Schedule of Investments
September 30, 2023 (unaudited)
AmericaFirst Defensive Growth Fund
		Shares or Principal
Security Description		Amount ($)		Fair Value ($)(1)
Common Stocks - 91.72%
Aerospace & Defense -  3.99%
Raytheon Technologies Corp.		580		41,743
Biotechnology - 14.88%
Biogen, Inc.   (2)		630		47,212
Gilead Sciences, Inc.		185		47,547
Vertex Pharmaceuticals, Inc. (2)		174		60,507
				155,266
Consumer Staples Distribution -   2.70%
Costco Wholesale Corp.		50		28,248
Electric Services - 9.36%
The Southern Co.		809		52,358
Xcel Energy, Inc.		791		45,261
				97,619
Food Products - 17.80%
Archer-Daniels Midland Co.		633		47,741
General Mills, Inc.		641		41,018
Mondelez International, Inc. Class A		782		54,271
The Hershey Co.		213		42,617
				185,647
Health Care Equipment and Supplies - 13.37%
Abbott Laboratories		499		48,328
Medtronic Plc. Ordinary Shares		570		44,665
Stryker Corporation		170		46,456
				139,449
Health Care Providers & Services - 6.05%
McKesson Corp.		145		63,053
Health Care Technology - 5.91%
Veeva Systems, Inc. Class A (2)		303		61,645
Pharmaceuticals - 13.10%
Eli Lilly & Co.		159		85,404
Johnson & Johnson		329		51,242
				136,646
Tobacco - 4.56%
Philip Morris International, Inc.		514		47,586
Total Common Stock		(Cost $                950,852)		956,902
Money Market Registered Investment Companies - 6.88%
Federated Hermes Institutional Prime Obligations Fund - Institutional Class, 5.43% (4)		71,747		71,747
Total Money Market Registered Investment Companies		(Cost $             1,022,599)		71,747
Total Investments - 98.64%		(Cost $             1,022,599)		1,028,649
Other Assets Less Liabilities - 1.36%				14,230
Total Net Assets - 100.00%				1,042,879
(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 September 30, 2023 in valuing the Fund's assets carried at fair value:
		Investments in		Other Financial
Valuation Inputs		Securities		Instruments (3)
Level 1 - Quoted Prices	$	1,028,649	$	-
Level 2 - Other Significant Observable Inputs				-
Level 3 - Significant Unobservable Inputs		-		-
Total	$	1,028,649	$	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.
(4)  Investment in affiliate. The yield shown represents the 7-day yield in effect at September 30, 2023.