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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Fiber Green Products Inc (CE) | USOTC:AFBG | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
420 Lexington Avenue New York NY
|
10170
|
(Address of principal executive offices)
|
(Zip code)
|
ITEM 1.
|
REPORTS TO SHAREHOLDERS
|
|
|
SEMI-ANNUAL REPORT
|
|
October 31, 2012
|
|
For additional information call Toll Free:
|
(877) - CHINA35
|
(877) - 244-6235
|
360 Funds
|
SEMI-ANNUAL REPORT
|
Beginning
|
Ending Account
|
|||||||||||
Account Value
|
Value
|
Expenses Paid During
|
||||||||||
05/01/12
|
10/31/12
|
Period*
|
||||||||||
Actual Fund Return (in parentheses)
|
||||||||||||
The USX China Fund Class A (-38.56%)
|
$ | 1,000.00 | $ | 614.38 | $ | 9.16 | ||||||
The USX China Fund Class C (-38.36%)
|
1,000.00 | 616.44 | 12.22 |
Beginning
|
Ending Account
|
|||||||||||
Account Value
|
Value
|
Expenses Paid During
|
||||||||||
05/01/12
|
10/31/12
|
Period*
|
||||||||||
Hypothetical 5% Fund Return
|
||||||||||||
The USX China Fund Class A
|
$ | 1,000.00 | $ | 1,013.86 | $ | 11.42 | ||||||
The USX China Fund Class C
|
1,000.00 | 1,010.08 | 15.20 |
360 Funds
|
|
The USX China Fund
|
|
SCHEDULE OF INVESTMENTS
|
|
October 31, 2012 (Unaudited)
|
SEMI-ANNUAL REPORT
|
Shares
|
Fair Value
|
|||||||
COMMON STOCK - (78.46%)
|
||||||||
ADVERTISING (5.21%)
|
||||||||
ChinaNet Online Holdings, Inc. *
|
66,000 | $ | 56,760 | |||||
AGRICULTURE (2.80%)
|
||||||||
Asia Green Agriculture Corp. *
F
|
57,610 | 15,555 | ||||||
Southern China Livestock, Inc. *
F Δ
|
30,000 | 15,000 | ||||||
30,555 | ||||||||
BIOTECHNOLOGY (8.20%)
|
||||||||
Sinovac Biotech Ltd. *
|
30,300 | 89,385 | ||||||
BUILDING MATERIALS (7.30%)
|
||||||||
China Infrastructure Construction Corp.*
F
|
100,000 | - | ||||||
China Wood, Inc. *
F
|
24,500 | 79,625 | ||||||
79,625 | ||||||||
CHEMICALS (2.43%)
|
||||||||
Changda International Holdings, Inc. *
|
204,133 | 26,435 | ||||||
COAL (4.52%)
|
||||||||
L & L Energy, Inc. *
|
22,500 | 49,275 | ||||||
COMMERCIAL SERVICES (0.30%)
|
||||||||
China Redstone Group, Inc. *
F
|
110,200 | 3,306 | ||||||
DIVERSIFIED FINANCIAL SERVICES (8.03%)
|
||||||||
Noah Holdings Ltd. - ADR
|
17,500 | 87,500 | ||||||
ELECTRICAL COMPONENTS & EQUIPMENT (4.65%)
|
||||||||
Yingli Green Energy Holding Co. Ltd. *
|
30,000 | 50,700 | ||||||
ENERGY (1.27%)
|
||||||||
JA Solar Holdings Co. Ltd. *
|
20,000 | 13,830 | ||||||
FOOD & BEVERAGE (7.54%)
|
||||||||
Emerald Dairy, Inc. *
|
25,000 | 1,768 | ||||||
Oriental Dragon Corp. *
F Δ
|
50,000 | 75,000 | ||||||
Yanglin Soybean, Inc. *
|
179,300 | 5,379 | ||||||
82,147 | ||||||||
INTERNET (3.51%)
|
||||||||
Linktone Ltd. *
|
10,000 | 27,500 | ||||||
Moqizone Holding Corp. *
F
|
21,615 | 10,807 | ||||||
38,307 |
360 Funds
|
|
The USX China Fund
|
|
SCHEDULE OF INVESTMENTS
|
|
October 31, 2012 (Unaudited)
|
SEMI-ANNUAL REPORT
|
360 Funds
|
|
The USX China Fund
|
|
SCHEDULE OF INVESTMENTS
|
|
October 31, 2012 (Unaudited)
|
SEMI-ANNUAL REPORT
|
Expiration Date -
|
|||||||||
Exercise Price
|
Warrants
|
Fair Value
