# EDGAR Filing Document

**Accession Number:** 0000810695
**File Stem:** 0001580642-25-005931
**Filing Date:** 2025-9
**Character Count:** 457664
**Document Hash:** 0933a2742500a655b0d05597d0b25f58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005931.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005931

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 135

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05010
- **FILM NUMBER:** 251299472

**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           |

### Rational Dynamic Brands Fund (Series ID: S000005874)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000016090 | Rational Dynamic Brands Fund Class A Shares       | HSUAX           |
| C000016092 | Rational Dynamic Brands Fund Institutional Shares | HSUTX           |
| C000135444 | Rational Dynamic Brands Fund Class C Shares       | HSUCX           |

### Rational Tactical Return Fund (Series ID: S000017165)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000047568 | Rational Tactical Return Fund Class A Shares       | HRSAX           |
| C000047570 | Rational Tactical Return Fund Institutional Shares | HRSTX           |
| C000169250 | Rational Tactical Return Fund Class C Shares       | HRSFX           |

### Rational Strategic Allocation Fund (Series ID: S000026200)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000078667 | Rational Strategic Allocation Fund Class A Shares       | RHSAX           |
| C000169251 | Rational Strategic Allocation Fund Class C Shares       | RHSCX           |
| C000169252 | Rational Strategic Allocation Fund Institutional Shares | RHSIX           |

### Return Stacked® Balanced Allocation & Systematic Macro Fund (Series ID: S000055002)

| Class ID   | Class Name                                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000172993 | Return Stacked® Balanced Allocation & Systematic Macro Fund Class A              | RDMAX           |
| C000172994 | Return Stacked® Balanced Allocation & Systematic Macro Fund Class C              | RDMCX           |
| C000172995 | Return Stacked® Balanced Allocation & Systematic Macro Fund Institutional Shares | RDMIX           |

### Rational Special Situations Income Fund (Series ID: S000065726)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000212569 | Rational Special Situations Income Fund Institutional Shares | RFXIX           |
| C000212570 | Rational Special Situations Income Fund Class A Shares       | RFXAX           |
| C000212571 | Rational Special Situations Income Fund Class C Shares       | RFXCX           |

### Rational/Pier 88 Convertible Securities Fund (Series ID: S000067226)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000216241 | Rational/Pier 88 Convertible Securities Fund-Institutional Shares | PBXIX           |
| C000216242 | Rational/Pier 88 Convertible Securities Fund-Class A Shares       | PBXAX           |
| C000216243 | Rational/Pier 88 Convertible Securities Fund-Class C Shares       | PBXCX           |

### Rational/RGN Hedged Equity Fund (Series ID: S000086525)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000252105 | Rational/RGN Hedged Equity Fund Class C             | RNECX           |
| C000252106 | Rational/RGN Hedged Equity Fund Institutional Class | RNEIX           |
| C000252107 | Rational/RGN Hedged Equity Fund Class A             | RNEAX           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549** 

**FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-05010</u>

<u>Mutual Fund and Variable Insurance Trust</u> <br> (Exact name of registrant as specified in charter)

<u>36 North New York Avenue, Huntington NY</u> <u>11743</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company, Corporate Trust Center</u> <br> <u>1209 Orange Street, Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-631-629-4237</u>

Date of fiscal year end: <u>12/31</u> <br>Date of reporting period: <u>6/30/2025</u>

**Item 1. Reports to Stockholders.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp; Tailored Shareholder Report

#### Rational Dynamic Brands Fund

#### Class A (HSUAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i08be32ebc9091f87bddb68db.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Rational Dynamic Brands Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://rationalmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-800-253-0412.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $73 | 1.44%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$75,238,186

* Number of Portfolio Holdings27

* Advisory Fee $274,875

* Portfolio Turnover154%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ica275a409d2bd1e0b539fe32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Money Market Funds | 0.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ieb2d840ed5e22bb71fff3db1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Money Market Funds | 0.6% |
| Health Care | 2.1% |
| Real Estate | 3.4% |
| Consumer Staples | 13.1% |
| Technology | 13.3% |
| Financials | 20.7% |
| Communications | 21.5% |
| Consumer Discretionary | 24.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Amazon.com, Inc. | 6.1% |
| Microsoft Corporation | 5.6% |
| Netflix, Inc. | 5.2% |
| Apollo Global Management, Inc. | 5.1% |
| Spotify Technology S.A. | 5.0% |
| Meta Platforms, Inc. - Class A | 5.0% |
| KKR & Company, Inc. | 4.8% |
| Costco Wholesale Corporation | 4.8% |
| Live Nation Entertainment, Inc. | 4.7% |
| Walmart, Inc. | 4.6% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i67d8845407cd6ea4be3e4c19.jpg)

#### Rational Dynamic Brands Fund - Class A (HSUAX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i6160731f450a35594631219d.jpg)

TSR-SAR 063025-HSUAX

#### Rational Dynamic Brands Fund

#### Class C (HSUCX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ibaa5deb61690083b48e76187.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Rational Dynamic Brands Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://rationalmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-800-253-0412.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $108 | 2.14%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$75,238,186

* Number of Portfolio Holdings27

* Advisory Fee $274,875

* Portfolio Turnover154%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i80c5a89a3e5ff3988c85995a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Money Market Funds | 0.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if69b9ee118965813ff55d023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Money Market Funds | 0.6% |
| Health Care | 2.1% |
| Real Estate | 3.4% |
| Consumer Staples | 13.1% |
| Technology | 13.3% |
| Financials | 20.7% |
| Communications | 21.5% |
| Consumer Discretionary | 24.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Amazon.com, Inc. | 6.1% |
| Microsoft Corporation | 5.6% |
| Netflix, Inc. | 5.2% |
| Apollo Global Management, Inc. | 5.1% |
| Spotify Technology S.A. | 5.0% |
| Meta Platforms, Inc. - Class A | 5.0% |
| KKR & Company, Inc. | 4.8% |
| Costco Wholesale Corporation | 4.8% |
| Live Nation Entertainment, Inc. | 4.7% |
| Walmart, Inc. | 4.6% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i454ec6b44f6fa54eedbbd9f0.jpg)

#### Rational Dynamic Brands Fund - Class C (HSUCX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i49782ecfee4cae058a92f197.jpg)

TSR-SAR 063025-HSUCX

#### Rational Dynamic Brands Fund

#### Institutional (HSUTX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ia0297bb3cbc61fd656e46908.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Rational Dynamic Brands Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://rationalmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-800-253-0412.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $59 | 1.17%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$75,238,186

* Number of Portfolio Holdings27

* Advisory Fee $274,875

* Portfolio Turnover154%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iab7832f405496cb906393034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Money Market Funds | 0.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i17296e712e3ece3485ad7984.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Money Market Funds | 0.6% |
| Health Care | 2.1% |
| Real Estate | 3.4% |
| Consumer Staples | 13.1% |
| Technology | 13.3% |
| Financials | 20.7% |
| Communications | 21.5% |
| Consumer Discretionary | 24.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Amazon.com, Inc. | 6.1% |
| Microsoft Corporation | 5.6% |
| Netflix, Inc. | 5.2% |
| Apollo Global Management, Inc. | 5.1% |
| Spotify Technology S.A. | 5.0% |
| Meta Platforms, Inc. - Class A | 5.0% |
| KKR & Company, Inc. | 4.8% |
| Costco Wholesale Corporation | 4.8% |
| Live Nation Entertainment, Inc. | 4.7% |
| Walmart, Inc. | 4.6% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](iad27d1fd3660451e8afcb1c3.jpg)

#### Rational Dynamic Brands Fund - Institutional (HSUTX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](idb22249b8b99c37ae68ecf13.jpg)

TSR-SAR 063025-HSUTX

#### Rational Equity Armor Fund

#### Class A (HDCAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i29277136141f13b88f2ffaf9.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Rational Equity Armor Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://rationalmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-800-253-0412.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $89 | 1.75%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$40,019,713

* Number of Portfolio Holdings66

* Advisory Fee $138,431

* Portfolio Turnover72%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i51bb380ccc01b587df0f2f54.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 61.0% |
| Exchange-Traded Funds | 26.3% |
| Money Market Funds | 2.0% |
| Purchased Options | 10.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5a938845ffb65557df69574f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 7.8% |
| Health Care | 2.0% |
| Money Market Funds | 2.1% |
| Industrials | 2.5% |
| Utilities | 2.8% |
| Real Estate | 3.1% |
| Consumer Staples | 3.5% |
| Energy | 4.0% |
| Communications | 6.1% |
| Consumer Discretionary | 7.2% |
| Financials | 9.6% |
| Technology | 22.2% |
| Equity | 27.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alphabet, Inc. | 3.7% |
| iShares Core S&P 500 ETF | 3.3% |
| SPDR S&P 500 ETF Trust ETF | 3.1% |
| Amazon.com, Inc. | 3.0% |
| Microsoft Corporation | 3.0% |
| Consumer Staples Select Sector SPDR Fund | 2.8% |
| Financial Select Sector SPDR ETF | 2.8% |
| JPMorgan Chase & Company | 2.6% |
| Exxon Mobil Corporation | 2.6% |
| NVIDIA Corporation | 2.5% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i78b8750ff3994a82dced35d8.jpg)

#### Rational Equity Armor Fund - Class A (HDCAX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i8b351927de1fdd929af92c23.jpg)

TSR-SAR 063025-HDCAX

#### Rational Equity Armor Fund

#### Class C (HDCEX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](if6cea789eac44d2082c70624.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Rational Equity Armor Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://rationalmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-800-253-0412.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $125 | 2.46%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$40,019,713

* Number of Portfolio Holdings66

* Advisory Fee $138,431

* Portfolio Turnover72%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5fe3a48ba0c49c13ca5f146d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 61.0% |
| Exchange-Traded Funds | 26.3% |
| Money Market Funds | 2.0% |
| Purchased Options | 10.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie71fe140a67233639a4e3df9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 7.8% |
| Health Care | 2.0% |
| Money Market Funds | 2.1% |
| Industrials | 2.5% |
| Utilities | 2.8% |
| Real Estate | 3.1% |
| Consumer Staples | 3.5% |
| Energy | 4.0% |
| Communications | 6.1% |
| Consumer Discretionary | 7.2% |
| Financials | 9.6% |
| Technology | 22.2% |
| Equity | 27.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alphabet, Inc. | 3.7% |
| iShares Core S&P 500 ETF | 3.3% |
| SPDR S&P 500 ETF Trust ETF | 3.1% |
| Amazon.com, Inc. | 3.0% |
| Microsoft Corporation | 3.0% |
| Consumer Staples Select Sector SPDR Fund | 2.8% |
| Financial Select Sector SPDR ETF | 2.8% |
| JPMorgan Chase & Company | 2.6% |
| Exxon Mobil Corporation | 2.6% |
| NVIDIA Corporation | 2.5% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ia8c4079e475044b9766099ff.jpg)

#### Rational Equity Armor Fund - Class C (HDCEX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i51cbb7653de44a0a20cb4215.jpg)

TSR-SAR 063025-HDCEX

#### Rational Equity Armor Fund

#### Institutional (HDCTX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i44432b62ea144d1b671ac30b.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Rational Equity Armor Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://rationalmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-800-253-0412.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $76 | 1.50%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$40,019,713

* Number of Portfolio Holdings66

* Advisory Fee $138,431

* Portfolio Turnover72%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idf1392b6e78e90dcdf56b923.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 61.0% |
| Exchange-Traded Funds | 26.3% |
| Money Market Funds | 2.0% |
| Purchased Options | 10.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iafb281b45cbd70f766fc3f27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 7.8% |
| Health Care | 2.0% |
| Money Market Funds | 2.1% |
| Industrials | 2.5% |
| Utilities | 2.8% |
| Real Estate | 3.1% |
| Consumer Staples | 3.5% |
| Energy | 4.0% |
| Communications | 6.1% |
| Consumer Discretionary | 7.2% |
| Financials | 9.6% |
| Technology | 22.2% |
| Equity | 27.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alphabet, Inc. | 3.7% |
| iShares Core S&P 500 ETF | 3.3% |
| SPDR S&P 500 ETF Trust ETF | 3.1% |
| Amazon.com, Inc. | 3.0% |
| Microsoft Corporation | 3.0% |
| Consumer Staples Select Sector SPDR Fund | 2.8% |
| Financial Select Sector SPDR ETF | 2.8% |
| JPMorgan Chase & Company | 2.6% |
| Exxon Mobil Corporation | 2.6% |
| NVIDIA Corporation | 2.5% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i7dc1916e3301f84f3c34c5d8.jpg)

#### Rational Equity Armor Fund - Institutional (HDCTX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i4057bb6d588ae74ee3d9c73a.jpg)

TSR-SAR 063025-HDCTX

#### Rational Special Situations Income Fund

#### Class A (RFXAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](id1eb090c6392a46d344ca565.jpg)

# Fund Overview
**This semi-annual shareholder report contains important information about Rational Special Situations Income Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://rationalmf.com/literature-and-forms/. You can also request this information by contacting us at 1-800-253-0412.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $100 | 2.00%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$1,198,314,505

* Number of Portfolio Holdings961

* Advisory Fee (net of waivers)$8,168,173

* Portfolio Turnover6%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i10d0d2de3bd87a86c0048ef1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 77.7% |
| Corporate Bonds | 14.6% |
| Money Market Funds | 6.8% |
| Preferred Stocks | 0.8% |
| Term Loans | 0.1% |

---

# What did the Fund invest in?

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ambac Assurance Corporation, 0.000%, 06/07/69 | 9.8% |
| GS Mortgage Securities Trust, 6.576%, 08/10/43 | 1.8% |
| MBIA Global Funding, LLC, 0.000%, 12/15/33 | 1.5% |
| JP Morgan Chase Commercial Mortgage Securities, 3.910%, 05/05/30 | 1.3% |
| JP Morgan Chase Commercial Mortgage Securities, 5.129%, 05/15/45 | 1.3% |
| GS Mortgage Securities Trust, 5.295%, 08/10/44 | 1.3% |
| Commercial Mortgage Pass Through Certificates, 3.400%, 10/05/30 | 1.2% |
| WFRBS Commercial Mortgage Trust, 0.000%, 06/15/46 | 1.1% |
| JP Morgan Chase Commercial Mortgage Securities, 5.769%, 11/15/43 | 1.0% |
| CG-CCRE Commercial Mortgage Trust, 5.576%, 06/15/31 | 0.8% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8258cff82d8fe0f706fc7374.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Non-Agency MBS CMO | 0.1% |
| CMO | 0.1% |
| Agency MBS | 0.1% |
| Other | 0.1% |
| ABS | 0.3% |
| Banking | 0.3% |
| Real Estate | 0.4% |
| Financial Services | 0.8% |
| CDO | 1.3% |
| Money Market Funds | 6.8% |
| Financials | 13.9% |
| CMBS | 33.1% |
| Non-Agency Residential Mortgage Backed Securities | 42.5% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](id881bd56f174db957503d553.jpg)

#### Rational Special Situations Income Fund - Class A (RFXAX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i7d4f9c0102274b7918b3585d.jpg)

TSR-SAR 063025-RFXAX

#### Rational Special Situations Income Fund

#### Class C (RFXCX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i3ffcb0c2299cfe5e947866a8.jpg)

# Fund Overview
**This semi-annual shareholder report contains important information about Rational Special Situations Income Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://rationalmf.com/literature-and-forms/. You can also request this information by contacting us at 1-800-253-0412.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $140 | 2.71%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$1,198,314,505

* Number of Portfolio Holdings961

* Advisory Fee (net of waivers)$8,168,173

* Portfolio Turnover6%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i534cffb6e6e1047c8f31ac55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 77.7% |
| Corporate Bonds | 14.6% |
| Money Market Funds | 6.8% |
| Preferred Stocks | 0.8% |
| Term Loans | 0.1% |

---

# What did the Fund invest in?

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ambac Assurance Corporation, 0.000%, 06/07/69 | 9.8% |
| GS Mortgage Securities Trust, 6.576%, 08/10/43 | 1.8% |
| MBIA Global Funding, LLC, 0.000%, 12/15/33 | 1.5% |
| JP Morgan Chase Commercial Mortgage Securities, 3.910%, 05/05/30 | 1.3% |
| JP Morgan Chase Commercial Mortgage Securities, 5.129%, 05/15/45 | 1.3% |
| GS Mortgage Securities Trust, 5.295%, 08/10/44 | 1.3% |
| Commercial Mortgage Pass Through Certificates, 3.400%, 10/05/30 | 1.2% |
| WFRBS Commercial Mortgage Trust, 0.000%, 06/15/46 | 1.1% |
| JP Morgan Chase Commercial Mortgage Securities, 5.769%, 11/15/43 | 1.0% |
| CG-CCRE Commercial Mortgage Trust, 5.576%, 06/15/31 | 0.8% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idce91dd47254239ea4f2001d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Non-Agency MBS CMO | 0.1% |
| CMO | 0.1% |
| Agency MBS | 0.1% |
| Other | 0.1% |
| ABS | 0.3% |
| Banking | 0.3% |
| Real Estate | 0.4% |
| Financial Services | 0.8% |
| CDO | 1.3% |
| Money Market Funds | 6.8% |
| Financials | 13.9% |
| CMBS | 33.1% |
| Non-Agency Residential Mortgage Backed Securities | 42.5% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i9231fb02863325b4ce2ab62d.jpg)

#### Rational Special Situations Income Fund - Class C (RFXCX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i330dbc670aa5067030b800ac.jpg)

TSR-SAR 063025-RFXCX

#### Rational Special Situations Income Fund

#### Institutional (RFXIX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i19ce8d2275c789797bca840e.jpg)

# Fund Overview
**This semi-annual shareholder report contains important information about Rational Special Situations Income Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://rationalmf.com/literature-and-forms/. You can also request this information by contacting us at 1-800-253-0412.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $88 | 1.75%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$1,198,314,505

* Number of Portfolio Holdings961

* Advisory Fee (net of waivers)$8,168,173

* Portfolio Turnover6%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i139ea99f1a1873c8fc357dc0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 77.7% |
| Corporate Bonds | 14.6% |
| Money Market Funds | 6.8% |
| Preferred Stocks | 0.8% |
| Term Loans | 0.1% |

---

# What did the Fund invest in?

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ambac Assurance Corporation, 0.000%, 06/07/69 | 9.8% |
| GS Mortgage Securities Trust, 6.576%, 08/10/43 | 1.8% |
| MBIA Global Funding, LLC, 0.000%, 12/15/33 | 1.5% |
| JP Morgan Chase Commercial Mortgage Securities, 3.910%, 05/05/30 | 1.3% |
| JP Morgan Chase Commercial Mortgage Securities, 5.129%, 05/15/45 | 1.3% |
| GS Mortgage Securities Trust, 5.295%, 08/10/44 | 1.3% |
| Commercial Mortgage Pass Through Certificates, 3.400%, 10/05/30 | 1.2% |
| WFRBS Commercial Mortgage Trust, 0.000%, 06/15/46 | 1.1% |
| JP Morgan Chase Commercial Mortgage Securities, 5.769%, 11/15/43 | 1.0% |
| CG-CCRE Commercial Mortgage Trust, 5.576%, 06/15/31 | 0.8% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i02213e3c5df9520a6e407221.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Non-Agency MBS CMO | 0.1% |
| CMO | 0.1% |
| Agency MBS | 0.1% |
| Other | 0.1% |
| ABS | 0.3% |
| Banking | 0.3% |
| Real Estate | 0.4% |
| Financial Services | 0.8% |
| CDO | 1.3% |
| Money Market Funds | 6.8% |
| Financials | 13.9% |
| CMBS | 33.1% |
| Non-Agency Residential Mortgage Backed Securities | 42.5% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i96208f0e25535651b69cf7a1.jpg)

#### Rational Special Situations Income Fund - Institutional (RFXIX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ia44eda2d6dd9516dba2296d4.jpg)

TSR-SAR 063025-RFXIX

#### Rational Strategic Allocation Fund

#### Class A (RHSAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i97a602b8e8262be25540a729.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Rational Strategic Allocation Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://rationalmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-800-253-0412.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $35 | 0.73%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$9,120,023

* Number of Portfolio Holdings7

* Advisory Fee (net of waivers)$0

* Portfolio Turnover22%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i63afa8f0deb2008a4cfd63e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.7% |
| Open End Funds | 90.6% |
| Short-Term Investments | 7.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8e3a1f24f4e4adbed6e3a311.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 15.7% |
| Money Market Funds | 1.4% |
| Alternative | 4.2% |
| U.S. Treasury Obligations | 6.6% |
| Open-End Funds | 72.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Catalyst Systematic Alpha Fund | 69.4% |
| United States Treasury Bill, 4.280%, 09/04/25 | 6.6% |
| AQR Long-Short Equity Fund | 4.2% |
| Catalyst/CIFC Senior Secured Income Fund | 2.4% |
| Rational/Pier 88 Convertible Securities Fund | 0.3% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](icc8019262a65122c745f947d.jpg)

#### Rational Strategic Allocation Fund - Class A (RHSAX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i51bc5521ea6dcf21607fda5b.jpg)

TSR-SAR 063025-RHSAX

#### Rational Strategic Allocation Fund

#### Class C (RHSCX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i9ce6d7cd920454abc23be778.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Rational Strategic Allocation Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://rationalmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-800-253-0412.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $70 | 1.47%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$9,120,023

* Number of Portfolio Holdings7

* Advisory Fee (net of waivers)$0

* Portfolio Turnover22%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4e3228f92b9bc2258e31ab21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.7% |
| Open End Funds | 90.6% |
| Short-Term Investments | 7.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i4177262e09552c0ff3e72be0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 15.7% |
| Money Market Funds | 1.4% |
| Alternative | 4.2% |
| U.S. Treasury Obligations | 6.6% |
| Open-End Funds | 72.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Catalyst Systematic Alpha Fund | 69.4% |
| United States Treasury Bill, 4.280%, 09/04/25 | 6.6% |
| AQR Long-Short Equity Fund | 4.2% |
| Catalyst/CIFC Senior Secured Income Fund | 2.4% |
| Rational/Pier 88 Convertible Securities Fund | 0.3% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ic419e17533fbe7ab7369e83e.jpg)

#### Rational Strategic Allocation Fund - Class C (RHSCX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i376fcf8eed2ae27b3304e726.jpg)

TSR-SAR 063025-RHSCX

#### Rational Strategic Allocation Fund

#### Institutional (RHSIX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i1c3b422f007fb4a840e63765.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Rational Strategic Allocation Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://rationalmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-800-253-0412.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $23 | 0.48%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$9,120,023

* Number of Portfolio Holdings7

* Advisory Fee (net of waivers)$0

* Portfolio Turnover22%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia49986b4c65dd673298c01b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.7% |
| Open End Funds | 90.6% |
| Short-Term Investments | 7.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i56803cf0ed7a6bd7bff98a31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 15.7% |
| Money Market Funds | 1.4% |
| Alternative | 4.2% |
| U.S. Treasury Obligations | 6.6% |
| Open-End Funds | 72.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Catalyst Systematic Alpha Fund | 69.4% |
| United States Treasury Bill, 4.280%, 09/04/25 | 6.6% |
| AQR Long-Short Equity Fund | 4.2% |
| Catalyst/CIFC Senior Secured Income Fund | 2.4% |
| Rational/Pier 88 Convertible Securities Fund | 0.3% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i8f92b84029353b194f4b3a6f.jpg)

#### Rational Strategic Allocation Fund - Institutional (RHSIX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i07290e3229d6741dd9cf0c26.jpg)

TSR-SAR 063025-RHSIX

#### Rational Tactical Return Fund

#### Class A (HRSAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i7bb48e3b3d0d94630e25add9.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Rational Tactical Return Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://rationalmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-800-253-0412.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $113 | 2.25%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$53,833,625

* Number of Portfolio Holdings21

* Advisory Fee (net of waivers)$438,406

* Portfolio Turnover0%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib08e504eb0d4abd9f55fa853.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 11.1% |
| Purchased Options | 0.1% |
| U.S. Government & Agencies | 88.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id8434892684e5aa2ccc68b6b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 16.9% |
| Money Market Funds | 9.2% |
| U.S. Treasury Obligations | 73.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 2.840%, 07/03/25 | 55.7% |
| United States Treasury Bill, 4.140%, 01/22/26 | 18.2% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i55cff6cea1c4b9ad8154da74.jpg)

#### Rational Tactical Return Fund - Class A (HRSAX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i2e5ba8d5b127c0049044b51b.jpg)

TSR-SAR 063025-HRSAX

#### Rational Tactical Return Fund

#### Class C (HRSFX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i9e6bc494996e059ae2602b9c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Rational Tactical Return Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://rationalmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-800-253-0412.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $150 | 3.00%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$53,833,625

* Number of Portfolio Holdings21

* Advisory Fee (net of waivers)$438,406

* Portfolio Turnover0%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i54bd461b1ab38fcacde0ac9d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 11.1% |
| Purchased Options | 0.1% |
| U.S. Government & Agencies | 88.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i40667addbcade6d8b725f820.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 16.9% |
| Money Market Funds | 9.2% |
| U.S. Treasury Obligations | 73.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 2.840%, 07/03/25 | 55.7% |
| United States Treasury Bill, 4.140%, 01/22/26 | 18.2% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i655750f181a3b61132c237a2.jpg)

#### Rational Tactical Return Fund - Class C (HRSFX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ic3fd4077618d3bd1c58c3560.jpg)

TSR-SAR 063025-HRSFX

#### Rational Tactical Return Fund

#### Institutional (HRSTX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i4307836013975f71ee5df226.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Rational Tactical Return Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://rationalmf.com/literature-and-forms/**. You can also request this information by contacting us at 1-800-253-0412.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $100 | 2.00%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$53,833,625

* Number of Portfolio Holdings21

* Advisory Fee (net of waivers)$438,406

* Portfolio Turnover0%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ice66a10823bee3cde52dbcb2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 11.1% |
| Purchased Options | 0.1% |
| U.S. Government & Agencies | 88.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i426482fdefafefd041555433.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 16.9% |
| Money Market Funds | 9.2% |
| U.S. Treasury Obligations | 73.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 2.840%, 07/03/25 | 55.7% |
| United States Treasury Bill, 4.140%, 01/22/26 | 18.2% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ifa291885ce5b6678d30a4e7e.jpg)

#### Rational Tactical Return Fund - Institutional (HRSTX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ifbcacb66b79b879b17c4789c.jpg)

TSR-SAR 063025-HRSTX

#### Rational/Pier 88 Convertible Securities Fund

#### Class A (PBXAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i8f4cfa94f79d826a896deb42.jpg)

# Fund Overview
**This semi-annual shareholder report contains important information about Rational/Pier 88 Convertible Securities Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://rationalmf.com/literature-and-forms/. You can also request this information by contacting us at 1-800-253-0412.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $62 | 1.24%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$206,043,646

* Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$731,922

* Portfolio Turnover72%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i78f46416a037133d890f7321.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 16.7% |
| Convertible Bonds | 59.3% |
| Money Market Funds | 1.6% |
| Preferred Stocks | 22.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5a7e3bf1cb3b95b8a8f13181.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.2% |
| Money Market Funds | 1.5% |
| Industrials | 2.1% |
| Health Care | 4.4% |
| Consumer Discretionary | 9.1% |
| Real Estate | 11.8% |
| Communications | 12.0% |
| Utilities | 12.2% |
| Technology | 22.3% |
| Financials | 23.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Uber Technologies, Inc., 0.875%, 12/01/28 | 5.1% |
| Bank of America Corporation | 4.7% |
| Wells Fargo & Company | 4.7% |
| Booking Holdings, Inc. | 4.5% |
| Dexcom, Inc., 0.250%, 11/15/25 | 4.4% |
| Apollo Global Management, Inc. | 4.2% |
| KKR & Company, Inc. | 4.0% |
| PPL Capital Funding, Inc., 2.875%, 03/15/28 | 3.8% |
| DraftKings, Inc., 0.000%, 03/15/28 | 3.8% |
| Shift4 Payments, Inc., 0.500%, 08/01/27 | 3.6% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](iacf5bb8bc05d466f82cf27a7.jpg)

#### Rational/Pier 88 Convertible Securities Fund - Class A (PBXAX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i3608453e298b68ffa755f8f8.jpg)

TSR-SAR 063025-PBXAX

#### Rational/Pier 88 Convertible Securities Fund

#### Class C (PBXCX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i5bc513cf55f5c7be8ec3cc43.jpg)

# Fund Overview
**This semi-annual shareholder report contains important information about Rational/Pier 88 Convertible Securities Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://rationalmf.com/literature-and-forms/. You can also request this information by contacting us at 1-800-253-0412.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $99 | 1.99%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$206,043,646

* Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$731,922

* Portfolio Turnover72%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic0957f599b8fe89e6a7f7f12.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 16.7% |
| Convertible Bonds | 59.3% |
| Money Market Funds | 1.6% |
| Preferred Stocks | 22.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i7d7895514e4a929672157e07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.2% |
| Money Market Funds | 1.5% |
| Industrials | 2.1% |
| Health Care | 4.4% |
| Consumer Discretionary | 9.1% |
| Real Estate | 11.8% |
| Communications | 12.0% |
| Utilities | 12.2% |
| Technology | 22.3% |
| Financials | 23.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Uber Technologies, Inc., 0.875%, 12/01/28 | 5.1% |
| Bank of America Corporation | 4.7% |
| Wells Fargo & Company | 4.7% |
| Booking Holdings, Inc. | 4.5% |
| Dexcom, Inc., 0.250%, 11/15/25 | 4.4% |
| Apollo Global Management, Inc. | 4.2% |
| KKR & Company, Inc. | 4.0% |
| PPL Capital Funding, Inc., 2.875%, 03/15/28 | 3.8% |
| DraftKings, Inc., 0.000%, 03/15/28 | 3.8% |
| Shift4 Payments, Inc., 0.500%, 08/01/27 | 3.6% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ia15dd19aeb19e8bbb31a46fd.jpg)

#### Rational/Pier 88 Convertible Securities Fund - Class C (PBXCX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i0a79a3c091cd05fd97752352.jpg)

TSR-SAR 063025-PBXCX

#### Rational/Pier 88 Convertible Securities Fund

#### Institutional (PBXIX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i78390dba06e1440395164898.jpg)

# Fund Overview
**This semi-annual shareholder report contains important information about Rational/Pier 88 Convertible Securities Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://rationalmf.com/literature-and-forms/. You can also request this information by contacting us at 1-800-253-0412.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $49 | 0.99%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$206,043,646

* Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$731,922

* Portfolio Turnover72%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2055829aefee05273d054ff9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 16.7% |
| Convertible Bonds | 59.3% |
| Money Market Funds | 1.6% |
| Preferred Stocks | 22.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i847b26bb6f66d71da3c32bf9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.2% |
| Money Market Funds | 1.5% |
| Industrials | 2.1% |
| Health Care | 4.4% |
| Consumer Discretionary | 9.1% |
| Real Estate | 11.8% |
| Communications | 12.0% |
| Utilities | 12.2% |
| Technology | 22.3% |
| Financials | 23.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Uber Technologies, Inc., 0.875%, 12/01/28 | 5.1% |
| Bank of America Corporation | 4.7% |
| Wells Fargo & Company | 4.7% |
| Booking Holdings, Inc. | 4.5% |
| Dexcom, Inc., 0.250%, 11/15/25 | 4.4% |
| Apollo Global Management, Inc. | 4.2% |
| KKR & Company, Inc. | 4.0% |
| PPL Capital Funding, Inc., 2.875%, 03/15/28 | 3.8% |
| DraftKings, Inc., 0.000%, 03/15/28 | 3.8% |
| Shift4 Payments, Inc., 0.500%, 08/01/27 | 3.6% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](iea75331b2b80ddfee6feef42.jpg)

#### Rational/Pier 88 Convertible Securities Fund - Institutional (PBXIX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i5d7aacc60c9b0c88916c3934.jpg)

TSR-SAR 063025-PBXIX

#### Return Stacked Balanced Allocation & Systematic Macro Fund

#### Class A (RDMAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ice54571e7af50503ea916f61.jpg)

# Fund Overview
**This semi-annual shareholder report contains important information about Return Stacked Balanced Allocation & Systematic Macro Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://rationalmf.com/literature-and-forms/. You can also request this information by contacting us at 1-800-253-0412.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $108 | 2.22%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$39,561,730

* Number of Portfolio Holdings62

* Advisory Fee (net of waivers)$416,533

* Portfolio Turnover87%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i88f31ccaa1f69dd39b51fe9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 62.6% |
| Money Market Funds | 34.5% |
| U.S. Government & Agencies | 2.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1a21671b6d9ac81d5b9c85e7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 12.4% |
| U.S. Treasury Obligations | 2.5% |
| Money Market Funds | 30.2% |
| Equity | 54.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Core S&P 500 ETF | 54.9% |
| United States Treasury Bill, 4.080%, 07/29/25 | 2.5% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ia6b9d8eb6308b1c0359f2748.jpg)

#### Return Stacked Balanced Allocation & Systematic Macro Fund - Class A (RDMAX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ief9c6105acb507227ee7a4b4.jpg)

TSR-SAR 063025-RDMAX

#### Return Stacked Balanced Allocation & Systematic Macro Fund

#### Class C (RDMCX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i2848385318f413795f70be90.jpg)

# Fund Overview
**This semi-annual shareholder report contains important information about Return Stacked Balanced Allocation & Systematic Macro Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://rationalmf.com/literature-and-forms/. You can also request this information by contacting us at 1-800-253-0412.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $145 | 2.97%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$39,561,730

* Number of Portfolio Holdings62

* Advisory Fee (net of waivers)$416,533

* Portfolio Turnover87%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaa96b765e0fab8f34f4698f3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 62.6% |
| Money Market Funds | 34.5% |
| U.S. Government & Agencies | 2.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2221a83dc17cc893e1d706e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 12.4% |
| U.S. Treasury Obligations | 2.5% |
| Money Market Funds | 30.2% |
| Equity | 54.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Core S&P 500 ETF | 54.9% |
| United States Treasury Bill, 4.080%, 07/29/25 | 2.5% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i6525828eae3825356edcb125.jpg)

#### Return Stacked Balanced Allocation & Systematic Macro Fund - Class C (RDMCX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i33ceb0faf26fc005ef080326.jpg)

TSR-SAR 063025-RDMCX

#### Return Stacked Balanced Allocation & Systematic Macro Fund

#### Institutional (RDMIX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ifd7393017ebed6e8beadde61.jpg)

# Fund Overview
**This semi-annual shareholder report contains important information about Return Stacked Balanced Allocation & Systematic Macro Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://rationalmf.com/literature-and-forms/. You can also request this information by contacting us at 1-800-253-0412.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $96 | 1.97%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$39,561,730

* Number of Portfolio Holdings62

* Advisory Fee (net of waivers)$416,533

* Portfolio Turnover87%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i012b57bcd7efb598e46c215b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 62.6% |
| Money Market Funds | 34.5% |
| U.S. Government & Agencies | 2.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic13cfa32cfbc3b6db7109f8c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 12.4% |
| U.S. Treasury Obligations | 2.5% |
| Money Market Funds | 30.2% |
| Equity | 54.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Core S&P 500 ETF | 54.9% |
| United States Treasury Bill, 4.080%, 07/29/25 | 2.5% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i684b74621e73d3256901370d.jpg)

#### Return Stacked Balanced Allocation & Systematic Macro Fund - Institutional (RDMIX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i45de91ae0739c3a3c9d339b2.jpg)

TSR-SAR 063025-RDMIX

#### Rational/RGN Hedged Equity Fund

#### Class A (RNEAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i5579b44b181a944b65d9ed16.jpg)

# Fund Overview
**This semi-annual shareholder report contains important information about Rational/RGN Hedged Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://rationalmf.com/literature-and-forms/. You can also request this information by contacting us at 1-800-253-0412.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $113 | 2.25%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$10,279,471

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$0

* Portfolio Turnover4%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i849f0926214b632cd4b07fad.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 91.0% |
| Money Market Funds | 9.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i16f0d0f64a832c331aa69908.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 14.3% |
| Money Market Funds | 7.7% |
| Equity | 78.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 48.6% |
| SPDR S&P 500 ETF Trust ETF | 29.4% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i920ad63d4a16d0689944eadf.jpg)

#### Rational/RGN Hedged Equity Fund - Class A (RNEAX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i7d15baa5b8e165937169c905.jpg)

TSR-SAR 063025-RNEAX

#### Rational/RGN Hedged Equity Fund

#### Class C (RNECX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i979d5273e151a43ea20800e1.jpg)

# Fund Overview
**This semi-annual shareholder report contains important information about Rational/RGN Hedged Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://rationalmf.com/literature-and-forms/. You can also request this information by contacting us at 1-800-253-0412.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $150 | 3.00%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$10,279,471

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$0

* Portfolio Turnover4%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icc1d9f78af1a7cb9fab5a65e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 91.0% |
| Money Market Funds | 9.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iadeca3e0b8bc176cfe530c41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 14.3% |
| Money Market Funds | 7.7% |
| Equity | 78.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 48.6% |
| SPDR S&P 500 ETF Trust ETF | 29.4% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i5583d0fad15b711f2e800339.jpg)

#### Rational/RGN Hedged Equity Fund - Class C (RNECX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i58701332b5774f118c5081be.jpg)

TSR-SAR 063025-RNECX

#### Rational/RGN Hedged Equity Fund

#### Institutional (RNEIX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i5c36d673bf6b16319cafd2da.jpg)

# Fund Overview
**This semi-annual shareholder report contains important information about Rational/RGN Hedged Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://rationalmf.com/literature-and-forms/. You can also request this information by contacting us at 1-800-253-0412.** 

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $100 | 2.00%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 
* Net Assets$10,279,471

* Number of Portfolio Holdings42

* Advisory Fee (net of waivers)$0

* Portfolio Turnover4%

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id033e08d40bf12a4735a4e4d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 91.0% |
| Money Market Funds | 9.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1d69bb6ee2f19e6712bdb6f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 14.3% |
| Money Market Funds | 7.7% |
| Equity | 78.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 48.6% |
| SPDR S&P 500 ETF Trust ETF | 29.4% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i5de7787bf9286411037711f4.jpg)

#### Rational/RGN Hedged Equity Fund - Institutional (RNEIX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://rationalmf.com/literature-and-forms/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](iea37ef585d4857553a5f78e7.jpg)

TSR-SAR 063025-RNEIX

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 2. Code of Ethics.** Not applicable for semi-annual reports

**Item 3. Audit Committee Financial Expert.** Not applicable for semi-annual reports

**Item 4. Principal Accountant Fees and Services.** Not applicable for semi-annual reports

**Item 5. Audit Committee of Listed Registrants.** Not applicable to open-end investment companies.

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Financial Statements

and

Additional Information

**June 30, 2025**

**INSTITUTIONAL SHARES**

**CLASS A SHARES**

**CLASS C SHARES**

---

| |
|:---|
| **RATIONAL EQUITY ARMOR FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 63.0%** |  |
|  | **AUTOMOTIVE - 1.7%** |  |
| 2136 | Tesla, Inc.<sup>(a)</sup> | $678522 |
|  | **BANKING - 5.1%** |  |
| 15723 | HSBC Holdings plc - ADR | 955801 |
| 3658 | JPMorgan Chase & Company | 1060491 |
|  |  | 2016292 |
|  | **BEVERAGES - 0.6%** |  |
| 3578 | Coca-Cola Company (The) | 253144 |
|  | **BIOTECH & PHARMA - 2.0%** |  |
| 1877 | AbbVie, Inc. | 348409 |
| 2131 | CRISPR Therapeutics A.G.<sup>(a)</sup> | 103652 |
| 446 | Eli Lilly & Company | 347670 |
|  |  | 799731 |
|  | **DATA CENTER REIT - 1.1%** |  |
| 521 | Equinix, Inc. | 414440 |
|  | **E-COMMERCE DISCRETIONARY - 3.0%** |  |
| 5544 | Amazon.com, Inc.<sup>(a)</sup> | 1216298 |
|  | **ELECTRIC UTILITIES - 2.8%** |  |
| 312 | Constellation Energy Corporation | 100701 |
| 11573 | NextEra Energy, Inc. | 803398 |
| 606 | NRG Energy, Inc. | 97311 |
| 513 | Vistra Corporation | 99425 |
|  |  | 1100835 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.9%** |  |
| 2547 | Morgan Stanley | 358770 |
|  | **INSURANCE - 3.7%** |  |
| 1 | Berkshire Hathaway, Inc., Class A<sup>(a)</sup> | 728800 |
| 1475 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 716511 |
|  |  | 1445311 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL EQUITY ARMOR FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 63.0% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 6.1%** |  |
| 8327 | Alphabet, Inc., Class A | $1467467 |
| 1286 | Meta Platforms, Inc., Class A | 949184 |
| 695 | Nebius Group N.V., Class A<sup>(a)</sup> | 38454 |
|  |  | 2455105 |
|  | **LEISURE FACILITIES & SERVICES - 0.4%** |  |
| 581 | McDonald's Corporation | 169751 |
|  | **MACHINERY - 2.1%** |  |
| 2125 | Caterpillar, Inc. | 824947 |
|  | **OIL & GAS PRODUCERS - 2.6%** |  |
| 9734 | Exxon Mobil Corporation | 1049325 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.4%** |  |
| 16081 | Schlumberger Ltd. | 543538 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 1.0%** |  |
| 3854 | Prologis, Inc. | 405132 |
|  | **RETAIL - CONSUMER STAPLES - 2.9%** |  |
| 471 | Costco Wholesale Corporation | 466262 |
| 7077 | Walmart, Inc. | 691988 |
|  |  | 1158250 |
|  | **RETAIL - DISCRETIONARY - 2.0%** |  |
| 2225 | Home Depot, Inc. (The) | 815774 |
|  | **RETAIL REIT - 1.0%** |  |
| 2549 | Simon Property Group, Inc. | 409777 |
|  | **SEMICONDUCTORS - 7.2%** |  |
| 3539 | Broadcom, Inc. | 975525 |
| 16844 | Intel Corporation | 377306 |
| 6304 | NVIDIA Corporation | 995969 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL EQUITY ARMOR FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 63.0% (Continued)** |  |
|  | **SEMICONDUCTORS - 7.2% (Continued)** |  |
| 3444 | QUALCOMM, Inc. | $548491 |
|  |  | 2897291 |
|  | **SOFTWARE - 6.2%** |  |
| 2385 | Microsoft Corporation | 1186323 |
| 6490 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 884717 |
| 2039 | Palo Alto Networks, Inc.<sup>(a)</sup> | 417261 |
|  |  | 2488301 |
|  | **TECHNOLOGY HARDWARE - 3.9%** |  |
| 4060 | Apple, Inc. | 832990 |
| 2200 | Ciena Corporation<sup>(a)</sup> | 178926 |
| 10518 | Corning, Inc. | 553142 |
|  |  | 1565058 |
|  | **TECHNOLOGY SERVICES - 4.9%** |  |
| 2370 | International Business Machines Corporation | 698629 |
| 7453 | PayPal Holdings, Inc.<sup>(a)</sup> | 553907 |
| 1968 | Visa, Inc., Class A | 698738 |
|  |  | 1951274 |
|  | **TRANSPORTATION & LOGISTICS - 0.4%** |  |
| 716 | Union Pacific Corporation | 164737 |
|  | **TOTAL COMMON STOCKS (Cost $19,873,557)** | 25181603 |
|  | **EXCHANGE-TRADED FUNDS — 27.1%** |  |
|  | **EQUITY - 27.1%** |  |
| 6441 | Communication Services Select Sector SPDR Fund | 699042 |
| 3175 | Consumer Discretionary Select Sector SPDR Fund | 690023 |
| 13987 | Consumer Staples Select Sector SPDR Fund | 1132527 |
| 21069 | Financial Select Sector SPDR ETF | 1103383 |
| 6507 | Industrial Select Sector SPDR Fund | 959913 |
| 2118 | iShares Core S&P 500 ETF, USD Class | 1315065 |
| 7816 | iShares Cybersecurity and Tech ETF | 415889 |
| 3676 | iShares U.S. Aerospace & Defense ETF | 693441 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL EQUITY ARMOR FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 27.1% (Continued)** | **EXCHANGE-TRADED FUNDS — 27.1% (Continued)** | **EXCHANGE-TRADED FUNDS — 27.1% (Continued)** |  |
|  | **EQUITY - 27.1% (Continued)** | **EQUITY - 27.1% (Continued)** | **EQUITY - 27.1% (Continued)** |  |
| 16714 | Real Estate Select Sector SPDR Fund | Real Estate Select Sector SPDR Fund | Real Estate Select Sector SPDR Fund | $692294 |
| 1993 | SPDR S&P 500 ETF Trust ETF | SPDR S&P 500 ETF Trust ETF | SPDR S&P 500 ETF Trust ETF | 1231374 |
| 7966 | Utilities Select Sector SPDR Fund | Utilities Select Sector SPDR Fund | Utilities Select Sector SPDR Fund | 650504 |
| 720 | Vanguard Information Technology ETF | Vanguard Information Technology ETF | Vanguard Information Technology ETF | 477562 |
| 1420 | Vanguard S&P 500 ETF | Vanguard S&P 500 ETF | Vanguard S&P 500 ETF | 806603 |
|  |  |  |  | 10867620 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $10,227,884)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $10,227,884)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $10,227,884)** | 10867620 |
|  | **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** |  |
|  | **MONEY MARKET FUNDS - 2.1%** | **MONEY MARKET FUNDS - 2.1%** | **MONEY MARKET FUNDS - 2.1%** |  |
| 839028 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $839,028)<sup>(b)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $839,028)<sup>(b)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $839,028)<sup>(b)</sup> | 839028 |
| **Contracts<sup>(c)</sup>** | **Expiration <br> Date** | **Exercise<br> Price** | **Notional<br> Value** |  |
|  | **FUTURE OPTIONS PURCHASED - 11.1%** |  |  |  |
|  | **CALL OPTIONS PURCHASED - 11.1%** | **CALL OPTIONS PURCHASED - 11.1%** |  |  |
| 10 | 07/18/2025 | $100 | $50000 | $3069250 |
| 192 | 07/18/2025 | 6150 | 590040000 | 1363200 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $3,416,675) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $3,416,675) |  | 4432450 |
|  | **PUT OPTIONS PURCHASED - 0.0%<sup>(d)</sup>** | **PUT OPTIONS PURCHASED - 0.0%<sup>(d)</sup>** |  |  |
| 10 | 07/18/2025 | $2100 | $1050000 | $25 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $250) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $250) |  |  |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $3,416,925) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $3,416,925) |  | 4432475 |
|  | **TOTAL INVESTMENTS - 103.3% (Cost $34,357,394)** | **TOTAL INVESTMENTS - 103.3% (Cost $34,357,394)** |  | $41320726 |
|  | **CALL OPTIONS WRITTEN - (5.2)% (Premiums received - $1,873,750)** | **CALL OPTIONS WRITTEN - (5.2)% (Premiums received - $1,873,750)** |  | (2071750) |
|  | **PUT OPTIONS WRITTEN - 0.0% (Premiums received - $125)** | **PUT OPTIONS WRITTEN - 0.0% (Premiums received - $125)** |  | (25) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9%** |  | 770761 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $40019713 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL EQUITY ARMOR FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Counterparty** | **Expiration <br> Date** | **Exercise<br> Price** | **Notional <br> Value** | **Fair Value** |
| | **WRITTEN FUTURE OPTIONS - (5.2)%** | **WRITTEN FUTURE OPTIONS - (5.2)%** | **WRITTEN FUTURE OPTIONS - (5.2)%** | | | |
|  | **CALL OPTIONS WRITTEN - (5.2)%** | **CALL OPTIONS WRITTEN - (5.2)%** | **CALL OPTIONS WRITTEN - (5.2)%** |  |  |  |
| 10 | S&P Emini Future, Maturing July 2025 | WED | 07/18/2025 | $2100 | $1050000 | $2071750 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,873,750) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,873,750) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,873,750) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,873,750) |  |  |
|  | **PUT OPTIONS WRITTEN - 0.0%<sup>(e)</sup>** | **PUT OPTIONS WRITTEN - 0.0%<sup>(e)</sup>** | **PUT OPTIONS WRITTEN - 0.0%<sup>(e)</sup>** | **PUT OPTIONS WRITTEN - 0.0%<sup>(e)</sup>** |  |  |
| 10 | S&P Emini Future, Maturing July 2025 | WED | 07/18/2025 | $100 | $50000 | $25 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $125) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $125) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $125) |  |  |  |
|  | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $1,873,875) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $1,873,875) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $1,873,875) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $1,873,875) |  | $2071775 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(f)</sup>** | **Value and <br> Unrealized<br> Depreciation** |
| 59 | CBOE Volatility Index Future | 07/17/2025 | $1104038 | $(31712) |
| 22 | CBOE Volatility Index Future | 08/21/2025 | 442147 | (4453) |
| 55 | CBOE Volatility Index Future | 09/18/2025 | 1138566 | (30784) |
| 21 | CBOE Volatility Index Future | 10/23/2025 | 443247 | (2145) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(69094) |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(f)</sup>** | **Value and <br> Unrealized<br> Depreciation** |
| 83 | CME E-Mini Standard & Poor's 500 Index Future | 09/22/2025 | $25953063 | $(637176) |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |
| WED | -Wedbush Securities |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(c)</sup> Each contract is equivalent to one futures contract.

