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 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, 2019
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, 2019
(UNAUDITED)
Beginning in 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by calling the Fund at 1-800-595-4866, or submit a signed letter of instruction requesting paperless reports to CCA AGGRESSIVE RETURN FUND, 8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147. If you own these shares through a financial intermediary, you may contact your financial intermediary to request your shareholder reports electronically.
You may elect to receive all future reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports calling the Fund at 1-800-595-4866, or by submitting a signed letter of instruction requesting paper reports to CCA AGGRESSIVE RETURN FUND, 8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147. If you own these shares through a financial intermediary, contact the financial intermediary to request paper copies. Your election to receive reports in paper will apply to all funds held with the fund complex or your financial intermediary.
Series Trust
CCA AGGRESSIVE RETURN FUND
PORTFOLIO ILLUSTRATION
MAY 31, 2019 (UNAUDITED)
The following chart gives a visual breakdown of the Fund by investment type or industry sector of the underlying securities as of May 31, 2019, represented as a percentage of the portfolio of investments. Below categories are from Bloomberg®.
1
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
COMMON STOCKS - 69.88% |
| ||
|
|
|
|
Advertising & Marketing - 0.08% |
| ||
435 |
| Publicis Groupe SA (France) * | $ 23,799 |
|
|
|
|
Aerospace & Defense - 2.22% |
| ||
820 |
| Airbus SE (France) | 105,374 |
324 |
| Lockheed Martin Corp. | 109,687 |
153 |
| Northrop Grumman Corp. | 46,397 |
254 |
| Raytheon Co. | 44,323 |
2,110 |
| Rolls Royce Holdings PLC (United Kingdom) | 22,931 |
440 |
| Safran SA (France) | 57,940 |
265 |
| Spirit AeroSystems Holdings, Inc. Class A | 21,476 |
230 |
| Thales SA (France) | 25,362 |
609 |
| The Boeing Co. | 208,040 |
58 |
| TransDigm Group, Inc. * | 25,575 |
|
|
| 667,105 |
Air Freight & Logistics - 0.39% |
| ||
234 |
| FedEx Corp. | 36,102 |
865 |
| United Parcel Service, Inc. Class B | 80,376 |
|
|
| 116,478 |
Airlines - 0.29% |
| ||
750 |
| American Airlines Group, Inc. | 20,423 |
328 |
| Ryanair Holdings PLC ADR * | 21,392 |
487 |
| Southwest Airlines Co. | 23,181 |
297 |
| United Continental Holdings, Inc. * | 23,062 |
|
|
| 88,058 |
Apparel, Footwear & Acc Design - 1.57% |
| ||
218 |
| Adidas AG | 62,487 |
191 |
| Christian Dior SE (France) | 91,759 |
563 |
| Cie Financiere Richemont SA (Switzerland) * | 41,473 |
135 |
| Kering SA | 70,376 |
51 |
| Kontoor Brands, Inc. * | 1,490 |
537 |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 203,429 |
|
|
| 471,014 |
Application Software - 0.26% |
| ||
476 |
| Amadeus IT Group SA (Spain) | 36,405 |
274 |
| Dassault Systemes SE (France) | 40,725 |
|
|
| 77,130 |
Arrangement of Transportation of Freight & Cargo - 0.08% |
| ||
343 |
| Expeditors International of Washington, Inc. | 23,869 |
The accompanying notes are an integral part of these financial statements.
2
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
Auto Components - 0.10% |
| ||
213 |
| Continental AG (Germany) | $ 29,025 |
|
|
|
|
Automobiles - 0.17% |
| ||
13,000 |
| Geely Automobile Holdings Ltd. (China) * | 21,327 |
154 |
| Tesla Motors, Inc. * | 28,515 |
|
|
| 49,842 |
Banks - 1.35% |
| ||
1,924 |
| Commonwealth Bank Of Australia (Australia) | 104,831 |
4,600 |
| Oversea-Chinese Banking Corp., Ltd. (Singapore) * | 35,369 |
1,509 |
| Royal Bank of Canada (Canada) | 113,401 |
103 |
| SVB Financial Group * | 20,744 |
1,922 |
| The Toronto-Dominion Bank (Canada) | 105,037 |
2,399 |
| UniCredit S.p.A. (Italy) | 27,345 |
|
|
| 406,727 |
Basic and Diversified Chemicals - 0.19% |
| ||
460 |
| Air Liquide SA (France) | 57,383 |
|
|
|
|
Beverages - 1.83% |
| ||
518 |
| Brown-Forman Corp. Class B | 25,890 |
195 |
| Carlsberg A/S (Denmark) | 25,679 |
150 |
| Constellation Brands, Inc. Class A | 26,467 |
651 |
| Diageo PLC ADR | 109,407 |
893 |
| Heineken Holding NV (Netherlands) | 88,519 |
469 |
| Monster Beverage Corp. * | 29,012 |
1,519 |
| PepsiCo, Inc. | 194,432 |
283 |
| Pernod Ricard SA (France) * | 49,963 |
|
|
| 549,369 |
Biotechnology - 1.46% |
| ||
200 |
| Alexion Pharmaceuticals, Inc. * | 22,736 |
299 |
| Alnylam Pharmaceuticals, Inc. * | 20,188 |
176 |
| Biogen, Inc. * | 38,595 |
264 |
| BioMarin Pharmaceutical, Inc. * | 21,711 |
629 |
| Celgene Corp. * | 58,994 |
493 |
| CSL Ltd. (Australia) | 70,307 |
1,517 |
| Gilead Sciences, Inc. | 94,433 |
299 |
| Incyte Corp. * | 23,510 |
96 |
| Regeneron Pharmaceuticals, Inc. * | 28,965 |
285 |
| UCB SA (Belgium) | 21,835 |
227 |
| Vertex Pharmaceuticals, Inc. * | 37,723 |
|
|
| 438,997 |
The accompanying notes are an integral part of these financial statements.
