MH Elite Portfolio Of Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number: 811-08763

MH Elite Portfolio of Funds Trust

(Exact Name of Registrant as Specified in Charter)

43 Highlander Drive

Scotch Plains, NJ 07076

(Address of Principal Executive Offices)  (Zip Code)

Harvey Merson

or

Jeff Holcombe

43 Highlander Drive

Scotch Plains, NJ 07076

(Name and Address of Agent for Service)

With copy to:

JoAnn M. Strasser, Thompson Hine LLP

312 Walnut Street, 14th Floor, Cincinnati, Ohio  45202

Registrant’s Telephone Number, including Area Code:  1-800-318-7969

Date of fiscal year end: December 31

Date of reporting period: June 30, 2021

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public.  A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number.  Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.  Reports to Stockholders.

Semi-Annual Report

June 30, 2021

(Unaudited)

MH Elite Portfolio of Funds Trust

MH Elite Small Cap Fund of Funds	(MHELX)
MH Elite Fund of Funds	(MHEFX)
MH Elite Select Portfolio of Funds	(MHESX)
MH Elite Income Fund of Funds	(MHEIX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports by contacting MH Elite Portfolio of Funds Trust. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting MH Elite Portfolio of Funds Trust at 1.800.318.7969.

You may elect to receive all future reports in paper free of charge by contact MH Elite Portfolio of Funds Trust at 1.800.318.7969 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all MH Elite Portfolio of Funds Trust mutual funds.

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MH Elite Portfolio of Funds Trust

MH Elite Small Cap Fund of Funds

Underlying Fund Diversification

June 30, 2021

Investment Category of Underlying Funds

(as a % of Fund assets)

Small Cap Value	%	Small Cap Blend	%	Small Cap Growth	%
MFS New Discovery Value Class R6	9.8	Paradigm Micro Cap	9.7	Alger Small Cap Focus Class I	7.5
Heartland Value Plus Inv Class	8.3	Baron Discovery Retail	8.1	T. Rowe Price New Horizons	7.3
Vanguard Small Cap Value Index Adm Class	8.2	PIMCO StocksPLUS Small Class I	7.2	Virtus KAR Small-Cap Growth Class I	6.5
Franklin Small Cap Value Adv Class	6.1	Vanguard Tax-Managed Small Cap Adm Class	7.0	Needham Small Cap Growth Class I	2.2
		Principle Small Cap Class I	5.9	Buffalo Small Cap	2.0
		Fidelity Stock Selector Small Cap	3.0

Short-Term Securities and Other Assets – 1.2%

Percentage of Fund assets allocated to each investment style

based on the underlying securities held by each underlying fund. These percentages were provided by the Advisor and were not examined by our auditors.

Value	Blend	Growth
24%	40%	36%

1

MH Elite Portfolio of Funds Trust

MH Elite Small Cap Fund of Funds

June 30, 2021

Comparison of Change in Value of $10,000 investment in

MH Elite Small Cap Fund of Funds vs. Russell 2000 Index

This chart assumes a hypothetical $10,000 initial investment in the Fund made on June 30, 2011 and reflects Fund expenses.  Investors should note that the Fund is a professionally managed mutual fund while the Russell 2000 Index (the ‘Index’) is unmanaged, does not incur sales charges and/or expenses and is not available for investment. The Index is taken from published sources and was not examined by our auditors. The Index measures the performance of the small-cap segment of the U.S. equity universe.

Total Returns for the Periods Ended June 30, 2021
	Average Annual
	1 Year	5 Years	10 Years
MH Elite Small Cap Fund of Funds	51.38%	14.21%	10.05%
Russell 2000 Index	62.02%	16.46%	12.34%

The performance data quoted represents past performance.  Past performance is not indicative of future results.  Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

2

MH Elite Portfolio of Funds Trust

MH Elite Small Cap Fund of Funds

Schedule of Investments

June 30, 2021 (Unaudited)

Mutual Funds (98.8%)		Shares	Value
	MFS New Discovery Value Class R6	47,304	$     1,003,796
	Paradigm Micro Cap	18,343	997,883
	Heartland Value Plus Inv Class	17,264	850,247
	Vanguard Small Cap Value Index Adm Class	11,358	847,394
	Baron Discovery Retail	21,523	837,247
	Alger Small Cap Focus Class I	23,321	765,852
	T. Rowe Price New Horizons	8,330	753,122
	PIMCO StocksPLUS Small Class I	62,074	740,545
	Vanguard Tax-Managed Small Cap Adm Class	7,819	714,466
	Virtus KAR Small-Cap Growth Class I	12,214	668,224
	Franklin Small Cap Value Adv Class	9,780	630,799
	Principle Small Cap Class I	18,642	604,762
	Fidelity Stock Selector Small Cap	8,574	304,544
	Needham Small Cap Growth Class I	6,928	221,843
	Buffalo Small Cap	8,681	208,420
	Total Mutual Funds (Cost $ 6,630,355)		10,149,144
Short-Term Securities (1.0%)
	Fidelity Institutional Money Market Class I 0.01% * (Cost $ 103,315)		103,315
	Total Short-Term Securities		103,315
Total Investments in Securities (Cost  $ 6,733,670) (99.8%)			10,252,459
Net Other Assets and Liabilities (0.2%)			25,415
Net Assets (100%)			$   10,277,874

* Variable rate security; the rate shown represents the 7 day yield at June 30, 2021.

The accompanying notes are integral part of these financial statements.

3

MH Elite Portfolio of Funds Trust

MH Elite Small Cap Fund of Funds

Statement of Assets and Liabilities

June 30, 2021 (Unaudited)

Assets
Investments in securities at value (Cost $ 6,733,670)				$ 10,252,459
Cash				36,602
	Total Assets			10,289,061
Liabilities
	Total Liabilities			11,187
Net Assets				$  10,277,874
Analysis of Net Assets
	Capital Stock, no par (issued and outstanding – 1,067,429)			$ 6,523,496
	Distributable earnings (note 4)			3,754,378
		Net Assets	$  10,277,874
Net asset value per share				$             9.63

The accompanying notes are integral part of these financial statements.

4

MH Elite Portfolio of Funds Trust

MH Elite Small Cap Fund of Funds  

Statement of Operations

For The Six Months Ended June 30, 2021 (Unaudited)  

Investment income
		Dividend income from underlying funds			$        9,479
		Interest income from underlying funds			67,695
		Dividend income from money market			16
				Total income	77,190
Expenses
		Investment advisory fees			48,551
		Administrative service fees			12,138
				Total expenses	60,689
	Net operating income					16,501
Realized and unrealized gain on investments
			Net realized gain from investments		219,088
			Net change in unrealized appreciation on investments		1,130,314
			Net realized and unrealized gain on investments		1,349,402
Net increase in net assets resulting from operations					$   1,365,903

The accompanying notes are integral part of these financial statements.

