RATIONAL EQUITY ARMOR FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 81.8% | |||||||
APPAREL & TEXTILE PRODUCTS - 1.2% | |||||||
5,964 | Ralph Lauren Corporation | $ 695,820 | |||||
AUTOMOTIVE - 1.6% | |||||||
4,393 | Tesla, Inc.(a) | 911,372 | |||||
BANKING - 1.1% | |||||||
4,862 | JPMorgan Chase & Company | 633,567 | |||||
BIOTECH & PHARMA - 3.3% | |||||||
3,721 | Amgen, Inc. | 899,552 | |||||
13,419 | Bristol-Myers Squibb Company | 930,071 | |||||
1,829,623 | |||||||
CABLE & SATELLITE - 1.4% | |||||||
20,680 | Comcast Corporation, Class A | 783,979 | |||||
CHEMICALS - 0.9% | |||||||
4,240 | FMC Corporation | 517,831 | |||||
CONTAINERS & PACKAGING - 1.0% | |||||||
45,986 | Amcor PLC | 523,321 | |||||
E-COMMERCE DISCRETIONARY - 1.3% | |||||||
7,067 | Amazon.com, Inc.(a) | 729,950 | |||||
ELECTRIC UTILITIES - 1.0% | |||||||
14,140 | Exelon Corporation | 592,324 | |||||
ELECTRICAL EQUIPMENT - 2.6% | |||||||
3,311 | Roper Technologies, Inc. | 1,459,125 | |||||
FOOD - 1.4% | |||||||
20,248 | Conagra Brands, Inc. | 760,515 | |||||
RATIONAL EQUITY ARMOR FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 81.8% (Continued) | |||||||
GAS & WATER UTILITIES - 1.0% | |||||||
4,866 | Atmos Energy Corporation | $ 546,744 | |||||
HEALTH CARE FACILITIES & SERVICES - 5.1% | |||||||
10,643 | Cardinal Health, Inc. | 803,547 | |||||
10,938 | CVS Health Corporation | 812,803 | |||||
2,666 | UnitedHealth Group, Inc. | 1,259,924 | |||||
2,876,274 | |||||||
HEALTH CARE REIT - 1.5% | |||||||
39,191 | Healthpeak Properties, Inc. | 861,026 | |||||
INDUSTRIAL SUPPORT SERVICES - 1.6% | |||||||
1,287 | WW Grainger, Inc. | 886,498 | |||||
INSTITUTIONAL FINANCIAL SERVICES - 1.0% | |||||||
6,374 | Morgan Stanley | 559,637 | |||||
INSURANCE - 5.0% | |||||||
10,224 | Aflac, Inc. | 659,652 | |||||
5,948 | Allstate Corporation (The) | 659,098 | |||||
2,216 | Berkshire Hathaway, Inc., Class B(a) | 684,234 | |||||
5,462 | Progressive Corporation (The) | 781,395 | |||||
2,784,379 | |||||||
INTERNET MEDIA & SERVICES - 2.4% | |||||||
13,145 | Alphabet, Inc., Class A(a) | 1,363,530 | |||||
LEISURE FACILITIES & SERVICES - 1.5% | |||||||
5,446 | Darden Restaurants, Inc. | 845,001 | |||||
MACHINERY - 1.5% | |||||||
2,095 | Deere & Company | 864,984 | |||||
MEDICAL EQUIPMENT & DEVICES - 1.5% | |||||||
10,307 | Hologic, Inc.(a) | 831,775 | |||||
RATIONAL EQUITY ARMOR FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 81.8% (Continued) | |||||||
OIL & GAS PRODUCERS - 3.6% | |||||||
11,227 | Exxon Mobil Corporation | $ 1,231,153 | |||||
5,705 | Valero Energy Corporation | 796,418 | |||||
2,027,571 | |||||||
RETAIL - DISCRETIONARY - 2.5% | |||||||
6,070 | Ross Stores, Inc. | 644,209 | |||||
1,299 | Ulta Beauty, Inc.(a) | 708,826 | |||||
1,353,035 | |||||||
SEMICONDUCTORS - 11.8% | |||||||
19,701 | Advanced Micro Devices, Inc.(a) | 1,930,895 | |||||
7,142 | Applied Materials, Inc. | 877,252 | |||||
2,862 | Broadcom, Inc. | 1,836,087 | |||||
7,072 | NVIDIA Corporation | 1,964,390 | |||||
6,608,624 | |||||||
SOFTWARE - 8.8% | |||||||
7,308 | Microsoft Corporation | 2,106,896 | |||||
4,161 | Paycom Software, Inc.(a) | 1,264,986 | |||||
4,050 | Synopsys, Inc.(a) | 1,564,313 | |||||
4,936,195 | |||||||
TECHNOLOGY HARDWARE - 9.7% | |||||||
12,943 | Apple, Inc. | 2,134,300 | |||||
11,143 | Arista Networks, Inc.(a) | 1,870,464 | |||||
39,509 | Corning, Inc. | 1,393,878 | |||||
5,398,642 | |||||||
TECHNOLOGY SERVICES - 1.2% | |||||||
7,217 | Leidos Holdings, Inc. | 664,397 | |||||
TELECOMMUNICATIONS - 1.4% | |||||||
19,812 | Verizon Communications, Inc. | 770,489 | |||||
TRANSPORTATION & LOGISTICS - 1.1% | |||||||
14,271 | Alaska Air Group, Inc.(a) | 598,811 | |||||
RATIONAL EQUITY ARMOR FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 81.8% (Continued) | |||||||
TRANSPORTATION EQUIPMENT - 1.4% | |||||||
10,564 | PACCAR, Inc. | $ 773,285 | |||||
WHOLESALE - CONSUMER STAPLES - 1.4% | |||||||
9,855 | Archer-Daniels-Midland Company | 785,049 | |||||
TOTAL COMMON STOCKS (Cost $45,099,458) | 45,773,373 | ||||||
EXCHANGE-TRADED FUNDS — 4.0% | |||||||
EQUITY - 4.0% | |||||||
6,927 | Invesco QQQ Trust Series 1 (Cost $1,936,928) | 2,223,082 | |||||
SHORT-TERM INVESTMENTS — 3.1% | |||||||
MONEY MARKET FUNDS - 3.1% | |||||||
1,712,844 | First American Treasury Obligations Fund, Class X, 4.72% (Cost $1,712,844)(b) | 1,712,844 | |||||
Contracts(c) | |||||||
FUTURE OPTIONS PURCHASED - 0.0% (d) | Broker/Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | ||
PUT OPTIONS PURCHASED - 0.0%(d) | |||||||
20 | S&P Emini Future, Maturing June 2023 | WED | 04/21/2023 | $ 3,800 | $ 3,800,000 | $ 6,500 | |
TOTAL PUT OPTIONS PURCHASED (Cost - $90,044) | |||||||
TOTAL FUTURE OPTIONS PURCHASED (Cost - $90,044) | 6,500 | ||||||
TOTAL INVESTMENTS - 88.9% (Cost $48,839,274) | $ 49,715,799 | ||||||
PUT OPTIONS WRITTEN - 0.0% (Proceeds - $45,500) | (12,500) | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 11.1% | 6,199,519 | ||||||
NET ASSETS - 100.0% | $ 55,902,818 |
RATIONAL EQUITY ARMOR FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Contracts(c) | |||||||
WRITTEN FUTURE OPTIONS - 0.0% (e) | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | ||
PUT OPTIONS WRITTEN - 0.0%(e) | |||||||
40 | S&P Emini Future, Maturing September 2023 | WED | 07/21/2023 | $ 2,700 | $ 5,400,000 | $ 12,500 | |
TOTAL PUT OPTIONS WRITTEN (Proceeds - $45,500) | |||||||
TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $45,500) | $ 12,500 | ||||||
OPEN FUTURES CONTRACTS | |||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(f) | Value and Unrealized Appreciation (Depreciation) | |||
192 | CBOE Volatility Index Future | 04/19/2023 | $ 3,986,725 | $ (378) | |||
127 | CBOE Volatility Index Future | 05/17/2023 | 2,810,320 | 16,044 | |||
74 | Micro E-mini S&P 500 futures | 06/16/2023 | 1,530,968 | 64,658 | |||
159 | SPIKES Volatility Index Future | 04/19/2023 | 3,307,200 | (645,664) | |||
25 | SPIKES Volatility Index Future | 06/21/2023 | 576,250 | (61,232) | |||
TOTAL FUTURES CONTRACTS | $ (626,572) | ||||||
OPEN FUTURES CONTRACTS | |||||||
Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount(f) | Value and Unrealized Appreciation | |||
25 | CBOE Volatility Index Future | 06/21/2023 | $ 573,955 | $ 52,563 | |||
167 | SPIKES Volatility Index Future | 05/17/2023 | 3,700,720 | 562,908 | |||
TOTAL FUTURES CONTRACTS | $ 615,471 | ||||||
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
WED | - Wedbush Securities |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of March 31, 2023. |
(c) | Each contract is equivalent to one futures contract. |
(d) | Percentage rounds to less than 0.1%. |
(e) | Percentage rounds to greater than (0.1%). |
(f) | 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 futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
RATIONAL TACTICAL RETURN FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
U.S. GOVERNMENT & AGENCIES — 68.9% | |||||||
U.S. TREASURY BILLS — 68.9% | |||||||
20,000,000 | United States Treasury Bill(a) | 3.9759 | 04/20/23 | $ 19,955,823 | |||
15,000,000 | United States Treasury Bill(a) | 4.3789 | 05/18/23 | 14,912,422 | |||
20,000,000 | United States Treasury Bill(a) | 4.4487 | 06/15/23 | 19,812,167 | |||
15,000,000 | United States Treasury Bill(a) | 4.5489 | 07/13/23 | 14,802,882 | |||
20,000,000 | United States Treasury Bill(a) | 4.5614 | 08/10/23 | 19,665,496 | |||
20,000,000 | United States Treasury Bill(a) | 4.5763 | 09/07/23 | 19,593,217 | |||
20,000,000 | United States Treasury Bill(a) | 4.5487 | 10/05/23 | 19,524,910 | |||
5,000,000 | United States Treasury Bill(a) | 4.4092 | 11/02/23 | 4,867,726 | |||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $133,524,882) | 133,134,643 | ||||||
Shares | |||||||
SHORT-TERM INVESTMENTS — 15.1% | |||||||
MONEY MARKET FUNDS - 15.1% | |||||||
29,113,198 | First American Treasury Obligations Fund, Class X, 4.72% (Cost $29,113,198)(b) | 29,113,198 | |||||
Contracts(c) | |||||||
FUTURE OPTIONS PURCHASED - 0.0% (d) | Broker/Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | ||
PUT OPTIONS PURCHASED - 0.0%(d) | |||||||
167 | S&P 500 Emini Future, Maturing June 2023 | ADM | 04/03/2023 | $ 3,650 | $ 30,477,500 | $ 418 | |
70 | S&P 500 Emini Future, Maturing June 2023 | FCS | 04/03/2023 | 3,650 | 12,775,000 | 175 | |
800 | S&P 500 Emini Future, Maturing June 2023 | ADM | 04/10/2023 | 3,650 | 146,000,000 | 16,000 | |
373 | S&P 500 Emini Future, Maturing June 2023 | FCS | 04/10/2023 | 3,650 | 68,072,500 | 7,460 | |
805 | S&P 500 Emini Future, Maturing June 2023 | ADM | 04/05/2023 | 3,650 | 146,912,500 | 6,038 | |
377 | S&P 500 Emini Future, Maturing June 2023 | FCS | 04/05/2023 | 3,650 | 68,802,500 | 2,828 | |
1,610 | S&P 500 Emini Future, Maturing June 2023 | ADM | 04/06/2023 | 3,600 | 289,800,000 | 16,100 | |
754 | S&P 500 Emini Future, Maturing June 2023 | FCS | 04/06/2023 | 3,600 | 135,720,000 | 7,540 | |
805 | S&P 500 Emini Future, Maturing June 2023 | ADM | 04/04/2023 | 3,575 | 143,893,750 | 4,025 | |
377 | S&P 500 Emini Future, Maturing June 2023 | FCS | 04/04/2023 | 3,575 | 67,388,750 | 1,885 | |
TOTAL PUT OPTIONS PURCHASED (Cost - $195,853) | 62,469 | ||||||
TOTAL FUTURE OPTIONS PURCHASED (Cost - $195,853) | 62,469 |
RATIONAL TACTICAL RETURN FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Fair Value | |||||||
TOTAL INVESTMENTS – 84.0% (Cost $162,833,933) | $ 162,310,310 | ||||||
CALL OPTIONS WRITTEN – (0.0)% (Proceeds - $19,700) | (9,850) | ||||||
PUT OPTIONS WRITTEN – (0.1)% (Proceeds - $355,929) | (134,349) | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 16.1% | 31,052,432 | ||||||
NET ASSETS - 100.0% | $ 193,218,543 | ||||||
Contracts(c) | |||||||
WRITTEN FUTURE OPTIONS – (0.1)% | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | ||
CALL OPTIONS WRITTEN- 0.0%(e) | |||||||
1,340 | S&P 500 Emini Future, Maturing June 2023 | ADM | 04/06/2023 | $ 4,325 | $ 289,775,000 | $ 6,700 | |
630 | S&P 500 Emini Future, Maturing June 2023 | FCS | 04/06/2023 | 4,325 | 136,237,500 | 3,150 | |
TOTAL CALL OPTIONS WRITTEN (Proceeds - $19,700) | 9,850 | ||||||
PUT OPTIONS WRITTEN – (0.1)% | |||||||
501 | S&P 500 Emini Future, Maturing June 2023 | ADM | 04/03/2023 | $ 3,550 | $ 88,927,500 | $ 1,253 | |
210 | S&P 500 Emini Future, Maturing June 2023 | FCS | 04/03/2023 | 3,550 | 37,275,000 | 525 | |
2,400 | S&P 500 Emini Future, Maturing June 2023 | ADM | 04/10/2023 | 3,550 | 426,000,000 | 36,000 | |
1,119 | S&P 500 Emini Future, Maturing June 2023 | FCS | 04/10/2023 | 3,550 | 198,622,500 | 16,785 | |
2,415 | S&P 500 Emini Future, Maturing June 2023 | ADM | 04/05/2023 | 3,550 | 428,662,500 | 12,075 | |
1,131 | S&P 500 Emini Future, Maturing June 2023 | FCS | 04/05/2023 | 3,550 | 200,752,500 | 5,655 | |
4,830 | S&P 500 Emini Future, Maturing June 2023 | ADM | 04/06/2023 | 3,500 | 857,325,000 | 36,225 | |
2,262 | S&P 500 Emini Future, Maturing June 2023 | FCS | 04/06/2023 | 3,500 | 401,505,000 | 16,965 | |
2,415 | S&P 500 Emini Future, Maturing June 2023 | ADM | 04/04/2023 | 3,475 | 419,606,250 | 6,038 | |
1,131 | S&P 500 Emini Future, Maturing June 2023 | FCS | 04/04/2023 | 3,475 | 196,511,250 | 2,828 | |
TOTAL PUT OPTIONS WRITTEN (Proceeds - $355,929) | 134,349 | ||||||
TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $375,629) | $ 144,199 |
ADM | ADM Investor Services, Inc. |
FCS | StoneX Group, Inc. |
(a) | Zero coupon bond. |
(b) | Rate disclosed is the seven day effective yield as of March 31, 2023. |
(c) | Each contract is equivalent to one futures contract. |
(d) | Percentage rounds to less than 0.1%. |
(e) | Percentage rounds to greater than (0.1%). |
RATIONAL DYNAMIC BRANDS FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.4% | |||||||
APPAREL & TEXTILE PRODUCTS - 13.1% | |||||||
4,300 | Deckers Outdoor Corporation(a) | $ 1,933,065 | |||||
11,600 | LVMH Moet Hennessy Louis Vuitton S.E. - ADR | 2,131,268 | |||||
17,439 | NIKE, Inc., Class B | 2,138,720 | |||||
6,203,053 | |||||||
ASSET MANAGEMENT - 24.0% | |||||||
5,000 | Apollo Global Management, Inc. | 315,800 | |||||
67,600 | Blackstone, Inc. | 5,937,983 | |||||
17,300 | Brookfield Asset Management Ltd. | 566,056 | |||||
88,800 | KKR & Company, Inc. | 4,663,776 | |||||
11,483,615 | |||||||
AUTOMOTIVE - 2.4% | |||||||
5,550 | Tesla, Inc.(a) | 1,151,403 | |||||
BIOTECH & PHARMA - 7.6% | |||||||
5,600 | Eli Lilly and Company | 1,923,152 | |||||
2,060 | Regeneron Pharmaceuticals, Inc.(a) | 1,692,640 | |||||
3,615,792 | |||||||
E-COMMERCE DISCRETIONARY - 6.6% | |||||||
22,720 | Amazon.com, Inc.(a) | 2,346,748 | |||||
610 | MercadoLibre, Inc.(a) | 804,017 | |||||
3,150,765 | |||||||
FOOD - 2.7% | |||||||
5,150 | Hershey Company (The) | 1,310,212 | |||||
HEALTH CARE FACILITIES & SERVICES - 2.9% | |||||||
2,940 | UnitedHealth Group, Inc. | 1,389,415 | |||||
HOUSEHOLD PRODUCTS - 4.0% | |||||||
7,800 | Estee Lauder Companies, Inc. (The), Class A | 1,922,388 | |||||
INTERNET MEDIA & SERVICES - 6.4% | |||||||
15,550 | Alphabet, Inc., Class A(a) | 1,613,002 | |||||
6,700 | Meta Platforms, Inc., Class A(a) | 1,419,998 | |||||
3,033,000 |
RATIONAL DYNAMIC BRANDS FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.4% (Continued) | |||||||
LEISURE FACILITIES & SERVICES - 2.9% | |||||||
5,000 | McDonald's Corporation | $ 1,398,050 | |||||
MEDICAL EQUIPMENT & DEVICES - 4.0% | |||||||
3,270 | Thermo Fisher Scientific, Inc. | 1,884,730 | |||||
OIL & GAS PRODUCERS - 0.9% | |||||||
6,600 | Occidental Petroleum Corporation | 412,038 | |||||
RENEWABLE ENERGY - 0.7% | |||||||
37,000 | FREYR Battery S.A.(a) | 328,930 | |||||
RETAIL - CONSUMER STAPLES - 4.1% | |||||||
3,894 | Costco Wholesale Corporation | 1,934,811 | |||||
RETAIL - DISCRETIONARY - 2.4% | |||||||
3,075 | Lululemon Athletica, Inc.(a) | 1,119,884 | |||||
SOFTWARE - 3.5% | |||||||
5,797 | Microsoft Corporation | 1,671,275 | |||||
TECHNOLOGY HARDWARE - 4.3% | |||||||
12,451 | Apple, Inc. | 2,053,170 | |||||
TECHNOLOGY SERVICES - 6.9% | |||||||
4,495 | Mastercard, Inc., Class A | 1,633,528 | |||||
7,378 | Visa, Inc., Class A | 1,663,444 | |||||
3,296,972 | |||||||
TOTAL COMMON STOCKS (Cost $43,212,974) | 47,359,503 | ||||||
RATIONAL DYNAMIC BRANDS FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
SHORT-TERM INVESTMENTS — 0.3% | |||||||
MONEY MARKET FUNDS - 0.3% | |||||||
162,023 | First American Treasury Obligations Fund, Class X, 4.72% (Cost $162,023)(b) | $ 162,023 | |||||
TOTAL INVESTMENTS - 99.7% (Cost $43,374,997) | $ 47,521,526 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3% | 122,832 | ||||||
NET ASSETS - 100.0% | $ 47,644,358 |
ADR | - American Depositary Receipt |
LTD | - Limited Company |
S/A | - Société Anonyme |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of March 31, 2023. |
RATIONAL STRATEGIC ALLOCATION FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
OPEN END FUNDS — 80.6% | |||||||
ALTERNATIVE - 11.5% | |||||||
96,729 | Catalyst Insider Income Fund, Class I ARS(a) | $ 843,478 | |||||
FIXED INCOME - 69.1% | |||||||
36,960 | AlphaCentric Income Opportunities Fund, Class I(a) | 321,552 | |||||
139,019 | Catalyst Enhanced Income Strategy Fund, Class I ARS(a) | 1,306,775 | |||||
94,805 | Catalyst/CIFC Floating Rate Income Fund, Class I ARS(a) | 856,090 | |||||
73,061 | Rational Special Situations Income Fund, Institutional Class ARS(a) | 1,341,395 | |||||
121,625 | Rational/Pier 88 Convertible Securities Fund, Institutional Class ARS(a) | 1,243,010 | |||||
5,068,822 | |||||||
TOTAL OPEN END FUNDS (Cost $6,234,981) | 5,912,300 | ||||||
SHORT-TERM INVESTMENTS — 0.4% | |||||||
MONEY MARKET FUNDS - 0.4% | |||||||
27,350 | First American Treasury Obligations Fund, Class X, 4.72% (Cost $27,350)(b) | 27,350 | |||||
TOTAL INVESTMENTS - 81.0% (Cost $6,262,331) | $ 5,939,650 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 19.0% | 1,394,218 | ||||||
NET ASSETS - 100.0% | $ 7,333,868 | ||||||
OPEN FUTURES CONTRACTS | |||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(c) | Value and Unrealized Appreciation | |||
36 | CME E-Mini Standard & Poor's 500 Index Future | 06/16/2023 | $ 7,447,950 | $ 443,700 | |||
TOTAL FUTURES CONTRACTS |
(a) | Affiliated Company |
(b) | Rate disclosed is the seven day effective yield as of March 31, 2023. |
(c) | 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 futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
RATIONAL/RESOLVE ADAPTIVE ASSET ALLOCATION FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
U.S. GOVERNMENT & AGENCIES — 59.4% | |||||||
U.S. TREASURY BILLS — 59.4% | |||||||
29,800,000 | United States Treasury Bill(a) | 3.4519 | 04/13/23 | $ 29,762,853 | |||
27,900,000 | United States Treasury Bill(a) | 4.2634 | 05/11/23 | 27,764,530 | |||
30,600,000 | United States Treasury Bill(a) | 4.4475 | 06/22/23 | 30,286,226 | |||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $87,796,809) | 87,813,609 | ||||||
Shares | |||||||
SHORT-TERM INVESTMENTS — 27.8% | |||||||
MONEY MARKET FUNDS - 27.8% | |||||||
41,011,108 | First American US Treasury Money Market Fund, Class Z, 4.34%(b)(d) (Cost $41,011,108) | 41,011,108 | |||||
TOTAL INVESTMENTS - 87.2% (Cost $128,807,917) | $ 128,824,717 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 12.8% | 18,930,386 | ||||||
NET ASSETS - 100.0% | $ 147,755,103 | ||||||
OPEN FUTURES CONTRACTS | |||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(c) | Value and Unrealized Appreciation (Depreciation) | |||
73 | CBOT 10 Year US Treasury Note | 06/21/2023 | $ 8,389,306 | $ (16,444) | |||
79 | CBOT 5 Year US Treasury Note | 06/30/2023 | 8,651,132 | 14,648 | |||
