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, 2020

Item 1. Reports to Stockholders.

 

Semi-Annual Shareholder Report

J u n e  3 0 ,  2 0 2 0

INSTITUTIONAL SHARES

CLASS A SHARES

CLASS C SHARES

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 Equity Armor Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2020

The Fund’s performance figures* for each of the periods ended June 30, 2020, compared to its benchmarks:

			Annualized	Annualized	Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	10 Year Return	Since Inception(a)	Since Inception(b)
Institutional	7.20%	13.85%	1.45%	6.73%	5.32%	N/A
Class A	7.07%	13.37%	1.18%	6.46%	5.07%	N/A
Class A with load	1.92%	7.95%	0.21%	5.94%	4.80%	N/A
Class C	6.80%	12.66%	0.57%	N/A	N/A	1.54%
S&P 500 Total Return Index (c)	(3.08)%	7.51%	10.73%	13.99%	6.96%	10.69%
S&P 500 Value Total Return Index (d)	(15.52)%	(4.50)%	5.98%	10.88%	6.06%	6.52%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2020 prospectus, the total annual operating expense are 1.77% for Institutional shares, 2.02% for A shares and 2.77% 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%.

Performance information for the period prior to December 2019 does not reflect the Fund’s current strategy and the Fund’s portfolio was not managed by the Fund’s current Sub-Advisor.

(a) Inception date is February 28, 2001 for Class A, Institutional 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 S&P Global., 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 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
Pharmaceuticals		12.1	%
Banks		11.9	%
Telecommunications		9.9	%
Retail		5.6	%
Oil & Gas		4.8	%
Electric		4.7	%
Semiconductors		4.6	%
Diversified Financial Services		4.4	%
Cosmetics / Personal Care		3.7	%
Computers		2.7	%
Other/Short-Term Investments		35.6	%
		100.0	%

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

1

Rational Tactical Return Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2020

The Fund’s performance figures* for each of the periods ended June 30, 2020, compared to its benchmarks:

			Annualized	Annualized	Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	10 Year Return	Since Inception(a)	Since Inception(b)
Institutional	1.59%	5.02%	3.11%	3.19%	-1.33%	N/A
Class A	1.40%	4.62%	3.05%	3.01%	-1.52%	N/A
Class A with load	(3.34)%	-0.27%	2.06%	2.51%	-1.88%	N/A
Class C	1.07%	3.76%	N/A	N/A	N/A	6.17%
S&P 500 Total Return Index (c)	(3.08)%	7.51%	10.73%	13.99%	8.01%	12.28%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2020 prospectus, the total annual operating expense are 2.20% for Institutional Class shares, 2.56% for Class A shares and 3.16% for Class 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%.

Performance information for the period prior to December 2017 does not reflect the Fund’s current strategy and the Fund’s portfolio was not managed by the Fund’s current Sub-Advisor.

(a) Inception date is May 1, 2007 for Class A, Institutional 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 S&P Global., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an Index.

Top Holdings by Asset Type	% of Net Assets
Short-Term Investments		95.1	%
Other/Cash & Equivalents		4.9	%
		100.0	%

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, 2020

The Fund’s performance figures* for each of the periods ended June 30, 2020, compared to its benchmarks:

			Annualized	Annualized	Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	10 Year Return	Since Inception(a)	Since Inception(b)
Institutional	13.07%	26.70%	10.00%	12.48%	11.09%	11.09%
Class A	12.95%	26.39%	9.72%	12.20%	10.81%	N/A
Class A with load	7.58%	20.36%	8.65%	11.66%	10.51%	N/A
Class C	12.52%	25.45%	9.04%	N/A	N/A	6.97%
S&P 500 Total Return Index (c)	(3.08)%	7.51%	10.73%	13.99%	9.95%	10.69%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2020 prospectus, the total annual operating expense are 1.46% for Institutional shares, 1.75% for Class A shares and 2.69% for Class 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%.

Performance information for the period prior to October 2017 does not reflect the Fund’s current strategy and the Fund’s portfolio was not managed by the Fund’s current Sub-Advisor.

(a) Inception date is September 27, 2002, for Class A, Institutional 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 S&P Global., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an Index.

Top 10 Holdings by Industry	% of Net Assets
Retail		17.5	%
Diversified Financial Services		7.6	%
Computers		7.1	%
Reit		7.9	%
Software		4.6	%
Pharmaceuticals		4.2	%
Healthcare Products		3.5	%
Apparel		3.4	%
Banks		2.8	%
Commercial Services		2.6	%
Other/Short-Term Investments		38.8	%
		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, 2020

The Fund’s performance figures* for each of the periods ended June 30, 2020, compared to its benchmarks:

			Annualized	Annualized	Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	10 Year Return	Since Inception(a)	Since Inception(b)
Institutional	(17.99)%	(14.19)%	N/A	N/A	N/A	1.35%
Class A	(18.11)%	(14.37)%	0.90%	4.08%	4.09%	N/A
Class A with load	(22.00)%	(18.40)%	-0.07%	3.58%	3.63%	N/A
Class C	(18.46)%	(15.12)%	N/A	N/A	N/A	0.34%
S&P 500 Total Return Index (c)	(3.08)%	7.51%	10.73%	13.99%	13.39%	12.28%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2020 prospectus, the total annual operating expense are 2.46% for Institutional shares, 2.83% for Class A shares and 3.50% for Class 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%.

Performance information for the period prior to January 2016 does not reflect the Fund’s current strategy and the Fund’s portfolio was not managed by the Fund’s current Sub-Advisor.

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

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

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

Top Holdings by Asset Type	% of Net Assets
Debt Funds - Mutual Funds		87.8	%
U.S. Treasury Obligations		10.2	%
Other/Short-Term Investments		2.0	%
		100.0	%

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, 2020

The Fund’s performance figures* for each of the periods ended June 30, 2020, compared to its benchmarks:

			Annualized	Annualized	Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	10 Year Return	Since Inception(a)	Since Inception(b)
Institutional (c)	(6.32)%	(1.86)%	1.12%	4.51%	N/A	4.76%
Class A	(6.42)%	(2.10)%	N/A	N/A	2.47%	N/A
Class A with load	(11.78)%	(7.73)%	N/A	N/A	(3.44)%	N/A
Class C	(6.75)%	(2.83)%	N/A	N/A	(0.17)%	N/A
S&P 500 Total Return Index (d)	(3.08)%	7.51%	10.73%	13.99%	12.24%	2.12%
Barclay CTA Index (e)	1.28%	2.07%	0.30%	0.99%	1.88%	4.88%

* 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 May 1 , 2020 prospectus, the total annual operating expense are 2.45% for Institutional shares, 2.73% for Class A shares and 3.50% for Class 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%.

Performance information for the period prior to February 2018 does not reflect the Fund’s current strategy and the Fund’s portfolio was not managed by the Fund’s current Sub-Advisor.

(a) Inception date is September 30, 2016 for Class A, Class C and the benchmarks.

(b) Inception date is February 28, 1994 for Institutional and the benchmarks.

(c) The Fund acquired all of the assets and liabilities of Chesapeake Fund LLC (the “Predecessor Fund”) in a tax-free reorganization on September 30, 2016. In connection with this acquisition, shares of the Predecessor Fund were exchanged for Institutional shares of the Fund, so the Predecessor Fund became the Institutional 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 February 28,1994. 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 S&P Global., Inc., is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an Index.

(e) 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		91.6	%
Other/Cash & Equivalents		8.4	%
		100.0	%

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, 2020

The Fund’s performance figures* for each of the periods ended June 30, 2020, compared to its benchmarks:

			Annualized	Annualized	Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	Since Inception(a)	Since Inception(b)	Since Inception(c)
Institutional	(8.17)%	(8.74)%	0.27%	N/A	N/A	3.82%
Class A	(8.25)%	(8.88)%	0.40%	2.71%	N/A	N/A
Class A with Load	(13.56)%	(14.12)%	(1.13)%	2.04%	N/A	N/A
Class C	(8.52)%	(9.30)%	N/A	N/A	(2.36)%	N/A
S&P 500 Total Return Index (d)	(3.08)%	7.51%	10.73%	11.98%	11.05%	13.59%
CBOE S&P 500 Buy Write Index (e)	(15.11)%	(10.94)%	2.81%	5.10%	0.49%	5.48%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2020 prospectus, the total annual operating expense are 2.62% for Institutional shares, 2.87% for Class A shares and 3.62% for Class 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 and the benchmarks.

(d) The “S&P 500 Total Return Index,” a registered trademark of S&P Global., 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 Holdings by Asset Type	% of Net Assets
Other/Short-Term Investments		100.0	%
		100.0	%

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

6

Rational/NuWave Enhanced Market Opportunity Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2020

The Fund’s performance figures* for each of the periods ended June 30, 2020, compared to its benchmarks:

			Annualized	Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	Since Inception(a)	Since Inception(b)
Institutional (c)	(34.90)%	(27.54)%	3.17%	3.39%	N/A
Class A	(34.99)%	(27.70)%	N/A	N/A	(5.09)%
Class A with load	(38.73)%	(31.86)%	N/A	N/A	(7.48)%
Class C	(35.25)%	(28.26)%	N/A	N/A	(5.81)%
S&P 500 Total Return Index (d)	(3.08)%	7.51%	10.73%	12.13%	N/A
SG CTA Mutual Fund Index (e)	(1.68)%	(1.28)%	(1.53)%	0.07%	0.44%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2020 prospectus, the total annual operating expense are 2.37% for Institutional shares, 2.77% for Class A shares and 3.34% for Class 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 and the benchmarks.

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

(c) The Fund acquired all of the assets and liabilities of 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 S&P Global., 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
Exchange Traded Funds		11.4	%
Retail		3.4	%
Electric		2.9	%
Oil & Gas		2.9	%
Diversified Financial Services		1.8	%
Internet		1.7	%
Semiconductors		1.7	%
Pharmaceuticals		1.6	%
Healthcare - Products		1.5	%
Banks		1.4	%
Other/Short-Term Investments		69.7	%
		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.

7

Rational Special Situations Income Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2020

The Fund’s performance figures* for each of the periods ended June 30, 2020, compared to its benchmarks:

			Annualized	Annualized	Annualized	Annualized
	Six Month Return	1 Year Return	5 Year Return	10 Year Return	Since Inception(a)	Since Inception(b)
Institutional (c)	(0.63)%	1.44%	7.92%	11.82%	N/A	15.18%
Class A	(0.74)%	1.15%	N/A	N/A	1.04%	N/A
Class A with load	(5.45)%	(3.68)%	N/A	N/A	(3.99)%	N/A
Class C	(1.15)%	0.37%	N/A	N/A	0.28%	N/A
Bloomberg Barclays U.S. Aggregate Bond Index (d)	6.14%	8.74%	4.30%	3.82%	9.25%	4.42%
Bloomberg Barclays U.S. Mortgage Backed Securities Index (e)	3.50%	5.67%	3.23%	3.06%	5.69%	3.57%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2020 prospectus, the total annual operating expense are 2.07% for Institutional shares, 2.22% for Class A shares and 2.98% for Class 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 17, 2019 for Class A, Class C and the benchmarks.

(b) Inception date is February 1, 2009 for Institutional and the benchmarks.

(c) The Fund acquired all of the assets and liabilities of ESM Fund I, L.P. (the “Predecessor Fund”) in a tax-free reorganization on July 17, 2019. In connection with this acquisition, shares of the Predecessor Fund were exchanged for Institutional shares of the Fund, so the Predecessor Fund became the Institutional 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 in February 2009. 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 Bloomberg Barclays U.S. Aggregate Bond Index is a market capitalization-weighted index that is designed to measure the performance of the U.S. investment grade bond market with maturities of more than one year. Investors cannot invest directly in an Index.

(e) The Bloomberg Barclays U.S. Mortgage Backed Securities Index tracks agency mortgage pass-through securities. Investors cannot invest directly in an Index.

Holdings by Asset Type	% of Net Assets
Asset Backed Securities		88.8	%
Commercial Mortgage Obligations		0.3	%
Other/Short-Term Investments		10.9	%
		100.0	%

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

8

Rational/Pier 88 Convertible Securities Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2020

The Fund’s performance figures* for each of the periods ended June 30, 2020, compared to its benchmarks:

			Annualized	Annualized
	Six Month Return	1 Year Return	Since Inception(a)	Since Inception(b)
Institutional (c)	1.67%	9.12%	N/A	8.85%
Class A	1.67%	8.96%	6.07%	N/A
Class A with load	(3.18)%	3.82%	(2.67)%	N/A
Class C	1.47%	8.40%	5.71%	N/A
Bloomberg Barclays U.S. Convertibles TR Index (d)	8.46%	16.27%	20.70%	11.82%

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods greater than 1 year are annualized. Per the fee table in the Fund’s May 1, 2020 prospectus, the total annual operating expense are 1.67% for Institutional shares, 1.92% for Class A shares and 2.67% for Class 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 6, 2019 for Class A, Class C and the benchmark.

(b) Inception date is March 1, 2017 for Institutional and the benchmark.

(c) The Fund acquired all of the assets and liabilities of Lake Como Convertible Bond Fund L.P. (the “Predecessor Fund”) in a tax-free reorganization on December 6, 2019. In connection with this acquisition, shares of the Predecessor Fund were exchanged for Institutional shares of the Fund, so the Predecessor Fund became the Institutional 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 in March 2017. 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 Bloomberg Barclays U.S. Convertibles TR Index is an index used to represent the U.S. convertible bond asset class. Investors cannot invest directly in an Index.

Top 10 Holdings by Industry	% of Net Assets
Software		14.3	%
Electric		13.2	%
Semiconductors		12.2	%
Internet		6.8	%
Healthcare - Products		6.3	%
Commercial Services		6.0	%
Healthcare - Services		6.0	%
REITs		5.7	%
Investment Companies		4.6	%
Biotechnology		4.0	%
Other/Short-Term Investments		20.9	%
		100.0	%

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

9

RATIONAL EQUITY ARMOR FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2020

Shares			Value
		COMMON STOCKS - 88.6%
		AGRICULTURE - 1.9%
	19,010	Altria Group, Inc.	$	746,143
		BANKS - 11.9%
	47,924	Bank of America Corp.		1,138,195
	4,679	Goldman Sachs Group, Inc.		924,664
	17,389	JPMorgan Chase & Co.		1,635,609
	18,458	Morgan Stanley		891,522
				4,589,990
		BUILDING MATERIALS - 2.2%
	16,920	Masco Corp.		849,553
		CHEMICALS - 2.1%
	9,386	Celanese Corp.		810,387
		COMPUTERS - 2.7%
	1,094	Apple, Inc.		399,091
	5,322	International Business Machines Corp.		642,738
				1,041,829
		COSMETICS / PERSONAL CARE - 3.7%
	11,918	Procter & Gamble Co.		1,425,035
		DISTRIBUTION / WHOLE SALE - 2.1%
	19,094	Fastenal Co.		817,987
		DIVERSIFIED FINANCIAL SERVICES - 4.4%
	1,702	BlackRock, Inc.		926,041
	6,524	Nasdaq, Inc.		779,422
				1,705,463
		ELECTRIC- 4.7%
	7,431	Sempra Energy		871,136
	18,168	Southern Co.		942,011
				1,813,147
		ELECTRONICS - 2.1%
	9,045	Agilent Technologies, Inc.		799,307
		FOOD - 1.8%
	21,716	Kraft Heinz Co.		692,523
		HOME BUILDERS - 1.4%
	15,937	PulteGroup, Inc.		542,336
		INSURANCE - 2.2%
	8,560	Allstate Corp.		830,235
		MACHINERY - DIVERSIFIED - 2.1%
	3,813	Rockwell Automation, Inc.		812,169
		MINING - 2.0%
	19,728	Southern Copper Corp.		784,583
		OIL & GAS - 4.8%
	9,955	Chevron Corp.		888,285
	12,097	ConocoPhillips		508,316
	11,757	Marathon Petroleum Corp.		439,477
				1,836,078
		PHARMACEUTICALS - 12.1%
	8,199	AbbVie, Inc.		804,978
	12,271	Johnson & Johnson		1,725,671
	9,806	Merck & Co, Inc.		758,298
	41,459	Pfizer, Inc.		1,355,709
				4,644,656
		RETAIL - 5.6%
	9,079	Best Buy Co., Inc.		792,324
	1,693	Domino’s Pizza, Inc.		625,462
	5,564	Lowe’s Cos., Inc.		751,808
				2,169,594

See accompanying notes to consolidated financial statements.

10

RATIONAL EQUITY ARMOR FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Shares			Value
		COMMON STOCKS - 88.6% (Continued)
		SEMICONDUCTORS - 4.6%
	20,064	Intel Corp.	$	1,200,429
	2,858	KLA Corp.		555,824
				1,756,253
		SOFTWARE - 2.5%
	2,563	Citrix Systems, Inc.		379,093
	2,802	Microsoft Corp.		570,235
				949,328
		TELECOMMUNICATIONS - 9.9%
	49,857	AT&T, Inc.		1,507,177
	16,491	Cisco Systems, Inc.		769,140
	28,010	Verizon Communications, Inc.		1,544,191
				3,820,508
		TRANSPORTATION - 1.8%
	4,920	FedEx Corp.		689,882
		TOTAL COMMON STOCKS (Cost $33,621,113)		34,126,986
		SHORT-TERM INVESTMENTS - 7.6%
	2,910,291	First American Government Obligations Fund, Institutional Class, 0.31% *		2,910,291
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,910,291)		2,910,291
		TOTAL INVESTMENTS (Cost $36,531,404) - 96.2%	$	37,037,277
		OTHER ASSETS LESS LIABILITIES - 3.8%		1,478,062
		NET ASSETS - 100.0%	$	38,515,339

* Rate shown represents the rate at June 30, 2020 and is subject to change and resets daily.

						Unrealized
				Notional		Appreciation /
Long Contracts				Amount ($)	Maturity	(Depreciation)
			OPEN LONG FUTURES CONTRACTS - (0.5)%
	95		CBOE VIX FUTURE	2,933,125	July-20	$	(194,279	)
			Net Unrealized Depreciation From Open Long Futures Contracts				(194,279	)
Short Contracts
			OPEN SHORT FUTURES CONTRACTS - (0.0)^%
	(1	)	CBOE VIX FUTURE	31,825	August-20		1,055
			Net Unrealized Appreciation From Open Short Futures Contracts				1,055
			Total Unrealized Appreciation From Open Futures Contracts			$	(193,224	)

^ Represents less than 0.005%.

See accompanying notes to consolidated financial statements.

11

RATIONAL TACTICAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2020

Shares					Value
		SHORT-TERM INVESTMENTS - 95.1%
		MONEY MARKET FUND - 78.4%
	1,388	Federated Hermes Treasury Obligations Fund, Institutional Class, 0.31% *			$	1,388
	163,696,033	First American Government Obligations Fund, Class U, 0.31% *				163,696,033
						163,697,421
			Discount Rate (%)	Maturity
		U.S. TREASURY BILLS - 16.7%
	15,000,000	United States Treasury Bill	1.4950	7/2/2020		14,999,962
	20,000,000	United States Treasury Bill	1.5016	7/23/2020		19,998,503
						34,998,465
		TOTAL SHORT-TERM INVESTMENTS (Cost - $198,678,132)				198,695,886
		TOTAL INVESTMENTS - 95.1% (Cost - $198,678,132)			$	198,695,886
		OTHER ASSETS LESS LIABILITIES - 4.9%				10,226,333
		NET ASSETS - 100.0%			$	208,922,219

* Rate shown represents the rate at June 30, 2020 and is subject to change and resets daily.

See accompanying notes to consolidated financial statements.

12

RATIONAL DYNAMIC BRANDS FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2020

Shares			Value
		COMMON STOCKS - 97.8%
		APPAREL - 3.4%
	14,839	NIKE, Inc.	$	1,454,964
		AUTO MANUFACTURERS - 0.8%
	325	Tesla, Inc. *		350,938
		BANKS - 2.8%
	14,000	Bank of America Corp.		332,500
	2,500	Citigroup, Inc.		127,750
	2,000	JPMorgan Chase & Co.		188,120
	11,000	Morgan Stanley		531,300
				1,179,670
		BIOTECHNOLOGY - 1.5%
	2,675	Amgen, Inc.		630,926
		CHEMICALS - 2.4%
	1,750	Sherwin-Williams Co.		1,011,238
		COMMERCIAL SERVICES - 2.6%
	3,295	PayPal Holdings, Inc. *		574,088
	4,878	Square, Inc. *		511,897
				1,085,985
		COMPUTERS - 7.1%
	7,835	Accenture PLC		1,682,331
	3,589	Apple, Inc.		1,309,267
				2,991,598
		DIVERSIFIED FINANCIAL SERVICES - 7.6%
	13,900	Charles Schwab Corp.		468,986
	4,958	Mastercard, Inc.		1,466,081
	6,678	Visa, Inc.		1,289,989
				3,225,056
		HEALTHCARE - PRODUCTS - 3.5%
	16,330	Abbott Laboratories		1,493,052
		HEALTHCARE - SERVICES - 1.5%
	3,210	Teladoc Health, Inc.		612,596
		INTERNET - 25.0%
	275	Alphabet, Inc. *		389,964
	961	Amazon.com, Inc. *		2,651,226
	3,425	Etsy, Inc. *		363,838
	5,205	Facebook, Inc. *		1,181,899
	2,500	JD.com, Inc. - ADR *		150,450
	813	MercadoLibre, Inc. *		801,431
	1,105	Netflix, Inc. *		502,819
	9,766	Roku, Inc. *		1,138,032
	1,372	Shopify, Inc. *		1,302,302
	4,438	Spotify Technology SA *		1,145,847
	15,205	Tencent Holdings Ltd. - ADR		973,120
				10,600,928
		MACHINERY - CONSTRUCTION & MINING - 0.4%
	1,200	Caterpillar, Inc.		151,800
		PHARMACEUTICALS - 4.2%
	12,545	Johnson & Johnson		1,764,203
		PRIVATE EQUITY - 2.1%
	16,139	Blackstone Group, Inc.		914,436
		REIT - 5.9%
	9,592	American Tower Corp.		2,479,916
		RETAIL - 17.5%
	4,024	Costco Wholesale Corp.		1,220,117
	5,500	Domino’s Pizza, Inc.		2,031,920
	5,983	Home Depot, Inc.		1,498,801
	4,006	Lululemon Athletica, Inc. *		1,249,912
	11,074	Starbucks Corp.		814,936
	5,000	Walmart, Inc.		598,900
				7,414,586
		SEMICONDUCTORS - 2.5%
	2,820	NVIDIA Corp.		1,071,346

See accompanying notes to consolidated financial statements.

13

RATIONAL DYNAMIC BRANDS FUND

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

June 30, 2020

Shares			Value
		COMMON STOCKS - 97.8% (Continued)
		SOFTWARE - 4.6%
	6,347	Microsoft Corp.	$	1,291,678
	1,000	salesforce.com, Inc. *		187,330
	1,975	Veeva Systems, Inc. *		462,980
				1,941,988
		TELECOMMUNICATIONS - 1.8%
	13,500	Verizon Communications, Inc.		744,255
		TRANSPORTATION - 0.6%
	1,500	Union Pacific Corp.		253,605
		TOTAL COMMON STOCKS (Cost $32,554,088)		41,373,086
		SHORT-TERM INVESTMENTS - 1.8%
	183	Federated Hermes Treasury Obligations Fund, Institutional Class, 0.31% **		183
	762,721	First American Government Obligations Fund - Class U, 0.31% **		762,721
		TOTAL SHORT-TERM INVESTMENTS (Cost $762,904)		762,904
		TOTAL INVESTMENTS (Cost $33,316,992) - 99.6%	$	42,135,990
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%		169,070
		NET ASSETS - 100.0%	$	42,305,060

ADR - American Depositary Receipt.

REIT - Real Estate Investment Trust.

* Non-income producing security.

** Rate shown represents the rate at June 30, 2020, and is subject to change and resets daily.

See accompanying notes to consolidated financial statements.

14

RATIONAL STRATEGIC ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2020

Shares					Value
		MUTUAL FUNDS - 87.8%
		DEBT FUNDS - 87.8%
	45,390	AlphaCentric Income Opportunities Fund, Class I +			$	442,103
	114,425	Catalyst Enhanced Income Strategy Fund , Institutional Class +				1,270,741
	86,897	Catalyst Insider Income Fund, Institutional Class +				826,391
	88,826	Catalyst/CIFC Floating Rate Income Fund +				815,426
	68,899	Catalyst/Stone Beach Income Opportunity Fund, Institutional Class +				661,427
	65,267	Rational Special Situations Income Fund, Institutional Class +				1,271,397
	106,447	Rational/Pier 88 Convertible Securities Fund, Institutional Class +				1,100,661
		TOTAL MUTUAL FUNDS (Cost - $6,046,390)				6,388,146
Principal Amount			Coupon Rate (%)	Maturity
		U.S. TREASURY OBLIGATION - 10.2%
	600,000	United States Treasury Bond	2.3750	11/15/2049		741,093
		TOTAL U.S. TREASURY OBLIGATIONS (Cost - $633,775)				741,093
Shares
		SHORT-TERM INVESTMENTS - 0.2%
		MONEY MARKET FUNDS - 0.2%
	17,898	First American Government Obligations Fund, Class U, 0.45% *				17,898
	1,008	Federated Hermes Treasury Obligations Fund, Institutional Class, 0.31% *				1,008
		TOTAL SHORT-TERM INVESTMENTS (Cost - $18,906)				18,906
		TOTAL INVESTMENTS - 98.2% (Cost - $6,669,071)			$	7,148,145
		OTHER ASSETS LESS LIABILITIES - 1.8%				122,297
		NET ASSETS - 100.0%			$	7,270,442

+ Investment in affiliate.

* Rate shown represents the rate at June 30, 2020, and is subject to change and resets daily.

See accompanying notes to consolidated financial statements.

15

RATIONAL/RESOLVE ADAPTIVE ASSET ALLOCATION FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2020

Shares				Value
			SHORT-TERM INVESTMENTS - 91.6%
	59,457,285	��	First American Government Obligations Fund, Class U, 0.45% *	$	59,457,285
			TOTAL SHORT-TERM INVESTMENTS (Cost - $59,457,285)		59,457,285
			TOTAL INVESTMENTS - 91.6% (Cost - $59,457,285)	$	59,457,285
			OTHER ASSETS LESS LIABILITIES - 8.4%		5,424,389
			NET ASSETS - 100.0%	$	64,881,674

						Unrealized
						Appreciation /
Long Contracts				Notional Amount ($)	Maturity	(Depreciation)
			OPEN LONG FUTURES CONTRACTS - 1.2%
	229		AUDUSD Currency Future	15,801,000	September-20	$	17,184
	190		Euro-Bund Future	37,669,125	September-20		421,068
	45		FTSE 100 Index Future	3,418,135	September-20		(13,050	)
	24		Japanese Yen Currency Future	2,781,300	September-20		(26,631	)
	253		Long Gilt Future	43,027,222	September-20		231,675
	23		NASDAQ 100 E-Mini Future	4,667,758	September-20		58,496
	14		SP&P/TSX 60 Index Future	1,908,811	September-20		(816	)
	66		S&P 500 E-Mini Future	10,197,660	September-20		(183,513	)
	60		SPI 200 Future	6,084,964	September-20		(11,159	)
	432		US 10 YR Note (CBT)	60,122,304	September-20		172,531
	44		US Long Bond (CBT)	7,856,772	September-20		107,491
			Net Unrealized Appreciation from Open Long Futures Contracts				773,276
Short Contracts
			OPEN SHORT FUTURES CONTRACTS - 0.2%
	(131	)	BP Currency Future	(10,150,044)	September-20		137,122
	(400	)	C$ Currency Future	(29,448,000)	September-20		15,807
	(6	)	Euro FX Currency Future	(844,013)	September-20		56
			Net Unrealized Appreciation from Open Short Futures Contracts				152,985
			Total Unrealized Appreciation From Open Futures Contracts			$	926,261

* Rate shown represents the rate at June 30, 2020, and is subject to change and resets daily.

