UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number811-22669
AmericaFirst Quantitative Funds
(Exact name of registrant as specified in charter)
300 Harding Blvd., Suite 215 Roseville, CA 95678
(Address of principal executive offices)(Zip code)
Mutual Shareholder Services, LLC.
8000 Town Centre Drive, Suite 400 Broadview Heights OH 44147
(Name and address of agent for service)
Registrant's telephone number, including area code:(916) 757-6862
Date of fiscal year end: June 30
Date of reporting period:June 30, 2019
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
AmericaFirst Defensive Growth Fund |
AmericaFirst Large Cap Share Buyback Fund |
AmericaFirst Seasonal Rotation Fund |
AmericaFirst Tactical Alpha Fund |
AmericaFirst Income Fund |
June 30, 2019
AmericaFirst Quantitative Funds |
c/o Mutual Shareholder Services, LLC |
8000 Town Centre Drive, Suite 400 |
Broadview Heights, Ohio 44147 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.americafirstfunds.com 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 Funds electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Fund documents that have been mailed to you.
AMERICAFIRST QUANTITATIVE FUNDS
LETTER TO SHAREHOLDERS
JUNE 30, 2019 (UNAUDITED)
Dear AmericaFirst Mutual Fund Shareholder.
Investment performance for the twelve months ending in June of 2019 can be broken into two dramatically different (but equally impactive) timeframes…the 4th Quarter of 2018 and the first half of 2019.
Fourth Quarter - 2018
All AmericaFirst funds suffered negative returns in the fourth quarter of 2018 as the major indexes experienced their worst quarterly declines in roughly a decade, returning most equity indices to levels last seen in the summer of 2017 and sending them into bear market territory, or down more than 20% from their recent highs. Stocks were more volatile than usual as the S&P 500 Index seeing 10 days with swings over 3%.
As a fund that invests in energy stocks to achieve a high dividend yield, the AmericaFirst Income fund was further impacted as oil prices plunged causing energy sector to be the worst performer in the S&P 500 Index, falling by nearly 24% on a total return basis.
The AmericaFirst Seasonal Rotation Fund (which favors cyclical stocks when invested in equities) was heavily impacted in December as technology, industrials, and consumer discretionary stocks were among the weakest of stock sectors.
The AmericaFirst Defensive Growth Fund suffered less downside (relative to its peers) as the typically defensive utilities sector was the sole segment to escape with a small gain.
First Half - 2019
Ending the first six months of 2019, three of the five AmericaFirst Funds outperformed their respective Morningstar peer groups (categories). In addition, each tactical AmericaFirst fund strategy was enhanced to reduce future impact by negative investment markets.
Although stocks entered 2019 with extreme oversold conditions, the perceived policy shift of the Federal Reserve to a more dovish position set the stage for the best first half performance in more than 20 years (1997).
Despite the strong equity performance domestically, international stocks underperformed by more than 8% for the first six months of 2019 causing the AmericaFirst Large Cap Share Buyback Fund to underperform its peer group. The Large Cap Share Buyback Fund was nearly 20% allocated to international securities while its peer group was nearly 100% allocated to domestic positions.
Negative returns for the energy sector and the underperformance of Real Estate Investment Trusts in the second quarter of 2019 caused the AmericaFirst Income Fund to be the only other underperformer for the first half of 2019 as the Fund was nearly 25% allocated to these two sectors.
Moving Forward
AmericaFirst has integrated significant enhancements to its mutual fund lineup to reduce future downside risk without sacrificing upside potential. Overall, our funds are off to a solid start for 2019 relative to their peer groups and we look forward navigating your investment as the investment markets continue to be volatile.
Thank you for your investment in AmericaFirst Funds.
Rick Gonsalves
President
AmericaFirst Capital Management
AmericaFirst Quantitative Funds
1
AMERICAFIRST DEFENSIVE GROWTH FUND
PERFORMANCE ILLUSTRATION
JUNE 30, 2019 (UNAUDITED)
COMPARISON OF A $10,000 INVESTMENT IN THE AMERICAFIRST DEFENSIVE GROWTH FUND CLASS A SHARES AND THE S&P 500 TOTAL RETURN INDEX
Average Annual Total Return
| One Year | Three Year | Five Year | Commencement of Operations through June 30, 2019(1) | |
Class A | Without sales load | 0.94% | -5.00% | -2.69% | 2.98% |
With sales load | -4.06% | -6.62% | -3.69% | 2.32% | |
Class I | 1.48% | -4.56% | -2.00% | 3.72% | |
Class U | Without sales load | 0.44% | -5.53% | -3.22% | 2.41% |
With sales load | -2.12% | -6.33% | -3.71% | 2.09% | |
S&P 500 Total Return Index | 10.42% | 14.22% | 10.72% | 12.77% |
(1)AmericaFirst Defensive Growth Fund Class A, Class I and Class U shares commenced operations on May 23, 2011. Benchmark since inception return assumes inception date of May 23, 2011. Redemption fees are 1% of amount redeemed, if sold within 90 days.
Total Fund operating expense ratios as stated in the Fund's prospectus dated November 1, 2018 were as follows: AmericaFirst Defensive Growth Fund Class A, 3.12% gross of fee waivers or expense reimbursements and 3.02% after waiver and reimbursement; Class I, 2.88% gross of fee waivers or expense reimbursements and 2.53% after waiver and reimbursement; and Class U, 3.87% gross of fee waivers or expense reimbursements and 3.53% after waiver and reimbursement. The maximum load on Class A shares is 5.00% and on Class U shares is 2.50%.
The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8363.
The above graph depicts the performance of the AmericaFirst Defensive Growth Fund Class A shares versus the S&P 500 Total Return Index. The S&P 500 Total Return Index by Standard and Poor’s Corp. is a capitalization-weighted index comprising 500 issues listed on various exchanges, representing the performance of the stock market generally. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track and individuals cannot invest directly in any index.
2
AMERICAFIRST LARGE CAP SHARE BUYBACK FUND
PERFORMANCE ILLUSTRATION
JUNE 30, 2019 (UNAUDITED)
COMPARISON OF A $10,000 INVESTMENT IN THE AMERICAFIRST LARGE CAP SHARE BUYBACK FUND CLASS A SHARES AND THE S&P 500 TOTAL RETURN INDEX
Average Annual Total Return
| One Year | Commencement of Operations through June 30, 2019(1) | |
Class A | Without sales load | 5.72% | 8.52% |
With sales load | 0.45% | 6.22% | |
Class I | 5.99% | 9.22% | |
Class U | Without sales load | 5.12% | 7.95% |
With sales load | 2.50% | 6.81% | |
S&P 500 Total Return Index | 10.42% | 13.47% |
(1)AmericaFirst Large Cap Share Buyback Fund Class A, Class I and Class U shares commenced operations on January 31, 2017. Benchmark since inception return assumes inception date of January 31, 2017. Redemption fees are 1% of amount redeemed, if sold within 90 days.
Total Fund estimated operating expense ratios as stated in the Fund's prospectus dated November 1, 2018 were as follows: AmericaFirst Large Cap Share Buyback Fund Class A, 4.27% gross of fee waivers or expense reimbursements and 1.76% after fee waiver and reimbursements; Class I, 3.59% gross of fee waivers or expense reimbursements and 1.51% after fee waiver and reimbursements: and Class U, 4.52% gross of fee waivers or expense reimbursements and 2.51% after fee waiver and reimbursements. The maximum load on Class A shares is 5.00% and on Class U shares is 2.50%.
The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8363.
The above graph depicts the performance of the AmericaFirst Large Cap Share Buyback Fund Class A shares versus the S&P 500 Total Return Index. The S&P 500 Total Return Index by Standard and Poor’s Corp. is a capitalization-weighted index comprising 500 issues listed on various exchanges, representing the performance of the stock market generally. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track and individuals cannot invest directly in any index.
3
AMERICAFIRST SEASONAL ROTATION FUND
PERFORMANCE ILLUSTRATION
JUNE 30, 2019 (UNAUDITED)
COMPARISON OF A $10,000 INVESTMENT IN THE AMERICAFIRST SEASONAL ROTATION FUND CLASS A SHARES AND THE DOW JONES U.S. MODERATELY CONSERVATIVE PORTFOLIO INDEX
Average Annual Total Return
| One Year | Three Year | Five Year | Commencement of Operations through June 30, 2019(1) | |
Class A | Without sales load | -6.22% | 2.22% | 0.93% | 1.47% |
With sales load | -10.90% | 0.49% | -0.11% | 0.55% | |
Class I | -5.45% | 2.96% | 1.56% | 2.10% | |
Class U | Without sales load | -6.71% | 1.69% | 0.41% | 0.95% |
With sales load | -9.07% | 0.82% | -0.11% | 0.50% | |
Dow Jones U.S. Moderately Conservative Portfolio Index | 7.19% | 6.49% | 5.40% | 6.03% |
(1)AmericaFirst Seasonal Rotation Fund Class A, Class I, and Class U shares commenced operations on October 31, 2013. Benchmark since inception return assumes inception date of October 31, 2013. Redemption fees are 1% of amount redeemed, if sold within 90 days.
Total Fund operating expense ratios as stated in the Fund's prospectus dated November 1, 2018 were as follows: AmericaFirst Seasonal Rotation Fund Class A, 2.73% gross of fee waivers or expense reimbursements and 2.58% after fee waiver and reimbursements; Class I, 2.48% gross of fee waivers or expense reimbursements and 1.62% after fee waiver and reimbursements; and Class U, 3.47% gross of fee waivers or expense reimbursements and 3.08% after fee waiver and reimbursements. The maximum load on Class A shares is 5.00% and on Class U shares is 2.50%.
The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8363.
The above graph depicts the performance of the AmericaFirst Seasonal Rotation Fund Class A shares versus the Dow Jones U.S. Moderately Conservative Portfolio Index. This index is a weighted average of other stock, bond, and cash indicies. It is reconstructed monthly and represents 40% of the risk of the U.S. equities market. The equities position (which is close to 40% of the portfolio) is constructed by equally weighting six Dow Jones U.S. style indicies (Large Growth, Large Value, Mid Growth, Mid Value, Small Growth and Small Value). The bond and cash position (which is close to 60% of the portfolio) is composed of various Barclays U.S. fixed income indicies.
4
AMERICAFIRST TACTICAL ALPHA FUND
PERFORMANCE ILLUSTRATION
JUNE 30, 2019 (UNAUDITED)
COMPARISON OF A $10,000 INVESTMENT IN THE AMERICAFIRST TACTICAL ALPHA FUND CLASS A SHARES AND THE S&P 500 TOTAL RETURN INDEX
Average Annual Total Return
| One Year | Three Year | Five Year | Commencement of Operations through June 30, 2019(1) | |
Class A | Without sales load | -3.33% | 3.21% | 1.68% | 3.65% |
With sales load | -8.16% | 1.48% | 0.64% | 3.07% | |
Class I(2) | -2.31% | 4.14% | 2.71% | 5.77% | |
Class U | Without sales load | -3.85% | 2.70% | 1.16% | 3.12% |
With sales load | -6.24% | 1.83% | 0.65% | 2.83% | |
S&P 500 Total Return Index | 10.42% | 14.22% | 10.72% | 13.40% |
(1)AmericaFirst Tactical Alpha Fund Class A and Class U shares commenced operations on February 26, 2010. Benchmark since inception return assumes inception date of February 26, 2010. Redemption fees are 1% of amount redeemed, if sold within 90 days.
(2)AmericaFirst Tactical Alpha Fund Class I commenced operations on July 12, 2010.
Total Fund operating expense ratios as stated in the Fund's prospectus dated November 1, 2018, as supplemented May 10, 2019 were as follows: AmericaFirst Tactical Alpha Fund Class A, 2.55% gross of fee waivers or expense reimbursements and 2.79% after fee waiver and reimbursements; Class I, 3.30% gross of fee waivers or expense reimbursements and 3.29% after fee waiver and reimbursements; and Class U, 2.30% gross of fee waivers or expense reimbursements and 1.84% after fee waiver and reimbursements. The maximum load on Class A shares is 5.00% and on Class U shares is 2.50%.
The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8363.
The above graph depicts the performance of the AmericaFirst Tactical Alpha Fund Class A shares versus the S&P 500 Total Return Index. The S&P 500 Total Return Index by Standard and Poor’s Corp. is a capitalization-weighted index comprising 500 issues listed on various exchanges, representing the performance of the stock market generally. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track and individuals cannot invest directly in any index.
5
AMERICAFIRST INCOME FUND
PERFORMANCE ILLUSTRATION
JUNE 30, 2019 (UNAUDITED)
COMPARISON OF A $10,000 INVESTMENT IN THE AMERICAFIRST INCOME FUND CLASS A SHARES AND THE BLOOMBERG BARCLAYS AGGREGATE BOND INDEX
Average Annual Total Return
|
| One Year | Three Year | Five Year | Commencement of Operations through June 30, 2019(1) |
|
| ||||
Class A | Without sales load | -6.25% | 3.48% | -1.59% | 1.34% |
With sales load | -9.98% | 2.08% | -2.40% | 0.88% | |
Class I | -5.55% | 4.30% | -0.75% | 2.06% | |
Class U | Without sales load | -6.65% | 2.93% | -2.08% | 0.83% |
With sales load | -8.48% | 2.22% | -2.47% | 0.61% | |
Bloomberg Barclays Aggregate Bond Index | 7.87% | 2.31% | 2.95% | 3.28% |
(1)AmericaFirst Income Fund Class A, Class I and Class U shares commenced operations on July 1, 2010. Benchmark since inception return assumes inception date of July 1, 2010. Redemption fees are 1% of amount redeemed, if sold within 90 days.
Total Fund operating expense ratios as stated in the Fund's prospectus dated November 1, 2018 were as follows: AmericaFirst Income Fund Class A, 2.80% gross of fee waivers or expense reimbursements and 2.40% after waiver and reimbursement; Class I, 2.54% gross of fee waivers or expense reimbursements and 1.59% after waiver and reimbursement; and Class U, 3.56% gross of fee waivers or expense reimbursements and 2.92% after waiver and reimbursement. The maximum load on Class A shares is 4.00% and on Class U shares is 2.00%.
The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8363.
The above graph depicts the performance of the AmericaFirst Income Fund Class A shares versus the Bloomberg Barclays Aggregate Bond Index. The Bloomberg Barclays Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities and asset-backed securities). Investors cannot invest directly in an index or benchmark.
6
AMERICAFIRST DEFENSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2019
Shares |
|
| Value |
|
|
|
|
COMMON STOCK - 53.61% |
| ||
|
|
|
|
Agriculture Services - 0.66% |
| ||
508 |
| Calavo Growers, Inc. | $ 49,144 |
|
|
|
|
Aircraft Part & Auxiliary Equipment - 0.65% |
| ||
99 |
| TransDigm Group, Inc. * | 47,896 |
|
|
|
|
Biological Products (No Diagnostic Substances) - 2.60% |
| ||
221 |
| Bio-Techne Corp. | 46,076 |
196 |
| Biogen, Inc. * | 45,839 |
690 |
| Gilead Sciences, Inc. | 46,616 |
630 |
| Repligen Corp. * | 54,149 |
|
|
| 192,680 |
Bottled & Canned Soft Drinks Carbonated Waters - 1.79% |
| ||
148 |
| Coca-Cola Consolidated, Inc. | 44,289 |
778 |
| Coca-Cola European Partners Plc. (United Kingdom) | 43,957 |
699 |
| Monster Beverage Corp. * | 44,617 |
|
|
| 132,863 |
Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 0.63% |
| ||
733 |
| Lamb Weston Holdings, Inc. | 46,443 |
|
|
|
|
Cookies & Crackers - 0.60% |
| ||
275 |
| J&J Snack Foods Corp. | 44,261 |
|
|
|
|
Dental Equipment & Supplies - 0.58% |
| ||
742 |
| Dentsply Sirona, Inc. | 43,303 |
|
|
|
|
Electric & Other Services Combined - 1.81% |
| ||
619 |
| NorthWestern Corp. | 44,661 |
747 |
| Public Service Enterprise Group, Inc. | 43,939 |
766 |
| Xcel Energy, Inc. | 45,569 |
|
|
| 134,169 |
Electric Services - 1.15% |
| ||
577 |
| Black Hills Corp. | 45,104 |
748 |
| Portland General Electric Co. | 40,519 |
|
|
| 85,623 |
Electromedical & Electrotherapeutic Apparatus - 1.30% |
| ||
547 |
| Conmed Corp. | 46,807 |
336 |
| Masimo Corp. * | 50,003 |
|
|
| 96,810 |
Electronic Components & Accessories - 0.64% |
| ||
679 |
| Mercury Systems, Inc. * | 47,768 |
The accompanying notes are an integral part of these financial statements.
7
AMERICAFIRST DEFENSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares |
|
| Value |
|
|
|
|
Electronic Computers - 0.64% |
| ||
550 |
| Omnicell, Inc. * | $ 47,316 |
|
|
|
|
Fabricated Rubber Products - 0.64% |
| ||
382 |
| West Pharmaceutical Services, Inc. | 47,807 |
|
|
|
|
Food & Kindred Products - 2.44% |
| ||
1,054 |
| Campbell Soup Co. | 42,234 |
1,918 |
| Flowers Foods, Inc. | 44,632 |
850 |
| Mondelez International, Inc. Class A | 45,815 |
2,027 |
| Simply Good Foods Co. * | 48,810 |
|
|
| 181,491 |
Gas & Other Services Combined - 0.62% |
| ||
336 |
| Sempra Energy | 46,180 |
|
|
|
|
Grain Mill Products - 0.61% |
| ||
864 |
| General Mills, Inc. | 45,377 |
|
|
|
|
Hospital & Medical Service Plans - 2.41% |
| ||
159 |
| Anthem, Inc. | 44,871 |
821 |
| Centene Corp. * | 43,053 |
176 |
| Humana, Inc. | 46,693 |
155 |
| Wellcare Health Plans, Inc. * | 44,186 |
|
|
| 178,803 |
Hotels & Motels - 0.60% |
| ||
1,604 |
| Park Hotels & Resorts, Inc. | 44,206 |
|
|
|
|
In Vitro & In Vivo Diagnostic Substances - 0.67% |
| ||
1,789 |
| Myriad Genetics, Inc. * | 49,698 |
|
|
|
|
Malt Beverages - 0.71% |
| ||
140 |
| Boston Beer Co., Inc. Class A * | 52,886 |
|
|
|
|
Misc Industrial & Commercial Machinery & Equipment - 0.60% |
| ||
352 |
| Curtiss Wright Corp. | 44,750 |
|
|
|
|
Miscellaneous Food Preparations & Kindred Products - 0.58% |
| ||
338 |
| Medifast, Inc. | 43,365 |
|
|
|
|
Natural Gas Transmission - 0.63% |
| ||
882 |
| National Grid Plc. ADR | 46,905 |
|
|
|
|
Operators Of Nonresidential Buildings - 0.58% |
| ||
1,004 |
| Spirit Realty Capital, Inc. | 42,831 |
The accompanying notes are an integral part of these financial statements.
8
AMERICAFIRST DEFENSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares |
|
| Value |
|
|
|
|
Orthopedic, Prosthetic & Surgical Appliances & Supplies - 1.84% |
| ||
327 |
| Steris Plc. (Ireland) | $ 48,684 |
1,434 |
| Wright Medical Group N.V. (Amsterdam) * | 42,762 |
385 |
| Zimmer Biomet Holdings, Inc. | 45,330 |
|
|
| 136,776 |
Perfumes, Cosmetics & Other Toilet Preparations - 0.54% |
| ||
1,500 |
| Edgewell Personal Care Co. * | 40,425 |
|
|
|
|
Pharmaceutical Preparations - 7.19% |
| ||
383 |
| Alexion Pharmaceuticals, Inc. * | 50,165 |
350 |
| Allergan Plc. (Ireland) | 58,601 |
60 |
| Alnylam Pharmaceuticals, Inc. * | 4,354 |
2,109 |
| Bausch Health Companies, Inc. (Canada) * | 53,189 |
464 |
| Celgene Corp. * | 42,892 |
1,828 |
| Horizon Therapeutics Plc. * | 43,982 |
1,889 |
| Insmed, Inc. * | 48,358 |
340 |
| Jazz Pharmaceuticals Plc. (Ireland) * | 48,470 |
331 |
| Johnson & Johnson | 46,102 |
545 |
| Merck & Co., Inc. | 45,698 |
2,491 |
| Mylan N.V. (United Kingdom) * | 47,429 |
4,814 |
| Teva Pharmaceutical Industries Ltd. ADR * | 44,433 |
|
|
| 533,673 |
Plastics Products - 0.64% |
| ||
3,099 |
| Newell Brands, Inc. | 47,787 |
|
|
|
|
Poultry Slaughtering and Processing - 1.80% |
| ||
1,732 |
| Pilgrims Pride Corp. * | 43,975 |
325 |
| Sanderson Farms, Inc. | 44,382 |
563 |
| Tyson Foods, Inc. | 45,457 |
|
|
| 133,814 |
Radio & TV Broadcasting & Communication Equipment - 0.58% |
| ||
176 |
| L3 Technologies, Inc. | 43,150 |
|
|
|
|
Radio Telephone Communications - 1.23% |
| ||
992 |
| United States Cellular Corp. * | 44,313 |
16,880 |
| Veon Ltd. ADR | 47,264 |
|
|
| 91,577 |
Railroads, Line-Haul Operating - 1.16% |
| ||
533 |
| CSX Corp. | 41,238 |
224 |
| Norfolk Southern Corp. | 44,650 |
|
|
| 85,888 |
Search, Detection, Navigation, Guidance, Aeronautical Sys - 0.68% |
| ||
185 |
| Teledyne Technologies, Inc. * | 50,666 |
The accompanying notes are an integral part of these financial statements.
