Schedule of Investments
March 31, 2021 (unaudited)
AmericaFirst Defensive Growth Fund Class A
		Shares or Principal
Security Description		Amount ($)		Fair Value ($)(1)
Common Stocks - 105.78%
Agriculture Production - Crops - 5.13%
Fresh Del Monte Produce, Inc. (Cayman Islands)		5464		156,434
Biological Products (No Diagnostic Substances) - 5.45%
Bio-Techne Corp.		435		166,140
Bottled & Canned Soft Drinks Carbonated Waters - 10.74%
Monster Beverage Corp. (2)		1,789		162,960
Primo Water Corp. (Canada)		10,130		164,714
				327,674
Cigarettes - 5.34%
British American Tobacco Industries PLC (United Kingdom)		4,202		162,785
Cookies & Crackers - 5.03%
J & J Snack Foods Corp.		976		153,261
Electromedical & Electrotherapeutic Apparatus - 5.14%
Natus Medical, Inc. (2)		6,115		156,605
In Vitro & In Vivo Diagnostic Substances - 4.96%
IDEXX Laboratories, Inc. (2)		309		151,197
Laboratory Analytical Instruments - 9.98%
Bio-Rad Laboratories, Inc. Class A (2)		272		155,358
Illumina, Inc. (2)		388		149,016
				304,374
Orthopedic, Prosthetic & Surgical Appliances & Supplies - 5.26%
Intuitive Surgical, Inc. (2)		217		160,350
Perfumes, Cosmetics & Other Toilet Preparations - 6.45%
Edgewell Personal Care Co.		4,964		196,574
Pharmaceutical Preparations - 5.21%
Regeneron Pharmaceuticals, Inc. (2)		336		158,975
Poultry Slaughtering And Processing - 4.99%
Pilgrim's Pride Corp.		6,400		152,256
Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 5.22%
Unilever PLC (United Kingdom)		2,854		159,339
Specialty Cleaning, Polishing And Sanitation Preparations - 5.32%
Clorox Co.		841		162,212
Sugar & Confectionery Products - 5.14%
Tootsie Roll Industries, Inc.		4,732		156,771
Surgical & Medical Instruments & Apparatus - 5.21%
Surmodics, Inc. (2)		2,832		158,790
Wholesale-Farm Product Raw Materials - 5.62%
Universal Corp.		2,906		171,425
Wholesale-Medical, Dental & Hospital Equipment & Supplies - 5.61%
Henry Schein, Inc.		2,469		170,954
Total Common Stock		(Cost $               3,095,041)		3,226,116
Total Investments - 105.78%		(Cost $               3,095,041)		3,226,116
Liabilities in Excess Of Other Assets - -5.78%				(176,391)
Total Net Assets - 100.00%				3,049,725
(1)  Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
• Level 1 - quoted prices in active markets for identical securities
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of March 31, 2021 in valuing the Fund's assets carried at fair value:
		Investments in		Other Financial
Valuation Inputs		Securities		Instruments (3)
Level 1 - Quoted Prices	$	3,226,116	$	-
Level 2 - Other Significant Observable Inputs				-
Level 3 - Significant Unobservable Inputs		-		-
Total	$	3,226,116	$	0
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term
debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active
market, such securities are reflected as Level 2.
(2)  Represents non-income producing securities.
(3)  Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized
appreciation/depreciation on the instrument.