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: 811-21927
MSS Series Trust
(Exact name of registrant as specified in charter)
8000 Town Centre Drive, Suite 400
Broadview Heights, Ohio 44147
(Address of principal executive offices)(Zip code)
Gregory B. Getts
8000 Town Centre Drive, Suite 400
Broadview Heights, Ohio 44147
(Name and Address of Agent for Service)
With copy to:
JoAnn M. Strasser
Thompson Hine LLP
41 South High Street, Suite 1700
Columbus, Ohio 43215
Registrant's telephone number, including area code: (440) 922-0066
Date of fiscal year end: November 30
Date of reporting period: May 31, 2018
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)
|
SEMI-ANNUAL REPORT
MAY 31, 2018
(UNAUDITED)
Series Trust
CCA AGGRESSIVE RETURN FUND
PORTFOLIO ILLUSTRATION
MAY 31, 2018 (UNAUDITED)
The following chart gives a visual breakdown of the Fund by investment type or industry sector of the underlying securities as on May 31, 2018, represented as a percentage of the portfolio of investments. Below categories are from Morningstar®.
1
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
COMMON STOCKS - 90.69% |
|
|
| ||
|
|
|
|
|
|
Advertising & Marketing |
|
|
| ||
500 |
| Cyber Agent, Inc. (Japan) * | $ 26,146 |
|
|
378 |
| Publicis Groupe SA (France) * | 26,323 |
|
|
|
|
| 52,469 |
| 0.15% |
Aerospace & Defense |
|
|
| ||
949 |
| Honeywell International, Inc. | 140,367 |
|
|
362 |
| Lockheed Martin Corp. | 113,863 |
|
|
220 |
| Northrop Grumman Corp. | 71,995 |
|
|
206 |
| Orbital ATK, Inc. | 27,546 |
|
|
365 |
| Raytheon Co. | 76,467 |
|
|
203 |
| Rockwell Collins, Inc. | 27,915 |
|
|
745 |
| The Boeing Co. | 262,359 |
|
|
|
|
| 720,512 |
| 2.10% |
Air Freight & Logistics |
|
|
| ||
323 |
| C.H. Robinson Worldwide, Inc. | 28,101 |
|
|
345 |
| FedEx Corp. | 85,946 |
|
|
882 |
| United Parcel Service, Inc. Class B | 102,418 |
|
|
|
|
| 216,465 |
| 0.63% |
Aircraft |
|
|
| ||
861 |
| Airbus SE (Netherlands) | 97,992 |
| 0.29% |
|
|
|
|
|
|
Aircraft Part & Auxiliary Equipment, Nec |
|
|
| ||
457 |
| Safran SA (France) | 54,599 |
|
|
328 |
| Spirit AeroSystems Holdings, Inc. Class A | 27,785 |
|
|
|
|
| 82,384 |
| 0.24% |
Aircraft and Parts |
|
|
| ||
366 |
| HEICO Corp. Class A | 27,834 |
|
|
209 |
| Thales (France) | 26,620 |
|
|
|
|
| 54,454 |
| 0.16% |
Airlines |
|
|
| ||
640 |
| American Airlines Group, Inc. | 27,866 |
|
|
924 |
| Deutsche Lufthansa AG (Germany) | 25,126 |
|
|
2,966 |
| International Consolidated Airlines Group SA (Spain) * | 26,832 |
|
|
744 |
| Southwest Airlines Co. | 38,004 |
|
|
405 |
| United Continental Holdings, Inc. * | 28,184 |
|
|
|
|
| 146,012 |
| 0.43% |
Apparel, Footwear & Acc Design |
|
|
| ||
230 |
| Adidas AG (Germany) | 52,079 |
|
|
573 |
| Cie Financiere Richemont SA (Switzerland) * | 52,505 |
|
|
136 |
| Kering SA (France) | 77,893 |
|
|
549 |
| LVMH Moet-Hennessy Louis Vuitton SE (France) | 190,736 |
|
|
|
|
| 373,213 |
| 1.09% |
* Non-Income Producing Security.
The accompanying notes are an integral part of these financial statements.
2
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Apparel & Other Finished Prods Of Fabrics & Similar Material |
|
|
| ||
1,450 |
| Under Armour, Inc. Class A * | $ 30,305 |
| 0.09% |
|
|
|
|
|
|
Application Software |
|
|
| ||
476 |
| Amadeus IT Group SA | 37,801 |
|
|
1,100 |
| Capcom Co. Ltd. | 25,869 |
|
|
287 |
| Dassault Systemes SE (France) | 40,331 |
|
|
818 |
| Momo, Inc. ADR * | 37,563 |
|
|
|
|
| 141,564 |
| 0.41% |
Arrangement Of Transportation Of Freight & Cargo |
|
|
| ||
383 |
| Expeditors International of Washington, Inc. | 28,526 |
| 0.08% |
|
|
|
|
|
|
Auto Components |
|
|
| ||
543 |
| BorgWarner, Inc. | 26,488 |
|
|
221 |
| Continental AG (Germany) | 56,115 |
|
|
800 |
| Exedy Corp. (Japan) | 25,217 |
|
|
1,194 |
| Gentex Corp. | 28,692 |
|
|
422 |
| Magna International, Inc. Class A (Canada) | 27,038 |
|
|
800 |
| NIFCO, Inc. (Japan) | 27,607 |
|
|
401 |
| Valeo SA (France) * | 25,476 |
|
|
|
|
| 216,633 |
| 0.63% |
Automobiles |
|
|
| ||
900 |
| FCC Co. Ltd. (Japan) | 24,813 |
|
|
9,000 |
| Geely Automobile Holdings Ltd. (China) | 25,530 |
|
|
223 |
| Tesla, Inc. * | 63,495 |
|
|
280 |
| Thor Industries, Inc. | 25,928 |
|
|
900 |
| Yamaha Motor Co. Ltd. (Japan) | 26,054 |
|
|
|
|
| 165,820 |
| 0.48% |
Ball & Roller Bearings |
|
|
| ||
570 |
| The Timken Co. | 26,961 |
| 0.08% |
|
|
|
|
|
|
Banks |
|
|
| ||
528 |
| 1st Financial Bankshares, Inc. | 27,773 |
|
|
421 |
| Commerce Bancshares, Inc. | 27,188 |
|
|
2,162 |
| Commonwealth Bank of Australia (Australia) | 113,396 |
|
|
4,800 |
| Concordia Financial Group Ltd. (Japan) | 27,041 |
|
|
391 |
| East West Bancorp., Inc. | 27,167 |
|
|
1,435 |
| First Horizon National Corp. | 26,605 |
|
|
3,600 |
| Hiroshima Bank, Ltd. (Japan) | 25,574 |
|
|
2,031 |
| Investors Bancorp., Inc. | 27,094 |
|
|
5,100 |
| Oversea-Chinese Banking Corp. Ltd. (Singapore) | 47,784 |
|
|
513 |
| PacWest Bancorp. | 27,220 |
|
|
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
3
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Banks (Continued) |
|
|
| ||
1,425 |
| Royal Bank of Canada (Canada) | $ 107,716 |
|
|
86 |
| SVB Financial Group * | 26,843 |
|
|
1,064 |
| TCF Financial Corp. | 27,994 |
|
|
1,810 |
| The Toronto-Dominion Bank (Canada) | 105,686 |
|
|
346 |
| UMB Financial Corp. | 26,659 |
|
|
2,446 |
| UniCredit SpA (Italy) | 40,434 |
|
|
2,137 |
| Valley National Bancorp. | 27,161 |
|
|
|
|
| 739,335 |
| 2.16% |
Base Metals |
|
|
| ||
48,000 |
| United Co. Rusal Plc. (Russian Federation) * | 13,341 |
| 0.04% |
|
|
|
|
|
|
Basic and Diversified Chemicals |
|
|
| ||
470 |
| Air Liquide SA (France) | 57,939 |
|
|
295 |
| Covestro AG (Germany) | 26,891 |
|
|
2,100 |
| Zeon Corp. (Japan) | 26,671 |
|
|
|
|
| 111,501 |
| 0.33% |
Beverages |
|
|
| ||
476 |
| Brown-Forman Corp. Class B | 26,923 |
|
|
244 |
| Carlsberg AS (Denmark) | 27,145 |
|
|
722 |
| Coca-Cola European Partners Plc. (United Kingdom) | 27,414 |
|
|
213 |
| Constellation Brands, Inc. Class A | 47,516 |
|
|
673 |
| Diageo Plc. ADR | 98,608 |
|
|
231 |
| Dr. Pepper Snapple Group, Inc. | 27,558 |
|
|
655 |
| Heineken Holding NV (Netherlands) | 63,814 |
|
|
800 |
| Kagome Co. Ltd. (Japan) | 27,791 |
|
|
725 |
| Monster Beverage Corp. * | 37,091 |
|
|
1,802 |
| PepsiCo, Inc. | 180,650 |
|
|
292 |
| Pernod Ricard SA (France) * | 49,076 |
|
|
|
|
| 613,586 |
| 1.79% |
Biological Products (No Diagnostic Substances) |
|
|
| ||
157 |
| Bluebird Bio, Inc. * | 28,111 |
|
|
297 |
| Neurocrine Biosciences, Inc. * | 28,589 |
|
|
|
|
| 56,700 |
| 0.17% |
Biotechnology |
|
|
| ||
226 |
| Alexion Pharmaceuticals, Inc. * | 26,245 |
|
|
274 |
| Biogen, Inc. * | 80,545 |
|
|
953 |
| Celgene Corp. * | 74,982 |
|
|
1,108 |
| CSL Ltd. ADR | 77,798 |
|
|
138 |
| Genmab AS (Denmark) | 20,773 |
|
|
1,650 |
| Gilead Sciences, Inc. | 111,210 |
|
|
1,207 |
| Grifols SA ADR | 26,349 |
|
|
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
4
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Biotechnology (Continued) |
|
|
| ||
410 |
| Incyte Corp. * | $ 27,991 |
|
|
138 |
| Regeneron Pharmaceuticals, Inc. * | 41,444 |
|
|
255 |
| United Therapeutics Corp. * | 27,178 |
|
|
327 |
| Vertex Pharmaceuticals, Inc. * | 50,358 |
|
|
|
|
| 564,873 |
| 1.65% |
Building Sub Contractors |
|
|
| ||
1,600 |
| Kinden Corp. (Japan) | 26,364 |
|
|
900 |
| Nishimatsu Construction Co. Ltd. (Japan) | 25,971 |
|
|
700 |
| Taikisha Ltd. (Japan) | 22,001 |
|
|
|
|
| 74,336 |
| 0.22% |
Cable & Other Pay Television Services |
|
|
| ||
1,487 |
| Sky Plc. (United Kingdom) | 26,624 |
| 0.08% |
|
|
|
|
|
|
Capital Markets |
|
|
| ||
483 |
| Eaton Vance Corp. | 25,985 |
|
|
1,111 |
| Federated Investors, Inc. | 26,964 |
|
|
720 |
| TD Ameritrade Holding Corp. | 42,624 |
|
|
1,709 |
| The Charles Schwab Corp. | 95,055 |
|
|
|
|
| 190,628 |
| 0.56% |
Casinos & Gaming |
|
|
| ||
5,000 |
| Galaxy Entertainment Group Ltd. (Hong Kong) | 44,016 |
| 0.13% |
|
|
|
|
|
|
Chemicals |
|
|
| ||
276 |
| Albemarle Corp. | 25,798 |
|
|
365 |
| Ashland Global Holdings, Inc. | 28,368 |
|
|
452 |
| Cabot Corp. | 27,233 |
|
|
254 |
| Celanese Corp. Class A | 28,682 |
|
|
366 |
| Ecolab, Inc. | 52,195 |
|
|
307 |
| FMC Corp. | 26,737 |
|
|
900 |
| Mitsui Chemicals, Inc. (Japan) | 26,054 |
|
|
559 |
| Monsanto Co. | 71,250 |
|
|
76 |
| NewMarket Corp. | 29,206 |
|
|
648 |
| PolyOne Corp. | 27,164 |
|
|
267 |
| PPG Industries, Inc. | 26,946 |
|
|
366 |
| Praxair, Inc. | 57,191 |
|
|
120 |
| The Sherwin-Williams Co. | 45,510 |
|
|
390 |
| WR Grace & Co. | 27,920 |
|
|
|
|
| 500,254 |
| 1.46% |
Chemicals & Allied Products |
|
|
| ||
902 |
| GCP Applied Technologies, Inc. * | 28,548 |
| 0.08% |
* Non-Income Producing Security.