9
AMERICAFIRST DEFENSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares |
|
| Value |
|
|
|
|
Services-Business Services - 0.57% |
| ||
1,296 |
| HMS Holdings Corp. * | $ 41,977 |
|
|
|
|
Services-Commercial Physical & Biological Research - 0.62% |
| ||
323 |
| Charles River Laboratories International, Inc. * | 45,834 |
|
|
|
|
Services-General Medical & Surgical Hospitals - 0.65% |
| ||
354 |
| HCA Healthcare, Inc. | 47,850 |
|
|
|
|
Services-Health Services - 0.62% |
| ||
377 |
| U.S. Physical Therapy, Inc. | 46,209 |
|
|
|
|
Services-Home Health Care Services - 1.25% |
| ||
393 |
| Amedisys, Inc. | 47,714 |
379 |
| LHC Group, Inc. | 45,321 |
|
|
| 93,035 |
Services-Hospital - 0.57% |
| ||
667 |
| Encompass Health Corp. | 42,261 |
|
|
|
|
Services-Skilled Nursing Care Facilities - 0.63% |
| ||
826 |
| Ensign Group, Inc. | 47,016 |
|
|
|
|
Ship & Boat Building & Repairing - 0.66% |
| ||
268 |
| General Dynamics Corp. | 48,728 |
|
|
|
|
Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 1.20% |
| ||
583 |
| Church & Dwight Co., Inc. | 42,594 |
424 |
| Procter & Gamble Co. | 46,492 |
|
|
| 89,086 |
Surgical & Medical Instruments & Apparatus - 2.70% |
| ||
328 |
| Dexcom, Inc. * | 49,148 |
681 |
| Glaukos Corp. * | 51,347 |
643 |
| iRhythm Technologies, Inc. * | 50,848 |
240 |
| Stryker Corp. | 49,339 |
|
|
| 200,682 |
Telegraph & Other Message Communications - 0.63% |
| ||
529 |
| J2 Global, Inc. | 47,023 |
|
|
|
|
Telephone Communications (No Radio Telephone) - 0.60% |
| ||
778 |
| Verizon Communications, Inc. | 44,447 |
|
|
|
|
Wholesale-Groceries & General Line - 0.63% |
| ||
1,176 |
| Core-Mark Holdings Company, Inc. | 46,711 |
The accompanying notes are an integral part of these financial statements.
10
AMERICAFIRST DEFENSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares |
|
| Value |
|
|
|
|
Wholesale-Groceries & Related Products - 1.21% |
| ||
638 |
| Sysco Corp. | $ 45,119 |
1,256 |
| US Food Holdings Corp. * | 44,915 |
|
|
| 90,034 |
Wholesale-Medical, Dental & Hospital Equipment & Supplies - 0.63% |
| ||
2,026 |
| Patterson Cos., Inc. | 46,395 |
|
|
|
|
X-Ray Apparatus & Tubes & Related Irradiation Apparatus - 0.64% |
| ||
996 |
| Hologic, Inc. * | 47,828 |
|
|
|
|
TOTAL COMMON STOCK (Cost $3,806,025) - 53.61% | 3,981,447 | ||
|
|
|
|
EXCHANGE TRADED FUNDS - 30.70% |
| ||
7,395 |
| Invesco CurrencyShares Japanese Yen Trust * | 653,274 |
11,870 |
| Invesco DB US Dollar Index Bullish Fund | 308,264 |
5,911 |
| iShares Core U.S. Aggregate Bond ETF | 658,190 |
11,525 |
| Vanguard Total International Bond ETF | 660,383 |
TOTAL EXCHANGE TRADED FUNDS (Cost $2,222,885) - 30.70% | 2,280,111 | ||
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 8.24% |
| ||
1,602 |
| Acadia Realty Trust | 43,847 |
966 |
| American Assets Trust, Inc. | 45,518 |
19 |
| American Tower Corp. | 3,885 |
216 |
| Apollo Commercial Real Estate Finance, Inc. | 3,972 |
1,230 |
| Blackstone Mortgage Trust, Inc. Class A | 43,763 |
334 |
| Boston Properties, Inc. | 43,086 |
1,216 |
| Cousins Properties, Inc. | 43,983 |
132 |
| Duke Realty Corp. | 4,173 |
394 |
| Eastgroup Properties, Inc. | 45,696 |
1,352 |
| Equity Commonwealth | 43,967 |
14 |
| Essex Property Trust, Inc. | 4,087 |
2,431 |
| Host Hotels & Resorts, Inc. | 44,293 |
2,507 |
| Kimco Realty Corp. | 46,329 |
566 |
| Lamar Advertising Co. Class A | 45,682 |
90 |
| LTC Properties, Inc. | 4,109 |
1,202 |
| Macerich Co. | 40,255 |
35 |
| Mid-America Apartment Communities, Inc. | 4,122 |
1,785 |
| Outfront Media, Inc. | 46,035 |
196 |
| Piedmont Office Realty Trust, Inc. Class A | 3,906 |
623 |
| Realty Income Corp. | 42,968 |
142 |
| Weingarten Realty Investors | 3,894 |
50 |
| Welltower, Inc. | 4,076 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $607,738) - 8.24% | 611,646 |
The accompanying notes are an integral part of these financial statements.
11
AMERICAFIRST DEFENSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares |
|
| Value |
|
|
|
|
VENTURE CAPITAL FUND - 5.85% |
| ||
- |
| Moneta Ventures Fund II LP * (a)(b) | $ 434,715 |
TOTAL VENTURE CAPITAL FUND (Cost $371,517) - 5.85% | 434,715 | ||
|
|
|
|
MONEY MARKET FUND - 1.68% |
| ||
124,415 |
| Federated Institutional Prime Obligations Fund - Institutional Class 2.4% ** | 124,465 |
TOTAL MONEY MARKET FUND (Cost $124,465) - 1.68% | 124,465 | ||
|
|
|
|
INVESTMENTS IN SECURITIES, AT VALUE (Cost $7,132,630) *** - 100.08% | 7,432,384 | ||
|
|
|
|
LIABILITIES LESS OTHER ASSETS - (0.08)% | (5,911) | ||
|
|
|
|
NET ASSETS - 100.00% | $ 7,426,473 |
* Represents non-income producing security during the period.
** Variable rate security; the money market rate shown represents the seven day yield at June 30, 2019.
*** Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $7,145,261 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:
Gross Unrealized Appreciation $400,601
Gross Unrealized Depreciation (113,478)
Net Unrealized Appreciation $287,123
(a) Investment in private venture capital fund valued at net asset value per share (practical expedient) as of June 30, 2019. As the Trust owns greater than 5% of the private venture capital fund, it is considered an investment in an affiliate. See Note 3.
(b) Represents investment in a non-unitized venture capital fund. Accordingly, share quantity is not applicable.
ADR - American Depositary Receipt
ETF - Exchange Traded Fund
LP - Limited Partnership
The accompanying notes are an integral part of these financial statements.
12
AMERICAFIRST DEFENSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
The Fund’s holdings were divided among the following economic industries (Unaudited): | |||
|
|
|
|
Exchange Traded Funds | 30.68% | ||
Real Estate Investment Trusts | 8.23% | ||
Pharmaceutical Preparations | 7.18% | ||
Venture Capital Funds | 5.85% | ||
Surgical & Medical Instruments & Apparatus | 2.70% | ||
Biological Products (No Diagnostic Substances) | 2.59% | ||
Food & Kindred Products | 2.44% | ||
Hospital & Medical Service Plans | 2.41% | ||
Orthopedic, Prosthetic & Surgical Appliances & Supplies | 1.84% | ||
Electric & Other Services Combined | 1.81% | ||
Poultry Slaughtering and Processing | 1.80% | ||
Bottled & Canned Soft Drinks Carbonated Waters | 1.79% | ||
Money Market Fund | 1.68% | ||
Electromedical & Electrotherapeutic Apparatus | 1.30% | ||
Services-Home Health Care Services | 1.25% | ||
Radio Telephone Communications | 1.23% | ||
Wholesale-Groceries & Related Products | 1.21% | ||
Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics | 1.20% | ||
Electric Services | 1.15% | ||
Railroads, Line-Haul Operating | 1.16% | ||
Malt Beverages | 0.71% | ||
Search, Detection, Navigation, Guidance, Aeronautical Sys | 0.68% | ||
Agriculture Services | 0.66% | ||
In Vitro & In Vivo Diagnostic Substances | 0.67% | ||
Ship & Boat Building & Repairing | 0.66% | ||
Aircraft Part & Auxiliary Equipment | 0.64% | ||
Electronic Components & Accessories | 0.64% | ||
Fabricated Rubber Products | 0.64% | ||
Plastics Products | 0.64% | ||
Services-General Medical & Surgical Hospitals | 0.64% | ||
X-Ray Apparatus & Tubes & Related Irradiation Apparatus | 0.64% | ||
Electronic Computers | 0.64% | ||
Natural Gas Transmission | 0.63% | ||
Services-Skilled Nursing Care Facilities | 0.63% | ||
Telegraph & Other Message Communications | 0.63% | ||
Canned, Frozen & Preserved Fruit, Veg & Food Specialties | 0.63% | ||
Gas & Other Services Combined | 0.62% | ||
Services-Health Services | 0.62% | ||
Wholesale-Groceries & General Line | 0.63% | ||
Wholesale-Medical, Dental & Hospital Equipment & Supplies | 0.62% | ||
Grain Mill Products | 0.61% | ||
Services-Commercial Physical & Biological Research | 0.62% | ||
Misc Industrial & Commercial Machinery & Equipment | 0.60% | ||
Cookies & Crackers | 0.60% | ||
Hotels & Motels | 0.60% | ||
Telephone Communications (No Radio Telephone) | 0.60% | ||
Dental Equipment & Supplies | 0.58% | ||
Miscellaneous Food Preparations & Kindred Products | 0.58% | ||
Radio & TV Broadcasting & Communication Equipment | 0.58% | ||
Operators Of Nonresidential Buildings | 0.58% | ||
Services-Hospital | 0.57% | ||
Services-Business Services | 0.57% | ||
Perfumes, Cosmetics & Other Toilet Preparations | 0.54% | ||
|
| Total Portfolio Holdings | 100.00% |
|
|
|
|
The percentages in the above table are based on market value of the Fund’s portfolio holdings as of June 30, 2019 and are subject to change. |
13
AMERICAFIRST LARGE CAP SHARE BUYBACK FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2019
Shares |
|
| Value |
|
|
|
|
COMMON STOCK - 92.63% |
| ||
|
|
|
|
Apparel & Other Finished Prods of Fabrics & Similar Material - 4.12% |
| ||
8,181 |
| Gildan Activewear, Inc. (Canada) | $ 316,441 |
|
|
|
|
Computer Communications Equipment - 3.86% |
| ||
5,417 |
| Cisco Sytems, Inc. | 296,472 |
|
|
|
|
Computer Storage Devices - 3.34% |
| ||
4,161 |
| NetApp, Inc. | 256,734 |
|
|
|
|
Crude Petroleum & Natural Gas - 3.49% |
| ||
11,688 |
| Cabot Oil & Gas Corp. | 268,356 |
|
|
|
|
Electric Services - 3.37% |
| ||
7,384 |
| NRG Energy, Inc. | 259,326 |
|
|
|
|
Fabricated Rubber Products - 3.90% |
| ||
2,134 |
| Carlisle Cos., Inc. | 299,635 |
|
|
|
|
Fire, Marine & Casualty Insurance - 4.20% |
| ||
5,904 |
| Loews Corp. | 322,772 |
|
|
|
|
Miscellaneous Publishing - 4.07% |
| ||
4,855 |
| Thomas Reuters Corp. (Canada) | 312,953 |
|
|
|
|
Natural Gas Transmission - 3.87% |
| ||
5,596 |
| National Grid Plc. ADR | 297,595 |
|
|
|
|
Petroleum Refining - 3.93% |
| ||
3,227 |
| Phillips 66 | 301,854 |
|
|
|
|
Pharmaceutical Preparations - 8.32% |
| ||
6,186 |
| Novo Nordisk A/S ADR | 315,733 |
7,470 |
| Pfizer, Inc. | 323,600 |
|
|
| 639,333 |
Radio & TV Broadcasting & Communications Equipment - 3.06% |
| ||
1,786 |
| Ubiquiti Networks, Inc. | 234,859 |
|
|
|
|
Railroads, Line-Haul Operating - 7.63% |
| ||
1,496 |
| Norfolk Southern Corp. | 298,198 |
1,705 |
| Union Pacific Corp. | 288,333 |
|
|
| 586,531 |
Retail-Auto & Home Supply Stores - 8.04% |
| ||
294 |
| AutoZone, Inc. * | 323,244 |
799 |
| O'Reilly Automotive, Inc. * | 295,087 |
|
|
| 618,331 |
The accompanying notes are an integral part of these financial statements.
14
AMERICAFIRST LARGE CAP SHARE BUYBACK FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares |
|
| Value |
|
| ||
Retail-Eating & Drinking Places - 4.25% |
| ||
3,896 |
| Starbucks Corp. | $ 326,602 |
|
|
|
|
Retail-Eating Places - 4.26% |
| ||
2,959 |
| Yum! Brands, Inc. | 327,473 |
|
|
|
|
Retail-Radio TV & Consumer Electronics Stores - 3.70% |
| ||
4,075 |
| Best Buy Co., Inc. | 284,150 |
|
|
|
|
Services-Business Services - 4.18% |
| ||
1,345 |
| MSCI, Inc. Class A | 321,173 |
|
|
|
|
Services-Computer Processing & Data Preparation - 4.15% |
| ||
3,496 |
| Fiserv, Inc. * | 318,695 |
|
|
|
|
Services-Prepackaged Software - 3.78% |
| ||
2,515 |
| Check Point Software Technologies Ltd. (Israel) * | 290,759 |
|
|
|
|
Wholesale-Drugs Proprietaries & Druggists' Sundries - 3.11% |
| ||
5,587 |
| Herbalife Nutrition Ltd. (Cayman Islands) * | 238,900 |
|
|
|
|
TOTAL COMMON STOCK (Cost $6,757,254) - 92.63% | 7,118,944 | ||
|
|
|
|
REAL ESTATE INVESTMENT TRUST - 4.01% |
| ||
6,143 |
| Apartment Investment & Management Co. | 307,887 |
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $304,554) - 4.01% | 307,887 | ||
|
|
|
|
MONEY MARKET FUND - 2.85% |
| ||
219,329 |
| Federated Institutional Prime Obligations Fund - Institutional Class 2.4% ** | 219,329 |
TOTAL MONEY MARKET FUND (Cost $219,329) - 2.85% | 219,329 | ||
|
|
|
|
INVESTMENTS IN SECURITIES, AT VALUE (Cost $7,281,137) *** - 99.49% | 7,646,160 | ||
|
|
|
|
OTHER ASSETS LESS LIABILITIES - 0.51% | 39,283 | ||
|
|
|
|
NET ASSETS - 100.00% | $ 7,685,443 |
* Represents non-income producing security during the period.
** Variable rate security; the money market rate shown represents the seven day yield at June 30, 2019.
*** Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $7,319,619 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:
Gross Unrealized Appreciation $633,703
Gross Unrealized Depreciation (307,162)
Net Unrealized Appreciation $326,541
ADR - American Depositary Receipt
The accompanying notes are an integral part of these financial statements.
15
AMERICAFIRST LARGE CAP SHARE BUYBACK FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
The Fund’s holdings were divided among the following economic industries (Unaudited): | |||
|
|
|
|
Pharmaceutical Preparations | 8.36% | ||
Retail-Auto & Home Supply Stores | 8.09% | ||
Railroads, Line-Haul Operating | 7.67% | ||
Retail-Eating Places | 4.28% | ||
Retail-Eating & Drinking Places | 4.27% | ||
Fire, Marine & Casualty Insurance | 4.22% | ||
Services-Business Services | 4.20% | ||
Services-Computer Processing & Data Preparation | 4.17% | ||
Apparel & Other Finished Prods of Fabrics & Similar Material | 4.14% | ||
Miscellaneous Publishing | 4.09% | ||
Real Estate Investment Trust | 4.03% | ||
Petroleum Refining | 3.95% | ||
Fabricated Rubber Products | 3.92% | ||
Natural Gas Transmission | 3.89% | ||
Computer Communications Equipment | 3.88% | ||
Services-Prepackaged Software | 3.80% | ||
Retail-Radio TV & Consumer Electronics Stores | 3.72% | ||
Crude Petroleum & Natural Gas | 3.51% | ||
Electric Services | 3.39% | ||
Computer Storage Devices | 3.36% | ||
Wholesale-Drugs Proprietaries & Druggists' Sundries | 3.12% | ||
Radio & TV Broadcasting & Communications Equipment | 3.07% | ||
Money Market Fund | 2.87% | ||
|
| Total Portfolio Holdings | 100.00% |
|
|
|
|
|
|
|
|
The percentages in the above table are based on market value of the Fund’s portfolio holdings as of June 30, 2019 and are subject to change. |
16
AMERICAFIRST SEASONAL ROTATION FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2019
Shares |
|
| Value |
|
|
|
|
COMMON STOCK - 30.25% |
| ||
|
|
|
|
Air Cond & Warm Air Heating Equip & Comm & Indl Refrig Equip - 0.38% |
| ||
85 |
| Lennox International, Inc. | $ 23,375 |
|
|
|
|
Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 0.37% |
| ||
430 |
| TreeHouse Foods, Inc. * | 23,263 |
|
|
|
|
Commercial Banks - 0.78% |
| ||
302 |
| Royal Bank of Canada (Canada) | 23,979 |
417 |
| Toronto Dominion Bank (Canada) | 24,336 |
|
|
| 48,315 |
Commodity Contracts Brokers & Dealers - 0.40% |
| ||
6 |
| Seaboard Corp. | 24,820 |
|
|
|
|
Computer & Office Equipment - 1.19% |
| ||
1,653 |
| Hewlett Packard Enterprise Co. | 24,712 |
1,222 |
| HP, Inc. | 25,405 |
177 |
| International Business Machines Corp. | 24,408 |
|
|
| 74,525 |
Computer Communications Equipment - 0.38% |
| ||
437 |
| Cisco Systems, Inc. | 23,917 |
|
|
|
|
Computer Peripheral Equipment - 0.41% |
| ||
725 |
| Xerox Corp. | 25,672 |
|
|
|
|
Drawing And Insulating Nonferrous Wire - 0.40% |
| ||
421 |
| Belden, Inc. | 25,079 |
|
|
|
|
Electric Lighting & Wiring Equipment - 0.40% |
| ||
180 |
| Acuity Brands, Inc. | 24,824 |
|
|
|
|
Electric Services - 0.36% |
| ||
348 |
| El Paso Electric Co. | 22,759 |
|
|
|
|
Electric, Gas & Sanitary Services - 0.39% |
| ||
335 |
| MGE Energy, Inc. | 24,482 |
|
|
|
|
Electronic Components & Accessories - 0.40% |
| ||
354 |
| Mercury Systems, Inc. * | 24,904 |
|
|
|
|
Electronic Computers - 0.33% |
| ||
406 |
| Dell Technologies, Inc. Class C * | 20,625 |
|
|
|
|
Food & Kindred Products - 0.38% |
| ||
441 |
| Mondelez International, Inc. Class A | 23,770 |
The accompanying notes are an integral part of these financial statements.
17
AMERICAFIRST SEASONAL ROTATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares |
|
| Value |
|
|
|
|
Hotels & Motels - 0.37% |
| ||
830 |
| Park Hotels & Resorts, Inc. | $ 22,875 |
|
|
|
|
Investment Advice - 0.36% |
| ||
507 |
| Houlihan Lokey, Inc. Class A | 22,577 |
|
|
|
|
Motors & Generators - 0.40% |
| ||
278 |
| Ametek, Inc. | 25,254 |
|
|
|
|
National Commercial Banks - 2.31% |
| ||
356 |
| Citigroup, Inc. | 24,931 |
322 |
| Comerica, Inc. | 23,390 |
1,427 |
| Fulton Financial Corp. | 23,360 |
214 |
| JPMorgan Chase & Co. | 23,925 |
368 |
| UMB Financial Corp. | 24,222 |
508 |
| Wells Fargo & Company | 24,039 |
|
|
| 143,867 |
Natural Gas Distribution - 1.49% |
| ||
225 |
| Atmos Energy Corp. | 23,751 |
328 |
| Northwest Natural Holdings Co. | 22,796 |
260 |
| One Gas, Inc. | 23,478 |
272 |
| Spire, Inc. | 22,826 |
|
|
| 92,851 |
Natural Gas Transmission - 0.39% |
| ||
457 |
| National Grid Plc. ADR | 24,303 |
|
|
|
|
Petroleum Refining - 0.38% |
| ||
759 |
| Suncor Energy, Inc. (Canada) | 23,650 |
|
|
|
|
Poultry Slaughtering And Processing - 0.73% |
| ||
897 |
| Pilgrims Pride Corp. * | 22,775 |
168 |
| Sanderson Farms, Inc. | 22,942 |
|
|
| 45,717 |
Radio & TV Broadcasting & Communications Equipment - 0.36% |
| ||
92 |
| L3 Technologies, Inc. | 22,556 |
|
|
|
|
Railroads, Line-Haul Operating - 0.37% |
| ||
116 |
| Norfolk Southern Corp. | 23,122 |
|
|
|
|
Savings Institution, Federally Chartered - 0.36% |
| ||
501 |
| E*Trade Financial Corp. | 22,345 |
|
|
|
|
Security Brokers, Dealers & Flotation Companies - 0.38% |
| ||
276 |
| Raymond James Financial, Inc. | 23,336 |
The accompanying notes are an integral part of these financial statements.
