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, 2022
Item 1. | Reports to Stockholders. |
Semi-Annual Shareholder Report
June 30, 2022
INSTITUTIONAL SHARES
CLASS A SHARES
CLASS C SHARES
Rational Equity Armor Fund |
PORTFOLIO REVIEW (Unaudited) |
June 30. 2022 |
The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmarks:
Annualized | Annualized | Annualized | Annualized | |||
6 Months Return | 1 Year Return | 5 Year Return | 10 Year Return | Since Inception(a) | Since Inception(b) | |
Institutional | (11.12)% | (6.09)% | 2.68% | 4.92% | 5.28% | N/A |
Class A | (11.32)% | (6.41)% | 2.40% | 4.64% | 5.02% | N/A |
Class A with load | (15.55)% | (10.89)% | 1.41% | 4.14% | 4.78% | N/A |
Class C | (11.58)% | (6.99)% | 1.70% | N/A | N/A | 2.08% |
S&P 500 Value Total Return Index (c) | (11.41)% | (4.86)% | 8.19% | 10.97% | 6.89% | 8.51% |
S&P 500 Total Return Index (d) | (19.96)% | (10.62)% | 11.31% | 12.96% | 7.44% | 11.04% |
* | 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, 2022 prospectus, the total annual operating expense are 1.17% for Institutional shares, 1.42% for A shares and 2.17% 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 March 1, 2001 for Class A, Institutional and the benchmarks. |
(b) | Inception date is January 3, 2014 for Class C and the benchmarks. |
(c) | 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. |
(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. |
Top 10 Holdings by Industry ^ | % of Net Assets | |||
Technology Hardware | 8.2 | % | ||
Biotech & Pharma | 8.1 | % | ||
Insurance | 7.0 | % | ||
Equity | 6.5 | % | ||
Electric Utilities | 4.9 | % | ||
Retail - Consumer Staples | 4.0 | % | ||
Oil & Gas Producers | 3.8 | % | ||
Banking | 3.5 | % | ||
Internet Media & Services | 3.1 | % | ||
Health Care Facilities & Services | 3.0 | % | ||
Other/Short-Term Investments | 47.9 | % | ||
100.0 | % |
^ Does not include derivatives in which the Fund invests.
Please refer to the Schedule of Investments for a more detailed breakdown of the Fund’s assets.
1
Rational Tactical Return Fund |
PORTFOLIO REVIEW (Unaudited) |
June 30. 2022 |
The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmarks:
Annualized | Annualized | Annualized | Annualized | |||
6 Months Return | 1 Year Return | 5 Year Return | 10 Year Return | Since Inception(a) | Since Inception(b) | |
Institutional | (0.76)% | 0.68% | 7.39% | 1.35% | (0.90)% | N/A |
Class A | (0.87)% | 0.38% | 7.15% | 1.20% | (1.07)% | N/A |
Class A with load | (5.60)% | (4.40)% | 6.11% | 0.71% | (1.39)% | N/A |
Class C | (1.26)% | (0.32)% | 6.35% | N/A | N/A | 4.50% |
S&P 500 Total Return Index (c) | (19.96)% | (10.62)% | 11.31% | 12.96% | 8.55% | 12.25% |
* | 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, 2022 prospectus, the total annual operating expense are 2.10% for Institutional Class shares, 2.35% for Class A shares and 3.06% 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 | 83.3 | % | ||
Other/Cash & Equivalents | 16.7 | % | ||
100.0 | % |
^ Does not include derivatives in which the Fund invests.
Please refer to the Schedule of Investments for a more detailed breakdown of the Fund’s assets.
2
Rational Dynamic Brands Fund |
PORTFOLIO REVIEW (Unaudited) |
June 30. 2022 |
The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmarks:
Annualized | Annualized | Annualized | Annualized | |||
6 Months Return | 1 Year Return | 5 Year Return | 10 Year Return | Since Inception(a) | Since Inception(b) | |
Institutional | (35.63)% | (35.32)% | 9.37% | 8.51% | 9.63% | N/A |
Class A | (35.72)% | (35.53)% | 9.09% | 8.23% | 9.35% | N/A |
Class A with load | (38.77)% | (38.60)% | 8.04% | 7.70% | 9.08% | N/A |
Class C | (35.93)% | (35.95)% | 8.31% | N/A | N/A | 4.42% |
S&P 500 Total Return Index (c) | (19.96)% | (10.62)% | 11.31% | 12.96% | 10.17% | 11.04% |
* | 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, 2022 prospectus, the total annual operating expense are 1.10% for Institutional shares, 1.37% for Class A shares and 2.08% 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 | |||
Asset Management | 21.0 | % | ||
Retail - Discretionary | 12.5 | % | ||
Software | 11.9 | % | ||
Apparel & Textile Services | 9.8 | % | ||
Technology Services | 7.2 | % | ||
Internet Media & Services | 5.9 | % | ||
Technology Hardware | 5.1 | % | ||
Household Products | 5.0 | % | ||
Retail - Consumer Staples | 5.0 | % | ||
Semiconductors | 4.4 | % | ||
Other/Short-Term Investments | 12.7 | % | ||
100.5 | % |
Please refer to the Schedule of Investments for a more detailed breakdown of the Fund’s assets.
3
Rational Strategic Allocation Fund |
PORTFOLIO REVIEW (Unaudited) |
June 30. 2022 |
The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmarks:
Annualized | Annualized | Annualized | Annualized | |||
6 Months Return | 1 Year Return | 5 Year Return | 10 Year Return | Since Inception(a) | Since Inception(b) | |
Institutional | (26.02)% | (15.73)% | 2.33% | N/A | N/A | 3.54% |
Class A | (26.16)% | (15.96)% | 2.07% | 3.93% | 4.67% | N/A |
Class A with load | (29.65)% | (19.95)% | 1.08% | 3.42% | 4.27% | N/A |
Class C | (26.37)% | (16.54)% | 1.32% | N/A | N/A | 2.53% |
S&P 500 Total Return Index (c) | (19.96)% | (10.62)% | 11.31% | 12.96% | 13.20% | 12.25% |
* | 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, 2022 prospectus, the total annual operating expense are 2.21% for Institutional shares, 2.57% 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 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 | |||
Fixed Income | 71.8 | % | ||
Alternative | 9.8 | % | ||
Other/Short-Term Investments | 18.4 | % | ||
100.0 | % |
^ Does not include derivatives in which the Fund invests.
Please refer to the Schedule 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. 2022 |
The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmarks:
Annualized | Annualized | Annualized | Annualized | |||
6 Months Return | 1 Year Return | 5 Year Return | 10 Year Return | Since Inception(a) | Since Inception(b) | |
Institutional (c) | 8.63% | 13.44% | 7.15% | 5.97% | N/A | 6.35% |
Class A | 8.52% | 13.16% | 6.89% | N/A | 5.00% | N/A |
Class A with load | 2.30% | 6.67% | 5.63% | N/A | 3.92% | N/A |
Class C | 8.09% | 12.32% | 6.11% | N/A | 4.26% | N/A |
S&P 500 Total Return Index (d) | (19.96)% | (10.62)% | 11.31% | 12.96% | 12.22% | 9.76% |
Barclay Hedge CTA Index (e) | 8.37% | 9.12% | 4.58% | 2.29% | 3.46% | 4.50% |
* | 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 , 2022 prospectus, the total annual operating expense are 2.26% for Institutional shares, 2.45% for Class A shares and 3.27% 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 Hedge CTA Index is a leading industry benchmark of representative performance of commodity trading advisors. |
Holdings by Asset Type ^ | % of Net Assets | |||
Short-Term Investments | 92.9 | % | ||
Other/Cash & Equivalents | 7.1 | % | ||
100.0 | % |
^ Does not include derivatives in which the Fund invests.
Please refer to the Consolidated Schedule of Investments for a more detailed breakdown of the Fund’s assets.
5
Rational/Pier 88 Convertible Securities Fund |
PORTFOLIO REVIEW (Unaudited) |
June 30. 2022 |
The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmarks:
Annualized | Annualized | Annualized | |||
6 Months Return | 1 Year Return | 5 Year Return | Since Inception(a) | Since Inception(b) | |
Institutional (c) | (12.47)% | (7.63)% | 7.55% | N/A | 7.55% |
Class A | (12.56)% | (7.84)% | 7.33% | 5.38% | N/A |
Class A with load | (16.74)% | (12.24)% | 6.29% | 3.39% | N/A |
Class C | (12.89)% | (8.60)% | 6.57% | 4.67% | N/A |
S&P 500 Total Return Index (d) | (19.96)% | (10.62)% | 11.31% | 9.21% | 10.94% |
Bloomberg Barclays US Convertible TR Index (e) | (19.94)% | (21.67)% | 9.98% | 10.33% | 10.19% |
ICE BofA Investment Grade U.S. Convertible 5% Constrained Index (f) | 0.14% | 0.17% | 1.11% | 0.37% | 1.09% |
* | 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, 2022 prospectus, the total annual operating expense are 1.17% for Institutional shares, 1.35% for Class A shares and 2.10% 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 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 Bloomberg Barclays US Convertible TR Index: An index used to represent the US convertible bond asset class |
(f) | The ICE BofA Investment Grade U.S. Convertible 5% Constrained Index (VX5C) is a market-capitalization-weighted index of domestic corporate convertible securities. Bonds and preferred stocks must be convertible only to common stock, ADRs or cash equivalent and have a market value of at least $50 million. It includes Coupon, OID, or zero coupon convertible bonds rated by Moody’s and/or S&P with an average rating of Baa3/BBB- or higher. All positions are capped at 5% of market value. |
Top 10 Holdings by Industry | % of Net Assets | |||
Medical Equipment & Devices | 19.2 | % | ||
Software | 11.1 | % | ||
Electric Utilities | 11.0 | % | ||
Banking | 7.4 | % | ||
Asset Management | 6.7 | % | ||
Gas & Water Utilities | 4.9 | % | ||
Technology Hardware | 4.8 | % | ||
Health Care Facilities & Services | 4.7 | % | ||
Internet Media & Services | 4.7 | % | ||
Semiconductors | 4.1 | % | ||
Other/Short-Term Investments | 21.4 | % | ||
100.0 | % |
Please refer to the Schedule of Investments for a more detailed breakdown of the Fund’s assets.
6
Rational Special Situations Income Fund |
PORTFOLIO REVIEW (Unaudited) |
June 30. 2022 |
The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmarks:
Annualized | Annualized | Annualized | Annualized | |||
6 Months Return | 1 Year Return | 5 Year Return | 10 Year Return | Since Inception(a) | Since Inception(b) | |
Institutional (c) | (4.59)% | (2.52)% | 5.87% | 9.49% | N/A | 13.11% |
Class A | (4.66)% | (2.76)% | N/A | N/A | 1.50% | N/A |
Class A with load | (9.19)% | (7.36)% | N/A | N/A | (0.16)% | N/A |
Class C | (5.02)% | (3.48)% | N/A | N/A | 0.74% | N/A |
Barclays U.S. Aggregate Bond Index (d) | (10.35)% | (10.29)% | 0.88% | 1.54% | (0.92)% | 2.89% |
Bloomberg U.S. Mortgage Backed Securities Index (e) | (8.78)% | (9.03)% | 0.36% | 1.18% | (1.54)% | 2.27% |
* | 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, 2022 prospectus, the total annual operating expense are 1.78% for Institutional shares, 2.04% for Class A shares and 2.75% 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 | |||
Collateralized Mortgage Obligations | 33.0 | % | ||
Non Agency CMBS | 15.0 | % | ||
Home Equity | 12.5 | % | ||
Residential Mortgage | 10.0 | % | ||
Insurance | 9.5 | % | ||
Manufactured Housing | 2.9 | % | ||
Synthetic Fibers and Chemicals | 2.4 | % | ||
CDO | 2.2 | % | ||
Specialty Finance | 1.9 | % | ||
Auto Loan | 0.6 | % | ||
Other/Short-Term Investments | 10.0 | % | ||
100.0 | % |
Please refer to the Schedule of Investments for a more detailed breakdown of the Fund’s assets.
7
Rational Inflation Growth Fund |
PORTFOLIO REVIEW (Unaudited) |
June 30. 2022 |
The Fund’s performance figures* for each of the periods ended June 30, 2022, compared to its benchmarks:
6 Months Return | Since Inception(a) | |
Institutional | (7.19)% | (8.35)% |
Class A | (7.30)% | (8.59)% |
Class A with load | (12.65)% | (13.84)% |
Class C | (7.68)% | (9.15)% |
60% S&P 500/40% Bloomberg Barclays Aggregate Index (b) | (16.11)% | (12.47)% |
S&P 500 Total Return Index (c) | (19.96)% | (12.87)% |
Bloomberg U.S. Aggregate Bond Index (d) | (10.35)% | (11.06)% |
* | 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, 2022 prospectus, the total annual operating expense are 2.21% for Institutional shares, 2.46% for Class A shares and 3.21% 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 August 18, 2021 for Class A, Class C, Institutional and the benchmarks. |
(b) | The 60% S&P 500/40% Bloomberg Barclays Aggregate Index is a hypothetical combination of unmanaged indices comprised of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Bond Index, representing the Company’s neutral mix of 60% stocks and 40% bonds. |
(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 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. |
Holdings by Asset Type | % of Net Assets | |||
Commodity | 27.0 | % | ||
Oil & Gas Producers | 15.3 | % | ||
Metals & Mining | 12.4 | % | ||
Insurance | 6.4 | % | ||
Transportation & Logistics | 5.3 | % | ||
Steel | 4.9 | % | ||
Chemical | 4.3 | % | ||
Banking | 3.9 | % | ||
Real Estate Investment Trusts | 3.5 | % | ||
Technology Services | 2.4 | % | ||
Other/Short-Term Investments | 14.6 | % | ||
100.0 | % |
Please refer to the Schedule of Investments for a more detailed breakdown of the Fund’s assets.
8
RATIONAL EQUITY ARMOR FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
June 30, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 78.3% | ||||||||
BANKING - 3.5% | ||||||||
16,619 | Bank of America Corporation | $ | 517,349 | |||||
5,462 | JPMorgan Chase & Company | 615,076 | ||||||
75,492 | Umpqua Holdings Corporation | 1,266,001 | ||||||
2,398,426 | ||||||||
BEVERAGES - 3.0% | ||||||||
32,378 | Coca-Cola Company (The) | 2,036,900 | ||||||
BIOTECH & PHARMA - 8.1% | ||||||||
12,292 | AbbVie, Inc. | 1,882,643 | ||||||
10,387 | Johnson & Johnson | 1,843,796 | ||||||
19,356 | Merck & Company, Inc. | 1,764,687 | ||||||
5,491,126 | ||||||||
CONSTRUCTION MATERIALS - 1.6% | ||||||||
4,584 | Carlisle Companies, Inc. | 1,093,788 | ||||||
CONTAINERS & PACKAGING - 1.7% | ||||||||
19,834 | Sealed Air Corporation | 1,144,819 | ||||||
E-COMMERCE DISCRETIONARY - 1.0% | ||||||||
6,092 | Amazon.com, Inc.(a) | 647,031 | ||||||
ELECTRIC UTILITIES - 4.9% | ||||||||
17,547 | Avangrid, Inc. | 809,268 | ||||||
18,974 | Exelon Corporation | 859,901 | ||||||
21,170 | NRG Energy, Inc. | 808,059 | ||||||
5,491 | Sempra Energy | 825,133 | ||||||
3,302,361 | ||||||||
FOOD - 2.9% | ||||||||
9,037 | Hershey Company (The) | 1,944,401 | ||||||
HEALTH CARE FACILITIES & SERVICES - 3.0% | ||||||||
4,029 | UnitedHealth Group, Inc. | 2,069,415 |
See accompanying notes which are an integral part of these financial statements.
9
RATIONAL EQUITY ARMOR FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 78.3% (Continued) | ||||||||
HEALTH CARE REIT - 2.5% | ||||||||
59,641 | Omega Healthcare Investors, Inc. | $ | 1,681,280 | |||||
INDUSTRIAL SUPPORT SERVICES - 2.6% | ||||||||
19,300 | Fastenal Company | 963,456 | ||||||
3,343 | Watsco, Inc. | 798,375 | ||||||
1,761,831 | ||||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.9% | ||||||||
8,597 | Nasdaq, Inc. | 1,311,386 | ||||||
INSURANCE - 7.0% | ||||||||
11,198 | American Financial Group, Inc. | 1,554,394 | ||||||
6,382 | Berkshire Hathaway, Inc., Class B(a) | 1,742,414 | ||||||
23,229 | MetLife, Inc. | 1,458,549 | ||||||
4,755,357 | ||||||||
INTERNET MEDIA & SERVICES - 3.1% | ||||||||
686 | Alphabet, Inc., Class A(a) | 1,494,973 | ||||||
3,609 | Meta Platforms, Inc., Class A(a) | 581,951 | ||||||
2,076,924 | ||||||||
MACHINERY - 2.9% | ||||||||
5,375 | Caterpillar, Inc. | 960,835 | ||||||
5,162 | Snap-on, Inc. | 1,017,069 | ||||||
1,977,904 | ||||||||
OIL & GAS PRODUCERS - 3.8% | ||||||||
10,449 | ConocoPhillips | 938,425 | ||||||
13,302 | Exxon Mobil Corporation | 1,139,183 | ||||||
21,373 | Marathon Oil Corporation | 480,465 | ||||||
2,558,073 | ||||||||
PUBLISHING & BROADCASTING - 1.5% | ||||||||
15,511 | Liberty Media Corp-Liberty Formula One - Series C(a) | 984,483 | ||||||
RESIDENTIAL REIT - 2.0% | ||||||||
10,323 | Camden Property Trust | 1,388,237 |
See accompanying notes which are an integral part of these financial statements.
10
RATIONAL EQUITY ARMOR FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 78.3% (Continued) | ||||||||
RETAIL - CONSUMER STAPLES - 4.0% | ||||||||
3,622 | Costco Wholesale Corporation | $ | 1,735,951 | |||||
8,816 | Walmart, Inc. | 1,071,849 | ||||||
2,807,800 | ||||||||
SOFTWARE - 1.4% | ||||||||
13,221 | Oracle Corporation | 923,751 | ||||||
TECHNOLOGY HARDWARE - 8.2% | ||||||||
10,146 | Apple, Inc. | 1,387,161 | ||||||
33,039 | Cisco Systems, Inc. | 1,408,783 | ||||||
33,645 | Dell Technologies, Inc., Class C | 1,554,737 | ||||||
37,723 | HP, Inc. | 1,236,560 | ||||||
5,587,240 | ||||||||
TECHNOLOGY SERVICES - 2.3% | ||||||||
13,462 | Paychex, Inc. | 1,532,918 | ||||||
TRANSPORTATION & LOGISTICS - 2.4% | ||||||||
4,538 | JB Hunt Transport Services, Inc. | 714,599 | ||||||
6,247 | Landstar System, Inc. | 908,439 | ||||||
1,623,038 | ||||||||
WHOLESALE - CONSUMER STAPLES - 3.0% | ||||||||
26,435 | Archer-Daniels-Midland Company | 2,051,356 | ||||||
TOTAL COMMON STOCKS (Cost $53,947,217) | 53,149,846 | |||||||
EXCHANGE-TRADED FUNDS — 6.5% | ||||||||
EQUITY - 6.5% | ||||||||
14,315 | Health Care Select Sector SPDR Fund | 1,835,756 | ||||||
9,016 | iShares S&P 500 Value ETF | 1,239,339 | ||||||
21,931 | Schwab U.S. Large-Cap Value ETF | 1,368,933 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $4,604,570) | 4,444,028 |
See accompanying notes which are an integral part of these financial statements.
11
RATIONAL EQUITY ARMOR FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Shares | Fair Value | |||||||||||||||||||
SHORT-TERM INVESTMENTS — 7.1% | ||||||||||||||||||||
MONEY MARKET FUNDS - 7.1% | ||||||||||||||||||||
4,787,679 | First American Government Obligations Fund, Class U, 1.29% (Cost $4,787,679)(b) | $ | 4,787,679 | |||||||||||||||||
Contracts(c) | Broker/Counterparty | Expiration Date | Exercise Price | Notional Value | ||||||||||||||||
FUTURE OPTIONS PURCHASED - 5.0% | ||||||||||||||||||||
CALL OPTIONS PURCHASED - 0.1% | ||||||||||||||||||||
10 | S&P 500 Index Emini Future, Maturing Sept. 2022 | WED | 07/15/2022 | $ | 3,800 | $ | 1,900,000 | $ | 37,625 | |||||||||||
5 | S&P 500 Index Emini Future, Maturing Sept. 2022 | WED | 07/15/2022 | 3,885 | 971,250 | 9,250 | ||||||||||||||
TOTAL CALL OPTIONS PURCHASED (Cost - $75,625) | 46,875 | |||||||||||||||||||
PUT OPTIONS PURCHASED - 4.9% | ||||||||||||||||||||
3 | S&P 500 Index Emini Future, Maturing Sept. 2022 | WED | 07/15/2022 | $ | 3,500 | $ | 525,000 | $ | 1,875 | |||||||||||
245 | S&P 500 Index Emini Future, Maturing Sept. 2022 | WED | 07/15/2022 | 3,800 | 46,550,000 | 1,050,438 | ||||||||||||||
50 | S&P 500 Index Emini Future, Maturing Sept. 2022 | WED | 07/15/2022 | 3,890 | 9,725,000 | 339,375 | ||||||||||||||
107 | S&P 500 Index Emini Future, Maturing Dec. 2022 | WED | 10/21/2022 | 4,100 | 21,935,000 | 1,987,525 | ||||||||||||||
TOTAL PUT OPTIONS PURCHASED (Cost - $2,920,438) | 3,379,213 | |||||||||||||||||||
TOTAL FUTURE OPTIONS PURCHASED (Cost - $2,996,063) | 3,426,088 | |||||||||||||||||||
TOTAL INVESTMENTS - 96.9% (Cost $66,335,529) | $ | 65,807,641 | ||||||||||||||||||
CALL OPTIONS WRITTEN - 0.0%(d) (Proceeds - $5,750) | (1,125 | ) | ||||||||||||||||||
PUT OPTIONS WRITTEN - (3.5)% (Proceeds - $1,709,188) | (2,408,950 | ) | ||||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 6.6% | 4,453,271 | |||||||||||||||||||
NET ASSETS - 100.0% | $ | 67,850,837 | ||||||||||||||||||
WRITTEN FUTURE OPTIONS - (3.5)% | ||||||||||||||||||||
CALL OPTIONS WRITTEN - 0.0%(d) | ||||||||||||||||||||
5 | S&P 500 Index Emini Future, Maturing Sept. 2022 | WED | 07/15/2022 | $ | 4,080 | $ | 1,020,000 | 1,125 | ||||||||||||
TOTAL CALL OPTIONS WRITTEN (Proceeds - $5,750) |
See accompanying notes which are an integral part of these financial statements.
12
RATIONAL EQUITY ARMOR FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Contracts(c) (continued) | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | |||||||||||||||
WRITTEN FUTURE OPTIONS - (3.5)% | ||||||||||||||||||||
PUT OPTIONS WRITTEN - (3.5)% | ||||||||||||||||||||
250 | S&P 500 Index Emini Future, Maturing Sept. 2022 | WED | 07/15/2022 | $ | 3,400 | $ | 42,500,000 | $ | 81,250 | |||||||||||
50 | S&P 500 Index Emini Future, Maturing Sept. 2022 | WED | 07/15/2022 | 3,890 | 9,725,000 | 339,375 | ||||||||||||||
107 | S&P 500 Index Emini Future, Maturing Dec. 2022 | WED | 10/21/2022 | 4,100 | 21,935,000 | 1,987,525 | ||||||||||||||
1 | S&P 500 Index Emini Future, Maturing Dec. 2022 | WED | 09/16/2022 | 2,900 | 145,000 | 800 | ||||||||||||||
TOTAL PUT OPTIONS WRITTEN (Proceeds - $1,709,188) | 2,408,950 | |||||||||||||||||||
TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $1,714,938) | $ | 2,410,075 |
OPEN FUTURES CONTRACTS | ||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
209 | CBOE Volatility Index Future | 09/21/2022 | $ | 6,171,687 | $ | 73,022 | ||||||||
159 | CBOE Volatility Index Future | 10/19/2022 | 4,734,861 | 72,299 | ||||||||||
TOTAL LONG FUTURES CONTRACTS | 145,321 | |||||||||||||
Open Short Futures Contracts | ||||||||||||||
53 | CBOE Volatility Index Future | 07/20/2022 | 1,513,802 | 9,528 | ||||||||||
40 | CBOE Volatility Index Future | 08/17/2022 | 1,167,096 | (13,030 | ) | |||||||||
TOTAL SHORT FUTURES CONTRACTS | (3,502 | ) | ||||||||||||
TOTAL FUTURES CONTRACTS | $ | 141,819 |
ETF | - Exchange-Traded Fund |
REIT | - Real Estate Investment Trust |
SPDR | - Standard & Poor’s Depositary Receipt |
WED | Wedbush Securities |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of June 30, 2022. |
(c) | Each contract is equivalent to one futures contract. |
(d) | Percentage rounds to greater than (0.1%). |
See accompanying notes which are an integral part of these financial statements.
13
RATIONAL TACTICAL RETURN FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
June 30, 2022 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
SHORT-TERM INVESTMENTS — 83.3% | ||||||||||||
U.S. TREASURY BILLS — 43.3% | ||||||||||||
30,000,000 | United States Treasury Bill(a) | 0.9495 | 07/14/22 | $ | 29,988,924 | |||||||
20,000,000 | United States Treasury Bill(a) | 1.5669 | 09/15/22 | 19,932,972 | ||||||||
30,000,000 | United States Treasury Bill(a) | 1.7171 | 10/06/22 | 29,859,770 | ||||||||
20,000,000 | United States Treasury Bill(a) | 2.2478 | 12/15/22 | 19,790,206 | ||||||||
20,000,000 | United States Treasury Bill(a) | 2.3250 | 03/23/23 | 19,656,420 | ||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $119,276,907) | 119,228,292 | |||||||||||
MONEY MARKET FUNDS – 40.0% | ||||||||||||
110,283,884 | First American Government Obligations Fund, Class U, 1.29% (Cost $110,283,884)(b) | 110,283,884 | ||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $229,560,791) | 229,512,176 | |||||||||||
TOTAL INVESTMENTS – 83.3% (Cost $229,560,791) | $ | 229,512,176 | ||||||||||
CALL OPTIONS WRITTEN - 0.0%(d) (Proceeds - $78,288) | (25,039 | ) | ||||||||||
PUT OPTIONS WRITTEN - 0.0%(d) (Proceeds - $62,327) | (13,848 | ) | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 16.7% | 46,169,596 | |||||||||||
NET ASSETS - 100.0% | $ | 275,642,885 |
Contracts(c) | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | |||||||||||||||
WRITTEN FUTURE OPTIONS - 0.0% (d) | ||||||||||||||||||||
CALL OPTIONS WRITTEN- 0.0%(d) | ||||||||||||||||||||
1,204 | S&P 500 Index Emini Future, Maturing Sept. 2022 | ADM | 07/06/2022 | $ | 4,410 | $ | 265,482,000 | $ | 3,009 | |||||||||||
1,008 | S&P 500 Index Emini Future, Maturing Sept. 2022 | EDF | 07/06/2022 | 4,410 | 222,264,000 | 2,520 | ||||||||||||||
859 | S&P 500 Index Emini Future, Maturing Sept. 2022 | RCG | 07/06/2022 | 4,410 | 189,409,500 | 2,148 | ||||||||||||||
1,204 | S&P 500 Index Emini Future, Maturing Sept. 2022 | FCS | 07/06/2022 | 4,410 | 265,482,000 | 3,009 | ||||||||||||||
68 | S&P 500 Index Emini Future, Maturing Sept. 2022 | ADM | 07/06/2022 | 4,420 | 15,028,000 | 170 | ||||||||||||||
56 | S&P 500 Index Emini Future, Maturing Sept. 2022 | EDF | 07/06/2022 | 4,420 | 12,376,000 | 140 | ||||||||||||||
49 | S&P 500 Index Emini Future, Maturing Sept. 2022 | RCG | 07/06/2022 | 4,420 | 10,829,000 | 123 | ||||||||||||||
68 | S&P 500 Index Emini Future, Maturing Sept. 2022 | FCS | 07/06/2022 | 4,420 | 15,028,000 | 170 | ||||||||||||||
625 | S&P 500 Index Emini Future, Maturing Sept. 2022 | ADM | 07/08/2022 | 4,410 | 137,812,500 | 1,563 | ||||||||||||||
521 | S&P 500 Index Emini Future, Maturing Sept. 2022 | EDF | 07/08/2022 | 4,410 | 114,880,500 | 1,303 | ||||||||||||||
449 | S&P 500 Index Emini Future, Maturing Sept. 2022 | RCG | 07/08/2022 | 4,410 | 99,004,500 | 1,123 | ||||||||||||||
625 | S&P 500 Index Emini Future, Maturing Sept. 2022 | FCS | 07/08/2022 | 4,410 | 137,812,500 | 1,563 | ||||||||||||||
302 | S&P 500 Index Emini Future, Maturing Sept. 2022 | ADM | 07/15/2022 | 4,400 | 66,440,000 | 2,265 | ||||||||||||||
252 | S&P 500 Index Emini Future, Maturing Sept. 2022 | EDF | 07/15/2022 | 4,400 | 55,440,000 | 1,890 | ||||||||||||||
216 | S&P 500 Index Emini Future, Maturing Sept. 2022 | RCG | 07/15/2022 | 4,400 | 47,520,000 | 1,620 | ||||||||||||||
302 | S&P 500 Index Emini Future, Maturing Sept. 2022 | FCS | 07/15/2022 | 4,400 | 66,440,000 | 2,265 |
See accompanying notes which are an integral part of these financial statements.
14
RATIONAL TACTICAL RETURN FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Contracts(c) (continued) | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | |||||||||||||||
WRITTEN FUTURE OPTIONS - 0.0% (d) | ||||||||||||||||||||
CALL OPTIONS WRITTEN- 0.0%(d) (Continued) | ||||||||||||||||||||
6 | S&P 500 Index Emini Future, Maturing Sept. 2022 | ADM | 07/15/2022 | $ | 4,410 | $ | 1,323,000 | $ | 45 | |||||||||||
5 | S&P 500 Index Emini Future, Maturing Sept. 2022 | EDF | 07/15/2022 | 4,410 | 1,102,500 | 38 | ||||||||||||||
4 | S&P 500 Index Emini Future, Maturing Sept. 2022 | RCG | 07/15/2022 | 4,410 | 882,000 | 30 | ||||||||||||||
6 | S&P 500 Index Emini Future, Maturing Sept. 2022 | FCS | 07/15/2022 | 4,410 | 1,323,000 | 45 | ||||||||||||||
TOTAL CALL OPTIONS WRITTEN (Proceeds - $78,288) | 25,039 | |||||||||||||||||||
PUT OPTIONS WRITTEN - 0.0%(d) | ||||||||||||||||||||
255 | S&P 500 Index Emini Future, Maturing Sept. 2022 | ADM | 07/01/2022 | $ | 3,525 | $ | 44,943,750 | $ | 1,275 | |||||||||||
210 | S&P 500 Index Emini Future, Maturing Sept. 2022 | EDF | 07/01/2022 | 3,525 | 37,012,500 | 1,050 | ||||||||||||||
185 | S&P 500 Index Emini Future, Maturing Sept. 2022 | RCG | 07/01/2022 | 3,525 | 32,606,250 | 925 | ||||||||||||||
255 | S&P 500 Index Emini Future, Maturing Sept. 2022 | FCS | 07/01/2022 | 3,525 | 44,943,750 | 1,275 | ||||||||||||||
525 | S&P 500 Index Emini Future, Maturing Sept. 2022 | ADM | 07/01/2022 | 3,530 | 92,662,500 | 2,624 | ||||||||||||||
440 | S&P 500 Index Emini Future, Maturing Sept. 2022 | EDF | 07/01/2022 | 3,530 | 77,660,000 | 2,200 | ||||||||||||||
375 | S&P 500 Index Emini Future, Maturing Sept. 2022 | RCG | 07/01/2022 | 3,530 | 66,187,500 | 1,875 | ||||||||||||||
525 | S&P 500 Index Emini Future, Maturing Sept. 2022 | FCS | 07/01/2022 | 3,530 | 92,662,500 | 2,624 | ||||||||||||||
TOTAL PUT OPTIONS WRITTEN (Proceeds - $62,327) | 13,848 | |||||||||||||||||||
TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $140,615) | $ | 38,887 |
ADM | ADM Investor Services, Inc. |
EDF | ED&F Man Capital Markets, Inc. |
FCS | StoneX Group, Inc. |
RCG | Rosenthal Collins Group |
(a) | Zero coupon bond. |
(b) | Rate disclosed is the seven day effective yield as of June 30, 2022. |
(c) | Each contract is equivalent to one futures contract. |
(d) | Percentage rounds to greater than (0.1%). |
See accompanying notes which are an integral part of these financial statements.
15
RATIONAL DYNAMIC BRANDS FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
June 30, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 95.3% | ||||||||
APPAREL & TEXTILE PRODUCTS - 9.8% | ||||||||
23,000 | LVMH Moet Hennessy Louis Vuitton S.E. - ADR | $ | 2,811,060 | |||||
23,439 | NIKE, Inc., Class B | 2,395,466 | ||||||
5,206,526 | ||||||||
ASSET MANAGEMENT - 21.0% | ||||||||
78,600 | Blackstone, Inc. | 7,170,678 | ||||||
85,000 | KKR & Company, Inc. | 3,934,650 | ||||||
11,105,328 | ||||||||
AUTOMOTIVE - 1.0% | ||||||||
775 | Tesla, Inc.(a) | 521,901 | ||||||
E-COMMERCE DISCRETIONARY - 3.4% | ||||||||
16,820 | Amazon.com, Inc.(a) | 1,786,452 | ||||||
HOUSEHOLD PRODUCTS - 5.0% | ||||||||
10,500 | Estee Lauder Companies, Inc. (The), Class A | 2,674,035 | ||||||
INTERNET MEDIA & SERVICES - 5.9% | ||||||||
1,145 | Alphabet, Inc., Class A(a) | 2,495,253 | ||||||
6,700 | Expedia Group, Inc.(a) | 635,361 | ||||||
3,130,614 | ||||||||
MEDICAL EQUIPMENT & DEVICES - 3.1% | ||||||||
3,000 | Thermo Fisher Scientific, Inc. | 1,629,840 | ||||||
RETAIL - CONSUMER STAPLES - 5.0% | ||||||||
5,474 | Costco Wholesale Corporation | 2,623,579 | ||||||
RETAIL - DISCRETIONARY - 12.5% | ||||||||
9,625 | Home Depot, Inc. (The) | 2,639,848 | ||||||
14,950 | Lowe’s Companies, Inc. | 2,611,317 | ||||||
6,550 | RH(a) | 1,390,303 | ||||||
6,641,468 | ||||||||
SEMICONDUCTORS - 4.4% | ||||||||
15,300 | NVIDIA Corporation | 2,319,327 |
See accompanying notes which are an integral part of these financial statements.
16
RATIONAL DYNAMIC BRANDS FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 95.3% (Continued) | ||||||||
SOFTWARE - 11.9% | ||||||||
7,000 | Adobe, Inc.(a) | $ | 2,562,419 | |||||
9,897 | Microsoft Corporation | 2,541,847 | ||||||
2,500 | ServiceNow, Inc.(a) | 1,188,800 | ||||||
6,293,066 | ||||||||
TECHNOLOGY HARDWARE - 5.1% | ||||||||
19,656 | Apple, Inc. | 2,687,368 | ||||||
TECHNOLOGY SERVICES - 7.2% | ||||||||
4,000 | Mastercard, Inc., Class A | 1,261,920 | ||||||
12,928 | Visa, Inc., Class A | 2,545,394 | ||||||
3,807,314 | ||||||||
TOTAL COMMON STOCKS (Cost $55,677,852) | 50,426,818 | |||||||
SHORT-TERM INVESTMENTS — 5.0% | ||||||||
MONEY MARKET FUNDS - 5.0% | ||||||||
2,623,742 | First American Government Obligations Fund, Class U, 1.29% (Cost $2,623,742)(b) | 2,623,742 | ||||||
TOTAL INVESTMENTS - 100.3% (Cost $58,301,594) | $ | 53,050,560 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% | (159,072 | ) | ||||||
NET ASSETS - 100.0% | $ | 52,891,488 |
ADR | - American Depositary Receipt |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of June 30, 2022. |
See accompanying notes which are an integral part of these financial statements.
17
RATIONAL STRATEGIC ALLOCATION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
June 30, 2022 |
Shares | Fair Value | |||||||
OPEN END FUNDS — 81.6% | ||||||||
ALTERNATIVE - 9.8% | ||||||||
85,203 | Catalyst Insider Income Fund, Class I(a) | 753,198 | ||||||
FIXED INCOME – 71.8% | ||||||||
35,403 | AlphaCentric Income Opportunities Fund, Class I(a) | 341,995 | ||||||
126,908 | Catalyst Enhanced Income Strategy Fund, Class I(a) | 1,310,964 | ||||||
82,358 | Catalyst/CIFC Floating Rate Income Fund, Class I(a) | 736,281 | ||||||
74,059 | Catalyst Interest Rate Opportunity Fund, Class I(a) | 590,987 | ||||||
72,854 | Rational Special Situations Income Fund, Institutional Class(a) | 1,334,684 | ||||||
115,677 | Rational/Pier 88 Convertible Securities Fund, Institutional Class(a) | 1,204,196 | ||||||
6,272,305 | ||||||||
TOTAL OPEN END FUNDS (Cost $6,487,357) | 6,272,305 | |||||||
SHORT-TERM INVESTMENTS — 3.6% | ||||||||
MONEY MARKET FUNDS - 3.6% | ||||||||
272,907 | First American Government Obligations Fund, Class U, 1.29% (Cost $272,907)(b) | 272,907 | ||||||
TOTAL INVESTMENTS - 85.2% (Cost $6,760,264) | $ | 6,545,212 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 14.8% | 1,137,411 | |||||||
NET ASSETS - 100.0% | $ | 7,682,623 |
OPEN FUTURES CONTRACTS | ||||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount | Value and Unrealized Appreciation | ||||||||||||
40 | CME E-Mini Standard & Poor’s 500 Index Future | 09/16/2022 | $ | 7,579,000 | $ | 98,800 | ||||||||||
TOTAL FUTURES CONTRACTS |
(a) | Affiliated Company |
(b) | Rate disclosed is the seven day effective yield as of June 30, 2022. |
See accompanying notes which are an integral part of these financial statements.