See accompanying notes to consolidated financial statements.

16

RATIONAL IRON HORSE FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2020

Shares			Value
		SHORT TERM INVESTMENTS - 100.5%
	2,375	Fidelity Institutional Government Portfolio - Institutional Class, 0.34% *	$	2,375
	2,350,461	First American Government Obligations Fund - Class U, 0.34% *		2,350,461
		TOTAL SHORT-TERM INVESTMENTS (Cost - $2,352,836)	$	2,352,836
		TOTAL INVESTMENTS - 100.5% (Cost - $2,352,836)	$	2,352,836
		OTHER ASSETS LESS LIABILITIES - (0.5)%		(11,920	)
		NET ASSETS - 100.0%	$	2,340,916

* Rate shown represents the rate at June 30, 2020, and is subject to change and resets daily.

See accompanying notes to consolidated financial statements.

17

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2020

Shares			Value
		COMMON STOCK - 38.8%
		ADVERTISING - 0.0% ^
	124	Interpublic Group of Cos, Inc.	$	2,128
	89	Omnicom Group, Inc.		4,859
				6,987
		AEROSPACE/DEFENSE - 1.0%
	161	Boeing Co.		29,511
	13	General Dynamics Corp.		1,943
	102	Howmet Aerospace, Inc.		1,617
	185	L3Harris Technologies, Inc.		31,389
	147	Lockheed Martin Corp.		53,643
	115	Northrop Grumman Corp.		35,356
	389	Raytheon Technologies Corp.		23,970
				177,429
		AGRICULTURE - 0.4%
	256	Altria Group, Inc.		10,048
	74	Archer-Daniels-Midland Co.		2,953
	158	British American Tobacco PLC - ADR		6,134
	782	Philip Morris International, Inc.		54,787
				73,922
		AIRLINES - 0.5%
	208	Alaska Air Group, Inc.		7,542
	931	American Airlines Group, Inc.		12,168
	1,120	Delta Air Lines, Inc.		31,416
	1,194	JetBlue Airways Corp. *		13,015
	249	Southwest Airlines Co.		8,511
	701	United Airlines Holdings, Inc. *		24,262
				96,914
		APPAREL - 0.6%
	756	Capri Holdings Ltd. *		11,816
	739	Hanesbrands, Inc.		8,343
	205	NIKE, Inc.		20,100
	268	PVH Corp.		12,877
	22	Ralph Lauren Corp.		1,595
	313	Skechers USA, Inc. *		9,822
	1,292	Tapestry, Inc.		17,158
	2,443	Under Armour, Inc. *		23,795
	103	VF Corp.		6,277
				111,783
		AUTO MANUFACTURERS - 0.2%
	40	Cummins, Inc.		6,930
	691	Ford Motor Co.		4,201
	352	General Motors Co.		8,906
	145	PACCAR, Inc.		10,853
	9	Tesla, Inc. *		9,718
				40,608
		AUTO PARTS & EQUIPMENT - 0.1%
	95	Aptiv PLC		7,402
	1,211	Goodyear Tire & Rubber Co.		10,832
				18,234
		BANKS - 1.4%
	383	Bank of America Corp.		9,096
	71	Bank of New York Mellon Corp.		2,744
	278	Citigroup, Inc.		14,206
	818	Citizens Financial Group, Inc.		20,646
	101	Comerica, Inc.		3,848
	1,628	Fifth Third Bancorp		31,388
	586	First Horizon National Corp.		5,837
	34	Goldman Sachs Group, Inc.		6,719
	812	Huntington Bancshares, Inc.		7,336
	138	JPMorgan Chase & Co.		12,980
	2,714	KeyCorp		33,057
	36	M&T Bank Corp.		3,743
	30	Morgan Stanley		1,449

See accompanying notes to consolidated financial statements.

18

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Shares			Value
		COMMON STOCK - 38.8% (Continued)
		BANKS - 1.4% (Continued)
	122	Northern Trust Corp.	$	9,679
	166	PNC Financial Services Group, Inc.		17,465
	1,666	Regions Financial Corp.		18,526
	115	State Street Corp.		7,308
	678	Truist Financial Corp.		25,459
	68	US Bancorp		2,504
	486	Wells Fargo & Co.		12,442
	138	Zions Bancorp		4,692
				251,124
		BEVERAGES - 0.6%
	849	Coca-Cola Co.		37,933
	179	Keurig Dr Pepper, Inc.		5,084
	32	Molson Coors Beverage Co.		1,100
	246	Monster Beverage Corp. *		17,053
	304	PepsiCo, Inc.		40,207
				101,377
		BIOTECHNOLOGY - 0.8%
	152	Alexion Pharmaceuticals, Inc. *		17,060
	18	Amgen, Inc.		4,245
	192	Biogen, Inc. *		51,370
	28	BioMarin Pharmaceutical, Inc. *		3,454
	171	Bluebird Bio, Inc. *		10,438
	217	Gilead Sciences, Inc.		16,696
	15	Illumina, Inc. *		5,555
	20	Incyte Corp. *		2,079
	28	Regeneron Pharmaceuticals, Inc. *		17,462
	45	Seattle Genetics, Inc. *		7,646
	19	United Therapeutics Corp. *		2,299
	19	Vertex Pharmaceuticals, Inc. *		5,516
				143,820
		BUILDING MATERIALS - 0.0% ^
	2	Martin Marietta Materials, Inc.		413
	43	Masco Corp.		2,159
	2	Vulcan Materials Co.		232
				2,804
		CHEMICALS - 0.8%
	47	Air Products and Chemicals, Inc.		11,349
	97	CF Industries Holdings, Inc.		2,730
	91	Eastman Chemical Co.		6,337
	239	Ecolab, Inc.		47,549
	275	International Flavors & Fragrances, Inc.		33,676
	14	Linde PLC		2,970
	283	LyondellBasell Industries NV		18,599
	974	Mosaic Co.		12,185
	8	PPG Industries, Inc.		848
	20	Sherwin-Williams Co.		11,557
				147,800
		COMMERCIAL SERVICES - 0.9%
	42	Automatic Data Processing, Inc.		6,253
	110	Cintas Corp.		29,300
	58	Equifax, Inc.		9,969
	81	FleetCor Technologies, Inc. *		20,374
	150	H&R Block, Inc.		2,142
	53	Moody’s Corp.		14,561
	122	Nielsen Holdings PLC		1,813
	66	PayPal Holdings, Inc. *		11,499
	93	S&P Global, Inc.		30,642
	240	United Rentals, Inc. *		35,770
	37	Verisk Analytics, Inc.		6,297
				168,620
		COMPUTERS - 1.0%
	10	Accenture PLC		2,147
	28	Apple, Inc.		10,214

See accompanying notes to consolidated financial statements.

19

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Shares			Value
		COMMON STOCK - 38.8% (Continued)
		COMPUTERS - 1.0% (Continued)
	87	Check Point Software Technologies Ltd. *	$	9,346
	5	Cognizant Technology Solutions Corp.		284
	1,517	DXC Technology Co.		25,030
	251	Hewlett Packard Enterprise Co.		2,442
	357	HP, Inc.		6,223
	472	Infosys Ltd. - ADR		4,560
	15	International Business Machines Corp.		1,812
	258	Leidos Holdings, Inc.		24,167
	41	NetApp, Inc.		1,819
	499	Seagate Technology PLC		24,157
	1,529	Western Digital Corp.		67,505
				179,706
		COSMETICS/PERSONAL CARE - 0.4%
	103	Colgate-Palmolive Co.		7,546
	265	Estee Lauder Cos, Inc.		50,000
	182	Procter & Gamble Co.		21,762
	28	Unilever NV - ADR		1,492
				80,800
		DISTRIBUTION/WHOLESALE - 0.1%
	220	Fastenal Co.		9,425
	29	WW Grainger, Inc.		9,111
				18,536
		DIVERSIFIED FINANCIAL SERVICES - 1.8%
	109	Alliance Data Systems Corp.		4,918
	142	American Express Co.		13,518
	30	Ameriprise Financial, Inc.		4,501
	42	BlackRock, Inc.		22,852
	576	Capital One Financial Corp.		36,052
	704	Charles Schwab Corp.		23,753
	428	CME Group, Inc.		69,567
	452	Discover Financial Services		22,641
	565	Intercontinental Exchange, Inc.		51,754
	278	Invesco Ltd.		2,991
	127	Mastercard, Inc.		37,554
	24	Nasdaq, Inc.		2,867
	54	T Rowe Price Group, Inc.		6,669
	93	Visa, Inc.		17,965
	998	Western Union Co.		21,577
				339,179
		ELECTRIC - 2.9%
	394	Ameren Corp.		27,722
	533	American Electric Power Co., Inc.		42,448
	362	CenterPoint Energy, Inc.		6,759
	499	CMS Energy Corp.		29,152
	282	Consolidated Edison, Inc.		20,284
	399	Dominion Energy, Inc.		32,391
	33	DTE Energy Co.		3,547
	430	Duke Energy Corp.		34,353
	344	Edison International		18,683
	245	Entergy Corp.		22,983
	433	Eversource Energy		36,056
	957	Exelon Corp.		34,730
	677	FirstEnergy Corp.		26,254
	209	NextEra Energy, Inc.		50,196
	462	NRG Energy, Inc.		15,043
	513	PPL Corp.		13,256
	41	Public Service Enterprise Group, Inc.		2,016
	160	Sempra Energy		18,757
	842	Southern Co.		43,658
	448	WEC Energy Group, Inc.		39,267
	331	Xcel Energy, Inc.		20,687
				538,242

See accompanying notes to consolidated financial statements.

20

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Shares			Value
		COMMON STOCK - 38.8% (Continued)
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.1%
	74	Emerson Electric Co.	$	4,590
	131	Universal Display Corp.		19,600
				24,190
		ELECTRONICS - 0.1%
	95	Agilent Technologies, Inc.		8,395
	63	Amphenol Corp.		6,036
	4	Garmin Ltd.		390
	48	Honeywell International, Inc.		6,940
	42	TE Connectivity Ltd.		3,425
��				25,186
		ENERGY - ALTERNATE SOURCES - 0.0% ^
	12	First Solar, Inc. *		594
		ENGINEERING & CONSTRUCTION - 0.1%
	898	Fluor Corp.		10,848
		ENVIRONMENTAL CONTROL - 0.1%
	59	Republic Services, Inc.		4,841
	109	Waste Management, Inc.		11,544
				16,385
		FOOD - 1.1%
	83	Campbell Soup Co.		4,119
	385	Conagra Brands, Inc.		13,540
	711	General Mills, Inc.		43,833
	288	Hershey Co.		37,331
	143	J M Smucker Co.		15,131
	37	Kellogg Co.		2,444
	387	Kraft Heinz Co.		12,341
	253	Kroger Co.		8,564
	387	Mondelez International, Inc.		19,787
	622	Sysco Corp.		33,999
	262	Tyson Foods, Inc.		15,644
				206,733
		GAS - 0.1%
	676	NiSource, Inc.		15,372
		HAND/MACHINE TOOLS - 0.0% ^
	7	Stanley Black & Decker, Inc.		976
		HEALTHCARE - PRODUCTS - 1.5%
	478	Abbott Laboratories		43,704
	339	Baxter International, Inc.		29,188
	418	Boston Scientific Corp. *		14,676
	77	Danaher Corp.		13,616
	46	DENTSPLY SIRONA, Inc.		2,027
	695	Edwards Lifesciences Corp. *		48,031
	11	Hologic, Inc. *		627
	32	Intuitive Surgical, Inc. *		18,235
	615	Medtronic PLC		56,395
	167	QIAGEN NV *		7,149
	195	Stryker Corp.		35,137
	8	Thermo Fisher Scientific, Inc.		2,899
	54	Zimmer Biomet Holdings, Inc.		6,445
				278,129
		HEALTHCARE - SERVICES - 1.3%
	198	Anthem, Inc.		52,070
	719	Centene Corp. *		45,692
	222	DaVita, Inc. *		17,569
	328	HCA Healthcare, Inc.		31,836
	122	Humana, Inc.		47,305
	76	Laboratory Corp of America Holdings *		12,624
	67	Quest Diagnostics, Inc.		7,635
	53	UnitedHealth Group, Inc.		15,632
	93	Universal Health Services, Inc.		8,639
				239,002

See accompanying notes to consolidated financial statements.

21

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Shares			Value
		COMMON STOCK - 38.8% (Continued)
		HOME BUILDERS - 0.5%
	779	DR Horton, Inc.	$	43,196
	535	Lennar Corp.		32,967
	635	PulteGroup, Inc.		21,609
				97,772
		HOME FURNISHINGS - 0.0% ^
	33	Whirlpool Corp.		4,274
		HOUSEHOLD PRODUCTS/WARES - 0.0% ^
	10	Clorox Co.		2,194
	37	Kimberly-Clark Corp.		5,230
				7,424
		HOUSEWARES - 0.0% ^
	148	Newell Brands, Inc.		2,350
		INSURANCE - 0.6%
	286	Aflac, Inc.		10,305
	302	Allstate Corp.		29,291
	130	American International Group, Inc.		4,053
	22	Aon PLC		4,237
	97	Berkshire Hathaway, Inc. *		17,315
	247	Hartford Financial Services Group, Inc.		9,522
	546	Lincoln National Corp.		20,087
	68	Marsh & McLennan Cos., Inc.		7,301
	88	MetLife, Inc.		3,214
	70	Principal Financial Group, Inc.		2,908
	56	Progressive Corp.		4,486
	60	Prudential Financial, Inc.		3,654
	9	Travelers Cos., Inc.		1,026
				117,399
		INTERNET- 1.7%
	56	Alibaba Group Holding Ltd. * - ADR		12,079
	23	Alphabet, Inc. *		32,513
	4	Amazon.com, Inc. *		11,035
	15	Baidu, Inc. * - ADR		1,798
	1	Booking Holdings, Inc. *		1,592
	59	E*TRADE Financial Corp.		2,934
	80	eBay, Inc.		4,196
	357	Expedia Group, Inc.		29,345
	63	F5 Networks, Inc. *		8,787
	252	Facebook, Inc. *		57,222
	4	Netflix, Inc. *		1,820
	3,728	NortonLifeLock, Inc.		73,926
	95	Palo Alto Networks, Inc. *		21,819
	504	TripAdvisor, Inc.		9,581
	605	Twitter, Inc. *		18,023
	142	VeriSign, Inc. *		29,370
				316,040
		IRON/STEEL- 0.1%
	1,546	United States Steel Corp.		11,162
		LEISURE TIME - 0.3%
	817	Carnival Corp.		13,415
	183	Harley-Davidson, Inc.		4,350
	110	Polaris, Inc.		10,180
	552	Royal Caribbean Cruises Ltd.		27,766
				55,711
		LODGING - 0.7%
	242	Hilton Worldwide Holdings, Inc.		17,775
	475	Las Vegas Sands Corp.		21,632
	363	Marriott International, Inc.		31,120
	1,717	MGM Resorts International		28,846
	141	Wyndham Destinations, Inc.		3,973
	415	Wynn Resorts Ltd.		30,913
				134,259

See accompanying notes to consolidated financial statements.

22

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Shares			Value
		COMMON STOCK - 38.8% (Continued)
		MACHINERY - CONSTRUCTION & MINING - 0.0% ^
	13	Caterpillar, Inc.	$	1,645
		MACHINERY - DIVERSIFIED - 0.2%
	8	Deere & Co.		1,257
	66	Dover Corp.		6,373
	141	Rockwell Automation, Inc.		30,033
				37,663
		MEDIA - 0.9%
	154	Charter Communications, Inc. *		78,546
	178	Comcast Corp.		6,938
	493	Discovery, Inc. *		10,402
	465	DISH Network Corp. *		16,047
	40	Fox Corp.		1,073
	112	Liberty Global PLC *		2,448
	1,700	Sirius XM Holdings, Inc.		9,979
	756	ViacomCBS, Inc.		17,630
	125	Walt Disney Co.		13,939
				157,002
		MINING - 0.0% ^
	23	Freeport-McMoRan, Inc.		266
	65	Newmont Corp.		4,013
				4,279
		MISCELLANEOUS MANUFACTURING - 0.5%
	10	3M Co.		1,560
	48	Eaton Corp PLC		4,199
	2,281	General Electric Co.		15,579
	27	Illinois Tool Works, Inc.		4,721
	146	Parker-Hannifin Corp.		26,757
	31	Textron, Inc.		1,020
	370	Trane Technologies PLC		32,923
				86,759
		OFFICE/BUSINESS EQUIPMENT - 0.0% ^
	331	Xerox Holdings Corp.		5,061
		OIL & GAS - 2.9%
	1,181	Apache Corp.		15,944
	1,948	Cabot Oil & Gas Corp.		33,467
	202	Chevron Corp.		18,024
	516	Cimarex Energy Co.		14,185
	433	Concho Resources, Inc.		22,300
	546	ConocoPhillips		22,943
	676	Continental Resources, Inc.		11,850
	2,572	Devon Energy Corp.		29,166
	620	EOG Resources, Inc.		31,409
	1,313	EQT Corp.		15,625
	87	Exxon Mobil Corp.		3,891
	241	Helmerich & Payne, Inc.		4,702
	276	Hess Corp.		14,300
	551	HollyFrontier Corp.		16,089
	6,410	Marathon Oil Corp.		39,229
	546	Marathon Petroleum Corp.		20,409
	974	Murphy Oil Corp.		13,441
	2,265	Noble Energy, Inc.		20,294
	1,307	Occidental Petroleum Corp.		23,918
	2,335	Ovintiv, Inc.		22,299
	754	Phillips 66		54,213
	308	Pioneer Natural Resources Co.		30,092
	1,110	Valero Energy Corp.		65,290
				543,080
		OIL & GAS SERVICES - 0.5%
	1,342	Baker Hughes Co.		20,653
	2,010	Halliburton Co.		26,090
	1,113	National Oilwell Varco, Inc.		13,634
	1,399	Schlumberger Ltd.		25,728

See accompanying notes to consolidated financial statements.

23

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Shares			Value
		COMMON STOCK - 38.8% (Continued)
		OIL & GAS SERVICES - 0.5% (Continued)
	1,355	TechnipFMC PLC	$	9,268
				95,373
		PACKAGING & CONTAINERS - 0.2%
	302	Ball Corp.		20,986
	22	Sealed Air Corp.		723
	325	Westrock Co.		9,185
				30,894
		PHARMACEUTICALS - 1.6%
	54	AbbVie, Inc.		5,302
	16	AmerisourceBergen Corp.		1,612
	244	Becton Dickinson and Co.		58,382
	167	Bristol-Myers Squibb Co.		9,820
	335	Cardinal Health, Inc.		17,484
	191	Cigna Corp.		35,841
	62	CVS Health Corp.		4,028
	104	DexCom, Inc. *		42,162
	19	Eli Lilly and Co.		3,119
	526	Johnson & Johnson		73,971
	28	McKesson Corp.		4,296
	174	Merck & Co, Inc.		13,455
	809	Mylan NV *		13,009
	39	Perrigo Co. PLC		2,156
	272	Pfizer, Inc.		8,894
	548	Teva Pharmaceutical Industries Ltd. * - ADR		6,757
				300,288
		PIPELINES - 0.6%
	468	Enbridge, Inc.		14,237
	2,876	Energy Transfer LP		20,477
	1,654	Kinder Morgan, Inc.		25,091
	626	ONEOK, Inc.		20,796
	1,166	Williams Cos., Inc.		22,177
				102,778
		REAL ESTATE - 0.1%
	210	CBRE Group, Inc. *		9,496
		REITS - 1.2%
	63.00	American Tower Corp.		16,288
	1,478.00	Annaly Capital Management, Inc.		9,696
	65.00	AvalonBay Communities, Inc.		10,052
	57.00	Boston Properties, Inc.		5,152
	145.00	Crown Castle International Corp.		24,266
	5.00	Equinix, Inc.		3,512
	281.00	Equity Residential		16,528
	106.00	Healthpeak Properties, Inc.		2,921
	784.00	Host Hotels & Resorts, Inc.		8,459
	74.00	Iron Mountain, Inc.		1,931
	983.00	Kimco Realty Corp.		12,622
	167.00	Prologis, Inc.		15,586
	47.00	Public Storage		9,019
	49.00	SBA Communications Corp.		14,598
	307.00	Simon Property Group, Inc.		20,993
	393.00	Ventas, Inc.		14,392
	215.00	Vornado Realty Trust		8,215
	631.00	Welltower, Inc.		32,654
	104.00	Weyerhaeuser Co.		2,336
				229,220
		RETAIL - 3.4%
	17	AutoZone, Inc. *		19,178
	101	Bed Bath & Beyond, Inc.		1,071
	34	Best Buy Co., Inc.		2,967
	302	CarMax, Inc. *		27,044
	11	Chipotle Mexican Grill, Inc. *		11,576
	174	Costco Wholesale Corp.		52,759
	216	Darden Restaurants, Inc.		16,366

See accompanying notes to consolidated financial statements.

24

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Shares			Value
		COMMON STOCK - 38.8% (Continued)
		RETAIL - 3.4% (Continued)
	140	Dollar General Corp.	$	26,671
	32	Dollar Tree, Inc. *		2,966
	449	Foot Locker, Inc.		13,093
	318	Gap, Inc.		4,013
	227	Home Depot, Inc.		56,866
	795	Kohl’s Corp.		16,512
	1,557	L Brands, Inc.		23,308
	137	Lowe’s Cos., Inc.		18,511
	2,544	Macy’s, Inc.		17,503
	129	McDonald’s Corp.		23,797
	884	Nordstrom, Inc.		13,693
	20	O’Reilly Automotive, Inc. *		8,433
	577	Ross Stores, Inc.		49,183
	736	Signet Jewelers Ltd.		7,559
	697	Starbucks Corp.		51,292
	250	Target Corp.		29,983
	875	TJX Cos., Inc.		44,240
	10	Tractor Supply Co.		1,318
	121	Ulta Beauty, Inc. *		24,614
	569	Urban Outfitters, Inc. *		8,660
	141	Walgreens Boots Alliance, Inc.		5,977
	353	Walmart, Inc.		42,282
	179	Yum! Brands, Inc.		15,557
				636,992
		SEMICONDUCTORS - 1.7%
	1,073	Advanced Micro Devices, Inc. *		56,451
	72	Analog Devices, Inc.		8,830
	23	Broadcom, Inc.		7,259
	938	Intel Corp.		56,121
	52	KLA Corp.		10,113
	1	Lam Research Corp.		323
	1,453	Marvell Technology Group Ltd.		50,942
	16	Maxim Integrated Products, Inc.		970
	119	Microchip Technology, Inc.		12,532
	238	Micron Technology, Inc. *		12,262
	80	NVIDIA Corp.		30,393
	24	NXP Semiconductors NV		2,737
	439	Qorvo, Inc. *		48,523
	40	QUALCOMM, Inc.		3,648
	48	Texas Instruments, Inc.		6,095
	71	Xilinx, Inc.		6,986
				314,185
		SOFTWARE - 1.4%
	79	Activision Blizzard, Inc.		5,996
	41	Adobe, Inc. *		17,848
	4	Akamai Technologies, Inc. *		428
	197	Autodesk, Inc. *		47,120
	131	Cerner Corp.		8,980
	74	Citrix Systems, Inc.		10,945
	29	Electronic Arts, Inc. *		3,829
	340	Fidelity National Information Services, Inc.		45,591
	728	Fiserv, Inc. *		71,067
	9	Intuit, Inc.		2,666
	14	Microsoft Corp.		2,849
	114	Oracle Corp.		6,301
	21	Paychex, Inc.		1,591
	21	salesforce.com, Inc. *		3,934
	61	ServiceNow, Inc. *		24,709
	7	Splunk, Inc. *		1,391
	11	Vmware, Inc. *		1,703
	14	Workday, Inc. *		2,623
				259,571

See accompanying notes to consolidated financial statements.

25

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Shares			Value
		COMMON STOCK - 38.8% (Continued)
		TELECOMMUNICATIONS - 0.9%
	1,133	AT&T, Inc.	$	34,251
	1,474	CenturyLink, Inc.		14,784
	299	Ciena Corp. *		16,194
	109	Cisco Systems, Inc.		5,084
	30	Corning, Inc.		777
	288	Juniper Networks, Inc.		6,584
	176	Motorola Solutions, Inc.		24,663
	236	T-Mobile US, Inc. *		24,579
	737	Verizon Communications, Inc.		40,631
	120	Vodafone Group PLC - ADR		1,913
				169,460
		TEXTILES - 0.1%
	82	Mohawk Industries, Inc. *		8,344
		TOYS/GAMES/HOBBIES - 0.1%
	84	Hasbro, Inc.		6,296
	392	Mattel, Inc. *		3,791
				10,087
		TRANSPORTATION - 0.7%
	59	CH Robinson Worldwide, Inc.		4,665
	626	CSX Corp.		43,657
	116	Expeditors International of Washington, Inc.		8,821
	2	FedEx Corp.		280
	69	Kansas City Southern		10,301
	164	Norfolk Southern Corp.		28,793
	152	Union Pacific Corp.		25,699
	12	United Parcel Service, Inc.		1,334
				123,550
		TOTAL COMMON STOCKS (Cost - $7,178,552)		7,187,418
		RIGHTS - 0.00% ^
	25	T-Mobile US, Inc., expiring 7/28/2020		4
		TOTAL RIGHTS (Cost - $104)		4
		EXCHANGE TRADED FUNDS - 11.4%
	177	Invesco QQQ Trust Series 1		43,825
	6,692	SPDR S&P 500 ETF Trust		2,063,545
		TOTAL EXCHANGE TRADED FUNDS (Cost - $2,080,984)		2,107,370
		SHORT-TERM INVESTMENTS - 25.1%
	72,989	Federated Treasury Obligations Fund, Institutional Class, 0.31% + **		72,989
	4,579,655	First American Government Obligations Fund, Class U, 0.31% + **		4,579,655
		TOTAL SHORT-TERM INVESTMENTS (Cost - $4,652,644)		4,652,644
		TOTAL INVESTMENTS - 75.3% (Cost - $13,912,284)	$	13,947,436
		OTHER ASSETS LESS LIABILTIES - 24.7%		4,569,778
		NET ASSETS - 100.0%	$	18,517,214

ETF - Exchange Traded Fund

^ Represents less than 0.005%.

