# EDGAR Filing Document

**Accession Number:** 0000810695
**File Stem:** 0001580642-26-001722
**Filing Date:** 2026-3
**Character Count:** 590477
**Document Hash:** f16464ec87d5cbf566eae00665296b5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001722.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001580642-26-001722

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05010
- **FILM NUMBER:** 26738859

**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           |
| C000190775 | Rational Equity Armor Fund Class T Shares       |  |

### 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           |
| C000190776 | Rational Dynamic Brands Fund Class T Shares       |  |

### Rational Premium Income Fund (Series ID: S000017165)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000047568 | Rational Premium Income Fund Class A Shares       | HRSAX           |
| C000047570 | Rational Premium Income Fund Institutional Shares | HRSTX           |
| C000169250 | Rational Premium Income Fund Class C Shares       | HRSFX           |
| C000190777 | Rational Premium Income Class T Shares            |  |

### 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           |
| C000190778 | Rational Strategic Allocation Fund Class T Shares       |  |

### 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           |
| C000190780 | Return Stacked® Balanced Allocation & Systematic Macro Fund Class T              |  |

### 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 Real Assets Fund (Series ID: S000072819)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000229365 | Rational Real Assets Fund Institutional Shares | IGOIX           |
| C000229366 | Rational Real Assets Fund Class A Shares       | IGOAX           |
| C000229367 | Rational Real Assets Fund Class C Shares       | IGOCX           |

### 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)

The Corporation Trust Company, Corporate Trust Center <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>12/31/25</u>

**Item 1. Reports to Stockholders.**

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

# Rational Dynamic Brands Fund

## Class A (HSUAX)

#### Annual Shareholder Report - December 31, 2025
![Image](i0409ec1add30c7459d528dc8.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Dynamic Brands Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $144 | 1.43% |

---

## How did the Fund perform during the reporting period?
Happy New Year! 2025 was a more difficult year for the global consumption theme, primarily due to tariffs, supply chain restructurings, and persistent higher inflation for consumers which held spending back. The market was among the narrowest in 50 years, as just 18% of the stocks in the S&P 500<sup>®</sup> TR Index outperformed the index for 2025. Historically speaking, the years following exceptionally narrow performance years offer much better returns for the average stock. The Fund's underperformance largely came from the persistent overweight to the Consumer Discretionary sector, which significantly underperformed the broad market, as well as the Fund's exposure to a handful of poor performing sub-industries within Consumer Discretionary (such as restaurants and luxury goods). In addition, the Fund held an overweight position to various alternative asset managers tied to the private markets (including Blackstone, KKR and Apollo), which experienced a rare negative performance year.

The Fund's A share class (HSUAX) return for 2025 was a disappointing +0.76% (net), underperforming the MSCI All Country World Index, which generated a return of +22.87%, and the S&P 500<sup>®</sup> TR Index, which generated a return of +17.88%. The Sub-Advisor is excited for 2026 and believes that the Fund's Alpha Brands have exceptional growth opportunities around the world.

The Alpha Brands Portfolio

At the time of this writing, the Fund's allocation to the Alpha Brands portfolio offers access to very important consumer spending and business innovation spending through the dominant brands serving a variety of industries, which typically may include:

• E-commerce.

• Broad retail, restaurants, and grocery.

• Private market asset managers.

• Consumption supply chain leaders serving the power and aerospace industries.

• Experiences, live and streaming.

• Tech hardware and video gaming.

• Artificial Intelligence, Business Innovation Spending, and Cloud adoption.

• Advertising and social commerce.

• Healthcare innovation and bio-science

• Credit cards, brokerage and asset management.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i269dcaea05fca6f749a69554.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rational Dynamic Brands Fund** | **Rational Dynamic Brands Fund - with load** | **MSCI All Country World Index** | **S&P 500<sup>®</sup> Index** |
| **12/31/15** | $10000 | $9526 | $10000 | $10000 |
| **12/31/16** | $10691 | $10184 | $10849 | $11196 |
| **12/31/17** | $12219 | $11640 | $13520 | $13640 |
| **12/31/18** | $12296 | $11714 | $12313 | $13042 |
| **12/31/19** | $15582 | $14844 | $15674 | $17149 |
| **12/31/20** | $22580 | $21510 | $18310 | $20304 |
| **12/31/21** | $25875 | $24649 | $21796 | $26132 |
| **12/31/22** | $16669 | $15879 | $17881 | $21399 |
| **12/31/23** | $23687 | $22564 | $21960 | $27025 |
| **12/31/24** | $29832 | $28419 | $25916 | $33786 |
| **12/31/25** | $30058 | $28634 | $31843 | $39827 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Rational Dynamic Brands Fund |  |  |  |
| Without Load | 0.76% | 5.89% | 11.63% |
| With Load | -4.03% | 4.86% | 11.09% |
| MSCI All Country World Index | 22.87% | 11.70% | 12.28% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$63,672,573

* Number of Portfolio Holdings33

* Advisory Fee $538,007

* Portfolio Turnover267%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia97a7c01e6e028d630d107a5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i16810a9c197a8bdd76210402.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.3% |
| Industrials | 2.7% |
| Health Care | 3.9% |
| Consumer Staples | 9.2% |
| Financials | 18.2% |
| Consumer Discretionary | 19.5% |
| Technology | 22.9% |
| Communications | 23.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;MercadoLibre, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;4.4% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i524d5b696435ca3b52cda5a8.jpg)

# Rational Dynamic Brands Fund - Class A (HSUAX)

#### Annual Shareholder Report - December 31, 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](idb151e5bbd5564f03cfbd04c.jpg)

TSR-AR 123125-HSUAX

# Rational Dynamic Brands Fund

## Class C (HSUCX)

#### Annual Shareholder Report - December 31, 2025
![Image](i0409ec1add30c7459d528dc8.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Dynamic Brands Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $212 | 2.12% |

---

## How did the Fund perform during the reporting period?
Happy New Year! 2025 was a more difficult year for the global consumption theme, primarily due to tariffs, supply chain restructurings, and persistent higher inflation for consumers which held spending back. The market was among the narrowest in 50 years, as just 18% of the stocks in the S&P 500<sup>®</sup> TR Index outperformed the index for 2025. Historically speaking, the years following exceptionally narrow performance years offer much better returns for the average stock. The Fund's underperformance largely came from the persistent overweight to the Consumer Discretionary sector, which significantly underperformed the broad market, as well as the Fund's exposure to a handful of poor performing sub-industries within Consumer Discretionary (such as restaurants and luxury goods). In addition, the Fund held an overweight position to various alternative asset managers tied to the private markets (including Blackstone, KKR and Apollo), which experienced a rare negative performance year.

The Fund's C share class (HSUCX) return for 2025 was a disappointing +0.06% (net), underperforming the MSCI All Country World Index, which generated a return of +22.87%, and the S&P 500<sup>®</sup> TR Index, which generated a return of +17.88%. The Sub-Advisor is excited for 2026 and believes that the Fund's Alpha Brands have exceptional growth opportunities around the world.

The Alpha Brands Portfolio

At the time of this writing, the Fund's allocation to the Alpha Brands portfolio offers access to very important consumer spending and business innovation spending through the dominant brands serving a variety of industries, which typically may include:

• E-commerce.

• Broad retail, restaurants, and grocery.

• Private market asset managers.

• Consumption supply chain leaders serving the power and aerospace industries.

• Experiences, live and streaming.

• Tech hardware and video gaming.

• Artificial Intelligence, Business Innovation Spending, and Cloud adoption.

• Advertising and social commerce.

• Healthcare innovation and bio-science

• Credit cards, brokerage and asset management.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i57575fd8d9efd49f2d70ac38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Rational Dynamic Brands Fund** | **S&P 500<sup>®</sup> Index** | **MSCI All Country World Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10619 | $11196 | $10849 |
| **Dec-2017** | $12108 | $13640 | $13520 |
| **Dec-2018** | $12106 | $13042 | $12313 |
| **Dec-2019** | $15198 | $17149 | $15674 |
| **Dec-2020** | $21855 | $20304 | $18310 |
| **Dec-2021** | $24881 | $26132 | $21796 |
| **Dec-2022** | $15919 | $21399 | $17881 |
| **Dec-2023** | $22457 | $27025 | $21960 |
| **Dec-2024** | $28083 | $33786 | $25916 |
| **Dec-2025** | $28100 | $39827 | $31843 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Rational Dynamic Brands Fund | 0.06% | 5.16% | 10.88% |
| MSCI All Country World Index | 22.87% | 11.70% | 12.28% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$63,672,573

* Number of Portfolio Holdings33

* Advisory Fee $538,007

* Portfolio Turnover267%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia97a7c01e6e028d630d107a5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i16810a9c197a8bdd76210402.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.3% |
| Industrials | 2.7% |
| Health Care | 3.9% |
| Consumer Staples | 9.2% |
| Financials | 18.2% |
| Consumer Discretionary | 19.5% |
| Technology | 22.9% |
| Communications | 23.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;MercadoLibre, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;4.4% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i524d5b696435ca3b52cda5a8.jpg)

# Rational Dynamic Brands Fund - Class C (HSUCX)

#### Annual Shareholder Report - December 31, 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](idb151e5bbd5564f03cfbd04c.jpg)

TSR-AR 123125-HSUCX

# Rational Dynamic Brands Fund

## Institutional (HSUTX)

#### Annual Shareholder Report - December 31, 2025
![Image](i0409ec1add30c7459d528dc8.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Dynamic Brands Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $117 | 1.16% |

---

## How did the Fund perform during the reporting period?
Happy New Year! 2025 was a more difficult year for the global consumption theme, primarily due to tariffs, supply chain restructurings, and persistent higher inflation for consumers which held spending back. The market was among the narrowest in 50 years, as just 18% of the stocks in the S&P 500<sup>®</sup> TR Index outperformed the index for 2025. Historically speaking, the years following exceptionally narrow performance years offer much better returns for the average stock. The Fund's underperformance largely came from the persistent overweight to the Consumer Discretionary sector, which significantly underperformed the broad market, as well as the Fund's exposure to a handful of poor performing sub-industries within Consumer Discretionary (such as restaurants and luxury goods). In addition, the Fund held an overweight position to various alternative asset managers tied to the private markets (including Blackstone, KKR and Apollo), which experienced a rare negative performance year.

The Fund's institutional share class (HSUTX) return for 2025 was a disappointing +1.04% (net), underperforming the MSCI All Country World Index, which generated a return of +22.87%, and the S&P 500<sup>®</sup> TR Index, which generated a return of +17.88%. The Sub-Advisor is excited for 2026 and believes that the Fund's Alpha Brands have exceptional growth opportunities around the world.

The Alpha Brands Portfolio

At the time of this writing, the Fund's allocation to the Alpha Brands portfolio offers access to very important consumer spending and business innovation spending through the dominant brands serving a variety of industries, which typically may include:

• E-commerce.

• Broad retail, restaurants, and grocery.

• Private market asset managers.

• Consumption supply chain leaders serving the power and aerospace industries.

• Experiences, live and streaming.

• Tech hardware and video gaming.

• Artificial Intelligence, Business Innovation Spending, and Cloud adoption.

• Advertising and social commerce.

• Healthcare innovation and bio-science

• Credit cards, brokerage and asset management.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9a01f0089f72069a8da76bc2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Rational Dynamic Brands Fund** | **S&P 500<sup>®</sup> Index** | **MSCI All Country World Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10721 | $11196 | $10849 |
| **Dec-2017** | $12293 | $13640 | $13520 |
| **Dec-2018** | $12381 | $13042 | $12313 |
| **Dec-2019** | $15727 | $17149 | $15674 |
| **Dec-2020** | $22848 | $20304 | $18310 |
| **Dec-2021** | $26268 | $26132 | $21796 |
| **Dec-2022** | $16965 | $21399 | $17881 |
| **Dec-2023** | $24175 | $27025 | $21960 |
| **Dec-2024** | $30524 | $33786 | $25916 |
| **Dec-2025** | $30840 | $39827 | $31843 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Rational Dynamic Brands Fund | 1.04% | 6.18% | 11.92% |
| MSCI All Country World Index | 22.87% | 11.70% | 12.28% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$63,672,573

* Number of Portfolio Holdings33

* Advisory Fee $538,007

* Portfolio Turnover267%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia97a7c01e6e028d630d107a5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i16810a9c197a8bdd76210402.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.3% |
| Industrials | 2.7% |
| Health Care | 3.9% |
| Consumer Staples | 9.2% |
| Financials | 18.2% |
| Consumer Discretionary | 19.5% |
| Technology | 22.9% |
| Communications | 23.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;MercadoLibre, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;4.4% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i524d5b696435ca3b52cda5a8.jpg)

# Rational Dynamic Brands Fund - Institutional (HSUTX)

#### Annual Shareholder Report - December 31, 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](idb151e5bbd5564f03cfbd04c.jpg)

TSR-AR 123125-HSUTX

# Rational Equity Armor Fund

## Class A (HDCAX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Equity Armor Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $177 | 1.67% |

---

## How did the Fund perform during the reporting period?
For the reporting period ending December 31, 2025, the Rational Equity Armor Fund Class A shares delivered a total return of 12.41%. This performance is particularly notable as the Fund outperformed its category average despite a challenging environment for volatility-hedging strategies, characterized by the CBOE Volatility Index ("VIX") ending the year at very low levels.

**Key Factors Affecting Performance in 2025**

• **Proprietary Hedging Success**: The Fund utilizes a unique "long volatility, long equity" method designed to hedge equity risk. Despite the low-volatility environment—which typically acts as a headwind for long-volatility positions—the Sub-Advisor's active management and proprietary model allowed the Fund to outperform many category benchmarks.

• **Expert Execution**: Management of the Fund requires specialized expertise in volatility trading. The Fund's portfolio managers, drawing on their experience as former VIX and S&P 500<sup>®</sup> TR Index pit options market makers, actively traded the model to effectively navigate the suppressed volatility landscape.

• **Strategy Resilience**: By balancing equity growth with disciplined risk management, the Fund maintained its upward trajectory even as market complacency pushed volatility lower.

**Market Conditions and Outlook**

The year concluded with the VIX at a low ebb. While low volatility can present hurdles for hedging, it also has the potential to provide a strategic tailwind for 2026. These suppressed levels allow the Fund to acquire volatility protection at relatively attractive valuations, positioning the portfolio to potentially benefit from any future return of market turbulence.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10k](i3d5a957eb148f52c3881f257.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rational Equity Armor Fund** | **Rational Equity Armor Fund - with load** | **S&P 500<sup>®</sup> Index** | **S&P 500<sup>®</sup> Value Index** |
| **12/31/15** | $10000 | $9524 | $10000 | $10000 |
| **12/31/16** | $10589 | $10085 | $11196 | $11740 |
| **12/31/17** | $10352 | $9859 | $13640 | $13543 |
| **12/31/18** | $9087 | $8655 | $13042 | $12331 |
| **12/31/19** | $10090 | $9610 | $17149 | $16268 |
| **12/31/20** | $11678 | $11122 | $20304 | $16489 |
| **12/31/21** | $13326 | $12691 | $26132 | $20594 |
| **12/31/22** | $11878 | $11313 | $21399 | $19519 |
| **12/31/23** | $12189 | $11609 | $27025 | $23858 |
| **12/31/24** | $14206 | $13529 | $33786 | $26790 |
| **12/31/25** | $15969 | $15208 | $39827 | $30323 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Rational Equity Armor Fund |  |  |  |
| Without Load | 12.41% | 6.46% | 4.79% |
| With Load | 7.11% | 5.42% | 4.28% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| S&P 500<sup>®</sup> Value Index | 13.19% | 12.96% | 11.73% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$54,284,167

* Number of Portfolio Holdings52

* Advisory Fee $305,152

* Portfolio Turnover204%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0f6e6473a901eeb22703fb2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 69.9% |
| Exchange-Traded Funds | 6.0% |
| Money Market Funds | 17.9% |
| Purchased Options | 6.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i398be117c519d7436cef9ec0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Consumer Staples | 1.4% |
| Utilities | 4.0% |
| Industrials | 5.1% |
| Energy | 5.1% |
| Equity | 6.4% |
| Health Care | 7.2% |
| Consumer Discretionary | 8.3% |
| Communications | 10.0% |
| Financials | 11.0% |
| Money Market Funds | 19.1% |
| Technology | 22.6% |

---

The above charts exclude investments in futures and options.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Alphabet, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;SPDR S&P 500 ETF | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;2.5% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

# Rational Equity Armor Fund - Class A (HDCAX)

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-HDCAX

# Rational Equity Armor Fund

## Class C (HDCEX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Equity Armor Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $252 | 2.38% |

---

## How did the Fund perform during the reporting period?
For the reporting period ending December 31, 2025, the Rational Equity Armor Fund Class C shares delivered a total return of 11.60%. This performance is particularly notable as the Fund outperformed its category average despite a challenging environment for volatility-hedging strategies, characterized by the CBOE Volatility Index ("VIX") ending the year at very low levels.

**Key Factors Affecting Performance in 2025**

• **Proprietary Hedging Success**: The Fund utilizes a unique "long volatility, long equity" method designed to hedge equity risk. Despite the low-volatility environment—which typically acts as a headwind for long-volatility positions—the Sub-Advisor's active management and proprietary model allowed the Fund to outperform many category benchmarks.

• **Expert Execution**: Management of the Fund requires specialized expertise in volatility trading. The Fund's portfolio managers, drawing on their experience as former VIX and S&P 500<sup>®</sup> TR Index pit options market makers, actively traded the model to effectively navigate the suppressed volatility landscape.

• **Strategy Resilience**: By balancing equity growth with disciplined risk management, the Fund maintained its upward trajectory even as market complacency pushed volatility lower.

**Market Conditions and Outlook**

The year concluded with the VIX at a low ebb. While low volatility can present hurdles for hedging, it also has the potential to provide a strategic tailwind for 2026. These suppressed levels allow the Fund to acquire volatility protection at relatively attractive valuations, positioning the portfolio to potentially benefit from any future return of market turbulence.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10k](i7226a4238b099ef07653317d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Rational Equity Armor Fund** | **S&P 500<sup>®</sup> Index** | **S&P 500<sup>®</sup> Value Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10534 | $11196 | $11740 |
| **Dec-2017** | $10252 | $13640 | $13543 |
| **Dec-2018** | $8954 | $13042 | $12331 |
| **Dec-2019** | $9840 | $17149 | $16268 |
| **Dec-2020** | $11305 | $20304 | $16489 |
| **Dec-2021** | $12819 | $26132 | $20594 |
| **Dec-2022** | $11344 | $21399 | $19519 |
| **Dec-2023** | $11559 | $27025 | $23858 |
| **Dec-2024** | $13385 | $33786 | $26790 |
| **Dec-2025** | $14938 | $39827 | $30323 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Rational Equity Armor Fund | 11.60% | 5.73% | 4.09% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| S&P 500<sup>®</sup> Value Index | 13.19% | 12.96% | 11.73% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$54,284,167

* Number of Portfolio Holdings52

* Advisory Fee $305,152

* Portfolio Turnover204%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0f6e6473a901eeb22703fb2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 69.9% |
| Exchange-Traded Funds | 6.0% |
| Money Market Funds | 17.9% |
| Purchased Options | 6.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i398be117c519d7436cef9ec0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Consumer Staples | 1.4% |
| Utilities | 4.0% |
| Industrials | 5.1% |
| Energy | 5.1% |
| Equity | 6.4% |
| Health Care | 7.2% |
| Consumer Discretionary | 8.3% |
| Communications | 10.0% |
| Financials | 11.0% |
| Money Market Funds | 19.1% |
| Technology | 22.6% |

---

The above charts exclude investments in futures and options.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Alphabet, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;SPDR S&P 500 ETF | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;2.5% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

# Rational Equity Armor Fund - Class C (HDCEX)

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-HDCEX

# Rational Equity Armor Fund

## Institutional (HDCTX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Equity Armor Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $150 | 1.41% |

---

## How did the Fund perform during the reporting period?
For the reporting period ending December 31, 2025, the Rational Equity Armor Fund Class I shares delivered a total return of 12.64%. This performance is particularly notable as the Fund outperformed its category average despite a challenging environment for volatility-hedging strategies, characterized by the CBOE Volatility Index ("VIX") ending the year at very low levels.

**Key Factors Affecting Performance in 2025**

• **Proprietary Hedging Success**: The Fund utilizes a unique "long volatility, long equity" method designed to hedge equity risk. Despite the low-volatility environment—which typically acts as a headwind for long-volatility positions—the Sub-Advisor's active management and proprietary model allowed the Fund to outperform many category benchmarks.

• **Expert Execution**: Management of the Fund requires specialized expertise in volatility trading. The Fund's portfolio managers, drawing on their experience as former VIX and S&P 500<sup>®</sup> TR Index pit options market makers, actively traded the model to effectively navigate the suppressed volatility landscape.

• **Strategy Resilience**: By balancing equity growth with disciplined risk management, the Fund maintained its upward trajectory even as market complacency pushed volatility lower.

**Market Conditions and Outlook**

The year concluded with the VIX at a low ebb. While low volatility can present hurdles for hedging, it also has the potential to provide a strategic tailwind for 2026. These suppressed levels allow the Fund to acquire volatility protection at relatively attractive valuations, positioning the portfolio to potentially benefit from any future return of market turbulence.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10k](i64b602674240d26e3ee6cb9e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Rational Equity Armor Fund** | **S&P 500<sup>®</sup> Index** | **S&P 500<sup>®</sup> Value Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10615 | $11196 | $11740 |
| **Dec-2017** | $10404 | $13640 | $13543 |
| **Dec-2018** | $9159 | $13042 | $12331 |
| **Dec-2019** | $10196 | $17149 | $16268 |
| **Dec-2020** | $11813 | $20304 | $16489 |
| **Dec-2021** | $13528 | $26132 | $20594 |
| **Dec-2022** | $12083 | $21399 | $19519 |
| **Dec-2023** | $12439 | $27025 | $23858 |
| **Dec-2024** | $14535 | $33786 | $26790 |
| **Dec-2025** | $16372 | $39827 | $30323 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Rational Equity Armor Fund | 12.64% | 6.75% | 5.05% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| S&P 500<sup>®</sup> Value Index | 13.19% | 12.96% | 11.73% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$54,284,167

* Number of Portfolio Holdings52

* Advisory Fee $305,152

* Portfolio Turnover204%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0f6e6473a901eeb22703fb2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 69.9% |
| Exchange-Traded Funds | 6.0% |
| Money Market Funds | 17.9% |
| Purchased Options | 6.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i398be117c519d7436cef9ec0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Consumer Staples | 1.4% |
| Utilities | 4.0% |
| Industrials | 5.1% |
| Energy | 5.1% |
| Equity | 6.4% |
| Health Care | 7.2% |
| Consumer Discretionary | 8.3% |
| Communications | 10.0% |
| Financials | 11.0% |
| Money Market Funds | 19.1% |
| Technology | 22.6% |

---

The above charts exclude investments in futures and options.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Alphabet, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;SPDR S&P 500 ETF | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;2.5% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

# Rational Equity Armor Fund - Institutional (HDCTX)

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-HDCTX

# Rational Special Situations Income Fund

## Class A (RFXAX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Special Situations Income Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $206 | 2.01% |

---

## How did the Fund perform during the reporting period?
In 2025, the Fund's Class A shares returned (on a net basis) +4.93%. In comparison, the Bloomberg U.S. Aggregate TR Bond Index returned +7.30% for 2025. While the rally in Treasuries and credit boosted the overall bond market, the Fund deliberately maintains relatively limited exposure to interest rate risk and credit risk, and instead seeks to add alpha through "special situation" trades in both RMBS and CMBS. The Fund expects to continue to pursue its opportunity set in a way that strives to keep both interest rate risk and credit risk to a relative minimum.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10k](i7d0c3d2292004e015f9562fa.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rational Special Situations Income Fund** | **Rational Special Situations Income Fund - with load** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Mortgage Backed Securities Index** |
| **12/31/15** | $10000 | $9523 | $10000 | $10000 |
| **12/31/16** | $10388 | $9892 | $10265 | $10167 |
| **12/31/17** | $12013 | $11439 | $10628 | $10419 |
| **12/31/18** | $13333 | $12697 | $10629 | $10522 |
| **12/31/19** | $14371 | $13684 | $11556 | $11190 |
| **12/31/20** | $14744 | $14040 | $12423 | $11624 |
| **12/31/21** | $15481 | $14742 | $12232 | $11502 |
| **12/31/22** | $15311 | $14580 | $10641 | $10144 |
| **12/31/23** | $15905 | $15146 | $11229 | $10656 |
| **12/31/24** | $17287 | $16461 | $11369 | $10784 |
| **12/31/25** | $18138 | $17272 | $12199 | $11709 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Rational Special Situations Income Fund |  |  |  |
| Without Load | 4.93% | 4.23% | 6.13% |
| With Load | -0.06% | 3.22% | 5.62% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Mortgage Backed Securities Index | 8.58% | 0.15% | 1.59% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$1,287,253,229

* Number of Portfolio Holdings954

* Advisory Fee (net of waivers)$17,670,508

* Portfolio Turnover11%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i34bc1b3565a913943aef5629.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 79.8% |
| Corporate Bonds | 14.7% |
| Money Market Funds | 4.6% |
| Preferred Stocks | 0.7% |
| Term Loans | 0.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i793b9a7e8b762011b172cb21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Non-Agency MBS CMO | 0.1% |
| ABS | 0.2% |
| Other | 0.2% |
| Real Estate | 0.4% |
| Financial Services | 0.7% |
| CMO | 1.0% |
| CDO | 1.6% |
| Money Market Funds | 4.6% |
| Financials | 14.2% |
| CMBS | 35.1% |
| Non-Agency Residential Mortgage Backed Securities | 41.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ambac Assurance Corporation, 5.100%, 06/07/69 | 9.5% |
| MBIA Global Funding, LLC, 0.000%, 12/15/33 | 1.8% |
| GS Mortgage Securities Trust, 5.166%, 08/10/44 | 1.6% |
| JP Morgan Chase Commercial Mortgage Securities, 3.910%, 05/05/30 | 1.5% |
| COMM Mortgage Trust, 3.922%, 10/15/45 | 1.5% |
| JP Morgan Chase Commercial Mortgage Securities, 4.964%, 05/15/45 | 1.3% |
| Commercial Mortgage Pass Through Certificates, 3.400%, 10/05/30 | 1.2% |
| CG-CCRE Commercial Mortgage Trust, 5.015%, 06/15/31 | 1.0% |
| WFRBS Commercial Mortgage Trust, 3.817%, 06/15/46 | 1.0% |
| JP Morgan Chase Commercial Mortgage Securities, 5.582%, 11/15/43 | 0.9% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

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

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-RFXAX

# Rational Special Situations Income Fund

## Class C (RFXCX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Special Situations Income Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $277 | 2.71% |

---

## How did the Fund perform during the reporting period?
In 2025, the Fund's Class C shares returned (on a net basis) +4.16%. In comparison, the Bloomberg U.S. Aggregate TR Bond Index returned +7.30% for 2025. While the rally in Treasuries and credit boosted the overall bond market, the Fund deliberately maintains relatively limited exposure to interest rate risk and credit risk, and instead seeks to add alpha through "special situation" trades in both RMBS and CMBS. The Fund expects to continue to pursue its opportunity set in a way that strives to keep both interest rate risk and credit risk to a relative minimum.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10k](iebb31f9ba554f0ef9a7ad1b0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Rational Special Situations Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Mortgage Backed Securities Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10302 | $10265 | $10167 |
| **Dec-2017** | $11828 | $10628 | $10419 |
| **Dec-2018** | $13031 | $10629 | $10522 |
| **Dec-2019** | $13942 | $11556 | $11190 |
| **Dec-2020** | $14195 | $12423 | $11624 |
| **Dec-2021** | $14794 | $12232 | $11502 |
| **Dec-2022** | $14530 | $10641 | $10144 |
| **Dec-2023** | $14975 | $11229 | $10656 |
| **Dec-2024** | $16150 | $11369 | $10784 |
| **Dec-2025** | $16823 | $12199 | $11709 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Rational Special Situations Income Fund | 4.16% | 3.45% | 5.34% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Mortgage Backed Securities Index | 8.58% | 0.15% | 1.59% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$1,287,253,229

* Number of Portfolio Holdings954

* Advisory Fee (net of waivers)$17,670,508

* Portfolio Turnover11%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i34bc1b3565a913943aef5629.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 79.8% |
| Corporate Bonds | 14.7% |
| Money Market Funds | 4.6% |
| Preferred Stocks | 0.7% |
| Term Loans | 0.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i793b9a7e8b762011b172cb21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Non-Agency MBS CMO | 0.1% |
| ABS | 0.2% |
| Other | 0.2% |
| Real Estate | 0.4% |
| Financial Services | 0.7% |
| CMO | 1.0% |
| CDO | 1.6% |
| Money Market Funds | 4.6% |
| Financials | 14.2% |
| CMBS | 35.1% |
| Non-Agency Residential Mortgage Backed Securities | 41.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ambac Assurance Corporation, 5.100%, 06/07/69 | 9.5% |
| MBIA Global Funding, LLC, 0.000%, 12/15/33 | 1.8% |
| GS Mortgage Securities Trust, 5.166%, 08/10/44 | 1.6% |
| JP Morgan Chase Commercial Mortgage Securities, 3.910%, 05/05/30 | 1.5% |
| COMM Mortgage Trust, 3.922%, 10/15/45 | 1.5% |
| JP Morgan Chase Commercial Mortgage Securities, 4.964%, 05/15/45 | 1.3% |
| Commercial Mortgage Pass Through Certificates, 3.400%, 10/05/30 | 1.2% |
| CG-CCRE Commercial Mortgage Trust, 5.015%, 06/15/31 | 1.0% |
| WFRBS Commercial Mortgage Trust, 3.817%, 06/15/46 | 1.0% |
| JP Morgan Chase Commercial Mortgage Securities, 5.582%, 11/15/43 | 0.9% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

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

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-RFXCX

# Rational Special Situations Income Fund

## Institutional (RFXIX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Special Situations Income Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $181 | 1.76% |

---

## How did the Fund perform during the reporting period?
In 2025, the Fund's Class I shares returned (on a net basis) +5.18%. In comparison, the Bloomberg U.S. Aggregate TR Bond Index returned +7.30% for 2025. While the rally in Treasuries and credit boosted the overall bond market, the Fund deliberately maintains relatively limited exposure to interest rate risk and credit risk, and instead seeks to add alpha through "special situation" trades in both RMBS and CMBS. The Fund expects to continue to pursue its opportunity set in a way that strives to keep both interest rate risk and credit risk to a relative minimum.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10k](ie7922e64b348ce4e89a18cc2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Rational Special Situations Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Mortgage Backed Securities Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10408 | $10265 | $10167 |
| **Dec-2017** | $12068 | $10628 | $10419 |
| **Dec-2018** | $13429 | $10629 | $10522 |
| **Dec-2019** | $14519 | $11556 | $11190 |
| **Dec-2020** | $14930 | $12423 | $11624 |
| **Dec-2021** | $15721 | $12232 | $11502 |
| **Dec-2022** | $15588 | $10641 | $10144 |
| **Dec-2023** | $16224 | $11229 | $10656 |
| **Dec-2024** | $17676 | $11369 | $10784 |
| **Dec-2025** | $18591 | $12199 | $11709 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Rational Special Situations Income Fund | 5.18% | 4.48% | 6.40% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Mortgage Backed Securities Index | 8.58% | 0.15% | 1.59% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$1,287,253,229

* Number of Portfolio Holdings954

* Advisory Fee (net of waivers)$17,670,508

* Portfolio Turnover11%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i34bc1b3565a913943aef5629.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 79.8% |
| Corporate Bonds | 14.7% |
| Money Market Funds | 4.6% |
| Preferred Stocks | 0.7% |
| Term Loans | 0.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i793b9a7e8b762011b172cb21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Non-Agency MBS CMO | 0.1% |
| ABS | 0.2% |
| Other | 0.2% |
| Real Estate | 0.4% |
| Financial Services | 0.7% |
| CMO | 1.0% |
| CDO | 1.6% |
| Money Market Funds | 4.6% |
| Financials | 14.2% |
| CMBS | 35.1% |
| Non-Agency Residential Mortgage Backed Securities | 41.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ambac Assurance Corporation, 5.100%, 06/07/69 | 9.5% |
| MBIA Global Funding, LLC, 0.000%, 12/15/33 | 1.8% |
| GS Mortgage Securities Trust, 5.166%, 08/10/44 | 1.6% |
| JP Morgan Chase Commercial Mortgage Securities, 3.910%, 05/05/30 | 1.5% |
| COMM Mortgage Trust, 3.922%, 10/15/45 | 1.5% |
| JP Morgan Chase Commercial Mortgage Securities, 4.964%, 05/15/45 | 1.3% |
| Commercial Mortgage Pass Through Certificates, 3.400%, 10/05/30 | 1.2% |
| CG-CCRE Commercial Mortgage Trust, 5.015%, 06/15/31 | 1.0% |
| WFRBS Commercial Mortgage Trust, 3.817%, 06/15/46 | 1.0% |
| JP Morgan Chase Commercial Mortgage Securities, 5.582%, 11/15/43 | 0.9% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

# Rational Special Situations Income Fund - Institutional (RFXIX)

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-RFXIX

# Rational Strategic Allocation Fund

## Class A (RHSAX)

#### Annual Shareholder Report - December 31, 2025
![Image](i0409ec1add30c7459d528dc8.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Strategic Allocation Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $76 | 0.72% |

---

## How did the Fund perform during the reporting period?
The Fund seeks current income and moderate appreciation of capital by implementing a distinct "index plus" strategy that provides investors exposure to a non-traditional mutual fund portfolio coupled with an S&P 500<sup>®</sup> TR Index equity overlay. The Fund generally performed in-line with expectations during the fiscal year ended December 31, 2025, returning for +10.81% for Class A shares for the year. The Fund's exposure to S&P 500<sup>®</sup> TR Index futures contracts allowed it to participate in the upswings of the equity markets, while the non-traditional mutual fund component of the portfolio generated current income and added relatively modest gains during the year. The Fund lagged the S&P 500<sup>®</sup> TR Index as a result of its allocations to futures contracts on the S&P 500<sup>®</sup> TR Index, which incur a cost of funding that typically results in a drag on returns relative to the S&P 500<sup>®</sup> TR Index.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic876619e4b28b856105834c0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Rational Strategic Allocation Fund** | **Rational Strategic Allocation Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **12/31/15** | $10000 | $9523 | $10000 |
| **12/31/16** | $10816 | $10300 | $11196 |
| **12/31/17** | $12072 | $11496 | $13640 |
| **12/31/18** | $11704 | $11145 | $13042 |
| **12/31/19** | $13165 | $12537 | $17149 |
| **12/31/20** | $12715 | $12108 | $20304 |
| **12/31/21** | $16983 | $16173 | $26132 |
| **12/31/22** | $12221 | $11638 | $21399 |
| **12/31/23** | $15124 | $14403 | $27025 |
| **12/31/24** | $17283 | $16458 | $33786 |
| **12/31/25** | $19152 | $18238 | $39827 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Rational Strategic Allocation Fund |  |  |  |
| Without Load | 10.81% | 8.54% | 6.71% |
| With Load | 5.52% | 7.48% | 6.19% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$10,048,109

* Number of Portfolio Holdings7

* Advisory Fee (net of waivers)$0

* Portfolio Turnover30%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6c6ddc5332b0290a1d882f56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Open End Funds | 93.3% |
| U.S. Government & Agencies | 6.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](idab646da28442abb647ed53f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 8.6% |
| Money Market Funds | 0.3% |
| Alternative | 4.4% |
| U.S. Treasury Obligations | 5.8% |
| Open-End Funds | 80.9% |

---

The above charts exclude investments in futures.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Catalyst Systematic Alpha Fund | &nbsp;&nbsp;78.3% |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 09/03/26 | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;AQR Long-Short Equity Fund | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Catalyst/CIFC Senior Secured Income Fund | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Rational/Pier 88 Convertible Securities Fund | &nbsp;&nbsp;0.3% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i524d5b696435ca3b52cda5a8.jpg)

# Rational Strategic Allocation Fund - Class A (RHSAX)

#### Annual Shareholder Report - December 31, 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](i21fc2a754235307250745995.jpg)

TSR-AR 123125-RHSAX

# Rational Strategic Allocation Fund

## Class C (RHSCX)

#### Annual Shareholder Report - December 31, 2025
![Image](i0409ec1add30c7459d528dc8.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Strategic Allocation Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $154 | 1.47% |

---

## How did the Fund perform during the reporting period?
The Fund seeks current income and moderate appreciation of capital by implementing a distinct "index plus" strategy that provides investors exposure to a non-traditional mutual fund portfolio coupled with an S&P 500<sup>®</sup> TR Index equity overlay. The Fund generally performed in-line with expectations during the fiscal year ended December 31, 2025, returning +10.06% for C shares for the year. The Fund's exposure to S&P 500<sup>®</sup> TR Index futures contracts allowed it to participate in the upswings of the equity markets, while the non-traditional mutual fund component of the portfolio generated current income and added relatively modest gains during the year. The Fund lagged the S&P 500<sup>®</sup> TR Index as a result of its allocations to futures contracts on the S&P 500<sup>®</sup> TR Index, which incur a cost of funding that typically results in a drag on returns relative to the S&P 500<sup>®</sup> TR Index.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie5077499e0bbeee4887c8b81.jpg)

---

| | | |
|:---|:---|:---|
| | **Rational Strategic Allocation Fund** | **S&P 500<sup>®</sup> Index** |
| **May-2016** | $10000 | $10000 |
| **Dec-2016** | $10456 | $10810 |
| **Dec-2017** | $11585 | $13170 |
| **Dec-2018** | $11142 | $12593 |
| **Dec-2019** | $12436 | $16558 |
| **Dec-2020** | $11922 | $19604 |
| **Dec-2021** | $15809 | $25232 |
| **Dec-2022** | $11295 | $20662 |
| **Dec-2023** | $13887 | $26094 |
| **Dec-2024** | $15757 | $32622 |
| **Dec-2025** | $17342 | $38455 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 31, 2016)** |
| Rational Strategic Allocation Fund | 10.06% | 7.78% | 5.91% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.09% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$10,048,109

* Number of Portfolio Holdings7

* Advisory Fee (net of waivers)$0

* Portfolio Turnover30%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6c6ddc5332b0290a1d882f56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Open End Funds | 93.3% |
| U.S. Government & Agencies | 6.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](idab646da28442abb647ed53f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 8.6% |
| Money Market Funds | 0.3% |
| Alternative | 4.4% |
| U.S. Treasury Obligations | 5.8% |
| Open-End Funds | 80.9% |

---

The above charts exclude investments in futures.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Catalyst Systematic Alpha Fund | &nbsp;&nbsp;78.3% |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 09/03/26 | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;AQR Long-Short Equity Fund | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Catalyst/CIFC Senior Secured Income Fund | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Rational/Pier 88 Convertible Securities Fund | &nbsp;&nbsp;0.3% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i524d5b696435ca3b52cda5a8.jpg)

# Rational Strategic Allocation Fund - Class C (RHSCX)

#### Annual Shareholder Report - December 31, 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](i21fc2a754235307250745995.jpg)

TSR-AR 123125-RHSCX

# Rational Strategic Allocation Fund

## Institutional (RHSIX)

#### Annual Shareholder Report - December 31, 2025
![Image](i0409ec1add30c7459d528dc8.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Strategic Allocation Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $50 | 0.47% |

---

## How did the Fund perform during the reporting period?
The Fund seeks current income and moderate appreciation of capital by implementing a distinct "index plus" strategy that provides investors exposure to a non-traditional mutual fund portfolio coupled with an S&P 500<sup>®</sup> TR Index equity overlay. The Fund generally performed in-line with expectations during the fiscal year ended December 31, 2025, returning +11.08% for Class I shares for the year. The Fund's exposure to S&P 500<sup>®</sup> TR Index futures contracts allowed it to participate in the upswings of the equity markets, while the non-traditional mutual fund component of the portfolio generated current income and added relatively modest gains during the year. The Fund lagged the S&P 500<sup>®</sup> TR Index as a result of its allocations to futures contracts on the S&P 500<sup>®</sup> TR Index, which incur a cost of funding that typically results in a drag on returns relative to the S&P 500<sup>®</sup> TR Index.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i39f864268602e626fc74869e.jpg)

---

| | | |
|:---|:---|:---|
| | **Rational Strategic Allocation Fund** | **S&P 500<sup>®</sup> Index** |
| **May-2016** | $10000 | $10000 |
| **Dec-2016** | $10511 | $10810 |
| **Dec-2017** | $11766 | $13170 |
| **Dec-2018** | $11436 | $12593 |
| **Dec-2019** | $12882 | $16558 |
| **Dec-2020** | $12471 | $19604 |
| **Dec-2021** | $16704 | $25232 |
| **Dec-2022** | $12050 | $20662 |
| **Dec-2023** | $14947 | $26094 |
| **Dec-2024** | $17136 | $32622 |
| **Dec-2025** | $19035 | $38455 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 31, 2016)** |
| Rational Strategic Allocation Fund | 11.08% | 8.82% | 6.95% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.09% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$10,048,109

* Number of Portfolio Holdings7

* Advisory Fee (net of waivers)$0

* Portfolio Turnover30%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6c6ddc5332b0290a1d882f56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Open End Funds | 93.3% |
| U.S. Government & Agencies | 6.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](idab646da28442abb647ed53f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 8.6% |
| Money Market Funds | 0.3% |
| Alternative | 4.4% |
| U.S. Treasury Obligations | 5.8% |
| Open-End Funds | 80.9% |

---

The above charts exclude investments in futures.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Catalyst Systematic Alpha Fund | &nbsp;&nbsp;78.3% |
| &nbsp;&nbsp;United States Treasury Bill, 0.000%, 09/03/26 | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;AQR Long-Short Equity Fund | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Catalyst/CIFC Senior Secured Income Fund | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Rational/Pier 88 Convertible Securities Fund | &nbsp;&nbsp;0.3% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i524d5b696435ca3b52cda5a8.jpg)

# Rational Strategic Allocation Fund - Institutional (RHSIX)

#### Annual Shareholder Report - December 31, 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](i21fc2a754235307250745995.jpg)

TSR-AR 123125-RHSIX

# Rational Premium Income Fund

## Class A (HRSAX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Premium Income Fund for the period of January 1, 2025 to December 31, 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. **This report describes change to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(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 | $229 | 2.25% |

---

## How did the Fund perform during the reporting period?
The Rational Premium Income Fund (the "Fund") seeks total return consisting of long-term capital appreciation and income by implementing options strategies on the S&P 500<sup>®</sup> TR Index and investing in income-producing securities. Prior to December 31, 2025, the Rational Premium Income Fund was named the Rational Tactical Return Fund, which implemented a different investment strategy and used a different sub-advisor. Consequently, the performance record prior to December 31, 2025, may be less pertinent for investors evaluating their participation in the Fund, as the Fund's performance may have been different if the portfolio was managed under the current investment strategies and policies.

During 2025, the Fund generally performed in line with expectations, as its blend of options strategies on the S&P 500<sup>®</sup> TR Index generated positive risk-adjusted absolute returns that were non-correlated to the S&P 500<sup>®</sup> TR Index, while avoiding significant drawdowns during periods of heightened volatility in the S&P 500<sup>®</sup> TR Index. HRSAX finished the year with a gain of +3.36%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10k](idff8f31c2bf0ee368d8025d0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Rational Premium Income Fund** | **Rational Premium Income Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **12/31/15** | $10000 | $9526 | $10000 |
| **12/31/16** | $10686 | $10180 | $11196 |
| **12/31/17** | $11069 | $10545 | $13640 |
| **12/31/18** | $12115 | $11541 | $13042 |
| **12/31/19** | $13096 | $12476 | $17149 |
| **12/31/20** | $13417 | $12781 | $20304 |
| **12/31/21** | $13920 | $13260 | $26132 |
| **12/31/22** | $13846 | $13190 | $21399 |
| **12/31/23** | $14507 | $13819 | $27025 |
| **12/31/24** | $14941 | $14234 | $33786 |
| **12/31/25** | $15443 | $14712 | $39827 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Rational Premium Income Fund |  |  |  |
| Without Load | 3.36% | 2.85% | 4.44% |
| With Load | -1.58% | 1.85% | 3.94% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$28,514,257

* Number of Portfolio Holdings4

* Advisory Fee (net of waivers)$781,396

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia9f64e440a7e74a5c7c7c712.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 34.3% |
| U.S. Government & Agencies | 65.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7066026086d9ac30e4954651.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.8% |
| Money Market Funds | 34.6% |
| U.S. Treasury Obligations | 66.2% |

---

The above charts exclude investments in swaps.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Bill, 3.235%, 01/22/26 | &nbsp;&nbsp;49.0% |
| &nbsp;&nbsp;United States Treasury Bill, 3.438%, 06/11/26 | &nbsp;&nbsp;17.3% |

---

## Material Fund Changes
This is a summary of certain material changes to the Fund since June 30, 2025. For more complete information, you may review the Fund's prospectus dated May 31, 2025, which is available at www.rationalmf.com or by calling 1-800-253-0412 (toll-free). Effective December 31, 2025, the sub-advisory agreement between Rational Advisors, Inc. ("Rational"), the Fund's investment adviser, and Warrington Asset Management LLC, the Fund's prior investment sub-adviser, terminated and Rational assumed the day-to-day management of the Fund's portfolio. Also, effective December 31, 2025, the Fund's name, and principal investment strategies and risks materially changed.

![Image](iab01f3fc467b118a1b86ae87.jpg)

# Rational Premium Income Fund - Class A (HRSAX)

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-HRSAX

# Rational Premium Income Fund

## Class C (HRSFX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Premium Income Fund for the period of January 1, 2025 to December 31, 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. **This report describes change to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(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 | $304 | 3.00% |

---

## How did the Fund perform during the reporting period?
The Rational Premium Income Fund (the "Fund") seeks total return consisting of long-term capital appreciation and income by implementing options strategies on the S&P 500<sup>®</sup> TR Index and investing in income-producing securities. Prior to December 31, 2025, the Rational Premium Income Fund was named the Rational Tactical Return Fund, which implemented a different investment strategy and used a different sub-advisor. Consequently, the performance record prior to December 31, 2025, may be less pertinent for investors evaluating their participation in the Fund, as the Fund's performance may have been different if the portfolio was managed under the current investment strategies and policies.

During 2025, the Fund generally performed in line with expectations, as its blend of options strategies on the S&P 500<sup>®</sup> TR Index generated positive risk-adjusted absolute returns that were non-correlated to the S&P 500<sup>®</sup> TR Index, while avoiding significant drawdowns during periods of heightened volatility in the S&P 500<sup>®</sup> TR Index. HRSFX finished the year with a gain of +2.57%.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10k](i3677ff165481b6d11282b2f8.jpg)

---

| | | |
|:---|:---|:---|
| | **Rational Premium Income Fund** | **S&P 500<sup>®</sup> Index** |
| **May-2016** | $10000 | $10000 |
| **Dec-2016** | $10552 | $10810 |
| **Dec-2017** | $10870 | $13170 |
| **Dec-2018** | $11807 | $12593 |
| **Dec-2019** | $12635 | $16558 |
| **Dec-2020** | $12859 | $19604 |
| **Dec-2021** | $13237 | $25232 |
| **Dec-2022** | $13061 | $20662 |
| **Dec-2023** | $13580 | $26094 |
| **Dec-2024** | $13886 | $32622 |
| **Dec-2025** | $14243 | $38455 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 31, 2016)** |
| Rational Premium Income Fund | 2.57% | 2.06% | 3.76% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.09% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$28,514,257

* Number of Portfolio Holdings4

* Advisory Fee (net of waivers)$781,396

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia9f64e440a7e74a5c7c7c712.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 34.3% |
| U.S. Government & Agencies | 65.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7066026086d9ac30e4954651.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.8% |
| Money Market Funds | 34.6% |
| U.S. Treasury Obligations | 66.2% |

---

The above charts exclude investments in swaps.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Bill, 3.235%, 01/22/26 | &nbsp;&nbsp;49.0% |
| &nbsp;&nbsp;United States Treasury Bill, 3.438%, 06/11/26 | &nbsp;&nbsp;17.3% |

---

## Material Fund Changes
This is a summary of certain material changes to the Fund since June 30, 2025. For more complete information, you may review the Fund's prospectus dated May 31, 2025, which is available at www.rationalmf.com or by calling 1-800-253-0412 (toll-free). Effective December 31, 2025, the sub-advisory agreement between Rational Advisors, Inc. ("Rational"), the Fund's investment adviser, and Warrington Asset Management LLC, the Fund's prior investment sub-adviser, terminated and Rational assumed the day-to-day management of the Fund's portfolio. Also, effective December 31, 2025, the Fund's name, and principal investment strategies and risks materially changed.

![Image](iab01f3fc467b118a1b86ae87.jpg)

# Rational Premium Income Fund - Class C (HRSFX)

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-HRSFX

# Rational Premium Income Fund

## Institutional (HRSTX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational Premium Income Fund for the period of January 1, 2025 to December 31, 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. **This report describes change to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(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 | $204 | 2.00% |

---

## How did the Fund perform during the reporting period?
The Rational Premium Income Fund (the "Fund") seeks total return consisting of long-term capital appreciation and income by implementing options strategies on the S&P 500<sup>®</sup> TR Index and investing in income-producing securities. Prior to December 31, 2025, the Rational Premium Income Fund was named the Rational Tactical Return Fund, which implemented a different investment strategy and used a different sub-advisor. Consequently, the performance record prior to December 31, 2025, may be less pertinent for investors evaluating their participation in the Fund, as the Fund's performance may have been different if the portfolio was managed under the current investment strategies and policies.

During 2025, the Fund generally performed in line with expectations, as its blend of options strategies on the S&P 500<sup>®</sup> TR Index generated positive risk-adjusted absolute returns that were non-correlated to the S&P 500<sup>®</sup> TR Index, while avoiding significant drawdowns during periods of heightened volatility in the S&P 500<sup>®</sup> TR Index. HRSTX finished the year with a gain of +3.60%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10k](ib542da3385356ca0cbbc55cd.jpg)

---

| | | |
|:---|:---|:---|
| | **Rational Premium Income Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10719 | $11196 |
| **Dec-2017** | $11093 | $13640 |
| **Dec-2018** | $12165 | $13042 |
| **Dec-2019** | $13181 | $17149 |
| **Dec-2020** | $13530 | $20304 |
| **Dec-2021** | $14063 | $26132 |
| **Dec-2022** | $14021 | $21399 |
| **Dec-2023** | $14730 | $27025 |
| **Dec-2024** | $15207 | $33786 |
| **Dec-2025** | $15754 | $39827 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Rational Premium Income Fund | 3.60% | 3.09% | 4.65% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$28,514,257

* Number of Portfolio Holdings4

* Advisory Fee (net of waivers)$781,396

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia9f64e440a7e74a5c7c7c712.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 34.3% |
| U.S. Government & Agencies | 65.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7066026086d9ac30e4954651.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.8% |
| Money Market Funds | 34.6% |
| U.S. Treasury Obligations | 66.2% |

---

The above charts exclude investments in swaps.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Bill, 3.235%, 01/22/26 | &nbsp;&nbsp;49.0% |
| &nbsp;&nbsp;United States Treasury Bill, 3.438%, 06/11/26 | &nbsp;&nbsp;17.3% |

---

## Material Fund Changes
This is a summary of certain material changes to the Fund since June 30, 2025. For more complete information, you may review the Fund's prospectus dated May 31, 2025, which is available at www.rationalmf.com or by calling 1-800-253-0412 (toll-free). Effective December 31, 2025, the sub-advisory agreement between Rational Advisors, Inc. ("Rational"), the Fund's investment adviser, and Warrington Asset Management LLC, the Fund's prior investment sub-adviser, terminated and Rational assumed the day-to-day management of the Fund's portfolio. Also, effective December 31, 2025, the Fund's name, and principal investment strategies and risks materially changed.