<sup>(d)</sup> Percentage rounds to less than 0.1%.

<sup>(e)</sup> Percentage rounds to greater than (0.1%).

<sup>(f)</sup> 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.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL TACTICAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 73.9%** |  |  |  |
|  | **U.S. TREASURY BILLS — 73.9%** |  |  |  |
| 30000000 | United States Treasury Bill<sup>(a)</sup> | 2.8400 | &nbsp;&nbsp;07/03/25 | $29993000 |
| 10000000 | United States Treasury Bill<sup>(a)</sup> | 4.1400 | &nbsp;&nbsp;01/22/26 | 9771439 |
|  |  |  |  | 39764439 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $39,768,269)** |  |  | 39764439 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 9.2%** |  |  |  |
|  | **MONEY MARKET FUNDS - 9.2%** |  |  |  |
| 4972075 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $4,972,075)<sup>(b)</sup> |  |  | 4972075 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Broker/Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional <br> Value** | |
| | **FUTURE OPTIONS PURCHASED - 0.0% <sup>(d)</sup>** | **FUTURE OPTIONS PURCHASED - 0.0% <sup>(d)</sup>** | **FUTURE OPTIONS PURCHASED - 0.0% <sup>(d)</sup>** | | | |
|  | **PUT OPTIONS PURCHASED - 0.0%<sup>(d)</sup>** | **PUT OPTIONS PURCHASED - 0.0%<sup>(d)</sup>** | **PUT OPTIONS PURCHASED - 0.0%<sup>(d)</sup>** | **PUT OPTIONS PURCHASED - 0.0%<sup>(d)</sup>** |  |  |
| 486 | S&P Emini Future, Maturing July 2025 | ADM | 07/07/2025 | $5200 | $126360000 | $1215 |
| 162 | S&P Emini Future, Maturing July 2025 | FCS | 07/07/2025 | 5200 | 42120000 | 405 |
| 1500 | S&P Emini Future, Maturing July 2025 | ADM | 07/02/2025 | 5000 | 375000000 | 3750 |
| 500 | S&P Emini Future, Maturing July 2025 | FCS | 07/02/2025 | 5000 | 125000000 | 1250 |
| 486 | S&P Emini Future, Maturing July 2025 | ADM | 07/09/2025 | 5350 | 130005000 | 6075 |
| 162 | S&P Emini Future, Maturing July 2025 | FCS | 07/09/2025 | 5350 | 43335000 | 2025 |
| 486 | S&P Emini Future, Maturing July 2025 | ADM | 07/11/2025 | 5350 | 130005000 | 12150 |
| 162 | S&P Emini Future, Maturing July 2025 | FCS | 07/11/2025 | 5350 | 43335000 | 4050 |
| 486 | S&P Emini Future, Maturing July 2025 | ADM | 07/08/2025 | 5300 | 128790000 | 3645 |
| 162 | S&P Emini Future, Maturing July 2025 | FCS | 07/08/2025 | 5300 | 42930000 | 1215 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $179,960) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $179,960) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $179,960) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $179,960) |  | 35780 |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $179,960) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $179,960) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $179,960) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $179,960) |  | 35780 |
|  | **TOTAL INVESTMENTS - 83.1% (Cost $44,920,304)** | **TOTAL INVESTMENTS - 83.1% (Cost $44,920,304)** | **TOTAL INVESTMENTS - 83.1% (Cost $44,920,304)** | **TOTAL INVESTMENTS - 83.1% (Cost $44,920,304)** |  | $44772294 |
|  | **PUT OPTIONS WRITTEN – (0.1)% (Premiums received - $272,160)** | **PUT OPTIONS WRITTEN – (0.1)% (Premiums received - $272,160)** | **PUT OPTIONS WRITTEN – (0.1)% (Premiums received - $272,160)** | **PUT OPTIONS WRITTEN – (0.1)% (Premiums received - $272,160)** |  | (48600) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 17.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 17.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 17.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 17.0%** |  | 9109931 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $53833625 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL TACTICAL RETURN FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Counterparty** | **Expiration <br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
| | **WRITTEN FUTURE OPTIONS - 0.1%** | **WRITTEN FUTURE OPTIONS - 0.1%** | **WRITTEN FUTURE OPTIONS - 0.1%** | | | |
|  | **PUT OPTIONS WRITTEN - 0.1%** |  |  |  |  |  |
| 972 | S&P Emini Future, Maturing July 2025 | ADM | 07/07/2025 | $5100 | $247860000 | $2430 |
| 324 | S&P Emini Future, Maturing July 2025 | FCS | 07/07/2025 | 5100 | 82620000 | 810 |
| 972 | S&P Emini Future, Maturing July 2025 | ADM | 07/09/2025 | 5250 | 255150000 | 9720 |
| 324 | S&P Emini Future, Maturing July 2025 | FCS | 07/09/2025 | 5250 | 85050000 | 3240 |
| 972 | S&P Emini Future, Maturing July 2025 | ADM | 07/11/2025 | 5250 | 255150000 | 19440 |
| 324 | S&P Emini Future, Maturing July 2025 | FCS | 07/11/2025 | 5250 | 85050000 | 6480 |
| 972 | S&P Emini Future, Maturing July 2025 | ADM | 07/08/2025 | 5200 | 252720000 | 4860 |
| 324 | S&P Emini Future, Maturing July 2025 | FCS | 07/08/2025 | 5200 | 84240000 | 1620 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $272,160) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $272,160) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $272,160) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $272,160) |  | 48600 |
|  | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $272,160) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $272,160) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $272,160) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $272,160) |  | $48600 |

---

ADM ADM Investor Services, Inc. <br>FCS StoneX Group, Inc.

<sup>(a)</sup> Zero coupon bond. Rate disclosed is the current yield as of June 30, 2025.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(c)</sup> Each contract is equivalent to one futures contract.

<sup>(d)</sup> Percentage rounds to less than 0.1%.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL DYNAMIC BRANDS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 3.4%** |  |
| 9525 | Hermes International - ADR | $2582323 |
|  | **ASSET MANAGEMENT - 16.3%** |  |
| 27100 | Apollo Global Management, Inc. | 3844677 |
| 22000 | Blackstone, Inc. | 3290760 |
| 25500 | Brookfield Corporation | 1577175 |
| 27150 | KKR & Company, Inc. | 3611765 |
|  |  | 12324377 |
|  | **BEVERAGES - 3.8%** |  |
| 40000 | Coca-Cola Company (The) | 2830000 |
|  | **BIOTECH & PHARMA - 2.1%** |  |
| 2050 | Eli Lilly & Company | 1598037 |
|  | **E-COMMERCE DISCRETIONARY - 9.9%** |  |
| 20895 | Amazon.com, Inc.<sup>(a)</sup> | 4584154 |
| 1100 | MercadoLibre, Inc.<sup>(a)</sup> | 2874993 |
|  |  | 7459147 |
|  | **INFRASTRUCTURE REIT - 3.4%** |  |
| 11650 | American Tower Corporation, A | 2574883 |
|  | **INSURANCE - 4.3%** |  |
| 12000 | Progressive Corporation (The) | 3202320 |
|  | **INTERNET MEDIA & SERVICES - 18.7%** |  |
| 5075 | Meta Platforms, Inc., Class A | 3745807 |
| 2905 | Netflix, Inc.<sup>(a)</sup> | 3890172 |
| 4925 | Spotify Technology S.A.<sup>(a)</sup> | 3779150 |
| 29000 | Uber Technologies, Inc.<sup>(a)</sup> | 2705700 |
|  |  | 14120829 |
|  | **LEISURE FACILITIES & SERVICES - 4.7%** |  |
| 23450 | Live Nation Entertainment, Inc.<sup>(a)</sup> | 3547516 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL DYNAMIC BRANDS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **RETAIL - CONSUMER STAPLES - 9.4%** |  |
| 3644 | Costco Wholesale Corporation | $3607341 |
| 35200 | Walmart, Inc. | 3441856 |
|  |  | 7049197 |
|  | **RETAIL - DISCRETIONARY - 6.8%** |  |
| 19125 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 1723736 |
| 27500 | TJX Companies, Inc. (The) | 3395975 |
|  |  | 5119711 |
|  | **SOFTWARE - 7.5%** |  |
| 750 | HubSpot, Inc.<sup>(a)</sup> | 417473 |
| 8472 | Microsoft Corporation | 4214057 |
| 1000 | ServiceNow, Inc.<sup>(a)</sup> | 1028080 |
|  |  | 5659610 |
|  | **TECHNOLOGY HARDWARE - 3.0%** |  |
| 10885 | Apple, Inc. | 2233275 |
|  | **TECHNOLOGY SERVICES - 2.8%** |  |
| 6000 | Visa, Inc., Class A | 2130300 |
|  | **TELECOMMUNICATIONS - 2.7%** |  |
| 8500 | T-Mobile US, Inc. | 2025210 |
|  | **TOTAL COMMON STOCKS (Cost $51,888,401)** | 74456735 |
|  | **SHORT-TERM INVESTMENTS — 0.6%** |  |
|  | **MONEY MARKET FUNDS - 0.6%** |  |
| 420062 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $420,062)<sup>(b)</sup> | 420062 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $52,308,463)** | $74876797 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 361389 |
|  | **NET ASSETS - 100.0%** | $75238186 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |

---

<sup>(a)</sup> Non-income producing security. <br><sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL STRATEGIC ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 76.3%** |  |
|  | **ALTERNATIVE - 4.2%** |  |
| 20991 | AQR Long-Short Equity Fund, Class N | $384560 |
|  | **OPEN-END FUNDS - 72.1%** |  |
| 664308 | Catalyst Systematic Alpha Fund, Class I<sup>(a)</sup> | 6326872 |
| 23833 | Catalyst/CIFC Senior Secured Income Fund, Class I<sup>(a)</sup> | 219982 |
| 2688 | Rational/Pier 88 Convertible Securities Fund, Institutional Class<sup>(a)</sup> | 29651 |
|  |  | 6576505 |
|  | **TOTAL OPEN END FUNDS (Cost $8,443,338)** | 6961065 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | |
|  | **U.S. GOVERNMENT & AGENCIES — 6.6%** |  |  |  |
|  | **U.S. TREASURY BILLS — 6.6%** |  |  |  |
| 600000 | United States Treasury Bill<sup>(b),(c)</sup> | 4.2800 | &nbsp;&nbsp;09/04/25 | 595388 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $595,971)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $595,971)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $595,971)** | 595389 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 1.4%** |  |  |  |
|  | **MONEY MARKET FUNDS - 1.4%** |  |  |  |
| 131419 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $131,419)<sup>(d)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $131,419)<sup>(d)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $131,419)<sup>(d)</sup> | 131419 |
|  | **TOTAL INVESTMENTS - 84.3% (Cost $9,170,728)** | **TOTAL INVESTMENTS - 84.3% (Cost $9,170,728)** | **TOTAL INVESTMENTS - 84.3% (Cost $9,170,728)** | $7687873 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 15.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 15.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 15.7%** | 1432150 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $9120023 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(e)</sup>** | **Value and<br> Unrealized<br> Appreciation** |
| 29 | CME E-Mini Standard & Poor's 500 Index Future | 09/22/2025 | $9067938 | $317868 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

<sup>(a)</sup> Affiliated Company.

<sup>(b)</sup> Zero coupon bond. Rate disclosed is the current yield as of June 30, 2025.

<sup>(c)</sup> As of June 30, 2025 a portion is held as collateral for futures with a market value of $595,388.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(e)</sup> 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.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RETURN STACKED BALANCED ALLOCATION & SYSTEMATIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 54.9%** |  |
|  | **EQUITY - 54.9%** |  |
| 34972 | iShares Core S&P 500 ETF, USD Class | $21714115 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $19,387,132)** | 21714115 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon Rate <br> (%)** | **Maturity** | |
|  | **U.S. GOVERNMENT & AGENCIES — 2.5%** |  |  |  |
|  | **U.S. TREASURY BILLS — 2.5%** |  |  |  |
| 1000000 | United States Treasury Bill<sup>(a)</sup> | 4.0800 | &nbsp;&nbsp;07/29/25 | 996767 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $996,622)** |  |  | 996767 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 30.2%** |  |  |  |
|  | **MONEY MARKET FUNDS - 30.2%** |  |  |  |
| 11944051 | First American US Treasury Money Market Fund, Class Z, 4.11% (Cost $11,944,051)<sup>(b)</sup> |  |  | 11944051 |
|  | **TOTAL INVESTMENTS - 87.6% (Cost $32,327,805)** |  |  | $34654933 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 12.4%** |  |  | 4906797 |
|  | **NET ASSETS - 100.0%** |  |  | $39561730 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(c)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 99 | CBOT 10 Year US Treasury Note Future | 09/22/2025 | $11100376 | $132063 |
| 23 | CBOT 2 Year US Treasury Note Future | 10/01/2025 | 4784539 | 19094 |
| 201 | CBOT 5 Year US Treasury Note Future | 10/01/2025 | 21909001 | 203742 |
| 24 | CBOT Soybean Oil Future<sup>(d)</sup> | 12/15/2025 | 759600 | (34206) |
| 10 | CBOT Soybean Oil Future<sup>(d)</sup> | 01/15/2026 | 317400 | (14214) |
| 51 | CBOT US Treasure Bond Futures | 09/22/2025 | 5888906 | 278890 |
| 17 | CBOT Wheat Future<sup>(d)</sup> | 09/15/2025 | 457513 | (6950) |
| 4 | CBOT Wheat Future<sup>(d)</sup> | 12/15/2025 | 112000 | (1663) |
| 28 | CME British Pound Currency Future | 09/16/2025 | 2401875 | (837) |
| 78 | CME Canadian Dollar Currency Future | 09/17/2025 | 5747040 | 28620 |
| 4 | CME E-Mini Standard & Poor's 500 Index Future | 09/22/2025 | 1250750 | 1462 |
| 25 | CME Euro Foreign Exchange Currency Future | 09/16/2025 | 3698750 | 22337 |
| 3 | CME Nikkei 225 Index Future | 09/12/2025 | 605925 | (1175) |
| 5 | COMEX Silver Future<sup>(d)</sup> | 09/29/2025 | 904300 | (17350) |
| 5 | Eurex 30 Year Euro BUXL Future | 09/09/2025 | 699293 | (5861) |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RETURN STACKED BALANCED ALLOCATION & SYSTEMATIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of <br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(c)</sup>** | **Value and <br> Unrealized <br> Appreciation<br> (Depreciation)** |
| 64 | Eurex 5 Year Euro BOBL Future | 09/09/2025 | $8871048 | $(9636) |
| 31 | Eurex EURO STOXX 50 Future | 09/22/2025 | 1945077 | 15882 |
| 6 | FTSE/MIB Index Future | 09/22/2025 | 1408198 | 14100 |
| 11 | HKG Hang Seng Index Future | 07/31/2025 | 1687423 | (8911) |
| 1 | ICE Brent Crude Oil Future<sup>(d)</sup> | 08/01/2025 | 66740 | 120 |
| 24 | ICE Gas Oil Future<sup>(d)</sup> | 08/13/2025 | 1586400 | (139500) |
| 4 | Long Gilt Future | 09/29/2025 | 510761 | 439 |
| 6 | MEFF Madrid IBEX 35 Index Future | 07/21/2025 | 983802 | 4997 |
| 21 | Montreal Exchange 10 Year Canadian Bond Future | 09/19/2025 | 1880905 | 2684 |
| 13 | Montreal Exchange S&P/TSX 60 Index Future | 09/19/2025 | 3054085 | 24227 |
| 6 | NYBOT CSC C Coffee Future<sup>(d)</sup> | 09/19/2025 | 675225 | (55950) |
| 1 | NYBOT CSC C Coffee Future<sup>(d)</sup> | 12/19/2025 | 110475 | (18113) |
| 11 | NYBOT CSC Cocoa Future<sup>(d)</sup> | 09/16/2025 | 990000 | (32030) |
| 1 | NYBOT CSC Cocoa Future<sup>(d)</sup> | 12/16/2025 | 82990 | (1250) |
| 27 | NYMEX Light Sweet Crude Oil Future<sup>(d)</sup> | 07/23/2025 | 1757970 | (196720) |
| 11 | NYMEX NY Harbor ULSD Futures<sup>(d)</sup> | 08/01/2025 | 1051651 | 6326 |
| 2 | NYMEX Reformulated Gasoline Blendstock for Oxygen Blending RBOB Futures<sup>(d)</sup> | 08/01/2025 | 174056 | (278) |
| 4 | SFE S&P ASX Share Price Index 200 Future | 09/19/2025 | 561867 | 353 |
| 23 | TSE TOPIX (Tokyo Price Index) Future | 09/12/2025 | 4559917 | 66067 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $276759 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(c)</sup>** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 11 | CBOT Corn Future<sup>(d)</sup> | 03/16/2026 | $242550 | $6613 |
| 47 | CBOT Corn Future<sup>(d)</sup> | 12/15/2025 | 999925 | 30725 |
| 7 | CBOT Soybean Future<sup>(d)</sup> | 01/15/2026 | 364788 | 2862 |
| 31 | CBOT Soybean Future<sup>(d)</sup> | 11/17/2025 | 1591850 | 13475 |
| 15 | CBOT Soybean Meal Future<sup>(d)</sup> | 03/16/2026 | 447750 | (2580) |
| 64 | CBOT Soybean Meal Future<sup>(d)</sup> | 12/15/2025 | 1851520 | (5230) |
| 75 | CME Australian Dollar Currency Future | 09/16/2025 | 4942125 | (50265) |
| 1 | CME E-Mini NASDAQ 100 Index Future | 09/22/2025 | 457865 | (3840) |
| 5 | CME E-mini Russell 2000 Index Futures | 09/22/2025 | 547925 | (2125) |
| 13 | CME Japanese Yen Currency Future | 09/16/2025 | 1136606 | (1006) |
| 11 | CME New Zealand Dollar Currency Future | 09/16/2025 | 672155 | (2025) |
| 46 | CME Swiss Franc Currency Future | 09/16/2025 | 7317738 | (98362) |
| 2 | COMEX Copper Future<sup>(d)</sup> | 09/29/2025 | 254125 | (10275) |
| 3 | COMEX Gold 100 Troy Ounces Future<sup>(d)</sup> | 08/28/2025 | 992310 | (5950) |
| 21 | Eurex 10 Year Euro BUND Future | 09/09/2025 | 3219258 | 19334 |
| 9 | Euronext CAC 40 Index Future | 07/21/2025 | 813074 | (209) |
| 362 | Euronext Milling Wheat Future<sup>(d)</sup> | 09/11/2025 | 4157244 | 72266 |
| 1 | FTSE 100 Index Future | 09/22/2025 | 120642 | 432 |
| 59 | KCBT Hard Red Winter Wheat Future<sup>(d)</sup> | 09/15/2025 | 1553913 | 133987 |
| 14 | KCBT Hard Red Winter Wheat Future<sup>(d)</sup> | 12/15/2025 | 385000 | 37788 |
| 128 | NYBOT CSC Number 11 World Sugar Future<sup>(d)</sup> | 10/01/2025 | 2322432 | 48026 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RETURN STACKED BALANCED ALLOCATION & SYSTEMATIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of <br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional <br> Amount<sup>(c)</sup>** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 17 | NYBOT CTN Number 2 Cotton Future<sup>(d)</sup> | 03/10/2026 | $590410 | $(1760) |
| 40 | NYBOT CTN Number 2 Cotton Future<sup>(d)</sup> | 12/09/2025 | 1362600 | (800) |
| 41 | NYMEX Henry Hub Natural Gas Futures<sup>(d)</sup> | 07/30/2025 | 1416960 | 159600 |
| 2 | NYMEX Platinum Future<sup>(d)</sup> | 10/30/2025 | 134300 | 575 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $341256 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Zero coupon bond. Rate disclosed is the current yield as of June 30, 2025.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(c)</sup> 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.

<sup>(d)</sup> All or a portion of this investment is a holding of the RDMF Fund Ltd.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 16.5%** |  |  |  |
|  | **AEROSPACE & DEFENSE - 2.1%** |  |  |  |
| 2800 | TransDigm Group, Inc. |  |  | $4257792 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.0%** |  |  |  |
| 14600 | Tradeweb Markets, Inc., Class A |  |  | 2137440 |
|  | **INTERNET MEDIA & SERVICES - 6.9%** |  |  |  |
| 1600 | Booking Holdings, Inc. |  |  | 9262784 |
| 6600 | Meta Platforms, Inc., Class A |  |  | 4871394 |
|  |  |  |  | 14134178 |
|  | **SOFTWARE - 6.5%** |  |  |  |
| 14000 | CyberArk Software Ltd.<sup>(a)</sup> |  |  | 5696320 |
| 4000 | ServiceNow, Inc.<sup>(a)</sup> |  |  | 4112320 |
| 12500 | Veeva Systems, Inc., Class A<sup>(a)</sup> |  |  | 3599750 |
|  |  |  |  | 13408390 |
|  | **TOTAL COMMON STOCKS (Cost $28,700,833)** |  |  | 33937800 |
|  |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **PREFERRED STOCKS — 22.2%** |  |  |  |
|  | **ASSET MANAGEMENT — 11.2%** |  |  |  |
| 115800 | Apollo Global Management, Inc. | 6.7500 | &nbsp;&nbsp;07/31/26 | 8667630 |
| 116100 | Ares Management Corporation | 6.7500 | &nbsp;&nbsp;10/01/27 | 6153300 |
| 152200 | KKR & Company, Inc. | 6.2500 | &nbsp;&nbsp;03/01/28 | 8157920 |
|  |  |  |  | 22978850 |
|  | **BANKING — 9.4%** |  |  |  |
| 8048 | Bank of America Corporation | 7.2500 | &nbsp;&nbsp;Perpetual | 9762224 |
| 8200 | Wells Fargo & Company - Series L | 7.5000 | &nbsp;&nbsp;Perpetual | 9627866 |
|  |  |  |  | 19390090 |
|  | **ELECTRIC UTILITIES — 1.6%** |  |  |  |
| 74400 | NextEra Energy, Inc. | 7.2340 | &nbsp;&nbsp;11/01/2027 | 3292200 |
|  | **TOTAL PREFERRED STOCKS (Cost $43,627,933)** |  |  | 45661140 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
|  | **CONVERTIBLE BONDS — 58.6%** |  |  |  |
|  | **AUTOMOTIVE — 1.0%** |  |  |  |
| 2110000 | Ford Motor Company<sup>(b)</sup> |  | &nbsp;&nbsp;03/15/26 | $2084680 |
|  | **E-COMMERCE DISCRETIONARY — 3.3%** |  |  |  |
| 8040000 | Etsy, Inc. | 0.2500 | &nbsp;&nbsp;06/15/28 | 6890280 |
|  | **ELECTRIC UTILITIES — 7.3%** |  |  |  |
| 6930000 | Alliant Energy Corporation | 3.8750 | &nbsp;&nbsp;03/15/26 | 7117110 |
| 7260000 | PPL Capital Funding, Inc. | 2.8750 | &nbsp;&nbsp;03/15/28 | 7841183 |
|  |  |  |  | 14958293 |
|  | **GAS & WATER UTILITIES — 3.4%** |  |  |  |
| 7020000 | American Water Capital Corporation | 3.6250 | &nbsp;&nbsp;06/15/26 | 7047378 |
|  | **HOME CONSTRUCTION — 1.0%** |  |  |  |
| 2112000 | Meritage Homes Corporation | 1.7500 | &nbsp;&nbsp;05/15/28 | 2044891 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.8%** |  |  |  |
| 2820000 | Coinbase Global, Inc. | 0.2500 | &nbsp;&nbsp;04/01/30 | 3681510 |
|  | **INTERNET MEDIA & SERVICES — 5.1%** |  |  |  |
| 7339000 | Uber Technologies, Inc. | 0.8750 | &nbsp;&nbsp;12/01/28 | 10469083 |
|  | **LEISURE FACILITIES & SERVICES — 3.8%** |  |  |  |
| 8650000 | DraftKings, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;03/15/28 | 7737425 |
|  | **MEDICAL EQUIPMENT & DEVICES — 4.4%** |  |  |  |
| 9150000 | Dexcom, Inc. | 0.2500 | &nbsp;&nbsp;11/15/25 | 8976150 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 11.8%** |  |  |  |
| 4459000 | Digital Realty Trust, L.P.<sup>(c)</sup> | 1.8750 | &nbsp;&nbsp;11/15/29 | 4688193 |
| 6350000 | Kite Realty Group, L.P.<sup>(c)</sup> | 0.7500 | &nbsp;&nbsp;04/01/27 | 6556420 |
| 5030000 | Ventas Realty, L.P. | 3.7500 | &nbsp;&nbsp;06/01/26 | 6013365 |
| 4360000 | Welltower OP, LLC<sup>(c)</sup> | 2.7500 | &nbsp;&nbsp;05/15/28 | 7098080 |
|  |  |  |  | 24356058 |

