15.58%
S&P Goldman Sachs Commodity Index (c)	10.36%	30.04%	(9.41)%	(12.36)%	8.46%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2018 prospectus, the total annual operating expense are 5.20% for Institutional Class shares, 5.45% for A shares and 6.20% for C shares before fee waivers. See the financial highlights for current expense ratios. For performance information current to the most recent month-end, please call toll-free 1-800-253-0412. Class A shares are subject to a maximum load of 4.75%.

(a) Inception date is May 31, 2016 for Class C and the Benchmark.

(b) The “S&P 500 Total Return Index”, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an Index.

(c) The S&P Goldman Sachs Commodity Index^® (“S&P GSCI”) measures general price movements and inflation in the world economy. The S&P GSCI is calculated primarily on a world production-weighted basis and is comprised of the principal physical commodities that are the subject of active, liquid futures markets. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an Index.

Top Holdings by Industry ^	% of Net Assets
Short-Term Investments		21.2	%
Other/Short-term Investments		78.8	%
		100.0	%

^    Does not include derivatives in which the Fund invests.

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

3

Rational Dynamic Brands Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2018

The Fund’s performance figures* for each of the periods ended June 30, 2018, compared to its benchmarks:

	6 Month		Annualized	Annualized	Annualized
	Return	1 Year Return	5 Year Return	10 Year Return	Since 1/2/2014(a)
Class A	8.10%	22.70%	7.28%	7.59%	N/A
Class A with load	3.09%	16.69%	6.25%	7.07%	N/A
Class C	7.52%	21.71%	N/A	N/A	3.67%
Institutional Class	8.02%	22.88%	7.56%	7.86%	N/A
S&P 500 Index Total Return (b)	2.65%	14.37%	13.42%	10.17%	11.48%
S&P 400 Index Total Return (c)	3.49%	13.50%	12.69%	10.17%	10.57%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2018 prospectus, the total annual operating expense are 1.69% for Institutional Class shares, 1.94% for A shares and 2.69% for C shares before fee waivers. See the financial highlights for current expense ratios. For performance information current to the most recent month-end, please call toll-free 1-800-253-0412. Class A shares are subject to a maximum load of 4.75%.

(a) Inception date is January 2, 2014 for Class C and corresponding Benchmark.

(b) The “S&P 500 Total Return Index”, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an Index.

(c) The S&P 400 is a capitalization-weighted index comprised of common stocks representing major industries in the mid-range of the U.S. stock market. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an Index.

Top 10 Holdings by Industry	% of Net Assets
Retail		16.7	%
Internet		11.2	%
Software		8.9	%
Airlines		6.9	%
Beverages		6.1	%
Food		5.9	%
Healthcare-Services		5.7	%
Pharmaceuticals		4.2	%
Diversified Financial Services		3.8	%
Lodging		3.4	%
Other/Short-Term Investments		27.2	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

4

Rational Strategic Allocation Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2018

The Fund’s performance figures* for each of the periods ended June 30, 2018, compared to its benchmarks:

			Annualized	Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	Since 7/30/2009(a)	Since 5/31/2016(b)
Class A	0.50%	7.20%	5.65%	6.43%	N/A
Class A with load	(4.26)%	2.10%	4.63%	5.85%	N/A
Class C	0.13%	6.41%	N/A	N/A	7.39%
Institutional Class	0.64%	7.51%	N/A	N/A	8.46%
S&P 500 Total Return Index (c)	2.65%	14.37%	13.42%	14.41%	15.58%
BAIB Index (d)	1.10%	8.45%	9.07%	10.22%	9.49%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2018 prospectus, the total annual operating expense are 1.94% for Institutional Class shares, 2.23% for A shares and 2.94% for C shares before fee waivers. See the financial highlights for current expense ratios. For performance information current to the most recent month-end, please call toll-free 1-800-253-0412. Class A shares are subject to a maximum load of 4.75%.

(a) Inception date is July 30, 2009 for Class A and the Benchmarks.

(b) Inception date is May 31, 2016 for Class C, Institutional Class and the Benchmarks.

(c) The “S&P 500 Total Return Index”, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an Index.

(d) The Balanced Allocation Indices Blend (“BAIB”) is a custom blended index comprised of the following two indices with their noted respective weightings: Standard & Poor’s 500 Index^® (“S&P 500”) (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%). The Barclays U.S. Aggregate Index is comprised of securities from the Barclays Government/Corporate Bond Index, Mortgage Securities Index and the Asset Based Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization. The index is unmanaged and, unlike the Fund, is not affected by cash flows. The S&P 500 is an unmanaged index generally representing the performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index. For additional disclosure relating to the S&P 500, please see “Additional Disclaimers” in this semi-annual shareholder report.

Top Holdings	% of Net Assets
Debt Funds - Mutual Funds		38.7	%
Equity Funds - Exchange Traded Funds		26.4	%
Equity Funds - Mutual Funds		21.1	%
Asset Allocation Funds - Mutual Funds		13.2	%
Other/Short-Term Investments		0.6	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

5

Rational Resolve Adaptive Asset Allocation Fund (Formerly Rational Dynamic Momentum)

PORTFOLIO REVIEW (Unaudited)

June 30, 2018

The Fund’s performance figures* for each of the periods ended June 30, 2018, compared to its benchmarks:

			Annualized	Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	10 Year Return	Since 9/30/2016(a)
Class A	(1.15)%	4.88%	N/A	N/A	(0.28)%
Class A with load	(6.82)%	(1.16)%	N/A	N/A	(3.61)%
Class C	(1.52)%	4.14%	N/A	N/A	(0.93)%
Institutional Class	(1.07)%	5.12%	6.43%	1.49%	N/A
BofAML 3 Month Treasury Bill (b)	0.81%	1.36%	0.42%	0.35%	1.00%
S&P 500 Total Return Index (c)	2.65%	14.37%	13.42%	10.17%	16.11%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2018 prospectus, the total annual operating expense are 2.54% for Institutional Class shares, 2.95% for A shares and 3.70% for C shares before fee waivers. See the financial highlights for current expense ratios. For performance information current to the most recent month-end, please call toll-free 1-800-253-0412. Class A shares are subject to a maximum load of 5.75%.

(a) Inception date is May 31, 2016 for Class A, Class C and the Benchmarks.

(b) BofA Merrill Lynch 3-Month U.S. Treasury Bill Index “BofAML 3-Month T-Bill,” is an index of short-term U.S. Government securities maturing in 90 days. Investors cannot invest directly in an Index.

(c) The “S&P 500 Total Return Index”, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an Index.

Holdings by Asset Type ^	% of Net Assets
Short-Term Investments		94.6	%
Other/Cash & Equivalents		5.4	%
		100.0	%

^    Does not include derivatives in which the Fund invests.

Please refer to the Consolidated Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

6

Rational Iron Horse Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2018

The Fund’s performance figures* for each of the periods ended June 30, 2018, compared to its benchmarks:

			Annualized	Annualized	Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	Since 7/7/2011(a)	Since 11/16/2011(b)	Since 4/10/2017 (c)
Class A	(3.12)%	0.92%	4.26%	4.73%	N/A	N/A
Class A with Load	(8.65)%	(4.89)%	3.03%	3.85%	N/A	N/A
Class C	(3.37)%	0.39%	N/A	N/A	N/A	1.10%
Institutional Class	(3.05)%	1.10%	4.51%	N/A	6.24%	N/A
S&P 500 Total Return Index (d)	2.65%	14.37%	13.42%	12.87%	15.03%	14.55%
CBOE S&P Buy Write Index (e)	1.78%	7.28%	8.14%	7.71%	8.39%	8.56%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2018 prospectus, the total annual operating expense are 2.32% for Institutional Class shares, 2.43% for A shares and 3.18% for C shares before fee waivers. See the financial highlights for current expense ratios. For performance information current to the most recent month-end, please call toll-free 1-800-253-0412. Class A shares are subject to a maximum load of 5.75%.

(a) Inception date is July 7, 2011.

(b) Inception date is November 16, 2011.

(c) Inception date is April 10, 2017

(d) The S&P 500 Total Return Index is an unmanaged free-float capitalization-weighted index which measures the performance of 500 large-cap common stocks actively traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the index directly; unlike the Fund’s returns, the index does not reflect any fees or expenses.

(e) The CBOE S&P 500 BuyWrite Index (BXM) is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index. The BXM is a passive total return index based on (1) buying an S&P 500 stock index portfolio, and (2) “writing” (or selling) the near-term S&P 500 Index “covered” call option, generally on the third Friday of each month. Index returns assume the reinvestment of dividends. Investors may not invest in the index directly; unlike the Fund’s returns, the index does not reflect any fees or expenses.

Top 10 Holdings by Industry ^	% of Net Assets
Pharmaceuticals		11.1	%
Computers		10.7	%
Banks		6.9	%
Food		5.6	%
Media		5.1	%
Oil & Gas		5.1	%
Electric		4.9	%
Internet		3.7	%
REITs		3.6	%
Household Products/Wares		2.7	%
Other/Short-Term Investments		40.6	%
		100.0	%

^    Does not include derivatives in which the Fund invests.

Please refer to the Portfolio of Investments in this shareholder report for a detailed analysis of the Fund’s holdings.

7

Rational Income Opportunities Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2018

The Fund’s performance figures* for each of the periods ended June 30, 2018, compared to its benchmark:

	Since 4/23/2018 (a)
Class A	1.05%
Class A with load	(4.76)%
Class C	0.90%
Institutional Class	1.10%
Barclays US Intermediate Aggregate Index (b)	0.79%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s April 20, 2018 prospectus, the total annual operating expense are 2.26% for Institutional Class shares, 2.51% for A shares and 3.26% for C shares before fee waivers. See the financial highlights for current expense ratios. For performance information current to the most recent month-end, please call toll-free 1-800-253-0412. Class A shares are subject to a maximum load of 5.75%.

(a) Inception date is April 23, 2018.

(b) Barclays US Intermediate Aggregate Index measures the performance of the U.S. investment grade bond market. The index invests in a wide spectrum of public, investment-grade, taxable, fixed income, securities in the United States - including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year. Investors may not invest directly in an index. Unlike the Fund’s returns, the Index does not reflect any fees or expenses.

Top Holdings	% of Net Assets
Asset Backed Securities		76.1	%
REIT		0.7	%
Exchange Traded Funds		0.6	%
Other/Short-Term Investments		22.6	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

8

Rational NuWave Enhanced Market Opportunity Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2018

The Fund’s performance figures* for each of the periods ended June 30, 2018, compared to its benchmark:

			Annualized	Annualized
	6 Month Return	1 Year Return	5 Year Return	Since 3/31/2013 (a)	Since 2/28/2018 (b)
Class A	N/A	N/A	N/A	N/A	2.67%
Class A with load	N/A	N/A	N/A	N/A	(3.27)%
Class C	N/A	N/A	N/A	N/A	2.40%
Institutional Class	(3.76)%	0.44%	7.27%	7.61%	2.73%
S&P 500 Total Return Index (c)	2.65%	14.37%	13.42%	13.36%	0.81%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s March 1, 2018 prospectus, the total annual operating expense are 2.88% for Institutional Class shares, 3.13% for A shares and 3.88% for C shares before fee waivers. See the financial highlights for current expense ratios. For performance information current to the most recent month-end, please call toll-free 1-800-253-0412. Class A shares are subject to a maximum load of 5.75%.

(a) Inception date is March 31, 2013 for Institutional Class and the Benchmark.

(b) Inception date is February 28, 2018 for Class A, Class C and the Benchmark.

(c) The “S&P 500 Total Return Index”, a registered trademark of McGraw-Hill Co., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an Index.

Top 10 Holdings by Industry ^	% of Net Assets
Retail		6.4	%
Banks		5.3	%
Diversified Financial Services		4.9	%
Software		4.7	%
Oil & Gas		4.5	%
Healthcare-Products		3.7	%
Internet		3.3	%
Electric		3.0	%
Aerospace/Defense		2.8	%
Semiconductors		2.8	%
Other/Short-Term Investments		58.6	%
		100.0	%

^   Does not include derivatives in which the Fund Invests.

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

9

RATIONAL DIVIDEND CAPTURE FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		COMMON STOCKS - 85.9%
		BANKS - 7.5%
	43,600	Banco Santander SA ADR	$	232,824
	24,100	Bank of America Corp.		679,379
	8,370	Citigroup, Inc.		560,120
	1,310	JPMorgan Chase & Co.		136,502
	8,500	US Bancorp		425,170
				2,033,995
		BEVERAGES - 2.6%
	7,400	Coco-Cola Co. ADR		417,582
	2,550	PepsiCo, Inc.		277,619
				695,201
		BIOTECHNOLOGY - 1.0%
	1,470	Amgen, Inc.		271,347
		CHEMICALS - 2.5%
	24,020	Olin Corp.		689,854
		COAL - 0.8%
	11,070	Alliance Resource Partners LP		203,135
		COMPUTERS - 2.0%
	3,900	International Business Machines Corp.		544,830
		COSMETICS / PERSONAL CARE - 2.1%
	7,340	Procter & Gamble Co.		572,960
		DIVERSIFIED FINANCIAL SERVICES - 3.4%
	12,934	Arlington Asset Investment Corp.		133,350
	11,400	Legg Mason, Inc.		395,922
	113,213	Medley Management, Inc.		401,906
				931,178
		ELECTRONIC - 0.5%
	126,900	MicroVision, Inc. *		142,128
		ENTERTAINMENT - 0.8%
	12,765	AMC Entertainment Holdings, Inc.		202,963
		FOOD- 3.6%
	7,160	Campbell Soup Co.		290,266
	3,850	JM Smucker Co.		413,798
	4,500	Kraft Heinz Co.		282,690
				986,754
		FOREST PRODUCTS & PAPER- 1.2%
	6,210	International Paper Co.		323,417
		HOUSEHOLD PRODUCTS - 0.5%
	1,390	Kimberly-Clark Corp.		146,423
		HOUSEWARES - 2.3%
	24,300	Newell Brands, Inc.		626,697
		INSURANCE - 1.4%
	50,590	Maiden Holdings Ltd.		392,073
		INVESTMENT COMPANIES - 12.4%
	74,620	Apollo Investment Corp.		415,634
	68,200	Ares Capital Corp.		1,121,890
	16,930	Corporate Capital Trust, Inc.		264,446
	230,760	Medley Capital Corp.		800,737
	28,060	Oaktree Speciality Lending Corp.		134,127
	25,700	PennantPark Floating Rate Capital Ltd.		351,062
	24,760	Triangle Capital Corp.		284,740
				3,372,636
		IRON/STEEL - 1.4%
	6,140	Nucor Corp.		383,750
		MEDIA - 2.0%
	5,050	Walt Disney Co.		529,291
		OIL & GAS - 2.1%
	88,660	Nabors Industries Ltd.		568,311
		PHARMACEUTICALS - 10.3%
	11,050	Bristol-Myers Squibb Co.		611,507
	7,710	Cardinal Health, Inc.		376,479
	5,140	CVS Health Corp.		330,759
	6,040	GlaxoSmithKline PLC		243,472
	4,560	Johnson & Johnson		553,310
	4,650	Merck & Co, Inc.		282,255
	14,990	Roche Holding AG		414,174
				2,811,956
		PIPELINES- 1.4%
	12,460	Kinder Morgan, Inc.		220,168
	11,300	Summit Midstream Partners LP		174,020
				394,188

See accompanying notes to consolidated financial statements.

10

RATIONAL DIVIDEND CAPTURE FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

Shares						Value
		COMMON STOCKS - 85.9% (Continued)
		PRIVATE EQUITY - 0.5%
	10,600	Hercules Technology Growth Cap				$	134,090
		REITS - 10.9%
	22,440	CBL & Associates Properties, Inc.					124,991
	4,600	Gaming and Leisure Properties, Inc.					164,680
	18,330	Global Medical REIT, Inc.					162,404
	15,280	Independence Realty Trust, Inc.					157,537
	21,680	Lexington Realty Trust					189,266
	72,470	New Senior Investment Group, Inc.					548,598
	6,180	Select Income REIT					138,865
	7,580	Senior Housing Properties Trust					137,122
	66,500	Tremon Mortgage Trust *					874,475
	9,212	Uniti Group, Inc. *					184,516
	22,615	Whitestone REIT					282,235
							2,964,689
		RETAIL - 3.8%
	13,950	Bed Bath & Beyond, Inc.
	2,020	Kohl’s Corp.					277,954
	3,490	Macy’s, Inc.					147,258
	2,835	Target Corp.					130,631
	4,300	Walgreens Boots Alliance, Inc.					215,800
							258,064
							1,029,707
		SEMICONDUCTORS - 0.9%
	4,980	Intel Corp.					247,556
		TELECOMMUNICATIONS - 6.5%
	35,200	AT&T, Inc.					1,130,272
	12,300	CenturyLink, Inc.					229,272
	48,040	Telefonica SA					409,781
							1,769,325
		TRANSPORTATION - 1.5%
	29,300	Martin Midstream Partners LP					404,340
		TOTAL COMMON STOCKS (Cost $23,795,415)					23,372,794
		EXCHANGE TRADED FUNDS - 6.6%
		EQUITY FUNDS - 6.6%
	96,700	Alerian MLP ETF					976,670
	6,910	SPDR Gold Shares *					819,871
		TOTAL EXCHANGE TRADED FUNDS (Cost - $1,774,077)					1,796,541
			Variable Rates	Coupon	Maturity
		PREFERRED STOCKS - 5.7%
		ELECTRIC - 1.1%
	12,900	Spark Energy, Inc. **	3 Month LIBOR + 6.	8.750%	Perpetual		298,184
		INVESTMENT COMPANIES - 2.4%
	13,000	B Riley Financial, Inc.		7.375%	5/31/2023		331,890
	13,300	Great Elm Capital Corp.		6.750%	1/31/2025		330,904
							662,794
		PIPELINES - 1.2%
	12,850	Energy Transfer Partners **	3 Month LIBOR + 4.	7.375%	Perpetual		321,121
		REAL ESTATE - 1.0%
	13,900	Wheeler REIT, Inc.		8.750%	Perpetual		257,984
		TOTAL PREFERRED STOCKS (Cost -$1,533,825)					1,540,083
		SHORT-TERM INVESTMENTS - 1.1%
	295,402	Federated Treasury Obligations Fund, Institutional Class, 1.77% ***					295,402
		TOTAL SHORT-TERM INVESTMENTS (Cost $295,402)					295,402
		TOTAL INVESTMENTS (Cost $27,398,719) - 99.3% (a)				$	27,004,820
		OTHER ASSETS LESS LIABILITIES - 0.7%					203,609
		NET ASSETS - 100.0%				$	27,208,429

ADR - American Depositary Receipt

ETF - Exchange Traded Fund

LP - Limited Partnership

PLC - Public Limited Company.

REIT - Real Estate Investment Trust

* Non-Income Producing Security.

** Rate shown represents the rate at June 30, 2018 and is subject to change and resets quarterly.

*** Rate shown represents the rate at June 30, 2018 and is subject to change and resets daily.

See accompanying notes to consolidated financial statements.

11

RATIONAL RISK MANAGED EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		COMMON STOCKS - 97.2%
		AGRICULTURE - 1.6%
	1,250	KT&G Corp.	$	120,106
		APPAREL - 0.8%
	49,000	Pou Chen Corp. *		56,894
		AUTO PARTS & EQUIPMENT - 1.9%
	102,000	Weichai Power Co Ltd.		140,136
		BANKS - 15.8%
	46,179	Alpha Bank AE *		102,904
	2,934	Bancolombia SA - ADR		140,187
	81,470	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		109,692
	3,936	Bank Pekao SA *		118,472
	14,359	Barclays Africa Group Ltd		166,733
	81,000	CIMB Group Holdings Bhd *		109,207
	149,000	Gentera SAB de CV		131,292
	236,700	Krung Thai Bank PCL		119,233
	39,000	Yes Bank Ltd		193,792
				1,191,512
		BEVERAGES - 1.3%
	5,629	Hite Jinro Co Ltd.		99,261
		BUILDING MATERIALS - 1.2%
	41,400	Duratex SA *		92,825
		CHEMICALS - 1.6%
	40,900	Mexichem SAB de CV		118,168
		COMMERCIAL SERVICES - 1.0%
	18,100	Cielo SA		77,290
		DISTRIBUTION.WHOLESALE - 1.5%
	318,000	Li & Fung Ltd.		116,478
		DIVERSIFIED FINANCIAL SERVICES - 6.6%
	60,500	CITIC Securities Co. Ltd.		120,283
	4,319	Samsung Securities Co. Ltd. *		134,811
	127,041	Value Partners Group Ltd.		99,891
	315,000	Yuanta Financial Holding Co. Ltd. *		143,612
				498,597
		ELECTRIC - 4.3%
	5,159	CEZ AS		122,233
	57,100	Cia Energetica de Minas Gerais *		106,370
	21,785	Infraestructura Energetica Nova SAB de CV		97,636
				326,239
		ELECTRICAL COMPONENTS & EQUIPMENT - 2.6%
	3,077	LS Industrial Systems Co Ltd. *		194,824
		ENERGY-ALTERNATE SOURCES - 1.4%
	348,000	Xinyi Solar Holdings Ltd.		106,618
		ENGINEERING & CONSTRUCTION - 0.9%
	37,400	Ecorodovias Infraestructura e Logistica SA		70,829
		ENTERTAINMENT - 1.4%
	9,282	OPAP SA		104,654
		FOOD - 2.7%
	14,000	BRF SA *		64,983
	530	Orion Corp/Republic of Korea		70,763
	30,000	Tingyi Cayman Islands Holding Corp		69,493
				205,239
		GAS - 3.2%
	27,000	Beijing Enterprises Holdings Ltd		131,093
	805,800	Perusahaan Gas Negara Persero Tbk		111,838
				242,931

See accompanying notes to consolidated financial statements.

12

RATIONAL RISK MANAGED EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

Shares			Value
		COMMON STOCKS - 97.2% (Continued)
		HEALTHCARE-PRODUCTS - 1.7%
	184,000	Shandong Weigao Group Medical Polymer Co. Ltd.	$	129,908
		HEALTHCARE-SERVICES - 3.1%
	63,534	Life Healthcare Group Holdings Ltd		114,869
	59,850	Netcare Ltd		119,997
				234,866
		HOLDING COMPANIES-DIVERSIFIED - 3.8%
	106,400	Alfa SAB de CV		123,543
	6,228	Imperial Holdings Ltd. *		88,836
	24,941	KOC Holding AS *		77,203
				289,582
		HOME FURNISHINGS - 1.5%
	256,000	Skyworth Digital Holdings Ltd.		113,922
		INSURANCE - 3.4%
	15,463	Liberty Holdings Ltd.*		131,278
	524	Samsung Fire & Marine Insurance Co Ltd. *		124,157
				255,435
		LEISURE TIME - 1.4%
	2,100	Hero MotoCorp Ltd. *		106,480
		LODGING - 4.3%
	6,354	Grand Korea Leisure Co. Ltd.		148,372
	141,000	SJM Holdings Ltd.		174,873
				323,245
		MACHINERY-CONSTRUCTION & MINING - 1.8%
	4,610	Doosan Bobcat, Inc. *		132,375
		MINING - 1.2%
	146,430	Sibanye Gold Ltd. *		87,733
		OIL & GAS - 7.6%
	11,400	Ecopetrol SA - ADR		234,270
	56,072	Gran Tierra Energy, Inc.		193,448
	168,000	Kunlun Energy Co Ltd.		146,722
				574,440
		OIL & GAS SERVICES - 2.0%
	155,700	China Oilfield Services Ltd		146,641
		REAL ESTATE - 2.2%
	35,000	Cyrela Brazil Realty SA Empreendimentos e Participacoes *		99,155
	34,000	Hang Lung Properties Ltd.		69,839
				168,994
		REITS - 1.4%
	70,100	Fibra Uno Administracion SA de CV		102,184
		RETAIL - 8.1%
	17,877	Arcos Dorados Holdings, Inc.		124,245
	64,000	Chow Tai Fook Jewellery Group Ltd.		71,979
	743	CJ O Shopping Co. Ltd. *		186,277
	546	E-MART, Inc.		124,599
	18,387	Truworths International Ltd.		102,804
				609,904
		SEMICONDUCTORS - 1.7%
	13,000	MediaTek, Inc.		127,917
		TELECOMMUNICATIONS - 2.2%
	18,903	China Mobile Ltd.		167,725
		TOTAL COMMON STOCKS (Cost - $7,995,991)		7,333,952
		TOTAL INVESTMENTS - 97.2% (Cost - $7,995,991)	$	7,333,952
		OTHER ASSETS LESS LIABILITIES - 2.8%		207,666
		NET ASSETS - 100.0%	$	7,541,618

ADR - American Depositary Receipt.

BHD - Berhad.

PCL - Public Company Limited.

* Non-income producing security.

See accompanying notes to consolidated financial statements.

13

RATIONAL RISK MANAGED EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

As of June 30, 2018, the Fund’s long-term holdings were divided among countries as follows:

Country	Percentage
South Korea		17.7	%
Hong Kong		14.5	%
South Africa		10.8	%
China		9.5	%
Mexico		9.0	%
Colombia		7.5	%
Brazil		6.8	%
Taiwan		4.4	%
India		4.0	%
Greece		2.8	%
Uraguay		1.6	%
Czech		1.6	%
Thailand		1.6	%
Poland		1.6	%
Indonesia		1.5	%
Malaysia		1.4	%
Turkey		1.0	%
Total Long-Term Holdings:		97.2	%

Percentages in the above table are based on net assets of the Fund as of June 30, 2018.

See accompanying notes to consolidated financial statements.

14

RATIONAL HEDGED RETURN FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares							Value
		SHORT-TERM INVESTMENTS - 21.2%
	1,032,694	Federated Treasury Obligations Fund, Institutional Class, 1.77% *					$	1,032,694
		TOTAL SHORT-TERM INVESTMENTS (Cost - $1,032,694)						1,032,694
		TOTAL INVESTMENTS - 21.2% (Cost - $1,032,694)					$	1,032,694
		OTHER ASSETS LESS LIABILITIES - 78.8%						3,829,697
		NET ASSETS - 100.0%					$	4,862,391
				Notional	Expiration
Contracts ^			Counterparty	Amount	Date	Exercise Price	Value
		OPTIONS WRITTEN ** - (0.3)%
		CALL OPTIONS WRITTEN - (0.0)%
	24	S&P 500 Future Index	Wedbush	16,950,000	7/9/2018	2,825		300
	73	S&P 500 Future Index	Wedbush	51,830,000	7/9/2018	2,840		913
		TOTAL CALL OPTIONS WRITTEN (Premiums Received - $3,338)					$	1,213
		PUT OPTIONS WRITTEN - (0.3)%
	49	S&P 500 Future Index	Wedbush	31,421,250	7/9/2018	2,565		11,025
		TOTAL PUT OPTIONS WRITTEN (Premiums Received - $12,250)					$	11,025
		TOTAL WRITTEN OPTIONS (Premiums Received - $15,588)					$	12,238

^ Each contract is equivalent to one futures contract.

* Rate shown represents the rate at June 30, 2018 and is subject to change and resets daily.

** Non-income producing security.

See accompanying notes to consolidated financial statements.

