RATIONAL EQUITY ARMOR FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Shares | Fair Value | |||||||
COMMON STOCKS — 78.9% | ||||||||
AEROSPACE & DEFENSE - 3.8% | ||||||||
3,683 | General Dynamics Corporation | $ | 781,422 | |||||
1,618 | Northrop Grumman Corporation | 760,978 | ||||||
10,645 | Raytheon Technologies Corporation | 871,400 | ||||||
2,413,800 | ||||||||
BANKING - 1.8% | ||||||||
18,668 | Bank of America Corporation | 563,774 | ||||||
6,051 | JPMorgan Chase & Company | 632,329 | ||||||
1,196,103 | ||||||||
BEVERAGES - 3.8% | ||||||||
11,441 | Anheuser-Busch InBev S.A. - ADR | 516,676 | ||||||
34,846 | Coca-Cola Company (The) | 1,952,073 | ||||||
2,468,749 | ||||||||
BIOTECH & PHARMA - 10.2% | ||||||||
15,175 | AbbVie, Inc. | 2,036,638 | ||||||
2,531 | Eli Lilly and Company | 818,399 | ||||||
11,970 | Johnson & Johnson | 1,955,419 | ||||||
21,994 | Merck & Company, Inc. | 1,894,123 | ||||||
6,704,579 | ||||||||
CHEMICALS - 1.5% | ||||||||
8,419 | Corteva, Inc. | 481,146 | ||||||
1,823 | Linde plc | 491,462 | ||||||
972,608 | ||||||||
COMMERCIAL SUPPORT SERVICES - 2.9% | ||||||||
6,424 | Republic Services, Inc. | 873,921 | ||||||
6,345 | Waste Management, Inc. | 1,016,532 | ||||||
1,890,453 | ||||||||
E-COMMERCE DISCRETIONARY - 1.2% | ||||||||
7,024 | Amazon.com, Inc.(a) | 793,712 | ||||||
ELECTRIC UTILITIES - 5.3% | ||||||||
20,067 | Avangrid, Inc. | 836,794 | ||||||
20,684 | Exelon Corp. | 774,823 | ||||||
25,225 | NRG Energy, Inc. | 965,360 |
RATIONAL EQUITY ARMOR FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Fair Value | |||||||
COMMON STOCKS — 78.9% (Continued) | ||||||||
ELECTRIC UTILITIES - 5.3% (Continued) | ||||||||
6,235 | Sempra Energy | $ | 934,876 | |||||
3,511,853 | ||||||||
FOOD - 3.1% | ||||||||
9,175 | Hershey Company (The) | 2,022,812 | ||||||
HEALTH CARE FACILITIES & SERVICES - 6.7% | ||||||||
6,906 | AmerisourceBergen Corporation | 934,589 | ||||||
3,415 | McKesson Corporation | 1,160,656 | ||||||
4,611 | UnitedHealth Group, Inc. | 2,328,739 | ||||||
4,423,984 | ||||||||
HEALTH CARE REIT - 2.8% | ||||||||
63,609 | Omega Healthcare Investors, Inc. | 1,875,829 | ||||||
HOUSEHOLD PRODUCTS - 1.2% | ||||||||
6,381 | Procter & Gamble Company (The) | 805,601 | ||||||
INDUSTRIAL SUPPORT SERVICES - 1.3% | ||||||||
17,918 | Fastenal Company | 824,945 | ||||||
INSTITUTIONAL FINANCIAL SERVICES - 2.4% | ||||||||
27,351 | Nasdaq, Inc. | 1,550,255 | ||||||
INSURANCE - 9.0% | ||||||||
6,543 | Berkshire Hathaway, Inc., Class B(a) | 1,747,112 | ||||||
7,044 | Chubb Ltd. | 1,281,163 | ||||||
24,373 | MetLife, Inc. | 1,481,391 | ||||||
9,442 | Travelers Companies, Inc. (The) | 1,446,514 | ||||||
5,956,180 | ||||||||
INTERNET MEDIA & SERVICES - 2.3% | ||||||||
15,885 | Alphabet, Inc., Class A(a) | 1,519,400 | ||||||
MACHINERY - 1.4% | ||||||||
5,763 | Caterpillar, Inc. | 945,593 |
RATIONAL EQUITY ARMOR FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Fair Value | |||||||
COMMON STOCKS — 78.9% (Continued) | ||||||||
OIL & GAS PRODUCERS - 4.0% | ||||||||
10,047 | ConocoPhillips | $ | 1,028,210 | |||||
12,559 | Exxon Mobil Corporation | 1,096,526 | ||||||
22,670 | Marathon Oil Corporation | 511,889 | ||||||
2,636,625 | ||||||||
PUBLISHING & BROADCASTING - 0.7% | ||||||||
8,158 | Liberty Media Corp-Liberty Formula One - Series C(a) | 477,243 | ||||||
RETAIL - CONSUMER STAPLES - 4.6% | ||||||||
3,907 | Costco Wholesale Corporation | 1,845,160 | ||||||
9,370 | Walmart, Inc. | 1,215,289 | ||||||
3,060,449 | ||||||||
SOFTWARE - 1.2% | ||||||||
12,946 | Oracle Corporation | 790,612 | ||||||
SPECIALTY REITS - 0.7% | ||||||||
9,966 | Iron Mountain, Inc. | 438,205 | ||||||
TECHNOLOGY HARDWARE - 3.8% | ||||||||
9,120 | Apple, Inc. | 1,260,384 | ||||||
30,988 | Cisco Systems, Inc. | 1,239,520 | ||||||
2,499,904 | ||||||||
WHOLESALE - CONSUMER STAPLES - 3.3% | ||||||||
26,601 | Archer-Daniels-Midland Company | 2,140,050 | ||||||
TOTAL COMMON STOCKS (Cost $52,527,975) | 51,919,544 | |||||||
EXCHANGE-TRADED FUNDS — 4.4% | ||||||||
EQUITY - 4.4% | ||||||||
8,659 | Health Care Select Sector SPDR Fund | 1,048,692 | ||||||
6,557 | iShares Russell 1000 Value ETF | 891,686 | ||||||
28,088 | SPDR Portfolio S&P 500 Value ETF | 968,755 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $3,152,357) | 2,909,133 |
RATIONAL EQUITY ARMOR FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 3.1% | ||||||||
MONEY MARKET FUNDS - 3.1% | ||||||||
2,048,890 | First American Government Obligations Fund, Class U, 2.79% (Cost $2,048,890)(b) | $ | 2,048,890 |
Contracts(c) | Broker/ Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | |||||||||||||||
FUTURE OPTIONS PURCHASED — 8.2% | ||||||||||||||||||||
CALL OPTIONS PURCHASED - 1.8% | ||||||||||||||||||||
250 | S&P 500 Index Emini Future, Maturing December 2022 | WED | 10/31/2022 | $ | 3,650 | $ | 18,250,000 | $ | 1,150,000 | |||||||||||
TOTAL CALL OPTIONS PURCHASED (Cost - $1,281,250) | ||||||||||||||||||||
PUT OPTIONS PURCHASED - 6.4% | ||||||||||||||||||||
250 | S&P 500 Index Emini Future, Maturing December 2022 | WED | 10/21/2022 | $ | 3,650 | $ | 18,250,000 | $ | 1,568,750 | |||||||||||
107 | S&P 500 Index Emini Future, Maturing December 2022 | WED | 10/21/2022 | 4,100 | 20,500,000 | 2,668,313 | ||||||||||||||
TOTAL PUT OPTIONS PURCHASED (Cost - $2,342,456) | 4,237,063 | |||||||||||||||||||
TOTAL FUTURE OPTIONS PURCHASED (Cost - $3,623,706) | 5,387,063 | |||||||||||||||||||
TOTAL INVESTMENTS - 94.6% (Cost $61,145,858) | $ | 62,264,630 | ||||||||||||||||||
CALL OPTIONS WRITTEN - (2.3)% (Proceeds - $1,717,625) | (1,528,125 | ) | ||||||||||||||||||
PUT OPTIONS WRITTEN - (4.8)% (Proceeds - $1,808,975) | (3,165,813 | ) | ||||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 12.5% | 8,256,457 | |||||||||||||||||||
NET ASSETS - 100.0% | $ | 65,827,149 |
Contracts(c) | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | |||||||||||||||
WRITTEN FUTURE OPTIONS — (7.1)% | ||||||||||||||||||||
CALL OPTIONS WRITTEN- (2.3)% | ||||||||||||||||||||
250 | S&P 500 Index Emini Future, Maturing December 2022 | WED | 10/21/2022 | $ | 3,650 | $ | 18,250,000 | $ | 962,500 | |||||||||||
250 | S&P 500 Index Emini Future, Maturing March 2023 | WED | 03/17/2023 | 4,200 | 21,000,000 | 565,625 | ||||||||||||||
TOTAL CALL OPTIONS WRITTEN (Proceeds - $1,717,625) | 1,528,125 | |||||||||||||||||||
PUT OPTIONS WRITTEN - (4.8)% | ||||||||||||||||||||
200 | S&P 500 Index Emini Future, Maturing December 2022 | WED | 10/21/2022 | $ | 3,450 | $ | 17,250,000 | $ | 497,500 |
RATIONAL EQUITY ARMOR FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Contracts(c) (continued) | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | |||||||||||||||
WRITTEN FUTURE OPTIONS — (7.1)% | ||||||||||||||||||||
PUT OPTIONS WRITTEN - (4.8)% (Continued) | ||||||||||||||||||||
107 | S&P 500 Index Emini Future, Maturing December 2022 | WED | 10/21/2022 | $ | 4,100 | $ | 20,500,000 | $ | 2,668,313 | |||||||||||
TOTAL PUT OPTIONS WRITTEN (Proceeds - $1,808,975) | 3,165,813 | |||||||||||||||||||
TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $3,526,600) | $ | 4,693,938 |
OPEN FUTURES CONTRACTS | ||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(d) | Value and Unrealized Appreciation | ||||||||||
42 | CBOE Volatility Index Future | 10/19/2022 | $ | 1,323,672 | $ | 51,795 | ||||||||
TOTAL FUTURES CONTRACTS |
ADR | - American Depositary Receipt |
ETF | - Exchange-Traded Fund |
LTD | - Limited Company |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
S/A | - Société Anonyme |
SPDR | - Standard & Poor’s Depositary Receipt |
WED | Wedbush Securities |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of September 30, 2022. |
(c) | Each contract is equivalent to one futures contract. |
(d) | 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. |
RATIONAL TACTICAL RETURN FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Principal Amount ($) | Discount Rate (%) | Maturity | Fair Value | |||||||||||
U.S. GOVERNMENT & AGENCIES — 69.8% | ||||||||||||||
U.S. TREASURY BILLS - 69.8% | ||||||||||||||
30,000,000 | United States Treasury Bill(a) | 1.1713 | 10/06/22 | $ | 29,994,143 | |||||||||
15,000,000 | United States Treasury Bill(a) | 2.4238 | 11/03/22 | 14,965,663 | ||||||||||
20,000,000 | United States Treasury Bill(a) | 2.6888 | 12/15/22 | 19,886,475 | ||||||||||
15,000,000 | United States Treasury Bill(a) | 3.4040 | 02/02/23 | 14,822,706 | ||||||||||
20,000,000 | United States Treasury Bill(a) | 3.5985 | 03/23/23 | 19,652,142 | ||||||||||
20,000,000 | United States Treasury Bill(a) | 3.5157 | 04/20/23 | 19,605,455 | ||||||||||
15,000,000 | United States Treasury Bill(a) | 3.4395 | 05/18/23 | 14,670,377 | ||||||||||
20,000,000 | United States Treasury Bill(a),(b) | 3.5707 | 06/15/23 | 19,488,206 | ||||||||||
15,000,000 | United States Treasury Bill(a),(b) | 3.6117 | 07/13/23 | 14,569,604 | ||||||||||
20,000,000 | United States Treasury Bill(a) | 3.7944 | 09/07/23 | 19,279,060 | ||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $187,436,186) | 186,933,831 |
Shares | ||||||||
SHORT-TERM INVESTMENTS — 13.4% | ||||||||
MONEY MARKET FUNDS - 13.4% | ||||||||
35,959,006 | First American Government Obligations Fund, Class U, 2.79% (Cost $35,959,006)(c) | 35,959,006 | ||||||
TOTAL INVESTMENTS - 83.2% (Cost $223,395,192) | $ | 222,892,837 | ||||||
CALL OPTIONS WRITTEN - 0.0% (Proceeds - $71,540) | (27,985 | ) | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 16.8% | 45,071,307 | |||||||
NET ASSETS - 100.0% | $ | 267,936,159 |
Contracts(d) | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | ||||||||||||||||
WRITTEN FUTURE OPTIONS — 0.0% (e) | |||||||||||||||||||||
CALL OPTIONS WRITTEN - 0.0%(e) | |||||||||||||||||||||
1,196 | S&P 500 Index Emini Future, Maturing December 2022 | ADM | 10/07/2022 | $ | 4,140 | $ | 247,572,000 | $ | 2,990 | ||||||||||||
492 | S&P 500 Index Emini Future, Maturing December 2022 | RCG | 10/07/2022 | 4,140 | 101,844,000 | 1,230 | |||||||||||||||
492 | S&P 500 Index Emini Future, Maturing December 2022 | FCS | 10/07/2022 | 4,140 | 101,844,000 | 1,230 | |||||||||||||||
1,198 | S&P 500 Index Emini Future, Maturing December 2022 | ADM | 10/07/2022 | 4,350 | 260,565,000 | 2,995 | |||||||||||||||
488 | S&P 500 Index Emini Future, Maturing December 2022 | RCG | 10/07/2022 | 4,350 | 106,140,000 | 1,220 | |||||||||||||||
488 | S&P 500 Index Emini Future, Maturing December 2022 | FCS | 10/07/2022 | 4,350 | 106,140,000 | 1,220 | |||||||||||||||
1,296 | S&P 500 Index Emini Future, Maturing December 2022 | ADM | 10/14/2022 | 4,220 | 83,980,800 | 9,720 | |||||||||||||||
492 | S&P 500 Index Emini Future, Maturing December 2022 | RCG | 10/14/2022 | 4,220 | 12,103,200 | 3,690 | |||||||||||||||
492 | S&P 500 Index Emini Future, Maturing December 2022 | FCS | 10/14/2022 | 4,220 | 12,103,200 | 3,690 | |||||||||||||||
TOTAL CALL OPTIONS WRITTEN (Proceeds - $71,540) | 27,985 |
RATIONAL TACTICAL RETURN FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
ADM | ADM Investor Services, Inc. |
FCS | StoneX Group, Inc. |
RCG | Rosenthal Collins Group |
(a) | Zero coupon bond. |
(b) | All or part of this security is held as collateral for options written. |
(c) | Rate disclosed is the seven day effective yield as of September 30, 2022. |
(d) | Each contract is equivalent to one futures contract. |
(e) | Percentage rounds to greater than (0.1%). |
RATIONAL DYNAMIC BRANDS FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Shares | Fair Value | |||||||
COMMON STOCKS — 100.4% | ||||||||
APPAREL & TEXTILE PRODUCTS - 8.4% | ||||||||
18,900 | LVMH Moet Hennessy Louis Vuitton S.E. - ADR | $ | 2,220,750 | |||||
21,439 | NIKE, Inc., Class B | 1,782,010 | ||||||
4,002,760 | ||||||||
ASSET MANAGEMENT - 22.3% | ||||||||
80,600 | Blackstone, Inc. | 6,746,220 | ||||||
90,000 | KKR & Company, Inc. | 3,870,000 | ||||||
10,616,220 | ||||||||
AUTOMOTIVE - 1.4% | ||||||||
3,600 | Ferrari N.V. | 666,000 | ||||||
E-COMMERCE DISCRETIONARY - 4.1% | ||||||||
17,120 | Amazon.com, Inc.(a) | 1,934,560 | ||||||
HOUSEHOLD PRODUCTS - 4.1% | ||||||||
9,000 | Estee Lauder Companies, Inc. (The), Class A | 1,943,100 | ||||||
INTERNET MEDIA & SERVICES - 3.1% | ||||||||
15,550 | Alphabet, Inc., Class A(a) | 1,487,358 | ||||||
LEISURE FACILITIES & SERVICES - 2.9% | ||||||||
925 | Chipotle Mexican Grill, Inc.(a) | 1,390,053 | ||||||
MEDICAL EQUIPMENT & DEVICES - 4.5% | ||||||||
4,200 | Thermo Fisher Scientific, Inc. | 2,130,198 | ||||||
OIL & GAS PRODUCERS - 8.9% | ||||||||
14,300 | Chevron Corporation | 2,054,481 | ||||||
25,100 | Exxon Mobil Corporation | 2,191,481 | ||||||
4,245,962 | ||||||||
RETAIL - CONSUMER STAPLES - 4.2% | ||||||||
4,194 | Costco Wholesale Corporation | 1,980,700 | ||||||
RETAIL - DISCRETIONARY - 15.8% | ||||||||
7,475 | Home Depot, Inc. (The) | 2,062,651 |
RATIONAL DYNAMIC BRANDS FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Fair Value | |||||||
COMMON STOCKS — 100.4% (Continued) | ||||||||
RETAIL - DISCRETIONARY - 15.8% (Continued) | ||||||||
12,150 | Lowe’s Companies, Inc. | $ | 2,281,891 | |||||
6,400 | Lululemon Athletica, Inc.(a) | 1,789,184 | ||||||
5,550 | RH(a) | 1,365,689 | ||||||
7,499,415 | ||||||||
SOFTWARE - 7.4% | ||||||||
4,400 | Intuit, Inc. | 1,704,208 | ||||||
7,797 | Microsoft Corporation | 1,815,921 | ||||||
3,520,129 | ||||||||
TECHNOLOGY HARDWARE - 4.9% | ||||||||
16,801 | Apple, Inc. | 2,321,898 | ||||||
TECHNOLOGY SERVICES - 8.4% | ||||||||
6,000 | Mastercard, Inc., Class A | 1,706,040 | ||||||
12,928 | Visa, Inc., Class A | 2,296,660 | ||||||
4,002,700 | ||||||||
TOTAL COMMON STOCKS (Cost $53,003,474) | 47,741,053 | |||||||
TOTAL INVESTMENTS - 100.4% (Cost $53,003,474) | $ | 47,741,053 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (169,381 | ) | ||||||
NET ASSETS - 100.0% | $ | 47,571,672 |
ADR | - American Depositary Receipt |
NV | - Naamioze Vennootschap |
(a) | Non-income producing security. |
RATIONAL STRATEGIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Shares | Fair Value | |||||||
OPEN END FUNDS — 83.5% | ||||||||
ALTERNATIVE - 10.2% | ||||||||
80,299 | Catalyst Insider Income Fund, Class I(a) | $ | 699,408 | |||||
FIXED INCOME - 73.3% | ||||||||
35,999 | AlphaCentric Income Opportunities Fund, Class I(a) | 337,209 | ||||||
123,509 | Catalyst Enhanced Income Strategy Fund, Class I(a) | 1,223,979 | ||||||
75,846 | Catalyst Interest Rate Opportunity Fund, Class I(a) | 449,495 | ||||||
78,875 | Catalyst/CIFC Floating Rate Income Fund, Class I(a) | 698,042 | ||||||
67,080 | Rational Special Situations Income Fund, Institutional Class(a) | 1,221,541 | ||||||
110,449 | Rational/Pier 88 Convertible Securities Fund, Institutional Class(a) | 1,116,657 | ||||||
5,047,023 | ||||||||
TOTAL OPEN END FUNDS (Cost $6,242,461) | 5,746,431 | |||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
MONEY MARKET FUNDS - 0.3% | ||||||||
24,633 | First American Government Obligations Fund, Class U, 2.79% (Cost $24,633)(b) | 24,633 | ||||||
TOTAL INVESTMENTS - 83.8% (Cost $6,267,094) | $ | 5,771,064 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 16.2% | 1,112,447 | |||||||
NET ASSETS - 100.0% | $ | 6,883,511 |
OPEN FUTURES CONTRACTS | ||||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(c) | Value and Unrealized Depreciation | ||||||||||||
38 | CME E-Mini Standard & Poor’s 500 Index Future | 12/16/2022 | $ | 6,842,850 | $ | (1,004,055 | ) | |||||||||
TOTAL FUTURES CONTRACTS |
(a) | Affiliated Company. |
(b) | Rate disclosed is the seven day effective yield as of September 30, 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. |
RATIONAL/RESOLVE ADAPTIVE ASSET ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 93.4% | ||||||||
MONEY MARKET FUNDS - 93.4% | ||||||||
176,980,872 | First American Government Obligations Fund, Class U, 2.79%(a) | $ | 176,980,972 | |||||
TOTAL MONEY MARKET FUNDS (Cost $176,980,972) | 176,980,972 | |||||||
TOTAL INVESTMENTS - 93.4% (Cost $176,980,972) | $ | 176,980,972 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 6.6% | 12,507,618 | |||||||
NET ASSETS - 100.0% | $ | 189,488,590 |
OPEN FUTURES CONTRACTS | ||||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(b) | Value and Unrealized Appreciation (Depreciation) | ||||||||||||
3 | Carbon Emissions Future(c) | 12/19/2022 | $ | 196,169 | $ | (12,173 | ) | |||||||||
24 | CBOT 10 Year US Treasury Note | 12/20/2022 | 2,689,500 | (6,625 | ) | |||||||||||
72 | CBOT Corn Future(c) | 12/14/2022 | 2,439,000 | 3,425 | ||||||||||||
53 | CBOT Soybean Oil Future(c) | 12/14/2022 | 1,957,608 | (64,440 | ) | |||||||||||
