0001580642-19-003111.txt : 20190708 0001580642-19-003111.hdr.sgml : 20190708 20190708164046 ACCESSION NUMBER: 0001580642-19-003111 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20190430 FILED AS OF DATE: 20190708 DATE AS OF CHANGE: 20190708 EFFECTIVENESS DATE: 20190708 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Mutual Fund & Variable Insurance Trust CENTRAL INDEX KEY: 0000810695 IRS NUMBER: 043023766 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-05010 FILM NUMBER: 19945679 BUSINESS ADDRESS: STREET 1: 2960 N. MERIDIAN STREET STREET 2: SUITE 300 CITY: INDIANAPOLIS STATE: IN ZIP: 46208 BUSINESS PHONE: 800-253-0412 MAIL ADDRESS: STREET 1: 2960 N. MERIDIAN STREET STREET 2: SUITE 300 CITY: INDIANAPOLIS STATE: IN ZIP: 46208 FORMER COMPANY: FORMER CONFORMED NAME: HUNTINGTON FUNDS DATE OF NAME CHANGE: 20040922 FORMER COMPANY: FORMER CONFORMED NAME: HUNTINGTON FUNDS /MA/ DATE OF NAME CHANGE: 19990106 FORMER COMPANY: FORMER CONFORMED NAME: MONITOR FUNDS DATE OF NAME CHANGE: 19920703

0000810695 S000061544 TREND AGGREGATION DIVIDEND AND INCOME FUND

C000199386 TREND AGGREGATION DIVIDEND AND INCOME FUND Institutional Shares TRDVX

0000810695 S000061545 TREND AGGREGATION GROWTH FUND

C000199390 TREND AGGREGATION GROWTH FUND Institutional Shares TRAGX

N-CSR 1 trendfundsncsr.htm N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05010

Mutual Fund and Variable Insurance Trust

(Exact name of registrant as specified in charter)

36 North New York Avenue

Huntington, NY 11743

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

Corporate Trust Center

1209 Orange Street

Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-631-629-4237

Date of fiscal year end: April 30

Date of reporting period: April 30, 2019

Item 1.

Reports to Shareholders.

TREND AGGREGATION DIVIDEND AND INCOME FUND

Institutional Shares: TRDVX

TREND AGGREGATION GROWTH FUND

Institutional Shares: TRAGX

Annual Shareholder Report

April 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, Tuttlefunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Funds documents that have been mailed to you.

Management’s Discussion of Fund Performance

Dear Shareholder:

The Trend Aggregation Dividend and Income Fund (TRDVX) seeks current income while maintaining a secondary emphasis on long-term capital appreciation and low volatility. The Fund seeks to achieve its investment objective by employing a tactical approach to obtain exposure to income-producing securities.

For the fiscal period ended April 30, 2019, TRDVX generated a positive return of 1.02% since the commencement date of 5/17/2018.

The primary driver of the low performance was the market weakness during the fourth quarter of 2018.

We are pleased with the performance of the Fund and our quantitative models. The models performed as expected, and we believe that our disciplined approach will allow the Fund to outperform over the long-term. We appreciate your confidence and continued interest in the Fund.

Sincerely,

Matthew Tuttle

Portfolio Manager

4747-NLD-6/10/2019

Management’s Discussion of Fund Performance

Dear Shareholder:

The Trend Aggregation Growth Fund (TRAGX) seeks long-term capital appreciation while maintaining a secondary emphasis on capital preservation. The Fund seeks to achieve its investment objective by employing a tactical approach to obtain exposure to U.S. equity markets.

For the fiscal period ended April 30, 2019, TRAGX generated a negative return of 0.89% since the commencement date of 5/17/2018.

The primary driver of the negative performance was the market weakness during the fourth quarter of 2018.

Sincerely,

Matthew Tuttle

Portfolio Manager

4746-NLD-6/10/2019

Trend Aggregation Dividend and Income Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2019

The Fund’s performance figures* for the period ended April 30, 2019, compared to its benchmark:

	Since Inception**
Trend Aggregation Dividend and Income Fund - Institutional Class	1.02%
Morningstar Tactical Asset Allocation Category Index ^(a)	1.16%

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. See the financial highlights for the current expense ratios. Per the fee table in the Fund’s April 19, 2018 prospectus, the total annual operating expense is 2.12% before fee waivers. For performance information current to the most recent month-end, please call toll-free 1-844-828-3203.

Inception date is May 17, 2018.

(a)

Morningstar Tactical A Allocation sset Category Index - Tactical Allocation portfolios seek to provide capital appreciation and income by actively shifting allocations across investments. These portfolios have material shifts across equity regions, and bond sectors on a frequent basis. To qualify for the tactical allocation category, a fund must have minimum exposures of 10% in bonds and 20% in equity. Next, the fund must historically demonstrate material shifts in sector or regional allocations either through a gradual shift over three years or through a series of material shifts on a quarterly basis. Within a three year period, typically the average quarterly changes between equity regions and bond sectors exceeds 15% or the difference between the maximum and minimum exposure to a single equity region or bond sector exceeds 50%. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses, or sales charges.

Comparison of the Change in Value of a $10,000 Investment

Holdings by Industry/Asset Type	% of Net Assets
Exchange Traded Funds		14.6	%
Diversified Financial Services		8.3	%
Retail		8.1	%
Commercial Services		6.6	%
Beverages		6.2	%
Software		6.1	%
Media		5.2	%
Semiconductors		4.1	%
Private Equity		3.1	%
Pharmaceuticals		3.1	%
Other/Short-Term Investments		34.6	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

Trend Aggregation Growth Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2019

The Fund’s performance figures* for the period ended April 30, 2019, compared to its benchmark:

	Since Inception**
Trend Aggregation Growth Fund - Institutional Class	(0.89)%
Morningstar Tactical Asset Allocation Category Index ^(a)	1.16%

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. See the financial highlights for the current expense ratios. Per the fee table in the Fund’s April 19, 2018 prospectus, the total annual operating expense is 2.10% before fee waivers. For performance information current to the most recent month-end, please call toll-free 1-844-828-3203.

Inception date is May 17, 2018.

(a)

Morningstar Tactical Asset Allocation Category Index - Tactical Allocation portfolios seek to provide capital appreciation and income by actively shifting allocations across investments. These portfolios have material shifts across equity regions, and bond sectors on a frequent basis. To qualify for the tactical allocation category, a fund must have minimum exposures of 10% in bonds and 20% in equity. Next, the fund must historically demonstrate material shifts in sector or regional allocations either through a gradual shift over three years or through a series of material shifts on a quarterly basis. Within a three year period, typically the average quarterly changes between equity regions and bond sectors exceeds 15% or the difference between the maximum and minimum exposure to a single equity region or bond sector exceeds 50%. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses, or sales charges.

Comparison of the Change in Value of a $10,000 Investment

Holdings by Industry/Asset Type	% of Net Assets
Exchange Traded Funds		29.6	%
Internet		13.8	%
Software		9.3	%
Lodging		3.2	%
Transportation		1.6	%
Semiconductors		1.5	%
Electric		1.5	%
Other/Short-Term Investments		39.5	%
		100.0	%

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

Trend Aggregation Dividend and Income Fund

PORTFOLIO OF INVESTMENTS

April 30, 2019

Shares			Value
		COMMON STOCKS - 76.8%
		ADVERTISING - 2.0%
	19,677	Omnicom Group, Inc.	$	1,574,750

		APPAREL - 2.0%
	16,967	VF Corp.		1,601,854

		BEVERAGES - 6.2%
	25,157	Coca-Cola Co.		1,234,202
	7,424	Diageo PLC - ADR		1,251,983
	19,752	PepsiCo., Inc.		2,529,244
				5,015,429
		CHEMICALS - 2.0%
	13,727	PPG Industries, Inc.		1,612,923

		COMMERCIAL SERVICES - 6.6%
	12,398	Moody’s Corp.		2,437,695
	15,923	Total System Services, Inc.		1,627,967
	8,987	Verisk Analytics, Inc.		1,268,425
				5,334,087
		COSMETICS / PERSONAL CARE - 1.5%
	11,519	Procter & Gamble Co.		1,226,543

