N-CSR Filing

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21927

MSS Series Trust

(Exact name of registrant as specified in charter)

8000 Town Centre Drive, Suite 400

Broadview Heights, Ohio 44147

(Address of principal executive offices)(Zip code)

Gregory B. Getts

8000 Town Centre Drive, Suite 400

Broadview Heights, Ohio 44147

(Name and Address of Agent for Service)

With copy to:

JoAnn M. Strasser

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215

Registrant's telephone number, including area code: (440) 922-0066

Date of fiscal year end: November 30

Date of reporting period: November 30, 2020

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.

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ONE ROCK

FUND

A 'No-Load' Mutual Fund

TICKER: ONERX

ANNUAL REPORT

NOVEMBER 30, 2020

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Series Trust

ONE ROCK FUND

SHAREHOLDER LETTER

NOVEMBER 30, 2020 (UNAUDITED)

Fellow shareholders,

This letter covers the period from the commencement of operations of One Rock Fund on March 6, 2020 through November 30, 2020.

It has been a strange and memorable year for both our own lives and for the stock market. After a couple of weeks of weak performance, One Rock Fund and the market climbed steadily higher with only minor setbacks along the way. It was a tale of two classes of companies. Those that benefitted, or at least weren’t affected much, from the unprecedented government-imposed lockdowns/restrictions and those that experienced great difficulty. The latter would include businesses in hospitality, traditional retail, consumer transportation, and mass public events. Those companies that benefitted from “stay-at-home” mandates, such as cloud-based software, on-line commerce, home goods, internet streaming, gaming, and computer-related hardware paced the market higher, especially the technology dominant NASDAQ 100 index.

Accommodative monetary policy and liberal fiscal policy became the response to a falling stock market. It lifted many stocks including those that were sinking and especially those that weren’t. We’ll have to wait and see its long-term financial consequences.

The One Rock Fund outpaced all the major equity indices from its inception through the end of November 2020, with a return of 96.4%, after fees and expenses. To God be all the glory! The biggest winners include Crowdstrike Holdings, Tesla and The Trade Desk, although solid gains were widespread. The technology sector, which has been and continues to be our largest exposure, led the gains.

In this, the first year of the One Rock Fund’s existence, it has been both an honor and a privilege to manage your monies. Jesus is truly the One Rock above all. Please pray for our nation.

Jeff Wrona

Fund Manager

ONE ROCK FUND

PERFORMANCE ILLUSTRATION

NOVEMBER 30, 2020 (UNAUDITED)

TOTAL RETURNS FOR THE PERIOD ENDED NOVEMBER 30, 2020


FUND/INDEX	SIX MONTHS	SINCE INCEPTION*	VALUE
One Rock Fund	46.40%	96.40%	$ 19,640
S&P 500 Index	19.98%	23.49%	$ 12,349

Cumulative Performance Comparison of $10,000 Investment Since Inception

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* Inception March 6, 2020

This chart assumes an initial investment of $10,000 made on the closing of March 6, 2020 (commencement of investment operations). Total return is based on the net change in Net Asset Value (“NAV”) and assumes reinvestment of all dividends and other distributions. Performance figures represent past performance which is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Call 1-800-564-3899 for the most current performance data.

The S&P 500 Index is a market value-weighted index, representing the aggregate market value of the common equity of 500 stocks primarily traded on the New York Stock Exchange (“NYSE”). The S&P 500 Index is a widely recognized, unmanaged index of common stock prices. The figures for the S&P 500 Index reflect all dividends reinvested but do not reflect any deductions for fees, expenses or taxes. Investors cannot invest directly in an index.

The Fund's total annual operating expenses before fee waivers, per the January 20, 2020 prospectus, are 1.85%. After fee waivers, the Fund's total annual operating expenses are 1.78%.

ONE ROCK FUND

PORTFOLIO ILLUSTRATION

NOVEMBER 30, 2020 (UNAUDITED)

The following chart gives a visual breakdown of the Fund by investment type or industry sector of the underlying securities as of November 30, 2020, represented as a percentage of the portfolio of investments. Below categories are from Morningstar^®.

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Excludes written options and futures contracts.

