# EDGAR Filing Document

**Accession Number:** 0001054816
**File Stem:** 0001162044-23-000278
**Filing Date:** 2023-3
**Character Count:** 148343
**Document Hash:** d8c0013d751ba52c70992b5b74d4a900
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-23-000278.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001162044-23-000278

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MH ELITE PORTFOLIO OF FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001054816
- **IRS NUMBER:** 223545308
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08763
- **FILM NUMBER:** 23691712

**BUSINESS ADDRESS:**
- **STREET 1:** 43 HIGHLANDER DRIVE
- **CITY:** SCOTCH PLAINS
- **STATE:** NJ
- **ZIP:** 07076
- **BUSINESS PHONE:** 1.800.318.7969

**MAIL ADDRESS:**
- **STREET 1:** 43 HIGHLANDER DRIVE
- **CITY:** SCOTCH PLAINS
- **STATE:** NJ
- **ZIP:** 07076

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MH ELITE PORTFOLIO OF FUNDS INC
- **DATE OF NAME CHANGE:** 19980206

## Series and Classes Contracts Data

### MH Elite Small Cap Fund of Funds (Series ID: S000009924)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000027442 | MH Elite Small Cap Fund of Funds | MHELX           |

### MH Elite Fund of Funds (Series ID: S000009925)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000027443 | MH Elite Fund of Funds | MHEFX           |

### MH Elite Select Portfolio of Funds (Series ID: S000012513)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000034026 | MH Elite Select Portfolio of Funds | MHESX           |

### MH Elite Income Fund of Funds (Series ID: S000034218)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000105482 | MH Elite Income Fund of Funds | MHEIX           |

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549<br>FORM N-CSR<br>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES**

Investment Company Act file number: 811-08763

**<u>MH Elite Portfolio of Funds, Inc.</u>**

(Exact Name of Registrant as Specified in Charter)

43 Highlander Drive

<u>Scotch Plains, NJ 07076</u>

(Address of Principal Executive Offices) (Zip Code)

Harvey Merson

or

Jeff Holcombe

43 Highlander Drive

<u>Scotch Plains, NJ 07076</u>

(Name and Address of Agent for Service)

With copy to:

JoAnn M. Strasser, Thompson Hine LLP

312 Walnut Street, 14th Floor, Cincinnati, Ohio 45202

Registrant's Telephone Number, including Area Code: <u>800-318-7969</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2022</u>

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-CSR 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.**

Annual Report

December 31, 2022

MH Elite Portfolio of Funds Trust

![[mheliteannual2022final001.jpg]](mheliteannual2022final001.jpg)

---

| | |
|:---|:---|
| MH Elite Small Cap Fund of Funds  | (MHELX) |
| MH Elite Fund of Funds  | (MHEFX) |
| MH Elite Select Portfolio of Funds  | (MHESX) |
| MH Elite Income Fund of Funds  | (MHEIX) |

---

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports by contacting MH Elite Portfolio of Funds Trust. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting MH Elite Portfolio of Funds Trust at 1.800.318.7969.

You may elect to receive all future reports in paper free of charge by contact MH Elite Portfolio of Funds Trust at 1.800.318.7969 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all MH Elite Portfolio of Funds Trust mutual funds.

This Page Was Left Blank Intentionally

---

| | |
|:---|:---|
| ![[mheliteannual2022final002.jpg]](mheliteannual2022final002.jpg) | **MH Elite Portfolio of Funds Trust**<br> 43 Highlander Drive<br> Scotch Plains, New Jersey 07076<br> 1-800-318-7969<br> www.mhelite.com |

---

Dear Fellow Shareholder:

We are pleased to present our combined 2022 annual report for MH Elite Small Cap Fund of Funds, MH Elite Fund of Funds, MH Elite Select Portfolio of Funds and MH Elite Income Fund of Funds.

Not sure how Sir Isaac Newton would have fared as an investor, but he certainly got it right when he said what goes up must come down. After three straight years of double-digit gains in the U.S. stock market, 2022 was a disappointment and a reminder that all good things do not last forever but they do recover. There have been fourteen recessions in the U.S. since the Great Depression of the 1930s and none of them were permanent. The stock market tumbled on worries over inflation, rising interest rates, higher oil prices, the war in Ukraine and China's COVID shutdown.

With the U.S. inflation rate reaching a level not seen in 40 years, a hawkish Federal Reserve, the country's central bank, aggressively raised interest rates throughout the year to slow the economy, reduce personal borrowing and curtail business investment. All of which contributed to a decline in the price of stocks and bonds. The Fed's monetary tightening increases the likelihood that the U.S. will enter a recession at some point in 2023.

The S&P 500 Index, after hitting an all time high in January, steadily declined into June when the Index officially entered bear-market territory, defined as a decline of at least 20%. September's reputation as being the worst calendar month for stocks held true to form as the market took a nosedive to end the third quarter. The third worst September since 1957 saw the S&P 500 Index lose 9.3%. Following three straight quarters of negative returns, equity markets rose in October and November to help the fourth quarter end on a positive note but not enough to rescue the Index's performance which suffered its worst year since the 2008's financial crisis.

MH Elite Small Cap Fund of Funds was down 20.36% in 2022 versus the 20.43% loss for the Russell 2000 Index. The recent trend of growth stocks outperforming value-oriented investments did not continue in 2022 as value funds significantly outperformed growth stocks by losing a lot less. According to Morningstar, the small cap value category was down 10.2% while small cap growth funds were losing 27.8% on average. We will maintain our focus on building a diversified portfolio of funds representing the full spectrum of investment choices within the micro-cap and small cap sector including both value oriented and growth focused funds.

Portfolio turnover was higher than usual as we elected to harvest tax losses to offset capital gain distributions from a number of our holdings. We are pleased to report that we were able to be very tax efficient as MH Elite Small Cap Fund of Funds did not payout any capital gain distributions for 2022. To harvest losses, we sold Needham Small Cap Growth, Fidelity Small Cap Independence, Vanguard Small Cap Index and Fidelity Small Cap Discovery.

Oberweis Micro-Cap, DFA U.S. Small Cap Value, Bridgeway Small Cap Value, Congress Small Cap Growth, Natixis Vaughan Nelson Small Cap Value, Hood River Small Cap Growth, Thrivent Small Cap Stock and Schwab U.S. Small Co. Index were new additions to the portfolio. Our top performing holdings were funds that lost the least, including value funds Vanguard Small Cap Value Index (-9.3%), MFS New Discovery Value (-10.8%), Aegis Value (-10.5%) and new positions, Bridgeway Small Cap Value and DFA US Small Cap Value, down 7.7% and 3.5% respectively. In contrast, our holdings that focused on growth and momentum investing suffered

losses in excess of 25% including Virtus Small Cap Sustainable Growth (30.2%), Hood River Small Cap Growth (-28%) and Congress Small Cap Growth (-26.2%).

MH Elite Fund of Funds was down 20.65% in 2022 versus a decline of 19.12 for the Russell 1000 Index. Growth funds, led by the technology sector losing on average 37%, significantly underperformed value funds. Large cap value funds, in general, were down a modest 6% for the year. For example, one of our value funds, Columbia Dividend Income was down 4.9%, in contrast, to our growth positions in Loomis Sayles Growth, Shelton NASDAQ 100 Index and Principal Blue Chip with losses of 27.6%, 32.7% and 30.7%, respectively. As we invest in both value and growth investing styles it is expected that our returns would reflect the disparity in fund returns and, naturally, represent more of an average of the two investing styles.

We managed the portfolio for tax efficiency and were able to realize losses to offset larger than expected capital gain distributions received from our underlying fund positions. Consequently, MH Elite Fund of Funds did not payout any capital gain distributions for 2022. To harvest losses, we sold several Fidelity Funds, Extended Market, Select Multimedia, Select Retailing, Large Cap Growth and Mega Stock. In addition, we sold T. Rowe Price Value, T. Rowe Price U.S. Equity Research, Calvert Social Index, Homestead Value and Hartford Core Equity.

New additions to the portfolio included Fidelity Select Brokerage and Investment Management, Centre American Select Equity, Putnam Equity Income, Neuberger Berman Large Cap Value, Fidelity Select Medical Delivery, Vanguard Equity Income, Jensen Quality Growth, Vanguard Dividend Appreciation Index and T. Rowe Price All Cap Opportunities.

MH Elite Select Portfolio of Funds was down 26.3% in 2022. Foreign investments were clearly impacted by the Russian invasion of Ukraine and the global ramifications of a prolonged war. Our performance was hurt the most by our allocation to emerging market funds and foreign growth funds, led by Wasatch Emerging Markets Select (-37.3%), Artisan Developing World (down 40% before being replaced), Brown Capital International Small Co. (-31.6%) and Vanguard International Growth (-30.8%). Sectors that held up well by not losing as much as the overall domestic and foreign markets included commodities (Vanguard Materials Index, new additions Vanguard Commodity Strategy and Fidelity Global Commodity), industrials (new additions Vanguard Industrials Index and Lazard Global Listed Infrastructure) and currency hedged fund, PIMCO StocksPlus International.

Other notable additions to the portfolio included the purchase of Driehaus Emerging Market and Seafarer Overseas Growth and Income in the emerging market sector to replace Artisan Developing World and Virtus Kar Emerging Market Small Cap Funds.

We harvested additional tax losses by eliminating AlphaCentric Robotic and Automation Fund, Fidelity Nordic, Fidelity International Capital Appreciation and Fidelity Pacific Basin from the portfolio.

The fund has a current allocation of 45% invested in Foreign Developed Markets, 23% in Emerging Market funds, 12% in funds within the Natural Resources category, 11% in the Real Estate sector and 9% in other alternative strategies and cash.

MH Elite Income Fund of Funds was down 9.85% in 2022, outperforming the Barclay's US Aggregate Bond Index's double-digit loss of 13.01%. In response to a strong dollar and the Federal Reserve raising interest rates throughout the year to combat high inflation, the bond market struggled along with stock prices and did not offer much of a safety net against the volatile stock market.

Funds with strong relative performances included Vanguard Utilities Index (1.1% and only holding with a positive return), Floating Rate holdings, Fidelity Floating Rate High Income (-0.3%) and Catalyst Floating Rate Income (-2.3%) and Vanguard High Dividend Yield Index (-0.4%). Our weakest performers were Columbia Convertible Securities down19.3%, Payden Corporate Bond

(-16.3%), Guggenheim Total Return Bond with a loss of 15.8%, T. Rowe Price Global Multi Sector Bond (-15.6%), and Vanguard Emerging Market Bond (-13.0%).

Changes to the portfolio included liquidating our positions in Western Asset Core Plus, Virtus Seix Corporate Bond, Nuveen NWQ Flexible Income, Janus Henderson Developed World Bond and AlphaCentric Income Opportunities. Proceeds from the sale of these funds were used to purchase Fidelity Floating Rate High Income, Fidelity Strategic Real Return, Fidelity Multi Asset Income and increase our position in a number of existing underlying funds.

The Fund currently invests 35% in traditional bond funds with an emphasis on short term, intermediate term and multisector bond funds. To maintain a diversified portfolio, the Fund invests in High Yield Bond Funds (10%), Floating Rate/Bank Loan Funds (10%), Emerging Market Bond Funds (5%), World Bond Funds (8%), and allocates 32% to alternative income strategies and cash. Alternative strategies include investing in Utilities, Convertible Securities and funds that generate income from stock dividends.

The importance of diversification and asset allocation cannot be stressed enough and is worth repeating. Investing can be very precarious. Market cycles are a persistent theme when it comes to investing. Our diversified funds are managed to balance value and growth, foreign and domestic exposure, bonds and stocks and include both index/passive and actively managed mutual funds. Stock market losses are inevitable, but fortunately, they are typically not long lasting if investors maintain a diversified portfolio. Despite all the excuses to not be in the market, investors and savers who stay invested are eventually rewarded for their patience and their ability to tune out the noise and let the stock market do its thing, which is to grow in value over time, an investor's best safeguard to financial success.