		DIVERSIFIED FINANCIAL SERVICES - 8.3%
	14,327	American Express Co.		1,679,554
	10,094	Mastercard, Inc.		2,566,299
	14,706	Visa, Inc.		2,418,108
				6,663,961
		HAND / MACHINE TOOLS - 2.0%
	10,924	Stanley Black & Decker, Inc.		1,601,458

		INSURANCE - 1.6%
	5,755	Berkshire Hathaway, Inc. *		1,247,166

		INVESTMENT COMPANIES - 2.0%
	31,964	Oaktree Capital Group LLC		1,618,018

		LODGING - 1.5%
	8,931	Marriott International, Inc.		1,218,367

		MACHINERY - DIVERSIFIED - 3.1%
	6,869	Roper Technologies, Inc.		2,470,779

		MEDIA - 5.2%
	30,472	Walt Disney Co.		4,173,750

		OIL & GAS - 2.3%
	25,849	Anadarko Petroleum Corp.		1,883,100

		PHARMACEUTICALS - 3.1%
	17,515	Johnson & Johnson		2,473,118

		PRIVATE EQUITY - 3.1%
	25,094	Brookfield Asset Management, Inc.		1,209,280
	51,694	KKR & Co., Inc.		1,263,918
				2,473,198
		REITS - 3.0%
	6,141	American Tower Corp.		1,199,337
	6,055	SBA Communications Corp. *		1,233,585
				2,432,922

See accompanying notes to financial statements.

Trend Aggregation Dividend and Income Fund

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2019

Shares			Value
		COMMON STOCKS - 76.8% (Continued)
		RETAIL - 8.1%
	17,467	CarMax, Inc. *	$	1,359,981
	22,311	Dollar Tree, Inc. *		2,482,768
	22,223	Kohl’s Corp.		1,580,055
	2,954	O’Reilly Automotive, Inc. *		1,118,296
				6,541,100
		SEMICONDUCTORS - 4.1%
	19,634	QUALCOMM, Inc.		1,691,076
	36,719	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		1,609,027
				3,300,103
		SOFTWARE - 6.1%
	18,602	Microsoft Corp.		2,429,421
	44,190	Oracle Corp.		2,445,033
				4,874,454
		TELECOMMUNICATIONS - 3.0%
	21,504	Cisco Systems, Inc.		1,203,149
	7,188	Ubiquiti Networks, Inc.		1,225,195
				2,428,344

		TOTAL COMMON STOCKS (Cost - $59,873,373)		61,765,424

		EXCHANGE TRADED FUNDS - 14.6%
	32,215	iShares 20+ Year Treasury Bond ETF		3,983,385
	14,017	iShares iBoxx High Yield Corporate Bond ETF		1,218,638
	10,564	iShares S&P 500 Value ETF		1,239,791
	12,152	iShares Select Dividend ETF		1,228,081
	75,732	ProShares VIX Short-Term Futures ETF *		1,599,460
	4,598	SPDR Dow Jones Industrial Average ETF Trust		1,222,102
	11,933	SPDR S&P Dividend ETF		1,211,438
		TOTAL EXCHANGE TRADED FUNDS (Cost - $11,567,351)		11,702,895

		SHORT-TERM INVESTMENT - 11.5%
	9,224,833	Fidelity Institutional Government Portfolio, Institutional Class, 2.35% **		9,224,833
		TOTAL SHORT-TERM INVESTMENT (Cost - $9,224,833)

		TOTAL INVESTMENTS - 102.9% (Cost - $80,665,557)	$	82,693,152
		LIABILITES IN EXCESS OF OTHER ASSETS - (2.9)%		(2,287,809	)
		NET ASSETS - 100.0%	$	80,405,343

ADR - American Depository Receipt

ETF - Exchange Traded Fund

REIT - Real Estate Investment Trust

SPDR - Standard & Poor’s Depositary Receipt

Non-income producing security.

Rate shown represents the rate at April 30, 2019, it is subject to change and resets daily.

See accompanying notes to financial statements.

Trend Aggregation Growth Fund

PORTFOLIO OF INVESTMENTS

April 30, 2019

Shares			Value
		COMMON STOCKS - 30.9%
		ELECTRIC - 1.5%
	59,032	PG&E Corp. *	$	1,329,401

		INTERNET - 13.8%
	1,161	Alphabet, Inc. *		1,379,825
	748	Amazon.com, Inc. *		1,441,037
	21,291	Facebook, Inc. *		4,117,680
	6,307	IAC/InterActiveCorp. *		1,418,066
	22,498	Match Group, Inc.		1,358,879
	3,663	Netflix, Inc. *		1,357,288
	13,370	Okta, Inc. *		1,390,881
				12,463,656
		LODGING - 3.2%
	157,362	Caesars Entertainment Corp. *		1,472,908
	16,493	Hilton Worldwide Holdings, Inc.		1,434,726
				2,907,634
		SEMICONDUCTORS - 1.5%
	32,831	Micron Technology, Inc. *		1,380,872

		SOFTWARE - 9.3%
	14,493	Adobe, Inc. *		4,192,100
	21,306	Microsoft Corp.		2,782,564
	8,360	salesforce.com, Inc. *		1,382,326
				8,356,990
		TRANSPORTATION - 1.6%
	6,204	Canadian Pacific Railway Ltd.		1,390,130

		TOTAL COMMON STOCKS (Cost - $27,209,063)		27,828,683

		EXCHANGE TRADED FUNDS - 29.6%
	49,411	Financial Select Sector SPDR Fund		1,384,496
	23,530	Invesco QQQ Trust Series 1		4,459,876
	7,009	iShares Core S&P Mid-Cap ETF		1,380,002
	8,693	iShares Russell 2000 ETF		1,376,015
	23,598	iShares S&P 500 Value ETF		2,769,461
	8,397	iShares S&P Mid-Cap 400 Value ETF		1,379,711
	6,607	iShares US Aerospace & Defense ETF		1,384,959
	84,500	ProShares Ultra S&P 500		10,722,205
	6,203	SPDR S&P 500 ETF Trust		1,823,806
		TOTAL EXCHANGE TRADED FUNDS (Cost - $26,636,605)		26,680,531

		SHORT-TERM INVESTMENT - 19.7%
	17,729,885	Fidelity Institutional Government Portfolio, Institutional Class, 2.35% **		17,729,885
		TOTAL SHORT-TERM INVESTMENT (Cost - $17,729,885)

		TOTAL INVESTMENTS - 80.2% (Cost - $71,575,553)	$	72,239,099
		OTHER ASSETS IN EXCESS OF LIABILITIES - 19.8%		17,915,408
		NET ASSETS - 100.0%	$	90,154,507

ETF - Exchange Traded Fund

SPDR - Standard & Poor’s Depositary Receipt

Non-income producing security.

Rate shown represents the rate at April 30, 2019, it is subject to change and resets daily.

See accompanying notes to financial statements.

TREND FUNDS

Statements of Assets and Liabilities

April 30, 2019

	Trend Aggregation			Trend Aggregation
	Dividend and Income Fund			Growth Fund
ASSETS:
Investments in securities, at cost	$	80,665,557		$	71,575,553
Investments, at value	$	82,693,152		$	72,239,099
Receivable for securities sold		14,366,013			49,089,155
Receivable for fund shares sold		118,398			51,414
Dividends and interest receivable		57,890			36,363
Prepaid expenses and other assets		17,357			16,949
Total Assets		97,252,810			121,432,980

LIABILITIES:
Payable for securities purchased		16,605,552			30,975,712
Payable for fund shares redeemed		152,205			202,619
Management fees payable		65,993			75,461
Fees payable to related parties		11,966			13,138
Shareholder servicing fee		2,199			1,856
Payable for trustee fees		178			178
Accrued expenses and other liabilities		9,374			9,509
Total Liabilities		16,847,467			31,278,473

NET ASSETS	$	80,405,343		$	90,154,507

NET ASSETS CONSIST OF:
Paid in capital	$	81,048,968		$	92,461,038
Accumulated loss		(643,625	)		(2,306,531	)
NET ASSETS	$	80,405,343		$	90,154,507

Net Assets	$	80,405,343		$	90,154,507
Shares of beneficial interest outstanding (a)		8,141,526			9,247,073
Net asset value (net assets ÷ shares outstanding), offering and redemption price per share	$	9.88		$	9.75

(a)

Unlimited number of shares of no par value beneficial interest authorized.