5

MH Elite Portfolio of Funds Trust

MH Elite Small Cap Fund of Funds

Statements of Changes in Net Assets

For The Six Months Ended June 30, 2021 (Unaudited) and

For The Year Ended December 31, 2020

			2021		2020
Increase in net assets from operations
		Net operating income/(loss)		$       16,501	$      (18,706)
	Capital gain distributions from underlying funds		-		245,949
	Net realized gain from investments		219,088		291,739
	Net change in unrealized appreciation on investments		1,130.314		990,532
	Net increase in net assets resulting from operations		1,365,903		1,509,514
Distributions to shareholders:			(518,982)		(238,355)
Capital share transactions (note 5)			544,775		32,097
Total increase			1,391,696		1,303,256
Net assets at beginning of period			8,886,178		7,582,922
Net assets at end of period			$    10,277,874		$    8,886,178

The accompanying notes are integral part of these financial statements.

6

MH Elite Portfolio of Funds Trust

MH Elite Fund of Funds

Underlying Fund Diversification

June 30, 2021

Investment Category of Underlying Funds

(as a % of Fund assets)

Large Cap Value	%	Large Cap Blend	%	Large Cap Growth	%
Hillman Value No Load	6.2	Vanguard Tax-Managed Capital App Adm Class	7.5	Shelton Nasdaq-100 Index Direct	7.0
Columbia Dividend Income Class I2	6.1	Calvert US Large Cap Core Responsible Index Class I	6.6	Principal Blue Chip Class I	5.4
Homestead Value	5.9	T. Rowe Price Global Technology	6.3	Fidelity Select Medical Tech & Devices	4.5
		Hartford Core Equity Class R6	6.0	Loomis Sayles Growth Class Y	4.2
		DoubleLine Shiller Enhanced CAPE Class I	5.9	Akre Focus Class I	3.7
		T. Rowe Price Dividend Growth	5.3	Fidelity Select Retailing	3.5
		T. Rowe Price Value	2.7	Fidelity Extended Market Index	2.8
				Fidelity Select Communication Services	1.7

Mid Cap Value	%	Mid Cap Blend	%	Mid Cap Growth	%
No investments in this category		No investments in this category		Primecap Odyssey Aggressive Growth	5.5

Short-Term Securities and Other Assets – 3.2%

Percentage of Fund assets allocated to each investment style

based on the underlying securities held by each underlying fund. These percentages were provided by the Advisor and were not examined by our auditors.

Value	Blend	Growth
21%	33%	46%

7

MH Elite Portfolio of Funds Trust

MH Elite Fund of Funds

June 30, 2021

Comparison of Change in Value of $10,000 investment in

MH Elite Fund of Funds vs. Russell 1000 Index

 

This chart assumes a hypothetical $10,000 initial investment in the Fund made on June 30, 2011 and reflects Fund expenses.  Investors should note that the Fund is a professionally managed mutual fund while the Russell 1000 Index (the ‘Index’) is unmanaged, does not incur sales charges and/or expenses and is not available for investment. The Index is taken from published sources and was not examined by our auditors. The Index measures the performance of the large-cap segment of the U.S. equity universe.

Total Returns for the Periods Ended June 30, 2021
	Average Annual
	1 Year	5 Years	10 Years
MH Elite Fund of Funds	37.72%	15.20%	11.00%
Russell 1000 Index	43.08%	17.99%	14.90%

The performance data quoted represents past performance.  Past performance is not indicative of future results.  Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

8

MH Elite Portfolio of Funds Trust

MH Elite Fund of Funds

Schedule of Investments

June 30, 2021 (Unaudited)

Mutual Funds (96.8%)		Shares	Value
	Vanguard Tax-Managed Capital App Adm Class	6,216	$       1,405,436
	Shelton Nasdaq-100 Index Direct	39,886	1,320,240
	Calvert US Large Cap Core Responsible Index Class I	31,679	1,239,916
	T. Rowe Price Global Technology	37,538	1,186,562
	Hillman Value No Load	33,934	1,177,843
	Columbia Dividend Income Class I2	38,089	1,143,426
	Hartford Core Equity Class R6	23,918	1,122,698
	Homestead Value	20,415	1,119,750
	DoubleLine Shiller Enhanced CAPE Class I	52,420	1,115,487
	Primecap Odyssey Aggressive Growth	17,410	1,040,918
	Principal Blue Chip Class I	24,797	1,010,495
	T. Rowe Price Dividend Growth	15,003	1,008,796
	Fidelity Select Medical Tech & Devices	10,761	851,341
	Loomis Sayles Growth Class Y	30,000	788,700
	Akre Focus Class I	11,000	691,350
	Fidelity Select Retailing	26,153	653,300
	Fidelity Extended Market Index	5,863	532,129
	T. Rowe Price Value	10,408	507,077
	Fidelity Select Communication Services	3,295	320,299
	Total Mutual Funds (Cost $ 11,727,970)		18,235,763
Short-Term Securities (3.1%)
	Fidelity Institutional Money Market Class I 0.01% * (Cost $ 593,106)		593,106
	Total Short-Term Securities		593,106
Total Investments in Securities (Cost $ 12,231,076) (99.9%)			18,828,869
Net Other Assets and Liabilities (0.1%)			6,574
Net Assets (100%)			$   18,835,443

* Variable rate security; the rate shown represents the 7 day yield at June 30, 2021.

The accompanying notes are integral part of these financial statements.

9

MH Elite Portfolio of Funds Trust

MH Elite Fund of Funds

Statement of Assets and Liabilities

June 30, 2021 (Unaudited)

Assets
Investments in securities at value (Cost $ 12,321,076)				$   18,828,869
Cash				13,302
Dividends and interest receivables				13,556
	Total Assets			18,855,727
Liabilities
	Total Liabilities			20,284
Net Assets				$   18,835,443
Analysis of Net Assets
	Capital Stock, no par (issued and outstanding – 2,065,890)			$   11,585,487
	Distributable earnings (note 4)			7,249,956
		Net Assets	$   18,835,443
Net asset value per share				$              9.12

The accompanying notes are integral part of these financial statements.

10

MH Elite Portfolio of Funds Trust

MH Elite Fund of Funds

Statement of Operations

For The Six Months Ended June 30, 2021 (Unaudited)

	Investment income
					Dividend income from underlying funds			$          35,874
					Dividend income from money market			20
						Total income		35,894
	Expenses
					Investment advisory fees			85,737
					Administrative service fees			21,434
						Total expenses		107,171
		Net operating loss							(71,277)
	Realized and unrealized gain on investments
					Capital gain distributions from underlying funds			78,772
					Net realized gain from investments			663,391
			Net change in unrealized appreciation on investments				1,566,747
				Net realized and unrealized gain on investments			2,308,910
Net increase in net assets resulting from operations								$      2,237,633

The accompanying notes are integral part of these financial statements.

