MAI
Managed
Volatility
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
May
31,
2026
Shares
Security
Description
Value
Common
Stock
-
65.6%
Communication
Services
-
7.8%
27,960
Alphabet,
Inc.,
Class A
(a)
$
10,634,306
25,593
AT&T,
Inc.
634,707
29,802
Comcast
Corp.,
Class A
741,176
6,989
Meta
Platforms,
Inc.,
Class A
4,420,612
10,041
The
Walt
Disney
Co.
1,022,475
8,296
Warner
Bros
Discovery,
Inc.
(b)
224,075
17,677,351
Consumer
Discretionary
-
5.6%
22,360
Amazon.com,
Inc.
(a)(b)
6,051,510
2,814
McDonald's
Corp.
785,669
10,544
NIKE,
Inc.,
Class B
487,449
5,000
Tesla,
Inc.
(a)(b)
2,178,950
10,011
The
Home
Depot,
Inc.
(a)
3,174,889
12,678,467
Consumer
Staples
-
2.8%
5,127
Altria
Group,
Inc.
356,737
5,660
Anheuser-Busch
InBev
SA/NV,
ADR
452,743
1,270
Costco
Wholesale
Corp.
1,214,526
5,376
Diageo
PLC,
ADR
443,305
11,646
Mondelez
International,
Inc.,
Class A
712,386
2,968
PepsiCo.,
Inc.
(a)
427,956
4,882
The
Procter
&
Gamble
Co.
700,860
17,265
Walmart,
Inc.
1,998,424
6,306,937
Energy
-
2.7%
4,159
Chevron
Corp.
758,851
4,761
EOG
Resources,
Inc.
635,022
7,329
Exxon
Mobil
Corp.
1,064,611
48,133
Kinder
Morgan,
Inc.
1,495,974
5,807
Marathon
Petroleum
Corp.
1,444,607
3,323
Occidental
Petroleum
Corp.
188,181
8,894
SLB,
Ltd.
485,168
6,072,414
Financials
-
9.3%
50,272
Bank
of
America
Corp.
(a)
2,594,035
3,984
Berkshire
Hathaway,
Inc.,
Class B
(b)
1,890,328
7,060
Chubb,
Ltd.
2,200,814
11,965
Citigroup,
Inc.
1,506,393
12,857
JPMorgan
Chase
&
Co.
3,848,229
14,790
MetLife,
Inc.
1,222,985
12,732
The
Charles
Schwab
Corp.
1,112,140
13,795
U.S.
Bancorp
756,656
14,260
Visa,
Inc.,
Class A
(a)
4,653,894
19,495
Wells
Fargo
&
Co.
1,511,642
21,297,116
Health
Care
-
5.0%
15,837
Abbott
Laboratories
(a)
1,355,647
9,442
AbbVie,
Inc.
2,055,712
5,564
Amgen,
Inc.
1,873,900
11,136
Bristol-Myers
Squibb
Co.
636,757
9,531
CVS
Health
Corp.
867,130
4,565
Johnson
&
Johnson
(a)
1,028,632
10,745
Medtronic
PLC
793,088
6,765
Merck
&
Co.,
Inc.
803,141
676
Organon
&
Co.
9,018
20,839
Pfizer,
Inc.
545,565
3,911
UnitedHealth
Group,
Inc.
(a)
1,487,392
MAI
Managed
Volatility
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
May
31,
2026
Shares
Security
Description
Value
Health
Care
-
5.0%
(continued)
2,585
Viatris,
Inc.
$
42,032
11,498,014
Industrials
-
3.6%
5,392
Carrier
Global
Corp.
344,387
9,007
Honeywell
International,
Inc.
2,142,405
2,696
Otis
Worldwide
Corp.
190,985
14,637
RTX
Corp.
2,629,683
3,529
The
Boeing
Co.
(b)
815,728
4,919
Union
Pacific
Corp.
1,291,926
7,679
United
Parcel
Service,
Inc.,
Class B
819,273
8,234,387
Information
Technology
-
26.7%
11,966
Advanced
Micro
Devices,
Inc.
(b)
6,175,653
39,660
Apple,
Inc.
(a)
12,376,300
18,470
Broadcom,
Inc.
8,251,842
27,517
Cisco
Systems,
Inc.
3,313,597
4,805
Fortinet,
Inc.
(b)
662,946
15,389
Intel
Corp.
(b)
1,764,810
2,669
Intuit,
Inc.
884,854
19,736
Microsoft
Corp.
(a)
8,885,937
49,240
NVIDIA
Corp.
(a)
10,396,534
14,581
Oracle
Corp.
3,292,098
556
Palantir
Technologies,
Inc.,
Class A
(b)
87,036
12,656
QUALCOMM,
Inc.
3,176,909
12,220
ServiceNow,
Inc.
(b)
1,519,801
2,890
Super
Micro
Computer,
Inc.
(b)
133,200
60,921,517
Materials
-
0.3%
2,318
Air
Products
and
Chemicals,
Inc.
645,841
Real
Estate
-
0.5%
3,465
American
Tower
Corp.
