Form NPORT-P Mutual Fund & Variable For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0000810695
          XXXXXXXX
        
      
      
        S000005856
        C000016038
        C000135443
        C000016036
      
      
    
  
  
    
      Mutual Fund & Variable Insurance Trust
      811-05010
      0000810695
      5493002ZGLQMLR4QMA96
      2960 N. MERIDIAN STREET
      SUITE 300
      INDIANAPOLIS
      
      46208
      800-253-0412
      Rational Equity Armor Fund
      S000005856
      5493000T84B5N645DS88
      2022-12-31
      2022-03-31
      N
    
    
      71391584.61
      1191268.76
      70200315.85
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      5468497.58000000
      N
      
        
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        Bunge Limited
        5493007M0RIN8HY3MM77
        
        G16962105
        
          
        
        13228.00000000
        NS
        USD
        1465794.68000000
        2.088017215096
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        J. B. Hunt Transport Services, Inc.
        549300XCD1MPI1C5GK90
        
        445658107
        
          
        
        6303.00000000
        NS
        USD
        1265579.37000000
        1.802811504016
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Alcoa Corporation
        549300T12EZ1F6PWWU29
        
        013872106
        
          
        
        12717.00000000
        NS
        USD
        1144911.51000000
        1.630920738941
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Molina Healthcare, Inc.
        549300NQQCEQ46YHZ591
        
        60855R100
        
          
        
        4185.00000000
        NS
        USD
        1396074.15000000
        1.988700667648
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        51.00000000
        NC
        USD
        31237.50000000
        0.044497663040
        Long
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH X
              N/A
            
            Put
            Purchased
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Short
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            51.00000000
            4300.00000000
            USD
            2022-04-14
            XXXX
            -138975.00000000
          
        
        
          N
          N
          N
        
      
      
        Hershey Co (The)
        21X2CX66SU2BR6QTAD08
        
        427866108
        
          
        
        6699.00000000
        NS
        USD
        1451204.37000000
        2.067233391229
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        268.00000000
        NC
        USD
        42880.00000000
        0.061082346255
        Long
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH X
              N/A
            
            
              WEDBUSH SECURITIES
              N/A
            
            Put
            Purchased
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Short
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            268.00000000
            4000.00000000
            USD
            2022-04-14
            XXXX
            -1159170.00000000
          
        
        
          N
          N
          N
        
      
      
        Snap-On Incorporated
        HHWAT5TDOYZMM26KKQ73
        
        833034101
        
          
        
        6686.00000000
        NS
        USD
        1373839.28000000
        1.957027206167
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Dell Technologies Inc
        549300TJB5YBRUPOG437
        
        24703L202
        
          
        
        22465.00000000
        NS
        USD
        1127518.35000000
        1.606144269221
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Nextera Energy Inc
        N/A
        
        65339F101
        
          
        
        16652.00000000
        NS
        USD
        1410590.92000000
        2.009379734151
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Landstar System Inc.
        254900CUQXQRL09MEI52
        
        515098101
        
          
        
        8660.00000000
        NS
        USD
        1306187.80000000
        1.860658010130
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Laboratory Corp of America Holdings
        OZ7UA8IXAIFILY2VZH07
        
        50540R409
        
          
        
        5020.00000000
        NS
        USD
        1323573.20000000
        1.885423425769
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CBOE FUTURES EXCHANGE
        254900O9GJPIWCP8RH13
        
        N/A
        
          
        
        5.00000000
        NC
        USD
        -11066.61000000
        -0.01576433078
        Long
        DE
        CORP
        US
        
        N
        
        1
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Long
            
              
                CBOE Volatility Index
                VIX
              
            
            2022-06-15
            138453.11000000
            USD
            -11066.61000000
          
        
        
          N
          N
          N
        
      
      
        Apple Inc.
        HWUPKR0MPOU8FGXBT394
        
        037833100
        
          
        
        7349.00000000
        NS
        USD
        1283208.89000000
        1.827924667378
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CBOE FUTURES EXCHANGE
        254900O9GJPIWCP8RH13
        
        N/A
        
          
        
        43.00000000
        NC
        USD
        59727.00000000
        0.085080813778
        Long
        DE
        CORP
        US
        
        N
        
        1
        
          
            
              WEDBUSH X
              N/A
            
            
              WEDBUSH SECURITIES
              N/A
            
            Long
            
              
                CBOE Volatility Index
                VIX
              
            
            2022-04-20
            949440.00000000
            USD
            59727.00000000
          
        
        
          N
          N
          N
        
      
      
        First Industrial Realty Trust, Inc.
        N/A
        
        32054K103
        
          
        
        23320.00000000
        NS
        USD
        1443741.20000000
        2.056602142766
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Nasdaq Inc
        549300L8X1Q78ERXFD06
        
        631103108
        
          
        
        7931.00000000
        NS
        USD
        1413304.20000000
        2.013244787986
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Applied Materials Inc.
        41BNNE1AFPNAZELZ6K07
        
        038222105
        
          
        
        8988.00000000
        NS
        USD
        1184618.40000000
        1.687483005818
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CBOE FUTURES EXCHANGE
        254900O9GJPIWCP8RH13
        
        N/A
        
          
        
        -1.00000000
        NC
        USD
        -615.20000000
        -0.00087634933
        Short
        DE
        CORP
        US
        
        N
        
        1
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Short
            
              
                CBOE Volatility Index
                VIX
              
            
            2022-06-15
            -24862.10000000
            USD
            -615.20000000
          
        
        
          N
          N
          N
        
      
      
        Alphabet Inc.
        5493006MHB84DD0ZWV18
        
        02079K305
        
          
        
        518.00000000
        NS
        USD
        1440739.30000000
        2.052325951180
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Oracle Corporation
        1Z4GXXU7ZHVWFCD8TV52
        
        68389X105
        
          
        
        9541.00000000
        NS
        USD
        789326.93000000
        1.124392277217
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Fastenal Co.
        529900PP0C7H2HHPSJ32
        
        311900104
        
          
        
        24549.00000000
        NS
        USD
        1458210.60000000
        2.077213730940
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Caterpillar Inc
        WRJR7GS4GTRECRRTVX92
        
        149123101
        
          
        
        6369.00000000
        NS
        USD
        1419140.58000000
        2.021558682203
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Amazon.com, Inc.
        ZXTILKJKG63JELOEG630
        
        023135106
        
          
        
        451.00000000
        NS
        USD
        1470237.45000000
        2.094345918815
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        270.00000000
        NC
        USD
        192375.00000000
        0.274037228566
        Long
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Call
            Purchased
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Long
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            270.00000000
            4650.00000000
            USD
            2022-04-14
            XXXX
            94500.00000000
          
        
        
          N
          N
          N
        
      
      
        Costco Wholesale Corporation
        29DX7H14B9S6O3FD6V18
        
        22160K105
        
          
        
        2535.00000000
        NS
        USD
        1459779.75000000
        2.079448977294
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Camden Property Trust
        5493002MYX22OHYJBD89
        
        133131102
        
          
        
        8244.00000000
        NS
        USD
        1370152.80000000
        1.951775833783
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        270.00000000
        NC
        USD
        24975.00000000
        0.035576763006
        Long
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Put
            Purchased
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Short
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            270.00000000
            3750.00000000
            USD
            2022-04-14
            XXXX
            -96525.00000000
          
        
        
          N
          N
          N
        
      
      
        Cisco Systems, Inc.
        549300LKFJ962MZ46593
        
        17275R102
        
          
        
        20944.00000000
        NS
        USD
        1167837.44000000
        1.663578611947
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FIRST AMERN FDS INC
        549300J5J5SJCZ9IA369
        
        31846V211
        
          
        
        6276551.82000000
        PA
        USD
        6276551.82000000
        8.940916780789
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        -179.00000000
        NC
        USD
        -127537.50000000
        -0.18167653301
        Short
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Call
            Written
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Short
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            -179.00000000
            4650.00000000
            USD
            2022-04-14
            XXXX
            -44750.00000000
          
        
        
          N
          N
          N
        
      
      
        CBOE FUTURES EXCHANGE
        254900O9GJPIWCP8RH13
        
        N/A
        
          
        
        120.00000000
        NC
        USD
        47335.74000000
        0.067429525674
        Long
        DE
        CORP
        US
        
        N
        
        1
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Long
            
              
                CBOE Volatility Index
                VIX
              
            
            2022-05-18
            2951188.26000000
            USD
            47335.74000000
          
        
        
          N
          N
          N
        
      
      
        Sealed Air Corporation
        Q0M0CZB4YN6JZ65WXI09
        
        81211K100
        
          
        
        14300.00000000
        NS
        USD
        957528.00000000
        1.363993862999
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Thermo Fisher Scientific Inc
        HCHV7422L5HDJZCRFL38
        
        883556102
        
          
        
        2450.00000000
        NS
        USD
        1447092.50000000
        2.061376052911
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CHICAGO MERCANTILE EXCHANGE (FLOOR)
        N/A
        
        N/A
        
          
        
        -26.00000000
        NC
        USD
        -235625.00000000
        -0.33564663797
        Short
        DE
        CORP
        US
        
        N
        
        1
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Short
            
              
                CME Standard & Poor's 500 Inde
                SPX
              
            
            2022-06-17
            -5654350.00000000
            USD
            -235625.00000000
          
        
        
          N
          N
          N
        
      
      
        Horizon Therapeutics PLC
        529900P0GSQ79OOZEV53
        
        G46188101
        
          
        
        13168.00000000
        NS
        USD
        1385405.28000000
        1.973502915514
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Ishares Trust
        5493000860OXIC4B5K91
        
        464287408
        
          
        
        9518.00000000
        NS
        USD
        1482142.96000000
        2.111305258464
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        -270.00000000
        NC
        USD
        -121500.00000000
        -0.17307614435
        Short
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Put
            Written
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Long
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            -270.00000000
            4250.00000000
            USD
            2022-04-14
            XXXX
            631125.00000000
          
        
        
          N
          N
          N
        
      
      
        ConocoPhillips
        WPTL2Z3FIYTHSP5V2253
        
        20825C104
        
          
        
        14425.00000000
        NS
        USD
        1442500.00000000
        2.054834059553
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        -90.00000000
        NC
        USD
        -30375.00000000
        -0.04326903608
        Short
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Put
            Written
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Long
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            -90.00000000
            4200.00000000
            USD
            2022-04-14
            XXXX
            768375.00000000
          
        
        
          N
          N
          N
        
      
      
        Paychex Inc
        529900K900DW6SUBM174
        
        704326107
        
          
        
        9377.00000000
        NS
        USD
        1279679.19000000
        1.822896627323
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Danaher Corporation
        S4BKK9OTCEWQ3YHPFM11
        
        235851102
        
          
        
        4946.00000000
        NS
        USD
        1450810.18000000
        2.066671869539
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Targa Resources Co
        5493003QENHHS261UR94
        
        87612G101
        
          
        
        20841.00000000
        NS
        USD
        1572870.27000000
        2.240545859310
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of America Corporation
        9DJT3UXIJIZJI4WXO774
        
        060505104
        
          
        
        16043.00000000
        NS
        USD
        661292.46000000
        0.942007812917
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        41.00000000
        NC
        USD
        498150.00000000
        0.709612191865
        Long
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH X
              N/A
            
            Call
            Purchased
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Long
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            41.00000000
            4300.00000000
            USD
            2022-04-14
            XXXX
            215250.00000000
          
        
        
          N
          N
          N
        
      
      
        Ford Motor Company
        20S05OYHG0MQM4VUIC57
        
        345370860
        
          
        
        16588.00000000
        NS
        USD
        280503.08000000
        0.399575239233
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        90.00000000
        NC
        USD
        30375.00000000
        0.043269036089
        Long
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Put
            Purchased
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Short
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            90.00000000
            4200.00000000
            USD
            2022-04-14
            XXXX
            -642375.00000000
          
        
        
          N
          N
          N
        
      
      
        CHICAGO MERCANTILE EXCHANGE (FLOOR)
        N/A
        
        N/A
        
          
        
        26.00000000
        NC
        USD
        160875.00000000
        0.229165635584
        Long
        DE
        CORP
        US
        
        N
        
        1
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Long
            
              
                CME Standard & Poor's 500 Inde
                SPX
              
            
            2022-06-17
            5729100.00000000
            USD
            160875.00000000
          
        
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        -270.00000000
        NC
        USD
        -24975.00000000
        -0.03557676300
        Short
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH X
              N/A
            
            
              WEDBUSH SECURITIES
              N/A
            
            Put
            Written
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Long
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            -270.00000000
            3750.00000000
            USD
            2022-04-14
            XXXX
            201150.00000000
          
        
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        -270.00000000
        NC
        USD
        -43200.00000000
        -0.06153818466
        Short
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH X
              N/A
            
            
              WEDBUSH SECURITIES
              N/A
            
            Put
            Written
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Long
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            -270.00000000
            4000.00000000
            USD
            2022-04-14
            XXXX
            530550.00000000
          
        
        
          N
          N
          N
        
      
      
        American Financial Group, Inc.
        549300AFOM7IVKIU1G39
        
        025932104
        
          
        
        9723.00000000
        NS
        USD
        1415863.26000000
        2.016890156200
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Freeport-McMoRan Inc.
        549300IRDTHJQ1PVET45
        
        35671D857
        
          
        
        20719.00000000
        NS
        USD
        1030563.06000000
        1.468031941910
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Inc.
        5493000C01ZX7D35SD85
        
        084670702
        
          
        
        7762.00000000
        NS
        USD
        2739287.42000000
        3.902101275232
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        American Homes 4 Rent
        549300ZJUO7A58PNUW40
        
        02665T306
        
          
        
        35577.00000000
        NS
        USD
        1424147.31000000
        2.028690744131
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Carlisle Companies Incorporated
        XR64VGX1ZPX6G7ZN7Z11
        
        142339100
        
          
        
        5573.00000000
        NS
        USD
        1370512.16000000
        1.952287740312
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        270.00000000
        NC
        USD
        121500.00000000
        0.173076144357
        Long
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Put
            Purchased
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Short
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            270.00000000
            4250.00000000
            USD
            2022-04-14
            XXXX
            -739125.00000000
          
        
        
          N
          N
          N
        
      
      
        Archer-Daniels-Midland Company
        549300LO13MQ9HYSTR83
        
        039483102
        
          
        
        16958.00000000
        NS
        USD
        1530629.08000000
        2.180373494715
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        -83.00000000
        NC
        USD
        -714837.50000000
        -1.01828245549
        Short
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH X
              N/A
            
            Call
            Written
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Short
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            -83.00000000
            4380.00000000
            USD
            2022-04-14
            XXXX
            -444587.50000000
          
        
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        268.00000000
        NC
        USD
        9380.00000000
        0.013361763243
        Long
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH X
              N/A
            
            
              WEDBUSH SECURITIES
              N/A
            
            Put
            Purchased
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Short
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            268.00000000
            3300.00000000
            USD
            2022-04-14
            XXXX
            -116520.00000000
          
        
        
          N
          N
          N
        
      
      
        Marathon Oil Corporation
        1FRVQX2CRLGC1XLP5727
        
        565849106
        
          
        
        63651.00000000
        NS
        USD
        1598276.61000000
        2.276737063997
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        540.00000000
        NC
        USD
        40500.00000000
        0.057692048119
        Long
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Put
            Purchased
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Short
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            540.00000000
            3650.00000000
            USD
            2022-04-14
            XXXX
            -280125.00000000
          
        
        
          N
          N
          N
        
      
      
        Watsco Inc
        549300F1Y3LN5BX5WN75
        
        942622200
        
          
        
        4362.00000000
        NS
        USD
        1328839.68000000
        1.892925500277
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Umpqua Holdings Co
        5299002ENJ7CY215BW86
        
        904214103
        
          
        
        67253.00000000
        NS
        USD
        1268391.58000000
        1.806817483143
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co.
        8I5DZWZKVSZI1NUHU748
        
        46625H100
        
          
        
        4961.00000000
        NS
        USD
        676283.52000000
        0.963362503161
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MetLife Inc.
        C4BXATY60WC6XEOZDX54
        
        59156R108
        
          
        
        20349.00000000
        NS
        USD
        1430127.72000000
        2.037209808365
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Media Corp Del
        549300ZKUTPIBZLWLL89
        
        531229854
        
          
        
        23229.00000000
        NS
        USD
        1622313.36000000
        2.310977294555
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        -270.00000000
        NC
        USD
        -9450.00000000
        -0.01346147789
        Short
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH SECURITIES
              N/A
            
            
              WEDBUSH X
              N/A
            
            Put
            Written
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Long
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            -270.00000000
            3300.00000000
            USD
            2022-04-14
            XXXX
            54675.00000000
          
        
        
          N
          N
          N
        
      
      
        OPTION ISSUER
        N/A
        
        N/A
        
          
        
        -536.00000000
        NC
        USD
        -40200.00000000
        -0.05726469961
        Short
        DE
        CORP
        US
        
        N
        
        2
        
          
            
              WEDBUSH X
              N/A
            
            
              WEDBUSH SECURITIES
              N/A
            
            Put
            Written
            
              
                
                  
                    N/A
                    N/A
                  
                  
                     Chicago Mercantile Exchange    
                    N/A
                    
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    USD
                    N/A
                    N/A
                    DE
                    CORP
                    US
                    US
                  
                  Long
                  
                    
                      CME Standard & Poor's 500 Inde
                      SPX
                    
                  
                  2022-06-17
                  11326875.00000000
                  USD
                
              
            
            -536.00000000
            3650.00000000
            USD
            2022-04-14
            XXXX
            596300.00000000
          
        
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-04-28
      Mutual Fund & Variable Insurance Trust
      Erik Naviloff
      Erik Naviloff
      Treasurer
    
  
  XXXX

 

RATIONAL EQUITY ARMOR FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares							Fair Value
		COMMON STOCKS — 81.4%
		AUTOMOTIVE - 0.4%
16,588		Ford Motor Company					$ 280,503
		BANKING - 3.7%
16,043		Bank of America Corporation					661,292
4,961		JPMorgan Chase & Company					676,284
67,253		Umpqua Holdings Corporation					1,268,392
							2,605,968
		BIOTECH & PHARMA - 2.0%
13,168		Horizon Therapeutics PLC(a)					1,385,405
		CONSTRUCTION MATERIALS - 2.0%
5,573		Carlisle Companies, Inc.					1,370,512
		CONTAINERS & PACKAGING - 1.4%
14,300		Sealed Air Corporation					957,528
		E-COMMERCE DISCRETIONARY - 2.1%
451		Amazon.com, Inc.(a)					1,470,238
		ELECTRIC UTILITIES - 2.0%
16,652		NextEra Energy, Inc.					1,410,591
		FOOD - 2.1%
6,699		Hershey Company (The)					1,451,204
		HEALTH CARE FACILITIES & SERVICES - 3.9%
5,020		Laboratory Corp of America Holdings(a)					1,323,573
4,185		Molina Healthcare, Inc.(a)					1,396,074
							2,719,647
		INDUSTRIAL REIT - 2.0%
23,320		First Industrial Realty Trust, Inc.					1,443,741
		INDUSTRIAL SUPPORT SERVICES - 4.0%
24,549		Fastenal Company					1,458,210

 

RATIONAL EQUITY ARMOR FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares							Fair Value
		COMMON STOCKS — 81.4% (Continued)
		INDUSTRIAL SUPPORT SERVICES - 4.0% (Continued)
4,362		Watsco, Inc.					$ 1,328,840
							2,787,050
		INSTITUTIONAL FINANCIAL SERVICES - 2.0%
7,931		Nasdaq, Inc.					1,413,304
		INSURANCE - 8.1%
9,723		American Financial Group, Inc.					1,415,863
7,762		Berkshire Hathaway, Inc., Class B(a)					2,739,287
20,349		MetLife, Inc.					1,430,128
							5,585,278
		INTERNET MEDIA & SERVICES - 2.1%
518		Alphabet, Inc., Class A(a)					1,440,739
		MACHINERY - 3.9%
6,369		Caterpillar, Inc.					1,419,141
6,686		Snap-on, Inc.					1,373,839
							2,792,980
		MEDICAL EQUIPMENT & DEVICES - 4.1%
4,946		Danaher Corporation					1,450,810
2,450		Thermo Fisher Scientific, Inc.					1,447,093
							2,897,903
		METALS & MINING - 3.0%
12,717		Alcoa Corporation					1,144,912
20,719		Freeport-McMoRan, Inc.					1,030,563
							2,175,475
		OIL & GAS PRODUCERS - 6.6%
14,425		ConocoPhillips					1,442,500
63,651		Marathon Oil Corporation					1,598,277
20,841		Targa Resources Corporation					1,572,870
							4,613,647
		PUBLISHING & BROADCASTING - 2.3%
23,229		Liberty Media Corp-Liberty Formula One - Series C(a)					1,622,314

 

