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, 2019

Item 1. Reports to Stockholders.

Semi-Annual Shareholder Report

J u n e  3 0,  2 0 1 9

CLASS A SHARES

CLASS C SHARES

I N S T I T U T I O N A L  S H A R E S

Beginning on January 1, 2021, the Funds intend to meet their shareholder report delivery obligations by posting annual and semi-annual shareholder reports to the Funds’ website, www.rationalmf.com, rather than delivering paper copies. You will be notified by mail each time a report is posted and provided with the website link to access the report. You may elect to receive paper copies of a specific shareholder report or all future shareholder reports free of charge by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling the Funds at 1-800-253-0412. Your election to receive reports in paper will apply to all funds held within the fund complex.

You may elect to receive shareholder reports and other communications from the Funds or your financial intermediary electronically by contacting your financial intermediary or, if you are a direct shareholder, by calling the Funds at 1-800-253-0412. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to do anything.

Rational Dividend Capture Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2019

The Fund’s performance figures* for each of the periods ended June 30, 2019, compared to its benchmarks:

	6 Month		Annualized	Annualized	Annualized	Annualized
	Return	1 Year Return	5 Year Return	10 Year Return	Since Inception(a)	Since Inception(b)
Class A	4.86%	(7.86)%	(1.48)%	7.04%	4.63%	N/A
Class A with load	(0.15)%	(12.21)%	(2.43)%	6.52%	4.35%	N/A
Class C	4.18%	(8.69)%	(2.04)%	N/A	N/A	(0.37)%
Institutional Class	4.82%	(7.75)%	(1.26)%	7.30%	4.88%	N/A
S&P 500 Total Return Index(b)	18.54%	10.42%	10.71%	14.70%	6.93%	11.29%
S&P 500/Citigroup Value Total Return Index(c)	16.70%	8.67%	7.92%	13.10%	6.04%	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 June 11, 2019 prospectus, the total annual operating expense are 2.72% for Institutional Class shares, 2.96% for A shares and 3.73% 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 February 28, 2001 for Class A, Institutional Class and the Benchmarks.

(b) Inception date is January 2, 2014 for Class C 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 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
REITs		16.6	%
Telecommunications		13.2	%
Exchange Traded Funds		6.8	%
Pharmaceuticals		6.4	%
Banks		5.8	%
Investment Companies		5.1	%
Retail		4.7	%
Oil & Gas		3.9	%
Chemicals		3.6	%
Real Estate		2.8	%
Other/Short-Term Investments		31.1	%
		100.0	%

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

1

Rational Tactical Return Fund (Formerly, Rational Hedged Return Fund)

PORTFOLIO REVIEW (Unaudited)

June 30, 2019

The Fund’s performance figures* for each of the periods ended June 30, 2019, compared to its benchmarks:

	6 Month		Annualized	Annualized	Annualized	Annualized
	Return	1 Year Return	5 Year Return	10 Year Return	Since Inception(a)	Since Inception(b)
Class A	4.77%	10.51%	(3.72)%	3.62%	-2.01%	N/A
Class A with load	(0.17)%	5.27%	(4.65)%	3.12%	-2.40%	N/A
Class C	4.24%	9.54%	N/A	N/A	N/A	6.97%
Institutional Class	4.81%	10.51%	(3.68)%	3.78%	-1.84%	N/A
S&P 500 Total Return Index(c)	18.54%	10.42%	10.71%	14.70%	N/A	13.88%

* 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 June 11, 2019 prospectus, the total annual operating expense are 3.24% for Institutional Class shares, 3.58% for A shares and 4.24% 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 1, 2007 for Class A and I and the Benchmark.

(b) Inception date is May 31, 2016 for 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 Holdings by Industry ^	% of Net Assets
Short-Term Investments		91.8	%
Other/Cash & Equivalents		8.2	%
		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.

2

Rational Dynamic Brands Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2019

The Fund’s performance figures* for each of the periods ended June 30, 2019, compared to its benchmarks:

	6 Month		Annualized	Annualized	Annualized	Annualized
	Return	1 Year Return	5 Year Return	10 Year Return	Since Inception(a)	Since Inception(b)
Class A	13.25%	5.43%	4.24%	11.70%	9.94%	N/A
Class A with load	7.86%	0.53%	3.23%	11.16%	9.62%	N/A
Class C	12.60%	4.70%	3.65%	N/A	N/A	3.91%
Institutional Class	13.36%	5.70%	4.51%	11.99%	10.22%	N/A
S&P 500 Index Total Return(c)	18.54%	10.42%	10.71%	14.70%	10.09%	11.29%

* 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 June 11, 2019 prospectus, the total annual operating expense are 1.69% for Institutional Class shares, 2.07% for A shares and 2.75% 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 September 27, 2002, for Class A, I and the Benchmark.

(b) Inception date is January 2, 2014 for 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
Internet		23.5	%
Retail		22.4	%
Software		9.6	%
Diversified Financial Services		7.2	%
Apparel		6.7	%
Media		3.5	%
Entertainment		3.4	%
Commercial Services		3.1	%
Auto Manufacturers		2.5	%
Home Furnishings		2.5	%
Other/Short-Term Investments		15.6	%
		100.0	%

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

3

Rational Strategic Allocation Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2019

The Fund’s performance figures* for each of the periods ended June 30, 2019, compared to its benchmarks:

	6 Month		Annualized	Annualized	Annualized
	Return	1 Year Return	5 Year Return	Since Inception(a)	Since Inception(b)
Class A	7.57%	3.77%	4.10%	6.16%	N/A
Class A with load	2.42%	(1.16)%	3.10%	5.64%	N/A
Class C	7.22%	2.98%	N/A	N/A	5.94%
Institutional Class	7.65%	3.96%	N/A	N/A	6.98%
S&P 500 Total Return Index(c)	18.54%	10.42%	10.71%	14.00%	13.88%
Balanced Allocation Indices Blend Index(d)	13.54%	9.74%	7.81%	10.17%	9.57%

* 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 June 11, 2019 prospectus, the total annual operating expense are 2.28% for Institutional Class shares, 2.61% for A shares and 3.16% 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.

Top Holdings ^	% of Investments
Equity Funds - Mutual Funds		54.6	%
Debt Funds - Mutual Funds		23.6	%
Equity Funds - Exchange Traded Funds		8.7	%
Other/Short-Term Investments		13.1	%
		100.0	%
^     Based on Market Value

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

4

Rational/Resolve Adaptive Asset Allocation Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2019

The Fund’s performance figures* for each of the periods ended June 30, 2019, compared to its benchmarks:

	6 Month		Annualized	Annualized	Annualized	Annualized
	Return	1 Year Return	5 Year Return	10 Year Return	Since Inception(a)	Since Inception(b)
Class A	12.80%	5.18%	N/A	N/A	1.67%	N/A
Class A with load	6.32%	(0.88)%	N/A	N/A	(0.50)%	N/A
Class C	12.43%	4.42%	N/A	N/A	0.99%	N/A
Institutional Class	12.94%	5.44%	3.98%	3.84%	N/A	6.11%
S&P 500 Total Return Index(b)	18.54%	10.42%	10.71%	14.70%	14.01%	9.66%
Barclay Hedge CTA Index(c)	3.74%	2.66%	1.03%	0.72%	0.01%	4.24%

* 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 June 11, 2019 prospectus, the total annual operating expense are 3.03% for Institutional Class shares, 3.27% for A shares and 4.78% 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 September 30, 2016 for Class A, Class C and the Benchmarks.

(b) Inception date is February 28, 1994 for 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 Barclay CTA Index is a leading industry benchmark of representative performance of commodity trading advisors.

Holdings by Asset Type ^	% of Net Assets
Short-Term Investments		93.6	%
Other/Cash & Equivalents		6.4	%
		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.

5

Rational Iron Horse Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2019

The Fund’s performance figures* for each of the periods ended June 30, 2019, compared to its benchmarks:

	6 Month		Annualized	Annualized	Annualized	Annualized
	Return	1 Year Return	5 Year Return	Since Inception(a)	Since Inception(b)	Since Inception(c)
Class A	(0.80)%	1.07%	1.97%	4.27%	N/A	N/A
Class A with Load	(6.46)%	(4.71)%	0.77%	3.50%	N/A	N/A
Class C	(1.01)%	0.69%	N/A	N/A	N/A	0.92%
Institutional Class	(0.65)%	1.37%	2.25%	N/A	5.59%	N/A
S&P 500 Total Return Index (d)	18.54%	10.42%	10.71%	12.56%	14.42%	12.68%
CBOE S&P 500 Buy Write Index (e)	10.27%	3.18%	5.98%	7.13%	7.69%	6.11%

* 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 June 11, 2019 prospectus, the total annual operating expense are 2.38% for Institutional Class shares, 2.62% for A shares and 3.30% 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 for Class A and the Benchmarks.

(b) Inception date is April 6, 2017 for Class C and the Benchmarks.

(c) Inception date is November 16, 2011 for Institutional Class and the Benchmarks.

(d) 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.

(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		12.8	%
Banks		10.2	%
Computers		8.6	%
Oil & Gas		7.0	%
Electric		6.0	%
Miscellaneous Manufacturing		5.5	%
Chemicals		5.0	%
Retail		4.9	%
Household Products/Wares		4.1	%
Telecomunications		3.8	%
Other/Short-Term Investments		32.1	%
		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.

6

Rational NuWave Enhanced Market Opportunity Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2019

The Fund’s performance figures* for each of the periods ended June 30, 2019, compared to its benchmarks:

	6 Month		Annualized	Annualized	Annualized
	Return	1 Year Return	5 Year Return	Since Inception(a)	Since Inception(b)
Class A	11.62%	19.27%	N/A	N/A	16.40%
Class A with load	5.18%	12.40%	N/A	N/A	11.32%
Class C	11.13%	18.37%	N/A	N/A	15.52%
Institutional Class(c)	11.74%	19.58%	10.34%	9.45%	N/A
S&P 500 Total Return Index(d)	18.54%	10.42%	10.71%	12.89%	8.37%
SG CTA Mutual Fund Index(e)	3.45%	2.31%	N/A	0.28%	0.05%

* 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 June 11, 2019 prospectus, the total annual operating expense are 3.36% for Institutional Class shares, 3.70% for A shares and 4.45% 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 Fund acquired all of the assets and liabilities of the “NuWave Equity Enhanced Fund LP” (the “Predecessor Fund”) in a tax free reorganization on February 28, 2018. In connection with this acquisition, shares of the Predecessor Fund were exchanged for Institutional Class shares of the Fund, so the Predecessor Fund became the Institutional Class shares of the Fund. The Fund’s investment objective, policies and guidelines are, in all material respects, equivalent to the Predecessor Fund’s investment objectives, policies and guidelines. The Predecessor Fund commenced operations on March 31, 2013. Updated performance information will be available at no cost by calling 1-800-253-0412 or visiting the Fund’s website at www.RationalMF.com.

(d) 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.

(e) The SG CTA Mutual Fund Index calculates the net daily rate of return for a group of the largest 10 CTA Mutual Funds.

Top 10 Holdings by Industry ^	% of Net Assets
Retail		6.7	%
Software		4.9	%
Insurance		4.5	%
Diversified Financial Services		3.9	%
Food		3.5	%
REITs		3.5	%
Electric		2.8	%
Oil & Gas		2.8	%
Banks		2.7	%
Healthcare-Products		2.7	%
Other/Short-Term Investments		62.0	%
		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.

7

Context Insurance Linked Income Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2019

The Fund’s performance figures* for each of the periods ended June 30, 2019, compared to its benchmarks:

	Since Inception(a)
Class A	(0.95)%
Class A with load	(6.65)%
Class C	(1.30)%
Institutional Class	(0.78)%
BofAML 3 Month Treasury Bill(b)	1.24%

* 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 December 29, 2018 prospectus, the estimated 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 4.75%.

(a) Inception date is December 31, 2018.

(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.

Top Holdings	% of Net Assets
Bonds & Notes		71.0	%
Insurance - Preferred Stock		25.6	%
Common Stock		1.2	%
Other/Short-Term Investments		2.2	%
		100.0	%

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

8

RATIONAL DIVIDEND CAPTURE FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares			Value
		COMMON STOCKS - 74.8%
		BANKS - 5.8%
	1,860	BB&T Corp.	$	91,382
	4,225	Citigroup, Inc.		295,877
	5,420	KeyCorp		96,205
	680	PNC Financial Services Group, Inc.		93,350
	15,070	UBS Group AG		178,579
	5,855	Wells Fargo & Co		277,059
				1,032,452
		BIOTECHNOLOGY - 2.1%
	5,450	Gilead Sciences, Inc.		368,202
		CHEMICALS - 3.6%
	7,280	Dow, Inc.		358,977
	12,795	Olin Corp.		280,338
				639,315
		DIVERSIFIED FINANCIAL SERVICES - 2.3%
	164,483	Medley Management, Inc.		404,628
		FOREST PRODUCTS & PAPER- 0.6%
	2,565	International Paper Co.		111,116
		HOLDING COMPANIES - DIVERSIFIED - 1.4%
	25,000	Chardan Healthcare Acquisition Corp. *		252,500
		HOUSEWARES - 0.5%
	4,670	Tupperware Brands Corp.		88,870
		INVESTMENT COMPANIES - 5.1%
	5,476	Apollo Investment Corp.		86,521
	4,975	Ares Capital Corp.		89,252
	94,340	FS KKR Capital Corp.		562,266
	13,000	WhiteHorse Finance, Inc.		178,750
				916,789
		MACHINERY - CONSTRUCTION & MINING - 0.6%
	820	Caterpillar, Inc.		111,758
		MACHINERY - DIVERSIFIED - 0.9%
	15,580	Briggs & Stratton Corp.		159,539
		MEDIA - 1.0%
	1,260	Walt Disney Co.		175,946
		OIL & GAS - 3.9%
	4,840	Exxon Mobil Corp.		370,889
	3,150	Hess Corp.		200,245
	1,780	Royal Dutch Shell PLC - ADR		115,825
				686,959
		OIL & GAS SERVICES - 1.1%
	4,965	Schlumberger Ltd.		197,309
		PACKING & CONTAINERS - 1.6%
	8,040	WestRock Co.		293,219
		PHARMACEUTICALS - 6.4%
	8,190	Bristol-Myers Squibb Co.		371,417
	8,450	CVS Health Corp.		460,441
	5,725	GlaxoSmithKline PLC - ADR		229,115
	630	Johnson & Johnson		87,746
				1,148,719
		PRIVATE EQUITY - 1.8%
	25,000	Hercules Technology Growth Cap		320,500
		REITS - 16.6%
	85,705	Annaly Capital Management, Inc.		782,487
	12,900	Arlington Asset Investment Corp.		88,752
	37,560	Cedar Realty Trust, Inc.		99,534
	27,455	Dynex Capital, Inc.		459,871
	4,450	Global Net Lease, Inc.		87,309

See accompanying notes to consolidated financial statements.

9

RATIONAL DIVIDEND CAPTURE FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

Shares			Value
		COMMON STOCKS - 74.8% (Continued)
		REITS - 16.6% (Continued)
	22,380	New Senior Investment Group, Inc.	$	344,428
	9,120	Sabra Health Care REIT, Inc.		179,573
	29,245	Senior Housing Properties Trust		241,856
	76,500	Tremont Mortgage Trust		315,945
	28,330	Two Harbors Investment Corp.		358,941
				2,958,696
		RETAIL - 4.7%
	5,540	Kohl’s Corp.		263,427
	7,830	Macy’s, Inc.		168,032
	9,750	Nordstrom, Inc.		310,635
	1,010	Target Corp.		87,476
				829,570
		SEMICONDUCTORS - 0.5%
	2,010	Intel Corp.		96,219
		TELECOMMUNICATIONS - 13.2%
	21,995	AT&T, Inc.		737,052
	63,070	CenturyLink, Inc.		741,703
	2,700	Corning, Inc.		89,721
	138,465	Nokia OYJ - ADR		693,710
	9,010	Telefonaktiebolaget LM Ericsson - ADR		85,595
				2,347,781
		TRANSPORTATION - 1.1%
	1,870	United Parcel Service, Inc.		193,115
		TOTAL COMMON STOCKS (Cost $14,774,033)		13,333,202
		EXCHANGE TRADED FUNDS - 6.8%
		EQUITY FUNDS - 6.8%
	18,150	Alerian MLP ETF		178,778
	10,530	Global X SuperDividend ETF		181,221
	5,980	iShares US Telecommunications ETF		176,111
	21,250	ProShares Ultra VIX Short-Term Futures ETF *		669,162
				1,205,272
		TOTAL EXCHANGE TRADED FUNDS (Cost - $1,242,153)		1,205,272

		Coupon	Maturity
	PREFERRED STOCKS - 2.8%
	REAL ESTATE - 2.8%
20,000	Sachem Capital Corp.	7.125%	6/30/2024		508,000
	TOTAL PREFERRED STOCKS (Cost - $500,000)				508,000
	SHORT-TERM INVESTMENTS - 15.0%
2,667,607	Federated Treasury Obligations Fund, Institutional Class, 2.23% **				2,667,607
	TOTAL SHORT-TERM INVESTMENTS (Cost $2,667,607)				2,667,607
	TOTAL INVESTMENTS (Cost $19,183,793) - 99.4%			$	17,714,081
	OTHER ASSETS LESS LIABILITIES - 0.6%				112,785
	NET ASSETS - 100.0%			$	17,826,866

ADR - American Depositary Receipt.

ETF - Exchange Traded Fund.

MLP - Master Limited Partnership.

PLC - Public Limited Company.

REIT - Real Estate Investment Trust.

* Non-Income Producing Security.

** Rate shown represents the rate at June 30, 2019 and is subject to change and resets daily.

See accompanying notes to consolidated financial statements.

10

Rational Tactical Return Fund (Formerly, Rational Hedged Return Fund)

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares						Value
		SHORT-TERM INVESTMENTS - 91.8%
		MONEY MARKET FUND - 27.2%
	25,124,517	Federated Treasury Obligations Fund, Institutional Class, 2.23% *				$	25,124,517
			Discount Rate (%)		Maturity
		U.S. TREASURY BILLS - 64.6%
	5,000,000	United States Treasury Bill		2.3896	7/25/2019		4,993,500
	5,000,000	United States Treasury Bill		2.4073	8/22/2019		4,984,841
	10,000,000	United States Treasury Bill		2.4293	9/5/2019		9,961,637
	10,000,000	United States Treasury Bill		2.3760	10/3/2019		9,945,362
	5,000,000	United States Treasury Bill		2.4142	10/10/2019		4,970,612
	10,000,000	United States Treasury Bill		2.4179	11/7/2019		9,926,094
	10,000,000	United States Treasury Bill		2.1075	12/19/2019		9,903,041
	5,000,000	United States Treasury Bill		2.0291	12/26/2019		4,949,743
							59,634,830
		TOTAL SHORT-TERM INVESTMENTS (Cost - $84,728,875)					84,759,347
		TOTAL INVESTMENTS - 91.8% (Cost - $84,728,875)				$	84,759,347
		OTHER ASSETS LESS LIABILITIES - 8.2%					7,580,724
		NET ASSETS - 100.0%				$	92,340,071

				Notional		Exercise Price
Contracts ^			Counterparty	Amount ($)	Expiration Date	($)	Value
		OPTIONS WRITTEN ** - 0.0%
		CALL OPTIONS WRITTEN - 0.0%
	1,389	S&P 500 Future Index	Wedbush	1,073,002,500	7/5/2019	3,090		34,725
		TOTAL CALL OPTIONS WRITTEN (Premiums Received - $52,088)					$	34,725

^ Each contract is equivalent to one futures contract.

* Rate shown represents the rate at June 30, 2019 and is subject to change and resets daily.

** Non-income producing security.

See accompanying notes to consolidated financial statements.

11

RATIONAL DYNAMIC BRANDS FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares			Value
		COMMON STOCKS - 99.4%
		APPAREL - 6.7%
	2,486	adidas AG - ADR	$	383,366
	9,529	LVMH Moet Hennessy Louis Vuitton SE - ADR		811,013
	10,909	NIKE, Inc.		915,811
				2,110,190
		AUTO MANUFACTURERS - 2.5%
	4,816	Ferrari NV		777,399
		BIOTECHNOLOGY - 0.9%
	1,559	Amgen, Inc.		287,293
		CHEMICALS - 1.0%
	681	Sherwin-Williams Co.		312,095
		COMMERCIAL SERVICES - 3.1%
	8,459	PayPal Holdings, Inc. *		968,217
		COMPUTERS - 2.4%
	3,823	Apple, Inc.		756,648
		COSMETICS/PERSONAL CARE - 2.0%
	3,489	Estee Lauder Cos, Inc.		638,871
		DIVERSIFIED FINANCIAL SERVICES - 7.2%
	4,021	Mastercard, Inc.		1,063,675
	7,042	Visa, Inc.		1,222,139
				2,285,814
		ENTERTAINMENT - 3.4%
	16,021	Live Nation Entertainment, Inc. *		1,061,391
		HEALTHCARE - PRODUCTS - 1.0%
	3,802	Abbott Laboratories		319,748
		HEALTHCARE - SERVICES - 1.9%
	2,188	Anthem, Inc.		617,475
		HOME FURNISHINGS - 2.5%
	15,012	Sony Corp. - ADR		786,479
		INTERNET - 23.5%
	12,708	Alibaba Group Holding Ltd. - ADR *		2,153,371
	849	Alphabet, Inc. *		919,297
	726	Amazon.com, Inc. *		1,374,775
	3,757	GrubHub, Inc. *		293,008
	8,884	Spotify Technology SA *		1,299,019
	30,313	Tencent Holdings Ltd. - ADR		1,371,966
				7,411,436
		LODGING - 2.0%
	22,561	MGM Resorts International		644,568
		MEDIA - 3.5%
	6,188	Discovery, Inc. *		189,972
	6,565	Walt Disney Co.		916,736
				1,106,708
		PHARMACEUTICALS - 2.0%
	13,662	Bristol-Myers Squibb Co.		619,572
		RETAIL - 22.4%
	396	Chipotle Mexican Grill, Inc. *		290,220
	2,619	Costco Wholesale Corp.		692,097
	1,129	Domino’s Pizza, Inc.		314,178
	10,312	Five Below, Inc. *		1,237,646
	4,971	Home Depot, Inc.		1,033,819
	7,771	Lululemon Athletica, Inc. *		1,400,412
	16,374	Shake Shack, Inc. *		1,182,203
	3,957	Starbucks Corp.		331,715
	5,994	TJX Cos, Inc.		316,963
	824	Ulta Beauty, Inc. *		285,837
				7,085,090

See accompanying notes to consolidated financial statements.

