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 811-22753
CCA Investments Trust
(Exact name of registrant as specified in charter)
190 North Canon Dr., Suite 402
Beverly Hills, CA 90210
(Address of principal executive offices)(Zip code)
CT Corporation System
Corporation Trust Center
1300 East 9th Street
Cleveland, OH 44114
(Name and Address of Agent for Service)
With copy to:
Donald S. Mendelsohn
Thompson Hine LLP
312 Walnut Street, 14th Floor
Cincinnati, OH 45202
Registrant's telephone number, including area code: 310-432-0010
Date of fiscal year end: November 30
Date of reporting period: November 30, 2017
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-CSRS 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.
CCA AGGRESSIVE RETURN FUND
Institutional Class Shares (RSKIX)
|
ANNUAL REPORT
NOVEMBER 30, 2017
Series Trust
CCA AGGRESSIVE RETURN FUND
LETTER TO THE SHAREHOLDERS
NOVEMBER 30, 2017 (UNAUDITED)
Adam Checchi
Dear Shareholder,
We are pleased to provide the 2017 annual report on the CCA Aggressive Return Fund (the “Fund”). On October 16, 2017, The CCA Aggressive Return Fund (the “Predecessor Fund”), a series of the CCA Investments Trust, reorganized into a series of the MSS Series Trust. The Fund is a continuation of the Predecessor Fund. Any reference to the Fund in this letter includes both the Fund and Predecessor Fund. This report includes a summary of the twelve months of operations ended November 30, 2017 for the Fund. In addition to this report, information on the Fund can be found on our website at www.ccafunds.com.
As we have previously stated, we created the Fund with one primary goal: seeking to protect and grow our investors’ hard-earned money! We feel the best strategy to pursue in seeking to protect and grow our investors’ savings is to invest in civilization - what we refer to as “owning the world.” We define “owning the world” as an investment strategy that tracks the world’s capital markets. Presently there are approximately $116 trillion of publicly traded assets, comprised of approximately 8,000 stocks and 21,000 bonds across 54 countries and 24 industries. We believe that owning the world’s stocks and bonds is a dependable long-term investment strategy because:
·
Global assets should grow with population and productivity
·
Risk is diversified across the world’s companies and governments; not tied to active security selection (i.e., trying to pick the winners and losers)
·
We believe the world will be always be worth more in the future than it is today as our civilization continues to progress
The Fund’s adviser, Checchi Capital Advisers, LLC (“CCA”), uses technology to assess over 85 different fundamental and behavioral characteristics to determine the appropriate category for each security.1 The Fund captures the performance of the Aggressive category, the top 10% of securities around the world, ranked by these factors.
We encourage you to read through this annual report and the Fund’s prospectus and fact sheets and determine if an investment in the Fund is right for you.
Sincerely,
Adam Checchi
1 For a more detailed explanation of CCA’s risk scoring process, please see the “Principal Investment Strategies” section of the prospectus.
1
CCA AGGRESSIVE RETURN FUND
LETTER TO THE SHAREHOLDERS (CONTINUED)
NOVEMBER 30, 2017 (UNAUDITED)
Management’s Discussion of Performance
Global securities markets performed well in 2017 with both the MSCI ACWI Global Equity Index and the Barclays Global Aggregate Bond Index producing positive results. The CCA Aggressive Return Fund Institutional Class returned 21.4% for the twelve months ended November 30, 2017, compared to 25.3% for the MSCI All Country World Index and 6.5% for the Barclays Global Aggregate Bond Index for the same period. The CCA Aggressive Return Fund Institutional Class returned 5.9% annualized since inception on December 26, 2012.
The CCA Aggressive Return Fund attempts to capture the performance of the 10% of the world’s assets that provide the highest risk/return, as determined by the Fund’s sub-adviser, CCA. To determine which securities have the highest risk/return, CCA periodically scores and ranks the world’s assets and modifies the Fund’s holdings accordingly. As a result, it is difficult to provide an accurate “static” benchmark for the CCA Aggressive Return Fund. Previously, CCA used a blended benchmark of 100% global equity indices to track the performance of the CCA Aggressive Return Fund. However, due to historical Fund asset allocations including substantial amounts of both equity and fixed income securities since inception, CCA determined a change was necessary in its blended benchmark methodology. Therefore, the revised blended benchmark consists of 50% Barclays Global Aggregate Bond Index, 18% MSCI USA Investable Market Index, 20% MSCI EAFE Investable Market Index, and 12% MSCI Emerging Markets Investable Market Index. As of November 30, 2017, the CCA Aggressive Return Fund holdings consisted of approximately 100% equities and no fixed income securities.2
The Fund outperformed its revised blended benchmark by 5.1% for the twelve months ended November 30, 2017. The outperformance was driven primarily by increased volatility in higher risk/return securities which led to differences in asset allocations between the Fund and its revised blended benchmark for significant portions of the year. The Fund incurred annual operating expenses of 0.9%, which is the contractually agreed limit on annual fund expenses charged to the Fund. The 0.9% annual operating expense does not include other fees associated with the Fund, including acquired fund fees and expenses, interest expenses, and other brokerage and trading costs. Please refer to the Fund’s prospectus for more information.3
Excluding Fund operating expenses and management fees, the Fund outperformed its revised blended benchmark by approximately 6.0% for the twelve months ended November 30, 2017.4 CCA expects that the Fund’s performance relative to its revised
2 Asset class allocation excludes cash holdings.
3 CCA has contractually agreed to reduce its fees and to reimburse expenses, at least through March 31, 2018, to ensure that total annual Fund operating expenses after fee waiver and reimbursement (exclusive of any 12b-1 fees, acquired fund fees and expenses, interest expenses, dividend expenses on short sales, taxes, brokerage commissions, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) will not exceed 0.90% of the average daily net assets attributable to the Institutional Class, Investor Class, and Load Class shares, respectively.
4 Returns calculated using the 2017 Aggressive Return Fund blended benchmark performance of 16.3% and deducting annual operating expenses of 0.9%.
2
CCA AGGRESSIVE RETURN FUND
LETTER TO THE SHAREHOLDERS (CONTINUED)
NOVEMBER 30, 2017 (UNAUDITED)
blended benchmark will deviate from year to year, which the Fund experienced in 2017. As a result, it is difficult to provide a “static” benchmark that consistently approximates the performance of the Fund. Changes were made to the blended benchmark in 2016, as noted above, to provide the investor with the most accurate performance benchmark possible. CCA will continue to revisit the Fund’s blended benchmark and the underlying index proportions and adjust accordingly.
3
CCA AGGRESSIVE RETURN FUND
PERFORMANCE ILLUSTRATION
NOVEMBER 30, 2017 (UNAUDITED)
ANNUALIZED TOTAL RETURNS
FOR THE PERIODS ENDED NOVEMBER 30, 2017
FUND/INDEX | ONE YEAR | SINCE INCEPTION | VALUE |
CCA Aggressive Return Fund – Institutional Class | 21.36% | 5.91% | $13,269 |
MSCI USA IMI Index | 22.35% | 15.18% | $20,071 |
MSCI EAFE IMI Index | 28.64% | 8.35% | $14,849 |
MSCI Emerging Markets IMI Index | 32.61% | 4.02% | $12,142 |
MSCI All Country World Index | 25.30% | 10.79% | $16,570 |
Barclays Global Aggregate Bond Index | 6.53% | 0.73% | $10,364 |
Prior Blended Benchmark | 26.92% | 9.63% | $15,735 |
New Blended Benchmark | 16.29% | 5.27% | $12,880 |
Since inception returns assumes inception date of December 26, 2012 for the Institutional Class shares.
This chart assumes an initial investment of $10,000 made on the closing of December 26, 2012. Total return is based on the net change in NAV and assumes reinvestment of all dividends and other distributions. Performance figures represent past performance which is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.
The Fund imposes a 2.00% redemption fee on shares redeemed within 60 days.
MSCI USA IMI Index – A proxy for the Total U.S. Equity Market, the MSCI USA Investable Market Index is designed to measure the performance of the large, mid and small cap segments of the U.S. market. Investors cannot invest directly in an index.
MSCI EAFE IMI Index – A proxy for the Total Developed Equity Market excluding North America, the MSCI EAFE Investable Market Index is designed to measure the performance of the large, mid and small cap segments of the developed markets, excluding North America.
MSCI Emerging Markets IMI Index – A proxy for the Total Emerging Equity Market, the MSCI Emerging Markets Investable Market Index is designed to measure the performance of the large, mid and small cap segments of the emerging markets.
MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
Barclays Global Aggregate Bond Index – A proxy for the Total Global Investment Grade Bond Market, the Barclays Global Aggregate Bond Index is designed to measure the performance of the global investment grade bond markets.
The prior blended benchmark consists of 35% MSCI USA Investable Market Index, 40% MSCI EAFE Investable Market Index and 25% MSCI Emerging Markets Investable Market Index.
The new blended benchmark consists of 50% Barclays Global Aggregate Bond Index, 18% MSCI USA Investable Market Index, 20% MSCI EAFE Investable Market Index, and 12% MSCI Emerging Markets Investable Market Index.
The Fund's total annual operating expenses before fee waivers, per the September 26, 2017 prospectus, is 1.86% for the Institutional Class. After fee waivers, the Fund's total annual operating expenses are 1.13% for the Institutional Class.
4
CCA AGGRESSIVE RETURN FUND
PORTFOLIO ILLUSTRATION
NOVEMBER 30, 2017 (UNAUDITED)
The following chart gives a visual breakdown of the Fund by investment type or industry sector of the underlying securities as on November 30, 2017, represented as a percentage of the portfolio of investments. Below categories are from Morningstar®.