3
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
Bottled & Canned Soft Drinks Carbonated Waters - 0.09% |
| ||
502 |
| Coca-Cola European Partners PLC (United Kingdom) | $ 27,811 |
|
|
|
|
Building Products - 0.09% |
| ||
61 |
| Geberit AG (Switzerland) | 26,928 |
|
|
|
|
Capital Markets - 0.33% |
| ||
493 |
| SEI Investments Co. | 24,773 |
477 |
| TD Ameritrade Holding Corp. | 23,731 |
1,195 |
| The Charles Schwab Corp. | 49,724 |
|
|
| 98,228 |
Casinos & Gaming - 0.08% |
| ||
4,000 |
| Galaxy Entertainment Group Ltd. (Hong Kong) | 24,187 |
|
|
|
|
Chemicals - 0.49% |
| ||
256 |
| Ecolab, Inc. | 47,127 |
172 |
| International Flavors & Fragrances, Inc. | 23,292 |
219 |
| PPG Industries, Inc. | 22,918 |
82 |
| The Sherwin-Williams Co. | 34,395 |
323 |
| Westlake Chemical Corp. | 18,505 |
|
|
| 146,237 |
Commercial Services & Supplies - 0.40% |
| ||
1,468 |
| Brambles Ltd. ADR | 24,560 |
120 |
| Cintas Corp. * | 26,620 |
326 |
| Republic Services, Inc. | 27,576 |
378 |
| Waste Management, Inc. | 41,334 |
|
|
| 120,090 |
Commercial Vehicles - 0.08% |
| ||
1,704 |
| Volvo AB Class B (Sweden) | 23,808 |
|
|
|
|
Commercial & Residential Building Equipment & Systems - 0.25% |
| ||
1,187 |
| Assa Abloy AB Class B (Sweden) | 23,137 |
493 |
| Kone OYJ (Finland) | 26,922 |
368 |
| Legrand SA (France) * | 24,761 |
|
|
| 74,820 |
Communications Equipment - 0.43% |
| ||
151 |
| F5 Networks, Inc. * | 19,944 |
155 |
| Harris Corp. | 29,014 |
182 |
| Motorola Solutions, Inc. | 27,291 |
102 |
| Palo Alto Networks, Inc. * | 20,414 |
3,295 |
| Telefonaktiebolaget LM Ericsson ADR | 31,863 |
|
|
| 128,526 |
The accompanying notes are an integral part of these financial statements.
4
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
Computer Communications Equipment - 0.09% |
| ||
105 |
| Arista Networks, Inc. * | $ 25,682 |
|
|
|
|
Construction and Mining Machinery - 0.08% |
| ||
938 |
| Atlas Copco AB Class A (Sweden) | 25,264 |
|
|
|
|
Construction Materials - 0.19% |
| ||
877 |
| CRH PLC ADR | 27,494 |
136 |
| Martin Marietta Materials, Inc. | 28,628 |
|
|
| 56,122 |
Consumer Finance - 0.43% |
| ||
898 |
| American Express Co. | 103,010 |
173 |
| Wirecard AG (Germany) * | 27,117 |
|
|
| 130,127 |
Containers & Packaging - 0.18% |
| ||
572 |
| Amcor Ltd. ADR | 26,169 |
456 |
| Ball Corporation | 27,994 |
|
|
| 54,163 |
Diversified Banks - 0.10% |
| ||
351 |
| Macquarie Group Ltd. (United Kingdom) | 29,307 |
|
|
|
|
Diversified Financial Services - 0.34% |
| ||
169 |
| Moody's Corp. | 30,907 |
285 |
| Nasdaq, Inc. | 25,832 |
218 |
| S&P Global, Inc. | 46,626 |
|
|
| 103,365 |
Diversified Telecommunication Services - 0.51% |
| ||
938 |
| BCE, Inc. (Canada) | 42,238 |
5,083 |
| Deutsche Telekom AG (Germany) | 85,928 |
688 |
| Telus Corp. (Canada) | 25,380 |
|
|
| 153,546 |
Electrical Equipment - 0.64% |
| ||
2,288 |
| Abb Ltd. ADR | 41,596 |
788 |
| Honeywell International, Inc. | 129,476 |
144 |
| Rockwell Automation, Inc. | 21,434 |
|
|
| 192,506 |
Electrical Power Equipment - 0.34% |
| ||
907 |
| Siemens AG (Germany) | 102,936 |
The accompanying notes are an integral part of these financial statements.
5
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
Electronic Equipment, Instruments & Components - 0.26% |
| ||
302 |
| Amphenol Corp. Class A | $ 26,274 |
705 |
| Corning, Inc. | 20,332 |
368 |
| TE Connectivity Ltd. (Switzerland) | 30,997 |
|
|
| 77,603 |
Entertainment Content - 0.13% |
| ||
762 |
| I-Cable Communications Ltd. (Hong Kong) * | 9 |
1,399 |
| Vivendi SA (France) | 37,768 |
|
|
| 37,777 |
Food & Drug Stores - 0.20% |
| ||
10,529 |
| Tesco PLC (United Kingdom) | 30,124 |
1,425 |
| Woolworths Group Ltd. (Australia) | 31,023 |
|
|
| 61,147 |
Food & Staples Retailing - 0.10% |
| ||
458 |
| Sysco Corp. | 31,520 |
|
|
|
|
Food Products - 1.68% |
| ||
720 |
| Campbell Soup Co. | 26,143 |
4,455 |
| Compass Group PLC (United Kingdom) | 100,801 |
571 |
| Hormel Foods Corp. | 22,549 |
193 |
| McCormick & Co., Inc. | 30,116 |
3,288 |
| Nestle SA ADR | 326,038 |
|
|
| 505,647 |
Food Services - 0.09% |
| ||
222 |
| Sodexo SA (France) | 25,582 |
|
|
|
|
Health Care Equipment & Supplies - 2.10% |
| ||
1,910 |
| Abbott Laboratories | 145,408 |
98 |
| Align Technology, Inc. * | 27,866 |
451 |
| Baxter International, Inc. | 33,121 |
240 |
| Becton Dickinson & Co. | 56,026 |
1,233 |
| Boston Scientific Corp. * | 47,360 |
208 |
| Edwards Lifesciences Corp. * | 35,506 |
466 |
| EssilorLuxottica SA (France) | 53,778 |
562 |
| Hologic, Inc. * | 24,734 |
103 |
| Intuitive Surgical, Inc. * | 47,880 |
626 |
| Smith & Nephew PLC ADR | 26,461 |
460 |
| Stryker Corp. | 84,290 |
90 |
| Teleflex, Inc. | 25,947 |
194 |
| Zimmer Biomet Holdings, Inc. | 22,102 |
|
|
| 630,479 |
The accompanying notes are an integral part of these financial statements.