13 | CBOT Wheat Future(c) | 12/14/2022 | 598,975 | 9,200 | ||||||||||||
18 | CME British Pound Currency Future | 12/19/2022 | 1,257,863 | 51,038 | ||||||||||||
58 | CME Nikkei 225 Index Future | 12/08/2022 | 7,524,049 | (400,725 | ) | |||||||||||
20 | COMEX Copper Future(c) | 12/28/2022 | 1,706,250 | (4,938 | ) | |||||||||||
57 | COMEX Silver Future(c) | 12/28/2022 | 5,426,115 | (76,035 | ) | |||||||||||
44 | Eurex 10 Year Euro BUND Future | 12/08/2022 | 5,971,151 | (103,572 | ) | |||||||||||
80 | Eurex 30 Year Euro BUXL Future | 12/08/2022 | 11,495,542 | (748,957 | ) | |||||||||||
83 | Eurex 5 Year Euro BOBL Future | 12/08/2022 | 9,739,588 | 25,053 | ||||||||||||
96 | Eurex EURO STOXX 50 Future | 12/16/2022 | 3,118,471 | (167,500 | ) | |||||||||||
17 | Euro-BTP Italian Bond Futures | 12/08/2022 | 1,865,419 | (54,706 | ) | |||||||||||
22 | Euronext CAC 40 Index Future | 10/21/2022 | 1,242,499 | 6,628 | ||||||||||||
392 | Euronext Milling Wheat Future(c) | 12/12/2022 | 6,851,837 | 306,902 | ||||||||||||
27 | French Government Bond Futures | 12/08/2022 | 3,495,581 | (93,806 | ) | |||||||||||
39 | FTSE/MIB Index Future | 12/16/2022 | 3,922,739 | (57,194 | ) | |||||||||||
70 | ICE Brent Crude Oil Future(c) | 10/31/2022 | 5,959,800 | (220,360 | ) | |||||||||||
48 | ICE Gas Oil Future(c) | 11/10/2022 | 4,520,400 | (8,900 | ) | |||||||||||
67 | KCBT Hard Red Winter Wheat Future(c) | 12/14/2022 | 3,321,525 | 245,337 | ||||||||||||
64 | Long Gilt Future | 12/28/2022 | 6,889,636 | (340,050 | ) | |||||||||||
63 | MEFF Madrid IBEX 35 Index Future | 10/21/2022 | 4,545,754 | (144,891 | ) | |||||||||||
69 | Montreal Exchange 10 Year Canadian Bond Future | 12/19/2022 | 6,174,310 | (29,886 | ) | |||||||||||
22 | Montreal Exchange S&P/TSX 60 Index Future | 12/15/2022 | 3,555,272 | (2,072 | ) | |||||||||||
78 | NYBOT CSC C Coffee Future(c) | 12/19/2022 | 6,480,338 | (153,937 | ) | |||||||||||
260 | NYBOT CSC Cocoa Future(c) | 12/14/2022 | 6,120,400 | 27,870 | ||||||||||||
557 | NYBOT CSC Number 11 World Sugar Future(c) | 02/28/2023 | 11,029,491 | (133,101 | ) | |||||||||||
28 | NYBOT CTN Number 2 Cotton Future(c) | 12/07/2022 | 1,194,760 | (261,170 | ) | |||||||||||
15 | NYMEX Henry Hub Natural Gas Futures(c) | 10/27/2022 | 1,014,900 | (30,120 | ) |
RATIONAL/RESOLVE ADAPTIVE ASSET ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
OPEN FUTURES CONTRACTS (Continued) | ||||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(b) | Value and Unrealized Appreciation (Depreciation) | ||||||||||||
74 | NYMEX Light Sweet Crude Oil Future(c) | 10/20/2022 | $ | 5,882,260 | $ | (451,880 | ) | |||||||||
42 | NYMEX NY Harbor ULSD Futures(c) | 10/31/2022 | 5,682,902 | (31,312 | ) | |||||||||||
35 | NYMEX Reformulated Gasoline Blendstock for Oxygen(c) | 10/31/2022 | 3,483,606 | (72,185 | ) | |||||||||||
71 | SFE S&P ASX Share Price Index 200 Future | 12/15/2022 | 7,340,678 | (366,922 | ) | |||||||||||
115 | SGX FTSE China A50 Futures Contract | 10/28/2022 | 1,485,340 | (3,767 | ) | |||||||||||
47 | SGX Nifty 50 Index Futures | 10/27/2022 | 1,606,272 | 2,196 | ||||||||||||
11 | SGX Nikkei 225 Stock Index Future | 12/08/2022 | 987,287 | (39,687 | ) | |||||||||||
57 | TSE TOPIX (Tokyo Price Index) Future | 12/08/2022 | 7,230,844 | (295,475 | ) | |||||||||||
TOTAL FUTURES CONTRACTS | $ | (3,698,737 | ) |
OPEN FUTURES CONTRACTS | ||||||||||||||||
Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount(b) | Value and Unrealized Appreciation (Depreciation) | ||||||||||||
39 | CBOT 5 Year US Treasury Note | 12/30/2022 | $ | 4,192,812 | $ | 12,555 | ||||||||||
96 | CBOT Soybean Future(c) | 11/14/2022 | 6,550,800 | 311,850 | ||||||||||||
6 | CBOT Soybean Meal Future(c) | 12/14/2022 | 241,800 | 3,570 | ||||||||||||
3 | CBOT US Long Bond Future | 12/20/2022 | 379,218 | 438 | ||||||||||||
34 | CME Australian Dollar Currency Future | 12/19/2022 | 2,181,270 | 128,364 | ||||||||||||
30 | CME Canadian Dollar Currency Future | 12/20/2022 | 2,171,850 | 98,364 | ||||||||||||
1 | CME E-Mini NASDAQ 100 Index Future | 12/16/2022 | 220,710 | 3,050 | ||||||||||||
2 | CME E-mini Russell 2000 Index Futures | 12/16/2022 | 166,980 | 2,840 | ||||||||||||
12 | CME E-Mini Standard & Poor’s 500 Index Future | 12/16/2022 | 2,160,900 | 147,350 | ||||||||||||
18 | CME Euro Foreign Exchange Currency Future | 12/19/2022 | 2,218,838 | (25,007 | ) | |||||||||||
25 | CME Japanese Yen Currency Future | 12/19/2022 | 2,176,094 | 24,407 | ||||||||||||
22 | CME New Zealand Dollar Currency Future | 12/19/2022 | 1,234,970 | 55,205 | ||||||||||||
17 | CME Swiss Franc Currency Future | 12/19/2022 | 2,170,475 | 52,156 | ||||||||||||
66 | COMEX Gold 100 Troy Ounces Future(c) | 12/28/2022 | 11,035,200 | 255,130 | ||||||||||||
5 | Eurex DAX Index Future | 12/16/2022 | 1,486,281 | 18,953 | ||||||||||||
31 | Euronext Amsterdam Index Future | 10/21/2022 | 3,892,239 | 172,796 | ||||||||||||
54 | FTSE 100 Index Future | 12/16/2022 | 4,169,594 | 216,984 | ||||||||||||
25 | NYMEX Platinum Future(c) | 01/27/2023 | 1,073,875 | 63,975 | ||||||||||||
TOTAL FUTURES CONTRACTS | $ | 1,542,980 |
(a) | Rate disclosed is the seven day effective yield as of September 30, 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 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. |
(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)
September 30, 2022
Shares | Fair Value | |||||||||||||
COMMON STOCKS — 11.1% | ||||||||||||||
ELECTRIC UTILITIES - 1.6% | ||||||||||||||
25,223 | Southern Company (The) | $ | 1,715,164 | |||||||||||
ENGINEERING & CONSTRUCTION - 2.1% | ||||||||||||||
50,203 | KBR, Inc. | 2,169,774 | ||||||||||||
OIL & GAS PRODUCERS - 2.1% | ||||||||||||||
10,500 | Pioneer Natural Resources Company | 2,273,565 | ||||||||||||
SEMICONDUCTORS - 1.7% | ||||||||||||||
4,124 | Broadcom, Inc. | 1,831,154 | ||||||||||||
SOFTWARE - 1.8% | ||||||||||||||
11,691 | Palo Alto Networks, Inc.(a) | 1,914,868 | ||||||||||||
WHOLESALE - CONSUMER STAPLES - 1.8% | ||||||||||||||
23,182 | Bunge Ltd. | 1,914,138 | ||||||||||||
TOTAL COMMON STOCKS (Cost $12,387,012) | 11,818,663 | |||||||||||||
Coupon Rate (%) | Maturity | |||||||||||||
PREFERRED STOCKS — 31.7% | ||||||||||||||
ASSET MANAGEMENT - 1.1% | ||||||||||||||
17,000 | AMG Capital Trust II | 5.1500 | 10/15/37 | 826,615 | ||||||||||
6,500 | KKR & Company, Inc. | 6.0000 | 09/15/23 | 353,730 | ||||||||||
1,180,345 | ||||||||||||||
BANKING - 9.4% | ||||||||||||||
4,248 | Bank of America Corporation | 7.2500 | Perpetual | 4,982,904 | ||||||||||
4,183 | Wells Fargo & Company - Series L | 7.5000 | Perpetual | 5,036,332 | ||||||||||
10,019,236 | ||||||||||||||
ELECTRIC UTILITIES - 5.1% | ||||||||||||||
85,000 | NextEra Energy, Inc. | 6.2190 | 09/01/23 | 4,127,600 | ||||||||||
25,118 | NextEra Energy, Inc. | 5.2790 | 09/01/23 | 1,250,374 | ||||||||||
5,377,974 |
RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
PREFERRED STOCKS — 31.7% (Continued) | ||||||||||||||
GAS & WATER UTILITIES - 4.7% | ||||||||||||||
49,300 | NiSource, Inc. | 7.7500 | 03/01/24 | $ | 4,937,395 | |||||||||
MEDICAL EQUIPMENT & DEVICES - 11.4% | ||||||||||||||
79,200 | Becton Dickinson and Company | 6.0000 | 06/01/23 | 3,733,488 | ||||||||||
42,135 | Boston Scientific Corporation | 5.5000 | 06/01/23 | 4,312,517 | ||||||||||
3,045 | Danaher Corporation | 5.0000 | 04/01/23 | 4,080,300 | ||||||||||
12,126,305 | ||||||||||||||
TOTAL PREFERRED STOCKS (Cost $35,667,230) | 33,641,255 | |||||||||||||
Principal Amount ($) | ||||||||||||||
CONVERTIBLE BONDS — 49.9% | ||||||||||||||
ASSET MANAGEMENT - 5.6% | ||||||||||||||
4,160,000 | Ares Capital Corporation | 4.6250 | 03/01/24 | 4,245,800 | ||||||||||
1,690,886 | New Mountain Finance Corporation | 5.7500 | 08/15/23 | 1,665,523 | ||||||||||
5,911,323 | ||||||||||||||
E-COMMERCE DISCRETIONARY - 1.9% | ||||||||||||||
2,670,000 | Etsy, Inc. | 0.2500 | 06/15/28 | 2,058,570 | ||||||||||
HEALTH CARE FACILITIES & SERVICES - 4.8% | ||||||||||||||
790,000 | Anthem, Inc. | 2.7500 | 10/15/42 | 5,107,113 | ||||||||||
INTERNET MEDIA & SERVICES - 4.2% | ||||||||||||||
540,000 | Booking Holdings, Inc. | 0.7500 | 05/01/25 | 648,702 | ||||||||||
4,395,000 | Expedia Group, Inc.(b) | 0.0000 | 02/15/26 | 3,801,377 | ||||||||||
4,450,079 | ||||||||||||||
MEDICAL EQUIPMENT & DEVICES - 9.2% | ||||||||||||||
4,990,000 | Dexcom, Inc. | 0.2500 | 11/15/25 | 4,597,038 | ||||||||||
2,220,000 | Insulet Corporation | 0.3750 | 09/01/26 | 2,616,270 | ||||||||||
2,670,000 | NuVasive, Inc. | 1.0000 | 06/01/23 | 2,576,550 | ||||||||||
9,789,858 | ||||||||||||||
SEMICONDUCTORS - 2.5% | ||||||||||||||
2,010,000 | ON Semiconductor Corporation(b) | 0.0000 | 05/01/27 | 2,650,185 |
RATIONAL/PIER 88 CONVERTIBLE SECURITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
CONVERTIBLE BONDS — 49.9% (Continued) | ||||||||||||||
SOFTWARE - 14.4% | ||||||||||||||
2,980,000 | Alteryx, Inc. | 1.0000 | 08/01/26 | $ | 2,398,900 | |||||||||
580,000 | Cloudflare, Inc. | 0.7500 | 05/15/25 | 931,263 | ||||||||||
3,795,000 | CyberArk Software Ltd.(b) | 0.0000 | 11/15/24 | 4,316,812 | ||||||||||
1,130,000 | DocuSign, Inc.(b) | 0.0000 | 01/15/24 | 1,054,290 | ||||||||||
2,970,000 | PROS Holdings, Inc. | 1.0000 | 05/15/24 | 2,732,400 | ||||||||||
4,910,000 | Splunk, Inc. | 1.1250 | 06/15/27 | 3,863,072 | ||||||||||
15,296,737 | ||||||||||||||
TECHNOLOGY HARDWARE - 3.5% | ||||||||||||||
3,913,080 | Western Digital Corporation B | 1.5000 | 02/01/24 | 3,705,662 | ||||||||||
TECHNOLOGY SERVICES - 3.8% | ||||||||||||||
4,470,928 | Euronet Worldwide, Inc. | 0.7500 | 03/15/49 | 4,018,083 | ||||||||||
TOTAL CONVERTIBLE BONDS (Cost $56,421,641) | 52,987,610 | |||||||||||||
Shares | ||||||||||||||
SHORT-TERM INVESTMENTS — 7.8% | ||||||||||||||
MONEY MARKET FUNDS - 7.8% | ||||||||||||||
8,275,550 | First American Government Obligations Fund, Class U, 2.79% (Cost $8,275,550)(c) | 8,275,550 | ||||||||||||
TOTAL INVESTMENTS - 100.5% (Cost $112,751,433) | $ | 106,723,078 | ||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)% | (505,575 | ) | ||||||||||||
NET ASSETS - 100.0% | $ | 106,217,503 |
LTD | - Limited Company |
(a) | Non-income producing security. |
(b) | Zero coupon bond. |
(c) | Rate disclosed is the seven day effective yield as of September 30, 2022. |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% | ||||||||||||||||
AGENCY CMBS — 0.3% | ||||||||||||||||
28,593,025 | Ginnie Mae Strip(a) | 1.4000 | 09/16/45 | $ | 2,298,793 | |||||||||||
1,432,855 | Government National Mortgage Association(a),(b) | 0.0250 | 08/16/48 | 1,634 | ||||||||||||
2,300,427 | ||||||||||||||||
AUTO LOAN — 0.6% | ||||||||||||||||
5,000,000 | CAL Receivables 2022-1, LLC(c),(d) | SOFR30A + 4.350% | 6.6350 | 10/15/22 | 4,795,420 | |||||||||||
CDO — 2.2% | ||||||||||||||||
226,842 | Ansonia CDO 2006-1 Ltd.(c),(d) | US0001M + 0.300% | 0.4090 | 07/28/46 | 224,374 | |||||||||||
115,430 | Ansonia CDO 2006-1 Ltd.(c) | 5.7020 | 07/28/46 | 111,852 | ||||||||||||
1,213,483 | Aspen Funding I Ltd.(c) | 9.0600 | 07/10/37 | 1,224,043 | ||||||||||||
10,000,000 | Bleecker Structured Asset Funding Ltd. | 3.1770 | 04/01/35 | 931,860 | ||||||||||||
8,044,546 | Capitalsource Real Estate Loan Trust(c),(d) | US0003M + 0.650% | 3.0780 | 01/20/37 | 8,030,212 | |||||||||||
5,527,156 | Fulton Street CDO Ltd.(c),(d) | US0003M + 0.420% | 3.1300 | 04/20/32 | 3,705,549 | |||||||||||
3,225,226 | Nomura CRE CDO 2007-2 Ltd.(c),(d) | US0003M + 0.450% | 3.4340 | 05/21/42 | 808,874 | |||||||||||
2,000,000 | Taberna Preferred Funding II Ltd.(c),(d) | US0003M + 0.650% | 3.4820 | 11/05/35 | 1,350,336 | |||||||||||
424,755 | Wachovia Repackaged Asset Participating Securities(c),(d),(h) | US0003M + 0.550% | 3.4130 | 02/08/35 | 386,527 | |||||||||||
649,473 | Wachovia Repackaged Asset Participating Securities(c),(d),(h) | US0003M + 0.550% | 3.4130 | 02/08/35 | 526,073 | |||||||||||
17,299,700 | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% | ||||||||||||||||
181,227 | ABN Amro Mortgage Corporation | 5.7500 | 12/25/32 | 168,240 | ||||||||||||
98,992 | ABN Amro Mortgage Corporation | 5.7500 | 02/25/33 | 92,839 | ||||||||||||
42,403 | Adjustable Rate Mortgage Trust 2004-5(b) | 2.8500 | 04/25/35 | 41,428 | ||||||||||||
439,838 | Adjustable Rate Mortgage Trust 2005-10(b) | 2.7650 | 01/25/36 | 396,172 | ||||||||||||
171,182 | Adjustable Rate Mortgage Trust 2005-10(b) | 2.7650 | 01/25/36 | 155,485 | ||||||||||||
113,642 | Adjustable Rate Mortgage Trust 2005-10(b) | 3.6010 | 01/25/36 | 100,265 | ||||||||||||
125,965 | Adjustable Rate Mortgage Trust 2005-10(d) | US0001M + 0.540% | 3.6240 | 01/25/36 | 115,486 | |||||||||||
170,156 | Adjustable Rate Mortgage Trust 2005-2(b) | 3.3390 | 06/25/35 | 161,611 | ||||||||||||
77,031 | Adjustable Rate Mortgage Trust 2005-4(b) | 2.7560 | 08/25/35 | 57,275 | ||||||||||||
511,272 | Adjustable Rate Mortgage Trust 2005-5(b) | 2.8450 | 09/25/35 | 433,001 | ||||||||||||
228,771 | Adjustable Rate Mortgage Trust 2005-6A(d) | US0001M + 0.520% | 3.6040 | 11/25/35 | 198,267 | |||||||||||
256,816 | Adjustable Rate Mortgage Trust 2005-6A(d) | US0001M + 0.540% | 3.6240 | 11/25/35 | 222,714 | |||||||||||
12,372 | Alternative Loan Trust 2003-4CB | 5.7500 | 04/25/33 | 11,640 | ||||||||||||
88,992 | Alternative Loan Trust 2003-J3 | 5.2500 | 11/25/33 | 83,785 | ||||||||||||
510,386 | Alternative Loan Trust 2004-2CB | 5.0000 | 08/25/54 | 475,845 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
74,018 | Alternative Loan Trust 2005-17(d) | US0001M + 0.280% | 3.6440 | 07/25/35 | $ | 47,649 | ||||||||||
713,276 | Alternative Loan Trust 2005-43(b) | 4.2570 | 09/25/35 | 619,393 | ||||||||||||
84,887 | Alternative Loan Trust 2005-51(d) | US0001M + 0.600% | 3.5930 | 11/20/35 | 76,814 | |||||||||||
38,464 | Alternative Loan Trust 2005-63(b) | 3.3260 | 12/25/35 | 34,716 | ||||||||||||
712,698 | Alternative Loan Trust 2006-32CB(a),(d) | US0001M + 5.330% | 2.2460 | 11/25/36 | 57,147 | |||||||||||
429,336 | Alternative Loan Trust 2006-32CB(d) | US0001M + 0.670% | 3.7540 | 11/25/36 | 229,391 | |||||||||||
1,588,233 | Alternative Loan Trust 2006-J6(a),(d) | US0001M + 5.500% | 2.4160 | 09/25/36 | 140,558 | |||||||||||
1,301,831 | Alternative Loan Trust 2006-J6(d) | US0001M + 0.500% | 3.5840 | 09/25/36 | 560,463 | |||||||||||
196,870 | Alternative Loan Trust 2006-OA7(d) | US0001M + 0.420% | 3.5040 | 06/25/46 | 139,795 | |||||||||||
313,843 | Alternative Loan Trust 2007-5CB(e) | 0.0000 | 04/25/37 | 79,894 | ||||||||||||
386,834 | Alternative Loan Trust 2007-5CB(a),(d) | US0001M + 5.650% | 2.5660 | 04/25/37 | 49,515 | |||||||||||
400,083 | American Home Mortgage Assets Trust 2006-1(d) | US0001M + 0.190% | 3.2740 | 05/25/46 | 328,537 | |||||||||||
9,804 | American Home Mortgage Investment Trust 2004-1(d) | US0001M + 0.900% | 3.9840 | 04/25/44 | 9,715 | |||||||||||
34,582 | American Home Mortgage Investment Trust Series 2004-3 Class IV-A(d) | US0006M + 1.500% | 3.0640 | 10/25/34 | 34,390 | |||||||||||
27,330 | American Home Mortgage Investment Trust Series 2004-4 Class 6A1(f) | 6.0000 | 02/25/45 | 26,688 | ||||||||||||
25,653 | American Home Mortgage Investment Trust 2005-1(d) | US0006M + 2.000% | 5.3770 | 06/25/45 | 25,431 | |||||||||||
4,778,763 | American Home Mortgage Investment Trust 2005-2(f) | 5.8280 | 09/25/35 | 3,523,615 | ||||||||||||
926,010 | American Home Mortgage Investment Trust 2005-4(d) | US0006M + 1.750% | 5.0910 | 11/25/45 | 451,156 | |||||||||||
428,833 | American Home Mortgage Investment Trust 2006-2(d) | US0001M + 0.220% | 3.3040 | 06/25/36 | 56,877 | |||||||||||
559,861 | American Home Mortgage Investment Trust 2006-3(d) | US0001M + 0.380% | 3.4640 | 12/25/46 | 528,118 | |||||||||||
1,219,186 | American Home Mortgage Investment Trust 2007-1(d) | US0001M + 0.160% | 3.2440 | 05/25/47 | 813,446 | |||||||||||
624,551 | Banc of America Alternative Loan Trust 2006-4(a),(d) | US0001M + 5.150% | 2.0660 | 05/25/46 | 30,692 | |||||||||||
618,883 | Banc of America Alternative Loan Trust 2006-4(d) | US0001M + 0.850% | 3.9340 | 05/25/46 | 526,481 | |||||||||||
339,171 | Banc of America Alternative Loan Trust 2006-4 | 6.0000 | 05/25/46 | 272,427 | ||||||||||||
273,713 | Banc of America Alternative Loan Trust 2006-4 | 6.0000 | 05/25/46 | 219,850 | ||||||||||||
316,775 | Banc of America Alternative Loan Trust 2006-4 | 6.0000 | 05/25/46 | 254,438 | ||||||||||||
517,613 | Banc of America Funding 2004-B Trust(b) | 2.1760 | 12/20/34 | 427,778 | ||||||||||||
56,751 | Banc of America Funding 2005-8 Trust(e) | 0.0000 | 01/25/36 | 36,976 | ||||||||||||
186,964 | Banc of America Funding 2005-B Trust(b) | 3.1840 | 04/20/35 | 163,972 | ||||||||||||
