0001162044-20-000954.txt : 20200911 0001162044-20-000954.hdr.sgml : 20200911 20200911120342 ACCESSION NUMBER: 0001162044-20-000954 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200911 DATE AS OF CHANGE: 20200911 EFFECTIVENESS DATE: 20200911 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAFIRST QUANTITATIVE FUNDS CENTRAL INDEX KEY: 0001539996 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-22669 FILM NUMBER: 201170396 BUSINESS ADDRESS: STREET 1: 300 HARDING BOULEVARD STREET 2: SUITE 215 CITY: ROSEVILLE STATE: CA ZIP: 95678 BUSINESS PHONE: 916-757-6862 MAIL ADDRESS: STREET 1: 300 HARDING BOULEVARD STREET 2: SUITE 215 CITY: ROSEVILLE STATE: CA ZIP: 95678 0001539996 S000036986 AmericaFirst Defensive Growth Fund C000113162 AmericaFirst Defensive Growth Fund Class A DGQAX C000113163 AmericaFirst Defensive Growth Fund Class U DGQUX C000113164 AmericaFirst Defensive Growth Fund Class I DGQIX 0001539996 S000036987 AmericaFirst Income Fund C000113165 AmericaFirst Income Fund Class A AFPAX C000113166 AmericaFirst Income Fund Class U AFPUX C000113167 AmericaFirst Income Fund Class I AFPIX 0001539996 S000036988 AmericaFirst Monthly Risk-On Risk-Off Fund C000113168 AmericaFirst Monthly Risk-On Risk-Off Fund Class A ABRFX C000113169 AmericaFirst Monthly Risk-On Risk-Off Fund Class U ABRUX C000113170 AmericaFirst Monthly Risk-On Risk-Off Fund Class I ABRWX 0001539996 S000056070 AmericaFirst Large Cap Share Buyback Fund C000176638 AmericaFirst Large Cap Share Buyback Fund Class A SBQAX C000176639 AmericaFirst Large Cap Share Buyback Fund Class I SBQIX C000176640 AmericaFirst Large Cap Share Buyback Fund Class U SBQUX N-CEN 1 primary_doc.xml X0201 N-CEN LIVE 0001539996 XXXXXXXX false false false N-1A S000036986 C000113162 C000113164 C000113163 S000036987 C000113165 C000113167 C000113166 S000056070 C000176638 C000176639 C000176640 S000036988 C000113168 C000113170 C000113169 AMERICAFIRST QUANTITATIVE FUNDS 811-22669 0001539996 549300KFIJ1ZWDPJB360 300 Harding Blvd., Suite 215 Roseville 95678 US-CA US 916-787-9940 AmericaFirst Quantitative Funds 300 Harding Blvd., Suite 215 Roseville 95678 916-787-9940 All accounts, books and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the office of the Registrant except all those relating to the activities of the Funds' Custodian, Transfer Agent and Shareholder Servicing Agent. Mutual Shareholder Services, LLC 8000 Town Centre Drive, Suite 400 Broadview Heights 44147 440-922-0066 All accounts, books and documents required to be maintained by the Transfer Agent, Fund Accounting Agent and Shareholder Servicing Agent pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3. Fifth Third Bank 38 Fountain Square Plaza Cincinnati 45263 614-744-5314 All accounts, books and documents relating to the activities of the Funds' Custodian. AmericaFirst Capital Management, LLC 300 Harding Blvd., Suite 215 Roseville 95678 916-787-9940 Maintains records relating to its function as the investment adviser to the Funds. N N N-1A 4 Y Timothy P. Highland 002007660 N Michael A. Gunning N/A N Rick A. Gonsalves 002483862 Y Robert G. Roach, Jr. 002731222 8000 Town Centre Drive, Suite 400 Broadview Heights 44147 XXXXXX N N N N N N N Arbor Court Capital, LLC 008-67609 000143839 N/A N N BBD, LLP 552 N/A N N N N N N N AmericaFirst Defensive Growth Fund S000036986 549300S3G3X5IG45FY40 N 3 0 0 N/A N N N N N/A N/A N/A N/A Y Y Y N AmericaFirst Capital Management, LLC 801-67636 000152248 N/A N Mutual Shareholder Services, LLC 084-05821 N/A N N N FIS MARKETMAP ANALYTIC PLATFORM N/A N N Fifth Third Bank QFROUN1UWUYU0DVIWD51 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Mutual Shareholder Services, LLC N/A N N N Mutual Shareholder Services, LLC N/A N N N J.P. Morgan Securities, LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 22901.09 22901.09 0 N 5674508.89 N N N N AmericaFirst Income Fund S000036987 549300T45YWXYYZPCH94 N 3 0 0 N/A N N N N N/A N/A N/A N/A Y Y Y N AmericaFirst Capital Management, LLC 801-67636 000152248 N/A N Mutual Shareholder Services, LLC 084-05821 N/A N N N FIS MARKETMAP ANALYTIC PLATFORM N/A N N Fifth Third Bank QFROUN1UWUYU0DVIWD51 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Mutual Shareholder Services, LLC N/A N N N Mutual Shareholder Services, LLC N/A N N N J.P. Morgan Securities, LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 73755.13 73755.13 0 N 9824878.89 N N N N AmericaFirst Large Cap Share Buyback Fund S000056070 549300NEEZJ503EZUM16 N 3 0 0 N/A Y N N N N/A N/A N/A N/A Y Y Y N AmericaFirst Capital Management, LLC 801-67636 000152248 N/A N Mutual Shareholder Services, LLC 084-05821 N/A N N N FIS MARKETMAP ANALYTIC PLATFORM N/A N N Fifth Third Bank QFROUN1UWUYU0DVIWD51 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Mutual Shareholder Services, LLC N/A N N N Mutual Shareholder Services, LLC N/A N N N J.P. Morgan Securities, LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 4821.03 4821.03 0 N 6619266.61 N N N N AmericaFirst Monthly Risk-On Risk-Off Fund S000036988 5493004NDZ0MYDSQM790 N 3 0 0 N/A N N N N N/A N/A N/A N/A Y Y Y N AmericaFirst Capital Management, LLC 801-67636 000152248 N/A N Mutual Shareholder Services, LLC 084-05821 N/A N N N FIS MARKETMAP ANALYTIC PLATFORM N/A N N Fifth Third Bank QFROUN1UWUYU0DVIWD51 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Mutual Shareholder Services, LLC N/A N N N Mutual Shareholder Services, LLC N/A N N N J.P. Morgan Securities, LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 39134 39134 0 N 16700330.51 N N N N false false true false false false INTERNAL CONTROL RPT 2 americafirst63020ncen.htm Converted by EDGARwiz

