# EDGAR Filing Document

**Accession Number:** 0000810695
**File Stem:** 0001580642-26-002948
**Filing Date:** 2026-5
**Character Count:** 34912
**Document Hash:** dd403e369a68492a28438e7e42753e52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002948.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001580642-26-002948

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mutual Fund & Variable Insurance Trust
- **CENTRAL INDEX KEY:** 0000810695

**ORGANIZATION NAME:**
- **EIN:** 043023766
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-11905
- **FILM NUMBER:** 26942914

**BUSINESS ADDRESS:**
- **STREET 1:** C/O GEMINI FUND SERVICES, LLC
- **STREET 2:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022-3474
- **BUSINESS PHONE:** 800-253-0412

**MAIL ADDRESS:**
- **STREET 1:** C/O GEMINI FUND SERVICES, LLC
- **STREET 2:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022-3474

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HUNTINGTON FUNDS
- **DATE OF NAME CHANGE:** 20040922

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HUNTINGTON FUNDS /MA/
- **DATE OF NAME CHANGE:** 19990106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MONITOR FUNDS
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Rational Equity Armor Fund (Series ID: S000005856)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000016036 | Rational Equity Armor Fund Class A Shares       | HDCAX           |
| C000016038 | Rational Equity Armor Fund Institutional Shares | HDCTX           |
| C000135443 | Rational Equity Armor Fund Class C Shares       | HDCEX           |

![](image_001.gif)

**SUMMARY PROSPECTUS**

**May 1, 2026**

**Rational Equity Armor Fund**

Class A Shares: HDCAX Class C Shares: HDCEX Institutional Shares: HDCTX

Before you invest, you may want to review the Fund's complete prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund at http://rationalmf.com/literature-forms/. You can also get this information at no cost by calling 800-253-0412, emailing info@rationalmf.com, or by asking any financial intermediary that offers shares of the Fund. The Fund's prospectus and statement of additional information, both dated May 1, 2026, are incorporated by reference into this summary prospectus and may be obtained, free of charge, at the website or phone number noted above.

**FUND SUMMARY – RATIONAL EQUITY ARMOR FUND**

**Investment Objective:** The Fund's investment objective is to seek total return on investment, with dividend income an important component of that return.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and is included in the sections of the Fund's Prospectus entitled **How to Buy Shares** on page 145 and **Appendix A - Intermediary-Specific Sales Charge Reductions and Waivers**, and in the section of the Fund's Statement of Additional Information ("SAI") entitled **Waivers and Reductions of Up-Front Sales Charge on Class A Shares** on page 92.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Shareholder Fees**<br> (fees paid directly from your investment) | &nbsp;&nbsp;**Institutional Shares** | &nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;**Class C Shares** |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  | &nbsp;&nbsp;4.75% |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of original purchase price or the net asset value of shares at the time of redemption) |  | &nbsp;&nbsp;None<sup>(1)</sup> | &nbsp;&nbsp;1.00%<sup>(2)</sup> |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions |  |  |  |
| &nbsp;&nbsp;Redemption Fee |  |  |  |
| &nbsp;&nbsp;Exchange Fee |  |  |  |
| &nbsp;&nbsp; **Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp; <br> **Institutional Shares** | &nbsp;&nbsp; <br> **Class A Shares** | &nbsp;&nbsp; <br> **Class C Shares** |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Expenses (including shareholder services fee of up to 0.25%)<br> *Interest/Dividend Expense*<br> *Remaining Other Expenses* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br> *0.03%*<br> *0.63%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br> *0.03%*<br> *0.64%*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%<br> *0.03%*<br> *0.60%* |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(3)</sup> | &nbsp;&nbsp;0.03% | &nbsp;&nbsp;0.03% | &nbsp;&nbsp;0.03% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.44% | &nbsp;&nbsp;1.70% | &nbsp;&nbsp;2.41% |

---

<sup>(1)</sup> In the case of investments of $1 million or more (where you do not pay an initial sales charge and the selling broker receives a commission), a 1.00% contingent deferred sales charge ("CDSC") may be assessed on shares redeemed within two years of purchase.

<sup>(2)</sup> Maximum Deferred Sales Charge on Class C shares applies to shares sold within 12 months of purchase.