12

RATIONAL DYNAMIC BRANDS FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

Shares			Value
		COMMON STOCKS - 99.4% (Continued)
		SOFTWARE - 9.6%
	2,497	Adobe, Inc. *	$	735,741
	1,511	Intuit, Inc.		394,870
	11,283	Microsoft Corp.		1,511,471
	1,839	Workday, Inc. *		378,061
				3,020,143
		TOYS/GAMES/HOBBIES - 0.9%
	6,532	Nintendo Co., Ltd. - ADR		298,970
		TRANSPORTATION - 0.9%
	1,732	Union Pacific Corp.		292,899
		TOTAL COMMON STOCKS (Cost $27,760,076)		31,401,006
		SHORT-TERM INVESTMENTS - 0.6%
	189,172	Federated Treasury Obligations Fund, Institutional Class, 2.23% **		189,172
		TOTAL SHORT-TERM INVESTMENTS (Cost $189,172)		189,172
		TOTAL INVESTMENTS (Cost $27,949,248) - 100.0%	$	31,590,178
		OTHER ASSETS LESS LIABILITIES - 0.0%		766
		NET ASSETS - 100.0%	$	31,590,944

* Non-income producing security.

** Rate shown represents the rate at June 30, 2019, and is subject to change and resets daily.

See accompanying notes to consolidated financial statements.

13

RATIONAL STRATEGIC ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares			Value
		MUTUAL FUNDS - 102.8%
		DEBT FUNDS - 31.0%
	94,115	Catalyst Enhanced Income Strategy Fund , Institutional Class +	$	1,049,383
	52,182	Catalyst Insider Income Fund, Institutional Class +		498,859
	81,407	Catalyst/Stone Beach Income Opportunity Fund, Institutional Class +		771,742
	75,963	Context Insurance Linked Income Fund, Institutional Class +		735,326
				3,055,310
		EQUITY FUNDS - 71.8%
	22,903	Catalyst Buyback Strategy Fund, Institutional Class +		252,388
	12,960	Catalyst Insider Buying Fund, Institutional Class +		252,851
	18,826	Catalyst IPOx Allocation Fund, Institutional Class +		272,599
	169,730	Catalyst MLP & Infrastructure Fund, Institutional Class +		780,624
	10,884	Catalyst/MAP Global Equity Fund, Institutional Class +		160,612
	17,772	Rational Dynamic Brands Fund, Institutional Class +		689,009
	286,267	Rational NuWave Enhanced Market Opportunity Fund, Institutional Class +		4,658,509
				7,066,592
		TOTAL MUTUAL FUNDS (Cost - $9,938,663)		10,121,902
		EXCHANGE TRADED FUNDS - 11.5%
		EQUITY FUNDS - 11.5%
	1,018	Strategy Shares Ecological Strategy ETF +		42,013
	43,000	Strategy Shares NASDAQ 7 Handl Index ETF +		1,034,150
	1,569	Strategy Shares US Market Rotation Strategy ETF +		54,727
		TOTAL EXCHANGE TRADED FUNDS (Cost - $1,141,389)		1,130,890
		SHORT-TERM INVESTMENTS - 17.2%
	1,690,527	Federated Treasury Obligations Fund, Institutional Class, 2.23% *		1,690,527
		TOTAL SHORT-TERM INVESTMENTS (Cost - $1,690,527)		1,690,527
		TOTAL INVESTMENTS - 131.5% (Cost - $12,770,579)	$	12,943,319
		LIABILITIES LESS OTHER ASSETS - (31.5)%		(3,098,429	)
		NET ASSETS - 100.0%	$	9,844,890

ETF - Exchange Traded Fund.

+ Investment in affiliate.

* Rate shown represents the rate at June 30, 2019, and is subject to change and resets daily.

See accompanying notes to financial statements.

14

RATIONAL/ RESOLVE ADAPTIVE ASSET ALLOCATION FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares			Value
		SHORT-TERM INVESTMENTS - 93.6%
	34,211,690	Fidelity Institutional Government Portfolio , Institutional Class, 2.29% * +
		TOTAL SHORT-TERM INVESTMENTS (Cost - $34,211,690)	$	34,211,690
		TOTAL INVESTMENTS - 93.6% (Cost - $34,211,690)	$	34,211,690
		OTHER ASSETS LESS LIABILITIES - 6.4%		2,339,395
		NET ASSETS - 100.0%	$	36,551,085

* Rate shown represents the rate at June 30, 2019, and is subject to change and resets daily.

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

					Unrealized
					Appreciaion /
Long Contracts			Notional Amount ($)	Maturity	(Depreciation)
		OPEN LONG FUTURES CONTRACTS - 4.7%
	81	C$ Currency Future	6,200,955	September-19		84,570
	182	DJ US Real Estate	6,302,660	September-19		(157,740	)
	21	Gold 100 OZ Future +	2,968,770	August-19		(24,400	)
	42	S&P/TSX 60 IX Future	6,284,814	September-19		11,306
	40	S&P 500 E-Mini Future	5,888,400	September-19		72,880
	411	US 10 YR Note (CBT)	52,595,156	September-19		927,946
	185	US Long Bond (CBT)	28,784,844	September-19		812,742
		Total Unrealized Appreciation/Depreciation from Open Futures Contracts			$	1,727,304

See accompanying notes to consolidated financial statements.

15

RATIONAL IRON HORSE FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares			Value
		COMMON STOCKS - 98.7%
		ADVERTISING - 2.5%
	2,500	Omnicom Group, Inc. +	$	204,875
		AEROSPACE/DEFENSE - 1.4%
	400	General Dynamics Corp. +		72,728
	300	United Technologies Corp. +		39,060
				111,788
		AGRICULTURE - 2.2%
	3,800	Altria Group, Inc. +		179,930
		BANKS - 10.2%
	500	First Republic Bank +		48,825
	2,400	JP Morgan Chase & Co. +		268,320
	1,800	Northern Trust Corp. +		162,000
	2,700	Toronto-Dominion Bank +		157,572
	3,700	US Bancorp +		193,880
				830,597
		BEVERAGES - 2.5%
	4,000	Coca-Cola Co. +		203,680
		BIOTECHNOLOGY - 1.6%
	700	Amgen, Inc. +		128,996
		CHEMICALS - 5.0%
	1,000	International Flavors & Fragrances, Inc. +		145,090
	3,100	LyondellBasell Industries NV +		267,003
				412,093
		COMPUTERS - 8.6%
	1,300	Apple, Inc. +		257,296
	3,200	International Business Machines Corp. +		441,280
				698,576
		COSMETICS/PERSONAL CARE - 3.8%
	4,300	Colgate-Palmolive Co. +		308,181
		DIVERSIFIED FINANCIAL SERVICES - 0.7%
	700	Intercontinental Exchange, Inc. +		60,158
		ELECTRIC - 6.0%
	3,300	Dominion Energy, Inc.+		255,156
	7,500	PPL Corp. +		232,575
				487,731
		ELECTRONICS - 2.1%
	400	Fortive Corp. +		32,608
	1,100	Garmin Ltd. +		87,780
	500	TE Connectivity Ltd. +		47,890
				168,278
		FOOD - 1.0%
	1,600	Kellogg Co. +		85,712
		FOREST PRODUCTS & PAPER - 0.5%
	1,000	International Paper Co. +		43,320
		HEALTHCARE-PRODUCTS - 1.7%
	1,400	Medtronic PLC +		136,346
		HEALTHCARE-SERVICES - 3.8%
	800	Centene Corp. * +		41,952
	500	UnitedHealth Group, Inc. +		122,005
	1,100	Universal Health Services, Inc. +		143,429
				307,386

See accompanying notes to financial statements.

16

RATIONAL IRON HORSE FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

Shares			Value
		COMMON STOCKS - 98.7% (Continued)
		HOUSEHOLD PRODUCTS/WARES - 4.1%
	2,500	Kimberly-Clark Corp. +	$	333,200
		INSURANCE - 0.7%
	600	Allstate Corp. +		61,014
		INTERNET - 3.6%
	100	Alphabet, Inc. * +		108,280
	100	Amazon.com, Inc. * +		189,363
				297,643
		MINING - 0.9%
	2,000	Newmont Goldcorp Corp. +		76,940
		MISCELLANEOUS MANUFACTURING - 5.5%
	400	3M Co. +		69,336
	1,500	Eaton Corp. PLC +		124,920
	24,300	Ingersoll-Rand PLC		255,150
				449,406
		OIL & GAS - 7.0%
	1,800	Chevron Corp. +		223,992
	4,000	Exxon Mobil Corp. +		306,520
	700	Marathon Petroleum Corp. +		39,116
				569,628
		PHARMACEUTICALS - 12.8%
	2,900	AbbVie, Inc. +		210,888
	4,600	CVS Health Corp. +		250,654
	3,100	Johnson & Johnson +		431,768
	3,500	Pfizer, Inc. +		151,620
				1,044,930
		RETAIL - 4.9%
	900	Darden Restaurants, Inc. +		109,557
	1,200	Home Depot, Inc. +		249,564
	800	Walgreens Boots Alliance, Inc. +		43,736
				402,857
		SEMICONDUCTORS - 0.8%
	1,300	Intel Corp. +		62,231
		SOFTWARE - 0.6%
	400	Fidelity National Information Services, Inc. +		49,072
		TELECOMMUNICATIONS - 3.8%
	200	Arista Networks, Inc. * +		51,924
	3,100	Cisco Systems, Inc. +		169,663
	1,600	Verizon Communications, Inc. +		91,408
				312,995
		TRANSPORTATIONS - 0.4%
	400	CH Robinson Worldwide, Inc. +		33,740
		TOTAL COMMON STOCKS (Cost - $8,015,906)		8,061,303

See accompanying notes to financial statements.

17

RATIONAL IRON HORSE FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

				Notional	Expiration	Exercise Price
Contracts ^			Counter party	Amount (S)	Date	($)		Value
		PUT OPTIONS PURCHASED - 1.2%
	70	S&P 500 Index	Credit Suisse	16,800,000	8/16/2019		2,400.00	$	15,050
	60	S&P 500 Index	Credit Suisse	13,800,000	9/20/2019		2,300.00		22,200
	40	S&P 500 Index	Credit Suisse	9,200,000	12/20/2019		2,300.00		53,600
	400	SPDR Dow Jones Industrial Aver DIA US	Credit Suisse	9,400,000	7/19/2019		235.00		5,600
		TOTAL PUT OPTIONS PURCHASED (Cost - $190,570)							96,450
Shares
		SHORT TERM INVESTMENTS - 7.6%
	617,598	Fidelity Institutional Government Portfolio - Institutional Class, 2.29% **							617,598
		TOTAL SHORT-TERM INVESTMENTS (Cost - $617,598)						$	617,598
		TOTAL INVESTMENTS - 107.5% (Cost - $8,824,074)						$	8,775,351
		LIABILITIES LESS OTHER ASSETS - (7.5)%							(612,567	)
		NET ASSETS - 100.0%						$	8,162,784
				Notional	Expiration	Exercise Price
Contracts ^			Counter party	Amount (S)	Date	($)		Value
		CALL OPTIONS WRITTEN * - (6.7)%
	4	3M Co.	Credit Suisse	78,000	1/17/2020		195.00	$	1,440
	9	AbbVie, Inc.	Credit Suisse	74,250	11/15/2019		82.50		999
	20	AbbVie, Inc.	Credit Suisse	165,000	1/17/2020		82.50		3,400
	6	Allstate Corp.	Credit Suisse	63,000	1/17/2020		105.00		2,328
	1	Alphabet, Inc.	Credit Suisse	110,000	1/17/2020		1,100.00		7,260
	38	Altria Group, Inc.	Credit Suisse	199,500	1/17/2020		52.50		4,902
	1	Amazon.com, Inc.	Credit Suisse	195,000	8/16/2019		1,950.00		5,176
	7	Amgen, Inc.	Credit Suisse	126,000	1/17/2020		180.00		10,185
	13	Apple, Inc.	Credit Suisse	240,500	10/18/2019		185.00		25,220
	2	Arista Networks, Inc.	Credit Suisse	52,000	8/16/2019		260.00		3,368
	8	Centene Corp.	Credit Suisse	48,000	12/20/2019		60.00		1,776
	4	CH Robinson Worldwide, Inc.	Credit Suisse	35,000	11/15/2019		87.50		1,360
	11	Chevron Corp.	Credit Suisse	143,000	1/17/2020		130.00		4,455
	7	Chevron Corp.	Credit Suisse	94,500	1/17/2020		135.00		1,750
	31	Cisco Systems, Inc.	Credit Suisse	170,500	8/16/2019		55.00		5,456
	40	Coca-Cola Co.	Credit Suisse	188,000	8/16/2019		47.00		17,200
	16	Colgate-Palmolive Co.	Credit Suisse	112,000	11/15/2019		70.00		6,720
	17	Colgate-Palmolive Co.	Credit Suisse	123,250	11/15/2019		72.50		5,270
	10	Colgate-Palmolive Co.	Credit Suisse	67,500	1/17/2020		67.50		6,960
	9	CVS Health Corp.	Credit Suisse	51,750	1/17/2020		57.50		2,763
	37	CVS Health Corp.	Credit Suisse	222,000	1/17/2020		60.00		8,066
	9	Darden Restaurants, Inc.	Credit Suisse	112,500	10/18/2019		125.00		3,654
	12	Dominion Energy, Inc.	Credit Suisse	90,000	10/18/2019		75.00		5,784
	21	Dominion Energy, Inc.	Credit Suisse	162,750	1/17/2020		77.50		8,400
	15	Eaton Corp PLC	Credit Suisse	112,500	1/17/2020		75.00		15,600
	40	Exxon Mobil Corp.	Credit Suisse	310,000	1/17/2020		77.50		12,920
	4	Fidelity National Information Services, Inc.	Credit Suisse	46,000	7/19/2019		115.00		2,940
	5	First Republic Bank	Credit Suisse	50,000	8/16/2019		100.00		875
	4	Fortive Corp.	Credit Suisse	32,000	1/17/2020		80.00		2,650
	11	Garmin Ltd.	Credit Suisse	88,000	1/17/2020		80.00		5,665
	4	General Dynamics Corp.	Credit Suisse	70,000	7/19/2019		175.00		2,960
	243	General Electric Co.	Credit Suisse	243,000	1/17/2020		10.00		33,777
	12	Home Depot, Inc.	Credit Suisse	210,000	1/17/2020		175.00		44,100
	13	Intel Corp.	Credit Suisse	65,000	1/17/2020		50.00		3,666
	7	Intercontinental Exchange, Inc.	Credit Suisse	52,500	1/17/2020		75.00		8,890
	32	International Business Machine Corp.	Credit Suisse	432,000	11/15/2019		135.00		28,640
	10	International Flavors & Fragrances, Inc.	Credit Suisse	135,000	8/16/2019		135.00		12,250
	10	International Paper Co.	Credit Suisse	45,000	10/18/2019		45.00		1,720
	19	Johnson & Johnson	Credit Suisse	266,000	11/15/2019		140.00		10,355
	16	Johnson & Johnson	Credit Suisse	208,000	1/17/2020		130.00		20,520
	24	JPMorgan Chase Co.	Credit Suisse	252,000	9/20/2019		105.00		19,200
	16	Kellogg Co.	Credit Suisse	88,000	1/17/2020		55.00		4,440
	15	Kimberly-Clark Corp.	Credit Suisse	165,000	1/17/2020		110.00		37,950
	10	Kimberly-Clark Corp.	Credit Suisse	115,000	1/17/2020		115.00		20,700
	31	LyondellBasell Industries NV	Credit Suisse	279,000	1/17/2020		90.00		14,570

See accompanying notes to financial statements.

18

RATIONAL IRON HORSE FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

				Notional	Expiration	Exercise Price
Contracts ^			Counter party	Amount (S)	Date	($)		Value
		CALL OPTIONS WRITTEN * - (6.7)% (Continued)
	7	Marathon Petroleum Corp.	Credit Suisse	38,500	1/17/2020		55.00	$	3,850
	14	Medtronic PLC	Credit Suisse	122,500	1/17/2020		87.50		17,045
	20	Newmont Goldcorp Corp.	Credit Suisse	76,000	1/17/2020		38.00		7,100
	18	Northern Trust Corp.	Credit Suisse	162,000	1/17/2020		90.00		9,018
	25	Omnicom Group, Inc.	Credit Suisse	193,750	7/19/2019		77.50		13,125
	35	Pfizer, Inc.	Credit Suisse	147,000	9/20/2019		42.00		7,210
	59	PPL Corp.	Credit Suisse	182,900	7/19/2019		31.00		3,835
	16	PPL Corp.	Credit Suisse	51,200	1/17/2020		32.00		1,640
	5	TE Connectivity Ltd.	Credit Suisse	47,500	1/17/2020		95.00		3,325
	27	Toronto-Dominion Bank	Credit Suisse	155,250	10/18/2019		57.50		5,292
	3	United Technologies Corp.	Credit Suisse	37,500	1/17/2020		125.00		3,323
	2	UnitedHealth Group, Inc.	Credit Suisse	50,000	9/20/2019		250.00		1,510
	3	UnitedHealth Group, Inc.	Credit Suisse	78,000	10/18/2019		260.00		1,623
	4	Universal Health Services, Inc.	Credit Suisse	52,000	7/19/2019		130.00		1,000
	4	Universal Health Services, Inc.	Credit Suisse	54,000	7/19/2019		135.00		240
	3	Universal Health Services, Inc.	Credit Suisse	40,500	10/18/2019		135.00		1,455
	37	US Bancorp	Credit Suisse	194,250	1/17/2020		52.50		9,805
	16	Verizon Communications, Inc.	Credit Suisse	96,000	6/19/2020		60.00		3,952
	8	Walgreens Boots Alliance, Inc.	Credit Suisse	45,200	7/19/2019		56.50		304
		TOTAL CALL OPTIONS WRITTEN (Premiums Received - $415,264)						$	542,932

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, 2019, 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 financial statements.

19

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares			Value
		COMMON STOCKS - 69.9%
		ADVERTISING - 0.2%
	1,044	Interpublic Group of Cos., Inc.	$	23,584
	514	Omnicom Group, Inc.		42,122
				65,706
		AEROSPACE/DEFENSE - 0.6%
	522	Arconic, Inc.		13,478
	72	Boeing Co.		26,209
	24	General Dynamics Corp.		4,364
	151	Lockheed Martin Corp.		54,895
	12	Northrop Grumman Corp.		3,877
	236	Raytheon Co.		41,036
	114	United Technologies Corp.		14,843
				158,702
		AGRICULTURE - 0.4%
	975	Altria Group, Inc.		46,166
	1,200	Archer-Daniels-Midland Co.		48,960
	407	British American Tobacco PLC - ADR		14,192
	36	Philip Morris International, Inc.		2,827
				112,145
		AIRLINES - 0.8%
	268	Alaska Air Group, Inc.		17,128
	883	American Airlines Group, Inc.		28,795
	1,053	Delta Air Lines, Inc.		59,758
	1,166	JetBlue Airways Corp.*		21,559
	1,545	Southwest Airlines Co.		78,455
	261	United Continental Holdings, Inc. *		22,851
				228,546
		APPAREL - 0.7%
	705	Capri Holdings Ltd. *		24,449
	10	Hanesbrands, Inc.		172
	496	NIKE, Inc.		41,639
	46	PVH Corp.		4,354
	73	Ralph Lauren Corp.		8,292
	192	Skechers U.S.A., Inc. *		6,046
	649	Tapestry, Inc.		20,593
	1,085	VF Corp.		94,775
				200,320
		AUTO MANUFACTURERS - 0.5%
	7,543	Ford Motor Co.		77,165
	137	General Motors Co.		5,279
	684	PACCAR, Inc.		49,016
				131,460
		AUTO PARTS & EQUIPMENT - 0.1%
	77	APTIV PLC		6,224
	34	BorgWarner, Inc.		1,427
	1,044	Goodyear Tire & Rubber Co.		15,973
				23,624
		BANKS - 2.7%
	1,166	Bank of America Corp.		33,814
	1,619	Bank of New York Mellon Corp.		71,479
	736	BB&T Corp.		36,160
	479	Citigroup, Inc.		33,544
	203	Citizens Financial Group, Inc.		7,178
	278	Comerica, Inc.		20,194
	3,220	Fifth Third Bancorp		89,838
	55	Goldman Sachs Group, Inc.		11,253
	78	Huntington Bancshares, Inc.		1,078
	1,768	JPMorgan Chase & Co.		197,662
	339	KeyCorp		6,017
	43	M&T Bank Corp.		7,313
	624	Morgan Stanley		27,338
	67	Northern Trust Corp.		6,030

See accompanying notes to consolidated financial statements.

20

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

Shares			Value
		COMMON STOCKS - 69.9% (Continued)
		BANKS - 2.7% (Continued)
	209	PNC Financial Services Group, Inc.	$	28,692
	368	Regions Financial Corp.		5,498
	742	State Street Corp.		41,597
	1,253	SunTrust Banks, Inc.		78,751
	1,033	US Bancorp		54,129
	359	Wells Fargo & Co.		16,988
	133	Zions Bancorp NA		6,115
				780,668
		BEVERAGES - 0.9%
	1,150	Coca-Cola Co.		58,558
	110	Constellation Brands, Inc.		21,663
	1,241	Keurig Dr Pepper, Inc.		35,865
	71	Molson Coors Brewing Co.		3,976
	307	Monster Beverage Corp. *		19,596
	870	PepsiCo, Inc.		114,083
				253,741
		BIOTECHNOLOGY - 1.4%
	28	Alexion Pharmaceuticals, Inc. *		3,667
	30	Amgen, Inc.		5,528
	512	Biogen, Inc. *		119,742
	186	BioMarin Pharmaceutical, Inc. *		15,931
	62	Bluebird Bio, Inc. *		7,886
	1,298	Celgene Corp. *		119,987
	454	Gilead Sciences, Inc.		30,672
	42	Illumina, Inc. *		15,462
	78	Incyte Corp. *		6,627
	80	Regeneron Pharmaceuticals, Inc. *		25,040
	243	United Therapeutics Corp. *		18,969
	113	Vertex Pharmaceuticals, Inc. *		20,722
				390,233
		BUILDING MATERIALS - 0.3%
	451	Johnson Controls International PLC		18,631
	113	Martin Marietta Materials, Inc.		26,002
	658	Masco Corp.		25,820
	173	Vulcan Materials Co.		23,755
				94,208
		CHEMICALS - 2.4%
	238	Air Products & Chemicals, Inc.		53,876
	330	CF Industries Holdings, Inc.		15,414
	369	DuPont de Nemours, Inc.		27,701
	44	Eastman Chemical Co.		3,425
	387	Ecolab, Inc.		76,409
	1,339	Linde PLC		268,871
	217	LyondellBasell Industries NV		18,690
	592	Mosaic Co.		14,818
	511	PPG Industries, Inc.		59,639
	315	Sherwin-Williams Co.		144,361
				683,204
		COMMERCIAL SERVICES - 2.1%
	1,031	Automatic Data Processing, Inc.		170,455
	186	Equifax, Inc.		25,155
	61	FleetCor Technologies, Inc. *		17,132
	51	H&R Block, Inc.		1,494
	279	Moody’s Corp.		54,491
	924	Nielsen Holdings PLC		20,882
	1,187	PayPal Holdings, Inc. *		135,864
	245	S&P Global, Inc.		55,809
	15	United Rentals, Inc. *		1,989
	851	Verisk Analytics, Inc.		124,637
				607,908

See accompanying notes to consolidated financial statements.