RATIONAL EQUITY ARMOR FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares							Fair Value
		COMMON STOCKS — 81.4% (Continued)
		REAL ESTATE INVESTMENT TRUSTS - 2.0%
35,577		American Homes 4 Rent, Class A					$ 1,424,147
		RESIDENTIAL REIT - 2.0%
8,244		Camden Property Trust					1,370,153
		RETAIL - CONSUMER STAPLES - 2.1%
2,535		Costco Wholesale Corporation					1,459,780
		SEMICONDUCTORS - 1.7%
8,988		Applied Materials, Inc.					1,184,618
		SOFTWARE - 1.1%
9,541		Oracle Corporation					789,327
		TECHNOLOGY HARDWARE - 5.1%
7,349		Apple, Inc.					1,283,210
20,944		Cisco Systems, Inc.					1,167,837
22,465		Dell Technologies, Inc., Class C(a)					1,127,518
							3,578,565
		TECHNOLOGY SERVICES - 1.8%
9,377		Paychex, Inc.					1,279,679
		TRANSPORTATION & LOGISTICS - 3.7%
6,303		JB Hunt Transport Services, Inc.					1,265,579
8,660		Landstar System, Inc.					1,306,188
							2,571,767
		WHOLESALE - CONSUMER STAPLES - 4.2%
16,958		Archer-Daniels-Midland Company					1,530,629
13,228		Bunge Ltd.					1,465,795
							2,996,424
		TOTAL COMMON STOCKS (Cost $51,749,934)					57,078,487

 

RATIONAL EQUITY ARMOR FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares							Fair Value
		EXCHANGE-TRADED FUNDS — 2.1%
		EQUITY - 2.1%
9,518		iShares S&P 500 Value ETF (Cost $1,419,237)					$ 1,482,143
		SHORT-TERM INVESTMENTS — 8.9%
		MONEY MARKET FUNDS - 8.9%
6,276,552		First American Government Obligations Fund, Class U, 0.20% (Cost $6,276,552)(b)					6,276,552
Contracts(c)
		FUTURE OPTIONS PURCHASED - 1.4%	Broker/Counterparty	Expiration Date	Exercise Price	Notional Value
		CALL OPTIONS PURCHASED - 1.0%
41		S&P 500 Index Emini Future, Maturing June 2022	WED	04/14/2022	$ 4,300	$     8,815,000	$ 498,150
270		S&P 500 Index Emini Future, Maturing June 2022	WED	04/14/2022	4,650	62,775,000	192,375
		TOTAL CALL OPTIONS PURCHASED (Cost - $380,775)					690,525
		PUT OPTIONS PURCHASED - 0.4%
268		S&P 500 Index Emini Future, Maturing June 2022	WED	04/14/2022	$ 3,300	$   44,220,000	$ 9,380
540		S&P 500 Index Emini Future, Maturing June 2022	WED	04/14/2022	3,650	98,550,000	40,500
270		S&P 500 Index Emini Future, Maturing June 2022	WED	04/14/2022	3,750	50,625,000	24,975
268		S&P 500 Index Emini Future, Maturing June 2022	WED	04/14/2022	4,000	53,600,000	42,880
90		S&P 500 Index Emini Future, Maturing June 2022	WED	04/14/2022	4,200	18,900,000	30,375
270		S&P 500 Index Emini Future, Maturing June 2022	WED	04/14/2022	4,250	57,375,000	121,500
51		S&P 500 Index Emini Future, Maturing June 2022	WED	04/14/2022	4,300	10,965,000	31,238
		TOTAL PUT OPTIONS PURCHASED (Cost - $3,473,663)					300,848
		TOTAL FUTURE OPTIONS PURCHASED (Cost - $3,854,438)					991,373
		TOTAL INVESTMENTS - 93.8% (Cost $63,300,161)					$ 65,828,555
		CALL OPTIONS WRITTEN - (1.2)% (Proceeds - $353,038)					(842,376)
		PUT OPTIONS WRITTEN - (0.4)% (Proceeds - $3,051,875)					(269,700)
		OTHER ASSETS IN EXCESS OF LIABILITIES- 7.8%					5,483,837
		NET ASSETS - 100.0%					$ 70,200,316
Contracts(c)
		WRITTEN FUTURE OPTIONS - (1.6)%	Counterparty	Expiration Date	Exercise Price	Notional Value	Fair Value
		CALL OPTIONS WRITTEN- (1.2)%
83		S&P 500 Index Emini Future, Maturing June 2022	WED	04/14/2022	$ 4,380	$   18,177,000	$ 714,838

 

RATIONAL EQUITY ARMOR FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Contracts(c) (continued)
		WRITTEN FUTURE OPTIONS - (1.6)%		Counterparty		Expiration Date	Exercise Price	Notional Value	Fair Value
		CALL OPTIONS WRITTEN- (1.2)% (Continued)
179		S&P 500 Index Emini Future, Maturing June 2022		WED		04/14/2022	$ 4,650	$ 41,617,500	$ 127,538
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $353,038)							842,376
		PUT OPTIONS WRITTEN - (0.4)%
270		S&P 500 Index Emini Future, Maturing June 2022		WED		04/14/2022	$ 3,300	$ 44,550,000	$ 9,450
536		S&P 500 Index Emini Future, Maturing June 2022		WED		04/14/2022	3,650	97,820,000	40,200
270		S&P 500 Index Emini Future, Maturing June 2022		WED		04/14/2022	3,750	50,625,000	24,975
270		S&P 500 Index Emini Future, Maturing June 2022		WED		04/14/2022	4,000	54,000,000	43,200
90		S&P 500 Index Emini Future, Maturing June 2022		WED		04/14/2022	4,200	18,900,000	30,375
270		S&P 500 Index Emini Future, Maturing June 2022		WED		04/14/2022	4,250	57,375,000	121,500
		TOTAL PUT OPTIONS WRITTEN (Proceeds - $3,051,875)							269,700
		TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $3,404,913)							$ 1,112,076
OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts					Expiration	Notional Amount	Unrealized Appreciation (Depreciation)
43		CBOE Volatility Index Future					04/20/2022	$ 1,009,167	$ 59,727
120		CBOE Volatility Index Future					05/18/2022	2,998,524	47,336
5		CBOE Volatility Index Future					06/15/2022	127,386	(11,067)
26		CME E-Mini S&P 500 Index Future					06/17/2022	5,889,975	160,875
		TOTAL LONG FUTURES CONTRACTS							256,871
		Open Short Futures Contracts
1	CBOE Volatility Index Future				6/15/2022			25,477	(615)
26	CME E-Mini S&P 500 Index Future				6/17/2022			5,889,975	(235,625)
	TOTAL LONG FUTURES CONTRACTS								(236,240)

 

TOTAL FUTURES CONTRACTS

$ 20,631

 

ETF	- Exchange-Traded Fund
LTD	- Limited Company
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
WED	-Wedbush Securities

 

 

 

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of March 31, 2022.
(c)	Each contract is equivalent to one futures contract.

 

 

 

 

 

RATIONAL TACTICAL RETURN FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares							Fair Value
		SHORT-TERM INVESTMENTS — 48.2%
		MONEY MARKET FUNDS - 48.2%
144,423,701		First American Government Obligations Fund, Class U, 0.20% (Cost $144,423,701)(a)					$ 144,423,701
		TOTAL INVESTMENTS - 48.2% (Cost $144,423,701)					$ 144,423,701
		CALL OPTIONS WRITTEN - 0.0% (Proceeds - $161,627)					(41,980)
		PUT OPTIONS WRITTEN - 0.0% (Proceeds - $93,714)					(42,705)
		OTHER ASSETS IN EXCESS OF LIABILITIES- 51.8%					155,397,446
		NET ASSETS - 100.0%					$ 299,736,462
Contracts(b)
		WRITTEN FUTURE OPTIONS - 0.0% (c)	Counterparty	Expiration Date	Exercise Price	Notional Value
		CALL OPTIONS WRITTEN- 0.0%(c)
336		S&P 500 Index Emini Future, Maturing June 2022	ADM	04/01/2022	$ 4,770	$   80,136,000	$ 840
280		S&P 500 Index Emini Future, Maturing June 2022	EDF	04/01/2022	4,770	66,780,000	700
240		S&P 500 Index Emini Future, Maturing June 2022	RCG	04/01/2022	4,770	57,240,000	600
336		S&P 500 Index Emini Future, Maturing June 2022	FCS	04/01/2022	4,770	80,136,000	840
338		S&P 500 Index Emini Future, Maturing June 2022	ADM	04/06/2022	4,800	80,613,000	845
282		S&P 500 Index Emini Future, Maturing June 2022	EDF	04/06/2022	4,800	67,257,000	705
242		S&P 500 Index Emini Future, Maturing June 2022	RCG	04/06/2022	4,800	57,717,000	605
338		S&P 500 Index Emini Future, Maturing June 2022	FCS	04/06/2022	4,800	80,613,000	845
648		S&P 500 Index Emini Future, Maturing June 2022	ADM	04/08/2022	4,790	154,548,000	6,480
539		S&P 500 Index Emini Future, Maturing June 2022	EDF	04/08/2022	4,790	128,551,500	5,390
464		S&P 500 Index Emini Future, Maturing June 2022	RCG	04/08/2022	4,790	110,664,000	4,640
648		S&P 500 Index Emini Future, Maturing June 2022	FCS	04/08/2022	4,790	154,548,000	6,480
28		S&P 500 Index Emini Future, Maturing June 2022	ADM	04/08/2022	4,800	6,678,000	280
25		S&P 500 Index Emini Future, Maturing June 2022	EDF	04/08/2022	4,800	5,962,500	250
20		S&P 500 Index Emini Future, Maturing June 2022	RCG	04/08/2022	4,800	4,770,000	200
28		S&P 500 Index Emini Future, Maturing June 2022	FCS	04/08/2022	4,800	6,678,000	280
338		S&P 500 Index Emini Future, Maturing June 2022	ADM	04/08/2022	4,845	80,613,000	1,690
282		S&P 500 Index Emini Future, Maturing June 2022	EDF	04/08/2022	4,845	67,257,000	1,410
242		S&P 500 Index Emini Future, Maturing June 2022	RCG	04/08/2022	4,845	57,717,000	1,210
338		S&P 500 Index Emini Future, Maturing June 2022	FCS	04/08/2022	4,845	80,613,000	1,690
338		S&P 500 Index Emini Future, Maturing June 2022	ADM	04/08/2022	4,880	80,613,000	1,690
282		S&P 500 Index Emini Future, Maturing June 2022	EDF	04/08/2022	4,880	67,257,000	1,410
242		S&P 500 Index Emini Future, Maturing June 2022	RCG	04/08/2022	4,880	57,717,000	1,210
338		S&P 500 Index Emini Future, Maturing June 2022	FCS	04/08/2022	4,880	80,613,000	1,690
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $161,627)					41,980
		PUT OPTIONS WRITTEN - 0.0%(c)
28		S&P 500 Index Emini Future, Maturing June 2022	ADM	04/01/2022	$ 4,035	$ 6,678,000	$ 70
25		S&P 500 Index Emini Future, Maturing June 2022	EDF	04/01/2022	4,035	5,962,500	62
20		S&P 500 Index Emini Future, Maturing June 2022	RCG	04/01/2022	4,035	4,770,000	50
28		S&P 500 Index Emini Future, Maturing June 2022	FCS	04/01/2022	4,035	6,678,000	70

 

RATIONAL TACTICAL RETURN FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Contracts(b) (continued)
		WRITTEN FUTURE OPTIONS - 0.0% (c)	Counterparty	Expiration Date	Exercise Price	Notional Value	Fair Value
		PUT OPTIONS WRITTEN - 0.0%(c) (Continued)
648		S&P 500 Index Emini Future, Maturing June 2022	ADM	04/01/2022	$ 4,050	$ 154,548,000	$ 1,620
539		S&P 500 Index Emini Future, Maturing June 2022	EDF	04/01/2022	4,050	128,551,500	1,348
464		S&P 500 Index Emini Future, Maturing June 2022	RCG	04/01/2022	4,050	110,664,000	1,160
648		S&P 500 Index Emini Future, Maturing June 2022	FCS	04/01/2022	4,050	154,548,000	1,620
41		S&P 500 Index Emini Future, Maturing June 2022	ADM	04/01/2022	4,175	9,778,500	205
36		S&P 500 Index Emini Future, Maturing June 2022	EDF	04/01/2022	4,175	8,586,000	180
29		S&P 500 Index Emini Future, Maturing June 2022	RCG	04/01/2022	4,175	6,916,500	145
41		S&P 500 Index Emini Future, Maturing June 2022	FCS	04/01/2022	4,175	9,778,500	205
297		S&P 500 Index Emini Future, Maturing June 2022	ADM	04/01/2022	4,200	70,834,500	1,485
246		S&P 500 Index Emini Future, Maturing June 2022	EDF	04/01/2022	4,200	58,671,000	1,230
213		S&P 500 Index Emini Future, Maturing June 2022	RCG	04/01/2022	4,200	50,800,500	1,065
297		S&P 500 Index Emini Future, Maturing June 2022	FCS	04/01/2022	4,200	70,834,500	1,485
338		S&P 500 Index Emini Future, Maturing June 2022	ADM	04/01/2022	4,290	80,613,000	3,380
282		S&P 500 Index Emini Future, Maturing June 2022	EDF	04/01/2022	4,290	67,257,000	2,820
242		S&P 500 Index Emini Future, Maturing June 2022	RCG	04/01/2022	4,290	57,717,000	2,420
338		S&P 500 Index Emini Future, Maturing June 2022	FCS	04/01/2022	4,290	80,613,000	3,380
351		S&P 500 Index Emini Future, Maturing June 2022	ADM	04/01/2022	4,330	83,713,500	5,265
294		S&P 500 Index Emini Future, Maturing June 2022	EDF	04/01/2022	4,330	70,119,000	4,410
251		S&P 500 Index Emini Future, Maturing June 2022	RCG	04/01/2022	4,330	59,863,500	3,765
351		S&P 500 Index Emini Future, Maturing June 2022	FCS	04/01/2022	4,330	83,713,500	5,265
		TOTAL PUT OPTIONS WRITTEN (Proceeds - $93,714)					42,705
		TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $255,341)					$ 84,685

 

 

 

ADM	ADM Investor Services, Inc.
EDF	ED&F Man Capital Markets, Inc.
FCS	StoneX Group, Inc.
RCG	Rosenthal Collins Group

 

 

 

(a)	Rate disclosed is the seven day effective yield as of March 31, 2022.
(b)	Each contract is equivalent to one futures contract.
(c)	Percentage rounds to greater than (0.1%).

 

 

 

RATIONAL DYNAMIC BRANDS FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares							Fair Value
		COMMON STOCKS — 100.0%
		APPAREL & TEXTILE PRODUCTS - 8.1%
24,000		LVMH Moet Hennessy Louis Vuitton S.E. - ADR					$ 3,421,920
23,439		NIKE, Inc., Class B					3,153,952
							6,575,872
		ASSET MANAGEMENT - 13.4%
52,500		Blackstone, Inc.					6,664,350
72,500		KKR & Company, Inc.					4,239,075
							10,903,425
		AUTOMOTIVE - 6.0%
4,525		Tesla, Inc.(a)					4,876,140
		E-COMMERCE DISCRETIONARY - 5.3%
1,321		Amazon.com, Inc.(a)					4,306,394
		ELECTRIC UTILITIES - 5.1%
48,500		NextEra Energy, Inc.					4,108,435
		HOUSEHOLD PRODUCTS - 3.4%
10,200		Estee Lauder Companies, Inc. (The), Class A					2,777,664
		INTERNET MEDIA & SERVICES - 13.5%
1,420		Alphabet, Inc., Class A(a)					3,949,517
21,700		Expedia Group, Inc.(a)					4,246,039
7,500		Netflix, Inc.(a)					2,809,425
							11,004,981
		REAL ESTATE SERVICES - 2.6%
23,000		CBRE Group, Inc., Class A(a)					2,104,960
		RETAIL - CONSUMER STAPLES - 7.6%
6,674		Costco Wholesale Corporation					3,843,223
11,050		Target Corporation					2,345,031
							6,188,254
		RETAIL - DISCRETIONARY - 13.0%
12,975		Home Depot, Inc. (The)					3,883,806
18,050		Lowe's Companies, Inc.					3,649,529

 

RATIONAL DYNAMIC BRANDS FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares							Fair Value
		COMMON STOCKS — 100.0% (Continued)
		RETAIL - DISCRETIONARY - 13.0% (Continued)
9,550		RH(a)					$ 3,114,160
							10,647,495
		SEMICONDUCTORS - 5.3%
5,400		Advanced Micro Devices, Inc.(a)					590,436
1,200		ASML Holding N.V. - ADR					801,516
10,700		NVIDIA Corporation					2,919,602
							4,311,554
		SOFTWARE - 5.2%
13,697		Microsoft Corporation					4,222,922
		TECHNOLOGY HARDWARE - 6.1%
28,156		Apple, Inc.					4,916,319
		TECHNOLOGY SERVICES - 4.1%
15,128		Visa, Inc., Class A					3,354,937
		TELECOMMUNICATIONS - 1.3%
8,000		T-Mobile US, Inc.(a)					1,026,800
		TOTAL COMMON STOCKS (Cost $75,242,049)					81,326,152
		TOTAL INVESTMENTS - 100.0% (Cost $75,242,049)					$ 81,326,152
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%					23,017
		NET ASSETS - 100.0%					$ 81,349,169

 

 

 

ADR	- American Depositary Receipt
ETF	- Exchange-Traded Fund
NV	- Naamioze Vennootschap

 

 

 

(a)	Non-income producing security.

 

 

 

RATIONAL STRATEGIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares							Fair Value
		OPEN END FUNDS — 84.8%
		ALTERNATIVE - 10.0%
112,009		Catalyst Insider Income Fund, Class I(a)					$ 1,059,606
		FIXED INCOME - 74.8%
44,015		AlphaCentric Income Opportunities Fund, Class I(a)					505,737
174,640		Catalyst Enhanced Income Strategy Fund, Class I(a)					1,884,366
110,992		Catalyst/CIFC Floating Rate Income Fund, Class I(a)					1,054,428
104,152		Catalyst/Stone Beach Income Opportunity Fund, Class I(a)					857,191
97,481		Rational Special Situations Income Fund, Institutional Class(a)					1,859,963
147,477		Rational/Pier 88 Convertible Securities Fund, Institutional Class(a)					1,722,542
							7,884,227
		TOTAL OPEN END FUNDS (Cost $8,865,326)					8,943,833
		SHORT-TERM INVESTMENTS — 4.5%
		MONEY MARKET FUNDS - 4.5%
470,777		First American Government Obligations Fund, Class U, 0.20% (Cost $470,777)(b)					470,777
		TOTAL INVESTMENTS - 89.3% (Cost $9,336,103)					$ 9,414,610
		OTHER ASSETS IN EXCESS OF LIABILITIES- 10.7%					1,124,034
		NET ASSETS - 100.0%					$ 10,538,644
OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts			Expiration	Notional Amount	Value and Unrealized Appreciation
46		S&P 500 Emini Index Future			06/17/2022	$ 10,420,725	$ 842,835
		TOTAL FUTURES CONTRACTS

(a)	Affiliated Company
(b)	Rate disclosed is the seven day effective yield as of March 31, 2022.