1,775,214 | Banc of America Funding 2005-E Trust(b) | 3.2400 | 05/20/35 | 1,577,721 | ||||||||||||
123,353 | Banc of America Funding 2005-E Trust(d) | 12 MTA + 1.430% | 2.5340 | 06/20/35 | 93,556 | |||||||||||
1,193,978 | Banc of America Funding 2006-A Trust(b) | 2.7440 | 02/20/36 | 993,906 | ||||||||||||
1,602,880 | Banc of America Funding 2006-A Trust(b) | 2.8880 | 02/20/36 | 1,465,305 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
181,112 | Banc of America Funding 2006-B Trust(b) | 2.3710 | 03/20/36 | $ | 167,284 | |||||||||||
510,943 | Banc of America Funding 2006-B Trust(b) | 2.5840 | 03/20/36 | 434,010 | ||||||||||||
144,136 | Banc of America Funding 2006-C Trust(b) | 3.1590 | 04/20/36 | 122,933 | ||||||||||||
591,453 | Banc of America Funding 2006-D Trust(b) | 3.4990 | 05/20/36 | 525,777 | ||||||||||||
483,452 | Banc of America Funding 2006-F Trust(b) | 2.7390 | 07/20/36 | 416,789 | ||||||||||||
27,810 | Banc of America Funding 2006-G Trust(d) | US0012M + 1.750% | 5.9100 | 07/20/36 | 27,124 | |||||||||||
100,685 | Banc of America Funding 2006-I Trust(b) | 2.3950 | 10/20/46 | 84,664 | ||||||||||||
70,059 | Banc of America Funding 2007-4 Trust | 5.5000 | 11/25/34 | 63,108 | ||||||||||||
75,418 | Banc of America Funding 2007-7 Trust(e) | 0.0000 | 09/25/37 | 34,620 | ||||||||||||
455,058 | Banc of America Funding 2007-8 Trust | 6.0000 | 10/25/22 | 235,358 | ||||||||||||
104,536 | Banc of America Funding 2007-C Trust(d) | US0001M + 0.540% | 3.5330 | 05/20/47 | 100,211 | |||||||||||
810,443 | Banc of America Funding 2016-R2 Trust(b),(c) | 4.7000 | 05/01/33 | 787,148 | ||||||||||||
1,462,645 | Banc of America Funding Corporation(b) | 4.0120 | 09/25/48 | 1,370,363 | ||||||||||||
50,950 | Banc of America Mortgage 2005-A Trust(b) | 2.5410 | 02/25/35 | 49,391 | ||||||||||||
450,970 | Banc of America Mortgage 2005-G Trust(b) | 3.7610 | 08/25/35 | 412,039 | ||||||||||||
525,894 | Banc of America Mortgage 2005-I Trust(b) | 2.2300 | 10/25/35 | 509,204 | ||||||||||||
106,044 | Banc of America Mortgage 2006-A Trust(b) | 3.3480 | 02/25/36 | 89,456 | ||||||||||||
87,156 | Banc of America Mortgage 2006-B Trust(b) | 3.0090 | 11/20/46 | 78,723 | ||||||||||||
23,191 | Banc of America Mortgage Trust 2005-3 | 5.5000 | 03/25/35 | 19,691 | ||||||||||||
10,515 | Bank of America Mortgage 2002-J Trust(b) | 4.2470 | 09/25/32 | 10,006 | ||||||||||||
2,296,018 | BCAP, LLC 2009-RR10 Trust(b),(c) | 6.0000 | 02/26/36 | 2,091,982 | ||||||||||||
2,547,716 | BCAP, LLC 2010-RR11-I Trust(b),(c) | 2.9480 | 06/27/36 | 2,438,859 | ||||||||||||
2,606,028 | BCAP, LLC 2011-RR4-I Trust(c) | 5.2500 | 04/26/37 | 1,558,071 | ||||||||||||
4,203,428 | BCAP, LLC 2013-RR7 Trust(b),(c) | 3.1700 | 12/27/34 | 3,736,664 | ||||||||||||
44,381 | BCAP, LLC Trust 2007-AA2 | 6.0000 | 10/25/22 | 43,786 | ||||||||||||
165,613 | Bear Stearns ALT-A Trust 2004-12(b) | 3.1070 | 01/25/35 | 152,282 | ||||||||||||
9,520 | Bear Stearns ALT-A Trust 2004-9(b) | 4.1660 | 09/25/34 | 9,548 | ||||||||||||
102,471 | Bear Stearns ALT-A Trust 2005-10(b) | 3.2440 | 01/25/36 | 94,437 | ||||||||||||
5,152,159 | Bear Stearns ALT-A Trust 2005-10(d) | US0001M + 0.500% | 3.5840 | 01/25/36 | 6,701,735 | |||||||||||
50,629 | Bear Stearns ALT-A Trust 2005-4(b) | 3.2440 | 05/25/35 | 48,833 | ||||||||||||
2,987,327 | Bear Stearns ALT-A Trust 2006-1(d) | US0001M + 0.480% | 3.5640 | 02/25/36 | 2,931,381 | |||||||||||
1,849,981 | Bear Stearns ALT-A Trust 2006-2(d) | US0001M + 0.440% | 3.5240 | 04/25/36 | 2,742,745 | |||||||||||
455,377 | Bear Stearns ALT-A Trust 2006-3(b) | 3.2910 | 05/25/36 | 270,153 | ||||||||||||
93,289 | Bear Stearns ALT-A Trust 2006-3(b) | 3.3070 | 05/25/36 | 68,351 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
199,797 | Bear Stearns ALT-A Trust 2006-3(d) | US0001M + 0.380% | 3.4640 | 05/25/36 | $ | 182,211 | ||||||||||
41,813 | Bear Stearns ALT-A Trust II 2007-1(b) | 3.3790 | 09/25/47 | 22,814 | ||||||||||||
46,457 | Bear Stearns ARM Trust 2003-8(b) | 2.3210 | 01/25/34 | 43,430 | ||||||||||||
11,132 | Bear Stearns ARM Trust 2004-1(b) | 2.4370 | 04/25/34 | 10,760 | ||||||||||||
61,960 | Bear Stearns ARM Trust 2004-10(b) | 3.0250 | 01/25/35 | 58,224 | ||||||||||||
395,684 | Bear Stearns ARM Trust 2004-9(b) | 2.1580 | 11/25/34 | 372,280 | ||||||||||||
230,775 | Bear Stearns ARM Trust 2005-3(b) | 3.3510 | 06/25/35 | 223,702 | ||||||||||||
322,701 | Bear Stearns ARM Trust 2005-6(b) | 3.6500 | 08/25/35 | 297,373 | ||||||||||||
999,824 | Bear Stearns ARM Trust 2006-4(b) | 3.3360 | 10/25/36 | 904,917 | ||||||||||||
51,492 | Bear Stearns ARM Trust 2007-5(b) | 3.6130 | 08/25/47 | 47,165 | ||||||||||||
3,430,824 | Bear Stearns ARM Trust 2007-5(b) | 4.0270 | 08/25/47 | 3,167,758 | ||||||||||||
177,331 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 1.000% | 4.0840 | 08/25/35 | 124,944 | |||||||||||
11,463 | Bear Stearns Asset Backed Securities Trust(f) | 5.2500 | 10/25/33 | 11,104 | ||||||||||||
30,161 | Bear Stearns Asset Backed Securities Trust(f) | 5.7500 | 10/25/33 | 30,373 | ||||||||||||
933,231 | Bear Stearns Mortgage Funding Trust 2006-SL5(d) | US0001M + 0.300% | 3.3840 | 12/25/36 | 1,029,690 | |||||||||||
57,779 | Bear Stearns Mortgage Securities, Inc.(b) | 6.3450 | 03/25/31 | 57,025 | ||||||||||||
9,872 | Bear Stearns Mortgage Securities, Inc.(b) | 6.3450 | 03/25/31 | 9,586 | ||||||||||||
37,399,048 | CBASS 1248MKAB1 DEL TR 2011-1(c),(d) | US0001M + 0.460% | 1.4820 | 02/25/37 | 984,354 | |||||||||||
186,237 | Chase Mortgage Finance Trust Series 2005-S1 | 5.0000 | 05/25/35 | 185,588 | ||||||||||||
1,225,671 | ChaseFlex Trust Series 2005-2 | 7.5000 | 06/25/35 | 771,127 | ||||||||||||
41,775 | CHL Mortgage Pass-Through Trust 2003-56(b) | 2.4790 | 12/25/33 | 39,215 | ||||||||||||
350,450 | CHL Mortgage Pass-Through Trust 2004-14(b) | 3.9160 | 08/25/34 | 325,571 | ||||||||||||
286,177 | CHL Mortgage Pass-Through Trust 2004-2(b) | 2.7400 | 02/25/34 | 253,412 | ||||||||||||
313,843 | CHL Mortgage Pass-Through Trust 2004-5 | 5.0000 | 05/25/34 | 297,659 | ||||||||||||
1,535,768 | CHL Mortgage Pass-Through Trust 2004-7(b) | 1.9920 | 05/25/34 | 292,927 | ||||||||||||
97,753 | CHL Mortgage Pass-Through Trust 2004-7(b) | 3.1560 | 06/25/34 | 92,730 | ||||||||||||
47,583 | CHL Mortgage Pass-Through Trust 2004-8(e) | 0.0000 | 07/25/34 | 32,696 | ||||||||||||
2,349 | CHL Mortgage Pass-Through Trust 2005-11(d) | US0001M + 0.320% | 3.4040 | 04/25/35 | 1,274 | |||||||||||
156,331 | CHL Mortgage Pass-Through Trust 2005-15 | 5.1000 | 08/25/35 | 148,607 | ||||||||||||
2,042 | CHL Mortgage Pass-Through Trust 2005-7(d) | US0001M + 0.720% | 3.8040 | 03/25/35 | 696 | |||||||||||
130,193 | CHL Mortgage Pass-Through Trust 2005-HYB6(b) | 2.9710 | 10/20/35 | 123,171 | ||||||||||||
258,321 | CHL Mortgage Pass-Through Trust 2005-J2 | 5.0000 | 08/25/35 | 160,770 | ||||||||||||
99,273 | Citicorp Mortgage Securities Trust Series 2006-1 | 6.0000 | 02/25/36 | 91,281 | ||||||||||||
291,307 | Citicorp Mortgage Securities, Inc. | 5.5000 | 03/25/35 | 271,873 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
8,203 | Citigroup Global Markets Mortgage Securities VII,(b) | 2.6110 | 10/25/23 | $ | 8,025 | |||||||||||
115,173 | Citigroup Mortgage Loan Trust 2004-HYB2(b) | 2.5920 | 03/25/34 | 106,143 | ||||||||||||
35,805 | Citigroup Mortgage Loan Trust 2005-11(d) | H15T1Y + 2.400% | 2.4800 | 11/25/35 | 34,211 | |||||||||||
512,487 | Citigroup Mortgage Loan Trust 2006-AR2(b) | 2.5970 | 03/25/36 | 479,079 | ||||||||||||
103,263 | Citigroup Mortgage Loan Trust 2006-AR5(b) | 3.1990 | 07/25/36 | 110,121 | ||||||||||||
1,729,457 | Citigroup Mortgage Loan Trust 2008-RR1(c),(d) | US0001M + 0.070% | 3.1540 | 01/25/37 | 1,647,619 | |||||||||||
360,102 | Citigroup Mortgage Loan Trust 2009-4(b),(c) | 5.4780 | 05/25/35 | 324,184 | ||||||||||||
278,537 | Citigroup Mortgage Loan Trust 2010-8(b),(c) | 3.0230 | 11/19/35 | 217,681 | ||||||||||||
37,465 | Citigroup Mortgage Loan Trust 2013-8(b),(c) | 3.3370 | 05/25/35 | 31,243 | ||||||||||||
356,222 | Citigroup Mortgage Loan Trust 2013-8(b),(c) | 2.8960 | 11/25/36 | 269,374 | ||||||||||||
162,916 | Citigroup Mortgage Loan Trust 2019-E(c),(f) | 3.2280 | 11/25/70 | 157,313 | ||||||||||||
872,670 | Citigroup Mortgage Loan Trust, Inc.(c),(d) | US0001M + 0.400% | 3.4840 | 01/25/29 | 828,619 | |||||||||||
65,360 | Citigroup Mortgage Loan Trust, Inc. | 8.0000 | 08/25/34 | 65,445 | ||||||||||||
1,037,063 | Citigroup Mortgage Loan Trust, Inc. | 5.7500 | 11/25/35 | 765,334 | ||||||||||||
87,128 | CitiMortgage Alternative Loan Trust Series 2007-A1(e) | 0.0000 | 01/25/37 | 50,388 | ||||||||||||
180,845 | CitiMortgage Alternative Loan Trust Series 2007-A1(a),(d) | US0001M + 5.400% | 2.3160 | 01/25/37 | 9,001 | |||||||||||
18,927 | CitiMortgage Alternative Loan Trust Series 2007-A1 | 6.0000 | 01/25/37 | 16,486 | ||||||||||||
31,827,712 | COMM 2007-C9 Mortgage Trust(a),(b),(c) | 0.6210 | 12/10/49 | 475,621 | ||||||||||||
393,430 | Credit Suisse First Boston Mortgage Securities | 5.5000 | 08/25/25 | 322,946 | ||||||||||||
295,017 | Credit Suisse First Boston Mortgage Securities(b),(c) | 1.7450 | 03/25/32 | 270,884 | ||||||||||||
116,024 | Credit Suisse First Boston Mortgage Securities(b) | 7.0000 | 06/25/32 | 107,466 | ||||||||||||
22,980 | Credit Suisse First Boston Mortgage Securities(b) | 2.2340 | 11/25/32 | 19,399 | ||||||||||||
90,115 | Credit Suisse First Boston Mortgage Securities(b) | 2.2340 | 11/25/32 | 85,611 | ||||||||||||
475,453 | Credit Suisse First Boston Mortgage Securities(b) | 7.3560 | 11/25/32 | 458,716 | ||||||||||||
23,496 | Credit Suisse First Boston Mortgage Securities(b) | 6.9280 | 12/25/32 | 21,349 | ||||||||||||
72,815 | Credit Suisse First Boston Mortgage Securities(b) | 5.6670 | 04/25/33 | 58,477 | ||||||||||||
127,563 | Credit Suisse First Boston Mortgage Securities | 6.5000 | 04/25/33 | 122,222 | ||||||||||||
32,098 | Credit Suisse First Boston Mortgage Securities | 6.5000 | 09/25/33 | 30,303 | ||||||||||||
52,200 | Credit Suisse First Boston Mortgage Securities | 5.0000 | 09/25/34 | 42,708 | ||||||||||||
846,408 | Credit Suisse First Boston Mortgage Securities | 5.2500 | 01/25/36 | 724,940 | ||||||||||||
2,318 | CSFB Mortgage-Backed Pass-Through Certificates | 5.0000 | 11/25/28 | 2,079 | ||||||||||||
604,916 | CSFB Mortgage-Backed Pass-Through Certificates | 7.0000 | 10/25/32 | 565,728 | ||||||||||||
148,517 | CSFB Mortgage-Backed Pass-Through Certificates(d) | US0001M + 2.900% | 5.9840 | 07/25/33 | 142,415 | |||||||||||
63,797 | CSFB Mortgage-Backed Pass-Through Certificates | 5.5000 | 11/25/33 | 61,766 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
214,541 | CSFB Mortgage-Backed Pass-Through Certificates | 6.0000 | 11/25/33 | $ | 199,355 | |||||||||||
127,554 | CSFB Mortgage-Backed Pass-Through Certificates | 6.5000 | 12/25/33 | 115,364 | ||||||||||||
12,913 | CSFB Mortgage-Backed Pass-Through Certificates(b) | 2.7630 | 01/25/34 | 12,611 | ||||||||||||
81,696 | CSFB Mortgage-Backed Pass-Through Certificates(b) | 2.7170 | 06/25/34 | 81,268 | ||||||||||||
7,711 | CSFB Mortgage-Backed Pass-Through Certificates(b) | 2.7940 | 06/25/34 | 7,453 | ||||||||||||
717,093 | CSFB Mortgage-Backed Pass-Through Certificates(d) | US0001M + 0.350% | 3.4340 | 10/25/35 | 600,909 | |||||||||||
7,659,480 | CSFB Mortgage-Backed Pass-Through Certificates | 6.5000 | 11/25/35 | 1,578,414 | ||||||||||||
51,244 | CSFB Mortgage-Backed Trust Series 2004-AR6(b) | 3.0900 | 10/25/34 | 50,950 | ||||||||||||
2,134,854 | CSMC Mortgage-Backed Trust 2006-9 | 6.5000 | 11/25/36 | 1,495,093 | ||||||||||||
554,543 | CSMC Mortgage-Backed Trust 2007-1 | 6.0000 | 02/25/37 | 342,568 | ||||||||||||
157,223 | CSMC Mortgage-Backed Trust 2007-3(d) | US0001M + 0.250% | 3.3340 | 04/25/37 | 128,602 | |||||||||||
199,718 | CSMC Mortgage-Backed Trust 2007-3 | 5.0000 | 04/25/37 | 164,933 | ||||||||||||
976,226 | CSMC Mortgage-Backed Trust 2007-3(b) | 5.8370 | 04/25/37 | 258,252 | ||||||||||||
190,878 | CSMC Mortgage-Backed Trust 2007-4(d) | US0001M + 0.400% | 3.4840 | 06/25/37 | 122,423 | |||||||||||
2,301,713 | CSMC Mortgage-Backed Trust 2007-4 | 6.0000 | 06/25/37 | 357,613 | ||||||||||||
43,633 | CSMC Mortgage-Backed Trust 2007-5 | 6.0000 | 04/25/29 | 40,312 | ||||||||||||
110,386 | CSMC Series 2011-6R(b),(c) | 3.3020 | 04/28/37 | 104,450 | ||||||||||||
133,094 | CSMC Series 2014-4R(c),(d) | US0001M + 0.200% | 2.6440 | 02/27/36 | 119,919 | |||||||||||
176,474 | Deutsche Alt-B Securities Inc Mortgage Loan Trust(b) | 4.8420 | 06/25/36 | 150,511 | ||||||||||||
133,149 | Deutsche Alt-B Securities Mortgage Loan Trust(f) | 6.3650 | 02/25/36 | 120,626 | ||||||||||||
34,498 | Deutsche Mortgage Sec Inc Mort Loan Tr Ser 2004-1(b) | 5.5000 | 09/25/33 | 30,743 | ||||||||||||
398,691 | Deutsche Mortgage Securities Inc Mortgage Loan(c),(d) | US0001M + 0.280% | 3.0980 | 04/15/36 | 364,699 | |||||||||||
108,929 | Deutsche Mortgage Securities Inc Mortgage Loan(c),(d) | US0001M + 0.280% | 3.0980 | 04/15/36 | 99,642 | |||||||||||
57,125 | Deutsche Mortgage Securities Inc Mortgage Loan(c),(d) | US0001M + 0.290% | 3.1080 | 04/15/36 | 51,731 | |||||||||||
13,030 | DSLA Mortgage Loan Trust 2004-AR1(d) | US0001M + 0.840% | 3.8330 | 09/19/44 | 11,586 | |||||||||||
307,535 | DSLA Mortgage Loan Trust 2004-AR2(d) | US0001M + 0.800% | 3.7930 | 11/19/44 | 285,097 | |||||||||||
1,123,282 | DSLA Mortgage Loan Trust 2004-AR2(d) | US0001M + 0.800% | 3.7930 | 11/19/44 | 947,391 | |||||||||||
136,676 | DSLA Mortgage Loan Trust 2005-AR5(d) | US0001M + 0.660% | 3.6530 | 09/19/45 | 88,424 | |||||||||||
2,561,598 | DSLA Mortgage Loan Trust 2007-AR1(d) | US0001M + 0.140% | 3.1330 | 04/19/47 | 2,104,549 | |||||||||||
70,789 | Fannie Mae Interest Strip(a) | 6.5000 | 10/25/23 | 1,670 | ||||||||||||
291,737 | Fannie Mae Interest Strip(a),(b) | 3.5000 | 04/25/27 | 11,658 | ||||||||||||
164,365 | Fannie Mae Interest Strip(a) | 6.0000 | 01/25/35 | 31,234 | ||||||||||||
371,138 | Fannie Mae Interest Strip(a) | 4.5000 | 08/25/35 | 59,210 | ||||||||||||
240,454 | Fannie Mae Interest Strip(a),(b) | 5.0000 | 03/25/38 | 39,083 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
492,250 | Fannie Mae Interest Strip(a) | 5.0000 | 01/25/40 | $ | 98,610 | |||||||||||
422,634 | Fannie Mae REMICS(a),(d) | US0001M + 6.500% | 3.4160 | 05/25/40 | 9,348 | |||||||||||
368,645 | Fannie Mae REMICS(a),(d) | US0001M + 6.150% | 3.0660 | 01/25/49 | 31,430 | |||||||||||
1,299,188 | Fannie Mae Trust 2003-W6(a),(d) | US0001M + 7.600% | 4.5160 | 09/25/42 | 105,125 | |||||||||||
176,506 | First Horizon Alternative Mortgage Securities(b) | 2.6880 | 12/25/34 | 166,251 | ||||||||||||
378,616 | First Horizon Alternative Mortgage Securities(b) | 3.1280 | 02/25/35 | 331,869 | ||||||||||||
32,167 | First Horizon Alternative Mortgage Securities(b) | 3.6150 | 03/25/35 | 20,779 | ||||||||||||
903,457 | First Horizon Alternative Mortgage Securities(b) | 2.3890 | 05/25/35 | 502,509 | ||||||||||||
273,572 | First Horizon Alternative Mortgage Securities(b) | 3.0840 | 07/25/35 | 192,786 | ||||||||||||
1,112 | First Horizon Alternative Mortgage Securities(b) | 0.0000 | 07/25/36 | - | ||||||||||||
660,477 | First Horizon Mortgage Pass-Through Trust(b) | 2.6250 | 01/25/36 | 439,887 | ||||||||||||
25,422 | First Horizon Mortgage Pass-Through Trust 2000-H(b) | 2.5630 | 05/25/30 | 24,049 | ||||||||||||
23,522 | First Horizon Mortgage Pass-Through Trust 2000-H(b) | 3.2340 | 05/25/30 | 21,799 | ||||||||||||
172,515 | First Horizon Mortgage Pass-Through Trust 2004-FL1(d) | US0001M + 0.270% | 3.3540 | 02/25/35 | 151,608 | |||||||||||
245,119 | First Horizon Mortgage Pass-Through Trust 2005-AR4(b) | 3.2860 | 10/25/35 | 233,574 | ||||||||||||
57,369 | First Horizon Mortgage Pass-Through Trust 2007-AR2(b) | 3.8570 | 07/25/37 | 38,980 | ||||||||||||
366,087 | Freddie Mac REMICS(a),(d) | US0001M + 6.000% | 3.1820 | 11/15/40 | 34,019 | |||||||||||
308,211 | Freddie Mac Strips(a) | 6.0000 | 06/15/39 | 66,903 | ||||||||||||
343,988 | Freddie Mac Strips(a),(b) | 4.5000 | 05/15/49 | 74,716 | ||||||||||||
3,203,154 | Freddie Mac Structured Pass-Through Certificates(a),(b) | 0.5240 | 05/25/43 | 64,754 | ||||||||||||
634,682 | Global Mortgage Securitization Ltd.(c),(d) | US0001M + 0.320% | 3.4040 | 11/25/32 | 612,486 | |||||||||||
173,492 | GMACM Mortgage Loan Trust 2004-J2(e) | 0.0000 | 06/25/34 | 141,139 | ||||||||||||
2,279,891 | GMACM Mortgage Loan Trust 2005-AR4(b) | 3.7830 | 07/19/35 | 1,999,501 | ||||||||||||
76,456 | GMACM Mortgage Loan Trust 2005-AR6(b) | 3.0230 | 11/19/35 | 60,228 | ||||||||||||