338 | CBOT Corn Future(d) | 05/12/2023 | 11,162,450 | (241,263) | |||
297 | CBOT Soybean Future(d) | 05/12/2023 | 22,356,676 | (357,937) | |||
2 | CME British Pound Currency Future | 06/16/2023 | 154,438 | 600 | |||
284 | CME Canadian Dollar Currency Future | 06/20/2023 | 21,013,160 | 110,460 | |||
130 | CME Euro Foreign Exchange Currency Future | 06/16/2023 | 17,718,188 | 85,432 | |||
305 | CME New Zealand Dollar Currency Future | 06/16/2023 | 19,065,550 | 240,270 | |||
90 | CME Nikkei 225 Index Future | 06/08/2023 | 12,721,500 | 255,950 | |||
36 | COMEX Gold 100 Troy Ounces Future(d) | 06/28/2023 | 7,150,320 | 2,910 | |||
67 | COMEX Silver Future(d) | 05/26/2023 | 8,092,260 | 371,935 | |||
10 | Euro-BTP Italian Bond Futures | 06/08/2023 | 1,251,220 | 47,718 | |||
18 | Euronext Amsterdam Index Future | 04/21/2023 | 2,954,312 | 56,034 | |||
234 | Euronext CAC 40 Index Future | 04/21/2023 | 18,615,425 | 484,178 | |||
11 | French Government Bond Futures | 06/08/2023 | 1,553,889 | 50,877 | |||
14 | FTSE/MIB Index Future | 06/16/2023 | 2,023,994 | 40,405 | |||
24 | FVSA index - Mini-Futures on VSTOXX(d) | 05/17/2023 | 55,971 | (819) |
RATIONAL/RESOLVE ADAPTIVE ASSET ALLOCATION FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
OPEN FUTURES CONTRACTS (Continued) | |||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(c) | Value and Unrealized Appreciation (Depreciation) | |||
34 | ICE Brent Crude Oil Future(d) | 04/28/2023 | $ 2,716,260 | $ 54,840 | |||
119 | KCBT Hard Red Winter Wheat Future(d) | 05/12/2023 | 5,222,613 | 30,650 | |||
22 | Long Gilt Future | 06/28/2023 | 2,804,994 | 33,894 | |||
25 | MEFF Madrid IBEX 35 Index Future | 04/21/2023 | 2,493,004 | 30,946 | |||
3 | Montreal Exchange 10 Year Canadian Bond Future | 06/21/2023 | 280,040 | (2,221) | |||
14 | NYBOT CSC C Coffee Future(d) | 05/18/2023 | 895,125 | (27,263) | |||
326 | NYBOT CSC Number 11 World Sugar Future(d) | 04/28/2023 | 8,123,920 | 298,502 | |||
5 | NYMEX Henry Hub Natural Gas Futures(d) | 04/26/2023 | 110,800 | 3,100 | |||
99 | NYMEX Light Sweet Crude Oil Future(d) | 04/20/2023 | 7,491,330 | 333,000 | |||
22 | NYMEX NY Harbor ULSD Futures(d) | 04/28/2023 | 2,421,434 | 58,375 | |||
95 | NYMEX Reformulated Gasoline Blendstock for Oxygen(d) | 04/28/2023 | 10,697,190 | 629,328 | |||
121 | SFE S&P ASX Share Price Index 200 Future | 06/15/2023 | 14,542,569 | 312,877 | |||
114 | SGX FTSE China A50 Futures Contract | 04/27/2023 | 1,516,884 | 19,428 | |||
51 | SGX Nifty 50 Index Futures | 04/27/2023 | 1,776,585 | 32,360 | |||
10 | SGX Nikkei 225 Stock Index Future | 06/08/2023 | 1,056,174 | 5,439 | |||
111 | TSE TOPIX (Tokyo Price Index) Future | 06/08/2023 | 16,750,284 | 100,885 | |||
TOTAL FUTURES CONTRACTS | $ 3,059,094 | ||||||
OPEN FUTURES CONTRACTS | |||||||
Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount(c) | Value and Unrealized Appreciation (Depreciation) | |||
14 | Carbon Emissions Future(d) | 12/18/2023 | $ 1,396,052 | $ (24,792) | |||
6 | CBOT Soybean Meal Future(d) | 05/12/2023 | 279,600 | (3,220) | |||
197 | CBOT Soybean Oil Future(d) | 05/12/2023 | 6,558,918 | (149,046) | |||
1 | CBOT US Treasure Bond Futures | 06/21/2023 | 131,156 | (968) | |||
46 | CBOT Wheat Future(d) | 05/12/2023 | 1,592,175 | 24,638 | |||
238 | CME Australian Dollar Currency Future | 06/16/2023 | 15,948,380 | (12,481) | |||
29 | CME E-Mini NASDAQ 100 Index Future | 06/16/2023 | 7,715,044 | (240,979) | |||
55 | CME E-mini Russell 2000 Index Futures | 06/16/2023 | 4,987,125 | (35,590) | |||
7 | CME E-Mini Standard & Poor's 500 Index Future | 06/16/2023 | 1,448,213 | (16,538) | |||
233 | CME Japanese Yen Currency Future | 06/16/2023 | 22,200,532 | 103,343 | |||
98 | CME Swiss Franc Currency Future | 06/16/2023 | 13,512,363 | (84,357) | |||
79 | COMEX Copper Future(d) | 05/26/2023 | 8,086,638 | 41,500 | |||
93 | Eurex 10 Year Euro BUND Future | 06/08/2023 | 13,703,352 | (332,518) | |||
8 | Eurex 30 Year Euro BUXL Future | 06/08/2023 | 1,222,345 | 5,134 | |||
72 | Eurex 5 Year Euro BOBL Future | 06/08/2023 | 9,206,378 | (113,220) | |||
9 | Eurex DAX Index Future | 06/16/2023 | 3,855,434 | (87,139) | |||
6 | Eurex EURO STOXX 50 Future | 06/16/2023 | 277,319 | (3,891) | |||
693 | Euronext Milling Wheat Future(d) | 05/10/2023 | 9,781,606 | 219,456 | |||
20 | FTSE 100 Index Future | 06/16/2023 | 1,884,800 | (12,031) | |||
1 | HKG Hang Seng Index Future | 04/27/2023 | 130,453 | (1,077) | |||
43 | ICE Gas Oil Future(d) | 05/11/2023 | 3,232,525 | (40,375) | |||
20 | Montreal Exchange S&P/TSX 60 Index Future | 06/15/2023 | 3,578,785 | (61,637) | |||
381 | NYBOT CSC Cocoa Future(d) | 05/15/2023 | 11,174,730 | (148,799) | |||
25 | NYBOT CTN Number 2 Cotton Future(d) | 05/08/2023 | 1,034,750 | (54,025) |
RATIONAL/RESOLVE ADAPTIVE ASSET ALLOCATION FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
OPEN FUTURES CONTRACTS (Continued) | |||||||
Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount(c) | Value and Unrealized Appreciation (Depreciation) | |||
29 | NYMEX Platinum Future(d) | 07/27/2023 | $ 1,454,495 | $ (18,070) | |||
TOTAL FUTURES CONTRACTS | $ (1,046,682) |
(a) | Zero coupon bond. |
(b) | Rate disclosed is the seven day effective yield as of March 31, 2023. |
(c) | 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 futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
(d) | All or a portion of this investment is a holding of the RDMF Fund Ltd. |
RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 13.1% | |||||||
AEROSPACE & DEFENSE - 1.0% | |||||||
10,395 | Moog, Inc., Class A | $ 1,047,296 | |||||
INSTITUTIONAL FINANCIAL SERVICES - 1.6% | |||||||
21,183 | Tradeweb Markets, Inc., Class A | 1,673,881 | |||||
INTERNET MEDIA & SERVICES - 1.6% | |||||||
652 | Booking Holdings, Inc.(a) | 1,729,371 | |||||
OIL & GAS PRODUCERS - 1.9% | |||||||
9,800 | Pioneer Natural Resources Company | 2,001,552 | |||||
SOFTWARE - 5.4% | |||||||
40,037 | Model N, Inc.(a) | 1,340,038 | |||||
14,083 | Salesforce, Inc.(a) | 2,813,502 | |||||
7,840 | Workday, Inc., Class A(a) | 1,619,274 | |||||
5,772,814 | |||||||
STEEL - 1.6% | |||||||
42,135 | ATI, Inc.(a) | 1,662,647 | |||||
TOTAL COMMON STOCKS (Cost $13,368,160) | 13,887,561 | ||||||
Coupon Rate (%) | Maturity | ||||||
PREFERRED STOCKS — 20.1% | |||||||
ASSET MANAGEMENT — 1.8% | |||||||
17,000 | AMG Capital Trust II | 5.1500 | 10/15/37 | 843,457 | |||
17,100 | KKR & Company, Inc. | 6.0000 | 09/15/23 | 1,084,995 | |||
1,928,452 | |||||||
BANKING — 1.6% | |||||||
1,448 | Bank of America Corporation | 7.1250 | Perpetual | 1,690,916 | |||
ELECTRIC UTILITIES — 6.6% | |||||||
64,100 | American Electric Power Company, Inc. | 6.1250 | 08/15/23 | 3,227,435 |
RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Shares | Coupon Rate (%) | Maturity | Fair Value | ||||
PREFERRED STOCKS — 20.1% (Continued) | |||||||
ELECTRIC UTILITIES — 6.6% (Continued) | |||||||
76,800 | NextEra Energy, Inc. | 6.2190 | 09/01/23 | $ 3,750,912 | |||
6,978,347 | |||||||
GAS & WATER UTILITIES — 3.5% | |||||||
35,800 | NiSource, Inc. | 7.7500 | 03/01/24 | 3,726,422 | |||
MEDICAL EQUIPMENT & DEVICES — 6.6% | |||||||
95,200 | Becton Dickinson and Company | 6.0000 | 06/01/23 | 4,733,344 | |||
18,935 | Boston Scientific Corporation | 5.5000 | 06/01/23 | 2,282,506 | |||
7,015,850 | |||||||
TOTAL PREFERRED STOCKS (Cost $21,238,232) | 21,339,987 | ||||||
Principal Amount ($) | |||||||
CONVERTIBLE BONDS — 59.9% | |||||||
ASSET MANAGEMENT — 3.5% | |||||||
3,700,000 | Ares Capital Corporation | 4.6250 | 03/01/24 | 3,725,438 | |||
BIOTECH & PHARMA — 1.2% | |||||||
1,233,000 | BioMarin Pharmaceutical, Inc. | 1.2500 | 05/15/27 | 1,286,026 | |||
CONSUMER SERVICES — 1.5% | |||||||
2,057,000 | Chegg, Inc.(b) | 0.0000 | 09/01/26 | 1,614,725 | |||
E-COMMERCE DISCRETIONARY — 3.1% | |||||||
3,930,000 | Etsy, Inc. | 0.2500 | 06/15/28 | 3,243,519 | |||
ELECTRIC UTILITIES — 2.4% | |||||||
2,560,000 | PPL Capital Funding, Inc.(c) | 2.8750 | 03/15/28 | 2,569,434 | |||
HEALTH CARE FACILITIES & SERVICES — 0.8% | |||||||
1,005,000 | PetIQ, Inc. | 4.0000 | 06/01/26 | 870,833 | |||
INTERNET MEDIA & SERVICES — 6.9% | |||||||
1,920,000 | Booking Holdings, Inc. | 0.7500 | 05/01/25 | 2,875,011 | |||
4,995,000 | Expedia Group, Inc.(b) | 0.0000 | 02/15/26 | 4,471,806 |
RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CONVERTIBLE BONDS — 59.9% (Continued) | |||||||
INTERNET MEDIA & SERVICES — 6.9% (Continued) | |||||||
$ 7,346,817 | |||||||
MEDICAL EQUIPMENT & DEVICES — 7.9% | |||||||
4,990,000 | Dexcom, Inc. | 0.2500 | 11/15/25 | 5,345,076 | |||
1,990,000 | Insulet Corporation | 0.3750 | 09/01/26 | 2,972,065 | |||
8,317,141 | |||||||
SOFTWARE — 21.0% | |||||||
4,260,000 | Alteryx, Inc. | 1.0000 | 08/01/26 | 3,589,050 | |||
2,905,000 | CyberArk Software Ltd.(b) | 0.0000 | 11/15/24 | 3,250,671 | |||
3,350,000 | DocuSign, Inc.(b) | 0.0000 | 01/15/24 | 3,195,966 | |||
3,499,000 | Okta, Inc. | 0.3750 | 06/15/26 | 2,977,649 | |||
2,970,000 | PROS Holdings, Inc. | 1.0000 | 05/15/24 | 2,795,487 | |||
5,600,000 | Splunk, Inc. | 1.1250 | 06/15/27 | 4,785,199 | |||
1,780,000 | Wix.com Ltd.(b) | 0.0000 | 08/15/25 | 1,536,140 | |||
22,130,162 | |||||||
TECHNOLOGY HARDWARE — 4.7% | |||||||
5,183,080 | Western Digital Corporation B | 1.5000 | 02/01/24 | 4,996,489 | |||
TECHNOLOGY SERVICES — 4.4% | |||||||
4,800,928 | Euronet Worldwide, Inc. | 0.7500 | 03/15/49 | 4,620,893 | |||
TRANSPORTATION & LOGISTICS — 2.5% | |||||||
2,370,000 | Southwest Airlines Company | 1.2500 | 05/01/25 | 2,692,320 | |||
TOTAL CONVERTIBLE BONDS (Cost $64,721,759) | 63,413,797 | ||||||
Shares | |||||||
SHORT-TERM INVESTMENTS — 8.9% | |||||||
MONEY MARKET FUNDS - 8.9% | |||||||
9,434,681 | First American Treasury Obligations Fund, Class X, 4.72% (Cost $9,434,681)(d) | 9,434,681 | |||||
TOTAL INVESTMENTS - 102.0% (Cost $108,762,832) | $ 108,076,026 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.0)% | (2,110,269) | ||||||
NET ASSETS - 100.0% | $ 105,965,757 |
RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
March 31, 2023 |
LTD | - Limited Company |
PLC | - Public Limited Company |
(a) | Non-income producing security. |
(b) | Zero coupon bond. |
(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 March 31, 2023 the total market value of 144A securities is 2,569,434 or 2.4% of net assets. |
(d) | Rate disclosed is the seven day effective yield as of March 31, 2023. |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
March 31, 2023 | |||||||
Shares | Coupon Rate (%) | Maturity | Fair Value | ||||
PREFERRED STOCKS — 0.5% | |||||||
ASSET MANAGEMENT — 0.3% | |||||||
16 | Eaton Vance Senior Floating-Rate Trust | 7.7280 | Perpetual | $ 350,000 | |||
103 | Eaton Vance Senior Floating-Rate Trust | 7.4050 | Perpetual | 2,253,125 | |||
2,603,125 | |||||||
BANKING — 0.2% | |||||||
253 | CIB Marine(a) | 0.0000 | 06/01/35 | 151,625 | |||
2,297 | CIB Marine(a) | 0.0000 | 06/01/35 | 1,378,035 | |||
1,529,660 | |||||||
TOTAL PREFERRED STOCKS (Cost $4,123,224) | 4,132,785 | ||||||
Principal Amount ($) | Spread | ||||||
ASSET BACKED SECURITIES — 80.2% | |||||||
AGENCY CMBS — 0.3% | |||||||
30,433,910 | Ginnie Mae Strip Series 3 23(b) | 1.4000 | 09/16/45 | 2,395,209 | |||
1,394,951 | Government National Mortgage Association Series 2013-43 IO(b),(c) | 0.0250 | 08/16/48 | 397 | |||
2,395,606 | |||||||
AUTO LOAN — 0.6% | |||||||
5,000,000 | CAL Receivables, LLC Series 2022-1 B(d),(e) | SOFR30A + 4.350% | 8.9080 | 10/15/26 | 4,820,455 | ||
CDO — 1.2% | |||||||
118,758 | Ansonia CDO Ltd. Series 2006-1A AFL(d),(e) | US0001M + 0.300% | 0.4090 | 07/28/46 | 116,587 | ||
60,431 | Ansonia CDO Ltd. Series 2006-1A AFX(d) | 5.7020 | 07/28/46 | 58,637 | |||
848,747 | Aspen Funding I Ltd. Series 2002-1A B1(d) | 9.0600 | 07/10/37 | 850,133 | |||
10,000,000 | Bleecker Structured Asset Funding Ltd. | 5.6540 | 04/01/35 | 796,250 | |||
5,330,164 | Capitalsource Real Estate Loan Trust Series 2006-1A C(d),(e) | US0003M + 0.650% | 5.4600 | 01/20/37 | 5,121,254 | ||
3,149,379 | Nomura CRE CDO Ltd. Series 2007-2A D(d),(e) | US0003M + 0.450% | 5.3650 | 05/21/42 | 507,929 | ||
2,000,000 | Taberna Preferred Funding II Ltd. Series 2005-2A A2(d),(e) | US0003M + 0.650% | 5.4560 | 11/05/35 | 1,271,130 | ||
411,297 | Wachovia Repackaged Asset Participating Securities Series 2003-1A A(d),(e) | US0003M + 0.550% | 5.3930 | 02/08/35 | 351,659 | ||
628,894 | Wachovia Repackaged Asset Participating Securities Series 2003-1A B(d),(e) | US0003M + 0.550% | 5.3930 | 02/08/35 | 473,557 | ||
9,547,136 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% | |||||||
126,646 | ABN Amro Mortgage Corporation Series 2002-9 M | 5.7500 | 12/25/32 | 121,641 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
51,310 | ABN Amro Mortgage Corporation Series 2003-3 A4 | 5.7500 | 02/25/33 | $ 48,955 | |||
41,287 | Adjustable Rate Mortgage Trust Series 2004-5 2A1(c) | 3.8930 | 04/25/35 | 39,694 | |||
137,396 | Adjustable Rate Mortgage Trust Series 2005-2 3A1(c) | 4.5770 | 06/25/35 | 125,917 | |||
75,725 | Adjustable Rate Mortgage Trust Series 2005-4 1A1(c) | 3.0490 | 08/25/35 | 54,956 | |||
467,335 | Adjustable Rate Mortgage Trust Series 2005-5 2A1(c) | 3.3600 | 09/25/35 | 387,435 | |||
222,351 | Adjustable Rate Mortgage Trust Series 2005-6A 1A21(e) | US0001M + 0.520% | 5.3650 | 11/25/35 | 181,685 | ||
249,609 | Adjustable Rate Mortgage Trust Series 2005-6A 1A1(e) | US0001M + 0.540% | 5.3850 | 11/25/35 | 206,083 | ||
152,812 | Adjustable Rate Mortgage Trust Series 2005-10 3A31(c) | 3.2940 | 01/25/36 | 136,180 | |||
392,220 | Adjustable Rate Mortgage Trust Series 2005-10 3A11(c) | 3.2940 | 01/25/36 | 347,004 | |||
93,511 | Adjustable Rate Mortgage Trust Series 2005-10 1A1(c) | 4.1800 | 01/25/36 | 81,408 | |||
122,197 | Adjustable Rate Mortgage Trust Series 2005-10 6A1(e) | US0001M + 0.540% | 5.3850 | 01/25/36 | 107,856 | ||
11,535 | Alternative Loan Trust Series 2003-4CB 1A1 | 5.7500 | 04/25/33 | 11,170 | |||
67,009 | Alternative Loan Trust Series 2003-J3 1A2 | 5.2500 | 11/25/33 | 62,802 | |||
72,655 | Alternative Loan Trust Series 2005-17 1A2(e) | US0001M + 0.560% | 5.4050 | 07/25/35 | 45,190 | ||
429,009 | Alternative Loan Trust Series 2005-43 5A1(c) | 4.1490 | 09/25/35 | 353,990 | |||
67,387 | Alternative Loan Trust Series 2005-51 2A1(e) | US0001M + 0.600% | 5.3780 | 11/20/35 | 60,800 | ||
30,537 | Alternative Loan Trust Series 2005-63 5A1(c) | 3.9390 | 12/25/35 | 26,459 | |||
1,574,076 | Alternative Loan Trust Series 2006-J6 A2(b),(e) | US0001M + 5.500% | 0.6550 | 09/25/36 | 145,823 | ||
1,290,226 | Alternative Loan Trust Series 2006-J6 A1(e) | US0001M + 0.500% | 2.8580 | 09/25/36 | 534,430 | ||
691,421 | Alternative Loan Trust Series 2006-32CB A2(b),(e) | US0001M + 5.330% | 0.4850 | 11/25/36 | 62,102 | ||
416,519 | Alternative Loan Trust Series 2006-32CB A1(e) | US0001M + 0.670% | 5.5150 | 11/25/36 | 216,669 | ||
308,774 | Alternative Loan Trust Series 2007-5CB 1A24(f) | 0.0000 | 04/25/37 | 48,611 | |||
380,586 | Alternative Loan Trust Series 2007-5CB 1A18(b),(e) | US0001M + 5.650% | 0.8050 | 04/25/37 | 50,802 | ||
194,304 | Alternative Loan Trust Series 2006-OA7 3A1(e) | US0001M + 0.420% | 5.2650 | 06/25/46 | 132,826 | ||
496,732 | Alternative Loan Trust Series 2004-2CB 4A1 | 5.0000 | 08/25/54 | 476,666 | |||
393,868 | American Home Mortgage Assets Trust Series 2006-1 2A1(e) | US0001M + 0.190% | 5.0350 | 05/25/46 | 312,972 | ||
22,983 | American Home Mortgage Investment Trust Series 2004-3 4A(e) | US0006M + 1.500% | 3.6030 | 10/25/34 | 22,706 | ||
4,570,174 | American Home Mortgage Investment Trust Series 2005-2 5A4D(g) | 5.8280 | 09/25/35 | 3,507,950 | |||
428,833 | American Home Mortgage Investment Trust Series 2006-2 3A1(e) | US0001M + 0.220% | 0.9450 | 06/25/36 | 63,261 | ||
8,126 | American Home Mortgage Investment Trust Series 2004-1 1M1(e) | US0001M + 0.900% | 5.7450 | 04/25/44 | 8,024 | ||
24,980 | American Home Mortgage Investment Trust Series 2004-4 6A1(g) | 6.0000 | 02/25/45 | 24,396 | |||
21,912 | American Home Mortgage Investment Trust Series 2005-1 6A(e) | US0006M + 2.000% | 7.0980 | 06/25/45 | 21,433 | ||
901,489 | American Home Mortgage Investment Trust Series 2005-4 5A(e) | US0006M + 1.750% | 1.7360 | 11/25/45 | 406,955 | ||
478,663 | American Home Mortgage Investment Trust Series 2006-3 12A1(e) | US0001M + 0.380% | 5.2250 | 12/25/46 | 441,136 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
1,178,317 | American Home Mortgage Investment Trust Series 2007-1 GA1A(e) | US0001M + 0.160% | 5.0050 | 05/25/47 | $ 826,754 | ||
612,288 | Banc of America Alternative Loan Trust Series 2006-4 1A2(b),(e) | US0001M + 5.150% | 0.3050 | 05/25/46 | 34,025 | ||
606,731 | Banc of America Alternative Loan Trust Series 2006-4 1A1(e) | US0001M + 0.850% | 5.6950 | 05/25/46 | 522,164 | ||
332,511 | Banc of America Alternative Loan Trust Series 2006-4 1A3 | 6.0000 | 05/25/46 | 272,055 | |||
268,338 | Banc of America Alternative Loan Trust Series 2006-4 1A4 | 6.0000 | 05/25/46 | 219,550 | |||
310,555 | Banc of America Alternative Loan Trust Series 2006-4 1A5 | 6.0000 | 05/25/46 | 254,091 | |||
1,370,537 | Banc of America Funding Corporation Series 2008-1 A2(c) | 4.1000 | 09/25/48 | 1,286,342 | |||
752,641 | Banc of America Funding Trust Series 2016-R2 1A1(c),(d) | 4.7000 | 05/01/33 | 724,900 | |||
106,595 | Banc of America Funding Trust Series 2003-1 B2 | 6.0000 | 05/20/33 | 56,379 | |||
65,312 | Banc of America Funding Trust Series 2007-4 5A1 | 5.5000 | 11/25/34 | 58,262 | |||
459,131 | Banc of America Funding Trust Series 2004-B 6A1(c) | 2.6340 | 12/20/34 | 361,832 | |||