ONE ROCK FUND

SCHEDULE OF INVESTMENTS

NOVEMBER 30, 2020


Shares		Value

COMMON STOCKS - 82.22%

Air Courier Services - 3.10%
600	FedEx Corp.	$ 171,948

Cable & Other Pay Television Services - 1.59%
300	Roku, Inc. Class A *	88,071

Drawing & Insulating Nonferrous Wire - 0.95%
1,400	Corning, Inc.	52,388

Electronic & Other Electrical Equipment (No Computer Equipment) - 2.94%
1,400	Peloton Interactive, Inc. Class A *	162,890

Electronic Components & Accessories - 4.13%
1,000	Universal Display Corp.	229,040

Electronic Computers - 1.72%
800	Apple, Inc. ^(b)	95,240

Engines & Turbines - 2.83%
2,100	Brunswick Corp.	156,744

Farm Machinery & Equipment - 1.89%
400	Deere & Co.	104,648

General Building Contractors - Residential Buildings - 1.64%
1,200	Lennar Corp. Class A	91,032

Motor Vehicles & Passenger Car Bodies - 5.12%
500	Tesla, Inc. * ^(a)	283,800

Motors & Generators - 2.72%
700	Generac Holdings, Inc. *	150,920

Printing Trades Machinery & Equipment - 1.98%
1,300	Kornit Digital Ltd. (Israel) *	109,681

Radio & TV Broadcasting & Communications Equipment - 3.19%
1,200	QUALCOMM, Inc.	176,604

Real Estate Agents & Managers (For Others) - 4.48%
11,000	Social Capital Hedosophia Holdings Corp. II Class A *	247,940

Retail-Auto Dealers & Gasoline Stations - 1.00%
1,800	Camping World Holdings, Inc. Class A	55,170

The accompanying notes are an integral part of these financial statements.

ONE ROCK FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2020


Shares		Value

Retail-Catalog & Mail-Order Houses - 2.29%
40	Amazon.com, Inc. * ^(b)	126,722

Semiconductors & Related Devices - 11.56%
1,500	Advanced Micro Devices, Inc. *	138,990
400	NVIDIA Corp.	214,424
1,200	Qorvo, Inc. *	188,016
700	Skyworks Solutions, Inc.	98,819
		640,249
Services-Business Services - 3.64%
1,826	Zillow Group, Inc. Class A *	201,499

Services-Computer Programming, Data Processing, Etc. - 7.85%
350	Trade Desk, Inc. Class A *	315,374
250	Zoom Video Communications, Inc. Class A *	119,590
		434,964
Services-Equipment Rental & Leasing - 1.33%
4,000	Textainer Group Holdings Ltd. (Bermuda) *	73,680

Services-Offices & Clinics of Doctors of Medicine - 2.51%
700	Teladoc Health, Inc. *	139,139

Services-Prepackaged Software - 8.97%
1,500	CrowdStrike Holdings, Inc. Class A * ^(a)	229,920
1,400	Datadog, Inc. Class A *	138,488
600	Microsoft Corp. ^(a)(b)	128,442
		496,850
Special Industry Machinery - 4.79%
400	ASML Holding NV ADR	175,092
200	Lam Research Corp. ^(a)	90,532
		265,624

TOTAL COMMON STOCKS (Cost - $3,257,649) - 82.22%		4,554,843

INVESTMENTS IN PURCHASED OPTIONS, AT VALUE (Premiums Paid $69,671) - 0.92%		50,694

MONEY MARKET FUND - 9.20%
509,668	Federated Government Obligations Fund Institutional Class 0.01% ** ^(b)	509,668
TOTAL MONEY MARKET FUND (Cost - $509,668) - 9.18%		509,668

TOTAL INVESTMENTS (Cost - $3,836,988) - 92.32%		5,115,205

The accompanying notes are an integral part of these financial statements.

ONE ROCK FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2020


		Value

INVESTMENTS IN WRITTEN OPTIONS, AT VALUE (Premiums Received $16,348) - (0.40)%		$ (21,990)

	Other Assets Less Liabilities - 8.08%	446,785

	Net Assets - 100.00%	$ 5,540,000

* Non-Income Producing Security.

** Variable Rate Security: the Yield Rate shown represents the rate at November 30, 2020.

(a) Subject to written option contracts.

(b) All or a portion of this security is held as collateral for written options. Total value of collateral for written options is $351,347 representing 6.34% of net assets.

The accompanying notes are an integral part of these financial statements.

ONE ROCK FUND

SCHEDULE OF LONG FUTURES CONTRACTS

NOVEMBER 30, 2020


Description	Contracts	Expiration	Notional Amount	Value	Unrealized Depreciation**

LONG FUTURES CONTRACTS *
CBOE Volatility Index	4	1/20/2021	$ 101,210	$ 98,300	$ (2,910)
CBOE Volatility Index	1	2/17/2021	25,902	25,025	(877)
			$ 127,112	$ 123,325	$ (3,787)

* Non-income producing security during the period.

** Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The accompanying notes are an integral part of these financial statements.

ONE ROCK FUND

SCHEDULE OF SHORT FUTURES CONTRACTS

NOVEMBER 30, 2020


Description	Contracts	Expiration	Notional Amount	Value	Unrealized Depreciation**

SHORT FUTURES CONTRACTS *
E-Mini Nasdaq 100	(1)	12/18/2020	$(238,778)	$(245,540)	$ (6,762)
E-Mini S&P 500	(1)	12/18/2020	(174,748)	(181,160)	(6,412)
			$(413,526)	$(426,700)	$ (13,174)

* Non-income producing security during the period.

** Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The accompanying notes are an integral part of these financial statements.

ONE ROCK FUND

SCHEDULE OF PURCHASED OPTIONS

NOVEMBER 30, 2020


PUT OPTIONS - 0.91% *

Underlying Security	Counterparty	Contracts +	Notional Amount**	Exercise Price	Expiration	Value

Invesco QQQ Trust	Interactive Brokers	24	$ 720,000	$ 300.00	1/15/2021	$ 24,552

iShares Russell 2000 ETF	Interactive Brokers	26	455,000	175.00	1/15/2021	12,584

SPDR® S&P 500 ETF Trust	Interactive Brokers	14	490,000	350.00	1/15/2021	8,260

SPDR® S&P 500 ETF Trust	Interactive Brokers	6	216,000	360.00	1/15/2021	5,298

TOTAL PURCHASED OPTIONS (Premiums Paid $69,671) - 0.91%						$ 50,694

* Non-income producing securities during the period.

**The notional amount is calculated by multiplying outstanding contracts by the exercise price at November 30, 2020.

+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

The accompanying notes are an integral part of these financial statements.

ONE ROCK FUND

SCHEDULE OF WRITTEN OPTIONS

NOVEMBER 30, 2020


CALL OPTIONS - (0.40)% *

Underlying Security	Counterparty	Contracts +	Notional Amount**	Exercise Price	Expiration	Value

CrowdStrike Holdings, Inc. Class A	Interactive Brokers	(2)	$(28,000)	$ 140.00	1/15/2021	$ (4,020)

CrowdStrike Holdings, Inc. Class A	Interactive Brokers	(2)	(30,000)	150.00	1/15/2021	(3,000)

Lam Research Corp.	Interactive Brokers	(2)	(86,000)	430.00	1/15/2021	(6,800)

Microsoft Corp.	Interactive Brokers	(4)	(88,000)	220.00	1/15/2021	(2,420)

Tesla, Inc.	Interactive Brokers	(1)	(55,000)	550.00	12/18/2020	(5,750)

TOTAL WRITTEN OPTIONS (Premiums Received $16,348) - (0.40)%						$(21,990)

* Non-income producing securities during the period.

**The notional amount is calculated by multiplying outstanding contracts by the exercise price at November 30, 2020.

+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

ONE ROCK FUND

STATEMENT OF ASSETS AND LIABILITIES

NOVEMBER 30, 2020


Assets:
Investments in Securities at Value (Cost $3,836,988)	$ 5,115,205
Deposit with Broker for Futures Contracts	235,931
Deposit with Broker for Written Options	118,162
Cash	1,000
Receivables:
Dividends and Interest	1,256
Due from Adviser	883
Investments Sold	161,648
Prepaid Expenses	2,350
Total Assets	5,636,435
Liabilities:
Written Options, at Value (Premiums Received $16,348)	21,990
Payables:
Variation Margin	1,875
Due to Administrator and Compliance Officer	1,100
Due to Transfer Agent and Fund Accountant	1,435
Trustee Fees	367
Investments Purchased	56,251
Other Accrued Expenses	13,417
Total Liabilities	96,435
Net Assets	$ 5,540,000

Net Assets Consist of:
Paid In Capital	$ 3,391,056
Distributable Earnings	2,148,944
Net Assets	$ 5,540,000

Net Asset Value Per Share

Institutional Class
Net Assets	$ 5,540,000
Shares of beneficial interest outstanding (unlimited shares authorized at no par value)	141,044
Net asset value and offering price per share	$ 39.28

The accompanying notes are an integral part of these financial statements.

ONE ROCK FUND

STATEMENT OF OPERATIONS

For the period March 6, 2020 (commencement of investment operations) through NOVEMBER 30, 2020


Investment Income:
Dividends ^(a)	$ 11,421
Interest	403
Total Investment Income	11,824

Expenses:
Advisory Fees	24,927
Administrative Fees	2,833
Transfer Agent & Fund Accountant Fees	10,893
Audit Fees	9,967
Interest Expenses	101
Legal Fees	7,596
Custody Fees	4,315
Printing & Mailing Fees	1,050
Compliance Officer Fees	3,517
Registration Fees	1,013
Trustee Fees	2,167
Other Fees	1,300
Total Expenses	69,679
Fees Waived and/or Expenses Reimbursed by the Adviser	(25,810)
Net Expenses	43,869

Net Investment Loss	(32,045)

Realized Gain (Loss) on Investments:
Net Realized Gain on Investments	854,620
Net Realized Gain on Investments Sold Short	3,905
Net Realized Loss on Written Options	(24,177)
Net Realized Gain on Long Futures Contracts	92,328
Net Realized Loss on Short Futures Contracts	(1,301)
Total Realized Gain (Loss) on Investments	925,375

Unrealized Gain (Loss) on Investments:
Net Change in Unrealized Appreciation on Investments	1,278,217
Net Change in Unrealized Depreciation on Written Options	(5,642)
Net Change in Unrealized Depreciation on Long Futures Contracts	(3,787)
Net Change in Unrealized Depreciation on Short Futures Contracts	(13,174)
Total Unrealized Gain (Loss) on Investments	1,255,614

Net Realized and Unrealized Gain on Investments	2,180,989

Net Increase in Net Assets Resulting from Operations	$ 2,148,944

(a) Net of foreign withholding taxes of $0.