![Image](iab01f3fc467b118a1b86ae87.jpg)

# Rational Premium Income Fund - Institutional (HRSTX)

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-HRSTX

# Rational/Pier 88 Convertible Securities Fund

## Class A (PBXAX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational/Pier 88 Convertible Securities Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $125 | 1.24% |

---

## How did the Fund perform during the reporting period?
During 2025, the Fund returned +1.84% for the Class A shares, compared to +7.43% for the ICE BofAML Investment Grade US Convertible Index ("VX5C"), and +7.30% for the Bloomberg U.S. Aggregate Bond Total Return Index ("AGG"). The Fund is typically more diversified by security name and sector than the VX5C; while the Sub-Advisor generally believes that such diversification is an important element of risk mitigation and potential future performance, the diversification caused the Fund to lag the VX5C in 2025 due to the Fund having less utility sector exposure than the VX5C. Further, the Fund had more exposure to the software sector, which was negatively impacted by the perceived impact on software's future growth due to the emergence of Artificial Intelligence. The Pier 88 Investment Team is constructive on the convertible bond asset class given a historically high Sharpe ratio (return earned per unit risk), competitive yield, positive correlation with rising interest rates, risk-reward profile, and a plethora of convertibles of high growth companies trading significantly below par, which generally allows for a diversified portfolio to express thematic views.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10k](i6f4bda1de06755bc159db10f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rational/Pier 88 Convertible Securities Fund** | **Rational/Pier 88 Convertible Securities Fund - with load** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2017** | $10000 | $9527 | $10000 | $10000 |
| **Dec-2017** | $10701 | $10194 | $10323 | $11343 |
| **Dec-2018** | $10866 | $10352 | $10324 | $10845 |
| **Dec-2019** | $12955 | $12342 | $11224 | $14260 |
| **Dec-2020** | $15154 | $14437 | $12066 | $16884 |
| **Dec-2021** | $16666 | $15877 | $11880 | $21730 |
| **Dec-2022** | $14826 | $14125 | $10334 | $17795 |
| **Dec-2023** | $15231 | $14510 | $10906 | $22473 |
| **Dec-2024** | $16434 | $15656 | $11042 | $28095 |
| **Dec-2025** | $16737 | $15945 | $11848 | $33119 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 1, 2017)** |
| Rational/Pier 88 Convertible Securities Fund |  |  |  |
| Without Load | 1.84% | 2.01% | 6.00% |
| With Load | -3.03% | 1.02% | 5.42% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.94% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.51% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$210,115,765

* Number of Portfolio Holdings36

* Advisory Fee (net of waivers)$1,537,129

* Portfolio Turnover185%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iab92f49d48753b0a5f3ccd11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 14.3% |
| Convertible Bonds | 54.6% |
| Money Market Funds | 3.3% |
| Preferred Stocks | 27.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if221c315ec42616f81f038ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Materials | 1.8% |
| Health Care | 2.7% |
| Money Market Funds | 3.3% |
| Communications | 4.8% |
| Industrials | 4.9% |
| Real Estate | 13.4% |
| Consumer Discretionary | 14.0% |
| Utilities | 15.4% |
| Financials | 19.2% |
| Technology | 20.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Bank of America Corporation | 4.8% |
| Wells Fargo & Company | 4.7% |
| Global Payments, Inc., 1.500%, 03/01/31 | 4.5% |
| ON Semiconductor Corporation, 0.500%, 03/01/29 | 4.5% |
| NextEra Energy, Inc. | 4.4% |
| Ventas Realty, L.P., 3.750%, 06/01/26 | 4.2% |
| Digital Realty Trust, L.P., 1.875%, 11/15/29 | 4.1% |
| American Water Capital Corporation, 3.625%, 06/15/26 | 3.8% |
| Ares Management Corporation | 3.8% |
| Uber Technologies, Inc., 0.875%, 12/01/28 | 3.8% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

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

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-PBXAX

# Rational/Pier 88 Convertible Securities Fund

## Class C (PBXCX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational/Pier 88 Convertible Securities Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $200 | 1.99% |

---

## How did the Fund perform during the reporting period?
During 2025, the Fund returned +1.01% for the Class C shares, compared to +7.43% for the ICE BofAML Investment Grade US Convertible Index ("VX5C"), and +7.30% for the Bloomberg U.S. Aggregate Bond Total Return Index ("AGG"). The Fund is typically more diversified by security name and sector than the VX5C; while the Sub-Advisor generally believes that such diversification is an important element of risk mitigation and potential future performance, the diversification caused the Fund to lag the VX5C in 2025 due to the Fund having less utility sector exposure than the VX5C. Further, the Fund had more exposure to the software sector, which was negatively impacted by the perceived impact on software's future growth due to the emergence of Artificial Intelligence. The Pier 88 Investment Team is constructive on the convertible bond asset class given a historically high Sharpe ratio (return earned per unit risk), competitive yield, positive correlation with rising interest rates, risk-reward profile, and a plethora of convertibles of high growth companies trading significantly below par, which generally allows for a diversified portfolio to express thematic views.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10k](ife944338683df96d36f90c1b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Rational/Pier 88 Convertible Securities Fund** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2017** | $10000 | $10000 | $10000 |
| **Dec-2017** | $10623 | $10323 | $11343 |
| **Dec-2018** | $10711 | $10324 | $10845 |
| **Dec-2019** | $12681 | $11224 | $14260 |
| **Dec-2020** | $14752 | $12066 | $16884 |
| **Dec-2021** | $16096 | $11880 | $21730 |
| **Dec-2022** | $14223 | $10334 | $17795 |
| **Dec-2023** | $14496 | $10906 | $22473 |
| **Dec-2024** | $15537 | $11042 | $28095 |
| **Dec-2025** | $15695 | $11848 | $33119 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 1, 2017)** |
| Rational/Pier 88 Convertible Securities Fund | 1.01% | 1.25% | 5.23% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.94% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.51% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$210,115,765

* Number of Portfolio Holdings36

* Advisory Fee (net of waivers)$1,537,129

* Portfolio Turnover185%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iab92f49d48753b0a5f3ccd11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 14.3% |
| Convertible Bonds | 54.6% |
| Money Market Funds | 3.3% |
| Preferred Stocks | 27.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if221c315ec42616f81f038ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Materials | 1.8% |
| Health Care | 2.7% |
| Money Market Funds | 3.3% |
| Communications | 4.8% |
| Industrials | 4.9% |
| Real Estate | 13.4% |
| Consumer Discretionary | 14.0% |
| Utilities | 15.4% |
| Financials | 19.2% |
| Technology | 20.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Bank of America Corporation | 4.8% |
| Wells Fargo & Company | 4.7% |
| Global Payments, Inc., 1.500%, 03/01/31 | 4.5% |
| ON Semiconductor Corporation, 0.500%, 03/01/29 | 4.5% |
| NextEra Energy, Inc. | 4.4% |
| Ventas Realty, L.P., 3.750%, 06/01/26 | 4.2% |
| Digital Realty Trust, L.P., 1.875%, 11/15/29 | 4.1% |
| American Water Capital Corporation, 3.625%, 06/15/26 | 3.8% |
| Ares Management Corporation | 3.8% |
| Uber Technologies, Inc., 0.875%, 12/01/28 | 3.8% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

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

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-PBXCX

# Rational/Pier 88 Convertible Securities Fund

## Institutional (PBXIX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational/Pier 88 Convertible Securities Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | 0.99% |

---

## How did the Fund perform during the reporting period?
During 2025, the Fund returned +2.12% for the Class I shares, compared to +7.43% for the ICE BofAML Investment Grade US Convertible Index ("VX5C"), and +7.30% for the Bloomberg U.S. Aggregate Bond Total Return Index ("AGG"). The Fund is typically more diversified by security name and sector than the VX5C; while the Sub-Advisor generally believes that such diversification is an important element of risk mitigation and potential future performance, the diversification caused the Fund to lag the VX5C in 2025 due to the Fund having less utility sector exposure than the VX5C. Further, the Fund had more exposure to the software sector, which was negatively impacted by the perceived impact on software's future growth due to the emergence of Artificial Intelligence. The Pier 88 Investment Team is constructive on the convertible bond asset class given a historically high Sharpe ratio (return earned per unit risk), competitive yield, positive correlation with rising interest rates, risk-reward profile, and a plethora of convertibles of high growth companies trading significantly below par, which generally allows for a diversified portfolio to express thematic views.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10k](id3124a62a5ac3139027399d5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Rational/Pier 88 Convertible Securities Fund** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2017** | $10000 | $10000 | $10000 |
| **Dec-2017** | $10718 | $10323 | $11343 |
| **Dec-2018** | $10911 | $10324 | $10845 |
| **Dec-2019** | $13048 | $11224 | $14260 |
| **Dec-2020** | $15277 | $12066 | $16884 |
| **Dec-2021** | $16838 | $11880 | $21730 |
| **Dec-2022** | $15016 | $10334 | $17795 |
| **Dec-2023** | $15509 | $10906 | $22473 |
| **Dec-2024** | $16784 | $11042 | $28095 |
| **Dec-2025** | $17140 | $11848 | $33119 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 1, 2017)** |
| Rational/Pier 88 Convertible Securities Fund | 2.12% | 2.33% | 6.29% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.94% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.51% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$210,115,765

* Number of Portfolio Holdings36

* Advisory Fee (net of waivers)$1,537,129

* Portfolio Turnover185%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iab92f49d48753b0a5f3ccd11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 14.3% |
| Convertible Bonds | 54.6% |
| Money Market Funds | 3.3% |
| Preferred Stocks | 27.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if221c315ec42616f81f038ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Materials | 1.8% |
| Health Care | 2.7% |
| Money Market Funds | 3.3% |
| Communications | 4.8% |
| Industrials | 4.9% |
| Real Estate | 13.4% |
| Consumer Discretionary | 14.0% |
| Utilities | 15.4% |
| Financials | 19.2% |
| Technology | 20.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Bank of America Corporation | 4.8% |
| Wells Fargo & Company | 4.7% |
| Global Payments, Inc., 1.500%, 03/01/31 | 4.5% |
| ON Semiconductor Corporation, 0.500%, 03/01/29 | 4.5% |
| NextEra Energy, Inc. | 4.4% |
| Ventas Realty, L.P., 3.750%, 06/01/26 | 4.2% |
| Digital Realty Trust, L.P., 1.875%, 11/15/29 | 4.1% |
| American Water Capital Corporation, 3.625%, 06/15/26 | 3.8% |
| Ares Management Corporation | 3.8% |
| Uber Technologies, Inc., 0.875%, 12/01/28 | 3.8% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

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

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-PBXIX

# Return Stacked<sup>®</sup> Balanced Allocation & Systematic Macro Fund

## Class A (RDMAX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Return Stacked<sup>®</sup> Balanced Allocation & Systematic Macro Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $227 | 2.22% |

---

## How did the Fund perform during the reporting period?
The Fund delivered a +4.78% return for Class A shares in 2025, with positive returns from the Balanced Allocation component partially offset by losses in the Systematic Macro sleeve.

**RDMAX 2025 Return Attributes:** 

Balanced Allocation +10.0%, Indices +5.5%, Metals +2.7%, Softs +1.2%, Volatility -0.4%, Bonds -2.4%, Grains -3.4%, Energies -3.5%, Currencies -4.7% \| Total +5.07

Note: Results may differ due to rounding. Performance is expressed in USD. Strategy attribution is a best-efforts approximation, net of all applicable borrowing costs, fees and fund accruals for the period. The performance data quoted herein represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data presented above.

Within the Systematic Macro sleeve, Indices led with gains from long positions in the Japanese TOPIX, Italian MIB, Spanish IBEX, French CAC40, and Canadian TSX60. These gains were partially offset by losses from long S&P 500<sup>®</sup> TR Index and short Australian ASX 200 and Hang Seng exposures. Softs profited from long coffee and short cotton positions, which were partially offset by losses from long cocoa and short sugar. Metals gained from long silver and gold positions, though such gains were partially offset by losses from short copper and platinum. Bonds were relatively flat, as gains from short German 30-year Buxl, 10-year Bund, and long Canadian 10-year bonds were offset by long Japanese Government Bonds and short German Bobl. Volatility detracted via long VIX and VStoxx exposures. Energies lost on long Brent and WTI Crude positions, which were partially offset by gains from long Heating Oil and Gasoil and short Natural Gas. Grains detracted, led by losses from short Bean Oil and long Wheat, as well as from short Soy Meal, while short Kansas City and Milling Wheat provided partially offsetting gains. Currencies lagged most, primarily due to short Swiss Franc losses, plus short Japanese Yen and long British Pound losses, while short New Zealand Dollar provided a modest offset.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10k](id65e2dcb26e70c26d1c6e2a7.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Return Stacked Balanced Allocation & Systematic Macro Fund** | **Return Stacked Balanced Allocation & Systematic Macro Fund - with load** | **50% S&P 500 TR / 50% US Treasury Index** | **Bloomberg U.S. Treasury Index** | **S&P 500<sup>®</sup> Index** | **SG Trend Index** |
| **09/30/16** | $10000 | $9423 | $10000 | $10000 | $10000 | $10000 |
| **12/31/16** | $9720 | $9159 | $9997 | $9616 | $10382 | $9555 |
| **12/31/17** | $10067 | $9486 | $11168 | $9838 | $12649 | $9765 |
| **12/31/18** | $9279 | $8744 | $11005 | $9923 | $12094 | $8974 |
| **12/31/19** | $10950 | $10318 | $13088 | $10603 | $15903 | $9801 |
| **12/31/20** | $10992 | $10358 | $14942 | $11451 | $18828 | $10417 |
| **12/31/21** | $12199 | $11496 | $16790 | $11185 | $24233 | $11364 |
| **12/31/22** | $11797 | $11117 | $14282 | $9791 | $19844 | $14472 |
| **12/31/23** | $11714 | $11038 | $16396 | $10188 | $25061 | $13882 |
| **12/31/24** | $12844 | $12103 | $18410 | $10247 | $31331 | $14249 |
| **12/31/25** | $13457 | $12681 | $20645 | $10894 | $36933 | $14590 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 30, 2016)** |
| Return Stacked Balanced Allocation & Systematic Macro Fund | 4.78% | 4.13% | 3.26% |
| With Load | -1.26% | 2.90% | 2.60% |
| 50% S&P 500 TR / 50% US Treasury Index | 12.14% | 6.68% | 8.18% |
| Bloomberg U.S. Treasury Index | 6.32% | -0.99% | 0.93% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.17% |
| SG Trend Index | 2.39% | 6.97% | 4.17% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$44,016,954

* Number of Portfolio Holdings60

* Advisory Fee (net of waivers)$673,708

* Portfolio Turnover87%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id7d2ce6c3e4bd73a086e550a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 59.4% |
| Money Market Funds | 40.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia7d0e58fb46517fc633e9c97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 18.2% |
| Money Market Funds | 33.2% |
| Equity | 48.6% |

---

The above charts exclude investments in futures.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | &nbsp;&nbsp;48.6% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

# Return Stacked<sup>®</sup> Balanced Allocation & Systematic Macro Fund - Class A (RDMAX)

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-RDMAX

# Return Stacked<sup>®</sup> Balanced Allocation & Systematic Macro Fund

## Class C (RDMCX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Return Stacked<sup>®</sup> Balanced Allocation & Systematic Macro Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $303 | 2.97% |

---

## How did the Fund perform during the reporting period?
The Fund delivered a +4.00% return for Class C shares in 2025, with positive returns from the Balanced Allocation component partially offset by losses in the Systematic Macro sleeve.

**RDMCX 2025 Return Attributes:**

Balanced Allocation +10.0%, Indices +5.5%, Metals +2.7%, Softs +1.2%, Volatility -0.4%, Bonds -2.4%, Grains -3.4%, Energies -3.5%, Currencies -4.7% \| Total +5.07

Note: Results may differ due to rounding. Performance is expressed in USD. Strategy attribution is a best-efforts approximation, net of all applicable borrowing costs, fees and fund accruals for the period. The performance data quoted herein represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data presented above.

Within the Systematic Macro sleeve, Indices led with gains from long positions in the Japanese TOPIX, Italian MIB, Spanish IBEX, French CAC40, and Canadian TSX60. These gains were partially offset by losses from long S&P 500<sup>®</sup> TR Index and short Australian ASX 200 and Hang Seng exposures. Softs profited from long coffee and short cotton positions, which were partially offset by losses from long cocoa and short sugar. Metals gained from long silver and gold positions, though such gains were partially offset by losses from short copper and platinum. Bonds were relatively flat, as gains from short German 30-year Buxl, 10-year Bund, and long Canadian 10-year bonds were offset by long Japanese Government Bonds and short German Bobl. Volatility detracted via long VIX and VStoxx exposures. Energies lost on long Brent and WTI Crude positions, which were partially offset by gains from long Heating Oil and Gasoil and short Natural Gas. Grains detracted, led by losses from short Bean Oil and long Wheat, as well as from short Soy Meal, while short Kansas City and Milling Wheat provided partially offsetting gains. Currencies lagged most, primarily due to short Swiss Franc losses, plus short Japanese Yen and long British Pound losses, while short New Zealand Dollar provided a modest offset.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10k](i98be6be532cc87036e0d1d40.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Return Stacked Balanced Allocation & Systematic Macro Fund** | **50% S&P 500 TR / 50% US Treasury Index** | **Bloomberg U.S. Treasury Index** | **S&P 500<sup>®</sup> Index** | **SG Trend Index** |
| **Sep-2016** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Dec-2016** | $9716 | $9997 | $9616 | $10382 | $9555 |
| **Dec-2017** | $9991 | $11168 | $9838 | $12649 | $9765 |
| **Dec-2018** | $9139 | $11005 | $9923 | $12094 | $8974 |
| **Dec-2019** | $10706 | $13088 | $10603 | $15903 | $9801 |
| **Dec-2020** | $10669 | $14942 | $11451 | $18828 | $10417 |
| **Dec-2021** | $11755 | $16790 | $11185 | $24233 | $11364 |
| **Dec-2022** | $11284 | $14282 | $9791 | $19844 | $14472 |
| **Dec-2023** | $11123 | $16396 | $10188 | $25061 | $13882 |
| **Dec-2024** | $12104 | $18410 | $10247 | $31331 | $14249 |
| **Dec-2025** | $12588 | $20645 | $10894 | $36933 | $14590 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 30, 2016)** |
| Return Stacked Balanced Allocation & Systematic Macro Fund | 4.00% | 3.36% | 2.52% |
| 50% S&P 500 TR / 50% US Treasury Index | 12.14% | 6.68% | 8.18% |
| Bloomberg U.S. Treasury Index | 6.32% | -0.99% | 0.93% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.17% |
| SG Trend Index | 2.39% | 6.97% | 4.17% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$44,016,954

* Number of Portfolio Holdings60

* Advisory Fee (net of waivers)$673,708

* Portfolio Turnover87%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id7d2ce6c3e4bd73a086e550a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 59.4% |
| Money Market Funds | 40.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia7d0e58fb46517fc633e9c97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 18.2% |
| Money Market Funds | 33.2% |
| Equity | 48.6% |

---

The above charts exclude investments in futures.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | &nbsp;&nbsp;48.6% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

# Return Stacked<sup>®</sup> Balanced Allocation & Systematic Macro Fund - Class C (RDMCX)

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-RDMCX

# Return Stacked<sup>®</sup> Balanced Allocation & Systematic Macro Fund

## Institutional (RDMIX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Return Stacked<sup>®</sup> Balanced Allocation & Systematic Macro Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $202 | 1.97% |

---

## How did the Fund perform during the reporting period?
The Fund delivered a +5.07% return for Class I shares in 2025, with positive returns from the Balanced Allocation component partially offset by losses in the Systematic Macro sleeve.

**RDMIX 2025 Return Attributes:** 

Balanced Allocation +10.0%, Indices +5.5%, Metals +2.7%, Softs +1.2%, Volatility -0.4%, Bonds -2.4%, Grains -3.4%, Energies -3.5%, Currencies -4.7% \| Total +5.07

Note: Results may differ due to rounding. Performance is expressed in USD. Strategy attribution is a best-efforts approximation, net of all applicable borrowing costs, fees and fund accruals for the period. The performance data quoted herein represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data presented above.

Within the Systematic Macro sleeve, Indices led with gains from long positions in the Japanese TOPIX, Italian MIB, Spanish IBEX, French CAC40, and Canadian TSX60. These gains were partially offset by losses from long S&P 500<sup>®</sup> TR Index and short Australian ASX 200 and Hang Seng exposures. Softs profited from long coffee and short cotton positions, which were partially offset by losses from long cocoa and short sugar. Metals gained from long silver and gold positions, though such gains were partially offset by losses from short copper and platinum. Bonds were relatively flat, as gains from short German 30-year Buxl, 10-year Bund, and long Canadian 10-year bonds were offset by long Japanese Government Bonds and short German Bobl. Volatility detracted via long VIX and VStoxx exposures. Energies lost on long Brent and WTI Crude positions, which were partially offset by gains from long Heating Oil and Gasoil and short Natural Gas. Grains detracted, led by losses from short Bean Oil and long Wheat, as well as from short Soy Meal, while short Kansas City and Milling Wheat provided partially offsetting gains. Currencies lagged most, primarily due to short Swiss Franc losses, plus short Japanese Yen and long British Pound losses, while short New Zealand Dollar provided a modest offset.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10k](iaa3b6254ca3914780a4b7b2b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Return Stacked Balanced Allocation & Systematic Macro Fund** | **S&P 500<sup>®</sup> Index** | **SG Trend Index** | **50% S&P 500 TR / 50% US Treasury Index** | **Bloomberg U.S. Treasury Index** |
| **Dec-2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Dec-2016** | $9732 | $11196 | $9386 | $10657 | $10104 |
| **Dec-2017** | $10107 | $13640 | $9593 | $11904 | $10337 |
| **Dec-2018** | $9334 | $13042 | $8816 | $11731 | $10426 |
| **Dec-2019** | $11044 | $17149 | $9629 | $13951 | $11141 |
| **Dec-2020** | $11115 | $20304 | $10234 | $15927 | $12032 |
| **Dec-2021** | $12369 | $26132 | $11164 | $17897 | $11753 |
| **Dec-2022** | $11991 | $21399 | $14217 | $15224 | $10288 |
| **Dec-2023** | $11936 | $27025 | $13638 | $17478 | $10705 |
| **Dec-2024** | $13121 | $33786 | $13998 | $19624 | $10767 |
| **Dec-2025** | $13786 | $39827 | $14333 | $22007 | $11447 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Return Stacked Balanced Allocation & Systematic Macro Fund | 5.07% | 4.40% | 3.26% |
| 50% S&P 500 TR / 50% US Treasury Index | 12.14% | 6.68% | 8.21% |
| Bloomberg U.S. Treasury Index | 6.32% | -0.99% | 1.36% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| SG Trend Index | 2.39% | 6.97% | 3.67% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$44,016,954

* Number of Portfolio Holdings60

* Advisory Fee (net of waivers)$673,708

* Portfolio Turnover87%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id7d2ce6c3e4bd73a086e550a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 59.4% |
| Money Market Funds | 40.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia7d0e58fb46517fc633e9c97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 18.2% |
| Money Market Funds | 33.2% |
| Equity | 48.6% |

---

The above charts exclude investments in futures.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | &nbsp;&nbsp;48.6% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

# Return Stacked<sup>®</sup> Balanced Allocation & Systematic Macro Fund - Institutional (RDMIX)

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-RDMIX

# Rational/RGN Hedged Equity Fund

## Class A (RNEAX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational/RGN Hedged Equity Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $242 | 2.25% |

---

## How did the Fund perform during the reporting period?
The Fund trailed the S&P 500<sup>®</sup> TR Index slightly in 2025, yet outperformed most downside-protected equity peers as its 100% long core equity holding largely drove performance in the second half of the year. The Fund's tactical trading overlay captured gains in precious metals and equity futures, benefiting from a year defined by dollar debasement and strength in physical assets. Performance in other sectors—including fixed income, foreign exchange, and other commodities—remained rather muted, as those markets stayed surprisingly quiet and rangebound. Other than a few weeks in the spring, 2025 did not offer many opportunities for the Fund's risk mitigation feature to shine. Nevertheless, the new year may offer surprising ways for the Fund to achieve its three-part goal of providing protection during sharp drawdowns, maintaining liquidity to exploit crisis dislocations, and providing enhanced upside capture during bull markets.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10k](i29e65b592182a90d3a01d85e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Rational/RGN Hedged Equity** | **Rational/RGN Hedged Equity - with load** | **S&P 500<sup>®</sup> Index** |
| **Sep-2024** | $10000 | $9524 | $10000 |
| **Dec-2024** | $10264 | $9775 | $10285 |
| **Dec-2025** | $11786 | $11224 | $12124 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 27, 2024)** |
| Rational/RGN Hedged Equity |  |  |
| Without Load | 14.83% | 13.92% |
| With Load | 9.35% | 9.60% |
| S&P 500<sup>®</sup> Index | 17.88% | 16.51% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$13,423,364

* Number of Portfolio Holdings46

* Advisory Fee $0

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i834bc4f632c1a571aedab554.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 93.3% |
| Money Market Funds | 6.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8babc434ab4ca1c5b7da5519.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.0% |
| Money Market Funds | 6.0% |
| Equity | 83.0% |

---

The above charts exclude investments in futures.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;46.7% |
| &nbsp;&nbsp;SPDR S&P 500 ETF | &nbsp;&nbsp;36.3% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

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

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-RNEAX

# Rational/RGN Hedged Equity Fund

## Class C (RNECX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational/RGN Hedged Equity Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $321 | 3.00% |

---

## How did the Fund perform during the reporting period?
The Fund trailed the S&P 500<sup>®</sup> TR Index slightly in 2025, yet outperformed most downside-protected equity peers as its 100% long core equity holding largely drove performance in the second half of the year. The Fund's tactical trading overlay captured gains in precious metals and equity futures, benefiting from a year defined by dollar debasement and strength in physical assets. Performance in other sectors—including fixed income, foreign exchange, and other commodities—remained rather muted, as those markets stayed surprisingly quiet and rangebound. Other than a few weeks in the spring, 2025 did not offer many opportunities for the Fund's risk mitigation feature to shine. Nevertheless, the new year may offer surprising ways for the Fund to achieve its three-part goal of providing protection during sharp drawdowns, maintaining liquidity to exploit crisis dislocations, and providing enhanced upside capture during bull markets.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10k](ieaffed8512bbac60bf73ec01.jpg)

---

| | | |
|:---|:---|:---|
| | **Rational/RGN Hedged Equity** | **S&P 500<sup>®</sup> Index** |
| **Sep-2024** | $10000 | $10000 |
| **Dec-2024** | $10244 | $10285 |
| **Dec-2025** | $11683 | $12124 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 27, 2024)** |
| Rational/RGN Hedged Equity | 14.04% | 13.13% |
| S&P 500<sup>®</sup> Index | 17.88% | 16.51% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$13,423,364

* Number of Portfolio Holdings46

* Advisory Fee $0

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i834bc4f632c1a571aedab554.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 93.3% |
| Money Market Funds | 6.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8babc434ab4ca1c5b7da5519.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.0% |
| Money Market Funds | 6.0% |
| Equity | 83.0% |

---

The above charts exclude investments in futures.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;46.7% |
| &nbsp;&nbsp;SPDR S&P 500 ETF | &nbsp;&nbsp;36.3% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

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

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-RNECX

# Rational/RGN Hedged Equity Fund

## Institutional (RNEIX)

#### Annual Shareholder Report - December 31, 2025
![Image](ifbc9009786381db7da499449.jpg)

## Fund Overview
This annual shareholder report contains important information about Rational/RGN Hedged Equity Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $215 | 2.00% |

---

## How did the Fund perform during the reporting period?
The Fund trailed the S&P 500<sup>®</sup> TR Index slightly in 2025, yet outperformed most downside-protected equity peers as its 100% long core equity holding largely drove performance in the second half of the year. The Fund's tactical trading overlay captured gains in precious metals and equity futures, benefiting from a year defined by dollar debasement and strength in physical assets. Performance in other sectors—including fixed income, foreign exchange, and other commodities—remained rather muted, as those markets stayed surprisingly quiet and rangebound. Other than a few weeks in the spring, 2025 did not offer many opportunities for the Fund's risk mitigation feature to shine. Nevertheless, the new year may offer surprising ways for the Fund to achieve its three-part goal of providing protection during sharp drawdowns, maintaining liquidity to exploit crisis dislocations, and providing enhanced upside capture during bull markets.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10k](i3bd05bfc61fc68e978cc5ceb.jpg)

---

| | | |
|:---|:---|:---|
| | **Rational/RGN Hedged Equity** | **S&P 500<sup>®</sup> Index** |
| **Sep-2024** | $10000 | $10000 |
| **Dec-2024** | $10271 | $10285 |
| **Dec-2025** | $11823 | $12124 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 27, 2024)** |
| Rational/RGN Hedged Equity | 15.12% | 14.21% |
| S&P 500<sup>®</sup> Index | 17.88% | 16.51% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-253-0412.***

## **Fund Statistics** 
* Net Assets$13,423,364

* Number of Portfolio Holdings46

* Advisory Fee $0

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i834bc4f632c1a571aedab554.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 93.3% |
| Money Market Funds | 6.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8babc434ab4ca1c5b7da5519.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.0% |
| Money Market Funds | 6.0% |
| Equity | 83.0% |

---

The above charts exclude investments in futures.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;46.7% |
| &nbsp;&nbsp;SPDR S&P 500 ETF | &nbsp;&nbsp;36.3% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](iab01f3fc467b118a1b86ae87.jpg)

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

#### Annual Shareholder Report - December 31, 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](i1022b752668e9a49dd7aa502.jpg)

TSR-AR 123125-RNEIX

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

**Item 2. Code of Ethics.** 

---

| | |
|:---|:---|
| (a) | The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
| (b) | Not applicable |
| (c) | During the period covered by this report, there were no amendments to any provision of the code of ethics. |
| (d) | During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics. |
| (e) | Not applicable |
| (f)(1) | See Item 19(a)(1) |

---

**Item 3. Audit Committee Financial Expert.**

---

| | |
|:---|:---|
| (a)(1) | The registrant's board of trustees has determined that the registrant does not have an audit committee financial expert. The audit committee determined that, although none of its members meet the technical definition of an audit committee financial expert, the committee has sufficient financial expertise to adequately perform its duties under the Audit Committee Charter without the addition of a qualified expert. |

---

(a)(2) Not Applicable

(a)(3) Not Applicable

**Item 4. Principal Accountant Fees and Services.**

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| FY 2025 | $149400 |
| FY 2024 | $144850 |

---

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this item.

---

| | |
|:---|:---|
| FY 2025 | $0 |
| FY 2024 | $0 |

---

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

---

| | |
|:---|:---|
| FY 2025 | $25000 |
| FY 2024 | $25000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All
 Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years
 ended December 31, 2024 and 2025, respectively.

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| FY 2025 | $0 | $0 |
| FY 2024 | $0 | $0 |

---

---

| | |
|:---|:---|
| (e)(1) | Audit Committee's Pre-Approval Policies. The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee is also required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant to the extent that the services are determined to have a direct impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the audit committee. |

---

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not
 applicable.

(g) All non-audit fees billed
 by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended December 31, 2024, and
 2025, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal
 accountant for the registrant's adviser.

(h) Not
 applicable.

(i) Not applicable

(j) Not applicable

**Item 5. Audit Committee of Listed Companies.** 

Not applicable.

**Item 6. Schedule of Investments.** 

(a) The
 Registrant's schedule of investments in securities of unaffiliated issuers is included under Item 7(a) of this Form.

(b) Not applicable.

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

(a)&nbsp;&nbsp;&nbsp;&nbsp; Insert Long Form Financial Statements.

![(LOGO)](ra001_v1.jpg)

Annual Financial Statements

and

Additional Information

**December 31, 2025**

**INSTITUTIONAL SHARES**

**CLASS A SHARES**

**CLASS C SHARES**

---

| |
|:---|
| **RATIONAL EQUITY ARMOR FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 74.7%** |  |
|  | **AEROSPACE & DEFENSE - 1.8%** |  |
| 3194 | General Electric Company | $983848 |
|  | **AUTOMOTIVE - 2.1%** |  |
| 2554 | Tesla, Inc.<sup>(a)</sup> | 1148585 |
|  | **BANKING - 5.6%** |  |
| 9800 | HSBC Holdings PLC - ADR | 770966 |
| 5464 | JPMorgan Chase & Company | 1760610 |
| 5291 | Wells Fargo & Company | 493121 |
|  |  | 3024697 |
|  | **BIOTECH & PHARMA - 5.5%** |  |
| 4331 | AbbVie, Inc. | 989590 |
| 921 | Eli Lilly & Company | 989781 |
| 7186 | Novartis A.G. - ADR | 990734 |
|  |  | 2970105 |
|  | **E-COMMERCE DISCRETIONARY - 2.9%** |  |
| 6928 | Amazon.com, Inc.<sup>(a)</sup> | 1599121 |
|  | **ELECTRIC UTILITIES - 4.0%** |  |
| 2010 | Constellation Energy Corporation | 710073 |
| 8916 | NextEra Energy, Inc. | 715777 |
| 2418 | NRG Energy, Inc. | 385042 |
| 2377 | Vistra Corporation | 383481 |
|  |  | 2194373 |
|  | **ENTERTAINMENT CONTENT - 0.6%** |  |
| 1291 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 330535 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.9%** |  |
| 563 | Goldman Sachs Group, Inc. (The) | 494877 |
|  | **INSURANCE - 4.5%** |  |
| 4916 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 2471028 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL EQUITY ARMOR FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 74.7% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 9.4%** |  |
| 8099 | Alphabet, Inc., Class A | $2534986 |
| 3862 | Alphabet, Inc., Class C | 1211896 |
| 2081 | Meta Platforms, Inc., Class A | 1373647 |
|  |  | 5120529 |
|  | **LEISURE FACILITIES & SERVICES - 3.3%** |  |
| 5774 | McDonald's Corporation | 1764707 |
|  | **MACHINERY - 3.2%** |  |
| 1725 | Caterpillar, Inc. | 988201 |
| 1648 | Deere & Company | 767259 |
|  |  | 1755460 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.6%** |  |
| 1548 | Intuitive Surgical, Inc.<sup>(a)</sup> | 876725 |
|  | **OIL & GAS PRODUCERS - 5.1%** |  |
| 14699 | Exxon Mobil Corporation | 1768878 |
| 16594 | Williams Companies, Inc. (The) | 997465 |
|  |  | 2766343 |
|  | **RETAIL - CONSUMER STAPLES - 1.4%** |  |
| 6933 | Walmart, Inc. | 772406 |
|  | **SEMICONDUCTORS - 8.2%** |  |
| 2039 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 436672 |
| 3812 | Broadcom, Inc. | 1319333 |
| 8769 | NVIDIA Corporation | 1635418 |
| 3428 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1041735 |
|  |  | 4433158 |
|  | **SOFTWARE - 8.4%** |  |
| 1759 | Cadence Design Systems, Inc.<sup>(a)</sup> | 549828 |
| 3642 | Microsoft Corporation | 1761343 |
| 7659 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 1361387 |
| 4463 | Palo Alto Networks, Inc.<sup>(a)</sup> | 822085 |
|  |  | 4494643 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL EQUITY ARMOR FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 74.7% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 4.0%** |  |
| 4053 | Apple, Inc. | $1101848 |
| 10714 | Cisco Systems, Inc. | 825299 |
| 2494 | Corning, Inc. | 218375 |
|  |  | 2145522 |
|  | **TECHNOLOGY SERVICES - 2.2%** |  |
| 4061 | International Business Machines Corporation | 1202909 |
|  | **TOTAL COMMON STOCKS (Cost $32,189,370)** | 40549573 |
|  | **EXCHANGE-TRADED FUNDS — 6.4%** |  |
|  | **EQUITY - 6.4%** |  |
| 4563 | iShares Cybersecurity and Tech ETF | 219572 |
| 3583 | iShares U.S. Aerospace & Defense ETF | 769234 |
| 3625 | SPDR S&P 500 ETF | 2471960 |
|  |  | 3460766 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,102,082)** | 3460766 |
|  | **SHORT-TERM INVESTMENTS — 19.1%** |  |
|  | **MONEY MARKET FUNDS - 19.1%** |  |
| 10373179 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $10,373,179)<sup>(b)</sup> | 10373179 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Broker/<br> Counterparty** | **Expiration <br> Date** | **Exercise <br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **FUTURE OPTIONS PURCHASED - 6.6%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 6.6%** |  |  |  |  |  |
| 10 | S&P Emini Future, Maturing January 2026 | WED | 01/16/2026 | $100 | $50000 | $3390001 |
| 119 | S&P Emini Future, Maturing January 2026 | WED | 01/16/2026 | 6950 | 41352500 | 224611 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $3,715,000) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $3,715,000) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $3,715,000) |  |  | 3614612 |
|  | **PUT OPTIONS PURCHASED - 0.0%<sup>(d)</sup>** |  |  |  |  |  |
| 10 | S&P Emini Future, Maturing January 2026 | WED | 01/16/2026 | 2100 | 1050000 | 25 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $125) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $125) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $125) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $125) |  |  |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $3,715,125) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $3,715,125) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $3,715,125) |  |  | 3614637 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL EQUITY ARMOR FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 106.8% (Cost $49,379,756)** | $57998155 |
| **CALL OPTIONS WRITTEN - (4.7)% (Premiums received - $2,549,625)** | (2551374) |
| **PUT OPTIONS WRITTEN - 0.0%<sup>(e)</sup> (Premiums received - $62,440)** | (16791) |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.1)%** | (1145823) |
| **NET ASSETS - 100.0%** | $54284167 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Counterparty** | **Expiration <br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN FUTURE OPTIONS - (4.7)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- (4.7)%** |  |  |  |  |  |
| 10 | S&P Emini Future, Maturing January 2026 | WED | 01/16/2026 | $2100 | $1050000 | $2391874 |
| 8 | S&P Emini Future, Maturing January 2026 | WED | 01/16/2026 | 6500 | 2600000 | 159500 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $2,549,625) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $2,549,625) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $2,549,625) |  |  | 2551374 |
|  | **PUT OPTIONS WRITTEN - 0.0%<sup>(e)</sup>** |  |  |  |  |  |
| 10 | S&P Emini Future, Maturing January 2026 | WED | 01/16/2026 | 100 | 50000 | $25 |
| 43 | S&P Emini Future, Maturing January 2026 | WED | 01/16/2026 | 6425 | 13813750 | 10858 |
| 17 | S&P Emini Future, Maturing January 2026 | WED | 01/16/2026 | 6500 | 5525000 | 5908 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $62,440) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $62,440) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $62,440) |  |  | 16791 |
|  | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $2,612,065) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $2,612,065) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $2,612,065) |  |  | $2568165 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration<br> Date** | **Notional<br> Amount<sup>(f)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 155 | CBOE Volatility Index Future | 03/19/2026 | $3059390 | $(58952) |
| 122 | CBOE Volatility Index Future | 04/16/2026 | 2495303 | 23053 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(35899) |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| 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 December 31, 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.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL PREMIUM INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Discount Rate**<br>**(%)** | <br>**Maturity Date** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 66.2%** |  |  |  |
|  | **U.S. TREASURY BILLS — 66.2%** |  |  |  |
| 14000000 | United States Treasury Bill<sup>(a)</sup> | 3.2348 | 01/22/26 | $13972325 |
| 5000000 | United States Treasury Bill<sup>(a)</sup> | 3.4379 | 06/11/26 | 4922646 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $18,881,204)** |  |  | 18894971 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **SHORT-TERM INVESTMENTS — 34.6%** |  |
|  | **MONEY MARKET FUNDS - 34.6%** |  |
| 9858614 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $9,858,614)<sup>(b)</sup> | 9858614 |
|  | **TOTAL INVESTMENTS - 100.8% (Cost $28,739,818)** | $28753585 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%** | (239328) |
|  | **NET ASSETS - 100.0%** | $28514257 |

---

<sup>(a)</sup> Zero coupon bond. Rate disclosed is the current yield as of December 31, 2025.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL PREMIUM INCOME FUND** |
| **SCHEDULE OF TOTAL RETURN SWAP CONTRACTS (Continued)** |
| **December 31, 2025** |

---

**TOTAL RETURN SWAPS - (0.1) %**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|<br>**Shares** | <br>**Reference Entity** | <br>**Payment Frequency** |<br>**Notional**<br>**Amount** | <br>**Counterparty** | <br>**Maturity**<br>**Date** | <br>**Pay Fixed**<br>**Rate** | <br>**Upfront**<br>**Payments** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| 144421 | Custom US Skew | Maturity | $(14999955) | Goldman Sachs | 1/5/2027 | 0.0000% |  | $(14832) |
|  |  |  |  |  |  |  |  | $(14832) |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL PREMIUM INCOME FUND** |
| **SCHEDULE OF TOTAL RETURN SWAP CONTRACTS (Continued)** |
| **December 31, 2025** |

---

**Custom US Skew Total Return Swap Top 50 Holdings**

The following table represents the individual positions and related values of underlying securities of the Custom US Skew Total Return Swap.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Options Purchased** | **Options Purchased** | **Options Purchased** | **Options Purchased** | **Options Purchased** | **Options Purchased** | | |
| **Contracts** | **Name** | **Counterparty** | **Call/Put** | **Expiration Date** | **Exercise Price** | <br>**Notional** | <br>**Fair Value** |
| 0.0090 | S&P 500 Index | Goldman Sachs | Put | 1/5/2026 | 6225 | 5589 | 569 |
| 0.0067 | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 4875 | 3262 | 1327 |
| 0.0059 | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 5350 | 3155 | 890 |
| 0.0046 | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 5580 | 2582 | 592 |
| 0.0037 | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 5500 | 2033 | 502 |
| 0.0037 | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 5250 | 1926 | 590 |
| 0.0035 | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 5430 | 1920 | 505 |
| 0.0037 | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 5150 | 1911 | 634 |
| 0.0029 | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 5990 | 1733 | 251 |
| 0.0035 | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 4825 | 1708 | 720 |
| 0.0037 | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 4550 | 1671 | 848 |
| 0.0029 | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 5025 | 1433 | 523 |
| 0.0031 | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 5075 | 1587 | 558 |
| 0.0032 | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 4900 | 1571 | 628 |
| 0.0031 | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 5000 | 1564 | 581 |
| 0.0029 | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 5375 | 1542 | 426 |
| 0.0027 | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 5400 | 1478 | 399 |
| 0.0033 | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 4475 | 1473 | 785 |
| 0.0030 | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 4625 | 1387 | 670 |
| 0.0036 | S&P 500 Index | Goldman Sachs | Put | 3/20/2026 | 4650 | 1668 | 792 |
| 0.0032 | S&P 500 Index | Goldman Sachs | Put | 3/20/2026 | 5000 | 1618 | 602 |
| **Options Written** | **Options Written** | **Options Written** | **Options Written** | **Options Written** |  |  |  |
| **Contracts** | **Name** | **Counterparty** | **Call/Put** | **Expiration Date** | **Exercise Price** | **Notional** | **Fair Value** |
| (0.0023) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6060 | (1388) | (183) |
| (0.0023) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6000 | (1403) | (201) |
| (0.0023) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6080 | (1426) | (183) |
| (0.0023) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6275 | (1445) | (134) |
| (0.0025) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6315 | (1587) | (137) |
| (0.0028) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 5980 | (1683) | (247) |
| (0.0028) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6395 | (1775) | (129) |
| (0.0029) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6310 | (1799) | (156) |
| (0.0034) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6120 | (2104) | (254) |
| (0.0033) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6655 | (2212) | (68) |
| (0.0035) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6440 | (2277) | (148) |
| (0.0037) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6335 | (2351) | (194) |
| (0.0040) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6240 | (2491) | (247) |
| (0.0039) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6475 | (2522) | (149) |
| (0.0046) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6500 | (3008) | (166) |
| (0.0068) | S&P 500 Index | Goldman Sachs | Put | 1/16/2026 | 6385 | (4335) | (321) |
| (0.0022) | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 6220 | (1350) | (139) |
| (0.0024) | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 6275 | (1532) | (142) |
| (0.0025) | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 6185 | (1545) | (168) |
| (0.0026) | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 6305 | (1611) | (141) |
| (0.0029) | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 6470 | (1856) | (111) |
| (0.0031) | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 6360 | (1989) | (156) |
| (0.0035) | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 6225 | (2148) | (219) |
| (0.0035) | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 6170 | (2150) | (240) |
| (0.0033) | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 6495 | (2172) | (122) |
| (0.0041) | S&P 500 Index | Goldman Sachs | Put | 2/20/2026 | 6325 | (2595) | (219) |
| (0.0023) | S&P 500 Index | Goldman Sachs | Put | 3/20/2026 | 6210 | (1444) | (151) |
| (0.0024) | S&P 500 Index | Goldman Sachs | Put | 3/20/2026 | 6120 | (1448) | (175) |
| (0.0025) | S&P 500 Index | Goldman Sachs | Put | 3/20/2026 | 6365 | (1617) | (125) |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL DYNAMIC BRANDS FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8%** |  |
|  | **AEROSPACE & DEFENSE - 1.0%** |  |
| 500 | TransDigm Group, Inc. | $664925 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.6%** |  |
| 19000 | Cie Financiere Richemont S.A. - ADR | 409070 |
|  | **ASSET MANAGEMENT - 14.7%** |  |
| 17900 | Apollo Global Management, Inc. | 2591204 |
| 14300 | Blackstone, Inc. | 2204202 |
| 22000 | Charles Schwab Corporation (The) | 2198020 |
| 18925 | KKR & Company, Inc. | 2412559 |
|  |  | 9405985 |
|  | **AUTOMOTIVE - 0.5%** |  |
| 650 | Tesla, Inc.<sup>(a)</sup> | 292318 |
|  | **BIOTECH & PHARMA - 2.9%** |  |
| 1695 | Eli Lilly & Company | 1821583 |
|  | **CONSUMER FINANCE - 3.5%** |  |
| 5980 | American Express Company | 2212301 |
|  | **E-COMMERCE DISCRETIONARY - 10.7%** |  |
| 2890 | Alibaba Group Holding Ltd. - ADR | 423615 |
| 14395 | Amazon.com, Inc.<sup>(a)</sup> | 3322653 |
| 1525 | MercadoLibre, Inc.<sup>(a)</sup> | 3071747 |
|  |  | 6818015 |
|  | **ELECTRICAL EQUIPMENT - 1.7%** |  |
| 1600 | GE Vernova, Inc. | 1045712 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.0%** |  |
| 2000 | UnitedHealth Group, Inc. | 660220 |
|  | **INTERNET MEDIA & SERVICES - 23.4%** |  |
| 9000 | Alphabet, Inc., Class A | 2817000 |
| 162 | Booking Holdings, Inc. | 867563 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL DYNAMIC BRANDS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 23.4% (Continued)** |  |
| 3500 | Meta Platforms, Inc., Class A | $2310315 |
| 28650 | Netflix, Inc.<sup>(a)</sup> | 2686224 |
| 5275 | Spotify Technology S.A.<sup>(a)</sup> | 3063245 |
| 5450 | Tencent Holdings Ltd. - ADR | 417198 |
| 33200 | Uber Technologies, Inc.<sup>(a)</sup> | 2712772 |
|  |  | 14874317 |
|  | **LEISURE FACILITIES & SERVICES - 2.1%** |  |
| 15900 | Starbucks Corporation | 1338939 |
|  | **RETAIL - CONSUMER STAPLES - 9.2%** |  |
| 3344 | Costco Wholesale Corporation | 2883665 |
| 26950 | Walmart, Inc. | 3002499 |
|  |  | 5886164 |
|  | **RETAIL - DISCRETIONARY - 5.6%** |  |
| 16950 | TJX Companies, Inc. (The) | 2603690 |
| 43500 | Warby Parker, Inc.<sup>(a)</sup> | 947865 |
|  |  | 3551555 |
|  | **SEMICONDUCTORS - 0.9%** |  |
| 1950 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 592586 |
|  | **SOFTWARE - 17.4%** |  |
| 4430 | Intuit, Inc. | 2934521 |
| 6122 | Microsoft Corporation | 2960722 |
| 4675 | Salesforce, Inc. | 1238454 |
| 25500 | ServiceNow, Inc.<sup>(a)</sup> | 3906345 |
|  |  | 11040042 |
|  | **TECHNOLOGY HARDWARE - 4.6%** |  |
| 10885 | Apple, Inc. | 2959196 |
|  | **TOTAL COMMON STOCKS (Cost $47,186,453)** | 63572928 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL DYNAMIC BRANDS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 159953 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $159,953)<sup>(b)</sup> | $159953 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $47,346,406)** | $63732881 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (60308) |
|  | **NET ASSETS - 100.0%** | $63672573 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| S.A. | - Société Anonyme |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL STRATEGIC ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 85.3%** |  |
|  | **ALTERNATIVE - 4.4%** |  |
| 21339 | AQR Long-Short Equity Fund, Class N | $438731 |
|  | **OPEN-END FUNDS - 80.9%** |  |
| 728191 | Catalyst Systematic Alpha Fund, Class I<sup>(a)</sup> | 7870430 |
| 24671 | Catalyst/CIFC Senior Secured Income Fund, Class I<sup>(a)</sup> | 227216 |
| 2729 | Rational/Pier 88 Convertible Securities Fund, Institutional Class<sup>(a)</sup> | 30016 |
|  |  | 8127662 |
|  | **TOTAL OPEN END FUNDS (Cost $9,048,036)** | 8566393 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity Date** | |
|  | **U.S. GOVERNMENT & AGENCIES — 5.8%** |  |  |  |
|  | **U.S. TREASURY BILLS — 5.8%** |  |  |  |
| 600000 | United States Treasury Bill<sup>(b),(c)</sup> | 3.4600 | 09/03/26 | 586326 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $585,804)** |  |  | 586326 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |  |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |  |  |
| 32042 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $32,042)<sup>(d)</sup> | First American Treasury Obligations Fund, Class X, 3.65% (Cost $32,042)<sup>(d)</sup> |  | 32042 |
|  | **TOTAL INVESTMENTS - 91.4% (Cost $9,665,882)** |  |  | $9184761 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 8.6%** |  |  | 863348 |
|  | **NET ASSETS - 100.0%** |  |  | $10048109 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration<br> Date** | **Notional <br> Amount<sup>(e)</sup>** | **Value and <br> Unrealized<br> Appreciation** |
| 28 | CME E-Mini Standard & Poor's 500 Index Future | 03/23/2026 | $9649500 | $19725 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

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

---

| |
|:---|
| **RATIONAL STRATEGIC ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

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

<sup>(b)</sup> Zero coupon bond. Rate disclosed is the current yield as of December 31, 2025.