18
RATIONAL/RESOLVE ADAPTIVE ASSET ALLOCATION FUND |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) |
June 30, 2022 |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 92.9% | ||||||||
MONEY MARKET FUNDS – 92.9% | ||||||||
150,236,752 | First American Government Obligations Fund, Class U, 1.29%(a) | $ | 150,236,752 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $150,236,752) | 150,236,752 | |||||||
TOTAL INVESTMENTS – 92.9% (Cost $150,236,752) | $ | 150,236,752 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 7.1% | 11,556,602 | |||||||
NET ASSETS - 100.0% | $ | 161,793,354 |
OPEN FUTURES CONTRACTS | ||||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(b) | Value and Unrealized Appreciation (Depreciation) | ||||||||||||
7 | Carbon Emissions Future(c) | 12/19/2022 | $ | 661,205 | $ | 15,019 | ||||||||||
105 | CBOT 5 Year US Treasury Note | 09/30/2022 | 11,786,251 | 71,376 | ||||||||||||
59 | CBOT Corn Future(c) | 12/14/2022 | 1,828,263 | (222,600 | ) | |||||||||||
119 | CBOT Soybean Meal Future(c) | 12/14/2022 | 4,839,730 | 52,990 | ||||||||||||
21 | CME Australian Dollar Currency Future | 09/19/2022 | 1,451,310 | (4,150 | ) | |||||||||||
18 | CME E-mini Russell 2000 Index Futures | 09/16/2022 | 1,537,200 | 5,635 | ||||||||||||
52 | CME New Zealand Dollar Currency Future | 09/19/2022 | 3,245,840 | (20,935 | ) | |||||||||||
33 | CME Nikkei 225 Index Future | 09/08/2022 | 4,362,600 | (28,000 | ) | |||||||||||
47 | COMEX Gold 100 Troy Ounces Future(c) | 08/29/2022 | 8,494,310 | (133,200 | ) | |||||||||||
41 | Eurex 30 Year Euro BUXL Future | 09/08/2022 | 7,025,626 | 374,705 | ||||||||||||
80 | Eurex 5 Year Euro BOBL Future | 09/08/2022 | 10,408,800 | 197,596 | ||||||||||||
211 | Eurex EURO STOXX 50 Future | 09/16/2022 | 7,606,611 | 4,527 | ||||||||||||
18 | Euro-BTP Italian Bond Futures | 09/08/2022 | 2,321,802 | 56,720 | ||||||||||||
44 | Euronext CAC 40 Index Future | 07/15/2022 | 2,726,202 | 17,716 | ||||||||||||
15 | Euronext Milling Wheat Future(c) | 09/12/2022 | 275,210 | (7,564 | ) | |||||||||||
40 | French Government Bond Futures | 09/08/2022 | 5,805,343 | (38,548 | ) | |||||||||||
98 | FTSE/MIB Index Future | 09/16/2022 | 10,887,291 | (336,019 | ) | |||||||||||
67 | ICE Brent Crude Oil Future(c) | 07/29/2022 | 7,305,010 | 86,850 | ||||||||||||
60 | ICE Gas Oil Future(c) | 08/11/2022 | 6,744,000 | (679,375 | ) | |||||||||||
37 | KCBT Hard Red Winter Wheat Future(c) | 09/14/2022 | 1,760,737 | (87,563 | ) | |||||||||||
62 | Long Gilt Future | 09/28/2022 | 8,602,159 | 60,501 | ||||||||||||
34 | MEFF Madrid IBEX 35 Index Future | 07/15/2022 | 2,863,765 | (32,816 | ) | |||||||||||
17 | Montreal Exchange 10 Year Canadian Bond Future | 09/20/2022 | 1,637,429 | 5,204 | ||||||||||||
22 | Montreal Exchange S&P/TSX 60 Index Future | 09/15/2022 | 3,905,133 | (50,711 | ) | |||||||||||
30 | NYBOT CSC C Coffee Future(c) | 09/20/2022 | 2,588,625 | 70,500 | ||||||||||||
499 | NYBOT CSC Cocoa Future(c) | 09/15/2022 | 11,676,600 | (572,840 | ) | |||||||||||
690 | NYBOT CSC Number 11 World Sugar Future(c) | 09/30/2022 | 14,296,800 | (51,800 | ) | |||||||||||
49 | NYBOT CTN Number 2 Cotton Future(c) | 12/07/2022 | 2,421,580 | (457,790 | ) | |||||||||||
8 | NYMEX Henry Hub Natural Gas Futures(c) | 07/27/2022 | 433,920 | (89,110 | ) | |||||||||||
77 | NYMEX Light Sweet Crude Oil Future(c) | 07/20/2022 | 8,143,520 | (587,290 | ) | |||||||||||
See accompanying notes which are an integral part of these financial statements.
19
RATIONAL/RESOLVE ADAPTIVE ASSET ALLOCATION FUND |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
OPEN FUTURES CONTRACTS (Continued) | ||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(b) | Value and Unrealized Appreciation (Depreciation) | ||||||||||
36 | NYMEX NY Harbor ULSD Futures(c) | 07/29/2022 | $ | 5,791,716 | $ | (653,852 | ) | |||||||
35 | NYMEX Reformulated Gasoline Blendstock for Oxygen(c) | 07/29/2022 | 5,198,361 | (156,534 | ) | |||||||||
30 | SFE S&P ASX Share Price Index 200 Future | 09/15/2022 | 3,345,588 | (15,429 | ) | |||||||||
121 | SGX FTSE China A50 Futures Contract | 07/28/2022 | 1,800,843 | 78,865 | ||||||||||
61 | SGX Nifty 50 Index Futures | 07/28/2022 | 1,918,145 | (6,601 | ) | |||||||||
18 | SGX Nikkei 225 Stock Index Future | 09/08/2022 | 1,744,417 | 6,273 | ||||||||||
82 | TSE TOPIX (Tokyo Price Index) Future | 09/08/2022 | 11,303,782 | (175,854 | ) | |||||||||
TOTAL FUTURES CONTRACTS | $ | (3,304,104 | ) |
OPEN FUTURES CONTRACTS | ||||||||||||||
Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount(b) | Value and Unrealized Appreciation (Depreciation) | ||||||||||
12 | CBOT 10 Year US Treasury Note | 09/21/2022 | $ | 1,422,372 | $ | (14,497 | ) | |||||||
58 | CBOT Soybean Future(c) | 11/14/2022 | 4,228,200 | 20,138 | ||||||||||
15 | CBOT Soybean Oil Future(c) | 12/14/2022 | 580,140 | 17,178 | ||||||||||
6 | CBOT US Long Bond Future | 09/21/2022 | 831,750 | (5,281 | ) | |||||||||
26 | CBOT Wheat Future(c) | 09/14/2022 | 1,149,200 | 177,575 | ||||||||||
50 | CME British Pound Currency Future | 09/19/2022 | 3,812,188 | 75,278 | ||||||||||
49 | CME Canadian Dollar Currency Future | 09/20/2022 | 3,807,300 | (31,910 | ) | |||||||||
3 | CME E-Mini NASDAQ 100 Index Future | 09/16/2022 | 691,770 | 23,900 | ||||||||||
39 | CME E-Mini Standard & Poor’s 500 Index Future | 09/16/2022 | 7,389,525 | 19,413 | ||||||||||
29 | CME Euro Foreign Exchange Currency Future | 09/19/2022 | 3,820,025 | 58,671 | ||||||||||
41 | CME Japanese Yen Currency Future | 09/19/2022 | 3,800,444 | 93,707 | ||||||||||
29 | CME Swiss Franc Currency Future | 09/19/2022 | 3,822,018 | (51,855 | ) | |||||||||
152 | COMEX Copper Future(c) | 09/28/2022 | 14,098,000 | 701,900 | ||||||||||
50 | COMEX Silver Future(c) | 09/28/2022 | 5,088,000 | 154,650 | ||||||||||
60 | Eurex 10 Year Euro BUND Future | 09/08/2022 | 9,352,331 | (130,657 | ) | |||||||||
12 | Eurex DAX Index Future | 09/16/2022 | 4,013,934 | 86,305 | ||||||||||
11 | Euronext Amsterdam Index Future | 07/15/2022 | 1,518,841 | 28,565 | ||||||||||
15 | FTSE 100 Index Future | 09/16/2022 | 1,300,228 | 11,125 | ||||||||||
8 | HKG Hang Seng Index Future | 07/28/2022 | 1,108,411 | (19,073 | ) | |||||||||
31 | NYMEX Platinum Future(c) | 10/27/2022 | 1,387,715 | 45,270 | ||||||||||
TOTAL FUTURES CONTRACTS | $ | 1,260,402 |
(a) | Rate disclosed is the seven day effective yield as of June 30, 2022. |
(b) | The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s future contracts. Further, the underlying price changes in relation to the variables specified by the notional values of the fair value of these derivative financial instruments. The notional values as asset forth within this schedule do not purport to represent economic value at risk to the Fund. |
(c) | All or a portion of this investment is a holding of the RDMF Fund Ltd. |
See accompanying notes which are an integral part of these financial statements.
20
RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
June 30, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 5.7% | ||||||||
ELECTRIC UTILITIES - 1.0% | ||||||||
14,571 | Dominion Energy, Inc. | $ | 1,162,912 | |||||
OIL & GAS PRODUCERS - 3.3% | ||||||||
17,000 | Pioneer Natural Resources Company | 3,792,359 | ||||||
SOFTWARE - 0.3% | ||||||||
697 | Palo Alto Networks, Inc.(a) | 344,276 | ||||||
WHOLESALE - CONSUMER STAPLES - 1.1% | ||||||||
13,482 | Bunge Ltd. | 1,222,683 | ||||||
TOTAL COMMON STOCKS (Cost $6,540,036) | 6,522,230 |
Dividend Rate (%) | Maturity | |||||||||||
PREFERRED STOCKS — 38.3% | ||||||||||||
ASSET MANAGEMENT — 1.4% | ||||||||||||
17,000 | AMG Capital Trust II | 5.1500 | 10/15/37 | 850,000 | ||||||||
12,600 | KKR & Company, Inc. | 6.0000 | 09/15/23 | 736,722 | ||||||||
1,586,722 | ||||||||||||
BANKING — 7.4% | ||||||||||||
3,548 | Bank of America Corporation | 7.2500 | Perpetual | 4,273,566 | ||||||||
3,483 | Wells Fargo & Company - Series L | 7.5000 | Perpetual | 4,233,621 | ||||||||
8,507,187 | ||||||||||||
ELECTRIC UTILITIES — 10.0% | ||||||||||||
52,700 | NextEra Energy, Inc. | 6.2190 | 09/01/23 | 2,590,205 | ||||||||
25,118 | NextEra Energy, Inc. | 5.2790 | 09/01/23 | 1,247,109 | ||||||||
34,713 | NextEra Energy, Inc. | 4.8720 | 09/01/22 | 1,954,689 | ||||||||
103,613 | Southern Company (The) - Series 2019 | 6.7500 | 08/01/22 | 5,489,417 | ||||||||
11,281,420 | ||||||||||||
GAS & WATER UTILITIES — 4.9% | ||||||||||||
49,300 | NiSource, Inc. | 7.7500 | 03/01/24 | 5,565,477 |
See accompanying notes which are an integral part of these financial statements.
21
RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Shares | Dividend Rate (%) | Maturity | Fair Value | |||||||||
PREFERRED STOCKS — 38.3% (Continued) | ||||||||||||
MACHINERY — 0.7% | ||||||||||||
12,690 | Stanley Black & Decker, Inc. | 5.2500 | Perpetual | $ | 855,179 | |||||||
MEDICAL EQUIPMENT & DEVICES — 11.5% | ||||||||||||
113,700 | Becton Dickinson and Company | 6.0000 | 06/01/23 | 5,623,601 | ||||||||
42,135 | Boston Scientific Corporation | 5.5000 | 06/01/23 | 4,278,388 | ||||||||
2,445 | Danaher Corporation | 5.0000 | 04/01/23 | 3,265,298 | ||||||||
13,167,287 | ||||||||||||
SEMICONDUCTORS — 2.4% | ||||||||||||
1,824 | Broadcom, Inc. | 8.0000 | 09/30/22 | 2,741,746 | ||||||||
TOTAL PREFERRED STOCKS (Cost $44,531,102) | 43,705,018 |
Principal Amount ($) | Coupon Rate (%) | Maturity | ||||||||||
CONVERTIBLE BONDS — 48.0% | ||||||||||||
ASSET MANAGEMENT — 5.3% | ||||||||||||
4,160,000 | Ares Capital Corporation | 4.6250 | 03/01/24 | 4,321,200 | ||||||||
1,690,886 | New Mountain Finance Corporation | 5.7500 | 08/15/23 | 1,684,122 | ||||||||
�� | 6,005,322 | |||||||||||
E-COMMERCE DISCRETIONARY — 1.7% | ||||||||||||
2,670,000 | Etsy, Inc. | 0.2500 | 06/15/28 | 1,955,775 | ||||||||
HEALTH CARE FACILITIES & SERVICES — 4.7% | ||||||||||||
790,000 | Anthem, Inc. | 2.7500 | 10/15/42 | 5,419,716 | ||||||||
INTERNET MEDIA & SERVICES — 4.7% | ||||||||||||
1,210,000 | Booking Holdings, Inc. | 0.7500 | 05/01/25 | 1,450,548 | ||||||||
4,395,000 | Expedia Group, Inc.(b) | 0.0000 | 02/15/26 | 3,966,488 | ||||||||
5,417,036 | ||||||||||||
MEDICAL EQUIPMENT & DEVICES — 7.7% | ||||||||||||
4,410,000 | Dexcom, Inc. | 0.2500 | 11/15/25 | 4,035,150 | ||||||||
1,350,000 | Insulet Corporation | 0.3750 | 09/01/26 | 1,539,000 | ||||||||
3,270,000 | NuVasive, Inc. | 1.0000 | 06/01/23 | 3,151,463 | ||||||||
8,725,613 |
See accompanying notes which are an integral part of these financial statements.
22
RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CONVERTIBLE BONDS — 48.0% (Continued) | ||||||||||||
SEMICONDUCTORS — 1.7% | ||||||||||||
1,690,000 | ON Semiconductor Corporation(b) | 0.0000 | 05/01/27 | 1,945,190 | ||||||||
SOFTWARE — 10.8% | ||||||||||||
2,570,000 | Alteryx, Inc. | 1.0000 | 08/01/26 | 2,034,155 | ||||||||
400,000 | Cloudflare, Inc. | 0.7500 | 05/15/25 | 546,500 | ||||||||
3,795,000 | CyberArk Software Ltd.(b) | 0.0000 | 11/15/24 | 4,006,002 | ||||||||
2,970,000 | PROS Holdings, Inc. | 1.0000 | 05/15/24 | 2,724,975 | ||||||||
3,540,000 | Splunk, Inc. | 1.1250 | 06/15/27 | 2,920,500 | ||||||||
12,232,132 | ||||||||||||
TECHNOLOGY HARDWARE — 4.8% | ||||||||||||
5,733,080 | Western Digital Corporation B | 1.5000 | 02/01/24 | 5,446,426 | ||||||||
TECHNOLOGY SERVICES — 4.0% | ||||||||||||
4,470,928 | Euronet Worldwide, Inc. | 0.7500 | 03/15/49 | 4,521,226 | ||||||||
TRANSPORTATION EQUIPMENT — 2.6% | ||||||||||||
2,741,118 | Meritor, Inc. | 3.2500 | 10/15/37 | 2,991,380 | ||||||||
TOTAL CONVERTIBLE BONDS (Cost $57,665,097) | 54,659,816 | |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENTS — 9.5% | ||||||||||||
MONEY MARKET FUNDS - 9.5% | ||||||||||||
10,887,444 | First American Government Obligations Fund, Class U, 1.29% (Cost $10,887,444)(c) | 10,887,444 | ||||||||||
TOTAL INVESTMENTS - 101.5% (Cost $119,623,679) | $ | 115,774,508 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.5)% | (1,673,920 | ) | ||||||||||
NET ASSETS - 100.0% | $ | 114,100,588 |
LTD | - Limited Company |
(a) | Non-income producing security. |
(b) | Zero coupon bond. |
(c) | Rate disclosed is the seven day effective yield as of June 30, 2022. |
See accompanying notes which are an integral part of these financial statements.
23
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% | ||||||||||||||
AGENCY CMBS — 0.3% | ||||||||||||||
28,775,494 | Ginnie Mae Strip(a) | 1.4000 | 09/16/45 | $ | 2,422,120 | |||||||||
1,475,362 | Government National Mortgage Association(a),(b) | 0.0250 | 08/16/48 | 2,390 | ||||||||||
2,424,510 | ||||||||||||||
AUTO LOAN — 0.6% | ||||||||||||||
5,000,000 | CAL Receivables 2022-1, LLC(c),(d) | SOFR30A + 4.350% | 5.1290 | 10/15/22 | 4,907,610 | |||||||||
CDO — 2.2% | ||||||||||||||
284,082 | Ansonia CDO 2006-1 Ltd.(c),(d) | US0001M + 0.300% | 0.4090 | 07/28/46 | 271,519 | |||||||||
144,557 | Ansonia CDO 2006-1 Ltd.(c) | 5.7020 | 07/28/46 | 140,709 | ||||||||||
1,412,122 | Aspen Funding I Ltd.(c) | 9.0600 | 07/10/37 | 1,434,964 | ||||||||||
10,000,000 | Bleecker Structured Asset Funding Ltd. | 1.8670 | 04/01/35 | 851,790 | ||||||||||
8,207,956 | Capitalsource Real Estate Loan Trust(c),(d) | US0003M + 0.650% | 1.6390 | 01/20/37 | 8,015,160 | |||||||||
5,568,602 | Fulton Street CDO Ltd.(c),(d) | US0003M + 0.420% | 1.4830 | 04/20/32 | 3,674,158 | |||||||||
3,279,858 | Nomura CRE CDO 2007-2 Ltd.(c),(d) | US0003M + 0.450% | 1.9550 | 05/21/42 | 822,575 | |||||||||
2,000,000 | Taberna Preferred Funding II Ltd.(c),(d) | US0003M + 0.650% | 2.0130 | 11/05/35 | 1,135,000 | |||||||||
435,315 | Wachovia Repackaged Asset Participating Securities(c),(d) | US0003M + 0.550% | 1.9210 | 02/08/35 | 402,666 | |||||||||
665,619 | Wachovia Repackaged Asset Participating Securities(c),(d) | US0003M + 0.550% | 1.9210 | 02/08/35 | 549,136 | |||||||||
17,297,677 | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% | ||||||||||||||
187,549 | ABN Amro Mortgage Corporation | 5.7500 | 12/25/32 | 180,981 | ||||||||||
43,136 | Adjustable Rate Mortgage Trust 2004-5(b) | 2.7370 | 04/25/35 | 42,531 | ||||||||||
128,040 | Adjustable Rate Mortgage Trust 2005-10(d) | US0001M + 0.540% | 2.1640 | 01/25/36 | 119,054 | |||||||||
520,490 | Adjustable Rate Mortgage Trust 2005-10(b) | 2.7030 | 01/25/36 | 469,815 | ||||||||||
202,571 | Adjustable Rate Mortgage Trust 2005-10(b) | 2.7030 | 01/25/36 | 184,511 | ||||||||||
115,178 | Adjustable Rate Mortgage Trust 2005-10(b) | 2.7890 | 01/25/36 | 103,586 | ||||||||||
211,421 | Adjustable Rate Mortgage Trust 2005-2(b) | 2.7670 | 06/25/35 | 203,030 | ||||||||||
77,684 | Adjustable Rate Mortgage Trust 2005-4(b) | 2.6760 | 08/25/35 | 58,338 | ||||||||||
589,915 | Adjustable Rate Mortgage Trust 2005-5(b) | 2.9250 | 09/25/35 | 525,237 | ||||||||||
232,588 | Adjustable Rate Mortgage Trust 2005-6A(d) | US0001M + 0.520% | 2.1440 | 11/25/35 | 204,404 | |||||||||
163,361 | Adjustable Rate Mortgage Trust 2005-6A(d) | US0001M + 0.540% | 2.1640 | 11/25/35 | 143,887 | |||||||||
13,043 | Alternative Loan Trust 2003-4CB | 5.7500 | 04/25/33 | 12,719 | ||||||||||
91,060 | Alternative Loan Trust 2003-J3 | 5.2500 | 11/25/33 | 85,874 | ||||||||||
515,691 | Alternative Loan Trust 2004-2CB | 5.0000 | 08/25/54 | 502,539 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
24
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
75,650 | Alternative Loan Trust 2005-17(d) | US0001M + 0.560% | 2.1840 | 07/25/35 | $ | 49,323 | ||||||||
723,225 | Alternative Loan Trust 2005-43(b) | 3.3860 | 09/25/35 | 644,327 | ||||||||||
88,475 | Alternative Loan Trust 2005-51(d) | US0001M + 0.600% | 2.2260 | 11/20/35 | 81,318 | |||||||||
47,498 | Alternative Loan Trust 2005-63(b) | 3.3730 | 12/25/35 | 44,599 | ||||||||||
441,238 | Alternative Loan Trust 2006-32CB(d) | US0001M + 0.670% | 2.2940 | 11/25/36 | 243,431 | |||||||||
732,455 | Alternative Loan Trust 2006-32CB(a),(d) | US0001M + 5.330% | 3.7060 | 11/25/36 | 78,098 | |||||||||
1,322,365 | Alternative Loan Trust 2006-J6(d) | US0001M + 0.500% | 2.1240 | 09/25/36 | 584,203 | |||||||||
1,613,285 | Alternative Loan Trust 2006-J6(a),(d) | US0001M + 5.500% | 3.8760 | 09/25/36 | 197,445 | |||||||||
216,365 | Alternative Loan Trust 2006-OA7(d) | US0001M + 0.420% | 2.0440 | 06/25/46 | 160,899 | |||||||||
951 | Alternative Loan Trust 2006-OC11(d) | US0001M + 0.340% | 1.9640 | 01/25/37 | 5,012 | |||||||||
317,842 | Alternative Loan Trust 2007-5CB(e) | 0.0000 | 04/25/37 | 83,830 | ||||||||||
391,763 | Alternative Loan Trust 2007-5CB(a),(d) | US0001M + 5.650% | 4.0260 | 04/25/37 | 66,341 | |||||||||
422,892 | American Home Mortgage Assets Trust 2006-1(d) | US0001M + 0.190% | 1.8140 | 05/25/46 | 352,289 | |||||||||
10,598 | American Home Mortgage Investment Trust 2004-1(d) | US0001M + 0.900% | 2.5240 | 04/25/44 | 10,527 | |||||||||
43,494 | American Home Mortgage Investment Trust 2004-3 Class IV-A(d) | US0006M + 1.500% | 2.8750 | 10/25/34 | 43,429 | |||||||||
30,083 | American Home Mortgage Investment Trust 2004-4 Class 6A1(f) | 6.0000 | 02/25/45 | 29,815 | ||||||||||
29,115 | American Home Mortgage Investment Trust 2005-1(d) | US0006M + 2.000% | 3.7220 | 06/25/45 | 29,110 | |||||||||
4,915,657 | American Home Mortgage Investment Trust 2005-2(f) | 5.8280 | 09/25/35 | 3,856,777 | ||||||||||
950,319 | American Home Mortgage Investment Trust 2005-4(d) | US0006M + 1.750% | 3.8360 | 11/25/45 | 499,999 | |||||||||
428,833 | American Home Mortgage Investment Trust 2006-2(d) | US0001M + 0.220% | 1.8440 | 06/25/36 | 57,610 | |||||||||
588,236 | American Home Mortgage Investment Trust 2006-3(d) | US0001M + 0.380% | 2.0040 | 12/25/46 | 563,287 | |||||||||
1,250,153 | American Home Mortgage Investment Trust 2007-1(d) | US0001M + 0.160% | 1.7840 | 05/25/47 | 849,991 | |||||||||
624,892 | Banc of America Alternative Loan Trust 2006-4(d) | US0001M + 0.850% | 2.4740 | 05/25/46 | 545,680 | |||||||||
630,615 | Banc of America Alternative Loan Trust 2006-4(a),(d) | US0001M + 5.150% | 3.5260 | 05/25/46 | 49,694 | |||||||||
342,464 | Banc of America Alternative Loan Trust 2006-4 | 6.0000 | 05/25/46 | 295,323 | ||||||||||
276,370 | Banc of America Alternative Loan Trust 2006-4 | 6.0000 | 05/25/46 | 239,238 | ||||||||||
319,850 | Banc of America Alternative Loan Trust 2006-4 | 6.0000 | 05/25/46 | 275,823 | ||||||||||
523,027 | Banc of America Funding 2004-B Trust(b) | 2.1250 | 12/20/34 | 440,478 | ||||||||||
57,351 | Banc of America Funding 2005-8 Trust(e) | 0.0000 | 01/25/36 | 39,004 | ||||||||||
221,811 | Banc of America Funding 2005-B Trust(b) | 2.7450 | 04/20/35 | 204,245 | ||||||||||
1,803,822 | Banc of America Funding 2005-E Trust(b) | 3.2580 | 05/20/35 | 1,654,701 | ||||||||||
124,048 | Banc of America Funding 2005-E Trust(d) | COF 11 + 1.430% | 1.6530 | 06/20/35 | 96,725 | |||||||||
1,623,133 | Banc of America Funding 2006-A Trust(b) | 2.7280 | 02/20/36 | 1,516,638 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
25
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
1,210,099 | Banc of America Funding 2006-A Trust(b) | 2.7420 | 02/20/36 | $ | 1,097,534 | |||||||||
183,915 | Banc of America Funding 2006-B Trust(b) | 2.3720 | 03/20/36 | 171,468 | ||||||||||
518,231 | Banc of America Funding 2006-B Trust(b) | 2.5830 | 03/20/36 | 445,920 | ||||||||||
145,992 | Banc of America Funding 2006-C Trust(b) | 3.0880 | 04/20/36 | 136,472 | ||||||||||
179,145 | Banc of America Funding 2006-D Trust(b) | 3.4990 | 05/20/36 | 164,017 | ||||||||||
494,025 | Banc of America Funding 2006-F Trust(b) | 2.6940 | 07/20/36 | 458,338 | ||||||||||
34,020 | Banc of America Funding 2006-G Trust(d) | US0012M + 1.750% | 4.4460 | 07/20/36 | 33,369 | |||||||||
122,560 | Banc of America Funding 2006-I Trust(b) | 2.3690 | 10/20/46 | 105,009 | ||||||||||
72,424 | Banc of America Funding 2007-4 Trust | 5.5000 | 11/25/34 | 67,699 | ||||||||||
134,480 | Banc of America Funding 2007-7 Trust(e) | — | 09/25/37 | 68,920 | ||||||||||
465,791 | Banc of America Funding 2007-8 Trust | 6.0000 | 09/25/22 | 276,616 | ||||||||||
138,509 | Banc of America Funding 2007-C Trust(d) | US0001M + 0.540% | 2.1520 | 05/20/47 | 131,881 | |||||||||
838,260 | Banc of America Funding 2016-R2 Trust(b),(c) | 4.7000 | 05/01/33 | 809,095 | ||||||||||
1,524,055 | Banc of America Funding Corporation(b) | 3.7250 | 09/25/48 | 1,445,696 | ||||||||||
53,724 | Banc of America Mortgage 2005-A Trust(b) | 2.5810 | 02/25/35 | 53,728 | ||||||||||
458,597 | Banc of America Mortgage 2005-G Trust(b) | 3.0720 | 08/25/35 | 428,359 | ||||||||||
534,428 | Banc of America Mortgage 2005-I Trust(b) | 2.2300 | 10/25/35 | 519,594 | ||||||||||
109,533 | Banc of America Mortgage 2006-A Trust(b) | 3.3310 | 02/25/36 | 93,251 | ||||||||||
90,861 | Banc of America Mortgage 2006-B Trust(b) | 2.9450 | 11/20/46 | 82,827 | ||||||||||
23,517 | Banc of America Mortgage Trust 2005-3 | 5.5000 | 03/25/35 | 21,064 | ||||||||||
10,736 | Bank of America Mortgage 2002-J Trust(b) | 3.8240 | 09/25/32 | 10,301 | ||||||||||
2,331,945 | BCAP, LLC 2009-RR10 Trust(b),(c) | 6.0000 | 02/26/36 | 2,234,025 | ||||||||||
2,639,968 | BCAP, LLC 2010-RR11-I Trust(b),(c) | 2.9470 | 06/27/36 | 2,539,543 | ||||||||||
2,694,479 | BCAP, LLC 2011-RR4-I Trust(c) | 5.2500 | 04/26/37 | 1,715,359 | ||||||||||
4,209,297 | BCAP, LLC 2013-RR7 Trust(b),(c) | 2.9750 | 12/27/34 | 3,807,746 | ||||||||||
50,352 | BCAP, LLC Trust 2007-AA2 | 6.0000 | 07/25/22 | 49,725 | ||||||||||
173,114 | Bear Stearns ALT-A Trust 2004-12(b) | 3.0370 | 01/25/35 | 160,880 | ||||||||||
15,545 | Bear Stearns ALT-A Trust 2004-9(b) | 3.3610 | 09/25/34 | 15,893 | ||||||||||
5,312,383 | Bear Stearns ALT-A Trust 2005-10(d) | US0001M + 0.500% | 2.1240 | 01/25/36 | 7,097,334 | |||||||||
105,297 | Bear Stearns ALT-A Trust 2005-10(b) | 3.1400 | 01/25/36 | 98,577 | ||||||||||
63,689 | Bear Stearns ALT-A Trust 2005-4(b) | 3.1830 | 05/25/35 | 61,909 | ||||||||||
3,171,056 | Bear Stearns ALT-A Trust 2006-1(d) | US0001M + 0.480% | 2.1040 | 02/25/36 | 3,125,933 | |||||||||
1,958,712 | Bear Stearns ALT-A Trust 2006-2(d) | US0001M + 0.440% | 2.0640 | 04/25/36 | 2,886,327 | |||||||||
210,204 | Bear Stearns ALT-A Trust 2006-3(d) | US0001M + 0.380% | 2.0040 | 05/25/36 | 223,434 | |||||||||
�� |
See accompanying notes which are an integral part of these financial statements.
26
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
95,806 | Bear Stearns ALT-A Trust 2006-3(b) | 3.1510 | 05/25/36 | $ | 71,561 | |||||||||
461,881 | Bear Stearns ALT-A Trust 2006-3(b) | 3.2970 | 05/25/36 | 282,521 | ||||||||||
42,831 | Bear Stearns ALT-A Trust II 2007-1(b) | 3.1930 | 09/25/47 | 24,549 | ||||||||||
47,631 | Bear Stearns ARM Trust 2003-8(b) | 2.3210 | 01/25/34 | 44,804 | ||||||||||
11,372 | Bear Stearns ARM Trust 2004-1(b) | 2.3390 | 04/25/34 | 11,044 | ||||||||||
62,563 | Bear Stearns ARM Trust 2004-10(b) | 3.0250 | 01/25/35 | 59,880 | ||||||||||
401,985 | Bear Stearns ARM Trust 2004-9(b) | 2.1580 | 11/25/34 | 381,210 | ||||||||||
249,412 | Bear Stearns ARM Trust 2005-3(b) | 3.2590 | 06/25/35 | 243,772 | ||||||||||
329,211 | Bear Stearns ARM Trust 2005-6(b) | 2.4900 | 08/25/35 | 305,685 | ||||||||||
1,011,242 | Bear Stearns ARM Trust 2006-4(b) | 3.0860 | 10/25/36 | 927,411 | ||||||||||
57,725 | Bear Stearns ARM Trust 2007-5(b) | 3.1220 | 08/25/47 | 54,028 | ||||||||||
3,458,536 | Bear Stearns ARM Trust 2007-5(b) | 3.1740 | 08/25/47 | 3,261,392 | ||||||||||
180,660 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 1.000% | 2.6240 | 08/25/35 | 128,196 | |||||||||
12,140 | Bear Stearns Asset Backed Securities Trust(f) | 5.2500 | 10/25/33 | 11,974 | ||||||||||
31,944 | Bear Stearns Asset Backed Securities Trust(f) | 5.7500 | 10/25/33 | 32,677 | ||||||||||
986,613 | Bear Stearns Mortgage Funding Trust 2006-SL5(d) | US0001M + 0.300% | 1.9240 | 12/25/36 | 1,100,706 | |||||||||
73,195 | Bear Stearns Mortgage Securities, Inc.(b) | 6.3150 | 03/25/31 | 72,998 | ||||||||||
12,505 | Bear Stearns Mortgage Securities, Inc.(b) | 6.3150 | 03/25/31 | 12,250 | ||||||||||
37,544,161 | CBASS 1248MKAB1 DEL TR 2011-1(c),(d) | US0001M + 0.460% | 0.6670 | 02/25/37 | 1,084,257 | |||||||||
191,179 | Chase Mortgage Finance Trust Series 2005-S1 | 5.0000 | 05/25/35 | 190,856 | ||||||||||
1,227,588 | ChaseFlex Trust Series 2005-2 | 7.5000 | 06/25/35 | 832,023 | ||||||||||
42,603 | CHL Mortgage Pass-Through Trust 2003-56(b) | 2.4770 | 12/25/33 | 40,335 | ||||||||||
353,816 | CHL Mortgage Pass-Through Trust 2004-14(b) | 2.4490 | 08/25/34 | 327,195 | ||||||||||
290,123 | CHL Mortgage Pass-Through Trust 2004-2(b) | 2.7360 | 02/25/34 | 260,371 | ||||||||||
315,275 | CHL Mortgage Pass-Through Trust 2004-5 | 5.0000 | 05/25/34 | 311,625 | ||||||||||
1,542,070 | CHL Mortgage Pass-Through Trust 2004-7(b) | 2.0440 | 05/25/34 | 305,663 | ||||||||||
99,754 | CHL Mortgage Pass-Through Trust 2004-7(b) | 3.0640 | 06/25/34 | 95,426 | ||||||||||
50,251 | CHL Mortgage Pass-Through Trust 2004-8(e) | 0.0000 | 07/25/34 | 37,130 | ||||||||||
2,440 | CHL Mortgage Pass-Through Trust 2005-11(d) | US0001M + 0.320% | 1.9440 | 04/25/35 | 1,330 | |||||||||
158,981 | CHL Mortgage Pass-Through Trust 2005-15 | 5.1000 | 08/25/35 | 155,582 | ||||||||||
2,212 | CHL Mortgage Pass-Through Trust 2005-7(d) | US0001M + 0.720% | 2.3440 | 03/25/35 | 768 | |||||||||
133,948 | CHL Mortgage Pass-Through Trust 2005-HYB6(b) | 2.1770 | 10/20/35 | 127,453 | ||||||||||
263,161 | CHL Mortgage Pass-Through Trust 2005-J2 | 5.0000 | 08/25/35 | 175,883 | ||||||||||
100,792 | Citicorp Mortgage Securities Trust Series 2006-1 | 6.0000 | 02/25/36 | 96,549 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
27
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
300,307 | Citicorp Mortgage Securities, Inc. | 5.5000 | 03/25/35 | $ | 290,262 | |||||||||
10,393 | Citigroup Global Markets Mortgage Securities VII,(b) | 2.6110 | 10/25/23 | 10,244 | ||||||||||
131,413 | Citigroup Mortgage Loan Trust 2004-HYB2(b) | 2.5930 | 03/25/34 | 124,186 | ||||||||||
39,042 | Citigroup Mortgage Loan Trust 2005-11(d) | H15T1Y + 2.400% | 2.4800 | 11/25/35 | 37,290 | |||||||||
541,688 | Citigroup Mortgage Loan Trust 2006-AR2(b) | 2.5790 | 03/25/36 | 506,858 | ||||||||||
106,664 | Citigroup Mortgage Loan Trust 2006-AR5(b) | 2.6530 | 07/25/36 | 95,588 | ||||||||||
1,777,553 | Citigroup Mortgage Loan Trust 2008-RR1(c),(d) | US0001M + 0.070% | 1.6940 | 01/25/37 | 1,693,980 | |||||||||
370,028 | Citigroup Mortgage Loan Trust 2009-4(b),(c) | 5.4780 | 05/25/35 | 350,159 | ||||||||||
411,974 | Citigroup Mortgage Loan Trust 2010-8(b),(c) | 2.9750 | 11/19/35 | 332,086 | ||||||||||
39,703 | Citigroup Mortgage Loan Trust 2013-8(b),(c) | 3.1960 | 05/25/35 | 34,662 | ||||||||||
363,453 | Citigroup Mortgage Loan Trust 2013-8(b),(c) | 2.8700 | 11/25/36 | 281,917 | ||||||||||
169,825 | Citigroup Mortgage Loan Trust 2019-E(c),(f) | 3.2280 | 11/25/70 | 169,590 | ||||||||||
890,563 | Citigroup Mortgage Loan Trust, Inc.(c),(d) | US0001M + 0.400% | 2.0240 | 01/25/29 | 844,893 | |||||||||
72,013 | Citigroup Mortgage Loan Trust, Inc. | 8.0000 | 08/25/34 | 73,165 | ||||||||||
1,046,904 | Citigroup Mortgage Loan Trust, Inc. | 5.7500 | 11/25/35 | 834,054 | ||||||||||
87,886 | CitiMortgage Alternative Loan Trust Series 2007-A1(e) | 0.0000 | 01/25/37 | 50,945 | ||||||||||
185,698 | CitiMortgage Alternative Loan Trust Series 2007-A1(a),(d) | US0001M + 5.400% | 3.7760 | 01/25/37 | 15,945 | |||||||||
19,434 | CitiMortgage Alternative Loan Trust Series 2007-A1 | 6.0000 | 01/25/37 | 17,546 | ||||||||||
31,827,712 | COMM 2007-C9 Mortgage Trust(a),(b),(c) | 0.6210 | 12/10/49 | 447,434 | ||||||||||
567,334 | Credit Suisse First Boston Mortgage Securities | 5.5000 | 08/25/25 | 502,623 | ||||||||||
302,327 | Credit Suisse First Boston Mortgage Securities(b),(c) | 0.8710 | 03/25/32 | 280,262 | ||||||||||
117,110 | Credit Suisse First Boston Mortgage Securities(b) | 7.0000 | 06/25/32 | 110,823 | ||||||||||
23,485 | Credit Suisse First Boston Mortgage Securities(b) | 2.2340 | 11/25/32 | 20,059 | ||||||||||
92,096 | Credit Suisse First Boston Mortgage Securities(b) | 2.2340 | 11/25/32 | 88,886 | ||||||||||
489,887 | Credit Suisse First Boston Mortgage Securities(b) | 7.3630 | 11/25/32 | 486,818 | ||||||||||
23,657 | Credit Suisse First Boston Mortgage Securities(b) | 6.9350 | 12/25/32 | 22,572 | ||||||||||
78,261 | Credit Suisse First Boston Mortgage Securities(b) | 5.6720 | 04/25/33 | 67,140 | ||||||||||
144,837 | Credit Suisse First Boston Mortgage Securities | 6.5000 | 04/25/33 | 143,926 | ||||||||||
32,684 | Credit Suisse First Boston Mortgage Securities | 6.5000 | 09/25/33 | 31,998 | ||||||||||
52,368 | Credit Suisse First Boston Mortgage Securities | 5.0000 | 09/25/34 | 45,897 | ||||||||||
349,100 | Credit Suisse First Boston Mortgage Securities | 5.2500 | 01/25/36 | 326,981 | ||||||||||
2,421 | CSFB Mortgage-Backed Pass-Through Certificates | 5.0000 | 11/25/28 | 2,275 | ||||||||||
615,391 | CSFB Mortgage-Backed Pass-Through Certificates | 7.0000 | 10/25/32 | 602,978 | ||||||||||
159,878 | CSFB Mortgage-Backed Pass-Through Certificates(d) | US0001M + 2.900% | 4.5240 | 07/25/33 | 154,465 | |||||||||
See accompanying notes which are an integral part of these financial statements.