11

MH Elite Portfolio of Funds Trust

MH Elite Fund of Funds

Statements of Changes in Net Assets

For The Six Months Ended June 30, 2021 (Unaudited) and

For The Year Ended December 31, 2020

		2021	2020
Increase in net assets from operations
	Net operating loss	$       (71,277)	$        (57,029)
	Capital gain distributions from underlying funds	78,772	391,909
	Net realized gain from investments	663,391	673,055
	Net change in unrealized appreciation on investments	1,566,747	1,612,377
	Net increase in net assets resulting from operations	2,237,633	2,620,312
Distributions to shareholders:		(1,045,364)	(563,595)
Capital share transactions (note 5)		1,493,459	(40,346)
Total increase		2,685,728	2,016,371
Net assets at beginning of period		16,149,715	14,133,344
Net assets at end of period		$  18,835,443	$  16,149,715

The accompanying notes are integral part of these financial statements.

12

MH Elite Portfolio of Funds Trust

MH Elite Select Portfolio of Funds

Underlying Fund Diversification

June 30, 2021

Investment Category of Underlying Funds

(as a % of Fund assets)

Foreign Develop Markets	%	Diversified Emerging Markets	%	Natural Resources	%
Vanguard International Growth Adm Class	10.2	Artisan Developing World Inv Class	9.4	Virtus AllianzGl Water Class I	4.2
MFS International Intrinsic Value Class I	7.3	Virtus Kar Emerging Markets Small Cap Class I	5.6	Vanguard Materials Index Class Adm	4.2
PIMCO StocksPLUS Intl (USD-Hedged) Class I	6.2	Invesco Developing Markets Class Y	4.7
Brown Capital Management International Small Co Inv Class	5.9	WCM Focused Emerging Markets Class I	4.7
Artisan International Small Mid Inv Class	5.7	WCM Focused International Growth Class I	4.2
Fidelity International Capital Appreciation	3.8	Fidelity Nordic	3.5
		Fidelity Basin	3.3
Real Estate	%	World Stock	%
MFS Global Real Estate Class R6	4.0	T. Rowe Price Global Industrials	2.9
Cohen & Steers Real Estate Securities Class I	3.8	AlphaCentric Roberts and Automation Class I	2.7

Short-Term Securities and Other Assets – 3.7%

13

MH Elite Portfolio of Funds Trust

MH Elite Select Portfolio of Funds

June 30, 2021  

Comparison of Change in Value of $10,000 investment in

MH Elite Select Portfolio of Funds vs. MSCIACWI ex USA Investable Market Index

This chart assumes a hypothetical $10,000 initial investment in the Fund made on June 30, 2011 and reflects Fund expenses.  Investors should note that the Fund is a professionally managed mutual fund while the MSCIACWI ex USA Investable Market Index (the ‘IMI’) is unmanaged, does not incur sales charges and/or expenses and is not available for investment. The IMI is taken from published sources and was not examined by our auditors. The IMI captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 23 Emerging Markets countries.

Total Returns for the Periods Ended June 30, 2021
	Average Annual
	1 Year	5 Year	10 Year
MH Elite Select Portfolio of Funds	32.81%	10.19%	5.15%
MSCI ACWI ex USA IMI	36.12%	10.90%	6.23%

The performance data quoted represents past performance. Past performance is not indicative of future results.  Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

14

MH Elite Portfolio of Funds Trust

MH Elite Select Portfolio of Funds

Schedule of Investments

June 30, 2021 (Unaudited)

Mutual Funds  (96.3%)		Shares	Value
	Vanguard International Growth Adm Class	4,684	$   798,647
	Artisan Developing World Inv Class	26,146	737,056
	MFS International Intrinsic Value Class I	9,960	570,190
	PIMCO StocksPLUS Intl (USD Hedged) Class I	53,400	481,672
	Brown Capital Management International Small Co Inv Class	16,996	459,915
	Artisan International Small Mid Inv Class	20,737	445,630
	Virtus KAR Emerging Markets Small Cap Class I	24,013	441,597
	Invesco Developing Markets Class Y	6,522	371,286
	WCM Focused Emerging Markets Class I	17,448	369,192
	WCM Focused International Growth Class I	12,082	330,810
	Virtus AllianzGI Water Class I	15,139	328,671
	Vanguard Materials Index Adm Class	3,535	325,551
	MFS Global Real Estate Class R6	15,277	312,266
	Fidelity International Capital Appreciation	10,204	299,490
	Cohen & Steers Real Estate Securities I	15,168	296,847
	Fidelity Nordic	3,777	272,700
	Fidelity Pacific Basin	5,700	261,799
	T Rowe Price Global Industrials	11,962	226,914
	AlphaCentric Robotics and Automation Class I	11,527	207,839
	Total Mutual Funds (Cost $ 5,215,000)		7,538,072
Short-Term Securities (2.7%)
	Fidelity Institutional Money Market Class I 0.01% * (Cost $ 210,826)		210,826
	Total Short-term Securities		210,826
Total Investments in Securities (Cost $ 5,425,826) (99.0%)			7,748,898
Net Other Assets and Liabilities (1.0%)			79,234
Net Assets (100%)			$ 7,828,132

* Variable rate security; the rate shown represents the 7 day yield at June 30, 2021.

The accompanying notes are integral part of these financial statements.

15

MH Elite Portfolio of Funds Trust

MH Elite Select Portfolio of Funds

Statement of Assets and Liabilities

June 30, 2021 (Unaudited)

Assets
Investments in securities at value (Cost $ 5,425,826)				$     7,748,898
Cash				86,587
Dividends and interest receivables				1,185
	Total Assets			7,836,670
Liabilities
	Total Liabilities			8,538
Net Assets				$     7,828,132
Analysis of Net Assets:
	Capital Stock, no par (issued and outstanding – 1,102,583)			$     5,505,060
	Distributable earnings (note 4)			2,323,072
		Net Assets	$     7,828,132
Net asset value per share				$              7.10

The accompanying notes are integral part of these financial statements.

16

MH Elite Portfolio of Funds Trust

MH Elite Select Portfolio of Funds

Statement of Operations

For The Six Months Ended June 30, 2021 (Unaudited)  

Investment income
	Dividend income from underlying funds			$          15,443
	Dividend income from money market			16
			Total income	15,459
Expenses
	Investment advisory fees			37,125
	Administrative service fees			9,281
		Total expenses		46,406
Net operating loss				(30,947)
Realized and unrealized gain on investments
	Net change in unrealized appreciation on investments			571,891
	Net unrealized gain on investments			571,891
Net increase in net assets resulting from operations				$         540,944

The accompanying notes are integral part of these financial statements.