See accompanying notes to financial statements.

TREND FUNDS

Statements of Operations

For the Period Ended April 30, 2019

	Trend Aggregation			Trend Aggregation
	Dividend and Income Fund (a)			Growth Fund (a)
INVESTMENT INCOME:
Dividend income	$	1,069,228		$	538,727
Interest income		282,059			347,228
Foreign tax withheld		(2,022	)		—
TOTAL INVESTMENT INCOME		1,349,265			885,955

OPERATING EXPENSES:
Investment management fees		663,530			768,067
Administration fees		70,974			81,809
MFund services fees		51,938			59,535
Registration expense		25,049			24,366
Legal fees		13,630			13,630
Compliance officer fees		13,149			13,379
Printing expense		13,088			13,589
Audit fees		12,999			12,999
Trustees’ fees		8,869			8,869
Custody fees		8,451			8,770
Shareholder servicing fees		6,164			5,268
Insurance expense		2,000			2,200
Miscellaneous expense		1,885			1,885
TOTAL OPERATING EXPENSES		891,726			1,014,366

NET INVESTMENT INCOME (LOSS)		457,539			(128,411	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss from:
Investments		(1,296,662	)		(1,405,973	)

Net change in unrealized appreciation on:
Investments		2,027,595			663,546

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		730,933			(742,427	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,188,472		$	(870,838	)

(a)

The Funds commenced operations on May 17, 2018.

See accompanying notes to financial statements.

TREND FUNDS

Statements of Changes in Net Assets

	Trend Aggregation			Trend Aggregation
	Dividend and Income Fund (a)			Growth Fund (a)

	Period Ended			Period Ended
	April 30, 2019			April 30, 2019
OPERATIONS:
Net investment income (loss)	$	457,539		$	(128,411	)
Net realized loss from investments		(1,296,662	)		(1,405,973	)
Net change in unrealized appreciation on investments		2,027,595			663,546
Net increase (decrease) in net assets resulting from operations		1,188,472			(870,838	)

DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions paid
Institutional Class		(1,841,457	)		(1,445,053	)
Net decrease in net assets from distributions to shareholders		(1,841,457	)		(1,445,053	)

SHARE TRANSACTIONS OF BENEFICIAL INTEREST:
Net proceeds from shares sold
Institutional Class		115,497,111			127,512,596
Reinvestment of distributions
Institutional Class		1,841,457			1,445,053
Cost of shares redeemed
Institutional Class		(36,280,240	)		(36,487,251	)
Net increase in net assets from share transactions of beneficial interest		81,058,328			92,470,398

TOTAL INCREASE IN NET ASSETS		80,405,343			90,154,507

NET ASSETS:
Beginning of Period		—			—
End of Period	$	80,405,343		$	90,154,507

SHARE ACTIVITY:
Institutional Class
Shares sold		11,659,708			12,864,570
Shares reinvested		199,292			164,211
Shares redeemed		(3,717,474	)		(3,781,708	)
Net increase in shares of beneficial interest		8,141,526			9,247,073

(a)

The Funds commenced operations on May 17, 2018.

See accompanying notes to financial statements.

TREND FUNDS

Financial Highlights

For a Share Outstanding Throughout the Period

	Trend Aggregation			Trend Aggregation
	Dividend and Income Fund (a)			Growth Fund (a)

	For the Period			For the Period
	Ended April 30,			Ended April 30,
	2019			2019

Net asset value, beginning of period	$	10.00		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (b)		0.06			(0.02	)
Net realized and unrealized gain (loss) on investments		0.02	(c)		(0.08	)
Total gain (loss) from investment operations		0.08			(0.10	)

LESS DISTRIBUTIONS:
From net investment income		(0.03	)		—
From net realized gains on investments		(0.17	)		(0.15	)
Total distributions		(0.20	)		(0.15	)

Net asset value, end of period	$	9.88		$	9.75

Total return (d,e)		1.02	%		(0.89	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	80,405		$	90,155
Ratio of expenses to average net assets (f,g)		1.35	%		1.32	%
Ratios of net investment income (loss) (f,g,h)		0.69	%		(0.17	)%
Portfolio turnover rate (e)		3207	%		3634	%

(a)

The Funds commenced operations on May 17, 2018.

(b)

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

(c)

Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the period.

(d)

Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.

(e)

Not annualized.

(f)

Annualized for periods less than one year.

(g)

The ratios shown do not include the Fund’s proportionate shares of the expenses of the underlying funds in which it invests.

(h)

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

See accompanying notes to financial statements.

TREND FUNDS
*NOTES TO FINANCIAL STATEMENTS*
April 30, 2019	ANNUAL REPORT

(1)

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The Mutual Fund and Variable Insurance Trust (the “Trust”) was organized as a Delaware statutory trust on June 23, 2006. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of April 30, 2019, the Trust operated 13 separate series, or mutual funds, each with its own investment objective and strategy. This report contains financial statements and financial highlights of the funds listed below (individually referred to as a “Fund”, or collectively as the “Funds”):

Fund		Primary Objective
Trend Aggregation Dividend and Income Fund (“Dividend & Income”)		Seek current income while maintaining a secondary emphasis on long-term capital appreciation and low volatility.

Trend Aggregation Growth Fund (“Growth”)		Seek long-term capital appreciation while maintaining a secondary emphasis on capital preservation.

The Funds are registered as non-diversified.

Currently, the Funds offer Institutional Class shares, which commenced operations on May 17, 2018. The price at which the Funds will offer or redeem shares is the net asset value (“NAV”) per share next determined after the order is considered received. Each Fund’s prospectus provides a description of each Fund’s investment objectives, policies and strategies along with information on the classes of shares currently being offered.

(2)

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds and are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Each Fund is an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 – Financial Services – Investment Companies including FASB Accounting Standard Update (“ASU”) 2013-08.

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

Investment Valuations

In computing the NAV of the Funds, fair value is based on market valuations with respect to portfolio securities for which market quotations are readily available. Pursuant to trustee-approved policies, the Trust relies on certain security pricing services to provide the current market value of securities. Those security pricing services value equity securities (including foreign equity securities, exchange-traded funds and closed-end funds) traded on a securities exchange at the last reported sales price on the principal exchange. Equity securities quoted by NASDAQ are valued at the NASDAQ official closing price. If there is no reported sale on the principal exchange, and in the case of over-the counter securities, equity securities are valued at a bid price estimated by the security pricing service. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

Securities for which market quotations are not readily available are valued at fair value under Trust procedures approved by the Board of Trustees (the “Board”). In these cases, a Pricing Committee, established and appointed by the Trustees, determines in good faith, subject to Trust procedures, the fair value of portfolio securities held by a Fund (“good faith fair valuation”). When a good faith fair valuation of a security is required, consideration is generally given to a number of factors including, but not limited to the following: dealer quotes, published analyses by dealers or analysts regarding the

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*NOTES TO FINANCIAL STATEMENTS (Continued)*
April 30, 2019	ANNUAL REPORT

security, transactions which provide implicit valuation of the security (such as a merger or tender offer transaction), the value of other securities or contracts which derive their value from the security at issue, and the implications of any other circumstances which have caused trading in the security to halt. With respect to certain categories of securities, the procedures utilized by the Pricing Committee detail specific valuation methodologies to be applied in lieu of considering the aforementioned list of factors.

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

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

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

Valuation of Fund of Funds – The Funds may invest in portfolios of open-end investment companies. Open-end investment companies are valued at their respective net asset values as reported by such investment companies. Open-end investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based on the methods established by the board of directors of the open-end investment companies.