 

 

 

 

RATIONAL/RESOLVE ADAPTIVE ASSET ALLOCATION FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares							Fair Value
		SHORT-TERM INVESTMENTS — 95.4%
		MONEY MARKET FUNDS - 95.4%
84,775,116		First American Government Obligation s Fund, Class U, 0.20%(a)					$ 84,775,116
		TOTAL SHORT-TERM INVESTMENTS (Cost $84,775,116)					84,775,116
		TOTAL INVESTMENTS - 95.4% (Cost $84,775,116)					$ 84,775,116
		OTHER ASSETS IN EXCESS OF LIABILITIES- 4.6%					4,086,424
		NET ASSETS - 100.0%					$ 88,861,540
OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts			Expiration	Notional Amount(b)	Value and Unrealized Appreciation (Depreciation)
5		Carbon Emissions Future(c)			12/19/2022	$ 423,056	$ 100
44		CBOT Corn Future(c)			05/13/2022	1,647,250	85,125
23		CBOT Soybean Future(c)			05/13/2022	1,860,988	(20,000)
65		CBOT Soybean Meal Future(c)			05/13/2022	3,038,750	(26,280)
31		CBOT Soybean Oil Future(c)			05/13/2022	1,300,884	(41,526)
10		CBOT Wheat Future(c)			05/13/2022	503,000	(36,150)
17		CME Canadian Dollar Currency Future			06/14/2022	1,361,530	760
17		CME E-mini Russell 2000 Index Futures			06/17/2022	1,756,440	40,177
25		CME New Zealand Dollar Currency Future			06/13/2022	1,731,000	10,690
12		CME Nikkei 225 Index Future			06/09/2022	1,655,100	69,025
15		COMEX Copper Future(c)			05/26/2022	1,781,625	8,787
22		COMEX Gold 100 Troy Ounces Future(c)			06/28/2022	4,298,800	49,710
32		Eurex 30 Year Euro BUXL Future			06/08/2022	6,591,880	(91,063)
67		Eurex 5 Year Euro BOBL Future			06/08/2022	9,551,521	(178,517)
6		Eurex DAX Index Future			06/17/2022	2,395,121	8,541
8		Euronext Amsterdam Index Future			04/14/2022	1,281,575	30,312
31		Euronext CAC 40 Index Future			04/14/2022	2,283,245	22,177
62		Euronext Milling Wheat Future(c)			05/10/2022	1,267,230	(6,435)
11		FTSE 100 Index Future			06/17/2022	1,081,707	17,653
7		FTSE/MIB Index Future			06/17/2022	945,027	26,002
31		FVSA index - Mini-Futures on VSTOXX(c)			05/18/2022	95,857	2,496
3		HKG Hang Seng Index Future			04/28/2022	421,088	7,233
18		ICE Brent Crude Oil Future(c)			04/29/2022	1,884,780	(233,540)
17		ICE Gas Oil Future(c)			05/12/2022	1,713,600	(61,675)
19		KCBT Hard Red Winter Wheat Future(c)			05/13/2022	978,263	(68,087)
4		Long Gilt Future			06/28/2022	636,997	1,813
18		MEFF Madrid IBEX 35 Index Future			04/14/2022	1,675,918	11,852
28		Montreal Exchange 10 Year Canadian Bond Future			06/21/2022	2,924,053	(79,559)
17		Montreal Exchange S&P/TSX 60 Index Future			06/16/2022	3,581,910	(17,351)
10		NYBOT CSC C Coffee Future(c)			05/18/2022	849,000	24,037

 

RATIONAL/RESOLVE ADAPTIVE ASSET ALLOCATION FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
OPEN FUTURES CONTRACTS (Continued)
Number of Contracts		Open Long Futures Contracts			Expiration	Notional Amount(b)	Value and Unrealized Appreciation (Depreciation)
1		NYBOT CSC Cocoa Future(c)			05/13/2022	$ 26,500	$ 880
22		NYBOT CSC Number 11 World Sugar Future(c)			04/29/2022	480,234	3,260
43		NYBOT CTN Number 2 Cotton Future(c)			05/06/2022	2,917,335	252,430
22		NYMEX Henry Hub Natural Gas Futures(c)			04/27/2022	1,241,240	78,620
20		NYMEX Light Sweet Crude Oil Future(c)			04/20/2022	2,005,600	54,070
11		NYMEX NY Harbor ULSD Futures(c)			04/29/2022	1,552,736	34,860
10		NYMEX Reformulated Gasoline Blendstock for Oxygen(c)			04/29/2022	1,323,378	(74,378)
20		SFE S&P ASX Share Price Index 200 Future			06/16/2022	2,798,399	114,067
34		SGX FTSE China A50 Futures Contract			04/28/2022	467,466	1,411
6		SGX Nifty 50 Index Futures			04/28/2022	210,438	1,983
1		SGX Nikkei 225 Stock Index Future			06/09/2022	114,171	12,345
12		TSE TOPIX (Tokyo Price Index) Future			06/09/2022	1,918,916	103,142
		TOTAL FUTURES CONTRACTS					$ 138,997
OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts			Expiration	Notional Amount(b)	Value and Unrealized Appreciation (Depreciation)
57		CBOT 10 Year US Treasury Note			06/21/2022	$ 7,003,875	$ 154,359
193		CBOT 5 Year US Treasury Note			06/30/2022	22,134,785	386,739
16		CBOT US Long Bond Future			06/21/2022	2,401,008	31,805
23		CME Australian Dollar Currency Future			06/13/2022	1,724,195	(18,235)
12		CME British Pound Currency Future			06/13/2022	984,825	(2,412)
16		CME E-Mini Standard & Poor's 500 Index Future			06/17/2022	3,624,600	(25,712)
12		CME Euro Foreign Exchange Currency Future			06/13/2022	1,664,850	(16,595)
17		CME Japanese Yen Currency Future			06/13/2022	1,750,469	52,505
12		CME Swiss Franc Currency Future			06/13/2022	1,630,650	(12,719)
13		COMEX Silver Future(c)			05/26/2022	1,633,645	8,330
133		Eurex 10 Year Euro BUND Future			06/08/2022	23,345,260	227,243
5		Eurex EURO STOXX 50 Future			06/17/2022	211,473	(1,730)
7		Euro-BTP Italian Bond Futures			06/08/2022	1,071,103	973
5		French Government Bond Futures			06/08/2022	838,091	23,095
50		NYMEX Platinum Future(c)			07/27/2022	2,489,500	3,155
		TOTAL FUTURES CONTRACTS					$ 810,801

 

 

 

 

 

 

(a)	Rate disclosed is the seven day effective yield as of March 31, 2022.
(b)	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 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.
(c)	All or a portion of this investment is a holding of the RDMF Fund Ltd.

 

 

 

RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares							Fair Value
		COMMON STOCKS — 7.2%
		ASSET MANAGEMENT - 2.0%
107,818		Sixth Street Specialty Lending, Inc.					$ 2,511,081
		ELECTRIC UTILITIES - 1.1%
13,588		American Electric Power Company, Inc.					1,355,675
		OIL & GAS PRODUCERS - 4.1%
21,200		Pioneer Natural Resources Company					5,300,636
		TOTAL COMMON STOCKS (Cost $8,043,920)					9,167,392
					Dividend Rate (%)	Maturity
		PREFERRED STOCKS — 37.3%
		ASSET MANAGEMENT - 3.3%
17,000		AMG Capital Trust II			2.5800	10/15/2037	896,240
44,200		KKR & Company, Inc.			6.0000	9/15/2023	3,284,502
							4,180,742
		BANKING - 3.6%
1,748		Bank of America Corporation			7.2500	Perpetual	2,294,250
1,683		Wells Fargo & Company - Series L			7.5000	Perpetual	2,229,975
							4,524,225
		ELECTRIC UTILITIES - 9.7%
35,566		Dominion Energy, Inc.			7.2500	6/1/2022	3,611,727
34,713		NextEra Energy, Inc.			4.8720	9/1/2022	2,144,916
25,118		NextEra Energy, Inc.			5.2790	3/1/2023	1,309,904
21,800		NextEra Energy, Inc.			6.2190	9/1/2023	1,145,372
75,113		Southern Company (The) - Series 2019			6.7500	8/1/2022	4,101,921
							12,313,840
		GAS & WATER UTILITIES - 4.4%
46,200		NiSource, Inc.			7.7500	3/1/2024	5,531,988
		MACHINERY - 1.9%
27,790		Stanley Black & Decker, Inc.			5.25	Perpetual	2,443,019

 

RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares					Dividend  Rate (%)	Maturity	Fair Value
		PREFERRED STOCKS — 37.3% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 11.0%
102,100		Becton Dickinson and Company			6.0000	6/1/2023	$ 5,392,921
36,635		Boston Scientific Corporation			5.5000	6/1/2023	4,262,849
2,745		Danaher Corporation			5.0000	4/1/2023	4,311,023
							13,966,793
		SEMICONDUCTORS - 3.4%
2,224		Broadcom, Inc.			8.0000	9/30/2022	4,366,046
		TOTAL PREFERRED STOCKS (Cost $44,151,464)					47,326,653
Principal Amount ($)					Coupon Rate (%)	Maturity
		CONVERTIBLE BONDS — 49.2%
		ASSET MANAGEMENT — 5.6%
4,700,000		Ares Capital Corporation			4.6250	03/01/24	5,306,751
1,690,886		New Mountain Finance Corporation			5.7500	08/15/23	1,784,942
							7,091,693
		AUTOMOTIVE — 1.2%
1,820,000		Fisker, Inc.(a)			2.5000	09/15/26	1,532,213
		E-COMMERCE DISCRETIONARY — 1.4%
1,960,000		Etsy, Inc.(a)			0.2500	06/15/28	1,741,460
		ENGINEERING & CONSTRUCTION — 1.0%
600,000		KBR, Inc.			2.5000	11/01/23	1,302,000
		HEALTH CARE FACILITIES & SERVICES — 2.7%
490,000		Anthem, Inc.			2.7500	10/15/42	3,419,367
		INTERNET MEDIA & SERVICES — 5.6%
780,000		Booking Holdings, Inc.			0.7500	05/01/25	1,125,540
4,955,000		Expedia Group, Inc.(b)			0.0000	02/15/26	6,026,767
							7,152,307
		MEDICAL EQUIPMENT & DEVICES — 7.4%
3,260,000		Dexcom, Inc.			0.2500	11/15/25	3,722,512

 

RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)					Coupon Rate (%)	Maturity	Fair Value
		CONVERTIBLE BONDS — 49.2% (Continued)
		MEDICAL EQUIPMENT & DEVICES — 7.4% (Continued)
2,360,000		Insulet Corporation			0.3750	09/01/26	$ 3,128,179
2,630,000		NuVasive, Inc.			1.0000	06/01/23	2,600,413
							9,451,104
		SEMICONDUCTORS — 5.1%
3,130,000		ON Semiconductor Corporation(a),(b)			0.0000	05/01/27	4,234,890
1,610,000		Silicon Laboratories, Inc.			0.6250	06/15/25	2,210,691
							6,445,581
		SOFTWARE — 10.9%
4,105,000		CyberArk Software Ltd.(b)			0.0000	11/15/24	5,087,737
520,000		Palo Alto Networks, Inc.			0.3750	06/01/25	1,095,120
2,970,000		PROS Holdings, Inc.			1.0000	05/15/24	2,747,250
5,180,000		Splunk, Inc.			1.1250	06/15/27	4,946,900
							13,877,007
		TECHNOLOGY HARDWARE — 3.4%
4,463,080		Western Digital Corporation B			1.5000	02/01/24	4,306,872
		TECHNOLOGY SERVICES — 3.4%
3,920,928		Euronet Worldwide, Inc.			0.7500	03/15/49	4,362,032
		TRANSPORTATION EQUIPMENT — 1.5%
1,691,118		Meritor, Inc.			3.2500	10/15/37	1,852,789
		TOTAL CONVERTIBLE BONDS (Cost $59,732,976)					62,534,425
Shares
		SHORT-TERM INVESTMENTS — 6.9%
		MONEY MARKET FUNDS - 6.9%
8,708,827		First American Government Obligations Fund, Class U, 0.20% (Cost $8,708,827)(c)					8,708,827
		TOTAL INVESTMENTS - 100.6% (Cost $120,637,187)					$ 127,737,297
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%					(746,789)
		NET ASSETS - 100.0%					$ 126,990,508

 

RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2022

 

 

 

LTD	- Limited Company

 

 

 

(a)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of March 31, 2022 the total market value of 144A securities is 7,508,563 or 5.9% of net assets.
(b)	Zero coupon bond.
(c)	Rate disclosed is the seven day effective yield as of March 31, 2022.

 

 

 

 

 

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3%
		AGENCY CMBS — 0.3%
28,956,038		Ginnie Mae Strip(a)			1.4000	09/16/45	$ 2,541,992
1,960,131		Government National Mortgage Association(a),(b)			0.0240	08/16/48	4,007
							2,545,999
		CDO — 2.3%
337,771		Ansonia CDO 2006-1 Ltd.(c),(d)		US0001M + 0.300%	0.4150	07/28/46	323,493
171,877		Ansonia CDO 2006-1 Ltd.(c)			5.7020	07/28/46	168,057
1,645,921		Aspen Funding I Ltd.(c),(i)			9.0600	07/10/37	1,690,125
10,000,000		Bleecker Structured Asset Funding Ltd. (i)			1.1140	04/01/35	993,990
8,379,269		Capitalsource Real Estate Loan Trust(c),(d)		US0003M + 0.650%	0.8810	01/20/37	7,959,074
5,686,861		Fulton Street CDO Ltd.(c),(d),(i)		US0003M + 0.420%	0.6740	04/20/32	3,718,940
3,339,683		Nomura CRE CDO 2007-2 Ltd.(c),(d)		US0003M + 0.450%	0.9300	05/21/42	837,579
2,054,811		RAIT CRE CDO I Ltd.(c),(d)		US0001M + 0.850%	1.2990	11/20/46	1,529,307
2,000,000		Taberna Preferred Funding II Ltd.(c),(d),(i)		US0003M + 0.650%	0.9650	11/05/35	1,100,000
447,937		Wachovia Repackaged Asset Participating Securities(c),(d),(h)		US0003M + 0.550%	0.8890	02/08/35	416,581
684,919		Wachovia Repackaged Asset Participating Securities(c),(d),(h)		US0003M + 0.550%	0.8890	02/08/35	568,483
							19,305,629
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8%
190,660		ABN Amro Mortgage Corporation			5.7500	12/25/32	187,414
45,657		Adjustable Rate Mortgage Trust 2004-5(b)			2.6280	04/25/35	45,968
163,731		Adjustable Rate Mortgage Trust 2005-10(d)		US0001M + 0.540%	0.9970	01/25/36	159,041
844,932		Adjustable Rate Mortgage Trust 2005-10(b)			2.6100	01/25/36	790,117
328,842		Adjustable Rate Mortgage Trust 2005-10(b)			2.6100	01/25/36	310,849
116,695		Adjustable Rate Mortgage Trust 2005-10(b)			2.7380	01/25/36	109,056
215,516		Adjustable Rate Mortgage Trust 2005-2(b)			2.7630	06/25/35	214,657
96,888		Adjustable Rate Mortgage Trust 2005-4(b)			2.4550	08/25/35	76,351
596,575		Adjustable Rate Mortgage Trust 2005-5(b)			2.5830	09/25/35	556,193
236,056		Adjustable Rate Mortgage Trust 2005-6A(d)		US0001M + 0.520%	0.9770	11/25/35	220,972
165,797		Adjustable Rate Mortgage Trust 2005-6A(d)		US0001M + 0.540%	0.9970	11/25/35	155,205
13,893		Alternative Loan Trust 2003-4CB			5.7500	04/25/33	13,977
93,099		Alternative Loan Trust 2003-J3			5.2500	11/25/33	91,861
515,691		Alternative Loan Trust 2004-2CB			5.0000	08/25/54	512,135
76,348		Alternative Loan Trust 2005-17(d)		US0001M + 0.560%	1.0170	07/25/35	51,952
732,680		Alternative Loan Trust 2005-43(b)			3.3630	09/25/35	690,205

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
92,976		Alternative Loan Trust 2005-51(d)		US0001M + 0.600%	1.0470	11/20/35	$ 88,546
55,464		Alternative Loan Trust 2005-63(b)			3.3640	12/25/35	54,298
452,936		Alternative Loan Trust 2006-32CB(d)		US0001M + 0.670%	1.1270	11/25/36	238,886
751,874		Alternative Loan Trust 2006-32CB(a),(d)		US0001M + 5.330%	4.8730	11/25/36	103,714
1,417,798		Alternative Loan Trust 2006-J6(d)		US0001M + 0.500%	0.9570	09/25/36	661,603
1,729,713		Alternative Loan Trust 2006-J6(a),(d)		US0001M + 5.500%	5.0430	09/25/36	266,318
217,123		Alternative Loan Trust 2006-OA7(d)		US0001M + 0.420%	0.8770	06/25/46	171,261
332,242		Alternative Loan Trust 2007-5CB(e)			0.0000	04/25/37	93,293
409,511		Alternative Loan Trust 2007-5CB(a),(d)		US0001M + 5.650%	5.1930	04/25/37	87,483
426,126		American Home Mortgage Assets Trust 2006-1(d)		US0001M + 0.190%	0.6470	05/25/46	373,403
24,609		American Home Mortgage Investment Trust 2004-1(d)		US0001M + 0.900%	1.3570	04/25/44	24,523
50,633		American Home Mortgage Investment Trust 2004-3  Class IV-A(d)		US0006M + 1.500%	1.8450	10/25/34	51,052
32,517		American Home Mortgage Investment Trust 2004-4 Class 6A1(f)			6.0000	02/25/45	32,858
34,048		American Home Mortgage Investment Trust 2005-1(d)		US0006M + 2.000%	2.4440	06/25/45	34,584
5,096,032		American Home Mortgage Investment Trust 2005-2(f)			5.8280	09/25/35	4,272,012
1,003,316		American Home Mortgage Investment Trust 2005-4(d)		US0006M + 1.750%	2.5790	11/25/45	563,926
429,333		American Home Mortgage Investment Trust 2006-2(d)		US0001M + 0.220%	0.6770	06/25/36	26,036
658,592		American Home Mortgage Investment Trust 2006-3(d)		US0001M + 0.380%	0.8370	12/25/46	653,086
1,319,613		American Home Mortgage Investment Trust 2007-1(d)		US0001M + 0.160%	0.6170	05/25/47	940,537
683,878		Banc of America Alternative Loan Trust 2006-4(d)		US0001M + 0.850%	1.3070	05/25/46	600,121
690,141		Banc of America Alternative Loan Trust 2006-4(a),(d)		US0001M + 5.150%	4.6930	05/25/46	73,235
374,790		Banc of America Alternative Loan Trust 2006-4			6.0000	05/25/46	361,354
302,458		Banc of America Alternative Loan Trust 2006-4			6.0000	05/25/46	292,868
350,042		Banc of America Alternative Loan Trust 2006-4			6.0000	05/25/46	337,493
528,460		Banc of America Funding 2004-B Trust(b)			2.1330	12/20/34	468,167
63,925		Banc of America Funding 2005-8 Trust(e)			0.0000	01/25/36	44,846
241,266		Banc of America Funding 2005-B Trust(b)			2.7080	04/20/35	228,698
1,820,088		Banc of America Funding 2005-E Trust(b)			2.8970	05/20/35	1,760,424
130,329		Banc of America Funding 2005-E Trust(d)		COF 11 + 1.430%	1.6530	06/20/35	109,304
1,775,767		Banc of America Funding 2006-A Trust(b)			2.6320	02/20/36	1,754,957
1,226,284		Banc of America Funding 2006-A Trust(b)			2.7370	02/20/36	1,175,635
186,698		Banc of America Funding 2006-B Trust(b)			2.3720	03/20/36	182,976
523,867		Banc of America Funding 2006-B Trust(b)			2.6400	03/20/36	473,323

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
190,987		Banc of America Funding 2006-C Trust(b)			2.9040	04/20/36	$ 186,357
181,565		Banc of America Funding 2006-D Trust(b)			3.4990	05/20/36	176,490
503,784		Banc of America Funding 2006-F Trust(b)			2.6570	07/20/36	492,504
38,988		Banc of America Funding 2006-G Trust(d)		US0012M + 1.750%	3.0810	07/20/36	38,757
123,734		Banc of America Funding 2006-I Trust(b)			2.3950	10/20/46	108,916
74,676		Banc of America Funding 2007-4 Trust			5.5000	11/25/34	72,176
135,485		Banc of America Funding 2007-7 Trust(e)			0.0000	09/25/37	74,913
493,501		Banc of America Funding 2007-8 Trust			6.0000	09/25/22	354,630
161,812		Banc of America Funding 2007-C Trust(d)		US0001M + 0.540%	0.9890	05/20/47	156,586
124,513		Banc of America Funding 2016-R2 Trust(b),(c)			4.7000	05/01/33	122,068
1,867,697		Banc of America Funding Corporation(b)			3.7020	09/25/48	1,857,045
57,708		Banc of America Mortgage 2005-A Trust(b)			2.5750	02/25/35	59,189
466,478		Banc of America Mortgage 2005-G Trust(b)			3.0670	08/25/35	456,951
1,099,631		Banc of America Mortgage 2005-I Trust(b)			2.1580	10/25/35	1,080,298
112,995		Banc of America Mortgage 2006-A Trust(b)			3.3150	02/25/36	99,583
97,075		Banc of America Mortgage 2006-B Trust(b)			2.8020	11/20/46	91,409
26,430		Banc of America Mortgage Trust 2005-3			5.5000	03/25/35	25,204
45,608		Bank of America Mortgage 2002-J Trust(b)			3.3910	09/25/32	45,335
2,376,358		BCAP, LLC 2009-RR10 Trust(b),(c)			6.0000	02/26/36	2,372,718
2,725,854		BCAP, LLC 2010-RR11-I Trust(b),(c)			2.8370	06/27/36	2,658,114
2,783,396		BCAP, LLC 2011-RR4-I Trust(c)			5.2500	04/26/37	1,863,859
4,211,534		BCAP, LLC 2013-RR7 Trust(b),(c)			2.8830	12/27/34	3,965,592
140,761		BCAP, LLC Trust 2007-AA2			6.0000	04/25/22	139,572
15,763		Bear Stearns ALT-A Trust 2004-9(b)			3.3490	09/25/34	17,136
4,520,680		Bear Stearns ALT-A Trust 2005-10(d)		US0001M + 0.500%	0.9570	01/25/36	6,564,348
108,181		Bear Stearns ALT-A Trust 2005-10(b)			2.9320	01/25/36	104,677
79,791		Bear Stearns ALT-A Trust 2005-4(b)			2.5330	05/25/35	79,259
3,310,154		Bear Stearns ALT-A Trust 2006-1(d)		US0001M + 0.480%	0.9370	02/25/36	3,330,569
2,188,823		Bear Stearns ALT-A Trust 2006-2(d)		US0001M + 0.440%	0.8970	04/25/36	3,192,836
217,435		Bear Stearns ALT-A Trust 2006-3(d)		US0001M + 0.380%	0.8370	05/25/36	232,180
99,346		Bear Stearns ALT-A Trust 2006-3(b)			3.0720	05/25/36	76,466
467,920		Bear Stearns ALT-A Trust 2006-3(b)			3.1650	05/25/36	293,479
45,126		Bear Stearns ALT-A Trust II 2007-1(b)			3.0880	09/25/47	28,326
48,808		Bear Stearns ARM Trust 2003-8(b)			2.3210	01/25/34	47,828