<sup>(c)</sup> As of December 31, 2025 a portion is held as collateral for futures with a market value of $586,326.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of December 31, 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<sup>®</sup> BALANCED ALLOCATION & SYSTEMATIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 48.6%** |  |
|  | **EQUITY - 48.6%** |  |
| 31201 | iShares Core S&P 500 ETF, USD Class | $21370814 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $17,243,217)** | 21370814 |
|  | **SHORT-TERM INVESTMENTS — 33.2%** |  |
|  | **MONEY MARKET FUNDS - 33.2%** |  |
| 14615968 | First American US Treasury Money Market Fund, Class Z, 3.61%<sup>(a),(c)</sup> | 14615968 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $14,615,968)** | 14615968 |
|  | **TOTAL INVESTMENTS - 81.8% (Cost $31,859,185)** | $35986782 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 18.2%** | 8030172 |
|  | **NET ASSETS - 100.0%** | $44016954 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration <br> Date** | **Notional <br> Amount<sup>(b)</sup>** | **Value and <br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 69 | CBOT 10 Year US Treasury Note Future | 03/23/2026 | $7758188 | $(7687) |
| 26 | CBOT 2 Year US Treasury Note Future | 04/01/2026 | 5428516 | (1445) |
| 152 | CBOT 5 Year US Treasury Note Future | 04/01/2026 | 16614313 | (40835) |
| 132 | CBOT Corn Future<sup>(c)</sup> | 03/16/2026 | 2905650 | (37900) |
| 32 | CBOT Corn Future<sup>(c)</sup> | 05/15/2026 | 717200 | (8800) |
| 45 | CBOT US Treasure Bond Futures | 03/23/2026 | 5201719 | (46492) |
| 258 | CME Australian Dollar Currency Future | 03/17/2026 | 17216340 | 44800 |
| 159 | CME British Pound Currency Future | 03/17/2026 | 13373888 | 81050 |
| 76 | CME Canadian Dollar Currency Future | 03/18/2026 | 5557120 | (13015) |
| 101 | CME Euro Foreign Exchange Currency Future | 03/17/2026 | 14872250 | 38835 |
| 7 | COMEX Silver Future<sup>(c)</sup> | 03/30/2026 | 2471105 | (17620) |
| 53 | Eurex 5 Year Euro BOBL Future | 03/09/2026 | 7232707 | 4139 |
| 2 | Eurex DAX Index Future | 03/23/2026 | 1450305 | 12279 |
| 48 | Eurex EURO STOXX 50 Future | 03/23/2026 | 3293797 | 51543 |
| 29 | Euronext CAC 40 Index Future | 01/20/2026 | 2778031 | 11148 |
| 496 | Euronext Milling Wheat Future<sup>(c)</sup> | 03/11/2026 | 5528431 | 5050 |
| 3 | FTSE 100 Index Future | 03/23/2026 | 402019 | 4691 |
| 34 | FTSE/MIB Index Future | 03/23/2026 | 8997898 | 128574 |
| 20 | HKG Hang Seng Index Future | 01/30/2026 | 3295506 | (23163) |
| 23 | ICE Brent Crude Oil Future<sup>(c)</sup> | 02/02/2026 | 1399550 | (26830) |

---

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

---

| |
|:---|
| **RETURN STACKED<sup>®</sup> BALANCED ALLOCATION & SYSTEMATIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 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 <br> Date** | **Notional <br> Amount<sup>(b)</sup>** | **Value and <br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 19 | ICE Gas Oil Future<sup>(c)</sup> | 02/13/2026 | $1178000 | $(375) |
| 14 | MEFF Madrid IBEX 35 Index Future | 01/20/2026 | 2842023 | 40928 |
| 86 | Montreal Exchange 10 Year Canadian Bond Future | 03/23/2026 | 7575759 | (14155) |
| 3 | Montreal Exchange S&P/TSX 60 Index Future | 03/20/2026 | 813904 | (5977) |
| 19 | NYBOT CSC C Coffee Future<sup>(c)</sup> | 03/20/2026 | 2484844 | (71831) |
| 5 | NYBOT CSC C Coffee Future<sup>(c)</sup> | 05/19/2026 | 625031 | (12582) |
| 14 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 02/02/2026 | 1247442 | (22340) |
| 37 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 02/02/2026 | 2665110 | (51534) |
| 31 | TSE Japanese 10 Year Bond Futures | 03/16/2026 | 26206576 | (177198) |
| 13 | TSE TOPIX (Tokyo Price Index) Future | 03/13/2026 | 2833160 | 1071 |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $(155671) |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration <br> Date** | **Notional <br> Amount<sup>(b)</sup>** | **Value and <br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 13 | CBOT Soybean Future<sup>(c)</sup> | 03/16/2026 | $680875 | $13275 |
| 3 | CBOT Soybean Future<sup>(c)</sup> | 05/15/2026 | 159150 | 2863 |
| 44 | CBOT Soybean Meal Future<sup>(c)</sup> | 03/16/2026 | 1317360 | 13900 |
| 11 | CBOT Soybean Meal Future<sup>(c)</sup> | 05/15/2026 | 334400 | 2910 |
| 88 | CBOT Soybean Oil Future<sup>(c)</sup> | 03/16/2026 | 2563968 | 11634 |
| 37 | CBOT Soybean Oil Future<sup>(c)</sup> | 05/15/2026 | 1089798 | 3846 |
| 32 | CBOT Wheat Future<sup>(c)</sup> | 03/16/2026 | 811200 | 14700 |
| 8 | CBOT Wheat Future<sup>(c)</sup> | 05/15/2026 | 207400 | 2625 |
| 3 | CME E-Mini NASDAQ 100 Index Future | 03/23/2026 | 1527405 | 16310 |
| 20 | CME E-mini Russell 2000 Index Futures | 03/23/2026 | 2498000 | 63465 |
| 195 | CME Japanese Yen Currency Future | 03/17/2026 | 15645094 | 114511 |
| 11 | CME New Zealand Dollar Currency Future | 03/17/2026 | 634480 | 2160 |
| 3 | CME Nikkei 225 Index Future | 03/13/2026 | 758625 | 1700 |
| 69 | CME Swiss Franc Currency Future | 03/17/2026 | 10960219 | 53369 |
| 8 | COMEX Copper Future<sup>(c)</sup> | 03/30/2026 | 1136400 | (41762) |
| 2 | COMEX Copper Future<sup>(c)</sup> | 05/28/2026 | 286900 | (13925) |
| 8 | Eurex 10 Year Euro BUND Future | 03/09/2026 | 1198966 | (3007) |
| 34 | Eurex 30 Year Euro BUXL Future | 03/09/2026 | 4398590 | (3435) |
| 163 | KCBT Hard Red Winter Wheat Future<sup>(c)</sup> | 03/16/2026 | 4195213 | 52625 |
| 39 | KCBT Hard Red Winter Wheat Future<sup>(c)</sup> | 05/15/2026 | 1029600 | 24375 |
| 20 | Long Gilt Future | 03/30/2026 | 2463368 | (7573) |
| 5 | NYBOT CSC Cocoa Future<sup>(c)</sup> | 03/17/2026 | 303250 | (3900) |
| 68 | NYBOT CSC Number 11 World Sugar Future<sup>(c)</sup> | 03/02/2026 | 1143162 | 12432 |
| 66 | NYBOT CTN Number 2 Cotton Future<sup>(c)</sup> | 03/10/2026 | 2120910 | 9855 |
| 27 | NYBOT CTN Number 2 Cotton Future<sup>(c)</sup> | 05/07/2026 | 885600 | 4070 |
| 41 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 01/29/2026 | 1511260 | (19090) |
| 3 | NYMEX Platinum Future<sup>(c)</sup> | 04/29/2026 | 306630 | 31765 |
| 14 | SFE S&P ASX Share Price Index 200 Future | 03/20/2026 | 2026156 | 15635 |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | $375333 |
|  | **TOTAL OPEN FUTURES CONTRACTS** |  |  | $219662 |

---

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

---

| |
|:---|
| **RETURN STACKED<sup>®</sup> BALANCED ALLOCATION & SYSTEMATIC MACRO FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of December 31, 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 RDMF Fund Ltd.

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

---

| |
|:---|
| **RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 14.2%** |  |
|  | **AEROSPACE & DEFENSE - 4.9%** |  |
| 33400 | ATI, Inc.<sup>(a)</sup> | $3832984 |
| 14900 | Moog, Inc., Class A | 3628895 |
| 2400 | TransDigm Group, Inc. | 3191640 |
|  |  | 10653519 |
|  | **BANKING - 1.3%** |  |
| 45100 | Citizens Financial Group, Inc. | 2634291 |
|  | **DIVERSIFIED INDUSTRIALS - 1.7%** |  |
| 20000 | ITT, Inc. | 3470200 |
|  | **HEALTH CARE REIT - 1.9%** |  |
| 21000 | Welltower, Inc. | 3897810 |
|  | **INTERNET MEDIA & SERVICES - 1.0%** |  |
| 6500 | Alphabet, Inc., Class A | 2034500 |
|  | **LEISURE FACILITIES & SERVICES - 2.0%** |  |
| 138600 | Carnival Corporation | 4232844 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.4%** |  |
| 30400 | Medtronic PLC | 2920224 |
|  | **TOTAL COMMON STOCKS (Cost $28,951,775)** | 29843388 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** | |
|  | **PREFERRED STOCKS — 27.8%** |  |  |  |
|  | **ASSET MANAGEMENT — 8.5%** |  |  |  |
| 27100 | Apollo Global Management, Inc. | 6.7500 | 07/31/26 | 2046592 |
| 158000 | Ares Management Corporation | 6.7500 | 10/01/27 | 7963200 |
| 150400 | KKR & Company, Inc. | 6.2500 | 03/01/28 | 7796736 |
|  |  |  |  | 17806528 |

---

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

---

| |
|:---|
| **RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|<br>**Shares** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **PREFERRED STOCKS — 27.8% (Continued)** |  |  |  |
|  | **BANKING — 9.6% (Continued)** |  |  |  |
| 8048 | Bank of America Corporation | 7.2500 | Perpetual | $10076096 |
| 8200 | Wells Fargo & Company - Series L | 7.5000 | Perpetual | 9938400 |
|  |  |  |  | 20014496 |
|  | **ELECTRIC UTILITIES — 4.4%** |  |  |  |
| 190800 | NextEra Energy, Inc. | 7.2340 | 11/01/27 | 9301500 |
|  | **SEMICONDUCTORS — 2.5%** |  |  |  |
| 89600 | Microchip Technology, Inc. | 7.5000 | 03/15/28 | 5221888 |
|  | **TECHNOLOGY HARDWARE — 2.8%** |  |  |  |
| 89440 | Hewlett Packard Enterprise Company | 7.6250 | 09/01/27 | 5964754 |
|  | **TOTAL PREFERRED STOCKS (Cost $56,346,456)** |  |  | 58309166 |
| **Principal** |  |  |  |  |
| **Amount ($)** |  |  |  |  |
|  | **CONVERTIBLE BONDS — 54.5%** |  |  |  |
|  | **AUTOMOTIVE — 2.6%** |  |  |  |
| 5200000 | Ford Motor Company<sup>(b)</sup> | 0.0000 | 03/15/26 | 5400200 |
|  | **BIOTECH & PHARMA — 1.3%** |  |  |  |
| 2440000 | Halozyme Therapeutics, Inc. | 0.2500 | 03/01/27 | 2629100 |
|  | **E-COMMERCE DISCRETIONARY — 3.4%** |  |  |  |
| 8040000 | Etsy, Inc. | 0.2500 | 06/15/28 | 7171680 |
|  | **ELECTRIC UTILITIES — 7.2%** |  |  |  |
| 6930000 | Alliant Energy Corporation | 3.8750 | 03/15/26 | 7200270 |
| 7190000 | PPL Capital Funding, Inc. | 2.8750 | 03/15/28 | 7891025 |
|  |  |  |  | 15091295 |
|  | **GAS & WATER UTILITIES — 3.8%** |  |  |  |
| 8110000 | American Water Capital Corporation | 3.6250 | 06/15/26 | 8075938 |
|  | **HOME CONSTRUCTION — 3.5%** |  |  |  |
| 7542000 | Meritage Homes Corporation | 1.7500 | 05/15/28 | 7417525 |

---

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

---

| |
|:---|
| **RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CONVERTIBLE BONDS — 54.5% (Continued)** |  |  |  |
|  | **INTERNET MEDIA & SERVICES — 3.8%** |  |  |  |
| 6089000 | Uber Technologies, Inc. | 0.8750 | 12/01/28 | $7897433 |
|  | **LEISURE FACILITIES & SERVICES — 2.5%** |  |  |  |
| 5780000 | DraftKings, Inc.<sup>(b)</sup> | 0.0000 | 03/15/28 | 5280030 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 11.5%** |  |  |  |
| 8459000 | Digital Realty Trust, L.P.<sup>(c)</sup> | 1.8750 | 11/15/29 | 8577426 |
| 6350000 | Kite Realty Group, L.P.<sup>(c)</sup> | 0.7500 | 04/01/27 | 6679565 |
| 6310000 | Ventas Realty, L.P. | 3.7500 | 06/01/26 | 8909720 |
|  |  |  |  | 24166711 |
|  | **SEMICONDUCTORS — 4.5%** |  |  |  |
| 9952000 | ON Semiconductor Corporation | 0.5000 | 03/01/29 | 9414592 |
|  | **SOFTWARE — 3.9%** |  |  |  |
| 2150000 | Datadog, Inc.<sup>(b)</sup> | 0.0000 | 12/01/29 | 2144625 |
| 4032000 | Okta, Inc. | 0.3750 | 06/15/26 | 3935232 |
| 2211000 | PROS Holdings, Inc. | 2.2500 | 09/15/27 | 2206578 |
|  |  |  |  | 8286435 |
|  | **TECHNOLOGY SERVICES — 6.5%** |  |  |  |
| 10637000 | Global Payments, Inc. | 1.5000 | 03/01/31 | 9541389 |
| 4286000 | Shift4 Payments, Inc. | 0.5000 | 08/01/27 | 4118846 |
|  |  |  |  | 13660235 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $113,837,235)** |  |  | 114491174 |

---

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

---

| |
|:---|
| **RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.3%** |  |
|  | **MONEY MARKET FUNDS - 3.3%** |  |
| 6977853 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $6,977,853)<sup>(d)</sup> | $6977853 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $206,113,319)** | $209621581 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** | 494184 |
|  | **NET ASSETS - 100.0%** | $210115765 |

