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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/30/20 Mutual Fund & Variable Ins Trust N-Q 1/31/20 2:279K Blu Giant, LLC/FA → Trend Aggregation Dividend & Income Fund ⇒ TREND AGGREGATION DIVIDEND AND INCOME FUND Institutional Shares (TRDVX) → Trend Aggregation Growth Fund ⇒ TREND AGGREGATION GROWTH FUND Institutional Shares (TRAGX) |
Document/Exhibit Description Pages Size 1: N-Q Quarterly Portfolio Holdings Schedule by an HTML 78K Investment Company 2: EX-99.CERT Certification -- §302 - SOA'02 HTML 15K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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)
(Address of principal executive offices)(Zip code)
(Name and address of agent for service)
Registrant's telephone number, including area code: 1.800.253.0412
Date of fiscal year end: 4/30
Date of reporting period: 01/31/2020
Item 1. | Schedule of Investments (Unaudited) |
The Trust’s schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
Trend Aggregation Dividend and Income Fund | |||||||
PORTFOLIO OF INVESTMENTS (Unaudited) | |||||||
January 31, 2020 | |||||||
Shares | Value | ||||||
COMMON STOCK - 24.9 % | |||||||
CHEMICALS - 1.0 % | |||||||
2,225 | Air Products & Chemicals, Inc. | $ 531,130 | |||||
COMMERCIAL SERVICES - 2.9 % | |||||||
2,920 | Automatic Data Processing, Inc. | 500,459 | |||||
3,646 | Cintas Corp. | 1,017,125 | |||||
1,517,584 | |||||||
COMPUTERS - 1.0 % | |||||||
1,605 | Apple, Inc. | 496,764 | |||||
COSMETICS/PERSONAL CARE - 1.0 % | |||||||
4,206 | Procter & Gamble Co. | 524,152 | |||||
DIVERSIFIED FINANCIAL SERVICES - 1.0 % | |||||||
2,500 | Visa, Inc. | 497,425 | |||||
ELECTRIC - 4.1 % | |||||||
4,060 | NextEra Energy, Inc. | 1,088,892 | |||||
10,451 | WEC Energy Group, Inc. | 1,043,950 | |||||
2,132,842 | |||||||
ELECTRONICS - 0.9 % | |||||||
4,966 | Amphenol Corp. | 493,968 | |||||
FOOD - 0.9 % | |||||||
3,014 | McCormick & Co., Inc. | 492,397 | |||||
HEALTHCARE - PRODUCTS - 1.0 % | |||||||
3,151 | Danaher Corp. | 506,901 | |||||
HOUSEHOLD PRODUCTS/WARES - 2.0 % | |||||||
6,636 | Clorox Co. | 1,043,909 | |||||
INTERNET - 2.2 % | |||||||
560 | Amazon.com, Inc. * | 1,124,883 | |||||
MINING - 1.0 % | |||||||
28,345 | Barrick Gold Corp. | 524,949 | |||||
RETAIL - 2.9 % | |||||||
3,362 | Costco Wholesale Corp. | 1,027,158 | |||||
8,456 | TJX Cos., Inc. | 499,242 | |||||
1,526,400 | |||||||
SOFTWARE - 2.0 % | |||||||
3,658 | Intuit, Inc. | 1,025,630 | |||||
TRANSPORTATION - 1.0 % | |||||||
2,821 | Union Pacific Corp. | 506,144 | |||||
TOTAL COMMON STOCK (Cost - $13,067,521) | 12,945,078 | ||||||
Trend Aggregation Dividend and Income Fund | |||||||
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2020 | |||||||
Shares | Value | ||||||
EXCHANGE TRADED FUNDS - 58.6 % | |||||||
109,900 | iShares 1-3 Year Treasury Bond ETF | $ 9,354,688 | |||||
18,899 | iShares 20+ Year Treasury Bond ETF | 2,757,364 | |||||
35,650 | ProShares S&P 500 Dividend Aristocrats ETF | 2,624,553 | |||||
23,086 | ProShares Short VIX Short-Term Futures ETF * | 1,429,947 | |||||
8,729 | SPDR Gold Shares * | 1,303,502 | |||||
125,591 | SPDR Portfolio Long Term Treasury ETF | 5,252,216 | |||||
41,783 | Vanguard Dividend Appreciation ETF | 5,238,335 | |||||
29,327 | Vanguard High Dividend Yield ETF | 2,679,315 | |||||
TOTAL EXCHANGE TRADED FUNDS (Cost - $30,552,349) | 30,639,920 | ||||||
EXCHANGE TRADED NOTE - 2.3 % | |||||||
74,980 | iPath Series B S&P 500 VIX Short-Term Futures ETN * | 1,214,676 | |||||
TOTAL EXCHANGE TRADED NOTE (Cost - $1,128,875) | |||||||
SHORT - TERM INVESTMENT - 10.2 % | |||||||
5,353,205 | Fidelity Institutional Government Portfolio, Institutional Class, 1.50 % ** | 5,353,205 | |||||
TOTAL SHORT - TERM INVESTMENT (Cost - $5,353,205) | |||||||
TOTAL INVESTMENTS - 96.0 % (Cost - $50,101,950) | $ 50,152,879 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.0 % | 2,107,425 | ||||||
NET ASSETS - 100.0 % | $ 52,260,304 | ||||||
ETF - Exchange Traded Fund | |||||||
