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ANNUAL REPORT

 

June 30, 2022

WBI BullBear Value 3000 ETF | WBIF

WBI BullBear Yield 3000 ETF | WBIG

WBI BullBear Quality 3000 ETF | WBIL

WBI BullBear Global Income ETF | WBII

WBI Power Factor^® High Dividend ETF | WBIY

WBI BullBear Trend Switch US 3000 Total Return ETF | WBIT

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, reports will be made available on www.wbietfs.com  and you will be notified by mail each time a report is posted and provided with a website link to access the report.

 

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Dear Shareholder:

Thank you for reviewing this annual report for the period ended June 30, 2022. Annual reports help convey important information about fund returns, including market factors that affected the Funds’ performance during the reporting period. If you have any questions, we encourage you to contact your financial advisor or WBI directly. You will find additional information, including our daily portfolio holdings, on the WBI ETFs website located at: www.wbietfs.com.

 

In our experience, the conditions that affect investments are consistently subject to the possibility of uncertainty and change. We believe that the appropriate approach to investing in a volatile world is one that is responsive to continually changing conditions and opportunities. We think that the process should be focused on managing risk as well as on pursuing return. It should be disciplined and have a track record that spans both good times and bad. In short, our opinion is that it should be just like the process we have used for our investment management clients for over 30 years, and continue to use to manage the WBI ETFs today. We believe that the consistent application of this disciplined approach will continue to be extremely valuable and attractive to both current and prospective shareholders.

 

Here at WBI, we believe preserving capital to unleash the powerful benefits of compounding is the most important element of a successful investment approach. We build outcome-oriented solutions for our clients. We don’t focus on beating the markets every minute of every day, but instead aim to grow capital consistently over time. Our strategies are designed to manage risk to capital, unleash the benefits of compounding, and grow capital efficiently through both good and bad market cycles.

 

We appreciate your continued faith in our approach and wish you and your families both health and peace as we all navigate through these extraordinary times.

 

Sincerely,

 

Market Review

 

After two quarters of rising equity markets in the first half of 2021, the third quarter brought increased volatility and flat to negative returns across virtually all sectors. The S&P 500 Index squeezed out a minimal 0.23% gain during the third quarter with significant losses occurring in the month of September. The tech-heavy NASDAQ followed suit, ending the quarter down -0.38% with a -5.31% decline in September, but demonstrated relatively better performance in August. The Dow Jones Industrial Average ended Q3 down -1.91%.

 

Following the trend seen during the second quarter of 2021, investors continued to rotate out of smaller capitalization companies and into large and mega-cap stocks during the first two months of Q3 2021. Once again, this was particularly noticeable for value and dividend-based stocks. However, a reversal of that trend began to emerge in September as large-cap growth and momentum stocks took a heavier beating while investors began to target undervalued companies with more upside once again.

 

Although mega-cap growth and technology stocks (like Meta Platforms, Amazon, Apple, Netflix and Google) still appeared to have some upside, they were more overvalued and primed for a correction than other market sectors. It appeared that cyclical and value assets would continue to outperform mega-cap growth and technology stocks on a relative basis throughout the ongoing recovery and reopening from the pandemic.

 

Following increased volatility in the third quarter, the last quarter of 2021 brought an unnerving amount of optimism in the markets especially considering sky-high inflation readings, a hawkish Federal Reserve (“Fed”) announcing moves to eliminate easy monetary policy from the past 10+ years, and concerns over the omicron Covid-19 variant surge. Virtually all sectors ended the year strong during the fourth quarter of 2021 and benefitted from a December “Santa Claus rally” once again.

 

However, after briefly touching record highs at the start of the year, markets gave investors a truly wild ride through the first quarter of 2022. Most indices chalked up their first quarterly loss in two years. Any positive sentiment that was carried into the new year got decimated by more sky-high inflation readings, clear indications that monetary policy must tighten faster than expected, and lingering concerns over additional Covid-19 variant surges. As if that wasn’t enough, Russia’s invasion of Ukraine brought a further surge in commodity prices along with huge spikes in market volatility as news and pictures of the horrors of a brutal war sent shockwaves around the globe. Almost every market sector suffered during the first quarter of 2022 as the Fed raised interest rates for the first time since 2018.