For those inclined to see the glass as half filled, a big surge in the S&P 500, like the 5.5% rise on November 10<sup>th</sup>, often preceded double digit gains a year down the road. This was the 15<sup>th</sup> highest one day percentage gain since 1950. For example, on November 24, 2008, the S&P 500 was up 6.5% and a year later the gain was 33%. On July 24, 2002, the index was up 5.7% and a year later the index was up 18% and on March 26, 2020 the S&P 500 index gained 6.2% followed by a 54% gain a year later. Furthermore, according to a US Bank analysis, since 1939, regardless of which party gained control of Congress, the stock market has risen in the year following a midterm election. The average return for the one-year period following a midterm election since 1962 has been 16.3%. Every downturn in the market is ultimately followed with a recovery period. Market cycles tell us what goes up must come down and what goes down must come up.

To our loyal shareholders, we appreciate and thank you for the trust you have placed in our management and we would like to extend a special welcome to all new shareholders. For more information on our investing strategies and updates to fund holdings please visit our website, <u>www.mhelite.com</u>.

Sincerely,

![[mheliteannual2022final004.gif]](mheliteannual2022final004.gif)

Harvey Merson

Chief Executive Officer and President

**MH Elite Portfolio of Funds Trust**

**MH Elite Small Cap Fund of Funds**

**Underlying Fund Diversification** 

**December 31, 2022**

**Unaudited**

**Investment Category of Underlying Funds**

**(as a % of Fund net assets)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Value** | **%** | **Blend** | **%** | **Growth** | **%** |
| Vanguard <br> Small Cap Value Index Adm Class | 10.2 | Vanguard<br> Tax-Managed Small Cap <br> Adm Class | 8.0 | Oberweis<br> Micro-Cap | 8.3 |
| MFS<br> New Discovery Value<br> Class R6 | 7.3 | Paradigm<br> Micro Cap  | 7.2 | Congress <br> Small Cap Growth<br> Class I | 7.0 |
| Aegis<br> Value<br> Class I | 5.4 | Natixis Vaughan Nelson<br> Small Cap Value<br> Class Y | 6.2 | Hood River <br> Small-Cap Growth<br> Class I | 4.4 |
| Bridgeway<br> Small-Cap Value | 4.9 | Schwab<br> Fundamental US<br> Small Company Index | 6.2 | Virtus KAR<br> Small-Cap Growth <br> Class I | 4.0 |
| DFA <br> US Small Cap Value<br> Class I | 4.8 | Thrivent<br> Small Cap Stock<br> Class S | 6.2 | Kinetics<br> Small Cap Opportunities No Load | 2.7 |
|  |  | Principal<br> SmallCap <br> Class I | 5.0 |  |  |

---

**Short-Term Securities and Other Assets – 2.2%**

Percentage of mutual fund net assets allocated to each investment style

based on the underlying securities held by each underlying fund. These percentages were provided by the Advisor and were not examined by our auditors.

---

| | | |
|:---|:---|:---|
| **Value** | **Blend** | **Growth** |
| 29% | 44% | 27% |

---

**MH Elite Portfolio of Funds Trust**

**MH Elite Small Cap Fund of Funds**

**December 31, 2022** 

**Unaudited**

Comparison of Change in Value of $10,000 investment in

MH Elite Small Cap Fund of Funds vs. Russell 2000 Index

![[mheliteannual2022final006.gif]](mheliteannual2022final006.gif)

This chart assumes a hypothetical $10,000 initial investment in the Fund made on December 31, 2012 and reflects Fund expenses. Investors should note that the Fund is a professionally managed mutual fund while the Russell 2000 Index (the 'Index') is unmanaged, does not incur sales charges and/or expenses and is not available for investment. The Index is taken from published sources and was not examined by our auditors. The Index measures the performance of the small-cap segment of the U.S. equity universe.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** |
|  | Average Annual | Average Annual | Average Annual |
|  | 1 Year | 5 Years | 10 Years |
| MH Elite Small Cap Fund of Funds | -20.36% | 3.79% | 7.17% |
| Russell 2000 Index  | -20.43% | 4.13% | 9.01% |

---

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value 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. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

**MH Elite Portfolio of Funds Trust**

**MH Elite Small Cap Fund of Funds**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Mutual Funds (97.8%)** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Vanguard Small Cap Value Index Adm Class | 12038 | $821588 |
| Oberweis Micro-Cap | 21159 | 669469 |
| Vanguard Tax-Managed Small Cap Adm Class | 8380 | 645789 |
| MFS New Discovery Value Class R6 | 35000 | 595350 |
| Paradigm Micro Cap  | 13432 | 581864 |
| Congress Small Cap Growth Class I | 17661 | 569933 |
| Thrivent Small Cap Stock Class S | 19150 | 504213 |
| Schwab Fundamental US Small Company Index | 35817 | 500358 |
| Natixis Vaughan Nelson Small Cap Value Class Y | 30932 | 499552 |
| Ageis Value Class I | 13652 | 436457 |
| Principle SmallCap Class I  | 16975 | 409260 |
| Bridgeway Small-Cap Value | 11370 | 394750 |
| DFA US Small Cap Value Class I | 9897 | 388850 |
| Hood River Small-Cap Growth Class I  | 7648 | 357558 |
| Virtus KAR Small-Cap Growth Class I  | 11000 | 319880 |
| Kinetics Small Cap Opportunities No Load | 1667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>217287</u> |
| Total Mutual Funds (Cost $7,111,431)  |  | 7912158 |
| **Short-Term Securities (0.4%)** |  |  |
| **Fidelity Institutional Money Market Class I 0.01% \***<br> (Cost $36,770) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>36770</u> |
| Total Short-Term Securities (Cost $36,770) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>36770</u> |
| Total Investments in Securities (Cost $7,148,201) (98.2%) |  | 7948928 |
| **Net Other Assets and Liabilities (1.8%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>145009</u> |
| **Net Assets (100%)** |  | <u>$8093937</u> |

---

\* Variable rate security; the rate shown represents the 7 day yield at December 31, 2022.

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Small Cap Fund of Funds**

**Statement of Assets and Liabilities**

**December 31, 2022** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at value (Cost $7,148,201) | $7948928 |
| Cash | 141479 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>12032</u> |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8102.439</u> |
| **Liabilities** |  |
| Due to Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8502</u> |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8502</u> |
| **Net Assets** | <u>$8093937</u> |
| **Analysis of Net Assets** |  |
| Capital Stock, no par (issued and outstanding – 1,188,574) | $7394092 |
| Distributable earnings (note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>699845</u> |
| <u>$8093937</u> | <u>$8093937</u> |
| Net asset value per share | <u>$6.81</u> |

---

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Small Cap Fund of Funds** 

**Statement of Operations**

**For The Year Ended December 31, 2022** 

---

| | |
|:---|:---|
| **Investment income** |  |
| Dividend income from underlying funds | $54985 |
| Interest income from money market  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2602</u> |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>57587</u> |
| **Expenses** |  |
| Investment advisory fees | 82296 |
| Administrative service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>20574</u> |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>102870</u> |
| **Net investment loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(45283)</u> |
| **Realized and unrealized gain on investments<sup>1</sup>** |  |
| Capital gain distributions from underlying funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159626 |
| Net realized loss from investments | (260508) |
| Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1869103)</u> |
| Net realized and unrealized loss on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1969985)</u> |
| Net decrease in net assets resulting from operations | <u>$(2015268)</u> |

---

<sup>1</sup> See unaudited additional information section on page 44.

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Small Cap Fund of Funds**

**Statements of Changes in Net Assets**

**For The Years Ended December 31, 2022 and 2021**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| **Increase in net assets from operations** |  |  |
| Net investment income/(loss) | &nbsp;&nbsp;&nbsp;&nbsp;$(45283) | &nbsp;&nbsp;&nbsp;&nbsp;$58053 |
| Capital gain distributions from underlying funds | 159626 | 655440 |
| Net realized gain/(loss) from investments | (260508) | 303039 |
| Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1869103)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>281354</u> |
| Net increase/(decrease) in net assets resulting from operations | (2015268) | 1297886 |
| **Distributions to shareholders** | (1016532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518982) |
| **Capital share transactions (note 5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1243765</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>216890</u> |
| Total increase/(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1788035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995794 |
| Net assets at beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9881972</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8886178</u> |
| Net assets at end of year | <u>$8093937</u> | <u>$9881972</u> |

---

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Fund of Funds**

**Underlying Fund Diversification** 

**December 31, 2022** 

**Unaudited**

**Investment Category of Underlying Funds**

**(as a % of Fund net assets)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Value** | **%** | **Blend** | **%** | **Growth** | **%** |
| Columbia<br> Dividend Income<br> Class I2 | 6.6 | Vanguard <br> Tax-Managed Capital Appreciation<br> Adm Class  | 7.3 | Shelton<br> Nasdaq-100 Index<br> Inv Class | 6.2 |
| Hillman<br> Value No-Load | 5.1 | Centre <br> American Select Equity<br> Class I | 7.0 | T. Rowe Price All-Cap Opportunities | 5.0 |
| Neuberger Berman<br> Large Cap Value<br> Inv Class | 4.8 | T. Rowe Price <br> Dividend Growth | 6.0 | Principal<br> Blue Chip <br> Class I | 4.1 |
| Vanguard<br> Equity-Income<br> Adm Class | 4.8 | Vanguard <br> Dividend Appreciation <br> Index Adm Class  | 4.7 | Fidelity<br> Select Medical Tech &<br> Devices | 3.9 |
| Putnam<br> Large Cap Value<br> Class Y | 4.6 | Jensen<br> Quality Growth<br> Class I | 4.5 | Akre<br> Focus <br> Class I | 3.1 |
| Hartford<br> Equity Income Class Y | 3.5 | Fidelity<br> Large Cap Core Enhanced Index | 3.0 | Primecap <br> Odyssey Aggressive Growth  | 3.0 |
|  |  | Fidelity<br> Select Brokerage & Investment Management | 2.5 | Loomis Sayles<br> Growth <br> Class Y | 2.9 |
|  |  | Fidelity<br> Select Health Care Services Portfolio  | 2.4 |  |  |

---

**Short-Term Securities and Other Assets – 5.0%**

Percentage of mutual fund net assets allocated to each investment style

based on the underlying securities held by each underlying fund. These percentages were provided by the Advisor and were not examined by our auditors.