6
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
Health Care Providers & Services - 2.00% |
| ||
322 |
| AmerisourceBergen Corp. | $ 25,071 |
320 |
| Anthem, Inc. | 88,954 |
414 |
| Centene Corp. * | 23,908 |
334 |
| Cigna Corp. | 49,439 |
636 |
| Fresenius Medical Care AG & Co. KGaA ADR | 23,157 |
304 |
| HCA Healthcare, Inc. | 36,772 |
121 |
| Humana, Inc. | 29,628 |
198 |
| IQVIA Holdings, Inc. * | 26,898 |
215 |
| McKesson Corp. | 26,260 |
1,032 |
| UnitedHealth Group, Inc. | 249,538 |
187 |
| Universal Health Services, Inc. Class B | 22,356 |
|
|
| 601,981 |
Health Care Technology - 0.19% |
| ||
399 |
| Cerner Corp. * | 27,918 |
594 |
| Fresenius SE & Co KGaA (Germany) | 30,178 |
|
|
| 58,096 |
Hotels & Motels - 0.07% |
| ||
197 |
| Wynn Resorts Ltd. | 21,144 |
|
|
|
|
Hotels, Restaurants & Leisure - 1.63% |
| ||
42 |
| Chipotle Mexican Grill, Inc. * | 27,719 |
225 |
| Darden Restaurants, Inc. | 26,172 |
287 |
| Hilton Worldwide Holdings, Inc. | 25,669 |
303 |
| Marriott International, Inc. | 37,827 |
829 |
| McDonald's Corp. | 164,366 |
856 |
| MGM Resorts International | 21,246 |
481 |
| Norwegian Cruise Lines Ltd. * | 26,316 |
215 |
| Royal Caribbean Cruises Ltd. | 26,178 |
1,420 |
| Starbucks Corp. | 108,005 |
272 |
| Yum! Brands Inc. | 27,839 |
|
|
| 491,337 |
Household Durables - 0.09% |
| ||
622 |
| DR Horton, Inc. | 26,597 |
|
|
|
|
Household Products - 1.14% |
| ||
390 |
| Church & Dwight Co., Inc. | 29,020 |
764 |
| Colgate-Palmolive Co. | 53,190 |
307 |
| Kimberly-Clark Corp. | 39,262 |
597 |
| L'Oreal SA (France) | 160,569 |
765 |
| Reckitt Benckiser Group PLC (United Kingdom) | 61,368 |
|
|
| 343,409 |
The accompanying notes are an integral part of these financial statements.
7
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
IT Services - 3.94% |
| ||
683 |
| Accenture PLC Class A (Ireland) | $ 121,622 |
450 |
| Amdocs Ltd. | 26,739 |
539 |
| Automatic Data Processing, Inc. | 86,305 |
205 |
| Cap SA (Chile) * | 22,958 |
512 |
| Cognizant Technology Solutions Corp. Class A | 31,708 |
288 |
| Fidelity National Information Services, Inc. | 34,646 |
348 |
| Fiserv, Inc. * | 29,879 |
100 |
| FleetCor Technologies, Inc. * | 25,821 |
160 |
| Gartner, Inc. * | 24,208 |
1,092 |
| Mastercard, Inc. | 274,627 |
362 |
| Paychex, Inc. | 31,056 |
1,269 |
| PayPal Holdings, Inc. * | 139,273 |
273 |
| Total System Services, Inc. | 33,724 |
1,880 |
| Visa, Inc. | 303,300 |
|
|
| 1,185,866 |
Industrial Conglomerates - 0.47% |
| ||
656 |
| 3M Co. | 104,796 |
103 |
| Roper Technologies, Inc. | 35,424 |
|
|
| 140,220 |
Industrial Distribution & Rental - 0.00% |
| ||
- |
| Ferguson PLC (United Kingdom) | - |
|
|
|
|
Industrial Inorganic Chemicals - 0.34% |
| ||
572 |
| Linde PLC (United Kingdom) | 103,275 |
|
|
|
|
Industrial Instruments For Measurement, Display, And Control - 0.08% |
| ||
334 |
| Fortive Corp. | 25,434 |
|
|
|
|
Information Services - 0.35% |
| ||
974 |
| Experian PLC (United Kingdom) | 29,380 |
2,109 |
| RELX PLC (United Kingdom) | 49,105 |
372 |
| Wolters Kluwer NV (Netherlands) | 26,029 |
|
|
| 104,514 |
Infrastructure Construction - 0.09% |
| ||
2,921 |
| Transurban Group (Australia) | 28,239 |
|
|
|
|
Insurance - 0.24% |
| ||
255 |
| Aon PLC (United Kingdom) | 45,918 |
697 |
| Fidelity National Financial, Inc. Class A | 26,869 |
|
|
| 72,787 |
The accompanying notes are an integral part of these financial statements.
8
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
Integrated Oils - 0.08% |
| ||
479 |
| OMV AG (Austria) | $ 22,556 |
|
|
|
|
Internet & Catalog Retail - 3.76% |
| ||
533 |
| Amazon.com, Inc. * | 946,112 |
196 |
| Expedia Group, Inc. | 22,540 |
473 |
| Netflix, Inc. * | 162,371 |
|
|
| 1,131,023 |
Internet Software & Services - 6.12% |
| ||
3,202 |
| Alibaba Group Holding Ltd. ADR * | 477,931 |
325 |
| Alphabet, Inc. Class A * | 359,613 |
378 |
| Alphabet, Inc. Class C * | 417,172 |
815 |
| eBay, Inc. | 29,283 |
75 |
| Equinix, Inc. | 36,434 |
2,607 |
| Facebook, Inc. Class A * | 462,664 |
821 |
| Twitter, Inc. * | 29,917 |
136 |
| VeriSign, Inc. * | 26,517 |
|
|
| 1,839,531 |
Leisure Products - 0.09% |
| ||
278 |
| Hasbro, Inc. | 26,449 |
|
|
|
|
Life Insurance - 0.59% |
| ||
12,800 |
| AIA Group Ltd. (Hong Kong) | 120,263 |
2,808 |
| Prudential PLC (United Kingdom) | 55,977 |
|
|
| 176,240 |
Life Sciences Tools & Services - 0.60% |
| ||
325 |
| Agilent Technologies, Inc. | 21,791 |
132 |
| Illumina, Inc. * | 40,512 |
444 |
| Thermo Fisher Scientific, Inc. | 118,539 |
|
|
| 180,842 |
Lodging - 0.07% |
| ||
600 |
| Accor SA (France) | 22,179 |
|
|
|
|
Logistics Services - 0.13% |
| ||
1,304 |
| Deutsche Post AG (Germany) | 38,486 |
|
|
|
|
Machinery - 0.43% |
| ||
2,315 |
| CNH Industrial NV (United Kingdom) | 20,071 |
296 |
| Illinois Tool Works, Inc. | 41,333 |
142 |
| Parker-Hannifin Corp. | 21,629 |
348 |
| Wabtec Corp. | 21,708 |
342 |
| Xylem, Inc. | 25,383 |
|
|
| 130,124 |
The accompanying notes are an integral part of these financial statements.