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
11,613		Bear Stearns ARM Trust 2004-1(b)			2.0060	04/25/34	$ 11,572
66,878		Bear Stearns ARM Trust 2004-10(b)			3.0200	01/25/35	68,666
406,359		Bear Stearns ARM Trust 2004-9(b)			3.4730	11/25/34	396,174
261,471		Bear Stearns ARM Trust 2005-3(b)			3.0060	06/25/35	263,974
340,559		Bear Stearns ARM Trust 2005-6(b)			2.3280	08/25/35	336,885
40,108		Bear Stearns ARM Trust 2005-8(b),(c)			3.3520	08/25/35	38,651
1,022,965		Bear Stearns ARM Trust 2006-4(b)			2.8140	10/25/36	987,516
58,203		Bear Stearns ARM Trust 2007-5(b)			3.1150	08/25/47	57,008
3,489,012		Bear Stearns ARM Trust 2007-5(b)			3.1700	08/25/47	3,448,674
184,293		Bear Stearns Asset Backed Securities I Trust(d)		US0001M + 1.000%	1.4570	08/25/35	133,044
13,146		Bear Stearns Asset Backed Securities Trust(f)			5.2500	10/25/33	13,224
34,590		Bear Stearns Asset Backed Securities Trust(f)			5.7500	10/25/33	35,986
1,126,747		Bear Stearns Mortgage Funding Trust 2006-SL5(d)		US0001M + 0.300%	0.7570	12/25/36	1,211,795
87,117		Bear Stearns Mortgage Securities, Inc.(b)			6.3280	03/25/31	85,923
14,884		Bear Stearns Mortgage Securities, Inc.(b)			6.3280	03/25/31	14,687
37,604,245		CBASS 1248MKAB1 DEL TR 2011-1(c),(d)		US0001M + 0.460%	1.0040	02/25/37	1,164,314
196,067		Chase Mortgage Finance Trust Series 2005-S1			5.0000	05/25/35	196,013
1,227,600		ChaseFlex Trust Series 2005-2			7.5000	06/25/35	933,113
43,400		CHL Mortgage Pass-Through Trust 2003-56(b)			2.4740	12/25/33	43,015
294,063		CHL Mortgage Pass-Through Trust 2004-2(b)			2.7310	02/25/34	279,296
370,842		CHL Mortgage Pass-Through Trust 2004-5			5.0000	05/25/34	369,812
1,785,626		CHL Mortgage Pass-Through Trust 2004-7(b)			1.9690	05/25/34	551,770
107,623		CHL Mortgage Pass-Through Trust 2004-7(b)			4.7430	06/25/34	108,211
51,904		CHL Mortgage Pass-Through Trust 2004-8(e)			0.0000	07/25/34	39,530
2,582		CHL Mortgage Pass-Through Trust 2005-11(d)		US0001M + 0.320%	0.7770	04/25/35	1,453
159,281		CHL Mortgage Pass-Through Trust 2005-15			5.1000	08/25/35	158,487
2,340		CHL Mortgage Pass-Through Trust 2005-7(d)		US0001M + 0.720%	1.1770	03/25/35	836
137,823		CHL Mortgage Pass-Through Trust 2005-HYB6(b)			2.1780	10/20/35	132,915
265,042		CHL Mortgage Pass-Through Trust 2005-J2			5.0000	08/25/35	189,517
117,940		Citicorp Mortgage Securities Trust Series 2006-1			6.0000	02/25/36	117,695
327,307		Citicorp Mortgage Securities, Inc.			5.5000	03/25/35	317,436
19,533		Citigroup Global Markets Mortgage Securities VII,(b)			2.6110	10/25/23	19,309
146,717		Citigroup Mortgage Loan Trust 2004-HYB2(b)			2.5690	03/25/34	145,592
52,201		Citigroup Mortgage Loan Trust 2005-11(d)		H15T1Y + 2.400%	2.4800	11/25/35	51,789

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
650,958		Citigroup Mortgage Loan Trust 2006-AR2(b)			2.5500	03/25/36	$ 625,009
110,241		Citigroup Mortgage Loan Trust 2006-AR5(b)			2.5950	07/25/36	101,587
1,903,515		Citigroup Mortgage Loan Trust 2008-RR1(c),(d)		US0001M + 0.070%	0.5270	01/25/37	1,805,723
440,900		Citigroup Mortgage Loan Trust 2010-8(b),(c)			2.9750	11/19/35	391,688
40,975		Citigroup Mortgage Loan Trust 2013-8(b),(c)			2.9140	05/25/35	36,676
391,503		Citigroup Mortgage Loan Trust 2013-8(b),(c)			2.6680	11/25/36	312,427
340,061		Citigroup Mortgage Loan Trust 2019-C(c),(f)			3.2280	09/25/59	339,735
910,664		Citigroup Mortgage Loan Trust, Inc.(c),(d)		US0001M + 0.400%	0.8570	01/25/29	855,243
72,584		Citigroup Mortgage Loan Trust, Inc.			8.0000	08/25/34	74,930
1,057,362		Citigroup Mortgage Loan Trust, Inc.			5.7500	11/25/35	938,012
93,060		CitiMortgage Alternative Loan Trust Series 2007-A1(e)			0.0000	01/25/37	57,052
193,595		CitiMortgage Alternative Loan Trust Series 2007-A1(a),(d)		US0001M + 5.400%	4.9430	01/25/37	21,423
20,261		CitiMortgage Alternative Loan Trust Series 2007-A1			6.0000	01/25/37	19,646
31,827,712		COMM 2007-C9 Mortgage Trust(a),(b),(c)			0.0560	12/10/49	400,475
585,293		Credit Suisse First Boston Mortgage Securities			5.5000	08/25/25	541,589
310,096		Credit Suisse First Boston Mortgage Securities(b),(c)			0.7180	03/25/32	295,281
139,387		Credit Suisse First Boston Mortgage Securities(b)			7.0000	06/25/32	135,400
28,643		Credit Suisse First Boston Mortgage Securities(b)			2.0560	11/25/32	25,348
112,321		Credit Suisse First Boston Mortgage Securities(b)			2.0560	11/25/32	112,639
24,312		Credit Suisse First Boston Mortgage Securities(b)			6.9470	12/25/32	24,738
79,113		Credit Suisse First Boston Mortgage Securities(b)			5.6730	04/25/33	71,923
147,525		Credit Suisse First Boston Mortgage Securities			6.5000	04/25/33	147,236
36,526		Credit Suisse First Boston Mortgage Securities			6.5000	09/25/33	36,964
52,528		Credit Suisse First Boston Mortgage Securities			5.0000	09/25/34	52,023
352,990		Credit Suisse First Boston Mortgage Securities			5.2500	01/25/36	347,811
2,525		CSFB Mortgage-Backed Pass-Through Certificates			5.0000	11/25/28	2,497
624,730		CSFB Mortgage-Backed Pass-Through Certificates			7.0000	10/25/32	629,555
167,003		CSFB Mortgage-Backed Pass-Through Certificates(d)		US0001M + 2.900%	3.3570	07/25/33	165,454
74,463		CSFB Mortgage-Backed Pass-Through Certificates			5.5000	11/25/33	74,686
223,009		CSFB Mortgage-Backed Pass-Through Certificates			6.0000	11/25/33	222,316
130,537		CSFB Mortgage-Backed Pass-Through Certificates			6.5000	12/25/33	130,476
14,841		CSFB Mortgage-Backed Pass-Through Certificates(b)			2.4300	01/25/34	14,963
150,568		CSFB Mortgage-Backed Pass-Through Certificates(b)			2.1340	06/25/34	152,669
8,703		CSFB Mortgage-Backed Pass-Through Certificates(b)			2.3650	06/25/34	9,041

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
800,961		CSFB Mortgage-Backed Pass-Through Certificates(d)		US0001M + 0.350%	0.8070	10/25/35	$ 682,525
7,659,426		CSFB Mortgage-Backed Pass-Through Certificates			6.5000	11/25/35	1,945,728
61,693		CSFB Mortgage-Backed Trust Series 2004-AR6(b)			2.5400	10/25/34	62,438
2,258,282		CSMC Mortgage-Backed Trust 2006-9			6.5000	11/25/36	1,926,115
576,516		CSMC Mortgage-Backed Trust 2007-1			6.0000	02/25/37	439,525
186,074		CSMC Mortgage-Backed Trust 2007-3(d)		US0001M + 0.250%	0.7070	04/25/37	157,834
382,071		CSMC Mortgage-Backed Trust 2007-3			5.0000	04/25/37	361,162
717,236		CSMC Mortgage-Backed Trust 2007-3(b)			5.8370	04/25/37	240,973
235,280		CSMC Mortgage-Backed Trust 2007-4(d)		US0001M + 0.400%	0.8570	06/25/37	160,758
2,334,714		CSMC Mortgage-Backed Trust 2007-4			6.0000	06/25/37	454,188
52,809		CSMC Mortgage-Backed Trust 2007-5			6.0000	04/25/29	51,048
122,633		CSMC Series 2011-6R(b),(c)			3.2830	04/28/37	122,428
142,934		CSMC Series 2014-4R(c),(d)		US0001M + 0.200%	0.3870	02/27/36	134,227
203,276		Deutsche Alt-B Securities Inc Mortgage Loan Trust(b)			4.9320	06/25/36	194,191
145,698		Deutsche Alt-B Securities Mortgage Loan Trust(f)			5.8650	02/25/36	144,427
35,770		Deutsche Mortgage Sec Inc Mort Loan Tr Ser 2004-1(b)			5.5000	09/25/33	31,148
413,938		Deutsche Mortgage Securities Inc Mortgage Loan(c),(d)		US0001M + 0.280%	0.6770	04/15/36	378,390
113,095		Deutsche Mortgage Securities Inc Mortgage Loan(c),(d)		US0001M + 0.280%	0.6770	04/15/36	103,383
70,057		Deutsche Mortgage Securities Inc Mortgage Loan(c),(d)		US0001M + 0.290%	0.6870	04/15/36	63,327
14,389		DSLA Mortgage Loan Trust 2004-AR1(d)		US0001M + 0.840%	1.2890	09/19/44	13,701
1,268,503		DSLA Mortgage Loan Trust 2004-AR2(d)		US0001M + 0.800%	1.2490	11/19/44	1,124,213
361,309		DSLA Mortgage Loan Trust 2004-AR2(d)		US0001M + 0.800%	1.2490	11/19/44	344,368
2,655,190		DSLA Mortgage Loan Trust 2007-AR1(d)		US0001M + 0.140%	0.5890	04/19/47	2,341,207
122,936		Fannie Mae Interest Strip(a),(i)			6.5000	10/25/23	4,403
368,085		Fannie Mae Interest Strip(a),(b)			3.5000	04/25/27	16,755
182,319		Fannie Mae Interest Strip(a)			6.0000	01/25/35	33,815
418,007		Fannie Mae Interest Strip(a)			4.5000	08/25/35	60,871
280,409		Fannie Mae Interest Strip(a),(b)			5.0000	03/25/38	43,595
548,161		Fannie Mae Interest Strip(a)			5.0000	01/25/40	101,327
500,163		Fannie Mae REMICS(a),(d)		US0001M + 6.500%	6.0430	05/25/40	26,536
413,664		Fannie Mae REMICS(a),(d)		US0001M + 6.150%	5.6930	01/25/49	51,963
1,401,840		Fannie Mae Trust 2003-W6(a),(d)		US0001M + 7.600%	7.1430	09/25/42	245,352
185,692		First Horizon Alternative Mortgage Securities(b)			2.5440	12/25/34	186,205
387,496		First Horizon Alternative Mortgage Securities(b)			2.2810	02/25/35	363,444

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
33,229		First Horizon Alternative Mortgage Securities(b)			2.7710	03/25/35	$ 23,527
917,072		First Horizon Alternative Mortgage Securities(b)			2.0000	05/25/35	538,445
1,112		First Horizon Alternative Mortgage Securities(b),(h)			0.0000	07/25/36	—
675,767		First Horizon Mortgage Pass-Through Trust(b)			2.6250	01/25/36	490,601
27,257		First Horizon Mortgage Pass-Through Trust 2000-H(b)			2.3460	05/25/30	26,535
26,567		First Horizon Mortgage Pass-Through Trust 2000-H(b)			2.3500	05/25/30	25,194
83,144		First Horizon Mortgage Pass-Through Trust 2004-FL1(d)		US0001M + 0.270%	0.7270	02/25/35	77,915
271,378		First Horizon Mortgage Pass-Through Trust 2005-AR4(b)			2.9370	10/25/35	269,612
58,288		First Horizon Mortgage Pass-Through Trust 2007-AR2(b)			3.2890	07/25/37	42,469
411,755		Freddie Mac REMICS(a),(d)		US0001M + 6.000%	5.6030	11/15/40	64,213
341,836		Freddie Mac Strips(a)			6.0000	06/15/39	90,770
384,119		Freddie Mac Strips(a),(b)			4.5000	05/15/49	76,293
3,356,716		Freddie Mac Structured Pass-Through Certificates(a),(b)			0.5240	05/25/43	69,744
765,235		Global Mortgage Securitization Ltd.(c),(d)		US0001M + 0.320%	0.7770	11/25/32	732,052
220,674		GMACM Mortgage Loan Trust 2004-J2(e)			0.0000	06/25/34	185,544
2,480,613		GMACM Mortgage Loan Trust 2005-AR4(b)			3.5590	07/19/35	2,381,738
121,023		GMACM Mortgage Loan Trust 2005-AR6(b)			2.9750	11/19/35	102,238
626,705		Government National Mortgage Association(a),(f)			4.0000	09/16/25	23,849
214,374		Government National Mortgage Association(a),(d)		US0001M + 7.550%	7.1010	02/20/33	17,040
206,155		Government National Mortgage Association(a)			5.0000	05/20/34	27,115
209,047		Government National Mortgage Association(a)			5.0000	10/20/39	36,049
162,560		Government National Mortgage Association(a),(d)		US0001M + 5.400%	4.9510	05/20/41	18,178
194,012		Government National Mortgage Association(a),(d)		US0001M + 5.450%	5.0010	06/20/41	22,112
638,579		GreenPoint Mortgage Funding Trust 2005-AR4(d)		US0001M + 0.520%	0.9770	10/25/45	640,512
343,528		GreenPoint Mortgage Funding Trust 2005-AR5(d)		US0001M + 0.540%	0.9970	11/25/45	311,937
335,720		GreenPoint Mortgage Funding Trust 2005-AR5(d)		US0001M + 0.560%	1.0170	11/25/45	266,147
960,730		GreenPoint Mortgage Funding Trust 2006-AR2(d)		12MTA + 2.000%	2.1410	03/25/36	945,964
80,973		GreenPoint Mortgage Funding Trust 2006-AR3(d)		US0001M + 0.420%	0.8770	04/25/36	78,322
626,615		GreenPoint Mortgage Loan Trust 2004-1(d)		US0001M + 1.150%	1.6070	10/25/34	578,901
400,236		GreenPoint MTA Trust 2005-AR3(d)		US0001M + 0.480%	0.9370	08/25/45	334,908
184,252		GSMPS Mortgage Loan Trust(b),(c)			7.7500	05/19/27	181,728
86,049		GSMPS Mortgage Loan Trust(b),(c)			5.2320	09/19/27	85,276
57,588		GSMPS Mortgage Loan Trust(b),(c)			8.0000	09/19/27	55,695
187,677		GSMPS Mortgage Loan Trust(b),(c)			8.0000	09/19/27	188,294

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
520,046		GSMPS Mortgage Loan Trust 2001-2(b),(c)			7.5000	06/19/32	$ 496,504
134,706		GSR Mortgage Loan Trust 2003-1(b)			2.3380	03/25/33	130,169
20,283		GSR Mortgage Loan Trust 2003-1(d)		H15T1Y + 1.750%	2.8800	03/25/33	20,591
126,969		GSR Mortgage Loan Trust 2003-3F(b)			5.9700	04/25/33	127,018
202,500		GSR Mortgage Loan Trust 2003-4F(b)			5.9190	05/25/33	204,735
7,427		GSR Mortgage Loan Trust 2004-10F			4.5000	09/25/34	7,413
34,071		GSR Mortgage Loan Trust 2004-13F			6.0000	11/25/34	34,421
237,322		GSR Mortgage Loan Trust 2004-15F(d)		US0001M + 0.300%	0.7570	12/25/34	223,119
15,470		GSR Mortgage Loan Trust 2004-8F			6.0000	09/25/34	15,468
22,504		GSR Mortgage Loan Trust 2005-5F			5.5000	06/25/35	23,158
66,748		GSR Mortgage Loan Trust 2005-7F			5.5000	09/25/35	66,258
469,205		GSR Mortgage Loan Trust 2005-8F			5.5000	11/25/35	474,111
108,402		GSR Mortgage Loan Trust 2005-8F			5.5000	11/25/35	109,536
239,402		GSR Mortgage Loan Trust 2005-AR5(b)			2.5320	10/25/35	236,020
15,648		GSR Mortgage Loan Trust 2005-AR6  Series 2005-AR6-1 Class 1A-1(b)			2.7530	09/25/35	15,713
20,958		GSR Mortgage Loan Trust 2005-AR6(b)			2.9080	09/25/35	20,948
74,825		GSR Mortgage Loan Trust 2005-AR7(b)			2.3370	11/25/35	71,176
459,423		GSR Mortgage Loan Trust 2005-AR7(b)			3.1410	11/25/35	432,046
1,460,004		GSR Mortgage Loan Trust 2006-10F			5.7500	12/25/36	2,755,465
1,295,481		GSR Mortgage Loan Trust 2006-1F(d)		US0001M + 0.950%	1.4070	02/25/36	2,175,711
1,864,463		GSR Mortgage Loan Trust 2006-2F			5.7500	02/25/36	1,819,590
2,203,049		GSR Mortgage Loan Trust 2006-2F			5.7500	02/25/36	2,150,027
100		GSR Mortgage Loan Trust 2006-4F (h)			5.5000	05/25/36	1,065,000
55,363		GSR Mortgage Loan Trust 2006-7F			6.0000	08/25/36	3,353,285
771,876		GSR Mortgage Loan Trust 2007-1F			5.5000	01/25/37	1,327,558
430,961		GSR Mortgage Loan Trust 2007-1F			5.5000	01/25/37	511,667
607,800		GSR Mortgage Loan Trust 2007-1F			6.0000	01/25/37	496,894
1,866,762		GSR Mortgage Loan Trust 2007-3F			5.7500	05/25/37	3,061,607
75,255		GSR Mortgage Loan Trust 2007-4F			5.0000	07/25/37	105,339
2,877,562		GSR Mortgage Loan Trust 2007-4F			5.7500	07/25/37	4,471,039
798,550		GSR Mortgage Loan Trust 2007-AR1(b)			2.5240	03/25/37	735,332
78,780		HarborView Mortgage Loan Trust 2003-1(b)			2.1100	05/19/33	63,263
350,924		HarborView Mortgage Loan Trust 2004-1(b)			2.2720	04/19/34	284,564
1,896,722		HarborView Mortgage Loan Trust 2004-8(d)		US0001M + 0.800%	1.2490	11/19/34	1,808,771