5
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
COMMON STOCKS - 76.21% |
|
|
| ||
|
|
|
|
|
|
Advertising & Marketing |
|
|
| ||
800 |
| Cyber Agent, Inc. (Japan) | $ 27,208 |
|
|
2,400 |
| Relia, Inc. (Japan) | 27,024 |
|
|
|
|
| 54,232 |
| 0.15% |
Aerospace & Defense |
|
|
| ||
302 |
| Heico Corp. | 27,289 |
|
|
361 |
| Heico Corp. Class A | 27,400 |
|
|
978 |
| Honeywell International, Inc. | 152,529 |
|
|
368 |
| Lockheed Martin Corp. | 117,436 |
|
|
211 |
| Rockwell Collins, Inc. | 27,917 |
|
|
769 |
| The Boeing Co. | 212,859 |
|
|
|
|
| 565,430 |
| 1.50% |
Air Freight & Logistics |
|
|
| ||
348 |
| FedEx Corp. | 80,548 |
|
|
891 |
| United Parcel Service, Inc. Class B | 108,212 |
|
|
|
|
| 188,760 |
| 0.52% |
Air Transportation, Scheduled |
|
|
| ||
202 |
| Allegiant Travel Co. | 30,704 |
|
|
500 |
| Toyota Industries Corp. (Japan) | 30,947 |
|
|
|
|
| 61,651 |
| 0.17% |
Airlines |
|
|
| ||
616 |
| American Airlines Group, Inc. | 31,102 |
|
|
918 |
| Delta Air Lines, Inc. | 48,581 |
|
|
758 |
| Southwest Airlines Co. | 45,988 |
|
|
821 |
| Spirit Airlines, Inc. * | 34,999 |
|
|
489 |
| United Continental Holdings, Inc. * | 30,963 |
|
|
|
|
| 191,633 |
| 0.53% |
Application Software |
|
|
| ||
25,300 |
| Tencent Holdings Ltd. ADR | 1,289,085 |
|
|
900 |
| TKC Corp. (Japan) | 30,809 |
|
|
|
|
| 1,319,894 |
| 3.67% |
Auto Components |
|
|
| ||
2,728 |
| Bridgestone Corp. ADR | 62,247 |
|
|
980 |
| Dana, Inc. | 32,379 |
|
|
2,689 |
| Denso Corp. ADR | 76,029 |
|
|
1,500 |
| Nissin Kogyo Co. Ltd. (Japan) | 29,211 |
|
|
1,100 |
| Nok Corp. (Japan) | 26,686 |
|
|
454 |
| Tenneco, Inc. | 26,972 |
|
|
|
|
| 253,524 |
| 0.70% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
6
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
7
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
| ||
Automobiles |
|
|
| ||
3,332 |
| Honda Motor Co. Ltd. ADR | $ 111,089 |
|
|
7,400 |
| Nissan Motor Co. Ltd. (Japan) | 71,495 |
|
|
1,200 |
| Subaru Corp. (Japan) | 39,097 |
|
|
800 |
| Suzuki Motor Corp. (Japan) | 42,908 |
|
|
222 |
| Tesla, Inc. * | 68,565 |
|
|
2,992 |
| Toyota Motor Corp. ADR | 378,009 |
|
|
|
|
| 711,163 |
| 1.98% |
Automotive Wholesalers |
|
|
| ||
1,700 |
| Autobacs Seven Co. Ltd. (Japan) | 32,487 |
| 0.09% |
|
|
|
|
|
|
Banks |
|
|
| ||
9,910 |
| Banco Bradesco SA ADR | 97,019 |
|
|
500 |
| Daishi Bank Ltd. (Japan) | 21,778 |
|
|
1,449 |
| First Horizon National Corp. | 28,096 |
|
|
14,048 |
| Itau Unibanco Holding SA ADR | 176,302 |
|
|
1,000 |
| Kasikornbank PCL ADR | 28,900 |
|
|
25,607 |
| Mitsubishi UFJ Financial Group, Inc. ADR | 182,578 |
|
|
46,600 |
| Mizuho Financial Group, Inc. (Japan) | 84,375 |
|
|
12,709 |
| Sumitomo Mitsui Financial Group, Inc. ADR | 104,214 |
|
|
321 |
| Texas Capital Bancshares, Inc. * | 29,002 |
|
|
1,100 |
| Tokyo TY Financial Group, Inc. (Japan) | 29,304 |
|
|
|
|
| 781,568 |
| 2.17% |
Basic and Diversified Chemicals |
|
|
| ||
1,500 |
| Adeka Corp. (Japan) | 25,255 |
|
|
1,400 |
| Air Water, Inc. (Japan) | 29,936 |
|
|
2,500 |
| Asahi Kasei Corp. (Japan) | 31,191 |
|
|
1,500 |
| Daicel Corp. (Japan) | 17,729 |
|
|
|
|
| 104,111 |
| 0.29% |
Beverages |
|
|
| ||
800 |
| Asahi Group Holdings Ltd. (Japan) | 40,543 |
|
|
225 |
| Constellation Brands, Inc. Class A | 48,958 |
|
|
1,690 |
| Kirin Holdings Co. Ltd. ADR | 39,778 |
|
|
1,806 |
| PepsiCo, Inc. | 210,435 |
|
|
2,500 |
| Takara Holdings, Inc. (Japan) | 27,905 |
|
|
5,408 |
| The Coca-Cola Co. | 247,524 |
|
|
|
|
| 615,143 |
| 1.71% |
Biotechnology |
|
|
| ||
297 |
| Alexion Pharmaceuticals, Inc. * | 32,614 |
|
|
943 |
| Amgen, Inc. | 165,647 |
|
|
* Non-Income Producing Security.
ADR - American Depositary Receipt.
8
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
9
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
| ||
Biotechnology (Continued) |
|
|
| ||
278 |
| Biogen, Inc. * | $ 89,563 |
|
|
1,039 |
| Celgene Corp. * | 104,762 |
|
|
1,723 |
| Gilead Sciences, Inc. | 128,846 |
|
|
277 |
| Incyte Corp. * | 27,420 |
|
|
764 |
| Myriad Genetics, Inc. * | 26,457 |
|
|
139 |
| Regeneron Pharmaceuticals, Inc. * | 50,299 |
|
|
326 |
| Vertex Pharmaceuticals, Inc. * | 47,039 |
|
|
|
|
| 672,647 |
| 1.87% |
Building Products |
|
|
| ||
400 |
| Daikin Industries Ltd. (Japan) | 45,892 |
| 0.13% |
|
|
|
|
|
|
Cable & Other Pay Television Services |
|
|
| ||
500 |
| Daifuku Co. Ltd. (Japan) | 27,173 |
| 0.08% |
|
|
|
|
|
|
Canned, Frozen & Preserved Fruit, Veg & Food Specialties |
|
|
| ||
500 |
| Shionogi & Co. Ltd. (Japan) | 27,790 |
| 0.08% |
|
|
|
|
|
|
Capital Markets |
|
|
| ||
715 |
| Franklin Resources, Inc. | 30,995 |
|
|
7,055 |
| Nomura Holdings, Inc. ADR | 42,189 |
|
|
308 |
| Rowe T Price Group, Inc. | 31,699 |
|
|
1,727 |
| The Charles Schwab Corp. | 84,260 |
|
|
|
|
| 189,143 |
| 0.53% |
Chemicals |
|
|
| ||
373 |
| Ecolab, Inc. | 50,698 |
|
|
567 |
| Monsanto Co. | 67,099 |
|
|
2,482 |
| Platform Specialty Products Co. * | 24,696 |
|
|
684 |
| PolyOne Corp. | 31,608 |
|
|
329 |
| PPG Industries, Inc. | 38,444 |
|
|
370 |
| Praxair, Inc. | 56,950 |
|
|
2,864 |
| Shin-Etsu Chemical Co. Ltd. ADR | 75,323 |
|
|
121 |
| The Sherwin-Williams Co. | 48,330 |
|
|
|
|
| 393,148 |
| 1.09% |
Chemicals & Allied Products |
|
|
| ||
885 |
| GCP Applied Technologies, Inc. * | 28,984 |
|
|
439 |
| Ingevity Corp. * | 34,940 |
|
|
|
|
| 63,924 |
| 0.18% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
10
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
11
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
| ||
Commercial Services & Supplies |
|
|
| ||
499 |
| Healthcare Service Group, Inc. | $ 25,913 |
|
|
1,000 |
| Park24 Co. Ltd. (Japan) | 24,580 |
|
|
300 |
| Secom Co. Ltd. (Japan) | 22,415 |
|
|
|
|
| 72,908 |
| 0.20% |
Commercial Vehicles |
|
|
| ||
3,000.00 |
| Shinmaywa Industries Ltd. (Japan) | 28,691 |
| 0.08% |
|
|
|
|
|
|
Communications Equipment |
|
|
| ||
369 |
| Interdigital, Inc. | 28,081 |
|
|
1,914 |
| QUALCOMM, Inc. | 126,975 |
|
|
384 |
| ViaSat, Inc. * | 28,508 |
|
|
|
|
| 183,564 |
| 0.51% |
Computer Communications Equipment |
|
|
| ||
123 |
| Arista Networks, Inc. * | 28,674 |
| 0.08% |
|
|
|
|
|
|
Computer Peripheral Equipment |
|
|
| ||
1,627 |
| FireEye, Inc. * | 23,006 |
| 0.06% |
|
|
|
|
|
|
Construction & Engineering |
|
|
| ||
397 |
| Emcor Group, Inc. * | 32,066 |
| 0.09% |
|
|
|
|
|
|
Construction and Mining Machinery |
|
|
| ||
668 |
| Atlas Copco Ab (Sweden) | 28,698 |
| 0.08% |
|
|
|
|
|
|
Construction Materials |
|
|
| ||
6,000 |
| Sumitomo Osaka Cement Co. Ltd. (Japan) | 28,025 |
| 0.08% |
|
|
|
|
|
|
Consumer Electronic & Appliance Stores |
|
|
| ||
1,100 |
| Ai Holdings Corp. (Japan) | 26,110 |
|
|
1,700 |
| Casio Computer Co. Ltd. (Japan) | 24,788 |
|
|
|
|
| 50,898 |
| 0.14% |
Consumer Electronics |
|
|
| ||
1,300 |
| Nikon Corp. (Japan) | 25,708 |
| 0.07% |
|
|
|
|
|
|
Consumer Finance |
|
|
| ||
1,300 |
| Aeon Financial Services Co. Ltd. (Japan) | 28,756 |
|
|
1,120 |
| American Express Co. | 109,435 |
|
|
1,300 |
| Credit Saison Co. Ltd. (Japan) | 24,923 |
|
|
1,009 |
| Synchrony Financial | 36,213 |
|
|
|
|
| 199,327 |
| 0.55% |
* Non-Income Producing Security.
12
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
13
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
| ||
Containers & Packaging |
|
|
| ||
1,126 |
| Owens Illinois, Inc. * | $ 27,272 |
| 0.08% |
|
|
|
|
|
|
Crude Petroleum & Natural Gas |
|
|
| ||
549 |
| PDC Energy, Inc. * | 25,227 |
| 0.07% |
|
|
|
|
|
|
Department Stores |
|
|
| ||
2,500 |
| Isetan Mitsukoshi Holdings Ltd. (Japan) | 28,838 |
| 0.08% |
|
|
|
|
|
|
Diversified Consumer Services |
|
|
| ||
306 |
| Grand Canyon Education, Inc. * | 29,058 |
| 0.08% |
|
|
|
|
|
|
Diversified Financial Services |
|
|
| ||
752 |
| Intercontinental Exchange, Inc. | 53,730 |
|
|
244 |
| Moody's Corp. | 37,044 |
|
|
2,200 |
| ORIX Corp. (Japan) | 37,783 |
|
|
|
|
| 128,557 |
| 0.36% |
Educational Services |
|
|
| ||
600 |
| Benesse Holdings, Inc. (Japan) | 21,099 |
| 0.06% |
|
|
|
|
|
|
Electrical Equipment |
|
|
| ||
834 |
| Emerson Electric Co. | 54,060 |
|
|
604 |
| Generac Holdings, Inc. * | 29,699 |
|
|
300 |
| Murata Manufacturing Co. Ltd. (Japan) | 40,400 |
|
|
500 |
| Nidec Corp. (Japan) | 67,799 |
|
|
166 |
| Rockwell Automation, Inc. | 32,051 |
|
|
|
|
| 224,009 |
| 0.62% |
Electrical Power Equipment |
|
|
| ||
4,000 |
| Fuji Electric Co. Ltd. (Japan) | 28,132 |
|
|
3,500 |
| Mitsubishi Electric Corp. (Japan) | 57,576 |
|
|
|
|
| 85,708 |
| 0.24% |
Electromedical & Electrotherapeutic Apparatus |
|
|
| ||
321 |
| Masimo Corp. * | 28,518 |
| 0.08% |
|
|
|
|
|
|
Electronic Components & Accessories |
|
|
| ||
1,000 |
| AAC Technologies Holdings, Inc. (China) | 20,010 |
|
|
400 |
| Furukawa Electric Co. Ltd. (Japan) | 21,099 |
|
|
700 |
| Kyocera Corp. (Japan) | 49,113 |
|
|
1,300 |
| Minebea Mitsumi, Inc. (Japan) | 25,570 |
|
|
|
|
| 115,792 |
| 0.32% |
* Non-Income Producing Security.
