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 Hts., 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:December 31, 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.
SEMI-ANNUAL REPORT
AmericaFirst Defensive Growth Fund |
AmericaFirst Large Cap Share Buyback Fund |
AmericaFirst Seasonal Rotation Fund |
AmericaFirst Monthly Risk-on Risk-off Fund |
AmericaFirst Income Fund |
December 31, 2019
(Unaudited)
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.
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| AmericaFirst Defensive Growth Fund |
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| Schedule of Investments |
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| December 31, 2019 (Unaudited) |
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Shares |
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| Value |
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COMMON STOCK - 99.77% |
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Cable & Other Pay Television Services - 4.82% |
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195 |
| Cable One, Inc. | $ 290,252 |
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Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 5.23% |
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9,812 |
| The Kraft Heinz Co. | 315,260 |
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Electric & Other Services Combined - 10.22% |
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5,651 |
| Alliant Energy Corp. | 309,223 |
4,885 |
| CMS Energy Corp. | 306,973 |
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| 616,196 |
Electric Services - 4.95% |
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3,605 |
| Dominion Resources, Inc. | 298,566 |
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Electromedical & Electrotherapeutic Apparatus - 9.97% |
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2,643 |
| Conmed Corp. | 295,567 |
2,689 |
| Medtronic PLC (Ireland) | 305,067 |
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| 600,634 |
Food & Kindred Products - 10.48% |
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6,422 |
| Campbell Soup Co. | 317,375 |
12,110 |
| The Hain Celestial Group, Inc. * | 314,315 |
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| 631,690 |
Orthopedic, Prosthetic & Surgical Appliances & Supplies - 4.73% |
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1,223 |
| Edwards Lifesciences Corp. * | 285,314 |
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Pharmaceutical Preparations - 14.75% |
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23,316 |
| Corcept Therapeutics, Inc. * | 282,124 |
15,944 |
| Mylan N.V. (United Kingdom) * | 320,474 |
3,250 |
| United Therapeutics Corp. * | 286,260 |
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| 888,858 |
Poultry Slaughtering and Processing - 5.16% |
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9,500 |
| Pilgrims Pride Corp. * | 310,792 |
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Search, Detection, Navigation, Guidance, Aeronautical Sys - 5.03% |
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875 |
| Teledyne Technologies, Inc. * | 303,222 |
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Services-Miscellaneous Health & Allied Services - 5.19% |
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4,172 |
| DaVita, Inc. * | 313,025 |
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Services-Home Health Care Services - 5.07% |
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696 |
| Chemed Corp. | 305,725 |
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Services-Medical Laboratories - 4.88% |
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1,739 |
| Laboratory Corp. of America Holdings * | 294,187 |
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Ship & Boat Building & Repairing - 4.83% |
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1,649 |
| General Dynamics Corp. | 290,801 |
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Telephone Communications (No Radio Telephone) - 4.46% |
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18,406 |
| Orange SA ADR | 268,544 |
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TOTAL COMMON STOCK (Cost $5,949,875) - 99.77% | $ 6,013,066 | ||
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MONEY MARKET FUND - 1.14% |
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68,443 |
| Federated Institutional Prime Obligations Fund - Institutional Class 1.70% ** | 68,443 |
TOTAL MONEY MARKET FUND (Cost $68,443) - 1.14% | $ 68,443 | ||
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INVESTMENTS IN SECURITIES, AT VALUE (Cost $6,018,318) *** - 100.91% | $ 6,081,509 | ||
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LIABILITIES LESS OTHER ASSETS - (0.91)% | (54,795) | ||
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NET ASSETS - 100.00% | $ 6,026,714 | ||
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* Represents non-income producing security during the period. |
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** Variable rate security; the money market rate shown represents the seven day yield at December 31, 2019. |
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*** Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes |
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is $6,018,318 and differs from market value by net unrealized appreciation (depreciation) of securities |
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as follows: |
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Gross Unrealized Appreciation $147,159 |
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Gross Unrealized Depreciation (83,968) |
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Net Unrealized Appreciation $63,191 |
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ADR - American Depositary Receipt |
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The accompanying notes are an integral part of these financial statements. |
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The Fund’s holdings were divided among the following economic industries (Unaudited): |
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Pharmaceutical Preparations | 14.61% | ||
Food & Kindred Products | 10.39% | ||
Electric & Other Services Combined | 10.13% | ||
Electromedical & Electrotherapeutic Apparatus | 9.88% | ||
Canned, Frozen & Preserved Fruit, Veg & Food Specialties | 5.18% | ||
Services-Miscellaneous Health & Allied Services | 5.15% | ||
Poultry Slaughtering and Processing | 5.11% | ||
Services-Home Health Care Services | 5.03% | ||
Search, Detection, Navigation, Guidance, Aeronautical Sys | 4.99% | ||
Electric Services | 4.91% | ||
Services-Medical Laboratories | 4.84% | ||
Ship & Boat Building & Repairing | 4.78% | ||
Cable & Other Pay Television Services | 4.77% | ||
Orthopedic, Prosthetic & Surgical Appliances & Supplies | 4.69% | ||
Telephone Communications (No Radio Telephone) | 4.42% | ||
Money Market Fund | 1.12% | ||
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| Total Portfolio Holdings | 100.00% |
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The percentages in the above table are based on market value of the Fund’s portfolio holdings as |
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of December 31, 2019 and are subject to change. |
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| AmericaFirst Large Cap Share Buyback Fund |
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| Schedule of Investments |
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| December 31, 2019 (Unaudited) |
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Shares |
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| Value |
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COMMON STOCK - 100.21% |
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Agricultural Chemicals - 3.60% |
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5,368 |
| CF Industries Holdings, Inc. | $ 256,268 |
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Apparel & Other Finished Prods of Fabrics & Similar Material - 4.51% |
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1,385 |
| Lululemon Athletica, Inc. (Canada) * | 320,863 |
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Beverages - 3.57% |
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1,509 |
| Diageo PLC ADR | 254,146 |
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Business Services - 3.97% |
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5,870 |
| FUJIFILM Holdings Corp. ADR | 282,347 |
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Computer Communications Equipment - 3.73% |
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5,535 |
| Cisco Systems, Inc. | 265,459 |
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Electric Services - 3.94% |
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7,062 |
| NRG Energy, Inc. | 280,715 |
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Fabricated Rubber Products - 4.02% |
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1,768 |
| Carlisle Cos., Inc. | 286,133 |
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Fire, Marine & Casualty Insurance - 3.97% |
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2,512 |
| Allstate Corp. | 282,474 |
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Hotels & Motels - 4.48% |
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3,557 |
| Hyatt Hotels Corp. Class A | 319,098 |
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Miscellaneous Publishing - 3.77% |
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3,745 |
| Thomas Reuters Corp. (Canada) | 268,142 |
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National Commercial Banks - 4.56% |
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2,326 |
| JPMorgan Chase & Co. | 324,244 |
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Pharmaceutical Preparations - 12.19% |
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2,274 |
| Eli Lilly & Co. | 298,872 |
4,927 |
| Novo Nordisk A/S ADR | 285,175 |
7,232 |
| Pfizer, Inc. | 283,350 |
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| 867,397 |
Radio & TV Broadcasting & Communications Equipment - 6.00% |
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2,261 |
| Ubiquiti, Inc. | 427,284 |
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Railroads, Line-Haul Operating - 11.94% |
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3,835 |
| CSX Corp. | 277,501 |
1,472 |
| Norfolk Southern Corp. | 285,759 |
1,585 |
| Union Pacific Corp. | 286,552 |
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| 849,812 |
Retail-Auto & Home Supply Stores - 8.00% |
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233 |
| AutoZone, Inc. * | 277,575 |
666 |
| O'Reilly Automotive, Inc. * | 291,881 |
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| 569,456 |
Retail-Eating & Drinking Places - 3.33% |
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2,696 |
| Starbucks Corp. | 237,032 |
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Semiconductors & Related Devices - 4.03% |
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908 |
| Broadcom Ltd. | 286,946 |
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Services-General Medical & Surgical Hospitals - 3.60% |
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1,786 |
| Universal Health Services, Inc. Class B | 256,220 |
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Services-Miscellaneous Business Services - 3.46% |
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6,043 |
| Johnson Controls International PLC (Ireland) | 246,011 |
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State Commercial Banks - 3.54% |
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8,257 |
| Ally Financial, Inc. | 252,334 |
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TOTAL COMMON STOCK (Cost $6,276,542) - 100.21% | $ 7,132,381 | ||
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INVESTMENTS IN SECURITIES, AT VALUE (Cost $6,276,542) ** - 100.21% | $ 7,132,381 | ||
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LIABILITIES LESS OTHER ASSETS - (0.21)% | (14,833) | ||
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NET ASSETS - 100.00% | $ 7,117,548 | ||
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* Represents non-income producing security during the period. |
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** Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes |
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is $6,276,542 and differs from market value by net unrealized appreciation (depreciation) of securities |
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as follows: |
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Gross Unrealized Appreciation $907,150 |
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Gross Unrealized Depreciation (51,312) |
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Net Unrealized Appreciation $855,838 |
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ADR - American Depositary Receipt |
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The accompanying notes are an integral part of these financial statements. |
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The Fund’s holdings were divided among the following economic industries (Unaudited): |
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Pharmaceutical Preparations | 12.16% | ||
Railroads, Line-Haul Operating | 11.92% | ||
Retail-Auto & Home Supply Stores | 7.98% | ||
Radio & TV Broadcasting & Communications Equipment | 5.99% | ||
National Commercial Banks | 4.55% | ||
Apparel & Other Finished Prods of Fabrics & Similar Material | 4.50% | ||
Hotels & Motels | 4.48% | ||