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

●

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

●

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

●

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

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*NOTES TO FINANCIAL STATEMENTS (Continued)*
April 30, 2019	ANNUAL REPORT

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of April 30, 2019, for each Fund’s assets and liabilities measured at fair value:

Dividend & Income

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	61,765,424	$	—	$	—	$	61,765,424
Exchange Traded Funds		11,702,895		—		—		11,702,895
Short-Term Investment		9,224,833		—		—		9,224,833
Total Assets	$	82,693,152	$	—	$	—	$	82,693,152

Growth

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	27,828,683	$	—	$	—	$	27,828,683
Exchange Traded Funds		26,680,531		—		—		26,680,531
Short-Term Investment		17,729,885		—		—		17,729,885
Total Assets	$	72,239,099	$	—	$	—	$	72,239,099

Refer to the Portfolios of Investments for industry classifications.

There were no level 3 securities held during the period.

Security Transactions and Related Income

During the period, investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities using the effective interest method. Securities gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding (if any), are recorded on the ex-dividend date. Withholding taxes and capital gains on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

Dividends and Distributions to Shareholders

Dividends from net investment income are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

The amount of dividends from net investment income and net realized gains recorded on the ex-dividend date are determined in accordance with the federal income tax regulations, which may differ from GAAP and are recorded on ex-date. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. tax treatment of foreign currency gain/loss, non-deductible stock issuance costs, distributions and income received from pass through investments and net investment loss adjustments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. Temporary differences are primarily due to market discounts, capital loss carryforwards and losses deferred due to wash sales, straddles and return of capital from investments.

Certain Funds may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Distributions received from investments in REITs in excess of income from underlying investments are recorded as realized gain and/or as a reduction to the cost of the individual REIT.

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*NOTES TO FINANCIAL STATEMENTS (Continued)*
April 30, 2019	ANNUAL REPORT

Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various Funds or all Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis.

Federal Income Taxes

It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Funds’ April 30, 2019 period-end tax returns. Each Fund identifies its major tax jurisdictions as U.S. Federal, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

Indemnification

The Trust indemnifies its Officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

(3)

FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS

Investment Advisory Fee— Tuttle Tactical Management, LLC, (the “Advisor”) serves as the Funds’ investment adviser. Under the terms of the Management Agreement, the Advisor manages the investment operations of the Funds in accordance with each Fund’s respective investment policies and restrictions. The Advisor oversees the day-to-day management of the Funds. The Advisor provides the Funds with investment advice and supervision and furnishes an investment program for the Funds. For its investment management services, the Funds pay to the Advisor, as of the last day of each month, an annualized fee shown in the below table, such fees to be computed daily based upon daily average net assets of the Funds.

The Advisor has contractually agreed to waive all or a portion of its investment advisory fee (based on average daily net assets) and/or reimburse certain operating expenses of each Fund to the extent necessary in order to limit each Fund’s total annual fund operating expenses (after the fee waivers and/or expense reimbursements, and exclusive of acquired fund fees and expenses, brokerage costs, interest, taxes and dividends on securities sold short, and extraordinary expenses) as listed below:

Fund	Advisory Fee	Expense Limitation	Expense Cap Expiration Date
Dividend & Income - Institutional Class	1.00%	1.50%	August 31, 2020
Growth - Institutional Class	1.00%	1.50%	August 31, 2020

Amounts waived or reimbursed in the contractual period may be recouped by the Advisor within three years of the waiver and/or reimbursement. As of April 30, 2019, there were no waivers and/or reimbursement for the Funds.

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*NOTES TO FINANCIAL STATEMENTS (Continued)*
April 30, 2019	ANNUAL REPORT

The Independent Trustees are paid a quarterly retainer, and receive compensation for each committee meeting, telephonic Board meeting, and special in-person Board meeting attended. Officers receive no compensation from the Trust. The Trust reimburses each of the Independent Trustees for travel and other expenses incurred in connection with attendance at such meetings. The Trust has no retirement or pension plans. Additional information regarding the Trust’s Trustees is available in the Funds’ Statement of Additional Information.

The Board has adopted the Trust’s Distribution Plan (the “12b-1 Plan”) which allows each Fund to pay fees up to 0.25% for the Institutional shares based on average daily net assets of each class to financial intermediaries (which may be paid through the Funds’ distributor) for the sale and distribution of these shares. Pursuant to the 12b-1 Plan, the Funds may finance from their assets certain activities or expenses that are intended primarily to result in the sale of Fund shares and to reimburse Northern Lights Distributors, LLC. (the “Distributor” or “NLD”) and Advisor for distribution related expenses. However, the 12b-1 Plan has not been implemented.

Shareholder Servicing Fees – The Trust has adopted a Shareholder Services Plan pursuant to which the Funds may pay Shareholder Services Fees up to 0.25% of the average daily net assets to financial intermediaries for providing shareholder assistance, maintaining shareholder accounts and communicating or facilitating purchases and redemptions of shares for Institutional Class.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

Gemini Fund Services, LLC (“GFS”) – GFS, an affiliate of the Distributor, provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund the greater of an annual minimum fee or an asset based fee, which scales downward based upon net assets for fund administration, fund accounting and transfer agency services and are reflected as such on the Statements of Operations. The Funds also pay GFS for any out-of-pocket expenses. Officers of the Trust are also employees of GFS, and are not paid any fees directly by the Trust for serving in such capacity.

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of GFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds, which is included in printing expense on the Statements of Operations.

Effective February 1, 2019, NorthStar Financial Services Group, LLC, the parent company of GFS and its affiliated companies including NLD, and Blu Giant (collectively, the “Gemini Companies”), sold its interest in the Gemini Companies to a third party private equity firm that contemporaneously acquired Ultimus Fund Solutions, LLC (an independent mutual fund administration firm) and its affiliates (collectively, the “Ultimus Companies”). As a result of these separate transactions, the Gemini Companies and the Ultimus Companies are now indirectly owned through a common parent entity, The Ultimus Group, LLC.

Pursuant to the Management Services Agreement between the Trust and MFund Services LLC (“MFund”), an affiliate of the Advisor, MFund provides the Funds with various management and administrative services. For these services, the Funds pay MFund an annual base fee plus an annual asset-based fee, which scales downward based upon net assets. In addition, the Funds reimburse MFund for any reasonable out- of- pocket expenses incurred in the performance of its duties under the Management Services Agreement. These fees are included in MFund Services Fees on the Statements of Operations.

Pursuant to the Compliance Services Agreement, MFund provides chief compliance officer services to the Funds. For these services, the Funds pay MFund an annual base fee plus an annual asset-based fee based upon net assets. In addition, the Funds reimburse MFund for any reasonable out- of- pocket expenses incurred in the performance of its duties under the Compliance Services Agreement. The amounts due to MFund at April 30, 2019 for management and chief compliance officer services are listed in the Statements of Assets and Liabilities under “Fees payable to related parties.”

An Officer of the Trust is also the controlling member of MFund, and is not paid any fees directly by the Trust for serving in such capacity.

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*NOTES TO FINANCIAL STATEMENTS (Continued)*
April 30, 2019	ANNUAL REPORT

(4)

INVESTMENT TRANSACTIONS

For the period ended April 30, 2019, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

Fund	Purchases		Sales
Dividend & Income	$	1,826,401,250	$	1,753,658,729
Growth		2,312,800,348		2,257,543,649

(5)

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at April 30, 2019, were as follows:

			Gross		Gross			Net Unrealized
	Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
Dividend & Income	$	81,502,966	$	2,113,454	$	(923,268	)	$	1,190,186
Growth	$	77,021,358	$	800,749	$	(5,583,008	)	$	(4,782,259	)

(6)

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the period ended April 30, 2019 was as follows:

For fiscal period ended	Ordinary		Long-Term		Return of
4/30/2019	Income		Capital Gains		Capital		Total
Trend Aggregation Dividend and Income Fund	$	1,841,457	$	—	$	—	$	1,841,457
Trend Aggregation Growth Fund		1,445,053		—		—		1,445,053

As of April 30, 2019, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Post October Loss			Capital Loss		Other		Unrealized			Total
	Ordinary		Long-Term		and			Carry		Book/Tax		Appreciation/			Accumulated
	Income		Capital Gains		Late Year Loss			Forwards		Differences		(Depreciation)			Earnings/(Deficits)
Trend Aggregation Dividend and Income Fund	$	140,324	$	—	$	(1,974,135	)	$	—	$	—	$	1,190,186		$	(643,625	)
Trend Aggregation Growth Fund		2,472,775		2,953		—			—		—		(4,782,259	)		(2,306,531	)

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Trend Aggregation Dividend & Income Fund incurred and elected to defer such capital losses of $1,974,135.