169,959 | Banc of America Funding Trust Series 2005-B 1A1(c) | 4.0470 | 04/20/35 | 144,125 | |||
1,678,602 | Banc of America Funding Trust Series 2005-E 2A1(c) | 3.2870 | 05/20/35 | 1,419,191 | |||
121,838 | Banc of America Funding Trust Series 2005-E 8A1(e) | 12MTA + 1.430% | 4.5680 | 06/20/35 | 85,011 | ||
55,602 | Banc of America Funding Trust Series 2005-8 30PO(f) | 0.0000 | 01/25/36 | 36,467 | |||
1,570,879 | Banc of America Funding Trust Series 2006-A 5A1(c) | 3.4150 | 02/20/36 | 1,356,547 | |||
1,170,312 | Banc of America Funding Trust Series 2006-A 4A1(c) | 4.0720 | 02/20/36 | 927,643 | |||
470,202 | Banc of America Funding Trust Series 2006-B 7A1(c) | 3.6810 | 03/20/36 | 376,599 | |||
175,695 | Banc of America Funding Trust Series 2006-B 1A1(c) | 4.3710 | 03/20/36 | 156,105 | |||
140,462 | Banc of America Funding Trust Series 2006-C 4A1(c) | 3.5490 | 04/20/36 | 114,297 | |||
574,861 | Banc of America Funding Trust Series 2006-D 2A1(c) | 3.4990 | 05/20/36 | 484,500 | |||
463,923 | Banc of America Funding Trust Series 2006-F 1A2(c) | 4.3300 | 07/20/36 | 386,605 | |||
21,958 | Banc of America Funding Trust Series 2006-G 3A3(e) | US0012M + 1.750% | 7.4410 | 07/20/36 | 21,247 | ||
73,793 | Banc of America Funding Trust Series 2007-7 30PO(f) | 0.0000 | 09/25/37 | 33,618 | |||
98,674 | Banc of America Funding Trust Series 2006-I 5A1(c) | 2.9150 | 10/20/46 | 76,579 | |||
79,399 | Banc of America Funding Trust Series 2007-C 6A2(e) | US0001M + 0.540% | 5.3010 | 05/20/47 | 75,381 | ||
449,899 | Banc of America Funding Trust Series 2007-8 3A1 | 6.0000 | 08/25/53 | 240,228 | |||
44,180 | Banc of America Mortgage Trust Series 2005-A 2A2(c) | 3.9020 | 02/25/35 | 41,215 | |||
435,716 | Banc of America Mortgage Trust Series 2005-G 4A3(c) | 3.7680 | 08/25/35 | 380,038 | |||
992,553 | Banc of America Mortgage Trust Series 2005-I 4A1(c) | 4.2160 | 10/25/35 | 934,049 | |||
99,626 | Banc of America Mortgage Trust Series 2006-A 1A1(c) | 3.9050 | 02/25/36 | 81,220 | |||
76,046 | Banc of America Mortgage Trust Series 2006-B 2A1(c) | 3.9950 | 11/20/46 | 67,183 | |||
173,671 | Bayview Commercial Asset Trust Series 2005-3A M5(d),(e) | US0001M + 0.960% | 5.4850 | 11/25/35 | 155,787 | ||
40,562 | BCAP, LLC Trust Series 2007-AA2 22A1 | 6.0000 | 11/25/31 | 39,945 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
4,203,428 | BCAP, LLC Trust Series 2013-RR7 4A4(c),(d) | 4.1960 | 12/27/34 | $ 3,610,829 | |||
2,116,547 | BCAP, LLC Trust Series 2009-RR10 1A2(c),(d) | 5.9960 | 02/26/36 | 1,976,093 | |||
2,060,026 | BCAP, LLC Trust Series 2010-RR11 3A3(c),(d) | 3.3680 | 06/27/36 | 1,906,626 | |||
2,536,384 | BCAP, LLC Trust Series 2011-RR4 7A1(d) | 5.2500 | 04/26/37 | 1,480,082 | |||
7,905 | Bear Stearns ALT-A Trust Series 2004-9 6A1(c) | 5.6720 | 09/25/34 | 7,371 | |||
159,405 | Bear Stearns ALT-A Trust Series 2004-12 2A4(c) | 3.6950 | 01/25/35 | 142,574 | |||
49,205 | Bear Stearns ALT-A Trust Series 2005-4 25A1(c) | 3.2460 | 05/25/35 | 43,519 | |||
99,610 | Bear Stearns ALT-A Trust Series 2005-10 23A1(c) | 3.7850 | 01/25/36 | 89,220 | |||
4,710,018 | Bear Stearns ALT-A Trust Series 2005-10 11A1(e) | US0001M + 0.500% | 5.3450 | 01/25/36 | 5,911,430 | ||
2,856,885 | Bear Stearns ALT-A Trust Series 2006-1 11A1(e) | US0001M + 0.480% | 5.3250 | 02/25/36 | 2,764,506 | ||
1,723,865 | Bear Stearns ALT-A Trust Series 2006-2 11A1(e) | US0001M + 0.440% | 5.2850 | 04/25/36 | 2,139,503 | ||
447,204 | Bear Stearns ALT-A Trust Series 2006-3 35A1(c) | 3.3470 | 05/25/36 | 251,676 | |||
91,955 | Bear Stearns ALT-A Trust Series 2006-3 33A1(c) | 3.4960 | 05/25/36 | 65,269 | |||
186,159 | Bear Stearns ALT-A Trust Series 2006-3 1A1(e) | US0001M + 0.380% | 5.2250 | 05/25/36 | 198,315 | ||
40,534 | Bear Stearns ALT-A Trust II Series 2007-1 1A1(c) | 3.6400 | 09/25/47 | 20,433 | |||
44,249 | Bear Stearns ARM Trust Series 2003-8 1A1(c) | 4.3200 | 01/25/34 | 39,737 | |||
10,356 | Bear Stearns ARM Trust Series 2004-1 21A1(c) | 3.3830 | 04/25/34 | 9,805 | |||
383,183 | Bear Stearns ARM Trust Series 2004-9 23A1(c) | 2.1580 | 11/25/34 | 350,110 | |||
60,565 | Bear Stearns ARM Trust Series 2004-10 21A1(c) | 3.9840 | 01/25/35 | 53,398 | |||
218,951 | Bear Stearns ARM Trust Series 2005-3 2A1(c) | 3.9690 | 06/25/35 | 205,252 | |||
1,110,895 | Bear Stearns ARM Trust Series 2005-6 3A1(c) | 4.2350 | 08/25/35 | 985,865 | |||
977,845 | Bear Stearns ARM Trust Series 2006-4 1A1(c) | 4.3700 | 10/25/36 | 847,325 | |||
50,858 | Bear Stearns ARM Trust Series 2007-5 3A1(c) | 3.6880 | 08/25/47 | 44,853 | |||
3,374,519 | Bear Stearns ARM Trust Series 2007-5 2A1(c) | 4.0260 | 08/25/47 | 2,929,294 | |||
171,025 | Bear Stearns Asset Backed Securities I Trust Series 2005-AC5 1A1(e) | US0001M + 1.000% | 5.5000 | 08/25/35 | 112,734 | ||
10,718 | Bear Stearns Asset Backed Securities Trust Series 2003-AC5 A5(g) | 5.2500 | 10/25/33 | 10,445 | |||
28,201 | Bear Stearns Asset Backed Securities Trust Series 2003-AC5 A1(g) | 5.7500 | 10/25/33 | 28,723 | |||
828,546 | Bear Stearns Mortgage Funding Trust Series 2006-SL5 1A(e) | US0001M + 0.300% | 5.1450 | 12/25/36 | 964,488 | ||
6,414 | Bear Stearns Mortgage Securities, Inc. Series 1997-6 B2(c) | 6.4900 | 03/25/31 | 6,244 | |||
37,545 | Bear Stearns Mortgage Securities, Inc. Series 1997-6 1A(c) | 6.4900 | 03/25/31 | �� 37,032 | |||
37,226,526 | CBASS 1248MKAB1 DEL TR Series 2011-1A KAB1(d),(e) | US0001M + 0.460% | 0.0740 | 02/25/37 | 771,296 | ||
176,184 | Chase Mortgage Finance Trust Series 2005-S1 2A1 | 5.0000 | 05/25/35 | 171,467 | |||
934,258 | ChaseFlex Trust Series 2005-2 3A4 | 7.5000 | 06/25/35 | 577,133 | |||
40,233 | CHL Mortgage Pass-Through Trust Series 2003-56 3A7A(c) | 4.0880 | 12/25/33 | 35,834 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
205,942 | CHL Mortgage Pass-Through Trust Series 2004-2 2A1(c) | 3.8700 | 02/25/34 | $ 164,775 | |||
1,532,287 | CHL Mortgage Pass-Through Trust Series 2004-7 6A1(c) | 0.6730 | 05/25/34 | 280,308 | |||
250,794 | CHL Mortgage Pass-Through Trust Series 2004-5 2A7 | 5.0000 | 05/25/34 | 245,061 | |||
88,078 | CHL Mortgage Pass-Through Trust Series 2004-7 2A1(c) | 6.3380 | 06/25/34 | 79,744 | |||
42,523 | CHL Mortgage Pass-Through Trust Series 2004-8 1A6(f) | 0.0000 | 07/25/34 | 29,431 | |||
340,116 | CHL Mortgage Pass-Through Trust Series 2004-14 4A1(c) | 3.9140 | 08/25/34 | 295,581 | |||
1,757 | CHL Mortgage Pass-Through Trust Series 2005-7 2A2(e) | US0001M + 0.720% | 7.9570 | 03/25/35 | 545 | ||
1,835 | CHL Mortgage Pass-Through Trust Series 2005-11 4A2(e) | US0001M + 0.320% | 5.1650 | 04/25/35 | 982 | ||
254,185 | CHL Mortgage Pass-Through Trust Series 2005-J2 3A12 | 5.0000 | 08/25/35 | 156,796 | |||
155,985 | CHL Mortgage Pass-Through Trust Series 2005-15 A4 | 5.1000 | 08/25/35 | 142,149 | |||
122,698 | CHL Mortgage Pass-Through Trust Series 2005-HYB6 5A1(c) | 2.9570 | 10/20/35 | 112,346 | |||
92,882 | Citicorp Mortgage Securities Trust Series 2006-1 1A4 | 6.0000 | 02/25/36 | 89,546 | |||
265,307 | Citicorp Mortgage Securities, Inc. Series 2005-2 1A3 | 5.5000 | 03/25/35 | 253,965 | |||
3,775 | Citigroup Global Markets Mortgage Securities VII, Series 1993-6A B1(c) | 4.6110 | 10/25/23 | 3,734 | |||
112,057 | Citigroup Mortgage Loan Trust Series 2004-HYB2 3A(c) | 3.9310 | 03/25/34 | 98,995 | |||
32,550 | Citigroup Mortgage Loan Trust Series 2013-8 1A2(c),(d) | 3.9480 | 05/25/35 | 27,123 | |||
326,446 | Citigroup Mortgage Loan Trust Series 2009-4 7A5(c),(d) | 5.4780 | 05/25/35 | 301,715 | |||
50,490 | Citigroup Mortgage Loan Trust Series 2010-8 2A2(c),(d) | 3.6580 | 11/19/35 | 49,367 | |||
30,267 | Citigroup Mortgage Loan Trust Series 2005-11 A3(e) | H15T1Y + 2.400% | 6.4700 | 11/25/35 | 28,520 | ||
442,905 | Citigroup Mortgage Loan Trust Series 2006-AR2 1A2(c) | 3.8010 | 03/25/36 | 406,997 | |||
96,001 | Citigroup Mortgage Loan Trust Series 2006-AR5 2A4A(c) | 3.1990 | 07/25/36 | 101,451 | |||
335,833 | Citigroup Mortgage Loan Trust Series 2013-8 2A2(c),(d) | 4.0610 | 11/25/36 | 240,699 | |||
1,664,782 | Citigroup Mortgage Loan Trust Series 2008-RR1 A1A1(d),(e) | US0001M + 0.070% | 4.9150 | 01/25/37 | 1,494,068 | ||
158,153 | Citigroup Mortgage Loan Trust Series 2019-E A1(d),(g) | 6.2280 | 11/25/70 | 157,835 | |||
802,016 | Citigroup Mortgage Loan Trust, Inc. Series 2004-RR1 2A1(d),(e) | US0001M + 0.400% | 5.2450 | 01/25/29 | 742,160 | ||
58,198 | Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2 2CB3 | 8.0000 | 08/25/34 | 58,110 | |||
950,426 | Citigroup Mortgage Loan Trust, Inc. Series 2005-9 2A3 | 5.7500 | 11/25/35 | 706,681 | |||
85,580 | CitiMortgage Alternative Loan Trust Series 2007-A1 1APO(f) | 0.0000 | 01/25/37 | 48,917 | |||
172,157 | CitiMortgage Alternative Loan Trust Series 2007-A1 1A9(b),(e) | US0001M + 5.400% | 0.5550 | 01/25/37 | 7,514 | ||
18,017 | CitiMortgage Alternative Loan Trust Series 2007-A1 1A1 | 6.0000 | 01/25/37 | 16,064 | |||
31,827,712 | COMM Mortgage Trust Series 2007-C9 XS(b),(c),(d) | 0.0560 | 12/10/49 | 554,582 | |||
371,467 | Credit Suisse First Boston Mortgage Securities Series 2005-8 6A1 | 5.5000 | 08/25/25 | 303,209 | |||
715,415 | Credit Suisse First Boston Mortgage Securities Series MH29 B1(c) | 8.1000 | 09/25/31 | 714,528 | |||
302,535 | Credit Suisse First Boston Mortgage Securities Series 2002-P1A A(c),(d) | 5.0440 | 03/25/32 | 272,952 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
113,967 | Credit Suisse First Boston Mortgage Securities Series 2002-18 1M2(c) | 7.0000 | 06/25/32 | $ 107,615 | |||
22,039 | Credit Suisse First Boston Mortgage Securities Series 2002-AR31 CB2(c) | 3.8330 | 11/25/32 | 18,187 | |||
86,425 | Credit Suisse First Boston Mortgage Securities Series 2002-AR31 CB1(c) | 3.8330 | 11/25/32 | 79,692 | |||
460,893 | Credit Suisse First Boston Mortgage Securities Series 2002-30 DB1(c) | 7.3510 | 11/25/32 | 460,295 | |||
22,600 | Credit Suisse First Boston Mortgage Securities Series 2002-34 DB1(c) | 6.9270 | 12/25/32 | 21,343 | |||
71,796 | Credit Suisse First Boston Mortgage Securities Series 2003-8 CB2(c) | 5.6670 | 04/25/33 | 57,380 | |||
123,289 | Credit Suisse First Boston Mortgage Securities Series 2003-8 5A1 | 6.5000 | 04/25/33 | 121,574 | |||
28,312 | Credit Suisse First Boston Mortgage Securities Series 2003-23 6A1 | 6.5000 | 09/25/33 | 28,243 | |||
979,277 | Credit Suisse First Boston Mortgage Securities Series 2004-AR1 6M2(e) | US0001M + 2.100% | 6.9450 | 02/25/34 | 963,582 | ||
51,913 | Credit Suisse First Boston Mortgage Securities Series 2004-5 5A1 | 5.0000 | 09/25/34 | 46,892 | |||
818,476 | Credit Suisse First Boston Mortgage Securities Series 2005-12 5A1 | 5.2500 | 01/25/36 | 709,238 | |||
2,178 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-29 6A1 | 5.0000 | 11/25/28 | 2,037 | |||
583,068 | CSFB Mortgage-Backed Pass-Through Certificates Series 2002-29 2B1 | 7.0000 | 10/25/32 | 569,329 | |||
130,564 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR18 4M3(e) | US0001M + 2.900% | 7.7450 | 07/25/33 | 123,515 | ||
61,551 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27 7A1 | 5.5000 | 11/25/33 | 60,995 | |||
210,485 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27 8A1 | 6.0000 | 11/25/33 | 205,069 | |||
123,283 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-29 7A1 | 6.5000 | 12/25/33 | 117,183 | |||
11,550 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR30 5A1(c) | 3.8390 | 01/25/34 | 11,023 | |||
2,011 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5 7A1(c) | 2.5700 | 06/25/34 | 2,003 | |||
7,035 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5 6A1(c) | 3.5180 | 06/25/34 | 6,670 | |||
676,225 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-9 4A2(e) | US0001M + 0.350% | 5.1950 | 10/25/35 | 561,660 | ||
7,659,480 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10 4A1 | 1.0440 | 11/25/35 | 1,507,502 | |||
37,711 | CSFB Mortgage-Backed Trust Series 2004-AR6 Series 2004-AR6 7A1(c) | 4.1920 | 10/25/34 | 36,884 | |||
2,062,788 | CSMC Mortgage-Backed Trust 2006-9 Series 2006-9 4A13 | 6.5000 | 11/25/36 | 1,407,699 | |||
540,224 | CSMC Mortgage-Backed Trust 2007-1 Series 2007-1 5A13 | 6.0000 | 02/25/37 | 321,373 | |||
963,163 | CSMC Mortgage-Backed Trust 2007-3 Series 2007-3 1A1A(c) | 1.4660 | 04/25/37 | 226,789 | |||
192,043 | CSMC Mortgage-Backed Trust 2007-3 Series 2007-3 3A4 | 5.0000 | 04/25/37 | 159,897 | |||
154,236 | CSMC Mortgage-Backed Trust 2007-3 Series 2007-3 4A6(e) | US0001M + 0.250% | 5.0950 | 04/25/37 | 121,289 | ||
2,301,713 | CSMC Mortgage-Backed Trust 2007-4 Series 2007-4 5A1 | 0.9710 | 06/25/37 | 351,256 | |||
190,550 | CSMC Mortgage-Backed Trust 2007-4 Series 2007-4 1A1(e) | US0001M + 0.400% | 5.2450 | 06/25/37 | 117,698 | ||
38,093 | CSMC Mortgage-Backed Trust 2007-5 Series 2007-5 10A2 | 6.0000 | 04/25/29 | 35,451 | |||
128,525 | CSMC Series 2014-4R 16A3(d),(e) | US0001M + 0.200% | 5.1460 | 02/27/36 | 118,917 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
98,852 | CSMC Series 2011-6R 4A2(c),(d) | 3.3210 | 04/28/37 | $ 88,996 | |||
168,286 | Deutsche Alt-B Securities Inc Mortgage Loan Trust Series 2006-AB2 A3(c) | 4.8120 | 06/25/36 | 141,648 | |||
125,898 | Deutsche Alt-B Securities Mortgage Loan Trust Series 2006-AB1 A3(g) | 5.8650 | 02/25/36 | 119,285 | |||
33,189 | Deutsche Mortgage Sec Inc Mort Loan Tr Series 2004-1 B2(c) | 5.5000 | 09/25/33 | 30,966 | |||
104,318 | Deutsche Mortgage Securities Inc Mortgage Loan Series 2006-PR1 3AF2(d),(e) | US0001M + 0.280% | 4.9640 | 04/15/36 | 95,995 | ||
381,815 | Deutsche Mortgage Securities Inc Mortgage Loan Series 2006-PR1 3AF1(d),(e) | US0001M + 0.280% | 4.9640 | 04/15/36 | 351,351 | ||
46,434 | Deutsche Mortgage Securities Inc Mortgage Loan Series 2006-PR1 4AF1(d),(e) | US0001M + 0.290% | 4.9740 | 04/15/36 | 39,755 | ||
176,499 | DSLA Mortgage Loan Trust Series 2004-AR1 A2B(e) | US0001M + 0.840% | 5.6010 | 09/19/44 | 151,218 | ||
1,087,760 | DSLA Mortgage Loan Trust Series 2004-AR2 A1B(e) | US0001M + 0.800% | 5.5610 | 11/19/44 | 903,260 | ||
282,442 | DSLA Mortgage Loan Trust Series 2004-AR2 A2B(e) | US0001M + 0.800% | 5.5610 | 11/19/44 | 259,346 | ||
133,852 | DSLA Mortgage Loan Trust Series 2005-AR5 2A1A(e) | US0001M + 0.660% | 5.4210 | 09/19/45 | 81,804 | ||
2,483,806 | DSLA Mortgage Loan Trust Series 2007-AR1 1A1B(e) | US0001M + 0.140% | 4.9010 | 04/19/47 | 1,984,270 | ||
28,986 | Fannie Mae Interest Strip Series 249 2(b) | 6.5000 | 10/25/23 | 382 | |||
235,502 | Fannie Mae Interest Strip Series 409 19(b),(c) | 3.5000 | 04/25/27 | 7,733 | |||
153,642 | Fannie Mae Interest Strip Series 356 17(b) | 6.0000 | 01/25/35 | 27,496 | |||
337,921 | Fannie Mae Interest Strip Series 362 2(b) | 4.5000 | 08/25/35 | 50,329 | |||
216,048 | Fannie Mae Interest Strip Series 387 5(b),(c) | 5.0000 | 03/25/38 | 33,506 | |||
459,792 | Fannie Mae Interest Strip Series 407 16(b) | 5.0000 | 01/25/40 | 88,687 | |||
396,476 | Fannie Mae REMICS Series 2010-55 SH(b),(e) | US0001M + 6.500% | 1.6550 | 05/25/40 | 5,875 | ||
345,458 | Fannie Mae REMICS Series 2018-95 SA(b),(e) | US0001M + 6.150% | 1.3050 | 01/25/49 | 35,422 | ||
1,197,023 | Fannie Mae Trust Series 2003-W6 5S(b),(e) | US0001M + 7.600% | 2.7550 | 09/25/42 | 135,245 | ||
165,035 | First Horizon Alternative Mortgage Securities Series 2004-AA5 2A1(c) | 3.9430 | 12/25/34 | 149,554 | |||
370,674 | First Horizon Alternative Mortgage Securities Series 2004-AA7 1A1(c) | 4.2200 | 02/25/35 | 310,446 | |||
31,091 | First Horizon Alternative Mortgage Securities Series 2005-AA1 1A1(c) | 4.4320 | 03/25/35 | 18,823 | |||
895,459 | First Horizon Alternative Mortgage Securities Series 2005-AA3 2A1(c) | 4.3890 | 05/25/35 | 475,462 | |||
234,513 | First Horizon Alternative Mortgage Securities Series 2005-AA5 1A1(c) | 4.6910 | 07/25/35 | 151,384 | |||
1,112 | First Horizon Alternative Mortgage Securities Series 2006-AA4 1A1(c) | 0.0000 | 07/25/36 | — | |||
23,569 | First Horizon Mortgage Pass-Through Trust Series 2000-H 3B1(c) | 2.8240 | 05/25/30 | 21,966 | |||
21,333 | First Horizon Mortgage Pass-Through Trust Series 2000-H 4B2(c) | 4.3290 | 05/25/30 | 19,588 | |||
167,487 | First Horizon Mortgage Pass-Through Trust Series 2004-FL1 1A1(e) | US0001M + 0.270% | 5.1150 | 02/25/35 | 139,547 | ||
206,072 | First Horizon Mortgage Pass-Through Trust Series 2005-AR4 2A1(c) | 3.9780 | 10/25/35 | 190,422 | |||
647,836 | First Horizon Mortgage Pass-Through Trust Series 2005-AR6 3A1(c) | 4.6250 | 01/25/36 | 432,919 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
479,811 | First Horizon Mortgage Pass-Through Trust Series 2006-AR3 3A1(c) | 3.5140 | 10/25/36 | $ 346,360 | |||
56,476 | First Horizon Mortgage Pass-Through Trust Series 2007-AR2 2A1(c) | 3.8570 | 07/25/37 | 36,317 | |||
340,842 | Freddie Mac REMICS Series 3753 SB(b),(e) | US0001M + 6.000% | 1.3160 | 11/15/40 | 34,276 | ||
289,064 | Freddie Mac Strips Series 324 C21(b) | 6.0000 | 06/15/39 | 61,780 | |||
318,947 | Freddie Mac Strips Series 365 257(b),(c) | 4.5000 | 05/15/49 | 66,328 | |||
3,053,164 | Freddie Mac Structured Pass-Through Certificates Series 56 AIO(b),(c) | 0.5240 | 05/25/43 | 64,969 | |||
541,443 | Global Mortgage Securitization Ltd. Series 2004-A A2(d),(e) | US0001M + 0.320% | 5.1650 | 11/25/32 | 520,944 | ||
166,928 | GMACM Mortgage Loan Trust Series 2004-J2 A9(f) | 0.0000 | 06/25/34 | 135,031 | |||
1,854,553 | GMACM Mortgage Loan Trust Series 2005-AR4 3A1(c) | 3.6170 | 07/19/35 | 1,456,787 | |||
472,190 | GMACM Mortgage Loan Trust Series 2005-AR6 3A1(c) | 3.6020 | 11/19/35 | 398,599 | |||
13,859 | GMACM Mortgage Loan Trust Series 2005-AR6 4A1(c) | 3.6580 | 11/19/35 | 13,342 | |||