The accompanying notes are an integral part of these financial statements.
5
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Finance |
|
|
| ||
4,300 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) | $ 25,726 |
| 0.08% |
|
|
|
|
|
|
Commercial Services & Supplies |
|
|
| ||
150 |
| Cintas Corp. | 27,337 |
|
|
520 |
| KAR Auction Services, Inc. | 27,440 |
|
|
408 |
| Republic Services, Inc. | 27,511 |
|
|
551 |
| Waste Management, Inc. | 45,573 |
|
|
|
|
| 127,861 |
| 0.37% |
Commercial Vehicles |
|
|
| ||
1,503 |
| Volvo AB Class B (Sweden) | 25,873 |
| 0.08% |
|
|
|
|
|
|
Comml & Res Bldg Equip & Sys |
|
|
| ||
1,254 |
| Assa Abloy AB (Sweden) | 26,971 |
|
|
565 |
| Kone OYJ (Finland) | 27,985 |
|
|
350 |
| Legrand SA (France) * | 26,420 |
|
|
130 |
| Schindler Holding AG (Switzerland) | 27,453 |
|
|
|
|
| 108,829 |
| 0.32% |
Communications Equipment |
|
|
| ||
161 |
| F5 Networks, Inc. * | 27,871 |
|
|
178 |
| Harris Corp. | 26,784 |
|
|
436 |
| Lumentum Holdings, Inc. * | 25,615 |
|
|
255 |
| Motorola Solutions, Inc. | 27,372 |
|
|
136 |
| Palo Alto Networks, Inc. * | 28,300 |
|
|
412 |
| Plantronics, Inc. | 30,014 |
|
|
3,543 |
| Telefonaktiebolaget LM Ericsson (Sweden) | 25,707 |
|
|
439 |
| ViaSat, Inc. * | 27,486 |
|
|
|
|
| 219,149 |
| 0.64% |
Computer Communications Equipment |
|
|
| ||
110 |
| Arista Networks, Inc. | 27,672 |
| 0.08% |
|
|
|
|
|
|
Construction & Engineering |
|
|
| ||
365 |
| Emcor Group, Inc. | 27,714 |
|
|
440 |
| Jacobs Engineering Group, Inc. | 28,512 |
|
|
755 |
| Quanta Services, Inc. * | 27,188 |
|
|
|
|
| 83,414 |
| 0.24% |
Construction & Mining Machinery |
|
|
| ||
909 |
| Atlas Copco Ab (Sweden) | 36,091 |
| 0.11% |
* Non-Income Producing Security.
The accompanying notes are an integral part of these financial statements.
6
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Construction Materials |
|
|
| ||
762 |
| CRH Plc. ADR | $ 28,186 |
|
|
216 |
| Vulcan Materials Co. | 27,592 |
|
|
|
|
| 55,778 |
| 0.16% |
Consumer Elec & Applc Stores |
|
|
| ||
1,900 |
| Bic Camera, Inc. (Japan) | 30,033 |
| 0.09% |
|
|
|
|
|
|
Consumer Finance |
|
|
| ||
7,800 |
| Aiful Corp. (Japan) * | 25,806 |
|
|
1,099 |
| American Express Co. | 108,032 |
|
|
18,400 |
| Orient Corp. (Japan) | 25,533 |
|
|
2,378 |
| SLM Corp. * | 27,181 |
|
|
185 |
| Wirecard AG (Germany) * | 28,594 |
|
|
|
|
| 215,146 |
| 0.63% |
Containers & Packaging |
|
|
| ||
664 |
| Amcor Ltd. ADR | 28,183 |
|
|
299 |
| AptarGroup, Inc. | 27,604 |
|
|
574 |
| Berry Global Group, Inc. * | 27,718 |
|
|
634 |
| Sealed Air Corp. | 27,617 |
|
|
1,016 |
| Silgan Holdings, Inc. | 27,656 |
|
|
|
|
| 138,778 |
| 0.41% |
Contruction and Mining Machinery |
|
|
| ||
1,500 |
| Sandvik AB (Sweden) | 26,034 |
| 0.08% |
|
|
|
|
|
|
Converted Paper & Paperboard Prods (No Containers/Boxes) |
|
|
| ||
258 |
| Avery Dennison Corp. | 27,098 |
|
|
646 |
| Bemis Co., Inc. | 27,326 |
|
|
|
|
| 54,424 |
| 0.16% |
Crude Petroleum & Natural Gas |
|
|
| ||
414 |
| Energen Corp. * | 28,086 |
|
|
459 |
| PDC Energy, Inc. * | 27,765 |
|
|
582 |
| Rsp Permian, Inc. * | 25,457 |
|
|
|
|
| 81,308 |
| 0.24% |
Distributors |
|
|
| ||
904 |
| LKQ Corp. * | 28,720 |
| 0.08% |
|
|
|
|
|
|
Diversified Banks |
|
|
| ||
415 |
| Macquarie Group Ltd. (Australia) | 35,910 |
| 0.10% |
|
|
|
|
|
|
Diversified Consumer Services |
|
|
| ||
255 |
| Grand Canyon Education, Inc. * | 28,330 |
|
|
487 |
| Sotheby's Class A * | 26,697 |
|
|
|
|
| 55,027 |
| 0.16% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
7
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Diversified Financial Services |
|
|
| ||
247 |
| Moody's Corp. | $ 42,131 |
|
|
173 |
| MSCI, Inc. | 28,125 |
|
|
305 |
| Nasdaq, Inc. | 28,017 |
|
|
321 |
| S&P Global, Inc. | 63,397 |
|
|
400 |
| Tokyo Century Corp. (Japan) | 24,078 |
|
|
|
|
| 185,748 |
| 0.54% |
Diversified Telecommunication Services |
|
|
| ||
885 |
| BCE, Inc. (Canada) | 36,878 |
|
|
5,242 |
| Deutsche Telekom AG (Germany) | 81,051 |
|
|
|
|
| 117,929 |
| 0.34% |
E-commerce Discretionary |
|
|
| ||
536 |
| Zalando SE (Germany) * | 28,555 |
| 0.08% |
|
|
|
|
|
|
Electric Utilities |
|
|
| ||
847 |
| Great Plains Energy, Inc. | 28,747 |
|
|
819 |
| OGE Energy Corp. | 28,681 |
|
|
511 |
| Westar Energy, Inc. | 28,974 |
|
|
|
|
| 86,402 |
| 0.25% |
Electrical Equipment |
|
|
| ||
2,376 |
| Abb Ltd. ADR | 54,030 |
|
|
369 |
| AMETEK, Inc. | 26,948 |
|
|
406 |
| BWX Technologies, Inc. | 27,096 |
|
|
347 |
| Regal-Beloit Corp. | 27,569 |
|
|
155 |
| Rockwell Automation, Inc. | 27,189 |
|
|
|
|
| 162,832 |
| 0.48% |
Electronic Components & Accessories |
|
|
| ||
262 |
| Hubbell, Inc. | 28,215 |
| 0.08% |
|
|
|
|
|
|
Electronic Equipment, Instruments & Components |
|
|
| ||
313 |
| Amphenol Corp. Class A | 27,209 |
|
|
681 |
| Avnet, Inc. | 25,960 |
|
|
600 |
| Azbil Corp. (Japan) | 29,390 |
|
|
575 |
| Cognex Corp. | 26,283 |
|
|
995 |
| Corning, Inc. | 27,034 |
|
|
441 |
| Dolby Laboratories, Inc. Class A | 27,695 |
|
|
499 |
| Flir Systems, Inc. | 26,896 |
|
|
513 |
| Keysight Technologies, Inc. * | 30,134 |
|
|
384 |
| TE Connectivity Ltd. (Switzerland) | 35,743 |
|
|
795 |
| Trimble, Inc. * | 26,283 |
|
|
179 |
| Zebra Technologies Corp. Class A * | 27,478 |
|
|
|
|
| 310,105 |
| 0.91% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
8
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Energy Equipment & Services |
|
|
| ||
1,167 |
| Oceaneering International, Inc. * | $ 27,810 |
| 0.08% |
|
|
|
|
|
|
Engine & Transmission |
|
|
| ||
1,297 |
| Wartsila OYJ Abp (Finland) | 27,434 |
| 0.08% |
|
|
|
|
|
|
Entertainment Content |
|
|
| ||
762 |
| I-Cable Communications Ltd. (Hong Kong) * | 16 |
|
|
1,251 |
| Lions Gate Entertainment Corp. Class B | 27,309 |
|
|
200 |
| Shochiku Co. Ltd. (Japan) | 28,287 |
|
|
1,447 |
| Vivendi SA (France) | 36,420 |
|
|
|
|
| 92,032 |
| 0.27% |
Fabricated Metal and Hardware |
|
|
| ||
2,100 |
| NSK Ltd. (Japan) | 23,911 |
|
|
600 |
| THK Co. Ltd. (Japan) | 21,339 |
|
|
|
|
| 45,250 |
| 0.13% |
Flow Control Equipment |
|
|
| ||
700 |
| Nabtesco Corp. (Japan) | 22,901 |
| 0.07% |
|
|
|
|
|
|
Food & Drug Stores |
|
|
| ||
400 |
| Izumi Co. Ltd. (Japan) | 24,813 |
|
|
700 |
| Jardine Strategic Holdings Ltd. (Hong Kong) | 25,060 |
|
|
700 |
| Matsumotokiyoshi Holdings Co. Ltd. (Japan) | 33,838 |
|
|
10,683 |
| Tesco Plc. (United Kingdom) | 34,889 |
|
|
1,627 |
| Woolworths Group Ltd. (Australia) | 35,045 |
|
|
|
|
| 153,645 |
| 0.45% |
Food & Kindred Products |
|
|
| ||
435 |
| Pinnacle Foods, Inc. | 27,814 |
|
|
1,026 |
| The Hain Celestial Group, Inc. * | 26,184 |
|
|
|
|
| 53,998 |
| 0.16% |
Food & Staples Retailing |
|
|
| ||
273 |
| Casey's General Stores, Inc. | 26,426 |
|
|
662 |
| Sysco Corp. | 43,050 |
|
|
|
|
| 69,476 |
| 0.20% |
Food Products |
|
|
| ||
1,699 |
| Compass Group Plc. (United Kingdom) | 36,528 |
|
|
766 |
| Hormel Foods Corp. | 27,492 |
|
|
3,429 |
| Nestle SA ADR | 259,472 |
|
|
362 |
| Post Holdings, Inc. * | 27,827 |
|
|
296 |
| The Hershey Co. | 26,652 |
|
|
590 |
| TreeHouse Foods, Inc. * | 28,267 |
|
|
|
|
| 406,238 |
| 1.19% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
9
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Gas & Other Services Combined |
|
|
| ||
557 |
| UGI Corp. | $ 28,112 |
| 0.08% |
|
|
|
|
|
|
Gas Utilities |
|
|
| ||
318 |
| Atmos Energy Corp. | 28,369 |
|
|
639 |
| New Jersey Resource Corp. | 28,372 |
|
|
312 |
| WGL Holdings, Inc. | 27,518 |