REIT
647,816
25,155
Weyerhaeuser
Co.
REIT
616,549
1,264,365
Utilities
-
1.3%
33,945
NextEra
Energy,
Inc.
(a)
2,953,555
Total
Common
Stock
(Cost
$54,108,353)
149,549,964
Principal
Security
Description
Rate
Maturity
Value
U.S.
Government
&
Agency
Obligations
-
15.3%
U.S.
Treasury
Securities
-
15.3%
$
5,000,000
U.S.
Treasury
Inflation
Indexed
Bonds
(a)
2.13%
01/15/35
5,304,194
2,000,000
U.S.
Treasury
Note/Bond
(a)
4.25
08/15/35
1,975,625
7,500,000
U.S.
Treasury
Note/Bond
(a)
4.13
10/31/26
7,510,141
5,000,000
U.S.
Treasury
Note/Bond
(a)
4.25
11/30/26
5,012,003
5,000,000
U.S.
Treasury
Note/Bond
(a)
4.00
12/15/27
5,002,051
2,000,000
U.S.
Treasury
Note/Bond
3.38
02/29/28
1,979,531
4,000,000
U.S.
Treasury
Note/Bond
3.88
03/31/28
3,991,328
4,000,000
U.S.
Treasury
Note/Bond
3.75
04/30/28
3,981,563
34,756,436
Total
U.S.
Government
&
Agency
Obligations
(Cost
$34,756,335)
34,756,436
Shares
Security
Description
Exercise
Price
Exp.
Date
Value
Warrants
-
0.0%
415
Occidental
Petroleum
Corp.
(b)
(Cost
$0)
$
22.00
08/03/27
14,359
MAI
Managed
Volatility
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
May
31,
2026
Shares
Security
Description
Value
Money
Market
Fund
-
21.4%
48,774,532
First
American
Government
Obligations
Fund,
Class X,
3.56%
(c)
(Cost
$48,774,532)
$
48,774,532
Investments,
at
value
-
102.3%
(Cost
$137,639,220)
$
233,095,291
Total
Written
Options
-
(2.8)%
(Premiums
Received
$(4,257,050))
(6,466,875)
Other
Assets
&
Liabilities,
Net
-
0.5%
1,310,959
Net
Assets
-
100.0%
$
227,939,375
MAI
Managed
Volatility
Fund
SCHEDULE
OF
CALL
AND
PUT
OPTIONS
WRITTEN
(Unaudited)
May
31,
2026
Contracts
Security
Description
Strike
Price
Exp.
Date
Notional
Contract
Value
Value
Written
Options
-
(2.8)%
Call
Options
Written
-
(2.8)%
(5)
CBOE
S&P
500
INDEX
$
7,300.00
06/26
$
3,790,030
$
(145,460)
(5)
CBOE
S&P
500
INDEX
7,175.00
06/26
3,790,030
(205,975)
(5)
CBOE
S&P
500
INDEX
7,150.00
06/26
3,790,030
(217,615)
(10)
CBOE
S&P
500
INDEX
7,125.00
06/26
7,580,060
(460,000)
(15)
CBOE
S&P
500
INDEX
7,350.00
06/26
11,370,090
(404,760)
(10)
CBOE
S&P
500
INDEX
7,175.00
06/26
7,580,060
(432,500)
(10)
CBOE
S&P
500
INDEX
7,300.00
06/26
7,580,060
(324,200)
(8)
CBOE
S&P
500
INDEX
7,200.00
06/26
6,064,048
(338,160)
(5)
CBOE
S&P
500
INDEX
7,500.00
07/26
3,790,030
(88,050)
(5)
CBOE
S&P
500
INDEX
7,450.00
07/26
3,790,030
(106,750)
(5)
CBOE
S&P
500
INDEX
7,400.00
07/26
3,790,030
(127,600)
(15)
CBOE
S&P
500
INDEX
7,200.00
07/26
11,370,090
(640,410)
(7)
CBOE
S&P
500
INDEX
7,650.00
07/26
5,306,042
(77,350)
(11)
CBOE
S&P
500
INDEX
7,325.00
07/26
8,338,066
(372,625)
(5)
CBOE
S&P
500
INDEX
7,275.00
07/26
3,790,030
(190,750)
(10)
CBOE
S&P
500
INDEX
7,375.00
07/26
7,580,060
(314,100)
(10)
CBOE
S&P
500
INDEX
7,300.00
07/26
7,580,060
(375,250)
(10)
CBOE
S&P
500
INDEX
7,225.00
07/26
7,580,060
(439,250)
(10)
CBOE
S&P
500
INDEX
7,300.00
07/26
7,580,060
(389,100)
(10)
CBOE
S&P
500
INDEX
7,200.00
07/26
7,580,060
(474,450)
(5)
CBOE
S&P
500
INDEX
7,325.00
08/26
3,790,030
(193,310)
Total
Call
Options
Written
(Premiums
Received
$(3,840,618))
(6,317,665)
Put
Options
Written
-
0.0%
(5)
CBOE
S&P
500
INDEX
6,725.00
06/26
3,362,500
(3,300)
(5)
CBOE
S&P
500
INDEX
6,675.00
06/26
3,337,500
(3,000)
(8)
CBOE
S&P
500
INDEX
6,625.00
07/26
5,300,000
(5,280)
(10)
CBOE
S&P
500
INDEX
6,600.00
07/26
6,600,000
(6,300)
(7)
CBOE
S&P
500
INDEX
6,550.00
07/26
4,585,000
(4,025)
(15)
CBOE
S&P
500
INDEX
6,725.00
07/26
10,087,500
(20,025)
(10)
CBOE
S&P
500
INDEX
6,700.00
07/26
6,700,000