 

When the first half of 2022 eventually came to a close, things looked pretty bleak as the S&P 500 Index posted its worst first-half performance since 1970. Most indices were firmly in a bear market by the end of the Funds’ fiscal year. There were a few key, interrelated causes for this horrible second quarter. One was rocketing inflation, which led the Fed and other central banks to hike rates at a faster pace than previously expected. Specifically, in June, the Fed hiked rates by 75 basis points, which was the biggest increase since 1994. This led to the second cause, which was increasing fear that the economy would fall into a recession if it hadn’t already. Furthermore, lingering Covid-19 variant surges and the war in Ukraine helped further destroy any positive sentiment that was left.

 

Virtually every market sector suffered this final quarter of the Funds’ fiscal year. During the quarter itself, the S&P 500 suffered a high-to-low decline of -20% at its worst, but recovered somewhat to end down -20.58% through the first half of 2022. The tech-heavy NASDAQ fell further into its bear market and finished out the quarter down -29.51% for the first half of 2022.

 

Due to tighter monetary policy, inflation and fears about future economic growth, fixed income offered little protection for investors looking for cover. Fixed income traders continued to rapidly adjust to tighter monetary policy which sent yields – which move in the opposite direction of prices – soaring and led to more Treasury yield curve inversions where long-dated rates fall below short-dated rates. The Bloomberg US Aggregate Index, which includes a broad cross-section of U.S. fixed income assets overall, dropped -10.35% year to date. So, for the average investor who had passive exposure to the broad equity and fixed income markets in a “60/40” equity/fixed income portfolio blend, it seemed like losing -15% or more was almost unavoidable.

 

Investment Strategies

 

WBI’s general investment philosophy is based on our belief that protecting capital is essential to providing long-term portfolio growth or a consistent stream of income. We believe it is important to offer a variety of alternatives that investors can choose from as they address changing circumstances. In our view, the ability to adapt and evolve as risks and opportunities appear is the key to pursuing a stable outcome in an uncertain world. The goal of the WBI ETFs (or the “Funds”) is to provide consistent, attractive returns with less volatility and risk to capital than traditional approaches.

 

WBI ETFs include actively managed, passive (“smart-beta”) and trend-switch based portfolio strategies. Actively managed equity strategies include multifactor security selection models paired with our advanced dynamic trailing stop loss process to protect capital. Actively managed income strategies rely on a blend of quantitative models and tactical equity and fixed income allocation decisions.

 

The passively managed smart-beta strategy is designed to provide an investment alternative for clients seeking returns based on multifactor security selection models in a portfolio that is generally fully invested and rebalances quarterly. The trend-switch strategy utilizes quantitative trend models to optimize risk and return for domestic stock and fixed income exposure.

 

With the exception of the passive index fund, the WBI Power Factor^® High Dividend ETF, the strategies used in the management of the Funds do not attempt to replicate or track the performance of any index and differ significantly from the methods used to construct and maintain the indices that serve as their respective benchmarks. The three actively managed equity-focused funds (the “Active Equity Funds”) typically use proprietary processes to screen, rank, and purchase securities with particular attributes, and sell securities when certain thresholds are reached, while benchmark indices are unmanaged, and consist of a passive representation of all securities that meet the definition of the index constituents. In addition, each Active Equity Fund uses strategies intended to mitigate volatility and protect capital, and as a result these Funds will often have a significant allocation to cash equivalents. Therefore, while each Active Equity Fund’s performance includes the effect of an investment in cash equivalents from the proceeds of sales when certain thresholds are met, benchmark indices do not include an allocation to cash equivalents.

 

Similarly, the WBI Bull|Bear Global Income ETF (the “Active Income Fund”), as well as the WBI Bull|Bear Trend Switch US 3000 Total Return ETF (the “Trend Switch Fund”) do not attempt to replicate or track the performance of any index and differ significantly from the methods used to construct and maintain the index that serves as their respective benchmarks. The Trend Switch Fund aims to optimize risk and return by utilizing both a quantitative equity model (the “Equity Model”) to evaluate when conditions are deemed favorable for equity market exposure, and a quantitative bond model (the “Bond Model”) which is used to identify the credit quality and duration exposure that will be implemented in the Fund. The WBI Bull|Bear Global Income ETF strategy currently relies upon a combination of the Bond Model’s recommended exposure along with tactical investments in perceived lower risk and higher return opportunities in varying segments of the fixed income or equity markets. Similar to the Active Equity Funds, both the Active Income Fund and the Trend Switch Fund may also maintain significant allocations to cash equivalents for periods of time as strategies are used in an attempt to mitigate volatility and protect capital.