28
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
65,311 | CSFB Mortgage-Backed Pass-Through Certificates | 5.5000 | 11/25/33 | $ | 64,445 | |||||||||
220,439 | CSFB Mortgage-Backed Pass-Through Certificates | 6.0000 | 11/25/33 | 215,872 | ||||||||||
129,057 | CSFB Mortgage-Backed Pass-Through Certificates | 6.5000 | 12/25/33 | 122,252 | ||||||||||
13,382 | CSFB Mortgage-Backed Pass-Through Certificates(b) | 2.6340 | 01/25/34 | 13,181 | ||||||||||
125,260 | CSFB Mortgage-Backed Pass-Through Certificates(b) | 2.7040 | 06/25/34 | 125,149 | ||||||||||
8,390 | CSFB Mortgage-Backed Pass-Through Certificates(b) | 2.7590 | 06/25/34 | 8,467 | ||||||||||
734,307 | CSFB Mortgage-Backed Pass-Through Certificates(d) | US0001M + 0.350% | 1.9740 | 10/25/35 | 623,337 | |||||||||
7,659,480 | CSFB Mortgage-Backed Pass-Through Certificates | 6.5000 | 11/25/35 | 1,758,426 | ||||||||||
53,369 | CSFB Mortgage-Backed Trust Series 2004-AR6(b) | 2.8630 | 10/25/34 | 53,181 | ||||||||||
2,203,687 | CSMC Mortgage-Backed Trust 2006-9 | 6.5000 | 11/25/36 | 1,650,548 | ||||||||||
554,524 | CSMC Mortgage-Backed Trust 2007-1 | 6.0000 | 02/25/37 | 370,408 | ||||||||||
169,366 | CSMC Mortgage-Backed Trust 2007-3(d) | US0001M + 0.250% | 1.8740 | 04/25/37 | 139,267 | |||||||||
375,840 | CSMC Mortgage-Backed Trust 2007-3 | 5.0000 | 04/25/37 | 336,431 | ||||||||||
701,599 | CSMC Mortgage-Backed Trust 2007-3(b) | 5.8370 | 04/25/37 | 204,271 | ||||||||||
191,036 | CSMC Mortgage-Backed Trust 2007-4(d) | US0001M + 0.400% | 2.0240 | 06/25/37 | 123,261 | |||||||||
2,301,721 | CSMC Mortgage-Backed Trust 2007-4 | 6.0000 | 06/25/37 | 375,936 | ||||||||||
47,953 | CSMC Mortgage-Backed Trust 2007-5 | 6.0000 | 04/25/29 | 45,500 | ||||||||||
117,025 | CSMC Series 2011-6R(b),(c) | 3.2810 | 04/28/37 | 113,747 | ||||||||||
139,196 | CSMC Series 2014-4R(c),(d) | US0001M + 0.200% | 1.2060 | 02/27/36 | 128,104 | |||||||||
190,657 | Deutsche Alt-B Securities Inc Mortgage Loan Trust(b) | 4.8930 | 06/25/36 | 171,800 | ||||||||||
138,164 | Deutsche Alt-B Securities Mortgage Loan Trust(f) | 5.8650 | 02/25/36 | 131,115 | ||||||||||
35,139 | Deutsche Mortgage Sec Inc Mort Loan Tr Ser 2004-1(b) | 5.5000 | 09/25/33 | 29,433 | ||||||||||
405,689 | Deutsche Mortgage Securities Inc Mortgage Loan(c),(d) | US0001M + 0.280% | 1.6040 | 04/15/36 | 370,240 | |||||||||
110,841 | Deutsche Mortgage Securities Inc Mortgage Loan(c),(d) | US0001M + 0.280% | 1.6040 | 04/15/36 | 101,156 | |||||||||
63,173 | Deutsche Mortgage Securities Inc Mortgage Loan(c),(d) | US0001M + 0.290% | 1.6140 | 04/15/36 | 57,167 | |||||||||
13,186 | DSLA Mortgage Loan Trust 2004-AR1(d) | US0001M + 0.840% | 2.4520 | 09/19/44 | 11,955 | |||||||||
311,587 | DSLA Mortgage Loan Trust 2004-AR2(d) | US0001M + 0.800% | 2.4120 | 11/19/44 | 291,518 | |||||||||
1,178,129 | DSLA Mortgage Loan Trust 2004-AR2(d) | US0001M + 0.800% | 2.4120 | 11/19/44 | 1,008,866 | |||||||||
142,322 | DSLA Mortgage Loan Trust 2005-AR5(d) | US0001M + 0.660% | 2.2720 | 09/19/45 | 96,186 | |||||||||
2,603,742 | DSLA Mortgage Loan Trust 2007-AR1(d) | US0001M + 0.140% | 1.7520 | 04/19/47 | 2,192,507 | |||||||||
93,159 | Fannie Mae Interest Strip(a) | 6.5000 | 10/25/23 | 2,769 | ||||||||||
327,549 | Fannie Mae Interest Strip(a),(b) | 3.5000 | 04/25/27 | 13,981 | ||||||||||
171,735 | Fannie Mae Interest Strip(a) | 6.0000 | 01/25/35 | 32,194 | ||||||||||
394,174 | Fannie Mae Interest Strip(a) | 4.5000 | 08/25/35 | 60,474 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
29
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
249,127 | Fannie Mae Interest Strip(a),(b) | 5.0000 | 03/25/38 | $ | 39,960 | |||||||||
524,432 | Fannie Mae Interest Strip(a) | 5.0000 | 01/25/40 | 104,789 | ||||||||||
435,453 | Fannie Mae REMICS(a),(d) | US0001M + 6.500% | 4.8760 | 05/25/40 | 16,983 | |||||||||
385,906 | Fannie Mae REMICS(a),(d) | US0001M + 6.150% | 4.5260 | 01/25/49 | 42,401 | |||||||||
1,352,224 | Fannie Mae Trust 2003-W6(a),(d) | US0001M + 7.600% | 5.9760 | 09/25/42 | 205,191 | |||||||||
181,219 | First Horizon Alternative Mortgage Securities(b) | 2.6880 | 12/25/34 | 174,271 | ||||||||||
382,736 | First Horizon Alternative Mortgage Securities(b) | 2.5740 | 02/25/35 | 342,424 | ||||||||||
32,969 | First Horizon Alternative Mortgage Securities(b) | 2.8010 | 03/25/35 | 22,124 | ||||||||||
910,282 | First Horizon Alternative Mortgage Securities(b) | 2.3890 | 05/25/35 | 516,196 | ||||||||||
1,112 | First Horizon Alternative Mortgage Securities(b) | 0.0000 | 07/25/36 | — | ||||||||||
668,141 | First Horizon Mortgage Pass-Through Trust(b) | 2.6250 | 01/25/36 | 458,715 | ||||||||||
25,573 | First Horizon Mortgage Pass-Through Trust 2000-H(b) | 2.3740 | 05/25/30 | 23,732 | ||||||||||
26,343 | First Horizon Mortgage Pass-Through Trust 2000-H(b) | 2.5620 | 05/25/30 | 25,011 | ||||||||||
175,363 | First Horizon Mortgage Pass-Through Trust 2004-FL1(d) | US0001M + 0.270% | 1.8940 | 02/25/35 | 156,172 | |||||||||
256,398 | First Horizon Mortgage Pass-Through Trust 2005-AR4(b) | 2.9590 | 10/25/35 | 246,356 | ||||||||||
57,808 | First Horizon Mortgage Pass-Through Trust 2007-AR2(b) | 3.2900 | 07/25/37 | 40,103 | ||||||||||
384,361 | Freddie Mac REMICS(a),(d) | US0001M + 6.000% | 4.6760 | 11/15/40 | 51,533 | |||||||||
322,189 | Freddie Mac Strips(a) | 6.0000 | 06/15/39 | 92,374 | ||||||||||
358,401 | Freddie Mac Strips(a),(b) | 4.5000 | 05/15/49 | 76,071 | ||||||||||
3,291,779 | Freddie Mac Structured Pass-Through Certificates(a),(b) | 0.5240 | 05/25/43 | 68,449 | ||||||||||
692,525 | Global Mortgage Securitization Ltd.(c),(d) | US0001M + 0.320% | 1.9440 | 11/25/32 | 667,310 | |||||||||
186,527 | GMACM Mortgage Loan Trust 2004-J2(e) | 0.0000 | 06/25/34 | 156,767 | ||||||||||
2,455,983 | GMACM Mortgage Loan Trust 2005-AR4(b) | 3.7110 | 07/19/35 | 2,221,602 | ||||||||||
113,083 | GMACM Mortgage Loan Trust 2005-AR6(b) | 2.9760 | 11/19/35 | 90,440 | ||||||||||
548,637 | Government National Mortgage Association(a),(f) | 4.0000 | 09/16/25 | 18,416 | ||||||||||
203,341 | Government National Mortgage Association(a),(d) | US0001M + 7.550% | 5.9550 | 02/20/33 | 11,163 | |||||||||
193,802 | Government National Mortgage Association(a) | 5.0000 | 05/20/34 | 27,093 | ||||||||||
195,792 | Government National Mortgage Association(a) | 5.0000 | 10/20/39 | 36,367 | ||||||||||
155,575 | Government National Mortgage Association(a),(d) | US0001M + 5.400% | 3.8050 | 05/20/41 | 14,867 | |||||||||
181,099 | Government National Mortgage Association(a),(d) | US0001M + 5.450% | 3.8550 | 06/20/41 | 17,465 | |||||||||
568,189 | GreenPoint Mortgage Funding Trust 2005-AR4(d) | US0001M + 0.520% | 2.1440 | 10/25/45 | 555,879 | |||||||||
338,423 | GreenPoint Mortgage Funding Trust 2005-AR5(d) | US0001M + 0.540% | 2.1640 | 11/25/45 | 295,673 | |||||||||
335,720 | GreenPoint Mortgage Funding Trust 2005-AR5(d) | US0001M + 0.560% | 2.1840 | 11/25/45 | 258,919 | |||||||||
933,954 | GreenPoint Mortgage Funding Trust 2006-AR2(d) | 12MTA + 2.000% | 2.4760 | 03/25/36 | 897,634 | |||||||||
See accompanying notes which are an integral part of these financial statements.
30
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
77,649 | GreenPoint Mortgage Funding Trust 2006-AR3(d) | US0001M + 0.420% | 2.0440 | 04/25/36 | $ | 66,210 | ||||||||
611,519 | GreenPoint Mortgage Loan Trust 2004-1(d) | US0001M + 1.150% | 2.7740 | 10/25/34 | 567,481 | |||||||||
387,010 | GreenPoint MTA Trust 2005-AR3(d) | US0001M + 0.480% | 2.1040 | 08/25/45 | 306,635 | |||||||||
177,555 | GSMPS Mortgage Loan Trust(b),(c) | 7.7500 | 05/19/27 | 173,266 | ||||||||||
78,113 | GSMPS Mortgage Loan Trust(b),(c) | 5.0810 | 09/19/27 | 76,052 | ||||||||||
56,902 | GSMPS Mortgage Loan Trust(b),(c) | 8.0000 | 09/19/27 | 51,719 | ||||||||||
179,662 | GSMPS Mortgage Loan Trust(b),(c) | 8.0000 | 09/19/27 | 177,355 | ||||||||||
503,792 | GSMPS Mortgage Loan Trust 2001-2(b),(c) | 7.5000 | 06/19/32 | 471,655 | ||||||||||
132,339 | GSR Mortgage Loan Trust 2003-1(b) | 2.3530 | 03/25/33 | 123,455 | ||||||||||
17,852 | GSR Mortgage Loan Trust 2003-1(d) | H15T1Y + 1.750% | 2.8800 | 03/25/33 | 17,691 | |||||||||
124,963 | GSR Mortgage Loan Trust 2003-3F(b) | 5.9700 | 04/25/33 | 121,363 | ||||||||||
197,959 | GSR Mortgage Loan Trust 2003-4F(b) | 5.9190 | 05/25/33 | 201,510 | ||||||||||
442,224 | GSR Mortgage Loan Trust 2003-9(d) | US0012M + 1.750% | 4.4460 | 08/25/33 | 423,569 | |||||||||
3,296 | GSR Mortgage Loan Trust 2004-10F | 4.5000 | 09/25/34 | 3,281 | ||||||||||
33,737 | GSR Mortgage Loan Trust 2004-13F | 6.0000 | 11/25/34 | 32,702 | ||||||||||
225,273 | GSR Mortgage Loan Trust 2004-15F(d) | US0001M + 0.300% | 1.9240 | 12/25/34 | 211,248 | |||||||||
15,254 | GSR Mortgage Loan Trust 2004-8F | 6.0000 | 09/25/34 | 14,949 | ||||||||||
21,310 | GSR Mortgage Loan Trust 2005-5F | 5.5000 | 06/25/35 | 21,116 | ||||||||||
66,748 | GSR Mortgage Loan Trust 2005-7F | 5.5000 | 09/25/35 | 64,578 | ||||||||||
457,555 | GSR Mortgage Loan Trust 2005-8F | 5.5000 | 11/25/35 | 450,201 | ||||||||||
105,711 | GSR Mortgage Loan Trust 2005-8F | 5.5000 | 11/25/35 | 104,012 | ||||||||||
235,357 | GSR Mortgage Loan Trust 2005-AR5(b) | 2.6350 | 10/25/35 | 221,433 | ||||||||||
14,550 | GSR Mortgage Loan Trust 2005-AR6 Series 2005-AR6-1 Class 1A-1(b) | 2.8000 | 09/25/35 | 14,277 | ||||||||||
19,509 | GSR Mortgage Loan Trust 2005-AR6(b) | 3.1770 | 09/25/35 | 18,750 | ||||||||||
55,209 | GSR Mortgage Loan Trust 2005-AR7(b) | 2.3380 | 11/25/35 | 50,449 | ||||||||||
399,936 | GSR Mortgage Loan Trust 2005-AR7(b) | 3.1450 | 11/25/35 | 353,480 | ||||||||||
1,187,228 | GSR Mortgage Loan Trust 2006-10F | 5.7500 | 12/25/36 | 2,425,318 | ||||||||||
1,092,888 | GSR Mortgage Loan Trust 2006-1F(d) | US0001M + 0.950% | 2.5740 | 02/25/36 | 2,011,150 | |||||||||
1,717,130 | GSR Mortgage Loan Trust 2006-2F | 5.7500 | 02/25/36 | 1,570,940 | ||||||||||
2,028,960 | GSR Mortgage Loan Trust 2006-2F | 5.7500 | 02/25/36 | 1,856,221 | ||||||||||
200 | GSR Mortgage Loan Trust 2006-4F | 5.5000 | 05/25/36 | 1,549,597 | ||||||||||
100 | GSR Mortgage Loan Trust 2006-4F | 5.5000 | 05/25/36 | 450,000 | ||||||||||
100 | GSR Mortgage Loan Trust 2006-4F | 5.5000 | 05/25/36 | 935,000 | ||||||||||
10,991 | GSR Mortgage Loan Trust 2006-7F | 6.0000 | 08/25/36 | 3,293,369 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
31
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
692,075 | GSR Mortgage Loan Trust 2007-1F | 5.5000 | 01/25/37 | $ | 1,207,644 | |||||||||
386,406 | GSR Mortgage Loan Trust 2007-1F | 5.5000 | 01/25/37 | 458,562 | ||||||||||
571,250 | GSR Mortgage Loan Trust 2007-1F | 6.0000 | 01/25/37 | 452,646 | ||||||||||
1,578,077 | GSR Mortgage Loan Trust 2007-3F | 5.7500 | 05/25/37 | 2,668,088 | ||||||||||
71,362 | GSR Mortgage Loan Trust 2007-4F | 5.0000 | 07/25/37 | 98,994 | ||||||||||
2,809,320 | GSR Mortgage Loan Trust 2007-4F | 5.7500 | 07/25/37 | 4,233,374 | ||||||||||
789,263 | GSR Mortgage Loan Trust 2007-AR1(b) | 2.6070 | 03/25/37 | 713,870 | ||||||||||
77,661 | HarborView Mortgage Loan Trust 2003-1(b) | 2.2600 | 05/19/33 | 60,058 | ||||||||||
327,455 | HarborView Mortgage Loan Trust 2004-1(b) | 2.3430 | 04/19/34 | 252,231 | ||||||||||
1,487,419 | HarborView Mortgage Loan Trust 2004-8(d) | US0001M + 0.800% | 2.4120 | 11/19/34 | 1,336,684 | |||||||||
108,165 | HarborView Mortgage Loan Trust 2004-9(d) | US0001M + 0.780% | 2.3920 | 12/19/34 | 97,262 | |||||||||
3,715 | HarborView Mortgage Loan Trust 2005-1(d) | US0001M + 0.660% | 2.2550 | 03/19/35 | 2,591 | |||||||||
27,410 | HarborView Mortgage Loan Trust 2005-14(b) | 2.5800 | 12/19/35 | 24,889 | ||||||||||
231,647 | HarborView Mortgage Loan Trust 2005-14(b) | 2.5910 | 12/19/35 | 215,524 | ||||||||||
964,363 | HarborView Mortgage Loan Trust 2005-16(d) | 12MTA + 2.000% | 2.4760 | 01/19/37 | 783,177 | |||||||||
2,365,258 | HarborView Mortgage Loan Trust 2005-2(d) | US0001M + 0.520% | 2.1320 | 05/19/35 | 884,046 | |||||||||
65,831 | HarborView Mortgage Loan Trust 2005-4(b) | 2.7390 | 07/19/35 | 63,524 | ||||||||||
20,650 | HarborView Mortgage Loan Trust 2005-8(d) | US0001M + 0.660% | 2.2720 | 09/19/35 | 15,567 | |||||||||
29,048 | Impac CMB Trust Series 2003-11(d) | US0001M + 4.500% | 6.1240 | 10/25/33 | 27,743 | |||||||||
2,196 | Impac CMB Trust Series 2003-8(d) | US0001M + 2.625% | 4.2490 | 10/25/33 | 2,171 | |||||||||
3,996 | Impac CMB Trust Series 2003-8(d) | US0001M + 4.500% | 6.1240 | 10/25/33 | 3,874 | |||||||||
170,437 | Impac CMB Trust Series 2004-10(d) | US0001M + 0.800% | 2.4240 | 03/25/35 | 156,517 | |||||||||
39,627 | Impac CMB Trust Series 2004-10(d) | US0001M + 1.500% | 3.1240 | 03/25/35 | 36,954 | |||||||||
184,677 | Impac CMB Trust Series 2004-10(d) | US0001M + 2.775% | 4.3990 | 03/25/35 | 183,669 | |||||||||
234,943 | Impac CMB Trust Series 2005-4(d) | US0001M + 0.380% | 2.3840 | 05/25/35 | 204,099 | |||||||||
1,066,026 | Impac CMB Trust Series 2005-4(d) | US0001M + 1.650% | 4.0990 | 05/25/35 | 997,624 | |||||||||
266,608 | Impac Secured Assets CMN Owner Trust(b) | 5.2910 | 08/25/33 | 251,381 | ||||||||||
153,747 | Impac Secured Assets CMN Owner Trust(b) | 2.8630 | 07/25/35 | 136,022 | ||||||||||
69,925 | Impac Secured Assets Trust 2006-2(d) | US0001M + 1.650% | 3.2740 | 08/25/36 | 68,391 | |||||||||
149,368 | IndyMac ARM Trust 2001-H1(b) | 1.8980 | 08/25/31 | 78,790 | ||||||||||
81,270 | IndyMac IMSC Mortgage Loan Trust 2007-F3(e) | 0.0000 | 09/25/37 | 48,997 | ||||||||||
88,316 | IndyMac INDA Mortgage Loan Trust 2005-AR1(b) | 3.1320 | 11/25/35 | 85,376 | ||||||||||
19,023 | IndyMac INDA Mortgage Loan Trust 2005-AR2(b) | 2.9870 | 01/25/36 | 17,663 | ||||||||||
73,525 | IndyMac INDA Mortgage Loan Trust 2007-AR4(b) | 3.3860 | 08/25/37 | 71,177 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
32
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
38,252 | IndyMac INDX Mortgage Loan Trust 2004-AR10(d) | US0001M + 0.920% | 2.5440 | 05/25/34 | $ | 34,024 | ||||||||
178,117 | IndyMac INDX Mortgage Loan Trust 2004-AR5(d) | US0001M + 0.860% | 2.4840 | 08/25/34 | 157,417 | |||||||||
2,210,702 | IndyMac INDX Mortgage Loan Trust 2005-AR9(b) | 3.1680 | 07/25/35 | 2,071,878 | ||||||||||
178,401 | IndyMac INDX Mortgage Loan Trust 2006-AR2(d) | US0001M + 0.420% | 2.0440 | 02/25/46 | 135,944 | |||||||||
115,975 | IndyMac INDX Mortgage Loan Trust 2006-AR33(b) | 3.5330 | 01/25/37 | 106,133 | ||||||||||
1,489,772 | Jefferies Resecuritization Trust 2009-R6(b),(c) | 2.8510 | 08/26/35 | 1,422,570 | ||||||||||
786,985 | Jefferies Resecuritization Trust 2009-R7(b),(c) | 2.6460 | 10/21/35 | 819,790 | ||||||||||
423,494 | JP Morgan Alternative Loan Trust | 5.0000 | 12/25/35 | 369,555 | ||||||||||
4,073,238 | JP Morgan Alternative Loan Trust(b) | 3.0400 | 03/25/36 | 3,987,625 | ||||||||||
65,967 | JP Morgan Alternative Loan Trust(f) | 6.1900 | 05/25/36 | 65,531 | ||||||||||
41,315 | JP Morgan Mortgage Trust 2004-S2 | 5.5000 | 11/25/24 | 41,264 | ||||||||||
521,125 | JP Morgan Mortgage Trust 2004-S2(d) | US0001M + 0.400% | 2.0240 | 11/25/34 | 478,778 | |||||||||
241,030 | JP Morgan Mortgage Trust 2004-S2 | 6.0000 | 11/25/34 | 226,330 | ||||||||||
34,198 | JP Morgan Mortgage Trust 2005-A3(b) | 2.5230 | 06/25/35 | 32,820 | ||||||||||
755,459 | JP Morgan Mortgage Trust 2005-A6(b) | 2.2020 | 08/25/35 | 742,973 | ||||||||||
844,274 | JP Morgan Mortgage Trust 2005-A8(b) | 2.7310 | 11/25/35 | 719,471 | ||||||||||
55,746 | JP Morgan Mortgage Trust 2007-A2(b) | 2.8590 | 04/25/37 | 48,778 | ||||||||||
30,465 | JP Morgan Resecuritization Trust Series 2009-7(b),(c) | 4.9670 | 07/27/37 | 30,405 | ||||||||||
2,500,000 | Legacy Mortgage Asset Trust 2019-GS6(c),(f) | 4.4500 | 06/25/59 | 2,496,565 | ||||||||||
835,511 | Lehman Mortgage Trust 2005-2(d) | US0001M + 0.900% | 2.5240 | 12/25/35 | 521,112 | |||||||||
816,292 | Lehman Mortgage Trust 2005-2(a) | 5.5000 | 12/25/35 | 149,583 | ||||||||||
134,543 | Lehman Mortgage Trust 2005-2(d) | US0001M + 28.060% | 20.5920 | 12/25/35 | 150,148 | |||||||||
190,059 | Lehman Mortgage Trust 2006-4 | 6.0000 | 06/25/49 | 152,450 | ||||||||||
472,107 | Lehman Mortgage Trust 2006-7(b) | 4.5660 | 09/25/36 | 148,365 | ||||||||||
239,735 | Lehman Mortgage Trust 2007-10 | 6.5000 | 01/25/38 | 103,164 | ||||||||||
138,722 | Lehman Mortgage Trust 2007-3(e) | 0.0000 | 03/25/37 | 108,383 | ||||||||||
1,415,752 | Lehman Mortgage Trust 2007-5(d) | US0001M + 0.280% | 1.9040 | 08/25/36 | 315,427 | |||||||||
1,432,876 | Lehman Mortgage Trust 2007-5(a),(d) | US0001M + 7.720% | 6.0960 | 08/25/36 | 363,782 | |||||||||
844,754 | Lehman XS Trust Series 2005-5N(d) | US0001M + 0.360% | 1.9840 | 11/25/35 | 802,723 | |||||||||
306,045 | Lehman XS Trust Series 2006-2N(d) | US0001M + 0.520% | 2.1440 | 02/25/46 | 260,683 | |||||||||
20,860 | Luminent Mortgage Trust 2006-7(d) | US0001M + 0.340% | 1.9640 | 12/25/36 | 18,552 | |||||||||
328,480 | Luminent Mortgage Trust 2006-7(d) | US0001M + 0.360% | 1.9840 | 12/25/36 | 302,619 | |||||||||
556,669 | Luminent Mortgage Trust 2007-2(d) | US0001M + 0.460% | 2.0840 | 05/25/37 | 501,825 | |||||||||
340,968 | MASTR Adjustable Rate Mortgages Trust 2004-11(d) | US0001M + 2.250% | 3.8740 | 11/25/34 | 335,687 | |||||||||
See accompanying notes which are an integral part of these financial statements.
33
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
2,523,705 | MASTR Adjustable Rate Mortgages Trust 2004-14(d) | US0001M + 3.400% | 5.0240 | 01/25/35 | $ | 2,130,471 | ||||||||
1,856,433 | MASTR Adjustable Rate Mortgages Trust 2005-6(b) | 2.6280 | 07/25/35 | 757,768 | ||||||||||
1,057,135 | MASTR Adjustable Rate Mortgages Trust 2005-6(b) | 2.7530 | 07/25/35 | 441,888 | ||||||||||
4,072,359 | MASTR Adjustable Rate Mortgages Trust 2006-OA2(d) | 12MTA + 0.800% | 1.2760 | 12/25/46 | 3,369,588 | |||||||||
381,235 | MASTR Adjustable Rate Mortgages Trust 2006-OA2(d) | 12MTA + 0.800% | 1.2760 | 12/25/46 | 334,498 | |||||||||
2,608,482 | MASTR Adjustable Rate Mortgages Trust 2006-OA2(d) | 12MTA + 0.850% | 1.3260 | 12/25/46 | 2,329,983 | |||||||||
1,556,851 | MASTR Adjustable Rate Mortgages Trust 2006-OA2(d) | 12MTA + 1.200% | 1.6760 | 12/25/46 | 1,398,463 | |||||||||
3,357,704 | MASTR Adjustable Rate Mortgages Trust 2007-1(b) | 2.7060 | 11/25/36 | 2,130,815 | ||||||||||
1,610,333 | MASTR Adjustable Rate Mortgages Trust 2007-1(d) | 12MTA + 0.740% | 1.2160 | 01/25/47 | 1,577,633 | |||||||||
7,404 | MASTR Adjustable Rate Mortgages Trust 2007-1(d) | US0001M + 0.320% | 1.9440 | 01/25/47 | 7,263 | |||||||||
300,000 | MASTR Adjustable Rate Mortgages Trust 2007-3(d) | US0001M + 0.680% | 2.3040 | 05/25/47 | 253,804 | |||||||||
33,026 | MASTR Alternative Loan Trust 2003-4 | 6.0000 | 06/25/33 | 31,973 | ||||||||||
48,126 | MASTR Alternative Loan Trust 2003-5 | 5.5000 | 07/25/33 | 46,913 | ||||||||||
18,993 | MASTR Alternative Loan Trust 2003-7 | 5.7500 | 11/25/33 | 18,510 | ||||||||||
17,532 | MASTR Alternative Loan Trust 2004-10 | 6.0000 | 09/25/34 | 16,727 | ||||||||||
38,884 | MASTR Alternative Loan Trust 2004-11(b) | 5.9420 | 10/25/34 | 37,879 | ||||||||||
19,493 | MASTR Alternative Loan Trust 2004-12 | 5.5000 | 12/25/34 | 19,143 | ||||||||||
581,218 | MASTR Alternative Loan Trust 2004-13 | 5.5000 | 01/25/35 | 370,862 | ||||||||||
56,123 | MASTR Alternative Loan Trust 2005-1 | 6.0000 | 02/25/35 | 55,877 | ||||||||||
67,859 | MASTR Alternative Loan Trust 2005-6(e) | 0.0000 | 12/25/35 | 25,905 | ||||||||||
37,532 | MASTR Alternative Loan Trust 2006-2(e) | 0.0000 | 03/25/36 | 16,181 | ||||||||||
53,713 | MASTR Asset Securitization Trust 2003-11 | 5.2500 | 12/25/33 | 51,444 | ||||||||||
1,162,218 | MASTR Asset Securitization Trust 2004-11 | 5.7500 | 12/25/34 | 1,090,648 | ||||||||||
123,893 | MASTR Asset Securitization Trust 2004-11 | 5.7500 | 12/25/34 | 114,992 | ||||||||||
39,620 | MASTR Asset Securitization Trust 2004-3 | 5.2500 | 03/25/24 | 38,675 | ||||||||||
4,402 | MASTR Asset Securitization Trust 2004-3 | 5.2500 | 03/25/24 | 4,280 | ||||||||||
93,131 | MASTR Asset Securitization Trust 2004-9 | 5.2500 | 07/25/34 | 85,883 | ||||||||||
1,544,080 | MASTR Reperforming Loan Trust 2005-1(c) | 7.5000 | 08/25/34 | 1,308,039 | ||||||||||
65,278 | MASTR Seasoned Securitization Trust 2003-1(d) | US0001M + 0.400% | 2.0240 | 02/25/33 | 63,082 | |||||||||
97,909 | Mellon Residential Funding Cor Mor Pas Thr Tr Ser(b),(c) | 2.6100 | 10/20/29 | 87,753 | ||||||||||
60,096 | Mellon Residential Funding Cor Mor Pas Thr Tr Ser(b),(c) | 2.6100 | 10/20/29 | 53,858 | ||||||||||
1,895,561 | MERIT Securities Corporation(c),(d) | US0001M + 2.250% | 3.8830 | 09/28/32 | 1,666,703 | |||||||||
175,369 | Merrill Lynch Alternative Note Asset Trust Series | 5.7500 | 05/25/37 | 174,698 | ||||||||||
343,906 | Merrill Lynch Mortgage Backed Securities Trust(b) | 2.7330 | 04/25/37 | 319,927 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
34
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
127,263 | Merrill Lynch Mortgage Investors Trust MLMI Series(b) | 1.9670 | 03/25/33 | $ | 104,267 | |||||||||
159,623 | Merrill Lynch Mortgage Investors Trust Series(e) | 0.0000 | 08/25/36 | 18,205 | ||||||||||
87,815 | Merrill Lynch Mortgage Investors Trust Series MLCC(d) | US0001M + 0.945% | 2.5690 | 08/25/28 | 78,268 | |||||||||
66,194 | Merrill Lynch Mortgage Investors Trust Series MLCC(d) | US0001M + 2.250% | 3.8740 | 08/25/28 | 56,689 | |||||||||
310,341 | Merrill Lynch Mortgage Investors Trust Series MLCC(d) | US0001M + 0.900% | 2.5240 | 10/25/28 | 286,855 | |||||||||
159,305 | Merrill Lynch Mortgage Investors Trust Series MLCC(b) | 2.2540 | 06/25/37 | 155,254 | ||||||||||
1,297,068 | Merrill Lynch Mortgage Investors Trust Series MLMI(b) | 2.1580 | 09/25/35 | 1,101,850 | ||||||||||
39,333 | Morgan Stanley Mortgage Loan Trust 2004-3 | 6.0000 | 04/25/34 | 38,766 | ||||||||||
831,387 | Morgan Stanley Mortgage Loan Trust 2005-10 | 5.5000 | 12/25/35 | 561,417 | ||||||||||
353,834 | Morgan Stanley Mortgage Loan Trust 2005-2AR(d) | US0001M + 0.500% | 2.1240 | 04/25/35 | 260,816 | |||||||||
189,162 | Morgan Stanley Mortgage Loan Trust 2005-4 | 5.0000 | 08/25/35 | 176,089 | ||||||||||
95,909 | Morgan Stanley Mortgage Loan Trust 2006-2 | 5.2500 | 07/25/22 | 86,643 | ||||||||||
120,243 | Morgan Stanley Mortgage Loan Trust 2006-7 | 5.0000 | 07/25/22 | 74,658 | ||||||||||
189,969 | Morgan Stanley Mortgage Loan Trust 2006-7 | 6.0000 | 06/25/31 | 131,779 | ||||||||||
21,921 | Morgan Stanley Re-REMIC Trust 2010-R7(c) | 5.5000 | 11/26/34 | 20,434 | ||||||||||
1,109,436 | Morgan Stanley Resecuritization Trust 2014-R4(b),(c) | 2.6580 | 11/21/35 | 1,009,212 | ||||||||||
8,143,038 | Mortgage Loan Resecuritization Trust(c),(d) | US0001M + 0.340% | 1.4020 | 04/16/36 | 7,615,346 | |||||||||
8,524,008 | Mortgage Loan Resecuritization Trust(c),(d) | US0001M + 0.340% | 1.4020 | 04/16/36 | 4,081,640 | |||||||||
3,093,267 | MortgageIT Mortgage Loan Trust 2006-1(d) | US0001M + 0.400% | 2.0240 | 04/25/36 | 2,353,190 | |||||||||
172,387 | MortgageIT Mortgage Loan Trust 2006-1(d) | US0001M + 0.460% | 2.0840 | 04/25/36 | 161,686 | |||||||||
318,371 | MortgageIT Trust 2004-1(d) | US0001M + 3.225% | 4.8490 | 11/25/34 | 308,721 | |||||||||
11,860,728 | New Residential Mortgage Loan Trust 2019-5(a),(b),(c) | 0.5000 | 08/25/59 | 267,163 | ||||||||||
16,669,646 | New Residential Mortgage Loan Trust 2019-5(a),(b),(c) | 0.7500 | 08/25/59 | 563,234 | ||||||||||
243,198 | New York Mortgage Trust 2006-1(b) | 2.8550 | 05/25/36 | 216,841 | ||||||||||
28,853 | Nomura Asset Acceptance Corp Alternative Loan(f) | 5.8030 | 03/25/34 | 27,759 | ||||||||||
134,689 | Nomura Asset Acceptance Corp Alternative Loan(d) | US0001M + 1.020% | 2.6440 | 08/25/34 | 131,325 | |||||||||
1,901,733 | Nomura Asset Acceptance Corp Alternative Loan(d) | US0001M + 1.700% | 3.3240 | 10/25/34 | 1,982,886 | |||||||||
11,983 | Nomura Asset Acceptance Corp Alternative Loan(f) | 5.5710 | 10/25/34 | 11,782 | ||||||||||
1,116,503 | Nomura Asset Acceptance Corp Alternative Loan(d) | US0001M + 1.500% | 3.1240 | 12/25/34 | 1,028,166 | |||||||||
44,417 | Nomura Asset Acceptance Corp Alternative Loan(b) | 5.6880 | 07/25/35 | 43,493 | ||||||||||
462,402 | Nomura Asset Acceptance Corp Alternative Loan(b) | 5.8940 | 05/25/36 | 119,399 | ||||||||||
216,563 | Nomura Asset Acceptance Corp Alternative Loan(b) | 3.4180 | 06/25/36 | 174,126 | ||||||||||
411,254 | Nomura Asset Acceptance Corp Alternative Loan(b) | 3.9400 | 06/25/36 | 408,225 | ||||||||||
67,102 | Nomura Asset Acceptance Corp Alternative Loan(f) | 5.9570 | 03/25/47 | 64,166 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
35
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
853,084 | Nomura Asset Acceptance Corp Alternative Loan(f) | 6.1380 | 03/25/47 | $ | 815,632 | |||||||||
128,096 | NovaStar Mortgage Funding Trust Series 2006-MTA1(d) | US0001M + 0.380% | 0.3710 | 09/25/46 | 122,992 | |||||||||
225,397 | Ocwen Residential MBS Corporation(b),(c) | 0.9390 | 06/25/39 | 79,157 | ||||||||||
265,278 | PHHMC Series 2006-4 Trust(b) | 6.2800 | 12/18/36 | 254,352 | ||||||||||
195,277 | Prime Mortgage Trust 2004-1 | 5.2500 | 08/25/34 | 185,439 | ||||||||||
194,098 | Prime Mortgage Trust 2005-1(c) | 5.5000 | 09/25/34 | 186,478 | ||||||||||
100,797 | Prime Mortgage Trust 2005-4 | 5.2500 | 07/25/22 | 94,159 | ||||||||||
13,535 | Prime Mortgage Trust 2005-4 | 5.0000 | 10/25/35 | 12,633 | ||||||||||
2,188,709 | Prime Mortgage Trust 2006-DR1(c) | 5.5000 | 05/25/35 | 1,927,168 | ||||||||||
553,298 | Prime Mortgage Trust 2006-DR1(c) | 6.0000 | 05/25/35 | 474,540 | ||||||||||
392,966 | RALI Series 2004-QA4 Trust(b) | 3.0290 | 09/25/34 | 377,712 | ||||||||||
688,786 | RALI Series 2004-QA4 Trust(b) | 8.0830 | 09/25/34 | 582,973 | ||||||||||
601,130 | RALI Series 2004-QA6 Trust(b) | 2.9720 | 12/26/34 | 556,187 | ||||||||||
184,443 | RALI Series 2004-QA6 Trust(b) | 3.2390 | 12/26/34 | 174,257 | ||||||||||
2,559,011 | RALI Series 2005-QA11 Trust(b) | 3.7470 | 10/25/35 | 1,094,215 | ||||||||||
939,437 | RALI Series 2005-QA11 Trust(b) | 5.3850 | 10/25/35 | 870,064 | ||||||||||
1,428,693 | RALI Series 2005-QA12 Trust(b) | 4.3090 | 12/25/35 | 1,274,269 | ||||||||||
2,025,527 | RALI Series 2005-QA2 Trust(b) | 3.1560 | 02/25/35 | 1,381,205 | ||||||||||
194,881 | RALI Series 2005-QA2 Trust(b) | 3.3620 | 02/25/35 | 165,029 | ||||||||||
1,856,100 | RALI Series 2005-QA2 Trust(b) | 4.3880 | 02/25/35 | 652,281 | ||||||||||
208,095 | RALI Series 2005-QA3 Trust(b) | 0.0000 | 03/25/35 | 67,093 | ||||||||||
64,784 | RALI Series 2005-QA3 Trust(b) | 3.5930 | 03/25/35 | 35,633 | ||||||||||
748,187 | RALI Series 2005-QA4 Trust(b) | 3.4980 | 04/25/35 | 667,802 | ||||||||||
195,550 | RALI Series 2005-QA4 Trust(b) | 4.2560 | 04/25/35 | 168,688 | ||||||||||
336,254 | RALI Series 2005-QA6 Trust(b) | 3.4770 | 05/25/35 | 195,245 | ||||||||||
455,587 | RALI Series 2005-QA8 Trust(b) | 3.4970 | 07/25/35 | 274,686 | ||||||||||
95,751 | RALI Series 2005-QA8 Trust(b) | 3.5340 | 07/25/35 | 82,983 | ||||||||||
2,737,115 | RALI Series 2005-QA9 Trust(b) | 3.3130 | 08/25/35 | 1,153,237 | ||||||||||
1,744,160 | RALI Series 2005-QA9 Trust(b) | 3.4080 | 08/25/35 | 1,634,050 | ||||||||||
629,205 | RALI Series 2005-QO4 Trust(d) | US0001M + 0.560% | 2.1840 | 12/25/45 | 480,811 | |||||||||
1,314,282 | RALI Series 2005-QS5 Trust | 5.7000 | 04/25/35 | 1,127,961 | ||||||||||
12,223 | RALI Series 2006-QA1 Trust(b) | 5.3440 | 01/25/36 | 11,604 | ||||||||||
142,824 | RALI Series 2006-QA2 Trust(b) | 5.4030 | 02/25/36 | 116,914 | ||||||||||
7,491,473 | RALI Series 2006-QS11 Trust | 6.5000 | 08/25/36 | 2,874,340 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
36
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
62,700 | RALI Series 2006-QS12 Trust | 5.0000 | 09/25/36 | $ | 51,041 | |||||||||
2,977,164 | RALI Series 2007-QO5 Trust(d) | 12MTA + 3.120% | 2.0360 | 08/25/47 | 587,715 | |||||||||
335,055 | RALI Series 2007-QS4 Trust | 6.2500 | 03/25/37 | 277,026 | ||||||||||
487,022 | RAMP Series 2003-SL1 Trust | 8.0000 | 04/25/31 | 471,305 | ||||||||||
418,448 | RAMP Series 2004-SL1 Trust | 6.5000 | 11/25/31 | 392,605 | ||||||||||
290,873 | RAMP Series 2004-SL4 Trust | 7.5000 | 07/25/32 | 145,142 | ||||||||||
154,041 | RAMP Series 2005-SL1 Trust | 7.5000 | 05/25/32 | 28,279 | ||||||||||
570,064 | RAMP Series 2005-SL1 Trust | 8.0000 | 05/25/32 | 400,360 | ||||||||||
237,442 | RAMP Series 2005-SL2 Trust | 8.0000 | 10/25/31 | 132,415 | ||||||||||
591,948 | RBSGC Mortgage Loan Trust 2005-A | 6.0000 | 04/25/35 | 531,412 | ||||||||||
1,562,870 | RBSSP Resecuritization Trust 2009-6(b),(c) | 6.0000 | 08/26/35 | 796,456 | ||||||||||
113,282 | Reperforming Loan REMIC Trust 2004-R1(c) | 6.5000 | 11/25/34 | 106,616 | ||||||||||
666,002 | Reperforming Loan REMIC Trust 2005-R2(a),(b),(c) | 4.6300 | 06/25/35 | 52,677 | ||||||||||
505,136 | Reperforming Loan REMIC Trust 2006-R2(c),(d) | US0001M + 0.420% | 2.0440 | 07/25/36 | 484,568 | |||||||||
269,492 | Residential Asset Securitization Trust 2000-A6 | 8.0000 | 10/25/30 | 183,115 | ||||||||||
508,827 | Residential Asset Securitization Trust 2004-A2(d) | US0001M + 0.550% | 2.1740 | 05/25/34 | 502,118 | |||||||||
25,960 | Residential Asset Securitization Trust 2004-A2 | 5.2500 | 05/25/34 | 24,603 | ||||||||||
232,858 | Residential Asset Securitization Trust 2006-A3CB(e) | 0.0000 | 01/25/46 | 47,175 | ||||||||||
220,293 | Residential Asset Securitization Trust 2006-A3CB(a),(b) | 6.0000 | 01/25/46 | 51,348 | ||||||||||
1,422,076 | RFMSI Series 2005-SA1 Trust(b) | 2.6530 | 03/25/35 | 1,195,494 | ||||||||||
936,543 | RFMSI Series 2005-SA5 Trust(b) | 3.4800 | 11/25/35 | 829,405 | ||||||||||
117,697 | RFMSI Series 2006-SA1 Trust(b) | 4.8470 | 02/25/36 | 100,161 | ||||||||||
483,707 | RFMSI Series 2006-SA2 Trust(b) | 4.6760 | 08/25/36 | 437,584 | ||||||||||
82,185 | RFMSI Series 2006-SA3 Trust(b) | 4.7690 | 09/25/36 | 70,750 | ||||||||||
140,661 | RFMSI Series 2006-SA4 Trust(b) | 4.7470 | 11/25/36 | 129,559 | ||||||||||
52,279 | Sequoia Mortgage Trust 2003-4(b) | 1.8050 | 07/20/33 | 45,042 | ||||||||||
78,677 | Sequoia Mortgage Trust 2003-4(b) | 1.8050 | 07/20/33 | 67,137 | ||||||||||
34,276 | Sequoia Mortgage Trust 2003-4(b) | 1.8050 | 07/20/33 | 26,500 | ||||||||||
340,957 | Sequoia Mortgage Trust 2004-1(d) | US0001M + 0.825% | 2.4200 | 02/20/34 | 291,560 | |||||||||
212,988 | Sequoia Mortgage Trust 2004-11(d) | US0006M + 0.640% | 2.6730 | 12/20/34 | 190,919 | |||||||||
43,080 | Sequoia Mortgage Trust 2004-5(d) | US0001M + 0.720% | 2.3150 | 06/20/34 | 36,624 | |||||||||
13,419 | Sequoia Mortgage Trust 2004-6(d) | US0001M + 0.750% | 2.3450 | 07/20/34 | 12,017 | |||||||||
187,489 | Sequoia Mortgage Trust 2007-1(b) | 3.1090 | 01/20/47 | 150,389 | ||||||||||
45,946 | Sequoia Mortgage Trust 2013-2(b) | 3.6280 | 02/25/43 | 44,954 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
37
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
1,143,717 | Sequoia Mortgage Trust 4(d) | US0001M + 1.250% | 2.2110 | 04/22/25 | $ | 967,746 | ||||||||
81,205 | Sequoia Mortgage Trust 6(d) | US0001M + 1.050% | 2.6450 | 04/19/27 | 74,388 | |||||||||
30,766 | Shellpoint Asset Funding Trust 2013-1(b),(c) | 3.8720 | 07/25/43 | 30,372 | ||||||||||
43,670 | Sofi Mortgage Trust 2016-1(b),(c) | 3.0000 | 11/25/46 | 41,688 | ||||||||||
53,337 | Structured Adjustable Rate Mortgage Loan Trust(b) | 3.0610 | 03/25/34 | 50,697 | ||||||||||
1,726,618 | Structured Adjustable Rate Mortgage Loan Trust(d) | US0001M + 0.405% | 2.0290 | 06/25/34 | 1,562,139 | |||||||||
270,377 | Structured Adjustable Rate Mortgage Loan Trust(d) | US0001M + 0.310% | 1.9340 | 07/25/35 | 181,733 | |||||||||
232,745 | Structured Adjustable Rate Mortgage Loan Trust(b) | 3.2810 | 04/25/47 | 223,990 | ||||||||||
261,531 | Structured Asset Mortgage Investments II Trust(b) | 2.6210 | 10/19/34 | 237,873 | ||||||||||
224,816 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.400% | 2.0120 | 02/19/35 | 206,937 | |||||||||
1,303,916 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.400% | 2.0240 | 02/25/36 | 1,045,471 | |||||||||
611,107 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.460% | 2.0840 | 02/25/36 | 556,057 | |||||||||
143,304 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.460% | 2.0840 | 02/25/36 | 122,954 | |||||||||
35,465 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.620% | 2.2440 | 02/25/36 | 2,165,736 | |||||||||
4,842,821 | Structured Asset Mortgage Investments II Trust(b) | 2.5110 | 05/25/36 | 1,567,861 | ||||||||||
161,079 | Structured Asset Mortgage Investments II Trust(b) | 2.5700 | 05/25/36 | 95,457 | ||||||||||
67,531 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.150% | 1.7740 | 02/25/37 | 61,731 | |||||||||
772,077 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.260% | 1.8840 | 03/25/37 | 274,870 | |||||||||
1,640,337 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.420% | 2.0440 | 05/25/46 | 704,117 | |||||||||
766,666 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.420% | 2.0440 | 05/25/46 | 510,125 | |||||||||
645,326 | Structured Asset Mortgage Investments Trust(d) | US0001M + 1.200% | 2.7950 | 05/19/33 | 585,901 | |||||||||
470,369 | Structured Asset Sec Corp Mort Pass Thr Certs | 6.5000 | 07/25/28 | 257,056 | ||||||||||
1,914,770 | Structured Asset Sec Corp Mort Passthr Certs Ser(d) | 2.6550 | 01/25/34 | 1,331,011 | ||||||||||
68,441 | Structured Asset Sec Mortgage Pass-Through(b) | 2.4850 | 11/25/32 | 66,011 | ||||||||||
1,477,830 | Structured Asset Securities Corp Mor Cer Ser(b) | 2.4920 | 10/25/33 | 1,292,355 | ||||||||||
96,862 | Structured Asset Securities Corp Mortgage(f) | 3.8730 | 08/25/33 | 94,754 | ||||||||||
612,189 | Structured Asset Securities Corp Mortgage(f) | 4.9520 | 06/25/34 | 591,255 | ||||||||||
11,175 | Structured Asset Securities Corp Mortgage Loan(b),(c) | 2.9150 | 10/25/36 | 10,544 | ||||||||||
144,750 | Structured Asset Securities Corporation(f) | 5.1650 | 02/25/34 | 134,341 | ||||||||||
508,783 | TBW Mortgage-Backed Pass-Through Certificates | 6.5000 | 04/25/36 | 366,489 | ||||||||||
1,290,499 | TBW Mortgage-Backed Trust 2006-6(f) | 6.1600 | 01/25/37 | 394,172 | ||||||||||
483,804 | TBW Mortgage-Backed Trust Series 2006-2 | 6.0000 | 07/25/36 | 212,850 | ||||||||||
992,906 | Terwin Mortgage Trust 2006-9HGA(c),(d) | US0001M + 0.560% | 2.1840 | 10/25/37 | 399,008 | |||||||||
343,869 | Terwin Mortgage Trust 2007-6ALT(c),(d) | US0001M + 0.600% | 2.2240 | 08/25/38 | 272,667 | |||||||||
See accompanying notes which are an integral part of these financial statements.
