# EDGAR Filing Document

**Accession Number:** 0000810695
**File Stem:** 0001752724-23-034675
**Filing Date:** 2023-2
**Character Count:** 22769
**Document Hash:** 712f2f943681917ed10964ea2da8cc3d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-034675.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-034675

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mutual Fund & Variable Insurance Trust
- **CENTRAL INDEX KEY:** 0000810695
- **IRS NUMBER:** 043023766
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05010
- **FILM NUMBER:** 23656740

**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           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Mutual Fund & Variable Insurance Trust

- **b. Investment Company Act file number:** 811-05010

- **c. CIK number of Registrant:** 0000810695

- **d. LEI of Registrant:** 5493002ZGLQMLR4QMA96

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2960 N. MERIDIAN STREET

  - **City:** INDIANAPOLIS

  - **State:** IN

  - **Foreign country:** US

  - **Zip / Postal Code:** 46208

  - **Telephone number:** 800-253-0412

**Item A.2. Information about the Series.**

- **a. Name of Series:** Rational Equity Armor Fund

- **b. EDGAR series identifier (if any):** S000005856

- **c. LEI of Series:** 5493000T84B5N645DS88

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $69068940.20

**Total Liabilities:** $1866293.47

**Net Assets:** $67202646.73

**Cash Not Reported:** $3644704.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016038 | 6.44%                | 0.57%                | -4.55%               |
| Class ID C000135443 | 6.34%                | 0.62%                | -4.59%               |
| Class ID C000016036 | 6.44%                | 0.55%                | -4.44%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-125928.94              | $6568197.95                                |
| Month 2  | $926257.36               | $1504015.19                                |
| Month 3  | $-43691.63               | $-2662358.29                               |