 

A distinguishing characteristic of cash equivalents is that their prices are extremely stable and not subject to the levels of price volatility generally exhibited by other investments. Therefore, in periods during which the prices of the securities represented in benchmark indices are falling, an allocation to cash equivalents may contribute to Fund performance that is superior to that of their benchmarks. In periods during which the prices of the securities represented in benchmark indices are rising, an allocation to cash equivalents in a Fund may cause its performance to trail that of its benchmark.

 

The WBI Power Factor^® High Dividend ETF (the “Passive Index Fund”) is intended to track its underlying index, the Solactive Power Factor^™ High Dividend GTR Index, and can reasonably be compared to the index in evaluating its performance.

 

Investment Results: WBI Bull|Bear Value 3000 ETF (WBIF)

 

For the fiscal year ending June 30, 2022, the WBI Bull|Bear Value 3000 ETF (WBIF) returned -5.62% on a Net Asset Value (“NAV”) basis, and -5.88% based on market value, versus the -7.46% return of the Russell 3000 Value Total Return Index, the Fund’s benchmark.

 

Highlights:

 

Investment Results: WBI Bull|Bear Yield 3000 ETF (WBIG)

 

For the fiscal year ending June 30, 2022, the WBI Bull|Bear Yield 3000 ETF (WBIG) returned -0.73% on a Net Asset Value (“NAV”) basis, and -0.86% based on market value, versus the -7.46% return of the Russell 3000 Value Total Return Index, the Fund’s benchmark.

 

Highlights:

 

	•	Asset allocation and security selection decisions in Energy, Health Care, and Consumer Staples sectors positively affected Fund performance versus its benchmark during the period.
	•	Asset allocation and security selection decisions in Financials, Utilities, and Information Technology sectors negatively affected Fund performance versus its benchmark during the period.
	•	In general, the combination of temporary cash allocations during periods of higher market volatility and a yield-based diversified equity portfolio that tactically focused on defensive sectors including energy company exposure in the last three quarters of the fiscal period helped the Fund capture a significant amount of any equity market upside, while attempting to protect investors from excessive downside risk during the bear market selloff.

Investment Results: WBI Bull|Bear Quality 3000 ETF (WBIL)

 

For the fiscal year ending June 30, 2022, the WBI Bull|Bear Quality 3000 ETF (WBIL) returned -4.58% on a Net Asset Value (“NAV”) basis, and -4.76% based on market value, versus the -13.87% return of the Russell 3000 Total Return Index, the Fund’s benchmark.

 

Highlights:

 

Investment Results: WBI Bull|Bear Global Income ETF (WBII)

 

For the fiscal year ending June 30, 2022, the WBI Bull|Bear Global Income ETF (WBII) returned -12.05% on a Net Asset Value (“NAV”) basis, and -11.93% based on market value, versus the -10.29% return of the Bloomberg US Aggregate Bond Total Return Index, the Fund’s benchmark.

 

Highlights:

 

Investment Results: WBI Bull|Bear Trend Switch US 3000 Total Return ETF (WBIT)

 

For the fiscal year ending June 30, 2022, the WBI Bull|Bear Trend Switch US 3000 Total Return ETF (WBIT) returned -9.66% on a Net Asset Value (“NAV”) basis, and -9.53% based on market value, versus the -13.87% of the Russell 3000 Total Return Index, the Fund’s benchmark.

 

Highlights:

 

Investment Results: WBI Power Factor^® High Dividend ETF (WBIY)

 

For the fiscal year ending June 30, 2022, the WBI Power Factor^® High Dividend ETF (WBIY) returned -1.40% on a Net Asset Value (“NAV”) basis, and -1.72% based on market value, versus the -7.46% return of the Russell 3000 Value Total Return Index, the Fund’s benchmark, and versus the -0.60% return of the Solactive Power Factor^TM High Dividend GTR Index, the Fund’s underlying index.

 

	Absolute Shares Trust
	Management’s Discussion of Fund Performance (continued)
	June 30, 2022 (Unaudited)

Past performance is not a guarantee of future results.