467,342 | Government National Mortgage Association(a),(f) | 4.0000 | 09/16/25 | 13,390 | ||||||||||||
193,702 | Government National Mortgage Association(a),(d) | US0001M + 7.550% | 4.5360 | 02/20/33 | 6,898 | |||||||||||
185,831 | Government National Mortgage Association(a) | 5.0000 | 05/20/34 | 26,690 | ||||||||||||
186,773 | Government National Mortgage Association(a) | 5.0000 | 10/20/39 | 35,370 | ||||||||||||
147,981 | Government National Mortgage Association(a),(d) | US0001M + 5.400% | 2.3860 | 05/20/41 | 10,670 | |||||||||||
173,481 | Government National Mortgage Association(a),(d) | US0001M + 5.450% | 2.4360 | 06/20/41 | 12,632 | |||||||||||
545,615 | GreenPoint Mortgage Funding Trust 2005-AR4(d) | US0001M + 0.520% | 3.6040 | 10/25/45 | 530,753 | |||||||||||
323,870 | GreenPoint Mortgage Funding Trust 2005-AR5(d) | US0001M + 0.540% | 3.6240 | 11/25/45 | 297,640 | |||||||||||
332,527 | GreenPoint Mortgage Funding Trust 2005-AR5(d) | US0001M + 0.560% | 3.6440 | 11/25/45 | 253,553 | |||||||||||
915,230 | GreenPoint Mortgage Funding Trust 2006-AR2(d) | 12MTA + 2.000% | 2.8590 | 03/25/36 | 872,723 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
75,197 | GreenPoint Mortgage Funding Trust 2006-AR3(d) | US0001M + 0.420% | 3.5040 | 04/25/36 | $ | 63,590 | ||||||||||
593,231 | GreenPoint Mortgage Loan Trust 2004-1(d) | US0001M + 1.150% | 4.2340 | 10/25/34 | 553,788 | |||||||||||
378,842 | GreenPoint MTA Trust 2005-AR3(d) | US0001M + 0.480% | 3.5640 | 08/25/45 | 293,997 | |||||||||||
170,705 | GSMPS Mortgage Loan Trust(b),(c) | 7.7500 | 05/19/27 | 165,715 | ||||||||||||
73,740 | GSMPS Mortgage Loan Trust(b),(c) | 5.0420 | 09/19/27 | 70,955 | ||||||||||||
60,252 | GSMPS Mortgage Loan Trust(b),(c) | 8.0000 | 09/19/27 | 56,302 | ||||||||||||
178,611 | GSMPS Mortgage Loan Trust(b),(c) | 8.0000 | 09/19/27 | 173,167 | ||||||||||||
476,105 | GSMPS Mortgage Loan Trust 2001-2(b),(c) | 7.5000 | 06/19/32 | 436,327 | ||||||||||||
129,804 | GSR Mortgage Loan Trust 2003-1(b) | 2.4130 | 03/25/33 | 120,312 | ||||||||||||
17,311 | GSR Mortgage Loan Trust 2003-1(d) | H15T1Y + 1.750% | 2.8800 | 03/25/33 | 17,100 | |||||||||||
124,895 | GSR Mortgage Loan Trust 2003-3F(b) | 5.9690 | 04/25/33 | 115,451 | ||||||||||||
191,564 | GSR Mortgage Loan Trust 2003-4F(b) | 5.9170 | 05/25/33 | 194,649 | ||||||||||||
435,188 | GSR Mortgage Loan Trust 2003-9(d) | US0012M + 1.750% | 5.5120 | 08/25/33 | 412,503 | |||||||||||
1,370 | GSR Mortgage Loan Trust 2004-10F | 4.5000 | 09/25/34 | 1,362 | ||||||||||||
21,508 | GSR Mortgage Loan Trust 2004-13F | 6.0000 | 11/25/34 | 20,126 | ||||||||||||
210,616 | GSR Mortgage Loan Trust 2004-15F(d) | US0001M + 0.300% | 3.3840 | 12/25/34 | 197,103 | |||||||||||
14,240 | GSR Mortgage Loan Trust 2004-8F | 6.0000 | 09/25/34 | 13,920 | ||||||||||||
20,499 | GSR Mortgage Loan Trust 2005-5F | 5.5000 | 06/25/35 | 19,517 | ||||||||||||
65,992 | GSR Mortgage Loan Trust 2005-7F | 5.5000 | 09/25/35 | 61,965 | ||||||||||||
439,980 | GSR Mortgage Loan Trust 2005-8F | 5.5000 | 11/25/35 | 413,405 | �� | |||||||||||
587,177 | GSR Mortgage Loan Trust 2005-8F | 5.5000 | 11/25/35 | 551,711 | ||||||||||||
101,651 | GSR Mortgage Loan Trust 2005-8F | 5.5000 | 11/25/35 | 95,511 | ||||||||||||
231,492 | GSR Mortgage Loan Trust 2005-AR5(b) | 3.1960 | 10/25/35 | 215,118 | ||||||||||||
18,872 | GSR Mortgage Loan Trust 2005-AR6(b) | 3.1300 | 09/25/35 | 17,977 | ||||||||||||
11,618 | GSR Mortgage Loan Trust 2005-AR6 Series 2005-AR6-1 Class 1A-1(b) | 3.1890 | 09/25/35 | 11,414 | ||||||||||||
376,585 | GSR Mortgage Loan Trust 2005-AR7(b) | 3.5040 | 11/25/35 | 325,171 | ||||||||||||
36,195 | GSR Mortgage Loan Trust 2005-AR7(b) | 3.5210 | 11/25/35 | 33,308 | ||||||||||||
1,035,502 | GSR Mortgage Loan Trust 2006-10F | 5.7500 | 12/25/36 | 2,229,608 | ||||||||||||
1,057,515 | GSR Mortgage Loan Trust 2006-1F(d) | US0001M + 0.950% | 4.0340 | 02/25/36 | 1,992,267 | |||||||||||
847,273 | GSR Mortgage Loan Trust 2006-1F | 5.5000 | 02/25/36 | 640,489 | ||||||||||||
1,576,116 | GSR Mortgage Loan Trust 2006-2F | 5.7500 | 02/25/36 | 1,381,384 | ||||||||||||
1,862,338 | GSR Mortgage Loan Trust 2006-2F | 5.7500 | 02/25/36 | 1,632,242 | ||||||||||||
200 | GSR Mortgage Loan Trust 2006-4F(h) | 5.5000 | 05/25/36 | 1,455,000 | ||||||||||||
100 | GSR Mortgage Loan Trust 2006-4F(h) | 5.5000 | 05/25/36 | 430,000 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
100 | GSR Mortgage Loan Trust 2006-4F(h) | 5.5000 | 05/25/36 | $ | 900,000 | |||||||||||
10,991 | GSR Mortgage Loan Trust 2006-7F(h) | 6.0000 | 08/25/36 | 2,776,869 | ||||||||||||
596,854 | GSR Mortgage Loan Trust 2007-1F | 5.5000 | 01/25/37 | 1,084,305 | ||||||||||||
333,241 | GSR Mortgage Loan Trust 2007-1F | 5.5000 | 01/25/37 | 397,670 | ||||||||||||
556,406 | GSR Mortgage Loan Trust 2007-1F | 6.0000 | 01/25/37 | 380,321 | ||||||||||||
1,222,337 | GSR Mortgage Loan Trust 2007-3F | 5.7500 | 05/25/37 | 2,314,259 | ||||||||||||
67,973 | GSR Mortgage Loan Trust 2007-4F | 5.0000 | 07/25/37 | 94,261 | ||||||||||||
2,731,876 | GSR Mortgage Loan Trust 2007-4F | 5.7500 | 07/25/37 | 4,031,516 | ||||||||||||
677,183 | GSR Mortgage Loan Trust 2007-AR1(b) | 2.6130 | 03/25/37 | 604,689 | ||||||||||||
77,132 | HarborView Mortgage Loan Trust 2003-1(b) | 2.3900 | 05/19/33 | 59,478 | ||||||||||||
314,964 | HarborView Mortgage Loan Trust 2004-1(b) | 3.0580 | 04/19/34 | 237,133 | ||||||||||||
1,470,379 | HarborView Mortgage Loan Trust 2004-8(d) | US0001M + 0.800% | 3.7930 | 11/19/34 | 1,277,413 | |||||||||||
105,717 | HarborView Mortgage Loan Trust 2004-9(d) | US0001M + 0.780% | 3.7730 | 12/19/34 | 93,453 | |||||||||||
3,648 | HarborView Mortgage Loan Trust 2005-1(d) | US0001M + 0.660% | 3.6530 | 03/19/35 | 2,570 | |||||||||||
26,651 | HarborView Mortgage Loan Trust 2005-14(b) | 3.6350 | 12/19/35 | 23,789 | ||||||||||||
199,797 | HarborView Mortgage Loan Trust 2005-14(b) | 3.7010 | 12/19/35 | 186,823 | ||||||||||||
954,896 | HarborView Mortgage Loan Trust 2005-16(d) | 12MTA + 2.000% | 3.1040 | 01/19/37 | 757,232 | |||||||||||
2,322,774 | HarborView Mortgage Loan Trust 2005-2(d) | US0001M + 0.520% | 3.5130 | 05/19/35 | 821,940 | |||||||||||
58,195 | HarborView Mortgage Loan Trust 2005-4(b) | 3.2240 | 07/19/35 | 56,869 | ||||||||||||
20,369 | HarborView Mortgage Loan Trust 2005-8(d) | US0001M + 0.660% | 3.6530 | 09/19/35 | 15,012 | |||||||||||
28,231 | Impac CMB Trust Series 2003-11(d) | US0001M + 4.500% | 7.5840 | 10/25/33 | 26,595 | |||||||||||
1,980 | Impac CMB Trust Series 2003-8(d) | US0001M + 2.625% | 5.7090 | 10/25/33 | 1,950 | |||||||||||
3,603 | Impac CMB Trust Series 2003-8(d) | US0001M + 4.500% | 7.5840 | 10/25/33 | 3,488 | |||||||||||
152,480 | Impac CMB Trust Series 2004-10(d) | US0001M + 0.800% | 3.8840 | 03/25/35 | 139,530 | |||||||||||
38,741 | Impac CMB Trust Series 2004-10(d) | US0001M + 1.500% | 4.5840 | 03/25/35 | 35,567 | |||||||||||
180,545 | Impac CMB Trust Series 2004-10(d) | US0001M + 2.775% | 5.8590 | 03/25/35 | 177,770 | |||||||||||
224,843 | Impac CMB Trust Series 2005-4(d) | US0001M + 0.380% | 3.8440 | 05/25/35 | 188,858 | |||||||||||
1,020,195 | Impac CMB Trust Series 2005-4(d) | US0001M + 1.650% | 5.5590 | 05/25/35 | 920,788 | |||||||||||
261,165 | Impac Secured Assets CMN Owner Trust(b) | 5.2860 | 08/25/33 | 237,443 | ||||||||||||
148,214 | Impac Secured Assets CMN Owner Trust(b) | 3.1690 | 07/25/35 | 130,575 | ||||||||||||
48,004 | Impac Secured Assets Trust 2006-2(d) | US0001M + 1.650% | 4.7340 | 08/25/36 | 47,047 | |||||||||||
145,336 | IndyMac ARM Trust 2001-H1(b) | 3.1930 | 08/25/31 | 74,144 | ||||||||||||
80,706 | IndyMac IMSC Mortgage Loan Trust 2007-F3(e) | 0.0000 | 09/25/37 | 46,661 | ||||||||||||
86,773 | IndyMac INDA Mortgage Loan Trust 2005-AR1(b) | 3.1350 | 11/25/35 | 82,932 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
18,587 | IndyMac INDA Mortgage Loan Trust 2005-AR2(b) | 2.9890 | 01/25/36 | $ | 17,258 | |||||||||||
72,682 | IndyMac INDA Mortgage Loan Trust 2007-AR4(b) | 3.9590 | 08/25/37 | 67,711 | ||||||||||||
29,005 | IndyMac INDX Mortgage Loan Trust 2004-AR10(d) | US0001M + 0.920% | 4.0040 | 05/25/34 | 25,730 | |||||||||||
176,276 | IndyMac INDX Mortgage Loan Trust 2004-AR5(d) | US0001M + 0.860% | 3.9440 | 08/25/34 | 151,609 | |||||||||||
2,183,774 | IndyMac INDX Mortgage Loan Trust 2005-AR9(b) | 3.5640 | 07/25/35 | 1,993,343 | ||||||||||||
172,982 | IndyMac INDX Mortgage Loan Trust 2006-AR2(d) | US0001M + 0.420% | 3.5040 | 02/25/46 | 128,878 | |||||||||||
115,975 | IndyMac INDX Mortgage Loan Trust 2006-AR33(b) | 3.5370 | 01/25/37 | 106,064 | ||||||||||||
1,133,100 | Jefferies Resecuritization Trust 2009-R6(b),(c) | 3.7490 | 08/26/35 | 1,067,405 | ||||||||||||
760,435 | Jefferies Resecuritization Trust 2009-R7(b),(c) | 3.1130 | 10/21/35 | 786,918 | ||||||||||||
420,891 | JP Morgan Alternative Loan Trust | 5.0000 | 12/25/35 | 350,542 | ||||||||||||
3,893,350 | JP Morgan Alternative Loan Trust(b) | 3.0720 | 03/25/36 | 3,734,471 | ||||||||||||
62,092 | JP Morgan Alternative Loan Trust(f) | 6.6900 | 05/25/36 | 61,419 | ||||||||||||
32,728 | JP Morgan Mortgage Trust 2004-S2 | 5.5000 | 11/25/24 | 32,547 | ||||||||||||
510,948 | JP Morgan Mortgage Trust 2004-S2(d) | US0001M + 0.400% | 3.4840 | 11/25/34 | 470,200 | |||||||||||
238,222 | JP Morgan Mortgage Trust 2004-S2 | 6.0000 | 11/25/34 | 209,999 | ||||||||||||
33,540 | JP Morgan Mortgage Trust 2005-A3(b) | 2.6770 | 06/25/35 | 31,868 | ||||||||||||
743,454 | JP Morgan Mortgage Trust 2005-A6(b) | 3.6530 | 08/25/35 | 729,919 | ||||||||||||
794,008 | JP Morgan Mortgage Trust 2005-A8(b) | 2.9620 | 11/25/35 | 664,520 | ||||||||||||
54,429 | JP Morgan Mortgage Trust 2007-A2(b) | 2.8780 | 04/25/37 | 46,775 | ||||||||||||
22,183 | JP Morgan Resecuritization Trust Series 2009-7(b),(c) | 4.9460 | 07/27/37 | 22,088 | ||||||||||||
833,800 | Lehman Mortgage Trust 2005-2(d) | US0001M + 0.900% | 3.9840 | 12/25/35 | 517,186 | |||||||||||
780,226 | Lehman Mortgage Trust 2005-2(a) | 5.5000 | 12/25/35 | 142,348 | ||||||||||||
134,267 | Lehman Mortgage Trust 2005-2(d) | US0001M + 28.060% | 13.8740 | 12/25/35 | 126,596 | |||||||||||
189,545 | Lehman Mortgage Trust 2006-4 | 6.0000 | 06/25/49 | 139,260 | ||||||||||||
472,094 | Lehman Mortgage Trust 2006-7(b) | 4.4300 | 09/25/36 | 137,321 | ||||||||||||
237,808 | Lehman Mortgage Trust 2007-10 | 6.5000 | 01/25/38 | 82,192 | ||||||||||||
137,511 | Lehman Mortgage Trust 2007-3(e) | 0.0000 | 03/25/37 | 107,355 | ||||||||||||
1,408,014 | Lehman Mortgage Trust 2007-5(d) | US0001M + 0.280% | 3.3640 | 08/25/36 | 295,596 | |||||||||||
1,425,044 | Lehman Mortgage Trust 2007-5(a),(d) | US0001M + 7.720% | 4.6360 | 08/25/36 | 307,749 | |||||||||||
844,754 | Lehman XS Trust Series 2005-5N(d) | US0001M + 0.360% | 3.4440 | 11/25/35 | 799,007 | |||||||||||
293,082 | Lehman XS Trust Series 2006-2N(d) | US0001M + 0.520% | 3.6040 | 02/25/46 | 260,305 | |||||||||||
20,014 | Luminent Mortgage Trust 2006-7(d) | US0001M + 0.340% | 3.4240 | 12/25/36 | 17,637 | |||||||||||
306,505 | Luminent Mortgage Trust 2006-7(d) | US0001M + 0.360% | 3.4440 | 12/25/36 | 279,279 | |||||||||||
524,996 | Luminent Mortgage Trust 2007-2(d) | US0001M + 0.460% | 3.5440 | 05/25/37 | 463,587 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
318,415 | MASTR Adjustable Rate Mortgages Trust 2004-11(d) | US0001M + 2.250% | 5.3340 | 11/25/34 | $ | 310,032 | ||||||||||
2,523,705 | MASTR Adjustable Rate Mortgages Trust 2004-14(d) | US0001M + 3.400% | 6.4840 | 01/25/35 | 2,089,831 | |||||||||||
1,855,797 | MASTR Adjustable Rate Mortgages Trust 2005-6(b) | 2.8120 | 07/25/35 | 738,749 | ||||||||||||
1,056,773 | MASTR Adjustable Rate Mortgages Trust 2005-6(b) | 2.9370 | 07/25/35 | 430,798 | ||||||||||||
3,987,167 | MASTR Adjustable Rate Mortgages Trust 2006-OA2(d) | 12MTA + 0.800% | 1.6590 | 12/25/46 | 3,191,293 | |||||||||||
369,982 | MASTR Adjustable Rate Mortgages Trust 2006-OA2(d) | 12MTA + 0.800% | 1.6590 | 12/25/46 | 314,637 | |||||||||||
2,469,855 | MASTR Adjustable Rate Mortgages Trust 2006-OA2(d) | 12MTA + 0.850% | 1.7090 | 12/25/46 | 2,186,863 | |||||||||||
1,474,112 | MASTR Adjustable Rate Mortgages Trust 2006-OA2(d) | 12MTA + 1.200% | 2.0590 | 12/25/46 | 1,312,390 | |||||||||||
3,318,565 | MASTR Adjustable Rate Mortgages Trust 2007-1(b) | 2.7670 | 11/25/36 | 2,022,466 | ||||||||||||
1,414,491 | MASTR Adjustable Rate Mortgages Trust 2007-1(d) | 12MTA + 0.740% | 1.5990 | 01/25/47 | 1,385,494 | |||||||||||
6,504 | MASTR Adjustable Rate Mortgages Trust 2007-1(d) | US0001M + 0.320% | 3.4040 | 01/25/47 | 6,368 | |||||||||||
300,000 | MASTR Adjustable Rate Mortgages Trust 2007-3(d) | US0001M + 0.680% | 3.7640 | 05/25/47 | 247,800 | |||||||||||
29,379 | MASTR Alternative Loan Trust 2003-4 | 6.0000 | 06/25/33 | 29,078 | ||||||||||||
47,039 | MASTR Alternative Loan Trust 2003-5 | 5.5000 | 07/25/33 | 44,243 | ||||||||||||
17,896 | MASTR Alternative Loan Trust 2003-7 | 5.7500 | 11/25/33 | 16,597 | ||||||||||||
16,991 | MASTR Alternative Loan Trust 2004-10 | 6.0000 | 09/25/34 | 16,275 | ||||||||||||
37,294 | MASTR Alternative Loan Trust 2004-11(b) | 5.8930 | 10/25/34 | 34,506 | ||||||||||||
19,176 | MASTR Alternative Loan Trust 2004-12 | 5.5000 | 12/25/34 | 18,200 | ||||||||||||
568,007 | MASTR Alternative Loan Trust 2004-13 | 5.5000 | 01/25/35 | 328,653 | ||||||||||||
54,979 | MASTR Alternative Loan Trust 2005-1 | 6.0000 | 02/25/35 | 52,588 | ||||||||||||
65,765 | MASTR Alternative Loan Trust 2005-6(e) | 0.0000 | 12/25/35 | 23,730 | ||||||||||||
37,291 | MASTR Alternative Loan Trust 2006-2(e) | 0.0000 | 03/25/36 | 15,297 | ||||||||||||
51,589 | MASTR Asset Securitization Trust 2003-11 | 5.2500 | 12/25/33 | 47,600 | ||||||||||||
1,148,802 | MASTR Asset Securitization Trust 2004-11 | 5.7500 | 12/25/34 | 1,029,169 | ||||||||||||
122,143 | MASTR Asset Securitization Trust 2004-11 | 5.7500 | 12/25/34 | 107,836 | ||||||||||||
26,576 | MASTR Asset Securitization Trust 2004-3 | 5.2500 | 03/25/24 | 25,768 | ||||||||||||
2,953 | MASTR Asset Securitization Trust 2004-3 | 5.2500 | 03/25/24 | 2,846 | ||||||||||||
89,880 | MASTR Asset Securitization Trust 2004-9 | 5.2500 | 07/25/34 | 80,040 | ||||||||||||
1,515,312 | MASTR Reperforming Loan Trust 2005-1(c) | 7.5000 | 08/25/34 | 1,193,905 | ||||||||||||
64,398 | MASTR Seasoned Securitization Trust 2003-1(d) | US0001M + 0.400% | 3.4840 | 02/25/33 | 62,311 | |||||||||||
94,518 | Mellon Residential Funding Cor Mor Pas Thr Tr Ser(b),(c) | 2.6100 | 10/20/29 | 85,141 | ||||||||||||
58,014 | Mellon Residential Funding Cor Mor Pas Thr Tr Ser(b),(c) | 2.6100 | 10/20/29 | 52,254 | ||||||||||||
1,861,634 | MERIT Securities Corporation(c),(d) | US0001M + 2.250% | 5.3630 | 09/28/32 | 1,656,495 | |||||||||||
153,807 | Merrill Lynch Alternative Note Asset Trust Series | 5.7500 | 05/25/37 | 151,128 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
336,979 | Merrill Lynch Mortgage Backed Securities Trust(b) | 2.7840 | 04/25/37 | $ | 307,562 | |||||||||||
97,119 | Merrill Lynch Mortgage Investors Trust MLMI Series(b) | 2.5720 | 03/25/33 | 78,427 | ||||||||||||
158,439 | Merrill Lynch Mortgage Investors Trust Series(e) | 0.0000 | 08/25/36 | 17,190 | ||||||||||||
83,184 | Merrill Lynch Mortgage Investors Trust Series MLCC(d) | US0001M + 0.945% | 4.0290 | 08/25/28 | 73,702 | |||||||||||
62,702 | Merrill Lynch Mortgage Investors Trust Series MLCC(d) | US0001M + 2.250% | 5.3340 | 08/25/28 | 53,957 | |||||||||||
275,529 | Merrill Lynch Mortgage Investors Trust Series MLCC(d) | US0001M + 0.900% | 3.9840 | 10/25/28 | 253,609 | |||||||||||
153,048 | Merrill Lynch Mortgage Investors Trust Series MLCC(b) | 3.0120 | 06/25/37 | 149,074 | ||||||||||||
1,277,691 | Merrill Lynch Mortgage Investors Trust Series MLMI(b) | 3.8410 | 09/25/35 | 1,071,037 | ||||||||||||
193,198 | Morgan Stanley Dean Witter Capital I Inc Trust(b) | 2.4260 | 03/25/33 | 173,839 | ||||||||||||
36,408 | Morgan Stanley Mortgage Loan Trust 2004-3 | 6.0000 | 04/25/34 | 34,567 | ||||||||||||
817,415 | Morgan Stanley Mortgage Loan Trust 2005-10 | 5.5000 | 12/25/35 | 517,275 | ||||||||||||
349,559 | Morgan Stanley Mortgage Loan Trust 2005-2AR(d) | US0001M + 0.500% | 3.5840 | 04/25/35 | 250,682 | |||||||||||
188,355 | Morgan Stanley Mortgage Loan Trust 2005-4 | 5.0000 | 08/25/35 | 164,613 | ||||||||||||
94,732 | Morgan Stanley Mortgage Loan Trust 2006-2 | 5.2500 | 10/25/22 | 80,935 | ||||||||||||
118,975 | Morgan Stanley Mortgage Loan Trust 2006-7 | 5.0000 | 10/25/22 | 69,180 | ||||||||||||
183,877 | Morgan Stanley Mortgage Loan Trust 2006-7 | 6.0000 | 06/25/31 | 119,591 | ||||||||||||
21,205 | Morgan Stanley Re-REMIC Trust 2010-R7(c) | 5.5000 | 11/26/34 | 19,386 | ||||||||||||