ETN - Exchange Traded Note | |||||||
SPDR - Standard & Poor's Depositary Receipt | |||||||
* Non-income producing security. | |||||||
** Rate shown represents the rate at January 31, 2020, it is subject to change and resets daily. |
Trend Aggregation Growth Fund | |||||||
PORTFOLIO OF INVESTMENTS (Unaudited) | |||||||
January 31, 2020 | |||||||
Shares | Value | ||||||
COMMON STOCK - 18.7 % | |||||||
COMMERCIAL SERVICES - 1.9 % | |||||||
1,414 | MarketAxess Holdings, Inc. | $ 500,811 | |||||
4,266 | PayPal Holdings, Inc. * | 485,855 | |||||
986,666 | |||||||
COMPUTERS - 2.0 % | |||||||
1,586 | Apple, Inc. | 490,883 | |||||
3,615 | International Business Machines Corp. | 519,584 | |||||
1,010,467 | |||||||
DIVERSIFIED FINANCIAL SERVICES - 1.9 % | |||||||
1,534 | Mastercard, Inc. | 484,652 | |||||
2,390 | Visa, Inc. | 475,538 | |||||
960,190 | |||||||
HEALTHCARE - PRODUCTS - 1.0 % | |||||||
3,012 | Danaher Corp. | 484,540 | |||||
INTERNET - 6.0 % | |||||||
694 | Alphabet, Inc. * | 995,356 | |||||
544 | Amazon.com, Inc. * | 1,092,744 | |||||
4,670 | Facebook, Inc. * | 942,920 | |||||
3,031,020 | |||||||
SOFTWARE - 5.9 % | |||||||
1,776 | ANSYS, Inc. * | 487,210 | |||||
6,024 | Coupa Software, Inc. * | 970,768 | |||||
3,480 | Intuit, Inc. | 975,722 | |||||
3,218 | Microsoft Corp. | 547,800 | |||||
2,981,500 | |||||||
TOTAL COMMON STOCK (Cost - $9,490,638) | 9,454,383 | ||||||
EXCHANGE TRADED FUNDS - 67.5 % | |||||||
33,993 | Invesco QQQ Trust Series 1 | 7,446,847 | |||||
43,300 | iShares 1-3 Year Treasury Bond ETF | 3,685,696 | |||||
18,236 | iShares 20+ Year Treasury Bond ETF | 2,660,632 | |||||
315,187 | ProShares Short S&P500 | 7,580,247 | |||||
21,392 | ProShares Short VIX Short-Term Futures ETF * | 1,325,020 | |||||
26,477 | ProShares Ultra S&P500 | 3,976,316 | |||||
45,362 | ProShares UltraPro Short QQQ | 923,570 | |||||
8,380 | SPDR Gold Shares * | 1,251,385 | |||||
128,256 | SPDR Portfolio Long Term Treasury ETF | 5,363,666 | |||||
TOTAL EXCHANGE TRADED FUNDS (Cost - $34,020,380) | 34,213,379 | ||||||
EXCHANGE TRADED NOTE - 1.2 % | |||||||
37,056 | iPath Series B S&P 500 VIX Short-Term Futures ETN * | 600,307 | |||||
TOTAL EXCHANGE TRADED NOTE (Cost - $557,402) | |||||||
SHORT - TERM INVESTMENT - 11.5 % | |||||||
5,829,316 | Fidelity Institutional Government Portfolio, Institutional Class, 1.50 % ** | 5,829,316 | |||||
TOTAL SHORT - TERM INVESTMENT (Cost - $5,829,316) | |||||||
TOTAL INVESTMENTS - 98.9 % (Cost - $48,897,736) | $ 50,097,385 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1 % | 546,101 | ||||||
NET ASSETS - 100.0 % | $ 50,643,486 | ||||||
ETF - Exchange Traded Fund | |||||||
ETN - Exchange Traded Note | |||||||
SPDR - Standard & Poor's Depository Receipts | |||||||
* Non-income producing security. | |||||||
** Rate shown represents the rate at January 31, 2020, it is subject to change and resets daily. |
TREND FUNDS | ||||||||
NOTES TO PORTFOLIOS OF INVESTMENTS | ||||||||
January 31, 2020 (Unaudited) | ||||||||
(1) Significant Accounting Policies | ||||||||
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The Fund is an investment company and accordingly follows 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. | ||||||||
A. Investment Valuations | ||||||||
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. | ||||||||
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 and are typically categorized as Level 1 in the fair value hierarchy. 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 Trustees. 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 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 the circumstances which have caused trading in the security to halt. With respect to certain narrow 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 domestic fixed income securities, such events may occur where the cut-off time for the market information used by the independent pricing service is earlier than the end of regular 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.