|
|
|
|
| 84,259 |
| 0.25% |
Health Care Equipment & Supplies |
|
|
| ||
2,277 |
| Abbott Laboratories | 140,104 |
|
|
97 |
| Align Technology, Inc. * | 32,199 |
|
|
688 |
| Baxter International, Inc. | 48,738 |
|
|
343 |
| Becton Dickinson and Co. | 76,005 |
|
|
1,770 |
| Boston Scientific Corp. * | 53,790 |
|
|
290 |
| Coloplast AS Class B (Denmark) | 27,578 |
|
|
259 |
| Edwards Lifesciences Corp. * | 35,563 |
|
|
200 |
| Essilor International Cie Generale d'Optique SA (France) | 27,345 |
|
|
131 |
| IDEXX Laboratories, Inc. * | 27,276 |
|
|
147 |
| Intuitive Surgical, Inc. * | 67,571 |
|
|
271 |
| ResMed, Inc. | 27,862 |
|
|
771 |
| Smith & Nephew Plc. ADR | 28,111 |
|
|
476 |
| Stryker Corp. | 82,834 |
|
|
235 |
| Varian Medical Systems, Inc. * | 27,699 |
|
|
308 |
| West Pharmaceutical Services, Inc. | 28,644 |
|
|
243 |
| Zimmer Biomet Holdings, Inc. | 27,097 |
|
|
|
|
| 758,416 |
| 2.22% |
Health Care Providers & Services |
|
|
| ||
416 |
| Aetna, Inc. | 73,270 |
|
|
320 |
| AmerisourceBergen Corp. | 26,285 |
|
|
326 |
| Anthem, Inc. | 72,183 |
|
|
3,666 |
| Brookdale Senior Living, Inc. * | 28,851 |
|
|
244 |
| Centene Corp. * | 28,587 |
|
|
312 |
| Cigna Corp. | 52,843 |
|
|
718 |
| Express Scripts Holding Co. * | 54,432 |
|
|
543 |
| Fresenius Medical Care AG & Co. KGAA ADR | 27,107 |
|
|
447 |
| HCA Healthcare, Inc. | 46,104 |
|
|
380 |
| Henry Schein, Inc. * | 26,296 |
|
|
175 |
| Humana, Inc. | 50,921 |
|
|
267 |
| IQVIA Holdings, Inc. * | 26,414 |
|
|
265 |
| McKesson Corp. | 37,614 |
|
|
1,224 |
| Patterson Cos., Inc. | 25,606 |
|
|
500 |
| PeptiDream, Inc. (Japan) * | 21,734 |
|
|
1,237 |
| UnitedHealth Group, Inc. | 298,748 |
|
|
|
|
| 896,995 |
| 2.62% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
10
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Health Care Supply Chain |
|
|
| ||
637 |
| NMC Health Plc. (United Arab Emirates) * | $ 29,838 |
|
|
800 |
| Ship Healthcare Holdings, Inc. (Japan) | 29,187 |
|
|
|
|
| 59,025 |
| 0.17% |
Health Care Technology |
|
|
| ||
185 |
| Athenahealth, Inc. * | 27,837 |
|
|
473 |
| Cerner Corp. * | 28,229 |
|
|
612 |
| Fresenius SE & Co KGAA (Germany) | 47,070 |
|
|
|
|
| 103,136 |
| 0.30% |
Home & Office Furnishings |
|
|
| ||
1,600 |
| Takara Standard Co. Ltd. (Japan) | 25,953 |
| 0.08% |
|
|
|
|
|
|
Hospital & Medical Service Plans |
|
|
| ||
323 |
| Molina Healthcare, Inc. * | 27,432 |
| 0.08% |
|
|
|
|
|
|
Hotels & Motels |
|
|
| ||
145 |
| Wynn Resorts Ltd. | 28,421 |
| 0.08% |
|
|
|
|
|
|
Hotels, Restaurants & Leisure |
|
|
| ||
347 |
| Choice Hotels International, Inc. | 27,881 |
|
|
316 |
| Darden Restaurants, Inc. | 27,622 |
|
|
424 |
| Dunkin' Brands Group, Inc. | 27,149 |
|
|
331 |
| Hilton Worldwide Holdings, Inc. | 26,715 |
|
|
450 |
| Marriott International, Inc. | 60,912 |
|
|
1,009 |
| McDonalds Corp. | 161,450 |
|
|
863 |
| MGM Resorts International | 27,141 |
|
|
533 |
| Norwegian Cruise Line Holdings Ltd. * | 27,897 |
|
|
259 |
| Royal Caribbean Cruises Ltd. | 27,190 |
|
|
433 |
| Six Flags Entertainment Corp. | 27,937 |
|
|
1,768 |
| Starbucks Corp. | 100,193 |
|
|
532 |
| The Cheesecake Factory, Inc. | 27,563 |
|
|
1,667 |
| The Wendys Co. Class A | 26,855 |
|
|
331 |
| Yum! Brands, Inc. | 26,920 |
|
|
|
|
| 623,425 |
| 1.82% |
Household Durables |
|
|
| ||
678 |
| DR Horton, Inc. | 28,618 |
|
|
9 |
| NVR, Inc. * | 26,915 |
|
|
|
|
| 55,533 |
| 0.16% |
Household Products |
|
|
| ||
593 |
| Church & Dwight Co., Inc. | 27,841 |
|
|
1,119 |
| Colgate-Palmolive Co. | 70,598 |
|
|
800 |
| Fancl Corp. (Japan) | 36,981 |
|
|
449 |
| Kimberly-Clark Corp. | 45,282 |
|
|
* Non-Income Producing Security.
The accompanying notes are an integral part of these financial statements.
11
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Household Products (Continued) |
|
|
| ||
616 |
| L'Oreal SA (France) | $ 148,127 |
|
|
700 |
| Pigeon Corp. (Japan) | 34,417 |
|
|
769 |
| Reckitt Benckiser Group Plc. (United Kingdom) | 58,886 |
|
|
235 |
| The Clorox Co. | 28,395 |
|
|
|
|
| 450,527 |
| 1.32% |
IT Services |
|
|
| ||
708 |
| Accenture Plc. (Ireland) | 110,264 |
|
|
133 |
| Alliance Data Systems Corp. | 28,039 |
|
|
420 |
| Amdocs Ltd. | 28,333 |
|
|
204 |
| Atos SE (France) | 27,725 |
|
|
558 |
| Automatic Data Processing, Inc. | 72,551 |
|
|
238 |
| Broadridge Financial Solutions, Inc. | 27,477 |
|
|
200 |
| Capgemini SE (France) * | 26,351 |
|
|
749 |
| Cognizant Technology Solutions Corp. Class A | 56,437 |
|
|
333 |
| Euronet Worldwide, Inc. * | 27,909 |
|
|
422 |
| Fidelity National Information Services, Inc. | 43,137 |
|
|
525 |
| Fiserv, Inc. * | 38,115 |
|
|
204 |
| Gartner, Inc. * | 27,079 |
|
|
930 |
| Genpact Ltd. | 27,928 |
|
|
448 |
| Leidos Holdings, Inc. | 26,907 |
|
|
1,310 |
| Mastercard, Inc. | 249,057 |
|
|
446 |
| Maximus, Inc. | 27,161 |
|
|
430 |
| Paychex, Inc. | 28,199 |
|
|
1,530 |
| PayPal Holdings, Inc. * | 125,567 |
|
|
319 |
| Total System Services, Inc. | 27,176 |
|
|
2,274 |
| Visa, Inc. Class A | 297,257 |
|
|
|
|
| 1,322,669 |
| 3.86% |
Independent Power and Renewable Electricity Producers |
|
|
| ||
813 |
| NRG Energy, Inc. | 27,829 |
| 0.08% |
|
|
|
|
|
|
Industrial & Commercial Fans & Blowers & Air Purifying Equip |
|
|
| ||
585 |
| Donaldson Co., Inc. | 27,612 |
| 0.08% |
|
|
|
|
|
|
Industrial Conglomerates |
|
|
| ||
769 |
| 3M Co. | 151,670 |
|
|
261 |
| Carlisle Cos., Inc. | 28,029 |
|
|
125 |
| Roper Technologies, Inc. | 34,474 |
|
|
1,864 |
| Siemens AG ADR | 121,701 |
|
|
|
|
| 335,874 |
| 0.98% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
12
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Industrial Distribution & Rental |
|
|
| ||
904 |
| Ashtead Group Plc. (United Kingdom) | $ 28,009 |
|
|
359 |
| Ferguson Plc. (Switzerland) | 27,877 |
|
|
|
|
| 55,886 |
| 0.16% |
Industrial Instruments For Measurement, Display, And Control |
|
|
| ||
362 |
| Fortive Corp. | 26,314 |
| 0.08% |
|
|
|
|
|
|
Industrial Machinery |
|
|
| ||
400 |
| Shima Seiki Manufacturing Ltd. (Japan) | 22,718 |
|
|
900 |
| The Japan Steel Works Ltd. (Japan) | 25,392 |
|
|
4,000 |
| Toshiba Machine Co. Ltd. (Japan) | 22,387 |
|
|
|
|
| 70,497 |
| 0.21% |
Information Services |
|
|
| ||
1,283 |
| Relx Plc. (United Kingdom) | 28,181 |
|
|
397 |
| TransUnion | 27,234 |
|
|
|
|
| 55,415 |
| 0.16% |
Infrastructure Construction |
|
|
| ||
1,266 |
| Abertis Infraestructuras SA (Spain) | 27,185 |
|
|
3,000 |
| Chiyoda Corp. (Japan) | 26,081 |
|
|
900 |
| Tekken Corp. (Japan) | 24,689 |
|
|
3,132 |
| Transurban Group (Australia) | 28,137 |
|
|
1,600 |
| Tsukishima Kikai Co. Ltd. (Japan) | 26,600 |
|
|
|
|
| 132,692 |
| 0.39% |
Infrastructure Software |
|
|
| ||
249 |
| LogMeIn, Inc. | 26,867 |
| 0.08% |
|
|
|
|
|
|
Institutional Brokerage |
|
|
| ||
800 |
| Nihon M&A Center, Inc. (Japan) | 26,320 |
|
|
1,000 |
| SBI Holdings, Inc. (Japan) | 27,331 |
|
|
|
|
| 53,651 |
| 0.16% |
Instruments For Meas & Testing Of Electricity & Elec Signals |
|
|
| ||
773 |
| Teradyne, Inc. | 29,304 |
| 0.09% |
|
|
|
|
|
|
Insurance |
|
|
| ||
250 |
| American Financial Group, Inc. | 27,470 |
|
|
270 |
| Aon Plc. (France) | 37,765 |
|
|
309 |
| Assurant, Inc. | 28,845 |
|
|
1,375 |
| CNO Financial Group, Inc. | 27,527 |
|
|
514 |
| First American Financial Corp. | 26,769 |
|
|
8,621 |
| Genworth Financial, Inc. Class A * | 29,656 |
|
|
375 |
| Kemper Corp. | 29,044 |
|
|
24 |
| Markel Corp. * | 26,330 |
|
|
* Non-Income Producing Security.