328,865 | Government National Mortgage Association Series 2012-104 DI(b),(g) | 4.0000 | 09/16/25 | 5,792 | |||
177,948 | Government National Mortgage Association Series 2003-12 S(b),(e) | US0001M + 7.550% | 2.7900 | 02/20/33 | 3,941 | ||
171,509 | Government National Mortgage Association Series 2021-78 QI(b) | 5.0000 | 05/20/34 | 22,269 | |||
175,564 | Government National Mortgage Association Series 2015-79 GI(b) | 5.0000 | 10/20/39 | 31,273 | |||
137,886 | Government National Mortgage Association Series 2011-71 SG(b),(e) | US0001M + 5.400% | 0.6390 | 05/20/41 | 10,048 | ||
162,960 | Government National Mortgage Association Series 2011-89 SA(b),(e) | US0001M + 5.450% | 0.6890 | 06/20/41 | 11,872 | ||
730,584 | GreenPoint Mortgage Funding Trust Series 2006-AR2 4A1(e) | 12MTA + 2.000% | 5.1380 | 03/25/36 | 682,910 | ||
71,157 | GreenPoint Mortgage Funding Trust Series 2006-AR3 4A1(e) | US0001M + 0.420% | 5.2650 | 04/25/36 | 58,253 | ||
522,255 | GreenPoint Mortgage Funding Trust Series 2005-AR4 1A1(e) | US0001M + 0.520% | 5.3650 | 10/25/45 | 500,792 | ||
332,527 | GreenPoint Mortgage Funding Trust Series 2005-AR5 3A1(e) | US0001M + 0.560% | 5.4050 | 11/25/45 | 250,901 | ||
576,785 | GreenPoint Mortgage Loan Trust Series 2004-1 A(e) | US0001M + 1.150% | 5.9950 | 10/25/34 | 449,778 | ||
373,408 | GreenPoint MTA Trust Series 2005-AR3 1A1(e) | US0001M + 0.480% | 5.3250 | 08/25/45 | 278,785 | ||
143,493 | GSMPS Mortgage Loan Trust Series 1998-2 A(c),(d) | 7.7500 | 05/19/27 | 140,371 | |||
59,373 | GSMPS Mortgage Loan Trust Series 1998-3 A(c),(d) | 4.8130 | 09/19/27 | 57,305 | |||
170,958 | GSMPS Mortgage Loan Trust Series 1999-2 A(c),(d) | 8.0000 | 09/19/27 | 166,626 | |||
51,246 | GSMPS Mortgage Loan Trust Series 1998-1 A(c),(d) | 8.0000 | 09/19/27 | 48,023 | |||
449,446 | GSMPS Mortgage Loan Trust Series 2001-2 A(c),(d) | 7.5000 | 06/19/32 | 412,367 | |||
125,008 | GSR Mortgage Loan Trust Series 2003-1 B1(c) | 3.8430 | 03/25/33 | 112,426 | |||
14,456 | GSR Mortgage Loan Trust Series 2003-1 A2(e) | H15T1Y + 1.750% | 6.7800 | 03/25/33 | 13,946 | ||
98,027 | GSR Mortgage Loan Trust Series 2003-3F B3(c) | 5.9590 | 04/25/33 | 93,499 | |||
113,040 | GSR Mortgage Loan Trust Series 2003-3F 1A6 | 6.0000 | 04/25/33 | 110,973 | |||
180,622 | GSR Mortgage Loan Trust Series 2003-4F B3(c) | 5.9130 | 05/25/33 | 181,269 | |||
400,334 | GSR Mortgage Loan Trust Series 2003-9 A2(e) | US0012M + 1.750% | 7.4410 | 08/25/33 | 364,195 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
13,863 | GSR Mortgage Loan Trust Series 2004-8F 2A3 | 6.0000 | 09/25/34 | $ 13,823 | |||
15,041 | GSR Mortgage Loan Trust Series 2004-13F 3A3 | 6.0000 | 11/25/34 | 14,612 | |||
192,117 | GSR Mortgage Loan Trust Series 2004-15F 3A1(e) | US0001M + 0.300% | 5.1450 | 12/25/34 | 175,748 | ||
19,804 | GSR Mortgage Loan Trust Series 2005-5F 8A7 | 5.5000 | 06/25/35 | 19,559 | |||
17,090 | GSR Mortgage Loan Trust Series 2005-AR6 2A2(c) | 4.0400 | 09/25/35 | 15,584 | |||
10,004 | GSR Mortgage Loan Trust Series 2005-AR6 1A1(c) | 4.1980 | 09/25/35 | 9,618 | |||
62,079 | GSR Mortgage Loan Trust Series 2005-7F 2A6 | 5.5000 | 09/25/35 | 59,393 | |||
223,948 | GSR Mortgage Loan Trust Series 2005-AR5 1A1(c) | 3.5070 | 10/25/35 | 200,272 | |||
290,593 | GSR Mortgage Loan Trust Series 2005-AR7 5A1(c) | 3.9690 | 11/25/35 | 236,885 | |||
25,648 | GSR Mortgage Loan Trust Series 2005-AR7 3A1(c) | 4.0520 | 11/25/35 | 23,098 | |||
1,287,931 | GSR Mortgage Loan Trust Series 2005-8F 2A6 | 5.5000 | 11/25/35 | 1,190,040 | |||
557,974 | GSR Mortgage Loan Trust Series 2005-8F 2A4 | 5.5000 | 11/25/35 | 513,676 | |||
418,098 | GSR Mortgage Loan Trust Series 2005-8F 2A1 | 5.5000 | 11/25/35 | 384,905 | |||
837,978 | GSR Mortgage Loan Trust Series 2006-1F 4A1 | 5.5000 | 02/25/36 | 633,101 | |||
1,550,895 | GSR Mortgage Loan Trust Series 2006-2F 2A13 | 5.7500 | 02/25/36 | 1,377,320 | |||
1,832,537 | GSR Mortgage Loan Trust Series 2006-2F 2A17 | 5.7500 | 02/25/36 | 1,627,440 | |||
977,307 | GSR Mortgage Loan Trust Series 2006-1F 1A6(e) | US0001M + 0.950% | 5.7950 | 02/25/36 | 1,898,843 | ||
200 | GSR Mortgage Loan Trust Series 2006-4F 2A2 | 5.5000 | 05/25/36 | 1,335,000 | |||
100 | GSR Mortgage Loan Trust Series 2006-4F 2A11 | 5.5000 | 05/25/36 | 435,000 | |||
100 | GSR Mortgage Loan Trust Series 2006-4F 5A11 | 5.5000 | 05/25/36 | 887,500 | |||
10,991 | GSR Mortgage Loan Trust Series 2006-7F 2A1 | 6.0000 | 08/25/36 | 1,920,000 | |||
888,338 | GSR Mortgage Loan Trust Series 2006-10F 2A1 | 5.7500 | 12/25/36 | 2,059,994 | |||
507,012 | GSR Mortgage Loan Trust Series 2007-1F 2A2 | 5.5000 | 01/25/37 | 1,012,092 | |||
283,080 | GSR Mortgage Loan Trust Series 2007-1F 2A4 | 5.5000 | 01/25/37 | 351,990 | |||
544,293 | GSR Mortgage Loan Trust Series 2007-1F 3A1 | 6.0000 | 01/25/37 | 375,165 | |||
706,250 | GSR Mortgage Loan Trust Series 2007-AR1 1A1(c) | 3.3360 | 03/25/37 | 418,466 | |||
529,141 | GSR Mortgage Loan Trust Series 2007-AR1 3A1(c) | 3.4250 | 03/25/37 | 460,079 | |||
125,098 | GSR Mortgage Loan Trust Series 2007-AR2 5A1A(c) | 4.3120 | 05/25/37 | 105,851 | |||
956,786 | GSR Mortgage Loan Trust Series 2007-3F 2A1 | 5.7500 | 05/25/37 | 2,114,674 | |||
62,140 | GSR Mortgage Loan Trust Series 2007-4F 1A1 | 5.0000 | 07/25/37 | 88,661 | |||
2,587,337 | GSR Mortgage Loan Trust Series 2007-4F 2A1 | 5.7500 | 07/25/37 | 3,938,121 | |||
74,899 | HarborView Mortgage Loan Trust Series 2003-1 B1(c) | 3.9140 | 05/19/33 | 56,493 | |||
291,931 | HarborView Mortgage Loan Trust Series 2004-1 B1(c) | 4.1100 | 04/19/34 | 231,256 | |||
1,275,057 | HarborView Mortgage Loan Trust Series 2004-8 3A2(e) | US0001M + 0.800% | 5.5610 | 11/19/34 | 1,060,332 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
86,957 | HarborView Mortgage Loan Trust Series 2004-9 4A2(e) | US0001M + 0.780% | 5.5410 | 12/19/34 | $ 74,173 | ||
3,389 | HarborView Mortgage Loan Trust Series 2005-1 2A1B(e) | US0001M + 0.660% | 5.4210 | 03/19/35 | 2,371 | ||
3,171,637 | HarborView Mortgage Loan Trust Series 2005-2 1A(e) | US0001M + 0.520% | 1.4130 | 05/19/35 | 1,032,175 | ||
52,992 | HarborView Mortgage Loan Trust Series 2005-4 4A(c) | 3.9720 | 07/19/35 | 49,197 | |||
20,090 | HarborView Mortgage Loan Trust Series 2005-8 1A2A(e) | US0001M + 0.660% | 5.4210 | 09/19/35 | 14,341 | ||
190,813 | HarborView Mortgage Loan Trust Series 2005-14 3A1A(c) | 4.3730 | 12/19/35 | 177,999 | |||
24,734 | HarborView Mortgage Loan Trust Series 2005-14 2A1A(c) | 4.3730 | 12/19/35 | 16,997 | |||
945,876 | HarborView Mortgage Loan Trust Series 2005-16 4A1B(e) | 12MTA + 2.000% | 5.1380 | 01/19/37 | 721,896 | ||
1,549 | Impac CMB Trust Series 2003-8 2M2(e) | US0001M + 2.625% | 7.4700 | 10/25/33 | 1,518 | ||
26,617 | Impac CMB Trust Series 2003-11 2B1(e) | US0001M + 4.500% | 9.3450 | 10/25/33 | 24,412 | ||
2,819 | Impac CMB Trust Series 2003-8 2B1(e) | US0001M + 4.500% | 9.3450 | 10/25/33 | 2,722 | ||
137,145 | Impac CMB Trust Series 2004-10 3A2(e) | US0001M + 0.800% | 5.6450 | 03/25/35 | 123,665 | ||
36,949 | Impac CMB Trust Series 2004-10 4M2(e) | US0001M + 1.500% | 6.3450 | 03/25/35 | 33,110 | ||
172,193 | Impac CMB Trust Series 2004-10 4B(e) | US0001M + 2.775% | 7.6200 | 03/25/35 | 159,690 | ||
203,613 | Impac CMB Trust Series 2005-4 2A2(e) | US0001M + 0.380% | 5.6050 | 05/25/35 | 176,285 | ||
923,870 | Impac CMB Trust Series 2005-4 2B1(e) | US0001M + 1.650% | 7.3200 | 05/25/35 | 788,569 | ||
245,962 | Impac Secured Assets CMN Owner Trust Series 2003-3 M1(c) | 5.2990 | 08/25/33 | 230,660 | |||
140,551 | Impac Secured Assets CMN Owner Trust Series 2005-1 4A(c) | 3.8470 | 07/25/35 | 118,900 | |||
25,069 | Impac Secured Assets Trust Series 2006-2 2M3(e) | US0001M + 1.650% | 6.4950 | 08/25/36 | 24,925 | ||
137,314 | IndyMac ARM Trust Series 2001-H1 1A(c) | 3.1960 | 08/25/31 | 69,105 | |||
79,613 | IndyMac IMSC Mortgage Loan Trust Series 2007-F3 PO(f) | 0.0000 | 09/25/37 | 45,714 | |||
84,578 | IndyMac INDA Mortgage Loan Trust Series 2005-AR1 2A1(c) | 3.7010 | 11/25/35 | 79,549 | |||
18,280 | IndyMac INDA Mortgage Loan Trust Series 2005-AR2 2A1(c) | 4.1230 | 01/25/36 | 16,279 | |||
71,525 | IndyMac INDA Mortgage Loan Trust Series 2007-AR4 3A1(c) | 3.9550 | 08/25/37 | 62,524 | |||
28,548 | IndyMac INDX Mortgage Loan Trust Series 2004-AR10 2A2B(e) | US0001M + 0.920% | 5.7650 | 05/25/34 | 24,915 | ||
163,886 | IndyMac INDX Mortgage Loan Trust Series 2004-AR5 2A1A(e) | US0001M + 0.860% | 5.7050 | 08/25/34 | 133,432 | ||
2,128,511 | IndyMac INDX Mortgage Loan Trust Series 2005-AR9 2A1(c) | 3.5670 | 07/25/35 | 1,852,731 | |||
161,185 | IndyMac INDX Mortgage Loan Trust Series 2006-AR2 2A1(e) | US0001M + 0.420% | 5.2650 | 02/25/46 | 111,371 | ||
1,078,698 | Jefferies Resecuritization Trust Series 2009-R6 7A5(c),(d) | 3.9220 | 08/26/35 | 994,540 | |||
604,775 | Jefferies Resecuritization Trust Series 2009-R7 6A2(c),(d) | 3.8040 | 10/21/35 | 611,405 | |||
416,094 | JP Morgan Alternative Loan Trust Series 2005-S1 2A1 | 5.0000 | 12/25/35 | 313,586 | |||
3,506,899 | JP Morgan Alternative Loan Trust Series 2006-A1 2A2(c) | 3.9430 | 03/25/36 | 3,238,091 | |||
51,623 | JP Morgan Alternative Loan Trust Series 2006-S2 A4(g) | 6.1900 | 05/25/36 | 51,063 | |||
15,095 | JP Morgan Mortgage Trust Series 2004-S2 3A1 | 5.5000 | 11/25/24 | 14,942 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
494,397 | JP Morgan Mortgage Trust Series 2004-S2 2A13(e) | US0001M + 0.400% | 5.2450 | 11/25/34 | $ 444,257 | ||
228,577 | JP Morgan Mortgage Trust Series 2004-S2 4A5 | 6.0000 | 11/25/34 | 205,711 | |||
30,379 | JP Morgan Mortgage Trust Series 2005-A3 11A2(c) | 4.2130 | 06/25/35 | 27,629 | |||
568,045 | JP Morgan Mortgage Trust Series 2005-A6 5A1(c) | 3.9560 | 08/25/35 | 556,631 | |||
767,256 | JP Morgan Mortgage Trust Series 2005-A8 1A1(c) | 3.8010 | 11/25/35 | 616,168 | |||
53,287 | JP Morgan Mortgage Trust Series 2007-A2 3A1(c) | 3.7220 | 04/25/37 | 42,299 | |||
228,529 | JP Morgan Mortgage Trust Series 2007-S2 3A2 | 6.0000 | 06/25/37 | 229,492 | |||
108,792 | JP Morgan Mortgage Trust Series 2007-S2 3A3 | 6.5000 | 06/25/37 | 108,282 | |||
732,305 | Lehman Mortgage Trust Series 2005-2 AX(b) | 5.5000 | 12/25/35 | 111,553 | |||
801,700 | Lehman Mortgage Trust Series 2005-2 5A1(e) | US0001M + 0.900% | 5.7450 | 12/25/35 | 483,020 | ||
129,098 | Lehman Mortgage Trust Series 2005-2 5A2(e) | US0001M + 28.060% | 5.7720 | 12/25/35 | 129,502 | ||
1,410,087 | Lehman Mortgage Trust Series 2007-5 8A2(b),(e) | US0001M + 7.720% | 2.8750 | 08/25/36 | 232,744 | ||
1,393,235 | Lehman Mortgage Trust Series 2007-5 8A1(e) | US0001M + 0.280% | 5.1250 | 08/25/36 | 305,722 | ||
439,871 | Lehman Mortgage Trust Series 2006-7 5A1(c) | 1.4180 | 09/25/36 | 108,371 | |||
125,396 | Lehman Mortgage Trust Series 2007-3 2A1(f) | 0.0000 | 03/25/37 | 86,373 | |||
230,526 | Lehman Mortgage Trust Series 2007-10 2A2 | 1.7950 | 01/25/38 | 69,704 | |||
189,017 | Lehman Mortgage Trust Series 2006-4 4A1 | 6.0000 | 06/25/49 | 136,880 | |||
818,798 | Lehman XS Trust Series 2005-5N 1A2(e) | US0001M + 0.360% | 5.2050 | 11/25/35 | 760,715 | ||
286,155 | Lehman XS Trust Series 2006-2N 1A1(e) | US0001M + 0.520% | 5.3650 | 02/25/46 | 242,281 | ||
18,644 | Luminent Mortgage Trust Series 2006-7 2A1(e) | US0001M + 0.340% | 5.1850 | 12/25/36 | 15,707 | ||
282,411 | Luminent Mortgage Trust Series 2006-7 1A1(e) | US0001M + 0.360% | 5.2050 | 12/25/36 | 249,488 | ||
495,793 | Luminent Mortgage Trust Series 2007-2 2A1(e) | US0001M + 0.460% | 5.3050 | 05/25/37 | 430,780 | ||
454,723 | MASTR Adjustable Rate Mortgages Trust Series 2004-11 B1(e) | US0001M + 2.250% | 7.0950 | 11/25/34 | 431,574 | ||
2,523,705 | MASTR Adjustable Rate Mortgages Trust Series 2004-14 B2(e) | US0001M + 3.400% | 8.2450 | 01/25/35 | 1,955,762 | ||
1,854,222 | MASTR Adjustable Rate Mortgages Trust Series 2005-6 3A2(c) | 1.6910 | 07/25/35 | 692,245 | |||
1,055,876 | MASTR Adjustable Rate Mortgages Trust Series 2005-6 3A1(c) | 1.6910 | 07/25/35 | 403,674 | |||
3,119,864 | MASTR Adjustable Rate Mortgages Trust Series 2007-1 2A1(c) | 3.7620 | 11/25/36 | 1,755,220 | |||
3,861,960 | MASTR Adjustable Rate Mortgages Trust Series 2006-OA2 1A1(e) | 12MTA + 0.800% | 3.9380 | 12/25/46 | 2,756,955 | ||
346,813 | MASTR Adjustable Rate Mortgages Trust Series 2006-OA2 2A1(e) | 12MTA + 0.800% | 3.9380 | 12/25/46 | 261,620 | ||
2,416,556 | MASTR Adjustable Rate Mortgages Trust Series 2006-OA2 4A1A(e) | 12MTA + 0.850% | 3.9880 | 12/25/46 | 2,064,540 | ||
1,639,754 | MASTR Adjustable Rate Mortgages Trust Series 2006-OA2 4A1B(e) | 12MTA + 1.200% | 4.3380 | 12/25/46 | 1,402,513 | ||
1,414,671 | MASTR Adjustable Rate Mortgages Trust Series 2007-1 I2A3(e) | 12MTA + 0.740% | 3.8780 | 01/25/47 | 1,385,357 | ||
4,518 | MASTR Adjustable Rate Mortgages Trust Series 2007-1 I2A1(e) | US0001M + 0.320% | 5.1650 | 01/25/47 | 4,426 | ||
300,000 | MASTR Adjustable Rate Mortgages Trust Series 2007-3 22A5(e) | US0001M + 0.680% | 5.5250 | 05/25/47 | 238,527 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
27,939 | MASTR Alternative Loan Trust Series 2003-4 3A1 | 6.0000 | 06/25/33 | $ 27,760 | |||
43,032 | MASTR Alternative Loan Trust Series 2003-5 4A1 | 5.5000 | 07/25/33 | 41,727 | |||
16,847 | MASTR Alternative Loan Trust Series 2003-7 7A18 | 5.7500 | 11/25/33 | 16,270 | |||
15,880 | MASTR Alternative Loan Trust Series 2004-10 4A1 | 6.0000 | 09/25/34 | 15,276 | |||
34,275 | MASTR Alternative Loan Trust Series 2004-11 1A1(c) | 5.8450 | 10/25/34 | 33,116 | |||
18,533 | MASTR Alternative Loan Trust Series 2004-12 4A1 | 5.5000 | 12/25/34 | 18,041 | |||
545,619 | MASTR Alternative Loan Trust Series 2004-13 9A2 | 5.5000 | 01/25/35 | 305,765 | |||
52,944 | MASTR Alternative Loan Trust Series 2005-1 2A1 | 6.0000 | 02/25/35 | 52,674 | |||
57,072 | MASTR Alternative Loan Trust Series 2005-6 30PO(f) | 0.0000 | 12/25/35 | 19,760 | |||
36,880 | MASTR Alternative Loan Trust Series 2006-2 PO(f) | 0.0000 | 03/25/36 | 14,924 | |||
1,220 | MASTR Asset Securitization Trust Series 2004-3 1A3 | 5.2500 | 03/25/24 | 1,178 | |||
10,978 | MASTR Asset Securitization Trust Series 2004-3 1A1 | 5.2500 | 03/25/24 | 10,743 | |||
40,626 | MASTR Asset Securitization Trust Series 2003-11 6A16 | 5.2500 | 12/25/33 | 38,596 | |||
87,334 | MASTR Asset Securitization Trust Series 2004-9 3A7 | 5.2500 | 07/25/34 | 80,677 | |||
948,581 | MASTR Asset Securitization Trust Series 2004-11 5A4 | 5.7500 | 12/25/34 | 880,914 | |||
106,978 | MASTR Asset Securitization Trust Series 2004-11 5A5 | 5.7500 | 12/25/34 | 98,093 | |||
1,450,286 | MASTR Reperforming Loan Trust Series 2005-1 1A4(d) | 7.5000 | 08/25/34 | 1,169,679 | |||
62,603 | MASTR Seasoned Securitization Trust Series 2003-1 3A2(e) | US0001M + 0.400% | 5.2450 | 02/25/33 | 58,797 | ||
87,958 | Mellon Residential Funding Cor Mor Pas Thr Tr Series 1999-TBC3 B4(c),(d) | 5.2670 | 10/20/29 | 81,109 | |||
54,242 | Mellon Residential Funding Cor Mor Pas Thr Tr Series 1999-TBC3 B5(c),(d) | 5.2670 | 10/20/29 | 50,014 | |||
1,842,166 | MERIT Securities Corporation Series 11PA B3(d),(e) | US0001M + 2.250% | 7.0810 | 09/28/32 | 1,608,155 | ||
149,956 | Merrill Lynch Alternative Note Asset Trust Series 2007-AF1 1AF2 | 5.7500 | 05/25/37 | 140,447 | |||
323,307 | Merrill Lynch Mortgage Backed Securities Trust Series 2007-1 2A1(c) | 3.3450 | 04/25/37 | 277,420 | |||
92,696 | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A2 2M1(c) | 3.6950 | 03/25/33 | 72,919 | |||
157,181 | Merrill Lynch Mortgage Investors Trust Series 2006-AF1 PO(f) | 0.0000 | 08/25/36 | 11,287 | |||
71,184 | Merrill Lynch Mortgage Investors Trust Series MLCC Series 2003-D B1(e) | US0001M + 0.945% | 5.7900 | 08/25/28 | 61,908 | ||
54,107 | Merrill Lynch Mortgage Investors Trust Series MLCC Series 2003-D B2(e) | US0001M + 2.250% | 7.0950 | 08/25/28 | 46,526 | ||
203,254 | Merrill Lynch Mortgage Investors Trust Series MLCC Series 2003-F B1(e) | US0001M + 0.900% | 5.7450 | 10/25/28 | 184,502 | ||
144,095 | Merrill Lynch Mortgage Investors Trust Series MLCC Series 2007-2 1A(c) | 3.9960 | 06/25/37 | 138,237 | |||
1,199,591 | Merrill Lynch Mortgage Investors Trust Series MLMI Series 2005-A7 2A1(c) | 2.1580 | 09/25/35 | 950,260 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
165,177 | Morgan Stanley Dean Witter Capital I Inc Trust Series 2003-HYB1 A1(c) | 4.2750 | 03/25/33 | $ 143,503 | |||
102,565 | Morgan Stanley Mortgage Loan Trust Series 2006-7 1A | 5.0000 | 10/25/23 | 66,723 | |||
178,867 | Morgan Stanley Mortgage Loan Trust Series 2006-7 2A | 6.0000 | 06/25/31 | 115,908 | |||
32,832 | Morgan Stanley Mortgage Loan Trust Series 2004-3 3A | 6.0000 | 04/25/34 | 32,149 | |||
335,307 | Morgan Stanley Mortgage Loan Trust Series 2005-2AR B1(e) | US0001M + 0.500% | 5.3450 | 04/25/35 | 242,269 | ||
186,600 | Morgan Stanley Mortgage Loan Trust Series 2005-4 1A | 5.0000 | 08/25/35 | 177,561 | |||
773,986 | Morgan Stanley Mortgage Loan Trust Series 2005-10 4A1 | 5.5000 | 12/25/35 | 476,790 | |||
92,646 | Morgan Stanley Mortgage Loan Trust Series 2006-2 1A | 5.2500 | 12/25/52 | 83,611 | |||
19,768 | Morgan Stanley Re-REMIC Trust Series 2010-R7 3B(d) | 5.5000 | 11/26/34 | 17,885 | |||
1,123,034 | Morgan Stanley Resecuritization Trust Series 2014-R4 4B2(c),(d) | 3.9960 | 11/21/35 | 943,194 | |||
7,053,243 | Mortgage Loan Resecuritization Trust Series 2009-RS1 A85(d),(e) | US0001M + 0.340% | 5.0020 | 04/16/36 | 6,622,378 | ||
10,926,062 | Mortgage Loan Resecuritization Trust Series 2009-RS1 B15(d),(e) | US0001M + 0.340% | 5.0020 | 04/16/36 | 5,942,819 | ||
2,778,791 | MortgageIT Mortgage Loan Trust Series 2006-1 1A2(e) | US0001M + 0.400% | 5.2450 | 04/25/36 | 1,945,492 | ||