38
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
64,641 | Thornburg Mortgage Securities Trust 2005-1(b) | 2.2850 | 04/25/45 | $ | 62,473 | |||||||||
148,247 | Thornburg Mortgage Securities Trust 2007-3(d) | US0012M + 1.250% | 4.7830 | 06/25/47 | 142,075 | |||||||||
5,762,798 | Voyager CBASS Delaware Trust(b),(c) | 2.0840 | 02/26/37 | 167,207 | ||||||||||
15,643,532 | Voyager CBASS Delaware Trust(b),(c) | 2.0840 | 02/26/37 | 454,654 | ||||||||||
1,342,862 | Voyager CNTYW Delaware Trust(b),(c) | 1.6240 | 12/16/33 | 1,263,896 | ||||||||||
1,240,495 | Voyager CNTYW Delaware Trust(b),(c) | 1.5640 | 02/16/36 | 1,113,593 | ||||||||||
4,543,353 | Voyager CNTYW Delaware Trust(b),(c) | 1.5640 | 02/16/36 | 4,034,831 | ||||||||||
11,306,909 | Voyager CNTYW Delaware Trust(b),(c) | 1.5240 | 05/16/36 | 9,958,260 | ||||||||||
2,528,528 | Voyager OPTONE Delaware Trust(a),(b),(c) | 1.8740 | 02/25/38 | 725,111 | ||||||||||
336,970 | Wachovia Mortgage Loan Trust, LLC Series 2005-A(b) | 2.7950 | 08/20/35 | 324,640 | ||||||||||
1,843,143 | Wachovia Mortgage Loan Trust, LLC Series 2005-A(b) | 2.8640 | 08/20/35 | 1,722,433 | ||||||||||
91,675 | Wachovia Mortgage Loan Trust, LLC Series 2006-A(b) | 2.8580 | 05/20/36 | 89,499 | ||||||||||
29,337 | Wachovia Mortgage Loan Trust, LLC Series 2006-A(b) | 3.2130 | 05/20/36 | 28,538 | ||||||||||
607,962 | Wachovia Mortgage Loan Trust, LLC Series 2007-A(b) | 2.4500 | 03/20/37 | 554,488 | ||||||||||
139,218 | WaMu Mortgage Backed Pass Through Certificates(b) | 0.0001 | 12/19/39 | 128,242 | ||||||||||
47,480 | WaMu Mortgage Backed Pass Through Certificates(b),(c) | 0.0001 | 12/19/39 | 41,570 | ||||||||||
35,624 | WaMu Mortgage Backed Pass Through Certificates(b),(c) | 0.0001 | 12/19/39 | 30,568 | ||||||||||
27,644 | WaMu Mortgage Backed Pass Through Certificates(b),(c) | 0.0001 | 12/19/39 | 19,687 | ||||||||||
140,640 | WaMu Mortgage Pass-Through Certificates Series(b) | 2.4950 | 10/25/32 | 134,744 | ||||||||||
256,365 | WaMu Mortgage Pass-Through Certificates Series | 5.7500 | 01/25/33 | 241,028 | ||||||||||
461,791 | WaMu Mortgage Pass-Through Certificates Series(b) | 2.6140 | 02/25/33 | 434,667 | ||||||||||
192,294 | WaMu Mortgage Pass-Through Certificates Series(b) | 2.7370 | 06/25/33 | 181,955 | ||||||||||
31,536 | WaMu Mortgage Pass-Through Certificates Series(b) | 3.1890 | 06/25/33 | 30,227 | ||||||||||
1,135,143 | WaMu Mortgage Pass-Through Certificates Series(b) | 5.6500 | 06/25/33 | 553,796 | ||||||||||
116,555 | WaMu Mortgage Pass-Through Certificates Series 2003-AR8-A | 2.7410 | 08/25/33 | 114,094 | ||||||||||
163,130 | WaMu Mortgage Pass-Through Certificates Series(b) | 2.5280 | 09/25/33 | 125,172 | ||||||||||
805,900 | WaMu Mortgage Pass-Through Certificates Series(b) | 5.8990 | 01/25/34 | 827,038 | ||||||||||
80,399 | WaMu Mortgage Pass-Through Certificates Series | 5.5000 | 06/25/34 | 77,921 | ||||||||||
14,546 | WaMu Mortgage Pass-Through Certificates Series | 5.5000 | 07/25/34 | 14,321 | ||||||||||
59,739 | WaMu Mortgage Pass-Through Certificates Series(b) | 3.3310 | 10/25/36 | 54,676 | ||||||||||
257,812 | WaMu Mortgage Pass-Through Certificates Series(b) | 1.4790 | 11/25/41 | 219,628 | ||||||||||
96,479 | WaMu Mortgage Pass-Through Certificates Series(d) | 12MTA + 1.400% | 1.8760 | 06/25/42 | 84,185 | |||||||||
93,690 | WaMu Mortgage Pass-Through Certificates Series(d) | 12MTA + 1.400% | 1.8760 | 06/25/42 | 83,229 | |||||||||
186,960 | WaMu Mortgage Pass-Through Certificates Series(d) | 12MTA + 1.400% | 1.8760 | 06/25/42 | 167,821 | |||||||||
See accompanying notes which are an integral part of these financial statements.
39
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued) | ||||||||||||||
15,817 | WaMu Mortgage Pass-Through Certificates Series(c),(d) | 12MTA + 1.400% | 1.8760 | 06/25/42 | $ | 10,327 | ||||||||
72,214 | WaMu Mortgage Pass-Through Certificates Series(d) | 12MTA + 1.400% | 1.8760 | 08/25/42 | 67,233 | |||||||||
17,616 | WaMu Mortgage Pass-Through Certificates Series(d) | 12MTA + 1.400% | 1.8760 | 08/25/42 | 9,167 | |||||||||
2,068,253 | WaMu Mortgage Pass-Through Certificates Series(d) | 12MTA + 0.980% | 1.4560 | 07/25/46 | 1,894,347 | |||||||||
122,547 | WaMu Pass Through Certificates Series 2002-AR12(b) | 2.3250 | 10/25/32 | 117,769 | ||||||||||
75,375 | WaMu Pass Through Certificates Series 2002-AR12(b) | 2.3250 | 10/25/32 | 69,804 | ||||||||||
1,376,151 | Washington Mutual Mortgage Pass-Through | 5.5000 | 03/25/35 | 1,203,954 | ||||||||||
88,118 | Washington Mutual Mortgage Pass-Through | 5.5000 | 03/25/35 | 83,369 | ||||||||||
2,025,204 | Washington Mutual Mortgage Pass-Through(d) | US0001M + 0.500% | 2.1240 | 02/25/36 | 1,717,942 | |||||||||
351,103 | Washington Mutual Mortgage Pass-Through | 6.0000 | 03/25/36 | 287,964 | ||||||||||
321,204 | Washington Mutual Mortgage Pass-Through | 6.0000 | 04/25/37 | 290,949 | ||||||||||
61,021 | Washington Mutual Mortgage Pass-Through(d) | 12MTA + 0.940% | 1.4160 | 04/25/46 | 53,762 | |||||||||
430,821 | Washington Mutual Mortgage Pass-Through(d) | 12MTA + 0.940% | 1.4160 | 07/25/46 | 277,756 | |||||||||
675,198 | Washington Mutual Mortgage Pass-Through(d) | 12MTA + 0.960% | 1.4360 | 08/25/46 | 434,241 | |||||||||
169,813 | Washington Mutual Mortgage Pass-Through(d) | 12MTA + 0.850% | 1.3260 | 10/25/46 | 143,789 | |||||||||
33,243 | Washington Mutual MSC Mortgage Pass-Through(c) | 6.5000 | 10/19/29 | 30,979 | ||||||||||
33,243 | Washington Mutual MSC Mortgage Pass-Through(c) | 6.5000 | 10/19/29 | 30,999 | ||||||||||
58,231 | Washington Mutual MSC Mortgage Pass-Through(b) | 2.8070 | 02/25/33 | 56,062 | ||||||||||
364,211 | Washington Mutual MSC Mortgage Pass-Through(b),(c) | 5.7670 | 02/25/33 | 79,245 | ||||||||||
161,251 | Washington Mutual MSC Mortgage Pass-Through(b) | 5.7500 | 03/25/33 | 101,732 | ||||||||||
41,839 | Washington Mutual MSC Mortgage Pass-Through | 5.7500 | 03/25/33 | 39,756 | ||||||||||
44,564 | Washington Mutual MSC Mortgage Pass-Through | 7.5000 | 04/25/33 | 42,963 | ||||||||||
697,143 | Washington Mutual MSC Mortgage Pass-Through(b) | 2.6650 | 05/25/33 | 666,803 | ||||||||||
716,186 | Washington Mutual MSC Mortgage Pass-Through(b) | 7.0000 | 07/25/33 | 622,094 | ||||||||||
2,258 | Wells Fargo Alternative Loan 2007-PA2 Trust | 5.5000 | 07/25/22 | 2,245 | ||||||||||
40,631 | Wells Fargo Mortgage Backed Securities 2003-I(b) | 2.4680 | 09/25/33 | 31,317 | ||||||||||
56,599 | Wells Fargo Mortgage Backed Securities 2004-K(b) | 2.6150 | 07/25/34 | 57,178 | ||||||||||
34,114 | Wells Fargo Mortgage Backed Securities 2004-K(b) | 2.6150 | 07/25/34 | 34,509 | ||||||||||
1,347 | Wells Fargo Mortgage Backed Securities 2006-20 | 5.5000 | 07/25/22 | 1,347 | ||||||||||
261,712,889 | ||||||||||||||
HOME EQUITY — 12.5% | ||||||||||||||
1,300,807 | ABFC 2002-WF2 Trust | 0.0000 | 11/25/29 | 1,301,309 | ||||||||||
151,837 | ABFS Mortgage Loan Trust 2000-3(f) | 8.1100 | 09/15/31 | 137,635 | ||||||||||
2,689,650 | ABFS Mortgage Loan Trust 2002-1(f) | 7.0100 | 12/15/32 | 2,369,493 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
40
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
HOME EQUITY — 12.5% (Continued) | ||||||||||||||
1,047,525 | ABFS Mortgage Loan Trust 2003-1(d) | US0001M + 2.250% | 3.5740 | 08/15/33 | $ | 1,003,422 | ||||||||
375,167 | Accredited Mortgage Loan Trust 2004-3(f) | 6.0000 | 10/25/34 | 328,863 | ||||||||||
892,823 | Accredited Mortgage Loan Trust 2005-1(d) | US0001M + 3.300% | 4.9240 | 04/25/35 | 894,254 | |||||||||
17,936 | ACE Securities Corp Home Equity Loan Trust Series(d) | US0001M + 1.275% | 2.8990 | 08/25/32 | 18,321 | |||||||||
237,895 | ACE Securities Corp Home Equity Loan Trust Series(d) | US0001M + 2.250% | 3.8740 | 12/25/33 | 236,169 | |||||||||
528,589 | ACE Securities Corp Home Equity Loan Trust Series(c),(d) | US0001M + 5.250% | 6.8740 | 07/25/34 | 486,187 | |||||||||
1,531,310 | ACE Securities Corp Home Equity Loan Trust Series(d) | US0001M + 3.500% | 5.1240 | 05/25/35 | 1,536,645 | |||||||||
8,536 | ACE Securities Corp Home Equity Loan Trust Series(d) | US0001M + 0.070% | 1.6940 | 11/25/36 | 3,856 | |||||||||
226,541 | ACE Securities Corp Home Equity Loan Trust Series(d) | US0001M + 0.180% | 1.8040 | 02/25/37 | 104,475 | |||||||||
105,499 | ACE Securities Corp Home Equity Loan Trust Series(d) | US0001M + 1.875% | 3.4990 | 11/25/50 | 106,322 | |||||||||
482,688 | Aegis Asset Backed Securities Trust Mortgage(d) | US0001M + 2.025% | 3.6490 | 10/25/34 | 453,014 | |||||||||
370,110 | Aegis Asset Backed Securities Trust Mortgage Pass-(d) | US0001M + 3.150% | 4.7740 | 09/25/34 | 364,429 | |||||||||
43,095 | AFC Home Equity Loan Trust(d) | US0001M + 0.720% | 2.3440 | 09/22/28 | 42,224 | |||||||||
770,710 | AFC Trust Series 2000-2(d) | US0001M + 0.700% | 2.3240 | 06/25/30 | 640,166 | |||||||||
1,110,088 | AFC Trust Series 2000-2(d) | US0001M + 0.790% | 2.4140 | 06/25/30 | 927,177 | |||||||||
149,712 | AFC Trust Series 2000-3(c),(d) | US0001M + 0.640% | 2.2640 | 10/25/30 | 139,932 | |||||||||
835,514 | AFC Trust Series 2000-3(c),(d) | US0001M + 0.750% | 2.3740 | 10/25/30 | 776,098 | |||||||||
1,122,437 | Ameriquest Mort Sec Inc Asset Bk Pass Thr Cert Ser(d) | US0001M + 3.375% | 4.9990 | 11/25/32 | 1,109,431 | |||||||||
45,305 | Ameriquest Mortgage Securities Asset-Backed(d) | US0001M + 2.850% | 4.4740 | 08/25/32 | 44,255 | |||||||||
186,636 | Ameriquest Mortgage Securities Asset-Backed(d) | US0001M + 4.500% | 3.3230 | 01/25/33 | 184,516 | |||||||||
388,419 | Ameriquest Mortgage Securities Inc Asset-Backed(d) | US0001M + 3.750% | 2.9370 | 02/25/33 | 359,510 | |||||||||
965,722 | Amresco Residential Securities Corp Mort Loan(d) | US0001M + 0.750% | 2.8740 | 11/25/29 | 914,533 | |||||||||
51,394 | Amresco Residential Securities Corp Mortgage Loan(f) | 7.5010 | 10/25/27 | 51,365 | ||||||||||
762,597 | Argent Securities Inc Asset-Backed Pass-Through(d) | US0001M + 5.625% | 3.7490 | 09/25/33 | 676,915 | |||||||||
1,742,768 | Asset Backed Securities Corp Home Equity Loan(d) | US0001M + 5.250% | 6.5740 | 01/15/33 | 1,607,487 | |||||||||
7,748 | Asset Backed Securities Corp Home Equity Loan(d) | US0001M + 0.080% | 1.7040 | 05/25/37 | 5,177 | |||||||||
292,144 | Bayview Financial Asset Trust 2007-SSR1(c),(d) | US0001M + 0.800% | 2.4240 | 03/25/37 | 280,373 | |||||||||
172,574 | Bayview Financial Asset Trust 2007-SSR1(c),(d) | US0001M + 1.150% | 2.7740 | 03/25/37 | 167,838 | |||||||||
82,655 | Bayview Financial Mortgage Pass-Through(d) | US0001M + 2.850% | 4.4830 | 08/28/44 | 82,867 | |||||||||
373,896 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 1.755% | 3.3790 | 09/25/34 | 365,349 | |||||||||
9,082,000 | Bear Stearns Asset Backed Securities I Trust 2004-1 BO1 M9a(d) | US0001M + 6.000% | 7.6240 | 10/25/34 | 9,264,874 | |||||||||
148,759 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 4.650% | 4.9050 | 12/25/34 | 159,312 | |||||||||
674,813 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 2.550% | 4.1740 | 05/25/35 | 650,776 | |||||||||
3,547,332 | Bear Stearns Asset Backed Securities I Trust 2005-TC M*(c),(d) | US0001M + 4.500% | 4.5080 | 08/25/35 | 3,616,210 | |||||||||
See accompanying notes which are an integral part of these financial statements.
41
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
HOME EQUITY — 12.5% (Continued) | ||||||||||||||
1,395,447 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 0.615% | 2.2390 | 02/25/36 | $ | 1,596,077 | ||||||||
5,770,261 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 0.450% | 2.0740 | 06/25/36 | 4,945,783 | |||||||||
277,664 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 0.270% | 1.8940 | 01/25/37 | 901,534 | |||||||||
21,500 | Bear Stearns Second Lien Trust 2007-1(d) | US0001M + 0.440% | 2.0640 | 08/25/37 | 19,988 | |||||||||
502,578 | Bond Securitization Trust 2003-1(b) | 0.0000 | 10/25/34 | 447,294 | ||||||||||
140,977 | Centex Home Equity Loan Trust 2004-C(d) | US0001M + 0.795% | 2.4190 | 06/25/34 | 131,457 | |||||||||
332,914 | Centex Home Equity Loan Trust 2004-D(f) | 6.0600 | 09/25/34 | 322,675 | ||||||||||
466,300 | Citigroup Mortgage Loan Trust 2007-OPX1(f) | 5.8630 | 01/25/37 | 228,874 | ||||||||||
2,301,000 | Citigroup Mortgage Loan Trust, Inc.(d) | US0001M + 4.500% | 6.1240 | 12/25/33 | 2,351,105 | |||||||||
95,536 | Contimortgage Home Equity Loan Trust 1996-4(d) | US0001M + 0.480% | 1.8040 | 01/15/28 | 80,657 | |||||||||
163 | Countrywide Asset-Backed Certificates(b) | 5.0910 | 05/25/32 | 160 | ||||||||||
7 | Countrywide Asset-Backed Certificates(b) | 5.8340 | 07/25/34 | 7 | ||||||||||
38,953 | Countrywide Asset-Backed Certificates(f) | 5.2520 | 02/25/35 | 38,874 | ||||||||||
629,975 | Countrywide Home Equity Loan Trust(d) | US0001M + 0.150% | 1.0250 | 11/15/36 | 497,245 | |||||||||
28,823 | Countrywide Home Equity Loan Trust(d) | US0001M + 0.150% | 1.0250 | 11/15/36 | 26,066 | |||||||||
712,963 | Credit Suisse First Boston Mortgage Securities(d) | US0001M + 0.740% | 2.3640 | 08/25/32 | 673,304 | |||||||||
578,775 | Credit Suisse First Boston Mortgage Securities(d) | US0001M + 3.250% | 3.3050 | 04/25/34 | 530,492 | |||||||||
44,823 | CWABS Revolving Home Equity Loan Trust Series(d) | US0001M + 0.280% | 1.6040 | 02/15/34 | 44,157 | |||||||||
91,260 | CWABS Revolving Home Equity Loan Trust Series(d) | US0001M + 0.280% | 1.6040 | 02/15/34 | 86,535 | |||||||||
2,296,723 | CWHEQ Home Equity Loan Trust Series 2006-S5 | 6.1550 | 06/25/35 | 2,833,849 | ||||||||||
518,153 | CWHEQ Revolving Home Equity Loan Trust Series(d) | US0001M + 0.240% | 1.5640 | 02/15/36 | 490,610 | |||||||||
820,516 | CWHEQ Revolving Home Equity Loan Trust Series(d) | US0001M + 0.340% | 1.6640 | 02/15/36 | 774,202 | |||||||||
1,046,693 | CWHEQ Revolving Home Equity Loan Trust Series(d) | US0001M + 0.200% | 1.5240 | 05/15/36 | 987,696 | |||||||||
63,573 | CWHEQ Revolving Home Equity Loan Trust Series(d) | US0001M + 0.140% | 1.4640 | 01/15/37 | 58,232 | |||||||||
441,574 | EquiFirst Mortgage Loan Trust 2004-2(d) | US0001M + 1.875% | 3.4990 | 10/25/34 | 435,441 | |||||||||
323,889 | FirstCity Capital Home Equity Loan Trust 1998-2(c),(d) | US0001M + 0.800% | 2.4240 | 01/25/29 | 313,472 | |||||||||
353,758 | FirstCity Capital Home Equity Loan Trust 1998-2(c) | 6.9900 | 01/25/29 | 353,681 | ||||||||||
242,635 | GMACM Home Equity Loan Trust 2004-HE1(d) | US0001M + 0.500% | 0.6080 | 06/25/34 | 235,902 | |||||||||
474,953 | GMACM Home Equity Loan Trust 2004-HE1(c),(d) | US0001M + 0.500% | 0.6080 | 06/25/34 | 461,773 | |||||||||
131,893 | GMACM Home Equity Loan Trust 2004-HE3(c),(d) | US0001M + 0.500% | 2.1240 | 10/25/34 | 132,515 | |||||||||
15,178 | GMACM Home Equity Loan Trust 2005-HE1(c),(d) | US0001M + 0.500% | 2.1240 | 08/25/35 | 9,565 | |||||||||
1,397,342 | GMACM Home Equity Loan Trust 2007-HE2(d) | US0001M + 0.140% | 1.7640 | 12/25/37 | 1,330,250 | |||||||||
1,060,314 | GMACM Home Equity Loan Trust 2007-HE2(f) | 7.4240 | 12/25/37 | 1,080,050 | ||||||||||
545,344 | GMACM Mortgage Loan Trust 2004-GH1(f) | 5.5000 | 07/25/35 | 338,385 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
42
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
HOME EQUITY — 12.5% (Continued) | ||||||||||||||
102,851 | GSAA Home Equity Trust 2005-2(d) | US0001M + 2.175% | 3.7990 | 12/25/34 | $ | 136,858 | ||||||||
2,966,872 | GSAA Home Equity Trust 2005-5(d) | US0001M + 2.550% | 4.1740 | 02/25/35 | 2,833,579 | |||||||||
17,334 | GSAA Trust 2004-3(f) | 6.2200 | 04/25/34 | 16,962 | ||||||||||
44,605 | Home Equity Asset Trust(d) | US0001M + 1.500% | 3.1240 | 03/25/33 | 43,794 | |||||||||
160,222 | Home Equity Asset Trust(d) | US0001M + 4.750% | 6.3740 | 06/25/33 | 1,179,916 | |||||||||
96,264 | Home Equity Asset Trust(d) | US0001M + 3.250% | 4.8740 | 04/25/34 | 143,650 | |||||||||
18,412 | Home Equity Asset Trust 2002-2(d) | US0001M + 2.600% | 4.2240 | 06/25/32 | 30,224 | |||||||||
274,764 | Home Equity Loan Trust 2006-HSA3(d) | US0001M + 0.130% | 1.7540 | 05/25/36 | 270,302 | |||||||||
196,997 | Home Equity Mortgage Loan Asset-Backed Trust(d) | US0001M + 1.425% | 3.0490 | 10/25/33 | 183,520 | |||||||||
88,634 | Home Equity Mortgage Loan Asset-Backed Trust(d) | US0001M + 2.025% | 3.6490 | 07/25/34 | 86,661 | |||||||||
629,413 | Home Equity Mortgage Trust 2007-1(d) | US0001M + 0.340% | 1.9640 | 05/25/37 | 599,745 | |||||||||
625,869 | Imc Home Equity Loan Trust 1998-3(f) | 5.4320 | 08/20/29 | 643,806 | ||||||||||
107,333 | IMC Home Equity Loan Trust 1998-5(f) | 5.8440 | 12/20/29 | 104,355 | ||||||||||
55,091 | Irwin Home Equity Loan Trust 2004-1(d) | US0001M + 1.875% | 3.4990 | 12/25/34 | 54,092 | |||||||||
673,926 | Irwin Home Equity Loan Trust 2006-P1(c),(d) | US0001M + 0.280% | 1.9040 | 12/25/36 | 643,634 | |||||||||
800,455 | Irwin Home Equity Loan Trust 2006-P1(c),(f) | 6.3000 | 06/25/37 | 788,697 | ||||||||||
11,206 | IXIS Real Estate Capital Trust 2005-HE4(d) | US0001M + 0.630% | 2.2540 | 02/25/36 | 11,606 | |||||||||
241,914 | MAFI II Remic Trust 1999-A(b),(c) | 8.0000 | 03/20/25 | 232,193 | ||||||||||
217,493 | Mastr Asset Backed Securities Trust 2003-NC1(d) | US0001M + 5.250% | 3.9890 | 04/25/33 | 219,043 | |||||||||
83,150 | Mastr Asset Backed Securities Trust 2003-WMC2(d) | US0001M + 2.475% | 4.0990 | 08/25/33 | 81,727 | |||||||||
821,114 | Mastr Asset Backed Securities Trust 2005-NC2(d) | US0001M + 0.500% | 2.1240 | 11/25/35 | 523,873 | |||||||||
1,314,565 | Mastr Asset Backed Securities Trust 2005-NC2(d) | US0001M + 0.700% | 2.3240 | 11/25/35 | 838,910 | |||||||||
55,334 | Meritage Mortgage Loan Trust 2003-1(d) | US0001M + 2.325% | 3.9490 | 11/25/33 | 52,321 | |||||||||
927,752 | Merrill Lynch Mortgage Investors Trust Series(d) | US0001M + 3.075% | 4.6990 | 10/25/35 | 882,015 | |||||||||
5,693,290 | Merrill Lynch Mortgage Investors Trust Series(c),(d) | US0001M + 1.125% | 2.7490 | 08/25/36 | 6,264,898 | |||||||||
126,479 | Morgan Stanley A.B.S Capital I Inc Trust 2003-NC8(d) | US0001M + 3.150% | 4.7740 | 09/25/33 | 124,976 | |||||||||
2,153 | Morgan Stanley A.B.S Capital I Inc Trust 2007-HE4(d) | US0001M + 0.110% | 1.7340 | 02/25/37 | 728 | |||||||||
59,890 | Morgan Stanley Dean Witter Capital I Inc Trust(d) | US0001M + 2.100% | 3.7240 | 02/25/32 | 59,583 | |||||||||
112,851 | Morgan Stanley Dean Witter Capital I Inc Trust(d) | US0001M + 3.300% | 4.9240 | 02/25/32 | 472,611 | |||||||||
91,206 | Morgan Stanley Dean Witter Capital I Inc Trust(d) | US0001M + 5.625% | 7.2490 | 02/25/33 | 654,425 | |||||||||
1,642,789 | Morgan Stanley Dean Witter Capital I Inc Trust(d) | US0001M + 5.625% | 7.2490 | 02/25/33 | 1,680,269 | |||||||||
207,741 | Morgan Stanley Mortgage Loan Trust 2005-8SL(d) | US0001M + 0.735% | 2.3590 | 11/25/35 | 403,409 | |||||||||
105,171 | Morgan Stanley Mortgage Loan Trust 2006-16AX(d) | US0001M + 0.340% | 1.9640 | 11/25/36 | 36,125 | |||||||||
2,611,223 | Morgan Stanley Mortgage Loan Trust 2007-10XS(b) | 6.2500 | 02/25/37 | 1,895,059 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
43
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
HOME EQUITY — 12.5% (Continued) | ||||||||||||||
4,469,863 | Morgan Stanley Mortgage Loan Trust 2007-8XS(b) | 6.0000 | 04/25/37 | $ | 3,176,053 | |||||||||
297,720 | New Century Home Equity Loan Trust 2003-6(d) | US0001M + 1.080% | 2.7040 | 01/25/34 | 287,634 | |||||||||
4,481 | New Century Home Equity Loan Trust Series 2003-5(b) | 4.8580 | 11/25/33 | 4,437 | ||||||||||
45,233 | New Century Home Equity Loan Trust Series 2003-5(f) | 6.0000 | 11/25/33 | 44,341 | ||||||||||
691,151 | NovaStar Mortgage Funding Trust Series 2003-2(d) | US0001M + 2.775% | 4.3990 | 09/25/33 | 697,721 | |||||||||
228,059 | Option One Mortgage Loan Trust 2004-1(d) | US0001M + 1.650% | 3.2740 | 01/25/34 | 222,690 | |||||||||
178,972 | Option One Mortgage Loan Trust 2004-1(d) | US0001M + 2.475% | 4.0990 | 01/25/34 | 161,240 | |||||||||
379,968 | Option One Mortgage Loan Trust 2004-2(d) | US0001M + 1.575% | 3.1990 | 05/25/34 | 395,376 | |||||||||
104,819 | Option One Mortgage Loan Trust 2004-2(d) | US0001M + 3.000% | 4.6240 | 05/25/34 | 97,304 | |||||||||
1,031,451 | Option One Mortgage Loan Trust 2007-FXD1(f) | 5.8660 | 01/25/37 | 883,484 | ||||||||||
350,992 | Option One Mortgage Loan Trust 2007-FXD2(f) | 6.1020 | 03/25/37 | 326,517 | ||||||||||
162,778 | RAAC Series 2004-SP1 Trust(f) | 6.1180 | 03/25/34 | 159,481 | ||||||||||
12,119 | RASC Series 2003-KS4 Trust(f) | 4.6700 | 06/25/33 | 12,115 | ||||||||||
2,742,835 | RASC Series 2004-KS11 Trust(d) | US0001M + 1.000% | 3.1240 | 12/25/34 | 2,928,075 | |||||||||
67,659 | Renaissance Home Equity Loan Trust 2002-4(f) | 7.5720 | 03/25/33 | 53,243 | ||||||||||
155,154 | Renaissance Home Equity Loan Trust 2004-3(f) | 5.3240 | 11/25/34 | 143,733 | ||||||||||
230,794 | Renaissance Home Equity Loan Trust 2005-4(f) | 5.8250 | 02/25/36 | 218,065 | ||||||||||
20,093 | Saco I Trust 2007-1(d) | US0001M + 0.320% | 1.9440 | 01/25/37 | 20,247 | |||||||||
40,917 | Saco I Trust 2007-2(d) | US0001M + 0.320% | 1.9440 | 02/25/37 | 40,178 | |||||||||
2,132,200 | Saxon Asset Securities Trust 2001-2(d) | US0001M + 0.795% | 2.4190 | 03/25/31 | 1,873,057 | |||||||||
32,497,631 | Soundview Home Loan Trust 2007-OPT4(a),(b) | 0.5800 | 09/25/37 | 683,731 | ||||||||||
477,796 | Structured Asset Securities Corp Mortgage Pass-Through | 3.3750 | 08/25/31 | 470,587 | ||||||||||
225,000 | Structured Asset Securities Corp Pass-Through | 0.0000 | 02/25/32 | 547,814 | ||||||||||
362,134 | Terwin Mortgage Trust 2004-1HE(c),(d) | US0001M + 2.475% | 4.0990 | 02/25/34 | 324,355 | |||||||||
2,299,763 | Terwin Mortgage Trust 2004-21HE(c),(d) | US0001M + 2.625% | 4.2490 | 12/25/34 | 2,209,675 | |||||||||
1,148,078 | Terwin Mortgage Trust 2006-4SL(b),(c) | 0.1320 | 05/25/37 | 623,775 | ||||||||||
1,704,285 | Terwin Mortgage Trust 2006-6(b),(c) | 0.2070 | 07/25/37 | 729,894 | ||||||||||
4,512,148 | Truman Capital Mortgage Loan Trust(c),(d) | US0001M + 4.650% | 6.2740 | 11/25/32 | 4,011,979 | |||||||||
14,600 | United National Home Loan Owner Trust 1999-1(f) | 6.9100 | 03/25/25 | 14,512 | ||||||||||
40,213 | Wells Fargo Home Equity Asset-Backed Securities(b) | 4.9800 | 04/25/34 | 40,243 | ||||||||||
140,136 | Wells Fargo Home Equity Asset-Backed Securities(d) | US0001M + 2.820% | 4.4440 | 10/25/34 | 138,324 | |||||||||
693,175 | Wells Fargo Home Equity Asset-Backed Securities(d) | US0001M + 2.550% | 4.1740 | 04/25/35 | 669,293 | |||||||||
98,571,425 |
See accompanying notes which are an integral part of these financial statements.
44
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
MANUFACTURED HOUSING — 2.9% | ||||||||||||||
416,168 | ACE Securities Corp Manufactured Housing Trust(c),(e) | 0.0000 | 08/15/30 | $ | 352,915 | |||||||||
864,053 | BCMSC Trust 1998-C(b) | 7.5100 | 01/15/29 | 789,601 | ||||||||||
731,888 | BCMSC Trust 1999-B(b) | 6.9750 | 12/15/29 | 115,978 | ||||||||||
611,382 | BCMSC Trust 1999-B(b) | 7.1800 | 12/15/29 | 99,730 | ||||||||||
4,944,914 | BCMSC Trust 1999-B(b) | 7.4400 | 12/15/29 | 835,833 | ||||||||||
737,790 | BCMSC Trust 1999-B(b) | 7.8500 | 12/15/29 | 131,580 | ||||||||||
2,193,137 | Conseco Finance Corporation(b) | 7.0200 | 10/15/27 | 2,091,663 | ||||||||||
319,929 | Conseco Finance Corporation(b) | 7.5300 | 03/15/28 | 307,724 | ||||||||||
2,657,002 | Conseco Finance Corporation(b) | 7.5400 | 06/15/28 | 2,688,380 | ||||||||||
4,059,918 | Conseco Finance Corporation(b) | 7.2400 | 11/15/28 | 3,929,814 | ||||||||||
405,894 | Conseco Finance Corporation(b) | 6.9400 | 12/01/28 | 385,097 | ||||||||||
2,977,520 | Conseco Finance Corporation(b) | 7.5000 | 03/01/30 | 1,349,495 | ||||||||||
233,956 | Deutsche Financial Capital Securitization, LLC | 6.8000 | 04/15/28 | 235,480 | ||||||||||
2,211,756 | Deutsche Financial Capital Securitization, LLC | 7.2750 | 04/15/28 | 2,086,879 | ||||||||||
10,450 | MERIT Securities Corporation(f) | 7.6300 | 07/28/33 | 10,448 | ||||||||||
1,134,153 | Morgan Stanley Resecuritization Trust 2015-R7(b),(c) | 7.0600 | 02/26/29 | 1,107,670 | ||||||||||
10,574 | Oakwood Mortgage Investors, Inc. | 7.7500 | 08/15/27 | 10,166 | ||||||||||
723,869 | Oakwood Mortgage Investors, Inc.(b) | 7.3250 | 02/15/28 | 713,158 | ||||||||||
1,333,906 | Oakwood Mortgage Investors, Inc.(c) | 7.4150 | 01/15/29 | 1,300,350 | ||||||||||
1,100,151 | Oakwood Mortgage Investors, Inc. | 8.4900 | 10/15/30 | 1,064,467 | ||||||||||
159,489 | Oakwood Mortgage Investors, Inc.(b) | 5.2600 | 08/15/31 | 88,636 | ||||||||||
45,511 | Oakwood Mortgage Investors, Inc.(b) | 5.1900 | 06/15/32 | 44,907 | ||||||||||
2,192,288 | Origen Manufactured Housing Contract Trust 2006-A(b) | 2.7050 | 10/15/37 | 2,023,686 | ||||||||||
1,146,202 | Origen Manufactured Housing Contract Trust 2007-A(b) | 3.4850 | 04/15/37 | 1,069,499 | ||||||||||
22,896 | UCFC Manufactured Housing Contract | 6.2270 | 01/15/30 | 22,915 | ||||||||||
22,856,071 | ||||||||||||||
NON AGENCY CMBS — 15.0% | ||||||||||||||
1,668,895 | BAMLL Re-REMIC Trust 2016-RRGG10(b),(c) | 6.0250 | 08/10/45 | 534,047 | ||||||||||
711,763 | Banc of America Commercial Mortgage Trust 2006-4(b) | 5.7540 | 07/10/46 | 655,356 | ||||||||||
7,149,923 | Banc of America Commercial Mortgage Trust 2007-1(b) | 5.5230 | 01/15/49 | 3,512,273 | ||||||||||
36,759 | Bayview Commercial Asset Trust 2004-3(c),(d) | US0001M + 1.500% | 3.1240 | 01/25/35 | 36,584 | |||||||||
327,804 | Bayview Commercial Asset Trust 2005-3(c),(d) | US0001M + 1.650% | 3.2740 | 11/25/35 | 296,274 | |||||||||
150,338 | Bayview Commercial Asset Trust 2006-2(c),(d) | US0001M + 1.305% | 2.9290 | 07/25/36 | 137,125 | |||||||||
310,916 | Bear Stearns Asset Backed Securities Trust 2003-3(d) | US0001M + 1.230% | 2.8540 | 06/25/43 | 309,474 | |||||||||
See accompanying notes which are an integral part of these financial statements.