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*NOTES TO FINANCIAL STATEMENTS (Continued)*
April 30, 2019	ANNUAL REPORT

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses, resulted in reclassifications for the Funds’ for the period ended April 30, 2019 as follows:

	Paid			Accumulated
	In			Earnings
	Capital			(Loss)
Trend Aggregation Dividend and Income Fund	$	(9,360	)	$	9,360
Trend Aggregation Growth Fund		(9,360	)		9,360

(7)

BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of April 30, 2019, the companies that held more than 25% of the voting securities of the Funds, and may be deemed to control each respective Fund, are as follows:

		Dividend & Income				Growth
E*TRADE Savings Bank			88.06	%			89.99	%

(8)

NEW ACCOUNTING PRONOUNCEMENT

In August 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements under Regulation S-X to conform to US GAAP, including: (i) an amendment to require presentation of the total, rather than the components, of distributable earnings on the Statements of Assets and Liabilities; and (ii) an amendment to require presentation of the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, on the Statements of Changes in Net Assets. The amendments also removed the requirement for parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets. These amendments have been adopted with these financial statements.

In August 2018, the FASB issued ASU No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the policy for the timing of transfers between levels. For investment companies, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is allowed. These amendments have been adopted with these financial statements.

(9)

SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

(COHEN & CO LOGO)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Trend Aggregation Dividend and Income Fund and Trend Aggregation Growth Fund and Board of Trustees of Mutual Fund and Variable Insurance Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Trend Aggregation Dividend and Income Fund and Trend Aggregation Growth Fund (the “Funds”), each a series of Mutual Fund and Variable Insurance Trust, as of April 30, 2019, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period May 17, 2018 (commencement of operations) through April 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the each of the Funds as of April 30, 2019, the results of their operations, the changes in their net assets, and the financial highlights for the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers or counterparties were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2018.

(COHEN & COMPANY, LTD.)

COHEN & COMPANY, LTD.

Chicago, Illinois

June 28, 2019

C O H E N & C O M P A N Y , L T D .

800.229.1099 | 866.818.4538 fax | cohencpa.com

Registered with the Public Company Accounting Oversight Board

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Supplemental Information (Unaudited)

Shareholder Expense Examples

Fund Expenses. As a shareholder of a Fund, you incur ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire six-month period from November 1, 2018 to April 30, 2019.

Actual Expenses. The “Actual” lines of the table provide information about actual account values and actual expenses. You may use the information on this line together with the amount you invested to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The “Hypothetical” lines of the table provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as withdrawal charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the separate accounts, variable annuity contracts or variable life insurance policies. Therefore, the “Actual” and “Hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Annualized			Ending		Expenses
	Account		Expense Ratio			Account		Paid During
	Value 11/1/2018		For the period			Value 4/30/2019		the Period
Trend Aggregation Growth Fund
Actual *	$	1,000.00		1.30	%	$	1,046.60	$	6.60
Hypothetical		1,000.00		1.30	%		1,018.35		6.51
Trend Aggregation Dividend & Income Fund
Actual *	$	1,000.00		1.32	%	$	1,024.50	$	6.63
Hypothetical		1,000.00		1.32	%		1,018.25		6.61

Expenses are equal to the Funds annualized expense ratio multiplies by the number of days in the period (181) divided by the number of days in the fiscal year (365).

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*NOTES TO FINANCIAL STATEMENTS (Unaudited)*
April 30, 2019	ANNUAL REPORT

Independent Trustees Background

Name, Address and Year of Birth	Position with the Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee**	Other Directorships Held During Past 5 Years
Tobias Caldwell Year of Birth: 1967	Chairman of the Board and Trustee	Since January 2016	Managing Member, Genovese Family Enterprises, LLC (1999 – present) (real estate firm); Managing member, PTL Real Estate, LLC (2000 – present) (real estate/investment firm); Managing member, Bear Properties, LLC (2006 - present) (real estate firm).	56	Chairman of the Board, Strategy Shares (2016-present); Lead Independent Trustee and Chair of Audit Committee, Mutual Fund Series Trust (2006-present); Independent Trustee and Chair of Audit Committee, Variable Insurance Trust (2010-present); Trustee, M3Sixty Trust (2016-present); Chairman of the Board, AlphaCentric Prime Meridian Income Fund (July 2018 to present).
Stephen P. Lachenauer Year of Birth: 1967	Chair of the Audit Committee and Trustee	Since January 2016	Attorney, private practice (2011 to present).	17	Trustee and Chair of the Audit Committee, Strategy Shares (2016 – present); Trustee, TCG Financial Series Trusts I-X (2015- present); Trustee and Chair of the Audit Committee, AlphaCentric Prime Meridian Income Fund (July 2018 – present).
Donald McIntosh Year of Birth: 1967	Trustee	Since January 2016	Credit risk review analyst, Santander Holdings USA (May 2015 – present); Governance analyst, Santander Bank (2011 – April 2015).	17	Trustee, Strategy Shares (2016– present); Trustee, TCG Financial Series Trusts I-X (2015-present); Trustee, AlphaCentric Prime Meridian Income Fund (July 2018 – present).

The term of office of each Trustee is indefinite.

The “Fund Complex” includes the Trust, Strategy Shares, Mutual Fund Series Trust, Variable Insurance Trust, AlphaCentric Prime Meridian Income Fund and the TCG Financial Series Trusts I-X, each a registered investment company.

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*NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)*
April 30, 2019	ANNUAL REPORT

Officers*

Name, Address, Year of Birth	Position(s) Held with	Term and Length Served*	Principal Occupation(s) During Past 5 Years
Jerry Szilagyi 36 N. New York Avenue Huntington, NY 11743 Year of Birth: 1962	President	Since April 2016	President, Rational Advisors, Inc., 1/2016 - present; Chief Executive Officer, Catalyst Capital Advisors LLC, 1/2006- present; Member, AlphaCentric Advisors LLC, 2/2014 to Present; Managing Member, MFund Distributors LLC, 10/2012-present; Managing Member, MFund Services LLC, 1/2012 – Present; President, Abbington Capital Group LLC, 1998- present; CEO, Catalyst Capital International, LLC 2017- present; President, USA Mutuals, Inc., 3/2011 to 7/2016; President, Cross Sound LLC, 6/11 to 7/2016.

Erik Naviloff 80 Arkay Drive Hauppauge, New York 11788 Year of Birth: 1968	Treasurer	Since April 2016	Vice President – Fund Administration, Gemini Fund Services, LLC, since 2012.

Aaron Smith 80 Arkay Drive. Hauppauge, New York 11788 Year of Birth: 1974	Assistant Treasurer	Since April 2016	Manager - Fund Administration, Gemini Fund Services, LLC, since 2012.

Frederick J. Schmidt 36 N. New York Avenue Huntington, NY 11743 Year of Birth: 1959	Chief Compliance Officer	Since April 2016	Director, MFund Services LLC since 5/2015; Director & Chief Compliance Officer, Citi Fund Services, 2010-2015.

Jennifer A. Bailey 36 N. New York Avenue Huntington, NY 11743 Year of Birth: 1968	Secretary	Since April 2016	Director of Legal Services, MFund Services LLC, 2/2012 to present.

Michael Schoonover 36 N. New York Avenue Huntington, NY 11743 Year of Birth: 1983	Vice President	Since June 2018	Chief Operating Officer, Catalyst Capital Advisors LLC & Rational Advisors, Inc., June 2017 to present; Portfolio Manager, Catalyst Capital Advisors LLC 12/2013 to present; Portfolio Manager, Rational Advisors, Inc. 1/2016 to 5/2018; Senior Analyst, Catalyst Capital Advisors LLC, 3/2013 to 12/2013.

Officers do not receive any compensation from the Trust.

The Funds’ Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-844-828-3203.