152,969 | MortgageIT Mortgage Loan Trust Series 2006-1 1A1(e) | US0001M + 0.460% | 5.3050 | 04/25/36 | 137,914 | ||
292,180 | MortgageIT Trust Series 2004-1 B2(e) | US0001M + 3.225% | 8.0700 | 11/25/34 | 273,555 | ||
338,798,775 | MortgageIT Trust Series 2005-2 | 0.0000 | 05/25/35 | 2,342,500 | |||
81,929 | MortgageIT Trust Series 2005-2 1B1(e) | US0001M + 1.425% | 6.2700 | 05/25/35 | 79,578 | ||
11,470,694 | New Residential Mortgage Loan Trust Series 2019-5A B4IA(b),(c),(d) | 0.5000 | 08/25/59 | 242,754 | |||
16,121,473 | New Residential Mortgage Loan Trust Series 2019-5A B5IB(b),(c),(d) | 0.7500 | 08/25/59 | 514,339 | |||
214,019 | New York Mortgage Trust Series 2006-1 2A3(c) | 3.7060 | 05/25/36 | 178,507 | |||
20,274 | Nomura Asset Acceptance Corp Alternative Loan Series 2004-AP1 A5(g) | 5.8030 | 03/25/34 | 19,389 | |||
123,692 | Nomura Asset Acceptance Corp Alternative Loan Series 2004-AR1 5A3(e) | US0001M + 1.020% | 5.8650 | 08/25/34 | 115,329 | ||
9,101 | Nomura Asset Acceptance Corp Alternative Loan Series 2004-AP3 A5A(g) | 5.5710 | 10/25/34 | 8,871 | |||
1,913,733 | Nomura Asset Acceptance Corp Alternative Loan Series 2004-AR2 M2(e) | US0001M + 1.700% | 6.5450 | 10/25/34 | 1,838,329 | ||
1,119,015 | Nomura Asset Acceptance Corp Alternative Loan Series 2004-AR4 M2(e) | US0001M + 1.500% | 6.3450 | 12/25/34 | 1,002,477 | ||
455,077 | Nomura Asset Acceptance Corp Alternative Loan Series 2006-AF1 1A1B(c) | 1.3940 | 05/25/36 | 101,225 | |||
212,214 | Nomura Asset Acceptance Corp Alternative Loan Series 2006-AF1 2A(c) | 4.2290 | 06/25/36 | 153,071 | |||
397,458 | Nomura Asset Acceptance Corp Alternative Loan Series 2006-AF1 5A(c) | 4.5700 | 06/25/36 | 393,320 | |||
62,051 | Nomura Asset Acceptance Corp Alternative Loan Series 2007-1 1A3(g) | 5.9570 | 03/25/47 | 58,986 | |||
788,866 | Nomura Asset Acceptance Corp Alternative Loan Series 2007-1 1A4(g) | 6.1380 | 03/25/47 | 749,778 | |||
105,196 | NovaStar Mortgage Funding Trust Series 2006-MTA1 2A1A(e) | US0001M + 0.380% | 0.5060 | 09/25/46 | 99,383 | ||
121,033 | Ocwen Residential MBS Corporation Series 1999-R2 B2(c),(d) | 0.7170 | 06/25/39 | 35,585 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
308,333 | Opteum Mortgage Acceptance Corp Asset Backed Series 1 M7(e) | US0001M + 2.025% | 6.8700 | 02/25/35 | $ 311,216 | ||
249,034 | PHHMC Series Trust Series 2006-4 B1(c) | 6.2860 | 12/18/36 | 238,073 | |||
73,574 | Popular A.B.S, Inc. Series 1998-1 A1(g) | 7.2000 | 12/25/29 | 67,422 | |||
102,330 | Prime Mortgage Trust Series 2004-1 1A6 | 5.2500 | 08/25/34 | 97,158 | |||
3,129 | Prime Mortgage Trust Series 2005-1 2A4(d) | 5.5000 | 09/25/34 | 3,117 | |||
1,928,118 | Prime Mortgage Trust Series 2006-DR1 2A1(d) | 5.5000 | 05/25/35 | 1,683,959 | |||
513,082 | Prime Mortgage Trust Series 2006-DR1 2A2(d) | 6.0000 | 05/25/35 | 420,308 | |||
13,218 | Prime Mortgage Trust Series 2005-4 1A2 | 5.0000 | 10/25/35 | 12,438 | |||
98,499 | Prime Mortgage Trust Series 2005-4 1A5 | 5.2500 | 05/25/44 | 92,721 | |||
317,624 | RALI Series Trust Series 2004-QA4 NB21(c) | 4.0700 | 09/25/34 | 284,575 | |||
397,840 | RALI Series Trust Series 2004-QA4 NB1(c) | 4.5560 | 09/25/34 | 333,647 | |||
500,731 | RALI Series Trust Series 2004-QA6 NB2(c) | 3.6260 | 12/26/34 | 427,615 | |||
625,375 | RALI Series Trust Series 2004-QA6 NB4(c) | 4.2100 | 12/26/34 | 530,032 | |||
1,793,384 | RALI Series Trust Series 2005-QA2 A1I(c) | 1.2660 | 02/25/35 | 580,596 | |||
1,906,395 | RALI Series Trust Series 2005-QA2 A1II(c) | 3.9570 | 02/25/35 | 1,163,912 | |||
189,502 | RALI Series Trust Series 2005-QA2 NB2(c) | 4.0370 | 02/25/35 | 150,259 | |||
200,072 | RALI Series Trust Series 2005-QA3 NB4(c) | 0.0000 | 03/25/35 | 60,062 | |||
63,245 | RALI Series Trust Series 2005-QA3 NB1(c) | 3.6070 | 03/25/35 | 31,702 | |||
430,822 | RALI Series Trust Series 2005-QA4 A42(c) | 3.8530 | 04/25/35 | 390,923 | |||
150,980 | RALI Series Trust Series 2005-QA4 A5(c) | 4.2580 | 04/25/35 | 132,455 | |||
1,181,267 | RALI Series Trust Series 2005-QS5 A3 | 5.7000 | 04/25/35 | 1,160,539 | |||
722,339 | RALI Series Trust Series 2005-QA6 NB23(c) | 3.9610 | 05/25/35 | 347,309 | |||
68,449 | RALI Series Trust Series 2005-QA8 NB2(c) | 3.9870 | 07/25/35 | 57,537 | |||
424,533 | RALI Series Trust Series 2005-QA8 CB21(c) | 4.3810 | 07/25/35 | 233,208 | |||
2,631,963 | RALI Series Trust Series 2005-QA9 NB21(c) | 1.7320 | 08/25/35 | 986,437 | |||
1,573,088 | RALI Series Trust Series 2005-QA9 CB3(c) | 4.1950 | 08/25/35 | 1,406,287 | |||
5,009,041 | RALI Series Trust Series 2005-QA11 3A1(c) | 1.7750 | 10/25/35 | 1,683,167 | |||
777,037 | RALI Series Trust Series 2005-QA11 6A1(c) | 5.7940 | 10/25/35 | 712,858 | |||
1,367,038 | RALI Series Trust Series 2005-QA12 CB3(c) | 4.8020 | 12/25/35 | 1,173,628 | |||
4,549 | RALI Series Trust Series 2006-QA1 A31(c) | 5.7590 | 01/25/36 | 5,196 | |||
132,079 | RALI Series Trust Series 2006-QA2 3A1(c) | 6.1090 | 02/25/36 | 103,700 | |||
7,421,752 | RALI Series Trust Series 2006-QS11 2A1 | 1.9580 | 08/25/36 | 2,409,633 | |||
58,734 | RALI Series Trust Series 2006-QS12 2A11 | 5.0000 | 09/25/36 | 44,026 | |||
309,709 | RALI Series Trust Series 2007-QS4 1A4 | 6.2500 | 03/25/37 | 236,840 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
613,283 | RALI Series Trust Series 2005-QO4 2A1(e) | US0001M + 0.560% | 5.4050 | 12/25/45 | $ 471,188 | ||
2,949,446 | RALI Series Trust Series 2007-QO5 A(e) | 12MTA + 3.120% | 0.8560 | 08/25/47 | 526,012 | ||
477,762 | RAMP Series Trust Series 2003-SL1 A41 | 8.0000 | 04/25/31 | 458,504 | |||
213,671 | RAMP Series Trust Series 2005-SL2 A5 | 8.0000 | 10/25/31 | 105,734 | |||
368,562 | RAMP Series Trust Series 2004-SL1 A8 | 6.5000 | 11/25/31 | 329,442 | |||
382,094 | RAMP Series Trust Series 2005-SL1 A3 | 0.6160 | 05/25/32 | 60,014 | |||
488,509 | RAMP Series Trust Series 2005-SL1 A7 | 8.0000 | 05/25/32 | 324,440 | |||
277,059 | RAMP Series Trust Series 2004-SL4 A5 | 2.8000 | 07/25/32 | 118,743 | |||
2,417,941 | RBSGC Mortgage Loan Trust Series 2005-A 4A | 6.0000 | 04/25/35 | 2,119,101 | |||
629,226 | RBSGC Mortgage Loan Trust Series 2007-A 1A1 | 6.0000 | 01/25/37 | 519,101 | |||
1,372,085 | RBSSP Resecuritization Trust Series 2009-6 8A3(c),(d) | 5.2920 | 08/26/35 | 537,519 | |||
95,121 | Reperforming Loan REMIC Trust Series 2004-R1 2A(d) | 6.5000 | 11/25/34 | 86,696 | |||
575,952 | Reperforming Loan REMIC Trust Series 2005-R2 1AS(b),(c),(d) | 1.1950 | 06/25/35 | 25,658 | |||
431,493 | Reperforming Loan REMIC Trust Series 2006-R2 AF1(d),(e) | US0001M + 0.420% | 5.2650 | 07/25/36 | 386,901 | ||
241,471 | Residential Asset Securitization Trust Series 2000-A6 B2 | 8.0000 | 10/25/30 | 160,975 | |||
23,160 | Residential Asset Securitization Trust Series 2004-A2 1A8 | 5.2500 | 05/25/34 | 21,884 | |||
461,419 | Residential Asset Securitization Trust Series 2004-A2 2A1(e) | US0001M + 0.550% | 5.3950 | 05/25/34 | 448,979 | ||
228,804 | Residential Asset Securitization Trust Series 2006-A3CB PO(f) | 0.0000 | 01/25/46 | 29,861 | |||
209,013 | Residential Asset Securitization Trust Series 2006-A3CB AX(b),(c) | 6.0000 | 01/25/46 | 47,220 | |||
1,345,326 | RFMSI Series Trust Series 2005-SA1 2A(c) | 3.1990 | 03/25/35 | 1,096,481 | |||
274,123 | RFMSI Series Trust Series 2005-SA3 3A(c) | 4.0520 | 08/25/35 | 224,267 | |||
833,954 | RFMSI Series Trust Series 2005-SA5 2A(c) | 4.3020 | 11/25/35 | 717,310 | |||
114,349 | RFMSI Series Trust Series 2006-SA1 2A1(c) | 5.3580 | 02/25/36 | 92,663 | |||
115,235 | RFMSI Series Trust Series 2006-SA2 3A1(c) | 4.9690 | 08/25/36 | 106,758 | |||
236,572 | RFMSI Series Trust Series 2006-SA3 3A1(c) | 4.8320 | 09/25/36 | 198,812 | |||
135,825 | RFMSI Series Trust Series 2006-SA4 2A1(c) | 5.1580 | 11/25/36 | 109,886 | |||
479,337 | Sequoia Mortgage Trust Series 4 B(e) | US0001M + 1.250% | 5.8430 | 04/22/25 | 395,974 | ||
62,429 | Sequoia Mortgage Trust Series 6 B2(e) | US0001M + 1.050% | 5.8110 | 04/19/27 | 56,543 | ||
32,637 | Sequoia Mortgage Trust Series 2003-4 2B2(c) | 5.8120 | 07/20/33 | 27,082 | |||
49,117 | Sequoia Mortgage Trust Series 2003-4 2B3(c) | 5.8120 | 07/20/33 | 40,315 | |||
22,358 | Sequoia Mortgage Trust Series 2003-4 2B5(c) | 5.8120 | 07/20/33 | 16,898 | |||
192,573 | Sequoia Mortgage Trust Series 2004-1 B1(e) | US0001M + 0.825% | 5.5860 | 02/20/34 | 123,594 | ||
11,540 | Sequoia Mortgage Trust Series 2004-5 B1(e) | US0001M + 0.720% | 5.4810 | 06/20/34 | 9,555 | ||
480 | Sequoia Mortgage Trust Series 2004-6 B1(e) | US0001M + 0.750% | 5.5110 | 07/20/34 | 413 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
36,601 | Sequoia Mortgage Trust Series 2013-2 B3(c) | 3.6280 | 02/25/43 | $ 34,391 | |||
178,459 | Sequoia Mortgage Trust Series 2007-1 3A1(c) | 4.2200 | 01/20/47 | 132,331 | |||
21,912 | Shellpoint Asset Funding Trust Series 2013-1 B2(c),(d) | 3.8630 | 07/25/43 | 21,322 | |||
41,458 | Sofi Mortgage Trust Series 2016-1A 1AMF(c),(d) | 3.0000 | 11/25/46 | 36,983 | |||
49,673 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 1A1(c) | 4.1540 | 03/25/34 | 44,899 | |||
1,517,375 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-7 A1(e) | US0001M + 0.405% | 5.2500 | 06/25/34 | 1,335,675 | ||
251,322 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-14 A1(e) | US0001M + 0.310% | 5.1550 | 07/25/35 | 155,543 | ||
206,291 | Structured Adjustable Rate Mortgage Loan Trust Series 2007-3 2A1(c) | 3.3210 | 04/25/47 | 184,859 | |||
1,675,193 | Structured Asset Investment Loan Trust Series 2003-BC10 M3(e) | US0001M + 3.300% | 8.1450 | 10/25/33 | 1,716,025 | ||
248,316 | Structured Asset Mortgage Investments II Trust Series 2004-AR5 2A3(c) | 3.9700 | 10/19/34 | 214,428 | |||
216,064 | Structured Asset Mortgage Investments II Trust Series 2004-AR6 A1B(e) | US0001M + 0.400% | 5.1610 | 02/19/35 | 187,586 | ||
1,207,512 | Structured Asset Mortgage Investments II Trust Series 2006-AR3 21A1(e) | US0001M + 0.400% | 5.2450 | 02/25/36 | 918,902 | ||
372,323 | Structured Asset Mortgage Investments II Trust Series 2006-AR1 3A1(e) | US0001M + 0.460% | 5.3050 | 02/25/36 | 301,256 | ||
80,144 | Structured Asset Mortgage Investments II Trust Series 2006-AR2 A1(e) | US0001M + 0.460% | 5.3050 | 02/25/36 | 67,525 | ||
2,527,863 | Structured Asset Mortgage Investments II Trust Series 2006-AR1 2A2(e) | US0001M + 0.620% | 5.4650 | 02/25/36 | 2,413,601 | ||
4,768,222 | Structured Asset Mortgage Investments II Trust Series 2006-AR3 24A1(c) | 1.3270 | 05/25/36 | 1,360,785 | |||
158,738 | Structured Asset Mortgage Investments II Trust Series 2006-AR3 22A1(c) | 3.4120 | 05/25/36 | 84,529 | |||
61,654 | Structured Asset Mortgage Investments II Trust Series 2007-AR2 1A1(e) | US0001M + 0.150% | 4.9950 | 02/25/37 | 53,313 | ||
695,269 | Structured Asset Mortgage Investments II Trust Series 2007-AR2 2A1(e) | US0001M + 0.260% | 2.2180 | 03/25/37 | 221,635 | ||
1,609,705 | Structured Asset Mortgage Investments II Trust Series 2006-AR5 3A1(e) | US0001M + 0.420% | 3.0120 | 05/25/46 | 687,995 | ||
747,439 | Structured Asset Mortgage Investments II Trust Series 2006-AR5 2A1(e) | US0001M + 0.420% | 5.2650 | 05/25/46 | 490,776 | ||
43,263 | Structured Asset Mortgage Investments Trust Series 2001-4 A1(c) | 3.5250 | 10/25/24 | 38,295 | |||
452,583 | Structured Asset Mortgage Investments Trust Series 2002-AR5 A2(e) | US0001M + 1.200% | 5.9610 | 05/19/33 | 398,313 | ||
470,369 | Structured Asset Sec Corp Mort Pass Thr Certs Series 1998-6 B2 | 6.5000 | 07/25/28 | 277,125 | |||
1,836,052 | Structured Asset Sec Corp Mort Passthr Certs Ser Series 2003-40A B1 | 5.2680 | 01/25/34 | 1,283,207 | |||
35,623 | Structured Asset Sec Mortgage Pass-Through Series 2002-21A B1II(c) | 4.4610 | 11/25/32 | 33,945 | |||
123,298 | Structured Asset Securities Corp Assistance Loan Series AL2 B1(d) | 3.3560 | 01/25/31 | 67,238 | |||
1,313,432 | Structured Asset Securities Corp Mor Cer Ser Series 2003-31A B1(c) | 4.3890 | 10/25/33 | 1,111,527 | |||
85,835 | Structured Asset Securities Corp Mortgage Series 2003-39EX M3(g) | 4.2730 | 08/25/33 | 87,065 | |||
510,687 | Structured Asset Securities Corp Mortgage Series 2004-11XS 1A5A(g) | 4.9510 | 06/25/34 | 487,954 | |||
508,696 | TBW Mortgage-Backed Pass-Through Certificates Series 2006-1 2A1 | 6.5000 | 04/25/36 | 330,679 | |||
1,241,334 | TBW Mortgage-Backed Trust Series 2006-6 A2B(g) | 1.2280 | 01/25/37 | 300,268 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
483,804 | TBW Mortgage-Backed Trust Series 2006-2 1A3 | 1.7650 | 07/25/36 | $ 189,150 | |||
947,450 | Terwin Mortgage Trust Series 2006-9HGA A3(d),(e) | US0001M + 0.560% | 1.4650 | 10/25/37 | 346,514 | ||
319,985 | Terwin Mortgage Trust Series 2007-6ALT A2(d),(e) | US0001M + 0.600% | 5.4450 | 08/25/38 | 225,787 | ||
60,257 | Thornburg Mortgage Securities Trust Series 2005-1 A5(c) | 3.6160 | 04/25/45 | 55,217 | |||
137,947 | Thornburg Mortgage Securities Trust Series 2007-3 2A1(e) | US0012M + 1.250% | 6.3570 | 06/25/47 | 126,840 | ||
5,716,450 | Voyager CBASS Delaware Trust Series 2009-1 KAB1(c),(d) | 0.0740 | 02/26/37 | 65,182 | |||
15,517,716 | Voyager CBASS Delaware Trust Series 2009-1 KAA3(c),(d) | 0.2760 | 02/26/37 | 176,942 | |||
946,666 | Voyager CNTYW Delaware Trust Series 2009-1 3QB1(c),(d) | 4.9340 | 03/16/30 | 894,511 | |||
1,092,307 | Voyager CNTYW Delaware Trust Series 2009-1 3MY5(c),(d) | 4.9840 | 12/16/33 | 1,037,595 | |||
1,101,048 | Voyager CNTYW Delaware Trust Series 2009-1 5AU0(c),(d) | 4.9240 | 02/16/36 | 995,093 | |||
3,567,286 | Voyager CNTYW Delaware Trust Series 2009-1 5AT3(c),(d) | 4.9240 | 02/16/36 | 3,197,716 | |||
9,071,220 | Voyager CNTYW Delaware Trust Series 2009-1 5DS2(c),(d) | 4.8840 | 05/16/36 | 8,093,194 | |||
2,475,262 | Voyager OPTONE Delaware Trust Series 2009-1 SAA7(b),(c),(d) | 1.1550 | 02/25/38 | 591,751 | |||
1,348,383 | Wachovia Mortgage Loan Trust, LLC Series 2005-A 2A1(c) | 3.5250 | 08/20/35 | 1,193,319 | |||
424,563 | Wachovia Mortgage Loan Trust, LLC Series 2005-A 1A1(c) | 3.7520 | 08/20/35 | 390,988 | |||
50,659 | Wachovia Mortgage Loan Trust, LLC Series 2006-A 1A1(c) | 2.8580 | 05/20/36 | 45,915 | |||
344,782 | Wachovia Mortgage Loan Trust, LLC Series 2007-A 4A1(c) | 4.1130 | 03/20/37 | 298,629 | |||
124,345 | WaMu Mortgage Backed Pass Through Certificates Series 2001-AR5 B1(c) | 2.9880 | 12/19/39 | 111,667 | |||
42,408 | WaMu Mortgage Backed Pass Through Certificates Series 2001-AR5 B4(c),(d) | 2.9880 | 12/19/39 | 36,262 | |||
31,818 | WaMu Mortgage Backed Pass Through Certificates Series 2001-AR5 B5(c),(d) | 2.9880 | 12/19/39 | 26,727 | |||
25,005 | WaMu Mortgage Backed Pass Through Certificates Series 2001-AR5 B6(c),(d) | 2.9880 | 12/19/39 | 17,724 | |||
105,897 | WaMu Mortgage Pass-Through Certificates Series 2002-AR13 M1(c) | 4.4950 | 10/25/32 | 95,726 | |||
225,442 | WaMu Mortgage Pass-Through Certificates Series 2002-S8 1A7 | 5.7500 | 01/25/33 | 212,225 | |||
451,118 | WaMu Mortgage Pass-Through Certificates Series 2002-AR19 B1(c) | 4.2000 | 02/25/33 | 409,856 | |||
1,050,224 | WaMu Mortgage Pass-Through Certificates Series 2003-S4 CB2(c) | 1.0620 | 06/25/33 | 528,485 | |||
28,932 | WaMu Mortgage Pass-Through Certificates Series 2003-AR5 A7(c) | 3.2330 | 06/25/33 | 26,419 | |||
154,955 | WaMu Mortgage Pass-Through Certificates Series 2003-AR6 A1(c) | 3.3900 | 06/25/33 | 141,015 | |||
104,470 | WaMu Mortgage Pass-Through Certificates Series 2003-AR8 A(c) | 4.1700 | 08/25/33 | 97,446 | |||
156,083 | WaMu Mortgage Pass-Through Certificates Series 2003-AR9 1B2(c) | 4.1220 | 09/25/33 | 119,066 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
767,456 | WaMu Mortgage Pass-Through Certificates Series 2003-S13 CB1(c) | 5.8970 | 01/25/34 | $ 696,412 | |||
76,069 | WaMu Mortgage Pass-Through Certificates Series 2004-S2 2A4 | 5.5000 | 06/25/34 | 74,629 | |||
11,617 | WaMu Mortgage Pass-Through Certificates Series 2004-CB2 2A | 5.5000 | 07/25/34 | 11,300 | |||
75,664 | WaMu Mortgage Pass-Through Certificates Series AR16 2A2(c) | 3.8710 | 12/25/35 | 61,715 | |||
54,222 | WaMu Mortgage Pass-Through Certificates Series 2006-AR12 3A1(c) | 3.6720 | 10/25/36 | 45,782 | |||
243,876 | WaMu Mortgage Pass-Through Certificates Series 2001-AR3 B1(c) | 2.9000 | 11/25/41 | 198,054 | |||
171,300 | WaMu Mortgage Pass-Through Certificates Series 2002-AR6 B1(e) | 12MTA + 1.400% | 4.5380 | 06/25/42 | 147,267 | ||
88,398 | WaMu Mortgage Pass-Through Certificates Series 2002-AR6 B3(e) | 12MTA + 1.400% | 4.5380 | 06/25/42 | 73,913 | ||
14,492 | WaMu Mortgage Pass-Through Certificates Series 2002-AR6 B4(d),(e) | 12MTA + 1.400% | 4.5380 | 06/25/42 | 9,422 | ||
85,842 | WaMu Mortgage Pass-Through Certificates Series 2002-AR6 B2(e) | 12MTA + 1.400% | 4.5380 | 06/25/42 | 73,111 | ||
14,311 | WaMu Mortgage Pass-Through Certificates Series 2002-AR9 1B3(e) | 12MTA + 1.400% | 4.5380 | 08/25/42 | 7,821 | ||
58,664 | WaMu Mortgage Pass-Through Certificates Series 2002-AR9 1B1(e) | 12MTA + 1.400% | 4.5380 | 08/25/42 | 52,965 | ||
2,160,990 | WaMu Mortgage Pass-Through Certificates Series 2006-AR7 2A(e) | 12MTA + 0.980% | 4.1180 | 07/25/46 | 1,808,824 | ||
15,086 | WaMu Pass Through Certificates Series 2002-AR12 B1(c) | 4.3250 | 10/25/32 | 13,629 | |||
9,332 | WaMu Pass Through Certificates Series 2002-AR12 B2(c) | 4.3250 | 10/25/32 | 8,158 | |||
1,334,221 | Washington Mutual Mortgage Pass-Through Series 2005-1 7A1 | 5.5000 | 03/25/35 | 1,074,208 | |||
81,384 | Washington Mutual Mortgage Pass-Through Series 2005-1 1A1 | 5.5000 | 03/25/35 | 74,645 | |||
1,929,003 | Washington Mutual Mortgage Pass-Through Series 2006-AR1 A1A(e) | US0001M + 0.500% | 5.3450 | 02/25/36 | 1,539,877 | ||