The accompanying notes are an integral part of these financial statements.
13
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Insurance (Continued) |
|
|
| ||
589 |
| Mercury General Corp. | $ 27,748 |
|
|
419 |
| RLI Corp. | 27,520 |
|
|
231 |
| The Hanover Insurance Group, Inc. | 28,006 |
|
|
323 |
| Torchmark Corp. | 27,400 |
|
|
|
|
| 344,080 |
| 1.01% |
Integrated Oils |
|
|
| ||
420 |
| OMV AG (Austria) | 24,168 |
| 0.07% |
|
|
|
|
|
|
Integrated Utilities |
|
|
| ||
1,693 |
| AGL Energy Ltd. (Australia) | 28,318 |
|
|
2,300 |
| Kyushu Electric Power Co., Inc. (Japan) | 27,182 |
|
|
2,000 |
| Tohoku Electric Power Co., Inc. (Japan) | 25,530 |
|
|
|
|
| 81,030 |
| 0.24% |
Internet & Catalog Retail |
|
|
| ||
628 |
| Amazon.com, Inc. * | 1,023,401 |
|
|
242 |
| Expedia Group, Inc. | 29,289 |
|
|
556 |
| Netflix, Inc. * | 195,490 |
|
|
1,651 |
| Vipshop Holdings Ltd. ADR * | 19,284 |
|
|
|
|
| 1,267,464 |
| 3.70% |
Internet Based Services |
|
|
| ||
190 |
| IAC InterActiveCorp * | 29,477 |
|
|
681 |
| Liberty Expedia Holdings, Inc. Class A * | 29,562 |
|
|
|
|
| 59,039 |
| 0.17% |
Internet Media |
|
|
| ||
819 |
| Mail.Ru Group Ltd. (Russian Federation) | 23,227 |
| 0.07% |
|
|
|
|
|
|
Internet Software & Services |
|
|
| ||
387 |
| Alphabet, Inc. Class A * | 425,700 |
|
|
452 |
| Alphabet, Inc. Class C * | 490,415 |
|
|
70 |
| CoStar Group, Inc. * | 26,685 |
|
|
1,278 |
| eBay, Inc. * | 48,206 |
|
|
104 |
| Equinix, Inc. | 41,272 |
|
|
3,097 |
| Facebook, Inc. Class A * | 593,943 |
|
|
838 |
| Twitter, Inc. * | 29,079 |
|
|
217 |
| VeriSign, Inc. * | 28,305 |
|
|
803 |
| Yandex NV (Russian Federation) * | 26,917 |
|
|
|
|
| 1,710,522 |
| 5.00% |
Investment Companies |
|
|
| ||
1,153 |
| Jefferies Financial Group, Inc. | 25,228 |
| 0.07% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
14
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Large Pharmaceuticals |
|
|
| ||
765 |
| Roche Holding AG (Switzerland) | $ 163,762 |
| 0.48% |
|
|
|
|
|
|
Leisure Products |
|
|
| ||
316 |
| Hasbro, Inc. | 27,413 |
| 0.08% |
|
|
|
|
|
|
Life Insurance |
|
|
| ||
14,800 |
| AIA Group Ltd. (Hong Kong) | 135,853 |
|
|
2,814 |
| Prudential Plc. (United Kingdom) | 67,738 |
|
|
|
|
| 203,591 |
| 0.59% |
Life Sciences Tools & Services |
|
|
| ||
436 |
| Agilent Technologies, Inc. | 26,997 |
|
|
184 |
| Bio-Techne Corp. | 27,659 |
|
|
916 |
| Bruker Corp. | 27,727 |
|
|
262 |
| Charles River Laboratories International, Inc. * | 28,170 |
|
|
190 |
| Illumina, Inc. * | 51,764 |
|
|
49 |
| Mettler-Toledo International, Inc. * | 26,986 |
|
|
371 |
| PerkinElmer, Inc. | 27,576 |
|
|
528 |
| Thermo Fisher Scientific, Inc. | 109,967 |
|
|
|
|
| 326,846 |
| 0.95% |
Lodging |
|
|
| ||
496 |
| Accor SA (France) | 27,155 |
| 0.08% |
|
|
|
|
|
|
Logistics Services |
|
|
| ||
1,372 |
| Deutsche Post AG (Germany) | 52,103 |
|
|
325 |
| DSV AS (Denmark) | 27,035 |
|
|
600 |
| Sankyu, Inc. (Japan) | 32,974 |
|
|
|
|
| 112,112 |
| 0.33% |
Machinery |
|
|
| ||
650 |
| Allison Transmission Holdings, Inc. | 26,851 |
|
|
2,226 |
| CNH Industrial NV (United Kingdom) | 26,133 |
|
|
604 |
| Graco, Inc. | 27,422 |
|
|
431 |
| Illinois Tool Works, Inc. | 61,935 |
|
|
521 |
| ITT, Inc. | 26,894 |
|
|
709 |
| Kennametal, Inc. | 26,396 |
|
|
2,900 |
| Kitz Corp. (Japan) | 25,931 |
|
|
940 |
| Mueller Industries, Inc. | 28,388 |
|
|
208 |
| Nordson Corp. | 26,131 |
|
|
368 |
| Oshkosh Corp. | 26,772 |
|
|
156 |
| Parker-Hannifin Corp. | 26,660 |
|
|
473 |
| The Toro Co. | 27,434 |
|
|
296 |
| Wabtec Corp. | 28,863 |
|
|
383 |
| Xylem, Inc. | 26,963 |
|
|
|
|
| 412,773 |
| 1.21% |
* Non-Income Producing Security.
The accompanying notes are an integral part of these financial statements.
15
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Marine |
|
|
| ||
310 |
| Kirby Corp. * | $ 28,117 |
| 0.08% |
|
|
|
|
|
|
Marine Shipping |
|
|
| ||
5,700 |
| Iino Kaiun Kaisha Ltd. (Japan) | 26,087 |
| 0.08% |
|
|
|
|
|
|
Measurement Instruments |
|
|
| ||
494 |
| Hexagon AB Class B (Sweden) | 27,835 |
| 0.08% |
|
|
|
|
|
|
Media |
|
|
| ||
40 |
| Cable One, Inc. | 25,970 |
|
|
507 |
| CBS Corp. Class B | 25,538 |
|
|
304 |
| Charter Communications, Inc. Class A * | 79,356 |
|
|
755 |
| Cinemark Holdings, Inc. | 25,496 |
|
|
866 |
| DISH Network Corp. Class A * | 25,590 |
|
|
384 |
| Liberty Broadband Corp. * | 26,446 |
|
|
1,736 |
| News Corp. Class A | 26,092 |
|
|
5,648 |
| Sirius XM Holdings, Inc. | 40,101 |
|
|
1,888 |
| The Walt Disney Co. | 187,799 |
|
|
996 |
| Time Warner, Inc. | 93,783 |
|
|
1,341 |
| Twenty-First Century Fox, Inc. Class A | 51,696 |
|
|
|
|
| 607,867 |
| 1.78% |
Medical Devices |
|
|
| ||
800 |
| Asahi Intecc Co. Ltd. (Japan) * | 28,746 |
| 0.08% |
|
|
|
|
|
|
Metals & Mining |
|
|
| ||
542 |
| Alcoa Corp. * | 26,054 |
|
|
2,093 |
| Barrick Gold Corp. (Canada) | 27,607 |
|
|
1,210 |
| Commercial Metals Co. | 28,604 |
|
|
296 |
| Reliance Steel & Aluminum Co. | 27,697 |
|
|
987 |
| Southern Copper Corp. (Peru) | 48,254 |
|
|
560 |
| Steel Dynamics, Inc. | 27,681 |
|
|
983 |
| Teck Resources Ltd. (Canada) | 26,708 |
|
|
|
|
| 212,605 |
| 0.62% |
Metalworking Machinery & Equipment |
|
|
| ||
400 |
| Obara Group, Inc. (Japan) | 23,306 |
| 0.07% |
|
|
|
|
|
|
Mining, Quarrying Of Nonmetallic Minerals (No Fuels) |
|
|
| ||
847 |
| Us Silica Holdings, Inc. | 26,198 |
| 0.08% |
|
|
|
|
|
|
Motor Vehicle Parts & Accessories |
|
|
| ||
287 |
| Aptiv Plc. (Ireland) | 27,982 |
|
|
211 |
| Visteon Corp. * | 26,367 |
|
|
|
|
| 54,349 |
| 0.16% |
* Non-Income Producing Security.
The accompanying notes are an integral part of these financial statements.
16
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Motor Vehicles & Passenger Car Bodies |
|
|
| ||
205 |
| Ferrari NV (Italy) | $ 26,927 |
| 0.08% |
|
|
|
|
|
|
Multi-Utilities |
|
|
| ||
514 |
| NorthWestern Corp. | 28,003 |
| 0.08% |
|
|
|
|
|
|
Multiline Retail |
|
|
| ||
292 |
| Dollar General Corp. | 25,544 |
|
|
288 |
| Dollar Tree, Inc. * | 23,786 |
|
|
9,565 |
| J.C. Penney Co., Inc. * | 23,147 |
|
|
|
|
| 72,477 |
| 0.21% |
National Commercial Banks |
|
|
| ||
633 |
| MB Financial, Inc. | 31,264 |
|
|
418 |
| Pinnacle Financial Partners, Inc. | 28,027 |
|
|
1,132 |
| Sterling Bancorp | 27,791 |
|
|
|
|
| 87,082 |
| 0.25% |
Natural Gas Distribution |
|
|
| ||
849 |
| South Jersey Industries, Inc. | 28,119 |
| 0.08% |
|
|
|
|
|
|
Newspapers: Publishing Or Publishing & Printing |
|
|
| ||
1,195 |
| The New York Times Co. Class A | 27,186 |
| 0.08% |
|
|
|
|
|
|
Non-Residential Bldg Const |
|
|
| ||
656 |
| Vinci SA (France) | 64,234 |
| 0.19% |
|
|
|
|
|
|
Non Wood Building Materials |
|
|
| ||
3 |
| Sika AG (Switzerland) | 23,948 |
| 0.07% |
|
|
|
|
|
|
Office Electronics |
|
|
| ||
1,400 |
| Seiko Epson Corp. (Japan) | 24,561 |
| 0.07% |
|
|
|
|
|
|
Office Supplies |
|
|
| ||
1,400 |
| Kokuyo Co. Ltd. (Japan) | 26,260 |
| 0.08% |
|
|
|
|
|
|
Oil & Gas Filed Machinery & Equipment |
|
|
| ||
766 |
| Baker Hughes a Ge Co. Class A | 26,496 |
| 0.08% |
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
| ||
651 |
| Anadarko Petroleum Corp. | 45,440 |
|
|
1,192 |
| Cabot Oil & Gas Corp. Class A | 27,237 |
|
|
7,423 |
| Chesapeake Energy Corp. * | 33,181 |
|
|
185 |
| Concho Resources, Inc. * | 25,402 |
|
|
402 |
| Continental Resources, Inc. * | 27,071 |
|
|
* Non-Income Producing Security.