15

RATIONAL DYNAMIC BRANDS FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		COMMON STOCKS - 93.6%
		AIRLINES - 6.9%
	10,003	Alaska Air Group, Inc.	$	604,081
	16,377	Southwest Airlines Co.		833,262
				1,437,343
		APPAREL - 1.9%
	4,969	VF Corp.		405,073
		AUTO MANUFACTURERS- 2.0%
	3,361	Ferrari NV		453,769
		BEVERAGES - 6.1%
	4,135	Constellation Brands, Inc.		905,027
	5,517	Molson Coors Brewing Co.		375,377
				1,280,404
		COMPUTERS - 3.0%
	3,424	Apple, Inc.		633,817
		DIVERSIFIED FINANCIAL SERVICES - 3.8%
	6,038	Visa, Inc.		799,733
		FOOD - 5.9%
	16,676	Conagra Brands, Inc.		595,833
	10,249	Kraft Heinz Co.		643,842
				1,239,675
		HEALTHCARE-SERVICES - 5.7%
	1,714	Anthem, Inc.		407,983
	3,218	UnitedHealth Group, Inc.		789,504
				1,197,487
		INSURANCE - 1.8%
	6,309	Progressive Corp.		373,177
		INTERNET - 11.2%
	2,581	Alibaba Group Holding Ltd. *		478,853
	351	Alphabet, Inc. *		396,345
	335	Amazon.com, Inc. *		569,433
	2,124	Facebook, Inc. *		412,736
	9,428	Tencent Holdings Ltd.		473,757
				2,331,124
		LODGING - 3.4%
	9,178	Las Vegas Sands Corp.		700,832
		MEDIA - 3.0%
	21,017	Viacom, Inc.		633,873
		PHARMACEUTICALS - 4.2%
	15,760	Bristol-Myers Squibb Co.		872,158
		RETAIL - 16.7%
	3,060	Advance Auto Parts, Inc.		415,242
	893	Chipotle Mexican Grill, Inc. *		385,214
	3,745	Costco Wholeasle Corp.		782,630
	5,189	Home Depot, Inc.		1,012,374
	19,009	Tapestry, Inc.		887,910
				3,483,370
		SEMICONDUCTORS - 2.8%
	2,435	NVIDIA Corp.		576,852

See accompanying notes to consolidated financial statements.

16

RATIONAL DYNAMIC BRANDS FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

Shares			Value
		COMMON STOCKS - 93.6% (Continued)
		SOFTWARE - 8.9%
	2,330	Adobe Systems, Inc. *	$	568,077
	3,264	Intuit, Inc.		666,852
	6,270	Microsoft Corp.		618,285
				1,853,214
		TELECOMMUNICATIONS - 3.2%
	13,161	Verizon Communications, Inc.		662,130
		TEXTILES - 3.1%
	3,015	Mohawk Industries, Inc. *		646,024
		TOTAL COMMON STOCKS (Cost $18,362,756)		19,580,055
		SHORT-TERM INVESTMENTS - 6.2%
	1,289,592	Federated Treasury Obligations Fund, Institutional Class, 1.77% **		1,289,592
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,289,592)		1,289,592
		TOTAL INVESTMENTS (Cost $19,652,348) - 99.8%	$	20,869,647
		OTHER ASSETS LESS LIABILITIES - 0.2%		39,582
		NET ASSETS - 100.0%	$	20,909,229

* Non-income producing security.

** Rate shown represents the rate at June 30, 2018, and is subject to change and resets daily.

See accompanying notes to consolidated financial statements.

17

RATIONAL STRATEGIC ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		MUTUAL FUNDS - 73.0%
		ASSET ALLOCATION FUNDS - 13.2%
	230,795	Rational Risk Managed Emerging Markets Fund, Institutional Class +	$	1,530,167
		DEBT FUNDS - 38.7%
	77,007	Catalyst Insider Income Fund, Institutional Class +		722,332
	16,524	Catalyst IPOx Allocation Fund, Institutional Class +		249,663
	154,586	Catalyst/Stone Beach Income Opportunity Fund, Institutional Class +		1,476,305
	200,006	Rational Income Opportunities Fund, Institutional Class +		2,020,060
				4,468,360
		EQUITY FUNDS - 21.1%
	22,401	Catalyst Buyback Strategy Fund, Institutional Class +		244,507
	12,960	Catalyst Insider Buying Fund, Institutional Class +		242,529
	148,709	Catalyst MLP & Infrastructure Fund, Institutional Class +		817,854
	299,944	Rational Dynamic Brands Fund, Institutional Class +		1,130,789
				2,435,679
		TOTAL MUTUAL FUNDS (Cost - $8,567,528)		8,434,206
		EXCHANGE TRADED FUNDS - 26.4%
		EQUITY FUNDS - 26.4%
	34,443	Ecological Strategy ETF +		1,427,907
	43,000	Strategy Shares NASDAQ 7 Handl Index ETF +		1,023,400
	15,069	US Equity Rotation Strategy ETF +		600,429
		TOTAL EXCHANGE TRADED FUNDS (Cost - $2,482,781)		3,051,736
		TOTAL INVESTMENTS - 99.4% (Cost - $11,050,309)	$	11,485,942
		OTHER ASSETS LESS LIABILITIES - 0.6%		64,696
		NET ASSETS - 100.0%	$	11,550,638

ETF - Exchange Traded Fund.

+ Investment in affiliate.

See accompanying notes to consolidated financial statements.

18

RATIONAL/ RESOLVE ADAPTIVE ASSET ALLOCATION FUND (Formerly Rational Dynamic Momentum)

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		SHORT-TERM INVESTMENTS - 94.6%
	13,502,069	Fidelity Institutional Government Portfolio , Institutional Class, 1.77% * + (Cost - $13,502,069)	$	13,502,069
		TOTAL INVESTMENTS - 94.6% (Cost - $13,502,069)	$	13,502,069
		OTHER ASSETS LESS LIABILITIES - 5.4%		777,695
		NET ASSETS - 100.0%	$	14,279,764

* Rate shown represents the rate at June 30, 2018, and is subject to change and resets daily.

+ All or a portion of this investment is a holding of the RRAA Fund Limited.

					Unrealized
					Appreciaion /
Long Contracts			Notional Amount ($)	Maturity	(Depreciation)
		OPEN LONG FUTURES CONTRACTS - 0.5%
	7	Canadian Dollar Currency Future	533,120	September-18	$	4,785
	4	Copper Future +	296,600	September-18		(6,200	)
	85	DJ US Real Estate	2,718,300	September-18		22,410
	28	Japanese Yen Currency Future	3,173,625	September-18		(13,425	)
	15	Mini S&P/TSX 60	549,223	September-18		278
	29	Nikkei 225 (CME)	3,228,425	September-18		(76,825	)
	73	S&P 500 Emini Future	9,933,840	September-18		(225,335	)
	27	US 10 YR Note (CBT)	3,245,062	September-18		13,812
	19	US Long Bond (CBT)	2,755,000	September-18		24,594
	20	WTI Crude Future +	1,483,000	August-18		180,540
		Total Unrealized Appreciation/Depreciation from Open Futures Contracts			$	(75,366	)

+ All or a portion of this investment is a holding of the RDMF Fund, Ltd.

See accompanying notes to consolidated financial statements.

19

RATIONAL IRON HORSE FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		COMMON STOCKS - 93.8%
		AEROSPACE/DEFENSE - 0.7%
	200	General Dynamics Corp +	$	37,282
	400	United Technologies Corp. +		50,012
				87,294
		AIRLINES - 0.5%
	1,100	Southwest Airlines Co. +		55,968
		AUTO MANUFACTURERS - 1.7%
	2,700	General Motors Co. +		106,380
	1,600	PACCAR, Inc. +		99,136
				205,516
		AUTO PARTS & EQUIPMENT - 1.0%
	600	Lear Corp. +		111,486
		BANKS - 6.9%
	3,000	Citigroup, Inc. +		200,760
	700	First Republic Bank		67,753
	800	Jp Morgan Chase & Co. +		83,360
	3,800	SunTrust Banks, Inc. +		250,876
	4,200	US Bancorp +		210,084
				812,833
		BEVERAGES - 1.0%
	1,100	PepsiCo, Inc. +		119,757
		CHEMICALS - 1.4%
	1,500	LyondellBasell Industries NV +		164,775
		COMMERCIAL SERVICES - 0.4%
	300	United Rentals, Inc. * +		44,286
		COMPUTERS - 10.7%
	900	Apple, Inc. +		166,599
	1,300	Check Point Software Technologies Ltd. * +		126,984
	4,900	Cognizant Technology Solutions Corp. +		387,051
	3,900	International Business Machines Corp. +		544,830
	600	Western Digital Corp. +		46,446
				1,271,910
		COSMETICS/PERSONAL CARE - 1.8%
	3,300	Colgate-Palmolive Co. +		213,873
		DIVERSIFIED FINANCIAL SERVICES - 2.6%
	900	Intercontinental Exchange, Inc. +		66,195
	1,300	TD Ameritrade Holding Corp. +		71,201
	1,300	Visa, Inc. +		172,185
				309,581
		ELECTRIC - 4.9%
	2,000	Dominion Energy, Inc. +		136,360
	1,800	Sempra Energy +		208,998
	5,200	Southern Co. +		240,812
				586,170
		ELECTRONICS - 1.8%
	1,800	Fortive Corp. +		138,798
	800	TE Connectivity Ltd. +		72,048
				210,846
		FOOD - 5.6%
	1,300	General Mills, Inc. +		57,538
	4,200	Kellogg Co. +		293,454
	2,100	Kraft Heinz Co. +		131,922
	3,300	Mondelez International, Inc. +		135,300
	600	Tyson Foods, Inc. +		41,310
				659,524

See accompanying notes to consolidated financial statements.

20

RATIONAL IRON HORSE FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

Shares			Value
		COMMON STOCK S- 93.8% (Continued)
		HEALTHCARE-PRODUCTS - 2.1%
	2,900	Medtronic PLC +	$	248,269
		HEALTHCARE-SERVICES - 0.5%
	500	Universal Health Services, Inc. +		55,720
		HOUSEHOLD PRODUCTS/WARES - 2.7%
	3,000	Kimberly-Clark Corp. +		316,020
		INSURANCE - 2.1%
	800	Allstate Corp. +		73,016
	1,300	Aon PLC +		178,321
				251,337
		INTERNET - 3.7%
	800	Alibaba Group Holding Ltd. * +		148,424
	200	Alphabet, Inc. * +		225,838
	300	Facebook, Inc. * +		58,296
				432,558
		LEISURE TIME - 0.8%
	1,600	Carnival Corp. +
				91,696
		MEDIA - 5.1%
	6,200	Comcast Corp. +		203,422
	3,800	Walt Disney Co. +		398,278
				601,700
		MINING - 2.7%
	8,600	Newmont Mining Corp. +		324,306
		MISCELLANEOUS MANUFACTURING - 2.1%
	1,700	Eaton Corp. PLC +		127,058
	1,400	Ingersoll-Rand PLC +		125,622
				252,680
		OIL & GAS - 5.1%
	1,700	Chevron Corp. +		214,931
	4,700	Exxon Mobil Corp. +		388,831
				603,762
		OIL & GAS SERVICES - 0.3%
	600	Schlumberger Ltd. +		40,218
		PACKAGING & CONTAINERS - 0.5%
	1,800	Ball Corp. +		63,990
		PHARMACEUTICALS - 11.1%
	600	AbbVie, Inc. +		55,590
	1,400	CVS Health Corp. +		90,090
	1,600	Eli Lilly & Co. +		136,528
	3,600	Johnson & Johnson +		436,824
	6,400	Merck & Co., Inc. +		388,480
	5,800	Pfizer, Inc. +		210,424
				1,317,936
		REITS - 3.6%
	4,000	Realty Income Corp. +		215,160
	3,300	Welltower, Inc. +		206,877
				422,037
		RETAIL - 1.6%
	300	Home Depot, Inc. +		58,530
	1,200	Walgreens Boots Alliance, Inc. +		72,018
	700	Yum! Brands, Inc. +		54,754
				185,302
		SEMICONDUCTORS - 1.3%
	2,300	Applied Materials, Inc. +		106,237
	300	Lam Research Corp. +		51,855
				158,092
		SOFTWARE - 2.4%
	1,300	Fidelity National Information Services, Inc. +		137,839
	2,200	Paychex, Inc. +		150,370
				288,209
		TELECOMMUNICATIONS - 2.2%
	2,000	T-Mobile US, Inc. * +		119,500
	2,700	Verizon Communications, Inc. +		135,837
				255,337

See accompanying notes to consolidated financial statements.

21

RATIONAL IRON HORSE FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

Shares							Value
		COMMON STOCK - 93.8% (Continued)
		TOYS & GAMES - 2.7%
	3,400	Hasbro, Inc. +					$	313,854
		TRANSPORTATION - 0.2%
	100	FedEx Corp. +						22,706
		TOTAL COMMON STOCKS (Cost - $11,354,633)						11,099,548
		EXCHANGE TRADED FUND - 1.0
	5,000	Direxion Daily Gold Miners Index Bull 3X Shares (Cost - $116,375)						121,650
		EXCHANGE TRADED NOTE - 1.0%
	12,200	VelocityShares 3x Long Gold ETN linked to the S&P * (Cost -$139,202)						114,314
				Notional	Expiration	Exercise Price
Contracts ^				Amount ($)	Date	($)
		PUT OPTIONS PURCHASED - 3.7%
	50	S&P 500 Index		30,000,000	7/20/2018	2,400.00		9,750
	75	S&P 500 Index		45,000,000	9/21/2018	2,400.00		113,250
	45	S&P 500 Index		20,250,000	12/20/2019	1,800.00		124,200
	30	S&P 500 Index		15,937,500	12/20/2019	2,125.00		186,300
		TOTAL PUT OPTIONS PURCHASED (Premiums Received - $520,400)						433,500
Shares
		SHORT TERM INVESTMENT - 5.8%
	680,316	Fidelity Institutional Government Portfolio - Institutional Class, 1.77% ** (Cost - $680,316)					$	680,316
		TOTAL INVESTMENTS - 105.3% (Cost - $12,810,926)					$	12,449,328
		LIABILITIES LESS OTHER ASSETS - (5.3)%						(622,258	)
		NET ASSETS - 100.0%					$	11,827,070
				Notional	Expiration	Exercise Price
Contracts ^			Counter party	Amount (S)	Date	($)	Value
		CALL OPTIONS WRITTEN * - (5.0)%
	6	AbbVie, Inc.	Credit Suisse	57,000	1/18/2019	95.00	$	3,750
	8	Alibaba Group Holding Ltd.	Credit Suisse	160,000	1/18/2019	200.00		10,288
	8	Allstate Corp.	Credit Suisse	80,000	1/18/2019	100.00		1,428
	1	Alphabet, Inc.	Credit Suisse	2,000	1/18/2019	20.00		1,143
	1	Alphabet, Inc.	Credit Suisse	16,500	7/20/2018	165.00		15,880
	13	Aon PLC	Credit Suisse	188,500	1/18/2019	145.00		6,110
	9	Apple, Inc.	Credit Suisse	153,000	1/18/2019	170.00		20,880
	14	Applied Materials, Inc.	Credit Suisse	77,000	1/18/2019	55.00		2,408
	9	Applied Materials, Inc.	Credit Suisse	51,750	1/18/2019	57.50		1,170
	18	Ball Corp.	Credit Suisse	72,000	1/18/2019	40.00		1,485
	16	Carnival Corp.	Credit Suisse	96,000	1/18/2019	60.00		5,120
	13	Check Point Software Technology	Credit Suisse	130,000	1/18/2019	100.00		7,475
	17	Chevron Corp.	Credit Suisse	212,500	9/21/2018	125.00		9,690
	7	Citigroup, Inc.	Credit Suisse	49,000	1/18/2019	70.00		2,289
	23	Citigroup, Inc.	Credit Suisse	161,000	6/21/2019	70.00		11,730
	10	Cognizant Technology Solutions	Credit Suisse	80,000	1/18/2019	80.00		5,000
	14	Cognizant Technology Solutions	Credit Suisse	119,000	1/18/2019	85.00		4,340
	25	Cognizant Technology Solutions	Credit Suisse	206,250	1/18/2019	82.50		9,500
	33	Colgate-Palmolive Co.	Credit Suisse	231,000	1/18/2019	70.00		5,957
	36	Comcast Corp.	Credit Suisse	135,000	1/18/2019	37.50		4,176
	26	Comcast Corp.	Credit Suisse	84,500	7/20/2018	32.50		2,964
	5	CVS Health Corp.	Credit Suisse	33,750	1/18/2019	67.50		1,925
	9	CVS Health Corp.	Credit Suisse	65,250	1/18/2019	72.50		2,025
	20	Dominion Energy, Inc.	Credit Suisse	140,000	1/18/2019	70.00		4,920
	17	Eaton Corp. PLC	Credit Suisse	136,000	1/18/2019	80.00		4,335
	16	Eli Lilly & Co.	Credit Suisse	132,000	1/18/2019	82.50		10,440
	29	Exxon Mobil Corp.	Credit Suisse	224,750	1/18/2019	77.50		22,910
	18	Exxon Mobil Corp.	Credit Suisse	144,000	1/18/2019	80.00		10,836
	3	Facebook, Inc.	Credit Suisse	60,000	7/20/2018	200.00		705
	1	FedEx Corp.	Credit Suisse	25,000	1/18/2019	250.00		810
	13	Fidelity National Information	Credit Suisse	130,000	10/19/2018	100.00		11,018
	7	First Republic Bank	Credit Suisse	66,500	11/16/2018	95.00		4,725
	18	Fortive Corp.	Credit Suisse	126,000	12/21/2018	70.00		17,280
	2	General Dynamics Corp.	Credit Suisse	41,000	1/18/2019	205.00		920

See accompanying notes to consolidated financial statements.

22

RATIONAL IRON HORSE FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

				Notional	Expiration	Exercise Price
Contracts ^			Counter party	Amount (S)	Date	($)	Value
		CALL OPTIONS WRITTEN * - (5.0)% (Continued)
	13	General Mills, Inc.	Credit Suisse	58,500	10/19/2018	45.00	$	2,496
	4	General Motors Co.	Credit Suisse	15,200	9/21/2018	38.00		1,136
	23	General Motors Co.	Credit Suisse	85,100	1/18/2019	37.00		10,465
	34	Hasbro, Inc.	Credit Suisse	314,500	1/18/2019	92.50		22,610
	3	Home Depot, Inc.	Credit Suisse	57,000	1/18/2019	190.00		4,602
	14	Ingersoll-Rand PLC	Credit Suisse	133,000	1/18/2019	95.00		4,900
	9	Intercontinental Exchange, Inc.	Credit Suisse	65,250	9/21/2018	72.50		3,105
	19	International Business Machine	Credit Suisse	285,000	1/18/2019	150.00		7,125
	20	International Business Machine	Credit Suisse	300,000	6/21/2019	150.00		11,800
	15	Johnson & Johnson	Credit Suisse	195,000	1/18/2019	130.00		4,395
	21	Johnson & Johnson	Credit Suisse	273,000	6/21/2019	130.00		11,109
	8	JPMorgan Chase & Co.	Credit Suisse	84,000	1/18/2019	105.00		5,232
	8	JPMorgan Chase & Co.	Credit Suisse	87,200	7/20/2018	109.00		584
	33	Kellogg Co.	Credit Suisse	214,500	1/18/2019	65.00		24,255
	9	Kellogg Co.	Credit Suisse	60,750	1/18/2019	67.50		5,175
	18	Kimberly-Clark Corp.	Credit Suisse	198,000	1/18/2019	110.00		8,100
	12	Kimberly-Clark Corp.	Credit Suisse	138,000	1/18/2019	115.00		3,480
	21	Kraft Heinz Co.	Credit Suisse	131,250	1/18/2019	62.50		8,358
	3	LAM Research Corp.	Credit Suisse	58,500	10/19/2018	195.00		1,695
	3	Lear Corp.	Credit Suisse	57,000	9/21/2018	190.00		2,100
	3	Lear Corp.	Credit Suisse	60,000	9/21/2018	200.00		1,071
	15	Lyondell Basell Industries NV	Credit Suisse	180,000	1/18/2019	120.00		6,075
	13	Medtronic PLC	Credit Suisse	107,250	1/18/2019	82.50		8,450
	16	Medtronic PLC	Credit Suisse	144,000	1/18/2019	90.00		4,800
	25	Merck & Co, Inc.	Credit Suisse	150,000	1/18/2019	60.00		9,875
	39	Merck & Co, Inc.	Credit Suisse	253,500	6/21/2019	65.00		11,388
	8	Mondelez International, Inc.	Credit Suisse	31,200	1/18/2019	39.00		2,940
	25	Mondelez International, Inc.	Credit Suisse	105,000	1/18/2019	42.00		4,963
	86	Newmont Mining Corp.	Credit Suisse	387,000	1/18/2019	45.00		6,536
	16	PACCAR, Inc.	Credit Suisse	101,120	1/18/2019	63.20		7,040
	22	Paychex, Inc.	Credit Suisse	143,000	1/18/2019	65.00		12,650
	11	PepsiCo, Inc.	Credit Suisse	115,500	1/18/2019	105.00		8,877
	58	Pfizer, Inc.	Credit Suisse	214,600	1/18/2019	37.00		7,366
	20	Realty Income Corp.	Credit Suisse	115,000	1/18/2019	57.50		1,950
	20	Realty Income Corp.	Credit Suisse	110,000	8/17/2018	55.00		1,860
	6	Schlumberger Ltd.	Credit Suisse	42,000	6/21/2019	70.00		2,922
	18	Sempra Energy	Credit Suisse	207,000	7/20/2018	115.00		5,760
	52	Southern Co.	Credit Suisse	249,600	11/16/2018	48.00		4,732
	11	Southwest Airlines Co.	Credit Suisse	58,300	6/29/2018	53.00		55
	11	Southwest Airlines Co.	Credit Suisse	57,750	7/20/2018	52.50		715
	38	SunTrust Banks, Inc.	Credit Suisse	247,000	1/18/2019	65.00		19,000
	13	TD Ameritrade Holding Corp.	Credit Suisse	84,500	1/18/2019	65.00		1,365
	8	TE Connectivity Ltd.	Credit Suisse	72,000	1/18/2019	90.00		4,960
	6	T-Mobile US, Inc.	Credit Suisse	37,500	1/18/2019	62.50		2,250
	14	T-Mobile US, Inc.	Credit Suisse	91,000	8/17/2018	65.00		882
	6	Tyson Foods, Inc.	Credit Suisse	43,500	1/18/2019	72.50		1,980
	4	United Parcel Service, Inc.	Credit Suisse	44,000	1/18/2019	110.00		2,040
	3	United Rentals, Inc.	Credit Suisse	52,500	9/21/2018	175.00		690
	4	United Technologies Corp.	Credit Suisse	50,000	1/18/2019	125.00		2,920
	5	Universal Health Services, Inc.	Credit Suisse	62,500	10/19/2018	125.00		713
	35	US Bancorp USB	Credit Suisse	183,750	1/18/2019	52.50		6,720
	7	US Bancorp USB	Credit Suisse	36,750	9/21/2018	52.50		623
	27	Verizon Communications, Inc.	Credit Suisse	135,000	1/18/2019	50.00		7,155
	13	Visa, Inc.	Credit Suisse	162,500	1/18/2019	125.00		17,875
	12	Walgreens Boots Alliance, Inc.	Credit Suisse	81,000	1/18/2019	67.50		2,220
	12	Walt Disney Co.	Credit Suisse	126,000	1/18/2019	105.00		7,992
	13	Walt Disney Co.	Credit Suisse	143,000	1/18/2019	110.00		5,421
	13	Walt Disney Co.	Credit Suisse	149,500	1/18/2019	115.00		3,523
	20	Welltower, Inc.	Credit Suisse	110,000	9/21/2018	55.00		15,400
	13	Welltower, Inc.	Credit Suisse	78,000	12/21/2018	60.00		5,460
	6	Western Digital Corp.	Credit Suisse	48,000	1/18/2019	80.00		4,044
	5	Yum! Brands, Inc.	Credit Suisse	40,000	1/18/2019	80.00		2,025
	2	Yum! Brands, Inc.	Credit Suisse	16,500	1/18/2019	82.50		560
		TOTAL CALL OPTIONS WRITTEN (Premiums Received - $555,520)					$	594,195

PLC - Public Limited Company

+ All or a portion of the security is held as collateral for call options.

* Non-income producing securities.

** Rate shown represents the rate at June 30, 2018, and is subject to change and resets daily.

^ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

See accompanying notes to consolidated financial statements.

23

RATIONAL INCOME OPPORTUNITIES

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Principal Amount $			Coupon Rate (%)	Maturity	Value
		BONDS & NOTES - 76.1%
		ASSET BACKED - 76.1%
	100,000	Bear Sterns Commercial Mortgage Securities Trust 2005-TOP20 (a) ^	5.0992	10/12/2042	$	83,476
	45,741	CD Commercial Mortgage Trust 2017-CD3 (a)	4.5621	2/10/2050		46,159
	100,000	CFCRE Commercial Mortgage Trust 2016-C3 (a,b) ^	2.8020	1/10/2048		53,277
	123,000	CGGS Commercial Mortgage Trust 2018-WSS (a,b)	4.3716	2/15/2020		123,551
	17,790	Commercial Mortgage Trust 2012-CR4 (a)	1.8010	10/15/2045		17,469
	1,384,722	Commercial Mortgage Trust 2013-CCRE7 (a)	1.1970	4/10/2023		59,554
	153,000	Commercial Mortgage Trust 2013-LC13 (a,b)	5.1340	8/10/2046		147,877
	263,500	Commercial Mortgage Trust 2018-CCRE26 (a)	3.4925	10/10/2048		210,504
	261,000	GS Mortgage Securities Trust 2014-GC26 (a,b)	4.5089	11/10/2047		224,415
	170,000	GS Mortgage Securities Trust 2015-GC34 (a)	2.9790	10/10/2048		132,020
	167,764	GS Mortgage Securities Trust 2014-GC18 (a,b)	4.9434	1/10/2047		147,956
	100,000	GS Mortgage Securities Trust 2014-GC24 (a,b)	4.5292	9/10/2047		83,897
	200,000	JP Morgan Chase Commercial Mortgage Securities Trust 2012-C6 (a,b)	5.1406	5/15/2045		176,519
	121,161	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX (a,b)	5.1909	6/15/2045		110,900
	200,000	JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 (a)	4.1598	4/15/2046		175,512
	100,000	JPMBB Commercial Mortgage Securities Trust 2013-C17 (a,b)	4.8839	1/15/2047		94,283
	10,000	Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5 (a)	3.1760	7/15/2022		9,934
	130,000	Wells Fargo Commercial Mortgage Trust 2015-LC22 (a)	4.5421	9/15/2028		128,194
	15,000	WF-RBS Commercial Mortgage Trust 2013-C12 (a,b)	4.4090	3/15/2048		13,713
		TOTAL ASSET BACKED SECURITIES (Cost - $2,019,839)				2,039,210
Shares
		EXCHANGE TRADED FUND - 0.6%
	500	ProShares UltraShort 20+ Year Treasury (Cost - $17,865)				17,975
		REIT - 0.7%
	500	JBG Smith Properties (Cost - $18,560)				18,235
		SHORT-TERM INVESTMENTS -20.8%
	57,106	Federated Treasury Obligations Fund, Institutional Class, 1.77% *				557,106
		(Cost - $557,106)
		TOTAL INVESTMENTS (Cost $2,613,370) - 98.2%
		OTHER ASSETS LESS LIABILITIES - 1.8%			$	2,632,526
		NET ASSETS - 100.0%				47,603
					$	2,680,129

REIT - Real Estate Investment Trust

* Rate shown represents the rate at June 30, 2018, and is subject to change and resets daily.