337,621 | Washington Mutual Mortgage Pass-Through Series 2006-2 3CB | 6.0000 | 03/25/36 | 261,406 | |||
275,457 | Washington Mutual Mortgage Pass-Through Series 2007-3 A2 | 6.0000 | 04/25/37 | 235,810 | |||
54,895 | Washington Mutual Mortgage Pass-Through Series 2006-AR2 A1A(e) | 12MTA + 0.940% | 4.0780 | 04/25/46 | 44,170 | ||
415,345 | Washington Mutual Mortgage Pass-Through Series 2006-AR5 3A(e) | 12MTA + 0.940% | 4.0780 | 07/25/46 | 248,126 | ||
648,646 | Washington Mutual Mortgage Pass-Through Series 2006-AR6 2A(e) | 12MTA + 0.960% | 4.0980 | 08/25/46 | 389,273 | ||
160,006 | Washington Mutual Mortgage Pass-Through Series 2006-AR8 2A(e) | 12MTA + 0.850% | 3.9880 | 10/25/46 | 128,109 | ||
29,471 | Washington Mutual MSC Mortgage Pass-Through Series 2002-S4 B4(d) | 6.5000 | 10/19/29 | 27,394 | |||
29,471 | Washington Mutual MSC Mortgage Pass-Through Series 2002-S4 B5(d) | 6.5000 | 10/19/29 | 27,412 | |||
357,557 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS2 CB4(c),(d) | 0.0000 | 02/25/33 | 48,865 | |||
37,837 | Washington Mutual MSC Mortgage Pass-Through Series 2003-AR1 2A(c) | 3.6140 | 02/25/33 | 35,216 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 30.2% (Continued) | |||||||
161,251 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS3 CB3(c) | 5.7500 | 03/25/33 | $ 93,412 | |||
39,517 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS7 B1 | 5.7500 | 03/25/33 | 37,673 | |||
37,134 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS9 2A | 7.5000 | 04/25/33 | 37,240 | |||
660,077 | Washington Mutual MSC Mortgage Pass-Through Series 2003-AR2 M(c) | 3.5760 | 05/25/33 | 591,928 | |||
670,422 | Washington Mutual MSC Mortgage Pass-Through Series 2004-RA2 CB1(c) | 7.0000 | 07/25/33 | 554,760 | |||
1,347 | Wells Fargo Mortgage Backed Securities Series 2006-20 A1 | 5.5000 | 04/25/23 | 1,341 | |||
38,564 | Wells Fargo Mortgage Backed Securities Series 2003-I B2(c) | 4.1690 | 09/25/33 | 29,313 | |||
26,791 | Wells Fargo Mortgage Backed Securities Series 2004-K 1A2(c) | 3.6150 | 07/25/34 | 27,496 | |||
44,449 | Wells Fargo Mortgage Backed Securities Series 2004-K 1A3(c) | 3.6150 | 07/25/34 | 45,560 | |||
238,939,520 | |||||||
CREDIT CARD — 0.1% | |||||||
675,000 | Genesis Private Label Amortizing Trust Series 2020-1 E(d) | 9.7600 | 07/20/30 | 664,983 | |||
HOME EQUITY — 12.5% | |||||||
1,300,807 | ABFC Trust Series 2002-WF2 CE | 0.0000 | 11/25/29 | 1,000,701 | |||
131,664 | ABFS Mortgage Loan Trust Series 2000-3 A(g) | 8.1100 | 09/15/31 | 113,301 | |||
2,563,917 | ABFS Mortgage Loan Trust Series 2002-1 A5(g) | 7.0100 | 12/15/32 | 2,156,228 | |||
875,895 | ABFS Mortgage Loan Trust Series 2003-1 M(e) | US0001M + 2.250% | 6.9340 | 08/15/33 | 842,739 | ||
375,167 | Accredited Mortgage Loan Trust Series 2004-3 1M2(g) | 6.0000 | 10/25/34 | 316,503 | |||
892,823 | Accredited Mortgage Loan Trust Series 2005-1 M5(e) | US0001M + 3.300% | 5.8930 | 04/25/35 | 889,562 | ||
14,308 | ACE Securities Corp Home Equity Loan Trust Series 2002-HE2 M1(e) | US0001M + 1.275% | 6.1200 | 08/25/32 | 14,923 | ||
146,667 | ACE Securities Corp Home Equity Loan Trust Series 2003-OP1 M2(e) | US0001M + 2.250% | 7.0950 | 12/25/33 | 148,030 | ||
1,403,290 | ACE Securities Corp Home Equity Loan Trust Series HE1 M2(e) | US0001M + 1.650% | 6.4950 | 03/25/34 | 1,394,361 | ||
77,340 | ACE Securities Corp Home Equity Loan Trust Series RM1 M1(e) | US0001M + 1.050% | 5.8950 | 07/25/34 | 73,491 | ||
528,589 | ACE Securities Corp Home Equity Loan Trust Series 2004-RM1 B1(d),(e) | US0001M + 5.250% | 10.0950 | 07/25/34 | 371,897 | ||
1,531,310 | ACE Securities Corp Home Equity Loan Trust Series 2005-WF1 M10(e) | US0001M + 3.500% | 8.3450 | 05/25/35 | 1,552,261 | ||
8,410 | ACE Securities Corp Home Equity Loan Trust Series 2007-WM1 A2A(e) | US0001M + 0.070% | 1.8530 | 11/25/36 | 3,443 | ||
217,452 | ACE Securities Corp Home Equity Loan Trust Series 2007-WM2 A2B(e) | US0001M + 0.180% | 1.1750 | 02/25/37 | 91,940 | ||
69,049 | ACE Securities Corp Home Equity Loan Trust Series 2005-SD1 M2(e) | US0001M + 1.875% | 6.7200 | 11/25/50 | 71,258 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
HOME EQUITY — 12.5% (Continued) | |||||||
370,110 | Aegis Asset Backed Securities Trust Mortgage Series 2004-3 B2(e) | US0001M + 3.150% | 7.9950 | 09/25/34 | $ 339,187 | ||
482,688 | Aegis Asset Backed Securities Trust Mortgage Series 2004-4 M3(e) | US0001M + 2.025% | 6.8700 | 10/25/34 | 463,679 | ||
38,998 | AFC Home Equity Loan Trust Series 1998-3 1A2(e) | US0001M + 0.720% | 5.5650 | 09/22/28 | 38,188 | ||
2,599,805 | AFC Trust Series 1999-3 2A(e) | US0001M + 0.790% | 5.6350 | 09/28/29 | 1,966,255 | ||
1,025,193 | AFC Trust Series 2000-2 1A(e) | US0001M + 0.790% | 5.4070 | 06/25/30 | 876,817 | ||
727,703 | AFC Trust Series 2000-2 2A(e) | US0001M + 0.700% | 5.5450 | 06/25/30 | 617,444 | ||
140,871 | AFC Trust Series 2000-3 2A(d),(e) | US0001M + 0.640% | 5.4850 | 10/25/30 | 132,242 | ||
764,967 | AFC Trust Series 2000-3 1A(d),(e) | US0001M + 0.750% | 5.5950 | 10/25/30 | 715,743 | ||
87,422 | Ameriquest Mort Sec Inc Asset Bckd Ps Thr Cert Ser Series AR1 M1(e) | US0001M + 1.065% | 3.9770 | 09/25/32 | 86,707 | ||
1,792,870 | Ameriquest Mort Sec Inc Asset Bk Pass Thr Cert Ser Series 2002-C M1(e) | US0001M + 2.250% | 8.2200 | 11/25/32 | 1,712,270 | ||
37,443 | Ameriquest Mortgage Securities Asset-Backed Series 2002-3 M3(e) | US0001M + 2.850% | 7.6950 | 08/25/32 | 36,059 | ||
169,409 | Ameriquest Mortgage Securities Asset-Backed Series 2003-AR1 M3(e) | US0001M + 4.500% | 3.9570 | 01/25/33 | 162,895 | ||
348,902 | Ameriquest Mortgage Securities Inc Asset-Backed Series 2002-D M1(e) | US0001M + 3.750% | 3.4880 | 02/25/33 | 314,155 | ||
766,888 | Amresco Residential Securities Corp Mort Loan Series 1999-1 M1(e) | US0001M + 0.750% | 6.0950 | 11/25/29 | 713,793 | ||
16,269 | Amresco Residential Securities Corp Mortgage Loan Series 1998-1 A5(g) | 7.4400 | 10/25/27 | 16,156 | |||
762,597 | Argent Securities Inc Asset-Backed Pass-Through Series 2003-W3 M5(e) | US0001M + 5.625% | 4.4110 | 09/25/33 | 640,325 | ||
1,528,326 | Asset Backed Securities Corp Home Equity Loan Series 2003-HE1 M3(e) | US0001M + 5.250% | 9.9340 | 01/15/33 | 1,388,226 | ||
7,277 | Asset Backed Securities Corp Home Equity Loan Series 2007-HE2 A2(e) | US0001M + 0.080% | 4.9250 | 05/25/37 | 4,915 | ||
264,233 | Bayview Financial Asset Trust Series 2007-SR1A M1(d),(e) | US0001M + 0.800% | 5.6450 | 03/25/37 | 254,398 | ||
175,040 | Bayview Financial Asset Trust Series 2007-SR1A M2(d),(e) | US0001M + 0.900% | 5.7450 | 03/25/37 | 168,802 | ||
156,087 | Bayview Financial Asset Trust Series 2007-SR1A M3(d),(e) | US0001M + 1.150% | 5.9950 | 03/25/37 | 151,922 | ||
4,152,927 | Bayview Financial Mortgage Pass-Through Trust Series B B2(e) | US0001M + 4.125% | 8.9560 | 04/28/39 | 4,142,873 | ||
49,215 | Bayview Financial Mortgage Pass-Through Trust Series 2004-D B1(e) | US0001M + 2.850% | 7.6810 | 08/28/44 | 49,235 | ||
2,117,818 | Bear Stearns Asset Backed Securities I Trust Series 2004-FR3 M2(e) | US0001M + 1.755% | 5.7080 | 09/25/34 | 2,036,087 | ||
9,082,000 | Bear Stearns Asset Backed Securities I Trust Series 2004-BO1 M9A(e) | US0001M + 6.000% | 10.8450 | 10/25/34 | 8,917,954 | ||
148,848 | Bear Stearns Asset Backed Securities I Trust Series 2004-HE10 M6(e) | US0001M + 4.650% | 6.0810 | 12/25/34 | 160,877 | ||
674,813 | Bear Stearns Asset Backed Securities I Trust Series 2005-TC1 M6(e) | US0001M + 2.550% | 5.5120 | 05/25/35 | 653,886 | ||
3,547,332 | Bear Stearns Asset Backed Securities I Trust Series 2005-TC2 M8(d),(e) | US0001M + 4.500% | 5.4310 | 08/25/35 | 3,590,164 | ||
393,034 | Bear Stearns Asset Backed Securities I Trust Series HE11 M3(e) | US0001M + 0.720% | 5.5650 | 11/25/35 | 390,057 | ||
5,770,367 | Bear Stearns Asset Backed Securities I Trust Series 2006-HE6 2M1(e) | US0001M + 0.450% | 5.2950 | 06/25/36 | 4,839,616 | ||
279,640 | Bear Stearns Asset Backed Securities I Trust Series 2007-HE1 2M1(e) | US0001M + 0.270% | 5.1150 | 01/25/37 | 895,680 | ||
355,382 | Bear Stearns Second Lien Trust Series 2007-1 1A(e) | US0001M + 0.190% | 5.0350 | 01/25/37 | 337,050 | ||
19,602 | Bear Stearns Second Lien Trust Series 2007-1 3A(e) | US0001M + 0.440% | 5.2850 | 08/25/37 | 18,309 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
HOME EQUITY — 12.5% (Continued) | |||||||
384,136 | Bond Securitization Trust Series 2003-1 X(c) | 0.0000 | 10/25/34 | $ 334,678 | |||
131,011 | Centex Home Equity Loan Trust Series 2004-C M2(e) | US0001M + 0.795% | 4.7350 | 06/25/34 | 121,375 | ||
332,914 | Centex Home Equity Loan Trust Series 2004-D MF2(g) | 6.0600 | 09/25/34 | 320,933 | |||
455,551 | Citigroup Mortgage Loan Trust Series 2007-OPX1 A5B(g) | 0.0000 | 01/25/37 | 181,995 | |||
2,301,000 | Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3 M4(e) | US0001M + 4.500% | 9.3450 | 12/25/33 | 2,367,715 | ||
84,391 | Contimortgage Home Equity Loan Trust Series 1996-4 A10(e) | US0001M + 0.480% | 5.1640 | 01/15/28 | 72,485 | ||
163 | Countrywide Asset-Backed Certificates Series 2002-S3 M2(c) | 5.0910 | 05/25/32 | 160 | |||
38,953 | Countrywide Asset-Backed Certificates Series 2004-S1 M1(g) | 5.2520 | 02/25/35 | 38,395 | |||
25,430 | Countrywide Home Equity Loan Trust Series 2006-HW 2A1A(e) | US0001M + 0.150% | 4.8340 | 11/15/36 | 22,737 | ||
555,820 | Countrywide Home Equity Loan Trust Series 2006-HW 2A1B(e) | US0001M + 0.150% | 4.8340 | 11/15/36 | 482,551 | ||
694,873 | Credit Suisse First Boston Mortgage Securities Series 2002-HE1 A2(e) | US0001M + 0.740% | 4.5330 | 08/25/32 | 651,087 | ||
578,775 | Credit Suisse First Boston Mortgage Securities Series 2004-FRE1 B3(e) | US0001M + 3.250% | 4.0400 | 04/25/34 | 504,951 | ||
70,989 | CWABS Revolving Home Equity Loan Trust Series R 2A(e) | US0001M + 0.250% | 4.9340 | 03/15/30 | 67,689 | ||
69,778 | CWABS Revolving Home Equity Loan Trust Series 2004-O 2A(e) | US0001M + 0.280% | 4.9640 | 02/15/34 | 66,932 | ||
14,164 | CWABS Revolving Home Equity Loan Trust Series 2004-O 1A(e) | US0001M + 0.280% | 4.9640 | 02/15/34 | 14,088 | ||
220,227 | CWHEQ Home Equity Loan Trust Series 2006-S6 A5(c) | 5.9620 | 03/25/34 | 210,109 | |||
1,773,970 | CWHEQ Home Equity Loan Trust Series 2006-S5 A5 | 6.1550 | 06/25/35 | 2,233,745 | |||
237,475 | CWHEQ Home Equity Loan Trust Series 2006-S7 A5(c) | 5.9450 | 11/25/35 | 231,154 | |||
56,783 | CWHEQ Revolving Home Equity Loan Trust Series H 2A(e) | US0001M + 0.240% | 4.9240 | 12/15/35 | 55,738 | ||
570,489 | CWHEQ Revolving Home Equity Loan Trust Series 2005-K 2A1(e) | US0001M + 0.240% | 4.9240 | 02/15/36 | 542,095 | ||
728,280 | CWHEQ Revolving Home Equity Loan Trust Series 2005-K 2A4(e) | US0001M + 0.340% | 5.0240 | 02/15/36 | 689,728 | ||
1,500,224 | CWHEQ Revolving Home Equity Loan Trust Series 2006-D 2A(e) | US0001M + 0.200% | 4.8840 | 05/15/36 | 1,413,802 | ||
54,316 | CWHEQ Revolving Home Equity Loan Trust Series 2006-I 1A(e) | US0001M + 0.140% | 4.8240 | 01/15/37 | 47,974 | ||
234,573 | FirstCity Capital Home Equity Loan Trust Series 1998-2 A3(d),(e) | US0001M + 1.600% | 6.4450 | 01/25/29 | 226,796 | ||
319,372 | FirstCity Capital Home Equity Loan Trust Series 1998-2 A1(d) | 6.9900 | 01/25/29 | 310,759 | |||
239,990 | Fremont Home Loan Trust Series 1999-3 A1(e) | US0001M + 0.710% | 5.5550 | 12/25/29 | 220,318 | ||
243,598 | Fremont Home Loan Trust Series 1999-3 A2(e) | US0001M + 0.790% | 5.6350 | 12/25/29 | 223,845 | ||
131,531 | GMACM Home Equity Loan Trust Series 2004-HE1 A3(e) | US0001M + 0.500% | 5.3450 | 06/25/34 | 127,284 | ||
257,468 | GMACM Home Equity Loan Trust Series 2004-HE1 VPRN(d),(e) | US0001M + 0.500% | 5.3450 | 06/25/34 | 249,154 | ||
109,378 | GMACM Home Equity Loan Trust Series 2004-HE3 A2VN(d),(e) | US0001M + 0.500% | 5.3450 | 10/25/34 | 107,646 | ||
13,244 | GMACM Home Equity Loan Trust Series 2005-HE1 A1VN(d),(e) | US0001M + 0.500% | 5.3450 | 08/25/35 | 7,872 | ||
1,126,268 | GMACM Home Equity Loan Trust Series 2007-HE2 A1(e) | US0001M + 0.140% | 4.9850 | 12/25/37 | 1,082,623 | ||
854,621 | GMACM Home Equity Loan Trust Series 2007-HE2 A4(g) | 7.4240 | 12/25/37 | 855,062 | |||
545,344 | GMACM Mortgage Loan Trust Series 2004-GH1 B(g) | 5.5000 | 07/25/35 | 346,497 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
HOME EQUITY — 12.5% (Continued) | |||||||
80,590 | GreenPoint Mortgage Funding Trust Series 2005-HE3 A(e) | US0001M + 0.180% | 4.8640 | 09/15/30 | $ 78,212 | ||
5,057 | GSAA Home Equity Trust Series 2005-2 B2(e) | US0001M + 2.175% | 7.0200 | 12/25/34 | 11,434 | ||
2,990,668 | GSAA Home Equity Trust Series 2005-5 B3(e) | US0001M + 2.550% | 7.3950 | 02/25/35 | 2,664,136 | ||
13,990 | GSAA Trust Series 2004-3 AF4(g) | 6.2200 | 04/25/34 | 13,572 | |||
18,412 | Home Equity Asset Trust Series 2002-2 B1(e) | US0001M + 2.600% | 7.2170 | 06/25/32 | 30,070 | ||
37,011 | Home Equity Asset Trust Series 2002-4 M1(e) | US0001M + 1.500% | 6.3450 | 03/25/33 | 35,926 | ||
160,222 | Home Equity Asset Trust Series 2003-1 B2(e) | US0001M + 4.750% | 9.5950 | 06/25/33 | 1,174,037 | ||
96,264 | Home Equity Asset Trust Series 2003-8 B2(e) | US0001M + 3.250% | 8.0950 | 04/25/34 | 139,793 | ||
186,099 | Home Equity Loan Trust Series 2006-HSA3 A(e) | US0001M + 0.130% | 4.9750 | 05/25/36 | 183,826 | ||
303,809 | Home Equity Mortgage Loan Asset-Backed Trust Series C MV1(e) | US0001M + 0.670% | 4.2820 | 12/25/31 | 419,949 | ||
196,997 | Home Equity Mortgage Loan Asset-Backed Trust Series 2002-B M1(e) | US0001M + 1.425% | 6.2700 | 10/25/33 | 187,341 | ||
79,574 | Home Equity Mortgage Loan Asset-Backed Trust Series 2004-A M2(e) | US0001M + 2.025% | 4.0730 | 07/25/34 | 76,041 | ||
517,676 | Home Equity Mortgage Trust Series 2007-1 A1(e) | US0001M + 0.340% | 5.1850 | 05/25/37 | 487,816 | ||
562,006 | Imc Home Equity Loan Trust Series 1998-3 A7(g) | 5.4320 | 08/20/29 | 545,627 | |||
92,578 | IMC Home Equity Loan Trust Series 1998-5 A5(g) | 5.5800 | 12/20/29 | 88,397 | |||
47,164 | Irwin Home Equity Loan Trust Series 2004-1 2M2(e) | US0001M + 1.875% | 6.7200 | 12/25/34 | 46,668 | ||
734,806 | Irwin Home Equity Loan Trust Series 2006-P1 1A(d),(e) | US0001M + 0.280% | 5.1250 | 12/25/36 | 700,652 | ||
638,294 | Irwin Home Equity Loan Trust Series 2006-P1 2A3(d),(g) | 6.3000 | 06/25/37 | 625,984 | |||
575,665 | IXIS Real Estate Capital Trust Series 2005-HE3 M3(e) | US0001M + 0.765% | 5.6100 | 12/25/35 | 586,038 | ||
4,938 | IXIS Real Estate Capital Trust Series 2005-HE4 M1(e) | US0001M + 0.630% | 5.4750 | 02/25/36 | 5,299 | ||
192,620 | MAFI II Remic Trust Series 1999-A B1(c),(d) | 8.0000 | 03/20/25 | 179,168 | |||
215,188 | Mastr Asset Backed Securities Trust Series 2003-NC1 M4(e) | US0001M + 5.250% | 4.6100 | 04/25/33 | 213,805 | ||
67,474 | Mastr Asset Backed Securities Trust Series 2003-WMC2 M2(e) | US0001M + 2.475% | 4.5260 | 08/25/33 | 67,272 | ||
796,446 | Mastr Asset Backed Securities Trust Series 2005-NC2 A3(e) | US0001M + 0.500% | 5.3450 | 11/25/35 | 448,495 | ||
1,275,073 | Mastr Asset Backed Securities Trust Series 2005-NC2 A4(e) | US0001M + 0.700% | 5.5450 | 11/25/35 | 717,991 | ||
55,334 | Meritage Mortgage Loan Trust Series 2003-1 M2(e) | US0001M + 2.325% | 7.1700 | 11/25/33 | 50,739 | ||
927,752 | Merrill Lynch Mortgage Investors Trust Series 2005-NC1 B3(e) | US0001M + 3.075% | 7.9200 | 10/25/35 | 850,001 | ||
5,699,660 | Merrill Lynch Mortgage Investors Trust Series 2006-FF1 B3(d),(e) | US0001M + 1.125% | 5.9700 | 08/25/36 | 6,240,431 | ||
101,610 | Morgan Stanley A.B.S Capital I Inc Trust Series 2003-NC8 M3(e) | US0001M + 3.150% | 7.9950 | 09/25/33 | 102,191 | ||
2,088 | Morgan Stanley A.B.S Capital I Inc Trust Series 2007-HE4 A2A(e) | US0001M + 0.110% | 1.1910 | 02/25/37 | 683 | ||
44,661 | Morgan Stanley Dean Witter Capital I Inc Trust Series 2001-AM1 M2(e) | US0001M + 2.100% | 6.9450 | 02/25/32 | 44,608 | ||
112,851 | Morgan Stanley Dean Witter Capital I Inc Trust Series 2001-AM1 B1(e) | US0001M + 3.300% | 8.1450 | 02/25/32 | 486,200 | ||
1,642,789 | Morgan Stanley Dean Witter Capital I Inc Trust Series 2003-NC2 B1(e) | US0001M + 5.625% | 10.4700 | 02/25/33 | 1,596,615 | ||
38,267 | Morgan Stanley Dean Witter Capital I Inc Trust Series 2002-AM3 B2(e) | US0001M + 5.625% | 10.4700 | 02/25/33 | 605,644 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
HOME EQUITY — 12.5% (Continued) | |||||||
165,526 | Morgan Stanley Mortgage Loan Trust Series 2005-8SL M1(e) | US0001M + 0.735% | 5.5800 | 11/25/35 | $ 340,724 | ||
103,456 | Morgan Stanley Mortgage Loan Trust Series 2006-16AX 2A2(e) | US0001M + 0.340% | 0.8850 | 11/25/36 | 30,675 | ||
4,469,863 | Morgan Stanley Mortgage Loan Trust Series 2007-8XS A3W(c) | 6.0000 | 04/25/37 | 2,990,199 | |||
3,169 | New Century Home Equity Loan Trust Series 2003-5 AI7(c) | 4.8160 | 11/25/33 | 3,057 | |||
1,522 | New Century Home Equity Loan Trust Series 2003-5 M2(g) | 6.0000 | 11/25/33 | 1,339 | |||
399,093 | New Century Home Equity Loan Trust Series 2003-6 M1(e) | US0001M + 1.080% | 5.9250 | 01/25/34 | 387,170 | ||
605,266 | NovaStar Mortgage Funding Trust Series 2003-2 M2(e) | US0001M + 2.775% | 7.6200 | 09/25/33 | 607,841 | ||
118,851 | Option One Mortgage Loan Trust Series 2004-1 M2(e) | US0001M + 1.650% | 6.4950 | 01/25/34 | 110,216 | ||
178,972 | Option One Mortgage Loan Trust Series 2004-1 M4(e) | US0001M + 2.475% | 7.3200 | 01/25/34 | 142,104 | ||
230,324 | Option One Mortgage Loan Trust Series 2004-2 M2(e) | US0001M + 1.575% | 6.4200 | 05/25/34 | 250,553 | ||
104,819 | Option One Mortgage Loan Trust Series 2004-2 M5(e) | US0001M + 3.000% | 7.8450 | 05/25/34 | 101,956 | ||