The accompanying notes are an integral part of these financial statements.

ONE ROCK FUND

STATEMENT OF CHANGES IN NET ASSETS


		Period Ended*
		11/30/2020
Increase (Decrease) in Net Assets From Operations:
Net Investment Loss		$ (32,045)
Net Realized Gain on Investments, Securities Sold Short, Written Options, Long and Short Futures Contracts		925,375
Net Change in Unrealized Appreciation on Investments, Written Options, Long and Short Futures Contracts		1,255,614
Net Increase in Net Assets Resulting from Operations		2,148,944

Distributions to Shareholders:
Distributions:		-
Total Distributions Paid to Shareholders		-

Capital Share Transactions:
Proceeds from Sale of Shares		3,472,990
Proceeds from Reinvestment of Distributions		-
Cost of Shares Redeemed		(81,934)
Net Increase in Net Assets from Capital Share Transactions		3,391,056

Net Increase in Net Assets		5,540,000

Net Assets:
Beginning of Period		-

End of Period		$ 5,540,000

* For the period March 6, 2020 (commencement of investment operations) through November 30, 2020.

The accompanying notes are an integral part of these financial statements.

ONE ROCK FUND

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the period.


	Period Ended*
	11/30/2020

Net Asset Value, at Beginning of Period	$ 20.00

Income From Investment Operations:
Net Investment Loss **	(0.29)
Net Gain on Investments (Realized and Unrealized)	19.57
Total from Investment Operations	19.28

Distributions:
Net Investment Income	-
Net Realized Gains	-
Total from Distributions	-

Net Asset Value, at End of Period	$ 39.28

Total Return ***	96.40%	^(b)

Ratios/Supplemental Data:
Net Assets at End of Period (Thousands)	$ 5,540
Before Waiver
Ratio of Expenses to Average Net Assets ^(a)(d)	2.78%	^(c)
Ratio of Net Investment Loss to Average Net Assets ^(a)	(2.31)%	^(c)
After Waiver
Ratio of Expenses to Average Net Assets ^(a)(d)	1.75%	^(c)
Ratio of Net Investment Loss to Average Net Assets ^(a)	(1.28)%	^(c)
Portfolio Turnover	651.69%	^(b)

(a) Does not include expenses of underlying investment companies in which the Fund invests.

(b) Not annualized.

(d) Includes 0.004% of interest expense.

* For the period March 6, 2020 (commencement of investment operations) through November 30, 2020.

** Per share net investment loss 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.

ONE ROCK FUND

NOTES TO FINANCIAL STATEMENTS

NOVEMBER 30, 2020

NOTE 1. ORGANIZATION

The One Rock Fund (the "Fund") is a non-diversified series of the MSS Series Trust (the "Trust") and commenced operations on March 6, 2020. The Trust is an open-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), established under the laws of Ohio by an Agreement and Declaration of Trust dated June 20, 2006 (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees (the "Board" or "Trustees") to authorize and issue an unlimited number of shares, without par value, of beneficial interest of each separate series. There are currently seven separate series offered by the Trust. The investment adviser to the Fund is Wrona Investment Management, LLC (the "Adviser").

The Fund’s investment objective is to seek capital appreciation.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Fund’s significant accounting policies. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

As an investment company, the Fund follows the investment company accounting and reporting requirements of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies” including FASB Accounting Standard Update (“ASU”) 2013-08.

SECURITY VALUATIONS: All investments in securities are recorded at their estimated fair value, as described in Note 3.

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 makes no provision for federal income or excise tax. The Fund intends to qualify each year as a “regulated investment company” (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of their taxable income. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains

ONE ROCK FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2020

is not distributed, the Fund could incur a tax expense. Therefore, no federal income tax or excise provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Fund’s 2020 tax return. The Fund identifies its major tax jurisdiction as U.S. federal, and 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 12 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 period March 6, 2020 (commencement of investment operations) through November 30, 2020, the Fund did not incur any interest or penalties.

SHARE VALUATION: The Fund’s 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.

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 NAV per share of the Fund.

NON-DIVERSIFICATION RISK: As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. The Fund's performance may be affected disproportionately by the performance of relatively few stocks. In addition, the volatility of the Fund may be greater than the overall volatility of the market.

ONE ROCK FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2020

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).