9
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
Measurement Instruments - 0.07% |
| ||
460 |
| Hexagon AB Class B (Sweden) | $ 21,366 |
|
|
|
|
Media - 1.64% |
| ||
489 |
| CBS Corp. Class B | 23,609 |
263 |
| Charter Communications, Inc. Class A * | 99,098 |
797 |
| DISH Network Corp. Class A * | 28,780 |
287 |
| Liberty Broadband Corp. Class C * | 28,169 |
4,228 |
| Sirius XM Holdings, Inc. | 22,451 |
1,947 |
| The Walt Disney Co. | 257,082 |
519 |
| Thomson Reuters Corp. (Canada) | 33,055 |
|
|
| 492,244 |
Metals & Mining - 0.30% |
| ||
1,406 |
| Newcrest Mining Ltd. ADR | 26,904 |
1,870 |
| Randgold Resources Ltd. (Channel Islands) | 23,225 |
614 |
| Southern Copper Corp. (Peru) | 20,710 |
1,033 |
| Teck Resources Ltd. (Canada) | 20,980 |
|
|
| 91,819 |
Motor Vehicle Parts & Accessories - 0.06% |
| ||
295 |
| Aptiv PLC (Ireland) | 18,892 |
|
|
|
|
Motor Vehicles & Passenger Car Bodies - 0.10% |
| ||
201 |
| Ferrari NV (Italy) | 28,747 |
|
|
|
|
Multiline Retail - 0.18% |
| ||
232 |
| Dollar General Corp. | 29,529 |
254 |
| Dollar Tree, Inc. * | 25,804 |
|
|
| 55,333 |
Non-Residential Building Construction - 0.21% |
| ||
647 |
| Vinci SA (France) | 64,033 |
|
|
|
|
Non Wood Building Materials - 0.09% |
| ||
183 |
| Sika AG (Switzerland) | 27,221 |
|
|
|
|
Oil, Gas & Consumable Fuels - 0.70% |
| ||
541 |
| Anadarko Petroleum Corp. | 38,070 |
1,008 |
| Cabot Oil & Gas Corp. Class A | 25,220 |
252 |
| Diamondback Energy, Inc. | 24,711 |
624 |
| EOG Resources, Inc. | 51,093 |
167 |
| Pioneer Natural Resources Co. | 23,707 |
957 |
| TC Energy Corp. (Canada) | 46,587 |
|
|
| 209,388 |
The accompanying notes are an integral part of these financial statements.
10
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
Operators of Non-Residential Buildings - 0.15% |
| ||
1,002 |
| Brookfield Asset Management, Inc. (Canada) | $ 45,942 |
|
|
|
|
Ophthalmic Goods - 0.10% |
| ||
495 |
| Alcon, Inc. * | 28,799 |
|
|
|
|
Packaged Food - 0.27% |
| ||
696 |
| Danone SA | 55,598 |
230 |
| Kerry Group PLC Class A (Ireland) | 26,633 |
|
|
| 82,231 |
Paints, Varnishes, Lacquers, Enamels & Allied Products - 0.07% |
| ||
926 |
| Axalta Coating Systems Ltd. * | 21,770 |
|
|
|
|
Paperboard Containers & Boxes - 0.08% |
| ||
257 |
| Packaging Corp. of America | 22,894 |
|
|
|
|
Personal Products - 0.72% |
| ||
195 |
| The Estee Lauder Cos., Inc. Class A | 31,401 |
1,828 |
| Unilever NV ADR | 109,899 |
1,247 |
| Unilever PLC ADR | 75,955 |
|
|
| 217,255 |
Pharmaceuticals - 3.22% |
| ||
1,637 |
| AbbVie, Inc. | 125,574 |
2,701 |
| AstraZeneca PLC ADR | 100,963 |
1,996 |
| Bristol-Myers Squibb Co. | 90,559 |
2,639 |
| GlaxoSmithKline PLC ADR | 101,971 |
2,479 |
| Novartis AG ADR | 212,302 |
2,003 |
| Novo Nordisk A/S ADR | 94,542 |
6,059 |
| Roche Holding AG ADR | 199,220 |
429 |
| Zoetis, Inc. | 43,350 |
|
|
| 968,481 |
Power Generation - 0.08% |
| ||
2,371 |
| E.On SE (Germany) | 24,800 |
|
|
|
|
Professional Services - 0.34% |
| ||
231 |
| Equifax, Inc. | 27,928 |
380 |
| Robert Half International, Inc. | 20,391 |
10 |
| SGS SA (Switzerland) | 25,324 |
203 |
| Verisk Analytics, Inc. Class A | 28,420 |
|
|
| 102,063 |
The accompanying notes are an integral part of these financial statements.
11
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
Real Estate Management & Development - 0.13% |
| ||
145 |
| Jones Lang LaSalle, Inc. | $ 18,045 |
3,000 |
| Wheelock & Co. Ltd. (Hong Kong) | 19,863 |
|
|
| 37,908 |
Refining & Marketing - 0.08% |
| ||
677 |
| Neste Oyj (Finland) * | 22,920 |
|
|
|
|
Refuse Systems - 0.09% |
| ||
288 |
| Waste Connections, Inc. | 27,256 |
|
|
|
|
Renewable Energy Equipment - 0.08% |
| ||
295 |
| Vestas Wind Systems A/S (Denmark) | 24,175 |
|
|
|
|
Retail-Catalog & Mail-Order Houses - 0.09% |
| ||
270 |
| CDW Corp. | 26,579 |
|
|
|
|
Road & Rail - 1.07% |
| ||
762 |
| Canadian National Railway Co. (Canada) | 67,506 |
149 |
| Canadian Pacific Railway Ltd. (Canada) | 32,689 |
731 |
| CSX Corp. | 54,438 |
1,000 |
| Union Pacific Corp. | 166,780 |
|
|
| 321,413 |
Rolling Drawing & Extruding Of Nonferrous Metals - 0.10% |
| ||
1,385 |
| Arconic, Inc. | 30,332 |
|
|
|
|
Security Brokers, Dealers & Flotation Companies - 0.08% |
| ||
302 |
| Raymond James Financial, Inc. | 24,939 |
|
|
|
|
Security and Commodity Exchanges - 0.32% |
| ||
203 |
| Deutsche Boerse AG (Germany) | 28,106 |
1,300 |
| Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 41,361 |
402 |
| London Stock Exchange Group PLC (United Kingdom) | 26,843 |
|
|
| 96,310 |
Semiconductors & Related Devices - 0.69% |
| ||
434 |
| Broadcom, Inc. | 109,212 |
1,228 |
| Infineon Technologies AG (Germany) | 22,098 |
354 |
| NXP Semiconductors NV (Netherlands) | 31,209 |
383 |
| Qorvo, Inc. * | 23,432 |
1,541 |
| STMicroelectronics NV (Switzerland) | 23,177 |
|
|
| 209,128 |
The accompanying notes are an integral part of these financial statements.