|
|||||||
WARRANTS - (0.00%)
|
|||||||||
American Lorain Corp. A *
|
05/02/15 - $3.00
|
14,000 | $ | - | |||||
American Lorain Corp. B *
|
11/20/13 - $3.00
|
4,000 | - | ||||||
Asia Green Agriculture Corp.*
F
|
08/20/13 - $3.78
|
3,997 | - | ||||||
China Infrastructure Construction Corp. *
F
|
03/05/13 - $6.00
|
50,000 | - | ||||||
China Nutrifruit Group Ltd. *
F
|
10/08/13 - $3.30
|
25,000 | - | ||||||
China Redstone Group, Inc. *
F
|
02/23/14 - $4.10
|
25,000 | - | ||||||
China Wood, Inc. *
F
|
09/01/15 - $4.80
|
15,000 | - | ||||||
ChinaNet Online Holdings, Inc. B *
|
08/20/14 - $3.75
|
20,000 | - | ||||||
HQ Sustainable Maritime Industries, Inc. *
F
|
08/13/15 - $4.5156
|
10,000 | - | ||||||
L & L Energy, Inc. *
|
11/06/14 - $5.62
|
12,000 | - | ||||||
Oriental Dragon Corp. *
F Δ
|
10/22/14 - $6.00
|
25,000 | - | ||||||
Rodobo International, Inc. *
F
|
06/17/15 - $3.50
|
18,500 | - | ||||||
SinoCoking Coal and Coke Chemical Industries, Inc. *
|
03/10/15 - $12.00
|
12,500 | - | ||||||
SinoHub, Inc. B *
|
09/10/13 - $3.00
|
50,000 | - | ||||||
Southern China Livestock, Inc. *
F Δ
|
03/28/14 - $5.50
|
15,000 | - | ||||||
TOTAL WARRANTS (Cost $0)
|
- | ||||||||
SHORT TERM INVESTMENTS - (11.82%)
|
Shares
|
Fair Value
|
|||||||
Federated Prime Cash Obligations Fund, 0.14% **
(Cost $130,157)
|
130,157 | 130,157 | |||||||
TOTAL INVESTMENTS (Cost $2,355,689) - 101.01%
|
$ | 1,102,425 | |||||||
LIABILITIES IN EXCESS OTHER ASSETS, NET - (1.01)%
|
(12,329 | ) | |||||||
NET ASSETS - 100%
|
$ | 1,090,096 |
360 Funds
|
|
STATEMENT OF ASSETS AND LIABILITIES - October 31, 2012 (Unaudited)
|
SEMI-ANNUAL REPORT
|
The USX China Fund
|
||||
Assets:
|
||||
Investments, at fair value (cost: $2,355,689)
|
$ | 1,102,425 | ||
Receivables:
|
||||
Dividends and interest
|
220 | |||
Prepaid expenses
|
15,552 | |||
Due from Advisor
|
22,516 | |||
Total assets
|
1,140,713 | |||
Liabilities:
|
||||
Payables:
|
||||
Investments purchased
|
25,778 | |||
Distribution fees
|
771 | |||
Due to Administrator
|
9,934 | |||
Other liabilities and accrued expenses
|
14,134 | |||
Total liabilities
|
50,617 | |||
Net Assets
|
$ | 1,090,096 | ||
Net Assets consist of:
|
||||
Common stock
|
$ | 1,161 | ||
Additional paid-in capital
|
16,896,825 | |||
Accumulated net investment loss
|
(18,041 | ) | ||
Accumulated realized loss on investments
|
(14,536,585 | ) | ||
Net unrealized depreciation on investments
|
(1,253,264 | ) | ||
Total Net Assets (1,161,115 shares outstanding; unlimited shares of $0.001 par value authorized)
|
$ | 1,090,096 | ||
Class A shares:
|
||||
Net Assets applicable to 1,151,879 shares outstanding
|
$ | 1,081,815 | ||
Net Asset Value per share
|
$ | 0.94 | ||
Offering price per share Class A *
|
$ | 0.98 | ||
Minimum redemption price per share Class A **
|
$ | 0.94 | ||
Class C shares:
|
||||
Net Assets applicable to 9,236 shares outstanding
|
$ | 8,281 | ||
Net Asset Value and offering price per share
|
$ | 0.90 | ||
Minimum redemption price per share Class C ***
|
$ | 0.89 |
* A maximum sales charge of 4.50% is imposed on Class A shares.