17

MH Elite Portfolio of Funds Trust

MH Elite Select Portfolio of Funds

Statements of Changes in Net Assets

For The Six Months Ended June 30, 2021 (Unaudited) and

For The Year Ended December 31, 2020

		2021	2020
Increase in net assets from operations
	Net operating loss	$       (30,947)	$     (22,069)
	Capital gain distributions from underlying funds	-	102,909
	Net realized gain from investments	-	245,815
	Net change in unrealized appreciation on investments	571,891	865,845
	Net increase in net assets resulting from operations	540,944	1,192,500
Distributions to shareholders		(332,345)	(317,111)
Capital share transactions (note 5)		434,820	399,126
Total increase		643,419	1,274,515
Net assets at beginning of period		7,184,713	5,910,198
Net assets at end of period		$     7,828,132	$ 7,184,713

The accompanying notes are integral part of these financial statements.

18

MH Elite Portfolio of Funds Trust

MH Elite Income Fund of Funds

Underlying Fund Diversification

June 30, 2021

Investment Category of Underlying Funds

(as a % of Fund assets)

Short Term Bond	%	Intermediate Term Bond	%	Multisector Bond	%
Thornburg Limited Term Income Class R6	4.2	Fidelity Strategic Dividend and Income	4.1	Hartford Strategic Income Class I	3.8
Virtus Newfleet Multi-Sector Short Term Bond Class I	3.2	Payden Corporate Bond	4.1	Lord Abbett Bond Debenture Class R6	2.8
Virtus Seix Corporation Bond Class I	3.2	Guggenheim Total Return Bond Class P	3.9	AlphaCentric Income Opportunities Class I	2.7
		Baird Core Plus Bond Class I	3.7	PIMCO Diversified Income Class I	2.7
		Western Asset Core Plus Bond Class Fl	3.7
		Carillon Reams Core Plus Bond Class I	3.2

Emerging Markets Bond	%	World Bond	%	High Yield Bond	%
Vanguard Emerging Markets Bond Adm Class	6.4	Dodge & Cox Global Bond	3.2	Artisan High Income Adv Class	2.8
		Janus Henderson Developed World Bond Class T	3.2	Metropolitan West High Yield Bond Class M	2.8
		T Rowe Price Global Multi-Sector Bond Inv Class	3.1	Brandywine Global High Yield Class I	2.2

Bank Loan	%	Preferred Stock	%	Utilities	%
Catalyst Floating Rate Income Class I	4.3	No investments in this category		Vanguard Utilities Index Adm Class	4.0

Income from Stock Dividends	%	Asset Allocation	%	Convertible Securities	%
Vanguard High Dividend Yield Index Adm Class	4.4	Nuveen NWQ Flexible Income Class I	3.4	Columbia Convertible Securities Class I3	6.2

Short-Term Securities and Other Assets – 8.7%

19

MH Elite Portfolio of Funds Trust

MH Elite Income Fund of Funds

June 30, 2021

Comparison of Change in Value of $10,000 investment in

MH Elite Income Fund of Funds vs. Barclays Capital Aggregate Bond Index

This chart assumes a hypothetical $10,000 initial investment in the Fund made on August 15, 2011, the Fund’s inception date, and reflects Fund expenses.  Investors should note that the Fund is a professionally managed mutual fund while the Barclays U. S. Aggregate Bond Index (the ‘Index’) is unmanaged, does not incur sales charges and/or expenses and is not available for investment. The Index is taken from published sources and was not examined by our auditors.  The Index is an unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.

Total Returns for the Periods Ended June 30, 2021
	Average Annual
	1 Year	5 Year	Since inception (8/15/2011)
MH Elite Income Fund of Funds	10.08%	4.03%	3.30%
Barclays U. S. Aggregate Bond Index	-0.33%	3.02%	3.13%

The performance data quoted represents past performance.  Past performance is not indicative of future results.  Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

20

MH Elite Portfolio of Funds Trust

MH Elite Income Fund of Funds

Schedule of Investments

June 30, 2021 (Unaudited)

Mutual Funds  (91.3%)		Shares	Value
	Vanguard Emerging Markets Bond Adm Class	21,233	$     595,582
	Columbia Convertible Securities Class I3	19,247	576,252
	Vanguard High Dividend Yield Index Adm Class	12,821	405,005
	Catalyst Floating Rate Income Class I	42,039	404,840
	Thornburg Limited Term Income Class R6	28,470	395,445
	Payden Corporate Bond	32,083	385,638
	Fidelity Strategic Dividend and Income	21,036	377,805
	Vanguard Utilities Index Adm Class	5,326	370,895
	Guggenheim Total Return Bond Class P	12,401	360,121
	Hartford Strategic Income Class I	37,433	349,251
	Western Asset Core Plus Bond Class FI	28,309	342,818
	Baird Core Plus Bond Class I	28,560	339,297
	Nuveen NWQ Flexible Income Class I	13,941	312,839
	Dodge & Cox Global Bond	24,814	298,511
	Janus Henderson Developed World Bond Class T	29,965	296,948
	Virtus NewFleet Multi-Sector Short Term Bond Class I	62,011	296,411
	Virtus Seix Corporation Bond Class I	30,992	296,281
	Carillon Reams Core Plus Bond Class I	8,423	293,558
	T Rowe Price Global Multi-Sector Bond Inv Class	24,069	285,214
	Lord Abbett Bond Debenture Class R6	31,196	264,540
	Artisan High Income Adv Class	25,432	262,208
	AlphaCentric Income Opportunities Class I	22,191	258,970
	Metropolitan West High Yield Bond Class M	24,084	257,934
	PIMCO Diversifiend Income Class I	22,432	252,356
	Brandywine Global High Yield Class I	17,544	202,632
	Total Mutual Funds (Cost $7,885,000)		8,481,351
Short-Term Securities (8.1%)
	Fidelity Institutional Money Market Class I 0.01% * (Cost $ 756,406)		756,406
	Total Short-term Securities		756,406
Total Investments in Securities (Cost $ 8,641,406) (99.4%)			9,237,757
Net Other Assets and Liabilities (0.6%)			52,860
Net Assets (100%)			$   9,290,617

* Variable rate security; the rate shown represents the 7 day yield at June 30, 2021.

The accompanying notes are integral part of these financial statements.

21

MH Elite Portfolio of Funds Trust

MH Elite Income Fund of Funds

Statement of Assets and Liabilities

June 30, 2021 (Unaudited)

Assets
Investments in securities at value (Cost $ 8,641,406)				$    9,237,757
Cash				48,282
Dividends and interest receivables				14,731
	Total Assets			9,300,770
Liabilities
	Total Liabilities			10,153
Net Assets				$    9,290,617
Analysis of Net Assets
	Capital Stock, no par (issued and outstanding – 1,678,834)			$    8,656,233
	Distributable earnings/(loss) (note 4)			634,384
		Net Assets	$    9,290,617
Net asset value per share				$             5.53

The accompanying notes are integral part of these financial statements.