* Non-income producing securities.

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

** Rate shown represents the rate at June 30, 2020, and is subject to change and resets daily.

See accompanying notes to consolidated financial statements.

26

RATIONAL NUWAVE ENHANCED MARKET OPPORTUNITY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

									Unrealized
					Notional				Appreciation /
Long Contracts				Counterparty	Amount ($)			Maturity	(Depreciation)
			OPEN LONG FUTURES CONTRACTS - 0.1%
	9		Gold 100 Oz. Future +	ADM		1,620,450		August-20	$	32,987
	2		Lean Hogs Future +	ADM		39,220		August-20		(1,915	)
	13		Silver Future +	ADM		1,211,405		September-20		42,388
			Net Unrealized Appreciation From Open Long Futures Contracts						$	73,460
									Unrealized
					Notional				Appreciation /
Short Contracts				Counterparty	Amount ($)			Maturity	(Depreciation)
			OPEN SHORT FUTURES CONTRACTS - 0.6%
	(25	)	AUDUSD Currency Future	ADM		(1,725,000	)	September-20		27,411
	(32	)	BP Currency Future	ADM		(2,479,400	)	September-20		75,600
	(39	)	Canadian $ Currency Future	ADM		(2,871,180	)	September-20		41,789
	(5	)	CAC40 10 Euro Future	ADM		(275,930	)	July-20		2,051
	(2	)	Cocoa Future +	ADM		(43,720	)	September-20		3,522
	(9	)	Coffee ‘C’ Future +	ADM		(340,875	)	September-20		(206	)
	(64	)	Copper Future +	ADM		(4,365,600	)	September-20		(157,549	)
	(8	)	Corn Future +	ADM		(140,200	)	December-20		(7,236	)
	(30	)	Cotton No. 2 Future +	ADM		(913,200	)	December-20		(22,582	)
	(3	)	Dax Index Future	ADM		(1,038,255	)	September-20		4,282
	(5	)	E-Mini Russell 2000 Index Future	ADM		(359,400	)	September-20		(20,962	)
	(36	)	Euro FX Currency Future	ADM		(5,064,075	)	September-20		68,329
	(15	)	FTSE 100 Index Future	ADM		(1,139,378	)	September-20		12,774
	(2	)	FTSE/MIB Index Future	ADM		(216,645	)	September-20		2,079
	(9	)	Hang Seng Index Future	ADM		(1,407,809	)	July-20		16,941
	(15	)	Live Cattle Future +	ADM		(577,650	)	August-20		(10,102	)
	(1	)	LME Aluminum Forward Future +	ADM		(40,194	)	August-20		(2,736	)
	(8	)	LME Aluminum Forward Future +	ADM		(321,900	)	August-20		(16,268	)
	(1	)	LME Aluminum Forward Future +	ADM		(40,268	)	September-20		(1,746	)
	(6	)	LME Copper Forward Future +	ADM		(901,238	)	July-20		(138,393	)
	(4	)	LME Copper Forward Future +	ADM		(600,735	)	July-20		(83,235	)
	(2	)	LME Copper Forward Future +	ADM		(300,548	)	July-20		(46,531	)
	(4	)	LME Copper Forward Future +	ADM		(601,275	)	August-20		(64,275	)
	(2	)	LME Copper Forward Future +	ADM		(300,850	)	September-20		(26,062	)
	(3	)	LME Copper Forward Future +	ADM		(451,129	)	September-20		(10,129	)
	(1	)	LME Copper Forward Future +	ADM		(150,371	)	September-20		(3,350	)
	(4	)	LME Copper Forward Future +	ADM		(601,500	)	September-20		1,830
	(8	)	Mexican Peso Future	ADM		(172,320	)	September-20		6,705
	(8	)	Nikkei 225 (SGX) Index Future	ADM		(825,323	)	September-20		1,184
	(64	)	NY Harbor ULSD Future +	ADM		(3,189,312	)	July-20		(84,013	)
	(11	)	S&P/TSX 60 Index Future	ADM		(1,499,780	)	September-20		(45,443	)
	(25	)	S&P 500 E-Mini Future	ADM		(3,862,750	)	September-20		(62,842	)
	(1	)	Soybean Future +	ADM		(44,113	)	November-20		(307	)
	(6	)	SPI 200 Index Future	ADM		(608,496	)	September-20		(14,547	)
	(19	)	Sugar #11 Future +	ADM		(254,509	)	September-20		(5,773	)
	(13	)	TOPIX Index Future	ADM		(1,877,972	)	September-20		82,450
	(19	)	Wheat Future +	ADM		(467,163	)	September-20		(2,685	)
	(32	)	WTI Crude Future +	ADM		(1,256,640	)	July-20		(9,418	)
			Net Unrealized Depreciation From Open Short Futures Contracts						$	(489,443	)
			Total Unrealized Depreciation from Open Futures Contracts						$	(415,983	)

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

See accompanying notes to consolidated financial statements.

27

RATIONAL SPECIAL SITUATIONS INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2020

Principal				Coupon
Amount ($)			Variable Rate	Rate (%)	Maturity	Value
		BONDS & NOTES - 89.2%
		ASSET BACKED SECURITIES - 88.8%
	1,322,838	ABFS Mortgage Loan Trust 2003-1 (c)	US0001M + 2.25	2.4347	8/15/2033	$	1,297,045
	892,823	Accredited Mortgage Loan Trust 2005-1 (c)	US0001M + 3.3	3.4845	4/25/2035		882,537
	9,475	ACE Securities Corp. Home Equity Loan Trust Series 2007-WM1 (c)	US0001M + 0.07	0.2545	11/25/2036		4,642
	253,921	ACE Securities Corp. Home Equity Loan Trust Series 2007-WM2 (c)	US0001M + 0.18	0.3645	2/25/2037		127,649
	241,174	Adjustable Rate Mortgage Trust 2005-10 (a)		4.0309	1/25/2036		216,167
	254,659	Adjustable Rate Mortgage Trust 2005-10 (c)	US0001M + 0.54	0.7245	1/25/2036		230,508
	66,936	Aegis Asset Backed Securities Trust 2004-6 (c)	US0001M + 1	1.1845	3/25/2035		63,443
	75,113	AFC Home Equity Loan Trust (c)	US0001M + 0.72	0.9045	9/22/2028		73,005
	1,263,678	AFC Trust Series 2000-2 (c)	US0001M + 0.79	0.9745	6/25/2030		1,149,455
	1,042,847	AFC Trust Series 2000-3 (b) (c)	US0001M + 0.75	0.9345	10/25/2030		948,064
	176,550	AFC Trust Series 2000-3 (b) (c)	US0001M + 0.64	0.8245	10/25/2030		160,773
	159,616	AFC Trust Series 2000-4 (b) (c)	US0001M + 0.77	0.9545	1/25/2031		151,435
	515,691	Alternative Loan Trust 2004-2CB		5.0000	8/25/2054		505,804
	6,157	Alternative Loan Trust 2004-33 (a)		3.8910	12/25/2034		5,981
	115,093	Alternative Loan Trust 2005-17 (c)	US0001M + 0.56	0.7445	7/25/2035		79,123
	1,095,436	Alternative Loan Trust 2005-43 (a)		4.4715	9/25/2035		1,012,250
	146,087	Alternative Loan Trust 2005-51 (c)	US0001M + 0.6	0.7900	11/20/2035		129,933
	151,768	Alternative Loan Trust 2005-63 (a)		3.6957	12/25/2035		142,971
	430,504	Alternative Loan Trust 2007-5CB		—	4/25/2037		155,096
	530,626	Alternative Loan Trust 2007-5CB (c)	US0001M + 5.65	5.4655	4/25/2037		144,126
	1,547,288	Alternative Loan Trust Resecuritization 2005-12R		6.0000	11/25/2034		1,543,264
	658,366	American Home Mortgage Assets Trust 2006-1 (c)	US0001M + 0.19	0.3745	5/25/2046		546,430
	73,684	American Home Mortgage Investment Trust 2004-1 (c)	US0001M + 0.9	1.0845	4/25/2044		69,671
	10,967	American Home Mortgage Investment Trust 2004-4 (c)	US0001M + 0.2	0.3845	9/25/2030		10,811
	28,411	American Home Mortgage Investment Trust 2005-1 (c)	US0006M + 2	2.9653	6/25/2045		28,380
	327,264	American Home Mortgage Investment Trust 2005-2 (d)		5.8280	9/25/2035		271,132
	444,855	American Home Mortgage Investment Trust 2006-2 (c)	US0001M + 0.22	0.4045	6/25/2036		31,111
	1,293,076	American Home Mortgage Investment Trust 2006-3 (c)	US0001M + 0.38	0.5645	12/25/2046		1,222,948
	306,877	Ameriquest Mortgage Securities Asset-Backed Pass-Through Ctfs Ser 2003 AR1 (c)	US0001M + 4.5	3.9415	1/25/2033		311,345
	1,761,382	Aspen Funding I Ltd. (b)		9.0600	7/10/2037		1,823,030
	9,326	Asset Backed Securities Corp. Home Equity Loan Trust Series AMQ 2007-HE2 (c)	US0001M + 0.08	0.2645	5/25/2037		6,993
	79,229	Asset-Backed Pass Through Certificates 2002-3 (c)	US0001M + 2.85	3.0345	8/25/2032		77,810
	285,248	Banc of America Alternative Loan Trust 2005-12		5.7500	1/25/2036		298,494
	471,248	Banc of America Alternative Loan Trust 2005-3 (c)	US0001M + 0.5	0.6845	4/25/2035		375,916
	148,354	Banc of America Alternative Loan Trust 2005-5		6.0000	6/25/2035		148,124
	321,559	Banc of America Alternative Loan Trust 2006-4		6.0000	5/25/2046		286,114
	497,191	Banc of America Commercial Mortgage Trust 2006-4 (a)		5.7540	7/10/2046		495,050
	565,000	Banc of America Commercial Mortgage Trust 2015-UBS7		3.1670	9/15/2048		375,278
	150,230	Banc of America Funding 2005-8 Trust		—	1/25/2036		112,413
	209,014	Banc of America Funding 2005-E Trust (c)	COF 11 + 1.43	2.1700	6/20/2035		151,553
	671,140	Banc of America Funding 2006-B Trust (a)		3.9333	3/20/2036		610,745
	303,131	Banc of America Funding 2006-C Trust (a)		3.8093	4/20/2036		284,359
	197,926	Banc of America Funding 2006-D Trust (a)		3.4990	5/20/2036		179,361
	253,165	Banc of America Funding 2006-F Trust (a)		4.0488	7/20/2036		255,652
	180,750	Banc of America Funding 2007-4 Trust		5.5000	11/25/2034		178,025
	303,182	Banc of America Funding 2007-C Trust (c)	US0001M + 0.27	0.4600	5/20/2047		282,693
	149,679	Banc of America Funding 2016-R2 Trust (a)(b)		4.7000	5/1/2033		140,758
	112,756	Banc of America Mortgage 2005-A Trust (a)		3.6726	2/25/2035		109,271
	2,478,934	Banc of America Mortgage 2005-I Trust (a)		3.4305	10/25/2035		2,232,707
	203,736	Banc of America Mortgage 2006-A Trust (a)		3.8161	2/25/2036		171,284
	191,688	Banc of America Mortgage 2006-B Trust (a)		3.8446	11/20/2046		176,731
	40,682	Banc of America Mortgage Trust 2005-3		5.5000	3/25/2035		39,791
	385,135	Bayview Financial Asset Trust 2007-SSR1 (b) (c)	US0001M + 0.8	1.7466	3/25/2037		351,189
	3,936,853	BCAP LLC 2011-RR4-I Trust (b)		5.2500	4/26/2037		3,019,995
	385,134	BCAP LLC Trust 2007-AA2		6.0000	3/25/2022		387,085
	406,324	Bear Stearns ALT-A Trust 2004-11 (a)		3.5356	11/25/2034		375,115
	55,987	Bear Stearns ALT-A Trust 2004-11 (a)		4.2891	11/25/2034		52,421
	27,667	Bear Stearns ALT-A Trust 2004-9 (a)		4.0286	9/25/2034		27,866
	153,097	Bear Stearns ALT-A Trust 2005-10 (a)		3.6597	1/25/2036		140,559
	6,784,948	Bear Stearns ALT-A Trust 2005-10 (c)	US0001M + 0.5	0.6845	1/25/2036		7,751,912
	3,351,137	Bear Stearns ALT-A Trust 2006-1 (c)	US0001M + 0.48	0.6645	2/25/2036		3,205,629
	3,347,671	Bear Stearns ALT-A Trust 2006-2 (c)	US0001M + 0.44	0.6245	4/25/2036		4,174,900
	134,983	Bear Stearns ALT-A Trust 2006-3 (a)		3.8845	5/25/2036		101,480
	584,873	Bear Stearns ALT-A Trust 2006-3 (a)		3.9125	5/25/2036		395,872
	298,142	Bear Stearns ALT-A Trust 2006-3 (c)	US0001M + 0.38	0.5645	5/25/2036		332,660
	503,135	Bear Stearns ALT-A Trust 2006-R1 (a)		3.6722	8/25/2036		500,966
	53,441	Bear Stearns ALT-A Trust II 2007-1 (a)		3.6798	9/25/2047		35,328
	56,329	Bear Stearns ARM Trust 2003-8 (a)		4.0000	1/25/2034		51,842
	102,539	Bear Stearns ARM Trust 2004-10 (a)		4.0798	1/25/2035		95,918
	523,825	Bear Stearns ARM Trust 2005-8 (a)(b)		4.1620	8/25/2035		506,860
	246,040	Bear Stearns Asset Backed Securities I Trust 2005-AC5 (c)	US0001M + 1	1.1845	8/25/2035		181,735

See accompanying notes to consolidated financial statements.

28

RATIONAL SPECIAL SITUATIONS INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Principal				Coupon
Amount ($)			Variable Rate	Rate (%)	Maturity	Value
		BONDS & NOTES - 89.2% (Continued)
		ASSET BACKED SECURITIES - 88.8% (Continued)
	850,901	Bear Stearns Asset Backed Securities I Trust 2005-HE6 (c)	US0001M + 1.005	1.1895	6/25/2035	$	847,181
	3,547,332	Bear Stearns Asset Backed Securities I Trust 2005-TC2 (b) (c)	US0001M + 4.5	4.6845	8/25/2035		3,756,250
	447,382	Bear Stearns Asset Backed Securities I Trust 2006-EC2 (c)	US0001M + 0.63	0.8145	2/25/2036		442,589
	1,000,000	Bear Stearns Asset Backed Securities Trust 2006-SD2 (c)	US0001M + 0.8	0.9845	6/25/2036		892,482
	117,246	Bear Stearns Asset Backed Securities Trust 2006-SD3 (a)		4.1658	7/25/2036		115,430
	345,388	Bear Stearns Asset Backed Securities Trust 2006-SD4 (c)	12MTA + 0.98	2.4838	10/25/2036		133,227
	85,681	Bear Stearns Asset Backed Securities Trust 2007-SD1 (a)		3.1143	10/25/2036		58,637
	153,185	Bear Stearns Mortgage Funding Trust 2006-AR5 (c)	US0001M + 0.19	0.3745	1/25/2037		130,838
	47,823	Bear Stearns Mortgage Securities, Inc. (a)		6.2945	3/25/2031		47,750
	1,652,754	Business Jet Securities LLC (b)		7.7480	2/15/2033		1,604,594
	187,038	Centex Home Equity Loan Trust 2004-C (c)	US0001M + 0.795	0.9795	6/25/2034		179,712
	332,914	Centex Home Equity Loan Trust 2004-D (d)		5.5600	9/25/2034		346,844
	896,066	CFCRE Commercial Mortgage Trust 2017-C8 (a)		1.7754	6/15/2050		60,545
	98,439	Chase Funding Trust Series 2003-6 (d)		5.0029	11/25/2034		102,617
	230,625	Chase Mortgage Finance Trust Series 2005-S1		5.0000	5/25/2035		230,213
	99,531	CHL Mortgage Pass-Through Trust 2004-8		0.0001	7/25/2034		79,015
	5,196	CHL Mortgage Pass-Through Trust 2005-11 (c)	US0001M + 0.32	0.5045	4/25/2035		3,198
	206,247	CHL Mortgage Pass-Through Trust 2005-15		5.1000	8/25/2035		207,853
	4,172	CHL Mortgage Pass-Through Trust 2005-7 (c)	US0001M + 0.72	0.9045	3/25/2035		1,741
	776,333	CitiCorp. Mortgage Securities, Inc.		5.5000	3/25/2035		792,156
	255,543	CitiCorp. Mortgage Securities Trust Series 2006-1		6.0000	2/25/2036		266,719
	128,674	Citigroup Mortgage Loan Trust 2005-11 (c)	H15T1Y + 2.4	4.1900	11/25/2035		122,179
	697,733	Citigroup Mortgage Loan Trust 2006-AR2 (a)		3.9319	3/25/2036		647,120
	226,821	Citigroup Mortgage Loan Trust 2006-AR5 (a)		3.9091	7/25/2036		202,623
	586,228	Citigroup Mortgage Loan Trust 2007-OPX1 (d)		5.8630	1/25/2037		273,358
	1,839,840	Citigroup Mortgage Loan Trust 2008-RR1 (b) (c)	US0001M + 0.07	0.2545	1/25/2037		1,592,868
	442,361	Citigroup Mortgage Loan Trust 2013-8 (a)(b)		3.5726	11/25/2036		354,149
	1,228,395	Citigroup Mortgage Loan Trust, Inc.		5.7500	11/25/2035		1,070,294
	146,393	Citigroup Mortgage Loan Trust, Inc. (c)	US0001M + 2.625	2.8095	11/25/2034		820,671
	30,011	CitiMortgage Alternative Loan Trust Series 2007-A1		6.0000	1/25/2037		29,650
	163	Countrywide Asset-Backed Certificates (a)		5.0910	5/25/2032		160
	8,885	Countrywide Asset-Backed Certificates (a)		4.2395	1/25/2037		8,866
	11,440	Countrywide Asset-Backed Certificates (a)		5.8340	7/25/2034		11,477
	382,693	Countrywide Asset-Backed Certificates (c)	US0001M + 0.66	0.8445	11/25/2033		354,260
	75,883	Countrywide Asset-Backed Certificates (d)		5.2520	2/25/2035		75,700
	906,097	Credit Suisse First Boston Mortgage Securities Corp.		5.5000	8/25/2025		879,254
	123,569	Credit Suisse First Boston Mortgage Securities Corp. (a)		3.9130	11/25/2032		116,995
	31,467	Credit Suisse First Boston Mortgage Securities Corp. (a)		3.9130	11/25/2032		29,056
	519,705	Credit Suisse First Boston Mortgage Securities Corp. (a)(b)		1.6331	3/25/2032		466,964
	918,370	Credit Suisse First Boston Mortgage Securities Corp. (c)	US0001M + 0.74	0.9245	8/25/2032		861,258
	613,468	Credit-Based Asset Servicing and Securitization LLC (b) (c)	US0001M + 1.6	1.7845	9/25/2035		608,346
	773,554	Credit-Based Asset Servicing and Securitization LLC (b) (c)	US0001M + 0.46	0.6445	2/25/2037		593,440
	306,007	Credit-Based Asset Servicing and Securitization LLC (d)		3.2567	12/25/2036		286,813
	868,842	CSFB Mortgage-Backed Pass-Through Certificates Series 2002-29		7.0000	10/25/2032		899,231
	104,948	CSFB Mortgage-Backed Pass-Through Certificates Series 2003-29		6.5000	12/25/2033		108,376
	371,584	CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5 (a)		3.5416	6/25/2034		362,620
	3,160,611	CSMC Mortgage-Backed Trust 2006-9		6.5000	11/25/2036		2,573,687
	420,066	CSMC Mortgage-Backed Trust 2007-1		6.0000	2/25/2037		345,940
	875,418	CSMC Mortgage-Backed Trust 2007-3		5.0000	4/25/2037		850,265
	794,819	CSMC Mortgage-Backed Trust 2007-3 (a)		5.8368	4/25/2037		344,012
	340,241	CSMC Mortgage-Backed Trust 2007-3 (c)	US0001M + 0.25	0.4345	4/25/2037		276,598
	484,055	CSMC Mortgage-Backed Trust 2007-4 (c)	US0001M + 0.4	0.5845	6/25/2037		345,449
	76,776	CSMC Mortgage-Backed Trust 2007-5		6.0000	4/25/2029		74,954
	194,008	CSMC Series 2011-6R (a)(b)		3.8142	4/28/2037		182,895
	198,931	CSMC Series 2014-4R (b) (c)	US0001M + 0.2	0.3683	2/27/2036		191,282
	32,558	CWABS Revolving Home Equity Loan Trust Series 2004-J (c)	US0001M + 0.29	0.4748	12/15/2033		31,331
	116,998	CWABS Revolving Home Equity Loan Trust Series 2004-O (c)	US0001M + 0.28	0.4647	2/15/2034		112,469
	1,272,943	CWHEQ Revolving Home Equity Loan Trust Series 2005-K (c)	US0001M + 0.24	0.4247	2/15/2036		1,100,529
	2,015,757	CWHEQ Revolving Home Equity Loan Trust Series 2005-K (c)	US0001M + 0.34	0.5248	2/15/2036		1,742,649
	1,326,656	CWHEQ Revolving Home Equity Loan Trust Series 2006-D (c)	US0001M + 0.2	0.3848	5/15/2036		1,160,399
	100,339	CWHEQ Revolving Home Equity Loan Trust Series 2006-I (c)	US0001M + 0.14	0.3247	1/15/2037		93,594
	280,049	Deutsche Alt-B Securities Inc. Mortgage Loan Trust Series 2006-AB2 (a)		5.1157	6/25/2036		266,288
	45,055	Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2004-1 (a)		5.5000	9/25/2033		38,986
	1,331,827	Deutsche Mortgage Securities, Inc. Mortgage Loan Trust 2004-4 (c)	US0001M + 0.35	0.5345	6/25/2034		1,206,372
	228,533	Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2006-PR1 (b) (c)	US0001M + 0.28	0.4647	4/15/2036		185,190
	57,139	DSLA Mortgage Loan Trust 2004-AR1 (c)	US0001M + 0.82	1.0139	9/19/2044		52,390
	23,146	DSLA Mortgage Loan Trust 2004-AR1 (c)	US0001M + 0.84	1.0339	9/19/2044		20,764
	2,408,664	DSLA Mortgage Loan Trust 2004-AR4 (c)	US0001M + 0.35	0.5439	1/19/2045		2,022,546
	3,463,132	DSLA Mortgage Loan Trust 2007-AR1 (c)	US0001M + 0.14	0.3339	4/19/2047		2,800,830
	591,670	Equity One Mortgage Pass-Through Trust 2002-1 (a)		6.2820	8/25/2032		589,651
	221,127	Finance America Mortgage Loan Trust 2004-3 (c)	US0001M + 0.945	1.1295	11/25/2034		189,831

See accompanying notes to consolidated financial statements.