|
|
** Class A shareholders pay a 0.50% contingent deferred sales charge ("CDSC") if Class A share purchases exceeding $3 million are redeemed within one year of purchase.
|
|
*** A CDSC of 1.00% is imposed in the event of certain redemption transactions within one year of purchase.
|
|
The accompanying notes are an integral part of these financial statements.
|
360 Funds
|
|
STATEMENT OF OPERATIONS
|
SEMI-ANNUAL REPORT
|
The USX China Fund
For the Six Months
Ended
October 31, 2012
|
||||
(Unaudited)
|
||||
Investment income:
|
||||
Dividends (net of foreign tax paid of $46)
|
$ | 5,241 | ||
Interest
|
61 | |||
Total investment income
|
5,302 | |||
Expenses:
|
||||
Investment advisory fees
|
9,513 | |||
Distribution fees - Class A
|
1,890 | |||
Distribution fees - Class C
|
50 | |||
Accounting and transfer agent fees
|
43,354 | |||
Legal fees
|
12,065 | |||
Registration fees
|
10,669 | |||
Audit fees
|
8,593 | |||
Custody fees
|
2,484 | |||
Compliance officer compensation
|
9,075 | |||
Miscellaneous
|
7,905 | |||
Trustee fees
|
5,546 | |||
Insurance fees
|
642 | |||
Pricing fees
|
1,260 | |||
Total expenses
|
113,046 | |||
Less: fees waived and expenses absorbed
|
(95,884 | ) | ||
Net expenses
|
17,162 | |||
Net investment loss
|
(11,860 | ) | ||
Realized and unrealized gain (loss) on investments:
|
||||
Net realized loss on investments
|
(1,176,500 | ) | ||
Net change in unrealized depreciation on investments
|
453,151 | |||
Net loss on investments
|
(723,349 | ) | ||
Net decrease in net assets resulting from operations
|
$ | (735,209 | ) |
The accompanying notes are an integral part of these financial statements.
|
360 Funds
|
|
STATEMENTS OF CHANGES IN NET ASSETS
|
SEMI-ANNUAL REPORT
|
The USX China Fund | ||||||||
For the Six Months
Ended
|
For the Year
Ended
April 30, 2012
|
|||||||
Increase (decrease) in Net Assets
|
(Unaudited)
|
|||||||
Operations:
|
||||||||
Net investment loss
|
$ | (11,860 | ) | $ | (44,203 | ) | ||
Net realized loss on investments
|
(1,176,500 | ) | (6,841,566 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments
|
453,151 | 1,906,318 | ||||||
Net decrease in net assets resulting from operations
|
(735,209 | ) | (4,979,451 | ) | ||||
Increase (decrease) in net assets from capital share transactions (Note 2)
|
(212,721 | ) | 105,020 | |||||
Total decrease in net assets
|
(947,930 | ) | (4,874,431 | ) | ||||
Net Assets:
|
||||||||
Beginning of period
|
$ | 2,038,026 | $ | 6,912,457 | ||||
End of period
|
$ | 1,090,096 | $ | 2,038,026 | ||||
Accumulated net investment loss
|
$ | (18,041 | ) | $ | (6,181 | ) |
The accompanying notes are an integral part of these financial statements.