22

MH Elite Portfolio of Funds Trust

MH Elite Income Fund of Funds

Statements of Operations

For The Six Months Ended June 30, 2021 (Unaudited)

Investment income
		Dividend income from underlying funds			$          25,053
		Interest Income from underlying funds			81,215
		Dividend income from money market			26
				Total income	106,294
Expenses
		Investment advisory fees			44,692
		Administrative service fees			11,173
			Total expenses		55,865
Net operating income					50,429
Realized and unrealized gain (loss) on investments
	Capital gain distributions from underlying funds				48,324
	Net change in unrealized appreciation on investments				38,523
	Net realized and unrealized gain on investments				86,847
Net increase in net assets resulting from operations					$        137,276

The accompanying notes are integral part of these financial statements.

23

MH Elite Portfolio of Funds Trust

MH Elite Income Fund of Funds

Statements of Changes in Net Assets

For The Six Months Ended June 30, 2021 (Unaudited) and

For The Year Ended December 31, 2020

		2021	2020
Increase in net assets from operations
	Net operating income	$         50,429	$        142,036
	Capital gain distributions from underlying funds	48,324	74,853
	Net realized gain from investments	-	49,353
	Net change in unrealized appreciation on investments	38,523	210,039
	Net increase in net assets resulting from operations	137,276	476,281
Distributions to shareholders:		(132,202)	(167,230)
Capital share transactions (note 5)		471,202	1,395,421
Total increase		476,276	1,704,472
Net assets at beginning of period		8,814,341	7,109,869
Net assets at end of period		$    9,290,617	$    8,814,341

The accompanying notes are integral part of these financial statements.

24

MH Elite Portfolio of Funds Trust

MH Elite Small Cap Fund of Funds

Financial Highlights

For a share of capital stock outstanding throughout the period

(a)

Per share net investment loss has been determined on the average number of shares outstanding

during the period/year.

(b)

Total return assumes reinvestment of dividends.

(c)

Net investment loss and expense ratios do not reflect the Fund of Funds’ proportionate share of income and expense of the underlying funds.

(d)

Annualized.

The accompanying notes are integral part of these financial statements.

25

MH Elite Portfolio of Funds Trust

 MH Elite Fund of Funds

Financial Highlights

For a share of capital stock outstanding throughout the period

a)

Per share net investment loss has been determined on the average number of shares outstanding during the period/year.

b)

Total return assumes reinvestment of dividends.

c)

Net investment income/(loss) and expense ratios do not reflect the Fund of Funds’ proportionate share of income and expense of the underlying funds.

d)

Annualized.

The accompanying notes are integral part of these financial statements.

26

MH Elite Portfolio of Funds Trust

MH Elite Select Portfolio of Funds

Financial Highlights

For a share of capital stock outstanding throughout the period

(a)

Per share net investment income/(loss) has been determined on the average number of shares outstanding during the period/year.

(b)

Total return assumes reinvestment of dividends.

(c)

Net investment income/(loss) and expense ratios do not reflect the Fund of Funds’ proportionate share of income and expense of the underlying funds.

(d)

Annualized.

The accompanying notes are integral part of these financial statements.

27

MH Elite Portfolio of Funds Trust

MH Elite Income Fund of Funds

Financial Highlights

For a share of capital stock outstanding throughout the period

(a)

Per share net investment income has been determined on the average number of shares outstanding during the period/year.

(b)

Total return assumes reinvestment of dividends.

(c)

Net investment income and expense ratios do not reflect the Fund of Funds’ proportionate share of income and expense of the underlying funds.

(d)

Annualized.

The accompanying notes are integral part of these financial statements.

28

MH Elite Portfolio of Funds Trust

Notes to Financial Statements

June 30, 2021 (Unaudited)

1.

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

MH Elite Portfolio of Funds Trust is an open-end diversified management investment company under the Investment Company Act of 1940 and the Securities and Exchange Act of 1933.  MH Elite Portfolio of Funds, Inc. was originally organized as a corporation in New Jersey on October 20, 1997. On January 1, 2014, MH Elite Portfolio of Funds, Inc. merged into a new Delaware statutory trust called the MH Elite Portfolio of Funds Trust, pursuant to Board and shareholder approval. MH Elite Portfolio of Funds Trust continues the operations of its predecessor New Jersey corporation. MH Elite Portfolio of Funds Trust offers four funds to investors; MH Elite Small Cap Fund of Funds, MH Elite Fund of Funds, MH Elite Select Portfolio of Funds and MH Elite Income Fund of Funds (collectively, “the Funds”).  The sale to its initial investor in MH Elite Small Cap Fund of Funds occurred on February 17, 1998, the sale to its initial investor in MH Elite Fund of Funds occurred on January 13, 2004, the sale to its initial investor in MH Elite Select Portfolio of Funds occurred on April 6, 2006 and the sale to its initial investor in MH Elite Income Fund of Funds occurred on August 15, 2011.

The primary objective of the Small Cap Fund of Funds, Fund of Funds and Select Portfolio of Funds is long-term capital appreciation through investing in diversified and non-diversified regulated investment companies that will invest in equity securities.

The primary objective of the Income Fund of Funds is income, with the potential for capital appreciation as a secondary objective by investing in regulated investment companies.

MH Elite Portfolio of Funds Trustfollows the accounting and reporting guidance in FASB Accounting Standards Codification 946.

The following is a summary of the Funds’ significant accounting policies:

Security Valuation -  All investments in securities are recorded at their estimated fair value, as described in note 6.

Underlying Fund Valuation – Underlying funds are valued at the last reported net asset value as quoted by the respective fund with the resulting unrealized gains and losses included in income.  United States Government obligations and other debt instruments having sixty days or less remaining until maturity are valued at amortized cost.

Federal Income Taxes – The Funds’ policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all its taxable income to its shareholders. The company also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise provision is required.

Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid annually.  Capital gains, if any, are distributed to shareholders at least annually.  Distributions are based on amounts calculated in accordance with applicable federal income tax regulations, which may differ from generally accepted accounting principles.  These differences are due primarily to differing treatments of income and gain on various investment securities held by the Funds, timing differences and differing characterizations of distributions made by the Funds.

29

MH Elite Portfolio of Funds Trust

Notes to Financial Statements (Continued)

June 30, 2021 (Unaudited)  

1.

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investment Income – Dividend income is recorded on the ex-dividend date.  Interest income is recorded on an accrual basis.

Use of Estimates – The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Management has evaluated the impact of all

Subsequent Events – Management of the Funds’ has evaluated the impact of all subsequent events through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring disclosure in these financial statements.