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
109,567		HarborView Mortgage Loan Trust 2004-9(d)		US0001M + 0.780%	1.2290	12/19/34	$ 101,936
3,844		HarborView Mortgage Loan Trust 2005-1(d)		US0001M + 0.660%	1.1090	03/19/35	2,705
311,379		HarborView Mortgage Loan Trust 2005-14(b)			2.4810	12/19/35	298,365
28,348		HarborView Mortgage Loan Trust 2005-14(b)			2.5060	12/19/35	26,953
1,005,293		HarborView Mortgage Loan Trust 2005-16(d)		12MTA + 2.000%	2.1410	01/19/37	857,927
2,420,706		HarborView Mortgage Loan Trust 2005-2(d)		US0001M + 0.520%	0.9690	05/19/35	988,359
69,432		HarborView Mortgage Loan Trust 2005-4(b)			2.5890	07/19/35	67,218
22,362		HarborView Mortgage Loan Trust 2005-8(d)		US0001M + 0.660%	1.1090	09/19/35	17,759
29,855		Impac CMB Trust Series 2003-11(d)		US0001M + 4.500%	4.9570	10/25/33	29,414
2,408		Impac CMB Trust Series 2003-8(d)		US0001M + 2.625%	3.0820	10/25/33	2,406
4,383		Impac CMB Trust Series 2003-8(d)		US0001M + 4.500%	4.9570	10/25/33	4,285
204,345		Impac CMB Trust Series 2004-10(d)		US0001M + 0.800%	1.2570	03/25/35	191,093
40,501		Impac CMB Trust Series 2004-10(d)		US0001M + 1.500%	1.9570	03/25/35	39,330
188,748		Impac CMB Trust Series 2004-10(d)		US0001M + 2.775%	3.2320	03/25/35	189,605
236,629		Impac CMB Trust Series 2005-4(d)		US0001M + 0.380%	1.2170	05/25/35	220,433
1,073,677		Impac CMB Trust Series 2005-4(d)		US0001M + 1.650%	2.9320	05/25/35	1,070,989
281,523		Impac Secured Assets CMN Owner Trust(b)			5.3120	08/25/33	273,458
157,046		Impac Secured Assets CMN Owner Trust(b)			2.7680	07/25/35	146,255
83,386		Impac Secured Assets Trust 2006-2(d)		US0001M + 1.650%	2.1070	08/25/36	83,399
154,470		IndyMac ARM Trust 2001-H1(b)			1.8980	08/25/31	85,060
83,137		IndyMac IMSC Mortgage Loan Trust 2007-F3(e)			0.0000	09/25/37	52,112
91,202		IndyMac INDA Mortgage Loan Trust 2005-AR1(b)			2.9080	11/25/35	89,514
21,386		IndyMac INDA Mortgage Loan Trust 2005-AR2(b)			2.8120	01/25/36	20,814
74,316		IndyMac INDA Mortgage Loan Trust 2007-AR4(b)			3.3840	08/25/37	75,044
38,514		IndyMac INDX Mortgage Loan Trust 2004-AR10(d)		US0001M + 0.920%	1.3770	05/25/34	35,248
187,133		IndyMac INDX Mortgage Loan Trust 2004-AR5(d)		US0001M + 0.860%	1.3170	08/25/34	176,115
2,238,992		IndyMac INDX Mortgage Loan Trust 2005-AR9(b)			2.9180	07/25/35	2,192,976
185,078		IndyMac INDX Mortgage Loan Trust 2006-AR2(d)		US0001M + 0.420%	0.8770	02/25/46	145,611
126,786		IndyMac INDX Mortgage Loan Trust 2006-AR33(b)			3.5340	01/25/37	122,036
531,034		Jefferies Resecuritization Trust 2009-R6(b),(c)			2.8490	08/26/35	523,231
861,645		Jefferies Resecuritization Trust 2009-R7(b),(c)			2.6250	10/21/35	911,599
429,640		JP Morgan Alternative Loan Trust			5.0000	12/25/35	396,589
4,326,040		JP Morgan Alternative Loan Trust(b)			3.0350	03/25/36	4,350,168
76,089		JP Morgan Alternative Loan Trust(f)			6.1900	05/25/36	76,258

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
49,785		JP Morgan Mortgage Trust 2004-S2			5.5000	11/25/24	$ 49,955
579,804		JP Morgan Mortgage Trust 2004-S2(d)		US0001M + 0.400%	0.8570	11/25/34	552,841
248,238		JP Morgan Mortgage Trust 2004-S2			6.0000	11/25/34	240,265
35,419		JP Morgan Mortgage Trust 2005-A3(b)			2.4870	06/25/35	35,550
977,991		JP Morgan Mortgage Trust 2005-A6(b)			2.4690	08/25/35	964,761
925,600		JP Morgan Mortgage Trust 2005-A8(b)			2.7300	11/25/35	826,434
60,434		JP Morgan Mortgage Trust 2007-A2(b)			2.7870	04/25/37	54,590
30,820		JP Morgan Resecuritization Trust Series 2009-7(b),(c)			5.0090	07/27/37	30,811
2,500,000		Legacy Mortgage Asset Trust 2019-GS6(c),(f)			4.4500	06/25/59	2,496,542
932,325		Lehman Mortgage Trust 2005-2(d)		US0001M + 0.900%	1.3570	12/25/35	659,873
855,527		Lehman Mortgage Trust 2005-2(a)			5.5000	12/25/35	146,241
150,133		Lehman Mortgage Trust 2005-2(d)		US0001M + 28.060%	25.9600	12/25/35	191,803
190,040		Lehman Mortgage Trust 2006-4			6.0000	06/25/49	175,401
485,954		Lehman Mortgage Trust 2006-7(b)			4.4690	09/25/36	174,269
239,731		Lehman Mortgage Trust 2007-10			6.5000	01/25/38	112,779
148,422		Lehman Mortgage Trust 2007-3(e)			0.0000	03/25/37	115,929
1,437,296		Lehman Mortgage Trust 2007-5(d)		US0001M + 0.280%	0.7370	08/25/36	193,508
1,454,680		Lehman Mortgage Trust 2007-5(a),(d)		US0001M + 7.720%	7.2630	08/25/36	502,634
844,754		Lehman XS Trust Series 2005-5N(d)		US0001M + 0.360%	0.8170	11/25/35	816,585
334,184		Lehman XS Trust Series 2006-2N(d)		US0001M + 0.520%	0.9770	02/25/46	297,013
22,068		Luminent Mortgage Trust 2006-7(d)		US0001M + 0.170%	0.6270	12/25/36	20,740
373,011		Luminent Mortgage Trust 2006-7(d)		US0001M + 0.360%	0.8170	12/25/36	352,454
625,539		Luminent Mortgage Trust 2007-2(d)		US0001M + 0.460%	0.9170	05/25/37	583,699
350,000		MASTR Adjustable Rate Mortgages Trust 2004-11(d)		US0001M + 2.250%	2.7070	11/25/34	351,942
2,523,021		MASTR Adjustable Rate Mortgages Trust 2004-14(d)		US0001M + 3.400%	3.8570	01/25/35	2,262,388
99,372		MASTR Adjustable Rate Mortgages Trust 2004-5(b)			4.1250	06/25/34	101,102
1,945,406		MASTR Adjustable Rate Mortgages Trust 2005-6(b)			2.5330	07/25/35	863,795
1,107,801		MASTR Adjustable Rate Mortgages Trust 2005-6(b)			2.6580	07/25/35	503,136
4,230,384		MASTR Adjustable Rate Mortgages Trust 2006-OA2(d)		12MTA + 0.800%	0.9410	12/25/46	3,722,701
393,393		MASTR Adjustable Rate Mortgages Trust 2006-OA2(d)		12MTA + 0.800%	0.9410	12/25/46	362,207
2,704,931		MASTR Adjustable Rate Mortgages Trust 2006-OA2(d)		12MTA + 0.850%	0.9910	12/25/46	2,374,145
1,614,416		MASTR Adjustable Rate Mortgages Trust 2006-OA2(d)		12MTA + 1.200%	1.3410	12/25/46	1,428,759
1,853,852		MASTR Adjustable Rate Mortgages Trust 2007-1(b)			2.7620	11/25/36	1,232,674
8,466		MASTR Adjustable Rate Mortgages Trust 2007-1(d)		US0001M + 0.320%	0.7770	01/25/47	8,354

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
1,841,296		MASTR Adjustable Rate Mortgages Trust 2007-1(d)		12MTA + 0.740%	0.8810	01/25/47	$ 1,813,056
300,000		MASTR Adjustable Rate Mortgages Trust 2007-3(d)		US0001M + 0.680%	0.8670	05/25/47	263,987
34,713		MASTR Alternative Loan Trust 2003-4			6.0000	06/25/33	34,779
50,897		MASTR Alternative Loan Trust 2003-5			5.5000	07/25/33	51,215
19,436		MASTR Alternative Loan Trust 2003-7			5.7500	11/25/33	19,684
17,964		MASTR Alternative Loan Trust 2004-10			6.0000	09/25/34	18,017
40,558		MASTR Alternative Loan Trust 2004-11(b)			5.8810	10/25/34	41,114
20,052		MASTR Alternative Loan Trust 2004-12			5.5000	12/25/34	20,257
628,962		MASTR Alternative Loan Trust 2004-13			5.5000	01/25/35	446,762
58,546		MASTR Alternative Loan Trust 2005-1			6.0000	02/25/35	59,468
72,734		MASTR Alternative Loan Trust 2005-6(e)			0.0000	12/25/35	29,827
39,627		MASTR Alternative Loan Trust 2006-2(e)			0.0000	03/25/36	18,260
69,740		MASTR Asset Securitization Trust 2003-11			5.2500	12/25/33	69,331
1,162,218		MASTR Asset Securitization Trust 2004-11			5.7500	12/25/34	1,156,900
124,079		MASTR Asset Securitization Trust 2004-11			5.7500	12/25/34	123,350
44,291		MASTR Asset Securitization Trust 2004-3			5.2500	03/25/24	43,795
4,921		MASTR Asset Securitization Trust 2004-3			5.2500	03/25/24	4,851
94,487		MASTR Asset Securitization Trust 2004-9			5.2500	07/25/34	89,969
1,589,245		MASTR Reperforming Loan Trust 2005-1(c)			7.5000	08/25/34	1,504,974
66,147		MASTR Seasoned Securitization Trust 2003-1(d)		US0001M + 0.400%	0.8570	02/25/33	63,307
101,550		Mellon Residential Funding Cor Mor Pas Thr Tr Ser(b),(c)			2.6100	10/20/29	93,710
62,330		Mellon Residential Funding Cor Mor Pas Thr Tr Ser(b),(c)			2.6100	10/20/29	57,513
1,908,303		MERIT Securities Corporation(c),(d)		US0001M + 2.250%	2.6970	09/28/32	1,747,789
185,975		Merrill Lynch Alternative Note Asset Trust Series			5.7500	05/25/37	188,798
349,925		Merrill Lynch Mortgage Backed Securities Trust(b)			2.7100	04/25/37	346,460
130,474		Merrill Lynch Mortgage Investors Trust MLMI Series(b)			1.8650	03/25/33	111,072
161,649		Merrill Lynch Mortgage Investors Trust Series(e)			0.0000	08/25/36	19,572
99,103		Merrill Lynch Mortgage Investors Trust Series MLCC(d)		US0001M + 0.945%	1.4020	08/25/28	90,514
74,702		Merrill Lynch Mortgage Investors Trust Series MLCC(d)		US0001M + 2.250%	2.7070	08/25/28	65,236
335,143		Merrill Lynch Mortgage Investors Trust Series MLCC(d)		US0001M + 0.900%	1.3570	10/25/28	316,807
420,717		Merrill Lynch Mortgage Investors Trust Series MLCC(b)			2.0600	06/25/37	416,776
1,309,823		Merrill Lynch Mortgage Investors Trust Series MLMI(b)			2.8980	09/25/35	1,155,102
42,394		Morgan Stanley Mortgage Loan Trust 2004-3			6.0000	04/25/34	43,121
865,959		Morgan Stanley Mortgage Loan Trust 2005-10			5.5000	12/25/35	640,602

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
354,755		Morgan Stanley Mortgage Loan Trust 2005-2AR(d)		US0001M + 0.500%	0.9570	04/25/35	$ 296,905
189,991		Morgan Stanley Mortgage Loan Trust 2005-4			5.0000	08/25/35	181,671
97,075		Morgan Stanley Mortgage Loan Trust 2006-2			5.2500	04/25/22	94,125
122,583		Morgan Stanley Mortgage Loan Trust 2006-7			5.0000	04/25/22	80,875
192,939		Morgan Stanley Mortgage Loan Trust 2006-7			6.0000	06/25/31	140,013
22,602		Morgan Stanley Re-REMIC Trust 2010-R7(c)			5.5000	11/26/34	21,421
1,107,800		Morgan Stanley Resecuritization Trust 2014-R4(b),(c)			2.6380	11/21/35	1,046,784
8,609,267		Mortgage Loan Resecuritization Trust(c),(d)		US0001M + 0.340%	0.5710	04/16/36	8,152,436
8,687,795		Mortgage Loan Resecuritization Trust(c),(d)		US0001M + 0.340%	0.5710	04/16/36	4,343,706
3,224,821		MortgageIT Mortgage Loan Trust 2006-1(d)		US0001M + 0.400%	0.8570	04/25/36	2,569,648
181,997		MortgageIT Mortgage Loan Trust 2006-1(d)		US0001M + 0.460%	0.9170	04/25/36	175,087
325,110		MortgageIT Trust 2004-1(d)		US0001M + 3.225%	3.4120	11/25/34	325,433
11,937,382		New Residential Mortgage Loan Trust 2019-5(a),(b),(c),(h)			0.5000	08/25/59	325,652
16,777,380		New Residential Mortgage Loan Trust 2019-5(a),(b),(c),(h)			0.7500	08/25/59	686,363
261,978		New York Mortgage Trust 2006-1(b)			2.8110	05/25/36	240,190
29,508		Nomura Asset Acceptance Corp Alternative Loan(f)			5.8030	03/25/34	28,957
159,330		Nomura Asset Acceptance Corp Alternative Loan(d)		US0001M + 1.020%	1.4770	08/25/34	160,348
1,901,733		Nomura Asset Acceptance Corp Alternative Loan(d)		US0001M + 1.700%	2.1570	10/25/34	2,076,088
13,555		Nomura Asset Acceptance Corp Alternative Loan(f)			5.5710	10/25/34	13,529
1,116,503		Nomura Asset Acceptance Corp Alternative Loan(d)		US0001M + 1.500%	1.9570	12/25/34	1,044,519
53,665		Nomura Asset Acceptance Corp Alternative Loan(b)			5.6880	07/25/35	54,488
466,811		Nomura Asset Acceptance Corp Alternative Loan(b)			5.8940	05/25/36	135,369
218,034		Nomura Asset Acceptance Corp Alternative Loan(b)			3.2740	06/25/36	187,509
416,313		Nomura Asset Acceptance Corp Alternative Loan(b)			3.8190	06/25/36	420,097
70,875		Nomura Asset Acceptance Corp Alternative Loan(f)			5.9570	03/25/47	70,801
901,044		Nomura Asset Acceptance Corp Alternative Loan(f)			6.1380	03/25/47	899,969
134,038		NovaStar Mortgage Funding Trust Series 2006-MTA1(d)		US0001M + 0.380%	0.4790	09/25/46	131,198
244,880		Ocwen Residential MBS Corporation(b),(c)			0.9460	06/25/39	98,640
5,462		Opteum Mortgage Acceptance Corp Asset Backed(b)			6.0000	11/25/35	5,453
272,021		PHHMC Series 2006-4 Trust(b)			6.2780	12/18/36	267,068
206,136		Prime Mortgage Trust 2004-1			5.2500	08/25/34	206,435
195,832		Prime Mortgage Trust 2005-1(c)			5.5000	09/25/34	191,497
101,929		Prime Mortgage Trust 2005-4			5.2500	04/25/22	100,069
13,687		Prime Mortgage Trust 2005-4			5.0000	10/25/35	13,434

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
2,304,058		Prime Mortgage Trust 2006-DR1(c)			5.5000	05/25/35	$ 2,130,535
581,067		Prime Mortgage Trust 2006-DR1(c)			6.0000	05/25/35	534,785
399,527		RALI Series 2004-QA4 Trust(b)			3.0140	09/25/34	405,203
692,299		RALI Series 2004-QA4 Trust(b)			8.0000	09/25/34	623,627
723,841		RALI Series 2004-QA6 Trust(b)			2.8870	12/26/34	701,726
187,873		RALI Series 2004-QA6 Trust(b)			3.1870	12/26/34	181,568
2,693,293		RALI Series 2005-QA11 Trust(b)			3.7470	10/25/35	1,280,849
1,201,923		RALI Series 2005-QA11 Trust(b)			5.3810	10/25/35	1,148,795
1,440,812		RALI Series 2005-QA12 Trust(b)			4.1590	12/25/35	1,349,464
2,039,538		RALI Series 2005-QA2 Trust(b)			3.0700	02/25/35	1,464,200
196,996		RALI Series 2005-QA2 Trust(b)			3.3510	02/25/35	174,437
211,617		RALI Series 2005-QA3 Trust(b)			0.0000	03/25/35	69,834
1,028,168		RALI Series 2005-QA4 Trust(b)			3.2860	04/25/35	962,961
212,936		RALI Series 2005-QA4 Trust(b)			4.0940	04/25/35	185,757
336,988		RALI Series 2005-QA6 Trust(b)			3.7320	05/25/35	203,297
470,439		RALI Series 2005-QA8 Trust(b)			3.4670	07/25/35	329,097
96,671		RALI Series 2005-QA8 Trust(b)			3.4850	07/25/35	86,638
2,740,070		RALI Series 2005-QA9 Trust(b)			3.1480	08/25/35	1,232,622
1,834,308		RALI Series 2005-QA9 Trust(b)			3.3710	08/25/35	1,768,679
653,013		RALI Series 2005-QO4 Trust(d)		US0001M + 0.560%	1.0170	12/25/45	518,473
1,420,513		RALI Series 2005-QS5 Trust			5.7000	04/25/35	1,320,655
13,883		RALI Series 2006-QA1 Trust(b)			5.3290	01/25/36	13,261
145,290		RALI Series 2006-QA2 Trust(b)			5.3980	02/25/36	122,505
7,798,311		RALI Series 2006-QS11 Trust			6.5000	08/25/36	3,566,623
64,972		RALI Series 2006-QS12 Trust			5.0000	09/25/36	57,478
3,022,849		RALI Series 2007-QO5 Trust(d)		12MTA + 3.120%	1.7010	08/25/47	669,538
336,620		RALI Series 2007-QS4 Trust			6.2500	03/25/37	301,235
494,361		RAMP Series 2003-SL1 Trust			8.0000	04/25/31	488,988
446,813		RAMP Series 2004-SL1 Trust			6.5000	11/25/31	425,589
292,446		RAMP Series 2004-SL4 Trust			7.5000	07/25/32	157,728
159,065		RAMP Series 2005-SL1 Trust			7.5000	05/25/32	30,624
564,201		RAMP Series 2005-SL1 Trust			8.0000	05/25/32	420,612
244,896		RAMP Series 2005-SL2 Trust			8.0000	10/25/31	147,940
643,819		RBSGC Mortgage Loan Trust 2005-A			6.0000	04/25/35	604,802

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
1,596,007		RBSSP Resecuritization Trust 2009-6(b),(c)			6.0000	08/26/35	$ 899,623
121,708		Reperforming Loan REMIC Trust 2004-R1(c)			6.5000	11/25/34	118,491
723,013		Reperforming Loan REMIC Trust 2005-R2(a),(b),(c)			5.4240	06/25/35	69,754
537,304		Reperforming Loan REMIC Trust 2006-R2(c),(d)		US0001M + 0.420%	0.8770	07/25/36	512,214
274,515		Residential Asset Securitization Trust 2000-A6			8.0000	10/25/30	199,446
528,871		Residential Asset Securitization Trust 2004-A2(d)		US0001M + 0.550%	1.0070	05/25/34	518,111
28,082		Residential Asset Securitization Trust 2004-A2			5.2500	05/25/34	27,809
250,062		Residential Asset Securitization Trust 2006-A3CB(e)			0.0000	01/25/46	57,246
226,367		Residential Asset Securitization Trust 2006-A3CB(a),(b)			6.0000	01/25/46	52,706
1,446,099		RFMSI Series 2005-SA1 Trust(b)			2.6520	03/25/35	1,280,665
951,091		RFMSI Series 2005-SA5 Trust(b)			3.5710	11/25/35	885,167
118,856		RFMSI Series 2006-SA1 Trust(b)			4.7500	02/25/36	106,281
1,082,419		RFMSI Series 2006-SA2 Trust(b)			4.2010	08/25/36	980,997
83,973		RFMSI Series 2006-SA3 Trust(b)			4.9180	09/25/36	74,861
154,875		RFMSI Series 2006-SA4 Trust(b)			4.5850	11/25/36	146,753
88,675		Sequoia Mortgage Trust 2003-4(b)			1.2970	07/20/33	78,782
38,487		Sequoia Mortgage Trust 2003-4(b)			1.2970	07/20/33	30,200
58,922		Sequoia Mortgage Trust 2003-4(b)			1.2970	07/20/33	52,876
539,728		Sequoia Mortgage Trust 2004-1(d)		US0001M + 0.825%	1.2740	02/20/34	471,079
219,089		Sequoia Mortgage Trust 2004-11(d)		US0006M + 0.640%	0.8630	12/20/34	203,952
52,897		Sequoia Mortgage Trust 2004-5(d)		US0001M + 0.720%	1.1690	06/20/34	47,173
29,919		Sequoia Mortgage Trust 2004-6(d)		US0001M + 0.750%	1.1990	07/20/34	27,889
193,588		Sequoia Mortgage Trust 2007-1(b)			2.9900	01/20/47	162,171
51,211		Sequoia Mortgage Trust 2013-2(b)			3.6470	02/25/43	51,207
1,277,831		Sequoia Mortgage Trust 4(d)		US0001M + 1.250%	1.4210	04/22/25	1,108,662
88,063		Sequoia Mortgage Trust 6(d)		US0001M + 1.050%	1.4990	04/19/27	81,351
41,240		Shellpoint Asset Funding Trust 2013-1(b),(c)			3.8970	07/25/43	41,175
49,673		Sofi Mortgage Trust 2016-1(b),(c)			3.0000	11/25/46	48,946
54,643		Structured Adjustable Rate Mortgage Loan Trust(b)			2.8740	03/25/34	54,147
1,770,740		Structured Adjustable Rate Mortgage Loan Trust(d)		US0001M + 0.405%	0.8620	06/25/34	1,636,325
279,504		Structured Adjustable Rate Mortgage Loan Trust(d)		US0001M + 0.310%	0.7670	07/25/35	196,035
254,959		Structured Adjustable Rate Mortgage Loan Trust(b)			3.2830	04/25/47	255,600
266,491		Structured Asset Mortgage Investments II Trust(b)			2.5810	10/19/34	255,627
228,489		Structured Asset Mortgage Investments II Trust(d)		US0001M + 0.400%	0.8490	02/19/35	218,625