18
AMERICAFIRST SEASONAL ROTATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares |
|
| Value |
|
|
|
|
Services-Business Services - 2.34% |
| ||
477 |
| CDK Global, Inc. | $ 23,583 |
919 |
| First Data Corp. Class A * | 24,877 |
153 |
| Global Payments, Inc. | 24,500 |
93 |
| NetEase, Inc. ADR | 23,787 |
123 |
| WEX, Inc. * | 25,596 |
193 |
| Worldpay, Inc. Class A * | 23,652 |
|
|
| 145,995 |
Services-Computer Integrated Systems Design - 0.74% |
| ||
588 |
| Open Text Corp. (Canada) | 24,226 |
405 |
| Verint Systems, Inc. * | 21,781 |
|
|
| 46,007 |
Services-Computer Processing & Data Preperation - 2.37% |
| ||
146 |
| Automatic Data Processing, Inc. | 24,138 |
686 |
| CarGurus, Inc. Class A * | 24,771 |
801 |
| Evertec, Inc. (Puerto Rico) | 26,193 |
491 |
| Five9, Inc. * | 25,183 |
198 |
| RingCentral, Inc. Class A * | 22,754 |
120 |
| Workday, Inc. Class A * | 24,670 |
|
|
| 147,709 |
Services-Computer Programming Services - 1.17% |
| ||
379 |
| Amdocs Ltd. (Guernsey) | 23,532 |
203 |
| Aspen Technologies, Inc. * | 25,229 |
140 |
| EPAM Systems, Inc. * | 24,234 |
|
|
| 72,995 |
Services-Management Consulting Services - 0.39% |
| ||
639 |
| Genpact Ltd. (Bermuda) | 24,339 |
|
|
|
|
Services-Prepackaged Software - 6.79% |
| ||
423 |
| Alarm.com Holdings, Inc. * | 22,630 |
365 |
| Cadence Design Systems, Inc. * | 25,846 |
207 |
| Check Point Software Technologies Ltd. (Israel) * | 23,931 |
455 |
| Cornerstone OnDemand, Inc. * | 26,358 |
140 |
| Hubspot, Inc. * | 23,873 |
96 |
| Intuit, Inc. | 25,088 |
1,363 |
| Nuance Communications, Inc. * | 21,767 |
448 |
| Oracle Corp. | 25,523 |
114 |
| Paycom Software, Inc. * | 25,846 |
254 |
| Paylocity Holdings Corp. * | 23,830 |
470 |
| Rapid7, Inc. * | 27,185 |
186 |
| Sap SE ADR | 25,445 |
85 |
| Shopify, Inc. (Canada) * | 25,513 |
207 |
| Splunk, Inc. * | 26,030 |
376 |
| Square, Inc. Class A * | 27,271 |
418 |
| SS&C Technologies Holdings, Inc. | 24,081 |
659 |
| Teradata Corp. * | 23,625 |
The accompanying notes are an integral part of these financial statements. | 423,842 |
19
AMERICAFIRST SEASONAL ROTATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares |
|
| Value |
|
| ||
State Commercial Banks - 0.77% |
| ||
682 |
| Citizens Financial Group, Inc. | $ 24,116 |
1,116 |
| Hilltop Holdings, Inc. | 23,737 |
|
|
| 47,853 |
Wholesale-Computer & Peripheral Equipment & Software - 0.41% |
| ||
246 |
| Tech Data Corp. * | 25,732 |
|
|
|
|
Wholesale-Electrical Apparatus & Equipment, Wiring Supplies - 0.42% |
| ||
387 |
| EnerSys | 26,509 |
|
|
|
|
Wholesale-Groceries & Related Products - 0.38% |
| ||
331 |
| Sysco Corp. | 23,408 |
|
|
|
|
TOTAL COMMON STOCK (Cost $1,880,342) - 30.25% | 1,887,172 | ||
|
|
|
|
EXCHANGE TRADED FUND - 57.82% |
| ||
25,204 |
| iShares 10-20 Year Treasury Bond ETF | 3,607,197 |
TOTAL EXCHANGE TRADED FUND (Cost $3,470,070) - 57.82% | 3,607,197 | ||
|
|
|
|
LIMITED PARTNERSHIP - 0.38% |
| ||
|
|
|
|
Pipe Lines (No Natural Gas) - 0.38% |
| ||
849 |
| Holly Energy Partners LP | 23,348 |
TOTAL LIMITED PARTNERSHIP (Cost $23,059) - 0.38% | 23,348 | ||
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 7.74% |
| ||
62 |
| Alexander's, Inc. | 22,959 |
502 |
| American Assets Trust, Inc. | 23,654 |
496 |
| American Campus Communities, Inc. | 22,896 |
1,236 |
| Apollo Commercial Real Estate Finance, Inc. | 22,730 |
113 |
| AvalonBay Communities, Inc. | 22,959 |
173 |
| Boston Properties, Inc. | 22,317 |
816 |
| Corporate Office Properties Trust | 21,518 |
701 |
| Equity Commonwealth | 22,797 |
1,260 |
| Host Hotels & Resorts, Inc. | 22,957 |
1,456 |
| Invesco Mortgage Capital, Inc. | 23,471 |
1,300 |
| Kimco Realty Corp. | 24,024 |
296 |
| Lamar Advertising Co. Class A | 23,890 |
482 |
| Liberty Property Trust | 24,119 |
514 |
| LTC Properties, Inc. | 23,469 |
623 |
| Macerich Co. | 20,864 |
928 |
| Outfront Media, Inc. | 23,933 |
1,273 |
| Physicians Realty Trust | 22,201 |
323 |
| Realty Income Corp. | 22,277 |
The accompanying notes are an integral part of these financial statements.
20
AMERICAFIRST SEASONAL ROTATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares |
|
| Value |
|
| ||
REAL ESTATE INVESTMENT TRUSTS - (Continued) |
| ||
347 |
| Regency Centers Corp. | $ 23,159 |
106 |
| SBA Communications Corp. * | 23,833 |
141 |
| Simon Property Group, Inc. | 22,526 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $488,014) - 7.74% | 482,553 | ||
|
|
|
|
MONEY MARKET FUND - 3.90% |
| ||
243,297 |
| Federated Institutional Prime Obligations Fund - Institutional Class 2.4% ** | 243,297 |
TOTAL MONEY MARKET FUND (Cost $243,297) - 3.90% | 243,297 | ||
|
|
|
|
INVESTMENTS IN SECURITIES, AT VALUE (Cost $6,104,782) *** - 100.09% | 6,243,567 | ||
|
|
|
|
LIABILITIES LESS OTHER ASSETS - (0.09)% | (5,213) | ||
|
|
|
|
NET ASSETS - 100.00% | $ 6,238,354 |
* Represents non-income producing security during the period.
** Variable rate security; the money market rate shown represents the seven day yield at June 30, 2019.
*** Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $6,108,070 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:
Gross Unrealized Appreciation $205,571
Gross Unrealized Depreciation (70,074)
Net Unrealized Appreciation $135,497
ADR - American Depositary Receipt
ETF - Exchange Traded Fund
LP - Limited Partnership
The accompanying notes are an integral part of these financial statements.
21
AMERICAFIRST SEASONAL ROTATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
The Fund’s holdings were divided among the following economic industries (Unaudited): | |||
|
|
|
|
|
|
|
|
Exchange Traded Fund | 57.77% | ||
Real Estate Investment Trusts | 7.73% | ||
Services-Prepackaged Software | 6.79% | ||
Money Market Fund | 3.90% | ||
Services-Computer Processing & Data Preperation | 2.37% | ||
Services-Business Services | 2.34% | ||
National Commercial Banks | 2.30% | ||
Natural Gas Distribution | 1.49% | ||
Computer & Office Equipment | 1.19% | ||
Services-Computer Programming Services | 1.17% | ||
Commercial Banks | 0.77% | ||
State Commercial Banks | 0.77% | ||
Services-Computer Integrated Systems Design | 0.74% | ||
Poultry Slaughtering And Processing | 0.73% | ||
Wholesale-Electrical Apparatus & Equipment, Wiring Supplies | 0.43% | ||
Computer Peripheral Equipment | 0.41% | ||
Motors & Generators | 0.41% | ||
Wholesale-Computer & Peripheral Equipment & Software | 0.41% | ||
Commodity Contracts Brokers & Dealers | 0.40% | ||
Drawing And Insulating Nonferrous Wire | 0.40% | ||
Electric Lighting & Wiring Equipment | 0.40% | ||
Electronic Components & Accessories | 0.40% | ||
Electric, Gas & Sanitary Services | 0.39% | ||
Natural Gas Transmission | 0.39% | ||
Services-Management Consulting Services | 0.39% | ||
Computer Communications Equipment | 0.38% | ||
Food & Kindred Products | 0.38% | ||
Petroleum Refining | 0.38% | ||
Air Cond & Warm Air Heating Equip & Comm & Indl Refrig Equip | 0.37% | ||
Canned, Frozen & Preserved Fruit, Veg & Food Specialties | 0.37% | ||
Electric Services |
| 0.37% | |
Hotels & Motels |
| 0.37% | |
Railroads, Line-Haul Operating | 0.37% | ||
Security Brokers, Dealers & Flotation Companies | 0.37% | ||
Wholesale-Groceries & Related Products | 0.37% | ||
Pipe Lines (No Natural Gas) | 0.37% | ||
Investment Advice | 0.36% | ||
Radio & TV Broadcasting & Communications Equipment | 0.36% | ||
Savings Institution, Federally Chartered | 0.36% | ||
Electronic Computers | 0.33% | ||
|
| Total Portfolio Holdings | 100.00% |
|
|
|
|
The percentages in the above table are based on market value of the Fund’s portfolio holdings | |||
as of June 30, 2019 and are subject to change. |
|
22
AMERICAFIRST TACTICAL ALPHA FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2019
Shares |
|
| Value |
|
|
|
|
COMMON STOCK - 41.14% |
| ||
|
|
|
|
Air Transportation, Scheduled - 0.18% |
| ||
80,929 |
| AMR Corp. (a) | $ 23,469 |
|
|
|
|
Aircraft Part & Auxiliary Equipment - 1.01% |
| ||
277 |
| TransDigm Group, Inc. * | 134,013 |
|
|
|
|
Beverages - 0.94% |
| ||
721 |
| Diageo Plc. ADR | 124,243 |
|
|
|
|
Biological Products (No Diagnostic Substances) - 2.11% |
| ||
618 |
| Bio-Techne Corp. | 128,847 |
1,762 |
| Repligen Corp. * | 151,444 |
|
|
| 280,291 |
Bottled & Canned Soft Drinks Carbonated Waters - 0.92% |
| ||
410 |
| Coca-Cola Consolidated, Inc. | 122,692 |
|
|
|
|
Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 1.91% |
| ||
2,032 |
| Lamb Weston Holdings, Inc. | 128,747 |
2,316 |
| TreeHouse Foods, Inc. * | 125,296 |
|
|
| 254,043 |
Chemicals & Allied Products - 0.37% |
| ||
2,680 |
| Basf Aktiengesellschaft ADR | 48,910 |
|
|
|
|
Cogeneration Services & Small Power Producers - 0.97% |
| ||
7,684 |
| Aes Corp. | 128,784 |
|
|
|
|
Commodity Contracts Brokers And Dealers - 0.93% |
| ||
30 |
| Seaboard Corp. | 124,102 |
|
|
|
|
Electronic Components & Accessories - 1.00% |
| ||
1,899 |
| Mercury Systems, Inc. * | 133,595 |
|
|
|
|
Electronic Computers - 0.99% |
| ||
1,537 |
| Omnicell, Inc. * | 132,228 |
|
|
|
|
Fabricated Rubber Products - 1.00% |
| ||
1,067 |
| West Pharmaceutical Services, Inc. | 133,535 |
|
|
|
|
Food & Kindred Products - 0.96% |
| ||
2,374 |
| Mondelez International, Inc. Class A | 127,959 |
|
|
|
|
Grain Mill Products - 2.83% |
| ||
2,417 |
| General Mills, Inc. | 126,941 |
1,553 |
| Ingredion, Inc. | 128,107 |
1,165 |
| Post Holdings, Inc. * | 121,125 |
|
|
| 376,173 |
The accompanying notes are an integral part of these financial statements.
23
AMERICAFIRST TACTICAL ALPHA FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares |
|
| Value |
|
| ||
Hotels & Motels - 0.92% |
| ||
4,443 |
| Park Hotels & Resorts, Inc. | $ 122,449 |
|
|
|
|
Natural Gas Transmission - 0.97% |
| ||
2,419 |
| National Grid Plc. ADR | 128,642 |
|
|
|
|
Orthopedic, Prosthetic & Surgical Appliances & Supplies - 1.85% |
| ||
4,033 |
| Wright Medical Group N.V. (Amsterdam) * | 120,264 |
1,071 |
| Zimmer Biomet Holdings, Inc. | 126,100 |
|
|
| 246,364 |
Pharmaceutical Preparations - 9.31% |
| ||
1,617 |
| Abbott Laboratories | 135,990 |
994 |
| Allergan Plc. (Ireland) | 166,425 |
1,831 |
| Alnylam Pharmaceuticals, Inc. * | 132,857 |
1,886 |
| Ionis Pharmaceuticals, Inc. * | 121,213 |
931 |
| Johnson & Johnson | 129,670 |
1,525 |
| Merck & Co., Inc. | 127,871 |
7,121 |
| Mylan N.V. (United Kingdom) * | 135,584 |
1,065 |
| Sarepta Therapeutics, Inc. * | 161,827 |
13,754 |
| Teva Pharmaceutical Industries Ltd. ADR * | 126,949 |
|
|
| 1,238,386 |
Poultry Slaughtering And Processing - 1.84% |
| ||
4,823 |
| Pilgrims Pride Corp. * | 122,456 |
893 |
| Sanderson Farms, Inc. | 121,948 |
|
|
| 244,404 |
Search, Detection, Navigation, Guidance, Aeronautical Sys - 1.07% |
| ||
519 |
| Teledyne Technologies, Inc. * | 142,138 |
|
|
|
|
Services-Business Services - 0.98% |
| ||
4,043 |
| HMS Holdings, Corp. * | 130,953 |
|
|
|
|
Services-Commercial Physical & Biological Research - 1.05% |
| ||
1,406 |
| PRA Health Sciences, Inc. * | 139,405 |
|
|
|
|
Services-General Medical & Surgical Hospitals - 1.01% |
| ||
995 |
| HCA Healthcare, Inc. | 134,494 |
|
|
|
|
Services-Home Health Care Services - 1.01% |
| ||
1,107 |
| Amedisys, Inc. * | 134,401 |
|
|
|
|
Services-Misc Health & Allied Services - 1.14% |
| ||
2,702 |
| Davita, Inc. * | 152,015 |
|
|
|
|
Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 1.86% |
| ||
1,611 |
| Church & Dwight Co., Inc. | 117,700 |
1,179 |
| Procter & Gamble Co. | 129,277 |
|
|
| 246,977 |
The accompanying notes are an integral part of these financial statements.
24
AMERICAFIRST TACTICAL ALPHA FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares |
|
| Value |
|
| ||
Wholesale-Drugs Proprietaries & Druggists' Sundries - 1.01% |
| ||
2,852 |
| Cardinal Health, Inc. | $ 134,329 |
|
|
|
|
X-Ray Apparatus & Tubes & Related Irradiation Apparatus - 1.00% |
| ||
2,778 |
| Hologic, Inc. * | 133,400 |
|
|
|
|
TOTAL COMMON STOCK (Cost $5,638,628) - 41.14% | 5,472,394 | ||
|
|
|
|
EXCHANGE TRADED FUNDS - 46.21% |
| ||
17,341 |
| Invesco CurrencyShares Japanese Yen Trust * | 1,531,904 |
58,448 |
| Invesco DB US Dollar Bullish Fund | 1,517,894 |
13,860 |
| iShares Core U.S. Aggregate Bond ETF | 1,543,311 |
27,102 |
| Vanguard Total International Bond ETF | 1,552,945 |
TOTAL EXCHANGE TRADED FUNDS (Cost $6,029,634) - 46.21% | 6,146,054 | ||
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 7.30% |
| ||
929 |
| Boston Properties, Inc. | 119,841 |
6,999 |
| Kimco Realty Corp. | 129,341 |
1,582 |
| Lamar Advertising Co. Class A | 127,683 |
3,335 |
| Macerich Co. | 111,689 |
6,745 |
| Physicians Realty Trust | 117,633 |
1,716 |
| Realty Income Corp. | 118,353 |
757 |
| Simon Property Group, Inc. | 120,938 |
9,856 |
| Two Harbors Investment Corp. | 124,876 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $987,299) - 7.30% | 970,354 | ||
|
|
|
|
VENTURE CAPITAL FUND - 4.09% |
| ||
- |
| Moneta Ventures Fund II L.P. * (b)(c) | 543,394 |
TOTAL VENTURE CAPITAL FUND (Cost $464,396) - 4.09% | 543,394 | ||
|
|
|
|
MONEY MARKET FUND - 1.21% |
| ||
160,854 |
| Federated Institutional Prime Obligations Fund - Institutional Class 2.4% ** | 160,854 |
TOTAL MONEY MARKET FUND (Cost $160,854) - 1.21% | 160,854 | ||
|
|
|
|
INVESTMENTS IN SECURITIES, AT VALUE (Cost $13,280,811) *** - 99.95% | 13,293,050 | ||
|
|
|
|
OTHER ASSETS LESS LIABILITIES - 0.05% | 6,739 | ||
|
|
|
|
NET ASSETS - 100.00% | $ 13,299,789 |
* Represents non-income producing security during the period.
** Variable rate security; the money market rate shown represents the seven day yield at June 30, 2019.
*** Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $13,346,195 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:
Gross Unrealized Appreciation $547,933
Gross Unrealized Depreciation (601,078)
Net Unrealized Depreciation $ (53,145)
(a) Indicates an illiquid and fair valued security.
(b) Represents investment in a non-unitized venture capital fund. Accordingly, share quantity is not applicable.
(c) Investment in private venture capital fund valued at net asset value per share (practical expedient) as of June 30, 2019. As the Trust owns 5% of the private venture capital fund, it is considered an investment in an affiliate. See Note 3.
ADR - American Depositary Receipt
ETF - Exchange Traded Fund
LP - Limited Partnership
The accompanying notes are an integral part of these financial statements.
25
AMERICAFIRST TACTICAL ALPHA FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
The Fund’s holdings were divided among the following economic industries (Unaudited): | |||
|
|
|
|
Exchange Traded Funds | 46.24% | ||
Pharmaceutical Preparations | 9.32% | ||
Real Estate Investment Trusts | 7.30% | ||
Venture Capital Funds | 4.09% | ||
Grain Mill Products | 2.83% | ||
Biological Products (No Diagnostic Substances) | 2.11% | ||
Canned, Frozen & Preserved Fruit, Veg & Food Specialties | 1.91% | ||
Orthopedic, Prosthetic & Surgical Appliances & Supplies | 1.85% | ||
Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics | 1.86% | ||
Poultry Slaughtering And Processing | 1.84% | ||
Money Market Fund | 1.21% | ||
Services-Misc Health & Allied Services | 1.14% | ||
Search, Detection, Navigation, Guidance, Aeronautical Sys | 1.07% | ||
Services-Commercial Physical & Biological Research | 1.05% | ||
Services-General Medical & Surgical Hospitals | 1.01% | ||
Services-Home Health Care Services | 1.01% | ||
Wholesale-Drugs Proprietaries & Druggists' Sundries | 1.01% | ||
Aircraft Part & Auxiliary Equipment | 1.01% | ||
Electronic Components & Accessories | 1.01% | ||
Fabricated Rubber Products | 1.00% | ||
X-Ray Apparatus & Tubes & Related Irradiation Apparatus | 1.00% | ||
Electronic Computers | 0.99% | ||
Services-Business Services | 0.99% | ||
Cogeneration Services & Small Power Producers | 0.97% | ||
Food & Kindred Products | 0.96% | ||
Natural Gas Transmission | 0.97% | ||
Beverages |
|
| 0.93% |
Commodity Contracts Brokers And Dealers | 0.93% | ||
Bottled & Canned Soft Drinks Carbonated Waters | 0.92% | ||
Hotels & Motels | 0.92% | ||
Chemicals & Allied Products | 0.37% | ||
Air Transportation, Scheduled | 0.18% | ||
|
| Total Portfolio Holdings | 100.00% |
|
|
|
|
The percentages in the above table are based on market value of the Fund’s portfolio holdings as of June 30, 2019 and are subject to change. |
26
AMERICAFIRST INCOME FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2019
Shares/Par |
|
| Value |
|
|
|
|
COMMON STOCK - 45.54% |
| ||
|
|
|
|
Cigarettes - 2.81% |
| ||
33,137 |
| Vector Group Ltd. | $ 323,086 |
|
|
|
|
Commercial Banks, Nec - 3.81% |
| ||
19,979 |
| Banco Bilbao Vizcaya Argentaria, S.A. ADR | 111,083 |
15,659 |
| Foreign Trade Bank Of Latin America, Inc. Class E (Panama) | 326,177 |
|
|
| 437,260 |
Deep Sea Foreign Transportation Of Freight - 0.98% |
| ||
9,014 |
| Ship Finance International Ltd. (Bermuda) | 112,765 |
|
|
|
|
Food & Kindred Products - 2.54% |
| ||
14,048 |
| B&G Foods, Inc. | 292,198 |
|
|
|
|
Household Furniture - 3.20% |
| ||
19,200 |
| Compass Diversified Holdings | 366,912 |
|
|
|
|
Investment Advice - 0.97% |
| ||
7,936 |
| New Mountain Finance Corp. | 110,866 |
|
|
|
|
Miscellaneous Business Credit Institutions - 8.59% |
| ||
7,095 |
| Apollo Investment Corp. | 112,101 |
6,324 |
| Ares Capital Corp. | 113,453 |
18,697 |
| FS KKR Capital Corp. | 111,434 |
24,687 |
| Hercules Capital, Inc. | 316,487 |
50,948 |
| Prospect Capital Corp. | 332,690 |
|
|
| 986,165 |
Natural Gas Transmission - 2.76% |
| ||
8,077 |
| Targa Resources Corp. | 317,103 |
|
|
|
|
Retail-Computer & Computer Software Stores - 1.97% |
| ||
41,379 |
| GameStop Corp. | 226,343 |
|
|
|
|
Retail-Department Stores - 2.80% |
| ||
14,969 |
| Macy's, Inc. | 321,235 |
|
|
|
|
Retail-Jewelry Stores - 3.45% |
| ||
22,135 |
| Signet Jewelers Ltd. (United Kingdom) | 395,774 |
|
|
|
|
Security & Commodity Brokers, Dealers, Exchanges & Services - 3.04% |
| ||
66,830 |
| BGC Partners, Inc. Class A | 349,521 |
|
|
|
|
Services-Advertising - 2.73% |
| ||
47,750 |
| National CineMedia, Inc. | 313,240 |
The accompanying notes are an integral part of these financial statements.