21

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

Shares			Value
		COMMON STOCKS - 69.9% (Continued)
		COMPUTERS - 1.6%
	844	Accenture PLC	$	155,946
	95	Apple, Inc.		18,802
	188	Check Point Software Technologies Ltd. *		21,735
	563	Cognizant Technology Solutions Corp.		35,689
	414	DXC Technology Co.		22,832
	155	Hewlett Packard Enterprise Co.		2,317
	1,200	HP, Inc.		24,948
	5,659	Infosys Ltd. - ADR		60,551
	211	International Business Machines Corp.		29,097
	692	NetApp, Inc.		42,696
	242	Seagate Technology PLC		11,403
	687	Western Digital Corp.		32,667
				458,683
		COSMETICS/PERSONAL CARE - 0.6%
	348	Colgate-Palmolive Co.		24,941
	180	Estee Lauder Cos., Inc.		32,960
	555	Procter & Gamble Co.		60,856
	653	Unilever NV - ADR		39,650
				158,407
		DISTRIBUTION/WHOLESALE - 0.3%
	1,803	Fastenal Co.		58,760
	99	WW Grainger, Inc.		26,555
				85,315
		DIVERSIFIED FINANCIAL SERVICES - 3.9%
	169	Alliance Data Systems Corp.		23,682
	930	American Express Co.		114,799
	340	Ameriprise Financial, Inc.		49,354
	62	BlackRock, Inc.		29,097
	488	Capital One Financial Corp.		44,281
	108	Charles Schwab Corp.		4,341
	1,242	CME Group, Inc.		241,085
	1,645	Discover Financial Services		127,636
	338	E*TRADE Financial Corp.		15,075
	879	Franklin Resources, Inc.		30,589
	1,776	Intercontinental Exchange, Inc.		152,629
	617	Invesco Ltd.		12,624
	445	Mastercard, Inc.		117,716
	91	Nasdaq, Inc.		8,751
	302	T Rowe Price Group, Inc.		33,132
	371	TD Ameritrade Holding Corp.		18,520
	348	Visa, Inc.		60,395
	1,441	Western Union Co.		28,661
				1,112,367
		ELECTRIC - 2.8%
	668	American Electric Power Co., Inc.		58,791
	607	CenterPoint Energy, Inc.		17,378
	69	CMS Energy Corp.		3,996
	309	Consolidated Edison, Inc.		27,093
	368	Dominion Energy, Inc.		28,454
	699	Duke Energy Corp.		61,680
	43	Edison International		2,899
	28	Entergy Corp.		2,882
	666	Eversource Energy		50,456
	1,383	Exelon Corp.		66,301
	1,820	FirstEnergy Corp.		77,914
	632	NextEra Energy, Inc.		129,472
	1,346	NRG Energy, Inc.		47,272
	800	PPL Corp.		24,808
	919	Public Service Enterprise Group, Inc.		54,056
	377	Sempra Energy		51,815
	432	Southern Co.		23,881
	545	WEC Energy Group, Inc.		45,437
	605	Xcel Energy, Inc.		35,991
				810,576

See accompanying notes to consolidated financial statements.

22

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

Shares			Value
		COMMON STOCKS - 69.9% (Continued)
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.1%
	56	Emerson Electric Co.	$	3,736
	66	Universal Display Corp.		12,412
				16,148
		ELECTRONICS - 0.6%
	44	Agilent Technologies, Inc.		3,285
	85	Amphenol Corp.		8,155
	920	Honeywell International, Inc.		160,623
	64	TE Connectivity Ltd.		6,130
				178,193
		ENERGY-ALTERNATIVE SOURCES- 0.0%
	34	First Solar, Inc. *		2,233
		ENGINEERING & CONSTRUCTION - 0.1%
	621	Fluor Corp.		20,921
		ENVIRONMENTAL CONTROL - 0.4%
	1,001	Republic Services, Inc.		86,727
	224	Waste Management, Inc.		25,843
				112,570
		FOOD - 3.5%
	1,287	Campbell Soup Co.		51,570
	369	Conagra Brands, Inc.		9,786
	635	General Mills, Inc.		33,350
	1,908	Hershey Co.		255,729
	571	JM Smucker Co.		65,773
	104	Kellogg Co.		5,571
	4,049	Kraft Heinz Co.		125,681
	525	Kroger Co.		11,398
	3,665	Mondelez International, Inc.		197,544
	2,091	Sysco Corp.		147,876
	1,033	Tyson Foods, Inc.		83,404
				987,682
		FOREST PRODUCTS & PAPER - 0.1%
	461	International Paper, Co.		19,971
		HAND/MACHINE TOOLS - 0.1%
	165	Stanley Black & Decker, Inc.		23,861
		HEALTHCARE-PRODUCTS - 2.7%
	1,416	Abbott Laboratories		119,086
	458	Baxter International, Inc.		37,510
	132	Becton Dickinson and Co.		33,265
	341	Boston Scientific Corp. *		14,656
	1,008	Danaher Corp.		144,063
	333	DENTSPLY SIRONA, Inc.		19,434
	288	Edwards Lifesciences Corp. *		53,205
	903	Henry Schein, Inc. *		63,120
	425	Hologic, Inc. *		20,409
	31	Intuitive Surgical, Inc. *		16,261
	1,166	Medtronic PLC		113,557
	153	Stryker Corp.		31,454
	177	Thermo Fisher Scientific, Inc.		51,981
	406	Zimmer Biomet Holdings, Inc.		47,802
				765,803
		HEALTHCARE-SERVICES - 0.5%
	120	Anthem, Inc.		33,865
	329	Centene Corp. *		17,253
	80	DaVita, Inc. *		4,501
	38	HCA Healthcare, Inc.		5,136
	21	Humana, Inc.		5,571
	97	Laboratory Corp. of America Holdings *		16,771
	166	Quest Diagnostics, Inc.		16,900
	167	UnitedHealth Group, Inc.		40,750
	23	Universal Health Services, Inc.		2,999
				143,746

See accompanying notes to consolidated financial statements.

23

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

Shares			Value
		COMMON STOCKS - 69.9% (Continued)
		HOME BUILDERS - 0.3%
	349	DR Horton, Inc.	$	15,052
	119	Lennar Corp.		5,767
	1,650	PulteGroup, Inc.		52,173
				72,992
		HOME FURNISHINGS - 0.0%
	19	Whirlpool Corp.		2,705
		HOUSEHOLD PRODUCTS/WARES - 0.5%
	276	Clorox Co.		42,258
	789	Kimberly-Clark Corp.		105,158
				147,416
		HOUSEWARES - 0.1%
	1,706	Newell Brands, Inc.		26,307
		INSURANCE - 4.5%
	3,417	Aflac, Inc.		187,286
	329	Allstate Corp.		33,456
	2,342	American International Group, Inc.		124,782
	335	Aon PLC		64,648
	633	Berkshire Hathaway, Inc. *		134,937
	808	Chubb Ltd.		119,010
	504	Hartford Financial Services Group, Inc.		28,083
	442	Lincoln National Corp.		28,487
	769	Marsh & McLennan Cos., Inc.		76,708
	1,101	MetLife, Inc.		54,687
	236	Principal Financial Group, Inc.		13,669
	2,841	Progressive Corp.		227,081
	943	Prudential Financial, Inc.		95,243
	600	Travelers Cos., Inc.		89,712
				1,277,789
		INTERNET - 2.2%
	10	Alibaba Group Holding Ltd. - ADR *		1,695
	19	Alphabet, Inc. *		20,537
	52	Amazon.com, Inc. *		98,469
	855	Baidu, Inc. - ADR *		100,343
	10	Booking Holdings, Inc. *		18,747
	2,778	eBay, Inc.		109,731
	177	Expedia Group, Inc.		23,546
	34	F5 Networks, Inc. *		4,951
	157	Facebook, Inc. *		30,301
	94	Netflix, Inc. *		34,528
	113	Palo Alto Networks, Inc. *		23,025
	157	Symantec Corp.		3,416
	209	TripAdvisor, Inc. *		9,675
	3,566	Twitter, Inc. *		124,453
	162	VeriSign, Inc. *		33,884
				637,301
		IRON/STEEL - 0.2%
	7	Nucor Corp.		386
	4,280	United States Steel Corp.		65,527
				65,913
		LEISURE TIME - 0.3%
	24	Carnival Corp.		1,117
	285	Harley-Davidson, Inc.		10,212
	17	Polaris Industries, Inc.		1,551
	649	Royal Caribbean Cruises Ltd.		78,665
				91,545
		LODGING - 0.3%
	419	Hilton Worldwide Holdings, Inc.		40,953
	104	Las Vegas Sands Corp.		6,145
	218	Marriott International, Inc.		30,583
	538	MGM Resorts International		15,371
	70	Wyndham Worldwide Corp.		3,073
	19	Wynn Resorts Ltd.		2,356
				98,481

See accompanying notes to consolidated financial statements.

24

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

Shares			Value
		COMMON STOCKS - 69.9% (Continued)
		MACHINERY- CONSTRUCTION & MINING- 0.2%
	417	Caterpillar, Inc.	$	56,833
		MACHINERY-DIVERSIFIED - 0.3%
	212	Cummins, Inc.		36,324
	108	Deere & Co.		17,897
	283	Dover Corp.		28,357
	15	Rockwell Automation, Inc.		2,457
				85,035
		MEDIA - 1.8%
	668	CBS Corp.		33,333
	267	Charter Communications, Inc. *		105,513
	3,206	Comcast Corp.		135,550
	419	Discovery, Inc. *		12,863
	42	DISH Network Corp. *		1,613
	211	Liberty Global PLC *		5,695
	808	Viacom, Inc.		24,135
	1,348	Walt Disney Co.		188,235
				506,937
		MINING - 0.2%
	3,261	Freeport-McMoRan, Inc.		37,860
	222	Newmont Goldcorp Corp.		8,540
				46,400
		MISCELLANEOUS MANUFACTURING - 1.4%
	445	3M Co.		77,136
	603	Eaton Corp PLC		50,218
	7,607	General Electric Co.		79,874
	378	Illinois Tool Works, Inc.		57,006
	964	Ingersoll-Rand PLC		122,110
	5	Parker-Hannifin Corp.		850
	80	Textron, Inc.		4,243
				391,437
		OFFICE/BUSINESS EQUIPMENT - 0.1%
	465	Xerox Corp.		16,466
		OIL & GAS - 2.8%
	2,188	Anadarko Petroleum Corp.		154,385
	512	Apache Corp.		14,833
	2,219	Cabot Oil & Gas Corp.		50,948
	610	Chevron Corp.		75,908
	43	Cimarex Energy Co.		2,551
	113	Concho Resources, Inc.		11,659
	386	ConocoPhillips		23,546
	214	Continental Resources, Inc. *		9,007
	73	Devon Energy Corp.		2,082
	10,918	Encana Corp.		56,009
	10	EOG Resources, Inc.		932
	1,399	EQT Corp.		22,118
	180	Exxon Mobil Corp.		13,793
	143	Helmerich & Payne, Inc.		7,239
	358	Hess Corp.		22,758
	847	HollyFrontier Corp.		39,199
	1,763	Marathon Oil Corp.		25,052
	806	Marathon Petroleum Corp.		45,039
	532	Murphy Oil Corp.		13,114
	1,059	Noble Energy, Inc.		23,722
	936	Occidental Petroleum Corp.		47,062
	265	Phillips 66		24,788
	131	Pioneer Natural Resources Co.		20,156
	3,240	Range Resources Corp.		22,615
	1,171	Transocean Ltd. *		7,506
	471	Valero Energy Corp.		40,322
	1,693	Whiting Petroleum Corp. *		31,625
				807,968

See accompanying notes to consolidated financial statements.

25

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

Shares			Value
		COMMON STOCKS - 69.9% (Continued)
		OIL & GAS SERVICES - 0.6%
	227	Baker Hughes a GE Co.	$	5,591
	2,489	Halliburton Co.		56,600
	1,664	National Oilwell Varco, Inc.		36,991
	1,300	Schlumberger Ltd.		51,662
	646	TechnipFMC PLC		16,757
				167,601
		PACKAGING & CONTAINERS - 0.1%
	390	Ball Corp.		27,296
	338	Sealed Air Corp.		14,460
				41,756
		PHARMACEUTICALS - 2.3%
	141	AbbVie, Inc.		10,254
	285	Allergan PLC		47,718
	335	AmerisourceBergen Corp.		28,562
	138	Bristol-Myers Squibb Co.		6,258
	167	Cardinal Health, Inc.		7,866
	312	Cigna Corp.		49,156
	1,589	CVS Health Corp.		86,585
	1,292	Eli Lilly & Co.		143,141
	551	Johnson & Johnson		76,743
	200	McKesson Corp.		26,878
	399	Merck & Co., Inc.		33,456
	2,192	Mylan NV *		41,736
	213	Perrigo Co PLC		10,143
	1,228	Pfizer, Inc.		53,197
	4,181	Teva Pharmaceutical Industries Ltd. *		38,591
				660,284
		PIPELINES - 0.7%
	589	Enbridge, Inc.		21,251
	2,442	Energy Transfer Partners LP		34,383
	2,443	Kinder Morgan, Inc.		51,010
	756	ONEOK, Inc.		52,020
	1,708	Williams Cos., Inc.		47,892
				206,556
		REAL ESTATE - 0.1%
	291	CBRE Group, Inc. *		14,928
		REITS - 3.5%
	745	American Tower Corp.		152,315
	4,391	Annaly Capital Management, Inc.		40,090
	121	AvalonBay Communities, Inc.		24,585
	62	Boston Properties, Inc.		7,998
	1,040	Crown Castle International Corp.		135,564
	215	Equinix, Inc.		108,422
	200	Equity Residential		15,184
	512	HCP, Inc.		16,374
	1,758	Host Hotels & Resorts, Inc.		32,031
	942	Kimco Realty Corp.		17,408
	832	Prologis, Inc.		66,643
	518	Public Storage		123,372
	342	SBA Communications Corp. *		76,895
	452	Simon Property Group, Inc.		72,212
	406	Ventas, Inc.		27,750
	71	Vornado Realty Trust		4,551
	759	Welltower, Inc.		61,881
	1,140	Weyerhaeuser Co.		30,028
				1,013,303
		RETAIL - 6.7%
	184	Advance Auto Parts, Inc.		28,362
	136	AutoZone, Inc. *		149,528
	2,203	Bed Bath & Beyond, Inc.		25,599
	205	Best Buy Co., Inc.		14,295
	75	CarMax, Inc. *		6,512
	120	Chipotle Mexican Grill, Inc. *		87,946
	251	Costco Wholesale Corp.		66,329
	351	Darden Restaurants, Inc.		42,727
	1,629	Dollar General Corp.		220,176
	268	Dollar Tree, Inc. *		28,781

See accompanying notes to consolidated financial statements.

26

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

Shares			Value
		COMMON STOCKS - 69.9% (Continued)
		RETAIL - 6.7% (Continued)
	1,677	Foot Locker, Inc.	$	70,300
	2,187	Gap, Inc.		39,300
	378	Home Depot, Inc.		78,613
	1,439	Kohl’s Corp.		68,425
	223	L Brands, Inc.		5,820
	7	Lowe’s Cos., Inc.		706
	3,094	Macy’s, Inc.		66,397
	396	McDonald’s Corp.		82,233
	1,518	Nordstrom, Inc.		48,363
	253	O’Reilly Automotive, Inc. *		93,438
	662	Ross Stores, Inc.		65,617
	606	Signet Jewelers Ltd.		10,835
	960	Starbucks Corp.		80,477
	1,891	Target Corp.		163,780
	263	Tiffany & Co.		24,627
	2,553	TJX Cos., Inc.		135,003
	391	Tractor Supply Co.		42,541
	79	Ulta Beauty, Inc. *		27,404
	1,072	Urban Outfitters, Inc. *		24,388
	1,008	Walgreens Boots Alliance, Inc.		55,107
	272	Walmart, Inc.		30,053
	260	Yum! Brands, Inc.		28,774
				1,912,456
		SEMICONDUCTORS - 1.4%
	2,162	Advanced Micro Devices, Inc. *		65,660
	51	Analog Devices, Inc.		5,756
	239	Applied Materials, Inc.		10,733
	13	Broadcom, Inc.		3,742
	27	Intel Corp.		1,292
	11	KLA-Tencor Corp.		1,300
	305	Lam Research Corp.		57,291
	4,147	Marvell Technology Group Ltd.		98,989
	69	Maxim Integrated Products, Inc.		4,128
	71	Microchip Technology, Inc.		6,156
	632	Micron Technology, Inc. *		24,389
	460	NVIDIA Corp.		75,546
	67	Qorvo, Inc. *		4,463
	257	QUALCOMM, Inc.		19,550
	172	Texas Instruments, Inc.		19,739
	51	Xilinx, Inc.		6,014
				404,748
		SOFTWARE - 4.9%
	2,440	Activision Blizzard, Inc.		115,168
	139	Adobe Systems, Inc. *		40,956
	349	Akamai Technologies, Inc. *		27,969
	406	Autodesk, Inc. *		66,137
	1,448	Cerner Corp.		106,138
	839	Citrix Systems, Inc.		82,339
	622	Electronic Arts, Inc. *		62,984
	1,058	Fidelity National Information Services, Inc.		129,795
	121	Fiserv, Inc. *		11,030
	150	Intuit, Inc.		39,200
	1,235	Microsoft Corp.		165,441
	1,561	Oracle Corp.		88,930
	1,371	Paychex, Inc.		112,820
	911	Red Hat, Inc. *		171,049
	337	salesforce.com, Inc. *		51,133
	183	ServiceNow, Inc. *		50,246
	30	Splunk, Inc. *		3,773
	172	Vmware, Inc.		28,760
	225	Workday, Inc. *		46,256
				1,400,124

See accompanying notes to consolidated financial statements.

27

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

Shares			Value
		COMMON STOCKS - 69.9% (Continued)
		TELECOMMUNICATIONS - 1.4%
	1,118	AT&T, Inc.	$	37,464
	6,245	CenturyLink, Inc.		73,441
	1,024	Cisco Systems, Inc.		56,044
	169	Corning, Inc.		5,616
	419	Juniper Networks Inc		11,158
	152	Motorola Solutions, Inc.		25,343
	5,022	Sprint Corp. *		32,995
	987	T-Mobile US, Inc. *		73,176
	1,039	Verizon Communications, Inc.		59,358
	2,154	Vodafone Group PLC - ADR		35,175
				409,770
		TEXTILES - 0.1%
	176	Mohawk Industries, Inc. *		25,955
		TOYS & GAMES - 0.2%
	613	Hasbro, Inc.		64,782
	414	Mattel, Inc. *		4,641
				69,423
		TRANSPORTATION - 2.3%
	149	CH Robinson Worldwide, Inc.		12,568
	2,680	CSX Corp.		207,352
	139	Expeditors International of Washington, Inc.		10,545
	127	FedEx Corp.		20,852
	473	Kansas City Southern		57,621
	821	Norfolk Southern Corp.		163,650
	1,020	Union Pacific Corp.		172,492
	67	United Parcel Service, Inc.		6,919
				651,999
		TOTAL COMMON STOCKS (Cost - $19,631,251)		19,937,369
		EXCHANGE TRADED FUNDS - 0.9%
	847	Invesco QQQ Trust Series 1		158,169
	664	iShares Russell 2000 ETF		103,252
		TOTAL EXCHANGE TRADED FUNDS (Cost - $255,613)		261,421
		SHORT-TERM INVESTMENTS - 12.6%
	3,582,733	Federated Treasury Obligations, Institutional Class, 2.31% **		3,582,733
		TOTAL SHORT-TERM INVESTMENTS (Cost - $3,582,733)
		TOTAL INVESTMENTS - 83.4% (Cost - $23,469,597)	$	23,781,523
		OTHER ASSETS LESS LIABILITIES - 16.6%		4,733,967
		NET ASSETS - 100.0%	$	28,515,490

ADR - American Depositary Receipt

ETF - Exchange Traded Fund

PLC - Public Limited Company

* Non-income producing securities.

** Rate shown represents the rate at June 30, 2019, and is subject to change and resets daily.

See accompanying notes to consolidated financial statements.