|
360 Funds
|
||
FINANCIAL HIGHLIGHTS
|
||
Per Share Data For a Share Outstanding Throughout Each Period
|
SEMI-ANNUAL REPORT
|
The USX China Fund
|
|||||||||||||||||||||||||
Class A
|
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
For the
Six Months Ended
|
For the Year Ended
April 30, 2012
|
For the Year Ended
April 30, 2011
|
For the Year Ended
April 30, 2010
|
For the Year Ended
April 30, 2009
|
For the Year Ended
April 30, 2008
|
||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||
Net Asset Value, Beginning of Period
|
$ | 1.53 | $ | 6.33 | $ | 11.51 | 5.23 | $ | 13.07 | $ | 14.62 | ||||||||||||||
Investment Operations:
|
|||||||||||||||||||||||||
Net investment loss
(a)
|
(0.01 | ) | (0.04 | ) | (0.17 | ) | (0.18 | ) | (0.16 | ) | (0.23 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments
|
(0.58 | ) | (4.76 | ) | (5.01 | ) | 6.46 | (6.95 | ) | 1.02 | |||||||||||||||
Total from investment operations
|
(0.59 | ) | (4.80 | ) | (5.18 | ) | 6.28 | (7.11 | ) | 0.79 | |||||||||||||||
Distributions:
|
|||||||||||||||||||||||||
From net realized capital gain
|
- | - | - | - | (0.73 | ) | (2.34 | ) | |||||||||||||||||
Total distributions
|
- | - | - | - | (0.73 | ) | (2.34 | ) | |||||||||||||||||
Net Asset Value, End of Period
|
$ | 0.94 | $ | 1.53 | $ | 6.33 | 11.51 | $ | 5.23 | $ | 13.07 | ||||||||||||||
Total Return
(b)
|
(38.56 | )% |
(c)
|
(75.83 | )% | (45.00 | )% | 120.08 | % | (54.41 | )% | 1.83 | % | ||||||||||||
Ratios/Supplemental Data
|
|||||||||||||||||||||||||
Net assets, end of period (in 000's)
|
$ | 1,082 | $ | 2,023 | $ | 6,688 | $ | 17,406 | $ | 10,928 | $ | 31,650 | |||||||||||||
Ratio of expenses to average net assets:
|
|||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
14.85 | % |
(d)
|
7.59 | % | 3.58 | % | 2.97 | % | 3.08 | % | 2.35 | % | ||||||||||||
After fees waived and expenses absorbed
|
2.25 | % |
(d)
|
2.25 | % | 2.25 | % | 2.14 | % | 2.20 | % | 2.25 | % | ||||||||||||
Ratio of net investment loss to average net assets:
|
|||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
(14.15 | )% |
(d)
|
(6.45 | )% | (3.20 | )% | (2.76 | )% | (2.92 | )% | (1.51 | )% | ||||||||||||
After fees waived and expenses absorbed
|
(1.55 | )% |
(d)
|
(1.11 | )% | (1.87 | )% | (1.92 | )% | (2.04 | )% | (1.41 | )% | ||||||||||||
Portfolio turnover rate
|
145.84 | % |
(c)
|
117.09 | % | 104.59 | % | 131.37 | % | 81.83 | % | 75.41 | % |
(a)
|
Per share amounts were calculated using the average shares method.
|
(b)
|
Total return in the above table represents the rate that the investor would have earned or lost in an investment in the Fund assuming reinvestment of dividends.
|
(c)
|
Not Annualized.
|
(d)
|
Annualized.
|
The accompanying notes are an integral part of these financial statements.