(a) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(b) Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2018, these securities amounted to $1,176,383 or 43.9% of net assets.

^ The Advisor determined these securities are illiquid; total illiquid securities represent 5.10% of net assets.

See accompanying notes to consolidated financial statements.

24

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2018

Shares			Value
		COMMON STOCKS - 73.5%
		ADVERTISING - 0.1%
	197	Interpublic Group of Cos., Inc.	$	4,618
	12	Omnicom Group, Inc.		915
				5,533
		AEROSPACE/DEFENSE - 2.8%
	300	Arconic, Inc.		5,103
	126	Boeing Co.		42,274
	121	General Dynamics Corp.		22,556
	150	Lockheed Martin Corp.		44,314
	137	Northrop Grumman Corp.		42,155
	228	Raytheon Co.		44,045
	68	Rockwell Collins, Inc.		9,158
				209,605
		AGRICULTURE - 0.8%
	373	Altria Group, Inc.		21,183
	371	Archer-Daniels-Midland Co.		17,003
	143	British American Tobacco PLC - ADR		7,214
	135	Philip Morris International, Inc.		10,900
				56,300
		AIRLINES - 0.1%
	19	Alaska Air Group, Inc.		1,147
	47	American Airlines Group, Inc.		1,784
	170	JetBlue Airways Corp.*		3,227
	8	Southwest Airlines Co.		407
				6,565
		APPAREL - 1.3%
	17	Michael Kors Holdings Ltd. *		1,132
	345	NIKE, Inc.		27,490
	29	PVH Corp.		4,342
	164	Ralph Lauren Corp.		20,618
	98	Skechers U.S.A., Inc. *		2,941
	454	VF Corp.		37,010
				93,533
		AUTO MANUFACTURERS - 0.5%
	125	Ford Motor Co.		1,384
	910	General Motors Co.		35,854
				37,238
		AUTO PARTS & EQUIPMENT - 0.3%
	160	APTIV PLC		14,661
	111	BorgWarner, Inc.		4,791
	47	Goodyear Tire & Rubber Co.		1,094
				20,546
		BANKS - 5.3%
	1,832	Bank of America Corp.		51,644
	25	Bank of New York Mellon Corp.		1,348
	577	BB&T Corp.		29,104
	29	Capital One Financial Corp.		2,665
	181	Citigroup, Inc.		12,112
	140	Citizens Financial Group, Inc.		5,446
	295	Comerica, Inc.		26,821
	1,041	Fifth Third Bancorp		29,877
	94	Goldman Sachs Group, Inc.		20,733
	146	Huntington Bancshares, Inc.		2,155
	499	JPMorgan Chase & Co.		51,996
	35	KeyCorp		684
	93	M&T Bank Corp.		15,824
	379	Morgan Stanley		17,965
	22	Northern Trust Corp.		2,264
	258	PNC Financial Services Group, Inc.		34,856
	1,798	Regions Financial Corp.		31,968
	172	State Street Corp.		16,011
	150	SunTrust Banks, Inc.		9,903
	11	US Bancorp		550
	134	Wells Fargo & Co.		7,429
	430	Zions Bancorporation		22,657
				394,012

See accompanying notes to consolidated financial statements.

25

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

Shares			Value
		COMMON STOCKS - 73.5% (Continued)
		BEVERAGES - 1.8%
	767	Coca-Cola Co.	$	33,641
	264	Constellation Brands, Inc.		57,782
	336	Dr Pepper Snapple Group, Inc.		40,992
	17	Molson Coors Brewing Co.		1,157
	6	Monster Beverage Corp. *		344
	6	PepsiCo, Inc.		653
				134,569
		BIOTECHNOLOGY - 0.6%
	7	Amgen, Inc.		1,292
	4	BioMarin Pharmaceutical, Inc. *		377
	1	Biogen, Inc. *		290
	9	Bluebird Bio, Inc. *		1,412
	14	Celgene Corp. *		1,112
	13	Gilead Sciences, Inc.		921
	145	Illumina, Inc. *		40,497
	8	Incyte Corp. *		536
	3	Regeneron Pharmaceuticals, Inc. *		1,035
	7	United Therapeutics Corp. *		792
	4	Vertex Pharmaceuticals, Inc. *		680
				48,944
		BUILDING MATERIALS - 0.1%
	38	Johnson Controls International plc		1,271
	6	Martin Marietta Materials, Inc.		1,340
	69	Masco Corp.		2,582
	8	Vulcan Materials Co.		1,033
				6,226
		CHEMICALS - 1.4%
	10	Air Products & Chemicals, Inc.		1,557
	383	CF Industries Holdings, Inc.		17,005
	210	DowDuPont, Inc.		13,843
	53	Eastman Chemical Co.		5,298
	145	Mosaic Co.		4,067
	149	PPG Industries, Inc.		15,456
	145	Praxair, Inc.		22,932
	20	Sherwin-Williams Co.		8,151
	126	LyondellBasell Industries NV		13,841
				102,150
		COMMERCIAL SERVICES - 2.3%
	537	Automatic Data Processing, Inc.		72,033
	6	Ecolab, Inc.		842
	8	Equifax, Inc.		1,001
	62	FleetCor Technologies, Inc. *		13,060
	130	Moody’s Corp.		22,173
	12	Nielsen Holdings PLC		371
	137	PayPal Holdings, Inc. *		11,408
	245	S&P Global, Inc.		49,953
	3	United Rentals, Inc. *		443
	26	Verisk Analytics, Inc. *		2,799
	50	Western Union Co.		1,016
				175,099
		COMPUTERS - 2.0%
	7	Accenture PLC		1,145
	44	Apple, Inc.		8,145
	200	Cognizant Technology Solutions Corp.		15,798
	294	DXC Technology Co.		23,699
	390	Hewlett Packard Enterprise Co.		5,698
	290	HP, Inc.		6,580
	45	Infosys Ltd. - ADR		874
	160	International Business Machines Corp.		22,352
	594	NetApp, Inc.		46,647
	55	Seagate Technology PLC		3,106
	175	Western Digital Corp.		13,547
				147,591

See accompanying notes to consolidated financial statements.

26

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

Shares			Value
		COMMON STOCKS - 73.5% (Continued)
		COSMETICS/PERSONAL CARE - 0.8%
	288	Colgate-Palmolive Co.	$	18,665
	237	Estee Lauder Cos., Inc.		33,818
	157	Unilever NV		8,748
				61,231
		DISTRIBUTION/WHOLESALE - 0.6%
	77	Fastenal Co.		3,706
	130	WW Grainger, Inc.		40,092
				43,798
		DIVERSIFIED FINANCIAL SERVICES - 4.9%
	2	Alliance Data Systems Corp.		466
	178	American Express Co.		17,444
	8	Ameriprise Financial, Inc.		1,119
	49	BlackRock, Inc.		24,453
	365	CME Group, Inc.		59,831
	77	Discover Financial Services		5,422
	529	E*TRADE Financial Corp. *		32,354
	27	Franklin Resources, Inc.		865
	447	Intercontinental Exchange, Inc.		32,877
	280	Mastercard, Inc.		55,026
	216	Nasdaq, Inc.		19,714
	291	T Rowe Price Group, Inc.		33,782
	650	Charles Schwab Corp.		33,215
	398	TD Ameritrade Holding Corp.		21,798
	180	Visa, Inc.		23,841
				362,207
		ELECTRIC - 3.0%
	43	American Electric Power Co., Inc.		2,978
	37	CenterPoint Energy, Inc.		1,025
	187	CMS Energy Corp.		8,841
	9	Consolidated Edison, Inc.		702
	9	Dominion Energy, Inc.		614
	195	Duke Energy Corp.		15,420
	29	Edison International		1,835
	33	Entergy Corp.		2,666
	109	Exelon Corp.		4,643
	1,200	FirstEnergy Corp.		43,092
	491	NextEra Energy, Inc.		82,012
	1,333	NRG Energy, Inc.		40,923
	60	PG&E Corp.		2,554
	109	PPL Corp.		3,112
	194	Public Service Enterprise Group, Inc.		10,503
	29	Southern Co.		1,343
	61	WEC Energy Group, Inc.		3,944
				226,207
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.1%
	58	Emerson Electric Co.		4,010
	18	Universal Display Corp.		1,548
				5,558
		ELECTRONICS - 0.1%
	23	Agilent Technologies, Inc.		1,422
	39	Amphenol Corp.		3,399
	47	Corning, Inc.		1,293
	8	Honeywell International, Inc.		1,153
				7,267
		ENERGY-ALTERNATIVE SOURCES- 0.0%
	27	First Solar, Inc. *		1,422
		ENGINEERING & CONSTRUCTION - 0.0%
	92	Fluor Corp.		4,488
		ENVIRONMENTAL CONTROL - 0.4%
	23	Republic Services, Inc.		1,572
	319	Waste Management, Inc.		25,948
				27,520

See accompanying notes to consolidated financial statements.

27

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

Shares			Value
		COMMON STOCKS - 73.5% (Continued)
		FOOD - 1.3%
	169	Campbell Soup Co.	$	6,851
	22	General Mills, Inc.		974
	127	Hershey Co.		11,819
	10	JM Smucker Co.		1,075
	23	Kraft Heinz Co.		1,445
	1,012	Kroger Co.		28,791
	166	Mondelez International, Inc.		6,806
	14	Sysco Corp.		956
	270	Tyson Foods, Inc.		18,588
				77,305
		FOREST PRODUCTS & PAPER - 0.0%
	11	International Paper, Co.		573
		HAND/MACHINE TOOLS - 0.0%
	13	Stanley Black & Decker, Inc.		1,727
		HEALTHCARE-PRODUCTS - 3.7%
	388	Abbott Laboratories		23,664
	665	Baxter International, Inc.		49,104
	94	Becton Dickinson and Co.		22,519
	1,117	Boston Scientific Corp. *		36,526
	37	Danaher Corp.		3,651
	15	DENTSPLY SIRONA, Inc.		657
	272	Edwards Lifesciences Corp. *		39,595
	53	Hologic, Inc. *		2,107
	115	Intuitive Surgical, Inc. *		55,025
	17	Henry Schein, Inc. *		1,235
	20	Stryker Corp.		3,377
	174	Thermo Fisher Scientific, Inc.		36,042
	12	Zimmer Biomet Holdings, Inc.		1,337
				274,839
		HEALTHCARE-SERVICES - 2.2%
	110	Anthem, Inc.		26,183
	35	Cigna Corp.		5,948
	281	Centene Corp. *		34,622
	12	DaVita, Inc. *		833
	12	HCA Healthcare, Inc.		1,231
	52	Humana, Inc.		15,477
	15	Laboratory Corp of America Holdings *		2,693
	259	UnitedHealth Group, Inc.		63,543
	135	Universal Health Services, Inc.		15,045
				165,575
		HOME BUILDERS - 0.1%
	120	DR Horton, Inc.		4,920
	33	Lennar Corp.		1,732
				6,652
		HOUSEHOLD PRODUCTS/WARES - 0.1%
	79	Kimberly-Clark Corp.		8,322
		HOUSEWARES - 0.0%
	30	Newell Brands, Inc.		774
		INSURANCE - 2.5%
	381	Aflac, Inc.		16,391
	395	Allstate Corp.		36,052
	24	Aon PLC		3,292
	145	Berkshire Hathaway, Inc. *		27,064
	8	Chubb Ltd.		1,016
	24	Hartford Financial Services Group, Inc.		1,227
	24	Lincoln National Corp.		1,494
	216	Marsh & McLennan Cos., Inc.		17,706
	32	MetLife, Inc.		1,395
	109	Principal Financial Group, Inc.		5,772
	774	Progressive Corp.		45,782
	101	Prudential Financial, Inc.		9,444
	132	Travelers Cos., Inc.		16,149
				182,784

See accompanying notes to consolidated financial statements.

28

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

Shares			Value
		COMMON STOCKS - 73.5% (Continued)
		INTERNET - 3.3%
	41	Alibaba Group Holding Ltd. *	$	7,607
	31	Amazon.com, Inc. *		52,694
	10	Baidu, Inc. *		2,430
	10	Booking Holdings, Inc. *		20,271
	47	F5 Networks, Inc. *		8,105
	40	Facebook, Inc. *		7,773
	86	Netflix, Inc. *		33,663
	19	Palo Alto Networks, Inc. *		3,904
	762	Symantec Corp.		15,735
	380	TripAdvisor, Inc. *		21,170
	824	Twitter, Inc. *		35,984
	234	VeriSign, Inc. *		32,156
				241,492
		IRON/STEEL - 0.1%
	16	Nucor Corp.		1,000
	238	United States Steel Corp.		8,271
				9,271
		LEISURE TIME - 0.1%
	16	Carnival Corp.		917
	9	Harley-Davidson, Inc.		379
	40	Polaris Industries, Inc.		4,887
	9	Royal Caribbean Cruises Ltd.		932
				7,115
		LODGING - 1.7%
	482	Hilton Worldwide Holdings, Inc.		38,155
	278	Las Vegas Sands Corp.		21,228
	166	Marriott International, Inc.		21,016
	197	MGM Resorts International		5,719
	217	Wyndham Worldwide Corp.		9,606
	200	Wynn Resorts Ltd.		33,468
				129,192
		MACHINERY- CONSTRUCTION & MINING- 0.1%
	83	Caterpillar, Inc.		11,261
		MACHINERY-DIVERSIFIED - 0.3%
	114	Cummins, Inc.		15,162
	72	Deere & Co.		10,066
				25,228
		MEDIA - 0.5%
	1	Charter Communications, Inc. *		293
	40	Comcast Corp.		1,312
	9	Discovery, Inc. *		248
	45	DISH Network Corp. *		1,512
	14	Liberty Global PLC *		386
	678	Twenty-First Century Fox, Inc.		33,690
	40	Walt Disney Co.		4,192
				41,633
		MINING - 0.7%
	533	Freeport-McMoRan, Inc.		9,200
	1,226	Newmont Mining Corp.		46,232
				55,432
		MISCELLANEOUS MANUFACTURING - 0.7%
	76	3M Co.		14,951
	6	Eaton Corp PLC		448
	358	General Electric Co.		4,872
	26	Illinois Tool Works, Inc.		3,602
	3	Ingersoll-Rand PLC		269
	8	Parker-Hannifin Corp.		1,247
	387	Textron, Inc.		25,507
				50,896
		OFFICE/BUSINESS EQUIPMENT - 0.0%
	28	Xerox Corp.		672

See accompanying notes to consolidated financial statements.

29

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

Shares			Value
		COMMON STOCKS - 73.5% (Continued)
		OIL & GAS - 4.5%
	17	Anadarko Petroleum Corp.	$	1,245
	323	Andeavor		42,371
	22	Apache Corp.		1,029
	56	Cabot Oil & Gas Corp.		1,333
	165	Chevron Corp.		20,861
	7	Cimarex Energy Co.		712
	25	ConocoPhillips		1,741
	48	Continental Resources, Inc. *		3,108
	95	Devon Energy Corp.		4,176
	48	EOG Resources, Inc.		5,973
	12	EQT Corp.		662
	92	Exxon Mobil Corp.		7,611
	20	Helmerich & Payne, Inc.		1,275
	29	Hess Corp.		1,940
	408	HollyFrontier Corp.		27,919
	881	Marathon Oil Corp.		18,378
	387	Marathon Petroleum Corp.		27,152
	102	Murphy Oil Corp.		3,445
	13	Noble Energy, Inc.		459
	395	Occidental Petroleum Corp.		33,054
	529	Phillips 66		59,412
	6	Pioneer Natural Resources Co.		1,135
	43	Range Resources Corp.		719
	150	Transocean Ltd. *		2,016
	480	Valero Energy Corp.		53,198
	236	Whiting Petroleum Corp. *		12,442
				333,366
		OIL & GAS SERVICES - 0.1%
	25	Baker Hughes a GE Co.		826
	33	Halliburton Co.		1,487
	69	National Oilwell Varco, Inc.		2,995
	49	Schlumberger Ltd.		3,284
				8,592
		PACKAGING & CONTAINERS - 0.1%
	170	Ball Corp.		6,044
	32	Sealed Air Corp.		1,358
				7,402
		PHARMACEUTICALS - 1.9%
	413	AbbVie, Inc.		38,264
	9	Allergan PLC		1,501
	13	AmerisourceBergen Corp.		1,109
	30	Bristol-Myers Squibb Co.		1,660
	22	Cardinal Health, Inc.		1,074
	6	CVS Health Corp.		386
	12	Eli Lilly & Co.		1,024
	73	Express Scripts Holding Co. *		5,636
	406	Johnson & Johnson		49,264
	8	McKesson Corp.		1,067
	18	Merck & Co., Inc.		1,093
	16	Mylan NV		578
	9	Perrigo Co PLC		656
	1,006	Pfizer, Inc.		36,498
	159	Teva Pharmaceutical Industries Ltd. - ADR		3,867
				143,677
		PIPELINES - 0.6%
	8	Enbridge, Inc.		286
	260	Energy Transfer Equity LP		4,485
	398	Energy Transfer Partners LP		7,578
	27	Kinder Morgan, Inc.		477
	209	ONEOK, Inc.		14,594
	550	Williams Cos., Inc.		14,911
				42,331
		REAL ESTATE - 0.2%
	260	CBRE Group, Inc. *		12,412

See accompanying notes to consolidated financial statements.

30

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

Shares			Value
		COMMON STOCKS - 73.5% (Continued)
		REIT - 1.5%
	96	American Tower Corp.	$	13,840
	107	Annaly Capital Management, Inc.		1,101
	3	AvalonBay Communities, Inc.		516
	25	Boston Properties, Inc.		3,136
	208	Crown Castle International Corp.		22,427
	18	Equity Residential		1,146
	11	GGP, Inc.		225
	34	HCP, Inc.		878
	948	Host Hotels & Resorts, Inc.		19,974
	50	Kimco Realty Corp.		850
	339	Prologis, Inc.		22,269
	6	Public Storage		1,361
	165	SBA Communications Corp. *		27,245
	3	Simon Property Group, Inc.		511
	5	Welltower, Inc.		313
	11	Weyerhaeuser Co.		401
				116,193
		RETAIL - 6.4%
	16	Advance Auto Parts, Inc.		2,171
	2	AutoZone, Inc. *		1,342
	67	Best Buy Co, Inc.		4,997
	56	CarMax, Inc. *		4,081
	91	Chipotle Mexican Grill, Inc. *		39,255
	117	Costco Wholesale Corp.		24,451
	325	Darden Restaurants, Inc.		34,794
	14	Dollar General Corp.		1,380
	5	Dollar Tree, Inc. *		425
	448	Foot Locker, Inc.		23,587
	7	Gap, Inc.		227
	179	Home Depot, Inc.		34,923
	599	Kohl’s Corp.		43,667
	19	L Brands, Inc.		701
	101	Lowe’s Cos., Inc.		9,652
	1,145	Macy’s, Inc.		42,857
	27	McDonald’s Corp.		4,231
	9	Nordstrom, Inc.		466
	101	Ross Stores, Inc.		8,560
	103	Signet Jewelers Ltd.		5,742
	38	Starbucks Corp.		1,856
	5	Tapestry, Inc.		233
	488	Target Corp.		37,147
	368	Tiffany & Co.		48,429
	275	TJX Cos., Inc.		26,174
	7	Tractor Supply Co.		535
	58	Ulta Beauty, Inc. *		13,541
	465	Urban Outfitters, Inc. *		20,716
	395	Walmart, Inc.		33,832
	59	Yum! Brands, Inc.		4,615
				474,587
		SEMICONDUCTORS - 2.8%
	2,481	Advanced Micro Devices, Inc. *		37,190
	149	Analog Devices, Inc.		14,292
	301	Applied Materials, Inc.		13,903
	5	Broadcom, Inc.		1,213
	541	Intel Corp.		26,893
	8	KLA-Tencor Corp.		820
	48	Lam Research Corp.		8,297
	93	Marvell Technology Group Ltd.		1,994
	164	Maxim Integrated Products, Inc.		9,620
	34	Microchip Technology, Inc.		3,092
	366	Micron Technology, Inc. *		19,193
	123	NVIDIA Corp.		29,139
	9	Qorvo, Inc. *		722
	392	Texas Instruments, Inc.		43,218
	13	Xilinx, Inc.		849
				210,435

See accompanying notes to consolidated financial statements.

31

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

Shares			Value
		COMMON STOCKS - 73.5% (Continued)
		SOFTWARE - 4.7%
	129	Activision Blizzard, Inc.	$	9,845
	219	Adobe Systems, Inc. *		53,394
	57	Akamai Technologies, Inc. *		4,174
	42	CA, Inc.		1,497
	31	Cerner Corp. *		1,853
	85	Citrix Systems, Inc. *		8,911
	141	Electronic Arts, Inc. *		19,884
	139	Fidelity National Information Services, Inc.		14,738
	59	Fiserv, Inc. *		4,371
	286	Intuit, Inc.		58,431
	485	Microsoft Corp.		47,826
	34	Oracle Corp.		1,498
	13	Paychex, Inc.		889
	102	Red Hat, Inc. *		13,706
	289	salesforce.com, Inc. *		39,420
	114	ServiceNow, Inc. *		19,662
	80	Splunk, Inc. *		7,929
	276	Vmware, Inc. *		40,564
	22	Workday, Inc. *		2,665
				351,257
		TELECOMMUNICATIONS - 1.9%
	566	AT&T, Inc.		18,174
	115	CenturyLink, Inc.		2,144
	1,245	Cisco Systems, Inc.		53,572
	59	Motorola Solutions, Inc.		6,866
	228	Sprint Corp. *		1,240
	72	T-Mobile US, Inc. *		4,302
	673	Verizon Communications, Inc.		33,859
	802	Vodafone Group PLC		19,497
				139,654
		TEXTILES - 0.1%
	48	Mohawk Industries, Inc. *		10,285
		TOYS & GAMES - 0.0%
	11	Hasbro, Inc.		1,015
	6	Mattel, Inc.		99
				1,114
		TRANSPORTATION - 2.0%
	17	CH Robinson Worldwide, Inc.		1,422
	877	CSX Corp.		55,935
	317	Expeditors International of Washington, Inc.		23,173
	3	FedEx Corp.		681
	29	Kansas City Southern		3,073
	263	Norfolk Southern Corp.		39,679
	161	Union Pacific Corp.		22,810
	5	United Parcel Service, Inc.		531
				147,304
		TOTAL COMMON STOCKS (Cost - $5,579,361)		5,466,961
		EXCHANGE TRADED FUNDS- 1.5%
	193	Invesco QQQ Trust Series 1		33,128
	211	iShares Russell 2000 ETF		34,555
	159	SPDR S&P 500 ETF Trust		43,134
		TOTAL EXCHANGE TRADED FUNDS (Cost - $111,358)		110,817
		SHORT TERM INVESTMENT - 3.9%
	290,018	Federated Treasury Obligations, Institutional Class, 1.77% ** (Cost - $290,018)		290,018
		TOTAL INVESTMENTS - 78.9% (Cost - $5,980,737)	$	5,867,796
		OTHER ASSETS LESS LIABILITIES - 21.1%		1,569,433
		NET ASSETS - 100.0%	$	7,437,229

ADR - American Depositary Receipt

ETF - Exchange Traded Fund

PLC - Public Limited Company

* Non-income producing securities.

** Rate shown represents the rate at June 30, 2018, and is subject to change and resets daily.

See accompanying notes to consolidated financial statements.

32

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2018

							Unrealized
					Underlying Face		Appreciation /
Long Contracts				Counterparty	Amount at Value ($)	Maturity	(Depreciation)
			OPEN LONG FUTURES CONTRACTS - (0.1)%
	9		3 Month Euro Euribor Future	ADM	2,634,344	March-19	$	921
	66		90 Day Sterling Future	ADM	10,789,689	March-19		1,990
	11		CAC40 10 Euro Future	ADM	683,315	July-18		(11,025	)
	8		Cotton No.2 Future +	ADM	335,680	December-18		(2,054	)
	5		Cotton No.2 Future +	ADM	209,150	March-19		(848	)
	1		Dax Index Future	ADM	359,270	September-18		(15,594	)
	14		E-Mini Russell 2000 Future	ADM	1,153,250	September-18		(7,122	)
	11		FTSE 100 Index Future	ADM	1,103,948	September-18		(2,401	)
	3		Gasoline RBOB Future +	ADM	268,645	September-18		14,362
	1		IBEX 35 Index Future	ADM	112,106	July-18		(770	)
	1		Japanese 10 Year Bond (OSE)	ADM	1,361,802	September-18		2,091
	2		Japanese Yen Currency Future	ADM	226,688	September-18		(1,650	)
	3		LME Aluminum Forward +	ADM	159,499	August-18		(12,332	)
	3		LME Aluminum Forward +	ADM	159,881	September-18		(3,726	)
	2		LME Aluminum Forward +	ADM	106,636	September-18		(2,980	)
	5		Nikkei 225 (SGX)	ADM	501,964	September-18		(4,063	)
	5		NY Harbor ULSD Future +	ADM	465,402	September-18		6,008
	4		S&P/TSX 60 IX Future	ADM	585,838	September-18		2,893
	3		SPI 200 Futures	ADM	340,684	September-18		2,569
	3		TOPIX Index Future	ADM	468,695	September-18		(5,245	)
	12		US 10 Year Note (CBT)	ADM	1,442,250	September-18		7,045
	5		WTI Crude Future +	ADM	362,300	September-18		24,253
			Net Unrealized Depreciation From Open Long Futures Contracts				$	(7,678	)
							Unrealized
					Underlying Face		Appreciation /
Short Contracts				Counterparty	Amount at Value ($)	Maturity	(Depreciation)
			OPEN SHORT FUTURES CONTRACTS - (0.9)%
	(76	)	90 Day Euro Future	ADM	(18,498,400)	December-18	$	(1,159	)
	(19	)	90 Day Euro Future	ADM	(4,618,900)	March-19		(1,309	)
	(1	)	AUD/USD Currency Future	ADM	(73,980)	September-18		(175	)
	(2	)	BP Currency Future	ADM	(165,450)	September-18		1,838
	(10	)	C$ Currency Future	ADM	(761,600)	September-18		(5,363	)
	(1	)	Copper Future +	ADM	(74,150)	September-18		150
	(23	)	Corn Future +	ADM	(426,938)	December-18		5,882
	(7	)	Euro FX Currency Future	ADM	(1,026,944)	September-18		(1,031	)
	(37	)	Euro-Bund Future	ADM	(7,022,057)	September-18		(57,387	)
	(4	)	Gold 100 Oz Future +	ADM	(501,800)	August-18		4,020
	(1	)	Lean Hogs Future +	ADM	(30,580)	August-18		916
	(9	)	Live Cattle Future +	ADM	(384,210)	August-18		(15,422	)
	(18	)	Mexican Peso Future	ADM	(447,390)	September-18		(3,042	)
	(8	)	Natural Gas Future +	ADM	(233,920)	August-18		2,496
	(2	)	Platinum Future +	ADM	(85,770)	October-18		639
	(2	)	Soybean Future +	ADM	(88,000)	November-18		938
	(2	)	Sugar #11 (WORLD) Future +	ADM	(27,440)	October-18		918
	(4	)	Wheat Future (CBT) +	ADM	(100,250)	September-18		1,282
			Net Unrealized Depreciation From Open Long Futures Contracts				$	(65,809	)
			Total Unrealized Depreciation from Open Futures Contracts				$	(73,487	)

+ All or a portion of this investment is a holding of the RNW Fund, Ltd.