29

RATIONAL SPECIAL SITUATIONS INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Principal				Coupon
Amount ($)			Variable Rate	Rate (%)	Maturity	Value
		BONDS & NOTES - 89.2% (Continued)
		ASSET BACKED SECURITIES - 88.8% (Continued)
	207,290	Finance America Mortgage Loan Trust 2004-3 (c)	US0001M + 1.02	1.2045	11/25/2034	$	174,883
	49,444	First Horizon Alternative Mortgage Securities Trust 2005-AA1 (a)		3.5065	3/25/2035		38,111
	1,983,155	First Horizon Alternative Mortgage Securities Trust 2005-AA3 (a)		3.2872	5/25/2035		1,431,320
	54,896	First Horizon Mortgage Pass-Through Trust 2000-H (a)		3.7215	5/25/2030		51,332
	35,608	First Horizon Mortgage Pass-Through Trust 2000-H (a)		4.0891	5/25/2030		32,278
	237,206	First Horizon Mortgage Pass-Through Trust 2004-FL1 (c)	US0001M + 0.27	0.4545	2/25/2035		210,488
	506,076	First Horizon Mortgage Pass-Through Trust 2005-AR4 (a)		3.9983	10/25/2035		480,775
	197,841	FirstCity Capital Home Equity Loan Trust 1998-2 (b) (c)	US0001M + 0.8	0.9845	1/25/2029		193,616
	59,977	Fremont Home Loan Trust 2005-A (c)	US0001M + 0.735	0.9195	1/25/2035		58,488
	6,056,191	Fulton Street CDO Ltd. (b) (c)	US0003M + 0.42	2.2391	4/20/2032		3,542,872
	1,358,045	Global Mortgage Securitization Ltd. (b) (c)	US0001M + 0.32	0.5045	11/25/2032		1,270,353
	16,964	GMACM Home Equity Loan Trust 2005-HE1 (b) (c)	US0001M + 0.5	0.6845	8/25/2035		19,483
	3,153,943	GMACM Home Equity Loan Trust 2007-HE2 (c)	US0001M + 0.14	0.3245	12/25/2037		2,873,693
	547,645	GMACM Mortgage Loan Trust 2004-GH1 (d)		5.0000	7/25/2035		243,904
	352,934	GMACM Mortgage Loan Trust 2005-AR6 (a)		4.0503	11/19/2035		308,103
	95,490	GreenPoint Home Equity Loan Trust 2004-4 (c)	US0001M + 0.28	0.4647	8/15/2030		92,479
	839,328	GreenPoint Mortgage Funding Trust 2005-AR4 (c)	US0001M + 0.52	0.7045	10/25/2045		789,968
	587,558	GreenPoint Mortgage Funding Trust 2005-AR4 (c)	US0001M + 0.2	0.3845	10/25/2045		506,257
	65,901	GreenPoint Mortgage Funding Trust 2005-AR5 (c)	US0001M + 0.54	0.7245	11/25/2045		53,306
	418,335	GreenPoint Mortgage Funding Trust 2005-AR5 (c)	US0001M + 0.56	0.7445	11/25/2045		314,328
	1,402,215	GreenPoint Mortgage Funding Trust 2006-AR2 (c)	12MTA + 2	3.5038	3/25/2036		1,303,921
	92,155	GreenPoint Mortgage Funding Trust 2006-AR3 (c)	US0001M + 0.21	0.3945	4/25/2036		85,334
	510,062	GreenPoint Mortgage Loan Trust 2004-1 (c)	US0001M + 0.575	0.7595	10/25/2034		444,143
	1,153,305	Greenwich Capital Commercial Mortgage Trust 2006-RR1 (a)(b)		5.6579	3/18/2049		1,072,276
	760,000	GS Mortgage Securities Corp. II (b) (c)	US0001M + 2.5	2.6848	9/15/2031		716,739
	481,000	GS Mortgage Securities Trust 2011-GC5 (a)(b)		5.5553	8/10/2044		356,818
	1,008,906	GSAA Home Equity Trust 2005-2 (c)	US0001M + 2.175	2.3595	12/25/2034		992,421
	137,323	GSAMP Trust 2004-HE1 (c)	US0001M + 0.825	1.0095	5/25/2034		130,485
	184,261	GSMPS Mortgage Loan Trust (a)(b)		7.7500	5/19/2027		183,710
	204,920	GSR Mortgage Loan Trust 2003-1 (a)		3.6211	3/25/2033		186,699
	450,413	GSR Mortgage Loan Trust 2005-8F		5.0000	11/25/2035		451,231
	204,817	GSR Mortgage Loan Trust 2005-8F		5.5000	11/25/2035		213,270
	975,007	GSR Mortgage Loan Trust 2007-1F		6.0000	1/25/2037		866,667
	47,130	GSR Mortgage Loan Trust 2007-1F		5.5000	1/25/2037		52,249
	3,941,710	GSR Mortgage Loan Trust 2007-3F		5.7500	5/25/2037		5,085,151
	1,827,011	GSR Mortgage Loan Trust 2007-AR1 (a)		3.7060	3/25/2037		1,631,654
	107,115	GSR Mortgage Loan Trust 2007-AR1 (a)		3.3481	3/25/2037		105,972
	144,407	HarborView Mortgage Loan Trust 2003-1 (a)		3.6425	5/19/2033		136,276
	799,910	HarborView Mortgage Loan Trust 2004-1 (a)		3.6363	4/19/2034		648,874
	2,488,660	HarborView Mortgage Loan Trust 2004-8 (c)	US0001M + 0.8	0.9939	11/19/2034		2,284,878
	167,953	HarborView Mortgage Loan Trust 2004-9 (c)	US0001M + 0.78	0.9739	12/19/2034		147,356
	6,896	HarborView Mortgage Loan Trust 2005-1 (c)	US0001M + 0.66	0.8539	3/19/2035		4,569
	92,951	HarborView Mortgage Loan Trust 2005-14 (a)		4.2858	12/19/2035		85,476
	2,820,879	HarborView Mortgage Loan Trust 2005-2 (c)	US0001M + 0.52	0.7139	5/19/2035		1,488,597
	660,564	HarborView Mortgage Loan Trust 2005-4 (a)		3.7062	7/19/2035		650,392
	34,017	HarborView Mortgage Loan Trust 2005-8 (c)	US0001M + 0.66	0.8539	9/19/2035		28,336
	5,013	Home Equity Mortgage Trust (c)	US0001M + 2.5	2.6683	6/25/2034		95,267
	19,438	Home Equity Mortgage Trust 2007-1 (c)	US0001M + 0.34	0.5245	5/25/2037		17,507
	58,251	Impac CMB Trust Series 2003-11 (c)	US0001M + 4.5	4.6845	10/25/2033		55,898
	3,824	Impac CMB Trust Series 2003-8 (c)	US0001M + 2.625	2.8095	10/25/2033		3,779
	6,960	Impac CMB Trust Series 2003-8 (c)	US0001M + 4.5	4.6845	10/25/2033		6,632
	297,744	Impac CMB Trust Series 2004-10 (c)	US0001M + 0.8	0.9845	3/25/2035		260,119
	64,866	Impac CMB Trust Series 2004-10 (c)	US0001M + 1.5	1.6845	3/25/2035		59,441
	239,075	Impac CMB Trust Series 2004-10 (c)	US0001M + 2.775	2.9595	3/25/2035		230,138
	218,911	Impac CMB Trust Series 2004-8 (c)	US0001M + 1.575	1.7595	8/25/2034		201,571
	195,602	IndyMac INDA Mortgage Loan Trust 2005-AR1 (a)		3.9644	11/25/2035		185,662
	38,681	IndyMac INDA Mortgage Loan Trust 2005-AR2 (a)		3.9040	1/25/2036		36,591
	1,776,053	IndyMac INDX Mortgage Loan Trust 2004-AR2 (a)		3.8241	6/25/2034		1,719,955
	184,216	IndyMac INDX Mortgage Loan Trust 2006-AR2 (c)	US0001M + 0.21	0.3945	2/25/2046		145,216
	93,557	Irwin Home Equity Loan Trust 2004-1 (c)	US0001M + 1.25	1.4345	12/25/2034		91,188
	1,893,993	Jefferies Resecuritization Trust 2009-R7 (a)(b)		3.7811	10/21/2035		1,912,174
	531,867	JP Morgan Alternative Loan Trust		5.0000	12/25/2035		523,795
	224,084	JP Morgan Alternative Loan Trust (d)		6.1900	5/25/2036		213,071
	2,000,000	JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2 (a)(b)		5.8216	11/15/2043		1,605,373
	580,112	JP Morgan Chase Commercial Mortgage Securities Trust 2012-WLDN (b)		3.9100	5/5/2030		449,691
	107,000	JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 (a)		4.3063	4/15/2046		65,574
	106,060	JP Morgan Mortgage Trust 2004-S2		5.5000	11/25/2024		106,955
	375,909	JP Morgan Mortgage Trust 2004-S2		6.0000	11/25/2034		373,477
	3,860,050	JP Morgan Mortgage Trust 2005-A6 (a)		4.0498	8/25/2035		3,580,616
	1,321,318	JP Morgan Mortgage Trust 2005-A8 (a)		3.9135	11/25/2035		1,149,891

See accompanying notes to consolidated financial statements.

30

RATIONAL SPECIAL SITUATIONS INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Principal				Coupon
Amount ($)			Variable Rate	Rate (%)	Maturity	Value
		BONDS & NOTES - 89.2% (Continued)
		ASSET BACKED SECURITIES - 88.8% (Continued)
	357,076	JP Morgan Mortgage Trust 2006-A6 (a)		3.9643	10/25/2036	$	312,724
	111,126	JP Morgan Mortgage Trust 2007-A2 (a)		3.5250	4/25/2037		92,003
	3,170,069	Legal Fee Funding 2006-1 LLC (b)		8.0000	7/20/2036		3,287,479
	497,112	Lehman Mortgage Trust 2006-7 (a)		4.8855	9/25/2036		196,451
	241,563	Lehman Mortgage Trust 2007-3		—	3/25/2037		186,682
	87,304	Lehman XS Trust 2006-8 (d)		5.0187	6/25/2036		88,672
	174,933	Lehman XS Trust 2007-5H (a)		3.0290	5/25/2037		155,920
	701,040	Lehman XS Trust Series 2005-5N (c)	US0001M + 0.36	0.5445	11/25/2035		571,902
	462,338	Lehman XS Trust Series 2006-2N (c)	US0001M + 0.26	0.4445	2/25/2046		397,508
	868,316	Luminent Mortgage Trust 2007-2 (c)	US0001M + 0.23	0.4145	5/25/2037		768,480
	350,000	MASTR Adjustable Rate Mortgages Trust 2004-11 (c)	US0001M + 1.75	1.9345	11/25/2034		317,312
	1,248,253	MASTR Adjustable Rate Mortgages Trust 2004-14 (c)	US0001M + 3.4	3.5845	1/25/2035		972,041
	4,562,758	MASTR Adjustable Rate Mortgages Trust 2006-OA2 (c)	12MTA + 0.8	2.3038	12/25/2046		7,804,860
	636,565	MASTR Adjustable Rate Mortgages Trust 2006-OA2 (c)	12MTA + 0.8	2.3038	12/25/2046		1,117,579
	6,286,359	MASTR Adjustable Rate Mortgages Trust 2006-OA2 (c)	12MTA + 0.85	2.3538	12/25/2046		11,114,844
	3,843,932	MASTR Adjustable Rate Mortgages Trust 2006-OA2 (c)	12MTA + 1.2	2.7038	12/25/2046		6,816,266
	57,353	MASTR Adjustable Rate Mortgages Trust 2007-1 (c)	US0001M + 0.16	0.3445	1/25/2047		63,300
	6,508,242	MASTR Adjustable Rate Mortgages Trust 2007-1 (c)	12MTA + 0.74	2.2438	1/25/2047		10,888,007
	185,975	MASTR Adjustable Rate Mortgages Trust 2007-3 (c)	US0001M + 0.68	0.8645	5/25/2047		185,502
	30,175,837	MASTR Adjustable Rate Mortgages Trust 2007-3 22A2 (c,e,f)	US0001M + 0.42	0.3800	5/25/2047		3,220,400
	979,165	MASTR Alternative Loan Trust 2004-13		5.5000	1/25/2035		810,988
	323,210	Mastr Asset Backed Securities Trust 2004-WMC2 (c)	US0001M + 3.225	3.4095	4/25/2034		325,029
	980,768	Mastr Asset Backed Securities Trust 2005-NC2 (c)	US0001M + 0.5	0.6845	11/25/2035		684,630
	1,570,163	Mastr Asset Backed Securities Trust 2005-NC2 (c)	US0001M + 0.7	0.8845	11/25/2035		1,119,502
	86,483	MASTR Asset Securitization Trust 2004-3		5.2500	3/25/2024		86,879
	83,606	MASTR Seasoned Securitization Trust 2003-1 (c)	US0001M + 0.4	0.5845	2/25/2033		73,566
	170,223	Mellon Residential Funding Cor Mor Pas Thr Tr Ser 1999-tbc3 (a)(b)		2.6100	10/20/2029		147,896
	102,068	Mellon Residential Funding Cor Mor Pas Thr Tr Ser 1999-tbc3 (a)(b)		2.6100	10/20/2029		88,672
	203,207	Merrill Lynch Mortgage Backed Securities Trust Series 2007-1 (a)		3.7254	4/25/2037		187,354
	2,505	Merrill Lynch Mortgage Investors Trust Series 2005-A3 (c)	US0001M + 0.27	0.4545	4/25/2035		2,496
	5,650,205	Merrill Lynch Mortgage Investors Trust Series 2006-FF1 (b) (c)	US0001M + 0.75	0.9345	8/25/2036		5,762,229
	2,068,751	Merrill Lynch Mortgage Investors Trust Series MLMI 2005-A7 (a)		4.0633	9/25/2035		1,844,309
	437,240	Merrill Lynch Mortgage Trust 2006-C1 (a)		6.2197	5/12/2039		424,127
	2,384	Morgan Stanley ABS Capital I Inc. Trust 2007-HE4 (c)	US0001M + 0.11	0.2945	2/25/2037		978
	104,022	Morgan Stanley Dean Witter Capital I Inc. Trust 2001-AM1 (c)	US0001M + 2.1	2.2845	2/25/2032		103,699
	454,346	Morgan Stanley Mortgage Loan Trust 2005-10		5.5000	12/25/2035		379,718
	212,579	Morgan Stanley Mortgage Loan Trust 2005-4		5.0000	8/25/2035		211,830
	117,491	Morgan Stanley Mortgage Loan Trust 2006-16AX (c)	US0001M + 0.17	0.3545	11/25/2036		45,904
	224,345	Morgan Stanley Mortgage Loan Trust 2006-2		5.2500	2/25/2021		218,749
	19,949	Morgan Stanley Mortgage Loan Trust 2006-7		5.0000	6/25/2021		16,599
	350,008	Mortgage Loan Resecuritization Trust (b) (c)	US0001M + 0.34	0.5126	4/16/2036		302,467
	463,355	Mortgage Loan Trust Series 2004-3 (c)	US0001M + 1.875	2.0595	5/25/2034		440,278
	1,491,853	MortgageIT Mortgage Loan Trust 2006-1 (c)	US0001M + 0.2	0.3845	4/25/2036		1,108,225
	1,793,445	Mosaic Solar Loans 2017-1 LLC (b)		—	6/20/2042		1,570,353
	2,000,000	New Residential Mortgage Loan Trust 2018-NQM1 (a)(b)		5.2830	11/25/2048		1,990,344
	12,758,366	New Residential Mortgage Loan Trust 2019-5 (a)(b)		0.5000	8/25/2059		350,855
	17,931,231	New Residential Mortgage Loan Trust 2019-5 (a)(b)		0.7500	8/25/2059		762,077
	452,270	New York Mortgage Trust 2006-1 (a)		3.9000	5/25/2036		402,295
	312,199	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2004-AR1 (c)	US0001M + 1.02	1.2045	8/25/2034		327,264
	472,492	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AF1 (a)		4.3268	6/25/2036		474,305
	97,456	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2007-1 (d)		5.9570	3/25/2047		98,802
	1,238,968	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2007-1 (d)		6.1380	3/25/2047		1,255,905
	255,199	NovaStar Mortgage Funding Trust Series 2006-MTA1 (c)	US0001M + 0.38	0.5645	9/25/2046		236,869
	155,777	Oakwood Mortgage Investors Inc. (a)		5.1900	6/15/2032		159,120
	381,232	Option One Mortgage Loan Trust 2007-FXD2 (d)		6.1020	3/25/2037		384,827
	52,625	Origen Manufactured Housing Contract Trust 2007-B (b) (c)	US0001M + 1.2	1.3848	10/15/2037		51,183
	214,296	PFCA Home Equity Investment Trust (a)(b)		4.2041	1/22/2035		219,712
	396,349	PFCA Home Equity Investment Trust (a)(b)		3.5876	8/25/2035		396,804
	303,013	Prime Mortgage Trust 2004-1		5.2500	8/25/2034		311,923
	114,852	Prime Mortgage Trust 2005-4		5.2500	10/25/2020		118,680
	2,736,389	Prime Mortgage Trust 2006-DR1 (b)		5.5000	5/25/2035		2,231,386
	755,768	Prime Mortgage Trust 2006-DR1 (b)		6.0000	5/25/2035		615,049
	477,887	RAAC Series 2004-SP1 Trust (d)		6.1180	3/25/2034		484,993
	2,759,324	RAAC Series 2006-RP1 Trust (c)	US0001M + 1.875	2.0595	10/25/2045		2,703,427
	733,002	RALI Series 2004-QA4 Trust (a)		8.0045	9/25/2034		701,450
	239,544	RALI Series 2004-QA4 Trust (a)		4.3516	9/25/2034		232,412
	92,558	RALI Series 2004-QA6 Trust (a)		4.2056	12/26/2034		75,707
	240,515	RALI Series 2005-QA2 Trust (a)		3.9673	2/25/2035		204,647
	424,004	RALI Series 2005-QA3 Trust (a)		3.9500	3/25/2035		131,693
	147,294	RALI Series 2005-QA6 Trust (a)		4.2054	5/25/2035		96,887
	624,302	RALI Series 2005-QA8 Trust (a)		4.3694	7/25/2035		455,342

See accompanying notes to consolidated financial statements.

31

RATIONAL SPECIAL SITUATIONS INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Principal				Coupon
Amount ($)			Variable Rate	Rate (%)	Maturity	Value
		BONDS & NOTES - 89.2% (Continued)
		ASSET BACKED SECURITIES - 88.8% (Continued)
	83,307	RALI Series 2005-QA8 Trust (a)		3.9279	7/25/2035	$	71,898
	197,826	RALI Series 2005-QA9 Trust (a)		3.8081	8/25/2035		106,463
	957,193	RALI Series 2005-QO4 Trust (c)	US0001M + 0.56	0.7445	12/25/2045		755,241
	2,221,144	RALI Series 2005-QS5 Trust		5.7000	4/25/2035		2,231,655
	41,220	RALI Series 2006-QA1 Trust (a)		5.5332	1/25/2036		35,528
	208,413	RALI Series 2006-QA2 Trust (a)		5.7601	2/25/2036		164,912
	134,898	RALI Series 2006-QS10 Trust		6.0000	8/25/2036		131,895
	100,239	RALI Series 2006-QS12 Trust		5.0000	9/25/2036		91,200
	735,646	RALI Series 2007-QH4 Trust (c)	US0001M + 0.19	0.3745	5/25/2037		660,282
	229,007	RAMP Series 2003-SL1 Trust		8.0000	4/25/2031		231,918
	822,407	RAMP Series 2004-SL1 Trust		6.5000	11/25/2031		798,512
	972,799	RAMP Series 2004-SL3 Trust		8.5000	12/25/2031		629,672
	349,797	RAMP Series 2004-SL4 Trust		7.5000	7/25/2032		229,336
	286,199	RAMP Series 2005-SL1 Trust		7.5000	5/25/2032		287,717
	717,832	RAMP Series 2005-SL1 Trust		8.0000	5/25/2032		574,852
	1,223,180	RAMP Series 2007-RS1 Trust (c)	US0001M + 0.17	0.3545	2/25/2037		647,586
	1,028,349	RBSGC Mortgage Loan Trust 2005-A		6.0000	4/25/2035		1,037,182
	750,023	Renaissance Home Equity Loan Trust 2004-2 (c)	US0001M + 0.48	0.6645	7/25/2034		682,585
	374,146	Renaissance Home Equity Loan Trust 2004-3 (d)		4.8240	11/25/2034		382,102
	415,284	Renaissance Home Equity Loan Trust 2005-4 (d)		5.8250	2/25/2036		416,716
	308,076	Residential Asset Securitization Trust 2004-A2 (c)	US0001M + 0.55	0.7345	5/25/2034		290,977
	1,543,561	RFMSI Series 2005-SA1 Trust (a)		3.4875	3/25/2035		1,256,613
��	20,535	RFMSI Series 2005-SA2 Trust (a)		3.6915	6/25/2035		20,050
	1,663,919	RFMSI Series 2005-SA5 Trust (a)		4.2872	11/25/2035		1,542,506
	3,662,634	RFMSI Series 2006-SA2 Trust (a)		4.9686	8/25/2036		3,297,393
	179,506	RFSC Series 2002-RP2 Trust (b) (c)	US0001M + 1.5	1.6845	10/25/2032		170,007
	48,259	SACO I Trust 2005-9 (c)	US0001M + 0.69	0.8745	12/25/2035		167,849
	148,634	SACO I Trust 2005-WM2 (c)	US0001M + 0.825	1.0095	7/25/2035		556,051
	175,175	SACO I Trust 2006-6 (c)	US0001M + 0.26	0.4445	6/25/2036		169,887
	314,525	Sequoia Mortgage Trust 2007-1 (a)		3.7218	1/20/2047		265,371
	236,267	Sofi Mortgage Trust 2016-1 (a)(b)		3.0000	11/25/2046		234,436
	2,560,298	SolarCity LMC Series III LLC (b)		5.4400	7/20/2044		2,491,577
	643,125	Soloso CDO 2007-1 Ltd. (b)		—	2/15/2037		446,972
	378,952	Structured Adjustable Rate Mortgage Loan Trust (c)	US0001M + 0.31	0.4945	7/25/2035		272,445
	1,995,149	Structured Adjustable Rate Mortgage Loan Trust (c)	US0001M + 0.405	0.5895	6/25/2034		1,833,346
	235,124	Structured Adjustable Rate Mortgage Loan Trust Series 2005-19XS (c)	US0001M + 0.32	0.5045	10/25/2035		217,905
	403,683	Structured Adjustable Rate Mortgage Loan Trust Series 2007-3 (a)		3.8142	4/25/2047		380,293
	314,879	Structured Asset Mortgage Investments II Trust 2004-AR6 (c)	US0001M + 0.4	0.5939	2/19/2035		283,027
	1,877,442	Structured Asset Mortgage Investments II Trust 2005-AR2 (c)	US0001M + 0.46	0.6445	5/25/2045		1,310,579
	202,803	Structured Asset Mortgage Investments II Trust 2006-AR2 (c)	US0001M + 0.23	0.4145	2/25/2036		172,916
	188,843	Structured Asset Mortgage Investments II Trust 2006-AR3 (a)		3.4381	5/25/2036		121,400
	541,380	Structured Asset Mortgage Investments II Trust 2006-AR5 (c)	US0001M + 0.21	0.3945	5/25/2046		452,574
	2,864,398	Structured Asset Mortgage Investments II Trust 2006-AR5 (c)	US0001M + 0.21	0.3945	5/25/2046		1,826,203
	79,843	Structured Asset Mortgage Investments II Trust 2006-AR6 (c)	US0001M + 0.19	0.3745	7/25/2046		58,136
	341,088	Structured Asset Mortgage Investments II Trust 2007-AR1 (c)	US0001M + 0.18	0.3645	1/25/2037		302,764
	103,839	Structured Asset Mortgage Investments II Trust 2007-AR2 (c)	US0001M + 0.3	0.4845	2/25/2037		89,452
	928,183	Structured Asset Mortgage Investments II Trust 2007-AR2 (c)	US0001M + 0.26	0.4445	3/25/2037		455,268
	1,031,355	Structured Asset Mortgage Investments Trust 2002-AR5 (c)	US0001M + 1.2	1.3939	5/19/2033		915,192
	336,986	Structured Asset Securities Corp. Mortgage Loan Trust 2005-7XS (c)	US0001M + 1.5	1.6726	4/25/2035		325,581
	828,883	Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-RF3 (a)(b)		4.1349	10/25/2036		742,337
	1,180,033	Structured Asset Securities Corp. Mortgage Pass Through Certificates Ser 2001-SB1		3.3750	8/25/2031		1,119,025
	2,900	Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2001-14a (a)		3.4901	7/25/2032		2,622
	177,557	Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2002-21A (a)		3.7414	11/25/2032		164,926
	179,562	Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003 (d)		4.3493	8/25/2033		182,418
	1,213,074	TBW Mortgage-Backed Trust 2006-6 (d)		5.6600	1/25/2037		488,751
	50,759	Terwin Mortgage Trust 2006-10SL (a)(b)		4.7500	10/25/2037		27,656
	480,542	Terwin Mortgage Trust 2007-6ALT (b) (c)	US0001M + 0.3	0.4845	8/25/2038		380,899
	253,769	Thornburg Mortgage Securities Trust 2007-3 (c)	US0012M + 1.25	1.8154	6/25/2047		234,837
	200,000	Tropic CDO V Ltd. (b)		—	7/15/2036		139,000
	163,000	UBS Commercial Mortgage Trust 2012-C1 (a)(b)		5.7547	5/10/2045		118,097
	265,000	UBS-Citigroup Commercial Mortgage Trust 2011-C1 (a)(b)		6.2520	1/10/2045		214,435
	3,047,518	Voyager CNTYW Delaware Trust (a)(b)		0.4247	2/16/2036		2,581,807
	2,446,003	Voyager CNTYW Delaware Trust (a)(b)		0.4848	12/16/2033		2,268,885
	171,878	Voyager OPTONE Delaware Trust (a)(b)		0.4345	2/25/2038		59,071
	1,060,768	Wachovia Bank Commercial Mortgage Trust Series 2005-C21 (a)(b)		5.2684	10/15/2044		1,020,738
	263,834	Wachovia Mortgage Loan Trust LLC Series 2006-A Trust (a)		3.4625	5/20/2036		256,822
	190,568	WaMu Mortgage Pass-Through Certificates Series 2002-AR13 Trust (a)		4.3700	10/25/2032		174,991
	512,699	WaMu Mortgage Pass-Through Certificates Series 2002-AR19 Trust (a)		3.7714	2/25/2033		478,847
	223,600	WaMu Mortgage Pass-Through Certificates Series 2002-AR6 Trust (c)	12MTA + 1.4	2.9038	6/25/2042		198,430
	225,811	WaMu Mortgage Pass-Through Certificates Series 2002-AR6 Trust (c)	12MTA + 1.4	2.9038	6/25/2042		193,497

See accompanying notes to consolidated financial statements.

32

RATIONAL SPECIAL SITUATIONS INCOME FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Principal				Coupon
Amount ($)			Variable Rate	Rate (%)	Maturity	Value
		BONDS & NOTES - 89.2% (Continued)
		ASSET BACKED SECURITIES - 88.8% (Continued)
	110,160	WaMu Mortgage Pass-Through Certificates Series 2002-AR9 Trust (c)	12MTA + 1.4	2.9038	8/25/2042	$	100,147
	342,623	WaMu Mortgage Pass-Through Certificates Series 2002-S8 Trust		5.7500	1/25/2033		349,760
	99,334	WaMu Mortgage Pass-Through Certificates Series 2003-AR10 Trust (a)		4.1923	10/25/2033		96,855
	377,493	WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust (a)		4.3049	9/25/2033		350,315
	1,442,255	WaMu Mortgage Pass-Through Certificates Series 2003-S4 (a)		5.6438	6/25/2033		801,890
	91,529	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 Trust (a)		3.6011	10/25/2036		78,962
	3,708,787	WaMu Mortgage Pass-Through Certificates Series 2006-AR7 Trust (c)	12MTA + 0.98	2.4838	7/25/2046		3,293,065
	97,235	WaMu Pass Through Certificates Series 2002-AR12 Trust (a)		4.2000	10/25/2032		86,025
	149,843	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-1 Trust		5.5000	3/25/2035		149,989
	497,324	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-2 Trust		6.0000	3/25/2036		429,552
	2,838,062	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR1 Trust (c)	US0001M + 0.25	0.4345	2/25/2036		2,262,285
	88,642	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR2 Trust (c)	12MTA + 0.94	2.4438	4/25/2046		76,428
	552,273	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR5 Trust (c)	12MTA + 0.94	2.4438	7/25/2046		368,992
	926,310	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 Trust (c)	12MTA + 0.96	2.4638	8/25/2046		604,598
	74,154	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR8 Trust (c)	12MTA + 0.85	2.3538	10/25/2046		62,402
	54,445	Washington Mutual MSC Mortgage Pass-Through Certificates Series 2002-MS4 (b)		6.5000	10/19/2029		53,991
	54,444	Washington Mutual MSC Mortgage Pass-Through Certificates Series 2002-MS4 (b)		6.5000	10/19/2029		53,936
	92,932	Washington Mutual MSC Mortgage Pass-Through Certificates Series 2003-AR1 Trust (a)		3.7869	2/25/2033		85,991
	1,124,458	Washington Mutual MSC Mortgage Pass-Through Certificates Series 2004-RA2 Trust (a)		7.0000	7/25/2033		1,115,820
	111,695	Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust (a)		4.9800	4/25/2034		113,714
	23,416	Wells Fargo Mortgage Backed Securities 2003-I Trust (a)		4.6198	9/25/2033		17,595
	115,285	Wells Fargo Mortgage Backed Securities 2004-K Trust (a)		3.0087	7/25/2034		114,281
							256,816,988
		COMMERCIAL MORTGAGE OBLIGATIONS - 0.4%
	382,371	Fannie Mae Interest Strip		6.5000	10/25/2023		30,326
	264,130	Fannie Mae Interest Strip		6.0000	1/25/2035		55,077
	745,669	Fannie Mae Interest Strip		4.5000	8/25/2035		102,188
	434,844	Fannie Mae Interest Strip (a)		5.0000	3/25/2038		74,243
	378,158	Fannie Mae Interest Strip		5.0000	1/25/2040		56,409
	799,944	Fannie Mae Interest Strip (a)		3.5000	4/25/2027		51,146
	645,859	Freddie Mac Strips (a)		4.5000	5/15/2049		104,259
	45,653,284	Government National Mortgage Association		0.2630	6/16/2040		215,410
	5,880,087	Government National Mortgage Association (a)		0.1034	8/16/2048		46,210
	279,425	Government National Mortgage Association (c)		5.2100	5/20/2041		48,688
	355,024	Government National Mortgage Association (c)		5.2600	6/20/2041		60,615
	382,042	Government National Mortgage Association		5.0000	10/20/2039		67,088
							911,659
		TOTAL BONDS & NOTES (Cost - $253,865,994)					257,728,647
Shares
		SHORT-TERM INVESTMENTS - 11.1%
	32,191,667	First American Government Obligations Fund - Class U, 0.34% *					32,191,667
		TOTAL SHORT-TERM INVESTMENTS (Cost - $32,191,667)
		TOTAL INVESTMENTS (Cost $286,057,661) - 100.3%				$	289,920,314
		LIABILITIES LESS OTHER ASSETS - (0.3)%					(829,786	)
		NET ASSETS - 100.0%				$	289,090,528

* Rate shown represents the rate at June 30, 2020, and is subject to change and resets daily.