Semiconductors & Related Devices | 4.02% | ||
Fabricated Rubber Products | 4.01% | ||
Business Services | 3.96% | ||
Fire, Marine & Casualty Insurance | 3.96% | ||
Electric Services | 3.94% | ||
Miscellaneous Publishing | 3.76% | ||
Computer Communications Equipment | 3.72% | ||
Agricultural Chemicals | 3.59% | ||
Services-General Medical & Surgical Hospitals | 3.59% | ||
Beverages |
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| 3.56% |
State Commercial Banks | 3.54% | ||
Services-Miscellaneous Business Services | 3.45% | ||
Retail-Eating & Drinking Places | 3.32% | ||
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| Total Portfolio Holdings | 100.00% |
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The percentages in the above table are based on market value of the Fund’s portfolio holdings |
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as of December 31, 2019 and are subject to change. |
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| AmericaFirst Seasonal Rotation Fund |
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| Schedule of Investments |
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| December 31, 2019 (Unaudited) |
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Shares |
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COMMON STOCK - 80.38% |
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Aircraft Engines & Engine Parts - 1.51% |
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581 |
| United Technologies Corp. | $ 87,011 |
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Apparel & Other Finished Products Of Fabrics & Similar Material - 1.56% |
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899 |
| Columbia Sportswear Co. | 90,071 |
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Commodity Contracts Brokers & Dealers - 2.06% |
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28 |
| Seaboard Corp. | 119,015 |
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Computer Communications Equipment - 2.84% |
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2,367 |
| Cisco Systems, Inc. | 113,521 |
2,044 |
| Juniper Networks, Inc. | 50,344 |
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| 163,865 |
Electromedical & Electrotherapeutic Apparatus - 4.35% |
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1,186 |
| Conmed Corp. | 132,630 |
750 |
| Masimo Corp. * | 118,545 |
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| 251,175 |
Farm Machinery & Equipment - 1.84% |
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1,373 |
| AGCO Corp. | 106,064 |
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General Industrial Machinery & Equipment - 1.49% |
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527 |
| Nordson Corp. | 85,817 |
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Hotels & Motels - 1.31% |
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731 |
| Choice Hotels International, Inc. | 75,607 |
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Insurance Agents Brokers & Services - 1.86% |
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1,227 |
| CorVel Corp. * | 107,191 |
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Laboratory Analytical Instruments - 0.99% |
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672 |
| Agilent Technologies, Inc. | 57,328 |
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Metal Forging & Stampings - 1.91% |
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3,502 |
| TriMas Corp. * | 109,998 |
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Motor Vehicles & Passenger Car Bodies - 2.93% |
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911 |
| PACCAR, Inc. | 72,060 |
688 |
| Toyota Motor Corp. ADR | 96,692 |
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| 168,752 |
Operative Builders - 4.17% |
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2,101 |
| D.R. Horton, Inc. | 110,828 |
34 |
| NVR, Inc. * | 129,486 |
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| 240,314 |
Paints, Varnishes, Lacquers, Enamels & Allied Products - 1.39% |
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599 |
| PPG Industries, Inc. | 79,961 |
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Perfumes, Cosmetics & Other Toilet Preparations - 2.21% |
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617 |
| The Estee Lauder Cos., Inc. Class A | 127,435 |
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Personal Credit Institutions - 1.99% |
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259 |
| Credit Acceptance Corp. * | 114,563 |
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Pharmaceutical Preparations - 1.81% |
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1,199 |
| Abbott Laboratories | 104,145 |
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Radio & TV Broadcasting & Communications Equipment - 0.99% |
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6,533 |
| Telefonaktiebolaget L M Ericsson Class B ADR * | 57,360 |
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Real Estate - 1.74% |
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1,638 |
| CBRE Group, Inc. Class A * | 100,393 |
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Retail-Auto & Home Supply Stores - 2.19% |
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106 |
| AutoZone, Inc. * | 126,279 |
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Retail-Auto Dealers & Gasoline Stations - 1.77% |
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1,165 |
| CarMax, Inc. * | 102,136 |
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Retail-Eating & Drinking Places - 2.06% |
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5,341 |
| The Wendy's Co. Class A | 118,624 |
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Retail-Eating Places - 1.46% |
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549 |
| Cracker Barrel Old Country Store, Inc. | 84,403 |
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Retail-Lumber & Other Building Materials Dealers - 2.30% |
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609 |
| The Home Depot, Inc. | 132,993 |
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Retail-Variety Stores - 2.33% |
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862 |
| Dollar General Corp. | 134,455 |
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Semiconductors & Related Devices - 1.24% |
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1,194 |
| Intel Corp. | 71,461 |
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Services-Advertising Agencies - 1.28% |
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910 |
| Omnicom Group, Inc. | 73,728 |
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Services-Auto Rental & Leasing (No Drivers) - 2.31% |
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354 |
| Amerco, Inc. | 133,040 |
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Services-Business Services - 10.25% |
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1,404 |
| Akamai Technologies, Inc. * | 121,278 |
3,994 |
| CBIZ, Inc. * | 107,678 |
412 |
| Mastercard, Inc. Class A | 123,019 |
1,820 |
| Viad Corp. | 122,850 |
621 |
| Visa, Inc. Class A | 116,686 |
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| 591,511 |
Services-Computer Integrated Systems Design - 1.30% |
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1,701 |
| Open Text Corp. (Canada) | 74,963 |
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Services-Computer Processing & Data Preperation - 1.51% |
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65 |
| Alphabet, Inc. Class A * | 87,060 |
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Services-Computer Programming Services - 2.33% |
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2,922 |
| Perficient, Inc. * | 134,617 |
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Services-Prepackaged Software - 2.55% |
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401 |
| Citrix Systems, Inc. | 44,471 |
767 |
| Sap SE ADR * | 102,770 |
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| 147,241 |
Surgical & Medical Instruments & Apparatus - 1.69% |
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2,160 |
| Boston Scientific Corp. * | 97,675 |
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Wholesale-Electronic Parts & Equipment & Supplies - 1.84% |
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1,105 |
| TE Connectivity Ltd. (Switzerland) | 105,903 |
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Wholesale-Machinery, Equipment & Supplies - 0.97% |
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853 |
| Kaman Corp. Class A | 56,230 |
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Wholesale-Metals Service Centers & Offices - 2.05% |
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986 |
| Reliance Steel & Aluminum Co. | 118,083 |
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TOTAL COMMON STOCK (Cost $4,534,491) - 80.38% | $ 4,636,467 | ||
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EXCHANGE TRADED FUND - 19.66% |
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7,896 |
| iShares 10-20 Year Treasury Bond ETF | 1,133,945 |
TOTAL EXCHANGE TRADED FUND (Cost $1,166,618) - 19.66% | $ 1,133,945 | ||
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PUBLICLY TRADED LIMITED PARTNERSHIP - 2.30% |
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Pipe Lines (No Natural Gas) - 2.30% |
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2,113 |
| Magellan Midstream Partners LP | 132,844 |
TOTAL PUBLICLY TRADED LIMITED PARTNERSHIP (Cost $123,665) - 2.30% | $ 132,844 | ||
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INVESTMENTS IN SECURITIES, AT VALUE (Cost $5,824,774) *** - 102.34% | $ 5,903,256 | ||
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LIABILITIES LESS OTHER ASSETS - (2.34)% | (134,717) | ||
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NET ASSETS - 100.00% | $ 5,768,539 | ||
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* Represents non-income producing security during the period. |
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** Variable rate security; the money market rate shown represents the seven day yield at December 31, 2019. |
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*** Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes |
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is $5,824,774 and differs from market value by net unrealized appreciation (depreciation) of securities |
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as follows: |
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Gross Unrealized Appreciation $143,997 |
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Gross Unrealized Depreciation (65,515) |
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Net Unrealized Appreciation $78,482 |
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ADR - American Depositary Receipt |
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ETF - Exchange Traded Fund |
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LP - Limited Partnership |
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The accompanying notes are an integral part of these financial statements. |
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The Fund’s holdings were divided among the following economic industries (Unaudited): |
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Aircraft Engines & Engine Parts | 1.47% | ||
Apparel & Other Finished Products Of Fabrics & Similar Material | 1.53% | ||
Brokers & Other Financial Services | 5.78% | ||
Computer Communications Equipment | 2.78% | ||
Electromedical & Electrotherapeutic Apparatus | 4.26% | ||
Exchange Traded Fund | 19.21% | ||
Machinery & Equipment | 3.25% | ||
Hotels & Motels | 1.28% | ||
Laboratory Analytical Instruments | 0.97% | ||
Metal Forging & Stampings | 1.86% | ||
Motor Vehicles & Passenger Car Bodies | 2.86% | ||
Operative Builders | 4.07% | ||
Paints, Varnishes, Lacquers, Enamels & Allied Products | 1.35% | ||
Perfumes, Cosmetics & Other Toilet Preparations | 2.16% | ||
Pharmaceutical Preparations | 1.76% | ||
Pipe Lines (No Natural Gas) | 2.25% | ||
Radio & TV Broadcasting & Communications Equipment | 0.97% | ||
Real Estate |
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| 1.70% |
Retail |
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| 11.84% |
Semiconductors & Related Devices | 1.21% | ||
Services |
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| 21.04% |
Surgical & Medical Instruments & Apparatus | 1.66% | ||
Wholesale |
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| 4.74% |
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| Total Portfolio Holdings | 100.00% |
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The percentages in the above table are based on market value of the Fund’s portfolio holdings |
| ||
as of December 31, 2019 and are subject to change. |
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| AmericaFirst Monthly Risk-On Risk-Off Fund |
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|
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| Schedule of Investments |
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| December 31, 2019 (Unaudited) |
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|
Shares |
|
| Value |
|
|
|
|
COMMON STOCK - 85.30% |
| ||
|
|
|
|
Air Transportation, Scheduled - 0.11% |
| ||
80,929 |
| AMR Corp. (a) | $ 23,469 |
|
|
|
|
Aircraft Engines & Engine Parts - 5.62% |
| ||
6,615 |
| Honeywell International, Inc. | 1,170,855 |
|
|
|
|
Converted Paper & Paperboard Products (No Containers/Boxes) - 5.68% |
| ||
9,053 |
| Avery Dennison Corp. | 1,184,314 |
|
|
|
|
Electric & Other Services Combined - 5.84% |
| ||
22,259 |
| Alliant Energy Corp. | 1,218,012 |