<sup>(3)</sup> Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

**Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem (or you hold, as applicable) all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;$147 | &nbsp;&nbsp;$456 | &nbsp;&nbsp;$787 | &nbsp;&nbsp;$1724 |
| &nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;$640 | &nbsp;&nbsp;$985 | &nbsp;&nbsp;$1354 | &nbsp;&nbsp;$2388 |
| &nbsp;&nbsp;Class C Shares – no redemption | &nbsp;&nbsp;$244 | &nbsp;&nbsp;$751 | &nbsp;&nbsp;$1285 | &nbsp;&nbsp;$2746 |
| &nbsp;&nbsp;Class C Shares – with redemption | &nbsp;&nbsp;$344 | &nbsp;&nbsp;$751 | &nbsp;&nbsp;$1285 | &nbsp;&nbsp;$2746 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 204% of the average value of its portfolio.

**Principal Investment Strategy**

The Fund seeks to achieve its investment objective by investing primarily in common stock of dividend paying companies included within the S&P 500 Index. The Fund may also invest in exchange-traded funds ("ETFs"). Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of borrowings for investment purposes, in equity securities. The Fund seeks to hedge the majority of its stock exposure by investing up to 20% of its assets in futures contracts on the Cboe Volatility Index (the "VIX Index") ("VIX Futures") or other similar volatility-related futures and options contracts, and in cash and cash equivalents, including U.S. Treasury obligations, as a hedge against the common stock held in the Fund's portfolio.

The Fund's investment sub-advisor, Equity Armor Investments, LLC (the "Sub-Advisor"), uses a rules-based quantitative strategy to create a portfolio primarily composed of common stock of dividend paying companies (including real estate investment trusts ("REITs")) that it believes offer the best return potential and relatively low volatility under the current economic environment. Stocks are selected based on a proprietary model comprised of the following factors: (i) domestic factors, such as unemployment rate, corporate cash flow, housing starts, auto sales, and new durable goods; (ii) monetary factors; (iii) interest rates; (iv) various index levels, including gold index, energy prices, consumer price index; and (v) international factors, such as euro exchange rates, FTSE 100, Tokyo stock exchange, and agricultural exports. The goal of the strategy is to select those companies with prices that: (i) are primarily driven by the economy rather than company-specific information; (ii) are neutral or suitable in the current economy; (iii) do not exhibit excessive reaction to economic changes; and (iv) have decreased in value in lesser amounts historically than the S&P 500 Index during periods of declines in the S&P 500 Index. The Fund may gain exposure to these companies through investment in ETFs if such exposure can be gained more efficiently by investing in ETFs instead of a basket of stocks. The Fund's sector allocation typically will not exceed approximately three times the sector's weight in the S&P 500 Index, and the Fund's allocation to any sector shall not exceed approximately 50% of the Fund's assets at the time of investing. The Fund's sector allocation is assessed and rebalanced as needed. The Fund's sector allocation process does not focus on any particular sectors.

The Fund invests in volatility futures contracts utilizing a proprietary strategy that seeks to correlate to Equity Armor Investments VOL365 Index ("EAVOL"), known as the "EAVOL Trading Strategy." The EAVOL Trading Strategy is constructed pursuant to a rules-based volatility analysis that identifies investments that present the least potential for time decay (i.e., the decline in the value of a contract over the passage of time), while maintaining the highest correlation to near-term volatility futures price movement each day. The Fund primarily invests in VIX Futures or other similar volatility-related products and seeks to achieve high correlation to the return of the EAVOL Trading Strategy for this component of

the Fund's portfolio. Historically, volatility futures contracts tend to negatively correlate to equity price movement. Therefore, the EAVOL Trading Strategy may appreciate during times of downward equity prices or when implied volatility expectations of equities rise. Likewise, when equity prices appreciate or implied volatility expectations decline, the EAVOL Trading Strategy is likely to decline in value. Volatility analysis includes the study of price, momentum, future curves, as well as recurring price patterns. The components of the EAVOL Trading Strategy are adjusted daily. The Fund adjusts the weighting of the EAVOL Trading Strategy relative to its equity position daily as well.