---

See accompanying notes which are an integral part of these financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND** | **RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND** | **RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND** | **RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND** | **RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CONVERTIBLE BONDS — 58.6% (Continued)** |  |  |  |
|  | **SOFTWARE — 9.2%** |  |  |  |
| 5193000 | Nutanix, Inc.<sup>(c)</sup> | 0.5000 | &nbsp;&nbsp;12/15/29 | $5884680 |
| 7402000 | Okta, Inc. | 0.3750 | &nbsp;&nbsp;06/15/26 | 7061508 |
| 2211000 | PROS Holdings, Inc. | 2.2500 | &nbsp;&nbsp;09/15/27 | 2073918 |
| 3320000 | Tyler Technologies, Inc. | 0.2500 | &nbsp;&nbsp;03/15/26 | 4080280 |
|  |  |  |  | 19100386 |
|  | **TECHNOLOGY SERVICES — 6.5%** |  |  |  |
| 6667000 | Global Payments, Inc. | 1.5000 | &nbsp;&nbsp;03/01/31 | 5953631 |
| 7006000 | Shift4 Payments, Inc. | 0.5000 | &nbsp;&nbsp;08/01/27 | 7496420 |
|  |  |  |  | 13450051 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $115,480,884)** | **TOTAL CONVERTIBLE BONDS (Cost $115,480,884)** | **TOTAL CONVERTIBLE BONDS (Cost $115,480,884)** | 120796185 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 1.5%** |  |  |  |
|  | **MONEY MARKET FUNDS - 1.5%** |  |  |  |
| 3191107 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $3,191,107)<sup>(d)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $3,191,107)<sup>(d)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $3,191,107)<sup>(d)</sup> | 3191107 |
|  | **TOTAL INVESTMENTS - 98.8% (Cost $191,000,757)** | **TOTAL INVESTMENTS - 98.8% (Cost $191,000,757)** | **TOTAL INVESTMENTS - 98.8% (Cost $191,000,757)** | $203586232 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%** | 2457414 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $206043646 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| LTD | - Limited Company |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Zero coupon bond.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025 the total market value of 144A securities is $24,227,373 or 11.8% of net assets.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **PREFERRED STOCKS — 0.8%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 0.8%** |  |  |  |  |
| 30 | Eaton Vance Ltd. Duration Income Fund Series A<sup>(a)</sup> |  | 6.9220 | &nbsp;&nbsp;Perpetual | $645000 |
| 12 | Eaton Vance Ltd. Duration Income Fund Series B<sup>(a)</sup> |  | 6.9220 | &nbsp;&nbsp;Perpetual | 258000 |
| 61 | Eaton Vance Ltd. Duration Income Fund Series C<sup>(a)</sup> |  | 6.9220 | &nbsp;&nbsp;Perpetual | 1311500 |
| 29 | Eaton Vance Ltd. Duration Income Fund Series D<sup>(a)</sup> |  | 6.9220 | &nbsp;&nbsp;Perpetual | 623500 |
| 24 | Eaton Vance Ltd. Duration Income Fund Series E<sup>(a)</sup> |  | 6.9220 | &nbsp;&nbsp;Perpetual | 516000 |
| 88 | Eaton Vance Senior Floating-Rate Trust Series A<sup>(a)</sup> |  | 6.9220 | &nbsp;&nbsp;Perpetual | 1892000 |
| 46 | Eaton Vance Senior Floating-Rate Trust Series B<sup>(a)</sup> |  | 6.9220 | &nbsp;&nbsp;Perpetual | 989000 |
| 136 | Eaton Vance Senior Floating-Rate Trust Series C<sup>(a)</sup> |  | 6.9220 | &nbsp;&nbsp;Perpetual | 2924000 |
| 18 | Eaton Vance Senior Floating-Rate Trust Series D |  | 6.9220 | &nbsp;&nbsp;Perpetual | 387000 |
|  |  |  |  |  | 9546000 |
|  | **TOTAL PREFERRED STOCKS (Cost $9,552,875)** |  |  |  | 9546000 |
| **Principal<br> Amount ($)** |  | **Spread** |  |  |  |
|  | **ASSET BACKED SECURITIES — 77.4%** |  |  |  |  |
|  | **AGENCY MORTGAGE BACKED SECURITIES — 0.1%** |  |  |  |  |
| 217454 | Fannie Mae Interest Strip Series 362 2<sup>(b)</sup> |  | 4.5000 | &nbsp;&nbsp;08/25/35 | 27025 |
| 168359 | Fannie Mae REMICS Series 2010-55 SH<sup>(b),(c)</sup> | -(SOFR30A + 0.114%) + 6.500% | 2.0800 | &nbsp;&nbsp;05/25/40 | 3635 |
| 259471 | Fannie Mae REMICS Series 2018-95 SA<sup>(b),(c)</sup> | -(SOFR30A + 0.114%) + 6.150% | 1.7300 | &nbsp;&nbsp;01/25/49 | 24843 |
| 239440 | Freddie Mac REMICS Series 3753 SB<sup>(b),(c)</sup> | -(SOFR30A + 0.114%) + 6.000% | 1.5820 | &nbsp;&nbsp;11/15/40 | 23336 |
| 231209 | Freddie Mac Strips Series 365 257<sup>(b),(d)</sup> |  | 4.5000 | &nbsp;&nbsp;05/15/49 | 43617 |
| 28525792 | Ginnie Mae Strip Series 3 23<sup>(b)</sup> |  | 1.4000 | &nbsp;&nbsp;09/16/45 | 1634756 |
| 3286 | Government National Mortgage Association Series 2012-104 DI<sup>(a),(b),(e)</sup> |  | 4.0000 | &nbsp;&nbsp;09/16/25 | 3 |
| 113293 | Government National Mortgage Association Series 2003-12 S<sup>(b),(c)</sup> | -(TSFR1M + 0.114%) + 7.550% | 3.1180 | &nbsp;&nbsp;02/20/33 | 10691 |
| 106511 | Government National Mortgage Association Series 2011-71 SG<sup>(b),(c)</sup> | -(TSFR1M + 0.114%) + 5.400% | 0.9680 | &nbsp;&nbsp;05/20/41 | 9877 |
| 128095 | Government National Mortgage Association Series 2011-89 SA<sup>(b),(c)</sup> | -(TSFR1M + 0.114%) + 5.450% | 1.0180 | &nbsp;&nbsp;06/20/41 | 11705 |
| 1217938 | Government National Mortgage Association Series 2013-43 IO<sup>(b),(d)</sup> |  | 0.0230 | &nbsp;&nbsp;08/16/48 | 264 |
|  |  |  |  |  | 1789752 |
|  | **AUTO LOAN — 0.2%** |  |  |  |  |
| 2523399 | CAL Receivables, LLC Series 2022-1 B<sup>(c),(f)</sup> | SOFR30A + 4.350% | 8.6540 | &nbsp;&nbsp;10/15/26 | 2518809 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **CDO — 0.1%** |  |  |  |  |
| 2403950 | Kodiak CDO II Ltd. Series 2A B1<sup>(a),(c),(f)</sup> | TSFR3M + 1.162% | 5.4600 | &nbsp;&nbsp;11/07/42 | $1664735 |
|  | **CDO — 1.1%** |  |  |  |  |
| 2800000 | Attentus CDO III Ltd. Series 3A D<sup>(a),(c),(f)</sup> | TSFR3M + 1.912% | 6.1410 | &nbsp;&nbsp;10/11/42 | 595658 |
| 2967458 | Nomura CRE CDO Ltd. Series 2007-2A D<sup>(c),(f)</sup> | TSFR3M + 0.712% | 5.0331 | &nbsp;&nbsp;05/21/42 |  |
| 7933477 | Taberna Preferred Funding I Ltd. Series 1A A2<sup>(a),(c),(f)</sup> | TSFR3M + 0.962% | 5.2460 | &nbsp;&nbsp;07/05/35 | 5859921 |
| 4000000 | Taberna Preferred Funding I Ltd. Series 1A B2<sup>(a),(c),(f)</sup> | TSFR3M + 1.362% | 5.6460 | &nbsp;&nbsp;07/05/35 | 1730000 |
| 2000000 | Taberna Preferred Funding II Ltd. Series 2005-2A A2<sup>(a),(c),(f)</sup> | TSFR3M + 0.912% | 5.1720 | &nbsp;&nbsp;11/05/35 | 1259330 |
| 5950000 | Taberna Preferred Funding IV Ltd. Series 4A B1<sup>(a),(c),(f)</sup> | TSFR3M + 1.062% | 5.3600 | &nbsp;&nbsp;05/05/36 | 823325 |
| 4622600 | Taberna Preferred Funding V Ltd. Series 5A A1B<sup>(a),(c),(f)</sup> | TSFR3M + 0.762% | 5.0600 | &nbsp;&nbsp;08/05/36 | 2320286 |
| 352328 | Wachovia Repackaged Asset Participating Securities Series 2003-1A A<sup>(c),(f)</sup> | PRIME + 0.550% | 5.4040 | &nbsp;&nbsp;02/08/35 | 280981 |
| 538727 | Wachovia Repackaged Asset Participating Securities Series 2003-1A B<sup>(c),(f)</sup> | PRIME + 0.550% | 5.4040 | &nbsp;&nbsp;02/08/35 | 374954 |
|  |  |  |  |  | 13244455 |
|  | **NON AGENCY CMBS — 32.3%** |  |  |  |  |
| 12868174 | BAMLL Re-REMIC Trust Series 2016-GG10 AJA<sup>(d),(f)</sup> |  | 5.8180 | &nbsp;&nbsp;08/10/45 | 2319698 |
| 267430 | Banc of America Commercial Mortgage Trust Series 2006-4 C<sup>(d)</sup> |  | 5.7540 | &nbsp;&nbsp;07/10/46 | 258388 |
| 163944 | Bayview Commercial Asset Trust Series 2005-2A A2<sup>(c),(f)</sup> | TSFR1M + 0.639% | 4.9590 | &nbsp;&nbsp;08/25/35 | 160583 |
| 81972 | Bayview Commercial Asset Trust Series 2005-2A M1<sup>(c),(f)</sup> | TSFR1M + 0.759% | 5.0790 | &nbsp;&nbsp;08/25/35 | 79922 |
| 167018 | Bayview Commercial Asset Trust Series 2005-2A B1<sup>(c),(f)</sup> | TSFR1M + 1.839% | 6.1590 | &nbsp;&nbsp;08/25/35 | 170683 |
| 165058 | Bayview Commercial Asset Trust Series 2005-3A M5<sup>(c),(f)</sup> | TSFR1M + 1.074% | 5.3990 | &nbsp;&nbsp;11/25/35 | 165825 |
| 200428 | Bayview Commercial Asset Trust Series 2005-3A B1<sup>(c),(f)</sup> | TSFR1M + 1.764% | 6.0890 | &nbsp;&nbsp;11/25/35 | 224069 |
| 880837 | Bayview Commercial Asset Trust Series 2005-3A B2<sup>(c),(f)</sup> | TSFR1M + 2.559% | 6.8840 | &nbsp;&nbsp;11/25/35 | 1017303 |
| 544236 | Bayview Commercial Asset Trust Series 2005-3A B3<sup>(c),(f)</sup> | TSFR1M + 4.614% | 8.9390 | &nbsp;&nbsp;11/25/35 | 636800 |
| 3000000 | Bayview Commercial Asset Trust Series 2005-4A B2<sup>(c),(f),(g)</sup> | SOFRRATE + 3.714% | 0.0000 | &nbsp;&nbsp;01/25/36 | 645125 |
| 315120 | Bayview Commercial Asset Trust Series 2006-1A M3<sup>(c),(f)</sup> | TSFR1M + 0.744% | 5.0640 | &nbsp;&nbsp;04/25/36 | 290951 |
| 481188 | Bayview Commercial Asset Trust Series 2006-1A M5<sup>(c),(f)</sup> | TSFR1M + 9.545% | 5.2740 | &nbsp;&nbsp;04/25/36 | 444653 |
| 514159 | Bayview Commercial Asset Trust Series 2006-1A M6<sup>(c),(f)</sup> | TSFR1M + 1.074% | 5.3940 | &nbsp;&nbsp;04/25/36 | 475709 |
| 571731 | Bayview Commercial Asset Trust Series 2006-1A B1<sup>(c),(f)</sup> | TSFR1M + 1.689% | 6.0090 | &nbsp;&nbsp;04/25/36 | 538707 |
| 87496 | Bayview Commercial Asset Trust Series 2006-2A B1<sup>(c),(f)</sup> | TSFR1M + 1.419% | 5.7390 | &nbsp;&nbsp;07/25/36 | 83116 |
| 48091 | Bayview Commercial Asset Trust Series 2006-2A B2<sup>(c),(f)</sup> | TSFR1M + 2.319% | 6.6390 | &nbsp;&nbsp;07/25/36 | 774477 |
| 138963 | Bayview Commercial Asset Trust Series 2006-4<sup>(c),(f)</sup> | TSFR1M + 0.459% | 4.7790 | &nbsp;&nbsp;12/25/36 | 133521 |
| 514018 | Bayview Commercial Asset Trust Series 2006-SP2 M5<sup>(c),(f)</sup> | TSFR1M + 0.849% | 5.1690 | &nbsp;&nbsp;01/25/37 | 477209 |
| 602019 | Bayview Commercial Asset Trust Series 2006-SP2 M6<sup>(c),(f)</sup> | TSFR1M + 0.954% | 5.2740 | &nbsp;&nbsp;01/25/37 | 641668 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| 1785906 Bayview Commercial Asset Trust Series 2007-2A M1<sup>(c),(f)</sup> | TSFR1M + 0.669% | 4.9890 | &nbsp;&nbsp;07/25/37 | $1698692 |
| 1231070 Bayview Commercial Asset Trust Series 2007-2A M2<sup>(c),(f)</sup> | TSFR1M + 0.729% | 5.0490 | &nbsp;&nbsp;07/25/37 | 1164294 |
| 1039688 Bayview Commercial Asset Trust Series 2007-3 M5<sup>(c),(f)</sup> | TSFR1M + 1.014% | 5.3340 | &nbsp;&nbsp;07/25/37 | 1140930 |
| 5863911 BB-UBS Trust Series 2012-TFT B<sup>(d),(f)</sup> |  | 3.6240 | &nbsp;&nbsp;06/05/30 | 5755051 |
| 162723 Bear Stearns Asset Backed Securities Trust Series 2003-3 M1<sup>(c)</sup> | TSFR1M + 1.344% | 5.6640 | &nbsp;&nbsp;06/25/43 | 169868 |
| 217508 Bear Stearns Commercial Mortgage Securities Trust Series 2007-T26 AJ<sup>(d)</sup> |  | 5.5660 | &nbsp;&nbsp;01/12/45 | 214629 |
| 878000 BWAY Mortgage Trust Series 2013-1515 C<sup>(f)</sup> |  | 3.4460 | &nbsp;&nbsp;03/10/33 | 802911 |
| 3064623 BXP Trust Series 2017-CQHP A<sup>(c),(f)</sup> | TSFR1M + 0.897% | 5.2090 | &nbsp;&nbsp;11/15/34 | 2944066 |
| 1442491 CD Mortgage Trust Series 2007-CD5 G<sup>(d),(f)</sup> |  | 6.5820 | &nbsp;&nbsp;11/15/44 | 1435617 |
| 3621087 CD Mortgage Trust Series 2017-CD5 XA<sup>(b),(d)</sup> |  | 0.9130 | &nbsp;&nbsp;08/15/50 | 43590 |
| 9685000 CFCRE Commercial Mortgage Trust Series 2011-C2 E<sup>(d),(f)</sup> |  | 5.0800 | &nbsp;&nbsp;12/15/47 | 9201781 |
| 326800 CFCRE Commercial Mortgage Trust Series 2011-C2 D<sup>(d),(f)</sup> |  | 5.0800 | &nbsp;&nbsp;12/15/47 | 315273 |
| 2190000 CFCRE Commercial Mortgage Trust Series 2011-C2 F<sup>(d),(f)</sup> |  | 5.0800 | &nbsp;&nbsp;12/15/47 | 1860854 |
| 10638718 CG-CCRE Commercial Mortgage Trust Series 2014-FL1 B<sup>(c),(f)</sup> | TSFR1M + 1.264% | 5.5760 | &nbsp;&nbsp;06/15/31 | 10099054 |
| 422000 Citigroup Commercial Mortgage Trust Series 2012-GC8 D<sup>(d),(f)</sup> |  | 5.2950 | &nbsp;&nbsp;09/10/45 | 249524 |
| 2375317 COMM Mortgage Trust Series 2012-LC4 C<sup>(d)</sup> |  | 5.6900 | &nbsp;&nbsp;12/10/44 | 2306456 |
| 6285347 COMM Mortgage Trust Series 2012-CCRE1 D<sup>(d),(f)</sup> |  | 5.2740 | &nbsp;&nbsp;05/15/45 | 5705928 |
| 4391437 COMM Mortgage Trust Series 2013-CCRE9 E<sup>(d),(f)</sup> |  | 4.6210 | &nbsp;&nbsp;07/10/45 | 4272900 |
| 4074007 COMM Mortgage Trust Series 2012-CCRE3 B<sup>(f)</sup> |  | 3.9220 | &nbsp;&nbsp;10/15/45 | 3715050 |
| 4000000 COMM Mortgage Trust Series 2012-CCRE3 C<sup>(d),(f)</sup> |  | 4.2910 | &nbsp;&nbsp;10/15/45 | 3659960 |
| 5541000 COMM Mortgage Trust Series 2013-LC6 E<sup>(f)</sup> |  | 3.5000 | &nbsp;&nbsp;01/10/46 | 5094301 |
| 102394 COMM Mortgage Trust Series 2013-LC6 D<sup>(d),(f)</sup> |  | 3.8600 | &nbsp;&nbsp;01/10/46 | 98475 |
| 3128200 COMM Mortgage Trust Series 2013-CCRE6 C<sup>(d),(f)</sup> |  | 3.7770 | &nbsp;&nbsp;03/10/46 | 2967876 |
| 4294500 COMM Mortgage Trust Series 2013-CCRE6 D<sup>(d),(f)</sup> |  | 4.0000 | &nbsp;&nbsp;03/10/46 | 3686437 |
| 6433960 COMM Mortgage Trust Series 2013-CCRE7 D<sup>(d),(f)</sup> |  | 4.3850 | &nbsp;&nbsp;03/10/46 | 5934280 |
| 4891539 COMM Mortgage Trust Series 2010-C1 D<sup>(d),(f)</sup> |  | 5.9850 | &nbsp;&nbsp;07/10/46 | 4765459 |
| 81238 COMM Mortgage Trust Series 2014-CR14 B<sup>(d)</sup> |  | 3.7930 | &nbsp;&nbsp;02/10/47 | 78231 |
| 1380000 COMM Mortgage Trust Series 2014-CR14 C<sup>(d)</sup> |  | 3.7930 | &nbsp;&nbsp;02/10/47 | 1299498 |
| 610000 COMM Mortgage Trust Series 2014-CCRE17 C<sup>(d)</sup> |  | 4.9410 | &nbsp;&nbsp;05/10/47 | 588825 |
| 10384991 COMM Mortgage Trust Series 2014-CCRE18 E<sup>(f)</sup> |  | 3.6000 | &nbsp;&nbsp;07/15/47 | 9762586 |
| 2156993 COMM Mortgage Trust Series 2015-CCRE23 D<sup>(d)</sup> |  | 4.3650 | &nbsp;&nbsp;05/10/48 | 2089155 |
| 15291800 Commercial Mortgage Pass Through Certificates Series 2012-LTRT A2<sup>(f)</sup> |  | 3.4000 | &nbsp;&nbsp;10/05/30 | 14860904 |
| 1880000 Commercial Mortgage Pass Through Certificates Series 2012-LTRT B<sup>(f)</sup> |  | 3.8000 | &nbsp;&nbsp;10/05/30 | 1748572 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON AGENCY CMBS — 32.3% (Continued)** |  |  |  |  |
| 61039 | Credit Suisse Commercial Mortgage Trust Series C4 C<sup>(d),(f)</sup> |  | 5.5220 | &nbsp;&nbsp;09/15/39 | $59455 |
| 2935145 | CSMC OA, LLC Series 2014-USA X1<sup>(b),(d),(f)</sup> |  | 0.6860 | &nbsp;&nbsp;09/15/37 | 3360 |
| 2065822 | DBUBS Mortgage Trust Series 2011-LC3A D<sup>(d),(f)</sup> |  | 5.5300 | &nbsp;&nbsp;08/10/44 | 1984457 |
| 661031 | Greenwich Capital Commercial Mortgage Trust Series 2006-RR1 A1<sup>(d),(f)</sup> |  | 5.7778 | &nbsp;&nbsp;03/18/49 | 244581 |
| 6875515 | GS Mortgage Securities Trust Series 2010-C1 C<sup>(d),(f)</sup> |  | 5.6350 | &nbsp;&nbsp;08/10/43 | 6814185 |
| 22195000 | GS Mortgage Securities Trust Series 2010-C1 D<sup>(d),(f)</sup> |  | 6.5760 | &nbsp;&nbsp;08/10/43 | 21144732 |
| 16791000 | GS Mortgage Securities Trust Series 2011-GC5 B<sup>(d),(f)</sup> |  | 5.2950 | &nbsp;&nbsp;08/10/44 | 15892757 |
| 1225723 | GS Mortgage Securities Trust Series 2011-GC5 C<sup>(d),(f)</sup> |  | 5.2950 | &nbsp;&nbsp;08/10/44 | 1079120 |
| 2543737 | GS Mortgage Securities Trust Series 2007-GG10 AJ<sup>(d)</sup> |  | 5.8181 | &nbsp;&nbsp;08/10/45 | 419717 |
| 5652400 | GS Mortgage Securities Trust Series 2012-GCJ9 D<sup>(d),(f)</sup> |  | 4.7410 | &nbsp;&nbsp;11/10/45 | 5422420 |
| 8544713 | GS Mortgage Securities Trust Series 2013-GC14 F<sup>(d),(f)</sup> |  | 4.0300 | &nbsp;&nbsp;08/10/46 | 8410406 |
| 6280000 | GS Mortgage Securities Trust Series 2013-GC14 G<sup>(d),(f)</sup> |  | 4.2500 | &nbsp;&nbsp;08/10/46 | 5732321 |
| 136291 | Impac CMB Trust Series 2004-8 3M2<sup>(c)</sup> | TSFR1M + 1.689% | 6.0090 | &nbsp;&nbsp;08/25/34 | 130180 |
| 94356 | Impac CMB Trust Series 2004-8 3B<sup>(c)</sup> | TSFR1M + 2.739% | 7.0590 | &nbsp;&nbsp;08/25/34 | 94489 |
| 3500000 | JP Morgan Chase Commercial Mortgage Series MINN A<sup>(c),(f)</sup> | TSFR1M + 1.317% | 5.6290 | &nbsp;&nbsp;11/15/35 | 3281036 |
| 17346791 | JP Morgan Chase Commercial Mortgage Securities Series 2012-WLDN A<sup>(f)</sup> |  | 3.9100 | &nbsp;&nbsp;05/05/30 | 15959047 |
| 12950000 | JP Morgan Chase Commercial Mortgage Securities Series C2 F<sup>(f)</sup> |  | 3.3920 | &nbsp;&nbsp;11/15/43 | 9329310 |
| 12770000 | JP Morgan Chase Commercial Mortgage Securities Series 2010-C2 E<sup>(d),(f)</sup> |  | 5.7690 | &nbsp;&nbsp;11/15/43 | 12062568 |
| 2004065 | JP Morgan Chase Commercial Mortgage Securities Series 2010-C2 D<sup>(d),(f)</sup> |  | 5.7690 | &nbsp;&nbsp;11/15/43 | 1852631 |
| 1546617 | JP Morgan Chase Commercial Mortgage Securities Series 2006-CB17 AJ<sup>(d)</sup> |  | 5.4890 | &nbsp;&nbsp;12/12/43 | 644767 |
| 391336 | JP Morgan Chase Commercial Mortgage Securities Series C6 D<sup>(d)</sup> |  | 5.1290 | &nbsp;&nbsp;05/15/45 | 386445 |
| 16623288 | JP Morgan Chase Commercial Mortgage Securities Series 2012-C6 E<sup>(d),(f)</sup> |  | 5.1290 | &nbsp;&nbsp;05/15/45 | 15957892 |
| 7205334 | JP Morgan Chase Commercial Mortgage Securities Series CBX E<sup>(d),(f)</sup> |  | 4.8460 | &nbsp;&nbsp;06/15/45 | 6747655 |
| 630423 | JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 B<sup>(d),(f)</sup> |  | 5.0130 | &nbsp;&nbsp;02/15/46 | 599731 |
| 9260000 | JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 C<sup>(d),(f)</sup> |  | 5.3600 | &nbsp;&nbsp;02/15/46 | 8645510 |
| 2376000 | JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 D<sup>(d),(f)</sup> |  | 5.7100 | &nbsp;&nbsp;02/15/46 | 2117224 |
| 107000 | JP Morgan Chase Commercial Mortgage Securities Series 2013-LC11 D<sup>(d)</sup> |  | 4.2960 | &nbsp;&nbsp;04/15/46 | 17007 |
| 261093 | JP Morgan Chase Commercial Mortgage Securities Series 2012-LC9 C<sup>(d),(f)</sup> |  | 3.6900 | &nbsp;&nbsp;12/15/47 | 247669 |
| 121741 | JP Morgan Mortgage Acquisition Trust Series 2007-CH1 MV6<sup>(c)</sup> | TSFR1M + 0.939% | 4.5590 | &nbsp;&nbsp;11/25/36 | 162126 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| 3000000 JPMBB Commercial Mortgage Securities Trust Series 2013-C12 D<sup>(d)</sup> |  | 4.0710 | &nbsp;&nbsp;07/15/45 | $2736047 |
| 70798 JPMBB Commercial Mortgage Securities Trust Series C12 C<sup>(d)</sup> |  | 4.0710 | &nbsp;&nbsp;07/15/45 | 67789 |
| 6858429 JPMBB Commercial Mortgage Securities Trust Series C15 D<sup>(d),(f)</sup> |  | 4.6098 | &nbsp;&nbsp;11/15/45 | 5968739 |
| 100 LBSBN Series 2005-2A PS<sup>(g)</sup> |  | 0.0000 | &nbsp;&nbsp;09/27/30 | 2950000 |
| 2000000 LOANME Trust SBL Series 2019-1 C<sup>(e),(f)</sup> |  | 15.0000 | &nbsp;&nbsp;08/15/30 | 110000 |
| 31012 Merrill Lynch Mortgage Trust Series 2006-C1 B<sup>(d)</sup> |  | 6.2200 | &nbsp;&nbsp;05/12/39 | 33733 |
| 511745 ML-CFC Commercial Mortgage Trust Series 2007-9 AJ<sup>(d)</sup> |  | 7.9800 | &nbsp;&nbsp;09/12/49 | 486053 |
| 232032 ML-CFC Commercial Mortgage Trust Series 2007-9 AJA<sup>(d)</sup> |  | 8.0090 | &nbsp;&nbsp;09/12/49 | 220337 |
| 347615 Morgan Stanley Bank of America Merrill Lynch Trust Series C6 D<sup>(d),(f)</sup> |  | 4.3446 | &nbsp;&nbsp;11/15/45 | 315200 |
| 2868078 Morgan Stanley Bank of America Merrill Lynch Trust Series C6 C<sup>(d)</sup> |  | 4.5360 | &nbsp;&nbsp;11/15/45 | 2627075 |
| 4930000 Morgan Stanley Bank of America Merrill Lynch Trust Series C10 D<sup>(d),(f)</sup> |  | 4.1120 | &nbsp;&nbsp;07/15/46 | 4015943 |
| 2200000 Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10 C<sup>(d)</sup> |  | 4.1120 | &nbsp;&nbsp;07/15/46 | 1960066 |
| 2468735 Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 AS<sup>(d)</sup> |  | 4.2120 | &nbsp;&nbsp;08/15/46 | 2297187 |
| 4158000 Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12 D<sup>(d),(f)</sup> |  | 4.8610 | &nbsp;&nbsp;10/15/46 | 3788271 |
| 1084737 Morgan Stanley Bank of America Merrill Lynch Trust Series C18 D<sup>(f)</sup> |  | 3.3890 | &nbsp;&nbsp;10/15/47 | 1042880 |
| 2793583 Morgan Stanley Bank of America Merrill Lynch Trust Series C8 F<sup>(d),(f)</sup> |  | 4.3950 | &nbsp;&nbsp;12/15/48 | 2494216 |
| 72295 Morgan Stanley Capital I Trust Series 2011-C2 D<sup>(d),(f)</sup> |  | 5.3850 | &nbsp;&nbsp;06/15/44 | 70241 |
| 10180000 Morgan Stanley Capital I Trust Series 2011-C2 E<sup>(d),(f)</sup> |  | 5.3850 | &nbsp;&nbsp;06/15/44 | 9672018 |
| 2064950 Morgan Stanley Capital I Trust Series 2011-C3 F<sup>(d),(f)</sup> |  | 5.1060 | &nbsp;&nbsp;07/15/49 | 1932056 |
| 968287 Morgan Stanley Capital I Trust Series 2011-C3 E<sup>(d),(f)</sup> |  | 5.1060 | &nbsp;&nbsp;07/15/49 | 942342 |
| 1680000 Natixis Commercial Mortgage Securities Trust Series 2018-FL1 Class C<sup>(c),(f)</sup> | PRIME + 2.200% | 6.8000 | &nbsp;&nbsp;06/15/35 | 870165 |
| 8000000 TMSQ Mortgage Trust Series 2014-1500 XA<sup>(b),(d),(f)</sup> |  | 0.2830 | &nbsp;&nbsp;10/10/36 | 22688 |
| 496481 UBS-Barclays Commercial Mortgage Trust Series 2013-C5 B<sup>(d),(f)</sup> |  | 3.6490 | &nbsp;&nbsp;03/10/46 | 474509 |
| 3718026 UBS-Barclays Commercial Mortgage Trust Series 2013-C5 C<sup>(d),(f)</sup> |  | 3.8440 | &nbsp;&nbsp;03/10/46 | 3368448 |
| 2477250 UBS-Barclays Commercial Mortgage Trust Series 2013-C5 D<sup>(d),(f)</sup> |  | 3.8440 | &nbsp;&nbsp;03/10/46 | 1941052 |
| 5190585 UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 E<sup>(d),(f)</sup> |  | 5.8850 | &nbsp;&nbsp;01/10/45 | 3836713 |
| 3254870 Wachovia Bank Commercial Mortgage Trust Series 2005-C21 E<sup>(d),(f)</sup> |  | 0.2050 | &nbsp;&nbsp;10/15/44 | 1092920 |
| 5925000 Wells Fargo Commercial Mortgage Trust Series 2013-LC12 C<sup>(d)</sup> |  | 3.9150 | &nbsp;&nbsp;07/15/46 | 5344722 |
| 29757 Wells Fargo Commercial Mortgage Trust Series 2013-LC12 B<sup>(d)</sup> |  | 3.9150 | &nbsp;&nbsp;07/15/46 | 29178 |
| 1784425 WFLD Mortgage Trust Series 2014-MONT A<sup>(d),(f)</sup> |  | 3.8800 | &nbsp;&nbsp;08/10/31 | 1686980 |
| 102827 WFRBS Commercial Mortgage Trust Series 2011-C2 E<sup>(d),(f)</sup> |  | 5.0000 | &nbsp;&nbsp;02/15/44 | 99632 |
| 4513238 WFRBS Commercial Mortgage Trust Series 2011-C4 E<sup>(d),(f)</sup> |  | 5.1490 | &nbsp;&nbsp;06/15/44 | 4263231 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON AGENCY CMBS — 32.3% (Continued)** |  |  |  |  |
| 2242804 | WFRBS Commercial Mortgage Trust Series 2011-C4 D<sup>(d),(f)</sup> |  | 5.1490 | &nbsp;&nbsp;06/15/44 | $2116866 |
| 850515 | WFRBS Commercial Mortgage Trust Series 2013-C11 B<sup>(d)</sup> |  | 3.7140 | &nbsp;&nbsp;03/15/45 | 836689 |
| 2305000 | WFRBS Commercial Mortgage Trust Series 2013-C11 D<sup>(d),(f)</sup> |  | 4.2010 | &nbsp;&nbsp;03/15/45 | 1950131 |
| 1329865 | WFRBS Commercial Mortgage Trust Series 2012-C9 E<sup>(d),(f)</sup> |  | 4.8760 | &nbsp;&nbsp;11/15/45 | 1299931 |
| 218092 | WFRBS Commercial Mortgage Trust Series 2012-C10 B |  | 3.7440 | &nbsp;&nbsp;12/15/45 | 204910 |
| 1705000 | WFRBS Commercial Mortgage Trust Series 2012-C10 C<sup>(d)</sup> |  | 4.4550 | &nbsp;&nbsp;12/15/45 | 1383676 |
| 6956000 | WFRBS Commercial Mortgage Trust Series 2013-C14 D<sup>(d),(f)</sup> |  | 3.8168 | &nbsp;&nbsp;06/15/46 | 4198973 |
| 14507689 | WFRBS Commercial Mortgage Trust Series 2013-C14 C<sup>(d)</sup> |  | 3.8168 | &nbsp;&nbsp;06/15/46 | 12892655 |
| 9167262 | WFRBS Commercial Mortgage Trust Series 2013-C14 B<sup>(d)</sup> |  | 3.8410 | &nbsp;&nbsp;06/15/46 | 8599566 |
| 4859322 | WFRBS Commercial Mortgage Trust Series 2013-C15 B<sup>(d)</sup> |  | 4.2860 | &nbsp;&nbsp;08/15/46 | 4567763 |
| 1362632 | WFRBS Commercial Mortgage Trust Series 2014-LC14 D<sup>(d),(f)</sup> |  | 4.5860 | &nbsp;&nbsp;03/15/47 | 1313160 |
| 6529534 | WFRBS Commercial Mortgage Trust Series 2014-C25 D<sup>(d),(f)</sup> |  | 3.8030 | &nbsp;&nbsp;11/15/47 | 6211219 |
| 577956 | WFRBS Commercial Mortgage Trust Series 2014-C23 AS<sup>(d)</sup> |  | 4.2100 | &nbsp;&nbsp;10/15/57 | 562929 |
| 4740000 | Worldwide Plaza Trust Series 2017-WWP A<sup>(f)</sup> |  | 3.5260 | &nbsp;&nbsp;11/10/36 | 3341700 |
| 5705000 | Worldwide Plaza Trust Series 2017-WWP B<sup>(d),(f)</sup> |  | 3.7150 | &nbsp;&nbsp;11/10/36 | 1996749 |
| 3000000 | X-Caliber Funding, LLC Series 2021-7 A<sup>(c),(f)</sup> | SOFRRATE + 3.120% | 7.4390 | &nbsp;&nbsp;01/06/26 | 2983671 |
| 720000 | X-Caliber Rural Lending, LLC Series SN1 B1<sup>(f)</sup> |  | 15.0000 | &nbsp;&nbsp;09/01/25 | 722419 |
|  |  |  |  |  | 386655670 |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5%** |  |  |  |  |
| 1300807 | ABFC Trust Series 2002-WF2 CE<sup>(g)</sup> |  | 0.0000 | &nbsp;&nbsp;11/25/29 | 1254445 |
| 165268 | ABFC Trust Series 2003-OPT1 A3<sup>(c)</sup> | TSFR1M + 0.794% | 5.1140 | &nbsp;&nbsp;04/25/33 | 160871 |
| 189821 | ABFS Mortgage Loan Trust Series 2000-1 A1<sup>(e)</sup> |  | 8.4250 | &nbsp;&nbsp;07/15/31 | 160990 |
| 109534 | ABFS Mortgage Loan Trust Series 2000-3 A<sup>(e)</sup> |  | 8.1100 | &nbsp;&nbsp;09/15/31 | 92415 |
| 618911 | ABFS Mortgage Loan Trust Series 2001-3 A2<sup>(e),(f)</sup> |  | 6.1700 | &nbsp;&nbsp;03/15/32 | 619028 |
| 2178234 | ABFS Mortgage Loan Trust Series 2002-1 A5<sup>(e)</sup> |  | 7.0100 | &nbsp;&nbsp;12/15/32 | 1789363 |
| 604007 | ABFS Mortgage Loan Trust Series 2003-1 M<sup>(c)</sup> | TSFR1M + 2.364% | 6.6760 | &nbsp;&nbsp;08/15/33 | 603901 |
| 860427 | ABFS Mortgage Loan Trust Series 2002-4 M1<sup>(e)</sup> |  | 4.5400 | &nbsp;&nbsp;12/15/33 | 604864 |
| 89354 | ABN Amro Mortgage Corporation Series 2002-9 M |  | 5.7500 | &nbsp;&nbsp;12/25/32 | 89022 |
| 37322 | ABN Amro Mortgage Corporation Series 2003-3 A4 |  | 5.7500 | &nbsp;&nbsp;02/25/33 | 36940 |
| 733085 | Accredited Mortgage Loan Trust Series 2004-3 2A6<sup>(c)</sup> | TSFR1M + 0.984% | 5.3040 | &nbsp;&nbsp;10/25/34 | 738765 |
| 3820334 | Accredited Mortgage Loan Trust Series 2005-1 M5<sup>(c)</sup> | TSFR1M + 3.414% | 5.8130 | &nbsp;&nbsp;04/25/35 | 3969948 |
| 2482933 | ACE Securities Corp Home Equity Loan Trust Series HE1 CE<sup>(g)</sup> |  | 0.0000 | &nbsp;&nbsp;11/20/31 | 2200000 |
| 137462 | ACE Securities Corp Home Equity Loan Trust Series 2002-HE2 M1<sup>(c)</sup> | TSFR1M + 1.389% | 5.7090 | &nbsp;&nbsp;08/25/32 | 232231 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 30444 | ACE Securities Corp Home Equity Loan Trust Series HE2 M3<sup>(c)</sup> | TSFR1M + 3.339% | 7.6590 | &nbsp;&nbsp;08/25/32 | $49189 |
| 227025 | ACE Securities Corp Home Equity Loan Trust Series TC1 M2<sup>(c)</sup> | TSFR1M + 3.039% | 7.3590 | &nbsp;&nbsp;06/25/33 | 217742 |
| 440366 | ACE Securities Corp Home Equity Loan Trust Series HE1 M2<sup>(c)</sup> | TSFR1M + 1.764% | 6.0840 | &nbsp;&nbsp;03/25/34 | 439008 |
| 528589 | ACE Securities Corp Home Equity Loan Trust Series 2004-RM1 B1<sup>(c),(f)</sup> | TSFR1M + 5.364% | 9.6900 | &nbsp;&nbsp;07/25/34 | 445834 |
| 34047 | ACE Securities Corp Home Equity Loan Trust Series RM1 M1<sup>(c)</sup> | TSFR1M + 1.164% | 5.4840 | &nbsp;&nbsp;07/25/34 | 33449 |
| 1531310 | ACE Securities Corp Home Equity Loan Trust Series 2005-WF1 M10<sup>(c)</sup> | TSFR1M + 3.614% | 7.9340 | &nbsp;&nbsp;05/25/35 | 1722489 |
| 101471 | ACE Securities Corp Manufactured Housing Trust Series 2003-MH1 B2<sup>(f),(h)</sup> |  | 0.0000 | &nbsp;&nbsp;08/15/30 | 98656 |
| 106569 | Adjustable Rate Mortgage Trust Series 2005-2 3A1<sup>(d)</sup> |  | 6.2950 | &nbsp;&nbsp;06/25/35 | 104868 |
| 69885 | Adjustable Rate Mortgage Trust Series 2005-4 1A1<sup>(d)</sup> |  | 3.3980 | &nbsp;&nbsp;08/25/35 | 53254 |
| 547380 | Adjustable Rate Mortgage Trust Series 2005-5 2A1<sup>(d)</sup> |  | 5.4600 | &nbsp;&nbsp;09/25/35 | 481393 |
| 162593 | Adjustable Rate Mortgage Trust Series 2005-6A 1A21<sup>(c)</sup> | TSFR1M + 0.634% | 4.9540 | &nbsp;&nbsp;11/25/35 | 140635 |
| 193505 | Adjustable Rate Mortgage Trust Series 2005-6A 1A1<sup>(c)</sup> | TSFR1M + 0.654% | 4.9740 | &nbsp;&nbsp;11/25/35 | 165202 |
| 58075 | Adjustable Rate Mortgage Trust Series 2005-10 3A31<sup>(d)</sup> |  | 4.0470 | &nbsp;&nbsp;01/25/36 | 51637 |
| 148616 | Adjustable Rate Mortgage Trust Series 2005-10 3A11<sup>(d)</sup> |  | 4.0470 | &nbsp;&nbsp;01/25/36 | 129644 |
| 102601 | Adjustable Rate Mortgage Trust Series 2005-10 6A1<sup>(c)</sup> | TSFR1M + 0.654% | 4.9740 | &nbsp;&nbsp;01/25/36 | 96084 |
| 370110 | Aegis Asset Backed Securities Trust Mortgage Series 2004-3 B2<sup>(c)</sup> | TSFR1M + 3.264% | 7.5840 | &nbsp;&nbsp;09/25/34 | 353223 |
| 482688 | Aegis Asset Backed Securities Trust Mortgage Series 2004-4 M3<sup>(c)</sup> | TSFR1M + 2.139% | 6.4590 | &nbsp;&nbsp;10/25/34 | 522422 |
| 2219692 | AFC Trust Series 1999-3 2A<sup>(c)</sup> | TSFR1M + 0.904% | 5.2240 | &nbsp;&nbsp;09/28/29 | 2087233 |
| 188977 | Alternative Loan Trust Series 2004-J6 M<sup>(d)</sup> |  | 9.8780 | &nbsp;&nbsp;11/25/31 | 188908 |
| 47084 | Alternative Loan Trust Series 2003-J3 1A2 |  | 5.2500 | &nbsp;&nbsp;11/25/33 | 46806 |
| 739166 | Alternative Loan Trust Series 2004-8CB M3<sup>(c)</sup> | TSFR1M + 29.645% | 7.2840 | &nbsp;&nbsp;06/25/34 | 935966 |
| 195433 | Alternative Loan Trust Series 2005-36 4A1<sup>(d)</sup> |  | 4.3400 | &nbsp;&nbsp;08/25/35 | 179353 |
| 386756 | Alternative Loan Trust Series 2005-43 5A1<sup>(d)</sup> |  | 5.7820 | &nbsp;&nbsp;09/25/35 | 347776 |
| 628935 | Alternative Loan Trust Series 2005-43 3A1<sup>(d)</sup> |  | 4.4880 | &nbsp;&nbsp;10/25/35 | 584664 |
| 46100 | Alternative Loan Trust Series 2005-51 2A1<sup>(c)</sup> | TSFR1M + 0.714% | 5.0360 | &nbsp;&nbsp;11/20/35 | 42740 |
| 1020465 | Alternative Loan Trust Series 2006-OC2 2A3<sup>(c)</sup> | TSFR1M + 0.694% | 5.0140 | &nbsp;&nbsp;02/25/36 | 924837 |
| 1468744 | Alternative Loan Trust Series 2006-J6 A2<sup>(b),(c)</sup> | -(TSFR1M + 0.114%) + 5.500% | 1.0660 | &nbsp;&nbsp;09/25/36 | 149777 |
| 1203889 | Alternative Loan Trust Series 2006-J6 A1<sup>(c)</sup> | TSFR1M + 0.614% | 2.3710 | &nbsp;&nbsp;09/25/36 | 446261 |
| 639523 | Alternative Loan Trust Series 2006-32CB A2<sup>(b),(c)</sup> | -(TSFR1M + 0.114%) + 5.330% | 0.8960 | &nbsp;&nbsp;11/25/36 | 61964 |
| 385256 | Alternative Loan Trust Series 2006-32CB A1<sup>(c)</sup> | TSFR1M + 0.784% | 5.1040 | &nbsp;&nbsp;11/25/36 | 176231 |
| 983 | Alternative Loan Trust Series 2006-OC11<sup>(c)</sup> | TSFR1M + 0.454% | 4.7740 | &nbsp;&nbsp;01/25/37 | 3565 |
| 342446 | Alternative Loan Trust Series 2004-2CB 4A1 |  | 5.0000 | &nbsp;&nbsp;08/25/54 | 346590 |
| 506281 | American Home Mortgage Assets Trust Series 2006-1 2A1<sup>(c)</sup> | TSFR1M + 0.304% | 4.6240 | &nbsp;&nbsp;05/25/46 | 443402 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 6432359 | American Home Mortgage Investment Trust Series 2005-2 5A4D<sup>(e)</sup> |  | 5.8280 | &nbsp;&nbsp;09/25/35 | $4630519 |
| 989 | American Home Mortgage Investment Trust Series 2004-1 1M1<sup>(c)</sup> | TSFR1M + 1.014% | 5.3340 | &nbsp;&nbsp;04/25/44 | 987 |
| 845498 | American Home Mortgage Investment Trust Series 2005-4 5A<sup>(c)</sup> | TSFR6M + 2.178% | 1.6760 | &nbsp;&nbsp;11/25/45 | 313174 |
| 281212 | American Home Mortgage Investment Trust Series 2006-3 12A1<sup>(c)</sup> | TSFR1M + 0.494% | 4.8140 | &nbsp;&nbsp;12/25/46 | 269864 |
| 385560 | Ameriquest Mortgage Securities Asset-Backed Series 2002-3 M3<sup>(c)</sup> | TSFR1M + 2.964% | 7.2840 | &nbsp;&nbsp;08/25/32 | 404679 |
| 93571 | Ameriquest Mortgage Securities Asset-Backed Series 2003-AR1 M3<sup>(c)</sup> | TSFR1M + 4.614% | 3.5190 | &nbsp;&nbsp;01/25/33 | 91598 |
| 992136 | Ameriquest Mortgage Securities Asset-Backed Series 2004-R3 M4<sup>(c)</sup> | TSFR1M + 2.874% | 7.1940 | &nbsp;&nbsp;05/25/34 | 913430 |
| 107910 | Ameriquest Mortgage Securities, Inc. Asset Backed Series R1 M1<sup>(c)</sup> | TSFR1M + 0.909% | 5.2290 | &nbsp;&nbsp;02/25/34 | 129440 |
| 148639 | Ameriquest Mortgage Securities, Inc. Asset Backed Pass Through Certificates Series AR1 M1<sup>(c)</sup> | TSFR1M + 1.179% | 3.5150 | &nbsp;&nbsp;09/25/32 | 152069 |
| 2218130 | Ameriquest Mortgage Securities, Inc. Asset Backed Pass Through Certificates Series 2002-C M1<sup>(c)</sup> | TSFR1M + 3.489% | 7.8090 | &nbsp;&nbsp;11/25/32 | 2330608 |
| 224045 | Ameriquest Mortgage Securities, Inc. Asset-Backed Series 2002-D M1<sup>(c)</sup> | TSFR1M + 3.864% | 3.2540 | &nbsp;&nbsp;02/25/33 | 202762 |
| 442829 | Ameriquest Mortgage Securities, Inc. Asset-Backed Series AR3 M5<sup>(c)</sup> | TSFR1M + 5.739% | 3.0310 | &nbsp;&nbsp;06/25/33 | 373954 |
| 395532 | Amortizing Residential Collateral Trust Series 2002-BC5 M2<sup>(c)</sup> | TSFR1M + 1.914% | 6.2340 | &nbsp;&nbsp;07/25/32 | 410568 |
| 171980 | Amresco Residential Securities Corp Mort Loan Series 1999-1 M1<sup>(c)</sup> | TSFR1M + 0.864% | 5.0800 | &nbsp;&nbsp;11/25/29 | 154644 |
| 889697 | Argent Securities, Inc. Asset-Backed Pass-Through Series 2003-W3 M5<sup>(c)</sup> | TSFR1M + 5.739% | 4.1840 | &nbsp;&nbsp;09/25/33 | 793780 |
| 326029 | Argent Securities, Inc. Asset-Backed Pass-Through Series W6 AV1<sup>(c)</sup> | TSFR1M + 0.974% | 5.2940 | &nbsp;&nbsp;01/25/34 | 312456 |
| 176404 | Argent Securities, Inc. Asset-Backed Pass-Through Series W9 M1<sup>(c)</sup> | TSFR1M + 0.984% | 4.2020 | &nbsp;&nbsp;06/26/34 | 177805 |
| 2621224 | Asset Backed Securities Corporation Home Equity Loan Series 2003-HE1 M3<sup>(c)</sup> | TSFR1M + 5.364% | 9.6760 | &nbsp;&nbsp;01/15/33 | 2407173 |
| 366732 | Asset Backed Securities Corporation Home Equity Loan Series HE6 A2<sup>(c)</sup> | TSFR1M + 0.794% | 5.1140 | &nbsp;&nbsp;11/25/33 | 407296 |
| 551694 | Banc of America Alternative Loan Trust Series 2006-4 1A2<sup>(b),(c)</sup> | -(TSFR1M + 0.114%) + 5.150% | 0.7160 | &nbsp;&nbsp;05/25/46 | 31745 |
| 546687 | Banc of America Alternative Loan Trust Series 2006-4 1A1<sup>(c)</sup> | TSFR1M + 0.964% | 5.2840 | &nbsp;&nbsp;05/25/46 | 469533 |
| 299604 | Banc of America Alternative Loan Trust Series 2006-4 1A3 |  | 6.0000 | &nbsp;&nbsp;05/25/46 | 271646 |
| 241783 | Banc of America Alternative Loan Trust Series 2006-4 1A4 |  | 6.0000 | &nbsp;&nbsp;05/25/46 | 219216 |
| 635935 | Banc of America Alternative Loan Trust Series 2006-4 1A5 |  | 6.0000 | &nbsp;&nbsp;05/25/46 | 576591 |
| 1034357 | Banc of America Funding Corporation Series 2008-1 A2<sup>(d)</sup> |  | 4.4600 | &nbsp;&nbsp;09/25/48 | 1005321 |
| 204832 | Banc of America Funding Trust Series 2016-R2 1A1<sup>(d),(f)</sup> |  | 4.7000 | &nbsp;&nbsp;05/01/33 | 204623 |
| 67868 | Banc of America Funding Trust Series 2003-1 B2 |  | 6.0000 | &nbsp;&nbsp;05/20/33 | 30838 |
| 40706 | Banc of America Funding Trust Series 2007-4 5A1 |  | 5.5000 | &nbsp;&nbsp;11/25/34 | 35598 |
| 382389 | Banc of America Funding Trust Series 2004-B 6A1<sup>(d)</sup> |  | 2.8390 | &nbsp;&nbsp;12/20/34 | 321636 |
| 129464 | Banc of America Funding Trust Series 2005-B 1A1<sup>(d)</sup> |  | 5.6250 | &nbsp;&nbsp;04/20/35 | 120006 |
| 1333002 | Banc of America Funding Trust Series 2005-E 2A1<sup>(d)</sup> |  | 3.7520 | &nbsp;&nbsp;05/20/35 | 1166826 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 2128895 | Banc of America Funding Trust Series 2015-R8 3A2<sup>(d),(f)</sup> |  | 4.7760 | &nbsp;&nbsp;08/26/35 | $1689932 |
| 47345 | Banc of America Funding Trust Series 2005-8 30PO<sup>(i)</sup> |  | 0.0000 | &nbsp;&nbsp;01/25/36 | 30849 |
| 1101776 | Banc of America Funding Trust Series 2006-A 5A1<sup>(d)</sup> |  | 3.6700 | &nbsp;&nbsp;02/20/36 | 965051 |
| 848074 | Banc of America Funding Trust Series 2006-A 4A1<sup>(d)</sup> |  | 5.4830 | &nbsp;&nbsp;02/20/36 | 818148 |
| 369224 | Banc of America Funding Trust Series 2006-B 7A1<sup>(d)</sup> |  | 4.4740 | &nbsp;&nbsp;03/20/36 | 322999 |
| 153897 | Banc of America Funding Trust Series 2006-B 1A1<sup>(d)</sup> |  | 6.8710 | &nbsp;&nbsp;03/20/36 | 148038 |
| 121982 | Banc of America Funding Trust Series 2006-C 4A1<sup>(d)</sup> |  | 5.5670 | &nbsp;&nbsp;04/20/36 | 108829 |
| 493542 | Banc of America Funding Trust Series 2006-D 2A1<sup>(d)</sup> |  | 3.4990 | &nbsp;&nbsp;05/20/36 | 452564 |
| 194050 | Banc of America Funding Trust Series 2006-F 1A2<sup>(d)</sup> |  | 6.4740 | &nbsp;&nbsp;07/20/36 | 163375 |
| 6371 | Banc of America Funding Trust Series 2006-G 3A3<sup>(c)</sup> | TSFR12M + 2.465% | 6.5590 | &nbsp;&nbsp;07/20/36 | 6327 |
| 66517 | Banc of America Funding Trust Series 2007-7 30PO<sup>(i)</sup> |  | 0.0000 | &nbsp;&nbsp;09/25/37 | 30924 |
| 90267 | Banc of America Funding Trust Series 2006-I 5A1<sup>(d)</sup> |  | 3.5070 | &nbsp;&nbsp;10/20/46 | 77188 |
| 1147306 | Banc of America Funding Trust Series 2007-5 7A5 |  | 6.5000 | &nbsp;&nbsp;07/25/47 | 879816 |
| 317804 | Banc of America Funding Trust Series 2007-8 3A1 |  | 6.0000 | &nbsp;&nbsp;08/25/53 | 169657 |
| 333971 | Banc of America Funding Trust Series 2009-R9 3A3<sup>(d),(f)</sup> |  | 3.4770 | &nbsp;&nbsp;11/25/56 | 260872 |
| 252926 | Banc of America Funding Trust Series 2006-J 4A1<sup>(d)</sup> |  | 5.0780 | &nbsp;&nbsp;01/20/47 | 219896 |
| 3857104 | Banc of America Mortgage Trust Series 2004-G 3A1<sup>(d)</sup> |  | 5.8110 | &nbsp;&nbsp;08/25/34 | 2559724 |
| 29899 | Banc of America Mortgage Trust Series 2005-A 2A2<sup>(d)</sup> |  | 5.1180 | &nbsp;&nbsp;02/25/35 | 29089 |
| 584292 | Banc of America Mortgage Trust Series 2005-G 4A3<sup>(d)</sup> |  | 3.4800 | &nbsp;&nbsp;08/25/35 | 525409 |
| 595638 | Banc of America Mortgage Trust Series 2005-I 4A1<sup>(d)</sup> |  | 7.4000 | &nbsp;&nbsp;10/25/35 | 598116 |
| 68569 | Banc of America Mortgage Trust Series 2006-A 1A1<sup>(d)</sup> |  | 3.9690 | &nbsp;&nbsp;02/25/36 | 58243 |
| 59093 | Banc of America Mortgage Trust Series 2006-B 2A1<sup>(d)</sup> |  | 5.3290 | &nbsp;&nbsp;11/20/46 | 52597 |
| 4500000 | BankAmerica Manufactured Housing Contract Trust Series 2 B1<sup>(d)</sup> |  | 0.7400 | &nbsp;&nbsp;02/10/32 | 463080 |
| 604923 | Bayview Financial Asset Trust Series 2007-SR1A A<sup>(c),(f)</sup> | TSFR1M + 0.564% | 4.8840 | &nbsp;&nbsp;03/25/37 | 606582 |
| 2541918 | Bayview Financial Asset Trust Series 2007-SR1A M1<sup>(c),(f)</sup> | TSFR1M + 0.914% | 5.2340 | &nbsp;&nbsp;03/25/37 | 2556925 |
| 1413554 | Bayview Financial Asset Trust Series 2007-SR1A M2<sup>(c),(f)</sup> | TSFR1M + 1.014% | 5.3340 | &nbsp;&nbsp;03/25/37 | 1422372 |
| 991968 | Bayview Financial Asset Trust Series 2007-SR1A M3<sup>(c),(f)</sup> | TSFR1M + 1.264% | 5.5840 | &nbsp;&nbsp;03/25/37 | 1007561 |
| 2084018 | Bayview Financial Asset Trust Series 2007-SR1A M4<sup>(c),(f)</sup> | TSFR1M + 1.614% | 5.9340 | &nbsp;&nbsp;03/25/37 | 2079079 |
| 847783 | Bayview Financial Mortgage Pass-Through Trust Series A B1<sup>(c)</sup> | TSFR1M + 4.239% | 8.5680 | &nbsp;&nbsp;02/28/44 | 907641 |
| 4203428 | BCAP, LLC Trust Series 2013-RR7 4A4<sup>(d),(f)</sup> |  | 5.4390 | &nbsp;&nbsp;12/27/34 | 4080867 |
| 1676166 | BCAP, LLC Trust Series 2009-RR10 1A2<sup>(d),(f)</sup> |  | 6.0000 | &nbsp;&nbsp;02/26/36 | 1663703 |
| 1165186 | BCAP, LLC Trust Series 2010-RR11 3A3<sup>(d),(f)</sup> |  | 4.3620 | &nbsp;&nbsp;06/27/36 | 1113267 |
| 3754426 | BCAP, LLC Trust Series 2012-RR8 4A6<sup>(d),(f)</sup> |  | 2.4160 | &nbsp;&nbsp;11/20/36 | 3197517 |
| 1094945 | BCMSC Trust Series 1998-C M1<sup>(d)</sup> |  | 7.5100 | &nbsp;&nbsp;01/15/29 | 1088225 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 643801 | BCMSC Trust Series 1999-A M1<sup>(d)</sup> |  | 6.7850 | &nbsp;&nbsp;03/15/29 | $636156 |
| 731888 | BCMSC Trust Series 1999-B A2<sup>(d)</sup> |  | 0.6650 | &nbsp;&nbsp;12/15/29 | 49467 |
| 611382 | BCMSC Trust Series 1999-B A3<sup>(d)</sup> |  | 0.6650 | &nbsp;&nbsp;12/15/29 | 42537 |
| 4944914 | BCMSC Trust Series 1999-B A5<sup>(d)</sup> |  | 0.6650 | &nbsp;&nbsp;12/15/29 | 356503 |
| 737790 | BCMSC Trust Series 1999-B A6<sup>(d)</sup> |  | 0.6650 | &nbsp;&nbsp;12/15/29 | 56191 |
| 125759 | Bear Stearns ALT-A Trust Series 2004-12 2A4<sup>(d)</sup> |  | 4.2910 | &nbsp;&nbsp;01/25/35 | 119806 |
| 1391379 | Bear Stearns ALT-A Trust Series 2005-10 11A1<sup>(c)</sup> | TSFR1M + 0.614% | 4.9340 | &nbsp;&nbsp;01/25/36 | 1312592 |
| 2089790 | Bear Stearns ALT-A Trust Series 2006-1 11A1<sup>(c)</sup> | TSFR1M + 0.594% | 4.9140 | &nbsp;&nbsp;02/25/36 | 1993574 |
| 366798 | Bear Stearns ALT-A Trust Series 2006-3 35A1<sup>(d)</sup> |  | 2.8590 | &nbsp;&nbsp;05/25/36 | 174510 |
| 146094 | Bear Stearns ALT-A Trust Series 2006-3 1A1<sup>(c)</sup> | TSFR1M + 0.494% | 4.8140 | &nbsp;&nbsp;05/25/36 | 125044 |
| 52440 | Bear Stearns ALT-A Trust Series 2006-3 33A1<sup>(d)</sup> |  | 5.2200 | &nbsp;&nbsp;05/25/36 | 32376 |
| 193115 | Bear Stearns ARM Trust Series 2004-9 23A1<sup>(d)</sup> |  | 8.2500 | &nbsp;&nbsp;11/25/34 | 192097 |
| 712417 | Bear Stearns ARM Trust Series 2005-6 3A1<sup>(d)</sup> |  | 6.4420 | &nbsp;&nbsp;08/25/35 | 692726 |
| 204159 | Bear Stearns ARM Trust Series 2006-4 1A1<sup>(d)</sup> |  | 6.5290 | &nbsp;&nbsp;10/25/36 | 197279 |
| 47366 | Bear Stearns ARM Trust Series 2007-5 3A1<sup>(d)</sup> |  | 4.7350 | &nbsp;&nbsp;08/25/47 | 41451 |
| 2725658 | Bear Stearns ARM Trust Series 2007-5 2A1<sup>(d)</sup> |  | 5.1540 | &nbsp;&nbsp;08/25/47 | 2484868 |
| 1113003 | Bear Stearns Asset Backed Securities I Trust Series 2004-FR3 M4<sup>(c)</sup> | TSFR1M + 2.814% | 5.7450 | &nbsp;&nbsp;09/25/34 | 1081965 |
| 4660065 | Bear Stearns Asset Backed Securities I Trust Series 2004-BO1 M9A<sup>(c)</sup> | TSFR1M + 6.114% | 10.4340 | &nbsp;&nbsp;10/25/34 | 4660883 |
| 148848 | Bear Stearns Asset Backed Securities I Trust Series 2004-HE10 M6<sup>(c)</sup> | TSFR1M + 4.764% | 6.0200 | &nbsp;&nbsp;12/25/34 | 193498 |
| 1006367 | Bear Stearns Asset Backed Securities I Trust Series TC1 M7<sup>(c)</sup> | TSFR1M + 4.614% | 5.2380 | &nbsp;&nbsp;05/25/35 | 1070987 |
| 960825 | Bear Stearns Asset Backed Securities I Trust Series 2005-TC1 M6<sup>(c)</sup> | TSFR1M + 2.664% | 5.2380 | &nbsp;&nbsp;05/25/35 | 977008 |
| 377670 | Bear Stearns Asset Backed Securities I Trust Series TC1 M5<sup>(c)</sup> | TSFR1M + 2.064% | 5.2380 | &nbsp;&nbsp;05/25/35 | 381100 |
| 3547332 | Bear Stearns Asset Backed Securities I Trust Series 2005-TC2 M8<sup>(c),(f)</sup> | TSFR1M + 4.614% | 5.2790 | &nbsp;&nbsp;08/25/35 | 3646619 |
| 125801 | Bear Stearns Asset Backed Securities I Trust Series 2005-AC5 1A1<sup>(c)</sup> | TSFR1M + 1.114% | 5.4340 | &nbsp;&nbsp;08/25/35 | 74915 |
| 2412279 | Bear Stearns Asset Backed Securities I Trust Series HE10 1M2<sup>(c)</sup> | TSFR1M + 0.464% | 4.9590 | &nbsp;&nbsp;12/25/36 | 2323337 |
| 1171529 | Bear Stearns Asset Backed Securities I Trust Series 2007-HE1 2M1<sup>(c)</sup> | TSFR1M + 0.384% | 4.8390 | &nbsp;&nbsp;01/25/37 | 1103053 |
| 11855 | Bear Stearns Asset Backed Securities Trust Series 2003-AC5 A1<sup>(e)</sup> |  | 5.7500 | &nbsp;&nbsp;10/25/33 | 13404 |
| 367823 | Bear Stearns Asset Backed Securities Trust Series 2003-SD1 A<sup>(c)</sup> | TSFR1M + 1.014% | 5.3340 | &nbsp;&nbsp;12/25/33 | 378744 |
| 1788000 | Bear Stearns Asset Backed Securities Trust Series 2006-SD1 M4<sup>(c)</sup> | TSFR1M + 2.364% | 6.6840 | &nbsp;&nbsp;04/25/36 | 1933243 |
| 910775 | Bear Stearns Asset Backed Securities Trust Series 2006-2 M6<sup>(c)</sup> | TSFR1M + 2.739% | 7.0590 | &nbsp;&nbsp;07/25/36 | 909004 |
| 2987000 | Bear Stearns Asset Backed Securities Trust Series 2006-2 M7<sup>(c)</sup> | TSFR1M + 3.864% | 8.1840 | &nbsp;&nbsp;07/25/36 | 2874813 |
| 24177 | Bear Stearns Asset Backed Securities Trust Series 2006-SD3 1A1A |  | 5.5000 | &nbsp;&nbsp;08/25/36 | 24512 |
| 409556 | Bear Stearns Asset Backed Securities Trust Series 2007-SD1 1A2A |  | 3.0000 | &nbsp;&nbsp;10/25/36 | 131207 |