PRIVACY NOTICE

Mutual Fund & Variable Insurance Trust

Rev. July 2017

FACTS

WHAT DOES MUTUAL FUND & VARIABLE INSURANCE TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depends on the product or service that you have with us. This information can include:

● Social Security number and wire transfer instructions

● account transactions and transaction history

● investment experience and purchase history

When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Mutual Fund & Variable Insurance Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information:	Does Mutual Fund & Variable Insurance Trust share information?	Can you limit this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	YES	NO
For our marketing purposes - to offer our products and services to you.	NO	We don’t share
For joint marketing with other financial companies.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your credit worthiness.	NO	We don’t share
For our affiliates to market to you	NO	We don’t share
For non-affiliates to market to you	NO	We don’t share

QUESTIONS?

Call 1-844-828-3203

PRIVACY NOTICE

Mutual Fund & Variable Insurance Trust

What we do:

How does Mutual Fund & Variable Insurance Trust protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does Mutual Fund & Variable Insurance Trust collect my personal information?

We collect your personal information, for example, when you:

● open an account or deposit money

● direct us to buy securities or direct us to sell your securities

● seek advice about your investments

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing?

Federal law gives you the right to limit only:

● sharing for affiliates’ everyday business purposes – information about your creditworthiness.

● affiliates from using your information to market to you.

● sharing for non-affiliates to market to you.

State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ● Mutual Fund & Variable Insurance Trust does not share with our affiliates.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ● Mutual Fund & Variable Insurance Trust does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ● Mutual Fund & Variable Insurance Trust doesn’t jointly market.

A copy of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios, as well as a record of how the Funds voted any such proxies during the most recent 12-month period ended June 30, is available without charge and upon request by calling 844-828-3203. This information is also available from the EDGAR database on the SEC’s website at www.sec.gov.

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on “Form N-Q.” These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (call 202-551-8090 for information on the operation of the Public Reference Room.).

Tuttle Tactical Management LLC, serves as Investment Advisor to the Funds.

This report is authorized for distribution to prospective investors only when preceded or accompanied by a prospectus which contains facts concerning the Funds’ objectives and policies, management fees, expenses and other information.

Shareholder Services: 844-828-3203

Item 2.

Code of Ethics.

(a) The Registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

(b) During the period covered by this report, there were no amendments to any provision of the code of ethics.

(c) During the period covered by the report, with respect to the registrant’s code of ethics that applies to its Principal Executive Officer and Principal Financial Officer: there have been no amendments to a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3.

Audit Committee Financial Expert.

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

Item 4.

Principal Accountant Fees and Services.

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

Fiscal year ended 2019: $21,000

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

Fiscal year ended 2019: $0

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

Fiscal year ended 2019: $5,000

(d) All other fees billed to the registrant by its principal accountants for the two most recent fiscal years:

Fiscal year ended 2019: $0

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the Registrant.

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

(f) Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).

(g) All non-audit fees billed by the Registrant's principal accountant for services rendered to the Registrant for the fiscal year ended April 30 2019, are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the Registrant's principal accountant for the Registrant's adviser.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

Included in annual report to shareholders filed under item 1 of this form.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11.

Controls and Procedures.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-Ended Management Investment Companies

Not applicable.

Item 13.

Exhibits.

(1) Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(3) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Mutual Fund and Variable Insurance Trust


By (Signature and Title)		/s/ Jerry Szilagyi
		Jerry Szilagyi, President and Principal Executive Officer

Date	7/5/19

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Jerry Szilagyi
		Jerry Szilagyi, President and Principal Executive Officer


Date		7/5/19


By (Signature and Title)		/s/ Erik Naviloff
		Erik Naviloff, Treasurer and Principal Financial Officer

Date	7/5/19

EX-99.CERT 2 cert1.htm

I, Jerry Szilagyi, certify that:

1.	I have reviewed this report on Form N-CSR of the Mutual Fund and Variable Insurance Trust (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


07/5/2019				/s/ Jerry Szilagyi
Date				Jerry Szilagyi
				President and Principal Executive Officer
				Mutual Fund and Variable Insurance Trust

CERTIFICATIONS

I, Erik Naviloff, certify that:

1.	I have reviewed this report on Form N-CSR of the Mutual Fund and Variable Insurance Trust (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

5.	The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


07/05/2019				/s/ Erik Naviloff
Date				Erik Naviloff
				Treasurer and Principal Financial Officer
				Mutual Fund and Variable Insurance Trust

EX-99.906 CERT 3 cert2.htm

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended April 30, 2019 of the Mutual Fund and Variable Insurance Trust (the “Registrant”).

I, Jerry Szilagyi, the President of the Registrant, certify that, to the best of my knowledge:

1.	the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

07/05/2019

Date

/s/ Jerry Szilagyi

Jerry Szilagyi

President and Principal Executive Officer

Mutual Fund and Variable Insurance Trust

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

I, Erik Naviloff, the Treasurer and Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

1.	the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

07/05/2019

Date

/s/ Erik Naviloff

Erik Naviloff

Treasurer and Principal Financial Officer

Mutual Fund and Variable Insurance Trust

EX-99.CODE ETH 4 coe.htm Blu Giant, LLC

MUTUAL FUND & VARIABLE INSURANCE TRUST

CODE OF ETHICS

Statement of General Fiduciary Principles

This Code of Ethics is based on the principles that (i) Access Persons (as such term is hereinafter defined) owe a fiduciary duty to, among others, the shareholders of Mutual Fund & Variable Insurance Trust (individually, the “Fund” and collectively, the “Funds”) to conduct their personal transactions in Covered Securities in a manner which neither interferes with the Fund’s portfolio transactions nor otherwise takes unfair or inappropriate advantage of an Access Person’s relationship to the Fund; (ii) in complying with this fiduciary duty, Access Persons owe shareholders the highest duty of trust and fair dealing; and (iii) Access Persons must, in all instances, place the interests of the shareholders of the Fund ahead of the Access Person’s own personal interests or the interests of others. For example, an Access Person who purchases a Covered Security for a personal account and fails recommend that Covered Security to, or purchase that Covered Security for, a Fund eligible to make such an investment may be in violation of this Code.

Access Persons must adhere to these general fiduciary principles and comply with the specific provisions of this Code. Technical compliance with the terms of this Code will not automatically insulate an Access Person from scrutiny in instances where the personal transactions in a Covered Security undertaken by such Access Person show a pattern of abuse of such Access Person’s fiduciary duty to the Fund and its shareholders or a failure to adhere to these general fiduciary principles.

2. Definitions

For purposes of compliance with the Code, an "Access Person," "Advisory Person" or "Investment Personnel” of the Fund is not required to comply with the provisions of this Code if such person is separately subject to, and complies with, a code of ethics of the Fund's adviser, subadviser, principal underwriter or contractual service provider that has adopted a written code of ethics containing provisions reasonably designed to prevent such person from engaging in any conduct prohibited by Rule 17j-1 under the "1940 Act" and requiring such person to comply with reporting, preapproval and recordkeeping provisions of such rule. Each such code must also be approved by the Fund’s Board of Trustees (the “Board”) consistent with the requirements set forth in Rule 17j-1(c)(1)(ii).

(a)

“Fund” means, “Mutual Fund & Variable Insurance Trust” and any of its series or portfolios.

(b)

“Access Person” means: (i) any director, trustee, officer, general partner, or Advisory Person of the Fund or of the investment adviser of the Fund; and (ii) any director, officer or general partner of the principal underwriter of the Fund who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by the Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase or sale of Covered Securities.

(d)

“Advisory Person” means (i) any director, officer, general partner or employee of either

the Fund or the investment adviser of the Fund or of any company in a control relationship to the Fund or the investment adviser of the Fund, who, in connection with his or her regular functions or duties, makes, participates in, or normally obtains information regarding, the purchase or sale of a Covered Security by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to the Fund or the investment adviser of the Fund who normally obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

(e)

A Covered Security is “being considered for purchase or sale” when a recommendation to purchase or sell a Covered Security has been made and communicated by the investment adviser of the Fund and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

(f)

“Beneficial ownership” shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934, and the rules and regulations thereunder, except that the determination of direct or indirect beneficial ownership shall apply to all Covered Securities which an Access Person has or acquires. As a general matter, “beneficial ownership” will be attributed to an Access Person in all instances where the Access Person (i) possesses the ability to purchase or sell the Covered Securities (or the ability to direct the disposition of the Covered Securities); (ii) possesses voting power (including the power to vote or to direct the voting) over such Covered Securities; or (iii) receives any benefits substantially equivalent to those of ownership. An individual’s Beneficial Ownership shall include, but not be limited to, Covered Securities held by members of that individual’s immediate family sharing the same household.