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
1,320,893		Structured Asset Mortgage Investments II Trust(d)		US0001M + 0.400%	0.8570	02/25/36	$ 1,123,399
639,977		Structured Asset Mortgage Investments II Trust(d)		US0001M + 0.460%	0.9170	02/25/36	608,268
148,797		Structured Asset Mortgage Investments II Trust(d)		US0001M + 0.460%	0.9170	02/25/36	131,054
40,553		Structured Asset Mortgage Investments II Trust(d)		US0001M + 0.620%	1.0770	02/25/36	2,170,829
4,852,201		Structured Asset Mortgage Investments II Trust(b)			2.4570	05/25/36	1,654,292
162,023		Structured Asset Mortgage Investments II Trust(b)			2.4680	05/25/36	100,840
72,145		Structured Asset Mortgage Investments II Trust(d)		US0001M + 0.150%	0.6070	02/25/37	69,271
792,956		Structured Asset Mortgage Investments II Trust(d)		US0001M + 0.260%	0.7170	03/25/37	301,323
980,082		Structured Asset Mortgage Investments II Trust(d)		US0001M + 0.460%	0.9170	05/25/45	822,686
1,643,063		Structured Asset Mortgage Investments II Trust(d)		US0001M + 0.420%	0.8770	05/25/46	754,712
806,020		Structured Asset Mortgage Investments II Trust(d)		US0001M + 0.420%	0.8770	05/25/46	573,451
667,836		Structured Asset Mortgage Investments Trust(d)		US0001M + 1.200%	1.6490	05/19/33	622,935
470,369		Structured Asset Sec Corp Mort Pass Thr Certs			6.5000	07/25/28	257,735
1,800,841		Structured Asset Sec Corp Mort Passthr Certs Ser(d)			2.6900	01/25/34	1,269,640
78,732		Structured Asset Sec Mortgage Pass-Through(b)			2.1620	11/25/32	78,169
1,515,405		Structured Asset Securities Corp Mor Cer Ser(b)			2.2890	10/25/33	1,365,825
126,284		Structured Asset Securities Corp Mortgage(f)			4.3880	08/25/33	125,861
647,507		Structured Asset Securities Corp Mortgage(f)			4.9750	06/25/34	644,005
143,100		Structured Asset Securities Corp Mortgage Loan(b),(c)			2.8200	10/25/36	136,559
150,227		Structured Asset Securities Corporation(f)			5.1820	02/25/34	147,058
521,111		TBW Mortgage-Backed Pass-Through Certificates			6.5000	04/25/36	415,289
1,319,504		TBW Mortgage-Backed Trust 2006-6(f)			5.6600	01/25/37	473,716
483,804		TBW Mortgage-Backed Trust Series 2006-2			6.0000	07/25/36	233,620
1,006,712		Terwin Mortgage Trust 2006-9HGA(c),(d)		US0001M + 0.560%	0.7470	10/25/37	416,842
349,947		Terwin Mortgage Trust 2007-6ALT(c),(d)		US0001M + 0.600%	1.0570	08/25/38	296,467
67,487		Thornburg Mortgage Securities Trust 2005-1(b)			2.2360	04/25/45	67,894
159,923		Thornburg Mortgage Securities Trust 2007-3(d)		US0012M + 1.250%	3.2610	06/25/47	157,990
15,675,443		Voyager CBASS Delaware Trust(b),(c)			0.9170	02/26/37	479,719
1,523,696		Voyager CNTYW Delaware Trust(b),(c)			0.6970	12/16/33	1,450,639
1,355,914		Voyager CNTYW Delaware Trust(b),(c)			0.6370	02/16/36	1,228,254
5,095,628		Voyager CNTYW Delaware Trust(b),(c)			0.6370	02/16/36	4,570,482
12,487,359		Voyager CNTYW Delaware Trust(b),(c)			0.5970	05/16/36	11,151,997
2,564,249		Voyager OPTONE Delaware Trust(a),(b),(c)			0.7070	02/25/38	766,621
405,962		Wachovia Mortgage Loan Trust, LLC Series 2005-A(b)			2.1770	08/20/35	407,694

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
2,134,899		Wachovia Mortgage Loan Trust, LLC Series 2005-A(b)			2.8620	08/20/35	$ 2,107,191
93,711		Wachovia Mortgage Loan Trust, LLC Series 2006-A(b)			2.8580	05/20/36	94,889
29,337		Wachovia Mortgage Loan Trust, LLC Series 2006-A(b)			3.0970	05/20/36	28,681
631,694		Wachovia Mortgage Loan Trust, LLC Series 2007-A(b)			2.3730	03/20/37	608,253
144,227		WaMu Mortgage Backed Pass Through Certificates(b)			1.7070	12/19/39	137,394
49,188		WaMu Mortgage Backed Pass Through Certificates(b),(c)			1.7070	12/19/39	44,402
36,906		WaMu Mortgage Backed Pass Through Certificates(b),(c)			1.7070	12/19/39	32,614
28,554		WaMu Mortgage Backed Pass Through Certificates(b),(c)			1.7070	12/19/39	20,826
142,584		WaMu Mortgage Pass-Through Certificates Series(b)			2.4950	10/25/32	138,948
259,574		WaMu Mortgage Pass-Through Certificates Series			5.7500	01/25/33	254,960
468,330		WaMu Mortgage Pass-Through Certificates Series(b)			2.6120	02/25/33	459,097
35,470		WaMu Mortgage Pass-Through Certificates Series(b)			2.5800	06/25/33	35,606
1,168,595		WaMu Mortgage Pass-Through Certificates Series(b)			5.6490	06/25/33	644,917
121,238		WaMu Mortgage Pass-Through Certificates Series 2003-AR8-A(b)			2.6990	08/25/33	123,560
195,366		WaMu Mortgage Pass-Through Certificates Series(b)			2.5170	09/25/33	157,902
818,209		WaMu Mortgage Pass-Through Certificates Series(b)			5.9040	01/25/34	831,667
84,034		WaMu Mortgage Pass-Through Certificates Series			5.5000	06/25/34	83,486
16,386		WaMu Mortgage Pass-Through Certificates Series			5.5000	07/25/34	16,621
60,065		WaMu Mortgage Pass-Through Certificates Series(b)			3.2920	10/25/36	57,664
261,699		WaMu Mortgage Pass-Through Certificates Series(b)			1.4820	11/25/41	232,025
18,447		WaMu Mortgage Pass-Through Certificates Series(c),(d)		12MTA + 1.400%	1.5410	06/25/42	12,160
98,723		WaMu Mortgage Pass-Through Certificates Series(d)		12MTA + 1.400%	1.5410	06/25/42	90,043
97,756		WaMu Mortgage Pass-Through Certificates Series(d)		12MTA + 1.400%	1.5410	06/25/42	90,869
195,073		WaMu Mortgage Pass-Through Certificates Series(d)		12MTA + 1.400%	1.5410	06/25/42	183,335
18,128		WaMu Mortgage Pass-Through Certificates Series(d)		12MTA + 1.400%	1.5410	08/25/42	9,607
74,311		WaMu Mortgage Pass-Through Certificates Series(d)		12MTA + 1.400%	1.5410	08/25/42	71,634
2,170,678		WaMu Mortgage Pass-Through Certificates Series(d)		12MTA + 0.980%	1.1210	07/25/46	2,061,028
127,176		WaMu Pass Through Certificates Series 2002-AR12(b)			2.3250	10/25/32	124,981
78,223		WaMu Pass Through Certificates Series 2002-AR12(b)			2.3250	10/25/32	73,997
1,393,455		Washington Mutual Mortgage Pass-Through			5.5000	03/25/35	1,342,473
93,229		Washington Mutual Mortgage Pass-Through			5.5000	03/25/35	91,486
2,083,480		Washington Mutual Mortgage Pass-Through(d)		US0001M + 0.500%	0.9570	02/25/36	1,859,113
353,925		Washington Mutual Mortgage Pass-Through			6.0000	03/25/36	313,704
335,744		Washington Mutual Mortgage Pass-Through			6.0000	04/25/37	321,315

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 32.8% (Continued)
62,614		Washington Mutual Mortgage Pass-Through(d)		12MTA + 0.940%	1.0810	04/25/46	$ 57,822
440,122		Washington Mutual Mortgage Pass-Through(d)		12MTA + 0.940%	1.0810	07/25/46	293,476
704,966		Washington Mutual Mortgage Pass-Through(d)		12MTA + 0.960%	1.1010	08/25/46	480,471
177,578		Washington Mutual Mortgage Pass-Through(d)		12MTA + 0.850%	0.9910	10/25/46	158,365
34,457		Washington Mutual MSC Mortgage Pass-Through(c)			6.5000	10/19/29	32,893
34,457		Washington Mutual MSC Mortgage Pass-Through(c)			6.5000	10/19/29	32,899
58,670		Washington Mutual MSC Mortgage Pass-Through(b)			2.8040	02/25/33	58,315
364,211		Washington Mutual MSC Mortgage Pass-Through(b),(c)			5.7660	02/25/33	92,115
161,251		Washington Mutual MSC Mortgage Pass-Through(b)			5.7500	03/25/33	112,095
74,083		Washington Mutual MSC Mortgage Pass-Through			5.7500	03/25/33	72,174
47,230		Washington Mutual MSC Mortgage Pass-Through			7.5000	04/25/33	46,888
703,699		Washington Mutual MSC Mortgage Pass-Through(b)			2.6090	05/25/33	699,368
751,777		Washington Mutual MSC Mortgage Pass-Through(b)			7.0000	07/25/33	700,937
2,258		Wells Fargo Alternative Loan 2007-PA2 Trust			5.5000	06/25/22	2,249
49,742		Wells Fargo Mortgage Backed Securities 2003-I(b)			2.3800	09/25/33	39,217
61,277		Wells Fargo Mortgage Backed Securities 2004-K(b)			2.6150	07/25/34	61,814
36,934		Wells Fargo Mortgage Backed Securities 2004-K(b)			2.6150	07/25/34	37,307
1,932		Wells Fargo Mortgage Backed Securities 2006-20			5.5000	04/25/22	1,924
							280,928,143
		HOME EQUITY — 12.3%
1,300,807		ABFC 2002-WF2 Trust (h)			0.0000	11/25/29	1,319,708
153,778		ABFS Mortgage Loan Trust 2000-3(f)			8.1100	09/15/31	143,905
2,930,329		ABFS Mortgage Loan Trust 2002-1(f)			7.0100	12/15/32	2,730,551
1,113,532		ABFS Mortgage Loan Trust 2003-1(d)		US0001M + 2.250%	2.6470	08/15/33	1,094,511
375,167		Accredited Mortgage Loan Trust 2004-3(f)			6.0000	10/25/34	353,351
892,823		Accredited Mortgage Loan Trust 2005-1(d)		US0001M + 3.300%	3.7570	04/25/35	905,049
21,307		ACE Securities Corp Home Equity Loan Trust Series(d)		US0001M + 1.275%	1.7320	08/25/32	21,029
289,449		ACE Securities Corp Home Equity Loan Trust Series(d)		US0001M + 2.250%	2.7070	12/25/33	288,972
528,589		ACE Securities Corp Home Equity Loan Trust Series(c),(d)		US0001M + 5.250%	5.7070	07/25/34	515,249
1,531,310		ACE Securities Corp Home Equity Loan Trust Series(d)		US0001M + 3.500%	3.9570	05/25/35	1,587,593
8,746		ACE Securities Corp Home Equity Loan Trust Series(d)		US0001M + 0.070%	0.5270	11/25/36	4,382
230,851		ACE Securities Corp Home Equity Loan Trust Series(d)		US0001M + 0.180%	0.6370	02/25/37	120,476
113,450		ACE Securities Corp Home Equity Loan Trust Series(d)		US0001M + 1.875%	2.3320	11/25/50	114,772
482,688		Aegis Asset Backed Securities Trust Mortgage(d)		US0001M + 2.025%	2.4820	10/25/34	475,883

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		HOME EQUITY — 12.3% (Continued)
370,110		Aegis Asset Backed Securities Trust Mortgage Pass-(d)		US0001M + 3.150%	3.6070	09/25/34	$ 380,321
44,589		AFC Home Equity Loan Trust(d)		US0001M + 0.720%	1.1770	09/22/28	44,041
794,231		AFC Trust Series 2000-2(d)		US0001M + 0.700%	1.1570	06/25/30	754,248
1,174,559		AFC Trust Series 2000-2(d)		US0001M + 0.790%	1.2470	06/25/30	1,124,981
151,817		AFC Trust Series 2000-3(c),(d)		US0001M + 0.640%	0.8270	10/25/30	146,036
849,765		AFC Trust Series 2000-3(c),(d)		US0001M + 0.750%	0.9370	10/25/30	808,189
1,178,080		Ameriquest Mort Sec Inc Asset Bk Pass Thr Cert Ser(d)		US0001M + 3.375%	3.8320	11/25/32	1,195,036
47,852		Ameriquest Mortgage Securities Asset-Backed(d)		US0001M + 2.850%	3.3070	08/25/32	47,586
192,429		Ameriquest Mortgage Securities Asset-Backed(d)		US0001M + 4.500%	3.9370	01/25/33	193,825
395,318		Ameriquest Mortgage Securities Inc Asset-Backed(d)		US0001M + 3.750%	3.4940	02/25/33	377,795
1,160,893		Amresco Residential Securities Corp Mort Loan(d)		US0001M + 0.750%	1.7070	11/25/29	1,129,613
68,454		Amresco Residential Securities Corp Mortgage Loan(f)			7.5630	10/25/27	69,039
762,597		Argent Securities Inc Asset-Backed Pass-Through(d)		US0001M + 5.625%	4.4850	09/25/33	750,713
1,792,831		Asset Backed Securities Corp Home Equity Loan(d)		US0001M + 5.250%	5.6470	01/15/33	1,791,859
7,881		Asset Backed Securities Corp Home Equity Loan(d)		US0001M + 0.080%	0.5370	05/25/37	6,065
301,863		Bayview Financial Asset Trust 2007-SSR1(c),(d)		US0001M + 0.800%	1.2570	03/25/37	288,955
178,316		Bayview Financial Asset Trust 2007-SSR1(c),(d)		US0001M + 1.150%	1.6070	03/25/37	172,651
93,563		Bayview Financial Mortgage Pass-Through(d)		US0001M + 2.850%	3.2970	08/28/44	94,549
394,546		Bear Stearns Asset Backed Securities I Trust(d)		US0001M + 1.755%	2.2120	09/25/34	394,545
9,082,000		Bear Stearns Asset Backed Securities I Trust(d)		US0001M + 6.000%	6.4570	10/25/34	9,486,202
148,759		Bear Stearns Asset Backed Securities I Trust(d)		US0001M + 4.650%	5.1070	12/25/34	161,090
674,813		Bear Stearns Asset Backed Securities I Trust(d)		US0001M + 2.550%	3.0070	05/25/35	677,856
3,547,332		Bear Stearns Asset Backed Securities I Trust(c),(d)		US0001M + 4.500%	4.9570	08/25/35	3,712,834
820,848		Bear Stearns Asset Backed Securities I Trust(d)		US0001M + 0.615%	1.0720	02/25/36	951,256
5,770,261		Bear Stearns Asset Backed Securities I Trust(d)		US0001M + 0.450%	0.9070	06/25/36	5,283,614
277,664		Bear Stearns Asset Backed Securities I Trust(d)		US0001M + 0.270%	0.7270	01/25/37	963,909
23,723		Bear Stearns Second Lien Trust 2007-1(d)		US0001M + 0.440%	0.8970	08/25/37	22,277
560,695		Bond Securitization Trust 2003-1(b),(h)			0.0000	10/25/34	487,804
147,493		Centex Home Equity Loan Trust 2004-C(d)		US0001M + 0.795%	1.2520	06/25/34	140,958
332,914		Centex Home Equity Loan Trust 2004-D(f)			5.5600	09/25/34	326,896
478,305		Citigroup Mortgage Loan Trust 2007-OPX1(f)			5.8630	01/25/37	258,424
2,301,000		Citigroup Mortgage Loan Trust, Inc.(d)		US0001M + 4.500%	4.9570	12/25/33	2,421,327
97,476		Contimortgage Home Equity Loan Trust 1996-4(d)		US0001M + 0.480%	0.8770	01/15/28	86,954
163		Countrywide Asset-Backed Certificates(b), (h)			5.0910	05/25/32	160

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		HOME EQUITY — 12.3% (Continued)
10		Countrywide Asset-Backed Certificates(b)			5.8340	07/25/34	$ 10
45,791		Countrywide Asset-Backed Certificates(f)			5.2520	02/25/35	46,229
675,707		Countrywide Home Equity Loan Trust(d)		US0001M + 0.150%	0.5470	11/15/36	567,438
30,915		Countrywide Home Equity Loan Trust(d)		US0001M + 0.150%	0.5470	11/15/36	27,782
721,673		Credit Suisse First Boston Mortgage Securities(d)		US0001M + 0.740%	1.1970	08/25/32	702,274
578,775		Credit Suisse First Boston Mortgage Securities(d)		US0001M + 3.250%	3.7070	04/25/34	562,675
53,530		CWABS Revolving Home Equity Loan Trust Series(d)		US0001M + 0.280%	0.6770	02/15/34	52,861
96,858		CWABS Revolving Home Equity Loan Trust Series(d)		US0001M + 0.280%	0.6770	02/15/34	92,554
2,627,500		CWHEQ Home Equity Loan Trust Series 2006-S5			6.1550	06/25/35	3,290,646
566,364		CWHEQ Revolving Home Equity Loan Trust Series(d)		US0001M + 0.240%	0.6370	02/15/36	541,196
896,859		CWHEQ Revolving Home Equity Loan Trust Series(d)		US0001M + 0.340%	0.7370	02/15/36	853,756
1,153,218		CWHEQ Revolving Home Equity Loan Trust Series(d)		US0001M + 0.200%	0.5970	05/15/36	1,099,370
68,302		CWHEQ Revolving Home Equity Loan Trust Series(d)		US0001M + 0.140%	0.5370	01/15/37	64,722
441,574		EquiFirst Mortgage Loan Trust 2004-2(d)		US0001M + 1.875%	2.3320	10/25/34	438,878
331,092		FirstCity Capital Home Equity Loan Trust 1998-2(c),(d)		US0001M + 1.600%	1.2570	01/25/29	324,916
279,421		GMACM Home Equity Loan Trust 2004-HE1(d)		US0001M + 0.500%	0.6080	06/25/34	274,468
572,037		GMACM Home Equity Loan Trust 2004-HE1(c),(d)		US0001M + 0.500%	0.6080	06/25/34	561,898
148,094		GMACM Home Equity Loan Trust 2004-HE3(c),(d)		US0001M + 0.500%	0.9570	10/25/34	146,638
16,135		GMACM Home Equity Loan Trust 2005-HE1(c),(d)		US0001M + 0.500%	0.9570	08/25/35	13,561
1,632,882		GMACM Home Equity Loan Trust 2007-HE2(d)		US0001M + 0.140%	0.5970	12/25/37	1,604,927
1,239,043		GMACM Home Equity Loan Trust 2007-HE2(f)			7.4240	12/25/37	1,282,958
545,344		GMACM Mortgage Loan Trust 2004-GH1(f)			5.5000	07/25/35	372,331
111,075		GSAA Home Equity Trust 2005-2(d)		US0001M + 2.175%	2.6320	12/25/34	150,567
2,959,887		GSAA Home Equity Trust 2005-5(d)		US0001M + 2.550%	3.0070	02/25/35	2,993,774
19,291		GSAA Trust 2004-3(f)			6.2200	04/25/34	19,065
47,535		Home Equity Asset Trust(d)		US0001M + 1.500%	1.9570	03/25/33	47,419
160,222		Home Equity Asset Trust(d)		US0001M + 4.750%	5.2070	06/25/33	1,221,835
96,264		Home Equity Asset Trust(d)		US0001M + 3.250%	3.7070	04/25/34	150,677
18,412		Home Equity Asset Trust 2002-2(d)		US0001M + 2.600%	3.0570	06/25/32	31,776
196,997		Home Equity Mortgage Loan Asset-Backed Trust(d)		US0001M + 1.425%	1.8820	10/25/33	189,927
93,089		Home Equity Mortgage Loan Asset-Backed Trust(d)		US0001M + 2.025%	2.4820	07/25/34	92,566
210,647		Home Equity Mortgage Loan Asset-Backed Trust(d)		US0001M + 3.300%	3.7570	11/25/34	206,913
709,179		Home Equity Mortgage Trust 2007-1(d)		US0001M + 0.340%	0.7970	05/25/37	681,146
634,345		Imc Home Equity Loan Trust 1998-3(f)			5.4320	08/20/29	657,029