**Designated Index Information**

- **Index Name:** RATIONAL EQUITY ARMOR DRP

- **Index Identifier:** RATIONAL EQUITY ARMOR DRP

### Schedule of Portfolio Investments

| Name                              | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Raytheon Technologies Corporation | RAYTHEON TECHNOL          | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      8186 | NS      | $826131.12    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Incorporated        | IRON MOUNTAIN             | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     20675 | NS      | $1030648.75   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                     | ISHARES RUSSELL 1000 VALU | CUSIP: 464287598<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     17423 | NS      | $2642197.95   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                       | WALMART INC               | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      7011 | NS      | $994089.69    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                       | ABBVIE INC                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     11347 | NS      | $1833788.67   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE FUTURES EXCHANGE             | CBOE VIX FUTURE   Jan23   | CUSIP: N/A<br>LEI: 254900O9GJPIWCP8RH13       | Short            | DE               | CORP              | US        |       -19 | NC      | $41456.10     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| OPTION ISSUER                     | S&P500 EMINI OPTN Mar23P  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |      -375 | NC      | $-1045312.50  | -1.56%            |  |  |  | No            |                  2 | On Loan: No      |
| CBOE FUTURES EXCHANGE             | CBOE VIX FUTURE   Mar23   | CUSIP: N/A<br>LEI: 254900O9GJPIWCP8RH13       | Long             | DE               | CORP              | US        |        74 | NC      | $-69523.00    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co (The)                  | HERSHEY CO/THE            | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      7552 | NS      | $1748816.64   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                       | CORTEVA INC               | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      6364 | NS      | $374075.92    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                        | APPLE INC                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      7700 | NS      | $1000461.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust            | SCHWAB US LARGE-CAP VALUE | CUSIP: 808524409<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |     41814 | NS      | $2760560.28   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.            | WASTE MANAGEMENT          | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      4835 | NS      | $758514.80    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                        | NASDAQ INC                | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |     19737 | NS      | $1210864.95   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                     | ALPHABET INC-A            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     13086 | NS      | $1154577.78   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corporation                | ORACLE CORP               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     11385 | NS      | $930609.90    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                      | FASTENAL CO               | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     12783 | NS      | $604891.56    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                   | CATERPILLAR INC           | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      3963 | NS      | $949376.28    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                  | AMAZON.COM INC            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      9162 | NS      | $769608.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Limited                     | CHUBB LTD                 | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      5368 | NS      | $1184180.80   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corporation              | MCKESSON CORP             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      2877 | NS      | $1079220.24   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation      | COSTCO WHOLESALE          | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      2897 | NS      | $1322480.50   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| The Coca-Cola Company             | COCA-COLA CO/THE          | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     26129 | NS      | $1662065.69   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr Series Trust                 | SPDR PORT S&P 500 VALUE   | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     66810 | NS      | $2598240.90   | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.               | CISCO SYSTEMS             | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     28457 | NS      | $1355691.48   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Avangrid Inc                      | AVANGRID INC              | CUSIP: 05351W103<br>LEI: 549300OX0Q38NLSKPB49 | Long             | EC               | CORP              | US        |     14826 | NS      | $637221.48    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                 | JOHNSON&JOHNSON           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      9542 | NS      | $1685594.30   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.           | REPUBLIC SVCS             | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      4930 | NS      | $635920.70    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE FUTURES EXCHANGE             | CBOE VIX FUTURE   Feb23   | CUSIP: N/A<br>LEI: 254900O9GJPIWCP8RH13       | Long             | DE               | CORP              | US        |         7 | NC      | $-10182.90    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| OPTION ISSUER                     | S&P Emini 3rd Wk  Jan23C  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |       250 | NC      | $146875.00    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| OPTION ISSUER                     | S&P Emini 3rd Wk  Jan23P  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |       250 | NC      | $312500.00    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                         | LINDE PLC                 | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |      1293 | NS      | $421750.74    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                     | ISHARES S&P 500 VALUE ETF | CUSIP: 464287408<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     17395 | NS      | $2523492.65   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips Co.                | CONOCOPHILLIPS            | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      6751 | NS      | $796618.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA                      | US BANK MMDA-USBGFS 5     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   5419946 | PA      | $5419946.23   | 8.07%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corporation      | GENERAL DYNAMICS          | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      2834 | NS      | $703143.74    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation       | BANK OF AMERICA           | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     12574 | NS      | $416450.88    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                  | MERCK & CO                | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     17518 | NS      | $1943622.10   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                   | ELI LILLY & CO            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2085 | NS      | $762776.40    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev N.V./S.A.    | ANHEUSER-SPN ADR          | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |      8001 | NS      | $480380.04    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Company      | PROCTER & GAMBLE          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      4759 | NS      | $721274.04    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corporation           | EXXON MOBIL CORP          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      8853 | NS      | $976485.90    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.           | BERKSHIRE HATH-B          | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      4644 | NS      | $1434531.60   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                  | NRG ENERGY                | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     17933 | NS      | $570628.06    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                            | SEMPRA ENERGY             | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |      4545 | NS      | $702384.30    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corporation                | EXELON CORP               | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     15096 | NS      | $652600.08    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corporation     | AMERISOURCEBERGE          | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      5409 | NS      | $896325.39    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Companies, Inc.         | TRAVELERS COS IN          | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      7195 | NS      | $1348990.55   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors, Inc.  | OMEGA HEALTHCARE          | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |     46934 | NS      | $1311805.30   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Company    | ARCHER-DANIELS            | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     20115 | NS      | $1867677.75   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation      | NORTHROP GRUMMAN          | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1310 | NS      | $714749.10    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corporation          | MARATHON OIL              | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |     14752 | NS      | $399336.64    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| OPTION ISSUER                     | S&P Emini 3rd Wk  Apr23P  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |      -125 | NC      | $-735937.50   | -1.10%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.              | JPMORGAN CHASE            | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      4184 | NS      | $561074.40    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                      | METLIFE INC               | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     17089 | NS      | $1236730.93   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| OPTION ISSUER                     | S&P Emini 3rd Wk  Jan23P  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |       250 | NC      | $1731250.00   | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.           | UNITEDHEALTH GRP          | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3713 | NS      | $1968558.34   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp Del            | LIBERTY MEDIA-C           | CUSIP: 531229854<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |      6024 | NS      | $360114.72    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation             | MICROSOFT CORP            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      9213 | NS      | $2209461.66   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-27

**Name of Applicant:** Mutual Fund & Variable Insurance Trust

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer