(a)
|
|
www.portstreetinvest.com
|
September 30, 2022
|
Since
|
||||
1 Year
|
3 Year
|
5 Year
|
Inception(1)
|
|
Port Street Quality Growth Fund
|
-10.43%
|
3.18%
|
5.04%
|
5.42%
|
S&P 500® Index(2)
|
-15.47%
|
8.16%
|
9.24%
|
10.02%
|
(1)
|
The Fund commenced operations on April 1, 2014.
|
(2)
|
The S&P 500® Index is a stock market index based on the market capitalization of 500 large companies having
common stock listed on the NYSE or NASDAQ. It is not possible to invest directly in an Index.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period(1)
|
|
(4/1/2022)
|
(9/30/2022)
|
(4/1/2022 to 9/30/2022)
|
|
Institutional Class Actual(2)
|
$1,000.00
|
$ 868.00
|
$4.54
|
Institutional Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,020.21
|
$4.91
|
(1)
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.97% multiplied by the average account value over the period, multiplied by 183/365 to reflect
the one-half year period.
|
(2)
|
Based on the actual return for the six-month period ended September 30, 2022 of -13.12%.
|
Raytheon Technologies Corp.
|
3.9
|
%
|
||
Walt Disney Co.
|
3.7
|
|||
Berkshire Hathaway, Inc., Class B
|
3.1
|
|||
Microsoft Corp.
|
3.0
|
|||
Alphabet, Inc., Class A
|
3.0
|
|||
Oracle Corp.
|
2.9
|
|||
Unilever plc — ADR
|
2.8
|
|||
General Dynamics Corp.
|
2.7
|
|||
Novo Nordisk — ADR
|
2.6
|
|||
Home Depot, Inc.
|
2.6
|
(1)
|
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
Shares
|
Value
|
|||||||
COMMON STOCKS — 65.7%
|
||||||||
Communication Services — 6.6%
|
||||||||
Alphabet, Inc., Class A *
|
56,000
|
$
|
5,356,400
|
|||||
Walt Disney Co. *
|
70,300
|
6,631,399
|
||||||
11,987,799
|
||||||||
Consumer Discretionary — 7.3%
|
||||||||
Home Depot, Inc.
|
16,900
|
4,663,386
|
||||||
NIKE, Inc., Class B
|
48,100
|
3,998,072
|
||||||
Starbucks Corp.
|
54,500
|
4,592,170
|
||||||
13,253,628
|
||||||||
Consumer Staples — 8.1%
|
||||||||
PepsiCo, Inc.
|
11,100
|
1,812,186
|
||||||
Procter & Gamble Co.
|
15,700
|
1,982,125
|
||||||
Reckitt Benckiser Group plc — ADR
|
205,300
|
2,728,437
|
||||||
Unilever plc — ADR
|
116,600
|
5,111,744
|
||||||
Wal-Mart Stores, Inc.
|
24,000
|
3,112,800
|
||||||
14,747,292
|
||||||||
Financials — 3.1%
|
||||||||
Berkshire Hathaway, Inc., Class B *
|
21,400
|
5,714,228
|
||||||
Health Care — 12.1%
|
||||||||
Becton, Dickinson & Co.
|
11,900
|
2,651,677
|
||||||
Biogen, Inc. *
|
15,000
|
4,005,000
|
||||||
Johnson & Johnson
|
13,200
|
2,156,352
|
||||||
Medtronic plc
|
54,900
|
4,433,175
|
||||||
Novo Nordisk — ADR
|
47,500
|
4,732,425
|
||||||
Roche Holding AG — ADR
|
96,400
|
3,915,768
|
||||||
21,894,397
|
||||||||
Industrials — 10.1%
|
||||||||
3M Co.
|
16,900
|
1,867,450
|
||||||
C.H. Robinson Worldwide, Inc.
|
46,100
|
4,439,891
|
||||||
General Dynamics Corp.
|
23,474
|
4,980,479
|
||||||
Raytheon Technologies Corp.
|
85,400
|
6,990,844
|
||||||
18,278,664
|
||||||||
Information Technology — 16.5%
|
||||||||
Accenture plc, Class A
|
13,884
|
3,572,353
|
||||||
Adobe Systems, Inc. *
|
11,326
|
3,116,915
|
||||||
Apple, Inc.
|
32,905
|
4,547,471
|
Shares
|
Value
|
|||||||
Information Technology — 16.5% (Continued)
|
||||||||
Cisco Systems, Inc.
|
63,360
|
$
|
2,534,400
|
|||||
Cognizant Technology Solutions Corp., Class A
|
47,400
|
2,722,656
|
||||||
Microsoft Corp.
|
23,500
|
5,473,150
|
||||||
Oracle Corp.
|
87,700
|
5,355,839
|
||||||
Visa, Inc. — Class A
|
14,807
|
2,630,464
|
||||||
29,953,248
|
||||||||
Materials — 1.9%
|
||||||||
International Flavors & Fragrances, Inc.
|
38,498
|
3,496,773
|
||||||
Total Common Stocks
|
||||||||
(Cost $100,272,819)
|
119,326,029
|
|||||||
Par
|
||||||||
SHORT-TERM INVESTMENTS — 28.9%
|
||||||||
U.S. Treasury Bills
|
||||||||
2.280%, 10/27/2022 (a)(b)
|
$
|
10,000,000
|
9,982,900
|
|||||
2.660%, 11/25/2022 (a)(b)
|
6,000,000
|
5,975,171
|
||||||
3.054%, 12/22/2022 (a)(b)
|
9,000,000
|
8,936,634
|
||||||
3.284%, 1/26/2023 (a)(b)
|
8,000,000
|
7,913,874
|
||||||
3.447%, 2/23/2023 (a)(b)
|
10,000,000
|
9,860,198
|
||||||
3.726%, 3/30/2023 (a)(b)
|
10,000,000
|
9,812,680
|
||||||
Total Short-Term Investments
|
||||||||
(Cost $52,541,695)
|
52,481,457
|
|||||||
Total Investments — 94.6%
|
||||||||
(Cost $152,814,514)
|
171,807,486
|
|||||||
Other Assets and Liabilities, Net — 5.4%
|
9,790,327
|
|||||||
Total Net Assets — 100.0%
|
$
|
181,597,813
|
*
|
Non-income producing security
|
(a)
|
Rate shown is the effective yield as of September 30, 2022.
|
(b)
|
Level 2 security.
|
ASSETS:
|
||||
Investments, at value
|
||||
(Cost: $152,814,514)
|
$
|
171,807,486
|
||
Cash
|
19,597,197
|
|||
Dividends & interest receivable
|
178,007
|
|||
Receivable for capital shares sold
|
15,649
|
|||
Prepaid expenses
|
10,779
|
|||
Total assets
|
191,609,118
|
|||
LIABILITIES:
|
||||
Payable for investment securities purchased
|
9,812,606
|
|||
Payable to investment adviser
|
110,836
|
|||
Payable for fund administration & accounting fees
|
29,857
|
|||
Payable for transfer agent fees & expenses
|
12,153
|
|||
Payable for audit fees
|
9,571
|
|||
Accrued shareholder servicing fees
|
9,031
|
|||
Payable for capital shares redeemed
|
6,000
|
|||
Payable for trustee fees
|
5,387
|
|||
Payable for compliance fees
|
3,578
|
|||
Payable for custody fees
|
3,291
|
|||
Accrued expenses
|
8,995
|
|||
Total liabilities
|
10,011,305
|
|||
NET ASSETS
|
$
|
181,597,813
|
||
NET ASSETS CONSIST OF:
|
||||
Paid-in capital
|
158,511,285
|
|||
Total distributable earnings
|
23,086,528
|
|||
Net assets
|
$
|
181,597,813
|
||
Net assets
|
$
|
181,597,813
|
||
Shares issued and outstanding(1)
|
12,588,392
|
|||
Net asset value, redemption price and offering price per share
|
$
|
14.43
|
(1)
|
Unlimited shares authorized without par value.
|
INVESTMENT INCOME:
|
||||
Dividend income
|
$
|
1,097,540
|
||
Less: Foreign taxes withheld
|
(5,663
|
)
|
||
Interest income
|
300,376
|
|||
Total investment income
|
1,392,253
|
|||
EXPENSES:
|
||||
Investment adviser fees (See Note 4)
|
821,290
|
|||
Fund administration & accounting fees (See Note 4)
|
94,910
|
|||
Shareholder servicing fees (See Note 5)
|
59,717
|
|||
Transfer agent fees & expenses (See Note 4)
|
33,411
|
|||
Federal & state registration fees
|
17,720
|
|||
Custody fees (See Note 4)
|
10,525
|
|||
Compliance fees (See Note 4)
|
10,432
|
|||
Audit fees
|
9,516
|
|||
Trustee fees
|
9,239
|
|||
Legal fees
|
5,604
|
|||
Other expenses
|
5,585
|
|||
Postage & printing fees
|
3,326
|
|||
Insurance fees
|
1,646
|
|||
Total expenses before waiver
|
1,082,921
|
|||
Less: waiver from investment adviser (See Note 4)
|
(117,502
|
)
|
||
Net expenses
|
965,419
|
|||
NET INVESTMENT INCOME
|
426,834
|
|||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
||||
Net realized gain on investments
|
523,111
|
|||
Net change in unrealized appreciation/depreciation on investments
|
(28,743,722
|
)
|
||
Net realized and unrealized loss on investments
|
(28,220,611
|
)
|
||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
(27,793,777
|
)
|
Six Months Ended
|
||||||||
September 30, 2022
|
Year Ended
|
|||||||
(Unaudited)
|
March 31, 2022
|
|||||||
OPERATIONS:
|
||||||||
Net investment income
|
$
|
426,834
|
$
|
14,117
|
||||
Net realized gain on investments
|
523,111
|
5,816,986
|
||||||
Net change in unrealized appreciation/depreciation
|
||||||||
on investments
|
(28,743,722
|
)
|
7,794,509
|
|||||
Net increase (decrease) in net assets resulting from operations
|
(27,793,777
|
)
|
13,625,612
|
|||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Proceeds from shares sold
|
15,596,418
|
43,581,749
|
||||||
Proceeds from reinvestment of distributions
|
—
|
2,971,540
|
||||||
Payments for shares redeemed
|
(16,028,056
|
)
|
(28,174,544
|
)
|
||||
Net increase (decrease) in net assets resulting
|
||||||||
from capital share transactions
|
(431,638
|
)
|
18,378,745
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
Total distributions to shareholders
|
—
|
(3,753,442
|
)
|
|||||
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
(28,225,415
|
)
|
28,250,915
|
|||||
NET ASSETS:
|
||||||||
Beginning of period
|
209,823,228
|
181,572,313
|
||||||
End of period
|
$
|
181,597,813
|
$
|
209,823,228
|
Six Months
|
||||||||||||||||||||||||
Ended
|
||||||||||||||||||||||||
September 30,
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||||||||
2022
|
March 31,
|
March 31,
|
March 31,
|
March 31,
|
March 31,
|
|||||||||||||||||||
(Unaudited)
|
2022
|
2021
|
2020
|
2019
|
2018
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value,
|
||||||||||||||||||||||||
beginning of period
|
$
|
16.61
|
$
|
15.76
|
$
|
12.91
|
$
|
13.40
|
$
|
12.73
|
$
|
11.62
|
||||||||||||
Investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.03
|
(2)
|
0.00
|
(1)(2)
|
0.00
|
(1)(2)
|
0.10
|
0.09
|
0.03
|
|||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain (loss) on investments
|
(2.21
|
)
|
1.18
|
3.14
|
(0.39
|
)
|
0.79
|
1.15
|
||||||||||||||||
Total from
|
||||||||||||||||||||||||
investment operations
|
(2.18
|
)
|
1.18
|
3.14
|
(0.29
|
)
|
0.88
|
1.18
|
||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
—
|
0.00
|
(1)
|
(0.02
|
)
|
(0.11
|
)
|
(0.07
|
)
|
(0.02
|
)
|
|||||||||||||
Net realized gains
|
—
|
(0.33
|
)
|
(0.27
|
)
|
(0.09
|
)
|
(0.14
|
)
|
(0.05
|
)
|
|||||||||||||
Total distributions
|
—
|
(0.33
|
)
|
(0.29
|
)
|
(0.20
|
)
|
(0.21
|
)
|
(0.07
|
)
|
|||||||||||||
Net asset value,
|
||||||||||||||||||||||||
end of period
|
$
|
14.43
|
$
|
16.61
|
$
|
15.76
|
$
|
12.91
|
$
|
13.40
|
$
|
12.73
|
||||||||||||
TOTAL RETURN
|
-13.12
|
%(5)
|
7.42
|
%
|
24.37
|
%
|
-2.31
|
%
|
7.07
|
%
|
10.13
|
%
|
||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of
|
||||||||||||||||||||||||
period (in millions)
|
$
|
181.6
|
$
|
210.0
|
$
|
181.6
|
$
|
115.4
|
$
|
110.2
|
$
|
96.8
|
||||||||||||
Ratio of expenses to
|
||||||||||||||||||||||||
average net assets:
|
||||||||||||||||||||||||
Before expense
|
||||||||||||||||||||||||
waiver/recoupment
|
1.09
|
%(6)
|
1.09
|
%
|
1.13
|
%
|
1.18
|
%
|
1.16
|
%
|
1.19
|
%
|
||||||||||||
After expense
|
||||||||||||||||||||||||
waiver/recoupment
|
0.97
|
%(6)
|
0.97
|
%
|
0.97
|
%
|
0.97
|
%
|
1.13
|
%(3)
|
1.15
|
%
|
||||||||||||
Ratio of net investment
|
||||||||||||||||||||||||
income to average net assets:
|
||||||||||||||||||||||||
After expense
|
||||||||||||||||||||||||
waiver/recoupment
|
0.43
|
%(6)
|
0.01
|
%
|
0.00
|
%(4)
|
0.76
|
%
|
0.72
|
%
|
0.23
|
%
|
||||||||||||
Portfolio turnover rate
|
2
|
%(5)
|
9
|
%
|
14
|
%
|
15
|
%
|
6
|
%
|
2
|
%
|
(1)
|
Amount per share is less than $0.005.
|
(2)
|
Per share data calculated using the average shares method.
|
(3)
|
Prior to February 13, 2019, the annual expense limitation was 1.15% of the average daily net assets of the Fund. Thereafter it was 0.97%.
|
(4)
|
Amount is less than 0.005%.
|
(5)
|
Not annualized.
|
(6)
|
Annualized.
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund 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 relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant
would use in valuing the asset or liability, and would be based on the best information available.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
$
|
119,326,029
|
$
|
—
|
$
|
—
|
$
|
119,326,029
|
||||||||
Short-Term Investments
|
—
|
52,481,457
|
—
|
52,481,457
|
||||||||||||
Total Investments in Securities
|
$
|
119,326,029
|
$
|
52,481,457
|
$
|
—
|
$
|
171,807,486
|
Expiration
|
Amount
|
|
October 2022 – March 2023
|
$128,635
|
|
April 2023 – March 2024
|
$250,254
|
|
April 2024 – March 2025
|
$237,217
|
|
April 2025 – September 2025
|
$117,502
|
Six Months Ended
|
Year Ended
|
|||||||
September 30, 2022
|
March 31, 2022
|
|||||||
Shares sold
|
994,454
|
2,632,858
|
||||||
Shares issued to holders in reinvestment of dividends
|
—
|
174,694
|
||||||
Shares redeemed
|
(1,039,209
|
)
|
(1,697,401
|
)
|
||||
Net increase (decrease) in shares outstanding
|
(44,755
|
)
|
1,110,151
|
Purchases
|
Sales
|
||||||||
U.S. Government Securities
|
$
|
—
|
$
|
—
|
|||||
Other Securities
|
$
|
13,626,622
|
$
|
2,756,511
|
Aggregate Gross
|
Aggregate Gross
|
Net Unrealized
|
Federal Income
|
||
Appreciation
|
Depreciation
|
Appreciation
|
Tax Cost
|
||
$50,166,051
|
$(2,435,764)
|
$47,730,287
|
$148,783,728
|
Undistributed
|
Undistributed
|
Net Unrealized
|
Total Distributable
|
||
Ordinary Income
|
Long-Term Capital Gains
|
Appreciation
|
Earnings
|
||
$14,048
|
$3,135,970
|
$47,730,287
|
$50,880,305
|
Ordinary
|
Long-Term
|
|||
Income*
|
Capital Gains
|
Total
|
||
$461,315
|
$3,291,257
|
$3,753,442
|
*
|
For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income.
|
(b)
|
Not applicable.
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not applicable.
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(a)
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The Registrant’s [President/Chief Executive Officer] and [Treasurer/Chief Financial Officer] have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the
“Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded
that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the
Registrant and by the Registrant’s service provider.
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(b)
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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 period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting.
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(a)
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(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an
exhibit. Not applicable for semi-annual reports.
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