---

---

| | |
|:---|:---|
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

<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 December 31, 2025 the total market value of 144A securities is $15,256,991 or 7.3% of net assets.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|<br>**Shares** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **PREFERRED STOCKS — 0.7%** |  |  |  |
|  | **ASSET MANAGEMENT — 0.7%** |  |  |  |
| 30 | Eaton Vance Ltd. Duration Income Fund Series A<sup>(a)</sup> | 5.8750 | Perpetual | $645000 |
| 12 | Eaton Vance Ltd. Duration Income Fund Series B<sup>(a)</sup> | 5.8750 | Perpetual | 258000 |
| 61 | Eaton Vance Ltd. Duration Income Fund Series C<sup>(a)</sup> | 5.8750 | Perpetual | 1311500 |
| 29 | Eaton Vance Ltd. Duration Income Fund Series D<sup>(a)</sup> | 5.8750 | Perpetual | 623500 |
| 24 | Eaton Vance Ltd. Duration Income Fund Series E<sup>(a)</sup> | 5.8750 | Perpetual | 516000 |
| 88 | Eaton Vance Senior Floating-Rate Trust Series A<sup>(a)</sup> | 5.8750 | Perpetual | 1892000 |
| 46 | Eaton Vance Senior Floating-Rate Trust Series B<sup>(a)</sup> | 5.8750 | Perpetual | 989000 |
| 136 | Eaton Vance Senior Floating-Rate Trust Series C<sup>(a)</sup> | 6.0830 | Perpetual | 2924000 |
| 18 | Eaton Vance Senior Floating-Rate Trust Series D | 5.8750 | Perpetual | 387000 |
|  |  |  |  | 9546000 |
|  | **TOTAL PREFERRED STOCKS (Cost $9,552,875)** |  |  | 9546000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** |  |  | |
|  | **AGENCY MORTGAGE BACKED SECURITIES — 0.2%** | **AGENCY MORTGAGE BACKED SECURITIES — 0.2%** |  |  |
| 120266 Fannie Mae Grantor Trust Series 1999-T2 A2<sup>(b)</sup> |  | 4.4720 | 01/19/39 | 110619 |
| 195004 Fannie Mae Interest Strip Series 362 2<sup>(c)</sup> |  | 4.5000 | 08/25/35 | 23012 |
| 539347 Fannie Mae REMIC Trust Series 2002-W6 2A<sup>(b)</sup> |  | 7.5000 | 06/25/42 | 543801 |
| 143148 Fannie Mae REMICS Series 2010-55 SH<sup>(c),(d)</sup> | -(SOFR30A + 0.114%) + 6.500% | 2.5110 | 05/25/40 | 3156 |
| 242138 Fannie Mae REMICS Series 2018-95 SA<sup>(c),(d)</sup> | -(SOFR30A + 0.114%) + 6.150% | 2.1610 | 01/25/49 | 23313 |
| 220759 Fannie Mae Trust Series 2004-W1 3A<sup>(b)</sup> |  | 5.2530 | 01/25/43 | 219321 |
| 217332 Freddie Mac REMICS Series 3753 SB<sup>(c),(d)</sup> | -(SOFR30A + 0.114%) + 6.000% | 1.9020 | 11/15/40 | 20990 |
| 212539 Freddie Mac Strips Series 365 257<sup>(b),(c)</sup> |  | 4.5000 | 05/15/49 | 39311 |
| 1727556 FREMF Mortgage Trust Series 2017-KF41<sup>(d),(e)</sup> | SOFR30A + 2.614% | 6.5800 | 01/25/26 | 1750603 |
| 99946 Government National Mortgage Association Series 2003-12 S<sup>(c),(d)</sup> | -(TSFR1M + 0.114%) + 7.550% | 3.4760 | 02/20/33 | 8609 |
| 100015 Government National Mortgage Association Series 2011-71 SG<sup>(c),(d)</sup> | -(TSFR1M + 0.114%) + 5.400% | 1.5520 | 05/20/41 | 7577 |
| 121125 Government National Mortgage Association Series 2011-89 SA<sup>(c),(d)</sup> | -(TSFR1M + 0.114%) + 5.450% | 1.6020 | 06/20/41 | 9321 |
| 1177126 Government National Mortgage Association Series 2013-43 IO<sup>(b),(c)</sup> |  | 0.0220 | 08/16/48 | 235 |
|  |  |  |  | 2759868 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **AUTO LOAN — 0.1%** |  |  |  |  |
| 1083981 | CAL Receivables, LLC Series 2022-1 B<sup>(d),(e)</sup> | SOFR30A + 4.350% | 8.3340 | 10/15/26 | $1083931 |
|  | **CDO — 1.4%** |  |  |  |  |
| 2800000 | Attentus CDO III Ltd. Series 3A D<sup>(a),(d),(e)</sup> | TSFR3M + 1.912% | 5.8230 | 10/11/42 | 601051 |
| 2403950 | Kodiak CDO II Ltd. Series 2A B1<sup>(a),(d),(e)</sup> | TSFR3M + 1.162% | 5.0310 | 11/07/42 | 1819869 |
| 3043431 | Nomura CRE CDO Ltd. Series 2007-2A D<sup>(d),(e)</sup> | TSFR3M + 0.712% | 4.5800 | 05/21/42 |  |
| 7898391 | Taberna Preferred Funding I Ltd. Series 1A A2<sup>(a),(d),(e)</sup> | TSFR3M + 0.962% | 4.8960 | 07/05/35 | 5899482 |
| 4000000 | Taberna Preferred Funding I Ltd. Series 1A B2<sup>(a),(d),(e)</sup> | TSFR3M + 1.362% | 5.2960 | 07/05/35 | 2117728 |
| 7250000 | Taberna Preferred Funding II Ltd. Series 2005-2A A2<sup>(a),(d),(e)</sup> | TSFR3M + 0.912% | 4.8120 | 11/05/35 | 5273817 |
| 4622600 | Taberna Preferred Funding V Ltd. Series 5A A1B<sup>(a),(d),(e)</sup> | TSFR3M + 0.762% | 4.6622 | 08/05/36 | 2599110 |
|  |  |  |  |  | 18311057 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.7%** |  |  |
| 1001317 | BCAP, LLC Trust Series 2011-RR5-I 6A2<sup>(b),(e)</sup> |  | 4.7270 | 02/26/36 | 931531 |
| 1828314 | BCAP, LLC Trust Series 2011-RR4-I 1A6<sup>(b),(e)</sup> |  | 4.5790 | 03/26/36 | 1156032 |
| 425626 | Impac Secured Assets Trust Series 2006-3 A1<sup>(d)</sup> | TSFR1M + 0.454% | 4.1860 | 11/25/36 | 393333 |
| 2043317 | IndyMac INDX Mortgage Loan Trust Series 2004-AR3 AX2<sup>(b)</sup> |  | 4.4820 | 07/25/34 | 1907232 |
| 2118719 | Lehman Structured Securities Corporation Series 1 A1<sup>(d),(e)</sup> | TSFR1M + 0.454% | 4.1860 | 09/26/45 | 2078107 |
| 191571 | Nomura Asset Acceptance Corp Alternative Loan Series 1 1A6<sup>(f)</sup> |  | 6.3200 | 03/25/47 | 181231 |
| 1276829 | Nomura Asset Acceptance Corp Alternative Loan Series 2007-1 1A3<sup>(f)</sup> |  | 6.4570 | 03/25/47 | 1207767 |
| 785841 | Opteum Mortgage Acceptance Corporation Asset Backed Series 1 M9<sup>(d)</sup> | TSFR1M + 2.889% | 6.6210 | 02/25/35 | 941414 |
| 554822 | Resecuritization Pass-Through Trust Series 2005-8R A5 |  | 6.0000 | 10/25/34 | 555638 |
|  |  |  |  |  | 9352285 |
|  | **HOME EQUITY** — **0.0%<sup>(g)</sup>** |  |  |  |  |
| 58154 | CWHEQ Revolving Home Equity Loan Trust Series 2006-I 1A<sup>(d)</sup> | US0001M + 0.140% | 4.0050 | 01/15/37 | 56422 |
| 214279 | CWHEQ Revolving Home Equity Loan Trust Series Series C 2A<sup>(d)</sup> | TSFR1M + 0.294% | 4.0450 | 07/15/35 | 203373 |
|  |  |  |  |  | 259795 |
|  | **NON AGENCY CMBS — 35.6%** |  |  |  |  |
| 12868174 | BAMLL Re-REMIC Trust Series 2016-GG10 AJA<sup>(b),(e)</sup> |  | 5.6298 | 08/10/45 | 1672863 |
| 184553 | Banc of America Commercial Mortgage Trust Series 2006-4 C<sup>(b)</sup> |  | 5.7540 | 07/10/46 | 180828 |
| 150297 | Bayview Commercial Asset Trust Series 2005-2A A2<sup>(d),(e)</sup> | TSFR1M + 0.639% | 4.3710 | 08/25/35 | 146042 |
| 75149 | Bayview Commercial Asset Trust Series 2005-2A M1<sup>(d),(e)</sup> | TSFR1M + 0.759% | 4.4910 | 08/25/35 | 72667 |
| 197077 | Bayview Commercial Asset Trust Series 2005-2A B1<sup>(d),(e)</sup> | TSFR1M + 1.839% | 5.5710 | 08/25/35 | 211904 |
| 285774 | Bayview Commercial Asset Trust Series 2005-3A A1<sup>(d),(e)</sup> | US0001M + 0.480% | 4.5490 | 11/25/35 | 279102 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON AGENCY CMBS — 35.6% (Continued)** | **NON AGENCY CMBS — 35.6% (Continued)** |  |  |
| 156282 Bayview Commercial Asset Trust Series 2005-3A M5<sup>(d),(e)</sup> | TSFR1M + 1.074% | 5.0290 | 11/25/35 | $164886 |
| 189772 Bayview Commercial Asset Trust Series 2005-3A B1<sup>(d),(e)</sup> | TSFR1M + 1.764% | 5.7190 | 11/25/35 | 223974 |
| 916837 Bayview Commercial Asset Trust Series 2005-3A B2<sup>(d),(e)</sup> | TSFR1M + 2.559% | 6.5140 | 11/25/35 | 1034283 |
| 515301 Bayview Commercial Asset Trust Series 2005-3A B3<sup>(d),(e)</sup> | TSFR1M + 4.614% | 8.5690 | 11/25/35 | 582714 |
| 288640 Bayview Commercial Asset Trust Series 2006-1A M3<sup>(d),(e)</sup> | TSFR1M + 0.744% | 4.4760 | 04/25/36 | 269142 |
| 440753 Bayview Commercial Asset Trust Series 2006-1A M5<sup>(d),(e)</sup> | US0001M + 0.840% | 4.6860 | 04/25/36 | 411333 |
| 470953 Bayview Commercial Asset Trust Series 2006-1A M6<sup>(d),(e)</sup> | TSFR1M + 1.074% | 4.8060 | 04/25/36 | 439990 |
| 523688 Bayview Commercial Asset Trust Series 2006-1A B1<sup>(d),(e)</sup> | TSFR1M + 1.689% | 5.4210 | 04/25/36 | 498050 |
| 78926 Bayview Commercial Asset Trust Series 2006-2A B1<sup>(d),(e)</sup> | TSFR1M + 1.419% | 5.1510 | 07/25/36 | 76418 |
| 50607 Bayview Commercial Asset Trust Series 2006-2A B2<sup>(d),(e)</sup> | TSFR1M + 2.319% | 6.0510 | 07/25/36 | 1014184 |
| 129772 Bayview Commercial Asset Trust Series 2006-4<sup>(d),(e)</sup> | TSFR1M + 0.459% | 4.1910 | 12/25/36 | 124817 |
| 472121 Bayview Commercial Asset Trust Series 2006-SP2 M5<sup>(d),(e)</sup> | TSFR1M + 0.849% | 4.8040 | 01/25/37 | 445273 |
| 552950 Bayview Commercial Asset Trust Series 2006-SP2 M6<sup>(d),(e)</sup> | TSFR1M + 0.954% | 4.9090 | 01/25/37 | 520025 |
| 1615986 Bayview Commercial Asset Trust Series 2007-2A M1<sup>(d),(e)</sup> | TSFR1M + 0.669% | 4.4010 | 07/25/37 | 1519805 |
| 1113940 Bayview Commercial Asset Trust Series 2007-2A M2<sup>(d),(e)</sup> | TSFR1M + 0.729% | 4.4610 | 07/25/37 | 1110508 |
| 1044690 Bayview Commercial Asset Trust Series 2007-3 M5<sup>(d),(e)</sup> | TSFR1M + 1.014% | 4.9690 | 07/25/37 | 1125955 |
| 5619474 BB-UBS Trust Series 2012-TFT B<sup>(b),(e)</sup> |  | 3.5590 | 06/05/30 | 5546636 |
| 167249 Bear Stearns Commercial Mortgage Securities Trust Series 2007-T26 AJ<sup>(b)</sup> |  | 5.5660 | 01/12/45 | 165994 |
| 1517795 CD Mortgage Trust Series 2007-CD5 G<sup>(b),(e)</sup> |  | 6.3690 | 11/15/44 | 1510613 |
| 3573885 CD Mortgage Trust Series 2017-CD5 XA<sup>(b),(c)</sup> |  | 0.7690 | 08/15/50 | 28983 |
| 326800 CFCRE Commercial Mortgage Trust Series 2011-C2 D<sup>(b),(e)</sup> |  | 5.0800 | 12/15/47 | 316574 |
| 9685000 CFCRE Commercial Mortgage Trust Series 2011-C2 E<sup>(b),(e)</sup> |  | 5.0800 | 12/15/47 | 9294469 |
| 13388863 CG-CCRE Commercial Mortgage Trust Series 2014-FL1 B<sup>(d),(e)</sup> | TSFR1M + 1.264% | 5.0150 | 06/15/31 | 13030222 |
| 4828945 Citigroup Commercial Mortgage Trust Series 2012-GC8 C<sup>(b),(e)</sup> |  | 5.1240 | 09/10/45 | 4726281 |
| 422000 Citigroup Commercial Mortgage Trust Series 2012-GC8 D<sup>(b),(e)</sup> |  | 5.2950 | 09/10/45 | 264913 |
| 1303908 Citigroup Commercial Mortgage Trust Series 2014-GC21 C<sup>(b)</sup> |  | 4.7800 | 05/10/47 | 1274819 |
| 6198389 COMM Mortgage Trust Series 2012-CCRE1 D<sup>(b),(e)</sup> |  | 5.1030 | 05/15/45 | 5710597 |
| 4736411 COMM Mortgage Trust Series 2013-CCRE9 E<sup>(b),(e)</sup> |  | 4.4260 | 07/10/45 | 4698697 |
| 19694173 COMM Mortgage Trust Series 2012-CCRE3 B<sup>(e)</sup> |  | 3.9220 | 10/15/45 | 19001910 |
| 1960000 COMM Mortgage Trust Series 2012-CCRE5 E<sup>(b),(e)</sup> |  | 4.5410 | 12/10/45 | 1837369 |
| 1940000 COMM Mortgage Trust Series 2012-CCRE5 F<sup>(b),(e)</sup> |  | 4.5410 | 12/10/45 | 1683022 |
| 1900000 COMM Mortgage Trust Series 2013-LC6 F<sup>(e)</sup> |  | 3.5000 | 01/10/46 | 1616448 |
| 11274000 COMM Mortgage Trust Series 2013-LC6 E<sup>(e)</sup> |  | 3.5000 | 01/10/46 | 10659209 |
| 67980 COMM Mortgage Trust Series 2013-LC6 D<sup>(b),(e)</sup> |  | 3.7360 | 01/10/46 | 66364 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON AGENCY CMBS — 35.6% (Continued)** | **NON AGENCY CMBS — 35.6% (Continued)** | **NON AGENCY CMBS — 35.6% (Continued)** |  |  |
| 3128200 | COMM Mortgage Trust Series 2013-CCRE6 C<sup>(b),(e)</sup> |  | 3.7770 | 03/10/46 | $3086773 |
| 6318749 | COMM Mortgage Trust Series 2013-CCRE7 D<sup>(b),(e)</sup> |  | 4.2450 | 03/10/46 | 5863295 |
| 1116941 | COMM Mortgage Trust Series 2014-CR14 B<sup>(b)</sup> |  | 3.5530 | 02/10/47 | 1097419 |
| 1380000 | COMM Mortgage Trust Series 2014-CR14 C<sup>(b)</sup> |  | 3.5530 | 02/10/47 | 1342081 |
| 2313809 | COMM Mortgage Trust Series 2014-UBS3 B |  | 4.3130 | 06/10/47 | 2216633 |
| 9861904 | COMM Mortgage Trust Series 2014-CCRE18 E<sup>(e)</sup> |  | 3.6000 | 07/15/47 | 9324694 |
| 5223000 | COMM Mortgage Trust Series 2014-LC17 E<sup>(e)</sup> |  | 3.1140 | 10/10/47 | 4936732 |
| 8762118 | COMM Mortgage Trust Series 2015-CCRE22 B<sup>(b)</sup> |  | 3.9260 | 03/10/48 | 8444473 |
| 699902 | COMM Mortgage Trust Series 2015-CCRE23 D<sup>(b)</sup> |  | 4.1880 | 05/10/48 | 689914 |
| 15146777 | Commercial Mortgage Pass Through Certificates Series 2012-LTRT A2<sup>(e)</sup> |  | 3.4000 | 10/05/30 | 15007223 |
| 5790000 | Commercial Mortgage Pass Through Certificates Series 2012-LTRT B<sup>(e)</sup> |  | 3.8000 | 10/05/30 | 5587466 |
| 19164 | Credit Suisse Commercial Mortgage Trust Series C4 C<sup>(b),(e)</sup> |  | 5.5220 | 09/15/39 | 18875 |
| 1597198 | Csail Commercial Mortgage Trust Series 2015-C2 C<sup>(b)</sup> |  | 4.0440 | 06/15/57 | 1540645 |
| 6024430 | DBUBS Mortgage Trust Series 2011-LC3A D<sup>(b),(e)</sup> |  | 5.3500 | 08/10/44 | 5818972 |
| 371187 | FREMF Mortgage Trust Series 2020-KF74 C<sup>(d),(e)</sup> | SOFR30A + 6.364% | 10.3730 | 01/25/27 | 367715 |
| 138373 | Greenwich Capital Commercial Mortgage Trust Series 2006-RR1 A1<sup>(b),(e)</sup> |  | 5.7780 | 03/18/49 | 131933 |
| 6350000 | GS Mortgage Securities Corporation Trust Series 2012-TMSQ C<sup>(b),(e)</sup> |  | 3.7210 | 04/10/31 | 6189769 |
| 137267 | GS Mortgage Securities Corporation Trust Series 2012-TMSQ B<sup>(b),(e)</sup> |  | 3.7210 | 04/10/31 | 136075 |
| 20651000 | GS Mortgage Securities Trust Series 2011-GC5 B<sup>(b),(e)</sup> |  | 5.1660 | 08/10/44 | 20096286 |
| 2543737 | GS Mortgage Securities Trust Series 2007-GG10 AJ<sup>(b)</sup> |  | 0.1988 | 08/10/45 | 330686 |
| 11653721 | GS Mortgage Securities Trust Series 2012-GCJ9 D<sup>(b),(e)</sup> |  | 4.5880 | 11/10/45 | 11550945 |
| 8107357 | GS Mortgage Securities Trust Series 2013-GC14 F<sup>(b),(e)</sup> |  | 3.8910 | 08/10/46 | 8021532 |
| 128618 | Impac CMB Trust Series 2004-8 3M2<sup>(d)</sup> | TSFR1M + 1.689% | 5.4210 | 08/25/34 | 125560 |
| 89043 | Impac CMB Trust Series 2004-8 3B<sup>(d)</sup> | TSFR1M + 2.739% | 6.4710 | 08/25/34 | 90500 |
| 3500000 | JP Morgan Chase Commercial Mortgage Series MINN A<sup>(d),(e)</sup> | TSFR1M + 1.317% | 5.0670 | 11/15/35 | 3369633 |
| 20272171 | JP Morgan Chase Commercial Mortgage Securities Series 2012-WLDN A<sup>(e)</sup> |  | 3.9100 | 05/05/30 | 19562644 |
| 12950000 | JP Morgan Chase Commercial Mortgage Securities Series C2 F<sup>(e)</sup> |  | 3.3920 | 11/15/43 | 9329828 |
| 12770000 | JP Morgan Chase Commercial Mortgage Securities Series 2010-C2 E<sup>(b),(e)</sup> |  | 5.5820 | 11/15/43 | 12014599 |
| 2004065 | JP Morgan Chase Commercial Mortgage Securities Series 2010-C2 D<sup>(b),(e)</sup> |  | 5.5820 | 11/15/43 | 1819522 |
| 1358000 | JP Morgan Chase Commercial Mortgage Securities<sup>(b),(e)</sup> |  | 4.9640 | 05/15/45 | 1266017 |
| 16623288 | JP Morgan Chase Commercial Mortgage Securities Series 2012-C6 E<sup>(b),(e)</sup> |  | 4.9640 | 05/15/45 | 16328491 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON AGENCY CMBS — 35.6% (Continued)** | **NON AGENCY CMBS — 35.6% (Continued)** | **NON AGENCY CMBS — 35.6% (Continued)** |  |  |
| 236707 | JP Morgan Chase Commercial Mortgage Securities Series C6 D<sup>(b)</sup> |  | 4.9640 | 05/15/45 | $235764 |
| 6612105 | JP Morgan Chase Commercial Mortgage Securities Series CBX E<sup>(b),(e)</sup> |  | 4.6900 | 06/15/45 | 6402237 |
| 564811 | JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 B<sup>(b),(e)</sup> |  | 5.0130 | 02/15/46 | 542430 |
| 9260000 | JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 C<sup>(b),(e)</sup> |  | 5.3600 | 02/15/46 | 8785745 |
| 2856000 | JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 D<sup>(b),(e)</sup> |  | 5.5260 | 02/15/46 | 2603748 |
| 107000 | JP Morgan Chase Commercial Mortgage Securities Series 2013-LC11 D<sup>(b)</sup> |  | 4.1900 | 04/15/46 | 5618 |
| 516640 | JP Morgan Chase Commercial Mortgage Securities Series 2012-LC9 C<sup>(b),(e)</sup> |  | 3.5710 | 12/15/47 | 509730 |
| 1578930 | JP Morgan Chase Commercial Mortgage Securities Series C10 C<sup>(b)</sup> |  | 4.1040 | 12/15/47 | 1525922 |
| 5960582 | JPMBB Commercial Mortgage Securities Trust Series C15 D<sup>(b),(e)</sup> |  | 4.7479 | 11/15/45 | 5465247 |
| 2355000 | LBSBN Series 2005-2A PS<sup>(h)</sup> |  | 0.0000 | 09/27/30 | 2355000 |
| 2000000 | LOANME Trust SBL Series 2019-1 C<sup>(e),(f)</sup> |  | 15.0000 | 08/15/30 | 95000 |
| 504119 | ML-CFC Commercial Mortgage Trust Series 2007-9 AJ<sup>(b)</sup> |  | 7.6660 | 09/12/49 | 466054 |
| 228575 | ML-CFC Commercial Mortgage Trust Series 2007-9 AJA<sup>(b)</sup> |  | 7.6950 | 09/12/49 | 211315 |
| 10305615 | Morgan Stanley Bank of America Merrill Lynch Trust Series C6 D<sup>(b),(e)</sup> |  | 4.3446 | 11/15/45 | 8941929 |
| 4341086 | Morgan Stanley Bank of America Merrill Lynch Trust Series C6 C<sup>(b)</sup> |  | 4.5360 | 11/15/45 | 3922763 |
| 350000 | Morgan Stanley Bank of America Merrill Lynch Trust Series C9 C<sup>(b)</sup> |  | 3.7070 | 05/15/46 | 327520 |
| 7025614 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10 C<sup>(b)</sup> |  | 3.9520 | 07/15/46 | 6523145 |
| 4930000 | Morgan Stanley Bank of America Merrill Lynch Trust Series C10 D<sup>(b),(e)</sup> |  | 3.9520 | 07/15/46 | 4133099 |
| 8538236 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 AS<sup>(b)</sup> |  | 4.0750 | 08/15/46 | 8261089 |
| 4158000 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12 D<sup>(b),(e)</sup> |  | 4.6990 | 10/15/46 | 3809444 |
| 4546817 | Morgan Stanley Bank of America Merrill Lynch Trust Series C18 E<sup>(e)</sup> |  | 3.0000 | 10/15/47 | 4356591 |
| 1429793 | Morgan Stanley Bank of America Merrill Lynch Trust Series C8 F<sup>(b),(e)</sup> |  | 4.1750 | 12/15/48 | 1300855 |
| 59545 | Morgan Stanley Capital I Trust Series 2011-C2 D<sup>(b),(e)</sup> |  | 5.2110 | 06/15/44 | 58307 |
| 10180000 | Morgan Stanley Capital I Trust Series 2011-C2 E<sup>(b),(e)</sup> |  | 5.2110 | 06/15/44 | 9803338 |
| 869564 | Morgan Stanley Capital I Trust Series 2011-C3 E<sup>(b),(e)</sup> |  | 4.9400 | 07/15/49 | 858345 |
| 2064950 | Morgan Stanley Capital I Trust Series 2011-C3 F<sup>(b),(e)</sup> |  | 4.9400 | 07/15/49 | 1994188 |
| 1770000 | MSRW Pass-Through Trust Series 2025-CC D<sup>(e)</sup> |  | 8.3170 | 08/15/30 | 1787617 |
| 5000000 | OWS Real Estate Finance, LLC Series MARG2 A<sup>(d),(e)</sup> | TSFR1M + 4.000% | 7.7510 | 08/15/27 | 5004625 |
| 38500000 | TMSQ Mortgage Trust Series 2014-1500 XA<sup>(b),(c),(e)</sup> |  | 0.1550 | 10/10/36 | 145761 |
| 496481 | UBS-Barclays Commercial Mortgage Trust Series 2013-C5 B<sup>(b),(e)</sup> |  | 3.6490 | 03/10/46 | 485353 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON AGENCY CMBS — 35.6% (Continued)** | **NON AGENCY CMBS — 35.6% (Continued)** | **NON AGENCY CMBS — 35.6% (Continued)** |  |  |
| 3771068 | UBS-Barclays Commercial Mortgage Trust Series 2013-C5 C<sup>(b),(e)</sup> |  | 3.7200 | 03/10/46 | $3524720 |
| 2477250 | UBS-Barclays Commercial Mortgage Trust Series 2013-C5 D<sup>(b),(e)</sup> |  | 3.7200 | 03/10/46 | 1995160 |
| 5190585 | UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 E<sup>(b),(e)</sup> |  | 5.9970 | 01/10/45 | 4007450 |
| 1046110 | VA Gilbert AZ Subordinated Note Lease-Backed Pass-Through Trust<sup>(e)</sup> |  | 12.9970 | 03/15/34 | 1247233 |
| 1436119 | Wachovia Bank Commercial Mortgage Trust Series 2005-C21 E<sup>(b),(e)</sup> |  | 5.5490 | 10/15/44 | 1456908 |
| 12052740 | WFLD Mortgage Trust Series 2014-MONT A<sup>(b),(e)</sup> |  | 3.7550 | 08/10/31 | 11650548 |
| 840000 | WFLD Mortgage Trust Series 2014-MONT B<sup>(b),(e)</sup> |  | 3.7550 | 08/10/31 | 801050 |
| 669351 | WFRBS Commercial Mortgage Trust Series 2013-C11 B<sup>(b)</sup> |  | 3.7140 | 03/15/45 | 667504 |
| 9547065 | WFRBS Commercial Mortgage Trust Series 2012-C9 G<sup>(b),(e)</sup> |  | 4.7190 | 11/15/45 | 9357023 |
| 8901600 | WFRBS Commercial Mortgage Trust Series 2012-C9 F<sup>(b),(e)</sup> |  | 4.7190 | 11/15/45 | 8766247 |
| 3342922 | WFRBS Commercial Mortgage Trust Series 2012-C9 E<sup>(b),(e)</sup> |  | 4.7190 | 11/15/45 | 3321801 |
| 14507689 | WFRBS Commercial Mortgage Trust Series 2013-C14 C<sup>(b)</sup> |  | 3.8170 | 06/15/46 | 12833447 |
| 6956000 | WFRBS Commercial Mortgage Trust Series 2013-C14 D<sup>(b),(e)</sup> |  | 3.8302 | 06/15/46 | 4396019 |
| 10667262 | WFRBS Commercial Mortgage Trust Series 2013-C14 B<sup>(b)</sup> |  | 3.8410 | 06/15/46 | 10107101 |
| 4444637 | WFRBS Commercial Mortgage Trust Series 2013-C15 B<sup>(b)</sup> |  | 4.1450 | 08/15/46 | 4363266 |
| 1255026 | WFRBS Commercial Mortgage Trust Series 2014-LC14 D<sup>(b),(e)</sup> |  | 4.5860 | 03/15/47 | 1216931 |
| 3016064 | WFRBS Commercial Mortgage Trust Series 2014-C21 B<sup>(b)</sup> |  | 4.2130 | 08/15/47 | 2943377 |
| 6647000 | WFRBS Commercial Mortgage Trust Series 2014-C25 E<sup>(e)</sup> |  | 3.3200 | 11/15/47 | 6355442 |
| 4927410 | WFRBS Commercial Mortgage Trust Series 2014-C25 D<sup>(b),(e)</sup> |  | 3.8030 | 11/15/47 | 4774025 |
| 547388 | WFRBS Commercial Mortgage Trust Series 2014-C23 AS<sup>(b)</sup> |  | 4.2100 | 10/15/57 | 532082 |
| 3000000 | X-Caliber Funding, LLC Series 2021-7 A<sup>(d),(e)</sup> | SOFRRATE + 3.120% | 6.9870 | 01/06/26 | 2991207 |
|  |  |  |  |  | 457491133 |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6%** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6%** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6%** |  |  |
| 1300807 | ABFC Trust Series 2002-WF2 CE<sup>(h)</sup> |  | 0.0000 | 11/25/29 | 1124851 |
| 156358 | ABFC Trust Series 2003-OPT1 A3<sup>(d)</sup> | TSFR1M + 0.794% | 4.5260 | 04/25/33 | 155197 |
| 183427 | ABFS Mortgage Loan Trust Series 2000-1 A1<sup>(f)</sup> |  | 8.4250 | 07/15/31 | 155664 |
| 79194 | ABFS Mortgage Loan Trust Series 2000-3 A<sup>(f)</sup> |  | 8.1100 | 09/15/31 | 63734 |
| 891221 | ABFS Mortgage Loan Trust Series 2001-3 A2<sup>(e),(f)</sup> |  | 6.1700 | 03/15/32 | 876669 |
| 2136908 | ABFS Mortgage Loan Trust Series 2002-1 A5<sup>(f)</sup> |  | 7.0100 | 12/15/32 | 1757058 |
| 520736 | ABFS Mortgage Loan Trust Series 2003-1 M<sup>(d)</sup> | TSFR1M + 2.364% | 6.1150 | 08/15/33 | 521658 |
| 760147 | ABFS Mortgage Loan Trust Series 2002-4 M1<sup>(f)</sup> |  | 4.6000 | 12/15/33 | 586486 |
| 688441 | Accredited Mortgage Loan Trust Series 2004-3 2A6<sup>(d)</sup> | TSFR1M + 0.984% | 4.7160 | 10/25/34 | 667105 |
| 3371999 | Accredited Mortgage Loan Trust Series 2005-1 M5<sup>(d)</sup> | TSFR1M + 3.414% | 5.4030 | 04/25/35 | 3502295 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 2304331 | ACE Securities Corp Home Equity Loan Trust Series HE1 CE<sup>(h)</sup> |  | 0.0000 | 11/20/31 | $2100000 |
| 210558 | ACE Securities Corp Home Equity Loan Trust Series TC1 M2<sup>(d)</sup> | TSFR1M + 3.039% | 6.7710 | 06/25/33 | 203450 |
| 205731 | ACE Securities Corp Home Equity Loan Trust Series HE1 M2<sup>(d)</sup> | TSFR1M + 1.764% | 5.4960 | 03/25/34 | 205317 |
| 24655 | ACE Securities Corp Home Equity Loan Trust Series RM1 M1<sup>(d)</sup> | TSFR1M + 1.164% | 4.8960 | 07/25/34 | 24439 |
| 528589 | ACE Securities Corp Home Equity Loan Trust Series 2004-RM1 B1<sup>(d),(e)</sup> | TSFR1M + 5.364% | 9.3200 | 07/25/34 | 462610 |
| 1531310 | ACE Securities Corp Home Equity Loan Trust Series 2005-WF1 M10<sup>(d)</sup> | TSFR1M + 3.614% | 7.3460 | 05/25/35 | 1781149 |
| 245493 | ACE Securities Corp Home Equity Loan Trust Series Series HE3 M3<sup>(d)</sup> | TSFR1M + 5.379% | 9.1110 | 10/25/32 | 499996 |
| 128976 | ACE Securities Corp Home Equity Loan Trust Series Series OP1 M1<sup>(d)</sup> | TSFR1M + 1.164% | 4.8960 | 12/25/33 | 131457 |
| 40822 | ACE Securities Corp Manufactured Housing Trust Series 2003-MH1 B2<sup>(e),(i)</sup> |  | 0.0000 | 08/15/30 | 40305 |
| 73331 | Adjustable Rate Mortgage Trust Series 2005-2 3A1<sup>(b)</sup> |  | 6.8090 | 06/25/35 | 73097 |
| 68346 | Adjustable Rate Mortgage Trust Series 2005-4 1A1<sup>(b)</sup> |  | 3.3910 | 08/25/35 | 53202 |
| 481537 | Adjustable Rate Mortgage Trust Series 2005-5 2A1<sup>(b)</sup> |  | 5.4080 | 09/25/35 | 419221 |
| 158459 | Adjustable Rate Mortgage Trust Series 2005-6A 1A21<sup>(d)</sup> | TSFR1M + 0.634% | 4.3660 | 11/25/35 | 139700 |
| 188585 | Adjustable Rate Mortgage Trust Series 2005-6A 1A1<sup>(d)</sup> | TSFR1M + 0.654% | 4.3860 | 11/25/35 | 163528 |
| 58075 | Adjustable Rate Mortgage Trust Series 2005-10 3A31<sup>(b)</sup> |  | 3.8880 | 01/25/36 | 52533 |
| 148616 | Adjustable Rate Mortgage Trust Series 2005-10 3A11<sup>(b)</sup> |  | 3.8880 | 01/25/36 | 131843 |
| 97850 | Adjustable Rate Mortgage Trust Series 2005-10 6A1<sup>(d)</sup> | TSFR1M + 0.654% | 4.3860 | 01/25/36 | 93424 |
| 547762 | Aegis Asset Backed Securities Trust Mortgage Series 2004-3 B2<sup>(d)</sup> | TSFR1M + 3.264% | 6.9960 | 09/25/34 | 497479 |
| 2144333 | AFC Trust Series 1999-3 2A<sup>(d)</sup> | TSFR1M + 0.904% | 4.6360 | 09/28/29 | 2044956 |
| 680845 | AFC Trust Series 2000-2 1A<sup>(d)</sup> | US0001M + 0.790% | 4.8590 | 06/25/30 | 655514 |
| 58973 | AFC Trust Series 2000-4 1A<sup>(d),(e)</sup> | TSFR1M + 0.884% | 4.6160 | 01/25/31 | 58743 |
| 184379 | Alternative Loan Trust Series 2004-J6 M<sup>(b)</sup> |  | 9.8120 | 11/25/31 | 185064 |
| 44581 | Alternative Loan Trust Series 2003-J3 1A2 |  | 5.2500 | 11/25/33 | 44503 |
| 740364 | Alternative Loan Trust Series 2004-8CB M3<sup>(d)</sup> | US0001M + 2.850% | 6.6960 | 06/25/34 | 978638 |
| 376066 | Alternative Loan Trust Series 2005-43 5A1<sup>(b)</sup> |  | 5.3070 | 09/25/35 | 338007 |
| 991199 | Alternative Loan Trust Series 2006-OC2 2A3<sup>(d)</sup> | TSFR1M + 0.694% | 4.4260 | 02/25/36 | 932637 |
| 1468738 | Alternative Loan Trust Series 2006-J6 A2<sup>(c),(d)</sup> | -(TSFR1M + 0.114%) + 5.500% | 1.6540 | 09/25/36 | 162944 |
| 1203883 | Alternative Loan Trust Series 2006-J6 A1<sup>(d)</sup> | TSFR1M + 0.614% | 2.3260 | 09/25/36 | 434550 |
| 632272 | Alternative Loan Trust Series 2006-32CB A2<sup>(c),(d)</sup> | -(TSFR1M + 0.114%) + 5.330% | 1.4840 | 11/25/36 | 62705 |
| 380887 | Alternative Loan Trust Series 2006-32CB A1<sup>(d)</sup> | TSFR1M + 0.784% | 2.8630 | 11/25/36 | 168961 |
| 330959 | Alternative Loan Trust Series 2004-2CB 4A1 |  | 5.0000 | 08/25/54 | 329972 |
| 6233212 | American Home Mortgage Investment Trust Series 2005-2 5A4D<sup>(f)</sup> |  | 5.8280 | 09/25/35 | 4531852 |
| 341902 | Ameriquest Mortgage Securities Asset-Backed Series 2002-3 M3<sup>(d)</sup> | TSFR1M + 2.964% | 6.6960 | 08/25/32 | 340122 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 87077 | Ameriquest Mortgage Securities Asset-Backed Series 2003-AR1 M3<sup>(d)</sup> | TSFR1M + 4.614% | 3.2300 | 01/25/33 | $85960 |
| 992136 | Ameriquest Mortgage Securities Asset-Backed Series 2004-R3 M4<sup>(d)</sup> | TSFR1M + 2.874% | 6.6060 | 05/25/34 | 938662 |
| 100466 | Ameriquest Mortgage Securities, Inc. Asset Backed Series R1 M1<sup>(d)</sup> | TSFR1M + 0.909% | 4.6410 | 02/25/34 | 126054 |
| 107356 | Ameriquest Mortgage Securities, Inc. Asset Backed Pass Through Certificates Series AR1 M1<sup>(d)</sup> | TSFR1M + 1.179% | 3.2140 | 09/25/32 | 110612 |
| 2124070 | Ameriquest Mortgage Securities, Inc. Asset Backed Pass Through Certificates Series 2002-C M1<sup>(d)</sup> | TSFR1M + 3.489% | 7.2210 | 11/25/32 | 2261508 |
| 420182 | Ameriquest Mortgage Securities, Inc. Asset-Backed Series AR3 M5<sup>(d)</sup> | TSFR1M + 5.739% | 2.8040 | 06/25/33 | 380575 |
| 696535 | Ameriquest Mortgage Securities, Inc. Asset-Backed Series 11 M6<sup>(d)</sup> | TSFR1M + 5.739% | 4.3340 | 11/25/33 | 685997 |
| 646933 | Ameriquest Mortgage Securities, Inc. Asset-Backed Series R1 A2<sup>(d)</sup> | TSFR1M + 0.714% | 4.4460 | 02/25/34 | 645091 |
| 139012 | Amortizing Residential Collateral Trust Series 2002-BC5 M2<sup>(d)</sup> | TSFR1M + 1.914% | 5.6460 | 07/25/32 | 164234 |
| 171980 | Amresco Residential Securities Corporation Mort Loan Series 1999-1 M1<sup>(d)</sup> | TSFR1M + 0.864% | 4.6400 | 11/25/29 | 148238 |
| 889697 | Argent Securities, Inc. Asset-Backed Pass-Through Series 2003-W3 M5<sup>(d)</sup> | TSFR1M + 5.739% | 3.9130 | 09/25/33 | 815083 |
| 304452 | Argent Securities, Inc. Asset-Backed Pass-Through Series W6 AV1<sup>(d)</sup> | TSFR1M + 0.974% | 4.7060 | 01/25/34 | 298107 |
| 143084 | Argent Securities, Inc. Asset-Backed Pass-Through Series W9 M1<sup>(d)</sup> | TSFR1M + 0.984% | 3.9230 | 06/26/34 | 150267 |
| 329935 | Argent Securities, Inc. Asset-Backed Pass-Through Series W11 M3<sup>(d)</sup> | TSFR1M + 1.239% | 4.9710 | 11/25/34 | 333771 |
| 199763 | Argent Securities, Inc. Asset-Backed Pass-Through Series W2 M1<sup>(d)</sup> | TSFR1M + 0.849% | 4.5810 | 10/25/35 | 198912 |
| 2502654 | Asset Backed Securities Corporation Home Equity Loan Series 2003- HE1 M3<sup>(d)</sup> | TSFR1M + 5.364% | 9.1150 | 01/15/33 | 2327037 |
| 237927 | Asset Backed Securities Corporation Home Equity Loan Series HE6 A2<sup>(d)</sup> | TSFR1M + 0.794% | 4.5260 | 11/25/33 | 288258 |
| 1066726 | Asset Backed Securities Corporation Home Equity Loan Series HE6 A3B<sup>(d)</sup> | TSFR1M + 1.074% | 4.8060 | 11/25/33 | 1081223 |
| 476316 | Banc of America Alternative Loan Trust Series 2006-4 1A2<sup>(c),(d)</sup> | -(TSFR1M + 0.114%) + 5.150% | 1.3040 | 05/25/46 | 27164 |
| 471993 | Banc of America Alternative Loan Trust Series 2006-4 1A1<sup>(d)</sup> | TSFR1M + 0.964% | 4.6960 | 05/25/46 | 410872 |
| 258670 | Banc of America Alternative Loan Trust Series 2006-4 1A3 |  | 6.0000 | 05/25/46 | 237738 |
| 208748 | Banc of America Alternative Loan Trust Series 2006-4 1A4 |  | 6.0000 | 05/25/46 | 191852 |
| 549047 | Banc of America Alternative Loan Trust Series 2006-4 1A5 |  | 6.0000 | 05/25/46 | 504619 |
| 966884 | Banc of America Funding Corporation Series 2008-1 A2<sup>(b)</sup> |  | 4.4190 | 09/25/48 | 938492 |
| 556949 | Banc of America Funding Trust Series 2016-R2 1A2<sup>(b),(e)</sup> |  | 10.4330 | 05/01/33 | 583871 |
| 47957 | Banc of America Funding Trust Series 2003-1 B2 |  | 6.0000 | 05/20/33 | 12257 |
| 38223 | Banc of America Funding Trust Series 2007-4 5A1 |  | 5.5000 | 11/25/34 | 33653 |
| 366142 | Banc of America Funding Trust Series 2004-B 6A1<sup>(b)</sup> |  | 2.8310 | 12/20/34 | 306858 |
| 118058 | Banc of America Funding Trust Series 2005-B 1A1<sup>(b)</sup> |  | 5.4430 | 04/20/35 | 115214 |
| 1137749 | Banc of America Funding Trust Series 2005-E 2A1<sup>(b)</sup> |  | 3.9250 | 05/20/35 | 1016196 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |
| 1987332 | Banc of America Funding Trust Series 2015-R8 3A2<sup>(b),(e)</sup> |  | 4.5500 | 08/26/35 | $1576024 |
| 43030 | Banc of America Funding Trust Series 2005-8 30PO<sup>(j)</sup> |  |  | 01/25/36 | 28307 |
| 1085099 | Banc of America Funding Trust Series 2006-A 5A1<sup>(b)</sup> |  | 3.5300 | 02/20/36 | 1090532 |
| 832561 | Banc of America Funding Trust Series 2006-A 4A1<sup>(b)</sup> |  | 5.4460 | 02/20/36 | 809027 |
| 361777 | Banc of America Funding Trust Series 2006-B 7A1<sup>(b)</sup> |  | 4.4530 | 03/20/36 | 317043 |
| 148968 | Banc of America Funding Trust Series 2006-B 1A1<sup>(b)</sup> |  | 6.8720 | 03/20/36 | 144664 |
| 118908 | Banc of America Funding Trust Series 2006-C 4A1<sup>(b)</sup> |  | 5.5630 | 04/20/36 | 106308 |
| 473876 | Banc of America Funding Trust Series 2006-D 2A1<sup>(b)</sup> |  | 3.4990 | 05/20/36 | 442060 |
| 2871 | Banc of America Funding Trust Series 2006-G 3A3<sup>(d)</sup> | TSFR12M + 2.465% | 5.9700 | 07/20/36 | 2858 |
| 108106 | Banc of America Funding Trust Series 2006-F 1A2<sup>(b)</sup> |  | 6.2130 | 07/20/36 | 90995 |
| 88331 | Banc of America Funding Trust Series 2006-I 5A1<sup>(b)</sup> |  | 3.4360 | 10/20/46 | 75845 |
| 230126 | Banc of America Funding Trust Series 2006-J 4A1<sup>(b)</sup> |  | 4.8820 | 01/20/47 | 199019 |
| 1139156 | Banc of America Funding Trust Series 2007-5 7A5 |  | 6.5000 | 07/25/47 | 886172 |
| 310834 | Banc of America Funding Trust Series 2007-8 3A1 |  | 6.0000 | 08/25/53 | 169179 |
| 324239 | Banc of America Funding Trust Series 2009-R9 3A3<sup>(b),(e)</sup> |  | 3.4350 | 11/25/56 | 256172 |
| 3771344 | Banc of America Mortgage Trust Series 2004-G 3A1<sup>(b)</sup> |  | 5.1780 | 08/25/34 | 2493221 |
| 28913 | Banc of America Mortgage Trust Series 2005-A 2A2<sup>(b)</sup> |  | 5.1060 | 02/25/35 | 28204 |
| 577958 | Banc of America Mortgage Trust Series 2005-G 4A3<sup>(b)</sup> |  | 3.4810 | 08/25/35 | 520034 |
| 575868 | Banc of America Mortgage Trust Series 2005-I 4A1<sup>(b)</sup> |  | 6.5940 | 10/25/35 | 576673 |
| 2450 | Banc of America Mortgage Trust Series 2006-A 1A1<sup>(b)</sup> |  | 6.8690 | 02/25/36 | 2335 |
| 57925 | Banc of America Mortgage Trust Series 2006-B 2A1<sup>(b)</sup> |  | 4.9530 | 11/20/46 | 51493 |
| 969679 | Bayview Financial Asset Trust Series 2007-SR1A A<sup>(d),(e)</sup> | TSFR1M + 0.564% | 4.2960 | 03/25/37 | 979954 |
| 2415779 | Bayview Financial Asset Trust Series 2007-SR1A M1<sup>(d),(e)</sup> | TSFR1M + 0.914% | 4.6460 | 03/25/37 | 2443565 |
| 1579936 | Bayview Financial Asset Trust Series 2007-SR1A M2<sup>(d),(e)</sup> | TSFR1M + 1.014% | 4.7460 | 03/25/37 | 1602526 |
| 942743 | Bayview Financial Asset Trust Series 2007-SR1A M3<sup>(d),(e)</sup> | TSFR1M + 1.264% | 4.9960 | 03/25/37 | 964907 |
| 2287836 | Bayview Financial Asset Trust Series 2007-SR1A M4<sup>(d),(e)</sup> | TSFR1M + 1.614% | 5.3460 | 03/25/37 | 2329517 |
| 733415 | Bayview Financial Mortgage Pass-Through Trust Series D M2<sup>(b)</sup> |  | 5.5000 | 12/28/35 | 724819 |
| 418702 | Bayview Financial Mortgage Pass-Through Trust Series A B1<sup>(d)</sup> | TSFR1M + 4.239% | 7.9670 | 02/28/44 | 495259 |
| 634018 | Bayview Financial Mortgage Pass-Through Trust Series 2004-D B2<sup>(d)</sup> | US0001M + 5.250% | 9.0920 | 08/28/44 | 669297 |
| 4203428 | BCAP, LLC Trust Series 2013-RR7 4A4<sup>(b),(e)</sup> |  | 5.3670 | 12/27/34 | 4089059 |
| 1621995 | BCAP, LLC Trust Series 2009-RR10 1A2<sup>(b),(e)</sup> |  | 5.9940 | 02/26/36 | 1603771 |
| 1004767 | BCAP, LLC Trust Series 2010-RR11 3A3<sup>(b),(e)</sup> |  | 4.3370 | 06/27/36 | 962077 |
| 3630701 | BCAP, LLC Trust Series 2012-RR8 4A6<sup>(b),(e)</sup> |  | 2.5590 | 11/20/36 | 3123187 |
| 1481695 | BCMSC Trust Series 1998-B M1<sup>(b)</sup> |  | 6.8100 | 10/15/28 | 1470774 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 878473 BCMSC Trust Series 1998-C M1<sup>(b)</sup> |  | 7.5100 | 01/15/29 | $877184 |
| 519737 BCMSC Trust Series 1999-A M1<sup>(b)</sup> |  | 6.7850 | 03/15/29 | 516670 |
| 731888 BCMSC Trust Series 1999-B A2<sup>(b)</sup> |  | 0.5810 | 12/15/29 | 40210 |
| 611382 BCMSC Trust Series 1999-B A3<sup>(b)</sup> |  | 0.5810 | 12/15/29 | 34577 |
| 4944914 BCMSC Trust Series 1999-B A5<sup>(b)</sup> |  | 0.5810 | 12/15/29 | 289790 |
| 737790 BCMSC Trust Series 1999-B A6<sup>(b)</sup> |  | 0.5810 | 12/15/29 | 45670 |
| 122740 Bear Stearns ALT-A Trust Series 2004-12 2A4<sup>(b)</sup> |  | 4.2040 | 01/25/35 | 116813 |
| 1335760 Bear Stearns ALT-A Trust Series 2005-10 11A1<sup>(d)</sup> | TSFR1M + 0.614% | 4.3460 | 01/25/36 | 1279832 |
| 1958375 Bear Stearns ALT-A Trust Series 2006-1 11A1<sup>(d)</sup> | TSFR1M + 0.594% | 4.3260 | 02/25/36 | 1876429 |
| 366798 Bear Stearns ALT-A Trust Series 2006-3 35A1<sup>(b)</sup> |  | 2.8230 | 05/25/36 | 172474 |
| 142351 Bear Stearns ALT-A Trust Series 2006-3 1A1<sup>(d)</sup> | TSFR1M + 0.494% | 4.2260 | 05/25/36 | 124203 |
| 52066 Bear Stearns ALT-A Trust Series 2006-3 33A1<sup>(b)</sup> |  | 5.2110 | 05/25/36 | 31701 |
| 185607 Bear Stearns ARM Trust Series 2004-9 23A1<sup>(b)</sup> |  | 7.2500 | 11/25/34 | 184186 |
| 692838 Bear Stearns ARM Trust Series 2005-6 3A1<sup>(b)</sup> |  | 5.8960 | 08/25/35 | 676900 |
| 197959 Bear Stearns ARM Trust Series 2006-4 1A1<sup>(b)</sup> |  | 6.1640 | 10/25/36 | 196299 |
| 737008 Bear Stearns ARM Trust Series 2007-4 22A1<sup>(b)</sup> |  | 4.2450 | 06/25/47 | 659960 |
| 46566 Bear Stearns ARM Trust Series 2007-5 3A1<sup>(b)</sup> |  | 4.4870 | 08/25/47 | 40779 |
| 2678288 Bear Stearns ARM Trust Series 2007-5 2A1<sup>(b)</sup> |  | 4.7430 | 08/25/47 | 2443699 |
| 144270 Bear Stearns Asset Backed Securities I Trust Series 2004-HE7 M1<sup>(d)</sup> | TSFRM + 1.014% | 4.7462 | 08/25/34 | 142242 |
| 1722403 Bear Stearns Asset Backed Securities I Trust Series 2004-FR3 M4<sup>(d)</sup> | TSFR1M + 2.814% | 6.5460 | 09/25/34 | 1704056 |
| 2264987 Bear Stearns Asset Backed Securities I Trust Series 2004-BO1 M9A<sup>(d)</sup> | TSFR1M + 6.114% | 9.8460 | 10/25/34 | 2264320 |
| 1006367 Bear Stearns Asset Backed Securities I Trust Series TC1 M7<sup>(d)</sup> | TSFR1M + 4.614% | 4.8420 | 05/25/35 | 1085098 |
| 960825 Bear Stearns Asset Backed Securities I Trust Series 2005-TC1 M6<sup>(d)</sup> | TSFR1M + 2.664% | 4.8420 | 05/25/35 | 989002 |
| 377670 Bear Stearns Asset Backed Securities I Trust Series TC1 M5<sup>(d)</sup> | TSFR1M + 2.064% | 4.8420 | 05/25/35 | 384243 |
| 119696 Bear Stearns Asset Backed Securities I Trust Series 2005-AC5 1A1<sup>(d)</sup> | TSFR1M + 1.114% | 4.8460 | 08/25/35 | 69171 |
| 3547332 Bear Stearns Asset Backed Securities I Trust Series 2005-TC2 M8<sup>(d),(e)</sup> | TSFR1M + 4.614% | 4.9120 | 08/25/35 | 3649152 |
| 2412279 Bear Stearns Asset Backed Securities I Trust Series HE10 1M2<sup>(d)</sup> | TSFR1M + 0.464% | 4.3710 | 12/25/36 | 2408255 |
| 1988241 Bear Stearns Asset Backed Securities I Trust Series 2007-HE1 2M1<sup>(d)</sup> | TSFR1M + 0.384% | 4.2510 | 01/25/37 | 1920066 |
| 412397 Bear Stearns Asset Backed Securities Trust Series 2003-AC5 A1<sup>(f)</sup> |  | 5.7500 | 10/25/33 | 489992 |
| 367823 Bear Stearns Asset Backed Securities Trust Series 2003-SD1 A<sup>(d)</sup> | TSFR1M + 1.014% | 4.7460 | 12/25/33 | 384026 |
| 912406 Bear Stearns Asset Backed Securities Trust Series SD3 M3<sup>(f)</sup> |  | 6.0000 | 09/25/34 | 1008876 |
| 3297000 Bear Stearns Asset Backed Securities Trust Series 2005-3 M3<sup>(d)</sup> | TSFR1M + 3.114% | 6.8460 | 09/25/35 | 3411640 |
| 1788000 Bear Stearns Asset Backed Securities Trust Series 2006-SD1 M4<sup>(d)</sup> | TSFR1M + 2.364% | 6.0960 | 04/25/36 | 1908307 |
| 80188 Bear Stearns Asset Backed Securities Trust Series 2006-2 M6<sup>(d)</sup> | TSFR1M + 2.739% | 6.4710 | 07/25/36 | 80164 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 2987000 | Bear Stearns Asset Backed Securities Trust Series 2006-2 M7<sup>(d)</sup> | TSFR1M + 3.864% | 7.5960 | 07/25/36 | $2893121 |
| 12081 | Bear Stearns Asset Backed Securities Trust Series 2006-SD3 1A1A |  | 5.5000 | 08/25/36 | 12331 |
| 277237 | Bear Stearns Asset Backed Securities Trust Series 2005-SD3 2M4<sup>(d)</sup> | TSFR1M + 3.264% | 6.9960 | 11/25/39 | 323090 |
| 902000 | Bear Stearns Asset Backed Securities Trust Series 2005-SD4 2M4<sup>(d)</sup> | TSFR1M + 3.264% | 6.9960 | 12/25/42 | 1048608 |
| 366153 | Bear Stearns Asset Backed Securities Trust Series 2005-SD4 2M3<sup>(d)</sup> | TSFR1M + 3.264% | 6.9960 | 12/25/42 | 448048 |
| 24368 | Bear Stearns Asset Backed Securities Trust Series 2007-SD2 1PO<sup>(j)</sup> |  |  | 09/25/46 | 18394 |
| 125487 | Bear Stearns Asset Backed Securities Trust Series 2007-SD2 1A1B |  | 5.5000 | 09/25/46 | 119007 |
| 412703 | Bear Stearns Mortgage Funding Trust Series 2006-SL5 1A<sup>(d)</sup> | TSFR1M + 0.414% | 4.1460 | 12/25/36 | 731974 |
| 24050000 | Bear Stearns Mortgage Funding Trust Series 2007-SL1 2A<sup>(d),(h)</sup> | US0001M + 0.300% | 0.0000 | 03/25/37 |  |
| 1811056 | Bear Stearns Mortgage Funding Trust Series 2007-SL1 1A<sup>(d)</sup> | US0001M + 0.320% | 4.1660 | 03/25/37 | 2595122 |
| 217153 | Bond Securitization Trust Series 2003-1 X<sup>(b), (h)</sup> |  | 0.0000 | 10/25/34 | 199781 |
| 156015 | CDC Mortgage Capital Trust Series 2002-HE1 M<sup>(d)</sup> | TSFR1M + 1.989% | 5.7210 | 01/25/33 | 911564 |
| 14326524 | Centex Home Equity Loan Trust Series 2004-A XIO<sup>(h)</sup> |  | 0.0000 | 01/25/34 | 2544262 |
| 93284 | Centex Home Equity Loan Trust Series 2004-C M2<sup>(d)</sup> | TSFR1M + 0.909% | 4.3980 | 06/25/34 | 92039 |
| 110871 | Centex Home Equity Loan Trust Series 2004-D MF2<sup>(f)</sup> |  | 6.0600 | 09/25/34 | 110564 |
| 68181 | Chase Funding Loan Acquisition Trust Series OPT1 M2<sup>(d)</sup> | TSFR1M + 1.614% | 5.3460 | 06/25/34 | 69976 |
| 35939 | Chase Funding Trust Series 2003-6 1A7<sup>(f)</sup> |  | 4.8470 | 11/25/34 | 35746 |
| 201046 | Chase Funding Trust Series Series 2003-3 2B<sup>(d)</sup> | TSFR1M + 4.614% | 8.3460 | 05/25/32 | 194916 |
| 903634 | ChaseFlex Trust Series 2005-2 3A4 |  | 7.5000 | 06/25/35 | 548161 |
| 296428 | CHL Mortgage Pass-Through Trust Series 2003-53 M<sup>(b)</sup> |  | 6.1940 | 02/19/34 | 292443 |
| 184123 | CHL Mortgage Pass-Through Trust Series 2004-2 2A1<sup>(b)</sup> |  | 4.6770 | 02/25/34 | 169971 |
| 176147 | CHL Mortgage Pass-Through Trust Series 2004-5 2A7 |  | 5.0000 | 05/25/34 | 171561 |
| 1155067 | CHL Mortgage Pass-Through Trust Series 2004-7 6A1<sup>(b)</sup> |  | 5.4910 | 05/25/34 | 1113282 |
| 31486 | CHL Mortgage Pass-Through Trust Series 2004-8 1A6<sup>(i)</sup> |  | 0.0000 | 07/25/34 | 24826 |
| 242301 | CHL Mortgage Pass-Through Trust Series 2004-14 4A1<sup>(b)</sup> |  | 5.5050 | 08/25/34 | 228314 |
| 1710705 | CHL Mortgage Pass-Through Trust Series 2004-25 2A1<sup>(d)</sup> | TSFR1M + 0.794% | 4.5260 | 02/25/35 | 1608862 |
| 1209 | CHL Mortgage Pass-Through Trust Series 2005-7 2A2<sup>(d)</sup> | TSFR1M + 0.834% | 4.5660 | 03/25/35 | 410 |
| 1664869 | CHL Mortgage Pass-Through Trust Series 2005-11 3A3<sup>(b)</sup> |  | 3.6490 | 04/25/35 | 1172126 |
| 212322 | CHL Mortgage Pass-Through Trust Series 2005-J2 3A12 |  | 5.0000 | 08/25/35 | 127762 |
| 678687 | CHL Mortgage Pass-Through Trust Series 2005-31 2A3<sup>(b)</sup> |  | 4.4530 | 01/25/36 | 617729 |
| 172824 | CHL Mortgage Pass-Through Trust Series 2006-J1 2A1 |  | 5.5000 | 02/25/36 | 170710 |
| 94779 | CHL Mortgage Pass-Through Trust Series 2007-J2 1A1 |  | 6.0000 | 07/25/37 | 89147 |
| 265528 | CIT Home Equity Loan Trust Series 2002-2 MV2<sup>(d)</sup> | TSFR1M + 2.004% | 5.7360 | 11/25/31 | 504904 |
| 639673 | CIT Home Equity Loan Trust Series 2002-1 AF7<sup>(f)</sup> |  | 6.1100 | 02/25/33 | 638984 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 70993 | Citicorp Mortgage Securities Trust Series 2006-1 1A4 |  | 6.0000 | 02/25/36 | $66593 |
| 155374 | Citicorp Mortgage Securities, Inc. Series 2005-2 1A3 |  | 5.5000 | 03/25/35 | 140208 |
| 85327 | Citigroup Mortgage Loan Trust Series 2004-HYB2 3A<sup>(b)</sup> |  | 5.6870 | 03/25/34 | 73511 |
| 15017 | Citigroup Mortgage Loan Trust Series 2013-8 1A2<sup>(b),(e)</sup> |  | 5.3290 | 05/25/35 | 14120 |
| 175459 | Citigroup Mortgage Loan Trust Series 2009-4 7A5<sup>(b),(e)</sup> |  | 5.4960 | 05/25/35 | 166617 |
| 204421 | Citigroup Mortgage Loan Trust Series 2006-AR2 1A2<sup>(b)</sup> |  | 5.3700 | 03/25/36 | 200262 |
| 304474 | Citigroup Mortgage Loan Trust Series 2006-AR3 1A2A<sup>(b)</sup> |  | 4.7230 | 06/25/36 | 293810 |
| 253314 | Citigroup Mortgage Loan Trust Series 2013-8 2A2<sup>(b),(e)</sup> |  | 5.1230 | 11/25/36 | 166404 |
| 1137909 | Citigroup Mortgage Loan Trust Series 2008-RR1 A1A1<sup>(d),(e)</sup> | TSFR1M + 0.184% | 3.9160 | 01/25/37 | 1018319 |
| 1143993 | Citigroup Mortgage Loan Trust Series 2007-6 1A4A<sup>(b)</sup> |  | 4.7680 | 03/25/37 | 1127479 |
| 535267 | Citigroup Mortgage Loan Trust, Inc. Series 2004-RR1 2A1<sup>(d),(e)</sup> | TSFR1M + 0.514% | 4.2460 | 01/25/29 | 513184 |
| 3289219 | Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3 M4<sup>(d)</sup> | TSFR1M + 4.614% | 8.3460 | 12/25/33 | 3709251 |
| 26341 | Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2 2CB3 |  | 8.0000 | 08/25/34 | 27625 |
| 226910 | Citigroup Mortgage Loan Trust, Inc. Series 2004-RES1 M7<sup>(d)</sup> | TSFR1M + 2.739% | 6.4710 | 11/25/34 | 901607 |
| 690452 | Citigroup Mortgage Loan Trust, Inc. Series 5 1A5<sup>(b)</sup> |  | 3.0210 | 08/25/35 | 593197 |
| 868061 | Citigroup Mortgage Loan Trust, Inc. Series 2005-9 2A3 |  | 5.7500 | 11/25/35 | 685984 |
| 3539000 | Citigroup Mortgage Loan Trust, Inc.<sup>(d),(e)</sup> | TSFR1M + 3.114% | 7.1060 | 07/25/44 | 316734 |
| 49159 | CitiMortgage Alternative Loan Trust Series 2007-A1 1APO<sup>(j)</sup> |  |  | 01/25/37 | 27412 |
| 134516 | CitiMortgage Alternative Loan Trust Series 2007-A1 1A9<sup>(c),(d)</sup> | -(TSFR1M + 0.114%) + 5.400% | 1.5540 | 01/25/37 | 10668 |
| 14077 | CitiMortgage Alternative Loan Trust Series 2007-A1 1A1 |  | 6.0000 | 01/25/37 | 12856 |
| 11151101 | Conseco Finance Corporation Series 7 B2<sup>(b)</sup> |  | 0.3200 | 10/15/26 | 149572 |
| 382822 | Conseco Finance Corporation Series 1996-8 B1<sup>(b)</sup> |  | 7.9500 | 11/15/26 | 386149 |
| 1180804 | Conseco Finance Corporation Series 6 B1<sup>(b)</sup> |  | 8.0000 | 09/15/27 | 1191765 |
| 1867790 | Conseco Finance Corporation Series 1997-8 M1<sup>(b)</sup> |  | 7.0200 | 10/15/27 | 1899669 |
| 653667 | Conseco Finance Corporation Series 9 B1<sup>(b)</sup> |  | 7.6500 | 01/15/28 | 661657 |
| 2476873 | Conseco Finance Corporation Series 1997-3 M1<sup>(b)</sup> |  | 7.5300 | 03/15/28 | 2515084 |
| 1050000 | Conseco Finance Corporation Series 1997-2 M1<sup>(b)</sup> |  | 7.5400 | 06/15/28 | 1105130 |
| 2967658 | Conseco Finance Corporation Series 7 M1<sup>(b)</sup> |  | 7.0300 | 07/15/28 | 3013937 |
| 1486676 | Conseco Finance Corporation Series 1996-10 B1<sup>(b)</sup> |  | 7.2400 | 11/15/28 | 1505811 |
| 145466 | Conseco Finance Corporation Series 1998-2 M1<sup>(b)</sup> |  | 6.9400 | 12/01/28 | 146847 |
| 203401 | Conseco Finance Corporation Series 4 M1<sup>(b)</sup> |  | 7.2200 | 02/15/29 | 204393 |
| 2800023 | Conseco Finance Corporation<sup>(b)</sup> |  | 6.9700 | 05/15/29 | 2850915 |
| 1852566 | Conseco Finance Corporation Series 3 M1<sup>(b)</sup> |  | 6.8600 | 03/01/30 | 1913018 |
| 156993 | Conseco Finance Corporation<sup>(b)</sup> |  | 6.9800 | 09/01/30 | 158922 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 351462 | Conseco Finance Corporation Series 3 A9<sup>(b)</sup> |  | 6.5300 | 02/01/31 | $317177 |
| 1089027 | Conseco Finance Corporation Series 3 A8<sup>(b)</sup> |  | 7.0600 | 02/01/31 | 999945 |
| 1582275 | Conseco Finance Securitizations Corporation Series 6 A1<sup>(b),(e)</sup> |  | 2.2380 | 06/01/30 | 384754 |
| 188156 | Conseco Finance Securitizations Corporation Series 3 M1<sup>(b)</sup> |  | 7.1500 | 05/01/33 | 195136 |
| 1980233 | Conseco Finance Securitizations Corporation Series 2002-1 M2<sup>(b)</sup> |  | 9.5460 | 12/01/33 | 1953036 |
| 65733 | Contimortgage Home Equity Loan Trust Series 1996-4 A10<sup>(d)</sup> | TSFR1M + 0.594% | 4.3450 | 01/15/28 | 53471 |
| 219722 | Countrywide Asset-Backed Certificates Series BC2 B<sup>(d)</sup> | TSFR1M + 4.464% | 8.1960 | 08/25/33 | 243538 |
| 390120 | Countrywide Asset-Backed Certificates Series 2004-BC2 M5<sup>(d)</sup> | TSFR1M + 2.739% | 6.4710 | 10/25/33 | 401487 |
| 279494 | Countrywide Asset-Backed Certificates Series 8 M2<sup>(d)</sup> | TSFR1M + 1.314% | 5.0460 | 12/25/34 | 279369 |
| 19762 | Countrywide Asset-Backed Certificates Series 2004-S1 M1<sup>(f)</sup> |  | 5.2520 | 02/25/35 | 19749 |
| 921539 | Countrywide Asset-Backed Certificates Series 2006-13 1AF5<sup>(f)</sup> |  | 3.9510 | 01/25/37 | 809305 |
| 50793 | Countrywide Home Equity Loan Trust Series 2006-HW 2A1A<sup>(d)</sup> | TSFR1M + 0.264% | 4.0150 | 11/15/36 | 43336 |
| 2816381 | Countrywide Home Equity Loan Trust Series 2006-HW 2A1B<sup>(d)</sup> | TSFR1M + 0.264% | 4.0150 | 11/15/36 | 2351872 |
| 167267 | Credit Suisse First Boston Mortgage Securities Series 2005-8 6A1 |  | 5.5000 | 08/25/30 | 88532 |
| 362949 | Credit Suisse First Boston Mortgage Securities Series MH29 B1<sup>(b)</sup> |  | 8.1000 | 09/25/31 | 368411 |
| 150837 | Credit Suisse First Boston Mortgage Securities Series AR2 2M2<sup>(d)</sup> | TSFR1M + 2.514% | 6.2460 | 02/25/32 | 168970 |
| 212856 | Credit Suisse First Boston Mortgage Securities Series 2002-P1A A<sup>(b),(e)</sup> |  | 4.8680 | 03/25/32 | 206410 |
| 102209 | Credit Suisse First Boston Mortgage Securities Series 2002-18 1M2<sup>(b)</sup> |  | 7.0000 | 06/25/32 | 100140 |
| 423051 | Credit Suisse First Boston Mortgage Securities Series 2002-HE1 A2<sup>(d)</sup> | TSFR1M + 0.854% | 3.8500 | 08/25/32 | 411288 |
| 594781 | Credit Suisse First Boston Mortgage Securities Series HE16 B1<sup>(d)</sup> | TSFR1M + 2.914% | 6.6460 | 10/25/32 | 716146 |
| 57201 | Credit Suisse First Boston Mortgage Securities Series 2002-AR31 CB1<sup>(b)</sup> |  | 6.5710 | 11/25/32 | 55936 |
| 14587 | Credit Suisse First Boston Mortgage Securities Series 2002-AR31 CB2<sup>(b)</sup> |  | 6.5710 | 11/25/32 | 14651 |
| 35542 | Credit Suisse First Boston Mortgage Securities Series 2003-8 CB2<sup>(b)</sup> |  | 5.6570 | 04/25/33 | 33953 |
| 146291 | Credit Suisse First Boston Mortgage Securities Series AR26 9M3<sup>(d)</sup> | TSFR1M + 2.864% | 6.5960 | 11/25/33 | 151953 |
| 784711 | Credit Suisse First Boston Mortgage Securities Series 2004-AR1 6M2<sup>(d)</sup> | TSFR1M + 2.214% | 5.9460 | 02/25/34 | 915240 |
| 693258 | Credit Suisse First Boston Mortgage Securities Series 2004-FRE1 B3<sup>(d)</sup> | TSFR1M + 3.364% | 3.5960 | 04/25/34 | 652548 |
| 50109 | Credit Suisse First Boston Mortgage Securities Series 2004-5 5A1 |  | 5.0000 | 09/25/34 | 44330 |
| 667364 | Credit Suisse First Boston Mortgage Securities Series 2005-12 5A1 |  | 5.2500 | 01/25/36 | 582196 |
| 4258576 | Credit Suisse First Boston Mortgage Securities Series CF1 B<sup>(d),(e)</sup> | TSFR1M + 2.964% | 3.6750 | 03/25/45 | 4987523 |
| 817 | Credit-Based Asset Servicing and Securitization Series 1999-3 A<sup>(b),(e)</sup> |  | 3.1650 | 02/03/29 | 632 |
| 2600188 | Credit-Based Asset Servicing and Securitization Series CB1 B2<sup>(d)</sup> | TSFR1M + 5.889% | 9.6210 | 02/25/30 | 2504074 |
| 876565 | Credit-Based Asset Servicing and Securitization Series 2002-CB2 M2<sup>(d)</sup> | TSFR1M + 2.064% | 3.8710 | 04/25/32 | 931186 |
| 61901 | Credit-Based Asset Servicing and Securitization Series CB4 M1<sup>(d)</sup> | TSFR1M + 1.239% | 4.9710 | 02/25/33 | 72152 |
| 668943 | Credit-Based Asset Servicing and Securitization Series 2003-RP1 M2<sup>(d),(e)</sup> | TSFR1M + 4.614% | 8.3460 | 03/25/33 | 573790 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 4464000 | Credit-Based Asset Servicing and Securitization Series RP1 B3<sup>(e),(f)</sup> |  | 5.9000 | 04/25/36 | $5122812 |
| 639921 | Credit-Based Asset Servicing and Securitization Series 2006-RP2 M1<sup>(d),(e)</sup> | TSFR1M + 1.164% | 4.8960 | 07/25/36 | 730328 |
| 250224 | Credit-Based Asset Servicing and Securitization Series 2006-CB2 AF4<sup>(f)</sup> |  | 2.9940 | 12/25/36 | 205022 |
| 130066 | Credit-Based Asset Servicing and Securitization<sup>(e),(f)</sup> |  | 6.7310 | 12/25/36 | 129556 |
| 712027 | Credit-Based Asset Servicing and Securitization Series 2007-SL1A A2<sup>(d),(e)</sup> | TSFR1M + 0.574% | 4.3060 | 02/25/37 | 579038 |
| 833840 | Credit-Based Asset Servicing and Securitization Series 2004-RP1 M3<sup>(d),(e)</sup> | TSFR1M + 3.114% | 6.8460 | 05/25/50 | 837856 |
| 553042 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-AGE1 B3<sup>(d)</sup> | TSFR1M + 4.114% | 7.8460 | 02/25/32 | 638182 |
| 492282 | CSFB Mortgage-Backed Pass-Through Certificates Series 2002-29 2B1 |  | 7.0000 | 10/25/32 | 501538 |
| 12889 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR18 4M3<sup>(d)</sup> | TSFR1M + 3.014% | 6.7460 | 07/25/33 | 12810 |
| 185058 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27 8A1 |  | 6.0000 | 11/25/33 | 190061 |
| 469365 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-9 4A2<sup>(d)</sup> | TSFR1M + 0.464% | 4.1960 | 10/25/35 | 398108 |
| 60209 | CSMC Series 2011-6R 4A2<sup>(b),(e)</sup> |  | 3.8400 | 04/28/37 | 56200 |
| 512638 | CSMC Mortgage-Backed Trust Series 2007-1 5A13 |  | 6.0000 | 02/25/37 | 273980 |
| 122903 | CSMC Mortgage-Backed Trust Series 2007-3 4A6<sup>(d)</sup> | TSFR1M + 0.364% | 4.0960 | 04/25/37 | 94777 |
| 152157 | CSMC Mortgage-Backed Trust Series 2007-3 3A4 |  | 5.0000 | 04/25/37 | 125039 |
| 2303021 | CSMC Mortgage-Backed Trust Series 2007-4 5A1 |  | 1.0480 | 06/25/37 | 349551 |
| 168483 | CSMC Mortgage-Backed Trust Series 2007-4 1A1<sup>(d)</sup> | TSFR1M + 0.514% | 4.2460 | 06/25/37 | 88541 |
| 984706 | CWABS Asset-Backed Certificates Trust Series 2004-10 MV4<sup>(d)</sup> | TSFR1M + 1.689% | 3.8610 | 12/25/34 | 932147 |
| 1275267 | CWABS Asset-Backed Certificates Trust Series 2005-17 1AF4<sup>(f)</sup> |  | 3.5880 | 05/25/36 | 1062147 |
| 4468594 | CWABS Asset-Backed Certificates Trust Series 2006-14 M1<sup>(d)</sup> | TSFR1M + 0.549% | 4.2810 | 02/25/37 | 4732267 |
| 1625641 | CWABS Asset-Backed Certificates Trust Series 2007-4 A5W<sup>(f)</sup> |  | 4.2610 | 04/25/47 | 1349383 |
| 261066 | CWABS Inc Asset-Backed Certificates Series 2004-1 M1<sup>(d)</sup> | TSFR1M + 0.864% | 4.5960 | 03/25/34 | 269588 |
| 30747 | CWABS Revolving Home Equity Loan Trust Series 2004-O 2A<sup>(d)</sup> | TSFR1M + 0.394% | 4.1450 | 02/15/34 | 30590 |
| 333479 | CWHEQ Home Equity Loan Trust Series 2006-S6 A5<sup>(b)</sup> |  | 5.9620 | 03/25/34 | 320436 |
| 985075 | CWHEQ Home Equity Loan Trust Series 2006-S5 A5 |  | 6.1550 | 06/25/35 | 1561821 |
| 130405 | CWHEQ Home Equity Loan Trust Series 2006-S7 A5<sup>(b)</sup> |  | 5.9450 | 11/25/35 | 131635 |
| 1401 | CWHEQ Revolving Home Equity Loan Trust Series H 2A<sup>(d)</sup> | TSFR1M + 0.354% | 4.1050 | 12/15/35 | 1401 |
| 298399 | CWHEQ Revolving Home Equity Loan Trust Series 2005-K 2A4<sup>(d)</sup> | TSFR1M + 0.454% | 4.2050 | 02/15/36 | 283436 |
| 4400341 | CWHEQ Revolving Home Equity Loan Trust Series 2006-I 2A<sup>(d)</sup> | TSFR1M + 0.254% | 4.0050 | 01/15/37 | 4252759 |
| 237563 | CWHEQ Revolving Home Equity Loan Trust Series Series D 2A<sup>(d)</sup> | TSFR1M + 0.304% | 4.0550 | 11/15/35 | 223041 |
| 1920347 | CWHEQ Revolving Home Equity Loan Trust Series Series B A<sup>(d)</sup> | TSFR1M + 0.264% | 4.0150 | 02/15/37 | 1827324 |
| 819199 | CWHEQ Revolving Home Equity Loan Trust Series Series A A<sup>(d)</sup> | TSFR1M + 0.234% | 3.9850 | 04/15/37 | 782214 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |  |  |
| 392680 | Delta Funding Home Equity Loan Trust Series 1999-3 A1F<sup>(f)</sup> |  | 7.9620 | 09/15/29 | $373916 |
| 909817 | Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-1 1A4A<sup>(d)</sup> | TSFR1M + 0.334% | 4.0660 | 08/25/37 | 817119 |
| 88275 | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB1 A3<sup>(f)</sup> |  | 6.3650 | 02/25/36 | 83025 |
| 126164 | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2 A3<sup>(b)</sup> |  | 6.2700 | 06/25/36 | 116964 |
| 912157 | Deutsche Financial Capital Securitization, LLC Series 1998-I B1 |  | 7.2750 | 04/15/28 | 908981 |
| 669606 | Deutsche Mortgage Securities, Inc. Mortgage Loan Series 2006-PR1 3AF1<sup>(d),(e)</sup> | TSFR1M + 0.394% | 4.1450 | 04/15/36 | 617481 |
| 1692056 | Deutsche Mortgage Securities, Inc. Mortgage Loan Series 2006-PR1 3AF2<sup>(d),(e)</sup> | TSFR1M + 0.394% | 4.1450 | 04/15/36 | 1560340 |
| 544634 | Deutsche Mortgage Securities, Inc. Mortgage Loan Series 2006-PR1 4AF1<sup>(d),(e)</sup> | TSFR1M + 0.404% | 4.1550 | 04/15/36 | 501023 |
| 25123 | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2004-1 B2<sup>(b)</sup> |  | 5.5000 | 09/25/33 | 24665 |
| 135082 | DSLA Mortgage Loan Trust Series 2004-AR1 A2B<sup>(d)</sup> | TSFR1M + 0.954% | 4.6860 | 09/19/44 | 121479 |
| 818929 | DSLA Mortgage Loan Trust Series 2004-AR2 A1B<sup>(d)</sup> | TSFR1M + 0.914% | 4.6460 | 11/19/44 | 759523 |
| 546204 | DSLA Mortgage Loan Trust Series 2004-AR2 A2B<sup>(d)</sup> | TSFR1M + 0.914% | 4.6460 | 11/19/44 | 509597 |
| 1429644 | DSLA Mortgage Loan Trust Series 2005-AR3 2A1B<sup>(d)</sup> | TSFR1M + 0.594% | 4.3260 | 07/19/45 | 1324126 |
| 4174009 | DSLA Mortgage Loan Trust Series 2007-AR1 1A1B<sup>(d)</sup> | TSFR1M + 0.254% | 3.9860 | 04/19/47 | 3302111 |
| 207380 | Equity One Mortgage Pass-Through Trust Series 2002-1 M1<sup>(b)</sup> |  | 6.2820 | 08/25/32 | 205679 |
| 209469 | Finance America Mortgage Loan Trust Series 2004-3 M2<sup>(d)</sup> | TSFR1M + 1.059% | 4.7910 | 11/25/34 | 200228 |
| 195762 | Finance America Mortgage Loan Trust Series 2004-3 M3<sup>(d)</sup> | TSFR1M + 1.134% | 4.8660 | 11/25/34 | 182455 |
| 248998 | First Franklin Mortgage Loan Trust Series 2002-FF1 M2<sup>(d)</sup> | TSFR1M + 1.914% | 5.6460 | 04/25/32 | 249766 |
| 8586 | First Franklin Mortgage Loan Trust Series 2003-FFB X<sup>(b),(h)</sup> |  | 0.0000 | 02/25/33 |  |
| 893839 | First Franklin Mortgage Loan Trust Series 2003-FF1<sup>(d)</sup> | TSFR1M + 2.739% | 6.4710 | 03/25/33 | 1222721 |
| 157074 | First Franklin Mortgage Loan Trust Series 2004-FF2 M5<sup>(d)</sup> | TSFR1M + 1.614% | 5.3460 | 03/25/34 | 156707 |
| 4807869 | First Franklin Mortgage Loan Trust Series 2004-FFH2 M4<sup>(d)</sup> | TSFR1M + 1.689% | 5.4210 | 06/25/34 | 4441100 |
| 273634 | First Franklin Mortgage Loan Trust Series 2004-FF5 A3C<sup>(d)</sup> | TSFR1M + 1.114% | 4.8460 | 08/25/34 | 257169 |
| 737593 | First Franklin Mortgage Loan Trust Series 2004-FFH3 M2<sup>(d)</sup> | TSFR1M + 1.044% | 4.7760 | 10/25/34 | 730578 |
| 1054503 | First Franklin Mortgage Loan Trust Series 2004-FFH3 M4<sup>(d)</sup> | TSFR1M + 1.719% | 5.6700 | 10/25/34 | 883918 |