45
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
NON AGENCY CMBS — 15.0% (Continued) | ||||||||||||||
12,007 | Bear Stearns Commercial Mortgage Securities Trust 2007-T26 AJ(b) | 5.5660 | 01/12/45 | $ | 11,921 | |||||||||
2,064,678 | CD 2005-CD1 Commercial Mortgage Trust(b),(c) | 5.3710 | 07/15/44 | 2,061,932 | ||||||||||
1,760,750 | CD 2007-CD5 Mortgage Trust(b),(c) | 6.5820 | 11/15/44 | 1,749,833 | ||||||||||
15,707,117 | CFCRE Commercial Mortgage Trust 2017-C8 X-A(a),(b) | 1.6470 | 06/15/50 | 877,382 | ||||||||||
3,401,495 | CG-CCRE Commercial Mortgage Trust 2014-FL1(c),(d) | US0001M + 1.150% | 2.4740 | 06/15/31 | 3,309,810 | |||||||||
33,775,193 | Citigroup Commercial Mortgage Trust 2014-GC23(a),(b) | 1.0580 | 07/10/47 | 526,673 | ||||||||||
1,639,864 | COMM 2010-C1 Mortgage Trust(b),(c) | 5.9850 | 07/10/46 | 1,612,007 | ||||||||||
12,707 | COMM 2012-LC4 Mortgage Trust(b) | 4.9340 | 12/10/44 | 12,689 | ||||||||||
2,000,000 | COMM 2013-LC13 Mortgage Trust(b),(c) | 5.4250 | 08/10/46 | 1,824,894 | ||||||||||
108,610,000 | COMM 2014-CCRE19 Mortgage Trust(a),(b),(c) | 0.0001 | 08/10/47 | 62,179 | ||||||||||
21,414,013 | COMM 2015-LC21 Mortgage Trust Series 2015-LC21 Class X-A(a),(b) | 0.8100 | 07/10/48 | 342,671 | ||||||||||
3,393 | Credit Suisse Commercial Mortgage Trust Series(b),(c) | 5.7920 | 01/15/49 | 3,397 | ||||||||||
2,935,145 | CSMC 2014-USA OA, LLC(a),(b),(c) | 0.6860 | 09/15/37 | 41,713 | ||||||||||
2,080,000 | CSMC Trust 2017-CHOP(c),(d) | US0001M + 4.350% | 5.6740 | 07/15/32 | 1,914,244 | |||||||||
2,261,111 | DBUBS 2011-LC3 Mortgage Trust Series 2011-LC3A D(b),(c) | 5.5490 | 08/10/44 | 2,168,987 | ||||||||||
2,255,826 | Greenwich Capital Commercial Mortgage Trust(b),(c) | 5.9280 | 03/18/49 | 1,354,398 | ||||||||||
3,021,419 | GS Mortgage Securities Corporation II(c),(d) | US0001M + 1.550% | 3.1240 | 09/15/31 | 2,664,198 | |||||||||
704,380 | GS Mortgage Securities Corporation II(c),(d) | US0001M + 2.750% | 4.3240 | 09/15/31 | 564,781 | |||||||||
310,434 | GS Mortgage Securities Trust 2010-C1(c) | 5.1480 | 08/10/43 | 305,063 | ||||||||||
3,000,000 | GS Mortgage Securities Trust 2010-C1(b),(c) | 5.6350 | 08/10/43 | 2,737,931 | ||||||||||
9,456,000 | GS Mortgage Securities Trust 2010-C1(b),(c) | 6.5660 | 08/10/43 | 6,562,024 | ||||||||||
952,393 | GS Mortgage Securities Trust 2011-GC5(b),(c) | 5.2090 | 08/10/44 | 947,098 | ||||||||||
481,000 | GS Mortgage Securities Trust 2011-GC5(b),(c) | 5.3020 | 08/10/44 | 204,906 | ||||||||||
1,000,000 | Harvest Commercial Capital Loan Trust 2020-1(b),(c) | 5.9640 | 04/25/52 | 886,177 | ||||||||||
159,272 | Impac CMB Trust Series 2004-8(d) | US0001M + 1.575% | 3.1990 | 08/25/34 | 150,764 | |||||||||
9,430,305 | JP Morgan Chase Commercial Mortgage Securities(c) | 3.9100 | 05/05/30 | 7,544,244 | ||||||||||
675,413 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 6.6000 | 07/12/35 | 673,825 | ||||||||||
7,442,679 | JP Morgan Chase Commercial Mortgage Securities 2010-C2 D(b),(c) | 5.8610 | 11/15/43 | 7,433,376 | ||||||||||
2,100,000 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 5.8610 | 11/15/43 | 1,765,873 | ||||||||||
1,530,202 | JP Morgan Chase Commercial Mortgage Securities(b) | 5.4890 | 12/12/43 | 1,078,352 | ||||||||||
119,058 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 5.1140 | 05/15/45 | 91,311 | ||||||||||
1,371,115 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 5.0130 | 02/15/46 | 1,314,786 | ||||||||||
5,000,000 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 5.3600 | 02/15/46 | 4,754,274 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
46
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
NON AGENCY CMBS — 15.0% (Continued) | ||||||||||||||
5,378,000 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 5.7080 | 02/15/46 | $ | 3,923,815 | |||||||||
107,000 | JP Morgan Chase Commercial Mortgage Securities(b) | 4.3030 | 04/15/46 | 80,144 | ||||||||||
6,456 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 5.6040 | 07/15/46 | 6,434 | ||||||||||
2,058,000 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 5.7420 | 07/15/46 | 2,003,052 | ||||||||||
12,178,564 | JP Morgan Chase Commercial Mortgage Securities 2006-LDP9 A-MS | 5.3370 | 05/15/47 | 11,188,861 | ||||||||||
25,041 | JP Morgan Chase Commercial Mortgage Securities(b) | 6.7220 | 02/15/51 | 22,329 | ||||||||||
11,700,413 | JP Morgan Chase Commercial Mortgage Securities(b) | 7.0510 | 02/15/51 | 11,438,724 | ||||||||||
4,355,000 | LBSBC NIM Company 2005-2(c) | 5.5000 | 09/27/30 | 4,328,848 | ||||||||||
745,451 | LBSBC NIM Company 2005-2(c) | 7.8600 | 09/27/30 | 744,315 | ||||||||||
100 | LBSBN 2005-2A PS | 0.0000 | 09/27/30 | 1,855,000 | ||||||||||
6,472,898 | LB-UBS Commercial Mortgage Trust 2006-C6(b) | 5.4520 | 09/15/39 | 2,653,888 | ||||||||||
13,208 | Merrill Lynch Mortgage Investors Trust Series(b),(c) | 6.2500 | 11/15/26 | 13,271 | ||||||||||
66,303 | Merrill Lynch Mortgage Trust 2005-CKI1(b),(c) | 5.3420 | 11/12/37 | 32,623 | ||||||||||
323,253 | Merrill Lynch Mortgage Trust 2006-C1(b) | 6.5690 | 05/12/39 | 303,396 | ||||||||||
718,603 | ML-CFC Commercial Mortgage Trust 2007-9(b) | 6.1930 | 09/12/49 | 703,466 | ||||||||||
325,824 | ML-CFC Commercial Mortgage Trust 2007-9(b) | 6.2220 | 09/12/49 | 315,316 | ||||||||||
2,641,326 | Morgan Stanley Capital I Trust 2006-TOP21(b),(c) | 5.6580 | 10/12/52 | 2,788,375 | ||||||||||
142,101 | Morgan Stanley Capital I Trust 2011-C2 D(b),(c) | 5.3850 | 06/15/44 | 135,137 | ||||||||||
545,000 | Morgan Stanley Capital I Trust 2011-C2(b),(c) | 5.3850 | 06/15/44 | 436,000 | ||||||||||
991,000 | Morgan Stanley Capital I Trust 2011-C3(b),(c) | 5.2540 | 07/15/49 | 953,105 | ||||||||||
198,000 | Morgan Stanley Capital I Trust 2011-C3(b),(c) | 5.2540 | 07/15/49 | 174,762 | ||||||||||
1,787,950 | Morgan Stanley Capital I Trust 2011-C3(b),(c) | 5.2540 | 07/15/49 | 1,251,847 | ||||||||||
384,000 | Morgan Stanley Capital I Trust 2011-C3(b),(c) | 5.2540 | 07/15/49 | 203,043 | ||||||||||
3,000,000 | ReadyCap Commercial Mortgage Trust 2018-4(b),(c) | 5.1990 | 02/27/51 | 2,661,210 | ||||||||||
8,000,000 | TMSQ 2014-1500 Mortgage Trust(a),(b),(c) | 0.2830 | 10/10/36 | 28,680 | ||||||||||
22,807 | UBS Commercial Mortgage Trust 2012-C1(b),(c) | 6.6590 | 05/10/45 | 22,698 | ||||||||||
296,000 | UBS-Citigroup Commercial Mortgage Trust 2011-C1 D(b),(c) | 6.6630 | 01/10/45 | 260,510 | ||||||||||
265,000 | UBS-Citigroup Commercial Mortgage Trust 2011-C1 E(b),(c) | 6.6630 | 01/10/45 | 106,407 | ||||||||||
1,659,450 | Wachovia Bank Commercial Mortgage Trust Series(b),(c) | 5.3100 | 01/15/41 | 1,648,629 | ||||||||||
1,240,287 | Wachovia Bank Commercial Mortgage Trust Series(b),(c) | 5.2740 | 10/15/44 | 1,169,854 | ||||||||||
1,479,000 | WFRBS Commercial Mortgage Trust 2011-C4(b),(c) | 5.0260 | 06/15/44 | 1,305,497 | ||||||||||
225,000 | WFRBS Commercial Mortgage Trust 2013-C11(b),(c) | 4.3710 | 03/15/45 | 216,966 | ||||||||||
4,820,408 | WFRBS Commercial Mortgage Trust 2014-C19(a),(b) | 1.1420 | 03/15/47 | 52,716 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
47
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
NON AGENCY CMBS — 15.0% (Continued) | ||||||||||||||
3,000,000 | X-Caliber Funding, LLC(c),(d) | US0001M + 3.000% | 4.0000 | 01/06/26 | $ | 2,918,092 | ||||||||
118,981,856 | ||||||||||||||
OTHER ABS — 0.6% | ||||||||||||||
106,121 | AFC Trust Series 2000-4(c),(d) | US0001M + 0.770% | 2.3940 | 01/25/31 | 100,469 | |||||||||
2,111,717 | Legal Fee Funding 2006-1, LLC(c) | 8.0000 | 07/20/36 | 2,135,474 | ||||||||||
177,722 | Oakwood Mortgage Investors, Inc.(b),(c) | 8.4500 | 10/15/26 | 176,199 | ||||||||||
2,269,169 | PEAR 2020-1, LLC(c) | 3.7500 | 12/15/32 | 2,207,555 | ||||||||||
4,619,697 | ||||||||||||||
RESIDENTIAL MORTGAGE — 10.0% | ||||||||||||||
992,136 | Ameriquest Mortgage Securities Asset-Backed(d) | US0001M + 2.760% | 4.3840 | 05/25/34 | 907,309 | |||||||||
479,725 | Bear Stearns Asset Backed Securities Trust(d) | US0001M + 0.900% | 2.5240 | 12/25/33 | 455,833 | |||||||||
1,788,000 | Bear Stearns Asset Backed Securities Trust(d) | US0001M + 2.250% | 3.8740 | 04/25/36 | 1,693,618 | |||||||||
29,420 | Bear Stearns Asset Backed Securities Trust(b) | 2.6900 | 07/25/36 | 29,150 | ||||||||||
90,152 | Bear Stearns Asset Backed Securities Trust | 5.5000 | 08/25/36 | 89,908 | ||||||||||
331,786 | Bear Stearns Asset Backed Securities Trust(d) | 12MTA + 0.980% | 1.4560 | 10/25/36 | 121,838 | |||||||||
350,020 | Bear Stearns Asset Backed Securities Trust | 6.0000 | 10/25/36 | 205,846 | ||||||||||
277,237 | Bear Stearns Asset Backed Securities Trust(d) | US0001M + 3.150% | 4.7740 | 11/25/39 | 260,706 | |||||||||
902,000 | Bear Stearns Asset Backed Securities Trust(d) | US0001M + 3.150% | 4.7740 | 12/25/42 | 925,184 | |||||||||
550,000 | Bear Stearns Asset Backed Securities Trust(d) | US0001M + 3.150% | 4.7740 | 12/25/42 | 569,374 | |||||||||
39,341 | Bear Stearns Asset Backed Securities Trust(e) | 0.0000 | 09/25/46 | 28,700 | ||||||||||
186,301 | Bear Stearns Asset Backed Securities Trust | 5.5000 | 09/25/46 | 169,589 | ||||||||||
2,987,000 | Bear Stearns Asset Backed Securities Trust 2006-2(d) | US0001M + 2.625% | 4.2490 | 07/25/36 | 2,937,979 | |||||||||
144,312 | Carrington Mortgage Loan Trust Series 2005-FRE1(d) | US0001M + 0.705% | 2.3290 | 12/25/35 | 144,193 | |||||||||
939,259 | Chase Funding Trust Series 2003-6(d) | US0001M + 0.750% | 2.3740 | 11/25/34 | 942,995 | |||||||||
59,918 | Chase Funding Trust Series 2003-6(f) | 4.9040 | 11/25/34 | 58,067 | ||||||||||
1,205 | Citicorp Residential Mortgage Trust Series 2007-2(f) | 4.8380 | 06/25/37 | 1,203 | ||||||||||
146,393 | Citigroup Mortgage Loan Trust, Inc.(d) | US0001M + 2.625% | 4.2490 | 11/25/34 | 830,415 | |||||||||
7,115 | Citigroup Mortgage Loan Trust, Inc.(f) | 6.0300 | 11/25/34 | 7,157 | ||||||||||
452,008 | Countrywide Asset-Backed Certificates(d) | US0001M + 2.625% | 4.2490 | 10/25/33 | 443,481 | |||||||||
1,306,679 | Countrywide Asset-Backed Certificates(d) | US0001M + 0.660% | 2.2840 | 11/25/33 | 1,184,321 | |||||||||
39,973 | Countrywide Asset-Backed Certificates(c),(f) | 5.5000 | 08/25/35 | 39,722 | ||||||||||
665,653 | Countrywide Asset-Backed Certificates(f) | 4.0270 | 01/25/37 | 542,960 | ||||||||||
1,011,019 | Countrywide Asset-Backed Certificates(d) | US0001M + 0.500% | 2.1240 | 05/25/37 | 845,327 | |||||||||
10,312 | Credit-Based Asset Servicing and Securitization,(b),(c) | 4.8070 | 02/03/29 | 7,982 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
48
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
RESIDENTIAL MORTGAGE — 10.0% (Continued) | ||||||||||||||
26,620 | Credit-Based Asset Servicing and Securitization,(d) | US0001M + 2.850% | 4.4740 | 06/25/32 | $ | 26,620 | ||||||||
254,755 | Credit-Based Asset Servicing and Securitization,(d) | US0001M + 2.100% | 3.7240 | 12/25/33 | 254,720 | |||||||||
303,607 | Credit-Based Asset Servicing and Securitization,(f) | 3.0090 | 12/25/36 | 257,136 | ||||||||||
732,095 | Credit-Based Asset Servicing and Securitization,(c),(d) | US0001M + 0.460% | 2.0840 | 02/25/37 | 551,225 | |||||||||
571,000 | Credit-Based Asset Servicing and Securitization,(c),(f) | 4.7020 | 12/25/37 | 598,849 | ||||||||||
1,886,131 | Credit-Based Asset Servicing and Securitization,(c),(d) | US0001M + 3.000% | 4.6240 | 05/25/50 | 1,927,769 | |||||||||
553,042 | CSFB Mortgage-Backed Pass-Through Certificates(d) | US0001M + 4.000% | 5.6240 | 02/25/32 | 554,304 | |||||||||
302,376 | CWABS Asset-Backed Certificates Trust 2004-13(b) | 4.6350 | 01/25/35 | 195,700 | ||||||||||
470 | CWABS Asset-Backed Certificates Trust 2005-1 Class AF-5A(f) | 5.1590 | 07/25/35 | 468 | ||||||||||
57,212 | CWABS Asset-Backed Certificates Trust 2005-16(b) | 4.4220 | 05/25/36 | 56,434 | ||||||||||
284,201 | CWABS Asset-Backed Certificates Trust 2005-17(f) | 3.8540 | 05/25/36 | 236,515 | ||||||||||
390,660 | Equity One Mortgage Pass-Through Trust 2002-1(b) | 6.2820 | 08/25/32 | 368,842 | ||||||||||
1,137,532 | Fannie Mae Grantor Trust 2004-T5(b) | 1.5460 | 05/28/35 | 1,031,766 | ||||||||||
209,469 | Finance America Mortgage Loan Trust 2004-3(d) | US0001M + 0.945% | 2.5690 | 11/25/34 | 196,420 | |||||||||
195,762 | Finance America Mortgage Loan Trust 2004-3(d) | US0001M + 1.020% | 2.6440 | 11/25/34 | 180,672 | |||||||||
265,313 | First Franklin Mortgage Loan Trust 2003-FFB(b) | 0.0000 | 02/25/33 | 245,000 | ||||||||||
159,222 | First Franklin Mortgage Loan Trust 2004-FF2(d) | US0001M + 1.500% | 3.1240 | 03/25/34 | 148,134 | |||||||||
769,760 | First Franklin Mortgage Loan Trust 2004-FFA(c) | 0.0000 | 03/25/24 | 760,871 | ||||||||||
2,138,765 | Fremont Home Loan Trust 2002-2(d) | US0001M + 1.725% | 3.3490 | 10/25/33 | 2,110,192 | |||||||||
35,506 | Fremont Home Loan Trust 2004-B(d) | US0001M + 3.000% | 4.6240 | 05/25/34 | 35,421 | |||||||||
32,734 | Fremont Home Loan Trust 2005-A(d) | US0001M + 0.735% | 2.3590 | 01/25/35 | 31,888 | |||||||||
38,891 | GSAMP Trust 2003-SEA2(f) | 5.4210 | 07/25/33 | 36,695 | ||||||||||
105,581 | GSAMP Trust 2004-HE1(d) | US0001M + 0.825% | 2.4490 | 05/25/34 | 96,957 | |||||||||
811,324 | GSRPM Mortgage Loan Trust Series 2004-1(c),(d) | US0001M + 3.750% | 5.3740 | 09/25/42 | 811,895 | |||||||||
571,144 | Lehman XS Trust 2007-3(d) | US0001M + 0.320% | 1.9440 | 03/25/37 | 482,092 | |||||||||
3,487,106 | Lehman XS Trust Series 2005-4(d) | US0001M + 0.750% | 2.3740 | 10/25/35 | 4,597,688 | |||||||||
4,624,284 | Long Beach Mortgage Loan Trust 2005-WL1(d) | US0001M + 0.975% | 2.5990 | 06/25/45 | 4,795,607 | |||||||||
1,696,886 | Merrill Lynch Mortgage Investors Trust Series(d) | US0001M + 4.275% | 5.8990 | 02/25/34 | 1,472,772 | |||||||||
2,287,519 | Morgan Stanley A.B.S Capital I Inc Trust 2005-WMC2(d) | US0001M + 0.705% | 2.3290 | 02/25/35 | 2,298,787 | |||||||||
1,559,643 | Park Place Securities Inc Asset-Backed(d) | US0001M + 1.650% | 3.2740 | 12/25/34 | 1,578,417 | |||||||||
147,358 | PFCA Home Equity Investment Trust(b),(c) | 4.4830 | 01/22/35 | 141,498 | ||||||||||
276,328 | PFCA Home Equity Investment Trust(b),(c) | 3.6580 | 08/25/35 | 244,504 | ||||||||||
3,080,000 | RAAC Series 2005-RP2 Trust(c),(d) | US0001M + 2.000% | 4.6240 | 06/25/35 | 3,007,092 | |||||||||
8,103,518 | RAAC Series 2005-SP3 Trust | 0.0000 | 12/25/35 | 7,560,000 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
49
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
ASSET BACKED SECURITIES — 77.3% (Continued) | ||||||||||||||
RESIDENTIAL MORTGAGE — 10.0% (Continued) | ||||||||||||||
2,759,324 | RAAC Series 2006-RP1 Trust(c),(d) | US0001M + 1.875% | 3.4990 | 10/25/45 | $ | 2,730,817 | ||||||||
4,000,000 | RAAC Series 2006-RP4 Trust(d) | US0001M + 1.500% | 3.8740 | 01/25/46 | 3,795,686 | |||||||||
4,638,000 | RAAC Series 2006-RP4 Trust(d) | US0001M + 2.000% | 4.6240 | 01/25/46 | 4,332,072 | |||||||||
1,648,833 | RAAC Series 2006-SP1 Trust(d) | US0001M + 0.825% | 2.4490 | 09/25/45 | 1,354,846 | |||||||||
414,059 | RAMP Series 2003-RS10 Trust(d) | US0001M + 1.700% | 4.1740 | 11/25/33 | 395,629 | |||||||||
650,166 | RAMP Series 2003-RS7 Trust(d) | US0001M + 1.800% | 4.3240 | 08/25/33 | 600,547 | |||||||||
659,948 | RAMP Series 2004-SL3 Trust | 8.5000 | 12/25/31 | 359,371 | ||||||||||
187,717 | RAMP Series 2006-RS6 Trust(d) | US0001M + 0.540% | 2.1640 | 11/25/36 | 162,735 | |||||||||
3,353 | RASC Series 2006-KS9 Trust(d) | US0001M + 0.160% | 1.7840 | 11/25/36 | 5,939 | |||||||||
743,211 | RFSC Series 2002-RP2 Trust(c),(d) | US0001M + 1.500% | 3.1240 | 10/25/32 | 720,087 | |||||||||
258,513 | RFSC Trust(c),(d) | US0001M + 0.860% | 2.4840 | 03/25/33 | 251,007 | |||||||||
81,774 | SACO I Trust 2005-WM2(d) | US0001M + 0.825% | 2.4490 | 07/25/35 | 81,017 | |||||||||
61,577 | SACO I Trust 2006-6(d) | US0001M + 0.260% | 1.8840 | 06/25/36 | 59,963 | |||||||||
576,011 | Sail Net Interest Margin Notes(c) | 7.0000 | 07/27/33 | 1,843,235 | ||||||||||
3,274,960 | SASCO ARC NIM 2003-5 20330627(c) | 6.0000 | 06/27/33 | 3,366,888 | ||||||||||
416,116 | Soundview Home Loan Trust 2004-1(d) | US0001M + 1.020% | 2.6440 | 07/25/34 | 419,956 | |||||||||
95,493 | Soundview Home Loan Trust 2004-1(d) | US0001M + 2.925% | 4.5490 | 07/25/34 | 89,569 | |||||||||
930,065 | Soundview Home Loan Trust 2004-1(d) | US0001M + 4.875% | 6.4990 | 07/25/34 | 852,423 | |||||||||
2,379,243 | Structured Asset Investment Loan Trust 2004-8(d) | US0001M + 3.750% | 5.3740 | 09/25/34 | 2,354,315 | |||||||||
584,042 | Structured Asset Securities Corp Mortgage(f) | 6.0500 | 03/25/34 | 577,118 | ||||||||||
51,407 | Structured Asset Securities Corp Mortgage Loan(d) | US0001M + 1.500% | 2.5620 | 02/25/35 | 51,174 | |||||||||
475,439 | Structured Asset Securities Corp Mortgage Loan(d) | US0001M + 0.630% | 2.2540 | 05/25/35 | 460,296 | |||||||||
470,541 | Structured Asset Securities Corp Mortgage Loan(d) | US0001M + 0.945% | 2.5690 | 05/25/35 | 437,565 | |||||||||
357,135 | Structured Asset Securities Corp Mortgage Loan(d) | US0001M + 0.990% | 2.6140 | 05/25/35 | 326,499 | |||||||||
145,141 | Structured Asset Securities Corp Mortgage Loan(d) | US0001M + 1.650% | 3.2740 | 05/25/35 | 134,574 | |||||||||
19,193 | Structured Asset Securities Corp Mortgage Loan(d) | US0001M + 0.435% | 2.0590 | 06/25/35 | 19,097 | |||||||||
3,862,349 | Washington Mutural Asset-Backed Certificates WMABS(d) | US0001M + 0.155% | 1.7790 | 10/25/36 | 3,079,899 | |||||||||
79,198,131 | ||||||||||||||
WHOLE BUSINESS — 0.2% | ||||||||||||||
2,000,000 | LOANME TRUST SBL 2019-1(c),(f) | 11.5000 | 08/15/30 | 1,882,079 | ||||||||||
TOTAL ASSET BACKED SECURITIES (Cost $626,659,281) | 612,451,945 |
See accompanying notes which are an integral part of these financial statements.
50
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 14.2% | ||||||||||||||
INSURANCE — 9.5% | ||||||||||||||
51,096,046 | Ambac Assurance Corporation(c) | 0.0000 | 06/07/69 | $ | 46,497,402 | |||||||||
19,158,526 | AMBAC Assurance Corporation(c) | 8.5000 | 02/12/55 | 13,985,724 | ||||||||||
9,022,067 | MBIA Global Funding, LLC(c),(e) | 0.0000 | 12/15/31 | 3,879,489 | ||||||||||
32,494,969 | MBIA Global Funding, LLC(e) | 0.0000 | 12/15/33 | 10,723,340 | ||||||||||
75,085,955 | ||||||||||||||
SPECIALTY FINANCE — 1.9% | ||||||||||||||
2,000,000 | OWS Cre Funding I, LLC(c),(d) | US0001M + 4.900% | 5.9000 | 09/15/23 | 1,972,875 | |||||||||
2,000,000 | PDOF MSN Issuer, LLC(c) | SOFRRATE + 4.500% | 6.0100 | 03/01/25 | 1,947,504 | |||||||||
8,659,350 | Preferred Term Securities Limited(c) | 0.0000 | 09/15/30 | 5,477,038 | ||||||||||
1,000,000 | US Capital Funding II Ltd. Capital Funding II(c),(d) | US0003M + 1.650% | 2.9360 | 08/01/34 | 813,800 | |||||||||
4,000,000 | X-Caliber Funding, LLC(c) | 5.0000 | 09/24/24 | 3,684,945 | ||||||||||
1,275,000 | X-Caliber Funding, LLC(c) | 11.0000 | 09/24/24 | 1,253,458 | ||||||||||
15,149,620 | ||||||||||||||
SYNTHETIC FIBERS AND CHEMICALS — 2.4% | ||||||||||||||
5,913,061 | DEER FINANCE SYNDICATED LOAN | 6.0000 | 10/07/23 | 5,913,061 | ||||||||||
8,472,191 | MSP DEER FINANCE SYNDICATED LOAN | 17.0000 | 04/09/25 | 8,472,191 | ||||||||||
4,403,264 | WATTS GUERRA 005-A DEER FINANCE SYNDICATE LOAN | 15.5000 | 10/30/25 | 4,403,264 | ||||||||||
18,788,516 | ||||||||||||||
TRANSPORTATION & LOGISTICS — 0.4% | ||||||||||||||
3,032,033 | American Airlines 2013-1 Class A Pass Through Series 2013-1 Class A | 4.0000 | 01/15/27 | 2,790,150 | ||||||||||
107,396 | American Airlines 2013-2 Class A Pass Through Series 2013-2 Class A | 4.9500 | 01/15/23 | 105,410 | ||||||||||
669,614 | US Airways 2013-1 Class A Pass Through Trust Series 13-1 A | 3.9500 | 11/15/25 | 609,821 | ||||||||||
3,505,381 | ||||||||||||||
TOTAL CORPORATE BONDS (Cost $142,472,487) | 112,529,472 |
See accompanying notes which are an integral part of these financial statements.
51
RATIONAL SPECIAL SITUATIONS INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 8.2% | ||||||||
MONEY MARKET FUNDS - 8.2% | ||||||||
64,922,473 | First American Government Obligations Fund, Class U, 1.29% (Cost $64,922,473)(g) | 64,922,473 | ||||||
TOTAL INVESTMENTS - 99.7% (Cost $838,222,887) | $ | 789,903,890 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3% | 2,881,069 | |||||||
NET ASSETS - 100.0% | $ | 792,784,959 |
LLC | - Limited Liability Company |
LTD | - Limited Company |
REMIC | - Real Estate Mortgage Investment Conduit |
12MTA | Federal Reserve US 12 Month Cumulative Avg 1 Year CMT |
COF 11 | Cost of Funds for the 11th District of San Francisco |
H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
SOFRRATE | United States SOFR Secured Overnight Financing Rate |
US0001M | ICE LIBOR USD 1 Month |
US0003M | ICE LIBOR USD 3 Month |
US0006M | ICE LIBOR USD 6 Month |
US0012M | ICE LIBOR USD 12 Month |
(a) | Interest only securities. |
(b) | 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. |
(c) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2022 the total market value of 144A securities is 295,867,446 or 37.4% of net assets. |
(d) | Variable rate security; the rate shown represents the rate on June 30, 2022. |
(e) | Zero coupon bond. |
(f) | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at June 30, 2022. |
(g) | Rate disclosed is the seven day effective yield as of June 30, 2022. |
See accompanying notes which are an integral part of these financial statements.
52
RATIONAL INFLATION GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
June 30, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 72.2% | ||||||||
AEROSPACE & DEFENSE - 2.3% | ||||||||
226 | Boeing Company (The)(a) | $ | 30,899 | |||||
500 | Raytheon Technologies Corporation | 48,055 | ||||||
78,954 | ||||||||
ASSET MANAGEMENT - 1.0% | ||||||||
711 | Apollo Global Management, Inc. | 34,469 | ||||||
BANKING - 3.9% | ||||||||
1,055 | Bank of America Corporation | 32,842 | ||||||
719 | Citigroup, Inc. | 33,067 | ||||||
300 | JPMorgan Chase & Company | 33,783 | ||||||
921 | Wells Fargo & Company | 36,076 | ||||||
135,768 | ||||||||
BEVERAGES - 1.2% | ||||||||
691 | Coca-Cola Company (The) | 43,471 | ||||||
CHEMICALS - 4.3% | ||||||||
172 | Air Products and Chemicals, Inc. | 41,363 | ||||||
223 | Ecolab, Inc. | 34,288 | ||||||
143 | Linde plc | 41,117 | ||||||
155 | Sherwin-Williams Company (The) | 34,706 | ||||||
151,474 | ||||||||
DIVERSIFIED INDUSTRIALS - 1.1% | ||||||||
215 | Honeywell International, Inc. | 37,369 | ||||||
ENTERTAINMENT CONTENT - 1.7% | ||||||||
1,298 | Paramount Global, Class B | 32,035 | ||||||
296 | Walt Disney Company (The)(a) | 27,942 | ||||||
59,977 | ||||||||
INDUSTRIAL REIT - 1.0% | ||||||||
309 | Prologis, Inc. | 36,354 | ||||||
INSURANCE - 6.4% | ||||||||
336 | Allstate Corporation (The) | 42,581 | ||||||
151 | Berkshire Hathaway, Inc., Class B(a) | 41,226 | ||||||
See accompanying notes which are an integral part of these financial statements.
53
RATIONAL INFLATION GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 72.2% (Continued) | ||||||||
INSURANCE - 6.4% (Continued) | ||||||||
34 | Markel Corporation(a) | $ | 43,971 | |||||
442 | Progressive Corporation (The) | 51,391 | ||||||
254 | Travelers Companies, Inc. (The) | 42,959 | ||||||
222,128 | ||||||||
LEISURE FACILITIES & SERVICES - 2.3% | ||||||||
186 | McDonald’s Corporation | 45,919 | ||||||
448 | Starbucks Corporation | 34,223 | ||||||
80,142 | ||||||||
METALS & MINING - 12.4% | ||||||||
808 | Agnico Eagle Mines Ltd. | 36,974 | ||||||
2,193 | Barrick Gold Corporation | 38,794 | ||||||
5,065 | Cia de Minas Buenaventura S.A.A - ADR | 33,429 | ||||||
2,101 | Cleveland-Cliffs, Inc.(a) | 32,292 | ||||||
3,730 | First Majestic Silver Corporation | 26,781 | ||||||
315 | Franco-Nevada Corporation | 41,448 | ||||||
1,140 | Freeport-McMoRan, Inc. | 33,356 | ||||||
7,777 | Hecla Mining Company | 30,486 | ||||||
717 | Newmont Corporation | 42,784 | ||||||
1,779 | Pan American Silver Corporation | 34,993 | ||||||
2,518 | SSR Mining, Inc. | 42,051 | ||||||
1,053 | Wheaton Precious Metals Corporation | 37,940 | ||||||
431,328 | ||||||||
OIL & GAS PRODUCERS - 15.3% | ||||||||
4,401 | Antero Midstream Corporation | 39,829 | ||||||
367 | Chevron Corporation | 53,134 | ||||||
598 | ConocoPhillips | 53,706 | ||||||
1,089 | Enbridge, Inc. | 46,021 | ||||||
6,077 | EnLink Midstream, LLC | 51,655 | ||||||
490 | EOG Resources, Inc. | 54,116 | ||||||
665 | Exxon Mobil Corporation | 56,950 | ||||||
2,612 | Kinder Morgan, Inc. | 43,777 | ||||||
739 | ONEOK, Inc. | 41,015 | ||||||
883 | TC Energy Corporation | 45,748 | ||||||
See accompanying notes which are an integral part of these financial statements.
54
RATIONAL INFLATION GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 72.2% (Continued) | ||||||||
OIL & GAS PRODUCERS - 15.3% (Continued) | ||||||||
1,585 | Williams Companies, Inc. (The) | $ | 49,468 | |||||
535,419 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 1.4% | ||||||||
1,329 | Schlumberger N.V. | 47,525 | ||||||
REAL ESTATE INVESTMENT TRUSTS - 3.5% | ||||||||
169 | American Tower Corporation | 43,195 | ||||||
246 | Crown Castle International Corporation | 41,421 | ||||||
60 | Equinix, Inc. | 39,421 | ||||||
124,037 | ||||||||
SELF-STORAGE REIT - 1.2% | ||||||||
131 | Public Storage | 40,960 | ||||||
SOFTWARE - 0.4% | ||||||||
88 | MicroStrategy, Inc., Class A(a) | 14,458 | ||||||
SPECIALTY FINANCE - 0.2% | ||||||||
1,548 | Marathon Digital Holdings, Inc.(a) | 8,266 | ||||||
STEEL - 4.9% | ||||||||
407 | Nucor Corporation | 42,495 | ||||||
289 | Reliance Steel & Aluminum Company | 49,089 | ||||||
697 | Steel Dynamics, Inc. | 46,107 | ||||||
1,907 | United States Steel Corporation | 34,154 | ||||||
171,845 | ||||||||
TECHNOLOGY SERVICES - 2.4% | ||||||||
222 | Coinbase Global, Inc., Class A(a) | 10,438 | ||||||
114 | Mastercard, Inc., Class A | 35,965 | ||||||
194 | Visa, Inc., Class A | 38,197 | ||||||
84,600 | ||||||||
TRANSPORTATION & LOGISTICS - 5.3% | ||||||||
564 | Canadian Pacific Railway Ltd. | 39,390 | ||||||
1,158 | CSX Corporation | 33,651 | ||||||
149 | Norfolk Southern Corporation | 33,866 | ||||||
See accompanying notes which are an integral part of these financial statements.
55
RATIONAL INFLATION GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
Shares | Fair Value | |||||||
COMMON STOCKS — 72.2% (Continued) | ||||||||
TRANSPORTATION & LOGISTICS - 5.3% (Continued) | ||||||||
192 | Union Pacific Corporation | $ | 40,950 | |||||
227 | United Parcel Service, Inc., Class B | 41,437 | ||||||
189,294 | ||||||||
TOTAL COMMON STOCKS (Cost $2,910,450) | 2,527,838 | |||||||
EXCHANGE-TRADED FUNDS — 27.0% | ||||||||
COMMODITY - 27.0% | ||||||||
3,296 | abrdn Bloomberg All Commodity Strategy K-1 Free | 89,519 | ||||||
2,905 | Direxion Auspice Broad Commodity Strategy ETF | 90,042 | ||||||
3,001 | GraniteShares Bloomberg Commodity Broad Strategy | 90,870 | ||||||
4,072 | Invesco DB Commodity Index Tracking Fund, N(a) | 108,478 | ||||||
4,899 | Invesco Optimum Yield Diversified Commodity | 88,378 | ||||||
2,492 | iShares GSCI Commodity Dynamic | 102,022 | ||||||
4,843 | iShares S&P GSCI Commodity Indexed Trust(a) | 111,874 | ||||||
4,082 | iShares Silver Trust(a) | 76,088 | ||||||
2,005 | KraneShares Global Carbon Strategy ETF | 98,706 | ||||||
521 | SPDR® Gold Shares(a) | 87,769 | ||||||
943,746 | ||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $901,126) | 943,746 | |||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
MONEY MARKET FUNDS - 0.3% | ||||||||
10,786 | First American Government Obligations Fund, Class U, 1.29% (Cost $10,786)(b) | 10,786 | ||||||
TOTAL INVESTMENTS - 99.5% (Cost $3,822,362) | $ | 3,482,370 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5% | 16,380 | |||||||
NET ASSETS - 100.0% | $ | 3,498,750 | ||||||
See accompanying notes which are an integral part of these financial statements.
56
RATIONAL INFLATION GROWTH FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
June 30, 2022 |
OPEN FUTURES CONTRACTS | ||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount | Value and Unrealized Depreciation | ||||||||||
10 | CME 3 Month Eurodollar Future | 12/18/2023 | $ | 2,422,625 | $ | (26,375 | ) | |||||||
TOTAL FUTURES CONTRACTS | ||||||||||||||
OPEN FUTURES CONTRACTS | ||||||||||||||
Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount | Value and Unrealized Appreciation | ||||||||||
10 | CME 3 Month Eurodollar Future | 12/16/2024 | $ | 2,429,125 | $ | 23,125 | ||||||||
TOTAL FUTURES CONTRACTS |
ADR | - American Depositary Receipt |
ETF | - Exchange-Traded Fund |
LLC | - Limited Liability Company |
LTD | - Limited Company |
NV | - Naamioze Vennootschap |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
SPDR | - Standard & Poor’s Depositary Receipt |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of June 30, 2022. |
See accompanying notes which are an integral part of these financial statements.