| 277237 | Bear Stearns Asset Backed Securities Trust Series 2005-SD3 2M4<sup>(c)</sup> | TSFR1M + 3.264% | 7.5840 | &nbsp;&nbsp;11/25/39 | 311207 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 407310 | Bear Stearns Asset Backed Securities Trust Series 2005-SD4 2M3<sup>(c)</sup> | TSFR1M + 3.264% | 7.5840 | &nbsp;&nbsp;12/25/42 | $481657 |
| 902000 | Bear Stearns Asset Backed Securities Trust Series 2005-SD4 2M4<sup>(c)</sup> | TSFR1M + 3.264% | 7.5840 | &nbsp;&nbsp;12/25/42 | 1027836 |
| 26551 | Bear Stearns Asset Backed Securities Trust Series 2007-SD2 1PO<sup>(i)</sup> |  | 0.0000 | &nbsp;&nbsp;09/25/46 | 19717 |
| 133958 | Bear Stearns Asset Backed Securities Trust Series 2007-SD2 1A1B |  | 5.5000 | &nbsp;&nbsp;09/25/46 | 124829 |
| 518823 | Bear Stearns Mortgage Funding Trust Series 2006-SL5 1A<sup>(c)</sup> | TSFR1M + 0.414% | 4.7340 | &nbsp;&nbsp;12/25/36 | 778748 |
| 100 | Bear Stearns Mortgage Funding Trust Series 2007-SL1 2A<sup>(c),(g)</sup> | US0001M + 0.300% | 0.0000 | &nbsp;&nbsp;03/25/37 | 1 |
| 2075038 | Bear Stearns Mortgage Funding Trust Series 2007-SL1 1A<sup>(c)</sup> | TSFR1M + 4.345% | 4.7540 | &nbsp;&nbsp;03/25/37 | 2677815 |
| 3902 | Bear Stearns Mortgage Securities, Inc. Series 1997-6 1A<sup>(d)</sup> |  | 8.8300 | &nbsp;&nbsp;03/25/31 | 3886 |
| 242 | Bear Stearns Mortgage Securities, Inc. Series 1997-6 B2<sup>(d)</sup> |  | 8.8300 | &nbsp;&nbsp;03/25/31 | 240 |
| 160763 | Bear Stearns Second Lien Trust Series 2007-1 1A<sup>(c)</sup> | TSFR1M + 0.494% | 4.6240 | &nbsp;&nbsp;01/25/37 | 157952 |
| 13244 | Bear Stearns Second Lien Trust Series 2007-1 3A<sup>(c)</sup> | TSFR1M + 0.554% | 4.8740 | &nbsp;&nbsp;08/25/37 | 12618 |
| 226914 | Bond Securitization Trust Series 2003-1 X<sup>(d),(g)</sup> |  | 0.0000 | &nbsp;&nbsp;10/25/34 | 208720 |
| 317740 | CDC Mortgage Capital Trust Series 2002-HE1 M<sup>(c)</sup> | TSFR1M + 1.989% | 6.3090 | &nbsp;&nbsp;01/25/33 | 1043349 |
| 15456913 | Centex Home Equity Loan Trust Series 2004-A XIO<sup>(g)</sup> |  | 0.0000 | &nbsp;&nbsp;01/25/34 | 2513220 |
| 100225 | Centex Home Equity Loan Trust Series 2004-C M2<sup>(c)</sup> | TSFR1M + 0.909% | 4.7460 | &nbsp;&nbsp;06/25/34 | 98158 |
| 185954 | Centex Home Equity Loan Trust Series 2004-D MF2<sup>(e)</sup> |  | 6.0600 | &nbsp;&nbsp;09/25/34 | 185422 |
| 111831 | Chase Funding Loan Acquisition Trust Series OPT1 M2<sup>(c)</sup> | TSFR1M + 1.614% | 5.9340 | &nbsp;&nbsp;06/25/34 | 114466 |
| 39331 | Chase Funding Trust Series 2003-6 1A7<sup>(e)</sup> |  | 4.8320 | &nbsp;&nbsp;11/25/34 | 38888 |
| 201046 | Chase Funding Trust Series 2003-3 2B<sup>(c)</sup> | TSFR1M + 4.614% | 8.9340 | &nbsp;&nbsp;05/25/32 | 192450 |
| 909358 | ChaseFlex Trust Series 2005-2 3A4 |  | 7.5000 | &nbsp;&nbsp;06/25/35 | 554238 |
| 188214 | CHL Mortgage Pass-Through Trust Series 2004-2 2A1<sup>(d)</sup> |  | 4.7040 | &nbsp;&nbsp;02/25/34 | 172223 |
| 182919 | CHL Mortgage Pass-Through Trust Series 2004-5 2A7 |  | 5.0000 | &nbsp;&nbsp;05/25/34 | 177241 |
| 1203410 | CHL Mortgage Pass-Through Trust Series 2004-7 6A1<sup>(d)</sup> |  | 5.8660 | &nbsp;&nbsp;05/25/34 | 1153892 |
| 34249 | CHL Mortgage Pass-Through Trust Series 2004-8 1A6<sup>(h)</sup> |  | 0.0000 | &nbsp;&nbsp;07/25/34 | 27171 |
| 295319 | CHL Mortgage Pass-Through Trust Series 2004-14 4A1<sup>(d)</sup> |  | 6.5430 | &nbsp;&nbsp;08/25/34 | 276803 |
| 1505623 | CHL Mortgage Pass-Through Trust Series 2004-25 2A1<sup>(c)</sup> | TSFR1M + 0.794% | 5.1140 | &nbsp;&nbsp;02/25/35 | 1392895 |
| 1274 | CHL Mortgage Pass-Through Trust Series 2005-7 2A2<sup>(c)</sup> | TSFR1M + 0.834% | 5.1540 | &nbsp;&nbsp;03/25/35 | 426 |
| 1714629 | CHL Mortgage Pass-Through Trust Series 2005-11 3A3<sup>(d)</sup> |  | 3.6550 | &nbsp;&nbsp;04/25/35 | 1348341 |
| 216124 | CHL Mortgage Pass-Through Trust Series 2005-J2 3A12 |  | 5.0000 | &nbsp;&nbsp;08/25/35 | 131358 |
| 101226 | CHL Mortgage Pass-Through Trust Series 2005-HYB6 5A1<sup>(d)</sup> |  | 4.4780 | &nbsp;&nbsp;10/20/35 | 97702 |
| 711896 | CHL Mortgage Pass-Through Trust Series 2005-31 2A3<sup>(d)</sup> |  | 4.4780 | &nbsp;&nbsp;01/25/36 | 642659 |
| 107410 | CHL Mortgage Pass-Through Trust Series 2007-J2 1A1 |  | 6.0000 | &nbsp;&nbsp;07/25/37 | 100551 |
| 367124 | CIT Home Equity Loan Trust Series 2002-2 MV2<sup>(c)</sup> | TSFR1M + 2.004% | 6.5780 | &nbsp;&nbsp;11/25/31 | 583995 |
| 75948 | Citicorp Mortgage Securities Trust Series 2006-1 1A4 |  | 6.0000 | &nbsp;&nbsp;02/25/36 | 70826 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 170307 | Citicorp Mortgage Securities, Inc. Series 2005-2 1A3 |  | 5.5000 | &nbsp;&nbsp;03/25/35 | $153153 |
| 86941 | Citigroup Mortgage Loan Trust Series 2004-HYB2 3A<sup>(d)</sup> |  | 5.9370 | &nbsp;&nbsp;03/25/34 | 75031 |
| 17654 | Citigroup Mortgage Loan Trust Series 2013-8 1A2<sup>(d),(f)</sup> |  | 5.3730 | &nbsp;&nbsp;05/25/35 | 16549 |
| 207967 | Citigroup Mortgage Loan Trust Series 2009-4 7A5<sup>(d),(f)</sup> |  | 5.4800 | &nbsp;&nbsp;05/25/35 | 197189 |
| 214712 | Citigroup Mortgage Loan Trust Series 2006-AR2 1A2<sup>(d)</sup> |  | 5.4610 | &nbsp;&nbsp;03/25/36 | 210578 |
| 317880 | Citigroup Mortgage Loan Trust Series 2006-AR3 1A2A<sup>(d)</sup> |  | 4.7530 | &nbsp;&nbsp;06/25/36 | 306770 |
| 260427 | Citigroup Mortgage Loan Trust Series 2013-8 2A2<sup>(d),(f)</sup> |  | 5.1550 | &nbsp;&nbsp;11/25/36 | 173544 |
| 1224696 | Citigroup Mortgage Loan Trust Series 2008-RR1 A1A1<sup>(c),(f)</sup> | TSFR1M + 0.184% | 4.5040 | &nbsp;&nbsp;01/25/37 | 1086912 |
| 1440199 | Citigroup Mortgage Loan Trust Series 2007-6 1A4A<sup>(d)</sup> |  | 4.7420 | &nbsp;&nbsp;03/25/37 | 1400509 |
| 555142 | Citigroup Mortgage Loan Trust, Inc. Series 2004-RR1 2A1<sup>(c),(f)</sup> | TSFR1M + 0.514% | 4.8340 | &nbsp;&nbsp;01/25/29 | 530043 |
| 187166 | Citigroup Mortgage Loan Trust, Inc. Series HE3 M3<sup>(c)</sup> | TSFR1M + 3.639% | 7.9590 | &nbsp;&nbsp;12/25/33 | 228869 |
| 3301000 | Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3 M4<sup>(c)</sup> | TSFR1M + 4.614% | 8.9340 | &nbsp;&nbsp;12/25/33 | 3686116 |
| 30394 | Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2 2CB3 |  | 8.0000 | &nbsp;&nbsp;08/25/34 | 31915 |
| 226910 | Citigroup Mortgage Loan Trust, Inc. Series 2004-RES1 M7<sup>(c)</sup> | TSFR1M + 2.739% | 7.0590 | &nbsp;&nbsp;11/25/34 | 859618 |
| 883238 | Citigroup Mortgage Loan Trust, Inc. Series 2005-9 2A3 |  | 5.7500 | &nbsp;&nbsp;11/25/35 | 686875 |
| 303072 | Citigroup Mortgage Loan Trust, Inc. Series 2005-SHL1 M3<sup>(c),(f)</sup> | TSFR1M + 3.114% | 6.9600 | &nbsp;&nbsp;07/25/44 | 562421 |
| 63420 | CitiMortgage Alternative Loan Trust Series 2007-A1 1APO<sup>(i)</sup> |  | 0.0000 | &nbsp;&nbsp;01/25/37 | 35724 |
| 139751 | CitiMortgage Alternative Loan Trust Series 2007-A1 1A9<sup>(b),(c)</sup> | -(TSFR1M + 0.114%) + 5.400% | 0.9660 | &nbsp;&nbsp;01/25/37 | 10276 |
| 14625 | CitiMortgage Alternative Loan Trust Series 2007-A1 1A1 |  | 6.0000 | &nbsp;&nbsp;01/25/37 | 13157 |
| 11151101 | Conseco Finance Corporation Series 7 B2<sup>(d)</sup> |  | 0.3200 | &nbsp;&nbsp;10/15/26 | 289295 |
| 427959 | Conseco Finance Corporation Series 1996-8 B1<sup>(d)</sup> |  | 7.9500 | &nbsp;&nbsp;11/15/26 | 432520 |
| 1602142 | Conseco Finance Corporation Series 6 B1<sup>(d)</sup> |  | 8.0000 | &nbsp;&nbsp;09/15/27 | 1622691 |
| 2284596 | Conseco Finance Corporation Series 1997-8 M1<sup>(d)</sup> |  | 7.0200 | &nbsp;&nbsp;10/15/27 | 2322274 |
| 883376 | Conseco Finance Corporation Series 9 B1<sup>(d)</sup> |  | 7.6500 | &nbsp;&nbsp;01/15/28 | 896829 |
| 3094689 | Conseco Finance Corporation Series 1997-3 M1<sup>(d)</sup> |  | 7.5300 | &nbsp;&nbsp;03/15/28 | 3145922 |
| 1312012 | Conseco Finance Corporation Series 1997-2 M1<sup>(d)</sup> |  | 7.5400 | &nbsp;&nbsp;06/15/28 | 1384043 |
| 3629369 | Conseco Finance Corporation Series 7 M1<sup>(d)</sup> |  | 7.0300 | &nbsp;&nbsp;07/15/28 | 3684964 |
| 1947072 | Conseco Finance Corporation Series 1996-10 B1<sup>(d)</sup> |  | 7.2400 | &nbsp;&nbsp;11/15/28 | 1976448 |
| 176560 | Conseco Finance Corporation Series 1998-2 M1<sup>(d)</sup> |  | 6.9400 | &nbsp;&nbsp;12/01/28 | 177630 |
| 3519037 | Conseco Finance Corporation Series GT 1997-5 B1<sup>(d)</sup> |  | 6.9700 | &nbsp;&nbsp;05/15/29 | 3584546 |
| 2027639 | Conseco Finance Corporation Series 3 M1<sup>(d)</sup> |  | 6.8600 | &nbsp;&nbsp;03/01/30 | 2075251 |
| 404498 | Conseco Finance Corporation Series 3 A9<sup>(d)</sup> |  | 6.5300 | &nbsp;&nbsp;02/01/31 | 366561 |
| 1253362 | Conseco Finance Corporation Series 3 A8<sup>(d)</sup> |  | 7.0600 | &nbsp;&nbsp;02/01/31 | 1158439 |
| 1591079 | Conseco Finance Securitizations Corporation Series 6 A1<sup>(d),(f)</sup> |  | 7.3600 | &nbsp;&nbsp;06/01/30 | 435798 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 2186639 | Conseco Finance Securitizations Corporation Series 2002-1 M2<sup>(d)</sup> |  | 9.5460 | &nbsp;&nbsp;12/01/33 | $2147230 |
| 70762 | Contimortgage Home Equity Loan Trust Series 1996-4 A10<sup>(c)</sup> | TSFR1M + 0.594% | 4.9060 | &nbsp;&nbsp;01/15/28 | 57990 |
| 219722 | Countrywide Asset-Backed Certificates Series BC2 B<sup>(c)</sup> | TSFR1M + 4.464% | 8.7840 | &nbsp;&nbsp;08/25/33 | 232133 |
| 409663 | Countrywide Asset-Backed Certificates Series 2004-BC2 M5<sup>(c)</sup> | TSFR1M + 2.739% | 7.0590 | &nbsp;&nbsp;10/25/33 | 418633 |
| 22095 | Countrywide Asset-Backed Certificates Series 2004-S1 M1<sup>(e)</sup> |  | 5.2520 | &nbsp;&nbsp;02/25/35 | 21955 |
| 662152 | Countrywide Asset-Backed Certificates Series 2006-13 1AF5<sup>(e)</sup> |  | 3.9620 | &nbsp;&nbsp;01/25/37 | 562312 |
| 730387 | Countrywide Asset-Backed Certificates Series 2007-QX1 A1<sup>(c)</sup> | TSFR1M + 0.614% | 4.9390 | &nbsp;&nbsp;05/25/37 | 656584 |
| 20842 | Countrywide Home Equity Loan Trust Series 2006-HW 2A1A<sup>(c)</sup> | TSFR1M + 0.264% | 4.5760 | &nbsp;&nbsp;11/15/36 | 18514 |
| 2645032 | Countrywide Home Equity Loan Trust Series 2006-HW 2A1B<sup>(c)</sup> | TSFR1M + 0.264% | 4.5760 | &nbsp;&nbsp;11/15/36 | 2279963 |
| 168223 | Credit Suisse First Boston Mortgage Securities Series 2005-8 6A1 |  | 5.5000 | &nbsp;&nbsp;08/25/25 | 90921 |
| 413030 | Credit Suisse First Boston Mortgage Securities Series MH29 B1<sup>(d)</sup> |  | 8.1000 | &nbsp;&nbsp;09/25/31 | 417983 |
| 150837 | Credit Suisse First Boston Mortgage Securities Series AR2 2M2<sup>(c)</sup> | TSFR1M + 2.514% | 6.8340 | &nbsp;&nbsp;02/25/32 | 162396 |
| 230805 | Credit Suisse First Boston Mortgage Securities Series 2002-P1A A<sup>(d),(f)</sup> |  | 5.0630 | &nbsp;&nbsp;03/25/32 | 221458 |
| 104432 | Credit Suisse First Boston Mortgage Securities Series 2002-18 1M2<sup>(d)</sup> |  | 7.0000 | &nbsp;&nbsp;06/25/32 | 101720 |
| 525901 | Credit Suisse First Boston Mortgage Securities Series 2002-HE1 A2<sup>(c)</sup> | TSFR1M + 0.854% | 3.9680 | &nbsp;&nbsp;08/25/32 | 502885 |
| 594781 | Credit Suisse First Boston Mortgage Securities Series HE16 B1<sup>(c)</sup> | TSFR1M + 2.914% | 7.2340 | &nbsp;&nbsp;10/25/32 | 673589 |
| 15419 | Credit Suisse First Boston Mortgage Securities Series 2002-AR31 CB2<sup>(d)</sup> |  | 7.0510 | &nbsp;&nbsp;11/25/32 | 15003 |
| 60464 | Credit Suisse First Boston Mortgage Securities Series 2002-AR31 CB1<sup>(d)</sup> |  | 7.0510 | &nbsp;&nbsp;11/25/32 | 58702 |
| 42014 | Credit Suisse First Boston Mortgage Securities Series 2003-8 CB2<sup>(d)</sup> |  | 5.6570 | &nbsp;&nbsp;04/25/33 | 39818 |
| 158582 | Credit Suisse First Boston Mortgage Securities Series AR26 9M3<sup>(c)</sup> | TSFR1M + 2.864% | 7.1840 | &nbsp;&nbsp;11/25/33 | 160360 |
| 515305 | Credit Suisse First Boston Mortgage Securities Series 2004-AR1 6M2<sup>(c)</sup> | TSFR1M + 2.214% | 6.5340 | &nbsp;&nbsp;02/25/34 | 579814 |
| 693258 | Credit Suisse First Boston Mortgage Securities Series 2004-FRE1 B3<sup>(c)</sup> | TSFR1M + 3.364% | 3.8760 | &nbsp;&nbsp;04/25/34 | 643476 |
| 50512 | Credit Suisse First Boston Mortgage Securities Series 2004-5 5A1 |  | 5.0000 | &nbsp;&nbsp;09/25/34 | 44717 |
| 687310 | Credit Suisse First Boston Mortgage Securities Series 2005-12 5A1 |  | 5.2500 | &nbsp;&nbsp;01/25/36 | 598533 |
| 2881 | Credit-Based Asset Servicing and Securitization Series 1999-3 A<sup>(d),(f)</sup> |  | 4.0940 | &nbsp;&nbsp;02/03/29 | 2224 |
| 2779977 | Credit-Based Asset Servicing and Securitization Series CB1 B2<sup>(c)</sup> | TSFR1M + 5.889% | 10.2090 | &nbsp;&nbsp;02/25/30 | 2601172 |
| 876565 | Credit-Based Asset Servicing and Securitization Series 2002-CB2 M2<sup>(c)</sup> | TSFR1M + 2.064% | 6.3840 | &nbsp;&nbsp;04/25/32 | 917563 |
| 125809 | Credit-Based Asset Servicing and Securitization Series CB4 M1<sup>(c)</sup> | TSFR1M + 1.239% | 5.5590 | &nbsp;&nbsp;02/25/33 | 133683 |
| 4464000 | Credit-Based Asset Servicing and Securitization Series RP1 B3<sup>(e),(f)</sup> |  | 5.9000 | &nbsp;&nbsp;04/25/36 | 4991578 |
| 884419 | Credit-Based Asset Servicing and Securitization Series 2006-RP2 M1<sup>(c),(f)</sup> | TSFR1M + 1.164% | 5.4840 | &nbsp;&nbsp;07/25/36 | 953766 |
| 254482 | Credit-Based Asset Servicing and Securitization Series 2006-CB2 AF4<sup>(e)</sup> |  | 2.9850 | &nbsp;&nbsp;12/25/36 | 206909 |
| 713512 | Credit-Based Asset Servicing and Securitization Series 2007-SL1A A2<sup>(c),(f)</sup> | TSFR1M + 0.574% | 4.8940 | &nbsp;&nbsp;02/25/37 | 559151 |
| 153884 | Credit-Based Asset Servicing and Securitization Series 2007-SP1 M1<sup>(e),(f)</sup> |  | 4.3530 | &nbsp;&nbsp;12/25/37 | 224539 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 1048227 | Credit-Based Asset Servicing and Securitization Series 2004-RP1 M3<sup>(c),(f)</sup> | TSFR1M + 3.114% | 7.4340 | &nbsp;&nbsp;05/25/50 | $1053107 |
| 553042 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-AGE1 B3<sup>(c)</sup> | TSFR1M + 4.114% | 8.4340 | &nbsp;&nbsp;02/25/32 | 623104 |
| 512668 | CSFB Mortgage-Backed Pass-Through Certificates Series 2002-29 2B1 |  | 7.0000 | &nbsp;&nbsp;10/25/32 | 520726 |
| 30890 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR18 4M3<sup>(c)</sup> | TSFR1M + 3.014% | 7.3340 | &nbsp;&nbsp;07/25/33 | 30515 |
| 190243 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27 8A1 |  | 6.0000 | &nbsp;&nbsp;11/25/33 | 194759 |
| 486094 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-9 4A2<sup>(c)</sup> | TSFR1M + 0.464% | 4.7840 | &nbsp;&nbsp;10/25/35 | 411245 |
| 88 | CSMC Series 2014-4R 16A3<sup>(c),(f)</sup> | TSFR1M + 0.314% | 5.1010 | &nbsp;&nbsp;02/27/36 | 88 |
| 61546 | CSMC Series 2011-6R 4A2<sup>(d),(f)</sup> |  | 3.8440 | &nbsp;&nbsp;04/28/37 | 56724 |
| 1332700 | CSMC Mortgage-Backed Trust Series 2006-9 4A13 |  | 6.5000 | &nbsp;&nbsp;11/25/36 | 774910 |
| 512638 | CSMC Mortgage-Backed Trust Series 2007-1 5A13 |  | 6.0000 | &nbsp;&nbsp;02/25/37 | 276525 |
| 124586 | CSMC Mortgage-Backed Trust Series 2007-3 4A6<sup>(c)</sup> | TSFR1M + 0.364% | 4.6840 | &nbsp;&nbsp;04/25/37 | 96509 |
| 158899 | CSMC Mortgage-Backed Trust Series 2007-3 3A4 |  | 5.0000 | &nbsp;&nbsp;04/25/37 | 132873 |
| 2302731 | CSMC Mortgage-Backed Trust Series 2007-4 5A1 |  | 1.0630 | &nbsp;&nbsp;06/25/37 | 351741 |
| 188824 | CSMC Mortgage-Backed Trust Series 2007-4 1A1<sup>(c)</sup> | TSFR1M + 0.514% | 4.8340 | &nbsp;&nbsp;06/25/37 | 104131 |
| 1050875 | CWABS Asset-Backed Certificates Trust Series 2004-10 MV4<sup>(c)</sup> | TSFR1M + 1.689% | 4.2840 | &nbsp;&nbsp;12/25/34 | 960107 |
| 357137 | CWABS Asset-Backed Certificates Trust Series 2004-13 MF5<sup>(d)</sup> |  | 5.5680 | &nbsp;&nbsp;01/25/35 | 234911 |
| 1275510 | CWABS Asset-Backed Certificates Trust Series 2005-17 1AF4<sup>(e)</sup> |  | 6.5470 | &nbsp;&nbsp;05/25/36 | 1042873 |
| 1698864 | CWABS Asset-Backed Certificates Trust Series 2007-4 A5W<sup>(e)</sup> |  | 4.2880 | &nbsp;&nbsp;04/25/47 | 1414487 |
| 298540 | CWABS Inc Asset-Backed Certificates Series 2004-1 M1<sup>(c)</sup> | TSFR1M + 0.864% | 5.1840 | &nbsp;&nbsp;03/25/34 | 303743 |
| 37509 | CWABS Inc Asset-Backed Certificates Series 2004-1<sup>(c)</sup> | TSFR1M + 0.939% | 5.2590 | &nbsp;&nbsp;03/25/34 | 42195 |
| 34363 | CWABS Revolving Home Equity Loan Trust Series 2004-O 2A<sup>(c)</sup> | TSFR1M + 0.394% | 4.7060 | &nbsp;&nbsp;02/15/34 | 34010 |
| 356778 | CWHEQ Home Equity Loan Trust Series 2006-S6 A5<sup>(d)</sup> |  | 5.9620 | &nbsp;&nbsp;03/25/34 | 341326 |
| 1062589 | CWHEQ Home Equity Loan Trust Series 2006-S5 A5 |  | 6.1550 | &nbsp;&nbsp;06/25/35 | 1638093 |
| 139767 | CWHEQ Home Equity Loan Trust Series 2006-S7 A5<sup>(d)</sup> |  | 5.9450 | &nbsp;&nbsp;11/25/35 | 140437 |
| 9480 | CWHEQ Revolving Home Equity Loan Trust Series H 2A<sup>(c)</sup> | TSFR1M + 0.354% | 4.6660 | &nbsp;&nbsp;12/15/35 | 9475 |
| 432031 | CWHEQ Revolving Home Equity Loan Trust Series 2005-K 2A4<sup>(c)</sup> | TSFR1M + 0.454% | 4.7660 | &nbsp;&nbsp;02/15/36 | 402126 |
| 4800702 | CWHEQ Revolving Home Equity Loan Trust Series 2006-I 2A<sup>(c)</sup> | TSFR1M + 0.254% | 4.5660 | &nbsp;&nbsp;01/15/37 | 4574317 |
| 261966 | CWHEQ Revolving Home Equity Loan Trust Series D 2A<sup>(c)</sup> | TSFR1M + 0.304% | 4.6160 | &nbsp;&nbsp;11/15/35 | 242390 |
| 1479781 | CWHEQ Revolving Home Equity Loan Trust Series B A<sup>(c)</sup> | TSFR1M + 0.264% | 4.5760 | &nbsp;&nbsp;02/15/37 | 1388665 |
| 394661 | CWHEQ Revolving Home Equity Loan Trust Series A A<sup>(c)</sup> | TSFR1M + 0.234% | 4.5460 | &nbsp;&nbsp;04/15/37 | 371423 |
| 926352 | Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-1 1A4A<sup>(c)</sup> | TSFR1M + 0.334% | 4.6540 | &nbsp;&nbsp;08/25/37 | 801514 |
| 93254 | Deutsche Alt-B Securities Mortgage Loan Trust Series 2006-AB1 A3<sup>(e)</sup> |  | 6.3650 | &nbsp;&nbsp;02/25/36 | 87449 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 132349 | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2 A3<sup>(d)</sup> |  | 4.6780 | &nbsp;&nbsp;06/25/36 | $121901 |
| 1342592 | Deutsche Financial Capital Securitization, LLC Series 1998-I B1 |  | 7.2750 | &nbsp;&nbsp;04/15/28 | 1333770 |
| 709753 | Deutsche Mortgage Securities, Inc. Mortgage Loan Series 2006-PR1 3AF1<sup>(c),(f)</sup> | TSFR1M + 0.394% | 4.7060 | &nbsp;&nbsp;04/15/36 | 653405 |
| 1793506 | Deutsche Mortgage Securities, Inc. Mortgage Loan Series 2006-PR1 3AF2<sup>(c),(f)</sup> | TSFR1M + 0.394% | 4.7060 | &nbsp;&nbsp;04/15/36 | 1651116 |
| 716153 | Deutsche Mortgage Securities, Inc. Mortgage Loan Series 2006-PR1 4AF1<sup>(c),(f)</sup> | TSFR1M + 0.404% | 4.7160 | &nbsp;&nbsp;04/15/36 | 660786 |
| 26656 | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2004-1 B2<sup>(d)</sup> |  | 5.5000 | &nbsp;&nbsp;09/25/33 | 26016 |
| 137093 | DSLA Mortgage Loan Trust Series 2004-AR1 A2B<sup>(c)</sup> | TSFR1M + 0.954% | 5.2720 | &nbsp;&nbsp;09/19/44 | 122187 |
| 850324 | DSLA Mortgage Loan Trust Series 2004-AR2 A1B<sup>(c)</sup> | TSFR1M + 0.914% | 5.2320 | &nbsp;&nbsp;11/19/44 | 725688 |
| 563510 | DSLA Mortgage Loan Trust Series 2004-AR2 A2B<sup>(c)</sup> | TSFR1M + 0.914% | 5.2320 | &nbsp;&nbsp;11/19/44 | 513619 |
| 1576679 | DSLA Mortgage Loan Trust Series 2005-AR3 2A1B<sup>(c)</sup> | TSFR1M + 0.594% | 4.9120 | &nbsp;&nbsp;07/19/45 | 1437582 |
| 3858647 | DSLA Mortgage Loan Trust Series 2007-AR1 1A1B<sup>(c)</sup> | TSFR1M + 0.254% | 4.5720 | &nbsp;&nbsp;04/19/47 | 2935837 |
| 216588 | Equity One Mortgage Pass-Through Trust Series 2002-1 M1<sup>(d)</sup> |  | 6.2820 | &nbsp;&nbsp;08/25/32 | 213887 |
| 209469 | Finance America Mortgage Loan Trust Series 2004-3 M2<sup>(c)</sup> | TSFR1M + 1.059% | 5.3790 | &nbsp;&nbsp;11/25/34 | 193653 |
| 195762 | Finance America Mortgage Loan Trust Series 2004-3 M3<sup>(c)</sup> | TSFR1M + 1.134% | 5.4540 | &nbsp;&nbsp;11/25/34 | 174279 |
| 248998 | First Franklin Mortgage Loan Trust Series 2002-FF1 M2<sup>(c)</sup> | TSFR1M + 1.914% | 6.2340 | &nbsp;&nbsp;04/25/32 | 253094 |
| 9882 | First Franklin Mortgage Loan Trust Series 2003-FFB X<sup>(d),(g)</sup> |  | 0.0000 | &nbsp;&nbsp;02/25/33 | 10000 |
| 891057 | First Franklin Mortgage Loan Trust Series 2003-FF1<sup>(c)</sup> | TSFR1M + 2.739% | 7.0590 | &nbsp;&nbsp;03/25/33 | 1168811 |
| 413787 | First Franklin Mortgage Loan Trust Series 2003-FF4 M1<sup>(c)</sup> | TSFR1M + 1.914% | 6.2390 | &nbsp;&nbsp;10/25/33 | 409484 |
| 157074 | First Franklin Mortgage Loan Trust Series 2004-FF2 M5<sup>(c)</sup> | TSFR1M + 1.614% | 5.9340 | &nbsp;&nbsp;03/25/34 | 152279 |
| 4807869 | First Franklin Mortgage Loan Trust Series 2004-FFH2 M4<sup>(c)</sup> | TSFR1M + 1.689% | 6.0090 | &nbsp;&nbsp;06/25/34 | 4272803 |
| 1001360 | First Franklin Mortgage Loan Trust Series 2004-FFH3 M4<sup>(c)</sup> | TSFR1M + 1.719% | 1.9529 | &nbsp;&nbsp;10/25/34 | 858850 |
| 44503 | First Franklin Mortgage Loan Trust Series 2004-FFA X<sup>(f),(g)</sup> |  | 0.0000 | &nbsp;&nbsp;04/25/38 | 44000 |
| 138759 | First Horizon Alternative Mortgage Securities Series 2004-AA5 2A1<sup>(d)</sup> |  | 5.0930 | &nbsp;&nbsp;12/25/34 | 131514 |
| 337273 | First Horizon Alternative Mortgage Securities Series 2004-AA7 1A1<sup>(d)</sup> |  | 4.6790 | &nbsp;&nbsp;02/25/35 | 311537 |
| 24232 | First Horizon Alternative Mortgage Securities Series 2005-AA1 1A1<sup>(d)</sup> |  | 4.6490 | &nbsp;&nbsp;03/25/35 | 13790 |
| 1725535 | First Horizon Alternative Mortgage Securities Series 2005-AA3 2A1<sup>(d)</sup> |  | 3.2840 | &nbsp;&nbsp;05/25/35 | 820616 |
| 170576 | First Horizon Alternative Mortgage Securities Series 2005-AA5 1A1<sup>(d)</sup> |  | 5.4820 | &nbsp;&nbsp;07/25/35 | 89179 |
| 1112 | First Horizon Alternative Mortgage Securities Series 2006-AA4 1A1<sup>(d),(g)</sup> |  | 0.0000 | &nbsp;&nbsp;07/25/36 |  |
| 15272 | First Horizon Mortgage Pass-Through Trust Series 2000-H 3B1<sup>(d)</sup> |  | 6.4790 | &nbsp;&nbsp;05/25/30 | 15161 |
| 12077 | First Horizon Mortgage Pass-Through Trust Series 2000-H 4B2<sup>(d)</sup> |  | 6.8270 | &nbsp;&nbsp;05/25/30 | 11853 |
| 145371 | First Horizon Mortgage Pass-Through Trust Series 2004-FL1 1A1<sup>(c)</sup> | TSFR1M + 0.384% | 4.7040 | &nbsp;&nbsp;02/25/35 | 132707 |
| 153852 | First Horizon Mortgage Pass-Through Trust Series 2005-AR4 2A1<sup>(d)</sup> |  | 5.2570 | &nbsp;&nbsp;10/25/35 | 141542 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| 584595 First Horizon Mortgage Pass-Through Trust Series 2005-AR6 3A1<sup>(d)</sup> |  | 7.0000 | &nbsp;&nbsp;01/25/36 | $443916 |
| 461555 First Horizon Mortgage Pass-Through Trust Series 2006-AR3 3A1<sup>(d)</sup> |  | 3.5150 | &nbsp;&nbsp;10/25/36 | 362500 |
| 358771 First Horizon Mortgage Pass-Through Trust Series 2004-AR1 3A1<sup>(d)</sup> |  | 2.9830 | &nbsp;&nbsp;05/25/37 | 288713 |
| 31285 First Horizon Mortgage Pass-Through Trust Series 2007-AR2 2A1<sup>(d)</sup> |  | 3.8750 | &nbsp;&nbsp;07/25/37 | 15022 |
| 157220 FirstCity Capital Home Equity Loan Trust Series 1998-2 A3<sup>(c),(f)</sup> | TSFR1M + 1.714% | 6.0340 | &nbsp;&nbsp;01/25/29 | 157049 |
| 272771 FirstCity Capital Home Equity Loan Trust Series 1998-2 A1<sup>(f)</sup> |  | 6.9900 | &nbsp;&nbsp;01/25/29 | 273123 |
| 764013 Floating Rate Mortgage Pass-through Certificates Series 2 M3<sup>(c)</sup> | TSFR1M + 3.039% | 7.3590 | &nbsp;&nbsp;10/25/31 | 793513 |
| 220038 Fremont Home Loan Trust Series 1999-3 A1<sup>(c)</sup> | TSFR1M + 0.824% | 5.1440 | &nbsp;&nbsp;12/25/29 | 215340 |
| 197857 Fremont Home Loan Trust Series 1999-3 A2<sup>(c)</sup> | TSFR1M + 0.904% | 5.2240 | &nbsp;&nbsp;12/25/29 | 192790 |
| 1084525 Fremont Home Loan Trust Series 2002-2 M1<sup>(c)</sup> | TSFR1M + 1.839% | 6.1590 | &nbsp;&nbsp;10/25/33 | 1292631 |
| 35506 Fremont Home Loan Trust Series 2004-B M7<sup>(c)</sup> | TSFR1M + 3.114% | 7.4340 | &nbsp;&nbsp;05/25/34 | 30200 |
| 5471 Fremont Home Loan Trust Series 2005-A M3<sup>(c)</sup> | TSFR1M + 0.849% | 5.1690 | &nbsp;&nbsp;01/25/35 | 5413 |
| 187802 Global Mortgage Securitization Ltd. Series 2004-A A2<sup>(c),(f)</sup> | TSFR1M + 0.434% | 4.7540 | &nbsp;&nbsp;11/25/32 | 185121 |
| 908529 GMACM Home Equity Loan Trust Series 2004-HE3 A2VN<sup>(c),(f)</sup> | TSFR1M + 0.614% | 4.9340 | &nbsp;&nbsp;10/25/34 | 863437 |
| 9425 GMACM Home Equity Loan Trust Series 2005-HE1 A1VN<sup>(c),(f)</sup> | TSFR1M + 0.614% | 4.9340 | &nbsp;&nbsp;08/25/35 | 4742 |
| 854736 GMACM Home Equity Loan Trust Series 2005-HE3 A1VN<sup>(c),(f)</sup> | TSFR1M + 0.614% | 4.9340 | &nbsp;&nbsp;02/25/36 | 783188 |
| 792811 GMACM Home Equity Loan Trust Series 2007-HE2 A1<sup>(c)</sup> | TSFR1M + 0.254% | 4.5740 | &nbsp;&nbsp;12/25/37 | 735488 |
| 601591 GMACM Home Equity Loan Trust Series 2007-HE2 A4<sup>(e)</sup> |  | 7.4240 | &nbsp;&nbsp;12/25/37 | 593580 |
| 115419 GMACM Mortgage Loan Trust Series 2004-J2 A9<sup>(h)</sup> |  | 0.0000 | &nbsp;&nbsp;06/25/34 | 98439 |
| 1630857 GMACM Mortgage Loan Trust Series 2005-AR4 3A1<sup>(d)</sup> |  | 3.7690 | &nbsp;&nbsp;07/19/35 | 1406228 |
| 519439 GMACM Mortgage Loan Trust Series 2004-GH1 B<sup>(e)</sup> |  | 5.5000 | &nbsp;&nbsp;07/25/35 | 374072 |
| 278685 GMACM Mortgage Loan Trust Series 2005-AR6 3A1<sup>(d)</sup> |  | 3.8460 | &nbsp;&nbsp;11/19/35 | 241434 |
| 55354 GreenPoint Mortgage Funding Trust Series 2005-HE3 A<sup>(c)</sup> | TSFR1M + 0.294% | 4.6060 | &nbsp;&nbsp;09/15/30 | 55318 |
| 614220 GreenPoint Mortgage Funding Trust Series 2006-AR2 4A1<sup>(c)</sup> | 12MTA + 2.000% | 6.3990 | &nbsp;&nbsp;03/25/36 | 574503 |
| 57767 GreenPoint Mortgage Funding Trust Series 2006-AR3 4A1<sup>(c)</sup> | TSFR1M + 0.534% | 4.8540 | &nbsp;&nbsp;04/25/36 | 51174 |
| 232729 GreenPoint Mortgage Funding Trust Series 2005-AR4 1A1<sup>(c)</sup> | TSFR1M + 0.634% | 4.9540 | &nbsp;&nbsp;10/25/45 | 226824 |
| 252572 GreenPoint Mortgage Funding Trust Series 2005-AR4 3A1<sup>(c)</sup> | 12MTA + 1.400% | 5.7990 | &nbsp;&nbsp;10/25/45 | 199251 |
| 201231 GreenPoint Mortgage Funding Trust Series 2005-AR5 3A1<sup>(c)</sup> | TSFR1M + 0.674% | 4.9940 | &nbsp;&nbsp;11/25/45 | 151040 |
| 1449838 GreenPoint Mortgage Loan Trust Series 2004-1 A<sup>(c)</sup> | TSFR1M + 1.264% | 5.5840 | &nbsp;&nbsp;10/25/34 | 1225340 |
| 312037 GreenPoint MTA Trust Series 2005-AR3 1A1<sup>(c)</sup> | TSFR1M + 0.594% | 4.9140 | &nbsp;&nbsp;08/25/45 | 262042 |
| 1541143 GSAA Home Equity Trust Series 2004-5 M2<sup>(e)</sup> |  | 4.3170 | &nbsp;&nbsp;06/25/34 | 1371331 |
| 178015 GSAA Home Equity Trust Series 2005-3 B1<sup>(c)</sup> | TSFR1M + 1.989% | 6.3090 | &nbsp;&nbsp;12/25/34 | 176794 |
| 968493 GSAA Home Equity Trust Series 2005-2 B3<sup>(c)</sup> | TSFR1M + 3.564% | 7.8840 | &nbsp;&nbsp;12/25/34 | 895844 |
| 952214 GSAA Home Equity Trust Series 2005-9 M2<sup>(c)</sup> | TSFR1M + 0.864% | 5.1840 | &nbsp;&nbsp;08/25/35 | 944944 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 388326 | GSAA Home Equity Trust Series 2007-7 A4<sup>(c)</sup> | TSFR1M + 0.654% | 4.9740 | &nbsp;&nbsp;07/25/37 | $373714 |
| 77626 | GSAMP Trust Series 2004-HE1 M1<sup>(c)</sup> | TSFR1M + 0.939% | 5.2590 | &nbsp;&nbsp;05/25/34 | 71405 |
| 1278317 | GSAMP Trust Series 2004-SD1 M2<sup>(c)</sup> | TSFR1M + 2.514% | 6.8340 | &nbsp;&nbsp;06/25/34 | 1080394 |
| 3997084 | GSAMP Trust Series 2004-AR2 M2<sup>(c)</sup> | TSFR1M + 1.014% | 5.3340 | &nbsp;&nbsp;08/25/34 | 4213431 |
| 140046 | GSMPS Mortgage Loan Trust Series 1998-2 A<sup>(d),(f)</sup> |  | 7.7500 | &nbsp;&nbsp;05/19/27 | 124585 |
| 48560 | GSMPS Mortgage Loan Trust Series 1998-3 A<sup>(d),(f)</sup> |  | 5.1260 | &nbsp;&nbsp;09/19/27 | 48246 |
| 111461 | GSMPS Mortgage Loan Trust Series 1999-2 A<sup>(d),(f)</sup> |  | 8.0000 | &nbsp;&nbsp;09/19/27 | 110936 |
| 41417 | GSMPS Mortgage Loan Trust Series 1998-1 A<sup>(d),(f)</sup> |  | 8.0000 | &nbsp;&nbsp;09/19/27 | 40118 |
| 319285 | GSMPS Mortgage Loan Trust Series 2001-2 A<sup>(d),(f)</sup> |  | 7.5000 | &nbsp;&nbsp;06/19/32 | 311867 |
| 83885 | GSR Mortgage Loan Trust Series 2003-1 B1<sup>(d)</sup> |  | 5.7700 | &nbsp;&nbsp;03/25/33 | 78892 |
| 8853 | GSR Mortgage Loan Trust Series 2003-1 A2<sup>(c)</sup> | H15T1Y + 1.750% | 5.8800 | &nbsp;&nbsp;03/25/33 | 8812 |
| 64769 | GSR Mortgage Loan Trust Series 2003-3F B3<sup>(d)</sup> |  | 5.9290 | &nbsp;&nbsp;04/25/33 | 61098 |
| 145177 | GSR Mortgage Loan Trust Series 2003-4F B3<sup>(d)</sup> |  | 5.8960 | &nbsp;&nbsp;05/25/33 | 146476 |
| 119253 | GSR Mortgage Loan Trust Series 2003-9 A2<sup>(c)</sup> | TSFR12M + 2.465% | 6.5590 | &nbsp;&nbsp;08/25/33 | 117304 |
| 38197 | GSR Mortgage Loan Trust Series 2004-15F 3A1<sup>(c)</sup> | TSFR1M + 0.414% | 4.7340 | &nbsp;&nbsp;12/25/34 | 35213 |
| 223515 | GSR Mortgage Loan Trust Series 2005-1F 4A1<sup>(c)</sup> | TSFR1M + 0.414% | 4.7340 | &nbsp;&nbsp;01/25/35 | 206412 |
| 52086 | GSR Mortgage Loan Trust Series 2005-7F 2A6 |  | 5.5000 | &nbsp;&nbsp;09/25/35 | 51644 |
| 88706 | GSR Mortgage Loan Trust Series 2005-AR5 1A1<sup>(d)</sup> |  | 6.3410 | &nbsp;&nbsp;10/25/35 | 84692 |
| 203448 | GSR Mortgage Loan Trust Series 2005-AR7 5A1<sup>(d)</sup> |  | 4.7230 | &nbsp;&nbsp;11/25/35 | 171955 |
| 966757 | GSR Mortgage Loan Trust Series 2005-8F 2A6 |  | 5.5000 | &nbsp;&nbsp;11/25/35 | 924970 |
| 418831 | GSR Mortgage Loan Trust Series 2005-8F 2A4 |  | 5.5000 | &nbsp;&nbsp;11/25/35 | 400728 |
| 313836 | GSR Mortgage Loan Trust Series 2005-8F 2A1 |  | 5.5000 | &nbsp;&nbsp;11/25/35 | 300271 |
| 1043730 | GSR Mortgage Loan Trust Series 2006-2F 1A1 |  | 5.0000 | &nbsp;&nbsp;02/25/36 | 959516 |
| 195844 | GSR Mortgage Loan Trust Series 2006-1F 1A6<sup>(c)</sup> | TSFR1M + 1.064% | 5.3840 | &nbsp;&nbsp;02/25/36 | 1251237 |
| 708843 | GSR Mortgage Loan Trust Series 2006-1F 4A1 |  | 5.5000 | &nbsp;&nbsp;02/25/36 | 506960 |
| 8764 | GSR Mortgage Loan Trust Series 2006-1F 1A3 |  | 5.5000 | &nbsp;&nbsp;02/25/36 | 53360 |
| 5728 | GSR Mortgage Loan Trust Series 2006-1F 1A9 |  | 5.5000 | &nbsp;&nbsp;02/25/36 | 23994 |
| 1219699 | GSR Mortgage Loan Trust Series 2006-2F 2A13 |  | 5.7500 | &nbsp;&nbsp;02/25/36 | 1064552 |
| 1441195 | GSR Mortgage Loan Trust Series 2006-2F 2A17 |  | 5.7500 | &nbsp;&nbsp;02/25/36 | 1257874 |
| 2257653 | GSR Mortgage Loan Trust Series 2006-4F 5A11 |  | 5.5000 | &nbsp;&nbsp;05/25/36 | 720000 |
| 815348 | GSR Mortgage Loan Trust Series 2006-4F 2A11 |  | 5.5000 | &nbsp;&nbsp;05/25/36 | 545000 |
| 64229777 | GSR Mortgage Loan Trust Series 2006-4F 2A2 |  | 5.5000 | &nbsp;&nbsp;05/25/36 | 951000 |
| 42134 | GSR Mortgage Loan Trust Series 2006-5F 2A4 |  | 6.0000 | &nbsp;&nbsp;06/25/36 | 101694 |
| 224274 | GSR Mortgage Loan Trust Series 2006-5F 2A2 |  | 6.0000 | &nbsp;&nbsp;06/25/36 | 541298 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 113822 | GSR Mortgage Loan Trust Series 2006-5F 2A1 |  | 6.0000 | &nbsp;&nbsp;06/25/36 | $274716 |
| 9451 | GSR Mortgage Loan Trust Series 2006-7F 2A1 |  | 6.0000 | &nbsp;&nbsp;08/25/36 | 1575000 |
| 16701 | GSR Mortgage Loan Trust Series 2006-10F 2A1 |  | 5.7500 | &nbsp;&nbsp;12/25/36 | 1290000 |
| 102094 | GSR Mortgage Loan Trust Series 2007-1F 2A4 |  | 5.5000 | &nbsp;&nbsp;01/25/37 | 194791 |
| 182857 | GSR Mortgage Loan Trust Series 2007-1F 2A2 |  | 5.5000 | &nbsp;&nbsp;01/25/37 | 745998 |
| 743990 | GSR Mortgage Loan Trust Series 2007-1F 3A1 |  | 6.0000 | &nbsp;&nbsp;01/25/37 | 435548 |
| 415809 | GSR Mortgage Loan Trust Series 2007-AR1 3A1<sup>(d)</sup> |  | 4.0440 | &nbsp;&nbsp;03/25/37 | 361597 |
| 1102990 | GSR Mortgage Loan Trust Series 2007-AR1 1A1<sup>(d)</sup> |  | 4.1710 | &nbsp;&nbsp;03/25/37 | 552753 |
| 57294 | GSR Mortgage Loan Trust Series 2007-3F 2A1 |  | 5.7500 | &nbsp;&nbsp;05/25/37 | 1406285 |
| 205213 | GSR Mortgage Loan Trust Series 2007-AR2 5A1A<sup>(d)</sup> |  | 5.9810 | &nbsp;&nbsp;05/25/37 | 190493 |
| 29613 | GSR Mortgage Loan Trust Series 2007-4F 1A1 |  | 5.0000 | &nbsp;&nbsp;07/25/37 | 61763 |
| 1712487 | GSR Mortgage Loan Trust Series 2007-4F 2A1 |  | 5.7500 | &nbsp;&nbsp;07/25/37 | 3446593 |
| 53333 | HarborView Mortgage Loan Trust Series 2003-1 B1<sup>(d)</sup> |  | 5.3090 | &nbsp;&nbsp;05/19/33 | 43691 |
| 516584 | HarborView Mortgage Loan Trust Series 2003-1 A<sup>(d)</sup> |  | 5.3090 | &nbsp;&nbsp;05/19/33 | 480538 |
| 225044 | HarborView Mortgage Loan Trust Series 2004-1 B1<sup>(d)</sup> |  | 6.0030 | &nbsp;&nbsp;04/19/34 | 163070 |
| 807636 | HarborView Mortgage Loan Trust Series 2004-8 3A2<sup>(c)</sup> | TSFR1M + 0.914% | 5.2320 | &nbsp;&nbsp;11/19/34 | 630262 |
| 62355 | HarborView Mortgage Loan Trust Series 2004-9 4A2<sup>(c)</sup> | TSFR1M + 0.894% | 5.2120 | &nbsp;&nbsp;12/19/34 | 52407 |
| 3114432 | HarborView Mortgage Loan Trust Series 2005-2 1A<sup>(c)</sup> | TSFR1M + 0.634% | 1.3460 | &nbsp;&nbsp;05/19/35 | 859151 |
| 33 | HarborView Mortgage Loan Trust Series 2005-14 3A1A<sup>(d)</sup> |  | 7.2970 | &nbsp;&nbsp;12/19/35 | 33 |
| 1825678 | HarborView Mortgage Loan Trust Series 2005-16 4A1B<sup>(c)</sup> | 12MTA + 2.000% | 6.3990 | &nbsp;&nbsp;01/19/37 | 1390397 |
| 18412 | Home Equity Asset Trust Series 2002-2 B1<sup>(c)</sup> | TSFR1M + 2.714% | 7.0340 | &nbsp;&nbsp;06/25/32 | 35684 |
| 358059 | Home Equity Asset Trust Series 5 B1<sup>(c)</sup> | TSFR1M + 4.364% | 8.6840 | &nbsp;&nbsp;05/25/33 | 369145 |
| 160222 | Home Equity Asset Trust Series 2003-1 B2<sup>(c)</sup> | TSFR1M + 4.864% | 9.1840 | &nbsp;&nbsp;06/25/33 | 1255405 |
| 96264 | Home Equity Asset Trust Series 2003-8 B2<sup>(c)</sup> | TSFR1M + 3.364% | 7.6840 | &nbsp;&nbsp;04/25/34 | 138198 |
| 41806 | Home Equity Asset Trust Series 2004-3 B1<sup>(c)</sup> | TSFR1M + 2.714% | 7.0340 | &nbsp;&nbsp;08/25/34 | 342523 |
| 3094192 | Home Equity Asset Trust Series 2004-5 M6<sup>(c)</sup> | TSFR1M + 2.064% | 6.3840 | &nbsp;&nbsp;11/25/34 | 3244183 |
| 4092208 | Home Equity Asset Trust Series 2007-3 M1<sup>(c)</sup> | TSFR1M + 0.639% | 4.9590 | &nbsp;&nbsp;08/25/37 | 4910424 |
| 224779 | Home Equity Mortgage Loan Asset-Backed Trust Series C MV1<sup>(c)</sup> | TSFR1M + 0.784% | 4.6210 | &nbsp;&nbsp;12/25/31 | 394992 |
| 484233 | Home Equity Mortgage Loan Asset-Backed Trust Series C AV<sup>(c)</sup> | TSFR1M + 0.364% | 4.6210 | &nbsp;&nbsp;12/25/31 | 468302 |
| 1908000 | Home Equity Mortgage Loan Asset-Backed Trust Series A MF2<sup>(e)</sup> |  | 6.0980 | &nbsp;&nbsp;10/25/32 | 390000 |
| 187292 | Home Equity Mortgage Loan Asset-Backed Trust Series 2002-B M1<sup>(c)</sup> | TSFR1M + 1.539% | 5.8590 | &nbsp;&nbsp;10/25/33 | 192119 |
| 54494 | Home Equity Mortgage Loan Asset-Backed Trust Series 2004-A M2<sup>(c)</sup> | TSFR1M + 2.139% | 3.7790 | &nbsp;&nbsp;07/25/34 | 52263 |
| 208992 | Home Equity Mortgage Trust Series 2007-1 A1<sup>(c)</sup> | TSFR1M + 0.454% | 4.7740 | &nbsp;&nbsp;05/25/37 | 201393 |
| 294623 | IMC Home Equity Loan Trust Series 1996-2 A7 |  | 7.9500 | &nbsp;&nbsp;07/25/26 | 294485 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 455355 | IMC Home Equity Loan Trust Series 1998-3 A7<sup>(e)</sup> |  | 5.4320 | &nbsp;&nbsp;08/20/29 | $449539 |
| 41939 | IMC Home Equity Loan Trust Series 1998-5 A5<sup>(e)</sup> |  | 5.2940 | &nbsp;&nbsp;12/20/29 | 41848 |
| 60389 | Impac CMB Trust Series 2004-10 3A2<sup>(c)</sup> | TSFR1M + 0.914% | 5.2340 | &nbsp;&nbsp;03/25/35 | 58145 |
| 170508 | Impac CMB Trust Series 2005-4 2A1<sup>(c)</sup> | TSFR1M + 0.414% | 5.0340 | &nbsp;&nbsp;05/25/35 | 163657 |
| 115828 | Impac CMB Trust Series 2005-4 2A2<sup>(c)</sup> | TSFR1M + 0.494% | 5.1940 | &nbsp;&nbsp;05/25/35 | 112235 |
| 525532 | Impac CMB Trust Series 2005-4 2B1<sup>(c)</sup> | TSFR1M + 1.764% | 6.9090 | &nbsp;&nbsp;05/25/35 | 560582 |
| 482877 | Impac CMB Trust Series 2005-7 A1<sup>(c)</sup> | TSFR1M + 0.634% | 4.9540 | &nbsp;&nbsp;11/25/35 | 429354 |
| 151360 | Impac Secured Assets CMN Owner Trust Series 2003-3 M1<sup>(d)</sup> |  | 5.2400 | &nbsp;&nbsp;08/25/33 | 149703 |
| 109744 | Impac Secured Assets CMN Owner Trust Series 2005-1 4A<sup>(d)</sup> |  | 5.9330 | &nbsp;&nbsp;07/25/35 | 103231 |
| 102296 | IndyMac ARM Trust Series 2001-H1 1A<sup>(d)</sup> |  | 6.2800 | &nbsp;&nbsp;08/25/31 | 54217 |
| 70762 | IndyMac IMSC Mortgage Loan Trust Series 2007-F3 PO<sup>(i)</sup> |  | 0.0000 | &nbsp;&nbsp;09/25/37 | 41509 |
| 2467599 | IndyMac INDA Mortgage Loan Trust Series 2005-AR2 3A1<sup>(d)</sup> |  | 4.5050 | &nbsp;&nbsp;01/25/36 | 2240273 |
| 14632 | IndyMac INDA Mortgage Loan Trust Series 2005-AR2 2A1<sup>(d)</sup> |  | 5.5060 | &nbsp;&nbsp;01/25/36 | 13824 |
| 59557 | IndyMac INDA Mortgage Loan Trust Series 2007-AR4 3A1<sup>(d)</sup> |  | 4.7320 | &nbsp;&nbsp;08/25/37 | 58024 |
| 1674733 | IndyMac INDX Mortgage Loan Trust Series 2005-AR9 2A1<sup>(d)</sup> |  | 5.0340 | &nbsp;&nbsp;07/25/35 | 1587322 |
| 404513 | IndyMac INDX Mortgage Loan Trust Series 2006-AR25 2A1<sup>(d)</sup> |  | 3.6660 | &nbsp;&nbsp;09/25/36 | 369767 |
| 324945 | Irwin Home Equity Loan Trust Series 2006-P1 1A<sup>(c),(f)</sup> | TSFR1M + 0.394% | 4.7140 | &nbsp;&nbsp;12/25/36 | 315609 |
| 201959 | Irwin Home Equity Loan Trust Series 2006-P1 2A3<sup>(e),(f)</sup> |  | 6.3000 | &nbsp;&nbsp;06/25/37 | 200746 |
| 746287 | Jefferies Resecuritization Trust Series 2009-R6 7A5<sup>(d),(f)</sup> |  | 5.9840 | &nbsp;&nbsp;08/26/35 | 707843 |
| 288161 | Jefferies Resecuritization Trust Series 2009-R7 6A2<sup>(d),(f)</sup> |  | 4.9280 | &nbsp;&nbsp;10/21/35 | 288649 |
| 247545 | JP Morgan Alternative Loan Trust Series 2005-S1 2A1 |  | 5.0000 | &nbsp;&nbsp;12/25/35 | 159658 |
| 316136 | JP Morgan Mortgage Trust Series 2004-S2 2A13<sup>(c)</sup> | TSFR1M + 0.514% | 4.8340 | &nbsp;&nbsp;11/25/34 | 296492 |
| 171105 | JP Morgan Mortgage Trust Series 2004-S2 4A5 |  | 6.0000 | &nbsp;&nbsp;11/25/34 | 157741 |
| 214317 | JP Morgan Mortgage Trust Series 2005-A6 5A1<sup>(d)</sup> |  | 6.5820 | &nbsp;&nbsp;08/25/35 | 218667 |
| 568633 | JP Morgan Mortgage Trust Series 2005-A8 1A1<sup>(d)</sup> |  | 5.0780 | &nbsp;&nbsp;11/25/35 | 445516 |
| 46383 | JP Morgan Mortgage Trust Series 2007-A2 3A1<sup>(d)</sup> |  | 4.8670 | &nbsp;&nbsp;04/25/37 | 38456 |
| 138616 | JP Morgan Mortgage Trust Series 2007-S2 3A2 |  | 6.0000 | &nbsp;&nbsp;06/25/37 | 135762 |
| 54015 | JP Morgan Mortgage Trust Series 2007-S2 3A3 |  | 6.5000 | &nbsp;&nbsp;06/25/37 | 53819 |
| 1163633 | JP Morgan Resecuritization Trust Series 2010-4 6A4<sup>(d),(f)</sup> |  | 4.5000 | &nbsp;&nbsp;10/26/36 | 1036611 |
| 1443687 | Lehman A.B.S Manufactured Housing Contract Trust Series A C<sup>(b),(g)</sup> |  | 0.0000 | &nbsp;&nbsp;06/15/33 | 1428527 |
| 744122 | Lehman Mortgage Trust Series 2005-2 5A1<sup>(c)</sup> | TSFR1M + 1.014% | 5.3340 | &nbsp;&nbsp;12/25/35 | 403103 |
| 554923 | Lehman Mortgage Trust Series 2005-2 AX<sup>(b)</sup> |  | 5.5000 | &nbsp;&nbsp;12/25/35 | 82903 |
| 119826 | Lehman Mortgage Trust Series 2005-2 5A2<sup>(c)</sup> | -4.600(TSFR1M + 0.114%) + 28.060% | 7.6650 | &nbsp;&nbsp;12/25/35 | 104562 |
| 1368626 | Lehman Mortgage Trust Series 2007-5 8A1<sup>(c)</sup> | TSFR1M + 0.394% | 1.6360 | &nbsp;&nbsp;08/25/36 | 208062 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 1385180 | Lehman Mortgage Trust Series 2007-5 8A2<sup>(b),(c)</sup> | -(TSFR1M + 0.114%) + 7.720% | 3.2860 | &nbsp;&nbsp;08/25/36 | $170223 |
| 101105 | Lehman Mortgage Trust Series 2007-3 2A1<sup>(h)</sup> |  | 0.0000 | &nbsp;&nbsp;03/25/37 | 68676 |
| 230512 | Lehman Mortgage Trust Series 2007-10 2A2 |  | 1.5380 | &nbsp;&nbsp;01/25/38 | 62700 |
| 167518 | Lehman Mortgage Trust Series 2006-4 4A1 |  | 6.0000 | &nbsp;&nbsp;06/25/49 | 112534 |
| 2500343 | Lehman XS Trust Series 2005-4 1M1<sup>(c)</sup> | TSFR1M + 0.864% | 5.1840 | &nbsp;&nbsp;10/25/35 | 2753917 |
| 589639 | Lehman XS Trust Series 2005-5N 1A2<sup>(c)</sup> | TSFR1M + 0.474% | 4.7940 | &nbsp;&nbsp;11/25/35 | 594311 |
| 1036868 | Lehman XS Trust Series 2007-3 1AA1<sup>(c)</sup> | TSFR1M + 0.434% | 4.7540 | &nbsp;&nbsp;03/25/37 | 883169 |
| 250965 | Lehman XS Trust Series 2007-6 3A5<sup>(e)</sup> |  | 4.2120 | &nbsp;&nbsp;05/25/37 | 232985 |
| 319459 | Lehman XS Trust Series 2006-2N 1A1<sup>(c)</sup> | TSFR1M + 0.634% | 4.9540 | &nbsp;&nbsp;02/25/46 | 285003 |
| 1517491 | Long Beach Mortgage Loan Trust Series 2002-1 M3<sup>(c)</sup> | TSFR1M + 3.864% | 8.1840 | &nbsp;&nbsp;05/25/32 | 1570549 |
| 427286 | Long Beach Mortgage Loan Trust Series 2003-2 M3<sup>(c)</sup> | TSFR1M + 3.489% | 7.8090 | &nbsp;&nbsp;06/25/33 | 463466 |
| 417683 | Long Beach Mortgage Loan Trust Series 2003-3 M3<sup>(c)</sup> | TSFR1M + 5.364% | 9.6840 | &nbsp;&nbsp;07/25/33 | 818874 |
| 298060 | Long Beach Mortgage Loan Trust Series 2004-5 A5<sup>(c)</sup> | TSFR1M + 0.674% | 4.9940 | &nbsp;&nbsp;09/25/34 | 298197 |
| 334354 | Long Beach Mortgage Loan Trust Series 2004-5 A6<sup>(c)</sup> | TSFR1M + 0.694% | 5.0140 | &nbsp;&nbsp;09/25/34 | 331490 |
| 4650286 | Long Beach Mortgage Loan Trust Series 2005-WL1 3M3<sup>(c)</sup> | TSFR1M + 1.089% | 5.4090 | &nbsp;&nbsp;06/25/45 | 4687986 |
| 14563 | Luminent Mortgage Trust Series 2006-7 2A1<sup>(c)</sup> | TSFR1M + 0.454% | 4.7740 | &nbsp;&nbsp;12/25/36 | 13268 |
| 170261 | Luminent Mortgage Trust Series 2006-7 1A1<sup>(c)</sup> | TSFR1M + 0.474% | 4.7940 | &nbsp;&nbsp;12/25/36 | 163995 |
| 524679 | Luminent Mortgage Trust Series 2007-2 2A1<sup>(c)</sup> | TSFR1M + 0.574% | 4.8940 | &nbsp;&nbsp;05/25/37 | 444042 |
| 106749 | MAFI II REMIC Trust Series 1999-A B1<sup>(d),(f)</sup> |  | 8.0000 | &nbsp;&nbsp;03/20/30 | 104392 |
| 265553 | MASTR Adjustable Rate Mortgages Trust Series 2004-11 B1<sup>(c)</sup> | TSFR1M + 2.364% | 6.6840 | &nbsp;&nbsp;11/25/34 | 260879 |
| 2534800 | MASTR Adjustable Rate Mortgages Trust Series 2004-14 B2<sup>(c)</sup> | TSFR1M + 3.514% | 7.8340 | &nbsp;&nbsp;01/25/35 | 2211897 |
| 673230 | MASTR Adjustable Rate Mortgages Trust Series 2005-2 3A1<sup>(d)</sup> |  | 4.5300 | &nbsp;&nbsp;03/25/35 | 594681 |
| 1795988 | MASTR Adjustable Rate Mortgages Trust Series 2005-6 3A2<sup>(d)</sup> |  | 1.8010 | &nbsp;&nbsp;07/25/35 | 594602 |
| 1022715 | MASTR Adjustable Rate Mortgages Trust Series 2005-6 3A1<sup>(d)</sup> |  | 1.8010 | &nbsp;&nbsp;07/25/35 | 348680 |
| 2827973 | MASTR Adjustable Rate Mortgages Trust Series 2007-1 2A1<sup>(d)</sup> |  | 5.0170 | &nbsp;&nbsp;11/25/36 | 1472109 |
| 288148 | MASTR Adjustable Rate Mortgages Trust Series 2006-OA2 2A1<sup>(c)</sup> | 12MTA + 0.800% | 5.1990 | &nbsp;&nbsp;12/25/46 | 254379 |
| 3419517 | MASTR Adjustable Rate Mortgages Trust Series 2006-OA2 1A1<sup>(c)</sup> | 12MTA + 0.800% | 5.1990 | &nbsp;&nbsp;12/25/46 | 2540007 |
| 291476 | MASTR Adjustable Rate Mortgages Trust Series 2007-3 22A5<sup>(c)</sup> | TSFR1M + 0.794% | 5.1140 | &nbsp;&nbsp;05/25/47 | 237367 |
| 9946 | MASTR Alternative Loan Trust Series 2004-10 4A1 |  | 6.0000 | &nbsp;&nbsp;09/25/34 | 9459 |
| 536652 | MASTR Alternative Loan Trust Series 2004-13 9A2 |  | 5.5000 | &nbsp;&nbsp;01/25/35 | 268459 |
| 49280 | MASTR Alternative Loan Trust Series 2005-6 30PO<sup>(i)</sup> |  | 0.0000 | &nbsp;&nbsp;12/25/35 | 9840 |
| 91923 | MASTR Alternative Loan Trust Series 2005-6 3A1 |  | 5.5000 | &nbsp;&nbsp;12/25/35 | 80470 |
| 2184142 | Mastr Asset Backed Securities Trust Series 2005-WF1 M9<sup>(c)</sup> | TSFR1M + 2.649% | 6.9690 | &nbsp;&nbsp;06/25/35 | 2300249 |