Realized Gain and Loss – Security transactions are recorded on a trade date basis.  Realized gain and loss on investments sold are recorded on the basis of identified or average cost.

2.

INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

MH Investment Management Incorporated, (the “Adviser”) furnishes the Funds with investment advice and, in general, supervises the management and investment program of the Funds.  Two shareholders of the Funds each own 50 percent of the Adviser.  Under the Investment Advisory Agreement, the Funds have agreed to pay the Investment Adviser an annual fee, payable monthly, of a percentage of each of the Funds average daily net assets.  

The expenses and fees that a shareholder of the Funds will incur are based on the Fund��s average daily net assets and are as follows:  

	MH Elite Small Cap Fund of Funds	MH Elite Fund of Funds	MH Elite Select Portfolio of Funds	MH Elite Income Fund of Funds
Management Fees	1.00%	1.00%	1.00%	1.00%
Distribution (and/or Service) (12b-1) Fees	None	None	None	None
Administrative Service Fees	0.25%	0.25%	0.25%	0.25%
Total Annual Fund Operating Expenses	1.25%	1.25%	1.25%	1.25%

Other expenses of .25% will be paid to MH Investment Management Inc. as per the administrative services agreement.  Under the agreement, MH Investment Management Inc. has agreed to pay the expenses incurred for the conduct of business by the Funds.  The expenses incurred by the Funds that exceed the total annual fund operating expenses will be paid by the Adviser.  The management fees and expenses of the underlying funds in which the Funds invest are not reflected in the table above.  Generally, the operating expenses of the underlying funds range from 0.04% to 1.88% of average net assets.

30

MH Elite Portfolio of Funds Trust

Notes to Financial Statements (Continued)

June 30, 2021 (Unaudited)

2.

INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES (continued)

For the period ended June 30, 2021 the investment advisory fees for each Fund were:

MH Elite Small Cap Fund of Funds	$	48,551
MH Elite Fund of Funds	$	85,737
MH Elite Select Portfolio of Funds	$	37,125
MH Elite Income Fund of Funds	$	44,692

For the period ended June 30, 2021 administrative service fees for each Fund were:

MH Elite Small Cap Fund of Funds	$	12,138
MH Elite Fund of Funds	$	21,434
MH Elite Select Portfolio of Funds	$	9,281
MH Elite Income Fund of Funds	$	11,173

3.

PURCHASES AND SALES OF SECURITIES

The cost of securities purchased and the proceeds from sale of securities for the period ended June 30, 2021 aggregated for each Fund was:  

	Purchases	Sales
MH Elite Small Cap Fund of Funds	$     1,250,000	$       894,088
MH Elite Fund of Funds	$     2,600,000	$    2,249,801
MH Elite Select Portfolio of Funds	$        750,000	$               -
MH Elite Income Fund of Funds	$     1,300,000	$               -

4.

INCOME TAXES

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States.

The components of distributable earnings on a tax basis for each Fund were:

For the period ended June 30, 2021

Distributable Earnings	MH Elite Small Cap Fund of Funds		MH Elite Fund of Funds		MH Elite Select Portfolio of Funds		MH Elite Income Fund of Funds
Undistributed ordinary income	$	16,501	$	-	$	-	$	60,263
Undistributed capital gain	$	219,088	$	742,163	$	-	$	48,324
Capital loss carry forwards	$	-	$	-	$	-	$	(70,554)
Unrealized  appreciation/(depreciation)	$	3,518,789	$	6,507,793	$	2,323,072	$	596,351
Total distributable earnings	$	3,754,378	$	7,249,956	$	2,323,072	$	634,384

31

MH Elite Portfolio of Funds Trust

Notes to Financial Statements (Continued)

June 30, 2021 (Unaudited)

4.      INCOME TAXES (Continued)

At December 31, 2020, certain Funds had undistributed earnings and as a result the Funds’ management declared distributions to the shareholders of record on January 7, 2021 with an ex and pay date of January 8, 2021.  The components and amounts of the distributions are listed below:

Distribution	MH Elite Small Cap Fund of Funds				MH Elite Fund of Funds
	Amount		Per Share		Amount		Per Share
Ordinary Income1	$	38,3672	$	0.038368	$	-	$	-
Long Term Capital Gain	$	480,615	$	0.480636	$	1,045,364	$	0.555289

Distribution	MH Elite Select Portfolio of Funds				MH Elite Income Fund of Funds
	Amount		Per Share		Amount		Per Share
Ordinary Income 2	$	-	$	-	$	132,2023	$	0.082963
Long Term Capital Gain	$	332,345	$	0.321159	$	-	$	-

¹ For Federal income tax purposes - short term realized gains are included in ordinary income.

² Ordinary income is comprised of net investment loss from investment operations of ($18,706), short term capital gain distributions from underlying funds of $78,776 and net short term realized loss from investments of ($21,703).

³ Ordinary income is comprised of net investment income from investment operations of $132,202.

At December 31, 2019, certain Funds had undistributed earnings and as a result the Funds’ management declared distributions to the shareholders of record on January 8, 2020 with an ex and pay date of January 9, 2020.  The components and amounts of the distributions are listed below:

Distribution	MH Elite Small Cap Fund of Funds				MH Elite Fund of Funds
	Amount		Per Share		Amount		Per Share
Ordinary Income1	$	42,817	$	0.042938	$	43,746	$	0.023022
Long Term Capital Gain	$	195,538	$	0.196095	$	519,849	$	0.273587

Distribution	MH Elite Select Portfolio of Funds				MH Elite Income Fund of Funds
	Amount		Per Share		Amount		Per Share
Ordinary Income 1	$	65,814	$	0.067969	$	167,230	$	0.126501
Long Term Capital Gain	$	251,297	$	0.259531	$	-	$	-

¹ For Federal income tax purposes - short term realized gains are included in ordinary income.

32

MH Elite Portfolio of Funds Trust

Notes to Financial Statements (Continued)

June 30, 2021 (Unaudited)

4.      INCOME TAXES (Continued)

For Federal income tax purposes - Capital loss carry forwards represent realized losses of the Funds that may be carried forward indefinitely and applied against future gains. As of December 31, 2019, the Funds capital loss carry forwards are listed below.