(a) Variable rate security; the rate shown represents the rate on June 30, 2020.

(b) Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2020, these securities amounted to $56,741,538 or 19.63% of net assets.

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

(d) Step-Up Bond; the interest rate shown is the rate in effect as of June 30, 2020.

(e) Fair valued security

(f) Security currently in litigation.

COF - Cost of Funds

H15T1Y - US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year

12MTA - 12 Month Treasury Average Index

US001M - 1 Month London Interbank Offered Rate

US006M - 6 Month London Interbank Offered Rate

US0012M - 12 Month London Interbank Offered Rate

See accompanying notes to consolidated financial statements.

33

RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2020

Principal
Amount ($)			Coupon Rate (%)	Maturity	Value
		CONVERTIBLE BONDS - 63.8%
		AIRLINES - 1.0%
	450,000	Southwest Airlines Co.	1.2500	5/1/2025	$	540,464
		AUTO PARTS & EQUIPMENT - 1.9%
	1,086,118	Meritor, Inc.	3.2500	10/15/2037		1,081,943
		BIOTECHNOLOGY - 4.0%
	1,130,042	Illumina, Inc.	0.5000	6/15/2021		1,680,959
	745,021	Retrophin, Inc.	2.5000	9/15/2025		614,514
						2,295,473
		COMMERCIAL SERVICES - 6.0%
	806,772	Chegg, Inc.	0.1250	3/15/2025		1,140,897
	2,360,928	Euronet Worldwide, Inc.	0.7500	3/15/2049		2,282,722
						3,423,619
		COMPUTERS - 2.9%
	260,000	CyberArk Software Ltd. (a)	0.0000	11/15/2024		241,792
	1,513,080	Western Digital Corp.	1.6500	2/1/2024		1,422,347
						1,664,139
		ELECTRONICS - 1.2%
	704,578	Fortive Corp.	0.8750	2/15/2022		692,034
		HEALTHCARE - SERVICES - 6.0%
	722,616	Anthem, Inc.	2.7500	10/15/2042		2,643,311
	230,000	Teledoc Health, Inc.	1.3750	5/15/2025		818,980
						3,462,291
		INTERNET - 6.8%
	1,031,561	Etsy, Inc. (a)	0.1250	10/1/2026		1,406,570
	657,848	Okta, Inc. (a)	0.1250	9/1/2025		814,027
	840,000	Proofpoint, Inc. (a)	0.2500	8/15/2024		824,783
	450,000	Wix.com Ltd.	0.0000	7/1/2023		835,031
						3,880,411
		INVESTMENT COMPANIES - 4.6%
	1,690,886	New Mountain Finance Corp.	5.7500	8/15/2023		1,585,206
	1,056,540	Sixth Street Specialty Lending, Inc.	4.5000	8/1/2022		1,062,224
						2,647,430
		OIL & GAS - 1.0%
	505,000	Pioneer Natural Resources Co. (a)	0.2500	5/15/2025		595,792
		PHARMACEUTICALS - 3.1%
	185,000	DexCom, Inc.	0.7500	12/1/2023		458,926
	405,000	Horizon Pharma Investment Ltd.	2.5000	3/15/2022		779,625
	330,000	Neurocrine Biosciences, Inc.	2.2500	5/15/2024		548,700
						1,787,251
		REITs - 0.9%
	45,232	Apollo Commercial Real Estate Finance, Inc.	4.7500	8/23/2022		39,301
	490,675	VEREIT, Inc.	3.7500	12/15/2020		489,462
						528,763
		RETAIL - 1.6%
	820,000	Burlington Stores, Inc. (a)	2.2500	4/15/2025		931,889
		SEMICONDUCTORS - 8.5%
	585,000	Microchip Technology, Inc.	1.6250	2/15/2027		862,902
	445,000	Micron Technology, Inc.	3.1250	5/1/2032		2,274,045
	170,443	Novellus Systems, Inc.	2.6250	5/15/2041		1,732,359
						4,869,306
		SOFTWARE - 14.3%
	808,734	Alteryx, Inc. (a)	1.0000	8/1/2026		922,092
	235,000	Atlassian, Inc.	0.6250	5/1/2023		522,984
	62,194	Benefitfocus, Inc.	1.2500	12/15/2023		48,927
	475,000	Cloudflare, Inc. (a)	0.7500	5/15/2025		572,375
	350,000	Coupa Software, Inc.	0.1250	6/15/2025		636,229
	519,599	DocuSign, Inc.	0.5000	9/15/2023		1,263,044
	735,021	Pluralsight, Inc.	0.3750	3/1/2024		645,227
	325,000	ServiceNow, Inc.	0.0000	6/1/2022		973,692
	868,291	Splunk, Inc.	1.1250	9/15/2025		1,275,624
	502,194	Tabula Rasa HealthCare, Inc. (a)	1.7500	2/15/2026		513,927
	620,000	Workday, Inc.	0.2500	10/1/2022		852,181
						8,226,302
		TOTAL CONVERTIBLE BONDS ( Cost - $34,279,963)				36,627,107

See accompanying notes to consolidated financial statements.

34

RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

June 30, 2020

Principal
Amount ($)			Coupon Rate (%)	Maturity	Value
		PREFERRED STOCKS - 33.5%
		BANKS - 3.7%
	803	Bank of America Corp.	7.2500	Perpetual	$	1,077,787
	803	Wells Fargo & Co.	7.5000	Perpetual		1,041,491
						2,119,278
		ELECTRIC - 13.2%
	25,121	American Electric Power Co., Inc.	6.1250	3/15/2022		1,216,108
	12,636	Dominion Energy, Inc.	7.2500	6/1/2022		1,280,532
	27,000	DTE Energy Co.	6.2500	11/1/2022		1,142,640
	25,118	NextEra Energy, Inc.	5.2790	3/1/2023		1,066,259
	34,713	NextEra Energy, Inc.	4.8720	9/1/2022		1,684,969
	27,233	Southern Co.	6.7500	8/1/2022		1,199,886
						7,590,394
		HAND/MACHINE TOOLS - 1.8%
	4,970	Stanley Black & Decker, Inc.	5.2500	5/15/2020		444,716
	510	Stanley Black & Decker, Inc.	5.0000	Perpetual		578,059
						1,022,775
		HEALTHCARE - PRODUCTS - 6.3%
	15,175	Boston Scientific Corp.	5.5000	6/1/2023		1,590,795
	805	Danaher Corp.	4.7500	4/15/2022		1,003,730
	935	Danaher Corp.	5.0000	4/15/2023		1,009,164
						3,603,689
		REITS - 4.8%
	1,850	Crown Castle International Corp.	6.8750	8/1/2020		2,747,786
		SEMICONDUCTORS - 3.7%
	1,884	Broadcom, Inc.	8.0000	9/30/2022		2,099,435
		TOTAL PREFERRED STOCKS (Cost - $19,658,445)				19,183,357
Shares
		SHORT-TERM INVESTMENTS - 2.5%
	1,456,436	First American Government Obligations Fund - Class U, 0.34% *				1,456,436
		TOTAL SHORT-TERM INVESTMENTS (Cost - $1,456,436)
		TOTAL INVESTMENTS (Cost $55,394,844) - 99.8%			$	57,266,900
		OTHER ASSETS LESS LIABILITIES - 0.2%				121,653
		NET ASSETS - 100.0%			$	57,388,553

REIT - Real Estate Investment Trust

Perpetual - Perpetual Preferred Stocks are fixed income instruments without defined maturity dates.

* Rate shown represents the rate at June 30, 2020, 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, 2020, these securities amounted to $6,823,247 or 11.89% of net assets.

See accompanying notes to consolidated financial statements.

35

RATIONAL FUNDS

Statements of Assets and Liabilities (Unaudited)

June 30, 2020

	Rational			Rational		Rational		Rational
	Equity Armor			Tactical Return		Dynamic Brands		Strategic Allocation
	Fund			Fund		Fund		Fund
ASSETS:
Investments in Unaffiliated securities, at cost	$	36,531,404		$	198,678,132	$	33,316,992	$	6,046,390
Investments in Affiliated securities, at cost		—			—		—		652,681
Total Securities at Cost		36,531,404			198,678,132		33,316,992		6,699,071
Investments in Unaffiliated securities, at value	$	37,037,277		$	198,695,886	$	42,135,990	$	6,388,146
Investments in Affiliated securities, at value		—			—		—		759,999
Total Securities at Value	$	37,037,277		$	198,695,886	$	42,135,990	$	7,148,145
Cash		690			—		—		—
Deposits with Brokers for futures and options		1,768,708			9,877,372		—		12,217
Receivable for securities sold		270,740			—		532,891		100,000
Receivable for Fund shares sold		105,482			910,020		60,431		—
Dividends and interest receivable		31,044			10,694		28,078		26,242
Due from Advisor		—			—		—		5,543
Unrealized appreciation from open futures contracts		1,055			—		—		—
Prepaid expenses and other assets		37,328			57,709		25,316		6,097
Total Assets		39,252,324			209,551,681		42,782,706		7,298,244
LIABILITIES:
Payable for securities purchased		500,909			—		416,307		6,167
Payable for Fund shares redeemed		4,414			283,955		3,532		2,602
Shareholder services fees payable		2,103			16,322		8,866		1,888
Management fees payable		12,928			276,559		20,732		—
Payable to related parties		5,603			27,723		4,881		1,055
Accrued 12b-1 fees		4,311			9,107		5,686		1,216
Trustee fees payable		2,920			2,416		2,339		2,371
Unrealized depreciation from open futures contracts		194,279			—		—		—
Accrued expenses and other liabilities		9,518			13,380		15,303		12,503
Total Liabilities		736,985			629,462		477,646		27,802
Net Assets	$	38,515,339		$	208,922,219	$	42,305,060	$	7,270,442
NET ASSETS CONSIST OF:
Paid in capital	$	43,409,478		$	206,156,962	$	30,165,856	$	8,774,562
Accumulated earnings/(loss)		(4,894,139	)		2,765,257		12,139,204		(1,504,120	)
Net Assets	$	38,515,339		$	208,922,219	$	42,305,060	$	7,270,442
Institutional Shares
Net Assets	$	25,937,878		$	192,206,921	$	28,861,089	$	214,396
Shares of beneficial interest outstanding (a)		3,486,319			33,451,396		589,427		27,734
Net asset value per share	$	7.44		$	5.75	$	48.96	$	7.73
Class A Shares
Net Assets	$	11,478,580		$	7,676,497	$	13,058,616	$	7,055,185
Shares of beneficial interest outstanding (a)		1,546,484			1,327,251		381,964		908,575
Net asset value and redemption price per share	$	7.42		$	5.78	$	34.19	$	7.77
Maximum offering price per share (b)	$	7.79		$	6.07	$	35.90	$	8.16
Class C Shares
Net Assets	$	1,098,881		$	9,038,801	$	385,355		861
Shares of beneficial interest outstanding (a)		148,907			1,589,986		12,615		111
Net asset value, offering price and redemption price per share (c)	$	7.38		$	5.68	$	30.55	$	7.73	(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.

36

RATIONAL FUNDS

Statements of Assets and Liabilities (Unaudited) Continued)

June 30, 2020

	Rational/			Rational			Rational			Rational		Rational/Pier 88
	ReSolve Adaptive			Iron Horse			NuWave Enhanced			Special Situations		Convertible Securities
	Asset Allocation Fund			Fund			Market Opportunity Fund			Income Fund		Fund
	(Consolidated)						(Consolidated)
ASSETS:
Investments in securities, at cost	$	59,457,285		$	2,352,836		$	13,912,284		$	286,057,661	$	55,394,844
Investments, at value	$	59,457,285		$	2,352,836		$	13,947,436		$	289,920,314	$	57,266,900
Cash		—			800			—			347,333		—
Deposits with Brokers for futures, options and foreign currency		2,211,067			—			4,389,673			—		—
Foreign Deposits with Brokers for futures and options (Cost $2,310,774 & 316,855)		2,327,419			—			319,050			—		—
Receivable for securities sold		—			—			1,300,987			—		—
Unrealized appreciation from open futures contracts		1,161,430			—			422,322			—		—
Receivable for Fund shares sold		41,173			—			—			1,446,234		3,500
Dividends and interest receivable		4,917			177			22,946			753,512		155,400
Due from Advisor		—			3,589			—			—		—
Prepaid expenses and other assets		28,125			4,834			39,317			73,096		15,851
Total Assets		65,231,416			2,362,236			20,441,731			292,540,489		57,441,651
LIABILITIES:
Payable for securities purchased		—			—			910,978			2,922,182		—
Unrealized depreciation from open futures contracts		235,169			—			838,305			—		—
Management fees payable		78,757			—			15,796			317,737		24,756
Payable to related parties		10,472			2,881			7,422			34,622		11,657
Trustee fees payable		2,508			2,351			2,129			1,941		1,895
Shareholder services fees payable		6,490			545			432			17,868		730
Accrued 12b-1 fees		79			559			870			20,654		117
Payable for Fund shares redeemed		2,195			—			134,384			106,121		—
Accrued expenses and other liabilities		14,072			14,984			14,201			28,836		13,943
Total Liabilities		349,742			21,320			1,924,517			3,449,961		53,098
Net Assets	$	64,881,674		$	2,340,916		$	18,517,214		$	289,090,528	$	57,388,553
NET ASSETS CONSIST OF:
Paid in capital	$	71,397,156		$	3,566,401		$	33,039,801		$	288,732,492	$	56,584,232
Accumulated earnings/ (loss)		(6,515,482	)		(1,225,485	)		(14,522,587	)		358,036		804,321
Net Assets	$	64,881,674		$	2,340,916		$	18,517,214		$	289,090,528	$	57,388,553
Institutional Shares
Net Assets	$	62,541,536		$	1,583,532		$	17,518,152		$	254,747,082	$	57,362,653
Shares of beneficial interest outstanding (a)		2,811,732			192,554			1,689,283			13,078,394		5,550,079
Net asset value per share	$	22.24		$	8.22		$	10.37		$	19.48	$	10.34
Class A Shares
Net Assets	$	2,003,394		$	756,596		$	735,049		$	26,686,809	$	15,125
Shares of beneficial interest outstanding (a)		90,974			92,164			71,190			1,371,399		1,463
Net asset value and redemption price per share	$	22.02		$	8.21		$	10.33		$	19.46	$	10.34
Maximum offering price per share (b)	$	23.36		$	8.71		$	10.96		$	20.43	$	10.86
Class C Shares
Net Assets	$	336,744		$	788		$	264,013		$	7,656,637	$	10,775
Shares of beneficial interest outstanding (a)		15,619		$	97			25,974			394,219		1,044
Net asset value, offering price and redemption price per share (c)	$	21.56		$	8.16	(d)	$	10.16		$	19.42	$	10.32

(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 Special Situations Income Fund and Rational/Pier 88 Convertible Securities 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.

37

RATIONAL FUNDS

Statements of Operations (Unaudited)

For the Six Months Ended June 30, 2020

		Rational			Rational			Rational			Rational
		Equity Armor			Tactical Return			Dynamic Brands			Strategic Allocation
		Fund			Fund			Fund			Fund
Investment Income:
Dividend income		$	165,838		$	—		$	113,418		$	—
Interest income			3,752			852,491			6,246			6,703
Dividend income - affiliated companies (Note 3)			—			—			—			146,790
Foreign tax withheld			—			—			(7,033	)		—
Total Investment Income			169,590			852,491			112,631			153,493
Operating Expenses:
Investment management fees			100,079			1,575,123			129,280			4,059
Administration fees			17,028			83,768			20,028			8,560
Registration fees			26,234			35,074			24,141			4,864
12b-1 Fees - Class A Shares			14,124			11,174			14,786			9,859
12b-1 Fees - Class C Shares			5,563			38,581			1,197			4
Management Service Fees			9,292			48,154			11,299			4,584
Audit & Tax fees			6,096			6,473			5,233			6,047
Printing expense			5,062			11,651			4,626			2,010
Compliance officer fees			5,981			7,831			6,121			3,145
Trustees’ fees			4,582			4,721			4,721			4,721
Legal fees			4,556			4,389			4,389			4,389
Custody fees			2,450			5,381			3,731			2,849
Insurance expense			659			5,247			1,083			313
Shareholder Services Fees - Institutional Shares			3,311			59,229			12,274			—
Shareholder Services Fees - Class A Shares			6,361			6,018			7,518			4,209
Shareholder Services Fees - Class C Shares			338			2,593			111			—
Interest expense			4,022			1,216			—			—
Miscellaneous expenses	��		1,233			5,450			1,196			1,196
Total Operating Expenses			216,971			1,912,073			251,734			60,809
Less: Expenses waived/reimbursed by Advisor			(59,332	)		(68,000	)		(21,491	)		(32,250	)
Net Operating Expenses			157,639			1,844,073			230,243			28,559
Net Investment Income (Loss)			11,951			(991,582	)		(117,612	)		124,934
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investments			349,059			—			2,014,887			—
Affiliated companies			—			—			—			(297,623	)
Options purchased			(799,723	)		(952,301	)		—			—
Options written			(265,015	)		4,627,505			—			—
Futures			2,575,184			—			—			(1,632,484	)
Foreign currency transactions			—			—			237			—
Net Realized Gain (Loss)			1,859,505			3,675,204			2,015,124			(1,930,107	)
Net change in unrealized appreciation (depreciation) on:
Investments			294,275			(20,420	)		2,885,999			—
Affiliated companies			—			—			—			77,917
Futures			(138,622	)		—			—			—
Foreign currency translations			—			—			335			—
Net change in unrealized Appreciation (Depreciation) on Investments			155,653			(20,420	)		2,886,334			77,917
Net Realized and Unrealized Gain (Loss) on Investments			2,015,158			3,654,784			4,901,458			(1,852,190	)
Net Increase (Decrease) in Net Assets Resulting From Operations		$	2,027,109		$	2,663,202		$	4,783,846		$	(1,727,256	)

See accompanying notes to consolidated financial statements.

38

Rational Funds

Statements of Operations (Unaudited) (Continued)

For the Six Months Ended June 30, 2020

	Rational/			Rational			Rational			Rational			Rational/ Pier 88
	ReSolve Adaptive			Iron Horse			NuWave Enhanced			Special Situations			Convertible Securities
	Asset Allocation Fund			Fund			Market Opportunity Fund			Income Fund			Fund
Investment Income:	(Consolidated)						(Consolidated)
Dividend income	$	—		$	20,549		$	270,429		$	—		$	544,834
Interest income		215,679			5,397			25,462			3,437,386			193,004
Foreign tax withheld		—			(339	)		179			—			—
Total Investment Income		215,679			25,607			296,070			3,437,386			737,838
Operating Expenses:
Investment management fees		553,204			21,529			284,475			1,464,273			233,090
Administrative fees		33,935			7,157			26,747			124,663			32,538
12b-1 Fees - Class A Shares		6,657			1,291			5,530			21,233			10
12b-1 Fees - Class C Shares		1,942			4			2,486			21,646			16
Management Service Fees		18,699			3,380			10,937			51,718			16,573
Registration fees		16,966			3,286			20,705			30,739			4,042
Custody fees		4,300			2,478			2,525			28,340			3,098
Legal fees		7,405			4,223			7,105			8,376			10,458
Audit & Tax fees		6,473			6,473			6,473			7,703			6,593
Compliance officer fees		6,428			5,776			6,152			7,583			6,299
Printing expenses		3,947			2,177			3,474			10,752			5,514
Trustees’ fees		4,721			4,720			4,697			5,554			4,720
Shareholder Services Fees - Institutional Shares		24,279			1,139			5,957			52,379			20,946
Shareholder Services Fees - Class A Shares		3,661			477			3,377			6,039			3
Shareholder Services Fees - Class C Shares		259			—			134			848			—
Insurance Expense		1,849			172			1,432			3,727			1,489
Interest expense		—			—			—			—			30
Miscellaneous expense		2,145			1,196			2,108			4,081			1,383
Total Operating Expenses		696,870			65,478			394,314			1,849,654			346,802
Less: Expenses waived/reimbursed by Advisor		(65,124	)		(35,011	)		(64,158	)		(88,323	)		(73,917	)
Net Operating Expenses		631,746			30,467			330,156			1,761,331			272,885
Net Investment Income (Loss)		(416,067	)		(4,860	)		(34,086	)		1,676,055			464,953
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Investments		—			(345,265	)		(10,680,443	)		(289,753	)		(1,594,060	)
Options purchased		—			2,546			—			—			—
Options written		—			67,746			—			—			—
Futures		(6,344,808	)		—			(3,509,233	)		—			—
Foreign currency translations		(8,879	)		(11	)		(18,437	)		—			—
Net realized loss on Investments		(6,353,687	)		(274,984	)		(14,208,113	)		(289,753	)		(1,594,060	)
Net change in unrealized appreciation (depreciation) on:
Investments		—			(356,456	)		(466,904	)		(2,646,308	)		1,459,419
Options purchased		—			29,159			—			—			—
Options written		—			245,664			—			—			—
Futures		2,727,339			—			113,489			—			—
Foreign currency translations		(29,598	)		—			—			—			—
Net change in unrealized Appreciation (Depreciation) on Investments		2,697,741			(81,633	)		(353,415	)		(2,646,308	)		1,459,419
Net Realized and Unrealized Gain (Loss) on Investments		(3,655,946	)		(356,617	)		(14,561,528	)		(2,936,061	)		(134,641)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	(4,072,013	)	$	(361,477	)	$	(14,595,614	)	$	(1,260,006	)	$	330,312

See accompanying notes to consolidated financial statements.

39

RATIONAL FUNDS

Statements of Changes in Net Assets (Unaudited)

	Rational Equity Armor Fund						Rational Tactical Return Fund						Rational Dynamic Brands Fund
	Six Months			Year Ended			Six Months			Year Ended			Six Months			Year Ended
	June 30, 2020			December 31, 2019			June 30, 2020			December 31, 2019			June 30, 2020			December 31, 2019
Operations:	(unaudited)						(unaudited)						(unaudited)
Net investment income (loss)	$	11,951		$	527,003		$	(991,582	)	$	(210,188	)	$	(117,612	)	$	(143,260	)
Net realized gain (loss) on investments, foreign currency transactions and options		1,859,505			(1,387,776	)		3,675,204			7,773,203			2,015,124			2,119,623
Net change in unrealized appreciation (depreciation) on investments, foreign currency and options		155,653			2,767,256			(20,420	)		38,174			2,886,334			5,508,569
Net increase in net assets resulting from operations		2,027,109			1,906,483			2,663,202			7,601,189			4,783,846			7,484,932
Distributions to Shareholders from:
Total Distributions:
Institutional		—			(292,419	)		—			(4,728,957	)		—			(70,371	)
Class A		—			(605,303	)		—			(486,093	)		—			(58,160	)
Class C		—			(59,313	)		—			(203,580	)		—			(955	)
Total distributions to shareholders		—			(957,035	)		—			(5,418,630	)		—			(129,486	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Institutional		19,177,985			4,732,165			124,978,513			151,376,666			8,890,573			4,509,893
Class A		1,351,559			685,323			3,668,206			11,325,757			158,811			428,540
Class C		39,600			17,983			2,974,645			6,512,697			217,688			72,450
Reinvestment of distributions
Institutional		—			125,043			—			4,417,062			—			63,070
Class A		—			536,878			—			470,585			—			57,800
Class C		—			24,379			—			138,693			—			919
Cost of shares redeemed
Institutional		(1,655,584	)		(2,826,668	)		(86,322,206	)		(24,262,179	)		(4,960,334	)		(4,228,288	)
Class A		(2,036,705	)		(3,064,402	)		(11,189,408	)		(16,035,990	)		(920,536	)		(2,004,823	)
Class C		(257,358	)		(544,564	)		(470,257	)		(167,373	)		(63,151	)		(149,597	)
Net increase (decrease) in net assets from share transactions of beneficial interest		16,619,497			(313,863	)		33,639,493			133,775,918			3,323,051			(1,250,036	)
Total Increase in Net Assets		18,646,606			635,585			36,302,695			135,958,477			8,106,897			6,105,410
Net Assets:
Beginning of period/year		19,868,733			19,233,148			172,619,524			36,661,047			34,198,163			28,092,753
End of period/year	$	38,515,339		$	19,868,733		$	208,922,219		$	172,619,524		$	42,305,060		$	34,198,163
Share Activity:
Institutional Class
Shares Sold		2,685,065			670,763			21,922,590			26,831,790			209,444			118,490
Shares Reinvested		—			18,203			—			784,558			—			1,472
Shares Redeemed		(230,375	)		(408,604	)		(15,174,602	)		(4,308,637	)		(119,462	)		(109,597	)
Net increase in shares of Beneficial interest		2,454,690			280,362			6,747,988			23,307,711			89,982			10,365
Class A
Shares Sold		185,679			99,093			637,182			1,994,596			5,093			15,805
Shares Reinvested		—			78,257			—			82,995			—			1,931
Shares Redeemed		(293,675	)		(445,643	)		(1,957,996	)		(2,792,875	)		(32,310	)		(73,310	)
Net decrease in shares of Beneficial interest		(107,996	)		(268,293	)		(1,320,814	)		(715,284	)		(27,217	)		(55,574	)
Class C
Shares Sold		5,378			2,669			525,917			1,151,566			8,117			3,090
Shares Reinvested		—			3,556			24,767			24,767			—			35
Shares Redeemed		(37,639	)		(78,941	)		(83,222	)		(29,248	)		(2,277	)		(6,200	)
Net increase (decrease) in shares of Beneficial interest		(32,261	)		(72,716	)		467,462			1,147,085			5,840			(3,075	)

See accompanying notes to consolidated financial statements.