14
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
15
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
| ||
Electronic Equipment, Instruments & Components |
|
|
| ||
391 |
| Amphenol Corp. Class A | $ 35,421 |
|
|
907 |
| Hitachi Ltd. ADR | 67,871 |
|
|
142 |
| Littelfuse, Inc. | 28,812 |
|
|
|
|
| 132,104 |
| 0.37% |
Energy Equipment & Services |
|
|
| ||
1,157 |
| Halliburton Co. | 48,339 |
|
|
1,324 |
| Patterson-UTI Energy, Inc. | 28,585 |
|
|
1,849 |
| Schlumberger Ltd. | 116,210 |
|
|
|
|
| 193,134 |
| 0.54% |
Entertainment Content |
|
|
| ||
762 |
| I-Cable Communications Ltd. (Hong Kong) * | 22 |
|
|
898 |
| Lions Gate Entertainment Corp. Class B * | 27,874 |
|
|
1,058 |
| Naspers Ltd. ADR | 284,114 |
|
|
|
|
| 312,010 |
| 0.87% |
Entertainment Facilities |
|
| �� | ||
600 |
| Oriental Land Co. Ltd. (Japan) | 53,232 |
| 0.15% |
|
|
|
|
|
|
Fabricated Metal and Hardware |
|
|
| ||
800 |
| THK Co. Ltd. (Japan) | 29,162 |
| 0.08% |
|
|
|
|
|
|
Factory Automation Equipment |
|
|
| ||
300 |
| FANUC Corp. (Japan) | 74,445 |
| 0.21% |
|
|
|
|
|
|
Fire, Marine & Casualty Insurance |
|
|
| ||
2,300 |
| Mitsubishi Estate Co. Ltd. (Japan) | 40,899 |
| 0.11% |
|
|
|
|
|
|
Flow Control Equipment |
|
|
| ||
700 |
| Nabtesco Corp. (Japan) | 27,257 |
| 0.08% |
|
|
|
|
|
|
Food & Drug Stores |
|
|
| ||
1,200 |
| Arcs Co. Ltd. (Japan) | 27,642 |
|
|
1,200 |
| Heiwado Co. Ltd. (Japan) | 25,809 |
|
|
400 |
| Izumi Co. Ltd. (Japan) | 23,408 |
|
|
2,300 |
| Jardine Strategic Holdings Ltd. (Hong Kong) * | 95,450 |
|
|
400 |
| Matsumotokiyoshi Holdings Co. Ltd. (Japan) | 32,963 |
|
|
500 |
| Yaoko Co. Ltd. (Japan) | 23,488 |
|
|
|
|
| 228,760 |
| 0.64% |
Food & Kindred Products |
|
|
| ||
680 |
| The Hain Celestial Group, Inc. * | 27,948 |
| 0.08% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
16
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
17
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Food & Staples Retailing |
|
|
| ||
248 |
| Casey's General Stores, Inc. | $ 29,946 |
|
|
563 |
| Costco Wholesale Corp. | 103,834 |
|
|
1,324 |
| CVS Health Corp. | 101,418 |
|
|
1,400 |
| Seven & i Holdings Co. Ltd. (Japan) | 57,249 |
|
|
1,152 |
| The Kroger Co. | 29,791 |
|
|
|
|
| 322,238 |
| 0.90% |
Food Products |
|
|
| ||
1,591 |
| Darling Ingredients, Inc. * | 28,558 |
|
|
1,508 |
| Flowers Foods, Inc. | 30,130 |
|
|
716 |
| General Mills, Inc. | 40,497 |
|
|
849 |
| Hormel Foods Corp. | 30,946 |
|
|
255 |
| The Hershey Co. | 28,287 |
|
|
405 |
| TreeHouse Foods, Inc. * | 18,638 |
|
|
|
|
| 177,056 |
| 0.49% |
Footwear, (No Rubber) |
|
|
| ||
1,100 |
| Skechers U.S.A., Inc. Class A * | 38,610 |
| 0.11% |
|
|
|
|
|
|
Gas Utilities |
|
|
| ||
368 |
| ONE Gas, Inc. | 29,164 |
| 0.08% |
|
|
|
|
|
|
Health Care Equipment & Supplies |
|
|
| ||
103 |
| Align Technology, Inc. * | 26,871 |
|
|
701 |
| Baxter International, Inc. | 45,937 |
|
|
292 |
| Becton Dickinson and Co. | 66,637 |
|
|
1,777 |
| Boston Scientific Corp. * | 46,700 |
|
|
94 |
| C R Bard, Inc. | 31,578 |
|
|
273 |
| Edwards Lifesciences Corp. * | 31,996 |
|
|
634 |
| Haemonetics Corp. * | 36,645 |
|
|
591 |
| Halyard Health, Inc. * | 28,687 |
|
|
600 |
| Hoya Corp. (Japan) | 29,027 |
|
|
144 |
| Intuitive Surgical, Inc. * | 57,568 |
|
|
2,000 |
| Nipro Corp. (Japan) | 28,842 |
|
|
481 |
| Stryker Corp. | 75,036 |
|
|
600 |
| Terumo Corp. (Japan) | 28,665 |
|
|
258 |
| Zimmer Biomet Holdings, Inc. | 30,212 |
|
|
|
|
| 564,401 |
| 1.57% |
Health Care Providers & Services |
|
|
| ||
589 |
| Acadia Healthcare Co., Inc. * | 18,748 |
|
|
301 |
| Centene Corp. * | 30,729 |
|
|
140 |
| Chemed Corp. | 34,432 |
|
|
* Non-Income Producing Security.
18
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
19
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Health Care Providers & Services (Continued) |
|
|
| ||
319 |
| Cigna Corp. | $ 67,542 |
|
|
738 |
| Express Scripts Holding Co. * | 48,103 |
|
|
466 |
| HCA Healthcare, Inc. * | 39,610 |
|
|
271 |
| IQVIA Holdings, Inc. * | 27,645 |
|
|
273 |
| McKesson Corp. | 40,333 |
|
|
628 |
| Mednax, Inc. * | 31,268 |
|
|
800 |
| PeptiDream, Inc. (Japan) * | 26,604 |
|
|
1,255 |
| UnitedHealth Group, Inc. | 286,353 |
|
|
|
|
| 651,367 |
| 1.81% |
Health Care Supply Chain |
|
|
| ||
1,000 |
| Medipal Holdings Corp. (Japan) | 19,350 |
|
|
700 |
| Suzuken Co. Ltd. (Japan) | 27,599 |
|
|
|
|
| 46,949 |
| 0.13% |
Health Care Technology |
|
|
| ||
1,943 |
| Allscripts Healthcare Solutions, Inc. * | 27,785 |
|
|
431 |
| Cerner Corp. * | 30,467 |
|
|
|
|
| 58,252 |
| 0.16% |
Home Improvement |
|
|
| ||
200 |
| Rinnai Corp. (Japan) | 17,884 |
| 0.05% |
|
|
|
|
|
|
Home Product Stores |
|
|
| ||
14,381 |
| Steinhoff International Holdings N.V. (South Africa) | 59,152 |
| 0.16% |
|
|
|
|
|
|
Homebuilders |
|
|
| ||
2,200 |
| Haseko Corp. (Japan) | 34,051 |
|
|
13 |
| Lennar Corp. Class B | 650 |
|
|
|
|
| 34,701 |
| 0.10% |
Hospital & Medical Service Plans |
|
|
| ||
304 |
| Molina Healthcare, Inc. * | 23,785 |
| 0.07% |
|
|
|
|
|
|
Hotels & Motels |
|
|
| ||
1,377 |
| Extended Stay America, Inc. | 24,056 |
| 0.07% |
|
|
|
|
|
|
Hotels, Restaurants & Leisure |
|
|
| ||
255 |
| Buffalo Wild Wings, Inc. * | 39,767 |
|
|
275 |
| Jack In The Box, Inc. | 28,465 |
|
|
1,019 |
| Las Vegas Sands Corp. | 70,606 |
|
|
460 |
| Marriott International, Inc. | 58,420 |
|
|
1,022 |
| McDonalds Corp. | 175,753 |
|
|
735 |
| MGM Resorts International | 25,078 |
|
|
* Non-Income Producing Security.
20
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
21
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
| ||
Hotels, Restaurants & Leisure (Continued) |
|
|
| ||
1,836 |
| Starbucks Corp. | $ 106,158 |
|
|
436 |
| Yum! Brands, Inc. | 36,393 |
|
|
|
|
| 540,640 |
| 1.50% |
Household Durables |
|
|
| ||
95 |
| Mohawk Industries, Inc. * | 26,848 |
|
|
4,099 |
| Panasonic Corp. ADR | 61,563 |
|
|
2,104 |
| Sony Corp. ADR | 98,467 |
|
|
440 |
| Tempur Sealy International, Inc. * | 25,480 |
|
|
456 |
| Tupperware Brands Corp. | 28,783 |
|
|
|
|
| 241,141 |
| 0.67% |
Household Products |
|
|
| ||
1,136 |
| Colgate-Palmolive Co. | 82,303 |
|
|
800 |
| Kao Corp. (Japan) | 52,840 |
|
|
500 |
| Pigeon Corp. (Japan) | 19,070 |
|
|
207 |
| The Clorox Co. | 28,833 |
|
|
|
|
| 183,046 |
| 0.51% |
IT Services |
|
|
| ||
1,106 |
| Acxiom Corp. * | 30,138 |
|
|
568 |
| Automatic Data Processing, Inc. | 65,013 |
|
|
4,504 |
| Cielo SA ADR | 31,798 |
|
|
756 |
| Cognizant Technology Solutions Corp. Class A | 54,644 |
|
|
597 |
| CoreLogic, Inc. * | 26,035 |
|
|
501 |
| DST Systems, Inc. | 31,353 |
|
|
427 |
| Fidelity National Information Services, Inc. | 40,279 |
|
|
266 |
| Fiserv, Inc. * | 34,966 |
|
|
156 |
| FleetCor Technologies, Inc. * | 28,372 |
|
|
1,189 |
| International Business Machines Corp. | 183,070 |
|
|
1,343 |
| Mastercard, Inc. | 202,081 |
|
|
423 |
| Maximus, Inc. | 29,221 |
|
|
818 |
| Teradata Corp. * | 31,092 |
|
|
2,331 |
| Visa, Inc. Class A | 262,447 |
|
|
|
|
| 1,050,509 |
| 2.92% |
Industrial Conglomerates |
|
|
| ||
763 |
| 3M Co. | 185,516 |
|
|
897 |
| Danaher Corp. | 84,641 |
|
|
132 |
| Roper Technologies, Inc. | 35,272 |
|
|
1,829 |
| Toshiba Corp. ADR * | 27,397 |
|
|
|
|
| 332,826 |
| 0.93% |
Industrial Instruments For Measurement, Display, And Control |
|
|
| ||
448 |
| Fortive Corp. | 33,443 |
| 0.09% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
22
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
23
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Industrial Machinery |
|
|
| ||
200 |
| Hoshizaki Corp. (Japan) | $ 18,985 |
| 0.05% |
|
|
|
|
|
|
Infrastructure Construction |
|
|
| ||
3,200 |
| JGC Corp.(Japan) | 55,440 |
|
|
700 |
| Kyudenko Corp. (Japan) | 33,069 |
|
|
|
|
| 88,509 |
| 0.25% |
Institutional Brokerage |
|
|
| ||
4,700 |
| Tokai Tokyo Financial Holdings, Inc. (Japan) | 30,300 |
| 0.08% |
|
|
|
|
|
|
Insurance |
|
|
| ||
2,200 |
| Dai-ichi Life Insurance Co. (Japan) | 44,855 |
|
|
1,100 |
| MS&AD Insurance Group Holdings, Inc. (Japan) | 35,702 |
|
|
|
|
| 80,557 |
| 0.22% |
Insurance Services and Other |
|
|
| ||
2 |
| Trisura Group Ltd. (Canada) * | 41 |
| 0.00% |
|
|
|
|
|
|
Internet & Catalog Retail |
|
|
| ||
617 |
| Amazon.com, Inc. * | 726,055 |
|
|
11,202 |
| Groupon, Inc. * | 63,179 |
|
|
3,650 |
| JD.com, Inc. ADR * | 136,692 |
|
|
556 |
| Netflix, Inc. * | 104,294 |
|
|
63 |
| The Priceline Group, Inc. * | 109,602 |
|
|
|
|
| 1,139,822 |
| 3.17% |
Internet Based Services |
|
|
| ||
1,100 |
| Dip Corp. (Japan) | 28,483 |
|
|
600 |
| En-Japan, Inc. (Japan) | 27,038 |
|
|
|
|
| 55,521 |
| 0.15% |
Internet Media |
|
|
| ||
500 |
| Mixi, Inc. (Japan) | 23,177 |
|
|
9,500 |
| Yahoo Japan Corp. (Japan) | 43,277 |
|
|
|
|
| 66,454 |
| 0.18% |
Internet Software & Services |
|
|
| ||
6,568 |
| Alibaba Group Holding Ltd. ADR * | 1,163,061 |
|
|
701 |
| Baidu, Inc. ADR * | 167,245 |
|
|
1,370 |
| eBay, Inc. * | 47,498 |
|
|
3,085 |
| Facebook, Inc. Class A * | 546,600 |
|
|
339 |
| NetEase, Inc. ADR | 111,433 |
|
|
500 |
| Tencent Holdings Ltd. (China) | 25,588 |
|
|
610 |
| Yelp, Inc. Class A * | 27,175 |
|
|
|
|
| 2,088,600 |
| 5.81% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
24
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
25
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
| ||
Laboratory Analytical Instruments |
|
|
| ||
547 |
| Integra LifeSciences Holdings Corp. * | $ 26,595 |
| 0.07% |
|
|
|
|
|
|
Large Pharmaceuticals |
|
|
| ||
3,400 |
| Astellas Pharma, Inc. (Japan) | 43,054 |
| 0.12% |
|
|
|
|
|
|
Life Insurance |
|
|
| ||
17,500 |
| Ping An Insurance Group Co. of China Ltd. Class H (China) | 172,507 |
| 0.48% |
|
|
|
|
|
|
Life Sciences Tools & Services |
|
|
| ||
413 |
| Agilent Technologies, Inc. | 28,596 |
|
|
191 |
| Illumina, Inc. * | 43,936 |
|
|
515 |
| Thermo Fisher Scientific, Inc. | 99,271 |
|
|
|
|
| 171,803 |
| 0.48% |
Lodging |
|
|
| ||
700 |
| Hilton Grand Vacations, Inc. * | 27,979 |
|
|
100 |
| Nitori Holdings Co. Ltd. (Japan) | 16,281 |
|
|
1,500 |
| Resort Trust, Inc. (Japan) | 32,714 |
|
|
|
|
| 76,974 |
| 0.21% |
Machinery |
|
|
| ||
761 |
| Caterpillar, Inc. | 107,415 |
|
|
214 |
| Cummins, Inc. | 35,824 |
|
|
438 |
| Illinois Tool Works, Inc. | 74,131 |
|
|
1,600 |
| Komatsu Ltd. (Japan) | 49,444 |
|
|
2,000 |
| Kubota Corp. (Japan) | 37,651 |
|
|
457 |
| PACCAR, Inc. | 32,141 |
|
|
174 |
| Parker-Hannifin Corp. | 32,623 |
|
|
100 |
| SMC Corp. (Japan) | 40,377 |
|
|
198 |
| Stanley Black & Decker, Inc. | 33,587 |
|
|
617 |
| Terex Corp. | 28,851 |
|
|
173 |
| Valmont Industries, Inc. | 29,894 |
|
|
|
|
| 501,938 |
| 1.40% |
Marine |
|
|
| ||
412 |
| Kirby Corp. * | 27,728 |
| 0.08% |
|
|
|
|
|
|
Mass Merchants |
|
|
| ||
500 |
| Seria Co. Ltd. (Japan) | 31,553 |
| 0.09% |
|
|
|
|
|
|
Measurement Instruments |
|
|
| ||
200 |
| Keyence Corp. (Japan) | 115,280 |
| 0.32% |
* Non-Income Producing Security.
