MAI

Managed

Volatility

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

May

31,

2024

1

Shares

Security

Description

Value

Common

Stock

-

44.5%

Communication

Services

-

4.9%

28,660‌

Alphabet,

Inc.,

Class A 

(a)

$

4,943,850‌

34,293‌

AT&T,

Inc.

624,819‌

32,172‌

Comcast

Corp.,

Class A

1,287,845‌

7,289‌

Meta

Platforms,

Inc.,

Class A

3,402,724‌

10,041‌

The

Walt

Disney

Co.

1,043,360‌

17,941‌

Verizon

Communications,

Inc.

738,272‌

8,296‌

Warner

Bros

Discovery,

Inc. 

(b)

68,359‌

12,109,229‌

Consumer

Discretionary

-

3.7%

22,360‌

Amazon.com,

Inc. 

(a)(b)

3,945,198‌

2,814‌

McDonald's

Corp.

728,517‌

10,544‌

NIKE,

Inc.,

Class B

1,002,207‌

10,011‌

The

Home

Depot,

Inc. 

(a)

3,352,384‌

9,028,306‌

Consumer

Staples

-

2.9%

11,233‌

Altria

Group,

Inc.

519,526‌

5,660‌

Anheuser-Busch

InBev

SA/NV,

ADR

356,976‌

1,270‌

Costco

Wholesale

Corp.

1,028,560‌

5,376‌

Diageo

PLC,

ADR

726,244‌

15,152‌

Mondelez

International,

Inc.,

Class A

1,038,367‌

9,224‌

PepsiCo.,

Inc. 

(a)

1,594,830‌

4,882‌

The

Procter

&

Gamble

Co.

803,284‌

17,265‌

Walmart,

Inc.

1,135,346‌

7,203,133‌

Energy

-

1.9%

4,159‌

Chevron

Corp.

675,006‌

4,761‌

EOG

Resources,

Inc.

592,983‌

7,329‌

Exxon

Mobil

Corp.

859,398‌

48,133‌

Kinder

Morgan,

Inc.

938,112‌

5,807‌

Marathon

Petroleum

Corp.

1,025,574‌

3,323‌

Occidental

Petroleum

Corp.

207,687‌

8,894‌

Schlumberger

NV

408,146‌

4,706,906‌

Financials

-

6.8%

52,675‌

Bank

of

America

Corp. 

(a)

2,106,473‌

4,184‌

Berkshire

Hathaway,

Inc.,

Class B 

(b)

1,733,850‌

7,060‌

Chubb,

Ltd.

1,911,989‌

11,965‌

Citigroup,

Inc.

745,539‌

12,857‌

JPMorgan

Chase

&

Co.

2,605,214‌

14,790‌

MetLife,

Inc.

1,070,352‌

12,732‌

The

Charles

Schwab

Corp.

933,001‌

13,795‌

U.S.

Bancorp

559,387‌

14,260‌

Visa,

Inc.,

Class A 

(a)

3,885,280‌

19,495‌

Wells

Fargo

&

Co.

1,168,141‌

16,719,226‌

Health

Care

-

5.5%

15,837‌

Abbott

Laboratories 

(a)

1,618,383‌

9,442‌

AbbVie,

Inc.

1,522,428‌

7,031‌

Amgen,

Inc.

2,150,431‌

11,136‌

Bristol-Myers

Squibb

Co.

457,578‌

9,531‌

CVS

Health

Corp.

568,048‌

9,690‌

Johnson

&

Johnson 

(a)

1,421,232‌

10,745‌

Medtronic

PLC

874,321‌

6,765‌

Merck

&

Co.,

Inc.

849,278‌

676‌

Organon

&

Co.

14,419‌

20,839‌

Pfizer,

Inc.

597,246‌

6,703‌

UnitedHealth

Group,

Inc. 

(a)

3,320,465‌

MAI

Managed

Volatility

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

May

31,

2024

2

Shares

Security

Description

Value

Health

Care

-

5.5%

(continued)

2,585‌

Viatris,

Inc.

$

27,401‌

13,421,230‌

Industrials

-

2.8%

5,392‌

Carrier

Global

Corp.

340,721‌

9,007‌

Honeywell

International,

Inc.

1,821,125‌

2,696‌

Otis

Worldwide

Corp.

267,443‌

14,637‌

RTX

Corp.

1,578,015‌

3,529‌

The

Boeing

Co. 

(b)

626,786‌

4,919‌

Union

Pacific

Corp.

1,145,242‌

7,679‌

United

Parcel

Service,

Inc.,

Class B

1,066,843‌

6,846,175‌

Information

Technology

-

13.9%

12,466‌

Advanced

Micro

Devices,

Inc. 

(b)

2,080,575‌

40,860‌

Apple,

Inc. 

(a)

7,855,335‌

2,387‌

Broadcom,

Inc.

3,171,249‌

27,517‌

Cisco

Systems,

Inc.

1,279,540‌

4,805‌

Fortinet,

Inc. 