|
|
|
|
Electronic Computers - 6.21% |
| ||
4,411 |
| Apple, Inc. | 1,295,290 |
|
|
|
|
Lawn & Garden Tractors & Home Lawn & Garden Equipment - 5.76% |
| ||
15,071 |
| The Toro Co. | 1,200,707 |
|
|
|
|
Operative Builders - 5.39% |
| ||
21,319 |
| D.R. Horton, Inc. | 1,124,577 |
|
|
|
|
Orthopedic, Prosthetic & Surgical Appliances & Supplies - 5.40% |
| ||
4,831 |
| Edwards Lifesciences Corp. * | 1,127,024 |
|
|
|
|
Retail-Family Clothing Stores - 11.33% |
| ||
10,168 |
| Ross Stores, Inc. | 1,183,759 |
19,320 |
| The TJX Cos., Inc. | 1,179,679 |
|
|
| 2,363,438 |
Services-Business Services - 16.72% |
| ||
3,847 |
| FleetCor Technologies, Inc. * | 1,106,859 |
4,039 |
| Mastercard, Inc. Class A | 1,206,005 |
4,547 |
| MSCI, Inc. Class A | 1,173,945 |
|
|
| 3,486,809 |
Services-Medical Laboratories - 5.56% |
| ||
6,856 |
| Laboratory Corp. of America Holdings * | 1,159,830 |
|
|
|
|
Ship & Boat Building & Repairing - 5.49% |
| ||
6,495 |
| General Dynamics Corp. | 1,145,393 |
|
|
|
|
Special Industry Machinery - 6.19% |
| ||
4,415 |
| Lam Research Corp. | 1,290,946 |
|
|
|
|
TOTAL COMMON STOCK (Cost $17,974,307) - 85.30% | $ 17,790,664 | ||
|
|
|
|
EXCHANGE TRADED FUNDS - 11.86% |
| ||
17,230 |
| iShares 10-20 Year Treasury Bond ETF | 2,474,400 |
TOTAL EXCHANGE TRADED FUNDS (Cost $2,526,142) - 11.86% | $ 2,474,400 | ||
|
|
|
|
MONEY MARKET FUND - 2.90% |
| ||
605,440 |
| Federated Institutional Prime Obligations Fund - Institutional Class 1.70% ** | 605,440 |
TOTAL MONEY MARKET FUND (Cost $605,440) - 2.90% | $ 605,440 | ||
|
|
|
|
INVESTMENTS IN SECURITIES, AT VALUE (Cost $21,105,889) *** - 100.06% | $ 20,870,504 | ||
|
|
|
|
LIABILITIES LESS OTHER ASSETS - (0.06)% | (12,986) | ||
|
|
|
|
NET ASSETS - 100.00% | $ 20,857,518 | ||
|
|
|
|
* Represents non-income producing security during the period. |
| ||
** Variable rate security; the money market rate shown represents the seven day yield at December 31, 2019. |
| ||
*** Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes |
| ||
is $13,280,811 and differs from market value by net unrealized appreciation (depreciation) of securities |
| ||
as follows: |
|
|
|
Gross Unrealized Appreciation $ 477,074 |
| ||
Gross Unrealized Depreciation (712,459) |
| ||
Net Unrealized Depreciation $ (235,385) |
| ||
(a) Indicates an illiquid and fair valued security. |
| ||
ETF - Exchange Traded Fund |
| ||
The accompanying notes are an integral part of these financial statements. |
| ||
|
|
|
|
|
|
|
|
The Fund’s holdings were divided among the following economic industries (Unaudited): |
| ||
|
|
|
|
Services-Business Services | 16.71% | ||
Exchange Traded Fund | 11.86% | ||
Retail-Family Clothing Stores | 11.32% | ||
Electronic Computers | 6.21% | ||
Special Industry Machinery | 6.18% | ||
Electric & Other Services Combined | 5.84% | ||
Lawn & Garden Tractors & Home Lawn & Garden Equipment | 5.75% | ||
Converted Paper & Paperboard Products (No Containers/Boxes) | 5.67% | ||
Aircraft Engines & Engine Parts | 5.61% | ||
Services-Medical Laboratories | 5.56% | ||
Ship & Boat Building & Repairing | 5.49% | ||
Orthopedic, Prosthetic & Surgical Appliances & Supplies | 5.40% | ||
Operative Builders | 5.39% | ||
Money Market Fund | 2.90% | ||
Air Transportation, Scheduled | 0.11% | ||
|
| Total Portfolio Holdings | 100.00% |
|
|
|
|
The percentages in the above table are based on market value of the Fund’s portfolio holdings |
| ||
as of December 31, 2019 and are subject to change. |
|
4 |
|
|
|
|
| AmericaFirst Income Fund |
|
|
|
|
|
|
| Schedule of Investments |
|
|
| December 31, 2019 (Unaudited) |
|
|
|
|
|
Shares/Par |
|
| Value |
|
|
|
|
COMMON STOCK - 54.18% |
| ||
|
|
|
|
Cigarettes - 6.90% |
| ||
3,372 |
| British American Tobacco Industries PLC ADR | $ 143,175 |
1,244 |
| Philip Morris International, Inc. | 105,852 |
34,393 |
| Vector Group Ltd. | 460,522 |
|
|
| 709,549 |
Commercial Banks, Nec - 0.92% |
| ||
28,638 |
| Lloyds Banking Group PLC ADR | 94,792 |
|
|
|
|
Deep Sea Foreign Transportation Of Freight - 3.17% |
| ||
22,400 |
| Ship Finance International Ltd. (Bermuda) | 325,696 |
|
|
|
|
Electric Services - 3.29% |
| ||
5,005 |
| Atlantica Yield PLC (United Kingdom) | 132,082 |
4,409 |
| Pattern Energy Group, Inc. Class A | 117,963 |
5,765 |
| TerraForm Power, Inc. Class A | 88,723 |
|
|
| 338,768 |
Household Furniture - 1.24% |
| ||
5,115 |
| Compass Diversified Holdings | 127,159 |
|
|
|
|
Industrial Inorganic Chemicals - 0.85% |
| ||
6,500 |
| Kronos Worldwide, Inc. | 87,100 |
|
|
|
|
Investment Advice - 3.67% |
| ||
8,541 |
| Artisan Partners Asset Management, Inc. Class A | 276,045 |
4,136 |
| Janus Henderson Group PLC (United Kingdom) | 101,125 |
|
|
| 377,170 |
Mining, Quarrying of Nonmetallic Minerals (No Fuels) - 0.94% |
| ||
1,589 |
| Compass Minerals International, Inc. | 96,865 |
|
|
|
|
Miscellaneous Business Credit Institutions - 15.46% |
| ||
22,043 |
| Apollo Investment Corp. | 384,871 |
12,516 |
| Ares Capital Corp. | 233,423 |
72,579 |
| FS KKR Capital Corp. | 444,909 |
17,984 |
| Hercules Capital, Inc. | 252,136 |
2,453 |
| Main Street Capital Corp. | 105,749 |
7,879 |
| TPG Specialty Lending, Inc. | 169,162 |
|
|
| 1,590,250 |
Natural Gas Transmission & Distribution - 0.91% |
| ||
1,236 |
| Oneok, Inc. | 93,528 |
|
|
|
|
Petroleum Refining - 1.61% |
| ||
4,085 |
| CVR Energy, Inc. | 165,157 |
|
|
|
|
Pharmaceutical Preparations - 0.93% |
| ||
1,086 |
| Abbvie, Inc. | 96,154 |
|
|
|
|
Savings Institution, Federally Chartered - 0.87% |
| ||
4,550 |
| TSF Financial Corp. | 89,544 |
|
|
|
|
Savings Institution, Not Federally Chartered - 1.03% |
| ||
8,861 |
| New York Community Bancorp, Inc. | 106,509 |
|
|
|
|
Security & Commodity Brokers, Dealers, Exchanges & Services - 3.05% |
| ||
52,809 |
| BGC Partners, Inc. Class A | 313,685 |
|
|
|
|
Security Brokers, Dealers & Flotation Companies - 0.98% |
| ||
7,516 |
| Credit Suisse Group AG ADR * | 101,090 |
|
|
|
|
Services-Advertising Agencies - 1.09% |
| ||
1,603 |
| WPP PLC ADR | 112,675 |
|
|
|
|
Services-Equipment Rental & Leasing - 1.03% |
| ||
2,643 |
| Triton International Ltd. Class A (Bermuda) | 106,249 |
|
|
|
|
Services-Miscellaneous Amusement & Recreation - 0.94% |
| ||
6,454 |
| International Game Technology PLC (United Kingdom) | 96,616 |
|
|
|
|
Telephone Communications (No Radio Telephone) - 2.39% |
| ||
2,640 |
| AT&T, Inc. | 103,171 |
10,785 |
| Centurylink, Inc. | 142,470 |
|
|
| 245,641 |
Wholesale-Petroleum Products (No Bulk Stations) - 2.91% |
| ||
6,996 |
| Macquarie Infrastructure Corp. | 299,709 |
|
|
|
|
TOTAL COMMON STOCK (Cost $5,498,167) - 54.18% | $ 5,573,906 | ||
|
|
|
|
CORPORATE BONDS - 4.49% |
| ||
|
|
|
|
Electric & Other Services Combined - 0.14% |
| ||
$ 13,692 |
| RGS AEGCO Funding Corp., 9.810%, 12/7/2020 | 14,048 |
|
|
|
|
Security Brokers, Dealers & Flotation Companies - 4.35% |
| ||
500,000 |
| Citigroup Global Markets Holdings, Inc., 10.50%, 2/8/2034 (USISDA30-USISDA02) ^ | 447,250 |
|
|
|
|
TOTAL CORPORATE BONDS (Cost $514,650) - 4.49% | $ 461,298 | ||
|
|
|
|
EXCHANGE TRADED FUNDS - 14.65% |
| ||
11,128 |
| iShares 10-20 Year Treasury Bond ETF | 1,507,621 |
TOTAL EXCHANGE TRADED FUNDS (Cost $1,513,718) - 14.65% | $ 1,507,621 | ||
|
|
|
|
FOREIGN GOVERNMENT AGENCIES & OBLIGATION - 0.05% |
| ||
|
|
|
|
Foreign Government Bond - 0.05% |
| ||
$ 5,000 |
| Indonesia Rep, 9.30%, 7/01/2020 (Indonesia) | 5,163 |
|
|
|
|
TOTAL FOREIGN GOVERNMENT AGENCIES & OBLIGATION (Cost $5,076) - 0.05% | $ 5,163 | ||
|
|
|
|
PUBLICLY TRADED LIMITED PARTNERSHIPS - 14.86% |
| ||
|
|
|
|
Natural Gas Transmission - 4.46% |
| ||
23,271 |
| Energy Transfer LP | 298,567 |
3,786 |
| TC Pipelines LP | 160,148 |
|
|
| 458,715 |
Pipe Lines (No Natural Gas) - 3.71% |
| ||
2,658 |
| Magellan Midstream Partners LP | 167,108 |
8,305 |
| NuStar Energy LP | 214,684 |
|
|
| 381,792 |
Retail-Miscellaneous Retail - 3.51% |
| ||
16,543 |
| Suburban Propane Partners LP | 361,464 |
|
|
|
|
Retail-Nonstore Retailers - 1.76% |
| ||
5,863 |
| Crestwood Equity Partners LP | 180,698 |
|
|
|
|
Services-Miscellaneous Amusement & Recreation - 1.42% |
| ||
2,631 |
| Cedar Fair LP | 145,863 |
|
|
|
|
TOTAL PUBLICLY TRADED LIMITED PARTNERSHIPS (Cost $1,241,795) - 14.86% | $ 1,528,532 | ||
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 11.89% |
| ||
13,422 |
| Arbor Realty Trust, Inc. | 192,606 |
4,031 |
| Brixmor Property Group, Inc. | 87,110 |
4,104 |
| Kimco Realty Corp. | 84,994 |
7,290 |
| Kite Realty Group Trust | 142,374 |
3,191 |
| Omega Healthcare Investors, Inc. | 135,139 |
11,009 |
| Redwood Trust, Inc. | 182,089 |
9,655 |
| Sabra Health Care REIT, Inc. | 206,038 |
6,838 |
| SITE Centers Corp. | 95,869 |
10,557 |
| VEREIT, Inc. Class A | 97,547 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,239,698) - 11.89% | $ 1,223,766 | ||
|
|
|
|
MONEY MARKET FUND - 1.71% |
| ||
176,273 |
| Federated Institutional Prime Obligations Fund - Institutional Class 1.70% ** | 176,273 |
TOTAL MONEY MARKET FUND (Cost $176,325) - 1.71% | $ 176,273 | ||
|
|
|
|
INVESTMENTS IN SECURITIES, AT VALUE (Cost $10,189,429) *** - 101.83% | $ 10,476,559 | ||
|
|
|
|
LIABILITIES LESS OTHER ASSETS - (1.83)% | (188,350) | ||
|
|
|
|
NET ASSETS - 100.00% | $ 10,288,209 | ||
|
|
|
|
* Represents non-income producing security during the period. |
| ||
** Variable rate security; the money market rate shown represents the seven day yield at December 31, 2019. |
| ||
^ The interest rate changes daily, and paid out quarterly based on a formula of 10 times the difference between 30 year and 2 year swap rates. | |||
*** Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes |
| ||
is $10,189,429 and differs from market value by net unrealized appreciation (depreciation) of securities |
| ||
as follows: |
|
|
|
Gross Unrealized Appreciation $ 471,040 |
| ||
Gross Unrealized Depreciation (183,910) |
| ||
Net Unrealized Depreciation $(287,130) |
| ||
ADR - American Depositary Receipt |
| ||
ETF - Exchange Traded Fund |
| ||
LP - Limited Partnership |
| ||
The accompanying notes are an integral part of these financial statements. |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
The Fund’s holdings were divided among the following economic industries (Unaudited): |
| ||
|
|
|
|
Miscellaneous Business Credit Institutions | 15.18% | ||
Exchange Traded Fund | 14.39% | ||
Real Estate Investment Trusts | 11.68% | ||
Cigarettes |
|
| 6.77% |
Security Brokers, Dealers & Flotation Companies | 5.23% | ||
Natural Gas Transmission | 4.38% | ||
Pipe Lines (No Natural Gas) | 3.64% | ||
Investment Advice |
| 3.60% | |
Retail-Miscellaneous Retail | 3.45% | ||
Electric Services |
| 3.23% | |
Deep Sea Foreign Transportation Of Freight | 3.11% | ||
Security & Commodity Brokers, Dealers, Exchanges & Services | 2.99% | ||
Wholesale-Petroleum Products (No Bulk Stations) | 2.86% | ||
Telephone Communications (No Radio Telephone) | 2.35% | ||
Services-Miscellaneous Amusement & Recreation | 2.31% | ||
Retail-Nonstore Retailers | 1.73% | ||
Money Market Fund | 1.68% | ||
Petroleum Refining | 1.58% | ||
Household Furniture | 1.21% | ||
Services-Advertising Agencies | 1.08% | ||
Savings Institution, Not Federally Chartered | 1.02% | ||
Services-Equipment Rental & Leasing | 1.01% | ||
Mining, Quarrying of Nonmetallic Minerals (No Fuels) | 0.93% | ||
Pharmaceutical Preparations | 0.92% | ||
Commercial Banks, Nec | 0.91% | ||
Natural Gas Transmission & Distribution | 0.89% | ||
Savings Institution, Federally Chartered | 0.86% | ||
Industrial Inorganic Chemicals | 0.83% | ||
Electric & Other Services Combined | 0.13% | ||
Foreign Government Bond | 0.05% | ||
|
| Total Portfolio Holdings | 100.00% |
|
|
|
|
The percentages in the above table are based on market value of the Fund’s portfolio holdings |
| ||
as of December 31, 2019 and are subject to change. |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
AmericaFirst Quantitative Funds | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||
Statements of Assets and Liabilities | ||||||||||||||
December 31, 2019 (Unaudited) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
| Defensive Growth Fund |
| Large Cap Share Buyback Fund |
| Seasonal Rotation Fund |
| Monthly Risk-On Risk-Off Fund * |
| Income Fund | ||||
Assets: |
|
|
|
|
|
|
|
|
|
| ||||
Investments in Securities, at Value (Cost $6,018,318; $6,276,542; $5,824,774; $21,105,889; and | $ 6,081,509 |
| $ 7,132,381 |
| $ 5,903,256 |
| $ 20,870,504 |
| $ 10,476,559 | |||||
| $10,189,429, respectively) |
|
|
|
|
|
|
|
|
| ||||
Cash |
| - |
| - |
| - |
| 7,284 |
| - | ||||
Receivables: |
|
|
|
|
|
|
|
|
| |||||
Dividends & Interest | 7,305 |
| 5,751 |
| 4,257 |
| 11,793 |
| 53,792 | |||||
Shareholder Subscriptions | - |
| - |
| - |
| 2,500 |
| 1,115 | |||||
Due from Adviser | 129 |
| 1,662 |
| 374 |
| - |
| - | |||||
Prepaid Expenses | 9,426 |
| 5,839 |
| 9,550 |
| 14,411 |
| 8,680 | |||||
Total Assets | 6,098,369 |
| 7,145,633 |
| 5,917,437 |
| 20,906,492 |
| 10,540,146 | |||||
Liabilities: |
|
|
|
|
|
|
|
|
| |||||
Payables: |
|
|
|
|
|
|
|
|
| |||||
Advisory Fees | - |
| - |
| - |
| 10,131 |
| 1,873 | |||||
Shareholder Redemptions | 8,457 |
| 3,653 |
| - |
| 98 |
| 57,295 | |||||
Due to Custodian | 40,989 |
| 6,082 |
| 128,067 |
| 61 |
| 170,978 | |||||
Administration Fees | 2,563 |
| 3,451 |
| 2,066 |
| 3,036 |
| 2,814 | |||||
Distribution (12b-1) Fees | 7,221 |
| 9,896 |
| 4,373 |
| 26,293 |
| 8,987 | |||||
Trustee Fees | 1,687 |
| 228 |
| 735 |
| 562 |
| 674 | |||||
Servicing Fees | 445 |
| 214 |
| 346 |
| 6 |
| 378 | |||||
Accrued Expenses | 10,293 |
| 4,561 |
| 13,311 |
| 8,787 |
| 8,938 | |||||
Total Liabilities | 71,655 |
| 28,085 |
| 148,898 |
| 48,974 |
| 251,937 | |||||
Net Assets | $ 6,026,714 |
| $ 7,117,548 |
| $ 5,768,539 |
| $ 20,857,518 |
| $ 10,288,209 | |||||
|
|
|
|
|
|
|
|
|
|
| ||||
Net Assets Consist of: |
|
|
|
|
|
|
|
|
| |||||
Paid In Capital | $ 15,597,419 |
| $ 6,712,086 |
| $ 6,295,944 |