---

| | | |
|:---|:---|:---|
| **Value** | **Blend** | **Growth** |
| 22% | 41% | 37% |

---

**MH Elite Portfolio of Funds Trust**

**MH Elite Fund of Funds**

**December 31, 2022** 

**Unaudited**

Comparison of Change in Value of $10,000 investment in

MH Elite Fund of Funds vs. Russell 1000 Index

![[mheliteannual2022final008.gif]](mheliteannual2022final008.gif) ![[mheliteannual2022final010.gif]](mheliteannual2022final010.gif) ![[mheliteannual2022final012.gif]](mheliteannual2022final012.gif)

This chart assumes a hypothetical $10,000 initial investment in the Fund made on December 31, 2012 and reflects Fund expenses. Investors should note that the Fund is a professionally managed mutual fund while the Russell 1000 Index (the 'Index') is unmanaged, does not incur sales charges and/or expenses and is not available for investment. The Index is taken from published sources and was not examined by our auditors. The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** |
|  | Average Annual | Average Annual | Average Annual |
|  | 1 Year | 5 Years | 10 Years |
| MH Elite Fund of Funds  | -20.65% | 5.53% | 8.59% |
| Russell 1000 Index | -19.12% | 9.13% | 12.37% |

---

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value 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. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

**MH Elite Portfolio of Funds Trust**

**MH Elite Fund of Funds**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Mutual Funds (95.0%)** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Vanguard Tax-Managed Capital App Adm Class  | 6216 | &nbsp;&nbsp;&nbsp;&nbsp;$1229648 |
| Centre American Select Equity Class I | 86247 | 1185890 |
| Columbia Dividend Income Class I2 | 38089 | 1121715 |
| Shelton Nasdaq-100 Index Inv Class | 44219 | 1044015 |
| T. Rowe Price Dividend Growth | 15790 | 1012143 |
| Hillman Value No Load | 33934 | 869724 |
| T. Rowe Price All-Cap Opportunities | 16340 | 851471 |
| Neuberger Berman Large Cap Value Inv Class  | 18872 | 813399 |
| Vanguard Equity Income Adm Class | 9582 | 810923 |
| Vanguard Dividend Appreciation Index Adm Class | 19366 | 798063 |
| Putnam Large Cap Value Class Y | 27549 | 777419 |
| Jensen Quality Growth Class I | 13853 | 757342 |
| Principal Blue Chip Class I | 24797 | 697552 |
| Fidelity Select Medical Tech & Devices | 10761 | 662692 |
| Hartford Equity Income Class Y | 29028 | 593324 |
| Akre Focus Class I | 11111 | 534108 |
| Primecap Odyssey Aggressive Growth  | 13998 | 507419 |
| Fidelity Large Cap Core Enhanced Index | 28058 | 501122 |
| Loomis Sayles Growth Class Y  | 30000 | 488400 |
| Fidelity Select Brokerage and Investment Management  | 3906 | 417126 |
| Fidelity Select Health Care Services Portfolio | 3057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>403577</u> |
| Total Mutual Funds (Cost $13,611,630)  |  | 16077072 |
| **Short-Term Securities (2.3%)** |  |  |
| Fidelity Institutional Money Market Class I, 0.01% \*<br> (Cost $381,289)  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>381289</u> |
| Total Short-Term Securities (Cost $381,289) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>381289</u> |
| Total Investments in Securities (Cost $13,992,919) (97.3%) |  | 16458361 |
| **Net Other Assets and Liabilities (2.7%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>464353</u> |
| **Net Assets (100%)** |  | <u>$16922714</u> |

---

\* Variable rate security; the rate shown represents the 7 day yield at December 31, 2022.

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Fund of Funds**

**Statement of Assets and Liabilities**

**December 31, 2022** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at value (Cost $13,992,919) | $16458361 |
| Cash | 338633 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>143409</u> |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16940403</u> |
| **Liabilities** |  |
| Due to Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>17689</u> |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>17689</u> |
| **Net Assets** | <u>$16922714</u> |
| **Analysis of Net Assets** |  |
| Capital Stock, no par (issued and outstanding – 2,443,992) | $14512748 |
| Distributable earnings (note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2409966</u> |
| <u>$16922714</u> | <u>$16922714</u> |
| Net asset value per share | <u>$6.92</u> |

---

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Fund of Funds**

**Statement of Operations**

**For The Year Ended December 31, 2022** 

---

| | |
|:---|:---|
| **Investment income** |  |
| Dividend income from underlying funds | $135628 |
| Interest income from money market  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10739</u> |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>146367</u> |
| **Expenses** |  |
| Investment advisory fees | 166919 |
| Administrative service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>41730</u> |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>208649</u> |
| **Net investment loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(62282)</u> |
| **Realized and unrealized gain on investments<sup>1</sup>** |  |
| Capital gain distributions from underlying funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498289 |
| Net realized loss from investments | (553765) |
| Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(3949918)</u> |
| Net realized and unrealized loss on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(4005394)</u> |
| **Net decrease in net assets resulting from operations** | <u>$(4067676)</u> |

---

<sup>1</sup> See unaudited additional information section on page 44.

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Fund of Funds**

**Statements of Changes in Net Assets**

**For The Years Ended December 31, 2022 and 2021**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| **Increase in net assets from operations** |  |  |
| Net investment loss | $(62282) | $(110382) |
| Capital gain distributions from underlying funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202417 |
| Net realized gain/(loss) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663391 |
| Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(3949918)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1474314</u> |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4067676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229740 |
| **Distributions to shareholders** | (1755426) | (1045364) |
| **Capital share transactions (note 5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3114933</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1296792</u> |
| Total increase/(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(2708169) | &nbsp;&nbsp;&nbsp;&nbsp;3481168 |
| Net assets at beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>19630883</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16149715</u> |
| Net assets at end of year | <u>$16922714</u> | <u>$19630883</u> |

---

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Select Portfolio of Funds**

**Underlying Fund Diversification** 

**December 31, 2022** 

**Unaudited**

**Investment Category of Underlying Funds**

**(as a % of Fund net assets)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Foreign Develop Markets** | **%** | **Diversified**<br> **Emerging Markets** | **%** | **Natural Resources** | **%** |
| WCM<br> Focused International Growth<br> Class I | 7.6 | Driehaus<br> Emerging Markets Small Cap Growth | 8.4 | Vanguard <br> Materials Index <br> Adm Class | 5.2 |
| PIMCO<br> StocksPLUS Intl (USD-Hedged) Class I | 7.1 | Wasatch<br> Emerging Markets Select<br> Class I | 7.9 | Fidelity<br> Global Commodity Stock | 3.4 |
| MFS <br> International Intrinsic Value <br> Class I | 6.4 | Seafarer <br> Overseas Growth and Income<br> Inv Class | 7.2 | Vanguard<br> Commodity Strategy<br> Adm Class | 3.4 |
| Vanguard<br> International Growth <br> Adm Class | 6.2 |  |  |  |  |
| Brown Capital Management<br> International Small Co<br> Inv Class  | 5.2 |  |  |  |  |
| Artisan<br> International Small Mid<br> Inv Class | 4.7 |  |  |  |  |
| **Real Estate** | **%** | **Industrials** | **%** | **Infrastructure** | **%** |
| Cohen & Steers<br> Real Estate Securities <br> Class I | 5.3 | Vanguard<br> Industrials Index<br> Adm Class | 3.9 | Lazard <br> Global Listed Infrastructure Portfolio | 3.3 |
| MFS<br> Global Real Estate <br> Class R6 | 4.5 |  |  |  |  |

---

**Short-Term Securities and Other Assets – 10.3%**

**MH Elite Portfolio of Funds Trust**

**MH Elite Select Portfolio of Funds**

**December 31, 2022** 

**Unaudited** 

Comparison of Change in Value of $10,000 investment in

MH Elite Select Portfolio of Funds vs. MSCI ACWI ex USA Investable Market Index

![[mheliteannual2022final014.gif]](mheliteannual2022final014.gif) ![[mheliteannual2022final016.gif]](mheliteannual2022final016.gif) ![[mheliteannual2022final018.gif]](mheliteannual2022final018.gif)

This chart assumes a hypothetical $10,000 initial investment in the Fund made on December 31, 2012 and reflects Fund expenses. Investors should note that the Fund is a professionally managed mutual fund while the MSCI ACWI EX USA Investable Market Index (IMI) is unmanaged, does not incur sales charges and/or expenses and is not available for investment. The MSCI ACWI EX USA IMI is taken from published sources and was not examined by our auditors. The MSCI ACWI EX USA IMI captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 23 Emerging Markets countries.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** |
|  | Average Annual | Average Annual | Average Annual |
|  | 1 Year | 5 Years | 10 Years |
| MH Elite Select Portfolio of Fund | -26.30% | -0.79% | 2.26% |
| MSCI ACWI EX USA IMI Index | -16.15% | 1.32% | 4.46% |

---

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value 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. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

**MH Elite Portfolio of Funds Trust**

**MH Elite Select Portfolio of Funds**

**Schedule of Investments**

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Mutual Funds (89.7%)** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Driehaus Emerging Markets Small Cap Growth | 28812 | $502199 |
| Wasatch Emerging Markets Select Class I | 32890 | 472965 |
| WCM Focused International Growth Class I | 23016 | 452498 |
| Seafarer Overseas Growth and Income Inv Class | 37748 | 425423 |
| PIMCO StocksPLUS Intl (USD Hedged) Class I | 56868 | 423666 |
| MFS International Intrinsic Value Class I | 9960 | 378865 |
| Vanguard International Growth Adm Class | 4092 | 369922 |
| Cohen & Steers Real Estate Securities Class I | 20832 | 315807 |
| Brown Capital Management International Small Co Inv Class | 16486 | 309285 |
| Vanguard Materials Index Adm Class | 3535 | 306604 |
| Artisan International Small Mid Inv Class  | 18090 | 282200 |
| MFS Global Real Estate Class R6 | 17113 | 265764 |
| Vanguard Industrials Index Adm Class | 2474 | 232257 |
| Vanguard Commodity Strategy Adm Class | 7508 | 205255 |
| Fidelity Global Commodity Stock | 10510 | 202312 |
| Lazard Global Listed Infrastructure Portfolio | 13717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>194925</u> |
| Total Mutual Funds (Cost $5,301,078) |  | 5339947 |
| **Short-Term Securities (8.4%)** |  |  |
| Fidelity Institutional Money Market Class I, 0.01% \*<br> (Cost $498,518) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>498518</u> |
| Total Short-term Securities (Cost $498,518) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>498518</u> |
| Total Investments in Securities (Cost $5,799,596) (98.1%) |  | 5838465 |
| **Net Other Assets and Liabilities (1.9%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>114032</u> |
| **Net Assets (100%)** |  | <u>$5952497</u> |

---

\* Variable rate security; the rate shown represents the 7 day yield at December 31, 2022.

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Select Portfolio of Funds**

**Statement of Assets and Liabilities**

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Assets** |  |  |
| Investments in securities at value (Cost $5,799,596) | $5838465 | $5838465 |
| Cash | 118780 | 118780 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1512</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1512</u> |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5958757</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5958757</u> |
| **Liabilities** |  |  |
| Due to Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6260</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6260</u> |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6260</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6260</u> |
| **Net Assets** | <u>$5952497</u> | <u>$5952497</u> |
| **Analysis of Net Assets:** |  |  |
| Capital Stock, no par (issued and outstanding – 1,199,711) | $6057362 | $6057362 |
| Accumulated deficit (note 4) | Accumulated deficit (note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(104865)</u> |
| <u>$5952497</u> | <u>$5952497</u> | <u>$5952497</u> |
| Net asset value per share | <u>$4.96</u> | <u>$4.96</u> |

---

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Select Portfolio of Funds**

**Statement of Operations**

**For The Year Ended December 31, 2022** 

---

| | |
|:---|:---|
| **Investment income** |  |
| Dividend income from underlying funds | $83773 |
| Interest income from money market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4913</u> |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>88686</u> |
| **Expenses** |  |
| Investment advisory fees | 60691 |
| Administrative service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15173</u> |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>75864</u> |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>12822</u> |
| **Realized and unrealized gain/(loss) on investments<sup>1</sup>** |  |
| Capital gain distributions from underlying funds | 131726 |
| Net realized loss from investments | (288281) |
| Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1864601)</u> |
| Net realized and unrealized loss on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(2021156)</u> |
| **Net decrease in net assets resulting from operations** | <u>$(2008334)</u> |

---

<sup>1</sup> See unaudited additional information section on page 44.