|
360 Funds
|
||
FINANCIAL HIGHLIGHTS
|
||
Per Share Data For a Share Outstanding Throughout Each Period
|
SEMI-ANNUAL REPORT
|
The USX China Fund
|
||||||||||||||||||||||||||||
Class C
|
||||||||||||||||||||||||||||
For the
Six Months Ended
|
For the Year Ended
April 30, 2012
|
For the Year Ended
April 30, 2011
|
For the Year Ended
April 30, 2010
|
For the Year Ended
April 30, 2009
|
For the Year Ended
April 30, 2008
|
|||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period
|
$ | 1.46 | $ | 6.11 | $ | 11.20 | 5.13 | $ | 12.94 | $ | 14.59 | |||||||||||||||||
Investment Operations:
|
||||||||||||||||||||||||||||
Net investment loss
(a)
|
(0.01 | ) | (0.08 | ) | (0.23 | ) | (0.26 | ) | (0.24 | ) | (0.35 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
(0.55 | ) | (4.57 | ) | (4.86 | ) | 6.33 | (6.85 | ) | 1.04 | ||||||||||||||||||
Total from investment operations
|
(0.56 | ) | (4.65 | ) | (5.09 | ) | 6.07 | (7.09 | ) | 0.69 | ||||||||||||||||||
Distributions:
|
||||||||||||||||||||||||||||
From net realized capital gain
|
- | - | - | - | (0.73 | ) | (2.34 | ) | ||||||||||||||||||||
Total distributions
|
- | - | - | - | (0.73 | ) | (2.34 | ) | ||||||||||||||||||||
Paid-in capital from CDSC fees
|
- | - | - |
(b)
|
- |
(b)
|
0.01 | - |
(b)
|
|||||||||||||||||||
Net Asset Value, End of Period
|
$ | 0.90 | $ | 1.46 | $ | 6.11 | 11.20 | $ | 5.13 | $ | 12.94 | |||||||||||||||||
Total Return
(c)
|
(38.36 | )% |
(d)
|
(76.10 | )% | (45.45 | )% | 118.32 | % | (54.74 | )% | 1.12 | % | |||||||||||||||
Ratios/Supplemental Data
|
||||||||||||||||||||||||||||
Net assets, end of period (in 000's)
|
$ | 8 | $ | 15 | $ | 224 | $ | 1,109 | $ | 627 | $ | 2,177 | ||||||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
15.60 | % |
(e)
|
8.34 | % | 4.33 | % | 3.72 | % | 3.83 | % | 3.10 | % | |||||||||||||||
After fees waived and expenses absorbed
|
3.00 | % |
(e)
|
3.00 | % | 3.00 | % | 3.00 | % | 3.00 | % | 3.00 | % | |||||||||||||||
Ratio of net investment loss to average net assets:
|
||||||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
(14.90 | )% |
(e)
|
(7.20 | )% | (3.95 | )% | (3.51 | )% | (3.67 | )% | (2.26 | )% | |||||||||||||||
After fees waived and expenses absorbed
|
(2.30 | )% |
(e)
|
(1.86 | )% | (2.62 | )% | (2.79 | )% | (2.84 | )% | (2.16 | )% | |||||||||||||||
Portfolio turnover rate
|
145.84 | % |
(d)
|
117.09 | % | 104.59 | % | 131.37 | % | 81.83 | % | 75.41 | % |
(a)
|
Per share amounts were calculated using the average shares method.
|
(b)
|
CDSC fees resulted in less than $0.01 per share.
|
(c)
|
Total return in the above table represents the rate that the investor would have earned or lost in an investment in the Fund assuming reinvestment of dividends.
|
(d)
|
Not annualized.
|
(e)
|
Annualized.
|
The accompanying notes are an integral part of these financial statements.
|
360 Funds
|
SEMI-ANNUAL REPORT
|
1.
|
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
|
360 Funds
|
SEMI-ANNUAL REPORT
|
1.
|
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
|
360 Funds
|
SEMI-ANNUAL REPORT
|
1.
|
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
|
Security Classification
(a)
|
The USX China Fund
|
|||
Level 1
|
||||
Common Stock
|
$ | 654,263 | ||
Short Term Investments
|
130,157 | |||
Total Level 1
|
784,420 | |||
Level 2
|
||||
Common Stock
(b)
|
20,629 | |||
Warrants
(b)
|
- | |||
Total Level 2
|
20,629 | |||
Level 3
|
||||
Common Stock
(b)
|
180,432 | |||
Preferred Stock
(b)
|
116,944 | |||
Warrants
(b)
|
- | |||
Total Level 3
|
297,376 | |||
Total Investments
|
$ | 1,102,425 |
(a)
|
For a detailed break-out by major industry classification of all securities held by the Fund please refer to the Schedule of Investments.