26
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
27
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Media |
|
|
| ||
463 |
| CBS Corp. Class B | $ 25,956 |
|
|
6,074 |
| Comcast Corp. Class A | 228,018 |
|
|
1,352 |
| Discovery Communications, Inc. * | 24,444 |
|
|
292 |
| Liberty Broadband Corp. Class A * | 25,027 |
|
|
561 |
| Naspers Ltd. (South Africa) | 30,659 |
|
|
6,088 |
| Sirius XM Holdings, Inc. | 33,484 |
|
|
2,019 |
| The Walt Disney Co. | 211,632 |
|
|
1,383 |
| Twenty-First Century Fox, Inc. Class A | 44,173 |
|
|
|
|
| 623,393 |
| 1.73% |
Metals & Mining |
|
|
| ||
1,500 |
| Nippon Steel & Sumitomo Metal Corp. (Japan) | 36,244 |
|
|
1,020 |
| Southern Copper Corp. (Peru) | 42,891 |
|
|
|
|
| 79,135 |
| 0.22% |
Metalworking Machinery & Equipment |
|
|
| ||
1,600 |
| DMG Mori Co. Ltd. (Japan) | 31,925 |
| 0.09% |
|
|
|
|
|
|
Mining, Quarrying Of Nonmetallic Minerals (No Fuels) |
|
|
| ||
876 |
| Us Silica Holdings, Inc. | 29,057 |
| 0.08% |
|
|
|
|
|
|
Motor Vehicle Parts & Accessories |
|
|
| ||
222 |
| Visteon Corp. * | 29,235 |
| 0.08% |
|
|
|
|
|
|
Multiline Retail |
|
|
| ||
519 |
| Big Lots, Inc. | 30,673 |
|
|
353 |
| Dollar General Corp. | 31,092 |
|
|
306 |
| Dollar Tree, Inc. * | 31,445 |
|
|
|
|
| 93,210 |
| 0.26% |
Non-Residential Building Construction |
|
|
| ||
3,000 |
| Toda Corp. (Japan) | 23,869 |
| 0.07% |
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
| ||
737 |
| Anadarko Petroleum Corp. | 35,442 |
|
|
195 |
| Concho Resources, Inc. * | 27,273 |
|
|
628 |
| Continental Resources, Inc. * | 29,723 |
|
|
759 |
| EOG Resources, Inc. | 77,661 |
|
|
2,400 |
| Inpex Corp. (Japan) | 26,960 |
|
|
502 |
| ONEOK, Inc. | 26,054 |
|
|
225 |
| Pioneer Natural Resources Co. | 35,109 |
|
|
1,420 |
| Range Resources Corp. | 25,588 |
|
|
* Non-Income Producing Security.
28
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
29
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Oil, Gas & Consumable Fuels (Continued) |
|
|
| ||
1,465 |
| SM Energy Co. | $ 30,238 |
|
|
1,085 |
| The Williams Cos., Inc. | 31,519 |
|
|
|
|
| 345,567 |
| 0.96% |
Operators Of Nonresidential Buildings |
|
|
| ||
1,301 |
| Brookfield Asset Management, Inc. Class A (Canada) | 53,991 |
| 0.15% |
|
|
|
|
|
|
Other Hardware |
|
|
| ||
1,000 |
| Sunny Optical Technology Group Co. Ltd. (China) | 16,643 |
| 0.05% |
|
|
|
|
|
|
P&C Insurance |
|
|
| ||
700 |
| Sompo Holdings, Inc. (Japan) | 28,171 |
|
|
1,400 |
| Tokio Marine Holdings, Inc. (Japan) | 61,663 |
|
|
|
|
| 89,834 |
| 0.25% |
Packaged Food |
|
|
| ||
400 |
| Ezaki Glico Co. Ltd. (Japan) | 19,714 |
|
|
1,100 |
| Fujicco Co. Ltd. (Japan) | 24,801 |
|
|
900 |
| House Foods Group, Inc. (Japan) | 29,251 |
|
|
1,000 |
| Kewpie Corp. (Japan) | 25,619 |
|
|
300 |
| Meiji Holdings Co. Ltd. (Japan) | 26,054 |
|
|
400 |
| Morinaga & Co. Ltd. (Japan) | 19,998 |
|
|
900 |
| Nichirei Corp. (Japan) | 26,054 |
|
|
5,400 |
| Nippon Suisan Kaisha Ltd. (Japan) | 29,443 |
|
|
4,000 |
| Prima Meat Packers Ltd. (Japan) | 27,741 |
|
|
700 |
| Toyo Suisan Kaisha Ltd. (Japan) | 29,712 |
|
|
1,300 |
| Yamazaki Baking Co. Ltd. (Japan) | 25,004 |
|
|
|
|
| 283,391 |
| 0.79% |
Paper & Forest Products |
|
|
| ||
1,255 |
| KapStone Paper & Packaging Corp. | 27,899 |
|
|
963 |
| Louisiana-Pacific Corp. * | 26,588 |
|
|
|
|
| 54,487 |
| 0.15% |
Personal Credit Institutions |
|
|
| ||
200 |
| Nintendo Co. Ltd. (Japan) | 80,275 |
| 0.22% |
|
|
|
|
|
|
Personal Products |
|
|
| ||
291 |
| The Estee Lauder Cos., Inc. Class A | 36,326 |
| 0.10% |
|
|
|
|
|
|
Pharmaceutical Preparations |
|
|
| ||
726 |
| Acadia Pharmaceuticals, Inc. * | 21,962 |
|
|
830 |
| Akorn, Inc. * | 27,016 |
|
|
* Non-Income Producing Security.
30
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
31
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
| ||
Pharmaceutical Preparations (Continued) |
|
|
| ||
205 |
| Ligand Pharmaceuticals, Inc. Class B * | $ 27,029 |
|
|
587 |
| Portola Pharmaceuticals, Inc. * | 29,790 |
|
|
748 |
| The Medicines Co. * | 21,692 |
|
|
|
|
| 127,489 |
| 0.35% |
Pharmaceuticals |
|
|
| ||
2,065 |
| AbbVie, Inc. | 200,140 |
|
|
1,100 |
| Daiichi Sankyo Co. Ltd. (Japan) | 26,452 |
|
|
500 |
| Eisai Co. Ltd. (Japan) | 28,287 |
|
|
1,000 |
| Otsuka Holdings Co. Ltd. (Japan) | 44,169 |
|
|
1,549 |
| Roche Holding AG ADR | 48,917 |
|
|
2,865 |
| Takeda Pharmaceutical Co. Ltd. ADR | 79,275 |
|
|
619 |
| Zoetis, Inc. | 44,747 |
|
|
|
|
| 471,987 |
| 1.31% |
Plastics Products, Nec |
|
|
| ||
970 |
| Entegris, Inc. | 29,391 |
| 0.08% |
|
|
|
|
|
|
Printing Services |
|
|
| ||
2,000 |
| Toppan Printing Co. Ltd. (Japan) | 18,577 |
| 0.05% |
|
|
|
|
|
|
Professional Services |
|
|
| ||
2,800 |
| Recruit Holdings Co. Ltd. (Japan) | 65,815 |
|
|
239 |
| The Dun & Bradstreet Corp. | 29,423 |
|
|
|
|
| 95,238 |
| 0.26% |
Publishing & Broadcasting |
|
|
| ||
1,900 |
| Fuji Media Holdings, Inc. (Japan) | 28,244 |
| 0.08% |
|
|
|
|
|
|
Pumps & Pumping Equipment |
|
|
| ||
676 |
| Colfax Corp. * | 25,188 |
| 0.07% |
|
|
|
|
|
|
Real Estate Management & Development |
|
|
| ||
1,200 |
| Daiwa House Industry Co. Ltd. (Japan) | 43,839 |
|
|
1,600 |
| Mitsui Fudosan Co. Ltd. (Japan) | 36,031 |
|
|
1,200 |
| Nomura Real Estate Holdings, Inc. (Japan) | 27,578 |
|
|
830 |
| Realogy Holdings Corp. | 23,165 |
|
|
4,400 |
| Tokyu Fudosan Holdings Corp. (Japan) | 31,648 |
|
|
|
|
| 162,261 |
| 0.45% |
Real Estate Services |
|
|
| ||
700 |
| Open House Co. Ltd. (Japan) | 34,437 |
| 0.10% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
32
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
33
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Refining & Marketing |
|
|
| ||
6,200 |
| JXTG Holdings, Inc. (Japan) | $ 34,685 |
|
|
2,300 |
| Showa Shell Sekiyu KK (Japan) | 29,247 |
|
|
|
|
| 63,932 |
| 0.18% |
Restaurants |
|
|
| ||
668 |
| Yum China Holdings, Inc. (China) | 27,274 |
| 0.08% |
|
|
|
|
|
|
Retail-Eating Places |
|
|
| ||
558 |
| Texas Roadhouse, Inc. | 28,497 |
| 0.08% |
|
|
|
|
|
|
Retail-Home Furniture, Furnishings & Equipment Stores |
|
|
| ||
535 |
| Williams-Sonoma, Inc. | 27,371 |
| 0.08% |
|
|
|
|
|
|
Retail-Variety Stores |
|
|
| ||
506 |
| Five Below, Inc. * | 31,271 |
| 0.09% |
|
|
|
|
|
|
Road & Rail |
|
|
| ||
720 |
| Avis Budget Group, Inc. * | 27,432 |
|
|
300 |
| Central Japan Railway Co. (Japan) | 55,345 |
|
|
377 |
| Genesee & Wyoming, Inc. Class A * | 29,715 |
|
|
276 |
| Landstar System, Inc. | 28,483 |
|
|
327 |
| Ryder System, Inc. | 26,971 |
|
|
1,016 |
| Union Pacific Corp. | 128,524 |
|
|
|
|
| 296,470 |
| 0.82% |
Search, Detection, Navigation, Guidance, Aeronautical Sys |
|
|
| ||
600 |
| Shiseido Co. Ltd. (Japan) | 29,155 |
| 0.08% |
|
|
|
|
|
|
Security Services |
|
|
| ||
500 |
| Sohgo Security Services Co. Ltd. (Japan) * | 27,661 |
| 0.08% |
|
|
|
|
|
|
Security and Commodity Exchanges |
|
|
| ||
1,500 |
| Japan Exchange Group, Inc. (Japan) | 27,466 |
| 0.08% |
|
|
|
|
|
|
Semiconductor Devices |
|
|
| ||
200 |
| Rohm Co. Ltd. (Japan) | 20,424 |
| 0.06% |
|
|
|
|
|
|
Semiconductor Manufacturing |
|
|
| ||
1,300 |
| Advantest Corp. (Japan) | 25,801 |
| 0.07% |
|
|
|
|
|
|
Semiconductors & Related Devices |
|
|
| ||
518 |
| Cirrus Logic, Inc. * | 28,614 |
| 0.08% |
* Non-Income Producing Security.