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Select Portfolio of Funds**

**Statements of Changes in Net Assets**

**For The Years Ended December 31, 2022 and 2021**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| **Increase in net assets from operations** |  |  |  |
| Net investment income/(loss) | $12822 | $(6123) | $(6123) |
| Capital gain distributions from underlying funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362344 |
| Net realized loss from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9683) |
| Net change in unrealized appreciation/(depreciation) on investments  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1864601)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>152290</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>152290</u> |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2008334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498828 |
| **Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332345) |
| **Capital share transactions (note 5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>636143</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>319515</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>319515</u> |
| Total increase/(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1718214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485998 |
| Net assets at beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7670711</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7670711</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7184713</u> |
| Net assets at end of year | <u>$5952497</u> | <u>$5952497</u> | <u>$7670711</u> |

---

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Income Fund of Funds**

**Underlying Fund Diversification** 

**December 31, 2022** 

**Unaudited**

**Investment Category of Underlying Funds**

**(as a % of Fund net assets)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Short Term Bond** | **%** | **Intermediate Term Bond** | **%** | **Multisector Bond** | **%** |
| PIMCO<br> Low Duration Income<br> Class I | 3.5 | USAA<br> Intermediate-Term Bond | 4.5 | Lord Abbett<br> Bond Debenture<br> Class R6 | 3.5 |
| Thornburg<br> Limited Term Income<br> Class R6 | 3.1 | Carillion Reams<br> Core Plus Bond<br> Class I | 4.3 | Hartford<br> Strategic Income <br> Class I | 3.3 |
| Virtus Newfleet<br> Multi-Sector Short Term Bond Class I  | 2.3 | Payden<br> Corporate Bond | 2.6 |  |  |
|  |  | Guggenheim<br> Total Return Bond<br> Class P | 2.5 |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Emerging Markets Bond** | **%** | **World/Global Bond** | **%** | **High Yield Bond** | **%** |
| Vanguard<br> Emerging Markets Bond<br> Adm Class | 4.1 | T Rowe Price<br> Global Multi-Sector Bond<br> Inv Class | 2.6 | Artisan <br> High Income <br> Advisor | 3.9 |
|  |  | Dodge & Cox<br> Global Bond<br> Class I | 4.1 | BrandywineGlobal<br> High Yield<br> Class I | 3.8 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bank Loan** | **%** | **Convertible Securities** | **%** | **Utilities** | **%** |
| Catalyst/CIFC <br> Floating Rate Income <br> Class I | 4.1 | Columbia<br> Convertible Securities Class I3 | 2.6 | Vanguard<br> Utilities Index <br> Adm Class | 3.6 |
| Fidelity<br> Floating Rate High Income | 4.0 |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Income from Stock Dividends** | **%** | **Asset Allocation**  | **%** |
| Vanguard <br> High Dividend Yield Index <br> Adm Class | 3.6 | PIMCO<br> Inflation Response Multi-Asset <br> Class I | 3.3 |
| Fidelity<br> Strategic Dividend and Income | 3.2 | Fidelity<br> Strategic Real Return | 3.2 |
|  |  | Fidelity<br> Multi-Asset Income | 2.6 |

---

**Short-Term Securities and Other Assets – 21.7%**

**MH Elite Portfolio of Funds Trust**

**MH Elite Income Fund of Funds**

**December 31, 2022** 

**Unaudited**

Comparison of Change in Value of $10,000 investment in

MH Elite Income Fund of Funds vs. Bloomberg US Aggregate Bond Index

![[mheliteannual2022final020.gif]](mheliteannual2022final020.gif)

This chart assumes a hypothetical $10,000 initial investment in the Fund made on December 31, 2012, the Fund's inception date, and reflects Fund expenses. Investors should note that the Fund is a professionally managed mutual fund while the Bloomberg US Aggregate Bond Index (the 'Index') is unmanaged, does not incur sales charges and/or expenses and is not available for investment. The Index is taken from published sources and was not examined by our auditors. The Index is an unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns for the Periods Ended December 31, 2022** |
|  | Average Annual | Average Annual | Average Annual |
|  | 1 Year | 5 Years | 10 Years |
| MH Elite Income Fund of Funds | -9.85% | 0.89% | 1.53% |
| Bloomberg US Aggregate Bond Index  | -13.01% | 0.02% | 1.06% |

---

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value 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. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

**MH Elite Portfolio of Funds Trust**

**MH Elite Income Fund of Funds**

**Schedule of Investments**

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Mutual Funds (78.3%)** | **Shares** | **Value** |
| USAA Intermediate-Term Bond | 57822 | $518661 |
| Carillion Reams Core Plus Bond Class I  | 16941 | 500773 |
| Dodge & Cox Global Bond Class I | 47336 | 477142 |
| Vanguard Emerging Markets Bond Adm Class | 21646 | 474922 |
| Catalyst/CIFC Floating Rate Income Class I | 52434 | 467191 |
| Fidelity Floating Rate High Income | 51166 | 459470 |
| Artisan High Income Advisor | 53921 | 453476 |
| Brandywine GLOBAL High Yield Class I | 46447 | 437993 |
| Vanguard High Dividend Yield Index Inv Class | 12821 | 418339 |
| Vanguard Utilities Index Adm Class  | 5326 | 409934 |
| PIMCO Low Duration Income Class I | 52520 | 407031 |
| Lord Abbett Bond Debenture Class R6 | 57856 | 401524 |
| Hartford Strategic Income Class I | 51077 | 383079 |
| PIMCO Inflation Response Multi-Asset Class I | 50755 | 382694 |
| Fidelity Strategic Dividend & Income | 23936 | 367659 |
| Fidelity Strategic Real Return | 43341 | 364064 |
| Thornburg Limited Term Income Class R6 | 28470 | 355302 |
| Columbia Convertible Securities Class I3 | 16036 | 305971 |
| Payden Corporate Bond  | 32083 | 301901 |
| T Rowe Price Global Multi-Sector Bond Inv Class | 31864 | 298884 |
| Fidelity Multi-Asset Income | 23923 | 298804 |
| Guggenheim Total Return Bond Class P | 12401 | 287328 |
| Virtus New Fleet Multi-Sector Short Term Bond Class I | 62011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>269126</u> |
| Total Mutual Funds (Cost $9,731,800) |  | 9041268 |
| **Short-Term Securities (17.8%)** |  |  |
| Fidelity Institutional Money Market Class I, 0.01% \*<br> (Cost $2,051,926) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2051926</u> |
| Total Short-term Securities (Cost $2,051,926) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2051926</u> |
| Total Investments in Securities (Cost $11,783,726) (96.1%) |  | 11093194 |
| **Net Other Assets and Liabilities (3.9%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>457065</u> |
| **Net Assets (100%)** |  | <u>$11550259</u> |

---

\* Variable rate security; the rate shown represents the 7 day yield at December 31, 2022.

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Income Fund of Funds**

**Statement of Assets and Liabilities**

**December 31, 2022** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at value (Cost $11,783,726) | $11093194 |
| Cash | 420182 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>48796</u> |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11562172</u> |
| **Liabilities** |  |
| Due to Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11913</u> |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11913</u> |
| **Net Assets** | <u>$11550259</u> |
| **Analysis of Net Assets** |  |
| Capital Stock, no par (issued and outstanding – (2360594) | $12168069 |
| Accumulated deficit (note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(617810)</u> |
| <u>$11550259</u> | <u>$11550259</u> |
| Net asset value per share | <u>$4.89</u> |

---

.

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Income Fund of Funds**

**Statement of Operations**

**For The Year Ended December 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment income** |  |  |
| Dividend income from underlying funds | $395864 | $395864 |
| Interest income from money market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>25749</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>25749</u> |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>421613</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>421613</u> |
| **Expenses** |  |  |
| Investment advisory fees  | 103234 | 103234 |
| Administrative service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>25808</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>25808</u> |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>129042</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>129042</u> |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>292571</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>292571</u> |
| **Realized and unrealized gain (loss) on investments<sup>1</sup>** |  |  |
| Capital gain distributions from underlying funds  | 36831 | 36831 |
| Net realized loss from investments | Net realized loss from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256680) |
| Net change in unrealized depreciation on investments | Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1113032)</u> |
| Net realized and unrealized loss on investments | Net realized and unrealized loss on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1332881)</u> |
| **Net decrease in net assets resulting from operations** | **Net decrease in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>($1040310)</u> |

---

<sup>1</sup> See unaudited additional information section on page 44.

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Income Fund of Funds**

**Statements of Changes in Net Assets**

**For The Years Ended December 31, 2022 and 2021**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| **Increase in net assets from operations** |  |  |
| Net investment income | $292571 | $138524 |
| Capital gain distributions from underlying funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202181 |
| Net realized gain/(loss) from investments  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19165 |
| Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1113032)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(135327)</u> |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(1040310) | &nbsp;&nbsp;&nbsp;&nbsp;224543 |
| **Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132202) |
| **Capital share transactions (note 5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2429408</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1395421</u> |
| Total increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704472 |
| Net assets at beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10450623</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8814341</u> |
| Net assets at end of year | <u>$11550259</u> | <u>$10450623</u> |

---

The accompanying notes are integral part of these financial statements.

**MH Elite Portfolio of Funds Trust**

**MH Elite Small Cap Fund of Funds**

**Financial Highlights**

**Selected data for a share outstanding throughout each year**

![[mheliteannual2022final022.gif]](mheliteannual2022final022.gif)

(a) Per share net investment loss has been determined on the average number of shares outstanding

during the year.

(b) Total return assumes reinvestment of dividends.

(c) Net investment income/(loss) and expense ratios do not reflect the Small Cap Fund of Funds' proportionate share of income and expense of the underlying funds.

The accompanying notes are integral part of these financial statements

**MH Elite Portfolio of Funds Trust**

**MH Elite Fund of Funds**

**Financial Highlights**

**Selected data for a share outstanding throughout each year**

![[mheliteannual2022final024.gif]](mheliteannual2022final024.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)

Per share net investment income/(loss) has been determined on the average number of shares outstanding during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)

Total return assumes reinvestment of dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)

Net investment income/(loss) and expense ratios do not reflect the Fund of Funds' proportionate share of income and expense of the underlying funds.

The accompanying notes are integral part of these financial statements

**MH Elite Portfolio of Funds Trust**

**MH Elite Select Portfolio of Funds**

**Financial Highlights**

**Selected data for a share outstanding throughout each year**

![[mheliteannual2022final026.gif]](mheliteannual2022final026.gif)

(a) Per share net investment income/(loss) has been determined on the average number of shares outstanding during the year.

(b) Total return assumes reinvestment of dividends.

(c) Net investment income/(loss) and expense ratios do not reflect the Select Fund of Funds' proportionate share of income and expense of the underlying funds.

The accompanying notes are integral part of these financial statements

**MH Elite Portfolio of Funds Trust**

**MH Elite Income Fund of Funds**

**Financial Highlights**

**Selected data for a share outstanding throughout each year**

![[mheliteannual2022final028.gif]](mheliteannual2022final028.gif)

(a) Per share net investment income has been determined on the average number of shares outstanding during the year.

(b) Total return assumes reinvestment of dividends.

(c) Net investment income and expense ratios do not reflect the Income Fund of Funds' proportionate share of income and expense of the underlying funds.

The accompanying notes are integral part of these financial statements

**MH Elite Portfolio of Funds Trust**

**Notes to Financial Statements**

**December 31, 2022** 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

MH Elite Portfolio of Funds Trust is an open-end diversified management investment company under the Investment Company Act of 1940 and the Securities and Exchange Act of 1933. MH Elite Portfolio of Funds, Inc. was originally organized as a corporation in New Jersey on October 20, 1997. On January 1, 2014, MH Elite Portfolio of Funds, Inc. merged into a new Delaware statutory trust called the MH Elite Portfolio of Funds Trust, pursuant to Board and shareholder approval. MH Elite Portfolio of Funds Trust continues the operations of its predecessor New Jersey corporation. MH Elite Portfolio of Funds Trust offers four funds to investors; MH Elite Small Cap Fund of Funds, MH Elite Fund of Funds, MH Elite Select Portfolio of Funds and MH Elite Income Fund of Funds (collectively, "the Funds"). The sale to its initial investor in MH Elite Small Cap Fund of Funds occurred on February 17, 1998, the sale to its initial investor in MH Elite Fund of Funds occurred on January 13, 2004, the sale to its initial investor in MH Elite Select Portfolio of Funds occurred on April 6, 2006 and the sale to its initial investor in MH Elite Income Fund of Funds occurred on August 15, 2011.