| 304634 | First Franklin Mortgage Loan Trust Series 2005-FFH3 M3<sup>(d)</sup> | TSFR1M + 0.984% | 4.7160 | 09/25/35 | 304549 |
| 26947 | First Franklin Mortgage Loan Trust Series 2004-FFA X<sup>(e),(h)</sup> |  | 0.0000 | 04/25/38 | 26500 |
| 131423 | First Horizon Alternative Mortgage Securities Series 2004-AA5 2A1<sup>(b)</sup> |  | 5.0140 | 12/25/34 | 124975 |
| 333637 | First Horizon Alternative Mortgage Securities Series 2004-AA7 1A1<sup>(b)</sup> |  | 4.3960 | 02/25/35 | 310312 |
| 23932 | First Horizon Alternative Mortgage Securities Series 2005-AA1 1A1<sup>(b)</sup> |  | 4.6360 | 03/25/35 | 13321 |
| 1725535 | First Horizon Alternative Mortgage Securities Series 2005-AA3 2A1<sup>(b)</sup> |  | 3.1850 | 05/25/35 | 801779 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 166445 First Horizon Alternative Mortgage Securities Series 2005-AA5 1A1<sup>(b)</sup> |  | 5.2100 | 07/25/35 | $83210 |
| 1112 First Horizon Alternative Mortgage Securities Series 2006-AA4 1A1<sup>(b),(h)</sup> |  | 0.0000 | 07/25/36 |  |
| 10117 First Horizon Mortgage Pass-Through Trust Series 2000-H 4B2<sup>(b)</sup> |  | 6.3690 | 05/25/30 | 9942 |
| 12559 First Horizon Mortgage Pass-Through Trust Series 2000-H 3B1<sup>(b)</sup> |  | 6.4470 | 05/25/30 | 12458 |
| 139726 First Horizon Mortgage Pass-Through Trust Series 2004-FL1 1A1<sup>(d)</sup> | TSFR1M + 0.384% | 4.1160 | 02/25/35 | 130313 |
| 135722 First Horizon Mortgage Pass-Through Trust Series 2005-AR4 2A1<sup>(b)</sup> |  | 4.6970 | 10/25/35 | 123048 |
| 576484 First Horizon Mortgage Pass-Through Trust Series 2005-AR6 3A1<sup>(b)</sup> |  | 6.3750 | 01/25/36 | 417809 |
| 457236 First Horizon Mortgage Pass-Through Trust Series 2006-AR3 3A1<sup>(b)</sup> |  | 3.5150 | 10/25/36 | 361936 |
| 343904 First Horizon Mortgage Pass-Through Trust Series 2004-AR1 3A1<sup>(b)</sup> |  | 2.8660 | 05/25/37 | 282738 |
| 30983 First Horizon Mortgage Pass-Through Trust Series 2007-AR2 2A1<sup>(b)</sup> |  | 2.1360 | 07/25/37 | 14687 |
| 145468 FirstCity Capital Home Equity Loan Trust Series 1998-2 A3<sup>(d),(e)</sup> | TSFR1M + 1.714% | 5.4460 | 01/25/29 | 145945 |
| 260500 FirstCity Capital Home Equity Loan Trust Series 1998-2 A1<sup>(e)</sup> |  | 6.9900 | 01/25/29 | 261792 |
| 654169 Floating Rate Mortgage Pass-through Certificates Series 2 M3<sup>(d)</sup> | TSFR1M + 3.039% | 6.7710 | 10/25/31 | 736427 |
| 139592 Fremont Home Loan Trust Series 1999-3 A1<sup>(d)</sup> | TSFR1M + 0.824% | 4.5560 | 12/25/29 | 137204 |
| 160874 Fremont Home Loan Trust Series 1999-3 A2<sup>(d)</sup> | TSFR1M + 0.904% | 4.6360 | 12/25/29 | 157584 |
| 1022995 Fremont Home Loan Trust Series 2003-1 M1<sup>(d)</sup> | TSFR1M + 1.389% | 5.1210 | 02/25/33 | 1162388 |
| 1079409 Fremont Home Loan Trust Series 2002-2 M1<sup>(d)</sup> | TSFR1M + 1.839% | 5.5710 | 10/25/33 | 1327107 |
| 35506 Fremont Home Loan Trust Series 2004-B M7<sup>(d)</sup> | TSFR1M + 3.114% | 6.8460 | 05/25/34 | 32578 |
| 2576 Fremont Home Loan Trust Series 2005-A M3<sup>(d)</sup> | TSFR1M + 0.849% | 4.5810 | 01/25/35 | 2570 |
| 133702 Global Mortgage Securitization Ltd. Series 2004-A A2<sup>(d),(e)</sup> | TSFR1M + 0.434% | 4.1660 | 11/25/32 | 132232 |
| 771976 GMACM Home Equity Loan Trust Series 2004-HE3 A2VN<sup>(d),(e)</sup> | TSFR1M + 0.614% | 4.3460 | 10/25/34 | 735503 |
| 9006 GMACM Home Equity Loan Trust Series 2005-HE1 A1VN<sup>(d),(e)</sup> | TSFR1M + 0.614% | 4.3460 | 08/25/35 | 4313 |
| 723708 GMACM Home Equity Loan Trust Series 2005-HE3 A1VN<sup>(d),(e)</sup> | TSFR1M + 0.614% | 4.3460 | 02/25/36 | 673350 |
| 151033 GMACM Home Equity Loan Trust Series 2005-HE3 A3<sup>(d)</sup> | TSFR1M + 0.614% | 4.3460 | 02/25/36 | 146866 |
| 715965 GMACM Home Equity Loan Trust Series 2007-HE2 A1<sup>(d)</sup> | TSFR1M + 0.254% | 3.9860 | 12/25/37 | 670367 |
| 543280 GMACM Home Equity Loan Trust Series 2007-HE2 A4<sup>(f)</sup> |  | 7.4240 | 12/25/37 | 534296 |
| 1574548 GMACM Mortgage Loan Trust Series 2005-AR4 3A1<sup>(b)</sup> |  | 3.6920 | 07/19/35 | 1353950 |
| 264504 GMACM Mortgage Loan Trust Series 2005-AR6 3A1<sup>(b)</sup> |  | 3.7240 | 11/19/35 | 232613 |
| 789434 GreenPoint Mortgage Funding Trust Series 2006-AR2 4A1<sup>(d)</sup> | 12MTA + 2.000% | 6.0290 | 03/25/36 | 729257 |
| 56596 GreenPoint Mortgage Funding Trust Series 2006-AR3 4A1<sup>(d)</sup> | TSFR1M + 0.534% | 4.2660 | 04/25/36 | 51559 |
| 268539 GreenPoint Mortgage Funding Trust Series 2005-AR4 1A1<sup>(d)</sup> | TSFR1M + 0.634% | 4.3660 | 10/25/45 | 253867 |
| 251703 GreenPoint Mortgage Funding Trust Series 2005-AR4 3A1<sup>(d)</sup> | 12MTA + 1.400% | 5.4290 | 10/25/45 | 197292 |
| 191044 GreenPoint Mortgage Funding Trust Series 2005-AR5 3A1<sup>(d)</sup> | TSFR1M + 0.674% | 4.4060 | 11/25/45 | 144289 |
| 1359245 GreenPoint Mortgage Loan Trust Series 2004-1 A<sup>(d)</sup> | TSFR1M + 1.264% | 4.9960 | 10/25/34 | 1157802 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 311152 | GreenPoint MTA Trust Series 2005-AR3 1A1<sup>(d)</sup> | TSFR1M + 0.594% | 4.3260 | 08/25/45 | $266358 |
| 1542740 | GSAA Home Equity Trust Series 2004-5 M2<sup>(f)</sup> |  | 4.3020 | 06/25/34 | 1386986 |
| 105703 | GSAA Home Equity Trust Series 2005-3 B1<sup>(d)</sup> | TSFR1M + 1.989% | 5.7210 | 12/25/34 | 105576 |
| 936656 | GSAA Home Equity Trust Series 2005-2 B3<sup>(d)</sup> | TSFR1M + 3.564% | 7.2960 | 12/25/34 | 891810 |
| 417813 | GSAA Home Equity Trust Series 2005-9 M2<sup>(d)</sup> | TSFR1M + 0.864% | 4.5960 | 08/25/35 | 421633 |
| 276663 | GSAA Home Equity Trust Series 2007-7 A4<sup>(d)</sup> | TSFR1M + 0.654% | 4.3860 | 07/25/37 | 269461 |
| 73995 | GSAMP Trust Series 2004-HE1 M1<sup>(d)</sup> | TSFR1M + 0.939% | 4.6710 | 05/25/34 | 69295 |
| 1198286 | GSAMP Trust Series 2004-SD1 M2<sup>(d)</sup> | TSFR1M + 2.514% | 6.2460 | 06/25/34 | 1092291 |
| 3514475 | GSAMP Trust Series 2004-AR2 M2<sup>(d)</sup> | TSFR1M + 1.014% | 4.7460 | 08/25/34 | 3801809 |
| 140046 | GSMPS Mortgage Loan Trust Series 1998-2 A<sup>(b),(e)</sup> |  | 7.7500 | 05/19/27 | 119010 |
| 48560 | GSMPS Mortgage Loan Trust Series 1998-3 A<sup>(b),(e)</sup> |  | 5.1240 | 09/19/27 | 47651 |
| 41028 | GSMPS Mortgage Loan Trust Series 1998-1 A<sup>(b),(e)</sup> |  | 8.0000 | 09/19/27 | 40255 |
| 106693 | GSMPS Mortgage Loan Trust Series 1999-2 A<sup>(b),(e)</sup> |  | 8.0000 | 09/19/27 | 106204 |
| 280745 | GSMPS Mortgage Loan Trust Series 2001-2 A<sup>(b),(e)</sup> |  | 7.5000 | 06/19/32 | 276004 |
| 81353 | GSR Mortgage Loan Trust Series 2003-1 B1<sup>(b)</sup> |  | 5.5800 | 03/25/33 | 77935 |
| 8430 | GSR Mortgage Loan Trust Series 2003-1 A2<sup>(d)</sup> | H15T1Y + 1.750% | 5.8800 | 03/25/33 | 8476 |
| 60854 | GSR Mortgage Loan Trust Series 2003-3F B3<sup>(b)</sup> |  | 5.9290 | 04/25/33 | 57787 |
| 137680 | GSR Mortgage Loan Trust Series 2003-4F B3<sup>(b)</sup> |  | 5.8910 | 05/25/33 | 139695 |
| 34674 | GSR Mortgage Loan Trust Series 2003-9 A2<sup>(d)</sup> | TSFR12M + 2.465% | 5.9700 | 08/25/33 | 34304 |
| 17609 | GSR Mortgage Loan Trust Series 2004-15F 3A1<sup>(d)</sup> | TSFR1M + 0.414% | 4.1460 | 12/25/34 | 15884 |
| 199863 | GSR Mortgage Loan Trust Series 2005-1F 4A1<sup>(d)</sup> | TSFR1M + 0.414% | 4.1460 | 01/25/35 | 186858 |
| 47351 | GSR Mortgage Loan Trust Series 2005-7F 2A6 |  | 5.5000 | 09/25/35 | 47156 |
| 85220 | GSR Mortgage Loan Trust Series 2005-AR5 1A1<sup>(b)</sup> |  | 6.1520 | 10/25/35 | 81377 |
| 198310 | GSR Mortgage Loan Trust Series 2005-AR7 5A1<sup>(b)</sup> |  | 4.4720 | 11/25/35 | 167536 |
| 309421 | GSR Mortgage Loan Trust Series 2005-8F 2A1 |  | 5.5000 | 11/25/35 | 299216 |
| 953156 | GSR Mortgage Loan Trust Series 2005-8F 2A6 |  | 5.5000 | 11/25/35 | 922038 |
| 412938 | GSR Mortgage Loan Trust Series 2005-8F 2A4 |  | 5.5000 | 11/25/35 | 399319 |
| 141171 | GSR Mortgage Loan Trust Series 2006-1F 1A6<sup>(d)</sup> | TSFR1M + 1.064% | 4.7960 | 02/25/36 | 1222856 |
| 1001078 | GSR Mortgage Loan Trust Series 2006-2F 1A1 |  | 5.0000 | 02/25/36 | 927674 |
| 4129 | GSR Mortgage Loan Trust Series 2006-1F 1A9 |  | 5.5000 | 02/25/36 | 24249 |
| 6317 | GSR Mortgage Loan Trust Series 2006-1F 1A3 |  | 5.5000 | 02/25/36 | 57122 |
| 702892 | GSR Mortgage Loan Trust Series 2006-1F 4A1 |  | 5.5000 | 02/25/36 | 498804 |
| 1391948 | GSR Mortgage Loan Trust Series 2006-2F 2A17 |  | 5.7500 | 02/25/36 | 1224173 |
| 1178021 | GSR Mortgage Loan Trust Series 2006-2F 2A13 |  | 5.7500 | 02/25/36 | 1036031 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 2604000 | GSR Mortgage Loan Trust Series 2006-4F 5A11<sup>(h)</sup> |  | 0.0000 | 05/25/36 | $705000 |
| 65147000 | GSR Mortgage Loan Trust Series 2006-4F 2A2<sup>(h)</sup> |  | 0.0000 | 05/25/36 | 930000 |
| 875000 | GSR Mortgage Loan Trust Series 2006-4F 2A11 |  | 5.5000 | 05/25/36 | 530000 |
| 34795 | GSR Mortgage Loan Trust Series 2006-5F 2A4 |  | 6.0000 | 06/25/36 | 99046 |
| 185206 | GSR Mortgage Loan Trust Series 2006-5F 2A2 |  | 6.0000 | 06/25/36 | 527206 |
| 93994 | GSR Mortgage Loan Trust Series 2006-5F 2A1 |  | 6.0000 | 06/25/36 | 267564 |
| 100598000 | GSR Mortgage Loan Trust Series 2006-7F 2A1 |  | 6.0000 | 08/25/36 | 1546000 |
| 46760000 | GSR Mortgage Loan Trust Series 2006-10F 2A1 |  | 5.7500 | 12/25/36 | 1210000 |
| 72786 | GSR Mortgage Loan Trust Series 2007-1F 2A4 |  | 5.5000 | 01/25/37 | 169005 |
| 130364 | GSR Mortgage Loan Trust Series 2007-1F 2A2 |  | 5.5000 | 01/25/37 | 716282 |
| 734334 | GSR Mortgage Loan Trust Series 2007-1F 3A1 |  | 6.0000 | 01/25/37 | 432471 |
| 406991 | GSR Mortgage Loan Trust Series 2007-AR1 3A1<sup>(b)</sup> |  | 3.8620 | 03/25/37 | 352864 |
| 1102006 | GSR Mortgage Loan Trust Series 2007-AR1 1A1<sup>(b)</sup> |  | 4.0810 | 03/25/37 | 526744 |
| 169434 | GSR Mortgage Loan Trust Series 2007-AR2 5A1A<sup>(b)</sup> |  | 5.3510 | 05/25/37 | 154843 |
| 108754317 | GSR Mortgage Loan Trust Series 2007-3F 2A1 |  | 5.7500 | 05/25/37 | 1249214 |
| 20252 | GSR Mortgage Loan Trust Series 2007-4F 1A1 |  | 5.0000 | 07/25/37 | 54256 |
| 1429401 | GSR Mortgage Loan Trust Series 2007-4F 2A1 |  | 5.7500 | 07/25/37 | 3261618 |
| 35025 | HarborView Mortgage Loan Trust Series 2003-1 B1<sup>(b)</sup> |  | 5.0300 | 05/19/33 | 25700 |
| 452345 | HarborView Mortgage Loan Trust Series 2003-1 A<sup>(b)</sup> |  | 5.0320 | 05/19/33 | 413769 |
| 200183 | HarborView Mortgage Loan Trust Series 2004-1 B1<sup>(b)</sup> |  | 5.6560 | 04/19/34 | 133766 |
| 673497 | HarborView Mortgage Loan Trust Series 2004-8 3A2<sup>(d)</sup> | TSFR1M + 0.914% | 4.6460 | 11/19/34 | 577305 |
| 61440 | HarborView Mortgage Loan Trust Series 2004-9 4A2<sup>(d)</sup> | TSFR1M + 0.894% | 4.6260 | 12/19/34 | 53231 |
| 3111614 | HarborView Mortgage Loan Trust Series 2005-2 1A<sup>(d)</sup> | TSFR1M + 0.634% | 1.1920 | 05/19/35 | 837625 |
| 1769210 | HarborView Mortgage Loan Trust Series 2005-16 4A1B<sup>(d)</sup> | 12MTA + 2.000% | 6.0290 | 01/19/37 | 1405736 |
| 279616 | Home Equity Asset Trust Series 2002-2 M2<sup>(d)</sup> | US0001M + 1.850% | 5.6960 | 06/25/32 | 263490 |
| 18412 | Home Equity Asset Trust Series 2002-2 B1<sup>(d)</sup> | TSFR1M + 2.714% | 6.4460 | 06/25/32 | 37537 |
| 358059 | Home Equity Asset Trust Series 5 B1<sup>(d)</sup> | TSFR1M + 4.364% | 8.0960 | 05/25/33 | 394516 |
| 160222 | Home Equity Asset Trust Series 2003-1 B2<sup>(d)</sup> | TSFR1M + 4.864% | 8.5960 | 06/25/33 | 1298756 |
| 96264 | Home Equity Asset Trust Series 2003-8 B2<sup>(d)</sup> | TSFR1M + 3.364% | 7.0960 | 04/25/34 | 146438 |
| 35887 | Home Equity Asset Trust Series 2004-3 B1<sup>(d)</sup> | US0001M + 2.600% | 6.4460 | 08/25/34 | 353574 |
| 3094192 | Home Equity Asset Trust Series 2004-5 M6<sup>(d)</sup> | TSFR1M + 2.064% | 5.7960 | 11/25/34 | 3400933 |
| 3408843 | Home Equity Asset Trust Series 2007-3 M1<sup>(d)</sup> | TSFR1M + 0.639% | 4.3710 | 08/25/37 | 4382380 |
| 409453 | Home Equity Mortgage Loan Asset-Backed Trust Series C AV<sup>(d)</sup> | TSFR1M + 0.364% | 4.3800 | 12/25/31 | 398532 |
| 203203 | Home Equity Mortgage Loan Asset-Backed Trust Series C MV1<sup>(d)</sup> | TSFR1M + 0.784% | 4.3800 | 12/25/31 | 379104 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 1908000 | Home Equity Mortgage Loan Asset-Backed Trust Series A MF2<sup>(f)</sup> |  | 6.0980 | 10/25/32 | $410000 |
| 187292 | Home Equity Mortgage Loan Asset-Backed Trust Series 2002-B M1<sup>(d)</sup> | TSFR1M + 1.539% | 5.2710 | 10/25/33 | 190471 |
| 52544 | Home Equity Mortgage Loan Asset-Backed Trust Series 2004-A M2<sup>(d)</sup> | TSFR1M + 2.139% | 3.5050 | 07/25/34 | 50931 |
| 162105 | Home Equity Mortgage Trust Series 2007-1 A1<sup>(d)</sup> | TSFR1M + 0.454% | 4.1860 | 05/25/37 | 156536 |
| 293936 | IMC Home Equity Loan Trust Series 1996-2 A7 |  | 7.9500 | 07/25/26 | 292907 |
| 431230 | IMC Home Equity Loan Trust Series 1998-3 A7<sup>(f)</sup> |  | 5.4320 | 08/20/29 | 427366 |
| 34480 | IMC Home Equity Loan Trust Series 1998-5 A5<sup>(f)</sup> |  | 5.2650 | 12/20/29 | 34447 |
| 58999 | Impac CMB Trust Series 2004-10 3A2<sup>(d)</sup> | TSFR1M + 0.914% | 4.6460 | 03/25/35 | 58007 |
| 167108 | Impac CMB Trust Series 2005-4 2A1<sup>(d)</sup> | TSFR1M + 0.414% | 4.4460 | 05/25/35 | 162276 |
| 323650 | Impac CMB Trust Series 2005-4 2A2<sup>(d)</sup> | TSFR1M + 0.494% | 4.6060 | 05/25/35 | 317647 |
| 515053 | Impac CMB Trust Series 2005-4 2B1<sup>(d)</sup> | TSFR1M + 1.764% | 6.3210 | 05/25/35 | 568976 |
| 447868 | Impac CMB Trust Series 2005-7 A1<sup>(d)</sup> | TSFR1M + 0.634% | 4.3660 | 11/25/35 | 410013 |
| 139444 | Impac Secured Assets CMN Owner Trust Series 2003-3 M1<sup>(b)</sup> |  | 5.2330 | 08/25/33 | 137182 |
| 104477 | Impac Secured Assets CMN Owner Trust Series 2005-1 4A<sup>(b)</sup> |  | 6.3160 | 07/25/35 | 100138 |
| 92636 | IndyMac ARM Trust Series 2001-H1 1A<sup>(b)</sup> |  | 5.8220 | 08/25/31 | 48673 |
| 2432439 | IndyMac INDA Mortgage Loan Trust Series 2005-AR2 3A1<sup>(b)</sup> |  | 4.4680 | 01/25/36 | 2228378 |
| 14428 | IndyMac INDA Mortgage Loan Trust Series 2005-AR2 2A1<sup>(b)</sup> |  | 5.3980 | 01/25/36 | 13558 |
| 58629 | IndyMac INDA Mortgage Loan Trust Series 2007-AR4 3A1<sup>(b)</sup> |  | 4.4440 | 08/25/37 | 55367 |
| 1272103 | IndyMac INDX Mortgage Loan Trust Series 2005-AR9 2A1<sup>(b)</sup> |  | 4.4660 | 07/25/35 | 1198232 |
| 397014 | IndyMac INDX Mortgage Loan Trust Series 2006-AR25 2A1<sup>(b)</sup> |  | 3.5380 | 09/25/36 | 363305 |
| 269323 | Irwin Home Equity Loan Trust Series 2006-P1 1A<sup>(d),(e)</sup> | TSFR1M + 0.394% | 4.1260 | 12/25/36 | 264088 |
| 137551 | Irwin Home Equity Loan Trust Series 2006-P1 2A3<sup>(e),(f)</sup> |  | 6.3000 | 06/25/37 | 137353 |
| 618142 | Jefferies Resecuritization Trust Series 2009-R6 7A5<sup>(b),(e)</sup> |  | 5.5580 | 08/26/35 | 587338 |
| 267073 | Jefferies Resecuritization Trust Series 2009-R7 6A2<sup>(b),(e)</sup> |  | 4.5680 | 10/21/35 | 269228 |
| 243179 | JP Morgan Alternative Loan Trust Series 2005-S1 2A1 |  | 5.0000 | 12/25/35 | 151116 |
| 471602 | JP Morgan Alternative Loan Trust Series A1 3A1<sup>(b)</sup> |  | 4.1690 | 03/25/37 | 410653 |
| 301008 | JP Morgan Mortgage Trust Series 2004-S2 2A13<sup>(d)</sup> | TSFR1M + 0.514% | 4.2460 | 11/25/34 | 283440 |
| 151458 | JP Morgan Mortgage Trust Series 2004-S2 4A5 |  | 6.0000 | 11/25/34 | 138903 |
| 569133 | JP Morgan Mortgage Trust Series 2005-A4 B1<sup>(b)</sup> |  | 5.6160 | 07/25/35 | 548524 |
| 44114 | JP Morgan Mortgage Trust Series 2007-A2 3A1<sup>(b)</sup> |  | 4.7930 | 04/25/37 | 36303 |
| 121268 | JP Morgan Mortgage Trust Series 2007-S2 3A2 |  | 6.0000 | 06/25/37 | 119231 |
| 45383 | JP Morgan Mortgage Trust Series 2007-S2 3A3 |  | 6.5000 | 06/25/37 | 45303 |
| 1110309 | JP Morgan Resecuritization Trust Series 2010-4 6A4<sup>(b),(e)</sup> |  | 4.4950 | 10/26/36 | 1022319 |
| 1317889 | Lehman A.B.S Manufactured Housing Contract Trust Series A C<sup>(c)</sup> |  | 1.7570 | 06/15/33 | 1320619 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 726895 | Lehman Mortgage Trust Series 2005-2 5A1<sup>(d)</sup> | TSFR1M + 1.014% | 4.7460 | 12/25/35 | $382728 |
| 538340 | Lehman Mortgage Trust Series 2005-2 AX<sup>(c)</sup> |  | 5.5000 | 12/25/35 | 81566 |
| 117052 | Lehman Mortgage Trust Series 2005-2 5A2<sup>(d)</sup> | -4.600(TSFR1M + 0.114%) + 28.060% | 10.3670 | 12/25/35 | 102584 |
| 1366912 | Lehman Mortgage Trust Series 2007-5 8A1<sup>(d)</sup> | TSFR1M + 0.394% | 1.5590 | 08/25/36 | 188812 |
| 1383445 | Lehman Mortgage Trust Series 2007-5 8A2<sup>(c),(d)</sup> | -(TSFR1M + 0.114%) + 7.720% | 3.8740 | 08/25/36 | 181270 |
| 99083 | Lehman Mortgage Trust Series 2007-3 2A1<sup>(i)</sup> |  | 0.0000 | 03/25/37 | 68920 |
| 230755 | Lehman Mortgage Trust Series 2007-10 2A2 |  | 1.4880 | 01/25/38 | 56774 |
| 2257453 | Lehman XS Trust Series 2005-4 1M1<sup>(d)</sup> | TSFR1M + 0.864% | 4.5960 | 10/25/35 | 2696447 |
| 537837 | Lehman XS Trust Series 2005-5N 1A2<sup>(d)</sup> | TSFR1M + 0.474% | 4.2060 | 11/25/35 | 537729 |
| 1008689 | Lehman XS Trust Series 2007-3 1AA1<sup>(d)</sup> | TSFR1M + 0.434% | 3.4770 | 03/25/37 | 877748 |
| 224602 | Lehman XS Trust Series 2007-6 3A5<sup>(f)</sup> |  | 4.2140 | 05/25/37 | 209521 |
| 1913359 | Long Beach Mortgage Loan Trust Series 2002-1 M3<sup>(d)</sup> | TSFR1M + 3.864% | 7.5960 | 05/25/32 | 2021987 |
| 427286 | Long Beach Mortgage Loan Trust Series 2003-2 M3<sup>(d)</sup> | TSFR1M + 3.489% | 7.2210 | 06/25/33 | 469114 |
| 388796 | Long Beach Mortgage Loan Trust Series 2003-3 M3<sup>(d)</sup> | TSFR1M + 5.364% | 9.0960 | 07/25/33 | 816089 |
| 116187 | Long Beach Mortgage Loan Trust Series 2004-5 A5<sup>(d)</sup> | TSFR1M + 0.674% | 4.4060 | 09/25/34 | 116419 |
| 583599 | Long Beach Mortgage Loan Trust Series 2004-5 A6<sup>(d)</sup> | TSFR1M + 0.694% | 4.4260 | 09/25/34 | 582591 |
| 4650286 | Long Beach Mortgage Loan Trust Series 2005-WL1 3M3<sup>(d)</sup> | TSFR1M + 1.089% | 4.8210 | 06/25/45 | 4792532 |
| 13988 | Luminent Mortgage Trust Series 2006-7 2A1<sup>(d)</sup> | TSFR1M + 0.454% | 4.1860 | 12/25/36 | 12475 |
| 145238 | Luminent Mortgage Trust Series 2006-7 1A1<sup>(d)</sup> | TSFR1M + 0.474% | 4.2060 | 12/25/36 | 142507 |
| 828129 | Luminent Mortgage Trust Series 2007-2 2A1<sup>(d)</sup> | TSFR1M + 0.574% | 4.3060 | 05/25/37 | 762048 |
| 82495 | MAFI II REMIC Trust Series 1999-A B1<sup>(b),(e)</sup> |  | 8.0000 | 03/20/30 | 80366 |
| 247543 | MASTR Adjustable Rate Mortgages Trust Series 2004-11 B1<sup>(d)</sup> | TSFR1M + 2.364% | 6.0960 | 11/25/34 | 245074 |
| 2526586 | MASTR Adjustable Rate Mortgages Trust Series 2004-14 B2<sup>(d)</sup> | TSFR1M + 3.514% | 7.2460 | 01/25/35 | 2306255 |
| 625620 | MASTR Adjustable Rate Mortgages Trust Series 2005-2 3A1<sup>(b)</sup> |  | 4.4020 | 03/25/35 | 555583 |
| 1795988 | MASTR Adjustable Rate Mortgages Trust Series 2005-6 3A2<sup>(b)</sup> |  | 1.7130 | 07/25/35 | 589652 |
| 1022715 | MASTR Adjustable Rate Mortgages Trust Series 2005-6 3A1<sup>(b)</sup> |  | 1.7130 | 07/25/35 | 344920 |
| 1597784 | MASTR Adjustable Rate Mortgages Trust Series 2005-6 6A1<sup>(b)</sup> |  | 3.6310 | 07/25/35 | 1505147 |
| 2827972 | MASTR Adjustable Rate Mortgages Trust Series 2007-1 2A1<sup>(b)</sup> |  | 4.6732 | 11/25/36 | 1418224 |
| 3249184 | MASTR Adjustable Rate Mortgages Trust Series 2006-OA2 1A1<sup>(d)</sup> | 12MTA + 0.800% | 4.8290 | 12/25/46 | 2502379 |
| 281773 | MASTR Adjustable Rate Mortgages Trust Series 2006-OA2 2A1<sup>(d)</sup> | 12MTA + 0.800% | 4.8290 | 12/25/46 | 255368 |
| 272173 | MASTR Adjustable Rate Mortgages Trust Series 2007-3 22A5<sup>(d)</sup> | TSFR1M + 0.794% | 4.5260 | 05/25/47 | 229810 |
| 9708 | MASTR Alternative Loan Trust Series 2004-10 4A1 |  | 6.0000 | 09/25/34 | 9265 |
| 531348 | MASTR Alternative Loan Trust Series 2004-13 9A2 |  | 1.7780 | 01/25/35 | 259032 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 88891 | MASTR Alternative Loan Trust Series 2005-6 3A1 |  | 5.5000 | 12/25/35 | $77572 |
| 592565 | Mastr Asset Backed Securities Trust Series 2005-NC1 M1<sup>(d)</sup> | TSFR1M + 0.834% | 4.5660 | 12/25/34 | 556232 |
| 2184142 | Mastr Asset Backed Securities Trust Series 2005-WF1 M9<sup>(d)</sup> | TSFR1M + 2.649% | 6.3810 | 06/25/35 | 2365914 |
| 139674 | MASTR Asset Backed Securities Trust Series 2003-NC1 M4<sup>(d)</sup> | TSFR1M + 5.364% | 4.1070 | 04/25/33 | 145622 |
| 1142832 | MASTR Asset Backed Securities Trust Series 2004-OPT1 M1<sup>(d)</sup> | TSFR1M + 0.894% | 4.6260 | 02/25/34 | 1211617 |
| 322815 | MASTR Asset Securitization Trust Series 2002-NC1 M3<sup>(d)</sup> | TSFR1M + 3.264% | 6.9960 | 10/25/32 | 312467 |
| 23865 | MASTR Asset Securitization Trust Series 2003-11 6A16 |  | 5.2500 | 12/25/33 | 23779 |
| 72217 | MASTR Asset Securitization Trust Series 2004-9 3A7 |  | 5.2500 | 07/25/34 | 70239 |
| 942375 | MASTR Asset Securitization Trust Series 2004-11 5A4 |  | 5.7500 | 12/25/34 | 711689 |
| 106631 | MASTR Asset Securitization Trust Series 2004-11 5A5 |  | 5.7500 | 12/25/34 | 80525 |
| 1160536 | MASTR Reperforming Loan Trust Series 2005-1 1A4<sup>(e)</sup> |  | 7.5000 | 08/25/34 | 836450 |
| 36668 | MASTR Seasoned Securitization Trust Series 2003-1 3A2<sup>(d)</sup> | TSFR1M + 0.514% | 4.2460 | 02/25/33 | 35866 |
| 31425 | Mellon Residential Funding Corporation Mortgage Pass Through Trust Series 1999-TBC3 B5<sup>(b),(e)</sup> |  | 4.7600 | 10/20/29 | 25259 |
| 48046 | Mellon Residential Funding Corporation Mortgage Pass Through Trust Series 1999-TBC3 B4<sup>(b),(e)</sup> |  | 4.7600 | 10/20/29 | 46744 |
| 1090156 | MERIT Securities Corporation Series 11PA B3<sup>(d),(e)</sup> | SOFRRATE + 2.364% | 7.2102 | 09/28/32 | 1040650 |
| 107854 | Merrill Lynch Alternative Note Asset Trust Series 2007-AF1 1AF2 |  | 5.7500 | 05/25/37 | 104413 |
| 216735 | Merrill Lynch Mortgage Backed Securities Trust Series 2007-1 2A1<sup>(b)</sup> |  | 4.0320 | 04/25/37 | 186421 |
| 1707477 | Merrill Lynch Mortgage Investors Trust Series 2003-WMC2 B1<sup>(d)</sup> | TSFR1M + 4.389% | 8.1210 | 02/25/34 | 1359161 |
| 927752 | Merrill Lynch Mortgage Investors Trust Series 2005-NC1 B3<sup>(d)</sup> | TSFR1M + 3.189% | 6.9210 | 10/25/35 | 869270 |
| 153425 | Merrill Lynch Mortgage Investors Trust Series 2006-AF1 PO<sup>(j)</sup> |  |  | 08/25/36 |  |
| 1432185 | Merrill Lynch Mortgage Investors Trust Series 2006-FF1 B3<sup>(d),(e)</sup> | TSFR1M + 1.239% | 4.9710 | 08/25/36 | 1822890 |
| 19716 | Merrill Lynch Mortgage Investors Trust MLCC Series 2003-D B1<sup>(d)</sup> | TSFR1M + 1.059% | 4.7910 | 08/25/28 | 17624 |
| 18721 | Merrill Lynch Mortgage Investors Trust MLCC Series 2003-D B2<sup>(d)</sup> | TSFR1M + 2.364% | 6.0960 | 08/25/28 | 14216 |
| 59763 | Merrill Lynch Mortgage Investors Trust MLCC Series 2003-F B1<sup>(d)</sup> | TSFR1M + 1.014% | 4.7460 | 10/25/28 | 57035 |
| 89185 | Merrill Lynch Mortgage Investors Trust MLCC Series 2007-2 1A<sup>(b)</sup> |  | 6.6150 | 06/25/37 | 88203 |
| 70032 | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A2 2M1<sup>(b)</sup> |  | 6.2640 | 03/25/33 | 61075 |
| 244865 | Merrill Lynch Mortgage Investors Trust MLMI Series A1 M2<sup>(b)</sup> |  | 6.0090 | 12/25/34 | 227920 |
| 1019959 | Merrill Lynch Mortgage Investors Trust MLMI Series 2005-A7 2A1<sup>(b)</sup> |  | 4.8850 | 09/25/35 | 796810 |
| 5653362 | Merrill Lynch Mortgage Investors Trust Series 2005-A3 M2<sup>(d)</sup> | US0001M + 0.975% | 4.8210 | 04/25/35 | 5698849 |
| 283199 | Merrill Lynch Mortgage Investors Trust Series WMC5 M1<sup>(d)</sup> | TSFR1M + 1.044% | 4.7760 | 07/25/35 | 283750 |
| 514684 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2003-NC8 B2<sup>(d)</sup> | TSFR1M + 5.739% | 9.4710 | 09/25/33 | 532664 |
| 560292 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2003-NC10 B3<sup>(d)</sup> | TSFR1M + 5.739% | 9.4710 | 10/25/33 | 1531418 |
| 353923 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2004-HE1<sup>(d)</sup> | TSFR1M + 0.854% | 4.5860 | 01/25/34 | 357063 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 519878 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2004-NC4 M1<sup>(d)</sup> | TSFR1M + 0.924% | 4.6560 | 04/25/34 | $534721 |
| 710403 | Morgan Stanley A.B.S Capital I, Inc. Trust Series SD2 B1<sup>(d)</sup> | TSFR1M + 4.164% | 7.8960 | 04/25/34 | 800764 |
| 219969 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2004-SD3 B1<sup>(d),(e)</sup> | TSFR1M + 3.339% | 7.0710 | 06/25/34 | 256972 |
| 567078 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2004-HE8 M2<sup>(d)</sup> | TSFR1M + 1.134% | 4.8660 | 09/25/34 | 606731 |
| 286945 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2005-WMC2 M3<sup>(d)</sup> | TSFR1M + 0.819% | 4.5510 | 02/25/35 | 285982 |
| 1648009 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2007-NC4 A2D<sup>(d)</sup> | TSFR1M + 0.364% | 4.0960 | 05/25/37 | 1439908 |
| 136028 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series AM1 M2<sup>(d)</sup> | TSFR1M + 2.589% | 6.3210 | 01/25/32 | 387940 |
| 4737000 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series HE1 B1<sup>(d),(h)</sup> | US0001M + 1.800% | 0.0000 | 07/25/32 | 349170 |
| 184123 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series NC1 M3<sup>(d)</sup> | TSFR1M + 3.264% | 6.9960 | 11/25/32 | 307939 |
| 1642789 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-NC2 B1<sup>(d)</sup> | TSFR1M + 5.739% | 9.4710 | 02/25/33 | 1794443 |
| 7000000 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2002-AM3 B2<sup>(d)</sup> | TSFR1M + 5.739% | 11.0640 | 02/25/33 | 563010 |
| 73211 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1 A1<sup>(b)</sup> |  | 5.1040 | 03/25/33 | 65560 |
| 176356 | Morgan Stanley Mortgage Loan Trust Series 2005-4 1A |  | 5.0000 | 08/25/35 | 169059 |
| 440000 | Morgan Stanley Mortgage Loan Trust Series 2005-5AR 1M6<sup>(d)</sup> | TSFR1M + 1.239% | 4.9710 | 09/25/35 | 439127 |
| 65947 | Morgan Stanley Mortgage Loan Trust Series 2005-8SL M1<sup>(d)</sup> | TSFR1M + 0.849% | 4.5810 | 11/25/35 | 247299 |
| 386495 | Morgan Stanley Mortgage Loan Trust Series 2005-9AR<sup>(b)</sup> |  | 5.0280 | 12/25/35 | 359139 |
| 697550 | Morgan Stanley Mortgage Loan Trust Series 2005-10 4A1 |  | 5.5000 | 12/25/35 | 379504 |
| 67641 | Morgan Stanley Mortgage Loan Trust Series 2006-2 1A |  | 5.2500 | 12/25/52 | 61651 |
| 11569 | Morgan Stanley Re-REMIC Trust Series 2010-R7 3B<sup>(e)</sup> |  | 5.5000 | 11/26/34 | 10607 |
| 2580455 | Morgan Stanley Re-REMIC Trust Series 2011-R1 1B<sup>(b),(e)</sup> |  | 5.9420 | 02/26/37 | 3197537 |
| 498071 | Morgan Stanley Resecuritization Trust Series 2015-R7 1BXA<sup>(b),(e)</sup> |  | 7.0600 | 02/26/29 | 448718 |
| 1049617 | Morgan Stanley Resecuritization Trust Series 2014-R4 4B2<sup>(b),(e)</sup> |  | 5.2970 | 11/21/35 | 937804 |
| 12636200 | Mortgage Loan Resecuritization Trust Series 2009-RS1 B15<sup>(d),(e)</sup> | SOFRRATE + 0.454% | 4.3270 | 04/16/36 | 9948099 |
| 2117418 | MortgageIT Mortgage Loan Trust Series 2006-1 1A2<sup>(d)</sup> | TSFR1M + 0.514% | 4.2460 | 04/25/36 | 1545807 |
| 190048 | MortgageIT Trust Series 2004-1 B2<sup>(d)</sup> | TSFR1M + 3.339% | 7.0710 | 11/25/34 | 187611 |
| 338798775 | MortgageIT Trust Series 2005-2<sup>(h)</sup> |  | 0.0000 | 05/25/35 | 3187500 |
| 66296 | MortgageIT Trust Series 2005-3<sup>(d)</sup> | TSFR1M + 2.664% | 6.3960 | 08/25/35 | 76343 |
| 208674 | MortgageIT Trust Series 2005-3 B3<sup>(d)</sup> | TSFR1M + 3.864% | 7.5960 | 08/25/35 | 302225 |
| 3407867 | MortgageIT Trust Series 2005-4 M3<sup>(d),(h)</sup> | US0001M + 0.855% | 0.0000 | 10/25/35 | 971250 |
| 758141 | MortgageIT Trust Series 2005-5 M2<sup>(d)</sup> | TSFR1M + 0.969% | 4.7010 | 12/25/35 | 2123187 |
| 234927 | New Century Home Equity Loan Trust Series 2003-3 M3<sup>(d)</sup> | TSFR1M + 3.684% | 7.4160 | 07/25/33 | 518547 |
| 71284 | New Century Home Equity Loan Trust Series 2003-A M1<sup>(d),(e)</sup> | TSFR1M + 1.239% | 3.2070 | 10/25/33 | 96491 |
| 1070 | New Century Home Equity Loan Trust Series 2003-5 AI7<sup>(b)</sup> |  | 4.8540 | 11/25/33 | 1068 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 853780 | New Century Home Equity Loan Trust Series 2003-6 M1<sup>(d)</sup> | TSFR1M + 1.194% | 4.9260 | 01/25/34 | $866030 |
| 48456 | New Century Home Equity Loan Trust Series 2004-2 M2<sup>(d)</sup> | TSFR1M + 1.044% | 4.7760 | 08/25/34 | 103125 |
| 9895455 | New Residential Mortgage Loan Trust Series 2019-5A B4IA<sup>(b),(c),(e)</sup> |  | 0.5000 | 08/25/59 | 154899 |
| 13907556 | New Residential Mortgage Loan Trust Series 2019-5A B5IB<sup>(b),(c),(e)</sup> |  | 0.7500 | 08/25/59 | 322768 |
| 6071 | Nomura Asset Acceptance Corporation Alternative Loan Series 2004 - AP1 A5<sup>(f)</sup> |  | 5.8030 | 03/25/34 | 6026 |
| 1963393 | Nomura Asset Acceptance Corporation Alternative Loan Series 2004- AR2 M2<sup>(d)</sup> | TSFR1M + 1.814% | 5.5460 | 10/25/34 | 2081736 |
| 1589264 | Nomura Asset Acceptance Corporation Alternative Loan Series 2006- AF1 2A<sup>(b)</sup> |  | 4.8910 | 06/25/36 | 1158269 |
| 630180 | Nomura Asset Acceptance Corporation Alternative Loan Series AF2 2A<sup>(b)</sup> |  | 4.0950 | 08/25/36 | 615522 |
| 592310 | Nomura Asset Acceptance Corporation Alternative Loan Series AF2 4A<sup>(b)</sup> |  | 5.7810 | 08/25/36 | 571249 |
| 7322180 | Nomura Asset Acceptance Corporation Alternative Loan Series 2007-3 A1<sup>(d)</sup> | US0001M + 0.260% | 4.1060 | 07/25/37 | 6736281 |
| 3674640 | Nomura Asset Acceptance Corporation Alternative Loan Series 3 A2<sup>(d)</sup> | TSFR1M + 0.514% | 4.2460 | 07/25/37 | 3375841 |
| 2953986 | Nomura Asset Acceptance Corporation Alternative Loan Series 3 A4<sup>(d)</sup> | TSFR1M + 0.574% | 4.3060 | 07/25/37 | 2723165 |
| 4741863 | Nomura Asset Acceptance Corporation Alternative Loan Series 3 A3<sup>(d)</sup> | TSFR1M + 0.754% | 4.4860 | 07/25/37 | 4371052 |
| 505877 | NovaStar Mortgage Funding Trust Series 2003-2 M2<sup>(d)</sup> | TSFR1M + 2.889% | 6.6210 | 09/25/33 | 512418 |
| 500130 | NovaStar Mortgage Funding Trust Series 2006-MTA1 2A1A<sup>(d)</sup> | TSFR1M + 0.494% | 0.3880 | 09/25/46 | 463738 |
| 136875 | Oakwood Mortgage Investors, Inc. Series 1997-A B1 |  | 7.4500 | 05/15/27 | 131697 |
| 1677 | Oakwood Mortgage Investors, Inc. Series 1997-B B1 |  | 7.7500 | 08/15/27 | 1629 |
| 415069 | Oakwood Mortgage Investors, Inc. Series C B1<sup>(b)</sup> |  | 7.4500 | 11/15/27 | 416643 |
| 561520 | Oakwood Mortgage Investors, Inc. Series 1997-D B1<sup>(b)</sup> |  | 7.3250 | 02/15/28 | 566005 |
| 631052 | Oakwood Mortgage Investors, Inc. Series B M2<sup>(b)</sup> |  | 7.0250 | 05/15/28 | 646741 |
| 444807 | Oakwood Mortgage Investors, Inc. Series 1998-D M1<sup>(e)</sup> |  | 7.4150 | 01/15/29 | 447962 |
| 1035773 | Oakwood Mortgage Investors, Inc. Series 2000-C M1 |  | 8.4900 | 10/15/30 | 1013913 |
| 1652081 | Oakwood Mortgage Investors, Inc. Series 2001-D A2<sup>(b)</sup> |  | 3.0500 | 08/15/31 | 523232 |
| 660007 | Oakwood Mortgage Investors, Inc. Series E A4 |  | 6.8100 | 12/15/31 | 664667 |
| 3151888 | Oakwood Mortgage Investors, Inc. Series 2002-A M1<sup>(b)</sup> |  | 7.7600 | 03/15/32 | 3211318 |
| 178972 | Option One Mortgage Loan Trust Series 2004-1 M4<sup>(d)</sup> | TSFR1M + 2.589% | 6.3210 | 01/25/34 | 152264 |
| 139759 | Option One Mortgage Loan Trust Series 2004-2 M5<sup>(d)</sup> | TSFR1M + 3.114% | 6.8460 | 05/25/34 | 137188 |
| 799277 | Option One Mortgage Loan Trust Series 2007-FXD1 1A1<sup>(f)</sup> |  | 5.8660 | 01/25/37 | 690071 |
| 151288 | Option One Mortgage Loan Trust Series 2007-FXD2 2A6<sup>(f)</sup> |  | 5.6800 | 03/25/37 | 132756 |
| 350992 | Option One Mortgage Loan Trust Series 2007-FXD2 2A5<sup>(f)</sup> |  | 6.1020 | 03/25/37 | 307998 |
| 588930 | Option One Woodbridge Loan Trust Series 2004-1 M<sup>(d),(e)</sup> | TSFR1M + 1.614% | 5.3460 | 02/25/34 | 584941 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |
| 384622 | Origen Manufactured Housing Contract Trust Series 2007-A A2<sup>(b)</sup> |  | 5.9730 | 04/15/37 | $357361 |
| 2197867 | Origen Manufactured Housing Contract Trust Series 2006-A A2<sup>(b)</sup> |  | 4.8310 | 10/15/37 | 1975111 |
| 4630476 | Ownit Mortgage Loan Trust Series 2005-4 M1<sup>(d)</sup> | TSFR1M + 0.939% | 4.6710 | 08/25/36 | 4240868 |
| 2105699 | Park Place Securities, Inc. Asset-Backed Series WHQ1 M5<sup>(d)</sup> | TSFR1M + 1.239% | 4.9710 | 03/25/35 | 2085409 |
| 913246 | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series WCW3 M2<sup>(d)</sup> | TSFR1M + 0.849% | 4.5810 | 08/25/35 | 920353 |
| 243017 | PHHMC Series Trust Series 2005-4 A8<sup>(b)</sup> |  | 5.8430 | 07/18/35 | 239201 |
| 190382 | PHHMC Series Trust Series 2006-4 B1<sup>(b)</sup> |  | 6.3030 | 12/18/36 | 191013 |
| 58765 | Popular A.B.S, Inc. Series 1998-1 A1<sup>(f)</sup> |  | 7.2000 | 12/25/29 | 56774 |
| 58530 | Prime Mortgage Trust Series 2004-1 1A6 |  | 5.2500 | 08/25/34 | 58086 |
| 1398565 | Prime Mortgage Trust Series 2006-DR1 2A1<sup>(e)</sup> |  | 5.5000 | 05/25/35 | 1299982 |
| 361637 | Prime Mortgage Trust Series 2006-DR1 2A2<sup>(e)</sup> |  | 6.0000 | 05/25/35 | 309082 |
| 424171 | Provident Bank Home Equity Loan Trust Series 1984-4 A6 |  | 6.6900 | 01/25/30 | 413090 |
| 329000 | Provident Bank Home Equity Loan Trust Series 1998-4 A9<sup>(d)</sup> | TSFR1M + 3.614% | 7.3460 | 01/25/30 | 315022 |
| 992535 | Provident Bank Home Equity Loan Trust Series 1999-3 A3<sup>(d)</sup> | TSFR1M + 0.894% | 4.2360 | 01/25/31 | 933554 |
| 167188 | Provident Bank Home Equity Loan Trust Series 1999-3 A2<sup>(d)</sup> | TSFR1M + 0.954% | 4.2660 | 01/25/31 | 150127 |
| 306291 | Provident Bank Home Equity Loan Trust Series 2004-2 A1<sup>(d)</sup> | TSFR1M + 0.654% | 4.3860 | 08/25/31 | 293767 |
| 305029 | Quest Trust Series 2003-X3 M3<sup>(d),(e)</sup> | TSFR1M + 4.989% | 8.7210 | 02/25/34 | 441246 |
| 7225535 | RAAC Series Trust Series 2005-SP3 SB<sup>(h)</sup> |  | 0.0000 | 12/25/35 | 6024555 |
| 25868 | RAAC Series Trust Series SP4 M3<sup>(d)</sup> | TSFR1M + 1.614% | 5.3460 | 11/25/36 | 25853 |
| 1873172 | RAAC Series Trust Series 2006-SP4 M4<sup>(d)</sup> | TSFR1M + 2.514% | 6.2460 | 11/25/36 | 1873424 |
| 1759721 | RAAC Series Trust Series 2006-SP1 M2<sup>(d)</sup> | TSFR1M + 0.939% | 4.6710 | 09/25/45 | 1362997 |
| 3511969 | RAAC Series Trust Series 2006-RP1 M3<sup>(d),(e)</sup> | TSFR1M + 2.889% | 5.6960 | 10/25/45 | 3510997 |
| 2759324 | RAAC Series Trust Series 2006-RP1 M4<sup>(d),(e)</sup> | TSFR1M + 2.927% | 5.7210 | 10/25/45 | 2814530 |
| 4000000 | RAAC Series Trust Series 2006-RP4 M2<sup>(d)</sup> | TSFR1M + 1.614% | 5.3460 | 01/25/46 | 4033718 |
| 186509 | RALI Series Trust Series 2004-QA4 NB21<sup>(b)</sup> |  | 5.3590 | 09/25/34 | 180347 |
| 299078 | RALI Series Trust Series 2004-QA4 NB1<sup>(b)</sup> |  | 5.5720 | 09/25/34 | 267078 |
| 313891 | RALI Series Trust Series 2004-QA6 NB2<sup>(b)</sup> |  | 4.4050 | 12/26/34 | 298229 |
| 822505 | RALI Series Trust Series 2004-QA6 NB4<sup>(b)</sup> |  | 4.8050 | 12/26/34 | 730655 |
| 1758281 | RALI Series Trust Series 2005-QA2 A1I<sup>(b)</sup> |  | 1.4200 | 02/25/35 | 564051 |
| 161847 | RALI Series Trust Series 2005-QA2 NB2<sup>(b)</sup> |  | 4.8960 | 02/25/35 | 143005 |
| 1492934 | RALI Series Trust Series 2005-QA2 A1II<sup>(b)</sup> |  | 4.9180 | 02/25/35 | 816016 |
| 161546 | RALI Series Trust Series 2005-QA3 NB4<sup>(b),(h)</sup> |  | 0.0000 | 03/25/35 | 23511 |
| 55663 | RALI Series Trust Series 2005-QA3 NB1<sup>(b)</sup> |  | 3.6650 | 03/25/35 | 30783 |
| 669796 | RALI Series Trust Series 2005-QA6 NB23<sup>(b)</sup> |  | 2.2220 | 05/25/35 | 310534 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 16406 | RALI Series Trust Series 2005-QA8 NB2<sup>(b)</sup> |  | 5.2710 | 07/25/35 | $15420 |
| 2606524 | RALI Series Trust Series 2005-QA9 NB21<sup>(b)</sup> |  | 1.6440 | 08/25/35 | 891071 |
| 1019026 | RALI Series Trust Series 2005-QA9 CB3<sup>(b)</sup> |  | 4.7370 | 08/25/35 | 924234 |
| 4962804 | RALI Series Trust Series 2005-QA11 3A1<sup>(b)</sup> |  | 1.6240 | 10/25/35 | 1661487 |
| 975165 | RALI Series Trust Series 2005-QA12 CB3<sup>(b)</sup> |  | 5.1100 | 12/25/35 | 896418 |
| 117362 | RALI Series Trust Series 2005-QA12 NB2<sup>(b)</sup> |  | 6.3880 | 12/25/35 | 114384 |
| 94618 | RALI Series Trust Series 2006-QA2 3A1<sup>(b)</sup> |  | 6.2870 | 02/25/36 | 79772 |
| 7150696 | RALI Series Trust Series 2006-QS11 2A1 |  | 1.8440 | 08/25/36 | 2388570 |
| 249654 | RALI Series Trust Series 2007-QS4 1A4 |  | 6.2500 | 03/25/37 | 198670 |
| 2335122 | RALI Series Trust Series 2007-QO1 A1<sup>(d)</sup> | TSFR1M + 0.414% | 4.1460 | 02/25/47 | 2168023 |
| 3564641 | RALI Series Trust Series QO4 A1A<sup>(d)</sup> | TSFR1M + 0.494% | 4.2260 | 05/25/47 | 3346516 |
| 2949446 | RALI Series Trust Series 2007-QO5 A<sup>(d)</sup> | 12MTA + 3.120% | 0.7320 | 08/25/47 | 430318 |
| 477762 | RAMP Series Trust Series 2003-SL1 A41 |  | 8.0000 | 04/25/31 | 178817 |
| 366461 | RAMP Series Trust Series 2005-SL2 A5 |  | 0.0010 | 10/25/31 | 136677 |
| 220555 | RAMP Series Trust Series 2004-SL1 A8 |  | 6.5000 | 11/25/31 | 194677 |
| 326844 | RAMP Series Trust Series 2004-SL3 A4 |  | 3.8360 | 12/25/31 | 146140 |
| 361299 | RAMP Series Trust Series 2005-SL1 A3 |  | 0.9220 | 05/25/32 | 47197 |
| 564540 | RAMP Series Trust Series 2005-SL1 A7 |  | 8.0000 | 05/25/32 | 360947 |
| 230052 | RAMP Series Trust Series 2004-SL4 A5 |  | 1.8660 | 07/25/32 | 62527 |
| 650166 | RAMP Series Trust Series 2003-RS7 MII2<sup>(d)</sup> | TSFR1M + 1.914% | 4.6760 | 08/25/33 | 633128 |
| 357703 | RAMP Series Trust Series 2003-RS10 MII2<sup>(d)</sup> | TSFR1M + 1.814% | 4.7750 | 11/25/33 | 354408 |
| 1636696 | RAMP Series Trust Series 2004-RS7 A3<sup>(b)</sup> |  | 5.5540 | 07/25/34 | 1462860 |
| 157090 | RAMP Series Trust Series 2006-RS6 A4<sup>(d)</sup> | TSFR1M + 0.654% | 4.3860 | 11/25/36 | 129972 |
| 2564574 | RASC Series Trust Series 2004-KS11 M2<sup>(d)</sup> | SOFRRATE + 1.614% | 5.1730 | 12/25/34 | 2774716 |
| 2019784 | RBSGC Mortgage Loan Trust Series 2005-A 4A |  | 6.0000 | 04/25/35 | 1775173 |
| 428430 | RBSGC Mortgage Loan Trust Series 2007-A 1A1 |  | 6.0000 | 01/25/37 | 378699 |
| 1271844 | RBSSP Resecuritization Trust Series 2009-6 8A3<sup>(b),(e)</sup> |  | 4.1120 | 08/26/35 | 353154 |
| 359761 | RBSSP Resecuritization Trust Series 2010-1 3A2<sup>(b),(e)</sup> |  | 5.8000 | 08/26/35 | 358652 |
| 67659 | Renaissance Home Equity Loan Trust Series 2002-4 B<sup>(f)</sup> |  | 3.9230 | 03/25/33 | 47135 |
| 58214 | Renaissance Home Equity Loan Trust Series 2004-3 AF6<sup>(f)</sup> |  | 5.3240 | 11/25/34 | 55503 |
| 19038 | Renaissance Home Equity Loan Trust Series 2005-4 A4<sup>(f)</sup> |  | 5.8250 | 02/25/36 | 18891 |
| 48621 | Reperforming Loan REMIC Trust Series 2004-R1 2A<sup>(e)</sup> |  | 6.5000 | 11/25/34 | 47630 |
| 145056 | Reperforming Loan REMIC Trust Series 2004-R1 3A<sup>(e)</sup> |  | 7.5000 | 11/25/34 | 148613 |
| 240060 | Reperforming Loan REMIC Trust Series 2006-R2 AF1<sup>(d),(e)</sup> | TSFR1M + 0.534% | 4.2660 | 07/25/36 | 227500 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 141586 | Residential Asset Securitization Trust Series 2000-A6 B2 |  | 8.0000 | 10/25/30 | $78844 |
| 190281 | Residential Asset Securitization Trust Series 2004-A2 2A1<sup>(d)</sup> | TSFR1M + 0.664% | 4.3960 | 05/25/34 | 182014 |
| 226790 | Residential Asset Securitization Trust Series 2006-A3CB PO<sup>(j)</sup> |  |  | 01/25/46 | 2 |
| 167073 | Residential Asset Securitization Trust Series 2006-A3CB AX<sup>(b),(c)</sup> |  | 6.0000 | 01/25/46 | 31174 |
| 502898 | RFMSI Series Trust Series 2005-SA1 2A<sup>(b)</sup> |  | 4.3190 | 03/25/35 | 460351 |
| 157085 | RFMSI Series Trust Series 2005-SA3 3A<sup>(b)</sup> |  | 5.5580 | 08/25/35 | 136904 |
| 563278 | RFMSI Series Trust Series 2005-SA5 2A<sup>(b)</sup> |  | 5.1120 | 11/25/35 | 501313 |
| 98543 | RFMSI Series Trust Series 2006-SA1 2A1<sup>(b)</sup> |  | 5.9410 | 02/25/36 | 90821 |
| 61507 | RFMSI Series Trust Series 2006-SA3 3A1<sup>(b)</sup> |  | 5.5720 | 09/25/36 | 53336 |
| 984636 | RFMSI Series Trust Series 2007-S9 1A1 |  | 2.2720 | 10/25/37 | 447576 |
| 845924 | RFSC Series Trust Series 2002-RP2 A1<sup>(d),(e)</sup> | TSFR1M + 1.614% | 5.3460 | 10/25/32 | 826149 |
| 274193 | RFSC Trust Series 2002-RP1 A1<sup>(d),(e)</sup> | TSFR1M + 0.974% | 4.7060 | 03/25/33 | 270294 |
| 33567 | SACO I Trust Series 2005-WM2 M1<sup>(d)</sup> | TSFR1M + 0.939% | 4.6710 | 07/25/35 | 38840 |
| 15374 | SACO I Trust Series 2007-2 A1<sup>(d)</sup> | TSFR1M + 0.434% | 4.1660 | 02/25/37 | 15658 |
| 518567 | Sail Net Interest Margin Notes Series BC1A B<sup>(e),(i)</sup> |  | 0.0000 | 01/27/33 | 447748 |
| 576011 | Sail Net Interest Margin Notes Series 2003-6A A<sup>(e)</sup> |  | 7.0000 | 07/27/33 | 1860387 |
| 2257392 | SASCO ARC NIM Series 2003-5<sup>(e)</sup> |  | 6.0000 | 06/27/33 | 2255186 |
| 790457 | Sasco Net Interest Margin Trust Series BC2 C<sup>(d),(e)</sup> | TSFR1M + 3.114% | 6.8420 | 02/27/33 | 803708 |
| 801083 | Saxon Asset Sec Trust Mortgage Loan Asset Backed Certificates Series 1999-5 BF<sup>(b)</sup> |  | 9.3000 | 08/25/28 | 765754 |
| 281808 | Securitized Asset Backed Receivables, LLC Trust Series DO1 M2<sup>(d)</sup> | TSFR1M + 2.064% | 5.7960 | 07/25/34 | 345219 |
| 284320 | Securitized Asset Backed Receivables, LLC Trust Series OP2 A2<sup>(d)</sup> | TSFR1M + 0.814% | 4.5460 | 08/25/34 | 277168 |
| 6644 | Sequoia Mortgage Trust Series 6 B2<sup>(d)</sup> | TSFR1M + 1.164% | 4.6200 | 04/19/27 | 6145 |
| 9690 | Sequoia Mortgage Trust Series 2003-4 2B5<sup>(b)</sup> |  | 5.4760 | 07/20/33 | 5620 |
| 17922 | Sequoia Mortgage Trust Series 2003-4 2B2<sup>(b)</sup> |  | 5.4800 | 07/20/33 | 17229 |
| 27172 | Sequoia Mortgage Trust Series 2003-4 2B3<sup>(b)</sup> |  | 5.8356 | 07/20/33 | 26415 |
| 88245 | Sequoia Mortgage Trust Series 2004-1 B1<sup>(d)</sup> | TSFR1M + 0.939% | 4.6730 | 02/20/34 | 72044 |
| 3156043 | SHARPS OTC Series 2002-AQ1N |  | 0.0000 | 04/25/31 | 2199999 |
| 24040 | Soundview Home Loan Trust Series 2004-1 M2<sup>(d)</sup> | TSFR1M + 1.134% | 4.8660 | 07/25/34 | 22500 |
| 142932 | Soundview Home Loan Trust Series 2004-1 M7<sup>(d)</sup> | TSFR1M + 3.039% | 6.7710 | 07/25/34 | 123241 |
| 930065 | Soundview Home Loan Trust Series 2004-1 M9<sup>(d)</sup> | TSFR1M + 4.989% | 8.7210 | 07/25/34 | 769174 |
| 26874047 | Soundview Home Loan Trust Series 2007-OPT4 X1<sup>(b),(c)</sup> |  | 0.5490 | 09/25/37 | 653431 |
| 1245115 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-14 A1<sup>(d)</sup> | TSFR1M + 0.424% | 4.1560 | 07/25/35 | 723751 |
| 125166 | Structured Adjustable Rate Mortgage Loan Trust Series 2007-3 2A1<sup>(b)</sup> |  | 3.8400 | 04/25/47 | 116254 |
| 260149 | Structured Asset Investment Loan Trust Series 2003-BC2 M1<sup>(d)</sup> | TSFR1M + 1.494% | 5.2260 | 04/25/33 | 268399 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 264045 | Structured Asset Investment Loan Trust Series 2003-BC10 M2<sup>(d)</sup> | TSFR1M + 2.889% | 6.6210 | 10/25/33 | $312860 |
| 2398064 | Structured Asset Investment Loan Trust Series 2003-BC10 M3<sup>(d)</sup> | TSFR1M + 3.414% | 7.1460 | 10/25/33 | 2674094 |
| 312722 | Structured Asset Investment Loan Trust Series 2003-BC10 M4<sup>(d)</sup> | TSFR1M + 4.614% | 8.3460 | 10/25/33 | 583361 |
| 3614591 | Structured Asset Investment Loan Trust Series BC12 2A<sup>(d)</sup> | TSFR1M + 0.834% | 4.5660 | 11/25/33 | 3609562 |
| 750631 | Structured Asset Investment Loan Trust Series 2004-8 A6<sup>(d)</sup> | TSFR1M + 0.914% | 3.6800 | 09/25/34 | 735037 |
| 216781 | Structured Asset Investment Loan Trust Series 2004-8 A1<sup>(d)</sup> | TSFR1M + 0.664% | 4.3960 | 09/25/34 | 207377 |
| 343730 | Structured Asset Investment Loan Trust Series 2004-8 A9<sup>(d)</sup> | TSFR1M + 1.114% | 4.8460 | 09/25/34 | 354099 |
| 144758 | Structured Asset Mortgage Investments II Trust Series 2004-AR5 2A3<sup>(b)</sup> |  | 4.9020 | 10/19/34 | 135282 |
| 148482 | Structured Asset Mortgage Investments II Trust Series 2004-AR6 A1B<sup>(d)</sup> | TSFR1M + 0.514% | 4.2460 | 02/19/35 | 151213 |
| 1074807 | Structured Asset Mortgage Investments II Trust Series 2006-AR3 21A1<sup>(d)</sup> | TSFR1M + 0.514% | 4.2460 | 02/25/36 | 891458 |
| 1182848 | Structured Asset Mortgage Investments II Trust Series 2006-AR1 2A2<sup>(d)</sup> | TSFR1M + 0.734% | 4.4660 | 02/25/36 | 1194625 |
| 4212945 | Structured Asset Mortgage Investments II Trust Series 2006-AR3 24A1<sup>(b)</sup> |  | 1.0740 | 05/25/36 | 762341 |
| 103393 | Structured Asset Mortgage Investments II Trust Series 2006-AR3 22A1<sup>(b)</sup> |  | 2.5680 | 05/25/36 | 42960 |
| 47055 | Structured Asset Mortgage Investments II Trust Series 2007-AR2 1A1<sup>(d)</sup> | TSFR1M + 0.414% | 4.1460 | 02/25/37 | 45834 |
| 580542 | Structured Asset Mortgage Investments II Trust Series 2007-AR2 2A1<sup>(d)</sup> | TSFR1M + 0.374% | 1.6840 | 03/25/37 | 221685 |
| 408454 | Structured Asset Mortgage Investments II Trust Series AR6 1A2<sup>(d)</sup> | TSFR1M + 0.834% | 4.5660 | 09/25/45 | 374501 |
| 1257347 | Structured Asset Mortgage Investments II Trust Series 2006-AR5 3A1<sup>(d)</sup> | TSFR1M + 0.534% | 2.4150 | 05/25/46 | 567610 |
| 961973 | Structured Asset Mortgage Investments II Trust Series 2006-AR5 2A1<sup>(d)</sup> | TSFR1M + 0.534% | 4.2660 | 05/25/46 | 687432 |
| 189528 | Structured Asset Mortgage Investments Trust Series 2002-AR5 A2<sup>(d)</sup> | TSFR1M + 1.314% | 5.0460 | 05/19/33 | 176409 |
| 56345 | Structured Asset Securities Corporation Assistance Loan Series AL2 B1<sup>(e)</sup> |  | 3.3560 | 01/25/31 | 48907 |
| 109425 | Structured Asset Securities Corporation Mortgage Series 2003-39EX M3<sup>(f)</sup> |  | 3.9260 | 08/25/33 | 130680 |
| 863000 | Structured Asset Securities Corporation Mortgage<sup>(f)</sup> |  | 3.5450 | 05/25/34 | 989932 |
| 315903 | Structured Asset Securities Corporation Mortgage Series 2004-11XS 1A5A<sup>(f)</sup> |  | 4.7600 | 06/25/34 | 313633 |
| 828165 | Structured Asset Securities Corporation Mortgage Certificates Series 2003-31A B1<sup>(b)</sup> |  | 5.7880 | 10/25/33 | 757433 |
| 157113 | Structured Asset Securities Corporation Mortgage Loan Series WF2 B2<sup>(d),(e)</sup> | TSFR1M + 3.864% | 7.5960 | 05/25/35 | 163498 |
| 124475 | Structured Asset Securities Corporation Mortgage Loan Series RF3 2A<sup>(b),(e)</sup> |  | 5.6510 | 10/25/36 | 118112 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 14022 | Structured Asset Securities Corporation Mortgage Pass Series 2001- SB1 A2 |  | 3.3750 | 08/25/31 | $13975 |
| 451554 | Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 1998-6 B2 |  | 6.5000 | 07/25/28 | 381918 |
| 1043093 | Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2003-40A B1<sup>(d)</sup> |  | 5.0500 | 01/25/34 | 823451 |
| 2674618 | TBW Mortgage-Backed Pass-Through Certificates Series 1 1A1 |  | 1.0440 | 04/25/36 | 697335 |
| 508696 | TBW Mortgage-Backed Pass-Through Certificates Series 2006-1 2A1 |  | 6.5000 | 04/25/36 | 329961 |
| 483804 | TBW Mortgage-Backed Trust Series 2006-2 1A3 |  | 1.2700 | 07/25/36 | 143802 |
| 240679 | Terwin Mortgage Trust Series 2004-1HE M1<sup>(d),(e)</sup> | TSFR1M + 1.239% | 4.9710 | 02/25/34 | 228140 |
| 283584 | Terwin Mortgage Trust Series 2004-1HE M2<sup>(d),(e)</sup> | TSFR1M + 2.589% | 6.3210 | 02/25/34 | 221173 |
| 2346558 | Terwin Mortgage Trust Series 2004-21HE 2M3<sup>(d),(e)</sup> | TSFR1M + 2.739% | 6.4710 | 12/25/34 | 2338816 |
| 3050000 | Terwin Mortgage Trust Series 2006-8 1A2<sup>(b),(e)</sup> |  | 0.0450 | 08/25/37 | 1406580 |
| 128672 | Terwin Mortgage Trust Series 2006-17HE A2B1<sup>(d),(e)</sup> | TSFR1M + 0.514% | 3.8180 | 01/25/38 | 181861 |
| 383054 | Terwin Mortgage Trust Series TMTS Series 2003-2HE<sup>(d)</sup> | TSFR1M + 1.014% | 4.7460 | 07/25/34 | 432647 |
| 372885 | Terwin Mortgage Trust Series TMTS Series 2004-3HE B2<sup>(d),(e)</sup> | TSFR1M + 2.964% | 6.6960 | 03/25/35 | 437481 |
| 2967136 | Truman Capital Mortgage Loan Trust Series 2002-2 M2<sup>(d),(e)</sup> | TSFR1M + 4.764% | 8.4960 | 11/25/32 | 2606606 |
| 373359 | Truman Capital Mortgage Loan Trust Series 2006-1 M1<sup>(d),(e)</sup> | TSFR1M + 0.834% | 4.5660 | 03/25/36 | 351154 |
| 185735 | Truman Capital Mortgage Loan Trust Series 1 M1<sup>(d),(e)</sup> | TSFR1M + 1.464% | 5.1960 | 03/25/37 | 215562 |
| 575750 | UCFC Home Equity Loan Trust Series 1998-D BV1<sup>(d)</sup> | TSFR1M + 3.364% | 7.1150 | 12/15/28 | 726507 |
| 59196 | UCFC Manufactured Housing Contract Series 3 M |  | 7.1150 | 01/15/29 | 58942 |
| 644149 | UCFC Manufactured Housing Contract Series 1998-3 M1 |  | 6.5060 | 01/15/30 | 642910 |
| 1619746 | Voyager CNTYW Delaware Trust Series 2009-1 5AT3<sup>(b),(e)</sup> |  | 4.1050 | 02/16/36 | 1549699 |
| 692369 | Voyager CNTYW Delaware Trust Series 2009-1 5AU0<sup>(b),(e)</sup> |  | 4.1050 | 02/16/36 | 649976 |
| 512544 | Voyager CNTYW Delaware Trust Series 2009-1 5AX4<sup>(b),(c),(e)</sup> |  | 4.2050 | 02/16/36 | 481211 |
| 4294638 | Voyager CNTYW Delaware Trust Series 2009-1 5DS2<sup>(b),(e)</sup> |  | 4.0650 | 05/16/36 | 4140586 |
| 902750 | Voyager IDYMC Delaware Trust Series 1 UAA3<sup>(d),(e)</sup> | TSFR1M + 0.284% | 4.0160 | 09/26/36 | 870348 |
| 2291306 | Voyager OPTONE Delaware Trust Series 2009-1 SAA7<sup>(b),(c),(e)</sup> |  | 1.0000 | 02/25/38 | 497269 |
| 674548 | Wachovia Mortgage Loan Trust, LLC Series 2005-A 2A1<sup>(b)</sup> |  | 3.9150 | 08/20/35 | 624784 |
| 30435 | Wachovia Mortgage Loan Trust, LLC Series 2006-A 1A1<sup>(b)</sup> |  | 2.8570 | 05/20/36 | 28677 |
| 69330 | WaMu Mortgage Backed Pass Through Certificates Series 2001-AR5 B1<sup>(b)</sup> |  | 5.9170 | 12/19/39 | 64207 |
| 23645 | WaMu Mortgage Backed Pass Through Certificates Series 2001-AR5 B4<sup>(b),(e)</sup> |  | 5.9170 | 12/19/39 | 21304 |
| 17741 | WaMu Mortgage Backed Pass Through Certificates Series 2001-AR5 B5<sup>(b),(e)</sup> |  | 5.9170 | 12/19/39 | 15817 |
| 16190 | WaMu Mortgage Backed Pass Through Certificates Series 2001-AR5 B6<sup>(b),(e)</sup> |  | 5.9170 | 12/19/39 | 12394 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 78375 | WaMu Mortgage Pass-Through Certificates Series 2002-AR13 M1<sup>(b)</sup> |  | 6.4950 | 10/25/32 | $75496 |
| 321199 | WaMu Mortgage Pass-Through Certificates Series 2002-AR19 B1<sup>(b)</sup> |  | 5.6330 | 02/25/33 | 305010 |
| 1028439 | WaMu Mortgage Pass-Through Certificates Series 2003-S4 CB2<sup>(b)</sup> |  | 2.9790 | 06/25/33 | 457912 |
| 137480 | WaMu Mortgage Pass-Through Certificates Series 2003-AR9 1B2<sup>(b)</sup> |  | 5.6700 | 09/25/33 | 107882 |
| 144328 | WaMu Mortgage Pass-Through Certificates Series AR9 1B1<sup>(b)</sup> |  | 5.6700 | 09/25/33 | 132460 |
| 508426 | WaMu Mortgage Pass-Through Certificates Series 2003-S13 CB1<sup>(b)</sup> |  | 5.9740 | 01/25/34 | 492351 |
| 32365 | WaMu Mortgage Pass-Through Certificates Series AR16 2A2<sup>(b)</sup> |  | 4.6390 | 12/25/35 | 29600 |
| 34623 | WaMu Mortgage Pass-Through Certificates Series 2006-AR12 3A1<sup>(b)</sup> |  | 3.8650 | 10/25/36 | 30641 |
| 162092 | WaMu Mortgage Pass-Through Certificates Series 2001-AR3 B1<sup>(b)</sup> |  | 3.4470 | 11/25/41 | 146004 |
| 47682 | WaMu Mortgage Pass-Through Certificates Series 2002-AR6 B4<sup>(d),(e)</sup> | 12MTA + 1.400% | 5.4290 | 06/25/42 | 40111 |
| 60525 | WaMu Mortgage Pass-Through Certificates Series 2002-AR6 B3<sup>(d)</sup> | 12MTA + 1.400% | 5.4290 | 06/25/42 | 54480 |
| 58678 | WaMu Mortgage Pass-Through Certificates Series 2002-AR6 B2<sup>(d)</sup> | 12MTA + 1.400% | 5.4290 | 06/25/42 | 53676 |
| 117093 | WaMu Mortgage Pass-Through Certificates Series 2002-AR6 B1<sup>(d)</sup> | 12MTA + 1.400% | 5.4290 | 06/25/42 | 107973 |
| 5935 | WaMu Mortgage Pass-Through Certificates Series 2002-AR9 1B3<sup>(d)</sup> | 12MTA + 1.400% | 5.4290 | 08/25/42 | 3657 |
| 32192 | WaMu Mortgage Pass-Through Certificates Series 2002-AR9 1B1<sup>(d)</sup> | 12MTA + 1.400% | 5.4290 | 08/25/42 | 31185 |
| 993315 | WaMu Mortgage Pass-Through Certificates Series AR9 A1A<sup>(d)</sup> | TSFR1M + 0.754% | 4.4860 | 07/25/45 | 973824 |
| 3543693 | Washington Mutual Asset-Backed Certificates Series 2006-HE5 1A<sup>(d)</sup> | TSFR1M + 0.424% | 4.1120 | 10/25/36 | 2732507 |
| 1172365 | Washington Mutual Mortgage Pass-Through Series 2005-1 7A1 |  | 5.5000 | 03/25/35 | 1023318 |
| 399722 | Washington Mutual Mortgage Pass-Through Series 7 1A2<sup>(d)</sup> | TSFR1M + 0.564% | 4.2960 | 09/25/35 | 327658 |
| 311221 | Washington Mutual Mortgage Pass-Through Series 9 5A4<sup>(d)</sup> | TSFR1M + 35.094% | 7.7280 | 11/25/35 | 306848 |
| 1595496 | Washington Mutual Mortgage Pass-Through Series 2006-AR1 A1A<sup>(d)</sup> | TSFR1M + 0.614% | 4.3460 | 02/25/36 | 1362094 |
| 418058 | Washington Mutual Mortgage Pass-Through Series 2006-2 1A4<sup>(d)</sup> | US0001M + 0.700% | 4.5460 | 03/25/36 | 385734 |
| 2247490 | Washington Mutual Mortgage Pass-Through Series 2006-2 3CB |  | 6.0000 | 03/25/36 | 1773595 |
| 554957 | Washington Mutual Mortgage Pass-Through Series 2 1A1 |  | 6.0000 | 03/25/36 | 551365 |
| 390902 | Washington Mutual Mortgage Pass-Through Series 2006-AR5 3A<sup>(d)</sup> | 12MTA + 0.940% | 4.9690 | 07/25/46 | 242931 |
| 771158 | Washington Mutual Mortgage Pass-Through Series 2006-AR6 2A<sup>(d)</sup> | 12MTA + 0.960% | 4.9890 | 08/25/46 | 448393 |
| 14924 | Washington Mutual MSC Mortgage Pass-Through Series 2002-S4 B5<sup>(e)</sup> |  | 6.5000 | 10/19/29 | 14590 |
| 14924 | Washington Mutual MSC Mortgage Pass-Through Series 2002-S4 B4<sup>(e)</sup> |  | 6.5000 | 10/19/29 | 14584 |
| 19968 | Washington Mutual MSC Mortgage Pass-Through Series 2003-AR1 2A<sup>(b)</sup> |  | 4.6190 | 02/25/33 | 19500 |
| 368103 | Washington Mutual MSC Mortgage Pass-Through Series AR1 B2<sup>(b)</sup> |  | 5.2510 | 02/25/33 | 321368 |
| 265376 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS2 CB4<sup>(b),(e)</sup> |  | 5.7643 | 02/25/33 | 895 |
| 30632 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS7 B1 |  | 5.7500 | 03/25/33 | 30536 |
| 38702 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS3 CB3<sup>(b)</sup> |  | 5.7500 | 03/25/33 | 36063 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** | **ASSET BACKED SECURITIES — 79.7% (Continued)** |  |  |
|  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES — 41.6% (Continued)** |  |  |
| 506868 | Washington Mutual MSC Mortgage Pass-Through Series 2003-AR2 M<sup>(b)</sup> |  | 4.9550 | 05/25/33 | $497871 |
| 439107 | Washington Mutual MSC Mortgage Pass-Through Series 2004-RA2 CB1<sup>(b)</sup> |  | 7.0000 | 07/25/33 | 369268 |
| 6837 | Wells Fargo Home Equity Asset-Backed Securities Series 2004-2 AI9<sup>(b)</sup> |  | 4.9800 | 04/25/34 | 7014 |
| 1184815 | Wells Fargo Home Equity Asset-Backed Securities Series 2W AI8I |  | 4.9000 | 09/25/34 | 1184265 |
| 469665 | Wells Fargo Home Equity Asset-Backed Securities Series 2 M7<sup>(d)</sup> | TSFR1M + 4.614% | 8.3460 | 10/25/34 | 493788 |
| 693175 | Wells Fargo Home Equity Asset-Backed Securities Series 2005-1 M9<sup>(d)</sup> | TSFR1M + 2.664% | 6.3960 | 04/25/35 | 710979 |
| 110858 | Wells Fargo Home Equity Asset-Backed Securities Series 2005-1 M10<sup>(d)</sup> | US0001M + 3.750% | 7.5960 | 04/25/35 | 118305 |
| 20730 | Wells Fargo Mortgage Backed Securities Series 2003-I B2<sup>(b)</sup> |  | 6.3920 | 09/25/33 | 19803 |
| 20182 | Wells Fargo Mortgage Backed Securities Series 2004-K 1A3<sup>(b)</sup> |  | 6.4900 | 07/25/34 | 20563 |
|  |  |  |  |  | 534924908 |
|  | **OTHER ABS — 0.0%<sup>(g)</sup>** |  |  |  |  |
| 4176 | Oakwood Mortgage Investors, Inc. Series 1996-B B1<sup>(b),(e)</sup> |  | 8.4500 | 10/15/26 | 4163 |
| 60534 | Oakwood Mortgage Investors, Inc. Series C B1<sup>(e)</sup> |  | 7.9600 | 04/15/27 | 60209 |
|  |  |  |  |  | 64372 |
|  | **RESIDENTIAL MORTGAGE — 0.0%<sup>(g)</sup>** |  |  |  |  |
| 180319 | SASCO Mortgage Loan Trust Series 2004-GEL3 M2<sup>(d)</sup> | TSFR1M + 2.514% | 4.5240 | 08/25/34 | 181898 |
|  | **STUDENT LOANS — 0.1%** |  |  |  |  |
| 1336863 | National Collegiate Trust Series 2007-A B<sup>(d),(e)</sup> | US0001M + 0.450% | 4.5560 | 11/25/34 | 1247888 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $1,011,614,472)** | **TOTAL ASSET BACKED SECURITIES (Cost $1,011,614,472)** | **TOTAL ASSET BACKED SECURITIES (Cost $1,011,614,472)** |  | 1025677135 |
|  | **CORPORATE BONDS — 14.6%** |  |  |  |  |
|  | **INSURANCE — 12.5%** |  |  |  |  |
| 8499684 | Ambac Assurance Corporation |  | 5.1000 | 06/07/60 | 11101635 |
| 93645891 | Ambac Assurance Corporation<sup>(e)</sup> |  | 5.1000 | 06/07/69 | 122313083 |
| 10652561 | MBIA Global Funding, LLC<sup>(a),(e),(i)</sup> |  | 0.0000 | 12/15/31 | 5699120 |
| 62490325 | MBIA Global Funding, LLC<sup>(a),(i)</sup> |  | 0.0000 | 12/15/33 | 23121420 |
|  |  |  |  |  | 162235258 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.4%** |  |  |  |  |
| 3500000 | Brixmor, LLC |  | 7.6500 | 11/02/26 | 3471909 |