28

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2019

									Unrealized
					Underlying Face				Appreciation /
Long Contracts				Counterparty	Amount at Value ($)			Maturity	(Depreciation)
			OPEN LONG FUTURES CONTRACTS - 1.8%
	126		90 Day Sterling Future	ADM		19,890,694		March-20	$	(2,162	)
	1		Australian 10Y Bond Future	ADM		100,807		September-19		928
	10		CAC40 10 Euro Future	ADM		630,098		July-19		2,946
	1		Cocoa Future +	ADM		24,250		September-19		(600	)
	60		Corn Future +	ADM		1,294,500		December-19		(90,720	)
	2		Dax Index Future	ADM		705,373		September-19		4,774
	2		E-Mini Russell 2000 Future	ADM		156,710		September-19		2,332
	2		FTSE 100 Future	ADM		187,571		September-19		616
	2		FTSE/MIB Future	ADM		240,925		September-19		(620	)
	4		Gasoline Future +	ADM		318,629		August-19		(2,479	)
	35		Gold 100 Oz Future +	ADM		4,987,850		December-19		93,602
	4		Japanese 10 Year Bond (OSE)	ADM		5,711,899		September-19		8,896
	17		Long Gilt Future	ADM		2,819,160		September-19		14,126
	37		Mexican Peso Future	ADM		952,010		September-19		584
	8		S&P/TSX 60 IX Future	ADM		1,197,107		September-19		11,113
	18		S&P 500 E-mini Future	ADM		2,649,780		September-19		47,152
	15		SPI 200 Future	ADM		1,726,042		September-19		3,468
	210		US 10 Year Note (CBT) Future	ADM		26,873,438		September-19		425,459
			Net Unrealized Appreciation From Open Long Futures Contracts						$	519,415
									Unrealized
					Underlying Face				Appreciation /
Short Contracts				Counterparty	Amount at Value ($)			Maturity	(Depreciation)
			OPEN SHORT FUTURES CONTRACTS - (2.3)%
	(23	)	90 Day Euro Future	ADM		(5,651,675	)	March-20		2,085
	(10	)	AUD/USD Currency Future	ADM		(703,600	)	September-19		(6,657	)
	(32	)	BP Currency Future	ADM		(2,549,800	)	September-19		(3,338	)
	(11	)	Coffee Future +	ADM		(451,481	)	September-19		(38,874	)
	(22	)	Copper Future +	ADM		(1,492,425	)	September-19		(4,950	)
	(25	)	Cotton No. 2 Future +	ADM		(826,000	)	December-19		17,654
	(17	)	Euro FX Currency Future	ADM		(2,432,381	)	September-19		(3,944	)
	(131	)	Euro-Bund Future	ADM		(25,769,846	)	September-19		(259,331	)
	(1	)	Hang Seng Future	ADM		(182,432	)	July-19		(825	)
	(2	)	Japanese Yen Future	ADM		(233,275	)	September-19		(1,180	)
	(15	)	Live Cattle Future +	ADM		(632,550	)	October-19		(2,370	)
	(2	)	LME Aluminum Future +	ADM		(89,233	)	July-19		4,217
	(1	)	LME Aluminum Future +	ADM		(44,734	)	August-19		588
	(2	)	LME Aluminum Future +	ADM		(89,588	)	August-19		155
	(1	)	LME Aluminum Future +	ADM		(44,808	)	August-19		738
	(1	)	LME Aluminum Future +	ADM		(44,811	)	August-19		1,036
	(1	)	LME Aluminum Future +	ADM		(44,991	)	September-19		(154	)
	(1	)	LME Aluminum Future +	ADM		(44,991	)	September-19		14
	(1	)	LME Aluminum Future +	ADM		(44,996	)	September-19		634
	(10	)	LME Aluminum Future +	ADM		(450,000	)	September-19		898
	(1	)	LME Copper Future +	ADM		(149,900	)	August-19		(2,741	)
	(1	)	LME Copper Future +	ADM		(149,945	)	September-19		(4,680	)
	(1	)	LME Copper Future +	ADM		(149,963	)	September-19		(3,696	)
	(5	)	LME Copper Future +	ADM		(749,801	)	September-19		(21,706	)
	(5	)	LME Copper Future +	ADM		(749,754	)	September-19		(18,724	)
	(9	)	LME Copper Future +	ADM		(1,348,538	)	September-19		(9,306	)
	(1	)	LME Copper Future +	ADM		(149,830	)	September-19		1,166
	(25	)	Natural Gas Future +	ADM		(577,000	)	August-19		(3,198	)
	(2	)	Nikkei 225 (SGX) Future	ADM		(196,956	)	September-19		(76	)
	(47	)	NY Harbor ULSD Future +	ADM		(3,828,376	)	August-19		(166,269	)
	(12	)	Platinum Future +	ADM		(504,660	)	October-19		(14,880	)
	(10	)	Silver Future +	ADM		(767,050	)	September-19		4,267
	(14	)	Soybean Future +	ADM		(646,100	)	November-19		14,700
	(3	)	Sugar #11 (WORLD) Future +	ADM		(42,403	)	October-19		253
	(13	)	Topix Index Future	ADM		(1,871,450	)	September-19		(1,563	)
	(43	)	Wheat Future +	ADM		(1,133,588	)	September-19		(62,827	)
	(33	)	WTI Crude Future +	ADM		(1,929,510	)	August-19		(76,998	)
			Net Unrealized Depreciation From Open Short Futures Contracts						$	(659,882	)
			Total Unrealized Depreciation from Open Futures Contracts						$	(140,467	)

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

See accompanying notes to consolidated financial statements.

29

CONTEXT INSURANCE LINKED INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2019

Shares								Value
		COMMON STOCK - 1.2%
	27,342	Blue Capital Reinsurance Holdings Ltd.						$	180,184
		TOTAL COMMON STOCK (Cost - $183,609)
Principal ($)			Variable Rate	Coupon Rate (%)		Maturity
		BONDS & NOTES - 71.0%
	1,000,000	Akibare Re Ltd. (a,b) ^	6 Month LIBOR + 2.41%		4.8911		4/7/2020		5,000
	250,000	Akibare Re Ltd. (a,b)	3 Month LIBOR + 1.90%		4.4818		4/7/2022		232,675
	500,000	Akibare Re Ltd. (a,b)	3 Month LIBOR + 1.90%		4.4917		4/7/2022		464,200
	500,000	Alamo Re Ltd. (a,b)	1 Month T-Bill + 4.50%		0.5000		6/8/2022		497,350
	525,000	Aozora Re Ltd. (a,b)	6 Month LIBOR + 2.00%		4.3459		4/7/2021		510,090
	250,000	Bowline Re Ltd. Series 2019-1 (a,b)	3 Month T-Bill + 4.75%		7.1238		3/20/2023		247,450
	500,000	Cape Lookout Re Ltd. (a,b)	1 Month T-Bill + 4.25%		6.3887		2/25/2022		491,900
	1,250,000	Frontline Re Ltd. (a,b)	3 Month T-Bill + 7.00%		7.0000		7/6/2022		1,098,875
	250,000	Pelican IV Re Ltd. (a,b)	3 Month LIBOR + 2.29%		4.4216		5/7/2021		244,675
	250,000	Residential Reinsurance 2015 Ltd. (a,b)	3 Month T-Bill + 0.50%		0.5000		9/6/2019		15,000
	250,000	Ursa Re Ltd. (a,b)	3 Month T-Bill + 4.00%		4.0000		12/10/2019		246,725
	340,000	Allied World Assurance Co Holdings Ltd.			4.3500		10/29/2025		343,703
	500,000	Buffalo RE Ltd. (a,b)	6 Month LIBOR + 7.17%		9.5317		4/7/2020		470,000
	250,000	FloodSmart Re Ltd. (a,b)	3 Month T-Bill + 13.50%		14.5000		8/6/2021		243,275
	1,000,000	FloodSmart Re Ltd. (a,b)	3 Month T-Bill + 11.25%		11.2500		3/7/2025		999,000
	200,000	Kemper Corp.			4.3500		2/15/2025		209,263
	200,000	Radian Group, Inc.			4.5000		10/1/2024		204,858
	500,000	Residential Reinsurance 2017 Ltd. (a,b)	3 Month T-Bill + 12.72%		12.7200		12/6/2021		483,350
	750,000	SD Re Ltd. (a,b)	3 Month LIBOR + 4.00%		6.4315		10/19/2021		726,900
	40,000	Third Point Re USA Holdings, Inc.			7.0000		2/13/2025		40,998
	1,000,000	Atmos RE Dac (a,b)	3 Month Euro LIBOR + 4.50%		4.5000		2/14/2022		1,135,361
	1,000,000	Casablanca Re Ltd. (a,b)	6 Month LIBOR + 4.86%		7.2646		6/4/2023		981,160
	250,000	Hexagon Reinsurance DAC (a,b)	3 Month LIBOR + 6.66%		6.6600		1/19/2022		284,276
	250,000	Hexagon Reinsurance DAC (a,b)	3 Month LIBOR + 8.22%		8.2200		1/19/2022		282,719
	250,000	International Bank for Reconstruction & Development (a,b)	3 Month LIBOR + 8.25%		10.5680		2/14/2020		247,700
	250,000	International Bank for Reconstruction & Development (a,b)	3 Month LIBOR + 2.50%		4.8180		2/15/2021		247,700
		TOTAL BONDS & NOTES (Cost - $11,785,568)							10,954,203
		PREFERRED STOCKS - 25.6%
		INSURANCE - 25.6%
	10,000	Allstate Corp. (b)	3 Month LIBOR + 3.17%		5.1000		1/15/2053		256,400
	1,000	American International Group, Inc.			5.8500		Perpetual		26,250
	10,813	Arch Capital Group Ltd.			5.4500		Perpetual		267,946
	16,000	Aspen Insurance Holdings Ltd. (b)	3 Month LIBOR + 4.06%		5.9500		Perpetual		415,040
	12,000	Axis Capital Holdings Ltd.			5.5000		Perpetual		297,240
	21,000	Enstar Group Ltd. (b)	3 Month LIBOR + 4.02%		7.0000		Perpetual		540,120
	10,000	Hanover Insurance Group, Inc.			6.3500		3/30/2053		254,100
	10,000	Kemper Corp.			7.3750		2/27/2054		251,800
	10,330	National General Holdings Corp.			7.5000		Perpetual		251,949
	12,000	PartnerRe Ltd.			5.8750		Perpetual		310,320
	8,311	Reinsurance Group of America, Inc. (b)	3 Month LIBOR + 4.04%		5.7500		6/15/2056		226,890
	16,800	RenaissanceRe Holdings Ltd.			5.7500		6/15/2056		434,784
	16,200	WR Berkley Corp.			5.7500		6/1/2056		417,636
		TOTAL PREFERRED STOCKS (Cost - $3,689,493)							3,950,475
Shares
		SHORT-TERM INVESTMENTS - 1.6%
	254,655	Morgan Stanley Institutional Liquidity Fund - Treasury Securities Portfolio, Institutional Class, 2.11% *							254,655
		TOTAL SHORT-TERM INVESTMENTS (Cost - $254,655)
		TOTAL INVESTMENTS (Cost $15,913,325) - 99.4%						$	15,339,517
		OTHER ASSETS LESS LIABILITIES - 0.6%							89,604
		NET ASSETS - 100.0%						$	15,429,121

* Rate shown represents the rate at June 30, 2019, and is subject to change and resets daily.

(a) 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, 2019, these securities amounted to $10,155,381 or 65.82% of net assets.

(b) Variable rate security; the rate shown represents the rate on June 30, 2019.

Perpetual - Perpetual preferred stocks are fixed income instruments without defined maturity dates

^ The Advisor determined this securitiy is illiquid; total illiquid security represents 0.0% of net assets.

See accompanying notes to financial statements.

30

RATIONAL FUNDS

Statements of Assets and Liabilities (Unaudited)

June 30, 2019

	Rational			Rational		Rational		Rational
	Dividend Capture			Tactical Return		Dynamic Brands		Strategic Allocation
	Fund			Fund		Fund		Fund
ASSETS:
Investments in Unaffiliated securities, at cost	$	19,183,793		$	84,728,875	$	27,949,248	$	1,690,526
Investments in Affiliated securities, at cost		—			—		—		11,080,053
Total Securities at Cost		19,183,793			84,728,875		27,949,248		12,770,579
Investments in Unaffiliated securities, at value	$	17,714,081		$	84,759,347	$	31,590,178	$	1,690,526
Investments in Affiliated securities, at value		—			—		—		11,252,793
Total Securities at Value	$	17,714,081		$	84,759,347	$	31,590,178	$	12,943,319
Deposits with Brokers for options		62			12,512,284		—		—
Receivable for Fund shares sold		234			118,074		69		262
Dividends and interest receivable		103,462			52,315		3,224		24,141
Tax reclaims receivable		7,105			—		25,452		—
Due from Advisor		—			—		—		3,591
Prepaid expenses and other assets		31,184			52,909		25,499		7,461
Total Assets		17,856,128			97,494,929		31,644,422		12,978,774
LIABILITIES:
Options written (premiums received $0, $52,088, $0, $0)		—			34,725		—		—
Payable for securities purchased		—			4,950,061		—		3,109,953
Payable for Fund shares redeemed		13			8,660		9,014		—
Shareholder services fees payable		1,909			4,189		711		269
Management fees payable		753			113,357		13,400		—
Payable to related parties		7,545			24,347		10,400		4,389
Accrued 12b-1 fees		4,183			5,389		3,934		6,254
Trustee fees payable		2,119			2,234		2,159		2,189
Accrued expenses and other liabilities		12,740			11,896		13,860		10,830
Total Liabilities		29,262			5,154,858		53,478		3,133,884
Net Assets	$	17,826,866		$	92,340,071	$	31,590,944	$	9,844,890
NET ASSETS CONSIST OF:
Paid in capital	$	25,100,654		$	91,094,564	$	27,795,878	$	9,526,659
Accumulated earnings/(loss)		(7,273,788	)		1,245,507		3,795,066		318,231
Net Assets	$	17,826,866		$	92,340,071	$	31,590,944	$	9,844,890
Institutional Shares
Net Assets	$	4,611,785		$	68,480,505	$	19,584,260	$	268,502
Shares of beneficial interest outstanding (a)		681,834			12,091,802		505,138		27,734
Net asset value per share	$	6.76		$	5.66	$	38.77	$	9.68
Class A Shares
Net Assets	$	11,817,191		$	21,456,913	$	11,831,243	$	9,575,311
Shares of beneficial interest outstanding (a)		1,749,378			3,758,191		435,351		985,331
Net asset value and redemption price per share	$	6.76		$	5.71	$	27.18	$	9.72
Maximum offering price per share (b)	$	7.10		$	5.99	$	28.54	$	10.20
Class C Shares
Net Assets	$	1,397,890		$	2,402,653	$	175,441		1,077
Shares of beneficial interest outstanding (a)		207,399			424,501		7,167		111
Net asset value, offering price and redemption price per share (c)	$	6.74		$	5.66	$	24.48	$	9.68	(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.

31

RATIONAL FUNDS

Statements of Assets and Liabilities (Unaudited) (Continued)

June 30, 2019

	Rational/		Rational			Rational		Context
	Resolve Adaptive		Iron Horse			NuWave Enhanced		Insurance Linked Income
	Asset Allocation Fund		Fund			Market Opportunity Fund		Fund
	(Consolidated)					(Consolidated)
ASSETS:
Investments in securities, at cost	$	34,211,690	$	8,824,074		$	23,469,597	$	15,913,325
Total Securities at Value	$	34,211,690	$	8,775,351		$	23,781,523	$	15,339,517
Cash		430,373		—			—		—
Deposits with Brokers for futures and options		258,864		—			3,434,385		—
Receivable for securities sold		—		3,149			2,022,510		3,683
Unrealized appreciation from open futures contracts		1,909,444		—			664,401		—
Receivable for Fund shares sold		—		50,000			1,607,000		—
Dividends and interest receivable		56,141		19,260			27,146		129,176
Prepaid expenses and other assets		20,347		3,888			14,868		5,563
Total Assets		36,886,859		8,851,648			31,551,833		15,477,939
LIABILITIES:
Options written (premiums received $0, $415,264, $0 and $0)		—		542,932			—		—
Payable for securities purchased		—		45,096			2,161,476		19,159
Unrealized depreciation from open futures contracts		182,140		—			804,868		—
Management fees payable		39,749		3,445			29,006		10,593
Payable to related parties		10,020		17,815			7,994		6,035
Trustee fees payable		2,326		2,169			2,363		861
Shareholder services fees payable		535		761			16		305
Accrued 12b-1 fees		947		2,352			1,558		7
Payable for Fund shares redeemed		84,463		20,000			14,676		—
Due to custodian		—		53,989			—		—
Accrued expenses and other liabilities		15,594		305			14,386		11,858
Total Liabilities		335,774		688,864			3,036,343		48,818
Net Assets	$	36,551,085	$	8,162,784		$	28,515,490	$	15,429,121
NET ASSETS CONSIST OF:
Paid in capital	$	33,075,777	$	9,146,270		$	27,884,650	$	15,938,622
Accumulated earnings/ (loss)		3,475,308		(983,486	)		630,840		(509,501	)
Net Assets	$	36,551,085	$	8,162,784		$	28,515,490	$	15,429,121
Institutional Shares
Net Assets	$	34,558,548	$	6,885,643		$	20,818,079	$	15,427,185
Shares of beneficial interest outstanding (a)		1,324,651		736,624			1,279,181		1,593,226
Net asset value per share	$	26.09	$	9.35		$	16.27	$	9.68
Class A Shares
Net Assets	$	1,617,231	$	1,276,244		$	7,575,498	$	968
Shares of beneficial interest outstanding (a)		62,438		136,660			466,897		100
Net asset value and redemption price per share	$	25.90	$	9.34		$	16.23	$	9.68
Maximum offering price per share (b)	$	27.48	$	9.91		$	17.22	$	10.27
Class C Shares
Net Assets	$	375,306	$	897		$	121,913	$	968
Shares of beneficial interest outstanding (a)		14,767		97			7,582		100
Net asset value, offering price and redemption price per share (c)	$	25.42	$	9.29	(d)	$	16.08	$	9.68

(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 except Context Insurance Linked Income Fund whose maximum front-end sales charge (load) is 4.75%.

(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.

32

RATIONAL FUNDS

Statements of Operations (Unaudited)

For the Six Months Ended June 30, 2019

	Rational			Rational			Rational			Rational
	Dividend Capture			Tactical Return			Dynamic Brands			Strategic Allocation
	Fund			Fund			Fund			Fund
Investment Income:
Dividend income	$	547,639		$	—		$	138,706		$	—
Interest income		17,523			703,714			26,647			851
Dividend income - affiliated companies (Note 3)		—			—			—			182,060
Foreign tax withheld		(3,061	)		—			(3,832	)		—
Total Investment Income		562,101			703,714			161,521			182,911
Operating Expenses:
Investment management fees		71,837			597,604			114,930			4,989
Administration fees		24,150			73,564			35,385			13,498
Registration fees		24,739			20,455			26,298			4,858
12b-1 Fees - Class A Shares		15,814			25,523			14,606			12,211
12b-1 Fees - Class C Shares		7,641			5,481			1,144			5
Management Service Fees		8,814			24,916			12,595			5,778
Legal fees		3,398			4,282			3,894			3,398
Audit & Tax fees		5,207			6,447			5,533			5,207
Compliance officer fees		5,925			6,333			6,056			3,185
Printing expense		3,735			4,127			3,813			2,309
Trustees’ fees		4,530			4,463			4,463			4,464
Custody fees		2,425			2,380			2,432			2,491
Insurance expense		737			1,283			1,004			375
Shareholder Services Fees - Institutional Shares		2,040			2,339			9,367			8
Shareholder Services Fees - Class A Shares		4,484			12,251			4,328			2,726
Shareholder Services Fees - Class C Shares		426			323			103			—
Miscellaneous expense		1,085			1,091			1,091			1,085
Total Operating Expenses		186,987			792,862			247,042			66,587
Less: Expenses waived/reimbursed by Advisor		(67,750	)		(79,180	)		(65,360	)		(31,691	)
Net Operating Expenses		119,237			713,682			181,682			34,896
Net Investment Income (Loss)		442,864			(9,968	)		(20,161	)		148,015
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investments		(628,970	)		(150	)		602,511			—
Affiliated companies		—			—			—			223,299
Options written		—			3,288,294			—			—
Foreign currency transactions		—			—			(34	)		—
Net Realized Gain (Loss)		(628,970	)		3,288,144			602,477			223,299
Net change in unrealized appreciation (depreciation) on:
Investments		1,140,548			30,472			3,213,714			—
Affiliated companies		—			—			—			373,143
Options written		—			17,363			—			—
Foreign currency translations		—			—			(876	)		—
Net Change in Unrealized Appreciation (Depreciation)		1,140,548			47,835			3,212,838			373,143
Net Realized and Unrealized Gain (Loss) on Investments		511,578			3,335,979			3,815,315			596,442
Net Increase (Decrease) in Net Assets Resulting From Operations	$	954,442		$	3,326,011		$	3,795,154		$	744,457

See accompanying notes to consolidated financial statements.

33

Rational Funds

Statements of Operations (Unaudited) (Continued)

For the Six Months Ended June 30, 2019

	Rational/			Rational			Rational			Context
	Resolve Adaptive			Iron Horse			NuWave Enhanced			Insurance Linked Income
	Asset Allocation Fund			Fund			Market Opportunity Fund			Fund (a)
	(Consolidated)						(Consolidated)
Investment Income:
Dividends	$	—		$	124,588		$	154,472		$	108,029
Interest		349,412			9,908			26,089			393,156
Foreign tax withheld		—			(430	)		(366	)		—
Total Investment Income		349,412			134,066			180,195			501,185
Operating Expenses:
Investment management fees		281,540			53,096			177,537			100,385
Administrative fees		37,605			13,899			31,032			18,438
12b-1 Fees - Class A Shares		2,109			1,863			8,067			2
12b-1 Fees - Class C Shares		1,715			5			473			5
Legal fees		7,511			4,382			6,488			12,328
Audit & Tax fees		6,447			6,447			6,447			6,411
Registration fees		13,511			3,103			5,682			2,047
Management Service Fees		13,090			5,286			9,154			6,867
Compliance officer fees		5,764			5,808			5,895			5,817
Printing expenses		3,683			2,649			2,484			6,132
Trustees’ fees		4,463			4,463			4,472			5,172
Custody fees		3,120			2,380			2,380			2,367
Shareholder Services Fees - Institutional Shares		10,521			2,790			687			669
Shareholder Services Fees - Class A Shares		1,049			634			3,227			—
Shareholder Services Fees - Class C Shares		146			—			1			—
Insurance Expense		1,064			344			—			—
Interest expense		—			174			—			—
Miscellaneous expense		1,091			1,091			1,106			1,418
Total Operating Expenses		394,429			108,414			265,132			168,058
Less: Expenses waived/reimbursed by Advisor		(73,308	)		(34,203	)		(54,710	)		(50,209	)
Net Operating Expenses		321,121			74,211			210,422			117,849
Net Investment Income (Loss)		28,291			59,855			(30,227	)		383,336
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Investments		—			331,740			1,558,792			33,569
Options purchased		—			(297,601	)		—			—
Options written		—			(580,192	)		—			—
Futures		3,263,261			—			209,969			—
Foreign currency translations		(672	)		(2	)		2,300			2,119
Net realized gain (Loss) on Investments		3,262,589			(546,055	)		1,771,061			35,688
Net change in unrealized appreciation (depreciation) on:								—
Investments		—			681,203			644,516			(573,614	)
Options purchased		—			(94,120	)		—			—
Options written		—			(163,176	)		—			—
Futures		766,623			—			(127,864	)		—
Foreign currency translations		4,693			—			—			—
Net change in unrealized Appreciation (Depreciation) on Investments		771,316			423,907			516,652			(573,614	)
Net Realized and Unrealized Gain (Loss) on Investments		4,033,905			(122,148	)		2,287,713			(537,926	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	4,062,196		$	(62,293	)	$	2,257,486		$	(154,590	)

(a) The Context Linked Insurance Income Fund commenced operations on December 31, 2018.