57
RATIONAL FUNDS |
Statements of Assets and Liabilities (Unaudited) |
June 30, 2022 |
Rational | Rational | Rational | Rational | |||||||||||||
Equity Armor | Tactical Return | Dynamic Brands | Strategic Allocation | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in Unaffiliated securities, at cost | $ | 66,335,529 | $ | 229,560,791 | $ | 58,301,594 | $ | 272,907 | ||||||||
Investments in Affiliated securities, at cost | — | — | — | 6,487,357 | ||||||||||||
Total Securities at Cost | 66,335,529 | 229,560,791 | 58,301,594 | 6,760,264 | ||||||||||||
Investments in Unaffiliated securities, at value | $ | 65,807,641 | $ | 229,512,176 | $ | 53,050,560 | $ | 272,907 | ||||||||
Investments in Affiliated securities, at value | — | — | — | 6,272,305 | ||||||||||||
Total Securities at Value | $ | 65,807,641 | $ | 229,512,176 | $ | 53,050,560 | $ | 6,545,212 | ||||||||
Cash | — | — | — | — | ||||||||||||
Deposits with Brokers for futures and options | 4,310,456 | 46,508,776 | — | 1,027,715 | ||||||||||||
Receivable for securities sold | — | — | 1,301,546 | — | ||||||||||||
Receivable for Fund shares sold | 1,169 | 318,769 | 31,431 | — | ||||||||||||
Futures unrealized appreciation | 154,849 | — | — | 98,800 | ||||||||||||
Dividends and interest receivable | 59,409 | 63,756 | 23,357 | 25,913 | ||||||||||||
Due from Advisor | — | — | — | 5,383 | ||||||||||||
Prepaid expenses and other assets | 31,688 | 53,862 | 27,107 | 7,424 | ||||||||||||
Total Assets | 70,365,212 | 276,457,339 | 54,434,001 | 7,710,447 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Options written (premiums received $1,714,938, $140,615, $0, $0, $0) | 2,410,075 | 38,887 | — | — | ||||||||||||
Payable for securities purchased | — | — | 1,405,593 | — | ||||||||||||
Management fees payable | 42,704 | 403,851 | 35,017 | — | ||||||||||||
Futures unrealized depreciation | 13,030 | — | — | — | ||||||||||||
Payable for Fund shares redeemed | 23,712 | 287,653 | 38,349 | 171 | ||||||||||||
Payable to related parties | 4,476 | 19,777 | 6,373 | 5,627 | ||||||||||||
Shareholder services fees payable | 5,417 | 28,429 | 8,802 | 773 | ||||||||||||
Accrued 12b-1 fees | 3,353 | 19,068 | 31,813 | 8,184 | ||||||||||||
Trustee fees payable | 3,609 | 3,610 | 3,602 | 3,561 | ||||||||||||
Accrued expenses and other liabilities | 7,999 | 13,179 | 12,964 | 9,508 | ||||||||||||
Total Liabilities | 2,514,375 | 814,454 | 1,542,513 | 27,824 | ||||||||||||
Net Assets | $ | 67,850,837 | $ | 275,642,885 | $ | 52,891,488 | $ | 7,682,623 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid in capital | $ | 70,289,885 | $ | 279,816,403 | $ | 69,843,561 | $ | 9,893,858 | ||||||||
Accumulated earnings (deficits) | (2,439,048 | ) | (4,173,518 | ) | (16,952,073 | ) | (2,211,235 | ) | ||||||||
Net Assets | $ | 67,850,837 | $ | 275,642,885 | $ | 52,891,488 | $ | 7,682,623 | ||||||||
Institutional Shares | ||||||||||||||||
Net Assets | $ | 56,118,185 | $ | 259,087,548 | $ | 37,157,230 | $ | 1,121,176 | ||||||||
Shares of beneficial interest outstanding (a) | 7,054,322 | 15,265,509 | 969,919 | 149,934 | ||||||||||||
Net asset value per share | $ | 7.96 | $ | 16.97 | $ | 38.31 | $ | 7.48 | ||||||||
Class A Shares | ||||||||||||||||
Net Assets | $ | 10,092,125 | $ | 7,096,025 | $ | 12,645,403 | $ | 6,560,613 | ||||||||
Shares of beneficial interest outstanding (a) | 1,271,049 | 417,110 | 524,708 | 872,487 | ||||||||||||
Net asset value and redemption price per share | $ | 7.94 | $ | 17.01 | $ | 24.10 | $ | 7.52 | ||||||||
Maximum offering price per share (b) | $ | 8.34 | $ | 17.86 | $ | 25.30 | $ | 7.90 | ||||||||
Class C Shares | ||||||||||||||||
Net Assets | $ | 1,640,527 | $ | 9,459,312 | $ | 3,088,855 | 834 | |||||||||
Shares of beneficial interest outstanding (a) | 208,037 | 575,445 | 151,943 | 111 | ||||||||||||
Net asset value, offering price and redemption price per share (c) | $ | 7.89 | $ | 16.44 | $ | 20.33 | $ | 7.49 | (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 which are an integral part of these consolidated financial statements.
58
RATIONAL FUNDS |
Statements of Assets and Liabilities (Unaudited) (Continued) |
June 30, 2022 |
Rational/ | Rational/Pier 88 | Rational | Rational | |||||||||||||
ReSolve Adaptive | Convertible Securities | Special Situations | Inflation Growth | |||||||||||||
Asset Allocation Fund | Fund | Income Fund | Fund | |||||||||||||
(Consolidated) | ||||||||||||||||
ASSETS: | ||||||||||||||||
Total Securities at Cost | 150,236,752 | 119,623,679 | 840,309,203 | 3,822,362 | ||||||||||||
Total Securities at Value | $ | 150,236,752 | $ | 115,774,508 | $ | 789,903,890 | $ | 3,482,370 | ||||||||
Cash | — | — | — | — | ||||||||||||
Deposits with Brokers for futures | 2,232,016 | — | — | 21,692 | ||||||||||||
Unrealized appreciation from open futures contracts | 2,618,153 | — | — | 23,125 | ||||||||||||
Foreign cash deposits with brokers for futures (Cost $1,993,169, $0, $0. $0) | 12,738,122 | — | — | — | ||||||||||||
Receivable for securities sold | — | — | 140,310 | — | ||||||||||||
Dividends and interest receivable | 98,599 | 298,789 | 2,900,730 | 3,397 | ||||||||||||
Receivable for Fund shares sold | 888,353 | — | 1,609,831 | — | ||||||||||||
Due from Advisor | — | — | — | 4,585 | ||||||||||||
Prepaid expenses and other assets | 37,948 | 23,528 | 190,314 | 11,457 | ||||||||||||
Total Assets | 168,849,943 | 116,096,825 | 794,745,075 | 3,546,626 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for securities purchased | — | 1,877,038 | — | — | ||||||||||||
Unrealized depreciation from open futures contracts | 4,661,855 | — | — | 26,375 | ||||||||||||
Management fees payable | 226,247 | 67,545 | 968,536 | — | ||||||||||||
Payable for Fund shares redeemed | 2,139,431 | 9,372 | 804,212 | — | ||||||||||||
Payable to related parties | 12,020 | 9,215 | 63,549 | 2,071 | ||||||||||||
Accrued 12b-1 fees | 1,096 | 9,302 | 105,487 | 231 | ||||||||||||
Due to custodian | — | — | — | — | ||||||||||||
Shareholder services fees payable | 8,416 | 5,403 | 15,944 | 50 | ||||||||||||
Trustee fees payable | 3,653 | 3,575 | 3,579 | 3,614 | ||||||||||||
Accrued expenses and other liabilities | 3,871 | 14,787 | (1,191 | ) | 15,535 | |||||||||||
Total Liabilities | 7,056,589 | 1,996,237 | 1,960,116 | 47,876 | ||||||||||||
Net Assets | $ | 161,793,354 | $ | 114,100,588 | $ | 792,784,959 | $ | 3,498,750 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid in capital | $ | 160,646,507 | $ | 121,454,610 | $ | 848,291,766 | $ | 3,917,267 | ||||||||
Accumulated earnings (deficits) | 1,146,847 | (7,354,022 | ) | (55,506,807 | ) | (418,517 | ) | |||||||||
Net Assets | $ | 161,793,354 | $ | 114,100,588 | $ | 792,784,959 | $ | 3,498,750 | ||||||||
Institutional Shares | ||||||||||||||||
Net Assets | $ | 159,794,075 | $ | 111,700,048 | $ | 694,021,234 | $ | 2,514,920 | ||||||||
Shares of beneficial interest outstanding (a) | 6,476,727 | 10,729,718 | 37,885,225 | 277,348 | ||||||||||||
Net asset value per share | $ | 24.67 | $ | 10.41 | $ | 18.32 | $ | 9.07 | ||||||||
Class A Shares | ||||||||||||||||
Net Assets | $ | 1,646,640 | $ | 2,079,233 | $ | 63,892,392 | $ | 951,951 | ||||||||
Shares of beneficial interest outstanding (a) | 67,358 | 199,497 | 3,491,768 | 105,058 | ||||||||||||
Net asset value and redemption price per share | $ | 24.45 | $ | 10.42 | $ | 18.30 | $ | 9.06 | ||||||||
Maximum offering price per share (b) | $ | 25.94 | $ | 10.94 | $ | 19.21 | $ | 9.61 | ||||||||
Class C Shares | ||||||||||||||||
Net Assets | $ | 352,639 | $ | 321,307 | $ | 34,871,333 | $ | 31,879 | ||||||||
Shares of beneficial interest outstanding (a) | 14,909 | 31,033 | 1,910,790 | 3,536 | ||||||||||||
Net asset value, offering price and redemption price per share (c) | $ | 23.65 | $ | 10.35 | $ | 18.25 | $ | 9.02 |
(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 except Resolve Adaptive Asset Allocation Fund and Inflation Growth Fund whose maximum front-end sales charge (load) is 5.75%. |
(c) | A contingent deferred sales charge (“CDSC”) of 1.00% may be charged on shares held less than 12 months. |
See accompanying notes which are an integral part of these consolidated financial statements.
59
RATIONAL FUNDS |
Statements of Operations (Unaudited) |
For the Six Months Ended June 30, 2022 |
Rational | Rational | Rational | Rational | |||||||||||||
Equity Armor | Tactical Return | Dynamic Brands | Strategic Allocation | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend income | $ | 672,259 | $ | — | $ | 410,367 | $ | — | ||||||||
Interest income | 8,984 | 335,614 | 4,073 | 425 | ||||||||||||
Dividend income - affiliated companies (Note 3) | — | — | — | 163,870 | ||||||||||||
Foreign tax withheld | — | — | (4,724 | ) | — | |||||||||||
Total Investment Income | 681,243 | 335,614 | 409,716 | 164,295 | ||||||||||||
Operating Expenses: | ||||||||||||||||
Investment management fees | 268,920 | 2,550,787 | 287,065 | 4,768 | ||||||||||||
12b-1 Fees - Class A Shares | 13,906 | 17,862 | 21,699 | 10,291 | ||||||||||||
12b-1 Fees - Class C Shares | 8,715 | 47,512 | 19,720 | 5 | ||||||||||||
Shareholder Services Fees - Institutional Shares | 25,913 | 140,923 | 26,807 | — | ||||||||||||
Shareholder Services Fees - Class A Shares | 6,252 | 8,947 | 9,609 | 3,915 | ||||||||||||
Shareholder Services Fees - Class C Shares | 340 | 3,426 | 1,093 | — | ||||||||||||
Administration fees | 27,791 | 80,299 | 28,963 | 15,532 | ||||||||||||
Registration fees | 25,616 | 35,675 | 28,612 | 5,250 | ||||||||||||
Management Service Fees | 13,382 | 51,672 | 14,515 | 2,862 | ||||||||||||
Legal fees | 7,169 | 7,175 | 7,279 | 6,943 | ||||||||||||
Audit fees | 6,744 | 6,772 | 6,255 | 6,735 | ||||||||||||
Compliance officer fees | 6,533 | 9,330 | 6,870 | 3,283 | ||||||||||||
Printing expense | 4,143 | 10,994 | 3,869 | 849 | ||||||||||||
Trustees’ fees | 7,240 | 7,227 | 7,227 | 7,187 | ||||||||||||
Custody fees | 5,906 | 6,061 | 4,631 | 1,715 | ||||||||||||
Insurance expense | 1,692 | 6,367 | 2,099 | 222 | ||||||||||||
Interest expense | 1,015 | 2,180 | 4,163 | 876 | ||||||||||||
Miscellaneous expenses | 1,361 | 1,191 | 1,304 | 1,181 | ||||||||||||
Total Operating Expenses | 432,638 | 2,994,400 | 481,780 | 71,614 | ||||||||||||
Less: Expenses waived/reimbursed by Advisor | — | (27,889 | ) | — | (39,040 | ) | ||||||||||
Net Operating Expenses | 432,638 | 2,966,511 | 481,780 | 32,574 | ||||||||||||
Net Investment Income (Loss) | 248,605 | (2,630,897 | ) | (72,064 | ) | 131,721 | ||||||||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||
Investments | 3,289,178 | — | (13,702,831 | ) | — | |||||||||||
Affiliated companies | — | — | — | (187,913 | ) | |||||||||||
Securities sold short | (538 | ) | — | — | — | |||||||||||
Options purchased | (7,200,670 | ) | 483,070 | — | — | |||||||||||
Options written | 5,038,230 | (45,527 | ) | — | — | |||||||||||
Futures | 2,091,911 | (71 | ) | — | (2,076,417 | ) | ||||||||||
Foreign currency transactions | — | — | — | — | ||||||||||||
Net Realized Gain (Loss) | 3,218,111 | 437,472 | (13,702,831 | ) | (2,264,330 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | ||||||||||||||||
Investments | (11,920,488 | ) | (48,615 | ) | (20,483,221 | ) | — | |||||||||
Affiliated companies | — | — | — | (544,156 | ) | |||||||||||
Options purchased | 7,212 | — | — | — | ||||||||||||
Options written | (629,825 | ) | 101,728 | — | — | |||||||||||
Futures | 530,149 | — | — | (126,760 | ) | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (12,012,952 | ) | 53,113 | (20,483,221 | ) | (670,916 | ) | |||||||||
Net Realized and Unrealized Gain(Loss) on Investments | (8,794,841 | ) | 490,585 | (34,186,052 | ) | (2,935,246 | ) | |||||||||
Net Decrease in Net Assets Resulting From Operations | $ | (8,546,236 | ) | $ | (2,140,312 | ) | $ | (34,258,116 | ) | $ | (2,803,525 | ) | ||||
See accompanying notes which are an integral part of these consolidated financial statements.
60
RATIONAL FUNDS |
Statements of Operations (Unaudited) (Continued) |
For the Six Months Ended June 30, 2022 |
Rational/ | Rational/ Pier 88 | Rational | Rational | |||||||||||||
ReSolve Adaptive | Convertible Securities | Special Situations | Inflation Growth | |||||||||||||
Asset Allocation Fund | Fund | Income Fund | Fund | |||||||||||||
(Consolidated) | ||||||||||||||||
Investment Income: | ||||||||||||||||
Dividend income | $ | — | $ | 1,682,309 | $ | 32,500 | $ | 34,612 | ||||||||
Interest income | 185,667 | (320,583 | ) | 24,102,930 | 90 | |||||||||||
Foreign tax withheld | — | — | — | (615 | ) | |||||||||||
Total Investment Income | 185,667 | 1,361,726 | 24,135,430 | 34,087 | ||||||||||||
Operating Expenses: | ||||||||||||||||
Investment management fees | 871,122 | 511,828 | 6,082,366 | 20,453 | ||||||||||||
12b-1 Fees - Class A Shares | 1,075 | 2,652 | 76,798 | 1,150 | ||||||||||||
12b-1 Fees - Class C Shares | 1,302 | 1,335 | 181,840 | 149 | ||||||||||||
Shareholder Services Fees - Institutional Shares | 47,423 | 56,082 | 323,095 | 443 | ||||||||||||
Shareholder Services Fees - Class A Shares | 318 | 849 | 31,025 | — | ||||||||||||
Shareholder Services Fees - Class C Shares | 133 | 75 | 11,425 | — | ||||||||||||
Administrative fees | 34,620 | 41,594 | 336,659 | 10,410 | ||||||||||||
Management Service Fees | 18,384 | 22,072 | 141,541 | 1,798 | ||||||||||||
Registration fees | 18,369 | 15,560 | 74,853 | 3,273 | ||||||||||||
Printing expenses | 4,257 | 3,601 | 19,869 | 3,028 | ||||||||||||
Legal fees | 11,363 | 7,175 | 7,083 | 9,878 | ||||||||||||
Audit fees | 6,995 | 6,744 | 16,657 | 6,786 | ||||||||||||
Compliance officer fees | 6,531 | 7,185 | 15,653 | 5,402 | ||||||||||||
Custody fees | 2,839 | 3,638 | 30,075 | 7,334 | ||||||||||||
Trustees’ fees | 7,259 | 7,199 | 7,207 | 7,257 | ||||||||||||
Insurance Expense | 1,774 | 2,709 | 15,343 | 28 | ||||||||||||
Interest expense | 824 | 824 | 824 | — | ||||||||||||
Miscellaneous expense | 1,174 | 1,261 | 1,297 | 2,117 | ||||||||||||
Total Operating Expenses | 1,035,762 | 692,383 | 7,373,610 | 79,506 | ||||||||||||
Less: Expenses waived/reimbursed by Advisor | (47,404 | ) | (91,616 | ) | (20,692 | ) | (53,720 | ) | ||||||||
Net Operating Expenses | 988,358 | 600,767 | 7,352,918 | 25,786 | ||||||||||||
Net Investment Income (Loss) | (802,691 | ) | 760,959 | 16,782,512 | 8,301 | |||||||||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||
Investments | — | (3,305,627 | ) | 5,390,647 | (26,091 | ) | ||||||||||
Futures | 8,069,029 | — | — | (596 | ) | |||||||||||
Foreign currency translations | (150,216 | ) | — | — | — | |||||||||||
Net Realized Gain (Loss) | 7,918,813 | (3,305,627 | ) | 5,390,647 | (26,687 | ) | ||||||||||
Net Change in Unrealized Appreciation/Depreciation on Investments | ||||||||||||||||
Investments | — | (13,374,446 | ) | (61,789,584 | ) | (322,806 | ) | |||||||||
Futures | (2,407,260 | ) | — | — | (3,250 | ) | ||||||||||
Foreign currency translations | (50,318 | ) | — | — | — | |||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on Investments | (2,457,578 | ) | (13,374,446 | ) | (61,789,584 | ) | (326,056 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 5,461,235 | (16,680,073 | ) | (56,398,937 | ) | (352,743 | ) | |||||||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 4,658,544 | $ | (15,919,114 | ) | $ | (39,616,425 | ) | $ | (344,442 | ) |
See accompanying notes which are an integral part of these consolidated financial statements.
61
RATIONAL FUNDS |
Statements of Changes in Net Assets |
Rational Equity Armor Fund | Rational Tactical Return Fund | Rational Dynamic Brands Fund | ||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 248,605 | $ | 502,503 | $ | (2,630,897 | ) | $ | (5,078,323 | ) | $ | (72,064 | ) | $ | (732,771 | ) | ||||||||
Net realized gain (loss) on investments, futures and options | 3,218,111 | 4,454,297 | 437,472 | 14,329,482 | (13,702,831 | ) | 10,553,826 | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, foreign currency, options and futures | (12,012,952 | ) | 3,914,247 | 53,113 | (33,266 | ) | (20,483,221 | ) | 1,313,165 | |||||||||||||||
Net increase/(decrease) in net assets resulting from operations | (8,546,236 | ) | 8,871,047 | (2,140,312 | ) | 9,217,893 | (34,258,116 | ) | 11,134,220 | |||||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Total Distributions : | ||||||||||||||||||||||||
Institutional | (216,602 | ) | (695,718 | ) | — | (9,695,970 | ) | — | (6,392,799 | ) | ||||||||||||||
Class A | (32,997 | ) | (124,680 | ) | — | (708,470 | ) | — | (2,707,366 | ) | ||||||||||||||
Class C | (1,409 | ) | (4,952 | ) | — | (350,842 | ) | — | (663,584 | ) | ||||||||||||||
Total distributions to shareholders | (251,008 | ) | (825,350 | ) | — | (10,755,282 | ) | — | (9,763,749 | ) | ||||||||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Institutional | 15,781,417 | 20,865,224 | 62,437,630 | 136,008,323 | 4,079,615 | 42,502,657 | ||||||||||||||||||
Class A | 165,717 | 650,739 | 1,955,672 | 15,876,211 | 547,734 | 5,544,410 | ||||||||||||||||||
Class C | 251,237 | 750,631 | 646,767 | 1,641,657 | 288,303 | 3,236,037 | ||||||||||||||||||
Reinvestment of distributions | ||||||||||||||||||||||||
Institutional | 170,420 | 412,310 | — | 8,992,274 | — | 6,017,286 | ||||||||||||||||||
Class A | 30,185 | 113,225 | — | 683,615 | — | 2,626,558 | ||||||||||||||||||
Class C | 1,089 | 3,648 | — | 336,130 | — | 651,676 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Institutional | (11,557,911 | ) | (15,151,537 | ) | (66,001,184 | ) | (79,268,838 | ) | (24,840,278 | ) | (20,674,521 | ) | ||||||||||||
Class A | (630,638 | ) | (2,487,456 | ) | (13,234,101 | ) | (5,207,000 | ) | (3,338,738 | ) | (2,949,599 | ) | ||||||||||||
Class C | (167,883 | ) | (312,522 | ) | (516,990 | ) | (1,569,740 | ) | (337,284 | ) | (173,601 | ) | ||||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | 4,043,633 | 4,844,262 | (14,712,206 | ) | 77,492,632 | (23,600,648 | ) | 36,780,903 | ||||||||||||||||
Total Increase/(Decrease) in Net Assets | (4,753,611 | ) | 12,889,959 | (16,852,518 | ) | 75,955,243 | (57,858,764 | ) | 38,151,374 | |||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 72,604,448 | 59,714,489 | 292,495,403 | 216,540,160 | 110,750,252 | 72,598,878 | ||||||||||||||||||
End of period | $ | 67,850,837 | $ | 72,604,448 | $ | 275,642,885 | $ | 292,495,403 | $ | 52,891,488 | $ | 110,750,252 | ||||||||||||
Share Activity: | ||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Shares Sold | 1,774,408 | 2,444,483 | 3,664,959 | 23,387,599 | 81,260 | 676,341 | ||||||||||||||||||
Shares Reinvested | 19,787 | 47,844 | — | 1,580,365 | — | 104,015 | ||||||||||||||||||
Shares Redeemed | (1,301,584 | ) | (1,769,592 | ) | (3,877,201 | ) | (13,692,687 | ) | (500,026 | ) | (336,584 | ) | ||||||||||||
Net increase (decrease) in shares of Beneficial interest | 492,611 | 722,735 | (212,242 | ) | 11,275,277 | (418,766 | ) | 443,772 | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares Sold | 18,865 | 77,811 | 114,423 | 2,711,661 | 18,259 | 136,048 | ||||||||||||||||||
Shares Reinvested | 3,491 | 13,173 | — | 119,722 | — | 72,079 | ||||||||||||||||||
Shares Redeemed | (72,362 | ) | (292,475 | ) | (775,549 | ) | (894,523 | ) | (112,530 | ) | (72,785 | ) | ||||||||||||
Net increase (decrease) in shares of Beneficial interest | (50,006 | ) | (201,491 | ) | (661,126 | ) | 1,936,860 | (94,271 | ) | 135,342 | ||||||||||||||
Class C | ||||||||||||||||||||||||
Shares Sold | 28,538 | 88,587 | 39,089 | 288,092 | 11,052 | 91,014 | ||||||||||||||||||
Shares Reinvested | 126 | 426 | — | 60,673 | — | 21,117 | ||||||||||||||||||
Shares Redeemed | (19,076 | ) | (37,918 | ) | (31,318 | ) | (276,848 | ) | (13,447 | ) | (4,946 | ) | ||||||||||||
Net increase (decrease) in shares of Beneficial interest | 9,588 | 51,095 | 7,771 | 71,917 | (2,395 | ) | 107,185 |
See accompanying notes which are an integral part of these consolidated financial statements.
62
RATIONAL FUNDS |
Statements of Changes in Net Assets (Continued) |
Rational/ReSolve Adaptive | ||||||||||||||||
Rational Strategic Allocation Fund | Asset Allocation Fund | |||||||||||||||
(Consolidated) | ||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 131,721 | $ | 293,287 | $ | (802,691 | ) | $ | (1,280,542 | ) | ||||||
Distribution of realized gains by investment companies | — | 42,742 | — | — | ||||||||||||
Net realized gain (loss) on investments, affiliated companies foreign currency transactions and futures | (2,264,330 | ) | 2,203,605 | 7,918,813 | 10,002,958 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated companies, foreign currency transactions and futures | (670,916 | ) | 21,331 | (2,457,578 | ) | (2,141,146 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (2,803,525 | ) | 2,560,965 | 4,658,544 | 6,581,270 | |||||||||||
Distributions to Shareholders: | ||||||||||||||||
Total Distributions Paid : | ||||||||||||||||
Institutional | (15,890 | ) | (80,151 | ) | — | (8,743,313 | ) | |||||||||
Class A | (85,115 | ) | (1,355,722 | ) | — | (84,747 | ) | |||||||||
Class C | (7 | ) | (171 | ) | — | (37,149 | ) | |||||||||
Total distributions to shareholders | (101,012 | ) | (1,436,044 | ) | — | (8,865,209 | ) | |||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||
Institutional | 1,000,500 | 250,000 | 104,337,980 | 32,962,809 | ||||||||||||
Class A | 208,122 | 854,083 | 1,254,366 | 107,690 | ||||||||||||
Class C | — | — | 100,350 | 3,600 | ||||||||||||
Reinvestment of distributions | ||||||||||||||||
Institutional | 4 | — | — | 7,186,351 | ||||||||||||
Class A | 81,414 | 1,239,373 | — | 84,747 | ||||||||||||
Class C | — | — | — | 9,973 | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Institutional | — | — | (14,043,349 | ) | (35,187,481 | ) | ||||||||||
Class A | (1,052,792 | ) | (1,080,494 | ) | (245,616 | ) | (338,550 | ) | ||||||||
Class C | — | — | (5,839 | ) | (11,100 | ) | ||||||||||
Net increase in net assets from share transactions of beneficial interest | 237,248 | 1,262,962 | 91,397,892 | 4,818,039 | ||||||||||||
Total Increase (Decrease) in Net Assets | (2,667,289 | ) | 2,387,883 | 96,056,436 | 2,534,100 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 10,349,912 | 7,962,029 | 65,736,918 | 63,202,818 | ||||||||||||
End of period | $ | 7,682,623 | $ | 10,349,912 | $ | 161,793,354 | $ | 65,736,918 | ||||||||
Share Activity: | ||||||||||||||||
Institutional Class | ||||||||||||||||
Shares Sold | 99,264 | 22,935 | 4,187,678 | 1,306,885 | ||||||||||||
Shares Reinvested | 1 | — | — | 317,980 | ||||||||||||
Shares Redeemed | — | — | (568,180 | ) | (1,383,853 | ) | ||||||||||
Net increase in shares of Beneficial interest | 99,265 | 22,935 | 3,619,498 | 241,012 | ||||||||||||
Class A | ||||||||||||||||
Shares Sold | 20,887 | 77,863 | 50,682 | 4,194 | ||||||||||||
Shares Reinvested | 9,678 | 123,693 | — | 3,780 | ||||||||||||
Shares Redeemed | (112,634 | ) | (105,419 | ) | (10,253 | ) | (13,923 | ) | ||||||||
Net increase/(decrease) in shares of Beneficial interest | (82,069 | ) | 96,137 | 40,429 | (5,949 | ) | ||||||||||
Class C | ||||||||||||||||
Shares Sold | — | — | 4,181 | 147 | ||||||||||||
Shares Reinvested | — | — | — | 458 | ||||||||||||
Shares Redeemed | — | — | (267 | ) | (487 | ) | ||||||||||
Net increase in shares of Beneficial interest | — | — | 3,914 | 118 |
See accompanying notes which are an integral part of these consolidated financial statements.
63
RATIONAL FUNDS |
Statements of Changes in Net Assets (Continued) |
Rational/ Pier 88 Convertible Securities Fund | Rational Special Situations Income Fund | Rational Inflation Growth Fund (a) | ||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Period Ended | |||||||||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 760,959 | $ | 1,067,346 | $ | 16,782,512 | $ | 20,797,489 | $ | 8,301 | $ | 40,140 | ||||||||||||
Net realized gain (loss) on investments | (3,305,627 | ) | 6,743,996 | 5,390,647 | 5,986,376 | (26,687 | ) | (72,692 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (13,374,446 | ) | 1,436,227 | (61,789,584 | ) | 559,952 | (326,056 | ) | (17,186 | ) | ||||||||||||||
Net increase/(decrease) in net assets resulting from operations | (15,919,114 | ) | 9,247,569 | (39,616,425 | ) | 27,343,817 | (344,442 | ) | (49,738 | ) | ||||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||||||
From return of capital: | ||||||||||||||||||||||||
Institutional Class | — | — | — | (20,093 | ) | — | — | |||||||||||||||||
Class A | — | — | — | (2,024 | ) | — | — | |||||||||||||||||
Class C | — | — | — | (1,059 | ) | — | — | |||||||||||||||||
Total Distributions : | ||||||||||||||||||||||||
Institutional | (654,655 | ) | (8,210,628 | ) | (18,018,517 | ) | (24,923,652 | ) | (7,242 | ) | (10,107 | ) | ||||||||||||
Class A | (9,382 | ) | (348,029 | ) | (1,487,779 | ) | (2,364,197 | ) | (1,633 | ) | (5,164 | ) | ||||||||||||
Class C | (487 | ) | (15,734 | ) | (742,879 | ) | (1,074,235 | ) | — | (191 | ) | |||||||||||||
Total distributions to shareholders | (664,524 | ) | (8,574,391 | ) | (20,249,175 | ) | (28,385,260 | ) | (8,875 | ) | (15,462 | ) | ||||||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Institutional | 17,187,659 | 45,959,654 | 238,060,064 | 444,790,373 | 1,516,360 | 1,384,379 | ||||||||||||||||||
Class A | 328,740 | 5,031,959 | 22,217,965 | 35,690,230 | 424,136 | 728,711 | ||||||||||||||||||
Class C | 139,625 | 182,100 | 6,536,058 | 23,289,704 | 10,000 | 25,149 | ||||||||||||||||||
Reinvestment of distributions | ||||||||||||||||||||||||
Institutional | 237,610 | 2,931,508 | 15,993,194 | 21,004,850 | 3,938 | 6,483 | ||||||||||||||||||
Class A | 9,382 | 314,092 | 1,364,574 | 2,001,003 | 1,412 | 4,525 | ||||||||||||||||||
Class C | 487 | 15,734 | 597,322 | 882,571 | — | 7 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Institutional | (7,811,500 | ) | (5,230,173 | ) | (177,628,270 | ) | (147,524,386 | ) | (112,656 | ) | (2,193 | ) | ||||||||||||
Class A | (195,911 | ) | (3,402,079 | ) | (13,332,956 | ) | (16,690,058 | ) | (72,984 | ) | — | |||||||||||||
Class C | (25,500 | ) | — | (5,096,384 | ) | (2,702,773 | ) | — | — | |||||||||||||||
Net increase in net assets from share transactions of beneficial interest | 9,870,592 | 45,802,795 | 88,711,567 | 360,741,514 | 1,770,206 | 2,147,061 | ||||||||||||||||||
Total Increase/(Decrease) in Net Assets | (6,713,046 | ) | 46,475,973 | 28,845,967 | 359,700,071 | 1,416,889 | 2,081,861 | |||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 120,813,634 | 74,337,661 | 763,938,992 | 404,238,921 | 2,081,861 | — | ||||||||||||||||||
End of period | $ | 114,100,588 | $ | 120,813,634 | $ | 792,784,959 | $ | 763,938,992 | $ | 3,498,750 | $ | 2,081,861 | ||||||||||||
Share Activity: | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||
Shares Sold | 1,507,404 | 3,747,781 | 12,349,996 | 22,491,468 | 149,892 | 138,301 | ||||||||||||||||||
Shares Reinvested | 21,944 | 247,587 | 843,078 | 1,064,410 | (11,699 | ) | 663 | |||||||||||||||||
Shares Redeemed | (696,088 | ) | (427,027 | ) | (9,355,939 | ) | (7,459,838 | ) | 415 | (224 | ) | |||||||||||||
Net increase in shares of Beneficial interest | 833,260 | 3,568,341 | 3,837,135 | 16,096,040 | 138,608 | 138,740 | ||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares Sold | 29,302 | 417,885 | 1,158,399 | 1,806,173 | 41,021 | 70,656 | ||||||||||||||||||
Shares Reinvested | 871 | 26,625 | 72,085 | 101,502 | (7,235 | ) | 463 | |||||||||||||||||
Shares Redeemed | (17,047 | ) | (286,961 | ) | (696,587 | ) | (845,343 | ) | 153 | — | ||||||||||||||
Net increase in shares of Beneficial interest | 13,126 | 157,549 | 533,897 | 1,062,332 | 33,939 | 71,119 | ||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares Sold | 12,234 | 14,914 | 339,892 | 1,181,532 | 912 | 2,623 | ||||||||||||||||||
Shares Reinvested | 47 | 1,340 | 31,587 | 44,876 | — | 1 | ||||||||||||||||||
Shares Redeemed | (2,180 | ) | — | (270,567 | ) | (137,204 | ) | — | — | |||||||||||||||
Net increase in shares of Beneficial interest | 10,101 | 16,254 | 100,912 | 1,089,204 | 912 | 2,624 |
See accompanying notes which are an integral part of these consolidated financial statements.
64
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, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 8.99 | $ | 7.96 | $ | 6.94 | $ | 6.58 | $ | 8.02 | $ | 8.64 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.03 | 0.07 | 0.08 | 0.22 | 0.34 | 0.30 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.03 | ) | 1.07 | 1.03 | 0.51 | (1.26 | ) | (0.47 | ) | |||||||||||||||
Total from investment operations | (1.00 | ) | 1.14 | 1.11 | 0.73 | (0.92 | ) | (0.17 | ) | |||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.03 | ) | (0.11 | ) | (0.09 | ) | (0.37 | ) | (0.52 | ) | (0.45 | ) | ||||||||||||
From net realized gains on investments | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.03 | ) | (0.11 | ) | (0.09 | ) | (0.37 | ) | (0.52 | ) | (0.45 | ) | ||||||||||||
Net asset value, end of year/period | $ | 7.96 | $ | 8.99 | $ | 7.96 | $ | 6.94 | $ | 6.58 | $ | 8.02 | ||||||||||||
Total return (B) | (11.12 | )% (F) | 14.37 | % (E) | 16.00 | % | 11.32 | % | (11.96 | )% | (1.99 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 70,290 | $ | 58,975 | $ | 46,451 | $ | 7,155 | $ | 4,940 | $ | 12,188 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (C) | 1.17 | % (G) | 1.15 | % | 1.32 | % | 1.75 | % | 1.58 | % | 1.33 | % | ||||||||||||
Expenses, net waiver and reimbursement (C) | 1.17 | % (G) | 1.10 | % | 1.01 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||
Net investment income | 0.78 | % (G) | 0.80 | % | 1.10 | % | 3.12 | % | 4.32 | % | 3.53 | % | ||||||||||||
Portfolio turnover rate | 184 | % (F) | 239 | % | 480 | % | 394 | % | 307 | % | 224 | % | ||||||||||||
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, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 8.98 | $ | 7.95 | $ | 6.93 | $ | 6.57 | $ | 8.01 | $ | 8.63 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.02 | 0.05 | 0.04 | 0.20 | 0.32 | 0.30 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.03 | ) | 1.07 | 1.05 | 0.51 | (1.26 | ) | (0.49 | ) | |||||||||||||||
Total from investment operations | (1.01 | ) | 1.12 | 1.09 | 0.71 | (0.94 | ) | (0.19 | ) | |||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.03 | ) | (0.09 | ) | (0.07 | ) | (0.35 | ) | (0.50 | ) | (0.43 | ) | ||||||||||||
From net realized gains on investments | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.03 | ) | (0.09 | ) | (0.07 | ) | (0.35 | ) | (0.50 | ) | (0.43 | ) | ||||||||||||
Net asset value, end of year/period | $ | 7.94 | $ | 8.98 | $ | 7.95 | $ | 6.93 | $ | 6.57 | $ | 8.01 | ||||||||||||
Total return (B) | (11.32 | )% (F) | 14.11 | % | 15.74 | % | 11.03 | % | (12.22 | )% | (2.24 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 10,092 | $ | 11,858 | $ | 12,099 | $ | 11,462 | $ | 12,629 | $ | 20,327 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (D) | 1.44 | % (G) | 1.40 | % | 1.69 | % | 2.00 | % | 1.82 | % | 1.57 | % | ||||||||||||
Expenses, net waiver and reimbursement (D) | 1.44 | % (G) | 1.35 | % | 1.26 | % | 1.25 | % | 1.25 | % | 1.25 | % | ||||||||||||
Net investment income | 0.50 | % (G) | 0.55 | % | 0.58 | % | 2.90 | % | 4.17 | % | 3.52 | % | ||||||||||||
Portfolio turnover rate | 184 | % (F) | 239 | % | 480 | % | 394 | % | 307 | % | 224 | % | ||||||||||||
(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 | 1.17 | % (G) | 1.15 | % | 1.31 | % | 1.75 | % | 1.58 | % | 1.33 | % | ||||||||||||
Expenses, net waiver and reimbursement | 1.17 | % (G) | 1.10 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||
(D) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 1.44 | % (G) | 1.40 | % | 1.68 | % | 2.00 | % | 1.82 | % | 1.57 | % | ||||||||||||
Expenses, net waiver and reimbursement | 1.44 | % | 1.35 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | ||||||||||||
(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) | Not Annualized |
(G) | Annualized |
See accompanying notes which are an integral part of these financial statements.