The Sub-Advisor may also choose to trade securities related to the VIX Index, such as S&P 500 Index futures, options on S&P 500 Index futures, options on the S&P 500 Index and the VIX Index, as well as options on other equity indexes in order to achieve the volatility overlay to the Fund's equity exposure, if the Sub-Advisor determines that these securities provide greater access to volatility and, at such time, the total EAVOL Trading Strategy. The use of such S&P 500 Index futures and options thereon will typically be used in adverse market conditions where the VIX Index is above 30, which is roughly two times its historical average price.

The Fund's volatility hedging strategy aims to minimize possible losses that are common in stock indexes so that investors might be able to ride out market swings in pursuit of their long-term investment objectives. However, the volatility overlay has an associated cost. Given the negative correlation between equity price movements and the EAVOL Trading Strategy described above, the strategy may result in a reduction in the Fund's return. The Fund's strategy has no annualized target for the level of volatility it seeks to achieve under normal circumstances. There may be times that the Sub-Advisor determines not to implement the Fund's volatility hedging strategy.

The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Fund's performance.

**Principal Investment Risks**

As with any mutual fund, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund, and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the net asset value, total return and the value of the Fund and your investment.

**Cash or Cash Equivalents Risk.** At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund's performance and the Fund may not achieve its investment objective.

**Class/Sector/Region Focus Risk.** If the Fund invests more than 25% of its net assets in a particular asset class, or securities of issuers within a particular market sector or geographic region, it is subject to increased risk. Performance will generally depend on the performance of the class, sector or region, which may differ in direction and degree from that of the overall U.S. stock or bond

markets. In addition, financial, economic, business and political developments affecting the class, sector or region may have a greater effect on the Fund.

**Correlation Risk.** There is no guarantee that the Fund's historical relationship and correlation to equity direction or volatility will continue. As a result, there is no guarantee that the Fund will achieve lower volatility than the Index and/or better performance than the Index as a result of its trading. Correlation and covariance are factors that impact the Fund's calculation of risk. There is also no guarantee that these factors will accurately predict future risk. Just as past performance is not necessarily indicative of future performance, past correlation is not necessarily indicative of future correlation.

**Counterparty Risk.** The value of the Fund's investments may be adversely affected if an issuer's securities experience a credit downgrade; an issuer or guarantor of an investment held by the Fund fails to pay an obligation on a timely basis, otherwise defaults or is perceived by other investors to be less creditworthy; or a counterparty to a derivatives or other transaction with the Fund files for bankruptcy, becomes insolvent, or otherwise becomes unable or unwilling to honor its obligation to the Fund and therefore delays or impairs the Fund's ability to recover its deposits with such counterparty.

*Futures Risk.* Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. In addition, futures contracts may become mispriced or improperly valued relative to the Sub-Advisor's expectations and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the

underlying reference asset because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends.

*Hedging Risk.* Hedging is a strategy in which the Fund uses options or futures to offset the risks associated with other Fund holdings. There can be no assurance that the Fund's hedging strategy will reduce risk or that hedging transactions will be either available or cost effective. The Fund is not required to use hedging and may choose not to do so.

*Options Market Risk.* Markets for options and options on futures may not always operate on a fair and orderly basis. At times, prices for options and options on futures may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the Fund to effectively implement its investment strategy, achieve its objectives and could potentially lead to significant losses.

*Options Risk.* There are risks associated with the Fund's use of options. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not rise above the strike price, which means the option will expire worthless. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless. Conversely, as a seller (writer) of a call option or put option, the Fund will lose money if the value of the underlying reference instrument rises above (written call option) or falls below (written put option) the respective option's strike price. The Fund's losses are potentially large in a written put transaction and potentially unlimited in an unhedged written call transaction.

Additionally, purchased options may decline in value due to changes in the price of the underlying reference instrument, passage of time and changes in volatility. Generally, options may not be an effective hedge because they may have imperfect correlation to the value of the Fund's portfolio securities. Further, the underlying reference instrument on which the option is based may have imperfect correlation to the value of the Fund's portfolio securities. Option premiums are treated as short-term capital gains and, when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Options are also subject to leverage and volatility risk, liquidity risk, tracking risk, and sub-strategy risk.