See accompanying notes to consolidated financial statements.

34

RATIONAL FUNDS

Statements of Changes in Net Assets

	Rational Dividend Capture Fund						Rational Tactical Return Fund						Rational Dynamic Brands Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2019			December 31, 2018			June 30, 2019			December 31, 2018			June 30, 2019			December 31, 2018 (a)
	(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income (loss)	$	442,864		$	1,128,864		$	(9,968	)	$	(147,655	)	$	(20,161	)	$	53,587
Net realized gain (loss) on investments, foreign currency transactions and options		(628,970	)		(987,579	)		3,288,144			939,059			602,477			(348,914	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency and options		1,140,548			(2,958,528	)		47,835			(612	)		3,212,838			(392,237	)
Net increase (decrease) in net assets resulting from operations		954,442			(2,817,243	)		3,326,011			790,792			3,795,154			(687,564	)
Distributions to Shareholders from:
Total Distirbutions:
Institutional Class		(98,943	)		(478,049	)		—			(203,124	)		—			(428,009	)
Class A		(235,636	)		(991,169	)		—			(221,955	)		—			(378,713	)
Class C		(22,955	)		(117,415	)		—			(13	)		—			(7,994	)
Total distributions to shareholders		(357,534	)		(1,586,633	)		—			(425,092	)		—			(814,716	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Institutional Class		702,904			1,287,897			58,848,402			14,224,526			2,594,379			19,605,155
Class A		453,374			441,806			5,124,452			18,523,548			173,749			408,109
Class C		16,160			317,852			2,369,772			—			63,450			43,000
Reinvestment of distributions		54,017			249,413			—			169,557			—			397,841
Institutional Class
Class A		207,783			872,796			—			221,434			—			375,993
Class C		9,693			59,109			—			—			—			7,648
Cost of shares redeemed		(1,235,413	)		(7,597,638	)		(11,010,114	)		(1,822,645	)		(2,048,039	)		(5,242,384	)
Institutional Class
Class A		(1,860,815	)		(6,192,482	)		(2,961,069	)		(922,104	)		(950,600	)		(2,310,114	)
Class C		(350,893	)		(1,116,256	)		(18,430	)		—			(129,902	)		(59,823	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(2,003,190	)		(11,677,503	)		52,353,013			30,394,316			(296,963	)		13,225,425
Total Increase (Decrease) in Net Assets		(1,406,282	)		(16,081,379	)		55,679,024			30,760,016			3,498,191			11,723,145
Net Assets:
Beginning of period/year		19,233,148			35,314,527			36,661,047			5,901,031			28,092,753			16,369,608
End of period/year	$	17,826,866		$	19,233,148		$	92,340,071		$	36,661,047		$	31,590,944		$	28,092,753
Share Activity:
Institutional Class
Shares Sold		98,649			164,059			10,694,646			2,624,414			71,046			3,513,532
Shares Reinvested		7,845			34,067			—			31,516			—			11,823
Shares Redeemed		(175,927	)		(967,085	)		(1,998,541	)		(353,077	)		(54,988	)		(392,577	)
Net increase (decrease) in shares of Beneficial interest		(69,433	)		(768,959	)		8,696,105			2,302,853			16,058			3,132,778
Class A
Shares Sold		64,980			56,650			923,855			3,402,641			6,802			86,604
Shares Reinvested		30,256			119,832			—			40,780			—			15,918
Shares Redeemed		(268,631	)		(792,612	)		(529,012	)		(169,281	)		(36,206	)		(716,629	)
Net increase (decrease) in shares of Beneficial interest		(173,395	)		(616,130	)		394,843			3,274,140			(29,404	)		(614,107	)
Class C
Shares Sold		2,405			39,694			427,604			—			2,729			17,703
Shares Reinvested		1,412			8,148			—			—			—			357
Shares Redeemed		(50,302	)		(144,460	)		(3,309	)		—			(5,412	)		(20,908	)
Net increase (decrease) in shares of Beneficial interest		(46,485	)		(96,618	)		424,295			—			(2,683	)		(2,848	)

(a) Effective September 21, 2018, the Fund had a one-for-ten reverse stock split. Per share amount for the periods have been adjusted to give effect to the one-for-ten stock split. This transaction did not change the net assets of the Fund or the value of a shareholders investment.

See accompanying notes to consolidated financial statements.

35

RATIONAL FUNDS

Statements of Changes in Net Assets (Continued)

							Rational/Resolve Adaptive
	Rational Strategic Allocation Fund						Asset Allocation Fund
							(Consolidated)
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2019			December 31 ,2018			June 30, 2019			December 31, 2018
	(Unaudited)						(Unaudited)
Operations:
Net investment income (loss)	$	148,015		$	385,129		$	28,291		$	(34,297	)
Net realized gain (loss) on investments, affiliated companies foreign currency transactions and futures		223,299			875,519			3,262,589			(3,167,917	)
Net change in unrealized appreciation (depreciation) on investments, affiliated companies, foreign currency transactions and futures		373,143			(1,549,261	)		771,316			752,381
Net increase (decrease) in net assets resulting from operations		744,457			(288,613	)		4,062,196			(2,449,833	)
Distributions to Shareholders:
Total Distributions Paid :
Institutional Class		(3,780	)		(17,203	)		—			(259,063	)
Class A		(120,886	)		(626,995	)		—			(24,070	)
Class C		(10	)		(60	)		—			(3,052	)
Total distributions to shareholders		(124,676	)		(644,258	)		—			(286,185	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Institutional Class		—			—			10,188,846			32,052,345
Class A		43,478			87,663			277,396			3,063,423
Class C		—			—			56,600			13,300
Reinvestment of distributions
Institutional Class		—			—			—			227,156
Class A		117,675			612,488			—			18,336
Class C		—			—			—			1,459
Cost of shares redeemed
Institutional Class		—			—			(6,919,308	)		(8,292,969	)
Class A		(1,032,488	)		(2,983,034	)		(1,022,580	)		(747,477	)
Class C		—			—			(43,258	)		(32,231	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(871,335	)		(2,282,883	)		2,537,696			26,303,342
Total Increase (Decrease) in Net Assets		(251,554	)		(3,215,754	)		6,599,892			23,567,324
Net Assets:
Beginning of year/period		10,096,444			13,312,198			29,951,193			6,383,869
End of year/period	$	9,844,890		$	10,096,444		$	36,551,085		$	29,951,193
Share Activity:
Institutional Class
Shares Sold		—			—			424,347			1,279,419
Shares Reinvested		—			—			—			9,972
Shares Redeemed		—			—			(288,514	)		(333,537	)
Net increase (decrease) in shares of Beneficial interest		—			—			135,833			955,854
Class A
Shares Sold		4,525			8,684			11,666			120,292
Shares Reinvested		12,152			65,358			—			810
Shares Redeemed		(106,797	)		(295,197	)		(43,696	)		(31,801	)
Net increase (decrease) in shares of Beneficial interest		(90,120	)		(221,155	)		(32,030	)		89,301
Class C
Shares Sold		—			—			2,393			545
Shares Reinvested		—			—			—			65
Shares Redeemed		—			—			(1,865	)		(1,245	)
Net increase (decrease) in shares of Beneficial interest		—			—			528			(635	)

See accompanying notes to consolidated financial statements.

36

RATIONAL FUNDS

Statements of Changes in Net Assets (Continued)

							Rational NuWave Enhanced Market Opportunity							Context Insurance
	Rational Iron Horse Fund						Fund							Linked Income Fund
							(Consolidated)
	Six Months Ended			Year Ended			Six Months Ended			Period Ended				Six Months Ended
	June 30, 2019			December 31, 2018			June 30, 2019			December 31, 2018 (a)				June 30, 2019 (b)
	(Unaudited)						(Unaudited)							(Unaudited)
Operations:
Net investment income (loss)	$	59,855		$	101,451		$	(30,227	)	$	(9,653	)		$	383,336
Net realized gain on investments, options and futures		(546,055	)		379,154			1,771,061			719,836				35,688
Net change in unrealized appreciation (depreciation) on investments, options and futures and foreign currency translations		423,907			(808,814	)		516,652			(360,893	)			(573,614	)
Net increase (decrease) in net assets resulting from operations		(62,293	)		(328,209	)		2,257,486			349,290				(154,590	)
Distributions to Shareholders:
From return of capital:								—			—
Institutional Class		(198,033	)		(310,714	)		—			—				—
Class A		(37,664	)		(81,022	)		—			—				—
Class C		(26	)		(37	)		—			—				—
Total Distributions :								—			—
Institutional Class		(52,048	)		(306,098	)		—			(1,204,517	)			(354,869	)
Class A		(7,944	)		(138,365	)		—			(781,059	)			(23	)
Class C		(3	)		(28	)		—			(10,124	)			(19	)
Total distributions to shareholders		(295,718	)		(836,264	)		—			(1,995,700	)			(354,911	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Institutional Class		1,393,620			2,832,137			9,037,446			9,773,875				15,927,860
Class A		22,806			376,818			23,726			86,000				1,000
Class C		—			—			1,080,602			7,451,437				1,000
Reinvestment of distributions
Institutional Class		223,343			588,134			—			1,058,291				249,707
Class A		40,966			208,983			—			781,058				—
Class C		—			—			—			9,999				—
Cost of shares redeemed
Institutional Class		(1,505,403	)		(6,463,987	)		(34,108	)		(28,816	)			(240,945	)
Class A		(574,110	)		(5,139,300	)		(245,876	)		(1,089,220	)			—
Class C		—			—			—			—				—
Net increase (decrease) in net assets from share transactions of beneficial interest		(398,778	)		(7,597,215	)		9,861,790			18,042,624				15,938,622
Total Increase (Decrease) in Net Assets		(756,789	)		(8,761,688	)		12,119,276			16,396,214				15,429,121
Net Assets:
Beginning of year/period		8,919,573			17,681,261			16,396,214			—				—
End of year/period	$	8,162,784		$	8,919,573		$	28,515,490		$	16,396,214			$	15,429,121
Share Activity:													��
Institutional Class
Shares Sold		143,105			281,109			574,739			635,024				1,591,833
Shares Reinvested		23,627			59,599			—			73,390				25,630
Shares Redeemed		(155,817	)		(646,867	)		(2,133	)		(1,839	)			(24,237	)
Net increase (decrease) in shares of Beneficial interest		10,915			(306,159	)		572,606			706,575				1,593,226
Class A
Shares Sold		2,405			36,212			69,057			431,998				100
Shares Reinvested		4,338			21,020			—			54,278				—
Shares Redeemed		(59,243	)		(508,633	)		(15,714	)		(72,722	)			—
Net increase (decrease) in shares of Beneficial interest		(52,500	)		(451,401	)		53,343			413,554				100
Class C
Shares Sold		—			—			1,474			5,409				100
Shares Reinvested		—			—			—			699				—
Shares Redeemed		—			—			—			—				—
Net increase in shares of Beneficial interest		—			—			1,474			6,108				100

(a) The Rational NuWave Enhanced Market Opportunity Fund launched February 28, 2018.

(b) The Context Linked Insurance Income Fund launched on December 31, 2018.

See accompanying notes to consolidated financial statements.

37

RATIONAL FUNDS

Rational Dividend Capture Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/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,
	2019			2018			2017			2016			2015			2014
	(Unaudited)
Net asset value, beginning of year/period	$	6.58		$	8.02		$	8.64		$	8.41		$	10.01		$	10.74
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.17	(A)		0.34	(A)		0.30	(A)		0.29	(A)		0.36			0.39
Net realized and unrealized gain (loss) on investments		0.15			(1.26	)		(0.47	)		0.22			(0.67	)		0.64
Total from investment operations		0.32			(0.92	)		(0.17	)		0.51			(0.31	)		1.03
LESS DISTRIBUTIONS:
From net investment income		(0.14	)		(0.52	)		(0.45	)		(0.26	)		(0.35	)		(0.41	)
From net realized gains on investments		—			—			—			(0.02	)		(0.94	)		(1.35	)
Total distributions		(0.14	)		(0.52	)		(0.45	)		(0.28	)		(1.29	)		(1.76	)
Net asset value, end of year/period	$	6.76		$	6.58		$	8.02		$	8.64		$	8.41		$	10.01
Total return (B)		4.82	% (C)		(11.96	)%		(1.99	)%		6.15	%		(3.25	)%		9.59	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	4,612		$	4,940		$	12,188		$	47,544		$	57,752		$	132,177
Ratios to average net assets
Expenses, before waiver and reimbursement		1.72	% (D)		1.58	%		1.33	%		1.42	%		1.47	%		1.38	%
Expenses, net waiver and reimbursement		1.00	% (D)		1.00	%		1.00	%		1.00	%		0.89	%		0.88	%
Net investment income		4.86	% (D)		4.32	%		3.53	%		3.37	%		3.37	%		3.22	%
Portfolio turnover rate		160	% (C)		307	%		224	%		159	%		92	%		92	%
	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,
	2019			2018			2017			2016			2015			2014
	(Unaudited)
Net asset value, beginning of year/period	$	6.57		$	8.01		$	8.63		$	8.40		$	10.01		$	10.73
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.16	(A)		0.32	(A)		0.30	(A)		0.27	(A)		0.31			0.34
Net realized and unrealized gain (loss) on investments		0.16			(1.26	)		(0.49	)		0.22			(0.66	)		0.67
Total from investment operations		0.32			(0.94	)		(0.19	)		0.49			(0.35	)		1.01
LESS DISTRIBUTIONS:
From net investment income		(0.13	)		(0.50	)		(0.43	)		(0.24	)		(0.32	)		(0.38	)
From net realized gains on investments		—			—			—			(0.02	)		(0.94	)		(1.35	)
Total distributions		(0.13	)		(0.50	)		(0.43	)		(0.26	)		(1.26	)		(1.73	)
Net asset value, end of year/period	$	6.76		$	6.57		$	8.01		$	8.63		$	8.40		$	10.01
Total return (B)		4.86	% (C)		(12.22	)%		(2.24	)%		5.89	%		(3.60	)%		9.45	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	11,817		$	12,629		$	20,327		$	32,269		$	39,610		$	66,445
Ratios to average net assets
Expenses, before waiver and reimbursement		1.96	% (D)		1.82	%		1.57	%		1.67	%		1.72	%		1.63	%
Expenses, net waiver and reimbursement		1.25	% (D)		1.25	%		1.25	%		1.25	%		1.14	%		1.13	%
Net investment income		4.63	% (D)		4.17	%		3.52	%		3.12	%		3.14	%		3.01	%
Portfolio turnover rate		160	% (C)		307	%		224	%		159	%		92	%		92	%

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

See accompanying notes to financial statements.

38

RATIONAL FUNDS

Rational Dividend Capture Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class C
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2019			2018			2017			2016			2015			2014(A)
	(Unaudited)
Net asset value, beginning of year/period	$	6.55		$	7.99		$	8.61		$	8.38		$	9.99		$	10.67
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.13	(B)		0.27	(B)		0.29	(B)		0.22	(B)		0.27			0.32
Net realized and unrealized gain (loss) on investments		0.17			(1.27	)		(0.52	)		0.22			(0.66	)		0.70
Total from investment operations		0.30			(1.00	)		(0.23	)		0.44			(0.39	)		1.02
LESS DISTRIBUTIONS:
From net investment income		(0.11	)		(0.44	)		(0.39	)		(0.19	)		(0.28	)		(0.35	)
From net realized gains on investments		—			—			—			(0.02	)		(0.94	)		(1.35	)
Total distributions		(0.11	)		(0.44	)		(0.39	)		(0.21	)		(1.22	)		(1.70	)
Net asset value, end of year/period	$	6.74		$	6.55		$	7.99		$	8.61		$	8.38		$	9.99
Total return (C)		4.50	% (D), (E)		(12.92	)% (D)		(2.68	)%		5.34	%		(4.08	)%		9.54	% (E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	1,398		$	1,664		$	2,799		$	1,654		$	2,335		$	4,154
Ratios to average net assets
Expenses, before waiver and reimbursement		2.69	% (F)		2.59	%		2.31	%		2.17	%		2.22	%		2.16	% (F)
Expenses, net waiver and reimbursement		2.00	% (F)		1.90	%		1.75	%		1.75	%		1.64	%		1.63	% (F)
Net investment income		3.84	% (F)		3.52	%		3.50	%		2.61	%		2.64	%		2.69	% (F)
Portfolio turnover rate		160	% (E)		307	%		224	%		159	%		92	%		92	% (E)

(A) The Rational Dividend Capture Fund Class C shares commenced operations on January 2, 2014.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the year/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) 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) Not Annualized.

(F) Annualized.

See accompanying notes to financial statements.

39

RATIONAL FUNDS

Rational Tactical Return Fund (Formerly, Rational Hedged Return Fund)

Financial Highlights

For a Share Outstanding Throughout Each Year/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,
	2019			2018			2017			2016			2015			2014
	(Unaudited)
Net asset value, beginning of year/period	$	5.40		$	4.99		$	5.12		$	5.39		$	6.73		$	8.05
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		0.00	(A)		(0.06	) (A)		0.01	(A)		0.06	(A)		0.19			0.13
Net realized and unrealized gain (loss) on investments		0.26			0.55			0.14			0.37			(1.32	)		(1.35	)
Total from investment operations		0.26			0.49			0.15			0.43			(1.13	)		(1.22	)
LESS DISTRIBUTIONS:
From net investment income		—			(0.01	)		(0.28	)		(0.70	)		(0.26	)		(0.10	)
From net realized gains on investments		—			(0.07	)		—			—			—			—
Total distributions		—			(0.08	)		(0.28	)		(0.70	)		(0.26	)		(0.10	)
From capital contributions from Advisor		—			—			—			—			0.05			—
Net asset value, end of year/period	$	5.66		$	5.40		$	4.99		$	5.12		$	5.39		$	6.73
Total return (B)		4.81	% (F)		9.66	%		2.89	% (D)		7.82	% (D)		(16.05	)% (C)		(15.03	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	68,481		$	18,333		$	5,451		$	4,747		$	6,032		$	29,453
Ratios to average net assets
Expenses, before wavier and reimbursement		2.18	% (G)		3.16	%		4.29	%		2.61	%		2.49	%		1.52	%
Expenses, net waiver and reimbursement		1.99	% (G)		1.99	%		1.17	%		1.00	%		1.07	%		1.04	%
Net investment income (loss)		0.08	% (G)		(1.20	)%		0.22	%		1.07	%		2.99	%		1.53	%
Portfolio turnover rate		0	% (F)		0	%		199	%		246	%		13	%		31	%
	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,
	2019			2018			2017			2016			2015			2014
	(Unaudited)
	$	5.45		$	5.04		$	5.16		$	5.43		$	6.73		$	8.05
Net asset value, beginning of year/period
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.01	) (A)		(0.07	) (A)		0.01	(A)		0.05	(A)		0.19			0.10
Net realized and unrealized gain (loss) on investments		0.27			0.55			0.14			0.37			(1.30	)		(1.33	)
Total from investment operations		0.26			0.48			0.15			0.42			(1.11	)		(1.23	)
LESS DISTRIBUTIONS:
From net investment income		—			(0.00	) (E)		(0.27	)		(0.69	)		(0.24	)		(0.09	)
From net realized gains on investments		—			(0.07	)		—			—			—			—
Total distributions		—			(0.07	)		(0.27	)		(0.69	)		(0.24	)		(0.09	)
From capital contributions from Advisor		—			—			—			—			0.05			—
Net asset value, end of year/period	$	5.71		$	5.45		$	5.04		$	5.16		$	5.43		$	6.73
Total return (B)		4.77	% (F)		9.45	%		2.98	% (D)		7.48	% (D)		(15.75	)% (C)		(15.23	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	21,457		$	18,327		$	449		$	964		$	979		$	1,656
Ratios to average net assets
Expenses, before wavier and reimbursement		2.56	% (G)		3.50	%		4.54	%		2.86	%		2.74	%		1.77	%
Expenses, net waiver and reimbursement		2.24	% (G)		2.24	%		1.35	%		1.25	%		1.32	%		1.29	%
Net investment income (loss)		(0.23	)% (G)		(1.20	)%		0.19	%		0.92	%		3.10	%		1.21	%
Portfolio turnover rate		0	% (F)		0	%		199	%		246	%		13	%		31	%

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

(E) Amount is less than $0.005.

(F) Not Annualized

(G) Annualized.

See accompanying notes to financial statements.

40

RATIONAL FUNDS

Rational Tactical Return Fund (Formerly, Rational Hedged Return Fund) (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class C
	For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,
	2019			2018			2017			2016(A)
	(Unaudited)
Net asset value, beginning of year/period	$	5.43		$	5.06		$	5.16		$	5.49
LOSS FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		(0.02	)		(0.12	)		(0.03	)		0.00	(C)
Net realized and unrealized gain on investments		0.25			0.56			0.15			0.35
Total from investment operations		0.23			0.44			0.12			0.35
LESS DISTRIBUTIONS:
From net investment income		—			—			(0.22	)		(0.68	)
From net realized gains on investments		—			(0.07	)		—			—
Total distributions		—			(0.07	)		(0.22	)		(0.68	)
Net asset value, end of year/period	$	5.66		$	5.43		$	5.06		$	5.16
Total return (D)		4.24	% (E)		8.62	%		2.42	% (F)		6.13	% (E, F)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	2,403		$	1		$	1		$	1
Ratios to average net assets
Expenses, before waiver and reimbursement		3.21	% (G)		4.16	%		5.29	%		3.61	% (G)
Expenses, net waiver and reimbursement		2.99	% (G)		2.99	%		2.17	%		2.00	% (G)
Net investment Income (loss)		(0.87	)% (G)		(2.34	)%		(0.53	)%		(0.14	)% (G)
Portfolio turnover rate		0	% (E)		0	%		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 year/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 financial statements.