The accompanying notes are an integral part of these financial statements.
34
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
| ||
992 |
| Cree, Inc. * | $ 35,256 |
|
|
1,056 |
| Integrated Device Technology, Inc. * | 31,775 |
|
|
301 |
| Microchip Technology, Inc. | 26,184 |
|
|
1,480 |
| Micron Technology, Inc. * | 62,737 |
|
|
337 |
| Silicon Laboratories, Inc. * | 30,701 |
|
|
235 |
| Skyworks Solutions, Inc. | 24,614 |
|
|
746 |
| Synaptics, Inc. * | 28,154 |
|
|
200 |
| Tokyo Electron Ltd. (Japan) | 36,870 |
|
|
|
|
| 276,291 |
| 0.77% |
Services-Business Services, Nec |
|
|
| ||
1,343 |
| Ctrip.com International Ltd. ADR * | 61,885 |
| 0.17% |
|
|
|
|
|
|
Services-Computer Integrated Systems Design |
|
|
| ||
831 |
| NetsScout Systems, Inc. * | 25,803 |
| 0.07% |
|
|
|
|
|
|
Services-Computer Processing & Data Preparation |
|
|
| ||
304 |
| Proofpoint, Inc. * | 27,375 |
| 0.08% |
|
|
|
|
|
|
Services-Prepackaged Software |
|
|
| ||
329 |
| Ellie Mae, Inc. * | 29,080 |
|
|
367 |
| Paycom Software, Inc. * | 30,094 |
|
|
|
|
| 59,174 |
| 0.16% |
Software |
|
|
| ||
1,188 |
| ACI Worldwide, Inc. * | 27,181 |
|
|
968 |
| Activision Blizzard, Inc. | 60,403 |
|
|
637 |
| Adobe Systems, Inc. * | 115,596 |
|
|
284 |
| Autodesk, Inc. * | 31,155 |
|
|
293 |
| Check Point Software Technologies Ltd. (Israel) * | 30,557 |
|
|
446 |
| CommVault Systems, Inc. * | 24,039 |
|
|
396 |
| Electronic Arts, Inc. * | 42,115 |
|
|
194 |
| Fair Isaac Corp. | 30,470 |
|
|
328 |
| Intuit, Inc. | 51,568 |
|
|
1,769 |
| Nuance Communications, Inc. * | 27,490 |
|
|
5,400 |
| Oracle Corp. | 264,924 |
|
|
227 |
| Red Hat, Inc. * | 28,775 |
|
|
922 |
| Salesforce.com, Inc. * | 96,183 |
|
|
224 |
| ServiceNow, Inc. * | 27,552 |
|
|
343 |
| Tableau Software, Inc. Class A * | 24,113 |
|
|
1,301 |
| Verint Systems, Inc. * | 56,919 |
|
|
|
|
| 939,040 |
| 2.61% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
35
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
36
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Specialty Apparel Stores |
|
|
| ||
100 |
| Shimamura Co. Ltd. (Japan) | $ 12,015 |
| 0.03% |
|
|
|
|
|
|
Specialty Chemicals |
|
|
| ||
1,500 |
| JSR Corp. (Japan) | 28,651 |
|
|
200 |
| Nitto Denko Corp. (Japan) | 19,589 |
|
|
500 |
| Taiyo Holdings Co. Ltd. (Japan) | 22,822 |
|
|
1,300 |
| Teijin Ltd. (Japan) | 27,936 |
|
|
|
|
| 98,998 |
| 0.28% |
Specialty Pharmaceuticals |
|
|
| ||
300 |
| Hisamitsu Pharmaceutical Co, Inc. (Japan) | 16,836 |
|
|
97 |
| Idorsia Ltd. (Switzerland) * | 2,087 |
|
|
1,500 |
| Zeria Pharmaceutical Co. Ltd. (Japan) | 28,904 |
|
|
|
|
| 47,827 |
| 0.13% |
Specialty Retail |
|
|
| ||
100 |
| Fast Retailing Co. Ltd. (Japan) | 38,637 |
|
|
785 |
| Foot Locker, Inc. | 33,629 |
|
|
232 |
| Lithia Motors, Inc. Class A | 27,211 |
|
|
1,050 |
| Lowes Cos., Inc. | 87,538 |
|
|
500 |
| Ross Stores, Inc. | 38,015 |
|
|
1,495 |
| The Home Depot, Inc. | 268,831 |
|
|
854 |
| The TJX Cos., Inc. | 64,520 |
|
|
|
|
| 558,381 |
| 1.55% |
Surgical & Medical Instruments & Apparatus |
|
|
| ||
408 |
| Dexcom, Inc. * | 23,839 |
|
|
490 |
| NuVasive, Inc. * | 28,268 |
|
|
|
|
| 52,107 |
| 0.14% |
Technology Hardware, Storage & Peripherals |
|
|
| ||
3,431 |
| 3D Systems Corp. * | 30,296 |
|
|
6,718 |
| Apple, Inc. | 1,154,488 |
|
|
2,468 |
| Canon, Inc. ADR | 94,697 |
|
|
900 |
| FUJIFILM Holdings Corp. (Japan) | 36,619 |
|
|
737 |
| NCR Corp. * | 23,061 |
|
|
368 |
| Western Digital Corp. | 29,020 |
|
|
|
|
| 1,368,181 |
| 3.80% |
Telecom Carriers |
|
|
| ||
4,700 |
| Kddi Corp. (Japan) | 134,181 |
|
|
14,000 |
| Nippon Telegraph & Telephone Corp. (Japan) | 730,877 |
|
|
|
|
| 865,058 |
| 2.40% |
Television Broadcasting Stations |
|
|
| ||
447 |
| Nexstar Media Group, Inc. Class A | 30,351 |
| 0.08% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
37
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
38
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Textile and Textile Products |
|
|
| ||
1,500 |
| Seiren Co. Ltd. (Japan) | $ 28,012 |
| 0.08% |
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods |
|
|
| ||
1,689 |
| NIKE, Inc. | 102,049 |
|
|
642 |
| Steve Madden Ltd. * | 27,445 |
|
|
1,826 |
| Under Armour, Inc. Class A * | 21,784 |
|
|
507 |
| VF Corp. | 36,991 |
|
|
951 |
| Wolverine World Wide, Inc. | 27,550 |
|
|
|
|
| 215,819 |
| 0.60% |
Tobacco |
|
|
| ||
2,463 |
| Altria Group, Inc. | 167,065 |
|
|
3,600 |
| Japan Tobacco, Inc. (Japan) | 118,921 |
|
|
2,016 |
| Philip Morris International, Inc. | 207,144 |
|
|
|
|
| 493,130 |
| 1.37% |
Trading Companies & Distributors |
|
|
| ||
535 |
| Beacon Roofing Supply, Inc. * | 34,283 |
|
|
3,000 |
| ITOCHU Corp. (Japan) * | 51,841 |
|
|
1,983 |
| Mitsubishi Corp. ADR | 100,213 |
|
|
158 |
| Mitsui & Co. Ltd. ADR | 47,885 |
|
|
350 |
| MSC Industrial Direct Co., Inc. Class A | 31,524 |
|
|
2,175 |
| Sumitomo Corp. ADR | 34,017 |
|
|
474 |
| WESCO International, Inc. * | 31,071 |
|
|
|
|
| 330,834 |
| 0.92% |
Transit Services |
|
|
| ||
600 |
| East Japan Railway Co. (Japan) | 57,889 |
|
|
1,000 |
| Nagoya Railroad Co. Ltd. (Japan) | 24,340 |
|
|
|
|
| 82,229 |
| 0.23% |
Transportation Services |
|
|
| ||
439 |
| Gatx Corp. | 27,723 |
| 0.08% |
|
|
|
|
|
|
Utility Networks |
|
|
| ||
600 |
| Toho Gas Co. Ltd. (Japan) | 16,996 |
| 0.05% |
|
|
|
|
|
|
Wholesale-Chemicals & Allied Products |
|
|
| ||
975 |
| Univar, Inc. * | 28,723 |
| 0.08% |
|
|
|
|
|
|
Wholesale-Farm Product Raw Materials |
|
|
| ||
4,000 |
| Nachi-Fujikoshi Corp. (Japan) | 25,077 |
| 0.07% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
39
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
40
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
| ||
1,800 |
| SoftBank Group Corp. (Japan) | $ 151,608 |
|
|
1,070 |
| T-Mobile US, Inc. * | 65,345 |
|
|
919 |
| Vodafone Group Plc. ADR | 28,287 |
|
|
|
|
| 245,240 |
| 0.68% |
|
|
|
|
|
|
Total for Common Stocks (Cost - $25,718,906) | $27,412,703 |
| 76.21% | ||
|
|
|
|
|
|
EXCHANGE TRADED FUNDS - 21.26% |
|
|
| ||
2,604 |
| Global X MSCI Colombia ETF | 25,334 |
|
|
896 |
| Ishares China Index Etf | 19,984 |
|
|
202 |
| iShares China Large-Cap ETF | 9,326 |
|
|
823 |
| iShares Core FTSE 100 UCITS ETF (Ireland) | 8,103 |
|
|
396 |
| iShares EURO STOXX Mid UCITS ETF EUR Dist (Ireland) | 28,305 |
|
|
2,885 |
| iShares FTSE 250 UCITS ETF GBP Dist (Ireland) | 74,627 |
|
|
6,213 |
| iShares MSCI Brazil Capped ETF | 240,443 |
|
|
2,417 |
| iShares MSCI Chile Capped ETF | 108,572 |
|
|
4,866 |
| iShares MSCI Emerging Markets ETF | 224,323 |
|
|
885 |
| iShares MSCI France ETF | 27,754 |
|
|
841 |
| iShares MSCI Germany ETF | 27,955 |
|
|
36,198 |
| iShares MSCI India ETF | 1,258,966 |
|
|
11,151 |
| iShares MSCI Indonesia ETF | 297,509 |
|
|
4,573 |
| iShares MSCI Malaysia ETF | 149,811 |
|
|
1,568 |
| iShares MSCI Mexico Capped ETF | 78,698 |
|
|
5,375 |
| iShares MSCI Philippines ETF | 196,779 |
|
|
1,304 |
| iShares MSCI Poland Capped ETF | 34,843 |
|
|
15,022 |
| iShares MSCI Russia Capped ETF | 509,096 |
|
|
1,047 |
| iShares MSCI South Africa ETF | 67,029 |
|
|
18,065 |
| iShares MSCI South Korea Capped ETF | 1,357,585 |
|
|
819 |
| iShares MSCI Spain Capped ETF | 27,551 |
|
|
21,418 |
| iShares MSCI Taiwan ETF | 794,608 |
|
|
1,951 |
| iShares MSCI Thailand Capped ETF | 174,868 |
|
|
1 |
| Satrix 40 Index Fund (South Africa) | 4 |
|
|
173 |
| SPDR S&P/ASX 200 Fund (Australia) | 7,346 |
|
|
25,476 |
| TOPIX Exchange Traded Fund (Japan) | 417,615 |
|
|
788 |
| VanEck Vectors Egypt Index ETF * | 25,736 |
|
|
9,202 |
| Vanguard Growth ETF | 1,287,360 |
|
|
1,033 |
| Vanguard Small-Cap Growth ETF | 166,292 |
|
|
Total Exchange Traded Funds (Cost - $6,866,947) | $ 7,646,422 |
| 21.26% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
41
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
42
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 1.34% |
|
|
| ||
555 |
| American Tower Corp. | $ 79,881 |
|
|
1,464 |
| Apple Hospitality REIT, Inc. | 28,519 |
|
|
475 |
| Equity Residential | 31,739 |
|
|
109 |
| Essex Property Trust, Inc. | 26,922 |
|
|
1,119 |
| Four Corners Property Trust, Inc. | 29,206 |
|
|
1 |
| Gramercy Property Trust | 29 |
|
|
41 |
| Ichigo Office Reit Investment (Japan) | 28,544 |
|
|
8 |
| Japan Prime Realty Investment Corp. (Japan) | 26,818 |
|
|
5 |
| Kenedix Office Investment Corp. (Japan) | 28,061 |
|
|
685 |
| Prologis, Inc. | 45,368 |
|
|
401 |
| Simon Property Group, Inc. | 64,862 |
|
|
548 |
| Taubman Centers, Inc. | 32,162 |
|
|
1,867 |
| Uniti Group, Inc. | 30,059 |
|
|
1,298 |
| Xenia Hotels & Resorts, Inc. | 28,543 |
|
|
Total Real Estate Investment Trusts (Cost - $476,240) | $ 480,713 |
| 1.34% | ||
|
|
|
|
|
|
MONEY MARKET FUND - 1.30% |
|
|
| ||
469,349 |
| Invesco Short-Term Investments Trust Treasury Portfolio Institutional Class 0.97% ** (Cost - $469,349) | $ 469,349 |