| $ 32,126,426 |
| $ 20,740,261 | |||||
Accumulated Distributable Earnings (Deficit) | (9,570,705) |
| 405,462 |
| (527,405) |
| (11,268,908) |
| (10,452,052) | |||||
Net Assets | $ 6,026,714 |
| $ 7,117,548 |
| $ 5,768,539 |
| $ 20,857,518 |
| $ 10,288,209 | |||||
|
|
|
|
|
|
|
|
|
|
| ||||
Class A Shares |
|
|
|
|
|
|
|
|
| |||||
Net Assets | $ 2,632,658 |
| $ 4,449,208 |
| $ 1,254,324 |
| $ 5,514,103 |
| $ 5,086,559 | |||||
Shares of beneficial interest outstanding (unlimited shares authorized at no par value) | 273,573 |
| 363,179 |
| 114,606 |
| 404,580 |
| 835,387 | |||||
Net asset value per share | $ 9.62 |
| $ 12.25 |
| $ 10.94 |
| $ 13.63 |
| $ 6.09 | |||||
Short-term Redemption Price Per Share (d) | $ 9.53 |
| $ 12.13 |
| $ 10.84 |
| $ 13.49 |
| $ 6.03 | |||||
Maximum offering price per share (b) | $ 10.13 |
| $ 12.90 |
| $ 11.52 |
| $ 14.35 |
| $ 6.34 | |||||
Minimum Redemption price per share (a) | $ 9.53 |
| $ 12.13 |
| $ 10.84 |
| $ 13.49 |
| $ 6.03 | |||||
|
|
|
|
|
|
|
|
|
|
| ||||
Class I Shares |
|
|
|
|
|
|
|
|
| |||||
Net Assets | $ 2,028,433 |
| $ 1,341,785 |
| $ 3,577,487 |
| $ 9,628,715 |
| $ 2,955,330 | |||||
Shares of beneficial interest outstanding (unlimited shares authorized at no par value) | 197,667 |
| 107,550 |
| 317,058 |
| 656,315 |
| 468,266 | |||||
Net asset value and offering price per share | $ 10.26 |
| $ 12.48 |
| $ 11.28 |
| $ 14.67 |
| $ 6.31 | |||||
Minimum Redemption price per share (a) | $ 10.16 |
| $ 12.35 |
| $ 11.17 |
| $ 14.52 |
| $ 6.25 | |||||
|
|
|
|
|
|
|
|
|
|
| ||||
Class U Shares |
|
|
|
|
|
|
|
|
| |||||
Net Assets | $ 1,365,623 |
| $ 1,326,555 |
| $ 936,728 |
| $ 5,714,700 |
| $ 2,246,320 | |||||
Shares of beneficial interest outstanding (unlimited shares authorized at no par value) | 149,161 |
| 110,105 |
| 88,198 |
| 439,437 |
| 365,524 | |||||
Net asset value per share | $ 9.16 |
| $ 12.05 |
| $ 10.62 |
| $ 13.00 |
| $ 6.15 | |||||
Minimum Redemption price per share (a) | $ 9.06 |
| $ 11.93 |
| $ 10.51 |
| $ 12.87 |
| $ 6.08 | |||||
Short-term Redemption Price Per Share (d) | $ 9.06 |
| $ 11.93 |
| $ 10.51 |
| $ 12.87 |
| $ 6.08 | |||||
Maximum offering price per share (c) | $ 9.39 |
| $ 12.36 |
| $ 10.89 |
| $ 13.34 |
| $ 6.27 | |||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
* On September 1, 2019, the AmericaFirst Tactical Alpha Fund was renamed to AmericaFirst Monthly Risk-On-Risk-Off Fund. |
|
|
|
|
|
|
|
| ||||||
(a) A redemption fee of 1.00% is imposed in the event of certain redemption transactions occurring within 90 days of purchase. |
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| ||||||
(b) Maximum offering price includes a maximum front-end sales load of 5.00%; 5.00%; 5.00%; 5.00%; and 4.00%, respectively. |
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(c) Maximum offering price includes a maximum front-end sales load of 2.50%; 2.50%; 2.50%; 2.50%; and 2.00%, respectively. |
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| ||||||
(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 |
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| ||||||
and may be subject to a 1.00% contingent deferred sales charge (“CDSC”) on shares redeemed less than 12 months after the date of |
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| ||||||||
purchase (excluding shares purchased with reinvested dividends and/or distributions). |
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The accompanying notes are an integral part of these financial statements. |
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| |
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| AmericaFirst Quantitative Funds | |||||||||
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Statements of Operations | ||||||||||
For the Six Months Ended December 31, 2019 (Unaudited) | ||||||||||
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|
|
|
|
|
Investment Income: |
| Defensive Growth Fund |
| Large Cap Share Buyback Fund |
| Seasonal Rotation Fund |
| Monthly Risk-On Risk-Off Fund * |
| Income Fund |
Dividend Income |
| $ 49,976 |
| $ 56,047 |
| $ 56,370 |
| $ 126,321 |
| $ 277,614 |
Interest Income |
| 1,153 |
| 1,135 |
| 1,104 |
| 2,686 |
| 28,854 |
Total Investment Income | 51,129 |
| 57,182 |
| 57,474 |
| 129,007 |
| 306,468 | |
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
Advisory Fees |
| 50,111 |
| 43,759 |
| 40,022 |
| 78,285 |
| 69,044 |
Distribution (12b-1) Fees: |
|
|
|
|
|
|
|
|
| |
Class A |
| 3,381 |
| 4,945 |
| 1,637 |
| 6,760 |
| 6,376 |
Class U |
| 7,134 |
| 5,443 |
| 4,234 |
| 29,140 |
| 12,526 |
Transfer Agent & Administration Fees | 14,479 |
| 15,236 |
| 13,315 |
| 19,546 |
| 19,158 | |
Shareholder Service Fees | 1,856 |
| 1,084 |
| 2,208 |
| 3,406 |
| 5,597 | |
Chief Compliance Officer Fees | 4,524 |
| 4,826 |
| 4,826 |
| 4,826 |
| 4,825 | |
Registration Fees | 11,934 |
| 24,961 |
| 6,590 |
| 11,728 |
| 9,818 | |
Audit Fees |
| 9,006 |
| 7,998 |
| 9,260 |
| 8,760 |
| 9,006 |
Legal Fees |
| 6,347 |
| 6,651 |
| 6,083 |
| 14,874 |
| 10,495 |
Insurance Fees |
| 1,489 |
| 1,512 |
| 1,920 |
| 2,559 |
| 1,778 |
Miscellaneous Fees | 2,095 |
| 1,969 |
| 1,707 |
| 2,839 |
| 2,258 | |
Custodial Fees |
| 4,495 |
| 2,087 |
| 3,743 |
| 4,654 |
| 3,425 |
Trustees Fees |
| 2,445 |
| 1,071 |
| 1,742 |
| 2,407 |
| 2,065 |
Printing and Mailing | 1,263 |
| 376 |
| 768 |
| 910 |
| 2,881 | |
Total Expenses |
| 120,559 |
| 121,918 |
| 98,055 |
| 190,694 |
| 159,252 |
Fees Waived or Recouped by the Adviser |
| (31,883) |
| (49,336) |
| (27,580) |
| 7,718 |
| (30,869) |
Net Expenses |
| 88,676 |
| 72,582 |
| 70,475 |
| 198,412 |
| 128,383 |
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income (Loss) | (37,547) |
| (15,400) |
| (13,001) |
| (69,405) |
| 178,085 | |
|
|
|
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|
|
|
|
|
|
|
Net Realized Gain (Loss) on: |
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|
|
|
|
|
|
|
| |
Investments in Securities | 232,962 |
| (67,114) |
| 261,052 |
| 1,123,694 |
| (341,982) | |
Net Realized Gain (Loss) | 232,962 |
| (67,114) |
| 261,052 |
| 1,123,694 |
| (341,982) | |
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
|
| |
Investments in Securities | (236,563) |
| 490,816 |
| (60,327) |
| (247,624) |
| 484,502 | |
Net Change in Unrealized Appreciation (Depreciation) | (236,563) |
| 490,816 |
| (60,327) |
| (247,624) |
| 484,502 | |
|
|
|
|
|
|
|
|
|
|
|
Net Realized and Unrealized Gain (Loss) | (3,601) |
| 423,702 |
| 200,725 |
| 876,070 |
| 142,520 | |
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations | $ (41,148) |
| $ 408,302 |
| $ 187,724 |
| $ 806,665 |
| $ 320,605 | |
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|
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* On September 1, 2019, the AmericaFirst Tactical Alpha Fund was renamed to AmericaFirst Monthly Risk-On-Risk-Off Fund. |
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|
| ||
The accompanying notes are an integral part of these financial statements. |
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|
AmericaFirst Defensive Growth Fund |
| ||||
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Statements of Changes in Net Assets |
| ||||
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|
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| ||
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| (Unaudited) |
|
|
|
|
| Six Months Ended |
| Year Ended |
|
|
| 12/31/2019 |
| 6/30/2019 |
|
Increase (Decrease) in Net Assets Resulting From Operations: |
|
|
|
| |
Net Investment Loss | $ (37,547) |
| $ (157,926) |
| |
Net Realized Gain on Investments in Securities, and Securities Sold Short | 232,962 |
| 204,238 |
| |
Net Change in Unrealized Appreciation on Investments in Securities, and Securities Sold Short | (236,563) |
| 49,437 |
| |
Net Increase (Decrease) in Net Assets Resulting from Operations | (41,148) |
| 95,749 |
| |
|
|
|
|
|
|
Capital Share Transactions: |
|
|
|
| |
Proceeds from Sale of Shares: |
|
|
|
| |
Class A |
| 8,042 |
| 193,883 |
|
Class I |
| 94,324 |
| 185,097 |
|
Class U |
| 975 |
| 6,260 |
|
Cost of Shares Redeemed: |
|
|
|
| |
Class A |
| (424,433) |
| (2,142,575) |
|
Class I | �� | (636,343) |
| (1,955,629) |
|
Class U |
| (401,189) |
| (885,073) |
|
Redemption Fees | 13 |
| 53 |
| |
Net Decrease in Net Assets from Capital Share Transactions | (1,358,611) |
| (4,597,984) |
| |
|
|
|
|
|
|
Net Decrease in Net Assets | (1,399,759) |
| (4,502,235) |
| |
|
|
|
|
|
|
Net Assets: |
|
|
|
|
|
Beginning of Year/Period | 7,426,473 |
| 11,928,708 |
| |
End of Year/Period |
|
|
|
| |
|
| $ 6,026,714 |
| $ 7,426,473 |
|
|
|
|
|
|
|
Share Activity |
|
|
|
|
|
Class A: |
|
|
|
|
|
Shares Sold |
| 104 |
| 19,485 |
|
Shares Redeemed | (43,540) |
| (224,778) |
| |
Net Decrease in Shares of Beneficial Interest Outstanding | (43,436) |
| (205,293) |
| |
|
|
|
|
|
|
Class I: |
|
|
|
|
|
Shares Sold |
| 821 |
| 17,695 |
|
Shares Redeemed | (65,917) |
| (189,364) |
| |
Net Decrease in Shares of Beneficial Interest Outstanding | (65,096) |
| (171,669) |
| |
|
|
|
|
|
|
Class U: |
|
|
|
|
|
Shares Sold |
| 9,234 |
| 680 |
|
Shares Redeemed | (41,627) |
| (94,758) |
| |
Net Decrease in Shares of Beneficial Interest Outstanding | (32,393) |
| (94,078) |
| |
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
|
|
|
AmericaFirst Large Cap Share Buyback Fund | ||||
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|
|
|
|
Statements of Changes in Net Assets | ||||
|
|
|
|
|
|
| (Unaudited) |
|
|
|
| Six Months Ended |
| Year Ended |
|
| 12/31/2019 |
| 6/30/2019 |
Increase in Net Assets Resulting From Operations: |
|
|
| |
Net Investment Loss | $ (15,400) |
| $ (19,389) | |
Net Realized Loss on Investments in Securities | (67,114) |
| (171,841) | |
Net Change in Unrealized Appreciation on Investments in Securities | 490,816 |
| 314,728 | |
Net Increase in Net Assets Resulting from Operations | 408,302 |
| 123,498 | |
|
|
|
|
|
Distributions to Shareholders: |
|
|
| |
Distributions |
| - |
| (377,550) |
Total Distributions Paid to Shareholders | - |
| (377,550) | |
|
|
|
|
|
Capital Share Transactions: |
|
|
| |
Proceeds from Sale of Shares: |
|
|
| |
Class A |
| 440,355 |
| 2,611,233 |
Class I |
| 207,306 |
| 2,406,712 |
Class U |
| 286,064 |
| 787,106 |
Reinvestment of Distributions: |
|
|
| |
Class A |
| - |
| 123,572 |
Class I |
| - |
| 172,626 |
Class U |
| - |
| 27,567 |
Cost of Shares Redeemed: |
|
|
| |
Class A |
| (623,262) |
| (515,636) |
Class I |
| (1,196,608) |
| (2,140,347) |
Class U |
| (90,752) |
| (157,257) |
Redemption Fees | 700 |
| 1,648 | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (976,197) |
| 3,317,224 | |
|
|
|
|
|
Net Increase (Decrease) in Net Assets | (567,895) |
| 3,063,172 | |
|
|
|
|
|
Net Assets: |
|
|
|
|
Beginning of Year/Period | 7,685,443 |
| 4,622,271 | |
End of Year/Period |
|
|
| |
|
| $ 7,117,548 |
| $ 7,685,443 |
|
|
|
|
|
Share Activity |
|
|
|
|
Class A: |
|
|
|
|
Shares Sold |
| 38,193 |
| 226,853 |
Shares Reinvested | - |
| 11,614 | |
Shares Redeemed | (54,418) |
| (45,066) | |
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (16,225) |
| 193,401 | |
|
|
|
|
|
Class I: |
|
|
|
|
Shares Sold |
| 17,416 |
| 201,850 |
Shares Reinvested | - |
| 16,008 | |
Shares Redeemed | (104,561) |
| (206,133) | |
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (87,145) |
| 11,725 | |
|
|
|
|
|
Class U: |
|
|
|
|
Shares Sold |
| 25,273 |
| 70,701 |
Shares Reinvested | - |
| 2,613 | |
Shares Redeemed | (8,018) |
| (13,345) | |
Net Increase in Shares of Beneficial Interest Outstanding | 17,255 |
| 59,969 | |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
|
|
AmericaFirst Seasonal Rotation Fund | ||||
|
|
|
|
|
Statements of Changes in Net Assets | ||||
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
| Six Months Ended |
| Year Ended |
|
| 12/31/2019 |
| 6/30/2019 |
Increase (Decrease) in Net Assets Resulting From Operations: |
|
|
| |
Net Investment Income (Loss) | $ (13,001) |
| $ 45,187 | |
Net Realized Gain (Loss) on Investments in Securities | 261,052 |
| (588,341) | |
Net Change in Unrealized Appreciation on Investments in Securities | (60,327) |
| (15,198) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 187,724 |
| (558,352) | |
|
|
|
|
|
Distributions to Shareholders: |
|
|
| |
Distributions |
| - |
| (49,868) |
Total Distributions Paid to Shareholders | - |
| (49,868) | |
|
|
|
|
|
Capital Share Transactions: |
|
|
| |
Proceeds from Sale of Shares: |
|
|
| |
Class A |
| 12,701 |
| 143,878 |
Class I |
| 1,365,601 |
| 662,113 |
Class U |
| - |
| - |
Reinvestment of Distributions: |
|
|
| |
Class A |
| - |
| 12,435 |
Class I |
| - |
| 13,071 |
Class U |
| - |
| 10,080 |
Cost of Shares Redeemed: |
|
|
| |
Class A |
| (395,155) |
| (569,174) |
Class I |
| (1,556,844) |
| (1,261,179) |
Class U |
| (87,502) |
| (382,423) |
Redemption Fees | 3,660 |
| - | |
Net Decrease in Net Assets from Capital Share Transactions | (657,539) |
| (1,371,199) | |
|
|
|
|
|
Net Decrease in Net Assets | (469,815) |
| (1,979,419) | |
|
|
|
|
|
Net Assets: |
|
|
|
|
Beginning of Year/Period | 6,238,354 |
| 8,217,773 | |
End of Year/Period |
|
|
| |
|
| $ 5,768,539 |
| $ 6,238,354 |
|
|
|
|
|
Share Activity |
|
|
|
|
Class A: |
|
|
|
|
Shares Sold |
| 1,187 |
| 13,654 |
Shares Reinvested | - |
| 1,255 | |
Shares Redeemed | (36,751) |
| (54,335) | |
Net Decrease in Shares of Beneficial Interest Outstanding | (35,564) |
| (39,426) | |
|
|
|
|
|
Class I: |
|
|
|
|
Shares Sold |
| 123,505 |
| 60,897 |
Shares Reinvested | - |
| 1,299 | |
Shares Redeemed | (140,487) |
| (121,674) | |
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (16,982) |
| (59,478) | |
|
|
|
|
|
Class U: |
|
|
|
|
Shares Sold |
| - |
| - |
Shares Reinvested | - |
| 1,042 | |
Shares Redeemed | (8,317) |
| (36,921) | |
Net Decrease in Shares of Beneficial Interest Outstanding | (8,317) |