12
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
Semiconductors & Semiconductor Equipment - 1.86% |
| ||
1,097 |
| Advanced Micro Devices, Inc. * | $ 30,069 |
331 |
| Analog Devices, Inc. | 31,981 |
862 |
| Applied Materials, Inc. | 33,351 |
452 |
| ASML Holding NV (Netherlands) | 84,999 |
233 |
| KLA-Tencor Corp. | 24,015 |
152 |
| Lam Research Corp. | 26,541 |
449 |
| Maxim Integrated Products, Inc. | 23,613 |
273 |
| Microchip Technology, Inc. | 21,848 |
1,014 |
| Micron Technology, Inc. * | 33,067 |
695 |
| NVIDIA Corp. | 94,145 |
298 |
| Skyworks Solutions, Inc. | 19,856 |
1,063 |
| Texas Instruments, Inc. | 110,882 |
250 |
| Xilinx, Inc. | 25,578 |
|
|
| 559,945 |
Services-Business Services, Nec - 0.45% |
| ||
40 |
| Booking Holdings, Inc. * | 66,249 |
212 |
| Global Payments, Inc. | 32,656 |
303 |
| Worldpay, Inc. Class A * | 36,857 |
|
|
| 135,762 |
Services-Medical Laboratories - 0.09% |
| ||
170 |
| Laboratory Corp. of America Holdings * | 27,644 |
|
|
|
|
Software - 6.89% |
| ||
688 |
| Activision Blizzard, Inc. | 29,839 |
528 |
| Adobe, Inc. * | 143,035 |
134 |
| ANSYS, Inc. * | 24,053 |
217 |
| Autodesk, Inc. * | 34,917 |
441 |
| CDK Global, Inc. | 21,344 |
266 |
| Electronic Arts, Inc. * | 24,759 |
112 |
| FactSet Research Systems, Inc. | 31,158 |
301 |
| Fortinet, Inc. * | 21,816 |
231 |
| Intuit, Inc. | 56,560 |
8,295 |
| Microsoft Corp. | 1,025,926 |
3,697 |
| Oracle Corp. | 187,068 |
180 |
| Red Hat, Inc. * | 33,174 |
844 |
| Salesforce.com, Inc. * | 127,790 |
1,319 |
| SAP SE ADR | 162,343 |
177 |
| ServiceNow, Inc. * | 46,362 |
186 |
| Splunk, Inc. * | 21,202 |
1,071 |
| Symantec Corp. | 20,060 |
247 |
| Synopsys, Inc. * | 28,761 |
154 |
| Workday, Inc. * | 31,434 |
|
|
| 2,071,601 |
The accompanying notes are an integral part of these financial statements.
13
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
Specialty Apparel Stores - 0.08% |
| ||
1,693 |
| Hennes & Mauritz AB (Sweden) | $ 25,303 |
|
|
|
|
Specialty Chemicals - 0.34% |
| ||
274 |
| Akzo Nobel NV (Netherlands) | 23,151 |
498 |
| Givaudan SA ADR | 26,279 |
228 |
| Koninklijke DSM NV (Netherlands) | 25,713 |
84 |
| Lonza Group AG (Switzerland) | 25,879 |
|
|
| 101,022 |
Specialty Pharmaceuticals - 0.08% |
| ||
23,000 |
| Sino Biopharmaceutical Ltd. (Hong Kong) | 23,209 |
|
|
|
|
Specialty Retail - 1.70% |
| ||
149 |
| Advance Auto Parts, Inc. | 23,095 |
28 |
| AutoZone, Inc. * | 28,759 |
411 |
| CarMax, Inc. * | 32,173 |
947 |
| Lowe's Cos., Inc. | 88,336 |
71 |
| OReilly Automotive, Inc. * | 26,367 |
331 |
| Ross Stores, Inc. | 30,780 |
1,195 |
| The Home Depot, Inc. | 226,871 |
1,089 |
| The TJX Cos., Inc | 54,766 |
|
|
| 511,147 |
State Commercial Banks - 0.07% |
| ||
184 |
| Signature Bank | 21,077 |
|
|
|
|
Technology Hardware, Storage & Peripherals - 2.90% |
| ||
4,980 |
| Apple, Inc. | 871,849 |
|
|
|
|
Telecom Carriers - 0.08% |
| ||
7,862 |
| Koninklijke KPN NV (Netherlands) | 24,083 |
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.46% |
| ||
1,407 |
| NIKE, Inc. | 108,536 |
356 |
| VF Corp. | 29,149 |
|
|
| 137,685 |
Tobacco - 0.63% |
| ||
2,132 |
| Altria Group, Inc. | 104,596 |
2,471 |
| British American Tobacco PLC ADR | 85,670 |
|
|
| 190,266 |
Trading Companies & Distributors - 0.14% |
| ||
191 |
| United Rentals, Inc. * | 21,029 |
79 |
| WW Grainger, Inc. | 20,674 |
|
|
| 41,703 |
The accompanying notes are an integral part of these financial statements.
14
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
Transport Support Services - 0.07% |
| ||
130 |
| Aeroports de Paris (France) | $ 22,282 |
|
|
|
|
Utility Networks - 0.28% |
| ||
6,800 |
| China Gas Holdings Ltd. (Hong Kong) | 21,860 |
17,600 |
| Hong Kong & China Gas Co. Ltd. (Hong Kong) | 38,887 |
984 |
| RWE AG (Germany) | 24,616 |
|
|
| 85,363 |
Water Utilities - 0.10% |
| ||
256 |
| American Water Works Co., Inc. | 28,933 |
|
|
|
|
Wireless Telecommunication Services - 0.36% |
| ||
458 |
| Rogers Communications, Inc. Class B (Canada) | 24,086 |
4,318 |
| Sprint Corp. * | 29,665 |
754 |
| T-Mobile US, Inc. * | 55,374 |
|
|
| 109,125 |
|
|
|
|
TOTAL COMMON STOCKS (Cost - $21,523,556) - 69.88% | $21,014,770 | ||
|
|
|
|
EXCHANGE TRADED FUNDS - 20.90% |
| ||
1,125 |
| Amundi Cac 40 UCITS ETF DR (France) * | 95,771 |
4,869 |
| iShares Canadian Growth Index ETF (Canada) | 125,915 |
1,506 |
| iShares Canadian Value Index ETF (Canada) | 28,000 |
21,668 |
| iShares Core FTSE 100 UCITS ETF (Ireland) | 195,725 |
733 |
| iShares MSCI Finland ETF | 26,886 |
1,646 |
| iShares MSCI France ETF | 47,734 |
902 |
| iShares MSCI Germany ETF * | 24,282 |
3,819 |
| iShares MSCI Hong Kong ETF | 94,177 |
1,794 |
| iShares MSCI Italy Capped ETF | 46,536 |
1,029 |
| iShares MSCI Netherlands ETF | 30,510 |
11 |
| iShares MSCI Singapore ETF | 251 |
824 |
| iShares MSCI Sweden ETF | 24,044 |
2,161 |
| iShares MSCI Switzerland ETF * | 77,710 |
2,385 |
| Lyxor IBEX 35 DR UCITS ETF (France) | 240,391 |
368 |
| SPDR S&P/ASX 200 Fund (Australia) | 15,295 |
1,081 |
| VanEck Vectors Indonesia Index ETF | 23,847 |
347 |
| Vanguard Growth ETF | 53,230 |
31,807 |
| Vanguard Intermediate-Term Corporate Bond ETF | 2,801,242 |
24,627 |
| Vanguard Long-Term Corporate Bond ETF | 2,295,483 |
4 |
| Vanguard Mid-Cap Growth ETF | 563 |
4 |
| Vanguard Mid-Cap Value ETF | 415 |
115 |
| Vanguard Value ETF | 11,984 |
205 |
| X Trackers DAX UCITS ETF Class 1C (Luxembourg) * | 26,678 |
TOTAL EXCHANGE TRADED FUNDS (Cost - $6,241,631) - 20.90% | $ 6,286,669 |
The accompanying notes are an integral part of these financial statements.