---

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

---

| |
|:---|
| **RATIONAL SPECIAL SITUATIONS INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 14.6% (Continued)** | **CORPORATE BONDS — 14.6% (Continued)** | **CORPORATE BONDS — 14.6% (Continued)** |  |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.4% (Continued)** | **REAL ESTATE OWNERS & DEVELOPERS — 0.4% (Continued)** | **REAL ESTATE OWNERS & DEVELOPERS — 0.4% (Continued)** |  |  |
| 1630000 | Brixmor, LLC |  | 6.9000 | 02/15/28 | $1628855 |
|  |  |  |  |  | 5100764 |
|  | **SPECIALTY FINANCE — 0.9%** |  |  |  |  |
| 10000000 | Argos Private Investments, LLC |  | 8.0000 | 12/31/27 | 10000000 |
| 13697066 | MSP Deer Finance Syndicated Loan |  | 17.0000 | 04/09/26 | 3424266 |
| 1982034 | PDOF MSN Issuer, LLC<sup>(d),(e)</sup> | SOFRRATE + 4.500% | 8.2100 | 03/01/26 | 1962844 |
| 784539 | US Capital Funding II Ltd.<sup>(a),(d),(e)</sup> | TSFR3M + 1.912% | 5.7650 | 08/01/34 | 713440 |
| 4000000 | X-Caliber Funding, LLC<sup>(e)</sup> |  | 5.0000 | 09/01/26 | 3807661 |
| 1275000 | X-Caliber Funding, LLC<sup>(e)</sup> |  | 11.0000 | 09/01/26 | 1188192 |
|  |  |  |  |  | 21096403 |
|  | **TOTAL CORPORATE BONDS (Cost $212,010,788)** | **TOTAL CORPORATE BONDS (Cost $212,010,788)** | **TOTAL CORPORATE BONDS (Cost $212,010,788)** |  | 188432425 |
|  | **TERM LOANS — 0.2%** |  |  |  |  |
|  | **PROFESSIONAL SERVICES — 0.2%** |  |  |  |  |
| 1847522 | Farrel & Fuller Delayed Draw Term Loan |  | 18.0000 | 03/13/29 | 1861378 |
|  | **TOTAL TERM LOANS (Cost $1,847,522)** |  |  |  | 1861378 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **SHORT-TERM INVESTMENTS — 4.6%** |  |
|  | **MONEY MARKET FUNDS - 4.6%** |  |
| 59392779 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $59,392,779)<sup>(k)</sup> | 59392779 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $1,294,418,436)** | $1284909717 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** | 2343512 |
|  | **NET ASSETS - 100.0%** | $1287253229 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| REMIC | - Real Estate Mortgage Investment Conduit |
| 12MTA | Federal Reserve US 12 Month Cumulative Avg 1 Year CMT |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | 1 Month Secured Overnight Financing Rate |
| TSFR3M | 3 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 December 31, 2025 was $57,004,037, representing 4.43% of net assets.

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

<sup>(d)</sup> Variable rate security; the rate shown represents the rate on December 31, 2025.

<sup>(e)</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 December 31, 2025 the total market value of 144A securities is $648,784,496 or 50.4% of net assets.

<sup>(f)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at December 31, 2025.

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

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

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

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

<sup>(k)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

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

---

| |
|:---|
| **RATIONAL/RGN HEDGED EQUITY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 83.0%** |  |
|  | **EQUITY - 83.0%** |  |
| 7135 | SPDR S&P 500 ETF | $4865499 |
| 10000 | Vanguard S&P 500 ETF | 6271300 |
|  |  | 11136799 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $9,657,383)** | 11136799 |
|  | **SHORT-TERM INVESTMENTS — 6.0%** |  |
|  | **MONEY MARKET FUNDS - 6.0%** |  |
| 805070 | First American Treasury Obligations Fund, Class X, 3.65% (Cost $805,070)<sup>(a),(c)</sup> | 805070 |
|  | **TOTAL INVESTMENTS - 89.0% (Cost $10,462,453)** | $11941869 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 11.0%** | 1481495 |
|  | **NET ASSETS - 100.0%** | $13423364 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration <br> Date** | **Notional <br> Amount<sup>(b)</sup>** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| 1 | CBOT 10 Year US Treasury Note Future | 03/23/2026 | $112438 | $141 |
| 4 | CBOT 2 Year US Treasury Note Future | 04/01/2026 | 835156 | (281) |
| 5 | CBOT 5 Year US Treasury Note Future | 04/01/2026 | 546523 | (790) |
| 2 | CBOT US Treasure Bond Future | 03/23/2026 | 231188 | (906) |
| 3 | CME Australian Dollar Currency Future | 03/17/2026 | 200190 | (380) |
| 6 | CME British Pound Currency Future | 03/17/2026 | 504675 | 1381 |
| 6 | CME Canadian Dollar Currency Future | 03/18/2026 | 438720 | 1309 |
| 6 | CME E-Mini Standard & Poor's 500 Index Future | 03/23/2026 | 2067750 | (9974) |
| 9 | CME Euro Foreign Exchange Currency Future | 03/17/2026 | 1325250 | (3410) |
| 14 | CME Mexican Peso Currency Future | 03/17/2026 | 385840 | 284 |
| 3 | CME Micro Bitcoin Future<sup>(c)</sup> | 02/02/2026 | 26366 | (413) |
| 8 | CME Swiss Franc Currency Future | 03/17/2026 | 1270750 | (2731) |
| 3 | COMEX Gold 100 Troy Ounces Future<sup>(c)</sup> | 02/26/2026 | 1302330 | (10870) |
| 1 | COMEX Silver Future<sup>(c)</sup> | 03/30/2026 | 353015 | (1935) |
| 2 | Euro-BTP Italian Bond Future | 03/09/2026 | 282378 | (669) |
| 4 | FTSE 100 Index Future | 03/23/2026 | 536026 | 550 |
| 1 | ICE Brent Crude Oil Future<sup>(c)</sup> | 02/02/2026 | 60850 | (690) |
| 1 | ICE Gas Oil Future<sup>(c)</sup> | 02/13/2026 | 62000 | (450) |
| 4 | ICE US MSCI Emerging Markets EM Index Future | 03/23/2026 | 282280 | 5360 |
| 1 | Long Gilt Future | 03/30/2026 | 123168 | (95) |
| 7 | Micro E-Mini S&P 500 Future | 03/23/2026 | 241238 | (2597) |

---

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

---

| |
|:---|
| **RATIONAL/RGN HEDGED EQUITY FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 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 <br> Date** | **Notional <br> Amount<sup>(b)</sup>** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| 4 | NYMEX Reformulated Gasoline Blendstock for Oxygen Future<sup>(c)</sup> | 02/02/2026 | $288120 | $392 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $(26774) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration <br> Date** | **Notional <br> Amount<sup>(b)</sup>** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| 2 | CBOT Corn Future<sup>(c)</sup> | 03/16/2026 | $44025 | $763 |
| 2 | CBOT Soybean Future<sup>(c)</sup> | 03/16/2026 | 104750 | 788 |
| 2 | CBOT Wheat Future<sup>(c)</sup> | 03/16/2026 | 50700 | 2463 |
| 1 | CME E-Mini Russell 2000 Index Future | 03/23/2026 | 124900 | 90 |
| 6 | CME Japanese Yen Currency Future | 03/17/2026 | 481388 | 1006 |
| 1 | CME Yen Denominated Nikkei 225 Index Future | 03/13/2026 | 161177 | (704) |
| 1 | E-mini Dow Jones Industrial Average Index Future | 03/23/2026 | 241680 | 915 |
| 9 | Eurex 10 Year Euro BUND Future | 03/09/2026 | 1348837 | 243 |
| 21 | Eurex 2 Year Euro SCHATZ Future | 03/09/2026 | 2634621 | (738) |
| 1 | Eurex 30 Year Euro BUXL Future | 03/09/2026 | 129370 | 2111 |
| 9 | Eurex 5 Year Euro BOBL Future | 03/09/2026 | 1228196 | (1096) |
| 9 | Eurex EURO STOXX 50 Future | 03/23/2026 | 617587 | (7354) |
| 3 | French Government Bond Future | 03/09/2026 | 425012 | (905) |
| 5 | HKG Hang Seng China Enterprises Index Future | 01/30/2026 | 285986 | 848 |
| 2 | HKG Hang Seng Index Future | 01/30/2026 | 329551 | (65) |
| 3 | NYBOT CSC Number 11 World Sugar Future<sup>(c)</sup> | 03/02/2026 | 50434 | (426) |
| 1 | NYMEX Henry Hub Natural Gas Future<sup>(c)</sup> | 01/29/2026 | 36860 | 1200 |
| 18 | SGX FTSE China A50 Futures Contract | 01/30/2026 | 275040 | 263 |
| 1 | Three-Month SOFR Future | 09/20/2028 | 241550 | 38 |
| 4 | Ultra 10-Year US Treasury Note Future | 03/23/2026 | 460063 | 343 |
| 4 | Ultra U.S. Treasury Bond Future | 03/23/2026 | 472000 | 1063 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $846 |
|  | **TOTAL OPEN FUTURES CONTRACTS** |  |  | $(25928) |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of December 31, 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 |
| December 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Rational**<br>**Equity Armor**<br>**Fund** | **Rational**<br>**Premium Income Fund**<br>**(Formerly, Rational**<br>**Tactical Return Fund)** |<br>**Rational**<br>**Dynamic Brands**<br>**Fund** |<br>**Rational**<br>**Strategic Allocation**<br>**Fund** |
| **ASSETS:** |  |  |  |  |
| Investments in Unaffiliated securities, at cost | $49379756 | $28739818 | $47346406 | $955333 |
| Investments in Affiliated securities, at cost |  |  |  | 8710549 |
| Total Securities at Cost | $49379756 | $28739818 | $47346406 | $9665882 |
| Investments in Unaffiliated securities, at value | $57998155 | $28753585 | $63732881 | $1057099 |
| Investments in Affiliated securities, at value |  |  |  | 8127662 |
| Total Securities at Value | $57998155 | $28753585 | $63732881 | $9184761 |
| Deposits with Brokers for futures and options | 1520379 | 10010 |  | 873979 |
| Receivable for Fund shares sold | 15509 | 17 |  |  |
| Futures unrealized appreciation | 23053 |  |  | 19725 |
| Dividends and interest receivable | 35324 | 16160 | 17784 | 1396 |
| Due from Advisor |  |  |  | 4770 |
| Prepaid expenses and other assets | 38472 | 22061 | 32446 | 13641 |
| &nbsp;&nbsp;&nbsp;Total Assets | **59630892** | **28801833** | **63783111** | **10098272** |
| **LIABILITIES:** |  |  |  |  |
| Options written (premiums received $2,612,065, $0, $0, $0) | 2568165 |  |  |  |
| Payable for securities purchased | 1955308 |  |  | 1346 |
| Management fees payable | 32802 | 38486 | 41107 |  |
| Futures unrealized depreciation | 58952 |  |  |  |
| Unrealized depreciation - on swap contracts |  | 14832 |  |  |
| Payable for Fund shares redeemed | 679504 | 184142 | 1432 |  |
| Payable to related parties | 7487 | 7906 | 7629 | 6332 |
| Shareholder services fees payable | 6279 | 6615 | 9396 | 851 |
| Accrued 12b-1 fees | 513 | 1851 | 14789 | 3662 |
| Trustee fees payable | 4315 | 4378 | 4387 | 4375 |
| Accrued expenses and other liabilities | 33400 | 29366 | 31798 | 33597 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | **5346725** | **287576** | **110538** | **50163** |
| &nbsp;&nbsp;&nbsp;Net Assets | $**54284167** | $**28514257** | $**63672573** | $**10048109** |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid in capital | $46326779 | $29863723 | $46699027 | $10856377 |
| Accumulated earnings (deficits) | 7957388 | (1349466) | 16973546 | (808268) |
| **Net Assets** | $**54284167** | $**28514257** | $**63672573** | $**10048109** |
| **Institutional Shares** |  |  |  |  |
| Net Assets | $43993633 | $25028035 | $44151246 | $1302389 |
| Shares of beneficial interest outstanding (a) | 4080621 | 1542989 | 666347 | 150853 |
| Net asset value, offering price and redemption price per share (c) | $10.78 | $16.22 | $66.26 | $8.63 |
| **Class A Shares** |  |  |  |  |
| Net Assets | $9168883 | $1418409 | $15317472 | $8636164 |
| Shares of beneficial interest outstanding (a) | 857816 | 87069 | 383292 | 994533 |
| Net asset value and redemption price per share | $10.69 | $16.29 | $39.96 | $8.68 |
| Maximum offering price per share (b) | $11.22 | $17.10 | $41.95 | $9.11 |
| Minimum redemption price per share (d) | $10.58 | $16.13 | $39.56 | $8.59 |
| **Class C Shares** |  |  |  |  |
| Net Assets | $1121651 | $2067813 | $4203855 | 109556 |
| Shares of beneficial interest outstanding (a) | 107961 | 132296 | 130068 | 12776 |
| Net asset value, offering price and redemption price per share (c) | $10.39 | $15.63 | $32.32 | $8.58 |

---

(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% CDSC on shares redeemed within
 two years of purchase.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS** |
| Statements of Assets and Liabilities (Continued) |
| December 31, 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 | $31859185 | $206113319 | $1294418436 | $10462453 |
| Securities at Value | $35986782 | $209621581 | $1284909717 | $11941869 |
| Futures unrealized appreciation | 892133 |  |  | 21549 |
| Deposits with Brokers for futures | 5312618 |  |  | 1408266 |
| Foreign cash deposits with brokers for futures (Cost $2,484,450, $0, $0, $122,105) | 2502526 |  |  | 122290 |
| Receivable for securities sold |  |  | 341963 |  |
| Dividends and interest receivable | 49135 | 661712 | 4343371 | 15451 |
| Receivable for Fund shares sold | 220635 | 43357 | 976548 |  |
| Prepaid expenses and other assets | 24248 | 23187 | 42501 | 18559 |
| &nbsp;&nbsp;&nbsp;Total Assets | **44988077** | **210349837** | **1290614100** | **13527984** |
| **LIABILITIES:** |  |  |  |  |
| Futures unrealized depreciation | 672471 |  |  | 47477 |
| Management fees payable | 48161 | 145995 | 1623882 | 13238 |
| Payable for Fund shares redeemed | 192357 | 2684 | 1247401 |  |
| Payable to related parties | 8270 | 15933 | 116838 | 5620 |
| Accrued 12b-1 fees | 4615 | 735 | 96142 | 130 |
| Shareholder services fees payable | 4904 | 26143 | 164443 | 1176 |
| Trustee fees payable | 4400 | 4315 | 4377 | 4403 |
| Accrued expenses and other liabilities | 35945 | 38267 | 107788 | 32576 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | **971123** | **234072** | **3360871** | **104620** |
| &nbsp;&nbsp;&nbsp;Net Assets | $**44016954** | $**210115765** | $**1287253229** | $**13423364** |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid in capital | $41834669 | $213308415 | $1357475934 | $11916072 |
| Accumulated earnings (deficits) | 2182285 | (3192650) | (70222705) | 1507292 |
| **Net Assets** | $**44016954** | $**210115765** | $**1287253229** | $**13423364** |
| **Institutional Shares** |  |  |  |  |
| Net Assets | $40722513 | $209578940 | $1196134545 | $13257555 |
| Shares of beneficial interest outstanding (a) | 1923396 | 19059824 | 66452314 | 1145501 |
| Net asset value, offering price and redemption price per share | $21.17 | $11.00 | $18.00 | $11.57 |
| **Class A Shares** |  |  |  |  |
| Net Assets | $1032561 | $304455 | $51789129 | $154133 |
| Shares of beneficial interest outstanding (a) | 49467 | 27728 | 2881126 | 13362 |
| Net asset value and redemption price per share | $20.87 | $10.98 | $17.98 | $11.54 |
| Maximum offering price per share (b) | $22.14 | $11.53 | $18.88 | $12.24 |
| Minimum redemption price per share (d) | $20.66 | $10.87 | $17.80 | $11.43 |
| **Class C Shares** |  |  |  |  |
| Net Assets | $2261880 | $232370 | $39329555 | $11676 |
| Shares of beneficial interest outstanding (a) | 113924 | 21312 | 2194388 | 1019 |
| Net asset value, offering price and redemption price per share (c) | $19.85 | $10.90 | $17.92 | $11.46 |

---

(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 Rational/Pier 88 Convertible Securities Fund and Rational Special Situations
 Income Fund. There is a maximum front-end sales charge (load) of 5.75% imposed on purchases of Class A shares for Return Stacked<sup>®</sup>
 Balanced Allocation & Systematic Macro Fund and RGN Hedged Equity 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% CDSC on shares redeemed within
 two years of purchase.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS** |
| Statements of Operations |
| For the Year Ended December 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Rational**<br>**Equity Armor**<br>**Fund** | **Rational**<br>**Premium Income Fund**<br>**(Formerly, Rational**<br>**Tactical Return Fund)** |<br>**Rational**<br>**Dynamic Brands**<br>**Fund** |<br>**Rational**<br>**Strategic Allocation**<br>**Fund** |
| **Investment Income:** |  |  |  |  |
| Dividend income | $442370 | $— | $458597 | $7067 |
| Interest income | 55784 | 1779309 | 48193 | 26852 |
| Dividend income - affiliated companies |  |  |  | 46843 |
| Foreign tax withheld | (1527) |  | (9637) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **496627** | **1779309** | **497153** | **80762** |
| **Operating Expenses:** |  |  |  |  |
| Investment management fees | 305152 | 926333 | 538007 | 9574 |
| 12b-1 Fees - Class A Shares | 22372 | 6099 | 39940 | 20592 |
| 12b-1 Fees - Class C Shares | 10976 | 25968 | 45776 | 1044 |
| Shareholder Services Fees - Institutional Shares | 32915 | 50251 | 39095 | 13 |
| Shareholder Services Fees - Class A Shares | 9576 | 2592 | 15774 | 8312 |
| Shareholder Services Fees - Class C Shares | 658 | 1699 | 1765 | 205 |
| Registration fees | 55800 | 49070 | 52022 | 22380 |
| Financial Administration fees/Fund Accounting fees | 55658 | 60865 | 60491 | 40597 |
| Legal fees | 26935 | 28140 | 29062 | 26885 |
| Trustees' fees | 17996 | 17997 | 18002 | 17996 |
| Audit fees | 16571 | 16391 | 15640 | 16391 |
| Legal Administration/Management Service Fees | 13252 | 17478 | 23504 | 3264 |
| Compliance officer fees | 12850 | 12098 | 15121 | 7024 |
| Interest expense | 12462 | 4817 | 2791 | 2167 |
| Custody fees | 6740 | 3004 | 5704 | 922 |
| Printing expense | 4632 | 3075 | 7215 | 2000 |
| Insurance expense | 2233 | 4462 | 4938 | 671 |
| Miscellaneous expenses | 2599 | 2603 | 2604 | 3329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **609377** | **1232942** | **917451** | **183366** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived/reimbursed by Advisor |  | (144937) |  | (116488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **609377** | **1088005** | **917451** | **66878** |
| **Net Investment Income (Loss)** | **(112750)** | **691304** | **(420298)** | **13884** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |
| Net Realized Gain (Loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 2602923 | 25833 | 4844481 |  |
| &nbsp;&nbsp;&nbsp;Affiliated companies |  |  |  | (612250) |
| &nbsp;&nbsp;&nbsp;Options purchased | (939595) | (6028192) |  |  |
| &nbsp;&nbsp;&nbsp;Options written | 320916 | 7171035 |  |  |
| &nbsp;&nbsp;&nbsp;Futures | (2038773) | 3 |  | 484383 |
| **Net Realized Gain (Loss) on Investments** | (54529) | 1168679 | 4844481 | (127867) |
| **Net Change in Unrealized Appreciation (Depreciation) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 4420041 | 13767 | (3743777) | 103103 |
| &nbsp;&nbsp;&nbsp;Affiliated companies |  |  |  | 608070 |
| &nbsp;&nbsp;&nbsp;Options purchased | 141012 | 61500 |  |  |
| &nbsp;&nbsp;&nbsp;Options written | 43900 | (91000) |  |  |
| &nbsp;&nbsp;&nbsp;Futures | 40001 |  |  | 344850 |
| &nbsp;&nbsp;&nbsp;Swaps |  | (14832) |  |  |
| **Net Change in Unrealized Appreciation (Depreciation) on Investments** | 4644954 | (30565) | (3743777) | 1056023 |
| **Net Realized and Unrealized Gain on Investments** | **4590425** | **1138114** | **1100704** | **928156** |
| **Net Increase in Net Assets Resulting From Operations** | $**4477675** | $**1829418** | $**680406** | $**942040** |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS** |
| Statements of Operations (Continued) |
| For the Year Ended December 31, 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) |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $202836 | $2989228 | $662939 | $103577 |
| &nbsp;&nbsp;&nbsp;Interest income | 1201975 | 5898141 | 78162637 | 31246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **1404811** | **8887369** | **78825576** | **134823** |
| **Operating Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment management fees | 881892 | 1766310 | 17789653 | 177644 |
| &nbsp;&nbsp;&nbsp;12b-1 Fees - Class A Shares | 2643 | 1030 | 132771 | 74 |
| &nbsp;&nbsp;&nbsp;12b-1 Fees - Class C Shares | 27340 | 2508 | 393681 | 106 |
| &nbsp;&nbsp;&nbsp;Shareholder Services Fees - Institutional Shares | 48378 | 163368 | 1183278 | 4455 |
| &nbsp;&nbsp;&nbsp;Shareholder Services Fees - Class A Shares | 1476 | 475 | 57427 | 7 |
| &nbsp;&nbsp;&nbsp;Shareholder Services Fees - Class C Shares | 532 | 167 | 18143 |  |
| &nbsp;&nbsp;&nbsp;Financial Administrative fees /Fund Accounting fees | 64112 | 120919 | 911831 | 47873 |
| &nbsp;&nbsp;&nbsp;Legal fees | 59650 | 26290 | 187240 | 78713 |
| &nbsp;&nbsp;&nbsp;Registration fees | 44387 | 48611 | 118589 | 17664 |
| &nbsp;&nbsp;&nbsp;Audit fees | 18710 | 17166 | 67856 | 17948 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 18595 | 16988 | 41836 | 12280 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 17996 | 17996 | 18002 | 18089 |
| &nbsp;&nbsp;&nbsp;Legal Administration/Management Service Fees | 16413 | 68987 | 390052 | 3450 |
| &nbsp;&nbsp;&nbsp;Printing expenses | 14059 | 9768 | 90002 | 2399 |
| &nbsp;&nbsp;&nbsp;Custody fees | 6117 | 12776 | 80343 | 2743 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 4527 | 13237 | 61974 | 508 |
| &nbsp;&nbsp;&nbsp;Interest expense | 889 | 889 | 889 | 892 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expense | 2603 | 3514 | 3212 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **1230319** | **2290999** | **21546779** | **389243** |
| &nbsp;&nbsp;&nbsp;Less: Expenses waived/reimbursed by Advisor | (208184) | (229181) | (119145) | (185866) |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **1022135** | **2061818** | **21427634** | **203377** |
| **Net Investment Income (Loss)** | **382676** | **6825551** | **57397942** | **(68554)** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |
| Net Realized Gain (Loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 345889 | 1911270 | (9990692) | (13957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased |  |  |  | (5837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (3378510) |  |  | 378954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 150941 |  |  | 6047 |
| **Net Realized Gain (Loss) on Investments** | (2881680) | 1911270 | (9990692) | 365207 |
| **Net Change in Unrealized Appreciation (Depreciation) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4116648 | (4480460) | 11999855 | 1363480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (1545000) |  |  | (45127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 77800 |  | 4 | 413 |
| **Net Change in Unrealized Appreciation (Depreciation) on Investments** | 2649448 | (4480460) | 11999859 | 1318766 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | (232232) | (2569190) | 2009167 | 1683973 |
| **Net Increase in Net Assets Resulting From Operations** | $**150444** | $**4256361** | $**59407109** | $**1615419** |

---

The accompanying notes are an integral part of these financial statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rational Premium Income Fund** | **Rational Premium Income Fund** | | |
|  | **Rational Equity Armor Fund** | **Rational Equity Armor Fund** | **(Formerly, Rational Tactical Return Fund)** | **(Formerly, Rational Tactical Return Fund)** | **Rational Dynamic Brands Fund** | **Rational Dynamic Brands Fund** |
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(112750) | $(154024) | $691304 | $2445501 | $(420298) | $(535644) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, futures and options | (54529) | 6124502 | 1168679 | 762055 | 4844481 | 13451661 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, options, futures, and swaps | 4644954 | (668688) | (30565) | (15301) | (3743777) | 3521290 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | **4477675** | **5301790** | **1829418** | **3192255** | **680406** | **16437307** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  |  | (1672197) | (2853767) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | (90789) | (174301) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | (111145) | (112966) |  |  |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **—** | **—** | **(1874131)** | **(3141034)** | **—** | **—** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 20715485 | 5587112 | 2601871 | 8053179 | 3392809 | 10027057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 150759 | 160699 | 100782 | 1053270 | 554721 | 1185063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 137012 | 5150 | 39381 | 364781 | 413086 | 689080 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  |  | 1317451 | 2566866 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | 78994 | 166271 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | 106755 | 108584 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (4957341) | (10203539) | (39849128) | (68889584) | (15451327) | (11030934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (823415) | (1297688) | (3130999) | (4171767) | (1946009) | (2640356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (203976) | (333093) | (1385733) | (2405570) | (892004) | (589536) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from share transactions of beneficial interest** | **15018524** | **(6081359)** | **(40120626)** | **(63153970)** | **(13928724)** | **(2359626)** |
| &nbsp;&nbsp;&nbsp;**Total Increase/(Decrease) in Net Assets** | **19496199** | **(779569)** | **(40165339)** | **(63102749)** | **(13248318)** | **14077681** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 34787968 | 35567537 | 68679596 | 131782345 | 76920891 | 62843210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year** | $**54284167** | $**34787968** | $**28514257** | $**68679596** | $**63672573** | $**76920891** |
| **Share Activity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1957991 | 635889 | 154102 | 472207 | 51461 | 172951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  | 81224 | 153797 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (482932) | (1173571) | (2339064) | (4027092) | (234196) | (185903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 1475059 | (537682) | (2103738) | (3401088) | (182735) | (12952) |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 14414 | 17178 | 5985 | 61700 | 14068 | 32766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  | 4849 | 9938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (81734) | (146558) | (185363) | (242875) | (48561) | (73999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of Beneficial interest | (67320) | (129380) | (174529) | (171237) | (34493) | (41233) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 13459 | 615 | 2429 | 22059 | 12976 | 24191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  | 6826 | 6749 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (20387) | (37756) | (85221) | (146512) | (27369) | (19935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (6928) | (37141) | (75966) | (117704) | (14393) | 4256 |

---

The accompanying notes 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) |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** | **December 31, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $13884 | $905522 | $382676 | $2310429 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, affiliated companies foreign currency transactions and futures | (127867) | 2267320 | (2881680) | 4435785 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, affiliated companies, foreign currency translations and futures | 1056023 | (1722465) | 2649448 | 2002457 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | **942040** | **1450377** | **150444** | **8748671** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid : |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (117731) | (101462) | (369319) | (4387867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (732504) | (669906) | (7383) | (123736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (8892) | (6486) | (22167) | (182479) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **(859127)** | **(777854)** | **(398869)** | **(4694082)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  | 1000 | 20493922 | 23446578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 33843 | 467874 | 451488 | 383044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 27637 | 100000 | 114588 | 684989 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 707 | 565 | 256097 | 3339348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 662869 | 604770 | 7383 | 123736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 8810 | 6421 | 22167 | 181891 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  |  | (45420125) | (54518037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1231971) | (1351974) | (1365869) | (793729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (28924) |  | (1071698) | (824204) |
| &nbsp;&nbsp;&nbsp;**Net decrease in net assets from share transactions of beneficial interest** | **(527029)** | **(171344)** | **(26512047)** | **(27976384)** |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | **(444116)** | **501179** | **(26760472)** | **(23921795)** |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 10492225 | 9991046 | 70777426 | 94699221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of year** | $**10048109** | $**10492225** | $**44016954** | $**70777426** |
| **Share Activity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  | 118 | 1016190 | 1111490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 86 | 64 | 12052 | 163693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed |  |  | (2337387) | (2576628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 86 | 182 | (1309145) | (1301445) |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 4169 | 52040 | 21681 | 18123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 80319 | 68331 | 352 | 6135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (152415) | (148369) | (67018) | (37965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of Beneficial interest | (67927) | (27998) | (44985) | (13707) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 3838 | 10999 | 5833 | 34090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 1077 | 737 | 1112 | 9405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (3986) |  | (56455) | (41092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | 929 | 11736 | (49510) | 2403 |

---

The accompanying notes 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) |
|  | | | | | **Year Ended** | **Period Ended** |
|  |<br>**Year Ended**<br>**December 31, 2025** |<br>**Year Ended**<br>**December 31, 2024** |<br>**Year Ended**<br>**December 31, 2025** |<br>**Year Ended**<br>**December 31, 2024** | **December 31, 2025** | **December 31, 2024 \*** |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $6825551 | $2506687 | $57397942 | $51502361 | $(68554) | $(5105) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, futures, and foreign currency transactions | 1911270 | 3616628 | (9990692) | (13342284) | 365207 | 1332 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, futures, and foreign currency translations | (4480460) | 3831441 | 11999859 | 33558510 | 1318766 | 134908 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | **4256361** | **9954756** | **59407109** | **71718587** | **1615419** | **131135** |
| &nbsp;&nbsp;&nbsp;**Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (7165192) | (3394276) | (59955692) | (51826479) | (184288) | (63177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (12098) | (24260) | (2767861) | (3929293) | (2145) | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (6042) | (3335) | (1764585) | (2002661) | (164) | (55) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | **(7183332)** | **(3421871)** | **(64488138)** | **(57758433)** | **(186597)** | **(63308)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 17187632 | 71386334 | 587033715 | 428848747 | 4084312 | 8045250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 10132 | 229743 | 21706254 | 26826070 | 147523 | 11069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 117703 | 8738393 | 7524254 |  | 10000 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 2698579 | 1122988 | 52945130 | 45560008 | 142628 | 50794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 12098 | 24260 | 2417877 | 3530498 | 2145 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 6041 | 3335 | 1493846 | 1703609 | 164 | 55 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (11367590) | (10142454) | (349971251) | (257184835) | (557449) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (251133) | (1475087) | (22083185) | (44012798) | (9851) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (47796) | (180093) | (7836835) | (7441986) |  |  |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets from share transactions of beneficial interest** | **8247963** | **61086729** | **294443944** | **205353567** | **3809472** | **8117243** |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | **5320992** | **67619614** | **289362915** | **219313721** | **5238294** | **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** | $**210115765** | $**204794773** | $**1287253229** | $**997890314** | $**13423364** | $**8185070** |
| **Share Activity:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1550219 | 6287723 | 32513913 | 23667936 | 385014 | 796210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 245128 | 102739 | 2938687 | 2521186 | 12139 | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1025743) | (937017) | (19393734) | (14226074) | (52727) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of Beneficial interest | 769604 | 5453445 | 16058866 | 11963048 | 344426 | 801075 |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 915 | 21255 | 1203316 | 1483379 | 13060 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 1102 | 2245 | 134357 | 195689 | 183 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (22467) | (132798) | (1225761) | (2434782) | (993) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (20450) | (109298) | 111912 | (755714) | 12250 | 1112 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  | 11065 | 485674 | 417313 |  | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 554 | 310 | 83269 | 94694 | 14 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (4339) | (16888) | (436213) | (413881) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of Beneficial interest | (3785) | (5513) | 132730 | 98126 | 14 | 1005 |

---

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

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational Equity Armor Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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** |
| Net asset value, beginning of year | $9.57 | $8.19 | $7.97 | $8.99 | $7.96 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | (0.02) | (0.03) | 0.00 (G) | 0.07 | 0.07 |
| Net realized and unrealized gain (loss) on investments | 1.23 | 1.41 | 0.23 | (1.03) | 1.07 |
| Total from investment operations | 1.21 | 1.38 | 0.23 | (0.96) | 1.14 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income |  |  | (0.00) (G) | (0.06) | (0.11) |
| From Return of Capital |  |  | (0.01) |  |  |
| Total distributions |  |  | (0.01) | (0.06) | (0.11) |
| Net asset value, end of year | $10.78 | $9.57 | $8.19 | $7.97 | $8.99 |
| Total return (B) | 12.64% | 16.85% | 2.95% | (10.68)% | 14.37 % (C) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $43994 | $24923 | $25741 | $55862 | $58975 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,E) | 1.41% | 1.56% | 1.45% | 1.20% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,E) | 1.41% | 1.56% | 1.45% | 1.20% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (D,H) | (0.19)% | (0.36)% | (0.01)% | 0.80% | 0.80% |
| Portfolio turnover rate | 204% | 270% | 580% | 281% | 239% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $9.51 | $8.16 | $7.96 | $8.98 | $7.95 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | (0.05) | (0.05) | (0.02) | 0.04 | 0.05 |
| Net realized and unrealized gain (loss) on investments | 1.23 | 1.40 | 0.23 | (1.01) | 1.07 |
| Total from investment operations | 1.18 | 1.35 | 0.21 | (0.97) | 1.12 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income |  |  | (0.00) (G) | (0.05) | (0.09) |
| From Return of Capital |  |  | (0.01) |  |  |
| Total distributions |  |  | (0.01) | (0.05) | (0.09) |
| Net asset value, end of year | $10.69 | $9.51 | $8.16 | $7.96 | $8.98 |
| Total return (B) | 12.41% | 16.54% | 2.62% | (10.86)% | 14.11% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $9169 | $8795 | $8604 | $9717 | $11858 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D,F) | 1.67% | 1.81% | 1.72% | 1.46% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D,F) | 1.67% | 1.81% | 1.72% | 1.46% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (D,H) | (0.45)% | (0.60)% | (0.28)% | 0.53% | 0.55% |
| Portfolio turnover rate | 204% | 270% | 580% | 281% | 239% |

---

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

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

(C) 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 | 1.38% | 1.48% | 1.3% | 1.19% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.38% | 1.48% | 1.3% | 1.19% | 1.1% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.64% | 1.73% | 1.57% | 1.45% | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.64% | 1.73% | 1.57% | 1.45% | 1.35% |

---

(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.