See accompanying notes to consolidated financial statements.

33

RATIONAL FUNDS

Statements of Assets and Liabilities (Unaudited)

June 30, 2018

	Rational			Rational Risk			Rational			Rational			Rational
	Dividend Capture			Managed Emerging			Hedged Return			Dynamic Brands			Strategic Allocation
	Fund			Markets Fund			Fund			Fund			Fund
ASSETS:
Investments in Unaffiliated securities, at cost	$	27,398,719		$	7,995,991		$	1,032,694		$	19,652,348		$	—
Investments in Affiliated securities, at cost		—			—			—			—			11,050,309
Total Securities at Cost		27,398,719			7,995,991			1,032,694			19,652,348			11,050,309
Investments in Unaffiliated securities, at value	$	27,004,820		$	7,333,952		$	1,032,694		$	20,869,647		$	—
Investments in Affiliated securities, at value		—			—			—			—			11,485,942
Total Securities at Value	$	27,004,820		$	7,333,952		$	1,032,694		$	20,869,647		$	11,485,942
Receivable for securities sold		1,005,865			—			—			—			159,569
Receivable for Fund shares sold		36			88			13			5,464			—
Dividends and interest receivable		87,429			28,637			1,320			1,260			98
Foreign Cash (Cost - $0, $159,008, $0, $0, $0)		—			158,812			—			—			—
Due from Advisor		—			4,371			5,636			2,527			6,358
Deposits with Brokers		62			—			3,816,589			—			—
Tax reclaims receivable		6,851			134,011			—			24,116			—
Prepaid expenses and other assets		33,621			27,729			44,892			30,395			7,608
Total Assets		28,138,684			7,687,600			4,901,144			20,933,409			11,659,575
LIABILITIES:
Options written
(premiums received $0, $0, $15,588, $0, $0)		—			—			12,238			—			—
Management fees payable		2,623			—			—			—			—
Due to custodian		—			95,283			—			—			84,367
Trustee fees payable		1,672			1,852			1,853			1,779			1,875
Payable for securities purchased		820,210			31,787			—			—			—
Payable for Fund shares redeemed		16,431			2,737			556			336			—
Payable to related parties		7,322			2,071			783			3,394			1,907
Shareholder services fees payable		65,604			8,283			16,260			6,960			2,644
Accrued 12b-1 fees		1,748			79			350			5,104			6,224
Accrued expenses and other liabilities		14,645			3,890			6,713			6,607			11,920
Total Liabilities		930,255			145,982			38,753			24,180			108,937
Net Assets	$	27,208,429		$	7,541,618		$	4,862,391		$	20,909,229		$	11,550,638
NET ASSETS CONSIST OF:
Paid in capital	$	31,346,852		$	6,188,430		$	9,216,473		$	18,007,889		$	10,927,919
Undistributed net investment income (loss)		1,764,682			2,433			(41,686	)		(8,159	)		14,341
Accumulated net realized gain (loss) on investments, foreign currency contracts, futures and options written		(5,509,206	)		2,034,708			(4,315,746	)		1,696,223			172,745
Net unrealized appreciation (depreciation) on investments, foreign currency contracts, futures and options written		(393,899	)		(683,953	)		3,350			1,213,276			435,633
Net Assets	$	27,208,429		$	7,541,618		$	4,862,391		$	20,909,229		$	11,550,638
Institutional Shares
Net Assets	$	8,706,519		$	4,583,092		$	4,408,038		$	8,080,265		$	277,260
Shares of beneficial interest outstanding (a)		1,106,592			691,641			849,316			2,141,556			27,734
Net asset value per share	$	7.87		$	6.63		$	5.19		$	3.77		$	10.00
Class A shares
Net Assets	$	16,402,815		$	2,941,561		$	453,277		$	12,586,508		$	11,272,265
Shares of beneficial interest outstanding (a)		2,087,509			447,615			86,580			4,711,788			1,123,831
Net asset value and redemption price per share	$	7.86		$	6.57		$	5.24		$	2.67		$	10.03
Maximum offering price per share (b)	$	8.25		$	6.90		$	5.50		$	2.80		$	10.53
Class C shares
Net Assets	$	2,099,095		$	16,965		$	1,076		$	242,456		$	1,113
Shares of beneficial interest outstanding (a)		267,523			2,619			206			99,594			111
Net asset value, offering price and redemption price per share (c)	$	7.85		$	6.48		$	5.23	(d)	$	2.43		$	10.00	(d)

(a) Unlimited number of shares of no par value beneficial interest authorized.

(b) There is a maximum front-end sales charge (load) of 4.75% imposed on purchases of Class A shares for each Fund.

(c) A contingent deferred sales charge (“CDSC”) of 1.00% may be charged on shares held less than 12 months.

(d) Does not calculate due to rounding.

See accompanying notes to consolidated financial statements.

34

RATIONAL FUNDS

Statements of Assets and Liabilities (Unaudited)

June 30, 2018

	Rational			Rational			Rational		Rational
	Resolve Adaptive			Iron Horse			Income Opportunities		NuWave Enhanced
	Asset Allocation Fund			Fund			Fund		Market Opportunity Fund
	(Consolidated)								(Consolidated)
ASSETS:
Investments in securities, at cost	$	13,502,069		$	12,810,926		$	2,613,370	$	5,980,737
Investments, at value	$	13,502,069		$	12,449,328		$	2,632,526	$	5,867,796
Cash		—			—			—		—
Receivable for securities sold		—			228,359			—		444,572
Receivable for Fund shares sold		11,000			—			—		—
Dividends and interest receivable		16,862			11,898			11,579		5,510
Net unrealized appreciation from open futures contracts		246,419			—			—		81,211
Due from Advisor		29,036			—			5,577		882
Deposits with Brokers		833,892			52,288			—		1,652,776
Prepaid expenses and other assets		18,224			5,224			38,683		24,910
Total Assets		14,657,502			12,747,097			2,688,365		8,077,657
LIABILITIES:
Options written
(premiums received $0, $555,520, $0, $0)		—			594,195			—		—
Management fees payable		35,764			2,860			—		—
Net unrealized depreciation from open futures contracts		321,785			—			—		154,698
Trustee fees payable		1,646			1,788			—		1,208
Payable for securities purchased		—			296,078			—		474,794
Payable for Fund shares redeemed		2,985			—			—		—
Payable to related parties		1,778			6,406			884		1,214
Shareholder services fees payable		5,263			16,591			241		2,436
Accrued 12b-1 fees		1,217			11			3		14
Accrued expenses and other liabilities		7,300			2,098			7,108		6,064
Total Liabilities		377,738			920,027			8,236		640,428
Net Assets	$	14,279,764		$	11,827,070		$	2,680,129	$	7,437,229
NET ASSETS CONSIST OF:
Paid in capital	$	14,450,014		$	12,695,661		$	2,658,006	$	7,242,410
Undistributed net investment income (loss)		(12,968	)		3,743			761		(10,707	)
Accumulated net realized gain (loss) on investments, foreign currency contracts, futures and options written		(43,751	)		(472,061	)		2,206		391,992
Net unrealized appreciation (depreciation) on investments, foreign currency contracts, futures and options written		(113,531	)		(400,273	)		19,156		(186,466	)
Net Assets	$	14,279,764		$	11,827,070		$	2,680,129	$	7,437,229
Institutional Shares
Net Assets	$	11,890,090		$	9,391,831		$	2,676,586	$	7,401,079
Shares of beneficial interest outstanding (a)		475,955			948,566			265,114		480,391
Net asset value per share	$	24.98		$	9.90		$	10.10	$	15.41
Class A shares
Net Assets	$	2,045,348		$	2,434,288		$	2,534	$	35,126
Shares of beneficial interest outstanding (a)		82,272			245,923			251		2,281
Net asset value and redemption price per share	$	24.86		$	9.90		$	10.10	$	15.40
Maximum offering price per share (b)	$	26.38		$	10.50		$	10.72	$	16.34
Class C shares
Net Assets	$	344,326		$	951		$	1,009	$	1,024
Shares of beneficial interest outstanding (a)		14,012			97			100		67
Net asset value, offering price and redemption price per share (c)	$	24.57		$	9.85		$	10.09	$	15.36	(d)

(a) Unlimited number of shares of no par value beneficial interest authorized.

(b) There is a maximum front-end sales charge (load) of 5.75% imposed on purchases of Class A shares for each Fund.

(c) A contingent deferred sales charge (“CDSC”) of 1.00% may be charged on shares held less than 12 months.

(d) Does not calculate due to rounding.

See accompanying notes to consolidated financial statements.

35

RATIONAL FUNDS

Statements of Operations (Unaudited)

For the Six Months Ended June 30, 2018

	Rational			Rational Risk			Rational			Rational			Rational
	Dividend Capture			Managed Emerging			Hedged Return			Dynamic Brands			Strategic Allocation
	Fund			Markets Fund			Fund			Fund			Fund
Investment Income:
Dividend income	$	909,055			148,287		$	—		$	114,364		$	—
Interest income		10,448			2,682			12,020			6,718			851
Dividend income - affiliated companies (Note 3)		—			—			—			—			139,950
Foreign tax withheld		(5,384	)		(72,992	)		—			(15,243	)		—
Total Investment Income		914,119			77,977			12,020			105,839			140,801
Operating Expenses:
Investment management fees		112,683			47,405			46,775			72,762			6,262
12b-1 Fees - Class A Shares		22,081			5,178			562			15,921			15,306
12b-1 Fees - Class C Shares		12,458			318			5			1,267			5
Shareholder Services Fees - Institutional Shares		495			2,637			245			321			139
Shareholder Services Fees - Class A Shares		883			2,071			247			6,368			6,123
Administration fees		39,028			17,011			9,491			26,615			17,952
Mfund Services Fees		13,147			5,846			4,430			9,367			6,926
Compliance officer fees		4,804			4,192			5,542			5,696			3,255
Registration fees		25,885			17,850			22,032			30,696			4,586
Audit & Tax fees		5,207			10,808			6,447			5,455			5,207
Custody fees		2,562			12,990			2,480			2,480			2,583
Printing expense		9,591			2,480			3,556			7,523			2,976
Trustees’ fees		4,099			3,968			4,099			4,099			3,968
Legal fees		5,768			4,959			8,900			5,143			4,959
Insurance expense		4,512			1,286			744			2,132			1,687
Interest expense		—			—			5			—			—
Miscellaneous expense		496			992			992			680			808
Total Operating Expenses		263,699			139,991			116,552			196,525			82,742
Less: Expenses waived/reimbursed by Advisor		(82,211	)		(74,950	)		(62,846	)		(82,516	)		(39,183	)
Net Operating Expenses		181,488			65,041			53,706			114,009			43,559
Net Investment Income (Loss)		732,631			12,936			(41,686	)		(8,170	)		97,242
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investments		(137,574	)		1,982,195			6,137			1,013,098			261,832
Affiliated companies		—			—			—			—			628,450
Options written		—			—			245,051			—			—
Foreign currency transactions		—			(14,509	)		—			(3,406	)		—
Net Realized Gain (Loss)		(137,574	)		1,967,686			251,188			1,009,692			890,282
Net change in unrealized appreciation
(depreciation) on:
Investments		(742,167	)		(2,738,668	)		—			396,542			—
Affiliated companies		—			—			—			—			(913,225	)
Options written		—			—			2,738			—			—
Foreign currency translations		—			2,065			—			1,084			—
Net Change in Unrealized Appreciation (Depreciation)		(742,167	)		(2,736,603	)		2,738			397,626			(913,225	)
Net Realized and Unrealized Gain (Loss) on Investments		(879,741	)		(768,917	)		253,926			1,407,318			(22,943	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	(147,110	)	$	(755,981	)	$	212,240		$	1,399,148		$	74,299

See accompanying notes to consolidated financial statements.

36

Rational Funds

Statements of Operations (Continued)

For the Six Months Ended June 30, 2018

	Rational			Rational			Rational			Rational
	Resolve Adaptive			Iron Horse			Income Opportunities			NuWave Enhanced
	Asset Allocation Fund			Fund			Fund			Market Opportunity Fund
Investment Income:	(Consolidated)									(Consolidated)
Dividends	$	11,270		$	179,182		$	113		$	35,200
Interest		54,465			8,993			9,849			2,642
Foreign tax withheld		—			(846	)		—			(44	)
Total Investment Income		65,735			187,329			9,962			37,798
Operating Expenses:
Investment management fees		67,007			96,293			5,422			42,632
12b-1 Fees - Class A Shares		952			5,635			1			10
12b-1 Fees - Class C Shares		1,832			3			2			4
Shareholder Services Fees - Institutional Shares		3,264			12,932			361			2,432
Shareholder Services Fees - Class A Shares		381			6,325			1			4
Administrative fees		15,195			23,171			2,528			10,217
Mfund Services		5,199			7,840			1,189			3,377
Registration fees		18,667			6,248			1,024			1,823
Printing expenses		5,370			7,761			1,397			3,537
Compliance officer fees		4,911			5,716			2,080			3,718
Legal fees		9,269			5,311			5,326			10,004
Audit & Tax fees		6,447			6,398			3,488			5,206
Trustees’ fees		4,099			4,093			1,890			3,046
Custody fees		2,480			2,700			932			1,658
Insurance Expense		843			—			—			—
Interest expense		50			—			—			—
Miscellaneous expense		992			3,247			373			720
Total Operating Expenses		146,958			193,673			26,014			88,388
Less: Expenses waived/reimbursed by Advisor		(68,255	)		(56,514	)		(19,569	)		(39,883	)
Net Operating Expenses		78,703			137,159			6,445			48,505
Net Investment Income (Loss)		(12,968	)		50,170			3,517			(10,707	)
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Investments		—			270,711			2,206			164,175
Options purchased		—			(160,853	)		—			—
Options written		—			(64,079	)		—			—
Futures		(195,332	)		—			—			226,691
Foreign currency translations		2,426			—			—			1,126
Net realized gain (Loss)		(192,906	)		45,779			2,206			391,992
Net change in unrealized appreciation (depreciation) on:
Investments		—			(803,198	)		19,156			(112,979	)
Options purchased		—			8,265			—			—
Options written		—			186,144			—			—
Futures		(282,408	)		—			—			(73,487	)
Foreign currency translations		(1,085	)		—			—			—
Net change in unrealized Appreciation (Depreciation)		(283,493	)		(608,789	)		19,156			(186,466	)
Net Realized and Unrealized Gain (Loss) on Investments		(476,399	)		(563,010	)		21,362			205,526
Net Increase in Net Assets Resulting From Operations	$	(489,367	)	$	(512,840	)	$	24,879		$	194,819

See accompanying notes to consolidated financial statements.

37

RATIONAL FUNDS

Statements of Changes in Net Assets

	Rational Dividend Capture Fund						Rational Risk Managed Emerging Markets Fund						Rational Hedged Return Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2018			December 31, 2017			June 30, 2018			December 31, 2017			June 30, 2018			December 31, 2017
Operations:	(Unaudited)						(Unaudited)						(Unaudited)
Net investment income (loss)	$	732,631		$	1,893,736		$	12,936		$	31,830		$	(41,686	)	$	7,018
Net realized gain (loss) on investments, futures  foreign currency transactions and options		(137,574	)		(1,191,145	)		1,967,686			628,865			251,188			(446,752	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency and options		(742,167	)		(1,767,167	)		(2,736,603	)		2,076,073			2,738			501,970
Net increase (decrease) in net assets resulting from operations		(147,110	)		(1,064,576	)		(755,981	)		2,736,768			212,240			62,236
Distributions to Shareholders from:
Net investment income
Institutional Class		(183,493	)		(989,645	)		—			—			—			(288,135	)
Class A		(307,200	)		(1,285,544	)		—			—			—			(23,635	)
Class C		(33,821	)		(121,375	)		—			—			—			(46	)
Net realized gains						��
Institutional Class		—			—			—			(269,542	)		—			—
Class A		—			—			—			(227,922	)		—			—
Class C		—			—			—			(3,718	)		—			—
Total distributions to shareholders		(524,514	)		(2,396,564	)		—			(501,182	)		—			(311,816	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Institutional Class		886,682			7,772,041			886,562			1, 076,031			121,446			3,600,531
Class A		192,931			5,502,989			407,516			1, 595,908			6,806			37,746
Class C		247,153			2,294,150			—			63,487			—			—
Reinvestment of distributions
Institutional Class		80,578			526,395			—			229,011			—			267,858
Class A		269,967			1,093,282			—			209,599			—			22,544
Class C		18,918			79,162			—			617			—			—
Cost of shares redeemed
Institutional Class		(4,240,057	)		(42,489,103	)		(1,346,686	)		(2,236,917	)		(1,358,740	)		(2,968,575	)
Class A		(3,991,488	)		(16,438,040	)		(1,726,331	)		(2,454,431	)		(20,392	)		(521,604	)
Class C		(899,158	)		(1,032,458	)		(49,062	)		—			—			—
Net increase (decrease) in net assets from share transactions of beneficial interest		(7,434,474	)		(42,691,582	)		(1,828,001	)		(1,516,695	)		(1,250,880	)		438,500
Total Increase (Decrease) in Net Assets		(8,106,098	)		(46,152,722	)		(2,583,982	)		718,891			(1,038,640	)		188,920
Net Assets:
Beginning of year		35,314,527			81,467,249			10,125,600			9,406,709			5,901,031			5,712,111
End of year	$	27,208,429		$	35,314,527		$	7,541,618		$	10,125,600		$	4,862,391		$	5,901,031
Includes undistributed net investment income (loss) at end of year of:	$	1,764,682		$	1,556,565		$	2,433		$	10,503		$	(41,686	)	$	—
Share Activity:
Institutional Class
Shares Sold		112,953			916,685			118,859			152,841			23,813			701,403
Shares Reinvested		10,387			62,732			—			31,940			—			53,814
Shares Redeemed		(536,974	)		(4,964,276	)		(184,722	)		(341,544	)		(267,341	)		(590,442	)
Net increase (decrease) in shares of Beneficial interest		(413,634	)		(3,984,859	)		(65,863	)		(156,763	)		(243,528	)		164,775
Class A
Shares Sold		24,687			638,578			55,347			227,636			1,324			7,934
Shares Reinvested		34,864			132,459			—			29,438			—			4,491
Shares Redeemed		(510,945	)		(1,971,952	)		(238,014	)		(359,378	)		(3,952	)		(109,905	)
Net increase (decrease) in shares of Beneficial interest		(451,394	)		(1,200,915	)		(182,667	)		(102,304	)		(2,628	)		(97,480	)
Class C
Shares Sold		30,820			272,289			—			9,682			—			—
Shares Reinvested		2,454			9,709			—			88			—			—
Shares Redeemed		(116,253	)		(123,559	)		(7,323	)		—			—			—
Net increase (decrease) in shares of Beneficial interest		(82,979	)		158,439			(7,323	)		9,770			—			—

See accompanying notes to consolidated financial statements.

38

RATIONAL FUNDS

Statements of Changes in Net Assets (Continued)

													Rational Resolve/Adaptive
	Rational Dynamic Brands Fund						Rational Strategic Allocation Fund						Asset Allocation Fund
													(Consolidated)
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Period Ended
	June 30, 2018			December 31, 2017			June 30, 2018			December 31, 2017			June 30, 2018			December 31, 2017 (a)
Operations:	(Unaudited)						(Unaudited)						(Unaudited)
Net investment income (loss)	$	(8,170	)	$	66,461		$	97,242		$	370,981		$	(12,968	)	$	(302,305	)
Net realized gain (loss) on investments, affiliated companies foreign currency transactions and futures		1,009,692			3,948,403			890,282			424,104			(192,906	)		314,183
Net change in unrealized appreciation (depreciation) on investments, affiliated companies, foreign currency transactions and futures		397,626			(1,814,832	)		(913,225	)		756,042			(283,493	)		353,378
Net increase (decrease) in net assets resulting from operations		1,399,148			2,200,032			74,299			1, 551,127			(489,367	)		365,256
Distributions to Shareholders:
Net investment income
Institutional Class		—			(12,183	)		(2,307	)		(12,888	)		—			—
Class A		—			(23,935	)		(80,589	)		(558,213	)		—			—
Class C		—			—			(5	)		(41	)		—			—
Net realized gains
Institutional Class		—			(672,729	)		—			—			—			(3,940	)
Class A		—			(3,271,572	)		—			—			—			(88	)
Class C		—			(63,118	)		—			—			—			(253	)
Total distributions to shareholders		—			(4,043,537	)		(82,901	)		(571,142	)		—			(4,281	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Institutional Class		5,345,351			1,582,646			—			—			11,301,581			13,429,916
Class A		119,498			1,077,384			56,900			268,744			2,034,199			190,591
Class C		37,300			26,885			—			—			8,700			366,650
Reinvestment of distributions
Institutional Class		—			449,117			—			—			—			3,584
Class A		—			3,257,155			78,590			537,573			—			88
Class C		—			60,077			—			—			—			249
Cost of shares redeemed
Institutional Class		(909,952	)		(1,908,622	)		—			—			(4,901,296	)		(22,982,145	)
Class A		(1,409,656	)		(6,131,976	)		(1,888,448	)		(3,557,145	)		(26,707	)		(62,720	)
Class C		(42,068	)		(218,898	)		—			—			(31,215	)		(28,487	)
Net increase (decrease) in net assets from share transactions of beneficial interest		3,140,473			(1,806,232	)		(1,752,958	)		(2,750,828	)		8,385,262			(9,082,274	)
Total Increase (Decrease) in Net Assets		4,539,621			(3,649,737	)		(1,761,560	)		(1,770,843	)		7,895,895			(8,721,299	)
Net Assets:
Beginning of year/period		16,369,608			20,019,345			13,312,198			15,083,041			6,383,869			15,105,168
End of year/period*	$	20,909,229		$	16,369,608		$	11,550,638		$	13,312,198		$	14,279,764		$	6,383,869
Includes undistributed net investment income (loss) at end of year/period of:	$	(8,159	)	$	11		$	14,341		$	—		$	(12,968	)	$	—
Share Activity:
Institutional Class
Shares Sold		1,454,992			381,274			—			—			432,368			558,352
Shares Reinvested		—			127,954			—			—			—			144
Shares Redeemed		(251,481	)		(483,308	)		—			—			(189,377	)		(945,508	)
Net increase (decrease) in shares of Beneficial interest		1,203,511			25,920			—			—			242,991			(387,012	)
Class A
Shares Sold		45,886			370,173			5,612			27,400			78,132			7,741
Shares Reinvested		—			1,308,094			7,891			53,572			—			4
Shares Redeemed		(544,146	)		(2,068,271	)		(186,278	)		(360,962	)		(1,027	)		(2,618	)
Net increase (decrease) in shares of Beneficial interest		(498,260	)		(390,004	)		(172,775	)		(279,990	)		77,105			5,127
Class C
Shares Sold		15,522			9,605			—			—			343			15,226
Shares Reinvested		—			26,465			—			—			—			10
Shares Redeemed		(18,093	)		(79,109	)		—			—			(1,205	)		(1,218	)
Net increase (decrease) in shares of Beneficial interest		(2,571	)		(43,039	)		—			—			(862	)		14,018

(a) The Rational Resolve/Adaptive Asset Allocation Fund commenced operations on September 30, 2016.

See accompanying notes to consolidated financial statements.

39

RATIONAL FUNDS

Statements of Changes in Net Assets (Continued)

										Rational NuWave
							Rational Income			Enhanced Market
	Rational Iron Horse Fund						Opportunities Fund			Opportunity Fund
										(Consolidated)
	Six Months Ended			Period Ended			Period Ended			Period Ended
	June 30, 2018			December 31, 2017 (a)			June 30, 2018 (b)			June 30, 2018
Operations:	(Unaudited)						(Unaudited)			(Unaudited)
Net investment income	$	50,170		$	56,154		$	3,517		$	(10,707	)
Net realized gain (loss) on investments and options		45,779			819,842			2,206			391,992
Net change in unrealized appreciation (depreciation) on investments and options		(608,789	)		126,331			19,156			(186,466	)
Net increase (decrease) in net assets resulting from operations		(512,840	)		1,002,327			24,879			194,819
Distributions to Shareholders:
Net investment income
Institutional Class		(37,552	)		(36,807	)		(2,755	)		—
Class A		(11,362	)		(13,428	)		(1	)		—
Net realized gains
Institutional Class		(314,956	)		—			—			—
Class A		(139,074	)		—			—			—
Class C		(31	)		—			—			—
From return of capital:											—
Institutional Class					(336,601	)		—			—
Class A					(280,475	)		—			—
Class C					(32	)		—			—
Total distributions to shareholders		(502,976	)		(667,343	)		(2,756	)		—
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Institutional Class		1,082,945			4,935,940			2,652,000			7,206,236
Class A		334,654			8,662,420			2,508			1,000
Class C (a)		—			1,000			1,000			35,174
Reinvestment of distributions
Institutional Class		339,657			344,052			2,497			—
Class A		145,116			294,399			1			—
Cost of shares redeemed											—
Institutional Class		(2,267,363	)		(3,111,465	)		—			—
Class A		(4,473,384	)		(6,107,098	)		—			—
Net increase (decrease) in net assets from share transactions of beneficial interest		(4,838,375	)		5,019,248			2,658,006			7,242,410
Total Increase (Decrease) in Net Assets		(5,854,191	)		5,354,232			2,680,129			7,437,229
Net Assets:
Beginning of year/period		17,681,261			12,327,029			—			—
End of year/period*	$	11,827,070		$	17,681,261		$	2,680,129		$	7,437,229
Includes undistributed net investment income (loss) at end of year/period of:	$	3,743		$	2,488		$	761		$	(10,707	)
Share Activity:
Institutional Class
Shares Sold		103,244			466,405			264,866			480,391
Shares Reinvested		33,826			32,642			248			—
Shares Redeemed		(220,372	)		(295,816	)		—			—
Net increase (decrease) in shares of Beneficial interest		(83,302	)		203,231			265,114			480,391
Class A
Shares Sold		31,955			832,098			251			2,281
Shares Reinvested		14,388			27,975			—			—
Shares Redeemed		(440,981	)		(579,845	)		—			—
Net increase (decrease) in shares of Beneficial interest		(394,638	)		280,228			251			2,281
Class C (a)
Shares Sold		—			97			100			67
Shares Reinvested		—			—			—			—
Shares Redeemed		—			—			—			—
Net increase in shares of Beneficial interest		—			97			100			67

(a) Class C launched April 7, 2017

(b) The Rational Income Opportunities launched April 23, 2018.

(c) The Rational NuWave Enhanced launched February 28, 2018.

See accompanying notes to consolidated financial statements.