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 believes it is not exposed to any significant credit risk on its cash deposits.

NOTE 3. 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 oversight 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 oversight 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 oversight 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, securities are valued at fair value as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to oversight 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.

ONE ROCK FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2020

Financial Futures Contracts – The Fund may invest in financial and stock futures contracts. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount (initial margin deposit). The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes a gain or loss equal to the daily variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets. Refer to the Fund’s Schedule of Investments for details regarding open futures contracts as of November 30, 2020.

The Fund may buy or sell stock index futures to increase exposure to the broad equity market, hedge market exposure of an existing portfolio, or decrease overall market exposure. The Adviser may invest in stock index futures in this way to achieve a desired portfolio stock, or stock equivalent, exposure. The Fund’s use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.

The Fund also invests in short-term opportunities through the trading of common stocks and/or stock index futures in situations that the Adviser believes to be a market overreaction to recently disclosed public news. Such situations can be caused for many reasons including earnings reports, analyst rating changes, competitor changes in business outlook, secondary stock offerings, industry headline news, extraordinary events, economic reports or monetary actions. In these circumstances, business momentum may not be a factor and the expectation is for a short-term trade.

Options – When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase

ONE ROCK FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2020

transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. See Note 4 for additional disclosure on the Fund’s options transactions during the period.

Short Sales of Investments – The Fund may make short sales of investments, which are transactions in which a Fund sells a security it does not own in anticipation of a decline in the fair value of that security. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing it at the market price at the time of replacement. The broker retains the proceeds of short sales to the extent necessary to meet margin requirements until the short position is closed out.

If a security pays a dividend while the Fund holds it short, the Fund will need to pay the dividend to the original owner of the security. Since the Fund borrowed the shares and sold them to a third party, the third party will receive the dividend from the security and the Fund will pay the original owner the dividend directly. The Fund is not entitled to the dividend because it does not own the shares. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale.

Short sales and written options are collateralized by pledged securities held at Interactive Brokers, LLC. The collateral required is determined daily by reference to the market value of the short and written positions. The Fund is required to maintain margin cash balances at the prime broker sufficient to satisfy its short sales positions on a daily basis. Refer to the Statement of Assets and Liabilities for amounts due to/from broker.

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.

ONE ROCK FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2020

Equity securities (common stocks). Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized in Level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2.

Short-term investments. Short term investments are valued using amortized cost, which approximates fair value. These securities will be categorized in Level 1 of the fair value hierarchy.

Derivative instruments (future contracts and options). Listed derivative instruments that are actively traded, including futures contracts, are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy. Options are valued at the last sales prices on the valuation date if the last sales price is between the closing bid and asked prices. Otherwise, options are valued at the closing bid price. These securities will be categorized in Level 2 of the fair value hierarchy if valued at other than closing price.

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in the security.

The following table presents information about the Fund’s investments measured at fair value as of November 30, 2020, by major security type:

ONE ROCK FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2020


	Financial Instruments—Assets
*Categories*	*Level 1*	*Level 2*	*Level 3*	*Fair Value*

Common Stocks *	$ 4,554,843	$ -	$ -	$ 4,554,843
Money Market Fund	509,668	-	-	509,668
Total	$ 5,064,511	$ -	$ -	$ 5,064,511


	Other Financial Instruments
*Categories*	*Level 1*	*Level 2*	*Level 3*	*Fair Value*

Futures Contracts	$ (1,875)	$ -	$ -	$ (1,875)
Purchased Options	50,694	-	-	50,694
Written Options	(21,990)	-	-	(21,990)
Total	$ 26,829	$ -	$ -	$ 26,829

* Industry classifications of these categories are detailed on each Fund’s Schedule of Investments.

During the period March 6, 2020 (commencement of investment operations) through November 30, 2020, 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.

NOTE 4. DERIVATIVE TRANSACTIONS

The fair value of derivative instruments, not accounted for as hedging instruments, as reported within the Statements of Assets and Liabilities as of November 30, 2020 was as follows:


Assets	Equity Contracts
Purchased Options	$ 50,694
Total	$ 50,694


Liabilities	Equity Contracts
Futures Contracts	$ (1,875)
Written Options	(21,990)
Total	$ (23,865)

ONE ROCK FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2020

The effect of derivative instruments on the Statements of Operations for the period March 6, 2020 (commencement of investment operations) through November 30, 2020 and related activity was as follows:


Type of Derivative	Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Total
Long Futures Contracts	$ 92,328	$ (3,787)	$ 88,541
Short Futures Contracts	(1,301)	(13,174)	(14,475)
Purchased Options	-	(18,977)	(18,977)
Written Options	(24,177)	(5,642)	(29,819)
	$ 66,850	$ (41,580)	$ 25,270

The Fund considers the average quarter-end notional amounts during the period, categorized by primary underlying risk, to be representative of its derivative activities during the period ended November 30, 2020.