1,106,476 | Morgan Stanley Resecuritization Trust 2014-R4(b),(c) | 2.6530 | 11/21/35 | 985,920 | ||||||||||||
7,719,654 | Mortgage Loan Resecuritization Trust(c),(d) | US0001M + 0.340% | 2.9040 | 04/16/36 | 7,243,153 | |||||||||||
8,468,488 | Mortgage Loan Resecuritization Trust(c),(d) | US0001M + 0.340% | 2.9040 | 04/16/36 | 4,568,517 | |||||||||||
2,984,475 | MortgageIT Mortgage Loan Trust 2006-1(d) | US0001M + 0.400% | 3.4840 | 04/25/36 | 2,213,077 | |||||||||||
169,423 | MortgageIT Mortgage Loan Trust 2006-1(d) | US0001M + 0.460% | 3.5440 | 04/25/36 | 156,975 | |||||||||||
308,186 | MortgageIT Trust 2004-1(d) | US0001M + 3.225% | 6.3090 | 11/25/34 | 294,537 | |||||||||||
99,821 | MortgageIT Trust 2005-2(d) | US0001M + 1.425% | 4.5090 | 05/25/35 | 98,945 | |||||||||||
11,705,933 | New Residential Mortgage Loan Trust 2019-5(a),(b),(c),(h) | 0.5000 | 08/25/59 | 248,599 | ||||||||||||
16,452,090 | New Residential Mortgage Loan Trust 2019-5(a),(b),(c),(h) | 0.7500 | 08/25/59 | 513,124 | ||||||||||||
234,260 | New York Mortgage Trust 2006-1(b) | 2.9200 | 05/25/36 | 203,763 | ||||||||||||
28,094 | Nomura Asset Acceptance Corp Alternative Loan(f) | 5.8030 | 03/25/34 | 26,383 | ||||||||||||
130,925 | Nomura Asset Acceptance Corp Alternative Loan(d) | US0001M + 1.020% | 4.1040 | 08/25/34 | 125,948 | |||||||||||
1,901,733 | Nomura Asset Acceptance Corp Alternative Loan(d) | US0001M + 1.700% | 4.7840 | 10/25/34 | 1,946,231 | |||||||||||
9,917 | Nomura Asset Acceptance Corp Alternative Loan(f) | 6.0710 | 10/25/34 | 9,679 | ||||||||||||
1,116,831 | Nomura Asset Acceptance Corp Alternative Loan(d) | US0001M + 1.500% | 4.5840 | 12/25/34 | 1,016,182 | |||||||||||
40,125 | Nomura Asset Acceptance Corp Alternative Loan(b) | 5.6880 | 07/25/35 | 39,123 | ||||||||||||
461,712 | Nomura Asset Acceptance Corp Alternative Loan(b) | 5.8940 | 05/25/36 | 110,392 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
215,019 | Nomura Asset Acceptance Corp Alternative Loan(b) | 3.4220 | 06/25/36 | $ | 166,181 | |||||||||||
406,716 | Nomura Asset Acceptance Corp Alternative Loan(b) | 3.9420 | 06/25/36 | 403,284 | ||||||||||||
65,123 | Nomura Asset Acceptance Corp Alternative Loan(f) | 5.9570 | 03/25/47 | 59,450 | ||||||||||||
827,921 | Nomura Asset Acceptance Corp Alternative Loan(f) | 6.1380 | 03/25/47 | 755,671 | ||||||||||||
126,698 | NovaStar Mortgage Funding Trust Series 2006-MTA1(d) | US0001M + 0.380% | 0.3910 | 09/25/46 | 121,246 | |||||||||||
178,524 | Ocwen Residential MBS Corporation(b),(c) | 0.7640 | 06/25/39 | 71,442 | ||||||||||||
259,369 | PHHMC Series 2006-4 Trust(b) | 6.2830 | 12/18/36 | 239,460 | ||||||||||||
75,992 | Popular A.B.S, Inc.(f) | 7.2000 | 12/25/29 | 69,888 | ||||||||||||
190,090 | Prime Mortgage Trust 2004-1 | 5.2500 | 08/25/34 | 172,495 | ||||||||||||
3,208 | Prime Mortgage Trust 2005-1(c) | 5.5000 | 09/25/34 | 3,199 | ||||||||||||
100,078 | Prime Mortgage Trust 2005-4 | 5.2500 | 10/25/22 | 87,588 | ||||||||||||
13,435 | Prime Mortgage Trust 2005-4 | 5.0000 | 10/25/35 | 11,739 | ||||||||||||
2,091,155 | Prime Mortgage Trust 2006-DR1(c) | 5.5000 | 05/25/35 | 1,769,718 | ||||||||||||
535,161 | Prime Mortgage Trust 2006-DR1(c) | 6.0000 | 05/25/35 | 434,385 | ||||||||||||
332,760 | RALI Series 2004-QA4 Trust(b) | 3.2330 | 09/25/34 | 315,821 | ||||||||||||
647,288 | RALI Series 2004-QA4 Trust(b) | 6.1050 | 09/25/34 | 562,705 | ||||||||||||
518,839 | RALI Series 2004-QA6 Trust(b) | 3.2520 | 12/26/34 | 466,212 | ||||||||||||
179,057 | RALI Series 2004-QA6 Trust(b) | 3.4820 | 12/26/34 | 168,116 | ||||||||||||
2,556,554 | RALI Series 2005-QA11 Trust(b) | 4.0940 | 10/25/35 | 1,065,284 | ||||||||||||
887,003 | RALI Series 2005-QA11 Trust(b) | 5.5750 | 10/25/35 | 818,721 | ||||||||||||
1,412,751 | RALI Series 2005-QA12 Trust(b) | 4.3730 | 12/25/35 | 1,242,047 | ||||||||||||
1,924,280 | RALI Series 2005-QA2 Trust(b) | 3.4110 | 02/25/35 | 1,248,213 | ||||||||||||
193,080 | RALI Series 2005-QA2 Trust(b) | 3.4240 | 02/25/35 | 158,947 | ||||||||||||
1,840,494 | RALI Series 2005-QA2 Trust(b) | 4.5820 | 02/25/35 | 632,457 | ||||||||||||
206,614 | RALI Series 2005-QA3 Trust(b) | 0.0000 | 03/25/35 | 66,605 | ||||||||||||
64,425 | RALI Series 2005-QA3 Trust(b) | 3.5980 | 03/25/35 | 34,166 | ||||||||||||
483,937 | RALI Series 2005-QA4 Trust(b) | 3.4260 | 04/25/35 | 440,519 | ||||||||||||
184,698 | RALI Series 2005-QA4 Trust(b) | 37.8470 | 04/25/35 | 159,084 | ||||||||||||
335,342 | RALI Series 2005-QA6 Trust(b) | 3.6250 | 05/25/35 | 190,192 | ||||||||||||
88,603 | RALI Series 2005-QA8 Trust(b) | 3.8360 | 07/25/35 | 76,152 | ||||||||||||
451,519 | RALI Series 2005-QA8 Trust(b) | 4.0970 | 07/25/35 | 266,065 | ||||||||||||
2,734,129 | RALI Series 2005-QA9 Trust(b) | 3.6310 | 08/25/35 | 1,123,756 | ||||||||||||
1,682,477 | RALI Series 2005-QA9 Trust(b) | 3.8300 | 08/25/35 | 1,555,175 | ||||||||||||
626,059 | RALI Series 2005-QO4 Trust(d) | US0001M + 0.560% | 3.6440 | 12/25/45 | 470,400 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
1,257,673 | RALI Series 2005-QS5 Trust | 5.7000 | 04/25/35 | $ | 1,010,465 | |||||||||||
11,522 | RALI Series 2006-QA1 Trust(b) | 5.3340 | 01/25/36 | 10,981 | ||||||||||||
140,418 | RALI Series 2006-QA2 Trust(b) | 5.7480 | 02/25/36 | 113,867 | ||||||||||||
7,466,160 | RALI Series 2006-QS11 Trust | 6.5000 | 08/25/36 | 2,657,232 | ||||||||||||
61,091 | RALI Series 2006-QS12 Trust | 5.0000 | 09/25/36 | 46,176 | ||||||||||||
2,949,446 | RALI Series 2007-QO5 Trust(d) | 12MTA + 3.120% | 3.9790 | 08/25/47 | 549,202 | |||||||||||
314,528 | RALI Series 2007-QS4 Trust | 6.2500 | 03/25/37 | 241,688 | ||||||||||||
475,182 | RAMP Series 2003-SL1 Trust | 8.0000 | 04/25/31 | 445,077 | ||||||||||||
409,259 | RAMP Series 2004-SL1 Trust | 6.5000 | 11/25/31 | 371,763 | ||||||||||||
283,422 | RAMP Series 2004-SL4 Trust | 7.5000 | 07/25/32 | 128,165 | ||||||||||||
149,944 | RAMP Series 2005-SL1 Trust | 7.5000 | 05/25/32 | 26,529 | ||||||||||||
540,398 | RAMP Series 2005-SL1 Trust | 8.0000 | 05/25/32 | 365,209 | ||||||||||||
221,604 | RAMP Series 2005-SL2 Trust | 8.0000 | 10/25/31 | 113,069 | ||||||||||||
585,360 | RBSGC Mortgage Loan Trust 2005-A | 6.0000 | 04/25/35 | 494,975 | ||||||||||||
647,496 | RBSGC Mortgage Loan Trust 2007-A | 6.0000 | 01/25/37 | 527,906 | ||||||||||||
1,458,549 | RBSSP Resecuritization Trust 2009-6(b),(c) | 6.0000 | 08/26/35 | 650,273 | ||||||||||||
102,536 | Reperforming Loan REMIC Trust 2004-R1(c) | 6.5000 | 11/25/34 | 93,861 | ||||||||||||
629,891 | Reperforming Loan REMIC Trust 2005-R2(a),(b),(c) | 3.2660 | 06/25/35 | 28,765 | ||||||||||||
476,005 | Reperforming Loan REMIC Trust 2006-R2(c),(d) | US0001M + 0.420% | 3.5040 | 07/25/36 | 457,360 | |||||||||||
255,751 | Residential Asset Securitization Trust 2000-A6 | 8.0000 | 10/25/30 | 164,362 | ||||||||||||
497,815 | Residential Asset Securitization Trust 2004-A2(d) | US0001M + 0.550% | 3.6340 | 05/25/34 | 491,733 | |||||||||||
24,832 | Residential Asset Securitization Trust 2004-A2 | 5.2500 | 05/25/34 | 22,582 | ||||||||||||
232,111 | Residential Asset Securitization Trust 2006-A3CB(e) | 0.0000 | 01/25/46 | 45,923 | ||||||||||||
215,520 | Residential Asset Securitization Trust 2006-A3CB(a),(b) | 6.0000 | 01/25/46 | 49,359 | ||||||||||||
1,399,549 | RFMSI Series 2005-SA1 Trust(b) | 2.7040 | 03/25/35 | 1,164,214 | ||||||||||||
904,999 | RFMSI Series 2005-SA5 Trust(b) | 3.4880 | 11/25/35 | 786,052 | ||||||||||||
116,558 | RFMSI Series 2006-SA1 Trust(b) | 4.8550 | 02/25/36 | 98,771 | ||||||||||||
413,457 | RFMSI Series 2006-SA2 Trust(b) | 4.7310 | 08/25/36 | 377,783 | ||||||||||||
423,249 | RFMSI Series 2006-SA3 Trust(b) | 5.1270 | 09/25/36 | 365,732 | ||||||||||||
139,009 | RFMSI Series 2006-SA4 Trust(b) | 4.8260 | 11/25/36 | 116,597 | ||||||||||||
29,589 | Sequoia Mortgage Trust 2003-4(b) | 2.7610 | 07/20/33 | 22,897 | ||||||||||||
44,942 | Sequoia Mortgage Trust 2003-4(b) | 2.7610 | 07/20/33 | 38,508 | ||||||||||||
67,635 | Sequoia Mortgage Trust 2003-4(b) | 2.7610 | 07/20/33 | 57,412 | ||||||||||||
306,698 | Sequoia Mortgage Trust 2004-1(d) | US0001M + 0.825% | 3.8180 | 02/20/34 | 282,405 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
152,899 | Sequoia Mortgage Trust 2004-11(d) | US0006M + 0.640% | 2.6730 | 12/20/34 | $ | 135,029 | ||||||||||
27,592 | Sequoia Mortgage Trust 2004-5(d) | US0001M + 0.720% | 3.7130 | 06/20/34 | 23,492 | |||||||||||
5,175 | Sequoia Mortgage Trust 2004-6(d) | US0001M + 0.750% | 3.7430 | 07/20/34 | 4,579 | |||||||||||
183,666 | Sequoia Mortgage Trust 2007-1(b) | 3.1110 | 01/20/47 | 145,238 | ||||||||||||
41,321 | Sequoia Mortgage Trust 2013-2(b) | 3.6250 | 02/25/43 | 38,858 | ||||||||||||
639,259 | Sequoia Mortgage Trust 4(d) | US0001M + 1.250% | 3.6180 | 04/22/25 | 548,588 | |||||||||||
76,832 | Sequoia Mortgage Trust 6(d) | US0001M + 1.050% | 4.0430 | 04/19/27 | 69,630 | |||||||||||
28,675 | Shellpoint Asset Funding Trust 2013-1(b),(c) | 3.8720 | 07/25/43 | 27,948 | ||||||||||||
43,204 | Sofi Mortgage Trust 2016-1(b),(c) | 3.0000 | 11/25/46 | 39,572 | ||||||||||||
52,209 | Structured Adjustable Rate Mortgage Loan Trust(b) | 3.3300 | 03/25/34 | 49,193 | ||||||||||||
1,622,380 | Structured Adjustable Rate Mortgage Loan Trust(d) | US0001M + 0.405% | 3.4890 | 06/25/34 | 1,454,641 | |||||||||||
262,354 | Structured Adjustable Rate Mortgage Loan Trust(d) | US0001M + 0.310% | 3.3940 | 07/25/35 | 171,033 | |||||||||||
230,341 | Structured Adjustable Rate Mortgage Loan Trust(b) | 3.3020 | 04/25/47 | 217,447 | ||||||||||||
1,675,193 | Structured Asset Investment Loan Trust 2003-BC10(d) | US0001M + 3.300% | 6.3840 | 10/25/33 | 1,690,347 | |||||||||||
256,707 | Structured Asset Mortgage Investments II Trust(b) | 2.8340 | 10/19/34 | 229,003 | ||||||||||||
221,390 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.400% | 3.3930 | 02/19/35 | 200,147 | |||||||||||
1,287,627 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.400% | 3.4840 | 02/25/36 | 1,004,014 | |||||||||||
606,612 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.460% | 3.5440 | 02/25/36 | 544,045 | |||||||||||
138,281 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.460% | 3.5440 | 02/25/36 | 117,609 | |||||||||||
22,750 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.620% | 3.7040 | 02/25/36 | 2,199,667 | |||||||||||
4,770,276 | Structured Asset Mortgage Investments II Trust(b) | 2.5120 | 05/25/36 | 1,459,051 | ||||||||||||
160,200 | Structured Asset Mortgage Investments II Trust(b) | 2.8540 | 05/25/36 | 89,210 | ||||||||||||
64,764 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.150% | 3.2340 | 02/25/37 | 58,081 | |||||||||||
753,284 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.260% | 3.3440 | 03/25/37 | 257,348 | |||||||||||
1,638,822 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.420% | 3.5040 | 05/25/46 | 675,200 | |||||||||||
756,795 | Structured Asset Mortgage Investments II Trust(d) | US0001M + 0.420% | 3.5040 | 05/25/46 | 487,590 | |||||||||||
530,577 | Structured Asset Mortgage Investments Trust(d) | US0001M + 1.200% | 4.1930 | 05/19/33 | 477,355 | |||||||||||
470,369 | Structured Asset Sec Corp Mort Pass Thr Certs | 6.5000 | 07/25/28 | 258,682 | ||||||||||||
1,882,445 | Structured Asset Sec Corp Mort Passthr Certs Ser(d) | 3.2080 | 01/25/34 | 1,309,018 | ||||||||||||
55,348 | Structured Asset Sec Mortgage Pass-Through(b) | 2.5270 | 11/25/32 | 52,992 | ||||||||||||
1,388,566 | Structured Asset Securities Corp Mor Cer Ser(b) | 2.7960 | 10/25/33 | 1,204,991 | ||||||||||||
87,499 | Structured Asset Securities Corp Mortgage(f) | 3.7500 | 08/25/33 | 85,448 | ||||||||||||
563,036 | Structured Asset Securities Corp Mortgage(f) | 4.9670 | 06/25/34 | 522,689 | ||||||||||||
139,687 | Structured Asset Securities Corporation(f) | 5.1330 | 02/25/34 | 128,321 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
508,696 | TBW Mortgage-Backed Pass-Through Certificates | 6.5000 | 04/25/36 | $ | 333,811 | |||||||||||
1,261,584 | TBW Mortgage-Backed Trust 2006-6(f) | 6.1600 | 01/25/37 | 350,581 | ||||||||||||
483,804 | TBW Mortgage-Backed Trust Series 2006-2 | 6.0000 | 07/25/36 | 195,930 | ||||||||||||
968,349 | Terwin Mortgage Trust 2006-9HGA(c),(d) | US0001M + 0.560% | 3.6440 | 10/25/37 | 377,378 | |||||||||||
334,472 | Terwin Mortgage Trust 2007-6ALT(c),(d) | US0001M + 0.600% | 3.6840 | 08/25/38 | 254,156 | |||||||||||
62,855 | Thornburg Mortgage Securities Trust 2005-1(b) | 2.3220 | 04/25/45 | 60,168 | ||||||||||||
145,164 | Thornburg Mortgage Securities Trust 2007-3(d) | US0012M + 1.250% | 6.0500 | 06/25/47 | 137,722 | |||||||||||
15,589,758 | Voyager CBASS Delaware Trust(b),(c) | 3.5440 | 02/26/37 | 433,303 | ||||||||||||
5,742,989 | Voyager CBASS Delaware Trust(b),(c) | 3.5440 | 02/26/37 | 159,621 | ||||||||||||
1,109,093 | Voyager CNTYW Delaware Trust(b),(c) | 3.0680 | 03/16/30 | 1,041,064 | ||||||||||||
1,276,357 | Voyager CNTYW Delaware Trust(b),(c) | 3.1180 | 12/16/33 | 1,204,059 | ||||||||||||
1,173,209 | Voyager CNTYW Delaware Trust(b),(c) | 3.0580 | 02/16/36 | 1,051,894 | ||||||||||||
4,076,419 | Voyager CNTYW Delaware Trust(b),(c) | 3.0580 | 02/16/36 | 3,621,387 | ||||||||||||
10,185,833 | Voyager CNTYW Delaware Trust(b),(c) | 3.0180 | 05/16/36 | 8,991,415 | ||||||||||||
2,500,804 | Voyager OPTONE Delaware Trust(a),(b),(c) | 3.3340 | 02/25/38 | 696,024 | ||||||||||||
1,692,576 | Wachovia Mortgage Loan Trust, LLC Series 2005-A(b) | 3.4550 | 08/20/35 | 1,548,128 | ||||||||||||
320,149 | Wachovia Mortgage Loan Trust, LLC Series 2005-A(b) | 3.5620 | 08/20/35 | 306,552 | ||||||||||||
41,951 | Wachovia Mortgage Loan Trust, LLC Series 2006-A(b) | 2.8580 | 05/20/36 | 39,899 | ||||||||||||
583,645 | Wachovia Mortgage Loan Trust, LLC Series 2007-A(b) | 3.2380 | 03/20/37 | 526,817 | ||||||||||||
134,374 | WaMu Mortgage Backed Pass Through Certificates(b) | 2.1100 | 12/19/39 | 122,463 | ||||||||||||
45,828 | WaMu Mortgage Backed Pass Through Certificates(b),(c) | 2.1100 | 12/19/39 | 39,795 | ||||||||||||
34,385 | WaMu Mortgage Backed Pass Through Certificates(b),(c) | 2.1100 | 12/19/39 | 29,290 | ||||||||||||
26,772 | WaMu Mortgage Backed Pass Through Certificates(b),(c) | 2.1100 | 12/19/39 | 19,134 | ||||||||||||
136,910 | WaMu Mortgage Pass-Through Certificates Series(b) | 2.4950 | 10/25/32 | 127,666 | ||||||||||||
244,472 | WaMu Mortgage Pass-Through Certificates Series | 5.7500 | 01/25/33 | 221,180 | ||||||||||||
455,260 | WaMu Mortgage Pass-Through Certificates Series(b) | 2.6150 | 02/25/33 | 424,250 | ||||||||||||
29,921 | WaMu Mortgage Pass-Through Certificates Series(b) | 3.2060 | 06/25/33 | 28,396 | ||||||||||||
177,984 | WaMu Mortgage Pass-Through Certificates Series(b) | 3.4530 | 06/25/33 | 166,979 | ||||||||||||
1,121,036 | WaMu Mortgage Pass-Through Certificates Series(b) | 5.6520 | 06/25/33 | 506,753 | ||||||||||||
112,462 | WaMu Mortgage Pass-Through Certificates Series 2003-AR8 Class A(b) | 4.1540 | 08/25/33 | 109,029 | ||||||||||||
146,213 | WaMu Mortgage Pass-Through Certificates Series(b) | 3.1950 | 09/25/33 | 111,546 | ||||||||||||
793,310 | WaMu Mortgage Pass-Through Certificates Series(b) | 5.8980 | 01/25/34 | 813,240 | ||||||||||||
79,073 | WaMu Mortgage Pass-Through Certificates Series | 5.5000 | 06/25/34 | 76,103 | ||||||||||||
13,531 | WaMu Mortgage Pass-Through Certificates Series | 5.5000 | 07/25/34 | 12,973 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 32.0% (Continued) | ||||||||||||||||
56,735 | WaMu Mortgage Pass-Through Certificates Series(b) | 3.3700 | 10/25/36 | $ | 50,881 | |||||||||||
253,256 | WaMu Mortgage Pass-Through Certificates Series(b) | 1.7570 | 11/25/41 | 211,637 | ||||||||||||
15,282 | WaMu Mortgage Pass-Through Certificates Series(c),(d) | 12MTA + 1.400% | 2.2590 | 06/25/42 | 9,853 | |||||||||||
93,216 | WaMu Mortgage Pass-Through Certificates Series(d) | 12MTA + 1.400% | 2.2590 | 06/25/42 | 80,165 | |||||||||||
90,521 | WaMu Mortgage Pass-Through Certificates Series(d) | 12MTA + 1.400% | 2.2590 | 06/25/42 | 79,209 | |||||||||||
180,636 | WaMu Mortgage Pass-Through Certificates Series(d) | 12MTA + 1.400% | 2.2590 | 06/25/42 | 159,653 | |||||||||||
15,357 | WaMu Mortgage Pass-Through Certificates Series(d) | 12MTA + 1.400% | 2.2590 | 08/25/42 | 8,177 | |||||||||||
62,952 | WaMu Mortgage Pass-Through Certificates Series(d) | 12MTA + 1.400% | 2.2590 | 08/25/42 | 57,842 | |||||||||||
1,959,055 | WaMu Mortgage Pass-Through Certificates Series(d) | 12MTA + 0.980% | 1.8390 | 07/25/46 | 1,779,397 | |||||||||||
117,438 | WaMu Pass Through Certificates Series 2002-AR12(b) | 2.3250 | 10/25/32 | 109,855 | ||||||||||||