40

RATIONAL FUNDS

Statements of Changes in Net Assets (Unaudited) (Continued)

							Rational/ReSolve Adaptive
	Rational Strategic Allocation Fund						Asset Allocation Fund						Rational Iron Horse Fund
							(Consolidated)
	Six Months			Year Ended			Six Months			Year Ended			Six Months			Year Ended
	June 30, 2020			December 31 ,2019			June 30, 2020			December 31 ,2019			June 30, 2020			December 31 ,2019
Operations:	(unaudited)						(unaudited)						(unaudited)
Net investment income (loss)	$	124,934		$	324,811		$	(416,067	)	$	(35,714	)	$	(4,860	)	$	98,338
Net realized gain (loss) on investments, affiliated companies foreign currency transactions and futures		(1,930,107	)		284,815			(6,353,687	)		8,370,908			(274,984	)		(918,506	)
Net change in unrealized appreciation (depreciation) on investments, affiliated companies, foreign currency transactions and futures		77,917			571,560			2,697,741			(2,745,008	)		(81,633	)		681,931
Net increase (decrease) in net assets resulting from operations		(1,727,256	)		1,181,186			(4,072,013	)		5,590,186			(361,477	)		(138,237	)
Distributions to Shareholders:
From return of capital:
Institutional		—			(1,615	)		—			(73,376	)		—			(299,042	)
Class A		—			(55,483	)		—			(8,665	)		—			(81,413	)
Class C		—			(6	)		—			(707	)		—			(52	)
Total Distributions Paid :
Institutional		(3,378	)		(17,335	)		—			(6,750,584	)		(4,677	)		(79,532	)
Class A		(102,804	)		(569,624	)		—			(791,508	)		(1,187	)		(14,896	)
Class C		(9	)		(59	)		—			(60,987	)		—			(4	)
Total distributions to shareholders		(106,191	)		(644,122	)		—			(7,685,827	)		(5,864	)		(474,939	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Institutional		—			—			27,325,639			32,935,272			147,619			1,545,488
Class A		22,620			82,587			9,570,822			4,989,087			8,479			391,947
Class C		—			—			29,495			171,500			—			—
Reinvestment of distributions
Institutional		—			—			—			5,904,868			4,203			334,713
Class A		99,874			608,679			—			745,397			951			88,077
Class C		—			—			—			24,298			—			—
Cost of shares redeemed
Institutional		—			—			(12,005,464	)		(13,564,157	)		(1,382,366	)		(5,379,660	)
Class A		(680,159	)		(1,663,220	)		(12,945,737	)		(1,904,239	)		(489,535	)		(868,056	)
Class C		—			—			(105,407	)		(73,239	)		—			—
Net increase (decrease) in net assets from share transactions of beneficial interest		(557,665	)		(971,954	)		11,869,348			29,228,787			(1,710,649	)		(3,887,491	)
Total Increase (Decrease) in Net Assets		(2,391,112	)		(434,890	)		7,797,335			27,133,146			(2,077,990	)		(4,500,667	)
Net Assets:
Beginning of year/period		9,661,554			10,096,444			57,084,339			29,951,193			4,418,906			8,919,573
End of year/period	$	7,270,442		$	9,661,554		$	64,881,674		$	57,084,339		$	2,340,916		$	4,418,906
Share Activity:
Institutional Class
Shares Sold		—			—			1,165,108			1,272,697			16,950			159,680
Shares Reinvested		—			—			—			244,407			528			36,029
Shares Redeemed		—			—			(512,110	)		(547,188	)		(168,447	)		(577,895	)
Net increase (decrease) in shares of Beneficial interest		—			—			652,998			969,916			(150,969	)		(382,186	)
Class A
Shares Sold		2,735			8,475			399,326			183,752			948			42,468
Shares Reinvested		13,285			62,558			—			31,110			120			9,590
Shares Redeemed		(83,470	)		(170,459	)		(538,947	)		(78,735	)		(58,243	)		(91,879	)
Net increase (decrease) in shares of Beneficial interest		(67,450	)		(99,426	)		(139,621	)		136,127			(57,175	)		(39,821	)
Class C
Shares Sold		—			—			1,300			6,675			—			—
Shares Reinvested		—			—			—			1,032			—			—
Shares Redeemed		—			—			(4,636	)		(2,991	)		—			—
Net increase (decrease) in shares of Beneficial interest		—			—			(3,336	)		4,716			—			—

See accompanying notes to consolidated financial statements.

41

RATIONAL FUNDS

Statements of Changes in Net Assets (Continued)

	Rational NuWave Enhanced Market												Rational/ Pier 88 Convertible Securities
	Opportunity Fund						Rational Special Situations Income Fund						Fund
	(Consolidated)
	Six Months			Period Ended			Six Months			Period Ended			Six Months			Period Ended
	June 30, 2020			December 31, 2019			June 30, 2020			December 31, 2019 (a)			June 30, 2020			December 31, 2019 (b)
Operations:	(unaudited)						(unaudited)						(unaudited)
Net investment income (loss)	$	(34,086	)	$	(82,229	)	$	1,676,055		$	763,990		$	464,953		$	14,597
Net realized gain(loss) on investments, futures and foreign currency translations		(14,208,113	)		5,685,239			(289,753	)		348,885			(1,594,060	)		46,775
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(353,415	)		334,653			(2,646,308	)		(67,967	)		1,459,419			31,557
Net increase (decrease) in net assets resulting from operations		(14,595,614	)		5,937,663			(1,260,006	)		1,044,908			330,312			92,929
Distributions to Shareholders:
From return of capital:
Institutional Class		—			—			(2,968,588	)		—			—			—
Class A		—			—			(444,893	)		—			—			—
Class C		—			—			(97,450	)		—			—			—
Total Distributions :
Institutional		—			(3,827,687	)		(1,663,695	)		(787,652	)		—			—
Class A		—			(1,246,992	)		(9,056	)		(32,838	)		—			—
Class C		—			(49,898	)		(3,304	)		(8,854	)		—			—
Total distributions to shareholders		—			(5,124,577	)		(5,186,986	)		(829,344	)		—			—
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Institutional		9,634,455			36,731,475			223,173,801			78,517,156			55,935,610			5,614,057
Class A		1,649,077			4,191,643			23,927,294			5,462,001			30,000			10
Class C		351,628			344,125			7,029,340			1,281,680			10,000			10
Reinvestment of distributions
Institutional		—			2,974,160			3,421,384			700,862			—			—
Class A		—			1,246,993			396,653			30,149			—			—
Class C		—			44,209			83,913			7,802			—			—
Cost of shares redeemed
Institutional		(13,119,070	)		(16,165,516	)		(42,664,881	)		(2,599,773	)		(4,610,610	)		—
Class A		(9,569,334	)		(2,127,772	)		(2,808,069	)		(41,908	)		(13,765	)		—
Class C		(279,251	)		(3,294	)		(593,089	)		(2,359	)		—			—
Net increase (decrease) in net assets from share transactions of beneficial interest		(11,332,495	)		27,236,023			211,966,346			83,355,610			51,351,235			5,614,077
Total Increase (decrease) in Net Assets		(25,928,109	)		28,049,109			205,519,354			83,571,174			51,681,547			5,707,006
Net Assets:
Beginning of year/period		44,445,323			16,396,214			83,571,174			—			5,707,006			—
End of year/period	$	18,517,214		$	44,445,323		$	289,090,528		$	83,571,174		$	57,388,553		$	5,707,006
Share Activity:
Institutional
Shares Sold		617,887			2,235,749			11,318,764			3,917,533			5,496,321			561,091
Shares Reinvested		—			186,118			175,959			34,919			—			—
Shares Redeemed		(1,081,759	)		(975,287	)		(2,239,014	)		(129,767	)		(507,333	)		—
Net increase (decrease) in shares of Beneficial interest		(463,872	)		1,446,580			9,255,709			3,822,685			4,988,988			561,091
Class A
Shares Sold		105,213			246,532			1,223,379			271,920			2,914			1
Shares Reinvested		—			78,279			20,491			1,502			—			—
Shares Redeemed		(643,808	)		(128,580	)		(143,806	)		(2,087	)		(1,452	)		—
Net increase (decrease) in shares of Beneficial interest		(538,595	)		196,231			1,100,064			271,335			1,462			1
Class C
Shares Sold		23,603			20,021			356,144			63,990			1,043			1
Shares Reinvested		—			2,809			4,341			389			—			—
Shares Redeemed		(26,382	)		(185	)		(30,527	)		(118	)		—			—
Net increase (decrease) in shares of Beneficial interest		(2,779	)		22,645			329,958			64,261			1,043			1

(a) The Rational Special Situations Income Fund launched on July 17, 2019.

(b) The Rational/Pier 88 Convertible Securities Fund launched on December 6, 2019.

See accompanying notes to consolidated financial statements.

42

RATIONAL FUNDS

Rational Equity Armor Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Institutional
	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,
	2020			2019			2018			2017			2016			2015
	(Unaudited)
Net asset value, beginning of year	$	6.94		$	6.58		$	8.02		$	8.64		$	8.41		$	10.01
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.01	(A)		0.22	(A)		0.34	(A)		0.30	(A)		0.29	(A)		0.36
Net realized and unrealized gain (loss) on investments		0.49			0.51			(1.26	)		(0.47	)		0.22			(0.67	)
Total from investment operations		0.50			0.73			(0.92	)		(0.17	)		0.51			(0.31	)
LESS DISTRIBUTIONS:
From net investment income		—			(0.37	)		(0.52	)		(0.45	)		(0.26	)		(0.35	)
From net realized gains on investments		—			—			—			—			(0.02	)		(0.94	)
Total distributions		—			(0.37	)		(0.52	)		(0.45	)		(0.28	)		(1.29	)
Net asset value, end of year	$	7.44		$	6.94		$	6.58		$	8.02		$	8.64		$	8.41
Total return (B)		7.20	% (E)		11.32	%		(11.96	)%		(1.99	)%		6.15	%		(3.25	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	25,938		$	7,155		$	4,940		$	12,188		$	47,544		$	57,752
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement (C)		1.42	% (F)		1.75	%		1.58	%		1.33	%		1.42	%		1.47	%
Expenses, net waiver and reimbursement (C)		1.02	% (F)		1.00	%		1.00	%		1.00	%		1.00	%		0.89	%
Net investment income		0.31	% (F)		3.12	%		4.32	%		3.53	%		3.37	%		3.37	%
Portfolio turnover rate		473	% (E)		394	%		307	%		224	%		159	%		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,
	2020			2019			2018			2018			2016			2015
	(Unaudited)
Net asset value, beginning of year	$	6.93		$	6.57		$	8.01		$	8.63		$	8.40		$	10.01
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		—	(A)		0.20	(A)		0.32	(A)		0.30	(A)		0.27	(A)		0.31
Net realized and unrealized gain (loss) on investments		0.49			0.51			(1.26	)		(0.49	)		0.22			(0.66	)
Total from investment operations		0.49			0.71			(0.94	)		(0.19	)		0.49			(0.35	)
LESS DISTRIBUTIONS:
From net investment income		—			(0.35	)		(0.50	)		(0.43	)		(0.24	)		(0.32	)
From net realized gains on investments		—			—			—			—			(0.02	)		(0.94	)
Total distributions		—			(0.35	)		(0.50	)		(0.43	)		(0.26	)		(1.26	)
Net asset value, end of year	$	7.42		$	6.93		$	6.57		$	8.01		$	8.63		$	8.40
Total return (B)		7.07	% (E)		11.03	%		(12.22	)%		(2.24	)%		5.89	%		(3.60	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	11,479		$	11,462		$	12,629		$	20,327		$	32,269		$	39,610
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement (D)		1.79	% (F)		2.00	%		1.82	%		1.57	%		1.67	%		1.72	%
Expenses, net waiver and reimbursement (D)		1.29	% (F)		1.25	%		1.25	%		1.25	%		1.25	%		1.14	%
Net investment income		(0.04	)% (F)		2.90	%		4.17	%		3.52	%		3.12	%		3.14	%
Portfolio turnover rate		473	% (E)		394	%		307	%		224	%		159	%		92	%

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

(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) Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	1.40	% (F)	1.75	%	1.58	%	1.33	%	1.42	%	1.47	%
Expenses, net waiver and reimbursement	1.00	% (F)	1.00	%	1.00	%	1.00	%	1.00	%	0.89	%

(D) Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	1.75	% (F)	2.00	%	1.82	%	1.57	%	1.67	%	1.72	%
Expenses, net waiver and reimbursement	1.25	% (F)	1.25	%	1.25	%	1.25	%	1.25	%	1.14	%

(E) Not Annualized

(F) Annualized

See accompanying notes to financial statements.

43

RATIONAL FUNDS

Rational Equity Armor 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			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2020			2019			2018			2017			2016			2015
	(Unaudited)
Net asset value, beginning of year	$	6.91		$	6.55		$	7.99		$	8.61		$	8.38		$	9.99
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		(0.03	) (A)		0.15	(A)		0.27	(A)		0.29	(A)		0.22	(A)		0.27
Net realized and unrealized gain (loss) on investments		0.50			0.51			(1.27	)		(0.52	)		0.22			(0.66	)
Total from investment operations		0.47			0.66			(1.00	)		(0.23	)		0.44			(0.39	)
LESS DISTRIBUTIONS:
From net investment income		—			(0.30	)		(0.44	)		(0.39	)		(0.19	)		(0.28	)
From net realized gains on investments		—			—			—			—			(0.02	)		(0.94	)
Total distributions		—			(0.30	)		(0.44	)		(0.39	)		(0.21	)		(1.22	)
Net asset value, end of year	$	7.38		$	6.91		$	6.55		$	7.99		$	8.61		$	8.38
Total return (B)		6.80	% (C,E)		10.23	% (C)		(12.92	)% (C)		(2.68	)%		5.34	%		(4.08	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	1,099		$	1,252		$	1,664		$	2,799		$	1,654		$	2,335
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement (D)		2.49	% (F)		2.75	%		2.59	%		2.31	%		2.17	%		2.22	%
Expenses, net waiver and reimbursement (D)		2.04	% (F)		2.00	%		1.90	%		1.75	%		1.75	%		1.64	%
Net investment income		(0.79	)% (F)		2.16	%		3.52	%		3.50	%		2.61	%		2.64	%
Portfolio turnover rate		473	% (E)		394	%		307	%		224	%		159	%		92	%

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

(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. 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) Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	2.45	% (F)	2.75	%	2.59	%	2.31	%	2.17	%	2.22	%
Expenses, net waiver and reimbursement	2.00	% (F)	2.00	%	1.90	%	1.75	%	1.75	%	1.64	%

(E) Not Annualized.

(F) Annualized.

See accompanying notes to financial statements.

44

RATIONAL FUNDS

Rational Tactical Return Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Institutional
	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,
	2020			2019			2018			2017			2016			2015
	(Unaudited)
Net asset value, beginning of year	$	5.66		$	5.40		$	4.99		$	5.12		$	5.39		$	6.73
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.03	) (A)		(0.01	) (A)		(0.06	) (A)		0.01	(A)		0.06	(A)		0.19
Net realized and unrealized gain (loss) on investments		0.12			0.46			0.55			0.14			0.37			(1.32	)
Total from investment operations		0.09			0.45			0.49			0.15			0.43			(1.13	)
LESS DISTRIBUTIONS:
From net investment income		—			—			(0.01	)		(0.28	)		(0.70	)		(0.26	)
From net realized gains on investments		—			(0.19	)		(0.07	)		—			—			—
Total distributions		—			(0.19	)		(0.08	)		(0.28	)		(0.70	)		(0.26	)
From capital contributions from Advisor		—			—			—			—			—			0.05
Net asset value, end of year	$	5.75		$	5.66		$	5.40		$	4.99		$	5.12		$	5.39
Total return (B)		1.59	% (G)		8.35	%		9.66	%		2.89	% (D)		7.82	% (D)		(16.05	)% (C)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	192,207		$	151,070		$	18,333		$	5,451		$	4,747		$	6,032
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement (E)		2.06	% (H)		2.15	%		3.16	%		4.29	%		2.61	%		2.49	%
Expenses, net waiver and reimbursement (E)		1.99	% (H)		1.99	%		1.99	%		1.17	%		1.00	%		1.07	%
Net investment income (loss)		(1.05	)% (H)		(0.15	)%		(1.20	)%		0.22	%		1.07	%		2.99	%
Portfolio turnover rate		0	% (G)		0	%		0	%		199	%		246	%		13	%
	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,
	2020			2019			2018			2017			2016			2015
	(Unaudited)
Net asset value, beginning of year	$	5.70		$	5.45		$	5.04		$	5.16		$	5.43		$	6.73
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.03	) (A)		(0.02	) (A)		(0.07	) (A)		0.01	(A)		0.05	(A)		0.19
Net realized and unrealized gain (loss) on investments		0.11			0.46			0.55			0.14			0.37			(1.30	)
Total from investment operations		0.08			0.44			0.48			0.15			0.42			(1.11	)
LESS DISTRIBUTIONS:
From net investment income		—			—			(0.00	) (E)		(0.27	)		(0.69	)		(0.24	)
From net realized gains on investments		—			(0.19	)		(0.07	)		—			—			—
Total distributions		—			(0.19	)		(0.07	)		(0.27	)		(0.69	)		(0.24	)
From capital contributions from Advisor		—			—			—			—			—			0.05
Net asset value, end of year	$	5.78		$	5.70		$	5.45		$	5.04		$	5.16		$	5.43
Total return (B)		1.40	% (G)		8.09	%		9.45	%		2.98	% (D)		7.48	% (D)		(15.75	)% (C)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	7,676		$	15,097		$	18,327		$	449		$	964		$	979
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement (F)		2.34	% (H)		2.51	%		3.50	%		4.54	%		2.86	%		2.74	%
Expenses, net waiver and reimbursement (F)		2.24	% (H)		2.24	%		2.24	%		1.35	%		1.25	%		1.32	%
Net investment income (loss)		(1.14	)% (H)		(0.31	)%		(1.20	)%		0.19	%		0.92	%		3.10	%
Portfolio turnover rate		0	% (G)		0	%		0	%		199	%		246	%		13	%

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

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

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

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

(E) Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	2.06	% (H)	2.15	%	3.16	%	4.29	%	2.61	%	2.49	%
Expenses, net waiver and reimbursement	1.99	% (H)	1.99	%	1.99	%	1.17	%	1.00	%	1.07	%

(F) Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	2.38	% (H)	2.51	%	3.50	%	4.54	%	2.86	%	2.74	%
Expenses, net waiver and reimbursement	2.24	% (H)	2.24	%	2.24	%	1.35	%	1.25	%	1.32	%

(G) Not Annualized

(H) Annualized.

See accompanying notes to financial statements.

45

RATIONAL FUNDS

Rational Tactical Return Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Class C
	For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,			December 31,
	2020			2019			2018			2017			2016 (A)
	(Unaudited)
Net asset value, beginning of year/period	$	5.62		$	5.43		$	5.06		$	5.16		$	5.49
LOSS FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		(0.06	)		(0.07	)		(0.12	)		(0.03	)		0.00	(C)
Net realized and unrealized gain on investments		0.12			0.45			0.56			0.15			0.35
Total from investment operations		0.06			0.38			0.44			0.12			0.35
LESS DISTRIBUTIONS:
From net investment income		—			—			—			(0.22	)		(0.68	)
From net realized gains on investments		—			(0.19	)		(0.07	)		—			—
Total distributions		—			(0.19	)		(0.07	)		(0.22	)		(0.68	)
Net asset value, end of year/period	$	5.68		$	5.62		$	5.43		$	5.06		$	5.16
Total return (D)		1.07	% (G)		7.01	%		8.62	%		2.42	% (F)		6.13	% (E,G)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	9,039		$	6,453		$	1		$	1		$	1
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement (F)		3.06	% (H)		3.11	%		4.16	%		5.29	%		3.61	% (H)
Expenses, net waiver and reimbursement (F)		2.99	% (H)		2.99	%		2.99	%		2.17	%		2.00	% (H)
Net investment (loss)		(2.06	)% (H)		(1.18	)%		(2.34	)%		(0.53	)%		(0.14	)% (H)
Portfolio turnover rate		0	% (G)		0	%		0	%		199	%		246	% (G)

(A) The Rational Tactical 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) 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.

(F) Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	3.05	% (H)	3.11	%	4.16	%	5.29	%	3.61	% (G)
Expenses, net waiver and reimbursement	2.99	% (H)	2.99	%	2.99	%	2.17	%	2.00	% (G)

(G) Not Annualized

(H) Annualized.

See accompanying notes to financial statements.

46

RATIONAL FUNDS

Rational Dynamic Brands Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Institutional
	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,
	2020			2019			2018 (A)			2017 (A)			2016 (A)			2015 (A)
	(Unaudited)
Net asset value, beginning of year	$	43.30		$	34.20		$	34.90		$	37.80		$	46.90		$	207.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.13	) (B)		(0.14	) (B)		0.16	(B)		0.20	(B)		0.50	(B)		0.90
Net realized and unrealized gain (loss) on investments		5.79			9.38			0.07	(D)		5.40			3.10			(8.10	)
Total from investment operations		5.66			9.24			0.23			5.60			3.60			(7.20	)
LESS DISTRIBUTIONS:
From net investment income		—			—			(0.09	)		(0.20	)		(0.60	)		(0.80	)
From net realized gains on investments		—			(0.14	)		(0.84	)		(8.30	)		(12.10	)		(152.60	)
Total distributions		—			(0.14	)		(0.93	)		(8.50	)		(12.70	)		(153.40	)
Net asset value, end of year	$	48.96		$	43.30		$	34.20		$	34.90		$	37.80		$	46.90
Total return (C)		13.07	% (E)		27.03	%		0.72	%		14.66	%		7.21	%		(7.82	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	28,861		$	21,627		$	16,725		$	3,269		$	3,445		$	13,456
Ratios to average net assets
Expenses, before waiver and reimbursement		1.36	% (F)		1.45	%		1.67	%		1.69	%		1.76	%		1.56	%
Expenses, net waiver and reimbursement		1.24	% (F)		1.17	%		1.00	%		1.00	%		1.00	%		1.06	%
Net investment income (loss)		(0.58	)% (F)		(0.36	)%		0.42	%		0.60	%		1.17	%		0.46	%
Portfolio turnover rate		162	% (E)		220	%		411	%		305	%		178	%		35	%
	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,
	2020			2019			2018 (A)			2018 (A)			2017 (A)			2016 (A)
	(Unaudited)
Net asset value, beginning of year	$	30.27		$	24.00		$	24.70		$	28.90		$	38.60		$	198.90
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.13	) (B)		(0.16	) (B)		0.02	(B)		0.10	(B)		0.30	(B)		0.70
Net realized and unrealized gain (loss) on investments		4.05			6.57			0.12	(D)		4.10			2.60			(7.70	)
Total from investment operations		3.92			6.41			0.14			4.20			2.90			(7.00	)
LESS DISTRIBUTIONS:
From net investment income		—			—			—			(0.10	)		(0.50	)		(0.70	)
From net realized gains on investments		—			(0.14	)		(0.84	)		(8.30	)		(12.10	)		(152.60	)
Total distributions		—			(0.14	)		(0.84	)		(8.40	)		(12.60	)		(153.30	)
Net asset value, end of year	$	34.19		$	30.27		$	24.00		$	24.70		$	28.90		$	38.60
Total return (C)		12.95	% (E)		26.72	%		0.63	%		14.30	%		6.91	%		(8.21	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	13,059		$	12,387		$	11,154		$	12,870		$	16,180		$	20,944
Ratios to average net assets
Expenses, before waiver and reimbursement		1.63	% (F)		1.74	%		2.05	%		1.94	%		2.01	%		1.81	%
Expenses, net waiver and reimbursement		1.49	% (F)		1.41	%		1.25	%		1.25	%		1.25	%		1.31	%
Net investment income (loss)		(0.84	)% (F)		(0.59	)%		0.08	%		0.35	%		0.86	%		0.52	%
Portfolio turnover rate		162	% (E)		220	%		411	%		305	%		178	%		35	%

(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.

47

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			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2020			2019			2018(A)			2017 (A)			2016 (A)			2015 (A)
	(Unaudited)
Net asset value, beginning of year	$	27.15		$	21.70		$	22.60		$	27.10		$	36.90		$	197.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.21	) (B)		(0.32	) (B)		(0.14	) (B)		(0.00	) (B,C)		0.10	(B)		—
Net realized and unrealized gain (loss) on investments		3.61			5.91			0.08	(F)		3.80			2.40			(7.60	)
Total from investment operations		3.40			5.59			(0.06	)		3.80			2.50			(7.60	)
LESS DISTRIBUTIONS:
From net investment income		—			—			—			—			(0.20	)		(0.40	)
From net realized gains on investments		—			(0.14	)		(0.84	)		(8.30	)		(12.10	)		(152.60	)
Total distributions		—			(0.14	)		(0.84	)		(8.30	)		(12.30	)		(153.00	)
Net asset value, end of year	$	30.55		$	27.15		$	21.70		$	22.60		$	27.10		$	36.90
Total return (D)		12.52	% (E,G)		25.78	% (E)		(0.20	)% (E)		14.03	%		6.19	%		(8.56	)% (G)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	385		$	184		$	214		$	231		$	394		$	766
Ratios to average net assets
Expenses, before waiver and reimbursement		2.34	% (H)		2.68	%		2.73	%		2.65	%		2.51	%		2.31	% (H)
Expenses, net waiver and reimbursement		2.24	% (H)		2.15	%		1.91	%		1.75	%		1.75	%		1.81	% (H)
Net investment income (loss)		(1.58	)% (H)		(1.30	)%		(0.59	)%		(0.14	)%		0.28	%		0.04	% (H)
Portfolio turnover rate		162	% (G)		220	%		411	%		305	%		178	%		35	% (G)

(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/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) 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.

(F) 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.

(G) Not Annualized

(H) Annualized.

See accompanying notes to financial statements.