The primary objective of the Small Cap Fund of Funds, Fund of Funds and Select Portfolio of Funds is long-term capital appreciation through investing in diversified and non-diversified regulated investment companies that will invest in equity securities.

The primary objective of the Income Fund of Funds is income, with the potential for capital appreciation as a secondary objective by investing in regulated investment companies.

MH Elite Portfolio of Funds Trust follows the accounting and reporting guidance in FASB Accounting Standards Codification 946.

The following is a summary of the Funds' significant accounting policies:

*Security Valuation -* All investments in securities are recorded at their estimated fair value, as described in note 6.

*Underlying Fund Valuation –* Underlying funds are valued at the last reported net asset value as quoted by the respective fund with the resulting unrealized gains and losses included in income. United States Government obligations and other debt instruments having sixty days or less remaining until maturity are valued at amortized cost.

*Federal Income Taxes –* The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all its taxable income to its shareholders. Each of the Funds intend to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise provision is required.

*Distributions to Shareholders –* Dividends from net investment income, if any, are declared and paid annually. Capital gains, if any, are distributed to shareholders at least annually. Distributions are based on amounts calculated in accordance with applicable federal income tax regulations, which may differ from generally accepted accounting principles. These differences are due primarily to differing treatments of income and gain on various investment securities held by the Funds, timing differences and differing characterizations of distributions made by the Funds.

**MH Elite Portfolio of Funds Trust**

**Notes to Financial Statements (Continued)**

**December 31, 2022** 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

*Investment Income* – Dividend income from underlying funds are recorded on the ex-dividend date. Interest income from money market funds are recognized on an accrual basis when earned. 

*Security transactions and Investment Income* – Security transactions are recorded on a trade date basis. Realized gain and loss on investments sold are recorded on the basis of identified or average cost. Dividend income and capital gain distributions from underlying funds are recorded on the ex-dividend date.

*Cash and Cash Equivalents:* Each Fund maintains its cash in an account at a custodian bank, which, at times, may exceed federally insured limits. The Funds have not experienced any losses in such account and believe they are not exposed to any significant credit risk on its cash deposits.

*Use of Estimates:* The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of 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.

*Subsequent events:* Except for the declared distributions to the shareholders on January 11, 2023 (note 4), management has evaluated subsequent events through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in these financial statements.

**MH Elite Portfolio of Funds Trust**

**Notes to Financial Statements (Continued)**

**December 31, 2022** 

2. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

MH Investment Management Incorporated, (the "Adviser") furnishes the Funds with investment advice and, in general, supervises the management and investment program of the Funds. Harvey Merson and Jeff Holcombe each own 50 percent of the Adviser. Under the Investment Advisory Agreement, the Funds have agreed to pay the Investment Adviser an annual fee, payable monthly, of a percentage of each of the Funds average daily net assets.

The expenses and fees that a shareholder of the Funds will incur are based on the Fund's average daily net assets and are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MH Elite Small Cap Fund of Funds | MH Elite Fund of Funds | MH Elite Select Portfolio of Funds | MH Elite Income Fund of Funds |
| Advisory Fees | 1.00% | 1.00% | 1.00% | 1.00% |
| Administrative Service Fees | <u>0.25%</u> | <u>0.25%</u> | <u>0.25%</u> | <u>0.25%</u> |
| Total Annual Fund Operating Expenses  | 1.25% | 1.25% | 1.25% | 1.25% |

---

Other expenses of 0.25% will be paid to MH Investment Management Inc. as per the administrative services agreement. Under the agreement, MH Investment Management Inc. has agreed to pay the expenses incurred for the conduct of business by the Funds. The expenses incurred by the Funds that exceed the total annual fund operating expenses will be paid by the Adviser. The management fees and expenses of the underlying funds in which the Funds invest are not reflected in the table above. Generally, the operating expenses of the underlying funds range from 0.06% to 1.64% of average net assets.

For the year ended December 31, 2022 the advisory fees for each Fund were:

---

| | |
|:---|:---|
| MH Elite Small Cap Fund of Funds | $82296 |
| MH Elite Fund of Funds | $166919 |
| MH Elite Select Portfolio of Funds | $60691 |
| MH Elite Income Fund of Funds | $103234 |

---

For the year ended December 31, 2022 administrative service fees for each Fund were:

---

| | |
|:---|:---|
| MH Elite Small Cap Fund of Funds | $20574 |
| MH Elite Fund of Funds | $41730 |
| MH Elite Select Portfolio of Funds | $15173 |
| MH Elite Income Fund of Funds | $25808 |

---

**MH Elite Portfolio of Funds Trust**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

3. PURCHASES AND SALES OF SECURITIES

The cost of securities purchased and the proceeds from sale of securities for the year ended December 31, 2022, excluding short-term investments, aggregated for each Fund were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |
| MH Elite Small Cap Fund of Funds | $&nbsp;&nbsp;6175000 | $&nbsp;&nbsp;5405441 |
| MH Elite Fund of Funds | $&nbsp;&nbsp;10750000 | $&nbsp;&nbsp;8912575 |
| MH Elite Select Portfolio of Funds | $&nbsp;&nbsp;2775000 | $&nbsp;&nbsp;2490641 |
| MH Elite Income Fund of Funds | $&nbsp;&nbsp;2620000 | $&nbsp;&nbsp;1946520 |

---

4. INCOME TAXES

Each Fund's distributable earnings on a tax basis are determined only at the end of each fiscal year. As of December 31, 2022, the Funds most recent year-end, the components of distributable earnings or accumulated deficit on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Distributable Earnings/Accumulated Deficit | MH Elite <br> Small Cap <br> Fund of Funds | MH Elite <br> Fund of Funds | MH Elite Select Portfolio of Funds | MH Elite Income Fund of Funds |
| Undistributed <br> ordinary income | $- | $- | $12822 | $292571 |
| Undistributed capital gain | $- | $- | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Capital Loss Carryforward | $(100882) | $(55476) | $(156556) | $(219849) |
| Unrealized appreciation/(depreciation) | $800727 | $2465442 | $38869 | $(690532) |
| Total distributable earnings/(accumulated deficit) | $699845 | $2409966 | $(104865) | $(617810) |

---

Ordinary income and long-term capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from the character of net investment income or net realized gains presented in the financial statements in accordance with U.S. GAAP.

**MH Elite Portfolio of Funds Trust**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

4. INCOME TAXES (Continued)

At December 31, 2022, certain Funds had undistributed earnings and as a result the Funds' management declared distributions to the shareholders of record on January 10, 2023 with an ex and pay date of January 11, 2023. The components and amounts of the distributions are listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Distribution | MH Elite <br> Select Portfolio of Funds | MH Elite <br> Select Portfolio of Funds | MH Elite <br> Income Fund of Funds | MH Elite <br> Income Fund of Funds |
|  | Amount | Per Share | Amount | Per Share |
| Ordinary Income<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;12822 | $0.010584 | $292571 | $0.121626 |

---

MH Elite Small Cap Fund of Funds and MH Elite Fund of Funds did not issue a distribution in 2023.

At December 31, 2021, certain Funds had undistributed earnings and as a result the Funds' management declared distributions to the shareholders of record on January 10, 2022 with an ex and pay date of January 11, 2022. The components and amounts of the distributions are listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Distribution | MH Elite <br> Small Cap Fund of Funds | MH Elite <br> Small Cap Fund of Funds | MH Elite<br> Fund of Funds | MH Elite<br> Fund of Funds |
|  | Amount | Per Share | Amount | Per Share |
| Ordinary Income<sup>1</sup> | $439892 | $0.425959 | $205823 | $0.101003 |
| Long Term Capital Gain | $576640 | $0.558376 | $1549604 | $0.760433 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Distribution | MH Elite <br> Select Portfolio of Funds | MH Elite <br> Select Portfolio of Funds | MH Elite <br> Income Fund of Funds | MH Elite <br> Income Fund of Funds |
|  | Amount | Per Share | Amount | Per Share |
| Ordinary Income<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;56259 | $0.051805 | $197080 | $0.105345 |
| Long Term Capital Gain | $289765 | $0.266826 | $&nbsp;&nbsp;&nbsp;&nbsp;92382 | $0.049381 |

---

At December 31, 2020, certain Funds had undistributed earnings and as a result the Funds' management declared distributions to the shareholders of record on January 7, 2021 with an ex and pay date of January 8, 2021. The components and amounts of the distributions are listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Distribution | MH Elite <br> Small Cap Fund of Funds | MH Elite <br> Small Cap Fund of Funds | MH Elite<br> Fund of Funds | MH Elite<br> Fund of Funds |
|  | Amount | Per Share | Amount | Per Share |
| Ordinary Income<sup>1</sup> | $38367 | $0.038368 | $- | $- |
| Long Term Capital Gain | $480615 | $0.480636 | $1045364 | $0.555289 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Distribution | MH Elite <br> Select Portfolio of Funds | MH Elite <br> Select Portfolio of Funds | MH Elite <br> Income Fund of Funds | MH Elite <br> Income Fund of Funds |
|  | Amount | Per Share | Amount | Per Share |
| Ordinary Income<sup>1</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $&nbsp;&nbsp;&nbsp;&nbsp;132202 | $0.082963 |
| Long Term Capital Gain | $332345 | $0.321159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- |

---

<sup>1</sup> Ordinary income distributions may include short-term capital gains.

**MH Elite Portfolio of Funds Trust**

**Notes to Financial Statements (Continued)**

**December 31, 2022** 

4. INCOME TAXES (Continued)

*Reclassifications:* Certain Funds recorded a permanent book tax difference in their short term realized gains accounts by reclassifying net investment loss to short term realized gains at December 31, 2022. This reclassification has no impact on the net asset value of the Funds and is designed generally to present undistributed income and net realized gains on a tax basis, which is considered to be more informative to shareholders. At December 31, 2022, the net investment losses for the following Funds are:

Small Cap Fund of Funds - $45,283 Fund of Funds - $62,282

For Federal income tax purposes - Capital loss carry forwards represent realized losses of the Funds that may be carried forward indefinitely and applied against future gains. As of December 31, 2022, the Funds capital loss carry forwards are listed below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>Expiring on: | MH Elite Small Cap<br> Fund of Funds | MH Elite<br> Fund of Funds | MH Elite Select Portfolio of Funds | MH Elite Income Fund of Funds |
| Indefinitely: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short term | $100882 | $55476 | $45167 | $16999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long term | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $111389 | $202850 |
| Total | $100882 | $55476 | $156556 | $219849 |

---

The Funds' recognize 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 Funds' tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2019-2021) or expected to be taken in the Funds' 2022 tax returns. The Funds' identify their major tax jurisdictions as U.S. federal where the Funds' make significant investments; however, the Funds are 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 Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended, December 31, 2022, the Funds did not incur an interest or penalties.

**MH Elite Portfolio of Funds Trust**

**Notes to Financial Statements (Continued)**

**December 31, 2022** 

4. INCOME TAXES (Continued)

For federal income tax purposes, the tax basis of investments is the same as for financial reporting purposes. At December 31, 2022, on a tax basis, gross unrealized appreciation and depreciation on investments for each Fund were:

---

| | | |
|:---|:---|:---|
| <br>MH Elite Small Cap Fund of Funds | <br>MH Elite Small Cap Fund of Funds | <br>MH Elite Small Cap Fund of Funds |
| Appreciation | Depreciation | Net Unrealized Appreciation |
| $837691 | $36964 | $800727<br> $7111431<sup>(1)</sup> |

---

---

| | | |
|:---|:---|:---|
| <br>MH Elite Fund of Funds | <br>MH Elite Fund of Funds | <br>MH Elite Fund of Funds |
| Appreciation | Depreciation | Net Unrealized Appreciation |
| $2623896 | $158454 | $2465442<br> $13611630<sup>(1)</sup> |

---

---

| | | |
|:---|:---|:---|
| <br>MH Elite Select Portfolio of Funds | <br>MH Elite Select Portfolio of Funds | <br>MH Elite Select Portfolio of Funds |
| Appreciation | Depreciation | Net Unrealized Appreciation |
| $380790 | $341921 | $38869<br> $5301078<sup>(1)</sup> |

---

---

| | | |
|:---|:---|:---|
| <br>MH Elite Income Fund of Funds | <br>MH Elite Income Fund of Funds | <br>MH Elite Income Fund of Funds |
| Appreciation | Depreciation | Net Unrealized Depreciation |
| $&nbsp;&nbsp;&nbsp;&nbsp;309243 | $999775 | $690532<br> $9731800<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes short-term securities' cost basis.