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

To the Board of Trustees of AmericaFirst Quantitative Funds

and the Shareholders of AmericaFirst Defensive Growth Fund, AmericaFirst Large Cap Share Buyback Fund, AmericaFirst Monthly Risk-On Risk-Off Fund and AmericaFirst Income Fund  

 

In planning and performing our audits of the financial statements of AmericaFirst Defensive Growth Fund, AmericaFirst Large Cap Share Buyback Fund, AmericaFirst Monthly Risk-On Risk-Off Fund (formerly, AmericaFirst Tactical Alpha Fund) and AmericaFirst Income Fund, each a series of shares of beneficial interest in AmericaFirst Quantitative Funds (the “Funds”), as of June 30, 2020, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting.  Accordingly, we express no such opinion.

 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

 

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds' annual or interim financial statements will not be prevented or detected on a timely basis.


Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness, as defined above, as of June 30, 2020.

 

This report is intended solely for the information and use of management and the shareholders of AmericaFirst Defensive Growth Fund, AmericaFirst Large Cap Share Buyback Fund, AmericaFirst Monthly Risk-On Risk-Off Fund and AmericaFirst Income Fund, the Board of Trustees of AmericaFirst Quantitative Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.


/S/ BBD, LLP


BBD, LLP

 

 

Philadelphia, Pennsylvania

September 10, 2020