48

RATIONAL FUNDS

Rational Strategic Allocation Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Institutional
	For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,			December 31,
	2020			2019			2018			2017			2016 (A)
	(Unaudited)
Net asset value, beginning of year	$	9.58		$	9.12		$	10.02		$	9.37		$	9.99
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.14			0.36			0.39			0.33			0.43
Net realized and unrealized gain (loss) on investments		(1.87	)		0.79			(0.67	)		0.78			0.09	(C)
Total from investment operations		(1.73	)		1.15			(0.28	)		1.11			0.52
LESS DISTRIBUTIONS:
From net investment income		(0.12	)		(0.41	)		(0.36	)		(0.46	)		(0.17	)
From net realized gains on investments		—			(0.22	)		(0.26	)		—			(0.97	)
From Return of capital		—			(0.06	)		—			—			—
Total distributions		(0.12	)		(0.69	)		(0.62	)		(0.46	)		(1.14	)
Net asset value, end of year	$	7.73		$	9.58		$	9.12		$	10.02		$	9.37
Total return (D)		(17.99	)% (E)		12.64	%		(2.81	)%		11.95	%		5.11	% (E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	214		$	266		$	253		$	278		$	260
Ratios to average net assets
Expenses, before waiver and reimbursement (F)		1.15	% (G)		0.98	%		1.04	%		0.85	%		1.36	% (G)
Expenses, net waiver and reimbursement (F)		0.45	% (G)		0.45	%		0.45	%		0.45	%		0.45	% (G)
Net investment income (F,H)		3.32	% (G)		3.67	%		3.91	%		3.35	%		6.98	% (G)
Portfolio turnover rate		73	% (E)		62	%		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,
	2020			2019			2018			2017			2016			2015
	(Unaudited)
Net asset value, beginning of year	$	9.63		$	9.15		$	10.05		$	9.40		$	9.78		$	11.36
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.13	(B)		0.32	(B)		0.33	(B)		0.26	(B)		0.18	(B)		0.14
Net realized and unrealized gain (loss) on investments		(1.88	)		0.82			(0.63	)		0.83			0.62			(0.34	)
Total from investment operations		(1.75	)		1.14			(0.30	)		1.09			0.80			(0.20	)
LESS DISTRIBUTIONS:
From net investment income		(0.11	)		(0.38	)		(0.34	)		(0.44	)		(0.21	)		(0.12	)
From net realized gains on investments		—			(0.22	)		(0.26	)		—			(0.97	)		(1.26	)
From Return of capital		—			(0.06	)		—			—			—			—
Total distributions		(0.11	)		(0.66	)		(0.60	)		(0.44	)		(1.18	)		(1.38	)
Net asset value, end of year	$	7.77		$	9.63		$	9.15		$	10.05		$	9.40		$	9.78
Total return (D)		(18.11	)% (E)		12.49	%		(3.05	)%		11.61	%		8.16	%		(1.87	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	7,055		$	9,395		$	9,842		$	13,033		$	14,822		$	17,061
Ratios to average net assets
Expenses, before waiver and reimbursement (F)		1.51	% (G)		1.35	%		1.37	%		1.14	%		1.30	%		1.04	%
Expenses, net waiver and reimbursement (F)		0.70	% (G)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net Investment income (F,H)		3.06	% (G)		3.25	%		3.25	%		2.60	%		1.82	%		1.10	%
Portfolio turnover rate		73	% (E)		62	%		53	%		17	%		27	%		44	%

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

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

49

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			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,			December 31,
	2020			2019			2018			2018			2016 (A)
	(Unaudited)
Net asset value, beginning of year	$	9.58		$	9.11		$	10.03		$	9.39		$	9.99
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.10			0.26			0.29			0.23			0.24
Net realized and unrealized gain (loss) on investments		(1.87	)		0.80			(0.67	)		0.78			0.22	(C)
Total from investment operations		(1.77	)		1.06			(0.38	)		1.01			0.46
LESS DISTRIBUTIONS:
From net investment income		(0.08	)		(0.31	)		(0.28	)		(0.37	)		(0.09	)
From net realized gains on investments		—			(0.22	)		(0.26	)		—			(0.97	)
From Return of capital		—			(0.06	)		—			—			—
Total distributions		(0.08	)		(0.59	)		(0.54	)		(0.37	)		(1.06	)
Net asset value, end of year	$	7.73		$	9.58		$	9.11		$	10.03		$	9.39
Total return (D)		(18.46	)% (E)		11.61	%		(3.83	)%		10.80	%		4.56	% (E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	1		$	1		$	1		$	1		$	1
Ratios to average net assets
Expenses, before waiver and reimbursement (F)		2.29	% (G)		2.02	%		1.92	%		1.82	%		1.89	% (G)
Expenses, net waiver and reimbursement (F)		1.45	% (G)		1.45	%		1.45	%		1.45	%		1.45	% (G)
Net investment income (F,H)		2.31	% (G)		2.65	%		2.89	%		2.31	%		3.92	% (G)
Portfolio turnover rate		73	% (E)		62	%		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.

50

RATIONAL FUNDS

Rational/ReSolve Adaptive Asset Allocation Fund

Financial Highlights (Consolidated)

For a Share Outstanding Throughout Each Year/Period

	Institutional
	For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,			December 31,
	2020			2019			2018			2018			2016 (A)
	(Unaudited)
Net asset value, beginning of year/period	$	23.73		$	23.10		$	25.25		$	24.33		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment (loss) (B)		(0.11	)		(0.02	)		(0.04	)		(0.32	)		(0.12	)
Net realized and unrealized gain (loss) on investments		(1.38	)		4.32			(1.89	)		1.26			(0.55	)
Total from investment operations		(1.49	)		4.30			(1.93	)		0.94			(0.67	)
LESS DISTRIBUTIONS:
From net investment income		—			(0.69	)		—			—			—
From net realized gains on investments		—			(2.94	)		(0.22	)		(0.02	)		—
From Return of capital		—			(0.04	)		—			—			—
Total distributions		—			(3.67	)		(0.22	)		(0.02	)		—
Net asset value, end of year/period	$	22.24		$	23.73		$	23.10		$	25.25		$	24.33
Total return (C)		(6.28	)% (D)		18.32	%		(7.64	)%		3.85	%		(2.68	)% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	62,542		$	51,221		$	27,460		$	5,883		$	15,083
Ratios to average net assets
Expenses, before waiver and reimbursement		2.17	% (E)		2.32	%		2.90	%		2.49	%		3.27	% (E)
Expenses, net waiver and reimbursement		1.97	% (E)		1.97	%		1.97	%		1.97	%		1.99	% (E)
Net investment income (loss)		(0.98	)% (E)		(0.06	)%		(0.17	)%		(1.33	)%		(1.74	)% (E)
Portfolio turnover rate		0	% (D)		0	%		0	%		0	%		0	% (D)
	Class A
	For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,			December 31,
	2020			2019			2018			2018			2016 (A)
	(Unaudited)
Net asset value, beginning of year/period	$	23.52		$	22.96		$	25.16		$	24.30		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment (loss) (B)		(0.13	)		(0.10	)		(0.11	)		(0.21	)		(0.13	)
Net realized and unrealized gain (loss) on investments		(1.37	)		4.30			(1.87	)		1.09			(0.57	)
Total from investment operations		(1.50	)		4.20			(1.98	)		0.88			(0.70	)
LESS DISTRIBUTIONS:
From net investment income		—			(0.66	)		—			—			—
From net realized gains on investments		—			(2.94	)		(0.22	)		(0.02	)		—
From Return of capital		—			(0.04	)		—			—			—
Total distributions		—			(3.64	)		(0.22	)		(0.02	)		—
Net asset value, end of year/period	$	22.02		$	23.52		$	22.96		$	25.16		$	24.30
Total return (C)		(6.38	)% (D)		18.01	%		(7.87	)% (F)		3.57	%		(2.80	)% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	2,003		$	5,425		$	2,169		$	130		$	1
Ratios to average net assets
Expenses, before waiver and reimbursement		2.47	% (E)		2.60	%		3.14	%		2.90	%		3.52	% (E)
Expenses, net waiver and reimbursement		2.22	% (E)		2.22	%		2.22	%		2.22	%		2.24	% (E)
Net investment (loss)		(1.11	)% (E)		(0.39	)%		(0.45	)%		(0.88	)%		(2.09	)% (E)
Portfolio turnover rate		0	% (D)		0	%		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.

51

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			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,			December 31,
	2020			2019			2018			2018			2016 (A)
	(Unaudited)
Net asset value, beginning of year/period	$	23.11		$	22.61		$	24.96		$	24.29		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment (loss) (B)		(0.21	)		(0.26	)		(0.31	)		(0.54	)		(0.17	)
Net realized and unrealized gain (loss) on investments		(1.34	)		4.20			(1.82	)		1.23			(0.54	)
Total from investment operations		(1.55	)		3.94			(2.13	)		0.69			(0.71	)
LESS DISTRIBUTIONS:
From net investment income		—			(0.46	)		—			—			—
From net realized gains on investments		—			(2.94	)		(0.22	)		(0.02	)		—
From Return of capital		—			(0.04	)		—			—			—
Total distributions		—			(3.44	)		(0.22	)		(0.02	)		—
Net asset value, end of year/period	$	21.56		$	23.11		$	22.61		$	24.96		$	24.29
Total return (C)		(6.71	)% (D)		17.15	%		(8.53	)%		2.83	%		(2.84	)% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	337		$	438		$	322		$	371		$	21
Ratios to average net assets
Expenses, before waiver and reimbursement		3.22	% (E)		3.37	%		4.65	%		3.60	%		4.27	% (E)
Expenses, net waiver and reimbursement		2.97	% (E)		2.97	%		2.97	%		2.97	%		2.99	% (E)
Net investment (loss)		(1.80	)% (E)		(1.04	)%		(1.24	)%		(2.26	)%		(2.69	)% (E)
Portfolio turnover rate		0	% (D)		0	%		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.

52

RATIONAL FUNDS

Rational Iron Horse Fund

Financial Highlights

For a Share Outstanding Throughout Each Year/Period

	Institutional
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Period Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			March 31,			March 31,
	2020			2019			2018			2017			2017			2016
	(Unaudited)
Net asset value, beginning of year/period	$	8.97		$	9.75		$	10.58		$	10.37		$	9.98		$	10.19
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		(0.01	)		0.13			0.09			0.04			0.05			0.06
Net realized and unrealized gain (loss) on investments		(0.72	)		(0.25	)		(0.22	)		0.54			0.51			0.05
Total from investment operations		(0.73	)		(0.12	)		(0.13	)		0.58			0.56			0.11
LESS DISTRIBUTIONS:
From net investment income		(0.03	)		(0.12	)		(0.04	)		(0.04	)		(0.02	)		(0.05	)
From net realized gains on investments		—			—			(0.27	)		—			(0.03	)		(0.27	)
From Return of capital		0.01			(0.54	)		(0.39	)		(0.33	)		(0.12	)		—
Total distributions		(0.02	)		(0.66	)		(0.70	)		(0.37	)		(0.17	)		(0.32	)
Net asset value, end of year/period	$	8.22		$	8.97		$	9.75		$	10.58		$	10.37		$	9.98
Total return (B)		(8.17	)% (D)		(1.26	)%		(1.08	)%		5.69	%		5.70	%		1.24	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	1,584		$	3,081		$	7,076		$	10,913		$	8,595		$	9,417
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement		2.95	% (E)		2.61	%		2.34	%		2.30	%		3.15	%		1.50	%
Expenses, net waiver and reimbursement		1.70	% (E)		1.71	%		1.71	%		1.70	%		1.70	%		1.56	%
Ratios to average net assets (excluding interest expense)
Expenses, before waiver and reimbursement		2.95	% (E)		2.60	%		2.36	%		2.30	%		3.15	%		1.50	%
Expenses, net waiver and reimbursement		1.70	% (E)		1.70	%		1.70	%		1.70	%		1.70	%		1.56	%
Net investment income		(0.20	)% (E)		1.42	%		0.90	%		0.54	%		0.51	%		0.63	%
Portfolio turnover rate		0	% (D)		77	%		162	%		252	%		323	%		279	%
	Class A
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Period Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			March 31,			March 31,
	2020			2019			2018			2017			2017			2016
	(Unaudited)
Net asset value, beginning of year/period	$	8.96		$	9.74		$	10.56		$	10.36		$	9.98		$	10.21
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		(0.02	)		0.10			0.05			0.02			0.02			0.02
Net realized and unrealized gain (loss) on investments		(0.72	)		(0.24	)		(0.19	)		0.53			0.52			0.06
Total from investment operations		(0.74	)		(0.14	)		(0.14	)		0.55			0.54			0.08
LESS DISTRIBUTIONS:
From net investment income		(0.01	)		(0.10	)		(0.02	)		(0.02	)		(0.01	)		(0.04	)
From net realized gains on investments		—			—			(0.27	)		—			(0.03	)		(0.27	)
From Return of capital		—			(0.54	)		(0.39	)		(0.33	)		(0.12	)		—
Total distributions		(0.01	)		(0.64	)		(0.68	)		(0.35	)		(0.16	)		(0.31	)
Net asset value, end of year/period	$	8.21		$	8.96		$	9.74		$	10.56		$	10.36		$	9.98
Total return (B)		(8.25	)% (D)		(1.48	)%		(1.20	)% (C)		5.37	% (C)		5.42	%		0.90	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	757		$	1,337		$	1,843		$	6,767		$	3,732		$	8,098
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement		3.99	% (E)		2.86	%		2.60	%		2.41	%		3.26	%		1.86	%
Expenses, net waiver and reimbursement		1.95	% (E)		1.96	%		1.96	%		1.95	%		1.95	%		1.95	%
Ratios to average net assets (excluding interest expense)
Expenses, before waiver and reimbursement		4.00	% (E)		2.85	%		2.56	%		2.41	%		3.26	%		1.86	%
Expenses, net waiver and reimbursement		1.95	% (E)		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
Net investment income		(0.47	)% (E)		1.09	%		0.51	%		0.25	%		0.22	%		0.22	%
Portfolio turnover rate		0	% (D)		77	%		162	%		252	%		323	%		279	%

(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.

53

RATIONAL FUNDS

Rational Iron Horse 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			Period Ended			Period Ended
	June 30,			December 31,			December 31,			December 31,
	2020			2019			2018			2017 (A)
	(Unaudited)
Net asset value, beginning of year/period	$	8.92		$	9.68		$	10.54		$	10.37
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		(0.06	)		0.07			(0.01	)		(0.03	)
Net realized and unrealized gain (loss) on investments		(0.70	)		(0.25	)		(0.18	)		0.53
Total from investment operations		(0.76	)		(0.18	)		(0.19	)		0.50
LESS DISTRIBUTIONS:
From net investment income		0.04			(0.04	)		(0.02	)		—
From net realized gains on investments		—			—			(0.27	)		—
From Return of capital		(0.04	)		(0.54	)		(0.38	)		(0.33	)
Total distributions		—			(0.58	)		(0.67	)		(0.33	)
Net asset value, end of year/period	$	8.16		$	8.92		$	9.68		$	10.54
Total return (C)		(8.52	)% (D)		(1.85	)%		(1.71	)%		4.89	% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year/period (in 000’s)	$	1		$	1		$	1		$	1
Ratios to average net assets (including interest expense)
Expenses, before waiver and reimbursement		4.60	% (E)		3.61	%		3.28	%		3.04	% (E)
Expenses, net waiver and reimbursement		2.70	% (E)		2.71	%		2.71	%		2.70	% (E)
Ratios to average net assets (excluding interest expense)
Expenses, before waiver and reimbursement		4.61	% (E)		3.60	%		3.82	%		3.04	% (E)
Expenses, net waiver and reimbursement		2.70	% (E)		2.70	%		2.70	%		2.70	% (E)
Net investment income (loss)		(1.36	)% (E)		0.75	%		(0.08	)%		(0.44	)% (E)
Portfolio turnover rate		0	% (D)		77	%		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.

54

RATIONAL FUNDS

Rational/NuWave Enhanced Market Opportunity Fund

Financial Highlights (Consolidated)

For a Share Outstanding Throughout Each Year/Period

	Institutional
	For the			For the			For the
	Six Months Ended			Year Ended			Period Ended
	June 30,			December 31			December 31,
	2020			2019			2018 (A)
	(Unaudited)
Net asset value, beginning of period	$	15.93		$	14.57		$	15.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		(0.01	)		(0.04	)		0.00	(C)
Net realized and unrealized gain on investments		(5.55	)		3.60			1.47
Total from investment operations		(5.56	)		3.56			1.47
LESS DISTRIBUTIONS:
From net investment income		—			(0.10	)		(1.40	)
From net realized gains on investments		—			(2.10	)		(0.50	)
Total distributions		—			(2.20	)		(1.90	)
Net asset value, end of period	$	10.37		$	15.93		$	14.57
Total return (D)		(34.90	)% (E)		24.38	%		9.95	% (E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	17,518		$	34,305		$	10,294
Ratios to average net assets
Expenses, before waiver and reimbursement		2.39	% (F)		2.34	%		3.34	% (F)
Expenses, net waiver and reimbursement		1.99	% (F)		1.99	%		1.99	% (F)
Net investment income (loss)		(0.14	)% (F)		(0.22	)%		(0.02	)% (F)
Portfolio turnover rate		783	% (E)		1407	%		1449	% (E)
	Class A
	For the			For the			For the
	Six Months Ended			Year Ended			Period Ended
	June 30,			December 31			December 31,
	2020			2019			2018 (A)
	(Unaudited)
	$	15.89		$	14.54		$	15.00
Net asset value, beginning of period
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		(0.04	)		(0.08	)		(0.06	)
Net realized and unrealized gain on investments		(5.52	)		3.60			1.49
Total from investment operations		(5.56	)		3.52			1.43
LESS DISTRIBUTIONS:
From net investment income		—			(0.07	)		(1.39	)
From net realized gains on investments		—			(2.10	)		(0.50	)
Total distributions		—			(2.17	)		(1.89	)
Net asset value, end of period	$	10.33		$	15.89		$	14.54
Total return (D)		(34.99	)% (E)		24.14	%		9.70	% (E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	735		$	9,689		$	6,014
Ratios to average net assets
Expenses, before waiver and reimbursement		2.63	% (F)		2.74	%		3.68	% (F)
Expenses, net waiver and reimbursement		2.24	% (F)		2.24	%		2.24	% (F)
Net investment income (loss)		(0.59	)% (F)		(0.48	)%		(0.43	)% (F)
Portfolio turnover rate		783	% (E)		1407	%		1449	% (E)

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

See accompanying notes to consolidated financial statements.

55

RATIONAL FUNDS

Rational/NuWave Enhanced Market Opportunity Fund

Financial Highlights (Consolidated)

For a Share Outstanding Throughout Each Year/ Period

	Class C
	For the			For the			For the
	Six Months Ended			Year Ended			Period Ended
	June 30,			December 31			December 31,
	2020			2019			2018 (A)
	(Unaudited)
Net asset value, beginning of period	$	15.69		$	14.47		$	15.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		(0.07	)		(0.20	)		(0.12	)
Net realized and unrealized gain on investments		(5.46	)		3.55			1.46
Total from investment operations		(5.53	)		3.35			1.34
LESS DISTRIBUTIONS:
From net investment income		—			(0.03	)		(1.37	)
From net realized gains on investments		—			(2.10	)		(0.50	)
Total distributions		—			(2.13	)		(1.87	)
Net asset value, end of period	$	10.16		$	15.69		$	14.47
Total return (D)		(35.25	)% (E)		23.12	%		9.08	% (E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	264		$	451		$	88
Ratios to average net assets
Expenses, before waiver and reimbursement		3.43	% (F)		3.31	%		4.43	% (F)
Expenses, net waiver and reimbursement		2.99	% (F)		2.99	%		2.99	% (F)
Net investment income (loss)		(1.14	)% (F)		(1.20	)%		(0.91	)% (F)
Portfolio turnover rate		783	% (E)		1407	%		1449	% (E)

(A) The Rational NuWave Enhanced Market Opportunity Fund 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

See accompanying notes to financial statements.

56

RATIONAL FUNDS

Rational Special Situations Income Fund

Financial Highlights

For a Share Outstanding Throughout Each Period

	Institutional						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,
	2020			2019 (A)			2020			2019 (A)			2020			2019 (A)
	(Unaudited)						(Unaudited)						(Unaudited)
Net asset value, beginning of period	$	20.10		$	20.00		$	20.08		$	20.00		$	20.06		$	20.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.17			0.32			0.14			0.30			0.04			0.23
Net realized and unrealized gain on investments		(0.30	)		0.06			(0.29	)		0.05			(0.27	)		0.05
Total from investment operations		(0.13	)		0.38			(0.15	)		0.35			(0.23	)		0.28
LESS DISTRIBUTIONS:
From net investment income		(0.12	)		(0.25	)		(0.10	)		(0.24	)		(0.04	)		(0.19	)
From net realized gains on investments		—			(0.03	)		—			(0.03	)		—			(0.03	)
From Return of capital		(0.37	)		—			(0.37	)		—			(0.37	)		—
Total distributions		(0.49	)		(0.28	)		(0.47	)		(0.27	)		(0.41	)		(0.22	)
Net asset value, end of period	$	19.48		$	20.10		$	19.46		$	20.08		$	19.42		$	20.06
Total return (C, D)		(0.63	)%		1.91	%		(0.74	)%		1.74	%		(1.15	)%		1.43	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	254,747		$	76,833		$	26,687		$	5,449		$	7,657		$	1,289
Ratios to average net assets
Expenses, before waiver and reimbursement (E)		1.84	%		2.06	%		2.10	%		2.21	%		2.81	%		2.97	%
Expenses, net waiver and reimbursement (E)		1.75	%		1.75	%		2.00	%		2.00	%		2.75	%		2.75	%
Net investment income (E)		1.91	%		3.48	%		1.57	%		3.22	%		0.48	%		2.47	%
Portfolio turnover rate (D)		13	%		14	%		13	%		14	%		13	%		14	%

(A) The Rational Special Situations Income Fund Institutional Class, Class A and Class C Shares commenced operations July 17, 2019.

(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.

57

RATIONAL FUNDS

Rational/Pier 88 Convertible Securities Fund

Financial Highlights

For a Share Outstanding Throughout Each Period

	Institutional						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,
	2020			2019 (A)			2020			2019 (A)			2020			2019 (A)
	(Unaudited)						(Unaudited)						(Unaudited)
Net asset value, beginning of period	$	10.17		$	10.00		$	10.17		$	10.00		$	10.17		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.08			0.03			(0.06	)		0.02			(0.02	)		0.02
Net realized and unrealized gain on investments		0.09			0.14			0.23			0.15			0.17			0.15
Total from investment operations		0.17			0.17			0.17			0.17			0.15			0.17
Net asset value, end of period	$	10.34		$	10.17		$	10.34		$	10.17		$	10.32		$	10.17
Total return (C,D)		1.67	%		1.70	%		1.67	%		1.70	%		1.47	%		1.70	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	57,363		$	5,707		$	15		$	0	(F)	$	11	(F)	$	0	(F)
Ratios to average net assets
Expenses, before waiver and reimbursement (E)		1.15	%		7.22	%		1.51	%		7.47	%		2.11	%		8.22	%
Expenses, net waiver and reimbursement (E)		0.99	%		0.99	%		1.24	%		1.24	%		1.94	%		1.99	%
Net investment income (E)		1.68	%		4.22	%		(1.33	)%		3.17	%		(1.17	)%		3.17	%
Portfolio turnover rate (F)		81	%		5	%		81	%		5	%		81	%		5	%

(A) The Rational/Pier 88 Convertible Securities Fund Institutional Class, Class A and Class C Shares commenced operations December 6, 2019.

(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

(F) Amount is less than $1000.

See accompanying notes to financial statements.

58

RATIONAL FUNDS
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)
June 30, 2020	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 December 31, 2019, the Trust operated 11 separate series, or mutual funds, each with its own investment objective and strategy. 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 Equity Armor Fund (“Equity Armor”) (Formerly, Rational Dividend Capture Fund)	Equity Armor Investments, LLC	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”)		Total return.
Rational/NuWave Enhanced Market Opportunity Fund (“NuWave Enhanced”)	NuWave Investment Management, LLC	Long-term capital appreciation.
Rational Special Situations Income Fund (“Special Situations”)	ESM Management, LLC	Total return consisting of capital appreciation and income.
Rational/Pier 88 Convertible Securities Fund (“Pier 88”)	Pier 88 Investment Partners, LLC	Total return consisting of capital appreciation and income.

The Funds are classified as diversified funds under the 1940 Act, except NuWave Enhanced, Special Situations and Pier 88, which are classified as non-diversified funds.

Currently, all Funds offer Class A, Class C and Institutional shares. Each class of shares for each Fund has identical rights and privileges except with respect to distribution (12b-1) and service fees, if any, 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.

(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.

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

59

RATIONAL FUNDS
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020	SEMI-ANNUAL REPORT

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. 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 Board, 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.

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.

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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 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, 2020, for each Fund’s assets and liabilities measured at fair value:

Equity Armor
Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	34,126,986	$	—	$	—	$	34,126,986
Short-Term Investments		2,910,291		—		—		2,910,291
Derivatives
Future Contracts	$	1,055	$	—	$	—	$	1,055
Total Assets	$	37,038,332	$	—	$	—	$	37,038,332
Liabilities*
Derivatives
Future Contracts	$	194,279	$	—	$	—	$	194,279
Total Liabilities	$	194,279	$	—	$	—	$	194,279
Tactical Return
Assets*	Level 1		Level 2		Level 3		Total
Short-Term Investments	$	163,697,421	$	34,998,465	$	—	$	198,695,886
Total Assets	$	163,697,421	$	34,998,465	$	—	$	198,695,886

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Dynamic Brands
Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	41,373,086	$	—	$	—	$	41,373,086
Short-Term Investments		762,904		—		—		762,904
Total Assets	$	42,135,990	$	—	$	—	$	42,135,990
Strategic Allocation
Assets*	Level 1		Level 2		Level 3		Total
Mutual Funds	$	6,381,979	$	—	$	—	$	6,381,979
U.S. Treasury Obligations		—		741,093		—		741,093
Short-Term Investments		18,906		—		—		18,906
Total Assets	$	6,400,885	$	741,093	$	—	$	7,141,978
ReSolve Adaptive
Assets*	Level 1		Level 2		Level 3		Total
Short-Term Investments	$	59,457,285	$	—	$	—	$	59,457,285
Derivatives
Futures Contracts	$	1,161,430	$	—	$	—	$	1,161,430
Total Assets	$	60,618,715	$	—	$	—	$	60,618,715
Liabilities*
Derivatives
Futures Contracts	$	235,169	$	—	$	—	$	235,169
Total Liabilities	$	235,169	$	—	$	—	$	235,169
Iron Horse
Assets*	Level 1		Level 2		Level 3		Total
Short-Term Investments	$	2,352,836	$	—	$	—	$	2,352,836
Total Assets	$	2,352,836	$	—	$	—	$	2,352,836
NuWave Enhanced
Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	7,187,418	$	—	$	—	$	7,187,418
Rights		4		—		—		4
Exchange Traded Funds		2,107,370		—		—		2,107,370
Short-Term Investments		4,652,644		—		—		4,652,644
Derivatives
Futures Contracts		422,322		—		—		422,322
Total Assets	$	14,369,758	$	—	$	—	$	14,369,758
Liabilities*
Derivatives
Futures Contracts	$	838,305		—		—	$	838,305

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June 30, 2020	SEMI-ANNUAL REPORT

Special Situations
Assets*	Level 1		Level 2		Level 3		Total
Bonds & Notes	$	—	$	257,728,647	$	—	$	257,728,647
Short-Term Investments		32,191,667		—		—		32,191,667
Total Assets	$	32,191,667	$	257,728,647	$	—	$	289,920,314
Pier 88
Assets*	Level 1		Level 2		Level 3		Total
Convertible Bonds	$	—	$	36,627,107	$	—	$	36,627,107
Preferred Stocks		19,183,357		—		—		19,183,357
Short-Term Investments		1,456,436		—		—		1,456,436
Total Assets	$	20,639,793	$	36,627,107	$	—	$	57,266,900

* 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’s respective investment objectives and policies.

	Inception Date of	CFC Net Assets as of	% of Net Assets as of
	CFC	June 30, 2020	June 30, 2020
RDMF Fund, Ltd.	8/5/2016	$ 3,074,869	4.7%
RNW Fund, Ltd.	3/2/2018	$ 1,847,121	10.0%

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’s 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

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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 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).

Convertible Securities – Pier 88 invests in convertible securities, which include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer’s underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of “usable” bonds and warrants or a combination of the features of several of these

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securities. The investment characteristics of each convertible security vary widely, which allows convertible securities to be employed for a variety of investment strategies. The Fund will exchange or convert the convertible securities held in its portfolio into shares of the underlying common stock when, in the Advisor’s or Sub-Advisor’s opinion, the investment characteristics of the underlying common shares will assist the Fund in achieving its investment objective. Otherwise the Fund may hold or trade convertible securities.