15
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 0.93% |
| ||
188 |
| Alexandria Real Estate Equities, Inc. | $ 27,525 |
512 |
| American Tower Corp. | 106,890 |
124 |
| AvalonBay Communities, Inc. | 25,173 |
366 |
| Crown Castle International Corp. | 47,584 |
253 |
| Extra Space Storage, Inc. | 27,111 |
276 |
| Simon Property Group, Inc. | 44,737 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost - $273,836) - 0.93% | $ 279,020 | ||
|
|
|
|
U.S. GOVERNMENT AGENCIES AND OBLIGATIONS - 6.58% |
| ||
|
|
|
|
Federal Home Loan Mortgage Corporation - 0.19% |
| ||
40,000 |
| FHLMC 6.25% 07/15/32 | 56,729 |
Total Federal Home Loan Mortgage Corporation (Cost - $55,525) - 0.19% | $ 56,729 | ||
|
|
|
|
Federal National Mortgage Association - 0.45% |
| ||
40,000 |
| FNMA, 7.25%, 05/15/2030 | 58,396 |
55,000 |
| FNMA, 6.625%, 11/15/2030 | 77,856 |
Total Federal National Mortgage Association (Cost - $133,727) - 0.45% | $ 136,252 | ||
|
|
|
|
U.S. Treasury Notes - 5.94% |
| ||
360,000 |
| U.S. Treasury Note Bond, 2.375%, 5/15/2029 | 367,425 |
70,000 |
| U.S. Treasury Note Bond, 6.125%, 08/15/2029 | 95,400 |
110,000 |
| U.S. Treasury Note Bond, 6.25%, 05/15/2030 | 153,631 |
180,000 |
| U.S. Treasury Note Bond, 5.375%, 02/15/2031 | 239,105 |
200,000 |
| U.S. Treasury Note Bonds, 4.50%, 2/15/2036 | 260,758 |
70,000 |
| U.S. Treasury Note Bond, 4.75%, 02/15/2037 | 94,656 |
90,000 |
| U.S. Treasury Note Bond, 5.00%, 05/15/2037 | 125,385 |
90,000 |
| U.S. Treasury Note Bond, 4.375%, 02/15/2038 | 117,545 |
100,000 |
| U.S. Treasury Note Bond, 4.50%, 5/15/2038 | 132,746 |
170,000 |
| U.S. Treasury Note Bond, 3.50%, 02/15/2039 | 199,378 |
Total U.S. Treasury Notes (Cost - $1,737,024) - 5.94% | 1,786,029 | ||
|
|
|
|
|
|
|
|
TOTAL U.S. GOVERNMENT AGENCIES AND OBLIGATIONS (Cost - $1,926,276) - 6.58% | $ 1,979,010 | ||
|
|
|
|
MONEY MARKET FUND - 1.63% |
| ||
490,577 |
| Invesco Short-Term Investments Trust Treasury Portfolio Institutional Class 2.28% ** (Cost - $490,577) | 490,577 |
TOTAL MONEY MARKET FUND (Cost - $490,577) - 1.63% | 490,577 |
The accompanying notes are an integral part of these financial statements.
16
CCA AGGRESSIVE RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
Shares |
|
| Value |
|
|
|
|
|
| Total Investments (Cost - $30,455,876) - 99.92% | $30,050,046 |
|
|
|
|
|
| Other Assets Less Liabilities - 0.08% | 24,466 |
|
|
|
|
|
| Net Assets - 100.00% | $30,074,512 |
As of May 31, 2019, the breakout of the Fund's portfolio by country was as follows: | |||
|
| Country | % of Net Assets |
|
| Australia | 0.83% |
|
| Austria | 0.07% |
|
| Belgium | 0.07% |
|
| Canada | 2.36% |
|
| Channel Islands | 0.08% |
|
| Chile | 0.08% |
|
| China | 0.07% |
|
| Denmark | 0.17% |
|
| Finland | 0.17% |
|
| France | 4.66% |
|
| Germany | 1.37% |
|
| Hong Kong | 0.96% |
|
| Ireland | 1.21% |
|
| Italy | 0.19% |
|
| Luxembourg | 0.09% |
|
| Netherlands | 1.01% |
|
| Peru | 0.07% |
|
| Singapore | 0.12% |
|
| Spain | 0.12% |
|
| Sweden | 0.40% |
|
| Switzerland | 0.67% |
|
| United Kingdom | 2.00% |
|
| United States | 83.15% |
|
|
| 99.92% |
* Non-Income Producing Security.
** Variable Rate Security: the Yield Rate shown represents the rate at May 31, 2019.
The accompanying notes are an integral part of these financial statements.
17
CCA AGGRESSIVE RETURN FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2019 (UNAUDITED)
Assets: |
|
Investments in Securities, at Value (Cost $30,455,876) | $ 30,050,046 |
Cash Denominated in Foreign Currencies (Cost $0) | 206 |
Receivables: |
|
Dividends and Interest | 40,080 |
Shareholder Subscription | 299 |
Prepaid Expenses | 13,488 |
Total Assets | 30,104,119 |
Liabilities: |
|
Payables: |
|
Adviser Fees | 3,919 |
Administrative Fees | 550 |
Chief Compliance Officer Fees | 548 |
Trustee Fees | 735 |
Other Accrued Expenses | 23,855 |
Total Liabilities | 29,607 |
Net Assets | $ 30,074,512 |
|
|
Net Assets Consist of: |
|
Paid In Capital | $ 30,554,110 |
Distributable Deficit | (479,598) |
Net Assets | $ 30,074,512 |
|
|
Net Asset Value Per Share |
|
|
|
Institutional Class |
|
Net Assets | $ 30,074,512 |
Shares of beneficial interest outstanding (unlimited shares authorized at no par value) | 2,725,953 |
Net asset value and offering price per share | $ 11.03 |
Minimum Redemption price per share (a) | $ 10.82 |
(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.
18
CCA AGGRESSIVE RETURN FUND
STATEMENT OF OPERATIONS
For the six months ended May 31, 2019 (UNAUDITED)
Investment Income: |
|
Dividends (a) | $ 392,688 |
Interest | 62,167 |
Total Investment Income | 454,855 |
|
|
Expenses: |
|
Advisory Fees | 117,624 |
Administrative Fees | 2,982 |
Transfer Agent Fees | 23,134 |
Registration Fees | 18,861 |
Audit Fees | 7,734 |
Legal Fees | 8,482 |
Custody Fees | 24,572 |
Printing Fees | 64 |
Insurance Fees | 532 |
Compliance Officer Fees | 3,032 |
Trustee Fees | 1,614 |
NASDAQ Fees | 748 |
Other Fees | 2,622 |
Total Expenses | 212,001 |
Fees Waived and/or Expenses Reimbursed by the Adviser | (70,852) |
Net Expenses | 141,149 |
|
|
Net Investment Income | 313,706 |
|
|
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency: |
|
Net Realized Loss on Investments and Foreign Currency Transactions | (229,086) |
Capital Gain Distributions from Underlying Funds | 4,862 |
Net Change in Unrealized Depreciation on Investments | (204,478) |
Net Realized and Unrealized Loss on Investments and Foreign Currency | (428,702) |
|
|
Net Decrease in Net Assets Resulting from Operations | $ (114,996) |
(a) Net of foreign withholding taxes of $4.