(g)

“Control” shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

(h)

“Disinterested Trustee” means a trustee of the Fund who is not an “interested person” of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

(i)

“Purchase or sale of a Covered Security” includes, among other things, the writing of an option to purchase or sell a Covered Security.

(j)

“Investment Personnel” are: (i) employees of the Fund or the investment adviser of the Fund (or of any company in a control relationship to the Fund or the investment adviser) who, in connection with their regular functions or duties, make or participate in making recommendations regarding the purchase or sale of Covered Securities by the Fund; and (ii) any natural person who controls the Fund or the investment adviser of the Fund and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of Covered Securities by the Fund. As the context requires, “Investment Personnel” may refer to one or more person(s).

(k)

“Fund Portfolio Manager” means any Investment Personnel who manage one or more investment portfolios of the Fund.

(l)

“Covered Security” means a security as defined in Section 2(a)(36) of the 1940 Act, except that it does not include direct obligations of the Government of the United States, bankers’ acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and shares issued by registered open-end investment companies (other than shares issued by exchange traded funds).

(m)

“Public Company” means an entity subject to the reporting requirements of sections 13 and 15(d) of the Securities Exchange Act of 1934.

(n)

“Secretary” means the Secretary of the Fund.

(o)

“Initial Public Offering” means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 and 15(d) of the Securities Exchange Act of 1934.

(p)

“Limited Offering” means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to rule 504, rule 505, or rule 506 under the Securities Act of 1933.

(q)

“Automatic Investment Plan” means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend investment plan.

General Prohibitions

Rule 17j-1 prohibits affiliated persons of the Fund, any investment adviser of the Fund or the principal underwriter of the Fund, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a Fund to:

(a)

Employ any device, scheme or artifice to defraud a Fund;

(b)

Make any untrue statement of a material fact to a Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

(c)

Engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a Fund; or

(d) Engage in any manipulative practice with respect to a Fund.

Prohibited Transactions and Activities

(a)

No Access Person, other than a Disinterested Trustee, shall purchase or sell, directly or

indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, a direct or indirect beneficial ownership interest and which he or she knows, or should have known, at the time of such purchase or sale:

(i) is being considered for purchase or sale by the Fund; or

(ii) is being purchased or sold by the Fund.

(b)

Inducing or causing the Fund to take action or to fail to take action, for the purpose of achieving a personal benefit, rather than for the benefit of the Fund, is a violation of this Code. Examples of this would include causing the Fund to purchase a Covered Security owned by the Access Person for the purpose of supporting or driving up the price of the Covered Security, and causing the Fund to refrain from selling a Covered Security in an attempt to protect the value of the Access Person’s investment, such as an outstanding option.

(c)

Using knowledge of the portfolio transactions of the Fund to profit by the market effect of such transactions is a violation of this Code. One test which will be applied in determining whether this prohibition has been violated will be to review the Covered Securities transactions of Access Persons for patterns. However, it is important to note that a violation could result from a single transaction if the circumstances warranted a finding that the provisions of Section 1 of this Code have been violated.

(d)

All Access Persons are prohibited from acquiring any beneficial ownership in Covered Securities distributed in an Initial Public Offering, without obtaining the express prior approval of a designated officer of the investment adviser of the Fund (or his or her designee).

(e)

All Access Persons are prohibited from acquiring beneficial ownership in Covered Securities distributed in a Limited Offering, without the express prior approval of a designated officer of the investment adviser of the Fund (or his or her designee). In instances where Access Persons, after receiving prior approval, acquire a Covered Security in a Limited Offering, the Access Persons have an affirmative obligation to disclose this investment to the designated officer of the investment adviser of the Fund (or his or her designee) if the Access Persons participate in any subsequent consideration of any potential investment, by the Fund, in the issuer of those Covered Securities. A decision by the Fund to purchase Covered Securities of such an issuer (following a purchase by Access Persons in an approved personal transaction) will be subject to an independent review by the designated officer of the investment adviser of the Fund (or his or her designee) so long as the person conducting such review has no personal interest in the issuer.

(f)

All Investment Personnel are prohibited from executing a personal transaction in any Covered Security (including transactions in pension or profit-sharing plans where the Access Person retains investment discretion), without express prior approval of a designated officer of the investment adviser of the Fund (or his or her designee). Notwithstanding the receipt of express prior approval, any purchases or sales by Access Persons undertaken in reliance on this provision remain subject to prohibitions enumerated in Sections 4(g) and (h) of this Code.

(g)

All Access Persons are prohibited from executing a personal transaction in any Covered Security on a day during which any portfolio of the Fund has a pending “buy” or “sell” order for that Covered Security, until such order is either executed or withdrawn. Fund Portfolio Managers are prohibited from purchasing or selling any Covered Security within seven (7) calendar days before and after the Fund purchases or sells the same Covered Security. If a transaction is undertaken in violation of this prohibition, it will either be required to be unwound, or the profits realized on such transaction within the proscribed periods (either while the Fund has an open order, or within the 7-day blackout period) will be required to be disgorged to an entity specified by the designated officer of the investment adviser of the Fund or his or her designee, and the Access Person may be subject to disciplinary action.

(h)

All Investment Personnel are prohibited from profiting in the purchase and sale, or sale and purchase, of the same (or equivalent) Covered Securities which are also held in a portfolio of the Fund within 60 calendar days. Options that could result in a purchase within 60 days of a sale or a sale within 60 days of a purchase are also prohibited. If a transaction is undertaken in violation of this prohibition, it will either be required to be unwound, or the profits realized on such short-term trades will be required to be disgorged to an entity specified by a designated officer of the investment adviser of the Fund or his or her designee, and the Access Person may be subject to disciplinary action. For purposes of this prohibition, each personal transaction in the Covered Security will begin a new 60 calendar day period. As an illustration, if Investment Personnel purchases 1000 shares of Omega Corporation on June 1st, 500 shares on July 1st, and 250 shares on August 1st, the profiting from the sale of the 1000 shares purchased on June 1st is prohibited for any transaction prior to October 1st (i.e., 60 calendar days following August 1st). In circumstances where a personal transaction in Covered Securities within the proscribed period is involuntary (for example, due to unforeseen corporate activity, such as a merger), the Investment Personnel must notify the designated officer of the investment adviser of the Fund. In circumstances where Investment Personnel can document personal exigencies, the designated officer of the investment adviser of the Fund (or his or her designee) may grant an exemption from the prohibition of profiting in the purchase and sale, or sale and purchase, of the same (or equivalent) Covered Securities within 60 calendar days. Such an exemption is wholly within the discretion of the designated officer of the investment adviser of the Fund, and any request for such an exemption will be evaluated on the basis of the facts of the particular situation.

(i)

All Investment Personnel are prohibited from receiving any gift, favor, preferential treatment, valuable consideration, or other thing of more than a de minimis value in any year from any person or entity from, to or through whom the Fund purchases or sells Covered Securities, or from any issuer of Covered Securities. This prohibition does not apply to:

(i)

salaries, wages, fees or other compensation paid, or expenses paid or reimbursed, in the usual scope of an Access Person’s employment;

(ii)

the acceptance of meals, refreshments or entertainment of reasonable value in the course of a meeting or other occasion, the purpose of which is to hold bona fide business discussions;

(iii)

the acceptance of advertising or promotional material of nominal value, such as pens, pencils, note pads, key chains, calendars and similar items;

(iv)

the acceptance of gifts, meals, refreshments, or entertainment of reasonable value that are related to commonly recognized events or occasions, such as a promotion, new job, Christmas, or other recognized holiday; or

(v)

the acceptance of awards, from an employer to an employee, for recognition of service and accomplishment.