Average Notional Amount	Equity Contracts
Long Futures Contracts	$ 309,638
Short Futures Contracts	(137,842)
Purchased Options	627,000
Written Options	(153,000)

The Fund has adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities, which require that the Fund disclose: a) how and why an entity uses derivative instruments and b) how derivative instruments and related hedged items affect an entity’s financial position, financial performance and cash flows.

The Adviser consistently assesses the value of existing positions in the Fund. Generally, the Adviser exercises patience when fundamentals are stable but prices volatile. The Adviser may at times write covered call options on a small portion of existing common stock positions in the Fund to generate premium. The Fund may trade financial instruments where they are considered to be a seller of credit derivatives in accordance with authoritative guidance under GAAP on derivatives and hedging. The Fund may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by Interactive Brokers, LLC. Option trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the

ONE ROCK FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2020

security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

In accordance with Accounting Standards Update (“ASU”) 2013-01, Balance Sheet (Topic 210), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, the Fund is required to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.

The following table summarizes the disclosure requirements of ASU 2013-01 as of November 30, 2020:

Derivative Liabilities as of November 30, 2020:

Financial Instrument

Gross Amounts

of Recognized Liabilities

Gross Amounts Offset in the Statement of Assets and Liabilities

Net Amount

of Assets Presented in the Statement of Assets and Liabilities

Written Options

$ 21,990

$ -

$ 21,990

NOTE 5. RELATED PARTY TRANSACTIONS

INVESTMENT ADVISER: Wrona Investment Management, LLC, (the “Adviser”) serves as the Fund’s investment adviser. Pursuant to a management agreement (the “Management Agreement”), the Fund pays the Adviser, an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% of the Fund's average daily net assets. The Adviser has contractually agreed to reduce its fees and to reimburse expenses, at least through December 31, 2024 to ensure that total annual Fund operating expenses after fee waiver and reimbursement (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 1.75% for shares of the average daily net assets. The fee waiver and expense reimbursement is subject to possible recoupment from the Fund within three years after the date on which the waiver or reimbursement occurs, if such recoupment can be achieved within the lesser of the foregoing expense limit or the expense limits in place at the time of recoupment. During the period March 6, 2020 (commencement of investment operations) through November 30, 2020, the Adviser earned $24,927 in advisory fees from the Fund. During the period March 6, 2020 (commencement of investment operations) through November 30, 2020, the Adviser

ONE ROCK FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2020

waived advisory fees of $24,927 and reimbursed expenses of $883. At November 30, 2020, the Adviser owed the Fund $883.

Advisory fees waived and/or reimbursed expenses that may be subject to potential recoupment by the Adviser through November 30, 2023, are as follows:


Recoverable Through		Amount Recoverable
November 30, 2023		$25,810

TRANSFER AGENT: 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. The Fund will receive a discount of between 10% - 50% on fund accounting fees until assets reach $10 million. For the period March 6, 2020 (commencement of investment operations) through November 30, 2020, MSS earned $10,893 from the Fund for transfer agent and accounting services. As of November 30, 2020, the Fund owed MSS $1,435 for transfer agent and accounting services.

ADMINISTRATOR AND CCO: 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 $750 from the Fund. For the period March 6, 2020 (commencement of investment operations) through November 30, 2020, Empirical earned $6,350 for these services. As of November 30, 2020, the Fund owed Empirical $1,110.

NOTE 6. 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 November 30, 2020, paid in capital amounted to $3,391,056 for the Fund.

ONE ROCK FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2020

Transactions in shares of beneficial interest were as follows:


	For the period March 6, 2020 (commencement of investment operations) through November 30, 2020
	Shares	Capital
Shares sold	143,949	$ 3,472,990
Shares reinvested	-	-
Shares redeemed	(2,905)	(81,934)
Net Increase	141,044	$ 3,391,056

NOTE 7. INVESTMENT TRANSACTIONS

Investment transactions, excluding short-term investments, short sales, options purchased and written, futures, and U.S. Treasuries, for the period March 6, 2020 (commencement of investment operations) through November 30, 2020, were as follows:


Purchases	$ 22,988,200
Sales	$ 20,585,170

NOTE 8. FEDERAL INCOME TAX

For federal income tax purposes, the cost of investments owned as of November 30, 2020 is $3,883,403. As of November 30, 2020, the gross unrealized appreciation on a tax basis totaled $1,310,133 and the gross unrealized depreciation totaled $100,321 for a net unrealized appreciation of $1,209,812.

The primary reason for the difference between the book and tax cost of investments and premiums from written options is the tax deferral of losses on wash sales.