| 141962 | MASTR Asset Backed Securities Trust Series 2003-NC1 M4<sup>(c)</sup> | TSFR1M + 5.364% | 4.4360 | &nbsp;&nbsp;04/25/33 | 143936 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 45396 | MASTR Asset Backed Securities Trust Series 2003-WMC2 M2<sup>(c)</sup> | TSFR1M + 2.589% | 4.3300 | &nbsp;&nbsp;08/25/33 | $50192 |
| 965901 | MASTR Asset Backed Securities Trust Series 2004-OPT1 M1<sup>(c)</sup> | TSFR1M + 0.894% | 5.2140 | &nbsp;&nbsp;02/25/34 | 986330 |
| 343808 | MASTR Asset Securitization Trust Series 2002-NC1 M3<sup>(c)</sup> | TSFR1M + 3.264% | 7.5840 | &nbsp;&nbsp;10/25/32 | 330840 |
| 25510 | MASTR Asset Securitization Trust Series 2003-11 6A16 |  | 5.2500 | &nbsp;&nbsp;12/25/33 | 25303 |
| 74941 | MASTR Asset Securitization Trust Series 2004-9 3A7 |  | 5.2500 | &nbsp;&nbsp;07/25/34 | 72508 |
| 106631 | MASTR Asset Securitization Trust Series 2004-11 5A5 |  | 5.7500 | &nbsp;&nbsp;12/25/34 | 82405 |
| 942375 | MASTR Asset Securitization Trust Series 2004-11 5A4 |  | 5.7500 | &nbsp;&nbsp;12/25/34 | 727283 |
| 1202514 | MASTR Reperforming Loan Trust Series 2005-1 1A4<sup>(f)</sup> |  | 7.5000 | &nbsp;&nbsp;08/25/34 | 889119 |
| 44940 | MASTR Seasoned Securitization Trust Series 2003-1 3A2<sup>(c)</sup> | TSFR1M + 0.514% | 4.8340 | &nbsp;&nbsp;02/25/33 | 43869 |
| 48350 | Mellon Residential Funding Corporation Mortgage Pass Through Trust Series 1999-TBC3 B4<sup>(d),(f)</sup> |  | 5.1370 | &nbsp;&nbsp;10/20/29 | 47401 |
| 31425 | Mellon Residential Funding Corporation Mortgage Pass Through Trust Series 1999-TBC3 B5<sup>(d),(f)</sup> |  | 5.1370 | &nbsp;&nbsp;10/20/29 | 30734 |
| 1289096 | MERIT Securities Corporation Series 11PA B3<sup>(c),(f)</sup> | SOFRRATE + 2.364% | 7.2100 | &nbsp;&nbsp;09/28/32 | 1221615 |
| 109506 | Merrill Lynch Alternative Note Asset Trust Series 2007-AF1 1AF2 |  | 5.7500 | &nbsp;&nbsp;05/25/37 | 105212 |
| 244576 | Merrill Lynch Mortgage Backed Securities Trust Series 2007-1 2A1<sup>(d)</sup> |  | 4.3650 | &nbsp;&nbsp;04/25/37 | 214254 |
| 1720266 | Merrill Lynch Mortgage Investors Trust Series 2003-WMC2 B1<sup>(c)</sup> | TSFR1M + 4.389% | 8.7090 | &nbsp;&nbsp;02/25/34 | 1295288 |
| 927752 | Merrill Lynch Mortgage Investors Trust Series 2005-NC1 B3<sup>(c)</sup> | TSFR1M + 3.189% | 7.5090 | &nbsp;&nbsp;10/25/35 | 849745 |
| 154386 | Merrill Lynch Mortgage Investors Trust Series 2006-AF1 PO<sup>(i)</sup> |  | 0.0000 | &nbsp;&nbsp;08/25/36 |  |
| 2330676 | Merrill Lynch Mortgage Investors Trust Series 2006-FF1 B3<sup>(c),(f)</sup> | TSFR1M + 1.239% | 5.5590 | &nbsp;&nbsp;08/25/36 | 2680352 |
| 24467 | Merrill Lynch Mortgage Investors Trust MLCC Series 2003-D B1<sup>(c)</sup> | TSFR1M + 1.059% | 5.3790 | &nbsp;&nbsp;08/25/28 | 22254 |
| 20655 | Merrill Lynch Mortgage Investors Trust MLCC Series 2003-D B2<sup>(c)</sup> | TSFR1M + 2.364% | 6.6840 | &nbsp;&nbsp;08/25/28 | 16872 |
| 85810 | Merrill Lynch Mortgage Investors Trust MLCC Series 2003-F B1<sup>(c)</sup> | TSFR1M + 1.014% | 5.3340 | &nbsp;&nbsp;10/25/28 | 80745 |
| 91880 | Merrill Lynch Mortgage Investors Trust MLCC Series 2007-2 1A<sup>(d)</sup> |  | 6.6170 | &nbsp;&nbsp;06/25/37 | 91107 |
| 82494 | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A2 2M1<sup>(d)</sup> |  | 6.4190 | &nbsp;&nbsp;03/25/33 | 70713 |
| 262830 | Merrill Lynch Mortgage Investors Trust MLMI Series A1 M2<sup>(d)</sup> |  | 6.6010 | &nbsp;&nbsp;12/25/34 | 242370 |
| 1036451 | Merrill Lynch Mortgage Investors Trust MLMI Series 2005-A7 2A1<sup>(d)</sup> |  | 5.2320 | &nbsp;&nbsp;09/25/35 | 822622 |
| 514684 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2003-NC8 B2<sup>(c)</sup> | TSFR1M + 5.739% | 10.0590 | &nbsp;&nbsp;09/25/33 | 491738 |
| 406324 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2003-NC10 B3<sup>(c)</sup> | TSFR1M + 5.739% | 10.0590 | &nbsp;&nbsp;10/25/33 | 988981 |
| 554261 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2004-NC4 M1<sup>(c)</sup> | TSFR1M + 0.924% | 5.2440 | &nbsp;&nbsp;04/25/34 | 553497 |
| 710256 | Morgan Stanley A.B.S Capital I, Inc. Trust Series SD2 B1<sup>(c)</sup> | TSFR1M + 4.164% | 7.1340 | &nbsp;&nbsp;04/25/34 | 760415 |
| 424515 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2004-SD3 B1<sup>(c),(f)</sup> | TSFR1M + 3.339% | 7.6590 | &nbsp;&nbsp;06/25/34 | 457226 |
| 702211 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2004-HE8 M2<sup>(c)</sup> | TSFR1M + 1.134% | 5.4540 | &nbsp;&nbsp;09/25/34 | 728457 |
| 654828 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2005-WMC2 M3<sup>(c)</sup> | TSFR1M + 0.819% | 5.1390 | &nbsp;&nbsp;02/25/35 | 649010 |
| 1665807 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2007-NC4 A2D<sup>(c)</sup> | TSFR1M + 0.364% | 4.6840 | &nbsp;&nbsp;05/25/37 | 1423357 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 188521 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series AM1 M2<sup>(c)</sup> | TSFR1M + 2.589% | 6.9090 | &nbsp;&nbsp;01/25/32 | $430160 |
| 10187 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2001-AM1 B1<sup>(c)</sup> | TSFR1M + 3.414% | 7.7340 | &nbsp;&nbsp;02/25/32 | 409065 |
| 4737000 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series HE1 B1<sup>(c),(g)</sup> | TSFR1M + 5.114% | 0.0000 | &nbsp;&nbsp;07/25/32 | 373890 |
| 207890 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series NC1 M3<sup>(c)</sup> | TSFR1M + 3.264% | 7.5840 | &nbsp;&nbsp;11/25/32 | 325553 |
| 1642789 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-NC2 B1<sup>(c)</sup> | TSFR1M + 5.739% | 10.0590 | &nbsp;&nbsp;02/25/33 | 1747966 |
| 4426 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2002-AM3 B2<sup>(c)</sup> | TSFR1M + 5.739% | 11.0640 | &nbsp;&nbsp;02/25/33 | 593650 |
| 75881 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1 A1<sup>(d)</sup> |  | 5.3550 | &nbsp;&nbsp;03/25/33 | 68426 |
| 293572 | Morgan Stanley Mortgage Loan Trust Series 2005-2AR B1<sup>(c)</sup> | TSFR1M + 0.614% | 4.9340 | &nbsp;&nbsp;04/25/35 | 232189 |
| 178321 | Morgan Stanley Mortgage Loan Trust Series 2005-4 1A |  | 5.0000 | &nbsp;&nbsp;08/25/35 | 176191 |
| 92413 | Morgan Stanley Mortgage Loan Trust Series 2005-8SL M1<sup>(c)</sup> | TSFR1M + 0.849% | 5.1690 | &nbsp;&nbsp;11/25/35 | 273082 |
| 458926 | Morgan Stanley Mortgage Loan Trust Series 2005-9AR<sup>(d)</sup> |  | 5.4560 | &nbsp;&nbsp;12/25/35 | 429252 |
| 710003 | Morgan Stanley Mortgage Loan Trust Series 2005-10 4A1 |  | 5.5000 | &nbsp;&nbsp;12/25/35 | 396788 |
| 68221 | Morgan Stanley Mortgage Loan Trust Series 2006-2 1A |  | 5.2500 | &nbsp;&nbsp;12/25/52 | 61818 |
| 12321 | Morgan Stanley Re-REMIC Trust Series 2010-R7 3B<sup>(f)</sup> |  | 5.5000 | &nbsp;&nbsp;11/26/34 | 11228 |
| 2671501 | Morgan Stanley Re-REMIC Trust Series 2011-R1 1B<sup>(d),(f)</sup> |  | 5.9420 | &nbsp;&nbsp;02/26/37 | 3234233 |
| 573230 | Morgan Stanley Resecuritization Trust Series 2015-R7 1BXA<sup>(d),(f)</sup> |  | 7.0600 | &nbsp;&nbsp;02/26/29 | 516971 |
| 1157061 | Morgan Stanley Resecuritization Trust Series 2014-R4 4B2<sup>(d),(f)</sup> |  | 5.9180 | &nbsp;&nbsp;11/21/35 | 1037081 |
| 12382362 | Mortgage Loan Resecuritization Trust Series 2009-RS1 B15<sup>(c),(f)</sup> | SOFRRATE + 0.454% | 4.7830 | &nbsp;&nbsp;04/16/36 | 8965666 |
| 2338710 | MortgageIT Mortgage Loan Trust Series 2006-1 1A2<sup>(c)</sup> | TSFR1M + 0.514% | 4.8340 | &nbsp;&nbsp;04/25/36 | 1723785 |
| 209965 | MortgageIT Trust Series 2004-1 B2<sup>(c)</sup> | TSFR1M + 3.339% | 7.6590 | &nbsp;&nbsp;11/25/34 | 202904 |
| 338798775 | MortgageIT Trust Series 2005-2<sup>(g)</sup> |  | 0.0000 | &nbsp;&nbsp;05/25/35 | 3274998 |
| 231765 | MortgageIT Trust Series 2005-3 B3<sup>(c)</sup> | TSFR1M + 3.864% | 8.1840 | &nbsp;&nbsp;08/25/35 | 319491 |
| 3407867 | MortgageIT Trust Series 2005-4 M3<sup>(c),(g)</sup> | US0001M + 0.855% | 0.0000 | &nbsp;&nbsp;10/25/35 | 923125 |
| 812680 | MortgageIT Trust Series 2005-5 M2<sup>(c)</sup> | TSFR1M + 0.969% | 5.2890 | &nbsp;&nbsp;12/25/35 | 2296844 |
| 425989 | New Century Home Equity Loan Trust Series 2003-3 M3<sup>(c)</sup> | TSFR1M + 3.684% | 8.0040 | &nbsp;&nbsp;07/25/33 | 667455 |
| 176882 | New Century Home Equity Loan Trust Series 2003-A M1<sup>(c),(f)</sup> | TSFR1M + 1.239% | 3.6170 | &nbsp;&nbsp;10/25/33 | 196426 |
| 1406 | New Century Home Equity Loan Trust Series 2003-5 AI7<sup>(d)</sup> |  | 4.8480 | &nbsp;&nbsp;11/25/33 | 1397 |
| 759678 | New Century Home Equity Loan Trust Series 2003-6 M1<sup>(c)</sup> | TSFR1M + 1.194% | 5.5140 | &nbsp;&nbsp;01/25/34 | 760174 |
| 288682 | New Century Home Equity Loan Trust Series 2004-2 M2<sup>(c)</sup> | TSFR1M + 1.044% | 5.3640 | &nbsp;&nbsp;08/25/34 | 331300 |
| 10256946 | New Residential Mortgage Loan Trust Series 2019-5A B4IA<sup>(b),(d),(f)</sup> |  | 0.5000 | &nbsp;&nbsp;08/25/59 | 167335 |
| 14415613 | New Residential Mortgage Loan Trust Series 2019-5A B5IB<sup>(b),(d),(f)</sup> |  | 0.7500 | &nbsp;&nbsp;08/25/59 | 348483 |
| 8856 | Nomura Asset Acceptance Corporation Alternative Loan Series 2004-AP1 A5<sup>(e)</sup> |  | 5.8030 | &nbsp;&nbsp;03/25/34 | 8741 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 79952 | Nomura Asset Acceptance Corporation Alternative Loan Series 2004-AR1 5A3<sup>(c)</sup> | TSFR1M + 1.134% | 5.4540 | &nbsp;&nbsp;08/25/34 | $78769 |
| 1956877 | Nomura Asset Acceptance Corporation Alternative Loan Series 2004-AR2 M2<sup>(c)</sup> | TSFR1M + 1.814% | 6.1340 | &nbsp;&nbsp;10/25/34 | 2032265 |
| 1609629 | Nomura Asset Acceptance Corporation Alternative Loan Series 2006-AF1 2A<sup>(d)</sup> |  | 4.8970 | &nbsp;&nbsp;06/25/36 | 1184282 |
| 134445 | Nomura Asset Acceptance Corporation Alternative Loan Series AF2 4A<sup>(d)</sup> |  | 5.9160 | &nbsp;&nbsp;08/25/36 | 123810 |
| 7439702 | Nomura Asset Acceptance Corporation Alternative Loan Series 2007-3 A1<sup>(c)</sup> | TSFR1M + 3.744% | 4.6940 | &nbsp;&nbsp;07/25/37 | 6663904 |
| 3733619 | Nomura Asset Acceptance Corporation Alternative Loan Series 3 A2<sup>(c)</sup> | TSFR1M + 0.514% | 4.8340 | &nbsp;&nbsp;07/25/37 | 3335448 |
| 3001399 | Nomura Asset Acceptance Corporation Alternative Loan Series 3 A4<sup>(c)</sup> | TSFR1M + 0.574% | 4.8940 | &nbsp;&nbsp;07/25/37 | 2691808 |
| 4817971 | Nomura Asset Acceptance Corporation Alternative Loan Series 3 A3<sup>(c)</sup> | TSFR1M + 0.754% | 5.0740 | &nbsp;&nbsp;07/25/37 | 4316863 |
| 597659 | NovaStar Mortgage Funding Trust Series 2003-2 M2<sup>(c)</sup> | TSFR1M + 2.889% | 7.2090 | &nbsp;&nbsp;09/25/33 | 605243 |
| 607318 | NovaStar Mortgage Funding Trust Series 2006-MTA1 2A1A<sup>(c)</sup> | TSFR1M + 0.494% | 0.4450 | &nbsp;&nbsp;09/25/46 | 551143 |
| 231557 | Oakwood Mortgage Investors, Inc. Series 1997-A B1 |  | 7.4500 | &nbsp;&nbsp;05/15/27 | 222802 |
| 2537 | Oakwood Mortgage Investors, Inc. Series 1997-B B1 |  | 7.7500 | &nbsp;&nbsp;08/15/27 | 2427 |
| 661092 | Oakwood Mortgage Investors, Inc. Series C B1<sup>(d)</sup> |  | 7.4500 | &nbsp;&nbsp;11/15/27 | 662583 |
| 824438 | Oakwood Mortgage Investors, Inc. Series 1997-D B1<sup>(d)</sup> |  | 7.3250 | &nbsp;&nbsp;02/15/28 | 829195 |
| 558828 | Oakwood Mortgage Investors, Inc. Series 1998-D M1<sup>(f)</sup> |  | 7.4150 | &nbsp;&nbsp;01/15/29 | 562021 |
| 902587 | Oakwood Mortgage Investors, Inc. Series D M1<sup>(d)</sup> |  | 8.0000 | &nbsp;&nbsp;11/15/29 | 908086 |
| 1049811 | Oakwood Mortgage Investors, Inc. Series 2000-C M1 |  | 8.4900 | &nbsp;&nbsp;10/15/30 | 1026684 |
| 1708063 | Oakwood Mortgage Investors, Inc. Series 2001-D A2<sup>(d)</sup> |  | 3.2940 | &nbsp;&nbsp;08/15/31 | 596465 |
| 3324434 | Oakwood Mortgage Investors, Inc. Series 2002-A M1<sup>(d)</sup> |  | 7.7600 | &nbsp;&nbsp;03/15/32 | 3346589 |
| 178972 | Option One Mortgage Loan Trust Series 2004-1 M4<sup>(c)</sup> | TSFR1M + 2.589% | 6.9090 | &nbsp;&nbsp;01/25/34 | 157299 |
| 139759 | Option One Mortgage Loan Trust Series 2004-2 M5<sup>(c)</sup> | TSFR1M + 3.114% | 7.4340 | &nbsp;&nbsp;05/25/34 | 129296 |
| 830105 | Option One Mortgage Loan Trust Series 2007-FXD1 1A1<sup>(e)</sup> |  | 5.8660 | &nbsp;&nbsp;01/25/37 | 708790 |
| 164933 | Option One Mortgage Loan Trust Series 2007-FXD2 2A6<sup>(e)</sup> |  | 5.6800 | &nbsp;&nbsp;03/25/37 | 144909 |
| 350992 | Option One Mortgage Loan Trust Series 2007-FXD2 2A5<sup>(e)</sup> |  | 6.1020 | &nbsp;&nbsp;03/25/37 | 308383 |
| 647361 | Option One Woodbridge Loan Trust Series 2004-1 M<sup>(c),(f)</sup> | TSFR1M + 1.614% | 5.9340 | &nbsp;&nbsp;02/25/34 | 639264 |
| 485316 | Origen Manufactured Housing Contract Trust Series 2007-A A2<sup>(d)</sup> |  | 6.5530 | &nbsp;&nbsp;04/15/37 | 451759 |
| 2723177 | Origen Manufactured Housing Contract Trust Series 2006-A A2<sup>(d)</sup> |  | 5.4320 | &nbsp;&nbsp;10/15/37 | 2456551 |
| 4840770 | Ownit Mortgage Loan Trust Series 2005-4 M1<sup>(c)</sup> | TSFR1M + 0.939% | 5.2590 | &nbsp;&nbsp;08/25/36 | 4353311 |
| 758340 | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series WCW3 M2<sup>(c)</sup> | TSFR1M + 0.849% | 5.1690 | &nbsp;&nbsp;08/25/35 | 754761 |
| 201688 | PHHMC Series Trust Series 2006-4 B1<sup>(d)</sup> |  | 6.2990 | &nbsp;&nbsp;12/18/36 | 201591 |
| 61438 | Popular A.B.S, Inc. Series 1998-1 A1<sup>(e)</sup> |  | 7.2000 | &nbsp;&nbsp;12/25/29 | 58730 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 63441 | Prime Mortgage Trust Series 2004-1 1A6 |  | 5.2500 | &nbsp;&nbsp;08/25/34 | $62918 |
| 1571179 | Prime Mortgage Trust Series 2006-DR1 2A1<sup>(f)</sup> |  | 5.5000 | &nbsp;&nbsp;05/25/35 | 1471707 |
| 392315 | Prime Mortgage Trust Series 2006-DR1 2A2<sup>(f)</sup> |  | 6.0000 | &nbsp;&nbsp;05/25/35 | 335720 |
| 402600 | Provident Bank Home Equity Loan Trust Series 1984-4 A6 |  | 6.6900 | &nbsp;&nbsp;01/25/30 | 389789 |
| 359000 | Provident Bank Home Equity Loan Trust Series 1998-4 A9<sup>(c)</sup> | TSFR1M + 3.614% | 7.9340 | &nbsp;&nbsp;01/25/30 | 338813 |
| 1055774 | Provident Bank Home Equity Loan Trust Series 1999-3 A3<sup>(c)</sup> | TSFR1M + 0.894% | 4.8240 | &nbsp;&nbsp;01/25/31 | 974127 |
| 128880 | Provident Bank Home Equity Loan Trust Series 1999-3 A2<sup>(c)</sup> | TSFR1M + 0.954% | 4.8540 | &nbsp;&nbsp;01/25/31 | 116446 |
| 328199 | Provident Bank Home Equity Loan Trust Series 2004-2 A1<sup>(c)</sup> | TSFR1M + 0.654% | 4.9740 | &nbsp;&nbsp;08/25/31 | 309621 |
| 318369 | Quest Trust Series 2003-X3 M3<sup>(c),(f)</sup> | TSFR1M + 4.989% | 9.3090 | &nbsp;&nbsp;02/25/34 | 445568 |
| 1189097 | RAAC Series Trust Series 2005-RP2 M6<sup>(c),(f)</sup> | SOFRRATE + 3.115% | 6.4340 | &nbsp;&nbsp;06/25/35 | 1194929 |
| 7513242 | RAAC Series Trust Series 2005-SP3 SB<sup>(g)</sup> |  | 0.0000 | &nbsp;&nbsp;12/25/35 | 4999999 |
| 1873172 | RAAC Series Trust Series 2006-SP4 M4<sup>(c)</sup> | TSFR1M + 2.514% | 6.8340 | &nbsp;&nbsp;11/25/36 | 1879271 |
| 1565879 | RAAC Series Trust Series 2006-SP1 M2<sup>(c)</sup> | TSFR1M + 0.939% | 5.2590 | &nbsp;&nbsp;09/25/45 | 1119269 |
| 5107471 | RAAC Series Trust Series 2006-RP1 M3<sup>(c),(f)</sup> | TSFR1M + 2.889% | 6.2840 | &nbsp;&nbsp;10/25/45 | 5100234 |
| 2759324 | RAAC Series Trust Series 2006-RP1 M4<sup>(c),(f)</sup> | TSFR1M + 2.927% | 6.3090 | &nbsp;&nbsp;10/25/45 | 2793469 |
| 4000000 | RAAC Series Trust Series 2006-RP4 M2<sup>(c)</sup> | TSFR1M + 1.614% | 5.9340 | &nbsp;&nbsp;01/25/46 | 4055382 |
| 4638000 | RAAC Series Trust Series 2006-RP4 M3<sup>(c)</sup> | TSFR1M + 2.114% | 6.4340 | &nbsp;&nbsp;01/25/46 | 4725910 |
| 195015 | RALI Series Trust Series 2004-QA4 NB21<sup>(d)</sup> |  | 5.8320 | &nbsp;&nbsp;09/25/34 | 190624 |
| 307391 | RALI Series Trust Series 2004-QA4 NB1<sup>(d)</sup> |  | 5.9900 | &nbsp;&nbsp;09/25/34 | 280224 |
| 329532 | RALI Series Trust Series 2004-QA6 NB2<sup>(d)</sup> |  | 4.5070 | &nbsp;&nbsp;12/26/34 | 306855 |
| 875661 | RALI Series Trust Series 2004-QA6 NB4<sup>(d)</sup> |  | 4.9440 | &nbsp;&nbsp;12/26/34 | 794349 |
| 1763975 | RALI Series Trust Series 2005-QA2 A1I<sup>(d)</sup> |  | 1.4470 | &nbsp;&nbsp;02/25/35 | 575974 |
| 165404 | RALI Series Trust Series 2005-QA2 NB2<sup>(d)</sup> |  | 4.9200 | &nbsp;&nbsp;02/25/35 | 146888 |
| 1503958 | RALI Series Trust Series 2005-QA2 A1II<sup>(d)</sup> |  | 4.9330 | &nbsp;&nbsp;02/25/35 | 839927 |
| 171764 | RALI Series Trust Series 2005-QA3 NB4<sup>(d),(g)</sup> |  | 0.0000 | &nbsp;&nbsp;03/25/35 | 33730 |
| 57502 | RALI Series Trust Series 2005-QA3 NB1<sup>(d)</sup> |  | 3.6540 | &nbsp;&nbsp;03/25/35 | 31380 |
| 670890 | RALI Series Trust Series 2005-QA6 NB23<sup>(d)</sup> |  | 2.2790 | &nbsp;&nbsp;05/25/35 | 317835 |
| 344964 | RALI Series Trust Series 2005-QA8 CB21<sup>(d)</sup> |  | 5.2650 | &nbsp;&nbsp;07/25/35 | 177125 |
| 28624 | RALI Series Trust Series 2005-QA8 NB2<sup>(d)</sup> |  | 5.3470 | &nbsp;&nbsp;07/25/35 | 26977 |
| 2610291 | RALI Series Trust Series 2005-QA9 NB21<sup>(d)</sup> |  | 1.8970 | &nbsp;&nbsp;08/25/35 | 908613 |
| 1146643 | RALI Series Trust Series 2005-QA9 CB3<sup>(d)</sup> |  | 4.9590 | &nbsp;&nbsp;08/25/35 | 1052328 |
| 4973055 | RALI Series Trust Series 2005-QA11 3A1<sup>(d)</sup> |  | 1.7830 | &nbsp;&nbsp;10/25/35 | 1769474 |
| 1020744 | RALI Series Trust Series 2005-QA12 CB3<sup>(d)</sup> |  | 5.1600 | &nbsp;&nbsp;12/25/35 | 938688 |
| 124767 | RALI Series Trust Series 2005-QA12 NB2<sup>(d)</sup> |  | 6.4570 | &nbsp;&nbsp;12/25/35 | 121785 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 143183 | RALI Series Trust Series 2006-QA2 3A1<sup>(d)</sup> |  | 6.2930 | &nbsp;&nbsp;02/25/36 | $121610 |
| 7191259 | RALI Series Trust Series 2006-QS11 2A1 |  | 1.8470 | &nbsp;&nbsp;08/25/36 | 2387473 |
| 261480 | RALI Series Trust Series 2007-QS4 1A4 |  | 6.2500 | &nbsp;&nbsp;03/25/37 | 208522 |
| 597401 | RALI Series Trust Series 2005-QO4 2A1<sup>(c)</sup> | TSFR1M + 0.674% | 4.9940 | &nbsp;&nbsp;12/25/45 | 358440 |
| 2949446 | RALI Series Trust Series 2007-QO5 A<sup>(c)</sup> | 12MTA + 3.120% | 0.8170 | &nbsp;&nbsp;08/25/47 | 435806 |
| 477762 | RAMP Series Trust Series 2003-SL1 A41 |  | 8.0000 | &nbsp;&nbsp;04/25/31 | 364661 |
| 375895 | RAMP Series Trust Series 2005-SL2 A5 |  | 3.2310 | &nbsp;&nbsp;10/25/31 | 147358 |
| 424555 | RAMP Series Trust Series 2004-SL1 A8 |  | 6.5000 | &nbsp;&nbsp;11/25/31 | 381680 |
| 364165 | RAMP Series Trust Series 2004-SL3 A4 |  | 3.8140 | &nbsp;&nbsp;12/25/31 | 167498 |
| 298780 | RAMP Series Trust Series 2005-SL1 A3 |  | 0.6783 | &nbsp;&nbsp;05/25/32 | 41808 |
| 641881 | RAMP Series Trust Series 2005-SL1 A7 |  | 8.0000 | &nbsp;&nbsp;05/25/32 | 413700 |
| 235790 | RAMP Series Trust Series 2004-SL4 A5 |  | 1.9740 | &nbsp;&nbsp;07/25/32 | 77616 |
| 650166 | RAMP Series Trust Series 2003-RS7 MII2<sup>(c)</sup> | TSFR1M + 1.914% | 5.0810 | &nbsp;&nbsp;08/25/33 | 627483 |
| 357893 | RAMP Series Trust Series 2003-RS10 MII2<sup>(c)</sup> | TSFR1M + 1.814% | 5.1740 | &nbsp;&nbsp;11/25/33 | 354546 |
| 1686801 | RAMP Series Trust Series 2004-RS7 A3<sup>(d)</sup> |  | 5.7910 | &nbsp;&nbsp;07/25/34 | 1517395 |
| 159617 | RAMP Series Trust Series 2006-RS6 A4<sup>(c)</sup> | TSFR1M + 0.654% | 4.9740 | &nbsp;&nbsp;11/25/36 | 130445 |
| 2674623 | RASC Series Trust Series 2004-KS11 M2<sup>(c)</sup> | SOFRRATE + 1.614% | 5.6300 | &nbsp;&nbsp;12/25/34 | 2803518 |
| 2074064 | RBSGC Mortgage Loan Trust Series 2005-A 4A |  | 6.0000 | &nbsp;&nbsp;04/25/35 | 1817755 |
| 448998 | RBSGC Mortgage Loan Trust Series 2007-A 1A1 |  | 6.0000 | &nbsp;&nbsp;01/25/37 | 394043 |
| 1273154 | RBSSP Resecuritization Trust Series 2009-6 8A3<sup>(d),(f)</sup> |  | 5.2560 | &nbsp;&nbsp;08/26/35 | 364848 |
| 67659 | Renaissance Home Equity Loan Trust Series 2002-4 B<sup>(e)</sup> |  | 3.9470 | &nbsp;&nbsp;03/25/33 | 45236 |
| 71033 | Renaissance Home Equity Loan Trust Series 2004-3 AF6<sup>(e)</sup> |  | 5.3240 | &nbsp;&nbsp;11/25/34 | 67379 |
| 44258 | Renaissance Home Equity Loan Trust Series 2005-4 A4<sup>(e)</sup> |  | 5.8250 | &nbsp;&nbsp;02/25/36 | 43674 |
| 54924 | Reperforming Loan REMIC Trust Series 2004-R1 2A<sup>(f)</sup> |  | 6.5000 | &nbsp;&nbsp;11/25/34 | 53409 |
| 171998 | Reperforming Loan REMIC Trust Series 2004-R1 3A<sup>(f)</sup> |  | 7.5000 | &nbsp;&nbsp;11/25/34 | 170987 |
| 267344 | Reperforming Loan REMIC Trust Series 2006-R2 AF1<sup>(c),(f)</sup> | TSFR1M + 0.534% | 4.8540 | &nbsp;&nbsp;07/25/36 | 251272 |
| 149614 | Residential Asset Securitization Trust Series 2000-A6 B2 |  | 8.0000 | &nbsp;&nbsp;10/25/30 | 80498 |
| 201958 | Residential Asset Securitization Trust Series 2004-A2 2A1<sup>(c)</sup> | TSFR1M + 0.664% | 4.9840 | &nbsp;&nbsp;05/25/34 | 196532 |
| 226790 | Residential Asset Securitization Trust Series 2006-A3CB PO<sup>(i)</sup> |  | 0.0000 | &nbsp;&nbsp;01/25/46 | 2 |
| 172501 | Residential Asset Securitization Trust Series 2006-A3CB AX<sup>(b),(d)</sup> |  | 6.0000 | &nbsp;&nbsp;01/25/46 | 32543 |
| 826893 | RFMSI Series Trust Series 2005-SA1 2A<sup>(d)</sup> |  | 4.3860 | &nbsp;&nbsp;03/25/35 | 765226 |
| 189649 | RFMSI Series Trust Series 2005-SA3 3A<sup>(d)</sup> |  | 5.9830 | &nbsp;&nbsp;08/25/35 | 164090 |
| 648197 | RFMSI Series Trust Series 2005-SA5 2A<sup>(d)</sup> |  | 5.3330 | &nbsp;&nbsp;11/25/35 | 585980 |
| 100775 | RFMSI Series Trust Series 2006-SA1 2A1<sup>(d)</sup> |  | 6.0970 | &nbsp;&nbsp;02/25/36 | 93725 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 147623 | RFMSI Series Trust Series 2006-SA3 3A1<sup>(d)</sup> |  | 5.9250 | &nbsp;&nbsp;09/25/36 | $131859 |
| 992481 | RFMSI Series Trust Series 2007-S9 1A1 |  | 6.0000 | &nbsp;&nbsp;10/25/37 | 451363 |
| 912557 | RFSC Series Trust Series 2002-RP2 A1<sup>(c),(f)</sup> | TSFR1M + 1.614% | 5.9340 | &nbsp;&nbsp;10/25/32 | 887146 |
| 319524 | RFSC Trust Series 2002-RP1 A1<sup>(c),(f)</sup> | TSFR1M + 0.974% | 5.2940 | &nbsp;&nbsp;03/25/33 | 312216 |
| 38744 | SACO I Trust Series 2005-WM2 M1<sup>(c)</sup> | TSFR1M + 0.939% | 5.2590 | &nbsp;&nbsp;07/25/35 | 43728 |
| 708 | SACO I Trust Series 2007-1 A1<sup>(c)</sup> | TSFR1M + 0.434% | 4.7540 | &nbsp;&nbsp;01/25/37 | 2571 |
| 20194 | SACO I Trust Series 2007-2 A1<sup>(c)</sup> | TSFR1M + 0.434% | 4.7540 | &nbsp;&nbsp;02/25/37 | 20414 |
| 584817 | Sail Net Interest Margin Notes Series BC1A B<sup>(f),(h)</sup> |  | 0.0000 | &nbsp;&nbsp;01/27/33 | 491485 |
| 576011 | Sail Net Interest Margin Notes Series 2003-6A A<sup>(f)</sup> |  | 7.0000 | &nbsp;&nbsp;07/27/33 | 1892726 |
| 2779082 | SASCO ARC NIM Series 2003-5<sup>(f)</sup> |  | 6.0000 | &nbsp;&nbsp;06/27/33 | 2753216 |
| 821367 | Sasco Net Interest Margin Trust Series BC2 C<sup>(c),(f)</sup> | TSFR1M + 3.114% | 7.4360 | &nbsp;&nbsp;02/27/33 | 830607 |
| 898949 | Saxon Asset Sec Trust Mortgage Loan Asset Backed Certificates Series 1999-5 BF<sup>(d)</sup> |  | 9.3000 | &nbsp;&nbsp;08/25/28 | 833240 |
| 2214626 | Saxon Asset Securities Trust Series 2001-2 M1<sup>(c)</sup> | TSFR1M + 0.909% | 5.2290 | &nbsp;&nbsp;03/25/31 | 1906182 |
| 284320 | Securitized Asset Backed Receivables, LLC Trust Series OP2 A2<sup>(c)</sup> | TSFR1M + 0.814% | 5.1340 | &nbsp;&nbsp;08/25/34 | 274889 |
| 21235 | Sequoia Mortgage Trust Series 6 B2<sup>(c)</sup> | TSFR1M + 1.164% | 5.4820 | &nbsp;&nbsp;04/19/27 | 19277 |
| 15887 | Sequoia Mortgage Trust Series 2003-4 2B5<sup>(d)</sup> |  | 5.7860 | &nbsp;&nbsp;07/20/33 | 13912 |
| 27172 | Sequoia Mortgage Trust Series 2003-4 2B3<sup>(d)</sup> |  | 5.7860 | &nbsp;&nbsp;07/20/33 | 25106 |
| 17922 | Sequoia Mortgage Trust Series 2003-4 2B2<sup>(d)</sup> |  | 5.7860 | &nbsp;&nbsp;07/20/33 | 16657 |
| 98416 | Sequoia Mortgage Trust Series 2004-1 B1<sup>(c)</sup> | TSFR1M + 0.939% | 5.2570 | &nbsp;&nbsp;02/20/34 | 84589 |
| 3156043 | SHARPS OTC Series 2002-AQ1N<sup>(g)</sup> |  | 0.0000 | &nbsp;&nbsp;04/25/31 | 2125000 |
| 36344 | Sofi Mortgage Trust Series 2016-1A 1AMF<sup>(d),(f)</sup> |  | 3.0000 | &nbsp;&nbsp;11/25/46 | 32407 |
| 24040 | Soundview Home Loan Trust Series 2004-1 M2<sup>(c)</sup> | TSFR1M + 1.134% | 5.4540 | &nbsp;&nbsp;07/25/34 | 21691 |
| 142932 | Soundview Home Loan Trust Series 2004-1 M7<sup>(c)</sup> | TSFR1M + 3.039% | 7.3590 | &nbsp;&nbsp;07/25/34 | 115842 |
| 930065 | Soundview Home Loan Trust Series 2004-1 M9<sup>(c)</sup> | TSFR1M + 4.989% | 9.3090 | &nbsp;&nbsp;07/25/34 | 731851 |
| 27726372 | Soundview Home Loan Trust Series 2007-OPT4 X1<sup>(b),(d)</sup> |  | 0.4990 | &nbsp;&nbsp;09/25/37 | 674726 |
| 1316122 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-14 A1<sup>(c)</sup> | TSFR1M + 0.424% | 4.7440 | &nbsp;&nbsp;07/25/35 | 779500 |
| 127967 | Structured Adjustable Rate Mortgage Loan Trust Series 2007-3 2A1<sup>(d)</sup> |  | 3.8440 | &nbsp;&nbsp;04/25/47 | 118811 |
| 260149 | Structured Asset Investment Loan Trust Series 2003-BC2 M1<sup>(c)</sup> | TSFR1M + 1.494% | 5.8140 | &nbsp;&nbsp;04/25/33 | 264874 |
| 266717 | Structured Asset Investment Loan Trust Series 2003-BC10 M2<sup>(c)</sup> | TSFR1M + 2.889% | 7.2090 | &nbsp;&nbsp;10/25/33 | 305767 |
| 1675193 | Structured Asset Investment Loan Trust Series 2003-BC10 M3<sup>(c)</sup> | TSFR1M + 3.414% | 7.7340 | &nbsp;&nbsp;10/25/33 | 1908740 |
| 312722 | Structured Asset Investment Loan Trust Series 2003-BC10 M4<sup>(c)</sup> | TSFR1M + 4.614% | 8.9340 | &nbsp;&nbsp;10/25/33 | 555887 |
| 228571 | Structured Asset Investment Loan Trust Series 2004-8 A1<sup>(c)</sup> | TSFR1M + 0.664% | 4.9840 | &nbsp;&nbsp;09/25/34 | 221631 |
| 775045 | Structured Asset Investment Loan Trust Series 2004-8 A6<sup>(c)</sup> | TSFR1M + 0.914% | 5.2340 | &nbsp;&nbsp;09/25/34 | 749777 |
| 496154 | Structured Asset Investment Loan Trust Series 2004-8 A9<sup>(c)</sup> | TSFR1M + 1.114% | 5.4340 | &nbsp;&nbsp;09/25/34 | 503765 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 154305 | Structured Asset Mortgage Investments II Trust Series 2004-AR5 2A3<sup>(d)</sup> |  | 4.8900 | &nbsp;&nbsp;10/19/34 | $142258 |
| 166220 | Structured Asset Mortgage Investments II Trust Series 2004-AR6 A1B<sup>(c)</sup> | TSFR1M + 0.514% | 4.8320 | &nbsp;&nbsp;02/19/35 | 166286 |
| 1104614 | Structured Asset Mortgage Investments II Trust Series 2006-AR3 21A1<sup>(c)</sup> | TSFR1M + 0.514% | 4.8340 | &nbsp;&nbsp;02/25/36 | 892991 |
| 1452378 | Structured Asset Mortgage Investments II Trust Series 2006-AR1 2A2<sup>(c)</sup> | TSFR1M + 0.734% | 5.0540 | &nbsp;&nbsp;02/25/36 | 1461771 |
| 4212945 | Structured Asset Mortgage Investments II Trust Series 2006-AR3 24A1<sup>(d)</sup> |  | 1.0990 | &nbsp;&nbsp;05/25/36 | 817376 |
| 103906 | Structured Asset Mortgage Investments II Trust Series 2006-AR3 22A1<sup>(d)</sup> |  | 2.7840 | &nbsp;&nbsp;05/25/36 | 42678 |
| 50366 | Structured Asset Mortgage Investments II Trust Series 2007-AR2 1A1<sup>(c)</sup> | TSFR1M + 0.414% | 4.7340 | &nbsp;&nbsp;02/25/37 | 48103 |
| 580542 | Structured Asset Mortgage Investments II Trust Series 2007-AR2 2A1<sup>(c)</sup> | TSFR1M + 0.374% | 2.0790 | &nbsp;&nbsp;03/25/37 | 217711 |
| 525774 | Structured Asset Mortgage Investments II Trust Series AR6 1A2<sup>(c)</sup> | TSFR1M + 0.834% | 5.1540 | &nbsp;&nbsp;09/25/45 | 471469 |
| 1257347 | Structured Asset Mortgage Investments II Trust Series 2006-AR5 3A1<sup>(c)</sup> | TSFR1M + 0.534% | 2.4630 | &nbsp;&nbsp;05/25/46 | 558506 |
| 961973 | Structured Asset Mortgage Investments II Trust Series 2006-AR5 2A1<sup>(c)</sup> | TSFR1M + 0.534% | 4.8540 | &nbsp;&nbsp;05/25/46 | 677203 |
| 226160 | Structured Asset Mortgage Investments Trust Series 2002-AR5 A2<sup>(c)</sup> | TSFR1M + 1.314% | 5.6320 | &nbsp;&nbsp;05/19/33 | 207918 |
| 69457 | Structured Asset Securities Corporation Assistance Loan Series AL2 B1<sup>(f)</sup> |  | 3.3560 | &nbsp;&nbsp;01/25/31 | 59662 |
| 217813 | Structured Asset Securities Corporation Mortgage Series 2003-39EX M3<sup>(e)</sup> |  | 3.7290 | &nbsp;&nbsp;08/25/33 | 206158 |
| 863000 | Structured Asset Securities Corporation Mortgage Series 2004-9XS 2M2<sup>(e)</sup> |  | 5.7500 | &nbsp;&nbsp;05/25/34 | 963352 |
| 339643 | Structured Asset Securities Corporation Mortgage Series 2004-11XS 1A5A<sup>(e)</sup> |  | 4.7900 | &nbsp;&nbsp;06/25/34 | 336347 |
| 886280 | Structured Asset Securities Corporation Mortgage Certificates Series 2003-31A B1<sup>(d)</sup> |  | 5.8750 | &nbsp;&nbsp;10/25/33 | 795233 |
| 4450 | Structured Asset Securities Corporation Mortgage Loan Series 2005-2XS 2A2<sup>(c)</sup> | TSFR1M + 1.614% | 5.9390 | &nbsp;&nbsp;02/25/35 | 5350 |
| 157113 | Structured Asset Securities Corporation Mortgage Loan Series WF2 B2<sup>(c),(f)</sup> | TSFR1M + 3.864% | 8.1840 | &nbsp;&nbsp;05/25/35 | 160048 |
| 135362 | Structured Asset Securities Corporation Mortgage Loan Series RF3 2A<sup>(d),(f)</sup> |  | 5.4050 | &nbsp;&nbsp;10/25/36 | 128231 |
| 28929 | Structured Asset Securities Corporation Mortgage Pass Series 2001-SB1 A2 |  | 3.3750 | &nbsp;&nbsp;08/25/31 | 28822 |
| 462920 | Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 1998-6 B2 |  | 3.4520 | &nbsp;&nbsp;07/25/28 | 378766 |
| 1274994 | Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2003-40A B1<sup>(c)</sup> |  | 5.7940 | &nbsp;&nbsp;01/25/34 | 987766 |
| 4 | Structured Asset Securities Mortgage Pass-Through Series 2002-21A B1II<sup>(d)</sup> |  | 6.5500 | &nbsp;&nbsp;11/25/32 | 4 |
| 2674618 | TBW Mortgage-Backed Pass-Through Certificates Series 1 1A1 |  | 5.5000 | &nbsp;&nbsp;04/25/36 | 702846 |
| 508696 | TBW Mortgage-Backed Pass-Through Certificates Series 2006-1 2A1 |  | 6.5000 | &nbsp;&nbsp;04/25/36 | 298312 |
| 483804 | TBW Mortgage-Backed Trust Series 2006-2 1A3 |  | 1.5000 | &nbsp;&nbsp;07/25/36 | 160909 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 1177665 | TBW Mortgage-Backed Trust Series 2006-6 A2B<sup>(e)</sup> |  | 0.9880 | &nbsp;&nbsp;01/25/37 | $248049 |
| 283409 | Terwin Mortgage Trust Series 2004-1HE M2<sup>(c),(f)</sup> | TSFR1M + 2.589% | 6.9090 | &nbsp;&nbsp;02/25/34 | 210352 |
| 2307554 | Terwin Mortgage Trust Series 2004-21HE 2M3<sup>(c),(f)</sup> | TSFR1M + 2.739% | 7.0590 | &nbsp;&nbsp;12/25/34 | 2259411 |
| 3050000 | Terwin Mortgage Trust Series 2006-8 1A2<sup>(d),(f)</sup> |  | 0.0660 | &nbsp;&nbsp;08/25/37 | 1298858 |
| 902796 | Terwin Mortgage Trust Series 2006-9HGA A3<sup>(c),(f)</sup> | TSFR1M + 0.674% | 1.3680 | &nbsp;&nbsp;10/25/37 | 283515 |
| 198483 | Terwin Mortgage Trust Series 2006-17HE A2B1<sup>(c),(f)</sup> | TSFR1M + 0.514% | 4.8340 | &nbsp;&nbsp;01/25/38 | 241137 |
| 270561 | Terwin Mortgage Trust Series 2007-6ALT A2<sup>(c),(f)</sup> | TSFR1M + 0.714% | 5.0340 | &nbsp;&nbsp;08/25/38 | 204848 |
| 482940 | Terwin Mortgage Trust Series TMTS Series 2003-2HE<sup>(c)</sup> | TSFR1M + 1.014% | 5.3340 | &nbsp;&nbsp;07/25/34 | 520625 |
| 360891 | Terwin Mortgage Trust Series TMTS Series 2004-3HE B2<sup>(c),(f)</sup> | TSFR1M + 2.964% | 7.2840 | &nbsp;&nbsp;03/25/35 | 420112 |
| 114973 | Thornburg Mortgage Securities Trust Series 2007-3 2A1<sup>(c)</sup> | TSFR12M + 1.965% | 5.9990 | &nbsp;&nbsp;06/25/47 | 111976 |
| 3140478 | Truman Capital Mortgage Loan Trust Series 2002-2 M2<sup>(c),(f)</sup> | TSFR1M + 4.764% | 9.0840 | &nbsp;&nbsp;11/25/32 | 2722424 |
| 383247 | Truman Capital Mortgage Loan Trust Series 2006-1 M1<sup>(c),(f)</sup> | TSFR1M + 0.834% | 5.1540 | &nbsp;&nbsp;03/25/36 | 355895 |
| 230173 | Truman Capital Mortgage Loan Trust Series 1 M1<sup>(c),(f)</sup> | TSFR1M + 1.464% | 5.7840 | &nbsp;&nbsp;03/25/37 | 256715 |
| 532746 | UCFC Home Equity Loan Trust Series 1998-D BV1<sup>(c)</sup> | TSFR1M + 3.364% | 7.6760 | &nbsp;&nbsp;12/15/28 | 670289 |
| 86242 | UCFC Manufactured Housing Contract Series 3 M |  | 7.1150 | &nbsp;&nbsp;01/15/29 | 85435 |
| 799294 | UCFC Manufactured Housing Contract Series 1998-3 M1 |  | 6.5060 | &nbsp;&nbsp;01/15/30 | 794319 |
| 1942819 | Voyager CNTYW Delaware Trust Series 2009-1 5AT3<sup>(d),(f)</sup> |  | 4.6660 | &nbsp;&nbsp;02/16/36 | 1831853 |
| 1002431 | Voyager CNTYW Delaware Trust Series 2009-1 5AU0<sup>(d),(f)</sup> |  | 4.6660 | &nbsp;&nbsp;02/16/36 | 921356 |
| 742076 | Voyager CNTYW Delaware Trust Series 2009-1 5AX4<sup>(b),(d),(f)</sup> |  | 4.7660 | &nbsp;&nbsp;02/16/36 | 682161 |
| 4891149 | Voyager CNTYW Delaware Trust Series 2009-1 5DS2<sup>(d),(f)</sup> |  | 4.6260 | &nbsp;&nbsp;05/16/36 | 4687587 |
| 1055708 | Voyager IDYMC Delaware Trust Series 1 UAA3<sup>(c),(f)</sup> | TSFR1M + 0.284% | 4.6040 | &nbsp;&nbsp;09/26/36 | 1003595 |
| 2310051 | Voyager OPTONE Delaware Trust Series 2009-1 SAA7<sup>(b),(d),(f)</sup> |  | 1.0570 | &nbsp;&nbsp;02/25/38 | 504008 |
| 856535 | Wachovia Mortgage Loan Trust, LLC Series 2005-A 2A1<sup>(d)</sup> |  | 4.2050 | &nbsp;&nbsp;08/20/35 | 802998 |
| 351698 | Wachovia Mortgage Loan Trust, LLC Series 2005-A 1A1<sup>(d)</sup> |  | 6.8030 | &nbsp;&nbsp;08/20/35 | 345723 |
| 34173 | Wachovia Mortgage Loan Trust, LLC Series 2006-A 1A1<sup>(d)</sup> |  | 2.8570 | &nbsp;&nbsp;05/20/36 | 32030 |
| 80172 | WaMu Mortgage Backed Pass Through Certificates Series 2001-AR5 B1<sup>(d)</sup> |  | 6.3750 | &nbsp;&nbsp;12/19/39 | 74705 |
| 27343 | WaMu Mortgage Backed Pass Through Certificates Series 2001-AR5 B4<sup>(d),(f)</sup> |  | 6.3750 | &nbsp;&nbsp;12/19/39 | 24732 |
| 20515 | WaMu Mortgage Backed Pass Through Certificates Series 2001-AR5 B5<sup>(d),(f)</sup> |  | 6.3750 | &nbsp;&nbsp;12/19/39 | 18348 |
| 17945 | WaMu Mortgage Backed Pass Through Certificates Series 2001-AR5 B6<sup>(d),(f)</sup> |  | 6.3750 | &nbsp;&nbsp;12/19/39 | 13795 |
| 86534 | WaMu Mortgage Pass-Through Certificates Series 2002-AR13 M1<sup>(d)</sup> |  | 7.3700 | &nbsp;&nbsp;10/25/32 | 82689 |
| 334582 | WaMu Mortgage Pass-Through Certificates Series 2002-AR19 B1<sup>(d)</sup> |  | 5.6610 | &nbsp;&nbsp;02/25/33 | 317612 |
| 1055068 | WaMu Mortgage Pass-Through Certificates Series 2003-S4 CB2<sup>(d)</sup> |  | 3.0650 | &nbsp;&nbsp;06/25/33 | 469848 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 28069 | WaMu Mortgage Pass-Through Certificates Series 2003-AR5 A7<sup>(d)</sup> |  | 5.7820 | &nbsp;&nbsp;06/25/33 | $28192 |
| 79957 | WaMu Mortgage Pass-Through Certificates Series 2003-AR6 A1<sup>(d)</sup> |  | 6.3850 | &nbsp;&nbsp;06/25/33 | 78571 |
| 150246 | WaMu Mortgage Pass-Through Certificates Series 2003-AR9 1B2<sup>(d)</sup> |  | 6.5260 | &nbsp;&nbsp;09/25/33 | 117738 |
| 157730 | WaMu Mortgage Pass-Through Certificates Series AR9 1B1<sup>(d)</sup> |  | 6.5260 | &nbsp;&nbsp;09/25/33 | 143849 |
| 568372 | WaMu Mortgage Pass-Through Certificates Series 2003-S13 CB1<sup>(d)</sup> |  | 5.9500 | &nbsp;&nbsp;01/25/34 | 541592 |
| 55769 | WaMu Mortgage Pass-Through Certificates Series 2004-S2 2A4 |  | 5.5000 | &nbsp;&nbsp;06/25/34 | 56156 |
| 33000 | WaMu Mortgage Pass-Through Certificates Series AR16 2A2<sup>(d)</sup> |  | 4.6520 | &nbsp;&nbsp;12/25/35 | 30096 |
| 37889 | WaMu Mortgage Pass-Through Certificates Series 2006-AR12 3A1<sup>(d)</sup> |  | 4.0170 | &nbsp;&nbsp;10/25/36 | 33472 |
| 169317 | WaMu Mortgage Pass-Through Certificates Series 2001-AR3 B1<sup>(d)</sup> |  | 3.6890 | &nbsp;&nbsp;11/25/41 | 149310 |
| 50240 | WaMu Mortgage Pass-Through Certificates Series 2002-AR6 B4<sup>(c),(f)</sup> | 12MTA + 1.400% | 5.7990 | &nbsp;&nbsp;06/25/42 | 41435 |
| 63772 | WaMu Mortgage Pass-Through Certificates Series 2002-AR6 B3<sup>(c)</sup> | 12MTA + 1.400% | 5.7990 | &nbsp;&nbsp;06/25/42 | 56250 |
| 61826 | WaMu Mortgage Pass-Through Certificates Series 2002-AR6 B2<sup>(c)</sup> | 12MTA + 1.400% | 5.7990 | &nbsp;&nbsp;06/25/42 | 55459 |
| 123375 | WaMu Mortgage Pass-Through Certificates Series 2002-AR6 B1<sup>(c)</sup> | 12MTA + 1.400% | 5.7990 | &nbsp;&nbsp;06/25/42 | 111599 |
| 42896 | WaMu Mortgage Pass-Through Certificates Series 2002-AR9 1B1<sup>(c)</sup> | 12MTA + 1.400% | 5.7990 | &nbsp;&nbsp;08/25/42 | 41008 |
| 8525 | WaMu Mortgage Pass-Through Certificates Series 2002-AR9 1B3<sup>(c)</sup> | 12MTA + 1.400% | 5.7990 | &nbsp;&nbsp;08/25/42 | 4785 |
| 3277819 | Washington Mutual Asset-Backed Certificates Series 2006-HE5 1A<sup>(c)</sup> | TSFR1M + 0.424% | 4.4200 | &nbsp;&nbsp;10/25/36 | 2466815 |
| 1203580 | Washington Mutual Mortgage Pass-Through Series 2005-1 7A1 |  | 5.5000 | &nbsp;&nbsp;03/25/35 | 1036593 |
| 409013 | Washington Mutual Mortgage Pass-Through Series 7 1A2<sup>(c)</sup> | TSFR1M + 0.564% | 4.8840 | &nbsp;&nbsp;09/25/35 | 329825 |
| 318308 | Washington Mutual Mortgage Pass-Through Series 9 5A4<sup>(c)</sup> | TSFR1M + 35.094% | 3.4200 | &nbsp;&nbsp;11/25/35 | 310901 |
| 1635336 | Washington Mutual Mortgage Pass-Through Series 2006-AR1 A1A<sup>(c)</sup> | TSFR1M + 0.614% | 4.9340 | &nbsp;&nbsp;02/25/36 | 1351259 |
| 429051 | Washington Mutual Mortgage Pass-Through Series 2006-2 1A4<sup>(c)</sup> | TSFR1M + 8.145% | 5.1340 | &nbsp;&nbsp;03/25/36 | 394365 |
| 2293046 | Washington Mutual Mortgage Pass-Through Series 2006-2 3CB |  | 6.0000 | &nbsp;&nbsp;03/25/36 | 1795019 |
| 569550 | Washington Mutual Mortgage Pass-Through Series 2 1A1 |  | 6.0000 | &nbsp;&nbsp;03/25/36 | 563416 |
| 395914 | Washington Mutual Mortgage Pass-Through Series 2006-AR5 3A<sup>(c)</sup> | 12MTA + 0.940% | 5.3390 | &nbsp;&nbsp;07/25/46 | 241784 |
| 783490 | Washington Mutual Mortgage Pass-Through Series 2006-AR6 2A<sup>(c)</sup> | 12MTA + 0.960% | 5.3590 | &nbsp;&nbsp;08/25/46 | 446650 |
| 17350 | Washington Mutual MSC Mortgage Pass-Through Series 2002-S4 B5<sup>(f)</sup> |  | 6.5000 | &nbsp;&nbsp;10/19/29 | 16830 |
| 17350 | Washington Mutual MSC Mortgage Pass-Through Series 2002-S4 B4<sup>(f)</sup> |  | 6.5000 | &nbsp;&nbsp;10/19/29 | 16822 |
| 281921 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS2 CB4<sup>(d),(f)</sup> |  | 3.3800 | &nbsp;&nbsp;02/25/33 | 4701 |
| 20570 | Washington Mutual MSC Mortgage Pass-Through Series 2003-AR1 2A<sup>(d)</sup> |  | 4.7120 | &nbsp;&nbsp;02/25/33 | 20091 |
| 382382 | Washington Mutual MSC Mortgage Pass-Through Series AR1 B2<sup>(d)</sup> |  | 5.4240 | &nbsp;&nbsp;02/25/33 | 332306 |
| 40229 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS3 CB3<sup>(d)</sup> |  | 5.7500 | &nbsp;&nbsp;03/25/33 | 37169 |
| 31858 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS7 B1 |  | 5.7500 | &nbsp;&nbsp;03/25/33 | 31613 |
| 20509 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS9 2A |  | 7.5000 | &nbsp;&nbsp;04/25/33 | 21145 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 77.4% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 43.5% (Continued)** |  |  |  |  |
| 560602 | Washington Mutual MSC Mortgage Pass-Through Series 2003-AR2 M<sup>(d)</sup> |  | 5.0070 | &nbsp;&nbsp;05/25/33 | $553581 |
| 469826 | Washington Mutual MSC Mortgage Pass-Through Series 2004-RA2 CB1<sup>(d)</sup> |  | 7.0000 | &nbsp;&nbsp;07/25/33 | 389873 |
| 8786 | Wells Fargo Home Equity Asset-Backed Securities Series 2004-2 AI9<sup>(d)</sup> |  | 4.9800 | &nbsp;&nbsp;04/25/34 | 8906 |
| 1286316 | Wells Fargo Home Equity Asset-Backed Securities Series 2W AI8I |  | 4.9000 | &nbsp;&nbsp;09/25/34 | 1273515 |
| 488473 | Wells Fargo Home Equity Asset-Backed Securities Series 2 M7<sup>(c)</sup> | TSFR1M + 4.614% | 8.9340 | &nbsp;&nbsp;10/25/34 | 504035 |
| 693175 | Wells Fargo Home Equity Asset-Backed Securities Series 2005-1 M9<sup>(c)</sup> | TSFR1M + 2.664% | 6.9840 | &nbsp;&nbsp;04/25/35 | 705015 |
| 110858 | Wells Fargo Home Equity Asset-Backed Securities Series 2005-1 M10<sup>(c)</sup> | TSFR1M + 38.645% | 8.1840 | &nbsp;&nbsp;04/25/35 | 117647 |
| 23606 | Wells Fargo Mortgage Backed Securities Series 2003-I B2<sup>(d)</sup> |  | 6.9200 | &nbsp;&nbsp;09/25/33 | 18421 |
| 22266 | Wells Fargo Mortgage Backed Securities Series 2004-K 1A3<sup>(d)</sup> |  | 6.4900 | &nbsp;&nbsp;07/25/34 | 22726 |
|  |  |  |  |  | 521435801 |
|  | **OTHER ABS — 0.1%** |  |  |  |  |
| 68508 | AFC Trust Series 2000-4 1A<sup>(c),(f)</sup> | TSFR1M + 0.884% | 5.2040 | &nbsp;&nbsp;01/25/31 | 67734 |
| 206805 | Conseco Finance Securitizations Corporation Series 3 M1<sup>(d)</sup> |  | 7.1500 | &nbsp;&nbsp;05/01/33 | 214046 |
| 668943 | Credit-Based Asset Servicing and Securitization Series 2003-RP1 M2<sup>(c),(f)</sup> | TSFR1M + 4.614% | 8.9340 | &nbsp;&nbsp;03/25/33 | 553353 |
| 13469 | Oakwood Mortgage Investors, Inc. Series 1996-B B1<sup>(d),(f)</sup> |  | 8.4500 | &nbsp;&nbsp;10/15/26 | 13391 |
| 123299 | Oakwood Mortgage Investors, Inc. Series C B1<sup>(f)</sup> |  | 7.9600 | &nbsp;&nbsp;04/15/27 | 122630 |
|  |  |  |  |  | 971154 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $927,065,275)** |  |  |  | 928280376 |
|  | **CORPORATE BONDS — 14.6%** |  |  |  |  |
|  | **BANKING — 0.3%** |  |  |  |  |
| 3410000 | Southern Financial |  | 10.6000 | &nbsp;&nbsp;09/07/30 | 3427795 |
|  | **INSURANCE — 12.3%** |  |  |  |  |
| 5736622 | Ambac Assurance Corporation<sup>(g)</sup> |  | 5.1000 | &nbsp;&nbsp;06/07/60 | 7677474 |
| 87954173 | Ambac Assurance Corporation<sup>(f),(g)</sup> |  | 5.1000 | &nbsp;&nbsp;06/07/69 | 117711411 |
| 10652561 | MBIA Global Funding, LLC<sup>(a),(f),(h)</sup> |  | 0.0000 | &nbsp;&nbsp;12/15/31 | 4354234 |
| 59990712 | MBIA Global Funding, LLC<sup>(a),(h)</sup> |  | 0.0000 | &nbsp;&nbsp;12/15/33 | 17847237 |
|  |  |  |  |  | 147590356 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.4%** |  |  |  |  |
| 3500000 | Brixmor, LLC |  | 7.6500 | &nbsp;&nbsp;11/02/26 | 3559824 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 14.6% (Continued)** |  |  |  |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.4% (Continued)** |  |  |  |  |
| 1630000 | Brixmor, LLC |  | 6.9000 | &nbsp;&nbsp;02/15/28 | $1602726 |
|  |  |  |  |  | 5162550 |
|  | **SPECIALTY FINANCE — 1.6%** |  |  |  |  |
| 13697066 | MSP Deer Finance Syndicated Loan |  | 17.0000 | &nbsp;&nbsp;04/09/26 | 8903092 |
| 1786252 | OWS Cre Funding I, LLC Series MARG A<sup>(c),(f)</sup> | SOFRRATE + 5.014% | 9.8600 | &nbsp;&nbsp;09/15/25 | 1778771 |
| 1992602 | PDOF MSN Issuer, LLC<sup>(c),(f)</sup> | SOFRRATE + 4.500% | 8.8900 | &nbsp;&nbsp;03/01/26 | 1947381 |
| 849784 | US Capital Funding II Ltd.<sup>(a),(c),(f)</sup> | TSFR3M + 1.912% | 6.1880 | &nbsp;&nbsp;08/01/34 | 770125 |
| 4000000 | X-Caliber Funding, LLC<sup>(f)</sup> |  | 5.0000 | &nbsp;&nbsp;10/01/25 | 3946496 |
| 1275000 | X-Caliber Funding, LLC<sup>(f)</sup> |  | 11.0000 | &nbsp;&nbsp;10/25/25 | 1265565 |
|  |  |  |  |  | 18611430 |
|  | **TOTAL CORPORATE BONDS (Cost $193,474,606)** |  |  |  | 174792131 |
|  | **TERM LOANS — 0.2%** |  |  |  |  |
|  | **PROFESSIONAL SERVICES — 0.2%** |  |  |  |  |
| 1817100 | Farrel & Fuller Delayed Draw Term Loan |  | 18.0000 | &nbsp;&nbsp;03/13/29 | 1826185 |
|  | **TOTAL TERM LOANS (Cost $1,817,100)** |  |  |  | 1826185 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 6.8%** |  |  |  |  |
|  | **MONEY MARKET FUNDS - 6.8%** |  |  |  |  |
| 80934394 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $80,934,394)<sup>(j)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $80,934,394)<sup>(j)</sup> | First American Treasury Obligations Fund, Class X, 4.21% (Cost $80,934,394)<sup>(j)</sup> |  | 80934394 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $1,212,844,250)** | **TOTAL INVESTMENTS - 99.8% (Cost $1,212,844,250)** |  |  | $1195379086 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** |  |  | 2935419 |
|  | **NET ASSETS - 100.0%** |  |  |  | $1198314505 |

