Rational Equity Armor Fund
Class A Shares: | Class C Shares: | Institutional Shares: |
Rational Dynamic Brands Fund
Class A Shares: | Class C Shares: | Institutional Shares: |
Rational/ReSolve Adaptive Asset Allocation Fund
Class A Shares: | Class C Shares: | Institutional Shares: |
Rational/Pier 88 Convertible Securities Fund
Class A Shares: | Class C Shares: | Institutional Shares: |
Rational
Real Assets Fund
(formerly, Rational
Inflation Growth Fund)
Class A Shares: | Class C Shares: | Institutional Shares: |
August 30, 2024
The
information in this Supplement amends certain information contained in
the
Funds’ Prospectus, dated
Rational Equity Armor Fund’s primary benchmark for comparing its performance has changed from the S&P 500 Value Total Return Index® to the S&P 500 Total Return Index®. The Fund will continue to show the returns for the S&P 500 Value Total Return Index® as a secondary benchmark to compare its performance. Accordingly, the Average Annual Total Returns table contained under the section of the Fund’s Prospectus and Summary Prospectus entitled “Fund Summary – Performance” is hereby replaced with the following:
(For periods ended December 31,
2023)
1 Year | 5 Years | 10 Years | |
Institutional Shares | |||
Return After Taxes on Distributions | |||
Return After Taxes on Distributions and Sale of Fund Shares | |||
Class A Shares | |||
( |
|||
1 Year | 5 Years | Since
Class C Inception ( ) | |
Class C Shares | |||
S&P
500 Total Return Index® ( |
(10 Year) (Since 1/2/2014) | ||
S&P
500 Value Total Return Index® ( |
(10 Year) (Since 1/2/2014) |
1. |
Rational Dynamic Brands Fund’s primary benchmark for comparing its performance has changed from the S&P 500 Total Return Index® to the MSCI ACWI Index. The Fund will continue to show the returns for the S&P 500 Total Return Index® as a secondary benchmark to compare its performance. Accordingly, the Average Annual Total Returns table contained under the section of the Fund’s Prospectus and Summary Prospectus entitled “Fund Summary – Performance” is hereby replaced with the following:
(For periods ended December 31,
2023)
1 Year | 5 Years | 10 Years | |
Institutional Shares | |||
Return After Taxes on Distributions | |||
Return After Taxes on Distributions and Sale of Fund Shares | |||
Class A Shares | |||
1 Year | 5 Years | Since
Class C Inception ( ) | |
Class C Shares | |||
MSCI
ACWI Index ( |
(10 Year) (Since 1/2/2014) | ||
S&P
500 Total Return Index® ( |
(10 Year) (Since 1/2/2014) |
1. |
Rational/ReSolve Adaptive Asset Allocation Fund’s primary benchmark for comparing its performance has changed from the S&P 500 Total Return Index® to the MSCI ACWI Index. Accordingly, the Average Annual Total Returns table contained under the section of the Fund’s Prospectus and Summary Prospectus entitled “Fund Summary – Performance” is hereby replaced with the following:
(For periods ended December 31,
2023)
1 Year | 5 Years1 | 10 Years1 | |
Institutional Shares | |||
( |
|||
Return After Taxes on Distributions2 | ( |
||
Return After Taxes on Distributions and Sale of Fund Shares2 | ( |
||
1 Year | 5 Years | Since
Inception of Class A and Class C ( ) | |
Class A Shares | |||
Class C Shares | |||
MSCI
ACWI Index ( |
(10 Year) (Since 9/30/2016) | ||
Barclay
CTA Index ( |
( |
(10 Year) (Since 9/30/2016) | |
60%
MSCI ACWI Index/40% Bloomberg Global Aggregate Index ( |
(10 Year) (Since 9/30/2016) | ||
S&P
500 Total Return Index® ( |
(10 Year) (Since 9/30/2016) |
1 |
2 |
3 |
Rational/Pier 88 Convertible Securities Fund’s primary benchmark for comparing its performance has changed from the S&P 500 Total Return Index to the Bloomberg US Aggregate Bond Index. Accordingly, the Average Annual Total Returns table contained under the section of the Fund’s Prospectus and Summary Prospectus entitled “Fund Summary – Performance” is hereby replaced with the following:
(For periods ended December 31,
2023)
1 Year | 5 Years | Since
Predecessor Fund Inception ( ) | |
Institutional Shares1 | |||
1 | |||
Return After Taxes on Distributions2 | |||
Return After Taxes on Distributions and Sale of Fund Shares2 | |||
Class A Shares1,3 | |||
1 | ( |
||
Class C Shares1 | |||
1 | |||
Bloomberg
US Aggregate Bond Index ( |
|||
ICE
BofA Investment Grade US Convertible 5% Constrained Index ( |
|||
S&P
500 Total Return Index® ( |
1. |
2 |
Rational Real Assets Fund’s primary benchmark for comparing its performance has changed from the S&P Real Assets Equity Total Return Index® to the S&P 500 Total Return Index®. The Fund will continue to show the returns for the S&P Real Assets Equity Total Return Index® as a secondary benchmark to compare its performance. Accordingly, the Average Annual Total Returns table contained under the section of the Fund’s Prospectus and Summary Prospectus entitled “Fund Summary – Performance” is hereby replaced with the following:
(For periods ended December 31,
2023)
1 Year |
Since
Inception ( ) | |
Class A Shares | ||
( | ||
Return After Taxes on Distributions | ( | |
Return After Taxes on Distributions and Sale of Fund Shares | ( | |
Institutional Shares | ||
Class C Shares | ||
S&P
500 Total Return Index® ( |
||
S&P
Real Assets Equity Total Return Index® ( |
1. |
* * *
You should read this Supplement in conjunction with the Prospectus, Summary Prospectus and Statement of Additional Information for the Funds each dated May 1, 2024, which provides information that you should know about the Funds before investing. This document is available upon request and without charge by calling the Funds toll-free at 1-800-253-0412 or by writing to Rational Funds, c/o Ultimus Fund Solutions, LLC, 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022-3474.
Please retain this Supplement for future reference.