The accompanying notes are an integral part of these financial statements.
17
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Oil, Gas & Consumable Fuels (Continued) |
|
|
| ||
214 |
| Diamondback Energy, Inc. | $ 25,843 |
|
|
725 |
| EOG Resources, Inc. | 85,412 |
|
|
398 |
| HollyFrontier Corp. | 30,718 |
|
|
898 |
| Murphy Oil Corp. | 27,613 |
|
|
957 |
| Newfield Exploration Co. * | 27,983 |
|
|
657 |
| PBF Energy, Inc. | 30,997 |
|
|
216 |
| Pioneer Natural Resources Co. | 41,710 |
|
|
1,862 |
| Range Resources Corp. | 29,494 |
|
|
1,083 |
| SemGroup Corp. | 27,400 |
|
|
6,173 |
| Southwestern Energy Co. * | 29,198 |
|
|
890 |
| TransCanada Corp. (Canada) | 37,229 |
|
|
|
|
| 551,928 |
| 1.61% |
Operators Of Nonresidential Buildings |
|
|
| ||
939 |
| Brookfield Asset Management, Inc. Class A (Canada) | 37,410 |
| 0.11% |
|
|
|
|
|
|
Other Financial Services |
|
|
| ||
600 |
| Jafco Co. Ltd. (Japan) | 24,675 |
| 0.07% |
|
|
|
|
|
|
P&C Insurance |
|
|
| ||
1,425 |
| Hiscox Ltd. (Bermuda) | 28,450 |
| 0.08% |
|
|
|
|
|
|
Packaged Food |
|
|
| ||
737 |
| Danone SA (France) | 56,365 |
|
|
3,400 |
| Itoham Yonekyu Holdings, Inc. (Japan) | 32,152 |
|
|
1,000 |
| Megmilk Snow Brand Co. Ltd. (Japan) | 27,662 |
|
|
700 |
| Morinaga Milk Industry Co. Ltd. (Japan) | 27,501 |
|
|
900 |
| Nichirei Corp. (Japan) | 24,408 |
|
|
|
|
| 168,088 |
| 0.49% |
Paints, Varnishes, Lacquers, Enamels & Allied Products |
|
|
| ||
554 |
| RPM International, Inc. | 27,423 |
| 0.08% |
|
|
|
|
|
|
Paperboard Containers & Boxes |
|
|
| ||
1,956 |
| Graphic Packaging Holding Co. | 28,323 |
| 0.08% |
|
|
|
|
|
|
Personal Credit Institutions |
|
|
| ||
1,600 |
| T&D Holdings, Inc. (Japan) | 25,247 |
| 0.07% |
|
|
|
|
|
|
Personal Products |
|
|
| ||
498 |
| Herbalife Nutrition Ltd. * | 25,283 |
|
|
282 |
| The Estee Lauder Cos., Inc. Class A | 42,142 |
|
|
1,896 |
| Unilever NV ADR | 105,740 |
|
|
1,359 |
| Unilever Plc. ADR | 75,126 |
|
|
|
|
| 248,291 |
| 0.73% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
18
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Pharmaceutical Preparations |
|
|
| ||
323 |
| Agios Pharmaceuticals, Inc. * | $ 30,200 |
|
|
698 |
| Catalent, Inc. * | 27,403 |
|
|
679 |
| Portola Pharmaceuticals, Inc. * | 27,262 |
|
|
328 |
| Shire Plc. ADR | 53,871 |
|
|
868 |
| The Medicines Co. * | 29,390 |
|
|
|
|
| 168,126 |
| 0.49% |
Pharmaceuticals |
|
|
| ||
2,049 |
| AbbVie, Inc. | 202,728 |
|
|
2,745 |
| AstraZeneca Plc. ADR | 101,647 |
|
|
2,069 |
| Bristol-Myers Squibb Co. | 108,871 |
|
|
2,731 |
| GlaxoSmithKline Plc. ADR | 110,660 |
|
|
2,885 |
| Novartis AG ADR | 214,990 |
|
|
2,174 |
| Novo Nordisk AS ADR | 103,352 |
|
|
622 |
| Zoetis, Inc. | 52,061 |
|
|
|
|
| 894,309 |
| 2.61% |
Pollution Control Equipment |
|
|
| ||
900 |
| Kurita Water Industries Ltd. (Japan) | 25,888 |
| 0.08% |
|
|
|
|
|
|
Power Generation |
|
|
| ||
2,497 |
| E.On SE (Germany) | 26,494 |
|
|
1,189 |
| Vistra Energy Corp. * | 29,166 |
|
|
|
|
| 55,660 |
| 0.16% |
Professional Services |
|
|
| ||
433 |
| Adecco Group AG (Switzerland) | 25,965 |
|
|
243 |
| Equifax, Inc. | 27,692 |
|
|
290 |
| ManpowerGroup, Inc. | 26,100 |
|
|
1,300 |
| Pasona Group, Inc. (Japan) | 20,238 |
|
|
261 |
| Verisk Analytics, Inc. Class A * | 27,729 |
|
|
|
|
| 127,724 |
| 0.37% |
Publishing & Broadcasting |
|
|
| ||
12,277 |
| ITV Plc. (United Kingdom) | 26,534 |
| 0.08% |
|
|
|
|
|
|
Pumps & Pumping Equipment |
|
|
| ||
862 |
| Colfax Corp. * | 26,360 |
|
|
639 |
| Flowserve Corp. | 26,416 |
|
|
|
|
| 52,776 |
| 0.15% |
Real Estate Agents & Managers (For Others) |
|
|
| ||
237 |
| Marriott Vacations Worldwide Corp. | 28,497 |
| 0.08% |
|
|
|
|
|
|
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
19
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Real Estate Management & Development |
|
|
| ||
164 |
| Jones Lang Lasalle, Inc. | $ 26,857 |
|
|
1,100 |
| Nomura Real Estate Holdings, Inc. (Japan) | 25,808 |
|
|
|
|
| 52,665 |
| 0.15% |
Real Estate Services |
|
|
| ||
4,300 |
| Kenedix, Inc. (Japan) | 27,701 |
| 0.08% |
|
|
|
|
|
|
Refuse Systems |
|
|
| ||
367 |
| Waste Connections, Inc. | 28,215 |
| 0.08% |
|
|
|
|
|
|
Renewable Energy Equipment |
|
|
| ||
394 |
| Vestas Wind Systems AS (Denmark) | 25,847 |
| 0.08% |
|
|
|
|
|
|
Restaurants |
|
|
| ||
1,300 |
| Colowide Co. Ltd. (Japan) | 36,438 |
|
|
1,400 |
| Zensho Holdings Co. Ltd. (Japan) | 34,957 |
|
|
|
|
| 71,395 |
| 0.21% |
Retail-Building Materials, Hardware, Garden Supply |
|
|
| ||
525 |
| Fastenal Co. | 27,946 |
| 0.08% |
|
|
|
|
|
|
Retail-Catalog & Mail-Order Houses |
|
|
| ||
324 |
| Wayfair, Inc. Class A * | 29,921 |
| 0.09% |
|
|
|
|
|
|
Retail-Department Stores |
|
|
| ||
196 |
| Burlington Stores, Inc. * | 28,665 |
| 0.08% |
|
|
|
|
|
|
Retail-Eating Places |
|
|
| ||
490 |
| Restaurant Brands International, Inc. (Canada) | 28,920 |
| 0.08% |
|
|
|
|
|
|
Retail-Home Furniture, Furnishings & Equipment Stores |
|
|
| ||
564 |
| Williams-Sonoma, Inc. | 31,229 |
| 0.09% |
|
|
|
|
|
|
Road & Rail |
|
|
| ||
713 |
| Canadian National Railway Co. (Canada) | 59,521 |
|
|
149 |
| Canadian Pac Railway Ltd. (Canada) | 28,726 |
|
|
1,118 |
| CSX Corp. | 72,279 |
|
|
223 |
| J.B. Hunt Transport Services, Inc. | 28,566 |
|
|
190 |
| Old Dominion Freight Line, Inc. | 29,632 |
|
|
987 |
| Union Pacific Corp. | 140,904 |
|
|
|
|
| 359,628 |
| 1.05% |
Rubber & Plastic |
|
|
| ||
600 |
| Nitta Corp. (Japan) | 22,966 |
| 0.07% |
* Non-Income Producing Security.
The accompanying notes are an integral part of these financial statements.