As of November 30, 2020 the components of distributable earnings on a tax basis were as follows:

Unrealized Appreciation (Depreciation)

Undistributed Ordinary Income

Other Accumulated

Gains

Total Distributable

Earnings/(Deficit)

$ 1,209,812

$894,693

$44,439

$ 2,148,944

For the period ended November 30, 2020, the cumulative deferred losses on straddles were $40,201.

There were no distributions made for the period March 6, 2020 (commencement of investment operations) through November 30, 2020.

ONE ROCK FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2020

NOTE 9. 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 1940 Act. As of November 30, 2020, Jeffrey Wrona, the managing member of the Fund’s Adviser, held approximately 26% of the voting securities of the Fund and may be deemed to control the Fund.

NOTE 10. 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.

NOTE 11. MARKET RISK

Overall market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s net asset value, and may impair market liquidity, thereby increasing liquidity risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

ONE ROCK FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOVEMBER 30, 2020

NOTE 12. SECTOR CONCENTRATION RISK

Sector concentration risk is the possibility that securities within the same sector will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the value of the shares of a mutual fund that invests in a broader range of sectors. Additionally, some sectors could be subject to greater government regulation that other sectors. Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors.

NOTE 13. SUBSEQUENT EVENTS

On December 24, 2020, the Fund paid shareholders of record at December 23, 2020, an ordinary income distribution of $890,139, equivalent to $6.16809 per share and a long-term capital gain distribution of $44,439, equivalent to $0.307934 per share. Management has evaluated the impact of all subsequent events on the Fund through the issuance date of these financial statements and has noted no additional events requiring accounting or disclosure.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of One Rock Fund,

a series of MSS Series Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the One Rock Fund (the “Fund”), a series of MSS Series Trust, including the schedules of investments, purchased options, written options, long futures contracts and short futures contracts, as of November 30, 2020, the related statements of operations and changes in net assets for the period March 6, 2020 (commencement of investment operations) through November 30, 2020, and the related notes to the financial statements (collectively referred to as the “financial statements”), and the financial highlights for the period March 6, 2020 (commencement of investment operations) through November 30, 2020. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2020, the results of its operations, changes in net assets, and the financial highlights for the period March 6, 2020 (commencement of investment operations) through November 30, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of November 30, 2020, by correspondence with the custodian and broker. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audit provides a reasonable basis for our opinion.

[onerockannual008.gif]

We have served as the auditor of one or more of the

Funds in the MSS Series Trust since 2007

Abington, Pennsylvania

January 26, 2021

ONE ROCK FUND

EXPENSE ILLUSTRATION

NOVEMBER 30, 2020 (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 six-month period and held for the entire period, June 1, 2020 through November 30, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value	Ending Account Value	Expenses Paid During the Period*
	June 1, 2020	November 30, 2020	June 1, 2020 to November 30, 2020

Actual	$1,000.00	$1,464.03	$10.78
Hypothetical
(5% Annual Return before expenses)	$1,000.00	$1,016.25	$8.82

* Expenses are equal to the Fund's annualized expense ratio of 1.75%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

ONE ROCK FUND

TRUSTEES AND OFFICERS

NOVEMBER 30, 2020 (UNAUDITED)

The following table provides information regarding each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act.

Name Address

and Year of Birth

Position(s)
Held
with the
Trust

Term
of Office/
Length
of Time
Served

Principal
Occupation(s)
During
Past 5 Years

Number
of
Portfolios
in Fund
Complex¹Overseen
by Trustee

Other Directorships Held by Trustee

Paul K. Rode, Esq.

8000 Town Centre Drive, Suite 400,

Broadview Heights, OH 44147

Year: 1980

Trustee

Indefinite/

October 2016- present

Attorney, Keith D. Weiner & Assoc. Co. L.P.A. since September 2005

None

Michael Young

8000 Town Centre Drive, Suite 400,

Broadview Heights, OH 44147

Year: 1950

Trustee

Indefinite/

October 2016 - present

November 2013-Present: Consultant/Practitioner for Purdue, Rutgers and Northeastern Universities; June 2002-November 2013: Senior Federal Security Director for U.S. Department of Homeland Security

None

¹The “Fund Complex” consists of the MSS Series Trust.

ONE ROCK FUND

TRUSTEES AND OFFICERS (CONTINUED)

NOVEMBER 30, 2020 (UNAUDITED)

The following table provides information regarding each Trustee who is an “interested person” of the Trust, as defined in the 1940 Act and each officer of the Trust.

Name Address

and Year of Birth

Position(s)
Held
with the
Trust

Term
of Office/
Length
of Time
Served

Principal
Occupation(s)
During
Past 5 Years

Number
of
Portfolios
in Fund
Complex²Overseen
by Trustee

Other Directorships Held by Trustee

Dr. Gregory B. Getts ¹

8000 Town Centre Drive, Suite 400,

Broadview Heights, OH 44147

Year: 1957

Trustee

Indefinite/

October 2016 - present

Owner/President, Mutual Shareholder Services, LLC, since 1999; Owner/President Arbor Court Capital, LLC, since January 2012.