The accompanying notes are an integral part of these financial statements.
19
CCA AGGRESSIVE RETURN FUND
STATEMENTS OF CHANGES IN NET ASSETS
|
| (Unaudited) |
|
|
|
| Six Months |
|
|
|
| Ended |
| Year Ended |
|
| 5/31/2019 |
| 11/30/2018 |
Increase (Decrease) in Net Assets From Operations: |
|
|
| |
Net Investment Income | $ 313,706 |
| $ 220,933 | |
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | (229,086) |
| 853,095 | |
Capital Gain Distributions from Underlying Funds | 4,862 |
| 2,059 | |
Net Change in Unrealized Depreciation on Investments | (204,478) |
| (2,678,891) | |
Net Decrease in Net Assets Resulting from Operations | (114,996) |
| (1,602,804) | |
|
|
|
|
|
Distributions to Shareholders: |
|
|
| |
Distributions: | (1,133,573) |
| (1,199,028)* | |
Total Distributions Paid to Shareholders | (1,133,573) |
| (1,199,028) | |
|
|
|
|
|
Capital Share Transactions: |
|
|
| |
Proceeds from Sale of Shares: |
|
|
| |
Institutional Class | 488,040 |
| 1,624,155 | |
Proceeds from Reinvestment of Distributions |
|
|
| |
Institutional Class | 1,128,687 |
| 1,101,247 | |
Cost of Shares Redeemed: |
|
|
| |
Institutional Class | (3,369,981) |
| (2,817,733) | |
Redemption Fees | - |
| - | |
Net Decrease in Net Assets from Capital Share Transactions | (1,753,254) |
| (92,331) | |
|
|
|
|
|
Net Decrease in Net Assets | (3,001,823) |
| (2,894,163) | |
|
|
|
|
|
Net Assets: |
|
|
|
|
Beginning of Period/Year | 33,076,335 |
| 35,970,498 | |
|
|
|
|
|
End of Period/Year | $30,074,512 |
| $33,076,335 | |
|
|
|
|
|
Share Activity |
|
|
|
|
Institutional Class: |
|
|
| |
Shares Sold |
| 43,891 |
| 132,228 |
Shares Reinvested | 102,608 |
| 90,192 | |
Shares Redeemed | (302,135) |
| (230,374) | |
Net Decrease in Shares of Beneficial Interest Outstanding | (155,636) |
| (7,954) |
* For the year ended November 30, 2018, Net Investment Income distributions were $160,773, and Net Realized Gain distributions were $1,038,255.
The accompanying notes are an integral part of these financial statements.
20
CCA AGGRESSIVE RETURN FUND
INSTITUTIONAL CLASS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period or year.
|
| (Unaudited) Six Months Ended 5/31/2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Years Ended | |||||
|
|
| 11/30/2018 | 11/30/2017 | 11/30/2016 | 11/30/2015 | 11/30/2014 | |
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Period/Year | $ 11.48 |
| $ 12.45 | $ 10.31 | $ 9.94 | $ 11.72 | $ 11.46 | |
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Income From Investment Operations: |
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| |
Net Investment Income * | 0.11 |
| 0.08 | 0.07 | 0.02 | 0.11 | 0.21 | |
Net Gain (Loss) on Investments (Realized and Unrealized) | (0.17) |
| (0.63) | 2.11 | 0.45 | (1.72)(e) | 0.44(e) | |
Total from Investment Operations | (0.06) |
| (0.55) | 2.18 | 0.47 | (1.61) | 0.65 | |
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Distributions: |
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Net Investment Income | (0.09) |
| (0.06) | (0.04) | (0.10) | (0.17) | (0.05) | |
Net Realized Gains | (0.30) |
| (0.36) | - | - | - | (0.34) | |
Total from Distributions | (0.39) |
| (0.42) | (0.04) | (0.10) | (0.17) | (0.39) | |
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Redemption Fees | - |
| �� - | -† | - | - | -† | |
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Net Asset Value, at End of Period/Year | $ 11.03 |
| $ 11.48 | $ 12.45 | $ 10.31 | $ 9.94 | $ 11.72 | |
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Total Return ** |
| (0.48)%(b) |
| (4.63)% | 21.27% | 4.83% | (13.92)% | 5.73% |
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Ratios/Supplemental Data: |
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Net Assets at End of Period/Year (Thousands) | $ 30,075 |
| $33,076 | $35,970 | $20,859 | $ 20,475 | $21,929 | |
Before Waiver |
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Ratio of Expenses to Average Net Assets(a) | 1.35%(c) |
| 1.36% | 1.53%(f) | 1.63% | 1.63% | 1.99% | |
Ratio of Net Investment Income (Loss) to Average Net Assets(a) (d) | 1.55%(c) |
| 0.17% | 0.14% | (0.48)% | 0.23% | 0.71% | |
After Waiver |
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Ratio of Expenses to Average Net Assets(a) | 0.90%(c) |
| 0.90% | 1.05%(f) | 0.90% | 0.90% | 0.90% | |
Ratio of Net Investment Income to Average Net Assets(a) (d) | 2.00%(c) |
| 0.63% | 0.62% | 0.24% | 0.96% | 1.80% | |
Portfolio Turnover | 240%(b) |
| 474% | 341% | 520% | 457% | 352% |
(a) Does not include expenses of underlying investment companies in which the Fund invests.
(b) Not annualized.
(c) Annualized.
(d) 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.
(e) 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.
(f) 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.
21
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2019 (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, Fallen Angels Income Fund, and AINN Fund are the only series currently authorized by the Trustees. The Fund is a diversified fund. The investment adviser to the Fund isChecchi Capital Advisers, LLC ("CCA" or "Adviser").
The 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 Accounting Standards Codification ("ASC") 946 and Accounting Standards Update ("ASU") 2013-08.
SECURITY VALUATIONS:
Processes and Structure
The Board has adopted guidelines for valuing securities including 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,
22
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2019 (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.
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.
U.S. government obligations. U.S. government securities are normally valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government securities are categorized in Level 1 or Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities.
23
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
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 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, 2019, by major security type:
During the six months ended May 31, 2019, 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.
24
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
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 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, 2018, related to uncertain tax positions taken on returns filed for open tax years (2015-2017), or expected to be taken in the Fund’s 2018 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, 2019, the Fund did not incur any interest or penalties.
SHARE VALUATION: The Fund’s net asset value ("NAV") is 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.
25
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
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.