---

---

| | |
|:---|:---|
| 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 |
| PRIME | Prime Rate by Country United States |
| SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | 1 Month Secured Overnight Financing Rate |
| TSFR3M | 3 Month Secured Overnight Financing Rate |
| TSFR6M | 6 Month Secured Overnight Financing Rate |
| TSFR12M | 12 Month Secured Overnight Financing Rate |
| US0001M | ICE LIBOR USD 1 Month |

---

<sup>(a)</sup> Illiquid security. The total fair value of these securities as of June 30, 2025 was $46,383,854, representing 4.0% of net assets.

<sup>(b)</sup> Interest only securities.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on June 30, 2025.

<sup>(d)</sup> 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.

<sup>(e)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at June 30, 2025.

<sup>(f)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025 the total market value of 144A securities is $582,990,643 or 48.7% of net assets.

<sup>(g)</sup> Non-income producing security.

<sup>(h)</sup> Zero coupon bond.

<sup>(i)</sup> Principal only securities.

<sup>(j)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL/RGN HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 78.0%** |  |
|  | **EQUITY - 78.0%** |  |
| 4896 | SPDR S&P 500 ETF Trust ETF | $3024994 |
| 8800 | Vanguard S&P 500 ETF | 4998664 |
|  |  | 8023658 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $7,446,593)** | 8023658 |
|  | **SHORT-TERM INVESTMENTS — 7.7%** |  |
|  | **MONEY MARKET FUNDS - 7.7%** |  |
| 790883 | First American Treasury Obligations Fund, Class X, 4.21% (Cost $790,883)<sup>(a)</sup> | 790883 |
|  | **TOTAL INVESTMENTS - 85.7% (Cost $8,237,476)** | $8814541 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 14.3%** | 1464930 |
|  | **NET ASSETS - 100.0%** | $10279471 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 6 | CBOT 10 Year US Treasury Note Futures | 09/22/2025 | $672750 | $2406 |
| 3 | CBOT 2 Year US Treasury Note Futures | 10/01/2025 | 624070 | 593 |
| 9 | CBOT 5 Year US Treasury Note Futures | 10/01/2025 | 981000 | 2688 |
| 1 | CBOT Corn Future<sup>(c)</sup> | 12/15/2025 | 21275 | (25) |
| 9 | CBOT Soybean Oil Future<sup>(c)</sup> | 12/15/2025 | 284850 | (12127) |
| 4 | CME Australian Dollar Currency Future | 09/16/2025 | 263580 | 845 |
| 6 | CME British Pound Currency Future | 09/16/2025 | 514688 | 4588 |
| 1 | CME Canadian Dollar Currency Future | 09/17/2025 | 73680 | 105 |
| 1 | CME E-Mini NASDAQ 100 Index Future | 09/22/2025 | 457865 | 365 |
| 8 | CME E-Mini Standard & Poor's 500 Index Future | 09/22/2025 | 2501501 | 6863 |
| 9 | CME Euro Foreign Exchange Currency Future | 09/16/2025 | 1331550 | 13975 |
| 6 | CME Mexican Peso Currency Future | 09/16/2025 | 158700 | 1180 |
| 44 | CME Micro Bitcoin Futures<sup>(c)</sup> | 07/28/2025 | 476234 | 1632 |
| 4 | CME Swiss Franc Currency Future | 09/16/2025 | 636325 | 9669 |
| 2 | COMEX Silver Future<sup>(c)</sup> | 09/29/2025 | 361720 | (2500) |
| 9 | Eurex 2 Year Euro SCHATZ Future | 09/09/2025 | 1136927 | (516) |
| 1 | Eurex 5 Year Euro BOBL Future | 09/09/2025 | 138610 | (258) |
| 2 | Euro-BTP Italian Bond Futures | 09/09/2025 | 285041 | (376) |
| 1 | HKG Hang Seng Index Future | 07/31/2025 | 153402 | (726) |
| 3 | ICE US MSCI Emerging Markets EM Index Futures | 09/22/2025 | 185025 | 6330 |
| 8 | Micro E-mini S&P 500 futures | 09/22/2025 | 250150 | 3190 |
| 1 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 07/23/2025 | 65110 | (1020) |
| 1 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 08/01/2025 | 95605 | (11012) |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL/RGN HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 1 | SGX Nikkei 225 Stock Index Future | 09/12/2025 | $140439 | $5995 |
| 15 | Three-Month SOFR Futures | 03/15/2028 | 3629437 | 7699 |
| 5 | Ultra 10-Year US Treasury Note Futures | 09/22/2025 | 571328 | 4000 |
| 1 | Ultra U.S. Treasury Bond Futures | 09/22/2025 | 119125 | 219 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $43782 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 4 | CBOT Soybean Future<sup>(c)</sup> | 11/17/2025 | $205400 | $(1138) |
| 2 | CBOT Soybean Meal Future<sup>(c)</sup> | 12/15/2025 | 57860 | 940 |
| 2 | CBOT Wheat Future<sup>(c)</sup> | 09/15/2025 | 53825 | 113 |
| 6 | CME Japanese Yen Currency Future | 09/16/2025 | 524588 | (4319) |
| 5 | Eurex 10 Year Euro BUND Future | 09/09/2025 | 766490 | 3606 |
| 1 | Eurex 30 Year Euro BUXL Future | 09/09/2025 | 139859 | 2081 |
| 4 | Eurex EURO STOXX 50 Future | 09/22/2025 | 250978 | (1200) |
| 3 | FTSE 100 Index Future | 09/22/2025 | 361926 | (1053) |
| 2 | HKG Hang Seng China Enterprises Index Future | 07/31/2025 | 110434 | 197 |
| 4 | Long Gilt Future | 09/29/2025 | 510761 | (1969) |
| 1 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 07/30/2025 | 34560 | 860 |
| 1 | SGX FTSE China A50 Futures Contract | 07/31/2025 | 13388 | 126 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(1756) |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(b)</sup> 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.

<sup>(c)</sup> All or a portion of this investment is a holding of the RRDEF Fund Ltd.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS** |
| Statements of Assets and Liabilities (Unaudited) |
| June 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rational**<br>**Equity Armor**<br>**Fund** | **Rational**<br>**Tactical Return**<br>**Fund** | **Rational**<br>**Dynamic Brands**<br>**Fund** | **Rational**<br>**Strategic Allocation**<br>**Fund** |
| **ASSETS:** | | | | |
| Investments in Unaffiliated securities, at cost | $34357394 | $44920304 | $52308463 | $1087390 |
| Investments in Affiliated securities, at cost |  |  |  | 8083338 |
| Total Securities at Cost | $34357394 | $44920304 | $52308463 | $9170728 |
| Investments in Unaffiliated securities, at value | $41320726 | $44772294 | $74876797 | $1111368 |
| Investments in Affiliated securities, at value |  |  |  | 6576505 |
| Total Securities at Value | $41320726 | $44772294 | $74876797 | $7687873 |
| Deposits with Brokers for futures and options | 1512789 | 9216218 |  | 1129449 |
| Receivable for securities sold |  |  | 514939 |  |
| Receivable for Fund shares sold | 25 | 11076 |  |  |
| Futures unrealized appreciation |  |  |  | 317868 |
| Dividends and interest receivable | 16098 | 43835 | 56065 | 7460 |
| Due from Advisor |  |  |  | 9752 |
| Prepaid expenses and other assets | 32147 | 32810 | 25446 | 11320 |
| &nbsp;&nbsp;&nbsp;Total Assets | **42881785** | **54076233** | **75473247** | **9163722** |
| **LIABILITIES:** |  |  |  |  |
| Options written (premiums received $1,873,875, $272,160, $0, $0) | 2071775 | 48600 |  |  |
| Management fees payable | 24240 | 64323 | 45068 |  |
| Futures unrealized depreciation | 706270 |  |  |  |
| Payable for Fund shares redeemed | 9644 | 72396 | 113064 |  |
| Payable to related parties | 5302 | 9480 | 10131 | 5189 |
| Shareholder services fees payable | 4993 | 12609 | 8221 | 396 |
| Accrued 12b-1 fees | 1050 | 1730 | 22151 | 3334 |
| Trustee fees payable | 4401 | 4463 | 4473 | 4461 |
| Accrued expenses and other liabilities | 34397 | 29007 | 31953 | 30319 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | **2862072** | **242608** | **235061** | **43699** |
| &nbsp;&nbsp;&nbsp;Net Assets | $**40019713** | $**53833625** | $**75238186** | $**9120023** |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid in capital | $34413053 | $53985769 | $57127903 | $10930230 |
| Accumulated earnings (deficits) | 5606660 | (152144) | 18110283 | (1810207) |
| **Net Assets** | $**40019713** | $**53833625** | $**75238186** | $**9120023** |
| **Institutional Shares** |  |  |  |  |
| Net Assets | $30033072 | $49342634 | $54011415 | $1170344 |
| Shares of beneficial interest outstanding (a) | 2970019 | 2893873 | 796684 | 150784 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (c) | $10.11 | $17.05 | $67.80 | $7.76 |
| **Class A Shares** |  |  |  |  |
| Net Assets | $8881081 | $1994976 | $16452658 | $7849073 |
| Shares of beneficial interest outstanding (a) | 884764 | 116846 | 401815 | 1005138 |
| Net asset value and redemption price per share | $10.04 | $17.07 | $40.95 | $7.81 |
| Maximum offering price per share (b) | $10.54 | $17.92 | $42.99 | $8.20 |
| Minimum redemption price per share (d) | $9.94 | $16.90 | $40.54 | $7.73 |
| **Class C Shares** |  |  |  |  |
| Net Assets | $1105560 | $2496015 | $4774113 | 100606 |
| Shares of beneficial interest outstanding (a) | 112918 | 152686 | 143669 | 12999 |
| Net asset value, offering price and |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;redemption price per share (c) | $9.79 | $16.35 | $33.23 | $7.74 |

---

(a) Unlimited
 number of shares of no par value beneficial interest authorized.

(b) There is a maximum
 front-end sales charge (load) of 4.75% imposed on purchases of Class A shares for each Fund.

(c) A contingent deferred
 sales charge ("CDSC") of 1.00% may be charged on shares held less than 12 months.

(d) Investments in
 Class A shares made at or above $1 million breakpoint are not subject to an initial sales charge and may be subject to a 1% contingent
 deferred sales charges ("CDSC") on shares redeemed within two years of purchase.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS** |
| Statements of Assets and Liabilities (Unaudited) (Continued) |
| June 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Return Stacked<sup>®</sup> Balanced**<br>**Allocation & Systematic Macro Fund** | **Rational/Pier 88**<br>**Convertible Securities**<br>**Fund** | **Rational**<br>**Special Situations**<br>**Income Fund** | **Rational/RGN**<br>**Hedged Equity**<br>**Fund** |
|  | (Consolidated) | | | (Consolidated) |
| **ASSETS:** |  |  |  |  |
| Investments in securities, at cost | $32327805 | $191000757 | $1212844250 | $8237476 |
| Securities at Value | $34654933 | $203586232 | $1195379086 | $8814541 |
| Futures unrealized appreciation | 1347086 |  |  | 80265 |
| Foreign cash deposits with brokers for futures (Cost $4,385,220, $0, $0, $933,742) | 4407370 |  |  | 934304 |
| Receivable for securities sold |  | 3260588 | 70780 |  |
| Dividends and interest receivable | 47308 | 417005 | 4449097 | 25695 |
| Receivable for Fund shares sold | 664 | 13566 | 1793932 | 460870 |
| Due from Advisor |  |  |  | 3776 |
| Deferred Offering Expenses |  |  |  | 27502 |
| Prepaid expenses and other assets | 28969 | 38514 | 93120 | 17027 |
| &nbsp;&nbsp;&nbsp;Total Assets | **40486330** | **207315905** | **1201786015** | **10363980** |
| **LIABILITIES:** |  |  |  |  |
| Payable for securities purchased |  | 1032468 | 833723 |  |
| Futures unrealized depreciation | 729071 |  |  | 38239 |
| Management fees payable | 42817 | 121118 | 1439262 |  |
| Payable for Fund shares redeemed | 123775 | 26366 | 705849 |  |
| Payable to related parties | 7481 | 26098 | 107660 | 2233 |
| Accrued 12b-1 fees | 5454 | 724 | 146850 | 92 |
| Shareholder services fees payable | 7737 | 29802 | 139709 | 11 |
| Trustee fees payable | 4486 | 4401 | 4463 | 4489 |
| Accrued expenses and other liabilities | 3779 | 31282 | 93994 | 39445 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | **924600** | **1272259** | **3471510** | **84509** |
| &nbsp;&nbsp;&nbsp;Net Assets | $**39561730** | $**206043646** | $**1198314505** | $**10279471** |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid in capital | $42614112 | $208574788 | $1269058382 | $9958690 |
| Accumulated earnings (deficits) | (3052382) | (2531142) | (70743877) | 320781 |
| **Net Assets** | $**39561730** | $**206043646** | $**1198314505** | $**10279471** |
| **Institutional Shares** |  |  |  |  |
| Net Assets | $35883274 | $205355431 | $1103383191 | $10256912 |
| Shares of beneficial interest outstanding (a) | 1822521 | 18620794 | 61290730 | 986137 |
| Net asset value, offering price and |  |  |  |  |
| redemption price per share | $19.69 | $11.03 | $18.00 | $10.40 |
| **Class A Shares** |  |  |  |  |
| Net Assets | $975352 | $432543 | $54993081 | $12157 |
| Shares of beneficial interest outstanding (a) | 50174 | 39288 | 3058968 | 1171 |
| Net asset value and redemption price per share | $19.44 | $11.01 | $17.98 | $10.38 |
| Maximum offering price per share (b) | $20.63 | $11.56 | $18.88 | $11.01 |
| Minimum redemption price per share (d) | $19.25 | $10.90 | $17.80 | $10.29 |
| **Class C Shares** |  |  |  |  |
| Net Assets | $2703104 | $255672 | $39938233 | $10402 |
| Shares of beneficial interest outstanding (a) | 145576 | 23382 | 2228590 | 1005 |
| Net asset value, offering price and redemption price per share (c) | $18.57 | $10.93 | $17.92 | $10.35 |

---

(a) Unlimited
 number of shares of no par value beneficial interest authorized.

(b) There
 is a maximum front-end sales charge (load) of 4.75% imposed on purchases of Class A shares for each Fund except Return Stacked<sup>®</sup>
 Balanced Allocation & Systematic Macro Fund and RGN Hedged Equity Fund whose maximum front-end sales charge (load) is 5.75%.

(c) A
 contingent deferred sales charge ("CDSC") of 1.00% may be charged on shares held less than 12 months.

(d) Investments
 in Class A shares made at or above $1 million breakpoint are not subject to an initial sales charge and may be subject to a 1% contingent
 deferred sales charges ("CDSC") on shares redeemed within two years of purchase.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS** |
| Statements of Operations (Unaudited) |
| For the Six Months Ended June 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rational**<br>**Equity Armor**<br>**Fund** | **Rational**<br>**Tactical Return**<br>**Fund** | **Rational**<br>**Dynamic Brands**<br>**Fund** | **Rational**<br>**Strategic Allocation**<br>**Fund** |
| **Investment Income:** |  |  |  |  |
| Dividend income | $256419 | $— | $318204 | $— |
| Interest income | 19187 | 1010996 | 26332 | 15051 |
| Dividend income - affiliated companies (Note 3) |  |  |  | 63224 |
| Foreign tax withheld | (413) |  | (8418) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **275193** | **1010996** | **336118** | **78275** |
| **Operating Expenses:** |  |  |  |  |
| Investment management fees | 138431 | 519340 | 274875 | 4587 |
| 12b-1 Fees - Class A Shares | 10804 | 3838 | 19713 | 9906 |
| 12b-1 Fees - Class C Shares | 5298 | 14496 | 22832 | 517 |
| Shareholder Services Fees - Institutional Shares | 14666 | 31065 | 19039 | 6 |
| Shareholder Services Fees - Class A Shares | 4411 | 1894 | 7508 | 3718 |
| Shareholder Services Fees - Class C Shares | 344 | 616 | 914 | 41 |
| Registration fees | 27956 | 26035 | 26492 | 12016 |
| Financial Administration fees/Fund Accounting fees | 23718 | 30263 | 30788 | 19338 |
| Legal fees | 22353 | 17449 | 20086 | 17438 |
| Trustees' fees | 8921 | 8922 | 8927 | 8921 |
| Audit fees | 8034 | 8034 | 7537 | 8034 |
| Compliance officer fees | 6587 | 7023 | 7118 | 3309 |
| Legal Administration/Management Service Fees | 6443 | 10359 | 12794 | 1601 |
| Interest expense | 5361 | 2643 | 577 | 1158 |
| Printing expense | 4213 | 4169 | 4957 | 992 |
| Custody fees | 3308 | 1976 | 3469 | 1835 |
| Insurance expense | 1088 | 2196 | 2420 | 337 |
| Miscellaneous expenses | 1289 | 1293 | 1294 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **293225** | **691611** | **471340** | **95043** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived/reimbursed by Advisor |  | (80934) |  | (62850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **293225** | **610677** | **471340** | **32193** |
| **Net Investment Income (Loss)** | **(18032)** | **400319** | **(135222)** | **46082** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |
| Net Realized Gain (Loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 1049103 |  | (65419) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated companies |  |  |  | (619308) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | 894698 | (3641399) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written | (800015) | 4347639 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures | (1076523) |  |  | (571301) |
| **Net Realized Gain (Loss) on Investments** | 67263 | 706240 | (65419) | (1190609) |
| **Net Change in Unrealized Appreciation (Depreciation) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 1648936 | (3830) | 2438082 | 25315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated companies |  |  |  | (315876) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | 1257050 | (82680) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written | (197900) | 132560 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures | (630370) |  |  | 642993 |
| **Net Change in Unrealized Appreciation on Investments** | 2077716 | 46050 | 2438082 | 352432 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **2144979** | **752290** | **2372663** | **(838177)** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**2126947** | $**1152609** | $**2237441** | $**(792095)** |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS** |
| Statements of Operations (Unaudited) (Continued) |
| For the Six Months Ended June 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Return Stacked<sup>®</sup> Balanced**<br>**Allocation & Systematic Macro Fund** | **Rational/ Pier 88**<br>**Convertible Securities**<br>**Fund** | **Rational**<br>**Special Situations**<br>**Income Fund** | **Rational/RGN**<br>**Hedged Equity**<br>**Fund** |
| **Investment Income:** | (Consolidated) |  |  | (Consolidated) |
| &nbsp;&nbsp;&nbsp;Dividend income | $65292 | $1140922 | $297237 | $46067 |
| &nbsp;&nbsp;&nbsp;Interest income | 868459 | 2594838 | 37008522 | 13881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **933751** | **3735760** | **37305759** | **59948** |
| **Operating Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment management fees | 510612 | 862606 | 8226283 | 74270 |
| &nbsp;&nbsp;&nbsp;12b-1 Fees - Class A Shares | 1486 | 573 | 65176 | 20 |
| &nbsp;&nbsp;&nbsp;12b-1 Fees - Class C Shares | 14820 | 1303 | 192109 | 50 |
| &nbsp;&nbsp;&nbsp;Shareholder Services Fees - Institutional Shares | 29092 | 85854 | 503786 |  |
| &nbsp;&nbsp;&nbsp;Shareholder Services Fees - Class A Shares | 821 | 237 | 34394 |  |
| &nbsp;&nbsp;&nbsp;Shareholder Services Fees - Class C Shares | 268 | 75 | 9005 |  |
| &nbsp;&nbsp;&nbsp;Financial Administrative fees /Fund Accounting fees | 32619 | 65080 | 423796 | 17254 |
| &nbsp;&nbsp;&nbsp;Legal fees | 22398 | 17542 | 50731 | 50895 |
| &nbsp;&nbsp;&nbsp;Registration fees | 21330 | 23217 | 53286 | 9449 |
| &nbsp;&nbsp;&nbsp;Legal Administration/Management Service Fees | 10185 | 35424 | 191431 | 1481 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 9387 | 8695 | 18466 | 6248 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 8921 | 8921 | 8927 | 9015 |
| &nbsp;&nbsp;&nbsp;Audit fees | 8655 | 8407 | 26926 | 8937 |
| &nbsp;&nbsp;&nbsp;Printing expenses | 5892 | 7461 | 44631 | 6322 |
| &nbsp;&nbsp;&nbsp;Custody fees | 3455 | 4213 | 32690 | 2491 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 2201 | 6357 | 30742 | 243 |
| &nbsp;&nbsp;&nbsp;Interest expense | 577 | 577 | 577 | 580 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expense | 1293 | 1292 | 1598 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **684012** | **1137834** | **9914554** | **188537** |
| &nbsp;&nbsp;&nbsp;Less: Expenses waived/reimbursed by Advisor | (94079) | (130684) | (58110) | (103346) |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **589933** | **1007150** | **9856444** | **85191** |
| **Net Investment Income (Loss)** | **343818** | **2728610** | **27449315** | **(25243)** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |
| Net Realized Gain (Loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments |  | (5570142) | (6509621) | (13957) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased |  |  |  | (5837) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures | (4869070) |  |  | (199157) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 181490 |  |  | 8897 |
| **Net Realized Loss on Investments** | (4687580) | (5570142) | (6509621) | (210054) |
| **Net Change in Unrealized Appreciation/(Depreciation) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 2316179 | 4596753 | 4043410 | 461129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures | (1146647) |  |  | 22827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 81874 |  |  | 789 |
| **Net Change in Unrealized Appreciation on Investments** | 1251406 | 4596753 | 4043410 | 484745 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | (3436174) | (973389) | (2466211) | 274691 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(3092356)** | $**1755221** | $**24983104** | $**249448** |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS** |
| Statements of Changes in Net Assets |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Rational Equity Armor Fund** | **Rational Equity Armor Fund** | **Rational Tactical Return Fund** | **Rational Tactical Return Fund** | **Rational Dynamic Brands Fund** | **Rational Dynamic Brands Fund** |
|  | **Six Months Ended**<br>**June 30, 2025** | **Year Ended**<br>**December 31, 2024** | **Six Months Ended**<br>**June 30, 2025** | **Year Ended**<br>**December 31, 2024** | **Six Months Ended**<br>**June 30, 2025** | **Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;&nbsp;**Operations:** | (Unaudited) |  | (Unaudited) |  | (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(18032) | $(154024) | $400319 | $2445501 | $(135222) | $(535644) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments,futures and options | 67263 | 6124502 | 706240 | 762055 | (65419) | 13451661 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, options and futures | 2077716 | (668688) | 46050 | (15301) | 2438082 | 3521290 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | **2126947** | **5301790** | **1152609** | **3192255** | **2237441** | **16437307** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  | (2853767) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  | (174301) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  | (112966) |  |  |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **—** | **—** | **—** | **(3141034)** | **—** | **—** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from shares sold Institutional | 5393998 | 5587112 | 1567875 | 8053179 | 1554931 | 10027057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 30729 | 160699 | 99537 | 1053270 | 370226 | 1185063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 49237 | 5150 | 34225 | 364781 | 358196 | 689080 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  | 2566866 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  | 166271 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  | 108584 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (1880776) | (10203539) | (14225906) | (68889584) | (4811383) | (11030934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (420462) | (1297688) | (2540057) | (4171767) | (1002079) | (2640356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (67928) | (333093) | (934254) | (2405570) | (390037) | (589536) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **share transactions of beneficial interest** | **3104798** | **(6081359)** | **(15998580)** | **(63153970)** | **(3920146)** | **(2359626)** |
| &nbsp;&nbsp;&nbsp;**Total Increase/(Decrease) in Net Assets** | **5231745** | **(779569)** | **(14845971)** | **(63102749)** | **(1682705)** | **14077681** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period/year | 34787968 | 35567537 | 68679596 | 131782345 | 76920891 | 62843210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of period/year** | $**40019713** | $**34787968** | $**53833625** | $**68679596** | $**75238186** | $**76920891** |
| **Share Activity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 560702 | 635889 | 93230 | 472207 | 24088 | 172951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  |  | 153797 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (196245) | (1173571) | (846084) | (4027092) | (76486) | (185903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 364457 | (537682) | (752854) | (3401088) | (52398) | (12952) |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 3229 | 17178 | 5911 | 61700 | 9493 | 32766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  |  | 9938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (43601) | (146558) | (150663) | (242875) | (25463) | (73999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of Beneficial interest | (40372) | (129380) | (144752) | (171237) | (15970) | (41233) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 5283 | 615 | 2116 | 22059 | 11322 | 24191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  |  | 6749 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (7254) | (37756) | (57692) | (146512) | (12114) | (19935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (1971) | (37141) | (55576) | (117704) | (792) | 4256 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS** |
| Statements of Changes in Net Assets (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Return Stacked<sup>®</sup> Balanced Allocation &** | **Return Stacked<sup>®</sup> Balanced Allocation &** |
|  | **Rational Strategic Allocation Fund** | **Rational Strategic Allocation Fund** | **Systematic Macro Fund** | **Systematic Macro Fund** |
|  | | | (Consolidated) | (Consolidated) |
|  | | | **Six Months Ended** | **Year Ended** |
|  | <br>**Six Months Ended**<br>**June 30, 2025** | <br>**Year Ended**<br>**December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;**Operations:** | (Unaudited) |  | (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $46082 | $905522 | $343818 | $2310429 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, affiliated companies foreign currency transactions and futures | (1190609) | 2267320 | (4687580) | 4435785 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, affiliated companies, foreign currency transactions and futures | 352432 | (1722465) | 1251406 | 2002457 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | **(792095)** | **1450377** | **(3092356)** | **8748671** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid : |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (21635) | (101462) |  | (4387867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (138293) | (669906) |  | (123736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (1462) | (6486) |  | (182479) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **(161390)** | **(777854)** | **—** | **(4694082)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional |  | 1000 | 5348564 | 23446578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 19464 | 467874 | 228127 | 383044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 27638 | 100000 | 114587 | 684989 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 128 | 565 |  | 3339348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 125119 | 604770 |  | 123736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1450 | 6421 |  | 181891 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  | (32251884) | (54518037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (572428) | (1351974) | (1121082) | (793729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (20088) |  | (441652) | (824204) |
| &nbsp;&nbsp;&nbsp;**Net decrease in net assets from share transactions of beneficial interest** | **(418717)** | **(171344)** | **(28123340)** | **(27976384)** |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | **(1372202)** | **501179** | **(31215696)** | **(23921795)** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period/year | 10492225 | 9991046 | 70777426 | 94699221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of period/year** | $**9120023** | $**10492225** | $**39561730** | $**70777426** |
| **Share Activity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  | 118 | 270754 | 1111490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 17 | 64 |  | 163693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed |  |  | (1680774) | (2576628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 17 | 182 | (1410020) | (1301445) |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 2464 | 52040 | 10979 | 18123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 17172 | 68331 |  | 6135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (76958) | (148369) | (55257) | (37965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of Beneficial interest | (57322) | (27998) | (44278) | (13707) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 3839 | 10999 | 5833 | 34090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 202 | 737 |  | 9405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2889) |  | (23691) | (41092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 1152 | 11736 | (17858) | 2403 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS** |
| Statements of Changes in Net Assets (Continued) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Rational/ Pier 88 Convertible Securities Fund** | **Rational/ Pier 88 Convertible Securities Fund** | **Rational Special Situations Income Fund** | **Rational Special Situations Income Fund** | **Rational/RGN Hedged Equity Fund** | **Rational/RGN Hedged Equity Fund** |
|  | | | | | **(Consolidated)** | **(Consolidated)** |
|  | | | | | **Six Months Ended** | **Period Ended** |
|  | <br>**Six Months Ended**<br>**June 30, 2025** | <br>**Year Ended**<br>**December 31, 2024** | <br>**Six Months Ended**<br>**June 30, 2025** | <br>**Year Ended**<br>**December 31, 2024** | **June 30, 2025** | **December 31, 2024 \*** |
| &nbsp;&nbsp;&nbsp;**Operations:** | (Unaudited) |  | (Unaudited) |  | (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2728610 | $2506687 | $27449315 | $51502361 | $(25243) | $(5105) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency translations | (5570142) | 3616628 | (6509621) | (13342284) | (210054) | 1332 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments and foreign currency translations | 4596753 | 3831441 | 4043410 | 33558510 | 484745 | 134908 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | **1755221** | **9954756** | **24983104** | **71718587** | **249448** | **131135** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (4007964) | (3394276) | (27808604) | (51826479) |  | (63177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (7960) | (24260) | (1371928) | (3929293) |  | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (3754) | (3335) | (871130) | (2002661) |  | (55) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **(4019678)** | **(3421871)** | **(30051662)** | **(57758433)** | **—** | **(63308)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 7806635 | 71386334 | 316662510 | 428848747 | 2171731 | 8045250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 229743 | 13363187 | 26826070 | 10613 | 11069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 117703 | 5410665 | 7524254 |  | 10000 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1500053 | 1122988 | 24626385 | 45560008 |  | 50794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 7959 | 24260 | 1197771 | 3530498 |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3754 | 3335 | 738104 | 1703609 |  | 55 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (5675157) | (10142454) | (144049154) | (257184835) | (327541) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (107290) | (1475087) | (9318272) | (44012798) | (9850) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (22624) | (180093) | (3138447) | (7441986) |  |  |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets from share transactions of beneficial interest** | **3513330** | **61086729** | **205492749** | **205353567** | **1844953** | **8117243** |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | **1248873** | **67619614** | **200424191** | **219313721** | **2094401** | **8185070** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period/year | 204794773 | 137175159 | 997890314 | 778576593 | 8185070 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of period/year** | $**206043646** | $**204794773** | $**1198314505** | $**997890314** | $**10279471** | $**8185070** |
| **Share Activity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 707447 | 6287723 | 17496302 | 23667936 | 216909 | 796210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 136719 | 102739 | 1363050 | 2521186 |  | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (513592) | (937017) | (7962070) | (14226074) | (31847) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of Beneficial interest | 330574 | 5453445 | 10897282 | 11963048 | 185062 | 801075 |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  | 21255 | 739123 | 1483379 | 1052 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 727 | 2245 | 66381 | 195689 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (9617) | (132798) | (515750) | (2434782) | (993) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (8890) | (109298) | 289754 | (755714) | 59 | 1112 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  | 11065 | 300096 | 417313 |  | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 345 | 310 | 41036 | 94694 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2060) | (16888) | (174200) | (413881) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (1715) | (5513) | 166932 | 98126 |  | 1005 |