27
AMERICAFIRST INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares/Par |
|
| Value |
|
|
|
|
Telephone Communications (No Radio Telephone) - 2.06% |
| ||
8,582 |
| BT Group Plc. ADR | $ 109,592 |
10,797 |
| Centurylink, Inc. | 126,973 |
|
|
| 236,565 |
Wholesale-Petroleum Products (No Bulk Stations) - 3.83% |
| ||
10,837 |
| Macquarie Infrastructure Corp. | 439,332 |
|
|
|
|
TOTAL COMMON STOCK (Cost $5,339,318) - 45.54% | 5,228,365 | ||
|
|
|
|
CORPORATE BONDS - 4.55% |
| ||
|
|
|
|
Electric & Other Services Combined - 0.38% |
| ||
$ 42,007 |
| RGS AEGCO Funding Corp., 9.810%, 12/7/2020 | 43,647 |
|
|
|
|
Security Brokers, Dealers & Flotation Companies - 4.17% |
| ||
500,000 |
| Citigroup Global Markets Holdings, Inc., 10.50%, 2/8/2034 (USISDA30-USISDA02) ** | 479,200 |
|
|
|
|
TOTAL CORPORATE BONDS (Cost $545,440) - 4.55% | 522,847 | ||
|
|
|
|
EXCHANGE TRADED FUNDS - 17.27% |
| ||
5,602 |
| Invesco CurrencyShares Japanese Yen Trust * | 494,881 |
18,839 |
| Invesco DB U.S. Dollar Index Bullish Fund | 489,249 |
4,478 |
| iShares Core U.S. Aggregate Bond ETF | 498,625 |
8,732 |
| Vanguard Total International Bond ETF | 500,344 |
TOTAL EXCHANGE TRADED FUNDS (Cost $1,944,412) - 17.27% | 1,983,099 | ||
|
|
|
|
FOREIGN GOVERNMENT AGENCIES & OBLIGATION - 0.07% |
| ||
|
|
|
|
Foreign Government Bond - 0.07% |
| ||
$ 7,500 |
| Indonesia Rep, 9.30%, 7/01/2020 (Indonesia) | 7,798 |
|
|
|
|
TOTAL FOREIGN GOVERNMENT AGENCIES & OBLIGATION (Cost $7,736) - 0.07% | 7,798 | ||
|
|
|
|
LIMITED PARTNERSHIPS - 8.64% |
| ||
|
|
|
|
Bituminous Coal & Lignite Surface Mining - 0.95% |
| ||
6,440 |
| Alliance Resource Partners LP | 109,351 |
|
|
|
|
Crude Petroleum & Natural Gas - 2.83% |
| ||
17,717 |
| Dorchester Minerals LP | 324,398 |
|
|
|
|
Pipe Lines (No Natural Gas) - 3.83% |
| ||
15,974 |
| Holly Energy Partners LP | 439,285 |
The accompanying notes are an integral part of these financial statements.
28
AMERICAFIRST INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
Shares/Par |
|
| Value |
|
|
|
|
Retail-Miscellaneous Retail - 1.03% |
| ||
4,854 |
| Suburban Propane Partners LP | $ 117,904 |
|
|
|
|
TOTAL LIMITED PARTNERSHIPS (Cost $989,020) - 8.64% | 990,938 | ||
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 19.71% |
| ||
6,025 |
| Apollo Commercial Real Estate Finance, Inc. | 110,800 |
71,464 |
| Ashford Hospitality Trust, Inc. | 212,248 |
17,064 |
| Chimera Investment Corp. | 321,998 |
20,066 |
| CoreCivic, Inc. | 416,570 |
5,165 |
| Geo Group, Inc. | 108,517 |
5,574 |
| KKR Real Estate Finance Trust, Inc. | 111,034 |
18,138 |
| New York Mortgage Trust, Inc. | 112,456 |
9,062 |
| Omega Healthcare Investors, Inc. | 333,028 |
5,282 |
| PennyMac Mortgage Investment Trust | 115,306 |
6,955 |
| Redwood Trust, Inc. | 114,966 |
18,869 |
| Tanger Factory Outlet Centers, Inc. | 305,866 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,367,319) - 19.71% | 2,262,789 | ||
|
|
|
|
MONEY MARKET FUND - 3.53% |
| ||
405,180 |
| Federated Institutional Prime Obligations Fund - Institutional Class 2.4% ** | 405,180 |
TOTAL MONEY MARKET FUND (Cost $405,180) - 3.53% | $ 405,180 | ||
|
|
|
|
INVESTMENTS IN SECURITIES, AT VALUE (Cost $11,598,425) *** - 99.31% | $ 11,401,016 | ||
|
|
|
|
OTHER ASSETS LESS LIABILITIES - 0.69% | 79,681 | ||
|
|
|
|
NET ASSETS - 100.00% | $ 11,480,697 |
* Represents non-income producing security during the period.
** Variable rate security; the money market rate shown represents the seven day yield at June 30, 2019.
*** Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $11,646,809 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:
Gross Unrealized Appreciation $ 198,928
Gross Unrealized Depreciation (444,721)
Net Unrealized Depreciation $ (245,793)
ADR - American Depositary Receipt
ETF - Exchange Traded Fund
LP - Limited Partnership
The accompanying notes are an integral part of these financial statements.
29
AMERICAFIRST INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2019
The Fund’s holdings were divided among the following economic industries (Unaudited): | |||
|
|
|
|
Real Estate Investment Trusts | 19.85% | ||
Exchange Traded Funds | 17.39% | ||
Miscellaneous Business Credit Institutions | 8.65% | ||
Security Brokers, Dealers & Flotation Companies | 4.20% | ||
Wholesale-Petroleum Products (No Bulk Stations) | 3.85% | ||
Pipe Lines (No Natural Gas) | 3.85% | ||
Commercial Banks, Nec | 3.84% | ||
Money Market Fund | 3.56% | ||
Retail-Jewelry Stores | 3.47% | ||
Household Furniture | 3.22% | ||
Security & Commodity Brokers, Dealers, Exchanges & Services | 3.07% | ||
Crude Petroleum & Natural Gas | 2.85% | ||
Cigarettes |
|
| 2.83% |
Retail-Department Stores | 2.82% | ||
Natural Gas Transmission | 2.78% | ||
Services-Advertising | 2.75% | ||
Food & Kindred Products | 2.56% | ||
Telephone Communications (No Radio Telephone) | 2.07% | ||
Retail-Computer & Computer Software Stores | 1.99% | ||
Retail-Miscellaneous Retail | 1.03% | ||
Deep Sea Foreign Transportation Of Freight | 0.99% | ||
Investment Advice | 0.97% | ||
Bituminous Coal & Lignite Surface Mining | 0.96% | ||
Electric & Other Services Combined | 0.38% | ||
Foreign Government Bonds | 0.07% | ||
|
| Total Portfolio Holdings | 100.00% |
|
|
|
|
The percentages in the above table are based on market value of the Fund’s portfolio holdings as of June 30, 2019 and are subject to change. |
30
AMERICAFIRST QUANTITATIVE FUNDS
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2019
|
| Defensive Growth Fund |
| Large Cap Share Buyback Fund |
| Seasonal Rotation Fund |
| Tactical Alpha Fund |
| Income Fund |
Assets: |
|
|
|
|
|
|
|
|
|
|
Investments in Securities, at Value (Cost $6,761,113; $7,281,137; $6,104,782; $12,816,415; and $11,598,425, respectively) | $ 6,997,669 |
| $ 7,646,160 |
| $ 6,243,567 |
| $ 12,749,656 |
| $11,401,016 | |
|
|
|
|
|
|
|
|
|
|
|
Investments in Affiliates, at Value (Cost $371,517; $0; $0; $464,396; $0, respectively) | 434,715 |
| - |
| - |
| 543,394 |
| - | |
Cash |
| 110 |
| 272 |
| - |
| - |
| - |
Receivables: |
|
|
|
|
|
|
|
|
| |
Dividends & Interest | 6,285 |
| 13,493 |
| 5,074 |
| 13,876 |
| 61,692 | |
Shareholder Subscriptions | - |
| - |
| - |
| 149 |
| - | |
Due from Adviser | 1,061 |
| 21,831 |
| - |
| - |
| 20,950 | |
Prepaid Expenses | 18,519 |
| 21,395 |
| 11,745 |
| 18,165 |
| 18,096 | |
Total Assets | 7,458,359 |
| 7,703,151 |
| 6,260,386 |
| 13,325,240 |
| 11,501,754 | |
Liabilities: |
|
|
|
|
|
|
|
|
| |
Payables: |
|
|
|
|
|
|
|
|
| |
Advisory Fees | - |
| - |
| 2,279 |
| 1,145 |
| - | |
Shareholder Redemptions | 12,500 |
| - |
| - |
| 160 |
| 90 | |
Administration Fees | 2,393 |
| 2,517 |
| 2,265 |
| 3,314 |
| 3,513 | |
Distribution (12b-1) Fees | 461 |
| 1,886 |
| 1,318 |
| 3,164 |
| 832 | |
Trustee Fees | 734 |
| 631 |
| 527 |
| 1,155 |
| 1,108 | |
Servicing Fees | 82 |
| 19 |
| 264 |
| 226 |
| 143 | |
Accrued Expenses | 15,716 |
| 12,655 |
| 15,379 |
| 16,287 |
| 15,371 | |
Total Liabilities | 31,886 |
| 17,708 |
| 22,032 |
| 25,451 |
| 21,057 | |
Net Assets | $ 7,426,473 |
| $ 7,685,443 |
| $ 6,238,354 |
| $ 13,299,789 |
| $11,480,697 | |
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of: |
|
|
|
|
|
|
|
|
| |
Paid In Capital | $ 16,956,031 |
| $ 7,688,283 |
| $ 6,944,305 |
| $ 25,375,465 |
| $21,405,349 | |
Accumulated Earnings (Deficit) | (9,529,558) |
| (2,840) |
| (705,951) |
| (12,075,676) |
| (9,924,652) | |
Net Assets | $ 7,426,473 |
| $ 7,685,443 |
| $ 6,238,354 |
| $ 13,299,789 |
| $11,480,697 | |
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
|
|
|
|
|
|
|
| |
Net Assets | $ 3,278,908 |
| $ 4,358,226 |
| $ 1,597,336 |
| $ 5,698,537 |
| $ 5,582,739 | |
Shares of beneficial interest outstanding (unlimited shares authorized at no par value) | 338,670 |
| 379,404 |
| 150,170 |
| 436,662 |
| 910,357 | |
Net asset value per share | $ 9.68 |
| $ 11.49 |
| $ 10.64 |
| $ 13.05 |
| $ 6.13 | |
Short-term Redemption Price Per Share (d) | $ 9.58 |
| $ 11.38 |
| $ 10.53 |
| $ 12.92 |
| $ 6.07 | |
Maximum offering price per share (b) | $ 10.19 |
| $ 12.09 |
| $ 11.20 |
| $ 13.74 |
| $ 6.39 | |
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
| |
Net Assets | $ 2,369,089 |
| $ 2,274,271 |
| $ 3,642,279 |
| $ 1,258,767 |
| $ 3,195,039 | |
Shares of beneficial interest outstanding (unlimited shares authorized at no par value) | 230,059 |
| 194,695 |
| 334,040 |
| 90,137 |
| 504,602 | |
Net asset value and offering price per share | $ 10.30 |
| $ 11.68 |
| $ 10.90 |
| $ 13.97 |
| $ 6.33 | |
Minimum Redemption price per share (a) | $ 10.20 |
| $ 11.56 |
| $ 10.79 |
| $ 13.83 |
| $ 6.27 | |
|
|
|
|
|
|
|
|
|
|
|
Class U Shares |
|
|
|
|
|
|
|
|
| |
Net Assets | $ 1,778,476 |
| $ 1,052,946 |
| $ 998,739 |
| $ 6,342,485 |
| $ 2,702,919 | |
Shares of beneficial interest outstanding (unlimited shares authorized at no par value) | 192,596 |
| 92,850 |
| 96,515 |
| 508,067 |
| 437,507 | |
Net asset value per share | $ 9.23 |
| $ 11.34 |
| $ 10.35 |
| $ 12.48 |
| $ 6.18 | |
Minimum Redemption price per share (a) | $ 9.14 |
| $ 11.23 |
| $ 10.25 |
| $ 12.36 |
| $ 6.12 | |
Short-term Redemption Price Per Share (d) | $ 9.14 |
| $ 11.23 |
| $ 10.25 |
| $ 12.36 |
| $ 6.12 | |
Maximum offering price per share (c) | $ 9.47 |
| $ 11.63 |
| $ 10.62 |
| $ 12.80 |
| $ 6.31 |
(a) A redemption fee of 1.00% is imposed in the event of certain redemption transactions occurring within 90 days of purchase.
(b) Maximum offering price includes a maximum front-end sales load of 5.00%; 5.00%; 5.00%; 5.00%; and 4.00%, respectively.
(c) Maximum offering price includes a maximum front-end sales load of 2.50%; 2.50%; 2.50%; 2.50%; and 2.00%, respectively.
31
AMERICAFIRST QUANTITATIVE FUNDS
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2019
(d) Investment in Class A and Class U shares made at or above the $1 million breakpoint are not subject to an initial sales charge and may be subject to a 1.00% contingent deferred sales charge (“CDSC”) on shares redeemed less than 12 months after the date of purchase (excluding shares purchased with reinvested dividends and/or distributions).
The accompanying notes are an integral part of these financial statements.
32
AMERICAFIRST QUANTITATIVE FUNDS
STATEMENT OF OPERATIONS
For the year ended June 30, 2019
Investment Income: |
| Defensive Growth Fund |
| Large Cap Share Buyback Fund |
| Seasonal Rotation Fund |
| Tactical Alpha Fund |
| Income Fund |
Dividend Income (net of foreign tax withholding: $33; $0; $0; $2,243; and $1,920, respectively) | $ 140,734 |
| $ 106,081 |
| $ 85,437 |
| $ 162,172 |
| $ 453,694 | |
Interest Income |
| 5,607 |
| 6,836 |
| 108,827 |
| 5,568 |
| 297,586 |
Total Investment Income | 146,341 |
| 112,917 |
| 194,264 |
| 167,740 |
| 751,280 | |
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
Advisory Fees |
| 140,360 |
| 85,737 |
| 86,756 |
| 105,574 |
| 161,904 |
Distribution (12b-1) Fees: |
|
|
|
|
|
|
|
|
| |
Class A |
| 6,964 |
| 4,793 |
| 3,161 |
| 2,660 |
| 11,671 |
Class U |
| 15,505 |
| 5,685 |
| 9,037 |
| 30,131 |
| 24,361 |
Transfer Agent & Administration Fees | 33,697 |
| 27,418 |
| 27,714 |
| 31,880 |
| 38,824 | |
Shareholder Service Fees | 3,387 |
| 1,182 |
| 3,836 |
| 4,642 |
| 10,291 | |
Chief Compliance Officer Fees | 8,084 |
| 8,084 |
| 8,084 |
| 8,085 |
| 8,084 | |
Registration Fees | 25,695 |
| 39,792 |
| 14,836 |
| 16,173 |
| 25,721 | |
Audit Fees |
| 14,501 |
| 14,000 |
| 14,249 |
| 15,250 |
| 14,000 |
Legal Fees |
| 14,554 |
| 10,740 |
| 10,829 |
| 14,359 |
| 20,743 |
Insurance Fees |
| 9,148 |
| 1,966 |
| 5,448 |
| 4,983 |
| 7,703 |
Miscellaneous Fees | 5,826 |
| 5,797 |
| 4,851 |
| 6,259 |
| 7,175 | |
Custodial Fees |
| 10,392 |
| 6,025 |
| 5,801 |
| 6,533 |
| 6,014 |
Trustees Fees |
| 3,320 |
| 2,665 |
| 2,458 |
| 3,148 |
| 4,986 |
Printing and Mailing | 4,639 |
| 3,301 |
| 3,558 |
| 5,577 |
| 9,403 | |
Interest Expense | 41,181 |
| - |
| - |
| - |
| - | |
Short Sale Borrowing Expense | 9,466 |
| - |
| - |
| - |
| - | |
Dividend Expense on Securities Sold Short | 15,160 |
| - |
| - |
| - |
| - | |
Total Expenses |
| 361,879 |
| 217,185 |
| 200,618 |
| 255,254 |
| 350,880 |
Fees Waived by the Adviser |
| (57,612) |
| (84,879) |
| (51,541) |
| (6,593) |
| (60,877) |
Net Expenses | 304,267 |
| 132,306 |
| 149,077 |
| 248,661 |
| 290,003 | |
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income (Loss) | (157,926) |
| (19,389) |
| 45,187 |
| (80,921) |
| 461,277 | |
|
|
|
|
|
|
|
|
|
|
|
Net Realized Gain (Loss) on: |
|
|
|
|
|
|
|
|
| |
Investments in Securities | 472,510 |
| (171,841) |
| (588,341) |
| (31,208) |
| (1,121,738) | |
Securities Sold Short | (268,272) |
| - |
| - |
| - |
| - | |
Net Realized Gain (Loss) | 204,238 |
| (171,841) |
| (588,341) |
| (31,208) |
| (1,121,738) | |
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
|
| |
Investments in Securities | (292,072) |
| 314,728 |
| (15,198) |
| (64,610) |
| (227,547) | |
Investments in Affiliates | 17,925 |
| - |
| - |
| 45,485 |
| - | |
Securities Sold Short | 323,584 |
| - |
| - |
| - |
| - | |
Net Change in Unrealized Appreciation (Depreciation) | 49,437 |
| 314,728 |
| (15,198) |
| (19,125) |
| (227,547) | |
|
|
|
|
|
|
|
|
|
|
|
Net Realized and Unrealized Gain (Loss) | 253,675 |
| 142,887 |
| (603,539) |
| (50,333) |
| (1,349,285) | |
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 95,749 |
| $ 123,498 |
| $(558,352) |
| $(131,254) |
| $(888,008) |
The accompanying notes are an integral part of these financial statements.
33
AMERICAFIRST DEFENSIVE GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
|
| Year Ended |
| Year Ended |
|
| 6/30/2019 |
| 6/30/2018 |
Increase (Decrease) in Net Assets Resulting From Operations: |
|
|
| |
Net Investment Loss | $ (157,926) |
| $ (322,607) | |
Net Realized Gain (Loss) on Investments in Securities, and Securities Sold Short | 204,238 |
| (755,743) | |
Net Change in Unrealized Depreciation on Investments in Securities, and Securities Sold Short | 49,437 |
| (635,118) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 95,749 |
| (1,713,468) | |
|
|
|
|
|
Capital Share Transactions: |
|
|
| |
Proceeds from Sale of Shares: |
|
|
| |
Class A |
| 193,883 |
| 431,209 |
Class I |
| 185,097 |
| 443,236 |
Class U |
| 6,260 |
| 7,050 |
Cost of Shares Redeemed: |
|
|
| |
Class A |
| (2,142,575) |
| (7,003,622) |
Class I |
| (1,955,629) |
| (9,936,246) |
Class U |
| (885,073) |
| (2,893,536) |
Redemption Fees | 53 |
| 1,626 | |
Net Decrease in Net Assets from Capital Share Transactions | (4,597,984) |
| (18,950,283) | |
|
|
|
|
|
Net Decrease in Net Assets | (4,502,235) |
| (20,663,751) | |
|
|
|
|
|
Net Assets: |
|
|
|
|
Beginning of Year | 11,928,708 |
| 32,592,459 | |
End of Year |
|
|
|
|
|
| $ 7,426,473 |
| $ 11,928,708* |
|
|
|
|
|
Share Activity |
|
|
|
|
Class A: |
|
|
|
|
Shares Sold |
| 19,485 |
| 43,265 |
Shares Redeemed | (224,778) |
| (686,767) | |
Net Decrease in Shares of Beneficial Interest Outstanding | (205,293) |
| (643,502) | |
|
|
|
|
|
Class I: |
|
|
|
|
Shares Sold |
| 17,695 |
| 40,852 |
Shares Redeemed | (189,364) |
| (936,522) | |
Net Decrease in Shares of Beneficial Interest Outstanding | (171,669) |
| (895,670) | |
|
|
|
|
|
Class U: |
|
|
|
|
Shares Sold |
| 680 |
| 724 |
Shares Redeemed | (94,758) |
| (295,208) | |
Net Decrease in Shares of Beneficial Interest Outstanding | (94,078) |
| (294,484) |
* Includes Undistributed Net Investment Income of $151,978.
The accompanying notes are an integral part of these financial statements.
34
AMERICAFIRST LARGE CAP SHARE BUYBACK FUND
STATEMENTS OF CHANGES IN NET ASSETS
|
| Year Ended |
| Year Ended |
|
| 6/30/2019 |
| 6/30/2018 |
Increase in Net Assets Resulting From Operations: |
|
|
| |
Net Investment Loss | $ (19,389) |
| $ (21,534) | |
Net Realized Gain (Loss) on Investments in Securities | (171,841) |
| 259,512 | |
Net Change in Unrealized Appreciation on Investments in Securities | 314,728 |
| 4,947 | |
Net Increase in Net Assets Resulting from Operations | 123,498 |
| 242,925 | |
|
|
|
|
|
Distributions to Shareholders: |
|
|
| |
Distributions |
| (377,550) |
| (18,160)** |
Total Distributions Paid to Shareholders | (377,550) |
| (18,160) | |
|
|
|
|
|
Capital Share Transactions: |
|
|
| |
Proceeds from Sale of Shares: |
|
|
| |
Class A |
| 2,611,233 |
| 876,308 |
Class I |
| 2,406,712 |
| 1,946,153 |
Class U |
| 787,106 |
| 316,366 |
Reinvestment of Distributions: |
|
|
| |
Class A |
| 123,572 |
| 14,249 |
Class I |
| 172,626 |
| 2,437 |
Class U |
| 27,567 |
| 36 |
Cost of Shares Redeemed: |
|
|
| |
Class A |
| (515,636) |
| (485,765) |
Class I |
| (2,140,347) |
| (189,760) |
Class U |
| (157,257) |
| (100) |
Redemption Fees | 1,648 |
| 542 | |
Net Increase in Net Assets from Capital Share Transactions | 3,317,224 |
| 2,480,466 | |
|
|
|
|
|
Net Increase in Net Assets | 3,063,172 |
| 2,705,231 | |
|
|
|
|
|
Net Assets: |
|
|
|
|
Beginning of Year | 4,622,271 |
| 1,917,040 | |
End of Year |
|
|
|
|
|
| $ 7,685,443 |
| $ 4,622,271* |
|
|
|
|
|
Share Activity |
|
|
|
|
Class A: |
|
|
|
|
Shares Sold |
| 226,853 |
| 79,691 |
Shares Reinvested | 11,614 |
| 1,273 | |
Shares Redeemed | (45,066) |
| (42,777) | |
Net Increase in Shares of Beneficial Interest Outstanding | 193,401 |
| 38,187 | |
|
|
|
|
|
Class I: |
|
|
|
|
Shares Sold |
| 201,850 |
| 166,461 |
Shares Reinvested | 16,008 |
| 216 | |
Shares Redeemed | (206,133) |
| (16,696) | |
Net Increase in Shares of Beneficial Interest Outstanding | 11,725 |
| 149,981 | |
|
|
|
|
|
Class U: |
|
|
|
|
Shares Sold |
| 70,701 |
| 27,602 |
Shares Reinvested | 2,613 |
| 36 | |
Shares Redeemed | (13,345) |
| (100) | |
Net Increase in Shares of Beneficial Interest Outstanding | 59,969 |
| 27,538 |
* Includes Accumulated Net Investment Loss of $(13,384).