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		HOME EQUITY — 12.3% (Continued)
114,837		IMC Home Equity Loan Trust 1998-5(f)			5.8440	12/20/29	$ 114,409
59,677		Irwin Home Equity Loan Trust 2004-1(d)		US0001M + 1.875%	2.3320	12/25/34	58,880
749,991		Irwin Home Equity Loan Trust 2006-P1(c),(d)		US0001M + 0.280%	0.7370	12/25/36	724,928
904,257		Irwin Home Equity Loan Trust 2006-P1(c),(f)			6.3000	06/25/37	901,523
15,271		IXIS Real Estate Capital Trust 2005-HE4(d)		US0001M + 0.630%	1.0870	02/25/36	15,826
5,265		Lake Country Mortgage Loan Trust 2006-HE1(c),(d)		US0001M + 3.000%	3.4570	07/25/34	5,265
250,917		MAFI II Remic Trust 1999-A(b),(c)			8.0000	03/20/25	247,320
231,647		Mastr Asset Backed Securities Trust 2003-NC1(d)		US0001M + 5.250%	4.7130	04/25/33	241,588
89,090		Mastr Asset Backed Securities Trust 2003-WMC2(d)		US0001M + 2.475%	2.9320	08/25/33	89,272
15,801		Mastr Asset Backed Securities Trust 2004-WMC2(d)		US0001M + 3.225%	3.6820	04/25/34	19,000
844,622		Mastr Asset Backed Securities Trust 2005-NC2(d)		US0001M + 0.500%	0.9570	11/25/35	587,217
1,352,200		Mastr Asset Backed Securities Trust 2005-NC2(d)		US0001M + 0.700%	1.1570	11/25/35	943,692
61,600		Meritage Mortgage Loan Trust 2003-1(d)		US0001M + 2.325%	2.7820	11/25/33	61,453
927,752		Merrill Lynch Mortgage Investors Trust Series(d)		US0001M + 3.075%	3.5320	10/25/35	913,341
5,686,236		Merrill Lynch Mortgage Investors Trust Series(c),(d)		US0001M + 1.125%	1.5820	08/25/36	6,342,904
133,689		Morgan Stanley A.B.S Capital I Inc Trust 2003-NC8(d)		US0001M + 3.150%	3.6070	09/25/33	134,507
2,173		Morgan Stanley A.B.S Capital I Inc Trust 2007-HE4(d)		US0001M + 0.110%	0.5670	02/25/37	843
67,371		Morgan Stanley Dean Witter Capital I Inc Trust(d)		US0001M + 2.100%	2.5570	02/25/32	67,258
112,851		Morgan Stanley Dean Witter Capital I Inc Trust(d)		US0001M + 3.300%	3.7570	02/25/32	477,852
121,294		Morgan Stanley Dean Witter Capital I Inc Trust(d)		US0001M + 5.625%	6.0820	02/25/33	690,041
1,642,789		Morgan Stanley Dean Witter Capital I Inc Trust(d)		US0001M + 5.625%	6.0820	02/25/33	1,791,791
106,240		Morgan Stanley Mortgage Loan Trust 2006-16AX(d)		US0001M + 0.340%	0.7970	11/25/36	38,678
2,611,223		Morgan Stanley Mortgage Loan Trust 2007-10XS(b)			6.2500	02/25/37	2,121,058
4,469,863		Morgan Stanley Mortgage Loan Trust 2007-8XS(b)			6.0000	04/25/37	3,569,039
316,527		New Century Home Equity Loan Trust 2003-6(d)		US0001M + 1.080%	1.5370	01/25/34	312,355
5,043		New Century Home Equity Loan Trust Series 2003-5(b)			4.8600	11/25/33	5,043
69,851		New Century Home Equity Loan Trust Series 2003-5(f)			6.0000	11/25/33	69,143
734,638		NovaStar Mortgage Funding Trust Series 2003-2(d)		US0001M + 2.775%	3.2320	09/25/33	750,035
334,479		Option One Mortgage Loan Trust 2004-1(d)		US0001M + 1.650%	2.1070	01/25/34	333,196
178,972		Option One Mortgage Loan Trust 2004-1(d)		US0001M + 2.475%	2.9320	01/25/34	172,446
503,444		Option One Mortgage Loan Trust 2004-2(d)		US0001M + 1.575%	2.0320	05/25/34	526,502
104,819		Option One Mortgage Loan Trust 2004-2(d)		US0001M + 3.000%	3.4570	05/25/34	103,008
1,063,063		Option One Mortgage Loan Trust 2007-FXD1(f)			5.8660	01/25/37	973,559
350,992		Option One Mortgage Loan Trust 2007-FXD2(f)			6.1020	03/25/37	350,678

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		HOME EQUITY — 12.3% (Continued)
182,919		RAAC Series 2004-SP1 Trust(f)			6.1180	03/25/34	$ 182,059
15,148		RASC Series 2003-KS4 Trust(f)			4.6700	06/25/33	15,238
2,742,835		RASC Series 2004-KS11 Trust(d)		US0001M + 1.000%	1.9570	12/25/34	3,021,393
67,659		Renaissance Home Equity Loan Trust 2002-4(f)			7.0720	03/25/33	63,967
170,768		Renaissance Home Equity Loan Trust 2004-3(f)			5.3240	11/25/34	164,425
255,461		Renaissance Home Equity Loan Trust 2005-4(f)			5.8250	02/25/36	246,473
23,391		Saco I Trust 2007-1(d)		US0001M + 0.320%	0.7770	01/25/37	23,522
45,884		Saco I Trust 2007-2(d)		US0001M + 0.320%	0.7770	02/25/37	45,463
2,111,981		Saxon Asset Securities Trust 2001-2(d)		US0001M + 0.795%	1.2520	03/25/31	1,986,441
33,408,363		Soundview Home Loan Trust 2007-OPT4(a),(b)			0.5800	09/25/37	986,496
536,795		Structured Asset Securities Corp Mortgage Pass			3.3750	08/25/31	530,062
225,000		Structured Asset Securities Corp Pass-Through (h)			0.0000	02/25/32	703,814
362,370		Terwin Mortgage Trust 2004-1HE(c),(d)		US0001M + 2.475%	2.9320	02/25/34	355,619
2,299,013		Terwin Mortgage Trust 2004-21HE(c),(d)		US0001M + 2.625%	3.0820	12/25/34	2,291,540
67,039		Terwin Mortgage Trust 2006-10SL(b),(c)			4.7500	10/25/37	33,853
1,211,714		Terwin Mortgage Trust 2006-4SL(b),(c)			0.1450	05/25/37	713,448
1,745,710		Terwin Mortgage Trust 2006-6(b),(c)			0.2240	07/25/37	849,674
4,706,466		Truman Capital Mortgage Loan Trust(c),(d)		US0001M + 4.650%	5.1070	11/25/32	4,301,915
15,385		United National Home Loan Owner Trust 1999-1(f)			6.9100	03/25/25	15,300
48,340		Wells Fargo Home Equity Asset-Backed Securities(b)			4.9800	04/25/34	48,456
162,828		Wells Fargo Home Equity Asset-Backed Securities(d)		US0001M + 2.820%	3.2770	10/25/34	162,065
693,175		Wells Fargo Home Equity Asset-Backed Securities(d)		US0001M + 2.550%	3.0070	04/25/35	685,237
							104,971,931
		MANUFACTURED HOUSING — 2.4%
416,168		ACE Securities Corp Manufactured Housing Trust(c),(e)			0.0000	08/15/30	345,986
879,454		BCMSC Trust 1998-C(b)			7.5100	01/15/29	820,382
591,707		BCMSC Trust 1999-B(b)			6.9750	12/15/29	105,338
2,339,461		Conseco Finance Corporation(b)			7.0200	10/15/27	2,270,230
342,158		Conseco Finance Corporation(b)			7.5300	03/15/28	334,511
2,842,040		Conseco Finance Corporation(b)			7.5400	06/15/28	2,927,599
3,609,970		Conseco Finance Corporation(b)			7.2400	11/15/28	3,460,921
431,361		Conseco Finance Corporation(b)			6.9400	12/01/28	416,906
3,023,867		Conseco Finance Corporation(b)			7.5000	03/01/30	1,472,659
3,120		Credit-Based Asset Servicing and Securitization,(c),(f)			6.2500	10/25/36	3,113

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		MANUFACTURED HOUSING — 2.4% (Continued)
282,954		Deutsche Financial Capital Securitization, LLC			6.8000	04/15/28	$ 287,860
2,211,756		Deutsche Financial Capital Securitization, LLC			7.2750	04/15/28	2,141,944
11,867		MERIT Securities Corporation(f)			7.6300	07/28/33	11,967
1,190,000		Morgan Stanley Resecuritization Trust 2015-R7(b),(c)			7.1510	02/26/29	1,182,803
11,750		Oakwood Mortgage Investors, Inc.			7.7500	08/15/27	11,487
11,494		Oakwood Mortgage Investors, Inc.(b)			7.3250	02/15/28	10,966
1,426,245		Oakwood Mortgage Investors, Inc.(c)			7.4150	01/15/29	1,416,196
164,090		Oakwood Mortgage Investors, Inc.(b)			5.2600	08/15/31	98,783
59,149		Oakwood Mortgage Investors, Inc.(b)			5.1900	06/15/32	58,831
2,376,280		Origen Manufactured Housing Contract Trust 2006-A(b)			1.8620	10/15/37	2,226,514
1,239,454		Origen Manufactured Housing Contract Trust 2007-A(b)			2.6270	04/15/37	1,170,033
38,474		UCFC Manufactured Housing Contract			6.2270	01/15/30	38,786
							20,813,815
		NON AGENCY CMBS — 12.8%
1,753,336		BAMLL Re-REMIC Trust 2016-RRGG10(b),(c)			5.8310	08/10/45	701,334
744,927		Banc of America Commercial Mortgage Trust 2006-4(b)			5.7540	07/10/46	737,478
7,178,036		Banc of America Commercial Mortgage Trust 2007-1(b)			5.5230	01/15/49	3,523,190
348,164		Bear Stearns Asset Backed Securities Trust 2003-3(d)		US0001M + 1.230%	1.6870	06/25/43	349,922
556,421		Bear Stearns Commercial Mortgage Securities Trust(b),(c)			5.7500	09/11/41	534,846
369,216		Bear Stearns Commercial Mortgage Securities Trust 2007-T26 AJ(b),(i)			5.5660	01/12/45	36,627
2,109,200		CD 2005-CD1 Commercial Mortgage Trust(b),(c)			6.3620	07/15/44	2,109,200
1,788,627		CD 2007-CD5 Mortgage Trust(b),(c)			6.3720	11/15/44	1,793,099
15,780,724		CFCRE Commercial Mortgage Trust 2017-C8 X-A(a),(b)			1.4910	06/15/50	950,142
33,978,084		Citigroup Commercial Mortgage Trust 2014-GC23(a),(b)			0.9110	07/10/47	610,702
1,022,713		COMM 2010-C1 Mortgage Trust(b),(c)			5.7540	07/10/46	1,022,205
13,784		COMM 2012-LC4 Mortgage Trust(b)			4.9340	12/10/44	13,766
2,000,000		COMM 2013-LC13 Mortgage Trust(b),(c)			5.2620	08/10/46	1,876,725
108,610,000		COMM 2014-CCRE19 Mortgage Trust(a),(b),(c)			0.0010	08/10/47	68,978
21,984,760		COMM 2015-LC21 Mortgage Trust  Series 2015-LC21 Class X-A(a),(b)			0.6740	07/10/48	395,068
8,548		Credit Suisse Commercial Mortgage Trust Series(b),(c)			5.5230	01/15/49	8,553
2,935,145		CSMC 2014-USA OA, LLC(a),(b),(c)			0.5400	09/15/37	45,777
2,080,000		CSMC Trust 2017-CHOP(c),(d)		US0001M + 4.350%	4.7470	07/15/32	1,943,418
2,854,386		DBUBS 2011-LC3 Mortgage Trust  Series 2011-LC3A D(b),(c)			5.3890	08/10/44	2,778,406

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		NON AGENCY CMBS — 12.8% (Continued)
46,142		GMAC Commercial Mortgage Securities Inc Series(b)			5.3490	11/10/45	$ 43,801
2,268,894		Greenwich Capital Commercial Mortgage Trust(b),(c)			5.9280	03/18/49	1,995,089
2,066,364		GS Mortgage Securities Corporation II(c),(d)		US0001M + 1.550%	1.9470	09/15/31	1,863,723
713,835		GS Mortgage Securities Corporation II(c),(d)		US0001M + 2.750%	3.1470	09/15/31	580,370
334,008		GS Mortgage Securities Trust 2010-C1(c)			5.1480	08/10/43	331,595
3,000,000		GS Mortgage Securities Trust 2010-C1(b),(c)			5.6350	08/10/43	2,768,160
9,080,000		GS Mortgage Securities Trust 2010-C1(b),(c)			6.5250	08/10/43	6,388,190
481,000		GS Mortgage Securities Trust 2011-GC5(b),(c)			5.1630	08/10/44	222,857
993,121		GS Mortgage Securities Trust 2011-GC5(b),(c)			5.1630	08/10/44	994,894
1,000,000		Harvest Commercial Capital Loan Trust 2020-1(b),(c)			5.9640	04/25/52	924,232
161,854		Impac CMB Trust Series 2004-8(d)		US0001M + 1.575%	2.0320	08/25/34	161,097
5,378,000		JP MORGAN CHASE COMMERCIAL MORTGAGE ADJ% 02/15/46(b),(c)			5.5250	02/15/46	3,994,518
9,501,542		JP Morgan Chase Commercial Mortgage Securities(c)			3.9100	05/05/30	7,791,265
4,700,000		JP Morgan Chase Commercial Mortgage Securities(c),(d)		US0001M + 4.250%	4.6470	11/15/31	1,950,670
915,797		JP Morgan Chase Commercial Mortgage Securities(b),(c)			6.4470	07/12/35	908,484
3,526,298		JP Morgan Chase Commercial Mortgage Securities 2010-C2 D(b),(c)			5.8920	11/15/43	3,506,185
2,100,000		JP Morgan Chase Commercial Mortgage Securities(b),(c)			5.8920	11/15/43	1,756,520
1,530,202		JP Morgan Chase Commercial Mortgage Securities(b)			5.4890	12/12/43	1,107,147
1,129,794		JP Morgan Chase Commercial Mortgage Securities(b),(c)			5.0130	02/15/46	1,103,854
3,750,000		JP Morgan Chase Commercial Mortgage Securities(b),(c)			5.3600	02/15/46	3,593,977
107,000		JP Morgan Chase Commercial Mortgage Securities(b)			4.1650	04/15/46	88,393
124,504		JP Morgan Chase Commercial Mortgage Securities(b),(c)			5.3980	07/15/46	126,200
2,058,000		JP Morgan Chase Commercial Mortgage Securities(b),(c)			5.5350	07/15/46	2,037,833
11,273,271		JP Morgan Chase Commercial Mortgage Securities 2006-LDP9 A-MS			5.3370	05/15/47	10,738,549
25,341		JP Morgan Chase Commercial Mortgage Securities(b)			6.2220	02/15/51	22,908
8,227,983		JP Morgan Chase Commercial Mortgage Securities(b)			6.3680	02/15/51	8,202,828
4,355,000		LBSBC NIM Company 2005-2(c)			5.5000	09/27/30	4,572,001
840,847		LBSBC NIM Company 2005-2(c)			7.8600	09/27/30	851,818
100		LBSBN 2005-2A PS (h)			0.0000	09/27/30	1,800,000
6,472,898		LB-UBS Commercial Mortgage Trust 2006-C6(b)			5.4520	09/15/39	2,693,906
19,621		Merrill Lynch Mortgage Investors Trust Series(b),(c)			6.2500	11/15/26	19,757
66,303		Merrill Lynch Mortgage Trust 2005-CKI1(b),(c)			6.8960	11/12/37	35,379
344,945		Merrill Lynch Mortgage Trust 2006-C1(b)			6.3490	05/12/39	325,886

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		NON AGENCY CMBS — 12.8% (Continued)
805,547		ML-CFC Commercial Mortgage Trust 2007-9(b)			6.1930	09/12/49	$ 783,384
365,246		ML-CFC Commercial Mortgage Trust 2007-9(b)			6.2220	09/12/49	353,597
2,726,161		Morgan Stanley Capital I Trust 2006-TOP21(b),(c)			5.5670	10/12/52	2,857,750
24,369		Morgan Stanley Capital I Trust 2007-IQ15(b),(c)			6.2730	06/11/49	24,434
147,345		Morgan Stanley Capital I Trust 2011-C2  Series 2011-C2 D(b),(c)			5.2120	06/15/44	143,257
545,000		Morgan Stanley Capital I Trust 2011-C2(b),(c)			5.2120	06/15/44	436,182
198,000		Morgan Stanley Capital I Trust 2011-C3(b),(c)			5.0860	07/15/49	175,318
1,787,950		Morgan Stanley Capital I Trust 2011-C3(b),(c)			5.0860	07/15/49	1,254,985
384,000		Morgan Stanley Capital I Trust 2011-C3(b),(c)			5.0860	07/15/49	204,345
3,000,000		ReadyCap Commercial Mortgage Trust 2018-4(b),(c)			5.2280	02/27/51	2,874,350
8,000,000		TMSQ 2014-1500 Mortgage Trust(a),(b),(c)			0.1550	10/10/36	32,536
163,000		UBS Commercial Mortgage Trust 2012-C1(b),(c)			5.8400	05/10/45	152,310
265,000		UBS-Citigroup Commercial Mortgage Trust 2011-C1 E(b),(c)			6.2650	01/10/45	103,350
1,765,552		Wachovia Bank Commercial Mortgage Trust Series(b),(c)			5.3100	01/15/41	1,753,558
1,250,805		Wachovia Bank Commercial Mortgage Trust Series(b),(c)			4.9800	10/15/44	1,201,923
1,350,000		WFRBS Commercial Mortgage Trust 2011-C4(b),(c)			4.8880	06/15/44	1,284,916
225,000		WFRBS Commercial Mortgage Trust 2013-C11(b),(c)			4.2380	03/15/45	219,959
5,166,432		WFRBS Commercial Mortgage Trust 2014-C19(a),(b)			0.9960	03/15/47	68,936
3,000,000		X-Caliber Funding, LLC(c),(d)		US0001M + 3.000%	4.0000	01/06/26	2,984,454
							109,911,066
		OTHER ABS — 0.6%
108,753		AFC Trust Series 2000-4(c),(d)		US0001M + 0.770%	1.2270	01/25/31	105,391
2,556,093		Legal Fee Funding 2006-1, LLC(c)			8.0000	07/20/36	2,591,429
196,086		Oakwood Mortgage Investors, Inc.(b),(c)			8.4500	10/15/26	194,680
2,676,013		PEAR 2020-1, LLC(c)			3.7500	12/15/32	2,631,675
							5,523,175
		RESIDENTIAL MORTGAGE — 9.6%
992,136		Ameriquest Mortgage Securities Asset-Backed(d)		US0001M + 2.760%	3.2170	05/25/34	942,497
479,725		Bear Stearns Asset Backed Securities Trust(d)		US0001M + 0.900%	1.3570	12/25/33	463,797
1,788,000		Bear Stearns Asset Backed Securities Trust(d)		US0001M + 2.250%	2.7070	04/25/36	1,765,468
61,464		Bear Stearns Asset Backed Securities Trust(b)			2.7080	07/25/36	61,141
97,096		Bear Stearns Asset Backed Securities Trust			5.5000	08/25/36	97,354
332,369		Bear Stearns Asset Backed Securities Trust(d)		12MTA + 0.980%	1.1210	10/25/36	126,059