---

\* The Rational/RGN Hedged Equity Fund commenced operations September 27, 2024

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational Equity Armor Fund**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $9.57 | $8.19 | $7.97 | $8.99 | $7.96 | $6.94 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.00 (G) | (0.03) | 0.00 (G) | 0.07 | 0.07 | 0.08 |
| Net realized and unrealized gain (loss) on investments | 0.54 | 1.41 | 0.23 | (1.03) | 1.07 | 1.03 |
| Total from investment operations | 0.54 | 1.38 | 0.23 | (0.96) | 1.14 | 1.11 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  | (0.00) (G) | (0.06) | (0.11) | (0.09) |
| From Return of Capital |  |  | (0.01) |  |  |  |
| Total distributions |  |  | (0.01) | (0.06) | (0.11) | (0.09) |
| Net asset value, end of year/period | $10.11 | $9.57 | $8.19 | $7.97 | $8.99 | $7.96 |
| Total return (B) | 5.64 % (I) | 16.85% | 2.95% | (10.68)% | 14.37 % (C) | 16.00% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $30033 | $24923 | $25741 | $55862 | $58975 | $46451 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 1.50 % (J) | 1.56% | 1.45% | 1.20% | 1.15% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 1.50 % (J) | 1.56% | 1.45% | 1.20% | 1.10% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (D,H) | (0.01)% (J) | (0.36)% | (0.01)% | 0.80% | 0.80% | 1.10% |
| Portfolio turnover rate | 72 % (I) | 270% | 580% | 281% | 239% | 480% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | $9.51 | $8.16 | $7.96 | $8.98 | $7.95 | $6.93 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | (0.01) | (0.05) | (0.02) | 0.04 | 0.05 | 0.04 |
| Net realized and unrealized gain (loss) on investments | 0.54 | 1.40 | 0.23 | (1.01) | 1.07 | 1.05 |
| Total from investment operations | 0.53 | 1.35 | 0.21 | (0.97) | 1.12 | 1.09 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  | (0.00) (G) | (0.05) | (0.09) | (0.07) |
| From Return of Capital |  |  | (0.01) |  |  |  |
| Total distributions |  |  | (0.01) | (0.05) | (0.09) | (0.07) |
| Net asset value, end of year/period | $10.04 | $9.51 | $8.16 | $7.96 | $8.98 | $7.95 |
| Total return (B) | 5.57 % (I) | 16.54% | 2.62% | (10.86)% | 14.11% | 15.74% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $8881 | $8795 | $8604 | $9717 | $11858 | $12099 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,F) | 1.75 % (J) | 1.81% | 1.72% | 1.46% | 1.40% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,F) | 1.75 % (J) | 1.81% | 1.72% | 1.46% | 1.35% | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (D,H) | (0.27)% (J) | (0.60)% | (0.28)% | 0.53% | 0.55% | 0.58% |
| Portfolio turnover rate | 72 % (I) | 270% | 580% | 281% | 239% | 480% |

---

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

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

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

(D) The
 ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying
 investment companies in which the Fund invests.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.47% (J) | 1.48% | 1.3% | 1.19% | 1.15% | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.47 % (J) | 1.48% | 1.3% | 1.19% | 1.1% | 1.0% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.72% (J) | 1.73% | 1.57% | 1.45% | 1.4% | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.72 % (J) | 1.73% | 1.57% | 1.45% | 1.35% | 1.25% |

---

(G) Less
 than $.005

(H) Recognition
 of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which
 the Fund invests.

(I) Not Annualized

(J) Annualized

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational Equity Armor Fund (Continued)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $9.31 | $8.04 | $7.89 | $8.93 | $7.90 | $6.91 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | (0.05) | (0.11) | (0.07) | (0.01) | (0.01) | (0.01) |
| Net realized and unrealized gain (loss) on investments | 0.53 | 1.38 | 0.22 | (1.02) | 1.07 | 1.04 |
| Total from investment operations | 0.48 | 1.27 | 0.15 | (1.03) | 1.06 | 1.03 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  |  |  | (0.01) | (0.03) | (0.04) |
| Total distributions |  |  |  | (0.01) | (0.03) | (0.04) |
| Net asset value, end of year/period | $9.79 | $9.31 | $8.04 | $7.89 | $8.93 | $7.90 |
| Total return (B) | 5.16 % (F) | 15.80% | 1.90% | (11.51)% | 13.40% | 14.88% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $1106 | $1069 | $1223 | $1610 | $1771 | $1164 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,D) | 2.46 % (G) | 2.52% | 2.41% | 2.15% | 2.15% | 2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C, D) | 2.46 % (G) | 2.52% | 2.41% | 2.15% | 2.06% | 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (D,E) | (0.98)% (G) | (1.32)% | (0.98)% | (0.15)% | (0.16)% | -0.18% |
| Portfolio turnover rate | 72 % (F) | 270% | 580% | 281% | 239% | 480% |

---

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.43% (G) | 2.44% | 2.26% | 2.14% | 2.14% | 2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.43 % (G) | 2.44% | 2.26% | 2.14% | 2.06% | 2.0% |

---

(D) The
 ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying
 investment companies in which the Fund invests.

(E) Recognition
 of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which
 the Fund invests.

(F) Not
 Annualized.

(G) Annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational Tactical Return Fund**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022 (A)** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021 (A)** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020 (A)** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $16.71 | $16.91 | $17.00 | $17.10 | $17.07 | $16.98 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (B) | 0.12 | 0.43 | 0.25 | (0.09) | (0.33) | (0.27) |
| Net realized and unrealized gain on investments | 0.22 | 0.12 | 0.61 | 0.04 | 0.99 | 0.72 |
| Total from investment operations | 0.34 | 0.55 | 0.86 | (0.05) | 0.66 | 0.45 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | (0.64) | (0.25) |  |  |  |
| From net realized gains on investments |  | (0.11) | (0.70) | (0.05) | (0.63) | (0.36) |
| Total distributions |  | (0.75) | (0.95) | (0.05) | (0.63) | (0.36) |
| Net asset value, end of year/period | $17.05 | $16.71 | $16.91 | $17.00 | $17.10 | $17.07 |
| Total return (C) | 2.03 % (F) | 3.24% | 5.06% | (0.30)% | 3.94% | 2.65% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $49343 | $60944 | $119144 | $199786 | $264557 | $199987 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.28 % (G) | 2.14% | 2.08% | 2.02% | 2.04% | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.00 % (G) | 2.00% | 2.00% | 1.99% | 1.99% | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.41 % (G) | 2.53% | 1.44% | (0.86)% | (1.98)% | (1.54)% |
| Portfolio turnover rate | 0 % (F) | 0% | 0% | 0% | 0% | 0% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022 (A)** | **2021 (A)** | **2020 (A)** |
|  | **(Unaudited)** |  |  |  |  |  |
|  | $16.75 | $16.93 | $17.02 | $17.16 | $17.16 | $17.10 |
| Net asset value, beginning of year/period |  |  |  |  |  |  |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (B) | 0.10 | 0.39 | 0.22 | (0.12) | (0.39) | (0.27) |
| Net realized and unrealized gain on investments | 0.22 | 0.12 | 0.59 | 0.03 | 1.02 | 0.69 |
| Total from investment operations | 0.32 | 0.51 | 0.81 | (0.09) | 0.63 | 0.42 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | (0.58) | (0.20) |  |  |  |
| From net realized gains on investments |  | (0.11) | (0.70) | (0.05) | (0.63) | (0.36) |
| Total distributions |  | (0.69) | (0.90) | (0.05) | (0.63) | (0.36) |
| Net asset value, end of year/period | $17.07 | $16.75 | $16.93 | $17.02 | $17.16 | $17.16 |
| Total return (C) | 1.91 % (F) | 3.00% | 4.77% | (0.53)% | 3.75% | 2.45% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $1995 | $4383 | $7328 | $8868 | $18494 | $7423 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 2.53 % (G) | 2.42% | 2.33% | 2.29% | 2.29% | 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 2.25 % (G) | 2.25% | 2.25% | 2.24% | 2.24% | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.14 % (G) | 2.27% | 1.27% | (1.28)% | (2.23)% | (1.64)% |
| Portfolio turnover rate | 0 % (F) | 0% | 0% | 0% | 0% | 0% |

---

(A) Effective
 April 22, 2022, the Fund had a one-to-three reverse stock split. Per Share amounts for the periods have been adjusted to give effect to
 the one-to-three stock split.

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.27% (G) | 2.14% | 2.07% | 2.02% | 2.04% | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.99 % (G) | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.52% (G) | 2.42% | 2.32% | 2.29% | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.24 % (G) | 2.24% | 2.24% | 2.24% | 2.24% |

---

(F) Not
 Annualized

(G) Annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational Tactical Return Fund (Continued)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022 (A)** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021 (A)** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020 (A)** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $16.10 | $16.29 | $16.38 | $16.65 | $16.80 | $16.86 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (B) | 0.03 | 0.25 | 0.08 | (0.19) | (0.51) | (0.42) |
| Net realized and unrealized gain (loss) on investments | 0.22 | 0.12 | 0.57 | (0.03) (C) | 0.99 | 0.72 |
| Total from investment operations | 0.25 | 0.37 | 0.65 | (0.22) | 0.48 | 0.30 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | (0.45) | (0.04) |  |  |  |
| From net realized gains on investments |  | (0.11) | (0.70) | (0.05) | (0.63) | (0.36) |
| Total distributions |  | (0.56) | (0.74) | (0.05) | (0.63) | (0.36) |
| Net assets, end of year/period (in 000's) | $16.35 | $16.10 | $16.29 | $16.38 | $16.65 | $16.80 |
| Total return (D) | 1.55 % (F) | 2.25% | 3.97% | (1.33)% | 2.94% | 1.77% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $2496 | $3353 | $5311 | $7808 | $9444 | $9130 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 3.20 % (G) | 3.08% | 3.04% | 2.99% | 3.00% | 3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 3.00 % (G) | 3.00% | 3.00% | 2.99% | 2.99% | 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.42 % (G) | 1.51% | 0.50% | (1.85)% | (2.98)% | (2.54)% |
| Portfolio turnover rate | 0 % (F) | 0% | 0% | 0% | 0% | 0% |

---

(A) Effective
 April 22, 2022, the Fund had a one-to-three reverse stock split. Per Share amounts for the periods have been adjusted to give effect to
 the one-to-three stock split.

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

(C) As
 required by SEC standard per share data calculation methodology, this represents a balancing figure derived from the other amounts in
 the financial highlights tables that captures all other changes affecting net asset value per share. This per share gain amount.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 3.19% (G) | 3.07% | 3.03% | 2.99% | 3.0% | 3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.99 % (G) | 2.99% | 2.99% | 2.99% | 2.99% | 2.99% |

---

(F) Not
 Annualized

(G) Annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational Dynamic Brands Fund**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $65.58 | $51.93 | $36.45 | $59.52 | $56.20 | $43.30 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment loss (A) | (0.08) | (0.37) | (0.13) | (0.07) | (0.41) | (0.33) |
| Net realized and unrealized gain (loss) on investments | 2.30 | 14.02 | 15.61 | (21.01) | 8.68 | 19.98 |
| Total from investment operations | 2.22 | 13.65 | 15.48 | (21.08) | 8.27 | 19.65 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net realized gains on investments |  |  |  | (1.99) | (4.95) | (6.75) |
| Total distributions |  |  |  | (1.99) | (4.95) | (6.75) |
| Net asset value, end of year/period | $67.80 | $65.58 | $51.93 | $36.45 | $59.52 | $56.20 |
| Total return (B) | 3.39 % (G) | 26.29 % (C) | 42.47 % (C) | (35.41)% | 14.97% | 45.28% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $54011 | $55684 | $44767 | $28643 | $82648 | $53102 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 1.17 % (H) | 1.19% | 1.26% | 1.20% | 1.10% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.17 % (H) | 1.20 % (F) | 1.24% | 1.20% | 1.14% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.25)% (H) | (0.63)% | (0.29)% | (0.16)% | (0.65)% | (0.56)% |
| Portfolio turnover rate | 154 % (G) | 340% | 194% | 154% | 225% | 320% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | $39.66 | $31.49 | $22.16 | $37.49 | $37.16 | $30.27 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment loss (A) | (0.10) | (0.32) | (0.15) | (0.11) | (0.41) | (0.28) |
| Net realized and unrealized gain (loss) on investments | 1.39 | 8.49 | 9.48 | (13.23) | 5.69 | 13.92 |
| Total from investment operations | 1.29 | 8.17 | 9.33 | (13.34) | 5.28 | 13.64 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net realized gains on investments |  |  |  | (1.99) | (4.95) | (6.75) |
| Total distributions |  |  |  | (1.99) | (4.95) | (6.75) |
| Net asset value, end of year/period | $40.95 | $39.66 | $31.49 | $22.16 | $37.49 | $37.16 |
| Total return (B) | 3.25 % (G) | 25.94% | 42.10% | (35.58)% | 14.59% | 44.91% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $16453 | $16570 | $14456 | $11668 | $23205 | $17972 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 1.44 % (H) | 1.46% | 1.52% | 1.47% | 1.37% | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.44 % (H) | 1.47 % (F) | 1.49% | 1.47% | 1.47% | 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.52)% (H) | (0.90)% | (0.55)% | (0.41)% | (1.00)% | (0.82)% |
| Portfolio turnover rate | 154 % (G) | 340% | 194% | 154% | 225% | 320% |

---

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

(B) Total
 return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment
 of dividends and does not reflect the impact of sales charges.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.17% (H) | 1.19% | 1.26% | 1.19% | 1.1% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.17 % (H) | 1.2 % (F) | 1.24% | 1.19% | 1.14% | 1.24% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.44% (H) | 1.46% | 1.52% | 1.46% | 1.37% | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.44 % (H) | 1.47 % (F) | 1.49% | 1.46% | 1.47% | 1.49% |

---

(F) Inclusive
 of Advisor's recapture of waived/reimbursed fees from prior periods.

(G) Not Annualized

(H) Annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational Dynamic Brands Fund (Continued)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $32.30 | $25.82 | $18.31 | $31.73 | $32.34 | $27.15 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment loss (A) | (0.19) | (0.46) | (0.28) | (0.26) | (0.58) | (0.50) |
| Net realized and unrealized gain (loss) on investments | 1.12 | 6.94 | 7.79 | (11.17) | 4.92 | 12.44 |
| Total from investment operations | 0.93 | 6.48 | 7.51 | (11.43) | 4.34 | 11.94 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net realized gains on investments |  |  |  | (1.99) | (4.95) | (6.75) |
| Total distributions |  |  |  | (1.99) | (4.95) | (6.75) |
| Net asset value, end of year/period | $33.23 | $32.30 | $25.82 | $18.31 | $31.73 | $32.34 |
| Total return (B) | 2.88 % (F) | 25.10 % (C) | 41.02 % (C) | (36.02)% | 13.85% | 43.80% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $4774 | $4666 | $3621 | $2852 | $4898 | $1525 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.14 % (G) | 2.15% | 2.23% | 2.18% | 2.08% | 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.14 % (G) | 2.16 % (E) | 2.23% | 2.18% | 2.12% | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (1.22)% (G) | (1.59)% | (1.28)% | (1.12)% | (1.62)% | (1.54)% |
| Portfolio turnover rate | 154 % (F) | 340% | 194% | 154% | 225% | 320% |

---

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

(B) Total
 return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment
 of dividends and does not reflect the impact of sales charges.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.13% (G) | 2.15% | 2.23% | 2.17% | 2.08% | 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.13 % (G) | 2.16 % (E) | 2.23% | 2.17% | 2.12% | 2.24% |

---

(E) Inclusive
 of Advisor's recapture of waived/reimbursed fees from prior periods.

(F) Not Annualized

(G) Annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational Strategic Allocation Fund**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $8.52 | $8.01 | $6.84 | $10.24 | $8.94 | $9.58 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.04 | 0.78 | 0.30 | 0.31 | 0.40 | 0.27 |
| Net realized and unrealized gain (loss) on investments | (0.66) | 0.40 | 1.30 | (3.16) | 2.54 | (0.61) |
| Total from investment operations | (0.62) | 1.18 | 1.60 | (2.85) | 2.94 | (0.34) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.14) | (0.67) | (0.43) | (0.18) | (0.36) | (0.28) |
| From net realized gains on investments |  |  |  | (0.37) | (1.28) |  |
| From Return of capital |  |  |  |  |  | (0.02) |
| Total distributions | (0.14) | (0.67) | (0.43) | (0.55) | (1.64) | (0.30) |
| Net asset value, end of year/period | $7.76 | $8.52 | $8.01 | $6.84 | $10.24 | $8.94 |
| Total return (B) | (7.12)% (H) | 14.64% | 24.05% | (27.87)% | 33.94% | (3.19)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $1170 | $1285 | $1206 | $1027 | $519 | $248 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,E) | 1.77 % (I) | 1.49% | 1.55% | 1.39% | 1.11% | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,E) | 0.48 % (I) | 0.46% | 0.46% | 0.46% | 0.46% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (C,D) | 1.08 % (I) | 8.53% | 4.02% | 3.82% | 3.78% | 3.26% |
| Portfolio turnover rate | 22 % (H) | 28% | 105% | 27% | 2% | 89% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | $8.57 | $8.06 | $6.88 | $10.30 | $8.99 | $9.63 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.03 | 0.73 | 0.28 | 0.29 | 0.34 | 0.25 |
| Net realized and unrealized gain (loss) on investments | (0.66) | 0.43 | 1.31 | (3.17) | 2.59 | (0.61) |
| Total from investment operations | (0.63) | 1.16 | 1.59 | (2.88) | 2.93 | (0.36) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.13) | (0.65) | (0.41) | (0.17) | (0.34) | (0.26) |
| From net realized gains on investments |  |  |  | (0.37) | (1.28) |  |
| From Return of capital |  |  |  |  |  | (0.02) |
| Total distributions | (0.13) | (0.65) | (0.41) | (0.54) | (1.62) | (0.28) |
| Net asset value, end of year/period | $7.81 | $8.57 | $8.06 | $6.88 | $10.30 | $8.99 |
| Total return (B) | (7.19)% (G)(H) | 14.27% | 23.75% | (28.04)% | 33.57% | (3.42)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $7849 | $9107 | $8784 | $6048 | $9830 | $7713 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,F) | 2.11 % (I) | 1.82% | 1.92% | 1.72% | 1.47% | 1.65% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,F) | 0.73 % (I) | 0.71% | 0.71% | 0.71% | 0.71% | 0.70% |
| &nbsp;&nbsp;&nbsp;Net Investment income (C,D) | 0.83 % (I) | 7.96% | 3.77% | 3.48% | 3.30% | 2.98% |
| Portfolio turnover rate | 22 % (H) | 28% | 105% | 27% | 2% | 89% |

---

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

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

(C) The
 ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying
 investment companies in which the Fund invests.

(D) Recognition
 of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which
 the Fund invests.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.74% (I) | 1.48% | 1.54% | 1.38% | 1.1% | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 0.45 % (I) | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.08% (I) | 1.81% | 1.91% | 1.71% | 1.46% | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 0.7 % (I) | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% |

---

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

(H) Not
 Annualized

(I) Annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational Strategic Allocation Fund (Continued)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $8.50 | $8.00 | $6.83 | $10.25 | $8.95 | $9.58 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.00 (I) | 0.98 | 0.23 | 0.23 | 0.26 | 0.19 |
| Net realized and unrealized gain (loss) on investments | (0.65) | 0.11 | 1.30 | (3.16) | 2.58 | (0.61) |
| Total from investment operations | (0.65) | 1.09 | 1.53 | (2.93) | 2.84 | (0.42) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.11) | (0.59) | (0.36) | (0.12) | (0.26) | (0.19) |
| From net realized gains on investments |  |  |  | (0.37) | (1.28) |  |
| From Return of capital |  |  |  |  |  | (0.02) |
| Total distributions | (0.11) | (0.59) | (0.36) | (0.49) | (1.54) | (0.21) |
| Net asset value, end of year/period | $7.74 | $8.50 | $8.00 | $6.83 | $10.25 | $8.95 |
| Total return (B) | (7.58)% (F)(G) | 13.47% | 22.94% | (28.55)% | 32.60% | (4.13)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $101 | $101 | $1 | $1 | $1 | $1 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,E) | 2.85 % (H) | 2.53% | 2.26% | 2.37% | 2.24% | 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,E) | 1.47 % (H) | 1.46% | 1.46% | 1.46% | 1.46% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (C,D) | 0.08 % (H) | 10.58% | 3.13% | 2.78% | 2.53% | 2.26% |
| Portfolio turnover rate | 22 % (G) | 28% | 105% | 27% | 2% | 89% |

---

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

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

(C) The ratios of expenses
 to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment
 companies in which the Fund invests.

(D) Recognition of
 net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the
 Fund invests.

(I) Amount is less
 than $0.005.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.84% (H) | 2.52% | 2.25% | 2.36% | 2.23% | 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.47 % (H) | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |

---

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

(G) Not Annualized

(H) Annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Return Stacked<sup>®</sup> Balanced Allocation & Systematic Macro Fund**<br>**Financial Highlights (Consolidated)** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $20.33 | $19.75 | $21.93 | $22.71 | $23.77 | $23.73 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.12 | 0.58 | 0.47 | (0.07) | (0.50) | (0.37) |
| Net realized and unrealized gain (loss) on investments | (0.76) | 1.39 | (0.55) | (0.62) | 3.16 | 0.52 |
| Total from investment operations | (0.64) | 1.97 | (0.08) | (0.69) | 2.66 | 0.15 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | (0.94) | (0.59) | (0.09) | (3.72) | (0.08) |
| From net realized gains on investments |  | (0.45) | (1.51) |  |  |  |
| From Return of capital |  |  |  |  |  | (0.03) |
| Total distributions |  | (1.39) | (2.10) | (0.09) | (3.72) | (0.11) |
| Net asset value, end of year/period | $19.69 | $20.33 | $19.75 | $21.93 | $22.71 | $23.77 |
| Total return (B) | (3.15)% (E) | 9.93% | (0.46)% | (3.06)% | 11.28% | 0.65% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $35883 | $65729 | $89562 | $162983 | $64890 | $62176 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.30 % (F) | 2.19% | 2.15% | 2.05% | 2.17% | 2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.97 % (F) | 1.97% | 1.99% | 1.97% | 1.98% | 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.24 % (F) | 2.74% | 2.14% | (0.30)% | (1.95)% | (1.61)% |
| Portfolio turnover rate | 87 % (E) | 0% | 0% | 0% | 0% | 0% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | $20.10 | $19.54 | $21.71 | $22.53 | $23.61 | $23.52 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.10 | 0.52 | 0.41 | (0.04) | (0.55) | (0.36) |
| Net realized and unrealized gain (loss) on investments | (0.76) | 1.37 | (0.54) | (0.70) | 3.13 | 0.45 |
| Total from investment operations | (0.66) | 1.89 | (0.13) | (0.74) | 2.58 | 0.09 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | (0.88) | (0.53) | (0.08) | (3.66) |  |
| From net realized gains on investments |  | (0.45) | (1.51) |  |  |  |
| Total distributions |  | (1.33) | (2.04) | (0.08) | (3.66) |  |
| Net asset value, end of year/period | $19.44 | $20.10 | $19.54 | $21.71 | $22.53 | $23.61 |
| Total return (B) | (3.28)% (E) | 9.65% | (0.71)% | (3.30)% | 10.99% | 0.38% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $975 | $1899 | $2113 | $3643 | $607 | $776 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.59 % (F) | 2.50% | 2.40% | 2.33% | 2.36% | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.22 % (F) | 2.22% | 2.24% | 2.22% | 2.23% | 2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.01 % (F) | 2.47% | 1.88% | (0.18)% | (2.10)% | (1.43)% |
| Portfolio turnover rate | 87 % (E) | 0% | 0% | 0% | 0% | 0% |

---

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.3% (F) | 2.19% | 2.13% | 2.05% | 2.16% | 2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.97 % (F) | 1.97% | 1.97% | 1.97% | 1.97% | 1.97% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.58% (F) | 2.5% | 2.38% | 2.33% | 2.35% | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.22 % (F) | 2.22% | 2.22% | 2.22% | 2.22% | 2.22% |

---

(E) Not
 Annualized

(F) Annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Return Stacked<sup>®</sup> Balanced Allocation & Systematic Macro Fund**<br>**Financial Highlights (Consolidated)** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $19.27 | $18.78 | $20.94 | $21.88 | $23.03 | $23.11 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.02 | 0.34 | 0.24 | (0.15) | (0.72) | (0.57) |
| Net realized and unrealized gain (loss) on investments | (0.72) | 1.32 | (0.52) | (0.73) | 3.05 | 0.49 |
| Total from investment operations | (0.70) | 1.66 | (0.28) | (0.88) | 2.33 | (0.08) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income |  | (0.72) | (0.37) | (0.06) | (3.48) |  |
| From net realized gains on investments |  | (0.45) | (1.51) |  |  |  |
| Total distributions |  | (1.17) | (1.88) | (0.06) | (3.48) |  |
| Net asset value, end of year/period | $18.57 | $19.27 | $18.78 | $20.94 | $21.88 | $23.03 |
| Total return (B) | (3.63)% (D) | 8.82% | (1.43)% | (4.01)% | 10.18% | (0.35)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $2703 | $3150 | $3024 | $2327 | $241 | $250 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 3.22 % (E) | 3.10% | 3.05% | 3.00% | 3.18% | 3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.97 % (E) | 2.97% | 2.99% | 2.97% | 2.98% | 2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.20 % (E) | 1.71% | 1.17% | (0.66)% | (2.95)% | (2.51)% |
| Portfolio turnover rate | 87 % (D) | 0% | 0% | 0% | 0% | 0% |

---

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 3.22% (E) | 3.1% | 3.03% | 3.0% | 3.17% | 3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.97 % (E) | 2.97% | 2.97% | 2.97% | 2.97% | 2.97% |

---

(D) Not
 annualized.

(E) Annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational/Pier 88 Convertible Securities Fund**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $11.15 | $10.53 | $10.43 | $11.96 | $11.69 | $10.17 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.15 | 0.19 | 0.22 | 0.20 | 0.13 | 0.17 |
| Net realized and unrealized gain (loss) on investments | (0.05) | 0.67 | 0.11 | (1.49) | 1.04 | 1.56 |
| Total from investment operations | 0.10 | 0.86 | 0.33 | (1.29) | 1.17 | 1.73 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.22) | (0.24) | (0.23) | (0.20) | (0.17) | (0.20) |
| From net realized gains on investments |  |  |  | (0.04) | (0.73) | (0.01) |
| Total distributions | (0.22) | (0.24) | (0.23) | (0.24) | (0.90) | (0.21) |
| Net asset value, end of year/period | $11.03 | $11.15 | $10.53 | $10.43 | $11.96 | $11.69 |
| Total return (B) | 0.88 % (F) | 8.22% | 3.29 % (C) | (10.82)% | 10.21% | 17.08% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $205355 | $203981 | $135201 | $106362 | $118333 | $73946 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 1.12 % (G) | 1.16% | 1.19% | 1.16% | 1.17% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 0.99 % (G) | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2.69 % (G) | 1.72% | 2.19% | 1.81% | 1.07% | 1.62% |
| Portfolio turnover rate | 72 % (F) | 114% | 180% | 116% | 130% | 140% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | $11.13 | $10.51 | $10.44 | $11.97 | $11.69 | $10.17 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.13 | 0.17 | 0.18 | 0.17 | 0.11 | 0.39 |
| Net realized and unrealized gain (loss) on investments | (0.05) | 0.65 | 0.10 | (1.49) | 1.03 | 1.33 |
| Total from investment operations | 0.08 | 0.82 | 0.28 | (1.32) | 1.14 | 1.72 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.20) | (0.20) | (0.21) | (0.17) | (0.13) | (0.19) |
| From net realized gains on investments |  |  |  | (0.04) | (0.73) | (0.01) |
| Total distributions | (0.20) | (0.20) | (0.21) | (0.21) | (0.86) | (0.20) |
| Net asset value, end of year/period | $11.01 | $11.13 | $10.51 | $10.44 | $11.97 | $11.69 |
| Total return (B) | 0.75 % (F) | 7.90% | 2.73 % (C) | (11.04)% | 9.97% | 16.97% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $433 | $536 | $1655 | $1861 | $2231 | $337 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 1.39 % (G) | 1.46% | 1.46% | 1.41% | 1.35% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.24 % (G) | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2.30 % (G) | 1.56% | 1.81% | 1.55% | 0.88% | 3.50% |
| Portfolio turnover rate | 72 % (F) | 114% | 180% | 116% | 130% | 140% |

---

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

(B) Total return in
 the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of
 dividends and does not reflect the impact of sales charges.

(C) If the Sub Advisor
 had not made a special reimbursement during the year ended December 31 ,2023 the Total return would have been 2.19% and 1.25% for the
 Institutional and Class A, respectively.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.12% (G) | 1.16% | 1.19% | 1.16% | 1.17% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 0.99 % (G) | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.39% (G) | 1.46% | 1.41% | 1.35% | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.24 % (G) | 1.24% | 1.24% | 1.24% | 1.24% |

---

(F) Not
 Annualized

(G) Annualized

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational/Pier 88 Convertible Securities Fund (Continued)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $11.06 | $10.44 | $10.38 | $11.90 | $11.66 | $10.17 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) (A) | 0.09 | 0.08 | 0.11 | 0.10 | 0.02 | 0.32 |
| Net realized and unrealized gain (loss) on investments | (0.06) | 0.67 | 0.09 | (1.48) | 1.02 | 1.34 |
| Total from investment operations | 0.03 | 0.75 | 0.20 | (1.38) | 1.04 | 1.66 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.16) | (0.13) | (0.14) | (0.10) | (0.07) | (0.16) |
| From net realized gains on investments |  |  |  | (0.04) | (0.73) | (0.01) |
| Total distributions | (0.16) | (0.13) | (0.14) | (0.14) | (0.80) | (0.17) |
| Net asset value, end of year/period | $10.93 | $11.06 | $10.44 | $10.38 | $11.90 | $11.66 |
| Total return (B) | 0.30 % (E) | 7.19% | 1.92 % (C) | (11.63)% | 9.11% | 16.33% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $256 | $278 | $320 | $298 | $249 | $55 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.09 % (F) | 2.14% | 2.13% | 2.11% | 2.10% | 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.99 % (F) | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.61 % (F) | 0.75% | 1.09% | 0.93% | 0.17% | 2.87% |
| Portfolio turnover rate | 72 % (E) | 114% | 180% | 116% | 130% | 140% |

---

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

(B) Total return in
 the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of
 dividends and does not reflect the impact of sales charges.

(C) If the Sub Advisor
 had not made a special reimbursement during the year ended December 31, 2023 the Total return would have been .65% for Cl C.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.09% (F) | 2.14% | 2.13% | 2.11% | 2.1% | 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.99 % (F) | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% |

---

(E) Not
 Annualized

(F) Annualized

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational Special Situations Income Fund**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $18.07 | $17.73 | $18.34 | $19.69 | $19.66 | $20.10 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.45 | 1.10 | 1.06 | 0.93 | 0.74 | 0.43 |
| Net realized and unrealized gain (loss) on investments | (0.03) | 0.45 | (0.28) | (1.16) | 0.28 | 0.11 |
| Total from investment operations | 0.42 | 1.55 | 0.78 | (0.23) | 1.02 | 0.54 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.49) | (1.21) | (1.34) | (1.12) | (0.99) | (0.93) |
| From net realized gains on investments |  |  |  |  |  |  |
| From Return of capital |  |  | (0.05) |  | (0.00) (B) | (0.05) |
| Total distributions | (0.49) | (1.21) | (1.39) | (1.12) | (0.99) | (0.98) |
| Net asset value, end of year/period | $18.00 | $18.07 | $17.73 | $18.34 | $19.69 | $19.66 |
| Total return (C) | 2.39 % (G) | 8.95% | 4.36 % (F) | (1.12)% (F) | 5.30% | 2.83% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $1103383 | $910807 | $681473 | $666042 | $670278 | $352892 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 1.76 % (H) | 1.82% | 1.81% | 1.79% | 1.77% | 1.80% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.75 % (H) | 1.76% | 1.76% | 1.76% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Net investment income | 5.05 % (H) | 6.05% | 5.79% | 4.93% | 3.75% | 2.17% |
| Portfolio turnover rate | 6 % (G) | 8% | 21% | 27% | 37% | 4% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | $18.05 | $17.71 | $18.32 | $19.66 | $19.64 | $20.08 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.43 | 1.03 | 1.00 | 0.88 | 0.72 | 0.37 |
| Net realized and unrealized gain (loss) on investments | (0.03) | 0.47 | (0.26) | (1.15) | 0.24 | 0.13 |
| Total from investment operations | 0.40 | 1.50 | 0.74 | (0.27) | 0.96 | 0.50 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.47) | (1.16) | (1.30) | (1.07) | (0.94) | (0.89) |
| From net realized gains on investments |  |  |  |  |  |  |
| From Return of capital |  |  | (0.05) |  | (0.00) (B) | (0.05) |
| Total distributions | (0.47) | (1.16) | (1.35) | (1.07) | (0.94) | (0.94) |
| Net asset value, end of year/period | $17.98 | $18.05 | $17.71 | $18.32 | $19.66 | $19.64 |
| Total return (C) | 2.28 % (G) | 8.68% | 4.11 % (F) | (1.31)% (F) | 5.00% | 2.60% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $54993 | $49986 | $62428 | $70121 | $58164 | $37224 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 2.04 % (H) | 2.07% | 2.07% | 2.05% | 2.03% | 2.10% |
| &nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 2.00 % (H) | 2.00% | 2.01% | 2.02% | 2.00% | 2.00% |
| &nbsp;&nbsp;&nbsp;Net investment income | 4.80 % (H) | 5.70% | 5.49% | 4.69% | 3.67% | 1.88% |
| Portfolio turnover rate | 6 % (G) | 8% | 21% | 27% | 37% | 4% |

---

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

(B) Represents an amount
 less than $0.01 per share.

(C) Total return in
 the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of
 dividends and does not reflect the impact of sales charges.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.76% (H) | 1.82% | 1.81% | 1.79% | 1.77% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.75 % (H) | 1.75% | 1.76% | 1.76% | 1.75% | 1.75% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.04% (H) | 2.07% | 2.07% | 2.05% | 2.03% | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.0 % (H) | 2.0% | 2.01% | 2.02% | 2.0% | 2.0% |

---

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

(G) Not Annualized

(H) Annualized

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational Special Situations Income Fund (Continued)**<br>**Financial Highlights** |
| For a Share Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Six Months Ended**<br>**June 30,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $17.99 | $17.66 | $18.27 | $19.61 | $19.60 | $20.06 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (A) | 0.36 | 0.90 | 0.87 | 0.74 | 0.48 | 0.21 |
| Net realized and unrealized gain (loss) on investments | (0.03) | 0.46 | (0.27) | (1.15) | 0.33 | 0.14 |
| Total from investment operations | 0.33 | 1.36 | 0.60 | (0.41) | 0.81 | 0.35 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.40) | (1.03) | (1.16) | (0.93) | (0.80) | (0.76) |
| From net realized gains on investments |  |  |  |  |  |  |
| From Return of capital |  |  | (0.05) |  | (0.00) (B) | (0.05) |
| Total distributions | (0.40) | (1.03) | (1.21) | (0.93) | (0.80) | (0.81) |
| Net asset value, end of year/period | $17.92 | $17.99 | $17.66 | $18.27 | $19.61 | $19.60 |
| Total return (C) | 1.92 % (F) | 7.85% | 3.34 % (E) | (2.05)% (E) | 4.22% | 1.82% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $39938 | $37097 | $34676 | $34455 | $35497 | $14123 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waiver and reimbursement (D) | 2.71 % (G) | 2.76% | 2.76% | 2.76% | 2.74% | 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.71 % (G) | 2.76% | 2.76% | 2.76% | 2.75% | 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 4.09 % (G) | 4.99% | 4.76% | 3.95% | 2.46% | 1.05% |
| Portfolio turnover rate | 6 % (F) | 8% | 21% | 27% | 37% | 4% |

---

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

(B) Represents an amount
 less than $0.01 per share.

(C) Total return in
 the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of
 dividends and does not reflect the impact of sales charges.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.71% (G) | 2.76% | 2.75% | 2.74% | 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.71 % (G) | 2.76% | 2.75% | 2.75% | 2.75% |

---

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

(F) Not Annualized

(G) Annualized

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational/RGN Hedged Equity Fund**<br>**Financial Highlights (Consolidated)** |
| For a Share Outstanding Throughout the Period |

---

---

| | | |
|:---|:---|:---|
|  | **Institutional** | **Institutional** |
|  | **For The**<br>**Period Ended**<br>**June 30,**<br>**2025** | **For The**<br>**Period Ended**<br>**December 31,**<br>**2024 (A)** |
|  | **(Unaudited)** | |
| Net asset value, beginning of period | $10.19 | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |
| **OPERATIONS:** |  |  |
| Net investment loss (B) | (0.03) | (0.01) |
| Net realized and unrealized gain on investments | 0.24 | 0.28 |
| Total from investment operations | 0.21 | 0.27 |
| **LESS DISTRIBUTIONS:** |  |  |
| From net investment income |  | (0.07) |
| From net realized gains on investments |  | (0.01) |
| Total distributions |  | (0.08) |
| Net asset value, end of period | $10.40 | $10.19 |
| Total return (C) | 2.06 % (D) | 2.71 % (D) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| Net assets, end of period (in 000's) | $10257 | $8164 |
| Ratios to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (G) | 4.44 % (E) | 8.76 % (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (G) | 2.00 % (E) | 1.99 % (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.59)% (E) | (0.31)% (E) |
| Portfolio turnover rate | 4 % (D) | 0 % (D) |
|  | **Class A** | **Class A** |
|  | **For The** | **For The** |
|  | **Period Ended** | **Period Ended** |
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024 (A)** |
|  | **(Unaudited)** |  |
| Net asset value, beginning of period | $10.19 | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |
| **OPERATIONS:** |  |  |
| Net investment loss (B) | (0.04) | (0.02) |
| Net realized and unrealized gain on investments | 0.23 | 0.29 |
| Total from investment operations | 0.19 | 0.27 |
| **LESS DISTRIBUTIONS:** |  |  |
| From net investment income |  | (0.07) |
| From net realized gains on investments |  | (0.01) |
| Total distributions |  | (0.08) |
| Net asset value, end of period | $10.38 | $10.19 |
| Total return (C) | 1.86 % (D)(I) | 2.64 % (D) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| Net assets, end of period (in 000's) | $12 | $11 |
| Ratios to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (H) | 4.70 % (E) | 16.31 % (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (H) | 2.25 % (E) | 2.24 % (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.79)% (E) | (0.83)% (E) |
| Portfolio turnover rate | 4 % (D) | 0 % (D) |

---

(A) Rational/RGN
 Hedged Equity Fund commenced operations September 27, 2024.

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

(C) Total
 return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment
 of dividends and does not reflect the impact of sales charges.

(D) Not
 Annualized

(E) Annualized

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 4.42% (E) | 8.76% (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.99 % (E) | 1.99 % (E) |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 4.68% (E) | 16.31% (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.24 % (E) | 2.24 % (E) |

---

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

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS**<br>**Rational/RGN Hedged Equity Fund (Continued)**<br>**Financial Highlights (Consolidated)** |
| For a Share Outstanding Throughout the Period |

---

---

| | | |
|:---|:---|:---|
|  | **Class C** | **Class C** |
|  | **For The**<br>**Period Ended**<br>**June 30,**<br>**2025** | **For The**<br>**Period Ended**<br>**December 31,**<br>**2024 (A)** |
|  | **(Unaudited)** | |
| Net asset value, beginning of period | $10.19 | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT** |  |  |
| **OPERATIONS:** |  |  |
| Net investment loss (B) | (0.08) | (0.04) |
| Net realized and unrealized gain on investments | 0.24 | 0.29 |
| Total from investment operations | 0.16 | 0.25 |
| **LESS DISTRIBUTIONS:** |  |  |
| From net investment income |  | (0.05) |
| From net realized gains on investments |  | (0.01) |
| Total distributions |  | (0.06) |
| Net asset value, end of period | $10.35 | $10.19 |
| Total return (C) | 1.57 % (D) | 2.44 % (D) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| Net assets, end of period (in 000's) | $10 | $10 |
| Ratios to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 5.44 % (E) | 17.00 % (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 3.00 % (E) | 2.99 % (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (1.60)% (E) | (1.59)% (E) |
| Portfolio turnover rate | 4 % (D) | 0 % (D) |

---

(A) Rational/RGN
 Hedged Equity Fund commenced operations September 27, 2024.

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

(C) Total return in
 the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of
 dividends and does not reflect the impact of sales charges.

(D) Not Annualized

(E) Annualized

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 5.42% (E) | 17.0% (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.99 % (E) | 2.99 % (E) |

---

See accompanying notes which are an integral part of these financial statements.