| 1.30% |
|
|
|
|
|
|
|
| Total Investments (Cost - $33,531,442) | $36,009,187 |
| 100.11% |
|
|
|
|
|
|
|
| Other Assets Less Liabilities | (38,689) |
| -0.11% |
|
|
|
|
|
|
|
| Net Assets | $35,970,498 |
| 100.00% |
** Variable Rate Security: The Yield Rate shown represents the rate at November 30, 2017.
43
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
As of November 30, 2017, the breakout of the Fund's portfolio by country was as follows: | |||
|
| Country | % of Net Assets |
|
| Australia | 0.02% |
|
| Canada | 0.15% |
|
| China | 0.73% |
|
| Hong Kong | 0.27% |
|
| Ireland | 0.31% |
|
| Israel | 0.08% |
|
| Japan | 16.94% |
|
| Peru | 0.12% |
|
| South Africa | 0.25% |
|
| Sweden | 0.08% |
|
| Switzerland | 0.01% |
|
| United States | 81.04% |
|
|
| 100.00% |
44
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
45
CCA AGGRESSIVE RETURN FUND
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 2017
Assets: |
|
Investments in Securities, at Value (Cost $33,531,442) | $ 36,009,187 |
Receivables: |
|
Dividends and Interest | 36,518 |
Shareholder Subscription | 96 |
Prepaid Expenses | 18,061 |
Total Assets | 36,063,862 |
Liabilities: |
|
Payables: |
|
Adviser Fees | 64,887 |
Administrative Fees | 500 |
Chief Compliance Officer Fees | 500 |
Distribution Fees | 317 |
Trustee Fees | 600 |
Other Accrued Expenses | 26,560 |
Total Liabilities | 93,364 |
Net Assets | $ 35,970,498 |
|
|
Net Assets Consist of: |
|
Paid In Capital | $ 32,399,695 |
Undistributed Net Investment Income | 87,122 |
Accumulated Realized Gain on Investments and Foreign Currency Transactions | 1,005,936 |
Unrealized Appreciation in Value of Investments | 2,477,745 |
Net Assets | $ 35,970,498 |
|
|
Net Asset Value Per Share |
|
|
|
Institutional Class |
|
Net Assets | $ 35,970,498 |
Shares of beneficial interest outstanding (unlimited shares authorized at no par value) | 2,889,543 |
Net asset value and offering price per share | $ 12.45 |
Minimum Redemption price per share (a) | $ 12.20 |
(a) A redemption fee of 2.00% is imposed in the event of certain redemption transactions occurring within sixty days of purchase.
46
CCA AGGRESSIVE RETURN FUND
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
47
CCA AGGRESSIVE RETURN FUND
STATEMENT OF OPERATIONS
For the year ended NOVEMBER 30, 2017
Investment Income: |
|
Dividends (a) | $ 461,540 |
Interest | 3,519 |
Total Investment Income | 465,059 |
|
|
Expenses: |
|
Advisory Fees | 208,507 |
Distribution Fees: |
|
Investor Class * | 142 |
Load Class * | 138 |
Administrative Fees | 4,550 |
Transfer Agent Fees | 42,222 |
Registration Fees | 32,139 |
Audit Fees | 13,500 |
Legal Fees | 43,368 |
Custody Fees | 50,056 |
Printing Fees | 1,211 |
Insurance Fees | 4,946 |
Compliance Officer Fees | 16,030 |
Trustee Fees | 3,960 |
NASDAQ Fees | 1,800 |
Other Fees | 3,000 |
Total Expenses | 425,569 |
Fees Waived and/or Expenses Reimbursed by the Adviser | (134,275) |
Net Expenses | 291,294 |
|
|
Net Investment Income | 173,765 |
|
|
Realized and Unrealized Gain on Investments and Foreign Currency: |
|
Net Realized Gain on Investments and Foreign Currency Transactions | 2,926,278 |
Capital Gain Distributions from Underlying Funds | 6,471 |
Net Change in Unrealized Appreciation on Investments | 2,059,220 |
Net Realized and Unrealized Gain on Investments and Foreign Currency | 4,991,969 |
|
|
Net Increase in Net Assets Resulting from Operations | $ 5,165,734 |
(a) Net of Foreign withholding taxes of $33,387.
* On June 20, 2017, the Investor Class shares and Load Class shares were liquidated, and both classes of shares were closed.
48
CCA AGGRESSIVE RETURN FUND
STATEMENT OF OPERATIONS
For the year ended NOVEMBER 30, 2017
The accompanying notes are an integral part of these financial statements.
49
CCA AGGRESSIVE RETURN FUND
STATEMENTS OF CHANGES IN NET ASSETS
|
| Year Ended |
| Year Ended |
|
| 11/30/2017 |
| 11/30/2016 |
Increase in Net Assets From Operations: |
|
|
| |
Net Investment Income | $ 173,765 |
| $ 51,018 | |
Net Realized Gain on Investments and Foreign Currency Transactions | 2,926,278 |
| 408,622 | |
Capital Gain Distributions from Underlying Funds | 6,471 |
| 1,091 | |
Net Change in Unrealized Appreciation on Investments | 2,059,220 |
| 544,461 | |
Net Increase in Net Assets Resulting from Operations | 5,165,734 |
| 1,005,192 | |
|
|
|
|
|
Distributions to Shareholders: |
|
|
| |
Net Investment Income: |
|
|
| |
Institutional Class Shares | (90,133) |
| (212,402) | |
Investor Class Shares | (127) |
| (813) | |
Load Class Shares | (169) |
| (713) | |
Total Distributions Paid to Shareholders | (90,429) |
| (213,928) | |
|
|
|
|
|
Capital Share Transactions: |
|
|
| |
Proceeds from Sale of Shares: |
|
|
| |
Institutional Class | 15,499,774 |
| 1,168,241 | |
Investor Class * | 10,589 |
| 18,192 | |
Load Class * | - |
| - | |
Proceeds from Reinvestment of Distributions |
|
|
| |
Institutional Class | 88,062 |
| 208,022 | |
Investor Class * | 127 |
| 813 | |
Load Class * | 169 |
| 713 | |
Cost of Shares Redeemed: |
|
|
| |
Institutional Class | (5,530,335) |
| (1,775,614) | |
Investor Class * | (112,901) |
| (56,689) | |
Load Class * | (103,702) |
| - | |
Redemption Fees | 901 |
| 50 | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 9,852,684 |
| (436,272) | |
|
|
|
|
|
Net Increase in Net Assets | 14,927,989 |
| 354,992 | |
|
|
|
|
|
Net Assets: |
|
|
|
|
Beginning of Year | 21,042,509 |
| 20,687,517 | |
End of Year (Including Undistributed Net Investment Income |
|
|
| |
of $87,122 and $3,786, respectively) | $35,970,498 |
| $21,042,509 | |
|
|
|
|
|
Share Activity |
|
|
|
|
Institutional Class: |
|
|
| |
Shares Sold |
| 1,347,959 |
| 122,729 |
Shares Reinvested | 8,363 |
| 21,270 | |
Shares Redeemed | (489,121) |
| (181,483) | |
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 867,201 |
| (37,484) |
50
CCA AGGRESSIVE RETURN FUND
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
51
CCA AGGRESSIVE RETURN FUND
STATEMENTS OF CHANGES IN NET ASSETS
|
| Year Ended |
| Year Ended |
|
| 11/30/2017 |
| 11/30/2016 |
Investor Class: * |
|
|
| |
Shares Sold |
| 963 |
| 1,790 |
Shares Reinvested | 12 |
| 83 | |
Shares Redeemed | (9,790) |
| (5,536) | |
Net Decrease in Shares of Beneficial Interest Outstanding | (8,815) |
| (3,663) | |
|
|
|
|
|
Load Class: * |
|
|
|
|
Shares Sold |
| - |
| - |
Shares Reinvested | 16 |
| 72 | |
Shares Redeemed | (8,973) |
| - | |
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (8,957) |
| 72 |
* On June 20, 2017, the Investor Class shares and Load Class shares were liquidated, and both classes of shares were closed.
52
CCA AGGRESSIVE RETURN FUND
STATEMENTS OF CHANGES IN NET ASSETS
The accompanying notes are an integral part of these financial statements.
53
CCA AGGRESSIVE RETURN FUND
INSTITUTIONAL CLASS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout the period.
|
| Year Ended |
| Period Ended(a) | |||
|
| 11/30/2017 | 11/30/2016 | 11/30/2015 | 11/30/2014 |
| 11/30/2013 |
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Period/Year | $ 10.31 | $ 9.94 | $ 11.72 | $ 11.46 |
| $ 10.00 | |
|
|
|
|
|
|
|
|
Income From Investment Operations: |
|
|
|
|
|
| |
Net Investment Income * | 0.07 | 0.02 | 0.11 | 0.21 |
| 0.07 | |
Net Gain (Loss) on Investments (Realized and Unrealized) | 2.11 | 0.45 | (1.72)(f) | 0.44(f) |
| 1.39(f) | |
Total from Investment Operations | 2.18 | 0.47 | (1.61) | 0.65 |
| 1.46 | |
|
|
|
|
|
|
|
|
Distributions: |
|
|
|
|
|
|
|
Net Investment Income | (0.04) | (0.10) | (0.17) | (0.05) |
| - | |
Net Realized Gains | - | - | - | (0.34) |
| - | |
Total from Distributions | (0.04) | (0.10) | (0.17) | (0.39) |
| - | |
|
|
|
|
|
|
|
|
Redemption Fees | - † | - | - | - † |
| - † | |
|
|
|
|
|
|
|
|
Net Asset Value, at End of Period/Year | $ 12.45 | $ 10.31 | $ 9.94 | $ 11.72 |
| $ 11.46 | |
|
|
|
|
|
|
|
|
Total Return ** | 21.27% | 4.83% | (13.92)% | 5.73% |
| 14.60%(b) | |
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
| |
Net Assets at End of Period/Year (Thousands) | $ 35,970 | $ 20,859 | $ 20,475 | $ 21,929 |
| $ 11,223 | |
Before Waiver |
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (d) | 1.53%(g) | 1.63% | 1.63% | 1.99% |
| 2.99%(c) | |
Ratio of Net Investment Income (Loss) to Average Net Assets (d) (e) | 0.14% | (0.48)% | 0.23% | 0.71% |
| (1.38)% (c) | |
After Waiver |
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (d) | 1.05%(g) | 0.90% | 0.90% | 0.90% |
| 0.90%(c) | |
Ratio of Net Investment Income to Average Net Assets (d) (e) | 0.62% | 0.24% | 0.96% | 1.80% |
| 0.71%(c) | |
Portfolio Turnover | 341% | 520% | 457% | 352% |
| 370%(b) |
(a) The CCA Aggressive Return Fund Institutional Class commenced investment operations on December 26, 2012.
(b) Not annualized.
(c) Annualized.
(d) Does not include expenses of underlying investment companies in which the Fund invests.
(e) Recognition of investment income by the Fund is affected by the timing of the declaration of dividends by underlying investment companies in which the Fund invests.
(f) The amount of net gain or loss on investments (both realized and unrealized) per share does not accord with the amounts reported in the Statement of Operations due to the timing of purchases and redemptions of Fund shares during the period.
(g) For the year ended November 30, 2017, 0.15% of expenses were attributable to legal fees for the reorganization, and therefore were extraordinary and outside of the expense limitation agreement.