40

RATIONAL FUNDS

Rational Dividend Capture Fund

Financial Highlights

For a Share Outstanding Throughout Each Period

	Institutional Class
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2016			2015			2014			2013
	(Unaudited)
Net asset value, beginning of period	$	8.02		$	8.64		$	8.41		$	10.01		$	10.74		$	9.49
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.20	(A)		0.30	(A)		0.29	(A)		0.36			0.39			0.36
Net realized and unrealized gain (loss) on investments		(0.20	)		(0.47	)		0.22			(0.67	)		0.64			1.60
Total from investment operations		0.00			(0.17	)		0.51			(0.31	)		1.03			1.96
LESS DISTRIBUTIONS:
From net investment income		(0.15	)		(0.45	)		(0.26	)		(0.35	)		(0.41	)		(0.32	)
From net realized gains on investments		—			—			(0.02	)		(0.94	)		(1.35	)		(0.39	)
Total distributions		(0.15	)		(0.45	)		(0.28	)		(1.29	)		(1.76	)		(0.71	)
Net asset value, end of period	$	7.87		$	8.02		$	8.64		$	8.41		$	10.01		$	10.74
Total return (B)		0.04	% (C)		(1.99	)%		6.15	%		(3.25	)%		9.59	%		21.14	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	8,706		$	12,188		$	47,544		$	57,752		$	132,177		$	278,917
Ratios to average net assets
Expenses, before waiver and reimbursement		1.53	% (D)		1.33	%		1.42	%		1.47	%		1.38	%		1.33	%
Expenses, net waiver and reimbursement		1.00	% (D)		1.00	%		1.00	%		0.89	%		0.88	%		0.89	%
Net investment income		5.05	% (D)		3.53	%		3.37	%		3.37	%		3.22	%		3.59	%
Portfolio turnover rate		150	% (C)		224	%		159	%		92	%		92	%		130	%
	Class A
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2016			2015			2014			2013
	(Unaudited)
Net asset value, beginning of period	$	8.01		$	8.63		$	8.40		$	10.01		$	10.73		$	9.49
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.19	(A)		0.30	(A)		0.27	(A)		0.31			0.34			0.34
Net realized and unrealized gain (loss) on investments		(0.20	)		(0.49	)		0.22			(0.66	)		0.67			1.59
Total from investment operations		(0.01	)		(0.19	)		0.49			(0.35	)		1.01			1.93
LESS DISTRIBUTIONS:
From net investment income		(0.14	)		(0.43	)		(0.24	)		(0.32	)		(0.38	)		(0.30	)
From net realized gains on investments		—			—			(0.02	)		(0.94	)		(1.35	)		(0.39	)
Total distributions		(0.14	)		(0.43	)		(0.26	)		(1.26	)		(1.73	)		(0.69	)
Net asset value, end of period	$	7.86		$	8.01		$	8.63		$	8.40		$	10.01		$	10.73
Total return (B)		(0.10	)% (C)		(2.24	)%		5.89	%		(3.60	)%		9.45	%		20.74	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	16,403		$	20,327		$	32,269		$	39,610		$	66,445		$	71,258
Ratios to average net assets
Expenses, before waiver and reimbursement		1.78	% (D)		1.57	%		1.67	%		1.72	%		1.63	%		1.58	%
Expenses, net waiver and reimbursement		1.25	% (D)		1.25	%		1.25	%		1.14	%		1.13	%		1.14	%
Net investment income		4.86	% (D)		3.52	%		3.12	%		3.14	%		3.01	%		3.32	%
Portfolio turnover rate		150	% (C)		224	%		159	%		92	%		92	%		130	%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect the impact of sales charges. Had the Advisor not waived its fees an reimbursed expenses, total return would have been lower.

(C) Not Annualized

(D) Annualized

See accompanying notes to consolidated financial statements.

41

RATIONAL FUNDS

Rational Dividend Capture Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Period

	Class C
	For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2016			2015			2014(A)
	(Unaudited)
Net asset value, beginning of period	$	7.99		$	8.61		$	8.38		$	9.99		$	10.67
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.17	(B)		0.29	(B)		0.22	(B)		0.27			0.32
Net realized and unrealized gain (loss) on investments		(0.20	)		(0.52	)		0.22			(0.66	)		0.70
Total from investment operations		(0.03	)		(0.23	)		0.44			(0.39	)		1.02
LESS DISTRIBUTIONS:
From net investment income		(0.11	)		(0.39	)		(0.19	)		(0.28	)		(0.35	)
From net realized gains on investments		—			—			(0.02	)		(0.94	)		(1.35	)
Total distributions		(0.11	)		(0.39	)		(0.21	)		(1.22	)		(1.70	)
Net asset value, end of period	$	7.85		$	7.99		$	8.61		$	8.38		$	9.99
Total return (C)		(0.34	)% (D)		(2.68	)%		5.34	%		(4.08	)%		9.54	% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	2,099		$	2,799		$	1,654		$	2,335		$	4,154
Ratios to average net assets
Expenses, before waiver and reimbursement		2.50	% (E)		2.31	%		2.17	%		2.22	%		2.16	% (E)
Expenses, net waiver and reimbursement		1.75	% (E)		1.75	%		1.75	%		1.64	%		1.63	% (E)
Net investment income		4.36	% (E)		3.50	%		2.61	%		2.64	%		2.69	% (E)
Portfolio turnover rate		150	% (D)		224	%		159	%		92	%		92	% (D)

(A) The Rational Dividend Capture Fund Class C shares commenced operations on January 3, 2014.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Had the Advisor not waived its fees and reimbursed expenses, total return would have been lower.

(D) Not Annualized.

(E) Annualized.

See accompanying notes to consolidated financial statements.

42

RATIONAL FUNDS

Rational Risk Managed Emerging Markets Fund

Financial Highlights

For a Share Outstanding Throughout Each Period

	Institutional Class
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2016			2015			2014			2013
	(Unaudited)
Net asset value, beginning of period	$	7.27		$	5.72		$	6.76		$	9.38		$	10.74		$	10.33
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		0.02	(A)		0.03	(A)		(0.14	) (A)		0.03			(0.03	)		0.04
Net realized and unrealized gain (loss) on investments		(0.66	)		1.90			(0.10	)		(0.15	)		0.16			0.58
Total from investment operations		(0.64	)		1.93			(0.24	)		(0.12	)		0.13			0.62
LESS DISTRIBUTIONS:
From net investment income		—			—			—			(0.33	)		—			(0.21	)
From net realized gains on investments		—			(0.38	)		(0.73	)		(2.17	)		(1.49	)		—
From paid in capital		—			—			(0.07	)		—			—			—
Total distributions		—			(0.38	)		(0.80	)		(2.50	)		(1.49	)		(0.21	)
Net asset value, end of period	$	6.63		$	7.27		$	5.72		$	6.76		$	9.38		$	10.74
Total return (C)		(8.80	)% (D)		33.79	%		(3.66	)%		(0.60	)%		1.31	%		6.08	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	4,583		$	5,506		$	5,232		$	5,483		$	20,578		$	27,015
Ratios to average net assets
Expenses, before waiver and reimbursement (E)		2.84	% (F)		2.98	%		3.10	%		2.52	%		2.22	%		2.01	%
Expenses, net waiver and reimbursement (E)		1.25	% (F)		1.25	%		1.25	%		0.90	%		1.63	%		1.87	%
Net investment income (loss) (E,G)		0.47	% (F)		0.48	%		(2.07	)%		0.32	%		(0.29	)%		0.40	%
Portfolio turnover rate		108	% (D)		99	%		361	%		86	%		88	%		156	%
	Class A
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2016			2015			2014			2013
	(Unaudited)
Net asset value, beginning of period	$	7.22		$	5.70		$	6.73		$	9.35		$	10.73		$	10.32
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		0.00	(A,B)		0.01	(A)		(0.14	) (A)		0.02			(0.02	)		0.01
Net realized and unrealized gain (loss) on investments		(0.65	)		1.89			(0.10	)		(0.17	)		0.13			0.59
Total from investment operations		(0.65	)		1.90			(0.24	)		(0.15	)		0.11			0.60
LESS DISTRIBUTIONS:
From net investment income		—			—			—			(0.30	)		—			(0.19	)
From net realized gains on investments		—			(0.38	)		(0.73	)		(2.17	)		(1.49	)		—
From paid in capital		—			—			(0.06	)		—			—			—
Total distributions		—			(0.38	)		(0.79	)		(2.47	)		(1.49	)		(0.19	)
Net asset value, end of period	$	6.57		$	7.22		$	5.70		$	6.73		$	9.35		$	10.73
Total return (C)		(9.00	)% (D)		33.38	%		(3.77	)%		(0.91	)%		1.13	%		5.87	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	2,942		$	4,549		$	4,174		$	4,501		$	6,774		$	429
Ratios to average net assets
Expenses, before waiver and reimbursement (E)		3.09	% (F)		3.27	%		3.35	%		2.77	%		2.47	%		2.26	%
Expenses, net waiver and reimbursement (E)		1.50	% (F)		1.50	%		1.50	%		1.15	%		1.88	%		2.12	%
Net investment income (loss) (E,G)		0.04	% (F)		0.20	%		(2.15	)%		0.19	%		(0.15	)%		0.06	%
Portfolio turnover rate		108	% (D)		99	%		361	%		86	%		88	%		156	%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Amount is less than $0.005.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect the impact of sales charges.

Had the Advisor not waived its fees and reimbursed expenses, total return would have been lower.

(D) Not annualized.

(E) Does not include expenses of the underlying investment companies in which the Fund invests.

(F) Annualized.

(G) Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to consolidated financial statements.

43

RATIONAL FUNDS

Rational Risk Managed Emerging Markets Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Period

	Class C
	For the			For the			For the
	Six Months Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,
	2018			2017			2016 (A)
	(Unaudited)
Net asset value, beginning of period	$	7.14		$	5.68		$	6.60
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (B)		(0.03	)		(0.05	)		(0.15	)
Net realized and unrealized gain (loss) on investments		(0.63	)		1.89			0.01	(C)
Total from investment operations		(0.66	)		1.84			(0.14	)
LESS DISTRIBUTIONS:
From net investment income		—			—			—
From net realized gains on investments		—			(0.38	)		(0.73	)
From paid in capital		—			—			(0.05	)
Total distributions		—			(0.38	)		(0.78	)
Net asset value, end of period	$	6.48		$	7.14		$	5.68
Total return (D)		(9.24	)% (E)		32.43	%		(2.36	)% (E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	17		$	71		$	1
Ratios to average net assets
Expenses, before waiver and reimbursement (F)		3.74	% (G)		3.92	%		4.10	% (G)
Expenses, net waiver and reimbursement (F)		2.25	% (G)		2.25	%		2.25	% (G)
Net investment income (loss) (F,H)		(0.94	)% (G)		(0.79	)%		(3.72	)% (G)
Portfolio turnover rate		108	% (E)		99	%		361	% (E)

(A) The Rational Risk Managed Emerging Markets Fund Class C Shares commenced operations on May 31, 2016

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) As required by SEC standard per share data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that captures all other changes affecting net asset value per share. This per share gain amount does not correlate to the aggregate of the net realized and unrealized loss in the Statement of Operations for the period ended December 31, 2016, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Had the Advisor not waived its fees and reimbursed expenses, total return would have been lower.

(E) Not annualized.

(F) Does not include expenses of the underlying investment companies in which the Fund invests.

(G) Annualized.

(H) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to consolidated financial statements.

44

RATIONAL FUNDS

Rational Hedged Return Fund

Financial Highlights

For a Share Outstanding Throughout Each Period

	Institutional Class
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2016			2015			2014			2013
	(Unaudited)
Net asset value, beginning of period	$	4.99		$	5.12		$	5.39		$	6.73		$	8.05		$	7.42
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.04	) (A)		0.01	(A)		0.06	(A)		0.19			0.13			0.15
Net realized and unrealized gain (loss) on investments		0.24			0.14			0.37			(1.32	)		(1.35	)		0.55
Total from investment operations		0.20			0.15			0.43			(1.13	)		(1.22	)		0.70
LESS DISTRIBUTIONS:
From net investment income		—			(0.28	)		(0.70	)		(0.26	)		(0.10	)		(0.07	)
Total distributions		—			(0.28	)		(0.70	)		(0.26	)		(0.10	)		(0.07	)
From capital contributions from Advisor		—			—			—			0.05			—			—
Net asset value, end of period	$	5.19		$	4.99		$	5.12		$	5.39		$	6.73		$	8.05
Total return (B)		4.01	% (F)		2.89	% (D)		7.82	% (D)		(16.05	)% (C)		(15.03	)%		9.49	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	4,408		$	5,451		$	4,747		$	6,032		$	29,453		$	89,571
Ratios to average net assets
Expenses, before wavier and reimbursement		4.33	% (E)		4.29	%		2.61	%		2.49	%		1.52	%		1.36	%
Expenses, net waiver and reimbursement		1.99	% (E)		1.17	%		1.00	%		1.07	%		1.04	%		1.34	%
Net investment income		(1.54	)% (E)		0.22	%		1.07	%		2.99	%		1.53	%		1.93	%
Portfolio turnover rate		0	% (F)		199	%		246	%		13	%		31			43
	Class A
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2016			2015			2014			2013
	(Unaudited)
	$	5.04		$	5.16		$	5.43		$	6.73		$	8.05		$	7.43
Net asset value, beginning of period
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.05	) (A)		0.01	(A)		0.05	(A)		0.19			0.10			0.13
Net realized and unrealized gain (loss) on investments		0.25			0.14			0.37			(1.30	)		(1.33	)		0.54
Total from investment operations		0.20			0.15			0.42			(1.11	)		(1.23	)		0.67
LESS DISTRIBUTIONS:
From net investment income		—			(0.27	)		(0.69	)		(0.24	)		(0.09	)		(0.05	)
Total distributions		—			(0.27	)		(0.69	)		(0.24	)		(0.09	)		(0.05	)
From capital contributions from Advisor		—			—			—			0.05			—			—
Net asset value, end of period	$	5.24		$	5.04		$	5.16		$	5.43		$	6.73		$	8.05
Total return (B)		3.96	% (D,F)		2.98	% (D)		7.48	% (D)		(15.75	)% (C)		(15.23	)%		9.09	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	453		$	449		$	964		$	979		$	1,656		$	2,366
Ratios to average net assets
Expenses, before wavier and reimbursement		4.72	% (E)		4.54	%		2.86	%		2.74	%		1.77	%		1.61	%
Expenses, net waiver and reimbursement		2.24	% (E)		1.35	%		1.25	%		1.32	%		1.29	%		1.59	%
Net investment income		(1.79	)% (E)		0.19	%		0.92	%		3.10	%		1.21	%		1.68	%
Portfolio turnover rate		0	% (F)		199	%		246	%		13	%		31	%		43	%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect the impact of sales charges.

Had the Advisor not waived its fees and reimbursed expenses, total return would have been lower.

(C) Includes the impact of a contribution from the Advisor. Without such contribution, the returns would have been (16.98)% for Institutional Shares and (16.68)% for Class A Shares.

(D) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(E) Annualized.

(F) Not annualized.

See accompanying notes to consolidated financial statements.

45

RATIONAL FUNDS

Rational Hedged Return Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Period

	Class C
	For the			For the			For the
	Six Months Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,
	2018			2017			2016 (A)
	(Unaudited)
Net asset value, beginning of period	$	5.06		$	5.16		$	5.49
LOSS FROM INVESTMENT OPERATIONS:
Net investment income (B)		(0.07	)		(0.03	)		0.00	(C)
Net realized and unrealized gain on investments		0.24			0.15			0.35
Total from investment operations		0.17			0.12			0.35
LESS DISTRIBUTIONS:
From net investment income		—			(0.22	)		(0.68	)
Total distributions		—			(0.22	)		(0.68	)
Net asset value, end of period	$	5.23		$	5.06		$	5.16
Total return (D)		3.36	% (E)		2.42	% (F)		6.13	% (E, F)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	1		$	1		$	1
Ratios to average net assets
Expenses, before waiver and reimbursement		5.37	% (G)		5.29	%		3.61	% (G)
Expenses, net waiver and reimbursement		2.99	% (G)		2.17	%		2.00	% (G)
Net investment Income		(2.55	)% (G)		(0.53	)%		(0.14	)% (G)
Portfolio turnover rate		0	% (E)		199	%		246	% (E)

(A) The Rational Hedged Return Fund Class C shares commenced operations on May 31, 2016.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) Amount is less than $0.005.

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Had the Advisor not waived its fees and reimbursed expenses, total return would have been lower.

(E) Not annualized.

(F) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(G) Annualized.

See accompanying notes to consolidated financial statements.

46

RATIONAL FUNDS

Rational Dynamic Brands Fund

Financial Highlights

For a Share Outstanding Throughout Each Period

	Institutional Class
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2016			2015			2014			2013
	(Unaudited)
Net asset value, beginning of period	$	3.49		$	3.78		$	4.69		$	20.75		$	28.75		$	23.44
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		0.00	(A,B)		0.02	(A)		0.05	(A)		0.09			0.09			(0.01	)
Net realized and unrealized gain (loss) on investments		0.28			0.54			0.31			(0.81	)		(0.58	)		6.60
Total from investment operations		0.28			0.56			0.36			(0.72	)		(0.49	)		6.59
LESS DISTRIBUTIONS:
From net investment income		—			(0.02	)		(0.06	)		(0.08	)		(0.02	)		(0.01	)
From net realized gains on investments		—			(0.83	)		(1.21	)		(15.26	)		(7.49	)		(1.27	)
Total distributions		—			(0.85	)		(1.27	)		(15.34	)		(7.51	)		(1.28	)
Net asset value, end of period	$	3.77		$	3.49		$	3.78		$	4.69		$	20.75		$	28.75
Total return (D)		8.02	% (E)		14.66	%		7.21	%		(7.82	)%		(1.41	)%		28.38	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	8,080		$	3,269		$	3,445		$	13,456		$	152,846		$	339,983
Ratios to average net assets
Expenses, before waiver and reimbursement		1.79	% (F)		1.69	%		1.76	%		1.56	%		1.37	%		1.33	%
Expenses, net waiver and reimbursement		1.00	% (F)		1.00	%		1.00	%		1.06	%		1.03	%		1.30	%
Net investment income		0.07	% (F)		0.60	%		1.17	%		0.46	%		0.23	%		0.05	%
Portfolio turnover rate		188	% (E)		305	%		178	%		35	%		12	%		22	%
	Class A
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2016			2015			2014			2013
	(Unaudited)
Net asset value, beginning of period	$	2.47		$	2.89		$	3.86		$	19.89		$	27.92		$	22.84
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.00	) (A,C)		0.01	(A)		0.03	(A)		0.07			0.01			(0.07	)
Net realized and unrealized gain (loss) on investments		0.20			0.41			0.26			(0.77	)		(0.55	)		6.42
Total from investment operations		0.20			0.42			0.29			(0.70	)		(0.54	)		6.35
LESS DISTRIBUTIONS:
From net investment income		—			(0.01	)		(0.05	)		(0.07	)		—			—
From net realized gains on investments		—			(0.83	)		(1.21	)		(15.26	)		(7.49	)		(1.27	)
Total distributions		—			(0.84	)		(1.26	)		(15.33	)		(7.49	)		(1.27	)
Net asset value, end of period	$	2.67		$	2.47		$	2.89		$	3.86		$	19.89		$	27.92
Total return (D)		8.10	% (E)		14.30	%		6.91	%		(8.21	)%		(1.62	)%		28.09	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	12,587		$	12,870		$	16,180		$	20,944		$	44,589		$	74,132
Ratios to average net assets
Expenses, before waiver and reimbursement		2.13	% (F)		1.94	%		2.01	%		1.81	%		1.62	%		1.58	%
Expenses, net waiver and reimbursement		1.25	% (F)		1.25	%		1.25	%		1.31	%		1.28	%		1.55	%
Net investment income		(0.15	)% (F)		0.35	%		0.86	%		0.52	%		0.01	%		(0.27	)%
Portfolio turnover rate		188	% (E)		305	%		178	%		35	%		12	%		22	%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Amount is less than $0.005.

(C) Amount is less than $(0.005).

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect the impact of sales charges.

(E) Not Annualized

(F) Annualized

See accompanying notes to consolidated financial statements.

47

RATIONAL FUNDS

Rational Dynamic Brands Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Period

	Class C
	For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2016			2015			2014 (A)
	(Unaudited)
Net asset value, beginning of period
	$	2.26		$	2.71		$	3.69		$	19.75		$	27.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.01	) (B)		(0.00	) (B,C)		0.01	(B)		0.00	(D)		(0.07	)
Net realized and unrealized gain (loss) on investments		0.18			0.38			0.24			(0.76	)		(0.29	)
Total from investment operations		0.17			0.38			0.25			(0.76	)		(0.36	)
LESS DISTRIBUTIONS:
From net investment income		—			—			(0.02	)		(0.04	)		—
From net realized gains on investments		—			(0.83	)		(1.21	)		(15.26	)		(7.49	)
Total distributions		—			(0.83	)		(1.23	)		(15.30	)		(7.49	)
Net asset value, end of period	$	2.43		$	2.26		$	2.71		$	3.69		$	19.75
Total return (E)		7.52	% (F)		14.03	%		6.19	%		(8.56	)%		(1.00	)% (F)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	242		$	231		$	394		$	766		$	1,545
Ratios to average net assets
Expenses, before waiver and reimbursement		2.77	% (G)		2.65	%		2.51	%		2.31	%		2.15	% (G)
Expenses, net waiver and reimbursement		1.75	% (G)		1.75	%		1.75	%		1.81	%		1.79	% (G)
Net investment income (loss)		(0.65	)% (G)		(0.14	)%		0.28	%		0.04	%		(0.54	)% (G)
Portfolio turnover rate		188	% (F)		305	%		178	%		35	%		12	% (F)

(A) The Rational Dynamic Brands Fund Class C shares commenced operations on January 3, 2014.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) Amount is less than $(0.005).

(D) Amount is less than $0.005.

(E) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect the impact of sales charges.

(F) Not annualized.

(G) Annualized.

See accompanying notes to consolidated financial statements.

48

RATIONAL FUNDS

Rational Strategic Allocation Fund

Financial Highlights

For a Share Outstanding Throughout Each Period

	Institutional Class
	For the			For the			For the
	Six Months Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,
	2018			2017			2016 (A)
	(Unaudited)
Net asset value, beginning of period	$	10.02		$	9.37		$	9.99
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.09			0.33			0.43
Net realized and unrealized gain (loss) on investments		(0.03	)		0.78			0.09	(C)
Total from investment operations		0.06			1.11			0.52
LESS DISTRIBUTIONS:
From net investment income		(0.08	)		(0.46	)		(0.17	)
From net realized gains on investments		—			—			(0.97	)
Total distributions		(0.08	)		(0.46	)		(1.14	)
Net asset value, end of period	$	10.00		$	10.02		$	9.37
Total return (D)		0.64	% (E)		11.95	%		5.11	% (E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	277		$	278		$	260
Ratios to average net assets
Expenses, before waiver and reimbursement (F)		1.08	% (G)		0.85	%		1.36	% (G)
Expenses, net waiver and reimbursement (F)		0.45	% (G)		0.45	%		0.45	% (G)
Net investment income (F,H)		1.83	% (G)		3.35	%		6.98	% (G)
Portfolio turnover rate		33	% (E)		17	%		27	% (E)
	Class A
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2016			2015			2014			2013
	(Unaudited)
Net asset value, beginning of period	$	10.05		$	9.40		$	9.78		$	11.36		$	11.77		$	10.99
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.08	(B)		0.26	(B)		0.18	(B)		0.14			0.17			0.09
Net realized and unrealized gain (loss) on investments		(0.03	)		0.83			0.62			(0.34	)		0.07			1.34
Total from investment operations		0.05			1.09			0.80			(0.20	)		0.24			1.43
LESS DISTRIBUTIONS:
From net investment income		(0.07	)		(0.44	)		(0.21	)		(0.12	)		(0.24	)		(0.24	)
From net realized gains on investments		—			—			(0.97	)		(1.26	)		(0.41	)		(0.41	)
Total distributions		(0.07	)		(0.44	)		(1.18	)		(1.38	)		(0.65	)		(0.65	)
Net asset value, end of period	$	10.03		$	10.05		$	9.40		$	9.78		$	11.36		$	11.77
Total return (D)		0.50	% (E)		11.61	%		8.16	%		(1.87	)%		2.05	%		13.14	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	11,273		$	13,033		$	14,822		$	17,061		$	21,008		$	21,065
Ratios to average net assets
Expenses, before waiver and reimbursement (F)		1.30	% (G)		1.14	%		1.30	%		1.04	%		0.96	%		0.93	%
Expenses, net waiver and reimbursement (F)		0.70	% (G)		0.70	%		0.70	%		0.70	%		0.73	%		0.74	%
Net Investment income (F,H)		1.55	% (G)		2.60	%		1.82	%		1.10	%		1.38	%		0.72	%
Portfolio turnover rate		33	% (E)		17	%		27	%		44	%		52	%		44	%

(A) The Rational Strategic Allocation Fund Institutional Class shares commenced operations on May 31, 2016.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) As required by SEC standard per share data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that captures all other changes affecting net asset value per share. This per share gain amount does not correlate to the aggregate of the net realized and unrealized loss in the Statement of Operations for the period ended December 31, 2016, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect the impact of sales charges. Had the Advisor not waived its fees and reimbursed expenses, total return would have been lower.

(E) Not annualized.

(F) The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(G) Annualized.

(H) Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to consolidated financial statements.

49

RATIONAL FUNDS

Rational Strategic Allocation Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Period

	Class C
	For the			For the			For the
	Six Months Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,
	2018			2017			2016 (A)
	(Unaudited)
Net asset value, beginning of period	$	10.03		$	9.39		$	9.99
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.04			0.23			0.24
Net realized and unrealized gain on investments		(0.03	)		0.78			0.22	(C)
Total from investment operations		0.01			1.01			0.46
LESS DISTRIBUTIONS:
From net investment income		(0.04	)		(0.37	)		(0.09	)
From net realized gains on investments		—			—			(0.97	)
Total distributions		(0.04	)		(0.37	)		(1.06	)
Net asset value, end of period	$	10.00		$	10.03		$	9.39
Total return (D)		0.13	% (E)		10.80	%		4.56	% (E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	1		$	1		$	1
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement (F)		1.95	% (G)		1.82	%		1.89	% (G)
Expenses, net waiver and reimbursement (F)		1.45	% (G)		1.45	%		1.45	% (G)
Net investment income (F,H)		0.82	% (G)		2.31	%		3.92	% (G)
Portfolio turnover rate		33	% (E)		17	%		27	% (E)

(A) The Rational Strategic Allocation Fund Class C shares commenced operations on May 31, 2016.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) As required by SEC standard per share data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that captures all other changes affecting net asset value per share. This per share gain amount does not correlate to the aggregate of the net realized and unrealized loss in the Statement of Operations for the period ended December 31, 2016, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect the impact of sales charges. Had the Advisor not waived its fees and reimbursed expenses, total return would have been lower.

(E) Not annualized.

(F) The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(G) Annualized.

(H) Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to consolidated financial statements.