** For the year ended June 30, 2018, total distributions consisted of distributions from net realized capital gains of $18,160.
The accompanying notes are an integral part of these financial statements.
35
AMERICAFIRST SEASONAL ROTATION FUND
STATEMENTS OF CHANGES IN NET ASSETS
|
| Year Ended |
| Year Ended |
|
| 6/30/2019 |
| 6/30/2018 |
Decrease in Net Assets Resulting From Operations: |
|
|
| |
Net Investment Income | $ 45,187 |
| $ 8,599 | |
Net Realized Loss on Investments in Securities | (588,341) |
| (233,027) | |
Net Change in Unrealized Appreciation/(Depreciation) on Investments in Securities | (15,198) |
| 147,753 | |
Net Decrease in Net Assets Resulting from Operations | (558,352) |
| (76,675) | |
|
|
|
|
|
Distributions to Shareholders: |
|
|
| |
Distributions |
| (49,868) |
| (42,913)** |
Total Distributions Paid to Shareholders | (49,868) |
| (42,913) | |
|
|
|
|
|
Capital Share Transactions: |
|
|
| |
Proceeds from Sale of Shares: |
|
|
| |
Class A |
| 143,878 |
| 266,613 |
Class I |
| 662,113 |
| 964,712 |
Class U |
| - |
| 182,811 |
Reinvestment of Distributions: |
|
|
| |
Class A |
| 12,435 |
| 10,409 |
Class I |
| 13,071 |
| 10,721 |
Class U |
| 10,080 |
| 10,941 |
Cost of Shares Redeemed: |
|
|
| |
Class A |
| (569,174) |
| (744,839) |
Class I |
| (1,261,179) |
| (592,875) |
Class U |
| (382,423) |
| (1,388,230) |
Redemption Fees | - |
| 345 | |
Net Decrease in Net Assets from Capital Share Transactions | (1,371,199) |
| (1,279,392) | |
|
|
|
|
|
Net Decrease in Net Assets | (1,979,419) |
| (1,398,980) | |
|
|
|
|
|
Net Assets: |
|
|
|
|
Beginning of Year | 8,217,773 |
| 9,616,753 | |
End of Year |
|
|
|
|
|
| $ 6,238,354 |
| $8,217,773* |
|
|
|
|
|
Share Activity |
|
|
|
|
Class A: |
|
|
|
|
Shares Sold |
| 13,654 |
| 22,849 |
Shares Reinvested | 1,255 |
| 858 | |
Shares Redeemed | (54,335) |
| (64,640) | |
Net Decrease in Shares of Beneficial Interest Outstanding | (39,426) |
| (40,933) | |
|
|
|
|
|
Class I: |
|
|
|
|
Shares Sold |
| 60,897 |
| 81,952 |
Shares Reinvested | 1,299 |
| 875 | |
Shares Redeemed | (121,674) |
| (50,504) | |
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (59,478) |
| 32,323 | |
|
|
|
|
|
Class U: |
|
|
|
|
Shares Sold |
| - |
| 15,797 |
Shares Reinvested | 1,042 |
| 919 | |
Shares Redeemed | (36,921) |
| (123,080) | |
Net Decrease in Shares of Beneficial Interest Outstanding | (35,879) |
| (106,364) |
* Includes Accumulated Net Investment Loss of $(9,198).
** For the year ended June 30, 2018, total distributions consisted of distributions from net realized capital gains of $42,913.
The accompanying notes are an integral part of these financial statements.
36
AMERICAFIRST TACTICAL ALPHA FUND
STATEMENTS OF CHANGES IN NET ASSETS
|
| Year Ended |
| Year Ended |
|
| 6/30/2019 |
| 6/30/2018 |
Increase (Decrease) in Net Assets Resulting From Operations: |
|
|
| |
Net Investment Loss | $ (80,921) |
| $ (61,484) | |
Net Realized Gain (Loss) on Investments in Securities, and Securities Sold Short | (31,208) |
| 481,145 | |
Net Change in Unrealized Appreciation/(Depreciation) on Investments in Securities, and Securities Sold Short | (19,125) |
| 211,608 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (131,254) |
| 631,269 | |
|
|
|
|
|
Capital Share Transactions: |
|
|
| |
|
|
|
|
|
Tax Free Exchange from AmericaFirst Quantitative Fund: ** |
|
|
| |
Class A |
| 2,819,556 |
| - |
Class I |
| 266,938 |
| - |
Class U |
| 4,224,621 |
| - |
Proceeds from Sale of Shares: |
|
|
| |
Class A |
| 350,206 |
| 479,082 |
Class I |
| 1,572,678 |
| 645,863 |
Class U |
| 37,151 |
| 179,142 |
Cost of Shares Redeemed: |
|
|
| |
Class A |
| (1,014,452) |
| (1,380,846) |
Class I |
| (1,509,450) |
| (83,173) |
Class U |
| (592,519) |
| (1,088,809) |
Redemption Fees | 1,636 |
| 18 | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 6,156,365 |
| (1,248,723) | |
|
|
|
|
|
Net Increase (Decrease) in Net Assets | 6,025,111 |
| (617,454) | |
|
|
|
|
|
Net Assets: |
|
|
|
|
Beginning of Year | 7,274,678 |
| 7,892,132 | |
End of Year |
|
|
|
|
|
| $ 13,299,789 |
| $ 7,274,678* |
|
|
|
|
|
Share Activity |
|
|
|
|
Class A: |
|
|
|
|
Tax Free Exchange from AmericaFirst Quantitative Fund: | 222,538 |
| - | |
Shares Sold |
| 26,582 |
| 36,855 |
Shares Redeemed | (79,791) |
| (108,919) | |
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 169,329 |
| (72,064) | |
|
|
|
|
|
Class I: |
|
|
|
|
Tax Free Exchange from AmericaFirst Quantitative Fund: | 19,759 |
| - | |
Shares Sold |
| 112,973 |
| 47,021 |
Shares Redeemed | (112,569) |
| (6,294) | |
Net Increase in Shares of Beneficial Interest Outstanding | 20,163 |
| 40,727 | |
|
|
|
|
|
Class U: |
|
|
|
|
Tax Free Exchange from AmericaFirst Quantitative Fund: | 347,992 |
| - | |
Shares Sold |
| 3,047 |
| 14,470 |
Shares Redeemed | (48,423) |
| (88,711) | |
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 302,616 |
| (74,241) |
* Includes Accumulated Net Investment Loss of $(50,127)
** Refer to Note 1 for details of the tax free merger.
The accompanying notes are an integral part of these financial statements.
37
AMERICAFIRST INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS
|
| Year Ended |
| Year Ended |
|
| 6/30/2019 |
| 6/30/2018 |
Increase/(Decrease) in Net Assets Resulting From Operations: |
|
|
| |
Net Investment Income | $ 461,277 |
| $ 465,819 | |
Net Realized Loss on Investments in Securities | (1,121,738) |
| (173,549) | |
Net Change in Unrealized Depreciation on Investments in Securities | (227,547) |
| (262,014) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | (888,008) |
| 30,256 | |
|
|
|
|
|
Distributions to Shareholders: |
|
|
| |
Distributions |
| (397,471) |
| (428,258)** |
Return of Capital | (457,999) |
| (368,875) | |
Total Distributions Paid to Shareholders | (855,470) |
| (797,133) | |
|
|
|
|
|
Capital Share Transactions: |
|
|
| |
Proceeds from Sale of Shares: |
|
|
| |
Class A |
| 2,012,279 |
| 2,215,430 |
Class I |
| 2,292,035 |
| 1,830,193 |
Class U |
| 510,939 |
| 537,705 |
Reinvestment of Distributions: |
|
|
| |
Class A |
| 315,184 |
| 302,275 |
Class I |
| 229,080 |
| 154,538 |
Class U |
| 138,846 |
| 135,928 |
Cost of Shares Redeemed: |
|
|
| |
Class A |
| (2,263,812) |
| (2,692,933) |
Class I |
| (2,220,907) |
| (1,611,199) |
Class U |
| (552,785) |
| (1,856,372) |
Redemption Fees | 448 |
| 250 | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 461,307 |
| (984,185) | |
|
|
|
|
|
Net Decrease in Net Assets | (1,282,171) |
| (1,751,062) | |
|
|
|
|
|
Net Assets: |
|
|
|
|
Beginning of Year | 12,762,868 |
| 14,513,930 | |
End of Year |
|
|
|
|
|
| $ 11,480,697 |
| $ 12,762,868* |
|
|
|
|
|
Share Activity |
|
|
|
|
Class A: |
|
|
|
|
Shares Sold |
| 300,341 |
| 307,809 |
Shares Reinvested | 48,614 |
| 42,363 | |
Shares Redeemed | (351,759) |
| (376,678) | |
Net Decrease in Shares of Beneficial Interest Outstanding | (2,804) |
| (26,506) | |
|
|
|
|
|
Class I: |
|
|
|
|
Shares Sold |
| 324,656 |
| 250,270 |
Shares Reinvested | 34,287 |
| 21,174 | |
Shares Redeemed | (326,036) |
| (223,920) | |
Net Increase in Shares of Beneficial Interest Outstanding | 32,907 |
| 47,524 | |
|
|
|
|
|
Class U: |
|
|
|
|
Shares Sold |
| 74,728 |
| 74,975 |
Shares Reinvested | 21,311 |
| 18,945 | |
Shares Redeemed | (82,537) |
| (255,953) | |
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 13,502 |
| (162,033) |
* Includes Undistributed Net Investment Income of $0
** For the year ended June 30, 2018, total distributions consisted of distributions from net investment income of $428,258.
The accompanying notes are an integral part of these financial statements.
38
AMERICAFIRST DEFENSIVE GROWTH FUND
CLASS A
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year presented.
|
| Years Ended | ||||||||
|
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year | $ 9.59 |
| $ 10.47 |
| $ 11.30 |
| $ 11.99 |
| $ 12.53 | |
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
| |
Net Investment Loss * | (0.17) |
| (0.17) |
| (0.12) |
| (0.11) |
| (0.12) | |
Net Realized and Unrealized Gain (Loss) on Investments | 0.26 |
| (0.71) |
| (0.70) |
| (0.50) |
| 0.97 | |
Total from Investment Operations | 0.09 |
| (0.88) |
| (0.82) |
| (0.61) |
| 0.85 | |
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
| |
Net Realized Gain | - |
| - |
| (0.01) |
| (0.08) |
| (1.39) | |
Total Distributions | - |
| - |
| (0.01) |
| (0.08) |
| (1.39) | |
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees(c) * | - |
| - |
| - |
| - |
| - | |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year | $ 9.68 |
| $ 9.59 |
| $ 10.47 |
| $ 11.30 |
| $ 11.99 | |
|
|
|
|
|
|
|
|
|
|
|
Total Return(a) | 0.94% |
| (8.40)% |
| (7.26)%*** |
| (5.12)%*** |
| 7.23% | |
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year (Thousands) | $ 3,279 |
| $ 5,216 |
| $ 12,430 |
| $ 31,273 |
| $ 21,040 | |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(d) | 3.79% |
| 3.12% |
| 3.02%** |
| 3.11%** |
| 3.18% | |
Ratio of Net Investment Loss to Average Net Assets(b)(d)(e) | (2.23)% |
| (1.75)% |
| (1.18)%** |
| (1.00)%** |
| (1.04)% | |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(d) | 3.31% |
| 3.02% |
| 3.02%** |
| 3.07%** |
| 3.13% | |
Ratio of Net Investment Loss to Average Net Assets(b)(d)(e) | (1.75)% |
| (1.66)% |
| (1.18)%** |
| (0.96)%** |
| (0.99)% | |
Portfolio Turnover | 496.34% |
| 1020.14% |
| 341.27% |
| 118.13% |
| 254.20% |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) Ratio of interest and dividends on securities sold short included were 0.70%, 0.44%, 0.36%, 0.58%, and 0.68%, respectively.
(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method.
** The ratios include 0.28% for the year ended June 30, 2017, and 0.09% for the year ended June 30, 2016 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
*** Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been (6.99)% and (5.03)%, respectively.
The accompanying notes are an integral part of these financial statements.
39
AMERICAFIRST DEFENSIVE GROWTH FUND
CLASS I
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year presented.
| Years Ended | ||||||||
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year | $ 10.15 |
| $ 11.02 |
| $ 11.86 |
| $ 12.45 |
| $ 12.82 |
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
Net Investment Income (Loss) * | (0.13) |
| (0.12) |
| (0.10) |
| (0.01) |
| 0.02 |
Net Realized and Unrealized Gain (Loss) on Investments | 0.28 |
| (0.75) |
| (0.73) |
| (0.50) |
| 1.00 |
Total from Investment Operations | 0.15 |
| (0.87) |
| (0.83) |
| (0.51) |
| 1.02 |
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
Net Realized Gain | - |
| - |
| (0.01) |
| (0.08) |
| (1.39) |
Total Distributions | - |
| - |
| (0.01) |
| (0.08) |
| (1.39) |
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees(c) * | - |
| - |
| - |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year | $ 10.30 |
| $ 10.15 |
| $ 11.02 |
| $ 11.86 |
| $ 12.45 |
|
|
|
|
|
|
|
|
|
|
Total Return(a) | 1.48% |
| (7.89)% |
| (7.00)%*** |
| (4.12)%*** |
| 8.45% |
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
Net Assets at End of Year (Thousands) | $ 2,369 |
| $ 4,077 |
| $ 14,302 |
| $ 44,161 |
| $ 33,660 |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets(b)(d) | 3.61% |
| 2.88% |
| 2.74%** |
| 2.62%** |
| 2.67% |
Ratio of Net Investment Loss to Average Net Assets(b)(d)(e) | (2.04)% |
| (1.51)% |
| (0.97)%** |
| (0.56)%** |
| (0.47)% |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets(b)(d) | 2.80% |
| 2.53% |
| 2.66%** |
| 2.13%** |
| 2.07% |
Ratio of Net Investment Income (Loss) to Average Net Assets(b)(d)(e) | (1.23)% |
| (1.16)% |
| (0.89)%** |
| (0.07)%** |
| 0.13% |
Portfolio Turnover | 496.34% |
| 1020.14% |
| 341.27% |
| 118.13% |
| 254.20% |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) Ratio of interest and dividends on securities sold short included were 0.70%, 0.44%, 0.37%, 0.58%, and 0.68%, respectively.
(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method.
** The ratios include 0.28% year ended June 30, 2017, and 0.09% for the year ended June 30, 2016 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
*** Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been (6.74)% and (4.03)%., respectively.
The accompanying notes are an integral part of these financial statements.
40
AMERICAFIRST DEFENSIVE GROWTH FUND
CLASS U
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year presented.
| Years Ended | ||||||||
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year | $ 9.19 |
| $ 10.09 |
| $ 10.96 |
| $ 11.69 |
| $ 12.31 |
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
Net Investment Loss * | (0.21) |
| (0.21) |
| (0.19) |
| (0.17) |
| (0.18) |
Net Realized and Unrealized Gain (Loss) on Investments | 0.25 |
| (0.69) |
| (0.67) |
| (0.48) |
| 0.95 |
Total from Investment Operations | 0.04 |
| (0.90) |
| (0.86) |
| (0.65) |
| 0.77 |
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
Net Realized Gain | - |
| - |
| (0.01) |
| (0.08) |
| (1.39) |
Total Distributions | - |
| - |
| (0.01) |
| (0.08) |
| (1.39) |
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees(c) * | - |
| - |
| - |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year | $ 9.23 |
| $ 9.19 |
| $ 10.09 |
| $ 10.96 |
| $ 11.69 |
|
|
|
|
|
|
|
|
|
|
Total Return(a) | 0.44% |
| (8.92)% |
| (7.85)%*** |
| (5.59)%*** |
| 6.68% |
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
Net Assets at End of Year (Thousands) | $ 1,778 |
| $ 2,636 |
| $ 5,861 |
| $ 17,238 |
| $ 13,687 |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets(b)(d) | 4.41% |
| 3.87% |
| 3.75%** |
| 3.63%** |
| 3.67% |
Ratio of Net Investment Loss to Average Net Assets(b)(d)(e) | (2.84)% |
| (2.50)% |
| (1.96)%** |
| (1.56)%** |
| (1.56)% |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets(b)(d) | 3.81% |
| 3.53% |
| 3.67%** |
| 3.57%** |
| 3.62% |
Ratio of Net Investment Loss to Average Net Assets(b)(d)(e) | (2.23)% |
| (2.16)% |
| (1.88)%** |
| (1.51)%** |
| (1.51)% |
Portfolio Turnover | 496.34% |
| 1020.14% |
| 341.27% |
| 118.13% |
| 254.20% |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) Ratio of interest and dividends on securities sold short included were 0.70%, 0.44%, 0.35%, 0.58%, and 0.68%, respectively.
(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method.
** The ratios include 0.28% for the year ended June 30, 2017, and 0.09% for the year ended June 30, 2016 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
*** Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been (7.57)% and (5.50)%, respectively.
The accompanying notes are an integral part of these financial statements.
41
AMERICAFIRST LARGE CAP SHARE BUYBACK FUND
CLASS A
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout the period or year presented.
| Year Ended |
| Year Ended |
| Period Ended(d) |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
|
|
|
|
|
|
Net Asset Value, at Beginning of Period/Year | $ 11.44 |
| $ 10.29 |
| $ 10.00 |
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
Net Investment Loss * | (0.04) |
| (0.11) |
| (0.19) |
Net Realized and Unrealized Gain on Investments | 0.65 |
| 1.34 |
| 0.48 |
Total from Investment Operations | 0.61 |
| 1.23 |
| 0.29 |
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
Net Realized Gain | (0.56) |
| (0.08) |
| - |
Total Distributions | (0.56) |
| (0.08) |
| - |
|
|
|
|
|
|
Paid in Capital From Redemption Fees(c) * | - |
| - |
| - |
|
|
|
|
|
|
Net Asset Value, at End of Period/Year | $ 11.49 |
| $ 11.44 |
| $ 10.29 |
|
|
|
|
|
|
Total Return(a) | 5.72% |
| 11.94% |
| 2.90%***(f) |
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
Net Assets at End of Period/Year (Thousands) | $ 4,358 |
| $ 2,129 |
| $ 1,521 |
Before Waiver/Reimbursement: |
|
|
|
|
|
Ratio of Expenses to Average Net Assets(b) | 3.18% |
| 4.26% |
| 12.14%**(e) |
Ratio of Net Investment Loss to Average Net Assets(b)(g) | (1.53)% |
| (2.94)% |
| (10.70)%**(e) |
After Waiver/Reimbursement: |
|
|
|
|
|
Ratio of Expenses to Average Net Assets(b) | 1.96% |
| 2.35% |
| 5.92%**(e) |
Ratio of Net Investment Loss to Average Net Assets(b)(g) | (0.31)% |
| (1.02)% |
| (4.49)%**(e) |
Portfolio Turnover | 164.13% |
| 216.65% |
| 46.12%*** |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) For the period January 31, 2017 (commencement of investment operations) through June 30, 2017.
(e) The ratios include 4.70% annualized for the period ended June 30, 2017 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
(f) Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been 4.73%.
(g) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method.
** Annualized.
*** Not Annualized.
The accompanying notes are an integral part of these financial statements.
42
AMERICAFIRST LARGE CAP SHARE BUYBACK FUND
CLASS I
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout the period or year presented.
| Year Ended |
| Year Ended |
| Period Ended(d) |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
|
|
|
|
|
|
Net Asset Value, at Beginning of Period/Year | $ 11.59 |
| $ 10.33 |
| $ 10.00 |
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
Net Investment Loss * | (0.00)(c) |
| (0.01) |
| (0.20) |
Net Realized and Unrealized Gain on Investments | 0.65 |
| 1.35 |
| 0.53 |
Total from Investment Operations | 0.65 |
| 1.34 |
| 0.33 |
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
Net Realized Gain | (0.56) |
| (0.08) |
| - |
Total Distributions | (0.56) |
| (0.08) |
| - |
|
|
|
|
|
|
Paid in Capital From Redemption Fees(c) * | - |
| - |
| - |
|
|
|
|
|
|
Net Asset Value, at End of Period/Year | $ 11.68 |
| $ 11.59 |
| $ 10.33 |
|
|
|
|
|
|
Total Return(a) | 5.99% |
| 12.97% |
| 3.30%***(f) |
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
Net Assets at End of Period/Year (Thousands) | $ 2,274 |
| $ 2,120 |
| $ 341 |
Before Waiver/Reimbursement: |
|
|
|
|
|
Ratio of Expenses to Average Net Assets(b) | 2.91% |
| 3.58% |
| 15.47%**(e) |
Ratio of Net Investment Loss to Average Net Assets(b)(g) | (1.29)% |
| (2.29)% |
| (13.91)%**(e) |
After Waiver/Reimbursement: |
|
|
|
|
|
Ratio of Expenses to Average Net Assets(b) | 1.66% |
| 1.34% |
| 6.44%**(e) |
Ratio of Net Investment Loss to Average Net Assets(b)(g) | (0.04)% |
| (0.07)% |
| (4.89)%**(e) |
Portfolio Turnover | 164.13% |
| 216.65% |
| 46.12%*** |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) For the period January 31, 2017 (commencement of investment operations) through June 30, 2017.