| (35,879) | |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
|
|
AmericaFirst Monthly Risk-On Risk-Off Fund * | ||||
|
|
|
|
|
Statements of Changes in Net Assets | ||||
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
| Six Months Ended |
| Year Ended |
|
| 12/31/2019 |
| 6/30/2019 |
Increase (Decrease) in Net Assets Resulting From Operations: |
|
|
| |
Net Investment Loss | $ (69,405) |
| $ (80,921) | |
Net Realized Gain (Loss) on Investments in Securities, and Securities Sold Short | 1,123,694 |
| (31,208) | |
Net Change in Unrealized Appreciation/(Depreciation) on Investments in Securities, and Securities Sold Short | (247,624) |
| (19,125) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 806,665 |
| (131,254) | |
|
|
|
|
|
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 |
| 314,011 |
| 350,206 |
Class I |
| 8,339,928 |
| 1,572,678 |
Class U |
| 26,420 |
| 37,151 |
Cost of Shares Redeemed: |
|
|
| |
Class A |
| (740,807) |
| (1,014,452) |
Class I |
| (294,427) |
| (1,509,450) |
Class U |
| (895,274) |
| (592,519) |
Redemption Fees | 1,213 |
| 1,636 | |
Net Increase in Net Assets from Capital Share Transactions | 6,751,064 |
| 6,156,365 | |
|
|
|
|
|
Net Increase in Net Assets | 7,557,729 |
| 6,025,111 | |
|
|
|
|
|
Net Assets: |
|
|
|
|
Beginning of Year/Period | 13,299,789 |
| 7,274,678 | |
End of Year/Period |
|
|
| |
|
| $ 20,857,518 |
| $ 13,299,789 |
|
|
|
|
|
Share Activity |
|
|
|
|
Class A: |
|
|
|
|
�� Tax Free Exchange from AmericaFirst Quantitative Fund: | - |
| 222,538 | |
Shares Sold |
| 23,586 |
| 26,582 |
Shares Redeemed | (55,669) |
| (79,791) | |
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (32,083) |
| 169,329 | |
|
|
|
|
|
Class I: |
|
|
|
|
Tax Free Exchange from AmericaFirst Quantitative Fund: | - |
| 19,759 | |
Shares Sold |
| 586,763 |
| 112,973 |
Shares Redeemed | (20,584) |
| (112,569) | |
Net Increase in Shares of Beneficial Interest Outstanding | 566,179 |
| 20,163 | |
|
|
|
|
|
Class U: |
|
|
|
|
Tax Free Exchange from AmericaFirst Quantitative Fund: | - |
| 347,992 | |
Shares Sold |
| 2,067 |
| 3,047 |
Shares Redeemed | (70,697) |
| (48,423) | |
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (68,630) |
| 302,616 | |
|
|
|
|
|
|
|
|
|
|
* On September 1, 2019, the AmericaFirst Tactical Alpha Fund was renamed to AmericaFirst Monthly Risk-On-Risk-Off Fund. |
|
|
| |
** Refer to Note 1 for details of the tax free merger. |
|
|
| |
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
|
|
AmericaFirst Income Fund | ||||
|
|
|
|
|
Statements of Changes in Net Assets | ||||
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
| Six Months Ended |
| Year Ended |
|
| 12/31/2019 |
| 6/30/2019 |
Increase/(Decrease) in Net Assets Resulting From Operations: |
|
|
| |
Net Investment Income | $ 178,085 |
| $ 461,277 | |
Net Realized Loss on Investments in Securities | (341,982) |
| (1,121,738) | |
Net Change in Unrealized Appreciation (Depreciation) on Investments in Securities | 484,502 |
| (227,547) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 320,605 |
| (888,008) | |
|
|
|
|
|
Distributions to Shareholders: |
|
|
| |
Distributions |
| (386,138) |
| (397,471) |
Return of Capital | (202) |
| (457,999) | |
Total Distributions Paid to Shareholders | (386,340) |
| (855,470) | |
|
|
|
|
|
Capital Share Transactions: |
|
|
| |
Proceeds from Sale of Shares: |
|
|
| |
Class A |
| 253,527 |
| 2,012,279 |
Class I |
| 276,120 |
| 2,292,035 |
Class U |
| 35,417 |
| 510,939 |
Reinvestment of Distributions: |
|
|
| |
Class A |
| 134,574 |
| 315,184 |
Class I |
| 101,704 |
| 229,080 |
Class U |
| 67,701 |
| 138,846 |
Cost of Shares Redeemed: |
|
|
| |
Class A |
| (843,107) |
| (2,263,812) |
Class I |
| (608,191) |
| (2,220,907) |
Class U |
| (545,603) |
| (552,785) |
Redemption Fees | 1,105 |
| 448 | |
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (1,126,753) |
| 461,307 | |
|
|
|
|
|
Net Decrease in Net Assets | (1,192,488) |
| (1,282,171) | |
|
|
|
|
|
Net Assets: |
|
|
|
|
Beginning of Year/Period | 11,480,697 |
| 12,762,868 | |
End of Year/Period |
|
|
| |
|
| $ 10,288,209 |
| $ 11,480,697 |
|
|
|
|
|
Share Activity |
|
|
|
|
Class A: |
|
|
|
|
Shares Sold |
| 41,555 |
| 300,341 |
Shares Reinvested | 22,078 |
| 48,614 | |
Shares Redeemed | (138,603) |
| (351,759) | |
Net Decrease in Shares of Beneficial Interest Outstanding | (74,970) |
| (2,804) | |
|
|
|
|
|
Class I: |
|
|
|
|
Shares Sold |
| 44,009 |
| 324,656 |
Shares Reinvested | 16,123 |
| 34,287 | |
Shares Redeemed | (96,469) |
| (326,036) | |
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (36,337) |
| 32,907 | |
|
|
|
|
|
Class U: |
|
|
|
|
Shares Sold |
| 5,741 |
| 74,728 |
Shares Reinvested | 11,013 |
| 21,311 | |
Shares Redeemed | (88,738) |
| (82,537) | |
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (71,984) |
| 13,502 | |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Defensive Growth Fund - Class A | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
| ||||||||||
Selected data for a share outstanding throughout each year/period presented. |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
| Ended |
| Years Ended | ||||||||
|
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year/Period | $ 9.68 |
| $ 9.59 |
| $ 10.47 |
| $ 11.30 |
| $ 11.99 |
| $ 12.53 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
| |
Net Investment Loss * | (0.06) |
| (0.17) |
| (0.17) |
| (0.12) |
| (0.11) |
| (0.12) | |
Net Realized and Unrealized Gain (Loss) on Investments | - | (c) | 0.26 |
| (0.71) |
| (0.70) |
| (0.50) |
| 0.97 | |
Total from Investment Operations | (0.06) |
| 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/Period | $ 9.62 |
| $ 9.68 |
| $ 9.59 |
| $ 10.47 |
| $ 11.30 |
| $ 11.99 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) | (0.62)% | (g) | 0.94% |
| (8.40)% |
| (7.26)% | *** | (5.12)% | *** | 7.23% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year/Period (Thousands) | $ 2,633 |
| $ 3,279 |
| $ 5,216 |
| $ 12,430 |
| $ 31,273 |
| $ 21,040 | |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(d) | 3.61% | (f) | 3.79% |
| 3.12% |
| 3.02% | ** | 3.11% | ** | 3.18% | |
Ratio of Net Investment Loss to Average Net Assets (b)(d)(e) | (2.08)% | (f) | (2.23)% |
| (1.75)% |
| (1.18)% | ** | (1.00)% | ** | (1.04)% | |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(d) | 2.70% | (f) | 3.31% |
| 3.02% |
| 3.02% | ** | 3.07% | ** | 3.13% | |
Ratio of Net Investment Loss to Average Net Assets (b)(d)(e) | (1.17)% | (f) | (1.75)% |
| (1.66)% |
| (1.18)% | ** | (0.96)% | ** | (0.99)% | |
Portfolio Turnover | 390.22% | (g) | 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 0.00%, 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. |
|
| ||||||||||
(f) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
(g) Not annualized. |
|
|
|
|
|
|
|
|
|
|
| |
* 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Defensive Growth Fund - Class I | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
| ||||||||||
Selected data for a share outstanding throughout each year/period presented. |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
| Ended |
| Years Ended | ||||||||
|
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year/Period |
| $ 10.30 |
| $ 10.15 |
| $ 11.02 |
| $ 11.86 |
| $ 12.45 |
| $ 12.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income (Loss) * |
| (0.03) |
| (0.13) |
| (0.12) |
| (0.10) |
| (0.01) |
| 0.02 |
Net Realized and Unrealized Gain (Loss) on Investments |
| (0.01) | (c) | 0.28 |
| (0.75) |
| (0.73) |
| (0.50) |
| 1.00 |
Total from Investment Operations |
| (0.04) |
| 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/Period |
| $ 10.26 |
| $ 10.30 |
| $ 10.15 |
| $ 11.02 |
| $ 11.86 |
| $ 12.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) |
| (0.39)% | (g) | 1.48% |
| (7.89)% |
| (7.00)% | *** | (4.12)% | *** | 8.45% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets at End of Year/Period (Thousands) |
| $ 2,028 |
| $ 2,369 |
| $ 4,077 |
| $ 14,302 |
| $ 44,161 |
| $ 33,660 |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b)(d) |
| 3.38% | (f) | 3.61% |
| 2.88% |
| 2.74% | ** | 2.62% | ** | 2.67% |
Ratio of Net Investment Loss to Average Net Assets (b)(d)(e) |
| (1.85)% | (f) | (2.04)% |
| (1.51)% |
| (0.97)% | ** | (0.56)% | ** | (0.47)% |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b)(d) |
| 2.19% | (f) | 2.80% |
| 2.53% |
| 2.66% | ** | 2.13% | ** | 2.07% |
Ratio of Net Investment Income (Loss) to Average Net Assets (b)(d)(e) |
| (0.67)% | (f) | (1.23)% |
| (1.16)% |
| (0.89)% | ** | (0.07)% | ** | 0.13% |
Portfolio Turnover |
| 390.22% | (g) | 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 0.00%, 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. |
|
| ||||||||||
(f) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
(g) Not annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
* 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Defensive Growth Fund - Class U | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
| ||||||||||
Selected data for a share outstanding throughout each year/period presented. |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
| Ended |
| Years Ended | ||||||||
|
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year/Period |
| $ 9.23 |
| $ 9.19 |
| $ 10.09 |
| $ 10.96 |
| $ 11.69 |
| $ 12.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Loss * |
| (0.08) |
| (0.21) |
| (0.21) |
| (0.19) |
| (0.17) |
| (0.18) |
Net Realized and Unrealized Gain (Loss) on Investments |
| 0.01 |
| 0.25 |
| (0.69) |
| (0.67) |
| (0.48) |
| 0.95 |
Total from Investment Operations |
| (0.07) |
| 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/Period |
| $ 9.16 |
| $ 9.23 |
| $ 9.19 |
| $ 10.09 |
| $ 10.96 |
| $ 11.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) |
| (0.76)% |
| 0.44% |
| (8.92)% |
| (7.85)% | *** | (5.59)% | *** | 6.68% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets at End of Year/Period (Thousands) |
| $ 1,366 |
| $ 1,778 |
| $ 2,636 |
| $ 5,861 |
| $ 17,238 |
| $ 13,687 |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b)(d) |
| 4.30% |
| 4.41% |
| 3.87% |
| 3.75% | ** | 3.63% | ** | 3.67% |
Ratio of Net Investment Loss to Average Net Assets (b)(d)(e) |
| (2.77)% |
| (2.84)% |
| (2.50)% |
| (1.96)% | ** | (1.56)% | ** | (1.56)% |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b)(d) |
| 3.20% |
| 3.81% |
| 3.53% |
| 3.67% | ** | 3.57% | ** | 3.62% |
Ratio of Net Investment Loss to Average Net Assets (b)(d)(e) |
| (1.68)% |
| (2.23)% |
| (2.16)% |
| (1.88)% | ** | (1.51)% | ** | (1.51)% |
Portfolio Turnover |
| 390.22% |
| 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 0.00%, 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Large Cap Share Buyback Fund - Class A |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
|
|
|
| |||||
Selected data for a share outstanding throughout the period or year presented. |
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
|
| Ended |
| Years Ended |
| Period Ended | (d) |
| ||
|
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Period/Year |
| $ 11.49 |
| $ 11.44 |
| $ 10.29 |
| $ 10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net Investment Loss * |
| (0.02) |
| (0.04) |
| (0.11) |
| (0.19) |
|
|
Net Realized and Unrealized Gain on Investments |
| 0.78 |
| 0.65 |
| 1.34 |
| 0.48 |
|
|
Total from Investment Operations |
| 0.76 |
| 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 |
| $ 12.25 |
| $ 11.49 |
| $ 11.44 |
| $ 10.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) |
| 6.61% | *** | 5.72% |
| 11.94% |
| 2.90% | *** (f) |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
Net Assets at End of Period/Year (Thousands) |
| $ 4,449 |
| $ 4,358 |
| $ 2,129 |
| $ 1,521 |
|
|
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b) |
| 3.50% | ** | 3.18% |
| 4.26% |
| 12.14% | ** (e) |
|
Ratio of Net Investment Loss to Average Net Assets (b)(g) |
| (1.88)% | ** | (1.53)% |
| (2.94)% |
| (10.70)% | ** (e) |
|
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b) |
| 2.00% | ** | 1.96% |
| 2.35% |
| 5.92% | ** (e) |
|
Ratio of Net Investment Loss to Average Net Assets (b)(g) |
| (0.37)% | ** | (0.31)% |
| (1.02)% |
| (4.49)% | ** (e) |
|
Portfolio Turnover |
| 68.51% | *** | 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Large Cap Share Buyback Fund - Class I | |||||||||
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
|
|
| |||||
Selected data for a share outstanding throughout the period or year presented. |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
| Ended |
| Years Ended |
| Period Ended | (d) | ||
|
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Period/Year |
| $ 11.68 |
| $ 11.59 |
| $ 10.33 |
| $ 10.00 |
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
Net Investment Loss * |
| (0.01) |
| (0.00) | (c) | (0.01) |
| (0.20) |
|
Net Realized and Unrealized Gain on Investments |
| 0.81 |
| 0.65 |
| 1.35 |
| 0.53 |
|
Total from Investment Operations |
| 0.80 |
| 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 |
| $ 12.48 |
| $ 11.68 |
| $ 11.59 |
| $ 10.33 |
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) |
| 6.85% | *** | 5.99% |
| 12.97% |
| 3.30% | *** (f) |
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
Net Assets at End of Period/Year (Thousands) |
| $ 1,342 |
| $ 2,274 |
| $ 2,120 |
| $ 341 |
|
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b) |
| 3.22% | ** | 2.91% |
| 3.58% |
| 15.47% | ** (e) |
Ratio of Net Investment Loss to Average Net Assets (b)(g) |
| (1.58)% | ** | (1.29)% |
| (2.29)% |
| (13.91)% | ** (e) |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b) |
| 1.74% | ** | 1.66% |
| 1.34% |
| 6.44% | ** (e) |
Ratio of Net Investment Loss to Average Net Assets (b)(g) |
| (0.10)% | ** | (0.04)% |
| (0.07)% |
| (4.89)% | ** (e) |
Portfolio Turnover |
| 68.51% | *** | 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Large Cap Share Buyback Fund - Class U | |||||||||