72,233 | WaMu Pass Through Certificates Series 2002-AR12(b) | 2.3250 | 10/25/32 | 65,198 | ||||||||||||
87,094 | Washington Mutual Mortgage Pass-Through | 5.5000 | 03/25/35 | 78,299 | ||||||||||||
1,362,766 | Washington Mutual Mortgage Pass-Through | 5.5000 | 03/25/35 | 1,092,828 | ||||||||||||
1,984,754 | Washington Mutual Mortgage Pass-Through(d) | US0001M + 0.500% | 3.5840 | 02/25/36 | 1,648,219 | |||||||||||
343,022 | Washington Mutual Mortgage Pass-Through | 6.0000 | 03/25/36 | 262,612 | ||||||||||||
302,539 | Washington Mutual Mortgage Pass-Through | 6.0000 | 04/25/37 | 258,448 | ||||||||||||
57,487 | Washington Mutual Mortgage Pass-Through(d) | 12MTA + 0.940% | 1.7990 | 04/25/46 | 49,309 | |||||||||||
424,624 | Washington Mutual Mortgage Pass-Through(d) | 12MTA + 0.940% | 1.7990 | 07/25/46 | 266,135 | |||||||||||
667,931 | Washington Mutual Mortgage Pass-Through(d) | 12MTA + 0.960% | 1.8190 | 08/25/46 | 419,954 | |||||||||||
166,909 | Washington Mutual Mortgage Pass-Through(d) | 12MTA + 0.850% | 1.7090 | 10/25/46 | 138,799 | |||||||||||
32,007 | Washington Mutual MSC Mortgage Pass-Through(c) | 6.5000 | 10/19/29 | 28,996 | ||||||||||||
32,007 | Washington Mutual MSC Mortgage Pass-Through(c) | 6.5000 | 10/19/29 | 28,978 | ||||||||||||
39,335 | Washington Mutual MSC Mortgage Pass-Through(b) | 3.2160 | 02/25/33 | 37,716 | ||||||||||||
364,211 | Washington Mutual MSC Mortgage Pass-Through(b),(c) | 5.7670 | 02/25/33 | 70,346 | ||||||||||||
161,251 | Washington Mutual MSC Mortgage Pass-Through(b) | 5.7500 | 03/25/33 | 95,060 | ||||||||||||
41,077 | Washington Mutual MSC Mortgage Pass-Through | 5.7500 | 03/25/33 | 37,423 | ||||||||||||
42,040 | Washington Mutual MSC Mortgage Pass-Through | 7.5000 | 04/25/33 | 39,001 | ||||||||||||
685,417 | Washington Mutual MSC Mortgage Pass-Through(b) | 2.9990 | 05/25/33 | 635,211 | ||||||||||||
701,073 | Washington Mutual MSC Mortgage Pass-Through(b) | 7.0000 | 07/25/33 | 572,711 | ||||||||||||
39,832 | Wells Fargo Mortgage Backed Securities 2003-I(b) | 4.0740 | 09/25/33 | 30,642 | ||||||||||||
52,698 | Wells Fargo Mortgage Backed Securities 2004-K(b) | 3.6150 | 07/25/34 | 53,448 | ||||||||||||
31,763 | Wells Fargo Mortgage Backed Securities 2004-K(b) | 3.6150 | 07/25/34 | 32,257 | ||||||||||||
1,347 | Wells Fargo Mortgage Backed Securities 2006-20 | 5.5000 | 10/25/22 | 1,339 | ||||||||||||
248,006,681 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
HOME EQUITY — 12.2% | ||||||||||||||||
1,306,553 | ABFC 2002-WF2 Trust | 0.0000 | 11/25/29 | $ | 1,302,971 | |||||||||||
135,093 | ABFS Mortgage Loan Trust 2000-3(f) | 8.1100 | 09/15/31 | 116,272 | ||||||||||||
2,624,857 | ABFS Mortgage Loan Trust 2002-1(f) | 7.0100 | 12/15/32 | 2,197,536 | ||||||||||||
969,240 | ABFS Mortgage Loan Trust 2003-1(d) | US0001M + 2.250% | 5.0680 | 08/15/33 | 922,867 | |||||||||||
375,167 | Accredited Mortgage Loan Trust 2004-3(f) | 6.0000 | 10/25/34 | 306,666 | ||||||||||||
892,823 | Accredited Mortgage Loan Trust 2005-1(d) | US0001M + 3.300% | 5.0020 | 04/25/35 | 886,078 | |||||||||||
17,225 | ACE Securities Corp Home Equity Loan Trust Series(d) | US0001M + 1.275% | 4.3590 | 08/25/32 | 17,838 | |||||||||||
196,480 | ACE Securities Corp Home Equity Loan Trust Series(d) | US0001M + 2.250% | 5.3340 | 12/25/33 | 194,873 | |||||||||||
528,589 | ACE Securities Corp Home Equity Loan Trust Series(c),(d) | US0001M + 5.250% | 8.3340 | 07/25/34 | 470,495 | |||||||||||
1,531,310 | ACE Securities Corp Home Equity Loan Trust Series(d) | US0001M + 3.500% | 6.5840 | 05/25/35 | 1,515,898 | |||||||||||
8,512 | ACE Securities Corp Home Equity Loan Trust Series(d) | US0001M + 0.070% | 3.1540 | 11/25/36 | 3,798 | |||||||||||
221,967 | ACE Securities Corp Home Equity Loan Trust Series(d) | US0001M + 0.180% | 3.2640 | 02/25/37 | 99,090 | |||||||||||
85,111 | ACE Securities Corp Home Equity Loan Trust Series(d) | US0001M + 1.875% | 4.9590 | 11/25/50 | 86,141 | |||||||||||
482,688 | Aegis Asset Backed Securities Trust Mortgage(d) | US0001M + 2.025% | 5.1090 | 10/25/34 | 450,842 | |||||||||||
370,110 | Aegis Asset Backed Securities Trust Mortgage Pass-(d) | US0001M + 3.150% | 6.2340 | 09/25/34 | 359,223 | |||||||||||
41,663 | AFC Home Equity Loan Trust(d) | US0001M + 0.720% | 3.8040 | 09/22/28 | 40,753 | |||||||||||
763,705 | AFC Trust Series 2000-2(d) | US0001M + 0.700% | 3.7840 | 06/25/30 | 634,114 | |||||||||||
1,077,390 | AFC Trust Series 2000-2(d) | US0001M + 0.790% | 3.8740 | 06/25/30 | 900,172 | |||||||||||
145,210 | AFC Trust Series 2000-3(c),(d) | US0001M + 0.640% | 3.7240 | 10/25/30 | 135,198 | |||||||||||
813,706 | AFC Trust Series 2000-3(c),(d) | US0001M + 0.750% | 3.8340 | 10/25/30 | 753,506 | |||||||||||
1,105,125 | Ameriquest Mort Sec Inc Asset Bk Pass Thr Cert Ser(d) | US0001M + 3.375% | 6.4590 | 11/25/32 | 1,063,379 | |||||||||||
41,675 | Ameriquest Mortgage Securities Asset-Backed(d) | US0001M + 2.850% | 5.9340 | 08/25/32 | 40,474 | |||||||||||
180,774 | Ameriquest Mortgage Securities Asset-Backed(d) | US0001M + 4.500% | 3.4080 | 01/25/33 | 177,331 | |||||||||||
348,902 | Ameriquest Mortgage Securities Inc Asset-Backed(d) | US0001M + 3.750% | 2.9660 | 02/25/33 | 315,267 | |||||||||||
917,472 | Amresco Residential Securities Corp Mort Loan(d) | US0001M + 0.750% | 4.3340 | 11/25/29 | 860,667 | |||||||||||
39,813 | Amresco Residential Securities Corp Mortgage Loan(f) | 7.5210 | 10/25/27 | 39,579 | ||||||||||||
762,597 | Argent Securities Inc Asset-Backed Pass-Through(d) | US0001M + 5.625% | 3.8660 | 09/25/33 | 654,121 | |||||||||||
1,664,096 | Asset Backed Securities Corp Home Equity Loan(d) | US0001M + 5.250% | 8.0680 | 01/15/33 | 1,536,352 | |||||||||||
7,628 | Asset Backed Securities Corp Home Equity Loan(d) | US0001M + 0.080% | 3.1640 | 05/25/37 | 5,428 | |||||||||||
283,617 | Bayview Financial Asset Trust 2007-SSR1(c),(d) | US0001M + 0.800% | 3.8840 | 03/25/37 | 273,056 | |||||||||||
187,881 | Bayview Financial Asset Trust 2007-SSR1(c),(d) | US0001M + 0.900% | 3.9840 | 03/25/37 | 180,767 | |||||||||||
167,538 | Bayview Financial Asset Trust 2007-SSR1(c),(d) | US0001M + 1.150% | 4.2340 | 03/25/37 | 162,719 | |||||||||||
67,426 | Bayview Financial Mortgage Pass-Through(d) | US0001M + 2.850% | 5.9630 | 08/28/44 | 67,414 | |||||||||||
351,592 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 1.755% | 4.8390 | 09/25/34 | 341,875 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
HOME EQUITY — 12.2% (Continued) | ||||||||||||||||
9,082,000 | Bear Stearns Asset Backed Securities I Trust Series 2004-1 BO1 M9a(d) | US0001M + 6.000% | 9.0840 | 10/25/34 | $ | 9,165,798 | ||||||||||
148,759 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 4.650% | 5.2170 | 12/25/34 | 157,282 | |||||||||||
674,813 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 2.550% | 4.7990 | 05/25/35 | 645,561 | |||||||||||
3,547,332 | Bear Stearns Asset Backed Securities I Trust Series 2005-TC M*(c),(d) | US0001M + 4.500% | 4.6740 | 08/25/35 | 3,577,769 | |||||||||||
1,805,872 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 0.615% | 3.6990 | 02/25/36 | 2,066,668 | |||||||||||
5,770,367 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 0.450% | 3.5340 | 06/25/36 | 4,867,693 | |||||||||||
277,727 | Bear Stearns Asset Backed Securities I Trust(d) | US0001M + 0.270% | 3.3540 | 01/25/37 | 880,678 | |||||||||||
431,637 | Bear Stearns Second Lien Trust 2007-1(d) | US0001M + 0.190% | 3.2740 | 01/25/37 | 405,345 | |||||||||||
20,722 | Bear Stearns Second Lien Trust 2007-1(d) | US0001M + 0.440% | 3.5240 | 08/25/37 | 19,161 | |||||||||||
430,913 | Bond Securitization Trust 2003-1(b),(h) | 0.0000 | 10/25/34 | 387,822 | ||||||||||||
137,195 | Centex Home Equity Loan Trust 2004-C(d) | US0001M + 0.795% | 3.8790 | 06/25/34 | 126,886 | |||||||||||
332,914 | Centex Home Equity Loan Trust 2004-D(f) | 6.0600 | 09/25/34 | 313,021 | ||||||||||||
461,716 | Citigroup Mortgage Loan Trust 2007-OPX1(f) | 5.8630 | 01/25/37 | 186,147 | ||||||||||||
2,301,000 | Citigroup Mortgage Loan Trust, Inc.(d) | US0001M + 4.500% | 7.5840 | 12/25/33 | 2,325,063 | |||||||||||
88,175 | Contimortgage Home Equity Loan Trust 1996-4(d) | US0001M + 0.480% | 3.2980 | 01/15/28 | 73,556 | |||||||||||
163 | Countrywide Asset-Backed Certificates(b),(h) | 5.0910 | 05/25/32 | 160 | ||||||||||||
5 | Countrywide Asset-Backed Certificates(b) | 5.8340 | 07/25/34 | 5 | ||||||||||||
38,953 | Countrywide Asset-Backed Certificates(f) | 5.2520 | 02/25/35 | 38,533 | ||||||||||||
615,356 | Countrywide Home Equity Loan Trust(d) | US0001M + 0.150% | 2.5410 | 11/15/36 | 539,514 | |||||||||||
28,154 | Countrywide Home Equity Loan Trust(d) | US0001M + 0.150% | 2.5410 | 11/15/36 | 24,770 | |||||||||||
708,452 | Credit Suisse First Boston Mortgage Securities(d) | US0001M + 0.740% | 3.8240 | 08/25/32 | 671,893 | |||||||||||
578,775 | Credit Suisse First Boston Mortgage Securities(d) | US0001M + 3.250% | 3.4580 | 04/25/34 | 524,640 | |||||||||||
35,522 | CWABS Revolving Home Equity Loan Trust Series(d) | US0001M + 0.280% | 3.0980 | 02/15/34 | 35,056 | |||||||||||
80,229 | CWABS Revolving Home Equity Loan Trust Series(d) | US0001M + 0.280% | 3.0980 | 02/15/34 | 76,835 | |||||||||||
2,159,190 | CWHEQ Home Equity Loan Trust Series 2006-S5 | 6.1550 | 06/25/35 | 2,609,630 | ||||||||||||
259,202 | CWHEQ Home Equity Loan Trust Series 2006-S6(b) | 5.9620 | 03/25/34 | 247,791 | ||||||||||||
263,838 | CWHEQ Home Equity Loan Trust Series 2006-S7(b) | 5.9450 | 11/25/35 | 259,054 | ||||||||||||
490,048 | CWHEQ Revolving Home Equity Loan Trust Series(d) | US0001M + 0.240% | 3.0580 | 02/15/36 | 463,220 | |||||||||||
776,011 | CWHEQ Revolving Home Equity Loan Trust Series(d) | US0001M + 0.340% | 3.1580 | 02/15/36 | 731,044 | |||||||||||
984,345 | CWHEQ Revolving Home Equity Loan Trust Series(d) | US0001M + 0.200% | 3.0180 | 05/15/36 | 927,300 | |||||||||||
59,559 | CWHEQ Revolving Home Equity Loan Trust Series(d) | US0001M + 0.140% | 2.9580 | 01/15/37 | 54,376 | |||||||||||
441,574 | EquiFirst Mortgage Loan Trust 2004-2(d) | US0001M + 1.875% | 4.9590 | 10/25/34 | 435,357 | |||||||||||
317,726 | FirstCity Capital Home Equity Loan Trust 1998-2(c),(d) | US0001M + 0.800% | 3.8840 | 01/25/29 | 306,303 | |||||||||||
334,483 | FirstCity Capital Home Equity Loan Trust 1998-2(c) | 6.9900 | 01/25/29 | 321,846 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
HOME EQUITY — 12.2% (Continued) | ||||||||||||||||
185,646 | GMACM Home Equity Loan Trust 2004-HE1(d) | US0001M + 0.500% | 0.6080 | 06/25/34 | $ | 180,513 | ||||||||||
363,399 | GMACM Home Equity Loan Trust 2004-HE1(c),(d) | US0001M + 0.500% | 0.6080 | 06/25/34 | 353,352 | |||||||||||
124,613 | GMACM Home Equity Loan Trust 2004-HE3(c),(d) | US0001M + 0.500% | 3.5840 | 10/25/34 | 127,963 | |||||||||||
14,218 | GMACM Home Equity Loan Trust 2005-HE1(c),(d) | US0001M + 0.500% | 3.5840 | 08/25/35 | 9,063 | |||||||||||
1,266,108 | GMACM Home Equity Loan Trust 2007-HE2(d) | US0001M + 0.140% | 3.2240 | 12/25/37 | 1,209,707 | |||||||||||
960,733 | GMACM Home Equity Loan Trust 2007-HE2(f) | 7.4240 | 12/25/37 | 973,909 | ||||||||||||
545,344 | GMACM Mortgage Loan Trust 2004-GH1(f) | 5.5000 | 07/25/35 | 316,223 | ||||||||||||
86,288 | GreenPoint Mortgage Funding Trust 2005-HE3(d) | US0001M + 0.180% | 2.9980 | 09/15/30 | 84,159 | |||||||||||
24,356 | GSAA Home Equity Trust 2005-2(d) | US0001M + 2.175% | 5.2590 | 12/25/34 | 37,034 | |||||||||||
2,974,506 | GSAA Home Equity Trust 2005-5(d) | US0001M + 2.550% | 5.6340 | 02/25/35 | 2,727,884 | |||||||||||
15,662 | GSAA Trust 2004-3(f) | 6.7200 | 04/25/34 | 14,933 | ||||||||||||
40,856 | Home Equity Asset Trust(d) | US0001M + 1.500% | 4.5840 | 03/25/33 | 39,956 | |||||||||||
160,222 | Home Equity Asset Trust(d) | US0001M + 4.750% | 7.8340 | 06/25/33 | 1,154,864 | |||||||||||
96,264 | Home Equity Asset Trust(d) | US0001M + 3.250% | 6.3340 | 04/25/34 | 140,885 | |||||||||||
18,412 | Home Equity Asset Trust 2002-2(d) | US0001M + 2.600% | 5.0440 | 06/25/32 | 29,881 | |||||||||||
244,735 | Home Equity Loan Trust 2006-HSA3(d) | US0001M + 0.130% | 3.2140 | 05/25/36 | 240,764 | |||||||||||
196,997 | Home Equity Mortgage Loan Asset-Backed Trust(d) | US0001M + 1.425% | 4.5090 | 10/25/33 | 184,098 | |||||||||||
87,012 | Home Equity Mortgage Loan Asset-Backed Trust(d) | US0001M + 2.025% | 3.5180 | 07/25/34 | 84,442 | |||||||||||
597,638 | Home Equity Mortgage Trust 2007-1(d) | US0001M + 0.340% | 3.4240 | 05/25/37 | 567,009 | |||||||||||
610,299 | Imc Home Equity Loan Trust 1998-3(f) | 5.4320 | 08/20/29 | 590,964 | ||||||||||||
104,539 | IMC Home Equity Loan Trust 1998-5(f) | 5.8440 | 12/20/29 | 99,390 | ||||||||||||
52,601 | Irwin Home Equity Loan Trust 2004-1(d) | US0001M + 1.875% | 4.9590 | 12/25/34 | 51,681 | |||||||||||
637,687 | Irwin Home Equity Loan Trust 2006-P1(c),(d) | US0001M + 0.280% | 3.3640 | 12/25/36 | 608,191 | |||||||||||
720,025 | Irwin Home Equity Loan Trust 2006-P1(c),(f) | 6.3000 | 06/25/37 | 709,337 | ||||||||||||
8,402 | IXIS Real Estate Capital Trust 2005-HE4(d) | US0001M + 0.630% | 3.7140 | 02/25/36 | 8,750 | |||||||||||
224,043 | MAFI II Remic Trust 1999-A(b),(c) | 8.0000 | 03/20/25 | 208,236 | ||||||||||||
217,493 | Mastr Asset Backed Securities Trust 2003-NC1(d) | US0001M + 5.250% | 4.0630 | 04/25/33 | 216,079 | |||||||||||
80,627 | Mastr Asset Backed Securities Trust 2003-WMC2(d) | US0001M + 2.475% | 3.8650 | 08/25/33 | 78,947 | |||||||||||
809,596 | Mastr Asset Backed Securities Trust 2005-NC2(d) | US0001M + 0.500% | 3.5840 | 11/25/35 | 507,946 | |||||||||||
1,296,125 | Mastr Asset Backed Securities Trust 2005-NC2(d) | US0001M + 0.700% | 3.7840 | 11/25/35 | 813,169 | |||||||||||
55,334 | Meritage Mortgage Loan Trust 2003-1(d) | US0001M + 2.325% | 5.4090 | 11/25/33 | 52,122 | |||||||||||
927,752 | Merrill Lynch Mortgage Investors Trust Series(d) | US0001M + 3.075% | 6.1590 | 10/25/35 | 880,039 | |||||||||||
5,696,157 | Merrill Lynch Mortgage Investors Trust Series(c),(d) | US0001M + 1.125% | 4.2090 | 08/25/36 | 6,246,192 | |||||||||||
111,032 | Morgan Stanley A.B.S Capital I Inc Trust 2003-NC8(d) | US0001M + 3.150% | 6.2340 | 09/25/33 | 109,279 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
HOME EQUITY — 12.2% (Continued) | ||||||||||||||||
2,131 | Morgan Stanley A.B.S Capital I Inc Trust 2007-HE4(d) | US0001M + 0.110% | 3.1940 | 02/25/37 | $ | 712 | ||||||||||
53,112 | Morgan Stanley Dean Witter Capital I Inc Trust(d) | US0001M + 2.100% | 5.1840 | 02/25/32 | 52,844 | |||||||||||
112,851 | Morgan Stanley Dean Witter Capital I Inc Trust(d) | US0001M + 3.300% | 6.3840 | 02/25/32 | 473,802 | |||||||||||
53,591 | Morgan Stanley Dean Witter Capital I Inc Trust(d) | US0001M + 5.625% | 8.7090 | 02/25/33 | 621,195 | |||||||||||
1,642,789 | Morgan Stanley Dean Witter Capital I Inc Trust(d) | US0001M + 5.625% | 8.7090 | 02/25/33 | 1,655,189 | |||||||||||
185,994 | Morgan Stanley Mortgage Loan Trust 2005-8SL(d) | US0001M + 0.735% | 3.8190 | 11/25/35 | 372,733 | |||||||||||
104,359 | Morgan Stanley Mortgage Loan Trust 2006-16AX(d) | US0001M + 0.340% | 3.4240 | 11/25/36 | 34,206 | |||||||||||
4,469,863 | Morgan Stanley Mortgage Loan Trust 2007-8XS(b) | 6.0000 | 04/25/37 | 2,782,515 | ||||||||||||
283,436 | New Century Home Equity Loan Trust 2003-6(d) | US0001M + 1.080% | 4.1640 | 01/25/34 | 272,658 | |||||||||||
3,856 | New Century Home Equity Loan Trust Series 2003-5(b) | 4.8500 | 11/25/33 | 3,737 | ||||||||||||
17,587 | New Century Home Equity Loan Trust Series 2003-5(f) | 6.0000 | 11/25/33 | 17,244 | ||||||||||||
676,403 | NovaStar Mortgage Funding Trust Series 2003-2(d) | US0001M + 2.775% | 5.8590 | 09/25/33 | 679,919 | |||||||||||
166,816 | Option One Mortgage Loan Trust 2004-1(d) | US0001M + 1.650% | 4.7340 | 01/25/34 | 160,565 | |||||||||||
178,972 | Option One Mortgage Loan Trust 2004-1(d) | US0001M + 2.475% | 5.5590 | 01/25/34 | 153,475 | |||||||||||
330,055 | Option One Mortgage Loan Trust 2004-2(d) | US0001M + 1.575% | 4.6590 | 05/25/34 | 344,600 | |||||||||||
104,819 | Option One Mortgage Loan Trust 2004-2(d) | US0001M + 3.000% | 6.0840 | 05/25/34 | 99,128 | |||||||||||
984,243 | Option One Mortgage Loan Trust 2007-FXD1(f) | 5.8660 | 01/25/37 | 810,417 | ||||||||||||
350,992 | Option One Mortgage Loan Trust 2007-FXD2(f) | 6.1020 | 03/25/37 | 329,847 | ||||||||||||
132,075 | RAAC Series 2004-SP1 Trust(f) | 6.1180 | 03/25/34 | 127,917 | ||||||||||||
8,692 | RASC Series 2003-KS4 Trust(f) | 5.1700 | 06/25/33 | 8,651 | ||||||||||||
2,742,835 | RASC Series 2004-KS11 Trust(d) | US0001M + 1.000% | 4.5840 | 12/25/34 | 2,808,585 | |||||||||||