None

Brandon M. Pokersnik

8000 Town Centre Drive, Suite 400,

Broadview Heights, OH 44147

Year: 1978

Treasurer,

Secretary and Chief Compliance Officer

Indefinite/

October 2016 - present

Accountant, Mutual Shareholder Services, LLC, since 2008; Attorney Mutual Shareholder Services, LLC, since June 2016; Owner/President, Empirical Administration, LLC, since September 2012.

¹ Gregory B. Getts is considered an “Interested” Trustee as defined in the 1940 Act because he is an officer of the Trust and President/owner of the Fund’s transfer agent, fund accountant, and distributor.
²The “Fund Complex” consists of the MSS Series Trust.
Each non-interested Trustee receives $300 per quarterly meeting attended.

The Statement of Additional Information includes addition information about the Trustees and is available without charge upon request, by calling toll free at 1-800-564-3899.

ONE ROCK FUND

ADDITIONAL INFORMATION

NOVEMBER 30, 2020 (UNAUDITED)

PROXY VOTING

A description of the policies and procedures that the Fund uses 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 ended June 30, are available without charge upon request by (1) calling the Fund at 1-800-564-3899 and (2) from Fund documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at www.sec.gov.

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-PORT. The Fund’s N-PORT reports are available on the SEC’s website at http://sec.gov. You may also obtain copies by calling the Fund at 1-800-564-3899.

LIQUIDITY RISK MANAGEMENT PROGRAM

The Fund has adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage the Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the period ended November 30, 2020, the Trust’s Liquidity Program Administrator (the “Administrator”) reviewed the Fund’s investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Administrator concluded that (i) the Fund’s liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Fund’s liquidity risk management program has been effectively implemented.

FOR MORE INFORMATION

Several additional sources of information are available to you. The Statement of Additional Information ("SAI"), incorporated into this Prospectus by reference (and therefore legally a part of this Prospectus), contains detailed information on Fund policies and operations, including policies and procedures relating to the disclosure of portfolio holdings by the Fund’s affiliates. Annual reports will, and the semi-annual reports may, contain management's discussion of market conditions and investment strategies that significantly affected the performance results of the Fund as of the latest semi-annual or annual fiscal year end.

Call the Fund at 1-800-564-3899 to request free copies of the SAI, the annual report and the semi-annual report, to request other information about the Fund and to make shareholder inquiries. You may also obtain this information about the Fund at the internet site www.onerockfund.com.

ONE ROCK FUND

ADDITIONAL INFORMATION (CONTINUED)

NOVEMBER 30, 2020 (UNAUDITED)

You also may obtain reports and other information about the Fund on the EDGAR Database on the SEC's Internet site at http.//www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

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INVESTMENT ADVISER

Wrona Investment Management, LLC

TRANSFER AND DIVIDEND DISBURSING AGENT

Mutual Shareholder Services, LLC

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Sanville & Company

LEGAL COUNSEL

Thompson Hine LLP

CUSTODIAN

Huntington National Bank

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.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3) Compliance with applicable governmental laws, rules, and regulations;

(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on registrant’s website.

(f) A copy of the Code of Ethics is attached as an exhibit.

Item 3. Audit Committee Financial Expert. The registrant’s Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the experience provided by each member of the audit committee together offer the registrant adequate oversight for the registrant’s level of financial complexity.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees

Registrant

Adviser

FY 2020

$ 11,800

$ 0

(b)

Audit-Related Fees

Registrant

Adviser

FY 2020

$ 0

(c)

Tax Fees

Registrant

Adviser

FY 2020

$ 2,400

$ 0

(d)

All Other Fees

Registrant

Adviser

FY 2020

$ 0

(e)

(1)

Audit Committee’s Pre-Approval Policies

The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2)

Percentages of Services Approved by the Audit Committee

None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g)

The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

Registrant

FY 2020

$ 2,400

(h)

The registrant's audit committee has not considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Companies. Not applicable.

Item 6. Schedule of Investments.

Not applicable – schedule filed with Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable.

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

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a)

Disclosure Controls & Procedures. Principal executive and financial officers have concluded that Registrant’s disclosure controls & procedures are effective based on their evaluation as of a date within 90 days of the filing date of this report.

(b)

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable.

Item 13. Exhibits.

(a)(1) Code of Ethics. Filed herewith.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(b) Certification pursuant to Section 906 Certification of the Sarbanes-Oxley Act of 2002. Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MSS Series Trust

By /s/ Gregory B. Getts

Gregory B. Getts

President

Date: February 2, 2021

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

By /s/ Gregory B. Getts

Gregory B. Getts

President

Date: February 2, 2021

By /s/ Brandon M. Pokersnik

Brandon M. Pokersnik

Principal Financial Officer

Date: February 2, 2021