|
(b)
|
Certain securities and warrants are valued at fair value as determined by the Adviser using procedures approved by the Board of Trustees. The sale of certain of these securities is restricted until certain regulatory filings are approved.
|
Common Stock
|
Preferred Stock
|
Totals
|
||||||||||
Transfers into Level 2
|
$ | 15,555 | $ | - | $ | 15,555 | ||||||
Transfers from Level 2
|
- | - | - | |||||||||
Net Transfers in/(out) of Level 2
|
$ | 15,555 | $ | - | $ | 15,555 |
Common Stock
|
Preferred Stock
|
Total
|
||||||||||
Beginning balance April 30, 2012
|
$ | 500,776 | $ | 188,744 | $ | 689,520 | ||||||
Total realized loss
|
(277,683 | ) | - | (277,683 | ) | |||||||
Change in unrealized depreciation
|
35,747 | (71,800 | ) | (36,053 | ) | |||||||
Cost of purchases
|
2,531 | - | 2,531 | |||||||||
Proceeds from sales
|
(65,384 | ) | - | (65,384 | ) | |||||||
Net transfers in/(out) of level 3
(*)
|
(15,555 | ) | - | (15,555 | ) | |||||||
Ending balance October 31, 2012
|
$ | 180,432 | $ | 116,944 | $ | 297,376 |
360 Funds
|
SEMI-ANNUAL REPORT
|
1.
|
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
|
Common Stock
|
Preferred Stock
|
Total
|
||||||||||
Change in unrealized depreciation
|
$ | (172,565 | ) | $ | (71,800 | ) | $ | (244,365 | ) |
Description
|
Fair Value at 10/31/2012
|
Percent of
Net Assets
|
Valuation Techniques
|
Unobservable Inputs
|
||||
Common Stock
|
$180,432
|
16.55%
|
(i)(i) Most recent last trade price with significant volume, (ii) Cost less illiquidity discount, (iii) Calculated from reported data less illiquidity discount
|
(i) Montoring of reported data, (ii) Illiquidity discount multipliers
|
||||
Preferred Stock
|
116,944
|
10.73%
|
(i) Equivalent value of common shares using their most recent last trade price with significant volume, (ii) Calculated from reported data less illiquidity discount
|
(i) Montoring of reported data, (ii) Illiquidity discount multipliers
|
360 Funds
|
SEMI-ANNUAL REPORT
|
2.
|
CAPITAL SHARE TRANSACTIONS
|
Class A
|
||||||||
Shares
|
Amount
|
|||||||
Sold
|
5,740 | $ | 5,975 | |||||
Reinvested
|
- | - | ||||||
Redeemed
|
(178,362 | ) | (216,346 | ) | ||||
Net Decrease
|
(172,622 | ) | $ | (210,371 | ) |
Class C
|
||||||||
Shares
|
Amount
|
|||||||
Sold
|
3,660 | $ | 3,450 | |||||
Reinvested
|
- | - | ||||||
Redeemed
|
(5,003 | ) | (5,800 | ) | ||||
Net Decrease
|
(1,343 | ) | $ | (2,350 | ) |
Class A
|
||||||||
Shares
|
Amount
|
|||||||
Sold
|
498,521 | $ | 1,054,588 | |||||
Reinvested
|
- | - | ||||||
Redeemed
|
(231,238 | ) | (854,709 | ) | ||||
Net Increase
|
267,283 | $ | 199,879 |
Class C
|
||||||||
Shares
|
Amount
|
|||||||
Sold
|
4,989 | $ | 22,485 | |||||
Reinvested
|
- | - | ||||||
Redeemed
|
(31,139 | ) | (117,344 | ) | ||||
Net Decrease
|
(26,150 | ) | $ | (94,859 | ) |
3.