† Amount is less than $0.005.
* Per share net investment income has been determined on the basis of average shares outstanding during the period.
** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Returns would have been lower had advisor not reimbursed expenses/waived fees during the period.
54
CCA AGGRESSIVE RETURN FUND
INSTITUTIONAL CLASS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout the period.
The accompanying notes are an integral part of these financial statements.
55
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 2017
1. ORGANIZATION
MSS Series Trust (“Trust”) is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust (the "Trust Agreement"). The Trust Agreement permits the Trust’s Board of Trustees (“Board” or “Trustees”) to authorize and issue an unlimited number of shares of beneficial interest of separate series without par value. The CCA Aggressive Return Fund (“Fund”), Footprints Discover Value Fund, and Fallen Angels Income Fund are the only three series currently authorized by the Trustees. The Fund is a diversified fund. The investment adviser to the Fund is Checchi Capital Advisers, LLC ("CCA" or "Adviser").
The CCA Aggressive Return Fund’s investment objective is to provide long-term total return.
2. SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The following is a summary of significant accounting policies used in preparing the financial statements. The Trust follows the accounting and reporting requirements under ASC 946 and ASU 2013-08.
SECURITY VALUATIONS:
Processes and Structure
The Board has adopted guidelines for valuing securities including in circumstances in which market quotes are not readily available and has delegated to the Adviser the responsibility for determining fair value prices, subject to review by the Board.
Fair Value Pricing Policy
The Board has adopted guidelines for Fair Value Pricing, and has delegated to the Adviser the responsibility for determining fair value prices, subject to review by the Board. If market quotations are not readily available, the security will be valued at fair value (the amount which the owner might reasonably expect to receive for the security upon its current sale) as determined in good faith by the Adviser (“Fair Value Pricing”), subject to review by the Board. The Adviser must use reasonable diligence in determining whether market quotations are readily available. If, for example, the Adviser determines that one source of market value is unreliable, the Adviser must diligently seek market quotations from other sources, such as other brokers or pricing services, before concluding that market quotations are not available. Fair Value Pricing is not permitted when market quotations are readily available.
Fixed income securities generally are valued using market quotations provided by a pricing service. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, when prices are not readily
56
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 2017
available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser, in
57
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30, 2017
conformity with guidelines adopted by and subject to review of the Board of Trustees. Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, may be valued by using the amortized cost method of valuation, when the Board has determined that it will represent fair value.
Fair Value Measurements
GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date and also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. The three-tier hierarchy seeks to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Equity securities (common stocks, exchange traded funds, and real estate investment trusts). Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange Traded Funds, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized in Level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2.
Short-term investments. Short term investments are valued using amortized cost, which approximates fair value. These securities will be categorized in Level 1 of the fair value hierarchy.
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.
Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities. Valuation adjustments and block discounts are not applied to Level 1 securities. Since valuations are based on quoted prices that are readily and regularly
58
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30, 2017
available in an active market, valuation of these securities does not entail a significant degree of judgment.
Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in the security.
The following table presents information about the Fund’s investments measured at fair value as of November 30, 2017, by major security type:
During the year ended November 30, 2017, there were no transfers between Level 1, 2, or 3 in the CCA Aggressive Return Fund. The Fund did not hold any Level 3 securities during the year presented. For a further breakdown of each investment by industry type, please refer to the CCA Aggressive Return Fund’s Schedule of Investments.
SECURITY TRANSACTION TIMING: For financial reporting purposes, investment transactions are accounted for on the trade date on the last business day of the reporting period. Dividend income and distributions to shareholders are recognized on the ex-dividend date. Non-cash dividend income is recorded at fair market value of the securities received. Interest income is recognized on an accrual basis. The Fund uses the specific identification method in computing gain or loss on sale of investment securities. Discounts and premiums on securities purchased are accreted or amortized over the life of the respective securities using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the appropriate country’s rules and tax rates.
FEDERAL INCOME TAXES: The Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no federal income tax provision is required.
59
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30, 2017
It is the Fund’s policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year end accumulated income. In addition, it is the Fund’s policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains.
The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded as of or during the year ended November 30, 2017, related to uncertain tax positions taken on returns filed for open tax years (2014-2016), or expected to be taken in the Fund’s 2017 tax returns. The Fund identifies their major tax jurisdictions as U.S. Federal and certain State tax authorities; however the Fund is 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 twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended November 30, 2017, the Funds did not incur any interest or penalties.
SHARE VALUATION: The Fund’s net asset values (“NAV”) are calculated once daily at the close of regular trading hours on the New York Stock Exchange (the “NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. The NAV is determined by totaling the value of all portfolio securities, cash and other assets held by the Fund, and subtracting from that total all liabilities, including accrued expenses. The total Net Assets are divided by the total number of shares outstanding for the Fund to determine the NAV of each share class.
DISTRIBUTIONS TO SHAREHOLDERS: The Fund typically distributes substantially all of its net investment income and realized gains in the form of dividends and taxable capital gains to its shareholders. The Fund intends to distribute dividends and capital gains at least annually. Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income taxes purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Fund.
60
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30, 2017
EXPENSES: Expenses incurred by the Trust that do not relate to a specific fund of the Trust will be allocated to the individual funds based on each fund’s relative net assets or another appropriate basis (as determined by the Trustees).
REDEMPTION FEES: To discourage short-term trades by investors, and to offset any transaction and other costs associated with short-term trading, the Fund will impose a redemption fee of 2.00% on shares redeemed within 60 days of investment. Shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. The redemption fee is applied uniformly in all cases. There was $901 in redemption fees collected by the Fund during the year ended November 30, 2017.
FOREIGN CURRENCY TRANSLATION: The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.
The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
Net realized foreign exchange gains or losses arise from sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year-end, resulting from changes in exchange rates.
USE OF ESTIMATES: The preparation of financial statements in conformity with GAAP 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.
CASH AND CASH EQUIVALENTS: The Fund maintains its cash in an account at a custodian bank which, at times, may exceed federally insured limits. The Funds have not experienced any losses in such accounts and believe it is not exposed to any significant credit risk on its cash deposits.
3. RELATED PARTY TRANSACTIONS
61
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30, 2017
INVESTMENT ADVISER: From October 1, 2016 through September 25, 2017, Checchi Capital Fund Advisers, LLC served as investment adviser to the CCA Aggressive Return Fund (the “Predecessor Fund”), a series of the CCA Investments Trust. Subject to the supervision and direction of the CCA Investments Trust Trustees, Checchi Capital Fund Advisers, LLC oversaw the Fund’s securities and investments to be sure they are made in accordance with the Fund’s stated investment objectives and policies. The fee paid to Checchi Capital Fund Advisers, LLC was governed by certain investment management agreement (" Former Management Agreement") between the CCA Investments Trust, on behalf of the Predecessor Fund, and the Checchi Capital Fund Advisers, LLC. Pursuant to the Former Management Agreement, the Fund payed Checchi Capital Fund Advisers, LLC, on a monthly basis, an annual advisory fee equivalent to 0.75% of the Fund's average daily net assets. During the period December 1, 2016 through September 25, 2017, Checchi Capital Fund Advisers, LLC earned $161,049 in management fees from the Fund. During the period December 1, 2016 through September 25, 2017, the Adviser waived management fees of $129,158.
Effective September 26, 2017, Checchi Capital Advisers, LLC, Adviser, took over as the Fund’s investment adviser under the same terms and conditions of the Former Management Agreement. Pursuant to the Management Agreement, the Fund pays Checchi Capital Advisers, LLC, on a monthly basis, an annual advisory fee equivalent to 0.75% of the Fund's average daily net assets. During the period September 26, 2017 through November 30, 2017, the Adviser earned $47,458 in management fees from the Fund. During the period September 26, 2017 through November 30, 2017, the Adviser waived management fees of $5,117. At November 30, 2017, the Fund owed the Adviser $64,887.
The Adviser has contractually agreed to reduce its fees and to reimburse expenses, at least through September 26, 2018, to ensure that the total annual operating expenses of the Fund, after fee waiver and reimbursement (exclusive of any 12b-1 fees, acquired fund fees and expenses, interest expenses, dividend expenses on short sales, taxes, brokerage commissions, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) will not exceed 0.90% of the average daily net assets. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within three years after the end of the fiscal year in which the waiver or reimbursement occurs, if such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated only by the Fund’s Board of Trustees, on 60 days written notice to the Adviser. Fee waiver and reimbursement arrangements can decrease the Fund’s expenses and boost its performance. As of November 30, 2017, expense waivers and reimbursements subject to recoupment were as follows:
Recoverable Through |
| Amount Recoverable |
November 30, 2020 |
| $134,275 |
November 30, 2019 |
| $153,101 |
November 30, 2018 |
| $162,426 |
4. SHARES OF BENEFICIAL INTEREST
62
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30, 2017
The Trust Agreement permits the Board of Trustees to issue an unlimited number of shares of beneficial interest of separate series without par value. At November 30, 2017, paid in capital amounted to $32,399,695 for the Fund.
5. INVESTMENT TRANSACTIONS
Investment transactions, excluding short-term investments, for the year ended November 30, 2017, were as follows:
Purchases | $ 103,269,135 |
Sales | $ 93,462,068 |
6. DISTRIBUTION FEES
The Predecessor Fund had adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") under which the Predecessor Fund incurred expenses related to distribution of its Investor Class Shares and Load Class Shares. Payments under the Plan were made to the Predecessor Fund’s Distributor or its designee, which used them to pay distribution and shareholder servicing expenses on behalf of and as agent of the Predecessor Fund. The Predecessor Fund’s annual fee for distribution and shareholder servicing expenses was 0.25% of the Predecessor Fund's average daily net assets attributable to the Investor Class shares and Load Class shares. The Plan was a compensation plan, which means that payments under the Plan may exceed distribution and shareholder servicing expenses incurred pursuant to the Plan. It is also possible that 12b-1 expenses incurred by the Predecessor Fund for a period will exceed the payments received by the Predecessor Fund's Distributor, Arbor Court Capital, LLC or its designee, in which case the former adviser paid such excess expenses out of its own resources. During the period December 1, 2016 through June 20, 2017, the Fund incurred $142 and $138 in distribution fees for the Investor Class and Load Class, respectively. Effective June 20, 2017, the Fund no long accrues expenses under the Plan, and only offers Institutional Class shares.
7. FEDERAL INCOME TAX
For Federal Income Tax purposes, the cost of investments owned at November 30, 2017 is $33,562,826. As of November 30, 2017, the gross unrealized appreciation on a tax basis totaled $2,717,941 and the gross unrealized depreciation totaled $271,580 for a net unrealized appreciation of $2,446,361.
As of November 30, 2017 the components of accumulated earnings on a tax basis were as follows:
Net unrealized appreciation
$ 2,446,361
Undistributed long-term capital gain
4,843
Undistributed ordinary income
1,119,599
Total
$ 3,570,803
The difference between the accumulated net realized gains for tax purposes and the accumulated net realized gains reported in the Statement of Assets and Liabilities is due
63
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30, 2017
to wash sale losses, which are required to be deferred for tax purposes, and the treatment of short-term capital gains as net investment income for tax purposes. Net unrealized appreciation on a tax basis and the net unrealized appreciation on investments reported in the Statement of Assets and Liabilities differ by this same wash sale loss figure. Under current tax law, net capital losses realized after October 31st may be deferred and treated as occurring on the first day of the following year. The Fund elected to utilize the post-October loss of $309,094 for the fiscal year ended November 30, 2017. The Fund utilized $1,615,592 of short-term capital loss carry-forwards during the fiscal year ended November 30, 2017.
For the year ended November 30, 2017, the Fund paid an ordinary income distribution of $90,429.
For the year ended November 30, 2016, the Fund paid an ordinary income distribution of $213,928.
8. BENEFICIAL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of November 30, 2017, Charles Schwab, Inc. held in omnibus accounts for the benefit of others approximately 84% of the voting securities of the Fund and may be deemed to control the Fund.
9. CONTINGENCIES AND COMMITMENTS
The Fund indemnifies the Trust’s officers and trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
10. LINE OF CREDIT
The Fund has a secured $1,700,000 bank line of credit with U.S. Bank; all borrowings under the arrangement bear interest at the prime rate. At November 30, 2017, the prime rate was 4.25%. The Fund had total borrowings of $0 during the year ended November 30, 2017 and paid a total of $0 in related interest charges. The line of credit is collateralized by publicly traded stock held by the Fund.
11. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Fund through the issuance date of these financial statements and has noted no such events requiring
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CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOVEMBER 30, 2017
accounting or disclosure other than those listed below. The following distribution was paid after November 30, 2017:
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of
CCA Aggressive Return Fund, a series of MSS Series Trust
We have audited the accompanying statement of assets and liabilities of CCA Aggressive Return Fund, (the “Fund”) a series of MSS Series Trust, including the schedule of investments, as of November 30, 2017 and the related statement of operations, the statement of changes in net assets, and the financial highlights for the year then ended. The statement of changes in net assets for the year ended November 30, 2016 and the financial highlights for each of the three years in the period then ended and the period December 26, 2012 through November 30, 2013 (commencement of investment operations), were audited by other auditors whose report dated January 27, 2017, contained an unmodified opinion on the financial statements and financial highlights. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities and cash owned as of November 30, 2017, by correspondence with the custodian and brokers. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of November 30, 2017, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
Abington, Pennsylvania January 25, 2018 |
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CCA AGGRESSIVE RETURN FUND
EXPENSE ILLUSTRATION
NOVEMBER 30, 2017 (UNAUDITED)
Expense Example
As a shareholder of the Fund, you incur ongoing costs which consist of, management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund 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, June 1, 2017 through November 30, 2017.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. 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 each Fund 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.
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| June 1, 2017 | November 30, 2017 | June 1, 2017 to November 30, 2017 |
|
|
|
|
Actual | $1,000.00 | $1,084.49 | $5.49 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,019.80 | $5.32 |
|
|
|
|
* Expenses are equal to the Fund's annualized expense ratio of 1.05%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). For the six months ended November 30, 2017, 0.15% of expenses were attributable to legal fees for the reorganization and therefore were extraordinary and outside of the expense limitation agreement. |
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CCA AGGRESSIVE RETURN FUND
ADDITIONAL INFORMATION
NOVEMBER 30, 2017 (UNAUDITED)
Information Regarding Proxy Voting
A description of the policies and procedures that the Fund used to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies during the most recent 12-month period ending June 30, are available without charge upon request by (1) calling the Fund at (800) 595-4866 and (2) from Fund documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at www.sec.gov.
Information Regarding Portfolio Holdings
The Funds file a complete schedule of investments with the SEC for the first and third quarter of each fiscal year on Form N-Q. The Funds’ first and third fiscal quarters end on the last day of February and August. The Funds’ Form N-Q’s are available on the SEC’s website at http://sec.gov, or they may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-732-0330 for information on the operation of the Public Reference Room). You may also obtain copies by calling the Fund at 1-800-595-4866.
Information Regarding Statement of Additional Information
The Statement of Additional Information includes additional information about the Trustees and is available without charge upon request, by calling toll free at 1-800-595-4866.
Approval of Advisory Agreement
At a meeting held on June 5, 2017, Legal Counsel directed the Trustees attention to the approval of an investment advisory agreement (the “Management Agreement”) between Checchi Capital Advisers, LLC (the “Adviser”) and the Trust, on behalf of the CCA Aggressive Return Fund (the “Fund”). The Trustees relied upon the advice of Counsel and their own business judgment in determining the material factors to be considered in evaluating the Management Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Management Agreement.
Nature, Extent and Quality of Services. As to the nature, extent, and quality of the services provided by the Adviser, the Board considered the Adviser's investment philosophy, strategies and implementation process. The Board reviewed the background information on the investment personnel responsible for servicing the Fund, noting some impressive credentials and career accomplishments, and expressed their satisfaction that the investment and executive team. The Trustees considered that the Adviser will manage the Fund’s portfolio using the same strategy, utilizing its own research and investment
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CCA AGGRESSIVE RETURN FUND
ADDITIONAL INFORMATION
NOVEMBER 30, 2017 (UNAUDITED)
process to make all investment decisions currently employed. The Trustees noted that there have been no material compliance or litigation issues reported that would impede
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CCA AGGRESSIVE RETURN FUND
ADDITIONAL INFORMATION (CONTINUED)
NOVEMBER 30, 2017 (UNAUDITED)
the Adviser from operating and performing its responsibilities. The Board noted positively that the Adviser has a seasoned investment team with experience in managing mutual funds and concluded that it has the potential of providing a high level of quality service to the Fund and its shareholders.
Performance. The Trustees considered the performance of the existing fund, noting that the fund will be reorganized into the Fund. They noted that the existing fund has provided returns in line with the Blended Benchmark (as disclosed in the prospectus) and the Bloomberg World Allocation Category Average, and outperformed the adviser selected peer group average since inception, and outperformed its benchmark indexes for the 1 year period. They considered the existing fund’s underperformance relative to its peer group for the 1 year period, but agreed that the longer term track record presented by the Adviser was a better indication of the Adviser’s abilities in managing the Fund. After further discussion, the Trustees concluded that the Adviser has the potential to provide shareholders with reasonable returns.
Fees and Expenses. The Board noted the Adviser will charge a management fee of 0.75% which was higher than the peer group average, but lower than the Bloomberg World Allocation Category average of 0.78%. They considered that the Adviser had contractually agreed to limit Fund expenses and that after the waiver the Fund’s net expenses, including 0.23% in AFFE was expected to be 1.13% which was less than the category average and well within the range of the peer group. They also considered that the existing fund is considerably smaller in net asset value as compared to the funds in its peer group and that could lead to some of the disparity with respect to the average management fee. The Board concluded that the Fund’s management fee was reasonable.
Profitability. The Trustees considered the anticipated profits to be realized by the Adviser in connection with its relationship with the Fund and whether the amount of profit is a fair entrepreneurial profit with respect to the advisory services to be provided to the Fund. The Trustees noted that the Adviser anticipates realizing a net loss during the initial fiscal year due in part to its commitment to manage expenses through the expense cap. The Trustees concluded that excess profitability was not an issue at this time.
Economies of Scale. As to economies of scale, the Trustees noted that the Management Agreement did not contain breakpoints that reduce the fee rate on assets above specified levels, but that the expense cap was a benefit to shareholders. The Trustees agreed that breakpoints may be an appropriate way for the Adviser to share its economies of scale with the Fund and its shareholders if the Fund experiences a substantial growth in assets. The Board determined to revisit the matter of breakpoints at the renewal of the management agreement.
Conclusion. Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Management Agreement, and as assisted by the advice of independent counsel, the Board concluded
70
CCA AGGRESSIVE RETURN FUND
ADDITIONAL INFORMATION (CONTINUED)
NOVEMBER 30, 2017 (UNAUDITED)
that the approval of the Management Agreement is in the best interests of Trust and the shareholders of the Fund.
71
CCA AGGRESSIVE RETURN FUND
TRUSTEES AND OFFICERS
NOVEMBER 30, 2017 (UNAUDITED)
The following table provides information regarding each Trustee who is not an "interested person" of the Trust, as defined in the Investment Company Act of 1940, as amended.
Name Address and Year of Birth | Position(s) Held with the Fund | Term of Office/ Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex1 Overseen by Trustee | Other Directorships Held by Trustee During Past 5 Years |
Paul K. Rode, Esq. 8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147 Year: 1980 | Trustee | Indefinite/ October 2016- present | Attorney, Keith D. Weiner & Assoc. Co. L.P.A. since September 2005 | 3 | None |
Michael Young 8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147 Year: 1950 | Trustee | Indefinite/ October 2016 - present | November 2013-Present: Consultant/Practitioner for Purdue, Rutgers and Northeastern Universities; June 2002-November 2013: Senior Federal Security Director for U.S. Department of Homeland Security | 3 | None |
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CCA AGGRESSIVE RETURN FUND
TRUSTEES AND OFFICERS
NOVEMBER 30, 2017 (UNAUDITED)
1The "Fund Complex" consists of the MSS Series Trust.
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CCA AGGRESSIVE RETURN FUND
TRUSTEES AND OFFICERS (CONTINUED)
NOVEMBER 30, 2017 (UNAUDITED)
The following table provides information regarding each Trustee who is an "interested person" of the Trust, as defined in the Investment Company Act of 1940, as amended, and each officer of the Trust.
Name, Address and Year of Birth | Position(s) Held with the Fund | Term of Office/ Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex2 Overseen by Trustee | Other Directorships Held by Trustee During Past 5 Years |
Dr. Gregory B. Getts 1 8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147 Year: 1957 | Trustee | Indefinite/ October 2016 - present | Owner/President, Mutual Shareholder Services, LLC, since 1999; Owner/President Arbor Court Capital, LLC, since January 2012. | 3 | None |
Brandon M. Pokersnik 8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147 Year: 1978 | Treasurer, Secretary and Chief Compliance Officer | Indefinite/ October 2016 - present | Accountant, Mutual Shareholder Services, LLC, since 2008; Attorney Mutual Shareholder Services, LLC, since June 2016; Owner/President, Empirical Administration, LLC, since September 2012. | NA | NA |
1 Gregory B. Getts is considered an "Interested" Trustee as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust and President/owner of the Fund's distributor.
2 The "Fund Complex" consists of the MSS Series Trust.
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CCA AGGRESSIVE RETURN FUND
TRUSTEES AND OFFICERS (CONTINUED)
NOVEMBER 30, 2017 (UNAUDITED)
The Independent Trustees are paid $300 each for quarterly board meetings.
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This Page Was Left Blank Intentionally
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INVESTMENT ADVISER
Checchi Capital Advisers, LLC
190 North Canon Drive, Suite 402
Beverly Hills, CA 90210
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Sanville & Company
1514 Old York Road
Abington, PA 19001
LEGAL COUNSEL
Thompson Hine LLP
41 South High Street, Suite 1700
Columbus, OH 43215
CUSTODIAN
US Bancorp Fund Services, LLC
1555 N. River Center Drive
Milwaukee, WI 53212
TRANSFER AGENT AND FUND ACCOUNTANT
Mutual Shareholder Services, LLC
8000 Town Centre Drive, Suite 400
Broadview Heights, OH 44147
DISTRIBUTOR
Arbor Court Capital, LLC
2000 Auburn Drive, Suite 120
Beachwood, OH 44122
This report is intended only for the information of shareholders or those who have received the Funds’ prospectus which contains information about the Funds’ management fee and expenses. Please read the prospectus carefully before investing.
77
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Item 2. Code of Ethics.
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b) For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and regulations;
(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.
(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.
(e) The Code of Ethics is not posted on registrant’s website.
(f) A copy of the Code of Ethics is attached as an exhibit.
Item 3. Audit Committee Financial Expert. The registrant’s Board of Trustees has determined that Mr. Matthew Hart is a financial expert. Mr. Hart is an independent Trustee.
Item 4. Principal Accountant Fees and Services.
(a)
Audit Fees
Registrant
Adviser
FY 2017
$ 11,750
$ 0
FY 2016
$ 27,000
$ 0
(b)
Audit-Related Fees
79
Registrant
Adviser
FY 2017
$ 0
$ 0
FY 2016
$ 0
$ 0
(c)
Tax Fees
Registrant
Adviser
FY 2017
$ 2,750
$ 0
FY 2016
$ 4,000
$ 0
(d)
All Other Fees
Registrant
Adviser
FY 2017
$ 0
$ 0
FY 2016
$ 0
$ 0
(e)
(1)
Audit Committee’s Pre-Approval Policies
The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(2)
Percentages of Services Approved by the Audit Committee
None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f)
During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
(g)
80
The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:
Registrant
FY 2017
$ 2,750
FY 2016
$ 4,000
(h)
The registrant's audit committee has not considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 6. Schedule of Investments.
Not applicable – schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) The registrant’s president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective as of a date within 90 days of the filing date of this
81
report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Code of Ethics. Filed herewith.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(b) Certification pursuant to Section 906 Certification of the Sarbanes-Oxley Act of 2002. Filed herewith.
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.
CCA Investments Trust
By /s/ Adam D. Checchi
Adam D. Checchi
President
Date: February 5, 2018
By /s/ Wes Gallup
Wes Gallup
Chief Financial Officer
Date: February 5, 2018
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 person on behalf of the registrant and in the capacity and on the date indicated.
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By /s/ Adam D. Checchi
Adam D. Checchi
President
Date: February 5, 2018
By /s/ Wes Gallup
Wes Gallup
Chief Financial Officer
Date: February 5, 2018
83