 

Opinions expressed are those of WBI Investments, Inc. (“WBI”), the Funds’ investment sub-adviser, are subject to change, are not guaranteed, and should not be construed as recommendations or investment advice or a solicitation to purchase or sell securities referenced in the Investment Commentary.

 

Exchange traded fund investing involves risk. Principal loss is possible. The Funds invest in emerging market and foreign securities which involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks can be greater in emerging markets. The Funds invest in smaller and medium sized companies, which involve additional risks such as limited liquidity and greater volatility. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments by the Funds in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Investments in mortgage-backed securities may involve additional risks, such as credit risk, prepayment risk, possible illiquidity and default, and susceptibility to adverse economic developments. Because the Funds invest in other exchange-traded funds (“ETFs”), they are subject to additional risks that do not apply to conventional funds, including the risks that the market price of an ETF’s shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares. The Funds may invest in exchange-traded notes (“ETN”), which are subject to the credit risk of the issuer. Additional risks include volatility, lack of liquidity, and sensitivity to currencies, commodities markets, and interest rate changes. The Funds may invest in Real Estate Investment Trusts (“REIT”). Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. The Funds may invest in master limited partnerships (“MLP”), which are subject to certain risks inherent in the structure of MLPs, including complex tax structure risks, the limited ability for election or removal of management, limited voting rights, potential dependence on parent companies or sponsors for revenues to satisfy obligations, and potential conflicts of interest between partners, members and affiliates. The Funds may also use options and future contracts, which have the risk of unlimited losses of the underlying holdings due to unanticipated market movements, and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. The investment in options is not suitable for all investors. Diversification does not assure a profit or protect against a loss in a declining market.

 

An investment in money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.

 

A stop loss order directs a brokerage firm to sell a specified security at the prevailing market price should that security’s price fall to or below a stipulated price. A stop limit order directs a brokerage firm to sell a specified security should that security’s price fall to or below a stipulated price, but only if the transaction can be executed at or above the limit price given as part of the order. The Funds use the Sub Advisor’s proprietary Dynamic Trailing Stop Loss System (“DTS^™”), which is designed to help control the risk to invested capital when investing in volatile securities and markets. The DTS^™ is not a stop loss order or stop limit order placed with a brokerage firm, but an internal process for monitoring price movements. While the DTS^™ may be used to initiate the process for selling a security, it does not assure that a particular execution price will be received.

 

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. References to other funds should not be interpreted as an offer of these securities. For a complete list of each Fund’s holdings, please refer to the Schedule of Investments in this report.

 

Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Funds nor any of their representatives may give legal or tax advice.

 

This report must be preceded or accompanied by a prospectus.

 

WBI Exchange Traded Funds are distributed by Foreside Fund Services, LLC.

 

 

Benchmark Definitions

 

Unless otherwise indicated, the source for index price and performance data used in the discussion of market conditions and market commentary is Bloomberg.

 

The Russell 3000 Total Return Index is a float-adjusted market-cap weighted index that includes 3,000 stocks and covers 98% of the U.S. equity investable universe.

 

The Russell 3000 Value Total Return Index uses the value characteristic book-to-price ratio to create a style index based upon the Russell 3000 that contains companies with lower predicted and historical growth rates.

 

The Bloomberg US Aggregate Bond Total Return Index is calculated based on the U.S. dollar denominated, investment grade fixed-rate taxable bond market including treasury, government-related, corporate, MBS, ABS and CMBS debt, and includes the performance effect of income earned by securities in the index. Effective August 24, 2021, the Bloomberg Barclays US Aggregate Bond Total Return Index changed its name to Bloomberg US Aggregate Bond Total Return Index.

 

The Solactive Power Factor^TM High Dividend GTR Index is constructed by scoring each ordinary dividend paying, common stock constituent from the 3,000 largest U.S. companies both directly and relative to industry peers using the three Power Factors and ranking those securities in descending order according to their dividend indicated yield. The 50 companies with the largest dividend indicated yield are subsequently chosen as Index components.

 

Other Index Definitions

 

The Dow Jones Industrial Average (DJIA or “The Dow”) is a price-weighted average of 30 of the largest blue-chip issues traded on the New York Stock Exchange.

 

The S&P 500 Index is a float-market-cap-weighted average of 500 large-cap U.S. companies in all major sectors.

 

The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on NASDAQ.

 

The Russell 1000 Index is a float-adjusted market-cap weighted index that includes the largest 1,000 stocks by market-cap of the Russell 3000 Index.