41

RATIONAL FUNDS

Rational Dynamic Brands Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/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,
	2019			2018(A)			2017(A)			2016(A)			2015(A)			2014(A)
	(Unaudited)
Net asset value, beginning of year/period	$	34.20		$	34.90		$	37.80		$	46.90		$	207.50		$	287.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.01	) (B)		0.16	(B)		0.20	(B)		0.50	(B)		0.90			0.90
Net realized and unrealized gain (loss) on investments		4.58			0.07	(D)		5.40			3.10			(8.10	)		(5.80	)
Total from investment operations		4.57			0.23			5.60			3.60			(7.20	)		(4.90	)
LESS DISTRIBUTIONS:
From net investment income		—			(0.09	)		(0.20	)		(0.60	)		(0.80	)		(0.20	)
From net realized gains on investments		—			(0.84	)		(8.30	)		(12.10	)		(152.60	)		(74.90	)
Total distributions		—			(0.93	)		(8.50	)		(12.70	)		(153.40	)		(75.10	)
Net asset value, end of year/period	$	38.77		$	34.20		$	34.90		$	37.80		$	46.90		$	207.50
Total return (C)		13.36	% (E)		0.72	%		14.66	%		7.21	%		(7.82	)%		(1.41	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	19,584		$	16,725		$	3,269		$	3,445		$	13,456		$	152,846
Ratios to average net assets
Expenses, before waiver and reimbursement		1.52	% (F)		1.67	%		1.69	%		1.76	%		1.56	%		1.37	%
Expenses, net waiver and reimbursement		1.08	% (F)		1.00	%		1.00	%		1.00	%		1.06	%		1.03	%
Net investment income (loss)		(0.03	)% (F)		0.42	%		0.60	%		1.17	%		0.46	%		0.23	%
Portfolio turnover rate		154	% (E)		411	%		305	%		178	%		35	%		12	%
	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,
	2019			2018(A)			2017(A)			2016(A)			2015(A)			2014(A)
	(Unaudited)
Net asset value, beginning of year/period	$	24.00		$	24.70		$	28.90		$	38.60		$	198.90		$	279.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.04	) (B)		0.02	(B)		0.10	(B)		0.30	(B)		0.70			0.10
Net realized and unrealized gain (loss) on investments		3.22			0.12	(D)		4.10			2.60			(7.70	)		(5.50	)
Total from investment operations		3.18			0.14			4.20			2.90			(7.00	)		(5.40	)
LESS DISTRIBUTIONS:
From net investment income		—			—			(0.10	)		(0.50	)		(0.70	)		—
From net realized gains on investments		—			(0.84	)		(8.30	)		(12.10	)		(152.60	)		(74.90	)
Total distributions		—			(0.84	)		(8.40	)		(12.60	)		(153.30	)		(74.90	)
Net asset value, end of year/period	$	27.18		$	24.00		$	24.70		$	28.90		$	38.60		$	198.90
Total return (C)		13.25	% (E)		0.63	%		14.30	%		6.91	%		(8.21	)%		(1.62	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	11,831		$	11,154		$	12,870		$	16,180		$	20,944		$	44,589
Ratios to average net assets
Expenses, before waiver and reimbursement		1.74	% (F)		2.05	%		1.94	%		2.01	%		1.81	%		1.62	%
Expenses, net waiver and reimbursement		1.33	% (F)		1.25	%		1.25	%		1.25	%		1.31	%		1.28	%
Net investment income (loss)		(0.27	)% (F)		0.08	%		0.35	%		0.86	%		0.52	%		0.01	%
Portfolio turnover rate		154	% (E)		411	%		305	%		178	%		35	%		12	%

(A) Effective September 21, 2018, the Fund had a one-to-ten reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the one-to-ten stock split.

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

(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) 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 year ended December 31, 2018, 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.

(E) Not Annualized

(F) Annualized.

See accompanying notes to financial statements.

42

RATIONAL FUNDS

Rational Dynamic Brands Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class C
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2019			2018(B)			2017(B)			2016(B)			2015(B)			2014 (A,B)
	(Unaudited)
Net asset value, beginning of year/period	$	21.70		$	22.60		$	27.10		$	36.90		$	197.50		$	276.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.12	) (C)		(0.14	) (C)		(0.00	) (C,D)		0.10	(C)		0.00	(D)		(0.70	)
Net realized and unrealized gain (loss) on investments		2.90			0.08	(I)		3.80			2.40			(7.60	)		(2.90	)
Total from investment operations		2.78			(0.06	)		3.80			2.50			(7.60	)		(3.60	)
LESS DISTRIBUTIONS:
From net investment income		—			—			—			(0.20	)		(0.40	)		—
From net realized gains on investments		—			(0.84	)		(8.30	)		(12.10	)		(152.60	)		(74.90	)
Total distributions		—			(0.84	)		(8.30	)		(12.30	)		(153.00	)		(74.90	)
Net asset value, end of year/period	$	24.48		$	21.70		$	22.60		$	27.10		$	36.90		$	197.50
Total return (E)		12.81	% (G),(F)		(0.20	)% (F)		14.03	%		6.19	%		(8.56	)%		(1.00	)% (G)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	175		$	214		$	231		$	394		$	766		$	1,545
Ratios to average net assets
Expenses, before waiver and reimbursement		2.51	% (H)		2.73	%		2.65	%		2.51	%		2.31	%		2.15	% (H)
Expenses, net waiver and reimbursement		2.08	% (H)		1.91	%		1.75	%		1.75	%		1.81	%		1.79	% (H)
Net investment income (loss)		(1.02	)% (H)		(0.59	)%		(0.14	)%		0.28	%		0.04	%		(0.54	)% (H)
Portfolio turnover rate		154	% (G)		411	%		305	%		178	%		35	%		12	% (G)

(A) The Rational Dynamic Brands Fund Class C shares commenced operations on January 2, 2014.

(B) Effective September 21, 2018, the Fund had a one-to-ten reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the one-to-ten stock split.

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

(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) 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) Not annualized.

(H) Annualized.

(I) 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 year ended December 31, 2018, 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.

See accompanying notes to financial statements.

43

RATIONAL FUNDS

Rational Strategic Allocation Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Institutional Class
	For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,
	2019			2018			2017			2016(A)
	(Unaudited)
Net asset value, beginning of year/period	$	9.12		$	10.02		$	9.37		$	9.99
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.15			0.39			0.33			0.43
Net realized and unrealized gain (loss) on investments		0.55			(0.67	)		0.78			0.09	(C)
Total from investment operations		0.70			(0.28	)		1.11			0.52
LESS DISTRIBUTIONS:
From net investment income		(0.14	)		(0.36	)		(0.46	)		(0.17	)
From net realized gains on investments		—			(0.26	)		—			(0.97	)
Total distributions		(0.14	)		(0.62	)		(0.46	)		(1.14	)
Net asset value, end of year/period	$	9.68		$	9.12		$	10.02		$	9.37
Total return (D)		7.65	% (E)		(2.81	)%		11.95	%		5.11	% (E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	269		$	253		$	278		$	260
Ratios to average net assets
Expenses, before waiver and reimbursement (F)		1.03	% (G)		1.04	%		0.85	%		1.36	% (G)
Expenses, net waiver and reimbursement (F)		0.45	% (G)		0.45	%		0.45	%		0.45	% (G)
Net investment income (F,H)		3.23	% (G)		3.91	%		3.35	%		6.98	% (G)
Portfolio turnover rate		35	% (E)		53	%		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,
	2019			2018			2017			2016			2015			2014
	(Unaudited)
Net asset value, beginning of year/period	$	9.15		$	10.05		$	9.40		$	9.78		$	11.36		$	11.77
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.14	(B)		0.33	(B)		0.26	(B)		0.18	(B)		0.14			0.17
Net realized and unrealized gain (loss) on investments		0.55			(0.63	)		0.83			0.62			(0.34	)		0.07
Total from investment operations		0.69			(0.30	)		1.09			0.80			(0.20	)		0.24
LESS DISTRIBUTIONS:
From net investment income		(0.12	)		(0.34	)		(0.44	)		(0.21	)		(0.12	)		(0.24	)
From net realized gains on investments		—			(0.26	)		—			(0.97	)		(1.26	)		(0.41	)
Total distributions		(0.12	)		(0.60	)		(0.44	)		(1.18	)		(1.38	)		(0.65	)
Net asset value, end of year/period	$	9.72		$	9.15		$	10.05		$	9.40		$	9.78		$	11.36
Total return (D)		7.57	% (E)		(3.05	)%		11.61	%		8.16	%		(1.87	)%		2.05	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	9,575		$	9,842		$	13,033		$	14,822		$	17,061		$	21,008
Ratios to average net assets
Expenses, before waiver and reimbursement (F)		1.34	% (G)		1.37	%		1.14	%		1.30	%		1.04	%		0.96	%
Expenses, net waiver and reimbursement (F)		0.70	% (G)		0.70	%		0.70	%		0.70	%		0.70	%		0.73	%
Net Investment income (F,H)		2.94	% (G)		3.25	%		2.60	%		1.82	%		1.10	%		1.38	%
Portfolio turnover rate		35	% (E)		53	%		17	%		27	%		44	%		52	%

(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 year/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 financial statements.

44

RATIONAL FUNDS

Rational Strategic Allocation Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class C
	For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,
	2019			2018			2017			2016(A)
	(Unaudited)
Net asset value, beginning of year/period	$	9.11		$	10.03		$	9.39		$	9.99
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.11			0.29			0.23			0.24
Net realized and unrealized gain (loss) on investments		0.55			(0.67	)		0.78			0.22	(C)
Total from investment operations		0.66			(0.38	)		1.01			0.46
LESS DISTRIBUTIONS:
From net investment income		(0.09	)		(0.28	)		(0.37	)		(0.09	)
From net realized gains on investments		—			(0.26	)		—			(0.97	)
Total distributions		(0.09	)		(0.54	)		(0.37	)		(1.06	)
Net asset value, end of year/period	$	9.68		$	9.11		$	10.03		$	9.39
Total return (D)		7.22	% (E)		(3.83	)%		10.80	%		4.56	% (E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	1		$	1		$	1		$	1
Ratios to average net assets
Expenses, before waiver and reimbursement (F)		2.05	% (G)		1.92	%		1.82	%		1.89	% (G)
Expenses, net waiver and reimbursement (F)		1.45	% (G)		1.45	%		1.45	%		1.45	% (G)
Net investment income (F,H)		2.22	% (G)		2.89	%		2.31	%		3.92	% (G)
Portfolio turnover rate		35	% (E)		53	%		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 year/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 financial statements.

45

RATIONAL FUNDS

Rational/Resolve Adaptive Asset Allocation Fund

Financial Highlights (Consolidated)

For a Share Outstanding Throughout Each Year/Period

	Institutional Class
	For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,
	2019			2018			2017			2016(A)
	(Unaudited)
Net asset value, beginning of year/period	$	23.10		$	25.25		$	24.33		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment (loss) (B)		0.02			(0.04	)		(0.32	)		(0.12	)
Net realized and unrealized gain (loss) on investments		2.97			(1.89	)		1.26			(0.55	)
Total from investment operations		2.99			(1.93	)		0.94			(0.67	)
LESS DISTRIBUTIONS:
From net realized gains on investments		—			(0.22	)		(0.02	)		—
Total distributions		—			(0.22	)		(0.02	)		—
Net asset value, end of year/period	$	26.09		$	23.10		$	25.25		$	24.33
Total return (C)		12.94	% (D)		(7.64	)%		3.85	%		(2.68	)% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	34,559		$	27,460		$	5,883		$	15,083
Ratios to average net assets
Expenses, before waiver and reimbursement		2.42	% (E)		2.90	%		2.49	%		3.27	% (E)
Expenses, net waiver and reimbursement		1.97	% (E)		1.97	%		1.97	%		1.99	% (E)
Net investment income (loss)		0.20	% (E)		(0.17	)%		(1.33	)%		(1.74	)% (E)
Portfolio turnover rate		0	% (D)		0	%		0	%		0	% (D)
	Class A
	For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,
	2019			2018			2017			2016(A)
	(Unaudited)
Net asset value, beginning of year/period	$	22.96		$	25.16		$	24.30		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment (loss) (B)		(0.01	)		(0.11	)		(0.21	)		(0.13	)
Net realized and unrealized gain (loss) on investments		2.95			(1.87	)		1.09			(0.57	)
Total from investment operations		2.94			(1.98	)		0.88			(0.70	)
LESS DISTRIBUTIONS:
From net realized gains on investments		—			(0.22	)		(0.02	)		—
Total distributions		—			(0.22	)		(0.02	)		—
Net asset value, end of year/period	$	25.90		$	22.96		$	25.16		$	24.30
Total return (C)		12.80	% (D)		(7.87	)% (F)		3.57	%		(2.80	)% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	1,617		$	2,169		$	130		$	1
Ratios to average net assets
Expenses, before waiver and reimbursement		2.73	% (E)		3.14	%		2.90	%		3.52	% (E)
Expenses, net waiver and reimbursement		2.22	% (E)		2.22	%		2.22	%		2.24	% (E)
Net investment (loss)		(0.05	)% (E)		(0.45	)%		(0.88	)%		(2.09	)% (E)
Portfolio turnover rate		0	% (D)		0	%		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 year/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.

(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.

See accompanying notes to consolidated financial statements.

46

RATIONAL FUNDS

Rational/Resolve Adaptive Asset Allocation Fund (Continued)

Financial Highlights (Consolidated)

For a Share Outstanding Throughout Each Year/Period

	Class C
	For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,
	2019			2018			2017			2016(A)
	(Unaudited)
Net asset value, beginning of year/period	$	22.61		$	24.96		$	24.29		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment (loss) (B)		(0.09	)		(0.31	)		(0.54	)		(0.17	)
Net realized and unrealized gain (loss) on investments		2.90			(1.82	)		1.23			(0.54	)
Total from investment operations		2.81			(2.13	)		0.69			(0.71	)
LESS DISTRIBUTIONS:
From net realized gains on investments		—			(0.22	)		(0.02	)		—
Total distributions		—			(0.22	)		(0.02	)		—
Net asset value, end of year/period	$	25.42		$	22.61		$	24.96		$	24.29
Total return (C)		12.43	% (D)		(8.53	)%		2.83	%		(2.84	)% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	375		$	322		$	371		$	21
Ratios to average net assets
Expenses, before waiver and reimbursement		3.44	% (E)		4.65	%		3.60	%		4.27	% (E)
Expenses, net waiver and reimbursement		2.97	% (E)		2.97	%		2.97	%		2.99	% (E)
Net investment (loss)		(0.80	)% (E)		(1.24	)%		(2.26	)%		(2.69	)% (E)
Portfolio turnover rate		0	% (D)		0	%		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 year/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.

47

RATIONAL FUNDS

Rational Iron Horse Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Institutional Class
	For the			For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Period Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			March 31,			March 31,			March 31,			March 31,
	2019			2018			2017			2017			2016			2015			2014
	(Unaudited)
Net asset value, beginning of year	$	9.75		$	10.58		$	10.37		$	9.98		$	10.19		$	11.35		$	10.58
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.07			0.09			0.04			0.05			0.06			0.09			0.10
Net realized and unrealized gain (loss) on investments		(0.13	)		(0.22	)		0.54			0.51			0.05			0.44			0.94
Total from investment operations		(0.06	)		(0.13	)		0.58			0.56			0.11			0.53			1.04
LESS DISTRIBUTIONS:
From net investment income		(0.07	)		(0.04	)		(0.04	)		(0.02	)		(0.05	)		(0.08	)		(0.11	)
From net realized gains on investments		(0.27	)		(0.27	)		—			(0.03	)		(0.27	)		(1.61	)		(0.16	)
From Return of capital		—			(0.39	)		(0.33	)		(0.12	)		—			—			—
Total distributions		(0.34	)		(0.70	)		(0.37	)		(0.17	)		(0.32	)		(1.69	)		(0.27	)
Net asset value, end of year/period	$	9.35		$	9.75		$	10.58		$	10.37		$	9.98		$	10.19		$	11.35
Total return (B)		(0.65	)% (D)		(1.08	)%		5.69	%		5.70	%		1.24	%		4.78	%		9.91	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	6,886		$	7,076		$	10,913		$	8,595		$	9,417		$	28,191		$	19,062
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement		2.51	% (E)		2.34	%		2.30	%		3.15	%		1.50	%		1.32	%		1.60	%
Expenses, net waiver and reimbursement		1.71	% (E)		1.71	%		1.70	%		1.70	%		1.56	%		1.60	%		1.60	%
Ratios to average net assets (excluding interest expense)
Expenses, before waiver and reimbursement		2.50	% (E)		2.36	%		2.30	%		3.15	%		1.50	%		1.32	%		1.60	%
Expenses, net waiver and reimbursement		1.70	% (E)		1.70	%		1.70	%		1.70	%		1.56	%		1.60	%		1.60	%
Net investment income		1.46	% (E)		0.90	%		0.54	%		0.51	%		0.63	%		0.73	%		0.93	%
Portfolio turnover rate		54	% (D)		162	%		252	%		323	%		279	%		265	%		114	%
	Class A
	For the			For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Period Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			March 31,			March 31,			March 31,			March 31,
	2019			2018			2017			2017			2016			2015			2014
	(Unaudited)
Net asset value, beginning of year/period	$	9.74		$	10.56		$	10.36		$	9.98		$	10.21		$	11.37		$	10.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.05			0.05			0.02			0.02			0.02			0.06			0.08
Net realized and unrealized gain (loss) on investments		(0.12	)		(0.19	)		0.53			0.52			0.06			0.45			0.93
Total from investment operations		(0.07	)		(0.14	)		0.55			0.54			0.08			0.51			1.01
LESS DISTRIBUTIONS:
From net investment income		(0.06	)		(0.02	)		(0.02	)		(0.01	)		(0.04	)		(0.06	)		(0.08	)
From net realized gains on investments		(0.27	)		(0.27	)		—			(0.03	)		(0.27	)		(1.61	)		(0.16	)
From Return of capital		—			(0.39	)		(0.33	)		(0.12	)		—			—			—
Total distributions		(0.33	)		(0.68	)		(0.35	)		(0.16	)		(0.31	)		(1.67	)		(0.24	)
Net asset value, end of year/period	$	9.34		$	9.74		$	10.56		$	10.36		$	9.98		$	10.21		$	11.37
Total return (B)		(0.80	)% (D)		(1.20	)% (C)		5.37	% (C)		5.42	%		0.90	%		4.51	%		9.63	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	1,276		$	1,843		$	6,767		$	3,732		$	8,098		$	12,223		$	11,842
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement		2.77	% (E)		2.60	%		2.41	%		3.26	%		1.86	%		1.57	%		1.85	%
Expenses, net waiver and reimbursement		1.96	% (E)		1.96	%		1.95	%		1.95	%		1.95	%		1.85	%		1.85	%
Ratios to average net assets (excluding interest expense)
Expenses, before waiver and reimbursement		2.78	% (E)		2.56	%		2.41	%		3.26	%		1.86	%		1.57	%		1.85	%
Expenses, net waiver and reimbursement		1.95	% (E)		1.95	%		1.95	%		1.95	%		1.95	%		1.85	%		1.85	%
Net investment income		1.14	% (E)		0.51	%		0.25	%		0.22	%		0.22	%		0.49	%		0.68	%
Portfolio turnover rate		54	% (D)		162	%		252	%		323	%		279	%		265	%		114	%

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

(D) Not annualized.

(E) Annualized.

See accompanying notes to financial statements.

48

RATIONAL FUNDS

Rational Iron Horse Fund (Continued)

Financial Highlights

For a Share Outstanding Throughout the Year/Period

	Class C
	For the			For the			For the
	Six Months Ended			Period Ended			Period Ended
	June 30,			December 31,			December 31,
	2019			2018			2017(A)
	(Unaudited)
Net asset value, beginning of year/period	$	9.68		$	10.54		$	10.37
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		0.04			(0.01	)		(0.03	)
Net realized and unrealized gain (loss) on investments		(0.13	)		(0.18	)		0.53
Total from investment operations		(0.09	)		(0.19	)		0.50
LESS DISTRIBUTIONS:
From net investment income		(0.03	)		(0.02	)		—
From net realized gains on investments		(0.27	)		(0.27	)		—
From Return of capital		—			(0.38	)		(0.33	)
Total distributions		(0.30	)		(0.67	)		(0.33	)
Net asset value, end of year/period	$	9.29		$	9.68		$	10.54
Total return (C)		(1.01	)% (D)		(1.71	)%		4.89	% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	1		$	1		$	1
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement		3.47	% (E)		3.28	%		3.04	% (E)
Expenses, net waiver and reimbursement		2.31	% (E)		2.71	%		2.70	% (E)
Ratios to average net assets (excluding interest expense)
Expenses, before waiver and reimbursement		3.46	% (E)		3.82	%		3.04	% (E)
Expenses, net waiver and reimbursement		2.30	% (E)		2.70	%		2.70	% (E)
Net investment income (loss)		0.85	% (E)		(0.08	)%		(0.44	)% (E)
Portfolio turnover rate		54	% (D)		162	%		252	% (D)

(A) The Rational Iron Horse Fund Class C shares commenced operations on April 6, 2017.