|
INVESTMENT TRANSACTIONS
|
Purchases
|
Sales
|
$2,026,076
|
$2,309,680
|
360 Funds
|
SEMI-ANNUAL REPORT
|
4.
|
ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS
|
360 Funds
|
SEMI-ANNUAL REPORT
|
4.
|
ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS (continued)
|
5.
|
TAX MATTERS
|
Cost
|
Gross Appreciation
|
Gross Depreciation
|
Net Depreciation
|
|||
$2,776,963
|
$43,051
|
$(1,718,882)
|
$(1,675,831)
|
Unrealized Depreciation
|
$ | (2,928,857 | ) | |
Capital Loss Carryforwards
|
(9,048,675 | ) | ||
Post-October Capital Losses
|
(3,088,968 | ) | ||
Post-December Ordinary Losses
|
(6,181 | ) | ||
Distributable Earnings, Net
|
$ | (15,072,681 | ) |
Post-October Losses
|
Post-December Losses
|
|||||||||
Deferred
|
Utilized
|
Deferred
|
||||||||
$ | (3,088,968 | ) | $ | - | $ | (6,181 | ) |
Capital Loss Carryforwards Expiring
|
Loss Carryforwards Non-Expiring
|
|||||||||||||||||||||
2017
|
2018
|
2019
|
Short-Term
|
Long-Term
|
Total
|
|||||||||||||||||
$ | (2,967,345 | ) | $ | (418,788 | ) | $ | (2,909,779 | ) | $ | (2,068,466 | ) | $ | (684,297 | ) | $ | (9,048,675 | ) |
6.
|
CONCENTRATION OF RISK
|
360 Funds
|
SEMI-ANNUAL REPORT
|
7.
|
BENEFICIAL OWNERSHIP
|
8.
|
COMMITMENTS AND CONTINGENCIES
|
9.
|
SUBSEQUENT EVENTS
|
10.
|
RECENT ACCOUNTING PRONOUNCEMENTS
|
360 Funds
|
SEMI-ANNUAL REPORT
|
360 Funds
420 Lexington Avenue
Suite 601
New York, NY 10017
INVESTMENT ADVISER
Matrix 360 Advisor, LLC
420 Lexington Avenue
Suite 601
New York, NY 10017
ADMINISTRATOR
Matrix 360 Administration, LLC
630 Fitzwatertown Road
Building A, Second Floor
Willow Grove, PA 19090-1904
TRANSFER AGENT
Matrix 360 Administration, LLC
4250 Main Street
Suite 1425
Kansas City, MO 64111
DISTRIBUTOR
Matrix Capital Group, Inc.
420 Lexington Avenue
Suite 601
New York, NY 10017
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Sanville and Company
1514 Old York Road
Abbington, PA 19001
LEGAL COUNSEL
Kilpatrick, Townsend & Stockton LLP
1001 West Fourth Street
Winston-Salem, NC 27101
CUSTODIAN BANK
Fifth Third Bank
Fifth Third Center
38 Fountain Square Plaza
Cincinnati, OH 45263
|
ITEM 2.
|
CODE OF ETHICS.
|
|
Not applicable at this time.
|
ITEM 3.
|
AUDIT COMMITTEE FINANCIAL EXPERT.
|
|
Not applicable at this time.
|
ITEM 4.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES.
|
ITEM 5.
|
AUDIT COMMITTEE OF LISTED REGISTRANTS.
|
ITEM 6.
|
SCHEDULE OF INVESTMENT
|
ITEM 7.
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
ITEM 8.
|
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
|
ITEM 9.
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
|
ITEM 10.
|
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
|
ITEM 11.
|
CONTROLS AND PROCEDURES.
|
|
(a)
|
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act, are 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 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
|
|
(b)
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during 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
|
|
(1)
|
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.
|
(2)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.
|
/s/ Christopher F. Anci
By Christopher F. Anci
|
|
President,
|
|
Date: January 3, 2013
|
By Christopher F. Anci
|
|
President
|
|
Date: January 3, 2013
|
By David F. Ganley
|
|
Treasurer
|
|
Date: January 3, 2013
|
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