50

RATIONAL FUNDS

Rational/Resolve Adaptive Allocation Fund (Formerly, Rational Dynamic Momentum Fund)

Financial Highlights (Consolidated)

For a Share Outstanding Throughout Each Period

	Institutional Class
	For the			For the			For the
	Six Months Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,
	2018			2017			2016 (A)
	(Unaudited)
Net asset value, beginning of period	$	25.25		$	24.33		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment (loss) (B)		(0.04	)		(0.32	)		(0.12	)
Net realized and unrealized (loss) on investments		(0.23	)		1.26			(0.55	)
Total from investment operations		(0.27	)		0.94			(0.67	)
LESS DISTRIBUTIONS:
From net realized loss on investments		—			(0.02	)		—
Total distributions		—			(0.02	)		—
Net asset value, end of period	$	24.98		$	25.25		$	24.33
Total return (C)		(1.07	)% (D)		3.85	%		(2.68	)% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	11,889		$	5,883		$	15,083
Ratios to average net assets
Expenses, before waiver and reimbursement		3.74	% (E)		2.49	%		3.27	% (E)
Expenses, net waiver and reimbursement		1.97	% (E)		1.97	%		1.99	% (E)
Net investment (loss)		(0.34	)% (E)		(1.33	)%		(1.74	)% (E)
Portfolio turnover rate		0	% (D)		0	%		0	% (D)
	Class A
	For the			For the			For the
	Six Months Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,
	2018			2017			2016 (A)
	(Unaudited)
Net asset value, beginning of period	$	25.16		$	24.30		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment (loss) (B)		(0.08	)		(0.21	)		(0.13	)
Net realized and unrealized (loss) on investments		(0.22	)		1.09			(0.57	)
Total from investment operations		(0.30	)		0.88			(0.70	)
LESS DISTRIBUTIONS:
From net realized gains on investments		—			(0.02	)		—
Total distributions		—			(0.02	)		—
Net asset value, end of period	$	24.86		$	25.16		$	24.30
Total return (C)		(1.15	)% (D)		3.57	%		(2.80	)% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	2,046		$	130		$	1
Ratios to average net assets
Expenses, before waiver and reimbursement		3.61	% (E)		2.90	%		3.52	% (E)
Expenses, net waiver and reimbursement		2.22	% (E)		2.22	%		2.24	% (E)
Net investment (loss)		(0.63	)% (E)		(0.88	)%		(2.09	)% (E)
Portfolio turnover rate		0	% (D)		0	%		0	% (D)

(A) The Rational Resolve/Adaptive Asset Allocation Fund Institutional Class and Class A shares commenced operations on September 30, 2016.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect the impact of sales charges. Had the Advisor not waived its fees and reimbursed expenses, total return would have been lower.

(D) Not annualized.

(E) Annualized.

See accompanying notes to consolidated financial statements.

51

RATIONAL FUNDS

Rational/Resolve Adaptive Allocation Fund (Formerly, Rational Dynamic Momentum Fund) (Continued)

Financial Highlights (Consolidated)

For a Share Outstanding Throughout Each Period

	Class C
	For the			For the			For the
	Six Months Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,
	2018			2017			2016 (A)
	(Unaudited)
Net asset value, beginning of period	$	24.96		$	24.29		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment (loss) (B)		(0.17	)		(0.54	)		(0.17	)
Net realized and unrealized (loss) on investments		(0.22	)		1.23			(0.54	)
Total from investment operations		(0.39	)		0.69			(0.71	)
LESS DISTRIBUTIONS:
From net realized gains on investments		—			(0.02	)		—
Total distributions		—			(0.02	)		—
Net asset value, end of period	$	24.57		$	24.96		$	24.29
Total return (C)		(1.52	)% (D)		2.83	%		(2.84	)% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	344		$	371		$	21
Ratios to average net assets
Expenses, before waiver and reimbursement		5.60	% (E)		3.60	%		4.27	% (E)
Expenses, net waiver and reimbursement		2.97	% (E)		2.97	%		2.99	% (E)
Net investment (loss)		(1.32	)% (E)		(2.26	)%		(2.69	)% (E)
Portfolio turnover rate		0	% (D)		0	%		0	% (D)

(A) The Rational Resolve/Adaptive Asset Allocation Fund Class C shares commenced operations on September 30, 2016.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect the impact of sales charges. Had the Advisor not waived its fees and reimbursed expenses, total return would have been lower.

(D) Not annualized.

(E) Annualized.

See accompanying notes to consolidated financial statements.

52

RATIONAL FUNDS

Rational Iron Horse Fund

Financial Highlights

For a Share Outstanding Throughout Each Period

	Institutional Class
	For the			For the			For the			For the			For the			For the			For the
	Six Months Ended			Period Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			March 31,			March 31,			March 31,			March 31,			March 31,
	2018			2017			2017			2016			2015			2014			2013
	(Unaudited)
Net asset value, beginning of period	$	10.58		$	10.37		$	9.98		$	10.19		$	11.35		$	10.58		$	10.21
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.04			0.04			0.05			0.06			0.09			0.10			0.14
Net realized and unrealized gain (loss) on investments		(0.36	)		0.54			0.51			0.05			0.44			0.94			0.67
Total from investment operations		(0.32	)		0.58			0.56			0.11			0.53			1.04			0.81
LESS DISTRIBUTIONS:
From net investment income		(0.04	)		(0.04	)		(0.02	)		(0.05	)		(0.08	)		(0.11	)		(0.15	)
From net realized gains on investments		(0.32	)		—			(0.03	)		(0.27	)		(1.61	)		(0.16	)		(0.29	)
From Return of capital		—			(0.33	)		(0.12	)		—			—			—			—
Total distributions		(0.36	)		(0.37	)		(0.17	)		(0.32	)		(1.69	)		(0.27	)		(0.44	)
Net asset value, end of period	$	9.90		$	10.58		$	10.37		$	9.98		$	10.19		$	11.35		$	10.58
Total return (B)		(3.05	)% (C)		5.69	%		5.70	%		1.24	%		4.78	%		9.91	%		8.17	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	9,392		$	10,913		$	8,595		$	9,417		$	28,191		$	19,062		$	10,825
Ratios to average net assets
Expenses, before waiver and reimbursement		2.46	% (E)		2.30	%		3.15	%		1.50	%		1.32	%		1.60	%		2.26	%
Expenses, net waiver and reimbursement		1.70	% (E)		1.70	%		1.70	%		1.56	%		1.60	%		1.60	%		1.70	%
Net investment income		0.79	% (E)		0.54	%		0.51	%		0.63	%		0.73	%		0.93	%		1.37	%
Portfolio turnover rate		93	% (C)		252	%		323	%		279	%		265	%		114	%		77	%
												��
	Class A
	For the			For the			For the			For the			For the			For the			For the
	Six Months Ended			Period Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			March 31,			March 31,			March 31,			March 31,			March 31,
	2018			2017			2017			2016			2015			2014			2013
	(Unaudited)
Net asset value, beginning of period	$	10.56		$	10.36		$	9.98		$	10.21		$	11.37		$	10.60		$	10.22
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.02			0.02			0.02			0.02			0.06			0.08			0.11
Net realized and unrealized gain (loss) on investments		(0.34	)		0.53			0.52			0.06			0.45			0.93			0.67
Total from investment operations		(0.32	)		0.55			0.54			0.08			0.51			1.01			0.78
LESS DISTRIBUTIONS:
From net investment income		(0.02	)		(0.02	)		(0.01	)		(0.04	)		(0.06	)		(0.08	)		(0.11	)
From net realized gains on investments		(0.32	)		—			(0.03	)		(0.27	)		(1.61	)		(0.16	)		(0.29	)
From Return of capital		—			(0.33	)		(0.12	)		—			—			—			—
Total distributions		(0.34	)		(0.35	)		(0.16	)		(0.31	)		(1.67	)		(0.24	)		(0.40	)
Net asset value, end of period	$	9.90		$	10.56		$	10.36		$	9.98		$	10.21		$	11.37		$	10.60
Total return (B)		(3.12	)% (C,D)		5.37	% (D)		5.42	%		0.90	%		4.51	%		9.63	%		7.90	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	2,434		$	6,767		$	3,732		$	8,098		$	12,223		$	11,842		$	10,044
Ratios to average net assets
Expenses, before waiver and reimbursement		2.64	% (E)		2.41	%		3.26	%		1.86	%		1.57	%		1.85	%		2.51	%
Expenses, net waiver and reimbursement		1.95	% (E)		1.95	%		1.95	%		1.95	%		1.85	%		1.85	%		1.95	%
Net investment income		0.37	% (E)		0.25	%		0.22	%		0.22	%		0.49	%		0.68	%		1.11	%
Portfolio turnover rate		93	% (C)		252	%		323	%		279	%		265	%		114	%		77	%

(A) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(B) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect the impact of sales charges. Had the Advisor not waived its fees and reimbursed expenses, total return would have been lower.

(C) Not annualized.

(D) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset

(E) Annualized.

See accompanying notes to consolidated financial statements.

53

RATIONAL FUNDS

Rational Iron Horse Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout the Period

	Class C
	For the			For the
	Six Months Ended			Period Ended
	June 30,			December 31,
	2018			2017(A)
	(unaudited)
Net asset value, beginning of period	$	10.54		$	10.37
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		0.01			(0.03	)
Net realized and unrealized (loss) on investments		(0.36	)		0.53
Total from investment operations		(0.35	)		0.50
LESS DISTRIBUTIONS:
From net investment income		(0.02	)		—
From net realized gains on investments		(0.32	)
From Return of capital		—			(0.33	)
Total distributions		(0.34	)		(0.33	)
Net asset value, end of period	$	9.85		$	10.54
Total return (C)		(3.37	)% (D)		4.89	% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	1		$	1
Ratios to average net assets
Expenses, before waiver and reimbursement		2.92	% (E)		3.04	% (E)
Expenses, net waiver and reimbursement		2.30	% (E)		2.70	% (E)
Net investment (loss)		0.14	% (E)		(0.44	)% (E)
Portfolio turnover rate		93	% (D)		252	% (D)

(A) The Rational Iron Horse Fund Class C shares commenced operations on April 7, 2017.

(B) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect the impact of sales charges. Had the Advisor not waived its fees and reimbursed expenses, total return would have been lower.

(D) Not annualized.

(E) Annualized.

See accompanying notes to consolidated financial statements.

54

RATIONAL FUNDS

Rational Income Opportunities Fund

Financial Highlights

For a Share Outstanding Throughout Each Period

	For the Period Ended June 30, 2018 (A)
	Institutional
	Class			Class A			Class C
	(Unaudited)			(Unaudited)			(Unaudited)
Net asset value, beginning of period	$	10.00		$	10.00		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.02			0.01			(0.00	) (C)
Net realized and unrealized gain on investments		0.09			0.09			0.09
Total from investment operations		0.11			0.10			0.09
LESS DISTRIBUTIONS:
From net investment loss		(0.01	)		(0.00	) (C)		—
Total distributions		(0.01	)		(0.00	)		—
Net asset value, end of period	$	10.10		$	10.10		$	10.09
Total return (D,E)		1.10	%		1.05	%		0.90	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	2,677		$	2		$	1
Ratios to average net assets
Expenses, before waiver and reimbursement (F)		7.06	%		12.18	%		13.50	%
Expenses, net waiver and reimbursement (F)		1.75	%		2.00	%		2.75	%
Net investment income (F)		0.96	%		0.60	%		(0.22	)%
Portfolio turnover rate (E)		23	%		23	%		23	%

(A) The Rational Income Opportunities Fund Institutional Class, Class A and Class C Shares commenced operations April 23, 2018.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) Amount is less than $(0.005). Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends

(D) and does not reflect the impact of sales charges.

(E) Not Annualized

(F) Annualized

See accompanying notes to consolidated financial statements.

55

RATIONAL FUNDS

Rational/NuWave Enhanced Market Opportunity Fund

Financial Highlights (Consolidated)

For a Share Outstanding Throughout Each Period

	For the Period Ended June 30, 2018 (A)
	Institutional
	Class			Class A			Class C
	(Unaudited)			(Unaudited)			(Unaudited)
Net asset value, beginning of period	$	15.00		$	15.00		$	15.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (B)		(0.02	)		(0.03	)		(0.07	)
Net realized and unrealized gain on investments		0.43			0.43			0.43
Total from investment operations		0.41			0.40			0.36
Net asset value, end of period	$	15.41		$	15.40		$	15.36
Total return (C,D)		2.73	%		2.67	%		2.40	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	7,401		$	35		$	1
Ratios to average net assets
Expenses, before waiver and reimbursement (E)		3.60	%		4.10	%		4.63	%
Expenses, net waiver and reimbursement (E)		1.99	%		2.24	%		2.99	%
Net investment income (E)		(0.44	)%		(0.59	)%		(1.45	)%
Portfolio turnover rate (D)		622	%		622	%		622	%

(A) The Rational NuWave Enhanced Market Opportunity Fund Institutional Class, Class A and Class C commenced operations February 28, 2018.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect the impact of sales charges.

(D) Not Annualized

(E) Annualized

See accompanying notes to consolidated financial statements.

56

RATIONAL FUNDS
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)
June 30, 2018	SEMI-ANNUAL REPORT

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The Mutual Fund and Variable Insurance Trust (the “Trust”) was organized as a Delaware statutory trust on June 23, 2006. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of June 30, 2018, the Trust operated 13 separate series, or mutual funds, each with its own investment objective and strategy. The Trust was renamed effective February 22, 2016; it was formerly the Huntington Funds. This report contains financial statements and financial highlights of the funds listed below (individually referred to as a “Fund”, or collectively as the “Funds”):

Fund	Sub-Advisor	Primary Objective
Rational Dividend Capture Fund (“Dividend Capture”)	PVG Asset Management Corporation	Total return on investment, with dividend income an important component of that return.
Rational Risk Managed Emerging Markets Fund (“Emerging Markets”)	Barrow, Hanley, Mewhinney & Strauss, LLC	Total return.
Rational Hedged Return Fund (“Hedged Return”)	Warrington Asset Management, LLC	Total return consisting of long-term capital appreciation and Income.
Rational Dynamic Brands Fund (“Dynamic Brands”)	Accuvest Global Advisors, Inc.	Long-term capital appreciation.
Rational Strategic Allocation Fund (“Strategic Allocation”)		Current income and moderate appreciation of capital.
Rational/Resolve Adaptive Asset Allocation Fund (“Resolve Adaptive”) (Formerly, Rational Dynamic Momentum Fund)	ReSolve Asset Management, Inc.	Capital appreciation uncorrelated to global equity markets.
Rational Iron Horse Fund (“Iron Horse”)	Van Hulzen Asset Management, LLC	Total return with less volatility than equity markets in general.
Rational Income Opportunities Fund (“Income Opportunities”)	Cicero Capital Partners, LLC	Current income.
Rational/NuWave Enhanced Market Opportunity Fund (“NuWave Enhanced”)	NuWave Investment Management, LLC	Long-term capital appreciation.

The Funds are registered as diversified, except Resolve Adaptive, Income Opportunities and NuWave Enhanced, which are non-diversified.

Currently, all Funds offer Class A, Class C and Institutional Class shares. Each class of shares for each Fund has identical rights and privileges except with respect to distribution (12b-1) and service fees, voting rights on matters affecting a single class of shares, exchange privileges of each class of shares and sales charges. The price at which the Funds will offer or redeem shares is the net asset value (“NAV”) per share next determined after the order is considered received, subject to any applicable front end or contingent deferred sales charges. Class A shares have a maximum sales charge on purchases of 5.75% for Resolve Adaptive, Iron Horse, Income Opportunities and NuWave Enhanced and 4.75% for all other Funds as a percentage of the original purchase price. Class C shares have a contingent deferred sales charge of 1.00% on shares sold within one year of purchase. Each Fund’s prospectus provides a description of each Fund’s investment objectives, policies and strategies along with information on the classes of shares currently being offered.

At the close of business of April 7, 2017, pursuant to a Plan of Reorganization, the Predecessor Iron Horse Fund transferred all of its assets and liabilities into the Rational Iron Horse Fund. The Predecessor Iron Horse Fund transferred its net assets of $3,738,544 and $8,903,888 to the Rational Iron Horse Fund for Class A and Institutional Class respectively. The Rational Iron Horse Fund received 361,235 and 859,011 shares from the Predecessor Iron Horse Fund Class A and Institutional Class respectively.

NuWave Enhanced Market Opportunity Fund was organized originally as a limited liability partnership (“NuWave Equity Enhanced Fund LP.”) in March 2013. Effective as of the close of business on February 28, 2018, all of the assets, subject to liabilities of NuWave Equity Enhanced Fund LP., were transferred to Nuwave Enhanced in exchange for Class I Shares of the NuWave Enhanced. The net assets value of the NuWave Enhanced shares on the close of business February 28, 2018, after the reorganization, was $15.00 for Class I shares and received in-kind capital contributions of cash valued at $6,946,234 in exchange for 463,082 Class I shares. Class A shares and Class C shares commenced operations on February 28, 2018.

57

RATIONAL FUNDS
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2018	SEMI-ANNUAL REPORT

(2) SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds and are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Each Fund is an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standard Update ASU 2013-08.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Investment Valuations

In computing the NAV of the Funds, fair value is based on market valuations with respect to portfolio securities for which market quotations are readily available. Pursuant to Trustee-approved policies, the Trust relies on certain security pricing services to provide the current market value of securities. Those security pricing services value equity securities (including foreign equity securities, exchange-traded funds and closed-end funds) traded on a securities exchange at the last reported sales price on the principal exchange. Equity securities quoted by NASDAQ are valued at the NASDAQ official closing price. If there is no reported sale on the principal exchange, and in the case of over-the counter securities, equity securities are valued at a bid price estimated by the security pricing service. Option contracts are generally valued at the close. If the close price is outside the bid and the ask price; the quote closest to the close is used. When there is no trading volume the mean of the bid and ask is used. Foreign securities quoted in foreign currencies are translated into U.S. dollars at the foreign exchange rate in effect as of the close of the NYSE. Forward currency exchange contracts are valued daily at the forward foreign exchange rate in effect as of the close of the NYSE. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies. Futures, which are traded on an exchange, are valued at the settlement price determined by the exchange. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

Securities for which market quotations are not readily available are valued at fair value under Trust procedures approved by the Board of Trustees (the “Board”). In these cases, a Pricing Committee, established and appointed by the Trustees, determines in good faith, subject to Trust procedures, the fair value of portfolio securities held by a Fund (“good faith fair valuation”). When a good faith fair valuation of a security is required, consideration is generally given to a number of factors including, but not limited to the following: dealer quotes, published analyses by dealers or analysts regarding the security, transactions which provide implicit valuation of the security (such as a merger or tender offer transaction), the value of other securities or contracts which derive their value from the security at issue, and the implications of any other circumstances which have caused trading in the security to halt. With respect to certain categories of securities, the procedures utilized by the Pricing Committee detail specific valuation methodologies to be applied in lieu of considering the aforementioned list of factors.

Fair valuation procedures are also used when a significant event affecting the value of a portfolio security is determined to have occurred between the time when the price of the portfolio security is determined and the close of trading on the NYSE, which is when each Fund’s NAV is computed. An event is considered significant if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Significant events include significant securities’ market movements occurring between the time the price of the portfolio security is determined and the close of trading on the NYSE. For securities normally priced at their last sale price in a foreign market, such events can occur between the close of trading in the foreign market and the close of trading on the NYSE.

In some cases, events affecting the issuer of a portfolio security may be considered significant events. Examples of potentially significant events include announcements concerning earnings, acquisitions, new products, management

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changes, litigation developments, a strike or natural disaster affecting the company’s operations or regulatory changes or market developments affecting the issuer’s industry occurring between the time when the price of the portfolio security is determined and the close of trading on the NYSE. For securities of foreign issuers, such events could also include political or other developments affecting the economy or markets in which the issuer conducts its operations or its securities are traded.

There can be no assurance that a Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s NAV. In the case of good faith fair valued portfolio securities, lack of information and uncertainty as to the significance of information may lead to a conclusion that a prior valuation is the best indication of a portfolio security’s present value. Good faith fair valuations generally remain unchanged until new information becomes available. Consequently, changes in good faith fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing service, or based on market quotations.

Valuation of Fund of Funds – The Strategic Allocation Fund invests in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon the methods established by the board of directors of the Underlying Funds.

Open-end investment companies are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

The Trust calculates the NAV for each of the Funds by valuing securities held based on fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds’ investments are summarized in the three broad levels listed below:

● Level 1 - unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date.

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 - significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

The Trustees have authorized the use of an independent fair valuation service. If the movement in a designated U.S. market index, after foreign markets close, is greater than predetermined levels, the Funds may use a systematic valuation model provided from that independent third party to fair value its international equity securities.

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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2018, for each Fund’s assets and liabilities measured at fair value:

Dividend Capture
Assets*	Level 1			Level 2		Level 3		Total
Common Stocks	$	23,372,794		$	—	$	—	$	23,372,794
Exchange Traded Funds		1,796,541			—		—		1,796,541
Preferred Stocks		1,540,083			—		—		1,540,083
Short-Term Investments		295,402			—		—		295,402
Total Assets	$	27,004,820		$	—	$	—	$	27,004,820
Emerging Markets
Assets*	Level 1			Level 2		Level 3		Total
Common Stocks	$	7,333,952		$	—	$	—	$	7,333,952
Total Assets	$	7,333,952		$	—	$	—	$	7,333,952
Hedged Return
Assets*	Level 1			Level 2		Level 3		Total
Short-Term Investments	$	1,032,694			—		—	$	1,032,694
Total Assets	$	1,032,694		$	—	$	—	$	1,032,694
Liabilities*
Derivatives
Written Options	$	12,238		$	—	$	—	$	12,238
Total Liabilities	$	12,238		$	—	$	—	$	12,238
Dynamic Brands
Assets*	Level 1			Level 2		Level 3		Total
Common Stocks	$	19,580,055		$	—	$	—	$	19,580,055
Short-Term Investments		1,289,592	��		—		—		1,289,592
Total Assets	$	20,869,647		$	—	$	—	$	20,869,647
Strategic Allocation
Assets*	Level 1			Level 2		Level 3		Total
Mutual Funds	$	8,434,206		$	—	$	—	$	8,434,206
Exchange Traded Funds		3,051,736			—		—		3,051,736
Total Assets	$	11,485,942		$	—	$	—	$	11,485,942

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Resolve Adaptive
Assets*	Level 1		Level 2		Level 3		Total
Short-Term Investments	$	13,502,069	$	—	$	—	$	13,502,069
Derivatives
Futures Contracts	$	246,419	$	—	$	—	$	246,419
Total Assets	$	13,748,488	$	—	$	—	$	13,748,488
Liabilities*
Derivatives
Futures Contracts	$	321,785	$	—	$	—	$	321,785
Total Liabilities	$	321,785	$	—	$	—	$	321,785
Iron Horse
Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	11,099,548	$	—	$	—	$	11,099,548
Exchange Traded Fund	$	121,650
Exchanged Traded Note		114,314		—		—		114,314
Put Options Purchased		433,500		—		—		433,500
Short-Term Investments		680,316		—		—		680,316
Total Assets	$	12,449,328	$	—	$	—	$	12,449,328
Liabilities*
Derivatives
Call Options Written	$	594,195	$	—	$	—	$	594,195
Total Liabilities	$	594,195	$	—	$	—	$	594,195
Income Opportunities
Assets*	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	2,039,210	$	—	$	—	$	2,039,210
Exchange Traded Funds		17,975		—		—		17,975
REIT		18,235						18,235
Short-Term Investments		557,106						557,106
Total Assets	$	2,632,526	$	—	$	—	$	2,632,526

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NuWave Enhanced
Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	5,466,961	$	—	$	—	$	5,466,961
Exchange Traded Funds		110,817		—		—		110,817
Short-Term Investments		290,018		—		—		290,018
Derivatives
Futures Contracts		81,211		—		—		81,211
Total Assets	$	5,949,007	$	—	$	—	$	5,949,007
Liabilities*
Derivatives
Futures Contracts	$	154,698	$	—	$	—	$	154,698
Total Liabilities	$	154,698	$	—	$	—	$	154,698

* Refer to the Portfolios of Investments for industry classifications.

There were no transfers into or out of Level 1 and Level 2 during the period ended June 30, 2018. The Trust recognizes significant transfers between fair value hierarchy levels at the reporting period end.

There were no level 3 securities held during the period.

Consolidation of Subsidiaries – The consolidated financial statements of the Resolve Adaptive and NuWave Enhanced include the accounts of RDMF Fund Ltd. (“RDMF” or “CFC”) and RNW Fund Ltd. (“RNW” or “CFC”), wholly-owned and controlled foreign subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

The Funds may invest up to 25% of its total assets in a controlled foreign corporation, which acts as an investment vehicle in order to affect certain investments consistent with Resolve Adaptive and NuWave Enhanced investment objectives and policies.

	Inception Date of	CFC Net Assets as of	% of Net Assets as of
	CFC	June 30, 2018	June 30, 2018
RDMF Fund, Ltd.	8/5/2016	$ 872,252	6.1%
RNW Fund, Ltd.	3/2/2018	$ 587,223	7.9%

For tax purposes, each CFC is an exempted Cayman investment company. Each CFC has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, a CFC is a Controlled Foreign Corporation which generates and is allocated no income which is considered effectively connected with U.S. trade or business and as such is not subject to U.S. income tax. However, as a wholly-owned Controlled Foreign Corporation, RDMF’s and RNW’s net income and capital gain, to the extent of its earnings and profits, will be included each year in the Resolve Adaptive and NuWave Enhanced investment company taxable income, respectively.

B. Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange each business day to determine the value of investments, and other assets and liabilities. Purchases and sales of foreign securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuation arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currency transactions.

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Reported net realized foreign exchange gains or losses arise from sales of portfolio securities; sales and maturities of short term securities; sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period-end, resulting from changes in the exchange rate.

C. Derivative Instruments

Certain of the Funds may be subject to equity price risk, commodity risk, interest rate risk and foreign currency exchange risk in the normal course of pursuing their investment objectives. Certain of the Funds may invest in various financial instruments including positions in foreign currency contracts, written option contracts and futures contracts to gain exposure to or hedge against changes in the value of equities or foreign currencies. The following is a description of the derivative instruments utilized by the Funds, including the primary underlying risk exposure related to each instrument type.

Futures Contracts – Certain of the Funds may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against changes in the value of equities, interest rates, commodities prices or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts.

Foreign Exchange Contracts – Certain Funds may enter into forward foreign exchange contracts. A forward foreign exchange contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Such contracts are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to provide the desired currency exposure. The contracts are marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation. When a forward foreign currency contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates.

Options Contracts – Iron Horse does and certain Funds may purchase put and call options and write put and call options. The premium paid for a purchased put or call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Funds. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Funds, the benefits realized by the Funds as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs.

When a Fund writes an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Funds have realized gains or losses. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds.