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		RESIDENTIAL MORTGAGE — 9.6% (Continued)
352,884		Bear Stearns Asset Backed Securities Trust			6.0000	10/25/36	$ 216,590
277,237		Bear Stearns Asset Backed Securities Trust(d)		US0001M + 3.150%	3.6070	11/25/39	276,174
902,000		Bear Stearns Asset Backed Securities Trust(d)		US0001M + 3.150%	3.6070	12/25/42	941,988
550,000		Bear Stearns Asset Backed Securities Trust(d)		US0001M + 3.150%	3.6070	12/25/42	574,845
41,568		Bear Stearns Asset Backed Securities Trust(e)			0.0000	09/25/46	30,313
196,007		Bear Stearns Asset Backed Securities Trust			5.5000	09/25/46	185,416
2,987,000		Bear Stearns Asset Backed Securities Trust 2006-2(d)		US0001M + 2.625%	3.0820	07/25/36	3,002,658
214,416		Carrington Mortgage Loan Trust Series 2005-FRE1(d)		US0001M + 0.705%	1.1620	12/25/35	219,602
61,769		Chase Funding Trust Series 2003-6(f)			4.9210	11/25/34	61,910
1,874		Citicorp Residential Mortgage Trust Series 2007-2(f)			4.8900	06/25/37	1,873
146,393		Citigroup Mortgage Loan Trust, Inc.(d)		US0001M + 2.625%	3.0820	11/25/34	892,437
9,109		Citigroup Mortgage Loan Trust, Inc.(f)			5.5300	11/25/34	9,173
452,008		Countrywide Asset-Backed Certificates(d)		US0001M + 2.625%	3.0820	10/25/33	453,580
1,439,295		Countrywide Asset-Backed Certificates(d)		US0001M + 0.660%	1.1170	11/25/33	1,373,248
50,345		Countrywide Asset-Backed Certificates(c),(f)			5.5000	08/25/35	50,512
665,844		Countrywide Asset-Backed Certificates(f)			4.0280	01/25/37	613,933
1,064,198		Countrywide Asset-Backed Certificates(d)		US0001M + 0.500%	0.9570	05/25/37	968,385
571,000		Credit-Based Asset Servicing and(c),(f)			4.6890	12/25/37	613,461
12,426		Credit-Based Asset Servicing and Securitization,(b),(c)			5.7960	02/03/29	9,668
45,360		Credit-Based Asset Servicing and Securitization,(d)		US0001M + 2.850%	3.3070	06/25/32	45,379
310,192		Credit-Based Asset Servicing and Securitization,(d)		US0001M + 2.100%	2.5570	12/25/33	312,060
55,025		Credit-Based Asset Servicing and Securitization,(c),(d)		US0001M + 2.400%	2.8570	09/25/35	57,130
312,055		Credit-Based Asset Servicing and Securitization,(f)			3.0040	12/25/36	303,468
733,588		Credit-Based Asset Servicing and Securitization,(c),(d)		US0001M + 0.460%	0.9170	02/25/37	601,107
2,001,338		Credit-Based Asset Servicing and Securitization,(c),(d)		US0001M + 3.000%	3.4570	05/25/50	2,040,066
553,042		CSFB Mortgage-Backed Pass-Through Certificates(d)		US0001M + 4.000%	4.4570	02/25/32	572,276
299,210		CWABS Asset-Backed Certificates Trust 2004-13(b)			4.6790	01/25/35	212,230
12		CWABS Asset-Backed Certificates Trust 2004-15(f)			4.4620	05/25/35	12
17,754		CWABS Asset-Backed Certificates Trust 2005-1 Class AF-5A(f)			5.1590	07/25/35	17,731
70,807		CWABS Asset-Backed Certificates Trust 2005-16(b)			4.4230	05/25/36	70,519
285,162		CWABS Asset-Backed Certificates Trust 2005-17(f)			3.8870	05/25/36	262,562
428,854		Equity One Mortgage Pass-Through Trust 2002-1(b)			6.2820	08/25/32	414,749
1,176,529		Fannie Mae Grantor Trust 2004-T5(b)			0.7270	05/28/35	1,099,955
209,469		Finance America Mortgage Loan Trust 2004-3(d)		US0001M + 0.945%	1.4020	11/25/34	204,783

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		RESIDENTIAL MORTGAGE — 9.6% (Continued)
195,762		Finance America Mortgage Loan Trust 2004-3(d)		US0001M + 1.020%	1.4770	11/25/34	$ 190,096
280,000		First Franklin Mortgage Loan Trust 2003-FFB(b),(h)			0.0000	02/25/33	265,000
199,018		First Franklin Mortgage Loan Trust 2004-FF2(d)		US0001M + 1.500%	1.9570	03/25/34	190,180
876,734		First Franklin Mortgage Loan Trust 2004-FFA(c),(h)			0.0000	03/25/24	876,760
2,278,685		Fremont Home Loan Trust 2002-2(d)		US0001M + 1.725%	2.1820	10/25/33	2,291,320
35,506		Fremont Home Loan Trust 2004-B(d)		US0001M + 3.000%	3.4570	05/25/34	37,696
36,492		Fremont Home Loan Trust 2005-A(d)		US0001M + 0.735%	1.1920	01/25/35	35,977
40,702		GSAMP Trust 2003-SEA2(f)			4.4210	07/25/33	40,055
110,877		GSAMP Trust 2004-HE1(d)		US0001M + 0.825%	1.2820	05/25/34	105,755
1,021,632		GSRPM Mortgage Loan Trust Series 2004-1(c),(d)		US0001M + 3.750%	4.2070	09/25/42	1,027,470
584,692		Lehman XS Trust 2007-3(d)		US0001M + 0.320%	0.7770	03/25/37	524,825
3,487,106		Lehman XS Trust Series 2005-4(d)		US0001M + 0.750%	1.2070	10/25/35	4,672,498
4,624,284		Long Beach Mortgage Loan Trust 2005-WL1(d)		US0001M + 0.975%	1.4320	06/25/45	4,976,455
1,720,152		Merrill Lynch Mortgage Investors Trust Series(d)		US0001M + 4.275%	4.7320	02/25/34	1,581,180
2,608,178		Morgan Stanley A.B.S Capital I Inc Trust 2005-WMC2(d)		US0001M + 0.705%	1.1620	02/25/35	2,629,164
2,162,349		Park Place Securities Inc Asset-Backed(d)		US0001M + 1.650%	2.1070	12/25/34	2,190,319
152,465		PFCA Home Equity Investment Trust(b),(c)			4.4450	01/22/35	148,684
279,114		PFCA Home Equity Investment Trust(b),(c)			3.3660	08/25/35	258,346
3,080,000		RAAC Series 2005-RP2 Trust(c),(d)		US0001M + 2.000%	3.4570	06/25/35	3,077,979
8,103,518		RAAC Series 2005-SP3 Trust (h)			0.0000	12/25/35	7,559,998
2,759,324		RAAC Series 2006-RP1 Trust(c),(d)		US0001M + 1.875%	2.3320	10/25/45	2,830,801
4,000,000		RAAC Series 2006-RP4 Trust(d)		US0001M + 1.500%	2.7070	01/25/46	3,946,300
4,638,000		RAAC Series 2006-RP4 Trust(d)		US0001M + 2.000%	3.4570	01/25/46	4,456,450
1,641,258		RAAC Series 2006-SP1 Trust(d)		US0001M + 0.825%	1.2820	09/25/45	1,532,699
418,029		RAMP Series 2003-RS10 Trust(d)		US0001M + 1.700%	3.0070	11/25/33	418,055
689,092		RAMP Series 2004-SL3 Trust			8.5000	12/25/31	406,725
194,922		RAMP Series 2006-RS6 Trust(d)		US0001M + 0.540%	0.9970	11/25/36	179,474
139		RASC Series 2006-KS9 Trust(d)		US0001M + 0.160%	0.6170	11/25/36	220
828,542		RFSC Series 2002-RP2 Trust(c),(d)		US0001M + 1.500%	1.9570	10/25/32	801,636
271,340		RFSC Trust(c),(d)		US0001M + 0.860%	1.3170	03/25/33	262,847
86,216		SACO I Trust 2005-WM2(d)		US0001M + 0.825%	1.2820	07/25/35	86,059
73,003		SACO I Trust 2006-6(d)		US0001M + 0.260%	0.7170	06/25/36	71,707
576,011		Sail Net Interest Margin Notes(c),(h)			7.0000	07/27/33	1,776,994
3,330,000		SASCO ARC NIM 2003-5 20330627(c)			0.000	06/27/33	3,418,178

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 73.3% (Continued)
		RESIDENTIAL MORTGAGE — 9.6% (Continued)
488,189		Soundview Home Loan Trust 2004-1(d)		US0001M + 1.020%	1.4770	07/25/34	$ 489,326
95,493		Soundview Home Loan Trust 2004-1(d)		US0001M + 2.925%	3.3820	07/25/34	95,195
739,165		Soundview Home Loan Trust 2004-1(d)		US0001M + 4.875%	5.3320	07/25/34	744,299
2,379,243		Structured Asset Investment Loan Trust 2004-8(d)		US0001M + 3.750%	4.2070	09/25/34	2,568,891
715,246		Structured Asset Securities Corp Mortgage(f)			6.0500	03/25/34	714,915
55,950		Structured Asset Securities Corp Mortgage Loan(d)		US0001M + 1.500%	1.7310	02/25/35	56,288
475,439		Structured Asset Securities Corp Mortgage Loan(d)		US0001M + 0.630%	1.0870	05/25/35	457,986
470,541		Structured Asset Securities Corp Mortgage Loan(d)		US0001M + 0.945%	1.4020	05/25/35	445,290
357,135		Structured Asset Securities Corp Mortgage Loan(d)		US0001M + 0.990%	1.4470	05/25/35	334,873
145,141		Structured Asset Securities Corp Mortgage Loan(d)		US0001M + 1.650%	2.1070	05/25/35	140,444
27,286		Structured Asset Securities Corp Mortgage Loan(d)		US0001M + 0.435%	0.8920	06/25/35	27,239
4,047,738		Washington Mutural Asset-Backed Certificates WMABS(d)		US0001M + 0.155%	0.6120	10/25/36	3,385,277
							82,494,034
		WHOLE BUSINESS — 0.2%
2,000,000		LOANME TRUST SBL 2019-1(c),(f)			11.5000	08/15/30	1,916,384
		TOTAL ASSET BACKED SECURITIES (Cost $633,090,913)					628,410,176
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 15.4%
		INSURANCE — 10.3%
51,087,200		Ambac Assurance Corporation(c)			5.1000	06/07/69	57,728,537
18,759,879		AMBAC Assurance Corporation(c)			8.5000	02/12/55	15,007,903
9,022,067		MBIA Global Funding, LLC(c),(e)			0.0000	12/15/31	4,014,820
32,494,969		MBIA Global Funding, LLC(e)			0.0000	12/15/33	11,616,951
							88,368,211
		SPECIALTY FINANCE — 1.8%
2,000,000		OWS Cre Funding I, LLC(c),(d)		US0001M + 4.900%	5.1310	09/15/23	1,993,197
2,000,000		PDOF MSN Issuer, LLC(c)		SOFRRATE + 4.500%	4.7700	03/01/25	2,000,739
8,659,350		Preferred Term Securities Limited(c)			0.0000	09/15/30	5,390,445
1,000,000		US Capital Funding II Ltd. Capital Funding II(c),(d),(i)		US0003M + 1.650%	1.9670	08/01/34	811,250
4,000,000		X-Caliber Funding, LLC(c)			5.0000	09/24/24	3,807,847
1,275,000		X-Caliber Funding, LLC(c)			11.0000	09/24/24	1,272,595

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($)				Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 15.4% (Continued)
		SPECIALTY FINANCE — 1.8% (Continued)
							$ 15,276,073
		SYNDICATED LOANS — 2.9%
8,660,013		DEER FINANCE SYNDICATED LOAN (h)			6.0000	10/07/23	8,660,012
4,185,382		MILBERG COLEMAN BRYSON PHILLIPS GROSSMAN SYNDICATE (h)			17.5000	04/28/25	4,185,382
7,500,000		MSP DEER FINANCE SYNDICATED LOAN (h)			17.0000	04/09/25	7,500,000
4,193,913		WATTS GUERRA 005-A DEER FINANCE SYNDICATE LOAN (h)			15.5000	10/30/25	4,193,913
							24,539,307
		TRANSPORTATION & LOGISTICS — 0.4%
3,032,033		American Airlines 2013-1 Class A Pass Through Series 2013-1 Class A			4.0000	01/15/27	2,815,834
107,396		American Airlines 2013-2 Class A Pass Through Series 2013-2 Class A			4.9500	01/15/23	107,101
716,513		US Airways 2013-1 Class A Pass Through Trust Series 13-1 A			3.9500	11/15/25	684,793
							3,607,728
		TOTAL CORPORATE BONDS (Cost $147,439,949)					131,791,319
Shares
		SHORT-TERM INVESTMENTS — 12.1%
		MONEY MARKET FUNDS - 12.1%
103,812,361		First American Government Obligations Fund, Class U, 0.20% (Cost $103,812,361)(g)					103,812,361
		TOTAL INVESTMENTS - 100.8% (Cost $884,343,223)					$ 864,013,856
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%					(7,124,217)
		NET ASSETS - 100.0%					$ 856,889,639

 

 

 

LLC	- Limited Liability Company
LTD	- Limited Company
REMIC	- Real Estate Mortgage Investment Conduit
12MTA	Federal Reserve US 12 Month Cumulative Avg 1 Year CMT
COF 11	Cost of Funds for the 11th District of San Francisco
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
SOFRRATE	United States SOFR Secured Overnight Financing Rate
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
US0006M	ICE LIBOR USD 6 Month
US0012M	ICE LIBOR USD 12 Month

 

RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

 

 

 

(a)	Interest only securities.
(b)	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.
(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of March 31, 2022 the total market value of 144A securities is 305,458,471 or 35.6% of net assets.
(D) (e)	Variable rate security; the rate represents the rate as of March 31, 2022. Zero coupon bond.
(f)	Step bond.  Coupon rate is fixed rate that changes on a specified date.  The rate shown is the current rate at March 31, 2022.
(g) (h) (i)	Rate disclosed is the seven day effective yield as of March 31, 2022. Fair valued security. Illiquid security, total illiquid securities equal 0.98%

 

 

 

 

 

 

RATIONAL INFLATION GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares							Fair Value
		COMMON STOCKS — 75.3%
		AEROSPACE & DEFENSE - 2.2%
185		Boeing Company (The)(a)					$ 35,428
435		Raytheon Technologies Corp.					43,095
							78,523
		ASSET MANAGEMENT - 1.0%
595		Apollo Global Management Inc.					36,884
		BANKS - 3.8%
885		Bank of America Corporation					36,480
592		Citigroup, Inc.					31,613
249		JPMorgan Chase & Company					33,944
782		Wells Fargo & Co.					37,895
							139,932
		BEVERAGES - 1.0%
590		Coca-Cola Company (The)					36,580
		CHEMICALS - 3.9%
145		Air Products and Chemicals, Inc.					36,237
186		Ecolab, Inc.					32,840
123		Linde PLC					39,290
131		Sherwin-Williams Company (The)					32,700
							141,067
		DIVERSIFIED FINANCIAL SERVICES - 1.3%
132		Berkshire Hathaway, Inc., Class B(a)					46,584
		DIVERSIFIED INDUSTRIALS - 1.0%
183		Honeywell International, Inc.					35,608
		ENTERTAINMENT - 2.0%
1,090		ViacomCBS, Inc., Class B					41,213
242		Walt Disney Co. (The)(a)					33,193
							74,406
		EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.4%
268		Prologis, Inc.					43,277

 

RATIONAL INFLATION GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares							Fair Value
		COMMON STOCKS — 75.3% (Continued)
		EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.4% (Continued)
114		Public Storage					$ 44,492
							87,769
		INSURANCE - 4.6%
289		Allstate Corporation (The)					40,029
29		Markel Corporation(a)					42,782
385		Progressive Corporation (The)					43,886
217		Travelers Companies, Inc. (The)					39,652
							166,349
		IT SERVICES - 1.9%
97		Mastercard, Inc., Class A					34,666
163		Visa, Inc., Class A					36,148
							70,814
		LEISURE FACILITIES & SERVICES - 2.0%
159		McDonald's Corp.					39,318
365		Starbucks Corporation					33,204
							72,522
		METALS & MINING - 21.2%
700		Agnico Eagle Mines Ltd.					42,868
1,916		Barrick Gold Corporation					46,999
4,413		Cia de Minas Buenaventura S.A.A. - ADR(a)					44,439
1,869		Cleveland-Cliffs, Inc.(a)					60,200
3,140		First Majestic Silver Corporation					41,322
273		Franco-Nevada Corporation					43,549
994		Freeport-McMoRan, Inc.					49,442
6,651		Hecla Mining Company					43,697
633		Newmont Corporation					50,292
364		Nucor Corporation					54,109
1,530		Pan American Silver Corporation					41,769
256		Reliance Steel & Aluminum Company					46,938
2,232		SSR Mining, Inc.					48,546
621		Steel Dynamics, Inc.					51,810
1,703		United States Steel Corporation					64,271
914		Wheaton Precious Metals Corporation					43,488
							773,739

 

RATIONAL INFLATION GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares							Fair Value
		COMMON STOCKS — 75.3% (Continued)
		OIL & GAS PRODUCERS - 14.4%
3,806		Antero Midstream Corp.					$ 41,371
329		Chevron Corp.					53,571
536		ConocoPhillips					53,600
948		Enbridge, Inc.					43,693
5,452		EnLink Midstream, LLC					52,612
439		EOG Resources, Inc.					52,342
594		Exxon Mobil Corporation					49,058
2,277		Kinder Morgan, Inc.					43,058
644		ONEOK, Inc.					45,486
770		TC Energy Corporation					43,443
1,402		Williams Companies, Inc. (The)					46,841
							525,075
		OIL & GAS SERVICES & EQUIPMENT - 1.3%
1,176		Schlumberger Ltd.					48,581
		REAL ESTATE INVESTMENT TRUSTS - 3.1%
143		American Tower Corp.					35,924
211		Crown Castle International Corp.					38,951
50		Equinix, Inc.					37,081
							111,956
		ROAD & RAIL - 3.1%
477		Canadian Pacific Railway Ltd.					39,371
970		CSX Corporation					36,327
125		Norfolk Southern Corporation					35,653
							111,351
		SOFTWARE - 0.9%
71		MicroStrategy, Inc., Class A(a)					34,529
		SPECIALTY FINANCE - 0.9%
1,145		Marathon Digital Holdings, Inc.(a)					32,003
		TECHNOLOGY SERVICES - 0.9%
167		Coinbase Global, Inc., Class A(a)					31,707

 

RATIONAL INFLATION GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares							Fair Value
		COMMON STOCKS — 75.3% (Continued)
		TRANSPORTATION & LOGISTICS - 2.4%
165		Union Pacific Corporation					$ 45,080
192		United Parcel Service, Inc., Class B					41,176
							86,256
		TOTAL COMMON STOCKS (Cost $2,492,926)					2,742,235
		EXCHANGE-TRADED FUNDS — 23.2%
		COMMODITY - 23.2%
2,869		abrdn Bloomberg All Commodity Strategy K-1 Free					82,398
2,491		Direxion Auspice Broad Commodity Strategy ETF					82,676
2,619		GraniteShares Bloomberg Commodity Broad Strategy					84,044
3,610		Invesco DB Commodity Index Tracking Fund, N(a)					94,077
4,216		Invesco Optimum Yield Diversified Commodity					74,370
2,185		iShares Commodities Select Strategy ETF					87,509
4,304		iShares S&P GSCI Commodity Indexed Trust(a)					97,485
3,487		iShares Silver Trust(a)					79,783
1,744		KraneShares Global Carbon ETF					81,375
448		SPDR® Gold Shares(a)					80,931
		TOTAL EXCHANGE-TRADED FUNDS (Cost $771,508)					844,648
		SHORT-TERM INVESTMENTS — 1.0%
		MONEY MARKET FUNDS - 1.0%
37,125		First American Government Obligations Fund, Class U, 0.20% (Cost $37,125)(b)					37,125
		TOTAL INVESTMENTS - 99.5% (Cost $3,301,559)					$ 3,624,008
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5%					19,925
		NET ASSETS - 100.0%					$ 3,643,933

 

RATIONAL INFLATION GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts			Expiration	Notional Amount(c)	Value and Unrealized Depreciation
10		CME 3 Month Eurodollar Future			12/18/2023	$ 2,424,250	$ (24,750)
		TOTAL FUTURES CONTRACTS
OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts			Expiration	Notional Amount(c)	Value and Unrealized Appreciation
10		CME 3 Month Eurodollar Future			12/16/2024	$ 2,432,375	$ 19,875
		TOTAL FUTURES CONTRACTS

 

 

 

ADR	- American Depositary Receipt
ETF	- Exchange-Traded Fund
LLC	- Limited Liability Company
LTD	- Limited Company
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
SPDR	- Standard & Poor's Depositary Receipt

 

 

 

 

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of March 31, 2022.
(c)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based.  Notional values do not represent the current fair value of and are not necessarily indicative of the future cash flows of the Fund's futures contracts.  Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments.  The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.