(e) The ratios include 4.70% annualized for the period ended June 30, 2017 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
(f) Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been 5.66%.
(g) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method.
** Annualized.
*** Not Annualized.
The accompanying notes are an integral part of these financial statements.
43
AMERICAFIRST LARGE CAP SHARE BUYBACK FUND
CLASS U
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout the period or year presented.
| Year Ended |
| Year Ended |
| Period Ended(d) |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
|
|
|
|
|
|
Net Asset Value, at Beginning of Period/Year | $ 11.36 |
| $ 10.28 |
| $ 10.00 |
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
Net Investment Loss * | (0.11) |
| (0.17) |
| (0.26) |
Net Realized and Unrealized Gain on Investments | 0.65 |
| 1.33 |
| 0.54 |
Total from Investment Operations | 0.54 |
| 1.16 |
| 0.28 |
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
Net Realized Gain | (0.56) |
| (0.08) |
| - |
Total Distributions | (0.56) |
| (0.08) |
| - |
|
|
|
|
|
|
Paid in Capital From Redemption Fees(c) * | - |
| - |
| - |
|
|
|
|
|
|
Net Asset Value, at End of Period/Year | $ 11.34 |
| $ 11.36 |
| $ 10.28 |
|
|
|
|
|
|
Total Return(a) | 5.12% |
| 11.27% |
| 2.80%***(f) |
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
Net Assets at End of Period/Year (Thousands) | $ 1,053 |
| $ 374 |
| $ 55 |
Before Waiver/Reimbursement: |
|
|
|
|
|
Ratio of Expenses to Average Net Assets(b) | 3.92% |
| 4.51% |
| 16.00%**(e) |
Ratio of Net Investment Loss to Average Net Assets(b)(g) | (2.24)% |
| (3.26)% |
| (14.52)%**(e) |
After Waiver/Reimbursement: |
|
|
|
|
|
Ratio of Expenses to Average Net Assets(b) | 2.68% |
| 2.80% |
| 7.84%**(e) |
Ratio of Net Investment Loss to Average Net Assets(b)(g) | (1.00)% |
| (1.55)% |
| (6.36)%**(e) |
Portfolio Turnover | 164.13% |
| 216.65% |
| 46.12%*** |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) For the period January 31, 2017 (commencement of investment operations) through June 30, 2017.
(e) The ratios include 4.70% annualized for the period ended June 30, 2017 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
(f) Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been 5.23%.
(g) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method.
** Annualized.
*** Not Annualized.
The accompanying notes are an integral part of these financial statements.
44
AMERICAFIRST SEASONAL ROTATION FUND
CLASS A
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year presented.
|
| Years Ended | ||||||||
|
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year | $ 11.43 |
| $ 11.60 |
| $ 10.08 |
| $ 10.06 |
| $ 10.37 | |
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
| |
Net Investment Income (Loss) * | 0.02 |
| (0.02) |
| (0.11) |
| (0.03) |
| 0.05 | |
Net Realized and Unrealized Gain (Loss) on Investments | (0.74) |
| (0.10) |
| 1.63 |
| 0.07(d) |
| (0.29) | |
Total from Investment Operations | (0.72) |
| (0.12) |
| 1.52 |
| 0.04 |
| (0.24) | |
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
| |
Net Investment Income | (0.07) |
| - |
| - |
| - |
| - | |
Net Realized Gains | - |
| (0.05) |
| - |
| (0.02) |
| (0.07) | |
Total from Distributions | (0.07) |
| (0.05) |
| - |
| (0.02) |
| (0.07) | |
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees * | - |
| -(c) |
| - |
| -(c) |
| -(c) | |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year | $ 10.64 |
| $ 11.43 |
| $ 11.60 |
| $ 10.08 |
| $ 10.06 | |
|
|
|
|
|
|
|
|
|
|
|
Total Return(a) | (6.22)% |
| (1.03)% |
| 15.08%*** |
| 0.42%*** |
| (2.36)% | |
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year (Thousands) | $ 1,597 |
| $ 2,168 |
| $ 2,673 |
| $ 2,759 |
| $ 3,934 | |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(e) | 2.87% |
| 2.73% |
| 3.89%** |
| 3.57%** |
| 2.74% | |
Ratio of Net Investment Income (Loss) to Average Net Assets(b)(e)(f) | (0.07)% |
| (0.33)% |
| (1.96)%** |
| (1.32)%** |
| 0.19% | |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(e) | 2.61% |
| 2.58% |
| 2.95%** |
| 2.60%** |
| 2.45% | |
Ratio of Net Investment Income (Loss) to Average Net Assets(b)(e)(f) | 0.19% |
| (0.18)% |
| (1.02)%** |
| (0.34)%** |
| 0.48% | |
Portfolio Turnover | 496.90% |
| 356.75% |
| 426.81% |
| 445.44% |
| 429.87% |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) The amount of net realized and unrealized gain on investments per share does not accord with the amount reported in the Statement of Operations for the year ended June 30, 2016 primarily due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.
(e) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.09%, and 0.00%, respectively.
(f) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method.
** The ratios include 0.45% for the year ended June 30, 2017, and 0.08% for the year ended June 30, 2016 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
*** Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been 15.58% and 0.50%, respectively.
The accompanying notes are an integral part of these financial statements.
45
AMERICAFIRST SEASONAL ROTATION FUND
CLASS I
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year presented.
|
| Years Ended | ||||||||
|
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year | $ 11.61 |
| $ 11.67 |
| $ 10.10 |
| $ 10.11 |
| $ 10.41 | |
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
| |
Net Investment Income (Loss) * | 0.12 |
| 0.08 |
| (0.06) |
| 0.03 |
| 0.13 | |
Net Realized and Unrealized Gain (Loss) on Investments | (0.76) |
| (0.09) |
| 1.63 |
| 0.06(d) |
| (0.33) | |
Total from Investment Operations | (0.64) |
| (0.01) |
| 1.57 |
| 0.09 |
| (0.20) | |
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
| |
Net Investment Income | (0.07) |
| - |
| - |
| - |
| - | |
Net Realized Gains | - |
| (0.05) |
| - |
| (0.10) |
| (0.10) | |
Total Distributions | (0.07) |
| (0.05) |
| - |
| (0.10) |
| (0.10) | |
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees * | - |
| -(c) |
| - |
| -(c) |
| - (c) | |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year | $ 10.90 |
| $ 11.61 |
| $ 11.67 |
| $ 10.10 |
| $ 10.11 | |
|
|
|
|
|
|
|
|
|
|
|
Total Return(a) | (5.45)% |
| (0.08)% |
| 15.54%*** |
| 0.93%*** |
| (1.93)% | |
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year (Thousands) | $ 3,642 |
| $ 4,567 |
| $ 4,217 |
| $ 3,737 |
| $ 9,712 | |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(e) | 2.73% |
| 2.48% |
| 3.65%** |
| 3.01%** |
| 2.22% | |
Ratio of Net Investment Income (Loss) to Average Net Assets(b)(e)(f) | 0.06% |
| (0.08)% |
| (1.72)%** |
| (0.52)%** |
| 1.02% | |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(e) | 1.66% |
| 1.75% |
| 2.44%** |
| 2.10%** |
| 1.95% | |
Ratio of Net Investment Income (Loss) to Average Net Assets(b)(e)(f) | 1.14% |
| 0.65% |
| (0.52)%** |
| 0.39%** |
| 1.29% | |
Portfolio Turnover | 496.90% |
| 356.75% |
| 426.81% |
| 445.44% |
| 429.87% |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) The amount of net realized and unrealized gain on investments per share does not accord with the amount reported in the Statement of Operations for the year ended June 30, 2016 primarily due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.
(e) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.09%, and 0.00%, respectively.
(f) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method.
** The ratios include 0.45% for the year ended June 30, 2017, and 0.08% for the year ended June 30, 2016 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
*** Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been 15.99% and 1.01%, respectively.
The accompanying notes are an integral part of these financial statements.
46
AMERICAFIRST SEASONAL ROTATION FUND
CLASS U
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year presented.
|
| Years Ended | ||||||||
|
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year | $ 11.20 |
| $ 11.42 |
| $ 9.98 |
| $ 10.00 |
| $ 10.34 | |
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
| |
Net Investment Income (Loss) * | (0.03) |
| (0.08) |
| (0.15) |
| (0.08) |
| 0.01 | |
Net Realized and Unrealized Gain (Loss) on Investments | (0.73) |
| (0.09) |
| 1.59 |
| 0.07(d) |
| (0.30) | |
Total from Investment Operations | (0.76) |
| (0.17) |
| 1.44 |
| (0.01) |
| (0.29) | |
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
| |
Net Investment Income | (0.09) |
| - |
| - |
| - |
| - | |
Net Realized Gains | - |
| (0.05) |
| - |
| (0.01) |
| (0.05) | |
Total Distributions | (0.09) |
| (0.05) |
| - |
| (0.01) |
| (0.05) | |
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees * | - |
| -(c) |
| - |
| -(c) |
| -(c) | |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year | $ 10.35 |
| $ 11.20 |
| $ 11.42 |
| $ 9.98 |
| $ 10.00 | |
|
|
|
|
|
|
|
|
|
|
|
Total Return(a) | (6.71)% |
| (1.49)% |
| 14.43%*** |
| (0.11)%*** |
| (2.84)% | |
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year (Thousands) | $ 999 |
| $ 1,483 |
| $ 2,727 |
| $ 2,506 |
| $ 3,196 | |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(e) | 3.48% |
| 3.47% |
| 4.69%** |
| 4.10%** |
| 3.23% | |
Ratio of Net Investment Loss to Average Net Assets(b)(e)(f) | (0.66)% |
| (1.09)% |
| (2.73)%** |
| (1.86)%** |
| (0.18)% | |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(e) | 3.11% |
| 3.09% |
| 3.41%** |
| 3.10%** |
| 2.95% | |
Ratio of Net Investment Income (Loss) to Average Net Assets(b)(e)(f) | (0.29)% |
| (0.71)% |
| (1.45)%** |
| (0.86)%** |
| 0.10% | |
Portfolio Turnover | 496.90% |
| 356.75% |
| 426.81% |
| 445.44% |
| 429.87% |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) The amount of net realized and unrealized gain on investments per share does not accord with the amount reported in the Statement of Operations for the year ended June 30, 2016 primarily due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.
(e) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.09%, and 0.00%, respectively.
(f) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method.
** The ratios include 0.45% for the year ended June 30, 2017, and 0.08% for the year ended June 30, 2016 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
*** Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been 14.83% and (0.03)%, respectively.
The accompanying notes are an integral part of these financial statements.
47
AMERICAFIRST TACTICAL ALPHA FUND
CLASS A
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year presented.
|
| Years Ended | ||||||||
|
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year | $ 13.50 |
| $ 12.32 |
| $ 11.87 |
| $ 11.71 |
| $ 12.01 | |
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
| |
Net Investment Loss * | (0.10) |
| (0.09) |
| (0.06) |
| (0.21) |
| (0.01) | |
Net Realized and Unrealized Gain (Loss) on Investments | (0.35) |
| 1.27 |
| 0.51 |
| 0.37 |
| (0.29) | |
Total from Investment Operations | (0.45) |
| 1.18 |
| 0.45 |
| 0.16 |
| (0.30) | |
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees * | -(c) |
| -(c) |
| - |
| -(c) |
| -(c) | |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year | $ 13.05 |
| $ 13.50 |
| $ 12.32 |
| $ 11.87 |
| $ 11.71 | |
|
|
|
|
|
|
|
|
|
|
|
Total Return(a) | (3.33)% |
| 9.58% |
| 3.79%*** |
| 1.37%*** |
| (2.50)% | |
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year (Thousands) | $ 5,699 |
| $ 3,608 |
| $ 4,183 |
| $ 6,045 |
| $ 7,191 | |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(d) | 2.46% |
| 3.20% |
| 4.00%** |
| 4.68%** |
| 3.44% | |
Ratio of Net Investment Loss to Average Net Assets(b)(d)(e) | (0.66)% |
| (1.30)% |
| (1.54)%** |
| (2.93)%** |
| (0.84)% | |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(d) | 2.60% |
| 2.59% |
| 2.98%** |
| 3.62%** |
| 2.71% | |
Ratio of Net Investment Loss to Average Net Assets(b)(d)(e) | (0.81)% |
| (0.69)% |
| (0.52)%** |
| (1.87)%** |
| (0.11)% | |
Portfolio Turnover | 546.50% |
| 794.40% |
| 354.88% |
| 333.49% |
| 529.08% |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.06%, 1.13%, and 0.25%, respectively.
(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method.
** The ratios include 0.45% for the year ended June 30, 2017, and 0.07% for the year ended June 30, 2016 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
*** Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been 4.21% and 1.44%, respectively.
The accompanying notes are an integral part of these financial statements.
48
AMERICAFIRST TACTICAL ALPHA FUND
CLASS I
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year presented.
|
| Years Ended | ||||||||
|
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year | $ 14.30 |
| $ 12.94 |
| $ 12.37 |
| $ 12.03 |
| $ 12.22 | |
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
| |
Net Investment Income (Loss) * | 0.02 |
| 0.03 |
| 0.03 |
| (0.08) |
| 0.10 | |
Net Realized and Unrealized Gain (Loss) on Investments | (0.35) |
| 1.33 |
| 0.54 |
| 0.42 |
| (0.29) | |
Total from Investment Operations | (0.33) |
| 1.36 |
| 0.57 |
| 0.34 |
| (0.19) | |
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees * | -(c) |
| -(c) |
| - |
| -(c) |
| -(c) | |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year | $ 13.97 |
| $ 14.30 |
| $ 12.94 |
| $ 12.37 |
| $ 12.03 | |
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) | (2.31)% |
| 10.51% |
| 4.61%*** |
| 2.83%*** |
| (1.55)% | |
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year (Thousands) | $ 1,259 |
| $ 1,001 |
| $ 378 |
| $ 308 |
| $ 653 | |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(d) | 2.49% |
| 2.87% |
| 4.00%** |
| 4.21%** |
| 2.91% | |
Ratio of Net Investment Loss to Average Net Assets(b)(d)(e) | (0.69)% |
| (0.98)% |
| (1.38)%** |
| (2.55)%** |
| (0.33)% | |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(d) | 1.67% |
| 1.66% |
| 2.39%** |
| 2.28%** |
| 1.75% | |
Ratio of Net Investment Income (Loss) to Average Net Assets(b)(d)(e) | 0.13% |
| 0.24% |
| 0.22%** |
| (0.63)%** |
| 0.83% | |
Portfolio Turnover | 546.50% |
| 794.40% |
| 354.88% |
| 333.49% |
| 529.08% |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.08%, 1.13%, and 0.25%, respectively.
(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method.
** The ratios include 0.45% for the year ended June 30, 2017, and 0.07% for the year ended June 30, 2016 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
*** Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been 5.17% and 2.90%, respectively.
The accompanying notes are an integral part of these financial statements.
49
AMERICAFIRST TACTICAL ALPHA FUND
CLASS U
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year presented.
|
| Years Ended | ||||||||
|
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year | $ 12.98 |
| $ 11.91 |
| $ 11.52 |
| $ 11.43 |
| $ 11.78 | |
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
| |
Net Investment Loss * | (0.15) |
| (0.15) |
| (0.12) |
| (0.27) |
| (0.07) | |
Net Realized and Unrealized Gain (Loss) on Investments | (0.35) |
| 1.22 |
| 0.51 |
| 0.36 |
| (0.28) | |
Total from Investment Operations | (0.50) |
| 1.07 |
| 0.39 |
| 0.09 |
| (0.35) | |
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees * | -(c) |
| -(c) |
| - |
| - (c) |
| -(c) | |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year | $ 12.48 |
| $ 12.98 |
| $ 11.91 |
| $ 11.52 |
| $ 11.43 | |
|
|
|
|
|
|
|
|
|
|
|
Total Return(a) | (3.85)% |
| 8.98% |
| 3.39%*** |
| 0.79%*** |
| (2.97)% | |
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year (Thousands) | $ 6,342 |
| $ 2,666 |
| $ 3,331 |
| $ 4,262 |
| $ 6,012 | |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(d) | 3.11% |
| 3.96% |
| 4.80%** |
| 5.20%** |
| 3.94% | |
Ratio of Net Investment Loss to Average Net Assets(b)(d)(e) | (1.33)% |
| (2.08)% |
| (2.31)%** |
| (3.47)%** |
| (1.34)% | |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(d) | 3.10% |
| 3.10% |
| 3.50%** |
| 4.15%** |
| 3.20% | |
Ratio of Net Investment Loss to Average Net Assets(b)(d)(e) | (1.31)% |
| (1.21)% |
| (1.01)%** |
| (2.42)%** |
| (0.61)% | |
Portfolio Turnover | 546.50% |
| 794.40% |
| 354.88% |
| 333.49% |
| 529.08% |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.07%, 1.13%, and 0.25%, respectively.
(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method.
** The ratios include 0.45% for the year ended June 30, 2017, and 0.07% for the year ended June 30, 2016 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
*** Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been 3.82% and 0.86%, respectively.
The accompanying notes are an integral part of these financial statements.
50
AMERICAFIRST INCOME FUND
CLASS A
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year presented.
|
| Year Ended | ||||||||
|
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year | $ 7.00 |
| $ 7.41 |
| $ 6.70 |
| $ 8.14 |
| $ 9.25 | |
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
| |
Net Investment Income * | 0.22 |
| 0.25 |
| 0.20 |
| 0.26 |
| 0.25 | |
Net Realized and Unrealized Gain (Loss) on Investments | (0.65) |
| (0.22) |
| 0.96 |
| (1.19) |
| (0.75) | |
Total from Investment Operations | (0.43) |
| 0.03 |
| 1.16 |
| (0.93) |
| (0.50) | |
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
| |
Net Investment Income | (0.21) |
| (0.24) |
| (0.18) |
| (0.22) |
| (0.18) | |
Return of Capital | (0.23) |
| (0.20) |
| (0.27) |
| (0.29) |
| (0.43) | |
Total Distributions | (0.44) |
| (0.44) |
| (0.45) |
| (0.51) |
| (0.61) | |
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees(c) * | - |
| - |
| - |
| - |
| - | |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year | $ 6.13 |
| $ 7.00 |
| $ 7.41 |
| $ 6.70 |
| $ 8.14 | |
|
|
|
|
|
|
|
|
|
|
|
Total Return(a) | (6.25)% |
| 0.50% |
| 17.61%*** |
| (11.80)%*** |
| (5.54)% | |
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year (Thousands) | $ 5,583 |
| $ 6,395 |
| $ 6,964 |
| $ 7,821 |
| $ 11,517 | |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(d) | 2.62% |
| 2.75% |
| 3.63%** |
| 3.27%** |
| 2.43% | |
Ratio of Net Investment Income to Average Net Assets(b)(d)(e) | 3.16% |
| 3.07% |
| 2.05%** |
| 2.92%** |
| 2.60% | |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets(b)(d) | 2.36% |
| 2.35% |
| 2.93%** |
| 2.63%** |
| 2.21% | |
Ratio of Net Investment Income to Average Net Assets(b)(d)(e) | 3.42% |
| 3.47% |
| 2.76%** |
| 3.56%** |
| 2.82% | |
Portfolio Turnover | 530.98% |
| 331.95% |
| 125.07% |
| 349.38% |
| 226.22% |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.35%, 0.37%, and 0.01%, respectively.
(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.
** The ratios include 0.38% for the year ended June 30, 2017, and 0.07% for the year ended June 30, 2016 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
*** Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been 17.92% and (11.73)%, respectively.
The accompanying notes are an integral part of these financial statements.
51
AMERICAFIRST INCOME FUND
CLASS I
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year presented.
| Years Ended | ||||||||
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year | $ 7.18 |
| $ 7.54 |
| $ 6.78 |
| $ 8.19 |
| $ 9.27 |
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
Net Investment Income * | 0.29 |
| 0.31 |
| 0.26 |
| 0.35 |
| 0.31 |
Net Realized and Unrealized Gain (Loss) on Investments | (0.68) |
| (0.21) |
| 0.95 |
| (1.22) |
| (0.73) |
Total from Investment Operations | (0.39) |
| 0.10 |
| 1.21 |
| (0.87) |
| (0.42) |
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
Net Investment Income | (0.23) |
| (0.26) |
| (0.18) |
| (0.19) |
| (0.21) |
Return of Capital | (0.23) |
| (0.20) |
| (0.27) |
| (0.35) |
| (0.45) |
Total Distributions | (0.46) |
| (0.46) |
| (0.45) |
| (0.54) |
| (0.66) |
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees(c) * | - |
| - |
| - |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year | $ 6.33 |
| $ 7.18 |
| $ 7.54 |
| $ 6.78 |
| $ 8.19 |
|
|
|
|
|
|
|
|
|
|
Total Return(a) | (5.55)% |
| 1.42% |
| 18.36%*** |
| (10.91)%*** |
| (4.72)% |
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
Net Assets at End of Year (Thousands) | $ 3,195 |
| $ 3,386 |
| $ 3,199 |
| $ 2,781 |
| $ 6,380 |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets(b)(d) | 2.40% |
| 2.49% |
| 3.18%** |
| 2.68%** |
| 1.93% |
Ratio of Net Investment Income to Average Net Assets(b)(d)(e) | 3.47% |
| 3.31% |
| 2.55%** |
| 3.51%** |
| 3.04% |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets(b)(d) | 1.56% |
| 1.54% |
| 2.13%** |
| 1.64%** |
| 1.40% |
Ratio of Net Investment Income to Average Net Assets(b)(d)(e) | 4.31% |
| 4.26% |
| 3.60%** |
| 4.56%** |
| 3.57% |
Portfolio Turnover | 530.98% |
| 331.95% |
| 125.07% |
| 349.38% |
| 226.22% |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.35%, 0.37%, and 0.01%, respectively.
(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method.