65
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, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 8.93 | $ | 7.90 | $ | 6.91 | $ | 6.55 | $ | 7.99 | $ | 8.61 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (A) | (0.01 | ) | (0.01 | ) | (0.01 | ) | 0.15 | 0.27 | 0.29 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.02 | ) | 1.07 | 1.04 | 0.51 | (1.27 | ) | (0.52 | ) | |||||||||||||||
Total from investment operations | (1.03 | ) | 1.06 | 1.03 | 0.66 | (1.00 | ) | (0.23 | ) | |||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.01 | ) | (0.03 | ) | (0.04 | ) | (0.30 | ) | (0.44 | ) | (0.39 | ) | ||||||||||||
From net realized gains on investments | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.01 | ) | (0.03 | ) | (0.04 | ) | (0.30 | ) | (0.44 | ) | (0.39 | ) | ||||||||||||
Net asset value, end of year/period | $ | 7.89 | $ | 8.93 | $ | 7.90 | $ | 6.91 | $ | 6.55 | $ | 7.99 | ||||||||||||
Total return (B) | (11.58 | )% (F) | 13.40 | % | 14.88 | % | 10.23 | % (C) | (12.92 | )% (C) | (2.68 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 1,641 | $ | 1,771 | $ | 1,164 | $ | 1,252 | $ | 1,664 | $ | 2,799 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (D) | 2.12 | % (G) | 2.15 | % | 2.39 | % | 2.75 | % | 2.59 | % | 2.31 | % | ||||||||||||
Expenses, net waiver and reimbursement (D) | 2.12 | % (G) | 2.06 | % | 2.01 | % | 2.00 | % | 1.90 | % | 1.75 | % | ||||||||||||
Net investment income (loss) | (0.17 | )% (G) | (0.16 | )% | -0.18 | % | 2.16 | % | 3.52 | % | 3.50 | % | ||||||||||||
Portfolio turnover rate | 184 | % (F) | 239 | % | 480 | % | 394 | % | 307 | % | 224 | % | ||||||||||||
(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 | 2.12 | % (G) | 2.14 | % | 2.38 | % | 2.75 | % | 2.59 | % | 2.31 | % | ||||||||||||
Expenses, net waiver and reimbursement | 2.12 | % (G) | 2.06 | % | 2.00 | % | 2.00 | % | 1.90 | % | 1.75 | % | ||||||||||||
(F) | Not Annualized. |
(G) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
66
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, | |||||||||||||||||||
2022 (A) | 2021 (A) | 2020 (A) | 2019 (A) | 2018 (A) | 2017 (A) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 17.10 | $ | 17.07 | $ | 16.98 | $ | 16.20 | $ | 14.97 | $ | 15.36 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (B) | (0.15 | ) | (0.33 | ) | (0.27 | ) | (0.03 | ) | (0.18 | ) | 0.03 | |||||||||||||
Net realized and unrealized gain on investments | 0.02 | 0.99 | 0.72 | 1.38 | 1.65 | 0.42 | ||||||||||||||||||
Total from investment operations | (0.13 | ) | 0.66 | 0.45 | 1.35 | 1.47 | 0.45 | |||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | — | — | — | — | (0.03 | ) | (0.84 | ) | ||||||||||||||||
From net realized gains on investments | — | (0.63 | ) | (0.36 | ) | (0.57 | ) | (0.21 | ) | — | ||||||||||||||
Total distributions | — | (0.63 | ) | (0.36 | ) | (0.57 | ) | (0.24 | ) | (0.84 | ) | |||||||||||||
Net asset value, end of year/period | $ | 16.97 | $ | 17.10 | $ | 17.07 | $ | 16.98 | $ | 16.20 | $ | 14.97 | ||||||||||||
Total return (C) | (0.76 | )% (H) | 3.94 | % | 2.65 | % | 8.35 | % | 9.66 | % | 2.89 | % (D) | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 259,088 | $ | 264,557 | $ | 199,987 | $ | 151,070 | $ | 18,333 | $ | 5,451 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (F) | 2.01 | % (I) | 2.04 | % | 2.05 | % | 2.15 | % | 3.16 | % | 4.29 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) | 1.99 | % (I) | 1.99 | % | 1.99 | % | 1.99 | % | 1.99 | % | 1.17 | % | ||||||||||||
Net investment income (loss) | (1.76 | )% (I) | (1.98 | )% | (1.54 | )% | (0.15 | )% | (1.20 | )% | 0.22 | % | ||||||||||||
Portfolio turnover rate | 0 | % (H) | 0 | % | 0 | % | 0 | % | 0 | % | 199 | % | ||||||||||||
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, | |||||||||||||||||||
2022 (A) | 2021 (A) | 2020 (A) | 2019 (A) | 2018 (A) | 2017 (A) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
$ | 17.16 | $ | 17.16 | $ | 17.10 | $ | 16.35 | $ | 15.12 | $ | 15.48 | |||||||||||||
Net asset value, beginning of year/period | ||||||||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (B) | (0.18 | ) | (0.39 | ) | (0.27 | ) | (0.06 | ) | (0.21 | ) | 0.03 | |||||||||||||
Net realized and unrealized gain on investments | 0.03 | 1.02 | 0.69 | 1.38 | 1.65 | 0.42 | ||||||||||||||||||
Total from investment operations | (0.15 | ) | 0.63 | 0.42 | 1.32 | 1.44 | 0.45 | |||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | — | — | — | — | 0.00 | (E) | (0.81 | ) | ||||||||||||||||
From net realized gains on investments | — | (0.63 | ) | (0.36 | ) | (0.57 | ) | (0.21 | ) | — | ||||||||||||||
Total distributions | — | (0.63 | ) | (0.36 | ) | (0.57 | ) | (0.21 | ) | (0.81 | ) | |||||||||||||
Net asset value, end of year/period | $ | 17.01 | $ | 17.16 | $ | 17.16 | $ | 17.10 | $ | 16.35 | $ | 15.12 | ||||||||||||
Total return (C) | (0.87 | )% (H) | 3.75 | % | 2.45 | % | 8.09 | % | 9.45 | % | 2.98 | % (D) | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 7,096 | $ | 18,494 | $ | 7,423 | $ | 15,097 | $ | 18,327 | $ | 449 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (G) | 2.28 | % (I) | 2.29 | % | 2.33 | % | 2.51 | % | 3.50 | % | 4.54 | % | ||||||||||||
Expenses, net waiver and reimbursement (G) | 2.24 | % (I) | 2.24 | % | 2.24 | % | 2.24 | % | 2.24 | % | 1.35 | % | ||||||||||||
Net investment income (loss) | (2.07 | )% (I) | (2.23 | )% | (1.64 | )% | (0.31 | )% | (1.20 | )% | 0.19 | % | ||||||||||||
Portfolio turnover rate | 0 | % (H) | 0 | % | 0 | % | 0 | % | 0 | % | 199 | % | ||||||||||||
(A) | Effective April 22, 2022, the Fund had a one-to-three reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the one-to-three 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. Had the Advisor not waived its fees and reimbursed expenses, total return would have been lower. |
(D) | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(E) | Amount is less than $0.005. |
(F) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 2.01 | % (I) | 2.04 | % | 2.05 | % | 2.51 | % | 3.50 | % | 4.54 | % | ||||||||||||
Expenses, net waiver and reimbursement | 1.99 | % (I) | 1.99 | % | 1.99 | % | 2.24 | % | 2.24 | % | 1.35 | % | ||||||||||||
(G) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 2.28 | % (I) | 2.29 | % | 2.33 | % | 2.51 | % | 3.50 | % | 4.54 | % | ||||||||||||
Expenses, net waiver and reimbursement | 2.24 | % (I) | 2.24 | % | 2.24 | % | 2.24 | % | 2.24 | % | 1.35 | % | ||||||||||||
(H) | Not Annualized |
(I) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
67
RATIONAL FUNDS |
Rational Tactical Return 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, | |||||||||||||||||||
2022 (A) | 2021 (A) | 2020 (A) | 2019 (A) | 2018 (A) | 2017 (A) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 16.65 | $ | 16.80 | $ | 16.86 | $ | 16.29 | $ | 15.18 | $ | 15.48 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment loss (B) | (0.22 | ) | (0.51 | ) | (0.42 | ) | (0.21 | ) | (0.36 | ) | (0.09 | ) | ||||||||||||
Net realized and unrealized gain on investments | 0.01 | 0.99 | 0.72 | 1.35 | 1.68 | 0.45 | ||||||||||||||||||
Total from investment operations | (0.21 | ) | 0.48 | 0.30 | 1.14 | 1.32 | 0.36 | |||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | — | — | — | — | — | (0.66 | ) | |||||||||||||||||
From net realized gains on investments | — | (0.63 | ) | (0.36 | ) | (0.57 | ) | (0.21 | ) | — | ||||||||||||||
Total distributions | — | (0.63 | ) | (0.36 | ) | (0.57 | ) | (0.21 | ) | (0.66 | ) | |||||||||||||
Net assets, end of year/period (in 000’s) | $ | 16.44 | $ | 16.65 | $ | 16.80 | $ | 16.86 | $ | 16.29 | $ | 15.18 | ||||||||||||
Total return (C) | (1.26 | )% (F) | 2.94 | % | 1.77 | % | 7.01 | % | 8.62 | % | 2.42 | % (D) | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 9,459 | $ | 9,444 | $ | 9,130 | $ | 6,453 | $ | 1 | $ | 1 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (E) | 2.98 | % (G) | 3.00 | % | 3.04 | % | 3.11 | % | 4.16 | % | 5.29 | % | ||||||||||||
Expenses, net waiver and reimbursement (E) | 2.98 | % (G) | 2.99 | % | 2.99 | % | 2.99 | % | 2.99 | % | 2.17 | % | ||||||||||||
Net investment loss | (2.74 | )% (G) | (2.98 | )% | (2.54 | )% | (1.18 | )% | (2.34 | )% | (0.53 | )% | ||||||||||||
Portfolio turnover rate | 0 | % (F) | 0 | % | 0 | % | 0 | % | 0 | % | 199 | % | ||||||||||||
(A) | Effective April 22, 2022, the Fund had a one-to-three reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the one-to-three 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. Had the Advisor not waived its fees and reimbursed expenses, total return would have been lower. |
(D) | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(E) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 2.98 | % (G) | 3.00 | % | 3.04 | % | 3.11 | % | 4.16 | % | 5.29 | % | ||||||||||||
Expenses, net waiver and reimbursement | 2.98 | % (G) | 2.99 | % | 2.99 | % | 2.99 | % | 2.99 | % | 2.17 | % | ||||||||||||
(F) | Not Annualized |
(G) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
68
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, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 (A) | 2017 (A) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 59.52 | $ | 56.20 | $ | 43.30 | $ | 34.20 | $ | 34.90 | $ | 37.80 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (B) | (0.02 | ) | (0.41 | ) | (0.33 | ) | (0.14 | ) | 0.16 | 0.20 | ||||||||||||||
Net realized and unrealized gain on investments | (21.19 | ) | 8.68 | 19.98 | 9.38 | 0.07 | (D) | 5.40 | ||||||||||||||||
Total from investment operations | (21.21 | ) | 8.27 | 19.65 | 9.24 | 0.23 | 5.60 | |||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | — | — | — | — | (0.09 | ) | (0.20 | ) | ||||||||||||||||
From net realized gains on investments | — | (4.95 | ) | (6.75 | ) | (0.14 | ) | (0.84 | ) | (8.30 | ) | |||||||||||||
Total distributions | — | (4.95 | ) | (6.75 | ) | (0.14 | ) | (0.93 | ) | (8.50 | ) | |||||||||||||
Net assets, end of year/period (in 000’s) | $ | 38.31 | $ | 59.52 | $ | 56.20 | $ | 43.30 | $ | 34.20 | $ | 34.90 | ||||||||||||
Total return (C) | (35.63 | )% (G) | 14.97 | % | 45.28 | % | 27.03 | % | 0.72 | % | 14.66 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 37,157 | $ | 82,648 | $ | 53,102 | $ | 21,627 | $ | 16,725 | $ | 3,269 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (E) | 1.16 | % (H) | 1.10 | % | 1.25 | % | 1.45 | % | 1.67 | % | 1.69 | % | ||||||||||||
Expenses, net waiver and reimbursement (E) | 1.16 | % (H) | 1.14 | % | 1.24 | % | 1.17 | % | 1.00 | % | 1.00 | % | ||||||||||||
Net investment income (loss) | (0.09 | )% (H) | (0.65 | )% | (0.56 | )% | (0.36 | )% | 0.42 | % | 0.60 | % | ||||||||||||
Portfolio turnover rate | 95 | % (G) | 225 | % | 320 | % | 220 | % | 411 | % | 305 | % | ||||||||||||
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, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 (A) | 2018 (A) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 37.49 | $ | 37.16 | $ | 30.27 | $ | 24.00 | $ | 24.70 | $ | 28.90 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (B) | (0.05 | ) | (0.41 | ) | (0.28 | ) | (0.16 | ) | 0.02 | 0.10 | ||||||||||||||
Net realized and unrealized gain on investments | (13.34 | ) | 5.69 | 13.92 | 6.57 | 0.12 | (D) | 4.10 | ||||||||||||||||
Total from investment operations | (13.39 | ) | 5.28 | 13.64 | 6.41 | 0.14 | 4.20 | |||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | — | — | — | — | — | (0.10 | ) | |||||||||||||||||
From net realized gains on investments | — | (4.95 | ) | (6.75 | ) | (0.14 | ) | (0.84 | ) | (8.30 | ) | |||||||||||||
Total distributions | — | (4.95 | ) | (6.75 | ) | (0.14 | ) | (0.84 | ) | (8.40 | ) | |||||||||||||
Net assets, end of year/period (in 000’s) | $ | 24.10 | $ | 37.49 | $ | 37.16 | $ | 30.27 | $ | 24.00 | $ | 24.70 | ||||||||||||
Total return (C) | (35.72 | )% (G) | 14.59 | % | 44.91 | % | 26.72 | % | 0.63 | % | 14.30 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 12,645 | $ | 23,205 | $ | 17,972 | $ | 12,387 | $ | 11,154 | $ | 12,870 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (F) | 1.42 | % (H) | 1.37 | % | 1.52 | % | 1.74 | % | 2.05 | % | 1.94 | % | ||||||||||||
Expenses, net waiver and reimbursement (F) | 1.42 | % (H) | 1.47 | % | 1.49 | % | 1.41 | % | 1.25 | % | 1.25 | % | ||||||||||||
Net investment income (loss) | (0.33 | )% (H) | (1.00 | )% | (0.82 | )% | (0.59 | )% | 0.08 | % | 0.35 | % | ||||||||||||
Portfolio turnover rate | 95 | % (G) | 225 | % | 320 | % | 220 | % | 411 | % | 305 | % | ||||||||||||
(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) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 1.16 | % (H) | 1.10 | % | 1.25 | % | 1.45 | % | 1.67 | % | 1.69 | % | ||||||||||||
Expenses, net waiver and reimbursement | 1.16 | % (H) | 1.14 | % | 1.24 | % | 1.17 | % | 1.00 | % | 1.00 | % | ||||||||||||
(F) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 1.42 | % (H) | 1.37 | % | 1.52 | % | 1.74 | % | 2.05 | % | 1.94 | % | ||||||||||||
Expenses, net waiver and reimbursement | 1.42 | % (H) | 1.47 | % | 1.49 | % | 1.41 | % | 1.25 | % | 1.25 | % | ||||||||||||
(G) | Not Annualized |
(H) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
69
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, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 (A) | 2017 (A) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | ||||||||||||||||||||||||
$ | 31.73 | $ | 32.34 | $ | 27.15 | $ | 21.70 | $ | 22.60 | $ | 27.10 | |||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment loss (B) | (0.13 | ) | (0.58 | ) | (0.50 | ) | (0.32 | ) | (0.14 | ) | (0.00 | ) (C) | ||||||||||||
Net realized and unrealized gain on investments | (11.27 | ) | 4.92 | 12.44 | 5.91 | 0.08 | (F) | 3.80 | ||||||||||||||||
Total from investment operations | (11.40 | ) | 4.34 | 11.94 | 5.59 | (0.06 | ) | 3.80 | ||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | — | — | — | — | — | — | ||||||||||||||||||
From net realized gains on investments | — | (4.95 | ) | (6.75 | ) | (0.14 | ) | (0.84 | ) | (8.30 | ) | |||||||||||||
Total distributions | — | (4.95 | ) | (6.75 | ) | (0.14 | ) | (0.84 | ) | (8.30 | ) | |||||||||||||
Net assets, end of year/period (in 000’s) | $ | 20.33 | $ | 31.73 | $ | 32.34 | $ | 27.15 | $ | 21.70 | $ | 22.60 | ||||||||||||
Total return (D) | (35.93 | )% (H) | 13.85 | % | 43.80 | % | 25.78 | % (E) | (0.20 | )% (E) | 14.03 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 3,089 | $ | 4,898 | $ | 1,525 | $ | 184 | $ | 214 | $ | 231 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (G) | 2.12 | % (I) | 2.08 | % | 2.41 | % | 2.68 | % | 2.73 | % | 2.65 | % | ||||||||||||
Expenses, net waiver and reimbursement (G) | 2.12 | % (I) | 2.12 | % | 2.24 | % | 2.15 | % | 1.91 | % | 1.75 | % | ||||||||||||
Net investment loss | (1.03 | )% (I) | (1.62 | )% | (1.54 | )% | (1.30 | )% | (0.59 | )% | (0.14 | )% | ||||||||||||
Portfolio turnover rate | 95 | % (H) | 225 | % | 320 | % | 220 | % | 411 | % | 305 | % | ||||||||||||
(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) | 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) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 2.12 | % (H) | 2.08 | % | 2.41 | % | 2.68 | % | 2.73 | % | 2.65 | % | ||||||||||||
Expenses, net waiver and reimbursement | 2.12 | % (H) | 2.12 | % | 2.24 | % | 2.15 | % | 1.91 | % | 1.75 | % | ||||||||||||
(H) | Not Annualized |
(I) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
70
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 | 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, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 10.24 | $ | 8.94 | $ | 9.58 | $ | 9.12 | $ | 10.02 | $ | 9.37 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.14 | 0.40 | 0.27 | 0.36 | 0.39 | 0.33 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.79 | ) | 2.54 | (0.61 | ) | 0.79 | (0.67 | ) | 0.78 | |||||||||||||||
Total from investment operations | (2.65 | ) | 2.94 | (0.34 | ) | 1.15 | (0.28 | ) | 1.11 | |||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.11 | ) | (0.36 | ) | (0.28 | ) | (0.41 | ) | (0.36 | ) | (0.46 | ) | ||||||||||||
From net realized gains on investments | — | (1.28 | ) | — | (0.22 | ) | (0.26 | ) | — | |||||||||||||||
From Return of capital | — | — | (0.02 | ) | (0.06 | ) | — | — | ||||||||||||||||
Total distributions | (0.11 | ) | (1.64 | ) | (0.30 | ) | (0.69 | ) | (0.62 | ) | (0.46 | ) | ||||||||||||
Net asset value, end of year/period | $ | 7.48 | $ | 10.24 | $ | 8.94 | $ | 9.58 | $ | 9.12 | $ | 10.02 | ||||||||||||
Total return (B) | (26.02 | )% (G) | 33.94 | % | (3.19 | )% | 12.64 | % | (2.81 | )% | 11.95 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 1,121 | $ | 519 | $ | 248 | $ | 266 | $ | 253 | $ | 278 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (C,E) | 1.21 | % (H) | 1.11 | % | 1.31 | % | 0.98 | % | 1.04 | % | 0.85 | % | ||||||||||||
Expenses, net waiver and reimbursement (C,E) | 0.47 | % (H) | 0.46 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Net investment income (C,D) | 3.05 | % (H) | 3.78 | % | 3.26 | % | 3.67 | % | 3.91 | % | 3.35 | % | ||||||||||||
Portfolio turnover rate | 14 | % (G) | 2 | % | 89 | % | 62 | % | 53 | % | 17 | % | ||||||||||||
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, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 10.30 | $ | 8.99 | $ | 9.63 | $ | 9.15 | $ | 10.05 | $ | 9.40 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.12 | 0.34 | 0.25 | 0.32 | 0.33 | 0.26 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.81 | ) | 2.59 | (0.61 | ) | 0.82 | (0.63 | ) | 0.83 | |||||||||||||||
Total from investment operations | (2.69 | ) | 2.93 | (0.36 | ) | 1.14 | (0.30 | ) | 1.09 | |||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.09 | ) | (0.34 | ) | (0.26 | ) | (0.38 | ) | (0.34 | ) | (0.44 | ) | ||||||||||||
From net realized gains on investments | — | (1.28 | ) | — | (0.22 | ) | (0.26 | ) | — | |||||||||||||||
From Return of capital | — | — | (0.02 | ) | (0.06 | ) | — | — | ||||||||||||||||
Total distributions | (0.09 | ) | (1.62 | ) | (0.28 | ) | (0.66 | ) | (0.60 | ) | (0.44 | ) | ||||||||||||
Net assets, end of year/period (in 000’s) | $ | 7.52 | $ | 10.30 | $ | 8.99 | $ | 9.63 | $ | 9.15 | $ | 10.05 | ||||||||||||
Total return (B) | (26.16 | )% (G) | 33.57 | % | (3.42 | )% | 12.49 | % | (3.05 | )% | 11.61 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 6,561 | $ | 9,830 | $ | 7,713 | $ | 9,395 | $ | 9,842 | $ | 13,033 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (C,F) | 1.55 | % (H) | 1.47 | % | 1.65 | % | 1.35 | % | 1.37 | % | 1.14 | % | ||||||||||||
Expenses, net waiver and reimbursement (C,F) | 0.72 | % (H) | 0.71 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Net Investment income (C,D) | 2.72 | % (H) | 3.30 | % | 2.98 | % | 3.25 | % | 3.25 | % | 2.60 | % | ||||||||||||
Portfolio turnover rate | 14 | % (G) | 2 | % | 89 | % | 62 | % | 53 | % | 17 | % | ||||||||||||
(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) | 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. |
(D) | 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. |
(E) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 1.19 | % (H) | 1.10 | % | 1.31 | % | 0.98 | % | 1.04 | % | 0.85 | % | ||||||||||||
Expenses, net waiver and reimbursement | 0.45 | % (H) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
(F) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 1.53 | % (H) | 1.46 | % | 1.65 | % | 1.35 | % | 1.37 | % | 1.14 | % | ||||||||||||
Expenses, net waiver and reimbursement | 0.70 | % (H) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
(G) | Not Annualized |
(H) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
71
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 | 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, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 10.25 | $ | 8.95 | $ | 9.58 | $ | 9.11 | $ | 10.03 | $ | 9.39 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.09 | 0.26 | 0.19 | 0.26 | 0.29 | 0.23 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.79 | ) | 2.58 | (0.61 | ) | 0.80 | (0.67 | ) | 0.78 | |||||||||||||||
Total from investment operations | (2.70 | ) | 2.84 | (0.42 | ) | 1.06 | (0.38 | ) | 1.01 | |||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.06 | ) | (0.26 | ) | (0.19 | ) | (0.31 | ) | (0.28 | ) | (0.37 | ) | ||||||||||||
From net realized gains on investments | — | (1.28 | ) | — | (0.22 | ) | (0.26 | ) | — | |||||||||||||||
From Return of capital | — | — | (0.02 | ) | (0.06 | ) | — | — | ||||||||||||||||
Total distributions | (0.06 | ) | (1.54 | ) | (0.21 | ) | (0.59 | ) | (0.54 | ) | (0.37 | ) | ||||||||||||
Net asset value, end of year/period | $ | 7.49 | $ | 10.25 | $ | 8.95 | $ | 9.58 | $ | 9.11 | $ | 10.03 | ||||||||||||
Total return (B) | (26.37 | )% (F) | 32.60 | % | (4.13 | )% | 11.61 | % | (3.83 | )% | 10.80 | % (E) | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (C,E) | 2.32 | % (G) | 2.24 | % | 2.33 | % | 2.02 | % | 1.92 | % | 1.82 | % | ||||||||||||
Expenses, net waiver and reimbursement (C,E) | 1.47 | % (G) | 1.46 | % | 1.45 | % | 1.45 | % | 1.45 | % | 1.45 | % | ||||||||||||
Net investment income (C,D) | 1.98 | % (G) | 2.53 | % | 2.26 | % | 2.65 | % | 2.89 | % | 2.31 | % | ||||||||||||
Portfolio turnover rate | 14 | % (F) | 2 | % | 89 | % | 62 | % | 53 | % | 17 | % | ||||||||||||
(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) | 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. |
(D) | 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. |
(E) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 2.30 | % (G) | 2.23 | % | 2.33 | % | 2.02 | % | 1.92 | % | 1.82 | % | ||||||||||||
Expenses, net waiver and reimbursement | 1.45 | % (G) | 1.45 | % | 1.45 | % | 1.45 | % | 1.45 | % | 1.45 | % | ||||||||||||
(F) | Not Annualized |
(G) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
72
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 | 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, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 22.71 | $ | 23.77 | $ | 23.73 | $ | 23.10 | $ | 25.25 | $ | 24.33 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment loss (A) | (0.19 | ) | (0.50 | ) | (0.37 | ) | (0.02 | ) | (0.04 | ) | (0.32 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 2.15 | 3.16 | 0.52 | 4.32 | (1.89 | ) | 1.26 | |||||||||||||||||
Total from investment operations | 1.96 | 2.66 | 0.15 | 4.30 | (1.93 | ) | 0.94 | |||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | — | (3.72 | ) | (0.08 | ) | (0.69 | ) | — | — | |||||||||||||||
From net realized gains on investments | — | — | — | (2.94 | ) | (0.22 | ) | (0.02 | ) | |||||||||||||||
From Return of capital | — | — | (0.03 | ) | (0.04 | ) | — | — | ||||||||||||||||
Total distributions | — | (3.72 | ) | (0.11 | ) | (3.67 | ) | (0.22 | ) | (0.02 | ) | |||||||||||||
Net asset value, end of year/period | $ | 24.67 | $ | 22.71 | $ | 23.77 | $ | 23.73 | $ | 23.10 | $ | 25.25 | ||||||||||||
Total return (B) | 8.63 | % (F) | 11.28 | % | 0.65 | % | 18.32 | % | (7.64 | )% | 3.85 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 159,794 | $ | 64,890 | $ | 62,176 | $ | 51,221 | $ | 27,460 | $ | 5,883 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (C) | 2.06 | % (G) | 2.17 | % | 2.18 | % | 2.32 | % | 2.90 | % | 2.49 | % | ||||||||||||
Expenses, net waiver and reimbursement (C) | 1.97 | % (G) | 1.98 | % | 1.97 | % | 1.97 | % | 1.97 | % | 1.97 | % | ||||||||||||
Net investment loss | (1.60 | )% (G) | (1.95 | )% | (1.61 | )% | (0.06 | )% | (0.17 | )% | (1.33 | )% | ||||||||||||
Portfolio turnover rate | 0 | % (F) | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||||||
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, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 22.53 | $ | 23.61 | $ | 23.52 | $ | 22.96 | $ | 25.16 | $ | 24.30 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment loss (A) | (0.22 | ) | (0.55 | ) | (0.36 | ) | (0.10 | ) | (0.11 | ) | (0.21 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 2.14 | 3.13 | 0.45 | 4.30 | (1.87 | ) | 1.09 | |||||||||||||||||
Total from investment operations | 1.92 | 2.58 | 0.09 | 4.20 | (1.98 | ) | 0.88 | |||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | — | (3.66 | ) | — | (0.66 | ) | — | — | ||||||||||||||||
From net realized gains on investments | — | — | — | (2.94 | ) | (0.22 | ) | (0.02 | ) | |||||||||||||||
From Return of capital | — | — | — | (0.04 | ) | — | — | |||||||||||||||||
Total distributions | — | (3.66 | ) | — | (3.64 | ) | (0.22 | ) | (0.02 | ) | ||||||||||||||
Net asset value, end of year/period | $ | 24.45 | $ | 22.53 | $ | 23.61 | $ | 23.52 | $ | 22.96 | $ | 25.16 | ||||||||||||
Total return (B) | 8.52 | % (F) | 10.99 | % | 0.38 | % | 18.01 | % | (7.87 | )% (E) | 3.57 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 1,647 | $ | 607 | $ | 776 | $ | 5,425 | $ | 2,169 | $ | 130 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (D) | 2.29 | % (G) | 2.36 | % | 2.47 | % | 2.60 | % | 3.14 | % | 2.90 | % | ||||||||||||
Expenses, net waiver and reimbursement (D) | 2.22 | % (G) | 2.23 | % | 2.22 | % | 2.22 | % | 2.22 | % | 2.22 | % | ||||||||||||
Net investment loss | (1.74 | )% (G) | (2.10 | )% | (1.43 | )% | (0.39 | )% | (0.45 | )% | (0.88 | )% | ||||||||||||
Portfolio turnover rate | 0 | % (F) | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||||||
(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 | 2.06 | % (G) | 2.16 | % | 2.18 | % | 2.32 | % | 2.90 | % | 2.49 | % | ||||||||||||
Expenses, net waiver and reimbursement | 1.97 | % (G) | 1.97 | % | 1.97 | % | 1.97 | % | 1.97 | % | 1.97 | % | ||||||||||||
(D) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 2.29 | % (G) | 2.35 | % | 2.47 | % | 2.60 | % | 3.14 | % | 2.90 | % | ||||||||||||
Expenses, net waiver and reimbursement | 2.22 | % (G) | 2.22 | % | 2.22 | % | 2.22 | % | 2.22 | % | 2.22 | % | ||||||||||||
(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) | Not Annualized |
(G) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
73
RATIONAL FUNDS |
Rational/ReSolve Adaptive Asset Allocation Fund (Continued) |
Financial Highlights (Consolidated) |
Net asset value, beginning of 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, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 21.88 | $ | 23.03 | $ | 23.11 | $ | 22.61 | $ | 24.96 | $ | 24.29 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment loss (A) | (0.31 | ) | (0.72 | ) | (0.57 | ) | (0.26 | ) | (0.31 | ) | (0.54 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 2.08 | 3.05 | 0.49 | 4.20 | (1.82 | ) | 1.23 | |||||||||||||||||
Total from investment operations | 1.77 | 2.33 | (0.08 | ) | 3.94 | (2.13 | ) | 0.69 | ||||||||||||||||
LESS DISTRIBUTIONS: | �� | |||||||||||||||||||||||
From net investment income | — | (3.48 | ) | — | (0.46 | ) | — | — | ||||||||||||||||
From net realized gains on investments | — | — | — | (2.94 | ) | (0.22 | ) | (0.02 | ) | |||||||||||||||
From Return of capital | — | — | — | (0.04 | ) | — | — | |||||||||||||||||
Total distributions | — | (3.48 | ) | — | (3.44 | ) | (0.22 | ) | (0.02 | ) | ||||||||||||||
Net asset value, end of year/period | $ | 23.65 | $ | 21.88 | $ | 23.03 | $ | 23.11 | $ | 22.61 | $ | 24.96 | ||||||||||||
Total return (B) | 8.09 | % (D) | 10.18 | % | (0.35 | )% | 17.15 | % | (8.53 | )% | 2.83 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 353 | $ | 241 | $ | 250 | $ | 438 | $ | 322 | $ | 371 | ||||||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement (C) | 3.08 | % (E) | 3.18 | % | 3.35 | % | 3.37 | % | 4.65 | % | 3.60 | % | ||||||||||||
Expenses, net waiver and reimbursement (C) | 2.97 | % (E) | 2.98 | % | 2.97 | % | 2.97 | % | 2.97 | % | 2.97 | % | ||||||||||||
Net investment loss | (2.67 | )% (E) | (2.95 | )% | (2.51 | )% | (1.04 | )% | (1.24 | )% | (2.26 | )% | ||||||||||||
Portfolio turnover rate | 0 | % (D) | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||||||
(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 | 3.08 | % (E) | 3.17 | % | 3.35 | % | 3.37 | % | 4.65 | % | 3.60 | % | ||||||||||||
Expenses, net waiver and reimbursement | 2.97 | % (E) | 2.97 | % | 2.97 | % | 2.97 | % | 2.97 | % | 2.97 | % | ||||||||||||
(D) | Not annualized. |
(E) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
74
RATIONAL FUNDS |
Rational/Pier 88 Convertible Securities Fund |
Financial Highlights |
For a Share Outstanding Throughout Each Year/Period |
Institutional | ||||||||||||||||
For the | For the | For the | For the | |||||||||||||
Six Months Ended | Year Ended | Year Ended | Period Ended | |||||||||||||
June 30, | December 31, | December 31, | December 31, | |||||||||||||
2022 | 2021 | 2020 | 2019 (A) | |||||||||||||
(Unaudited) | ||||||||||||||||
Net asset value, beginning of year/period | $ | 11.96 | $ | 11.69 | $ | 10.17 | $ | 10.00 | ||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (B) | 0.07 | 0.13 | 0.17 | 0.03 | ||||||||||||
Net realized and unrealized gain on investments | (1.56 | ) | 1.04 | 1.56 | 0.14 | |||||||||||
Total from investment operations | (1.49 | ) | 1.17 | 1.73 | 0.17 | |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
From net investment income | (0.06 | ) | (0.17 | ) | (0.20 | ) | — | |||||||||
From net realized gains on investments | — | (0.73 | ) | (0.01 | ) | — | ||||||||||
Total distributions | (0.06 | ) | (0.90 | ) | (0.21 | ) | — | |||||||||
Net asset value, end of year/period | $ | 10.41 | $ | 11.96 | $ | 11.69 | $ | 10.17 | ||||||||
Total return (C) | (12.47 | )% (D) | 10.21 | % | 17.08 | % | 1.70 | % (D) | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 111,700 | $ | 118,333 | $ | 73,946 | $ | 5,707 | ||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||
Expenses, before waiver and reimbursement (G) | 1.14 | % (E) | 1.17 | % | 1.25 | % | 7.22 | % (E) | ||||||||
Expenses, net waiver and reimbursement (G) | 0.99 | % (E) | 0.99 | % | 0.99 | % | 0.99 | % (E) | ||||||||
Net investment income | 1.27 | % (E) | 1.07 | % | 1.62 | % | 4.22 | % (E) | ||||||||
Portfolio turnover rate | 70 | % (D) | 130 | % | 140 | % | 5 | % (D) | ||||||||
Class A | ||||||||||||||||
For the | For the | For the | For the | |||||||||||||
Six Months Ended | Year Ended | Year Ended | Period Ended | |||||||||||||
June 30, | December 31, | December 31, | December 31, | |||||||||||||
2022 | 2021 | 2020 | 2019 (A) | |||||||||||||
(Unaudited) | ||||||||||||||||
Net asset value, beginning of year/period | $ | 11.97 | $ | 11.69 | $ | 10.17 | $ | 10.00 | ||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (B) | 0.06 | 0.11 | 0.39 | 0.02 | ||||||||||||
Net realized and unrealized gain on investments | (1.56 | ) | 1.03 | 1.33 | 0.15 | |||||||||||
Total from investment operations | (1.50 | ) | 1.14 | 1.72 | 0.17 | |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
From net investment income | (0.05 | ) | (0.13 | ) | (0.19 | ) | — | |||||||||
From net realized gains on investments | — | (0.73 | ) | (0.01 | ) | — | ||||||||||
Total distributions | (0.05 | ) | (0.86 | ) | (0.20 | ) | — | |||||||||
Net asset value, end of year/period | $ | 10.42 | $ | 11.97 | $ | 11.69 | $ | 10.17 | ||||||||
Total return (C) | (12.56 | )% (D) | 9.97 | % | 16.97 | % | 1.70 | % (D) | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 2,079 | $ | 2,231 | $ | 337 | $ | 0 | (F) | |||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||
Expenses, before waiver and reimbursement (H) | 1.38 | % (E) | 1.35 | % | 1.40 | % | 7.47 | % (E) | ||||||||
Expenses, net waiver and reimbursement (H) | 1.24 | % (E) | 1.24 | % | 1.24 | % | 1.24 | % (E) | ||||||||
Net investment income | 1.04 | % (E) | 0.88 | % | 3.50 | % | 3.17 | % (E) | ||||||||
Portfolio turnover rate | 70 | % (D) | 130 | % | 140 | % | 5 | % (D) | ||||||||
(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. |
(G) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 1.14 | % (E) | 1.17 | % | 1.25 | % | 7.22 | % (E) | ||||||||
Expenses, net waiver and reimbursement | 0.99 | % (E) | 0.99 | % | 0.99 | % | 0.99 | % (E) | ||||||||
(H) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 1.38 | % (E) | 1.35 | % | 1.40 | % | 7.47 | % (E) | ||||||||
Expenses, net waiver and reimbursement | 1.24 | % (E) | 1.24 | % | 1.24 | % | 1.24 | % (E) | ||||||||
See accompanying notes which are an integral part of these financial statements.
75
RATIONAL FUNDS |
Rational/Pier 88 Convertible Securities Fund (Continued) |
Financial Highlights |
For a Share Outstanding Throughout Each Year/Period |
Class C | ||||||||||||||||
For the | For the | For the | For the | |||||||||||||
Six Months Ended | Year Ended | Year Ended | Period Ended | |||||||||||||
June 30, | December 31, | December 31, | December 31, | |||||||||||||
2022 | 2021 | 2020 | 2019 (A) | |||||||||||||
(Unaudited) | ||||||||||||||||
Net asset value, beginning of year/period | $ | 11.90 | $ | 11.66 | $ | 10.17 | $ | 10.00 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (B) | 0.02 | 0.02 | 0.32 | 0.02 | ||||||||||||
Net realized and unrealized gain on investments | (1.55 | ) | 1.02 | 1.34 | 0.15 | |||||||||||
Total from investment operations | (1.53 | ) | 1.04 | 1.66 | 0.17 | |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
From net investment income | (0.02 | ) | (0.07 | ) | (0.16 | ) | — | |||||||||
From net realized gains on investments | — | (0.73 | ) | (0.01 | ) | — | ||||||||||
Total distributions | (0.02 | ) | (0.80 | ) | (0.17 | ) | — | |||||||||
Net asset value, end of year/period | $ | 10.35 | $ | 11.90 | $ | 11.66 | $ | 10.17 | ||||||||
Total return (C) | (12.89 | )% (D) | 9.11 | % | 16.33 | % | 1.70 | % (D) | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 321 | $ | 249 | $ | 55 | (F) | $ | 0 | (F) | ||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||
Expenses, before waiver and reimbursement (G) | 2.10 | % (E) | 2.10 | % | 2.13 | % | 8.22 | % (E) | ||||||||
Expenses, net waiver and reimbursement (G) | 1.99 | % (E) | 1.99 | % | 1.99 | % | 1.99 | % (E) | ||||||||
Net investment income | 0.42 | % (E) | 0.17 | % | 2.87 | % | 3.17 | % (E) | ||||||||
Portfolio turnover rate | 70 | % (D) | 130 | % | 140 | % | 5 | % (D) | ||||||||
(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. |
(G) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 2.10 | % (E) | 2.10 | % | 2.13 | % | 8.22 | % (E) | ||||||||
Expenses, net waiver and reimbursement | 1.99 | % (E) | 1.99 | % | 1.99 | % | 1.99 | % (E) | ||||||||
See accompanying notes which are an integral part of these financial statements.
76
RATIONAL FUNDS |
Rational Special Situations Income Fund |
Financial Highlights |
For a Share Outstanding Throughout Each Year/Period |
Institutional | ||||||||||||||||
For the | For the | For the | For the | |||||||||||||
Six Months Ended | Year Ended | Year Ended | Period Ended | |||||||||||||
June 30, | December 31, | December 31, | December 31, | |||||||||||||
2022 | 2021 | 2020 | 2019 (A) | |||||||||||||
(Unaudited) | ||||||||||||||||
Net asset value, beginning of year/period | $ | 19.69 | $ | 19.66 | $ | 20.10 | $ | 20.00 | ||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (B) | 0.50 | 0.74 | 0.43 | 0.32 | ||||||||||||
Net realized and unrealized gain on investments | (1.39 | ) | 0.28 | 0.11 | 0.06 | |||||||||||
Total from investment operations | (0.89 | ) | 1.02 | 0.54 | 0.38 | |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
From net investment income | (0.48 | ) | (0.99 | ) | (0.93 | ) | (0.25 | ) | ||||||||
From net realized gains on investments | — | — | — | (0.03 | ) | |||||||||||
From Return of capital | — | (0.00 | ) (C) | (0.05 | ) | — | ||||||||||
Total distributions | (0.48 | ) | (0.99 | ) | (0.98 | ) | (0.28 | ) | ||||||||
Net asset value, end of year/period | $ | 18.32 | $ | 19.69 | $ | 19.66 | $ | 20.10 | ||||||||
Total return (D) | (4.59 | )% (E) | 5.30 | % | 2.83 | % | 1.91 | % (E) | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 694,021 | $ | 670,278 | $ | 352,892 | $ | 76,833 | ||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||
Expenses, before waiver and reimbursement (G) | 1.75 | % (F) | 1.77 | % | 1.80 | % | 2.06 | % (F) | ||||||||
Expenses, net waiver and reimbursement (G) | 1.75 | % (F) | 1.75 | % | 1.75 | % | 1.75 | % (F) | ||||||||
Net investment income | 5.30 | % (F) | 3.75 | % | 2.17 | % | 3.48 | % (F) | ||||||||
Portfolio turnover rate | 15 | % (E) | 37 | % | 4 | % | 14 | % (E) | ||||||||
Class A | ||||||||||||||||
For the | For the | For the | For the | |||||||||||||
Six Months Ended | Year Ended | Year Ended | Period Ended | |||||||||||||
June 30, | December 31, | December 31, | December 31, | |||||||||||||
2022 | 2021 | 2020 | 2019 (A) | |||||||||||||
(Unaudited) | ||||||||||||||||
Net asset value, beginning of year/period | $ | 19.66 | $ | 19.64 | $ | 20.08 | $ | 20.00 | ||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (B) | 0.48 | 0.72 | 0.37 | 0.30 | ||||||||||||
Net realized and unrealized gain on investments | (1.39 | ) | 0.24 | 0.13 | 0.05 | |||||||||||
Total from investment operations | (0.91 | ) | 0.96 | 0.50 | 0.35 | |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
From net investment income | (0.45 | ) | (0.94 | ) | (0.89 | ) | (0.24 | ) | ||||||||
From net realized gains on investments | — | — | — | (0.03 | ) | |||||||||||
From Return of capital | — | (0.00 | ) (C) | (0.05 | ) | — | ||||||||||
Total distributions | (0.45 | ) | (0.94 | ) | (0.94 | ) | (0.27 | ) | ||||||||
Net asset value, end of year/period | $ | 18.30 | $ | 19.66 | $ | 19.64 | $ | 20.08 | ||||||||
Total return (D) | (4.66 | )% (E) | 5.00 | % | 2.60 | % | 1.74 | % (E) | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 63,892 | $ | 58,164 | $ | 37,224 | $ | 5,449 | ||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||
Expenses, before waiver and reimbursement (H) | 2.02 | % (F) | 2.03 | % | 2.10 | % | 2.21 | % (F) | ||||||||
Expenses, net waiver and reimbursement (H) | 2.00 | % (F) | 2.00 | % | 2.00 | % | 2.00 | % (F) | ||||||||
Net investment income | 5.04 | % (F) | 3.67 | % | 1.88 | % | 3.22 | % (F) | ||||||||
Portfolio turnover rate | 15 | % (E) | 37 | % | 4 | % | 14 | % (E) | ||||||||
(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 year/period. |
(C) | Represents an amount less than $0.01 per share. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and does not reflect the impact of sales charges. |
(E) | Not Annualized |
(F) | Annualized |
(G) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 1.75 | % (F) | 1.77 | % | 1.80 | % | 2.06 | % (F) | ||||||||
Expenses, net waiver and reimbursement | 1.75 | % (F) | 1.75 | % | 1.75 | % | 1.75 | % (F) | ||||||||
(H) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 2.02 | % (F) | 2.03 | % | 2.10 | % | 2.21 | % (F) | ||||||||
Expenses, net waiver and reimbursement | 2.00 | % (F) | 2.00 | % | 2.00 | % | 2.00 | % (F) | ||||||||
See accompanying notes which are an integral part of these financial statements.