67,659 | Renaissance Home Equity Loan Trust 2002-4(f) | 7.5720 | 03/25/33 | 10,239 | ||||||||||||
143,797 | Renaissance Home Equity Loan Trust 2004-3(f) | 5.3240 | 11/25/34 | 127,834 | ||||||||||||
214,710 | Renaissance Home Equity Loan Trust 2005-4(f) | 5.8250 | 02/25/36 | 199,394 | ||||||||||||
16,892 | Saco I Trust 2007-1(d) | US0001M + 0.320% | 3.4040 | 01/25/37 | 16,735 | |||||||||||
39,198 | Saco I Trust 2007-2(d) | US0001M + 0.320% | 3.4040 | 02/25/37 | 38,382 | |||||||||||
2,132,200 | Saxon Asset Securities Trust 2001-2(d) | US0001M + 0.795% | 3.8790 | 03/25/31 | 1,828,974 | |||||||||||
31,567,518 | Soundview Home Loan Trust 2007-OPT4(a),(b) | 0.5800 | 09/25/37 | 542,387 | ||||||||||||
419,717 | Structured Asset Securities Corp Mortgage Pass | 3.3750 | 08/25/31 | 412,634 | ||||||||||||
225,000 | Structured Asset Securities Corp Pass-Through(h) | 0.0000 | 02/25/32 | 420,000 | ||||||||||||
362,134 | Terwin Mortgage Trust 2004-1HE(c),(d) | US0001M + 2.475% | 5.5590 | 02/25/34 | 319,960 | |||||||||||
2,299,763 | Terwin Mortgage Trust 2004-21HE(c),(d) | US0001M + 2.625% | 5.7090 | 12/25/34 | 2,193,876 | |||||||||||
1,164,605 | Terwin Mortgage Trust 2006-4SL(b),(c) | 0.1170 | 05/25/37 | 582,696 | ||||||||||||
1,681,783 | Terwin Mortgage Trust 2006-6(b),(c) | 0.1970 | 07/25/37 | 653,777 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
HOME EQUITY — 12.2% (Continued) | ||||||||||||||||
4,410,126 | Truman Capital Mortgage Loan Trust(c),(d) | US0001M + 4.650% | 7.7340 | 11/25/32 | $ | 3,858,172 | ||||||||||
13,892 | United National Home Loan Owner Trust 1999-1(f) | 6.9100 | 03/25/25 | 13,793 | ||||||||||||
34,268 | Wells Fargo Home Equity Asset-Backed Securities(b) | 4.9800 | 04/25/34 | 33,709 | ||||||||||||
120,149 | Wells Fargo Home Equity Asset-Backed Securities(d) | US0001M + 2.820% | 5.9040 | 10/25/34 | 118,102 | |||||||||||
693,175 | Wells Fargo Home Equity Asset-Backed Securities(d) | US0001M + 2.550% | 5.6340 | 04/25/35 | 666,005 | |||||||||||
94,082,106 | ||||||||||||||||
MANUFACTURED HOUSING — 2.9% | ||||||||||||||||
416,168 | ACE Securities Corp Manufactured Housing Trust(c),(e) | 0.0000 | 08/15/30 | 359,826 | ||||||||||||
2,162,758 | BCMSC Trust 1998-C(b) | 7.5100 | 01/15/29 | 1,942,277 | ||||||||||||
731,888 | BCMSC Trust 1999-B(b) | 6.9750 | 12/15/29 | 107,938 | ||||||||||||
611,382 | BCMSC Trust 1999-B(b) | 7.1800 | 12/15/29 | 92,816 | ||||||||||||
4,944,914 | BCMSC Trust 1999-B(b) | 7.4400 | 12/15/29 | 777,889 | ||||||||||||
737,790 | BCMSC Trust 1999-B(b) | 7.8500 | 12/15/29 | 122,458 | ||||||||||||
2,057,839 | Conseco Finance Corporation(b) | 7.0200 | 10/15/27 | 1,913,779 | ||||||||||||
300,504 | Conseco Finance Corporation(b) | 7.5300 | 03/15/28 | 282,995 | ||||||||||||
2,488,948 | Conseco Finance Corporation(b) | 7.5400 | 06/15/28 | 2,457,784 | ||||||||||||
3,742,756 | Conseco Finance Corporation(b) | 7.2400 | 11/15/28 | 3,548,702 | ||||||||||||
380,555 | Conseco Finance Corporation(b) | 6.9400 | 12/01/28 | 351,262 | ||||||||||||
2,937,719 | Conseco Finance Corporation(b) | 7.5000 | 03/01/30 | 1,265,268 | ||||||||||||
189,775 | Deutsche Financial Capital Securitization, LLC | 6.8000 | 04/15/28 | 189,370 | ||||||||||||
2,211,756 | Deutsche Financial Capital Securitization, LLC | 7.2750 | 04/15/28 | 2,020,865 | ||||||||||||
9,080 | MERIT Securities Corporation(f) | 7.6300 | 07/28/33 | 9,035 | ||||||||||||
1,069,441 | Morgan Stanley Resecuritization Trust 2015-R7(b),(c) | 7.0600 | 02/26/29 | 1,008,973 | ||||||||||||
10,004 | Oakwood Mortgage Investors, Inc. | 7.7500 | 08/15/27 | 9,503 | ||||||||||||
671,060 | Oakwood Mortgage Investors, Inc.(b) | 7.3250 | 02/15/28 | 646,637 | ||||||||||||
1,257,279 | Oakwood Mortgage Investors, Inc.(c) | 7.4150 | 01/15/29 | 1,198,674 | ||||||||||||
1,090,874 | Oakwood Mortgage Investors, Inc. | 8.4900 | 10/15/30 | 1,009,986 | ||||||||||||
156,171 | Oakwood Mortgage Investors, Inc.(b) | 5.2600 | 08/15/31 | 79,290 | ||||||||||||
34,564 | Oakwood Mortgage Investors, Inc.(b) | 5.1900 | 06/15/32 | 34,350 | ||||||||||||
2,026,246 | Origen Manufactured Housing Contract Trust 2006-A(b) | 4.0670 | 10/15/37 | 1,850,058 | ||||||||||||
1,077,395 | Origen Manufactured Housing Contract Trust 2007-A(b) | 4.8680 | 04/15/37 | 995,425 | ||||||||||||
8,048 | UCFC Manufactured Housing Contract | 6.2270 | 01/15/30 | 8,029 | ||||||||||||
22,283,189 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
NON AGENCY CMBS — 15.9% | ||||||||||||||||
1,857,704 | BAMLL Re-REMIC Trust 2016-RRGG10(b),(c) | 5.8090 | 08/10/45 | $ | 538,734 | |||||||||||
678,047 | Banc of America Commercial Mortgage Trust 2006-4(b) | 5.7540 | 07/10/46 | 615,517 | ||||||||||||
7,121,755 | Banc of America Commercial Mortgage Trust 2007-1(b) | 5.5230 | 01/15/49 | 3,498,604 | ||||||||||||
249,172 | Bayview Commercial Asset Trust 2004-2(c),(d) | US0001M + 0.645% | 3.7290 | 08/25/34 | 247,704 | |||||||||||
35,460 | Bayview Commercial Asset Trust 2004-3(c),(d) | US0001M + 1.500% | 4.5840 | 01/25/35 | 35,290 | |||||||||||
318,029 | Bayview Commercial Asset Trust 2005-3(c),(d) | US0001M + 1.650% | 4.7340 | 11/25/35 | 286,142 | |||||||||||
142,190 | Bayview Commercial Asset Trust 2006-2(c),(d) | US0001M + 1.305% | 4.3890 | 07/25/36 | 129,192 | |||||||||||
253,485 | Bear Stearns Asset Backed Securities Trust 2003-3(d) | US0001M + 1.230% | 4.3140 | 06/25/43 | 252,345 | |||||||||||
11,505 | Bear Stearns Commercial Mortgage Securities Trust Series 2007-T26 Class AJ(b) | 5.5660 | 01/12/45 | 11,111 | ||||||||||||
1,732,546 | CD 2007-CD5 Mortgage Trust(b),(c) | 6.5820 | 11/15/44 | 1,720,425 | ||||||||||||
15,625,875 | CFCRE Commercial Mortgage Trust Series 2017-C8 Class X-A(a),(b) | 1.6460 | 06/15/50 | 807,680 | ||||||||||||
3,401,495 | CG-CCRE Commercial Mortgage Trust 2014-FL1(c),(d) | US0001M + 1.150% | 3.9680 | 06/15/31 | 3,342,060 | |||||||||||
33,569,877 | Citigroup Commercial Mortgage Trust 2014-GC23(a),(b) | 1.0560 | 07/10/47 | 440,464 | ||||||||||||
1,598,698 | COMM 2010-C1 Mortgage Trust(b),(c) | 5.9850 | 07/10/46 | 1,560,714 | ||||||||||||
11,951 | COMM 2012-LC4 Mortgage Trust(b) | 4.9340 | 12/10/44 | 11,931 | ||||||||||||
3,000,000 | COMM 2012-LC4 Mortgage Trust(b),(c) | 5.4540 | 12/10/44 | 2,128,958 | ||||||||||||
108,610,000 | COMM 2014-CCRE19 Mortgage Trust(a),(b),(c) | 0.0780 | 08/10/47 | 48,245 | ||||||||||||
20,820,102 | COMM 2015-LC21 Mortgage Trust Series 2015-LC21 Class X-A(a),(b) | 0.8070 | 07/10/48 | 293,780 | ||||||||||||
2,000,000 | Commercial Mortgage Pass Through Certificates(c) | 3.4000 | 10/05/30 | 1,879,995 | ||||||||||||
2,935,145 | CSMC 2014-USA OA, LLC(a),(b),(c) | 0.6860 | 09/15/37 | 37,224 | ||||||||||||
2,249,735 | DBUBS 2011-LC3 Mortgage Trust Series 2011-LC3A D(b),(c) | 5.5410 | 08/10/44 | 2,060,530 | ||||||||||||
2,249,322 | Greenwich Capital Commercial Mortgage Trust(b),(c) | 5.9280 | 03/18/49 | 1,282,113 | ||||||||||||
2,995,847 | GS Mortgage Securities Corporation II(c),(d) | US0001M + 1.550% | 4.6180 | 09/15/31 | 2,533,930 | |||||||||||
1,029,248 | GS Mortgage Securities Corporation II(c),(d) | US0001M + 2.750% | 5.8180 | 09/15/31 | 797,689 | |||||||||||
286,473 | GS Mortgage Securities Trust 2010-C1(c) | 5.1480 | 08/10/43 | 282,352 | ||||||||||||
3,000,000 | GS Mortgage Securities Trust 2010-C1(b),(c) | 5.6350 | 08/10/43 | 2,926,508 | ||||||||||||
9,456,000 | GS Mortgage Securities Trust 2010-C1(b),(c) | 6.5660 | 08/10/43 | 6,954,857 | ||||||||||||
900,350 | GS Mortgage Securities Trust 2011-GC5(b),(c) | 5.2090 | 08/10/44 | 896,050 | ||||||||||||
481,000 | GS Mortgage Securities Trust 2011-GC5(b),(c) | 5.3020 | 08/10/44 | 221,072 | ||||||||||||
1,000,000 | Harvest Commercial Capital Loan Trust 2020-1(b),(c) | 5.9640 | 04/25/52 | 874,824 | ||||||||||||
246,202 | Impac CMB Trust Series 2004-8(d) | US0001M + 1.575% | 4.6590 | 08/25/34 | 213,131 | |||||||||||
11,005,632 | JP Morgan Chase Commercial Mortgage Securities(c) | 3.9100 | 05/05/30 | 8,584,392 | ||||||||||||
325,110 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 6.4320 | 07/12/35 | 323,885 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
NON AGENCY CMBS — 15.9% (Continued) | ||||||||||||||||
2,100,000 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 5.9720 | 11/15/43 | $ | 1,687,894 | |||||||||||
7,400,327 | JP Morgan Chase Commercial Mortgage Securities Series 2010-C2 D(b),(c),(h) | 5.9720 | 11/15/43 | 7,215,319 | ||||||||||||
1,530,202 | JP Morgan Chase Commercial Mortgage Securities(b) | 5.4890 | 12/12/43 | 1,057,022 | ||||||||||||
119,058 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 5.1290 | 05/15/45 | 92,027 | ||||||||||||
1,308,394 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 5.0130 | 02/15/46 | 1,257,797 | ||||||||||||
8,255,000 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 5.3600 | 02/15/46 | 7,706,937 | ||||||||||||
5,378,000 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 5.7090 | 02/15/46 | 4,001,814 | ||||||||||||
107,000 | JP Morgan Chase Commercial Mortgage Securities(b) | 4.3030 | 04/15/46 | 85,366 | ||||||||||||
2,000,000 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 3.8730 | 07/15/46 | 2,001,160 | ||||||||||||
1,778,115 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 5.7420 | 07/15/46 | 1,775,396 | ||||||||||||
12,330,375 | JP Morgan Chase Commercial Mortgage Securities Series 2006-LDP9 Class A-MS | 5.3370 | 05/15/47 | 11,135,679 | ||||||||||||
35,393 | JP Morgan Chase Commercial Mortgage Securities(b) | 6.7230 | 02/15/51 | 31,246 | ||||||||||||
11,583,291 | JP Morgan Chase Commercial Mortgage Securities(b) | 7.0510 | 02/15/51 | 10,795,206 | ||||||||||||
4,000,000 | JP Morgan Chase Commercial Mortgage Securities(b),(c) | 7.0550 | 02/15/51 | 1,720,800 | ||||||||||||
4,355,000 | LBSBC NIM Company 2005-2(c) | 5.5000 | 09/27/30 | 4,335,176 | ||||||||||||
282,061 | LBSBC NIM Company 2005-2(c) | 7.8600 | 09/27/30 | 281,171 | ||||||||||||
100 | LBSBN 2005-2A PS(e) | 0.0000 | 09/27/30 | 2,100,000 | ||||||||||||
9,517,029 | LB-UBS Commercial Mortgage Trust 2006-C6(b) | 5.4520 | 09/15/39 | 4,201,768 | ||||||||||||
7,595 | Merrill Lynch Mortgage Investors Trust Series(b),(c) | 6.2500 | 11/15/26 | 7,611 | ||||||||||||
66,303 | Merrill Lynch Mortgage Trust 2005-CKI1(b),(c) | 5.3420 | 11/12/37 | 32,439 | ||||||||||||
301,222 | Merrill Lynch Mortgage Trust 2006-C1(b) | 10.8340 | 05/12/39 | 279,878 | ||||||||||||
629,867 | ML-CFC Commercial Mortgage Trust 2007-9(b) | 6.1930 | 09/12/49 | 622,252 | ||||||||||||
285,590 | ML-CFC Commercial Mortgage Trust 2007-9(b) | 6.2220 | 09/12/49 | 280,826 | ||||||||||||
220,404 | Morgan Stanley Capital I Trust 2006-TOP21(b),(c) | 5.2080 | 10/12/52 | 220,404 | ||||||||||||
136,783 | Morgan Stanley Capital I Trust 2011-C2 Series 2011-C2 D(b),(c) | 5.3850 | 06/15/44 | 129,311 | ||||||||||||
545,000 | Morgan Stanley Capital I Trust 2011-C2(b),(c) | 5.3850 | 06/15/44 | 328,343 | ||||||||||||
991,000 | Morgan Stanley Capital I Trust 2011-C3(b),(c) | 5.2530 | 07/15/49 | 951,576 | ||||||||||||
1,799,000 | Morgan Stanley Capital I Trust 2011-C3(b),(c) | 5.2530 | 07/15/49 | 1,597,023 | ||||||||||||
1,787,950 | Morgan Stanley Capital I Trust 2011-C3(b),(c) | 5.2530 | 07/15/49 | 1,205,038 | ||||||||||||
384,000 | Morgan Stanley Capital I Trust 2011-C3(b),(c) | 5.2530 | 07/15/49 | 197,458 | ||||||||||||
3,000,000 | ReadyCap Commercial Mortgage Trust 2018-4(b),(c) | 5.2190 | 02/27/51 | 2,524,819 | ||||||||||||
8,000,000 | TMSQ 2014-1500 Mortgage Trust(a),(b),(c) | 0.2830 | 10/10/36 | 23,912 | ||||||||||||
22,807 | UBS Commercial Mortgage Trust 2012-C1(b),(c) | 6.6600 | 05/10/45 | 22,425 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
NON AGENCY CMBS — 15.9% (Continued) | ||||||||||||||||
296,000 | UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class D(b),(c) | 6.6630 | 01/10/45 | $ | 260,050 | |||||||||||
265,000 | UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 E(b),(c) | 6.6630 | 01/10/45 | 102,294 | ||||||||||||
1,551,670 | Wachovia Bank Commercial Mortgage Trust Series(b),(c) | 5.3100 | 01/15/41 | 1,541,775 | ||||||||||||
1,236,701 | Wachovia Bank Commercial Mortgage Trust Series(b),(c) | 5.2730 | 10/15/44 | 1,162,097 | ||||||||||||
1,479,000 | WFRBS Commercial Mortgage Trust 2011-C4(b),(c) | 4.9870 | 06/15/44 | 1,310,081 | ||||||||||||
225,000 | WFRBS Commercial Mortgage Trust 2013-C11(b),(c) | 4.3650 | 03/15/45 | 219,758 | ||||||||||||
4,550,621 | WFRBS Commercial Mortgage Trust 2014-C19(a),(b) | 1.1310 | 03/15/47 | 39,919 | ||||||||||||
3,000,000 | X-Caliber Funding, LLC(c),(d) | US0001M + 3.000% | 5.3730 | 01/06/26 | 2,924,201 | |||||||||||
123,302,716 | ||||||||||||||||
OTHER ABS — 0.5% | ||||||||||||||||
100,197 | AFC Trust Series 2000-4(c),(d) | US0001M + 0.770% | 3.8540 | 01/25/31 | 94,482 | |||||||||||
1,658,462 | Legal Fee Funding 2006-1, LLC(c),(h) | 8.0000 | 07/20/36 | 1,658,462 | ||||||||||||
162,341 | Oakwood Mortgage Investors, Inc.(b),(c) | 8.4500 | 10/15/26 | 160,848 | ||||||||||||
1,856,823 | PEAR 2020-1, LLC(c) | 3.7500 | 12/15/32 | 1,797,245 | ||||||||||||
3,711,037 | ||||||||||||||||
RESIDENTIAL MORTGAGE — 11.3% | ||||||||||||||||
992,136 | Ameriquest Mortgage Securities Asset-Backed(d) | US0001M + 2.760% | 5.8440 | 05/25/34 | 889,045 | |||||||||||
455,969 | Bear Stearns Asset Backed Securities Trust(d) | US0001M + 0.900% | 3.9840 | 12/25/33 | 429,431 | |||||||||||
1,788,000 | Bear Stearns Asset Backed Securities Trust(d) | US0001M + 2.250% | 5.3340 | 04/25/36 | 1,634,091 | |||||||||||
27,376 | Bear Stearns Asset Backed Securities Trust(b) | 3.1080 | 07/25/36 | 27,106 | ||||||||||||
55,832 | Bear Stearns Asset Backed Securities Trust | 5.5000 | 08/25/36 | 55,484 | ||||||||||||
331,786 | Bear Stearns Asset Backed Securities Trust(d) | 12MTA + 0.980% | 2.0840 | 10/25/36 | 120,719 | |||||||||||
350,022 | Bear Stearns Asset Backed Securities Trust | 6.0000 | 10/25/36 | 196,037 | ||||||||||||
277,237 | Bear Stearns Asset Backed Securities Trust(d) | US0001M + 3.150% | 6.2340 | 11/25/39 | 257,961 | |||||||||||
902,000 | Bear Stearns Asset Backed Securities Trust(d) | US0001M + 3.150% | 6.2340 | 12/25/42 | 921,801 | |||||||||||
550,000 | Bear Stearns Asset Backed Securities Trust(d) | US0001M + 3.150% | 6.2340 | 12/25/42 | 569,285 | |||||||||||
38,711 | Bear Stearns Asset Backed Securities Trust(e) | 0.0000 | 09/25/46 | 28,329 | ||||||||||||
183,530 | Bear Stearns Asset Backed Securities Trust | 5.5000 | 09/25/46 | 159,042 | ||||||||||||
2,987,000 | Bear Stearns Asset Backed Securities Trust 2006-2(d) | US0001M + 2.625% | 5.7090 | 07/25/36 | 2,933,859 | |||||||||||
94,203 | Carrington Mortgage Loan Trust Series 2005-FRE1(d) | US0001M + 0.705% | 3.7890 | 12/25/35 | 94,317 | |||||||||||
778,187 | Chase Funding Trust Series 2003-6(d) | US0001M + 0.750% | 3.8340 | 11/25/34 | 786,167 | |||||||||||
55,590 | Chase Funding Trust Series 2003-6(f) | 4.8870 | 11/25/34 | 54,739 | ||||||||||||
658 | Citicorp Residential Mortgage Trust Series 2007-2(f) | 4.7650 | 06/25/37 | 653 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
RESIDENTIAL MORTGAGE — 11.3% (Continued) | ||||||||||||||||
5,832 | Citigroup Mortgage Loan Trust, Inc.(f) | 5.5300 | 11/25/34 | $ | 5,810 | |||||||||||
146,393 | Citigroup Mortgage Loan Trust, Inc.(d) | US0001M + 2.625% | 5.7090 | 11/25/34 | 812,049 | |||||||||||
452,008 | Countrywide Asset-Backed Certificates(d) | US0001M + 2.625% | 5.7090 | 10/25/33 | 443,104 | |||||||||||
1,092,891 | Countrywide Asset-Backed Certificates(d) | US0001M + 0.660% | 3.7440 | 11/25/33 | 1,004,866 | |||||||||||
36,228 | Countrywide Asset-Backed Certificates(c),(f) | 5.5000 | 08/25/35 | 35,772 | ||||||||||||
665,524 | Countrywide Asset-Backed Certificates(f) | 4.0180 | 01/25/37 | 515,996 | ||||||||||||
982,305 | Countrywide Asset-Backed Certificates(d) | US0001M + 0.500% | 2.7590 | 05/25/37 | 758,620 | |||||||||||
10,114 | Credit-Based Asset Servicing and Securitization,(b),(c) | 4.7040 | 02/03/29 | 7,784 | ||||||||||||
11,821 | Credit-Based Asset Servicing and Securitization,(d) | US0001M + 2.850% | 5.9340 | 06/25/32 | 11,808 | |||||||||||
198,339 | Credit-Based Asset Servicing and Securitization,(d) | US0001M + 2.100% | 3.9540 | 12/25/33 | 197,883 | |||||||||||
300,403 | Credit-Based Asset Servicing and Securitization,(f) | 3.0220 | 12/25/36 | 249,195 | ||||||||||||
729,578 | Credit-Based Asset Servicing and Securitization,(c),(d) | US0001M + 0.460% | 3.5440 | 02/25/37 | 533,255 | |||||||||||
484,107 | Credit-Based Asset Servicing and Securitization,(c),(f) | 4.6920 | 12/25/37 | 499,897 | ||||||||||||