**MH Elite Portfolio of Funds Trust**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

5. CAPITAL SHARE TRANSACTIONS

As of December 31, 2022, 1,000,000,000 shares of no par value capital stock were authorized for all portfolios. Transactions in capital stock for each Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MH Elite Small Cap Fund of Funds** | **MH Elite Small Cap Fund of Funds** | **MH Elite Small Cap Fund of Funds** | **MH Elite Small Cap Fund of Funds** |
|  | **For the year ended** <br> **December 31, 2022**  | **For the year ended** <br> **December 31, 2022**  | **For the year ended** <br> **December 31, 2021** | **For the year ended** <br> **December 31, 2021** |
|  | **<u>Shares</u>** | **<u>Amount</u>** | **<u>Shares</u>** | **<u>Amount</u>** |
| Shares Sold | 73083 | $523325 | 58845 | $547457 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;121886 | 1016532 | &nbsp;&nbsp;&nbsp;&nbsp;59516 | 518982 |
|  | 194969 | 1539857 | 118361 | 1066439 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(39980) | (296092) | (89827) | (849549) |
| Net Increase | 154989 | $1243765 | &nbsp;&nbsp;&nbsp;&nbsp;28534 | $216890 |
|  | **MH Elite Fund of Funds** | **MH Elite Fund of Funds** | **MH Elite Fund of Funds** | **MH Elite Fund of Funds** |
|  | **For the year ended** <br> **December 31, 2022** | **For the year ended** <br> **December 31, 2022** | **For the year ended** <br> **December 31, 2021** | **For the year ended** <br> **December 31, 2021** |
|  | **<u>Shares</u>** | **<u>Amount</u>** | **<u>Shares</u>** | **<u>Amount</u>** |
| Shares Sold | 380840 | $2777490 | 260873 | $2352744 |
| Shares issued in reinvestment of distributions | 205553 | 1755426 | 127639 | 1045364 |
|  | 586393 | &nbsp;&nbsp;&nbsp;&nbsp;4532916 | 388512 | 3398108 |
| Shares redeemed | (187382) | (1417983) | (229164) | (2101316) |
| Net Increase | 399011 | $3114933 | 159348 | $1296792 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MH Elite Select Portfolio of Funds** | **MH Elite Select Portfolio of Funds** | **MH Elite Select Portfolio of Funds** | **MH Elite Select Portfolio of Funds** |
|  | **For the year ended**<br> **December 31, 2022** | **For the year ended**<br> **December 31, 2022** | **For the year ended**<br> **December 31, 2021** | **For the year ended**<br> **December 31, 2021** |
|  | **<u>Shares</u>** | **<u>Amount</u>** | **<u>Shares</u>** | **<u>Amount</u>** |
| Shares Sold | 104703 | $539194 | 103245 | $714664 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;53316 | 346023 | &nbsp;&nbsp;&nbsp;&nbsp;49237 | 332345 |
|  | 158019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885217 | 152482 | 1047009 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(45008) | (249074) | (103123) | (727494) |
| Net Increase | 113011 | $636143 | &nbsp;&nbsp;&nbsp;&nbsp;49359 | $319515 |
|  | **MH Elite Income Fund of Funds** | **MH Elite Income Fund of Funds** | **MH Elite Income Fund of Funds** | **MH Elite Income Fund of Funds** |
|  | **For the year ended** <br> **December 31, 2022** | **For the year ended** <br> **December 31, 2022** | **For the year ended** <br> **December 31, 2021** | **For the year ended** <br> **December 31, 2021** |
|  | **<u>Shares</u>** | **<u>Amount</u>** | **<u>Shares</u>** | **<u>Amount</u>** |
| Shares Sold | 814613 | $4051789 | 454262 | $2509537 |
| Shares issued in reinvestment of distributions | 53803 | &nbsp;&nbsp;&nbsp;&nbsp;289462 | &nbsp;&nbsp;&nbsp;&nbsp;24213 | &nbsp;&nbsp;&nbsp;&nbsp;132202 |
|  | 868416 | &nbsp;&nbsp;&nbsp;&nbsp;4341251 | 478475 | &nbsp;&nbsp;&nbsp;&nbsp;2641739 |
| Shares redeemed | (379710) | (1911843) | (200094) | (1097798) |
| Net Increase | 488706 | $2429408 | 278381 | $1543941 |

---

**MH Elite Portfolio of Funds Trust**

**Notes to Financial Statements (Continued)**

**December 31, 2022** 

6. SECURITIES VALUATIONS

Processes and Structure

The Funds' Board of Trustees has adopted methods for valuing securities including in circumstances in which market quotes are not readily available, and has delegated authority to the Funds' investment adviser to apply those methods in making fair value determinations, subject to board oversight. All of the Funds' securities are regularly traded and do not require fair value measurement by a valuation committee. The Funds' board and audit committee review the Funds' investment portfolios quarterly.

Hierarchy of Fair Value Inputs

The Funds utilize published securities closing price to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Funds' 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Fair Value Measurements

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

**MH Elite Portfolio of Funds Trust**

**Notes to Financial Statements (Continued)**

**December 31, 2022**

6. SECURITIES VALUATIONS (Continued)

Mutual Funds. Investments in mutual funds, including money market funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

The following is a summary of the inputs used to value each Fund's net assets as of December 31, 2022:

The Funds' investment category is mutual funds and short-term securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **MH Elite Small Cap**<br> **Fund of Funds** | **MH Elite**<br> **Fund of Funds** | **MH Elite Select**<br> **Portfolio of Funds** | **MH Elite Income Fund of Funds** |
| Level 1  | $7948928 | $16458361 | $5838465 | $11093194 |
| Level 2  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Level 3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Total  | $7948928 | $16458361 | $5838465 | $11093194 |

---

The Funds did not hold any Level 3 investments during the year ended December 31, 2022. The Funds did not hold any derivative instruments at any time during the year ended December 31, 2022. There were no significant transfers into or out of Level 1 or Level 2 during the period. It is the Funds' policy to recognize transfers into and out of Level 1 and Level 2 at the end of the reporting period.

7. INDEMNIFICATIONS

In the normal course of business, the Funds' enter into contracts that contain general indemnifications to other parties. The Funds' maximum exposure under these contracts is unknown as this would involve future claims that may be made against the Funds' that have not yet occurred. The Funds' expect the risk of loss to be remote.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees

&nbsp;&nbsp;&nbsp;&nbsp;of MH Elite Portfolio of Funds Trust.

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of MH Elite Small Cap Fund of Funds ("Small Cap"), MH Elite Fund of Funds ("Fund of Funds"), MH Elite Select Portfolio of Funds ("Select") and MH Elite Income Fund of Funds ("Income"), each a series of MH Elite Portfolio of Funds Trust, (collectively the "Funds") including the schedules of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements") and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial positions of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, 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 Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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 Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, 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 Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk 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 December 31, 2022, by correspondence with the custodian and bank. Our audits 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 audits provide a reasonable basis for our opinion.

![[mheliteannual2022final029.jpg]](mheliteannual2022final029.jpg)

We have served as the Funds' auditor since 2007

Abington, Pennsylvania

February 27, 2023

**MH Elite Portfolio of Funds Trust**

**ADDITIONAL INFORMATION**

**December 31, 2022** 

**Unaudited**

**Distributed Earnings to Shareholders**

Annually, the Funds distribute earnings from operations to shareholders in the form of ordinary income and/or capital gains. For 2022, the components of ordinary income to be distributed are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Components** | **MH Elite Small Cap**<br> **Fund of Funds** | **MH Elite**<br> **Fund of Funds** | **MH Elite Select**<br> **Portfolio of Funds** | **MH Elite Income Fund of Funds** |
| Net investment income/(loss)  | ($45283) | ($62834) | $12822 | $292571 |
| Short term capital gain from distributions  | $16146 | $22489 | $6610 | $4035 |
| Net short term realized gain/(loss) from investments  | ($368374) | ($599475) | ($51776) | ($21034) |
| Total Ordinary Income/(loss) | ($397511) | ($639820) | ($32344) | $275572 |

---

As shown on the Statement of Operations for each fund, the line items entitled Capital gain distributions from ****underlying funds and Net short term realizes gain/(loss) from investment ****is a combination of two categories – short term and long term capital gains.

**QUARTERLY FILING**

The Funds' file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Form N-PORT reports are available on the SEC's website at www.sec.gov.

**PROXY VOTING GUIDELINES**

MH Elite Portfolio of Funds Trust has adopted the policy of always voting in line with management recommendations. If, at any time, we feel the fund management of an underlying fund within one of our portfolios is not working in the best interests of our shareholders we will liquidate our position in that fund. It is not our intent to change or alter the management or policies of the underlying funds. The most effective way to voice our concerns or displeasure with the management of a fund company is to simply not invest in their fund(s). We will only invest in fund companies that we feel will help us to meet our investment objectives and, in turn, serve the needs of our shareholders.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to the portfolio securities is available (i) without charge, upon request, by calling the Funds (toll-free) at 1.800.318.7969 or (ii) on the SEC's website at http://www.sec.gov.

Information regarding how each Fund voted proxies relating to the portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling the Funds (toll-free) at 1.800.318.7969 or (ii) on the SEC's website at http://www.sec.gov.

**MH Elite Portfolio of Funds Trust**

**ADDITIONAL INFORMATION – (Continued)**

**December 31, 2022** 

**Unaudited**

**STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM**

Pursuant to Rule 22e-4 under the 1940 Act, the Trust has adopted a liquidity risk management program (the "Program") to govern the Trust's approach to managing liquidity risk, which is the risk that our Funds would not be able to meet redemption requests without significant dilution of remaining investors' interests in the Fund(s). The Program is overseen by the Adviser, MH Investment Management Inc.and the Program's principal objectives include assessing, managing and periodically reviewing each Fund's liquidity risk, based on factors specific to the circumstances of the Funds.

Assessment and management of the Trust's liquidity risk under the Program takes into consideration certain factors, such as the individual Fund's investment strategies and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of Fund portfolio holdings into four liquidity categories, highly liquid, moderately liquid, less liquid and illiquid investments. As the Trust invests in other open-end registered investment companies, our portfolios are classified as highly liquid investments and can be converted into cash within 3 business days to meet shareholder redemption requests without diluting remaining shareholder' interests in a Fund. Each of the underlying funds we invest in will have their own liquidity risk management policy.

The Trust's board will exercise general oversight of the liquidity risk management program. The Trustees must also act with reasonable business judgement on behalf of shareholders. At the meeting of the Funds' Board of Trustees on November 21, 2022, the liquidity risk management program was reviewed for any material changes to ensure the program was implemented and operated effectively in all material respects and that existing procedures, controls and safeguards are appropriately designed to be in compliance with Rule 22e-4. There were no identified events that created liquidity related concerns for the Funds.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to a Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in that Fund may be subject.