941,956 | Option One Mortgage Loan Trust Series 2007-FXD1 1A1(g) | 5.8660 | 01/25/37 | 764,484 | |||
350,992 | Option One Mortgage Loan Trust Series 2007-FXD2 2A5(g) | 6.1020 | 03/25/37 | 325,451 | |||
103,549 | RAAC Series Trust Series 2004-SP1 AI3(g) | 6.1180 | 03/25/34 | 100,407 | |||
3,715 | RASC Series Trust Series 2003-KS4 AI5(g) | 4.6700 | 06/25/33 | 3,698 | |||
2,742,835 | RASC Series Trust Series 2004-KS11 M2(e) | US0001M + 1.000% | 6.3450 | 12/25/34 | 2,631,778 | ||
67,659 | Renaissance Home Equity Loan Trust Series 2002-4 B(g) | 4.2770 | 03/25/33 | 10,778 | |||
128,335 | Renaissance Home Equity Loan Trust Series 2004-3 AF6(g) | 5.3240 | 11/25/34 | 118,684 | |||
180,075 | Renaissance Home Equity Loan Trust Series 2005-4 A4(g) | 5.8250 | 02/25/36 | 169,687 | |||
15,074 | Saco I Trust Series 2007-1 A1(e) | US0001M + 0.320% | 5.1650 | 01/25/37 | 14,981 | ||
33,914 | Saco I Trust Series 2007-2 A1(e) | US0001M + 0.320% | 5.1650 | 02/25/37 | 33,434 | ||
2,131,579 | Saxon Asset Securities Trust Series 2001-2 M1(e) | US0001M + 0.795% | 5.6400 | 03/25/31 | 1,818,035 | ||
30,917,608 | Soundview Home Loan Trust Series 2007-OPT4 X1(b),(c) | 0.5800 | 09/25/37 | 953,749 | |||
338,581 | Structured Asset Securities Corp Mortgage Pass Series 2001-SB1 A2 | 3.3750 | 08/25/31 | 334,940 | |||
348,889 | Terwin Mortgage Trust Series 2004-1HE M2(d),(e) | US0001M + 2.475% | 7.3200 | 02/25/34 | 299,714 | ||
2,299,763 | Terwin Mortgage Trust Series 2004-21HE 2M3(d),(e) | US0001M + 2.625% | 7.4700 | 12/25/34 | 2,230,367 | ||
4,285,474 | Truman Capital Mortgage Loan Trust Series 2002-2 M2(d),(e) | US0001M + 4.650% | 9.4950 | 11/25/32 | 3,575,794 | ||
12,222 | United National Home Loan Owner Trust Series 1999-1 M1(g) | 6.9100 | 03/25/25 | 12,082 | |||
25,599 | Wells Fargo Home Equity Asset-Backed Securities Series 2004-2 AI9(c) | 4.9800 | 04/25/34 | 25,025 | |||
109,690 | Wells Fargo Home Equity Asset-Backed Securities Series 2004-2 M6(e) | US0001M + 2.820% | 7.6650 | 10/25/34 | 108,468 | ||
693,175 | Wells Fargo Home Equity Asset-Backed Securities Series 2005-1 M9(e) | US0001M + 2.550% | 7.3950 | 04/25/35 | 674,641 | ||
99,179,268 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
MANUFACTURED HOUSING — 3.4% | |||||||
416,168 | ACE Securities Corp Manufactured Housing Trust Series 2003-MH1 B2(d),(f) | 0.0000 | 08/15/30 | $ 374,793 | |||
2,152,186 | BCMSC Trust Series 1998-C M1(c) | 7.5100 | 01/15/29 | 1,958,746 | |||
731,888 | BCMSC Trust Series 1999-B A2(c) | 1.2000 | 12/15/29 | 92,416 | |||
611,382 | BCMSC Trust Series 1999-B A3(c) | 1.2000 | 12/15/29 | 79,468 | |||
4,944,914 | BCMSC Trust Series 1999-B A5(c) | 1.2000 | 12/15/29 | 666,022 | |||
737,790 | BCMSC Trust Series 1999-B A6(c) | 1.2000 | 12/15/29 | 104,848 | |||
11,151,101 | Conseco Finance Corporation Series 7 B2(c) | 1.4360 | 10/15/26 | 1,657,171 | |||
1,823,672 | Conseco Finance Corporation Series 1997-8 M1(c) | 7.0200 | 10/15/27 | 1,688,613 | |||
261,929 | Conseco Finance Corporation Series 1997-3 M1(c) | 7.5300 | 03/15/28 | 245,938 | |||
2,176,401 | Conseco Finance Corporation Series 1997-2 M1(c) | 7.5400 | 06/15/28 | 2,133,984 | |||
3,278,610 | Conseco Finance Corporation Series 1996-10 B1(c) | 7.2400 | 11/15/28 | 3,093,261 | |||
341,281 | Conseco Finance Corporation Series 1998-2 M1(c) | 6.9400 | 12/01/28 | 313,926 | |||
2,879,171 | Conseco Finance Corporation Series 1999-5 A6(c) | 3.6180 | 03/01/30 | 1,137,685 | |||
2,943,275 | Conseco Finance Corporation Series 3 M1(c) | 6.8600 | 03/01/30 | 2,734,012 | |||
105,309 | Deutsche Financial Capital Securitization, LLC Series 1998-I M | 6.8000 | 04/15/28 | 104,545 | |||
2,211,756 | Deutsche Financial Capital Securitization, LLC Series 1998-I B1 | 7.2750 | 04/15/28 | 2,029,600 | |||
448,194 | Madison Avenue Manufactured Housing Contract Trust Series A B2(e) | US0001M + 3.250% | 8.0950 | 03/25/32 | 447,566 | ||
6,822 | MERIT Securities Corporation Series 12-1 1M1(g) | 7.6300 | 07/28/33 | 6,806 | |||
970,481 | Morgan Stanley Resecuritization Trust Series 2015-R7 1BXA(c),(d) | 7.0600 | 02/26/29 | 897,246 | |||
8,440 | Oakwood Mortgage Investors, Inc. Series 1997-B B1 | 7.7500 | 08/15/27 | 7,998 | |||
564,680 | Oakwood Mortgage Investors, Inc. Series 1997-D B1(c) | 7.3250 | 02/15/28 | 546,243 | |||
1,114,815 | Oakwood Mortgage Investors, Inc. Series 1998-D M1(d) | 7.4150 | 01/15/29 | 1,061,553 | |||
1,084,016 | Oakwood Mortgage Investors, Inc. Series 2000-C M1 | 8.4900 | 10/15/30 | 1,010,001 | |||
150,575 | Oakwood Mortgage Investors, Inc. Series 2001-D A2(c) | 4.5330 | 08/15/31 | 68,341 | |||
18,363 | Oakwood Mortgage Investors, Inc. Series 2002-B A2(c) | 5.1900 | 06/15/32 | 18,198 | |||
942,002 | Origen Manufactured Housing Contract Trust Series 2007-A A2(c) | 6.6160 | 04/15/37 | 868,735 | |||
1,768,906 | Origen Manufactured Housing Contract Trust Series 2006-A A2(c) | 5.5220 | 10/15/37 | 1,608,592 | |||
1,780,580 | UCFC Manufactured Housing Contract Series 3 M1 | 6.5060 | 01/15/30 | 1,645,438 | |||
26,601,745 | |||||||
NON AGENCY CMBS — 20.9% | |||||||
3,537,896 | BAMLL Re-REMIC Trust Series 2016-GG10 AJA(c),(d) | 3.3610 | 08/10/45 | 868,059 | |||
608,594 | Banc of America Commercial Mortgage Trust Series 2006-4 C(c) | 5.7540 | 07/10/46 | 558,572 | |||
7,060,108 | Banc of America Commercial Mortgage Trust Series 2007-1 AJ(c) | 5.5230 | 01/15/49 | 3,071,147 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
NON AGENCY CMBS — 20.9% (Continued) | |||||||
64,984 | Bayview Commercial Asset Trust Series 2005-1A B1(d),(e) | US0001M + 1.125% | 5.9700 | 04/25/35 | $ 62,785 | ||
117,720 | Bayview Commercial Asset Trust Series 2005-2A M1(d),(e) | US0001M + 0.645% | 5.4900 | 08/25/35 | 108,423 | ||
295,241 | Bayview Commercial Asset Trust Series 2005-3A B1(d),(e) | US0001M + 1.650% | 5.9450 | 11/25/35 | 270,936 | ||
100 | Bayview Commercial Asset Trust Series 2005-4A B2(d),(e) | US0001M + 2.400% | 0.0000 | 01/25/36 | 445,000 | ||
131,320 | Bayview Commercial Asset Trust Series 2006-2A B1(d),(e) | US0001M + 1.305% | 6.1500 | 07/25/36 | 120,840 | ||
233,418 | Bear Stearns Asset Backed Securities Trust Series 2003-3 M1(e) | US0001M + 1.230% | 6.0750 | 06/25/43 | 237,063 | ||
10,467 | Bear Stearns Commercial Mortgage Securities Trust Series 2007-T26 AJ(c) | 5.5660 | 01/12/45 | 10,185 | |||
2,445,190 | Carbon Capital VI Commercial Mortgage Series 2019-FL2 B(d),(e) | US0001M + 2.850% | 7.5340 | 10/15/35 | 2,017,936 | ||
1,687,945 | CD Mortgage Trust Series 2007-CD5 G(c),(d) | 6.3720 | 11/15/44 | 1,672,456 | |||
251,599 | CFCRE Commercial Mortgage Trust Series 2011-C2 D(c),(d) | 5.0800 | 12/15/47 | 230,776 | |||
3,401,495 | CG-CCRE Commercial Mortgage Trust Series 2014-FL1 B(d),(e) | US0001M + 1.150% | 5.8340 | 06/15/31 | 3,396,067 | ||
4,500,000 | CG-CCRE Commercial Mortgage Trust Series 2014-FL1 D(d),(e) | US0001M + 2.750% | 7.4340 | 06/15/31 | 3,060,000 | ||
214,667 | CG-CCRE Commercial Mortgage Trust Series 2014-FL2 A(d),(e) | US0001M + 1.854% | 6.5380 | 11/15/31 | 209,884 | ||
33,138,419 | Citigroup Commercial Mortgage Trust Series 2014-GC23 XA(b),(c) | 0.9030 | 07/10/47 | 288,868 | |||
2,000,000 | COMM Mortgage Trust Series 2013-300P C(c),(d) | 4.3940 | 08/10/30 | 1,800,000 | |||
21,392 | COMM Mortgage Trust Series 2012-LC4 B(c) | 4.9340 | 12/10/44 | 20,640 | |||
1,492,000 | COMM Mortgage Trust Series 2012-LC4 C(c) | 5.3020 | 12/10/44 | 1,262,518 | |||
3,000,000 | COMM Mortgage Trust Series 2012-LC4 D(c),(d) | 5.3020 | 12/10/44 | 2,003,964 | |||
210,000 | COMM Mortgage Trust Series 2012-CCRE2 E(c),(d) | 4.8730 | 08/15/45 | 180,593 | |||
804,000 | COMM Mortgage Trust Series 2013-LC6 E(d) | 3.5000 | 01/10/46 | 663,178 | |||
4,018,843 | COMM Mortgage Trust Series 2010-C1 D(c),(d) | 5.7940 | 07/10/46 | 3,860,324 | |||
108,610,000 | COMM Mortgage Trust Series 2014-CR19 XB(b),(c),(d) | 0.0000 | 08/10/47 | 36,558 | |||
20,535,358 | COMM Mortgage Trust Series 2015-LC21 XA(b),(c) | 0.6540 | 07/10/48 | 233,791 | |||
12,907,929 | COMM Mortgage Trust Series 2013-CCRE11 XA(b),(c) | 0.8950 | 08/10/50 | 12,259 | |||
3,531,633 | Commercial Mortgage Pass Through Certificates Series 2012-LTRT A2(d) | 3.4000 | 10/05/30 | 3,116,774 | |||
2,935,145 | CSMC OA, LLC Series 2014-USA X1(b),(c),(d) | 0.5400 | 09/15/37 | 29,716 | |||
2,204,589 | DBUBS Mortgage Trust Series 2011-LC3A D(c),(d) | 5.3610 | 08/10/44 | 1,897,578 | |||
1,088,428 | Greenwich Capital Commercial Mortgage Trust Series 2006-RR1 A1(c),(d) | 4.6390 | 03/18/49 | 531,926 | |||
3,406,383 | GS Mortgage Securities Corporation II Series 2018-SRP5 A(d),(e) | US0001M + 1.800% | 6.4840 | 09/15/31 | 2,828,952 | ||
1,830,025 | GS Mortgage Securities Corporation II Series 2018-SRP5 B(d),(e) | US0001M + 3.000% | 7.6840 | 09/15/31 | 1,282,418 | ||
234,655 | GS Mortgage Securities Trust Series 2010-C1 B(d) | 5.1480 | 08/10/43 | 232,537 | |||
3,000,000 | GS Mortgage Securities Trust Series 2010-C1 C(c),(d) | 5.6350 | 08/10/43 | 2,919,763 | |||
13,958,000 | GS Mortgage Securities Trust Series 2010-C1 D(c),(d) | 6.3570 | 08/10/43 | 11,256,350 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
NON AGENCY CMBS — 20.9% (Continued) | |||||||
1,131,000 | GS Mortgage Securities Trust Series 2011-GC5 D(c),(d) | 5.1560 | 08/10/44 | $ 412,095 | |||
90,000 | GS Mortgage Securities Trust Series 2011-GC5 C(c),(d) | 5.1560 | 08/10/44 | 59,140 | |||
125,000 | GS Mortgage Securities Trust Series 2011-GC5 B(c),(d) | 5.1560 | 08/10/44 | 99,725 | |||
805,409 | GS Mortgage Securities Trust Series 2011-GC5 AS(c),(d) | 5.1560 | 08/10/44 | 791,384 | |||
2,119,235 | GS Mortgage Securities Trust Series 2012-GCJ9 D(c),(d) | 4.6450 | 11/10/45 | 1,962,680 | |||
1,000,000 | Harvest Commercial Capital Loan Trust Series 2020-1 M4(c),(d) | 5.9640 | 04/25/52 | 903,363 | |||
281,023 | Impac CMB Trust Series 2004-8 3M2(e) | US0001M + 1.575% | 6.4200 | 08/25/34 | 254,038 | ||
194,555 | Impac CMB Trust Series 2004-8 3B(e) | US0001M + 2.625% | 7.4700 | 08/25/34 | 181,654 | ||
10,808,599 | JP Morgan Chase Commercial Mortgage Securities Series 2012-WLDN A(d) | 3.9100 | 05/05/30 | 8,354,848 | |||
2,100,000 | JP Morgan Chase Commercial Mortgage Securities Series 2010-C2 E(c),(d) | 5.7490 | 11/15/43 | 1,722,470 | |||
7,400,327 | JP Morgan Chase Commercial Mortgage Securities Series 2010-C2 D(c),(d) | 5.7490 | 11/15/43 | 7,096,909 | |||
1,530,202 | JP Morgan Chase Commercial Mortgage Securities Series 2006-CB17 AJ(c) | 5.4890 | 12/12/43 | 1,101,640 | |||
1,197,058 | JP Morgan Chase Commercial Mortgage Securities Series 2012-C6 E(c),(d) | 4.9660 | 05/15/45 | 917,010 | |||
369,368 | JP Morgan Chase Commercial Mortgage Securities Series C6 D(c) | 4.9660 | 05/15/45 | 333,897 | |||
4,867,827 | JP Morgan Chase Commercial Mortgage Securities Series CBX E(c),(d) | 4.6910 | 06/15/45 | 3,929,555 | |||
4,277,267 | JP Morgan Chase Commercial Mortgage Securities Series C8 G(c),(d) | 2.7330 | 10/15/45 | 3,792,225 | |||
1,184,247 | JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 B(c),(d) | 5.0130 | 02/15/46 | 1,137,147 | |||
8,255,000 | JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 C(c),(d) | 5.3600 | 02/15/46 | 7,686,503 | |||
6,524,000 | JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 D(c),(d) | 5.5260 | 02/15/46 | 4,496,176 | |||
751,000 | JP Morgan Chase Commercial Mortgage Securities Series C3 F(c),(d) | 5.5260 | 02/15/46 | 174,138 | |||
107,000 | JP Morgan Chase Commercial Mortgage Securities Series 2013-LC11 D(c) | 4.2960 | 04/15/46 | 72,862 | |||
18,681,059 | JP Morgan Chase Commercial Mortgage Securities Series 2006-LDP9 AMS | 5.3370 | 05/15/47 | 17,823,567 | |||
2,319,296 | JP Morgan Chase Commercial Mortgage Securities Series C2 AM(c) | 6.3720 | 02/12/51 | 1,213,172 | |||
4,000,000 | JP Morgan Chase Commercial Mortgage Securities Series 2007-C1 C(c),(d) | 0.0000 | 02/15/51 | 1,536,400 | |||
35,263 | JP Morgan Chase Commercial Mortgage Securities Series 2007-LD12 AJ(c) | 6.2010 | 02/15/51 | 31,406 | |||
11,336,163 | JP Morgan Chase Commercial Mortgage Securities Series 2007-C1 AJ(c) | 6.3680 | 02/15/51 | 10,897,244 | |||
3,345,325 | LBSBC NIM Company Series 2005-2A N3(d) | 5.5000 | 09/27/30 | 3,319,710 | |||
100 | LBSBN Series 2005-2A PS | 0.0000 | 09/27/30 | 2,475,000 | |||
9,517,029 | LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ(c) | 4.6020 | 09/15/39 | 3,997,152 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
NON AGENCY CMBS — 20.9% (Continued) | |||||||
66,303 | Merrill Lynch Mortgage Trust Series 2005-CKI1 F(c),(d) | 4.8250 | 11/12/37 | $ 36,003 | |||
255,987 | Merrill Lynch Mortgage Trust Series 2006-C1 B(c) | 6.4600 | 05/12/39 | 239,760 | |||
564,939 | ML-CFC Commercial Mortgage Trust Series 2007-9 AJ(c) | 6.1930 | 09/12/49 | 540,797 | |||
256,151 | ML-CFC Commercial Mortgage Trust Series 2007-9 AJA(c) | 6.2220 | 09/12/49 | 245,205 | |||
2,777,000 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 E(c),(d) | 4.4880 | 11/15/45 | 2,181,561 | |||
545,000 | Morgan Stanley Capital I Trust Series 2011-C2 E(c),(d) | 5.2130 | 06/15/44 | 326,834 | |||
125,594 | Morgan Stanley Capital I Trust Series 2011-C2 D(c),(d) | 5.2130 | 06/15/44 | 114,687 | |||
400,000 | Morgan Stanley Capital I Trust Series 2012-C4 E(c),(d) | 5.1650 | 03/15/45 | 259,908 | |||
1,787,950 | Morgan Stanley Capital I Trust Series 2011-C3 F(c),(d) | 5.0830 | 07/15/49 | 1,020,859 | |||
1,714,000 | Morgan Stanley Capital I Trust Series 2011-C3 G(c),(d) | 5.0830 | 07/15/49 | 871,038 | |||
991,000 | Morgan Stanley Capital I Trust Series 2011-C3 D(c),(d) | 5.0830 | 07/15/49 | 965,887 | |||
2,799,000 | Morgan Stanley Capital I Trust Series 2011-C3 E(c),(d) | 5.0830 | 07/15/49 | 2,395,210 | |||
3,000,000 | ReadyCap Commercial Mortgage Trust Series 2018-4 E(c),(d) | 6.8520 | 02/27/51 | 2,348,345 | |||
8,000,000 | TMSQ Mortgage Trust Series 2014-1500 XA(b),(c),(d) | 0.1550 | 10/10/36 | 16,712 | |||
5,265,000 | UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 E(c),(d) | 0.0000 | 01/10/45 | 2,553,525 | |||
227,788 | UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 D(c),(d) | 6.0300 | 01/10/45 | 185,553 | |||
1,328,566 | Wachovia Bank Commercial Mortgage Trust Series 2004-C11 J(c),(d) | 5.3100 | 01/15/41 | 1,300,495 | |||
1,236,701 | Wachovia Bank Commercial Mortgage Trust Series 2005-C21 E(c),(d) | 4.7930 | 10/15/44 | 1,034,055 | |||
1,479,000 | WFRBS Commercial Mortgage Trust Series 2011-C4 D(c),(d) | 4.8450 | 06/15/44 | 1,271,555 | |||
120,000 | WFRBS Commercial Mortgage Trust Series 2011-C4 E(c),(d) | 4.8450 | 06/15/44 | 83,750 | |||
225,000 | WFRBS Commercial Mortgage Trust Series 2013-C11 D(c),(d) | 4.1470 | 03/15/45 | 167,624 | |||
547,000 | WFRBS Commercial Mortgage Trust Series 2013-UBS1 E(c),(d) | 5.0250 | 03/15/46 | 522,146 | |||
3,661,065 | WFRBS Commercial Mortgage Trust Series 2014-C19 XA(b),(c) | 0.9610 | 03/15/47 | 18,703 | |||
1,544,330 | WF-RBS Commercial Mortgage Trust Series 2011-C2 E(c),(d) | 5.0000 | 02/15/44 | 1,461,141 | |||
3,555,000 | X-Caliber Funding, LLC Series SKOAK B1(d) | 13.0000 | 05/15/25 | 3,607,332 | |||
3,000,000 | X-Caliber Funding, LLC Series 2021-7 A(d),(e) | US0001M + 3.000% | 7.6620 | 01/06/26 | 2,920,808 | ||
720,000 | X-Caliber Rural Lending, LLC Series SN1 B1(d) | 15.0000 | 05/31/24 | 723,341 | |||
164,984,780 | |||||||
OTHER ABS — 0.3% | |||||||
93,314 | AFC Trust Series 2000-4 1A(d),(e) | US0001M + 0.770% | 5.6150 | 01/25/31 | 88,526 | ||
724,593 | Legal Fee Funding, LLC Series 2006-1A A(d) | 8.0000 | 07/20/36 | 724,593 | |||
130,429 | Oakwood Mortgage Investors, Inc. Series 1996-B B1(c),(d) | 8.4500 | 10/15/26 | 129,102 | |||
1,195,188 | PEAR, LLC Series 2020-1 A(d) | 3.7500 | 12/15/32 | 1,176,001 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
OTHER ABS — 0.3% (Continued) | |||||||
$ 2,118,222 | |||||||
RESIDENTIAL MORTGAGE — 10.6% | |||||||
992,136 | Ameriquest Mortgage Securities Asset-Backed Series 2004-R3 M4(e) | US0001M + 2.760% | 7.6050 | 05/25/34 | 858,344 | ||
306,648 | Amortizing Residential Collateral Trust Series BC6W A(e) | US0001M + 0.290% | 5.2570 | 10/25/31 | 278,558 | ||
414,448 | Bear Stearns Asset Backed Securities Trust Series 2003-SD1 A(e) | US0001M + 0.900% | 5.7450 | 12/25/33 | 389,973 | ||
1,788,000 | Bear Stearns Asset Backed Securities Trust Series 2006-SD1 M4(e) | US0001M + 2.250% | 7.0950 | 04/25/36 | 1,727,865 | ||
24,309 | Bear Stearns Asset Backed Securities Trust Series 2006-SD3 21A1(c) | 3.8950 | 07/25/36 | 24,013 | |||
2,987,000 | Bear Stearns Asset Backed Securities Trust Series 2006-2 M6(e) | US0001M + 2.625% | 7.4700 | 07/25/36 | 2,930,505 | ||
43,131 | Bear Stearns Asset Backed Securities Trust Series 2006-SD3 1A1A | 5.5000 | 08/25/36 | 42,713 | |||
331,786 | Bear Stearns Asset Backed Securities Trust Series 2006-SD4 3A1(e) | 12MTA + 0.980% | 1.3040 | 10/25/36 | 121,134 | ||
348,440 | Bear Stearns Asset Backed Securities Trust Series 2007-SD1 1A2A | 6.0000 | 10/25/36 | 184,255 | |||
277,237 | Bear Stearns Asset Backed Securities Trust Series 2005-SD3 2M4(e) | US0001M + 3.150% | 7.9950 | 11/25/39 | 268,997 | ||
902,000 | Bear Stearns Asset Backed Securities Trust Series 2005-SD4 2M4(e) | US0001M + 3.150% | 7.9950 | 12/25/42 | 929,028 | ||
550,000 | Bear Stearns Asset Backed Securities Trust Series 2005-SD4 2M3(e) | US0001M + 3.150% | 7.9950 | 12/25/42 | 575,862 | ||
31,711 | Bear Stearns Asset Backed Securities Trust Series 2007-SD2 1PO(f) | 0.0000 | 09/25/46 | 22,541 | |||
162,551 | Bear Stearns Asset Backed Securities Trust Series 2007-SD2 1A1B | 5.5000 | 09/25/46 | 142,029 | |||
159,228 | Carrington Mortgage Loan Trust Series 2005-FRE1 M1(e) | US0001M + 0.705% | 5.5500 | 12/25/35 | 158,851 | ||