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational Equity Armor Fund (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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** |
| Net asset value, beginning of year | $9.31 | $8.04 | $7.89 | $8.93 | $7.90 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment (loss) (A) | (0.11) | (0.11) | (0.07) | (0.01) | (0.01) |
| Net realized and unrealized gain on investments | 1.19 | 1.38 | 0.22 | (1.02) | 1.07 |
| Total from investment operations | 1.08 | 1.27 | 0.15 | (1.03) | 1.06 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income |  |  |  | (0.01) | (0.03) |
| Total distributions |  |  |  | (0.01) | (0.03) |
| Net asset value, end of year | $10.39 | $9.31 | $8.04 | $7.89 | $8.93 |
| Total return (B) | 11.60% | 15.80% | 1.90% | (11.51)% | 13.40% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $1122 | $1069 | $1223 | $1610 | $1771 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,D) | 2.38% | 2.52% | 2.41% | 2.15% | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C, D) | 2.38% | 2.52% | 2.41% | 2.15% | 2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (D,E) | (1.15)% | (1.32)% | (0.98)% | (0.15)% | (0.16)% |
| Portfolio turnover rate | 204% | 270% | 580% | 281% | 239% |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.35% | 2.44% | 2.26% | 2.14% | 2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.35% | 2.44% | 2.26% | 2.14% | 2.06% |

---

(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.

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational Premium Income Fund** |
| **(Formerly, Rational Tactical Return Fund)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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)** |
| Net asset value, beginning of year | $16.71 | $16.91 | $17.00 | $17.10 | $17.07 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (B) | 0.23 | 0.43 | 0.25 | (0.09) | (0.33) |
| Net realized and unrealized gain on investments | 0.37 | 0.12 | 0.61 | 0.04 | 0.99 |
| Total from investment operations | 0.60 | 0.55 | 0.86 | (0.05) | 0.66 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.40) | (0.64) | (0.25) |  |  |
| From net realized gains on investments | (0.69) | (0.11) | (0.70) | (0.05) | (0.63) |
| Total distributions | (1.09) | (0.75) | (0.95) | (0.05) | (0.63) |
| Net asset value, end of year | $16.22 | $16.71 | $16.91 | $17.00 | $17.10 |
| Total return (C) | 3.60 % (F) | 3.24% | 5.06% | (0.30)% | 3.94% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $25028 | $60944 | $119144 | $199786 | $264557 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.28% | 2.14% | 2.08% | 2.02% | 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.00% | 2.00% | 2.00% | 1.99% | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.37% | 2.53% | 1.44% | (0.86)% | (1.98)% |
| Portfolio turnover rate | 0% | 0% | 0% | 0% | 0% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022 (A)** | **2021 (A)** |
| Net asset value, beginning of year | $16.75 | $16.93 | $17.02 | $17.16 | $17.16 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (B) | 0.19 | 0.39 | 0.22 | (0.12) | (0.39) |
| Net realized and unrealized gain on investments | 0.37 | 0.12 | 0.59 | 0.03 | 1.02 |
| Total from investment operations | 0.56 | 0.51 | 0.81 | (0.09) | 0.63 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.33) | (0.58) | (0.20) |  |  |
| From net realized gains on investments | (0.69) | (0.11) | (0.70) | (0.05) | (0.63) |
| Total distributions | (1.02) | (0.69) | (0.90) | (0.05) | (0.63) |
| Net asset value, end of year | $16.29 | $16.75 | $16.93 | $17.02 | $17.16 |
| Total return (C) | 3.36 % (F) | 3.00% | 4.77% | (0.53)% | 3.75% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $1418 | $4383 | $7328 | $8868 | $18494 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 2.52% | 2.42% | 2.33% | 2.29% | 2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 2.25% | 2.25% | 2.25% | 2.24% | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.11% | 2.27% | 1.27% | (1.28)% | (2.23)% |
| Portfolio turnover rate | 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.

(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% | 2.14% | 2.07% | 2.02% | 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 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 | 2.51% | 2.42% | 2.32% | 2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.24% | 2.24% | 2.24% | 2.24% |

---

(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.

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational Premium Income Fund** |
| **(Formerly, Rational Tactical Return Fund) (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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)** |
| Net asset value, beginning of year | $16.10 | $16.29 | $16.38 | $16.65 | $16.80 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (B) | 0.06 | 0.25 | 0.08 | (0.19) | (0.51) |
| Net realized and unrealized gain (loss) on investments | 0.35 | 0.12 | 0.57 | (0.03) (C) | 0.99 |
| Total from investment operations | 0.41 | 0.37 | 0.65 | (0.22) | 0.48 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.19) | (0.45) | (0.04) |  |  |
| From net realized gains on investments | (0.69) | (0.11) | (0.70) | (0.05) | (0.63) |
| Total distributions | (0.88) | (0.56) | (0.74) | (0.05) | (0.63) |
| Net assets, end of year (in 000's) | $15.63 | $16.10 | $16.29 | $16.38 | $16.65 |
| Total return (D) | 2.57 % (F) | 2.25% | 3.97% | (1.33)% | 2.94% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $2068 | $3353 | $5311 | $7808 | $9444 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 3.24% | 3.08% | 3.04% | 2.99% | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 3.00% | 3.00% | 3.00% | 2.99% | 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.37% | 1.51% | 0.50% | (1.85)% | (2.98)% |
| Portfolio turnover rate | 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.

(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 | 3.23% | 3.07% | 3.03% | 2.99% | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.99% | 2.99% | 2.99% | 2.99% | 2.99% |

---

(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.

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational Dynamic Brands Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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** |
| Net asset value, beginning of year | $65.58 | $51.93 | $36.45 | $59.52 | $56.20 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss (A) | (0.30) | (0.37) | (0.13) | (0.07) | (0.41) |
| Net realized and unrealized gain (loss) on investments | 0.98 | 14.02 | 15.61 | (21.01) | 8.68 |
| Total from investment operations | 0.68 | 13.65 | 15.48 | (21.08) | 8.27 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net realized gains on investments |  |  |  | (1.99) | (4.95) |
| Total distributions |  |  |  | (1.99) | (4.95) |
| Net asset value, end of year | $66.26 | $65.58 | $51.93 | $36.45 | $59.52 |
| Total return (B) | 1.04% | 26.29 % (C) | 42.47 % (C) | (35.41)% | 14.97% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $44151 | $55684 | $44767 | $28643 | $82648 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 1.16% | 1.19% | 1.26% | 1.20% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.16% | 1.20 % (F) | 1.24% | 1.20% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.46)% | (0.63)% | (0.29)% | (0.16)% | (0.65)% |
| Portfolio turnover rate | 267% | 340% | 194% | 154% | 225% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $39.66 | $31.49 | $22.16 | $37.49 | $37.16 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss (A) | (0.30) | (0.32) | (0.15) | (0.11) | (0.41) |
| Net realized and unrealized gain (loss) on investments | 0.60 | 8.49 | 9.48 | (13.23) | 5.69 |
| Total from investment operations | 0.30 | 8.17 | 9.33 | (13.34) | 5.28 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net realized gains on investments |  |  |  | (1.99) | (4.95) |
| Total distributions |  |  |  | (1.99) | (4.95) |
| Net asset value, end of year | $39.96 | $39.66 | $31.49 | $22.16 | $37.49 |
| Total return (B) | 0.76% | 25.94% | 42.10% | (35.58)% | 14.59% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $15317 | $16570 | $14456 | $11668 | $23205 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 1.43% | 1.46% | 1.52% | 1.47% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.43% | 1.47 % (F) | 1.49% | 1.47% | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.74)% | (0.90)% | (0.55)% | (0.41)% | (1.00)% |
| Portfolio turnover rate | 267% | 340% | 194% | 154% | 225% |

---

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

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

(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 | 1.15% | 1.19% | 1.26% | 1.19% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.15% | 1.2 % (F) | 1.24% | 1.19% | 1.14% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.43% | 1.46% | 1.52% | 1.46% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.43% | 1.47 % (F) | 1.49% | 1.46% | 1.47% |

---

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

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational Dynamic Brands Fund (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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** |
| Net asset value, beginning of year | $32.30 | $25.82 | $18.31 | $31.73 | $32.34 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss (A) | (0.46) | (0.46) | (0.28) | (0.26) | (0.58) |
| Net realized and unrealized gain (loss) on investments | 0.48 | 6.94 | 7.79 | (11.17) | 4.92 |
| Total from investment operations | 0.02 | 6.48 | 7.51 | (11.43) | 4.34 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net realized gains on investments |  |  |  | (1.99) | (4.95) |
| Total distributions |  |  |  | (1.99) | (4.95) |
| Net asset value, end of year | $32.32 | $32.30 | $25.82 | $18.31 | $31.73 |
| Total return (B) | 0.06% | 25.10 % (C) | 41.02 % (C) | (36.02)% | 13.85% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $4204 | $4666 | $3621 | $2852 | $4898 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.12% | 2.15% | 2.23% | 2.18% | 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.12% | 2.16 % (E) | 2.23% | 2.18% | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (1.43)% | (1.59)% | (1.28)% | (1.12)% | (1.62)% |
| Portfolio turnover rate | 267% | 340% | 194% | 154% | 225% |

---

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

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

(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 | 2.12% | 2.15% | 2.23% | 2.17% | 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.12% | 2.16 % (E) | 2.23% | 2.17% | 2.12% |

---

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

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational Strategic Allocation Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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** |
| Net asset value, beginning of year | $8.52 | $8.01 | $6.84 | $10.24 | $8.94 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.03 | 0.78 | 0.30 | 0.31 | 0.40 |
| Net realized and unrealized gain (loss) on investments | 0.86 | 0.40 | 1.30 | (3.16) | 2.54 |
| Total from investment operations | 0.89 | 1.18 | 1.60 | (2.85) | 2.94 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.16) | (0.67) | (0.43) | (0.18) | (0.36) |
| From net realized gains on investments | (0.62) |  |  | (0.37) | (1.28) |
| Total distributions | (0.78) | (0.67) | (0.43) | (0.55) | (1.64) |
| Net asset value, end of year | $8.63 | $8.52 | $8.01 | $6.84 | $10.24 |
| Total return (B) | 11.08% | 14.64% | 24.05% | (27.87)% | 33.94% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $1302 | $1285 | $1206 | $1027 | $519 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,E) | 1.60% | 1.49% | 1.55% | 1.39% | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,E) | 0.47% | 0.46% | 0.46% | 0.46% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (C,D) | 0.36% | 8.53% | 4.02% | 3.82% | 3.78% |
| Portfolio turnover rate | 30% | 28% | 105% | 27% | 2% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $8.57 | $8.06 | $6.88 | $10.30 | $8.99 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.01 | 0.73 | 0.28 | 0.29 | 0.34 |
| Net realized and unrealized gain (loss) on investments | 0.86 | 0.43 | 1.31 | (3.17) | 2.59 |
| Total from investment operations | 0.87 | 1.16 | 1.59 | (2.88) | 2.93 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.14) | (0.65) | (0.41) | (0.17) | (0.34) |
| From net realized gains on investments | (0.62) |  |  | (0.37) | (1.28) |
| Total distributions | (0.76) | (0.65) | (0.41) | (0.54) | (1.62) |
| Net asset value, end of year | $8.68 | $8.57 | $8.06 | $6.88 | $10.30 |
| Total return (B) | 10.81% | 14.27% | 23.75% | (28.04)% | 33.57% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $8636 | $9107 | $8784 | $6048 | $9830 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,F) | 1.95% | 1.82% | 1.92% | 1.72% | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,F) | 0.72% | 0.71% | 0.71% | 0.71% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment income (C,D) | 0.12% | 7.96% | 3.77% | 3.48% | 3.30% |
| Portfolio turnover rate | 30% | 28% | 105% | 27% | 2% |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 1.58% | 1.48% | 1.54% | 1.38% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 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 | 1.93% | 1.81% | 1.91% | 1.71% | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% |

---

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational Strategic Allocation Fund (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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** |
| Net asset value, beginning of year | $8.50 | $8.00 | $6.83 | $10.25 | $8.95 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | (0.05) | 0.98 | 0.23 | 0.23 | 0.26 |
| Net realized and unrealized gain (loss) on investments | 0.86 | 0.11 | 1.30 | (3.16) | 2.58 |
| Total from investment operations | 0.81 | 1.09 | 1.53 | (2.93) | 2.84 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.11) | (0.59) | (0.36) | (0.12) | (0.26) |
| From net realized gains on investments | (0.62) |  |  | (0.37) | (1.28) |
| Total distributions | (0.73) | (0.59) | (0.36) | (0.49) | (1.54) |
| Net asset value, end of year | $8.58 | $8.50 | $8.00 | $6.83 | $10.25 |
| Total return (B) | 10.06% | 13.47% | 22.94% | (28.55)% | 32.60% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $110 | $101 | $1 | $1 | $1 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C,E) | 2.80% | 2.53% | 2.26% | 2.37% | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C,E) | 1.47% | 1.46% | 1.46% | 1.46% | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (C,D) | (0.62)% | 10.58% | 3.13% | 2.78% | 2.53% |
| Portfolio turnover rate | 30% | 28% | 105% | 27% | 2% |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.78% | 2.52% | 2.25% | 2.36% | 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |

---

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Return Stacked® Balanced Allocation & Systematic Macro Fund** |
| **Financial Highlights (Consolidated)** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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** |
| Net asset value, beginning of year | $20.33 | $19.75 | $21.93 | $22.71 | $23.77 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | 0.17 | 0.58 | 0.47 | (0.07) | (0.50) |
| Net realized and unrealized gain (loss) on investments | 0.86 | 1.39 | (0.55) | (0.62) | 3.16 |
| Total from investment operations | 1.03 | 1.97 | (0.08) | (0.69) | 2.66 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income |  | (0.94) | (0.59) | (0.09) | (3.72) |
| From net realized gains on investments | (0.19) | (0.45) | (1.51) |  |  |
| Total distributions | (0.19) | (1.39) | (2.10) | (0.09) | (3.72) |
| Net asset value, end of year | $21.17 | $20.33 | $19.75 | $21.93 | $22.71 |
| Total return (B) | 5.07% | 9.93% | (0.46)% | (3.06)% | 11.28% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $40723 | $65729 | $89562 | $162983 | $64890 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 2.39% | 2.19% | 2.15% | 2.05% | 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 1.97% | 1.97% | 1.99% | 1.97% | 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.82% | 2.74% | 2.14% | (0.30)% | (1.95)% |
| Portfolio turnover rate | 87% | 0% | 0% | 0% | 0% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $20.10 | $19.54 | $21.71 | $22.53 | $23.61 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | 0.11 | 0.52 | 0.41 | (0.04) | (0.55) |
| Net realized and unrealized gain (loss) on investments | 0.85 | 1.37 | (0.54) | (0.70) | 3.13 |
| Total from investment operations | 0.96 | 1.89 | (0.13) | (0.74) | 2.58 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income |  | (0.88) | (0.53) | (0.08) | (3.66) |
| From net realized gains on investments | (0.19) | (0.45) | (1.51) |  |  |
| Total distributions | (0.19) | (1.33) | (2.04) | (0.08) | (3.66) |
| Net asset value, end of year | $20.87 | $20.10 | $19.54 | $21.71 | $22.53 |
| Total return (B) | 4.78% | 9.65% | (0.71)% | (3.30)% | 10.99% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $1033 | $1899 | $2113 | $3643 | $607 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.68% | 2.50% | 2.40% | 2.33% | 2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.22% | 2.22% | 2.24% | 2.22% | 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.55% | 2.47% | 1.88% | (0.18)% | (2.10)% |
| Portfolio turnover rate | 87% | 0% | 0% | 0% | 0% |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.39% | 2.19% | 2.13% | 2.05% | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 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 | 2.68% | 2.5% | 2.38% | 2.33% | 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.22% | 2.22% | 2.22% | 2.22% | 2.22% |

---

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Return Stacked® Balanced Allocation & Systematic Macro Fund** |
| **Financial Highlights (Consolidated)** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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** |
| Net asset value, beginning of year | $19.27 | $18.78 | $20.94 | $21.88 | $23.03 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | (0.05) | 0.34 | 0.24 | (0.15) | (0.72) |
| Net realized and unrealized gain (loss) on investments | 0.82 | 1.32 | (0.52) | (0.73) | 3.05 |
| Total from investment operations | 0.77 | 1.66 | (0.28) | (0.88) | 2.33 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income |  | (0.72) | (0.37) | (0.06) | (3.48) |
| From net realized gains on investments | (0.19) | (0.45) | (1.51) |  |  |
| Total distributions | (0.19) | (1.17) | (1.88) | (0.06) | (3.48) |
| Net asset value, end of year | $19.85 | $19.27 | $18.78 | $20.94 | $21.88 |
| Total return (B) | 4.00% | 8.82% | (1.43)% | (4.01)% | 10.18% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $2262 | $3150 | $3024 | $2327 | $241 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (C) | 3.32% | 3.10% | 3.05% | 3.00% | 3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (C) | 2.97% | 2.97% | 2.99% | 2.97% | 2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.24)% | 1.71% | 1.17% | (0.66)% | (2.95)% |
| Portfolio turnover rate | 87% | 0% | 0% | 0% | 0% |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 3.32% | 3.1% | 3.03% | 3.0% | 3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.97% | 2.97% | 2.97% | 2.97% | 2.97% |

---

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational/Pier 88 Convertible Securities Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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** |
| Net asset value, beginning of year | $11.15 | $10.53 | $10.43 | $11.96 | $11.69 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.36 | 0.19 | 0.22 | 0.20 | 0.13 |
| Net realized and unrealized gain (loss) on investments | (0.13) | 0.67 | 0.11 | (1.49) | 1.04 |
| Total from investment operations | 0.23 | 0.86 | 0.33 | (1.29) | 1.17 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.38) | (0.24) | (0.23) | (0.20) | (0.17) |
| From net realized gains on investments |  |  |  | (0.04) | (0.73) |
| Total distributions | (0.38) | (0.24) | (0.23) | (0.24) | (0.90) |
| Net asset value, end of year | $11.00 | $11.15 | $10.53 | $10.43 | $11.96 |
| Total return (B) | 2.12% | 8.22% | 3.29 % (C) | (10.82)% | 10.21% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $209579 | $203981 | $135201 | $106362 | $118333 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 1.10% | 1.16% | 1.19% | 1.16% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 3.29% | 1.72% | 2.19% | 1.81% | 1.07% |
| Portfolio turnover rate | 185% | 114% | 180% | 116% | 130% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $11.13 | $10.51 | $10.44 | $11.97 | $11.69 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.31 | 0.17 | 0.18 | 0.17 | 0.11 |
| Net realized and unrealized gain (loss) on investments | (0.11) | 0.65 | 0.10 | (1.49) | 1.03 |
| Total from investment operations | 0.20 | 0.82 | 0.28 | (1.32) | 1.14 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.35) | (0.20) | (0.21) | (0.17) | (0.13) |
| From net realized gains on investments |  |  |  | (0.04) | (0.73) |
| Total distributions | (0.35) | (0.20) | (0.21) | (0.21) | (0.86) |
| Net asset value, end of year | $10.98 | $11.13 | $10.51 | $10.44 | $11.97 |
| Total return (B) | 1.84% | 7.90% | 2.73 % (C) | (11.04)% | 9.97% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $304 | $536 | $1655 | $1861 | $2231 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 1.39% | 1.46% | 1.46% | 1.41% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2.82% | 1.56% | 1.81% | 1.55% | 0.88% |
| Portfolio turnover rate | 185% | 114% | 180% | 116% | 130% |

---

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

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

(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 | 1.1% | 1.16% | 1.19% | 1.16% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 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% | 1.46% | 1.41% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.24% | 1.24% | 1.24% | 1.24% |

---

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational/Pier 88 Convertible Securities Fund (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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** |
| Net asset value, beginning of year | $11.06 | $10.44 | $10.38 | $11.90 | $11.66 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (A) | 0.24 | 0.08 | 0.11 | 0.10 | 0.02 |
| Net realized and unrealized gain (loss) on investments | (0.13) | 0.67 | 0.09 | (1.48) | 1.02 |
| Total from investment operations | 0.11 | 0.75 | 0.20 | (1.38) | 1.04 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.27) | (0.13) | (0.14) | (0.10) | (0.07) |
| From net realized gains on investments |  |  |  | (0.04) | (0.73) |
| Total distributions | (0.27) | (0.13) | (0.14) | (0.14) | (0.80) |
| Net asset value, end of year | $10.90 | $11.06 | $10.44 | $10.38 | $11.90 |
| Total return (B) | 1.01% | 7.19% | 1.92 % (C) | (11.63)% | 9.11% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $232 | $278 | $320 | $298 | $249 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.09% | 2.14% | 2.13% | 2.11% | 2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.18% | 0.75% | 1.09% | 0.93% | 0.17% |
| Portfolio turnover rate | 185% | 114% | 180% | 116% | 130% |

---

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

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

(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% | 2.14% | 2.13% | 2.11% | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% |

---

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational Special Situations Income Fund** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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** |
| Net asset value, beginning of year | $18.07 | $17.73 | $18.34 | $19.69 | $19.66 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.88 | 1.10 | 1.06 | 0.93 | 0.74 |
| Net realized and unrealized gain (loss) on investments | 0.03 | 0.45 | (0.28) | (1.16) | 0.28 |
| Total from investment operations | 0.91 | 1.55 | 0.78 | (0.23) | 1.02 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.98) | (1.21) | (1.34) | (1.12) | (0.99) |
| From net realized gains on investments |  |  |  |  |  |
| From Return of capital |  |  | (0.05) |  | (0.00) (B) |
| Total distributions | (0.98) | (1.21) | (1.39) | (1.12) | (0.99) |
| Net asset value, end of year | $18.00 | $18.07 | $17.73 | $18.34 | $19.69 |
| Total return (C) | 5.18% | 8.95% | 4.36 % (F) | (1.12)% (F) | 5.30% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $1196135 | $910807 | $681473 | $666042 | $670278 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 1.77% | 1.82% | 1.81% | 1.79% | 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 1.76% | 1.76% | 1.76% | 1.76% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 4.88% | 6.05% | 5.79% | 4.93% | 3.75% |
| Portfolio turnover rate | 11% | 8% | 21% | 27% | 37% |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $18.05 | $17.71 | $18.32 | $19.66 | $19.64 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.84 | 1.03 | 1.00 | 0.88 | 0.72 |
| Net realized and unrealized gain (loss) on investments | 0.03 | 0.47 | (0.26) | (1.15) | 0.24 |
| Total from investment operations | 0.87 | 1.50 | 0.74 | (0.27) | 0.96 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.94) | (1.16) | (1.30) | (1.07) | (0.94) |
| From net realized gains on investments |  |  |  |  |  |
| From Return of capital |  |  | (0.05) |  | (0.00) (B) |
| Total distributions | (0.94) | (1.16) | (1.35) | (1.07) | (0.94) |
| Net asset value, end of year | $17.98 | $18.05 | $17.71 | $18.32 | $19.66 |
| Total return (C) | 4.93% | 8.68% | 4.11 % (F) | (1.31)% (F) | 5.00% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $51789 | $49986 | $62428 | $70121 | $58164 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (E) | 2.02% | 2.07% | 2.07% | 2.05% | 2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (E) | 2.01% | 2.00% | 2.01% | 2.02% | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 4.65% | 5.70% | 5.49% | 4.69% | 3.67% |
| Portfolio turnover rate | 11% | 8% | 21% | 27% | 37% |

---

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

(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 | 1.77% | 1.82% | 1.81% | 1.79% | 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.76% | 1.75% | 1.76% | 1.76% | 1.75% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement | 2.02% | 2.07% | 2.07% | 2.05% | 2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.01% | 2.0% | 2.01% | 2.02% | 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.

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational Special Situations Income Fund (Continued)** |
| **Financial Highlights** |

---

For a Share Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<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** |
| Net asset value, beginning of year | $17.99 | $17.66 | $18.27 | $19.61 | $19.60 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.71 | 0.90 | 0.87 | 0.74 | 0.48 |
| Net realized and unrealized gain (loss) on investments | 0.02 | 0.46 | (0.27) | (1.15) | 0.33 |
| Total from investment operations | 0.73 | 1.36 | 0.60 | (0.41) | 0.81 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.80) | (1.03) | (1.16) | (0.93) | (0.80) |
| From net realized gains on investments |  |  |  |  |  |
| From Return of capital |  |  | (0.05) |  | (0.00) (B) |
| Total distributions | (0.80) | (1.03) | (1.21) | (0.93) | (0.80) |
| Net asset value, end of year | $17.92 | $17.99 | $17.66 | $18.27 | $19.61 |
| Total return (C) | 4.16% | 7.85% | 3.34 % (E) | (2.05)% (E) | 4.22% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $39330 | $37097 | $34676 | $34455 | $35497 |
| Ratios to average net assets (including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (D) | 2.71% | 2.76% | 2.76% | 2.76% | 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (D) | 2.71% | 2.76% | 2.76% | 2.76% | 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 3.94% | 4.99% | 4.76% | 3.95% | 2.46% |
| Portfolio turnover rate | 11% | 8% | 21% | 27% | 37% |

---

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

(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% | 2.76% | 2.75% | 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.71% | 2.76% | 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.

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational/RGN Hedged Equity Fund** |
| **Financial Highlights (Consolidated)** |

---

For a Share Outstanding Throughout the Year/Period

---

| | | |
|:---|:---|:---|
|  | **Institutional** | **Institutional** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<br>**2025** | **For The**<br>**Period Ended**<br>**December 31,**<br>**2024 (A)** |
| Net asset value, beginning of year/period | $10.19 | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| Net investment loss (B) | (0.07) | (0.01) |
| Net realized and unrealized gain on investments | 1.61 | 0.28 |
| Total from investment operations | 1.54 | 0.27 |
| **LESS DISTRIBUTIONS:** |  |  |
| From net investment income |  | (0.07) |
| From net realized gains on investments | (0.16) | (0.01) |
| Total distributions | (0.16) | (0.08) |
| Net asset value, end of year/period | $11.57 | $10.19 |
| Total return (C) | 15.12% | 2.71 % (D) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| Net assets, end of year/period (in 000's) | $13258 | $8164 |
| Ratios to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (G) | 3.83% | 8.76 % (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (G) | 2.00% | 1.99 % (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.67)% | (0.31)% (E) |
| Portfolio turnover rate | 4% | 0 % (D) |
|  | **Class A** | **Class A** |
|  | **For the** | **For The** |
|  | **Year Ended** | **Period Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024 (A)** |
| Net asset value, beginning of year/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 | 1.55 | 0.29 |
| Total from investment operations | 1.51 | 0.27 |
| **LESS DISTRIBUTIONS:** |  |  |
| From net investment income |  | (0.07) |
| From net realized gains on investments | (0.16) | (0.01) |
| Total distributions | (0.16) | (0.08) |
| Net asset value, end of year/period | $11.54 | $10.19 |
| Total return (C) | 14.83% | 2.64 % (D) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| Net assets, end of year/period (in 000's) | $154 | $11 |
| Ratios to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (H) | 3.52% | 16.31 % (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (H) | 2.25% | 2.24 % (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.36)% | (0.83)% (E) |
| Portfolio turnover rate | 4% | 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 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.

(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 | 3.82% | 8.76% (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 1.99% | 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 | 3.51% | 16.31% (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.24% | 2.24 % (E) |

---

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

---

| |
|:---|
| **RATIONAL FUNDS** |
| **Rational/RGN Hedged Equity Fund (Continued)** |
| **Financial Highlights (Consolidated)** |

---

For a Share Outstanding Throughout the Year/Period

---

| | | |
|:---|:---|:---|
|  | **Class C** | **Class C** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<br>**2025** | **For The**<br>**Period Ended**<br>**December 31,**<br>**2024 (A)** |
| Net asset value, beginning of year/period | $10.19 | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| Net investment loss (B) | (0.18) | (0.04) |
| Net realized and unrealized gain on investments | 1.61 | 0.29 |
| Total from investment operations | 1.43 | 0.25 |
| **LESS DISTRIBUTIONS:** |  |  |
| From net investment income |  | (0.05) |
| From net realized gains on investments | (0.16) | (0.01) |
| Total distributions | (0.16) | (0.06) |
| Net asset value, end of year/period | $11.46 | $10.19 |
| Total return (C) | 14.04 % (G) | 2.44 % (D) |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| Net assets, end of year/period (in 000's) | $12 | $10 |
| Ratios to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before waiver and reimbursement (F) | 4.86% | 17.00 % (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement (F) | 3.00% | 2.99 % (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (1.69)% | (1.59)% (E) |
| Portfolio turnover rate | 4% | 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 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.

(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 | 4.85% | 17.0% (E) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net waiver and reimbursement | 2.99% | 2.99 % (E) |

---

(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.

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

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS***

---

| | |
|:---|:---|
| **December 31, 2025** | **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 December 31, 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** | &nbsp;&nbsp;**Sub-Advisor(s)** | **Primary Objective** |
| Rational Equity Armor Fund <br> ("Equity Armor") | &nbsp;&nbsp;Equity Armor Investments, LLC | Total return on investment, with dividend income an important component of that return. |
| &nbsp;&nbsp;&nbsp; Rational Premium Income Fund \*<br> (Formerly, Rational Tactical Return Fund)<br> ("Premium Income") |  | Total return consisting of long-term capital appreciation and income. |
| Rational Dynamic Brands Fund <br> ("Dynamic Brands") | &nbsp;&nbsp;Accuvest Global Advisors, Inc. | Long-term capital appreciation. |
| Rational Strategic Allocation Fund <br> ("Strategic Allocation") |  | Current income and moderate appreciation of capital. |
| Return Stacked® Balanced Allocation & Systematic Macro Fund <br> ("Return Stacked® Balanced") | &nbsp;&nbsp;Newfound Research LLC <br> ReSolve Asset Management, Inc. <br> ReSolve Asset Management SEZC | Long-term capital appreciation. |
| Rational/Pier 88 Convertible Securities Fund<br> ("Pier 88") | &nbsp;&nbsp;Pier 88 Investment Partners, LLC | Total return consisting of capital appreciation and income. |
| Rational Special Situations Income Fund<br> ("Special Situations") | &nbsp;&nbsp;ESM Management, LLC | Total return consisting of capital appreciation and income. |
| Rational/RGN Hedged Equity Fund <br> ("RGN Hedged Equity") | &nbsp;&nbsp;R.G. Niederhoffer Capital Management, Inc. | Long-term capital appreciation. |

---

\* Prior to December 31, 2025, Warrington Asset Management, LLC was the sub-advisor to Premium Income.

The Funds are classified as diversified funds under the 1940 Act, except RGN Hedged Equity which is classified as a non-diversified fund. 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

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

---

| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

---

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.

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. Futures, which are traded on an exchange, are valued at the settlement price determined by the exchange. Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap. 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. 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

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

---

| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

---

determined and the close of trading on the NYSE. For securities of foreign issuers, such events could also include political or other developments affecting the economy or markets in which the issuer conducts its operations or its securities are traded.

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

**Valuation of Fund of Funds –** The Funds may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). 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**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

---

| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

---

The following tables summarize the inputs used as of December 31, 2025, for each Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Armor** | | | | |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $40549573 | $— | $— | $40549573 |
| Exchange Traded Funds | 3460766 |  |  | 3460766 |
| Short-Term Investments | 10373179 |  |  | 10373179 |
| **Derivatives** |  |  |  |  |
| Purchased Options | $3614637 | $— | $— | $3614637 |
| Futures Contracts | 23053 |  |  | 23053 |
| **Total Assets** | $58021208 | $— | $— | $58021208 |
| **Liabilities\*** |  |  |  |  |
| **Derivatives** |  |  |  |  |
| Written Options | $2568165 | $— | $— | $2568165 |
| Futures Contracts | 58952 |  |  | 58952 |
| **Total Liabilities** | $2627117 | $— | $— | $2627117 |
| **Premium Income** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $— | $18894971 | $— | $18894971 |
| Short-Term Investments | 9858614 |  |  | 9858614 |
| **Total Assets** | $9858614 | $18894971 | $— | $28753585 |
| **Liabilities\*** |  |  |  |  |
| **Derivatives** |  |  |  |  |
| Equity Swap | $— | $14832 | $— | $14832 |
| **Total Liabilities** | $— | $14832 | $— | $14832 |
| **Dynamic Brands** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $63572928 | $— | $— | $63572928 |
| Short-Term Investments | 159953 |  |  | 159953 |
| **Total Assets** | $63732881 | $— | $— | $63732881 |
| **Strategic Allocation** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open End Funds | $8566393 | $— | $— | $8566393 |
| U.S. Treasury Bills |  | 586326 |  | 586326 |
| Short-Term Investments | 32042 |  |  | 32042 |
| **Derivatives** |  |  |  |  |
| Futures Contracts | $19725 | $— | $— | $19725 |
| **Total Assets** | $8618160 | $586326 | $— | $9204486 |

---

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

---

| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Return Stacked<sup>®</sup> Balanced** | | | | |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $21370814 | $— | $— | $21370814 |
| Short-Term Investments | 14615968 |  |  | 14615968 |
| **Derivatives** |  |  |  |  |
| Futures Contracts | 892133 |  |  | 892133 |
| **Total Assets** | $36878915 | $— | $— | $36878915 |
| **Liabilities\*** |  |  |  |  |
| **Derivatives** |  |  |  |  |
| Futures Contracts | $672471 | $— | $— | $672471 |
| **Total Liabilities** | $672471 | $— | $— | $672471 |
| **Pier 88** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $29843388 | $— | $— | $29843388 |
| Preferred Stocks | 58309166 |  |  | 58309166 |
| Convertible Bonds |  | 114491174 |  | 114491174 |
| Short-Term Investments | 6977853 |  |  | 6977853 |
| **Total Assets** | $95130407 | $114491174 | $— | $209621581 |
| **Special Situations** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Preferred Stocks | $— | $9546000 | $— | $9546000 |
| Asset Backed Securities |  | 1025677135 |  | 1025677135 |
| Corporate Bonds |  | 188432425 |  | 188432425 |
| Term Loans |  | 1861378 |  | 1861378 |
| Short-Term Investments | 59392779 |  |  | 59392779 |
| **Total Assets** | $59392779 | $1225516938 | $— | $1284909717 |
| **RGN Hedged Equity** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $11136799 | $— | $— | $11136799 |
| Short-Term Investments | 805070 |  |  | 805070 |
| **Derivatives** |  |  |  |  |
| Futures Contracts | 21549 |  |  | 21549 |
| **Total Assets** | $11963418 | $— | $— | $11963418 |
| **Liabilities\*** |  |  |  |  |
| Futures Contracts | $47477 | $— | $— | $47477 |
| **Total Liabilities** | $47477 | $— | $— | $47477 |

---

\* 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.

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

---

| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

---

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 | Net Assets as of<br>December 31, 2025 | % of Net Assets as of<br>December 31, 2025 |
| &nbsp;&nbsp;RDMF | &nbsp;&nbsp;8/5/2016 | $5205760 | 11.83% |
| &nbsp;&nbsp;RRDEF | &nbsp;&nbsp;9/27/2024 | $1220134 | 9.09% |

---

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.

**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, futures contracts and swap agreements 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

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

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| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

---

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.

**Swap Agreements** – Premium Income may enter into swap transactions for investment purposes. These would be two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

The gross returns to be exchanged or "swapped" between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund amortizes upfront payments and/or accrues for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The Fund segregates liquid securities having a value at least equal to the amount of their current obligation under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. The Fund's maximum risk of loss from counterparty credit risk is the unrealized appreciation to be received from the counterparty over the contract's remaining life, to the extent that that amount is positive.

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

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| | |
|:---|:---|
| **December 31, 2025** | **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 December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Risk Type** | **Location of derivatives on Statements of**<br>**Assets and Liabilities** | **Fair value of asset/liability**<br>**derivatives** |
| Equity Armor | Equity Armor | Equity Armor | Equity Armor | Equity Armor |
|  | Futures | Equity | Futures unrealized appreciation | $23053 |
|  |  |  | Futures unrealized depreciation | (58952) |
|  |  |  | **Totals** | $(35899) |
|  | Options | Equity | Securities at value | $3614637 |
|  |  | Equity | Options Written | (2568165) |
|  |  |  | **Totals** | $1046472 |
| Premium Income | Premium Income | Premium Income | Premium Income | Premium Income |
|  | Swap Contracts | Equity | Unrealized depreciation on swaps | $(14832) |
|  |  |  | **Totals** | $(14832) |
| Strategic Allocation | Strategic Allocation | Strategic Allocation | Strategic Allocation | Strategic Allocation |
|  | Futures | Equity | Futures unrealized appreciation | $19725 |
|  |  |  | **Totals** | $19725 |
| Return Stacked® Balanced | Return Stacked® Balanced | Return Stacked® Balanced | Return Stacked® Balanced | Return Stacked® Balanced |
|  | Futures | Equity | Futures unrealized appreciation | $347344 |
|  |  |  | Futures unrealized depreciation | (29140) |
|  |  | Commodity | Futures unrealized appreciation | 205925 |
|  |  |  | Futures unrealized depreciation | (328489) |
|  |  | Currency | Futures unrealized appreciation | 334725 |
|  |  |  | Futures unrealized depreciation | (13015) |
|  |  | Interest | Futures unrealized appreciation | 4139 |
|  |  |  | Futures unrealized depreciation | (301827) |
|  |  |  | **Totals** | $219662 |
| RGN Hedged Equity | RGN Hedged Equity | RGN Hedged Equity | RGN Hedged Equity | RGN Hedged Equity |
|  | Futures | Equity | Futures unrealized appreciation | $8026 |
|  |  |  | Futures unrealized depreciation | (20694) |
|  |  | Commodity | Futures unrealized appreciation | 5605 |
|  |  |  | Futures unrealized depreciation | (14784) |
|  |  | Currency | Futures unrealized appreciation | 3980 |
|  |  |  | Futures unrealized depreciation | (6520) |
|  |  | Interest | Futures unrealized appreciation | 3938 |
|  |  |  | Futures unrealized depreciation | (5479) |
|  |  |  | **Totals** | $(25928) |

---

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

---

| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

---

The effect of derivative instruments on the Statements of Operations and Consolidated Statements of Operations for the Funds, for the year ended December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Risk Type** | **Location of gain (loss) on derivatives** | **Realized and unrealized gain<br> (loss) on derivatives** |
| Equity Armor | Equity Armor | Equity Armor | Equity Armor | Equity Armor |
|  | Options Purchased | Equity | Net realized loss from options purchased | $(939595) |
|  | Options Written | Equity | Net realized gain from options written | 320916 |
|  | Futures | Equity | Net realized loss from futures | (2002124) |
|  | Futures | Interest | Net realized loss from futures | (36649) |
|  |  |  | **Totals** | $(2657452) |
|  | Options Purchased | Equity | Net change in unrealized appreciation on options purchased | $141012 |
|  | Options Written | Equity | Net change in unrealized appreciation on options written | 43900 |
|  | Futures | Equity | Net change in unrealized appreciation on futures | 40001 |
|  |  |  | **Totals** | $224913 |
| Premium Income | Premium Income | Premium Income | Premium Income | Premium Income |
|  | Options Purchased | Equity | Net realized loss from options purchased | $(6028192) |
|  | Options Written | Equity | Net realized gain from options written | 7171035 |
|  | Futures | Equity | Net realized gain from futures | 3 |
|  |  |  | **Totals** | $1142846 |
|  | Options Purchased | Equity | Net change in unrealized appreciation on options purchased | $61500 |
|  | Options Written | Equity | Net change in unrealized depreciation on options written | (91000) |
|  |  |  | **Totals** | $(29500) |
|  | Swap Contracts | Equity | Net change in unrealized depreciation on swap contracts | (14832) |
|  |  |  | **Totals** | $(14832) |
| Strategic Allocation | Strategic Allocation | Strategic Allocation | Strategic Allocation | Strategic Allocation |
|  | Futures | Equity | Net realized gain from futures | $484383 |
|  |  |  | **Totals** | $484383 |
|  | Futures | Equity | Net change in unrealized appreciation on futures | $344850 |
|  |  |  | **Totals** | $344850 |
| Return Stacked<sup>®</sup> Balanced | Return Stacked<sup>®</sup> Balanced | Return Stacked<sup>®</sup> Balanced | Return Stacked<sup>®</sup> Balanced | Return Stacked<sup>®</sup> Balanced |
|  | Futures | Equity | Net realized gain from futures | $511612 |
|  |  | Commodity | Net realized loss from futures | (1274730) |
|  |  | Currency | Net realized loss from futures | (2162264) |
|  |  | Interest | Net realized loss from futures | (453128) |
|  |  |  | **Totals** | $(3378510) |
|  | Futures | Equity | Net change in unrealized appreciation on futures | $255863 |
|  |  | Commodity | Net change in unrealized depreciation on futures | (1237100) |
|  |  | Currency | Net change in unrealized depreciation on futures | (676552) |
|  |  | Interest | Net change in unrealized appreciation on futures | 112789 |
|  |  |  | **Totals** | $(1545000) |
| RGN Hedged Equity | RGN Hedged Equity | RGN Hedged Equity | RGN Hedged Equity | RGN Hedged Equity |
|  | Options Purchased | Equity | Net realized loss from options purchased | $(5837) |
|  | Futures | Equity | Net realized gain from futures | 500543 |
|  |  | Commodity | Net realized gain from futures | 330317 |
|  |  | Currency | Net realized loss from futures | (109396) |
|  |  | Interest | Net realized loss from futures | (342510) |
|  |  |  | **Totals** | $373117 |
|  | Futures | Equity | Net change in unrealized depreciation on futures | $(1687) |
|  |  | Commodity | Net change in unrealized depreciation on futures | (12225) |
|  |  | Currency | Net change in unrealized depreciation on futures | (24868) |
|  |  | Interest | Net change in unrealized depreciation on futures | (6347) |
|  |  |  | **Totals** | $(45127) |

---

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

---

| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

---

The value of derivative instruments outstanding as of December 31, 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 December 31, 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 | 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 <sup>(1)</sup> | Net Amount |
| **Equity Armor** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Description of Asset: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $23053 | $— | $23053 | $(23053) | $— | $— |
| &nbsp;&nbsp;&nbsp;Description of Liability: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $58952 | $— | $58952 | $(23053) | $(35899) | $— |
| **Premium Income** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Description of Liability: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts | $14832 | $— | $14832 | $— | $— | $14832 |
| **Strategic Allocation** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Description of Asset: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $19725 | $— | $19725 | $— | $— | $19725 |
| **Return Stacked<sup>®</sup> Balanced** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Description of Asset: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $892133 | $— | $892133 | $(672471) | $— | $219662 |
| &nbsp;&nbsp;&nbsp;Description of Liability: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $672471 | $— | $672471 | $(672471) | $— | $— |
| **RGN Hedged Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Description of Asset: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $21549 | $— | $21549 | $(21549) | $— | $— |
| &nbsp;&nbsp;&nbsp;Description of Liability: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $47477 | $— | $47477 | $(21549) | $(25928) | $— |

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(1) The amount is limited to the derivative
 liability balance and accordingly does not include excess collateral pledged.

**D. Security Transactions and Related Income**

During the period, investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities using the effective interest method. 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,

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

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| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

---

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 class. No class has preferential rights; differences in per share dividend rates are generally due to differences in separate class expenses.

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| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Income Dividends** | **Capital Gains** |
| Equity Armor | Monthly | Annually |
| Premium Income | Monthly | Annually |
| Dynamic Brands | Annually | Annually |
| Strategic Allocation | Quarterly | Annually |
| Return Stacked<sup>®</sup> Balanced | Annually | Annually |
| Pier 88 | Quarterly | Annually |
| Special Situations | Monthly | Annually |
| RGN Hedged Equity | Annually | 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 December 31, 2025, the Funds did not incur any interest or penalties.

**H. Indemnification**

The Trust indemnifies its Officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

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| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

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**(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. Sub-advisors are responsible for the day-to-day management of each Fund's portfolio, except for the Premium Income and Strategic Income Funds. 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.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Advisory Fee Tiered Annual Rate** | **Advisory Fee Tiered Annual Rate** | **Advisory Fee Tiered Annual Rate** |
|  | Rate for the First $500 Million | Rate for the Next $500 Million | Rate for Excess Over $1 Billion |
| Equity Armor | 0.75% | 0.70% | 0.65% |
| Dynamic Brands | 0.75% | 0.70% | 0.65% |

---

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| | |
|:---|:---|
|  | **Advisory Fee Annual Rate** |
| Premium Income | 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 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. Prior to May 1, 2025, the Equity Armor Fund did not have an expense cap in place. The Funds' expense caps are listed below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 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, 2027 |
| Premium Income | 1.99% | 2.24% | 2.99% | April 30, 2027 |
| Dynamic Brands | 1.24% | 1.49% | 2.24% | April 30, 2027 |
| Strategic Allocation | 0.45% | 0.70% | 1.45% | April 30, 2027 |
| Return Stacked<sup>®</sup> Balanced | 1.97% | 2.22% | 2.97% | April 30, 2027 |
| Pier 88 | 0.99% | 1.24% | 1.99% | April 30, 2027 |
| Special Situations | 1.75% | 2.00% | 2.75% | April 30, 2027 |
| RGN Hedged Equity | 1.99% | 2.24% | 2.99% | April 30, 2027 |

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**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

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| | |
|:---|:---|
| **December 31, 2025** | **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 December 31, 2025, the following amounts have been waived or reimbursed by the Advisor and are subject to repayment by the respective Fund:

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| | | |
|:---|:---|:---|
|  | Amount Waived or | Expiring Beginning |
| Fund | Reimbursed | December 31, 2025 |
| Equity Armor | $— | 2028 |
| Premium Income | $133607 | 2026 |
|  | 145342 | 2027 |
|  | 144937 | 2028 |
| Dynamic Brands |  | 2026 |
|  |  | 2027 |
|  |  | 2028 |
| Strategic Allocation | 97614 | 2026 |
|  | 125298 | 2027 |
|  | 116488 | 2028 |
| Return Stacked<sup>®</sup> Balanced | 213553 | 2026 |
|  | 189006 | 2027 |
|  | 208184 | 2028 |
| Pier 88 | 228670 | 2026 |
|  | 243694 | 2027 |
|  | 229181 | 2028 |
| Special Situations | 348053 | 2026 |
|  | 529931 | 2027 |
|  | 119145 | 2028 |
| RGN Hedged Equity | 109782 | 2027 |
|  | 185866 | 2028 |

---

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.

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

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| | |
|:---|:---|
| **December 31, 2025** | **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 year ended December 31, 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 | $22372 | $10976 |
| Premium Income | 6099 | 25968 |
| Dynamic Brands | 39940 | 45776 |
| Strategic Allocation | 20592 | 1044 |
| Return Stacked<sup>®</sup> Balanced | 2643 | 27340 |
| Pier 88 | 1030 | 2508 |
| Special Situations | 132771 | 393681 |
| RGN Hedged Equity | 74 | 106 |

---

*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**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

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| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

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***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 December 31, 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** | **Shares Balance**<br>**December 31,**<br>**2025** | **Fair Value**<br>**December 31,**<br>**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 | 125671 | 170737 | 728191 | $7870430 | $23071 | $634085 | $(631953) |
| Catalyst/CIFC Senior Secured Income Fund, Class I | 97557 | 18898 | 91784 | 24671 | 227216 | 22651 | (14430) | 8695 |
| Rational/Pier 88 Convertible Securities Fund, Inst. Sh. | 12060 | 102 | 9433 | 2729 | 30016 | 1121 | (11585) | 11008 |
| Total | 882874 | 144671 | 271954 | 755591 | $8127662 | $46843 | $608070 | $(612250) |

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**(4) INVESTMENT TRANSACTIONS**

For the year ended December 31, 2025, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Equity Armor | $80322564 | $74968269 |
| Premium Income |  |  |
| Dynamic Brands | 189619765 | 203845715 |
| Strategic Allocation | 2351359 | 2450000 |
| Return Stacked<sup>®</sup> Balanced | 32186970 | 15290086 |
| Pier 88 | 362495453 | 357592041 |
| Special Situations | 600471517 | 124752821 |
| RGN Hedged Equity | 3155912 | 330657 |

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**(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; trading and tariff arrangements; 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

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

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| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

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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, Premium Income and Equity Armor may have increased or decreased exposure to Option Risk factors defined below:

Options Risk - Premium Income 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.

Swaps Risk - Premium Income may use swaps, such as total return swaps, to enhance returns and manage risk. The Fund's use of swaps involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments and exposes the Fund to the risks associated with derivative instruments described above. In a standard "swap" transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swap agreements may effectively add leverage to the Fund's portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and subject to counterparty risk (e.g., the risk of a counterparty's defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

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| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

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value). Swaps are also subject to correlation risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Swaps may also be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.