(b)

285,032‌

15,389‌

Intel

Corp.

474,751‌

2,669‌

Intuit,

Inc.

1,538,518‌

19,736‌

Microsoft

Corp. 

(a)

8,193,006‌

1,924‌

NVIDIA

Corp.

2,109,339‌

24,562‌

Oracle

Corp.

2,878,421‌

12,656‌

QUALCOMM,

Inc.

2,582,457‌

2,444‌

ServiceNow,

Inc. 

(b)

1,605,537‌

34,053,760‌

Materials

-

0.2%

2,318‌

Air

Products

and

Chemicals,

Inc.

618,211‌

Real

Estate

-

0.7%

4,439‌

American

Tower

Corp.

REIT

868,890‌

25,155‌

Weyerhaeuser

Co.

REIT

755,404‌

1,624,294‌

Utilities

-

1.2%

37,380‌

NextEra

Energy,

Inc. 

(a)

2,991,148‌

Total

Common

Stock

(Cost

$53,378,368)

109,321,618‌

Principal

Security

Description

Rate

Maturity

Value

U.S.

Government

&

Agency

Obligations

-

26.9%

U.S.

Treasury

Securities

-

26.9%

$

2,000,000‌

U.S.

Treasury

Note/Bond 

(a)

3.00‌%

06/30/24

1,996,422‌

5,000,000‌

U.S.

Treasury

Note/Bond 

(a)

4.25‌ 

09/30/24

4,981,005‌

5,500,000‌

U.S.

Treasury

Note/Bond 

(a)

2.13‌ 

09/30/24

5,443,261‌

6,000,000‌

U.S.

Treasury

Note/Bond 

(a)

4.50‌ 

11/30/24

5,975,065‌

5,000,000‌

U.S.

Treasury

Note/Bond 

(a)

4.25‌ 

12/31/24

4,968,987‌

10,000,000‌

U.S.

Treasury

Note/Bond 

(a)

4.63‌ 

02/28/25

9,954,655‌

5,000,000‌

U.S.

Treasury

Note/Bond 

(a)

2.75‌ 

02/28/25

4,909,503‌

7,500,000‌

U.S.

Treasury

Note/Bond

3.88‌ 

04/30/25

7,410,750‌

7,500,000‌

U.S.

Treasury

Note/Bond

4.63‌ 

06/30/25

7,459,077‌

3,000,000‌

U.S.

Treasury

Note/Bond 

(a)

4.25‌ 

10/15/25

2,968,008‌

10,000,000‌

U.S.

Treasury

Note/Bond

4.88‌ 

04/30/26

9,997,266‌

66,063,999‌

Total

U.S.

Government

&

Agency

Obligations

(Cost

$66,340,436)

66,063,999‌

Shares

Security

Description

Exercise

Price

Exp.

Date

Value

Warrants

-

0.0%

415‌

Occidental

Petroleum

Corp. 

(b)

(Cost

$0)

$

22.00‌

08/03/27

16,679‌

MAI

Managed

Volatility

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

May

31,

2024

3

Shares

Security

Description

Value

Money

Market

Fund

-

27.5%

67,620,986‌

First

American

Government

Obligations

Fund,

Class X,

5.24% 

(c)

(Cost

$67,620,986)

$

67,620,986‌

Investments,

at

value

-

98.9%

(Cost

$187,339,790)

$

243,023,282‌

Total

Written

Options

-

(1.7)%

(Premiums

Received

$(4,105,638))

(4,130,332‌)

Other

Assets

&

Liabilities,

Net

-

2.8%

6,803,223‌

Net

Assets

-

100.0%

$

245,696,173‌

MAI

Managed

Volatility

Fund

SCHEDULE

OF

CALL

AND

PUT

OPTIONS

WRITTEN

(Unaudited)

May

31,

2024

4

Contracts

Security

Description

Strike

Price

Exp.

Date

Notional

Contract

Value

Value

Written

Options

-

(1.7)%

Call

Options

Written

-

(1.6)%

(10‌)

CBOE

S&P

500

INDEX

S&P

500

$

5,100.00‌

06/24

$

5,277,510‌

$

(207,350‌)

(10‌)

CBOE

S&P

500

INDEX

S&P

500

5,000.00‌

06/24

5,277,510‌

(300,000‌)

(20‌)

CBOE

S&P

500

INDEX

S&P

500

4,900.00‌

06/24

10,555,020‌

(796,400‌)

(15‌)

CBOE

S&P

500

INDEX

S&P

500

5,050.00‌

07/24

7,916,265‌

(394,650‌)

(10‌)

CBOE

S&P

500

INDEX

S&P

500

5,000.00‌

07/24

5,277,510‌

(309,850‌)

(15‌)

CBOE

S&P

500

INDEX

S&P

500

4,900.00‌

07/24

7,916,265‌

(609,150‌)

(5‌)

CBOE

S&P

500

INDEX

S&P

500

5,200.00‌

07/24

2,638,755‌

(70,950‌)

(5‌)