20
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Savings Institution, Federally Chartered |
|
|
| ||
1,461 |
| People's United Financial, Inc. | $ 26,897 |
| 0.08% |
|
|
|
|
|
|
Security & Commodity Brokers, Dealers, Exchanges & Services |
|
|
| ||
2,291 |
| BGC Partners, Inc. Class A | 26,255 |
| 0.08% |
|
|
|
|
|
|
Security Brokers, Dealers & Flotation Companies |
|
|
| ||
293 |
| Raymond James Financial, Inc. | 28,292 |
| 0.08% |
|
|
|
|
|
|
Security and Commodity Exchanges |
|
|
| ||
199 |
| Deutsche Boerse AG (Germany) | 26,626 |
|
|
1,500 |
| Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 48,535 |
|
|
455 |
| London Stock Exchange Group Plc. (United Kingdom) | 27,076 |
|
|
|
|
| 102,237 |
| 0.30% |
Semiconductor Manufacturing |
|
|
| ||
300 |
| SCREEN Holdings Co. Ltd. | 25,530 |
| 0.07% |
|
|
|
|
|
|
Semiconductors & Related Devices |
|
|
| ||
1,690 |
| Cypress Semiconductor Corp. | 27,817 |
|
|
1,248 |
| Infineon Technologies AG (Germany) | 34,287 |
|
|
331 |
| Mellanox Technologies Ltd. ADR * | 28,267 |
|
|
376 |
| NXP Semiconductors NV (Netherlands) * | 42,864 |
|
|
1,134 |
| STMicroelectronics NV (Switzerland) | 27,069 |
|
|
|
|
| 160,304 |
| 0.47% |
Semiconductors & Semiconductor Equipment |
|
|
| ||
2,226 |
| Advanced Micro Devices, Inc. * | 30,563 |
|
|
473 |
| Analog Devices, Inc. | 45,966 |
|
|
1,364 |
| Applied Materials, Inc. | 69,264 |
|
|
479 |
| ASML Holding NV (Netherlands) | 94,195 |
|
|
360 |
| Cavium, Inc. * | 30,100 |
|
|
375 |
| First Solar, Inc. * | 25,354 |
|
|
247 |
| KLA-Tencor Corp. | 27,968 |
|
|
201 |
| Lam Research Corp. | 39,834 |
|
|
295 |
| Microchip Technology, Inc. | 28,727 |
|
|
1,454 |
| Micron Technology, Inc. * | 83,736 |
|
|
805 |
| NVIDIA Corp. | 203,013 |
|
|
640 |
| Semtech Corp. * | 30,976 |
|
|
1,262 |
| Texas Instruments, Inc. | 141,230 |
|
|
|
|
| 850,926 |
| 2.49% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
21
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Services-Business Services, Nec |
|
|
| ||
1,405 |
| First Data Corp. Class A * | $ 26,695 |
|
|
240 |
| Global Payments, Inc. | 26,678 |
|
|
274 |
| GrubHub, Inc. * | 29,376 |
|
|
338 |
| Worldpay, Inc. Class A * | 26,861 |
|
|
534 |
| Zillow Group, Inc. * | 31,100 |
|
|
|
|
| 140,710 |
| 0.41% |
Services-Commercial Physical & Biological Research |
|
|
| ||
339 |
| PRA Health Sciences, Inc. * | 28,781 |
| 0.08% |
|
|
|
|
|
|
Services-Computer Integrated Systems Design |
|
|
| ||
227 |
| Jack Henry & Associates, Inc. | 28,389 |
| 0.08% |
|
|
|
|
|
|
Services-Computer Processing & Data Preparation |
|
|
| ||
222 |
| Proofpoint, Inc. * | 25,950 |
|
|
254 |
| YY, Inc. ADR * | 29,599 |
|
|
|
|
| 55,549 |
| 0.16% |
Services-Computer Programming Services |
|
|
| ||
219 |
| EPAM Systems, Inc. * | 26,976 |
| 0.08% |
|
|
|
|
|
|
Services-Computer Programming, Data Processing, Etc. |
|
|
| ||
1,149 |
| Sabre Corp. | 28,162 |
| 0.08% |
|
|
|
|
|
|
Services-Educational Services |
|
|
| ||
791 |
| TAL Education Group ADR * | 33,586 |
| 0.10% |
|
|
|
|
|
|
Services-Engineering Services |
|
|
| ||
528 |
| Tetra Tech, Inc. | 29,014 |
| 0.08% |
|
|
|
|
|
|
Services-General Medical & Surgical Hospitals, Nec |
|
|
| ||
658 |
| Envision Healthcare Corp. * | 28,215 |
| 0.08% |
|
|
|
|
|
|
Services-Hospitals |
|
|
| ||
437 |
| Encompass Health Corp. | 28,296 |
| 0.08% |
|
|
|
|
|
|
Services-Medical Laboratories |
|
|
| ||
156 |
| Laboratory Corp. of America Holdings * | 28,172 |
| 0.08% |
|
|
|
|
|
|
Services-Personal Services |
|
|
| ||
739 |
| Service Corp. International | 27,114 |
| 0.08% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
22
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Services-Prepackaged Software |
|
|
| ||
505 |
| Square, Inc. Class A * | $ 29,416 |
|
|
364 |
| Veeva Systems, Inc. Class A * | 28,159 |
|
|
|
|
| 57,575 |
| 0.17% |
Services-To Dwellings & Other Buildings |
|
|
| ||
548 |
| Rollins, Inc. | 27,274 |
| 0.08% |
|
|
|
|
|
|
Software |
|
|
| ||
988 |
| Activision Blizzard, Inc. | 70,059 |
|
|
633 |
| Adobe Systems, Inc. * | 157,794 |
|
|
299 |
| Aspen Technology, Inc. * | 27,885 |
|
|
261 |
| Autodesk, Inc. * | 33,695 |
|
|
403 |
| CommVault Systems, Inc. * | 27,545 |
|
|
396 |
| Electronic Arts, Inc. * | 51,840 |
|
|
140 |
| FactSet Research Systems, Inc. | 28,141 |
|
|
304 |
| Guidewire Software, Inc. * | 28,223 |
|
|
330 |
| Intuit, Inc. | 66,528 |
|
|
624 |
| Manhattan Associates, Inc. * | 27,156 |
|
|
9,865 |
| Microsoft Corp. | 975,057 |
|
|
2,159 |
| Nuance Communications, Inc. * | 29,168 |
|
|
5,198 |
| Oracle Corp. | 242,851 |
|
|
325 |
| PTC, Inc. * | 28,028 |
|
|
215 |
| Red Hat, Inc. * | 34,920 |
|
|
936 |
| Salesforce.com, Inc. * | 121,053 |
|
|
1,365 |
| SAP SE ADR | 153,958 |
|
|
214 |
| ServiceNow, Inc. * | 38,009 |
|
|
243 |
| Splunk, Inc. * | 26,927 |
|
|
567 |
| SS&C Technologies Holdings, Inc. | 28,866 |
|
|
1,243 |
| Symantec Corp. | 25,830 |
|
|
310 |
| Synopsys, Inc. * | 27,302 |
|
|
243 |
| Take-Two Interactive Software, Inc. * | 27,235 |
|
|
106 |
| The Ultimate Software Group, Inc. * | 27,788 |
|
|
121 |
| Tyler Technologies, Inc. * | 28,026 |
|
|
206 |
| Workday, Inc. * | 26,978 |
|
|
|
|
| 2,360,862 |
| 6.90% |
Specialty Apparel Stores |
|
|
| ||
1,726 |
| Hennes & Mauritz AB (Sweden) | 26,018 |
|
|
1,264 |
| Mr. Price Group Ltd. (South Africa) | 24,969 |
|
|
|
|
| 50,987 |
| 0.15% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
23
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Specialty Chemicals |
|
|
| ||
308 |
| Akzo Nobel NV (Netherlands) | $ 27,053 |
|
|
12 |
| Givaudan SA (Switzerland) | 26,717 |
|
|
1,400 |
| JSR Corp. (Japan) | 27,327 |
|
|
265 |
| Koninklijke DSM NV (Netherlands) | 26,401 |
|
|
104 |
| Lonza Group AG (Switzerland) | 27,817 |
|
|
|
|
| 135,315 |
| 0.40% |
Specialty Pharmaceuticals |
|
|
| ||
11,000 |
| Sino Biopharmaceutical Ltd. (Hong Kong) * | 27,823 |
| 0.08% |
|
|
|
|
|
|
Specialty Retail |
|
|
| ||
231 |
| Advance Auto Parts, Inc. | 29,711 |
|
|
1,275 |
| American Eagle Outfitters, Inc. | 28,305 |
|
|
42 |
| AutoZone, Inc. * | 27,271 |
|
|
424 |
| CarMax, Inc. * | 29,222 |
|
|
632 |
| Foot Locker, Inc. | 34,109 |
|
|
1,054 |
| Lowes Cos., Inc. | 100,141 |
|
|
101 |
| OReilly Automotive, Inc. * | 27,210 |
|
|
483 |
| Ross Stores, Inc. | 38,099 |
|
|
1,482 |
| The Home Depot, Inc. | 276,467 |
|
|
792 |
| The TJX Cos., Inc. | 71,533 |
|
|
389 |
| Tractor Supply Co. | 28,907 |
|
|
|
|
| 690,975 |
| 2.02% |
State Commercial Banks |
|
|
| ||
565 |
| Bank of The Ozarks | 26,860 |
|
|
775 |
| United Bankshares, Inc. | 28,249 |
|
|
295 |
| Wintrust Financial Corp. | 27,172 |
|
|
|
|
| 82,281 |
| 0.24% |
Steel Producers |
|
|
| ||
600 |
| Aichi Steel Corp. (Japan) | 24,096 |
|
|
1,066 |
| Thyssenkrupp AG (Germany) | 28,140 |
|
|
|
|
| 52,236 |
| 0.15% |
Surgical & Medical Instruments & Apparatus |
|
|
| ||
93 |
| ABIOMED, Inc. * | 35,446 |
|
|
314 |
| Dexcom, Inc. * | 27,629 |
|
|
|
|
| 63,075 |
| 0.18% |
Technology Hardware, Storage & Peripherals |
|
|
| ||
6,316 |
| Apple, Inc. | 1,180,271 |
|
|
1,606 |
| Canon, Inc. ADR | 54,668 |
|
|
899 |
| NCR Corp. * | 27,060 |
|
|
391 |
| NetApp, Inc. | 26,713 |
|
|
|
|
| 1,288,712 |
| 3.76% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
24
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Telecom Carriers |
|
|
| ||
9,471 |
| Koninklijke KPN NV | $ 25,776 |
| 0.08% |
|
|
|
|
|
|
Telephone Communications (No Radio Telephone) |
|
|
| ||
819 |
| Zayo Group Holdings, Inc. * | 28,501 |
| 0.08% |
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods |
|
|
| ||
1,618 |
| NIKE, Inc. | 116,172 |
|
|
247 |
| Ralph Lauren Corp. | 33,241 |
|
|
547 |
| Steve Madden Ltd. | 28,909 |
|
|
1,603 |
| Under Armour, Inc. * | 30,329 |
|
|
495 |
| VF Corp. | 40,174 |
|
|
|
|
| 248,825 |
| 0.73% |
Tobacco |
|
|
| ||
2,422 |
| Altria Group, Inc. | 135,002 |
|
|
2,521 |
| British American Tobacco Plc. ADR | 129,075 |
|
|
|
|
| 264,077 |
| 0.77% |
Trading Companies & Distributors |
|
|
| ||
691 |
| Beacon Roofing Supply, Inc. * | 28,953 |
|
|
301 |
| MSC Industrial Direct Co., Inc. Class A | 27,641 |
|
|
166 |
| United Rentals, Inc. * | 26,489 |
|
|
92 |
| W.W. Granger, Inc. | 28,427 |
|
|
154 |
| Watsco, Inc. | 28,339 |
|
|
462 |
| WESCO International, Inc. | 27,420 |
|
|
|
|
| 167,269 |
| 0.49% |
Transportation Services |
|
|
| ||
379 |
| Gatx Corp. | 27,250 |
|
|
258 |
| XPO Logistics, Inc. * | 27,154 |
|
|
|
|
| 54,404 |
| 0.16% |
Utility Networks |
|
|
| ||
7,200 |
| China Gas Holdings Ltd. (Hong Kong) | 29,879 |
|
|
17,000 |
| Hong Kong & China Gas Co. Ltd. (Hong Kong) * | 36,758 |
|
|
1,200 |
| Osaka Gas Co. Ltd. (Japan) | 26,186 |
|
|
1,353 |
| Red Electrica Corp. SA (Spain) | 26,348 |
|
|
1,148 |
| RWE AG (Germany) | 26,041 |
|
|
|
|
| 145,212 |
| 0.42% |
Waste Management |
|
|
| ||
1,500 |
| Asahi Holdings, Inc. (Japan) | 27,611 |
| 0.08% |
|
|
|
|
|
|
Wholesale-Electronic Parts & Equipment, Nec |
|
|
| ||
362 |
| Arrow Electronics, Inc. * | 26,831 |
| 0.08% |
* Non-Income Producing Security.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
25
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
Wholesale-Groceries & Related Products |
|
|
| ||
785 |
| US Foods Holding Corp. * | $ 28,009 |
| 0.08% |
|
|
|
|
|
|
Wholesale-Machinery, Equipment & Supplies |
|
|
| ||
397 |
| Applied Industrial Technologies, Inc. | 27,691 |
| 0.08% |
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
| ||
176 |
| SBA Communications Corp. * | 27,820 |
|
|
5,360 |
| Sprint Corp. * | 27,550 |
|
|
1,077 |
| T-Mobile US, Inc. * | 59,989 |
|
|
|
|
| 115,359 |
| 0.34% |
|
|
|
|
|
|
Total for Common Stocks (Cost - $31,081,738) | $31,050,584 |
| 90.69% | ||
|
|
|
|
|
|
EXCHANGE TRADED FUNDS - 4.69% |
|
|
| ||
2,075 |
| Amundi Cac 40 UCITS ETF DR (France) | 185,996 |
|
|
4,618 |
| iShares Canadian Growth Index ETF (Canada) | 109,527 |
|
|
2,603 |
| iShares Canadian Value Index ETF (Canada) | 53,826 |
|
|
8,489 |
| iShares Core FTSE 100 UCITS ETF (Ireland) | 86,466 |
|
|
366 |
| iShares EURO STOXX Mid UCITS ETF EUR Dist (Ireland) | 26,511 |
|
|
1,020 |
| iShares FTSE 250 UCITS ETF GBP Dist (Ireland) | 27,163 |
|
|
1,345 |
| iShares MSCI Belgium ETF | 27,129 |
|
|
402 |
| iShares MSCI Denmark ETF | 26,540 |
|
|
628 |
| iShares MSCI Finland ETF | 27,029 |
|
|
842 |
| iShares MSCI France ETF | 26,792 |
|
|
1,675 |
| iShares MSCI Germany ETF | 52,997 |
|
|
8,640 |
| iShares MSCI Hong Kong ETF | 224,554 |
|
|
856 |
| iShares MSCI Netherlands ETF | 26,836 |
|
|
1,052 |
| iShares MSCI Singapore ETF | 27,804 |
|
|
807 |
| iShares MSCI Sweden ETF | 26,155 |
|
|
806 |
| iShares MSCI Switzerland ETF * | 26,816 |
|
|
1,199 |
| Lyxor IBEX 35 DR UCITS ETF (France) | 132,001 |
|
|
1 |
| Satrix 40 Index Fund (South Africa) | 4 |
|
|
817 |
| SPDR S&P/ASX 200 Fund (Australia) | 34,967 |
|
|
4,000 |
| TOPIX Exchange Traded Fund (Japan) * | 66,793 |
|
|
1,738 |
| Vanguard Growth ETF | 258,110 |
|
|
215 |
| Vanguard Mid-Cap Growth ETF | 28,666 |
|
|
1 |
| Vanguard Mid-Cap Value ETF | 110 |
|
|
1 |
| Vanguard Small-Cap Growth ETF | 174 |
|
|
207 |
| Vanguard Small-Cap Value ETF | 28,113 |
|
|
184 |
| Xtrackers DAX UCITS ETF (Germany) * | 26,281 |
|
|
1,876 |
| Xtrackers FTSE MIB UCITS ETF (Germany) | 49,148 |
|
|
Total Exchange Traded Funds (Cost - $1,642,467) | $ 1,606,508 |
| 4.69% |
* Non-Income Producing Security.