 

The Russell 2000 Index is a float-adjusted market-cap weighted index that includes the smallest 2,000 stocks by market-cap of the Russell 3000 Index.

 

The Russell 1000 Value Index uses the value characteristic book-to-price ratio to create a style index based upon the Russell 1000 that contains companies with lower predicted and historical growth rates.

 

The Russell 2000 Value Index uses the value characteristic book-to-price ratio to create a style index based upon the Russell 2000 that contains companies with lower predicted and historical growth rates.

 

Terms

 

Basis point: a unit of measure to describe the percentage change in the value of financial instruments or the rate change in an index or other benchmark. One basis point is equivalent to 0.01% (1/100th of a percent) or 0.0001 in decimal form.

 

This chart illustrates the performance of a hypothetical $10,000 investment made on August 25, 2014, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For most recent month-end performance, please visit www.wbietfs.com.

 

Per the Prospectus dated 10/31/2021, the Fund’s annual operating expense (gross) is 1.36%. Per the Prospectus dated 10/31/2021, the Fund’s annual operating expense (net) is 1.25%. The Fund’s Sub-Advisor has contractually agreed to waive the fees and reimburse expenses of the Fund such that total annual operating expenses are limited to 1.25% of average net assets until at least October 31, 2022. (Actual expenses can be referenced in the Financial Highlights section later in this report.)

 

This chart illustrates the performance of a hypothetical $10,000 investment made on August 25, 2014, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For most recent month-end performance, please visit www.wbietfs.com.

 

Per the Prospectus dated 10/31/2021, the Fund’s annual operating expense (gross) is 1.27%. Per the Prospectus dated 10/31/2021, the Fund’s annual operating expense (net) is 1.25%. The Fund’s Sub-Advisor has contractually agreed to waive the fees and reimburse expenses of the Fund such that total annual operating expenses are limited to 1.25% of average net assets until at least October 31, 2022. (Actual expenses can be referenced in the Financial Highlights section later in this report.)

 

This chart illustrates the performance of a hypothetical $10,000 investment made on August 25, 2014, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For most recent month-end performance, please visit www.wbietfs.com.

 

Per the Prospectus dated 10/31/2021, the Fund’s annual operating expense (gross) is 1.31%. Per the Prospectus dated 10/31/2021, the Fund’s annual operating expense (net) is 1.25%. The Fund’s Sub-Advisor has contractually agreed to waive the fees and reimburse expenses of the Fund such that total annual operating expenses are limited to 1.25% of average net assets until at least October 31, 2022. (Actual expenses can be referenced in the Financial Highlights section later in this report.)

 

This chart illustrates the performance of a hypothetical $10,000 investment made on August 25, 2014, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For most recent month-end performance, please visit www.wbietfs.com.

 

Per the Prospectus dated 10/31/2021, the Fund’s annual operating expense (gross) is 1.45% including Acquired Fund Fees and Expenses. The Fund’s Sub-Advisor has contractually agreed to waive the fees and reimburse expenses of the Fund such that total annual operating expenses are limited to 1.25% of average net assets until at least October 31, 2022. (Actual expenses can be referenced in the Financial Highlights section later in this report.)

 

This chart illustrates the performance of a hypothetical $10,000 investment made on December 19, 2016, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For most recent month-end performance, please visit www.wbietfs.com.

 

Per the Prospectus dated 10/31/2021, the Fund’s annual operating expense (gross) is 0.98%. Per the Prospectus dated 10/31/2021, the Fund’s annual operating expense (net) is 0.70%. The Fund’s Sub-Advisor has contractually agreed to waive the fees and reimburse expenses of the Fund such that total annual operating expenses are limited to 1.25% of average net assets until at least October 31, 2022. (Actual expenses can be referenced in the Financial Highlights section later in this report.)

 

This chart illustrates the performance of a hypothetical $10,000 investment made on May 28, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For most recent month-end performance, please visit www.wbietfs.com.

 

Per the Prospectus dated 10/31/2021, the Fund’s annual expense ratio operating expense (gross) is 0.88%. (Actual expenses can be referenced in the Financial Highlights section later in this report.)

 

As of June 30, 2022 (Unaudited)

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The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

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

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

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

 

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

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

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

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

June 30, 2022

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

June 30, 2022

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

For the Year Ended June 30, 2022

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