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Written and purchased options are non-income producing securities. With options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange’s clearinghouse acts as counterparty to all exchange traded options and guarantees against a possible default. Initial margin deposits required upon entering into options contracts are satisfied by the deposits of cash as collateral for the account of the broker (the Fund’s agent in acquiring the options)

The derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statements of Assets and Liabilities and Consolidated Statements of Assets and Liabilities at June 30, 2018, were as follows:

			Location of derivatives on Statements	Fair value of asset/liability
Fund	Derivative	Risk Type	of Assets and Liabilities	derivatives
Hedged Return
	Written Options	Equity	Options Written	$	(12,238	)
Resolve Adaptive
	Futures	Equity	Futures unrealized appreciation	$	22,688
			Futures unrealized depreciation		(302,160	)
		Commodity	Futures unrealized appreciation		180,540
			Futures unrealized depreciation		(6,200	)
		Currency	Futures unrealized appreciation		4,785
			Futures unrealized depreciation		(13,425	)
		Interest	Futures unrealized appreciation		38,406
			Totals	$	(75,366	)
Iron Horse
	Purchased Options	Equity	Investments in Unaffiliated Securities, at Value	$	433,500
	Written Options	Equity	Options Written	$	(594,195	)
NuWave Enhanced
	Futures	Equity	Futures unrealized appreciation	$	5,462
			Futures unrealized depreciation		(35,195	)
		Commodity	Futures unrealized appreciation		61,864
			Futures unrealized depreciation		(37,362	)
		Currency	Futures unrealized appreciation		2,759
			Futures unrealized depreciation		(24,754	)
		Interest	Futures unrealized appreciation		11,126
			Futures unrealized depreciation		(57,387	)
			Totals	$	(73,487	)

The effect of derivative instruments on the Statements of Operations and Consolidated Statements of Operations for the Funds, for the six months ended June 30, 2018, were as follows:

				Realized and unrealized
Fund	Derivative	Risk Type	Location of gain (loss) on derivatives	gain (loss) on derivatives
Emerging Markets Fund
		Currency	Net change in unrealized appreciation on forward currency contacts	$	2,065
Hedged Return Fund
	Options Written	Equity	Net realized gain from options written	$	245,051
	Options Written	Equity	Net change in unrealized appreciation on options written	$	2,738

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				Realized and unrealized gain
Fund	Derivative	Risk Type	Location of gain (loss) on derivatives	(loss) on derivatives
Resolve Adaptive
	Futures	Equity	Net realized gain/loss from futures	$	(43,151	)
		Commodity	Net realized gain/loss from futures		97,627
		Currency	Net realized gain/loss from futures		208,014
		Interest	Net realized gain/loss from futures		(460,082	)
			Totals	$	(197,592	)
	Futures	Equity	Net change in unrealized depreciation on futures	$	(289,353	)
		Commodity	Net change in unrealized appreciation on futures		121,552
		Currency	Net change in unrealized depreciation on futures		(131,884	)
		Interest	Net change in unrealized appreciation on futures		17,277
			Totals	$	(282,408	)
Iron Horse Fund
	Options Purchased	Equity	Net realized loss from options purchased		(160,853	)
	Options Written	Equity	Net realized loss from options written		(64,079	)
				$	(224,932	)
	Options Purchased	Equity	Net change in unrealized appreciation on options purchased	$	8,265
	Options Written	Equity	Net change in unrealized appreciation on options written		186,144
			Totals	$	194,409
NuWave Enhanced
	Futures	Equity	Net realized gain/loss from futures	$	98,893
		Commodity	Net realized gain/loss from futures		138,082
		Currency	Net realized gain/loss from futures		43,730
		Interest	Net realized gain/loss from futures		(54,014	)
			Totals	$	226,691
	Futures	Equity	Net change in unrealized depreciation on futures	$	(29,733	)
		Commodity	Net change in unrealized appreciation on futures		24,502
		Currency	Net change in unrealized depreciation on futures		(21,995	)
		Interest	Net change in unrealized depreciation on futures		(46,261	)
			Totals	$	(73,487	)

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The value of derivative instruments outstanding as of June 30, 2018 as disclosed in the Portfolios of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations (Consolidated Statements of Operations for Resolve Adaptive and NuWave Enhanced) serve as indicators of the volume of derivative activity for the Funds.

Balance Sheet Offsetting Information

The following table provides a summary of offsetting financial liabilities derivatives and the effect of the derivative instruments on the Statements of Assets and Liabilities as of June 30, 2018:

							Gross Amounts of Assets Presented
							in the (Consolidated) Statement of
	Recognized in the		Offset in the		Presented in the
	(Consolidated)		(Consolidated)		(Consolidated)
	Statements of		Statements of		Statements of		Financial
	Assets and		Assets and		Assets and		Instruments			Cash Collateral			Net
	Liabilities		Liabilities		Liabilities		Pledged			Pledged/Received			Amount
Hedged Return Fund
Description of Liability:
Written Option	$	12,238	$	—	$	12,238	$	12,238		$	—		$	—
Dynamic Momentum Fund
Description of Asset:
Futures Contracts	$	246,419	$	—	$	246,419	$	(321,785	)	$	(75,366	)	$	—
Description of Liability:
Futures Contracts	$	321,785	$	—	$	321,785	$	321,785		$	—		$	—
Iron Horse Fund:
Description of Asset:
Purchased Option	$	433,500	$	—	$	433,500	$	(433,500	)	$	—		$	—
Description of Liability:
Written Option	$	594,195	$	—	$	594,195	$	594,195	(1)	$	—		$	—
Nuwave Enhanced
Description of Asset:
Futures Contracts	$	81,211	$	—	$	—	$	(81,211	)	$	—		$	—
Description of Liability:
Futures Contracts	$	154,698	$	—	$	—	$	81,211		$	73,487		$	—

(1) The amount is limited to the derivative liability balance and accordingly does not include excess collateral pledged.

D. Security Transactions and Related Income

During the period, investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities using the effective interest method. Securities gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding (if any), are recorded on the ex-dividend date. Withholding taxes and capital gains on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

E. Dividends and Distributions to Shareholders

Dividends from net investment income are declared and paid annually by the Emerging Markets Fund, Hedged Return Fund, Dynamic Brands Fund, Resolve Adaptive Fund, Iron Horse Fund and NuWave Enhanced Fund. Dividends from net

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investment income are declared and paid quarterly by the Strategic Allocation Fund. Dividends from net investment income are declared and paid monthly by the Dividend Capture Fund and Income Opportunities Fund. Net realized capital gains, if any, are distributed at least annually.

The amount of dividends from net investment income and net realized gains recorded on the ex-dividend date are determined in accordance with the federal income tax regulations, which may differ from GAAP and are recorded on ex-date. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. tax treatment of foreign currency gain/loss, non-deductible stock issuance costs, distributions and income received from pass through investments and net investment loss adjustments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. Temporary differences are primarily due to market discounts, capital loss carryforwards and losses deferred due to wash sales, straddles and return of capital from investments.

Dividends are declared separately for each class. No class has preferential rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Certain Funds may own shares of real estate investments trusts (“REITs”) which report information on the source of their distributions annually. Distributions received from investments in REITs in excess of income from underlying investments are recorded as realized gain and/or as a reduction to the cost of the individual REIT.

Certain of the Funds may invest in Master Limited Partnerships (“MLPs”), which generally are treated as partnerships for Federal income tax purposes. As a limited partner in the MLPs, the Funds include their allocable share of the MLPs’ taxable income in computing its own taxable income.

F. Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various Funds or all Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis. Income, non-class specific expenses and realized/unrealized gains or losses are allocated to each class based on relative net assets. Distribution fees are charged to each respective share class in accordance with the distribution plan.

G. Federal Income Taxes

It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2015 to December 31, 2017, or expected to be taken in the Funds’ December 31, 2018 year end tax returns. Each Fund identifies its major tax jurisdictions as U.S. Federal, and foreign jurisdictions where the Funds make significant investments; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

H. Indemnification

The Trust indemnifies its Officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2018	SEMI-ANNUAL REPORT

(3) FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS

Investment Advisory Fee — Rational Advisors, Inc., (the “Advisor”) serves as the Funds’ investment adviser. Under the terms of the Advisory Agreement, the Advisor manages the investment operations of the Funds in accordance with each Fund’s respective investment policies and restrictions. The Funds sub-advisors are responsible for the day-to-day management of their Fund’s portfolios. The Advisor provides the Funds with investment advice and supervision and furnishes an investment program for the Funds. For its investment management services, the Funds pay to the Advisor, as of the last day of each month, an annualized fee as shown in the below table, such fees to be computed daily based upon daily average net assets of the Funds. The Funds’ sub-advisors are paid by the Advisor, not the Funds.

Fund	Advisory Fee Tiered Annual Rate
	Rate for the First $500 Million	Rate for the Next $500 Million	Rate for Excess Over $1 Billion
Dividend Capture	0.75%	0.70%	0.65%
Emerging Markets	1.00%	0.95%	0.90%
Dynamic Brands	0.75%	0.70%	0.65%
	Advisory Fee Annual Rate
Strategic Allocation	0.10%
Resolve Adaptive	1.75%
Hedged Return	1.75%
Iron Horse	1.25%
Income Opportunities	1.50%
NuWave Enhanced	1.75%

The Advisor has contractually agreed to waive all or a portion of its investment advisory fee (based on average daily net assets) and/or reimburse certain operating expenses of each Fund to the extent necessary in order to limit each Fund’s total annual fund operating expenses (after the fee waivers and/or expense reimbursements, and exclusive of acquired fund fees and expenses, brokerage costs, interest, taxes and dividends, and extraordinary expenses) as listed below:

	Expense Caps
Fund	Institutional Class Shares	Class A Shares	Class C Shares
Dividend Capture	1.00%	1.25%	1.75%	April 30, 2019
Emerging Markets	1.25%	1.50%	2.25%	April 30, 2019
Hedged Return	1.99%	2.24%	2.99%	April 30, 2019
Dynamic Brands	1.00%	1.25%	1.75%	April 30, 2019
Strategic Allocation	0.45%	0.70%	1.45%	April 30, 2019
Resolve Adaptive	1.97%	2.22%	2.97%	April 30, 2019
Iron Horse	1.70%	1.95%	2.70%	April 30, 2019
Income Opportunities	1.75%	2.00%	2.75%	April 30, 2019
NuWave Enhanced	1.99%	2.24%	2.99%	April 30, 2019

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June 30, 2018	SEMI-ANNUAL REPORT

Amounts waived or reimbursed in the contractual period may be recouped by the Advisor within three years of the waiver and/or reimbursement. As of June 30, 2018, the following amounts have been waived or reimbursed by the Advisor and are subject to repayment by the respective Fund:

	Amount Waived or		Expiring Beginning
Fund	Reimbursed		December 31,
Dividend Capture	$	950,747		2018
		358,384		2019
		161,810		2020
		82,211		2021
Emerging Markets		259,857		2018
		184,174		2019
		167,321		2020
		74,950		2021
Hedged Return		209,310		2018
		125,307		2019
		105,599		2020
		62,846		2021
Dynamic Brands		528,144		2018
		180,941		2019
		120,009		2020
		82,516		2021
Strategic Allocation		65,861		2018
		94,726		2019
		62,598		2020
		39,183		2021
Resolve Adaptive		49,241		2019
		117,608		2020
		68,255		2021
Iron Horse		171,089		2019
		75,447		2020
		56,514		2021
Income Opportunities		19,569		2021
NuWave Enhanced		39,883		2021

The Independent Trustees are paid a quarterly retainer, and receive compensation for each committee meeting, telephonic Board meeting, and special in-person Board meeting attended. Officers receive no compensation from the Trust. The Trust reimburses each of the Independent Trustees for travel and other expenses incurred in connection with attendance at such meetings. The Trust has no retirement or pension plans. Additional information regarding the Trust’s Trustees is available in the Funds’ Statement of Additional Information.

The Board has adopted the Trust’s Distribution Plan (the “12b-1 Plan”) which allows each Fund to pay fees up to 0.25% for the A shares and up to 1.00% for the C shares based on average daily net assets of each class to financial intermediaries (which may be paid through the Funds’ distributor) for the sale and distribution of these shares. Pursuant to the 12b-1 Plan, the Funds may finance from their assets certain activities or expenses that are intended primarily to result in the sale of Fund shares and to reimburse Northern Lights Distributors, LLC. (the “Distributor”) and Advisor for distribution related expenses. For the period ended June 30, 2018, the amounts accrued by the Funds were as follows:

	12b-1 Fees
Fund	Class A		Class C
Dividend Capture	$	22,081	$	12,458
Emerging Markets		5,178		318
Hedged Return		562		5
Dynamic Brands		15,921		1,267
Strategic Allocation		15,306		5
Resolve Adaptive		952		1,832
Iron Horse		5,635		3
Income Opportunities		1		2
NuWave Enhanced		10		4

Shareholder Servicing Fees - The Trust has adopted a Shareholder Servicing Plan pursuant to which the Funds may pay Shareholder Services Fees up to 0.25% of the average daily net assets to financial intermediaries for providing shareholder assistance, maintaining shareholder accounts and communicating or facilitating purchases and redemptions of shares for Institutional Class and Class A Shares.

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2018	SEMI-ANNUAL REPORT

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

Gemini Fund Services, LLC (“GFS”) – GFS an affiliate of the Distributor, provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund the greater of an annual minimum fee or an asset based fee, which scales downward based upon net assets for fund administration, fund accounting and transfer agency services. The Fund also pays GFS for any out-of-pocket expenses. Officers of the Trust are also employees of GFS, and are not paid any fees directly by the Trust for serving in such capacity.

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of GFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

Pursuant to the Management Services Agreement between the Trust and MFund Services LLC (“MFund”), an affiliate of the Advisor, MFund provides the Funds with various management and administrative services. For these services, the Funds pay MFund an annual base fee plus an annual asset-based fee, which scales downward based upon net assets. In addition, the Funds reimburse MFund for any reasonable out- of- pocket expenses incurred in the performance of its duties under the Management Services Agreement.

Pursuant to the Compliance Services Agreements, MFund provides chief compliance officer services to the Funds. For these services, the Funds pay MFund an annual base fee plus an annual asset-based fee based upon net assets. In addition, the Funds reimburse MFund for any reasonable out- of- pocket expenses incurred in the performance of its duties under the Compliance Services Agreement. The amounts due to MFund at June 30, 2018 for management and chief compliance officer services are listed in the Statements of Assets and Liabilities under “Fees Payable to Affiliate.” An Officer of the Trust is also the controlling member of MFund and the Advisor, and is not paid any fees directly by the Trust for serving in such capacity.

CIM Securities, LLC acted as the broker of record on executions of purchases and sales of the Fund’s portfolio investments. For those services, CIM Securities, LLC received $35,214 in brokerage commissions from the Fund for the six months ended June 30, 2018. Certain Officers and/or employees of the sub-advisor have an affiliation with CIM Securities, LLC.

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2018	SEMI-ANNUAL REPORT

Affiliated Funds — Affiliated companies are mutual funds that are advised by Catalyst Capital Advisors or Rational Advisors, Inc. Companies that are affiliates of the Funds’ at June 30, 2018, are noted in the Strategic Allocation Fund’s Portfolios of Investments. A summary of these investments in affiliated funds is set forth below:

	Balance										Dividends		Amount of Gain
	December 31,						Balance June				Credited to		(Loss) Realized on
Fund	2017		Purchases		Sales		30, 2018		Fair Value		Income		Sale of Shares
AlphaCentric Income Opportunities Fund, Inst. Sh.		89,680		1,237		90,917		—		—		15,156		66,745
Catalyst Buyback Strategy Fund, Inst. Sh.		—		22,401		—		22,401		244,507		—		—
Catalyst Dynamic Alpha Fund, Inst. Sh.		47,960		—		47,960		—		—		—		387,926
Catalyst Floating Rate Income Fund, Inst. Sh.		65,744		11,537		77,281		—		—		11,773		19,705
Catalyst Insider Buying Fund, Inst. Sh.		—		12,960		—		12,960		242,529		—		—
Catalyst Insider Income Fund Inst. Sh.		65,370		11,637		—		77,007		722,332		8,486		—
Catalyst IPOx Fund Inst. Sh.		—		16,524		—		16,524		249,663		—		—
Catalyst MLP & Infrastructure Fund, Inst, Sh.		152,852		9,568		13,711		148,709		817,854		51,017		(18,696	)
Catalyst/Stone Beach Income Opportunity Fund, Inst. Sh.		162,746		1,886		10,384		154,248		1,473,066		21,321		(2,081	)
Ecological Strategy ETF		39,183				4,740		34,443		1,427,907		—		60,517
Rational Dividend Capture Fund, Inst. Sh.		126,703		44.00		126,747.00		—		—		349		150,877.00
Rational Dynamic Brands Fund, Inst. Sh.		299,944		—		—		299,944		1,130,789		—		—
Rational Income Opportunities Fund, Inst. Sh.		—		200,006		—		200,006		2,020,060		2,078		—
Rational Risk Managed Emerging Markets Fund, Inst. Sh.		278,214		—		47,419		230,795		1,530,167		—		(97,060	)
Strategy Shares NASDAQ 7 Handl Index ETF		—		43,000		—		43,000		1,023,400		29,770		—
US Market Rotation Strategy ETF		39,569		—		24,500		15,069		600,429		—		60,517

(4) INVESTMENT TRANSACTIONS

For the period ended June 30, 2018, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

Fund	Purchases		Sales
Dividend Capture	$	43,930,731	$	51,319,749
Emerging Markets		9,562,768		11,245,930
Hedged Return		—		22,679
Dynamic Brands		36,464,154		34,590,530
Strategic Allocation		4,151,115		5,698,191
Resolve Adaptive		900,000		406,236
Iron Horse		13,001,633		17,244,181
Income Opportunities		2,272,317		216,617
NuWave Enhanced		39,959,561		34,001,247

(5) FOREIGN INVESTMENT RISK

Compared with investing in the United States, investing in foreign markets involves a greater degree and variety of risk. Investors in international or foreign markets may face delayed settlements, currency controls and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar’s value versus other currencies may erode or reverse gains from investments denominated in foreign currencies or widen losses. Foreign governments may expropriate assets, impose capital or currency controls, impose punitive taxes, impose limits on ownership or nationalize a company or industry. Any of these actions could have severe effect on security prices and impair the Funds’ ability to bring its capital or income back to the U.S. Exchange rate. Fluctuations also may impair an issuer’s ability to repay U.S. dollar denominated debt, thereby increasing credit risk of such debt. Finally, the value of foreign securities may be affected by incomplete, less frequent or inaccurate financial information about their issuers, social upheavals or political actions ranging from tax code changes to government collapse. Foreign companies may also receive less coverage than U.S. companies by market analysts, and financial reporting standards or regulatory requirements may not be comparable to those applicable to U.S. companies.

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2018	SEMI-ANNUAL REPORT

In accordance with its investment objectives and through its exposure to the managed futures programs, Resolve Adaptive may have increased or decreased exposure to one or more of the following risk factors defined below:

Commodity Risk - Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products. Foreign Exchange Rate Risk - Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk - Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk - Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

In accordance with its investment objectives and through its exposure to options, the Iron Horse Fund and Hedged Return Fund may have increased or decreased exposure to Option Risk factors defined below:

Options Risk - The Iron Horse and Hedged Return are subject to equity price risks in the normal course of pursuing their investment objective and may purchase or sell options. The seller (writer) of a call option which is covered (e.g., the writer holds the underlying security) assumes the risk of a decline in the market price of an underlying security below the purchase price of an underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretical unlimited increase in the market price of an underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of losing its entire premium invested in the call option. The seller (writer) of a put option which is covered (e.g., the writer has a short position in the underlying security) assumes the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security plus the premium received, and gives up the opportunity for gain on the underlying security below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of losing his entire premium invested in the put option.

Please refer to the Funds’ prospectus for a full listing of risks associated with these investments.

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2018	SEMI-ANNUAL REPORT

(6) AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

The identified cost of investments in securities owned by each Fund for federal income tax purposes (including securities sold short), and its respective gross unrealized appreciation and depreciation at June 30, 2018, were as follows:

			Gross		Gross			Net Unrealized
	Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
Dividend Capture		27,686,693		1,087,284		(1,769,157	)		(681,873	)
Emerging Markets		8,005,553		304,247		(975,848	)		(671,601	)
Hedged Return		1,032,694		—		—			—
Dynamic Brands		19,664,279		1,436,273		(230,905	)		1,205,368
Strategic Allocation		11,264,868		826,803		(605,729	)		221,074
Resolve Adaptive		13,502,069		—		—			—
Iron Horse		12,328,694		375,769		(849,330	)		(473,561	)
Income Opportunities		2,613,370		19,495		(339	)		19,156
NuWave Enhanced		5,980,736		35,746		(148,688	)		(112,942	)

(7) DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid during the years or periods ended December 31, 2017 and December 31, 2016 was as follows:

For fiscal year or period ended	Ordinary		Long-Term		Return of
12/31/2017	Income		Capital Gains		Capital		Total
Dividend Capture	$	2,396,564	$	—	$	—	$	2,396,564
Emerging Markets		77,972		423,210		—		501,182
Hedged Return		311,816		—		—		311,816
Dynamic Brands		1,231,156		2,812,381		—		4,043,537
Strategic Allocation		463,261		—		107,881		571,142
Resolve Adaptive		37		4,244		—		4,281
For fiscal year or period ended	Ordinary		Long-Term		Return of
12/31/2016	Income		Capital Gains		Capital		Total
Dividend Capture	$	1,554,447	$	1,153,334	$	—	$	2,707,781
Emerging Markets		—		1,119,093		102,601		1,221,694
Hedged Return		694,774		—		—		694,774
Dynamic Brands		981,842		4,834,267		—		5,816,109
Strategic Allocation		320,079		1,399,124		—		1,719,203
Resolve Adaptive		—		—		—		—
For fiscal year ended	Ordinary		Long-Term		Return of
3/31/2017	Income		Capital Gains		Capital		Total
Iron Horse	$	70,160	$	—	$	203,098	$	273,258

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2018	SEMI-ANNUAL REPORT

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Post October Loss		Capital Loss			Other			Unrealized		Total
	Ordinary		Long-Term		and		Carry			Book/Tax			Appreciation/		Accumulated
	Income		Capital Gains		Late Year Loss		Forwards			Differences			(Depreciation)		Earnings/(Deficits)
Dividend Capture	$	1,456,800	$	—	$	—	$	(5,083,685	)	$	—		$	160,086	$	(3,466,799	)
Emerging Markets		—		76,584		—		—			—			2,032,585		2,109,169
Hedged Return		—		—		—		(4,566,322	)		—			—		(4,566,322	)
Dynamic Brands		698,473		—		—		—			—			803,719		1,502,192
Strategic Allocation		—		—		—		(502,978	)		—			1,134,299		631,321
Resolve Adaptive		286,133		—		—		—			—			32,984		319,117
Iron Horse		—		—		—		(25,071	)		(43,670	)		215,966		147,225

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed ordinary income (loss) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales and straddles, mark-to-market on open futures and options contracts, and passive foreign investment companies, and adjustments for partnerships, real estate investment trusts, C-Corporation return of capital distributions, and trust preferred securities. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency losses of $(5,107), $(23,978) and $1,152 for the Dynamic Brands, Emerging Markets and Resolve Adaptive, respectively. In addition, the amount listed under other book/tax differences for the Iron Horse is primarily attributable to the tax deferral of losses on straddles.

The Regulated Investment Company Modernization Act of 2010 which was enacted on December 22, 2010 requires the Fund to utilize post-enactment (non-expiring) capital losses prior to pre-enactment capital loss carryovers for fiscal year ends beginning after the date of enactment. As a result, there may be greater likelihood that all or a portion of the Fund’s pre-enactment capital loss carryovers may expire without being utilized. At December 31, 2017, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains along with capital loss carry forwards utilized and expired in the current year as follows:

									Capital Loss		Capital Loss
			Non- Expiring		Non-Expiring				Carry Forwards		Carry Forwards
	Expiring 2018		Short-Term		Long-Term		Total		Utilized		Expired
Dividend Capture	$	—	$	2,120,204	$	2,963,481	$	5,083,685	$	—	$	—
Emerging Markets		—		—		—		—		—		—
Hedged Return *		2,136,294		512,306		1,917,722		4,566,322		55,514		12,599,554
Dynamic Brands		—		—		—		—		—		—
Strategic Allocation		—		262,121		240,857		502,978		114,472		—
Iron Horse		—		25,071		—		25,071		752,224		—

* The Rational Hedged Return Fund experienced a shareholder change in ownership resulting in an annual limitation on the amount of pre-change capital loss carry-forwards available to be recognized in each year. Due to IRC Section 382 limitations, utilization of these carry forwards is limited to a maximum of $92,691 per year.

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2018	SEMI-ANNUAL REPORT

Permanent book and tax differences, primarily attributable to the book/ tax basis treatment of net operating losses and short-term capital gains, foreign currency gains (losses), non-deductible expenses, the expiration of capital loss carry forwards, the reclassification of Fund distributions, and adjustments related to real estate investment trusts, partnerships, passive foreign investment companies, C-Corporation return of capital distributions, statutory trusts, trust preferred securities, and adjustments for Resolve Adaptive’s wholly owned subsidiary resulted in reclassification for the following Funds for the year or period ended December 31, 2017 as follows:

	Paid			Undistributed			Accumulated
	In			Ordinary			Net Realized			Net Unrealized
	Capital			Income (Loss)			Gains (Loss)			Gains (Loss)
Dividend Capture	$	—		$	(184,024	)	$	184,024		$	—
Emerging Markets		—			1,072			(1,072	)		—
Hedged Return		(12,608,941	)		243,469			12,365,472			—
Dynamic Brands		—			(41,081	)		41,081			—
Strategic Allocation		(107,881	)		107,881			—			—
Resolve Adaptive		(137,101	)		393,097			(158,924	)		(97,072	)
Iron Horse		—			(3,911	)		3,911			—

(8) UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES

Each underlying fund, including each exchange-traded fund (“ETF”), is subject to specific risks, depending on the nature of the underlying fund. These risks could include liquidity risk, sector risk, foreign and related currency risk, as well as risks associated with real estate investments and commodities. Investors in the Funds will indirectly bear fees and expenses charged by the underlying investment companies in which the Funds invest in addition to the Funds’ direct fees and expenses.

The performance of the Funds will be directly affected by the performance of the Fidelity Institutional Government Portfolio, Institutional Class. The Fidelity Institutional Government Portfolio normally invests at least 95% of its assets in U.S. Government securities and repurchase agreements for those securities. The financial statements of the Fidelity Institutional Government Portfolio, including the portfolio of investments, can be found at the Securities and Exchange Commission’s (“SEC”) website www.sec.gov and should be read in conjunction with the Fund’s financial statements. As of June 30, 2018, the percentage of the Resolve Adaptive Fund’s net assets invested in the Fidelity Institutional Government Portfolio was 94.6%.

(9) BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2018, the companies that held more than 25% of the voting securities of the Funds, and may be deemed to control each respective Fund, are as follows:

	Dividend			Emerging			Hedged			Dynamic			Strategic			Resolve			Iron			Income			NuWave
	Capture			Markets			Return			Brands			Allocation			Adaptive			Horse			Opportunities			Enhanced
NFS LLC (1)		78.18	%		61.87	%		—			64.07	%		95.94	%		37.60	%		—			75.34	%		—
Scott Kimple		—			—			64.81	%		—			—			—			—			—			—
Charles Schwab (1)		—			—			—			—			—			—			40.38	%		—			—
David Miller		—			—			—			—			—			—			—			—			77.80	%

(1) This owner is comprised of multiple investors and accounts.

(10) NEW ACCOUNTING PRONOUNCEMENT

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.