Expiring on:	MH Elite Small Cap Fund of Funds		MH Elite Fund of Funds		MH Elite Select Portfolio of Funds		MH Elite Income Fund of Funds
Indefinitely:
Short term	$	-	$	-	$	-	$            -
Long term	$	-	$	-	$	-	$  70,554
Total	$	-	$	-	$	-	$  70,554

The Funds’ recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2016-2018) or expected to be taken in the Funds’ 2019 tax returns. The Funds’ identify their major tax jurisdictions as U.S. federal where the Funds’ make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

For federal income tax purposes, the tax basis of investments is the same as for financial reporting purposes.  At June 30, 2021, on a tax basis, gross unrealized appreciation and depreciation on investments for each Fund was:

Fund	Appreciation	Depreciation	Net Unrealized Appreciation
MH Elite Small Cap Fund of Funds	$ 3,518,789	$               -	$	3,518,789
MH Elite Fund of Funds	$ 6,507,793	$               -	$	6,507,793
MH Elite Select Portfolio of Funds	$ 2,323,072	$               -	$	2,323,072
MH Elite Income Fund of Funds	$    635,975	$      39,624	$	596,351

33

MH Elite Portfolio of Funds Trust

Notes to Financial Statements (Continued)

June 30, 2021 (Unaudited)  

5.

CAPITAL SHARE TRANSACTIONS

As of June 30, 2021, 1,000,000,000 shares of no par value capital stock were authorized for all portfolios.  Transactions in capital stock for each Fund are as follows:

		MH Elite Small Cap Fund of Funds
			For the six months ended June 30, 2021 (Unaudited)						For the year ended December 31, 2020
						Shares		Amount				Shares		Amount
	Shares Sold					20,764		$ 190,206				49,379		$  346,930
	Shares issued in reinvestment of distributions					59,516		518,982				32,341		238,355
						80,280		709,188				81,720		585,285
	Shares redeemed					(17,902)		(164,413)				(77,384)		(553,188)
	Net Increase					62,378		$ 544,775				4,336		$   32,097
		MH Elite Fund of Funds
					For the six months ended June 30, 2021 (Unaudited)						For the year ended December 31, 2020
				Shares			Amount			Shares			Amount
Shares Sold				90,310			$ 770,438			115,031			$   865,237
Shares issued in reinvestment of distributions				127,639			1,045,364			77,630			563,595
				217,949			1,815,802			192,661			1,428,832
Shares redeemed				(37,692)			(322,343)			(207,158)			(1,469,178)
Net Increase/(decrease)				180,257			$1,493,459			(14,497)			$ (40,346)

	MH Elite Select Portfolio of Funds
	For the six months ended June 30, 2021 (Unaudited)		For the year ended December 31, 2020
	Shares	Amount	Shares	Amount
Shares Sold	38,695	$ 260,288	92,917	$  545,715
Shares issued in reinvestment of distributions	49,236	332,345	54,674	317,111
	87,931	592,633	147,591	862,826
Shares redeemed	(22,689)	(157,813)	(80,820)	(463,700)
Net Increase/(decrease)	65,242	$ 434,820	66,771	$  399,126
	MH Elite Income Fund of Funds
	For the six months ended June 30, 2021 (Unaudited)		For the year ended December 31, 2020
	Shares	Amount	Shares	Amount
Shares Sold	168,879	$   924,206	427,402	$2,184,263
Shares issued in reinvestment of distributions	24,213	132,202	31,733	167,230
	193,092	1,056,408	459,135	2,351,493
Shares redeemed	(107,765)	(585,206)	(187,597)	(956,072)
Net Increase	85,327	$  471,202	271,538	$1,395,421

34

MH Elite Portfolio of Funds Trust

Notes to Financial Statements (Continued)

June 30, 2021 (Unaudited)

6.

SECURITIES VALUATIONS

Processes and Structure

The Funds’ Board of Trustees has adopted methods for valuing securities including in circumstances in which market quotes are not readily available, and has delegated authority to the Funds’ investment adviser to apply those methods in making fair value determinations, subject to board oversight. All of the Funds’ securities are regularly traded and do not require fair value measurement by a valuation committee.  The Funds’ board and audit committee review the Funds’ investment portfolios quarterly.

Hierarchy of Fair Value Inputs

The Fund utilizes published securities closing price to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

    Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.

    Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

    Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Fair Value Measurements

A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows.

Mutual Funds. Investments in mutual funds, including money market funds, are generally priced at the ending NAV provided by the service agent of the funds.  These securities will be categorized as Level 1 securities.

35

MH Elite Portfolio of Funds Trust

Notes to Financial Statements (Continued)

June 30, 2021 (Unaudited)

6.

SECURITIES VALUATIONS (Continued)

The following is a summary of the inputs used to value the Funds’ net assets as of June 30, 2021:

The Funds’ investment category is mutual funds and short-term securities:

Valuation Inputs	MH Elite Small Cap Fund of Funds	MH Elite Fund of Funds	MH Elite Select Portfolio of Funds	MH Elite Income Fund of Funds
Level 1	$10,252,459	$ 18,828,869	$ 7,748,898	$ 9,237,757
Level 2	-	-	-	-
Level 3 –	-	-	-	-
Total	$10,252,459	$ 18,828,869	$ 7,748,898	$ 9,237,757

The Funds did not hold any Level 3 investments during the year ended June 30, 2021 (Unaudited).  The Funds did not hold any derivative instruments at any time during the year ended June 30, 2021. There were no significant transfers into or out of Level 1 or Level 2 during the period.  It is the Funds’ policy to recognize transfers into and out of Level 1 and Level 2 at the end of the reporting period.

7.     INDEMNIFICATIONS

In the normal course of business, the Funds’ enter into contracts that contain general indemnifications to other parties. The Funds’ maximum exposure under these contracts is unknown as this would involve future claims that may be made against the Funds’ that have not yet occurred. The Funds’ expect the risk of loss to be remote.

36

MH Elite Portfolio of Funds Trust

ADDITIONAL INFORMATION

      June 30, 2021 (Unaudited)

PROXY VOTING GUIDELINES

MH Elite Portfolio of Funds Trust has adopted the policy of always voting in line with management recommendations.  If, at any time, we feel the fund management of an underlying fund within one of our portfolios is not working in the best interests of our shareholders we will liquidate our position in that fund.  It is not our intent to change or alter the management or policies of the underlying funds.  The most effective way to voice our concerns or displeasure with the management of a fund company is to simply not invest in their fund(s).  We will only invest in fund companies that we feel will help us to meet our investment objectives and, in turn, serve the needs of our shareholders.

SCHEDULE OF INVESTMENTS (FORM N-Port)

The Funds files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on mhelite.com and on Form N-CSR (Semi-Annual and Annual reports), or you can have it mailed to you without charge by calling 1.800.318.7969. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.

37

MH Elite Portfolio of Funds Trust

ADDITIONAL INFORMATION

June 30, 2021 (Unaudited)

EXPENSE EXAMPLE

As a shareholder of the MH Elite Small Cap Fund of Funds, MH Elite Fund of Funds, MH Elite Select Portfolio of Funds and/or MH Income Fund of Funds you incur two types of costs: (1) management fees and (2) other Fund operating expenses.  This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2021 through June 30, 2021.