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, 2019.
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.
26
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
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.
3. RELATED PARTY TRANSACTIONS
INVESTMENT ADVISER:Checchi Capital Advisers, LLC, serves as the Fund’s investment adviser. Pursuant to a management agreement, the Fund pays CCA, on a monthly basis, an annual advisory fee equivalent to 0.75% of the Fund's average daily net assets. During thesix months ended May 31, 2019, the Adviser earned $117,624 in management fees from the Fund. During the six months ended May 31, 2019, the Adviser waived management fees of $70,852. At May 31, 2019, the Fund owed the Adviser $3,919.
The Adviser has contractually agreed to reduce its fees and to reimburse expenses, at least through April 1, 2020, 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 waiver or reimbursement occurs, if such recoupment is approved by the Board. The Fund may only make a repayment to the Adviser if such repayment does not cause the Fund’s expenses to exceed both 1) the expense cap in place of the time the expenses were waived, and 2) the Fund’s current expense cap. This agreement may be terminated only by the Board, 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, 2018, expense waivers and reimbursements subject to recoupment were as follows:
Recoverable Through |
| Amount Recoverable |
November 30, 2021 |
| $160,644 |
November 30, 2020 |
| $134,275 |
November 30, 2019 |
| $153,101 |
27
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
An interested Trustee, Gregory B. Getts, is the owner/president of Mutual Shareholder Services, LLC ("MSS"), the Fund’s transfer agent and fund accountant. MSS receives an annual fee from the Fund of $11.50 per shareholder for transfer agency services. For its services as fund accountant, MSS receives an annual fee from the Fund based on the average net assets of the Fund. The fund accounting fees range from $22,200 to $70,540 depending on the average net assets of the Fund. For six months ended May 31, 2019, MSS earned $23,134 from the Fundfor transfer agent and accounting services. As of May 31, 2019, the Fund owes MSS $2,495 for transfer agent and accounting services.
The Trust, on behalf of the Fund, also entered into Administration and Compliance Agreements with Empirical Administration, LLC ("Empirical") which provides for administration and compliance services to the Fund. Brandon M. Pokersnik is the owner/president of Empirical, and also an employee of MSS. Mr. Pokersnik serves as the Chief Compliance Officer and an officer of the Trust. For the services Empirical provides under the Administration and Compliance Agreements Empirical receives a monthly fee of $1,000 from the Fund. For the six months ended May 31, 2019, Empirical earned $6,014 for these services. As of May 31, 2019, the Fund owed Empirical $1,098.
UNDERWRITER FEES:Arbor Court Capital, LLC (the "Underwriter") acts as the Fund's principal underwriter in a continuous offering of the Fund's shares. The Underwriter is an affiliate of Mutual Shareholder Services ("MSS"). Mr. Getts is the president and owner of the Underwriter. For the six months ended May 31, 2019, the Fund paid the Underwriter $6,037 for its services.
4. SHARES OF BENEFICIAL INTEREST
The Trust Agreement permits the Board to issue an unlimited number of shares of beneficial interest of separate series without par value. As of May 31, 2019, paid in capital amounted to $30,554,110 for the Fund.
5. INVESTMENT TRANSACTIONS
Investment transactions, excluding short-term investments and U.S. Treasuries, for the six months ended May 31, 2019, were as follows:
Purchases | $ 69,079,385 |
Sales | $ 66,498,451 |
U.S. Treasury transactions for the year ended May 31, 2019, were as follows:
Purchases | $ 5,444,275 |
Sales | $ 10,745,286 |
28
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
6. FEDERAL INCOME TAX
For Federal Income Tax purposes, the cost of investments owned as of May 31, 2019 is $30,455,876. As of May 31, 2019, the gross unrealized appreciation on a tax basis totaled $656,293 and the gross unrealized depreciation totaled $1,061,917 for a net unrealized depreciation of $405,624.
As of November 30, 2018 the components of accumulated earnings on a tax basis were as follows:
Deferral of Post October Loss **
$ (33,130)
Net unrealized depreciation
(201,146)
Undistributed long-term capital gain
-
Undistributed ordinary income
1,003,247
Total
$ 768,971
** These deferrals are considered are considered incurred in the subsequent year.
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, 2019, the fund paid an ordinary income distribution of $277,833, and a short-term capital gain of $855,740.
For the year ended November 30, 2018, the fund paid an ordinary income distribution of $160,773, a short-term capital gain of $1,032,476, and a long-term capital gain of $5,779.
7. 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, 2019, Charles Schwab, Inc. held in omnibus accounts for the benefit of others approximately 91% of the voting securities of the Fund and may be deemed to control the Fund.
29
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
8. 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.
9. LINE OF CREDIT
The Fund has a secured $1,600,000 bank line of credit with U.S. Bank; all borrowings under the arrangement bear interest at the prime rate. At May 31, 2019, the prime rate was 5.50%. The Fund had total borrowings of $369,000 during the six months ended May 31, 2019 and paid a total of $338 in related interest charges. At the time of the borrowings, the prime rate was 5.50%. The line of credit is collateralized by publicly traded stock held by the Fund.
10. 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.
NOTE 11. NEW ACCOUNTING PRONOUNCEMENT
In March 2017, FASB issued ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities ("ASU 2017-08"). The amendments in ASU 2017-08 shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. ASU 2017-08 does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.
In August 2018, FASB issued ASU 2018-13,Fair Value Measurement (Topic 820):Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement("ASU 2018-13"). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for
30
CCA AGGRESSIVE RETURN FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2019 (UNAUDITED)
public companies only, until their effective date. Management is currently evaluating the impact these changes will have on the Fund’s financial statements and disclosures.
On October 4, 2018, the SEC amended Regulation S-X to require certain disclosure requirements to conform them to US GAAP for investment companies. Effective November 4, 2018, the Fund’s adopted disclosure requirement changes for Regulation S-X and these changes are reflected throughout this report. The Fund’s adoption of those amendments, effective with the financial statements prepared as of May 31, 2019, had no effect on the Fund's net assets or results of operations.
31
CCA AGGRESSIVE RETURN FUND
EXPENSE ILLUSTRATION
MAY 31, 2019 (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, 2018 through May 31, 2019.
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, 2018 | May 31, 2019 | December 1, 2018 to May 31, 2019 |
|
|
|
|
Actual | $1,000.00 | $ 995.18 | $4.48 |
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). |
32
CCA AGGRESSIVE RETURN FUND
ADDITIONAL INFORMATION
MAY 31, 2019 (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.
33
This Page Was Left Blank Intentionally
INVESTMENT ADVISER
Checchi Capital Advisers, LLC
9720 Wilshire Boulevard, Suite 400
Beverly Hills, CA 90212
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
8000 Town Centre Drive, Suite 400
Broadview Heights, OH 44147
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 8, 2019
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 8, 2019
By/s/ Brandon M. Pokersnik
Brandon M. Pokersnik
Secretary
Date:August 8, 2019