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

49

RATIONAL FUNDS

Rational/NuWave Enhanced Market Opportunity Fund

Financial Highlights (Consolidated)

For a Share Outstanding Throughout Each Period

	Institutional Class						Class A						Class C
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Period Ended			Six Months Ended			Period Ended			Six Months Ended			Period Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2019			2018(A)			2019			2018(A)			2019			2018(A)
	(Unaudited)						(Unaudited)						(Unaudited)
Net asset value, beginning of period	$	14.57		$	15.00		$	14.54		$	15.00		$	14.47		$	15.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		(0.02	)		0.00	(C)		(0.04	)		(0.06	)		(0.10	)		(0.12	)
Net realized and unrealized gain on investments		1.72			1.47			1.73			1.49			1.71			1.46
Total from investment operations		1.70			1.47			1.69			1.43			1.61			1.34
LESS DISTRIBUTIONS:
From net investment income		—			(1.40	)		—			(1.39	)		—			(1.37	)
From net realized gains on investments		—			(0.50	)		—			(0.50	)		—			(0.50	)
Total distributions		—			(1.90	)		—			(1.89	)		—			(1.87	)
Net asset value, end of period	$	16.27		$	14.57		$	16.23		$	14.54		$	16.08		$	14.47
Total return (D,E)		11.67	% (G)		9.95	%		11.62	%		9.70	%		11.13	%		9.08	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	20,818		$	10,294		$	7,575		$	6,014		$	122		$	88
Ratios to average net assets
Expenses, before waiver and reimbursement (F)		2.49	%		3.34	%		2.85	%		3.68	%		3.50	%		4.43	%
Expenses, net waiver and reimbursement (F)		1.99	%		1.99	%		2.24	%		2.24	%		2.99	%		2.99	%
Net investment income (loss) (F)		(0.21	)%		(0.02	)%		(0.49	)%		(0.43	)%		(1.25	)%		(0.91	)%
Portfolio turnover rate (E)		741	%		1449	%		741	%		1449	%		741	%		1449	%

(A) The Rational NuWave Enhanced Market Opportunity Fund Class I, 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) 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

(G) 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.

See accompanying notes to consolidated financial statements.

50

RATIONAL FUNDS

Context Insurance Linked Income Fund

Financial Highlights

For a Share Outstanding Throughout Each Period

	For the Period Ended June 30, 2019(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)		0.28			0.26			0.21
Net realized and unrealized gain on investments		(0.36	)		(0.35	)		(0.34	)
Total from investment operations		(0.08	)		(0.09	)		(0.13	)
LESS DISTRIBUTIONS:
From net investment income		(0.24	)		(0.23	)		(0.19	)
From net realized gains on investments		—			—			—
Total distributions		(0.24	)		(0.23	)		(0.19	)
Net asset value, end of period	$	9.68		$	9.68		$	9.68
Total return (C, D)		(0.78	)%		(0.95	)%		(1.30	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	15,427		$	1		$	1
Ratios to average net assets
Expenses, before waiver and reimbursement (E)		2.50	%		2.90	%		3.86	%
Expenses, net waiver and reimbursement (E)		1.75	%		2.00	%		2.75	%
Net investment income (E)		5.69	%		5.24	%		4.34	%
Portfolio turnover rate (D)		52	%		52	%		52	%

(A) The Context Insurance Linked Income Fund Institutional Class, Class A and Class C Shares commenced operations December 31, 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 financial statements.

51

RATIONAL FUNDS
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)
June 30, 2019	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, 2019, the Trust operated 12 separate series, or mutual funds, each with its own investment objective and strategy. Context Insurance Linked Income Fund commenced operations on December 31, 2018. Effective January 4, 2019, the Rational Hedged Return Fund changed its name to the Rational Tactical Return Fund. 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 Tactical Return Fund (“Tactical 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”)	ReSolve Asset Management, Inc.	Long-term capital appreciation.
Rational Iron Horse Fund (“Iron Horse”)	Van Hulzen Asset Management, LLC	Total return.
Rational/NuWave Enhanced Market Opportunity Fund (“NuWave Enhanced”)	NuWave Investment Management, LLC	Long-term capital appreciation.
Context Insurance Linked Income Fund (“Context”)	Context Insurance Strategies, LLC	Current income.

The Funds are registered as diversified, except Resolve Adaptive, NuWave Enhanced and Context, 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 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.

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 Institutional Class 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 Institutional Class shares and received in-kind capital contributions of cash valued at $6,946,234 in exchange for 463,082 Institutional Class shares. Class A shares and Class C shares commenced operations on February 28, 2018.

(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.

52

RATIONAL FUNDS
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019	SEMI-ANNUAL REPORT

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. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. 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 (except for exchange-traded funds) 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. 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 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.

53

RATIONAL FUNDS
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019	SEMI-ANNUAL REPORT

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 Funds may invest 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 Board has 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.

54

RATIONAL FUNDS
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019	SEMI-ANNUAL REPORT

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, 2019, for each Fund’s assets and liabilities measured at fair value:

Dividend Capture
Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	13,333,202	$	—	$	—	$	13,333,202
Exchange Traded Funds		1,205,272		—		—		1,205,272
Preferred Stocks		508,000		—		—		508,000
Short-Term Investments		2,667,607		—		—		2,667,607
Total Assets	$	17,714,081	$	—	$	—	$	17,714,081
Tactical Return
Assets*	Level 1		Level 2		Level 3		Total
Short-Term Investments	$	84,759,347	$	—	$	—	$	84,759,347
Total Assets	$	84,759,347	$	—	$	—	$	84,759,347
Liabilities*
Derivatives
Written Options	$	34,725	$	—	$	—	$	34,725
Total Liabilities	$	34,725	$	—	$	—	$	34,725
Dynamic Brands
Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	31,401,006	$	—	$	—	$	31,401,006
Short-Term Investments		189,172		—		—		189,172
Total Assets	$	31,590,178	$	—	$	—	$	31,590,178
Strategic Allocation
Assets*	Level 1		Level 2		Level 3		Total
Mutual Funds	$	10,121,902	$	—	$	—	$	10,121,902
Exchange Traded Funds		1,130,890		—		—		1,130,890
Short-Term Investments		1,690,527		—		—		1,690,527
Total Assets	$	12,943,319	$	—	$	—	$	12,943,319
Resolve Adaptive
Assets*	Level 1		Level 2		Level 3		Total
Short-Term Investments	$	34,211,690	$	—	$	—	$	34,211,690
Derivatives
Futures Contracts	$	1,909,444	$	—	$	—	$	1,909,444
Total Assets	$	36,121,134	$	—	$	—	$	36,121,134
Liabilities*
Derivatives
Futures Contracts	$	182,140	$	—	$	—	$	182,140
Total Liabilities	$	182,140	$	—	$	—	$	182,140

55

RATIONAL FUNDS
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019	SEMI-ANNUAL REPORT

Iron Horse
Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	8,061,303	$	—	$	—	$	8,061,303
Put Options Purchased		96,450		—		—		96,450
Short-Term Investments		617,598		—		—		617,598
Total Assets	$	8,775,351	$	—	$	—	$	8,775,351
Liabilities*
Derivatives
Call Options Written	$	542,932	$	—	$	—	$	542,932
Total Liabilities	$	542,932	$	—	$	—	$	542,932
NuWave Enhanced
Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	19,937,369	$	—	$	—	$	19,937,369
Exchange Traded Funds		261,421		—		—		261,421
Short-Term Investments		3,582,733		—		—		3,582,733
Derivatives
Futures Contracts		664,401		—		—		664,401
Total Assets	$	24,445,924	$	—	$	—	$	24,445,924
Liabilities*
Derivatives
Futures Contracts	$	804,868	$	—	$	—	$	804,868
Total Liabilities	$	804,868	$	—	$	—	$	804,868
Context Insurance Linked Income
Assets*	Level 1		Level 2		Level 3		Total
Common Stock	$	180,184	$	—	$	—	$	180,184
Bonds & Notes		—		10,954,203		—		10,954,203
Preferred Stock		3,950,475		—		—		3,950,475
Short-Term Investments		254,655		—		—		254,655
Total Assets	$	4,385,314	$	10,954,203	$	—	$	15,339,517

* Refer to the Portfolios of Investments for industry classifications.

There were no level 3 securities held during the period for any Fund.

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”), respectively, each wholly-owned and controlled foreign subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

Each Fund 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.

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	Inception Date of	CFC Net Assets as of	% of Net Assets as of
	CFC	June 30, 2019	June 30, 2019
RDMF Fund, Ltd.	8/5/2016	$ 1,242,680	3.4%
RNW Fund, Ltd.	3/2/2018	$ 1,457,202	5.1%

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.

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 and purchased 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 underlying reference assets, such as 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.

Options Contracts –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

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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 Fund 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.

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, 2019, were as follows:

			Location of derivatives on Statements	Fair value of asset/liability
Fund	Derivative	Risk Type	of Assets and Liabilities	derivatives
Tactical Return Fund
	Written Options	Equity	Options Written	$	(34,725	)
Resolve Adaptive
	Futures	Equity	Futures unrealized appreciation	$	84,186
			Futures unrealized depreciation		(157,740	)
		Commodity	Futures unrealized depreciation		(24,400	)
		Currency	Futures unrealized appreciation		84,570
		Interest	Futures unrealized appreciation		1,740,688
			Totals	$	1,727,304
Iron Horse Fund
	Written Options	Equity	Options Written	$	542,932
NuWave Enhanced
	Futures	Equity	Futures unrealized appreciation	$	72,402
			Futures unrealized depreciation		(3,084	)
		Commodity	Futures unrealized appreciation		139,920
			Futures unrealized depreciation		(525,172	)
		Currency	Futures unrealized appreciation		584
			Futures unrealized depreciation		(15,119	)
		Interest	Futures unrealized appreciation		451,495
			Futures unrealized depreciation		(261,493	)
			Totals	$	(140,467	)

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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, 2019, were as follows:

				Realized and unrealized gain
Fund	Derivative	Risk Type	Location of gain (loss) on derivatives	(loss) on derivatives
Tactical Return
	Options Written	Equity	Net realized gain from options written	$	3,288,294
	Options Written	Equity	Net change in unrealized appreciation on options written	$	17,363
Resolve Adaptive
	Futures	Equity	Net realized gain from futures	$	344,654
		Commodity	Net realized loss from futures		(180,078	)
		Currency	Net realized gain from futures		67,472
		Interest	Net realized gain from futures		3,031,213
			Totals	$	3,263,261
	Futures	Equity	Net change in unrealized appreciation on futures	$	58,859
		Commodity	Net change in unrealized depreciation on futures		(24,400	)
		Currency	Net change in unrealized appreciation on futures		84,570
		Interest	Net change in unrealized appreciation on futures		647,594
			Totals	$	766,623
Iron Horse
	Options Purchased	Equity	Net realized loss from options purchased		(297,601	)
	Options Written	Equity	Net realized loss from options written		(580,192	)
				$	(877,793	)
	Options Purchased	Equity	Net change in unrealized depreciation on options purchased	$	(94,120	)
	Options Written	Equity	Net change in unrealized depreciation on options written		(163,176	)
			Totals	$	(257,296	)
NuWave Enhanced
	Futures	Equity	Net realized loss from futures	$	(211,214	)
		Commodity	Net realized loss from futures		(468,085	)
		Currency	Net realized gain from futures		141,324
		Interest	Net realized gain from futures		747,944
			Totals	$	209,969
	Futures	Equity	Net change in unrealized appreciation on futures	$	59,309
		Commodity	Net change in unrealized depreciation on futures		(168,935	)
		Currency	Net change in unrealized appreciation on futures		1,902
		Interest	Net change in unrealized depreciation on futures		(20,140	)
			Totals	$	(127,864	)

The value of derivative instruments outstanding as of June 30, 2019 as disclosed in the Portfolios of Investments (Consolidated Portfolios of Investments for Resolve Adaptive and NuWave Enhanced) 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.

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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 and Consolidated Statements of Assets and Liabilities as of June 30, 2019:

							Gross Amounts of Assets Presented in the
							(Consolidated) Statement of Assets & Liabilities
			Gross Amounts		Net Amounts
	Gross Amounts		Offset in the		Presented in the
	Recognized in the		(Consolidated)		(Consolidated)
	(Consolidated)		Statements of		Statements of
	Statements of Assets		Assets and		Assets and		Financial
	and Liabilities		Liabilities		Liabilities		Instruments			Cash Collateral Pledged/Received (1)		Net Amount
Tactical Return
Description of Liability:
Written Option	$	34,725	$	—	$	34,725	$	—		$	34,725	$	—
Resolve Adaptive
Description of Asset:
Futures Contracts	$	1,909,444	$	—	$	1,909,444	$	(182,140	)	$	—	$	1,727,304
Description of Liability:
Futures Contracts	$	182,140	$	—	$	182,140	$	182,140		$	—	$	—
Iron Horse
Description of Liability:
Written Option	$	542,932	$	—	$	542,932	$	542,932		$	—	$	—
Nuwave Enhanced
Description of Asset:
Futures Contracts	$	664,401	$	—	$	664,401	$	(664,401	)	$	—	$	—
Description of Liability:
Futures Contracts	$	804,868	$	—	$	804,868	$	664,401		$	140,467	$	—

(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 at least annually by the Tactical Return, Dynamic Brands, Resolve Adaptive and NuWave Enhanced. Dividends from net investment income are declared and paid at least quarterly by the Strategic Allocation and Iron Horse. Dividends from net investment income are declared and paid at least monthly by Dividend Capture and Context. 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

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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. Investments in MLPs and MLP-related securities involve risks different from those of investing in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP or MLP-related security, risks related to potential conflicts of interest between an MLP and the MLP’s general partner, cash flow risks, dilution risks (which could occur if the MLP raises capital and then invests it in projects whose return fails to exceed the cost of capital raised) and risks related to the general partner’s limited call right. MLPs and MLP-related securities are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Depending on the state of interest rates in general, the use of MLPs or MLP-related securities could enhance or harm the overall performance of the Fund.

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, 2017 to December 31, 2018 (as applicable), or expected to be taken in the Funds’ December 31, 2019 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. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits, as income tax expenses in the Statements of Operations.

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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(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 each 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%
Dynamic Brands	0.75%	0.70%	0.65%
	Advisory Fee Annual Rate
Strategic Allocation	0.10%
Resolve Adaptive	1.75%
Tactical Return	1.75%
Iron Horse	1.25%
NuWave Enhanced	1.75%
Context	1.50%

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%	2.00%	April 30, 2020
Tactical Return	1.99%	2.24%	2.99%	April 30, 2020
Dynamic Brands *	1.24%	1.49%	2.24%	April 30, 2020
Strategic Allocation	0.45%	0.70%	1.45%	April 30, 2020
Resolve Adaptive	1.97%	2.22%	2.97%	April 30, 2020
Iron Horse	1.70%	1.95%	2.70%	April 30, 2020
NuWave Enhanced	1.99%	2.24%	2.99%	April 30, 2020
Context	1.75%	2.00%	2.75%	April 30, 2020

* Prior to May 1, 2019 , the Fund’s expense cap was 1.00%, 1.25% and 2.00% for Institutional Class, Class A and Class C respectively .

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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, 2019, 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	$	358,384	2019
		161,810	2020
		156,337	2021
		67,750	2022
Tactical Return		125,307	2019
		105,599	2020
		148,732	2021
		79,180	2022
Dynamic Brands		180,941	2019
		120,009	2020
		175,690	2021
		65,360	2022
Strategic Allocation		94,726	2019
		62,598	2020
		79,043	2021
		31,691	2022
Resolve Adaptive		49,241	2019
		117,608	2020
		148,267	2021
		73,308	2022
Iron Horse		171,089	2019
		75,447	2020
		82,832	2021
		34,203	2022
NuWave Enhanced		116,911	2021
		54,710	2022
Context		50,209	2022

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.

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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 class A shares and up to 1.00% for the class 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 six months ended June 30, 2019, the amounts accrued by the Funds were as follows:

	12b-1 Fees
Fund	Class A		Class C
Dividend Capture	$	15,814	$	7,641
Tactical Return		25,523		5,481
Dynamic Brands		14,606		1,144
Strategic Allocation		12,211		5
Resolve Adaptive		2,109		1,715
Iron Horse		1,863		5
NuWave Enhanced		8,067		473
Context Insurance Linked Income		2		5

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, Class A and Class C Shares.

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 and are reflected as such on the Statements of Operations. The Funds also pay 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, which is included in printing expenses on the Statements of Operations.

On February 1, 2019, NorthStar Financial Services Group, LLC, the parent company of Gemini Fund Services, LLC (“GFS”) and its affiliated companies including Northern Lights Distributors, LLC (“NLD”), Northern Lights Compliance Services, LLC (“NLCS”) and Blu Giant, LLC (“Blu Giant”) (collectively, the “Gemini Companies”), sold its interest in the Gemini Companies to a third party private equity firm that contemporaneously acquired Ultimus Fund Solutions, LLC (an independent mutual fund administration firm) and its affiliates (collectively, the “Ultimus Companies”). As a result of these separate transactions, the Gemini Companies and the Ultimus Companies are now indirectly owned through a common parent entity, The Ultimus Group, LLC.

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. These fees are included in Management Services Fees on the Statements of Operations.

Pursuant to the Compliance Services Agreement, 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. These fees are included in Compliance Offer Fees on the Statement of Operations. The amounts due to MFund at June 30, 2019 for management and chief compliance officer services are listed in the Statements of Assets and Liabilities under “Fees Payable to Affiliate.”

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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 on the Dividend Capture Fund’s portfolio investments. For those services, CIM Securities, LLC received $12,508 in brokerage commissions from the Fund for the six months ended June 30, 2019. Certain Officers and/or employees of PVG Asset Management Corp. the Fund’s sub-advisor, have an affiliation with CIM Securities, LLC.

Affiliated Funds—Affiliated companies are mutual funds that are advised by Catalyst Capital Advisors, AlphaCentric Advisors, LLC or Rational Advisors, Inc. Companies that are affiliates of the Funds’ at June 30, 2019, 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 30,				Credited to		(Loss) Realized on
Fund	2018		Purchases		Sales		2019		Fair Value		Income		Sale of Shares
Catalyst Buyback Strategy Fund, Inst. Sh.	$	22,903	$	—	$	—	$	22,903	$	252,388	$	—	$	—
Catalyst Enhanced Income Strategy Fund, Inst. Sh.		—		94,115		—		94,115		1,049,383		16,626		—
Catalyst Insider Buying Fund, Inst. Sh.		12,960		—		—		12,960		252,851		—		—
Catalyst Insider Income Fund Inst. Sh.		77,924		713		26,455		52,182		498,859		6,768		3,333
Catalyst IPOx Allocation Fund Inst. Sh.		18,826		—		—		18,826		272,599		—		—
Catalyst MLP & Infrastructure Fund, Inst, Sh.		158,642		11,088		—		169,730		780,624		52,673		—
Catalyst/MAP Global Equity Fund, Inst. Sh.		10,884		—		—		10,884		160,612		—		—
Catalyst/Stone Beach Income Opportunity Fund, Inst. Sh.		159,574		1,849		80,016		81,407		771,742		21,876		(35,379	)
Context Insurance Linked Income Fund, Inst. Sh.		—		75,963		—		75,963		735,326		18,298		—
Rational Dynamic Brands Fund, Inst. Sh.		17,772		—		—		17,772		689,009		—		—
Rational Income Opportunities Fund, Inst. Sh.		204,208		3,026		207,234		—		—		30,682		12,296
Rational NuWave Enhanced Market Opportunity Fund, Inst. Sh.		95,849		190,418		—		286,267		4,658,509		—		—
Rational Risk Managed Emerging Markets Fund, Inst. Sh.		—		—		—		—		—		—		8
Strategy Shares Ecological Strategy ETF		20,968		—		19,950		1,018		42,013		—		211,238
Strategy Shares NASDAQ 7 Handl Index ETF		43,000		—		—		43,000		1,034,150		35,137		—
Strategy Shares US Market Rotation Strategy ETF		5,069		—		3,500		1,569		54,727		—		31,803

(4) INVESTMENT TRANSACTIONS

For the six months ended June 30, 2019, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

Fund	Purchases		Sales
Dividend Capture	$	27,511,829	$	30,713,352
Tactical Return		—		—
Dynamic Brands		51,898,064		43,379,352
Strategic Allocation		3,463,891		4,012,946
Resolve Adaptive		—		—
Iron Horse		4,421,631		5,390,725
NuWave Enhanced		121,406,942		114,615,661
Context Insurance Linked Income		22,259,815		6,692,427

(5) INVESTMENT RISK

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

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June 30, 2019	SEMI-ANNUAL REPORT

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 Tactical Return Fund may have increased or decreased exposure to Option Risk factors defined below:

Options Risk - The Iron Horse and Tactical 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.

Event-Linked Bonds. The Context Fund invests in Event-linked (or “catastrophe”) bonds carry large uncertainties and major risk exposures to adverse conditions. If a trigger event, as defined within the terms of the bond, involves losses or other metrics exceeding a specific magnitude in the geographic region and time period specified therein, the Fund may lose a portion or all of its investment in such security, including accrued interest and/or principal invested in the security. Such losses may be substantial. Because catastrophe bonds cover “catastrophic” events that, if they occur, will result in significant losses, catastrophe bonds carry a high degree of risk of loss and are considered “high yield” bonds. The rating, if any, primarily reflects the rating agency’s calculated probability that a pre-defined trigger event will occur. Thus, lower-rated bonds have a greater likelihood of a trigger event occurring and causing a loss to the Fund.