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
|
|
| |||||
Selected data for a share outstanding throughout the period or year presented. |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
| Ended |
| Years Ended |
| Period Ended | (d) | ||
|
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Period/Year |
| $ 11.34 |
| $ 11.36 |
| $ 10.28 |
| $ 10.00 |
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
Net Investment Loss * |
| (0.06) |
| (0.11) |
| (0.17) |
| (0.26) |
|
Net Realized and Unrealized Gain on Investments |
| 0.77 |
| 0.65 |
| 1.33 |
| 0.54 |
|
Total from Investment Operations |
| 0.71 |
| 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 |
| $ 12.05 |
| $ 11.34 |
| $ 11.36 |
| $ 10.28 |
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) |
| 6.26% | *** | 5.12% |
| 11.27% |
| 2.80% | *** (f) |
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
Net Assets at End of Period/Year (Thousands) |
| $ 1,327 |
| $ 1,053 |
| $ 374 |
| $ 55 |
|
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b) |
| 4.21% | ** | 3.92% |
| 4.51% |
| 16.00% | ** (e) |
Ratio of Net Investment Loss to Average Net Assets (b)(g) |
| (2.59)% | ** | (2.24)% |
| (3.26)% |
| (14.52)% | ** (e) |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b) |
| 2.75% | ** | 2.68% |
| 2.80% |
| 7.84% | ** (e) |
Ratio of Net Investment Loss to Average Net Assets (b)(g) |
| (1.12)% | ** | (1.00)% |
| (1.55)% |
| (6.36)% | ** (e) |
Portfolio Turnover |
| 68.51% | *** | 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Seasonal Rotation Fund - Class A | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
|
| ||||||||||
Selected data for a share outstanding throughout each year or period presented. |
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
| Ended |
| Years Ended |
| ||||||||
|
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year/Period | $ 10.64 |
| $ 11.43 |
| $ 11.60 |
| $ 10.08 |
| $ 10.06 |
| $ 10.37 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
| �� |
|
|
|
|
|
|
| |
Net Investment Income (Loss) * | (0.05) |
| 0.02 |
| (0.02) |
| (0.11) |
| (0.03) |
| 0.05 |
| |
Net Realized and Unrealized Gain (Loss) on Investments | 0.35 |
| (0.74) |
| (0.10) |
| 1.63 |
| 0.07 | (d) | (0.29) |
| |
Total from Investment Operations | 0.30 |
| (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/Period | $ 10.94 |
| $ 10.64 |
| $ 11.43 |
| $ 11.60 |
| $ 10.08 |
| $ 10.06 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) | 2.82% | (h) | (6.22)% |
| (1.03)% |
| 15.08% | *** | 0.42% | *** | (2.36)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year/Period (Thousands) | $ 1,254 |
| $ 1,597 |
| $ 2,168 |
| $ 2,673 |
| $ 2,759 |
| $ 3,934 |
| |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(e) | 3.15% | (g) | 2.87% |
| 2.73% |
| 3.89% | ** | 3.57% | ** | 2.74% |
| |
Ratio of Net Investment Income (Loss) to Average Net Assets (b)(e)(f) | (1.35)% | (g) | (0.07)% |
| (0.33)% |
| (1.96)% | ** | (1.32)% | ** | 0.19% |
| |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(e) | 2.70% | (g) | 2.61% |
| 2.58% |
| 2.95% | ** | 2.60% | ** | 2.45% |
| |
Ratio of Net Investment Income (Loss) to Average Net Assets (b)(e)(f) | (0.91)% | (g) | 0.19% |
| (0.18)% |
| (1.02)% | ** | (0.34)% | ** | 0.48% |
| |
Portfolio Turnover | 431.69% | (h) | 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%, 0.00%, 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. |
|
|
| ||||||||||
(g) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) Not annualized. |
|
|
|
|
|
|
|
|
|
|
|
| |
* 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Seasonal Rotation Fund - Class I | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
| |||||||||||
Selected data for a share outstanding throughout each year or period presented. |
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
| Ended |
| Years Ended |
| ||||||||
|
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year/Period | $ 10.90 |
| $ 11.61 |
| $ 11.67 |
| $ 10.10 |
| $ 10.11 |
| $ 10.41 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
| |
Net Investment Income (Loss) * | 0.00 | (c) | 0.12 |
| 0.08 |
| (0.06) |
| 0.03 |
| 0.13 |
| |
Net Realized and Unrealized Gain (Loss) on Investments | 0.38 |
| (0.76) |
| (0.09) |
| 1.63 |
| 0.06 | (d) | (0.33) |
| |
Total from Investment Operations | 0.38 |
| (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/Period | $ 11.28 |
| $ 10.90 |
| $ 11.61 |
| $ 11.67 |
| $ 10.10 |
| $ 10.11 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) | 3.49% | (h) | (5.45)% |
| (0.08)% |
| 15.54% | *** | 0.93% | *** | (1.93)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year/Period (Thousands) | $ 3,577 |
| $ 3,642 |
| $ 4,567 |
| $ 4,217 |
| $ 3,737 |
| $ 9,712 |
| |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(e) | 2.93% | (g) | 2.73% |
| 2.48% |
| 3.65% | ** | 3.01% | ** | 2.22% |
| |
Ratio of Net Investment Income (Loss) to Average Net Assets (b)(e)(f) | (1.15)% | (g) | 0.06% |
| (0.08)% |
| (1.72)% | ** | (0.52)% | ** | 1.02% |
| |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(e) | 1.75% | (g) | 1.66% |
| 1.75% |
| 2.44% | ** | 2.10% | ** | 1.95% |
| |
Ratio of Net Investment Income (Loss) to Average Net Assets (b)(e)(f) | 0.03% | (g) | 1.14% |
| 0.65% |
| (0.52)% | ** | 0.39% | ** | 1.29% |
| |
Portfolio Turnover | 431.69% | (h) | 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%, 0.00%, 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. |
|
|
| ||||||||||
(g) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) Not annualized. |
|
|
|
|
|
|
|
|
|
|
|
| |
* 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Seasonal Rotation Fund - Class U | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
| |||||||||||
Selected data for a share outstanding throughout each year or period presented. |
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
| Ended |
| Years Ended |
| ||||||||
|
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year/Period | $ 10.35 |
| $ 11.20 |
| $ 11.42 |
| $ 9.98 |
| $ 10.00 |
| $ 10.34 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
| |
Net Investment Income (Loss) * | (0.07) |
| (0.03) |
| (0.08) |
| (0.15) |
| (0.08) |
| 0.01 |
| |
Net Realized and Unrealized Gain (Loss) on Investments | 0.34 |
| (0.73) |
| (0.09) |
| 1.59 |
| 0.07 | (d) | (0.30) |
| |
Total from Investment Operations | 0.27 |
| (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/Period | $ 10.62 |
| $ 10.35 |
| $ 11.20 |
| $ 11.42 |
| $ 9.98 |
| $ 10.00 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) | 2.61% | (h) | (6.71)% |
| (1.49)% |
| 14.43% | *** | (0.11)% | *** | (2.84)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year/Period (Thousands) | $ 937 |
| $ 999 |
| $ 1,483 |
| $ 2,727 |
| $ 2,506 |
| $ 3,196 |
| |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(e) | 3.82% | (g) | 3.48% |
| 3.47% |
| 4.69% | ** | 4.10% | ** | 3.23% |
| |
Ratio of Net Investment Loss to Average Net Assets (b)(e)(f) | (2.02)% | (g) | (0.66)% |
| (1.09)% |
| (2.73)% | ** | (1.86)% | ** | (0.18)% |
| |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(e) | 3.21% | (g) | 3.11% |
| 3.09% |
| 3.41% | ** | 3.10% | ** | 2.95% |
| |
Ratio of Net Investment Income (Loss) to Average Net Assets (b)(e)(f) | (1.41)% | (g) | (0.29)% |
| (0.71)% |
| (1.45)% | ** | (0.86)% | ** | 0.10% |
| |
Portfolio Turnover | 431.69% | (h) | 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%, 0.00%, 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. |
|
|
| ||||||||||
(g) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) Not annualized. |
|
|
|
|
|
|
|
|
|
|
|
| |
* 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Monthly Risk-On Risk-Off Fund - Class A(f) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
|
| ||||||||||
Selected data for a share outstanding throughout each year or period presented. |
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
| Ended |
| Years Ended |
| ||||||||
|
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year/Period | $ 13.05 |
| $ 13.50 |
| $ 12.32 |
| $ 11.87 |
| $ 11.71 |
| $ 12.01 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
| |
Net Investment Loss * | (0.07) |
| (0.10) |
| (0.09) |
| (0.06) |
| (0.21) |
| (0.01) |
| |
Net Realized and Unrealized Gain (Loss) on Investments | 0.65 |
| (0.35) |
| 1.27 |
| 0.51 |
| 0.37 |
| (0.29) |
| |
Total from Investment Operations | 0.58 |
| (0.45) |
| 1.18 |
| 0.45 |
| 0.16 |
| (0.30) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees * | - | (c) | - | (c) | - | (c) | - |
| - | (c) | - | (c) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year/Period | $ 13.63 |
| $ 13.05 |
| $ 13.50 |
| $ 12.32 |
| $ 11.87 |
| $ 11.71 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) | 4.44% | (h) | (3.33)% |
| 9.58% |
| 3.79% | *** | 1.37% | *** | (2.50)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year/Period (Thousands) | $ 5,514 |
| $ 5,699 |
| $ 3,608 |
| $ 4,183 |
| $ 6,045 |
| $ 7,191 |
| |
Before Waiver/Reimbursement or Recoupment: |
|
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(d) | 2.58% | (g) | 2.46% |
| 3.20% |
| 4.00% | ** | 4.68% | ** | 3.44% |
| |
Ratio of Net Investment Loss to Average Net Assets (b)(d)(e) | (0.92)% | (g) | (0.66)% |
| (1.30)% |
| (1.54)% | ** | (2.93)% | ** | (0.84)% |
| |
After Waiver/Reimbursement or Recoupment: |
|
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(d) | 2.65% | (g) | 2.60% |
| 2.59% |
| 2.98% | ** | 3.62% | ** | 2.71% |
| |
Ratio of Net Investment Loss to Average Net Assets (b)(d)(e) | (0.81)% | (g) | (0.81)% |
| (0.69)% |
| (0.52)% | ** | (1.87)% | ** | (0.11)% |
| |
Portfolio Turnover | 451.08% | (h) | 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%, 0.00%, 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. |
|
|
| ||||||||||
(f) On September 1, 2019, the AmericaFirst Tactical Alpha Fund was renamed to AmericaFirst Monthly Risk-On-Risk-Off Fund. |
|
|
|
|
|
| |||||||
(g) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) Not annualized. |
|
|
|
|
|
|
|
|
|
|
|
| |
* 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Monthly Risk-On Risk-Off Fund - Class I(f) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
| |||||||||||
Selected data for a share outstanding throughout each year or period presented. |
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
| Ended |
| Years Ended |
| ||||||||
|
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year/Period | $ 13.97 |
| $ 14.30 |
| $ 12.94 |
| $ 12.37 |
| $ 12.03 |
| $ 12.22 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
| |
Net Investment Income (Loss) * | 0.01 |
| 0.02 |
| 0.03 |
| 0.03 |
| (0.08) |
| 0.10 |
| |
Net Realized and Unrealized Gain (Loss) on Investments | 0.69 |
| (0.35) |
| 1.33 |
| 0.54 |
| �� 0.42 |
| (0.29) |
| |
Total from Investment Operations | 0.70 |
| (0.33) |
| 1.36 |
| 0.57 |
| 0.34 |
| (0.19) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees * | - | (c) | - | (c) | - | (c) | - |
| - | (c) | - | (c) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year/Period | $ 14.67 |
| $ 13.97 |
| $ 14.30 |
| $ 12.94 |
| $ 12.37 |
| $ 12.03 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) | 5.01% | (h) | (2.31)% |
| 10.51% |
| 4.61% | *** | 2.83% | *** | (1.55)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year/Period (Thousands) | $ 9,629 |
| $ 1,259 |
| $ 1,001 |
| $ 378 |
| $ 308 |
| $ 653 |
| |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(d) | 1.95% | (g) | 2.49% |
| 2.87% |
| 4.00% | ** | 4.21% | ** | 2.91% |
| |
Ratio of Net Investment Loss to Average Net Assets (b)(d)(e) | (0.38)% | (g) | (0.69)% |
| (0.98)% |
| (1.38)% | ** | (2.55)% | ** | (0.33)% |
| |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(d) | 1.45% | (g) | 1.67% |
| 1.66% |
| 2.39% | ** | 2.28% | ** | 1.75% |
| |
Ratio of Net Investment Income (Loss) to Average Net Assets (b)(d)(e) | 0.12% | (g) | 0.13% |
| 0.24% |
| 0.22% | ** | (0.63)% | ** | 0.83% |
| |
Portfolio Turnover | 546.50% | (h) | 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%, 0.00%, 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. |
|
|
| ||||||||||
(f) On September 1, 2019, the AmericaFirst Tactical Alpha Fund was renamed to AmericaFirst Monthly Risk-On-Risk-Off Fund. |
|
|
|
|
|
|
| ||||||
(g) Annualized. |
|
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|
|
(h) Not annualized. |
|
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|
|
|
| |
* 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. |
|
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| ||||||||
AmericaFirst Monthly Risk-On Risk-Off Fund - Class U(f) | |||||||||||||||||||||
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|
| ||||||||
Financial Highlights |
|
| |||||||||||||||||||
Selected data for a share outstanding throughout each year or period presented. |
|
| |||||||||||||||||||
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| ||||||||
|
| (Unaudited) |
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| ||||||||
|
| Six Months |
|
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|
| ||||||||
|
| Ended |
| Years Ended |
| ||||||||||||||||
|
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
| ||||||||
|
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|
|
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|
|
|
|
|
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|
| ||||||||
Net Asset Value, at Beginning of Year/Period | $ 12.48 |
| $ 12.98 |
| $ 11.91 |
| $ 11.52 |
| $ 11.43 |
| $ 11.78 |
| |||||||||
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|
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|
|
| ||||||||
From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net Investment Loss * | (0.10) |
| (0.15) |
| (0.15) |
| (0.12) |
| (0.27) |
| (0.07) |
| |||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.62 |
| (0.35) |
| 1.22 |
| 0.51 |
| 0.36 |