1,688,887 | Credit-Based Asset Servicing and Securitization,(c),(d) | US0001M + 3.000% | 6.0840 | 05/25/50 | 1,714,120 | |||||||||||
553,042 | CSFB Mortgage-Backed Pass-Through Certificates(d) | US0001M + 4.000% | 7.0840 | 02/25/32 | 547,100 | |||||||||||
306,809 | CWABS Asset-Backed Certificates Trust 2004-13(b) | 5.5680 | 01/25/35 | 185,583 | ||||||||||||
47,022 | CWABS Asset-Backed Certificates Trust 2005-16(b) | 4.3930 | 05/25/36 | 46,132 | ||||||||||||
283,444 | CWABS Asset-Backed Certificates Trust 2005-17(f) | 6.5470 | 05/25/36 | 218,319 | ||||||||||||
361,131 | Equity One Mortgage Pass-Through Trust 2002-1(b) | 6.2820 | 08/25/32 | 333,395 | ||||||||||||
1,110,366 | Fannie Mae Grantor Trust 2004-T5(b) | 2.9840 | 05/28/35 | 997,931 | ||||||||||||
209,469 | Finance America Mortgage Loan Trust 2004-3(d) | US0001M + 0.945% | 4.0290 | 11/25/34 | 185,115 | |||||||||||
195,762 | Finance America Mortgage Loan Trust 2004-3(d) | US0001M + 1.020% | 4.1040 | 11/25/34 | 168,685 | |||||||||||
235,145 | First Franklin Mortgage Loan Trust 2003-FFB(b),(h) | 0.0000 | 02/25/33 | 225,000 | ||||||||||||
157,074 | First Franklin Mortgage Loan Trust 2004-FF2(d) | US0001M + 1.500% | 4.5840 | 03/25/34 | 144,038 | |||||||||||
635,639 | First Franklin Mortgage Loan Trust 2004-FFA(c),(h) | 0.0000 | 03/25/24 | 635,000 | ||||||||||||
2,061,266 | Fremont Home Loan Trust 2002-2(d) | US0001M + 1.725% | 4.8090 | 10/25/33 | 2,025,743 | |||||||||||
35,506 | Fremont Home Loan Trust 2004-B(d) | US0001M + 3.000% | 6.0840 | 05/25/34 | 34,245 | |||||||||||
29,846 | Fremont Home Loan Trust 2005-A(d) | US0001M + 0.735% | 3.8190 | 01/25/35 | 28,969 | |||||||||||
37,957 | GSAMP Trust 2003-SEA2(f) | 5.4210 | 07/25/33 | 34,286 | ||||||||||||
101,007 | GSAMP Trust 2004-HE1(d) | US0001M + 0.825% | 3.9090 | 05/25/34 | 91,436 | |||||||||||
675,871 | GSRPM Mortgage Loan Trust Series 2004-1(c),(d) | US0001M + 3.750% | 6.8340 | 09/25/42 | 674,681 | |||||||||||
568,895 | Lehman XS Trust 2007-3(d) | US0001M + 0.320% | 3.4040 | 03/25/37 | 462,906 | |||||||||||
3,487,106 | Lehman XS Trust Series 2005-4(d) | US0001M + 0.750% | 3.8340 | 10/25/35 | 4,705,567 | |||||||||||
4,624,284 | Long Beach Mortgage Loan Trust 2005-WL1(d) | US0001M + 0.975% | 4.0590 | 06/25/45 | 4,776,186 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
RESIDENTIAL MORTGAGE — 11.3% (Continued) | ||||||||||||||||
1,696,695 | Merrill Lynch Mortgage Investors Trust Series(d) | US0001M + 4.275% | 7.3590 | 02/25/34 | $ | 1,450,602 | ||||||||||
2,027,816 | Morgan Stanley A.B.S Capital I Inc Trust 2005-WMC2(d) | US0001M + 0.705% | 3.7890 | 02/25/35 | 2,045,314 | |||||||||||
2,247,133 | Ownit Mortgage Loan Trust Series 2005-4(d) | US0001M + 0.825% | 3.9090 | 08/25/36 | 2,036,365 | |||||||||||
1,280,508 | Park Place Securities Inc Asset-Backed(d) | US0001M + 1.650% | 4.7340 | 12/25/34 | 1,310,103 | |||||||||||
134,727 | PFCA Home Equity Investment Trust(b),(c) | 4.4890 | 01/22/35 | 125,184 | ||||||||||||
265,523 | PFCA Home Equity Investment Trust(b),(c) | 3.4490 | 08/25/35 | 222,393 | ||||||||||||
3,080,000 | RAAC Series 2005-RP2 Trust(c),(d) | US0001M + 2.000% | 6.0840 | 06/25/35 | 3,030,262 | |||||||||||
8,065,383 | RAAC Series 2005-SP3 Trust(h) | 0.0000 | 12/25/35 | 7,560,001 | ||||||||||||
8,554,000 | RAAC Series 2006-RP1 Trust(c),(d) | US0001M + 1.850% | 4.9340 | 10/25/45 | 8,494,650 | |||||||||||
2,759,324 | RAAC Series 2006-RP1 Trust(c),(d) | US0001M + 1.875% | 4.9590 | 10/25/45 | 2,705,654 | |||||||||||
4,000,000 | RAAC Series 2006-RP4 Trust(d) | US0001M + 1.500% | 5.3340 | 01/25/46 | 3,773,072 | |||||||||||
4,638,000 | RAAC Series 2006-RP4 Trust(d) | US0001M + 2.000% | 6.0840 | 01/25/46 | 4,291,520 | |||||||||||
1,648,949 | RAAC Series 2006-SP1 Trust(d) | US0001M + 0.825% | 3.9090 | 09/25/45 | 1,193,440 | |||||||||||
405,337 | RAMP Series 2003-RS10 Trust(d) | US0001M + 1.700% | 4.1640 | 11/25/33 | 385,956 | |||||||||||
650,166 | RAMP Series 2003-RS7 Trust(d) | US0001M + 1.800% | 4.3680 | 08/25/33 | 593,760 | |||||||||||
637,957 | RAMP Series 2004-SL3 Trust | 8.5000 | 12/25/31 | 329,717 | ||||||||||||
177,917 | RAMP Series 2006-RS6 Trust(d) | US0001M + 0.540% | 3.6240 | 11/25/36 | 150,442 | |||||||||||
1,241 | RASC Series 2006-KS9 Trust(d) | US0001M + 0.160% | 3.2440 | 11/25/36 | 8,425 | |||||||||||
726,273 | RFSC Series 2002-RP2 Trust(c),(d) | US0001M + 1.500% | 4.5840 | 10/25/32 | 704,785 | |||||||||||
246,482 | RFSC Trust(c),(d) | US0001M + 0.860% | 3.9440 | 03/25/33 | 239,861 | |||||||||||
76,258 | SACO I Trust 2005-WM2(d) | US0001M + 0.825% | 3.9090 | 07/25/35 | 75,193 | |||||||||||
53,953 | SACO I Trust 2006-6(d) | US0001M + 0.260% | 3.3440 | 06/25/36 | 52,425 | |||||||||||
576,011 | Sail Net Interest Margin Notes(c),(h) | 7.0000 | 07/27/33 | 1,814,434 | ||||||||||||
3,255,143 | SASCO ARC NIM 2003-5 20330627(c) | 6.0000 | 06/27/33 | 3,246,088 | ||||||||||||
294,634 | Soundview Home Loan Trust 2004-1(d) | US0001M + 1.020% | 4.1040 | 07/25/34 | 299,419 | |||||||||||
95,493 | Soundview Home Loan Trust 2004-1(d) | US0001M + 2.925% | 6.0090 | 07/25/34 | 87,446 | |||||||||||
930,065 | Soundview Home Loan Trust 2004-1(d) | US0001M + 4.875% | 7.9590 | 07/25/34 | 828,205 | |||||||||||
2,878,885 | Structured Asset Investment Loan Trust 2004-8(d) | US0001M + 3.750% | 6.8340 | 09/25/34 | 2,706,383 | |||||||||||
465,296 | Structured Asset Securities Corp Mortgage(f) | 6.0500 | 03/25/34 | 456,934 | ||||||||||||
50,393 | Structured Asset Securities Corp Mortgage Loan(d) | US0001M + 1.500% | 3.8730 | 02/25/35 | 49,880 | |||||||||||
475,439 | Structured Asset Securities Corp Mortgage Loan(d) | US0001M + 0.630% | 3.7140 | 05/25/35 | 459,610 | |||||||||||
470,541 | Structured Asset Securities Corp Mortgage Loan(d) | US0001M + 0.945% | 4.0290 | 05/25/35 | 435,376 | |||||||||||
357,135 | Structured Asset Securities Corp Mortgage Loan(d) | US0001M + 0.990% | 4.0740 | 05/25/35 | 324,832 | |||||||||||
145,141 | Structured Asset Securities Corp Mortgage Loan(d) | US0001M + 1.650% | 4.7340 | 05/25/35 | 133,569 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
ASSET BACKED SECURITIES — 78.1% (Continued) | ||||||||||||||||
RESIDENTIAL MORTGAGE — 11.3% (Continued) | ||||||||||||||||
11,334 | Structured Asset Securities Corp Mortgage Loan(d) | US0001M + 0.435% | 3.5190 | 06/25/35 | $ | 11,284 | ||||||||||
3,783,061 | Washington Mutural Asset-Backed Certificates WMABS(d) | US0001M + 0.155% | 3.2390 | 10/25/36 | 3,007,547 | |||||||||||
87,108,673 | ||||||||||||||||
WHOLE BUSINESS — 0.2% | ||||||||||||||||
2,000,000 | LOANME TRUST SBL 2019-1(c),(f) | 11.5000 | 08/15/30 | 1,698,103 | ||||||||||||
TOTAL ASSET BACKED SECURITIES (Cost $634,173,055) | 604,588,052 | |||||||||||||||
CORPORATE BONDS — 15.4% | ||||||||||||||||
BANKING — 0.7% | ||||||||||||||||
252,709 | CIB Marine(e),(h) | 0.0000 | 06/01/35 | 150,678 | ||||||||||||
3,212,202 | CIB Marine(e),(h) | 0.0000 | 06/01/35 | 1,915,276 | ||||||||||||
3,410,000 | Southern Financial(h) | 10.6000 | 09/07/30 | 3,410,000 | ||||||||||||
5,475,954 | ||||||||||||||||
INSURANCE — 10.8% | ||||||||||||||||
51,096,046 | Ambac Assurance Corporation(c) | 0.0000 | 06/07/69 | 51,862,487 | ||||||||||||
19,981,414 | AMBAC Assurance Corporation(c) | 8.5000 | 02/12/55 | 16,984,202 | ||||||||||||
9,891,664 | MBIA Global Funding, LLC(c),(e) | 0.0000 | 12/15/31 | 4,055,582 | ||||||||||||
32,494,969 | MBIA Global Funding, LLC(e) | 0.0000 | 12/15/33 | 10,398,390 | ||||||||||||
83,300,661 | ||||||||||||||||
SPECIALTY FINANCE — 1.2% | ||||||||||||||||
2,000,000 | OWS Cre Funding I, LLC(c),(d) | US0001M + 4.900% | 7.4640 | 09/15/23 | 1,994,538 | |||||||||||
2,000,000 | PDOF MSN Issuer, LLC(c) | SOFRRATE + 4.500% | 7.4600 | 03/01/25 | 1,967,704 | |||||||||||
1,000,000 | US Capital Funding II Ltd. Capital Funding II(c),(d) | US0003M + 1.650% | 4.4320 | 08/01/34 | 796,575 | |||||||||||
4,000,000 | X-Caliber Funding, LLC(c) | 5.0000 | 09/24/24 | 3,551,253 | ||||||||||||
1,275,000 | X-Caliber Funding, LLC(c) | 11.0000 | 09/24/24 | 1,233,700 | ||||||||||||
9,543,770 | ||||||||||||||||
SYNDICATED LOANS — 2.3% | ||||||||||||||||
4,805,947 | DEER FINANCE SYNDICATED LOAN(h) | 6.0000 | 10/07/23 | 4,805,947 | ||||||||||||
8,472,191 | MSP DEER FINANCE SYNDICATED LOAN(h) | 17.0000 | 04/09/25 | 8,472,191 | ||||||||||||
4,681,190 | WATTS GUERRA 005-A DEER FINANCE SYNDICATE LOAN(h) | 15.5000 | 10/30/25 | 4,681,190 | ||||||||||||
17,959,328 |
RATIONAL SPECIAL SITUATIONS INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||||
CORPORATE BONDS — 15.4% (Continued) | ||||||||||||||||
TRANSPORTATION & LOGISTICS — 0.4% | ||||||||||||||||
2,906,116 | American Airlines 2013-1 Class A Pass Through Series 2013-1 Class A | 4.0000 | 01/15/27 | $ | 2,484,808 | |||||||||||
100,691 | American Airlines 2013-2 Class A Pass Through Series 2013-2 Class A | 4.9500 | 01/15/23 | 99,454 | ||||||||||||
669,614 | US Airways 2013-1 Class A Pass Through Trust Series 13-1 A | 3.9500 | 11/15/25 | 593,684 | ||||||||||||
3,177,946 | ||||||||||||||||
TOTAL CORPORATE BONDS (Cost $142,782,608) | 119,457,659 |
Shares | ||||||||
SHORT-TERM INVESTMENTS — 6.0% | ||||||||
MONEY MARKET FUNDS — 6.0% | ||||||||
45,962,546 | First American Government Obligations Fund, Class U, 2.79% (Cost $45,962,546)(g) | 45,962,546 | ||||||
TOTAL INVESTMENTS - 99.5% (Cost $822,918,209) | $ | 770,008,257 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5% | 4,287,239 | |||||||
NET ASSETS - 100.0% | $ | 774,295,496 |
LLC | - Limited Liability Company |
LTD | - Limited Company |
REMIC | - Real Estate Mortgage Investment Conduit |
12MTA | Federal Reserve US 12 Month Cumulative Avg 1 Year CMT |
H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
SOFRRATE | United States SOFR Secured Overnight Financing Rate |
US0001M | ICE LIBOR USD 1 Month |
US0003M | ICE LIBOR USD 3 Month |
US0006M | ICE LIBOR USD 6 Month |
US0012M | ICE LIBOR USD 12 Month |
(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 September 30, 2022 the total market value of 144A securities is 303,002,329 or 39.1% of net assets. |
(d) | Variable rate security; the rate represents the rate as of September 30, 2022. |
(e) | 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 September 30, 2022. |
(g) | Rate disclosed is the seven day effective yield as of September 30, 2022. |
(h) | Fair valued security. |
RATIONAL INFLATION GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Shares | Fair Value | |||||||
COMMON STOCKS — 77.2% | ||||||||
AEROSPACE & DEFENSE - 2.2% | ||||||||
240 | Boeing Company (The)(a) | $ | 29,059 | |||||
525 | Raytheon Technologies Corporation | 42,977 | ||||||
72,036 | ||||||||
ASSET MANAGEMENT - 1.1% | ||||||||
753 | Apollo Global Management, Inc. | 35,015 | ||||||
BANKING - 4.3% | ||||||||
1,125 | Bank of America Corporation | 33,975 | ||||||
765 | Citigroup, Inc. | 31,878 | ||||||
321 | JPMorgan Chase & Company | 33,545 | ||||||
975 | Wells Fargo & Company | 39,214 | ||||||
138,612 | ||||||||
BEVERAGES - 1.2% | ||||||||
728 | Coca-Cola Company (The) | 40,783 | ||||||
CHEMICALS - 4.6% | ||||||||
182 | Air Products and Chemicals, Inc. | 42,356 | ||||||
237 | Ecolab, Inc. | 34,228 | ||||||
151 | Linde plc | 40,708 | ||||||
165 | Sherwin-Williams Company (The) | 33,784 | ||||||
151,076 | ||||||||
DIVERSIFIED INDUSTRIALS - 1.2% | ||||||||
227 | Honeywell International, Inc. | 37,902 | ||||||
ENTERTAINMENT CONTENT - 1.7% | ||||||||
1,396 | Paramount Global, Class B | 26,580 | ||||||
318 | Walt Disney Company (The)(a) | 29,997 | ||||||
56,577 | ||||||||
INDUSTRIAL REIT - 1.0% | ||||||||
327 | Prologis, Inc. | 33,223 | ||||||
INSURANCE - 6.7% | ||||||||
356 | Allstate Corporation (The) | 44,333 | ||||||
159 | Berkshire Hathaway, Inc., Class B(a) | 42,456 |
RATIONAL INFLATION GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Fair Value | |||||||
COMMON STOCKS — 77.2% (Continued) | ||||||||
INSURANCE - 6.7% (Continued) | ||||||||
36 | Markel Corporation(a) | $ | 39,032 | |||||
463 | Progressive Corporation (The) | 53,804 | ||||||
269 | Travelers Companies, Inc. (The) | 41,211 | ||||||
220,836 | ||||||||
LEISURE FACILITIES & SERVICES - 2.6% | ||||||||
195 | McDonald’s Corporation | 44,994 | ||||||
476 | Starbucks Corporation | 40,108 | ||||||
85,102 | ||||||||
METALS & MINING - 12.6% | ||||||||
862 | Agnico Eagle Mines Ltd. | 36,402 | ||||||
2,341 | Barrick Gold Corporation | 36,286 | ||||||
5,495 | Cia de Minas Buenaventura S.A.A - ADR | 36,981 | ||||||
2,238 | Cleveland-Cliffs, Inc.(a) | 30,146 | ||||||
4,033 | First Majestic Silver Corporation | 30,731 | ||||||
333 | Franco-Nevada Corporation | 39,786 | ||||||
1,219 | Freeport-McMoRan, Inc. | 33,315 | ||||||
8,302 | Hecla Mining Company | 32,710 | ||||||
769 | Newmont Corporation | 32,321 | ||||||
1,894 | Pan American Silver Corporation | 30,077 | ||||||
2,657 | SSR Mining, Inc. | 39,084 | ||||||
1,121 | Wheaton Precious Metals Corporation | 36,276 | ||||||
414,115 | ||||||||
OIL & GAS PRODUCERS - 16.7% | ||||||||
4,633 | Antero Midstream Corporation | 42,531 | ||||||
382 | Chevron Corporation | 54,882 | ||||||
623 | ConocoPhillips | 63,757 | ||||||
1,142 | Enbridge, Inc. | 42,368 | ||||||
6,319 | EnLink Midstream, LLC | 56,176 | ||||||
512 | EOG Resources, Inc. | 57,206 | ||||||
690 | Exxon Mobil Corporation | 60,244 | ||||||
2,743 | Kinder Morgan, Inc. | 45,644 | ||||||
779 | ONEOK, Inc. | 39,916 | ||||||
927 | TC Energy Corporation | 37,349 |
RATIONAL INFLATION GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Fair Value | |||||||
COMMON STOCKS — 77.2% (Continued) | ||||||||
OIL & GAS PRODUCERS - 16.7% (Continued) | ||||||||
1,654 | Williams Companies, Inc. (The) | $ | 47,354 | |||||
547,427 | ||||||||
OIL & GAS SERVICES & EQUIPMENT - 1.5% | ||||||||
1,393 | Schlumberger N.V. | 50,009 | ||||||
REAL ESTATE INVESTMENT TRUSTS - 3.4% | ||||||||
178 | American Tower Corporation | 38,217 | ||||||
259 | Crown Castle, Inc. | 37,438 | ||||||
63 | Equinix, Inc. | 35,837 | ||||||
111,492 | ||||||||
SELF-STORAGE REIT - 1.2% | ||||||||
138 | Public Storage | 40,408 | ||||||
SOFTWARE - 0.6% | ||||||||
97 | MicroStrategy, Inc., Class A(a) | 20,589 | ||||||
SPECIALTY FINANCE - 0.6% | ||||||||
1,741 | Marathon Digital Holdings, Inc.(a) | 18,646 | ||||||
STEEL - 5.7% | ||||||||
425 | Nucor Corporation | 45,471 | ||||||
301 | Reliance Steel & Aluminum Company | 52,497 | ||||||
728 | Steel Dynamics, Inc. | 51,652 | ||||||
2,008 | United States Steel Corporation | 36,385 | ||||||
186,005 | ||||||||
TECHNOLOGY SERVICES - 2.7% | ||||||||
260 | Coinbase Global, Inc., Class A(a) | 16,767 | ||||||
121 | Mastercard, Inc., Class A | 34,405 | ||||||
205 | Visa, Inc., Class A | 36,419 | ||||||
87,591 | ||||||||
TRANSPORTATION & LOGISTICS - 5.6% | ||||||||
594 | Canadian Pacific Railway Ltd. | 39,631 | ||||||
1,231 | CSX Corporation | 32,794 | ||||||
158 | Norfolk Southern Corporation | 33,125 |
RATIONAL INFLATION GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
Shares | Fair Value | |||||||
COMMON STOCKS — 77.2% (Continued) | ||||||||
TRANSPORTATION & LOGISTICS - 5.6% (Continued) | ||||||||
202 | Union Pacific Corporation | $ | 39,354 | |||||
239 | United Parcel Service, Inc., Class B | 38,608 | ||||||
183,512 | ||||||||
TOTAL COMMON STOCKS (Cost $3,063,641) | 2,530,956 | |||||||
EXCHANGE-TRADED FUNDS — 21.7% | ||||||||
COMMODITY - 21.7% | ||||||||
3,112 | abrdn Bloomberg All Commodity Strategy K-1 Free | 80,383 | ||||||
2,727 | Direxion Auspice Broad Commodity Strategy ETF | 81,291 | ||||||
2,343 | GraniteShares Bloomberg Commodity Broad Strategy | 67,666 | ||||||
2,882 | Invesco DB Commodity Index Tracking Fund, N(a) | 68,909 | ||||||
4,601 | Invesco Optimum Yield Diversified Commodity | 74,444 | ||||||
1,818 | iShares GSCI Commodity Dynamic | 64,939 | ||||||
3,223 | iShares S&P GSCI Commodity Indexed Trust(a) | 66,329 | ||||||
4,333 | iShares Silver Trust(a) | 75,828 | ||||||
1,686 | KraneShares Global Carbon Strategy ETF | 62,719 | ||||||
453 | SPDR® Gold Shares(a) | 70,066 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $776,738) | 712,574 | |||||||
SHORT-TERM INVESTMENTS — 1.5% | ||||||||
MONEY MARKET FUNDS - 1.5% | ||||||||
50,635 | First American Government Obligations Fund, Class U, 2.79% (Cost $50,635)(b) | 50,635 | ||||||
TOTAL INVESTMENTS - 100.4% (Cost $3,891,014) | $ | 3,294,165 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (13,783 | ) | ||||||
NET ASSETS - 100.0% | $ | 3,280,382 |
ADR | - American Depositary Receipt |
ETF | - Exchange-Traded Fund |
LLC | - Limited Liability Company |
LTD | - Limited Company |
NV | - Naamioze Vennootschap |
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 September 30, 2022. |