53,417 | Chase Funding Trust Series 2003-6 1A7(g) | 4.8460 | 11/25/34 | 52,917 | |||
394,003 | Chase Funding Trust Series 2003-6 2M1(e) | US0001M + 0.750% | 5.5950 | 11/25/34 | 408,417 | ||
303 | Citicorp Residential Mortgage Trust Series 2007-2 A6(g) | 4.7060 | 06/25/37 | 301 | |||
3,612 | Citigroup Mortgage Loan Trust, Inc. Series 2005-WF1 A4(g) | 5.5300 | 11/25/34 | 3,590 | |||
146,393 | Citigroup Mortgage Loan Trust, Inc. Series 2004-RES1 M7(e) | US0001M + 2.625% | 7.4700 | 11/25/34 | 800,763 | ||
452,008 | Countrywide Asset-Backed Certificates Series 2004-BC2 M5(e) | US0001M + 2.625% | 7.4700 | 10/25/33 | 445,549 | ||
1,053,266 | Countrywide Asset-Backed Certificates Series 2003-4 A2(e) | US0001M + 0.660% | 5.5050 | 11/25/33 | 980,201 | ||
19,176 | Countrywide Asset-Backed Certificates Series 2005-SD2 M3(d),(g) | 5.5000 | 08/25/35 | 18,935 | |||
665,346 | Countrywide Asset-Backed Certificates Series 2006-13 1AF5(g) | 3.9830 | 01/25/37 | 532,303 | |||
957,486 | Countrywide Asset-Backed Certificates Series 2007-QX1 A1(e) | US0001M + 0.500% | 5.3450 | 05/25/37 | 751,229 | ||
8,211 | Credit-Based Asset Servicing and Securitization, Series 1999-3 A(c),(d) | 5.6410 | 02/03/29 | 6,621 | |||
4,084 | Credit-Based Asset Servicing and Securitization, Series 2002-CB3 B1(e) | US0001M + 2.850% | 7.6950 | 06/25/32 | 4,073 | ||
39,009 | Credit-Based Asset Servicing and Securitization, Series 2004-CB6 M3(e) | US0001M + 2.100% | 4.9280 | 12/25/33 | 37,961 | ||
291,687 | Credit-Based Asset Servicing and Securitization, Series 2006-CB2 AF4(g) | 3.0370 | 12/25/36 | 229,330 | |||
726,207 | Credit-Based Asset Servicing and Securitization, Series 2007-SL1A A2(d),(e) | US0001M + 0.460% | 5.3050 | 02/25/37 | 523,867 | ||
425,081 | Credit-Based Asset Servicing and Securitization, Series 2007-SP1 M1(d),(g) | 4.7080 | 12/25/37 | 452,534 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
RESIDENTIAL MORTGAGE — 10.6% (Continued) | |||||||
1,548,374 | Credit-Based Asset Servicing and Securitization, Series 2004-RP1 M3(d),(e) | US0001M + 3.000% | 7.8450 | 05/25/50 | $ 1,548,937 | ||
553,042 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-AGE1 B3(e) | US0001M + 4.000% | 8.8450 | 02/25/32 | 556,937 | ||
306,996 | CWABS Asset-Backed Certificates Trust Series 2004-13 MF5(c) | 4.5610 | 01/25/35 | 203,500 | |||
281,668 | CWABS Asset-Backed Certificates Trust Series 2005-17 1AF4(g) | 3.8060 | 05/25/36 | 226,209 | |||
35,536 | CWABS Asset-Backed Certificates Trust Series 2005-16 2AF3(c) | 4.4130 | 05/25/36 | 34,816 | |||
291,057 | Equity One Mortgage Pass-Through Trust Series 2002-1 M1(c) | 6.2820 | 08/25/32 | 275,805 | |||
1,052,521 | Fannie Mae Grantor Trust Series 2004-T5 AB4(c) | 5.1570 | 05/28/35 | 955,164 | |||
209,469 | Finance America Mortgage Loan Trust Series 2004-3 M2(e) | US0001M + 0.945% | 5.7900 | 11/25/34 | 179,368 | ||
195,762 | Finance America Mortgage Loan Trust Series 2004-3 M3(e) | US0001M + 1.020% | 5.8650 | 11/25/34 | 163,979 | ||
547,122 | First Franklin Mortgage Loan Trust Series 2004-FFA X(d) | 0.0000 | 03/25/24 | 515,000 | |||
81,521 | First Franklin Mortgage Loan Trust Series 2003-FFB X(c) | 0.0000 | 02/25/33 | 80,339 | |||
157,074 | First Franklin Mortgage Loan Trust Series 2004-FF2 M5(e) | US0001M + 1.500% | 6.3450 | 03/25/34 | 142,497 | ||
1,891,048 | Fremont Home Loan Trust Series 2002-2 M1(e) | US0001M + 1.725% | 6.5700 | 10/25/33 | 1,897,056 | ||
35,506 | Fremont Home Loan Trust Series 2004-B M7(e) | US0001M + 3.000% | 7.8450 | 05/25/34 | 32,233 | ||
23,486 | Fremont Home Loan Trust Series 2005-A M3(e) | US0001M + 0.735% | 5.5800 | 01/25/35 | 22,578 | ||
35,193 | GSAMP Trust Series 2003-SEA2 A1(g) | 5.4210 | 07/25/33 | 32,910 | |||
96,595 | GSAMP Trust Series 2004-HE1 M1(e) | US0001M + 0.825% | 5.6700 | 05/25/34 | 85,444 | ||
4,458,666 | GSAMP Trust Series 2006-S6 A1C(e) | US0001M + 0.200% | 0.0050 | 10/25/36 | 39,083 | ||
12,937,921 | GSAMP Trust Series 2006-S6 A3(e) | US0001M + 0.460% | 0.0060 | 10/25/36 | 113,035 | ||
33,054,747 | GSAMP Trust Series 2006-S6 A2(g) | 0.0230 | 10/25/36 | 275,244 | |||
215,360 | GSRPM Mortgage Loan Trust Series 2004-1 B1(d),(e) | US0001M + 3.750% | 8.5950 | 09/25/42 | 214,206 | ||
3,534,137 | Lehman XS Trust Series 2005-4 1M1(e) | US0001M + 0.750% | 5.5950 | 10/25/35 | 3,603,804 | ||
530,471 | Lehman XS Trust Series 2007-3 1AA1(e) | US0001M + 0.320% | 5.1650 | 03/25/37 | 406,639 | ||
918,049 | Long Beach Mortgage Loan Trust Series 2002-1 M3(e) | US0001M + 3.750% | 8.5950 | 05/25/32 | 895,337 | ||
25,416,170 | Long Beach Mortgage Loan Trust Series 2006-A A1(e) | US0001M + 0.180% | 5.0300 | 05/25/36 | 577,832 | ||
16,449,189 | Long Beach Mortgage Loan Trust Series 2006-A A3(e) | US0001M + 0.400% | 5.2500 | 05/25/36 | 378,247 | ||
4,624,284 | Long Beach Mortgage Loan Trust Series 2005-WL1 3M3(e) | US0001M + 0.975% | 5.8200 | 06/25/45 | 4,454,230 | ||
1,745,547 | Merrill Lynch Mortgage Investors Trust Series 2003-WMC2 B1(e) | US0001M + 4.275% | 9.1200 | 02/25/34 | 1,482,331 | ||
1,628,186 | Morgan Stanley A.B.S Capital I Inc Trust Series 2005-WMC2 M3(e) | US0001M + 0.705% | 5.5500 | 02/25/35 | 1,579,998 | ||
2,142,006 | Ownit Mortgage Loan Trust Series 2005-4 M1(e) | US0001M + 0.825% | 5.6700 | 08/25/36 | 1,901,987 | ||
1,305,271 | Park Place Securities Inc Asset-Backed Series 2004-WWF1 M4(e) | US0001M + 1.650% | 6.4950 | 12/25/34 | 1,325,232 | ||
3,080,000 | RAAC Series Trust Series 2005-RP2 M6(d),(e) | US0001M + 2.000% | 6.8450 | 06/25/35 | 3,108,970 | ||
8,103,518 | RAAC Series Trust Series 2005-SP3 SB | 0.0000 | 12/25/35 | 5,599,999 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
RESIDENTIAL MORTGAGE — 10.6% (Continued) | |||||||
1,669,454 | RAAC Series Trust Series 2006-SP4 M4(e) | US0001M + 2.400% | 7.2450 | 11/25/36 | $ 1,842,427 | ||
1,648,964 | RAAC Series Trust Series 2006-SP1 M2(e) | US0001M + 0.825% | 5.6700 | 09/25/45 | 1,128,424 | ||
8,554,000 | RAAC Series Trust Series 2006-RP1 M3(d),(e) | US0001M + 1.850% | 6.6950 | 10/25/45 | 8,418,043 | ||
2,759,324 | RAAC Series Trust Series 2006-RP1 M4(d),(e) | US0001M + 1.875% | 6.7200 | 10/25/45 | 2,736,834 | ||
4,000,000 | RAAC Series Trust Series 2006-RP4 M2(e) | US0001M + 1.500% | 6.3450 | 01/25/46 | 3,828,035 | ||
4,638,000 | RAAC Series Trust Series 2006-RP4 M3(e) | US0001M + 2.000% | 6.8450 | 01/25/46 | 4,352,158 | ||
563,165 | RAMP Series Trust Series 2004-SL3 A4 | 8.5000 | 12/25/31 | 275,755 | |||
650,166 | RAMP Series Trust Series 2003-RS7 MII2(e) | US0001M + 1.800% | 5.2100 | 08/25/33 | 591,941 | ||
384,275 | RAMP Series Trust Series 2003-RS10 MII2(e) | US0001M + 1.700% | 5.0350 | 11/25/33 | 358,454 | ||
175,512 | RAMP Series Trust Series 2006-RS6 A4(e) | US0001M + 0.540% | 5.3850 | 11/25/36 | 145,637 | ||
682,090 | RFSC Series Trust Series 2002-RP2 A1(d),(e) | US0001M + 1.500% | 6.3450 | 10/25/32 | 669,744 | ||
234,253 | RFSC Trust Series 2002-RP1 A1(d),(e) | US0001M + 0.860% | 5.7050 | 03/25/33 | 228,743 | ||
67,179 | SACO I Trust Series 2005-WM2 M1(e) | US0001M + 0.825% | 5.6700 | 07/25/35 | 65,556 | ||
44,097 | SACO I Trust Series 2006-6 A(e) | US0001M + 0.260% | 5.1050 | 06/25/36 | 43,000 | ||
576,011 | Sail Net Interest Margin Notes Series 2003-6A A(d) | 7.0000 | 07/27/33 | 1,584,030 | |||
3,180,517 | SASCO ARC NIM Series 2003-5(d) | 6.0000 | 06/27/33 | 3,116,516 | |||
165,642 | Soundview Home Loan Trust Series 2004-1 M2(e) | US0001M + 1.020% | 5.8650 | 07/25/34 | 160,985 | ||
142,932 | Soundview Home Loan Trust Series 2004-1 M7(e) | US0001M + 2.925% | 7.7700 | 07/25/34 | 116,197 | ||
930,065 | Soundview Home Loan Trust Series 2004-1 M9(e) | US0001M + 4.875% | 9.7200 | 07/25/34 | 739,574 | ||
2,878,885 | Structured Asset Investment Loan Trust Series 2004-8 M9(e) | US0001M + 3.750% | 8.5950 | 09/25/34 | 2,504,012 | ||
270,396 | Structured Asset Securities Corp Mortgage Series 2004-6XS A5B(g) | 6.0500 | 03/25/34 | 266,448 | |||
46,671 | Structured Asset Securities Corp Mortgage Loan Series 2005-2XS 2A2(e) | US0001M + 1.500% | 6.1620 | 02/25/35 | 46,065 | ||
475,439 | Structured Asset Securities Corp Mortgage Loan Series 2005-WF2 M2(e) | US0001M + 0.630% | 5.4750 | 05/25/35 | 462,131 | ||
470,541 | Structured Asset Securities Corp Mortgage Loan Series 2005-WF2 M5(e) | US0001M + 0.945% | 5.7900 | 05/25/35 | 439,996 | ||
357,135 | Structured Asset Securities Corp Mortgage Loan Series 2005-WF2 M6(e) | US0001M + 0.990% | 5.8350 | 05/25/35 | 330,410 | ||
145,141 | Structured Asset Securities Corp Mortgage Loan Series 2005-WF2 M7(e) | US0001M + 1.650% | 6.4950 | 05/25/35 | 135,718 | ||
4,491 | Structured Asset Securities Corp Mortgage Loan Series 2005-9XS 2A2(e) | US0001M + 0.435% | 5.2800 | 06/25/35 | 4,475 | ||
3,660,404 | Washington Mutural Asset-Backed Certificates WMABS Series 2006-HE5 1A(e) | US0001M + 0.155% | 4.5690 | 10/25/36 | 2,724,568 | ||
84,128,081 | |||||||
WHOLE BUSINESS — 0.1% | |||||||
2,000,000 | LOANME TRUST SBL Series 2019-1 C(d),(g) | 11.5000 | 08/15/30 | 800,000 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 80.2% (Continued) | |||||||
TOTAL ASSET BACKED SECURITIES (Cost $677,180,094) | $ 634,179,796 | ||||||
CORPORATE BONDS — 16.0% | |||||||
BANKING — 0.4% | |||||||
3,410,000 | Southern Financial | 10.6000 | 09/07/30 | 3,448,849 | |||
INSURANCE — 12.2% | |||||||
54,327,958 | Ambac Assurance Corporation(d) | 5.1000 | 06/07/69 | 79,862,099 | |||
10,652,561 | MBIA Global Funding, LLC(d),(f) | 0.0000 | 12/15/31 | 4,580,601 | |||
34,994,582 | MBIA Global Funding, LLC(f) | 0.0000 | 12/15/33 | 11,898,158 | |||
96,340,858 | |||||||
SPECIALTY FINANCE — 1.2% | |||||||
2,000,000 | OWS Cre Funding I, LLC(d),(e) | US0001M + 4.900% | 9.5620 | 09/15/23 | 1,963,804 | ||
2,000,000 | PDOF MSN Issuer, LLC(d),(e) | SOFRRATE + 4.500% | 9.3200 | 03/01/25 | 1,944,879 | ||
1,000,000 | US Capital Funding II Ltd. Capital Funding II(d),(e) | US0003M + 1.650% | 6.4640 | 08/01/34 | 782,726 | ||
4,000,000 | X-Caliber Funding, LLC(d) | 5.0000 | 09/24/24 | 3,619,728 | |||
1,275,000 | X-Caliber Funding, LLC(d) | 11.0000 | 09/24/24 | 1,233,370 | |||
9,544,507 | |||||||
SYNTHETIC FIBERS AND CHEMICALS — 1.9% | |||||||
9,926,807 | MSP DEER FINANCE SYNDICATED LOAN | 17.0000 | 04/09/25 | 9,926,807 | |||
4,797,810 | WATTS GUERRA 005-A DEER FINANCE SYNDICATE LOAN | 15.5000 | 10/30/25 | 4,797,811 | |||
14,724,618 | |||||||
TRANSPORTATION & LOGISTICS — 0.3% | |||||||
2,751,098 | American Airlines Class A Pass Through Series 2013-1 Class A | 4.0000 | 01/15/27 | 2,488,521 | |||
TOTAL CORPORATE BONDS (Cost $123,511,750) | 126,547,353 |
RATIONAL SPECIAL SITUATIONS INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
SHORT-TERM INVESTMENTS — 2.9% | |||||||
MONEY MARKET FUNDS - 2.9% | |||||||
22,861,998 | First American Treasury Obligations Fund, Class X, 4.72% (Cost $22,861,998)(h) | $ 22,861,998 | |||||
TOTAL INVESTMENTS - 99.6% (Cost $827,677,066) | $ 787,721,932 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4% | 3,198,222 | ||||||
NET ASSETS - 100.0% | $ 790,920,154 | ||||||
LLC | - Limited Liability Company |
LTD | - Limited Company |
REMIC | - Real Estate Mortgage Investment Conduit |
12MTA | Federal Reserve US 12 Month Cumulative Avg 1 Year CMT |
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) | Non-income producing security. |
(b) | Interest only securities. |
(c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(d) | 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 March 31, 2023 the total market value of 144A securities is 331,049,882 or 41.9% of net assets. |
(e) | Variable rate security; the rate shown represents the rate on March 31, 2023. |
(f) | Zero coupon bond. |
(g) | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at March 31, 2023. |
(h) | Rate disclosed is the seven day effective yield as of March 31, 2023. |
RATIONAL INFLATION GROWTH FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 86.3% | |||||||
AEROSPACE & DEFENSE - 3.0% | |||||||
256 | Boeing Company (The)(a) | $ 54,382 | |||||
557 | Raytheon Technologies Corporation | 54,547 | |||||
108,929 | |||||||
ASSET MANAGEMENT - 1.4% | |||||||
801 | Apollo Global Management, Inc. | 50,591 | |||||
BANKING - 4.3% | |||||||
1,214 | Bank of America Corporation | 34,720 | |||||
828 | Citigroup, Inc. | 38,825 | |||||
344 | JPMorgan Chase & Company | 44,827 | |||||
1,044 | Wells Fargo & Company | 39,025 | |||||
157,397 | |||||||
BEVERAGES - 1.3% | |||||||
779 | Coca-Cola Company (The) | 48,321 | |||||
CHEMICALS - 5.3% | |||||||
192 | Air Products & Chemicals, Inc. | 55,144 | |||||
257 | Ecolab, Inc. | 42,541 | |||||
161 | New Linde plc | 57,226 | |||||
178 | Sherwin-Williams Company (The) | 40,009 | |||||
194,920 | |||||||
DIVERSIFIED INDUSTRIALS - 1.3% | |||||||
242 | Honeywell International, Inc. | 46,251 | |||||
ENTERTAINMENT CONTENT - 1.9% | |||||||
1,554 | Paramount Global, Class B | 34,670 | |||||
349 | Walt Disney Company (The)(a) | 34,945 | |||||
69,615 | |||||||
INDUSTRIAL REIT - 1.2% | |||||||
353 | Prologis, Inc. | 44,044 | |||||
INSURANCE - 7.1% | |||||||
379 | Allstate Corporation (The) | 41,997 | |||||
169 | Berkshire Hathaway, Inc., Class B(a) | 52,182 |
RATIONAL INFLATION GROWTH FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 86.3% (Continued) | |||||||
INSURANCE - 7.1% (Continued) | |||||||
38 | Markel Corporation(a) | $ 48,542 | |||||
488 | Progressive Corporation (The) | 69,813 | |||||
286 | Travelers Companies, Inc. (The) | 49,023 | |||||
261,557 | |||||||
LEISURE FACILITIES & SERVICES - 3.0% | |||||||
206 | McDonald's Corporation | 57,600 | |||||
507 | Starbucks Corporation | 52,794 | |||||
110,394 | |||||||
METALS & MINING - 15.2% | |||||||
923 | Agnico Eagle Mines Ltd. | 47,045 | |||||
2,522 | Barrick Gold Corporation | 46,834 | |||||
5,890 | Cia de Minas Buenaventura S.A.A - ADR | 48,180 | |||||
2,416 | Cleveland-Cliffs, Inc.(a) | 44,285 | |||||
4,391 | First Majestic Silver Corporation | 31,659 | |||||
355 | Franco-Nevada Corporation | 51,759 | |||||
1,296 | Freeport-McMoRan, Inc. | 53,019 | |||||
8,865 | Hecla Mining Company | 56,115 | |||||
833 | Newmont Corporation | 40,834 | |||||
2,079 | Pan American Silver Corporation | 37,838 | |||||
2,853 | SSR Mining, Inc. | 43,137 | |||||
1,198 | Wheaton Precious Metals Corporation | 57,697 | |||||
558,402 | |||||||
OIL & GAS PRODUCERS - 17.2% | |||||||
4,915 | Antero Midstream Corporation | 51,558 | |||||
400 | Chevron Corporation | 65,264 | |||||
649 | ConocoPhillips | 64,387 | |||||
1,218 | Enbridge, Inc. | 46,467 | |||||
6,561 | EnLink Midstream, LLC | 71,121 | |||||
535 | EOG Resources, Inc. | 61,327 | |||||
718 | Exxon Mobil Corporation | 78,736 | |||||
2,912 | Kinder Morgan, Inc. | 50,989 | |||||
825 | ONEOK, Inc. | 52,421 | |||||
997 | TC Energy Corporation | 38,793 |
RATIONAL INFLATION GROWTH FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 86.3% (Continued) | |||||||
OIL & GAS PRODUCERS - 17.2% (Continued) | |||||||
1,749 | Williams Companies, Inc. (The) | $ 52,225 | |||||
633,288 | |||||||
OIL & GAS SERVICES & EQUIPMENT - 1.9% | |||||||
1,449 | Schlumberger Ltd | 71,146 | |||||
REAL ESTATE INVESTMENT TRUSTS - 3.4% | |||||||
192 | American Tower Corporation | 39,233 | |||||
281 | Crown Castle, Inc. | 37,609 | |||||
68 | Equinix, Inc. | 49,031 | |||||
125,873 | |||||||
SELF-STORAGE REIT - 1.2% | |||||||
149 | Public Storage | 45,019 | |||||
STEEL - 7.9% | |||||||
446 | Nucor Corporation | 68,894 | |||||
316 | Reliance Steel & Aluminum Company | 81,130 | |||||
757 | Steel Dynamics, Inc. | 85,586 | |||||
2,127 | United States Steel Corporation | 55,515 | |||||
291,125 | |||||||
TECHNOLOGY SERVICES - 3.9% | |||||||
130 | Mastercard, Inc., Class A | 47,243 | |||||
596 | PayPal Holdings, Inc.(a) | 45,260 | |||||
220 | Visa, Inc., Class A | 49,602 | |||||
142,105 | |||||||
TRANSPORTATION & LOGISTICS - 5.8% | |||||||
634 | Canadian Pacific Railway Ltd. | 48,780 | |||||
1,329 | CSX Corporation | 39,790 | |||||
170 | Norfolk Southern Corporation | 36,040 | |||||
217 | Union Pacific Corporation | 43,673 | |||||
257 | United Parcel Service, Inc., Class B | 49,856 | |||||
218,139 | |||||||
TOTAL COMMON STOCKS (Cost $3,160,059) | 3,177,116 |
RATIONAL INFLATION GROWTH FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2023 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 13.4% | |||||||
COMMODITY - 13.4% | |||||||
3,414 | abrdn Bloomberg All Commodity Strategy K-1 Free | $ 70,909 | |||||
2,965 | Direxion Auspice Broad Commodity Strategy ETF | 90,937 | |||||
2,629 | GraniteShares Bloomberg Commodity Broad Strategy | 55,866 | |||||
3,169 | Invesco DB Commodity Index Tracking Fund, N | 75,232 | |||||
5,055 | Invesco Optimum Yield Diversified Commodity | 71,882 | |||||
2,047 | iShares GSCI Commodity Dynamic | 55,330 | |||||
1,871 | KraneShares Global Carbon Strategy ETF | 74,185 | |||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $589,449) | 494,341 | ||||||
SHORT-TERM INVESTMENTS — 0.1% | |||||||
MONEY MARKET FUNDS - 0.1% | |||||||
3,570 | First American Treasury Obligations Fund, Class X, 4.72% (Cost $3,570)(b) | 3,570 | |||||
TOTAL INVESTMENTS - 99.8% (Cost $3,753,078) | $ 3,675,027 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2% | 6,722 | ||||||
NET ASSETS - 100.0% | $ 3,681,749 |
ADR | - American Depositary Receipt | ||
ETF | - Exchange-Traded Fund | ||
LLC | - Limited Liability Company | ||
LTD | - Limited Company | ||
PLC | - Public Limited Company | ||
REIT | - Real Estate Investment Trust | ||
(a) | Non-income producing security. | ||
(b) | Rate disclosed is the seven day effective yield as of March 31, 2023. | ||