| (0.28) |
| |||||||||
Total from Investment Operations | 0.52 |
| (0.50) |
| 1.07 |
| 0.39 |
| 0.09 |
| (0.35) |
| |||||||||
|
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|
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|
|
|
|
|
|
|
|
|
| ||||||||
Paid in Capital From Redemption Fees * | - | (c) | - | (c) | - | (c) | - |
| - | (c) | - | (c) | |||||||||
|
|
|
|
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|
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|
|
|
|
| ||||||||
Net Asset Value, at End of Year/Period | $ 13.00 |
| $ 12.48 |
| $ 12.98 |
| $ 11.91 |
| $ 11.52 |
| $ 11.43 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Return (a) | 4.17% | (h) | (3.85)% |
| 8.98% |
| 3.39% | *** | 0.79% | *** | (2.97)% |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net Assets at End of Year/Period (Thousands) | $ 5,715 |
| $ 6,342 |
| $ 2,666 |
| $ 3,331 |
| $ 4,262 |
| $ 6,012 |
| |||||||||
Before Waiver/Reimbursement or Recoupment: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Ratio of Expenses to Average Net Assets (b)(d) | 3.15% | (g) | 3.11% |
| 3.96% |
| 4.80% | ** | 5.20% | ** | 3.94% |
| |||||||||
Ratio of Net Investment Loss to Average Net Assets (b)(d)(e) | (1.48)% | (g) | (1.33)% |
| (2.08)% |
| (2.31)% | ** | (3.47)% | ** | (1.34)% |
| |||||||||
After Waiver/Reimbursement or Recoupment: |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Ratio of Expenses to Average Net Assets (b)(d) | 3.15% | (g) | 3.10% |
| 3.10% |
| 3.50% | ** | 4.15% | ** | 3.20% |
| |||||||||
Ratio of Net Investment Loss to Average Net Assets (b)(d)(e) | (1.49)% | (g) | (1.31)% |
| (1.21)% |
| (1.01)% | ** | (2.42)% | ** | (0.61)% |
| |||||||||
Portfolio Turnover | 546.50% | (h) | 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%, 0.00%, 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. |
|
|
| ||||||||||||||||||
(f) On September 1, 2019, the AmericaFirst Tactical Alpha Fund was renamed to AmericaFirst Monthly Risk-On-Risk-Off Fund. |
|
|
|
|
|
| |||||||||||||||
(g) Annualized. |
|
|
|
|
|
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|
|
|
|
|
|
| ||||||||
(h) Not annualized. |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
* 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Income Fund - Class A | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
| ||||||||||
Selected data for a share outstanding throughout each year or period presented. |
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
| Ended |
| Years Ended | ||||||||
|
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year/Period | $ 6.13 |
| $ 7.00 |
| $ 7.41 |
| $ 6.70 |
| $ 8.14 |
| $ 9.25 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
| |
Net Investment Income * | 0.10 |
| 0.22 |
| 0.25 |
| 0.20 |
| 0.26 |
| 0.25 | |
Net Realized and Unrealized Gain (Loss) on Investments | 0.08 |
| (0.65) |
| (0.22) |
| 0.96 |
| (1.19) |
| (0.75) | |
Total from Investment Operations | 0.18 |
| (0.43) |
| 0.03 |
| 1.16 |
| (0.93) |
| (0.50) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
|
| |
Net Investment Income | (0.22) |
| (0.21) |
| (0.24) |
| (0.18) |
| (0.22) |
| (0.18) | |
Return of Capital | - | (c) | (0.23) |
| (0.20) |
| (0.27) |
| (0.29) |
| (0.43) | |
Total Distributions | (0.22) |
| (0.44) |
| (0.44) |
| (0.45) |
| (0.51) |
| (0.61) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees (c) * | - |
| - |
| - |
| - |
| - |
| - | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year/Period | $ 6.09 |
| $ 6.13 |
| $ 7.00 |
| $ 7.41 |
| $ 6.70 |
| $ 8.14 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) | 3.02% | (g) | (6.25)% |
| 0.50% |
| 17.61% | *** | (11.80)% | *** | (5.54)% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets at End of Year/Period (Thousands) | $ 5,087 |
| $ 5,583 |
| $ 6,395 |
| $ 6,964 |
| $ 7,821 |
| $ 11,517 | |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(d) | 2.83% | (f) | 2.62% |
| 2.75% |
| 3.63% | ** | 3.27% | ** | 2.43% | |
Ratio of Net Investment Income to Average Net Assets (b)(d)(e) | 2.71% | (f) | 3.16% |
| 3.07% |
| 2.05% | ** | 2.92% | ** | 2.60% | |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
| |
Ratio of Expenses to Average Net Assets (b)(d) | 2.42% | (f) | 2.36% |
| 2.35% |
| 2.93% | ** | 2.63% | ** | 2.21% | |
Ratio of Net Investment Income to Average Net Assets (b)(d)(e) | 3.11% | (f) | 3.42% |
| 3.47% |
| 2.76% | ** | 3.56% | ** | 2.82% | |
Portfolio Turnover | 340.16% | (g) | 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%, 0.00%, 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. |
|
| ||||||||||
(f) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
(g) Not annualized. |
|
|
|
|
|
|
|
|
|
|
| |
* 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Income Fund - Class I | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
| |||||||||
Selected data for a share outstanding throughout each year or period presented. |
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
| Ended |
| Years Ended | ||||||||
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year/Period | $ 6.33 |
| $ 7.18 |
| $ 7.54 |
| $ 6.78 |
| $ 8.19 |
| $ 9.27 |
|
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income * | 0.12 |
| 0.29 |
| 0.31 |
| 0.26 |
| 0.35 |
| 0.31 |
Net Realized and Unrealized Gain (Loss) on Investments | 0.09 |
| (0.68) |
| (0.21) |
| 0.95 |
| (1.22) |
| (0.73) |
Total from Investment Operations | 0.21 |
| (0.39) |
| 0.10 |
| 1.21 |
| (0.87) |
| (0.42) |
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income | (0.23) |
| (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 | (0.23) |
| (0.46) |
| (0.46) |
| (0.45) |
| (0.54) |
| (0.66) |
|
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees (c) * | - |
| - |
| - |
| - |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year/Period | $ 6.31 |
| $ 6.33 |
| $ 7.18 |
| $ 7.54 |
| $ 6.78 |
| $ 8.19 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) | 3.38% | (g) | (5.55)% |
| 1.42% |
| 18.36% | *** | (10.91)% | *** | (4.72)% |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
Net Assets at End of Year/Period (Thousands) | $ 2,955 |
| $ 3,195 |
| $ 3,386 |
| $ 3,199 |
| $ 2,781 |
| $ 6,380 |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b)(d) | 2.59% | (f) | 2.40% |
| 2.49% |
| 3.18% | ** | 2.68% | ** | 1.93% |
Ratio of Net Investment Income to Average Net Assets (b)(d)(e) | 2.96% | (f) | 3.47% |
| 3.31% |
| 2.55% | ** | 3.51% | ** | 3.04% |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b)(d) | 1.63% | (f) | 1.56% |
| 1.54% |
| 2.13% | ** | 1.64% | ** | 1.40% |
Ratio of Net Investment Income to Average Net Assets (b)(d)(e) | 3.93% | (f) | 4.31% |
| 4.26% |
| 3.60% | ** | 4.56% | ** | 3.57% |
Portfolio Turnover | 340.16% | (g) | 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%, 0.00%, 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. |
| ||||||||||
(f) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
(g) Not annualized. |
|
|
|
|
|
|
|
|
|
|
|
* 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmericaFirst Income Fund - Class U | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
| |||||||||
Selected data for a share outstanding throughout each year or period presented. |
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
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|
| Six Months |
|
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|
|
|
|
|
|
|
|
| Ended |
| Years Ended | ||||||||
| 12/31/2019 |
| 6/30/2019 |
| 6/30/2018 |
| 6/30/2017 |
| 6/30/2016 |
| 6/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at Beginning of Year/Period | $ 6.18 |
| $ 7.03 |
| $ 7.43 |
| $ 6.71 |
| $ 8.14 |
| $ 9.25 |
|
|
|
|
|
|
|
|
|
|
|
|
From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income * | 0.08 |
| 0.19 |
| 0.21 |
| 0.17 |
| 0.23 |
| 0.20 |
Net Realized and Unrealized Gain (Loss) on Investments | 0.09 |
| (0.65) |
| (0.22) |
| 0.95 |
| (1.19) |
| (0.74) |
Total from Investment Operations | 0.17 |
| (0.46) |
| (0.01) |
| 1.12 |
| (0.96) |
| (0.54) |
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income | (0.20) |
| (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 | (0.20) |
| (0.39) |
| (0.39) |
| (0.40) |
| (0.47) |
| (0.57) |
|
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital From Redemption Fees (c) * | - |
| - |
| - |
| - |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, at End of Year/Period | $ 6.15 |
| $ 6.18 |
| $ 7.03 |
| $ 7.43 |
| $ 6.71 |
| $ 8.14 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Return (a) | 2.73% | (g) | (6.65)% |
| (0.07)% |
| 16.98% | *** | (12.14)% | *** | (6.01)% |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
Net Assets at End of Year/Period (Thousands) | $ 2,246 |
| $ 2,703 |
| $ 2,982 |
| $ 4,352 |
| $ 5,665 |
| $ 10,526 |
Before Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b)(d) | 3.54% | (f) | 3.31% |
| 3.51% |
| 4.47% | ** | 3.73% | ** | 2.93% |
Ratio of Net Investment Income to Average Net Assets (b)(d)(e) | 1.97% | (f) | 2.44% |
| 2.25% |
| 1.21% | ** | 2.48% | ** | 2.10% |
After Waiver/Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses to Average Net Assets (b)(d) | 2.92% | (f) | 2.86% |
| 2.87% |
| 3.44% | ** | 3.09% | ** | 2.71% |
Ratio of Net Investment Income to Average Net Assets (b)(d)(e) | 2.59% | (f) | 2.89% |
| 2.89% |
| 2.24% | ** | 3.13% | ** | 2.32% |
Portfolio Turnover | 340.16% | (g) | 530.98% |
| 331.95% |
| 125.07% |
| 349.38% |
| 226.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
(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%, 0.00%, 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. |
| ||||||||||
(f) Annualized. |
|
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|
|
|
|
|
|
|
(g) Not annualized. |
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|
|
|
|
|
|
|
* 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. |
|
|
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2019 (UNAUDITED)
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 Monthly Risk-on Risk-off Fund (formerly AmericaFirst Tactical Income Fund and 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 Monthly Risk-on Risk-off Fund (“Risk-on Risk-off 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.
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2019 (UNAUDITED)
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 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
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2019 (UNAUDITED)
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 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.
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2019 (UNAUDITED)
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 December 31, 2019 for each Fund’s assets and liabilities measured at fair value:
Defensive Growth Fund
Assets |
| Total |
|
|
|
|
|
|
|
|
|
| ||||
Security Classification |
| Value |
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
| ||||
Common Stock(2) |
| $ | 6,013,066 |
|
| $ | 6,013,066 |
|
| $ | — |
|
| $ | — |
|
Money Market Fund |
|
| 68,443 |
|
|
| 68,443 |
|
|
| — |
|
|
| — |
|
Total |
| $ | 6,081,509 |
|
| $ | 6,081,509 |
|
| $ | — |
|
| $ | — |
|
Large Cap Share Buyback Fund
Assets |
| Total |
|
|
|
|
|
|
|
|
|
| ||||
Security Classification(1) |
| Value |
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
| ||||
| $ | 7,132,381 |
|
| $ | 7,132,381 |
|
| $ | — |
|
| $ | — |
| |
Total |
| $ | 7,132,381 |
|
| $ | 7,132,381 |
|
| $ | — |
|
| $ | — |
|
Seasonal Rotation Fund
Risk-on Risk-off Fund
Income Fund
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2019 (UNAUDITED)
| (1) | As of and during the six months ended December 31, 2019, none of the Funds held 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. |
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 (2017-2019) or expected to be taken in the Funds’ 2020 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. 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.
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2019 (UNAUDITED)
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
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2019 (UNAUDITED)
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 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.
m)
Distributions from REITs -
Distributions from REITs are initially recorded as dividend income and, to the extent such represent a return of capital or capital gain for tax purposes, are reclassified when such information becomes available.
2. INVESTMENT TRANSACTIONS
For the six months ended December 31, 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 |
| $ | 25,590,134 |
|
| $ | 26,881,275 |
|
Large Cap Buyback Fund |
|
| 4,755,848 |
|
|
| 5,473,987 |
|
Seasonal Rotation Fund |
|
| 27,030,017 |
|
|
| 27,327,766 |
|
Risk-on Risk-off Fund |
|
| 76,310,577 |
|
|
| 70,053,927 |
|
Income Fund |
|
| 36,852,895 |
|
|
| 37,684,731 |
|
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
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2019 (UNAUDITED)
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 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% |
Risk-on Risk-off Fund | 1.00% |
Income Fund | 1.25% |
For the six months ended December 31, 2019, management fees were as follows:
Defensive Growth Fund | $50,111 |
Large Cap Buyback Fund | $43,759 |
Seasonal Rotation Fund | $40,002 |
Risk-on Risk-off Fund | $78,285 |
Income Fund | $69,044 |
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. Below are the ratios, by class, per each contractual agreement for the time period November 1, 2018 through October 31, 2019:
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2019 (UNAUDITED)
| 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 |
Risk-on Risk-off Fund | 2.45% | 1.50% * | 2.95% | October 31, 2019 |
Income Fund | 2.20% | 1.40% | 2.70% | October 31, 2019 |
* Ratio was 1.20% as of September 1, 2019.