The accompanying notes are an integral part of these financial statements.
26
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 4.04% |
|
|
| ||
1,165 |
| Acadia Realty Trust | $ 29,999 |
|
|
6 |
| Activia Properties, Inc. (Japan) | 26,733 |
|
|
1,296 |
| Alexander & Baldwin, Inc. * | 27,618 |
|
|
570 |
| American Tower Corp. | 78,871 |
|
|
691 |
| Apartment Investment & Management Co. Class A | 28,214 |
|
|
171 |
| AvalonBay Communities, Inc. | 28,307 |
|
|
879 |
| Blackstone Mortgage Trust, Inc. Class A | 27,768 |
|
|
4,545 |
| Colony Northstar, Inc. Class A | 26,770 |
|
|
262 |
| CoreSite Realty Corp. | 27,814 |
|
|
3,076 |
| Cousins Properties, Inc. | 28,976 |
|
|
529 |
| Crown Castle International Corp. | 55,095 |
|
|
516 |
| CyrusOne, Inc. | 28,576 |
|
|
423 |
| DCT Industrial Trust, Inc. | 27,550 |
|
|
2,347 |
| DiamondRock Hospitality Co. | 29,877 |
|
|
729 |
| Douglas Emmett, Inc. | 28,059 |
|
|
312 |
| Equity LifeStyle Properties, Inc. | 28,361 |
|
|
297 |
| Extra Space Storage, Inc. | 28,586 |
|
|
238 |
| Federal Realty Investment Trust | 28,296 |
|
|
878 |
| First Industrial Realty Trust, Inc. | 28,912 |
|
|
797 |
| Gaming and Leisure Properties, Inc. | 27,975 |
|
|
25 |
| GLP J-Reit (Japan) | 27,938 |
|
|
1 |
| Gramercy Property Trust | 28 |
|
|
1,094 |
| Healthcare Trust of America, Inc. Class A | 28,072 |
|
|
18 |
| Hulic Reit, Inc. (Japan) | 28,303 |
|
|
38 |
| Japan Hotel REIT Investment Corp. (Japan) | 28,357 |
|
|
13 |
| Japan Logistics Fund, Inc. (Japan) | 26,833 |
|
|
8 |
| Japan Prime Realty Investment Corp. (Japan) | 29,077 |
|
|
5 |
| Japan Real Estate Investment Corp. (Japan) | 26,237 |
|
|
378 |
| Kilroy Realty Corp. | 28,785 |
|
|
27 |
| LaSalle Logiport REIT (Japan) | 27,493 |
|
|
3,435 |
| Lexington Realty Trust | 29,644 |
|
|
642 |
| Liberty Property Trust | 28,383 |
|
|
2,087 |
| Medical Properties Trust, Inc. | 28,321 |
|
|
21 |
| Mori Hills REIT Investment Corp. (Japan) | 27,019 |
|
|
1,527 |
| New Residential Investment Corp. | 27,303 |
|
|
9 |
| NIPPON REIT Investment Corp. (Japan) | 27,377 |
|
|
17 |
| Orix JREIT, Inc. | 26,856 |
|
|
898 |
| Park Hotels & Resorts, Inc. | 28,934 |
|
|
1,502 |
| Piedmont Office Realty Trust, Inc. Class A | 28,868 |
|
|
488 |
| Regency Centers Corp. | 28,343 |
|
|
1,390 |
| Sabra Health Care REIT, Inc. | 28,815 |
|
|
* Non-Income Producing Security.
The accompanying notes are an integral part of these financial statements.
27
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
Shares |
|
| Value |
| % of Net Assets |
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS - (CONTINUED) |
|
|
| ||
402 |
| Simon Property Group, Inc. | $ 64,408 |
|
|
523 |
| Taubman Centers, Inc. | 28,551 |
|
|
17 |
| United Urban Investment Corp. (Japan) | 26,059 |
|
|
1,355 |
| Urban Edge Properties | 29,634 |
|
|
4,065 |
| Washington Prime Group, Inc. | 29,552 |
|
|
Total Real Estate Investment Trusts (Cost - $1,342,297) | $ 1,381,547 |
| 4.04% | ||
|
|
|
|
|
|
MONEY MARKET FUND - 0.30% |
|
|
| ||
101,637 |
| Invesco Short-Term Investments Trust Treasury Portfolio - Institutional Class 1.65% ** (Cost - $101,637) | $ 101,637 |
| 0.30% |
|
|
|
|
|
|
|
| Total Investments (Cost - $34,168,139) | $34,140,276 |
| 99.72% |
|
|
|
|
|
|
|
| Other Assets Less Liabilities | 95,281 |
| 0.28% |
|
|
|
|
|
|
|
| Net Assets | $34,235,557 |
| 100.00% |
** Variable Rate Security: The Yield Rate shown represents the rate at May 31, 2018.
The accompanying notes are an integral part of these financial statements.
28
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
As of May 31, 2018, the breakout of the Fund's portfolio by country was as follows: |
| ||
|
| Country | % of Net Assets |
|
| Australia | 0.81% |
|
| Austria | 0.07% |
|
| Bermuda | 0.08% |
|
| Canada | 2.01% |
|
| China | 0.07% |
|
| Denmark | 0.37% |
|
| Finland | 0.16% |
|
| France | 3.93% |
|
| Germany | 1.80% |
|
| Hong Kong | 1.02% |
|
| Ireland | 0.81% |
|
| Italy | 0.20% |
|
| Japan | 6.05% |
|
| Netherlands | 1.03% |
|
| Peru | 0.14% |
|
| Russian Federation | 0.19% |
|
| Singapore | 0.14% |
|
| South Africa | 0.07% |
|
| Spain | 0.23% |
|
| Sweden | 0.57% |
|
| Switzerland | 1.28% |
|
| United Arab Emirates | 0.09% |
|
| United Kingdom | 1.13% |
|
| United States | 77.47% |
|
|
| 99.72% |
The accompanying notes are an integral part of these financial statements.
29
CCA AGGRESSIVE RETURN FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2018 (UNAUDITED)
Assets: |
|
Investments in Securities, at Value (Cost $34,168,139) | $ 34,140,276 |
Cash Denominated in Foreign Currencies (Cost $0) | 204 |
Receivables: |
|
Dividends and Interest | 35,933 |
Shareholder Subscription | 68,244 |
Prepaid Expenses | 15,711 |
Total Assets | 34,260,368 |
Liabilities: |
|
Payables: |
|
Adviser Fees | 8,800 |
Administrative Fees | 517 |
Chief Compliance Officer Fees | 516 |
Distribution Fees | 2 |
Trustee Fees | 301 |
Other Accrued Expenses | 14,675 |
Total Liabilities | 24,811 |
Net Assets | $ 34,235,557 |
|
|
Net Assets Consist of: |
|
Paid In Capital | $ 33,383,811 |
Undistributed Net Investment Loss | (3,983) |
Accumulated Realized Gain on Investments and Foreign Currency Transactions | 883,388 |
Unrealized Depreciation in Value of Investments | (27,659) |
Net Assets | $ 34,235,557 |
|
|
Net Asset Value Per Share |
|
|
|
Institutional Class |
|
Net Assets | $ 34,235,557 |
Shares of beneficial interest outstanding (unlimited shares authorized at no par value) | 2,970,758 |
Net asset value and offering price per share | $ 11.52 |
Minimum Redemption price per share (a) | $ 11.30 |
(a) A redemption fee of 2.00% is imposed in the event of certain redemption transactions occurring within sixty days of purchase.
The accompanying notes are an integral part of these financial statements.
30
CCA AGGRESSIVE RETURN FUND
STATEMENT OF OPERATIONS
For the six months ended May 31, 2018 (UNAUDITED)
Investment Income: |
|
Dividends (a) | $ 230,364 |
Interest | 1,604 |
Total Investment Income | 231,968 |
|
|
Expenses: |
|
Advisory Fees | 134,908 |
Administrative Fees | 3,017 |
Transfer Agent Fees | 23,186 |
Registration Fees | 16,468 |
Audit Fees | 5,477 |
Legal Fees | 36,523 |
Custody Fees | 27,272 |
Printing Fees | 264 |
Insurance Fees | 2,475 |
Compliance Officer Fees | 3,016 |
Trustee Fees | 901 |
NASDAQ Fees | 574 |
Other Fees | 3,175 |
Total Expenses | 257,256 |
Fees Waived and/or Expenses Reimbursed by the Adviser | (94,957) |
Net Expenses | 162,299 |
|
|
Net Investment Income | 69,669 |
|
|
Realized and Unrealized Gain on Investments and Foreign Currency: |
|
Net Realized Gain on Investments and Foreign Currency Transactions | 913,649 |
Capital Gain Distributions from Underlying Funds | 2,059 |
Net Change in Unrealized Depreciation on Investments | (2,505,404) |
Net Realized and Unrealized Loss on Investments and Foreign Currency | (1,589,696) |
|
|
Net Decrease in Net Assets Resulting from Operations | $ (1,520,027) |
(a) Net of Foreign withholding taxes of $113.
The accompanying notes are an integral part of these financial statements.