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

**(1)** **ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

Mutual Fund and Variable Insurance Trust (the "Trust") was organized as a Delaware statutory trust on June 23, 2006. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of June 30, 2025, the Trust operated 8 separate series, or mutual funds, each with its own investment objective and strategy. This report contains financial statements and financial highlights of the funds listed below (individually referred to as a "Fund", or collectively as the "Funds"):

---

| | | |
|:---|:---|:---|
| **Fund** | **Sub-Advisor(s)** | **Primary Objective** |
| Rational Equity Armor Fund | Equity Armor Investments, LLC | Total return on investment, with dividend income |
| &nbsp;&nbsp;&nbsp;&nbsp;("Equity Armor") |  | an important component of that return. |
| Rational Tactical Return Fund | Warrington Asset Management, LLC | Total return consisting of long-term |
| &nbsp;&nbsp;&nbsp;&nbsp;("Tactical Return") |  | capital appreciation and income. |
| Rational Dynamic Brands Fund | Accuvest Global Advisors, Inc. | Long-term capital appreciation. |
| &nbsp;&nbsp;&nbsp;&nbsp;("Dynamic Brands") |  |  |
| Rational Strategic Allocation Fund |  | Current income and moderate appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;("Strategic Allocation") |  | of capital. |
| Return Stacked<sup>®</sup> Balanced Allocation & | Newfound Research LLC | Long-term capital appreciation. |
| Systematic Macro Fund | ReSolve Asset Management, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;("Return Stacked<sup>®</sup> Balanced") | ReSolve Asset Management SEZC |  |
| Rational/Pier 88 Convertible Securities Fund | Pier 88 Investment Partners, LLC | Total return consisting of capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;("Pier 88") |  | and income. |
| Rational Special Situations Income Fund | ESM Management, LLC | Total return consisting of capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;("Special Situations") |  | and income. |
| Rational/RGN Hedged Equity Fund | R.G. Niederhoffer Capital Management, Inc. | Long-term capital appreciation. |
| &nbsp;&nbsp;&nbsp;&nbsp;("RGN Hedged Equity") |  |  |

---

The Funds are classified as diversified funds under the 1940 Act, except Pier 88 and RGN Hedged Equity, which are classified as non-diversified funds. The Strategic Allocation Fund is a "fund of funds", in that it generally invests in other investment companies.

Currently, all Funds offer Class A, Class C, and Institutional shares. Each class of shares for each Fund has identical rights and privileges except with respect to distribution (12b-1) and service fees, if any, voting rights on matters affecting a single class of shares, exchange privileges of each class of shares and sales charges. The price at which the Funds will offer or redeem shares is the net asset value ("NAV") per share next determined after the order is considered received, subject to any applicable front end or contingent deferred sales charges. Class A shares have a maximum sales charge on purchases of 5.75% for Return Stacked<sup>®</sup> Balanced and RGN Hedged Equity and 4.75% for all other Funds as a percentage of the original purchase price. Class C shares have a contingent deferred sales charge of 1.00% on shares sold within one year of purchase. Each Fund's prospectus provides a description of the Fund's investment objectives, policies and strategies along with information on the classes of shares currently being offered.

**(2)** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds and are in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 *Financial Services – Investment Companies*.

**Operating Segments** - The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts increases and decreases in net assets resulting from operations during the period. Actual results could differ from those estimates.

**A. Investment Valuations**

All investments in securities are recorded at their estimated fair value. In computing the NAV of the Funds, fair value is based on market valuations with respect to portfolio securities for which market quotations are readily available. Pursuant to the valuation procedures approved by the Board of Trustees of the Trust (the "Board" or "Trustees") pursuant to Rule 2a-5 under the 1940 Act, the Trust relies on certain security pricing services to provide the current market value of securities. Those security pricing services value equity securities (including foreign equity securities, exchange-traded funds and closed-end funds) traded on a securities exchange at the last reported sales price on the principal exchange. Equity securities quoted by NASDAQ are valued at the NASDAQ official closing price. If there is no reported sale on the principal exchange, and in the case of over-the-counter securities, equity securities are valued at a bid price estimated by the security pricing service. Debt securities (other than short-term obligations) are valued each day by an independent pricing service in accordance with valuation procedures approved by the Board using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. Option contracts are generally valued at the close. If the close price is outside the bid and the ask price; the quote closest to the close is used. When there is no trading volume the mean of the bid and ask is used. Foreign securities quoted in foreign currencies are translated into U.S. dollars at the foreign exchange rate in effect as of the close of the New York Stock Exchange (the "NYSE"). Investments in open-end investment companies (except for exchange-traded funds, "ETFs") are valued at their respective net asset value as reported by such companies. Futures, which are traded on an exchange, are valued at the settlement price determined by the exchange. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

Securities for which market quotations are not readily available are valued at fair value under Trust procedures approved by the Board. In these cases, a valuation designee, determines in good faith, subject to Trust procedures, the fair value of portfolio securities held by a Fund ("good faith fair valuation"). When a good faith fair valuation of a security is required, consideration is generally given to a number of factors including, but not limited to the following: dealer quotes, published analyses by dealers or analysts regarding the security, transactions which provide implicit valuation of the security (such as a merger or tender offer transaction), the value of other securities or contracts which derive their value from the security at issue, and the implications of any other circumstances which have caused trading in the security to halt. With respect to certain categories of securities, the procedures utilized by the valuation designee detail specific valuation methodologies to be applied in lieu of considering the aforementioned list of factors.

Fair valuation procedures are also used when a significant event affecting the value of a portfolio security is determined to have occurred between the time when the price of the portfolio security is determined and the close of trading on the NYSE, which is when each Fund's NAV is computed. An event is considered significant if there is both an affirmative expectation that the security's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Significant events include significant securities' market movements occurring between the time the price of the portfolio security is determined and the close of trading on the NYSE. For securities normally priced at their last sale price in a foreign market, such events can occur between the close of trading in the foreign market and the close of trading on the NYSE.

In some cases, events affecting the issuer of a portfolio security may be considered significant events. Examples of potentially significant events include announcements concerning earnings, acquisitions, new products, management changes, litigation developments, a strike or natural disaster affecting the company's operations or regulatory changes or market developments affecting the issuer's industry occurring between the time when the price of the portfolio security is determined and the close of trading on the NYSE. For securities of foreign issuers, such events could also include political or other developments affecting the economy or markets in which the issuer conducts its operations or its securities are traded.

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

There can be no assurance that a Fund could purchase or sell a portfolio security at the price used to calculate the Fund's NAV. In the case of good faith fair valued portfolio securities, lack of information and uncertainty as to the significance of information may lead to a conclusion that a prior valuation is the best indication of a portfolio security's present value. Good faith fair valuations generally remain unchanged until new information becomes available. Consequently, changes in good faith fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing service, or based on market quotations.

**Valuation of Fund of Funds –** The Funds may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). Open-end investment companies that are not ETFs are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by the Funds will not change.

The Trust calculates the NAV for each of the Funds by valuing securities held based on fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below:

● Level 1 - unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date.

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 - significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

The following tables summarize the inputs used as of June 30, 2025, for each Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Armor**<br>**Assets\*** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Common Stocks | $25181603 | $— | $— | $25181603 |
| Exchange Traded Funds | 10867620 |  |  | 10867620 |
| Short-Term Investments | 839028 |  |  | 839028 |
| **Derivatives** |  |  |  |  |
| Purchased Options | $4432475 | $— | $— | $4432475 |
| **Total Assets** | $41320726 | $— | $— | $41320726 |
| **Liabilities\*** |  |  |  |  |
| **Derivatives** |  |  |  |  |
| Written Options | $2071775 | $— | $— | $2071775 |
| Futures Contracts | 706270 |  |  | 706270 |
| **Total Liabilities** | $2778045 | $— | $— | $2778045 |
| **Tactical Return** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $39764439 | $— | $— | $39764439 |
| Short-Term Investments | 4972075 |  |  | 4972075 |
| **Derivatives** |  |  |  |  |
| Purchased Options | $35780 | $— | $— | $35780 |
| **Total Assets** | $44772294 | $— | $— | $44772294 |
| **Liabilities\*** |  |  |  |  |
| **Derivatives** |  |  |  |  |
| Written Options | $48600 | $— | $— | $48600 |
| **Total Liabilities** | $48600 | $— | $— | $48600 |
| **Dynamic Brands** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $74456735 | $— | $— | $74456735 |
| Short-Term Investments | 420062 |  |  | 420062 |
| **Total Assets** | $74876797 | $— | $— | $74876797 |

---

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic Allocation**<br>**Assets\*** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Open End Funds | $6961065 | $— | $— | $6961065 |
| U.S. Treasury Bills |  | 595389 |  | 595389 |
| Short-Term Investments | 131419 |  |  | 131419 |
| **Total Assets** | $7092484 | $595389 | $— | $7687873 |
| **Liabilities\*** |  |  |  |  |
| **Derivatives** |  |  |  |  |
| Futures Contracts | $317868 | $— | $— | $317868 |
| **Total Liabilities** | $317868 | $— | $— | $317868 |
| **Return Stacked<sup>®</sup> Balanced** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $21714115 | $— | $— | $21714115 |
| U.S. Treasury Bills |  | 996767 |  | 996767 |
| Short-Term Investments | 11944051 |  |  | 11944051 |
| **Derivatives** |  |  |  |  |
| Futures Contracts | 1347086 |  |  | 1347086 |
| **Total Assets** | $35005252 | $996767 | $— | $36002019 |
| **Liabilities\*** |  |  |  |  |
| **Derivatives** |  |  |  |  |
| Futures Contracts | $729071 | $— | $— | $729071 |
| **Total Liabilities** | $729071 | $— | $— | $729071 |
| **Pier 88** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $33937800 | $— | $— | $33937800 |
| Preferred Stocks | 45661140 |  |  | 45661140 |
| Convertible Bonds |  | 120796185 |  | 120796185 |
| Short-Term Investments | 3191107 |  |  | 3191107 |
| **Total Assets** | $82790047 | $120796185 | $— | $203586232 |
| **Special Situations** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Preferred Stocks | $— | $9546000 | $— | $9546000 |
| Asset Backed Securities |  | 928280376 |  | 928280376 |
| Corporate Bonds |  | 174792131 |  | 174792131 |
| Term Loans |  | 1826185 |  | 1826185 |
| Short-Term Investments | 80934394 |  |  | 80934394 |
| **Total Assets** | $80934394 | $1114444692 | $— | $1195379086 |

---

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RGN Hedged Equity**<br>**Assets\*** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Exchange-Traded Funds | $8023658 | $— | $— | $8023658 |
| Short-Term Investments | 790883 |  |  | 790883 |
| **Derivatives** |  |  |  |  |
| Futures Contracts | 80265 |  |  | 80265 |
| **Total Assets** | $8894806 | $— | $— | $8894806 |
| **Liabilities\*** |  |  |  |  |
| Futures Contracts | $38239 | $— | $— | $38239 |
| **Total Liabilities** | $38239 | $— | $— | $38239 |

---

\* Refer to the Schedule of Investments for industry classifications.

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

**Consolidation of Subsidiaries –** The consolidated financial statements of Return Stacked<sup>®</sup> Balanced and RGN Hedged Equity include the accounts of RDMF Fund Ltd. ("RDMF") and RRDEF Fund Ltd. ("RRDEF") respectively, wholly-owned and controlled foreign subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

Return Stacked<sup>®</sup> Balanced and RGN Hedged Equity may invest up to 25% of their total assets in RDMF and RRDEF respectively, each a controlled foreign corporation ("CFC"), that act as investment vehicles in order to effect certain investments consistent with each Fund's investment objectives and policies.

---

| | | | |
|:---|:---|:---|:---|
|  | <br>&nbsp;&nbsp;Inception Date of | &nbsp;&nbsp;Net Assets as of<br>&nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;% of Net Assets as of<br>&nbsp;&nbsp;June 30, 2025 |
| &nbsp;&nbsp;RDMF | &nbsp;&nbsp;8/5/2016 | &nbsp;&nbsp;$6217806 | &nbsp;&nbsp;15.72% |
| &nbsp;&nbsp;RRDEF | &nbsp;&nbsp;9/27/2024 | &nbsp;&nbsp;$402129 | &nbsp;&nbsp;3.91% |

---

For tax purposes, RDMF and RRDEF are exempted Cayman investment companies. RDMF and RRDEF have received an undertaking from the Government of the Cayman Islands exempting them from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, RDMF and RRDEF are controlled foreign corporations that generate and are allocated no income which is considered effectively connected with U.S. trade or business and as such are not subject to U.S. income tax. However, as a wholly-owned controlled foreign corporation, RDMF's and RRDEF's net income and capital gain, to the extent of their earnings and profits, will be included each year in Return Stacked<sup>®</sup> Balanced's and RGN Hedged Equity's respective investment company taxable income.

**B. Foreign Currency Translation**

The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange each business day to determine the value of investments, and other assets and liabilities. Purchases and sales of foreign securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuation arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currency transactions.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities; sales and maturities of short term securities; sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period-end, resulting from changes in the exchange rate.

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

**C. Derivative Instruments**

Certain of the Funds may be subject to equity price risk, commodity risk, interest rate risk and foreign currency exchange risk in the normal course of pursuing their investment objectives. Certain of the Funds may invest in various financial instruments including positions in foreign currency contracts, written and purchased option contracts and futures contracts to gain exposure to or hedge against changes in the value of equities or foreign currencies. The following is a description of the derivative instruments utilized by the Funds, including the primary underlying risk exposure related to each instrument type.

**Futures Contracts –** Certain of the Funds may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against changes in the value of underlying reference assets, such as equities, interest rates, commodities prices or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

**Options Contracts –** Certain Funds may purchase put and call options and write put and call options. The premium paid for a purchased put or call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Funds. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Funds, the benefits realized by the Funds as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs.

When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Funds have realized gains or losses. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds.

Written and purchased options are non-income producing securities. With options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange's clearinghouse acts as counterparty to all exchange traded options and guarantees against a possible default. Initial margin deposits required upon entering into options contracts are satisfied by the deposits of cash as collateral for the account of the broker (the Fund's agent in acquiring the options).

**Convertible Securities** – Pier 88 invests in convertible securities, which include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer's underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of "usable" bonds and warrants or a combination of the features of several of these securities. The investment characteristics of each convertible security vary widely, which allows convertible securities to be employed for a variety of investment strategies. The Fund will exchange or convert the convertible securities held in its portfolio into shares of the underlying common stock when, in the Advisor's or Sub-Advisor's opinion, the investment characteristics of the underlying common shares will assist the Fund in achieving its investment objective. Otherwise, the Fund may hold or trade convertible securities.

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

The derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statements of Assets and Liabilities and Consolidated Statements of Assets and Liabilities at June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Risk Type** | **Location of derivatives on Statements of<br> Assets and Liabilities** | **Fair value of asset/liability<br> derivatives** |
| Equity Armor |  |  |  |  |
|  | Futures | Equity | Futures unrealized depreciation | $(706270) |
|  |  |  | **Totals** | $(706270) |
|  | Options | Equity | Securities at value | $4432475 |
|  |  | Equity | Options Written | (2071775) |
|  |  |  | **Totals** | $2360700 |
| Tactical Return |  |  |  |  |
|  | Options | Equity | Securities at value | $35780 |
|  |  | Equity | Options Written | (48600) |
|  |  |  | **Totals** | $(12820) |
| Strategic Allocation |  |  |  |  |
|  | Futures | Equity | Futures unrealized appreciation | $317868 |
|  |  |  | **Totals** | $317868 |
| Return Stacked<sup>®</sup> Balanced |  |  |  |  |
|  | Futures | Equity | Futures unrealized appreciation | $127520 |
|  |  |  | Futures unrealized depreciation | (16260) |
|  |  | Commodity | Futures unrealized appreciation | 512362 |
|  |  |  | Futures unrealized depreciation | (544817) |
|  |  | Currency | Futures unrealized appreciation | 50958 |
|  |  |  | Futures unrealized depreciation | (152497) |
|  |  | Interest | Futures unrealized appreciation | 656246 |
|  |  |  | Futures unrealized depreciation | (15497) |
|  |  |  | **Totals** | $618015 |
| RGN Hedged Equity |  |  |  |  |
|  | Futures | Equity | Futures unrealized appreciation | $23065 |
|  |  |  | Futures unrealized depreciation | (2979) |
|  |  | Commodity | Futures unrealized appreciation | 3545 |
|  |  |  | Futures unrealized depreciation | (27821) |
|  |  | Currency | Futures unrealized appreciation | 30361 |
|  |  |  | Futures unrealized depreciation | (4319) |
|  |  | Interest | Futures unrealized appreciation | 23294 |
|  |  |  | Futures unrealized depreciation | (3120) |
|  |  |  | **Totals** | $42026 |

---

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

The effect of derivative instruments on the Statements of Operations and Consolidated Statements of Operations for the Funds, for the six months ended June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Risk Type** | **Location of gain (loss) on derivatives** | **Realized and unrealized gain<br> (loss) on derivatives** |
| Equity Armor |  |  |  |  |
|  | Options Purchased | Equity | Net realized gain from options purchased | $894698 |
|  | Options Written | Equity | Net realized loss from options written | (800015) |
|  | Futures | Equity | Net realized loss from futures | (1053085) |
|  | Futures | Interest | Net realized loss from futures | (23438) |
|  |  |  | **Totals** | $(981840) |
|  | Options Purchased | Equity | Net change in unrealized appreciation on options purchased | $1257050 |
|  | Options Written | Equity | Net change in unrealized depreciation on options written | (197900) |
|  | Futures | Equity | Net change in unrealized depreciation on futures | (630370) |
|  |  |  | **Totals** | $428780 |
| Tactical Return |  |  |  |  |
|  | Options Purchased | Equity | Net realized loss from options purchased | $(3641399) |
|  | Options Written | Equity | Net realized gain from options written | 4347639 |
|  |  |  | **Totals** | $706240 |
|  | Options Purchased | Equity | Net change in unrealized depreciation on options purchased | $(82680) |
|  | Options Written | Equity | Net change in unrealized appreciation on options written | 132560 |
|  |  |  | **Totals** | $49880 |
| Strategic Allocation |  |  |  |  |
|  | Futures | Equity | Net realized loss from futures | $(571301) |
|  |  |  | **Totals** | $(571301) |
|  | Futures | Equity | Net change in unrealized appreciation on futures | $642993 |
|  |  |  | **Totals** | $642993 |
| Return Stacked<sup>®</sup> Balanced |  |  |  |  |
|  | Futures | Equity | Net realized loss from futures | $(861061) |
|  |  | Commodity | Net realized loss from futures | (2562151) |
|  |  | Currency | Net realized loss from futures | (1772300) |
|  |  | Interest | Net realized gain from futures | 326442 |
|  |  |  | **Totals** | $(4869070) |
|  | Futures | Equity | Net change in unrealized appreciation on futures | $48919 |
|  |  | Commodity | Net change in unrealized depreciation on futures | (1146992) |
|  |  | Currency | Net change in unrealized depreciation on futures | (1099800) |
|  |  | Interest | Net change in unrealized appreciation on futures | 1051226 |
|  |  |  | **Totals** | $(1146647) |
| RGN Hedged Equity |  |  |  |  |
|  | Options Purchased | Equity | Net realized loss from options purchased | $(5837) |
|  | Futures | Equity | Net realized gain from futures | 207911 |
|  |  | Commodity | Net realized loss from futures | (104966) |
|  |  | Currency | Net realized loss from futures | (64401) |
|  |  | Interest | Net realized loss from futures | (237701) |
|  |  |  | **Totals** | $(204994) |
|  | Futures | Equity | Net change in unrealized appreciation on futures | $31069 |
|  |  | Commodity | Net change in unrealized depreciation on futures | (27323) |
|  |  | Currency | Net change in unrealized appreciation on futures | 3714 |
|  |  | Interest | Net change in unrealized appreciation on futures | 15367 |
|  |  |  | **Totals** | $22827 |

---

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

The value of derivative instruments outstanding as of June 30, 2025 as disclosed in the Schedules of Investments (Consolidated Schedules of Investments for Return Stacked<sup>®</sup> Balanced and RGN Hedged Equity) and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations (Consolidated Statements of Operations for Return Stacked<sup>®</sup> Balanced and RGN Hedged Equity) serve as indicators of the volume of derivative activity for the Funds.

**Balance Sheet Offsetting Information**

The following table provides a summary of offsetting financial assets and liabilities derivatives and the effect of the derivative instruments on the Statements of Assets and Liabilities and Consolidated Statements of Assets and Liabilities as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts of Assets Presented in the<br> (Consolidated) Statement of Assets & Liabilities | Gross Amounts of Assets Presented in the<br> (Consolidated) Statement of Assets & Liabilities | |
|  | <br>Gross Amounts<br> Recognized in the<br> (Consolidated)<br> Statements of Assets<br> and Liabilities | <br>Gross Amounts<br> Offset in the<br> (Consolidated)<br> Statements of<br> Assets and<br> Liabilities | <br>Net Amounts<br> Presented in the<br> (Consolidated)<br> Statements of<br> Assets and<br> Liabilities | Financial<br> Instruments | Cash Collateral<br> Pledged/Received (1) | <br>Net Amount |
| **Equity Armor** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $706270 | $— | $706270 | $— | $(706270) | $— |
| **Strategic Allocation** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Description of Asset: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $317868 | $— | $317868 | $— | $— | $317868 |
| **Return Stacked<sup>®</sup> Balanced** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Description of Asset: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $1347086 | $— | $1347086 | $(729071) | $— | $618015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $729071 | $— | $729071 | $(729071) | $— | $— |
| **RGN Hedged Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Description of Asset: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $80265 | $— | $80265 | $(38239) | $— | $42026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Description of Liability: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $38239 | $— | $38239 | $(38239) | $— | $— |

---

(1) The amount is limited to the derivative
 liability balance and accordingly does not include excess collateral pledged.

**D. Security Transactions and Related Income**

During the period, investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are a0ccounted for on the trade date on the last business day of the reporting period. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities using the effective interest method. For convertible securities, premiums attributable to the conversion feature are not amortized. Securities gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding (if any), are recorded on the ex-dividend date. Withholding taxes and capital gains on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Paydown gains and losses on mortgage-related and other asset backed securities, if any, are recorded as components of interest income in the Statement of Operations.

**E. Dividends and Distributions to Shareholders**

The amount of dividends from net investment income and net realized gains recorded on the ex-dividend date are determined in accordance with the federal income tax regulations, which may differ from GAAP and are recorded on ex-date. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. tax treatment of foreign currency gain/loss, non-deductible stock issuance costs, distributions and income received from pass through investments and net investment loss adjustments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. Temporary differences are primarily due to market discounts, capital loss carryforwards and losses deferred due to wash sales, straddles and return of capital from investments. Dividends are declared separately for each

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

class. No class has preferential rights; differences in per share dividend rates are generally due to differences in separate class expenses.

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **<u>Income Dividends</u>** | **<u>Capital Gains</u>** |
| Equity Armor | &nbsp;&nbsp;&nbsp;&nbsp;Monthly | &nbsp;&nbsp;&nbsp;Annually |
| Tactical Return | &nbsp;&nbsp;&nbsp;&nbsp;Annually | &nbsp;&nbsp;&nbsp;Annually |
| Dynamic Brands | &nbsp;&nbsp;&nbsp;&nbsp;Annually | &nbsp;&nbsp;&nbsp;Annually |
| Strategic Allocation | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;Annually |
| Return Stacked<sup>®</sup> Balanced | &nbsp;&nbsp;&nbsp;&nbsp;Annually | &nbsp;&nbsp;&nbsp;Annually |
| Pier 88 | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;Annually |
| Special Situations | &nbsp;&nbsp;&nbsp;&nbsp;Monthly | &nbsp;&nbsp;&nbsp;Annually |
| RGN Hedged Equity | &nbsp;&nbsp;&nbsp;&nbsp;Annually | &nbsp;&nbsp;&nbsp;Annually |

---

Certain Funds may own shares of real estate investments trusts ("REITs"), which report information on the source of their distributions annually. Distributions received from investments in REITs in excess of income from underlying investments are recorded as realized gain and/or as a reduction to the cost of the individual REIT, when such information is available.

**F. Allocation of Expenses, Income, and Gains and Losses**

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various Funds or all Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis. Income, non-class specific expenses and realized/unrealized gains or losses are allocated to each class based on relative net assets. Distribution fees are charged to each respective share class in accordance with the distribution plan.

**G. Federal Income Taxes**

It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2022 to December 31, 2024 (as applicable), or expected to be taken in the Funds' December 31, 2025 year-end tax returns. Each Fund identifies its major tax jurisdictions as U.S. Federal, and foreign jurisdictions where the Funds make significant investments; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits, as income tax expenses in the Statements of Operations. As of June 30, 2025, the Funds did not incur any interest or penalties.

**H. Organizational and Offering Costs** - Organizational costs are charged to expense as incurred. Offering costs incurred by the Fund are treated as deferred charges until operations commence and thereafter will be amortized into expense over 12 months using the straight-line method.

**I. Indemnification**

The Trust indemnifies its Officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

**(3) FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

***Investment Advisory Fee*—** Rational Advisors, Inc. (the "Advisor") serves as the Funds' investment adviser. Under the terms of the investment advisory agreement, the Advisor manages the investment operations of the Funds in accordance with each Fund's respective investment policies and restrictions. The Funds' sub-advisors are responsible for the day-to-day management of each Fund's portfolios. The Advisor provides the Funds with investment advice and supervision and furnishes an investment program for the Funds. For its investment management services, the Funds pay to the Advisor, as of the last day of each month, an annualized fee as shown in the below table, such fees to be computed daily based upon daily average net assets of the Funds. The Funds' sub-advisors are paid by the Advisor, not the Funds.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Advisory Fee Tiered Annual Rate** | **Advisory Fee Tiered Annual Rate** | **Advisory Fee Tiered Annual Rate** |
|  | Rate for the First <u>$</u>500 Million | Rate for the Next $500 Million | Rate for Excess Over $1 Billion |
| Equity Armor | 0.75% | 0.70% | 0.65% |
| Dynamic Brands | 0.75% | 0.70% | 0.65% |

---

---

| | |
|:---|:---|
|  | **Advisory Fee Annual Rate** |
| Tactical Return | 1.75% |
| Strategic Allocation | 0.10% |
| Return Stacked<sup>®</sup> Balanced | 1.75% |
| Pier 88 | 0.85% |
| Special Situations | 1.50% |
| RGN Hedged Equity | 1.75% |

---

The Advisor has contractually agreed to waive all or a portion of its investment advisory fee (based on average daily net assets) and/or reimburse certain operating expenses of each Fund (other than Equity Armor) to the extent necessary in order to limit each Fund's total annual fund operating expenses (exclusive of acquired fund fees and expenses, brokerage commissions and trading costs, interest (including borrowing costs and overdraft charges), taxes, short sale dividends and interest expenses, non-routine or extraordinary expenses (such as litigation or reorganizational costs), and with respect to Special Situations only, costs and expenses of litigation or claims on behalf of Special Situations regarding portfolio investments initiated (or threatened) by the investment advisor or sub-advisor, as listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Expense Caps | Expense Caps | Expense Caps | Expiration |
| **Fund** | Institutional Class Shares | Class A Shares | Class C Shares |  |
| Equity Armor | 1.60% | 1.85% | 2.60% | April 30, 2026 |
| Tactical Return | 1.99% | 2.24% | 2.99% | April 30, 2026 |
| Dynamic Brands | 1.24% | 1.49% | 2.24% | April 30, 2026 |
| Strategic Allocation | 0.45% | 0.70% | 1.45% | April 30, 2026 |
| Return Stacked<sup>®</sup> Balanced | 1.97% | 2.22% | 2.97% | April 30, 2026 |
| Pier 88 | 0.99% | 1.24% | 1.99% | April 30, 2026 |
| Special Situations | 1.75% | 2.00% | 2.75% | April 30, 2026 |
| RGN Hedged Equity | 1.99% | 2.24% | 2.99% | April 30, 2026 |

---

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

Amounts waived or reimbursed in the contractual period may be recouped by the Advisor within three years of the waiver and/or reimbursement. As of June 30, 2025, the following amounts have been waived or reimbursed by the Advisor and are subject to repayment by the respective Fund:

---

| | | |
|:---|:---|:---|
|  | Amount Waived or | Expiring Beginning |
| Fund | Reimbursed | December 31, 2024 |
| Equity Armor | $— | 2025 |
|  |  | 2026 |
|  |  | 2027 |
| Tactical Return | 91334 | 2025 |
|  | 133607 | 2026 |
|  | 145342 | 2027 |
| Dynamic Brands |  | 2025 |
|  |  | 2026 |
|  |  | 2027 |
| Strategic Allocation | 86462 | 2025 |
|  | 97614 | 2026 |
|  | 125298 | 2027 |
| Return Stacked<sup>®</sup> Balanced | 117342 | 2025 |
|  | 213553 | 2026 |
|  | 189006 | 2027 |
| Pier 88 | 193523 | 2025 |
|  | 228670 | 2026 |
|  | 243694 | 2027 |
| Special Situations | 152205 | 2025 |
|  | 348053 | 2026 |
|  | 529931 | 2027 |
| RGN Hedged Equity | 109782 | 2027 |

---

The Independent Trustees are paid quarterly retainers for their service on the Board of Trustees and on the Risk and Compliance/Investment Committee and receive compensation for each special meeting attended. The fees paid to the Independent Trustees for their attendance at a meeting will be shared equally by the Funds of the Trust in which the meeting relates. The Chairman of the Board of Trustees of the Trust, and the Chairman of the Trust's Audit Committee and Risk and Compliance/Investment Committee receive an additional quarterly retainer. Officers receive no compensation from the Trust. The Trust reimburses each of the Independent Trustees for travel and other expenses incurred in connection with attendance at such meetings. The Trust has no retirement or pension plans. Additional information regarding the Trust's Trustees is available in the Funds' Statement of Additional Information.

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| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

The Board has adopted the Trust's Distribution Plan (the "12b-1 Plan") which allows each Fund to pay fees up to 0.25% for Class A shares and up to 1.00% for Class C shares based on average daily net assets of each class to financial intermediaries (which may be paid through the Funds' distributor) for the sale and distribution of these shares. Pursuant to the 12b-1 Plan, the Funds may finance from their assets certain activities or expenses that are intended primarily to result in the sale of Fund shares and to reimburse Northern Lights Distributors, LLC., the Funds' distributor (the "Distributor" or "NLD"), and the Advisor for distribution related expenses. For the six months ended June 30, 2025, the amounts accrued by the Funds were as follows:

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| | | |
|:---|:---|:---|
| | **12b-1 Fees** | **12b-1 Fees** |
| <br>**Fund** | **Class A** | **Class C** |
| Equity Armor | $10804 | $5298 |
| Tactical Return | 3838 | 14496 |
| Dynamic Brands | 19713 | 22832 |
| Strategic Allocation | 9906 | 517 |
| Return Stacked<sup>®</sup> Balanced | 1486 | 14820 |
| Pier 88 | 573 | 1303 |
| Special Situations | 65176 | 192109 |
| RGN Hedged Equity | 20 | 50 |

---

*Shareholder Servicing Fees -* The Trust has adopted a Shareholder Services Plan pursuant to which the Funds may pay Shareholder Services Fees up to 0.25% of the average daily net assets to financial intermediaries for providing shareholder assistance, maintaining shareholder accounts and communicating or facilitating purchases and redemptions of shares for Institutional, Class A, and Class C shares.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

Ultimus Fund Solutions, LLC *("UFS"*) – UFS, an affiliate of the Distributor, provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund the greater of an annual minimum fee or an asset based fee, which scales downward based upon net assets for fund administration, fund accounting and transfer agency services and are reflected as such on the Statements of Operations under Financial Administrative fees/Fund Accounting fees. The Funds also pay UFS for any out-of-pocket expenses. Officers of the Trust are also employees of UFS and are not paid any fees directly by the Trust for serving in such capacity.

Blu Giant, LLC ("Blu Giant") – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds, which are included in printing expenses on the Statements of Operations.

Pursuant to the Management Services Agreement between the Trust and MFund Services, LLC ("MFund"), MFund, an affiliate of the Advisor, provides the Funds with various management and legal administrative services (the "Management Services Agreement"). For these services, the Funds pay MFund an annual asset-based fee in accordance with the following schedule applied at the Fund family level (i.e., all the Funds in the Trust advised by the Advisor): 0.10% of net assets up to $50 million; 0.07% of net assets from $50 million to $100 million; 0.05% of net assets from $100 million to $250 million; 0.04% of net assets from $250 million to $500 million; 0.03% of net assets from $500 million to $1 billion; 0.02% of net assets from $1 billion to $5 billion; and 0.01% of net assets from $5 billion and above. In addition, the Funds reimburse MFund for any reasonable out- of- pocket expenses incurred in the performance of its duties under the Management Services Agreement. The amounts due to MFund for the Management Services Agreement are listed in the Statements of Assets and Liabilities under "Payable to related parties" and the amounts accrued for the year are shown in the Statements of Operations under "Legal administration/Management service fees."

Pursuant to the Compliance Services Agreement (the "Compliance Services Agreement"), MFund an affiliate of the Advisor, provides chief compliance officer services to the Funds. For these services, the Funds pay MFund $1,200 per month for the first fund in the fund family and $400 each additional fund; $400 for each adviser and sub-adviser; and .0025% of the assets of each Fund. In addition, the Funds reimburse MFund for any reasonable out-of-pocket expenses incurred in the performance of its duties under the Compliance Services Agreement. The amounts due to MFund for chief compliance officer services are listed in the Statements of Assets and Liabilities under "Payable to related parties" and the amounts accrued for the year are shown in the Statements of Operations under "Compliance officer fees."

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

***Affiliated Funds* —** Affiliated companies are mutual funds that are advised by Catalyst Capital Advisors, AlphaCentric Advisors, LLC or Rational Advisors, Inc. Companies that are affiliates of the Funds at June 30, 2025, are noted in Strategic Allocation's Schedule of Investments. A summary of these investments in affiliated funds is set forth below:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Shares Balance**<br>**December 31,**<br>**2024** |<br>**Purchases** |<br>**Sales** |<br>**Shares Balance**<br>**June 30, 2025** |<br>**Fair Value June**<br>**30, 2025** | **Dividends**<br>**Credited to**<br>**Income** | **Change in**<br>**Unrealized**<br>**Gain/(Loss)** | **Amount of Gain**<br>**(Loss) Realized on**<br>**Sale of Shares** |
| Catalyst Systematic Alpha Fund, Class I | 773257 | 61788 | 170737 | 664308 | $6326872 | $45839 | $(290425) | $(639011**)** |
| Catalyst/CIFC Senior Secured Income Fund, Class I | 97557 | 18060 | 91784 | 23833 | 219982 | 16255 | (13948) | 8695 |
| Rational/Pier 88 Convertible Securities Fund, Inst. Sh. | 12060 | 62 | 9434 | 2688 | 29651 | 1130 | (11503) | 11008 |
| Total | 882874 | 79910 | 271955 | 690829 | $6576505 | $63224 | $(315876) | $(619308**)** |

---

**(4) INVESTMENT TRANSACTIONS**

For the six months ended June 30, 2025, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Equity Armor | $26051122 | $24334241 |
| Tactical Return |  |  |
| Dynamic Brands | 112853977 | 117517112 |
| Strategic Allocation | 1712331 | 2450000 |
| Return Stacked<sup>®</sup> Balanced | 32186970 | 12875364 |
| Pier 88 | 147654744 | 134664637 |
| Special Situations | 66236890 | 20541109 |
| RGN Hedged Equity | 945122 | 330657 |

---

**(5) INVESTMENT RISK**

Market Risk - Overall market risks may also affect the value of a Fund. The market values of securities or other investments owned by a Fund will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on a Fund and its investments and could result in increased premiums or discounts to the Fund's net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. A Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. In times of severe market disruptions, you could lose your entire investment.

In accordance with its investment objectives and through its exposure to futures contracts, each of Equity Armor, Strategic Allocation, Return Stacked<sup>®</sup> Balanced, and RGN Hedged Equity may have increased or decreased exposure to one or more of the following risk factors defined below:

Commodity Risk - Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Foreign Exchange Rate Risk - Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the

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| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk - Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk - Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument's price over a defined time period. Large increases or decreases in a financial instrument's price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

In accordance with its investment objectives and through its exposure to options, Tactical Return and Equity Armor may have increased or decreased exposure to Option Risk factors defined below:

Options Risk - Tactical Return and Equity Armor are subject to equity price risks in the normal course of pursuing their investment objective and may purchase or sell options. The seller (writer) of a call option which is covered (e.g., the writer holds the underlying security) assumes the risk of a decline in the market price of an underlying security below the purchase price of an underlying security less the premium received and gives up the opportunity for gain on the underlying security above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretical unlimited increase in the market price of an underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of losing its entire premium invested in the call option. The seller (writer) of a put option which is covered (e.g., the writer has a short position in the underlying security) assumes the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security plus the premium received and gives up the opportunity for gain on the underlying security below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of losing his entire premium invested in the put option.

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

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

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| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

**(6) AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS**

The identified cost of investments in securities owned by each Fund for federal income tax purposes (including options written), and its respective gross unrealized appreciation and depreciation at June 30, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Equity Armor | $32646384 | $7772166 | $(1169599) | $6602567 |
| Tactical Return | 44677644 | 223560 | (177510) | 46050 |
| Dynamic Brands | 52798823 | 22746130 | (668156) | 22077974 |
| Strategic Allocation | 9186696 | 32639 | (1531462) | (1498823) |
| Return Stacked<sup>®</sup> Balanced | 32327805 | 2327128 |  | 2327128 |
| Pier 88 | 193174829 | 13955425 | (3544022) | 10411403 |
| Special Situations | 1213463980 | 47211093 | (65295987) | (18084894) |
| RGN Hedged Equity | 8237476 | 577065 |  | 577065 |

---

**(7) DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

The tax character of fund distributions paid for the years ended December 31, 2024 and December 31, 2023 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**December 31, 2024** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Equity Armor | $— | $— | $— | $— |
| Tactical Return | 2801102 | 339932 |  | 3141034 |
| Dynamic Brands |  |  |  |  |
| Strategic Allocation | 777854 |  |  | 777854 |
| Return Stacked<sup>®</sup> Balanced | 4694082 |  |  | 4694082 |
| Pier 88 | 3421871 |  |  | 3421871 |
| Special Situations | 57758433 |  |  | 57758433 |
| RGN Hedged Equity | 63308 |  |  | 63308 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **December 31, 2023** | **Income** | **Capital Gains** | **Capital** | **Total** |
| Equity Armor | $40314 | $— | $55185 | $95499 |
| Tactical Return | 3787078 | 3368616 |  | 7155694 |
| Dynamic Brands |  |  |  |  |
| Strategic Allocation | 444256 |  |  | 444256 |
| Return Stacked<sup>®</sup> Balanced | 9700852 | 132966 |  | 9833818 |
| Pier 88 | 2764879 |  |  | 2764879 |
| Special Situations | 58765058 |  | 2312560 | 61077618 |

---

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

As of December 31, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed Post**<br>**Long-Term**<br>**Capital Gains** | **October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Distributable Earnings/**<br>**(Accumulated Deficits)** |
| Equity Armor | $— | $— | $— | $(414768) | $— | $3894481 | $3479713 |
| Tactical Return | 321683 | 187993 |  | (1814429) |  |  | (1304753) |
| Dynamic Brands |  |  |  | (3767050) |  | 19639892 | 15872842 |
| Strategic Allocation | 351540 |  |  |  |  | (1208262) | (856722) |
| Return Stacked<sup>®</sup> |  |  |  |  |  |  |  |
| Balanced | 398710 |  |  |  |  | (358736) | 39974 |
| Pier 88 | 499207 |  |  | (6580542) |  | 5814650 | (266685) |
| Special Situations | 856470 |  | (3914875) | (40488606) |  | (22128308) | (65675319) |
| RGN Hedged Equity |  |  | (34704) |  | (9425) | 115462 | 71333 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed ordinary income (loss) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on open Section 1256 futures and options contracts, and adjustments for perpetual bonds, trust preferred securities, income on contingent convertible debt securities, and Section 305(c) deemed dividend distributions. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency losses of $(59,724) and $(227) for Return Stacked Balanced and RGN Hedged Equity, respectively. In addition, the amount listed under other book/tax differences is primarily attributable to the tax deferral of losses on straddles.

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

---

| | |
|:---|:---|
|  | **Late Year**<br>**Losses** |
| Equity Armor | $— |
| Tactical Return |  |
| Dynamic Brands |  |
| Strategic Allocation |  |
| Return Stacked<sup>®</sup> Balanced |  |
| Pier 88 |  |
| Special Situations |  |
| RGN Hedged Equity | 8653 |

---

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

---

| | |
|:---|:---|
|  | **Post October**<br>**Losses** |
| Equity Armor | $— |
| Tactical Return |  |
| Dynamic Brands |  |
| Strategic Allocation |  |
| Return Stacked<sup>®</sup> Balanced |  |
| Pier 88 |  |
| Special Situations | 3914875 |
| RGN Hedged Equity | 26051 |

---

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

At December 31, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized in the current year as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Short-Term** |<br>**Long-Term** |<br>**Total** | **Capital Loss Carry**<br>**Forwards Utilized** |
| Equity Armor | $— | $414768 | $414768 | $4847976 |
| Tactical Return\* | 143036 | 1671393 | 1814429 | 92691 |
| Dynamic Brands | 3767050 |  | 3767050 | 13807937 |
| Strategic Allocation |  |  |  | 1657860 |
| Return Stacked<sup>®</sup> Balanced |  |  |  |  |
| Pier 88 | 3569977 | 3010565 | 6580542 | 1028172 |
| Special Situations | 12159292 | 28329314 | 40488606 |  |
| RGN Hedged Equity |  |  |  |  |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; The Rational Tactical Return Fund experienced a shareholder change in ownership resulting in an annual limitation on the amount of pre-change capital loss carry forwards available to be recognized in each year. Due to IRC Section 382 limitations, utilization of these carry forwards is limited to a maximum of $92,691 per year.

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses, distributions in excess, and adjustments for the Return Stacked Balanced Allocation & Systematic Macro and RGN Hedged Equity Funds' wholly owned subsidiaries, which have a November 30 tax year end, resulted in reclassifications for the Funds for the fiscal year ended December 31, 2024 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Deficit)** |
| Equity Armor | $(154024) | $154024 |
| Tactical Return |  |  |
| Dynamic Brands | (535644) | 535644 |
| Strategic Allocation |  |  |
| Return Stacked<sup>®</sup> Balanced | (86642) | 86642 |
| Pier 88 |  |  |
| Special Situations |  |  |
| RGN Hedged Equity | (3506) | 3506 |

---

**(8) LINE OF CREDIT**

Effective December 8, 2022, the Trust has a $100,000,000 uncommitted line of credit provided by U.S. Bank National Association (the "Bank") under an agreement (the "Uncommitted Line") with a maturity date of December 4, 2025. Any advance under the Uncommitted Line is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The interest rate on any borrowings is the current Prime Rate payable monthly. The Uncommitted Line is not a "committed" line of credit, which is to say that the Bank is not obligated to lend money to the Funds. Accordingly, it is possible that the Funds may wish to borrow money for a temporary or emergency purpose but may not be able to do so.

---

| | |
|:---|:---|
| **RATIONAL FUNDS** | **RATIONAL FUNDS** |
| ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** | ***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)*** |
| **June 30, 2025** | **SEMI-ANNUAL FINANCIAL STATEMENTS** |

---

During the six months ended June 30, 2025, the average amount of borrowings outstanding based on days borrowed was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Average | Maximum | | Average | Current |
|  | borrowings | Outstanding | Interest | borrowings | Interest |
| Fund | outstanding | balance | Expense\* | rate | Rate |
| Equity Armor | $57667 | $63000 | $36 | 7.50% | 7.50% |
| Strategic Allocation | 50500 | 53000 | 21 | 7.50% | 7.50% |

---

\* Includes interest expenses for borrowings on the l ine of credit and may not agree to the Statement of Operations, which may include overdraft fees, line of credit fees and broker interest.

**(9) BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, the companies that held more than 25% of the voting securities of the Funds, and may be deemed to control each respective Fund, are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>Equity<br>Armor |<br>Tactical<br>Return |<br>Strategic<br>Allocation | Return<br>Stacked<sup>®</sup><br>Balanced |<br>Pier<br>88 |<br>Special<br>Situations |<br>RGN Hedged<br>Equity |
| NFS LLC<sup>(1)</sup> | 46.04% | 25.27% | 83.21% |  | 35.79% |  |  |
| Charles Schwab <sup>(1)</sup> |  | 38.71% |  | 38.57% | 34.85% | 30.88% |  |
| LPL Financial <sup>(1)</sup> |  |  |  | 33.12% |  | 29.65% |  |
| Band & Co C/O US Bank NA |  |  |  |  | 25.37% |  |  |
| J.P. Morgan Securities |  |  |  |  |  |  | 49.79% |

---

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

**(10) UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES**

Each underlying fund, including each ETF, is subject to specific risks, depending on the nature of the underlying fund. These risks could include liquidity risk, sector risk, foreign and related currency risk, as well as risks associated with real estate investments and commodities. Investors in the Funds will indirectly bear fees and expenses charged by the underlying investment companies in which the Funds invest in addition to the Funds' direct fees and expenses.

The performance of Return Stacked<sup>®</sup> Balanced will be directly affected by the performance of the First American Treasury Obligations Fund and the iShares Core S&P 500 ETF, USD Class, the performance of Strategic Allocation will be directly affected by the performance of the Catalyst Systematic Alpha Fund, and the performance of the RGN Hedged Equity will be directly affected by the performance of the SPDR S&P 500 ETF Trust and the Vanguard S&P 500 ETF. The financial statements of the First American Treasury Obligations Fund, the iShares Core S&P 500 ETF, USD Class, the Catalyst Systematic Alpha Fund, the SPDR S&P 500 ETF Trust and the Vanguard S&P 500 ETF, including the Schedule of Investments, can be found at the SEC's website www.sec.gov and should be read in conjunction with the Fund's financial statements. As of June 30, 2025, the percentage of Return Stacked<sup>®</sup> Balanced's net assets invested in the First American Treasury Obligations Fund and the iShares Core S&P 500 ETF, USD Class was 30.2% and 54.9%, respectively. The percentage of Strategic Allocation's net assets invested in the Catalyst Systematic Alpha Fund was 69.4%. The percentage of RGN Hedged Equity's net assets invested in the SPDR S&P 500 ETF Trust and the Vanguard S&P 500 ETF was 29.4% and 48.6% respectively.

**(11) SUBSEQUENT EVENTS**

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

**RATIONAL FUNDS**

**ADDITIONAL INFORMATION (Unaudited)**

**June 30, 2025**

**Changes in and Disagreements with Accountants**

Not Applicable.

**Proxy Disclosures**

Not Applicable.

**Remuneration Paid to Directors, Officers and Others**

This information is included in Item 7, as part of the financial statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Not Applicable.

A copy of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds' portfolios, as well as a record of how the Funds voted any such proxies during the most recent 12-month period ended June 30, is available without charge and upon request by calling 800-253-0412 by rationalmf.com. This information is also available from the EDGAR database on the SEC's website at www.sec.gov.

Rational Advisors, Inc., serves as Investment Advisor to the Funds.

This report is authorized for distribution to prospective investors only when preceded or accompanied by a prospectus which contains facts concerning the Funds' objectives and policies, management fees, expenses and other information.

**Shareholder Services:** 800-253-0412

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.** 

(a)(1) Not applicable

(a)(2) Not applicable

[(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

[(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Mutual Fund and Variable Insurance Trust

---

| | |
|:---|:---|
| By | /s/ Michael Schoonover |

---

Michael Schoonover <br> President/Principal Executive Officer <br> Date: 9/5/2025

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

---

| | |
|:---|:---|
| By | /s/ Michael Schoonover |

---

Michael Schoonover <br> President/Principal Executive Officer <br> Date: 9/5/2025

---

| | |
|:---|:---|
| By | /s/ Erik Naviloff |

---

Erik Naviloff <br> Treasurer/Principal Financial Officer <br> Date: 9/5/2025

## Ex-99.Cert

**Certification** 

I, Michael Schoonover, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Mutual Fund and Variable Insurance Trust("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 9/5/2025 | /s/ Michael Schoonover |
|  | Michael Schoonover |
|  | President/Principal Executive Officer |

---

**Certification**

I, Erik Naviloff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Mutual Fund and Variable Insurance Trust("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 9/5/2025 | /s/ Erik Naviloff |
|  | Erik Naviloff |
|  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**certification** 

Michael Schoonover, President/Principal Executive Officer, and Erik Naviloff, Treasurer/Principal Financial Officer of Mutual Fund and Variable Insurance Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| President/Principal Executive Officer | President/Principal Executive Officer | Treasurer/Principal Financial Officer | Treasurer/Principal Financial Officer |
| Mutual Fund and Variable Insurance Trust | Mutual Fund and Variable Insurance Trust | Mutual Fund and Variable Insurance Trust | Mutual Fund and Variable Insurance Trust |
| /s/ Michael Schoonover | /s/ Michael Schoonover | /s/ Erik Naviloff | /s/ Erik Naviloff |
| Michael Schoonover | Michael Schoonover | Erik Naviloff | Erik Naviloff |
| Date: | 9/5/2025 | Date: | 9/5/2025 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.