ACTUAL EXPENSES

The first four lines of the table below provide information about actual account values and actual expenses.  You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period.  Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first, second, third and/or fourth line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The fifth line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns.  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.  You may use this information to compare the ongoing costs of investing in these Funds and other funds.  To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.  

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees.  Therefore, the fifth line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.  In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value January 1, 2021	Ending Account Value June 30, 2021	Expenses Paid During the Period January 1, 2021 to June 30, 2021 (a)
Actual – MH Elite Small Cap  Fund of Funds	$1,000	$1,154	$6.68	(b)
Actual –  MH Elite Fund of Funds	$1,000	$1,138	$6.62	(b)
Actual –  MH Elite Select Portfolio of Funds	$1,000	$1,073	$6.43	(b)
Actual – MH Elite Income Fund of Funds	$1,000	$1,015	$6.25	(b)
Hypothetical with expense ratio of 1.25%      (5% return before expenses)	$1,000	$1,025	$6.28

(a)

The management fees and expenses of the underlying funds in which the Funds invest are not reflected in the table above.  Generally, the operating expenses of the underlying funds range from 0.04% to 1.88% of average net assets.

(b)

Expenses are equal to the Fund’s annualized expense ratio of 1.25%, multiplied by the average account value over the period, multiplied by 181 / 365 (to reflect the one-half year period).

38

MH Elite Portfolio of Funds Trust

BOARD OF TRUSTEES INFORMATION

June 30, 2021 (Unaudited)

The business and affairs of the Funds are managed under the direction of the Funds’ Board of Trustees.  Information pertaining to the Trustees of the Funds is set forth below.  The Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, by calling 1-800-318-7969.   Each Trustee may be contacted by writing to the Trustee c/o MH Elite Portfolio of Funds Trust, 43 Highlander Drive, Scotch Plains, NJ 07076.

All disinterested and interested Trustees serve on the Board of Trustees of each Fund.

Name,Address, and Age	Trustee Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios Overseen Within the Fund Complex	Other Directorships Held Outside of the Fund Complex
DISINTERESTED TRUSTEES
Tom Bontempo 114 Shady Lane Randolph, NJ 07869 57	Independent Trustee	One Year, Since 7-1-2016	JD Power and Associates Vice President Service Industry Sales, previously, Alliance and Partnership Solutions, Senior Vice President	4	None
Howard Samms 4 Surrey Lane Lambertville, NJ 08530 76	Independent Trustee, Chairman of the Board	One Year, Since 7-31-1998 Since 1-1-2005	Retired	4	None
Tice Walker 52 Oak Avenue Metuchen, NJ 08840 52	Independent Trustee	One Year, Since 9-1-2003	Holborn Corporation Senior Vice President; previously, American International Group, Inc. Head Information Analytics Actuary	4	None
INTERESTED TRUSTEES
Jeff Holcombe (a) 8 Guildford Court Annandale, NJ 08801 65	Interested Trustee, Vice-President	One Year, Since 7-31-1998	MH Investment Management, Inc., Vice President	4	None

(a)

Mr. Holcombe is an "interested person" (as defined in the Investment Company Act of 1940) by virtue of his position as co-owner of the Fund's Investment Adviser.

39

MH Elite Portfolio of Funds Trust

BOARD OF TRUSTEES INFORMATION

June 30, 2021 (Unaudited)

Name,Address, and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios Overseen Within the Fund Complex	Other Directorships Held Outside of the Fund Complex
OFFICERS
Harvey Merson 43 Highlander Drive Scotch Plains, NJ 07076 69	President and Chief Compliance Officer	Since 7-31-1998	Portfolio Manager and Registered Investment Adviser	N/A	None
Jeff Holcombe 8 Guildford Court Annandale, NJ 08801 65	Vice President, Chief Information Officer and Trustee	Since 7-31-1998	MH Investment Management, Inc., Vice President	4	None

Trustee Compensation

Each trustee, if any, who is not an “interested trustee” as defined in the Investment Company Act of 1940 is paid $750 annually for each fund he/she oversees by the Adviser.  The Chairman of the Board of Trustees is paid an additional $125 annually per Fund.  The Trustees periodically review their fees to ensure that such fees continue to be appropriate in light of their responsibilities as well as in relation to fees paid to trustees or directors of other mutual fund complexes.  Neither the interested Trustees nor any officer of the Funds receives any compensation from the Funds.

40

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41

MH Elite Portfolio of Funds Trust

43 Highlander Drive

Scotch Plains, NJ 07076

1-800-318-7969

www.mhelite.com

Semi-Annual Report

to

Shareholders

June 30, 2021 (Unaudited)

This report is submitted for the general information of the shareholders of the Funds.  It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ objectives and policies, experience of its management, marketability of shares, and other information.

Investment Adviser

MH Investment Management, Inc.

43 Highlander Drive

Scotch Plains, NJ 07076

Item 2. Code of Ethics.

Not required in Semi-Annual Reports on Form N-CSR.

Item 3. Audit Committee Financial Expert.

Not required in Semi-Annual Reports on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Not required in Semi-Annual Reports on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this Registrant because it is not a “listed issuer” within the meaning of Rule 10A-3 under the Securities Exchange Act of 1934.

Item 6. Investments.

Not applicable to this Registrant as the Registrant does not have any interest in unaffiliated issuers.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this Registrant because it is not a closed-end management investment company.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this Registrant because it is not a closed-end management investment company.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable to this Registrant because it is not a closed-end management investment company.

Item 10. Submission of Matters to a Vote of Securities Holders.

The Registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Directors after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or this Item.

Item 11. Controls and Procedures.

a)

Disclosure Controls and Procedures. Based on an evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) carried out under the supervision and with the participation of the Registrant’s management, including its principal executive and financial officers, within 90 days prior to the filing date of this report on Form N-CSR, the Registrant’s principal executive and financial officers have concluded that the design and operation of the Registrant’s disclosure controls and procedures are effective in providing reasonable assurance that the information required to be disclosed on Form N-CSR is recorded, processed, summarized and reported within the applicable time periods.

b)

Change in Internal Controls Over Financial Reporting. There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this Form N-CSR that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to this Registrant because it is not a closed-end management investment company.

Item 13. Exhibits.

The following exhibits are attached to this Form:

Exhibit No.	Description of Exhibit
13(a)(2)-1	Certification of Principal Executive Officer Required by Section 302 of the Sarbanes-Oxley Act of 2002
13(a)(2)-2	Certification of Principal Financial Officer Required by Section 302 of the Sarbanes-Oxley Act of 2002
13(b)	Certification of Chief Executive Officer and Chief Financial Officer Required by Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

MH Elite Portfolio of Funds Trust

By /s/Harvey Merson

     Harvey Merson

     President (Principal Executive Officer)

Date: August 26, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/Jeff Holcombe

      Jeff Holcombe

      Vice President (Principal Financial Officer)

Date: August 26, 2021