31
CCA AGGRESSIVE RETURN FUND
STATEMENTS OF CHANGES IN NET ASSETS
|
| (Unaudited) |
|
|
|
| Six Months |
|
|
|
| Ended |
| Year Ended |
|
| 5/31/2018 |
| 11/30/2017 |
Increase in Net Assets From Operations: |
|
|
| |
Net Investment Income | $ 69,669 |
| $ 173,765 | |
Net Realized Gain on Investments and Foreign Currency Transactions | 913,649 |
| 2,926,278 | |
Capital Gain Distributions from Underlying Funds | 2,059 |
| 6,471 | |
Net Change in Unrealized Appreciation (Depreciation) on Investments | (2,505,404) |
| 2,059,220 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,520,027) |
| 5,165,734 | |
|
|
|
|
|
Distributions to Shareholders: |
|
|
| |
Net Investment Income: |
|
|
| |
Institutional Class Shares | (160,774) |
| (90,133) | |
Investor Class Shares * | - |
| (127) | |
Load Class Shares * | - |
| (169) | |
Net Realized Gains: |
|
|
| |
Institutional Class Shares | (1,038,256) |
| - | |
Investor Class Shares * | - |
| - | |
Load Class Shares * | - |
| - | |
Total Distributions Paid to Shareholders | (1,199,030) |
| (90,429) | |
|
|
|
|
|
Capital Share Transactions: |
|
|
| |
Proceeds from Sale of Shares: |
|
|
| |
Institutional Class | 1,259,701 |
| 15,499,774 | |
Investor Class * | - |
| 10,589 | |
Load Class * | - |
| - | |
Proceeds from Reinvestment of Distributions |
|
|
| |
Institutional Class | 1,101,247 |
| 88,062 | |
Investor Class * | - |
| 127 | |
Load Class * | - |
| 169 | |
Cost of Shares Redeemed: |
|
|
| |
Institutional Class | (1,376,832) |
| (5,530,335) | |
Investor Class * | - |
| (112,901) | |
Load Class * | - |
| (103,702) | |
Redemption Fees | - |
| 901 | |
Net Increase in Net Assets from Capital Share Transactions | 984,116 |
| 9,852,684 | |
|
|
|
|
|
Net Increase (Decrease) in Net Assets | (1,734,941) |
| 14,927,989 | |
|
|
|
|
|
Net Assets: |
|
|
|
|
Beginning of Period | 35,970,498 |
| 21,042,509 | |
End of Period (Including Undistributed Net Investment Income |
|
|
| |
of $(3,983) and $87,122, respectively) | $34,235,557 |
| $35,970,498 |
* On June 20, 2017, the Investor Class shares and Load Class shares were liquidated, and both classes of shares were closed.
The accompanying notes are an integral part of these financial statements.
32
CCA AGGRESSIVE RETURN FUND
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
|
| (Unaudited) |
|
|
|
| Six Months |
|
|
|
| Ended |
| Year Ended |
|
| 5/31/2018 |
| 11/30/2017 |
Share Activity |
|
|
|
|
Institutional Class: |
|
|
| |
Shares Sold |
| 102,449 |
| 1,347,959 |
Shares Reinvested | 90,192 |
| 8,363 | |
Shares Redeemed | (111,426) |
| (489,121) | |
Net Increase in Shares of Beneficial Interest Outstanding | 81,215 |
| 867,201 | |
|
|
|
|
|
Investor Class: * |
|
|
| |
Shares Sold |
| - |
| 963 |
Shares Reinvested | - |
| 12 | |
Shares Redeemed | - |
| (9,790) | |
Net Decrease in Shares of Beneficial Interest Outstanding | - |
| (8,815) | |
|
|
|
|
|
Load Class: * |
|
|
|
|
Shares Sold |
| - |
| - |
Shares Reinvested | - |
| 16 | |
Shares Redeemed | - |
| (8,973) | |
Net Decrease in Shares of Beneficial Interest Outstanding | - |
| (8,957) |
* On June 20, 2017, the Investor Class shares and Load Class shares were liquidated, and both classes of shares were closed.
The accompanying notes are an integral part of these financial statements.
33
CCA AGGRESSIVE RETURN FUND
INSTITUTIONAL CLASS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout the period.
|
| (Unaudited) Six Months Ended 5/31/2018 |
|
|
|
|
|
| Period Ended (a) 11/30/2013 |
|
|
|
|
|
|
|
| ||
|
|
| Year Ended |
| |||||
|
|
| 11/30/2017 | 11/30/2016 | 11/30/2015 | 11/30/2014 |
| ||
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Period/Year | $ 12.45 |
| $ 10.31 | $ 9.94 | $ 11.72 | $ 11.46 |
| $ 10.00 | |
|
|
|
|
|
|
|
|
|
|
Income From Investment Operations: |
|
|
|
|
|
|
|
| |
Net Investment Income * | 0.02 |
| 0.07 | 0.02 | 0.11 | 0.21 |
| 0.07 | |
Net Gain (Loss) on Investments (Realized and Unrealized) | (0.53) |
| 2.11 | 0.45 | (1.72) (f) | 0.44 (f) |
| 1.39 (f) | |
Total from Investment Operations | (0.51) |
| 2.18 | 0.47 | (1.61) | 0.65 |
| 1.46 | |
|
|
|
|
|
|
|
|
|
|
Distributions: |
|
|
|
|
|
|
|
|
|
Net Investment Income | (0.06) |
| (0.04) | (0.10) | (0.17) | (0.05) |
| - | |
Net Realized Gains | (0.36) |
| - | - | - | (0.34) |
| - | |
Total from Distributions | (0.42) |
| (0.04) | (0.10) | (0.17) | (0.39) |
| - | |
|
|
|
|
|
|
|
|
|
|
Redemption Fees | - |
| - † | - | - | - † |
| - † | |
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Period/Year | $ 11.52 |
| $ 12.45 | $ 10.31 | $ 9.94 | $ 11.72 |
| $ 11.46 | |
|
|
|
|
|
|
|
|
|
|
Total Return ** |
| (4.30)% (b) |
| 21.27% | 4.83% | (13.92)% | 5.73% |
| 14.60% (b) |
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
| |
Net Assets at End of Period/Year (Thousands) | $ 34,236 |
| $ 35,970 | $ 20,859 | $ 20,475 | $ 21,929 |
| $ 11,223 | |
Before Waiver |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (d) | 1.43% (c) |
| 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)% (c) |
| 0.14% | (0.48)% | 0.23% | 0.71% |
| (1.38)% (c) | |
After Waiver |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (d) | 0.90% (c) |
| 1.05% (g) | 0.90% | 0.90% | 0.90% |
| 0.90% (c) | |
Ratio of Net Investment Income to Average Net Assets (d) (e) | 0.39% (c) |
| 0.62% | 0.24% | 0.96% | 1.80% |
| 0.71% (c) | |
Portfolio Turnover | 313% (b) |
| 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 Fund's reorganization into MSS Series Trust, 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 the advisor not reimbursed expenses/waived fees during the period.
The accompanying notes are an integral part of these financial statements.
34
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2018 (UNAUDITED)
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 available from a pricing service, or when restricted or illiquid securities are being valued,
35
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
securities are valued at fair value as determined in good faith by the Adviser, in 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
36
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
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 May 31, 2018, by major security type:
During the six months ended May 31, 2018, there were no transfers between Level 1, 2, or 3 in the Fund. The Fund did not hold any Level 3 securities during the period presented. For a further breakdown of each investment by industry type, please refer to the 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 Fund's 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
37
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
companies and to distribute all of their taxable income to their shareholders. Therefore, no federal income tax provision is required.
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 its 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 six months ended May 31, 2018, the Fund 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.
38
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
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 were no redemption fees collected by the Fund during the six months ended May 31, 2018.
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 Fund has not experienced any losses in such accounts and believe it is not exposed to any significant credit risk on its cash deposits.
39
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
3. RELATED PARTY TRANSACTIONS
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 were made in accordance with the Fund’s stated investment objectives and policies. The fee paid to Checchi Capital Fund Advisers, LLC was governed by an investment management agreement ("Former Management Agreement") between the CCA Investments Trust, on behalf of the Predecessor Fund, and Checchi Capital Fund Advisers, LLC. Pursuant to the Former Management Agreement, the Fund paid 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. 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 a 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 six months ended May 31, 2018, the Adviser earned $134,908 in management fees from the Fund. During the six months ended May 31, 2018, the Adviser waived management fees of $94,957. At May 31, 2018, the Fund owed the Adviser $8,800.
The Adviser has contractually agreed to reduce its fees and to reimburse expenses, at least through April 1, 2019, 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 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 |
40
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
4. SHARES OF BENEFICIAL INTEREST
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 May 31, 2018, paid in capital amounted to $33,383,811 for the Fund.
5. INVESTMENT TRANSACTIONS
Investment transactions, excluding short-term investments, for the six months ended May 31, 2018, were as follows:
Purchases | $ 111,175,186 |
Sales | $ 113,866,910 |
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. 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 May 31, 2018 is $34,168,139. As of May 31, 2018, the gross unrealized appreciation on a tax basis totaled $515,252 and the gross unrealized depreciation totaled $542,911 for a net unrealized depreciation of $27,659.
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
41
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
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 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 six months ended May 31, 2018, the fund paid an ordinary income distribution of $160,774, a short-term capital gain of $1,032,477, and a long-term capital gain of $5,779.
For the year ended November 30, 2017, the Fund paid an ordinary income distribution of $90,429.
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 amended. As of May 31, 2018, 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 May 31, 2018, the prime rate was 4.75%. The Fund had total borrowings of $2,010,000 during the six months ended May 31, 2018 and paid a total of $1,361 in related interest charges. At the time of the borrowings, the prime rate was 4.50%. The line of credit is collateralized by publicly traded stock held by the Fund.
42
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2018 (UNAUDITED)
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 accounting or disclosure.
43
CCA AGGRESSIVE RETURN FUND
EXPENSE ILLUSTRATION
MAY 31, 2018 (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, December 1, 2017 through May 31, 2018.
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* |
| December 1, 2017 | May 31, 2018 | December 1, 2017 to May 31, 2018 |
|
|
|
|
Actual | $1,000.00 | $957.00 | $4.39 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,020.44 | $4.53 |
|
|
|
|
* Expenses are equal to the Fund's annualized expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
44
CCA AGGRESSIVE RETURN FUND
ADDITIONAL INFORMATION
MAY 31, 2018 (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 Fund voted proxies during the most recent 12-month period ending June 30, are available without charge upon request by (1) calling the Fund at 1-800-595-4866 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 Fund files a complete schedule of investments with the SEC for the first and third quarter of each fiscal year on Form N-Q. The Fund's first and third fiscal quarters end on the last day of February and August. The Fund's 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.
45
This Page Was Left Blank Intentionally
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 Fund's prospectus which contains information about the Fund's management fee and expenses. Please read the prospectus carefully before investing.
Item 2. Code of Ethics. Not applicable.
Item 3. Audit Committee Financial Expert. Not applicable.
Item 4. Principal Accountant Fees and Services. Not applicable.
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 Funds. Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Funds. 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 directors.
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 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)
EX-99.CODE ETH. Not applicable.
(a)(2)
EX-99.CERT. Filed herewith.
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b)
EX-99.906CERT. 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.
MSS Series Trust
By /s/ Gregory B. Getts
Gregory B. Getts
President
Date: August 6, 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 persons on behalf of the registrant and in the capacities and on the dates indicated.
By /s/ Gregory B. Getts
Gregory B. Getts
President
Date: August 6, 2018
By /s/ Brandon M. Pokersnik
Brandon M. Pokersnik
Secretary
Date: August 6, 2018