77
RATIONAL FUNDS |
Rational Special Situations Income Fund (Continued) |
Financial Highlights |
For a Share Outstanding Throughout Each Year/Period |
Class C | ||||||||||||||||
For the | For the | For the | For the | |||||||||||||
Six Months Ended | Year Ended | Year Ended | Period Ended | |||||||||||||
June 30, | December 31, | December 31, | December 31, | |||||||||||||
2022 | 2021 | 2020 | 2019 (A) | |||||||||||||
(Unaudited) | ||||||||||||||||
Net asset value, beginning of year/period | $ | 19.61 | $ | 19.60 | $ | 20.06 | $ | 20.00 | ||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (B) | 0.41 | 0.48 | 0.21 | 0.23 | ||||||||||||
Net realized and unrealized gain on investments | (1.39 | ) | 0.33 | 0.14 | 0.05 | |||||||||||
Total from investment operations | (0.98 | ) | 0.81 | 0.35 | 0.28 | |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
From net investment income | (0.38 | ) | (0.80 | ) | (0.76 | ) | (0.19 | ) | ||||||||
From net realized gains on investments | — | — | — | (0.03 | ) | |||||||||||
From Return of capital | — | (0.00 | ) (C) | (0.05 | ) | — | ||||||||||
Total distributions | (0.38 | ) | (0.80 | ) | (0.81 | ) | (0.22 | ) | ||||||||
Net asset value, end of year/period | $ | 18.25 | $ | 19.61 | $ | 19.60 | $ | 20.06 | ||||||||
Total return (D) | (5.02 | )% (E) | 4.22 | % | 1.82 | % | 1.43 | % (E) | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of year/period (in 000’s) | $ | 34,871 | $ | 35,497 | $ | 14,123 | $ | 1,289 | ||||||||
Ratios to average net assets (including interest expense) | ||||||||||||||||
Expenses, before waiver and reimbursement (G) | 2.73 | % (F) | 2.74 | % | 2.77 | % | 2.97 | % (F) | ||||||||
Expenses, net waiver and reimbursement (G) | 2.73 | % (F) | 2.75 | % | 2.75 | % | 2.75 | % (F) | ||||||||
Net investment income | 4.33 | % (F) | 2.46 | % | 1.05 | % | 2.47 | % (F) | ||||||||
Portfolio turnover rate | 15 | % (E) | 37 | % | 4 | % | 14 | % (E) | ||||||||
(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 year/period. |
(C) | Represents an amount less than $0.01 per share. 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 (D) reflect the impact of sales charges. |
(E) | Not Annualized |
(F) | Annualized |
(G) | Ratios to average net assets (excluding interest expense) |
Expenses, before waiver and reimbursement | 2.73 | % (F) | 2.74 | % | 2.77 | % | 2.97 | % (F) | ||||||||
Expenses, net waiver and reimbursement | 2.73 | % (F) | 2.75 | % | 2.75 | % | 2.75 | % (F) | ||||||||
See accompanying notes which are an integral part of these financial statements.
78
RATIONAL FUNDS |
Rational Inflation Growth 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, | |||||||||||||||||||
2022 | 2021(A) | 2022 | 2021(A) | 2022 | 2021(A) | |||||||||||||||||||
Net asset value, beginning of period | $ | 9.80 | $ | 10.00 | $ | 9.79 | $ | 10.00 | $ | 9.77 | $ | 10.00 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (B) | 0.03 | 0.25 | 0.02 | 0.49 | (0.02 | ) | 0.70 | |||||||||||||||||
Net realized and unrealized loss on investments | (0.73 | ) | (0.38 | ) | (0.73 | ) | (0.63 | ) | (0.73 | ) | (0.86 | ) | ||||||||||||
Total from investment operations | (0.70 | ) | (0.13 | ) | (0.71 | ) | (0.14 | ) | (0.75 | ) | (0.16 | ) | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.03 | ) | (0.07 | ) | (0.02 | ) | (0.07 | ) | — | (0.07 | ) | |||||||||||||
From net realized gains on investments | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.03 | ) | (0.07 | ) | (0.02 | ) | (0.07 | ) | — | (0.07 | ) | |||||||||||||
Net asset value, end of period | $ | 9.07 | $ | 9.80 | $ | 9.06 | $ | 9.79 | $ | 9.02 | $ | 9.77 | ||||||||||||
Total return (C) | (7.19 | )% (D) | (1.26 | )% (D) | (7.30 | )% (D) | (1.39 | )% (D) | (7.68 | )% (D) | (1.60 | )% (D) | ||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 2,515 | $ | 1,360 | $ | 952 | $ | 697 | $ | 32 | $ | 26 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 4.75 | % (E) | 12.47 | % (E) | 5.06 | % (E) | 12.72 | % (E) | 5.83 | % (E) | 13.47 | % (E) | ||||||||||||
Expenses, net waiver and reimbursement | 1.49 | % (E) | 1.49 | % (E) | 1.74 | % (E) | 1.74 | % (E) | 2.49 | % (E) | 2.49 | % (E) | ||||||||||||
Net investment income | 0.59 | % (E) | 6.83 | % (E) | 0.32 | % (E) | 13.23 | % (E) | (0.42 | )% (E) | 19.41 | % (E) | ||||||||||||
Portfolio turnover rate | 7 | % (D) | 0 | % (D) | 7 | % (D) | 0 | % (D) | 7 | % (D) | 0 | % (D) | ||||||||||||
(A) | The Rational Inflation Growth Fund commenced operations August 18, 2021. |
(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 which are an integral part of these financial statements.
79
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
(1) | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
The Mutual Fund and Variable Insurance Trust (the “Trust”) was organized as a Delaware statutory trust on June 23, 2006. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of June 30, 2022, the Trust operated 8 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”) | 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/Pier 88 Convertible Securities Fund (“Pier 88”) | Pier 88 Investment Partners, LLC | Total return consisting of capital appreciation and income. |
Rational Special Situations Income Fund (“Special Situations”) | ESM Management, LLC | Total return consisting of capital appreciation and income. |
Rational Inflation Growth Fund (“Inflation Growth”) | SL Advisors, LLC | Long-term capital appreciation. |
The Funds are classified as diversified funds under the 1940 Act, except Special Situations, Pier 88 and Inflation Growth, 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 and Inflation Growth 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 follows 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
All investments in securities are recorded at their estimated fair value. In computing the NAV of the Funds, fair value is based on market valuations with respect to portfolio securities for which market quotations are readily available. Pursuant to Trustee-approved policies, the Trust relies on certain security pricing services to provide the current market value of securities. Those security pricing services value equity securities (including foreign equity securities, exchange-traded funds and closed-end funds) traded on a securities exchange at the last reported sales price on the principal exchange. Equity
80
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
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. Options are valued at their closing price on the exchange they are traded on. When no closing price is available, options are valued at their mean price. 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.
81
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
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, 2022, for each Fund’s assets and liabilities measured at fair value:
Equity Armor | ||||||||||||||||
Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 53,149,846 | $ | — | $ | — | $ | 53,149,846 | ||||||||
Exchange Traded Fund | 4,444,028 | — | — | 4,444,028 | ||||||||||||
Short-Term Investments | 4,787,679 | — | — | 4,787,679 | ||||||||||||
Derivatives | ||||||||||||||||
Purchased Options | $ | 3,426,088 | $ | — | $ | — | $ | 3,426,088 | ||||||||
Futures Contracts | 154,849 | — | — | 154,849 | ||||||||||||
Total Assets | $ | 65,962,490 | $ | — | $ | — | $ | 65,962,490 | ||||||||
Liabilities* | ||||||||||||||||
Derivatives | ||||||||||||||||
Written Options | $ | 2,410,075 | $ | — | $ | — | $ | 2,410,075 | ||||||||
Futures Contracts | (13,030 | ) | — | — | (13,030 | ) | ||||||||||
Total Liabilities | $ | 2,397,045 | $ | — | $ | — | $ | 2,397,045 |
82
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
Tactical Return | ||||||||||||||||
Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Short-Term Investments | $ | 229,512,176 | $ | — | $ | — | $ | 229,512,176 | ||||||||
Derivatives | ||||||||||||||||
Futures Contracts | $ | 38,887 | $ | — | $ | — | $ | 38,887 | ||||||||
Total Assets | $ | 229,551,063 | $ | — | $ | — | $ | 229,551,063 | ||||||||
Dynamic Brands | ||||||||||||||||
Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 50,426,818 | $ | — | $ | — | $ | 50,426,818 | ||||||||
Short-Term Investments | 2,623,742 | — | — | 2,623,742 | ||||||||||||
Total Assets | $ | 53,050,560 | $ | — | $ | — | $ | 53,050,560 | ||||||||
Strategic Allocation | ||||||||||||||||
Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Open End Funds | $ | 6,272,305 | $ | — | $ | — | $ | 6,272,305 | ||||||||
Short-Term Investments | 272,907 | — | — | 272,907 | ||||||||||||
Derivatives | ||||||||||||||||
Futures Contract | $ | 98,800 | $ | — | $ | — | $ | 98,800 | ||||||||
Total Assets | $ | 6,644,012 | $ | — | $ | — | $ | 6,644,012 | ||||||||
ReSolve Adaptive | ||||||||||||||||
Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Short-Term Investments | $ | 150,236,752 | $ | — | $ | — | $ | 150,236,752 | ||||||||
Derivatives | ||||||||||||||||
Futures Contracts | 2,618,153 | — | — | 2,618,153 | ||||||||||||
Total Assets | $ | 152,854,905 | $ | — | $ | — | $ | 152,854,905 | ||||||||
Liabilities* | ||||||||||||||||
Derivatives | ||||||||||||||||
Futures Contracts | $ | 4,661,855 | $ | — | $ | — | $ | 4,661,855 | ||||||||
Total Liabilities | $ | 4,661,855 | $ | — | $ | — | $ | 4,661,855 | ||||||||
Pier 88 | ||||||||||||||||
Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 6,522,230 | $ | — | $ | — | $ | 6,522,230 | ||||||||
Preferred Stocks | 43,705,018 | — | — | 43,705,018 | ||||||||||||
Convertible Bonds | — | 54,659,816 | — | 54,659,816 | ||||||||||||
Short-Term Investments | 10,887,444 | — | — | 10,887,444 | ||||||||||||
Total Assets | $ | 61,114,692 | $ | 54,659,816 | $ | — | $ | 115,774,508 |
83
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
Special Situations | ||||||||||||||||
Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Asset Backed Securities | — | 612,451,945 | — | 612,451,945 | ||||||||||||
Corporate Bonds | — | 112,529,472 | — | 112,529,472 | ||||||||||||
Short-Term Investments | 64,922,473 | — | — | 64,922,473 | ||||||||||||
Total Assets | $ | 64,922,473 | $ | 724,981,417 | $ | — | $ | 789,903,890 | ||||||||
Inflation Growth | ||||||||||||||||
Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 2,527,838 | $ | — | $ | — | $ | 2,527,838 | ||||||||
Exchange-Traded Funds | 943,745 | — | — | 943,745 | ||||||||||||
Short-Term Investments | 10,786 | — | — | 10,786 | ||||||||||||
Derivatives | ||||||||||||||||
Futures Contracts | 23,125 | — | — | 23,125 | ||||||||||||
Total Assets | $ | 3,505,494 | $ | — | $ | — | $ | 3,505,494 | ||||||||
Liabilities* | ||||||||||||||||
Futures Contracts | $ | 26,375 | $ | — | $ | — | $ | 26,375 | ||||||||
Total Liabilities | $ | 26,375 | $ | — | $ | — | $ | 26,375 |
* | Refer to the Schedule 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 include the accounts of RDMF Fund Ltd. (“RDMF” or “CFC”), a wholly-owned and controlled foreign subsidiary. 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’s respective investment objectives and policies.
Inception Date of | CFC Net Assets as of | % of Net Assets as of | |
CFC | June 30, 2022 | June 30, 2022 | |
RDMF Fund, Ltd. | 8/5/2016 | $ 13,098,689 | 8.10% |
For tax purposes, this is an exempted Cayman investment company. The 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 net income and capital gain, to the extent of its earnings and profits, will be included each year in the ReSolve Adaptive’s investment company taxable income.
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.
84
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
Reported net realized foreign exchange gains or losses arise from sales of portfolio securities; sales and maturities of short term securities; sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period-end, resulting from changes in the exchange rate.
C. Derivative Instruments
Certain of the Funds may be subject to equity price risk, commodity risk, interest rate risk and foreign currency exchange risk in the normal course of pursuing their investment objectives. Certain of the Funds may invest in various financial instruments including positions in foreign currency contracts, written and purchased option contracts and futures contracts to gain exposure to or hedge against changes in the value of equities or foreign currencies. The following is a description of the derivative instruments utilized by the Funds, including the primary underlying risk exposure related to each instrument type.
Futures Contracts – Certain of the Funds may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against changes in the value of underlying reference assets, such as equities, interest rates, commodities prices or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts.
Options Contracts – Certain Funds may purchase put and call options and write put and call options. The premium paid for a purchased put or call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of 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).
85
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
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 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, 2022, were as follows:
Location of derivatives on Statements | Fair value of asset/liability | |||||||||
Fund | Derivative | Risk Type | of Assets and Liabilities | derivatives | ||||||
Equity Armor | ||||||||||
Futures | Equity | Futures unrealized appreciation | $ | 154,849 | ||||||
Futures unrealized depreciation | (13,030 | ) | ||||||||
Totals | $ | 141,819 | ||||||||
Tactical Return | ||||||||||
Options | Equity | Options Written | $ | 2,410,075 | ||||||
$ | 2,410,075 | |||||||||
Strategic Allocation | ||||||||||
Futures | Equity | Futures unrealized appreciation | $ | 98,800 | ||||||
Totals | $ | 98,800 | ||||||||
ReSolve Adaptive | ||||||||||
Futures | Equity | Futures unrealized appreciation | $ | 282,325 | ||||||
Futures unrealized depreciation | (664,504 | ) | ||||||||
Commodity | Futures unrealized appreciation | 1,342,069 | ||||||||
Futures unrealized depreciation | (3,699,517 | ) | ||||||||
Currency | Futures unrealized appreciation | 227,657 | ||||||||
Futures unrealized depreciation | (108,851 | ) | ||||||||
Interest | Futures unrealized appreciation | 766,102 | ||||||||
Futures unrealized depreciation | (188,983 | ) | ||||||||
Totals | $ | (2,043,702 | ) |
86
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
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, 2022, were as follows:
Realized and unrealized gain | ||||||||||
Fund | Derivative | Risk Type | Location of gain (loss) on derivatives | (loss) on derivatives | ||||||
Equity Armor | ||||||||||
Options Purchased | Equity | Net realized loss from options purchased | $ | (7,200,670 | ) | |||||
Options Written | Equity | Net realized gain from options written | 5,038,230 | |||||||
Futures | Equity | Net realized gain from futures | 2,091,911 | |||||||
$ | (70,529 | ) | ||||||||
Options Purchased | Equity | Net change in unrealized appreciation on options purchased | $ | 7,212 | ||||||
Options Written | Equity | Net change in unrealized depreciation on options written | (629,825 | ) | ||||||
Futures | Equity | Net change in unrealized appreciation on futures | 530,149 | |||||||
$ | (92,464 | ) | ||||||||
Tactical Return | ||||||||||
Futures | Equity | Net realized loss from futures | $ | (71 | ) | |||||
Options Purchased | Equity | Net realized gain from options purchased | 483,070 | |||||||
Options Written | Equity | Net realized loss from options written | (45,527 | ) | ||||||
$ | 437,472 | |||||||||
Options Written | Equity | Net change in unrealized gain from options written | $ | 101,728 | ||||||
Strategic Allocation | ||||||||||
Futures | Equity | Net realized loss from futures | $ | (2,076,417 | ) | |||||
Futures | Equity | Net change in unrealized depreciation on futures | (126,760 | ) | ||||||
$ | (2,203,177 | ) | ||||||||
ReSolve Adaptive | ||||||||||
Futures | Equity | Net realized gain from futures | $ | 105,971 | ||||||
Commodity | Net realized gain from futures | 11,135,588 | ||||||||
Currency | Net realized gain from futures | 471,355 | ||||||||
Interest | Net realized loss from futures | (3,643,885 | ) | |||||||
Totals | $ | 8,069,029 | ||||||||
Futures | Equity | Net change in unrealized depreciation on futures | $ | (724,359 | ) | |||||
Commodity | Net change in unrealized depreciation on futures | (2,664,647 | ) | |||||||
Currency | Net change in unrealized appreciation on futures | 55,225 | ||||||||
Interest | Net change in unrealized appreciation on futures | 926,521 | ||||||||
Totals | $ | (2,407,260 | ) | |||||||
Inflation Growth | ||||||||||
Futures | Equity | Net realized loss from futures | $ | (596 | ) | |||||
Futures | Equity | Net change in unrealized depreciation on futures | (3,250 | ) | ||||||
$ | (3,846 | ) |
The value of derivative instruments outstanding as of June 30, 2022 as disclosed in the Schedules of Investments (Consolidated Schedule of Investments for ReSolve Adaptive) 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) serve as indicators of the volume of derivative activity for the Funds.
87
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
Balance Sheet Offsetting Information
The following table provides a summary of offsetting financial assets and 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, 2022:
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 | $ | 154,849 | $ | — | $ | 154,849 | $ | (13,030 | ) | $ | — | $ | 141,819 | |||||||||||
Description of Liability: | ||||||||||||||||||||||||
Futures Contracts | $ | 13,030 | $ | — | $ | 13,030 | $ | (13,030 | ) | $ | — | $ | — | |||||||||||
Strategic Allocation | ||||||||||||||||||||||||
Description of Asset: | ||||||||||||||||||||||||
Futures Contracts | $ | 98,800 | $ | — | $ | 98,800 | $ | — | $ | — | $ | 98,800 | ||||||||||||
ReSolve Adaptive | ||||||||||||||||||||||||
Description of Asset: | ||||||||||||||||||||||||
Futures Contracts | $ | 2,618,153 | $ | — | $ | 2,618,153 | $ | (2,618,153 | ) | $ | — | $ | — | |||||||||||
Description of Liability: | ||||||||||||||||||||||||
Futures Contracts | $ | 4,661,855 | $ | — | $ | 4,661,855 | $ | (4,661,855 | ) | $ | (2,043,702 | ) | $ | — | ||||||||||
Inflation Growth | ||||||||||||||||||||||||
Description of Asset: | ||||||||||||||||||||||||
Futures Contracts | $ | 23,125 | $ | — | $ | 23,125 | $ | (26,375 | ) | $ | (3,250 | ) | $ | — | ||||||||||
Description of Liability: | ||||||||||||||||||||||||
Futures Contracts | $ | (26,375 | ) | $ | — | $ | (26,375 | ) | $ | (26,375 | ) | $ | — | $ | — |
(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
88
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
class. No class has preferential rights; differences in per share dividend rates are generally due to differences in separate class expenses.
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 | ||
Pier 88 | Quarterly | Annually | ||
Special Situations | Monthly | Annually | ||
Inflation Growth | 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, 2019 to December 31, 2021 (as applicable), or expected to be taken in the Funds’ December 31, 2022 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 31, 2022, 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
89
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
or global events and their aftermath, such as war; acts of terrorism; financial, political or social disruptions; natural, 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 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 | ||||||
Tactical Return | 1.75% | |||||
Strategic Allocation | 0.10% | |||||
ReSolve Adaptive | 1.75% | |||||
Pier 88 | 0.85% | |||||
Special Situations | 1.50% | |||||
Inflation Growth | 1.25% |
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 commissions and trading costs, interest (including borrowing costs and overdraft charges), taxes, short sale dividends and interest expenses, non-routine or extraordinary expenses (such as litigation or reorganizational costs), and costs and expenses of litigation or
90
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
claims on behalf of the Fund regarding portfolio investments initiated (or threatened) by the investment advisor or sub-advisor) as listed below:
Expense Caps | Expiration | |||||||
Fund | Institutional Class Shares | Class A Shares | Class C Shares | |||||
Equity Armor | N/A | N/A | N/A | N/A | ||||
Tactical Return | 1.99% | 2.24% | 2.99% | April 30, 2023 | ||||
Dynamic Brands | 1.24% | 1.49% | 2.24% | April 30, 2023 | ||||
Strategic Allocation | 0.45% | 0.70% | 1.45% | April 30, 2023 | ||||
ReSolve Adaptive | 1.97% | 2.22% | 2.97% | April 30, 2023 | ||||
Pier 88 | 0.99% | 1.24% | 1.99% | April 30, 2023 | ||||
Special Situations | 1.75% | 2.00% | 2.75% | April 30, 2023 | ||||
Inflation Growth | 1.49% | 1.74% | 2.49% | April 30, 2023 |
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, 2022, 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 | 137,069 | 2022 | ||||
135,785 | 2023 | |||||
38,723 | 2024 | |||||
Tactical Return | 179,111 | 2022 | ||||
127,155 | 2023 | |||||
104,062 | 2024 | |||||
Dynamic Brands | 53,415 | 2022 | ||||
— | 2023 | |||||
— | 2024 | |||||
Strategic Allocation | 63,678 | 2022 | ||||
72,877 | 2023 | |||||
67,124 | 2024 | |||||
ReSolve Adaptive | 140,730 | 2022 | ||||
137,538 | 2023 | |||||
125,327 | 2024 | |||||
Pier 88 | 21,532 | 2022 | ||||
155,789 | 2023 | |||||
174,835 | 2024 | |||||
Special Situations | 66,286 | 2022 | ||||
159,379 | 2023 | |||||
119,447 | 2024 | |||||
Inflation Growth | 52,120 | 2024 |
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
91
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
Fund shares and to reimburse Northern Lights Distributors, LLC., the Funds’ distributor (the “Distributor or NLD”), and the Advisor for distribution related expenses. For the six months ended June 30, 2022, the amounts accrued by the Funds were as follows:
12b-1 Fees | ||||||||
Fund | Class A | Class C | ||||||
Equity Armor | $ | 13,906 | $ | 8,715 | ||||
Tactical Return | 17,862 | 47,512 | ||||||
Dynamic Brands | 21,699 | 19,720 | ||||||
Strategic Allocation | 10,291 | 5 | ||||||
ReSolve Adaptive | 1,075 | 1,302 | ||||||
Pier 88 | 2,652 | 1,335 | ||||||
Special Situations | 76,798 | 181,840 | ||||||
Inflation Growth | 1,150 | 149 |
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:
Ultimus Fund Solutions, LLC (“UFS”) – UFS 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 UFS for any out-of-pocket expenses. Officers of the Trust are also employees of UFS 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 UFS 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.
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 legal administrative services (“Management Services Agreement”). For these services, the Funds pay MFund as of the last day of each month an annualized asset-based fee which scales downward based upon net assets Prior to April 1, 2022, the Funds also paid an annual base fee per Fund. 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. The amounts due to MFund for the Management Services Agreement are listed in the Statements of Assets and Liabilities under “Payable to related parties” and the amounts accrued for the year are shown in the Statements of Operations under “Management service fees.”
Pursuant to the Compliance Services Agreement, MFund an affiliate of the Advisor, Mfund provides chief compliance officer services to the Funds. For these services, the Funds pay MFund as of the last day of each month an annualized base fee plus an annualized 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 amounts due to MFund for chief compliance officer are listed in the Statements of Assets and Liabilities under “Payable to related parties” and the amounts accrued for the year are shown in the Statements of Operations under “Compliance officer fees.”
92
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
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, 2022, are noted in the Strategic Allocation’s Schedule of Investments. A summary of these investments in affiliated funds is set forth below:
Shares Balance | Change in | Dividends | Amount of Gain | |||||||||||||||||||||||||||||
December 31, | Shares Balance | Unrealized | Credited to | (Loss) Realized on | ||||||||||||||||||||||||||||
Fund | 2021 | Purchases | Sales | June 30, 2022 | Fair Value | Gain/(Loss) | Income | Sale of Shares | ||||||||||||||||||||||||
AlphaCentric Income Opportunities Fund, Inst. Sh. | 43,779 | 4,644 | 13,020 | 35,403 | $ | 341,995 | $ | (103,270 | ) | $ | 9,910 | $ | 6,158 | |||||||||||||||||||
Catalyst Enhanced Income Strategy Fund, Inst. Sh. | 160,742 | 22,186 | 56,020 | 126,908 | 1,310,964 | (68,256 | ) | 49,063 | (31,564 | ) | ||||||||||||||||||||||
Catalyst Insider Income Fund Inst. Sh. | 103,185 | 14,628 | 32,610 | 85,203 | 753,198 | (78,065 | ) | 15,833 | (21,564 | ) | ||||||||||||||||||||||
Catalyst/CIFC Floating Rate Income Fund | 105,601 | 13,917 | 37,160 | 82,358 | 736,281 | (54,864 | ) | 19,081 | (9,812 | ) | ||||||||||||||||||||||
Catalyst Interest Rate Opportunity Fund, Inst. Sh. | 96,310 | 14,498 | 36,749 | 74,059 | 590,987 | 23,447 | 20,077 | 60,030 | ||||||||||||||||||||||||
Rational Special Situations Income Fund, Inst. Sh. | 90,146 | 11,838 | 29,130 | 72,854 | 1,334,684 | (90,088 | ) | 42,184 | (31,107 | ) | ||||||||||||||||||||||
Rational/Pier 88 Convertible Securities Fund CL. I | 138,101 | 16,006 | 38,430 | 115,677 | 1,204,196 | (173,062 | ) | 7,722 | (39,995 | ) | ||||||||||||||||||||||
Total | 577,707 | 97,717 | 243,119 | 592,462 | 6,272,305 | (544,158 | ) | 163,870 | (67,854 | ) |
(4) | INVESTMENT TRANSACTIONS |
For the six months ended June 30, 2022, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:
Fund | Purchases | Sales | ||||||
Equity Armor | $ | 113,518,738 | $ | 111,092,197 | ||||
Tactical Return | — | — | ||||||
Dynamic Brands | 73,349,366 | 99,978,981 | ||||||
Strategic Allocation | 1,163,351 | 2,669,637 | ||||||
ReSolve Adaptive | — | — | ||||||
Pier 88 | 85,324,759 | 80,390,043 | ||||||
Special Situations | 181,731,504 | 106,460,825 | ||||||
Inflation Growth | 2,018,359 | 213,833 |
(5) | INVESTMENT RISK |
In accordance with its investment objectives and through its exposure to the managed futures programs, each of Equity Armor, Strategic Allocation, ReSolve Adaptive and Inflation Growth may have increased or decreased exposure to one or more of the following risk factors defined below:
Commodity Risk - Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.
Foreign Exchange Rate Risk - Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Interest Rate Risk - Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.
93
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
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, Tactical Return and Equity Armor may have increased or decreased exposure to Option Risk factors defined below:
Options Risk - Tactical Return and Equity Armor 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.
(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, 2022, were as follows:
Gross | Gross | Net Unrealized | ||||||||||||||
Tax | Unrealized | Unrealized | Appreciation/ | |||||||||||||
Cost | Appreciation | Depreciation | (Depreciation) | |||||||||||||
Equity Armor | $ | 65,538,357 | $ | 2,728,422 | $ | (4,869,213 | ) | $ | (2,140,791 | ) | ||||||
Tactical Return | 202,420,176 | 27,123,259 | (70,146 | ) | 27,053,113 | |||||||||||
Dynamic Brands | 58,301,594 | 4,363,164 | (9,614,198 | ) | (5,251,034 | ) | ||||||||||
Strategic Allocation | 6,763,893 | 134,567 | (353,248 | ) | (218,681 | ) | ||||||||||
ReSolve Adaptive | 150,236,752 | 2,618,153 | (4,661,855 | ) | (2,043,702 | ) | ||||||||||
Pier 88 | 120,309,572 | 2,625,740 | (7,156,804 | ) | (4,531,064 | ) | ||||||||||
Special Situations | 837,074,980 | 21,941,683 | (69,112,773 | ) | (47,171,090 | ) | ||||||||||
Inflation Growth | 3,822,362 | 132,181 | (472,173 | ) | (339,992 | ) |
94
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
(7) | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The tax character of fund distributions paid for the year or period ended December 31, 2021 and December 31, 2020 was as follows:
For fiscal year ended | Ordinary | Long-Term | Return of | |||||||||||||
December 31, 2021 | Income | Capital Gains | Capital | Total | ||||||||||||
Equity Armor | $ | 825,350 | $ | — | $ | — | $ | 825,350 | ||||||||
Tactical Return | 170,878 | 10,584,404 | — | 10,755,282 | ||||||||||||
Dynamic Brands | 6,465,633 | 3,298,116 | — | 9,763,749 | ||||||||||||
Strategic Allocation | 681,214 | 754,830 | — | 1,436,044 | ||||||||||||
ReSolve Adaptive | 8,865,209 | — | — | 8,865,209 | ||||||||||||
Pier 88 | 5,673,975 | 2,900,416 | — | 8,574,391 | ||||||||||||
Special Situations | 28,362,084 | — | 23,176 | 28,385,260 | ||||||||||||
Inflation Growth | 15,445 | 17 | — | 15,462 | ||||||||||||
For fiscal year ended | Ordinary | Long-Term | Return of | |||||||||||||
December 31, 2020 | Income | Capital Gains | Capital | Total | ||||||||||||
Equity Armor | $ | 564,193 | $ | — | $ | — | $ | 564,193 | ||||||||
Tactical Return | 1,086,680 | 3,391,193 | — | 4,477,873 | ||||||||||||
Dynamic Brands | 5,764,896 | 2,684,155 | — | 8,449,051 | ||||||||||||
Strategic Allocation | 232,735 | — | 18,623 | 251,358 | ||||||||||||
ReSolve Adaptive | 205,777 | — | 88,954 | 294,731 | ||||||||||||
Pier 88 | 1,229,024 | 19,438 | — | 1,248,462 | ||||||||||||
Special Situations | 13,372,271 | — | 623,229 | 13,995,500 |
As of December 31, 2021, 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/ | Distributable Earnings/ | ||||||||||||||||||||||
Income | Capital Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficits) | ||||||||||||||||||||||
Equity Armor | $ | 13,223 | $ | — | $ | — | $ | (4,057,337 | ) | $ | — | $ | 10,402,310 | $ | 6,358,196 | |||||||||||||
Tactical Return | 59,296 | — | — | (2,092,502 | ) | — | — | (2,033,206 | ) | |||||||||||||||||||
Dynamic Brands | 2,896,739 | — | — | — | — | 14,409,304 | 17,306,043 | |||||||||||||||||||||
Strategic Allocation | 132,688 | 235,138 | — | — | — | 325,476 | 693,302 | |||||||||||||||||||||
ReSolve Adaptive | 671,426 | — | (603,264 | ) | (3,406,676 | ) | — | (173,183 | ) | (3,511,697 | ) | |||||||||||||||||
Pier 88 | 386,215 | — | — | — | — | 8,843,401 | 9,229,616 | |||||||||||||||||||||
Special Situations | — | — | (4,159,228 | ) | (2,802,836 | ) | — | 11,320,857 | 4,358,793 | |||||||||||||||||||
Inflation Growth | — | — | (49,365 | ) | — | — | (15,835 | ) | (65,200 | ) |
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, mark-to-market on open futures and options 1256 contracts, and adjustments for C-Corporation return of capital distributions, grantor trusts, perpetual bonds, 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 losses of $(8,348) for the Resolve Adaptive Asset Allocation Fund.
95
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
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 | — | |||
Pier 88 | — | |||
Special Situations | — | |||
Inflation Growth | 49,365 |
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 | — | |||
ReSolve Adaptive | 603,264 | |||
Pier 88 | — | |||
Special Situations | 4,159,228 | |||
Inflation Growth | — |
At December 31, 2021, 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 as follows:
Non- Expiring | Non-Expiring | Capital Loss Carry | ||||||||||||||
Short-Term | Long-Term | Total | Forwards Utilized | |||||||||||||
Equity Armor | $ | 733,723 | $ | 3,323,614 | $ | 4,057,337 | $ | 3,004,319 | ||||||||
Tactical Return* | 303,470 | 1,789,032 | 2,092,502 | 92,691 | ||||||||||||
Dynamic Brands | — | — | — | — | ||||||||||||
Strategic Allocation | — | — | — | 743,977 | ||||||||||||
ReSolve Adaptive | 2,222,013 | 1,184,663 | 3,406,676 | — | ||||||||||||
Pier 88 | — | — | — | — | ||||||||||||
Special Situations | 2,802,836 | — | 2,802,836 | 3,292,781 | ||||||||||||
Inflation Growth | — | — | — | — |
* | The Rational Tactical Return Fund experienced a shareholder change in ownership resulting in an annual limitation on the amount of pre-change capital loss carry forwards available to be recognized in each year. Due to IRC Section 382 limitations, utilization of these carry forwards is limited to a maximum of $92,691 per year. |
During the fiscal year ended December 31, 2021, the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax basis treatment of the use of tax equalization credits, the reclassification of prior year paydown adjustments and adjustments for the Resolve Adaptive’s wholly owned subsidiary, which has a November 30 tax year end, resulted in reclassifications for the
96
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
Funds for the fiscal year ended December 31, 2021 as follows:
Paid In | Accumulated | |||||||
Capital | Earnings (Deficit) | |||||||
Equity Armor | $ | — | $ | — | ||||
Tactical Return | 1,369,118 | (1,369,118 | ) | |||||
Dynamic Brands | 1,187,205 | (1,187,205 | ) | |||||
Strategic Allocation | 34,008 | (34,008 | ) | |||||
ReSolve Adaptive | (1,677,255 | ) | 1,677,255 | |||||
Pier 88 | — | — | ||||||
Special Situations | (1,587,910 | ) | 1,587,910 | |||||
Inflation Growth | — | — |
(8) | LINE OF CREDIT |
Effective December 10, 2020, the Trust has a $100,000,000 uncommitted line of credit provided by U.S. Bank National Association (the “Bank”) under an agreement (the “Uncommitted Line”). Any advance under the Uncommitted Line is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable on a monthly basis. The Uncommitted Line is not a “committed” line of credit, which is to say that the Bank is not obligated to lend money to the Funds. Accordingly, it is possible that the Funds may wish to borrow money for a temporary or emergency purpose but may not be able to do so.
During the six months ended June 30, 2022, the average amount of borrowings outstanding based on days borrowed was as follows:
Average borrowings Largest Outstanding | Average | |||||||||||||
Fund | outstanding | balance | Interest Expense* | borrowings rate | ||||||||||
Equity Armor | $ | 263,875 | $ | 610,000 | $ | 191 | 3.25% | |||||||
Dynamic Brands | 560,354 | 3,206,000 | 3,339 | 3.30% | ||||||||||
Strategic Allocation | 105,800 | 108,000 | 51 | 3.50% |
* | Includes interest expenses for borrowings on the line of credit and may not tie back to the Statement of Operations, which may include overdrafts fees, line of credit fees and broker interest. |
(9) | 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 and ReSolve Adaptive 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, including the Schedule 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 Funds’ financial statements. As of June 30, 2022, the percentage of Tactical Return and ReSolve Adaptive’s net assets invested in the First American Government Obligations Fund were 40.0% and 92.9%, respectively.
97
RATIONAL FUNDS | |
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) | |
June 30, 2022 | SEMI-ANNUAL REPORT |
(10) | 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, 2022, 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 | Strategic | ReSolve | Pier | Special | Inflation | ||||||||
Armor | Return | Allocation | Adaptive | 88 | Situations | Growth | ||||||||
NFS LLC(1) | 34.72% | — | 93.54% | — | 81.58% | — | — | |||||||
Charles Schwab (1) | — | — | — | 58.68% | — | 26.07% | — | |||||||
LPL Financial (1) | — | 32.19% | — | — | — | — | — | |||||||
TD Ameritrade | 28.37% | — | — | — | — | — | — | |||||||
Pershing | — | — | — | — | — | — | 27.46% |
(1) | This owner is comprised of multiple investors and accounts. |
(11) | NEW ACCOUNTING PRONOUNCEMENTS |
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (’‘ASU 2020-04’’). The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any of applying this ASU.
In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. It is not currently clear what impact if any, Rule 18f-4 will have on the availability, liquidity or performance of derivatives. Management is currently evaluating the potential impact of Rule 18f-4 on the Funds. When fully implemented, Rule 18f-4 may require changes in how a Fund uses derivatives, adversely affect each Fund’s performance and increase cost related to Funds’ use of derivatives.
(12) | SUBSEQUENT EVENTS |
Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.
98
RATIONAL FUNDS |
INFORMATION ABOUT YOUR FUNDS’ EXPENSES (Unaudited) |
As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees; and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example below illustrates an investment of $1,000 invested at the beginning of the period 01/01/22 and held for the entire period through 06/30/22.
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 the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. For more information on transactional costs, please refer to the Funds’ prospectus.
Hypothetical | ||||||||||||
Actual | (5% return before expenses) | |||||||||||
Fund’s | Beginning | Ending | Ending | |||||||||
Annualized | Account Value | Account Value | Expenses Paid | Account Value | Expenses Paid | |||||||
Expense Ratio | 01/01/2022 | 06/30/2022 | During Period * | 06/30/2022 | During Period * | |||||||
Rational Equity Armor Fund - Class A ** | 1.42% | $1,000.00 | $886.80 | $6.64 | $1,017.75 | $7.10 | ||||||
Rational Equity Armor Fund - Class C ** | 2.17% | 1,000.00 | 884.20 | 10.14 | 1,014.03 | 10.84 | ||||||
Rational Equity Armor Fund - Institutional ** | 1.17% | 1,000.00 | 888.80 | 5.48 | 1,018.99 | 5.86 | ||||||
Rational Tactical Return Fund - Class A ** | 2.35% | 1,000.00 | 1,010.60 | 11.72 | 1,013.14 | 11.73 | ||||||
Rational Tactical Return Fund - Class C ** | 3.06% | 1,000.00 | 1,029.40 | 15.40 | 1,009.62 | 15.25 | ||||||
Rational Tactical Return Fund - Institutional ** | 2.10% | 1,000.00 | 992.40 | 10.37 | 1,014.38 | 10.49 | ||||||
Rational Dynamic Brands Fund - Class A | 1.37% | 1,000.00 | 642.80 | 5.58 | 1,018.00 | 6.85 | ||||||
Rational Dynamic Brands Fund - Class C | 2.08% | 1,000.00 | 640.70 | 8.46 | 1,014.48 | 10.39 | ||||||
Rational Dynamic Brands Fund - Institutional | 1.10% | 1,000.00 | 643.70 | 4.48 | 1,019.34 | 5.51 | ||||||
Rational Strategic Allocation Fund - Class A | 2.57% | 1,000.00 | 738.40 | 11.08 | 1,012.05 | 12.82 | ||||||
Rational Strategic Allocation Fund - Class C | 3.34% | 1,000.00 | 736.30 | 14.38 | 1,008.23 | 16.63 | ||||||
Rational Strategic Allocation Fund - Institutional | 2.21% | 1,000.00 | 739.80 | 9.53 | 1,013.84 | 11.03 | ||||||
Rational/ReSolve Adaptive Asset Allocation Fund - Class A | 2.45% | 1,000.00 | 1,085.20 | 12.67 | 1,012.65 | 12.23 | ||||||
Rational/ReSolve Adaptive Asset Allocation Fund - Class C | 3.27% | 1,000.00 | 1,080.90 | 16.87 | 1,008.58 | 16.29 | ||||||
Rational/ReSolve Adaptive Asset Allocation Fund - Institutional | 2.26% | 1,000.00 | 1,086.30 | 11.69 | 1,013.59 | 11.28 | ||||||
Rational Special Situations Income Fund - Class A | 2.04% | 1,000.00 | 953.40 | 9.88 | 1,014.68 | 10.19 | ||||||
Rational Special Situations Income Fund - Class C | 2.75% | 1,000.00 | 949.80 | 13.29 | 1,011.16 | 13.71 | ||||||
Rational Special Situations Income Fund - Institutional | 1.78% | 1,000.00 | 954.10 | 8.62 | 1,015.97 | 8.90 | ||||||
Rational/Pier 88 Convertible Securities Fund - Class A | 1.35% | 1,000.00 | 953.40 | 6.54 | 1,018.10 | 6.76 | ||||||
Rational/Pier 88 Convertible Securities Fund - Class C | 2.10% | 1,000.00 | 949.80 | 10.15 | 1,014.38 | 10.49 | ||||||
Rational/Pier 88 Convertible Securities Fund - Institutional ** | 1.17% | 1,000.00 | 954.10 | 5.67 | 1,018.99 | 5.86 | ||||||
Rational Inflation Growth Fund - Class A | 2.46% | 1,000.00 | 953.40 | 11.91 | 1,012.60 | 12.28 | ||||||
Rational Inflation Growth Fund - Class C | 3.21% | 1,000.00 | 949.80 | 15.52 | 1,008.88 | 15.99 | ||||||
Rational Inflation Growth Fund - Institutional | 2.21% | 1,000.00 | 954.10 | 10.71 | 1,013.84 | 11.03 |
* | Expenses are equal to the Funds’ annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period. |
** | Annualized expense ratio does not include interest expenses or dividend expenses. |
99
RATIONAL FUNDS |
LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited) |
June 30, 2022 |
The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the respective Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.
During the six months ended June 30, 2022, the Trust’s Liquidity Risk Management Program Committee (the “Committee”) reviewed each Fund’s investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.
100
PRIVACY NOTICE
Mutual Fund & Variable Insurance Trust
Rev. June 2022
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 |
101
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. |
102
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.
Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov.
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
Rational-SAR22
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)(3) Not applicable.
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/ Michael Schoonover | ||||
Michael Schoonover, President and Principal Executive Officer | |||||
Date | 8/31/2022 | ||||
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/ Michael Schoonover | |
Michael Schoonover, President and Principal Executive Officer |
Date | 08/31/2022 |
By (Signature and Title) | /s/ Erik Naviloff | ||||
Erik Naviloff, Treasurer and Principal Financial Officer | |||||
Date | 8/31/2022 | ||||