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, 2020, were as follows:

			Location of derivatives on Statements of	Fair value of asset/liability
Fund	Derivative	Risk Type	Assets and Liabilities	derivatives
Equity Armor
	Futures	Equity	Futures unrealized appreciation	$	1,055
			Futures unrealized depreciation		(194,279	)
			Totals	$	(193,224	)
ReSolve Adaptive
	Futures	Equity	Futures unrealized appreciation	$	58,496
			Futures unrealized depreciation		(208,537	)
		Currency	Futures unrealized appreciation		170,169
			Futures unrealized depreciation		(26,631	)
		Interest	Futures unrealized appreciation		932,764
			Totals	$	926,261
NuWave Enhanced
	Futures	Equity	Futures unrealized appreciation	$	121,761
			Futures unrealized depreciation		(143,794	)
		Commodity	Futures unrealized appreciation		80,727
			Futures unrealized depreciation		(694,511	)
		Currency	Futures unrealized appreciation		219,834
			Totals	$	(415,983	)

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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, 2020, were as follows:

Tactical Return
	Options Purchased	Equity	Net realized loss from options purchased	$	952,301
	Options Written	Equity	Net realized gain from options written		4,627,505
				$	5,579,806
ReSolve Adaptive
	Futures	Equity	Net realized loss from futures	$	(7,742,034	)
		Commodity	Net realized loss from futures		(999,780	)
		Currency	Net realized loss from futures		(2,900,536	)
		Interest	Net realized gain from futures		5,297,542
			Totals	$	(6,344,808	)
	Futures	Equity	Net change in unrealized appreciation on futures	$	(138,620	)
		Commodity	Net change in unrealized appreciation on futures		(89,830	)
		Currency	Net change in unrealized depreciation on futures		824,340
		Interest	Net change in unrealized depreciation on futures		2,131,449
			Totals	$	2,727,339
Iron Horse
	Options Purchased	Equity	Net realized gain from options purchased	$	2,546
	Options Written	Equity	Net realized gain from options written		67,746
				$	70,292
	Options Purchased	Equity	Net change in unrealized appreciation on options purchased	$	29,159
	Options Written	Equity	Net change in unrealized appreciation on options written		245,664
			Totals	$	274,823
NuWave Enhanced
	Futures	Equity	Net realized gain from futures	$	(2,812,544	)
		Commodity	Net realized loss from futures		(819,642	)
		Currency	Net realized gain from futures		(1,864,794	)
		Interest	Net realized gain from futures		1,987,747
			Totals	$	(3,509,233	)
	Futures	Equity	Net change in unrealized depreciation on futures	$	(5,662	)
		Commodity	Net change in unrealized depreciation on futures		(392,600	)
		Currency	Net change in unrealized depreciation on futures		261,049
		Interest	Net change in unrealized depreciation on futures		250,702
			Totals	$	113,489

The value of derivative instruments outstanding as of June 30, 2020 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, 2020:

							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			Cash Collateral
	and Liabilities		Liabilities		Liabilities		Instruments			Pledged/Received (1)			Net Amount
Equity Armor
Description of Asset:
Futures Contracts	$	1,055	$	—	$	1,055	$	(1,055	)	$	—		$	—
Description of Liability:
Futures Contracts	$	194,279	$	—	$	194,279	$	1,055		$	193,224		$	—
ReSolve Adaptive
Description of Asset:
Futures Contracts	$	1,161,429	$	—	$	1,161,429	$	(1,161,429	)	$	—		$	—
Description of Liability:
Futures Contracts	$	235,168	$	—	$	235,168	$	1,161,429		$	(926,261	)	$	—
NuWave Enhanced
Description of Asset:
Futures Contracts	$	422,322	$	—	$	422,322	$	(422,322	)	$	—		$	—
Description of Liability:
Futures Contracts	$	838,305	$	—	$	838,405	$	422,322		$	416,083		$	—

(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. For convertible securities, premiums attributable to the conversion feature are not amortized. 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

The amount of dividends from net investment income and net realized gains recorded on the ex-dividend date are determined in accordance with the federal income tax regulations, which may differ from GAAP and are recorded on ex-date. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. tax treatment of foreign currency gain/loss, non-deductible stock issuance costs, distributions and income received from pass through investments and net investment loss adjustments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. Temporary differences are primarily due to market discounts, capital loss carryforwards and losses deferred due to wash sales, straddles and return of capital from investments.Dividends are declared separately for each class. No class has preferential rights; differences in per share dividend rates are generally due to differences in separate class expenses.

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Fund	Income Dividends	Capital Gains
Equity Armor	Monthly	Annually
Tactical Return	Annually	Annually
Dynamic Brands	Annually	Annually
Strategic Allocation	Quarterly	Annually
ReSolve Adaptive	Annually	Annually
Iron Horse	Quarterly	Annually
NuWave Enhanced	Annually	Annually
Special Situations	Monthly	Annually
Pier 88	Quarterly	Annually

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.

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, 2019 (as applicable), or expected to be taken in the Funds’ December 31, 2020 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. As of June 30, 2020, the Funds did not incur any interest or penalties.

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.

I. Market Risk

Overall market risks may also affect the value of a Fund. The market values of securities or other investments owned by a Fund will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, such as war; acts of terrorism; financial, political or social disruptions; natural,

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environmental or man-made disasters; the spread of infectious illnesses or other public health issues; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on a Fund and its investments and could result in increased premiums or discounts to the Fund’s net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. A Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. In times of severe market disruptions, you could lose your entire investment.

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and subsequently spread globally. This coronavirus has resulted in, among other things, travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, significant disruptions to business operations, market closures, cancellations and restrictions, supply chain disruptions, lower consumer demand, and significant volatility and declines in global financial 127 markets, as well as general concern and uncertainty. The impact of COVID-19 has adversely affected, and other infectious illness outbreaks that may arise in the future could adversely affect, the economies of many nations and the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

(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
Equity Armor	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%
Special Situations	1.50%
Pier 88	0.85%

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 (exclusive of acquired fund fees and expenses, brokerage costs, interest, taxes and dividends, and extraordinary expenses). For Special Situations, the Advisor has contractually agreed to waive all or a portion of its investment advisory fee (exclusive of acquired fund fees and expenses, brokerage commissions and trading costs, interest (including borrowing costs and overdraft charges), taxes, short sale dividends and interest expenses, non-routine or

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extraordinary expenses (such as litigation or reorganizational costs), and costs and expenses of litigation or claims on behalf of the Fund regarding portfolio investments initiated (or threatened) by the investment adviser or sub-advisor) as listed below:

	Expense Caps			Expiration
Fund	Institutional Class Shares	Class A Shares	Class C Shares
Equity Armor	1.00%	1.25%	2.00%	April 30, 2021
Tactical Return	1.99%	2.24%	2.99%	April 30, 2021
Dynamic Brands	1.24%	1.49%	2.24%	April 30, 2021
Strategic Allocation	0.45%	0.70%	1.45%	April 30, 2021
ReSolve Adaptive	1.97%	2.22%	2.97%	April 30, 2021
Iron Horse	1.70%	1.95%	2.70%	April 30, 2021
NuWave Enhanced	1.99%	2.24%	2.99%	April 30, 2021
Special Situations	1.75%	2.00%	2.75%	April 30, 2021
Pier 88	0.99%	1.24%	1.99%	April 30, 2021

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, 2020, 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,
Equity Armor	$	161,810		2020
		156,337		2021
		137,069		2022
		59,332		2023
Tactical Return		105,599		2020
		148,732		2021
		179,111		2022
		68,000		2023
Dynamic Brands		120,009		2020
		175,690		2021
		94,974		2022
		21,491		2023
Strategic Allocation		62,598		2020
		79,043		2021
		63,678		2022
		32,250		2023
ReSolve Adaptive		117,608		2020
		148,267		2021
		140,730		2022
		65,124		2023
Iron Horse		75,447		2020
		82,832		2021

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

The Board has adopted the Trust’s Distribution Plan (the “12b-1 Plan”) which allows each Fund to pay fees up to 0.25% for Class A shares and up to 1.00% for 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 Funds’ distributor (the “Distributor or NLD”), and the

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Advisor for distribution related expenses. For the six months ended June 30, 2020, the amounts accrued by the Funds were as follows:

	12b-1 Fees
Fund	Class A		Class C
Equity Armor	$	14,124	$	5,563
Tactical Return		11,174		38,581
Dynamic Brands		14,786		1,197
Strategic Allocation		9,859		4
ReSolve Adaptive		6,657		1,942
Iron Horse		1,291		4
NuWave Enhanced		5,530		2,486
Special Situations		21,233		21,646
Pier 88		10		16

Shareholder Servicing Fees – The Trust has adopted a Shareholder Services 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 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 are included in printing expenses on the Statements of Operations.

On February 1, 2019, NorthStar Financial Services Group, LLC, GFS and its affiliated companies, including NLD, Northern Lights Compliance Services, LLC and 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 Service 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 Officer Fees on the Statements of Operations. The

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amounts due to MFund at June 30, 2020 for management and chief compliance officer services are listed in the Statements of Assets and Liabilities under “Payable to related parties.”

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.

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, 2020, are noted in the Strategic Allocation’s Portfolio of Investments. A summary of these investments in affiliated funds is set forth below:

	Shares Balance										Dividends		Amount of Gain
	December 31,						Shares Balance				Credited to		(Loss) Realized on
Fund	2019		Purchases		Sales		June 30, 2020		Fair Value		Income		Sale of Shares
AlphaCentric Income Opportunities Fund	$	—	$	45,390	$	—	$	45,390	$	442,103	$	3,848	$	—
Catalyst Buyback Strategy Fund, Inst. Sh.		23,039		—		23,039		—		—		—		5,881
Catalyst/CIFC Floating Rate Income Fund		—		102,074		13,248		88,826		815,426		18,942		(2,850	)
Catalyst Enhanced CoreFund Inst. Sh.		18,831		—		18,831		—		—		—		11,448
Catalyst Enhanced Income Strategy Fund, Inst. Sh.		108,789		45,607		39,971		114,425		1,270,741		40,760		(123	)
Catalyst Insider Buying Fund, Inst. Sh.		12,960		—		12,960		—		—		—		19,181
Catalyst Insider Income Fund Inst. Sh.		53,074		48,072		14,249		86,897		826,391		13,913		(1,652	)
Catalyst MLP & Infrastructure Fund, Inst, Sh.		150,157		—		150,157		—		—		163		(1,983	)
Catalyst/Stone Beach Income Opportunity Fund, Inst. Sh.		84,643		1,176		16,920		68,899		661,427		15,007		(818	)
Rational Dynamic Brands Fund, Inst. Sh.		15,969		—		15,969		—		—		—		98,742
Rational NuWave Enhanced Market Opportunity Fund, Inst. Sh.		117,556		—		117,556		—		—		—		(6,695	)
Rational Special Situations Income Fund, Inst. Sh.		104,694		1,579		41,008		65,265		1,271,397		36,512		11,192
Rational/Pier 88 Convertible Securities Fund CL. I		—		253,650		147,203		106,447		1,100,661		—		(288,695	)
Strategy Shares NASDAQ 7 Handl Index ETF		43,000		—		43,000		—		—		17,645		(141,611	)
Total	$	732,712	$	497,548	$	654,111	$	576,149	$	6,388,146	$	146,790	$	(297,983	)

(4) INVESTMENT TRANSACTIONS

For the six months ended June 30, 2020, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

Fund	Purchases		Sales
Equity Armor	$	128,463,914	$	112,325,170
Tactical Return		—		376,316
Dynamic Brands		56,823,069		54,326,664
Strategic Allocation		5,573,349		7,867,027
ReSolve Adaptive		—		38,791
Iron Horse		—		3,432,192
NuWave Enhanced		159,956,466		171,498,537
Special Situations		208,358,879		22,454,482
Pier 88		88,765,586		38,135,059

(5) INVESTMENT RISK

In accordance with its investment objectives and through its exposure to the managed futures programs, each of Equity Armor, 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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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, Iron Horse and Tactical Return 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.

Activist Strategies Risk – As part of Special Situation’s principal investment strategy, the Sub-Advisor seeks to identify “special situations” where it can seek to remedy legal, technical or structural issues it has identified in the securities held by the Fund through activist strategies, including through litigation or the threat of litigation. Such activist strategies may not be successful and may have a negative impact on the Fund, including causing the Fund to incur legal related costs and expenses and portfolio turnover if the Sub-Advisor determines to sell such securities.

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

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(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, 2020, were as follows:

	Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
Equity Armor	$	36,533,497	$	1,186,026	$	(875,470	)	$	310,556
Tactical Return		198,678,132		17,754		—			17,754
Dynamic Brands		33,524,452		8,957,869		(346,331	)		8,611,538
Strategic Allocation		6,736,808		529,498		(118,161	)		411,337
ReSolve Adaptive		59,457,285		1,161,430		(235,169	)		926,261
Iron Horse		2,364,177		—		(11,341	)		(11,341	)
NuWave Enhanced		15,334,588		572,544		(2,375,679	)		(1,803,135	)
Special Situations		286,057,661		11,354,028		(7,491,375	)		3,862,653
Pier 88		55,394,844		4,576,115		(2,704,059	)		1,872,056

(7) DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the year or period ended December 31, 2019 and December 31, 2018 was as follows:

For fiscal year or period ended	Ordinary		Long-Term		Return of
12/31/2019	Income		Capital Gains		Capital		Total
Equity Armor	$	957,035	$	—	$	—	$	957,035
Tactical Return		1,761,554		3,657,076		—		5,418,630
Dynamic Brands		—		129,486		—		129,486
Strategic Allocation		427,376		159,642		57,104		644,122
ReSolve Adaptive		4,161,597		3,441,482		82,748		7,685,827
Iron Horse		94,432		—		380,507		474,939
NuWave Enhanced		3,907,636		1,216,941		—		5,124,577
Special Situations		829,344		—		—		829,344
Pier 88		—		—		—		—
For fiscal year or period ended	Ordinary		Long-Term		Return of
12/31/2018	Income		Capital Gains		Capital		Total
Equity Armor	$	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

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As of December 31, 2019, 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)
Equity Armor	$	556,447	$	—	$	—		$	(7,687,200	)	$	—		$	209,505		$	(6,921,248	)
Tactical Return		1,083,971		1,257,794		—			(2,277,884	)		—			38,174			102,055
Dynamic Brands		1,323,850		306,986		—			—			—			5,724,522			7,355,358
Strategic Allocation		—		—		(4,094	)		—			—			333,421			329,327
ReSolve Adaptive		—		—		(1,275,760	)		—			—			(1,167,709	)		(2,443,469	)
Iron Horse		—		—		(107,653	)		(835,156	)		(13,538	)		98,203			(858,144	)
NuWave Enhanced		1,165,926		87,323		—			—			—			(1,180,222	)		73,027
Special Situations		437,033		—		—			(140,966	)		—			6,508,961			6,805,028
Pier 88		45,580		19,213		—			—			—			409,216			474,009

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed ordinary income (loss) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales and straddles, mark-to-market on open futures and options 1256 contracts, and adjustments for partnerships, C-Corporation return of capital distributions, trust preferred securities, income on contingent convertible debt securities, and Section 305(c) deemed dividend distributions. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $(1,017), $16,645, and $2,195 for Dynamic Brands, ReSolve Adaptive, and NuWave Enhanced, respectively. In addition, the amount listed under other book/tax differences for Iron Horse 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
Equity Armor	$	—
Tactical Return		—
Dynamic Brands		—
Strategic Allocation		—
ReSolve Adaptive		1,187,125
Iron Horse		—
NuWave Enhanced		—
Special Situations		—
Pier 88		—

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
Equity Armor	$	—
Tactical Return		—
Dynamic Brands		—
Strategic Allocation		4,094
ReSolve Adaptive		88,635
Iron Horse		107,653
NuWave Enhanced		—
Special Situations		—
Pier 88		—

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At December 31, 2019, 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 in the current year or period as follows:

	Non-Expiring		Non-Expiring				Capital Loss Carry
	Short-Term		Long-Term		Total		Forwards Utilized
Equity Armor	$	3,936,475	$	3,750,725	$	7,687,200	$	—
Tactical Return*		410,426		1,867,458		2,277,884		92,691
Dynamic Brands		—		—		—		—
Strategic Allocation		—		—		—		—
ReSolve Adaptive		—		—		—		571,904
Iron Horse		503,970		331,186		835,156		—
NuWave Enhanced		—		—		—		—
Special Situations		—		140,966		140,966		—
Pier 88		—		—		—		—

* Tactical Return 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, the reclassification of Fund distributions, and adjustments for the ReSolve Adaptive and NuWave Enhanced wholly owned subsidiaries, which have a November 30 tax year end, resulted in reclassifications for the Funds for the fiscal year or period ended December 31, 2019 as follows:

	Paid In			Accumulated
	Capital			Earnings (Deficit)
Equity Armor	$	—		$	—
Tactical Return		—			—
Dynamic Brands		—			—
Strategic Allocation		(36,709	)		36,709
ReSolve Adaptive		(156,312	)		156,312
Iron Horse		—			—
NuWave Enhanced		(886,587	)		886,587
Special Situations		(12,536	)		12,536
Pier 88		—			—

(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 Tactical Return, ReSolve Adaptive and Iron Horse will be directly affected by the performance of the First American Government Obligations Fund, U Class. The financial statements of the First American Government Obligations Fund, U, 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, 2020,

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the percentage of Tactical Return, ReSolve Adaptive and Iron Horse’s net assets invested in the First American Government Obligations Fund were 78.4%, 91.6% and 100.4%, respectively.

(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, 2020, 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:

	Equity			Tactical			Dynamic			Strategic			ReSolve			Iron						Special
	Armor			Return			Brands			Allocation			Adaptive			Horse			Nuwave			Situations
NFS LLC (1)		37.90	%		—			27.11	%		94.44	%		—			—			—			—
Charles Schwab (1)		—			28.46	%		—			—			52.91	%		—			—			29.78	%
LPL Financial (1)		—			28.21	%		—			—			—			46.27	%		—			—
UBS		—			—			—			—			—			—			—			—
TD Ameritrade		25.38	%		—			—			—			—			—			—			—
Troy W. Buckner		—			—			—			—			—			—			36.17	%		—

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

(10) SHARE SPLITS

Effective September 21, 2018, Dynamic Brands 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) 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, other than the following:

The Board of Trustees of Mutual Fund and Variable Insurance Trust has concluded that it is in the best interests of the Iron Horse and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on or about July 31, 2020 (“Liquidation Date”).

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RATIONAL FUNDS

INFORMATION ABOUT YOUR FUNDS’ EXPENSES (Unaudited)

As as hare holder 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 1/01/19 and held for the entire period through 6/30/20

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 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 expenses the 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		Expenses Paid		Ending
	Annualized	Account Value		Account Value		During Period		Account Value		Expenses Paid
	Expense Ratio	1/01/2019		6/30/2020		*		06/30/2020		During Period *
Rational Equity Armor Fund - Class A	1.25%	$	1,000.00	$	1,058.90	$	6.40	$	1,018.65	$	6.27
Rational Equity Armor Fund - Class C	2.00%		1,000.00		1,054.90		10.22		1,014.92		10.02
Rational Equity Armor Fund - Institutional	1.00%		1,000.00		1,062.00		5.13		1,019.89		5.02
Rational Tactical Return Fund - Class A	2.24%		1,000.00		1,031.70		11.32		1,013.72		11.22
Rational Tactical Return Fund - Class C	2.99%		1,000.00		1,026.60		15.07		1,010.00		14.94
Rational Tactical Return Fund - Institutional	1.99%		1,000.00		1,033.80		10.06		1,014.97		9.97
Rational Dynamic Brands Fund - Class A	1.49%		1,000.00		1,119.00		7.85		1,017.45		7.47
Rational Dynamic Brands Fund - Class C	2.24%		1,000.00		1,114.90		11.78		1,013.72		11.22
Rational Dynamic Brands Fund - Institutional	1.24%		1,000.00		1,120.50		6.54		1,018.70		6.22
Rational Strategic Allocation Fund - Class A	0.70%		1,000.00		1,045.70		3.56		1,021.38		3.52
Rational Strategic Allocation Fund - Class C	1.45%		1,000.00		1,041.00		7.36		1,017.65		7.27
Rational Strategic Allocation Fund - Insitutional	0.45%		1,000.00		1,046.40		2.29		1,022.63		2.26
Rational/ReSolve Adaptive Asset Allocation Fund - Class A **	2.22%		1,000.00		1,046.10		11.29		1,013.82		11.12
Rational/ReSolve Adaptive Asset Allocation Fund - Class C **	2.97%		1,000.00		1,042.00		15.08		1,010.09		14.84
Rational/ReSolve Adaptive Asset Allocation Fund - Institutional **	1.97%		1,000.00		1,047.60		10.03		1,015.07		9.87
Rational Iron Horse - Class A	1.95%		1,000.00		993.10		9.66		1,015.17		9.77
Rational Iron Horse - Class C	2.70%		1,000.00		991.50		13.37		1,011.44		13.50
Rational Iron Horse - Institutional	1.70%		1,000.00		993.90		8.43		1,016.41		8.52
Rational NuWave Enhanced Market Opportunity Fund - Class A	2.24%		1,000.00		1,112.10		11.76		1,013.72		11.22
Rational NuWave Enhanced Market Opportunity Fund - Class C	2.99%		1,000.00		1,107.90		15.67		1,010.00		14.94
Rational NuWave Enhanced Market Opportunity Fund - Institutional	1.99%		1,000.00		1,113.10		10.46		1,014.97		9.97
Rational Special Situations Income Fund - Class A **	2.00%		1,000.00		1,017.40		10.03		1,014.92		10.02
Rational Special Situations Income Fund - Class C **	2.75%		1,000.00		1,014.30		13.77		1,011.19		13.75
Rational Special Situations Income Fund - Institutional **	1.75%		1,000.00		1,159.90		9.40		1,016.16		8.77
Rational/Pier 88 Convertible Securities Fund - Class A	1.24%		1,000.00		1,112.10		6.51		1,018.70		6.22
Rational/Pier 88 Convertible Securities Fund - Class C	1.99%		1,000.00		1,107.90		10.43		1,014.97		9.97
Rational/Pier 88 Convertible Securities Fund - Institutional	0.99%		1,000.00		1,113.10		5.20		1,019.94		4.97

* Expenses are equal to the Funds’ annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

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

78

RATIONAL FUNDS
SUPPLEMENTAL INFORMATION (Unaudited)
June 30, 2020	SEMI-ANNUAL REPORT

Consideration and Renewal of Advisory Agreement between Mutual Fund and Variable Insurance Trust and Rational Advisors, Inc. with respect to Rational Iron Horse Fund

In connection with a regular meeting held on March 20 and March 27, 2020, 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 Rational Advisors, Inc. (“Rational”) and the Trust with respect to Rational Iron Horse Fund, a series of the Trust (the “Fund”) (the “Management Agreement”).

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in evaluating the Management Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based upon a comprehensive evaluation and discussion of all the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Management Agreement. In connection with their deliberations regarding approval of the Management Agreement, the Trustees reviewed materials prepared by Rational (the “Rational 15(c) Response”).

Nature, Extent, and Quality of Services. The Trustees reviewed the nature, extent and quality of the services provided by the investment professionals at Rational. They reviewed information concerning the financial condition and resources; personnel; business operations and compliance program of Rational. The Trustees then discussed the nature of Rational’s operations and the firm’s culture of compliance, and noted there were no new compliance or regulatory issues. The Board considered that Rational continued to enhance its risk management program and noted that the risk management team regularly evaluated Fund performance with respect to volatility, drawdowns, and returns relative to the Fund’s investment objective and strategy. The Board considered that Van Hulzen Asset Management, LLC, the Fund’s sub-advisor at the time (“Van Hulzen”), had resigned effective as of April 7, 2020, and that Rational would be directly managing the Fund’s portfolio of investments as of that date, and would continue to coordinate and monitor other services for the Fund, including administration, fund accounting, contract renewal, and regulatory compliance. The Board reviewed a copy of Rational’s Form ADV. After further discussion and review of the Rational 15(c) Response, the Trustees concluded that Rational would continue to provide an acceptable level of services to the Fund.

Performance. The Trustees reviewed the performance of the Fund relative to its peer group and Morningstar Options-based category for various periods ended December 31, 2019. The Board noted that the Fund had under-performed its Morningstar category, peer group, and benchmark for the one-, three -, and five-year periods and since inception (July 7, 2011). The Trustees considered that this underperformance generally reflected Van Hulzen’s management of the Fund’s portfolio during those periods, and that Rational had a solid investment team of managers and would manage the Fund’s portfolio in accordance with revised principal investment strategies intended to improve the Fund’s performance. After further discussion and review of the Rational 15(c) Response, the Trustees concluded that Rational would continue to provide an acceptable level of services to the Fund.

Fees and Expenses. The Trustees reviewed the advisory fees for the Fund as compared to its peer group and Morningstar category. The Board noted that the Fund’s 1.25% advisory fee was above the average for its peer group and Morningstar category, but within the range of advisory fees for both the peer group and Morningstar category. The Board evaluated the advisory fee in light of the quality of and experience of Rational, and the Fund’s actively managed investment strategies. The Trustees noted that the net expense ratio for Class A shares of the Fund was 1.98%, which included acquired fund fees and expenses and interest

79

RATIONAL FUNDS
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
June 30, 2020	SEMI -ANNUAL REPORT

expense. Rational said that it intended to renew the current 1.95% expense limitation agreement through April 30, 2021. The Trustees noted that the Fund’s Class A net expense ratio was near the lower range of expenses for both the Morningstar category and peer group. The Trustees found the Fund’s fees and expenses to be acceptable.

Profitability. The Trustees reviewed a profitability analysis provided for the Fund, noting that Rational was incurring a loss from its relationship with the Fund. After further discussion, the Trustees concluded that the level of Rational’s profitability did not raise any issues in renewing the Management Agreement.

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

Economies of Scale. The Board considered that at current asset levels, Rational would continue to waive/reimburse expenses of the Fund. The Board agreed that management fee breakpoints could be considered in the future if the Fund’s assets increased significantly. The Trustees determined that it did not appear that economies of scale had been reached and agreed that the matter of economies of scale would be revisited as the Fund’s assets materially increased.

Conclusion. Having requested, 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 the renewal of the Management Agreement between Rational and the Trust, on behalf of the Fund, was in the best interests of the Fund and its shareholders.

80

PRIVACY NOTICE

Mutual Fund & Variable Insurance Trust

Rev. July 2017

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

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

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

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

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

QUESTIONS?   Call 1-800-253-0412

81

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-Port. Prior to April 30, 2020, the Funds made these filings on Form N-Q. These filings are available on the SEC’s website at www.sec.gov. You may also access this information at www.rationalmf.com by selecting “Form N-PORT” or for fillings made prior to April 30, 2020, “Form N-Q.”

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	09/04/2020

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

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

Date 09/04/2020

By (Signature and Title)		/s/ Erik Naviloff
		Erik Naviloff, Treasurer and Principal Financial Officer
Date	09/04/2020