| ||||||||
The Trustees have authorized the use of an independent fair valuation service. If the movement in a designated U.S. market index, after foreign markets close, is greater than predetermined levels, the Funds may use a systematic valuation model provide from that independent third party to fair value its international equity securities. | ||||||||
TREND FUNDS |
||||||||
NOTES TO PORTFOLIOS OF INVESTMENTS | ||||||||
January 31, 2020 (Unaudited) (Continued) | ||||||||
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). | ||||||||
The following is a summary of the inputs used to value the Funds’ investments as of January 31, 2020, based on the three levels defined previously: | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||
Trend Aggregation Dividend and Income Fund * | ||||||||
Investment Securities: | ||||||||
Common Stocks | $ 12,945,078 | $ - | $ - | $ 12,945,078 | ||||
Exchange Traded Funds | 30,639,920 | - | - | 30,639,920 | ||||
Exchange Traded Note | 1,214,676 | - | - | 1,214,676 | ||||
Short-Term Investments | 5,353,205 | - | - | 5,353,205 | ||||
Total Investment Securities | $ 50,152,879 | $ - | $ - | $ 50,152,879 | ||||
Trend Aggregation Growth Fund * | ||||||||
Investment Securities: | ||||||||
Common Stocks | $ 9,454,383 | $ - | $ - | $ 9,454,383 | ||||
Exchange Traded Funds | 34,213,379 | - | - | 34,213,379 | ||||
Exchange Traded Note | 600,307 | - | - | 600,307 | ||||
Short-Term Investments | 5,829,316 | - | - | 5,829,316 | ||||
Total Investment Securities | $ 50,097,385 | $ - | $ - | $ 50,097,385 | ||||
* Refer to the Portfolio of Investments for industry classifications. | ||||||||
There were no level 3 securities held during the period. | ||||||||
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 January 31, 2020, were as follows: | ||||||||
Gross | Gross | Net Unrealized | ||||||
Tax | Unrealized | Unrealized | Appreciation/ | |||||
Cost | Appreciation | Depreciation | (Depreciation) | |||||
Trend Aggregation Dividend and Income Fund | 50,939,359 | 494,053 | (1,280,533) | (786,480) | ||||
Trend Aggregation Growth Fund | 55,343,542 | 579,710 | (5,825,867) | (5,246,157) |
Item 2. Controls and Procedures. |
(a) | The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) were effective, as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
(b) | There were no changes to the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 3. | Exhibits. |
(a) | A certification for the Principal Executive Officer of the registrant is attached hereto as part of EX-99.cert. |
(b) | A certification for the Principal Financial Officer of the registrant is attached hereto as part of EX-99.cert. |
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: | /s/ Jerry Szilagyi |
Name: | Jerry Szilagyi |
Title: | President and Principal Executive Officer |
Date: | March 27, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: | /s/ Jerry Szilagyi |
Name: | Jerry Szilagyi |
Title: | President and Principal Executive Officer |
Date: | March 27, 2020 |
By: | /s/ Erik Naviloff |
Name: | Erik Naviloff |
Title: | Treasurer and Principal Financial Officer |
Date: | March 27, 2020 |
This ‘N-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / Effective on: | 3/30/20 | |||
3/27/20 | 497 | |||
For Period end: | 1/31/20 | |||
List all Filings |