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

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June 30, 2019	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 options written), and its respective gross unrealized appreciation and depreciation at June 30, 2019, were as follows:

			Gross		Gross			Net Unrealized
	Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
Dividend Capture		19,518,991		378,751		(2,183,661	)		(1,804,910	)
Tactical Return		84,676,787		48,152		(317	)		47,835
Dynamic Brands		28,264,141		3,754,122		(428,085	)		3,326,037
Strategic Allocation		12,812,939		277,776		(147,396	)		130,380
Resolve Adaptive		34,211,690		1,909,444		(182,140	)		1,727,304
Iron Horse		8,439,147		339,265		(543,959	)		(204,694	)
NuWave Enhanced		24,817,701		1,099,120		(2,275,765	)		(1,176,645	)
Context		15,913,325		297,081		(870,889	)		(573,808	)

(7) DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the year or period ended December 31, 2018 and December 31, 2017 was as follows:

For fiscal year or period ended	Ordinary		Long-Term		Return of
12/31/2018	Income		Capital Gains		Capital		Total
Dividend Capture	$	1,586,633	$	—	$	—	$	1,586,633
Tactical Return		172,762		252,330		—		425,092
Dynamic Brands		814,716		—		—		814,716
Strategic Allocation		385,129		259,129		—		644,258
Resolve Adaptive		286,185		—		—		286,185
Iron Horse		322,910		121,581		391,773		836,264
NuWave Enhanced		1,717,251		278,449		—		1,995,700
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
Tactical 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
Iron Horse		50,235		—		617,108		667,343
NuWave Enhanced		—		—		—		—

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019	SEMI-ANNUAL REPORT

As of December 31, 2018, 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	$	853,427	$	—	$	(740,865	)	$	(5,119,623	)	$	—		$	(2,863,635	)	$	(7,870,696	)
Tactical Return		—		290,071		—			(2,370,575	)		—			—			(2,080,504	)
Dynamic Brands		—		—		(108,608	)		—			—			108,520			(88	)
Strategic Allocation		—		—		(58,787	)		—			—			(242,763	)		(301,550	)
Resolve Adaptive		—		—		(14,878	)		(571,904	)		—			(106	)		(586,888	)
Iron Horse		—		—		—			—			(2,128	)		(623,347	)		(625,475	)
NuWave Enhanced		—		105,630		—			—			—			(1,732,276	)		(1,626,646	)

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 contracts, 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 $(3,803), $(106), and $(118) for the Dynamic Brands Fund, Resolve Adaptive Asset Allocation Fund, and NuWave Enhanced Market Opportunity Fund respectively. In addition, the amount listed under other book/tax differences for the Iron Horse Fund is primarily attributable to the tax deferral of losses on straddles.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows:

	Late Year
	Losses
Dividend Capture	$	—
Tactical Return		—
Dynamic Brands		—
Strategic Allocation		—
Resolve Adaptive		14,878
Iron Horse		—
NuWave Enhanced		—

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

	Post October
	Losses
Dividend Capture	$	740,865
Tactical Return		—
Dynamic Brands		108,608
Strategic Allocation		58,787
Resolve Adaptive		—
Iron Horse		—
NuWave Enhanced		—

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
��
June 30, 2019	SEMI-ANNUAL REPORT

At December 31, 2018, 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:

			Non- Expiring		Non-Expiring				Capital Loss Carry		Capital Loss Carry
	Expiring		Short-Term		Long-Term		Total		Forwards Utilized		Forwards Expired
Dividend Capture	$	—	$	2,252,148	$	2,867,475	$	5,119,623	$	49,416	$	—
Tactical Return*		—		463,904		1,906,671		2,370,575		92,691		2,136,294
Dynamic Brands		—		—		—		—		—		—
Strategic Allocation		—		—		—		—		502,978		—
Resolve Adaptive		—		210,140		361,764		571,904		—		—
Iron Horse		—		—		—		—		25,071		—
NuWave Enhanced		—		—		—		—		—		—

* The Rational Tactical 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.

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses, net operating losses, the reclassification of Fund distributions, the expiration of capital loss carry forwards, and tax adjustments for equalization debits, and the Resolve Adaptive Asset Allocation Fund’s wholly owned subsidiary, resulted in reclassifications for the Funds for the fiscal year or period ended December 31, 2018 as follows:

	Paid In			Accumulated
	Capital			Earnings (Deficit)
Dividend Capture	$	21		$	(21	)
Tactical Return		(2,120,118	)		2,120,118
Dynamic Brands		—			—
Strategic Allocation		—			—
Resolve Adaptive		(1,830,013	)		1,830,013
Iron Horse		—			—
NuWave Enhanced		(19,764	)		19,764

(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 Tactical Return Fund will be directly affected by the performance of the Federated Treasury Obligations Fund, Institutional Class. The financial statements of the Federated Treasury Obligations Fund, 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, 2019, the percentage of the Tactical Return Fund’s net assets invested in the Federated Treasury Obligations Fund was 27.2%.

The performance of the Resolve Adaptive Fund will be directly affected by the performance of the Fidelity Institutional Government Portfolio, Institutional Class. 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, 2019, the percentage of the Resolve Adaptive’s Fund’s net assets invested in the Fidelity Institutional Government Portfolio was 93.6%.

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019	SEMI-ANNUAL REPORT

(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, 2019, 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			Tactical			Dynamic			Strategic			Resolve			NuWave			Context Insurance
	Capture			Return			Brands			Allocation			Adaptive			Enhanced			Linked Income
Troy W Buckner		—			—			—			—			—			32.58	%		—
NFS LLC(1)		53.84	%		—			41.36	%		88.18	%		39.30	%		—			—
Charles Schwab(1)		—			45.29	%		—			—			55.84	%		26.09	%		—
UBS		—			—			—			—			—			—			64	%

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

(10) SHARE SPLITS

Effective September 21, 2018 the Rational Dynamic Brands Fund underwent a 1-for-10 reverse share split. The effect of the share split was to divide the number of outstanding shares of the Fund by the split factor, with a corresponding increase in the net asset value per share. This transaction did not change the net assets of the Fund or the value of a shareholder’s investment.

(11) NEW ACCOUNTING PRONOUNCEMENTS

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.

(12) 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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RATIONAL FUNDS

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 (01/01/19) and held for the entire period through 06/30/19.

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	01/01/2019		06/30/2019		During Period *		06/30/2019		During Period *
Rational Dividend Capture Fund - Class A	1.25%	$	1,000.00	$	1,048.60	$	6.35	$	1,018.60	$	6.26
Rational Dividend Capture Fund - Class C	2.00%		1,000.00		1,041.80		10.13		1,014.88		9.99
Rational Dividend Capture Fund - Institutional Class	1.00%		1,000.00		1,048.20		5.08		1,019.84		5.01
Rational Tactical Return Fund - Class A	2.24%		1,000.00		1,047.70		11.37		1,013.69		11.18
Rational Tactical Return Fund - Class C	2.99%		1,000.00		1,042.40		15.14		1,009.97		14.90
Rational Tactical Return Fund - Institutional Class	1.99%		1,000.00		1,048.10		10.11		1,014.93		9.94
Rational Dynamic Brands Fund - Class A	1.33%		1,000.00		1,132.50		7.03		1,018.20		6.66
Rational Dynamic Brands Fund - Class C	2.08%		1,000.00		1,126.00		10.96		1,014.48		10.39
Rational Dynamic Brands Fund - Institutional Class	1.08%		1,000.00		1,133.60		5.71		1,019.44		5.41
Rational Strategic Allocation Fund - Class A	0.70%		1,000.00		1,075.70		3.60		1,021.32		3.51
Rational Strategic Allocation Fund - Class C	1.45%		1,000.00		1,072.20		7.45		1,017.60		7.25
Rational Strategic Allocation Fund - Insitutional Class	0.45%		1,000.00		1,076.50		2.32		1,022.56		2.26
Rational/Resolve Adaptive Asset Allocation Fund - Class A **	2.22%		1,000.00		1,128.00		11.71		1,013.79		11.08
Rational Resolve Adaptive Asset Allocation Fund - Class C **	2.97%		1,000.00		1,124.30		15.64		1,010.07		14.80
Rational/Resolve Adaptive Asset Allocation Fund - Institutional Class **	1.97%		1,000.00		1,129.40		10.40		1,015.03		9.84
Rational Iron Horse - Class A	1.95%		1,000.00		992.00		9.63		1,015.12		9.74
Rational Iron Horse - Class C	2.30%		1,000.00		989.90		11.35		1,013.39		11.48
Rational Iron Horse - Institutional Class	1.70%		1,000.00		993.50		8.40		1,016.36		8.50
Rational NuWave Enhanced Market Opportunity Fund - Class A	2.24%		1,000.00		1,116.20		11.75		1,013.69		11.18
Rational NuWave Enhanced Market Opportunity Fund - Class C	2.99%		1,000.00		1,111.30		15.65		1,009.97		14.90
Rational NuWave Enhanced Market Opportunity Fund - Class Institutional	1.99%		1,000.00		1,117.40		10.45		1,014.93		9.94
Context Insurance Linked Income Fund - Class A	2.00%		1,000.00		990.50		9.87		1,014.88		9.99
Context Insurance Linked Income Fund - Class C	2.75%		1,000.00		987.00		13.55		1,011.16		13.71
Context Insurance Linked Income Fund - Institutional Class	1.75%		1,000.00		992.20		8.64		1,016.12		8.75

* 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.

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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SUPPLEMENTAL INFORMATION (Unaudited)
June 30, 2019	SEMI-ANNUAL REPORT

Consideration and Renewal of Management Agreement between Rational Advisors, Inc. and Mutual Fund and Variable Insurance Trust with respect to Rational Iron Horse Fund (“Iron Horse Fund”)

In connection with a regular meeting held on March 22, 2019, 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 renewal of the management agreement between the Trust and Rational Advisors, Inc. (“Rational” or the “Advisor”), with respect to the Iron Horse Fund (the “Management Agreement”).

The Trustees met in executive session with counsel, who provided assistance and advice and reviewed the duties and responsibilities of the Trustees in evaluating and approving the continuation of the Management Agreement. The Trustees reviewed Rational’s responses to a series of questions regarding, among other things, the investment performance of Iron Horse Fund; the services Rational provides to Iron Horse Fund; comparative fee and expense information; and Rational’s profitability and “fall-out” benefits from advising Iron Horse 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 with respect to the renewal of the Management Agreement. The Trustees also considered the information presented at Board meetings throughout the year.

Nature, Extent & Quality of Services.The Trustees reviewed the services Rational provides to the Fund and information concerning the financial condition and resources; personnel; business; operations and compliance program of Rational. The Board considered that Rational continues to enhance its risk management program and noted that the risk management team regularly evaluates the Iron Horse Fund’s performance with respect to volatility, drawdowns and returns relative to its investment objective. After further discussion and review of the Rational 15c Response, the Trustees concluded that Rational will continue to provide an acceptable level of services to the Iron Horse Fund.

Performance.The Trustees reviewed the performance of Iron Horse Fund relative to its peer group, Options-Based Morningstar category and benchmark indices, the S&P 500 TR Index and CBOE S&P 500 BuyWrite Index, for various periods ended December 31, 2018. The Trustees discussed the criteria used by Rational for selecting the peer group. The Board noted Iron Horse Fund outperformed its peer group, Morningstar category and benchmarks for the one-year period. The Board further noted that the Fund out-performed its Morningstar category and peer group for the three-year, five-year and since inception periods but had under-performed the S&P 500 TR Index and CBOE S&P 500 BuyWrite Index for those same periods. The Trustees determined that the Fund’s performance was acceptable.

Fees and Expenses.The Trustees reviewed the advisory fees for Iron Horse Fund as compared to its peer group and the Options-Based Morningstar category. The Board determined the advisory

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SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
June 30, 2019	SEMI-ANNUAL REPORT

fee was above the average advisory fee of the funds in the peer group and Morningstar category, but within the high and low range of fees of both the peer group and Morningstar category. The Trustees noted that Rational entered into an expense limitation agreement whereby Rational waives advisory fees and/or assumes expenses to keep the Fund’s expenses from exceeding certain levels. In reviewing the overall net expense ratio, the Trustees noted it was above the average net expense ratio of the funds in the peer group and Morningstar category, but within the high and low range of net expense ratios of both the peer group and Morningstar category. After further discussion, the Trustees concluded that the advisory fee and expenses for the Iron Horse Fund were reasonable.

Profitability.The Trustees reviewed a profitability analysis provided for Iron Horse Fund, noting the Advisor is currently incurring a loss from its relationship with the Fund. After further discussion, the Trustees concluded that Rational’s profitability with respect to the Iron Horse Fund was reasonable.

“Fall-out” Benefits. The Trustees considered fall-out benefits received by Rational and its affiliates from their relationship with the Iron Horse Fund and the Trust.

Economies of Scale.The Board considered Rational’s estimates of asset levels where the Iron Horse Fund would benefit from economies of scale. The Trustees determined that the Iron Horse Fund was still not yet of a sufficient size to be experiencing economies of scale and agreed that the matter of economies of scale would be revisited as assets of the Iron Horse Fund increase.

Conclusion.No single factor was determinative to the decision of the Trustees. Having reviewed and discussed in depth such information from Rational 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 renewal of the Management Agreement with Rational on behalf of the Iron Horse Fund was in the best interests of the shareholders of the Iron Horse Fund.

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SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
June 30, 2019	SEMI-ANNUAL REPORT

Consideration and Renewal of Sub-Advisory Agreement between Rational Advisors, Inc. and Van Hulzen Asset Management, LLC with respect to Rational Iron Horse Fund (“Iron Horse Fund”)

In connection with a regular meeting held on March 22, 2019, 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 renewal of the Sub-Advisory Agreement between Rational Advisors, Inc. (“Rational”) and Van Hulzen Asset Management, LLC (“Van Hulzen” or the “Sub-Advisor”) with respect to the Iron Horse Fund (the “Sub-Advisory Agreement”).

The Trustees met in executive session with counsel, who provided assistance and advice and reviewed the duties and responsibilities of the Trustees in evaluating and approving the continuation of the Sub-Advisory Agreement. The Trustees reviewed information provided by Rational and Van Hulzen’s responses to a series of questions regarding, among other things, the investment performance of Iron Horse Fund; the services Van Hulzen provides to Iron Horse Fund; comparative fee and expense information; and Van Hulzen’s profitability and “fall-out” benefits from sub-advising the Iron Horse Fund (the “Van Hulzen 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 with respect to the renewal of the Sub-Advisory Agreement. The Trustees also considered the information presented at Board meetings throughout the year.

Nature, Extent & Quality of Services.The Trustees discussed the services Van Hulzen provides to the Fund. The Trustees reviewed information concerning the background and experience of the portfolio management and other personnel who provide services to the Fund, as well as information concerning the financial condition and resources; business; operations and compliance program of Van Hulzen. The Trustees considered the consistency in Van Hulzen personnel and acknowledged the expertise of the portfolio management team. After discussion, the Trustees concluded that Van Hulzen had personnel, resources and operations essential to performing its duties under the Sub-Advisory Agreement and that the nature, overall quality and extent of the sub-advisory services provided to the Iron Horse Fund by the Sub-Advisor were acceptable.

Performance.The Trustees reviewed the performance of Iron Horse Fund relative to its peer group, Options-Based Morningstar category and benchmark indices, the S&P 500 TR Index and CBOE S&P 500 BuyWrite Index, for various periods ended December 31, 2018. The Trustees discussed the criteria used by Rational for selecting the peer group. The Board noted Iron Horse Fund outperformed its peer group, Morningstar category and benchmarks for the one-year period. The Board further noted that the Fund out-performed its Morningstar category and peer group for the three-year, five-year and since inception periods but had under-performed the S&P 500 TR Index and CBOE S&P 500 BuyWrite Index for those same periods. The Trustees determined that the Fund’s performance was acceptable.

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RATIONAL FUNDS
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
June 30, 2019	SEMI-ANNUAL REPORT

Fees & Expenses.The Trustees considered that the sub-advisory fees paid to Van Hulzen pursuant to the Sub-Advisory Agreement were paid entirely by Rational. The Trustees noted that the maximum fee that Van Hulzen may receive pursuant to the Sub-Advisory Agreement between Rational and Van Hulzen of 0.625% (50% of the net advisory fee paid to Rational) is higher than the fees Van Hulzen receives for managing similarly managed accounts. The Board discussed the Fund’s strategy and determined that the sub-advisory fee was reasonable given the active management of the Fund and the covered call component and risk management discipline of the Fund’s strategy.

The Board considered the respective duties of Rational and Van Hulzen and analyzed how fees were allocated between Van Hulzen and Rational. After consideration and discussion, the Trustees decided that the fees were allocated appropriately between Van Hulzen and Rational.

Profitability.The Trustees reviewed the profitability of Van Hulzen from sub-advising Iron Horse Fund and noted that Van Hulzen was not currently profitable. The Board concluded that Van Hulzen’s profitability with respect to the Iron Horse Fund was reasonable.

“Fall-out” Benefits. The Trustees considered fall-out benefits received by Van Hulzen from its relationship with the Iron Horse Fund and the Trust.

Economies of Scale.The Trustees agreed that economies of scale 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.No single factor was determinative to the decision of the Trustees. Having requested and received detailed information from Van Hulzen 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 renewal of the Sub-Advisory Agreement with Van Hulzen on behalf of the Iron Horse Fund was in the best interests of the shareholders of the Iron Horse Fund.

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RATIONAL FUNDS
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
June 30, 2019	SEMI-ANNUAL REPORT

Consideration and Approval of Management Agreement between Rational Advisors, Inc. and Mutual Fund & Variable Insurance Trust with respect to Context Insurance Linked Income Fund (“Context Insurance Fund”)

In connection with an in person Board Meeting held on December 14, 2018, the Board of Trustees (the “Board” or 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 the Management Agreement between Rational Advisors, Inc. (“Rational”) and the Trust with respect to the Context Insurance Fund (the “Management Agreement”).

The Trustees reviewed Rational’s responses to a series of questions regarding, among other things, the nature, extent, and quality of the services to be provided by Rational; the advisory fees and costs of the services to be provided; the profits and “fall-out” benefits to be realized by Rational and its affiliates from its relationship with Context Insurance Fund; the extent to which economies of scale will be realized; and whether the fee levels reflect these economies of scale to the benefit of shareholders (the “Rational 15c Response”). 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 Management 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 with respect to the approval of the Management Agreement.

Nature, Extent and Quality of Services.The Trustees noted their familiarity with the key personnel proposed to service Context Insurance Fund and discussed the consistent and quality services provided by the dedicated team of qualified professionals at Rational. The Trustees then discussed the nature of Rational’s operations, its financial condition and resources and its strong culture of compliance. The Board considered that Rational continues to enhance its risk management program and noted that the risk management team regularly evaluates the performance and volatility of other Funds it manages within the Trust. After further discussion and review of the Rational’s 15(c) Response, the Trustees concluded that Rational will provide an acceptable level of services to Context Insurance Fund.

Performance.The Trustees noted that, because the Context Insurance Fund had not commenced operations, it was not possible to assess Rational’s and Context’s investment performance with respect to the Context Insurance Fund. The Trustees had previously reviewed the performance of other Funds advised by Rational, and were pleased with the performance achieved and Rational’s oversight of sub-advisors.

Fees and Expenses.The Trustees reviewed the proposed annual advisory fee for the Context Insurance Fund of 1.50% and found it is above its peer group average, but well within the range of advisory fees. The Board acknowledged the peer group presented did not include open-end funds, but rather hedge funds and closed-end interval funds that follow similar strategies. The Board further found that the proposed advisory fee for the Context Insurance Fund was above the Nontraditional Bond Morningstar category average, but also within the range of fees within the

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SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
June 30, 2019	SEMI-ANNUAL REPORT

category. The Board agreed the higher advisory fee was supported due to the specialized, alternative nature of the investment strategy. The Trustees reviewed Context Insurance Fund’s planned expense cap of 1.75%, effective through April 30, 2020. They noted the cap will keep the Context Insurance Fund’s net expense ratio at the lower range for both its peer group and Morningstar category. The Trustees concluded that the proposed advisory fee was not unreasonable.

Profitability.The Trustees reviewed the profitability analysis provided by Rational, as included in the Materials. After further discussion, the Trustees concluded that the estimated profitability of Rational with respect to Context Insurance Fund was reasonable.“Fall-out” Benefits.The Trustees considered fall-out benefits received by Rational and its affiliates from their relationship with the Context Insurance Fund and the Trust.

Economies of Scale.The Trustees considered whether there would be economies of scale with respect to the management of Context Insurance 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 Context Insurance Fund reaches significant asset levels.

Conclusion.No single factor was determinative to the decision of the Trustees. Having requested and received such information from Rational 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 approval of the management agreement on behalf of the Context Insurance Fund was in the best interests of the future shareholders of Context Insurance Fund.

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RATIONAL FUNDS
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
June 30, 2019	SEMI-ANNUAL REPORT

Consideration and Approval of Sub-Advisory Agreement between Rational Advisors, Inc. and Context ILS Advisers, LLC with respect to Context Insurance Linked Income Fund (“Context Insurance Fund”)

In connection with a regular meeting held on December 14, 2018, 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 the Sub-Advisory Agreement between Rational Advisors, Inc. (“Rational”) and Context ILS Advisers, LLC (“Context”) with respect to the Context Insurance Fund (the “Sub-Advisory Agreement”).

The Trustees reviewed information provided by Rational and Context’s responses to a series of questions regarding, among other things, the qualifications of Context to manage the Context Insurance Fund; the nature, extent, and quality of the services to be provided by Context; the sub-advisory fees and costs of the services to be provided; and Context’s expected profitability and “fall-out” benefits from sub-advising the Context Insurance Fund (the “Context 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 with respect to the approval of the Sub-Advisory Agreement.

Nature, Extent and Quality of Services.The Trustees then discussed the nature of Context’s operations, its resources and the experience and qualifications of its fund management personnel. The Trustees noted Context’s in-depth experience and knowledge of the insurance asset class, experience investing in insurance-linked securities, and its approach to portfolio management and risk mitigation. The Board recalled their discussion with the Trust’s CCO regarding the quality of Context’s compliance program and the Trust’s CCO confirmed that Context had an adequate compliance program designed to prevent violations of applicable laws. After further discussion and review of the Context 15c Response, the Trustees concluded that Context will provide an acceptable level of services to the Context Insurance Fund.

Performance.The Trustees noted that, because the Context Insurance Fund had not commenced operations, it was not possible to assess Context’s investment performance with respect to the Fund. The Trustees noted that, as a newly formed entity, Context did not have performance of similar accounts for the Trustees to evaluate.

Fees and Expenses.The Trustees reviewed the proposed sub-advisory fee of 50% of the annual net advisory fee for the Context Insurance Fund, with an annual maximum of 0.75% of the Fund’s average net assets. The Trustees also considered that the sub-advisory fees to be paid to Context pursuant to the Sub-Advisory Agreement would be paid entirely by Rational. The Trustees concluded that the sub-advisory fee was not unreasonable, and agreed that the allocation of fees between Rational and Context was appropriate.

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RATIONAL FUNDS
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
June 30, 2019	SEMI-ANNUAL REPORT

Profitability.The Trustees reviewed a profitability analysis provided by Context. After further discussion, the Trustees concluded that the estimated profitability of Context with respect to the Context Insurance Fund was reasonable.

“Fall-out” Benefits. The Trustees considered fall-out benefits to be received by Context from its relationship with the Context Insurance Fund and the Trust.

Economies of Scale.The Trustees agreed that economies of scale was primarily an advisory fee concern and that economies of scale would be revisited when the Context Insurance Fund reaches significant asset levels.

Conclusion.No single factor was determinative to the decision of the Trustees. Having requested and received such information from Context 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 with Context on behalf of the Context Insurance Fund was in the best interests of the Fund and its future shareholders.

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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 areno longerour 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

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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.

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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. Disclosure of Securities Lending Activities for Closed-Ended Management Investment Companies.

Not applicable.

Item 13. 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	09/05/2019

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 09/05/2019

By (Signature and Title)		/s/ Erik Naviloff
		Erik Naviloff, Treasurer and Principal Financial Officer
Date	09/05/2019