NPORT-EX 2 03030.htm MAI N-PORT
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.