CBOE

S&P

500

INDEX

S&P

500

5,050.00‌

07/24

2,638,755‌

(135,475‌)

(5‌)

CBOE

S&P

500

INDEX

S&P

500

5,150.00‌

07/24

2,638,755‌

(96,800‌)

(10‌)

CBOE

S&P

500

INDEX

S&P

500

5,100.00‌

07/24

5,277,510‌

(235,750‌)

(10‌)

CBOE

S&P

500

INDEX

S&P

500

5,150.00‌

07/24

5,277,510‌

(202,400‌)

(10‌)

CBOE

S&P

500

INDEX

S&P

500

5,100.00‌

07/24

5,277,510‌

(244,500‌)

(10‌)

CBOE

S&P

500

INDEX

S&P

500

5,050.00‌

07/24

5,277,510‌

(297,250‌)

(5‌)

CBOE

S&P

500

INDEX

S&P

500

5,150.00‌

08/24

2,638,755‌

(108,775‌)

Total

Call

Options

Written

(Premiums

Received

$(3,766,695))

(4,009,300‌)

Put

Options

Written

-

(0.1)%

(15‌)

CBOE

S&P

500

INDEX

S&P

500

4,850.00‌

06/24

7,275,000‌

(4,200‌)

(20‌)

CBOE

S&P

500

INDEX

S&P

500

4,850.00‌

07/24

9,700,000‌

(9,000‌)

(20‌)

CBOE

S&P

500

INDEX

S&P

500

4,825.00‌

07/24

9,650,000‌

(8,400‌)

(7‌)

CBOE

S&P

500

INDEX

S&P

500

5,050.00‌

07/24

3,535,000‌

(10,542‌)

(3‌)

CBOE

S&P

500

INDEX

S&P

500

4,900.00‌

07/24

1,470,000‌

(2,235‌)

(10‌)

CBOE

S&P

500

INDEX

S&P

500

5,050.00‌

07/24

5,050,000‌

(19,300‌)

(5‌)

CBOE

S&P

500

INDEX

S&P

500

5,000.00‌

07/24

2,500,000‌

(7,650‌)

(3‌)

CBOE

S&P

500

INDEX

S&P

500

4,950.00‌

07/24

1,485,000‌

(3,705‌)

(10‌)

CBOE

S&P

500

INDEX

S&P

500

4,800.00‌

07/24

4,800,000‌

(9,100‌)

(10‌)

CBOE

S&P

500

INDEX

S&P

500

4,775.00‌

07/24

4,775,000‌

(8,500‌)

(10‌)

CBOE

S&P

500

INDEX

S&P

500

5,000.00‌

07/24

5,000,000‌

(21,600‌)

(7‌)

CBOE

S&P

500

INDEX

S&P

500

5,000.00‌

08/24

3,500,000‌

(16,800‌)

Total

Put

Options

Written

(Premiums

Received

$(338,943))

(121,032‌)

Total

Written

Options

-

(1.7)%

(Premiums

Received

$(4,105,638))

$

(4,130,332‌)

MAI

Managed

Volatility

Fund

NOTES

TO

SCHEDULES

OF

INVESTMENTS

AND

CALL

AND

PUT

OPTIONS

WRITTEN

(Unaudited)

May

31,

2024

5

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,

2024.

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,

2024.

Level

1

Level

2

Level

3

Total

Assets

Investments

at

Value

Common

Stock

Communication

Services

$

12,109,229‌

$

–‌

$

–‌

$

12,109,229‌

Consumer

Discretionary

9,028,306‌

–‌

–‌

9,028,306‌

Consumer

Staples

7,203,133‌

–‌

–‌

7,203,133‌

Energy

4,706,906‌

–‌

–‌

4,706,906‌

Financials

16,719,226‌

–‌

–‌

16,719,226‌

Health

Care

13,421,230‌

–‌

–‌

13,421,230‌

Industrials

6,846,175‌

–‌

–‌

6,846,175‌

Information

Technology

34,053,760‌

–‌

–‌

34,053,760‌

Materials

618,211‌

–‌

–‌

618,211‌

Real

Estate

1,624,294‌

–‌

–‌

1,624,294‌

Utilities

2,991,148‌

–‌

–‌

2,991,148‌

U.S.

Government

&

Agency

Obligations

–‌

66,063,999‌

–‌

66,063,999‌

Warrants

16,679‌

–‌

–‌

16,679‌

Money

Market

Fund

67,620,986‌

–‌

–‌

67,620,986‌

Investments

at

Value

$

176,959,283‌

$

66,063,999‌

$

–‌

$

243,023,282‌

Total

Assets

$

176,959,283‌

$

66,063,999‌

$

–‌

$

243,023,282‌

Liabilities

Other

Financial

Instruments*

Written

Options

(317,400‌)

(3,812,932‌)

–‌

(4,130,332‌)

Total

Liabilities

$

(317,400‌)

$

(3,812,932‌)

$

–‌

$

(4,130,332‌)

*

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,

2024

6

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.