**(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 December 31, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Equity Armor | $47561968 | $8848022 | $(923412) | $7924610 |
| Premium Income | 28724986 | 13767 |  | 13767 |
| Dynamic Brands | 47433462 | 17173282 | (873863) | 16299419 |
| Strategic Allocation | 9922144 | 109791 | (847174) | (737383) |
| Return Stacked<sup>®</sup> Balanced | 31859185 | 4334142 | (228529) | 4105613 |
| Pier 88 | 210813926 | 6064935 | (7257280) | (1192345) |
| Special Situations | 1294418436 | 53786256 | (63294975) | (9508719) |
| RGN Hedged Equity | 10476410 | 1482881 | (17524) | 1465357 |

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**(7) DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

The tax character of fund distributions paid for the years ended December 31, 2025 and December 31, 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**December 31, 2025** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Equity Armor | $— | $— | $— | $— |
| Premium Income | 1145568 | 728563 |  | 1874131 |
| Dynamic Brands |  |  |  |  |
| Strategic Allocation | 689584 | 169543 |  | 859127 |
| Return Stacked<sup>®</sup> Balanced | 398869 |  |  | 398869 |
| Pier 88 | 7183332 |  |  | 7183332 |
| Special Situations | 64488138 |  |  | 64488138 |
| RGN Hedged Equity | 95084 | 91513 |  | 186597 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **December 31, 2024** | **Income** | **Capital Gains** | **Capital** | **Total** |
| Equity Armor | $— | $— | $— | $— |
| Premium Income | 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 |

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**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

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| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

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As of December 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post 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 | $32778 | $— | $— | $— | $— | $7924610 | $7957388 |
| Premium Income | 270281 | 88224 |  | (1721738) |  | 13767 | (1349466) |
| Dynamic Brands |  | 674127 |  |  |  | 16299419 | 16973546 |
| Strategic Allocation |  |  | (70885) |  |  | (737383) | (808268) |
| Return Stacked<sup>®</sup> Balanced |  |  | (527086) | (950855) | (463463) | 4123689 | 2182285 |
| Pier 88 | 5233357 |  |  | (7233662) |  | (1192345) | (3192650) |
| Special Situations |  |  | (3647431) | (57066555) |  | (9508719) | (70222705) |
| RGN Hedged Equity | 168725 |  |  |  | (126976) | 1465543 | 1507292 |

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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 C-corporations, hybrid securities, income on contingent convertible debt securities, and Section 305(c) deemed dividend distributions, and the book/tax difference in convertible bonds amortization. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains of $18,076 and $186 for the Return Stacked<sup>®</sup> Balanced Allocation & Systematic Macro 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.

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:

---

| | |
|:---|:---|
|  | **Late Year**<br>**Losses** |
| Equity Armor | $— |
| Premium Income |  |
| Dynamic Brands |  |
| Strategic Allocation |  |
| Return Stacked<sup>®</sup> Balanced | 527086 |
| Pier 88 |  |
| Special Situations |  |
| RGN Hedged Equity |  |

---

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 | $— |
| Premium Income |  |
| Dynamic Brands |  |
| Strategic Allocation | 70885 |
| Return Stacked<sup>®</sup> Balanced |  |
| Pier 88 |  |
| Special Situations | 3647431 |
| RGN Hedged Equity |  |

---

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

---

| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

---

At December 31, 2025, 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 |
| Premium Income\* | 89558 | 1632180 | 1721738 |  |
| Dynamic Brands |  |  |  | 3767050 |
| Strategic Allocation |  |  |  |  |
| Return Stacked<sup>®</sup> Balanced |  | 950855 | 950855 |  |
| Pier 88 | 7233662 |  | 7233662 |  |
| Special Situations | 13182136 | 43884419 | 57066555 |  |
| RGN Hedged Equity |  |  |  |  |

---

\* Premium Income 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 convertible bonds amortization, non-deductible expenses, net operating losses, distributions in excess, and adjustments for prior year tax returns, and the wholly owned subsidiaries of Return Stacked<sup>®</sup> Balanced Allocation & Systematic Macro and RGN Hedged Equity, which have a November 30 tax year end, resulted in reclassifications for the Funds for the fiscal year ended December 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Deficit)** |
| Equity Armor | $— | $— |
| Premium Income |  |  |
| Dynamic Brands | (420298) | 420298 |
| Strategic Allocation | 34459 | (34459) |
| Return Stacked<sup>®</sup> Balanced | (2390736) | 2390736 |
| Pier 88 | (1006) | 1006 |
| Special Situations | (533643) | 533643 |
| RGN Hedged Equity | (7137) | 7137 |

---

**(8) LINE OF CREDIT**

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, 2026. 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**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

---

| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

---

During the year ended December 31, 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% | 6.75% |
| Dynamic Brands | 2283750 | 2966000 | 1901 | 7.49% | 6.75% |
| Strategic Allocation | 32222 | 53000 | 59 | 7.34% | 6.75% |

---

\* Includes interest expenses for borrowings on the line 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 December 31, 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>Premium<br>Income |<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> | 34.67% | 31.71% | 78.35% | 32.44% | 34.99% |  |  |
| Charles Schwab <sup>(1)</sup> | 32.91% |  |  | 38.13% | 35.69% | 31.16% |  |
| LPL Financial <sup>(1)</sup> |  | 31.19% |  |  |  | 29.58% |  |
| Band & Co C/O US Bank NA |  |  |  |  | 25.73% |  |  |
| J.P. Morgan Securities |  |  |  |  |  |  | 42.26% |

---

(1) This owner is comprised of multiple
 investors and accounts.

&nbsp;&nbsp;&nbsp;&nbsp;**(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 Premium Income will be directly affected by the performance of the First American Treasury Obligations Fund, Return Stacked<sup>®</sup> Balanced will be directly affected by the performance of the First American US Treasury Money Market 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 First American US Treasury Money Market 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 December 31, 2025, the percentage of Premium Income's net assets invested in the First American Treasury Obligations Fund was 34.6%. The percentage of Return Stacked<sup>®</sup> Balanced's net assets invested in the First American US Treasury Money Market Fund and the iShares Core S&P 500 ETF, USD Class was 33.2% and 48.6%, respectively. The percentage of Strategic Allocation's net assets invested in the Catalyst Systematic Alpha Fund was 78.3%. 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 36.3% and 46.7% respectively.

**RATIONAL FUNDS**

***CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)***

---

| | |
|:---|:---|
| **December 31, 2025** | **ANNUAL FINANCIAL STATEMENTS** |

---

**(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.

![(COHEN & CO LOGO)](ra002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Rational Equity Armor Fund, Rational Premium Income Fund (formerly, Rational Tactical Return Fund), Rational Dynamic Brands Fund, Rational Strategic Allocation Fund, Return Stacked® Balanced Allocation & Systematic Macro Fund, Rational/Pier 88 Convertible Securities Fund, Rational Special Situations Income Fund, and Rational/RGN Hedged Equity Fund and

Board of Trustees of Mutual Fund and Variable Insurance Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and total return swap contracts (if applicable), of the funds listed below (the "Funds"), each a series of Mutual Fund and Variable Insurance Trust, as of December 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;Statements of<br> Operations | &nbsp;&nbsp;Statements of<br> Changes in Net<br> Assets | &nbsp;&nbsp;Financial Highlights |
| &nbsp;&nbsp;Rational Equity Armor Fund, Rational Premium Income Fund (formerly, Rational Tactical Return Fund), Rational Dynamic Brands Fund, Rational Strategic Allocation Fund, Return Stacked® Balanced Allocation & Systematic Macro Fund\*, Rational/Pier 88 Convertible Securities Fund, and Rational Special Situations Income Fund | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp;For each of the five years in the period ended December 31, 2025 |
| &nbsp;&nbsp;Rational/RGN Hedged Equity Fund\* | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the year ended December 31, 2025 and for the period September 27, 2024 (commencement of operations) through December 31, 2024 | &nbsp;&nbsp;For the year ended December 31, 2025 and for the period September 27, 2024 (commencement of operations) through December 31, 2024 |

---

\* The financial statements referred to above are Consolidated Financial Statements.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2016.

![(SIGNATURE)](ra003_v1.jpg)

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

March 1, 2026

---

| |
|:---|
| **RATIONAL FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **December 31, 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**

**<u>Renewal of Management Agreement between Mutual Fund and Variable Insurance Trust and Rational Advisors, Inc. with respect to Rational Equity Armor Fund, Rational Premium Income Fund (formerly, Rational Tactical Return), Rational Dynamic Brands Fund, Rational Strategic Allocation Fund, Rational Special Situations Income Fund, Rational/Pier 88 Convertible Securities Fund, Return Stacked® Balanced Allocation & Systematic Macro Fund, and Rational/RGN Hedged Equity Fund.</u>**

At an in-person meeting held on December 8, 2025, the Board of Trustees (the "Board") of Mutual Fund and Variable Insurance Trust (the "Trust"), including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, of the Trust, discussed the renewal of the management agreement (the "Management Agreement") between the Trust and Rational Advisors, Inc. ("Rational") with respect to Rational Equity Armor Fund (the "Equity Armor Fund"), Rational Premium Income Return Fund (the "Premium Income Fund"), Rational Dynamic Brands Fund (the "Dynamic Brands Fund"), Rational Strategic Allocation Fund (the "Strategic Allocation Fund"), Rational Special Situations Income Fund (the "Special Situations Fund"), Rational/Pier 88 Convertible Securities Fund (the "Pier 88 Fund"), Return Stacked® Balanced Allocation & Systematic Macro Fund (the "Return Stacked Fund"), and Rational/RGN Hedged Equity Fund (the "RGN Fund"), each a series of the Trust (collectively the "Funds").

The Board reviewed and discussed the completed questionnaire submitted by Rational in connection with the proposed renewal of the Management Agreement (the "Rational 15(c) Response"). The Board was assisted by legal counsel throughout the review process. The Board relied upon the advice of legal counsel and its own business judgment in evaluating the Management Agreement and the weight to be given to each factor considered. The conclusions that the Board reached were based upon a comprehensive evaluation and discussion of all the information provided for each Fund with respect to the approval of the Management Agreement and were not the result of any one factor. Moreover, each Trustee might have afforded different weight to the various factors in reaching his conclusions with respect to the Management Agreement. In connection with its deliberations regarding approval of the Management Agreement, the Board reviewed materials prepared by Rational and considered the information presented at Board meetings throughout the year.

*Review of Rational 15(c) Response*

*<u>Nature, Extent, and Quality of Services</u>.* The Board reviewed the nature, extent, and quality of the services that Rational provides to the Funds pursuant to the Management Agreement. The Board reviewed information concerning Rational's resources, personnel, and business operations. The Board considered Rational's oversight of each Fund's investment strategies, including derivative risk management and fair valuation. The Board reviewed Rational's Form ADV. The Board discussed the financial health of Rational and reviewed its balance sheet. The Board considered that MFund, an affiliate of Rational, provides the Funds with certain management, legal administrative,

---

| |
|:---|
| **RATIONAL FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2024** |

---

and compliance services, including providing the Trust's CCO. The Board reviewed Rational's compliance program, including its business continuity and cybersecurity programs, and its oversight of the Funds' sub-advisors' compliance programs, as applicable.

*<u>Performance</u>.* The Board reviewed the performance of each Fund relative to its peer group, Morningstar category, and benchmark index or indices for various periods ended September 30, 2025.

*Equity Armor Fund.* The Fund outperformed its peer group and the Morningstar Long/Short Equity and Morningstar Equity Hedged categories for the one-year period. The Fund underperformed its peer group and the Morningstar categories for the three-, five-, and ten-year periods. The Fund underperformed one of its benchmarks, the S&P 500 Total Return Index for all periods. The Fund outperformed its other benchmark, the S&P Value Total Return Index for the one-and three-year periods and underperformed for the other periods.

*Premium Income Fund.* The Fund underperformed its peer group, the Morningstar Equity Hedged category, and its benchmark, the S&P 500 Total Return Index for the one-, three-, five-, and ten-year periods. Rational attributed the Fund's performance to its lack of exposure to long equity investments. The Board considered that effective December 31, 2025, Warrington Asset Management, LLC, the Fund's current sub-advisor, will be resigning, and that Rational will manage the Fund thereafter with a new name (Rational Premium Income Fund) and investment strategy, without a sub-advisor.

*Dynamic Brands Fund.* The Fund underperformed its peer group and the Morningstar Large Growth category for the one-, three-, five-, and ten-year periods. The Fund outperformed one of its benchmarks, the MSCI ACWI Gross Index, for the three-year period and underperformed for the other periods. The Fund outperformed its other benchmark, the S&P 500 Total Return Index, for the three-year period and underperformed for the other periods. Rational attributed the Fund's performance to its focus on global consumption, consumer discretionary staples, and technology stocks.

*Strategic Allocation Fund.* The Fund outperformed its peer group and the Morningstar Moderately Conservative Allocation category for the three-, five-, and ten-year periods, and underperformed for the one-year period. The Fund underperformed its benchmark, the S&P 500 Total Return Index, for all periods. Rational attributed the Fund's performance to its dedicated fixed-income component.

*Special Situations Fund.* The Fund outperformed its peer group and the Morningstar Nontraditional Bond category for the three-, five-, and ten-year periods. For the one-year period, the Fund underperformed its peer group and outperformed the Morningstar category. The Fund outperformed its benchmarks, the Bloomberg US Aggregate Bond Index and the Bloomberg US Mortgage Backed Securities (MBS) Index, for all periods.

*Pier 88 Fund.* The Fund underperformed its peer group and the Morningstar Convertibles category for the one-, three-, and five-year, and since-inception (March 1, 2017) periods. The Fund outperformed its benchmark, the Bloomberg US Aggregate Bond Index, for the three- and five-year, and since-inception periods, and underperformed for the one-year period. The Fund underperformed the S&P 500 Total Return Index for all periods. Rational stated that the Fund benefitted from its investment in industrials and utilities stocks, and that information technology and health care stocks detracted from Fund performance.

*Return Stacked Fund.* The Fund underperformed its peer group and one of its benchmarks, the S&P 500 Total Return Index, for the one-, three-, and five-year, and since-inception (September 30, 2016) periods. The Fund

---

| |
|:---|
| **RATIONAL FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2024** |

---

outperformed the Morningstar Macro Trading category for the five-year and since-inception periods and underperformed the category for the one- and three-year periods. The Fund also outperformed the Bloomberg US Treasury Index, which constitutes 50% of a blended index with the S&P 500 Total Return Index, for all periods.

*RGN Fund.* The Fund outperformed its peer group and the Morningstar Long/Short Equity category for the one-year and since-inception (September 27, 2024) periods. The Fund underperformed its benchmark, the S&P 500 Total Return Index, for both periods. Rational attributed the Fund's performance to lower-than-expected market volatility that limited the efficacy of the Fund's systematic overlay investment strategy.

*<u>Fees and Expenses</u>.* The Board compared the advisory fees and the net expenses of each Fund to its peer group and Morningstar category.

*Equity Armor Fund.* The Fund's advisory fee is lower than the average advisory fees of its peer group and the Morningstar Long/Short Equity and Equity Hedged categories.

The Fund's net expenses are lower than the average net expenses of its peer group and the Morningstar Long-Short/Equity category, and higher than the average (but within the range of) net expenses of the Morningstar Equity Hedged category.

*Premium Income Fund*. The Fund's advisory fee is higher than the average (but within the range of) advisory fees of its peer group and the Morningstar Equity Hedged category. The Board considered Rational's statement that there are only a few unaffiliated funds in the Morningstar category that have a similar strategy to the Fund; and that two of those funds have the same advisory fee as the Fund.

The Fund's net expenses are higher than the average (but within the range of) net expenses of its peer group and the Morningstar category.

*Dynamic Brands Fund*. The Fund's advisory fee is lower than the average advisory fees of its peer group average and higher than the average (but within the range of) advisory fees of the Morningstar Large Growth category.

The Fund's net expenses are higher than the average (but within the range of) net expenses of its peer group and the Morningstar category. The Board considered Rational's statement that the Fund's net expenses are competitive relative to the peer group and other funds in the Morningstar category that implement a more active approach.

*Strategic Allocation Fund.* The Fund's advisory fee is lower than the average advisory fees of its peer group and the Morningstar Moderately Conservative Allocation category.

The Fund's net expenses are higher than the average (but within the range of) net expenses of its peer group and the Morningstar category.

*Special Situations Fund.* The Fund's advisory fee is higher than the average (but within the range of) advisory fees of its peer group and the Morningstar Non-Traditional Bond category. The Fund's advisory fee is equal to the highest advisory fee paid by funds in the Morningstar Multisector Bond category. The Board considered Rational's

---

| |
|:---|
| **RATIONAL FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2024** |

---

belief that the Fund's advisory fee is reasonable in light of the Fund's specialized investment strategy and the research and investment expertise of the Fund's sub-advisor.

The Fund's net expenses are higher than the average (but within the range of) expenses of its peer group and Morningstar categories.

*Pier 88 Fund.* The Fund's advisory fee is higher than the average (but within the range of) advisory fees of its peer group and the Morningstar Convertibles category.

The Fund's net expenses are higher than the average (but within the range) of net expenses of its peer group and Morningstar category.

*Return Stacked Fund.* The Fund's advisory fee is higher than the average (but within the range of) advisory fees of its peer group and Morningstar Macro Trading category.

The Fund's net expenses are higher than the average (but within the range of) net expenses of its peer group and the highest of its Morningstar category. The Fund is the highest in the category due to it being a new category inclusive of a broad mix of products with very different structures and investment approaches — ranging from low-cost exchange-traded funds with little or no active management component, to more complex, actively managed alternative strategies such as the Return Stacked Fund.

*RGN Fund.* The Fund's advisory fee is higher than the average (but within the range of) advisory fees of its peer group and the Morningstar Long/Short Equity category.

The Fund's net expenses are higher than the average (but within the range of) net expenses for its peer group and Morningstar category.

The Board considered the allocation of advisory fees between Rational and the sub-advisors of the Equity Armor Fund, Dynamic Brands Fund, Special Situations Fund, Pier 88 Fund, Return Stacked Fund, and RGN Fund, and the trading advisor of Return Stacked Fund in light of Rational's and each sub-advisor's or trading advisor's respective duties and other factors.

*<u>Profitability</u>.* A profitability analysis from Rational demonstrated that Rational realized losses in connection with its management of the Strategic Allocation Fund and RGN Fund; and Rational realized profits with respect to the Equity Armor Fund, Dynamic Brands Fund, Premium Income Fund, Special Situations Fund, Pier 88 Fund, and Return Stacked Fund.

*<u>"Fall-out" Benefits</u>.* The Board considered fall-out benefits that Rational received from its relationship with the Funds, including the fact that these Funds utilize affiliates to provide certain services.

*<u>Economies of Scale</u>.* The Board considered whether Rational was sharing economies of scale with the Funds. The Board determined to revisit the matter of economies of scale as each such Fund's assets increased.

*<u>Conclusion</u>.* The Board considered many factors, and no single factor was determinative to the decision of the Board concerning the renewal of the Management Agreement. In connection with its deliberations, the Board reviewed materials prepared by Rational and considered additional information presented at Board meetings

---

| |
|:---|
| **RATIONAL FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2024** |

---

throughout the year. Having requested, reviewed, and discussed in depth such information from Rational as the Board believed to be reasonably necessary to evaluate the terms of the Management Agreement, and as assisted by the advice of counsel, the Board concluded the renewal of the Management Agreement was in the best interest of each of the Funds and its respective shareholders.

**<u>Renewal of Sub-Advisory Agreements for Rational Dynamic Brands Fund, Rational Special Situations Income Fund, Rational/Pier 88 Convertible Securities Fund, Rational Equity Armor Fund, and Rational/RGN Hedge Equity Fund</u>**

At an in-person meeting held on December 8, 2025, the Board of Trustees (the "Board") of Mutual Fund and Variable Insurance Trust (the "Trust"), including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, of the Trust (the "Independent Trustees") discussed the renewal of sub-advisory agreements between Rational Advisors, Inc. ("Rational") and Accuvest Global Advisors ("Accuvest") pertaining to Rational Dynamic Brands Fund (the "Dynamic Brands Fund") (the "Accuvest Sub-Advisory Agreement"); ESM Management, LLC ("ESM") pertaining to Rational Special Situations Income Fund (the "Special Situations Fund") (the "ESM Sub-Advisory Agreement"); Pier 88 Investment Partners, LLC ("Pier 88") pertaining to Rational/Pier 88 Convertible Securities Fund (the "Pier 88 Fund") (the "Pier 88 Sub-Advisory Agreement"); Equity Armor Investments, LLC ("Equity Armor") pertaining to Rational Equity Armor Fund (the "Equity Armor Fund") (the "Equity Armor Sub-Advisory Agreement"); and R.G. Niederhoffer Capital Management, Inc. ("RGN") pertaining to Rational/RGN Hedged Equity Fund (the "RGN Fund") (the "RGN Sub-Advisory Agreement").

The Board reviewed the completed questionnaires submitted by each sub-advisor in connection with the proposed renewal of the Sub-Advisory Agreements (each, a "15(c) Response"). The Board was assisted by legal counsel throughout the review process. The Board relied upon the advice of counsel and its own business judgment in evaluating the Agreements and the weight to be given to each of the factors considered. The conclusions reached by the Board were based upon a comprehensive evaluation and discussion of all the information provided and were not the result of any one factor. Moreover, each Trustee might have afforded different weight to the various factors in reaching his conclusions with respect to each Sub-Advisory Agreement. The Board reviewed the materials prepared by Rational, each sub-advisor, and considered the information presented at Board meetings throughout the year during which management of each such firm had participated.

Review of Accuvest 15(c) Response

*<u>Nature, Extent, and Quality of Services</u>.* The Board reviewed the nature, extent, and quality of the services that Accuvest provided to the Dynamic Brands Fund pursuant to the Accuvest Sub-Advisory Agreement. The Board reviewed information concerning Accuvest's resources, personnel, and business operations. The Board considered Accuvest's management of Fund's investment strategies. The Board reviewed Accuvest's Form ADV. The Board discussed Accuvest's finances and reviewed its balance sheet. The Board reviewed Accuvest's compliance program, including its business continuity and cybersecurity programs.

*<u>Performance</u>.* The Board reviewed the Dynamic Brands Fund's performance for various periods ended September 30, 2025. The Fund underperformed its peer group and the Morningstar Large Growth category for the one-, three-, five-, and ten-year periods. The Fund outperformed one of its benchmarks, the MSCI ACWI Gross Index, for the three-year period and underperformed for the other periods. The Fund outperformed its other benchmark, the S&P 500 Total Return Index, for the three-year period and underperformed for the other periods. Rational

---

| |
|:---|
| **RATIONAL FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2024** |

---

attributed the Fund's performance to its focus on global consumption, consumer discretionary staples, and technology stocks.

*<u>Fees and Expenses</u>.* The sub-advisory fees paid to Accuvest for the Dynamic Brands Fund are paid by Rational. The Board reviewed the advisory fees paid to Accuvest by other accounts with investment strategies similar to those of the Fund. The Board considered the respective duties of Rational and Accuvest and analyzed how fees were allocated.

*<u>Profitability</u>.* A profitability analysis from Accuvest demonstrated that Accuvest realized a profit from managing the Dynamic Brands Fund.

*<u>"Fall-out" Benefits</u>*. The Board considered fall-out benefits received by Accuvest and its relationship with the Dynamic Brands Fund and acknowledged that any such benefits are immaterial and cannot otherwise be quantified.

*<u>Economies of Scale</u>.* The Board agreed that economies of scale are primarily an advisor-level issue and should be considered with respect to the overall management agreement with Rational, taking into consideration the impact of sub-advisory expenses.

*<u>Conclusion</u>.* The Board considered many factors, and no single factor was determinative to the decision of the Board concerning the Accuvest Sub-Advisory Agreement. Having requested, reviewed, and discussed in depth such information from Accuvest as the Board believed to be reasonably necessary to evaluate the terms of the Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the Agreement was in the best interests of the Dynamic Brands Fund and its shareholders.

Review of ESM 15(c) Response

*<u>Nature, Extent, and Quality of Services.</u>* The Board reviewed the nature, extent, and quality of the services that ESM provided to the Special Situations Fund pursuant to the ESM Sub-Advisory Agreement. The Board reviewed information concerning ESM's resources, personnel, and business operations. The Board considered ESM's management of the Fund's investment strategies. The Board reviewed ESM's Form ADV. The Board discussed ESM's finances and reviewed its balance sheet. The Board reviewed ESM's compliance program, including its business continuity and cybersecurity programs.

*<u>Performance</u>.* The Board reviewed the Special Situations Fund's performance for various periods ended September 30, 2025. The Fund outperformed its peer group and the Morningstar Nontraditional Bond category for the three-, five-, and ten-year periods. For the one-year period, the Fund underperformed its peer group and outperformed the Morningstar category. The Fund outperformed its benchmarks, the Bloomberg US Aggregate Bond Index and the Bloomberg US Mortgage Backed Securities (MBS) Index, for all periods.

*<u>Fees and Expenses</u>.* The sub-advisory fees paid to ESM for the Special Situations Fund are paid by Rational. The Board considered ESM's statement that it does not manage other accounts with investment strategies similar to those of the Fund. The Board considered the respective duties of Rational and ESM and analyzed how fees were allocated.

---

| |
|:---|
| **RATIONAL FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2024** |

---

*<u>Profitability</u>.* A profitability analysis from ESM demonstrated that ESM realized a profit from managing the Special Situations Fund.

*<u>"Fall-out" Benefits</u>*. The Board considered fall-out benefits received by ESM and its relationship with the Special Situations Fund and acknowledged that any such benefits are immaterial and cannot otherwise be quantified.

*<u>Economies of Scale</u>.* The Board agreed that economies of scale are primarily an advisor-level issue and should be considered with respect to the overall management agreement with Rational, taking into consideration the impact of sub-advisory expenses.

*<u>Conclusion</u>.* The Board considered many factors, and no single factor was determinative to the decision of the Board concerning the renewal of the ESM Sub-Advisory Agreement. Having requested, reviewed, and discussed in depth such information from ESM as the Board believed to be reasonably necessary to evaluate the terms of the Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the Agreement was in the best interests of the Special Situations Fund and its shareholders.

Review of Pier 88 15(c) Response

*<u>Nature, Extent, and Quality of Services</u>.* The Board reviewed the nature, extent and quality of the services that Pier 88 provided to the Pier 88 Fund pursuant to the Pier 88 Sub-Advisory Agreement. The Board reviewed information concerning Pier 88's resources, personnel, and business operations. The Board considered Pier 88's management of the Fund's investment strategies. The Board reviewed Pier 88's Form ADV. The Board discussed Pier 88's finances and solvency letter provided by its chief financial officer. The Board reviewed Pier 88's compliance program, including its business continuity and cybersecurity programs.

*<u>Performance</u>.* The Board reviewed the Pier 88 Fund's performance for various periods ended September 30, 2025. The Fund underperformed its peer group and the Morningstar Convertibles category for the one-, three-, and five-year, and since-inception (March 1, 2017) periods. The Fund outperformed its benchmark, the Bloomberg US Aggregate Bond Index, for the three- and five-year, and since-inception periods, and underperformed for the one-year period. The Fund underperformed the S&P 500 Total Return Index for all periods. Rational stated that the Fund benefitted from its investment in industrials and utilities stocks, and that information technology and health care stocks detracted from Fund performance.

*<u>Fees and Expenses</u>.* The sub-advisory fees paid to Pier 88 for the Peer 88 Fund are paid by Rational. The Board reviewed advisory fees paid to Pier 88 by other accounts with investment strategies similar to those of the Fund. The Board considered the respective duties of Rational and Pier 88 and analyzed how fees were allocated.

*<u>Profitability</u>.* A profitability analysis from Pier 88 demonstrated that Pier 88 realized a profit from managing the Pier 88 Fund.

*<u>"Fall-out" Benefits</u>*. The Board considered fall-out benefits received by Pier 88 and its relationship with Pier 88 Fund and acknowledged that any such benefits are immaterial and cannot otherwise be quantified.

*<u>Economies of Scale</u>.* The Board agreed that economies of scale are primarily an advisor-level issue and should be considered with respect to the overall management agreement with Rational, taking into consideration the impact of sub-advisory expenses.

---

| |
|:---|
| **RATIONAL FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2024** |

---

*<u>Conclusion</u>.* The Board considered many factors, and no single factor was determinative to the decision of the Board concerning the renewal of the Pier 88 Sub-Advisory Agreement. Having requested, reviewed, and discussed such information from Pier 88 as the Board believed to be reasonably necessary to evaluate the terms of the Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the Agreement was in the best interests of the Pier 88 Fund and its shareholders.

Review of Equity Armor 15(c) Response

*Nature, Extent, and Quality of Services.* The Board reviewed the nature, extent, and quality of the services that Equity Armor provided to the Equity Armor Fund pursuant to the Equity Armor Sub-Advisory Agreement. The Board reviewed information concerning Equity Armor's resources, personnel, and business operations. The Board considered Equity Armor's management of the Fund's investment strategies. The Board reviewed Equity Armor's Form ADV. The Board discussed Equity Armor's finances and reviewed its balance sheet. The Board reviewed Equity Armor's compliance program, including its business continuity and cybersecurity programs.

*<u>Performance</u>.* The Board reviewed the Equity Armor Fund's performance for various periods ended September 30, 2025. The Fund outperformed its peer group and the Morningstar Long/Short Equity and Morningstar Equity Hedged categories for the one year period. The Fund underperformed its peer group and the Morningstar categories for the three-, five-, and ten-year periods. The Fund underperformed one of its benchmarks, the S&P 500 Total Return Index for all periods. The Fund outperformed its other benchmark, the S&P Value Total Return Index for the one- and three-year periods and underperformed for the other periods.

*<u>Fees and Expenses</u>.* The sub-advisory fees paid to Equity Armor for the Equity Armor Fund are paid by Rational. The Board considered the respective duties of Rational and Equity Armor and analyzed how fees were allocated.

*<u>Profitability</u>.* A profitability analysis from Equity Armor demonstrated that Equity Armor realized a profit from managing the Equity Armor Fund.

*<u>"Fall-out" Benefits</u>*. The Board considered fall-out benefits received by Equity Armor and its relationship with the Equity Armor Fund and acknowledged that any such benefits are immaterial and cannot otherwise be quantified.

*<u>Economies of Scale</u>.* The Board agreed that economies of scale are primarily an advisor-level issue and should be considered with respect to the overall management agreement with Rational, taking into consideration the impact of sub-advisory expenses.

*<u>Conclusion</u>.* The Board considered many factors, and no single factor was determinative to the decision of the Board concerning the renewal of the Equity Armor Sub-Advisory Agreement. Having requested, reviewed, and discussed such information from Equity Armor as the Board believed to be reasonably necessary to evaluate the terms of the Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the Agreement was in the best interests of the Equity Armor Fund and its shareholders.

---

| |
|:---|
| **RATIONAL FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2024** |

---

Review of RGN 15(c) Response

*<u>Nature, Extent, and Quality of Services</u>.* The Board reviewed the nature, extent and quality of the services that RGN provided to the RGN pursuant to the RGN Sub-Advisory Agreement. The Board reviewed information concerning RGN's resources, personnel, and business operations. The Board considered RGN's management of Fund's investment strategies. The Board reviewed RGN's Form ADV. The Board discussed RGN's finances and financial health letter from its banker. The Board reviewed RGN's compliance program, including its business continuity and cybersecurity programs.

*<u>Performance</u>.* The Board reviewed the RGN Fund's performance for various periods ended September 30, 2025. The Fund outperformed its peer group and the Morningstar Long/Short Equity category for the one-year and since-inception (September 27, 2024) periods. The Fund underperformed its benchmark, the S&P 500 Total Return Index for both periods. Rational attributed the Fund's performance to lower-than-expected market volatility that limited the efficacy of the Fund's systematic overlay investment strategy.

*<u>Fees and Expenses</u>.* The sub-advisory fees paid to RGN for the RGN Fund are paid by Rational. The Board reviewed advisory fees paid to RGN by other accounts with investment strategies similar to those of the Fund. The Board considered the respective duties of Rational and RGN and analyzed how fees were allocated between them.

*<u>Profitability</u>.* The Board reviewed a profitability analysis that demonstrated that RGN realized a loss from its management of the RGN Fund.

*<u>"Fall-out" Benefits</u>*. The Board considered fall-out benefits received by RGN and its relationship with the RGN Fund and acknowledged that any such benefits are immaterial and cannot otherwise be quantified.

*<u>Economies of Scale</u>.* The Board agreed economies of scale are primarily an advisor-level issue and should be considered with respect to the overall management agreement with Rational, taking into consideration the impact of sub-advisory expenses.

*<u>Conclusion</u>.* The Board considered many factors, and no single factor was determinative to the decision of the Board concerning the renewal of the RGN Sub-Advisory Agreement. Having requested, reviewed, and discussed such information from RGN as the Board believed to be reasonably necessary to evaluate the terms of the Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the Agreement was in the best interests of the RGN Fund and its shareholders.

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

(b)&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights are included in Item 7(a).

**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(a).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7(a).

**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 as of a date within 90 days of this report on Form N-CSR,
 based on their evaluation of these disclosure controls and procedures as required by Rule 30a-3(b) under the Act.

(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) [Code of Ethics for Principal Executive and Senior Financial Officers.](coe.htm)

(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 | Michael Schoonover |
| President/Principal Executive Officer | President/Principal Executive Officer |
| Date: 3/5/2026 | Date: 3/5/2026 |

---

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 | Michael Schoonover |
| President/Principal Executive Officer | President/Principal Executive Officer |
| Date: 3/5/2026 | Date: 3/5/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Erik Naviloff |
| Erik Naviloff | Erik Naviloff |
| Treasurer/Principal Financial Officer | Treasurer/Principal Financial Officer |
| Date: 3/5/2026 | Date: 3/5/2026 |

---

## 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: 3/5/2026 | /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: 3/5/2026 | /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 December 31, 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: | 3/5/2026 | Date: | 3/5/2026 |

---

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.

## Ex-99.Code

**MUTUAL FUND & VARIABLE INSURANCE TRUST**

**CODE OF ETHICS** 

**1.** **Statement of General Fiduciary Principles** 

This Code of Ethics is based on the principles that (i) Access Persons (as such term is hereinafter defined) owe a fiduciary duty to, among others, the shareholders of Mutual Fund & Variable Insurance Trust (individually, the "Fund" and collectively, the "Funds") to conduct their personal transactions in Covered Securities in a manner which neither interferes with the Fund's portfolio transactions nor otherwise takes unfair or inappropriate advantage of an Access Person's relationship to the Fund; (ii) in complying with this fiduciary duty, Access Persons owe shareholders the highest duty of trust and fair dealing; and (iii) Access Persons must, in all instances, place the interests of the shareholders of the Fund ahead of the Access Person's own personal interests or the interests of others. For example, an Access Person who purchases a Covered Security for a personal account and fails recommend that Covered Security to, or purchase that Covered Security for, a Fund eligible to make such an investment may be in violation of this Code.

Access Persons must adhere to these general fiduciary principles and comply with the specific provisions of this Code. Technical compliance with the terms of this Code will <u>not</u> automatically insulate an Access Person from scrutiny in instances where the personal transactions in a Covered Security undertaken by such Access Person show a pattern of abuse of such Access Person's fiduciary duty to the Fund and its shareholders or a failure to adhere to these general fiduciary principles.

**2. Definitions**

For purposes of compliance with the Code, an "Access Person," "Advisory Person" or "Investment Personnel" of the Fund is not required to comply with the provisions of this Code if such person is separately subject to, and complies with, a code of ethics of the Fund's adviser, subadviser, principal underwriter or contractual service provider that has adopted a written code of ethics containing provisions reasonably designed to prevent such person from engaging in any conduct prohibited by Rule 17j-1 under the "1940 Act" and requiring such person to comply with reporting, preapproval and recordkeeping provisions of such rule. Each such code must also be approved by the Fund's Board of Trustees (the "Board") consistent with the requirements set forth in Rule 17j-1(c)(1)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Fund" means, "Mutual Fund & Variable Insurance Trust"
and any of its series or portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Access Person" means: (i) any director, trustee, officer,
general partner, or Advisory Person of the Fund or of the investment adviser of the Fund; and (ii) any director, officer or general
partner of the principal underwriter of the Fund who, in the ordinary course of business, makes, participates in or obtains information
regarding, the purchase or sale of Covered Securities by the Fund for which the principal underwriter acts, or whose functions
or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase or sale
of Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The "1940 Act" means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Advisory Person" means (i) any director, officer, general
partner or employee of either

the Fund or the investment adviser of the Fund or of any company in a control relationship to the Fund or the investment adviser of the Fund, who, in connection with his or her regular functions or duties, makes, participates in, or normally obtains information regarding, the purchase or sale of a Covered Security by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to the Fund or the investment adviser of the Fund who normally obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Covered Security is "being considered for purchase or sale"
when a recommendation to purchase or sell a Covered Security has been made and communicated by the investment adviser of the Fund
and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Beneficial ownership" shall be interpreted in the same manner
as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934,
and the rules and regulations thereunder, except that the determination of direct or indirect beneficial ownership shall apply
to all Covered Securities which an Access Person has or acquires. As a general matter, "beneficial ownership" will
be attributed to an Access Person in all instances where the Access Person (i) possesses the ability to purchase or sell the Covered
Securities (or the ability to direct the disposition of the Covered Securities); (ii) possesses voting power (including the power
to vote or to direct the voting) over such Covered Securities; or (iii) receives any benefits substantially equivalent to those
of ownership. An individual's Beneficial Ownership shall include, but not be limited to, Covered Securities held by members
of that individual's immediate family sharing the same household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Control" shall have the same meaning as that set forth in
Section 2(a)(9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Disinterested Trustee" means a trustee of the Fund who is
not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Purchase or sale of a Covered Security" includes, among other
things, the writing of an option to purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Investment Personnel" are: (i) employees of the Fund or the
investment adviser of the Fund (or of any company in a control relationship to the Fund or the investment adviser) who, in connection
with their regular functions or duties, make or participate in making recommendations regarding the purchase or sale of Covered
Securities by the Fund; and (ii) any natural person who controls the Fund or the investment adviser of the Fund and who obtains
information concerning recommendations made to the Fund regarding the purchase or sale of Covered Securities by the Fund. As the
context requires, "Investment Personnel" may refer to one or more person(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Fund Portfolio Manager" means any Investment Personnel who
manage one or more investment portfolios of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Covered Security" means a security as defined in Section 2(a)(36)
of the 1940 Act, except that it does not include direct obligations of the Government of the United States, bankers' acceptances,
bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and
shares issued by registered open-end investment companies (other than shares issued by exchange traded funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Public Company" means an entity subject to the reporting requirements of sections
13 and 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Secretary" means the Secretary of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "Initial Public Offering" means an offering of securities registered
under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements
of sections 13 and 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Limited Offering" means an offering that is exempt from registration
under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to rule 504, rule 505, or rule 506 under
the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "Automatic Investment Plan" means a program in which regular
periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined
schedule and allocation. An Automatic Investment Plan includes a dividend investment plan.

**3.** **General Prohibitions** 

Rule 17j-1 prohibits affiliated persons of the Fund, any investment adviser of the Fund or the principal underwriter of the Fund, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a Fund to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Employ any device, scheme or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Make any untrue statement of a material fact to a Fund or omit to state
a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are
made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Engage in any act, practice or course of business that operates or would
operate as a fraud or deceit on a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Engage in any manipulative practice with respect to a Fund.

**4.** **Prohibited Transactions and Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Access Person, other than a Disinterested Trustee, shall purchase or
sell, directly or

indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, a direct or indirect beneficial ownership interest and which he or she knows, or should have known, at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is being considered for purchase or sale by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is being purchased or sold by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Inducing or causing the Fund to take action or to fail to take action,
for the purpose of achieving a personal benefit, rather than for the benefit of the Fund, is a violation of this Code. Examples
of this would include causing the Fund to purchase a Covered Security owned by the Access Person for the purpose of supporting
or driving up the price of the Covered Security, and causing the Fund to refrain from selling a Covered Security in an attempt
to protect the value of the Access Person's investment, such as an outstanding option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Using knowledge of the portfolio transactions of the Fund to profit by
the market effect of such transactions is a violation of this Code. One test which will be applied in determining whether this
prohibition has been violated will be to review the Covered Securities transactions of Access Persons for patterns. However, it
is important to note that a violation could result from a single transaction if the circumstances warranted a finding that the
provisions of Section 1 of this Code have been violated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Access Persons are prohibited from acquiring any beneficial ownership
in Covered Securities distributed in an Initial Public Offering, without obtaining the express prior approval of a designated officer
of the investment adviser of the Fund (or his or her designee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Access Persons are prohibited from acquiring beneficial ownership in
Covered Securities distributed in a Limited Offering, without the express prior approval of a designated officer of the investment
adviser of the Fund (or his or her designee). In instances where Access Persons, after receiving prior approval, acquire a Covered
Security in a Limited Offering, the Access Persons have an affirmative obligation to disclose this investment to the designated
officer of the investment adviser of the Fund (or his or her designee) if the Access Persons participate in any subsequent consideration
of any potential investment, by the Fund, in the issuer of those Covered Securities. A decision by the Fund to purchase Covered
Securities of such an issuer (following a purchase by Access Persons in an approved personal transaction) will be subject to an
independent review by the designated officer of the investment adviser of the Fund (or his or her designee) so long as the person
conducting such review has no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All Investment Personnel are prohibited from executing a personal transaction
in any Covered Security (including transactions in pension or profit-sharing plans where the Access Person retains investment discretion),
without express prior approval of a designated officer of the investment adviser of the Fund (or his or her designee). Notwithstanding
the receipt of express prior approval, any purchases or sales by Access Persons undertaken in reliance on this provision remain
subject to prohibitions enumerated in Sections 4(g) and (h) of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All Access Persons are prohibited from executing a personal transaction
in any Covered Security on a day during which any portfolio of the Fund has a pending "buy" or "sell" order
for that Covered Security, until such order is either executed or withdrawn. Fund Portfolio Managers are prohibited from purchasing
or selling any Covered Security within seven (7) calendar days before and after the Fund purchases or sells the same Covered Security.
If a transaction is undertaken in violation of this prohibition, it will either be required to be unwound, or the profits realized
on such transaction within the proscribed periods (either while the Fund has an open order, or within the 7-day blackout period)
will be required to be disgorged to an entity specified by the designated officer of the investment adviser of the Fund or his
or her designee, and the Access Person may be subject to disciplinary action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All Investment Personnel are prohibited from profiting in the purchase
and sale, or sale and purchase, of the same (or equivalent) Covered Securities which are also held in a portfolio of the Fund within
60 calendar days. Options that could result in a purchase within 60 days of a sale or a sale within 60 days of a purchase are also
prohibited. If a transaction is undertaken in violation of this prohibition, it will either be required to be unwound, or the profits
realized on such short-term trades will be required to be disgorged to an entity specified by a designated officer of the investment
adviser of the Fund or his or her designee, and the Access Person may be subject to disciplinary action. For purposes of this prohibition,
each personal transaction in the Covered Security will begin a new 60 calendar day period. As an illustration, if Investment Personnel
purchases 1000 shares of Omega Corporation on June 1st, 500 shares on July 1st, and 250 shares on August 1st, the profiting from
the sale of the 1000 shares purchased on June 1st is prohibited for any transaction prior to October 1st (i.e., 60 calendar days
following August 1st). In circumstances where a personal transaction in Covered Securities within the proscribed period is involuntary
(for example, due to unforeseen corporate activity, such as a merger), the Investment Personnel must notify the designated officer
of the investment adviser of the Fund. In circumstances where Investment Personnel can document personal exigencies, the designated
officer of the investment adviser of the Fund (or his or her designee) may grant an exemption from the prohibition of profiting
in the purchase and sale, or sale and purchase, of the same (or equivalent) Covered Securities within 60 calendar days. Such an
exemption is wholly within the discretion of the designated officer of the investment adviser of the Fund, and any request for
such an exemption will be evaluated on the basis of the facts of the particular situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Investment Personnel are prohibited from receiving any gift, favor,
preferential treatment, valuable consideration, or other thing of more than a <u>de minimis</u> value in any year from any person
or entity from, to or through whom the Fund purchases or sells Covered Securities, or from any issuer of Covered Securities. This
prohibition does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) salaries, wages, fees or other compensation
paid, or expenses paid or reimbursed, in the usual scope of an Access Person's employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the acceptance of meals, refreshments or entertainment of reasonable value
in the course of a meeting or other occasion, the purpose of which is to hold bona fide business discussions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the acceptance of advertising or promotional material of nominal value,
such as pens, pencils, note pads, key chains, calendars and similar items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the acceptance of gifts, meals, refreshments, or entertainment of reasonable
value that are related to commonly recognized events or occasions, such as a promotion, new job, Christmas, or other recognized
holiday; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the acceptance of awards, from an employer to an employee, for recognition
of service and accomplishment.

For purposes of the above limitation, "<u>de minimis</u> value" is equal to $100 or less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All Investment Personnel are prohibited from serving on the board of directors
of any Public Company, absent express prior authorization from an officer designated by the investment adviser of the Fund. Authorization
to serve on the board of a Public Company will be granted in instances where the designated officer of the investment adviser of
the Fund determines that such board service would be consistent with the interests of the Fund and its shareholders. In the relatively
small number of instances where prior approval to serve as a director of a Public Company is granted, Investment Personnel have
an affirmative duty to recuse themselves from participating in any deliberations by the Fund regarding possible investments in
the Covered Securities issued by the Public Company on whose board the Investment Personnel sit.

**5. Exempted Transactions** 

The prohibitions of Section 4 of this Code shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchases or sales effected in any account over which the Access Person has no direct or indirect
influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchases or sales which are non-volitional on the part of the Access Person,
subject to the provisions of Section 4(h) of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchases which are part of: an Automatic Investment Plan, an automatic
dividend reinvestment plan; or an automatic payroll deduction plan, whereby an employee purchases Covered Securities issued by
an employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Purchases effected upon the exercise of rights issued by an issuer <u>pro rata</u> to all holders of a class of its Covered Securities, to the extent such rights were acquired from such issuer, and any
sales of such rights so acquired.

The prohibitions of Section 4(f), 4(g) and 4(h) of this Code shall not apply to any transaction of less than $10,000 provided, however, that the prohibitions of Section 4(f) and 4(g) shall apply regardless of amount to the personal transactions of any Fund Portfolio Manager when compared to the transactions of a fund of which he or she is the Fund Portfolio Manager.

**6. Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Every Access Person reporting under this Code shall submit to the Secretary
for the Fund or, in the case of the Disinterested Trustees, to legal counsel for the Fund, the reports described in Sections 6(b)
through 6(d) of this Code, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Access Person of the Fund who is also an employee or access person
of the investment adviser, principal underwriter or a contractual service provider of the Fund may submit reports required by this
Code to the investment adviser, principal underwriter or contractual service provider in lieu of submitting reports under this
Code, provided that such reports contain substantially the same information as called for by this Code and comply with the requirements
of Rule 17j-1(d)(1) under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Disinterested Trustee of the Fund who would be required to make a report
solely by reason of being a Fund trustee need not submit the reports required by Sections 6(b) and 6(d) and need not submit reports
required by Section 6(c) unless such trustee knew or, in the ordinary course of fulfilling his or her official duties as a trustee
of the Fund, should have known that, on the date of the transaction in a Covered Security or during the 15-day period immediately
preceding or following that date, such Covered Security was purchased or sold by the Fund or was being considered for purchase
or sale by the Fund or its investment adviser. Legal counsel shall report to the Board any reports received under this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a person need not submit the reports required
by Section 6 with respect to transactions effected for, and covered securities held in, any account over which the person has no
direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Initial Holdings Report.** Each person becoming an Access Person reporting
under this Code shall, no later than 10 days after becoming an Access Person, submit a report to the Secretary of the Fund containing
the following information (which information must be current as of a date no more than 45 days prior to the date the person became
an Access Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title and type, and as applicable the
exchange ticker symbol or CUSIP number, number of shares and principal amount of each Covered Security in which the Access Person
had any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank
with whom the Access Person maintains an account in which any Covered Securities are held for the direct or indirect benefit of
the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date the report is submitted by the
Access Person.

Reports need not provide information with respect to Covered Securities over which the Access Person had no direct or indirect influence or control at the time he or she became an Access Person subject to reporting under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Quarterly Transaction Reports.** Each Access Person reporting under
the Code shall, no later than 30 calendar days after the end of each calendar quarter, submit a report to the Secretary for the
Fund, or in the case of the Disinterested Trustees to legal counsel for the Fund, showing all transactions by the Access Person
in Covered Securities during the quarter in which the person had any direct or indirect beneficial ownership. The report shall
be dated and signed by the Access Person submitting the report, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of the transaction, the title and, as applicable, the exchange
ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares, and the principal amount
of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the nature of the transaction (i.e., purchase, sale or any other type of
acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the price of the Covered Security at which
the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the name of the broker, dealer or bank with or through whom the transaction
was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if there were no personal transactions
in Covered Securities during the period, either a statement to that effect or the word "None" (or some similar designation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if an account was established during the
quarter which holds Covered Securities for the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the name of the broker, dealer or bank with whom the Access Person established
the account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the date the account was established.

A transaction need not be reported pursuant to this Section 6(c) if it (i) would duplicate information contained in broker confirmations or account statements previously received by the Secretary of the Fund or legal counsel, as applicable, or (ii) is an exempt transaction pursuant to Section 5 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Annual Holdings Reports.** All Access Persons shall, no later than
45 days after the end of the calendar year, submit a report to the Secretary of the Fund containing the

following information, current as of the end of the calendar year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title and type, and, as applicable, CUSIP number, number of shares
and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the Access Person maintained
an account in which any Covered Securities were held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the date the report is submitted by the
Access Person.

Reports need not provide information with respect to Covered Securities over which the Access Person had no direct or indirect influence or control at the end of the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Additional Reporting for Certain Access Persons.** Every Access Person
who is also a Covered Person of the investment adviser, principal underwriter or a contractual service provider of the Fund must
also include in the reports described in Sections 6(b) through 6(d) of this Code, holdings and transactions of shares of open-end
mutual funds registered under the 1940 Act that are advised or sub-advised by affiliates of the investment adviser (except money
market funds). "Covered Person" means a person as defined in Office of the Comptroller of the Currency regulation 12
CFR 344.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Review of Reports**. The Fund, the investment adviser of the Fund,
the principal underwriter of the Fund and the contractual service provider(s) referenced in Section 2 must institute procedures
by which appropriate management or compliance personnel review the transaction/holding reports made by each Access Person against
Fund investment activity to determine whether a possible violation of the Code has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Initial and Annual Certifications.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Access Persons are required to certify in writing within 10 days of
becoming an Access Person that they have: (a) received a copy of the Code; (b) read and understand all provisions of the Code and
(c) agreed to comply with the provision set forth in the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All Access Persons are also required, on an annual basis, to certify that
they have received and read the provisions of this Code. Such certification shall also include a statement that the Access Person
has complied with the requirements of this Code and that the Access Person has disclosed or reported all personal transactions
in Covered Securities that are required to be disclosed or reported pursuant to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund, the investment adviser of the Fund, the principal underwriter
of the Fund and a Fund's contractual service provider referenced in Section 2 shall, not less frequently than annually, furnish
the Board with a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) describes any issues arising under its
Code of Ethics or related procedures since the last report to the Board, including, but not limited to, information about material
violations of such Code or related procedures and sanctions imposed in

response; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) certifies that it has adopted procedures
reasonably necessary to prevent its Access Persons from violating its Code of Ethics or related procedures.

**7. Sanctions** 

Upon discovering a violation of this Code, the Board may impose such sanctions as it deems appropriate. The filing of any false, incomplete or untimely report, as required by Section 6 of this Code, may (depending on the circumstances) be considered a violation of this Code.

**8. Records** 

This Code, any amendments thereto, records of any violations of this Code and any actions taken as a result of such violations, a copy of each Initial Holdings Report, Quarterly Transaction Report and Annual Holdings Report submitted under this Code (including any information provided in lieu of such reports), a list of all persons required to submit reports or review reports under this Code, a record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of any Covered Securities purchased during a Limited Offering and copies of reports to the Board required pursuant to Section 6(h) shall be preserved in accordance with the requirements of Rule 17j-1.

Adopted: May 4, 2006, as amended September 26, 2013

Further Revised: September 30, 2013, April 16, 2014 (Approved by Boards on August 19, 2014)