**Dividend Yield Risk.** While the Fund may hold securities of companies that have historically paid a dividend, those companies may reduce or discontinue their dividends, thus reducing the yield of the Fund. Lower priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments.

**Equity Securities Risk.** The price of equity securities in the Fund's portfolio will fluctuate based on actual or perceived changes in a company's financial condition and on market and economic conditions. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.

**ETF Risk**. Like a mutual fund, the value of an ETF can fluctuate based on the prices of the securities owned by the ETF, and ETFs are also subject to the following additional risks: (i) the

ETF's market price may be less than its net asset value; (ii) an active market for the ETF may not develop or be maintained; and (iii) market trading in the ETF may be halted under certain circumstances. Because the Fund may invest its assets in ETFs that have their own fees and expenses in addition to those charged directly by the Fund, the Fund may bear higher expenses than a Fund that invests directly in individual securities.

**Large Capitalization Stock Risk.** Investments in larger, more established companies are subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Large capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors, potentially resulting in lower markets for their common stock. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.

**Leverage Risk.** The use of leverage by the Fund, such as through the use of derivatives, will cause the Fund to incur additional expenses and magnify the Fund's gains or losses. Relatively small market movements may result in large changes in the value of a leveraged derivatives position. Leveraging also may require that the Fund liquidate portfolio securities when it may not be advantageous to do so to satisfy its obligations. Leveraging may expose the Fund to losses in excess of the amounts invested or borrowed.

**Managed Volatility Risk.** Techniques used by the Sub-Advisor to manage the volatility of the Fund's investments carry the risks that such techniques may not protect against market declines. The techniques may also limit the Fund's participation in market gains, particularly during periods where market values are increasing but market volatility is low. Further, such techniques may increase portfolio transaction costs, which could result in losses or reduced gains; they also may not be successful as the techniques are subject to the Sub-Advisor's ability to correctly analyze and implement the volatility management techniques in a timely manner.

**Management Risk.** The investment strategies and models employed by the Sub-Advisor in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies. In addition, the Sub-Advisor's judgment about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the Sub-Advisor's judgment will produce the desired result. The measures that the Advisor, Sub-Advisor or portfolio managers use to monitor and manage the risks of the Fund may not accomplish the intended results and the Fund may experience losses significantly greater than expected.

**Market Risk.** The value of securities in the Fund's portfolio will fluctuate and, as a result, the Fund's share price may decline suddenly or over a sustained period of time. Overall market risks may also affect the value of the Fund. Factors such as economic growth and market conditions, trading and tariff arrangements, geopolitical conflicts, interest rate levels and political events affect the securities markets.

**Medium (Mid) Capitalization Stock Risk**. The earnings and prospects of mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may

tend to make their market price fall more disproportionately than larger companies in response to selling pressures.

**Model and Data Risk.** Like all quantitative analysis, the investment models utilized by the Sub-Advisor carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons, including errors, omissions, imperfections or malfunctions. Because the use of models is usually based on data supplied by third parties, the success of the Sub-Advisor's use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions.

**Real Estate/REIT Risk.** The Fund's investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities.

**Regulatory Risk**. Changes in the laws or regulations of the United States, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. The Fund is deemed to be a "commodity pool" under the U.S. Commodity Exchange Act, and the Advisor is a "commodity pool operator" registered with and regulated by the Commodity Futures Trading Commission ("CFTC"). As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply with respect to the Fund. Compliance with these regulatory requirements could increase the Fund's expenses.

**Short Position Risk.** The Fund will incur a loss as a result of a short position, in securities or futures, if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Losses due to short sales are potentially unlimited. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Sub-Advisor's ability to accurately anticipate the future value of a security or instrument.

**Turnover Risk.** The Fund may have a high turnover of the securities held in its portfolio. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund's performance and may produce increased taxable distributions.

**U.S. Government Obligations Risk.** U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may not be backed by the full faith and credit of the U.S. government.