**MH Elite Portfolio of Funds Trust**

**ADDITIONAL INFORMATION – (Continued)**

**December 31, 2022** 

**Unaudited**

**EXPENSE EXAMPLE**

As a shareholder of the MH Elite Small Cap Fund of Funds, MH Elite Fund of Funds, MH Elite Select Portfolio of Funds and/or MH Income Fund of Funds you incur two types of costs: (1) management fees and (2) other Fund operating expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

**ACTUAL EXPENSES**

The first four lines of the table below provide information about actual account values and actual expenses. You may use the information in these lines, 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, second, third and/or fourth line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES**

The fifth line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds' actual returns. 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 these Funds 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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the fifth line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | |
|:---|:---|:---|:---|
|  | Beginning Account Value July 1, 2022 | Ending <br> Account Value <br> December 31, 2022 | Expenses Paid <br> During the Period <br> July 1, 2022 to <br> December 31, 2022 <sup>(a)</sup>  |
| Actual – MH Elite Small Cap Fund of Funds  | $1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1051 | $6.46<br> <sup>(b)</sup> |
| Actual – MH Elite Fund of Funds  | $1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1030 | $6.40<br> <sup>(b)</sup> |
| Actual – MH Elite Select Portfolio of Funds | $1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1006 | $6.32<br> <sup>(b)</sup> |
| Actual – MH Elite Income Fund of Funds | $1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1004 | $6.31<br> <sup>(b)</sup> |
| Hypothetical with expense ratio of 1.25% <br> &nbsp;&nbsp;&nbsp;&nbsp;(5% return before expenses) | $1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1019 | $6.40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The management fees and expenses of the underlying funds in which the Funds invest are not reflected in the table above. Generally, the operating expenses of the underlying funds range from 0.07% to 1.64% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses are equal to the Fund's annualized expense ratio of 1.25%, multiplied by the average account value over the period, multiplied by 184 / 365 (to reflect the one-half year period).

**MH Elite Portfolio of Funds Trust**

**BOARD OF TRUSTEES INFORMATION**

**December 31, 2022**

 **Unaudited**

The business and affairs of the Funds are managed under the direction of the Funds' Board of Trustees. Information pertaining to the Trustees of the Funds is set forth below. The Statement of Additional Information includes additional information about the Funds' Trustees and is available, without charge, by calling 1-800-318-7969. Each Trustee may be contacted by writing to the Trustee c/o MH Elite Portfolio of Funds Trust, 43 Highlander Drive, Scotch Plains, NJ 07076.

All independent and interested Trustees serve on the Board of Trustees of each Fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,Address, and Age** | **Trustee Position(s) Held with Fund** | **Term of Office and Length of Time Served** | **Principal Occupation(s) During the Past Five Years** | **Number of Portfolios Overseen Within the Fund Complex** | **Other Directorships Held Outside of the Fund Complex** |
| INDEPENDENT TRUSTEES <sup>(c)</sup> | INDEPENDENT TRUSTEES <sup>(c)</sup> | INDEPENDENT TRUSTEES <sup>(c)</sup> | INDEPENDENT TRUSTEES <sup>(c)</sup> | INDEPENDENT TRUSTEES <sup>(c)</sup> | INDEPENDENT TRUSTEES <sup>(c)</sup> |
| Tom Bontempo<br> 114 Shady Lane<br> Randolph, NJ 07869<br> 58 | Independent Trustee | One Year, <br> Since <br> 7-1-2016 | JD Power and Associates<br> Vice President<br> Service Industry Sales, previously, Alliance and Partnership Solutions, Senior Vice President | 4 |  |
| Howard Samms<br> 4 Surrey Lane<br> Lambertville, NJ 08530<br> 77 | Independent Trustee, <br>Chairman of the Board | One Year, <br> Since <br> 7-31-1998<br> Since <br> 1-1-2005 | Retired  | 4 |  |
| Tice Walker<br> 52 Oak Avenue<br> Metuchen, NJ 08840<br> 54 | Independent Trustee | One Year, <br> Since <br> 9-1-2003 | Holborn Corporation<br> Senior Vice President;<br> previously, American International Group, Inc.<br> Head Information Analytics Actuary | 4 |  |
| INTERESTED TRUSTEE | INTERESTED TRUSTEE | INTERESTED TRUSTEE | INTERESTED TRUSTEE | INTERESTED TRUSTEE | INTERESTED TRUSTEE |
| Jeff Holcombe <sup>(a)</sup><br> 8 Guildford Court<br> Annandale, NJ 08801<br> 67 | Interested Trustee,<br> Vice-President | One Year, <br> Since <br> 7-31-1998 | MH Investment Management, Inc., <br> Vice President | 4 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mr. Holcombe is an "interested person" (as defined in the Investment Company Act of 1940) by virtue of his position as co-owner of the Fund's Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each trustee, if any, who is not an "interested trustee" as defined in the Investment Company Act of 1940 is paid $750 annually for each fund he/she oversees by the Adviser. The Chairman of the Board of Trustees is paid an additional $125 annually per Fund. Neither the interested Trustee nor any officer of the Funds receives any compensation from the Funds.

**MH Elite Portfolio of Funds Trust**

**BOARD OF TRUSTEES INFORMATION – (Continued)**

**December 31, 2022**

**Unaudited** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,Address, and Age** | **Position(s) Held with Fund** | **Term of Office and Length of Time Served** | **Principal Occupation(s) During the Past Five Years** | **Number of Portfolios Overseen Within the Fund Complex** | **Other Directorships Held Outside of the Fund Complex** |
| OFFICERS | OFFICERS | OFFICERS | OFFICERS | OFFICERS | OFFICERS |
| Harvey Merson<br> 43 Highlander Drive<br> Scotch Plains, NJ 07076<br> 71 | President and <br> Chief Compliance Officer | Since <br> 7-31-1998 | Portfolio Manager and Registered Investment Adviser | 4 |  |
| Jeff Holcombe <br> 8 Guildford Court<br> Annandale, NJ 08801<br> 67 | Vice President, Chief Information Officer and Trustee | Since <br> 7-31-1998 | MH Investment Management, Inc., <br> Vice President  | 4 |  |

---

**Board Approval of Investment Advisory Agreement**

The Investment Company Act of 1940 (the 'Act') requires that the Investment Advisory Agreement be approved annually by a vote of a majority of the Board of Trustees and including a majority of the Trustees who are considered Independent Trustees as defined by the Act. The Board of Trustees (the "Board") of MH Elite Portfolio of Funds Trust met on November 21, 2022 to discuss the selection of MH Investment Management Inc. as the investment adviser and the approval of the investment advisory agreements for MH Elite Small Cap Fund of Funds, MH Elite Fund of Funds, MH Elite Select Portfolio of Funds and MH Elite Income Fund of Funds (each, a "Fund" and collectively, the "Funds"). Harvey Merson, Funds' portfolio manager and representative for the adviser provided reports and analysis to the Board and attended the Board meeting.

Matters considered by the Board of Trustees in order to approve the investment advisory contract included, but were not limited to:

1. The Board considered the benefit to shareholders of investing in a fund of funds,

2. The nature, extent and quality of the services to be provided by the Investment Adviser,

3. Investment performance,

4. Compensation to the Adviser and an analysis of the Adviser's profitability with respect to the fund,

5. Possible conflicts of interest between the Funds and the Adviser,

6. Brokerage and portfolio transactions,

7. Overall fund expenses and expense ratios based on information provided. The Board also considered that the Funds' fee structure was competitive with the funds with similar investment goals and strategies,

8. Sales and redemptions of Fund shares.

In light of the nature, extent and quality of services provided by the Adviser to the Funds, including portfolio management, research, relationships with third party service providers, such as Funds' custodian and transfer services provided by Mutual Shareholder Services, quality of shareholder reports, accounting and compliance services, the Board concluded that said services by the Adviser warranted approval to renew the investment advisory and administrative services agreements.

**MH Elite Portfolio of Funds Trust**

**BOARD OF TRUSTEES INFORMATION – (Continued)**

**December 31, 2022**

**Unaudited** 

The Board considered, among other performance information, each funds investment objectives relative to each fund's annualized total returns over one-, three-, five- and ten-year periods. Performance reviews included comparisons to benchmark indexes with the caveat that each fund represents a portfolio of funds and includes multiple asset classes and investing styles for which there is no individual index that invests accordingly. Adviser emphasized to the Board the uniqueness of our Fund of Funds structure, in that, there are no other

non-proprietary fund complexes with similar offerings based on asset allocation specific funds. Board concluded that the Adviser's recommendations are consistent with the objectives and principal investment strategies as outlined in the Funds' prospectus.

Board reviewed a detailed monthly analysis of the Adviser's expenses and fees received from Funds to satisfy the financial responsibilities of the adviser under the terms set forth in the Investment Adviser and Administrative Services Agreements. Board acknowledges the Adviser, based on growth in Fund assets, is looking to expand shareholder services and improve the functionality of the services currently provided. Board concluded that the fees paid by the funds are fair, reasonable and necessary to maintain the financial stability of the Adviser.

Based on its evaluation of all material factors, the Board, including the non-interested Trustees, voted unanimously to approve and renew the investment advisory contract with MH Investment Management Inc. for the period January 1, 2023 through December 31, 2023.

![[mheliteannual2022final030.jpg]](mheliteannual2022final030.jpg)

**MH Elite** **Portfolio** of Funds Trust

**43 Highlander Drive** 

**Scotch Plains, NJ 07076**

**1-800-318-7969**

**www.mhelite.com**

**Annual Report**

**to** 

**Shareholders**

**December 31, 2022** 

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds' objectives and policies, experience of its management, marketability of shares, and other information.

**Investment Adviser**

MH Investment Management, Inc.

43 Highlander Drive

Scotch Plains, NJ 07076

**Item 2**. **Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;As of the end of the period covered by this report on Form N-CSR, the Registrant has adopted a Code of Ethics (as defined in Item 2(b) of Form N-CSR) that applies to the Registrant's principal executive officer and principal financial officer. A copy of the Code of Ethics may be obtained without charge, by writing to MH Elite Portfolio of Funds Trust, 43 Highlander Drive, Scotch Plains, NJ 07076.

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees confirms that the Registrant has in position, an Audit Committee Financial Expert, serving on its audit committee. Howard Samms has been a Registrant Director/Trustee since 1997 and Chairman of the Board for the last 12 years. Retired from Johnson & Johnson in 2005, Howard held the position of Executive Director - Finance for the last 10 of a 30 year career. Major responsibilities included operational audits of customers' contract compliance and performance Howard has been determined to be an audit committee financial expert and is "independent" within the meaning of item 3(a)(2) of Form N-CSR.

**Item 4. Principal Accountant Fees and Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit fees:

Audit fees for the Registrant:

Fiscal year ended December 31, 2022: $26,936.

Fiscal year ended December 31, 2021: $26,023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related fees:

Fiscal year ended December 31, 2022: $0.

Fiscal year ended December 31, 2021: $0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax fees:

Fiscal year ended December 31, 2022: $4.200.

Fiscal year ended December 31, 2021: $4,425.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All other fees:

Fiscal year ended December 31, 2022: $0.

Fiscal year ended December 31, 2021: $0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit committee pre-approval policies and procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Audit Committee must pre-approve all audit and non-audit services provided by the independent auditors and review and evaluate the qualifications, independence and performance of the Fund's independent auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No services described in items 4(b) through 4(d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Aggregate non-audit fees:

Fiscal year ended December 31, 2022: $4,200.

Fiscal year ended December 31, 2021: $4,425.

Tax preparation services are the only aggregate non-audit fees for the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the period covered by this report, the Audit committee has determined all non-audit services (tax preparation) performed were consistent with maintaining the principle accountant's independence.

**Item 5. Audit Committee of Listed Registrants**

Not applicable to this Registrant because it is not a 'listed issuer' within the meaning of Rule 10A-3 under the Securities Exchange Act of 1934.

**Item 6. Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule I – Investments in Securities of Unaffiliated Issuers

The complete schedule of investments is included in the report to shareholders in Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable to this Registrant because it is not a closed-end management investment company.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to this Registrant because it is not a closed-end management investment company.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers**.

Not applicable to this Registrant because it is not a closed-end management investment company.

