N-CSRS 1 ccancsrs201908.htm Converted by EDGARwiz




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.


 [ncsrs001.jpg]

                                                               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®.


[ncsrs003.gif]







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

 

 

 

 

 

 

 

 

 

Income From Investment Operations:

 

 

 

 

 

 

 

  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

 

 

 

 

 

 

 

 

 

Distributions:

 

 

 

 

 

 

 

 

  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)

 

 

 

 

 

 

 

 

 

  Redemption Fees

              -

 

           -

        -†

           -

            -

         -†

 

 

 

 

 

 

 

 

 

Net Asset Value, at End of Period/Year

$    11.03

 

$  11.48

$  12.45

$  10.31

$      9.94

$  11.72

 

 

 

 

 

 

 

 

 

Total Return **

 

(0.48)%(b)

 

(4.63)%

 21.27%

   4.83%

(13.92)%

   5.73%

 

 

 

 

 

 

 

 

 

Ratios/Supplemental Data:

 

 

 

 

 

 

 

  Net Assets at End of Period/Year (Thousands)

$  30,075

 

$33,076

$35,970

$20,859

$  20,475

$21,929

Before Waiver

 

 

 

 

 

 

 

 

     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

 

 

 

 

 

 

 

 

     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 is Checchi 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:


 

Quoted Prices in

Active Markets for

Identical Assets

(Level 1)

Significant Other Observable Inputs

(Level 2)

Significant Unobservable Inputs

(Level 3)

Balance as of

May 31, 2019

(Total)

Assets

 

 

 

 

Common Stocks

$ 21,014,770

$                -

$                   -

$ 21,014,770

Exchange Traded Funds

6,286,669

-

-

6,286,669

Real Estate Investment Trusts

279,020

-

-

279,020

U.S. Government Agencies

    and Obligations


-


1,979,010


-


1,979,010

Money Market Funds

        490,577

                  -

                     -

        490,577

Total

$ 28,071,036

$ 1,979,010

$                   -

$ 30,050,046


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 the six 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 Fund for 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