** The ratios include 0.38% for the year ended June 30, 2017, and 0.07% for the year ended June 30, 2016 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
*** Includes the effects of legal fees and de-conversion fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been 18.83% and (10.84)%, respectively.
The accompanying notes are an integral part of these financial statements.
52
AMERICAFIRST INCOME FUND
CLASS U
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year presented.
| Years Ended | ||||||||
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year | $ 7.03 |
| $ 7.43 |
| $ 6.71 |
| $ 8.14 |
| $ 9.25 |
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
Net Investment Income * | 0.19 |
| 0.21 |
| 0.17 |
| 0.23 |
| 0.20 |
Net Realized and Unrealized Gain (Loss) on Investments | (0.65) |
| (0.22) |
| 0.95 |
| (1.19) |
| (0.74) |
Total from Investment Operations | (0.46) |
| (0.01) |
| 1.12 |
| (0.96) |
| (0.54) |
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
Net Investment Income | (0.16) |
| (0.19) |
| (0.16) |
| (0.18) |
| (0.17) |
Return of Capital | (0.23) |
| (0.20) |
| (0.24) |
| (0.29) |
| (0.40) |
Total Distributions | (0.39) |
| (0.39) |
| (0.40) |
| (0.47) |
| (0.57) |
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees(c) * | - |
| - |
| - |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year | $ 6.18 |
| $ 7.03 |
| $ 7.43 |
| $ 6.71 |
| $ 8.14 |
|
|
|
|
|
|
|
|
|
|
Total Return(a) | (6.65)% |
| (0.07)% |
| 16.98%*** |
| (12.14)%*** |
| (6.01)% |
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
Net Assets at End of Year (Thousands) | $ 2,703 |
| $ 2,982 |
| $ 4,352 |
| $ 5,665 |
| $ 10,526 |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets(b)(d) | 3.31% |
| 3.51% |
| 4.47%** |
| 3.73%** |
| 2.93% |
Ratio of Net Investment Income to Average Net Assets(b)(d)(e) | 2.44% |
| 2.25% |
| 1.21%** |
| 2.48%** |
| 2.10% |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b)(d) | 2.86% |
| 2.87% |
| 3.44%** |
| 3.09%** |
| 2.71% |
Ratio of Net Investment Income to Average Net Assets(b)(d)(e) | 2.89% |
| 2.89% |
| 2.24%** |
| 3.13%** |
| 2.32% |
Portfolio Turnover | 530.98% |
| 331.95% |
| 125.07% |
| 349.38% |
| 226.22% |
(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.
(b) These ratios exclude the impact of the expenses of the underlying acquired funds.
(c) Less than $0.01 per share.
(d) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.36%, 0.37%, and 0.01%, respectively.
(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
* Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.
** The ratios include 0.38% for the year ended June 30, 2017, and 0.07% for the year ended June 30, 2016 attributed to legal fees and de-conversion fees outside the expense limitation (see note 3).
*** Includes the effects of legal fees incurred outside of the expense limitation agreement. Excluding these expenses, total return would have been 17.29% and (12.07)%, respectively.
The accompanying notes are an integral part of these financial statements.
53
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2019
1. ORGANIZATION AND SIGNIFCANT ACCOUNTING POLICIES
AmericaFirst Quantitative Funds (the“Trust”) was reorganized as a Delaware statutory trust on January 4, 2013. Prior to January 4, 2013, the series of the Trust, other than AmericaFirst Seasonal Rotation Fund and AmericaFirst Large Cap Share Buyback Fund, were each a part of the Mutual Fund Series Trust, an Ohio business trust organized on February 27, 2006. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the“1940 Act”). The Trust currently consists of five series: AmericaFirst Defensive Growth Fund, AmericaFirst LargeCap Share Buyback Fund, AmericaFirst Seasonal Rotation Fund (formerly AmericaFirst Seasonal Trends Fund), AmericaFirst Tactical Alpha Fund (formerly AmericaFirst Absolute Return Fund), and AmericaFirst Income Fund (formerly AmericaFirst Income Trends Fund) (each a“Fund”and collectively, the“Funds”). The Funds are registered as diversified series of the Trust, except the Large Cap Share Buyback Fund which is non-diversified. The investment objectives of each Fund are set forth below. AmericaFirst Capital Management, LLC (the“Manager”) is investment advisor to the Funds.
AmericaFirst Defensive Growth Fund (“Defensive Growth Fund”) commenced operations on May 23, 2011. The Fund’s investment objective is to achieve capital appreciation through all market cycles.
AmericaFirst Large Cap Share Buyback Fund (“Large Cap Share Buyback Fund”) commenced operations on January 31, 2017. The Fund’s investment objective is to provide growth of capital.
AmericaFirst Seasonal Rotation Fund (“Seasonal Rotation Fund”) commenced operations on October 31, 2013. The Fund’s investment objective is to achieve capital appreciation with a focus on producing positive returns regardless of the direction of the financial markets.
AmericaFirst Tactical Alpha Fund (“Tactical Alpha Fund”) commenced operations on February 26, 2010. The Fund’s investment objective is to achieve capital appreciation with a focus on producing positive returns regardless of the direction of financial markets.
AmericaFirst Income Fund (“Income Fund”) commenced operations on July 1, 2010. The Fund’s investment objective is to achieve a high rate of current income with less volatility than common stocks as measured by standard deviation. The Fund seeks total return as a secondary investment objective.
The Funds each offer three classes of shares, Class A, Class I, and Class U. Each class differs as to sales and redemption charges and ongoing fees.
54
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
As of the close of business on February 28, 2019, the Tactical Alpha Fund (the “Acquiring Fund”) acquired the assets and assumed the liabilities of AmericaFirst Quantitative Strategies Fund (the “Acquired Fund”), in a tax-free reorganization in exchange for shares of the Acquiring Fund, pursuant to a plan of reorganization approved by the Acquired Fund’s shareholders. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The number and value of shares issued by the Acquiring Fund to shareholders of the Acquired Fund are presented in the Statements of Changes in Net Assets. Net assets and net unrealized depreciation as of the reorganization date were as follows:
Total Net Assets of |
|
| Total Net Assets of |
|
| Total Net Assets of |
|
| Cost of Investments |
|
| Net Unrealized |
| ||||||
| $7,311,115 | * |
|
| $6,709,709 |
|
|
| $14,020,824 |
|
|
| $7,341,498 |
|
|
| $(317,406) |
|
|
* The net assets of the Acquired Fund includes cash of $295,575 and other liabilities in excess of other assets of $8,552.
The following is a summary of significant accounting policies consistently followed by the Funds and are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.”
a) Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. The Funds may invest in portfolios of open-end or closed-end investment companies and exchange traded funds (the “underlying funds”). Open-end funds are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the Boards of the underlying funds. The shares of many closed-end
55
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
investment companies and exchange traded funds, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or exchange traded fund purchased by the Funds will not change.
In unusual circumstances, instead of valuing securities in the usual manner, the Funds may value securities at “fair value” as determined in good faith by the Funds’ Board of Trustees, pursuant to the procedures (the “Procedures”) approved by the Board. The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Fair value may also be used by the Board if extraordinary events occur after the close of the relevant world market but prior to the NYSE close (generally 4:00 pm eastern time).
Exchange Traded Funds (“ETF”)–The Funds may invest in exchange traded funds. ETFs are typically a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and typically represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The Funds may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. There are risks of owning the underlying securities the ETFs are designed to track, and the lack of liquidity of an ETF may result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.
Each Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
Level 1 –Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
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
56
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
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.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2019 for each Fund’s assets and liabilities measured at fair value:
Defensive Growth Fund
*Investment in private venture capital fund measured at fair value using the NAV per share (or its equivalent) practical expedient has not been categorized in the fair value hierarchy in accordance with ASU 2015-07.
Large Cap Share Buyback Fund
Seasonal Rotation Fund
57
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
Tactical Alpha Fund
*Investment in private venture capital fund measured at fair value using the NAV per share (or its equivalent) practical expedient has not been categorized in the fair value hierarchy in accordance with ASU 2015-07.
Income Fund
| (1) | As of and during the year ended June 30, 2019, the Large Cap Share Buyback Fund, Seasonal Rotation Fund, and Income Fund held no securities that were considered to be “Level 3”securities (those valued using significant unobservable inputs). Therefore, a reconciliation of assets in which significant unobservable inputs were used in determining fair value is not applicable. |
| For a detailed break-out of securities by investment industry please refer to the Schedules of Investments. |
The following table sets forth a summary of the changes in the fair value of the Funds’ Level 3 investments for the year ended June 30, 2019:
58
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
Tactical Alpha Fund | Venture Capital Fund | Common Stock |
Balance Beginning at July 1, 2018 * | $ 366,128 | $80,929 |
Net Realized Gain/(Loss) on Sale of Investments | - | - |
Net Unrealized Appreciation/(Depreciation) | 52,266 | (57,460) |
Net Purchases and Sales | 125,000 | - |
Transfer out ** | (543,394) | - |
|
|
|
Balance End at June 30, 2019 | $ - | $23,469 |
* The value reflected for July 1, 2018, includes $219,677 of the venture capital fund that was acquired during the February 28, 2019 tax free merger from the AmericaFirst Quantitative Strategies Fund. The value reflected for July 1, 2018, includes $80,929 of the AMR Corp. that was acquired during the February 28, 2019 tax free merger from the AmericaFirst Quantitative Strategies Fund.
** As of June 30, 2019, the Defensive Growth Fund and Tactical Alpha Fund measured its investments in a private Venture Capital Fund at fair value using the NAV per share (or its equivalent) practical expedient. Accordingly, the investment is no longer classified within level 3 of the fair value hierarchy.
The following information about significant unobservable inputs (Level 3) for the Funds’ as of June 30, 2019:
Tactical Alpha Fund |
|
| |
Fair Value | Valuation techniques | Unobservable Input | Input Values |
$23,469 | Estimate based on bankruptcy proceedings | Correlation to Bankruptcy proceedings | 100% |
The total change in unrealized appreciation included in the statement of operations attributable to Level 3 investments still held at June 30, 2019 was $68,981 for the Tactical Alpha Fund.
59
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
b) Short Sales–A “short sale” is a transaction in which a Fund sells a security it does not own, but has borrowed in anticipation that the market price of that security will decline. A Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time a Fund replaces the borrowed security, the Fund will incur a loss, unlimited in size. Conversely, if the price declines, the Fund will realize a gain, limited to the price at which a fund sold the security short.
c) Federal Income Tax – The Funds intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute all of their taxable income, if any, to shareholders. Accordingly, no provision for Federal income taxes is required in the financial statements. 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 has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions on returns filed for open tax years (2016-2018) or expected to be taken in the Funds’ 2019 tax returns. The Funds identified their major tax jurisdictions as U.S. Federal and foreign jurisdictions 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 twelve months.
d) Distribution to Shareholders - Distributions from investment income and net realized capital gains, if any, are declared and paid at least annually and are recorded on the ex-dividend date. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses, mark-to-market on open Section 1256 contracts) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
e) Other – Investment and shareholder transactions are recorded on trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sales proceeds. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and Federal income tax purposes. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Funds and interest income is recognized on an accrual basis using the effective interest method. Discounts and premiums on debt securities are amortized over their respective lives. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
f) Multiple Class Allocations – Income, non-class specific expenses and realized/unrealized gains or losses are allocated to each class based on average net assets.
60
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
Distribution fees are charged to each respective share class in accordance with the distribution plan. Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the Funds in the Trust.
g) Foreign Currency – The accounting records of each Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.
h) Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
i) Commitments and Contingencies – In the normal course of business, the Trust may enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.
j)
ETF, Mutual Fund and Exchange Traded Note (“ETN”) Risk – ETFs, mutual funds and ETNs are subject to investment advisory or management and other expenses, which will be indirectly paid by each Fund. Each is subject to specific risks, depending on investment strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are subject to default risks.
k) Restricted securities are generally acquired directly or indirectly from an issuer in a nonpublic offering. Because restricted securities are generally subject to restrictions on transfer, market quotations for such securities are generally not readily available, and they are considered to be illiquid securities. The Board of Trustees (“Board”) has adopted Portfolio Securities Valuation Procedures that, among other things, provide guidelines for the valuation of portfolio securities for which market quotations are not readily available (“Valuation Procedures”). The Valuation Procedures delegate the responsibility for determining the fair value of securities for which market quotations are not readily available to a Valuation Committee, subject to review and oversight by the
61
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
Board of Trustees (“Board”). Under circumstances where the Adviser determines that the market quotation or the price provided by a pricing service does not accurately reflect the current market value, such securities are also valued as determined in good faith by the Valuation Committee, subject to review and oversight by Board of Trustees. Restricted securities are categorized in Level 3 of the fair value hierarchy.
l) Credit Risk - The Deposits held in the Fund’s portfolio include deposits in a checking account and money market deposit account. These deposits will be limited to accounts with Federal Deposit Insurance Corporation (“FDIC”) insured banks or savings and loan associations which are backed by the full faith and credit of the U.S. Government. Deposits that Congress affirmed to be backed by the full faith and credit of the U.S. Government are those that the resources of the U.S. Government stand behind. Further, each of the Fund’s deposits will not exceed the FDIC’s Standard Maximum Deposit Insurance Amount (“SMDIA”) which currently is $250,000 per depositor, per insured bank inclusive of the principal and accrued interest for each deposit. To the extent the Fund’s deposits with a particular bank exceed the federally insured limit; any amount of the Fund’s deposit over the federally insured limit will not be covered by FDIC insurance.
2. INVESTMENT TRANSACTIONS
For the year ended June 30, 2019, aggregate purchases and sales of investment securities (excluding short-term investments and government securities) for the Funds were as follows:
|
| Purchases |
|
| Sales |
| ||
Defensive Growth Fund |
| $ | 47,874,581 |
|
| $ | 53,092,725 |
|
Large Cap Buyback Fund |
|
| 14,382,799 |
|
|
| 10,760,351 |
|
Seasonal Rotation Fund |
|
| 33,729,352 |
|
|
| 35,049,268 |
|
Tactical Alpha Fund |
|
| 51,470,646 |
|
|
| 52,751,744 |
|
Income Fund |
|
| 67,686,545 |
|
|
| 66,729,350 |
|
The Seasonal Rotation Fund purchased and sold $0 and $5,800,155, respectively, of government securities during the year.
3. INVESTMENT MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS
AmericaFirst Capital Management, LLC (“AFCM” or the“Manager”) acts as investment advisor for the Funds pursuant to the terms of an Investment Management Agreement with the Trust (the“Management Agreement”). Under the terms of the Management Agreement, AFCM is responsible for formulating the Funds’ investment policies, making ongoing investment decisions and engaging in portfolio transactions. The Management Agreement provides that the Manager will provide the Funds with investment advice and supervision and will continuously furnish an investment program for the Funds consistent with the investment objectives and policies of the Funds. For its services under the Management Agreement, the Manager is paid a bi-monthly (or more
62
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
frequently) management fee at the annual rate of the average daily net assets were as follows:
Defensive Growth Fund | 1.50% |
Large Cap Buyback Fund | 1.25% |
Seasonal Rotation Fund | 1.25% |
Tactical Alpha Fund | 1.00% |
Income Fund | 1.25% |
For the year ended June 30, 2019, management fees were as follows:
Defensive Growth Fund | $140,360 |
Large Cap Buyback Fund | $85,737 |
Seasonal Rotation Fund | $86,756 |
Tactical Alpha Fund | $105,574 |
Income Fund | $161,904 |
AFCM and the Funds have entered into Expense Limitation Agreements (“Expense Limits”) under which the Manager has contractually agreed to waive fees and/or reimburse expenses but only to the extent necessary to maintain total annual operating expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, legal fees, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired fund fees and expenses or extraordinary expenses such as litigation) at the ratios to average daily net assets detailed below. Prior to October 31, 2016, legal fees were included in the foregoing expense limits. Below are the ratios, by class, per each contractual agreement for the time period July 1, 2017 through October 31, 2018:
| Class A | Class I | Class U | Expiration |
Defensive Growth Fund | 2.45% | 1.94% | 2.95% | October 31, 2018 |
Large Cap Buyback Fund | 2.45% | 1.50% | 2.95% | October 31, 2018 |
Seasonal Rotation Fund | 2.45% | 1.50% | 2.95% | October 31, 2018 |
Tactical Alpha Fund | 2.45% | 1.50% | 2.95% | October 31, 2018 |
Income Fund | 2.20% | 1.40% | 2.70% | October 31, 2018 |
Below are the ratios, by class, per each contractual agreement for the time period November 1, 2018 through June 30, 2019:
| Class A | Class I | Class U | Expiration |
Defensive Growth Fund | 2.45% | 1.94% | 2.95% | October 31, 2019 |
Large Cap Buyback Fund | 1.75% | 1.50% | 2.50% | October 31, 2019 |
Seasonal Rotation Fund | 2.45% | 1.50% | 2.95% | October 31, 2019 |
Tactical Alpha Fund | 2.45% | 1.50% | 2.95% | October 31, 2019 |
Income Fund | 2.20% | 1.40% | 2.70% | October 31, 2019 |
63
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
Each waiver or reimbursement by the Manager is subject to repayment by the Funds within the three fiscal years following the date in which those particular expenses are incurred, if the Funds are able to make the repayments without exceeding the expense limitations in effect at that time and the repayments are approved by the Board of Trustees.
| June 30, 2020 | June 30, 2021 | June 30, 2022 |
Defensive Growth Fund | $26,119 | $53,183 | $57,612 |
Large Cap Buyback Fund | $38,007 | $49,151 | $84,879 |
Seasonal Rotation Fund | $98,550 | $46,454 | $51,541 |
Tactical Alpha Fund | $106,545 | $55,436 | $6,593 |
Income Fund | $129,104 | $78,474 | $60,877 |
Distributor – The Trust has adopted a Distribution Plan (“Plan”), pursuant to rule 12b-1 under the 1940 Act for each class of shares, other than class I, which allows the Funds to pay to the distributor a monthly fee for distribution and shareholder servicing expenses. Under the Plan, the Funds may pay up to 0.25% for Class A and 1.00% Class U per year of its average daily net assets for such distribution and shareholder service activities. During the year ended June 30, 2019, fees incurred under the Plan were as follows:
Defensive Growth Fund | $22,469 |
Large Cap Buyback Fund | $10,478 |
Seasonal Rotation Fund | $12,198 |
Tactical Alpha Fund | $32,791 |
Income Fund | $36,032 |
Mutual Shareholder Services, LLC (“MSS”) serves as the Funds’ Transfer Agent, Accounting Agent, and Administrator.
Officers of the Trust and Trustees who are “interested persons” of the Trust or the Manager will receive no salary or fees from the Trust. Trustees, who are not “interested persons” as that term is defined in the 1940 Act, will be paid a fee of $10,000 per year. The Trust reimburses each Trustee and officer for his or her travel and other expenses relating to attendance at such meetings.
The Defensive Growth Fund and the Tactical Alpha Fund own 4.00% and 5.00%, respectively, of the net assets of a private venture capital fund, Moneta Ventures Fund II, LP as of June 30, 2019. Family members of the management of Moneta Ventures Fund II, LP have certain ownership interests in AmericaFirst Capital Management, LLC. The Defensive Growth and Tactical Alpha Funds’ investments were liquidated subsequent to year end and the value received approximated the value reflected in the Schedules of Investments. During the year ended June 30, 2019, information regarding the investments in this private fund were as follows:
64
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
|
| Value as of June 30, 2018 |
| Cost of Purchases |
| Change in Unrealized Appreciation |
| Value as of June 30, 2019 |
Defensive Growth Fund |
| $316,790 |
| $100,000 |
| $17,925 |
| $434,715 |
|
|
|
|
|
|
|
|
|
Tactical Alpha Fund |
| $146,451 |
| $351,458* |
| $45,485 |
| $543,394 |
* Includes $203,232 that was acquired during the reorganization of the Quantitative Strategies Fund.
4. REDEMPTION FEES
The Funds may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares within 90 days. The redemption fee is paid directly to the specific Fund in which the short-term redemption occurs. For the year ended June 30, 2019, redemption fees were assessed as follows:
Defensive Growth Fund | $53 |
Large Cap Buyback Fund | $1,648 |
Seasonal Rotation Fund | $0 |
Tactical Alpha Fund | $1,636 |
Income Fund | $448 |
5. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL
The tax character of fund distributions paid for the year ended June 30, 2019, and the year ended June 30, 2018 was as follows:
65
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
As of June 30, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:
The difference between book basis and tax basis unrealized appreciation/ (depreciation), undistributed net investment income/loss and accumulated net realized gains/ (losses) from investments is primarily attributable to the tax deferral of losses on wash sales and straddles, and adjustments for real estate investment trusts, partnerships, grantor trusts and constructive sales of securities held short. In addition, the amount listed under other book/tax differences is primarily attributable to the tax deferral of losses on straddles and adjustments for constructive sales of securities held short.
Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows:
| Late Year | |
| Losses | |
AmericaFirst Defensive Growth Fund | $ | 42,611 |
AmericaFirst Large Cap Buyback Fund |
| 4,629 |
AmericaFirst Seasonal Rotation Fund |
| 4,701 |
AmericaFirst Tactical Alpha Fund |
| 78,117 |
AmericaFirst Income Fund |
| — |
Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:
| Post October | |
| Losses | |
AmericaFirst Defensive Growth Fund | $ | 923,684 |
AmericaFirst Large Cap Buyback Fund |
| 324,752 |
AmericaFirst Seasonal Rotation Fund |
| 585,077 |
66
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
AmericaFirst Tactical Alpha Fund |
| 103,842 |
AmericaFirst Income Fund |
| 779,917 |
At June 30, 2019, the Funds below had capital loss carry forwards with no expiration date for federal income tax purposes available to offset future capital gains as follows:
| Short-Term | Long-Term | Total | |||
AmericaFirst Defensive Growth Fund | $8,280,868 | $ | 569,518 |
| $8,850,386 | |
AmericaFirst Large Cap Buyback Fund | — |
| — |
| — | |
AmericaFirst Seasonal Rotation Fund |
| 251,670 |
| — |
| 251,670 |
AmericaFirst Tactical Alpha Fund |
| 10,058,819 |
| 1,781,753 |
| 11,840,572 |
AmericaFirst Income Fund |
| 8,898,942 |
| — |
| 8,898,942 |
Permanent book and tax differences, primarily attributable to the book/tax basis treatment of foreign currency gains/(losses), net operating losses, non-deductible expenses, the reclass of Fund distributions and equalization debits, and adjustments for C-corporation return of capital distributions, capitalization in lieu of dividend payments, real estate investment trusts, grantor trusts and partnerships, resulted in reclassifications for the fiscal year ended June 30, 2019 as follows:
|
| Paid In Capital |
|
| Distributable Earnings | ||
|
|
| |||||
|
|
| |||||
AmericaFirst Defensive Growth Fund |
| $ | (261,007) |
|
| $ | 261,007 |
AmericaFirst Large Cap Buyback Fund |
|
| — |
|
|
| — |
AmericaFirst Seasonal Rotation Fund |
|
| (9,178) |
|
|
| 9,178 |
AmericaFirst Tactical Alpha Fund |
|
| 7,249,634 |
|
|
| (7,249,634) |
AmericaFirst Income Fund |
|
| (4,878) |
|
|
| 4,878 |
6. SUBSEQUENT EVENTS
Subsequent events after the Statements of Assets and Liabilities date have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment in the financial statements. However, the following disclosures are applicable:
Distributions
During the period subsequent to year-end, the Income Fund paid the following distributions per share:
Class A
| Pay Date | Rate |
|
|
|
Ordinary Income | 7/30/2019 | 0.03695 |
67
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
Class I
| Pay Date | Rate |
|
|
|
Ordinary Income | 7/30/2019 | 0.03840 |
Class U
| Pay Date | Rate |
|
|
|
Ordinary Income | 7/30/2019 | 0.03270 |
Collection of Due From Adviser
As of June 30, 2019 and in connection with the Expense Limitation Agreements in place the Defensive Growth Fund, Large Cap Share Buyback Fund, and Income Fund had receivables of $1,061, $21,831 and $20,950 due from the Adviser, respectively. As the Adviser was unable to meet its obligations it borrowed the funds necessary to pay the balance of these receivables in the subsequent period from MSS which serves as the Funds' Transfer Agent, Accounting Agent, and Administrator. There is no collateral on this loan and no interest is to be charged. MSS will use amounts due to the Adviser as management fees to satisfy the loan.
Fund Name Change
The AmericaFirst Tactical Alpha Fund changed its name to the AmericaFirst Monthly Risk-On Risk-Off Fund on September 1, 2019.
7. NEW ACCOUNTING PRONOUNCEMENTS
In August 2018, the Securities and Exchange Commission (the “SEC”) adopted regulations that eliminated or amended disclosure requirements that were redundant or outdated in light of changes in SEC requirements, accounting principles generally accepted in the United States of America (“GAAP”), International Financial Reporting Standards, or changes in technology or the business environment. These regulations were effective November 5, 2018, and the Funds are complying with them effective with these financial statements.
In August 2018, FASB issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Disclosure Framework – Changes to the Disclosure requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC Topic 820 (“ASC 820”), “Fair Value Measurement.” ASU 2018-13 includes new, eliminated, and modified disclosure requirements for ASC 820. In addition, ASU 2018-13 clarifies that materiality is an appropriate consideration of entities when evaluating disclosure requirements. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted and the Funds have adopted ASU 2018-13 with these financial statements.
8. BORROWINGS
68
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2019
During the year ended June 30, 2019, the Defensive Growth Fund engaged in margin borrowings from the Fund's broker, Interactive Brokers, LLC, in order to cover shortfalls between cash on deposit with the broker for short stock positions and the value of such short positions. The Fund had borrowings outstanding for 192 days during the fiscal year at an average daily borrowings amount of $2,310,049. The Fund incurred $41,181 in related interest charges at an average interest rate of 3.01%.
69
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of AmericaFirst Quantitative Funds
and the Shareholders of AmericaFirst Defensive Growth Fund, AmericaFirst Large Cap Share Buyback Fund, AmericaFirst Seasonal Rotation Fund, AmericaFirst Tactical Alpha Fund, and AmericaFirst Income Fund
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of AmericaFirst Defensive Growth Fund, AmericaFirst Large Cap Share Buyback Fund, AmericaFirst Seasonal Rotation Fund, AmericaFirst Tactical Alpha Fund, and AmericaFirst Income Fund, each a series of shares of beneficial interest in AmericaFirst Quantitative Funds (the“Funds”), including the schedules of investments, as of June 30, 2019, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights as noted in the table below, and the related notes (collectively referred to as the“financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2019, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and their financial highlights as noted in the table below, in conformity with accounting principles generally accepted in the United States of America.
Fund | Financial Highlights presented |
AmericaFirst Defensive Growth Fund | For each of the years in the five-year period ended June 30, 2019 |
AmericaFirst Large Cap Share Buyback Fund | For each of the years in the two-year period ended June 30, 2019 and for the period from January 31, 2017 (commencement of operations) to June 30, 2017 |
AmericaFirst Seasonal Rotation Fund | For each of the years in the five-year period ended June 30, 2019 |
AmericaFirst Tactical Alpha Fund | For each of the years in the five-year period ended June 30, 2019 |
AmericaFirst Income Fund | For each of the years in the five-year period ended June 30, 2019 |
Basis for Opinion
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds’ financial statements 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 law 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 audits to obtain reasonable assurance about whether the financial statements 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, 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. Our procedures included confirmation of securities owned as of June 30, 2019 by correspondence with the custodian, brokers, and other counterparties, and by other appropriate procedures where necessary. 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. We believe that our audits provide a reasonable basis for our opinion.
BBD, LLP
We have served as the auditor of one or more of the Funds in the AmericaFirst Quantitative Funds since 2013.
Philadelphia, Pennsylvania
November 1, 2019
70
AMERICAFIRST QUANTITATIVE FUNDS
EXPENSE ILLUSTRATION
JUNE 30, 2019 (UNAUDITED)
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, and redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees; and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example below is based on an investment of $1,000 invested at the beginning of the period January 1, 2019 and held for the entire period through June 30, 2019.
Actual Expenses
The first section of each table provides information about actual account values and actual expenses. You may use the information in this section, 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 section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period/year.
Hypothetical Example for Comparison Purposes
The second section of each table provides information about the hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables 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 second section 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. For more information on transactional costs, please refer to the Fund’s prospectus.
71
AMERICAFIRST QUANTITATIVE FUNDS
EXPENSE ILLUSTRATION (CONTINUED)
JUNE 30, 2019 (UNAUDITED)
AmericaFirst Defensive Growth Fund - Class A |
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| |
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|
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| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
|
|
|
Actual | $1,000.00 | $1,127.31 | $13.50 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,012.10 | $12.77 |
|
|
|
|
* Expenses are equal to the Fund's annualized expense ratio of 2.56%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||
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|
| |
AmericaFirst Defensive Growth Fund - Class I |
|
| |
|
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|
|
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
|
|
|
Actual | $1,000.00 | $1,131.00 | $10.83 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,014.63 | $10.24 |
|
|
|
|
* Expenses are equal to the Fund's annualized expense ratio of 2.05%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||
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| |
AmericaFirst Defensive Growth Fund - Class U |
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| |
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|
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| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
|
|
|
Actual | $1,000.00 | $1,124.70 | $16.07 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,009.67 | $15.20 |
|
|
|
|
* Expenses are equal to the Fund's annualized expense ratio of 3.05%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||
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| |
AmericaFirst LargeCap Buyback Fund - Class A |
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| |
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|
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| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
|
|
|
Actual | $1,000.00 | $1,145.56 | $9.95 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,015.52 | $9.35 |
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* Expenses are equal to the Fund's annualized expense ratio of 1.87%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||
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72
AMERICAFIRST QUANTITATIVE FUNDS
EXPENSE ILLUSTRATION (CONTINUED)
JUNE 30, 2019 (UNAUDITED)
AmericaFirst LargeCap Buyback Fund - Class I |
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| |
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| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
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|
|
Actual | $1,000.00 | $1,146.22 | $8.67 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,016.71 | $8.15 |
|
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|
* Expenses are equal to the Fund's annualized expense ratio of 1.63%, multiplied by the average account value over the period, multiplied by181/365 (to reflect the one-half year period). | |||
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AmericaFirst LargeCap Buyback Fund - Class U |
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| |
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| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
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Actual | $1,000.00 | $1,140.85 | $13.91 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,011.80 | $13.07 |
|
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* Expenses are equal to the Fund's annualized expense ratio of 2.62%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||
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AmericaFirst Seasonal Rotation Fund - Class A |
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| |
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|
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| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
|
|
|
Actual | $1,000.00 | $1,156.52 | $13.74 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,012.05 | $12.82 |
|
|
|
|
* Expenses are equal to the Fund's annualized expense ratio of 2.57%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||
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| |
AmericaFirst Seasonal Rotation Fund - Class I |
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| |
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| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
|
|
|
Actual | $1,000.00 | $1,162.05 | $9.06 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,016.41 | $8.45 |
|
|
|
|
* Expenses are equal to the Fund's annualized expense ratio of 1.69%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||
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|
|
73
AMERICAFIRST QUANTITATIVE FUNDS
EXPENSE ILLUSTRATION (CONTINUED)
JUNE 30, 2019 (UNAUDITED)
AmericaFirst Seasonal Rotation Fund - Class U |
|
| |
|
|
|
|
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
|
|
|
Actual | $1,000.00 | $1,153.85 | $16.34 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,009.62 | $15.25 |
|
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|
* Expenses are equal to the Fund's annualized expense ratio of 3.06%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||
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| |
AmericaFirst Tactical Alpha Fund - Class A |
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| |
|
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|
|
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
|
|
|
Actual | $1,000.00 | $1,099.08 | $13.43 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,012.00 | $12.87 |
|
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|
* Expenses are equal to the Fund's annualized expense ratio of 2.58%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||
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| |
AmericaFirst Tactical Alpha Fund - Class I |
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| |
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|
|
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
|
|
|
Actual | $1,000.00 | $1,104.89 | $8.56 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,016.66 | $8.20 |
|
|
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|
* Expenses are equal to the Fund's annualized expense ratio of 1.64%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||
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| |
AmericaFirst Tactical Alpha Fund - Class U |
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| |
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| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
|
|
|
Actual | $1,000.00 | $1,096.32 | $15.96 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,009.57 | $15.30 |
|
|
|
|
* Expenses are equal to the Fund's annualized expense ratio of 3.07%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||
|
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|
|
74
AMERICAFIRST QUANTITATIVE FUNDS
EXPENSE ILLUSTRATION (CONTINUED)
JUNE 30, 2019 (UNAUDITED)
AmericaFirst Income Fund - Class A |
|
| |
|
|
|
|
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
|
|
|
Actual | $1,000.00 | $1,051.01 | $11.85 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,013.24 | $11.63 |
|
|
|
|
* Expenses are equal to the Fund's annualized expense ratio of 2.33%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||
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| |
AmericaFirst Income Fund - Class I |
|
| |
|
|
|
|
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
|
|
|
Actual | $1,000.00 | $1,055.89 | $7.80 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,017.21 | $7.65 |
|
|
|
|
* Expenses are equal to the Fund's annualized expense ratio of 1.53%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||
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|
| |
AmericaFirst Income Fund - Class U |
|
| |
|
|
|
|
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* |
| January 1, 2019 | June 30, 2019 | January 1, 2019 to June 30, 2019 |
|
|
|
|
Actual | $1,000.00 | $1,049.91 | $14.33 |
Hypothetical |
|
|
|
(5% Annual Return before expenses) | $1,000.00 | $1,010.81 | $14.06 |
|
|
|
|
* Expenses are equal to the Fund's annualized expense ratio of 2.82%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
75
AMERICAFIRST QUANTITATIVE FUNDS
TRUSTEES & OFFICERS
JUNE 30, 2019 (UNAUDITED)
The following table provides information regarding each Trustee who is not an “interested person” of the Trust, as defined in the Investment Company Act of 1940, as amended. Each Trustee serves as a trustee until the termination of the Trust unless the Trustee dies, resigns, retires or is removed.
Disinterested Trustees
Name, Address and Year of Birth | Position(s) Held with AmericaFirst Term of Office Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in AmericaFirst Overseen by AmericaFirst Trustee | Other Directorships Held by AmericaFirst Trustee During the Past Five Years |
DISINTERESTED TRUSTEES | ||||
Timothy P. Highland Year of Birth: 1964 | Trustee & Chairman of the Board – September 2018 to present | Vice President, Strategic Solutions, Docupace Technologies, Inc. (data processing for broker-dealers), Sept. 2016 to present; President, D3 Financial Partners, LLC (consultant to broker-dealers, investment advisers and technology firms) Jan. 2016 to present; Executive Vice President, IPI Wealth Management, Inc. (SEC registered investment adviser) 2009 to 2015; Executive Vice President, Investment Planners, Inc. (FINRA registered broker-dealer) 2009 to 2015. | 5 | None |
Michael A. Gunning Year of Birth: 1958 | Trustee – Feb. 2015 to present
| SVP Legislative Affairs California Building Industry Association, October 2018 - present; Vice President, Personal Insurance Federation of California (legislative and regulatory advisory firm representing members to California State Legislature and Governor’s Office), (2001 to 2018) | 5 | None |
Interested Trustees and Officers of the Trust
Name, Address and Year of Birth | Position(s) Held with AmericaFirst Term of Office Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in AmericaFirst Overseen by Trustee | Other Directorships Held by Trustee During the Past Five Years |
Rick A. Gonsalves 300 Harding Boulevard, Ste. 215 Roseville, CA 95678 Year of Birth: 1968 | Trustee – 2012 to present; President – May 2017 to present
| President & Chief Executive Officer, AmericaFirst Capital Management, LLC (2007 – present) (investment adviser to the Funds; President & Chief Executive Officer, Renaissance Investment Services (2005 to 2008); Registered Broker Representative for various Broker/Dealers from 1994 to 2007. | 5 | None |
OFFICERS OF THE TRUST | ||||
Robert G. Roach Jr. Year of Birth: 1962 | Chief Compliance Officer of the Trust – September 2018 to present | Chief Compliance Officer (“CCO”), AmericaFirst Quantitative Funds, 09/2018-Present; Owner, Roach Corp (Consulting Firm) 08/2017-Present; Managing Principal, OCP Capital LLC (Broker Dealer), 05/2018-Present; Financial and Operations Principal (FINOP), CommonGood Securities LLC (Broker Dealer), 04/2018-Present; COO/CFO, TriLinc Global LLC (Impact Investment Fund Manager), 01/2017 to 08/2017; CFO & CCO, LR Global Holdings (Frontier Markets Investment Firm), 07/2016 to 12/2016; CCO, AmericaFirst Capital Management LLC, 02/2012 to 07/2016; CCO, AmericaFirst Quantitative Funds, 02/2012 to 12/2015; CFO & CCO, AmericaFirst Securities, Inc. LLC (Broker Dealer), 03/2012 to 07/2016, Independent Trustee, Nile Capital Investment Trust, (Mutual Fund), 01/2012 to Present. | n/a | n/a |
Umberto Anastasi Year of Birth: 1974 | Treasurer – August 2017 to present | From 1999 to present, Vice President, Mutual Shareholder Services LLC | n/a | n/a |
Brandon Pokersnik Year of Birth: 1978 | Secretary – August 2017 to present | Accountant, Mutual Shareholder Services, LLC, since 2008; Attorney Mutual Shareholder Services, LLC, since June 2016; Owner/President, Empirical Administration, LLC, since September 2012 | n/a | n/a |
76
AMERICAFIRST QUANTITATIVE FUNDS
TRUSTEES & OFFICERS (CONTINUED)
JUNE 30, 2019 (UNAUDITED)
Compensation of the Board of Trustees
Trustees who are not “interested persons” (as that term is defined in the 1940 Act) of the Funds, will be paid a fee of $10,000 per year. The “interested persons” of the Trust receive no Board member compensation from the Funds. The table below details the amount of compensation received by the Trustees from the Trust for the fiscal year ended June 30, 2019. The Trust does not have a bonus, profit sharing, pension or retirement plan.
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|
|
|
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Name | Aggregate Compensation From Trust | Pension or Retirement Benefits Accrued as Part of Fund Expenses | Annual Benefits Upon Retirement | Total Compensation Paid to Trustees |
Timothy P. Highland | $10,000 | None | None | $10,000 |
Michael Gunning | $10,000 | None | None | $10,000 |
The Trust’s Statement of Additional Information includes additional information about the trustees an Officers and is available, without charge, upon request by calling toll-free 1-877-217-8363.
Special Shareholders Meeting September 12, 2018
A special meeting of the Shareholders of the Funds of AmericaFirst Quantitative Funds was held shortly after 10:00 a.m. Eastern time, September 12, 2018, at the offices of Mutual Shareholder Services, LLC, 8000 Town Centre Drive, Suite 400, Broadview Heights OH 44147. Shareholders of record as of June 28, 2018, voted to approve the election of Michael A. Gunning and Timothy P. Highland as trustees.
Outstanding | Shares | Percentage | Percentage | Percentage or Abstentions | Percentage | Percentage or Abstentions (Highland) |
6,063,444.7030 | 5,361,493.84 | 88.4% | 99.0% | 1.0% | 99.5% | 0.5% |
77
AMERICAFIRST QUANTITATIVE FUNDS
ADDITIONAL INFORMATION
JUNE 30, 2019 (UNAUDITED)
Reference is made to the Prospectus and the Statements of Additional Information for descriptions of the Management Agreements, Services Agreements and Distribution (12b-1) Plans, tax aspects of the Funds and the calculations of the net asset value of shares of the Funds.
PORTFOLIO HOLDINGS
The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website athttp://www.sec.gov. The Funds’ Form N-Qs may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Commission’s Public Reference Room may be obtained by calling 1-800-SEC -0330.
PROXY VOTE
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-877-217 -8363; and on the Commission’s website athttp://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-877-217-8363; and on the Commission’s website athttp://www.sec.gov.
78
PRIVACY NOTICE
Rev. Jan 2013
FACTS | WHAT DOES AMERICAFIRST QUANTITATIVE FUNDS DO WITH YOUR PERSONAL INFORMATION? |
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Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
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What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
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How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons AmericaFirst Quantitative Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does AmericaFirst | Can you limit |
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes – to offer our products and services to you | No | We don’t share |
For joint marketing with other financial companies | No | We don’t share |
For our affiliates’ everyday business purposes – information about your transactions and experiences | No | We don’t share |
For our affiliates’ everyday business purposes – information about your creditworthiness | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call 1-877-217-8363 |
79
PRIVACY NOTICE (Continued) | ||
Who we are | ||
Who is providing this notice? | AmericaFirst Quantitative Funds
| |
What we do | ||
How does AmericaFirst Quantitative Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. | |
How does AmericaFirst Quantitative Funds collect my personal information? | We collect your personal information, for example, when you
■ Open an account
■ Provide account information
■ Give us your contact information
■ Make deposits or withdrawals from your account
■ Make a wire transfer
■ Tell us where to send the money
■ Tells us who receives the money
■ Show your government-issued ID
■ Show your driver’s license
We also collect your personal information from other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
■ Sharing for affiliates’ everyday business purposes – information about your creditworthiness
■ Affiliates from using your information to market to you
■ Sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. | |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
■ AmericaFirst Quantitative Funds doesn’t share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies
■ AmericaFirst Quantitative Funds doesn’t share with nonaffiliates so they can market to you. |
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Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
■ AmericaFirst Quantitative Funds doesn’t jointly market. |
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AmericaFirst Quantitative Funds
MANAGER
AmericaFirst Capital Management, LLC
300 Harding Blvd.
Suite 215
Roseville, CA 95678
TRANSFER AGENT
Mutual Shareholder Services, LLC
8000 Town Centre Drive, Suite 400
Broadview Heights, Ohio 44147
AmericaFirst Capital Management, LLC is located at 300 Harding Blvd. (Suite 215), Roseville, CA. The Funds’ distributor is Arbor Court Capital, LLC. AmericaFirst Capital Management, LLC is an owner of Matrix Capital Group, Inc. AmericaFirst is not affiliated with Burlington Capital Group, LLC (formerly America First Companies) or any of its subsidiaries.
Item 2. Code of Ethics.
(a)
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b)
For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:
(1)
Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
(2)
Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;
(3)
Compliance with applicable governmental laws, rules, and regulations;
(4)
The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and
(5)
Accountability for adherence to the code.
(c)
Amendments:
During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.
(d)
Waivers:
During the period covered by the report, there have not been any waivers to the provisions of the waivers.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that each of the independent board members together consist as the audit committee financial expert based on their combined knowledge and experience.
Item 4. Principal Accountant Fees and Services.
(a)
Audit Fees
FY 2019
$58,500
FY 2018
$70,500
(b)
Audit-Related Fees
Registrant
FY 2019
$0
FY 2018
$0
Nature of the fees:
N/A
(c)
Tax Fees
Registrant
FY 2019
$12,500
FY 2018
$15,000
Nature of the fees:
Review of the 1120-RICS and Excise Returns.
(d)
All Other Fees
Registrant
FY 2019
$0
FY 2018
$0
Nature of the fees:
N/A
(e)
(1)
Audit Committee’s Pre-Approval Policies
The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(2)
Percentages of Services Approved by the Audit Committee
None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f)
During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
(g)
The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:
Registrant
FY 2019
$12,500
FY 2018
$15,000
(h)
The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 6. Schedule of Investments. Not applicable – schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable – applies to closed-end funds only.
Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable – applies to closed-end funds only.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies. Not applicable – applies to closed-end funds only.
Item 10. Submission of Matters to a Vote of Security Holders. Not applicable – the registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) The registrant’s president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable.
Item 13. Exhibits.
(a)(1)
EX-99.CODE ETH. Filed herewith.
(a)(2)
EX-99.CERT. Filed herewith.
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b)
EX-99.906CERT. Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AmericaFirst QuantitativeFunds
By/s/ Rick Gonsalves
*Rick Gonsalves
Chief Executive Officer
DateNovember 1, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:/s/ Rick Gonsalves
Rick Gonsalves
Chief Executive Officer
Date:November 1, 2019
By:/s/ Bob Anastasi
Bob Anastasi
Chief Financial Officer and Treasurer
Date:November 1, 2019
* Print the name and title of each signing officer under his or her signature.