Below are the ratios, by class, per each contractual agreement for the time period November 1, 2019 through December 31, 2019:
| Class A | Class I | Class U | Expiration |
Defensive Growth Fund | 2.45% | 1.94% | 2.95% | October 31, 2020 |
Large Cap Buyback Fund | 1.75% | 1.50% | 2.50% | October 31, 2020 |
Seasonal Rotation Fund | 2.45% | 1.50% | 2.95% | October 31, 2020 |
Risk-on Risk-off Fund | 2.45% | 1.20% | 2.95% | October 31, 2020 |
Income Fund | 2.20% | 1.40% | 2.70% | October 31, 2020 |
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 |
|
|
|
Class A | - | $7,907 | $20,253 |
Class I | $18,054 | $31,502 | $24,942 |
Class U | $8,065 | $13,774 | $12,417 |
Large Cap Buyback Fund |
|
|
|
Class A | $25,694 | $36,716 | $42,578 |
Class I | $10,715 | $10,741 | $33,647 |
Class U | $1,598 | $1,694 | $8,654 |
Seasonal Rotation Fund |
|
|
|
Class A | $23,591 | $3,798 | $4,793 |
Class I | $46,405 | $33,490 | $42,490 |
Class U | $28,554 | $9,166 | $4,258 |
Risk-on Risk-off Fund |
|
|
|
Class A | $51,409 | $6,399 | - |
Class I | $5,836 | $26,061 | $2,948 |
Class U | $49,300 | $49,300 | $3,645 |
Income Fund |
|
|
|
Class A | $44,062 | $26,991 | $16,231 |
Class I | $39,296 | $29,990 | $31,655 |
Class U | $45,746 | $21,493 | $12,991 |
During the six months ended December 31, 2019, the Advisor recouped $7,718 from Class A shares of the Risk-on Risk-off Fund.
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2019 (UNAUDITED)
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 six months ended December 31, 2019, fees incurred under the Plan were as follows:
Defensive Growth Fund | $10,515 |
Large Cap Buyback Fund | $10,388 |
Seasonal Rotation Fund | $ 5,871 |
Risk-on Risk-off Fund | $35,900 |
Income Fund | $18,902 |
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.
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 six months ended December 31, 2019, redemption fees were assessed as follows:
Defensive Growth Fund | $13 |
Large Cap Buyback Fund | $700 |
Seasonal Rotation Fund | $3,660 |
Risk-on Risk-off Fund | $1,213 |
Income Fund | $1,105 |
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2019 (UNAUDITED)
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 six months ended December 31, 2019 was as follows:
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.
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2019 (UNAUDITED)
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 Risk-on Risk-off 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 |
AmericaFirst Risk-on Risk-off 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 Risk-on Risk-off Fund |
| 10,058,819 |
| 1,781,753 |
| 11,840,572 |
AmericaFirst Income Fund |
| 8,898,942 |
| — |
| 8,898,942 |
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2019 (UNAUDITED)
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 Risk-on Risk-off 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 | 1/30/2020 | 0.03695 |
Class I
| Pay Date | Rate |
|
|
|
Ordinary Income | 1/30/2020 | 0.03840 |
Class U
| Pay Date | Rate |
|
|
|
Ordinary Income | 1/30/2020 | 0.03270 |
AMERICAFIRST QUANTITATIVE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2019 (UNAUDITED)
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.
As a shareholder of a Fund, 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 July 1, 2019 and held for the entire period through December 31, 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.
AMERICAFIRST QUANTITATIVE FUNDS
EXPENSE ILLUSTRATION
DECEMBER 31, 2019 (UNAUDITED)
AmericaFirst Defensive Growth Fund - Class A |
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| ||||
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| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $993.80 | $13.57 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,011.59 | $13.69 | |||
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| |||
* Expenses are equal to the Fund's annualized expense ratio of 2.70%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | ||||||
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AmericaFirst Defensive Growth Fund - Class I |
|
| ||||
|
|
|
| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $996.12 | $11.02 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,014.17 | $11.12 | |||
|
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|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 2.19%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | ||||||
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AmericaFirst Defensive Growth Fund - Class U |
|
| ||||
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|
|
| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $992.42 | $16.07 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,009.07 | $16.20 | |||
|
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|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 3.20%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | ||||||
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AmericaFirst LargeCap Buyback Fund - Class A |
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| ||||
|
|
|
| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $1,066.14 | $10.42 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,015.12 | $10.16 | |||
|
|
|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 2.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | ||||||
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| ||||
AmericaFirst LargeCap Buyback Fund - Class I |
|
| ||||
|
|
|
| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $1,068.49 | $9.07 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,016.43 | $8.84 | |||
|
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|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 1.74%, multiplied by the average account value over the period, multiplied by 184/365 (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* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $1,062.61 | $14.30 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,011.34 | $13.94 | |||
|
|
|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 2.75%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | ||||||
|
|
| ||||
AmericaFirst Seasonal Rotation Fund - Class A |
|
| ||||
|
|
|
| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $1,028.20 | $13.80 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,011.59 | $13.69 | |||
|
|
|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 2.70%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | ||||||
| ||||||
| ||||||
AmericaFirst Seasonal Rotation Fund - Class I |
|
| ||||
|
|
|
| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $1,034.86 | $8.98 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,016.38 | $8.89 | |||
|
|
|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 1.75%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | ||||||
| ||||||
| ||||||
AmericaFirst Seasonal Rotation Fund - Class U |
|
| ||||
|
|
|
| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $1,026.09 | $16.39 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,009.02 | $16.25 | |||
|
|
|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 3.21%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | ||||||
| ||||||
AmericaFirst Monthly Risk-On Risk-Off Fund - Class A |
| |||||
|
|
|
| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $1,041.25 | $13.63 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,011.85 | $13.44 | |||
|
|
|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 2.65%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | ||||||
| ||||||
|
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| ||||
AmericaFirst Monthly Risk-On Risk-Off Fund - Class I |
| |||||
|
|
|
| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $1,047.11 | $7.48 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,017.90 | $7.38 | |||
|
|
|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 1.45%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | ||||||
| ||||||
| ||||||
AmericaFirst Monthly Risk-On Risk-Off Fund - Class U |
| |||||
|
|
|
| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $1,041.67 | $16.21 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,009.33 | $15.95 | |||
|
|
|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 3.15%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | ||||||
|
|
| ||||
AmericaFirst Income Fund - Class A |
|
| ||||
|
|
|
| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $1,030.16 | $12.38 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,013.01 | $12.28 | |||
|
|
|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 2.42%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | ||||||
|
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|
| |||
|
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|
| |||
AmericaFirst Income Fund - Class I |
|
| ||||
|
|
|
| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $1,033.81 | $8.36 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,016.99 | $8.29 | |||
|
|
|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 1.63%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | ||||||
| ||||||
| ||||||
AmericaFirst Income Fund - Class U |
|
| ||||
|
|
|
| |||
| Beginning Account Value | Ending Account Value | Expenses Paid During the Period* | |||
| July 1, 2019 | December 31, 2019 | July 1, 2019 to December 31, 2019 | |||
|
|
|
| |||
Actual | $1,000.00 | $1,027.33 | $14.92 | |||
Hypothetical |
|
|
| |||
(5% Annual Return before expenses) | $1,000.00 | $1,010.49 | $14.80 | |||
|
|
|
| |||
* Expenses are equal to the Fund's annualized expense ratio of 2.92%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
AMERICAFIRST QUANTITATIVE FUNDS
ADDITIONAL INFORMATION
DECEMBER 31, 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-PORT. The Fund’s Forms N-PORT are available on the Commission’s website athttp://www.sec.gov.
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.
Renewal of the Investment Advisory Agreement between the AmericaFirst Quantitative Funds and the Adviser
At an in person meeting held on September 25, 2019, the Board of Trustees (the "Board" or the "Trustees") including the Trustees who are not "interested persons", as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered the renewal of the investment advisory agreement (the "Advisory Agreement") between the AmericaFirst Quantitative Funds (the "Trust") and AmericaFirst Capital Management, LLC (the "Adviser"), with respect to the AmericaFirst Defensive Growth Fund (the "Defensive Growth Fund"), AmericaFirst Income Fund (the "Income Fund"), AmericaFirst Monthly Risk-On Risk-Off Fund (the " Risk-On Risk-Off Fund "), AmericaFirst Seasonal Rotation Fund (the "Seasonal Rotation Fund"), and AmericaFirst Large Cap Share Buyback Fund (the "Buyback Fund") (each a "Fund" and together, the "Funds"). In its consideration of the Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as all-important or controlling, and the following summarizes matters considered.
Nature, Extent and Quality of Services. The Board examined the nature, extent and quality of the services provided by the Adviser to the Funds. The Trustees reviewed materials provided by the Adviser related to the Advisory Agreement with the Trust on behalf of the Funds, a description of investment decisions and trade execution, both parts of the Adviser’s Form ADV, a revenue and expenses summary, current and projected assessment of financial condition, an overview of the personnel that perform services for the Funds, the compliance policies and procedures of the Adviser, including a representation that the Adviser has adopted a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b), historical and comparative performance information, and other policies and procedures of the Adviser. The Trustees considered Adviser summaries regarding the Funds’ investment strategies. The Trustees discussed the nature of the Adviser’s operations, increased financial flexibility, the quality of the Adviser’s compliance infrastructure, and the experience of its fund management support personnel. The Trustees noted that the Adviser has recently become profitable, albeit modestly so and that the financial strain of borrowing has been lessened as much of the Adviser’s debt has been converted to preferred stock with more manageable features. The Trustees also noted that the Trust and the Adviser jointly participate in a $1 million errors and omissions insurance policy with a $50,000 deductible. After further discussion, the Trustees concluded that the Adviser has sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services provided by the Adviser generally meet the Board’s expectations.
Performance. Next, the Board compared the performance of each Fund against a respective benchmark and peer group over the one-year, three-year, and five-year periods, as applicable. The Monthly Risk-On Risk-Off Fund significantly underperformed its benchmark, the S&P 500 Index, for the time periods shown; and outperformed the Morningstar Tactical Allocation peer group for the five-year period, but underperformed noticeably for the one-year and three-year periods. The Income Fund lagged its benchmark, the Bloomberg Barclays Aggregate Bond Index, significantly for the one-year and somewhat for the three-year period; and outperformed over the three-year period; and underperformed the Morningstar Tactical Allocation peer group for the periods shown. The Defensive Growth Fund significantly underperformed its benchmark, the S&P 500 Index, for the time periods shown, and noticeably underperformed the Morningstar Long/Short Equity peer group for the three-year and five-year periods, but outperformed for the one-year period. The Seasonal Rotation Fund significantly or noticeably underperformed its benchmark, the DJ Moderate US Portfolio Index, for the periods shown and noticeably underperformed the Morningstar Risk-On Risk-off Fund peer group for the periods shown. The Buyback Fund noticeably underperformed its benchmark, the S&P 500 Index and the Morningstar Large Blend peer group for the one-year period.
Overall, the Board found performance somewhat or significantly below expectations but, considered that the novel and non-mainstream nature of the Funds’ strategies is likely to lead to periods of underperformance which may last for significant periods of time. Based, in part, upon the review of analysis provided by the Adviser, the Board agreed that it would be inadvisable for the Adviser to deviate from its long-term approach. The Board also considered that the Adviser would undertake steps to fine tune its strategies in the hope of improving performance. In total, while the Board found performance to be below expectations, it was acceptable nonetheless and it would continue to monitor performance.
Fees and Expenses. The Trustees reviewed information regarding comparative fees charged by the Adviser to fees charged by other advisers to respective peer groups of funds. The Board noted that the advisory fee for the Funds was above the average for each respective peer group, but within the range of reasonable advisory fees charged by advisers in each respective peer group. The Board observed that the Adviser may charge lower fees for some separately managed accounts, but that the regulatory burden and demands of separately managed accounts are significantly less when compared to the Funds. The Trustees noted that Monthly Risk-On Risk-Off Fund class A net expenses were slightly above the upper end of the peer group range, but by such a small amount it was acceptable. They also noted that each other Fund share class had net expense ratios that were above average when compared to the respective peer group, but within the range of reasonable fees for the respective class of the peer group. It was also noted that the Adviser continues to provide an expense limitation for each Fund. The Trustees also considered the relatively high level of sophistication utilized by the Adviser in executing its complex investment strategies and concluded that the level of advisory fees paid to the Adviser was not unreasonable in light of the quality of the services received from the Adviser.
Economies of Scale. The Board considered whether there will be economies of scale in respect of the management of the Funds. The Board considered the Adviser’s expectation for growth and the current level of assets of each Fund, and agreed that the absence of breakpoints was acceptable at present. However, the Board members noted they would revisit the matter as assets in the Funds’ grow.
Profitability. The Trustees considered that over the last fiscal year the Adviser did not receive its full fee because of the effect of the expense limitation agreement. They also considered the Adviser’s expenses for serving the Funds as well as each Fund’s projected growth. The Trustees discussed a profitability summary analysis provided by the Adviser as well as an income statement and balance sheet from the Adviser. The Trustees noted that the advisory fees are reasonable and not profitable to the Adviser even after taking into account the totality of the relationship with each Fund. The Trustees concluded that based on current and projected asset levels, that they were satisfied that the Adviser’s level of profitability from its relationship with the Funds is not excessive.
Conclusion. During the Board’s deliberations, it was noted that the Board did not identify any single piece of information that was all-important or controlling with respect to the Advisory Agreement for each Fund. Based on the Board’s deliberations and its evaluation of the information described above, the Board, including all of the Independent Trustees, unanimously approved renewal of the Advisory Agreement on behalf of each Fund.
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 | |
Who we are | ||
Who is providing this notice? | AmericaFirst Quantitative Funds
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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. | |
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. |
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 Not applicable.
Item 3. Audit Committee Financial Expert Not applicable.
Item 4. Principal Accountant Fees and Services Not applicable.
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 6. Schedule of Investments.Included in Report to Shareholders.
Item 7. Disclosure of Closed End fund Proxy Voting Policies/Procedures. Not applicable.
Item 8. Portfolio Managers of Closed-End Funds. Not applicable.
Item 9. Purchases of Equity Securities by Closed End Funds. Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders. Not applicable.
Item 11. Controls and Procedures.
(a)
Disclosure Controls & Procedures. The registrant’s president and chief financial officer has concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
(b)
Internal Controls. There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(b) under the 1940 Act that occurred during the registrant’s first fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable.
Item 13. Exhibits.
(a)(1)
EX-99.CERT. Filed herewith.
(a)(2)
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 Quantitative Funds
By/s/Rick Gonsalves
* Rick Gonsalves
Chief Executive Officer
Date: March 12, 2020
*Print the name and title of each signing officer under his or her signature.