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June 30, 2018	SEMI-ANNUAL REPORT

(11) SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

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INFORMATION ABOUT YOUR FUNDS’ EXPENSES (Unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees; and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below illustrates an investment of $1,000 invested at the beginning of the period (01/01/18) and held for the entire period through 6/30/18.

Actual Expenses

The first section of each table below provides information about actual account values and actual expenses. You may use the information in these sections, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first row under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of each table provides information about the hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. For more information on transactional costs, please refer to the Funds’ prospectus.

											Hypothetical
						Actual					(5% return before expenses)
	Fund’s			Beginning		Ending					Ending
	Annualized			Account Value		Account Value		Expenses Paid			Account Value		Expenses Paid
	Expense Ratio			01/01/2018		6/30/2018		During Period *			6/30/2018		During Period *
Rational Dividend Capture Fund - Class A		1.25	%	$	1,000.00	$	999.00	$	6.20		$	1,018.60	$	6.26
Rational Dividend Capture Fund - Class C		1.75	%		1,000.00		996.60		8.66			1,016.12		8.75
Rational Dividend Capture Fund - Institutional Class		1.00	%		1,000.00		1,000.40		4.96			1,019.84		5.01
Rational Risk Managed Emerging Markets Fund - Class A		1.51	%		1,000.00		910.00		7.15			1,017.31		7.55
Rational Risk Managed Emerging Markets Fund - Class C		2.26	%		1,000.00		907.60		10.69			1,013.59		11.28
Rational Risk Managed Emerging Markets Fund - Institutional Class		1.26	%		1,000.00		912.00		5.97			1,018.55		6.31
Rational Hedged Return Fund - Class A		2.24	%		1,000.00		1,037.70		11.32			1,013.69		11.18
Rational Hedged Return Fund - Class C		2.99	%		1,000.00		1,033.60		15.08			1,009.97		14.90
Rational Hedged Return Fund - Institutional Class		1.99	%		1,000.00		1,040.10		10.07			1,014.93		9.94
Rational Dynamic Brands Fund - Class A		1.25	%		1,000.00		1,081.00		6.45			1,018.60		6.26
Rational Dynamic Brands Fund - Class C		1.75	%		1,000.00		1,075.20		9.00			1,016.12		8.75
Rational Dynamic Brands Fund - Institutional Class		1.00	%		1,000.00		1,080.20		5.16			1,019.84		5.01
Rational Strategic Allocation Fund - Class A		0.70	%		1,000.00		1,005.00		3.48			1,021.32		3.51
Rational Strategic Allocation Fund - Class C		1.45	%		1,000.00		1,001.30		7.20			1,017.60		7.25
Rational Strategic Allocation Fund - Insitutional Class		0.45	%		1,000.00		1,006.40		2.24			1,022.56		2.26
Rational/Resolve Adaptive Asset Allocation Fund - Class A **		2.22	%		1,000.00		988.50		10.95			1,013.79		11.08
Rational Resolve Adaptive Asset Allocation Fund - Class C **		2.97	%		1,000.00		984.80		14.62			1,010.07		14.80
Rational/Resolve Adaptive Asset Allocation Fund - Institutional Class **		1.97	%		1,000.00		989.30		9.72			1,015.03		9.84
Rational Iron Horse - Class A		1.95	%		1,000.00		968.80		9.52			1,015.12		9.74
Rational Iron Horse - Class C		2.30	%		1,000.00		966.30		11.21			1,013.39		11.48
Rational Iron Horse - Institutional Class		1.70	%		1,000.00		969.50		8.30			1,016.36		8.50
Rational Income Opportunities Fund - Class A		2.00	%		1,000.00		1,010.50		9.97	+		1,014.88		9.99
Rational Income Opportunities Fund - Class C		2.75	%		1,000.00		1,009.00		13.70	+		1,011.16		13.71
Rational Income Opportunities Fund - Institutional Class		1.75	%		1,000.00		1,011.00		8.73	+		1,016.12		8.75
Rational NuWave Enhanced Market Opportunity Fund - Class A		2.24	%		1,000.00		1,026.70		7.59	^		1,013.69		11.18
Rational NuWave Enhanced Market Opportunity Fund - Class C		2.99	%		1,000.00		1,024.00		10.11	^		1,009.97		14.90
Rational NuWave Enhanced Market Opportunity Fund - Class Institutional		1.99	%		1,000.00		1,076.10		6.90	^		1,014.93		9.94

* Expenses are equal to the Funds’ annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

** Annualized expense ratio does not include interest expenses or dividend expenses.

+ Multiplied by 68/365 to reflect inception date of April 23, 2018.

^ Multiplied by 122/365 to reflect inception date of February 28, 2018.

For more information on Fund expenses, please refer to the Funds’ prospectus, which can be obtained from your investment representative or by calling 1-866-447-4228. Please read it carefully before you invest or send money.

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Consideration and Approval of Management Agreement between Rational Advisors, Inc. and Mutual Fund and Variable Insurance Trust with respect to Rational Income Opportunities Fund

In connection with a regular meeting held on February 14 and 17, 2017, the Board of Trustees (the “Board” or the “Trustees”) of Mutual Fund and Variable Insurance Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”), discussed the approval of a management agreement between the Trust and Rational Advisors, Inc. (“Rational” or “Advisor”), with respect to the Rational Income Opportunities Fund (the “New Fund”), then known as the Rational Total Return Income Fund (the “Management Agreement”).

Counsel assisted the Trustees in reviewing Rational’s responses to a series of questions regarding, among other things, the investment performance of accounts managed by Rational for various periods, Rational’s services to the New Fund, comparative fee and expense information, and Rational’s expected profitability from advising the New Fund (the “Rational 15c Response.) The Trustees relied upon the advice of counsel and their own business judgment in evaluating and weighting each of the factors to be considered. The conclusions reached by the Trustees were based upon a comprehensive evaluation and discussion of all the information provided in the Rational 15c Response for the Fund with respect to the approval of the Management Agreement.

Nature, Extent and Quality of Services. The Trustees reviewed the Rational 15(c) Response, which provided an overview of the services to be provided by Rational. The Board discussed the firm’s key personnel, operations, and compliance program. The Trustees considered that Rational is responsible for monitoring the sub-advisor’s performance and compliance with legal standards as well as compliance in trading within the Fund’s investment strategy. The Trustees noted Rational’s record serving as Advisor and its ability to choose sub-advisors capable of successfully implementing investment strategies. After further discussion and review of the Rational 15c Response, the Trustees concluded that Rational will provide an acceptable level of services to the New Fund.

Performance. With respect to performance, the Trustees noted that the sub-advisor would be primarily responsible for the day-to-day management of the Fund’s portfolio. The Trustees reviewed the performance of the Rational Strategic Allocation Fund provided in the Rational 15(c) Response and noted that the Fund underperformed its benchmark for each of the periods presented. The Board then discussed the performance of other funds advised by Rational and their experience with the Advisor as an adviser to the other funds in the Trust, and the Trustees concluded that there is a reasonable basis to believe that Rational will achieve positive returns to shareholders of the New Fund based on the qualifications of Rational’s management team and ability to work with sub-advisors.

Fees and Expenses. As to the costs of the services to be provided by Rational, the Board reviewed and discussed the advisory fee and total operating expenses as compared to its peer group and Morningstar category. The Trustees noted that the proposed advisory fee of 1.50%

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and total expense ratio (for class A shares) for the New Fund are higher than the average for both the Morningstar Multisector Bond Category and the Peer Group. The Board further noted that the proposed advisory fee is higher than the highest fee in the Peer Group and is equal to the highest fee in the Morningstar Category. The Board further noted that the expense ratio is below the highest ratio for both the Peer Group and Morningstar Category. The Board discussed and agreed that the higher advisory fee for the New Fund is primarily due to the experience of Rational in selecting and monitoring sub-advisers and the unique strategy and skills of the proposed sub-adviser along with the amount of active management and research involved in managing the New Fund. The Board concluded that based on Rational’s experience, expertise and services to be provided to the New Fund, the advisory fee is not unreasonable.

The Trustees then discussed the allocation of management fees between Rational and the sub-adviser relative to their respective duties and other factors, and agreed, based on Rational’s belief that the sub-adviser can manage the New Fund with the same capability and meet performance expectations, the allocation of the fee between Rational and the sub-adviser was not unreasonable.

Profitability. The Trustees reviewed the profitability analysis provided by Rational and noted Rational anticipates a nominal profit in connection with its relationship with the New Fund. After discussion, the Trustees agreed that excessive profitability for the Advisor was not a concern.

Economies of Scale. As to the extent to which the New Fund will realize economies of scale as it grows, and whether the fee levels reflect these economies of scale for the benefit of investors, the Board discussed Rational’s expectations for growth of the New Fund, and concluded that any material economies of scale would not be achieved in the near term.

Conclusion. Having requested and received such information from the Advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the Management Agreement, and as assisted by the advice of counsel, the Trustees concluded that the approval of the Management Agreement is in the best interests of the New Fund and its shareholders.

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June 30, 2018	SEMI-ANNUAL REPORT

Consideration and Approval of Management Agreement between Rational Advisers, Inc. (“Rational”) and Mutual Fund & Variable Insurance Trust with respect to the Rational/NuWave Enhanced Market Opportunity Fund (the “Fund” or “New Fund”).

In connection with a regular meeting held on August 25, 2017, the Board of Trustees (the “Trustees”) of Mutual Fund & Variable Insurance Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of a management agreement between Rational and the Trust (the “Management Agreement”),with respect to the Fund.

The Trustees then reviewed Rational’s responses to a series of questions regarding, among other things, the investment performance of accounts managed by Rational for various periods, Rational’s proposed services to the New Fund, comparative fee and expense information, and Rational’s expected profitability from advising the Fund (“Rational 15(c) Response”). The Trustees relied upon the advice of counsel and their own business judgment in evaluating and weighting each of the factors to be considered. The conclusions reached by the Trustees were based upon a comprehensive evaluation and discussion of all the information provided in the Rational 15c Response for the Fund with respect to the approval of the Management Agreement.

Nature, Extent and Quality of Services. The Trustees considered their experience with Rational as advisor to other funds of the Trust. They noted that Rational would monitor the New Fund’s sub-advisor and review the New Fund’s portfolio on a regular basis, and actively work with the Trust’s CCO to monitor for regulatory compliance. The Trustees acknowledged that Rational has experience overseeing sub-advisors. They considered that Rational will work with the sub-advisor to manage the New Fund’s strategy. After discussion, the Trustees concluded that Rational’s services are anticipated to be in line with the Trustees’ expectations.

Performance. With respect to performance, the Trustees noted that the sub-advisor would be primarily responsible for the day-to-day management of the New Fund’s portfolio. The Board then discussed the performance of other Funds advised by Rational and their experience with the adviser as an adviser to the other Funds in the Trust, and the Trustees concluded that there is a reasonable basis to believe that Rational will achieve positive returns for shareholders of the Fund based on the qualifications of Rational’s management team and ability to oversee and work with sub-advisors.

Fees and Expenses. The Trustees reviewed the New Fund’s proposed annual advisory fee before waivers of 1.75% and compared it to the average advisory fee of the peer group and average advisory fee of the Morningstar Multialternative category. They acknowledged that although the New Fund’s advisory fee is higher than the peer group and Morningstar category averages, it is within the range of fees charged by the funds in both benchmark groups. The Trustees noted that the New Fund’s net expense ratio of 2.24% (Class A shares) is lower than the average expense ratio of the peer group but higher than the average of the funds within the Morningstar category.

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The Trustees discussed the allocation of fees between the advisor and the sub-advisor relative to their respective duties and other factors, and agreed that the allocation of fees between the advisor and sub-advisor was appropriate. The Trustees concluded that the advisory fee was not unreasonable.

Profitability. The Trustees reviewed a profitability analysis provided by Rational and noted that it anticipated realizing a loss in connection with its relationship with the Fund during the initial 12 months of the management agreement and a profit in connection with its relationship with the New Fund in the second 12 months of the management agreement. After discussion, the Trustees agreed that the projected profits would not be excessive.

Economies of Scale. The Trustees considered whether there would be economies of scale with respect to the management of the New Fund. The Trustees noted that economies of scale were not anticipated to be reached during the initial period of the management agreement, and agreed that the matter of economies of scale would be revisited when the New Fund reaches significant asset levels.

Conclusion. Having requested and received such information from the advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the management agreement, and as assisted by the advice of Counsel, the Trustees concluded that the fee structure was reasonable and that approval of the management agreement was in the best interests of the future shareholders of the Fund.

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June 30, 2018	SEMI-ANNUAL REPORT

Consideration and Renewal of Sub-Advisory Agreement between Rational Advisers, Inc. (“Rational”) and Barrow Hanley Mewhinney & Strauss, LLC (“Barrow Hanley”) with respect to the Rational Risk Managed Emerging Markets Fund (the “Fund”).

In connection with a regular meeting held on December 15, 2017, the Board of Trustees (the “Trustees”) of Mutual Fund & Variable Insurance Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of a Sub-Advisory Agreement between Rational and Barrow Hanley (the “Sub-Advisory Agreement”), with respect to the Fund.

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Sub-Advisory Agreement. In connection with their deliberations regarding approval of the Sub-Advisory Agreement, the Trustees reviewed materials prepared by Barrow Hanley.

Nature, Extent & Quality of Services. The Trustees reviewed Form ADV and considered the consistency in sub-advisor personnel and the firm’s extensive portfolio management experience. They noted the sub-advisor reported no material compliance or regulatory matters, and reviewed the SEC deficiency letter which noted certain ADV issues. The Trust’s CCO stated the Compliance Program and all related materials had been reviewed, including policies and procedures and Code of Ethics, and demonstrate a strong compliance program. After discussion, the Trustees concluded that the sub-advisor had excellent quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Sub-Advisory Agreement and that the nature, overall quality and extent of the management services to be provided to the Fund by the subadvisor were more than satisfactory.

Performance. The Trustees noted performance of Barrow Hanley Emerging Markets Value Equity Composite for the 1 year, 5 year, and since inception (9-3-2012) periods was generally close to its benchmark, MSCI Emerging Markets Index Mr. Szilagyi noted the performance was based on a “value slanted” strategy. The Trustees acknowledged the returns and concluded that anticipated performance for the Fund was acceptable.

Fees & Expenses. The Trustees noted the sub-advisor would receive a fee of 0.30% on assets of $0 - $50 million, 0.35% flat on fund assets once the Fund reaches $50 million and 0.40% flat on fund assets once the Fund reaches $100 million and beyond. They noted this

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schedule varied from the standard asset-based fees charged by Barrow Hanley to other clients. The Trustees concluded that the proposed sub-advisory fee was not unreasonable.

Profitability. The Trustees discussed the expected profits to Barrow Hanley noting they will not be excessive when considering the level of assets in the Fund. They noted that, with the subadvisors assets, excessive profitability with regards to the Fund was not a concern at this time.

Economies of Scale. The Trustees considered whether the sub-advisor would realize economies of scale with respect to the management of the Fund. The Trustees agreed that this was primarily an advisor level issue and should be considered with respect to the overall advisory contract, taking into consideration the impact of the sub-advisory expense.

Conclusion. Having requested and received such information from the sub-advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the proposed sub-advisory agreement, and as assisted by the advice of Counsel, the Trustees concluded that approval of the Sub-Advisory Agreement with Barrow Hanley was in the best interests of the shareholders of the Fund.

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SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
June 30, 2018	SEMI-ANNUAL REPORT

Consideration and Approval of Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between Rational Advisers, Inc. (“Rational”) and ReSolve Asset Management, Inc. (“ReSolve”) with respect to the Rational/ReSolve Adaptive Asset Allocation Fund (the “Fund”).

In connection with a regular meeting held on February 26, 2018, the Board of Trustees of the Trust, including a majority of the Independent Trustees, discussed the approval of the Sub-Advisory Agreement. In considering the proposed Sub-Advisory Agreement, the Board received materials prepared by ReSolve (“ReSolve 15c Response”). The Board Members were assisted by independent legal counsel throughout the review process of ReSolve 15c Response.

The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Sub-Advisory Agreement:

Nature, Extent & Quality of Services. The Trustees reviewed Form ADV and considered the longevity of sub-advisor personnel and the firm’s portfolio management experience. The Trust’s Chief Compliance Officer stated ReSolve’s Compliance Program and all related materials had been reviewed, including policies and procedures and Code of Ethics, and together they demonstrated a competent compliance program. After discussion regarding the ReSolve’s quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Sub-Advisory Agreement, the Trustee’s concluded that the sub-advisor had the potential to provide services to the Fund in line with their expectations.

Performance. The Trustees considered the performance of two composites of similarly managed accounts advised by ReSolve: the ReSolve Adaptive Asset Allocation Growth Composite and the ReSolve Adaptive Asset Allocation 12% Volatility Composite. They noted that each composite’s returns (gross of fees) exceeded the returns of the composite’s respective benchmark for each period presented. The Trustees concluded that ReSolve had the capability to provide positive returns to the Fund’s shareholders.

Fees & Expenses. The Trustees noted the sub-advisor would receive 50% of the net advisory fee (less certain expenses). They noted that ReSolve charges 1.45% fee on similar futures based accounts and that the sub-advisory services fee was lower than those fees. They concluded that the proposed sub-advisory fee and the allocation of fees between the advisor and sub-advisor, was not unreasonable.

Profitability. The Trustees discussed the expected profits for ReSolve for the first and second years based on estimated assets under management of $59 million and $100 million, respectively. They noted ReSolve expected a loss in year one and a profit the second year from

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its relationship with the Fund. The Trustees then discussed profitability and determined that the profit was not excessive and concluded that excessive profitability for ReSolve with regards to the Fund was not a concern at this time.

Economies of Scale. The Trustees considered whether economies of scale would be achieved with respect to the management of Fund. The Trustees agreed that this was primarily an advisor level issue and should be considered with respect to the overall advisory contract, taking into consideration the impact of the sub-advisory expense.

Conclusion. Having requested and received such information from the sub-advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the proposed Sub-Advisory Agreement, and as assisted by the advice of legal counsel, the Trustees concluded that approval of the Sub-Advisory Agreement with ReSolve was in the best interests of the shareholders of the Fund.

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SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
June 30, 2018	SEMI-ANNUAL REPORT

Consideration and Approval of Sub-Advisory Agreement between Rational Advisers, Inc. (“Rational”) and Cicero Capital Partners, LLC (“Cicero”) with respect to the Rational Income Opportunities Fund (then known as the Rational Total Return Income Fund) (the “Fund”).

In connection with a regular meeting held on February 14 and 17, 2017, the Board of Trustees (the “Trustees”) of Mutual Fund & Variable Insurance Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of a Sub-Advisory Agreement between Rational and Cicero (the “Sub-Advisory Agreement”), with respect to the Fund.

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Sub-Advisory Agreement. In connection with their deliberations regarding approval of the Sub-Advisory Agreement, the Trustees reviewed materials prepared by Cicero.

Nature, Extent and Quality of Services. The Trustees reviewed Cicero’s 15(c) Response, which provided an overview of the services to be provided by Cicero, as well as information on the firm’s personnel and the compliance and litigation record. They noted that Cicero has extensive experience with CMBS and with the proposed investment strategy. The Trustees next considered that Cicero will be responsible for day to day investment activities of the Fund, as well as for monitoring the Fund’s compliance both with legal standards and trading within the Fund’s investment strategy. After further discussion, the Trustees concluded that it is reasonable to expect that the sub-advisor will provide a level of service consistent with the Advisor’s and the Board’s expectations.

Performance. The Trustees then considered Cicero’s past performance of the CCP Fund as well as other factors relating to Cicero’s track record. The Board noted that the CCP Fund out-performed its benchmark, the Bloomberg Barclays US Aggregate Bond TR Index, for the one year, five year and since inception periods. After further discussion, the Trustees concluded that there is a reasonable basis to believe that Cicero has the potential to deliver positive returns to future shareholders of the Fund.

Fees and Expenses. As to the costs of the services to be provided by Cicero, the Board discussed the sub-advisory fee payable to Cicero. The Trustees discussed the sub-advisory fee relative to the advisory fee noting that Cicero will be paid a sub-advisory of 50% of the net advisory fee and that Rational, rather than the Fund, would be responsible for the payment of such fee. The Trustees further noted that the management fee currently charged by Cicero for its services to the CCP Fund is 1% plus a 20% incentive fee. The Trustees acknowledged that the

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proposed sub-advisory fee to be charged for the Fund is significantly lower than the management fee currently received by Cicero. The Trustees were pleased that the Advisor had negotiated a competitive sub-advisory fee for the Fund that would benefit its shareholders. The Trustees concluded that the sub-advisory fee was not unreasonable.

Profitability. As to profitability, the Trustees discussed the total fees expected to be paid to Cicero, and noted that Cicero will receive no other compensation from the Fund or Rational except the sub-advisory fee earned pursuant to the proposed Sub-Advisory Agreement and payable by Rational. As to the profits to be realized by Cicero, the Trustees reviewed a profitability analysis that was provided and noted that Cicero projects a loss from its services to the Fund over the first twelve months of operations. The Trustees concluded that excessive profitability from the sub-advisor’s relationship with the Fund is not an issue at this time.

Economies of Scale. The Trustees considered whether there will be economies of scale with respect to the management of the Fund. The Trustees discussed and agreed that this was an advisor level issue, taking into consideration the impact of the sub-advisory expense.

Conclusion. Having requested and received such information from the sub-advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of counsel, the Trustees concluded that approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

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June 30, 2018	SEMI-ANNUAL REPORT

Consideration and Approval of Sub-Advisory Agreement between Rational Advisers, Inc. (“Rational”) and NuWave Investment Management, LLC (“NuWave”) with respect to the Rational/NuWave Enhanced Market Opportunity Fund (the “Fund” or “New Fund”).

In connection with a regular meeting held on August 25, 2017, the Board of Trustees (the “Trustees”) of Mutual Fund & Variable Insurance Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of a Sub-Advisory Agreement between Rational and NuWave (the “Sub-Advisory Agreement”), with respect to the Fund.

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Sub-Advisory Agreement. In connection with their deliberations regarding approval of the Sub-Advisory Agreement, the Trustees reviewed materials prepared by NuWave.

The Trustees then reviewed NuWave’s responses to a series of questions regarding, among other things, NuWave’s expected service to the New Fund, comparative fee and expense information and NuWave’s expected profitability from managing the New Fund’s portfolio (“NuWave 15(c) Response”).

Nature, Extent and Quality of Services. The Trustees noted that NuWave would be primarily responsible for the day-to-day management of the New Fund including all investment decisions and trading. They discussed NuWave’s personnel that would be primarily responsible for the management of the Fund, and noted their strong backgrounds and experience. The Trustees agreed that NuWave appeared to have a strong infrastructure in place. The Trustees concluded that NuWave had the potential to provide service to the Fund in line with the Board’s expectations.

Performance. The Trustees considered the performance of the NuWave Equity Enhanced Fund, LP (“Predecessor Fund”), currently managed by NuWave for the 1 year and since inception periods. The Trustees discussed the Predecessor Fund’s under-performance relative to the S&P 500 and noted that the S&P 500 was not the most appropriate benchmark against which to compare the Predecessor Fund’s performance given its strategy. The Trustees then considered the Predecessor Fund’s strong outperformance of the Morningstar Multialternative Category for the one-, three- and five-year periods. The Trustees concluded that NuWave had the capability to provide positive returns to the New Fund’s future shareholders.

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Fees and Expenses. The Trustees noted that NuWave will receive 50% of the net advisory fee in connection with its relationship to the New Fund. They reviewed the fees NuWave charges to other clients, noting that those fees (1% management and 20% incentive fee) are greater than the fee it will receive for managing the New Fund’s assets. The Trustees discussed the allocation of fees between the advisor and the sub-advisor relative to their respective duties and other factors, and agreed that the allocation of fees between the advisor and sub-advisor was appropriate. The Trustees discussed the overall fee structure and concluded that the sub-advisory fee was not unreasonable.

Profitability. The Trustees reviewed NuWave’s profitability analysis as included in Board Materials. They acknowledged that NuWave expects to realize a net loss in connection with its relationship to the New Fund over the first 24 months of the Sub-Advisory Agreement. The Trustees agreed that excessive profitability was not a concern at this time.

Economies of Scale. The Trustees considered whether there will be economies of scale with respect to the management of the New Fund. The Trustees agreed that this was primarily an advisor level issue and should be considered with respect to the overall management agreement, taking into consideration the impact of the sub-advisory expense.

Conclusion. Having requested and received such information from the sub-advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of counsel, the Trustees concluded that the fee structure is reasonable and that approval of the sub-advisory agreement is in the best interests of the future shareholders of the Fund.

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PRIVACY NOTICE

Mutual Fund & Variable Insurance Trust

Rev. July 2017

FACTS WHAT DOES MUTUAL FUND & VARIABLE INSURANCE TRUST DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information.  Federal law gives consumers the right to limit some, but not all sharing.  Federal law also requires us to tell you how we collect, share, and protect your personal information.  Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depends on the product or service that you have with us. This information can include:   ●         Social Security number and wire transfer instructions   ●         account transactions and transaction history   ●         investment experience and purchase history   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Mutual Fund & Variable Insurance Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information:	Does Mutual Fund & Variable Insurance Trust share information?	Can you limit this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	YES	NO
For our marketing purposes - to offer our products and services to you.	NO	We don’t share
For joint marketing with other financial companies.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your credit worthiness.	NO	We don’t share
For our affiliates to market to you	NO	We don’t share
For non-affiliates to market to you	NO	We don’t share

QUESTIONS?   Call 1-800-253-0412

90

PRIVACY NOTICE

Mutual Fund & Variable Insurance Trust

What we do:
How does Mutual Fund & Variable Insurance Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Mutual Fund & Variable Insurance Trust collect my personal information?	We collect your personal information, for example, when you: ●     open an account or deposit money ●     direct us to buy securities or direct us to sell your securities ●     seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: ●     sharing for affiliates’ everyday business purposes – information about your creditworthiness. ●     affiliates from using your information to market to you. ●     sharing for non-affiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ●     Mutual Fund & Variable Insurance Trust does not share with affiliates.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ●     Mutual Fund & Variable Insurance Trust doesn’t share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ●     Mutual Fund & Variable Insurance Trust doesn’t jointly market.

91

A copy of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios, as well as a record of how the Funds voted any such proxies during the most recent 12-month period ended June 30, is available without charge and upon request by calling 800-253-0412. This information is also available from the EDGAR database on the SEC’s website at www.sec.gov.

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on “Form N-Q.” These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (call 202-551-8090 for information on the operation of the Public Reference Room.).

Rational Advisors, Inc., serves as Investment Advisor to the Funds.

This report is authorized for distribution to prospective investors only when preceded or accompanied by a prospectus which contains facts concerning the Funds’ objectives and policies, management fees, expenses and other information.

Shareholder Services: 800-253-0412

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

See Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable.

(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Mutual Fund and Variable Insurance Trust

By (Signature and Title)		/s/ Jerry Szilagyi
		Jerry Szilagyi, President and Principal Executive Officer
Date	09/04/2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Jerry Szilagyi
	Jerry Szilagyi, President and Principal Executive Officer

Date 09/04/2018

By (Signature and Title)		/s/ Erik Naviloff
		Erik Naviloff, Treasurer and Principal Financial Officer
Date	09/04/2018