(12,640)
(10)
CBOE
S&P
500
INDEX
6,750.00
07/26
6,750,000
(18,550)
(10)
CBOE
S&P
500
INDEX
6,725.00
07/26
6,725,000
(17,750)
(5)
CBOE
S&P
500
INDEX
6,700.00
07/26
3,350,000
(8,450)
(5)
CBOE
S&P
500
INDEX
6,900.00
07/26
3,450,000
(15,175)
(5)
CBOE
S&P
500
INDEX
6,875.00
07/26
3,437,500
(14,440)
(5)
CBOE
S&P
500
INDEX
0.00
08/26
3,475,000
(20,275)
Total
Put
Options
Written
(Premiums
Received
$(416,432))
(149,210)
Total
Written
Options
-
(2.8)%
(Premiums
Received
$(4,257,050))
$
(6,466,875)
MAI
Managed
Volatility
Fund
NOTES
TO
SCHEDULES
OF
INVESTMENTS
AND
CALL
AND
PUT
OPTIONS
WRITTEN
(Unaudited)
May
31,
2026
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
and
other
financial
instruments
and
liabilities
as
of
May
31,
2026.
The
Fund
has
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
the
various
“inputs”
used
to
determine
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
quoted
prices
in
active
markets
for
identical
assets
Level
2
–
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
with
maturities
of
sixty
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
the
pricing
service
and
generally
categorized
as
Level
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
warrants
that
do
not
trade
on
an
exchange,
securities
valued
at
the
mean
between
the
last
reported
bid
and
ask
quotation
and
international
equity
securities
valued
by
an
independent
third
party
with
adjustments
for
changes
in
value
between
the
time
of
the
securities
respective
local
market
closes
and
the
close
of
the
U.S.
market.
Level
3
–
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
ADR
American
Depositary
Receipt
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
(a)
All
or
a
portion
of
this
security
is
held
as
collateral
for
written
options.
(b)
Non-income
producing
security.
(c)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
May
31,
2026.
Level
1
Level
2
Level
3
Total
Assets
Investments
at
Value
Common
Stock
Communication
Services
$
17,677,351
$
–
$
–
$
17,677,351
Consumer
Discretionary
12,678,467
–
–
12,678,467
Consumer
Staples
6,306,937
–
–
6,306,937
Energy
6,072,414
–
–
6,072,414
Financials
21,297,116
–
–
21,297,116
Health
Care
11,498,014
–
–
11,498,014
Industrials
8,234,387
–
–
8,234,387
Information
Technology
60,921,517
–
–
60,921,517
Materials
645,841
–
–
645,841
Real
Estate
1,264,365
–
–
1,264,365
Utilities
2,953,555
–
–
2,953,555
U.S.
Government
&
Agency
Obligations
–
34,756,436
–
34,756,436
Warrants
14,359
–
–
14,359
Money
Market
Fund
48,774,532
–
–
48,774,532
Investments
at
Value
$
198,338,855
$
34,756,436
$
–
$
233,095,291
Total
Assets
$
198,338,855
$
34,756,436
$
–
$
233,095,291
Liabilities
Other
Financial
Instruments*
Written
Options
(6,466,875)
–
–
(6,466,875)
Total
Liabilities
$
(6,466,875)
$
–
$
–
$
(6,466,875)
*
Other
Financial
Instruments
are
derivative
instruments
reflected
in
separate
schedules
such
as
written
options,
which
appear
in
the
Schedule
of
Call
and
Put
Options
Written
and
are
valued
at
their
market
value
at
period
end.
MAI
Managed
Volatility
Fund
NOTES
TO
SCHEDULES
OF
INVESTMENTS
AND
CALL
AND
PUT
OPTIONS
WRITTEN
(Unaudited)
May
31,
2026
THE
PORTFOLIO
OF
INVESTMENTS
SHOULD
BE
READ
IN
CONJUNCTION
WITH
THE
FINANCIAL
STATEMENTS
AND
NOTES
TO
FINANCIAL
STATEMENTS
WHICH
ARE
INCLUDED
IN
THE
FUND’S
AUDITED
ANNUAL
REPORT
OR
SEMI-ANNUAL
REPORT.
THESE
REPORTS
INCLUDE
ADDITIONAL
INFORMATION
ABOUT
THE
FUND’S
SECURITY
VALUATION
POLICIES
AND
ABOUT
CERTAIN
SECURITY
TYPES
INVESTED
BY
THE
FUND.