**Item 10. Submission of Matters to a Vote of Securities Holders.**

The Registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 11. Controls and Procedures**

(a) DISCOSURE CONTROLS AND PROCEDURES. Based on an evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) carried out under the supervision and with the participation of the Registrant's management, including its principal executive and financial officers, within 90 days prior to the filing date of this report on Form N-CSR, the Registrant's principal executive and financial officers have concluded that the design and operation of the Registrant's disclosure controls and procedures are effective in providing reasonable assurance that the information required to be disclosed on Form N-CSR is recorded, processed, summarized and recorded within the time periods specified in the SEC's rules and forms.

(b) CHANGE IN INTERNAL CONTROLS. There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) 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.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to this Registrant because it is not a closed-end management investment company.

**Item 13. Exhibits**

The following exhibits are attached to this Form N-CSR:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10(a) Code of Ethics policy for Registrant (refer to Item 2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10(b)(1) Certification of Principal Executive Officer Required by Section 302 of the Sarbanes-Oxley Act of 2002

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10(b)(2) Certification of Principle Financial Officer Required by Section 302 of the Sarbanes-Oxley Act of 2002

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10(c) Certification of Chief Executive Office and Chief Financial Officer Required by Section 906 of the Sarbanes-Oxley Act of 2002.

**SIGNATURES**

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.

MH Elite Portfolio of Funds Trust

By <u>/s/ Harvey Merson</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvey Merson

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President (Principal Executive Officer)

Date: February 28, 2023

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 <u>/s/ Jeff Holcombe</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeff Holcombe

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President (Principal Financial Officer)

Date: February 28, 2023

## Ex-99.Cert

**Section 302 Certifications**

**MH ELITE PORTFOLIO OF FUNDS TRUST<br> CERTIFICATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Harvey Merson, the Chief Executive Officer of MH Elite Portfolio of Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of MH Elite Portfolio of Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and changes in net assets of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 28, 2023 | <br>&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Harvey Merson</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Harvey Merson, <br> &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |

---

**MH ELITE PORTFOLIO OF FUNDS TRUST<br> CERTIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Jeff Holcombe, the Chief Financial Officer of MH Elite Portfolio of Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of MH Elite Portfolio of Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and changes in net assets of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 28, 2023 | <br>&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jeff Holcombe</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Jeff Holcombe, <br> &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

## Exhibit 99.906

**Section 906 Certifications**

**MH ELITE PORTFOLIO OF FUNDS, INC.**

**Written Statement of the Chief Executive Officer and Chief Financial Officer <br> Pursuant to 18 U.S.C. § 1350**

Solely for the purposes of complying with 18 U.S.C. Section 1350, each of the undersigned, being the president and vice president, respectively, of MH Elite Portfolio of Funds, Inc. (the "Company"), hereby certify, based on his knowledge, that the Company's Certified Shareholder Report on Form N-CSR for the twelve months ended December 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that the information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: February 28, 2023 | <br>&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Harvey Merson</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Harvey Merson, Chief Executive Officer |
| Date: February 28, 2023 | <br>&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jeff Holcombe</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Jeff Holcombe, Chief Financial Officer |

---

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the company for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to such Section. The certification shall not be deemed to be incorporated by reference into the Report or any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.Code

**CODE OF ETHICS**

**MH Elite Portfolio of Funds Trust**

**GENERAL POLICY**

This Code of Ethics is based on the principle that the officers, trustees, and employees (collectively,"Personnel") of the MH Elite Portfolio of Funds Trust("Fund") owe a fiduciary duty to the Fund to place the Fund's interests before their own interests. Consequently, Fund Personnel should avoid any conduct which could create a potential conflict of interest and must ensure that they conduct their activities with the highest level of ethical standards.

**PROHIBITED ACTS**

This Code of Ethics strictly prohibits the following acts by Fund Personnel:

&nbsp;&nbsp;&nbsp;&nbsp;1. Employing any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Making any untrue statement of a material fact to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;3. Omitting to state a material fact necessary in order to make a statement made to the Fund, in light of the circumstances under which it is made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;4. Engaging in anyact, practice or course of business that would operate as a fraud or deceit on the Fund; or,

&nbsp;&nbsp;&nbsp;&nbsp;5. Engaging in any manipulative practice with respect to the Fund.

**CONFLICTS OF INTEREST**

Fund Personnel have a duty to disclose potential and actual conflicts of interest to the Fund. The Fund will notify all shareholders of the Fund of any potential or actual conflicts of interest. In order to avoid any appearance of impropriety, Fund Personnel should not accept any gifts (other than de minimis gifts, which are usually defined as having a value under $100.00) from persons or entities doing business with the Fund.

**SECURITIES PRE-CLEARANCE REQUIREMENTS**

All employees of the Fund who, in connection with his/her regular functions or duties, make or participate in making recommendations regarding the purchase or sale of securities by the Fund and any natural person who is a control person of the Fund who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund are required to request and obtain pre-clearance from the Fund's Chief Compliance Officer before directly or indirectly acquiring beneficial ownership in any securities in an initial public offering or a limited offering (i.e., private placement).

If pre-approval is granted, the Chief Compliance Officer must create and maintain a record of the decision and the reasons supporting the decision to approve the acquisition for at least five years after the end of the fiscal year in which the approval was granted.

**SECURITIES REPORTING REQUIREMENTS**

<u>Initial and Annual Holdings Reports</u>

All access persons of the Fund shall file, no later than ten (10) days after becoming an access person, an initial holdings report. Access Person means any Fund trustee, Fund officer, as well as any Fund employee who, in connection with his/her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund. Information contained in the initial holdings report must be current as of the date that the person becomes an Access Person. Furthermore, all Access Persons must file an annual holdings report between January 1<sup>st</sup>and February 14<sup>th</sup>of each calendar year that reports information as of December 31<sup>st</sup>of the prior calendar year. All holdings reports, whether initial or annual, must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;1. The title of each security in which the Access Person has any direct or indirect beneficial ownership interest;

&nbsp;&nbsp;&nbsp;&nbsp;2. The number of shares of each security, if applicable, in which the Access Person has any direct or indirect beneficial ownership interest;

&nbsp;&nbsp;&nbsp;&nbsp;3. The principal amount of each security in which the Access Person has any direct or indirect beneficial ownership interest;

&nbsp;&nbsp;&nbsp;&nbsp;4. The name of any broker, dealer or bank that maintains an account in which any security is held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The date the report was submitted by the Access Person.

<u>Quarterly Transaction Reports</u>

All Access Persons shall file, no later than thirty (30) days after the end of each calendar quarter, a transaction report containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;1. The date of each transaction in a security;

&nbsp;&nbsp;&nbsp;&nbsp;2. The title of the security involved in each transaction;

&nbsp;&nbsp;&nbsp;&nbsp;3. The interest rate and maturity date of the security involved in each transaction, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;4. The number of shares of each security involved in each transaction, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;5. The principal amount of eachsecurity involved in each transaction;

&nbsp;&nbsp;&nbsp;&nbsp;6. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;7. The price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;8. The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;9. The date the transaction report was submitted by the Access Person.

Additionally, if an Access Person establishes an account in which any securities were held during the calendar quarter for which a transaction report is being filed for the direct or indirect benefit of the Access Person, the transaction report must also contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the broker, dealer or bank with whom the Access Person established the account; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The date the account was established.

<u>Exceptions to Reporting Requirements</u>

Access Persons are not required to:

&nbsp;&nbsp;&nbsp;&nbsp;1. Report on a transactions report, transactions effected in any account over which the Access Person does not have any direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;2. Report on a holdings report, the holdings of any account over which the Access Person does not have any direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit an initial or annual holdings report if they are not an "interested person" of the Fund and the sole reason for which the person would be required to submit a holdings report is because they are a trustee of the Fund.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;4. Report on a quarterly transaction report, a transaction in a covered security if a) they are not an "interested person" of the Fund, b) the sole reason for which the person would be required to submit a transaction report is because they are a trustee of the Fund, and c) during the 15-day period immediately before or after the transaction, the trustee did not know and the trustee's official duties to the Fund should not have made him/her aware that the Fund purchased or sold the same security or that the Fund or its investment adviser considered purchasing or selling the same security.

&nbsp;&nbsp;&nbsp;&nbsp;5. Report on a transactions report, transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;6. Report on holdings of or transactions in securities that are a) direct obligations of the government of the United States, b) bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt instruments, including repurchase agreements, and c) shares issued by open-end registered investment companies.

<u>Maintenance of Reports</u>

All copy of each holdings and transaction report submitted by an Access Person must be maintained by the Fund for at least five years after the end of the fiscal year in which the report is made or the information was provided, the first two years in an easily accessible place.

<u>Review of Reports</u>

The Fund's Chief Compliance Officer or his/her designee is responsible for reviewing all holdings and transaction reports submitted by Access Persons to assess whether the person 1) was in compliance with the Fund's Code of Ethics reporting requirements; 2) engaged in any trading activity that might by prohibited by the Fund's Code of Ethics or violate its spirit; and 3) transacted in the same securities as Fund, and if so, whether the Fund appeared to be disadvantaged as a result of the Access Person's transactions. Any reports submitted by the Fund's Chief Compliance Officer will be reviewed by another Executive-Level Officer of the Fund.

<u>Notification of Reporting Obligations</u>

The Chief Compliance Officer of the Fund is responsible for creating and maintaining a record of all Access Persons who, currently or within the past five years, are or were required to submit holdings and/or transaction reports to the Fund. Furthermore, the Fund's Chief Compliance Officer must create and maintain a record of all persons who are or were responsible for reviewing holdings and/or transaction reports for the Fund. Finally, the Fund's Chief Compliance Officer must inform all Access Persons of their reporting obligations.

**ANNUAL REPORT**

Annually, the Fund's Chief Compliance Officer must prepare and provide a written report to the Fund's board of trustees that describes any issues arising under this Code of Ethics since the last report to the board of trustees, including, but not limited to, information about material violations of this Code of Ethics and sanctions imposed in response to such material violations. Additionally, the written report must certify that the Fund has adopted procedures reasonably necessary to prevent Access Persons from violating this Code of Ethics. Any reports submitted to the Fund's board of trustees pursuant to this paragraph must be maintained for at least five years after the end of the fiscal year in which the report was made, the first two years in an easily accessible place.

**COMPLIANCE and ACKNOWLEDGEMENT**

All Fund Personnel are required to annually acknowledge that they have read, understood and will comply in all respects with this Code of Ethics. <br>

# Footnotes

<sup>1</sup>

An "interested person" of the Fund is 1) any affiliated person of the Fund; 2) any member of the immediate family of any natural person who is an affiliated person of the Fund; 3) any interested person of any investment adviser of or principal underwriting for the Fund; 4) any person, partner, or employee of any person who at any time since the beginning of the last two completed fiscal years of the Fund has acted as its legal counsel; 5) any person or any affiliated person of a person (other than a registered investment company) that, at any time during the six month period preceding the date of determination as to whether the person or affiliated person is an interested person, has executed any portfolio transactions for, engaged in any principal transactions with, or distributed shares for a) the Fund, b) any other investment company that has the same investment adviser as the Fund, c) any other investment company holding itself out to investors as a related company of the Fund for purposes of investment or investor services, d) any account over which the Fund's investment adviser has brokerage placement discretion; 6) any person or any affiliated person of a person (other than a registered investment company) that, at any time during the six month period preceding the date of determination as to whether the person or affiliated person is an interested person, has loaned money or property to a) the Fund, b) any other investment company that has the same investment adviser as the Fund, c) any other investment company that holds itself out to investors as a related company of the Fund for purposes of investment or investor services, or d) any account for which the Fund's investment adviser has borrowing authority; and 7) any natural person whom the U.S. Securities and Exchange Commission by order shall have determined to be an interested person of the Fund. A person, however, whose only affiliation with the Fund results from his being a member of its board of trustees is not deemed to be an interested person of the Fund.

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