For purposes of the above limitation, “de minimis value” is equal to $100 or less.

(j)

All Investment Personnel are prohibited from serving on the board of directors of any Public Company, absent express prior authorization from an officer designated by the investment adviser of the Fund. Authorization to serve on the board of a Public Company will be granted in instances where the designated officer of the investment adviser of the Fund determines that such board service would be consistent with the interests of the Fund and its shareholders. In the relatively small number of instances where prior approval to serve as a director of a Public Company is granted, Investment Personnel have an affirmative duty to recuse themselves from participating in any deliberations by the Fund regarding possible investments in the Covered Securities issued by the Public Company on whose board the Investment Personnel sit.

5. Exempted Transactions

The prohibitions of Section 4 of this Code shall not apply to:

(a)

Purchases or sales effected in any account over which the Access Person has no direct or indirect influence or control.

(b)

Purchases or sales which are non-volitional on the part of the Access Person, subject to the provisions of Section 4(h) of this Code.

(c)

Purchases which are part of: an Automatic Investment Plan, an automatic dividend reinvestment plan; or an automatic payroll deduction plan, whereby an employee purchases Covered Securities issued by an employer.

(d)

Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Covered Securities, to the extent such rights were acquired from such issuer, and any sales of such rights so acquired.

The prohibitions of Section 4(f), 4(g) and 4(h) of this Code shall not apply to any transaction of less than $10,000 provided, however, that the prohibitions of Section 4(f) and 4(g) shall apply regardless of amount to the personal transactions of any Fund Portfolio Manager when compared to the transactions of a fund of which he or she is the Fund Portfolio Manager.

6. Reporting

(a)

Every Access Person reporting under this Code shall submit to the Secretary for the Fund or, in the case of the Disinterested Trustees, to legal counsel for the Fund, the reports described in Sections 6(b) through 6(d) of this Code, except that:

(i)

any Access Person of the Fund who is also an employee or access person of the investment adviser, principal underwriter or a contractual service provider of the Fund may submit reports required by this Code to the investment adviser, principal underwriter or contractual service provider in lieu of submitting reports under this Code, provided that such reports contain substantially the same information as called for by this Code and comply with the requirements of Rule 17j-1(d)(1) under the 1940 Act;

(ii)

a Disinterested Trustee of the Fund who would be required to make a report solely by reason of being a Fund trustee need not submit the reports required by Sections 6(b) and 6(d) and need not submit reports required by Section 6(c) unless such trustee knew or, in the ordinary course of fulfilling his or her official duties as a trustee of the Fund, should have known that, on the date of the transaction in a Covered Security or during the 15-day period immediately preceding or following that date, such Covered Security was purchased or sold by the Fund or was being considered for purchase or sale by the Fund or its investment adviser. Legal counsel shall report to the Board any reports received under this Code; and

(ii)

a person need not submit the reports required by Section 6 with respect to transactions effected for, and covered securities held in, any account over which the person has no direct or indirect influence or control.

(b)

Initial Holdings Report. Each person becoming an Access Person reporting under this Code shall, no later than 10 days after becoming an Access Person, submit a report to the Secretary of the Fund containing the following information (which information must be current as of a date no more than 45 days prior to the date the person became an Access Person):

(i)

the title and type, and as applicable the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

(ii)

the name of any broker, dealer or bank with whom the Access Person maintains an account in which any Covered Securities are held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

(iii)

the date the report is submitted by the Access Person.

Reports need not provide information with respect to Covered Securities over which the Access Person had no direct or indirect influence or control at the time he or she became an Access Person subject to reporting under the Code.

(c)

Quarterly Transaction Reports. Each Access Person reporting under the Code shall, no later than 30 calendar days after the end of each calendar quarter, submit a report to the Secretary for the Fund, or in the case of the Disinterested Trustees to legal counsel for the Fund, showing all transactions by the Access Person in Covered Securities during the quarter in which the person had any direct or indirect beneficial ownership. The report shall be dated and signed by the Access Person submitting the report, and shall contain the following information:

(i)

the date of the transaction, the title and, as applicable, the exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares, and the principal amount of each Covered Security involved;

(ii)

the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

(iii)

the price of the Covered Security at which the transaction was effected;

(iv)

the name of the broker, dealer or bank with or through whom the transaction was effected;

(v)

if there were no personal transactions in Covered Securities during the period, either a statement to that effect or the word “None” (or some similar designation);

(vi)

if an account was established during the quarter which holds Covered Securities for the direct or indirect benefit of the Access Person:

(1)

the name of the broker, dealer or bank with whom the Access Person established the account; and

(2) the date the account was established.

A transaction need not be reported pursuant to this Section 6(c) if it (i) would duplicate information contained in broker confirmations or account statements previously received by the Secretary of the Fund or legal counsel, as applicable, or (ii) is an exempt transaction pursuant to Section 5 of the Code.

(d)

Annual Holdings Reports. All Access Persons shall, no later than 45 days after the end of the calendar year, submit a report to the Secretary of the Fund containing the

following information, current as of the end of the calendar year:

(i)

the title and type, and, as applicable, CUSIP number, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

(ii)

the name of any broker, dealer or bank with whom the Access Person maintained an account in which any Covered Securities were held for the direct or indirect benefit of the Access Person; and

(iv)

the date the report is submitted by the Access Person.

Reports need not provide information with respect to Covered Securities over which the Access Person had no direct or indirect influence or control at the end of the calendar year.

(e)

Additional Reporting for Certain Access Persons. Every Access Person who is also a Covered Person of the investment adviser, principal underwriter or a contractual service provider of the Fund must also include in the reports described in Sections 6(b) through 6(d) of this Code, holdings and transactions of shares of open-end mutual funds registered under the 1940 Act that are advised or sub-advised by affiliates of the investment adviser (except money market funds). “Covered Person” means a person as defined in Office of the Comptroller of the Currency regulation 12 CFR 344.9.

(f)

Review of Reports. The Fund, the investment adviser of the Fund, the principal underwriter of the Fund and the contractual service provider(s) referenced in Section 2 must institute procedures by which appropriate management or compliance personnel review the transaction/holding reports made by each Access Person against Fund investment activity to determine whether a possible violation of the Code has occurred.

(g) Initial and Annual Certifications.

(i)

All Access Persons are required to certify in writing within 10 days of becoming an Access Person that they have: (a) received a copy of the Code; (b) read and understand all provisions of the Code and (c) agreed to comply with the provision set forth in the Code.

(ii)

All Access Persons are also required, on an annual basis, to certify that they have received and read the provisions of this Code. Such certification shall also include a statement that the Access Person has complied with the requirements of this Code and that the Access Person has disclosed or reported all personal transactions in Covered Securities that are required to be disclosed or reported pursuant to the requirements of this Code.

(h)

The Fund, the investment adviser of the Fund, the principal underwriter of the Fund and a Fund’s contractual service provider referenced in Section 2 shall, not less frequently than annually, furnish the Board with a written report that:

(i)

describes any issues arising under its Code of Ethics or related procedures since the last report to the Board, including, but not limited to, information about material violations of such Code or related procedures and sanctions imposed in

response; and

(ii)

certifies that it has adopted procedures reasonably necessary to prevent its Access Persons from violating its Code of Ethics or related procedures.

7. Sanctions

Upon discovering a violation of this Code, the Board may impose such sanctions as it deems appropriate. The filing of any false, incomplete or untimely report, as required by Section 6 of this Code, may (depending on the circumstances) be considered a violation of this Code.

8. Records

This Code, any amendments thereto, records of any violations of this Code and any actions taken as a result of such violations, a copy of each Initial Holdings Report, Quarterly Transaction Report and Annual Holdings Report submitted under this Code (including any information provided in lieu of such reports), a list of all persons required to submit reports or review reports under this Code, a record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of any Covered Securities purchased during a Limited Offering and copies of reports to the Board required pursuant to Section 6(h) shall be preserved in accordance with the requirements of Rule 17j-1.

Adopted: May 4, 2006, as amended September 26, 2013

Further Revised: September 30, 2013, April 16, 2014 (Approved by Boards on August 19, 2014)

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