**Volatility Risk.** Significant short-term price movements could adversely impact the performance of the Fund. Market conditions in which significant price movements develop, but then repeatedly reverse, could cause substantial losses due to prices moving against the Fund's long or short positions (which are typically based on prior trends). The performance of the Fund is based in part on the prices of one or more of the VIX Futures or other similar volatility-related products in which

the Fund invests. Each of the equity securities held by the Fund and the VIX Futures or other similar volatility-related products are affected by a variety of factors and may change unpredictably, affecting the value of such equity securities and VIX Futures or other similar volatility-related products and, consequently, the value and the market price of the Fund's shares.

For more information, please see the section of the Fund's Prospectus entitled "Additional Information About the Funds' Principal Investment Strategies and Related Risks."

**Performance:** The bar chart and accompanying performance table shown below provide an indication of the risks of investing in the Fund by showing the total return of its Institutional shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index and a supplemental index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available at no cost by calling 1-800-253-0412.

The Fund changed its sub-advisor and investment strategy effective December 13, 2019. Performance information for periods prior to December 13, 2019, does not reflect the Fund's current investment strategy and the Fund was not managed by the Fund's current Sub-Advisor prior to December 13, 2019.

**Annual Total Returns**

![](image_002.jpg)

During the period shown in the bar chart, the highest return for a quarter was 10.88% (quarter ended June 30, 2020), and the lowest return for a quarter was (13.70)% (quarter ended December 31, 2018).

The Fund's Institutional shares year-to-date return as of March 31, 2026, was (1.36)%.

**Average Annual Total Returns**

**(For periods ended December 31, 2025)**

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Institutional Shares** |  |  |  |
| &nbsp;&nbsp;Return Before Taxes | &nbsp;&nbsp;12.64% | &nbsp;&nbsp;6.75% | &nbsp;&nbsp;5.05% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Return After Taxes on Distributions | &nbsp;&nbsp;12.64% | &nbsp;&nbsp;6.63% | &nbsp;&nbsp;4.32% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;7.48% | &nbsp;&nbsp;5.27% | &nbsp;&nbsp;3.73% |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |
| &nbsp;&nbsp;Return Before Taxes | &nbsp;&nbsp;7.11% | &nbsp;&nbsp;5.42% | &nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |
| &nbsp;&nbsp;Return Before Taxes | &nbsp;&nbsp;11.60% | &nbsp;&nbsp;5.73% | &nbsp;&nbsp;4.09% |
| &nbsp;&nbsp;**S&P 500 Total Return Index** **<sup>®</sup> (reflects no deduction for fees, expenses or taxes)** | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.82% |
| &nbsp;&nbsp;**Morningstar Mod. Cons. Target Risk Index** | &nbsp;&nbsp;12.87% | &nbsp;&nbsp;4.06% | &nbsp;&nbsp;6.10% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to shares held by non-taxable entities. After-tax returns are only shown for Institutional shares. After-tax returns for other share classes will vary.

**Investment Advisor and Portfolio Managers**

**Advisor:** Rational Advisors, Inc. is the Fund's investment advisor.

**Sub-Advisor:** Equity Armor Investments, LLC is the Fund's investment sub-advisor.

**Portfolio Managers**: Brian Stutland, Managing Partner, Chief Investment Officer and Senior Portfolio Manager of the Sub-Advisor; Afshin Rahbari, Managing Member, Chief Compliance Officer and a Portfolio Manager of the Sub-Advisor; and Joseph Tigay, Chief Trading Officer and a Portfolio Manager of the Sub-Advisor, serve as the Fund's Portfolio Managers and are primarily responsible for the day-to-day management of the Fund. Mr. Stutland is the Fund's Lead Portfolio Manager. Messrs. Stutland, Rahbari, and Tigay have served the Fund in these capacities since December 2019.

**Purchase and Sale of Fund Shares**: The minimum initial purchase for the Fund's Class A, Class C, and Institutional shares is $1,000. For Class A shares and Class C shares, the minimum subsequent investment is $50; for Institutional shares, the minimum subsequent investment is $500. For Class A, Class C, and Institutional shares, the minimum initial and subsequent investment through the Automatic Investment Plan is $50.

You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, by telephone or through a financial intermediary, to the Fund or the Transfer Agent and will be paid by check or wire transfer.

**Tax Information**: The Fund's distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.